# ANNUAL FINANCIAL STATEMENTS OF THE FUND
Deloitte & Associés
185, avenue Charles de Gaulle 92524 Neuilly-sur-Seine Cedex France
Telephone: +33 (0) 1 40 88 28 00 www.deloitte.fr
Postal address:
TSA 20303
92030 La Défense Cedex

#### ODDO BHF GENERATION
Fonds Commun de Placement (FCP) Management Company:
ODDO BHF Asset Management SAS 12, boulevard de la Madeleine 75009 Paris

##### STATUTORY AUDITOR’S REPORT ON THE ANNUAL FINANCIAL STATEMENTS
Financial year ended 30 September 2021
Dear unitholders of the ODDO BHF GENERATION FCP,

###### Opinion
Following our appointment by the Management Company, we have audited the annual financial statements of the ODDO BHF GENERATION FCP for the financial year ended 30 September 2021, which are appended to this report.
In our opinion, the annual financial statements, in accordance with French accounting rules and principles, give a true and fair view of the financial position and assets and liabilities of the FCP and of the results of its operations at the end of the financial year.

###### Basis for the opinion on the annual financial statements Audit framework
We have conducted our audit in accordance with professional standards applicable in France. We consider that the evidence gathered is pertinent and sufficient to serve as a basis for our opinion.
Our responsibilities in light of these standards are described in this report in the section entitled “Responsibilities of the statutory auditor in relation to auditing the annual financial statements”.
Simplified joint stock company with share capital of EUR 2,188,160
Chartered accountants registered with the Tableau de l'Ordre du Conseil Régional de Paris/Ile-de-France Statutory auditors and a member of the Compagnie Régionale de Versailles
572 028 041 RCS Nanterre
VAT: FR 02 572 028 041
A Deloitte network entity

###### Independence
We conducted our audit assignment in accordance with the rules of independence set out in the French Commercial Code and the statutory auditors’ code of ethics, for the period from 1 January 2020 to the date on which our report was issued.

###### Justification of assessments
Due to the global COVID-19 pandemic, this year’s financial statements were prepared and audited under special conditions. The ongoing crisis and exceptional measures taken under the state of emergency have had numerous consequences for funds, their investments and valuations of corresponding assets and liabilities. Some of these measures, such as travel restrictions and remote working arrangements, also impacted the operational management of funds and how audits are carried out.
In this complex and fast-moving context, and in accordance with the provisions of articles L.823-9 and R.823-7 of the French Commercial Code regarding the justification of our evaluations, we hereby inform you that our most important evaluations, in our professional opinion, were focused on the appropriateness of the accounting principles applied, on whether material estimates used were reasonable, and on whether all accounts were presented as per the accounting standards applicable to undertakings for collective investment with variable capital, particularly as regards financial instruments held in the portfolio.
The evaluations were made in the context of the audit of the annual financial statements, taken as a whole, and the formation of the opinion expressed herein. We have not expressed an opinion regarding individual items in the annual financial statements.

###### Specific verifications
We have also carried out the specific verifications required by law in accordance with the professional auditing standards applicable in France.
We have no comment as to the fair presentation and conformity with the annual financial statements of the information given in the UCI’s management report and in the documents sent to unitholders with respect to the financial position and the annual financial statements.

###### Responsibilities of the management company in relation to the annual financial statements
The Management Company is responsible for drawing up annual financial statements giving a fair view in accordance with French accounting rules and standards, as well as implementing the internal control system it deems necessary for the drafting of annual financial statements free of material misstatements, whether as a result of fraud or error.
In preparing the financial statements, the Management Company is responsible for assessing the FCP’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the FCP or to cease operations.
The annual financial statements were prepared by the Management Company.
10 | ODDO BHF GENERATION | Statutory auditor's report on the annual financial statements | For the financial year ended 30 September 2021

###### Responsibilities of the statutory auditor in relation to auditing the annual financial statements
It is our responsibility to draft a report on the annual financial statements. Our objective is to obtain reasonable assurance that the annual financial statements, viewed in their entirety, are free of material misstatement. Reasonable assurance constitutes a high level of assurance, although not a guarantee, that an audit carried out in accordance with the standards of professional conduct allows for the systematic detection of material misstatements. Such misstatements may result from fraud or error and are considered to be material when it is reasonable to expect that they may, taken individually or collectively, influence economic decisions that readers of the financial statements may make based on them.
As stipulated in article L.823-10-1 of the French Commercial Code, our certification of the financial statements does not constitute a guarantee of the viability or quality of the management of your UCI.
As part of an audit carried out in accordance with the standards of professional conduct applicable in France, the statutory auditor shall exercise its professional judgement throughout this audit. Furthermore:
- it identifies and evaluates the risk that the annual financial statements may include material misstatement, whether resulting from fraud or error, defines and implements auditing procedures in response to these risks, and gathers the items it deems sufficient and appropriate as a basis for its opinion. The risk of material misstatement not being detected is considerably higher when it is the result of fraud rather than error, since fraud may involve collusion, falsification, voluntary omissions, false declarations or the circumvention of the internal control system;
- it assesses the internal control system that is relevant for the audit in order to define audit procedures that are appropriate in the circumstances, and not for the purpose of expressing an opinion on the internal control system;
- it evaluates the appropriateness of the accounting methods used and the reasonableness of the accounting estimates made by the management, as well as the related information in the annual financial statements;
- it evaluates the appropriateness of the management company’s application of the going concern accounting principle and, based on the information gathered, the existence or absence of significant uncertainty linked to events or circumstances likely to cast doubt on the UCI’s ability to continue its operations. This evaluation is based on the information gathered prior to the date of its report; however, it should be noted that subsequent circumstances or events may cast doubt on the continuity of its operations. If it concludes that significant uncertainty exists, it draws the attention of readers of its report to the information provided in the annual financial statements giving rise to this uncertainty or, if this information has not been provided or is not relevant, it certifies the annual financial statements with reservations or refuses to certify them;3 | ODDO BHF GENERATION | Statutory auditor's report on the annual financial statements | For the financial year ended 30 September 2021.
- It assesses the presentation of all of the annual financial statements and evaluates whether or not the annual financial statements depict the underlying operations and events fairly.

Paris La Défense, 3 January 2022 Statutory Auditor Deloitte & Associés
[signature] Olivier GALIENNE
4 | ODDO BHF GENERATION | Statutory auditor's report on the annual financial statements | For the financial year ended 30 September 2021
ODDO BHF GENERATION

## FONDS COMMUN DE PLACEMENT (FCP) INTERNATIONAL EQUITIES

#### BALANCE SHEET - ASSETS AT 30/09/2021 IN EUR
|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| Net fixed assets | 0.00 | 0.00 |
| Deposits | 0.00 | 0.00 |
| Financial instruments | 532,372,176.62 | 474,875,881.63 |
| Equities and similar securities | 532,372,176.62 | 474,875,881.63 |
| Traded on a regulated or similar market | 532,372,176.62 | 474,875,881.63 |
| Not traded on a regulated or similar market | 0.00 | 0.00 |
| Bonds and similar securities | 0.00 | 0.00 |
| Traded on a regulated or similar market | 0.00 | 0.00 |
| Not traded on a regulated or similar market | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 |
| Traded on a regulated or similar market | 0.00 | 0.00 |
| Transferable debt securities | 0.00 | 0.00 |
| Other debt securities | 0.00 | 0.00 |
| Not traded on a regulated or similar market | 0.00 | 0.00 |
| Undertakings for collective investment | 0.00 | 0.00 |
| Standard	UCITS	and	AIFs	aimed	at	non-professional	investors	and equivalent funds of other countries | 0.00 | 0.00 |
| Other Funds aimed at non-professional investors and equivalent funds of other European Union member states | 0.00 | 0.00 |
| Standard  professional  investment  funds  and  equivalent  funds  of  other European Union Member States and listed securitisation funds | 0.00 | 0.00 |
| Other	professional	investment	funds	and	equivalent	funds	of	other |  |  |
| European	Union	Member	States	and	unlisted	securitisation | 0.00 | 0.00 |
| funds |  |  |
| Temporary transactions on securities | 0.00 | 0.00 |
| Receivables on financial securities received under a repurchase agreement (pension) | 0.00 | 0.00 |
| Receivables on financial securities lent | 0.00 | 0.00 |
| Financial securities borrowed | 0.00 | 0.00 |
| Financial securities transferred under a repurchase agreement (pension) | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Financial contracts |  |  |
| Transactions on a regulated or similar market | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 |
| Other financial instruments | 0.00 | 0.00 |
| Receivables | 18,147,295.82 | 8,283,954.28 |
| Currency forward exchange contracts | 10,850,850.75 | 8,283,954.28 |
| Other | 7,296,445.07 | 0.00 |
| Financial accounts | 6,223,785.91 | 2,245,357.88 |
| Cash | 6,223,785.91 | 2,245,357.88 |
| Total assets | 556,743,258.35 | 485,405,193.79 |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| Equity capital |  |  |
| Share capital | 499,165,849.42 | 501,369,839.48 |
| Previous undistributed net capital gains and losses (a) | 0.00 | 211,287.00 |
| Retained earnings (a) | 19,233.30 | 15.47 |
| Net capital gains and losses for the financial year (a, b) | 36,224,240.35 | -26,767,989.61 |
| Profit/loss for the financial year (a, b) | 296,091.47 | -755,252.32 |
| Total equity capital | 535,705,414.54 | 474,057,900.02 |
| (= Amount corresponding to the net assets) |  |  |
| Financial instruments | 0.00 | 0.00 |
| Sales of financial instruments | 0.00 | 0.00 |
| Temporary transactions on financial securities | 0.00 | 0.00 |
| Payables on financial securities transferred under a repurchase agreement (pension) | 0.00 | 0.00 |
| Payables on financial securities borrowed | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Financial contracts | 0.00 | 0.00 |
| Transactions on a regulated or similar market | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 |
| Payables | 19,043,808.36 | 11,347,293.77 |
| Currency forward exchange contracts | 10,794,630.41 | 8,281,436.82 |
| Other | 8,249,177.95 | 3,065,856.95 |
| Financial accounts | 1,994,035.45 | 0.00 |
| Short-term bank loans | 1,994,035.45 | 0.00 |
| Borrowings | 0.00 | 0.00 |
| Total liabilities | 556,743,258.35 | 485,405,193.79 |

