# ODDO BHF
## Sustainable Euro Corporate Bond (formerly Euro
Corporate Bond)

##### Financial Statements as at 31.10.2021
Statement of net assets as at 31.10.2021
Expressed in EUR
| Assets |  | 574,781,357 |
| --- | --- | --- |
| Investments at market value | Note 2b | 541,578,105 |
| Acquisition cost |  | 539,776,745 |
| Cash at bank |  | 23,790,902 |
| Margin deposits |  | 1,203,589 |
| Interest receivable |  | 3,934,789 |
| Receivable on sale of investments |  | 2,809,361 |
| Receivable on subscriptions |  | 1,464,611 |
| Liabilities |  | 21,731,903 |
| Bank overdrafts |  | 759,044 |
| Interest payable on swap contracts |  | 150,000 |
| Payable on purchase of investments |  | 4,340,934 |
| Payable on redemptions |  | 12,543,411 |
| Net unrealised loss on financial futures contracts | Note 2e | 689,120 |
| Unrealised loss on swaps contracts | Note 2e | 3,013,200 |
| Investment management and domiciliary, administrative and transfer agency fees payable Other liabilities |  | 210,887 25,307 |
| Net asset value |  | 553,049,454 |

Changes in number of shares outstanding from 01.11.2020 to 31.10.2021
|  | Shares outstanding as at 01.11.2020 | Shares subscribed | Shares redeemed | Shares outstanding as at 31.10.2021 |
| --- | --- | --- | --- | --- |
| I Shares EUR - Capitalisation | 2,883,412.38 | 2,449,303.27 | 1,749,428.80 | 3,583,286.85 |
| I Shares EUR - Distribution | 7,587,474.71 | 6,378,083.00 | 2,270.00 | 13,963,287.71 |
| R Shares EUR - Capitalisation | 735,427.57 | 205,194.60 | 406,725.49 | 533,896.68 |
| N Shares EUR - Capitalisation | 363,288.39 | 178,792.71 | 174,651.39 | 367,429.71 |
| P Shares EUR - Distribution | 19,404,749.80 | 1,145,453.00 | 8,634,834.00 | 11,915,368.80 |
| R Shares EUR - Distribution | 236,977.06 | 4,972.52 | 12,670.65 | 229,278.93 |
| oN Shares EUR - Capitalisation | 0.00 | 1,033,065.00 | 82,603.00 | 950,462.00 |

| Year ended as at: | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| --- | --- | --- | --- |
| EUR | 553,049,454 | 451,613,073 | 496,761,897 |

Statistics
Total Net Assets
| I Shares EUR - Capitalisation Number of shares |  | 3,583,286.85 | 2,883,412.38 | 3,785,681.89 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 21.52 | 21.24 | 21.13 |
| I Shares EUR - Distribution Number of shares |  | 13,963,287.71 | 7,587,474.71 | 4,651,032.81 |
| Net asset value per share | EUR | 12.32 | 12.27 | 12.35 |
| Dividend per share |  | 0.1118 | 0.1446 | 0.1478 |
| R Shares EUR - Capitalisation Number of shares |  | 533,896.68 | 735,427.57 | 225,471.68 |
| Net asset value per share | EUR | 18.97 | 18.80 | 18.81 |
| N Shares EUR - Capitalisation Number of shares |  | 367,429.71 | 363,288.39 | 263,210.62 |
| Net asset value per share | EUR | 105.44 | 104.28 | 104.02 |
| P Shares EUR - Distribution Number of shares |  | 11,915,368.80 | 19,404,749.80 | 25,441,174.80 |
| Net asset value per share | EUR | 11.44 | 11.38 | 11.46 |
| Dividend per share |  | 0.1202 | 0.1507 | 0.1537 |
| R Shares EUR - Distribution Number of shares |  | 229,278.93 | 236,977.06 | 343,634.74 |
| Net asset value per share | EUR | 104.70 | 104.25 | 104.98 |
| Dividend per share |  | 0.4495 | 0.7317 | 0.1542 |
| oN Shares EUR - Capitalisation Number of shares |  | 950,462.00 | - | - |
| Net asset value per share | EUR | 99.66 | - | - |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and / or dealt in
Acquisition cost
Market value
% of net assets
on another regulated market
539,776,745
541,578,105	97.93
| Bonds |  | 403,957,461 | 405,040,286 | 73.24 |
| --- | --- | --- | --- | --- |
|  | Luxembourg | 28,697,035 | 28,537,812 | 5.16 |
| 2,700,000 AROUNDTOWN SA 0 20-26 16/12A | EUR | 2,654,035 | 2,619,540 | 0.47 |
| 2,000,000 AROUNDTOWN SA 1.45 19-28 09/07A | EUR | 2,059,020 | 2,050,680 | 0.37 |
| 2,900,000 AROUNDTOWN SA 1.625  18-28 31/01A | EUR | 3,058,505 | 3,009,432 | 0.54 |
| 900,000 CPI PROPERTY GROUP  4.875 19-XX 16/10A | EUR | 929,979 | 932,022 | 0.17 |
| 2,300,000 CPI PROPERTY GROUP 1.625 19-27 23/04A | EUR | 2,372,482 | 2,360,099 | 0.43 |
| 2,968,000 CPI PROPERTY GROUP S 2.75 20-26 12/05A | EUR | 3,114,722 | 3,203,169 | 0.59 |
| 1,705,000 CZECH GAS NETWORKS  0.45 21-29 08/09A | EUR | 1,704,062 | 1,675,759 | 0.30 |
| 1,539,000 CZECH GAS NETWORKS I 0.875 21-31 31/03A | EUR | 1,536,076 | 1,525,472 | 0.28 |
| 1,400,000 DH EUROPE FIN 0.75 19-31 18/09A | EUR | 1,443,435 | 1,388,233 | 0.25 |
| 2,100,000 LOGICOR FINANCING S. 0.875 21-31 14/01A | EUR | 2,067,097 | 1,998,644 | 0.36 |
