# ODDO BHF
## Sustainable Credit Opportunities (formerly Credit
Opportunities)

##### Financial Statements as at 31.10.2021
Statement of net assets as at 31.10.2021
Expressed in EUR
| Assets |  | 328,786,525 |
| --- | --- | --- |
| Investments at market value | Note 2b | 292,662,559 |
| Acquisition cost |  | 291,313,248 |
| Cash at bank |  | 28,736,223 |
| Margin deposits |  | 1,927,794 |
| Interest receivable |  | 2,631,751 |
| Receivable on sale of investments |  | 894,673 |
| Receivable on subscriptions |  | 1,765,503 |
| Net unrealised gain on forward currency exchange contracts | Note 2e | 168,022 |
| Liabilities |  | 10,177,942 |
| Bank overdrafts |  | 813,456 |
| Interest payable on swap contracts |  | 177,778 |
| Payable on purchase of investments |  | 1,090,441 |
| Performance fee | Note 4 | 280,558 |
| Payable on redemptions |  | 2,559,846 |
| Net unrealised loss on financial futures contracts | Note 2e | 1,498,495 |
| Unrealised loss on swaps contracts | Note 2e | 3,571,201 |
| Investment management and domiciliary, administrative and transfer agency fees payable Other liabilities |  | 172,328 13,839 |
| Net asset value |  | 318,608,583 |

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 | 42,174.13 | 43,305.05 | 14,048.04 | 71,431.14 |
| I Shares EUR - Distribution | 28,160.98 | 20,361.51 | 5,411.76 | 43,110.73 |
| I Shares CHF [H] - Capitalisation | 0.00 | 14,193.56 | 420.77 | 13,772.79 |
| I Shares USD [H] - Capitalisation | 0.00 | 1,732.26 | 0.00 | 1,732.26 |
| R Shares EUR - Capitalisation | 594,369.79 | 169,150.62 | 163,276.42 | 600,243.99 |
| R Shares EUR - Distribution | 29,304.37 | 12,723.49 | 4,007.94 | 38,019.92 |
| R Shares SEK [H] - Capitalisation | 0.00 | 100.00 | 0.00 | 100.00 |
| N Shares EUR - Capitalisation | 175,262.60 | 119,200.88 | 34,507.69 | 259,955.79 |

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 |
| --- | --- | --- | --- | --- |
| oP Shares EUR - Capitalisation | 0.00 | 36,298.00 | 0.00 | 36,298.00 |
| GC Shares EUR - Capitalisation | 85,118.64 | 49,721.02 | 56,382.57 | 78,457.09 |
| Xw Shares EUR - Capitalisation | 25,127.32 | 4,686.00 | 0.00 | 29,813.32 |

| Year ended as at: | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| --- | --- | --- | --- |
| EUR | 318,608,583 | 194,750,872 | 205,978,321 |

Statistics
Total Net Assets
| I Shares EUR - Capitalisation Number of shares |  | 71,431.14 | 42,174.13 | 57,158.87 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 1,114.56 | 1,065.68 | 1,034.75 |
| I Shares EUR - Distribution Number of shares |  | 43,110.73 | 28,160.98 | 43,615.69 |
| Net asset value per share | EUR | 1,091.28 | 1,052.64 | 1,030.26 |
| Dividend per share |  | 9.4358 | 8.0561 | 4.3107 |
| I Shares CHF [H] - Capitalisation |  |  |  |  |
| Number of shares |  | 13,772.79 | -	- |
| Net asset value per share | CHF | 1,004.83 | -	- |
| I Shares USD [H] - Capitalisation Number of shares |  | 1,732.26 | - | - |
| Net asset value per share | USD | 1,011.69 | - | - |
| R Shares EUR - Capitalisation Number of shares |  | 600,243.99 | 594,369.79 | 527,368.59 |
| Net asset value per share | EUR | 109.73 | 105.43 | 102.90 |
| R Shares EUR - Distribution Number of shares |  | 38,019.92 | 29,304.37 | 2,704.64 |
| Net asset value per share | EUR | 107.43 | 104.12 | 102.54 |
| Dividend per share |  | 0.9300 | 0.3322 | 0.3439 |
| R Shares SEK [H] - Capitalisation Number of shares |  | 100.00 | - | - |
| Net asset value per share | SEK | 99.15 | - | - |
| N Shares EUR - Capitalisation Number of shares |  | 259,955.79 | 175,262.60 | 132,093.41 |
| Net asset value per share | EUR | 110.37 | 105.76 | 102.94 |
| oP Shares EUR - Capitalisation Number of shares |  | 36,298.00 | - | - |
| Net asset value per share | EUR | 1,007.03 | - | - |
| GC Shares EUR - Capitalisation Number of shares |  | 78,457.09 | 85,118.64 | 74,616.77 |
| Net asset value per share | EUR | 111.22 | 106.37 | 103.33 |
| Xw Shares EUR - Capitalisation Number of shares |  | 29,813.32 | 25,127.32 | 25,127.32 |
| Net asset value per share | EUR | 1,121.11 | 1,068.87 | 1,036.63 |

| Quantity	Denomination	Quotation	Acquisition cost currency | Market value | % of net assets |
