#  Notes on the statement of assets as at 31 March 2021
| Salm - Salm Nachhaltige Aktienstrategie |
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| The portfolio manager may also receive a performance fee per issued unit for the unit classes V, I and R of up to 10% of the amount by which the unit value at the end of an accounting period exceeds the unit value at the beginning of the accounting period by 5% (“hurdle rate”), but subject to a maximum of 2.5% of the average net asset value of the sub-fund during the accounting period, as calculated on the basis of the values at close on each valuation date. |
| Sentence 1 shall also apply to each unit class in the event that unit classes are formed. |
| If the unit value at the beginning of the accounting period is lower than the peak unit value of the sub-fund or of the unit class in question achieved at the end of the five preceding accounting periods (hereinafter, "high-water mark"), the high-water mark is used instead of the unit value at the beginning of the accounting period in order to calculate the unit value performance in accordance with sentence 1. If there are fewer than five preceding accounting periods for the sub-fund or the unit class in question, all the preceding accounting periods are taken into account when calculating the fee entitlement. |
| The accounting period begins on 1 October and ends on 30 September of a calendar year. The first accounting period begins with the launch of the sub-fund or the respective unit class in question and ends – if the launch does not take place on 1 October – on the second 30 September following the launch. |
| The unit value performance is to be calculated according to the BVI method. |
| Any performance fee incurred by the sub-fund will be deducted in accordance with the result of a daily calculation for each issued unit, or a provision that has already been booked will be accordingly reversed. Reversed provisions accrue to the sub-fund. A performance fee may only be withdrawn if corresponding provisions have been formed. |
| The portfolio manager may charge a reduced performance fee, or not charge one at all, for the sub-fund or one or more unit classes. The Management Company specifies the performance fee charged for each unit class in the annual and semi- annual report. |

| Salm - Salm Convertible Plus |
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| The portfolio manager may also receive a performance fee per issued unit for unit class R of up to 10% of the amount by which the unit value at the end of an accounting period exceeds the unit value at the beginning of the accounting period by 5% (“hurdle rate”), but subject to a maximum of 2.5% of the average net asset value of the sub-fund during the accounting period, as calculated on the basis of the values at close on each valuation date. Sentence 1 shall also apply to each unit class in the event that unit classes are formed. If the unit value at the beginning of the accounting period is lower than the peak unit value of the sub-fund or of the unit class in question achieved at the end of the five preceding accounting periods (hereinafter, "high-water mark"), the high-water mark is used instead of the unit value at the beginning of the accounting period in order to calculate the unit value performance in accordance with sentence 1. If there are fewer than five preceding accounting periods for the sub-fund or the unit class in question, all the preceding accounting periods are taken into account when calculating the fee entitlement. |
| The accounting period begins on 1 October and ends on 30 September of a calendar year. The first accounting period begins with the launch of the sub-fund or the respective unit class in question and ends – if the launch does not take place on 1 October – on the second 30 September following the launch. |
| The unit value performance is to be calculated according to the BVI method. |
| Any performance fee incurred by the sub-fund will be deducted in accordance with the result of a daily calculation for each issued unit, or a provision that has already been booked will be accordingly reversed. Reversed provisions accrue to the sub-fund. A performance fee may only be withdrawn if corresponding provisions have been formed. |
| The portfolio manager may charge a reduced performance fee, or not charge one at all, for the sub-fund or one or more unit classes. The Management Company specifies the performance fee charged for each unit class in the annual and semi- annual report. |

 Notes on the statement of assets as at 31 March 2021	
 Transaction costs	
The following transaction costs were incurred for Salm and its sub-funds in connection with the sale or purchase of securities, money market instruments, derivatives or other assets during the reporting period ending 31 March 2021:
| Sub-funds | Transaction costs in EUR |
| --- | --- |
| Salm - Salm Balanced Convertible | 2,880.37 |
| Salm - Salm Sustainability Convertible | 5,039.56 |
| Salm - Salm Nachhaltige Aktienstrategie | 28,222.36 |
| Salm - Salm Convertible Plus | 4,633.87 |
| The transaction costs include in particular commissions for brokers and agents, clearing fees and external charges (e.g. stock market fees, local taxes and charges, registration and transfer charges). |

Taxation
| Sub-fund assets are currently subject to a "taxe d'abonnement " of up to 0.05% p.a. in Luxembourg. It is payable quarterly and based on the relevant reported sub-fund assets at the end of the quarter. The income of the Fund is not subject to taxation in Luxembourg. However, the income of the Fund may be subject to withholding tax in countries in which assets of the Fund are invested. In such cases, neither the Depositary nor the Management Company are obligated to collect tax certificates. |
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| Interested parties should obtain information about laws and regulations applicable to the purchase, possession and redemption of units, as well as seek advice, if appropriate. |

