# EDMONDDE ROTHSCHILD SICAV
Société d’Investissement à Capital Variable (investment company with variable capital)
EdR SICAV – Tricolore Rendement
2020 Financial Year
FEATURES
- D
- ate createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 7 December 2018.

The Sub-fund was created on 08 March 2019, through the merger/absorption of the following fund while maintaining the ISIN codes:
-	
Edmond de Rothschild Tricolore Rendement created on 4 December 1998.
- Classification:Equities from Eurozone countries
- Management objective:The Sub-fund aims to outperform its benchmark index, the SBF 120 (NR), over a recommended investment horizon of more than five years by investing in predominantly French companies whose valuation characteristics indicate that they are likely to perform strongly.

These companies will be selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria.
The Sub-Fund is actively managed, which means that the Investment Manager makes investment decisions with the aim of achieving the Sub-Fund’s objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Sub-fund’s investment universe consists of all French stocks with a market capitalisation of more than €300 million that have been subjected to a non-financial analysis.
- Benchmark:The management objective is not expressed in relation to a benchmark. However, for information purposes, the Sub-fund’s performance may be compared to the SBF 120 index, net dividends reinvested, expressed in Euros for shares issued in Euros and in US dollars for shares issued in US dollars. This index comprises the Paris Stock Exchange’s 120 largest stocks in terms of capitalisation.

EURONEXT (website: www.euronext.com/fr), the administrator responsible for the benchmark index SBF 120, is included in the register of administrators and benchmark indices held by ESMA.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Risk profile:Your money will primarily be invested in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-Fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the Sub-Fund may not be invested in the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-Fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-Fund to the effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This Sub-Fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the Sub- Fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the Sub-Fund in the event of a change in the yield curve.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the Sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the Sub-fund’s net asset value.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-Fund invests. Counterparty risk results from this Sub-Fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the Sub-Fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-Fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-Fund may have to liquidate, initiate or modify positions. Risk associated with derivatives:
The Sub-Fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-Fund invests.
Risk associated with the currency of shares denominated in currencies other than that of the Sub-fund: Shareholders investing in currencies other than the Sub-fund’s base currency (Euro) may be exposed to currency risk if this is not hedge. The value of the Sub-fund’s assets may fall if exchange rates vary, which
may cause the net asset value of the Sub-fund to fall.
Risk associated with small and mid-caps:
Securities of small- and mid-cap companies may be significantly less liquid and more volatile than those of large-cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
- Target subscribers:A EUR, A USD and B EUR shares: All subscribersI EUR and K EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.

R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
This Sub-fund is aimed specifically at investors wishing to achieve greater returns on their savings by investing primarily in French equity markets.
- Allocation of income:

| Distributable income | “A USD", "A EUR", "R EUR", "IEUR", and "K EUR" shares | "B EUR" shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

CHANGES IN ASSETS
| Dates | Net assets in millions of EUR € | Number of Shares Outstanding | Net Redemption Price of the Share in Euros € |
| --- | --- | --- | --- |
| 8 | March	2019* |  |  |  |
|  | A EUR shares | 866.01 | 2,638,857.09 | 328.17 |
|  | A USD shares | 0.15 | 1,549.754 | 95.46 |
|  | R EUR shares: | 3.58 | 20,940.06 | 170.98 |
|  | K EUR shares | 9.13 | 50,768.381 | 179.73 |
|  | I EUR shares | 32.75 | 223,734.172 | 146.35 |
|  | B EUR shares | 127.14 | 626,865.45 | 202.81 |
| 30 | September	2019 |  |  |  |
|  | A EUR shares | 817.83 | 2,310,040.342 | 354.03 |
|  | A USD shares | 0.15 | 1,435.548 | 102.98 |
|  | R EUR shares: | 2.87 | 15,587.728 | 184.03 |
|  | K EUR shares | 9.89 | 50,768.381 | 194.83 |
|  | I EUR shares | 54.69 | 344,447.836 | 158.78 |
|  | B EUR shares | 125.28 | 572,168.993 | 218.96 |
| 31 | March	2020 |  |  |  |
|  | A EUR shares | 557.81 | 2,115,297.115 | 263.70 |
|  | A USD shares | 0.12 | 1,428.548 | 84.16 |
|  | R EUR shares: | 1.83 | 13,379.435 | 136.80 |
|  | K EUR shares | 0.48 | 3,285.000 | 145.74 |
|  | I EUR shares | 36.70 | 308,735.631 | 263.70 |
|  | B EUR shares | 85.26 | 532,870.716 | 160.00 |
| 30 | September	2020 |  |  |  |
|  | A EUR shares | 604.02 | 2,035,631.86 | 296.72 |
|  | A USD shares | 0.14 | 1,341.58 | 101.21 |
|  | R EUR shares: | 1.90 | 12,338.39 | 153.62 |
|  | K EUR shares | 0.54 | 3,285.00 | 164.69 |
|  | I EUR shares | 37.91 | 282,034.61 | 134.41 |
|  | B EUR shares | 92.97 | 516,380.70 | 180.04 |

* EdR SICAV - Tricolore Rendement was created on 8 March 2019, by merger-absorption of the Edmond de Rothschild Tricolore Rendement Fund,.
ALLOCATION OF THE INCOME FOR THE 2020 FINANCIAL YEAR
For “B EUR” distribution shares:
The net income for the financial year was -€328,559.75.
We propose that you allocate this result to the Sub-fund’s capital account.
Distributable income relating to net gains and losses for the financial year ended 30 September 2020 was nil.

## EdR SICAV – Tricolore Rendement
ANNUAL FINANCIAL STATEMENTS
30/09/2020
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net fixed assets | 0.00 | 0.00 |
| Deposits | 0.00 | 0.00 |
| Financial instruments | 738,962,399.62 | 1,013,181,706.58 |
| Equities and equivalent securities | 727,221,280.09 | 931,574,378.89 |
| Traded on a regulated or equivalent market | 727,221,280.09 | 931,574,378.89 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 |
| Traded on a regulated or equivalent market | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 |
| Traded on a regulated or equivalent market | 0.00 | 0.00 |
| Negotiable debt securities | 0.00 | 0.00 |
| Other debt securities | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Undertakings for collective investment | 11,741,119.53 | 81,607,327.69 |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries | 11,741,119.53 | 81,607,327.69 |
| Other funds intended for non-professionals and equivalent investors in other EU Member States | 0.00 | 0.00 |
| Professional investment funds and their equivalents in other EU Member States and listed special purpose vehicles | 0.00 | 0.00 |
| Other professional investment funds and their equivalents in other EU Member States and unlisted special purpose vehicles | 0.00 | 0.00 |
| Other non-European undertakings | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Receivables on securities received under repurchase agreements | 0.00 | 0.00 |
| Receivables on loaned securities | 0.00 | 0.00 |
| Borrowed securities | 0.00 | 0.00 |
| Securities assigned under repurchase agreements | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 0.00 | 0.00 |
| Transactions on a regulated or equivalent market | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 |
| Other financial instruments | 0.00 | 0.00 |
| Receivables | 761,760.78 | 1,315,684.98 |
| Forward currency transactions | 0.00 | 0.00 |
| Other | 761,760.78 | 1,315,684.98 |
| Financial accounts | 45,064.39 | 167,406.61 |
| Cash and cash equivalents | 45,064.39 | 167,406.61 |
| Total assets | 739,769,224.79 | 1,014,664,798.17 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Share capital |  |  |
| Capital | 787,149,201.40 | 992,025,924.80 |
| Undistributed prior net gains and losses (a) | 0.00 | 0.00 |
| Balance carried forward (a) | 829.21 | 0.00 |
| Net gains and losses for the financial year (a, b) | -47,533,267.75 | -724,855.82 |
| Profit/loss for the financial year (a, b) | -2,164,938.34 | 19,414,631.34 |
| Total share capital (= amount corresponding to net assets) | 737,451,824.52 | 1,010,715,700.32 |
| Financial instruments | 0.00 | 0.00 |
| Sales of financial instruments | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Payables representing securities assigned under repurchase agreements | 0.00 | 0.00 |
| Payables representing borrowed securities | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 0.00 | 0.00 |
| Transactions on a regulated or equivalent market | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 |
| Payables | 1,923,069.05 | 3,949,097.85 |
| Forward currency transactions | 0.00 | 0.00 |
| Other | 1,923,069.05 | 3,949,097.85 |
| Financial accounts | 394,331.22 | 0.00 |
| Current bank borrowings | 394,331.22 | 0.00 |
| Loans | 0.00 | 0.00 |
| Total liabilities | 739,769,224.79 | 1,014,664,798.17 |

- Including adjustments
- Less any interim dividends paid in respect of the financial year

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitment on regulated or equivalent markets |
| Commitment on over-the-counter markets |
| Other commitments |
| Other transactions |
| Commitment on regulated or equivalent markets |
| Commitment on over-the-counter markets |
| Other commitments |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 0.00 | 0.00 |
| Income from equities and equivalent securities | 14,059,040.53 | 32,176,487.64 |
| Income from bonds and equivalent securities | 0.00 | 0.00 |
| Income from debt securities | 0.00 | 0.00 |
| Income from temporary purchases and sales of securities | 0.00 | 0.00 |
| Income from forward financial instruments | 0.00 | 0.00 |
| Other financial income | 0.00 | 0.00 |
| Total (1) | 14,059,040.53 | 32,176,487.64 |
| Expenses relating to financial transactions |  |  |
| Expenses relating to temporary purchases and sales of securities | 0.00 | 0.00 |
| Expenses relating to forward financial instruments | 0.00 | 0.00 |
| Expenses relating to financial debt | 2,294.29 | 2,680.61 |
| Other financial expenses | 0.00 | 0.00 |
| Total (2) | 2,294.29 | 2,680.61 |
| Profit/loss on financial transactions (1 - 2) | 14,056,746.24 | 32,173,807.03 |
| Other income (3) | 0.00 | 0.00 |
| Management fees and amortisation charges (4) | 16,576,260.70 | 11,452,839.47 |
| Net profit/loss for the financial year (L. 214-17-1) (1 - 2 + 3 - 4) | -2,519,514.46 | 20,720,967.56 |
| Income equalisation for financial year (5) | 354,576.12 | -1,306,336.22 |
| Interim dividends paid over the financial year (6) | 0.00 | 0.00 |
| Profit/loss	(1 - 2 + 3 - 4 + 5 - 6) | -2,164,938.34 | 19,414,631.34 |

Management fees include fees related to tax recoveries in the amount of €37,703.20.

### NOTES TO THE ANNUAL FINANCIAL STATEMENTS
- ACCOUNTING METHODS AND RULESThe annual financial statements are presented in the form provided for by ANC Regulation 2014-01, as amended. General accounting principles apply:
- a true and fair view, comparability and operational continuity,
- lawfulness and fairness,
- prudence,
- consistency of accounting methods from one financial year to the next.

The recognition method selected for recording the income from fixed-income securities is the accrued interest method. Purchases and sales of securities are recorded exclusive of costs.
The base currency of the portfolio is the euro. The length of the financial year is 12 months.
Information on the impacts of the COVID-19 crisis
The financial statements were approved by the Management Company based on the information available within the context of an evolving health crisis related to Covid-19.
Asset valuation rules
Financial instruments are recorded in the financial statements according to the historical cost method and on the balance sheet at their current value as determined by the last known market value or, where no market exists, by any external means or by the use of financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not in the portfolio currency are valued in accordance with the principle set out below, and then converted into the portfolio currency at the exchange rate on the valuation date.

###### Deposits:
Deposits with a residual maturity of three months or less are valued according to the straight line method.

###### Equities, bonds and other securities traded on a regulated or equivalent market:
For the purpose of calculating the net asset value, equities and other securities traded on a regulated or equivalent market are valued on the basis of the day’s closing market price.
Bonds and equivalent securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other equivalent securities is calculated up to the net asset value calculation date.

###### Equities, bonds and other securities not traded on a regulated or equivalent market:
Securities that are not traded on a regulated market are valued by the board of directors using methods based on market value and yield, taking into account the prices used for recent significant transactions.

###### Negotiable debt securities:
Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using an actuarial method based on a reference rate, defined below, which is increased, where applicable, by a differential that is representative of the intrinsic characteristics of the issuer:
Negotiable debt securities with a maturity of one year or less: Euro Interbank Offered Rate (Euribor);
Negotiable debt securities with a maturity exceeding one year: Rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longest durations.
Negotiable debt securities with a residual maturity of three months or less may be valued using the straight-line method. French treasury bills are valued at the market rate, as published daily by the Banque de France.

###### UCIs held:
Units or shares of UCIs will be valued at the last known net asset value.

###### Temporary securities transactions:
Securities received under repurchase agreements are recorded as assets under the “Receivables related to securities received under repurchase agreements” heading at the contracted amount, plus any accrued interest.
Securities assigned under repurchase agreements are recorded at their current value in the long portfolio. Payables on securities assigned under repurchase agreements are entered in the short portfolio at the contracted value, plus any accrued interest payable.
Loaned securities are valued at their current value and are entered under assets at their current value, plus accrued interest receivable, under the heading “Receivables on loaned securities”.
Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, and as liabilities under the “Payables representing borrowed securities” heading at the contracted amount, plus any accrued interest payable.

###### Forward financial instruments:
Forward financial instruments traded on a regulated or equivalent market: 
Forward financial instruments traded on regulated markets are valued at the day’s settlement price. 
Forward financial instruments not traded on a regulated or equivalent market:
Swaps:
Interest rate and/or currency swaps are valued at their market value according to the price calculated by discounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. This price is adjusted to take into account the risk associated with the issuer.
Index swaps are valued on an actuarial basis using a benchmark rate provided by the counterparty.
Other swaps are valued at their market value or at a value estimated in the manner established by the board of directors.
Off-balance sheet commitments:
Futures contracts are recorded as off-balance sheet commitments at their market value at the price used in the portfolio. Options transactions are converted into the underlying equivalent.
Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.
Operating and management fees:
Operating and management fees cover all fees relating to the UCI: fees for financial management, administration, accounting, custody, distribution, audit, etc.
These fees are recorded in the income statement for the UCI.
Management fees do not include transaction fees. For more details about the fees invoiced to the UCI, please refer to the prospectus.
They are recorded pro rata temporis each time the net asset value is calculated.
The rate applied on the basis of the net assets is:
For financial management fees
- A EUR shares: 1.95%
- A USD shares: 1.95%
- B EUR shares: 1.95%.
- I EUR shares: 0.95%
- K EUR shares: 1.10%
- R EUR shares: 2.35%In respect of administrative expenses external to the Management Company, in particular the fees for the custodian, valuer and statutory auditors, etc.

For all shares, the rate is:
- 0.06% from 01/10/2019 to 03/01/2020
- 0.07% from 04/01/2020 to 26/06/2020
- 0.09% as of 27/06/2020 Performance fee
Outperformance fees will be deducted from A EUR, A USD, B EUR, I EUR and R EUR shares for the benefit of the Management Company in accordance with the following:
Benchmark: SBF 120 (expressed in Euros for shares denominated in Euros and in US dollars for shares denominated in US dollars), net dividends reinvested.
The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted for subscriptions and redemptions.
When the Sub-fund outperforms the benchmark index, a provision of 15% net of tax will be applied to the outperformance. The reference periods end with the last net asset value for the month of March.
A provision for performance fees will be made each time the net asset value is calculated.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
No performance fee will be charged if the Sub-fund underperforms the benchmark index over the calculation period.
In the event of underperformance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
Outperformance fee (1) Net assets of the Sub-fund
A EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index
B EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index
CR EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index
I EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index
K EUR shares: None
N EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index
R EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index
*Incl. taxes = inclusive of all taxes.
For this activity, the management company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted for subscriptions and redemptions.
When the Sub-fund outperforms the benchmark and exceeds the High Water Mark, a maximum provision of 15% net of tax will be applied to the outperformance.
The High Water Mark is equal to the last net asset value giving rise to payment of a performance fee at the end of the reference period.
The reference periods will end with the last net asset value of the month of February.
In the event of underperformance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision. A provision for performance fees is made each time the net asset value is calculated.
When shares are redeemed, the proportion of the performance fee attached to the redeemed shares will be crystallised and will therefore accrue to the Management Company.
No performance fee shall be charged in any of the following cases:
- If the Sub-fund's performance is negative in comparison with the previous year-end.
- If the Sub-fund's performance is lower than the performance of its benchmark index.
- If the net asset value of the Sub-fund is less than the High Water Mark.


#### Swing Pricing
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.
Share subscriptions and redemptions are executed in amounts or in shares or in thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the Sub-fund. If there is any uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of the net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08

#### Swing Pricing
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.
Share subscriptions and redemptions are executed in amounts or in shares or in thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the Sub-fund. If there is any uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of the net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
Allocation of distributable income
Definition of distributable income:
Distributable income comprises:
Profit/loss:
Net profit/loss for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ fees and all other revenues generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less the sum of the costs of management and borrowing costs.
It is increased by the balance carried forward and increased or decreased by the balance of the income adjustment account.
Gains and losses:
Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gains of the same type recorded during previous financial years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.
Methods for allocating distributable income:
| Distributable income | “A USD”, “A EUR”, “R EUR”, “I EUR”, and “K EUR” shares | “B EUR” units |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 1,010,715,700.32 | 0.00 |
| Subscriptions (including subscription fees paid to the UCI) | 38,028,742.70 | 1,092,131,572.97 |
| Redemptions (less redemption fees paid to the UCI) | -159,732,334.02 | -152,838,149.90 |
| Realised gains on deposits and financial instruments | 36,581,963.55 | 9,415,075.51 |
| Realised losses on deposits and financial instruments | -81,961,117.15 | -7,468,332.62 |
| Realised gains on forward financial instruments | 0.00 | 0.00 |
| Realised losses on forward financial instruments | 0.00 | 0.00 |
| Transaction fees | -4,445,983.07 | -2,818,074.12 |
| Foreign exchange differences | -5,428.35 | 1,008.40 |
| Changes in valuation differential on deposits and financial instruments | -96,867,050.00 | 51,571,632.52 |
| Valuation differential for financial year N | -45,295,417.48 | 51,571,632.52 |
| Valuation differential for financial year N-1 | -51,571,632.52 | 0.00 |
| Changes in valuation differential on forward financial instruments | 0.00 | 0.00 |
| Valuation differential for financial year N | 0.00 | 0.00 |
| Valuation differential for financial year N-1 | 0.00 | 0.00 |
| Dividends paid in the previous financial year on net gains and losses | 0.00 | 0.00 |
| Dividends paid in the previous financial year on income | -2,343,155.00 | 0.00 |
| Net profit/loss for financial year prior to income equalisation account | -2,519,514.46 | 20,720,967.56 |
| Interim dividend(s) paid over the financial year on net gains and losses | 0.00 | 0.00 |
| Interim dividend(s) paid over the financial year on income | 0.00 | 0.00 |
| Other items | 0.00 | 0.00 |
| Net assets at the end of the financial year | 737,451,824.52 | 1,010,715,700.32 |

- BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE

|  | Amount | % |
| --- | --- | --- |
| Assets |  |  |
| Bonds and equivalent securities |  |  |
| TOTAL Bonds and equivalent securities | 0.00 | 0.00 |
| Debt securities |  |  |
| TOTAL Debt securities | 0.00 | 0.00 |
| Liabilities |  |  |
| Sales of financial instruments |  |  |
| TOTAL Sales of financial instruments | 0.00 | 0.00 |
| Off-balance sheet items |  |  |
| Hedging transactions |  |  |
| TOTAL Hedging transactions | 0.00 | 0.00 |
| Other transactions |  |  |
| TOTAL Other transactions | 0.00 | 0.00 |

- BREAKDOWN BY INTEREST RATES OF ASSET, LIABILITY AND OFF- BALANCE-SHEET ITEMS

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 45,064.39 | 0.01 |
| Liabilities |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 394,331.22 | 0.05 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFF-BALANCE-SHEET ITEMS

|  | <3 months | % | [3 months – 1 year] | % | [1–3 years] | % | [3–5 years] | % | >5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 45,064.39 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 394,331.22 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

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

|  | USD |  |  | Other currencies |
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | Amount | % | Amount | % |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equities and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| UCIs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 8,764.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 45,064.39 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |
| Sales of financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | 30/09/2020 |
| --- | --- |
| Receivables |  |
| Subscriptions receivable | 237,433.55 |
| Cash dividends and coupons | 524,327.23 |
| Total receivables | 761,760.78 |
| Payables |  |
| Redemptions payable | 690,920.83 |
| Management fees | 1,232,148.22 |
| Total payables | 1,923,069.05 |

- SHARE CAPITAL
	- Number of securities issued or redeemed


|  | In equities | Amount |
| --- | --- | --- |
| EdR SICAV – Tricolore Rendement A EUR Shares |  |  |
| Shares subscribed during the financial year | 93,978.826 | 28,486,170.66 |
| Shares redeemed during the financial year | -368,387.310 | -120,084,523.56 |
| Net balance of subscriptions/redemptions | -274,408.484 | -91,598,352.90 |
| EdR SICAV – Tricolore Rendement I EUR Shares |  |  |
| Shares subscribed during the financial year | 37,698.642 | 5,174,835.97 |
| Shares redeemed during the financial year | -100,111.873 | -13,871,622.44 |
| Net balance of subscriptions/redemptions | -62,413.231 | -8,696,786.47 |
| EdR SICAV – Tricolore Rendement A USD Shares |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | -93.972 | -8,027.89 |
| Net balance of subscriptions/redemptions | -93.972 | -8,027.89 |
| EdR SICAV – Tricolore Rendement R EUR Shares |  |  |
| Shares subscribed during the financial year | 2,270.416 | 344,459.75 |
| Shares redeemed during the financial year | -5,519.758 | -906,827.21 |
| Net balance of subscriptions/redemptions | -3,249.342 | -562,367.46 |
| EdR SICAV – Tricolore Rendement K EUR Shares |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | -47,483.381 | -9,498,100.70 |
| Net balance of subscriptions/redemptions | -47,483.381 | -9,498,100.70 |
| EdR SICAV – Tricolore Rendement B EUR Shares |  |  |
| Shares subscribed during the financial year | 20,150.587 | 4,023,276.32 |
| Shares redeemed during the financial year | -75,938.883 | -15,363,232.22 |
| Net balance of subscriptions/redemptions | -55,788.296 | -11,339,955.90 |

- Subscription and/or redemption fees

|  | Amount |
| --- | --- |
| EdR SICAV – Tricolore Rendement A EUR Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV – Tricolore Rendement I EUR Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |

- Subscription and/or redemption fees

|  | Amount |
| --- | --- |
| EdR SICAV – Tricolore Rendement A USD Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV – Tricolore Rendement R EUR Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV – Tricolore Rendement K EUR Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV – Tricolore Rendement B EUR Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |

- MANAGEMENT FEES

|  | 30/09/2020 |
| --- | --- |
| EdR SICAV – Tricolore Rendement A EUR Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 13,841,392.78 |
| Percentage of fixed management fees | 2.02 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV – Tricolore Rendement I EUR Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 467,415.60 |
| Percentage of fixed management fees | 1.02 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV – Tricolore Rendement A USD Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 2,632.51 |
| Percentage of fixed management fees | 2.02 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV – Tricolore Rendement R EUR Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 54,888.20 |
| Percentage of fixed management fees | 2.42 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |

- MANAGEMENT FEES

|  | 30/09/2020 |
| --- | --- |
| EdR SICAV – Tricolore Rendement K EUR Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 44,901.73 |
| Percentage of fixed management fees | 1.16 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV – Tricolore Rendement B EUR Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 2,127,326.68 |
| Percentage of fixed management fees | 2.02 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |

- COMMITMENTS RECEIVED AND GIVEN
	- Guarantees received by the UCI: None
	- Other commitments received and/or given: None

- Current value of securities subject to a temporary purchase transaction

|  | 30/09/2020 |
| --- | --- |
| Securities received under repurchase agreements | 0.00 |
| Borrowed securities | 0.00 |

- Current value of securities representing guarantee deposits

|  | 30/09/2020 |
| --- | --- |
| Financial instruments given as a guarantee and retained under their original entry | 0.00 |
| Financial instruments received as collateral and not recorded on the balance sheet | 0.00 |

- Group financial instruments held in the portfolio

|  | ISIN code | Name | 30/09/2020 |
| --- | --- | --- | --- |
| Equities | FR0011031392 | Edmond de Rothschild Credit Very Short Term R | 0.00 |
| Bonds | 0.00 |
| Negotiable debt securities | 0.00 |
| UCIs | 11,741,119.53 |
|  | 11,741,119.53 |
| Forward financial instruments | 0.00 |

Allocation table for distributable income
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | 829.21 | 0.00 |
| Profit/loss | -2,164,938.34 | 19,414,631.34 |
| Total | -2,164,109.13 | 19,414,631.34 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement A EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -2,098,925.64 | 15,360,159.71 |
| Total | -2,098,925.64 | 15,360,159.71 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement I EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 275,506.99 | 1,323,012.64 |
| Total | 275,506.99 | 1,323,012.64 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement A USD Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -402.33 | 2,776.76 |
| Total | -402.33 | 2,776.76 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement R EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -14,792.31 | 47,648.78 |
| Total | -14,792.31 | 47,648.78 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EdR SICAV – Tricolore Rendement K EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 3,063.91 | 231,272.88 |
| Total | 3,063.91 | 231,272.88 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement B EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 2,448,883.29 |
| Balance carried forward for financial year | 0.00 | 877.28 |
| Accumulation | -328,559.75 | 0.00 |
| Total | -328,559.75 | 2,449,760.57 |
| Information concerning shares eligible for distribution |  |  |
| Number of shares | 516,380.697 | 572,168.993 |
| Distribution per unit | 0.00 | 4.28 |
| Tax credits |  |  |
| Tax exemption relating to the distribution of income | 0.00 | 0.00 |