| --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing and / or dealt in on another regulated market	 291,313,248 | 292,662,559 | 91.86 |
| Bonds	 226,937,183 | 227,431,371 | 71.39 |
| Luxembourg	 17,299,636 | 17,418,237 | 5.47 |

| 2,500,000 AROUNDTOWN SA 5.375 19-29 21/03S | USD | 2,491,063 | 2,499,443 | 0.79 |
| --- | --- | --- | --- | --- |
| 397,000 CIDRON AIDA FINCO SA 5 21-28 01/04S | EUR | 399,506 | 391,557 | 0.12 |
| 400,000 CIDRON AIDA FINCO SARL 6.25 21-28 01/04S | GBP | 466,119 | 466,840 | 0.15 |
| 600,000 CPI PROPERTY GROUP  4.875 19-XX 16/10A | EUR | 563,568 | 621,348 | 0.20 |
| 600,000 CPI PROPERTY GROUP 3.75 21-99 31/12A | EUR | 586,897 | 564,741 | 0.18 |
| 1,608,000 CPI PROPERTY GROUP S 1.5 21-31 27/01A | EUR | 1,581,854 | 1,544,388 | 0.48 |
| 1,000,000 CPI PROPERTY GROUP S 2.75 20-26 12/05A | EUR | 976,630 | 1,079,235 | 0.34 |
| 230,000 CRYSTAL ALMOND	4.2500 19-24 15/10S | EUR | 224,599 | 235,070 | 0.07 |
| 360,000 CULLINAN HOLDCO SCSP 4.625 21-26 15/10S | EUR | 359,850 | 362,639 | 0.11 |
| 1,000,000 GRAND CITY PROPERTIES 1.50 18-27 22/02A | EUR | 1,046,980 | 1,039,980 | 0.33 |
| 830,000 HSE FINANCE S.A R.L. 5.625 21-26 06/05S | EUR | 837,700 | 853,954 | 0.27 |
| 300,000 IDEAL STANDARD INTER 6.375 21-26 30/07S | EUR | 296,850 | 281,450 | 0.09 |
| 500,000 INEOS GROUP HOLDIN 5.375 16-24 01/08S | EUR | 506,069 | 500,748 | 0.16 |
| 662,000 INPOST S.A. 2.25 21-27 29/06S | EUR | 658,896 | 649,707 | 0.20 |
| 1,000,000 LOGICOR FINANCING S. 0.875 21-31 14/01A | EUR | 977,838 | 951,735 | 0.30 |
| 2,000,000 LOGICOR FINANCING SA 1.625 19-27 15/07A | EUR | 2,111,130 | 2,079,500 | 0.65 |
| 250,000 MATTERHORN TELECOM 4.00 17-27 15/11S | EUR | 249,872 | 254,039 | 0.08 |
| 260,000 PLT VII FINANCE S.A 4.625 20-26 16/07S | EUR | 267,735 | 265,886 | 0.08 |
| 170,000 ROSSINI SARL	6.75 18-25 30/10S | EUR | 183,362 | 176,125 | 0.06 |
| 708,000 SUMMER BC HOLDC 5.75 19-26 31/10S | EUR | 688,939 | 741,120 | 0.23 |
| 100,000 TELECOM ITALIA FIN  7.75 03-33 24/01A | EUR | 139,721 | 142,282 | 0.04 |
| 1,000,000 TLG FINANCE SARL  3.375 19-99 31/12A | EUR | 1,012,000 | 1,040,460 | 0.33 |
| 700,000 VIVION INVESTS 3.00 19-24 08/08A | EUR | 672,458 | 675,990 | 0.21 |
| France |  | 33,746,805 | 33,724,684 | 10.58 |
| 6,000,000 AXA SA 4.50 16-XX 15/03S | USD | 5,173,300 | 5,233,544 | 1.64 |
| 500,000 BFCM 3.00 14-24 21/05A | EUR | 523,932 | 537,248 | 0.17 |
| 200,000 CROWN EUROPEAN HOLD 2.875 18-26 01/02S | EUR | 213,750 | 211,489 | 0.07 |
| 1,200,000 DANONE SA 0 21-25 01/06A | EUR | 1,198,224 | 1,198,614 | 0.38 |
| 260,000 ELIOR GROUP SA 3.75 21-26 08/07S | EUR | 261,207 | 266,522 | 0.08 |
| 200,000 FAURECIA SE 3.75 20-28 31/07S | EUR | 211,761 | 207,682 | 0.07 |
| 11,300,000 FRANCE 1.75 12-23 25/05A | EUR | 11,754,721 | 11,719,060 | 3.67 |
| 435,000 GOLDSTORY SAS 5.375 21-26 04/02S | EUR | 442,069 | 447,643 | 0.14 |
| 600,000 ICADE SANTE SAS 1.375 20-30 17/09A | EUR | 599,556 | 615,555 | 0.19 |
| 720,000 ILIAD HOLDING	5.125 21-26 15/10S | EUR | 724,070 | 741,312 | 0.23 |
| 735,000 ILIAD HOLDING	5.625 21-28 15/10S | EUR | 740,000 | 759,861 | 0.24 |
| 500,000 ILIAD HOLDING S	7.0000 21-28 15/10S | USD | 431,984 | 447,090 | 0.14 |
| 300,000 LOXAM	5.75 19-27 15/07S | EUR | 313,500 | 309,569 | 0.10 |
| 200,000 LOXAM SAS 3.50 16-23 03/05S | EUR | 200,098 | 200,063 | 0.06 |
| 400,000 LOXAM SAS 4.25 17-24 15/04S | EUR | 404,128 | 403,076 | 0.13 |
| 209,000 MOBILUX FINANCE 4.25 21-28 29/06S | EUR | 209,000 | 207,255 | 0.07 |
| 1,000,000 MUTUELLE ASSURANCE D 0.625 21-27 21/06A | EUR | 999,780 | 982,075 | 0.31 |
| 100,000 PAPREC	4.0 18-25 29/03S | EUR | 96,680 | 101,436 | 0.03 |
| 300,000 PARTS EUROPE SA 6.5 20-25 17/07S | EUR | 316,258 | 312,686 | 0.10 |
| 1,156,000 PICARD GROUPE 3.875 21-26 07/07S | EUR | 1,156,000 | 1,161,647 | 0.36 |
| 300,000 RENAULT SA 1.2500 19-25 24/06A | EUR | 288,855 | 296,675 | 0.09 |
| 300,000 TEREOS FINANCE	4.125 16-23 16/06A | EUR | 287,138 | 305,786 | 0.10 |
| 431,000 TEREOS FINANCE GROUP 7.5 20-25 23/10S | EUR | 456,763 | 464,803 | 0.15 |
| 1,700,000 UBISOFT ENTERTAINMEN 0.878 20-27 24/11A | EUR | 1,697,050 | 1,670,157 | 0.52 |