| 2,100,000 LOGICOR FINANCING SA 2.25 18-25 13/05A | EUR | 2,273,341 | 2,226,252 | 0.40 |
| 800,000 MEDTRONIC GLOBAL	1.1250 19-27 07/03A | EUR | 819,157 | 833,688 | 0.15 |
| 2,339,000 MEDTRONIC GLOBAL HOLD 0.0 20-25 15/10A | EUR | 2,323,609 | 2,326,510 | 0.42 |
| 975,000 NESTLE FINANCE INTER 1.5 20-30 01/04A | EUR | 1,015,797 | 1,065,509 | 0.19 |
| 1,321,000 SES SA 0.875 19-27 04/11A | EUR | 1,325,718 | 1,322,803 | 0.24 |
| France |  | 61,913,740 | 62,032,632 | 11.22 |
| 1,800,000 ALSTOM SA 0.25 19-26 14/10A | EUR | 1,753,954 | 1,791,297 | 0.32 |
| 1,800,000 ALSTOM SA 0.5 21-30 27/07A | EUR | 1,799,642 | 1,765,737 | 0.32 |
| 3,100,000 AXA SA 4.50 16-XX 15/03S | USD | 2,678,859 | 2,703,997 | 0.49 |
| 2,900,000 BANQUE FEDERATIVE DU 0.625 21-28 03/06A | EUR | 2,902,745 | 2,884,963 | 0.53 |
| 2,000,000 BANQUE FEDERATIVE DU 0.75 20-30 17/01A | EUR | 1,994,380 | 1,993,990 | 0.36 |
| 1,200,000 BFCM 0.75 18-25 17/07A | EUR | 1,187,421 | 1,228,014 | 0.22 |
| 1,400,000 BNP PARIBAS SA 1.125 20-29 17/04A | EUR | 1,399,210 | 1,429,162 | 0.26 |
| 2,600,000 BNP PARIBAS 1.00 17-24 29/11A | EUR | 2,584,545 | 2,652,376 | 0.48 |
| 2,300,000 BNP PARIBAS 2.375 15-25 17/02A | EUR | 2,483,416 | 2,452,697 | 0.44 |
| 1,100,000 BPCE 0.625 19-24 26/09A | EUR | 1,098,075 | 1,117,683 | 0.20 |
| 2,200,000 BPCE 1.0 19-25 01/04A | EUR | 2,223,152 | 2,257,728 | 0.41 |
| 1,800,000 BPCE S.A. 0.01 21-27 14/01A | EUR | 1,773,792 | 1,769,976 | 0.32 |
| 1,900,000 BPCE S.A. 0.25 21-31 14/01A | EUR | 1,886,869 | 1,821,910 | 0.33 |
| 1,000,000 CARREFOUR SA 2.625 20-27 01/04A | EUR | 1,124,850 | 1,125,380 | 0.20 |
| 1,500,000 CNP ASSURANCES 1.875 16-22 20/10A | EUR | 1,508,204 | 1,527,375 | 0.28 |
| 1,400,000 COVIVIO SA 1.625 20-30 23/06A | EUR | 1,460,374 | 1,493,842 | 0.27 |
| 1,200,000 CREDIT MUTUEL ARKEA 0.875 20-27 07/05A | EUR | 1,195,548 | 1,232,058 | 0.22 |
| 1,000,000 FRANCE 1.75 12-23 25/05A | EUR | 1,040,270 | 1,037,085 | 0.19 |
| 900,000 GIE PSA TRESORIE	6.00 03-33 19/09A | EUR | 1,309,493 | 1,331,519 | 0.24 |
| 1,200,000 GROUPAMA SA 3.375 18-28 24/09A | EUR | 1,366,678 | 1,349,616 | 0.24 |
| 1,500,000 ICADE SANTE SAS	0.875 19-29 04/11A | EUR | 1,544,250 | 1,485,203 | 0.27 |
| 2,000,000 ICADE SANTE SAS 1.375 20-30 17/09A | EUR | 2,028,160 | 2,051,850 | 0.37 |
| 1,200,000 KERING SA 0.75 20-28 13/05A | EUR | 1,193,148 | 1,235,922 | 0.22 |
| 3,500,000 MUTUELLE ASSURANCE D 0.625 21-27 21/06A | EUR | 3,489,299 | 3,437,262 | 0.63 |
| 1,800,000 PERNOD RICARD SA 1.50 16-26 18/05A | EUR | 1,889,252 | 1,906,479 | 0.34 |
| 1,700,000 PEUGEOT SA	2  18-25 20/03A | EUR | 1,811,527 | 1,788,341 | 0.32 |
| 1,300,000 PSA BANQUE FRAN	0.7500 18-23 19/04A | EUR | 1,294,874 | 1,316,380 | 0.24 |
| 900,000 PSA BANQUE FRANCE 0 21-25 22/01A | EUR | 899,532 | 895,091 | 0.16 |
| 2,400,000 SOCIETE GENERALE SA 0.5 21-29 12/01A | EUR | 2,338,880 | 2,339,916 | 0.42 |
| 1,000,000 SODEXO 1 20-29 27/04A | EUR | 989,530 | 1,039,895 | 0.19 |
| 1,500,000 UNIBAIL-RODAMCO-WEST 1.375 20-31 04/12A | EUR | 1,520,808 | 1,522,635 | 0.28 |
| 1,900,000 VALEO SE 1 21-28 03/08A | EUR | 1,900,609 | 1,830,470 | 0.33 |
| 900,000 VEOLIA ENVIRONNEMENT 0.664 20-31 15/01A | EUR | 900,000 | 901,499 | 0.16 |
| 1,300,000 VEOLIA ENVIRONNEMENT 1.25 20-28 15/04A | EUR | 1,348,923 | 1,371,565 | 0.25 |
| 3,000,000 WENDEL	2.75 14-24 10/02A | EUR | 3,291,497 | 3,213,164 | 0.59 |
| 700,000 WENDEL SA	1.3750 19-26 26/04A | EUR | 701,974 | 730,555 | 0.13 |
| United Kingdom |  | 29,907,535 | 29,914,439 | 5.41 |
| 1,900,000 BP CAPITAL MARKETS PL 1.231 19-31 08/05A | EUR | 1,988,471 | 1,962,719 | 0.35 |
| 1,455,000 BRITISH TELECOM	1.75 16-26 10/03A | EUR | 1,566,593 | 1,520,730 | 0.27 |
| 1,500,000 CREDIT AGRICOLE 1.75 19-29 05/03A | EUR | 1,548,120 | 1,610,453 | 0.29 |
| 550,000 DIAGEO FINANCE PLC 2.5 20-32 27/03A | EUR | 680,075 | 647,897 | 0.12 |
| 2,600,000 ITV PLC	1.375 19-20 26/09A | EUR | 2,724,184 | 2,684,487 | 0.49 |
| 500,000 LLOYDS BANKING GR 1.00 16-23 09/11A | EUR | 478,750 | 511,268 | 0.09 |
| 5,000,000 MONDI FINANCE	1.50 16-24 15/04A | EUR | 5,185,089 | 5,165,149 | 0.94 |
| 1,836,000 MONDI FINANCE P	1.6250 18-26 27/04A | EUR | 1,879,047 | 1,939,826 | 0.35 |
| 1,050,000 NATIONAL GRID ELECTR 0.823 20-32 07/07A | EUR | 1,050,847 | 1,047,464 | 0.19 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 2,400,000 SSE PLC 1.75 20-30 16/04A | EUR | 2,599,440 | 2,566,692 | 0.46 |
| --- | --- | --- | --- | --- |
| 1,700,000 UBS AG LONDON BRANCH 0.5 21-31 31/03A | EUR | 1,726,425 | 1,674,883 | 0.30 |
| 1,175,000 VODAFONE GROUP	2.20 16-26 25/08A | EUR | 1,238,557 | 1,282,765 | 0.23 |
