# ANNUAL FINANCIAL STATEMENTS OF THE FUND
STATUTORY	AUDITOR’S	REPORT	ON	THE	ANNUAL FINANCIAL STATEMENTS
Financial year ended 31 March 2022
ODDO BHF HAUT RENDEMENT 2025
UCITS IN THE FORM OF A FRENCH COMMON FUND (FCP)
Governed by the French Monetary and Financial Code.
Management Company
ODDO BHF ASSET MANAGEMENT
12, boulevard de la Madeleine 75009 Paris

##### Opinion
Following our appointment by the management company, we have audited the annual financial statements of the ODDO BHF HAUT RENDEMENT 2025 FCP for the financial year ended 31 March 2022, 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 Fund and of the results of its operations at the end of the financial year.

##### Basis for the opinion
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”.
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 April 2021 to the date on which our report was issued.
PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur Seine Cedex TEL: +33 (0)1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.fr
Chartered accountants registered with the Tableau de l’Ordre de Paris - Ile de France. Statutory auditors and a member of the Compagnie Régionale de Versailles Simplified joint stock company with share capital of EUR 2,510,460. Registered office: 63, rue de Villiers 92200 Neuilly- sur-Seine. RCS Nanterre 672 006 483. VAT no. FR 76 672 006 483. Siret 672 006 483 00362. Code APE 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg, Toulouse.

##### 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 undertakings for collective investment, 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 undertakings for collective investment and how audits are carried out.
In this complex and constantly evolving environment, and in accordance with the provisions of articles L.823-9 and R.823-7 of the French Commercial Code on the justification of our assessments, we wish to draw your attention to the following assessments. In our professional opinion, these are the most salient points that arose during the audit of the annual financial statements.
The assessments 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.
- Financial securities in the portfolio issued by companies with a high level of credit riskThe financial securities in the portfolio issued by companies with a high level of credit risk that have a low rating or are unrated are valued using the methods described in the note to the financial statements related to accounting methods and rules. These financial instruments are valued using the prices listed or provided by financial service providers. We reviewed the procedures for how these prices are supplied and examined the consistency of the prices against an external database. On the basis of the information used to determine the valuations applied, we carried out an assessment of the approach undertaken by the management company.
- Other financial instruments in the portfolio:We hereby inform you that our assessments were focused on the appropriateness of the accounting principles applied and on whether material estimates used were reasonable.


##### Specific verifications
We have also carried out the specific verifications required by laws and regulations 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 management company’s management report.
PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur Seine Cedex TEL: +33 (0)1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.fr
Chartered accountants registered with the Tableau de l’Ordre de Paris - Ile de France. Statutory auditors and a member of the Compagnie Régionale de Versailles Simplified joint stock company with share capital of EUR 2,510,460. Registered office: 63, rue de Villiers 92200 Neuilly- sur-Seine. RCS Nanterre 672 006 483. VAT no. FR 76 672 006 483. Siret 672 006 483 00362. Code APE 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg, Toulouse.

##### 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.
When drawing up the annual financial statements, it is incumbent upon the management company to evaluate the ability of the fund to continue its operations, to present in these financial statements, where applicable, the necessary information regarding continuity of operations and to apply the going concern accounting principle, unless there is a plan to wind up the fund or end its activities.
The annual financial statements were drawn up by the management company.

##### Responsibilities of the statutory auditor in relation to auditing the annual financial statements

###### Audit objective and approach
It is our responsibility to draft a report on the annual financial statements. Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. 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 set out 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 the fund.
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 assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide 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;PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur Seine Cedex TEL: +33 (0)1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.frChartered accountants registered with the Tableau de l’Ordre de Paris - Ile de France. Statutory auditors and a member of the Compagnie Régionale de Versailles Simplified joint stock company with share capital of EUR 2,510,460. Registered office: 63, rue de Villiers 92200 Neuilly- sur-Seine. RCS Nanterre 672 006 483. VAT no. FR 76 672 006 483. Siret 672 006 483 00362. Code APE 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg, Toulouse.
- 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 company, 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 fund’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;
- 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.

Neuilly sur Seine, date of electronic signature	2022.06.28 17:57:50 +0200
[signature]
Document authenticated by electronic signature
Statutory Auditor PricewaterhouseCoopers Audit Frédéric Sellam
PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur Seine Cedex TEL: +33 (0)1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.fr
Chartered accountants registered with the Tableau de l’Ordre de Paris - Ile de France. Statutory auditors and a member of the Compagnie Régionale de Versailles Simplified joint stock company with share capital of EUR 2,510,460. Registered office: 63, rue de Villiers 92200 Neuilly- sur-Seine. RCS Nanterre 672 006 483. VAT no. FR 76 672 006 483. Siret 672 006 483 00362. Code APE 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg, Toulouse.
ODDO BHF HAUT RENDEMENT 2025

### FONDS COMMUN DE PLACEMENT (FCP)

#### BALANCE SHEET ASSETS AT 31/03/2022 IN EUR		
|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Net fixed assets | 0.00 | 0.00 |
| Deposits | 45,500,000.00 | 46,180,370.76 |
| Financial instruments | 449,903,543.43 | 621,273,704.34 |
| Equities 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 |
| Bonds and similar securities | 373,188,128.36 | 527,236,143.39 |
| Traded on a regulated or similar market | 373,188,128.36 | 527,236,143.39 |
| Not traded on a regulated or similar market | 0.00 | 0.00 |
| Debt securities | 32,404,589.25 | 51,444,411.93 |
| Traded on a regulated or similar market | 32,404,589.25 | 51,444,411.93 |
| Transferable debt securities | 0.00 | 0.00 |
| Other debt securities | 32,404,589.25 | 51,444,411.93 |
| 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 | 44,310,825.82 | 42,593,149.02 |
| Receivables on financial securities received under a repurchase agreement (pension) | 0.00 | 0.00 |
| Receivables on financial securities lent | 14,740,158.00 | 7,258,200.62 |
| Financial securities borrowed | 0.00 | 0.00 |
| Financial securities transferred under a repurchase agreement (pension) | 29,570,667.82 | 35,334,948.40 |
| 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 | 33,051,429.63 | 39,955,258.13 |
| Currency forward exchange contracts | 31,636,220.26 | 37,694,751.19 |
| Other | 1,415,209.37 | 2,260,506.94 |
| Financial accounts | 14,730,434.62 | 16,062,597.94 |
| Cash | 14,730,434.62 | 16,062,597.94 |
| Total assets | 543,185,407.68 | 723,471,931.17 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Equity capital |  |  |
| Share capital | 447,179,316.78 | 639,006,008.31 |
| Previous undistributed net capital gains and losses (a) | 0.00 | 4,510.37 |
| Retained earnings (a) | 1,686,185.76 | 3,849,208.17 |
| Net capital gains and losses for the financial year (a, b) | -2,104,022.29 | -29,494,786.18 |
| Profit/loss for the financial year (a, b) | 15,033,049.22 | 10,433,715.90 |
| Total equity capital | 461,794,529.47 | 623,798,656.57 |
| (= Amount corresponding to the net assets) |  |  |
| Financial instruments | 29,712,315.98 | 34,965,901.96 |
| Sales of financial instruments | 0.00 | 0.00 |
| Temporary transactions on financial securities | 29,712,315.98 | 34,965,901.96 |
| Payables on financial securities transferred under a repurchase agreement (pension) | 29,712,315.98 | 34,965,901.96 |
| 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 | 51,678,562.23 | 62,273,348.18 |
| Currency forward exchange contracts | 31,346,114.04 | 37,936,459.71 |
| Other | 20,332,448.19 | 24,336,888.47 |
| Financial accounts | 0.00 | 2,434,024.46 |
| Short-term bank loans | 0.00 | 2,434,024.46 |
| Borrowings | 0.00 | 0.00 |
| Total liabilities | 543,185,407.68 | 723,471,931.17 |

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

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Hedging transactions Commitments on regulated or similar markets OTC commitments Other commitments Other transactions Commitments on regulated or similar markets OTC commitments Other commitments |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 0.00 | 0.00 |
| Income from equities and similar securities | 0.00 | 0.00 |
| Income from bonds and similar securities | 20,251,368.53 | 27,309,153.26 |
| Income from debt securities | 1,586,003.59 | 3,109,824.50 |
| Income from temporary purchases and sales of financial securities | 397,293.13 | 542,571.85 |
| Income from financial contracts | 0.00 | 0.00 |
| Other financial income | 739.95 | 3,457.03 |
| TOTAL (I) | 22,235,405.20 | 30,965,006.64 |
| Payables on financial transactions |  |  |
| Payables on temporary purchases and sales of financial securities | 852.54 | 2,058.75 |
| Payables on financial contracts | 800.48 | 0.00 |
| Payables on financial debts | 868.04 | 804.18 |
| Other payables | 0.00 | 0.00 |
| TOTAL (II) | 2,521.06 | 2,862.93 |
| Income resulting from financial transactions (I - II) | 22,232,884.14 | 30,962,143.71 |
| Other income (III) | 0.00 | 0.00 |
| Management fees and depreciation allowance (IV) | 5,035,260.12 | 19,428,382.27 |
| Net income for the year (L. 214-17-1)(I - II + III - IV) | 17,197,624.02 | 11,533,761.44 |
| Income equalisation for the financial year (V) | -2,164,574.80 | -1,100,045.54 |
| Interim dividends paid from income for the financial year (VI) | 0.00 | 0.00 |
| Profit(loss) (I - II + III - IV +/- V - VI) | 15,033,049.22 | 10,433,715.90 |


### 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
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. Bonds and similar securities have been valued at the bid price since the fund closed to subscriptions on 30 September 2019.
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 or options, or swap transactions concluded on over-the-counter markets) are valued at their market value or at a value estimated according to the methods determined by the Management Company.

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.
- 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 on a daily basis using the remuneration set out in the contract.
The prices used for the valuation of futures, options or swap transactions are based on 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: fund units or shares 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, CR-CHF [H] CI-EUR CN-EUR, CN-CHF [H], CN-USD [H] and GC-EUR units Accumulation units | DR-EUR, DI-EUR, DN-EUR and DR- USD [H] units Distribution units |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distributed in full, or fully or partly carried forward by decision of the management  company,  and/or accumulated |
| Allocation	of	net	realised capital gains or losses | Accumulation | Distributed in full, or fully or partly carried forward by decision of the management  company,  and/or accumulated |

Base currency: CR-EUR/DR-EUR/CI-EUR/CR-EUR/CN-EUR/DN-EUR/GC-EUR units: Euro (€) CR-CHF [H]/CN-CHF [H] units: Swiss franc (CHF)
CN-USD [H]/DR-USD [H] units: US dollar (USD)
Form of units (all of the Fund’s units): Bearer
Fractions of units (all of the Fund’s units): Subscriptions and redemptions in thousandths of units

### Management and administration fees
| Fees charged to the Fund | Basis | Rate |
| --- | --- | --- |
| Financial management fees and administrative fees not payable to the Management Company (statutory auditor, custodian, distributors, lawyers, etc.) | Net assets | CR-EUR, DR-EUR CR-CHF and DR-USD [H] units: Maximum 1.25% inclusive of tax |
| CI-EUR, DI-EUR and GC-EUR units: Maximum 0.65% inclusive of tax |
| CN-EUR, DN-EUR, CN-CHF, and CN-USD units: Maximum of 0.70%, inclusive of tax |
| Maximum indirect fees (fees and management costs) | Net assets | Negligible |
| Performance fees* | Net assets | 10% (inclusive of tax) of any performance over and above a net annualised Fund performance of: - 3.20% for CR-EUR, DR EUR, CR CHFand DR-USD [H] units over the Fund’s reference period
- 3.80% for CI-EUR, DI EUR and GC-EURunits over the Fund’s reference period
- 3.75% for CN-EUR, DN EUR, CN CHF[H] and CN USD [H] units over the Fund’sreference period
 |
| Transaction fees charged by third parties - Management Company | Payable	on	each transaction | EUR 15 excluding tax |

Performance fee: a variable fee based on a comparison between the performance of the unit class and net annualised performance of:
- 3.20% for CR-EUR, DR-EUR, CR-CHF [H] and DR-USD [H] units over the Fund’s reference period;
- 3.80% for CI-EUR, DI-EUR and GC-EUR units over the Fund’s reference period;
- 3.75% for CN-EUR, DN-EUR, CN-CHF [H] and CN-USD [H] units over the Fund’s 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.
Provided that the Fund’s performance since the start of the reference period is positive and in excess of annualised net performance of 3.20% for CR-EUR, DR-EUR, CR-CHF [H] and DR-USD [H] units over the Fund’s reference period; 3.80% for CI-EUR, DI-EUR and GC-EUR units of ODDO BHF HAUT RENDEMENT 2025 17 over the Fund’s reference period; and 3.75% for CN-EUR, DN-EUR, CN-CHF [H] and CN-USD [H] units over the Fund’s reference period, a provision of a maximum of 10% of this outperformance is established upon each NAV calculation.
In the event that the units underperform the annualised net performance of 3.20% for CR-EUR, DR-EUR, CR- CHF [H] and DR-USD [H] units over the Fund’s reference period; 3.80% for CI-EUR, DI-EUR, and GC-EUR units over the Fund’s reference period; and 3.75% for CN-EUR, DN-EUR, CN-CHF [H] and CN-USD [H] units over the Fund’s reference period. 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 annualised net performance of 3.20% for CR-EUR, DR-EUR, CR-CHF [H] and DR-USD [H] units over the Fund’s reference period; 3.80% for CI-EUR, DI-EUR and GC-EUR units over the Fund’s reference period; and 3.75% for CN-EUR, DN-EUR, CN-CHF [H] and CN-USD [H] units over the Fund’s reference period.
The performance fee 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. As an exception, the first reference period is determined to comply with an observation period of at least two years: the first payment will therefore be made no earlier than 31 March 2020.
A detailed description of the method used to calculate the performance fee may be obtained from the Management Company.
- Changes in the net assets at 31/03/2022 in EUR

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 623,798,656.57 | 666,994,938.40 |
| Subscriptions (including subscription fees paid to the Fund) | 1,351,115.58 | 2,241,221.05 |
| Redemptions (after deduction of the redemption fees paid to the Fund) | -158,267,245.55 | -195,574,055.15 |
| Realised gains on deposits and financial instruments | 4,667,965.06 | 7,516,717.53 |
| Realised losses on deposits and financial instruments | -5,219,471.96 | -43,861,588.01 |
| Realised gains on financial contracts | 61,056.91 | 0.00 |
| Realised losses on financial contracts | -59,506.26 | 0.00 |
| Transaction costs | -6,564.17 | -17,472.57 |
| Foreign exchange differences | -99,369.89 | -702,049.77 |
| Changes in the valuation differential of deposits and financial instruments | -17,483,853.80 | 179,741,541.72 |
| Valuation differential in year N: | -11,680,703.60 | 5,803,150.20 |
| Valuation differential in year N-1: | 5,803,150.20 | -173,938,391.52 |
| Changes in the valuation differential of financial contracts | 0.00 | 0.00 |
| Valuation differential in year N: | 0.00 | 0.00 |
| Valuation differential in year N-1: | 0.00 | 0.00 |
| Distribution in previous year from net capital gains and losses | 0.00 | -2,100.00 |
| Dividends paid in the previous financial year from income | -4,145,877.04 | -4,072,258.07 |
| Net profit/loss for the financial year prior to the income equalisation account | 17,197,624.02 | 11,533,761.44 |
| 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 | 461,794,529.47 | 623,798,656.57 |

(*) 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 |  |  |
| Bonds and similar securities traded on a regulated or similar market | 2,294,615.56 | 0.50 |
| Fixed rate bonds traded on a regulated or similar market | 347,937,075.87 | 69.92 |
| Variable/adjustable rate bonds traded on a regulated or similar market | 22,956,436.93 | 4.97 |
| Fixed rate bonds not traded on a regulated or similar market | 0.00 | 5.43 |
| Total bonds and similar securities | 373,188,128.36 | 80.81 |
| Debt securities |  |  |
| Euro Medium Term Notes | 32,404,589.25 | 7.02 |
| Total debt securities | 32,404,589.25 | 7.02 |
| Total assets | 405,592,717.61 | 87.83 |
| 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 | 45,500,000.00 | 9.85 |  |  |  |  |  |  |
| Bonds and similar securities | 350,231,691.4 3 | 75.8 4 |  |  | 22,956,436.9 3 | 4.97 |  |  |
| Debt securities | 32,404,589.25 | 7.02 |  |  |  |  |  |  |
| Temporary transactions on financial securities | 43,553,876.52 | 9.43 |  |  | 756,949.30 | 0.16 |  |  |
| Financial accounts |  |  |  |  |  |  | 14,730,434.6 2 | 3.19 |
| Liabilities |  |  |  |  |  |  |  |  |
| Temporary transactions on financial securities |  |  | 29,712,315.9 8 | 6.43 |  |  |  |  |
| Financial accounts |  |  |  |  |  |  |  |  |
| 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 | 45,500,000.00 5,858,670.85 14,730,434.62 | 9.85 1.27 3.19 | 9,388.13 29,712,315.98 | 0.00 6.43 | 97,199,231.03 3,946,521.84 10,709,582.10 | 21.05 0.85 2.32 | 270,130,226.48 28,458,067.41 33,591,855.59 | 58.50 6.16 7.27 |  |  |

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

|  | Currency 1 USD | % USD | Currency 2 GBP | % GBP | Currency 3 CHF | % CHF | 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 | 21,641,795.16 587,900.36 16,501.35 21,440,423.21 | 4.69 0.13 0.00 4.64 | 7,436,674.52 7,999.76 7,489,056.80 | 1.61 0.00 1.62 | 1,833,178.37 4,608.28 20,630.13 | 0.40 0.00 0.00 |  |  |

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

|  | Type of debit/credit | 31/03/2022 |
| --- | --- | --- |
|  | Hedged forward transactions | 2,405,333.26 |
|  | Forward transactions | 29,230,886.86 |
|  | Coupons and dividends | 83,062.65 |
|  | Other receivables | 1,242,146.72 |
|  | Margin call on currency forward contract | 90,000.00 |
|  | Deposit | 0.00 |
| Total receivables |  | 33,051,429.63 |
|  | Hedged forward transactions | 2,417,034.93 |
|  | Forward transactions | 28,929,078.97 |
|  | Other payables | 3,995,965.24 |
|  | Margin call on currency forward contract | 180,000.00 |
|  | Deposit | 15,777,489.74 |
|  | Prov. for external charges | 378,993.21 |
| Total debts |  | 51,678,562.23 |
| Total debts and receivables |  | -18,627,132.60 |

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


|  | In units | As amount |
| --- | --- | --- |
| CR-EUR UNITS |  |  |
| Securities subscribed during the year | 2,649.494 | 268,640.13 |
| Securities redeemed during the year | -719,398.512 | -73,371,258.96 |
| Subscriptions/redemptions (net) | -716,749.018 | -73,102,618.83 |

|  | In units | As amount |
| --- | --- | --- |
| CI-EUR UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -18,361.795 | -19,143,620.61 |
| Subscriptions/redemptions (net) | -18,361.795 | -19,143,620.61 |

|  | In units | As amount |
| --- | --- | --- |
| CN-EUR UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -104,559.997 | -10,941,865.86 |
| Subscriptions/redemptions (net) | -104,559.997 | -10,941,865.86 |

|  | In units | As amount |
| --- | --- | --- |
| CR-CHF (H) UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -837 | -78,998.67 |
| Subscriptions/redemptions (net) | -837 | -78,998.67 |

|  | In units | As amount |
| --- | --- | --- |
| CN-CHF (H) UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -40,350 | -3,832,331.50 |
| Subscriptions/redemptions (net) | -40,350 | -3,832,331.50 |

|  | In units | As amount |
| --- | --- | --- |
| CN-USD (H) UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -470 | -44,823.90 |
| Subscriptions/redemptions (net) | -470 | -44,823.90 |

|  | In units | As amount |
| --- | --- | --- |
| GC-EUR UNITS |  |  |
| Securities subscribed during the year | 10,537.679 | 1,082,475.45 |
| Securities redeemed during the year | -254,157.574 | -26,114,293.42 |
| Subscriptions/redemptions (net) | -243,619.895 | -25,031,817.97 |

|  | In units | As amount |
| --- | --- | --- |
| DR-EUR UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -130,685.615 | -12,395,865.54 |
| Subscriptions/redemptions (net) | -130,685.615 | -12,395,865.54 |

|  | In units | As amount |
| --- | --- | --- |
| DI-EUR UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -12,083.082 | -11,808,275.00 |
| Subscriptions/redemptions (net) | -12,083.082 | -11,808,275.00 |

|  | In units | As amount |
| --- | --- | --- |
| DN-EUR UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -675.615 | -65,617.09 |
| Subscriptions/redemptions (net) | -675.615 | -65,617.09 |

|  | In units | As amount |
| --- | --- | --- |
| DR-USD (H) UNITS |  |  |
| Securities subscribed during the year | 0 |  |
| Securities redeemed during the year | -5,250 | -470,295.00 |
| Subscriptions/redemptions (net) | -5,250 | -470,295.00 |

- Subscription and/or redemption fees

|  | As amount |
| --- | --- |
| CR-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 |
| --- | --- |
| CI-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 |
| --- | --- |
| CR-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 |
| --- | --- |
| CN-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 |
| --- | --- |
| CN-USD (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 |
| --- | --- |
| 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 |
| --- | --- |
| 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 |
| --- | --- |
| DI-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 |
| --- | --- |
| DN-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-USD (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

|  | 31/03/2022 |
| --- | --- |
| CR-EUR UNITS |  |
| Percentage of fixed management fees | 1.25 |
| Management and administration fees | 2,393,369.71 |
| Performance fee | 8,702.97 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| CI-EUR UNITS |  |
| Percentage of fixed management fees | 0.65 |
| Management and administration fees | 967,538.49 |
| Performance fee | 2,486.21 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| CN-EUR UNITS |  |
| Percentage of fixed management fees | 0.70 |
| Management and administration fees | 133,152.50 |
| Performance fee | 1,406.15 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| CR-CHF (H) UNITS |  |
| Percentage of fixed management fees | 1.25 |
| Management and administration fees | 13,455.96 |
| Performance fee | 3.82 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| CN-CHF (H) UNITS |  |
| Percentage of fixed management fees | 0.70 |
| Management and administration fees | 11,564.57 |
| Performance fee | 1,144.73 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| CN-USD (H) UNITS |  |
| Percentage of fixed management fees | 0.70 |
| Management and administration fees | 2,889.59 |
| Performance fee | 11.08 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| GC-EUR UNITS |  |
| Percentage of fixed management fees | 0.65 |
| Management and administration fees | 273,525.80 |
| Performance fee | 3,050.35 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| DR-EUR UNITS |  |
| Percentage of fixed management fees | 1.25 |
| Management and administration fees | 672,989.13 |
| Performance fee | 1,636.84 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| DI-EUR UNITS |  |
| Percentage of fixed management fees | 0.65 |
| Management and administration fees | 536,277.54 |
| Performance fee | 2,631.58 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| DN-EUR UNITS |  |
| Percentage of fixed management fees | 0.70 |
| Management and administration fees | 3,888.17 |
| Performance fee | 8.51 |
| Management fees paid to third parties | 0.00 |

|  | 31/03/2022 |
| --- | --- |
| DR-USD (H) UNITS |  |
| Percentage of fixed management fees | 1.25 |
| Management and administration fees | 5,571.67 |
| Performance fee | 15.45 |
| 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


|  | 31/03/2022 |
| --- | --- |
| 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

|  | 31/03/2022 |
| --- | --- |
| 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

|  | 31/03/2022 |
| --- | --- |
| Equities | 0.00 |
| Bonds | 0.00 |
| Transferable debt securities | 0.00 |
| UCITS | 0.00 |
| Term deposits | 45,500,000.00 |
| Securities lending | 15,777,489.74 |
| Repurchase agreements | 29,712,315.98 |
| Forward financial instruments | 0.00 |
| Total group securities | 90,989,805.72 |