| 1,900,000 VALEO SE 1 21-28 03/08A | EUR | 1,903,801 | 1,830,469 | 0.57 |
| 400,000 VALLOUREC SA 8.5 21-26 30/06S | EUR | 423,780 | 415,730 | 0.13 |
| 2,500,000 WENDEL	2.75 14-24 10/02A | EUR | 2,719,400 | 2,677,637 | 0.84 |
| United Kingdom |  | 11,892,475 | 11,877,074 | 3.73 |
| 300,000 BCP MODULAR SER	6.1250 21-28 30/11S | GBP | 353,503 | 356,001 | 0.11 |
| 410,000 BCP V MODULAR SERVICES FINANCE II PLC | EUR | 410,475 | 410,219 | 0.13 |
| 184,000 INEOS QUATTRO FINANC 3.75 21-26 29/01S | EUR | 183,797 | 186,177 | 0.06 |
| 4,000,000 MONDI FINANCE	1.50 16-24 15/04A | EUR | 4,166,690 | 4,132,121 | 1.31 |
| 1,200,000 MONDI FINANCE P	1.6250 18-26 27/04A | EUR | 1,277,904 | 1,267,860 | 0.40 |
| 1,870,000 NATIONAL GRID	0.25 21-28 01/09A | EUR | 1,865,213 | 1,834,835 | 0.58 |
| 350,000 NOMAD FOODS BONDCO P 2.5 21-28 24/06S | EUR | 350,808 | 348,486 | 0.11 |
| 200,000 PUNCH FINANCE PLC 6.125 21-26 24/06S | GBP | 237,696 | 237,909 | 0.07 |
| 538,000 SYNTHOMER PLC 3.875 20-25 25/06S | EUR | 560,706 | 553,642 | 0.17 |
| 802,000 VICTORIA PLC 3.625 21-26 05/03S | EUR | 807,660 | 811,359 | 0.25 |

| Quantity	Denomination | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 300,000 VIRGIN MEDIA FINANCE 3.75 20-30 22/06S | EUR | 297,600 | 298,596 | 0.09 |
| 700,000 VMED O2 UK FINANCING 4.0 20-29 31/01S | GBP | 764,849 | 821,208 | 0.26 |
| 700,000 VODAFONE GROUP	5.1250 21-81 04/06S | USD | 615,574 | 618,661 | 0.19 |

| The Netherlands |  | 34,677,999 | 34,676,948 | 10.88 |
| --- | --- | --- | --- | --- |
| 700,000 ABN AMRO BANK 4.375 20-XX 22/09S | EUR | 700,000 | 749,025 | 0.24 |
| 2,000,000 DEUT TELEKOM INT FIN 4.375 18-28 21/06S | USD | 1,890,456 | 1,977,723 | 0.62 |
| 1,448,000 ENEL FINANCE IN  0.00  21-26 28/05A | EUR | 1,443,685 | 1,431,572 | 0.45 |
| 441,000 ENERGIZER GAMMA ACQU 3.5 21-29 23/06S | EUR | 441,000 | 428,282 | 0.13 |
| 1,200,000 HEIBT	1.00 21-21 13/04A | EUR | 1,196,784 | 1,191,924 | 0.37 |
| 2,732,000 HEIMSTADEN BOST	0.7500 21-29 06/09A	EUR | 2,703,205 | 2,609,989 | 0.82 |
| 400,000 INTERTRUST GROUP BV 3.375 18-25 15/11S	EUR | 409,140 | 403,704 | 0.13 |
| 3,008,000 KPN NV 8.375 00-30 01/10S	USD | 3,546,395 | 3,659,742 | 1.15 |
| 500,000 LKQ EURO HOLDINGS BV 4.125 18-28 01/04S	EUR | 536,820 | 533,078 | 0.17 |
| 9,000,000 NETHERLANDS 1.75 13-23 15/07A | EUR | 9,403,291 | 9,369,631 | 2.95 |
| 771,000 NOBEL BIDCO B.V. 3.125 21-28 25/06S | EUR | 771,000 | 743,132 | 0.23 |
| 599,000 NOBIAN FINANCE B.V. 3.625 21-26 01/07S | EUR | 599,000 | 581,934 | 0.18 |
| 500,000 OCI NV	5.250 19-21 01/11S | USD | 424,808 | 443,400 | 0.14 |
| 200,000 OI EUROPEAN GROUP  2.8750 19-25 15/02S | EUR | 198,220 | 201,140 | 0.06 |
| 276,000 PPF TELECOM GROUP B. 3.25 20-27 29/09A | EUR | 280,752 | 298,647 | 0.09 |
| 3,000,000 PROSUS N.V. 1.539 20-28 03/08A | EUR | 3,083,887 | 3,018,165 | 0.95 |
| 1,200,000 PROSUS N.V. 2.031 20-32 03/08A | EUR | 1,242,180 | 1,186,698 | 0.37 |
| 100,000 Q PARK HOLDING BV  2.0 20-27 01/03S | EUR | 96,125 | 95,107 | 0.03 |
| 2,000,000 RELX FINANCE BV	0.5 20-28 10/03A | EUR | 2,059,000 | 2,006,590 | 0.63 |
| 810,000 STELLANTIS 4.50 20-28 07/07A | EUR | 946,929 | 992,934 | 0.31 |
| 900,000 TEVA PHARM FIN NL III 6.75 18-28 14/03S | USD | 831,147 | 858,478 | 0.27 |
| 444,000 THERMO FISHER S	1.6250 21-41 18/10A | EUR | 435,879 | 456,605 | 0.14 |
| 1,000,000 THERMO FISHER S	2.0000 21-51 18/10A | EUR | 1,067,270 | 1,072,840 | 0.34 |
| 200,000 UNITED GROUP BV 4.875 17-24 01/07S | EUR | 203,171 | 202,493 | 0.06 |
| 160,000 ZIGGO BV 4.25 16-27 15/01S | EUR | 167,855 | 164,115 | 0.05 |
| Germany |  | 35,748,660 | 35,928,383 | 11.29 |
| 9,200,000 ALLIANZ SE 3.875 16-XX 07/09S | USD | 7,761,532 | 7,937,240 | 2.49 |
| 400,000 CHEPLAPHARM ARZNEIMI 5.5 20-28 15/10S | USD | 340,424 | 357,537 | 0.11 |
| 485,000 CT INVESTMENT GMBH 5.5 21-26 29/04S | EUR | 491,396 | 493,888 | 0.16 |
| 800,000 DEUTSCHE BANK AG 4.50 16-26 19/05A | EUR | 854,000 | 915,864 | 0.29 |
| 200,000 DEUTSCHE LUFTHANSA A 3.75 21-28 11/02A | EUR | 207,800 | 206,741 | 0.06 |
| 11,500,000 GERMANY 1.50 12-22 04/09A | EUR | 11,739,341 | 11,712,462 | 3.68 |
| 189,000 GRUENENTHAL GMBH 3.625 21-26 05/05S | EUR | 189,000 | 194,444 | 0.06 |