Allocation table for the portion of distributable income corresponding to net gains and losses
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed prior net gains and losses | 0.00 | 0.00 |
| Net gains and losses for the financial year | -47,533,267.75 | -724,855.82 |
| Interim dividends paid on net gains and losses for the financial year | 0.00 | 0.00 |
| Total | -47,533,267.75 | -724,855.82 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement A EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -38,941,074.96 | -586,973.63 |
| Total | -38,941,074.96 | -586,973.63 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EdR SICAV – Tricolore Rendement I EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -2,431,628.22 | -38,814.99 |
| Total | -2,431,628.22 | -38,814.99 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement A USD Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -7,465.27 | -106.13 |
| Total | -7,465.27 | -106.13 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement R EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -122,454.60 | -2,068.75 |
| Total | -122,454.60 | -2,068.75 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement K EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -34,728.50 | -7,031.79 |
| Total | -34,728.50 | -7,031.79 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV – Tricolore Rendement B EUR Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -5,995,916.20 | -89,860.53 |
| Total | -5,995,916.20 | -89,860.53 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 1,010,715,700.32 | 737,451,824.52 |
| EdR SICAV – Tricolore Rendement A EUR Shares |  |  |
| Net assets in EUR | 817,829,873.39 | 604,018,388.82 |
| Number of securities | 2,310,040.342 | 2,035,631.858 |
| Net asset value per unit in EUR | 354.03 | 296.72 |
| Accumulation per unit on net gains and losses in EUR | -0.25 | -19.12 |
| Accumulation per unit on profit/loss in EUR | 6.64 | -1.03 |
| EdR SICAV – Tricolore Rendement I EUR Shares |  |  |
| Net assets in EUR | 54,693,052.86 | 37,909,702.76 |
| Number of securities | 344,447.836 | 282,034.605 |
| Net asset value per unit in EUR | 158.78 | 134.41 |
| Accumulation per unit on net gains and losses in EUR | -0.11 | -8.62 |
| Accumulation per unit on profit/loss in EUR | 3.84 | 0.97 |
| EdR SICAV – Tricolore Rendement A USD Shares |  |  |
| Net assets in USD | 161,177.61 | 135,787.57 |
| Number of securities | 1,435.548 | 1,341.576 |
| Net asset value per unit in USD | 112.27 | 101.21 |
| Accumulation per unit on net gains and losses in EUR | -0.07 | -5.56 |
| Accumulation per unit on profit/loss in EUR | 1.93 | -0.29 |
| EdR SICAV – Tricolore Rendement R EUR Shares |  |  |
| Net assets in EUR | 2,868,734.13 | 1,895,521.27 |
| Number of securities | 15,587.728 | 12,338.386 |
| Net asset value per unit in EUR | 184.03 | 153.62 |
| Accumulation per unit on net gains and losses in EUR | -0.13 | -9.92 |
| Accumulation per unit on profit/loss in EUR | 3.05 | -1.19 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 1,010,715,700.32 | 737,451,824.52 |
| EdR SICAV – Tricolore Rendement K EUR Shares |  |  |
| Net assets in EUR | 9,891,688.51 | 541,015.01 |
| Number of securities | 50,768.381 | 3,285.000 |
| Net asset value per unit in EUR | 194.83 | 164.69 |
| Accumulation per unit on net gains and losses in EUR | -0.13 | -10.57 |
| Accumulation per unit on profit/loss in EUR | 4.55 | 0.93 |
| EdR SICAV – Tricolore Rendement B EUR Shares |  |  |
| Net assets in EUR | 125,284,509.19 | 92,971,401.18 |
| Number of securities | 572,168.993 | 516,380.697 |
| Net asset value per unit in EUR | 218.96 | 180.04 |
| Accumulation per unit on net gains and losses in EUR | -0.15 | -11.61 |
| Distribution per unit on profit/loss in EUR | 4.28 | 0.00 |
| Tax exemption per unit in EUR | 0.00 | 0.00 |
| Balance carried forward per unit on profit/loss in EUR | 0.00 | 0.00 |
| Accumulation per unit on profit/loss in EUR | 0.00 | -0.63 |

3.12. PORTFOLIO BREAKDOWN IN EUR
| Security name | Curren cy | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| Equities and equivalent securities Equities and equivalent securities traded on a regulated or equivalent market FRANCE |  |  |  |  |
| AIR LIQUIDE | EUR | 303,614 | 41,139,697.00 | 5.58 |
| AIRBUS SE | EUR | 471,100 | 29,241,177.00 | 3.97 |
| ARKEMA | EUR | 154,005 | 13,955,933.10 | 1.89 |
| AXA | EUR | 1,650,457 | 26,037,609.63 | 3.53 |
| BIOMERIEUX EUR 18,000 1,332,180.00 | EUR | 95,040 | 12,716,352.00 | 1.72 |
| BNP PARIBAS | EUR | 871,710 | 27,001,217.25 | 3.66 |
| BOUYGUES | EUR | 674,997 | 19,993,411.14 | 2.71 |
| CREDIT AGRICOLE | EUR | 1,700,460 | 12,705,837.12 | 1.72 |
| DASSAULT SYSTEMES | EUR | 125,700 | 20,080,575.00 | 2.72 |
| EDENRED | EUR | 410,284 | 15,754,905.60 | 2.14 |
| ELIS | EUR | 1,537,000 | 16,614,970.00 | 2.25 |
| ESSILORLUXOTTICA | EUR | 152,100 | 17,666,415.00 | 2.40 |
| GAZTRANSPORT AND TECHNIGA-W/I | EUR | 99,271 | 8,095,550.05 | 1.10 |
| HERMES INTERNATIONAL | EUR | 25,800 | 18,993,960.00 | 2.58 |
| LVMH (LOUIS VUITTON - MOET HENNESSY) | EUR | 79,419 | 31,719,948.60 | 4.30 |
| MICHELIN - CATEGORIE B | EUR | 187,386 | 17,187,043.92 | 2.33 |
| NEXANS SA | EUR | 342,281 | 16,949,755.12 | 2.30 |
| ORANGE | EUR | 776,510 | 6,898,514.84 | 0.94 |
| ORPEA | EUR | 184,400 | 17,897,864.00 | 2.43 |
| PERNOD RICARD | EUR | 172,000 | 23,417,800.00 | 3.18 |
| PLASTIC OMNIUM | EUR | 634,400 | 14,312,064.00 | 1.94 |
| SAINT-GOBAIN | EUR | 743,700 | 26,780,637.00 | 3.63 |
| SANOFI | EUR | 580,483 | 49,532,614.39 | 6.72 |
| SEB | EUR | 80,500 | 11,181,450.00 | 1.52 |
| SOLOCAL GROUP | EUR | 14,375,047 | 441,313.94 | 0.06 |
| SOLOCAL GROUP | EUR | 14,375,047 | 441,313.94 | 0.06 |
| SOLOCAL GROUP RTS 29-09-20 | EUR | 14,375,047 | 1,437.50 | 0.00 |
| SOLUTIONS 30 SE | EUR | 530,000 | 9,502,900.00 | 1.29 |
| SOPRA STERIA | EUR | 86,200 | 11,688,720.00 | 1.59 |
| SPIE SA | EUR | 1,080,277 | 16,582,251.95 | 2.25 |
| THALES | EUR | 370,126 | 23,747,284.16 | 3.22 |
| TOTAL SE | EUR | 781,156 | 22,809,755.20 | 3.09 |
| UBI SOFT ENTERTAINMENT | EUR | 216,500 | 16,683,490.00 | 2.26 |
| VEOLIA ENVIRONNEMENT | EUR | 961,800 | 17,716,356.00 | 2.40 |
| VERALLIA - WHEN ISSUED | EUR | 570,075 | 12,940,702.50 | 1.75 |
| VINCI (EX SGE) | EUR | 383,875 | 27,454,740.00 | 3.72 |

| Security name | Curren cy | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| WORLDLINE SA | EUR | 329,554 | 23,108,326.48 | 3.13 |
| TOTAL FRANCE |  |  | 678,993,893.43 | 92.08 |
| LUXEMBOURG |  |  |  |  |
| APERAM | EUR | 474,500 | 11,406,980.00 | 1.55 |
| TOTAL LUXEMBOURG |  |  | 11,406,980.00 | 1.55 |
| NETHERLANDS |  |  |  |  |
| EURONEXT NV - W/I | EUR | 155,400 | 16,612,260.00 | 2.25 |
| STMICROELECTRONICS NV | EUR | 769,541 | 20,208,146.66 | 2.74 |
| TOTAL NETHERLANDS |  |  | 36,820,406.66 | 4.99 |
| TOTAL Equities and equivalent securities traded on regulated or equivalent markets |  |  | 727,221,280.09 | 98.62 |
| TOTAL Equities and equivalent securities |  |  | 727,221,280.09 | 98.62 |
| Undertakings for collective investment |  |  |  |  |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries FRANCE |  |  |  |  |
| Edmond de Rothschild Credit Very Short Term R | EUR | 118 | 11,741,119.53 | 1.59 |
| TOTAL FRANCE |  |  | 11,741,119.53 | 1.59 |
| TOTAL Retail UCITS and AIFs intended for non- professionals and equivalent investors in other countries |  |  | 11,741,119.53 | 1.59 |
| TOTAL Undertakings for collective investment |  |  | 11,741,119.53 | 1.59 |
| Receivables |  |  | 761,760.78 | 0.10 |
| Payables |  |  | -1,923,069.05 | -0.26 |
| Financial accounts |  |  | -349,266.83 | -0.05 |
| Net assets |  |  | 737,451,824.52 | 100.00 |

| EdR SICAV – Tricolore Rendement A EUR Shares | EUR | 2,035,631.858 | 296.72 |
| --- | --- | --- | --- |
| EdR SICAV – Tricolore Rendement I EUR Shares | EUR | 282,034.605 | 134.41 |
| EdR SICAV – Tricolore Rendement A USD Shares | USD | 1,341.576 | 101.21 |
| EdR SICAV – Tricolore Rendement R EUR Shares | EUR | 12,338.386 | 153.62 |
| EdR SICAV – Tricolore Rendement K EUR Shares | EUR | 3,285.000 | 164.69 |
| EdR SICAV – Tricolore Rendement B EUR Shares | EUR | 516,380.697 | 180.04 |

EDR SICAV – EQUITY EUROPE SOLVE
ANNUAL FINANCIAL STATEMENTS
30/09/2020
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net fixed assets | 0.00 | 0.00 |
| Deposits | 0.00 | 0.00 |
| Financial instruments | 240,151,153.68 | 411,195,390.41 |
| Equities and equivalent securities | 195,114,649.22 | 347,505,367.86 |
| Traded on a regulated or equivalent market | 195,114,649.22 | 347,505,367.86 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 |
| Traded on a regulated or equivalent market | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Debt securities | 8,012,433.07 | 20,025,387.13 |
| Traded on a regulated or equivalent market | 8,012,433.07 | 20,025,387.13 |
| Negotiable debt securities | 8,012,433.07 | 20,025,387.13 |
| Other debt securities | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Undertakings for collective investment | 23,673,866.68 | 32,773,466.03 |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries | 23,673,866.68 | 32,773,466.03 |
| Other funds intended for non-professionals and equivalent investors in other EU Member States | 0.00 | 0.00 |
| Professional investment funds and their equivalents in other EU Member States and listed special purpose vehicles | 0.00 | 0.00 |
| Other professional investment funds and their equivalents in other EU Member States and unlisted special purpose vehicles | 0.00 | 0.00 |
| Other non-European undertakings | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Receivables on securities received under repurchase agreements | 0.00 | 0.00 |
| Receivables on loaned securities | 0.00 | 0.00 |
| Borrowed securities | 0.00 | 0.00 |
| Securities assigned under repurchase agreements | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 13,350,204.71 | 10,891,169.39 |
| Transactions on a regulated or equivalent market | 13,348,214.33 | 10,890,249.49 |
| Other transactions | 1,990.38 | 919.90 |
| Other financial instruments | 0.00 | 0.00 |
| Receivables | 16,937,369.23 | 27,905,171.64 |
| Forward currency transactions | 14,742,674.65 | 11,379,583.93 |
| Other | 2,194,694.58 | 16,525,587.71 |
| Financial accounts | 22,700,334.17 | 19,354,947.11 |
| Cash and cash equivalents | 22,700,334.17 | 19,354,947.11 |
| Total assets | 279,788,857.08 | 458,455,509.16 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Share capital |  |  |
| Capital | 274,561,998.78 | 420,896,072.23 |
| Undistributed prior net gains and losses (a) | 0.00 | 0.00 |
| Balance carried forward (a) | 709.85 | 0.00 |
| Net gains and losses for the financial year (a, b) | -18,296,296.50 | -8,345,725.24 |
| Profit/loss for the financial year (a, b) | 1,240,970.25 | 5,484,631.42 |
| Total share capital (= amount corresponding to net assets) | 257,507,382.38 | 418,034,978.41 |
| Financial instruments | 5,781,545.05 | 6,244,730.82 |
| Sales of financial instruments | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Payables representing securities assigned under repurchase agreements | 0.00 | 0.00 |
| Payables representing borrowed securities | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 5,781,545.05 | 6,244,730.82 |
| Transactions on a regulated or equivalent market | 5,780,531.44 | 6,242,985.95 |
| Other transactions | 1,013.61 | 1,744.87 |
| Payables | 15,143,843.09 | 25,440,183.74 |
| Forward currency transactions | 14,691,658.52 | 11,445,122.74 |
| Other | 452,184.57 | 13,995,061.00 |
| Financial accounts | 1,356,086.56 | 8,735,616.19 |
| Current bank borrowings | 1,356,086.56 | 8,735,616.19 |
| Loans | 0.00 | 0.00 |
| Total liabilities | 279,788,857.08 | 458,455,509.16 |

- Including adjustments
- Less any interim dividends paid in respect of the financial year

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitment on regulated or equivalent markets |  |  |
| Futures contracts |  |  |
| CME RF EURCHF 1219 | 0.00 | 36,226,011.47 |
| EUR XEUR FESX D 1219 | 0.00 | 1,208,700.00 |
| EURO STOXX 50 1220 | 43,725,860.00 | 0.00 |
| ICE EUR/SEK 1220 | 4,502,657.07 | 0.00 |
| NEW ICE EUR/SEK 1219 | 0.00 | 9,378,493.90 |
| RF EURCHF 1220 | 11,244,580.42 | 0.00 |
| RP EURGBP 1219 | 0.00 | 13,035,045.57 |
| Options |  |  |
| DJ EURO STOXX 50 ‘ 03/2020 PUT 2650 | 0.00 | 1,365,314.63 |
| DJ EURO STOXX 50 ‘ 03/2020 PUT 3000 | 0.00 | 5,711,120.00 |
| DJ EURO STOXX 50 ‘ 06/2020 PUT 2700 | 0.00 | 2,409,378.75 |
| DJ EURO STOXX 50 ‘ 06/2020 PUT 3100 | 0.00 | 9,551,848.20 |
| DJ EURO STOXX 50 ‘ 06/2021 PUT 2800 | 0.00 | 5,711,120.00 |
| DJ EURO STOXX 50 ‘ 06/2021 PUT 3200 | 0.00 | 18,989,474.00 |
| DJ EURO STOXX 50 ‘ 10/2019 CALL 3450 | 0.00 | 42,458,607.75 |
| DJ EURO STOXX 50 ‘ 10/2019 CALL 3575 | 0.00 | 56,554,365.80 |
| DJ EURO STOXX 50 ‘ 10/2019 CALL 3600 | 0.00 | 11,436,517.80 |
| DJ EURO STOXX 50 ‘ 10/2019 PUT 3400 | 0.00 | 14,806,078.60 |
| DJ EURO STOXX 50 ‘ 10/2019 PUT 3550 | 0.00 | 54,248,501.10 |
| DJ EURO STOXX 50 ‘ 12/2019 PUT 3100 | 0.00 | 2,248,753.50 |
| DJ EURO STOXX 50 ‘ 12/2020 PUT 3200 | 0.00 | 14,322,418.13 |
| DJ EURO STOXX 50 03/2021 PUT 2400 | 1,499,208.28 | 0.00 |
| DJ EURO STOXX 50 03/2021 PUT 2800 | 7,228,353.00 | 0.00 |
| DJ EURO STOXX 50 06/2021 PUT 2600 | 4,567,021.98 | 0.00 |
| DJ EURO STOXX 50 06/2021 PUT 3000 | 11,178,752.76 | 0.00 |
| DJ EURO STOXX 50 09/2021 PUT 2650 | 2,142,912.31 | 0.00 |
| DJ EURO STOXX 50 09/2021 PUT 3000 | 7,798,412.39 | 0.00 |
| DJ EURO STOXX 50 10/2020 CALL 3300 | 14,278,630.31 | 0.00 |
| DJ EURO STOXX 50 10/2020 CALL 3450 | 2,671,614.45 | 0.00 |
| DJ EURO STOXX 50 10/2020 CALL 3475 | 267,656.45 | 0.00 |
| DJ EURO STOXX 50 10/2020 PUT 2800 | 311,185.36 | 0.00 |
| DJ EURO STOXX 50 10/2020 PUT 2950 | 4,263,341.61 | 0.00 |
| DJ EURO STOXX 50 10/2020 PUT 3025 | 7,233,207.29 | 0.00 |
| DJ EURO STOXX 50 12/2020 PUT 2400 | 585,963.56 | 0.00 |
| DJ EURO STOXX 50 12/2020 PUT 2800 | 5,934,366.10 | 4,176,256.50 |
| DJ EURO STOXX 50 12/2021 PUT 2600 | 4,457,576.97 | 0.00 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| DJ EURO STOXX 50 12/2021 PUT 3000 | 14,524,538.28 | 0.00 |
| DJ STOXX50 WEKK1 10/2020 CALL 3500 | 214,131.55 | 0.00 |
| UKX - FTSE 100 INDX 03/2020 PUT 6000 | 0.00 | 635,065.83 |
| UKX - FTSE 100 INDX 03/2020 PUT 6700 | 0.00 | 3,860,531.74 |
| UKX - FTSE 100 INDX 03/2021 PUT 5000 | 894,037.49 | 0.00 |
| UKX - FTSE 100 INDX 03/2021 PUT 5800 | 6,388,251.48 | 0.00 |
| UKX - FTSE 100 INDX 06/2020 PUT 6000 | 0.00 | 1,111,365.20 |
| UKX - FTSE 100 INDX 06/2020 PUT 6700 | 0.00 | 5,317,005.08 |
| UKX - FTSE 100 INDX 06/2021 PUT 4600 | 1,385,515.97 | 0.00 |
| UKX - FTSE 100 INDX 06/2021 PUT 5200 | 3,582,349.18 | 0.00 |
| UKX - FTSE 100 INDX 06/2021 PUT 6000 | 0.00 | 2,350,161.37 |
| UKX - FTSE 100 INDX 06/2021 PUT 6500 | 0.00 | 6,392,438.92 |
| UKX - FTSE 100 INDX 09/2021 PUT 5500 | 1,536,233.45 | 0.00 |
| UKX - FTSE 100 INDX 09/2021 PUT 5900 | 5,623,428.06 | 0.00 |
| UKX - FTSE 100 INDX 12/2019 PUT 6800 | 0.00 | 1,842,526.51 |
| UKX - FTSE 100 INDX 12/2020 PUT 5200 | 1,002,523.10 | 0.00 |
| UKX - FTSE 100 INDX 12/2020 PUT 5800 | 6,424,607.07 | 0.00 |
| UKX - FTSE 100 INDX 12/2020 PUT 6000 | 0.00 | 1,395,473.59 |
| UKX - FTSE 100 INDX 12/2020 PUT 6600 | 0.00 | 4,879,979.52 |
| Commitment on over-the-counter markets |  |  |
| Other commitments |  |  |
| Other transactions |  |  |
| Commitment on regulated or equivalent markets |  |  |
| Futures contracts |  |  |
| EUR XEUR EUFF M 1219 | 0.00 | 2,305,000.00 |
| XEUR EUFF MSC 1220 | 14,810,880.00 | 0.00 |
| XEUR FSMI SWI 1220 | 14,623,779.44 | 0.00 |
| Z UKX - LOND 1220 | 18,841,059.20 | 0.00 |
| Commitment on over-the-counter markets |  |  |
| Other commitments |  |  |
| CFD |  |  |
| CFD MS TSCO 1249 | 61,540.37 | 71,514.93 |
| MS RECKITT 1249 | 167,191.83 | 143,758.98 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 91.01 | 86.88 |
| Income from equities and equivalent securities | 6,176,940.33 | 9,551,213.65 |
| Income from bonds and equivalent securities | 0.00 | 0.00 |
| Income from debt securities | 0.00 | 0.00 |
| Income from temporary purchases and sales of securities | 0.00 | 15.10 |
| Income from forward financial instruments | 0.00 | 0.00 |
| Other financial income | 0.00 | 360.00 |
| Total (1) | 6,177,031.34 | 9,551,675.63 |
| Expenses relating to financial transactions |  |  |
| Expenses relating to temporary purchases and sales of securities | 0.00 | 0.00 |
| Expenses relating to forward financial instruments | 0.00 | 0.00 |
| Expenses relating to financial debt | 323,380.96 | 279,038.92 |
| Other financial expenses | 0.00 | 0.00 |
| Total (2) | 323,380.96 | 279,038.92 |
| Profit/loss on financial transactions (1 - 2) | 5,853,650.38 | 9,272,636.71 |
| Other income (3) | 0.00 | 0.00 |
| Management fees and amortisation charges (4) | 4,206,758.32 | 3,131,254.82 |
| Net profit/loss for the financial year (L. 214-17-1) (1 - 2 + 3 - 4) | 1,646,892.06 | 6,141,381.89 |
| Income equalisation for financial year (5) | -405,921.81 | -656,750.47 |
| Interim dividends paid over the financial year (6) | 0.00 | 0.00 |
| Profit/loss	(1 - 2 + 3 - 4 + 5 - 6) | 1,240,970.25 | 5,484,631.42 |


### NOTES TO THE ANNUAL FINANCIAL STATEMENTS
- ACCOUNTING METHODS AND RULESThe annual financial statements are presented in the form provided for by ANC Regulation 2014-01, as amended. General accounting principles apply:
- a true and fair view, comparability and operational continuity,
- lawfulness and fairness,
- prudence,
- consistency of accounting methods from one financial year to the next. Income from fixed-income securities is recorded on the basis of interest earned.

Purchases and sales of securities are recorded exclusive of costs. The base currency of the portfolio is the euro.
The length of the financial year is 12 months.
Information on the impacts of the COVID-19 crisis
The financial statements were approved by the Management Company based on the information available within the context of an evolving health crisis related to Covid-19.
Asset valuation rules
Financial instruments are recorded in the financial statements according to the historical cost method and on the balance sheet at their current value as determined by the last known market value or, where no market exists, by any external means or by the use of financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not in the portfolio currency are valued in accordance with the principle set out below, and then converted into the portfolio currency at the exchange rate on the valuation date.

###### Deposits:
Deposits with a residual maturity of three months or less are valued according to the straight line method.

###### Equities, bonds and other securities traded on a regulated or equivalent market:
For the purpose of calculating the net asset value, equities and other securities traded on a regulated or equivalent market are valued on the basis of the day’s closing market price.
Bonds and equivalent securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other equivalent securities is calculated up to the net asset value calculation date.

###### Equities, bonds and other securities not traded on a regulated or equivalent market:
Securities that are not traded on a regulated market are valued by the board of directors using methods based on market value and yield, taking into account the prices used for recent significant transactions.

###### Negotiable debt securities:
Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using an actuarial method based on a reference rate, defined below, which is increased, where applicable, by a differential that is representative of the intrinsic characteristics of the issuer:
Negotiable debt securities with a maturity of one year or less: Euro Interbank Offered Rate (Euribor);
Negotiable debt securities with a maturity exceeding one year: Rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longest durations.
Negotiable debt securities with a residual maturity of three months or less may be valued using the straight-line method. French treasury bills are valued at the market rate, as published daily by the Banque de France.

###### UCIs held:
Units or shares of UCIs will be valued at the last known net asset value.

###### Temporary securities transactions:
Securities received under repurchase agreements are recorded as assets under the “Receivables related to securities received under repurchase agreements” heading at the contracted amount, plus any accrued interest.
Securities assigned under repurchase agreements are recorded at their current value in the long portfolio. Payables on securities assigned under repurchase agreements are entered in the short portfolio at the contracted value, plus any accrued interest payable.
Loaned securities are valued at their current value and are entered under assets at their current value, plus accrued interest receivable, under the heading “Receivables on loaned securities”.
Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, and as liabilities under the “Payables representing borrowed securities” heading at the contracted amount, plus any accrued interest payable.

###### Forward financial instruments:
Forward financial instruments traded on a regulated or equivalent market: 
Forward financial instruments traded on regulated markets are valued at the day’s settlement price. 
Forward financial instruments not traded on a regulated or equivalent market:
Swaps:
Interest rate and/or currency swaps are valued at their market value according to the price calculated by discounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. This price is adjusted to take into account the risk associated with the issuer.
Index swaps are valued on an actuarial basis using a benchmark rate provided by the counterparty.
Other swaps are valued at their market value or at a value estimated in the manner established by the board of directors.
Off-balance sheet commitments:
Futures contracts are recorded as off-balance sheet commitments at their market value at the price used in the portfolio. Options transactions are converted into the underlying equivalent.
Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.
Swing Pricing method used to adjust the net asset value, with trigger threshold
For the EdR SICAV Sub-funds, the management company has implemented a method of adjusting the net asset value known as Swing Pricing with a
triggering threshold, in order to safeguard the interests of the shareholders of these Sub-funds. In the event of significant movement of a Sub-fund’s liabilities, this mechanism consists in ensuring that the cost of transactions generated by these subscriptions/redemptions is borne by the Fund’s incoming or outgoing Sub-fund shareholders. If, on a net asset value calculation day, the net amount of subscription and redemption orders from investors across all share classes of a Sub- fund exceeds a threshold that has been predetermined by the Management Company, expressed as a percentage of the Sub-fund’s net assets (called the trigger threshold), the net asset value may be adjusted upwards or downwards to take into account the readjustment costs attributable to the net subscription/redemption orders. The net asset value of each share class is calculated separately but, in percentage terms, any adjustment affects all the net asset values for each share class of the Sub-fund in an identical manner.
The costs and the trigger threshold are determined by the Management Company and reviewed periodically. The Management Company estimates these costs on the basis of transaction fees, purchase and sale price ranges, and any potential taxes applicable to the Sub-fund.
As this adjustment is linked to the net amount of the Sub-fund’s subscription and redemption orders, it is not possible to predict with accuracy whether swing pricing will be applied at any given moment in the future, or the frequency with which the Management Company will make such adjustments. In any event, such adjustments may not exceed 2% of the net asset value.
Investors are informed that, due to the application of swing pricing, the volatility of the net asset value of the Sub-fund may not solely reflect that of the securities held in the portfolio.
The adjusted net asset value, the “swung” NAV, is the only net asset value communicated to Sub-fund shareholders. However, if a performance fee is payable, this is calculated on the net asset value prior to application of the swing pricing system.
In accordance with the regulations, the Management Company does not notify unitholders of the trigger threshold and ensures that internal information channels are restricted, to preserve the confidential nature of the information.