- 
#### 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) | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Amounts to be allocated |  |  |
| Retained earnings | 1,686,185.76 | 3,849,208.17 |
| Profit/loss | 15,033,049.22 | 10,433,715.90 |
| Total | 16,719,234.98 | 14,282,924.07 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| CR-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 4,424,482.22 | 2,762,370.32 |
| Total | 4,424,482.22 | 2,762,370.32 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| CI-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 4,847,682.87 | 2,757,531.89 |
| Total | 4,847,682.87 | 2,757,531.89 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| CN-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 468,272.80 | 416,761.11 |
| Total | 468,272.80 | 416,761.11 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| CR-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 29,334.16 | 13,110.10 |
| Total | 29,334.16 | 13,110.10 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| CN-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 25,856.65 | 89,686.10 |
| Total | 25,856.65 | 89,686.10 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| CN-USD (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 13,292.57 | 6,578.80 |
| Total | 13,292.57 | 6,578.80 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| GC-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 1,096,396.56 | 2,036,254.91 |
| Total | 1,096,396.56 | 2,036,254.91 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units |  |  |
| Dividend per unit |  |  |
| Tax credits related to income distribution |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| DR-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 1,359,588.80 | 1,715,053.67 |
| Retained earnings for the financial year | 1,606.74 | 4,660.51 |
| Accumulation | 0.00 | 0.00 |
| Total | 1,361,195.54 | 1,719,714.18 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 499,848.822 | 630,534.437 |
| Dividend per unit | 2.72 | 2.72 |
| Tax credits related to income distribution | 0.00 | 0.00 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| DI-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 2,329,577.55 | 2,759,891.26 |
| Retained earnings for the financial year | 2,095,399.57 | 1,678,721.71 |
| Accumulation | 0.00 | 0.00 |
| Total | 4,424,977.12 | 4,438,612.97 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 82,433.742 | 94,516.824 |
| Dividend per unit | 28.26 | 29.20 |
| Tax credits related to income distribution | 0.00 | 0.00 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| DN-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 15,854.49 | 18,389.50 |
| Retained earnings for the financial year | 7,522.54 | 4,940.12 |
| Accumulation | 0.00 | 0.00 |
| Total | 23,377.03 | 23,329.62 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 5,622.16 | 6,297.775 |
| Dividend per unit | 2.82 | 2.92 |
| Tax credits related to income distribution | 0.00 | 0.00 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| DR-USD (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 4,357.50 | 18,970.00 |
| Retained earnings for the financial year | 9.96 | 4.07 |
| Accumulation | 0.00 | 0.00 |
| Total | 4,367.46 | 18,974.07 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 1,750 | 7,000 |
| Dividend per unit | 2.49 | 2.71 |
| Tax credits related to income distribution | 0.00 | 0.00 |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net capital	gains	and losses |
| --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| Amounts to be allocated |  |  |
| Previous undistributed net capital gains and losses | 0.00 | 4,510.37 |
| Net capital gains and losses for the financial year | -2,104,022.29 | -29,494,786.18 |
| Interim payments of net capital gains and losses for the financial year | 0.00 | 0.00 |
| Total | -2,104,022.29 | -29,490,275.81 |

| Table showing the allocation of distributable income from net capital gains and losses | Allocation of net | capital gains and losses |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| CR-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | -755,009.71 | -10,569,164.95 |
| Total | -755,009.71 | -10,569,164.95 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| CI-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | -687,200.15 | -7,308,222.03 |
| Total | -687,200.15 | -7,308,222.03 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| CN-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | -67,316.05 | -1,131,107.52 |
| Total | -67,316.05 | -1,131,107.52 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| CR-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 74,646.27 | -103,527.16 |
| Total | 74,646.27 | -103,527.16 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| CN-CHF (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 32,504.54 | -421,979.86 |
| Total | 32,504.54 | -421,979.86 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| CN-USD (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | 35,662.59 | -45,652.87 |
| Total | 35,662.59 | -45,652.87 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| GC-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | -155,408.61 | -2,570,716.10 |
| Total | -155,408.61 | -2,570,716.10 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| DR-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | -224,271.47 | -2,885,937.85 |
| Total | -224,271.47 | -2,885,937.85 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| DI-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | -376,777.15 | -4,363,025.44 |
| Total | -376,777.15 | -4,363,025.44 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| DN-EUR UNITS |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Net capital gains and losses not distributed | 0.00 | 0.00 |
| Accumulation | -2,563.46 | -28,978.77 |
| Total | -2,563.46 | -28,978.77 |
| 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 |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| DR-USD (H) UNITS |  |  |
| Allocation |  |  |
| Distribution | 315.00 | 0.00 |
| Net capital gains and losses not distributed | 21,395.91 | 0.00 |
| Accumulation | 0.00 | -61,963.26 |
| Total | 21,710.91 | -61,963.26 |
| Information on shares or units eligible to receive dividends |  |  |
| Number of shares or units | 1,750 |  |
| Dividend per unit | 0.18 |  |

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

| CR-EUR UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 152,061,223.35 | 226,025,166.62 | 260,570,461.23 | 170,979,579.48 |
| Number of units | 1,515,335.483 | 2,232,084.501 | 3,198,620.247 | 1,716,049.619 |
| Net asset value per unit | 100.34 | 101.26 | 81.46 | 99.63 |
| Allocation |  |  |  |  |
| Accumulated income per unit | 2.92 | 1.23 | 3.30 | 3.99 |
| Accumulated net capital gain/loss per unit | -0.50 | -4.73 | -1.74 | -2.65 |
| Distribution of income per unit | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - |
| Tax credit (*) | - | - | - | - |

| CI-EUR UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 138,151,732.64 | 157,503,923.78 | 142,849,099.47 | 69,912,561.91 |
| Number of units | 134,453.298 | 152,815.093 | 173,295.789 | 69,750.119 |
| Net asset value per unit | 1,027.50 | 1,030.68 | 824.30 | 1,002.32 |
| Allocation |  |  |  |  |
| Accumulated income per unit | 36.05 | 18.04 | 39.34 | 45.74 |
| Accumulated net capital gain/loss per unit | -5.11 | -47.82 | -17.67 | -26.61 |
| Distribution of income per unit | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - |
| Tax credit (*) | - | - | - | - |

| CN-EUR UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 13,534,947.40 | 24,360,555.10 | 30,512,416.85 | 105,982,474.41 |
| Number of units | 131,781.516 | 236,341.513 | 369,964.969 | 1,056,731.452 |
| Net asset value per unit | 102.70 | 103.07 | 82.47 | 100.29 |
| Allocation |  |  |  |  |
| Accumulated income per unit | 3.55 | 1.76 | 3.91 | 4.67 |
| Accumulated net capital gain/loss per unit | -0.51 | -4.78 | -1.76 | 2.66 |
| Distribution of income per unit | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - |
| Tax credit (*) | - | - | - | - |

| CR-CHF (H) UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 1,049,273.81 | 1,058,440.28 | 2,157,435.31 | 181,256.61 |
| Number of units | 10,856.781 | 11,693.781 | 28,371.855 | 2,055.848 |
| Net asset value per unit | 98.96 | 100.11 | 80.70 | 98.60 |
| Allocation |  |  |  |  |
| Accumulated income per unit | 2.70 | 1.12 | 2.97 | 3.43 |
| Accumulated net capital gain/loss per unit | 6.88 | -8.85 | 3.70 | -0.98 |
| Distribution of income per unit | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - |
| Tax credit (*) | - | - | - | - |

| CN-CHF (H) UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 774,214.86 | 4,471,238.30 | 5,144,612.14 | 4,907,012.38 |
| Number of units | 7,756.785 | 48,106.785 | 66,242.067 | 54,725.851 |
| Net asset value per unit | 102.20 | 102.80 | 82.43 | 100.28 |
| Allocation |  |  |  |  |
| Accumulated income per unit | 3.33 | 1.86 | 3.57 | 3.45 |
| Accumulated net capital gain/loss per unit | 4.19 | -8.77 | 3.74 | -0.62 |
| Distribution of income per unit | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - |
| Tax credit (*) | - | - | - | - |

| CN-USD (H) UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 402,485.08 | 422,862.28 | 492,879.50 | 1,369,100.83 |
| Number of units | 4,100.000 | 4,570.000 | 6,275.000 | 15,160.000 |
| Net asset value per unit | 109.24 | 108.74 | 86.23 | 101.40 |
| Allocation |  |  |  |  |
| Accumulated income per unit | 3.24 | 1.43 | 3.59 | 1.60 |
| Accumulated net capital gain/loss per unit | 8.70 | -9.98 | -0.55 | 1.96 |
| Distribution of income per unit | - | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - | - |
| Tax credit (*) | - | - | - | - |

| GC-EUR UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 |
| --- | --- | --- | --- |
| Net assets | 31,242,466.99 | 56,141,704.91 | 79,890,288.16 |
| Number of units | 307,800.130 | 551,420.025 | 1,002,061.036 |
| Net asset value per unit | 101.50 | 101.81 | 79.72 |
| Allocation |  |  |  |
| Accumulated income per unit | 3.56 | 3.69 | 1.96 |
| Accumulated net capital gain/loss per unit | -0.50 | -4.66 | -1.35 |
| Distribution of income per unit | - | - | - |
| Distribution of net capital gain/loss per unit | - | - | - |
| Tax credit (*) | - | - | - |

| DR-EUR UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 46,246,718.59 | 60,565,403.33 | 55,465,739.62 | 32,302,261.82 |
| Number of units | 499,848.822 | 630,534.437 | 699,065.238 | 323,060.500 |
| Net asset value per unit | 92.52 | 96.05 | 79.34 | 99.98 |
| Allocation |  |  |  |  |
| Accumulated income per unit |  |  |  |  |
| Accumulated net capital gain/loss per unit | -0.45 | -4.57 | -1.78 | -2.76 |
| Distribution of income per unit | 2.72 | 2.72 | 2.38 | 3.00 |
| Distribution of net capital gain/loss per unit | - |  |  | - |
| Tax credit (*) | - | - | - | - |

| DI-EUR UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 77,647,340.89 | 92,028,176.70 | 87,910,592.26 | 72,389,743.63 |
| Number of units | 82,433.742 | 94,516.824 | 109,952.563 | 72,276.621 |
| Net asset value per unit | 941.93 | 973.66 | 799.53 | 1,001.56 |
| Allocation |  |  |  |  |
| Accumulated income per unit |  |  |  |  |
| Accumulated net capital gain/loss per unit | -4.57 | -46.16 | -17.19 | -26.32 |
| Distribution of income per unit | 28.26 | 29.20 | 24.00 | 30.04 |
| Distribution of net capital gain/loss per unit | - | - | - | - |
| Tax credit (*) | - | - | - | - |

| DN-EUR UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Net assets | 528,407.31 | 612,182.89 | 1,477,703.29 | 776,471.82 |
| Number of units | 5,622.160 | 6,297.775 | 18,503.617 | 7,758.641 |
| Net asset value per unit | 93.98 | 97.20 | 79.86 | 100.07 |
| Allocation |  |  |  |  |
| Accumulated income per unit |  |  |  |  |
| Accumulated net capital gain/loss per unit | -0.46 | -4.60 | -1.71 | -2.46 |
| Distribution of income per unit | 2.82 | 2.92 | 2.40 | 3.00 |
| Distribution of net capital gain/loss per unit | - | - | - | - |
| Tax credit (*) | - | - | - | - |

| DR-USD (H) UNITS | 31/03/2022 | 31/03/2021 | 31/03/2020 |
| --- | --- | --- | --- |
| Net assets | 155,718.55 | 609,002.38 | 523,710.57 |
| Number of units | 1,750.000 | 7,000.000 | 7,000.000 |
| Net asset value per unit | 99.01 | 102.24 | 82.13 |
| Allocation |  |  |  |
| Accumulated income per unit |  |  |  |
| Accumulated net capital gain/loss per unit | - | -8.85 | - |
| Distribution of income per unit | 2.49 | 2.71 | 2.16 |
| Distribution of net capital gain/loss per unit | 0.18 |  | 0.30 |
| Tax credit (*) | - | - | - |

- 
#### INVENTORY

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| Aramark Intl Fin Sàrl 3.125% 17/01.04.25 | EUR | 1,300,000 | 1,267,032.54 | 0.27 |
| Neptune Energy BondCo PLC 6.625% Sen Reg S 18/15.05.25 | USD | 4,650,000 | 4,299,285.45 | 0.93 |
| Panther BF Agg 2 LP Fin Co Inc 4.375% Sen Reg S 19/15.05.26 | EUR | 3,467,000 | 3,479,801.42 | 0.75 |
| Techem Verwaltung 675 mbH 2% Reg S 20/15.07.25 | EUR | 8,850,000 | 8,539,709.17 | 1.85 |
| Banijay Entertainment SAS 3.5% Sen Reg S 20/01.03.25 | EUR | 2,294,000 | 2,294,615.56 | 0.50 |
| RCS & RDS SA 2.5% Sen Reg S 20/05.02.25 | EUR | 5,400,000 | 5,194,731.00 | 1.12 |
| CSC Holdings LLC 5.25% Sen 14/01.06.24 | USD | 2,000,000 | 1,833,298.89 | 0.40 |
| Teva Pharmaceutical Fin II BV 1.125% 16/15.10.24 | EUR | 950,000 | 901,227.52 | 0.20 |
| Adient Gl Hgs Ltd 3.5% Reg S Sen 16/15.08.24 | EUR | 1,626,000 | 1,602,798.42 | 0.35 |
| Axalta Coating Syst Dutch Hg B 3.75% Sen Reg S 16/15.01.25 | EUR | 3,180,000 | 3,147,084.35 | 0.68 |
| Avis Budget Finance PLC 4.125% Reg S Sen 16/15.11.24 | EUR | 1,300,000 | 1,325,476.21 | 0.29 |
| Jaguar Land Rover Automoti Plc 2.2% 17/15.01.24 | EUR | 2,291,000 | 2,218,255.66 | 0.48 |
| Enovis Corp 3.25% Sen Reg S 17/15.05.25 | EUR | 1,300,000 | 1,315,130.19 | 0.28 |
| Grifols SA 3.2% Sen Reg S /01.05.25 | EUR | 4,050,000 | 4,076,041.50 | 0.88 |
| La Financiere Atalian SA 4% 17/15.05.24 | EUR | 330,000 | 301,393.77 | 0.07 |
| Kronos Intl Inc 3.75% Sen Reg S 17/15.09.25 | EUR | 3,526,000 | 3,436,013.54 | 0.74 |
| IQVIA Inc 2.875% Sen Reg S 17/15.09.25 | EUR | 2,000,000 | 2,012,534.72 | 0.44 |
| Energia Group ROI Hgs DAC 4% Sen Reg S 17/15.09.25 | EUR | 2,196,000 | 2,100,827.80 | 0.45 |
| Nidda Healthcare Holding AG 3.5% Sen Reg S 17/30.09.24 | EUR | 2,074,000 | 1,987,470.42 | 0.43 |
| Dufry One BV 2.5% Sen Reg S 17/15.10.24 | EUR | 1,650,000 | 1,622,554.08 | 0.35 |
| Constellium SE 4.25% Sen Reg S 17/15.02.26 | EUR | 5,517,000 | 5,545,107.58 | 1.20 |
| Platin 1425 GmbH 5.375% Sen Reg S 17/15.06.23 | EUR | 5,000,000 | 5,019,121.53 | 1.09 |
| Silgan Holdings Inc 3.25% Sen 18/15.03.25 | EUR | 2,600,000 | 2,588,807.72 | 0.56 |
| Crown European Hgs SA 2.875% Sen Reg S 18/01.02.26 | EUR | 1,700,000 | 1,729,531.13 | 0.37 |
| Scientific Games Intl Inc 5.5% Sen Reg S 18/15.02.26 | EUR | 3,800,000 | 3,916,189.22 | 0.85 |
| Scientific Games Intl Inc 3.375% Sen Reg S 18/15.02.26 | EUR | 3,900,000 | 3,969,824.63 | 0.86 |
| Sprint Corp 7.625% 18/01.03.26 | USD | 2,000,000 | 2,042,235.06 | 0.44 |
| Paprec Holding SA 4% 18/31.03.25 | EUR | 3,170,000 | 3,193,510.83 | 0.69 |
| Darling Global Fin BV 3.625% Sen Reg S 18/15.05.26 | EUR | 728,000 | 741,749.39 | 0.16 |
| Fedrigoni SpA FRN Sen Reg S 18/30.11.24 | EUR | 2,913,103.45 | 2,901,467.00 | 0.63 |
| Tele Columbus AG 3.875% Sen Reg S 18/02.05.25 | EUR | 800,000 | 754,400.89 | 0.16 |
| La Financiere Atalian SA 5.125% Sen Reg S 18/15.05.25 | EUR | 900,000 | 809,529.63 | 0.18 |
| La Financiere Atalian SA 6.625% Sen Reg S 18/15.05.25 | GBP | 3,300,000 | 3,664,538.05 | 0.79 |
| Petroleos Mexicanos 3.625% Sen Reg S 18/24.11.25 | EUR | 5,000,000 | 4,923,851.37 | 1.07 |
| Teva Pharmaceutical Fin II BV 4.5% 18/01.03.25 | EUR | 5,050,000 | 5,100,323.25 | 1.10 |
| Chemours (The) Co 4% Sen Reg S 18/15.05.26 | EUR | 6,230,000 | 6,071,349.59 | 1.31 |
| Intl Game Technology Plc 3.5% Sen Reg S 18/15.07.24 | EUR | 4,175,000 | 4,282,466.82 | 0.93 |
| DKT Finance ApS 7% Sen Reg S 18/17.06.23 | EUR | 4,790,000 | 4,904,699.21 | 1.06 |
| Cirsa Finance Intl Sàrl 6.25% Sen Reg S 18/20.12.23 | EUR | 2,547,511.309 | 2,598,438.89 | 0.56 |
| K+S Aktiengesellschaft 3.25% 18/18.07.24 | EUR | 2,800,000 | 2,907,941.92 | 0.63 |
| Kaefer Isoliertechnik GmbH 5.5% Sen Reg S 18/10.01.24 | EUR | 5,570,000 | 5,605,443.77 | 1.21 |
| ContourGlobal Power Hgs SA 4.125% Sen Reg S 18/01.08.25 | EUR | 8,180,000 | 8,201,503.18 | 1.78 |
| Fire (Bc) SPA FRN Sen Reg S 18/30.09.24 | EUR | 1,190,000 | 1,129,263.05 | 0.24 |
| Rossini Sàrl 6.75% Sen Reg S 18/30.10.25 | EUR | 6,000,000 | 6,312,690.00 | 1.37 |
| International Design Gr S.p.A. 6.5% Sen Reg S 18/15.11.25 | EUR | 4,930,000 | 5,085,232.01 | 1.10 |
| Playtech Plc 4.25% Sen Reg S 19/07.03.26 | EUR | 6,055,000 | 6,068,948.88 | 1.31 |
| Sappi Papier Holdings GmbH 3.125% Sen Reg S 19/15.04.26 | EUR | 1,411,000 | 1,364,874.61 | 0.30 |
| Faurecia SE 3.125% Sen Reg S 19/15.06.26 | EUR | 6,510,000 | 6,270,769.25 | 1.36 |

