# Allocation of distributable income
## Definition of distributable income:
Distributable income comprises:

## Profit/loss:
Net profit/loss for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ fees and all other revenues generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less the sum of the costs of management and borrowing costs. It is increased by the balance carried forward and increased or decreased by the balance of the income adjustment account.

## Gains and losses:
Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gains of the same type recorded during previous financial years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.

## Methods for allocating distributable income:
| Distributable income | A, B, E, F, I, SC, R and CRE units | ID units |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation and/or Distribution and/or Carried forward |

- CHANGE IN NET ASSETS in EUR

|  | 31/03/2020 | 29/03/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 85,754,177.74 | 110,324,983.49 |
| Subscriptions  (including subscription fees paid to the UCI) | 8,012,556.40 | 11,788,789.42 |
| Redemptions  (less redemption fees paid to the UCI) | -24,991,246.51 | -46,868,166.50 |
| Realised gains on deposits and financial instruments | 8,847,417.08 | 16,780,326.12 |
| Realised losses on deposits and financial instruments | -2,055,455.93 | -2,114,467.64 |
| Realised gains on forward financial instruments | 0.01 |  |
| Realised losses on forward financial instruments |  |  |
| Transaction fees | -491,807.96 | -944,250.82 |
| Foreign exchange differences | -3,567,459.05 | 2,316,390.32 |
| Changes in the valuation differential on deposits and financial | -19,991,047.36 | -4,697,932.86 |
| Valuation differential for financial year N | 2,976,660.47 | 22,967,707.83 |
| Valuation differential for financial year N-1 | -22,967,707.83 | -27,665,640.69 |
| Changes in the valuation differential on forward financial instruments |  |  |
| Valuation differential for financial year N |  |  |
| Valuation differential for financial year N-1 |  |  |
| Dividends paid in the previous financial year on net gains and losses | -18.92 | -29.26 |
| Dividends paid in the previous financial year on profit/loss |  |  |
| Net profit/loss for the financial year prior to income adjustment | -1,077,128.42 | -831,464.53 |
| Interim dividend(s) paid on net gains and losses during the financial |  |  |
| Interim dividend(s) paid on income during the financial year |  |  |
| Other items |  |  |
| Net assets at the end of the financial year | 50,439,987.08 | 85,754,177.74 |

- BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE

| Amount | % |  |
| --- | --- | --- |
| Assets Bonds and equivalent securities TOTAL Bonds and equivalent securities Debt securities TOTAL Debt securities Liabilities Sales of financial instruments TOTAL Sales of financial instruments Off-balance sheet items Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions |  |  |

- BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY INTEREST RATE TYPE

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Deposits Bonds and equivalent securities Debt securities Temporary securities transactions Financial accounts Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions |  |  |  |  |  |  | 2,385,291.38 | 4.73 |

- BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY RESIDUAL MATURITY

|  | <3 months | % | [3 months – 1 year] | % | [1–3 years] | % | [3–5 years] | % | > 5 years |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Deposits Bonds and equivalent securities Debt securities Temporary securities transactions Financial accounts Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions | 2,385,291.38 | 4.73 |  |  |  |  |  |  |  |  |

Positions in interest rate futures are shown according to the maturity of the underlying asset.
- BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY LISTING OR VALUATION CURRENCY

|  | INR | USD | CAD | Other currencies |
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | Amount | % | Amount | % |
| Assets |  |  |  |  |  |  |  |  |
| Deposits |  |  |  |  |  |  |  |  |
| Equities and |  |  |  |  |  |  |  |  |
| equivalent securities | 48,594,009.36 | 96.34 |  |  |  |  |  |  |
| Bonds and |  |  |  |  |  |  |  |  |
| equivalent securities |  |  |  |  |  |  |  |  |
| Debt securities |  |  |  |  |  |  |  |  |
| UCI |  |  |  |  |  |  |  |  |
| Temporary securities |  |  |  |  |  |  |  |  |
| transactions |  |  |  |  |  |  |  |  |
| Receivables | 26,030.68 | 149,056.42 | 0.30 |  |  |  |  |
| 0.05 |
| Financial accounts |  |  | 2,347,107.20 | 4.65 | 414.64 | 0.00 | 0.13 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |
| Sales of financial |  |  |  |  |  |  |  |  |
| instruments Temporary |  |  |  |  |  |  |  |  |
| securities transactions |  |  |  |  |  |  |  |  |
| Payables |  |  |  |  |  |  |  |  |
| Financial accounts |  |  | 62,402.09 | 0.12 |  |  |  |  |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions |  |  |  |  |  |  |  |  |
| Other transactions |  |  |  |  |  |  |  |  |

- RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | Type of debit/credit | 31/03/2020 |
| --- | --- | --- |
| Receivables | Sales with deferred settlement | 146,770.88 |
|  | Subscriptions receivable | 40,329.63 |
|  | Cash dividends and coupons | 26,030.68 |
| Total receivables |  | 213,131.19 |
| Payables | Purchases with deferred settlement | 62,033.32 |
|  | Redemptions payable | 157,266.19 |
|  | Management fees | 94,938.73 |
|  | Variable management fees | 438,206.61 |
| Total payables |  | 752,444.85 |

- NUMBER OF SECURITIES ISSUED OR REDEEMED

|  | Units | Amount |
| --- | --- | --- |
| F units |  |  |
| Units subscribed during the financial year |  |  |
| Units redeemed during the financial year | -112.000 | -12,949.20 |
| Net balance of subscriptions/redemptions | -112.000 | -12,949.20 |
| CRE units |  |  |
| Units subscribed during the financial year | 1,162.462 | 118,681.56 |
| Units redeemed during the financial year | -1,381.735 | -140,558.83 |
| Net balance of subscriptions/redemptions | -219.273 | -21,877.27 |
| I units |  |  |
| Units subscribed during the financial year | 300.000 | 72,489.00 |
| Units redeemed during the financial year | -6,098.199 | -1,466,467.00 |
| Net balance of subscriptions/redemptions | -5,798.199 | -1,393,978.00 |
| SC units |  |  |
| Units subscribed during the financial year |  |  |
| Units redeemed during the financial year | -227.364 | -27,336.05 |
| Net balance of subscriptions/redemptions | -227.364 | -27,336.05 |
| A units |  |  |
| Units subscribed during the financial year | 18,336.171 | 6,252,728.64 |
| Units redeemed during the financial year | -52,453.716 | -17,686,406.30 |
| Net balance of subscriptions/redemptions | -34,117.545 | -11,433,677.66 |
| B units |  |  |
| Units subscribed during the financial year | 1,918.291 | 229,884.65 |
| Units redeemed during the financial year | -3,947.974 | -438,660.68 |
| Net balance of subscriptions/redemptions | -2,029.683 | -208,776.03 |
| E units |  |  |
| Units subscribed during the financial year | 2,398.889 | 421,099.43 |
| Units redeemed during the financial year | -8,316.009 | -1,483,972.27 |
| Net balance of subscriptions/redemptions | -5,917.120 | -1,062,872.84 |
| R units |  |  |
| Units subscribed during the financial year | 5,175.888 | 917,673.12 |
| Units redeemed during the financial year | -20,675.888 | -3,734,896.18 |
| Net balance of subscriptions/redemptions | -15,500.000 | -2,817,223.06 |
| ID units |  |  |
| Units subscribed during the financial year |
| Units redeemed during the financial year |
| Net balance of subscriptions/redemptions |

- SUBSCRIPTION AND/OR REDEMPTION FEES

|  | Amount |
| --- | --- |
| CRE units Redemption fees received Subscription fees received Total fees received |  |
| F units Redemption fees received Subscription fees received Total fees received |  |