#### Management fees
Operating and management fees cover all fees relating to the UCI: fees for financial management, administration, accounting, custody, distribution, audit, etc.
These fees are recorded in the income statement for the UCI. Management fees do not include transaction fees.
For more details about the fees invoiced to the UCI, please refer to the Fund regulations. They are recorded pro rata temporis each time the net asset value is calculated.
The rate applied on the basis of the net assets is: For financial management fees
- SC EUR shares: 0.70 % inclusive of tax
- N EUR shares: 0.70 % inclusive of tax
- O EUR shares: 0.70 % inclusive of tax
- PC EUR shares: 0.70% inclusive of tax
- QC EUR shares: 0.75% inclusive of tax
- NC EUR shares: 0.85 % inclusive of tax
- I EUR shares: 0.85% inclusive of tax
- K EUR shares: 1.05% inclusive of tax
- KD EUR shares: 1.05% inclusive of tax
- CR EUR shares: 1.20% inclusive of tax
- A EUR shares: 1.70% inclusive of tax
- B EUR shares: 1.70% inclusive of taxIn respect of administrative expenses external to the Management Company, in particular the fees for the custodian, valuer and statutory auditors, etc.

For all shares,
the rate is 0.08% from 30/09/2019 to 03/01/2020 and 0.09% from 06/01/2020 to 30/09/2020.
Performance fee
Outperformance fees will be deducted from A EUR, N EUR, CR EUR, I EUR, O EUR and B EUR shares for the benefit of the Management Company in accordance with the following procedures:
Benchmark: 56% Capitalised MSCI Europe (NR) + 44% Capitalised EONIA, net dividends reinvested.
The performance fee is calculated by comparing the Sub-fund’s performance with that of the benchmark index. When the Sub-fund outperforms its benchmark, a provision of 15% net of tax will be applied to the outperformance.
- The reference periods end with the last net asset value for the month of December.
- A provision will be made for performance fees each time the net asset value is calculated.
- This performance fee is payable annually, once the last net asset value for the reference period has been calculated.

The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted for subscriptions and redemptions.
No performance fee will be charged if the Sub-fund underperforms the benchmark index over the calculation period.
In the event of underperformance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
Allocation of distributable income Definition of distributable income: 
Distributable income comprises:
Profit/loss:
Net profit/loss for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ fees and all other revenues generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less the sum of the costs of management and borrowing costs.
It is increased by the balance carried forward and increased or decreased by the balance of the income adjustment account.
Gains and losses:
Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gains of the same type recorded during previous financial years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.
Methods for allocating distributable income:
| Distributable income | "A EUR", "CR EUR", "R EUR", "I EUR", "K EUR", "SC EUR", "N EUR", "NC EUR" and "PC EUR" shares | "B EUR", "KD EUR", "O EUR" and "QC EUR (H)" shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 418,034,978.41 | 0.00 |
| Subscriptions (including subscription fees paid to the UCI) | 55,916,176.59 | 494,753,910.70 |
| Redemptions (less redemption fees paid to the UCI) | -178,813,185.30 | -84,978,189.42 |
| Realised gains on deposits and financial instruments | 23,960,025.46 | 6,133,841.47 |
| Realised losses on deposits and financial instruments | -41,084,366.55 | -2,890,963.40 |
| Realised gains on forward financial instruments | 103,749,029.67 | 27,934,560.97 |
| Realised losses on forward financial instruments | -104,460,236.67 | -38,257,348.95 |
| Transaction fees | -2,821,151.34 | -1,715,670.67 |
| Foreign exchange differences | -186,609.81 | -1,550,419.41 |
| Changes in valuation differential on deposits and financial instruments | -16,612,427.78 | 15,159,840.49 |
| Valuation differential for financial year N | -1,452,587.29 | 15,159,840.49 |
| Valuation differential for financial year N-1 | -15,159,840.49 | 0.00 |
| Changes in valuation differential on forward financial instruments | -1,054,211.51 | -2,695,965.26 |
| Valuation differential for financial year N | -3,750,176.77 | -2,695,965.26 |
| Valuation differential for financial year N-1 | 2,695,965.26 | 0.00 |
| Dividends paid in the previous financial year on net gains and losses | 0.00 | 0.00 |
| Dividends paid in the previous financial year on income | -767,530.85 | 0.00 |
| Net profit/loss for financial year prior to income equalisation account | 1,646,892.06 | 6,141,381.89 |
| Interim dividend(s) paid over the financial year on net gains and losses | 0.00 | 0.00 |
| Interim dividend(s) paid over the financial year on income | 0.00 | 0.00 |
| Other items | 0.00 | 0.00 |
| Net assets at the end of the financial year | 257,507,382.38 | 418,034,978.41 |

- BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE

|  | Amount | % |
| --- | --- | --- |
| Assets |  |  |
| Bonds and equivalent securities |  |  |
| TOTAL Bonds and equivalent securities | 0.00 | 0.00 |
| Debt securities |  |  |
| Treasury bills | 8,012,433.07 | 3.11 |
| TOTAL Debt securities | 8,012,433.07 | 3.11 |
| Liabilities |  |  |
| Sales of financial instruments |  |  |
| TOTAL Sales of financial instruments | 0.00 | 0.00 |
| Off-balance sheet items |  |  |
| Hedging transactions |  |  |
| Equities | 159,719,678.45 | 62.03 |
| Foreign exchange | 15,747,237.49 | 6.12 |
| TOTAL Hedging transactions | 175,466,915.94 | 68.14 |
| Other transactions |  |  |
| Equities | 48,275,718.64 | 18.75 |
| Other | 228,732.20 | 0.09 |
| TOTAL Other transactions | 48,504,450.84 | 18.84 |

- BREAKDOWN BY INTEREST RATES OF ASSET, LIABILITY AND OFF- BALANCE-SHEET ITEMS

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 8,012,433.07 | 3.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 22,700,334.17 | 8.82 |
| Liabilities |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,356,086.56 | 0.53 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFF-BALANCE-SHEET ITEMS

|  | <3 months | % | [3 months – 1 year] | % | [1–3 years] | % | [3–5 years] | % | >5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 8,012,433.07 | 3.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 22,700,334.17 | 8.82 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 1,356,086.56 | 0.53 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

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

|  | GBP | CHF | SEK | Other currencies |
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | Amount | % | Amount | % |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equities and equivalent securities | 4,324,774.00 | 1.68 | 6,079,737.34 | 2.36 | 1,826,928.76 | 0.71 | 1,328,631.13 | 0.52 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| UCIs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 5,098,646.15 | 1.98 | 986,340.31 | 0.38 | 50,878.55 | 0.02 | 881,360.76 | 0.34 |
| Financial accounts | 19,609,857.94 | 7.62 | 189,369.45 | 0.07 | 382,049.16 | 0.15 | 88,805.81 | 0.03 |
| Liabilities |  |  |  |  |  |  |  |  |
| Sales of financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payables | 5,063,076.55 | 1.97 | 736,136.08 | 0.29 | 0.00 | 0.00 | 2,271,462.68 | 0.88 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,356,086.56 | 0.53 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 26,836,945.80 | 10.42 | 11,244,580.42 | 4.37 | 4,502,657.07 | 1.75 | 0.00 | 0.00 |
| Other transactions | 19,069,791.40 | 7.41 | 14,623,779.44 | 5.68 | 0.00 | 0.00 | 0.00 | 0.00 |

- RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | 30/09/2020 |
| --- | --- |
| Receivables |  |
| Forward currency purchases | 6,678,600.71 |
| Amount receivable on forward currency sales | 8,064,073.94 |
| Subscriptions receivable | 16,076.84 |
| Cash collateral deposits | 2,044,718.48 |
| Cash dividends and coupons | 133,899.26 |
| Total receivables | 16,937,369.23 |
| Payables |  |
| Forward currency sales | 8,070,675.31 |
| Amount payable on forward currency purchases | 6,620,983.21 |
| Redemptions payable | 154,229.62 |
| Management fees | 297,954.95 |
| Total payables | 15,143,843.09 |

- SHARE CAPITAL
	- Number of securities issued or redeemed


|  | In equities | Amount |
| --- | --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE CR EUR |  |  |
| Shares subscribed during the financial year | 10,547.973 | 969,669.08 |
| Shares redeemed during the financial year | -135,711.976 | -12,497,412.23 |
| Net balance of subscriptions/redemptions | -125,164.003 | -11,527,743.15 |
| EDR SICAV – EQUITY EUROPE SOLVE K EUR |  |  |
| Shares subscribed during the financial year | 91,604.000 | 8,407,929.36 |
| Shares redeemed during the financial year | -410,092.131 | -40,138,075.69 |
| Net balance of subscriptions/redemptions | -318,488.131 | -31,730,146.33 |
| EDR SICAV – EQUITY EUROPE SOLVE A EUR |  |  |
| Shares subscribed during the financial year | 255,279.748 | 24,003,471.96 |
| Shares redeemed during the financial year | -454,262.850 | -42,619,101.28 |
| Net balance of subscriptions/redemptions | -198,983.102 | -18,615,629.32 |
| EDR SICAV – EQUITY EUROPE SOLVE KD EUR |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | -34,920.000 | -3,256,072.80 |
| Net balance of subscriptions/redemptions | -34,920.000 | -3,256,072.80 |
| EDR SICAV – EQUITY EUROPE SOLVE SC EUR |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | 0.000 | 0.00 |
| Net balance of subscriptions/redemptions | 0.000 | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE I EUR |  |  |
| Shares subscribed during the financial year | 37,545.068 | 3,602,475.04 |
| Shares redeemed during the financial year | -63,758.009 | -5,979,278.10 |
| Net balance of subscriptions/redemptions | -26,212.941 | -2,376,803.06 |
| EDR SICAV – EQUITY EUROPE SOLVE QC EUR H |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | -476,475.641 | -42,633,956.73 |
| Net balance of subscriptions/redemptions | -476,475.641 | -42,633,956.73 |
| EDR SICAV – EQUITY EUROPE SOLVE PC EUR |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | -148,200.000 | -14,235,183.00 |
| Net balance of subscriptions/redemptions | -148,200.000 | -14,235,183.00 |
| EDR SICAV – EQUITY EUROPE SOLVE NC EUR |  |  |
| Shares subscribed during the financial year | 90,057.417 | 9,084,051.15 |
| Shares redeemed during the financial year | -175,480.941 | -17,239,209.22 |
| Net balance of subscriptions/redemptions | -85,423.524 | -8,155,158.07 |

|  | In equities | Amount |
| --- | --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE B EUR |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | -2,079.817 | -214,896.25 |
| Net balance of subscriptions/redemptions | -2,079.817 | -214,896.25 |
| EDR SICAV – EQUITY EUROPE SOLVE N EUR |  |  |
| Shares subscribed during the financial year | 131,000.000 | 9,848,580.00 |
| Shares redeemed during the financial year | 0.000 | 0.00 |
| Net balance of subscriptions/redemptions | 131,000.000 | 9,848,580.00 |
| EDR SICAV – EQUITY EUROPE SOLVE O EUR |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | 0.000 | 0.00 |
| Net balance of subscriptions/redemptions | 0.000 | 0.00 |

- Subscription and/or redemption fees

|  | Amount |
| --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE K EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE A EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE CR EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE KD EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE I EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE PC EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |

|  | Amount |
| --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE SC EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE QC EUR H |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE NC EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE B EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE N EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE O EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |

- MANAGEMENT FEES

|  | 30/09/2020 |
| --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE K EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 661,544.37 |
| Percentage of fixed management fees | 1.15 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE A EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 2,036,730.46 |
| Percentage of fixed management fees | 1.80 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |

|  | 30/09/2020 |
| --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE KD EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 47,479.54 |
| Percentage of fixed management fees | 1.15 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE CR EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 179,991.79 |
| Percentage of fixed management fees | 1.30 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE I EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 130,677.97 |
| Percentage of fixed management fees | 0.95 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE QC EUR H |  |
| Collateral fees | 0.00 |
| Fixed management fees | 307,775.93 |
| Percentage of fixed management fees | 0.85 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE SC EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 125,511.59 |
| Percentage of fixed management fees | 0.80 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE PC EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 146,582.12 |
| Percentage of fixed management fees | 0.79 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE NC EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 437,200.11 |
| Percentage of fixed management fees | 0.95 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE B EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 1,428.55 |
| Percentage of fixed management fees | 1.79 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |

|  | 30/09/2020 |
| --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE N EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 83,785.70 |
| Percentage of fixed management fees | 0.80 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE O EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 48,050.19 |
| Percentage of fixed management fees | 0.80 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |

- COMMITMENTS RECEIVED AND GIVEN
	- Guarantees received by the UCI: None
	- Other commitments received and/or given: None

- OTHER INFORMATION
	- Current value of securities subject to a temporary purchase transaction


|  | 30/09/2020 |
| --- | --- |
| Securities received under repurchase agreements | 0.00 |
| Borrowed securities | 0.00 |

- Current value of securities representing guarantee deposits

|  | 30/09/2020 |
| --- | --- |
| Financial instruments given as a guarantee and retained under their original entry | 0.00 |
| Financial instruments received as collateral and not recorded on the balance sheet | 0.00 |

- Group financial instruments held in the portfolio

|  | ISIN code | Name | 30/09/2020 |
| --- | --- | --- | --- |
| Equities |  |  | 0.00 |
| Bonds | 0.00 |
| Negotiable debt securities | 0.00 |
| UCIs | 0.00 |
| Forward financial instruments | 0.00 |

- ALLOCATION OF DISTRIBUTABLE INCOMEAllocation table for distributable income

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | 709.85 | 0.00 |
| Profit/loss | 1,240,970.25 | 5,484,631.42 |
| Total | 1,241,680.10 | 5,484,631.42 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE A EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -16,991.37 | 1,406,085.01 |
| Total | -16,991.37 | 1,406,085.01 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE K EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 282,574.67 | 1,113,008.57 |
| Total | 282,574.67 | 1,113,008.57 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE CR EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 52,844.15 | 303,920.69 |
| Total | 52,844.15 | 303,920.69 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE KD EUR |  |  |
| Allocation |  |  |
| Distribution | 23,320.00 | 99,742.80 |
| Balance carried forward for financial year | 97.50 | 134.99 |
| Accumulation | 0.00 | 0.00 |
| Total | 23,417.50 | 99,877.79 |
| Information concerning shares eligible for distribution |  |  |
| Number of shares | 42,400.000 | 77,320.000 |
| Distribution per unit | 0.55 | 1.29 |
| Tax credits |  |  |
| Tax exemption relating to the distribution of income | 6,586.35 | 14,594.19 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE QC EUR H |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 724,242.97 |
| Balance carried forward for financial year | 0.00 | 584.19 |
| Accumulation | 0.00 | 0.00 |
| Total | 0.00 | 724,827.16 |
| Information concerning shares eligible for distribution |  |  |
| Number of shares | 0.000 | 476,475.641 |
| Distribution per unit | 0.00 | 1.52 |
| Tax credits |  |  |
| Tax exemption relating to the distribution of income | 0.00 | 94,808.91 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE SC EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 155,242.36 | 263,852.21 |
| Total | 155,242.36 | 263,852.21 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE PC EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 84,721.46 | 387,930.82 |
| Total | 84,721.46 | 387,930.82 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE I EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 107,046.23 | 240,637.92 |
| Total | 107,046.23 | 240,637.92 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE NC EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 332,964.43 | 765,009.75 |
| Total | 332,964.43 | 765,009.75 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE B EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 2,218.22 |
| Balance carried forward for financial year | 0.00 | 16.08 |
| Accumulation | -3.87 | 0.00 |
| Total | -3.87 | 2,234.30 |
| Information concerning shares eligible for distribution |  |  |
| Number of shares | 12.844 | 2,092.661 |
| Distribution per unit | 0.00 | 1.06 |
| Tax credits |  |  |
| Tax exemption relating to the distribution of income | 0.00 | 442.43 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE N EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 160,021.68 | 75,127.00 |
| Total | 160,021.68 | 75,127.00 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE O EUR |  |  |
| Allocation |  |  |
| Distribution | 59,489.82 | 101,482.63 |
| Balance carried forward for financial year | 353.04 | 637.57 |
| Accumulation | 0.00 | 0.00 |
| Total | 59,842.86 | 102,120.20 |
| Information concerning shares eligible for distribution |  |  |
| Number of shares | 69,988.024 | 69,988.024 |
| Distribution per unit | 0.85 | 1.45 |
| Tax credits |  |  |
| Tax exemption relating to the distribution of income | 10,784.42 | 13,080.99 |

Allocation table for the portion of distributable income corresponding to net gains and losses
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed prior net gains and losses | 0.00 | 0.00 |
| Net gains and losses for the financial year | -18,296,296.50 | -8,345,725.24 |
| Interim dividends paid on net gains and losses for the financial year | 0.00 | 0.00 |
| Total | -18,296,296.50 | -8,345,725.24 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE K EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -3,028,342.07 | -1,677,236.75 |
| Total | -3,028,342.07 | -1,677,236.75 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE A EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -7,516,141.53 | -2,877,020.82 |
| Total | -7,516,141.53 | -2,877,020.82 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE KD EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -250,868.33 | -150,509.80 |
| Total | -250,868.33 | -150,509.80 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE CR EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -741,341.33 | -487,633.85 |
| Total | -741,341.33 | -487,633.85 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE QC EUR H |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 0.00 | -654,554.74 |
| Total | 0.00 | -654,554.74 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE PC EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -585,402.08 | -511,942.06 |
| Total | -585,402.08 | -511,942.06 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE SC EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -1,072,504.09 | -348,199.03 |
| Total | -1,072,504.09 | -348,199.03 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE I EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -872,187.99 | -335,428.11 |
| Total | -872,187.99 | -335,428.11 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE NC EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -2,713,263.34 | -1,064,720.14 |
| Total | -2,713,263.34 | -1,064,720.14 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV – EQUITY EUROPE SOLVE B EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -84.96 | -4,571.43 |
| Total | -84.96 | -4,571.43 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 418,034,978.41 | 257,507,382.38 |
| EDR SICAV – EQUITY EUROPE SOLVE K EUR |  |  |
| Net assets in EUR | 80,915,291.55 | 42,660,462.96 |
| Number of securities | 772,957.364 | 454,469.233 |
| Net asset value per unit in EUR | 104.68 | 93.86 |
| Accumulation per unit on net gains and losses in EUR | -2.16 | -6.66 |
| Accumulation per unit on profit/loss in EUR | 1.43 | 0.62 |
| EDR SICAV – EQUITY EUROPE SOLVE A EUR |  |  |
| Net assets in EUR | 138,531,287.92 | 105,583,534.63 |
| Number of securities | 1,377,399.700 | 1,178,416.598 |
| Net asset value per unit in EUR | 100.57 | 89.59 |
| Accumulation per unit on net gains and losses in EUR | -2.08 | -6.37 |
| Accumulation per unit on profit/loss in EUR | 1.02 | -0.01 |
| EDR SICAV – EQUITY EUROPE SOLVE KD EUR |  |  |
| Net assets in EUR | 7,261,075.28 | 3,522,141.32 |
| Number of securities | 77,320.000 | 42,400.000 |
| Net asset value per unit in EUR | 93.90 | 83.06 |
| Accumulation per unit on net gains and losses in EUR | -1.94 | -5.91 |
| Distribution per unit on profit/loss in EUR | 1.29 | 0.55 |
| Tax exemption per unit in EUR | 0.00 | * |
| Balance carried forward per unit on profit/loss in EUR | 0.00 | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE CR EUR |  |  |
| Net assets in EUR | 23,514,570.00 | 10,435,938.94 |
| Number of securities | 248,201.128 | 123,037.125 |
| Net asset value per unit in EUR | 94.73 | 84.81 |
| Accumulation per unit on net gains and losses in EUR | -1.96 | -6.02 |
| Accumulation per unit on profit/loss in EUR | 1.22 | 0.42 |

* The tax exemption per unit will be determined on the date of distribution, in accordance with tax provisions in force.
|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 418,034,978.41 | 257,507,382.38 |
| EDR SICAV – EQUITY EUROPE SOLVE I EUR |  |  |
| Net assets in EUR | 16,191,656.67 | 12,296,567.65 |
| Number of securities | 169,411.092 | 143,198.151 |
| Net asset value per unit in EUR | 95.57 | 85.87 |
| Accumulation per unit on net gains and losses in EUR | -1.97 | -6.09 |
| Accumulation per unit on profit/loss in EUR | 1.42 | 0.74 |
| EDR SICAV – EQUITY EUROPE SOLVE QC EUR H |  |  |
| Net assets in EUR | 47,170,448.57 | 0.00 |
| Number of securities | 476,475.641 | 0.000 |
| Net asset value per unit in EUR | 98.99 | 0.00 |
| Accumulation per unit on net gains and losses in EUR | -1.37 | 0.00 |
| Distribution per unit on profit/loss in EUR | 1.52 | 0.00 |
| Tax exemption per unit in EUR | 0.00 | 0.00 |
| Balance carried forward per unit on profit/loss in EUR | 0.00 | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE SC EUR |  |  |
| Net assets in EUR | 16,815,548.50 | 15,129,872.24 |
| Number of securities | 180,010.000 | 180,010.000 |
| Net asset value per unit in EUR | 93.41 | 84.05 |
| Accumulation per unit on net gains and losses in EUR | -1.93 | -5.95 |
| Accumulation per unit on profit/loss in EUR | 1.46 | 0.86 |
| EDR SICAV – EQUITY EUROPE SOLVE PC EUR |  |  |
| Net assets in EUR | 24,723,175.73 | 8,259,026.94 |
| Number of securities | 235,701.000 | 87,501.000 |
| Net asset value per unit in EUR | 104.89 | 94.38 |
| Accumulation per unit on net gains and losses in EUR | -2.17 | -6.69 |
| Accumulation per unit on profit/loss in EUR | 1.64 | 0.96 |

* The tax exemption per unit will be determined on the date of distribution, in accordance with tax provisions in force.
|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 418,034,978.41 | 257,507,382.38 |
| EDR SICAV – EQUITY EUROPE SOLVE NC EUR |  |  |
| Net assets in EUR | 51,395,678.89 | 38,253,864.04 |
| Number of securities | 497,844.595 | 412,421.071 |
| Net asset value per unit in EUR | 103.23 | 92.75 |
| Accumulation per unit on net gains and losses in EUR | -2.13 | -6.57 |
| Accumulation per unit on profit/loss in EUR | 1.53 | 0.80 |
| EDR SICAV – EQUITY EUROPE SOLVE B EUR |  |  |
| Net assets in EUR | 220,123.03 | 1,191.67 |
| Number of securities | 2,092.661 | 12.844 |
| Net asset value per unit in EUR | 105.18 | 92.78 |
| Accumulation per unit on net gains and losses in EUR | -2.18 | -6.61 |
| Distribution per unit on profit/loss in EUR | 1.06 | 0.00 |
| Tax exemption per unit in EUR | 0.00 | 0.00 |
| Balance carried forward per unit on profit/loss in EUR | 0.00 | 0.00 |
| Accumulation per unit on profit/loss in EUR | 0.00 | -0.30 |
| EDR SICAV – EQUITY EUROPE SOLVE N EUR |  |  |
| Net assets in EUR | 4,787,914.96 | 15,597,662.12 |
| Number of securities | 50,001.000 | 181,001.000 |
| Net asset value per unit in EUR | 95.75 | 86.17 |
| Accumulation per unit on net gains and losses in EUR | -1.98 | -6.10 |
| Accumulation per unit on profit/loss in EUR | 1.50 | 0.88 |

* The tax exemption per unit will be determined on the date of distribution, in accordance with tax provisions in force.
|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 418,034,978.41 | 257,507,382.38 |
| EDR SICAV – EQUITY EUROPE SOLVE O EUR |  |  |
| Net assets in EUR | 6,508,207.31 | 5,767,119.87 |
| Number of securities | 69,988.024 | 69,988.024 |
| Net asset value per unit in EUR | 92.99 | 82.40 |
| Accumulation per unit on net gains and losses in EUR | -1.92 | -5.86 |
| Distribution per unit on profit/loss in EUR | 1.45 | 0.85 |
| Tax exemption per unit in EUR | 0.00 | * |
| Balance carried forward per unit on profit/loss in EUR | 0.00 | 0.00 |