| 2,600,000 VODAFONE GROUP PLC  7.875 00-30 15/02 | USD | 3,080,864 | 3,158,363 | 0.58 |
| 1,400,000 VODAFONE GROUP 1.125 17-25 20/11A | EUR | 1,476,132 | 1,452,108 | 0.26 |
| 2,600,000 VODAFONE GROUP 3.1 18-79 03/01A | EUR | 2,684,941 | 2,689,635 | 0.49 |
| The Netherlands |  | 66,205,495 | 66,764,345 | 12.06 |
| 1,000,000 ABN AMRO BANK 4.375 20-XX 22/09S | EUR | 1,003,733 | 1,070,035 | 0.19 |
| 1,200,000 ABN AMRO BANK NV 1.25 20-25 28/05A | EUR | 1,198,320 | 1,244,436 | 0.23 |
| 700,000 ALLIANZ FINANCE II B 0.5 20-31 14/01A | EUR | 694,862 | 706,293 | 0.13 |
| 1,000,000 ASML HOLDING NV 0.625 20-29 07/05A | EUR | 996,830 | 1,019,420 | 0.18 |
| 900,000 CRH FUNDING B.V. 1.625 20-30 05/05A | EUR | 901,845 | 973,899 | 0.18 |
| 2,400,000 DANFOSS FINANCE I B. 0.375 21-28 28/04A | EUR | 2,386,916 | 2,358,420 | 0.43 |
| 1,736,000 DANFOSS FINANCE II B 0.75 21-31 28/04A | EUR | 1,742,555 | 1,713,371 | 0.31 |
| 1,004,000 DSV PANALPINA FINANC 0.75 21-33 05/07A | EUR | 994,753 | 990,833 | 0.18 |
| 1,000,000 EDP FINANCE 0.375 19-26 16/09A | EUR | 1,004,440 | 1,003,795 | 0.18 |
| 1,000,000 EDP FINANCE 1.875 18-25 12/10A | EUR | 1,064,500 | 1,067,270 | 0.19 |
| 2,044,000 ENEL FINANCE IN	0.8750 21-34 28/09A | EUR | 2,034,025 | 2,004,541 | 0.36 |
| 3,200,000 ENEL FINANCE INTL  4.875 18-29 14/06S | USD | 3,161,715 | 3,284,116 | 0.58 |
| 5,500,000 ESSITY CAPITAL BV  0.25 21-29 15/09A | EUR | 5,465,296 | 5,355,872 | 0.96 |
| 2,102,000 HEIMSTADEN BOST	0.7500 21-29 06/09A | EUR | 2,079,845 | 2,008,125 | 0.36 |
| 2,125,000 HEIMSTADEN BOSTAD TREA 0.25 21-24 13/10A | EUR | 2,124,745 | 2,125,531 | 0.38 |
| 2,700,000 ISS FINANCE B.V. 1.25 20-25 07/07A | EUR | 2,801,670 | 2,782,768 | 0.50 |
| 1,700,000 JAB HOLDINGS BV	2 17-28 18/05A | EUR | 1,851,780 | 1,821,984 | 0.33 |
| 1,000,000 KONINKLIJKE KPN NV 0.875 20-32 14/09A | EUR | 986,230 | 983,845 | 0.18 |
| 1,900,000 KPN NV 8.375 00-30 01/10S | USD | 2,238,705 | 2,311,672 | 0.42 |
| 2,000,000 NATURGY FINANCE B.V. 1.25 20-26 15/04A | EUR | 2,012,707 | 2,085,960 | 0.38 |
| 2,600,000 PHOENIX PIB DUTCH FI 2.375 20-25 05/08A | EUR | 2,618,162 | 2,673,606 | 0.48 |
| 2,695,000 PPF TELECOM GROUP B. 3.5 20-24 20/05A | EUR | 2,769,721 | 2,864,097 | 0.52 |
| 2,200,000 PROSUS N.V. 1.539 20-28 03/08A | EUR | 2,284,147 | 2,213,321 | 0.40 |
| 1,803,000 RELX FINANCE BV	0.5 20-28 10/03A | EUR | 1,803,259 | 1,808,941 | 0.33 |
| 800,000 SIKA CAPITAL BV	1.5000 19-31 29/04A | EUR | 806,239 | 859,748 | 0.16 |
| 715,000 SIKA CAPITAL B.V.  0.875 19-27 29/04A | EUR | 709,248 | 737,297 | 0.13 |
| 2,700,000 STELLANTIS N.V. 1.25 21-33 18/06A | EUR | 2,748,507 | 2,629,139 | 0.48 |
| 1,000,000 TENNET HOLDING	0.8750 19-30 03/06A | EUR | 1,010,266 | 1,028,855 | 0.19 |
| 1,395,000 THERMO FISHER S	1.6250 21-41 18/10A | EUR | 1,380,287 | 1,434,604 | 0.26 |
| 1,800,000 VOLKSWAGEN INTL FIN 1.875 17-27 30/03A | EUR | 1,958,443 | 1,937,160 | 0.35 |
| 1,800,000 VONOVIA FINANCE BV 0.6250 20-26 09/07A | EUR | 1,794,312 | 1,818,639 | 0.33 |
| 1,300,000 VONOVIA FINANCE BV 1.5 18-28 14/01A | EUR | 1,348,857 | 1,369,108 | 0.25 |
| 2,300,000 WINTERSHALL DEA	1.8230 19-31 25/09A | EUR | 2,333,917 | 2,412,999 | 0.44 |
| 2,100,000 WINTERSHALL DEA FINA 1.3320 19-28 25/09A | EUR | 2,004,139 | 2,160,732 | 0.39 |
| 1,400,000 WINTERSHALL DEA FINA 2.4985 21-99 31/12A | EUR | 1,376,580 | 1,393,000 | 0.25 |
| 2,500,000 ZF EUROPE FINANCE  2.00 19-26 23/02A | EUR | 2,513,939 | 2,510,913 | 0.45 |
| Germany |  | 32,079,539 | 32,175,435 | 5.82 |
| 6,000,000 ALLIANZ SE 3.875 16-XX 07/09S | USD | 5,049,841 | 5,176,461 | 0.93 |
| 3,600,000 DEUTSCHE BANK AG 0.75 21-27 17/02A | EUR | 3,618,296 | 3,599,856 | 0.65 |
| 3,200,000 DEUTSCHE BANK AG 1 20-25 19/11A | EUR | 3,264,397 | 3,250,864 | 0.59 |
| 991,000 DEUTSCHE POST AG 0.75 20-29 20/05A | EUR | 989,801 | 1,024,233 | 0.19 |
| 1,011,000 DEUTSCHE TELEKOM AG 0.50 19-27 05/07A | EUR | 1,004,459 | 1,024,178 | 0.19 |
| 1,700,000 DEUTSCHE TELEKOM AG 1.75 19-49 09/12A | EUR | 1,783,753 | 1,840,403 | 0.33 |
| 3,000,000 GERMANY 1.50 13-23 15/05U | EUR | 3,110,774 | 3,099,510 | 0.56 |
| 1,400,000 INFINEON TECHNO	2.0000 20-32 24/06A | EUR | 1,441,650 | 1,532,727 | 0.28 |
| 1,000,000 SANTANDER CONS BK 0.2500 19-24 15/10A | EUR | 983,450 | 1,004,975 | 0.18 |
| 1,300,000 VANTAGE TOWERS AG 0.75 21-30 31/03A | EUR | 1,298,531 | 1,283,074 | 0.23 |
| 1,500,000 VOLKSWAGEN FINANCIAL 0.375 21-30 12/08A | EUR | 1,479,826 | 1,428,788 | 0.26 |
| 1,500,000 VOLKSWAGEN LEASING 1.6250 18-25 15/08A | EUR | 1,590,300 | 1,570,688 | 0.28 |