- SUBSCRIPTION AND/OR REDEMPTION FEES

|  | Amount |
| --- | --- |
| I units Redemption fees received Subscription fees received Total fees received |  |
| SC units Redemption fees received Subscription fees received Total fees received |  |
| A units Redemption fees received Subscription fees received Total fees received |  |
| B units Redemption fees received Subscription fees received Total fees received |  |
| E units Redemption fees received Subscription fees received Total fees received |  |
| R units Redemption fees received Subscription fees received Total fees received |  |
| ID units Redemption fees received Subscription fees received Total fees received |  |

- MANAGEMENT FEES

|  | 31/03/2020 |
| --- | --- |
| CRE units |  |
| Collateral fees |  |
| Fixed management fees | 6,099.47 |
| Percentage of fixed management fees | 1.70 |
| Variable management fees | 2,379.49 |
| Retrocessions of management fees |  |
| F units |  |
| Collateral fees |  |
| Fixed management fees | 1,056.86 |
| Percentage of fixed management fees | 2.40 |
| Variable management fees | 280.78 |
| Retrocessions of management fees |  |
| SC units |  |
| Collateral fees |  |
| Fixed management fees Percentage of fixed management fees Variable management fees | 134.49 0.75 |
| Retrocessions of management fees |  |

|  | 31/03/2020 |
| --- | --- |
| I units |  |
| Collateral fees |  |
| Fixed management fees | 17,633.95 |
| Percentage of fixed management fees | 1.00 |
| Variable management fees | 12,568.95 |
| Retrocessions of management fees |  |
| A units |  |
| Collateral fees |  |
| Fixed management fees | 1,268,278.47 |
| Percentage of fixed management fees | 2.00 |
| Variable management fees | 401,895.36 |
| Retrocessions of management fees |  |
| B units |  |
| Collateral fees |  |
| Fixed management fees | 21,017.27 |
| Percentage of fixed management fees | 2.00 |
| Variable management fees | 7,171.61 |
| Retrocessions of management fees |  |
| E units |  |
| Collateral fees |  |
| Fixed management fees | 53,271.85 |
| Percentage of fixed management fees | 2.40 |
| Variable management fees | 13,897.42 |
| Retrocessions of management fees |  |
| R units |  |
| Collateral fees |  |
| Fixed management fees | 106,517.44 |
| Percentage of fixed management fees | 1.15 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| ID units |  |
| Collateral fees |  |
| Fixed management fees | 18.34 |
| Percentage of fixed management fees | 1.00 |
| Variable management fees | 13.00 |
| Retrocessions of management fees |  |

- COMMITMENTS RECEIVED AND GIVEN

Translation (ENFR, 2020-03-31):
# Affectation des sommes distribuables
## Définition des sommes distribuables :
Les sommes distribuables sont constituées par :

## Le résultat :
Le résultat net de l’exercice est égal au montant des intérêts, arrérages, primes et lots, dividendes, jetons de présence et tous autres produits relatifs aux titres constituant le portefeuille, majorés du produit des sommes momentanément disponibles et diminué du montant des frais de gestion et de la charge des emprunts.
Il est augmenté du report à nouveau et majoré ou diminué du solde du compte de régularisation des revenus.

## Les Plus et Moins-values :
Les plus-values réalisées, nettes de frais, diminuées des moins-values réalisées, nettes de frais, constatées au cours de l’exercice, augmentées des plus-values nettes de même nature constatées au cours d’exercices antérieurs n’ayant pas fait l’objet d’une distribution ou d’une capitalisation et diminuées ou augmentées du solde du compte de régularisation des plus-values.
Modalités d’affectation des sommes distribuables :
| Sommes Distribuables | Parts « A », « B », « E », « F», « I », « SC », « R », et « CRE » | Parts « ID » |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins- values nettes réalisées | Capitalisation | Capitalisation et/ou Distribution et/ou Report |