| 280,000 GRUENENTHAL GMBH 4.125 21-28 05/05S | EUR | 283,733 | 290,500 | 0.09 |
| 1,300,000 HAMBURGER HOCHBAHN 0.125 21-31 24/02A | EUR | 1,290,666 | 1,267,565 | 0.40 |
| 600,000 IHO VERWALTUNGS	3.625 19-25 15/05S | EUR | 611,053 | 609,678 | 0.19 |
| 200,000 IHO VERWALTUNGS	3.75 16-26 15/09S | EUR | 204,900 | 203,513 | 0.06 |
| 300,000 IHO VERWALTUNGS	3.875 19-27 15/05S | EUR | 309,336 | 307,560 | 0.10 |
| 400,000 KAEFER ISOLIERTECHNIK	5.5 18-24 10/01S | EUR | 345,800 | 404,498 | 0.13 |
| 1,500,000 KION GROUP AG	1.625 20-25 24/09A | EUR | 1,580,640 | 1,571,505 | 0.49 |
| 300,000 MAHLE GMBH 2.375 21-28 14/05A | EUR | 291,315 | 291,780 | 0.09 |
| 447,000 NIDDA HEALTHCAR	3.50 17-24 30/09S | EUR | 446,813 | 441,050 | 0.14 |
| 200,000 NOVELIS SHEET INGOT 3.375 21-29 31/03S | EUR | 205,480 | 204,488 | 0.06 |
| 364,000 PCF GMBH 4.75 21-26 22/04S | EUR | 367,030 | 371,058 | 0.12 |
| 500,000 PLATIN 1426 GMBH	5.375 17-23 15/06S | EUR | 504,930 | 501,810 | 0.16 |
| 400,000 PRESTIGEBIDCO GMBH  6.25 16-23 15/12S | EUR | 401,905 | 402,106 | 0.13 |
| 800,000 SCHAEFFLER AG 3.375 20-28 12/10A | EUR | 905,600 | 885,184 | 0.28 |
| 300,000 STYROLUTION	2.2500 20-27 16/01A | EUR | 294,279 | 292,530 | 0.09 |
| 550,000 TELE COLOMBUS	3.875 18-25 04/05S | EUR | 541,237 | 547,792 | 0.17 |
| 1,000,000 VANTAGE TOWERS AG 0.75 21-30 31/03A | EUR | 998,870 | 986,980 | 0.31 |
| 1,800,000 VONOVIA SE	1.625 21-51 01/09A | EUR | 1,762,254 | 1,719,045 | 0.54 |
| 1,300,000 VONOVIA SE 0.625 21-29 16/06A | EUR | 1,294,865 | 1,276,249 | 0.40 |
| 600,000 VONOVIA SE 1.5 21-41 16/06A | EUR | 604,892 | 594,669 | 0.19 |
| 400,000 ZF FINANCE GMBH 2.75 20-27 25/11A | EUR | 397,112 | 409,498 | 0.13 |
| 300,000 ZF FINANCE GMBH 3 20-25 21/09A | EUR | 299,640 | 314,826 | 0.10 |
| 200,000 ZF FINANCE GMBH 3.75 20-28 21/09A | EUR | 222,817 | 216,323 | 0.07 |
| Italy |  | 12,822,308 | 12,878,414 | 4.04 |
| 550,000 ALMAVIVA - THE ITALIA 4.875 21-26 30/10S | EUR | 550,000 | 549,024 | 0.17 |
| 400,000 AUTOSTRADE PER I'ITA 2 21-30 15/01A | EUR | 413,800 | 420,816 | 0.13 |
| 575,000 CENTURION BIDCO SPA 5.875 20-26 30/09S | EUR | 574,242 | 597,672 | 0.19 |
| 400,000 INTERNATIONAL DESIGN GR 6.5 18-25 15/11S | EUR | 376,125 | 412,884 | 0.13 |
| 1,800,000 INTESA SANPAOLO 1.375 17-24 18/01A | EUR | 1,843,070 | 1,855,656 | 0.58 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 800,000 INTESA SANPAOLO 2.1250 20-25 26/05A | EUR | 862,160 | 850,128 | 0.27 |
| --- | --- | --- | --- | --- |
| 1,600,000 ITALY 1.25 16-26 01/12S | EUR | 1,680,723 | 1,663,680 | 0.52 |
| 3,760,000 ITALY 1.25 20-30 25/11A | USD | 3,133,800 | 3,172,095 | 0.99 |
| 400,000 NEXI S.P.A. 2.125 21-29 29/04S | EUR | 400,000 | 395,854 | 0.12 |
| 587,000 REKEEP S.P.A. 7.25 21-26 28/01S | EUR | 595,169 | 628,310 | 0.20 |
| 100,000 TELECOM ITALIA SPA  5.25 05-55 17/03A | EUR | 113,951 | 115,698 | 0.04 |
| 1,000,000 UNICERDIT SPA 4.625 17-27 12/04S | USD | 935,384 | 955,991 | 0.30 |
| 1,200,000 UNICREDIT SPA	9.25 16-XX 03/06S | EUR | 1,343,884 | 1,260,606 | 0.40 |
| Denmark |  | 3,613,521 | 3,667,737 | 1.15 |
| 2,300,000 ISS GLOBAL A/S 2.125 14-24 02/12A | EUR | 2,419,605 | 2,427,225 | 0.76 |
| 1,200,000 ISS GLOBAL A/S 1.50 17-27 31/08A | EUR | 1,193,916 | 1,240,512 | 0.39 |
| Spain |  | 18,423,068 | 18,350,292 | 5.76 |
| 2,600,000 BANCO BILBAO VIZCAYA 0.3750 19-24 02/10A | EUR | 2,635,532 | 2,621,931 | 0.82 |
| 2,700,000 BANCO SANTANDER SA 0.5 21-27 24/03A | EUR | 2,706,313 | 2,693,142 | 0.85 |
| 200,000 CELLNEX FINANCE	1.0000 21-27 15/09A | EUR | 197,790 | 193,909 | 0.06 |
| 500,000 CELLNEX TELECOM S.A. 1.75 20-30 23/10A | EUR | 497,318 | 483,345 | 0.15 |
| 200,000 EL CORTE INGLES SA 3	18-24 15/03S | EUR | 202,370 | 201,557 | 0.06 |
| 200,000 GRIFOLS ESCROW	3.8750 21-28 15/10S | EUR | 199,920 | 200,618 | 0.06 |
| 200,000 INTERNATIONAL CONSOL 3.75 21-29 25/03A | EUR | 201,156 | 199,154 | 0.06 |
| 1,400,000 MERLIN PROPERTIES SO 1.375 21-30 01/06A | EUR | 1,390,431 | 1,384,628 | 0.43 |
| 8,800,000 SPAIN 0.45 17-22 31/10A | EUR | 8,901,112 | 8,887,868 | 2.80 |
| 1,000,000 TELEFONICA EMIS EMTN 5.445 10-29 08/10A | GBP | 1,491,126 | 1,484,140 | 0.47 |