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| Prime Sec Serv Bor LLC Fin Inc 5.75% 144A 19/15.04.26 | USD | 1,300,000 | 1,184,059.26 | 0.26 |
| Loxam 2.875% Sen Reg S 19/15.04.26 | EUR | 2,550,000 | 2,469,253.90 | 0.53 |
| INEOS Finance Plc 2.875% Sen Reg S 19/01.05.26 | EUR | 5,113,000 | 4,919,210.91 | 1.07 |
| Fnac Darty SA 2.625% Sen Reg S 19/30.05.26 | EUR | 2,310,000 | 2,341,881.85 | 0.51 |
| William Hill Plc 4.75% Sen Reg S19/01.05.26 | GBP | 2,300,000 | 2,791,593.25 | 0.60 |
| Eircom Finance DAC 3.5% Sen Reg S 19/15.05.26 | EUR | 6,820,000 | 6,804,476.92 | 1.47 |
| United Group BV FRN Sen Reg S 19/15.05.25 | EUR | 10,550,000 | 10,505,633.64 | 2.30 |
| IHO Verwaltungs GmbH 3.625% Sen Reg S 19/15.05.25 | EUR | 6,840,458 | 6,844,880.55 | 1.48 |
| Intl Game Technology Plc 3.5% Sen Reg S 19/15.06.26 | EUR | 4,865,000 | 4,938,983.14 | 1.07 |
| Ford Motor Cred Co LLC 2.386% Sen 19/17.02.26 | EUR | 4,970,000 | 4,881,668.26 | 1.06 |
| Diocle SpA FRN Sen Reg S 19/30.06.26 | EUR | 4,033,153.11865 | 4,012,013.87 | 0.87 |
| Loxam Module SAS 3.25% Sen Reg S 19/14.01.25 | EUR | 3,000,000 | 2,956,815.83 | 0.64 |
| Matterhorn Telecom SA 2.625% Sen Reg S 19/15.09.24 | EUR | 1,867,000 | 1,870,128.00 | 0.40 |
| Altice France SA 2.5% Sen Reg S 19/15.01.25 | EUR | 4,622,000 | 4,495,431.67 | 0.97 |
| OI European Group BV 2.875% Sen Reg S /15.02.25 | EUR | 5,400,000 | 5,301,521.25 | 1.15 |
| Jaguar Land Rover Automoti Plc 5.875% Sen Reg S 19/15.11.24 | EUR | 3,189,000 | 3,309,110.58 | 0.72 |
| Altice Financing SA 2.25% Sen Rg S 20/15.01.25 | EUR | 6,800,000 | 6,512,411.00 | 1.41 |
| Stena Intl SA 3.75% 20/01.02.25 | EUR | 1,553,000 | 1,498,726.53 | 0.32 |
| Banijay Group SAS 6.5% 20/01.03.26 | EUR | 1,000,000 | 1,005,318.33 | 0.22 |
| Q-Park I Holding BV 1.5% Sen Reg S 20/01.03.25 | EUR | 2,100,000 | 1,972,687.50 | 0.43 |
| Rubis Terminal Infra SAS 5.625% Sen Reg S 20/15.05.25 | EUR | 5,560,000 | 5,810,111.84 | 1.26 |
| Synthomer Plc 3.875% Reg S 20/01.07.25 | EUR | 2,820,000 | 2,849,216.38 | 0.62 |
| AMS OSRAM AG 6% 20/31.07.25 | EUR | 2,021,000 | 2,093,324.85 | 0.45 |
| Renk GmbH 5.75% Sen 20/15.07.25 | EUR | 4,586,000 | 4,655,423.12 | 1.01 |
| Parts Europe SA 6.5% Sen Reg S 20/16.07.25 | EUR | 6,010,000 | 6,275,965.87 | 1.36 |
| PLT VII Finance Sarl 4.625% Sen 20/05.01.26 | EUR | 4,963,000 | 4,953,417.96 | 1.07 |
| Gamma Bidco SpA 6.25% Sen Reg S 20/15.07.25 | EUR | 4,440,000 | 4,530,510.63 | 0.98 |
| Teva Pharmaceutical Fin II BV 6% 20/31.01.25 | EUR | 6,280,000 | 6,622,008.80 | 1.43 |
| El Corte Ingles SA 3.625% 20/15.03.24 | EUR | 4,400,000 | 4,543,540.66 | 0.98 |
| Oci NV 3.625% Sen Reg S 20/15.10.25 | EUR | 1,619,890.4 | 1,670,345.71 | 0.36 |
| CMA CGM 7.5% 20/15.01.26 | EUR | 2,463,000 | 2,699,419.26 | 0.58 |
| Getlink SE 3.5% 20/30.10.25 | EUR | 1,290,000 | 1,326,931.27 | 0.29 |
| Adevinta ASA 2.625% 20/15.11.25 | EUR | 3,800,000 | 3,804,884.58 | 0.82 |
| Avantor Funding Inc 2.625% 20/01.11.25 | EUR | 4,900,000 | 5,007,626.46 | 1.08 |
| Total Play Telecom SA De CV 7.5% Sen Reg S 20/12.11.25 | USD | 6,800,000 | 6,066,653.49 | 1.31 |
| ContourGlobal Power Hgs SA 2.75% 20/01.01.26 | EUR | 4,842,000 | 4,591,710.29 | 0.99 |
| Manutencoop Facility Mgt SpA 7.25% 21/01.02.26 | EUR | 3,944,000 | 4,145,607.42 | 0.90 |
| Ineos Quattro Fin 2 Plc 2.5% 21/15.01.26 | EUR | 6,230,000 | 5,906,341.12 | 1.28 |
| TechnipFMC Plc 6.5% 144A 21/01.02.26 | USD | 999,000 | 932,688.78 | 0.20 |
| TechnipFMC Plc 6.5% 21/01.02.26 | USD | 2,896,000 | 2,725,422.79 | 0.59 |
| Goldstory SAS 5.375% 21/01.03.26 | EUR | 5,733,000 | 5,762,278.91 | 1.25 |
| IPD 3 BV 5.5% 20/01.12.25 | EUR | 3,420,000 | 3,477,374.82 | 0.75 |
| Afflelou Sas 4.25% 21/19.05.26 | EUR | 2,224,000 | 2,203,284.06 | 0.48 |
| International Design Gr S.p.A. FRN 21/15.05.26 | EUR | 2,505,000 | 2,472,507.75 | 0.54 |
| Tereos Finance Groupe I 7.5% 20/30.10.25 | EUR | 3,739,000 | 3,994,984.40 | 0.87 |
| Coty Inc 3.875% 21/15.04.26 | EUR | 2,280,000 | 2,255,788.62 | 0.49 |
| Punch Finance Plc 6.125% 21/30.06.26 | GBP | 830,000 | 980,543.22 | 0.21 |
| Lion/Polaris Lux 4 SA FRN 21/01.07.26 | EUR | 1,945,000 | 1,935,551.62 | 0.42 |
| Commscope Finance LLC 6% 144A 19/01.03.26 | USD | 1,500,000 | 1,370,488.86 | 0.30 |
| Nustar Logistics LP 5.75% 20/01.10.25 | USD | 1,300,000 | 1,187,662.58 | 0.26 |

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| TOTAL Bonds and similar securities traded on a regulated or similar market |  | 348,126,513.03 | 75.38 |
| Spie SAS 2.63% Sen 19/18.06.26 | EUR | 7,900,000 | 7,997,534.70 | 1.73 |
| IQVIA Inc 1.75% 21/15.03.26 | EUR | 1,099,000 | 1,072,326.35 | 0.23 |
| PCF GmbH 4.75% 21/15.04.26 | EUR | 3,606,000 | 3,538,923.39 | 0.77 |
| CT Investment GmbH 5.5% 21/15.04.26 | EUR | 4,389,000 | 4,381,316.81 | 0.95 |
| Picard Groupe 3.875% 21/01.07.26 | EUR | 8,229,000 | 8,071,514.08 | 1.75 |
| TOTAL Bonds and similar securities not traded on a regulated market |  | 25,061,615.33 | 5.43 |
| TOTAL Bonds and equivalent securities |  | 373,188,128.36 | 80.81 |
| Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | EUR | 2,015,000 | 2,052,066.89 | 0.44 |
| Elis SA 2.875% EMTN Sen 18/15.02.26 | EUR | 2,500,000 | 2,543,077.05 | 0.55 |
| Gestamp Automocion 3.25% EMTN Sen Reg S 18/30.04.26 | EUR | 3,105,000 | 3,060,513.98 | 0.66 |
| Telecom Italia SpA 2.875% EMTN Sen Reg S 18/28.01.26 | EUR | 2,500,000 | 2,412,246.58 | 0.52 |
| ThyssenKrupp AG 2.875% EMTN Sen Reg S 19/22.02.24 | EUR | 3,950,000 | 3,946,521.84 | 0.85 |
| PPF Telecom Group BV 3.125% EMTN Sen Reg S 19/27.03.26 | EUR | 7,950,000 | 7,840,170.21 | 1.72 |
| Orano SA 3.375% EMTN Sen 19/23.04.26 | EUR | 6,300,000 | 6,659,245.85 | 1.44 |
| ZF Europe Finance BV 3% EMTN 20/21.09.25 | EUR | 3,900,000 | 3,890,746.85 | 0.84 |
| TOTAL Other debt securities |  | 32,404,589.25 | 7.02 |
| TOTAL Other debt securities |  | 32,404,589.25 | 7.02 |
| TOTAL Debt securities |  | 32,404,589.25 | 7.02 |
| XS1814065345 040123 | EUR | 863,766 | 1,214.67 | 0.00 |
| XS1814065345 040123 | EUR | 450,164 | 773.72 | 0.00 |
| XS2242188261 040123 | EUR | 404,940 | 189.82 | 0.00 |
| XS2110768525 040123 | EUR | 1,700,660 | 797.18 | 0.00 |
| XS2195511006 040123 | EUR | 196,267.5 | 92.00 | 0.00 |
| XS2200172653 070123 | EUR | 1,272,960 | 358.02 | 0.00 |
| XS1991114858 250123 | EUR | 213,000 | 86.53 | 0.00 |
| XS2242188261 310123 | EUR | 142,857 | 58.04 | 0.00 |
| XS1699848914 310123 | EUR | 1,197,000 | 336.66 | 0.00 |
| XS2305742434 090223 | EUR | 873,180 | 245.58 | 0.00 |
| XS1814065345 110223 | EUR | 999,300 | 1,717.55 | 0.00 |
| XS1684813493 160223 | EUR | 2,007,787.5 | 3,137.17 | 0.00 |
| XS2244837162 220223 | EUR | 285,090.3 | 80.18 | 0.00 |
| XS2054539627 140323 | EUR | 2,768,585 | 276.86 | 0.00 |
| XS1964638107 280323 | EUR | 1,655,815.4 | 24.15 | 0.00 |
| TOTAL Temporary transactions on securities |  | 9,388.13 | 0.00 |
| TOTAL Temporary transactions on securities |  | 9,388.13 | 0.00 |
| TOTAL Receivables on securities lent |  | 9,388.13 | 0.00 |
| XS1991114858 040123 | EUR | -745,790 | -744,570.58 | -0.16 |
| XS1991114858 040123 | EUR | -769,700 | -768,168.88 | -0.17 |
| XS1684813493 040123 | EUR | -515,000 | -512,595.41 | -0.11 |
| XS1684813493 040123 | EUR | -1,003,387.5 | -998,702.59 | -0.22 |
| FR0013318102 040123 | EUR | -216,500 | -215,854.48 | -0.05 |
| XS2195511006 040123 | EUR | -229,680.8 | -229,035.19 | -0.05 |
| XS1991114858 040123 | EUR | -479,250 | -478,466.39 | -0.10 |
| XS2195511006 040123 | EUR | -1,440,720 | -1,436,680.48 | -0.31 |
| XS2208646690 260123 | EUR | -300,150 | -299,395.20 | -0.06 |
| XS2112340679 040223 | EUR | -220,890 | -220,455.44 | -0.05 |
| XS2333301674 070223 | EUR | -229,600 | -229,090.63 | -0.05 |
| XS2336345140 090223 | EUR | -198,970 | -198,566.42 | -0.04 |

| Name of securities	Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- |
| XS2200172653 100223	EUR | -1,205,940 | -1,201,761.02 | -0.26 |
| XS2344474320 100223	EUR | -298,687.5 | -298,115.21 | -0.06 |
| XS2015218584 100223	EUR | -471,741.62 | -470,770.78 | -0.10 |
| XS1991034825 150223	EUR | -1,021,800 | -1,020,099.04 | -0.22 |
| XS1987729768 170223	EUR | -264,550 | -263,713.27 | -0.06 |
| XS1969645255 170223	EUR | -864,000 | -862,665.41 | -0.19 |
| XS1991034825 180223	EUR | -1,019,200 | -1,017,735.81 | -0.22 |
| XS1766775545 020323	EUR | -398,000 | -397,508.74 | -0.09 |
| XS2333301674 030323	EUR | -199,380.4 | -199,087.16 | -0.04 |
| XS1735583095 040323	EUR | -571,425 | -571,035.28 | -0.12 |
| XS2242188261 040323	EUR | -284,050 | -283,721.07 | -0.06 |
| XS1735583095 040323	EUR | -400,000 | -399,576.80 | -0.09 |
| XS2342910689 070323	EUR | -231,000 | -230,798.99 | -0.05 |
| XS2305742434 080323	EUR | -310,227.5 | -309,912.41 | -0.07 |
| XS1680281133 090323	EUR | -269,890 | -269,681.40 | -0.06 |
| XS1813579593 090323	EUR | -185,535 | -184,734.11 | -0.04 |
| XS1814065345 100323	EUR | -732,260 | -730,781.20 | -0.16 |
| XS2274815369 140323	EUR | -570,685 | -570,282.48 | -0.12 |
| XS1813579593 140323	EUR | -385,035 | -384,808.26 | -0.08 |
| XS2112340679 140323	EUR | -212,550 | -212,407.17 | -0.05 |
| XS2305742434 140323	EUR | -303,000 | -302,831.80 | -0.07 |
| XS1551347393 150323	EUR | -161,817.5 | -161,725.67 | -0.04 |
| XS2342910689 150323	EUR | -442,935 | -442,683.63 | -0.10 |
| XS2274815369 160323	EUR | -333,060 | -332,864.29 | -0.07 |
| XS1961852750 180323	EUR | -969,950 | -969,289.90 | -0.21 |
| XS2052286676 180323	EUR | -650,087.5 | -649,746.75 | -0.14 |
| XS2052286676 210323	EUR | -327,180 | -327,025.65 | -0.07 |
| XS2107451069 210323	EUR | -95,000 | -94,958.75 | -0.02 |
| XS1991114858 210323	EUR | -901,845 | -901,487.19 | -0.20 |
| XS2031870921 220323	EUR | -193,000 | -192,916.19 | -0.04 |
| XS1961852750 220323	EUR | -419,385 | -419,167.20 | -0.09 |
| XS2342910689 220323	EUR | -156,000 | -155,952.78 | -0.03 |
| XS2112340679 220323	EUR | -716,205 | -715,976.29 | -0.16 |
| XS2112340679 230323	EUR | -442,400 | -442,263.48 | -0.10 |
| XS2054539627 230323	EUR | -333,680 | -333,591.63 | -0.07 |
| XS1963830002 230323	EUR | -291,000 | -290,922.93 | -0.06 |
| XS1843437549 240323	EUR | -734,400 | -734,187.39 | -0.16 |
| XS2200172653 250323	EUR | -407,785 | -407,663.55 | -0.09 |
| XS2342910689 250323	EUR | -311,452.5 | -311,411.31 | -0.07 |
| XS1713568811 250323	EUR | -1,168,815 | -1,168,667.73 | -0.25 |
| XS1987729768 250323	EUR | -506,250 | -506,122.93 | -0.11 |
| XS1843437549 290323	EUR | -1,085,535 | -1,085,493.93 | -0.24 |
| XS2200172653 300323	EUR | -504,000 | -504,000.00 | -0.11 |
| XS1991034825 300323	EUR | -800,000 | -800,000.00 | -0.17 |
| XS2054539627 300323	EUR | -755,625 | -755,625.00 | -0.16 |
| XS1956187550 290323	EUR | -495,000 | -494,962.71 | -0.11 |
| TOTAL Temporary transactions on securities |  | -29,712,315.98 | -6.43 |
| TOTAL Temporary transactions on securities |  | -29,712,315.98 | -6.43 |
| TOTAL Payables on securities transferred under a repurchase agreement |  | -29,712,315.98 | -6.43 |
| (pension) |  |  |  |

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| TOTAL Temporary transactions on securities |  |  | -29,702,927.85 | -6.43 |
| Aramark Intl Fin Sàrl 3.125% 17/01.04.25 | EUR | 1,300 | 20,312.50 | 0.00 |
| Fire (Bc) SPA FRN Sen Reg S 18/30.09.24 | EUR | 2,490 | 29,163.70 | 0.01 |
| Nustar Logistics LP 5.75% 20/01.10.25 | USD | 1,300 | 33,586.45 | 0.02 |
| TOTAL Coupons and dividends |  |  | 83,062.65 | 0.03 |
| CPTN EONIA 0.00 0401 | EUR | -906,954.3 | -906,572.62 | -0.20 |
| CPTN EONIA 0.00 0401 | EUR | -472,672.2 | -472,473.28 | -0.10 |
| CPTN EONIA 0.00 0401 | EUR | -425,187 | -425,008.07 | -0.09 |
| CPTN EONIA 0.00 0401 | EUR | -1,785,693 | -1,784,941.52 | -0.39 |
| CPTN EONIA 0.00 0401 | EUR | -206,080.88 | -205,994.15 | -0.04 |
| CPTN EONIA 0.00 0701 | EUR | -1,336,608 | -1,336,045.51 | -0.29 |
| CPTN EONIA 0.00 2501 | EUR | -223,650 | -223,555.88 | -0.05 |
| CPTN EONIA 0.00 3101 | EUR | -149,999.85 | -149,936.73 | -0.03 |
| CPTN EONIA 0.00 3101 | EUR | -1,256,850 | -1,256,321.08 | -0.27 |
| CPTN EONIA 0.00 0202 | EUR | 0 | 63.41 | 0.00 |
| CPTN EONIA 0.00 0902 | EUR | -916,839 | -916,453.16 | -0.20 |
| CPTN EONIA 0.00 1102 | EUR | -1,049,265 | -1,048,823.43 | -0.23 |
| CPTN EONIA 0.00 1602 | EUR | -2,108,176.88 | -2,107,289.69 | -0.46 |
| CPTN EONIA 0.00 2202 | EUR | -299,344.82 | -299,218.85 | -0.06 |
| CPTN EONIA 0.00 1403 | EUR | -2,907,014.25 | -2,906,361.79 | -0.63 |
| CPTN EONIA 0.00 2803 | EUR | -1,738,606.17 | -1,738,557.39 | -0.38 |
| TOTAL Deposit |  |  | -15,777,489.74 | -3.42 |
| Misc. creditors Sec. EUR | EUR | -3,528,817.75 | -3,528,817.75 | -0.76 |
| Misc. creditors S/R EUR | EUR | -467,147.49 | -467,147.49 | -0.10 |
| Misc. debtors Sec. EUR | EUR | 1,242,146.72 | 1,242,146.72 | 0.26 |
| TOTAL Other debts and receivables |  |  | -2,753,818.52 | -0.60 |
| TOTAL Debts and receivables |  |  | -18,448,245.61 | -3.99 |
| OddoCie CHF | CHF | 4,718.62 | 4,608.28 | 0.00 |
| OddoCie EUR | EUR | 13,252,985.36 | 13,252,985.36 | 2.88 |
| OddoCie GBP | GBP | 6,759.4 | 7,999.76 | 0.00 |
| OddoCie USD | USD | 18,362.7 | 16,501.35 | 0.00 |
| OddoCie EUR | EUR | 1,448,339.87 | 1,448,339.87 | 0.31 |
| TOTAL Assets |  |  | 14,730,434.62 | 3.19 |
| H V/A CHF EUR 130422 | EUR | 17,840.98 | 17,840.98 | 0.00 |
| H V/A CHF EUR 130422 | CHF | -18,251 | -17,824.90 | 0.00 |
| V/A USD EUR 130422 | EUR | 20,328,943.22 | 20,328,943.22 | 4.40 |
| V/A USD EUR 130422 | USD | -22,350,000 | -20,079,280.34 | -4.35 |
| V/A GBP EUR 130422 | EUR | 7,532,538.07 | 7,532,538.07 | 1.63 |
| V/A GBP EUR 130422 | GBP | -6,330,000 | -7,489,056.80 | -1.62 |
| H A/V USD EUR 130422 | EUR | 440,000 | 395,296.79 | 0.09 |
| H A/V USD EUR 130422 | USD | -401,345.2 | -401,345.20 | -0.09 |
| H A/V USD EUR 130422 | EUR | 170,000 | 152,728.31 | 0.03 |
| H A/V USD EUR 130422 | USD | -155,065.19 | -155,065.19 | -0.03 |
| H A/V CHF EUR 130422 | EUR | 780,000 | 761,789.63 | 0.16 |
| H A/V CHF EUR 130422 | CHF | -763,165.86 | -763,165.86 | -0.17 |
| H A/V CHF EUR 130422 | EUR | 1,076,000 | 1,050,879.02 | 0.23 |
| H A/V CHF EUR 130422 | CHF | -1,052,777.52 | -1,052,777.52 | -0.23 |
| V/A USD EUR 130422 | EUR | 1,369,405.57 | 1,369,405.57 | 0.30 |
| V/A USD EUR 130422 | USD | -1,514,625 | -1,360,741.83 | -0.29 |

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| H A/V CHF EUR 130422 | EUR | 9,000 | 8,789.88 | 0.00 |
| H A/V CHF EUR 130422 | CHF | -8,776.96 | -8,776.96 | 0.00 |
| H A/V CHF EUR 130422 | EUR | 12,000 | 11,719.84 | 0.00 |
| H A/V CHF EUR 130422 | CHF | -11,702.61 | -11,702.61 | 0.00 |
| H A/V USD EUR 130422 | EUR | 5,000 | 4,492.01 | 0.00 |
| H A/V USD EUR 130422 | USD | -4,554.78 | -4,554.78 | 0.00 |
| H A/V USD EUR 130422 | EUR | 2,000 | 1,796.80 | 0.00 |
| H A/V USD EUR 130422 | USD | -1,821.91 | -1,821.91 | 0.00 |
| TOTAL Forward transactions |  |  | 290,106.22 | 0.06 |
| TERM FIX 0.00 010422 | EUR | 45,500,000 | 45,500,000.00 | 9.85 |
| TOTAL Term deposits |  |  | 45,500,000.00 | 9.85 |
| ADM OTC - SOGENE EUR | EUR | 90,000 | 90,000.00 | 0.02 |
| ADM OTC - JPMORG EUR | EUR | -180,000 | -180,000.00 | -0.04 |
| TOTAL Other cash |  |  | -90,000.00 | -0.02 |
| TOTAL Cash |  |  | 60,430,540.84 | 13.08 |
| Management fee | CHF | -1,605.88 | -1,568.34 | 0.00 |
| Management fee | EUR | -355,864.33 | -355,864.33 | -0.08 |
| Management fee | USD | -446.28 | -401.04 | 0.00 |
| Performance fee | CHF | -1,266.5 | -1,236.89 | 0.00 |
| Performance fee | EUR | -19,922.61 | -19,922.61 | 0.00 |
| TOTAL Fees |  |  | -378,993.21 | -0.08 |
| TOTAL Fees |  |  | -378,993.21 | -0.08 |
| TOTAL Fees |  |  | -378,993.21 | -0.08 |
| TOTAL CASH |  |  | 41,603,302.02 | 9.01 |
| Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | EUR | 2,745,000 | 2,795,495.59 | 0.61 |
| Banijay Entertainment SAS 3.5% Sen Reg S 20/01.03.25 | EUR | 1,606,000 | 1,606,430.94 | 0.35 |
| RCS & RDS SA 2.5% Sen Reg S 20/05.02.25 | EUR | 100,000 | 96,198.72 | 0.02 |
| Jaguar Land Rover Automoti Plc 2.2% 17/15.01.24 | EUR | 169,000 | 163,633.87 | 0.04 |
| Kronos Intl Inc 3.75% Sen Reg S 17/15.09.25 | EUR | 274,000 | 267,007.29 | 0.06 |
| Energia Group ROI Hgs DAC 4% Sen Reg S 17/15.09.25 | EUR | 1,491,000 | 1,426,381.72 | 0.31 |
| Constellium SE 4.25% Sen Reg S 17/15.02.26 | EUR | 1,163,000 | 1,168,925.16 | 0.25 |
| Platin 1425 GmbH 5.375% Sen Reg S 17/15.06.23 | EUR | 970,000 | 973,709.57 | 0.21 |
| Scientific Games Intl Inc 3.375% Sen Reg S 18/15.02.26 | EUR | 400,000 | 407,161.50 | 0.09 |
| Elis SA 2.875% EMTN Sen 18/15.02.26 | EUR | 200,000 | 203,446.16 | 0.04 |
| Gestamp Automocion 3.25% EMTN Sen Reg S 18/30.04.26 | EUR | 779,000 | 767,839.09 | 0.17 |
| Darling Global Fin BV 3.625% Sen Reg S 18/15.05.26 | EUR | 572,000 | 582,803.09 | 0.13 |
| Playtech Plc 4.25% Sen Reg S 19/07.03.26 | EUR | 495,000 | 496,140.33 | 0.11 |
| Sappi Papier Holdings GmbH 3.125% Sen Reg S 19/15.04.26 | EUR | 1,459,000 | 1,411,305.49 | 0.31 |
| Faurecia SE 3.125% Sen Reg S 19/15.06.26 | EUR | 300,000 | 288,975.54 | 0.06 |
| PPF Telecom Group BV 3.125% EMTN Sen Reg S 19/27.03.26 | EUR | 800,000 | 788,947.95 | 0.17 |
| INEOS Finance Plc 2.875% Sen Reg S 19/01.05.26 | EUR | 1,887,000 | 1,815,480.34 | 0.39 |
| Fnac Darty SA 2.625% Sen Reg S 19/30.05.26 | EUR | 760,000 | 770,489.26 | 0.17 |
| Eircom Finance DAC 3.5% Sen Reg S 19/15.05.26 | EUR | 2,880,000 | 2,873,444.79 | 0.62 |
| Diocle SpA FRN Sen Reg S 19/30.06.26 | EUR | 468,229.9 | 465,775.73 | 0.10 |
| Loxam Module SAS 3.25% Sen Reg S 19/14.01.25 | EUR | 200,000 | 197,121.06 | 0.04 |
| Matterhorn Telecom SA 2.625% Sen Reg S 19/15.09.24 | EUR | 983,000 | 984,646.94 | 0.21 |
| Altice France SA 2.5% Sen Reg S 19/15.01.25 | EUR | 1,119,000 | 1,088,357.43 | 0.24 |
| AMS OSRAM AG 6% 20/31.07.25 | EUR | 1,546,000 | 1,601,326.18 | 0.35 |
| PLT VII Finance Sarl 4.625% Sen 20/05.01.26 | EUR | 2,143,000 | 2,138,862.52 | 0.46 |