* The tax exemption per unit will be determined on the date of distribution, in accordance with tax provisions in force.
3.12. PORTFOLIO BREAKDOWN IN EUR
| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| Equities and equivalent securities Equities and equivalent securities traded on a regulated or equivalent market GERMANY |  |  |  |  |
| ADIDAS NOM. | EUR | 5,240 | 1,446,764.00 | 0.56 |
| ALLIANZ SE-REG | EUR | 26,868 | 4,396,142.16 | 1.71 |
| BASF SE | EUR | 19,159 | 995,884.82 | 0.39 |
| BAYER | EUR | 20,492 | 1,092,428.52 | 0.42 |
| BEIERSDORF AG | EUR | 7,752 | 751,944.00 | 0.29 |
| BMW BAYERISCHE MOTOREN WERKE | EUR | 12,943 | 802,336.57 | 0.31 |
| CARL ZEISS MEDITEC AG | EUR | 749 | 80,892.00 | 0.03 |
| CONTINENTAL AG O.N. | EUR | 2,565 | 237,211.20 | 0.09 |
| COVESTRO AG | EUR | 20,047 | 848,990.45 | 0.33 |
| DAIMLER AG-REGISTERED SHARES | EUR | 29,988 | 1,380,497.58 | 0.54 |
| DEUTSCHE BOERSE AG | EUR | 4,608 | 690,278.40 | 0.27 |
| DEUTSCHE POST AG NAMEN | EUR | 33,604 | 1,307,195.60 | 0.51 |
| DEUTSCHE TELEKOM AG | EUR | 299,168 | 4,275,110.72 | 1.66 |
| EVONIK INDUSTRIES AG | EUR | 8,556 | 189,087.60 | 0.07 |
| INFINEON TECHNOLOGIES | EUR | 36,669 | 884,272.94 | 0.34 |
| KION GROUP AG | EUR | 1,697 | 124,186.46 | 0.05 |
| KNORR-BREMSE AG | EUR | 1,134 | 114,125.76 | 0.04 |
| LANXESS AG | EUR | 3,748 | 183,464.60 | 0.07 |
| LEG IMMOBILIEN AG | EUR | 1,015 | 123,627.00 | 0.05 |
| MERCK KGA | EUR | 3,074 | 382,866.70 | 0.15 |
| MTU AERO ENGINES HOLDINGS AG | EUR | 1,041 | 147,822.00 | 0.06 |
| MUENCHENER RUECKVERSICHERUNG AG | EUR | 16,884 | 3,657,074.40 | 1.42 |
| NEMETSCHEK | EUR | 2,123 | 132,687.50 | 0.05 |
| PUMA SE | EUR | 5,620 | 431,953.20 | 0.17 |
| SAP SE | EUR | 61,744 | 8,197,133.44 | 3.18 |
| SARTORIUS PRIV. | EUR | 635 | 222,504.00 | 0.09 |
| SCOUT24 AG | EUR | 1,753 | 130,598.50 | 0.05 |
| SIEMENS AG-REG | EUR | 28,002 | 3,020,855.76 | 1.17 |
| SIEMENS ENERGY AG | EUR | 14,001 | 322,023.00 | 0.13 |
| SIEMENS ENERGY AG RTS | EUR | 14,001 | 0.00 | 0.00 |
| UNITED INTERNET AG | EUR | 3,326 | 108,660.42 | 0.04 |
| VOLKSWAGEN AG-PREF | EUR | 3,818 | 524,593.20 | 0.20 |
| VONOVIA SE | EUR | 17,572 | 1,029,367.76 | 0.40 |
| ZALANDO SE | EUR | 3,561 | 284,523.90 | 0.11 |
| TOTAL GERMANY |  |  | 38,517,104.16 | 14.95 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| AUSTRIA |  |  |  |  |
| OMV AG | EUR | 1,829 | 42,798.60 | 0.02 |
| TOTAL AUSTRIA |  |  | 42,798.60 | 0.02 |
| BELGIUM |  |  |  |  |
| ANHEUSER BUSCH INBEV SA/NV | EUR | 62,493 | 2,888,738.93 | 1.11 |
| ELIA SYSTEM | EUR | 1,191 | 101,473.20 | 0.04 |
| GBL GROUPE BRUXELLES LAMBERT SA | EUR | 2,209 | 170,048.82 | 0.07 |
| KBC GROUPE | EUR | 4,037 | 172,743.23 | 0.07 |
| PROXIMUS | EUR | 6,236 | 97,125.70 | 0.04 |
| SOLVAY | EUR | 2,666 | 195,844.36 | 0.08 |
| TELENET GROUP HOLDING | EUR | 12,830 | 425,186.20 | 0.17 |
| UMICORE | EUR | 6,123 | 217,672.65 | 0.08 |
| UNION CHIMIQUE BELGE/ UCB | EUR | 3,486 | 338,142.00 | 0.13 |
| TOTAL BELGIUM |  |  | 4,606,975.09 | 1.79 |
| DENMARK |  |  |  |  |
| NOVO NORDISK AS | DKK | 22,514 | 1,328,631.13 | 0.52 |
| TOTAL DENMARK |  |  | 1,328,631.13 | 0.52 |
| SPAIN |  |  |  |  |
| AMADEUS IT GROUP SA | EUR | 9,397 | 447,203.23 | 0.17 |
| BANCO DE BILBAO VIZCAYA S.A. | EUR | 106,899 | 253,564.43 | 0.10 |
| BANCO SANTANDER S.A. | EUR | 606,561 | 970,254.98 | 0.38 |
| BANKINTER SA | EUR | 14,926 | 54,882.90 | 0.02 |
| CAIXABANK S.A. | EUR | 58,367 | 105,819.37 | 0.04 |
| ENAGAS SA | EUR | 6,654 | 131,050.53 | 0.05 |
| ENDESA SA | EUR | 7,184 | 164,010.72 | 0.06 |
| FERROVIAL | EUR | 98,352 | 2,040,804.00 | 0.80 |
| IBERDROLA S.A. | EUR | 213,629 | 2,245,240.79 | 0.88 |
| INDITEX | EUR | 58,520 | 1,392,776.00 | 0.54 |
| NATURGY ENERGY GROUP SDG-E | EUR | 8,011 | 137,148.32 | 0.05 |
| REPSOL | EUR | 20,126 | 115,160.97 | 0.04 |
| TOTAL SPAIN |  |  | 8,057,916.24 | 3.13 |
| FINLAND |  |  |  |  |
| FORTUM CORPORATION | EUR | 10,346 | 178,727.15 | 0.07 |
| KONE OY B NEW | EUR | 8,457 | 634,782.42 | 0.25 |
| NESTE OYJ | EUR | 12,976 | 583,530.72 | 0.23 |
| NOKIA (AB) OYJ | EUR | 117,933 | 395,075.55 | 0.15 |
| ORION CORPORATION | EUR | 5,312 | 205,415.04 | 0.08 |
| OUTOKUMPU OY A | EUR | 132,741 | 303,313.19 | 0.12 |
| STORA ENSO AB EX ENSO OYJ | EUR | 100,071 | 1,338,449.63 | 0.52 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| WAERTSILAE CORPORATION | EUR | 12,469 | 83,766.74 | 0.03 |
| TOTAL FINLAND |  |  | 3,723,060.44 | 1.45 |
| FRANCE |  |  |  |  |
| ACCOR | EUR | 94,972 | 2,279,328.00 | 0.89 |
| AEROPORTS DE PARIS | EUR | 646 | 55,136.10 | 0.02 |
| AIR LIQUIDE | EUR | 17,788 | 2,410,274.00 | 0.94 |
| AIRBUS SE | EUR | 54,228 | 3,365,931.96 | 1.31 |
| ALSTOM | EUR | 3,923 | 166,805.96 | 0.06 |
| AMUNDI | EUR | 45,459 | 2,736,631.80 | 1.06 |
| ARKEMA | EUR | 29,860 | 2,705,913.20 | 1.05 |
| ATOS SE | EUR | 8,300 | 571,040.00 | 0.22 |
| AXA | EUR | 219,680 | 3,465,671.68 | 1.35 |
| BIOMERIEUX EUR 18,000 1,332,180.00 | EUR | 769 | 102,892.20 | 0.04 |
| BNP PARIBAS | EUR | 102,197 | 3,165,552.08 | 1.23 |
| BOUYGUES | EUR | 89,413 | 2,648,413.06 | 1.03 |
| BUREAU VERITAS | EUR | 10,334 | 199,032.84 | 0.08 |
| CAPGEMINI SE | EUR | 3,070 | 336,932.50 | 0.13 |
| CARREFOUR | EUR | 245,869 | 3,359,799.89 | 1.30 |
| CNP | EUR | 7,653 | 81,734.04 | 0.03 |
| COVIVIO SA | EUR | 7,013 | 421,481.30 | 0.16 |
| CREDIT AGRICOLE | EUR | 317,060 | 2,369,072.32 | 0.92 |
| DANONE | EUR | 21,276 | 1,174,860.72 | 0.46 |
| DASSAULT AVIATION | EUR | 1,459 | 1,057,775.00 | 0.41 |
| DASSAULT SYSTEMES | EUR | 11,797 | 1,884,570.75 | 0.73 |
| EDENRED | EUR | 5,370 | 206,208.00 | 0.08 |
| EIFFAGE | EUR | 1,812 | 126,513.84 | 0.05 |
| ELIOR GROUP SCA | EUR | 153,031 | 606,002.76 | 0.24 |
| ENGIE SA | EUR | 70,325 | 803,111.50 | 0.31 |
| ESSILORLUXOTTICA | EUR | 26,614 | 3,091,216.10 | 1.20 |
| EURAZEO | EUR | 1,616 | 74,659.20 | 0.03 |
| FAURECIA EX BERTRAND FAURE | EUR | 8,432 | 311,309.44 | 0.12 |
| GETLINK SE | EUR | 153,813 | 1,784,230.80 | 0.69 |
| ILIAD | EUR | 12,124 | 1,904,074.20 | 0.74 |
| INGENICO | EUR | 1,147 | 151,748.10 | 0.06 |
| IPSEN | EUR | 2,153 | 192,801.15 | 0.07 |
| JC DECAUX SA | EUR | 2,463 | 36,378.51 | 0.01 |
| KERING | EUR | 2,888 | 1,639,228.80 | 0.64 |
| KLEPIERRE | EUR | 4,269 | 51,163.97 | 0.02 |
| LEGRAND SA | EUR | 11,319 | 771,729.42 | 0.30 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| L’OREAL | EUR | 7,720 | 2,143,072.00 | 0.83 |
| LVMH (LOUIS VUITTON - MOET HENNESSY) | EUR | 9,565 | 3,820,261.00 | 1.48 |
| MICHELIN - CATEGORIE B | EUR | 3,304 | 303,042.88 | 0.12 |
| NATIXIS | EUR | 37,208 | 71,532.38 | 0.03 |
| ORANGE | EUR | 37,797 | 335,788.55 | 0.13 |
| ORPEA | EUR | 876 | 85,024.56 | 0.03 |
| PERNOD RICARD | EUR | 6,975 | 949,646.25 | 0.37 |
| PEUGEOT | EUR | 13,654 | 211,637.00 | 0.08 |
| PUBLICIS GROUPE SA | EUR | 3,368 | 92,889.44 | 0.04 |
| REMY COINTREAU RTS 18-09-20 | EUR | 1,189 | 0.00 | 0.00 |
| SAFRAN SA | EUR | 12,832 | 1,083,534.08 | 0.42 |
| SAINT-GOBAIN | EUR | 8,683 | 312,674.83 | 0.12 |
| SANOFI | EUR | 83,708 | 7,142,803.64 | 2.78 |
| SCHNEIDER ELECTRIC SA | EUR | 20,403 | 2,163,738.15 | 0.84 |
| SCOR SE | EUR | 4,475 | 105,878.50 | 0.04 |
| SEB | EUR | 3,566 | 495,317.40 | 0.19 |
| SOCIETE GENERALE SA | EUR | 116,700 | 1,320,810.60 | 0.51 |
| SODEXO/EX SODEXHO ALLIANCE | EUR | 1,202 | 73,346.04 | 0.03 |
| SOLOCAL GROUP | EUR | 1,135,945 | 34,873.51 | 0.01 |
| SOLOCAL GROUP | EUR | 1,135,945 | 34,873.51 | 0.01 |
| SOLOCAL GROUP RTS 29-09-20 | EUR | 1,135,945 | 113.59 | 0.00 |
| SPIE SA | EUR | 109,159 | 1,675,590.65 | 0.65 |
| SUEZ SA | EUR | 8,945 | 141,375.73 | 0.05 |
| THALES | EUR | 39,288 | 2,520,718.08 | 0.98 |
| TOTAL SE | EUR | 144,088 | 4,207,369.60 | 1.63 |
| UBI SOFT ENTERTAINMENT | EUR | 6,746 | 519,846.76 | 0.20 |
| VALEO SA | EUR | 6,495 | 170,493.75 | 0.07 |
| VEOLIA ENVIRONNEMENT | EUR | 11,393 | 209,859.06 | 0.08 |
| VINCI (EX SGE) | EUR | 20,371 | 1,456,933.92 | 0.57 |
| VIVENDI | EUR | 40,945 | 974,491.00 | 0.38 |
| WENDEL | EUR | 965 | 74,739.25 | 0.03 |
| WORLDLINE SA | EUR | 44,700 | 3,134,364.00 | 1.22 |
| TOTAL FRANCE |  |  | 82,175,864.90 | 31.90 |
| IRELAND |  |  |  |  |
| CRH PLC | EUR | 32,596 | 1,006,238.52 | 0.39 |
| KERRY GROUP | EUR | 2,051 | 224,584.50 | 0.09 |
| KINGSPAN GROUP | EUR | 3,044 | 236,518.80 | 0.09 |
| SMURFIT KAPPA PLC | EUR | 7,442 | 249,455.84 | 0.10 |
| TOTAL IRELAND |  |  | 1,716,797.66 | 0.67 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| ITALY |  |  |  |  |
| ASSICURAZIONI GENERALI | EUR | 73,200 | 880,230.00 | 0.34 |
| DAVIDE CAMPARI-MILANO NV | EUR | 7,857 | 73,219.38 | 0.03 |
| ENEL SPA | EUR | 699,491 | 5,188,824.24 | 2.02 |
| ENI SPA | EUR | 219,208 | 1,466,063.10 | 0.57 |
| FINECOBANK SPA | EUR | 221,760 | 2,606,788.80 | 1.01 |
| INTESA SANPAOLO | EUR | 631,514 | 1,012,316.94 | 0.39 |
| NEXI SPA | EUR | 33,000 | 564,960.00 | 0.22 |
| POSTE ITALIANE | EUR | 15,441 | 116,857.49 | 0.05 |
| PRYSMIAN SPA | EUR | 5,189 | 128,894.76 | 0.05 |
| RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA | EUR | 4,721 | 206,496.54 | 0.08 |
| SALVATORE FERRAGAMO | EUR | 49,600 | 623,472.00 | 0.24 |
| TOTAL ITALY |  |  | 12,868,123.25 | 5.00 |
| NETHERLANDS |  |  |  |  |
| ABN AMRO GROUP GDR | EUR | 137,711 | 984,909.07 | 0.38 |
| ADYEN NV | EUR | 611 | 960,797.50 | 0.37 |
| AKZO NOBEL | EUR | 11,700 | 1,011,114.00 | 0.39 |
| Altice Europe N.V. | EUR | 25,382 | 103,863.14 | 0.04 |
| ASML HOLDING NV | EUR | 13,708 | 4,313,907.60 | 1.67 |
| BASIC FIT NV | EUR | 46,711 | 950,568.85 | 0.37 |
| EURONEXT NV - W/I | EUR | 19,431 | 2,077,173.90 | 0.81 |
| HEINEKEN | EUR | 9,651 | 732,317.88 | 0.28 |
| ING GROEP NV | EUR | 138,696 | 840,081.67 | 0.33 |
| JUST EAT TAKEAWAY.COM N.V | EUR | 2,858 | 273,682.08 | 0.11 |
| KONINKLIJKE AHOLD NV | EUR | 38,377 | 969,019.25 | 0.38 |
| KONINKLIJKE DSM | EUR | 3,519 | 494,771.40 | 0.19 |
| KONINKLIJKE KPN NV | EUR | 1,180,986 | 2,370,238.90 | 0.92 |
| KONINKLIJKE VOPAK | EUR | 948 | 45,560.88 | 0.02 |
| NN GROUP N.V. | EUR | 6,073 | 194,639.65 | 0.08 |
| PROSUS NV | EUR | 9,275 | 729,942.50 | 0.28 |
| QIAGEN | EUR | 17,914 | 793,590.20 | 0.31 |
| RANDSTAD N.V. | EUR | 4,452 | 198,247.56 | 0.08 |
| ROYAL DUTCH SHELL - A | EUR | 110,228 | 1,188,037.38 | 0.46 |
| ROYAL PHILIPS | EUR | 73,071 | 2,937,454.20 | 1.14 |
| STMICROELECTRONICS NV | EUR | 10,047 | 263,834.22 | 0.10 |
| TOMTOM - BEARER AND REGISTERED SHS | EUR | 27,000 | 173,205.00 | 0.07 |
| UNILEVER NV | EUR | 76,544 | 3,942,016.00 | 1.53 |
| TOTAL NETHERLANDS |  |  | 26,548,972.83 | 10.31 |
| PORTUGAL |  |  |  |  |
| ELEC DE PORTUGAL | EUR | 220,306 | 924,183.67 | 0.36 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| JERONIMO MARTINS | EUR | 3,510 | 48,104.55 | 0.02 |
| TOTAL PORTUGAL |  |  | 972,288.22 | 0.38 |
| UNITED KINGDOM |  |  |  |  |
| BURBERRY GROUP PLC | GBP | 26,100 | 446,482.90 | 0.17 |
| ITV PLC | GBP | 609,000 | 453,320.93 | 0.18 |
| LINDE PLC | EUR | 11,514 | 2,324,676.60 | 0.90 |
| MEGGITT | GBP | 96,000 | 272,120.83 | 0.11 |
| RECKITT BENCKISER PLC | GBP | 13,000 | 1,081,878.43 | 0.42 |
| SCOTTISH & SOUTHERN ENERGY PLC | GBP | 36,500 | 485,370.20 | 0.19 |
| SMITH & NEPHEW PLC | GBP | 31,600 | 527,524.71 | 0.20 |
| SMITHS GROUP PLC | GBP | 37,000 | 560,038.31 | 0.22 |
| STANDARD CHARTERED PLC | GBP | 48,400 | 189,727.66 | 0.07 |
| TESCO PLC | GBP | 131,800 | 308,310.03 | 0.12 |
| TOTAL UNITED KINGDOM |  |  | 6,649,450.60 | 2.58 |
| SWEDEN |  |  |  |  |
| ERICSSON(LM) B | SEK | 136,200 | 1,274,795.58 | 0.50 |
| HEXAGON AB -B | SEK | 2,380 | 153,630.28 | 0.06 |
| TELE2 AB | SEK | 33,000 | 398,502.90 | 0.15 |
| TOTAL SWEDEN |  |  | 1,826,928.76 | 0.71 |
| SWITZERLAND |  |  |  |  |
| ABB LTD | CHF | 17,400 | 378,008.56 | 0.15 |
| LOGITECH INTERNATIONAL SA | CHF | 22,329 | 1,482,780.31 | 0.58 |
| NOVARTIS AG-REG | CHF | 32,246 | 2,387,187.43 | 0.92 |
| SOFTWAREONE HOLDING AG | CHF | 76,786 | 1,831,761.04 | 0.71 |
| TOTAL SWITZERLAND |  |  | 6,079,737.34 | 2.36 |
| TOTAL Equities and equivalent securities traded on regulated or equivalent markets |  |  | 195,114,649.22 | 75.77 |
| TOTAL Equities and equivalent securities |  |  | 195,114,649.22 | 75.77 |
| Debt securities |  |  |  |  |
| Debt securities traded on a regulated or equivalent market SPAIN |  |  |  |  |
| SPAI LETR DEL TESO ZCP 15-01-21 | EUR | 8,000,000 | 8,012,433.07 | 3.11 |
| TOTAL SPAIN |  |  | 8,012,433.07 | 3.11 |
| TOTAL Debt securities traded on a regulated or equivalent market |  |  | 8,012,433.07 | 3.11 |
| TOTAL Debt securities |  |  | 8,012,433.07 | 3.11 |
| Undertakings for collective investment Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries FRANCE |  |  |  |  |
| AMUNDI ETF PEA EUROPE UCITS ETF | EUR | 1,250,000 | 23,662,125.00 | 9.19 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| MULTI UNITS FRANCE SICAV LYXOR MSCI EUROPE UCITS ETF | EUR | 100 | 11,741.68 | 0.00 |
| TOTAL FRANCE |  |  | 23,673,866.68 | 9.19 |
| TOTAL Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries |  |  | 23,673,866.68 | 9.19 |
| TOTAL Undertakings for collective investment |  |  | 23,673,866.68 | 9.19 |
| Forward financial instruments |  |  |  |  |
| Futures Futures on a regulated or equivalent market |  |  |  |  |
| EURO STOXX 50 1220 | EUR | -1,369 | 1,206,705.00 | 0.47 |
| ICE EUR/SEK 1220 | SEK | 36 | 68,355.19 | 0.03 |
| RF EURCHF 1220 | CHF | 90 | 42,731.28 | 0.02 |
| XEUR EUFF MSC 1220 | EUR | 696 | -406,723.26 | -0.16 |
| XEUR FSMI SWI 1220 | CHF | 155 | -452,326.25 | -0.18 |
| Z UKX - LOND 1220 | GBP | 293 | -685,393.32 | -0.27 |
| TOTAL Futures on a regulated market |  |  | -226,651.36 | -0.09 |
| TOTAL Futures |  |  | -226,651.36 | -0.09 |
| Options Options on a regulated or equivalent market |  |  |  |  |
| DJ EURO STOXX 50 03/2021 PUT 2400 | EUR | -489 | -187,776.00 | -0.07 |
| DJ EURO STOXX 50 03/2021 PUT 2800 | EUR | 951 | 856,851.00 | 0.33 |
| DJ EURO STOXX 50 06/2021 PUT 2600 | EUR | -773 | -702,657.00 | -0.27 |
| DJ EURO STOXX 50 06/2021 PUT 3000 | EUR | 959 | 1,792,371.00 | 0.70 |
| DJ EURO STOXX 50 09/2021 PUT 2650 | EUR | -305 | -389,790.00 | -0.15 |
| DJ EURO STOXX 50 09/2021 PUT 3000 | EUR | 646 | 1,444,456.00 | 0.56 |
| DJ EURO STOXX 50 10/2020 CALL 3300 | EUR | -1,700 | -323,000.00 | -0.13 |
| DJ EURO STOXX 50 10/2020 CALL 3450 | EUR | -1,859 | -39,039.00 | -0.02 |
| DJ EURO STOXX 50 10/2020 CALL 3475 | EUR | -289 | -4,335.00 | 0.00 |
| DJ EURO STOXX 50 10/2020 PUT 2800 | EUR | 336 | 9,744.00 | 0.00 |
| DJ EURO STOXX 50 10/2020 PUT 2950 | EUR | 1,517 | 136,530.00 | 0.05 |
| DJ EURO STOXX 50 10/2020 PUT 3025 | EUR | -1,595 | -255,200.00 | -0.10 |
| DJ EURO STOXX 50 12/2020 PUT 2400 | EUR | -417 | -49,623.00 | -0.02 |
| DJ EURO STOXX 50 12/2020 PUT 2800 | EUR | 1,140 | 508,440.00 | 0.20 |
| DJ EURO STOXX 50 12/2021 PUT 2600 | EUR | -541 | -756,859.00 | -0.29 |
| DJ EURO STOXX 50 12/2021 PUT 3000 | EUR | 1,200 | 3,037,200.00 | 1.19 |
| DJ STOXX50 WEKK1 10/2020 CALL 3500 | EUR | -1,341 | -1,341.00 | 0.00 |
| UKX - FTSE 100 INDX 03/2021 PUT 5000 | GBP | -65 | -99,458.40 | -0.04 |
| UKX - FTSE 100 INDX 03/2021 PUT 5800 | GBP | 229 | 894,905.44 | 0.35 |
| UKX - FTSE 100 INDX 06/2021 PUT 4600 | GBP | -144 | -209,242.42 | -0.08 |
| UKX - FTSE 100 INDX 06/2021 PUT 5200 | GBP | 207 | 549,162.28 | 0.21 |
| UKX - FTSE 100 INDX 09/2021 PUT 5500 | GBP | -65 | -283,349.11 | -0.11 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| UKX - FTSE 100 INDX 09/2021 PUT 5900 | GBP | 177 | 1,094,047.91 | 0.42 |
| UKX - FTSE 100 INDX 12/2020 PUT 5200 | GBP | -69 | -66,081.77 | -0.03 |
| UKX - FTSE 100 INDX 12/2020 PUT 5800 | GBP | 233 | 611,726.95 | 0.24 |
| TOTAL Options on a regulated market |  |  | 7,567,682.88 | 2.94 |
| TOTAL Conditional forward commitments |  |  | 7,567,682.88 | 2.94 |
| Other forward financial instruments |  |  |  |  |
| CFD |  |  |  |  |
| CFD MS TSCO 1249 | GBP | 26,308 | -1,013.61 | 0.00 |
| MS RECKITT 1249 | GBP | 2,009 | 1,990.38 | 0.00 |
| TOTAL CFD |  |  | 976.77 | 0.00 |
| TOTAL Other forward financial instruments |  |  | 976.77 | 0.00 |
| TOTAL Forward financial instruments |  |  | 7,342,008.29 | 2.85 |
| Margin call |  |  |  |  |
| APPEL MARGE EDR FR | SEK | -717,749.98 | -68,355.19 | -0.03 |
| ROTHSCHILD margin calls in EUR | EUR | -799,981.72 | -799,981.72 | -0.31 |
| ROTHSCHILD margin calls in GBP | GBP | 622,625 | 685,393.32 | 0.27 |
| MARROCHF | CHF | 442,124.99 | 409,594.96 | 0.16 |
| TOTAL Margin call |  |  | 226,651.37 | 0.09 |
| Receivables |  |  | 16,937,369.23 | 6.58 |
| Payables |  |  | -15,143,843.09 | -5.88 |
| Financial accounts |  |  | 21,344,247.61 | 8.29 |
| Net assets |  |  | 257,507,382.38 | 100.00 |

| EDR SICAV – EQUITY EUROPE SOLVE K EUR | EUR | 454,469.233 | 93.86 |
| --- | --- | --- | --- |
| EDR SICAV – EQUITY EUROPE SOLVE A EUR | EUR | 1,178,416.598 | 89.59 |
| EDR SICAV – EQUITY EUROPE SOLVE KD EUR | EUR | 42,400.000 | 83.06 |
| EDR SICAV – EQUITY EUROPE SOLVE CR EUR | EUR | 123,037.125 | 84.81 |
| EDR SICAV – EQUITY EUROPE SOLVE I EUR | EUR | 143,198.151 | 85.87 |
| EDR SICAV – EQUITY EUROPE SOLVE QC EUR H | EUR | 0.000 | 0.00 |
| EDR SICAV – EQUITY EUROPE SOLVE SC EUR | EUR | 180,010.000 | 84.05 |
| EDR SICAV – EQUITY EUROPE SOLVE PC EUR | EUR | 87,501.000 | 94.38 |
| EDR SICAV – EQUITY EUROPE SOLVE NC EUR | EUR | 412,421.071 | 92.75 |
| EDR SICAV – EQUITY EUROPE SOLVE B EUR | EUR | 12.844 | 92.78 |
| EDR SICAV – EQUITY EUROPE SOLVE N EUR | EUR | 181,001.000 | 86.17 |
| EDR SICAV – EQUITY EUROPE SOLVE O EUR | EUR | 69,988.024 | 82.40 |

ADDITIONAL INFORMATION ABOUT THE COUPON TAX SYSTEM
Portfolio: EDMOND DE ROTHSCHILD SICAV
COUPON BREAKDOWN, UNIT: EDR SICAV – EQUITY EUROPE SOLVE KD EUR
|  | OVERALL NET | CURRENCY | PER UNIT | CURRENCY |
| --- | --- | --- | --- | --- |
| Income subject to compulsory, non-definitive withholding tax |  |  |  |  |
| Shares giving entitlement to write-offs and subject to compulsory, non-definitive withholding tax | 23,320.00 | EUR | 0.55 | EUR |
| Other income not giving entitlement to reductions and subject to compulsory, non-definitive withholding tax |  |  |  |  |
| Non-reportable and non-taxable income |  |  |  |  |
| Amount distributed on gains and losses |  |  |  |  |
| TOTAL | 23,320.00 | EUR | 0.55 | EUR |