- Including equalisation accounts
- Less interim dividends paid for the financial year

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| Hedging transactions Commitments on regulated or similar markets OTC commitments Other commitments Other transactions Commitments on regulated or similar markets OTC commitments Other commitments |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 0.00 | 0.00 |
| Income from equities and similar securities | 8,713,152.28 | 7,348,168.04 |
| Income from bonds and similar securities | 0.00 | 0.00 |
| Income from debt securities | 0.00 | 0.00 |
| Income from temporary purchases and sales of financial securities | 0.00 | 0.00 |
| Income from financial contracts | 0.00 | 0.00 |
| Other financial income | 3.27 | 12.58 |
| TOTAL (I) | 8,713,155.55 | 7,348,180.62 |
| Payables on financial transactions |  |  |
| Payables on temporary purchases and sales of financial securities | 0.00 | 0.00 |
| Payables on financial contracts | 0.00 | 0.00 |
| Payables on financial debts | 46.17 | 0.00 |
| Other payables | 0.00 | 0.00 |
| TOTAL (II) | 46.17 | 0.00 |
| Income resulting from financial transactions (I - II) | 8,713,109.38 | 7,348,180.62 |
| Other income (III) | 0.00 | 0.00 |
| Management fees and depreciation allowance (IV) | 8,443,824.38 | 8,660,174.51 |
| Net income for the year (L. 214-17-1)(I - II + III - IV) | 269,285.00 | -1,311,993.89 |
| Income equalisation for the financial year (V) | 26,806.47 | 556,741.57 |
| Interim dividends paid from income for the financial year (VI) | 0.00 | 0.00 |
| Profit(loss) (I - II + III - IV +/- V - VI) | 296,091.47 | -755,252.32 |

APPENDICES
The fund has complied with the accounting rules prescribed by the regulations in force and, in particular, with the accounting standards applicable to UCITS.
The annual financial statements are presented in accordance with the provisions of ANC Regulation 2014-01, as amended in the context of the fast-moving COVID-19 health crisis.
The accounting currency is the euro.

##### ASSET VALUATION AND ACCOUNTING RULES

###### Asset valuation rules:
The calculation of the net asset value per unit is subject to the following valuation rules:
- Financial instruments and transferable securities traded on regulated markets are valued at their market price using the following principles:
- The valuation is based on the last official market price.

The market price used depends on the market on which the instrument is listed:
European markets:	Last market price on the net asset value calculation day
Asian markets:	Last market price on the net asset value calculation day North and South American markets:	 Last market price on the net asset value calculation day
The prices used are those known the following day at 9:00 (Paris time) and collected from financial information providers: Fininfo or Bloomberg. In the event that no price is available for a security, the last known price is used.
However, the following instruments are valued using the following specific valuation methods:
- financial instruments that are not traded on a regulated market are valued under the Management Company’s responsibility at their foreseeable sale prices.

In particular, transferable debt securities and similar securities that are not traded in large volumes are valued by means of an actuarial method; the reference rate used is that applied to issues of equivalent securities plus or minus, where applicable, a differential reflecting the issuer’s specific characteristics. Nevertheless, transferable debt securities with low sensitivity and a residual maturity of less than or equal to three months may be valued using the straight-line method.
- financial contracts (futures, options or swap transactions concluded on over-the-counter markets) are valued at their market value or at a value estimated according to the terms and conditions determined by the Management Company.
- Financial guarantees: in order to limit counterparty risk as much as possible while also factoring in operational constraints, the Management Company applies a daily margin call system, per fund and per counterparty, with an activation threshold set at a maximum of EUR 100,000 based on an evaluation of the mark-to-market price.

Deposits are recorded based on their nominal value plus the interest calculated daily using the Eonia.
The method for valuing off-balance sheet commitments consists in valuing futures contracts at their market price and in converting options into the equivalent value of the underlying.
The prices used for the valuation of futures or options are consistent with those of the underlying securities. They may vary depending on where they are listed:
European markets:	Settlement price on the NAV calculation day, if different from the last price;
Asian markets:	Last market price on the NAV calculation day, if different from the last price;
North and South American markets:	Last market price on the NAV calculation day, if different from the
last price;
In the event that no price is available for a future or option contract, the last known price is used.
Securities subject to a temporary acquisition or sale agreement are valued in accordance with the regulations in force. Securities received under repurchase agreements are recorded on their acquisition date under the heading “Receivables on securities received under a repurchase agreement (pension)” at the value fixed in the contract by the counterparty of the liquidity account concerned. For as long as they are held they are recognised at that value plus the accrued interest from the securities in custody.
Securities transferred under repurchase agreements are withdrawn from their account on the date of the transaction and the corresponding receivable is booked under the heading “Securities transferred under a repurchase agreement (pension)”; they are valued at their market value. Payables on securities transferred under repurchase agreements are recorded under the heading “Payables on securities transferred under a repurchase agreement (pension)” by the counterparty of the liquidity account concerned. It is maintained at the value determined in the contract plus any accrued interest on the debt.
- Other instruments: Units or shares of UCIs are valued at their last known net asset value.
- Financial instruments whose prices have not been determined on the valuation day or whose prices have been adjusted are valued under the Management Company's responsibility at their foreseeable sale prices. These valuations and their justification are communicated to the Statutory Auditor at the time of the audit.


###### Accounting methods:

###### Income accounting:
The interest on bonds and debt securities is calculated using the accrued interest method.

###### Transaction cost accounting:
Transactions are recorded excluding fees.

###### Allocation of distributable income (income and capital gains)
| Distributable income | CR-EUR, CI-EUR, GC-EUR,	CN-EUR,	CL- EUR and CR-SEK [H] uCRw- EUR,	uCRw-CHF [H],	uCPw- | DR-EUR,  DN-EUR,  uDRw-EUR, uDRw-CHF [H], uDPw-EUR and uDPw-CHF [H] unitsDistribution units |
| --- | --- | --- |
|  | EUR and uCPw-CHF [H] units |  |
|  | Accumulation units |  |
| Allocation of net income | Accumulation | Distributed in full or partly carried forward by decision of the Management Company |
| Allocation of | Accumulation | Distributed  in  full,  or  partly |
| net realised |  | carried forward by decision of |
| capital gains or |  | the	management	company |
| losses |  | and/or accumulated |


###### Distribution schedule
Accumulation units: no distribution
Distribution units: the proportion of distributable income which the Management Co paid annually. Distributable income is paid out within five months of the financial year e

## INFORMATION ON FEES AND EXPENSES
| Fees charged to the Fund | Basis | Rate CR-EUR, CI-EUR, DR-EUR, GC-EUR, CN-EUR, CL-EUR, CR-SEK [H] and DN-EUR units |
| --- | --- | --- |
|  |  | CR-EUR, DR-EUR and CR-SEK [H] units: Maximum 2%, |
|  |  | inclusive of tax |
|  |  | CI-EUR and GC-EUR units: Maximum 1%, |
|  |  | inclusive of tax |
| Financial management fees and administrative fees not payable to the management company (statutory auditor, custodian, distributors, lawyers, etc.) | Net assets, excluding units and shares of UCITS | CN-EUR and DN-EUR units: Maximum 1.15% inclusive of tax |
| CL-EUR units: Maximum 1.25% inclusive of tax |
| uCRw-EUR, uCRw-CHF [H], uDRw-EUR and uDRw- CHF [H] units: |
|  |  | Maximum 1.35% inclusive of tax |
|  |  | uCPw-EUR, uCPw-CHF [H], |
|  |  | uDPw-EUR and uDPw-CHF [H]: |
|  |  | Maximum 0.45% inclusive of tax |
| Performance fees* | Net assets | - CR-EUR, DR-EUR, GC-EUR, CR-SEK [H], CN-EUR and DN-EUR units: A maximum of 20% of the Fund's outperformance relative to the benchmark index provided that the |

|  |  | Fund's performance is positive. - CI-EUR units: A maximum of 10% of the Fund's outperformance relative to the benchmark index provided that the Fund's performance is positive.
- CL-EUR, uCRw-EUR, uCRw-CHF [H], uDRw-EUR, uDRw-CHF [H], uCPw-EUR, uCPw-CHF [H], uDPw-EURand uDPw-CHF [H] units: None.
 |
| --- | --- | --- |
| Transaction fees charged by third parties: - Management Company: 100% | Payable on each transaction | Equities: depending on the markets, with a maximum of 0.59% inclusive of tax and a minimum of EUR 7.50 exclusive of tax for French equities and EUR 50 exclusive of tax for foreign equities. Bonds: 0.03% inclusive of tax with a minimum of EUR 7.50 exclusive of tax Money market instruments and derivatives: None |

- Performance fee: a performance fee based on a comparison between the Fund’s performance and that of the benchmark index over the reference period.
	- The performance fee calculation method seeks to determine the “value created by the manager” in absolute terms: this means comparing sums received (i.e. subscriptions) with sums returned (i.e. redemptions) + assets under management (i.e. the total net asset value).
	- Sums received are represented by the “indexed NAV” (or fictitious fund), which is the point of comparison. The indexed NAV is calculated in the same manner as a meter: each time the net asset value is calculated, subscriptions from T-1 are indexed using the performance of the comparison index from T- 1 to T. This gives us a theoretical NAV, on the basis of which each subscription is immediately invested in the comparison index. The performance fee provision amount is not linked to the amount of subscriptions: for example, if the book NAV rises by EUR 1 million (following a subscription), the indexed NAV will rise by the same amount, meaning the performance fee provision amount is unaltered.