- EVOLUTION DE L'ACTIF NET en EUR

|  | 31/03/2020 | 29/03/2019 |
| --- | --- | --- |
| Actif net en début d'exercice | 85 754 177,74 | 110 324 983,49 |
| Souscriptions  (y compris les commissions de souscription acquises à l'OPC) | 8 012 556,40 | 11 788 789,42 |
| Rachats  (sous déduction des commissions de rachat acquises à l'OPC) | -24 991 246,51 | -46 868 166,50 |
| Plus-values réalisées sur dépôts et instruments financiers | 8 847 417,08 | 16 780 326,12 |
| Moins-values réalisées sur dépôts et instruments financiers | -2 055 455,93 | -2 114 467,64 |
| Plus-values réalisées sur instruments financiers à terme | 0,01 |  |
| Moins-values réalisées sur instruments financiers à terme |  |  |
| Frais de transactions | -491 807,96 | -944 250,82 |
| Différences de change | -3 567 459,05 | 2 316 390,32 |
| Variations de la différence d'estimation des dépôts et instruments financiers | -19 991 047,36 | -4 697 932,86 |
| Différence d'estimation exercice N | 2 976 660,47 | 22 967 707,83 |
| Différence d'estimation exercice N-1 | -22 967 707,83 | -27 665 640,69 |
| Variations de la différence d'estimation des instruments financiers à terme |  |  |
| Différence d'estimation exercice N |  |  |
| Différence d'estimation exercice N-1 |  |  |
| Distribution de l'exercice antérieur sur plus et moins-values nettes | -18,92 | -29,26 |
| Distribution de l'exercice antérieur sur résultat |  |  |
| Résultat net de l'exercice avant compte de régularisation | -1 077 128,42 | -831 464,53 |
| Acompte(s) versé(s) au cours de l'exercice sur plus et moins-values nettes |  |  |
| Acompte(s) versé(s) au cours de l'exercice sur résultat |  |  |
| Autres éléments |  |  |
| Actif net en fin d'exercice | 50 439 987,08 | 85 754 177,74 |

- VENTILATION PAR NATURE JURIDIQUE OU ECONOMIQUE DES INSTRUMENTS FINANCIERS

|  | Montant | % |
| --- | --- | --- |
| Actif Obligations et valeurs assimilées TOTAL Obligations et valeurs assimilées Titres de créances TOTAL Titres de créances Passif Opérations de cession sur instruments financiers TOTAL Opérations de cession sur instruments financiers Hors-bilan Opérations de couverture TOTAL Opérations de couverture Autres opérations TOTAL Autres opérations |  |  |

- VENTILATION PAR NATURE DE TAUX DES POSTES D'ACTIF, DE PASSIF ET DE HORS-BILAN

|  | Taux fixe | % | Taux variable | % | Taux révisable | % | Autres | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Actif Dépôts Obligations et valeurs assimilées Titres de créances Opérations temporaires sur titres Comptes financiers Passif Opérations temporaires sur titres Comptes financiers Hors-bilan Opérations de couverture Autres opérations |  |  |  |  |  |  | 2 385 291,38 | 4,73 |

- VENTILATION PAR MATURITE RESIDUELLE DES POSTES D’ACTIF, DE PASSIF ET DE HORS-BILAN

|  | < 3 mois | % | ]3 mois - 1 an] | % | ]1 - 3 ans] | % | ]3 - 5 ans] | % | > 5 ans | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Actif Dépôts Obligations et valeurs assimilées Titres de créances Opérations temporaires sur titres Comptes financiers Passif Opérations temporaires sur titres Comptes financiers Hors-bilan Opérations de couverture Autres opérations | 2 385 291,38 | 4,73 |  |  |  |  |  |  |  |  |