| Name of securities | Currency | Number or nominal qty | Market value | % Assets Net |
| --- | --- | --- | --- | --- |
| Gamma Bidco SpA 6.25% Sen Reg S 20/15.07.25 | EUR | 290,000 | 295,911.73 | 0.06 |
| CMA CGM 7.5% 20/15.01.26 | EUR | 260,000 | 284,956.97 | 0.06 |
| ContourGlobal Power Hgs SA 2.75% 20/01.01.26 | EUR | 988,000 | 936,928.91 | 0.20 |
| IQVIA Inc 1.75% 21/15.03.26 | EUR | 619,000 | 603,976.35 | 0.13 |
| PCF GmbH 4.75% 21/15.04.26 | EUR | 424,000 | 416,113.01 | 0.09 |
| CT Investment GmbH 5.5% 21/15.04.26 | EUR | 197,000 | 196,655.14 | 0.04 |
| Afflelou Sas 4.25% 21/19.05.26 | EUR | 1,176,000 | 1,165,045.88 | 0.25 |
| International Design Gr S.p.A. FRN 21/15.05.26 | EUR | 295,000 | 291,173.57 | 0.06 |
| TOTAL Repurchase agreements |  |  | 29,570,667.82 | 6.40 |
| TOTAL Repurchase agreements |  |  | 29,570,667.82 | 6.40 |
| Panther BF Agg 2 LP Fin Co Inc 4.375% Sen Reg S 19/15.05.26 | EUR | 1,643,000 | 1,649,066.55 | 0.36 |
| Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | EUR | 200,000 | 203,679.10 | 0.04 |
| Energia Group ROI Hgs DAC 4% Sen Reg S 17/15.09.25 | EUR | 1,983,000 | 1,897,058.98 | 0.41 |
| Dufry One BV 2.5% Sen Reg S 17/15.10.24 | EUR | 1,200,000 | 1,180,039.33 | 0.26 |
| Gestamp Automocion 3.25% EMTN Sen Reg S 18/30.04.26 | EUR | 2,286,000 | 2,253,247.97 | 0.49 |
| Altice France SA 2.5% Sen Reg S 19/15.01.25 | EUR | 2,869,000 | 2,790,435.62 | 0.60 |
| Stena Intl SA 3.75% 20/01.02.25 | EUR | 1,688,000 | 1,629,008.62 | 0.35 |
| AMS OSRAM AG 6% 20/31.07.25 | EUR | 183,000 | 189,548.96 | 0.04 |
| PLT VII Finance Sarl 4.625% Sen 20/05.01.26 | EUR | 1,224,000 | 1,221,636.83 | 0.26 |
| CMA CGM 7.5% 20/15.01.26 | EUR | 527,000 | 577,585.85 | 0.13 |
| IQVIA Inc 1.75% 21/15.03.26 | EUR | 882,000 | 860,593.13 | 0.19 |
| Tereos Finance Groupe I 7.5% 20/30.10.25 | EUR | 261,000 | 278,868.93 | 0.06 |
| TOTAL Securities lending |  |  | 14,730,769.87 | 3.19 |
| TOTAL Reverse repurchase agreements |  |  | 14,730,769.87 | 3.19 |
| TOTAL Repurchase and reverse repurchase agreements |  |  | 44,301,437.69 | 9.59 |
| TOTAL NET ASSETS |  |  | 461,794,529.47 | 100.00 |


## APPENDIX: 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 2021 | 10,009,368 | 14,517,528 | 165 |

(*) Variable remuneration awarded for the year 2021
(**) Beneficiaries shall be understood as all OBAM employees having received remuneration in 2021 (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 2021 financial year (fixed and variable*) | 3,138,252 | 6 | 16,574,085 | 44 |

(*) Variable remuneration in respect of 2021 but paid in 2022 and subsequent years
- 
### Qualitative information
	- Fixed remunerationFixed 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 remunerationPursuant 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 takersEach 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 remunerationOBAM 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 2021 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 (ENES, 2022-03-31):
# CUENTAS ANUALES DEL OICVM
INFORME DE AUDITORÍA DE LAS CUENTAS ANUALES
Ejercicio cerrado a 31 de marzo de 2022
ODDO BHF HAUT RENDEMENT 2025
OICVM CONSTITUIDO EN FORMA DE FONDO DE INVERSIÓN COLECTIVA (FCP)
Regido por el Código Monetario y Financiero francés
Sociedad gestora
ODDO BHF ASSET MANAGEMENT
12, boulevard de la Madeleine 75009 PARIS (Francia)

##### Opinión
De acuerdo con la tarea que nos ha encomendado la Sociedad gestora, hemos auditado las cuentas anuales del OICVM constituido en forma de fondo de inversión colectiva (FCP) ODDO BHF HAUT RENDEMENT 2025 correspondientes al ejercicio cerrado a 31 de marzo de 2022, que se adjuntan al presente informe.
En nuestra opinión, las cuentas anuales adjuntas son, de acuerdo con los requisitos y principios contables franceses, exactas y fidedignas, y expresan la imagen fiel del resultado de las operaciones del ejercicio concluido, así como de la situación financiera y del patrimonio del OICVM constituido en forma de fondo de inversión colectiva (FCP) al final de dicho ejercicio.

##### Fundamento de la opinión
Marco de referencia de la auditoría
Hemos llevado a cabo nuestra auditoría de conformidad con las normas de la profesión que rigen en Francia. Consideramos que los elementos justificativos que hemos obtenido son suficientes y apropiados como base para emitir nuestra opinión de auditoría.
Nuestras responsabilidades de conformidad con estas normas se indican en el apartado «Responsabilidades del auditor en relación con la auditoría de las cuentas anuales» del presente informe.
Independencia
Hemos llevado a cabo nuestra labor de auditoría con arreglo a las normas de independencia previstas en el código de comercio y en el código de ética para profesionales de la contabilidad, durante el periodo comprendido entre el 01/04/2021 y la fecha de emisión de nuestro informe.
PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur Seine Cedex Tel.: +33 (0)1 56 57 58 59, Fax: +33 (0) 1 56 57 58 60, www.pwc.fr
Société d'Expertise Comptable inscrita en el Tableau de l'Ordre de París Île de France (Colegio de peritos mercantiles de la región París Île de France). Sociedad de auditoría, miembro de la Compagnie régionale de Versailles. Sociedad por acciones simplificada con un capital de
2.510.460 EUR Domicilio social: 63, rue de Villiers, 92200 Neuilly-sur-Seine Inscrita en el Registro Mercantil de Nanterre con el n.º 672 006 483. N.º de operador intracomunitario: FR 76 672 006 483 N.º Siret: 672 006 483 00362. Código APE: 6920 Z. Oficinas: Burdeos, Grenoble, Lille, Lyon, Marsella, Metz, Nantes, Niza, París, Poitiers, Rennes, Ruán, Estrasburgo y Tolosa.

##### Justificación de las apreciaciones
La crisis mundial derivada de la pandemia de la COVID-19 ha creado condiciones particulares para la elaboración y la auditoría de las cuentas de este ejercicio. En efecto, esta crisis y las medidas excepcionales impuestas durante el estado de emergencia sanitaria trajeron consigo múltiples consecuencias para los organismos de inversión colectiva, sus inversiones y la valoración de los activos y pasivos correspondientes. Algunas de estas medidas, como las restricciones de movilidad y el teletrabajo, también incidieron en la gestión operativa de los organismos de inversión colectiva y en las modalidades de ejecución de las auditorías.
En este entorno complejo y cambiante, y de conformidad con lo dispuesto en los artículos L.823-9 y R.823-7 del código de comercio, relativos a la justificación de nuestras apreciaciones, les informamos de las apreciaciones siguientes que, según nuestro criterio profesional, fueron las más importantes para la auditoría de las cuentas anuales del ejercicio.
Tales apreciaciones se inscriben en el contexto de la auditoría de las cuentas anuales consideradas en su conjunto y de la formación de nuestra opinión expresada con anterioridad. No expresamos ninguna opinión sobre los elementos individuales (considerados de manera aislada) de estas cuentas anuales.
- Títulos financieros de la cartera emitidos por sociedades con un riesgo de crédito elevadoLos títulos financieros de la cartera emitidos por sociedades que comportan un riesgo de crédito elevado, cuya calificación es baja o inexistente, se valoran de acuerdo con los métodos descritos en la nota del anexo relativa a las normas y los criterios contables. Estos instrumentos financieros se valoran a partir de las cotizaciones o los precios facilitados por proveedores de servicios financieros. Recabamos información acerca del funcionamiento de los procedimientos de registro de las cotizaciones y pusimos a prueba la coherencia de estas con respecto a una base de datos externa. Sobre la base de los elementos que han permitido determinar las valoraciones retenidas, procedimos a la apreciación del enfoque implementado por la Sociedad gestora.
- Otros instrumentos financieros de la cartera:Las apreciaciones efectuadas hacen referencia a la idoneidad de los principios contables aplicados, así como al carácter razonable de las estimaciones significativas efectuadas.


##### Verificaciones específicas
Hemos procedido, asimismo, a las verificaciones específicas previstas por los textos legales y reglamentarios, de conformidad con las normas de la profesión que rigen en Francia.
No tenemos ninguna objeción que hacer respecto de la veracidad y la coincidencia de las cuentas anuales con la información incluida en el informe de gestión elaborado por la Sociedad gestora.
PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur Seine Cedex Tel.: +33 (0)1 56 57 58 59, Fax: +33 (0) 1 56 57 58 60, www.pwc.fr
Société d'Expertise Comptable inscrita en el Tableau de l'Ordre de París Île de France (Colegio de peritos mercantiles de la región París Île de France). Sociedad de auditoría, miembro de la Compagnie régionale de Versailles. Sociedad por acciones simplificada con un capital de
2.510.460 EUR Domicilio social: 63, rue de Villiers, 92200 Neuilly-sur-Seine Inscrita en el Registro Mercantil de Nanterre con el n.º 672 006 483. N.º de operador intracomunitario: FR 76 672 006 483 N.º Siret: 672 006 483 00362. Código APE: 6920 Z. Oficinas: Burdeos, Grenoble, Lille, Lyon, Marsella, Metz, Nantes, Niza, París, Poitiers, Rennes, Ruán, Estrasburgo y Tolosa.

##### Responsabilidades de la Sociedad gestora relativas a las cuentas anuales
Recae sobre la Sociedad gestora la responsabilidad de formular unas cuentas anuales que muestren una imagen fiel de conformidad con las normas y los principios contables franceses, así como de llevar a cabo un control interno que considere necesario para la formulación de cuentas anuales que no contengan anomalías significativas, ya se deban a fraude o error.
Durante la formulación de las cuentas anuales, corresponde a la Sociedad gestora evaluar la capacidad del Fondo para continuar su actividad, presentar en dichas cuentas, si procede, la información necesaria relativa a la continuación de la actividad y aplicar el principio contable de «empresa en funcionamiento», salvo si se prevé liquidar el fondo o cesar su actividad.
Las cuentas anuales han sido elaboradas por la Sociedad gestora.

##### Responsabilidades del auditor en relación con la auditoría de las cuentas anuales

###### Objetivo y labor de la auditoría
Recae sobre nosotros la responsabilidad de elaborar un informe sobre las cuentas anuales. Nuestro objetivo consiste en obtener garantías razonables de que las cuentas anuales, consideradas en su conjunto, no presentan anomalías significativas. Estas garantías razonables se corresponden con un elevado nivel de certeza, aunque no es posible garantizar que una auditoría llevada a cabo de conformidad con las normas de la profesión pueda detectar sistemáticamente todas las anomalías significativas. Las anomalías pueden proceder de fraudes o derivarse de errores, y se consideran significativas cuando se puede esperar, de manera razonable, que dichas anomalías son capaces, en su conjunto o de manera individual, de influenciar las decisiones económicas que se adopten basándose en las cuentas.
Como se especifica en el artículo L.823-10-1 del código de comercio, nuestra labor de certificación de las cuentas no consiste en garantizar la viabilidad o la calidad de la gestión del Fondo.
En el marco de una auditoría realizada de conformidad con las normas de la profesión aplicables en Francia, el auditor se sirve de su criterio profesional durante todo el proceso de auditoría. Además, el auditor:
- identifica y evalúa los riesgos de que las cuentas anuales contengan anomalías significativas, ya se deban a fraude o error; define e implementa procedimientos de auditoría con respecto a dichos riesgos; y recopila elementos que estime suficientes y adecuados para fundamentar su opinión. El riesgo de no detectar una anomalía significativa derivada de fraude resulta más elevado que el de una anomalía significativa resultante de un error, ya que el fraude puede implicar la colusión, la falsificación, omisiones voluntarias, falsas declaraciones o la elusión del control interno;PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur Seine Cedex Tel.: +33 (0)1 56 57 58 59, Fax: +33 (0) 1 56 57 58 60, www.pwc.frSociété d'Expertise Comptable inscrita en el Tableau de l'Ordre de París Île de France (Colegio de peritos mercantiles de la región París Île de France). Sociedad de auditoría, miembro de la Compagnie régionale de Versailles. Sociedad por acciones simplificada con un capital de2.510.460 EUR Domicilio social: 63, rue de Villiers, 92200 Neuilly-sur-Seine Inscrita en el Registro Mercantil de Nanterre con el n.º 672 006 483. N.º de operador intracomunitario: FR 76 672 006 483 N.º Siret: 672 006 483 00362. Código APE: 6920 Z. Oficinas: Burdeos, Grenoble, Lille, Lyon, Marsella, Metz, Nantes, Niza, París, Poitiers, Rennes, Ruán, Estrasburgo y Tolosa.
- toma conocimiento del control interno pertinente para la auditoría, con el fin de definir los procedimientos de auditoría apropiados en función de las circunstancias, y no con el objetivo de expresar una opinión sobre la eficacia del control interno;
- determina la pertinencia de los métodos contables empleados y el carácter razonable de las estimaciones contables formuladas por la Sociedad gestora, así como la información conexa incluida en las cuentas anuales;
- determina la pertinencia de la aplicación por parte de la Sociedad gestora del principio contable de empresa en funcionamiento y, sobre la base de los elementos recabados, la existencia o inexistencia de una incertidumbre significativa en relación con los acontecimientos o las circunstancias susceptibles de comprometer la capacidad del OIC para continuar su actividad. Esta comprobación se basa en los elementos recopilados hasta la fecha de su informe, si bien cabe recordar que las circunstancias o los acontecimientos posteriores podrían comprometer la continuación de la actividad. Si el auditor llega a la conclusión de que existe una incertidumbre significativa, llamará la atención de los lectores de su informe sobre la información incluida en las cuentas anuales objeto de dicha incertidumbre o, si esta información no se proporciona o no es pertinente, el auditor formulará una certificación con reservas o una denegación de la certificación.
- comprueba la presentación general de las cuentas anuales, y evalúa si las cuentas anuales reflejan de manera fiel las operaciones y los acontecimientos subyacentes.

Neuilly sur Seine, fecha de la firma electrónica	2022.06.28 17:57:50 +0200
[firma]
Documento autenticado por medio de firma electrónica
Auditor PricewaterhouseCoopers Audit Frédéric SELLAM
PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur Seine Cedex Tel.: +33 (0)1 56 57 58 59, Fax: +33 (0) 1 56 57 58 60, www.pwc.fr
Société d'Expertise Comptable inscrita en el Tableau de l'Ordre de París Île de France (Colegio de peritos mercantiles de la región París Île de France). Sociedad de auditoría, miembro de la Compagnie régionale de Versailles. Sociedad por acciones simplificada con un capital de
2.510.460 EUR Domicilio social: 63, rue de Villiers, 92200 Neuilly-sur-Seine Inscrita en el Registro Mercantil de Nanterre con el n.º 672 006 483. N.º de operador intracomunitario: FR 76 672 006 483 N.º Siret: 672 006 483 00362. Código APE: 6920 Z. Oficinas: Burdeos, Grenoble, Lille, Lyon, Marsella, Metz, Nantes, Niza, París, Poitiers, Rennes, Ruán, Estrasburgo y Tolosa.
ODDO BHF HAUT RENDEMENT 2025

### FONDO DE INVERSIÓN COLECTIVA (FCP)

#### BALANCE – ACTIVO A 31/03/2022 EN EUR
|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Inmovilizado neto | 0,00 | 0,00 |
| Depósitos | 45.500.000,00 | 46.180.370,76 |
| Instrumentos financieros | 449.903.543,43 | 621.273.704,34 |
| Acciones y valores equivalentes | 0,00 | 0,00 |
| Negociados en un mercado organizado o equivalente | 0,00 | 0,00 |
| No negociados en un mercado organizado o equivalente | 0,00 | 0,00 |
| Obligaciones y valores equivalentes | 373.188.128,36 | 527.236.143,39 |
| Negociados en un mercado organizado o equivalente | 373.188.128,36 | 527.236.143,39 |
| No negociados en un mercado organizado o equivalente | 0,00 | 0,00 |
| Títulos de crédito | 32.404.589,25 | 51.444.411,93 |
| Negociados en un mercado organizado o equivalente | 32.404.589,25 | 51.444.411,93 |
| Títulos de crédito negociables | 0,00 | 0,00 |
| Otros títulos de crédito | 32.404.589,25 | 51.444.411,93 |
| No negociados en un mercado organizado o equivalente | 0,00 | 0,00 |
| Organismos de inversión colectiva | 0,00 | 0,00 |
| OICVM y Fondos de inversión alternativa tradicionales destinados a no |  |  |
| profesionales	y | 0,00 | 0,00 |
| equivalentes de otros países |  |  |
| Otros Fondos destinados a no profesionales y equivalentes de otros Estados miembros de la Unión Europea | 0,00 | 0,00 |
| Fondos profesionales tradicionales y equivalentes de otros Estados miembros de la Unión Europea y organismos de titulización cotizados | 0,00 | 0,00 |
| Otros  Fondos  de  inversión  profesionales  y  equivalentes  de  otros |  |  |
| Estados miembros de la Unión Europea y organismos de titulización no | 0,00 | 0,00 |
| cotizados |  |  |
| Operaciones temporales en valores | 44.310.825,82 | 42.593.149,02 |
| Créditos representativos de títulos financieros recibidos con pacto de retroventa | 0,00 | 0,00 |
| Créditos representativos de títulos financieros cedidos en préstamo | 14.740.158,00 | 7.258.200,62 |
| Títulos financieros tomados en préstamo | 0,00 | 0,00 |
| Títulos financieros cedidos con pacto de recompra | 29.570.667,82 | 35.334.948,40 |
| Otras operaciones temporales | 0,00 | 0,00 |
| Contratos financieros |  |  |
| Operaciones en un mercado organizado o equivalente | 0,00 | 0,00 |
| Otras operaciones | 0,00 | 0,00 |
| Otros instrumentos financieros | 0,00 | 0,00 |
| Créditos | 33.051.429,63 | 39.955.258,13 |
| Operaciones a plazo sobre divisas | 31.636.220,26 | 37.694.751,19 |
| Otros | 1.415.209,37 | 2.260.506,94 |
| Cuentas financieras | 14.730.434,62 | 16.062.597,94 |
| Efectivo | 14.730.434,62 | 16.062.597,94 |
| Total del activo | 543.185.407,68 | 723.471.931,17 |


#### BALANCE – PASIVO A 31/03/2022 EN EUR
|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Fondos propios |  |  |
| Capital | 447.179.316,78 | 639.006.008,31 |
| Plusvalías y minusvalías netas anteriores no distribuidas (a) | 0,00 | 4.510,37 |
| Remanente (a) | 1.686.185,76 | 3.849.208,17 |
| Plusvalías y minusvalías netas del ejercicio (a, b) | -2.104.022,29 | -29.494.786,18 |
| Resultado del ejercicio (a, b) | 15.033.049,22 | 10.433.715,90 |
| Total Fondos propios | 461.794.529,47 | 623.798.656,57 |
| (= Importe representativo del patrimonio neto) |  |  |
| Instrumentos financieros | 29.712.315,98 | 34.965.901,96 |
| Operaciones de cesión de instrumentos financieros | 0,00 | 0,00 |
| Operaciones temporales en títulos financieros | 29.712.315,98 | 34.965.901,96 |
| Deudas representativas de títulos financieros cedidos con pacto de recompra | 29.712.315,98 | 34.965.901,96 |
| Deudas representativas de títulos financieros recibidos en préstamo | 0,00 | 0,00 |
| Otras operaciones temporales | 0,00 | 0,00 |
| Contratos financieros | 0,00 | 0,00 |
| Operaciones en un mercado organizado o equivalente | 0,00 | 0,00 |
| Otras operaciones | 0,00 | 0,00 |
| Deudas | 51.678.562,23 | 62.273.348,18 |
| Operaciones a plazo sobre divisas | 31.346.114,04 | 37.936.459,71 |
| Otros | 20.332.448,19 | 24.336.888,47 |
| Cuentas financieras | 0,00 | 2.434.024,46 |
| Deudas a corto plazo con entidades de crédito | 0,00 | 2.434.024,46 |
| Empréstitos | 0,00 | 0,00 |
| Total del pasivo | 543.185.407,68 | 723.471.931,17 |

- Incluidas las cuentas de regularización
- Menos los anticipos pagados durante el ejercicio


#### FUERA DEL BALANCE A 31/03/2022 EN EUR
|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Operaciones de cobertura Compromisos en mercados organizados o equivalentes Compromisos en mercados OTC Otros compromisos Otras operaciones Compromisos en mercados organizados o equivalentes Compromisos en mercados OTC Otros compromisos |  |  |


#### CUENTA DE PÉRDIDAS Y GANANCIAS A 31/03/2022 EN EUR
|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Ingresos procedentes de operaciones financieras |  |  |
| Ingresos procedentes de depósitos y cuentas financieras | 0,00 | 0,00 |
| Ingresos procedentes de acciones y valores equivalentes | 0,00 | 0,00 |
| Ingresos procedentes de obligaciones y valores equivalentes | 20.251.368,53 | 27.309.153,26 |
| Ingresos procedentes de títulos de crédito | 1.586.003,59 | 3.109.824,50 |
| Ingresos procedentes de adquisiciones y cesiones temporales de títulos financieros | 397.293,13 | 542.571,85 |
| Ingresos procedentes de contratos financieros | 0,00 | 0,00 |
| Otros ingresos financieros | 739,95 | 3.457,03 |
| TOTAL (I) | 22.235.405,20 | 30.965.006,64 |
| Gastos por operaciones financieras |  |  |
| Gastos por adquisiciones y cesiones temporales de títulos financieros | 852,54 | 2.058,75 |
| Gastos derivados de contratos financieros | 800,48 | 0,00 |
| Gastos por deudas financieras | 868,04 | 804,18 |
| Otros gastos financieros | 0,00 | 0,00 |
| TOTAL (II) | 2.521,06 | 2.862,93 |
| Resultado por operaciones financieras (I - II) | 22.232.884,14 | 30.962.143,71 |
| Otros ingresos (III) | 0,00 | 0,00 |
| Gastos de gestión y dotaciones para amortizaciones (IV) | 5.035.260,12 | 19.428.382,27 |
| Resultado neto del ejercicio (L. 214-17-1) (I - II + III - IV) | 17.197.624,02 | 11.533.761,44 |
| Regularización de los ingresos del ejercicio (V) | -2.164.574,80 | -1.100.045,54 |
| Anticipos sobre resultados pagados durante el ejercicio (VI) | 0,00 | 0,00 |
| Resultado (I - II + III - IV +/- V - VI) | 15.033.049,22 | 10.433.715,90 |


### ANEXO
El Fondo se ajusta a las normas contables establecidas en la normativa vigente y, en particular, al plan contable de los OICVM.
Las cuentas anuales se presentan según el modelo previsto en el Reglamento ANC n.º 2014-01, en su versión modificada, en el cambiante entorno de la crisis provocada por la COVID-19.
La moneda base es el euro.