| 1,400,000 VONOVIA SE	1.625 21-51 01/09A | EUR | 1,370,642 | 1,337,035 | 0.24 |
| 1,800,000 VONOVIA SE	0.2500 21-28 01/09A | EUR | 1,785,600 | 1,744,164 | 0.32 |
| 1,300,000 VONOVIA SE 0.625 21-29 16/06A | EUR | 1,294,865 | 1,276,249 | 0.23 |
| 2,000,000 VONOVIA SE 1.5 21-41 16/06A | EUR | 2,013,354 | 1,982,230 | 0.36 |
| Italy |  | 19,529,816 | 19,509,442 | 3.53 |
| 1,200,000 ENEL SPA 1.375 21-99 31/12A | EUR | 1,190,796 | 1,180,038 | 0.21 |
| 1,726,000 ENEL SPA 2.25 20-XX XX/XXA | EUR | 1,763,201 | 1,791,510 | 0.32 |
| 2,000,000 INTESA SANPAOLO 0.6250 21-26 24/02A | EUR | 1,993,660 | 1,987,960 | 0.36 |
| 2,000,000 INTESA SANPAOLO 1.00 19-26 19/11A | EUR | 2,059,000 | 2,038,280 | 0.37 |
| 2,600,000 INTESA SANPAOLO 1.375 17-24 18/01A | EUR | 2,630,889 | 2,680,392 | 0.49 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 1,500,000 INTESA SANPAOLO 1.75 19-29 04/07A | EUR | 1,633,950 | 1,590,053 | 0.29 |
| --- | --- | --- | --- | --- |
| 2,400,000 INTESA SANPAOLO 2.1250 20-25 26/05A | EUR | 2,586,760 | 2,550,384 | 0.46 |
| 1,400,000 INTESA SANPAOLO 3.928 14-26 15/09A | EUR | 1,558,593 | 1,555,246 | 0.28 |
| 2,000,000 ITALY 0.65 16-23 15/10S | EUR | 2,044,759 | 2,032,400 | 0.37 |
| 2,200,000 UNICERDIT SPA 4.625 17-27 12/04S | USD | 2,068,208 | 2,103,179 | 0.38 |
| Denmark |  | 9,462,393 | 9,356,876 | 1.69 |
| 1,060,000 CARLSBERG BREWERIES 2.50 14-24 28/05A | EUR | 1,201,945 | 1,124,104 | 0.20 |
| 1,557,000 CARLSBERG BREWERIES 0.625 20-30 09/03A | EUR | 1,555,902 | 1,559,834 | 0.28 |
| 2,900,000 ISS GLOBAL A/S 0.875 19-26 18/06A | EUR | 2,942,985 | 2,933,829 | 0.53 |
| 3,617,000 ISS GLOBAL A/S 1.50 17-27 31/08A | EUR | 3,761,561 | 3,739,109 | 0.68 |
| Spain |  | 21,947,717 | 22,006,149 | 3.98 |
| 1,100,000 ABERTIS INFRAESTRUCT 1.125 19-28 26/03A | EUR | 1,126,046 | 1,116,159 | 0.20 |
| 5,500,000 BANCO BILBAO VIZCAYA 0.3750 19-24 02/10A | EUR | 5,538,719 | 5,546,392 | 1.01 |
| 3,900,000 BANCO SANTANDER SA 0.5 21-27 24/03A | EUR | 3,915,438 | 3,890,094 | 0.70 |
| 2,900,000 CELLNEX FINANCE COMP 0.75 21-26 15/02A | EUR | 2,884,076 | 2,843,842 | 0.51 |
| 1,500,000 MERLIN PROPERTIES SO 1.375 21-30 01/06A | EUR | 1,487,940 | 1,483,530 | 0.27 |
| 1,400,000 RED ELECTRICA FINANC 0.5 21-33 24/05A | EUR | 1,379,826 | 1,383,354 | 0.25 |
| 1,100,000 SANTANDER CONS FIN 0.375 19-24 27/06A | EUR | 1,095,446 | 1,110,021 | 0.20 |
| 800,000 SANTANDER CONS FIN 1.00 19-24 27/02A	EUR | 797,202 | 819,332 | 0.15 |
| 2,000,000 SPAIN 0.35 18-23 30/07A	EUR | 2,036,785 | 2,029,900 | 0.37 |
| 1,000,000 TELEFONICA EMISIONES 1.201 20-27 21/05A | EUR | 1,000,050 | 1,045,585 | 0.19 |
| 700,000 TELEFONICA EMISIONES 1.447 18-27 22/01A | EUR | 686,189 | 737,940 | 0.13 |
| United States of America |  | 43,878,941 | 43,995,826 | 7.96 |
| 4,900,000 AT T INC	3.15 17-36 04/09A | EUR | 5,937,512 | 5,930,371 | 1.06 |
| 2,063,000 ATT INC 1.6 20-28 27/05A | EUR | 2,093,194 | 2,187,224 | 0.40 |
| 2,145,000 AT&T INC 2.35 18-29 05/09A | EUR | 2,349,136 | 2,393,177 | 0.43 |
| 1,700,000 AT&T INC 2.875 20-XX 01/05A | EUR | 1,651,970 | 1,708,050 | 0.31 |
| 1,295,000 BANK OF AMERICA CORP 1.102 21-32 24/05A | EUR | 1,310,232 | 1,305,146 | 0.24 |
| 1,414,000 BOOKING HOLDINGS INC 0.5 21-28 08/03A | EUR | 1,412,841 | 1,414,799 | 0.26 |
| 836,000 DANAHER CORP 2.1 20-26 30/03A | EUR | 852,477 | 906,324 | 0.16 |
| 2,100,000 FIDELITY NATIONAL INF 2.95 19-39 21/05A | EUR | 2,673,878 | 2,586,171 | 0.47 |
| 2,400,000 FIDELITY NATIONAL INF 1.5 19-27 21/05A | EUR | 2,563,979 | 2,517,744 | 0.46 |
| 2,000,000 IBM CORP 1.25 19-27 29/01A | EUR | 2,089,612 | 2,095,730 | 0.38 |
| 1,700,000 MORGAN STANLEY 1.75 15-25 30/01A | EUR | 1,768,190 | 1,789,378 | 0.32 |
| 1,600,000 NATIONAL GRID 1 17-24 12/07A | EUR | 1,615,202 | 1,639,192 | 0.30 |
| 1,800,000 NETFLIX INC 3 20-25 28/04S | EUR | 1,965,035 | 1,959,093 | 0.35 |
| 1,000,000 NETFLIX INC 3.6250 19-30 15/06S | EUR | 1,198,225 | 1,197,415 | 0.22 |
| 1,851,000 PEPSICO INC	0.75 21-33 14/10A | EUR | 1,844,873 | 1,839,043 | 0.33 |
| 1,143,000 PEPSICO INC 0.5 20-28 06/05A | EUR | 1,146,467 | 1,156,853 | 0.21 |
| 4,178,000 PROLOGIS EURO FINANC 0.5 21-32 16/02A | EUR | 4,110,367 | 3,994,586 | 0.72 |
| 1,057,000 PROLOGIS EURO FINANCE 0.375 20-28 06/02A | EUR | 1,054,347 | 1,053,237 | 0.19 |
| 1,200,000 THERMO FISHER SCIENT 2.375 20-32 02/04A | EUR | 1,409,422 | 1,369,344 | 0.25 |
| 1,860,000 THERMO FISHER SCIENT 1.40 17-26 23/01A | EUR | 1,891,082 | 1,946,267 | 0.35 |
| 1,488,000 VERIZON COMMUNICATIO 1.125 21-35 22/03A | EUR | 1,468,577 | 1,470,025 | 0.27 |