COUPON BREAKDOWN, UNIT: EDR SICAV – EQUITY EUROPE SOLVE O EUR
|  | OVERALL NET | CURRENCY | PER UNIT | CURRENCY |
| --- | --- | --- | --- | --- |
| Income subject to compulsory, non-definitive withholding tax |  |  |  |  |
| Shares giving entitlement to write-offs and subject to compulsory, non-definitive withholding tax | 59,489.82 | EUR | 0.85 | EUR |
| Other income not giving entitlement to reductions and subject to compulsory, non-definitive withholding tax |  |  |  |  |
| Non-reportable and non-taxable income |  |  |  |  |
| Amount distributed on gains and losses |  |  |  |  |
| TOTAL | 59,489.82 | EUR | 0.85 | EUR |


## EdR SICAV – Start
ANNUAL FINANCIAL STATEMENTS
30/09/2020
BALANCE SHEET - ASSETS - IN EUROS AS AT 30/09/2020
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net fixed assets | 0.00 | 0.00 |
| Deposits | 0.00 | 0.00 |
| Financial instruments | 255,016,712.43 | 775,613,178.29 |
| Equities and equivalent securities | 0.00 | 0.00 |
| Traded on a regulated or equivalent market | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Bonds and equivalent securities | 227,399,046.64 | 564,755,863.00 |
| Traded on a regulated or equivalent market | 227,399,046.64 | 564,755,863.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Debt securities | 5,007,755.65 | 131,869,565.55 |
| Traded on a regulated or equivalent market | 5,007,755.65 | 131,869,565.55 |
| Negotiable debt securities | 5,007,755.65 | 131,869,565.55 |
| Other debt securities | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Undertakings for collective investment | 21,731,559.22 | 74,648,516.38 |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries | 21,731,559.22 | 74,648,516.38 |
| Other funds intended for non-professionals and equivalent investors in other EU Member States | 0.00 | 0.00 |
| Professional investment funds and their equivalents in other EU Member States and listed special purpose vehicles | 0.00 | 0.00 |
| Other professional investment funds and their equivalents in other EU Member States and unlisted special purpose vehicles | 0.00 | 0.00 |
| Other non-European undertakings | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Receivables on securities received under repurchase agreements | 0.00 | 0.00 |
| Receivables on loaned securities | 0.00 | 0.00 |
| Borrowed securities | 0.00 | 0.00 |
| Securities assigned under repurchase agreements | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 878,350.92 | 4,339,233.36 |
| Transactions on a regulated or equivalent market | 878,350.92 | 4,339,233.36 |
| Other transactions | 0.00 | 0.00 |
| Other financial instruments | 0.00 | 0.00 |
| Receivables | 40,345,453.25 | 157,595,327.22 |
| Forward currency transactions | 37,356,996.52 | 152,745,531.32 |
| Other | 2,988,456.73 | 4,849,795.90 |
| Financial accounts | 11,272,083.43 | 28,092,230.36 |
| Cash and cash equivalents | 11,272,083.43 | 28,092,230.36 |
| Total assets | 306,634,249.11 | 961,300,735.87 |

BALANCE SHEET – LIABILITIES – IN EUROS AT 30/09/2020
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Share capital |  |  |
| Capital | 269,156,965.31 | 778,011,818.49 |
| Undistributed prior net gains and losses (a) | 0.00 | 0.00 |
| Balance carried forward (a) | 0.00 | 0.00 |
| Net gains and losses for the financial year (a, b) | -7,588,418.83 | -4,163,785.93 |
| Profit/loss for the financial year (a, b) | 4,372,377.07 | 5,497,707.02 |
| Total share capital (= amount corresponding to net assets) | 265,940,923.55 | 779,345,739.58 |
| Financial instruments | 821,198.22 | 6,287,404.31 |
| Sales of financial instruments | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Payables representing securities assigned under repurchase agreements | 0.00 | 0.00 |
| Payables representing borrowed securities | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 821,198.22 | 6,287,404.31 |
| Transactions on a regulated or equivalent market | 821,198.22 | 4,488,151.02 |
| Other transactions | 0.00 | 1,799,253.29 |
| Payables | 39,872,127.34 | 173,917,967.84 |
| Forward currency transactions | 37,666,340.24 | 152,519,706.46 |
| Other | 2,205,787.10 | 21,398,261.38 |
| Financial accounts | 0.00 | 1,749,624.14 |
| Current bank borrowings | 0.00 | 1,749,624.14 |
| Loans | 0.00 | 0.00 |
| Total liabilities | 306,634,249.11 | 961,300,735.87 |

- Including adjustments
- Less any interim dividends paid in respect of the financial year

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitment on regulated or equivalent markets |  |  |
| Commitment on over-the-counter markets |  |  |
| Credit Default Swap |  |  |
| CDSI135-99473 | 0.00 | 42,194,092.83 |
| CDSI136-99473 | 0.00 | 7,000,000.00 |
| CDXIG531 | 0.00 | 21,097,046.41 |
| ITXEB530 | 0.00 | 10,000,000.00 |
| Other commitments |  |  |
| Other transactions |  |  |
| Commitment on regulated or equivalent markets |  |  |
| Futures contracts |  |  |
| CBFT CBOT YST 1220 | 2,865,616.60 | 0.00 |
| CBOT USUL 30A 1219 | 0.00 | 8,625,395.57 |
| CBOT USUL 30A 1220 | 946,339.43 | 0.00 |
| CME CHF/USD 1220 | 1,160.14 | 0.00 |
| CME EC EURUSD 1219 | 0.00 | 55,682,300.27 |
| CME JPY/USD 1220 | 5,363,256.75 | 0.00 |
| CME 3M EUR 0320 | 0.00 | 78,920,152.27 |
| CME 3M EUR 0323 | 156,563,675.92 | 0.00 |
| CME 3M EUR 1222 | 0.00 | 79,108,764.45 |
| EC EURUSD 1220 | 38,552,561.97 | 0.00 |
| ED CME EUR Z0 | 156,618,627.07 | 0.00 |
| EUR XEUR FESX D 1219 | 0.00 | 4,052,700.00 |
| EURO STOXX 50 1220 | 2,714,900.00 | 0.00 |
| FV CBOT UST 5 1219 | 0.00 | 37,265,655.14 |
| FV CBOT UST 5 1220 | 8,817,697.96 | 0.00 |
| I EURIBOR 3 0921 | 108,829,137.50 | 0.00 |
| I EURIBOR 3 1220 | 108,796,662.50 | 0.00 |
| OS NIKKEI 225 1220 | 2,757,364.72 | 0.00 |
| RTY INDEX 50 1219 | 0.00 | 4,196,477.71 |
| SP 500 MINI 1220 | 5,434,361.53 | 0.00 |
| TY CBOT YST 1 1220 | 595,295.23 | 0.00 |
| XEUR FBTP BTP 1220 | 7,231,420.00 | 0.00 |
| XEUR FGBL BUN 1220 | 5,759,160.00 | 0.00 |
| XEUR FGBM BOB 1220 | 34,603,520.00 | 0.00 |
| XEUR FGBS SCH 1219 | 0.00 | 79,304,980.00 |
| XEUR FGBS SCH 1220 | 21,335,100.00 | 0.00 |
| XEUR FOAT EUR 1219 | 0.00 | 28,952,700.00 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Options |  |  |
| MID-CURVE 3YR USD 12/2019 CALL 97.5 | 0.00 | 192,131,030.99 |
| MID-CURVE 3YR USD 12/2019 CALL 97.875 | 0.00 | 359,285,027.96 |
| MID-CURVE 3YR USD 12/2019 CALL 98.25 | 0.00 | 147,364,500.47 |
| Commitment on over-the-counter markets |  |  |
| Other commitments |  |  |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 8,087.36 | 9,825.17 |
| Income from equities and equivalent securities | 0.00 | 0.00 |
| Income from bonds and equivalent securities | 10,640,682.82 | 7,419,833.76 |
| Income from debt securities | 108,377.57 | 24,846.38 |
| Income from temporary purchases and sales of securities | 270.85 | 0.00 |
| Income from forward financial instruments | 0.00 | 0.00 |
| Other financial income | 0.00 | 0.00 |
| Total (1) | 10,757,418.60 | 7,454,505.31 |
| Expenses relating to financial transactions |  |  |
| Expenses relating to temporary purchases and sales of securities | 5,748.72 | 2,028.28 |
| Expenses relating to forward financial instruments | 0.00 | 0.00 |
| Expenses relating to financial debt | 189,343.33 | 158,798.11 |
| Other financial expenses | 0.00 | 0.00 |
| Total (2) | 195,092.05 | 160,826.39 |
| Profit/loss on financial transactions (1 - 2) | 10,562,326.55 | 7,293,678.92 |
| Other income (3) | 0.00 | 0.00 |
| Management fees and amortisation charges (4) | 2,289,305.59 | 1,775,556.18 |
| Net profit/loss for the financial year (L. 214-17-1) (1 - 2 + 3 - 4) | 8,273,020.96 | 5,518,122.74 |
| Income equalisation for financial year (5) | -3,900,643.89 | -20,415.72 |
| Interim dividends paid over the financial year (6) | 0.00 | 0.00 |
| Profit/loss	(1 - 2 + 3 - 4 + 5 - 6) | 4,372,377.07 | 5,497,707.02 |

Management fees include research costs at €46,409.61

### NOTES TO THE ANNUAL FINANCIAL STATEMENTS
- ACCOUNTING METHODS AND RULESThe annual financial statements are presented in the form provided for by ANC Regulation 2014-01, as amended. General accounting principles apply:
- a true and fair view, comparability and operational continuity,
- lawfulness and fairness,
- prudence,
- consistency of accounting methods from one financial year to the next. Income from fixed-income securities is recorded on the basis of interest earned.

Purchases and sales of securities are recorded exclusive of costs. The base currency of the portfolio is the euro.
The length of the financial year is 12 months.
Information on the impacts of the COVID-19 crisis
The financial statements were approved by the Management Company based on the information available within the context of an evolving health crisis related to Covid-19.
Asset valuation rules
Financial instruments are recorded in the financial statements according to the historical cost method and on the balance sheet at their current value as determined by the last known market value or, where no market exists, by any external means or by the use of financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not in the portfolio currency are valued in accordance with the principle set out below, and then converted into the portfolio currency at the exchange rate on the valuation date.

###### Deposits:
Deposits with a residual maturity of three months or less are valued according to the straight line method.

###### Equities, bonds and other securities traded on a regulated or equivalent market:
For the purpose of calculating the net asset value, equities and other securities traded on a regulated or equivalent market are valued on the basis of the day’s closing market price.
Bonds and equivalent securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other equivalent securities is calculated up to the net asset value calculation date.

###### Equities, bonds and other securities not traded on a regulated or equivalent market:
Securities that are not traded on a regulated market are valued by the board of directors using methods based on market value and yield, taking into account the prices used for recent significant transactions.

###### Negotiable debt securities:
Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using an actuarial method based on a reference rate, defined below, which is increased, where applicable, by a differential that is representative of the intrinsic characteristics of the issuer:
Negotiable debt securities with a maturity of one year or less: Euro Interbank Offered Rate (Euribor);
Negotiable debt securities with a maturity exceeding one year: Rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longest durations.
Negotiable debt securities with a residual maturity of three months or less may be valued using the straight-line method. French treasury bills are valued at the market rate, as published daily by the Banque de France.

###### UCIs held:
Units or shares of UCIs will be valued at the last known net asset value.

###### Temporary securities transactions:
Securities received under repurchase agreements are recorded as assets under the “Receivables related to securities received under repurchase agreements” heading at the contracted amount, plus any accrued interest.
Securities assigned under repurchase agreements are recorded at their current value in the long portfolio. Payables on securities assigned under repurchase agreements are entered in the short portfolio at the contracted value, plus any accrued interest payable.
Loaned securities are valued at their current value and are entered under assets at their current value, plus accrued interest receivable, under the heading “Receivables on loaned securities”.
Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, and as liabilities under the “Payables representing borrowed securities” heading at the contracted amount, plus any accrued interest payable.

###### Forward financial instruments:
Forward financial instruments traded on a regulated or equivalent market: 
Forward financial instruments traded on regulated markets are valued at the day’s settlement price. 
Forward financial instruments not traded on a regulated or equivalent market:
Swaps:
Interest rate and/or currency swaps are valued at their market value according to the price calculated by discounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. This price is adjusted to take into account the risk associated with the issuer.
Index swaps are valued on an actuarial basis using a benchmark rate provided by the counterparty.
Other swaps are valued at their market value or at a value estimated in the manner established by the board of directors.
Off-balance sheet commitments:
Futures contracts are recorded as off-balance sheet commitments at their market value at the price used in the portfolio. Options transactions are converted into the underlying equivalent.
Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.
Swing Pricing method used to adjust the net asset value, with trigger threshold
For the EdR SICAV – EdR SICAV – Start Sub-funds, the management company has implemented a method of adjusting the net asset value known as Swing Pricing, with a trigger threshold, in order to protect the interests of these Sub-fund’s shareholders. In the event of significant movement of a Sub-fund’s liabilities, this mechanism consists in ensuring that the cost of transactions generated by these subscriptions/redemptions is borne by the Fund’s incoming or outgoing Sub-fund shareholders. If, on a net asset value calculation day, the net amount of subscription and redemption orders from investors across all share classes of a Sub-fund exceeds a threshold that has been predetermined by the Management Company, expressed as a percentage of the Sub-fund’s net assets (called the trigger threshold), the net asset value may be adjusted upwards or downwards to take into account the readjustment costs attributable to the net subscription/redemption orders. The net asset value of each share class is calculated separately but, in percentage terms, any adjustment affects all the net asset values for each share class of the Sub-fund in an identical manner.
The costs and the trigger threshold are determined by the Management Company and reviewed periodically. The Management Company estimates these costs on the basis of transaction fees, purchase and sale price ranges, and any potential taxes applicable to the Sub-fund.
As this adjustment is linked to the net amount of the Sub-fund’s subscription and redemption orders, it is not possible to predict with accuracy whether swing pricing will be applied at any given moment in the future, or the frequency with which the Management Company will make such adjustments. In any event, such adjustments may not exceed 2% of the net asset value.
Investors are informed that, due to the application of swing pricing, the volatility of the net asset value of the Sub-fund may not solely reflect that of the securities held in the portfolio.
The adjusted net asset value, the “swung” NAV, is the only net asset value communicated to Sub-fund shareholders. However, if a performance fee is payable, this is calculated on the net asset value prior to application of the swing pricing system.
In accordance with the regulations, the Management Company does not notify unitholders of the trigger threshold and ensures that internal information channels are restricted, to preserve the confidential nature of the information.

#### Operating and management fees:
Operating and management fees cover all fees relating to the UCI: fees for financial management, administration, accounting, custody, distribution, audit, etc.
These fees are recorded in the income statement for the UCI.
Management fees do not include transaction fees. For more details about the fees invoiced to the UCI, please refer to the prospectus.
They are recorded pro rata temporis each time the net asset value is calculated.
The rate applied on the basis of the net assets is: For financial management fees
- A CHF (H) shares: Maximum 0.65 % incl. taxes*
- A EUR shares: Maximum 0.65 % incl. taxes*
- A USD (H) shares: Maximum 0.70 % incl. taxes*
- CR EUR shares: Maximum 0.45 % incl. taxes*
- I CHF (H) shares: Maximum 0.30 % incl. taxes*
- I EUR shares: Maximum 0.30 % incl. taxes*
- I USD (H) shares: Maximum 0.25% incl. taxes*
- N EUR shares: Maximum 0.20 % incl. taxes*
- R EUR shares: Maximum 0.95 % incl. taxes*In respect of administrative expenses external to the Management Company, in particular the fees for the custodian, valuer and statutory auditors, etc.

For all shares, the rate is:
- 0.06% from 01/10/2019 to 05/01/2020
- From this date the rate goes to 0.07% except for units C1 and D1, for which the rate remains at 0.06%.

Performance fee
Outperformance fees will be deducted from A EUR, CR EUR, I CHF H, A CHF H, I USD H, A USD H, R EUR, I EUR and N EUR shares for the benefit of the Management Company in accordance with the following procedures:
The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted for subscriptions and redemptions. The performance fee is calculated when each net asset value is determined and is provisioned as a deduction thereof.
For shares denominated in EUR, the total value is equal to 15% inclusive of tax of the Sub-fund’s outperformance compared with the capitalised EONIA index since the last reference date.
The Sub-fund’s outperformance is defined as being the difference between the Sub-fund’s assets (excluding variable management fees) and notional assets providing:
- an identical performance to that of the Capitalised Eonia index,
- redemptions proportionate to those of the EdR SICAV - Start Sub-fund,
- subscriptions in amounts identical to that of the EdR SICAV - Start Sub-fund.

For units denominated in USD, the total value of the outperformance fee will be 15% inclusive of tax of the Sub-fund’s outperformance compared with the capitalised Federal Funds Effective Rate index since the last reference date.
The Sub-fund’s outperformance is defined as being the difference between the Sub-fund’s assets (excluding variable management fees) and notional assets providing:
- an identical performance to that of the Capitalised Federal Funds Effective Rate index,
- redemptions proportionate to those of the EdR SICAV - Start Sub-fund,
- subscriptions in amounts identical to that of the EdR SICAV - Start Sub-fund.

For shares denominated in CHF, the total value of the outperformance fee is 15% inclusive of tax of the Sub-fund’s outperformance compared with the 1-month CHF LIBOR index since the last reference date.
The Sub-fund’s outperformance is defined as being the difference between the Sub-fund’s assets (excluding variable management fees) and notional assets providing:
- an identical performance to that of the capitalised 1-month CHF Libor index,
- redemptions proportionate to those of the EdR SICAV - Start Sub-fund,
- subscriptions in amounts identical to that of the EdR SICAV - Start Sub-fund.

In the event of the Sub-fund underperforming its benchmark, the outperformance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The performance fee will be deducted by the Management Company after the last net asset value of the calendar year has been determined.
When shares are redeemed, the proportion of the performance fee attached to the redeemed shares will be crystallised and will therefore accrue to the Management Company.
Fees linked to research as defined by Article 314-21 of the General Regulation of the AMF may be charged to the Sub-fund up to the value of 0.01% of its net asset value.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV - Start Sub-fund will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Definition of distributable income:
Distributable income comprises:
Profit/loss:
Net profit/loss for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ fees and all other revenues generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less the sum of the costs of management and borrowing costs.
It is increased by the balance carried forward and increased or decreased by the balance of the income adjustment account.
Gains and losses:
Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gains of the same type recorded during previous financial years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.
Methods for allocating distributable income:
| Distributable income | “A CHF (H)”, “A EUR”, “A USD (H)”, “CR EUR”, “CR USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “N EUR”, “P EUR” and “R EUR” shares | “J EUR” shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

- CHANGE IN NET ASSETS – IN EUROS AT 30/09/2020

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 779,345,739.58 | 0.00 |
| Subscriptions (including subscription fees paid to the UCI) | 96,733,165.52 | 1,005,380,349.58 |
| Redemptions (less redemption fees paid to the UCI) | -601,977,001.66 | -226,634,566.60 |
| Realised gains on deposits and financial instruments | 2,228,309.46 | 3,864,189.24 |
| Realised losses on deposits and financial instruments | -14,292,828.71 | -1,219,777.22 |
| Realised gains on forward financial instruments | 35,542,019.00 | 13,734,648.10 |
| Realised losses on forward financial instruments | -36,168,810.15 | -21,093,508.68 |
| Transaction fees | -471,846.86 | -144,165.05 |
| Foreign exchange differences | -3,780,558.26 | 2,079,005.67 |
| Changes in valuation differential on deposits and financial instruments | -911,273.76 | -147,821.58 |
| Valuation differential for financial year N | -1,059,095.34 | -147,821.58 |
| Valuation differential for financial year N-1 | 147,821.58 | 0.00 |
| Changes in valuation differential on forward financial instruments | 1,420,988.43 | -1,990,736.62 |
| Valuation differential for financial year N | -569,748.19 | -1,990,736.62 |
| Valuation differential for financial year N-1 | 1,990,736.62 | 0.00 |
| Dividends paid in the previous financial year on net gains and losses | 0.00 | 0.00 |
| Dividends paid in the previous financial year on income | 0.00 | 0.00 |
| Net profit/loss for financial year prior to income equalisation account | 8,273,020.96 | 5,518,122.74 |
| Interim dividend(s) paid over the financial year on net gains and losses | 0.00 | 0.00 |
| Interim dividend(s) paid over the financial year on income | 0.00 | 0.00 |
| Other items | 0.00 | 0.00 |
| Net assets at the end of the financial year | 265,940,923.55 | 779,345,739.58 |

- ADDITIONAL INFORMATION
	- BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE


|  | Amount | % |
| --- | --- | --- |
| Assets |  |  |
| Bonds and equivalent securities |  |  |
| Other bonds (indexed, non-voting shares) | 282,171.37 | 0.11 |
| Fixed-rate bonds traded on a regulated or equivalent market | 220,210,322.23 | 82.80 |
| Variable/adjustable-rate bonds traded on a regulated or equivalent market | 6,906,553.04 | 2.60 |
| TOTAL Bonds and equivalent securities | 227,399,046.64 | 85.51 |
| Debt securities |  |  |
| Short-term negotiable securities (NEU CP) issued by banking issuers | 5,007,755.65 | 1.88 |
| TOTAL Debt securities | 5,007,755.65 | 1.88 |
| Liabilities |  |  |
| Sales of financial instruments |  |  |
| TOTAL Sales of financial instruments | 0.00 | 0.00 |
| Off-balance sheet items |  |  |
| Hedging transactions |  |  |
| TOTAL Hedging transactions | 0.00 | 0.00 |
| Other transactions |  |  |
| Equities | 10,906,626.25 | 4.10 |
| Foreign exchange | 43,916,978.86 | 16.51 |
| Interest rates | 612,962,252.21 | 230.49 |
| TOTAL Other transactions | 667,785,857.32 | 251.10 |

- BREAKDOWN BY INTEREST RATES OF ASSET, LIABILITY AND OFF-BALANCE-SHEET ITEMS

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 220,039,617.41 | 82.74 | 0.00 | 0.00 | 7,188,724.41 | 2.70 | 170,704.82 | 0.06 |
| Debt securities | 5,007,755.65 | 1.88 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11,272,083.43 | 4.24 |
| Liabilities |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 35,867,314.66 | 13.49 | 0.00 | 0.00 | 0.00 | 0.00 | 577,094,937.55 | 217.00 |

- BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFF-BALANCE-SHEET ITEMS

|  | <3 months | % | [3 months – 1 year] | % | [1–3 years] | % | [3–5 years] | % | >5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 4,675,019.52 | 1.76 | 37,668,747.18 | 14.16 | 102,292,810.70 | 38.46 | 41,631,257.39 | 15.65 | 41,131,211.85 | 15.47 |
| Debt securities | 0.00 | 0.00 | 5,007,755.65 | 1.88 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 11,272,083.43 | 4.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 552,143,202.99 | 207.62 | 43,421,217.96 | 16.33 | 17,397,831.26 | 6.54 |

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

|  | USD | CHF | NOK | Other currencies |
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | Amount | % | Amount | % |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equities and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 29,577,369.55 | 11.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| UCIs | 2,664,023.96 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 15,964,230.33 | 6.00 | 5,304,648.57 | 1.99 | 7,298,088.47 | 2.74 | 10,139,978.10 | 3.81 |
| Financial accounts | 824,429.29 | 0.31 | 25,109.28 | 0.01 | 23,129.51 | 0.01 | 753,764.85 | 0.28 |
| Liabilities |  |  |  |  |  |  |  |  |
| Sales of financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payables | 5,133,482.93 | 1.93 | 0.00 | 0.00 | 3,649,044.24 | 1.37 | 11,133,534.12 | 4.19 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 375,758,592.60 | 141.29 | 0.00 | 0.00 | 0.00 | 0.00 | 2,757,364.72 | 1.04 |

- RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | 30/09/2020 |
| --- | --- |
| Receivables |  |
| Forward currency purchases | 29,750,524.18 |
| Amount receivable on forward currency sales | 7,606,472.34 |
| Subscriptions receivable | 47,997.47 |
| Cash collateral deposits | 2,334,620.22 |
| Cash dividends and coupons | 15,839.04 |
| Collateral | 590,000.00 |
| Total receivables | 40,345,453.25 |
| Payables |  |
| Forward currency sales | 7,470,879.62 |
| Amount payable on forward currency purchases | 30,195,460.62 |
| Purchases with deferred settlement | 1,303,452.43 |
| Redemptions payable | 793,676.88 |
| Management fees | 104,054.34 |
| Variable management fees | 2,386.63 |
| Other payables | 2,216.82 |
| Total payables | 39,872,127.34 |

- SHARE CAPITAL
	- Number of securities issued or redeemed


|  | In equities | Amount |
| --- | --- | --- |
| EdR SICAV - Start A EUR shares |  |  |
| Shares subscribed during the financial year | 48,449.247 | 26,304,664.86 |
| Shares redeemed during the financial year | -160,627.186 | -86,649,765.90 |
| Net balance of subscriptions/redemptions | -112,177.939 | -60,345,101.04 |
| EdR SICAV - Start I CHF (H) shares |  |  |
| Shares subscribed during the financial year | 2,745.000 | 247,528.36 |
| Shares redeemed during the financial year | -278,409.000 | -24,971,505.73 |
| Net balance of subscriptions/redemptions | -275,664.000 | -24,723,977.37 |
| EdR SICAV - Start A USD (H) shares |  |  |
| Shares subscribed during the financial year | 51,482.708 | 4,952,689.34 |
| Shares redeemed during the financial year | -2,952.518 | -281,396.70 |
| Net balance of subscriptions/redemptions | 48,530.190 | 4,671,292.64 |
| EdR SICAV - Start CR EUR shares |  |  |
| Shares subscribed during the financial year | 176,774.731 | 17,402,353.71 |
| Shares redeemed during the financial year | -1,372,496.799 | -135,017,663.84 |
| Net balance of subscriptions/redemptions | -1,195,722.068 | -117,615,310.13 |
| EdR SICAV – Start I EUR shares |  |  |
| Shares subscribed during the financial year | 3,148.908 | 18,128,863.67 |
| Shares redeemed during the financial year | -17,099.731 | -98,953,492.27 |
| Net balance of subscriptions/redemptions | -13,950.823 | -80,824,628.60 |
| EdR SICAV - Start I USD (H) shares |  |  |
| Shares subscribed during the financial year | 5,242.823 | 5,407,515.69 |
| Shares redeemed during the financial year | -20,662.157 | -20,945,887.64 |
| Net balance of subscriptions/redemptions | -15,419.334 | -15,538,371.95 |
| EdR SICAV - Start A CHF (H) shares |  |  |
| Shares subscribed during the financial year | 40,316.643 | 3,581,306.89 |
| Shares redeemed during the financial year | -1,556.850 | -138,288.88 |
| Net balance of subscriptions/redemptions | 38,759.793 | 3,443,018.01 |
| EdR SICAV - Start R EUR shares |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | -6,207.992 | -619,026.07 |
| Net balance of subscriptions/redemptions | -6,207.992 | -619,026.07 |
| EdR SICAV - Start N EUR shares |  |  |
| Shares subscribed during the financial year | 19,329.762 | 20,708,243.00 |
| Shares redeemed during the financial year | -218,795.818 | -234,399,974.63 |
| Net balance of subscriptions/redemptions | -199,466.056 | -213,691,731.63 |