In the event of redemption, the outperformance linked with redemptions shall be subject to a specific provision, separate from the provision for outperformance on assets under management. The outperformance linked to redemptions is defined as a proportion (i.e. the number of units redeemed divided by the total number of units) of the outperformance on assets under management. This is calculated in the form of a meter and allows for the “crystallisation” of the provision for the outperformance corresponding to the redeemed shares. The indexed NAV is also adjusted by the redemption ratio. Hence, in the case of redemptions, the provision corresponding to the outperformance of the total NAV is transferred to the provision corresponding to the outperformance of the redeemed shares. However, the total provision is not linked to the amount of redemptions. The outperformance provision linked to redemptions is definitively allocated to the Management Company and deducted at the end of the financial year.
The Fund’s performance is determined on the basis of its book value after taking into account fixed management fees and before deduction of the performance fee.
Once the Fund records a positive performance that exceeds that of its benchmark index in a given reference period, a provision of 20% of this outperformance is established for CR-EUR, DR-EUR, GC-EUR, CR-SEK [H], CN- EUR and DN-EUR units, and 10% for CI-EUR units, upon each NAV calculation.
In the event the Fund underperforms its benchmark index between two net asset values, any previously accumulated provision shall be reduced accordingly. The amounts deducted from the provision cannot exceed
the amount previously accumulated.
This variable fee will only be definitively transferred to the Management Company at the end of the reference period and only if, over the reference period, the Fund’s performance is positive and exceeds that of its benchmark index. It is deducted from the last NAV calculation of the financial year and paid annually to the Management Company, provided that on that date the reference period is at least equal to one year.
A description of the method used to calculate the performance fee may be obtained from the Management Company.
- 
#### CHANGES IN THE NET ASSETS AT 30/09/2021 IN EUR

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 474,057,900.02 | 647,093,070.75 |
| Subscriptions (including subscription fees paid to the Fund) | 93,560,810.10 | 69,765,685.84 |
| Redemptions (after deduction of the redemption fees paid to the Fund) | -160,148,701.87 | -222,257,466.11 |
| Realised gains on deposits and financial instruments | 65,053,743.91 | 46,940,960.17 |
| Realised losses on deposits and financial instruments | -24,209,888.78 | -73,397,488.28 |
| Realised gains on financial contracts | 452,196.56 | 583,808.81 |
| Realised losses on financial contracts | -545,157.33 | -423,113.35 |
| Transaction costs | -3,976,849.12 | -3,996,442.53 |
| Foreign exchange differences | -11,789.83 | -721.76 |
| Changes in the valuation differential of deposits and financial instruments | 91,150,166.27 | 11,475,453.17 |
| Valuation differential in year N: | 123,589,586.84 | 32,439,420.57 |
| Valuation differential in year N-1: | 32,439,420.57 | 20,963,967.40 |
| Changes in the valuation differential of financial contracts | 53,699.61 | -53,353.60 |
| Valuation differential in year N: | 56,220.34 | 2,520.73 |
| Valuation differential in year N-1: | 2,520.73 | 55,874.33 |
| Distribution in previous year from net capital gains and losses | 0.00 | -294,888.82 |
| Dividends paid in the previous financial year from income | 0.00 | -65,610.38 |
| Net profit/loss for the financial year prior to the income equalisation account | 269,285.00 | -1,311,993.89 |
| Interim dividend(s) paid during the financial year from net capital gains and losses | 0.00 | 0.00 |
| Interim dividend(s) paid during the financial year from profit | 0.00 | 0.00 |
| Other items (*) | 0.00 | 0.00 |
| Net assets at the end of the financial year | 535,705,414.54 | 474,057,900.02 |

(*) The UCITS will provide a detailed explanation of this line (contributions from mergers, payments received under capital and/or performance guarantees)
- 
#### FURTHER INFORMATION
	- 
#### BREAKDOWN BY LEGAL OR ECONOMIC NATURE OF THE FINANCIAL INSTRUMENTS


| Name of securities | Amount | % |
| --- | --- | --- |
| Assets |  |  |  |  |
|  | Bonds and similar securities |  |  |
|  | Total bonds and similar securities | 0.00 | 0.00 |
|  | Debt securities |  |  |
|  | Total debt securities | 0.00 | 0.00 |
| Total assets |  | 0.00 | 0.00 |
| Liabilities |  |  |  |
| Sales of financial instruments |  |  |
| Total sales of financial instruments | 0.00 | 0.00 |
| Total liabilities | 0.00 | 0.00 |
| Off-balance sheet |  |  |  |
| Hedging transactions |  |  |
| Total hedging transactions | 0.00 | 0.00 |
| Other transactions |  |  |
| Total other transactions | 0.00 | 0.00 |
| Total off-balance sheet | 0.00 | 0.00 |

- 
#### BREAKDOWN BY TYPE OF INTEREST RATES FOR ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |
| Deposits |  |  |
| Bonds and similar securities |  |  |
| Debt securities |  |  |
| Temporary	transactions	on	financial |  |  |
| securities |  |  |
| Financial accounts | 6,223,785.9 | 1.16 |
| 1 |
| Liabilities |  |  |
| Temporary	transactions	on	financial |  |  |
| securities |  |  |
| Financial accounts | 1,994,035.4 | 0.37 |
| 5 |
| Off-balance sheet |  |  |
| Hedging transactions |  |  |
| Other transactions |  |  |

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

|  | 0 - 3 months] | % | ]3 months - 1 year] | % | ]1 - 3 years] | % | ]3 - 5 years] | % | > 5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Deposits Bonds and similar securities Debt securities Temporary transactions on securities Financial accounts Liabilities Temporary transactions on securities Financial accounts Off-balance sheet Hedging transactions Other transactions | 6,223,785.91 1,994,035.45 | 1.16 0.37 |  |  |  |  |  |  |  |  |

- 
#### BREAKDOWN BY LISTING OR VALUATION CURRENCY OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS

|  | Currency 1 CHF | % CHF | Currency 2 SEK | % SEK | Currency 3 DKK | % DKK | Currencies Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Deposits Equities and similar securities Bonds and similar securities Debt securities UCIs Temporary transactions on securities Financial contracts Receivables Financial accounts Liabilities Sales of financial instruments Temporary transactions on securities Financial contracts Payables Financial accounts Off-balance sheet Hedging transactions Other transactions | 32,186,176.95 10,738,882.73 57,870.23 187,456.64 | 6.01 2.00 0.01 0.03 | 20,111,123.61 97,688.80 6,549.95 | 3.75 0.02 0.00 | 14,693,176.44 354.89 | 2.74 0.00 | 12,612,907.63 2,001,126.74 704.42 1,994,035.45 | 2.35 0.37 0.00 0.37 |

- 
#### RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | Type of debit/credit | 30/09/2021 |
| --- | --- | --- |
|  | Hedged forward transactions | 10,850,850.75 |
|  | Coupons and dividends | 97,688.80 |
|  | Other receivables | 7,198,756.27 |
| Total receivables |  | 18,147,295.82 |
|  | Hedged forward transactions | 10,794,630.41 |
|  | Other payables | 7,505,384.22 |
|  | Prov. for external charges | 743,793.73 |
| Total debts |  | 19,043,808.36 |
| Total debts and receivables |  | -896,512.54 |