### Normas de valoración y de contabilización del patrimonio
El cálculo del valor liquidativo de la participación se efectúa teniendo en cuenta las normas de valoración que se detallan a continuación:
- Los instrumentos financieros y valores mobiliarios negociados en un mercado organizado se valoran al precio de mercado, conforme a los siguientes principios:
- La valoración se realiza según la última cotización oficial.

La cotización seleccionada depende de la bolsa en la que cotice el título:
Bolsas europeas: Última cotización del día del cálculo del valor liquidativo Bolsas asiáticas: Última cotización del día del cálculo del valor liquidativo
Bolsas de América (del Norte y del Sur): Última cotización del día del cálculo del valor liquidativo
Las cotizaciones seleccionadas se hacen públicas el día siguiente a las 9:00 horas (hora de París) a través de las agencias de información económica: Fininfo o Bloomberg. En caso de que un valor no cotice, se aplicará la última cotización oficial conocida.
Las obligaciones y los valores equivalentes se valoraron al precio de venta (bid) desde que se cerró el fondo a nuevas suscripciones el 30 de septiembre de 2019.
No obstante, los siguientes instrumentos se valoran conforme a los criterios específicos indicados a continuación:
Los instrumentos financieros no negociados en un mercado regulado se valoran a su valor probable de negociación bajo la responsabilidad de la Sociedad gestora. En concreto, los títulos de crédito negociables y equivalentes que no sean objeto de transacciones significativas se valoran utilizando un método actuarial, y el tipo aplicado es el de las emisiones de títulos equivalentes ajustado, si corresponde, por un diferencial representativo de las características intrínsecas del emisor. En cualquier caso, los títulos de crédito negociables con una vida residual inferior o igual a tres meses y que no presenten una sensibilidad particular podrán valorarse siguiendo el método lineal.
- Los contratos financieros (las operaciones a plazo, firme o condicional, o las operaciones de permuta celebradas en los mercados OTC) se valoran a su valor de mercado o a otro valor estimado según las modalidades establecidas por la Sociedad gestora.

El método de valoración de los compromisos fuera del balance consiste en una valoración de los contratos a plazo firme en función del valor de mercado y en una conversión de las operaciones condicionales a equivalente subyacente.
- Garantías financieras: con el fin de limitar al máximo el riesgo de contraparte, al tiempo que se tienen en cuenta las restricciones operativas, la Sociedad gestora adopta un sistema de ajuste de los márgenes de garantíapor día, por fondo y por contraparte con un umbral de activación fijado en un máximo de 100.000 EUR, basado en una valoración a precios de mercado (mark-to-market).

Los depósitos se contabilizan en función de sus valores nominales más los intereses calculados a diario sobre la base de la remuneración prevista en el contrato.
Las cotizaciones seleccionadas para la valoración de las operaciones a plazo, firmes o condicionales, son coherentes con las de los títulos subyacentes. Varían según la bolsa en la que coticen:
Bolsas europeas:	Precio de liquidación del día del cálculo del valor liquidativo si difiere de la última cotización.
Bolsas asiáticas:	Última cotización del día del cálculo del valor liquidativo si difiere de la última cotización.
Bolsas de América (del Norte y del Sur): Última cotización del día del cálculo del valor liquidativo si difiere de la
última cotización.
En caso de que un contrato a plazo firme o condicional no cotice, se aplicará la última cotización conocida.
Los títulos que sean objeto de contratos de cesión o de adquisición temporales se valoran de conformidad con la normativa vigente. Los títulos recibidos en el marco operaciones de recompra son incluidos en su fecha de adquisición en el apartado «Créditos representativos de títulos recibidos con pacto de retroventa», con el valor establecido en el contrato, por la contraparte de la cuenta de disponibilidad correspondiente. Durante el periodo de tenencia de dichos títulos, se mantiene dicha valoración, a la que se suman los intereses devengados procedentes de las operaciones con pacto de recompra.
Los títulos cedidos con pacto de recompra se descontabilizan el día de la operación de recompra y el crédito correspondiente se incluye en el apartado «Títulos cedidos con pacto de recompra» y se valora en función de su valor de mercado. La deuda representativa de los títulos cedidos con pacto de recompra se incluye en el apartado «Deudas representativas de los títulos cedidos con pacto de recompra» por la contraparte de la cuenta de disponibilidad correspondiente. La deuda se valora sobre la base del valor fijado en el contrato, al que se suman los intereses relativos a la deuda.
- Otros instrumentos: las participaciones o acciones de OIC se valoran según su último valor liquidativo conocido.
- Los instrumentos financieros cuya cotización no esté disponible el día de valoración o cuya cotización haya sido corregida se valoran a su valor probable de negociación bajo la responsabilidad de la Sociedad gestora. Estas valoraciones y su justificación se comunican al auditor durante sus controles.

Métodos de contabilización
Contabilización de los ingresos:
Los intereses sobre obligaciones y títulos de crédito se calculan según el método de los intereses devengados. Contabilización de los gastos de transacción:
Las operaciones se contabilizan según el método de los gastos no incluidos.
Asignación de los importes distribuibles (ingresos y plusvalías)
| Importes distribuibles | Participaciones CR-EUR, CR-CHF [H], CI- EUR, CN-EUR, CN-CHF [H], CN-USD [H] y GC-EUR Participaciones de capitalización | Participaciones DR-EUR, DI-EUR, DN-EUR y DR-USD [H] Participaciones de distribución |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución total o traslado a remanente total o parcial, según decida la Sociedad gestora, y/o capitalización |
| Asignación de las plusvalías o las	minusvalías	netas | Capitalización | Distribución total o traslado a remanente total o parcial, según |

| materializadas |  | decida la Sociedad gestora, y/o capitalización |
| --- | --- | --- |

Divisa de denominación: Participaciones CR-EUR / DR-EUR / CI-EUR / CR-EUR / CN-EUR / DN-EUR / GC-EUR: Euro (€) Participaciones CR-CHF [H] / CN-CHF [H]: Franco suizo (CHF)
Participaciones CN-USD [H] / DR-USD [H]: Dólar estadounidense (USD).
Forma de las participaciones (todas las participaciones del Fondo): Al portador
Fracciones de participación (todas las participaciones del Fondo): Suscripción o reembolso en milésimas de participación

### Gastos de funcionamiento y de gestión
| Gastos facturados al Fondo | Base | Tipo |
| --- | --- | --- |
| Gastos de gestión financiera y gastos administrativos ajenos a la Sociedad gestora (auditor, Depositario, distribución, abogados, etc.) | Patrimonio neto | Participaciones CR-EUR, DR-EUR, CR-CHF y DR-USD [H]: 1,25% máximo (impuestos incluidos) |
| Participaciones CI-EUR DI-EUR y GC-EUR: 0,65% máximo (impuestos incluidos) |
| Participaciones CN-EUR, DN-EUR, CN-CHF y CN-USD: 0,70% máximo (impuestos incluidos) |
| Gastos indirectos máximos (comisiones y gastos de gestión) | Patrimonio neto | Insignificante |
| Comisión de rentabilidad* | Patrimonio neto | 10% (impuestos incluidos) de la rentabilidad superior por encima de una rentabilidad neta anualizada del Fondo del: - 3,20% en el caso de las participaciones CR-EUR, DR EUR, CR CHF y DR-USD[H] durante el periodo de referencia del Fondo
- 3,80% en el caso de las participaciones CI-EUR, DI EUR y GC-EUR durante el periodo de referencia del Fondo;
- 3,75% en el caso de las participaciones CN-EUR, DN EUR, CN CHF [H] y CNUSD [H] durante el periodo de referencia del Fondo.
 |
| Proveedores que perciben comisiones de movimiento - Sociedad gestora | Cargo	por transacción | 15 EUR (impuestos no incluidos) |

Comisión de rentabilidad: comisión variable cuyo importe se determina comparando la rentabilidad de la participación con la rentabilidad neta anualizada del:
- 3,20% en el caso de las participaciones CR-EUR, DR-EUR, CR-CHF [H] y DR-USD [H] durante el periodo de referencia del Fondo;
- 3,80% en el caso de las participaciones CI-EUR, DI-EUR y GC-EUR durante el periodo de referencia del Fondo;
- 3,75% en el caso de las participaciones CN-EUR, DN-EUR, CN-CHF [H] y CN-USD [H] durante el periodo de referencia del Fondo.

El método de cálculo de la comisión de rentabilidad tiene como objetivo determinar el «valor generado por el gestor» en términos absolutos: esto supone comparar las sumas recibidas (a saber, las suscripciones) con las sumas devueltas (es decir, los reembolsos) y los activos gestionados (es decir, el patrimonio neto).
Las sumas recibidas están representadas por el «activo indexado» (o fondo ficticio), que constituye el elemento de comparación. El activo indexado se calcula como si de un contador se tratara: en cada cálculo de valor liquidativo, las suscripciones t-1 se indexan en función de la rentabilidad de t-1 a t del índice de comparación.
Así se determina un activo teórico, en el que cada suscripción se invierte inmediatamente en el índice de comparación. El importe de la provisión para la rentabilidad superior no está vinculado al importe de las suscripciones: por ejemplo, si el activo contable se incrementa en 1 millón de euros (a raíz de una suscripción), el activo indexado aumentará en un mismo importe; por lo tanto, el importe de la provisión para la rentabilidad superior permanece inalterado.
En caso de reembolsos, la rentabilidad superior vinculada a estos reembolsos es objeto de una provisión específica, diferente de la provisión para la rentabilidad superior de los activos gestionados. La rentabilidad superior vinculada a los reembolsos se define como una proporción (a saber, el número de participaciones reembolsadas dividido por el número total de participaciones) de la rentabilidad superior de los activos gestionados. Esta se calcula en forma de contador y permite «cristalizar» la provisión para la rentabilidad superior vinculada a los reembolsos. El activo indexado también se ajusta en función de la proporción de reembolsos. Así pues, en caso de reembolsos, se produce una transferencia de la provisión para la rentabilidad superior de los activos gestionados hacia la provisión para la rentabilidad superior de los reembolsos. No obstante, la provisión total sigue siendo independiente del importe de los reembolsos. La provisión para la rentabilidad superior vinculada a los reembolsos se abona efectivamente a la Sociedad gestora y se deduce a finales del ejercicio contable.
La rentabilidad del Fondo se calcula a partir de su patrimonio contable una vez deducidos los gastos de gestión fijos, pero sin tener en cuenta la comisión de rentabilidad.
Si la rentabilidad del Fondo desde el inicio del periodo de referencia es positiva y supera la rentabilidad neta anualizada del 3,20% en el caso de las participaciones CR-EUR, DR-EUR, CR-CHF [H] y DR-USD [H] durante el periodo de referencia del Fondo; del 3,80% en el caso de las participaciones CI-EUR, DI-EUR y GC-EUR durante el periodo de referencia del Fondo; del 3,75% en el caso de las participaciones CN-EUR, DN-EUR, CN-CHF [H] y CN- USD [H] durante el periodo de referencia del Fondo, se procederá a dotar una provisión igual, como máximo, al 10% de dicha rentabilidad superior en cada fecha de cálculo del valor liquidativo.
Si, durante el periodo que media entre dos cálculos del valor liquidativo, la participación obtiene una rentabilidad inferior a la rentabilidad neta anualizada del 3,20% en el caso de las participaciones CR-EUR, DR- EUR, CR-CHF [H] y DR-USD [H] durante el periodo de referencia del Fondo; del 3,80% en el caso de las participaciones CI-EUR, DI-EUR y GC-EUR durante el periodo de referencia del Fondo; del 3,75% en el caso de las participaciones CN-EUR, DN-EUR, CN-CHF [H] y CN-USD [H] durante el periodo de referencia del Fondo, la provisión dotada anteriormente será objeto de ajuste por medio de una reversión con cargo al fondo de provisión. Las reversiones de provisiones están limitadas como máximo al importe de las dotaciones efectuadas. Esta comisión variable, cuyo abono, si corresponde, se hará efectivo al final del periodo de referencia, se devengará si, y solo si, durante dicho periodo de referencia la rentabilidad del Fondo es positiva y superior a la rentabilidad neta anualizada del 3,20% en el caso de las participaciones CR-EUR, DR-EUR, CR-CHF [H] y DR-USD
[H] durante el periodo de referencia del Fondo; del 3,80% en el caso de las participaciones CI-EUR, DI-EUR y GC- EUR durante el periodo de referencia del Fondo; del 3,75% en el caso de las participaciones CN-EUR, DN-EUR, CN-CHF [H] y CN-USD [H] durante el periodo de referencia del Fondo.
La comisión de rentabilidad se devengará anualmente a favor de la Sociedad gestora, y para su cómputo se tomará como base el último valor liquidativo del ejercicio, siempre y cuando a dicha fecha el periodo de referencia tenga una duración igual o superior a un año. Como excepción, el primer periodo de referencia se determinará de manera que se respete un periodo de observación mínimo de dos años; por lo tanto, el primer pago tendrá lugar, como muy pronto, el 31 de marzo de 2020.
Puede obtenerse una descripción detallada del método de cálculo de la comisión de rentabilidad solicitándolo a la Sociedad gestora.
- Evolución del patrimonio neto a 31/03/2022 en EUR

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Patrimonio neto al inicio del ejercicio | 623.798.656,57 | 666.994.938,40 |
| Suscripciones (incluidas las comisiones de suscripción abonadas al OICVM) | 1.351.115,58 | 2.241.221,05 |
| Reembolsos (deducción realizada de las comisiones de reembolso abonadas al OICVM) | -158.267.245,55 | -195.574.055,15 |
| Plusvalías materializadas en depósitos e instrumentos financieros | 4.667.965,06 | 7.516.717,53 |
| Minusvalías materializadas en depósitos e instrumentos financieros | -5.219.471,96 | -43.861.588,01 |
| Plusvalías materializadas en contratos financieros | 61.056,91 | 0,00 |
| Minusvalías materializadas en contratos financieros | -59.506,26 | 0,00 |
| Gastos de transacción | -6.564,17 | -17.472,57 |
| Diferencias de cambio | -99.369,89 | -702.049,77 |
| Variación de la diferencia de valoración de los depósitos e instrumentos financieros | -17.483.853,80 | 179.741.541,72 |
| Diferencia de valoración en el ejercicio N: | -11.680.703,60 | 5.803.150,20 |
| Diferencia de valoración en el ejercicio N-1: | 5.803.150,20 | -173.938.391,52 |
| Variaciones de la diferencia de valoración de los contratos financieros | 0,00 | 0,00 |
| Diferencia de valoración en el ejercicio N: | 0,00 | 0,00 |
| Diferencia de valoración en el ejercicio N-1: | 0,00 | 0,00 |
| Distribución del ejercicio anterior sobre plusvalías y minusvalías netas | 0,00 | -2.100,00 |
| Distribución del ejercicio anterior sobre el resultado | -4.145.877,04 | -4.072.258,07 |
| Resultado neto del ejercicio antes de cuentas de regularización | 17.197.624,02 | 11.533.761,44 |
| Anticipo(s) pagado(s) durante el ejercicio sobre plusvalías y minusvalías netas | 0,00 | 0,00 |
| Anticipo(s) pagado(s) durante el ejercicio sobre el resultado | 0,00 | 0,00 |
| Otros elementos (*) | 0,00 | 0,00 |
| Patrimonio neto al final del ejercicio | 461.794.529,47 | 623.798.656,57 |

(*) El contenido de esta línea será objeto de una explicación precisa por parte del OICVM (aportaciones en fusiones, pagos recibidos como garantía de capital y/o de rentabilidad)
- Información adicional
	- 
#### DESGLOSE POR NATURALEZA JURÍDICA O ECONÓMICA DE LOS INSTRUMENTOS FINANCIEROS


| Denominación de los valores | Importe |
| --- | --- |
| Activo |  |  |
| Obligaciones y valores equivalentes |  |
| Obligaciones y valores equivalentes negociados en un mercado regulado o equivalente | 2.294.615,56 |
| Obligaciones de tipo fijo, negociadas en un mercado organizado o equivalente | 347.937.075,87 |
| Obligaciones de tipo variable, revisable, negociadas en un mercado organizado o equivalente | 22.956.436,93 |
| Obligaciones de tipo fijo, no negociadas en un mercado organizado o equivalente | 0,00 |
| Total Obligaciones y valores equivalentes | 373.188.128,36 |
| Títulos de crédito |  |
| Euro Medium Term Notes (EMTN) | 32.404.589,25 |
| Total Títulos de crédito | 32.404.589,25 |
| Total Activo | 405.592.717,61 |
| Pasivo |  |  |  |
|  | Operaciones de cesión de instrumentos financieros |  |
|  | Total Operaciones de cesión de instrumentos financieros | 0,00 |
| Total Pasivo |  | 0,00 |
| Fuera del balance |  |  |
| Operaciones de cobertura |  |
| Total Operaciones de cobertura | 0,00 |
| Otras operaciones |  |
| Total Otras operaciones | 0,00 |
| Total Fuera de balance | 0,00 |

6
8
8
- 
#### DESGLOSE POR NATURALEZA DE TIPOS DE INTERÉS DE LAS PARTIDAS DE ACTIVO, PASIVO Y FUERA DE BALANCE

|  | Tipo fijo | % | Tipo variable | % | Tipo revisable | % | Otros | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Activo |  |  |  |  |  |  |  |  |
| Depósitos | 45.500.000,00 | 9,85 |  |  |  |  |  |  |
| Obligaciones y valores equivalentes | 350.231.691,4 3 | 75,8 4 |  |  | 22.956.436,9 3 | 4,97 |  |  |
| Títulos de crédito | 32.404.589,25 | 7,02 |  |  |  |  |  |  |
| Operaciones	temporales	en	títulos financieros | 43.553.876,52 | 9,43 |  |  | 756.949,30 | 0,16 |  |  |
| Cuentas financieras |  |  |  |  |  |  | 14.730.434,6 2 | 3,19 |
| Pasivo |  |  |  |  |  |  |  |  |
| Operaciones	temporales	en	títulos financieros |  |  | 29.712.315,9 8 | 6,43 |  |  |  |  |
| Cuentas financieras |  |  |  |  |  |  |  |  |
| Fuera del balance |  |  |  |  |  |  |  |  |
| Operaciones de cobertura |  |  |  |  |  |  |  |  |
| Otras operaciones |  |  |  |  |  |  |  |  |

- 
#### DESGLOSE POR VENCIMIENTO RESIDUAL DE LAS PARTIDAS DE ACTIVO, PASIVO Y FUERA DE BALANCE

|  | 0 - 3 meses] | % | ]3 meses - 1 año] | % | ]1 - 3 años] | % | ]3 - 5 años] | % | > 5 años | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Activo Depósitos Obligaciones y valores equivalentes Títulos de crédito Operaciones temporales en valores Cuentas financieras Pasivo Operaciones temporales en valores Cuentas financieras Fuera del balance Operaciones de cobertura Otras operaciones | 45.500.000,00 5.858.670,85 14.730.434,62 | 9,85 1,27 3,19 | 9.388,13 29.712.315,98 | 0,00 6,43 | 97.199.231,03 3.946.521,84 10.709.582,10 | 21,05 0,85 2,32 | 270.130.226,48 28.458.067,41 33.591.855,59 | 58,50 6,16 7,27 |  |  |

- 
#### DESGLOSE POR DIVISA DE COTIZACIÓN O DE VALORACIÓN DE LAS PARTIDAS DE ACTIVO, PASIVO Y FUERA DE BALANCE

|  | Divisa 1 USD | % USD | Divisa 2 GBP | % GBP | Divisa 3 CHF | % CHF | Otras divisas | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Activo Depósitos Acciones y valores equivalentes Obligaciones y valores equivalentes Títulos de crédito OIC Operaciones temporales en valores Contratos financieros Créditos Cuentas financieras Pasivo Operaciones de cesión de instrumentos financieros Operaciones temporales en valores Contratos financieros Deudas Cuentas financieras Fuera del balance Operaciones de cobertura Otras operaciones | 21.641.795,16 587.900,36 16.501,35 21.440.423,21 | 4,69 0,13 0,00 4,64 | 7.436.674,52 7.999,76 7.489.056,80 | 1,61 0,00 1,62 | 1.833.178,37 4.608,28 20.630,13 | 0,40 0,00 0,00 |  |  |