- Subscription and/or redemption fees

|  | Amount |
| --- | --- |
| EdR SICAV - Start A EUR shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Start I CHF (H) shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Start A USD (H) shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV – Start I EUR shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Start CR EUR shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Start I USD (H) shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Start A CHF (H) shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Start R EUR shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Start N EUR shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |

|  | 30/09/2020 |
| --- | --- |
| EdR SICAV - Start I CHF (H) shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 39,153.06 |
| Percentage of fixed management fees | 0.37 |
| Variable management fees | 2,119.55 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Start A EUR shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 624,375.25 |
| Percentage of fixed management fees | 0.73 |
| Variable management fees | 28,325.47 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Start A USD (H) shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 38,145.06 |
| Percentage of fixed management fees | 0.78 |
| Variable management fees | 3,405.38 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Start CR EUR shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 362,598.27 |
| Percentage of fixed management fees | 0.52 |
| Variable management fees | 41,734.73 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV – Start I EUR shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 365,889.51 |
| Percentage of fixed management fees | 0.38 |
| Variable management fees | 44,188.01 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Start A CHF (H) shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 23,774.80 |
| Percentage of fixed management fees | 0.73 |
| Variable management fees | 1,791.93 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Start I USD (H) shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 37,799.70 |
| Percentage of fixed management fees | 0.32 |
| Variable management fees | 8,257.74 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Start R EUR shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 3,434.79 |
| Percentage of fixed management fees | 1.02 |
| Variable management fees | 79.09 |
| Retrocessions of management fees | 0.00 |

|  | 30/09/2020 |
| --- | --- |
| EdR SICAV - Start N EUR shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 495,307.19 |
| Percentage of fixed management fees | 0.27 |
| Variable management fees | 122,516.45 |
| Retrocessions of management fees | 0.00 |

- Guarantees received by the UCI: None
- Other commitments received and/or given: None
- Current value of securities subject to a temporary purchase transaction

|  | 30/09/2020 |
| --- | --- |
| Securities received under repurchase agreements | 0.00 |
| Borrowed securities | 0.00 |

- Current value of securities representing guarantee deposits

|  | 30/09/2020 |
| --- | --- |
| Financial instruments given as a guarantee and retained under their original entry | 0.00 |
| Financial instruments received as collateral and not recorded on the balance sheet | 0.00 |

- Group financial instruments held in the portfolio

|  | ISIN code | Name | 30/09/2020 |
| --- | --- | --- | --- |
| Equities |  |  | 0.00 |
| Bonds |  |  | 0.00 |
| Negotiable debt securities |  |  | 0.00 |
| UCIs |  |  | 11,089,729.34 |
|  | FR0011031392 | Edmond de Rothschild Credit Very Short Term R | 298,503.04 |
|  | LU1897614902 | EDR FUND - EMERGING SOVEREIGN I EUR H | 2,796,250.00 |
|  | FR0013062668 | EdR SICAV – Equity Europe Solve K EUR shares | 4,084,650.00 |
|  | FR0013233699 | EdR SICAV - FINANCIAL BONDS K EUR SHARES | 3,910,326.30 |
| Forward financial instruments |  |  | 0.00 |

- ALLOCATION OF DISTRIBUTABLE INCOMEAllocation table for distributable income

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | 0.00 | 0.00 |
| Profit/loss | 4,372,377.07 | 5,497,707.02 |
| Total | 4,372,377.07 | 5,497,707.02 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start A EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 814,282.38 | 688,313.68 |
| Total | 814,282.38 | 688,313.68 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start A USD (H) shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 72,041.00 | 4,837.56 |
| Total | 72,041.00 | 4,837.56 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start I CHF (H) shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 29,777.94 | 191,468.30 |
| Total | 29,777.94 | 191,468.30 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start CR EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 389,929.71 | 944,600.39 |
| Total | 389,929.71 | 944,600.39 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EdR SICAV – Start I EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 1,191,486.43 | 1,104,165.14 |
| Total | 1,191,486.43 | 1,104,165.14 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start A CHF (H) shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 48,675.07 | 824.43 |
| Total | 48,675.07 | 824.43 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start I USD (H) shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 97,624.63 | 155,571.53 |
| Total | 97,624.63 | 155,571.53 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start R EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 1,635.48 | 3,348.95 |
| Total | 1,635.48 | 3,348.95 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start N EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 1,726,924.43 | 2,404,577.04 |
| Total | 1,726,924.43 | 2,404,577.04 |

Allocation table for the portion of distributable income corresponding to net gains and losses
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed prior net gains and losses | 0.00 | 0.00 |
| Net gains and losses for the financial year | -7,588,418.83 | -4,163,785.93 |
| Interim dividends paid on net gains and losses for the financial year | 0.00 | 0.00 |
| Total | -7,588,418.83 | -4,163,785.93 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start A EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -1,657,036.17 | -951,678.94 |
| Total | -1,657,036.17 | -951,678.94 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start A USD (H) shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -408,730.86 | 35,453.27 |
| Total | -408,730.86 | 35,453.27 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start I CHF (H) shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 7,052.69 | 588,868.86 |
| Total | 7,052.69 | 588,868.86 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start CR EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -696,526.84 | -1,127,828.42 |
| Total | -696,526.84 | -1,127,828.42 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EdR SICAV – Start I EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -1,946,055.46 | -1,194,457.87 |
| Total | -1,946,055.46 | -1,194,457.87 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start I USD (H) shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -144,242.84 | 925,399.93 |
| Total | -144,242.84 | 925,399.93 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start A CHF (H) shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -68,727.44 | 15,514.94 |
| Total | -68,727.44 | 15,514.94 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start R EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -4,215.05 | -6,080.39 |
| Total | -4,215.05 | -6,080.39 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Start N EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -2,669,936.86 | -2,448,977.31 |
| Total | -2,669,936.86 | -2,448,977.31 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 779,345,739.58 | 265,940,923.55 |
| EdR SICAV - Start A USD (H) shares |  |  |
| Net assets in USD | 1,018,384.96 | 6,165,008.31 |
| Number of securities | 9,603.813 | 58,134.003 |
| Net asset value per unit in USD | 106.03 | 106.04 |
| Accumulation per unit on net gains and losses in EUR | 3.69 | -7.03 |
| Accumulation per unit on profit/loss in EUR | 0.50 | 1.23 |
| EdR SICAV - Start I CHF (H) shares |  |  |
| Net assets in CHF | 28,987,338.12 | 1,853,919.49 |
| Number of securities | 294,842.000 | 19,178.000 |
| Net asset value per unit in CHF | 98.31 | 96.66 |
| Accumulation per unit on net gains and losses in EUR | 1.99 | 0.36 |
| Accumulation per unit on profit/loss in EUR | 0.64 | 1.55 |
| EdR SICAV - Start A EUR shares |  |  |
| Net assets in EUR | 121,187,402.24 | 59,230,914.80 |
| Number of securities | 222,406.254 | 110,228.315 |
| Net asset value per unit in EUR | 544.89 | 537.34 |
| Accumulation per unit on net gains and losses in EUR | -4.27 | -15.03 |
| Accumulation per unit on profit/loss in EUR | 3.09 | 7.38 |
| EdR SICAV - Start CR EUR shares |  |  |
| Net assets in EUR | 143,633,600.79 | 24,916,694.20 |
| Number of securities | 1,450,508.457 | 254,786.389 |
| Net asset value per unit in EUR | 99.02 | 97.79 |
| Accumulation per unit on net gains and losses in EUR | -0.77 | -2.73 |
| Accumulation per unit on profit/loss in EUR | 0.65 | 1.53 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 779,345,739.58 | 265,940,923.55 |
| EdR SICAV – Start I EUR shares |  |  |
| Net assets in EUR | 152,128,819.13 | 69,759,216.16 |
| Number of securities | 25,998.580 | 12,047.757 |
| Net asset value per unit in EUR | 5,851.42 | 5,790.22 |
| Accumulation per unit on net gains and losses in EUR | -45.94 | -161.52 |
| Accumulation per unit on profit/loss in EUR | 42.47 | 98.89 |
| EdR SICAV - Start A CHF (H) shares |  |  |
| Net assets in CHF | 161,586.88 | 3,850,619.83 |
| Number of securities | 1,662.780 | 40,422.573 |
| Net asset value per unit in CHF | 97.17 | 95.25 |
| Accumulation per unit on net gains and losses in EUR | 9.33 | -1.70 |
| Accumulation per unit on profit/loss in EUR | 0.49 | 1.20 |
| EdR SICAV - Start I USD (H) shares |  |  |
| Net assets in USD | 23,956,349.33 | 6,517,601.58 |
| Number of securities | 21,140.858 | 5,721.524 |
| Net asset value per unit in USD | 1,133.17 | 1,139.13 |
| Accumulation per unit on net gains and losses in EUR | 43.77 | -25.21 |
| Accumulation per unit on profit/loss in EUR | 7.35 | 17.06 |
| EdR SICAV - Start R EUR shares |  |  |
| Net assets in EUR | 774,156.09 | 150,205.12 |
| Number of securities | 7,734.756 | 1,526.764 |
| Net asset value per unit in EUR | 100.08 | 98.38 |
| Accumulation per unit on net gains and losses in EUR | -0.78 | -2.76 |
| Accumulation per unit on profit/loss in EUR | 0.43 | 1.07 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 779,345,739.58 | 265,940,923.55 |
| EdR SICAV - Start N EUR shares |  |  |
| Net assets in EUR | 311,922,565.56 | 95,777,273.09 |
| Number of securities | 289,087.047 | 89,620.991 |
| Net asset value per unit in EUR | 1,078.99 | 1,068.69 |
| Accumulation per unit on net gains and losses in EUR | -8.47 | -29.79 |
| Accumulation per unit on profit/loss in EUR | 8.31 | 19.26 |

3.12. PORTFOLIO BREAKDOWN IN EUR
| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| Bonds and equivalent securities Bonds and equivalent securities traded on a regulated or equivalent market GERMANY |  |  |  |  |
| COMMERBANK AG 7.75% 03/21 | EUR | 3,000,000 | 3,227,672.26 | 1.21 |
| CRH FINA 1.75% 16-07-21 EMTN | EUR | 4,850,000 | 4,918,068.42 | 1.85 |
| METRO AG 1.375% 28-10-21 | EUR | 3,502,000 | 3,580,035.85 | 1.35 |
| THYSSENKRUPP AG 1.375% 03-03-22 | EUR | 700,000 | 690,139.78 | 0.26 |
| TOTAL GERMANY |  |  | 12,415,916.31 | 4.67 |
| SAUDI ARABIA |  |  |  |  |
| SAUDI INTERNATIONAL BOND 4.5% 26-10-46 | USD | 300,000 | 313,463.46 | 0.12 |
| TOTAL SAUDI ARABIA |  |  | 313,463.46 | 0.12 |
| ARGENTINA |  |  |  |  |
| ARGENTINE REP GVT INTL BOND AUTRE V 09-07-35 | USD | 878,492 | 282,171.37 | 0.11 |
| ARGENTINE REP GVT INTL BOND 0.0% 09-07-30 | USD | 479,507 | 170,704.82 | 0.06 |
| ARGENTINE REP GVT INTL BOND 0.0% 09-07-30 | USD | 52,671 | 20,560.44 | 0.01 |
| TOTAL ARGENTINA |  |  | 473,436.63 | 0.18 |
| AUSTRALIA |  |  |  |  |
| CNOOC CURTIS 4.50% 10/23 | USD | 1,800,000 | 1,723,581.21 | 0.65 |
| TOYOTA FINANCE AUSTRALIA 2.28% 21-10-27 | EUR | 2,000,000 | 2,302,858.77 | 0.86 |
| TOTAL AUSTRALIA |  |  | 4,026,439.98 | 1.51 |
| BRAZIL |  |  |  |  |
| BRAZILIAN GOVERNMENT INTL BOND 2.875% 06-06-25 | USD | 3,000,000 | 2,606,372.57 | 0.98 |
| TOTAL BRAZIL |  |  | 2,606,372.57 | 0.98 |
| CYPRUS C 3.875% 06-05-22 EMTN | EUR | 5,845,000 | 6,318,640.77 | 2.38 |
| TOTAL CYPRUS |  |  | 6,318,640.77 | 2.38 |
| CROATIA |  |  |  |  |
| CROATIA GOVERNMENT INTERNATIONAL BOND 3.875% 30-05-22 | EUR | 8,165,000 | 8,800,608.90 | 3.31 |
| CROATIA GOVERNMENT INTERNATIONAL BOND 5.5% 04-04-23 | USD | 600,000 | 581,248.92 | 0.22 |
| TOTAL CROATIA |  |  | 9,381,857.82 | 3.53 |
| UNITED ARAB EMIRATES |  |  |  |  |
| ABU DHABI GOVERNMENT INTL BOND 0.75% 02-09-23 | USD | 3,000,000 | 2,561,116.09 | 0.96 |
| TOTAL UNITED ARAB EMIRATES |  |  | 2,561,116.09 | 0.96 |
| SPAIN |  |  |  |  |
| AMAD CAP 1.625% 17-11-21 EMTN | EUR | 4,000,000 | 4,105,850.60 | 1.55 |
| CAIXABANK 0.625% 01-10-24 EMTN | EUR | 2,500,000 | 2,483,905.31 | 0.93 |
| CAIXABANK 0.75% 10-07-26 EMTN | EUR | 800,000 | 811,996.82 | 0.31 |
| CELL 3.125% 27-07-22 EMTN | EUR | 3,000,000 | 3,177,303.90 | 1.19 |
| GENER. CATALUNYA 4.9% 09-21 | EUR | 1,000,000 | 1,047,007.19 | 0.39 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| SPGB 4.4% 10/31/23 | EUR | 2,270,000 | 2,701,932.56 | 1.02 |
| TOTAL SPAIN |  |  | 14,327,996.38 | 5.39 |
| UNITED STATES OF AMERICA |  |  |  |  |
| AIR PRODUCTS 0.375% 01-06-21 | EUR | 670,000 | 672,223.53 | 0.25 |
| AMGEN 1.25% 25-02-22 | EUR | 6,080,000 | 6,221,078.26 | 2.34 |
| CITIG 1.375% 27-10-21 EMTN | EUR | 4,600,000 | 4,741,338.64 | 1.78 |
| GENERAL MOTORS FINANCIAL E3R+0.68% 10-05-21 | EUR | 2,800,000 | 2,796,901.18 | 1.05 |
| GOLD SACH GR E3R+0.62% 26-09-23 | EUR | 4,100,000 | 4,109,651.86 | 1.55 |
| HUNTSMAN INTERNATIONAL 5.125% 15/04/2021 | EUR | 1,100,000 | 1,141,249.24 | 0.43 |
| PFIZER 0.25% 06-03-22 | EUR | 5,375,000 | 5,417,803.04 | 2.04 |
| TOTAL UNITED STATES OF AMERICA |  |  | 25,100,245.75 | 9.44 |
| FINLAND |  |  |  |  |
| NOKIA OYJ 1.0% 15-03-21 EMTN | EUR | 3,330,000 | 3,360,475.66 | 1.26 |
| TOTAL FINLAND |  |  | 3,360,475.66 | 1.26 |
| FRANCE |  |  |  |  |
| AIR LIQ FIN 1.0% 02-04-25 EMTN | EUR | 2,000,000 | 2,105,567.40 | 0.79 |
| ALD 1.25% 11-10-22 EMTN | EUR | 1,200,000 | 1,238,649.15 | 0.47 |
| OMC BANQUE FEDERATIVE CRÉDIT MUTUEL 0.125% 05-02-24 | EUR | 4,000,000 | 4,028,358.69 | 1.51 |
| BVIFP 3 1/8 01/21/21 | EUR | 6,200,000 | 6,379,908.75 | 2.41 |
| CAPGEMINI SE 1.0% 18-10-24 | EUR | 5,900,000 | 5,956,999.16 | 2.25 |
| CROW EURO HOL 4.0% 15-07-22 | EUR | 1,100,000 | 1,154,494.61 | 0.43 |
| ELIS EX HOLDELIS 1.875% 15-02-23 | EUR | 700,000 | 703,638.45 | 0.26 |
| ENGIE 1.75% 27-03-28 EMTN | EUR | 2,000,000 | 2,244,833.29 | 0.84 |
| GROUPE DANONE 0.571% 17-03-27 | EUR | 2,000,000 | 2,079,416.25 | 0.78 |
| LOXAM 3.5% 15-04-22 | EUR | 700,000 | 701,663.28 | 0.26 |
| LVMH MOET HENNESSY 0.0% 11-02-24 | EUR | 3,000,000 | 3,086,722.60 | 1.16 |
| NEXANS 3.25% 26-05-21 | EUR | 200,000 | 203,695.26 | 0.08 |
| SANOFI 1.0% 01-04-25 EMTN | EUR | 4,000,000 | 4,225,163.56 | 1.59 |
| UBISOFT 1.289% 30-01-23 | EUR | 700,000 | 717,856.14 | 0.27 |
| VIVENDI 0.75% 26-05-21 | EUR | 1,100,000 | 1,108,602.75 | 0.42 |
| TOTAL FRANCE |  |  | 35,935,569.34 | 13.52 |
| HUNGARY |  |  |  |  |
| HUNG GOVE INT 5.75% 22-11-23 | USD | 1,000,000 | 997,921.32 | 0.38 |
| TOTAL HUNGARY |  |  | 997,921.32 | 0.38 |
| BRITISH VIRGIN ISLANDS |  |  |  |  |
| PLAYTECH 3.75% 12-10-23 | EUR | 1,100,000 | 1,119,963.17 | 0.42 |
| TOTAL BRITISH VIRGIN ISLANDS |  |  | 1,119,963.17 | 0.42 |
| INDONESIA |  |  |  |  |
| INDON 6 3/4 01/15/44 | USD | 700,000 | 903,744.83 | 0.34 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| INDONESIA 3.75% 04/22 | USD | 900,000 | 813,332.27 | 0.31 |
| REPU OF 2.625% 14-06-23 EMTN | EUR | 3,000,000 | 3,189,467.88 | 1.19 |
| TOTAL INDONESIA |  |  | 4,906,544.98 | 1.84 |
| IRELAND |  |  |  |  |
| FRESENIUS FINANCE IRELAND PLC 0.875% 31-01-22 | EUR | 6,360,000 | 6,438,369.45 | 2.42 |
| TOTAL IRELAND |  |  | 6,438,369.45 | 2.42 |
| ICELAND |  |  |  |  |
| ICELAND GOVERNMENT INTL BOND 0.5% 20-12-22 | EUR | 1,100,000 | 1,118,106.84 | 0.42 |
| TOTAL ICELAND |  |  | 1,118,106.84 | 0.42 |
| ITALY |  |  |  |  |
| ITALIE 5 3/8%03-33 | USD | 2,600,000 | 2,854,521.79 | 1.07 |
| ITALY BUONI POLIENNALI DEL TESORO 1.8% 01-03-41 | EUR | 3,363,000 | 3,528,746.48 | 1.33 |
| ITALY BUONI POLIENNALI DEL TESORO 4.75% 01-08-23 | EUR | 6,000,000 | 6,867,136.30 | 2.58 |
| TELECOM ITALIA 5.25% 10/02/22 | EUR | 3,150,000 | 3,457,877.90 | 1.30 |
| TRNIM 0 7/8 02/02/2022 | EUR | 3,000,000 | 3,057,373.28 | 1.15 |
| UNICREDIT 1.2% 20-01-26 EMTN | EUR | 3,500,000 | 3,472,694.55 | 1.31 |
| TOTAL ITALY |  |  | 23,238,350.30 | 8.74 |
| KENYA |  |  |  |  |
| EASTERN AND SOUTHERN AFRICAN 5.375% 14-03-22 | USD | 2,200,000 | 1,904,831.69 | 0.72 |
| TOTAL KENYA |  |  | 1,904,831.69 | 0.72 |
| LUXEMBOURG |  |  |  |  |
| FIAT 4.75% 03/22/2021 | EUR | 700,000 | 731,266.60 | 0.27 |
| NESTLE FIN 1.125% 01-04-26 | EUR | 3,000,000 | 3,216,273.70 | 1.21 |
| TOTAL LUXEMBOURG |  |  | 3,947,540.30 | 1.48 |
| MALAYSIA |  |  |  |  |
| PETR CAPI 3.5% 18-03-25 | USD | 1,100,000 | 1,033,979.45 | 0.39 |
| TOTAL MALAYSIA |  |  | 1,033,979.45 | 0.39 |
| MOROCCO |  |  |  |  |
| OCP SA 5.625% 25/04/2024 | USD | 3,700,000 | 3,514,443.56 | 1.32 |
| OCP 4.5% 22-10-25 | USD | 2,000,000 | 1,841,000.04 | 0.69 |
| TOTAL MOROCCO |  |  | 5,355,443.60 | 2.01 |
| MEXICO |  |  |  |  |
| CEMEX SAB DE CV 2.75% 05-12-24 | EUR | 2,000,000 | 2,009,685.00 | 0.76 |
| CEMEX SAB DE CV 7.375% 05-06-27 | USD | 200,000 | 188,716.03 | 0.07 |
| MEXICO GOVERNMENT INTL BOND 1.35% 18-09-27 | EUR | 727,000 | 714,817.52 | 0.27 |
| MEXICO GOVERNMENT INTL BOND 1.625% 08-04-26 | EUR | 3,500,000 | 3,555,422.98 | 1.34 |
| PEME PET 5.125% 15-03-23 EMTN | EUR | 2,000,000 | 2,070,465.21 | 0.78 |
| PEMEX 3.125% 27/11/2020 | EUR | 4,560,000 | 4,675,019.52 | 1.75 |
| TOTAL MEXICO |  |  | 13,214,126.26 | 4.97 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| NETHERLANDS |  |  |  |  |
| EVONIK FINAN ZCP 08-03-21 EMTN | EUR | 3,000,000 | 2,999,595.00 | 1.13 |
| GIVAUDAN FINANCE EUROPE BV 1.0% 22-04-27 | EUR | 955,000 | 1,066,307.02 | 0.40 |
| HEIANA 2 1/4 03/30/30 | EUR | 2,000,000 | 2,342,791.51 | 0.88 |
| TEVA PHAR FIN 1.25% 31-03-23 | EUR | 700,000 | 654,412.93 | 0.25 |
| UNILEVER NV 1.75% 25-03-30 | EUR | 1,000,000 | 1,155,252.53 | 0.43 |
| VOLKSWAGEN INTL FIN 2µ 03/21 | EUR | 3,300,000 | 3,368,247.16 | 1.27 |
| TOTAL NETHERLANDS |  |  | 11,586,606.15 | 4.36 |
| PHILIPPINES |  |  |  |  |
| PHILIPPINES 7 3/4% 2031 | USD | 1,000,000 | 1,314,822.88 | 0.49 |
| TOTAL PHILIPPINES |  |  | 1,314,822.88 | 0.49 |
| POLAND |  |  |  |  |
| POLAND GOVERNMENT INTL BOND 0.5% 20-12-21 | EUR | 6,020,000 | 6,096,548.91 | 2.29 |
| TOTAL POLAND |  |  | 6,096,548.91 | 2.29 |
| PORTUGAL |  |  |  |  |
| PORTUGAL 4.95% 25/10/2023 | EUR | 5,500,000 | 6,667,398.89 | 2.51 |
| TOTAL PORTUGAL |  |  | 6,667,398.89 | 2.51 |
| DOMINICAN REP. |  |  |  |  |
| DOMINICAN REPUBLIC 5.95% 25-01-27 | USD | 500,000 | 462,969.25 | 0.17 |
| TOTAL DOMINICAN REP. |  |  | 462,969.25 | 0.17 |
| REPUBLIC OF KOREA |  |  |  |  |
| EIBKOR 0 09/21/23 | EUR | 2,100,000 | 2,111,560.50 | 0.79 |
| KOREA INTL BD 0.0% 16-09-25 | EUR | 1,712,000 | 1,724,506.16 | 0.65 |
| THE EXP IMP KOREA 0.375% 26-03-24 | EUR | 1,200,000 | 1,219,178.47 | 0.46 |
| TOTAL REPUBLIC OF KOREA |  |  | 5,055,245.13 | 1.90 |
| ROMANIA |  |  |  |  |
| ROU 2.75% 29-10-25 EMTN | EUR | 4,400,000 | 4,894,873.77 | 1.84 |
| ROMANIA 4.875% 22-01-24 EMTN | USD | 400,000 | 382,577.47 | 0.14 |
| TOTAL ROMANIA |  |  | 5,277,451.24 | 1.98 |
| UNITED KINGDOM |  |  |  |  |
| BRITISH 1.5% 15-09-21 EMTN | EUR | 2,500,000 | 2,543,234.08 | 0.96 |
| INTE GAME TEC 4.75% 15-02-23 | EUR | 700,000 | 720,846.97 | 0.27 |
| OTE 2.375% 18-07-22 EMTN | EUR | 200,000 | 208,923.04 | 0.08 |
| TOTAL UNITED KINGDOM |  |  | 3,473,004.09 | 1.31 |
| RUSSIA |  |  |  |  |
| RUSSIA FED OF 4.75% 27-05-26 | USD | 1,400,000 | 1,392,251.75 | 0.52 |
| TOTAL RUSSIA |  |  | 1,392,251.75 | 0.52 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| SENEGAL |  |  |  |  |
| SENEGAL 8.75% 13/05/2021 | USD | 1,000,000 | 907,598.21 | 0.34 |
| TOTAL SENEGAL |  |  | 907,598.21 | 0.34 |
| SWEDEN |  |  |  |  |
| VOLVO CAR AB 3.25% 18-05-21 | EUR | 2,200,000 | 2,263,001.89 | 0.85 |
| TOTAL SWEDEN |  |  | 2,263,001.89 | 0.85 |
| UKRAINE |  |  |  |  |
| UKRAINE 7.75% 01-09-23 | USD | 3,200,000 | 2,805,440.13 | 1.05 |
| TOTAL UKRAINE |  |  | 2,805,440.13 | 1.05 |
| TOTAL Bonds and equivalent securities traded on regulated or equivalent markets |  |  | 227,399,046.64 | 85.50 |
| TOTAL Bonds and equivalent securities |  |  | 227,399,046.64 | 85.50 |
| Debt securities |  |  |  |  |
| Debt securities traded on a regulated or equivalent market |  |  |  |  |
| FRANCE |  |  |  |  |
| BPCE ZCP 22-01-21 | EUR | 5,000,000 | 5,007,755.65 | 1.88 |
| TOTAL FRANCE |  |  | 5,007,755.65 | 1.88 |
| TOTAL Debt securities traded on a regulated or equivalent market |  |  | 5,007,755.65 | 1.88 |
| TOTAL Debt securities |  |  | 5,007,755.65 | 1.88 |
| Undertakings for collective investment |  |  |  |  |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries FRANCE |  |  |  |  |
| Edmond de Rothschild Credit Very Short Term R | EUR | 3 | 298,503.04 | 0.11 |
| EdR SICAV – Equity Europe Solve K EUR shares | EUR | 43,500 | 4,084,650.00 | 1.54 |
| EdR SICAV - FINANCIAL BONDS K EUR SHARES | EUR | 36,810 | 3,910,326.30 | 1.47 |
| TOTAL FRANCE |  |  | 8,293,479.34 | 3.12 |
| IRELAND |  |  |  |  |
| ISHARES SP COMMODITY PRODUCERS GOLD | USD | 184,600 | 2,664,023.96 | 1.00 |
| ISHS EURO HIGH YLD CORP BD UCITS EUR DIS | EUR | 82,200 | 7,977,805.92 | 3.00 |
| TOTAL IRELAND |  |  | 10,641,829.88 | 4.00 |
| LUXEMBOURG |  |  |  |  |
| EDR FUND - EMERGING SOVEREIGN I EUR H | EUR | 25,000 | 2,796,250.00 | 1.05 |
| TOTAL LUXEMBOURG |  |  | 2,796,250.00 | 1.05 |
| TOTAL Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries |  |  | 21,731,559.22 | 8.17 |
| TOTAL Undertakings for collective investment |  |  | 21,731,559.22 | 8.17 |
| Forward financial instruments |  |  |  |  |
| Futures |  |  |  |  |
| Futures on a regulated or equivalent market |  |  |  |  |
| CBFT CBOT YST 1220 | USD | -21 | -19,279.99 | -0.01 |
| CBOT USUL 30A 1220 | USD | -5 | -12,399.21 | 0.00 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| CME CHF/USD 1220 | USD | 1 | -2,015.87 | 0.00 |
| CME JPY/USD 1220 | USD | 53 | 16,282.69 | 0.01 |
| CME 3M EUR 0323 | USD | -736 | -67,157.01 | -0.03 |
| EC EURUSD 1220 | USD | 308 | -512,436.54 | -0.20 |
| ED CME EUR Z0 | USD | 736 | 99,914.46 | 0.04 |
| EURO STOXX 50 1220 | EUR | -85 | -6,450.00 | 0.00 |
| FV CBOT UST 5 1220 | USD | -82 | -4,279.73 | 0.00 |
| I EURIBOR 3 0921 | EUR | -433 | -7,637.50 | 0.00 |
| I EURIBOR 3 1220 | EUR | 433 | 18,462.50 | 0.01 |
| OS NIKKEI 225 1220 | JPY | 147 | -4,756.13 | 0.00 |
| SP 500 MINI 1220 | USD | 38 | 69,083.58 | 0.03 |
| TY CBOT YST 1 1220 | USD | 5 | -66.67 | 0.00 |
| XEUR FBTP BTP 1220 | EUR | -49 | -136,947.65 | -0.06 |
| XEUR FGBL BUN 1220 | EUR | -33 | -13,290.00 | 0.00 |
| XEUR FGBM BOB 1220 | EUR | -256 | 10,374.88 | 0.00 |
| XEUR FGBS SCH 1220 | EUR | -190 | 2,850.00 | 0.00 |
| TOTAL Futures on a regulated market |  |  | -569,748.19 | -0.21 |
| TOTAL Futures |  |  | -569,748.19 | -0.21 |
| TOTAL Forward financial instruments |  |  | -569,748.19 | -0.21 |
| Margin call |  |  |  |  |
| ROTHSCHILD margin calls in EUR | EUR | 218,662.74 | 218,662.74 | 0.08 |
| ROTHSCHILD margin calls in GBP | GBP | 0.01 | 0.01 | 0.00 |
| ROTHSCHILD margin calls in JPY | JPY | -4,263,000 | -34,481.92 | -0.01 |
| ROTHSCHILD margin calls in USD | USD | 518,845.77 | 442,720.06 | 0.17 |
| TOTAL Margin call |  |  | 626,900.89 | 0.24 |
| Receivables |  |  | 40,345,453.25 | 15.17 |
| Payables |  |  | -39,872,127.34 | -14.99 |
| Financial accounts |  |  | 11,272,083.43 | 4.24 |
| Net assets |  |  | 265,940,923.55 | 100.00 |