- 
#### EQUITY CAPITAL
	- 
###### Number of securities issued or redeemed


|  | In units | As amount |
| --- | --- | --- |
| CR-EUR UNITS |  |  |
| Securities subscribed during the year | 41,925.101 | 38,617,305.44 |
| Securities redeemed during the year | -75,444.481 | -70,788,312.01 |
| Subscriptions/redemptions (net) | -33,519.38 | -32,171,006.57 |

|  | In units | As amount |
| --- | --- | --- |
| CI-EUR UNITS |  |  |
| Securities subscribed during the year | 122.005 | 31,043,633.22 |
| Securities redeemed during the year | -266.471 | -66,235,224.86 |
| Subscriptions/redemptions (net) | -144.466 | -35,191,591.64 |

|  | In units | As amount |
| --- | --- | --- |
| GC-EUR UNITS |  |  |
| Securities subscribed during the year | 24,926.142 | 3,605,725.21 |
| Securities redeemed during the year | -57,790.353 | -8,453,273.97 |
| Subscriptions/redemptions (net) | -32,864.211 | -4,847,548.76 |

|  | In units | As amount |
| --- | --- | --- |
| CN-EUR UNITS |  |  |
| Securities subscribed during the year | 89,639.05 | 14,462,933.71 |
| Securities redeemed during the year | -39,846.857 | -6,151,751.93 |
| Subscriptions/redemptions (net) | 49,792.193 | 8,311,181.78 |

|  | In units | As amount |
| --- | --- | --- |
| CL-EUR UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -3,000 | -365,400.00 |
| Subscriptions/redemptions (net) | -3,000 | -365,400.00 |

|  | In units | As amount |
| --- | --- | --- |
| DR-EUR UNITS |  |  |
| Securities subscribed during the year | 254.775 | 211,611.82 |
| Securities redeemed during the year | -2,065.085 | -1,639,452.65 |
| Subscriptions/redemptions (net) | -1,810.31 | -1,427,840.83 |

|  | In units | As amount |
| --- | --- | --- |
| uCRw-EUR UNITS |  |  |
| Securities subscribed during the year | 9.804 | 1,115,106.67 |
| Securities redeemed during the year | -2.414 | -282,320.56 |
| Subscriptions/redemptions (net) | 7.39 | 832,786.11 |

|  | In units | As amount |
| --- | --- | --- |
| uCPw-EUR UNITS |  |  |
| Securities subscribed during the year | 13.065 | 1,496,334.01 |
| Securities redeemed during the year | -28.801 | -3,427,730.62 |
| Subscriptions/redemptions (net) | -15.736 | -1,931,396.61 |
|  | In units | As amount |
| uCPw-CHF (H) UNITS |  |  |
| Securities subscribed during the year | 18.322 | 1,978,792.25 |
| Securities redeemed during the year | -20.005 | -2,186,938.78 |
| Subscriptions/redemptions (net) | -1.683 | -208,146.53 |

|  | In units | As amount |
| --- | --- | --- |
| uCRw-CHF (H) UNITS |  |  |
| Securities subscribed during the year | 1.98 | 224,790.22 |
| Securities redeemed during the year | -1.714 | -179,123.79 |
| Subscriptions/redemptions (net) | 0.266 | 45,666.43 |

|  | In units | As amount |
| --- | --- | --- |
| uDRw-EUR UNITS |  |  |
| Securities subscribed during the year | 1.02 | 129,389.66 |
| Securities redeemed during the year | 0 |  |
| Subscriptions/redemptions (net) | 1.02 | 129,389.66 |

|  | In units | As amount |
| --- | --- | --- |
| uDPw-EUR UNITS |  |  |
| Securities subscribed during the year | 4.426 | 566,668.76 |
| Securities redeemed during the year | -3.093 | -356,535.50 |
| Subscriptions/redemptions (net) | 1.333 | 210,133.26 |

|  | In units | As amount |
| --- | --- | --- |
| uDPw-CHF (H) UNITS |  |  |
| Securities subscribed during the year | 0.797 | 86,296.79 |
| Securities redeemed during the year | -0.507 | -59,708.73 |
| Subscriptions/redemptions (net) | 0.29 | 26,588.06 |

|  | In units | As amount |
| --- | --- | --- |
| uDRw-CHF (H) UNITS |  |  |
| Securities subscribed during the year | 0.2 | 22,222.34 |
| Securities redeemed during the year | -0.2 | -22,928.47 |
| Subscriptions/redemptions (net) | 0 | -706.13 |

- 
###### Subscription and/or redemption fees

|  | As amount |
| --- | --- |
| CR-EUR UNITS |  |
| Subscription and/or redemption fees received | 16,362.86 |
| Subscription fees received | 16,362.86 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 16,362.86 |
| Subscription fees paid to third parties | 16,362.86 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| CI-EUR UNITS |  |
| Subscription and/or redemption fees received | 5,327.71 |
| Subscription fees received | 5,327.71 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 5,327.71 |
| Subscription fees paid to third parties | 5,327.71 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| GC-EUR UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| CN-EUR UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |

| CL-EUR UNITS |  |
| --- | --- |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| DR-EUR UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| uCRw-EUR UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| uCPw-EUR UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| uCPw-CHF (H) UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| uCRw-CHF (H) UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| uDRw-EUR UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| uDPw-EUR UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| uDPw-CHF (H) UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

|  | As amount |
| --- | --- |
| uDRw-CHF (H) UNITS |  |
| Subscription and/or redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Redemption fees received | 0.00 |
| Subscription and/or redemption fees paid to third parties | 0.00 |
| Subscription fees paid to third parties | 0.00 |
| Redemption fees paid to third parties | 0.00 |
| Subscription and/or redemption fees retained | 0.00 |
| Subscription fees retained | 0.00 |
| Redemption fees retained | 0.00 |

- 
###### Management fees

|  | 30/09/2021 |
| --- | --- |
| CR-EUR UNITS |  |
| Percentage of fixed management fees | 2.00 |
| Management and administration fees | 6,383,781.81 |
| Performance fee | 578.44 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| CI-EUR UNITS |  |
| Percentage of fixed management fees | 1.00 |
| Management and administration fees | 1,259,596.61 |
| Performance fee | 8.77 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| GC-EUR UNITS |  |
| Percentage of fixed management fees | 1.00 |
| Management and administration fees | 265,530.15 |
| Performance fee | 645.20 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| CN-EUR UNITS |  |
| Percentage of fixed management fees | 1.15 |
| Management and administration fees | 150,223.17 |
| Performance fee | 1,556.94 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| CL-EUR UNITS |  |
| Percentage of fixed management fees | 1.25 |
| Management and administration fees | 4,274.59 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| DR-EUR UNITS |  |
| Percentage of fixed management fees | 2.00 |
| Management and administration fees | 233,094.25 |
| Performance fee | 40.50 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| uCRw-EUR UNITS |  |
| Percentage of fixed management fees | 1.35 |
| Management and administration fees | 34,658.27 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| uCPw-EUR UNITS |  |
| Percentage of fixed management fees | 0.45 |
| Management and administration fees | 42,803.51 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| uCPw-CHF (H) UNITS |  |
| Percentage of fixed management fees | 0.45 |
| Management and administration fees | 34,380.78 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| uCRw-CHF (H) UNITS |  |
| Percentage of fixed management fees | 1.35 |
| Management and administration fees | 15,333.31 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| uDRw-EUR UNITS |  |
| Percentage of fixed management fees | 1.35 |
| Management and administration fees | 7,554.57 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| uDPw-EUR UNITS |  |
| Percentage of fixed management fees | 0.45 |
| Management and administration fees | 6,552.53 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| uDPw-CHF (H) UNITS |  |
| Percentage of fixed management fees | 0.45 |
| Management and administration fees | 2,886.78 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

|  | 30/09/2021 |
| --- | --- |
| uDRw-CHF (H) UNITS |  |
| Percentage of fixed management fees | 1.35 |
| Management and administration fees | 324.20 |
| Performance fee | 0.00 |
| Management fees paid to third parties | 0.00 |

- 
#### COMMITMENTS RECEIVED AND GIVEN
	- 
##### GUARANTEES RECEIVED BY THE UCITS:


None
- 
##### OTHER COMMITMENTS RECEIVED AND/OR GIVEN:

None
- 
#### OTHER INFORMATION
	- 
###### Current values of financial instruments subject to a temporary purchase transaction


|  | 30/09/2021 |
| --- | --- |
| Securities acquired under repurchase options | 0.00 |
| Securities acquired under a repurchase agreement | 0.00 |
| Securities borrowed | 0.00 |

- 
###### Current values of financial instruments serving as guarantee deposits

|  | 30/09/2021 |
| --- | --- |
| Financial instruments used as a guarantee and kept as original entry | 0.00 |
| Financial instruments received as a guarantee and not recorded on the balance sheet | 0.00 |

- 
###### Financial instruments held in the portfolio issued by entities associated with the management company or with the financial managers, and UCITS managed by these entities

|  | 30/09/2021 |
| --- | --- |
| Equities | 0.00 |
| Bonds | 0.00 |
| Transferable debt securities | 0.00 |
| UCITS | 0.00 |
| Forward financial instruments | 0.00 |
| Total group securities | 0.00 |