| 1,460,000 VERIZON COMMUNICATION 1.375 17-26 27/10A | EUR | 1,472,323 | 1,536,657 | 0.28 |
| Sweden |  | 11,868,512 | 11,821,769 | 2.14 |
| 2,590,000 ALFA LAVAL TREA	0.2500 19-24 25/06A | EUR | 2,594,813 | 2,605,682 | 0.47 |
| 2,318,000 ESSITY AB 0.25 21-31 08/02A | EUR | 2,309,099 | 2,216,703 | 0.40 |
| 2,709,000 ESSITY AB 0.5 20-30 03/02A | EUR | 2,653,832 | 2,680,286 | 0.49 |
| 1,720,000 ESSITY AB 1.125 17-24 27/03A | EUR | 1,762,130 | 1,765,580 | 0.32 |
| 2,555,000 SVENSKA HANDELS	0.1250 21-26 03/11A | EUR | 2,548,638 | 2,553,518 | 0.46 |
| Norway |  | 5,621,128 | 5,609,463 | 1.01 |
| 3,000,000 DNB BANK ASA 0.25 21-29 23/02A | EUR | 2,958,133 | 2,932,500 | 0.54 |
| 800,000 SANTANDER CONS BK 0.125  19-24 11/09A | EUR | 799,189 | 800,864 | 0.14 |
| 800,000 SANTANDER CONSUMER B 0.125 20-25 25/02A | EUR | 796,976 | 797,824 | 0.14 |
| 1,000,000 STATKRAFT AS	1.50 15-30 26/03A | EUR | 1,066,830 | 1,078,275 | 0.19 |
| Austria |  | 994,930 | 1,017,370 | 0.18 |
| 1,000,000 OMV AG 0.75 20-30 16/06A | EUR | 994,930 | 1,017,370 | 0.18 |
| Belgium |  | 10,017,577 | 10,205,241 | 1.85 |
| 1,160,000 ANHEUSER-BUSCH INBEV 2.125 20-27 12/02A | EUR | 1,225,504 | 1,276,916 | 0.23 |
| 3,000,000 ANHEUSER-BUSCH INBEV 3.7 20-40 02/04A | EUR | 3,928,706 | 4,057,710 | 0.74 |
| 2,200,000 ELIA TRANSMISSION BE 0.875 20-30 28/04A | EUR | 2,181,538 | 2,246,255 | 0.41 |
| 2,700,000 KBC GROUPE SA 0.125 21-29 14/01A | EUR | 2,681,829 | 2,624,360 | 0.47 |
| Ireland |  | 18,096,343 | 18,010,267 | 3.26 |
| 3,170,000 CCEP FINANCE (IRELAN 0.875 21-33 06/05A | EUR | 3,189,085 | 3,122,877 | 0.57 |
| 2,495,000 CLOVERIE PLC ZURICH 1.50 18-28 15/12A | EUR | 2,588,722 | 2,676,212 | 0.48 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 1,300,000 FCA BANK SPA 0.50 19-24 13/09A | EUR | 1,318,122 | 1,312,682 | 0.24 |
| --- | --- | --- | --- | --- |
| 1,950,000 FRESENIUS FINANCE IR 0.5 21-28 01/04A | EUR | 1,943,858 | 1,923,110 | 0.35 |
| 1,800,000 FRESENIUS FINANCE IR 0.875 21-31 01/04A | EUR | 1,795,122 | 1,769,742 | 0.32 |
| 1,132,000 JOHNSON CONTROLS INT 0.375 20-27 15/09A | EUR | 1,124,223 | 1,123,968 | 0.20 |
| 1,647,000 JOHNSON CONTROLS INT 1 20-32 15/09A | EUR | 1,650,728 | 1,653,366 | 0.30 |
| 1,500,000 SMURFIT KAPPA 1.50 19-27 15/09S | EUR | 1,597,875 | 1,576,110 | 0.28 |
| 2,600,000 SMURFIT KAPPA 2.875 18-26 15/01S | EUR | 2,888,608 | 2,852,200 | 0.52 |
| Finland |  | 4,216,776 | 4,179,178 | 0.76 |
| 1,774,000 CASTELLUM HELSINKI 0.875 21-29 17/09A | EUR | 1,765,840 | 1,722,128 | 0.31 |
| 843,000 CRH FINLAND SERVICES 0.875 20-23 05/05A | EUR | 840,555 | 859,186 | 0.16 |
| 1,618,000 STORA ENSO OYJ 0.625 20-30 02/12A | EUR | 1,610,381 | 1,597,864 | 0.29 |
| Guernsey |  | 1,478,067 | 1,567,702 | 0.28 |
| 1,467,000 GLOBALWORTH REAL EST 2.95 20-26 29/07A | EUR | 1,478,067 | 1,567,702 | 0.28 |
| Japan |  | 12,669,918 | 12,783,855 | 2.31 |
| 2,497,000 ASAHI GROUP HLD 0.3360 21-27 19/04A | EUR | 2,506,300 | 2,485,913 | 0.45 |
| 1,781,000 ASAHI GROUP HLD 0.541 20-28 23/10A | EUR | 1,786,496 | 1,776,049 | 0.32 |
| 1,730,000 NTT FINANCE CORP 0.342 21-30 03/03A | EUR | 1,730,000 | 1,704,794 | 0.31 |
| 3,830,000 TAKEDA PHARMACEUTICA 2 20-40 09/07A | EUR | 4,101,974 | 4,205,608 | 0.75 |
| 1,200,000 TAKEDA PHARMACEUTICAL 2.25 18-26 21/11A | EUR | 1,278,604 | 1,310,724 | 0.24 |
| 1,100,000 TAKEDA PHARMACEUTICAL 3.00 18-30 21/11A | EUR | 1,266,544 | 1,300,767 | 0.24 |
| Jersey Island |  | 722,536 | 717,080 | 0.13 |
| 700,000 SWISS RE FINANCE UK 1.375 16-23 27/05A | EUR | 722,536 | 717,080 | 0.13 |
| Hungary |  | 1,438,391 | 1,439,942 | 0.26 |
| 1,400,000 MOL HUNGARIAN OIL AN 1.5 20-27 08/10A | EUR | 1,438,391 | 1,439,942 | 0.26 |
| Australia |  | 15,929,253 | 16,002,079 | 2.89 |
| 1,794,000 APT PIPELINES LTD 0.75 21-29 15/03A | EUR | 1,795,243 | 1,763,394 | 0.32 |
| 1,143,000 AUSNET SERVICES HOLD 20-30 25/02A | EUR | 1,145,757 | 1,128,187 | 0.20 |
| 1,074,000 TELSTRA CORPORATION 1 20-30 23/04A | EUR | 1,075,297 | 1,111,671 | 0.20 |
| 1,636,000 TOYOTA FINANCE AUSTR 2.28 20-27 21/04A | EUR | 1,692,562 | 1,828,639 | 0.33 |
| 1,865,000 TRANSURBAN FINANCE 2.00 15-25 28/08A | EUR | 1,942,544 | 1,989,097 | 0.36 |
| 2,300,000 TRANSURBAN FINANCE C 3 20-30 08/04A | EUR | 2,751,629 | 2,690,367 | 0.49 |
| 1,500,000 TRANSURBAN FINANCE 1.45 19-29 16/05A | EUR | 1,596,675 | 1,569,825 | 0.28 |
| 1,800,000 TRANSURBAN FINANCE 1.875 14-24 16/09A | EUR | 1,892,546 | 1,889,307 | 0.34 |
| 2,037,000 WESFARMERS LTD	0.954 21-33 21/10A | EUR | 2,037,000 | 2,031,592 | 0.37 |
| Cayman Islands |  | 3,491,160 | 3,581,785 | 0.65 |