| EdR SICAV - Start A USD (H) shares | USD | 58,134.003 | 106.04 |
| --- | --- | --- | --- |
| EdR SICAV - Start I CHF (H) shares | CHF | 19,178.000 | 96.66 |
| EdR SICAV - Start A EUR shares | EUR | 110,228.315 | 537.34 |
| EdR SICAV - Start CR EUR shares | EUR | 254,786.389 | 97.79 |
| EdR SICAV – Start I EUR shares | EUR | 12,047.757 | 5,790.22 |
| EdR SICAV - Start A CHF (H) shares | CHF | 40,422.573 | 95.25 |
| EdR SICAV - Start I USD (H) shares | USD | 5,721.524 | 1,139.13 |
| EdR SICAV - Start R EUR shares | EUR | 1,526.764 | 98.38 |
| EdR SICAV - Start N EUR shares | EUR | 89,620.991 | 1,068.69 |


## EdR SICAV – Europe Midcaps
ANNUAL FINANCIAL STATEMENTS
30/09/2020
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net fixed assets | 0.00 | 0.00 |
| Deposits | 0.00 | 0.00 |
| Financial instruments | 51,880,897.31 | 59,608,675.21 |
| Equities and equivalent securities | 51,084,889.21 | 57,511,057.24 |
| Traded on a regulated or equivalent market | 51,084,889.21 | 57,511,057.24 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 |
| Traded on a regulated or equivalent market | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 |
| Traded on a regulated or equivalent market | 0.00 | 0.00 |
| Negotiable debt securities | 0.00 | 0.00 |
| Other debt securities | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Undertakings for collective investment | 796,008.10 | 2,097,617.97 |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries | 796,008.10 | 2,097,617.97 |
| Other funds intended for non-professionals and equivalent investors in other EU Member States | 0.00 | 0.00 |
| Professional investment funds and their equivalents in other EU Member States and listed special purpose vehicles | 0.00 | 0.00 |
| Other professional investment funds and their equivalents in other EU Member States and unlisted special purpose vehicles | 0.00 | 0.00 |
| Other non-European undertakings | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Receivables on securities received under repurchase agreements | 0.00 | 0.00 |
| Receivables on loaned securities | 0.00 | 0.00 |
| Borrowed securities | 0.00 | 0.00 |
| Securities assigned under repurchase agreements | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 0.00 | 0.00 |
| Transactions on a regulated or equivalent market | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 |
| Other financial instruments | 0.00 | 0.00 |
| Receivables | 1,148,255.36 | 834,836.61 |
| Forward currency transactions | 651,879.71 | 822,152.02 |
| Other | 496,375.65 | 12,684.59 |
| Financial accounts | 0.01 | 308,200.71 |
| Cash and cash equivalents | 0.01 | 308,200.71 |
| Total assets | 53,029,152.68 | 60,751,712.53 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Share capital |  |  |
| Capital | 53,426,819.84 | 59,194,853.66 |
| Undistributed prior net gains and losses (a) | 0.00 | 0.00 |
| Balance carried forward (a) | 0.00 | 0.00 |
| Net gains and losses for the financial year (a, b) | -959,405.83 | 18,432.70 |
| Profit/loss for the financial year (a, b) | -670,852.42 | 578,926.14 |
| Total share capital (= amount corresponding to net assets) | 51,796,561.59 | 59,792,212.50 |
| Financial instruments | 0.00 | 0.00 |
| Sales of financial instruments | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Payables representing securities assigned under repurchase agreements | 0.00 | 0.00 |
| Payables representing borrowed securities | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 0.00 | 0.00 |
| Transactions on a regulated or equivalent market | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 |
| Payables | 1,205,980.01 | 959,500.03 |
| Forward currency transactions | 649,767.07 | 812,359.96 |
| Other | 556,212.94 | 147,140.07 |
| Financial accounts | 26,611.08 | 0.00 |
| Current bank borrowings | 26,611.08 | 0.00 |
| Loans | 0.00 | 0.00 |
| Total liabilities | 53,029,152.68 | 60,751,712.53 |

- Including adjustments
- Less any interim dividends paid in respect of the financial year

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitment on regulated or equivalent markets |
| Commitment on over-the-counter markets |
| Other commitments |
| Other transactions |
| Commitment on regulated or equivalent markets |
| Commitment on over-the-counter markets |
| Other commitments |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 0.00 | 0.00 |
| Income from equities and equivalent securities | 672,318.31 | 1,340,754.23 |
| Income from bonds and equivalent securities | 0.00 | 0.00 |
| Income from debt securities | 0.00 | 0.00 |
| Income from temporary purchases and sales of securities | 0.00 | 0.00 |
| Income from forward financial instruments | 0.00 | 0.00 |
| Other financial income | 0.00 | 0.00 |
| Total (1) | 672,318.31 | 1,340,754.23 |
| Expenses relating to financial transactions |  |  |
| Expenses relating to temporary purchases and sales of securities | 0.00 | 0.00 |
| Expenses relating to forward financial instruments | 0.00 | 0.00 |
| Expenses relating to financial debt | 1,786.28 | 2,249.71 |
| Other financial expenses | 0.00 | 0.00 |
| Total (2) | 1,786.28 | 2,249.71 |
| Profit/loss on financial transactions (1 - 2) | 670,532.03 | 1,338,504.52 |
| Other income (3) | 0.00 | 0.00 |
| Management fees and amortisation charges (4) | 1,391,481.82 | 636,444.03 |
| Net profit/loss for the financial year (L. 214-17-1) (1 - 2 + 3 - 4) | -720,949.79 | 702,060.49 |
| Income equalisation for financial year (5) | 50,097.37 | -123,134.35 |
| Interim dividends paid over the financial year (6) | 0.00 | 0.00 |
| Profit/loss	(1 - 2 + 3 - 4 + 5 - 6) | -670,852.42 | 578,926.14 |

Management fees include fees related to tax recoveries at €13,550.40.

### NOTES TO THE ANNUAL FINANCIAL STATEMENTS
ACCOUNTING METHODS AND RULES
The annual financial statements are presented in the form provided for by ANC Regulation 2014-01, as amended. General accounting principles apply:
- a true and fair view, comparability and operational continuity,
- lawfulness and fairness,
- prudence,
- consistency of accounting methods from one financial year to the next.

Income from fixed-income securities is recorded on the basis of interest received. Purchases and sales of securities are recorded exclusive of costs.
The base currency of the portfolio is the euro. The length of the financial year is 12 months.
Information on the impacts of the COVID-19 crisis
The financial statements were approved by the Management Company based on the information available within the context of an evolving health crisis related to Covid-19.
Asset valuation rules
Financial instruments are recorded in the financial statements according to the historical cost method and on the balance sheet at their current value as determined by the last known market value or, where no market exists, by any external means or by the use of financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not in the portfolio currency are valued in accordance with the principle set out below, and then converted into the portfolio currency at the exchange rate on the valuation date.

###### Deposits:
Deposits with a residual maturity of three months or less are valued according to the straight line method.

###### Equities, bonds and other securities traded on a regulated or equivalent market:
For the purpose of calculating the net asset value, equities and other securities traded on a regulated or equivalent market are valued on the basis of the day’s closing market price.
Bonds and equivalent securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other equivalent securities is calculated up to the net asset value calculation date.

###### Equities, bonds and other securities not traded on a regulated or equivalent market:
Securities that are not traded on a regulated market are valued by the board of directors using methods based on market value and yield, taking into account the prices used for recent significant transactions.

###### Negotiable debt securities:
Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using an actuarial method based on a reference rate, defined below, which is increased, where applicable, by a differential that is representative of the intrinsic characteristics of the issuer:
Negotiable debt securities with a maturity of one year or less: Euro Interbank Offered Rate (Euribor)
Negotiable debt securities with a maturity exceeding one year: Rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longest durations.
Negotiable debt securities with a residual maturity of three months or less may be valued using the straight-line method.
French treasury bills are valued at the market rate, as published daily by the Banque de France.

###### UCIs held:
Units or shares of UCIs will be valued at the last known net asset value.

###### Temporary securities transactions:
Securities received under repurchase agreements are recorded as assets under the “Receivables related to securities received under repurchase agreements” heading at the contracted amount, plus any accrued interest.
Securities assigned under repurchase agreements are recorded at their current value in the long portfolio. Payables on securities assigned under repurchase agreements are entered in the short portfolio at the contracted value, plus any accrued interest payable.
Loaned securities are valued at their current value and are recorded as assets at their current value, plus accrued interest receivable, under the “Receivables on loaned securities” heading.
Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, and as liabilities under the “Payables representing borrowed securities” heading at the contracted amount, plus any accrued interest payable.

###### Forward financial instruments:
Forward financial instruments traded on a regulated or equivalent market: 
Forward financial instruments traded on regulated markets are valued at the day’s settlement price. 
Forward financial instruments not traded on a regulated or equivalent market: 
Swaps:
Interest rate and/or currency swaps are valued at their market value according to the price calculated by discounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. This price is adjusted to take into account the risk associated with the issuer.
Index swaps are valued on an actuarial basis using a benchmark rate provided by the counterparty.
Operating and management fees:
Operating and management fees cover all fees relating to the UCI: fees for financial management, administration, accounting, custody, distribution, audit, etc.
These fees are recorded in the income statement for the UCI.
Management fees do not include transaction fees. For more details about the fees invoiced to the UCI, please refer to the prospectus.
They are recorded pro rata temporis each time the net asset value is calculated.
The rate applied on the basis of the net assets is: For financial management fees
- A EUR shares: 1.95%
- A USD shares: 1.95%
- I EUR shares: 0.95%
- I USD shares: 0.95%
- CR EUR shares: 1.65%
- K EUR shares: 1.10%
- R EUR shares: 2.35%
- A USD HEDGE shares: 1.95%In respect of administrative expenses external to the Management Company, in particular the fees for the custodian, valuer and statutory auditors, etc.

For all shares, the rate is:
0.15%

#### Performance fee:
Outperformance fees will be deducted from A EUR, A USD, I EUR, I USD, R EUR, CR EUR, A USD HEDGE shares for the benefit of the Management Company in accordance with the following procedures:
- Benchmark index: Stoxx Europe Small 200, net dividends reinvested (expressed in euros for units issued in euros and in US dollars for units issued in US dollars)The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted for subscriptions and redemptions.

When the Sub-fund outperforms the benchmark index, a provision of 15% net of tax will be applied to the outperformance. The reference periods end with the last net asset value for the month of March.
A provision for performance fees will be made each time the net asset value is calculated.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
No performance fee will be charged if the Sub-fund underperforms the benchmark index over the calculation period.
In the event of underperformance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.

#### Swing Pricing
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.
Subscriptions and redemptions of “A EUR”, “A USD”, “A USD (H)”, “CR USD”, “CR EUR”, “R EUR”, “I EUR”, “I USD (H)” and “K EUR” shares are executed in amounts or in shares or thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the UCITS. If there is any uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of the net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
Allocation of distributable income
Definition of distributable income
:
Distributable income comprises:
Profit/loss:
Net profit/loss for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ fees and all other revenues generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less the sum of the costs of management and borrowing costs.
It is increased by the balance carried forward and increased or decreased by the balance of the income adjustment account.
Gains and losses:
Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gains of the same type recorded during previous financial years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.
Methods for allocating distributable income:
| Distributable income | “A EUR”, “A USD”, “R EUR”, “K EUR”, “I USD H”, “I EUR”, “A USD H”, “CR EUR”, “CR USD” units |
| --- | --- |
| Allocation of net income | Accumulation |
| Allocation of realised net gains and losses | Accumulation |

- CHANGE IN NET ASSETS – IN EUROS AT 30/09/2020

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 59,792,212.50 | 0.00 |
| Subscriptions (including subscription fees paid to the UCI) | 4,554,230.90 | 82,152,180.13 |
| Redemptions (less redemption fees paid to the UCI) | -16,855,917.20 | -23,233,102.71 |
| Realised gains on deposits and financial instruments | 5,684,525.40 | 1,852,570.43 |
| Realised losses on deposits and financial instruments | -5,923,173.31 | -1,478,474.36 |
| Realised gains on forward financial instruments | 67,145.33 | 80,493.75 |
| Realised losses on forward financial instruments | -90,992.37 | -13,313.52 |
| Transaction fees | -511,772.39 | -277,702.94 |
| Foreign exchange differences | -445,086.63 | -516,171.60 |
| Changes in valuation differential on deposits and financial instruments | 6,246,339.15 | 523,672.83 |
| Valuation differential for financial year N | 6,770,011.98 | 523,672.83 |
| Valuation differential for financial year N-1 | -523,672.83 | 0.00 |
| Changes in valuation differential on forward financial instruments | 0.00 | 0.00 |
| Valuation differential for financial year N | 0.00 | 0.00 |
| Valuation differential for financial year N-1 | 0.00 | 0.00 |
| Dividends paid in the previous financial year on net gains and losses | 0.00 | 0.00 |
| Dividends paid in the previous financial year on income | 0.00 | 0.00 |
| Net profit/loss for financial year prior to income equalisation account | -720,949.79 | 702,060.49 |
| Interim dividend(s) paid over the financial year on net gains and losses | 0.00 | 0.00 |
| Interim dividend(s) paid over the financial year on income | 0.00 | 0.00 |
| Other items | 0.00 | 0.00 |
| Net assets at the end of the financial year | 51,796,561.59 | 59,792,212.50 |

- ADDITIONAL INFORMATION
	- BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE


|  | Amount | % |
| --- | --- | --- |
| Assets |  |  |
| Bonds and equivalent securities |  |  |
| TOTAL Bonds and equivalent securities | 0.00 | 0.00 |
| Debt securities |  |  |
| TOTAL Debt securities | 0.00 | 0.00 |
| Liabilities |  |  |
| Sales of financial instruments |  |  |
| TOTAL Sales of financial instruments | 0.00 | 0.00 |
| Off-balance sheet items |  |  |
| Hedging transactions |  |  |
| TOTAL Hedging transactions | 0.00 | 0.00 |
| Other transactions |  |  |
| TOTAL Other transactions | 0.00 | 0.00 |

- BREAKDOWN BY INTEREST RATES OF ASSET, LIABILITY AND OFF-BALANCE-SHEET ITEMS

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 26,611.08 | 0.05 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFF-BALANCE-SHEET ITEMS

|  | <3 months | % | [3 months – 1 year] | % | [1–3 years] | % | [3–5 years] | % | >5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 26,611.08 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

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

|  | GBP | SEK | CHF | Other currencies |
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | Amount | % | Amount | % |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equities and equivalent securities | 10,969,595.93 | 21.18 | 5,728,393.13 | 11.06 | 3,707,417.46 | 7.16 | 844,064.11 | 1.63 |
| Bonds and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| UCIs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 629,843.87 | 1.22 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |
| Sales of financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 22,001.45 | 0.04 |
| Financial accounts | 0.45 | 0.00 | 0.02 | 0.00 | 0.42 | 0.00 | 0.44 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | 30/09/2020 |
| --- | --- |
| Receivables |  |
| Forward currency purchases | 629,843.87 |
| Amount receivable on forward currency sales | 22,035.84 |
| Sales with deferred settlement | 495,721.79 |
| Subscriptions receivable | 653.86 |
| Total receivables | 1,148,255.36 |
| Payables |  |
| Forward currency sales | 22,001.45 |
| Amount payable on forward currency purchases | 627,765.62 |
| Redemptions payable | 31,725.18 |
| Management fees | 74,782.24 |
| Variable management fees | 449,705.52 |
| Total payables | 1,205,980.01 |

- SHARE CAPITAL
	- Number of securities issued or redeemed


|  | In equities | Amount |
| --- | --- | --- |
| EdR SICAV - Europe Midcaps I EUR |  |  |
| Shares subscribed during the financial year | 800.000 | 162,453.01 |
| Shares redeemed during the financial year | -13,109.392 | -2,642,376.16 |
| Net balance of subscriptions/redemptions | -12,309.392 | -2,479,923.15 |
| EdR SICAV - Europe Midcaps A USD (H) |  |  |
| Shares subscribed during the financial year | 24.048 | 2,488.31 |
| Shares redeemed during the financial year | -100.000 | -10,150.22 |
| Net balance of subscriptions/redemptions | -75.952 | -7,661.91 |
| EdR SICAV - Europe Midcaps CR EUR |  |  |
| Shares subscribed during the financial year | 177.692 | 16,856.14 |
| Shares redeemed during the financial year | -3,508.599 | -294,050.33 |
| Net balance of subscriptions/redemptions | -3,330.907 | -277,194.19 |
| EdR SICAV - Europe Midcaps A EUR |  |  |
| Shares subscribed during the financial year | 5,279.978 | 2,186,477.29 |
| Shares redeemed during the financial year | -17,909.392 | -7,490,249.07 |
| Net balance of subscriptions/redemptions | -12,629.414 | -5,303,771.78 |
| EdR SICAV - Europe Midcaps I USD (H) |  |  |
| Shares subscribed during the financial year | 0.000 | 0.00 |
| Shares redeemed during the financial year | -1,700.000 | -139,738.42 |
| Net balance of subscriptions/redemptions | -1,700.000 | -139,738.42 |
| EdR SICAV - Europe Midcaps A USD |  |  |
| Shares subscribed during the financial year | 202.721 | 24,273.92 |
| Shares redeemed during the financial year | -721.377 | -87,998.56 |
| Net balance of subscriptions/redemptions | -518.656 | -63,724.64 |
| EdR SICAV - Europe Midcaps R EUR |  |  |
| Shares subscribed during the financial year | 134.000 | 36,683.23 |
| Shares redeemed during the financial year | -193.000 | -41,222.64 |
| Net balance of subscriptions/redemptions | -59.000 | -4,539.41 |
| EdR SICAV - Europe Midcaps K EUR |  |  |
| Shares subscribed during the financial year | 10,050.000 | 2,124,999.00 |
| Shares redeemed during the financial year | -28,300.000 | -6,150,131.80 |
| Net balance of subscriptions/redemptions | -18,250.000 | -4,025,132.80 |

- Subscription and/or redemption fees

|  | Amount |
| --- | --- |
| EdR SICAV - Europe Midcaps A USD (H) |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Europe Midcaps CR EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Europe Midcaps I EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Europe Midcaps A EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Europe Midcaps I USD (H) |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Europe Midcaps A USD |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Europe Midcaps R EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Europe Midcaps K EUR |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
|  |  |

- MANAGEMENT FEES

|  | 30/09/2020 |
| --- | --- |
| EdR SICAV - Europe Midcaps I EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 25,003.03 |
| Percentage of fixed management fees | 1.10 |
| Variable management fees | 26,693.99 |
| Retrocessions of management fees | 0.00 |

|  | 30/09/2020 |
| --- | --- |
| EdR SICAV - Europe Midcaps A USD (H) |  |
| Collateral fees | 0.00 |
| Fixed management fees | 12,323.28 |
| Percentage of fixed management fees | 2.10 |
| Variable management fees | 9,594.16 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Europe Midcaps CR EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 7,540.92 |
| Percentage of fixed management fees | 1.80 |
| Variable management fees | 5,173.14 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Europe Midcaps I USD (H) |  |
| Collateral fees | 0.00 |
| Fixed management fees | 940.26 |
| Percentage of fixed management fees | 1.10 |
| Variable management fees | 857.57 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Europe Midcaps A EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 635,266.28 |
| Percentage of fixed management fees | 2.10 |
| Variable management fees | 403,490.26 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Europe Midcaps A USD |  |
| Collateral fees | 0.00 |
| Fixed management fees | 834.73 |
| Percentage of fixed management fees | 2.10 |
| Variable management fees | 458.67 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Europe Midcaps R EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 6,621.83 |
| Percentage of fixed management fees | 2.50 |
| Variable management fees | 3,437.73 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Europe Midcaps K EUR |  |
| Collateral fees | 0.00 |
| Fixed management fees | 239,695.57 |
| Percentage of fixed management fees | 1.25 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |

- Guarantees received by the UCI: None
- Other commitments received and/or given: None
- OTHER INFORMATION
	- Current value of securities subject to a temporary purchase transaction


|  | 30/09/2020 |
| --- | --- |
| Securities received under repurchase agreements | 0.00 |
| Borrowed securities | 0.00 |

- Current value of securities representing guarantee deposits

|  | 30/09/2020 |
| --- | --- |
| Financial instruments given as a guarantee and retained under their original entry | 0.00 |
| Financial instruments received as collateral and not recorded on the balance sheet | 0.00 |

- Group financial instruments held in the portfolio

|  | ISIN code | Name | 30/09/2020 |
| --- | --- | --- | --- |
| Equities | FR0011031392 | Edmond de Rothschild Credit Very Short Term R | 0.00 |
| Bonds | 0.00 |
| Negotiable debt securities | 0.00 |
| UCIs | 796,008.10 |
|  | 796,008.10 |
| Forward financial instruments | 0.00 |