- 
#### DISTRIBUTABLE INCOME ALLOCATION TABLE

|  | Interim dividends paid for the financial year |
| --- | --- |
| Date | Unit | Amount total | Amount per unit | Tax credits total | Tax credits per unit |
| Total	interim dividends |  |  | 0 | 0 | 0 | 0 |

|  | Interim payments from net capital gains or losses for the financial year |
| --- | --- |
| Date | Unit code | Unit name | Total amount | Amount per unit |
| Total interim dividends |  |  |  | 0 | 0 |

| Table showing the allocation of distributable income from profit (6) | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| Amounts to be allocated |  |  |
| Retained earnings | 19,233.30 | 15.47 |
| Profit/loss | 296,091.47 | -755,252.32 |
| Total | 315,324.77 | -755,236.85 |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| CR-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | -958,712.36 | -1,550,821.37 |
| Total | -958,712.36 | -1,550,821.37 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| CI-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 795,651.62 | 559,949.63 |
| Total | 795,651.62 | 559,949.63 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| GC-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 165,536.58 | 105,451.06 |
| Total | 165,536.58 | 105,451.06 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| CN-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 89,964.93 | 22,943.81 |
| Total | 89,964.93 | 22,943.81 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| CL-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 370.07 | 651.32 |
| Total | 370.07 | 651.32 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| DR-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | -34,716.68 | -59,099.85 |
| Total | -34,716.68 | -59,099.85 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| uCRw-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 9,800.13 | 1,490.27 |
| Total | 9,800.13 | 1,490.27 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| uCPw-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 103,744.35 | 83,453.87 |
| Total | 103,744.35 | 83,453.87 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| uCPw-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 90,196.83 | 62,271.41 |
| Total | 90,196.83 | 62,271.41 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

| uCRw-CHF (H) UNITS |  |  |
| --- | --- | --- |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 3,862.70 | 866.62 |
| Total | 3,862.70 | 866.62 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| uDRw-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 2,646.95 | 0.00 |
| Retained earnings for the financial year | 0.02 | 383.50 |
| Accumulation | 0.00 | 0.00 |
| Total | 2,646.97 | 383.50 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 5.571 |  |
| Dividend per unit | 475.13 |  |
| Tax credits related to income distribution | 0.00 |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| uDPw-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 33,852.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 12,146.74 |
| Accumulation | 0.00 | 0.00 |
| Total | 33,852.00 | 12,146.74 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 13.913 |  |
| Dividend per unit | 2,433.12 |  |
| Tax credits related to income distribution | 0.00 |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| uDPw-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 13,085.22 | 0.00 |
| Retained earnings for the financial year | 0.04 | 5,060.56 |
| Accumulation | 0.00 | 0.00 |
| Total | 13,085.26 | 5,060.56 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 6.07 |  |
| Dividend per unit | 2,155.72 |  |
| Tax credits related to income distribution | 0.00 |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| uDRw-CHF (H) UNITS |  |  |

|  | 30/09/2021 | 30/09/2020 |
| --- | --- | --- |
| CI-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 42.37 | 0.00 |
| Retained earnings for the financial year | 0.00 | 15.59 |
| Accumulation | 0.00 | 0.00 |
| Total | 42.37 | 15.59 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 0.20 |  |
| Dividend per unit | 211.85 |  |
| Tax credits related to income distribution | 0.00 |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net capital	gains	and losses |
| --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| Amounts to be allocated |  |  |
| Previous undistributed net capital gains and losses | 0.00 | 211,287.00 |
| Net capital gains and losses for the financial year | 36,224,240.35 | -26,767,989.61 |
| Interim payments of net capital gains and losses for the financial year | 0.00 | 0.00 |
| Total | 36,224,240.35 | -26,556,702.61 |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| CR-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 22,187,459.57 | -15,987,209.85 |
| Total | 22,187,459.57 | -15,987,209.85 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| CI-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 8,568,531.29 | -7,349,097.67 |
| Total | 8,568,531.29 | -7,349,097.67 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| GC-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 1,782,596.33 | -1,377,854.13 |
| Total | 1,782,596.33 | -1,377,854.13 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| CN-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 1,284,114.59 | -446,465.20 |
| Total | 1,284,114.59 | -446,465.20 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| CL-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 6,277.45 | -19,978.65 |
| Total | 6,277.45 | -19,978.65 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| DR-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 355,239.15 | 0.00 |
| Net capital gains and losses not distributed | 448,538.99 | 0.00 |
| Accumulation | 0.00 | -381,368.21 |
| Total | 803,778.14 | -381,368.21 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 13,860.287 |  |
| Dividend per unit | 25.63 |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| uCRw-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 216,032.90 | -98,318.57 |
| Total | 216,032.90 | -98,318.57 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| uCPw-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 619,225.04 | -483,635.45 |
| Total | 619,225.04 | -483,635.45 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| uCPw-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 468,897.35 | -254,278.75 |
| Total | 468,897.35 | -254,278.75 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| uCRw-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 76,236.68 | -39,479.81 |
| Total | 76,236.68 | -39,479.81 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| uDRw-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 18,604.13 | 0.00 |
| Net capital gains and losses not distributed | 29,397.54 | 0.00 |
| Accumulation | 0.00 | -25,359.04 |
| Total | 48,001.67 | -25,359.04 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 5.571 |  |
| Dividend per unit | 3,339.46 |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| uDPw-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 20,215.03 | 0.00 |
| Net capital gains and losses not distributed | 101,655.81 | 0.00 |
| Accumulation | 0.00 | -70,336.89 |
| Total | 121,870.84 | -70,336.89 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 13.913 |  |
| Dividend per unit | 1,452.96 |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| uDPw-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 7,814.39 | 0.00 |
| Net capital gains and losses not distributed | 32,042.64 | 0.00 |
| Accumulation | 0.00 | -22,619.95 |
| Total | 39,857.03 | -22,619.95 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 6.07 |  |
| Dividend per unit | 1,287.38 |  |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 30/09/2021 | 30/09/2020 |
| uDRw-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 644.79 | 0.00 |
| Net capital gains and losses not distributed | 716.68 | 0.00 |
| Accumulation | 0.00 | -700.44 |
| Total | 1,361.47 | -700.44 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 0.2 |  |
| Dividend per unit | 3,223.95 |  |

- 
#### TABLE OF INCOME AND OTHER KEY FIGURES REGARDING THE ENTITY FOR THE PAST FIVE FINANCIAL YEARS

| CR-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 | 28/09/2018 | 29/09/2017 |
| --- | --- | --- | --- | --- | --- |
| Net assets | 326,927,786.95 | 281,142,828.69 | 377,044,630.36 | 548,676,244.15 | 502,714,485.73 |
| Number of units | 320,132.472 | 353,651.852 | 459,899.122 | 620,765.447 | 552,720.951 |
| Net asset value per unit | 1,021.22 | 794.97 | 819.84 | 883.87 | 909.52 |
| Allocation |  |  |  |  |  |
| Accumulated income per unit | -2.99 | -4.38 | 4.45 | -2.06 | -4.07 |
| Accumulated net capital gain/loss per unit | 69.31 | -45.20 | -39.16 | 61.35 | 62.84 |
| Distribution of income per unit | - | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - | - |
| Tax credit (*) | - | - | - | - | - |

| CI-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 | 28/09/2018 | 29/09/2017 |
| --- | --- | --- | --- | --- | --- |
| Net assets | 126,560,189.48 | 129,947,277.50 | 185,384,599.22 | 261,379,828.20 | 254,353,767.12 |
| Number of units | 434.821 | 579.287 | 809.306 | 1,069.099 | 1,021.084 |
| Net asset value per unit | 291,062.73 | 224,322.79 | 229,066.13 | 244,486.08 | 249,101.70 |
| Allocation |  |  |  |  |  |
| Accumulated income per unit | 1,829.83 | 966.61 | 3,481.23 | 1,897.21 | 1,016.85 |
| Accumulated net capital gain/loss per unit | 19,705.88 | -12,686.45 | -10,916.19 | 16,883.89 | 17,127.76 |
| Distribution of income per unit | - | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - | - |
| Tax credit (*) | - | - | - | - | - |

| GC-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 | 28/09/2018 | 29/09/2017 |
| --- | --- | --- | --- | --- | --- |
| Net assets | 26,332,550.31 | 24,362,226.69 | 30,689,806.93 | 35,509,275.32 | 18,078,330.45 |
| Number of units | 163,928.483 | 196,792.694 | 242,799.414 | 263,210.638 | 131,511.507 |
| Net asset value per unit | 160.63 | 123.79 | 126.39 | 134.90 | 137.46 |
| Allocation |  |  |  |  |  |
| Accumulated income per unit | 1.01 | 0.53 | 1.92 | 1.03 | 0.21 |
| Accumulated net capital gain/loss per unit | 10.87 | -7.00 | -6.02 | 9.31 | 9.46 |
| Distribution of income per unit | - | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - | - |
| Tax credit (*) | - | - | - | - | - |

| CN-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 | 28/09/2018 | 29/09/2017 |
| --- | --- | --- | --- | --- | --- |
| Net assets | 18,966,414.14 | 7,887,944.18 | 23,463,655.13 | 33,678,268.34 | 1,927,788.25 |
| Number of units | 107,950.933 | 58,158.740 | 169,200.388 | 227,206.654 | 12,747.560 |
| Net asset value per unit | 175.69 | 135.62 | 138.67 | 148.22 | 151.22 |
| Allocation |  |  |  |  |  |
| Accumulated income per unit | 0.83 | 0.39 | 1.90 | 0.95 | 0.65 |
| Accumulated net capital gain/loss per unit | 11.90 | -7.67 | -6.61 | 10.24 | 10.39 |
| Distribution of income per unit | - | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - | - |
| Tax credit (*) | - | - | - | - | - |

| CL-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 | 28/09/2018 | 29/09/2017 |
| --- | --- | --- | --- | --- | --- |
| Net assets | 92,676.17 | 352,795.81 | 361,187.52 | 8,851,365.44 | 1,048.09 |
| Number of units | 763.679 | 3,763.679 | 3,763.679 | 86,216.877 | 10.000 |
| Net asset value per unit | 121.35 | 93.73 | 95.96 | 102.66 | 104.80 |
| Allocation |  |  |  |  |  |
| Accumulated income per unit | 0.48 | 0.17 | 1.22 | 0.59 | -0.03 |
| Accumulated net capital gain/loss per unit | 8.22 | -5.30 | -4.57 | 7.10 | 0.46 |
| Distribution of income per unit | - | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - | - |
| Tax credit (*) | - | - | - | - | - |