| United States of America |  | 15,687,873 | 15,744,186 | 4.94 |
| 1,268,000 BOOKING HOLDINGS INC 0.1 21-25 08/03A | EUR | 1,267,695 | 1,265,881 | 0.39 |
| 800,000 BOOKING HOLDINGS INC 0.5 21-28 08/03A | EUR | 799,344 | 800,452 | 0.25 |
| 400,000 CHEMOURS CO	4.00 18-26 15/05S | EUR | 410,002 | 404,868 | 0.13 |
| 500,000 CHEMOURS COMPANY	4.625 21-29 15/11S | USD | 420,061 | 416,101 | 0.13 |
| 200,000 COLFAX CORP	3.25 17-25 15/05S | EUR | 201,960 | 201,512 | 0.06 |
| 521,000 DOW CHEMICAL	9.40 09-39 15/05S | USD | 768,462 | 812,688 | 0.26 |
| 700,000 FIDEL NATL INFO SERV 1.00 19-28 03/12A | EUR | 725,550 | 712,156 | 0.22 |
| 900,000 FIDELITY NATIONAL INF 2.95 19-39 21/05A | EUR | 1,127,878 | 1,108,359 | 0.34 |
| 300,000 FORD MOTOR CREDIT CO 4.535 19-25 06/03A | GBP | 335,257 | 375,155 | 0.12 |
| 300,000 FORD MOTOR CREDIT CO 3.375 20-25 13/11S | USD | 253,845 | 266,568 | 0.08 |
| 300,000 IQVIA INC 2.25 21-29 03/03S | EUR | 299,625 | 297,651 | 0.09 |
| 400,000 KRONOS INTL	3.75 17-25 15/09S | EUR | 407,466 | 402,996 | 0.13 |
| 300,000 LUMEN TECH	4.00 20-27 15/02S | USD | 249,559 | 260,419 | 0.08 |
| 300,000 LUMEN TECH	5.375 21-29 15/06S | USD | 260,588 | 261,313 | 0.08 |
| 600,000 NETFLIX INC 3.6250 19-30 15/06S | EUR | 715,520 | 718,449 | 0.23 |
| 300,000 NETFLIX INC 3.8750 19-29 15/11S | EUR | 363,570 | 363,441 | 0.11 |
| 500,000 NOVELIS CORP 3.25 21-26 11/08S | USD | 432,637 | 432,430 | 0.14 |
| 250,000 OLYMPUS WATER US HOLD 3.875 21-28 01/10S | EUR | 250,000 | 249,531 | 0.08 |
| 552,000 ORGANON COMPANY 2.875 21-28 22/04S | EUR | 558,253 | 558,486 | 0.18 |
| 370,000 PRIME SECURITY SERVIC 3.375 20-27 31/08S | USD | 311,062 | 307,050 | 0.10 |
| 700,000 PRIME SECURITY SERVIC 5.75 19-26 15/04S | USD | 648,517 | 646,900 | 0.20 |
| 350,000 SCIL IV LLC / S	5.3750 21-26 01/11S | USD | 300,571 | 306,131 | 0.10 |
| 238,000 SCIL IV LLC / SCIL US 4.375 21-26 01/11S | EUR | 238,000 | 239,572 | 0.08 |
| 400,000 SILGAN HOLDINGS INC 3.25 17-25 15/03S | EUR | 403,930 | 402,900 | 0.13 |
| 500,000 THE ADT CORPORATION 4.875 16-32 15/07S | USD | 437,925 | 432,705 | 0.14 |
| 1,000,000 THERMO FISHER SCIEN 2.00 14-25 15/04A | EUR | 1,072,400 | 1,061,275 | 0.33 |
| 2,000,000 THERMO FISHER SCIENTIF 1.75 21-28 15/10S | USD | 1,709,996 | 1,705,646 | 0.53 |
| 600,000 VERIZON COMMUNICATION 2.875 17-38 15/01A | EUR | 718,200 | 733,551 | 0.23 |
| Sweden |  | 1,125,373 | 1,124,255 | 0.35 |
| 105,000 DOMETIC GROUP AB	2.000 21-28 29/09A | EUR | 105,000 | 103,217 | 0.03 |
| 500,000 VERISURE HOLDING AB 3.5 18-23 16/11S | EUR | 506,150 | 504,228 | 0.16 |
| 506,000 VERISURE HOLDING AB 3.875 20-26 15/07S | EUR | 514,223 | 516,810 | 0.16 |
| Norway |  | 1,284,333 | 1,274,978 | 0.40 |
| 100,000 ADEVINTA ASA 2.625 20-25 05/11S | EUR | 101,080 | 101,978 | 0.03 |
| 1,200,000 DNB BANK ASA 0.25 21-29 23/02A | EUR | 1,183,253 | 1,173,000 | 0.37 |
| Austria |  | 957,405 | 989,510 | 0.31 |
| 400,000 AMS AG	7.0000 20-25 31/07S | USD | 354,080 | 367,959 | 0.12 |
| 200,000 SAPPI PAPIER HOLDING 3.125 19-26 15/04S | EUR | 185,000 | 202,105 | 0.06 |
| 415,000 SAPPI PAPIER HOLDING 3.625 21-28 24/03S | EUR | 418,325 | 419,446 | 0.13 |
| Canada |  | 615,257 | 587,465 | 0.18 |
| 700,000 BAUSCH HEALTH 6.2500 20-29 15/02S | USD | 615,257 | 587,465 | 0.18 |
| Poland |  | 307,567 | 312,061 | 0.10 |
| 358,000 CANPACK SA/EASTERN P 3.125 20-25 26/10S | USD | 307,567 | 312,061 | 0.10 |

| Quantity	Denomination |  | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- | --- |
| Belgium |  |  | 1,505,205 | 1,519,263 | 0.48 |
| 633,000 HOUSE OF FIN 4.375 | 19-26 15/07S | EUR | 611,262 | 644,476 | 0.20 |

| 900,000 KBC GROUPE SA 0.125 21-29 14/01A | EUR | 893,943 | 874,787 | 0.28 |
| --- | --- | --- | --- | --- |
| Ireland |  | 1,905,387 | 1,881,252 | 0.59 |
| 300,000 EIRCOM FINANCE 3.50 19-26 15/05U | EUR | 307,294 | 305,142 | 0.10 |
| 1,500,000 SMURFIT KAPPA 1.50 19-27 15/09S | EUR | 1,598,093 | 1,576,110 | 0.49 |
| Finland |  | 2,013,694 | 1,963,847 | 0.62 |
| 2,023,000 CASTELLUM HELSINKI 0.875 21-29 17/09A | EUR | 2,013,694 | 1,963,847 | 0.62 |
| Guernsey |  | 1,347,793 | 1,389,239 | 0.44 |
| 1,300,000 GLOBALWORTH REAL EST 2.95 20-26 29/07A | EUR | 1,347,793 | 1,389,239 | 0.44 |