- 
#### CRÉDITOS Y DEUDAS: DESGLOSE POR NATURALEZA

|  | Naturaleza de débito/crédito | 31/03/2022 |
| --- | --- | --- |
|  | Operaciones a plazo cubiertas | 2.405.333,26 |
|  | Operaciones a plazo | 29.230.886,86 |
|  | Cupones y dividendos | 83.062,65 |
|  | Otros créditos | 1.242.146,72 |
|  | Requerimiento de depósito de márgenes sobre contratos a plazo sobre divisas | 90.000,00 |
|  | Depósitos | 0,00 |
| Total Créditos |  | 33.051.429,63 |
|  | Operaciones a plazo cubiertas | 2.417.034,93 |
|  | Operaciones a plazo | 28.929.078,97 |
|  | Otras deudas | 3.995.965,24 |
|  | Requerimiento de depósito de márgenes sobre contratos a plazo sobre divisas | 180.000,00 |
|  | Depósitos | 15.777.489,74 |
|  | Prov. para gastos externos | 378.993,21 |
| Total Deudas |  | 51.678.562,23 |
| Total Créditos y deudas |  | -18.627.132,60 |

- 
#### FONDOS PROPIOS
	- Número de títulos emitidos o reembolsados


|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN CR-EUR |  |  |
| Títulos suscritos durante el ejercicio | 2.649,494 | 268.640,13 |
| Títulos reembolsados durante el ejercicio | -719.398,512 | -73.371.258,96 |
| Saldo neto de las suscripciones/reembolsos | -716.749,018 | -73.102.618,83 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN CI-EUR |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -18.361,795 | -19.143.620,61 |
| Saldo neto de las suscripciones/reembolsos | -18.361,795 | -19.143.620,61 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN CN-EUR |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -104.559,997 | -10.941.865,86 |
| Saldo neto de las suscripciones/reembolsos | -104.559,997 | -10.941.865,86 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN CR-CHF [H] |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -837 | -78.998,67 |
| Saldo neto de las suscripciones/reembolsos | -837 | -78.998,67 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN CN-CHF (H) |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -40.350 | -3.832.331,50 |
| Saldo neto de las suscripciones/reembolsos | -40.350 | -3.832.331,50 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN CN-USD (H) |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -470 | -44.823,90 |
| Saldo neto de las suscripciones/reembolsos | -470 | -44.823,90 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN GC-EUR |  |  |
| Títulos suscritos durante el ejercicio | 10.537,679 | 1.082.475,45 |
| Títulos reembolsados durante el ejercicio | -254.157,574 | -26.114.293,42 |
| Saldo neto de las suscripciones/reembolsos | -243.619,895 | -25.031.817,97 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN DR-EUR |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -130.685,615 | -12.395.865,54 |
| Saldo neto de las suscripciones/reembolsos | -130.685,615 | -12.395.865,54 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN DI-EUR |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -12.083,082 | -11.808.275,00 |
| Saldo neto de las suscripciones/reembolsos | -12.083,082 | -11.808.275,00 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN DN-EUR |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -675,615 | -65.617,09 |
| Saldo neto de las suscripciones/reembolsos | -675,615 | -65.617,09 |

|  | En participaciones | Importe |
| --- | --- | --- |
| PARTICIPACIÓN DR-USD (H) |  |  |
| Títulos suscritos durante el ejercicio | 0 |  |
| Títulos reembolsados durante el ejercicio | -5.250 | -470.295,00 |
| Saldo neto de las suscripciones/reembolsos | -5.250 | -470.295,00 |

- Comisiones de suscripción y/o de reembolso

|  | Importe |
| --- | --- |
| PARTICIPACIÓN CR-EUR |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN CI-EUR |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN CN-EUR |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN CR-CHF [H] |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN CN-CHF (H) |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN CN-USD (H) |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN GC-EUR |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN DR-EUR |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN DI-EUR |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN DN-EUR |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

|  | Importe |
| --- | --- |
| PARTICIPACIÓN DR-USD (H) |  |
| Importe de las comisiones de suscripción y/o de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción percibidas | 0,00 |
| Importe de las comisiones de reembolso percibidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción retrocedidas | 0,00 |
| Importe de las comisiones de reembolso retrocedidas | 0,00 |
| Importe de las comisiones de suscripción y/o de reembolso retenidas | 0,00 |
| Importe de las comisiones de suscripción retenidas | 0,00 |
| Importe de las comisiones de reembolso retenidas | 0,00 |

- Gastos de gestión

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN CR-EUR |  |
| Porcentaje de gastos de gestión fijos | 1,25 |
| Gastos de funcionamiento y de gestión | 2.393.369,71 |
| Comisión de rentabilidad | 8.702,97 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN CI-EUR |  |
| Porcentaje de gastos de gestión fijos | 0,65 |
| Gastos de funcionamiento y de gestión | 967.538,49 |
| Comisión de rentabilidad | 2.486,21 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN CN-EUR |  |
| Porcentaje de gastos de gestión fijos | 0,70 |
| Gastos de funcionamiento y de gestión | 133.152,50 |
| Comisión de rentabilidad | 1.406,15 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN CR-CHF [H] |  |
| Porcentaje de gastos de gestión fijos | 1,25 |
| Gastos de funcionamiento y de gestión | 13.455,96 |
| Comisión de rentabilidad | 3,82 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN CN-CHF (H) |  |
| Porcentaje de gastos de gestión fijos | 0,70 |
| Gastos de funcionamiento y de gestión | 11.564,57 |
| Comisión de rentabilidad | 1.144,73 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN CN-USD (H) |  |
| Porcentaje de gastos de gestión fijos | 0,70 |
| Gastos de funcionamiento y de gestión | 2.889,59 |
| Comisión de rentabilidad | 11,08 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN GC-EUR |  |
| Porcentaje de gastos de gestión fijos | 0,65 |
| Gastos de funcionamiento y de gestión | 273.525,80 |
| Comisión de rentabilidad | 3.050,35 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN DR-EUR |  |
| Porcentaje de gastos de gestión fijos | 1,25 |
| Gastos de funcionamiento y de gestión | 672.989,13 |
| Comisión de rentabilidad | 1.636,84 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN DI-EUR |  |
| Porcentaje de gastos de gestión fijos | 0,65 |
| Gastos de funcionamiento y de gestión | 536.277,54 |
| Comisión de rentabilidad | 2.631,58 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN DN-EUR |  |
| Porcentaje de gastos de gestión fijos | 0,70 |
| Gastos de funcionamiento y de gestión | 3.888,17 |
| Comisión de rentabilidad | 8,51 |
| Retrocesiones de los gastos de gestión | 0,00 |

|  | 31/03/2022 |
| --- | --- |
| PARTICIPACIÓN DR-USD (H) |  |
| Porcentaje de gastos de gestión fijos | 1,25 |
| Gastos de funcionamiento y de gestión | 5.571,67 |
| Comisión de rentabilidad | 15,45 |
| Retrocesiones de los gastos de gestión | 0,00 |

- 
#### COMPROMISOS RECIBIDOS U OTORGADOS
	- GARANTÍAS RECIBIDAS POR EL OICVM:N/A

- OTROS COMPROMISOS RECIBIDOS Y/O OTORGADOS:N/A
- 
#### OTRA INFORMACIÓN
	- Valor actual de los instrumentos financieros objeto de una adquisición temporal


|  | 31/03/2022 |
| --- | --- |
| Títulos adquiridos con pacto de retroventa | 0,00 |
| Títulos recibidos físicamente con pacto de retroventa | 0,00 |
| Títulos tomados en préstamo | 0,00 |

- Valor actual de los instrumentos financieros constitutivos de depósitos de garantía

|  | 31/03/2022 |
| --- | --- |
| Instrumentos financieros dados en garantía e incluidos en su partida de origen | 0,00 |
| Instrumentos financieros recibidos en garantía y no incluidos en el balance | 0,00 |

- Instrumentos financieros mantenidos en cartera emitidos por entidades vinculadas a la Sociedad gestora o a los gestores financieros, y OICVM gestionados por dichas entidades

|  | 31/03/2022 |
| --- | --- |
| Acciones | 0,00 |
| Obligaciones | 0,00 |
| Títulos de crédito negociables (TCN) | 0,00 |
| OICVM | 0,00 |
| Depósitos a plazo | 45.500.000,00 |
| Préstamos de valores | 15.777.489,74 |
| Operaciones con pacto de recompra | 29.712.315,98 |
| Instrumentos financieros a plazo | 0,00 |
| Total de títulos del grupo | 90.989.805,72 |

- 
#### CUADRO DE ASIGNACIÓN DE LOS IMPORTES DISTRIBUIBLES

|  | Anticipos sobre resultados pagados durante el ejercicio |
| --- | --- |
| Fecha | Participaci ón | Importe total | Importe unitario | Créditos fiscales totales | Créditos fiscales unitario |
| Total Anticipos |  |  | 0 | 0 | 0 | 0 |

|  | Anticipos sobre plusvalías o minusvalías netas pagados durante el ejercicio |
| --- | --- |
| Fecha | Código de la participación | Denominación de la participación | Importe total | Importe unitario |
| Total Anticipos |  |  |  | 0 | 0 |

| Cuadro de asignación de los importes distribuibles correspondientes al resultado (6) | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| Importes por asignar |  |  |
| Remanente | 1.686.185,76 | 3.849.208,17 |
| Resultado | 15.033.049,22 | 10.433.715,90 |
| Total | 16.719.234,98 | 14.282.924,07 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN CR-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Remanente del ejercicio | 0,00 | 0,00 |
| Capitalización | 4.424.482,22 | 2.762.370,32 |
| Total | 4.424.482,22 | 2.762.370,32 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |
| Créditos fiscales vinculados al reparto del resultado |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN CI-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Remanente del ejercicio | 0,00 | 0,00 |
| Capitalización | 4.847.682,87 | 2.757.531,89 |
| Total | 4.847.682,87 | 2.757.531,89 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |
| Créditos fiscales vinculados al reparto del resultado |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN CN-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Remanente del ejercicio | 0,00 | 0,00 |
| Capitalización | 468.272,80 | 416.761,11 |
| Total | 468.272,80 | 416.761,11 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |
| Créditos fiscales vinculados al reparto del resultado |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN CR-CHF [H] |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Remanente del ejercicio | 0,00 | 0,00 |
| Capitalización | 29.334,16 | 13.110,10 |
| Total | 29.334,16 | 13.110,10 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |
| Créditos fiscales vinculados al reparto del resultado |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN CN-CHF (H) |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Remanente del ejercicio | 0,00 | 0,00 |
| Capitalización | 25.856,65 | 89.686,10 |
| Total | 25.856,65 | 89.686,10 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |
| Créditos fiscales vinculados al reparto del resultado |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN CN-USD (H) |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Remanente del ejercicio | 0,00 | 0,00 |
| Capitalización | 13.292,57 | 6.578,80 |
| Total | 13.292,57 | 6.578,80 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |
| Créditos fiscales vinculados al reparto del resultado |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN GC-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Remanente del ejercicio | 0,00 | 0,00 |
| Capitalización | 1.096.396,56 | 2.036.254,91 |
| Total | 1.096.396,56 | 2.036.254,91 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |
| Créditos fiscales vinculados al reparto del resultado |  |  |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN DR-EUR |  |  |
| Asignación |  |  |
| Distribución | 1.359.588,80 | 1.715.053,67 |
| Remanente del ejercicio | 1.606,74 | 4.660,51 |
| Capitalización | 0,00 | 0,00 |
| Total | 1.361.195,54 | 1.719.714,18 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones | 499.848,822 | 630.534,437 |
| Distribución unitaria | 2,72 | 2,72 |
| Créditos fiscales vinculados al reparto del resultado | 0,00 | 0,00 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN DI-EUR |  |  |
| Asignación |  |  |
| Distribución | 2.329.577,55 | 2.759.891,26 |
| Remanente del ejercicio | 2.095.399,57 | 1.678.721,71 |
| Capitalización | 0,00 | 0,00 |
| Total | 4.424.977,12 | 4.438.612,97 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones | 82.433,742 | 94.516,824 |
| Distribución unitaria | 28,26 | 29,20 |
| Créditos fiscales vinculados al reparto del resultado | 0,00 | 0,00 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN DN-EUR |  |  |
| Asignación |  |  |
| Distribución | 15.854,49 | 18.389,50 |
| Remanente del ejercicio | 7.522,54 | 4.940,12 |
| Capitalización | 0,00 | 0,00 |
| Total | 23.377,03 | 23.329,62 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones | 5.622,16 | 6.297,775 |
| Distribución unitaria | 2,82 | 2,92 |
| Créditos fiscales vinculados al reparto del resultado | 0,00 | 0,00 |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN DR-USD (H) |  |  |
| Asignación |  |  |
| Distribución | 4.357,50 | 18.970,00 |
| Remanente del ejercicio | 9,96 | 4,07 |
| Capitalización | 0,00 | 0,00 |
| Total | 4.367,46 | 18.974,07 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones | 1.750 | 7.000 |
| Distribución unitaria | 2,49 | 2,71 |
| Créditos fiscales vinculados al reparto del resultado | 0,00 | 0,00 |

| Cuadro de asignación de los importes distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las minusvalías netas plusvalías y |
| --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| Importes por asignar |  |  |
| Plusvalías y minusvalías netas anteriores no distribuidas | 0,00 | 4.510,37 |
| Plusvalías y minusvalías netas del ejercicio | -2.104.022,29 | -29.494.786,18 |
| Anticipos abonados sobre plusvalías y minusvalías netas del ejercicio | 0,00 | 0,00 |
| Total | -2.104.022,29 | -29.490.275,81 |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN CR-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | -755.009,71 | -10.569.164,95 |
| Total | -755.009,71 | -10.569.164,95 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN CI-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | -687.200,15 | -7.308.222,03 |
| Total | -687.200,15 | -7.308.222,03 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN CN-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | -67.316,05 | -1.131.107,52 |
| Total | -67.316,05 | -1.131.107,52 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN CR-CHF [H] |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | 74.646,27 | -103.527,16 |
| Total | 74.646,27 | -103.527,16 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN CN-CHF (H) |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | 32.504,54 | -421.979,86 |
| Total | 32.504,54 | -421.979,86 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro | de | asignación | de | los | importes | distribuibles | Asignación de las | minusvalías netas |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| plusvalías y |  |
| correspondientes a las plusvalías y minusvalías netas |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN CN-USD (H) |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | 35.662,59 | -45.652,87 |
| Total | 35.662,59 | -45.652,87 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN GC-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | -155.408,61 | -2.570.716,10 |
| Total | -155.408,61 | -2.570.716,10 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN DR-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | -224.271,47 | -2.885.937,85 |
| Total | -224.271,47 | -2.885.937,85 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro | de | asignación | de | los | importes | distribuibles | Asignación de las | minusvalías netas |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| plusvalías y |  |
| correspondientes a las plusvalías y minusvalías netas |

|  | 31/03/2022 | 31/03/2021 |
| --- | --- | --- |
| PARTICIPACIÓN DI-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | -376.777,15 | -4.363.025,44 |
| Total | -376.777,15 | -4.363.025,44 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN DN-EUR |  |  |
| Asignación |  |  |
| Distribución | 0,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 0,00 | 0,00 |
| Capitalización | -2.563,46 | -28.978,77 |
| Total | -2.563,46 | -28.978,77 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones |  |  |
| Distribución unitaria |  |  |

| Cuadro	de	asignación	de	los	importes	distribuibles correspondientes a las plusvalías y minusvalías netas | Asignación de las plusvalías y | minusvalías netas |
| --- | --- | --- |
|  | 31/03/2022 | 31/03/2021 |
| PARTICIPACIÓN DR-USD (H) |  |  |
| Asignación |  |  |
| Distribución | 315,00 | 0,00 |
| Plusvalías y minusvalías netas no distribuidas | 21.395,91 | 0,00 |
| Capitalización | 0,00 | -61.963,26 |
| Total | 21.710,91 | -61.963,26 |
| Información relativa a las acciones o participaciones con derecho a dividendo |  |  |
| Número de acciones o participaciones | 1.750 |  |
| Distribución unitaria | 0,18 |  |

- 
#### CUADRO DE LOS RESULTADOS Y OTROS ELEMENTOS CARACTERÍSTICOS DE LA ENTIDAD DURANTE LOS ÚLTIMOS CINCO EJERCICIOS

| PARTICIPACIÓN CR-EUR | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 152.061.223,35 | 226.025.166,62 | 260.570.461,23 | 170.979.579,48 |
| Número de títulos | 1.515.335,483 | 2.232.084,501 | 3.198.620,247 | 1.716.049,619 |
| Valor liquidativo unitario | 100,34 | 101,26 | 81,46 | 99,63 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado | 2,92 | 1,23 | 3,30 | 3,99 |
| Capitalización unitaria sobre plusvalías y minusvalías netas | -0,50 | -4,73 | -1,74 | -2,65 |
| Distribución unitaria sobre el resultado | - | - | - | - |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN CI-EUR | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 138.151.732,64 | 157.503.923,78 | 142.849.099,47 | 69.912.561,91 |
| Número de títulos | 134.453,298 | 152.815,093 | 173.295,789 | 69.750,119 |
| Valor liquidativo unitario | 1.027,50 | 1.030,68 | 824,30 | 1.002,32 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado | 36,05 | 18,04 | 39,34 | 45,74 |
| Capitalización unitaria sobre plusvalías y minusvalías netas | -5,11 | -47,82 | -17,67 | -26,61 |
| Distribución unitaria sobre el resultado | - | - | - | - |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN CN-EUR | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 13.534.947,40 | 24.360.555,10 | 30.512.416,85 | 105.982.474,41 |
| Número de títulos | 131.781,516 | 236.341,513 | 369.964,969 | 1.056.731,452 |
| Valor liquidativo unitario | 102,70 | 103,07 | 82,47 | 100,29 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado | 3,55 | 1,76 | 3,91 | 4,67 |
| Capitalización unitaria sobre plusvalías y minusvalías netas | -0,51 | -4,78 | -1,76 | 2,66 |
| Distribución unitaria sobre el resultado | - | - | - | - |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN CR-CHF [H] | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 1.049.273,81 | 1.058.440,28 | 2.157.435,31 | 181.256,61 |
| Número de títulos | 10.856,781 | 11.693,781 | 28.371,855 | 2.055,848 |
| Valor liquidativo unitario | 98,96 | 100,11 | 80,70 | 98,60 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado | 2,70 | 1,12 | 2,97 | 3,43 |
| Capitalización unitaria sobre plusvalías y minusvalías netas | 6,88 | -8,85 | 3,70 | -0,98 |
| Distribución unitaria sobre el resultado | - | - | - | - |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN CN-CHF (H) | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 774.214,86 | 4.471.238,30 | 5.144.612,14 | 4.907.012,38 |
| Número de títulos | 7.756,785 | 48.106,785 | 66.242,067 | 54.725,851 |
| Valor liquidativo unitario | 102,20 | 102,80 | 82,43 | 100,28 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado | 3,33 | 1,86 | 3,57 | 3,45 |
| Capitalización unitaria sobre plusvalías y minusvalías netas | 4,19 | -8,77 | 3,74 | -0,62 |
| Distribución unitaria sobre el resultado | - | - | - | - |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN CN-USD (H) | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 402.485,08 | 422.862,28 | 492.879,50 | 1.369.100,83 |
| Número de títulos | 4.100,000 | 4.570,000 | 6.275,000 | 15.160,000 |
| Valor liquidativo unitario | 109,24 | 108,74 | 86,23 | 101,40 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado | 3,24 | 1,43 | 3,59 | 1,60 |
| Capitalización unitaria sobre plusvalías y minusvalías netas | 8,70 | -9,98 | -0,55 | 1,96 |
| Distribución unitaria sobre el resultado | - | - | - | - |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN GC-EUR | 31/03/2022 | 31/03/2021 | 31/03/2020 |
| --- | --- | --- | --- |
| Patrimonio neto | 31.242.466,99 | 56.141.704,91 | 79.890.288,16 |
| Número de títulos | 307.800,130 | 551.420,025 | 1.002.061,036 |
| Valor liquidativo unitario | 101,50 | 101,81 | 79,72 |
| Asignación |  |  |  |
| Capitalización unitaria sobre el resultado | 3,56 | 3,69 | 1,96 |
| Capitalización unitaria sobre plusvalías y minusvalías netas | -0,50 | -4,66 | -1,35 |
| Distribución unitaria sobre el resultado | - | - | - |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - |
| Crédito fiscal (*) | - | - | - |

| PARTICIPACIÓN DR-EUR | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 46.246.718,59 | 60.565.403,33 | 55.465.739,62 | 32.302.261,82 |
| Número de títulos | 499.848,822 | 630.534,437 | 699.065,238 | 323.060,500 |
| Valor liquidativo unitario | 92,52 | 96,05 | 79,34 | 99,98 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado |  |  |  |  |
| Capitalización unitaria sobre plusvalías y minusvalías netas | -0,45 | -4,57 | -1,78 | -2,76 |
| Distribución unitaria sobre el resultado | 2,72 | 2,72 | 2,38 | 3,00 |
| Distribución unitaria sobre plusvalías y minusvalías netas | - |  |  | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN DI-EUR | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 77.647.340,89 | 92.028.176,70 | 87.910.592,26 | 72.389.743,63 |
| Número de títulos | 82.433,742 | 94.516,824 | 109.952,563 | 72.276,621 |
| Valor liquidativo unitario | 941,93 | 973,66 | 799,53 | 1.001,56 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado |  |  |  |  |
| Capitalización unitaria sobre plusvalías y minusvalías netas | -4,57 | -46,16 | -17,19 | -26,32 |
| Distribución unitaria sobre el resultado | 28,26 | 29,20 | 24,00 | 30,04 |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN DN-EUR | 31/03/2022 | 31/03/2021 | 31/03/2020 | 29/03/2019 |
| --- | --- | --- | --- | --- |
| Patrimonio neto | 528.407,31 | 612.182,89 | 1.477.703,29 | 776.471,82 |
| Número de títulos | 5.622,160 | 6.297,775 | 18.503,617 | 7.758,641 |
| Valor liquidativo unitario | 93,98 | 97,20 | 79,86 | 100,07 |
| Asignación |  |  |  |  |
| Capitalización unitaria sobre el resultado |  |  |  |  |
| Capitalización unitaria sobre plusvalías y minusvalías netas | -0,46 | -4,60 | -1,71 | -2,46 |
| Distribución unitaria sobre el resultado | 2,82 | 2,92 | 2,40 | 3,00 |
| Distribución unitaria sobre plusvalías y minusvalías netas | - | - | - | - |
| Crédito fiscal (*) | - | - | - | - |

| PARTICIPACIÓN DR-USD (H) | 31/03/2022 | 31/03/2021 | 31/03/2020 |
| --- | --- | --- | --- |
| Patrimonio neto | 155.718,55 | 609.002,38 | 523.710,57 |
| Número de títulos | 1.750,000 | 7.000,000 | 7.000,000 |
| Valor liquidativo unitario | 99,01 | 102,24 | 82,13 |
| Asignación |  |  |  |
| Capitalización unitaria sobre el resultado |  |  |  |
| Capitalización unitaria sobre plusvalías y minusvalías netas | - | -8,85 | - |
| Distribución unitaria sobre el resultado | 2,49 | 2,71 | 2,16 |
| Distribución unitaria sobre plusvalías y minusvalías netas | 0,18 |  | 0,30 |
| Crédito fiscal (*) | - | - | - |