| 3,800,000 TENCENT HOLDINGS LTD 3.975 19-29 11/04S | USD | 3,491,160 | 3,581,785 | 0.65 |
| New Zealand |  | 1,373,968 | 1,401,359 | 0.25 |
| 1,370,000 CHORUS LTD	1.125 16-23 18/10A | EUR | 1,373,968 | 1,401,359 | 0.25 |
| British Virgin Islands |  | 2,416,691 | 2,410,240 | 0.44 |
| 3,000,000 TSMC GLOBAL LTD	1.3750 20-30 28/09S | USD | 2,416,691 | 2,410,240 | 0.44 |
| Floating rate bonds |  | 135,819,284 | 136,537,819 | 24.69 |
| Luxembourg |  | 2,326,423 | 2,342,941 | 0.42 |
| 2,300,000 AROUNDTOWN SA FL.R 19-XX 12/01A | EUR | 2,326,423 | 2,342,941 | 0.42 |
| France |  | 37,176,084 | 37,454,320 | 6.76 |
| 800,000 AXA SA FL.R 14-XX 08/10A | EUR | 881,000 | 894,768 | 0.16 |
| 1,000,000 AXA SA FL.R 14-XX 07/11A | EUR | 1,007,250 | 1,098,200 | 0.20 |
| 1,900,000 BNP PARIBAS	FL.R 19-25 15/07A | EUR | 1,892,133 | 1,919,143 | 0.35 |
| 5,300,000 BNP PARIBAS	FL.R 19-27 23/01A | EUR | 5,676,675 | 5,657,829 | 1.02 |
| 900,000 BNP PARIBAS FL.R 19-26 04/12A | EUR | 898,254 | 907,092 | 0.16 |
| 1,900,000 BNP PARIBAS FL.R 20-32 15/01A | EUR | 1,829,563 | 1,900,941 | 0.34 |
| 1,900,000 BNP PARIBAS SA FL.R 20-28 01/09A | EUR | 1,886,624 | 1,877,704 | 0.34 |
| 2,000,000 BPCE SA	FL.R 21-42 13/01A | EUR | 1,993,540 | 1,986,340 | 0.36 |
| 1,800,000 CNP ASSURANCES	FL.R 18-XX 27/12S | EUR | 1,980,907 | 2,029,284 | 0.37 |
| 2,200,000 CREDIT AGRI REGS SUB FL.R 16-66 23/12Q | USD | 2,238,984 | 2,282,820 | 0.41 |
| 1,400,000 CREDIT AGRICOLE FL.R 20-30 05/06A | EUR | 1,408,968 | 1,441,496 | 0.26 |
| 600,000 CREDIT AGRICOLE FL.R 14-XX 14/10A | EUR | 681,630 | 677,433 | 0.12 |
| 2,300,000 CREDIT AGRICOLE FL.R 20-26 22/04A | EUR | 2,299,128 | 2,355,695 | 0.43 |
| 3,400,000 GROUPAMA SA FL.R 14-XX 28/05A | EUR | 3,938,666 | 3,867,176 | 0.70 |
| 1,400,000 MUTUELLE AS	21-49 31/12S | EUR | 1,400,000 | 1,393,735 | 0.25 |
| 2,400,000 TOTAL SA FL.R	19-XX 04/04A | EUR | 2,465,388 | 2,451,684 | 0.44 |
| 2,700,000 TOTALENERGIES FL.R 16-XX 06/10A | EUR | 2,985,556 | 2,971,525 | 0.54 |
| 1,700,000 VEOLIA ENVIRONNEMENT FL.R 20-XX 20.04A | EUR | 1,711,818 | 1,741,455 | 0.31 |
| United Kingdom |  | 3,471,882 | 3,514,051 | 0.64 |
| 2,021,000 HSBC HOLDINGS PLC  FL.R 18-24 04/12A | EUR | 2,034,482 | 2,085,055 | 0.39 |
| 500,000 NATWEST GROUP FL.R 18-26 02/03A | EUR | 516,095 | 521,665 | 0.09 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 900,000 NATWEST GROUP PLC FL.R 17-23 08/03A | EUR | 921,305 | 907,331 | 0.16 |
| --- | --- | --- | --- | --- |
| The Netherlands |  | 27,608,093 | 27,849,113 | 5.04 |
| 1,000,000 ABN AMRO BANK SUB  FL.R 16-28 18/01A | EUR | 1,011,980 | 1,032,660 | 0.19 |
| 1,700,000 COOPERATIEVE RABOBAN FL.R 20-28 05/05A | EUR | 1,698,504 | 1,741,344 | 0.31 |
| 2,800,000 COOPERATIVE RABOBANK FL.R 18-XX 29/12S | EUR | 2,991,445 | 3,061,939 | 0.56 |
| 1,400,000 ELM BV FL.R 20-99 31/12A | EUR | 1,415,291 | 1,490,391 | 0.27 |
| 1,772,000 ING GROUP CV SUB	FL.R 15-XX 16/10S | USD | 1,585,799 | 1,684,897 | 0.30 |
| 1,900,000 ING GROUP NV FL.R 19-25 03/09A | EUR | 1,883,556 | 1,897,483 | 0.34 |
| 2,200,000 ING GROUP NV FL.R 20-31 26/05A | EUR | 2,278,707 | 2,308,229 | 0.42 |
| 1,100,000 ING GROUP NV FL.R 17-29 15/02A | EUR | 1,134,396 | 1,153,191 | 0.21 |
| 2,200,000 KPN NV FL.R 13-73 28/03S | USD | 2,037,537 | 2,016,871 | 0.36 |
| 1,000,000 NN GROUP NV FL.R 17-48 13/01A | EUR | 1,195,561 | 1,178,055 | 0.21 |
| 1,500,000 NN GROUP NV FL.R 14-44 08/04A | EUR | 1,669,069 | 1,647,053 | 0.30 |
| 1,200,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 1,281,570 | 1,268,784 | 0.23 |
| 1,000,000 TELEFONICA EUROPE BV FL.R 17-XX 07/06M | EUR | 1,024,151 | 1,021,415 | 0.18 |
| 2,600,000 TELEFONICA EUROPE BV FL.R 18-XX XX/XXA | EUR | 2,665,790 | 2,681,509 | 0.49 |
| 1,300,000 VOLKSWAGEN INTL FIN FL.R 17-XX 14/06A | EUR | 1,459,250 | 1,419,405 | 0.26 |
| 2,100,000 VOLKSWAGEN INTL FIN FL.R 20-XX 17/06A | EUR | 2,275,487 | 2,245,887 | 0.41 |
| Switzerland |  | 7,794,546 | 7,915,262 | 1.43 |
| 1,800,000 UBS GROUP AG	FL.R 21-26 03/11A | EUR | 1,792,296 | 1,787,427 | 0.32 |
| 1,514,000 UBS GROUP FL.R 18-25 17/04A | EUR | 1,519,827 | 1,557,482 | 0.28 |
| 3,000,000 UBS GROUP FUNDING  FL.R 19-99 31/07S | USD | 2,732,969 | 2,814,906 | 0.51 |
| 1,756,000 UBS GROUP SA FL.R 20-26 29/01A | EUR | 1,749,454 | 1,755,447 | 0.32 |
| Germany |  | 17,297,043 | 16,999,611 | 3.07 |
| 3,800,000 ALLIANZ SE	FL.R 21-99 31/12A | USD | 3,206,022 | 3,182,214 | 0.57 |
| 1,600,000 ALLIANZ SE FL.R 20-49 31/12A | EUR | 1,614,538 | 1,580,632 | 0.29 |
| 1,200,000 BERTELSMANN SE FL.R 15-75 23/04A | EUR | 1,239,600 | 1,237,122 | 0.22 |