| Japan |  | 5,235,984 | 5,258,793 | 1.65 |
| 2,070,000 ASAHI GROUP HLD 0.3360 21-27 19/04A | EUR | 2,070,000 | 2,060,808 | 0.64 |
| 1,041,000 NTT FINANCE CORP 0.01 21-25 03/03A | EUR | 1,045,632 | 1,039,522 | 0.33 |
| 500,000 TAKEDA PHARMACEUTICA 1 20-29 09/07A | EUR | 520,220 | 511,358 | 0.16 |
| 1,500,000 TAKEDA PHARMACEUTICA 2 20-40 09/07A | EUR | 1,600,132 | 1,647,105 | 0.52 |
| Australia |  | 4,527,422 | 4,500,903 | 1.41 |
| 1,361,000 APT PIPELINES LTD 0.75 21-29 15/03A | EUR | 1,356,277 | 1,337,781 | 0.42 |
| 500,000 FMG RESOURCES 5.125 17-24 15/05S | USD | 459,134 | 460,333 | 0.14 |
| 300,000 FMG RESOURCES (AUGUS 4.375 21-31 25/03S | USD | 267,708 | 263,964 | 0.08 |
| 1,100,000 TRANSURBAN FINANCE 2.00 15-25 28/08A | EUR | 1,175,303 | 1,173,194 | 0.37 |
| 1,269,000 WESFARMERS LTD	0.954 21-33 21/10A | EUR | 1,269,000 | 1,265,631 | 0.40 |
| The Netherlands Antilles |  | 2,450,012 | 2,509,084 | 0.79 |
| 2,330,000 TEVA PHARMACEUTICAL 6 20-25 31/07S | EUR | 2,450,012 | 2,509,084 | 0.79 |
| Cayman Islands |  | 9,171,986 | 9,232,225 | 2.90 |
| 1,800,000 ALIBABA GROUP HOLDIN 2.125 21-31 09/02S | USD | 1,476,952 | 1,492,067 | 0.47 |
| 2,100,000 BAIDU INC 3.425 20-30 07/04S | USD | 1,891,987 | 1,902,512 | 0.59 |
| 200,000 DP WORLD CRESCENT  3.908 16-23 31/05S | USD | 175,957 | 179,527 | 0.06 |
| 1,100,000 FOXCONN (FAR EAST)  2.5 20-30 28/10S | USD | 931,437 | 943,819 | 0.30 |
| 1,500,000 MEITUAN DIANPING	2.125 20-25 28/10S | USD | 1,244,097 | 1,252,087 | 0.39 |
| 500,000 MEITUAN DIANPING	3.05 20-30 28/10S | USD | 425,585 | 401,873 | 0.13 |
| 500,000 TENCENT HOLDINGS LTD 3.80 15-25 11/02S | USD | 455,500 | 460,659 | 0.14 |
| 1,100,000 TENCENT HOLDINGS LTD 3.975 19-29 11/04S | USD | 1,025,953 | 1,036,833 | 0.33 |
| 1,300,000 WEIBO CORP	3.3750 20-30 08/07S | USD | 1,104,651 | 1,115,203 | 0.35 |
| 500,000 WEIBO CORP	3.50 19-24 05/07S | USD | 439,867 | 447,645 | 0.14 |
| Bermuda |  | 1,031,969 | 1,059,038 | 0.33 |
| 1,200,000 LI & FUNG LTD	4.3750 19-24 04/10S | USD | 1,031,969 | 1,059,038 | 0.33 |
| Mexico |  | 1,758,246 | 1,709,842 | 0.54 |
| 1,000,000 NEMAK SAB DE CV 3.625 21-31 28/06S | USD | 850,081 | 810,452 | 0.25 |
| 1,000,000 TOTAL PLAY TELECOMUN 7.50 20-25 12/11S | USD | 908,165 | 899,390 | 0.29 |
| British Virgin Islands |  | 4,731,788 | 4,776,083 | 1.50 |
| 500,000 CONTEMPRY RUIDNG DEV 1.875 20-25 17/09S | USD | 421,862 | 432,327 | 0.14 |
| 500,000 CONTEMPRY RUIDNG DEVE 2.625 20 30 17/07S | USD | 436,550 | 432,333 | 0.14 |
| 1,600,000 GOLD FIELDS 6.1250 19-29 15/05S | USD | 1,581,448 | 1,605,634 | 0.50 |
| 500,000 TSMC GLOBAL LTD	2.25 21-31 23/04S | USD | 429,988 | 428,745 | 0.13 |
| 1,500,000 TSMC GLOBAL LTD	1.3750 20-30 28/09S | USD | 1,208,345 | 1,205,120 | 0.38 |
| 800,000 TSMC GLOBAL LTD 0.75 20-25 28/09S | USD | 653,595 | 671,924 | 0.21 |
| Chile |  | 2,175,998 | 2,203,359 | 0.69 |
| 1,200,000 CODELCO INC CL.-REGS- 5.625 05-35 21/09S | USD | 1,287,687 | 1,307,256 | 0.41 |
| 1,000,000 INVERSIONES CMPC	3.8500 20-30 13/01 | USD | 888,311 | 896,103 | 0.28 |
| Isle of Man |  | 879,419 | 874,219 | 0.27 |
| 1,000,000 ANGLOGOLD HOLDI	3.7500 20-30 01/10S | USD | 879,419 | 874,219 | 0.27 |
| Floating rate bonds |  | 64,376,065 | 65,231,188 | 20.47 |
| Luxembourg |  | 4,691,134 | 4,678,108 | 1.47 |
| 1,500,000 AROUNDTOWN SA FL.R  -49 31/12A | EUR | 1,471,050 | 1,436,423 | 0.45 |
| 412,000 CPI PROPERTY GROUP FL.R 20-XX 16/11A | EUR | 401,449 | 424,117 | 0.13 |
| 339,000 HSE FINANCE S.A R.L. FL.R 21-26 06/05Q | EUR | 337,305 | 344,221 | 0.11 |
| 265,000 LION/POLARIS LUX 4 S FL.R 21-26 07/07Q | EUR | 265,000 | 265,829 | 0.08 |
| 1,400,000 SES SA FL.R 16-49 29/11A | EUR | 1,540,349 | 1,515,472 | 0.48 |
| 680,000 SES SA FL.R 21-99 31/12A | EUR | 675,981 | 692,046 | 0.22 |
| France |  | 7,414,007 | 7,430,931 | 2.33 |
| 600,000 AXA SA FL.R 14-XX 07/11A | EUR | 604,350 | 658,920 | 0.21 |
| 1,400,000 BPCE SA	FL.R 21-42 13/01A | EUR | 1,395,478 | 1,390,438 | 0.44 |
| 1,000,000 CREDIT AGRICOLE	FL.R 21-29 21/09A | EUR | 998,220 | 982,565 | 0.31 |