- 
#### CARTERA

| Denominación de los valores | Divisa | Cantidad o nominal | Valor bursátil | % patrimonio neto |
| --- | --- | --- | --- | --- |
| Aramark Intl Fin Sàrl 3.125% 17/01.04.25 | EUR | 1.300.000 | 1.267.032,54 | 0,27 |
| Neptune Energy BondCo PLC 6.625% Sen Reg S 18/15.05.25 | USD | 4.650.000 | 4.299.285,45 | 0,93 |
| Panther BF Agg 2 LP Fin Co Inc 4.375% Sen Reg S 19/15.05.26 | EUR | 3.467.000 | 3.479.801,42 | 0,75 |
| Techem Verwaltung 675 mbH 2% Reg S 20/15.07.25 | EUR | 8.850.000 | 8.539.709,17 | 1,85 |
| Banijay Entertainment SAS 3.5% Sen Reg S 20/01.03.25 | EUR | 2.294.000 | 2.294.615,56 | 0,50 |
| RCS & RDS SA 2.5% Sen Reg S 20/05.02.25 | EUR | 5.400.000 | 5.194.731,00 | 1,12 |
| CSC Holdings LLC 5.25% Sen 14/01.06.24 | USD | 2.000.000 | 1.833.298,89 | 0,40 |
| Teva Pharmaceutical Fin II BV 1.125% 16/15.10.24 | EUR | 950.000 | 901.227,52 | 0,20 |
| Adient Gl Hgs Ltd 3.5% Reg S Sen 16/15.08.24 | EUR | 1.626.000 | 1.602.798,42 | 0,35 |
| Axalta Coating Syst Dutch Hg B 3.75% Sen Reg S 16/15.01.25 | EUR | 3.180.000 | 3.147.084,35 | 0,68 |
| Avis Budget Finance PLC 4.125% Reg S Sen 16/15.11.24 | EUR | 1.300.000 | 1.325.476,21 | 0,29 |
| Jaguar Land Rover Automoti Plc 2.2% 17/15.01.24 | EUR | 2.291.000 | 2.218.255,66 | 0,48 |
| Enovis Corp 3.25% Sen Reg S 17/15.05.25 | EUR | 1.300.000 | 1.315.130,19 | 0,28 |
| Grifols SA 3.2% Sen Reg S /01.05.25 | EUR | 4.050.000 | 4.076.041,50 | 0,88 |
| La Financiere Atalian SA 4% 17/15.05.24 | EUR | 330.000 | 301.393,77 | 0,07 |
| Kronos Intl Inc 3.75% Sen Reg S 17/15.09.25 | EUR | 3.526.000 | 3.436.013,54 | 0,74 |
| IQVIA Inc 2.875% Sen Reg S 17/15.09.25 | EUR | 2.000.000 | 2.012.534,72 | 0,44 |
| Energia Group ROI Hgs DAC 4% Sen Reg S 17/15.09.25 | EUR | 2.196.000 | 2.100.827,80 | 0,45 |
| Nidda Healthcare Holding AG 3.5% Sen Reg S 17/30.09.24 | EUR | 2.074.000 | 1.987.470,42 | 0,43 |
| Dufry One BV 2.5% Sen Reg S 17/15.10.24 | EUR | 1.650.000 | 1.622.554,08 | 0,35 |
| Constellium SE 4.25% Sen Reg S 17/15.02.26 | EUR | 5.517.000 | 5.545.107,58 | 1,20 |
| Platin 1425 GmbH 5.375% Sen Reg S 17/15.06.23 | EUR | 5.000.000 | 5.019.121,53 | 1,09 |
| Silgan Holdings Inc 3.25% Sen 18/15.03.25 | EUR | 2.600.000 | 2.588.807,72 | 0,56 |
| Crown European Hgs SA 2.875% Sen Reg S 18/01.02.26 | EUR | 1.700.000 | 1.729.531,13 | 0,37 |
| Scientific Games Intl Inc 5.5% Sen Reg S 18/15.02.26 | EUR | 3.800.000 | 3.916.189,22 | 0,85 |
| Scientific Games Intl Inc 3.375% Sen Reg S 18/15.02.26 | EUR | 3.900.000 | 3.969.824,63 | 0,86 |
| Sprint Corp 7.625% 18/01.03.26 | USD | 2.000.000 | 2.042.235,06 | 0,44 |
| Paprec Holding SA 4% 18/31.03.25 | EUR | 3.170.000 | 3.193.510,83 | 0,69 |
| Darling Global Fin BV 3.625% Sen Reg S 18/15.05.26 | EUR | 728.000 | 741.749,39 | 0,16 |
| Fedrigoni SpA FRN Sen Reg S 18/30.11.24 | EUR | 2.913.103,45 | 2.901.467,00 | 0,63 |
| Tele Columbus AG 3.875% Sen Reg S 18/02.05.25 | EUR | 800.000 | 754.400,89 | 0,16 |
| La Financiere Atalian SA 5.125% Sen Reg S 18/15.05.25 | EUR | 900.000 | 809.529,63 | 0,18 |
| La Financiere Atalian SA 6.625% Sen Reg S 18/15.05.25 | GBP | 3.300.000 | 3.664.538,05 | 0,79 |
| Petroleos Mexicanos 3.625% Sen Reg S 18/24.11.25 | EUR | 5.000.000 | 4.923.851,37 | 1,07 |
| Teva Pharmaceutical Fin II BV 4.5% 18/01.03.25 | EUR | 5.050.000 | 5.100.323,25 | 1,10 |
| Chemours (The) Co 4% Sen Reg S 18/15.05.26 | EUR | 6.230.000 | 6.071.349,59 | 1,31 |
| Intl Game Technology Plc 3.5% Sen Reg S 18/15.07.24 | EUR | 4.175.000 | 4.282.466,82 | 0,93 |
| DKT Finance ApS 7% Sen Reg S 18/17.06.23 | EUR | 4.790.000 | 4.904.699,21 | 1,06 |
| Cirsa Finance Intl Sàrl 6.25% Sen Reg S 18/20.12.23 | EUR | 2.547.511,309 | 2.598.438,89 | 0,56 |
| K+S Aktiengesellschaft 3.25% 18/18.07.24 | EUR | 2.800.000 | 2.907.941,92 | 0,63 |
| Kaefer Isoliertechnik GmbH 5.5% Sen Reg S 18/10.01.24 | EUR | 5.570.000 | 5.605.443,77 | 1,21 |
| ContourGlobal Power Hgs SA 4.125% Sen Reg S 18/01.08.25 | EUR | 8.180.000 | 8.201.503,18 | 1,78 |
| Fire (Bc) SPA FRN Sen Reg S 18/30.09.24 | EUR | 1.190.000 | 1.129.263,05 | 0,24 |
| Rossini Sàrl 6.75% Sen Reg S 18/30.10.25 | EUR | 6.000.000 | 6.312.690,00 | 1,37 |
| International Design Gr S.p.A. 6.5% Sen Reg S 18/15.11.25 | EUR | 4.930.000 | 5.085.232,01 | 1,10 |
| Playtech Plc 4.25% Sen Reg S 19/07.03.26 | EUR | 6.055.000 | 6.068.948,88 | 1,31 |
| Sappi Papier Holdings GmbH 3.125% Sen Reg S 19/15.04.26 | EUR | 1.411.000 | 1.364.874,61 | 0,30 |

| Denominación de los valores | Divisa | Cantidad o nominal | Valor bursátil | % patrimonio neto |
| --- | --- | --- | --- | --- |
| Faurecia SE 3.125% Sen Reg S 19/15.06.26 | EUR | 6.510.000 | 6.270.769,25 | 1,36 |
| Prime Sec Serv Bor LLC Fin Inc 5.75% 144A 19/15.04.26 | USD | 1.300.000 | 1.184.059,26 | 0,26 |
| Loxam 2.875% Sen Reg S 19/15.04.26 | EUR | 2.550.000 | 2.469.253,90 | 0,53 |
| INEOS Finance Plc 2.875% Sen Reg S 19/01.05.26 | EUR | 5.113.000 | 4.919.210,91 | 1,07 |
| Fnac Darty SA 2.625% Sen Reg S 19/30.05.26 | EUR | 2.310.000 | 2.341.881,85 | 0,51 |
| William Hill Plc 4.75% Sen Reg S19/01.05.26 | GBP | 2.300.000 | 2.791.593,25 | 0,60 |
| Eircom Finance DAC 3.5% Sen Reg S 19/15.05.26 | EUR | 6.820.000 | 6.804.476,92 | 1,47 |
| United Group BV FRN Sen Reg S 19/15.05.25 | EUR | 10.550.000 | 10.505.633,64 | 2,30 |
| IHO Verwaltungs GmbH 3.625% Sen Reg S 19/15.05.25 | EUR | 6.840.458 | 6.844.880,55 | 1,48 |
| Intl Game Technology Plc 3.5% Sen Reg S 19/15.06.26 | EUR | 4.865.000 | 4.938.983,14 | 1,07 |
| Ford Motor Cred Co LLC 2.386% Sen 19/17.02.26 | EUR | 4.970.000 | 4.881.668,26 | 1,06 |
| Diocle SpA FRN Sen Reg S 19/30.06.26 | EUR | 4.033.153,11865 | 4.012.013,87 | 0,87 |
| Loxam Module SAS 3.25% Sen Reg S 19/14.01.25 | EUR | 3.000.000 | 2.956.815,83 | 0,64 |
| Matterhorn Telecom SA 2.625% Sen Reg S 19/15.09.24 | EUR | 1.867.000 | 1.870.128,00 | 0,40 |
| Altice France SA 2.5% Sen Reg S 19/15.01.25 | EUR | 4.622.000 | 4.495.431,67 | 0,97 |
| OI European Group BV 2.875% Sen Reg S /15.02.25 | EUR | 5.400.000 | 5.301.521,25 | 1,15 |
| Jaguar Land Rover Automoti Plc 5.875% Sen Reg S 19/15.11.24 | EUR | 3.189.000 | 3.309.110,58 | 0,72 |
| Altice Financing SA 2.25% Sen Rg S 20/15.01.25 | EUR | 6.800.000 | 6.512.411,00 | 1,41 |
| Stena Intl SA 3.75% 20/01.02.25 | EUR | 1.553.000 | 1.498.726,53 | 0,32 |
| Banijay Group SAS 6.5% 20/01.03.26 | EUR | 1.000.000 | 1.005.318,33 | 0,22 |
| Q-Park I Holding BV 1.5% Sen Reg S 20/01.03.25 | EUR | 2.100.000 | 1.972.687,50 | 0,43 |
| Rubis Terminal Infra SAS 5.625% Sen Reg S 20/15.05.25 | EUR | 5.560.000 | 5.810.111,84 | 1,26 |
| Synthomer Plc 3.875% Reg S 20/01.07.25 | EUR | 2.820.000 | 2.849.216,38 | 0,62 |
| AMS OSRAM AG 6% 20/31.07.25 | EUR | 2.021.000 | 2.093.324,85 | 0,45 |
| Renk GmbH 5.75% Sen 20/15.07.25 | EUR | 4.586.000 | 4.655.423,12 | 1,01 |
| Parts Europe SA 6.5% Sen Reg S 20/16.07.25 | EUR | 6.010.000 | 6.275.965,87 | 1,36 |
| PLT VII Finance Sarl 4.625% Sen 20/05.01.26 | EUR | 4.963.000 | 4.953.417,96 | 1,07 |
| Gamma Bidco SpA 6.25% Sen Reg S 20/15.07.25 | EUR | 4.440.000 | 4.530.510,63 | 0,98 |
| Teva Pharmaceutical Fin II BV 6% 20/31.01.25 | EUR | 6.280.000 | 6.622.008,80 | 1,43 |
| El Corte Ingles SA 3.625% 20/15.03.24 | EUR | 4.400.000 | 4.543.540,66 | 0,98 |
| Oci NV 3.625% Sen Reg S 20/15.10.25 | EUR | 1.619.890,4 | 1.670.345,71 | 0,36 |
| CMA CGM 7.5% 20/15.01.26 | EUR | 2.463.000 | 2.699.419,26 | 0,58 |
| Getlink SE 3.5% 20/30.10.25 | EUR | 1.290.000 | 1.326.931,27 | 0,29 |
| Adevinta ASA 2.625% 20/15.11.25 | EUR | 3.800.000 | 3.804.884,58 | 0,82 |
| Avantor Funding Inc 2.625% 20/01.11.25 | EUR | 4.900.000 | 5.007.626,46 | 1,08 |
| Total Play Telecom SA De CV 7.5% Sen Reg S 20/12.11.25 | USD | 6.800.000 | 6.066.653,49 | 1,31 |
| ContourGlobal Power Hgs SA 2.75% 20/01.01.26 | EUR | 4.842.000 | 4.591.710,29 | 0,99 |
| Manutencoop Facility Mgt SpA 7.25% 21/01.02.26 | EUR | 3.944.000 | 4.145.607,42 | 0,90 |
| Ineos Quattro Fin 2 Plc 2.5% 21/15.01.26 | EUR | 6.230.000 | 5.906.341,12 | 1,28 |
| TechnipFMC Plc 6.5% 144A 21/01.02.26 | USD | 999.000 | 932.688,78 | 0,20 |
| TechnipFMC Plc 6.5% 21/01.02.26 | USD | 2.896.000 | 2.725.422,79 | 0,59 |
| Goldstory SAS 5.375% 21/01.03.26 | EUR | 5.733.000 | 5.762.278,91 | 1,25 |
| IPD 3 BV 5.5% 20/01.12.25 | EUR | 3.420.000 | 3.477.374,82 | 0,75 |
| Afflelou Sas 4.25% 21/19.05.26 | EUR | 2.224.000 | 2.203.284,06 | 0,48 |
| International Design Gr S.p.A. FRN 21/15.05.26 | EUR | 2.505.000 | 2.472.507,75 | 0,54 |
| Tereos Finance Groupe I 7.5% 20/30.10.25 | EUR | 3.739.000 | 3.994.984,40 | 0,87 |
| Coty Inc 3.875% 21/15.04.26 | EUR | 2.280.000 | 2.255.788,62 | 0,49 |
| Punch Finance Plc 6.125% 21/30.06.26 | GBP | 830.000 | 980.543,22 | 0,21 |
| Lion/Polaris Lux 4 SA FRN 21/01.07.26 | EUR | 1.945.000 | 1.935.551,62 | 0,42 |

| Denominación de los valores | Divisa | Cantidad o nominal | Valor bursátil | % patrimonio neto |
| --- | --- | --- | --- | --- |
| Commscope Finance LLC 6% 144A 19/01.03.26 | USD | 1.500.000 | 1.370.488,86 | 0,30 |
| Nustar Logistics LP 5.75% 20/01.10.25 | USD | 1.300.000 | 1.187.662,58 | 0,26 |
| TOTAL Obligaciones y valores equivalentes negociados en un mercado regulado o 348.126.513,03 | 75,38 |
| equivalente |  |
| Spie SAS 2.63% Sen 19/18.06.26 | EUR | 7.900.000 | 7.997.534,70 | 1,73 |
| IQVIA Inc 1.75% 21/15.03.26 | EUR | 1.099.000 | 1.072.326,35 | 0,23 |
| PCF GmbH 4.75% 21/15.04.26 | EUR | 3.606.000 | 3.538.923,39 | 0,77 |
| CT Investment GmbH 5.5% 21/15.04.26 | EUR | 4.389.000 | 4.381.316,81 | 0,95 |
| Picard Groupe 3.875% 21/01.07.26 | EUR | 8.229.000 | 8.071.514,08 | 1,75 |
| TOTAL Oblig. y valores equiv. no negociados en un mercado reg. |  |  | 25.061.615,33 | 5,43 |
| TOTAL Obligaciones y valores equivalentes |  |  | 373.188.128,36 | 80,81 |
| Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | EUR | 2.015.000 | 2.052.066,89 | 0,44 |
| Elis SA 2.875% EMTN Sen 18/15.02.26 | EUR | 2.500.000 | 2.543.077,05 | 0,55 |
| Gestamp Automocion 3.25% EMTN Sen Reg S 18/30.04.26 | EUR | 3.105.000 | 3.060.513,98 | 0,66 |
| Telecom Italia SpA 2.875% EMTN Sen Reg S 18/28.01.26 | EUR | 2.500.000 | 2.412.246,58 | 0,52 |
| ThyssenKrupp AG 2.875% EMTN Sen Reg S 19/22.02.24 | EUR | 3.950.000 | 3.946.521,84 | 0,85 |
| PPF Telecom Group BV 3.125% EMTN Sen Reg S 19/27.03.26 | EUR | 7.950.000 | 7.840.170,21 | 1,72 |
| Orano SA 3.375% EMTN Sen 19/23.04.26 | EUR | 6.300.000 | 6.659.245,85 | 1,44 |
| ZF Europe Finance BV 3% EMTN 20/21.09.25 | EUR | 3.900.000 | 3.890.746,85 | 0,84 |
| TOTAL Otros títulos de crédito |  |  | 32.404.589,25 | 7,02 |
| TOTAL Otros títulos de crédito |  |  | 32.404.589,25 | 7,02 |
| TOTAL Títulos de crédito |  |  | 32.404.589,25 | 7,02 |
| XS1814065345 040123 | EUR | 863.766 | 1.214,67 | 0,00 |
| XS1814065345 040123 | EUR | 450.164 | 773,72 | 0,00 |
| XS2242188261 040123 | EUR | 404.940 | 189,82 | 0,00 |
| XS2110768525 040123 | EUR | 1.700.660 | 797,18 | 0,00 |
| XS2195511006 040123 | EUR | 196.267,5 | 92,00 | 0,00 |
| XS2200172653 070123 | EUR | 1.272.960 | 358,02 | 0,00 |
| XS1991114858 250123 | EUR | 213.000 | 86,53 | 0,00 |
| XS2242188261 310123 | EUR | 142.857 | 58,04 | 0,00 |
| XS1699848914 310123 | EUR | 1.197.000 | 336,66 | 0,00 |
| XS2305742434 090223 | EUR | 873.180 | 245,58 | 0,00 |
| XS1814065345 110223 | EUR | 999.300 | 1.717,55 | 0,00 |
| XS1684813493 160223 | EUR | 2.007.787,5 | 3.137,17 | 0,00 |
| XS2244837162 220223 | EUR | 285.090,3 | 80,18 | 0,00 |
| XS2054539627 140323 | EUR | 2.768.585 | 276,86 | 0,00 |
| XS1964638107 280323 | EUR | 1.655.815,4 | 24,15 | 0,00 |
| TOTAL Operaciones temporales en valores |  |  | 9.388,13 | 0,00 |
| TOTAL Operaciones temporales en valores |  |  | 9.388,13 | 0,00 |
| TOTAL Créditos representativos de títulos cedidos en préstamo |  |  | 9.388,13 | 0,00 |
| XS1991114858 040123 | EUR | -745.790 | -744.570,58 | -0,16 |
| XS1991114858 040123 | EUR | -769.700 | -768.168,88 | -0,17 |
| XS1684813493 040123 | EUR | -515.000 | -512.595,41 | -0,11 |
| XS1684813493 040123 | EUR | -1.003.387,5 | -998.702,59 | -0,22 |
| FR0013318102 040123 | EUR | -216.500 | -215.854,48 | -0,05 |
| XS2195511006 040123 | EUR | -229.680,8 | -229.035,19 | -0,05 |
| XS1991114858 040123 | EUR | -479.250 | -478.466,39 | -0,10 |
| XS2195511006 040123 | EUR | -1.440.720 | -1.436.680,48 | -0,31 |
| XS2208646690 260123 | EUR | -300.150 | -299.395,20 | -0,06 |

| Denominación de los valores | Divisa | Cantidad o nominal | Valor bursátil | % patrimonio neto |
| --- | --- | --- | --- | --- |
| XS2112340679 040223 | EUR | -220.890 | -220.455,44 | -0,05 |
| XS2333301674 070223 | EUR | -229.600 | -229.090,63 | -0,05 |
| XS2336345140 090223 | EUR | -198.970 | -198.566,42 | -0,04 |
| XS2200172653 100223 | EUR | -1.205.940 | -1.201.761,02 | -0,26 |
| XS2344474320 100223 | EUR | -298.687,5 | -298.115,21 | -0,06 |
| XS2015218584 100223 | EUR | -471.741,62 | -470.770,78 | -0,10 |
| XS1991034825 150223 | EUR | -1.021.800 | -1.020.099,04 | -0,22 |
| XS1987729768 170223 | EUR | -264.550 | -263.713,27 | -0,06 |
| XS1969645255 170223 | EUR | -864.000 | -862.665,41 | -0,19 |
| XS1991034825 180223 | EUR | -1.019.200 | -1.017.735,81 | -0,22 |
| XS1766775545 020323 | EUR | -398.000 | -397.508,74 | -0,09 |
| XS2333301674 030323 | EUR | -199.380,4 | -199.087,16 | -0,04 |
| XS1735583095 040323 | EUR | -571.425 | -571.035,28 | -0,12 |
| XS2242188261 040323 | EUR | -284.050 | -283.721,07 | -0,06 |
| XS1735583095 040323 | EUR | -400.000 | -399.576,80 | -0,09 |
| XS2342910689 070323 | EUR | -231.000 | -230.798,99 | -0,05 |
| XS2305742434 080323 | EUR | -310.227,5 | -309.912,41 | -0,07 |
| XS1680281133 090323 | EUR | -269.890 | -269.681,40 | -0,06 |
| XS1813579593 090323 | EUR | -185.535 | -184.734,11 | -0,04 |
| XS1814065345 100323 | EUR | -732.260 | -730.781,20 | -0,16 |
| XS2274815369 140323 | EUR | -570.685 | -570.282,48 | -0,12 |
| XS1813579593 140323 | EUR | -385.035 | -384.808,26 | -0,08 |
| XS2112340679 140323 | EUR | -212.550 | -212.407,17 | -0,05 |
| XS2305742434 140323 | EUR | -303.000 | -302.831,80 | -0,07 |
| XS1551347393 150323 | EUR | -161.817,5 | -161.725,67 | -0,04 |
| XS2342910689 150323 | EUR | -442.935 | -442.683,63 | -0,10 |
| XS2274815369 160323 | EUR | -333.060 | -332.864,29 | -0,07 |
| XS1961852750 180323 | EUR | -969.950 | -969.289,90 | -0,21 |
| XS2052286676 180323 | EUR | -650.087,5 | -649.746,75 | -0,14 |
| XS2052286676 210323 | EUR | -327.180 | -327.025,65 | -0,07 |
| XS2107451069 210323 | EUR | -95.000 | -94.958,75 | -0,02 |
| XS1991114858 210323 | EUR | -901.845 | -901.487,19 | -0,20 |
| XS2031870921 220323 | EUR | -193.000 | -192.916,19 | -0,04 |
| XS1961852750 220323 | EUR | -419.385 | -419.167,20 | -0,09 |
| XS2342910689 220323 | EUR | -156.000 | -155.952,78 | -0,03 |
| XS2112340679 220323 | EUR | -716.205 | -715.976,29 | -0,16 |
| XS2112340679 230323 | EUR | -442.400 | -442.263,48 | -0,10 |
| XS2054539627 230323 | EUR | -333.680 | -333.591,63 | -0,07 |
| XS1963830002 230323 | EUR | -291.000 | -290.922,93 | -0,06 |
| XS1843437549 240323 | EUR | -734.400 | -734.187,39 | -0,16 |
| XS2200172653 250323 | EUR | -407.785 | -407.663,55 | -0,09 |
| XS2342910689 250323 | EUR | -311.452,5 | -311.411,31 | -0,07 |
| XS1713568811 250323 | EUR | -1.168.815 | -1.168.667,73 | -0,25 |
| XS1987729768 250323 | EUR | -506.250 | -506.122,93 | -0,11 |
| XS1843437549 290323 | EUR | -1.085.535 | -1.085.493,93 | -0,24 |
| XS2200172653 300323 | EUR | -504.000 | -504.000,00 | -0,11 |
| XS1991034825 300323 | EUR | -800.000 | -800.000,00 | -0,17 |
| XS2054539627 300323 | EUR | -755.625 | -755.625,00 | -0,16 |
| XS1956187550 290323 | EUR | -495.000 | -494.962,71 | -0,11 |