| DR-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 | 28/09/2018 | 29/09/2017 |
| --- | --- | --- | --- | --- | --- |
| Net assets | 11,843,489.23 | 10,423,708.23 | 12,668,220.13 | 16,515,897.80 | 17,578,462.96 |
| Number of units | 13,860.287 | 15,670.597 | 17,950.849 | 20,947.128 | 21,040.742 |
| Net asset value per unit | 854.49 | 665.17 | 705.71 | 788.45 | 835.44 |
| Allocation |  |  |  |  |  |
| Accumulated income per unit | -2.50 | -3.77 | - | -1.98 | -3.71 |
| Accumulated net capital gain/loss per unit | - | -24.33 | - | - | - |
| Distribution of income per unit | - | - | 3.71 | - | - |
| Distribution of net capital gain/loss per unit | 25.63 | - | 17.46 | 23.65 | 25.06 |
| Tax credit (*) | - | - | - | - | - |

| uCRw-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 |
| --- | --- | --- | --- |
| Net assets | 3,188,042.06 | 1,739,426.97 | 1,382,940.71 |
| Number of units | 25.089 | 17.699 | 13.731 |
| Net asset value per unit | 127,069.31 | 98,278.26 | 100,716.67 |
| Allocation |  |  |  |
| Accumulated income per unit | 390.61 | 84.20 | -34.84 |
| Accumulated net capital gain/loss per unit | 8,610.66 | -5,555.03 | -2,510.76 |
| Distribution of income per unit | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - |
| Tax credit (*) | - | - | - |

| uCPw-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 |
| --- | --- | --- | --- |
| Net assets | 9,157,138.11 | 8,582,833.77 | 7,286,239.06 |
| Number of units | 70.624 | 86.360 | 72.186 |
| Net asset value per unit | 129,660.42 | 99,384.36 | 100,937.01 |
| Allocation |  |  |  |
| Accumulated income per unit | 1,468.97 | 966.34 | 138.43 |
| Accumulated net capital gain/loss per unit | 8,768.34 | -5,600.22 | -2,290.40 |
| Distribution of income per unit | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - |
| Tax credit (*) | - | - | - |

| uCPw-CHF (H) UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 |
| --- | --- | --- | --- |
| Net assets Number of units Net asset value per unit Allocation Accumulated income per unit Accumulated net capital gain/loss per unit Distribution of income per unit Distribution of net capital gain/loss per unit Tax credit (*) | 8,745,897.19 | 6,883,779.47 | 5,868,353.46 |
| 69.401 | 71.084 | 59.603 |
| 126,019.75 | 96,840.06 | 98,457.35 |
| 1,299.65 | 876.02 | 108.04 |
| 6756.35 | -3,577.15 | -1,254.02 |
| - | - | - |
| - | - | - |
| - | - | - |

| uCRw-CHF (H) UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 |
| --- | --- | --- | --- |
| Net assets Number of units Net asset value per unit Allocation Accumulated income per unit Accumulated net capital gain/loss per unit Distribution of income per unit Distribution of net capital gain/loss per unit Tax credit (*) | 1,424,994.20 | 1,079,312.45 | 1,118,496.19 |
| 11.481 | 11.215 | 11.333 |
| 124,117.60 | 96,238.29 | 98,693.74 |
| 336.44 | 77.27 | -154.92 |
| 6,640.25 | -3,520.26 | -350.72 |
| - | - | - |
| - | - | - |
| - | - | - |

| uDRw-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 |
| --- | --- | --- | --- |
| Net assets | 708,369.67 | 447,559.16 | 408,272.17 |
| Number of units | 5.571 | 4.551 | 4.051 |
| Net asset value per unit | 127,153.05 | 98,343.03 | 100,783.05 |
| Allocation |  |  |  |
| Accumulated income per unit | - | - | -107.77 |
| Accumulated net capital gain/loss per unit | - | -5,572.19 | -1,958.71 |
| Distribution of income per unit | 475.13 | - | - |
| Distribution of net capital gain/loss per unit | 3,339.46 | - | - |
| Tax credit (*) | - | - | - |

| uDPw-EUR UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 |
| --- | --- | --- | --- |
| Net assets | 1,802,233.62 | 1,249,055.00 | 1,288,486.31 |
| Number of units | 13.913 | 12.580 | 12.763 |
| Net asset value per unit | 129,535.94 | 99,288.95 | 100,954.81 |
| Allocation |  |  |  |
| Accumulated income per unit | - | - | - |
| Accumulated net capital gain/loss per unit | - | -5,591.16 | -2,216.89 |
| Distribution of income per unit | 2,433.12 | - | 123.82 |
| Distribution of net capital gain/loss per unit | 1,452.96 | - | - |
| Tax credit (*) | - | - | - |

| uDPw-CHF (H) UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 |
| --- | --- | --- | --- |
| Net assets Number of units Net asset value per unit Allocation Accumulated income per unit Accumulated net capital gain/loss per unit Distribution of income per unit Distribution of net capital gain/loss per unit Tax credit (*) | 753,227.67 | 551,147.45 | 726,207.88 |
| 6.070 | 5.780 | 7.482 |
| 124,090.22 | 95,354.23 | 97,060.66 |
| - | - | - |
| - | -3,913.48 | -1,201.50 |
| 2,155.72 | - | 131.21 |
| 1,287.38 | - | - |
| - | - | - |

| uDRw-CHF (H) UNITS | 30/09/2021 | 30/09/2020 | 30/09/2019 |
| --- | --- | --- | --- |
| Net assets Number of units Net asset value per unit Allocation Accumulated income per unit Accumulated net capital gain/loss per unit Distribution of income per unit Distribution of net capital gain/loss per unit Tax credit (*) | 24,765.43 | 19,208.63 | 19,705, |
| 0.200 | 0.200 | 0.200 |
| 123,827.15 | 96,043.15 | 98,527.80 |
| - | - | - |
| - | -3,502.20 | -850.00 |
| 211.85 | - | 0.70 |
| 3,223.95 | - | - |
| - | - | - |

- 
#### INVENTORY

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| Beneteau SA | EUR | 482,014 | 6,179,419.48 | 1.15 |
| Jungheinrich AG Pref | EUR | 145,179 | 5,847,810.12 | 1.09 |
| SAP SE | EUR | 245,939 | 28,745,350.32 | 5.41 |
| Duerr AG | EUR | 106,612 | 3,968,098.64 | 0.74 |
| Puma SE | EUR | 89,197 | 8,600,374.74 | 1.61 |
| Faurecia SE | EUR | 211,432 | 8,647,568.80 | 1.61 |
| Sopra Steria Group SA | EUR | 114,448 | 18,368,904.00 | 3.43 |
| Sixt AG Pref | EUR | 137,873 | 10,616,221.00 | 1.98 |
| Banco Santander Reg SA | EUR | 7,571,154 | 23,746,924.52 | 4.43 |
| IPSOS SA | EUR | 290,826 | 11,444,003.10 | 2.14 |
| Straumann Holding AG Reg | CHF | 1,771 | 2,757,542.65 | 0.51 |
| SNP Schneider-Neurei & Part SE | EUR | 18,442 | 976,503.90 | 0.18 |
| Genmab A/S | DKK | 7,618 | 2,877,806.59 | 0.54 |
| Andritz AG | EUR | 224,526 | 10,615,589.28 | 1.98 |
| Biesse SpA | EUR | 101,555 | 2,748,078.30 | 0.51 |
| Partners Group Holding Reg | CHF | 2,700 | 3,662,152.19 | 0.68 |
| Wacker Chemie AG | EUR | 18,000 | 2,905,200.00 | 0.54 |
| Kering Reg | EUR | 8,522 | 5,249,552.00 | 0.98 |
| Aperam SA | EUR | 195,707 | 9,370,451.16 | 1.75 |
| Nordic Semiconductor ASA | NOK | 114,454 | 2,969,722.94 | 0.55 |
| D'Ieteren Gr NV | EUR | 50,384 | 6,398,768.00 | 1.19 |
| EasyJet Plc | GBP | 856,077 | 6,601,482.51 | 1.23 |
| Co Financière Richemont SA | CHF | 69,498 | 6,261,970.09 | 1.17 |
| Moncler SpA | EUR | 119,271 | 6,323,748.42 | 1.18 |
| Novo Nordisk AS B | DKK | 52,400 | 4,378,964.56 | 0.82 |
| Kinepolis Group NV | EUR | 81,166 | 4,545,296.00 | 0.85 |
| Industria de Diseno Textil SA | EUR | 264,800 | 8,425,936.00 | 1.57 |
| SPIE SAS | EUR | 282,541 | 5,554,756.06 | 1.04 |
| Grifols SA B B | EUR | 810,263 | 10,379,469.03 | 1.94 |
| Ferrari NV | EUR | 17,856 | 3,231,043.20 | 0.60 |
| Just Eat Takeaway.com NV | EUR | 67,286 | 4,241,709.44 | 0.79 |
| BE Semiconductor Industries NV Reg | EUR | 68,966 | 4,735,205.56 | 0.88 |
| Carel Industries SpA Reg | EUR | 140,913 | 3,318,501.15 | 0.62 |
| Kahoot AS Reg | NOK | 488,249 | 3,041,702.18 | 0.57 |
| Adyen BV | EUR | 2,532 | 6,114,780.00 | 1.14 |
| Zur Rose Group AG Reg S | CHF | 13,467 | 4,658,359.69 | 0.87 |
| Knorr-Bremse AG Bearer | EUR | 28,127 | 2,605,685.28 | 0.49 |
| SoftwareONE Holding AG Reg | CHF | 226,817 | 4,310,999.62 | 0.80 |
| Prosus NV N Reg | EUR | 64,853 | 4,474,208.47 | 0.84 |
| Publicis Groupe SA | EUR | 151,162 | 8,806,698.12 | 1.64 |
| GVS SpA Reg | EUR | 342,763 | 4,215,984.90 | 0.79 |
| Eurofins Scientific SE | EUR | 62,274 | 6,902,450.16 | 1.29 |
| Stellantis NV | EUR | 1,095,823 | 18,164,362.05 | 3.39 |
| Allfunds Group Ltd | EUR | 203,850 | 3,420,603.00 | 0.64 |
| Dassault Systemes SA | EUR | 261,189 | 11,874,957.89 | 2.22 |
| Roche Holding Ltd Pref | CHF | 33,311 | 10,535,152.71 | 1.97 |
| Bayerische Motorenwerke AG | EUR | 138,112 | 11,430,149.12 | 2.13 |
| Beiersdorf AG | EUR | 30,000 | 2,803,800.00 | 0.52 |