| 600,000 CREDIT AGRICOLE FL.R 15-XX 13/01A | EUR | 639,284 | 660,057 | 0.21 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 1,500,000 GROUPAMA SA FL.R 14-XX 28/05A | EUR | 1,737,675 | 1,706,108 | 0.53 |
| --- | --- | --- | --- | --- |
| 1,600,000 MUTUELLE AS	21-49 31/12S | EUR | 1,600,000 | 1,592,840 | 0.49 |
| 439,000 PARTS EUROPE SA FL.R 21-27 15/07Q | EUR | 439,000 | 440,003 | 0.14 |
| United Kingdom |  | 5,233,205 | 5,277,028 | 1.66 |
| 2,035,000 BRITISH TELECOM	FL.R 00-30 15/12S | USD | 2,669,486 | 2,648,533 | 0.83 |
| 1,000,000 HSBC HOLDINGS PLC FL.R 17-28 13/03S | USD | 936,351 | 941,231 | 0.30 |
| 300,000 VODAFONE GROUP FL.R 18-78 03/10A | EUR | 302,606 | 334,796 | 0.11 |
| 900,000 VODAFONE GROUP PLC FL.R 21-81 04/06S | USD | 759,912 | 778,771 | 0.24 |
| 563,000 VODAFONE GROUP PLC 3 20-80 27/08A | EUR | 564,850 | 573,697 | 0.18 |
| The Netherlands |  | 7,688,003 | 7,942,865 | 2.49 |
| 600,000 ABERTIS FINANCE BV FL.R 20-XX 24/02A | EUR | 600,000 | 614,622 | 0.19 |
| 600,000 COOPERATIVE RABOBANK FL.R 18-XX 29/12S | EUR | 562,090 | 656,130 | 0.21 |
| 500,000 ELM BV FL.R 20-99 31/12A | EUR | 524,718 | 532,283 | 0.17 |
| 1,600,000 ING GROUP CV SUB	FL.R 15-XX 16/10S | USD | 1,441,421 | 1,521,351 | 0.48 |
| 500,000 KPN NV FL.R 13-73 28/03S | USD | 442,088 | 458,380 | 0.14 |
| 400,000 NN GROUP NV FL.R 14-44 08/04A | EUR | 434,460 | 439,214 | 0.14 |
| 176,000 Q-PARK HOLDING	FL.R 20-26 01/03Q | EUR | 176,000 | 169,261 | 0.05 |
| 461,450 SUMMER BIDCO FL.R 19-25 17/11S | EUR | 469,566 | 471,837 | 0.15 |
| 400,000 TELEFONICA EURO	FL.R 19-XX 14/03A | EUR | 399,702 | 430,888 | 0.14 |
| 500,000 TELEFONICA EUROPE BV FL.R 13-XX 22/09A | EUR | 518,175 | 537,730 | 0.17 |
| 300,000 TELEFONICA EUROPE BV FL.R 19-XX 24/09A | EUR | 297,728 | 306,393 | 0.10 |
| 200,000 UNITED GROUP BV FL.R 19-25 15/05Q | EUR | 196,581 | 200,571 | 0.06 |
| 1,500,000 VOLKSWAGEN INTL FIN FL.R 20-XX 17/06A | EUR | 1,625,474 | 1,604,205 | 0.49 |
| Switzerland |  | 2,893,795 | 3,012,742 | 0.95 |
| 1,200,000 UBS GROUP FL.R 21-99 31/12S | USD | 980,032 | 1,031,373 | 0.32 |
| 1,300,000 UBS GROUP FUNDING  FL.R 19-99 31/07S | USD | 1,182,513 | 1,219,793 | 0.39 |
| 750,000 UBS GROUP SUB	FL.R 15-XX 19/02A | EUR | 731,250 | 761,576 | 0.24 |
| Germany |  | 15,120,555 | 15,184,196 | 4.76 |
| 3,600,000 ALLIANZ SE	FL.R 21-99 31/12A | USD | 3,037,284 | 3,014,729 | 0.96 |
| 1,000,000 ALLIANZ SE FL.R 20-XX XX/XXA	USD | 851,652 | 873,770 | 0.27 |
| 204,000 APCOA PARKING HOLDIN FL.R 21-27 23/07Q	EUR | 204,000 | 204,215 | 0.06 |
| 1,800,000 BERTELSMANN SE FL.R 15-75 23/04A | EUR | 1,797,552 | 1,855,683 | 0.58 |
| 1,300,000 COMMERZBANK AG FL.R 20-30 05/12A | EUR | 1,344,966 | 1,411,391 | 0.44 |
| 2,200,000 COMMERZBANK AG FL.R 20-99 31/12A | EUR | 2,411,320 | 2,385,867 | 0.75 |
| 1,800,000 DEUTSCHE BANK REGS FL.R 14-XX 30/04A | EUR | 1,836,618 | 1,824,219 | 0.57 |
| 2,500,000 LANXESS AG  FL.R 16-76 06/12A | EUR | 2,673,384 | 2,644,412 | 0.83 |
| 449,000 PCF GMBH FL.R 21-26 22/04Q | EUR | 449,000 | 451,366 | 0.14 |
| 514,000 TK ELEVATOR MIDCO GM FL.R 20-27 15/07Q | EUR | 514,779 | 518,544 | 0.16 |
| Italy |  | 12,343,973 | 12,431,728 | 3.90 |
| 1,200,000 ASSICURAZ GENERALI FL.R 14-XX 21/11A | EUR | 1,329,096 | 1,329,582 | 0.42 |
| 181,738 DIOCLE SPA	FL.R 19-26 30/06Q | EUR | 182,010 | 182,064 | 0.06 |
| 358,621 FABRIC BC SPA	FL.R 18-24 30/11Q | EUR | 342,249 | 358,929 | 0.11 |
| 236,000 GOLDEN GOOSE S.P.A. FL.R 21-27 14/05Q | EUR | 232,249 | 234,357 | 0.07 |
| 191,000 INTERNATIONAL DESIGN FL.R 21-26 19/05Q | EUR | 191,000 | 191,661 | 0.06 |
| 2,200,000 INTESA SAN PAOLO  FL.R 17-XX 11/07S | EUR | 2,644,349 | 2,664,860 | 0.83 |
| 380,000 LEATHER 2 SPA	FL.R 21-28 30/09Q | EUR | 380,000 | 379,768 | 0.12 |
| 360,000 MOONEY GROUP SPA FL.R	19-26 17/12Q | EUR | 346,953 | 360,311 | 0.11 |
| 400,000 SOFIMA HOLDING S.P.A. FL.R 20-28 15/01Q | EUR | 400,344 | 400,386 | 0.13 |
| 1,300,000 UNICREDIT SPA FL.R 21-29 05/07A | EUR | 1,299,389 | 1,299,896 | 0.41 |
| 1,600,000 UNICREDIT SPA FL.R 19-25 03/07A | EUR | 1,590,984 | 1,647,520 | 0.52 |
| 1,400,000 UNICREDIT SPA FL.R 19-29 20/02A | EUR | 1,501,400 | 1,507,226 | 0.47 |
| 1,600,000 UNICREDIT SPA FL.R 19-49 19/03S | EUR | 1,903,950 | 1,875,168 | 0.59 |
| Spain |  | 5,198,844 | 5,421,901 | 1.70 |