| 1,700,000 COMMERZBANK AG FL.R 20-30 05/12A | EUR | 1,870,467 | 1,845,665 | 0.33 |
| 2,600,000 DEUTSCHE BANK AG FL.R 20-26 03/09A | EUR | 2,661,051 | 2,676,413 | 0.48 |
| 2,000,000 DEUTSCHE BANK REGS FL.R 14-XX 30/04A | EUR | 2,043,916 | 2,026,910 | 0.37 |
| 1,100,000 MERCK KGAA	FL.R 14-74 12/12A | EUR | 1,175,112 | 1,197,917 | 0.22 |
| 1,000,000 MERCK KGAA	FL.R 19-79 25/06A | EUR | 1,076,389 | 1,079,290 | 0.20 |
| 2,100,000 MUNICH RE	FL.R 12-42 26/05A | EUR | 2,409,948 | 2,173,448 | 0.39 |
| Italy |  | 11,770,295 | 11,872,089 | 2.15 |
| 1,600,000 ASSICURAZ GENERALI FL.R 14-XX 21/11A | EUR | 1,732,704 | 1,772,776 | 0.32 |
| 1,409,000 ENI SPA FL.R 20-49 31/12A | EUR | 1,431,988 | 1,466,861 | 0.27 |
| 1,800,000 UBI BANCA FL.R 19-29 04/03A | EUR | 2,021,274 | 1,998,621 | 0.36 |
| 1,235,000 UNICREDIT SPA FL.R 20-26 16/06A | EUR | 1,238,437 | 1,267,443 | 0.23 |
| 1,550,000 UNICREDIT SPA FL.R 21-29 05/07A | EUR | 1,549,272 | 1,549,876 | 0.28 |
| 3,545,000 UNICREDIT SPA FL.R 19-29 20/02A | EUR | 3,796,620 | 3,816,512 | 0.69 |
| Spain |  | 9,202,940 | 9,231,422 | 1.67 |
| 2,000,000 BANCO BILBAO	FL.R 19-XX XX/XXQ | EUR | 2,192,084 | 2,163,300 | 0.39 |
| 2,000,000 BANCO BILBAO VIZCAYA FL.R 20-30 16/01A | EUR | 2,019,880 | 2,002,120 | 0.36 |
| 2,600,000 BANCO BILBAO VIZCAYA FL.R 21-27 24/03A | EUR | 2,598,862 | 2,574,546 | 0.47 |
| 2,200,000 BANCO BILBAO VIZCAYA FL.R 20-XX XX/XXQ | EUR | 2,392,114 | 2,491,456 | 0.45 |
| United States of America |  | 10,342,906 | 10,551,027 | 1.91 |
| 600,000 BANK OF AMERICA FL.R 17-25 07/02A | EUR | 614,750 | 618,240 | 0.11 |
| 1,375,000 JPMORGAN CHASE & CO  FL.R 19-32 04/11A | EUR | 1,333,529 | 1,383,216 | 0.25 |
| 2,000,000 JPMORGAN CHASE & CO FL.R 17-28 18/05A | EUR | 2,093,168 | 2,115,270 | 0.38 |
| 2,100,000 JPMORGAN CHASE FL.R 20-XX 01/02S | USD | 1,747,673 | 1,859,251 | 0.34 |
| 1,675,000 MORGAN STANLEY	FL.R 20-29 26/10A | EUR | 1,676,584 | 1,639,339 | 0.30 |
| 2,825,000 MORGAN STANLEY FL.R 17-26 23/10A | EUR | 2,877,202 | 2,935,711 | 0.53 |
| Sweden |  | 2,314,139 | 2,411,176 | 0.44 |
| 1,100,000 SKANDINAVISKA ENSK FL.R 16-28 31/10 | EUR | 1,096,372 | 1,126,763 | 0.20 |
| 1,400,000 SKANDINAVISKA ENSKIL FL.R 19-XX 13/05S | USD | 1,217,767 | 1,284,413 | 0.24 |
| Austria |  | 1,790,000 | 1,772,984 | 0.32 |
| 1,600,000 ERSTE GROUP BK SUB FL.R 17-XX 15/04S | EUR | 1,790,000 | 1,772,984 | 0.32 |
| Belgium |  | 1,046,333 | 1,047,485 | 0.19 |
| 1,000,000 ELIA SYSTEM	FL.R 18-XX 05/12A | EUR | 1,046,333 | 1,047,485 | 0.19 |
| Ireland |  | 2,017,080 | 1,940,922 | 0.35 |
| 1,800,000 AQUARIUS INVESTMENTS FL.R 13-42 02/10A | EUR | 2,017,080 | 1,940,922 | 0.35 |
| Finland |  | 1,661,520 | 1,635,416 | 0.30 |
| 1,600,000 CITYCON OY J  FL.R	19-XX 22/02A | EUR | 1,661,520 | 1,635,416 | 0.30 |
| Total Investments |  | 539,776,745 | 541,578,105 | 97.93 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| Cash Net | 23,031,857 | 4.16 |
| --- | --- | --- |
| Other Assets/(Liabilities) | (11,560,509) | (2.09) |
| Total Net Assets | 553,049,454 | 100.00 |


##### Geographic allocation of portfolio
% of Net Assets
France	17.98
The Netherlands	17.10
United States of America	9.87
Germany	8.89
United Kingdom	6.05
Italy	5.68
Spain	5.65
Luxembourg	5.58
Ireland	3.61
Australia	2.89
Sweden	2.58
Japan	2.31
Belgium	2.04
Denmark	1.69
Switzerland	1.43
Finland	1.06
Norway	1.01
Cayman Islands	0.65
Austria	0.50
British Virgin Islands	0.44
Guernsey	0.28
Hungary	0.26
New Zealand	0.25
Jersey Island	0.13
Other assets
2.07
100.00
Statement of Operations and Changes in Net Assets from 01.11.2020 to 31.10.2021
Expressed in EUR
| Income |  | 8,922,988 |
| --- | --- | --- |
| Interest on bonds, Net | Note 2d | 8,919,110 |
| Bank interest |  | 3,878 |
| Expenses |  | 2,997,059 |
| Investment management fee | Note 3 | 1,931,937 |
| Depositary fees | Note 5 | 12,900 |
| Taxe d'abonnement | Note 7a | 107,593 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 223,101 |
| Professional fees | Note 12 | 76,772 |
| Bank charges |  | 48,296 |
| Transaction costs | Note 2g | 17,775 |
| Interest on swaps contracts |  | 551,389 |
| Sundry expenses |  | 27,296 |
| Net income from investments |  | 5,925,929 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 9,027,165 |
| - Options contracts | Note 2e | (123,860) |
| - Financial futures contracts | Note 2e | 758,175 |
| - Swaps contracts | Note 2e | 3,669,843 |
| - Foreign exchange | Note 2c | 64,528 |
| Net realised profit |  | 19,321,780 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (11,504,657) |