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| Continental AG | EUR | 60,000 | 5,687,400.00 | 1.06 |
| Henkel AG & Co KGaA Pref | EUR | 65,810 | 5,276,645.80 | 0.98 |
| Merck KGaA | EUR | 106,095 | 19,908,726.75 | 3.72 |
| Carlsberg AS B | DKK | 52,688 | 7,436,405.29 | 1.39 |
| Bouygues SA | EUR | 220,586 | 7,919,037.40 | 1.48 |
| UBISOFT Entertainment SA | EUR | 155,026 | 8,042,748.88 | 1.50 |
| Michelin SA | EUR | 21,172 | 2,811,641.60 | 0.52 |
| EssilorLuxottica SA | EUR | 100,088 | 16,564,564.00 | 3.09 |
| L'Oréal SA | EUR | 24,606 | 8,780,651.10 | 1.64 |
| LVMH Moët Hennessy L Vuit SE | EUR | 35,874 | 22,245,467.40 | 4.15 |
| Pernod-Ricard SA | EUR | 32,150 | 6,131,005.00 | 1.14 |
| SEB SA | EUR | 37,483 | 4,569,177.70 | 0.85 |
| Eurazeo SA | EUR | 75,355 | 6,122,593.75 | 1.14 |
| Teleperformance SE | EUR | 55,372 | 18,832,017.20 | 3.52 |
| ASM Intl NV Reg | EUR | 22,042 | 7,454,604.40 | 1.39 |
| SKF AB B | SEK | 135,000 | 2,763,736.83 | 0.52 |
| Hennes & Mauritz AB B | SEK | 338,742 | 5,958,021.68 | 1.11 |
| Telefon AB LM Ericsson B | SEK | 1,165,441 | 11,389,365.10 | 2.13 |
| UCB | EUR | 67,586 | 6,542,324.80 | 1.22 |
| ALTEN | EUR | 77,750 | 9,882,025.00 | 1.84 |
| TOTAL Equities and similar securities traded on a regulated or similar market (except 532,372,176.62 | 99.38 |
| Warrants and subscription certificates) |  |
| TOTAL Equities and similar securities traded on a regulated market |  | 532,372,176.62 | 99.38 |
| TOTAL Equities and equivalent securities |  | 532,372,176.62 | 99.38 |
| Telefon AB LM Ericsson B | SEK | 1,165,441 | 97,688.80 | 0.02 |
| TOTAL Coupons and dividends |  | 97,688.80 | 0.02 |
| Misc creditors Sec. EUR | EUR | -2,892,223.64 | -2,892,223.64 | -0.54 |
| CdtDiv S/R CHF | CHF | -25,283.3 | -23,384.30 | 0.00 |
| Misc. creditors S/R EUR | EUR | -2,593,681.89 | -2,593,681.89 | -0.48 |
| Misc. creditors Other EUR | EUR | -1,996,094.39 | -1,996,094.39 | -0.37 |
| Misc. debtors Sec. EUR | EUR | 4,992,775.7 | 4,992,775.70 | 0.92 |
| Misc. debtors S/R CHF | CHF | 50,566.61 | 46,768.60 | 0.01 |
| Misc. debtors S/R EUR | EUR | 158,085.23 | 158,085.23 | 0.03 |
| Misc debtors Other GBP | GBP | 1,720,000 | 2,001,126.74 | 0.37 |
| TOTAL Other debts and receivables |  | -306,627.95 | -0.06 |
| TOTAL Debts and receivables |  | -208,939.15 | -0.04 |
| OddoCie CHF | CHF | 62,569.78 | 57,870.23 | 0.01 |
| OddoCie DKK | DKK | 2,638.91 | 354.89 | 0.00 |
| OddoCie EUR | EUR | 6,158,306.42 | 6,158,306.42 | 1.15 |
| OddoCie GBP | GBP | -1,713,904.93 | -1,994,035.45 | -0.37 |
| OddoCie NOK | NOK | 4,329.57 | 427.79 | 0.00 |
| OddoCie SEK | SEK | 66,420.57 | 6,549.95 | 0.00 |
| OddoCie USD | USD | 320.64 | 276.63 | 0.00 |
| TOTAL Assets |  | 4,229,750.46 | 0.79 |
| H A/V CHF EUR 151021 | EUR | 809,000 | 748,289.03 | 0.14 |
| H A/V CHF EUR 151021 | CHF | -744,323.22 | -744,323.22 | -0.14 |
| H A/V CHF EUR 151021 | EUR | 25,700 | 23,771.36 | 0.00 |
| H A/V CHF EUR 151021 | CHF | -23,645.37 | -23,645.37 | 0.00 |
| H A/V CHF EUR 151021 | EUR | 9,217,000 | 8,525,315.14 | 1.58 |
| H A/V CHF EUR 151021 | CHF | -8,480,132.46 | -8,480,132.46 | -1.58 |
| H A/V CHF EUR 151021 | EUR | 1,482,000 | 1,370,784.10 | 0.26 |

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| H A/V CHF EUR 151021 | CHF | -1,363,519.18 | -1,363,519.18 | -0.25 |
| H V/A CHF EUR 151021 | EUR | 3,130.67 | 3,130.67 | 0.00 |
| H V/A CHF EUR 151021 | CHF | -3,387 | -3,132.82 | 0.00 |
| H V/A CHF EUR 151021 | EUR | 131,071.53 | 131,071.53 | 0.02 |
| H V/A CHF EUR 151021 | CHF | -142,074 | -131,412.13 | -0.02 |
| H V/A CHF EUR 151021 | EUR | 24,534.42 | 24,534.42 | 0.00 |
| H V/A CHF EUR 151021 | CHF | -26,573 | -24,578.84 | 0.00 |
| H A/V CHF EUR 151021 | EUR | 25,898 | 23,954.50 | 0.00 |
| H A/V CHF EUR 151021 | CHF | -23,886.39 | -23,886.39 | 0.00 |
| TOTAL Forward transactions |  |  | 56,220.34 | 0.01 |
| TOTAL Cash |  |  | 4,285,970.80 | 0.80 |
| Management fee | CHF | -5,370.3 | -4,948.55 | 0.00 |
| Management fee | EUR | -736,015.33 | -736,015.33 | -0.14 |
| Performance fee | EUR | -2,829.85 | -2,829.85 | 0.00 |
| TOTAL Fees |  |  | -743,793.73 | -0.14 |
| TOTAL Fees |  |  | -743,793.73 | -0.14 |
| TOTAL Fees |  |  | -743,793.73 | -0.14 |
| TOTAL CASH |  |  | 3,333,237.92 | 0.62 |
| TOTAL NET ASSETS |  |  | 535,705,414.54 | 100.00 |

APPENDIX 1:	THE FUND’S ESG RATING
APPENDIX 2: Report on remuneration in application of the UCITS V Directive
- 
## Quantitative information

|  | Fixed compensation | Variable remuneration (*) | Number of beneficiaries (**) |
| --- | --- | --- | --- |
| Total	amount	of remuneration  paid  from January to December 2020 | 9,625,366 | 15,167,344 | 154 |

(*) Variable remuneration awarded for the year 2020
(**) Beneficiaries shall be understood as all OBAM employees having received remuneration in 2020 (Permanent contract/Temporary contract/Apprenticeship/Internship/Foreign offices)
|  | Senior managers | Number	of beneficiaries | Members of staff with the ability to affect the risk profile of the Fund | Number	of beneficiaries |
| --- | --- | --- | --- | --- |
| Aggregate amount of remuneration paid for the 2020 financial year (fixed and variable*) | 2,979,877 | 7 | 17,641,012 | 44 |

(*) Variable remuneration in respect of 2020
- 
## Qualitative information
	- 
###### Fixed remuneration


Fixed remuneration is determined on a discretionary basis in line with the market. This allows us to meet our targets for the recruitment of qualified and operational staff.
- 
###### Variable remuneration