Les positions à terme de taux sont présentées en fonction de l’échéance du sous-jacent.
- VENTILATION PAR DEVISE DE COTATION OU D’EVALUATION DES POSTES D’ACTIF, DE PASSIF ET DE HORS-BILAN

| Obligations et valeurs assimilées Titres de créances OPC |  |
| --- | --- |
| Opérations temporaires sur titres |  |  |  |  |  |  |  |  |
| Créances | 26 030,68 | 0,05 | 149 056,42 | 0,30 |  |  |  |  |
| Comptes financiers |  |  | 2 347 107,20 | 4,65 | 414,64 | 0,00 | 0,13 | 0,00 |
|  |  |  |  |  |  |  |  |  |
| Passif |  |  |  |  |  |  |  |  |
| Opérations de cession sur instruments financiers |  |  |  |  |  |  |  |  |
| Opérations temporaires sur titres |  |  |  |  |  |  |  |  |
| Dettes |  |  | 62 402,09 | 0,12 |  |  |  |  |
| Comptes financiers |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |
| Hors-bilan |  |  |  |  |  |  |  |  |
| Opérations de couverture |  |  |  |  |  |  |  |  |
| Autres opérations |  |  |  |  |  |  |  |  |

- CRÉANCES ET DETTES : VENTILATION PAR NATURE

|  | Nature de débit/crédit | 31/03/2020 |
| --- | --- | --- |
| Créances | Ventes à règlement différé | 146 770,88 |
|  | Souscriptions à recevoir | 40 329,63 |
|  | Coupons et dividendes en espèces | 26 030,68 |
| Total des créances |  | 213 131,19 |
| Dettes | Achats à règlement différé | 62 033,32 |
|  | Rachats à payer | 157 266,19 |
|  | Frais de gestion | 94 938,73 |
|  | Frais de gestion variable | 438 206,61 |
| Total des dettes |  | 752 444,85 |

- NOMBRE DE TITRES ÉMIS OU RACHETÉS

|  | En parts | En montant |
| --- | --- | --- |
| Part F Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats | -112,000 -112,000 | -12 949,20 -12 949,20 |
| Part CRE Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats | 1 162,462 -1 381,735 -219,273 | 118 681,56 -140 558,83 -21 877,27 |
| Part I Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats | 300,000 -6 098,199 -5 798,199 | 72 489,00 -1 466 467,00 -1 393 978,00 |
| Part SC Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats | -227,364 -227,364 | -27 336,05 -27 336,05 |
| Part A Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats | 18 336,171 -52 453,716 -34 117,545 | 6 252 728,64 -17 686 406,30 -11 433 677,66 |
| Part B Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats | 1 918,291 -3 947,974 -2 029,683 | 229 884,65 -438 660,68 -208 776,03 |
| Part E Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats | 2 398,889 -8 316,009 -5 917,120 | 421 099,43 -1 483 972,27 -1 062 872,84 |
| Part R Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats | 5 175,888 -20 675,888 -15 500,000 | 917 673,12 -3 734 896,18 -2 817 223,06 |
| Part ID Parts souscrites durant l'exercice Parts rachetées durant l'exercice Solde net des souscriptions/rachats |  |  |

- COMMISSIONS DE SOUSCRIPTION ET/OU RACHAT

|  | En montant |
| --- | --- |
| Part CRE Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |
| Part F Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |

- COMMISSIONS DE SOUSCRIPTION ET/OU RACHAT

|  | En montant |
| --- | --- |
| Part I Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |
| Part SC Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |
| Part A Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |
| Part B Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |
| Part E Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |
| Part R Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |
| Part ID Commissions de rachat acquises Commissions de souscription acquises Total des commissions acquises |  |

- FRAIS DE GESTION

|  | 31/03/2020 |
| --- | --- |
| Part CRE Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 6 099,47 1,70 2 379,49 |
| Part F Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 1 056,86 2,40 280,78 |
| Part SC Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 134,49 0,75 |

|  | 31/03/2020 |
| --- | --- |
| Part I Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 17 633,95 1,00 12 568,95 |
| Part A Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 1 268 278,47 2,00 401 895,36 |
| Part B Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 21 017,27 2,00 7 171,61 |
| Part E Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 53 271,85 2,40 13 897,42 |
| Part R Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 106 517,44 1,15 |
| Part ID Commissions de garantie Frais de gestion fixes Pourcentage de frais de gestion fixes Frais de gestion variables Rétrocessions des frais de gestion | 18,34 1,00 13,00 |

- ENGAGEMENTS RECUS ET DONNÉS