| - Financial futures contracts | Note 2e | (276,103) |
| - Swaps contracts | Note 2e | (3,013,200) |
| Increase in net assets as a result of operations |  | 4,527,820 |
| Dividends paid | Note 6 | (3,291,184) |
| Subscription capitalisation shares |  | 179,172,298 |
| Subscription distribution shares |  | 93,669,018 |
| Redemption capitalisation shares |  | (72,370,827) |
| Redemption distribution shares |  | (100,270,744) |
| Increase in net assets |  | 101,436,381 |
| Net assets at the beginning of the year |  | 451,613,073 |
| Net assets at the end of the year |  | 553,049,454 |

The accompanying notes form an integral part of these financial statements

Translation (ENIT, 2021-10-31):
# ODDO BHF
## Consolidato

### Prospetti finanziari al 31.10.2021
Stato patrimoniale al 31.10.2021
Valori espressi in EUR
| Attivo |  | 3,455,855,624 |
| --- | --- | --- |
| Portafoglio titoli a prezzo di mercato | Nota 2b | 3,200,193,431 |
| Prezzo d'acquisto |  | 3,132,117,423 |
| Depositi bancari a vista e liquidità |  | 151,788,468 |
| Altre liquidità |  | 3,900,692 |
| Depositi vincolati |  | 54,216,232 |
| Interessi maturati |  | 28,493,013 |
| Crediti verso broker per vendita titoli |  | 9,533,752 |
| Sottoscrizioni da regolare |  | 6,323,038 |
| Dividendi da incassare |  | 215,814 |
| Plusvalenze non realizzate su future su cambi | Nota 2e | 169,786 |
| Plusvalenze non realizzate su future | Nota 2e | 310,100 |
| Crediti su contratti a termine su valute |  | 711,298 |
| Passivo |  | 118,416,503 |
| Debiti bancari a vista |  | 3,073,753 |
| Debiti verso broker per acquisto titoli |  | 26,524,085 |
| Minusvalenze non realizzate su contratti a termine su valute | Nota 2f, 9 | 53,359,760 |
| Commissioni di performance | Nota 4 | 465,857 |
| Rimborsi chiesti e non regolati |  | 17,431,261 |
| Minusvalenze non realizzate su future su cambi | Nota 2e | 778,795 |
| Minusvalenze non realizzate su future | Nota 2e | 2,187,615 |
| Minusvalenze non realizzate su swaps | Nota 2e | 11,493,550 |
| Commissioni di gestione e consulenza |  | 1,671,213 |
| Importi dovuti su contratti a termine su valute |  | 709,351 |
| Altre voci del passivo |  | 721,263 |
| Valore netto d'inventario |  | 3,337,439,121 |

Conto economico e variazioni patrimoniali dal 01.11.2020 al 31.10.2021
Valori espressi in EUR
| Proventi |  | 84,944,726 |
| --- | --- | --- |
| Dividendi netti | Nota 2d | 2,990,398 |
| Cedole nette da obbligazzioni | Nota 2d | 80,832,892 |
| Interessi bancari su conti correnti |  | 19,766 |
| Interessi bancari su conti bancari |  | 254 |
| Altri proventi finanziari |  | 113,902 |
| Interessi su pronti contro termine | Nota 2f | 451,681 |
| Interessi su interessi tasso swaps |  | 535,833 |
| Spese |  | 24,417,521 |
| Commissioni di gestione e consulenza | Nota 3 | 17,050,963 |
| Commissioni della banca depositaria e sub-depositaria | Nota 5 | 93,517 |
| Tassa d'abbonamento | Nota 7a | 588,508 |
| Commissioni di performance | Nota 4 | 468,853 |
| Commissioni di domiciliazione | Nota 5 | 1,346,561 |
| Onorari | Nota 12 | 529,091 |
| Interessi bancari su conti correnti |  | 601,777 |
| Spese di transazioni | Nota 2g | 1,416,165 |
| Spese su reverse repos | Nota 2f | 4,856 |
| Interessi su interessi tasso swaps |  | 2,099,358 |
| Altre spese |  | 217,872 |
| Reddito netto da investimenti |  | 60,527,205 |
| Utile netto realizzato / perdita netta realizzata su: - negoziazione di titoli | Nota 2d | 92,099,396 |
| - opzioni | Nota 2e | (363,347) |
| - future su cambi | Nota 2e | (5,063,515) |
| - future | Nota 2e | 515,015 |
| - swaps | Nota 2e | 11,620,691 |
| - cambi | Nota 2c | (10,996,080) |
| Utile netto realizzato |  | 148,339,365 |
| Variazioni nette delle plusvalenze / minusvalenze latenti su: - investimenti | Nota 2e | 46,428,899 |
| - future su cambi | Nota 2e | 1,786,068 |
| - future | Nota 2e | (1,104,562) |
| - swaps | Nota 2e | (10,651,319) |
| Aumento del patrimonio netto da operazioni di mercato |  | 184,798,451 |
| Dividendi distribuiti | Nota 6 | (62,524,208) |
| Sottoscrizione di azioni a capitalizzazione |  | 1,212,025,557 |
| Sottoscrizione di azioni a distribuzione |  | 303,917,196 |
| Riscatto di azioni a capitalizzazione |  | (733,907,764) |
| Riscatto di azioni a distribuzione |  | (347,980,184) |
| Aumento del patrimonio netto | 556,329,048 |
| Rivalutazione del bilancio iniziale | 797,607 |
| Patrimonio netto all'inizio dell'anno | 2,780,312,466 |
| Patrimonio netto a fine dell'anno | 3,337,439,121 |