Pursuant to the AIFM 2011/61 and UCITS V 2014/91 directives, ODDO BHF Asset Management SAS (“OBAM SAS”) has established a remuneration policy intended to identify and describe the methods for implementing the variable remuneration policy, covering in particular the identification of the persons concerned, the establishment of governance, the remuneration committee and the payment terms for variable remuneration.
Variable remuneration paid within the Management Company is determined on a largely discretionary basis. As such, once fairly accurate estimates of the results for the year are available (mid-November), a budget for variable remuneration is determined and the various managers – in association with the group HRD – are invited to propose an individual budget breakdown.
This process takes place after the appraisal meetings, in which managers can discuss the quality of each employee’s professional performance with them for the year under way (in relation to previously established targets) and set targets for the next year. This appraisal has a highly objective component that addresses whether responsibilities have been met (quantitative targets, sales figures or how the management places in a specific ranking, performance fees generated by the fund managed), as well as a qualitative component (the employee’s attitude during the year).
It should be noted that, as part of their variable remuneration, some managers may receive a portion of the performance fees received by OBAM SAS. However, the amount to be allocated to each manager is determined in line with the abovementioned process and there are no individualised contractual packages that regulate the distribution and payment of these performance fees.
All OBAM SAS employees fall within the scope of application of the remuneration policy set out below, including employees who do not work in France.
- 
## Specific provisions for risk takers and deferred variable remuneration
	- 
###### Risk takers


Each year, OBAM SAS shall identify those persons who may be qualified as risk takers in accordance with the regulations in force. The list of employees thus identified as risk takers shall then be submitted to the Remuneration Committee and passed on to the relevant management body.
- 
###### Deferred variable remuneration

OBAM SAS has set EUR 100,000 as the proportionality threshold triggering payment of a deferred variable remuneration amount.
As such, employees whose variable remuneration falls below this EUR 100,000 threshold will receive their variable remuneration immediately, regardless of whether or not they are risk takers. In contrast, an employee classed as a risk taker whose variable remuneration is more than EUR 100,000 must receive deferred payment of part of this variable remuneration in accordance with the terms set out below. To ensure consistency throughout OBAM SAS, a decision has been made to apply the same variable remuneration payment terms to all company employees, whether or not they are risk takers. An employee who is not a risk taker but whose variable remuneration exceeds EUR 100,000 will therefore receive deferred payment of part of this variable remuneration in accordance with the provisions set out below.
Deferred remuneration shall consist of 40% of the entire variable remuneration amount, from the first euro. All of this deferred portion will be subject to indexation as described below.
As regards the indexation of deferred remuneration, in accordance with the commitments made by OBAM SAS, the provisions relating to the deferred part of variable remuneration will be calculated using a tool introduced by OBAM SAS. This tool will consist of a basket of funds that are representative of each of OBAM's asset management strategies.
This indexation will not be capped, nor will a floor be applied. As such, provisions for variable remuneration will fluctuate in line with the outperformance or underperformance of the funds representing the OBAM SAS range against their benchmark, where applicable. Where no there is no benchmark, absolute performance is used.
- 
## Changes to the remuneration policy made during the last financial year

The management body of the management company met on 22 December 2020 to review the general principles of the remuneration policy with members of the Compliance team and in particular the calculation methods for indexed variable remuneration (composition of indexation basket).
There were no major changes made to the remuneration policy last year.
It can be consulted on the management company's website (in the Regulatory Information section).

Translation (ENFR, 2021-09-30):
# ANNEXE 1 :	NOTATION ESG DU FONDS
ANNEXE 2: Rapport sur les rémunérations en application de la directive OPCVM V
- 
## Eléments quantitatifs

|  | Rémunérations fixes | Rémunérations variables (*) | Nombre de bénéficiaires (**) |
| --- | --- | --- | --- |
| Montant	total	des rémunérations versées de janvier à décembre 2020 | 9 625 366 | 15 167 344 | 154 |


##### (*) Rémunérations variables attribuées au titre de l’année 2020

##### (**) Les bénéficiaires s’entendent comme l’ensemble des salariés OBAM ayant touché une rémunération en 2020 (CDI/CDD/Contrat d’apprentissage, stagiaires, bureaux étrangers)
|  | Cadres supérieurs | Nombre de bénéficiaires | Membres du personnel ayant une incidence sur le profil  de  risque  de l’OPCVM | Nombre	de bénéficiaires |
| --- | --- | --- | --- | --- |
| Montant agrégé des rémunérations versées pour l’exercice 2020 (fixes et variable *) | 2 979 877 | 7 | 17 641 012 | 44 |


##### (*) Rémunérations variables au titre de l’année 2020
- 
## Eléments qualitatifs
	- 
##### Les rémunérations fixes



##### Les rémunérations fixes sont déterminées de façon discrétionnaire en lien avec le marché ce qui nous permet de remplir nos objectifs de recrutement de personnels qualifiés et opérationnels.
- 
##### Les rémunérations variables

En application des directives AIFM 2011/61 et UCITS V 2014/91, ODDO BHF Asset Management SAS (« OBAM SAS ») a mis en place une politique de rémunération destinée à identifier et décrire les modalités de mise en place de la politique de rémunérations variables, et notamment l’identification des personnes concernées, la fixation de la gouvernance, du comité de rémunération et les modalités de paiement de la rémunération variable.
Les rémunérations variables versées au sein de la Société de gestion sont déterminées de façon majoritairement discrétionnaire. Ainsi, dès lors que les résultats de l’exercice en cours sont assez précisément estimés (mi- novembre), une enveloppe de rémunérations variables est déterminée et il est demandé aux différents managers de proposer – en association avec la DRH du groupe – une répartition individuelle de cette enveloppe.
Ce processus est consécutif à celui des entretiens d’évaluations, lesquels ont permis aux managers de partager avec chaque collaborateur la qualité de ses prestations professionnelles pour l’année en cours (au regard des objectifs précédemment fixés) ainsi que fixer les objectifs de l’année à venir. Cette évaluation porte aussi bien sur une dimension très objective de la réalisation des missions (objectifs quantitatifs, collecte commerciale ou positionnement de la gestion dans un classement particulier, commission de surperformance générée par le fonds géré), que sur une dimension qualitative (attitude du collaborateur pendant l’exercice).
Il convient de noter que quelques gérants peuvent percevoir dans le cadre de leur rémunération variable une quote-part des commissions de surperformance perçues par OBAM SAS. Pour autant la détermination du montant revenant à chaque gérant s’inscrit dans le processus décrit ci-dessus et il n’existe pas de formules contractuelles individualisées encadrant la répartition et le paiement de ces commissions de surperformance.
L’ensemble des salariés d’OBAM SAS est compris dans le périmètre d’application de la politique de rémunération décrite ci-dessous, y compris les salariés pouvant exercer leur activité hors de la France.
- 
## Cas particuliers des preneurs de risques et des rémunérations variables différées
	- 
##### Les preneurs de risques


OBAM SAS déterminera annuellement les personnes appelées à être qualifiées de preneur de risques conformément à la réglementation. La liste de ces collaborateurs ainsi qualifiés de preneurs de risques sera soumise au Comité des Rémunérations et transmise à l’Organe de Direction.
- 
##### Les rémunérations variables différées.


##### OBAM SAS a déterminé le seuil de 100.000 € comme seuil de proportionnalité et comme seuil déclencheur du paiement d’une partie de la rémunération variable de façon différée.
Ainsi, les collaborateurs, qu’ils soient preneur de risques ou non, ayant une rémunération variable inférieure à ce seuil de 100.000 € percevront leur rémunération variable de façon immédiate. En revanche, un collaborateur qualifié de preneur de risque et dont la rémunération variable serait supérieure à 100.000 € verra obligatoirement une partie de cette rémunération variable payée de façon différée conformément aux modalités définies ci-après. Dans un souci de cohérence au sein d’OBAM SAS, il a été décidé d’appliquer à l’ensemble des collaborateurs de la Société, qu’ils soient preneur de risque ou pas, les mêmes modalités de paiement des rémunérations variables. Ainsi, un collaborateur qui ne serait pas preneur de risque mais dont la rémunération variable dépasserait 100.000 € verra une partie de cette rémunération variable payée de façon différée conformément aux dispositions définies ci-après.
La rémunération différée s’élèvera à 40 % de l’intégralité de la rémunération variable, dès le 1er euro. L’intégralité de cette partie différée sera concernée par l’outil d’indexation défini ci-après.
S’agissant de l’indexation des rémunérations différées, conformément aux engagements pris par OBAM SAS, les provisions liées à la partie différée des rémunérations variables seront calculées dans un outil mis en place par OBAM SAS. Cet outil consistera en un panier composé des fonds emblématiques de chacune des stratégies de gestion d’OBAM.
Cette indexation ne sera pas plafonnée, ni ne sera concernée par un plancher. Les provisions pour rémunérations variables verront ainsi leur montant fluctuer au regard des surperformances et des sous-performances respectives des fonds représentant la gamme de OBAM SAS par rapport au benchmark lorsqu’il existe. Dans le cas où il n’existe pas de benchmark, la performance absolue est retenue.
- 
## Modifications de la politique de rémunération intervenues pendant l’exercice écoulé

L’Organe de direction de la société de gestion s’est réuni le 22 décembre 2020 afin de revoir les principes généraux de la politique de rémunération en présence de la conformité et en particulier les modalités de calcul des rémunérations variables indexées (composition du panier d’indexation).
La politique de rémunération n’a pas fait l’objet de modification majeure au cours de l’année passée. Elle est disponible sur le site internet de la société de gestion (partie informations réglementaires).