| 1,400,000 BANCO BILBAO	FL.R 19-XX XX/XXQ | EUR | 1,532,240 | 1,514,310 | 0.48 |
| 400,000 BANCO BILBAO VIZCAYA FL.R 20-30 16/01A | EUR | 397,564 | 400,424 | 0.13 |
| 1,000,000 BANCO BILBAO VIZCAYA FL.R 21-27 24/03A | EUR | 997,610 | 990,210 | 0.31 |
| 800,000 BANCO BILBAO VIZCAYA FL.R 20-XX XX/XXQ | EUR | 828,300 | 905,984 | 0.28 |
| 1,000,000 BANCO SANTANDER SA FL.R 20-XX 14/01A | EUR | 933,380 | 1,034,405 | 0.32 |
| 500,000 MAPFRE FL.R 17-47 31/03A | EUR | 509,750 | 576,568 | 0.18 |
| United States of America |  | 832,225 | 885,358 | 0.28 |
| 1,000,000 JPMORGAN CHASE FL.R 20-XX 01/02S | USD | 832,225 | 885,358 | 0.28 |
| Sweden |  | 1,359,111 | 1,384,153 | 0.43 |
| 584,000 CASTELLUM AB	FL.R 21-99 31/12A | EUR | 584,283 | 567,136 | 0.18 |
| 600,000 SKANDINAVISKA ENSKIL FL.R 19-XX 13/05S | USD | 514,138 | 550,463 | 0.17 |
| 262,000 TRANSCOM HOLDING AB FL.R 21-26 18/06Q | EUR | 260,690 | 266,554 | 0.08 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
Austria
895,000
886,492	0.28
| 800,000 ERSTE GROUP BK SUB FL.R 17-XX 15/04S | EUR | 895,000 | 886,492 | 0.28 |
| --- | --- | --- | --- | --- |
| Portugal |  | 397,924 | 391,010 | 0.12 |
| 400,000 ENERGIAS DE PORTUGAL FL.R 21-82 14/03A | EUR | 397,924 | 391,010 | 0.12 |
| Finland |  | 308,289 | 304,676 | 0.10 |
| 313,000 CITYCON OY J  FL.R	21-99 31/12A | EUR | 308,289 | 304,676 | 0.10 |
| Total Investments |  | 291,313,248 | 292,662,559 | 91.86 |
| Cash Net |  |  | 27,922,768 | 8.76 |
| Other Assets/(Liabilities) |  |  | (1,976,743) | (0.62) |
| Total Net Assets |  |  | 318,608,583 | 100.00 |


##### Geographic allocation of portfolio
% of Net Assets
Germany	16.05
The Netherlands	13.37
France	12.91
Italy	7.94
Spain	7.46
Luxembourg	6.94
United Kingdom	5.39
United States of America	5.22
Cayman Islands	2.90
Japan	1.65
British Virgin Islands	1.50
Australia	1.41
Denmark	1.15
Switzerland	0.95
The Netherlands Antilles	0.79
Sweden	0.78
Finland	0.72
Chile	0.69
Ireland	0.59
Austria	0.59
Mexico	0.54
Belgium	0.48
Guernsey	0.44
Norway	0.40
Bermuda	0.33
Isle of Man	0.27
Canada	0.18
Portugal	0.12
Poland	0.10
Other assets
8.14
100.00
Statement of Operations and Changes in Net Assets from 01.11.2020 to 31.10.2021
Expressed in EUR
| Income |  | 7,682,298 |
| --- | --- | --- |
| Interest on bonds, Net | Note 2d | 7,637,556 |
| Bank interest |  | 771 |
| Bank interest on time deposits |  | 87 |
| Other financial income |  | 7,976 |
| Interest on repurchase agreements | Note 2f | 35,908 |
| Expenses |  | 3,206,526 |
| Investment management fee | Note 3 | 1,615,965 |
| Depositary fees | Note 5 | 11,191 |
| Taxe d'abonnement | Note 7a | 67,478 |
| Performance fee | Note 4 | 280,558 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 107,574 |
| Professional fees | Note 12 | 41,596 |
| Bank charges |  | 103,384 |
| Transaction costs | Note 2g | 33,193 |
| Expenses on repurchase agreements | Note 2f | 117 |
| Interest on swaps contracts |  | 923,115 |
| Sundry expenses |  | 22,355 |
| Net income from investments |  | 4,475,772 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 5,382,850 |
| - Options contracts | Note 2e | (239,487) |
| - Forward currency exchange contracts | Note 2e | 319,245 |
| - Financial futures contracts | Note 2e | 63,139 |
| - Swaps contracts | Note 2e | 4,627,158 |
| - Foreign exchange | Note 2c | (2,967) |
| Net realised profit |  | 14,625,710 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (483,290) |
| - Forward currency exchange contracts | Note 2e | 168,022 |
| - Financial futures contracts | Note 2e | (1,138,559) |
| - Swaps contracts | Note 2e | (3,571,200) |
| Increase in net assets as a result of operations |  | 9,600,683 |
| Dividends paid | Note 6 | (292,814) |
| Subscription capitalisation shares |  | 141,073,731 |
| Subscription distribution shares |  | 23,548,541 |
| Redemption capitalisation shares |  | (43,720,190) |
| Redemption distribution shares |  | (6,352,240) |
| Increase in net assets |  | 123,857,711 |
| Net assets at the beginning of the year |  | 194,750,872 |
| Net assets at the end of the year |  | 318,608,583 |

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 |