Publications
| Information on the issue and redemption prices of each sub-fund is always available at the registered office of the Management Company, Depositary and Paying Agents of the Fund abroad and is published in accordance with the legal provisions of any country in which units are authorised for sale to the public as well as on the website of the Management Company www.universal-investment.com. The net asset value of each sub-fund may be requested from the registered office of the Management Company and is also published on the website of the Management Company. |
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| Other publications or announcements addressed to the unitholders shall be published in at least one Luxembourg daily newspaper as well as according to the statutory provisions of each country in which the units are authorised for sale to the public. |

Changes to the securities portfolio
The changes to the securities holdings in the reporting period can be obtained free of charge at the registered office of the Management Company, via the Depositary and via any paying agent.
Information as per Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse and amending Regulation (EU) No. 648/2012 - figures according to Section A
During the reporting period, there were no securities financial transactions or total return swaps subject to the above-named regulations.

Translation (ENDE, 2021-03-31):
#  Erläuterungen zur Vermögensaufstellung zum 31. März 2021
| Im Fall einer Ausschüttung vermindert sich der Anteilwert der - ausschüttungsberechtigten - Anteile der entsprechenden Anteilklasse um den Betrag der Ausschüttung. Damit vermindert sich zugleich der prozentuale Anteil der ausschüttungsberechtigten Anteilklasse am gesamten Wert des Nettofondsvermögens des Teilfonds, während sich der prozentuale Anteil der - nicht ausschüttungsberechtigten - Anteilklasse am gesamten Nettofondsvermögen des Teilfonds erhöht. |
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| Auf die Erträge des Fonds wird ein Ertragsausgleichsverfahren gerechnet. Damit werden die während des Geschäftsjahres angefallenen Erträge, die der Anteilerwerber als Teil des Ausgabepreises bezahlen muss und die der Verkäufer von Anteilscheinen als Teil des Rücknahmepreises vergütet erhält, fortlaufend verrechnet. Die angefallenen Aufwendungen werden entsprechend berücksichtigt. Bei der Berechnung des Ertragsausgleiches wird ein Verfahren angewendet, das den jeweils gültigen Regelungen des deutschen Investmentgesetzes entspricht. |
| Falls außergewöhnliche Umstände eintreten, welche die Bewertung gemäß den oben aufgeführten Kriterien unmöglich oder unsachgerecht machen, ist die Verwaltungsgesellschaft ermächtigt, andere von ihr nach Treu und Glauben festgelegte, allgemein anerkannte und von Wirtschaftsprüfern nachprüfbare Bewertungsregeln zu befolgen, um eine sachgerechte Bewertung des Fondsvermögens zu erreichen. |
| Die Verwaltungsgesellschaft ist nicht verpflichtet, an einem Bewertungstag mehr als 10% der zu diesem Zeitpunkt ausgegebenen Anteile zurückzunehmen. Gehen bei der Gesellschaft an einem Bewertungstag Rücknahmeanträge für eine größere als die genannte Zahl von Anteilen ein, bleibt es der Verwaltungsgesellschaft vorbehalten, die Rücknahme von Anteilen, die über 10% der zu diesem Zeitpunkt ausgegebenen Anteile hinausgehen, die Rücknahme bis zum vierten darauf folgenden Bewertungstag aufzuschieben. Diese Rücknahmeanträge werden gegenüber später eingegangenen Anträgen bevorzugt behandelt. Am selben Bewertungstag eingereichte Rücknahmeanträge werden untereinander gleich behandelt. |

Devisenkurse
Per 31. März 2021 wurden die Fremdwährungspositionen mit nachstehenden Devisenkursen bewertet:
| Währung | Kurs |
| --- | --- |
| EUR - AUD | 1,5427 |
| EUR - CHF | 1,1059 |
| EUR - GBP | 0,8517 |
| EUR - HKD | 9,1362 |
| EUR - JPY | 129,8361 |
| EUR - SEK | 10,2430 |
| EUR - SGD | 1,5786 |
| EUR - USD | 1,1752 |

Verwaltungsvergütung
Die Verwaltungsvergütung beträgt bis zu 0,175% p.a., maximal bis zu 55.000,00 EUR p.a.
Verwahrstellen-, Register- und Transferstellenvergütung
Die Verwahrstellenvergütung beträgt bis zu 0,04% p.a., mindestens EUR 15.000,00 EUR p.a. Die Register- und Transferstellenvergütung ist in der Verwaltungsvergütung enthalten.