| Denominación de los valores | Divisa | Cantidad o nominal | Valor bursátil | % patrimonio neto |
| --- | --- | --- | --- | --- |
| TOTAL Operaciones temporales en valores |  | -29.712.315,98 | -6,43 |
| TOTAL Operaciones temporales en valores |  | -29.712.315,98 | -6,43 |
| Total Deudas representativas de títulos cedidos con pacto de recompra |  | -29.712.315,98 | -6,43 |
| TOTAL Operaciones temporales en valores |  | -29.702.927,85 | -6,43 |
| Aramark Intl Fin Sàrl 3.125% 17/01.04.25 | EUR | 1.300 | 20.312,50 | 0,00 |
| Fire (Bc) SPA FRN Sen Reg S 18/30.09.24 | EUR | 2.490 | 29.163,70 | 0,01 |
| Nustar Logistics LP 5.75% 20/01.10.25 | USD | 1.300 | 33.586,45 | 0,02 |
| TOTAL Cupones y dividendos |  | 83.062,65 | 0,03 |
| CPTN EONIA 0.00 0401 | EUR | -906.954,3 | -906.572,62 | -0,20 |
| CPTN EONIA 0.00 0401 | EUR | -472.672,2 | -472.473,28 | -0,10 |
| CPTN EONIA 0.00 0401 | EUR | -425.187 | -425.008,07 | -0,09 |
| CPTN EONIA 0.00 0401 | EUR | -1.785.693 | -1.784.941,52 | -0,39 |
| CPTN EONIA 0.00 0401 | EUR | -206.080,88 | -205.994,15 | -0,04 |
| CPTN EONIA 0.00 0701 | EUR | -1.336.608 | -1.336.045,51 | -0,29 |
| CPTN EONIA 0.00 2501 | EUR | -223.650 | -223.555,88 | -0,05 |
| CPTN EONIA 0.00 3101 | EUR | -149.999,85 | -149.936,73 | -0,03 |
| CPTN EONIA 0.00 3101 | EUR | -1.256.850 | -1.256.321,08 | -0,27 |
| CPTN EONIA 0.00 0202 | EUR | 0 | 63,41 | 0,00 |
| CPTN EONIA 0.00 0902 | EUR | -916.839 | -916.453,16 | -0,20 |
| CPTN EONIA 0.00 1102 | EUR | -1.049.265 | -1.048.823,43 | -0,23 |
| CPTN EONIA 0.00 1602 | EUR | -2.108.176,88 | -2.107.289,69 | -0,46 |
| CPTN EONIA 0.00 2202 | EUR | -299.344,82 | -299.218,85 | -0,06 |
| CPTN EONIA 0.00 1403 | EUR | -2.907.014,25 | -2.906.361,79 | -0,63 |
| CPTN EONIA 0.00 2803 | EUR | -1.738.606,17 | -1.738.557,39 | -0,38 |
| TOTAL Depósitos |  | -15.777.489,74 | -3,42 |
| Acreedores varios Títulos EUR | EUR | -3.528.817,75 | -3.528.817,75 | -0,76 |
| Acreedores varios S/R EUR | EUR | -467.147,49 | -467.147,49 | -0,10 |
| Deudores varios Títulos EUR | EUR | 1.242.146,72 | 1.242.146,72 | 0,26 |
| TOTAL Otros créditos y deudas |  | -2.753.818,52 | -0,60 |
| TOTAL Créditos y deudas |  | -18.448.245,61 | -3,99 |
| OddoCie - CHF | CHF | 4.718,62 | 4.608,28 | 0,00 |
| OddoCie - EUR | EUR | 13.252.985,36 | 13.252.985,36 | 2,88 |
| OddoCie - GBP | GBP | 6.759,4 | 7.999,76 | 0,00 |
| OddoCie - USD | USD | 18.362,7 | 16.501,35 | 0,00 |
| OddoCie - EUR | EUR | 1.448.339,87 | 1.448.339,87 | 0,31 |
| TOTAL Activos |  | 14.730.434,62 | 3,19 |
| H V/A CHF EUR 130422 | EUR | 17.840,98 | 17.840,98 | 0,00 |
| H V/A CHF EUR 130422 | CHF | -18.251 | -17.824,90 | 0,00 |
| V/A USD EUR 130422 | EUR | 20.328.943,22 | 20.328.943,22 | 4,40 |
| V/A USD EUR 130422 | USD | -22.350.000 | -20.079.280,34 | -4,35 |
| V/A GBP EUR 130422 | EUR | 7.532.538,07 | 7.532.538,07 | 1,63 |
| V/A GBP EUR 130422 | GBP | -6.330.000 | -7.489.056,80 | -1,62 |
| H A/V USD EUR 130422 | EUR | 440.000 | 395.296,79 | 0,09 |
| H A/V USD EUR 130422 | USD | -401.345,2 | -401.345,20 | -0,09 |
| H A/V USD EUR 130422 | EUR | 170000 | 152.728,31 | 0,03 |
| H A/V USD EUR 130422 | USD | -155.065,19 | -155.065,19 | -0,03 |
| H A/V CHF EUR 130422 | EUR | 780.000 | 761.789,63 | 0,16 |
| H A/V CHF EUR 130422 | CHF | -763.165,86 | -763.165,86 | -0,17 |

| Denominación de los valores | Divisa | Cantidad o nominal | Valor bursátil | % patrimonio neto |
| --- | --- | --- | --- | --- |
| H A/V CHF EUR 130422 | EUR | 1.076.000 | 1.050.879,02 | 0,23 |
| H A/V CHF EUR 130422 | CHF | -1.052.777,52 | -1.052.777,52 | -0,23 |
| V/A USD EUR 130422 | EUR | 1.369.405,57 | 1.369.405,57 | 0,30 |
| V/A USD EUR 130422 | USD | -1.514.625 | -1.360.741,83 | -0,29 |
| H A/V CHF EUR 130422 | EUR | 9.000 | 8.789,88 | 0,00 |
| H A/V CHF EUR 130422 | CHF | -8.776,96 | -8.776,96 | 0,00 |
| H A/V CHF EUR 130422 | EUR | 12.000 | 11.719,84 | 0,00 |
| H A/V CHF EUR 130422 | CHF | -11.702,61 | -11.702,61 | 0,00 |
| H A/V USD EUR 130422 | EUR | 5.000 | 4.492,01 | 0,00 |
| H A/V USD EUR 130422 | USD | -4.554,78 | -4.554,78 | 0,00 |
| H A/V USD EUR 130422 | EUR | 2.000 | 1.796,80 | 0,00 |
| H A/V USD EUR 130422 | USD | -1.821,91 | -1.821,91 | 0,00 |
| TOTAL Operaciones a plazo |  |  | 290.106,22 | 0,06 |
| TERM FIX 0.00 010422 | EUR | 45.500.000 | 45.500.000,00 | 9,85 |
| TOTAL Depósitos a plazo |  |  | 45.500.000,00 | 9,85 |
| ADM OTC - SOGENE EUR | EUR | 90.000 | 90.000,00 | 0,02 |
| ADM OTC - JPMORG EUR | EUR | -180.000 | -180.000,00 | -0,04 |
| TOTAL Otro efectivo |  |  | -90.000,00 | -0,02 |
| TOTAL Efectivo |  |  | 60.430.540,84 | 13,08 |
| Comisión de gestión | CHF | -1.605,88 | -1.568,34 | 0,00 |
| Comisión de gestión | EUR | -355.864,33 | -355.864,33 | -0,08 |
| Comisión de gestión | USD | -446,28 | -401,04 | 0,00 |
| Comisión de rentabilidad | CHF | -1.266,5 | -1.236,89 | 0,00 |
| Comisión de rentabilidad | EUR | -19.922,61 | -19.922,61 | 0,00 |
| TOTAL Gastos |  |  | -378.993,21 | -0,08 |
| TOTAL Gastos |  |  | -378.993,21 | -0,08 |
| TOTAL Gastos |  |  | -378.993,21 | -0,08 |
| TOTAL Tesorería |  |  | 41.603.302,02 | 9,01 |
| Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | EUR | 2.745.000 | 2.795.495,59 | 0,61 |
| Banijay Entertainment SAS 3.5% Sen Reg S 20/01.03.25 | EUR | 1.606.000 | 1.606.430,94 | 0,35 |
| RCS & RDS SA 2.5% Sen Reg S 20/05.02.25 | EUR | 100.000 | 96.198,72 | 0,02 |
| Jaguar Land Rover Automoti Plc 2.2% 17/15.01.24 | EUR | 169.000 | 163.633,87 | 0,04 |
| Kronos Intl Inc 3.75% Sen Reg S 17/15.09.25 | EUR | 274.000 | 267.007,29 | 0,06 |
| Energia Group ROI Hgs DAC 4% Sen Reg S 17/15.09.25 | EUR | 1.491.000 | 1.426.381,72 | 0,31 |
| Constellium SE 4.25% Sen Reg S 17/15.02.26 | EUR | 1.163.000 | 1.168.925,16 | 0,25 |
| Platin 1425 GmbH 5.375% Sen Reg S 17/15.06.23 | EUR | 970.000 | 973.709,57 | 0,21 |
| Scientific Games Intl Inc 3.375% Sen Reg S 18/15.02.26 | EUR | 400.000 | 407.161,50 | 0,09 |
| Elis SA 2.875% EMTN Sen 18/15.02.26 | EUR | 200.000 | 203.446,16 | 0,04 |
| Gestamp Automocion 3.25% EMTN Sen Reg S 18/30.04.26 | EUR | 779.000 | 767.839,09 | 0,17 |
| Darling Global Fin BV 3.625% Sen Reg S 18/15.05.26 | EUR | 572.000 | 582.803,09 | 0,13 |
| Playtech Plc 4.25% Sen Reg S 19/07.03.26 | EUR | 495.000 | 496.140,33 | 0,11 |
| Sappi Papier Holdings GmbH 3.125% Sen Reg S 19/15.04.26 | EUR | 1.459.000 | 1.411.305,49 | 0,31 |
| Faurecia SE 3.125% Sen Reg S 19/15.06.26 | EUR | 300.000 | 288.975,54 | 0,06 |
| PPF Telecom Group BV 3.125% EMTN Sen Reg S 19/27.03.26 | EUR | 800.000 | 788.947,95 | 0,17 |
| INEOS Finance Plc 2.875% Sen Reg S 19/01.05.26 | EUR | 1.887.000 | 1.815.480,34 | 0,39 |
| Fnac Darty SA 2.625% Sen Reg S 19/30.05.26 | EUR | 760.000 | 770.489,26 | 0,17 |
| Eircom Finance DAC 3.5% Sen Reg S 19/15.05.26 | EUR | 2.880.000 | 2.873.444,79 | 0,62 |
| Diocle SpA FRN Sen Reg S 19/30.06.26 | EUR | 468.229,9 | 465.775,73 | 0,10 |

| Denominación de los valores | Divisa | Cantidad o nominal | Valor bursátil | % patrimonio neto |
| --- | --- | --- | --- | --- |
| Loxam Module SAS 3.25% Sen Reg S 19/14.01.25 | EUR | 200.000 | 197.121,06 | 0,04 |
| Matterhorn Telecom SA 2.625% Sen Reg S 19/15.09.24 | EUR | 983.000 | 984.646,94 | 0,21 |
| Altice France SA 2.5% Sen Reg S 19/15.01.25 | EUR | 1.119.000 | 1.088.357,43 | 0,24 |
| AMS OSRAM AG 6% 20/31.07.25 | EUR | 1.546.000 | 1.601.326,18 | 0,35 |
| PLT VII Finance Sarl 4.625% Sen 20/05.01.26 | EUR | 2.143.000 | 2.138.862,52 | 0,46 |
| Gamma Bidco SpA 6.25% Sen Reg S 20/15.07.25 | EUR | 290.000 | 295.911,73 | 0,06 |
| CMA CGM 7.5% 20/15.01.26 | EUR | 260.000 | 284.956,97 | 0,06 |
| ContourGlobal Power Hgs SA 2.75% 20/01.01.26 | EUR | 988.000 | 936.928,91 | 0,20 |
| IQVIA Inc 1.75% 21/15.03.26 | EUR | 619.000 | 603.976,35 | 0,13 |
| PCF GmbH 4.75% 21/15.04.26 | EUR | 424.000 | 416.113,01 | 0,09 |
| CT Investment GmbH 5.5% 21/15.04.26 | EUR | 197.000 | 196.655,14 | 0,04 |
| Afflelou Sas 4.25% 21/19.05.26 | EUR | 1.176.000 | 1.165.045,88 | 0,25 |
| International Design Gr S.p.A. FRN 21/15.05.26 | EUR | 295.000 | 291.173,57 | 0,06 |
| TOTAL Títulos cedidos con pacto de recompra |  |  | 29.570.667,82 | 6,40 |
| TOTAL Operaciones contractuales de compra |  |  | 29.570.667,82 | 6,40 |
| Panther BF Agg 2 LP Fin Co Inc 4.375% Sen Reg S 19/15.05.26 | EUR | 1.643.000 | 1.649.066,55 | 0,36 |
| Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | EUR | 200.000 | 203.679,10 | 0,04 |
| Energia Group ROI Hgs DAC 4% Sen Reg S 17/15.09.25 | EUR | 1.983.000 | 1.897.058,98 | 0,41 |
| Dufry One BV 2.5% Sen Reg S 17/15.10.24 | EUR | 1.200.000 | 1.180.039,33 | 0,26 |
| Gestamp Automocion 3.25% EMTN Sen Reg S 18/30.04.26 | EUR | 2.286.000 | 2.253.247,97 | 0,49 |
| Altice France SA 2.5% Sen Reg S 19/15.01.25 | EUR | 2.869.000 | 2.790.435,62 | 0,60 |
| Stena Intl SA 3.75% 20/01.02.25 | EUR | 1.688.000 | 1.629.008,62 | 0,35 |
| AMS OSRAM AG 6% 20/31.07.25 | EUR | 183.000 | 189.548,96 | 0,04 |
| PLT VII Finance Sarl 4.625% Sen 20/05.01.26 | EUR | 1.224.000 | 1.221.636,83 | 0,26 |
| CMA CGM 7.5% 20/15.01.26 | EUR | 527.000 | 577.585,85 | 0,13 |
| IQVIA Inc 1.75% 21/15.03.26 | EUR | 882.000 | 860.593,13 | 0,19 |
| Tereos Finance Groupe I 7.5% 20/30.10.25 | EUR | 261.000 | 278.868,93 | 0,06 |
| TOTAL Préstamos de valores |  |  | 14.730.769,87 | 3,19 |
| TOTAL Operaciones contractuales de venta |  |  | 14.730.769,87 | 3,19 |
| TOTAL Operaciones contractuales |  |  | 44.301.437,69 | 9,59 |
| TOTAL PATRIMONIO NETO |  |  | 461.794.529,47 | 100,00 |


## ANEXO: Informe sobre la remuneración con arreglo a la Directiva UCITS V
- 
### Elementos cuantitativos

|  | Remuneración fija | Remuneración variable (*) | Número de beneficiarios (**) |
| --- | --- | --- | --- |
| Cuantía total de la remuneración pagada de enero a diciembre de 2021 | 10.009.368 | 14.517.528 | 165 |

(*) Remuneración variable atribuida durante el año 2021
(**) Por «beneficiarios» se entienden los empleados de OBAM que recibieron una remuneración en 2021 (en virtud de contratos permanentes/temporales, contratos de aprendizaje profesional y periodos de prácticas o empleados en sucursales en el extranjero).
|  | Cargos directivos | Número de beneficiarios | Miembros del personal que tienen una incidencia en el perfil de riesgo del OICVM | Número	de beneficiarios |
| --- | --- | --- | --- | --- |
| Cuantía total de la remuneración pagada durante el ejercicio 2021 (desglosada en remuneración fija y variable*) | 3.138.252 | 6 | 16.574.085 | 44 |

(*) Remuneración variable correspondiente al año 2021 abonada en 2022 y años sucesivos
- 
### Elementos cualitativos
	- Remuneración fijaLa remuneración fija se determina de manera discrecional en función de la evolución del mercado, lo que nos permite cumplir nuestros objetivos de contratación de personal cualificado y operativo.

- Remuneración variableDe conformidad con las directivas AIFM 2011/61/UE y UCITS V 2014/91/UE, ODDO BHF Asset Management SAS («OBAM SAS») ha adoptado una política de remuneración destinada a identificar y describir las modalidades de implementación de la política de remuneración variable y, sobre todo, la identificación de las personas pertinentes, la determinación del gobierno corporativo, el comité de remuneraciones y los procedimientos de pago de la remuneración variable.

La remuneración variable abonada en el seno de la Sociedad gestora se determina principalmente de manera discrecional. Por lo tanto, cuando se puede estimar con un cierto grado de exactitud el resultado del ejercicio en curso (a mediados de noviembre), se establece un presupuesto para la remuneración variable y se solicita a varios gestores que, en colaboración con el departamento de RR. HH. del Grupo, formulen recomendaciones sobre cómo asignar dicho presupuesto entre los empleados.
Este proceso representa la continuación del proceso de entrevista de evaluación, que ofrece a los gestores la oportunidad de conversar con cada empleado acerca de la calidad de su desempeño profesional durante el año en curso (tomando como referencia los objetivos previamente fijados) y establecer las metas para el año siguiente. Esta evaluación incluye una apreciación sumamente objetiva sobre el modo en que se llevan a cabo las tareas (objetivos cuantitativos, negocios generados o el puesto que ocupa la gestión en un marco de clasificación específico, las comisiones de rentabilidad generadas por el fondo gestionado), así como una apreciación de índole cualitativa (comportamiento del empleado durante el ejercicio).
Cabe reseñar que algunos gestores pueden recibir un porcentaje de las comisiones de rentabilidad percibidas por OBAM SAS como parte de su remuneración variable. No obstante, el importe abonado a cada gestor se determina con arreglo al proceso detallado con anterioridad, y no existe ninguna fórmula contractual específica para la asignación o el pago de las comisiones de rentabilidad.
El conjunto de empleados de OBAM SAS se inscribe en el marco de aplicación de la política de remuneración que se describe a continuación, incluidos los asalariados que pueden ejercer sus funciones fuera de Francia.
- 
### Casos concretos del personal que asume riesgos y la remuneración variable diferida
	- Responsables de asumir riesgosOBAM SAS determinará anualmente qué personas cumplen los requisitos para ser consideradas «responsables de asumir riesgos» de conformidad con la normativa. La lista de estos colaboradores considerados responsables de asumir riesgos se remitirá al comité de remuneraciones y se transmitirá al órgano de dirección.

- Remuneración variable diferida.

OBAM SAS ha fijado en 100.000 EUR el umbral de proporcionalidad y de activación del pago de una parte de la remuneración variable de forma diferida.
Por lo tanto, los colaboradores (ya sean responsables de asumir riesgos o no) que tengan derecho a una remuneración variable inferior a dicho umbral de 100.000 EUR recibirán su remuneración variable de forma inmediata. En cambio, los colaboradores considerados responsables de asumir riesgos que tengan derecho a una remuneración variable superior a 100.000 EUR recibirán obligatoriamente una parte de esa remuneración variable de forma diferida, con arreglo a las modalidades definidas a continuación. A fin de garantizar la coherencia en el seno de OBAM SAS, se ha decidido aplicar al conjunto de los colaboradores de la Sociedad, ya sean responsables de asumir riesgos o no, los mismos procedimientos de pago de la remuneración variable. Así pues, los colaboradores no considerados responsables de asumir riesgos que tengan derecho a una remuneración variable superior a 100.000 EUR recibirán una parte de esa remuneración variable de forma diferida, con arreglo a las modalidades definidas a continuación.
La remuneración diferida ascenderá al 40% del total de la remuneración variable, a partir de 1 EUR. La herramienta de indexación que se describe más abajo se aplicará al total de esa parte diferida.
Por lo que respecta a la indexación de la remuneración diferida, de conformidad con los compromisos asumidos por OBAM SAS, las provisiones vinculadas a la parte diferida de la remuneración variable se calcularán con una herramienta establecida por OBAM SAS. Esta herramienta consistirá en una cartera compuesta por fondos emblemáticos de cada una de las estrategias de gestión de OBAM.
Esta indexación no tendrá ni un nivel máximo ni un nivel mínimo. Por consiguiente, el importe de las provisiones para la remuneración variable fluctuará en función de la rentabilidad superior o inferior del fondo representativo de la gama de OBAM SAS con respecto al índice de referencia, si lo hubiera. En ausencia de índice de referencia, se tendrá en cuenta la rentabilidad absoluta.
- 
### Cambios introducidos en la política de remuneración durante el ejercicio analizado

El órgano de dirección de la Sociedad gestora se reunió el 22 de diciembre de 2021 con el fin de revisar los principios generales de la política de remuneración en presencia del equipo de cumplimiento y, en concreto, las modalidades de cálculo de la remuneración variable indexada (composición de la cesta de indexación).
No se han introducido cambios importantes en la política de remuneración a lo largo del año pasado.
Esta política está disponible en el sitio web de la Sociedad gestora (apartado sobre información reglamentaria).