- ALLOCATION OF DISTRIBUTABLE INCOMEAllocation table for distributable income

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | 0.00 | 0.00 |
| Profit/loss | -670,852.42 | 578,926.14 |
| Total | -670,852.42 | 578,926.14 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps CR EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -5,554.71 | 5,299.35 |
| Total | -5,554.71 | 5,299.35 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps I EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -3,757.94 | 33,714.43 |
| Total | -3,757.94 | 33,714.43 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps A USD (H) |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -14,558.63 | 4,405.44 |
| Total | -14,558.63 | 4,405.44 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps A EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -635,426.92 | 258,688.42 |
| Total | -635,426.92 | 258,688.42 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EdR SICAV - Europe Midcaps I USD (H) |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -150.81 | 2,152.18 |
| Total | -150.81 | 2,152.18 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps A USD |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -516.81 | 643.48 |
| Total | -516.81 | 643.48 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps R EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -6,594.48 | 1,481.64 |
| Total | -6,594.48 | 1,481.64 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps K EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -4,292.12 | 272,541.20 |
| Total | -4,292.12 | 272,541.20 |

Allocation table for the portion of distributable income corresponding to net gains and losses
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed prior net gains and losses | 0.00 | 0.00 |
| Net gains and losses for the financial year | -959,405.83 | 18,432.70 |
| Interim dividends paid on net gains and losses for the financial year | 0.00 | 0.00 |
| Total | -959,405.83 | 18,432.70 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps A USD (H) |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -44,687.29 | 21,972.80 |
| Total | -44,687.29 | 21,972.80 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps CR EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -5,357.06 | -204.50 |
| Total | -5,357.06 | -204.50 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps I EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -5,133.29 | -907.01 |
| Total | -5,133.29 | -907.01 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps A EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -545,456.42 | -12,131.45 |
| Total | -545,456.42 | -12,131.45 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EdR SICAV - Europe Midcaps I USD (H) |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -6,103.03 | 17,677.56 |
| Total | -6,103.03 | 17,677.56 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps A USD |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -439.38 | -30.20 |
| Total | -439.38 | -30.20 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps R EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -4,815.42 | -97.01 |
| Total | -4,815.42 | -97.01 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Europe Midcaps K EUR |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -347,413.94 | -7,847.49 |
| Total | -347,413.94 | -7,847.49 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 59,792,212.50 | 51,796,561.59 |
| EdR SICAV - Europe Midcaps I EUR |  |  |
| Net assets in EUR | 2,583,237.16 | 286,750.14 |
| Number of securities | 13,709.422 | 1,400.030 |
| Net asset value per unit in EUR | 188.42 | 204.81 |
| Accumulation per unit on net gains and losses in EUR | -0.06 | -3.66 |
| Accumulation per unit on profit/loss in EUR | 2.45 | -2.68 |
| EdR SICAV - Europe Midcaps A USD (H) |  |  |
| Net assets in USD | 651,281.16 | 706,100.54 |
| Number of securities | 6,013.772 | 5,937.820 |
| Net asset value per unit in USD | 108.29 | 118.91 |
| Accumulation per unit on net gains and losses in EUR | 3.65 | -7.52 |
| Accumulation per unit on profit/loss in EUR | 0.73 | -2.45 |
| EdR SICAV - Europe Midcaps CR EUR |  |  |
| Net assets in EUR | 566,387.02 | 296,933.14 |
| Number of securities | 6,470.538 | 3,139.631 |
| Net asset value per unit in EUR | 87.53 | 94.57 |
| Accumulation per unit on net gains and losses in EUR | -0.03 | -1.70 |
| Accumulation per unit on profit/loss in EUR | 0.81 | -1.76 |
| EdR SICAV - Europe Midcaps I USD (H) |  |  |
| Net assets in USD | 188,790.03 | 11,574.91 |
| Number of securities | 1,800.000 | 100.000 |
| Net asset value per unit in USD | 104.88 | 115.74 |
| Accumulation per unit on net gains and losses in EUR | 9.82 | -61.03 |
| Accumulation per unit on profit/loss in EUR | 1.19 | -1.50 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 59,792,212.50 | 51,796,561.59 |
| EdR SICAV - Europe Midcaps A EUR |  |  |
| Net assets in EUR | 33,298,001.02 | 30,140,430.70 |
| Number of securities | 78,860.852 | 66,231.438 |
| Net asset value per unit in EUR | 422.23 | 455.07 |
| Accumulation per unit on net gains and losses in EUR | -0.15 | -8.23 |
| Accumulation per unit on profit/loss in EUR | 3.28 | -9.59 |
| EdR SICAV - Europe Midcaps A USD |  |  |
| Net assets in USD | 90,281.78 | 28,467.85 |
| Number of securities | 712.496 | 193.840 |
| Net asset value per unit in USD | 126.71 | 146.86 |
| Accumulation per unit on net gains and losses in EUR | -0.04 | -2.26 |
| Accumulation per unit on profit/loss in EUR | 0.90 | -2.66 |
| EdR SICAV - Europe Midcaps R EUR |  |  |
| Net assets in EUR | 262,355.51 | 264,872.34 |
| Number of securities | 984.463 | 925.463 |
| Net asset value per unit in EUR | 266.49 | 286.20 |
| Accumulation per unit on net gains and losses in EUR | -0.09 | -5.20 |
| Accumulation per unit on profit/loss in EUR | 1.50 | -7.12 |
| EdR SICAV - Europe Midcaps K EUR |  |  |
| Net assets in EUR | 22,228,853.53 | 20,171,287.12 |
| Number of securities | 103,347.694 | 85,097.694 |
| Net asset value per unit in EUR | 215.08 | 237.03 |
| Accumulation per unit on net gains and losses in EUR | -0.07 | -4.08 |
| Accumulation per unit on profit/loss in EUR | 2.63 | -0.05 |

3.12. PORTFOLIO BREAKDOWN IN EUR
| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| Equities and equivalent securities Equities and equivalent securities traded on a regulated or equivalent market |  |  |  |  |
| GERMANY |  |  |  |  |
| COMPUGROUP MED.SE NA O.N. | EUR | 13,450 | 1,061,877.50 | 2.05 |
| GERRESHEIMER AG | EUR | 11,060 | 1,055,677.00 | 2.04 |
| INSTONE REAL ESTATE GROUP AG | EUR | 47,500 | 940,500.00 | 1.82 |
| LEG IMMOBILIEN AG | EUR | 12,150 | 1,479,870.00 | 2.85 |
| SIG COMBIBLOC GROUP | CHF | 45,200 | 775,744.19 | 1.50 |
| TOTAL GERMANY |  |  | 5,313,668.69 | 10.26 |
| BELGIUM |  |  |  |  |
| FAGRON | EUR | 45,530 | 979,805.60 | 1.89 |
| TOTAL BELGIUM |  |  | 979,805.60 | 1.89 |
| DENMARK |  |  |  |  |
| SIMCORP A/S | DKK | 7,520 | 844,064.11 | 1.63 |
| TOTAL DENMARK |  |  | 844,064.11 | 1.63 |
| SPAIN |  |  |  |  |
| ALMIRALL RTS 29-09-20 | EUR | 74,400 | 16,740.00 | 0.03 |
| ALMIRALL SA | EUR | 21,800 | 208,735.00 | 0.40 |
| CONSTRUCCIONES Y AUXILIAR DE FERROCARRIL | EUR | 28,850 | 849,632.50 | 1.64 |
| EDP RENOVAVEIS SA EUR5 | EUR | 42,700 | 603,778.00 | 1.17 |
| GESTAMP AUTOMOCION SA | EUR | 449,100 | 1,110,175.20 | 2.14 |
| TOTAL SPAIN |  |  | 2,789,060.70 | 5.38 |
| FINLAND |  |  |  |  |
| F SECURE CORP (EX DATA FELLOWS OYJ) | EUR | 254,700 | 858,339.00 | 1.66 |
| HUHTAMAKI OY | EUR | 25,510 | 1,076,011.80 | 2.07 |
| TOTAL FINLAND |  |  | 1,934,350.80 | 3.73 |
| FRANCE |  |  |  |  |
| BIOMERIEUX EUR 18,000 1,332,180.00 | EUR | 10,294 | 1,377,337.20 | 2.66 |
| EDENRED | EUR | 25,235 | 969,024.00 | 1.87 |
| JC DECAUX SA | EUR | 54,690 | 807,771.30 | 1.56 |
| NEXANS SA | EUR | 25,350 | 1,255,332.00 | 2.42 |
| ORPEA | EUR | 11,914 | 1,156,372.84 | 2.23 |
| PLASTIC OMNIUM | EUR | 56,500 | 1,274,640.00 | 2.46 |
| RUBIS | EUR | 23,701 | 811,522.24 | 1.57 |
| SOLUTIONS 30 SE | EUR | 59,540 | 1,067,552.20 | 2.06 |
| SPIE SA | EUR | 91,450 | 1,403,757.50 | 2.72 |
| WORLDLINE SA | EUR | 13,550 | 950,126.00 | 1.83 |
| TOTAL FRANCE |  |  | 11,073,435.28 | 21.38 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| IRELAND |  |  |  |  |
| KINGSPAN GROUP | EUR | 23,050 | 1,790,985.00 | 3.46 |
| TOTAL IRELAND |  |  | 1,790,985.00 | 3.46 |
| ITALY |  |  |  |  |
| AMPLIFON | EUR | 35,080 | 1,071,694.00 | 2.07 |
| FINECOBANK SPA | EUR | 139,700 | 1,642,173.50 | 3.17 |
| NEXI SPA | EUR | 62,010 | 1,061,611.20 | 2.05 |
| TOTAL ITALY |  |  | 3,775,478.70 | 7.29 |
| LUXEMBOURG |  |  |  |  |
| APERAM | EUR | 40,800 | 980,832.00 | 1.89 |
| BM EUROPEAN VALUE RETAIL SA | GBP | 204,100 | 1,113,149.99 | 2.15 |
| TOTAL LUXEMBOURG |  |  | 2,093,981.99 | 4.04 |
| NETHERLANDS |  |  |  |  |
| EURONEXT NV - W/I | EUR | 13,700 | 1,464,530.00 | 2.83 |
| IMCD BV | EUR | 5,010 | 509,016.00 | 0.98 |
| TOTAL NETHERLANDS |  |  | 1,973,546.00 | 3.81 |
| UNITED KINGDOM |  |  |  |  |
| ASCENTIAL GROUP LIMITED | GBP | 193,300 | 627,391.21 | 1.21 |
| AUTO TRADER GROUP PLC | GBP | 164,800 | 1,022,902.82 | 1.97 |
| HOWDEN JOINERY GROUP PLC | GBP | 167,100 | 1,088,024.47 | 2.10 |
| ICG | GBP | 72,490 | 953,426.71 | 1.84 |
| KEYWORDS STUDIOS PLC | GBP | 33,340 | 799,821.84 | 1.54 |
| SEGRO REIT | GBP | 104,700 | 1,076,261.29 | 2.08 |
| SPIRAX SARCO ENGINEERING PLC | GBP | 12,939 | 1,578,413.92 | 3.05 |
| ST JAMES’S PLACE CAPITAL PLC (NEW) | GBP | 101,800 | 1,044,879.55 | 2.02 |
| TAYLOR WIMPEY | GBP | 609,000 | 728,141.23 | 1.41 |
| WEIR GROUP (THE) | GBP | 67,870 | 937,182.90 | 1.81 |
| TOTAL UNITED KINGDOM |  |  | 9,856,445.94 | 19.03 |
| SWEDEN |  |  |  |  |
| AVANZA BANK HLD --- REGISTERED SHS | SEK | 48,400 | 810,721.04 | 1.57 |
| EVOLUTION GAMING GROUP AB | SEK | 20,190 | 1,144,233.06 | 2.21 |
| LUNDIN ENERGY AB | SEK | 48,940 | 832,356.54 | 1.61 |
| SINCH AB | SEK | 18,720 | 1,307,425.74 | 2.52 |
| STILLFRONT GROUP AB | SEK | 6,650 | 712,188.85 | 1.37 |
| TELE2 AB | SEK | 76,270 | 921,467.90 | 1.78 |
| TOTAL SWEDEN |  |  | 5,728,393.13 | 11.06 |
| SWITZERLAND |  |  |  |  |
| ARBONIA AG | CHF | 68,100 | 750,942.59 | 1.45 |
| CLARIANT AG NAMEN | CHF | 71,830 | 1,210,779.04 | 2.34 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| VAT GROUP SA | CHF | 5,934 | 969,951.64 | 1.87 |
| TOTAL SWITZERLAND |  |  | 2,931,673.27 | 5.66 |
| TOTAL Equities and equivalent securities traded on regulated or equivalent markets |  |  | 51,084,889.21 | 98.62 |
| TOTAL Equities and equivalent securities |  |  | 51,084,889.21 | 98.62 |
| Undertakings for collective investment |  |  |  |  |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries FRANCE |  |  |  |  |
| Edmond de Rothschild Credit Very Short Term R | EUR | 8 | 796,008.10 | 1.54 |
| TOTAL FRANCE |  |  | 796,008.10 | 1.54 |
| TOTAL Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries |  |  | 796,008.10 | 1.54 |
| TOTAL Undertakings for collective investment |  |  | 796,008.10 | 1.54 |
| Receivables |  |  | 1,148,255.36 | 2.22 |
| Payables |  |  | -1,205,980.01 | -2.33 |
| Financial accounts |  |  | -26,611.07 | -0.05 |
| Net assets |  |  | 51,796,561.59 | 100.00 |

| EdR SICAV - Europe Midcaps I EUR | EUR | 1,400.030 | 204.81 |
| --- | --- | --- | --- |
| EdR SICAV - Europe Midcaps A USD (H) | USD | 5,937.820 | 118.91 |
| EdR SICAV - Europe Midcaps CR EUR | EUR | 3,139.631 | 94.57 |
| EdR SICAV - Europe Midcaps I USD (H) | USD | 100.000 | 115.74 |
| EdR SICAV - Europe Midcaps A EUR | EUR | 66,231.438 | 455.07 |
| EdR SICAV - Europe Midcaps A USD | USD | 193.840 | 146.86 |
| EdR SICAV - Europe Midcaps R EUR | EUR | 925.463 | 286.20 |
| EdR SICAV - Europe Midcaps K EUR | EUR | 85,097.694 | 237.03 |


## EDR SICAV-Equity US Solve
ANNUAL FINANCIAL STATEMENTS
30/09/2020
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net fixed assets | 0.00 | 0.00 |
| Deposits | 0.00 | 0.00 |
| Financial instruments | 125,819,615.87 | 204,046,288.43 |
| Equities and equivalent securities | 0.00 | 0.00 |
| Traded on a regulated or equivalent market | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Bonds and equivalent securities | 35,189,979.59 | 138,614,541.67 |
| Traded on a regulated or equivalent market | 35,189,979.59 | 138,614,541.67 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Debt securities | 82,301,226.28 | 59,930,479.26 |
| Traded on a regulated or equivalent market | 82,301,226.28 | 59,930,479.26 |
| Negotiable debt securities | 82,301,226.28 | 59,930,479.26 |
| Other debt securities | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Undertakings for collective investment | 0.00 | 0.00 |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries | 0.00 | 0.00 |
| Other funds intended for non-professionals and equivalent investors in other EU Member States | 0.00 | 0.00 |
| Professional investment funds and their equivalents in other EU Member States and listed special purpose vehicles | 0.00 | 0.00 |
| Other professional investment funds and their equivalents in other EU Member States and unlisted special purpose vehicles | 0.00 | 0.00 |
| Other non-European undertakings | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Receivables on securities received under repurchase agreements | 0.00 | 0.00 |
| Receivables on loaned securities | 0.00 | 0.00 |
| Borrowed securities | 0.00 | 0.00 |
| Securities assigned under repurchase agreements | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 8,328,410.00 | 5,501,267.50 |
| Transactions on a regulated or equivalent market | 8,328,410.00 | 5,501,267.50 |
| Other transactions | 0.00 | 0.00 |
| Other financial instruments | 0.00 | 0.00 |
| Receivables | 142,391,691.18 | 210,714,819.31 |
| Forward currency transactions | 109,284,865.62 | 174,033,361.80 |
| Other | 33,106,825.56 | 36,681,457.51 |
| Financial accounts | 8,918,923.12 | 6,462,770.22 |
| Cash and cash equivalents | 8,918,923.12 | 6,462,770.22 |
| Total assets | 277,130,230.17 | 421,223,877.96 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Share capital |  |  |
| Capital | 142,282,432.07 | 234,637,308.33 |
| Undistributed prior net gains and losses (a) | 0.00 | 0.00 |
| Balance carried forward (a) | 0.00 | 0.00 |
| Net gains and losses for the financial year (a, b) | 17,970,577.70 | -1,905,100.39 |
| Profit/loss for the financial year (a, b) | 613,836.13 | 477,600.52 |
| Total share capital (= amount corresponding to net assets) | 160,866,845.90 | 233,209,808.46 |
| Financial instruments | 3,786,282.54 | 2,868,732.50 |
| Sales of financial instruments | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Payables representing securities assigned under repurchase agreements | 0.00 | 0.00 |
| Payables representing borrowed securities | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 3,786,282.54 | 2,868,732.50 |
| Transactions on a regulated or equivalent market | 3,786,282.54 | 2,868,732.50 |
| Other transactions | 0.00 | 0.00 |
| Payables | 112,477,101.73 | 185,101,315.90 |
| Forward currency transactions | 110,152,205.94 | 175,946,386.65 |
| Other | 2,324,895.79 | 9,154,929.25 |
| Financial accounts | 0.00 | 44,021.10 |
| Current bank borrowings | 0.00 | 44,021.10 |
| Loans | 0.00 | 0.00 |
| Total liabilities | 277,130,230.17 | 421,223,877.96 |

- Including adjustments
- Less any interim dividends paid in respect of the financial year

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitment on regulated or equivalent markets |  |  |
| Options |  |  |
| S&P 500 INDEX 03/2020 PUT 2350 | 0.00 | 893,915.02 |
| S&P 500 INDEX 03/2020 PUT 2650 | 0.00 | 5,543,880.58 |
| S&P 500 INDEX 03/2021 PUT 2800 | 1,896,732.00 | 0.00 |
| S&P 500 INDEX 03/2021 PUT 3150 | 6,381,292.50 | 0.00 |
| S&P 500 INDEX 06/2020 PUT 2350 | 0.00 | 1,783,662.61 |
| S&P 500 INDEX 06/2020 PUT 2650 | 0.00 | 12,243,926.97 |
| S&P 500 INDEX 06/2021 PUT 2800 | 2,179,224.00 | 0.00 |
| S&P 500 INDEX 06/2021 PUT 3150 | 7,344,792.00 | 0.00 |
| S&P 500 INDEX 09/2019 CALL 2975 | 0.00 | 27,281,822.10 |
| S&P 500 INDEX 09/2019 CALL 2985 | 0.00 | 1,160,928.60 |
| S&P 500 INDEX 09/2020 PUT 2350 | 0.00 | 2,708,833.40 |
| S&P 500 INDEX 09/2020 PUT 2650 | 0.00 | 8,823,057.36 |
| S&P 500 INDEX 09/2021 PUT 2800 | 2,360,826.00 | 0.00 |
| S&P 500 INDEX 09/2021 PUT 3150 | 7,364,970.00 | 0.00 |
| S&P 500 INDEX 10/2019 CALL 3020 | 0.00 | 7,477,570.88 |
| S&P 500 INDEX 10/2019 CALL 3030 | 0.00 | 42,420,000.00 |
| S&P 500 INDEX 10/2019 CALL 3050 | 0.00 | 5,140,829.98 |
| S&P 500 INDEX 10/2019 PUT 2895 | 0.00 | 5,429,573.76 |
| S&P 500 INDEX 10/2019 PUT 2910 | 0.00 | 5,355,155.26 |
| S&P 500 INDEX 10/2019 PUT 2940 | 0.00 | 5,015,806.90 |
| S&P 500 INDEX 10/2019 PUT 3005 | 0.00 | 14,693,188.64 |
| S&P 500 INDEX 10/2020 CALL 3335 | 22,330,320.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3350 | 14,124,600.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3435 | 15,442,896.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3480 | 55,680,000.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3550 | 28,400,000.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3550 | 1,060,690.20 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3570 | 388,426.50 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3575 | 121,068.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3585 | 1,533,528.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3675 | 29,400,000.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3675 | 23,541.00 | 0.00 |
| S&P 500 INDEX 10/2020 PUT 2825 | 766,764.00 | 0.00 |
| S&P 500 INDEX 10/2020 PUT 3100 | 3,712,752.00 | 0.00 |
| S&P 500 INDEX 12/2021 PUT 2800 | 5,956,545.60 | 0.00 |
| S&P 500 INDEX 12/2021 PUT 3150 | 16,380,500.40 | 0.00 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Commitment on over-the-counter markets |  |  |
| Other commitments |  |  |
| Other transactions |  |  |
| Commitment on regulated or equivalent markets |  |  |
| Futures contracts |  |  |
| SP S&P 500 IN 1219 | 0.00 | 180,943,875.00 |
| SP 500 MINI 1220 | 140,281,200.00 | 0.00 |
| Commitment on over-the-counter markets |  |  |
| Other commitments |  |  |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 90,373.26 | 59,112.10 |
| Income from equities and equivalent securities | 0.00 | 0.00 |
| Income from bonds and equivalent securities | 2,476,534.25 | 592,571.47 |
| Income from debt securities | 323,913.26 | 328,083.08 |
| Income from temporary purchases and sales of securities | 4,452.54 | 2,854.36 |
| Income from forward financial instruments | 0.00 | 0.00 |
| Other financial income | 0.00 | 0.00 |
| Total (1) | 2,895,273.31 | 982,621.01 |
| Expenses relating to financial transactions |  |  |
| Expenses relating to temporary purchases and sales of securities | 3,714.76 | 22.32 |
| Expenses relating to forward financial instruments | 0.00 | 0.00 |
| Expenses relating to financial debt | 40,715.75 | 13,703.31 |
| Other financial expenses | 0.00 | 0.00 |
| Total (2) | 44,430.51 | 13,725.63 |
| Profit/loss on financial transactions (1 - 2) | 2,850,842.80 | 968,895.38 |
| Other income (3) | 0.00 | 0.00 |
| Management fees and amortisation charges (4) | 1,811,853.08 | 560,838.83 |
| Net profit/loss for the financial year (L. 214-17-1) (1 - 2 + 3 - 4) | 1,038,989.72 | 408,056.55 |
| Income equalisation for financial year (5) | -425,153.59 | 69,543.97 |
| Interim dividends paid over the financial year (6) | 0.00 | 0.00 |
| Profit/loss	(1 - 2 + 3 - 4 + 5 - 6) | 613,836.13 | 477,600.52 |


### NOTES TO THE ANNUAL FINANCIAL STATEMENTS
ACCOUNTING METHODS AND RULES
The annual financial statements are presented in the form provided for by ANC Regulation 2014-01, as amended.
General accounting principles apply:
- a true and fair view, comparability and operational continuity,
- lawfulness and fairness,
- prudence,
- consistency of accounting methods from one financial year to the next.

Income from fixed-income securities is recorded on the basis of interest received. Purchases and sales of securities are recorded exclusive of costs.
The base currency of the portfolio is the US dollar. The length of the financial year is 366 days.
Asset valuation rules
Financial instruments are recorded in the financial statements according to the historical cost method and on the balance sheet at their current value as determined by the last known market value or, where no market exists, by any external means or by the use of financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not in the portfolio currency are valued in accordance with the principle set out below, and then converted into the portfolio currency at the exchange rate on the valuation date.

###### Deposits:
Deposits with a residual maturity of three months or less are valued according to the straight line method.

###### Equities, bonds and other securities traded on a regulated or equivalent market:
For the purpose of calculating the net asset value, equities and other securities traded on a regulated or equivalent market are valued on the basis of the day’s closing market price.
Bonds and equivalent securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other equivalent securities is calculated up to the net asset value calculation date.

###### Equities, bonds and other securities not traded on a regulated or equivalent market:
Securities that are not traded on a regulated market are valued by the board of directors using methods based on market value and yield, taking into account the prices used for recent significant transactions.

###### Negotiable debt securities:
Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using an actuarial method based on a reference rate, defined below, which is increased, where applicable, by a differential that is representative of the intrinsic characteristics of the issuer:
Negotiable debt securities with a maturity of one year or less: Euro Interbank Offered Rate (Euribor)
Negotiable debt securities with a maturity exceeding one year: Rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longest durations.
Negotiable debt securities with a residual maturity of three months or less may be valued using the straight-line method. French treasury bills are valued at the market rate, as published daily by the Banque de France.

###### UCIs held:
Units or shares of UCIs will be valued at the last known net asset value.

###### Temporary securities transactions:
Securities received under repurchase agreements are recorded as assets under the “Receivables related to securities received under repurchase agreements” heading at the contracted amount, plus any accrued interest.
Securities assigned under repurchase agreements are recorded at their current value in the long portfolio. Payables on securities assigned under repurchase agreements are entered in the short portfolio at the contracted value, plus any accrued interest payable.
Loaned securities are valued at their current value and are recorded as assets at their current value, plus accrued interest receivable, under the “Receivables on loaned securities” heading.
Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, and as liabilities under the “Payables representing borrowed securities” heading at the contracted amount, plus any accrued interest payable.

###### Forward financial instruments:
Forward financial instruments traded on a regulated or equivalent market: 
Forward financial instruments traded on regulated markets are valued at the day’s settlement price. 
Forward financial instruments not traded on a regulated or equivalent market:
Swaps:
Interest rate and/or currency swaps are valued at their market value according to the price calculated by discounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. This price is adjusted to take into account the risk associated with the issuer.
Index swaps are valued on an actuarial basis using a benchmark rate provided by the counterparty.
Other swaps are valued at their market value or at a value estimated in the manner established by the board of directors.
Off-balance sheet commitments:
Futures contracts are recorded as off-balance sheet commitments at their market value at the price used in the portfolio. Options transactions are converted into the underlying equivalent.
Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.
Swing pricing method used to adjust the net asset value, with trigger threshold:
The management company has implemented a method of adjusting the net asset value known as Swing Pricing, with a trigger threshold, in order to protect the interests of these Sub-fund’s shareholders. In the event of significant movement of a Sub-fund’s liabilities, this mechanism consists in ensuring that the cost of transactions generated by these subscriptions/redemptions is borne by the Fund’s incoming or outgoing Sub-fund shareholders.
If, on a net asset value calculation day, the net amount of subscription and redemption orders from investors across all share classes of a Sub-fund exceeds a threshold that has been predetermined by the Management Company, expressed as a percentage of the Sub-fund’s net assets (called the trigger threshold), the net asset value may be adjusted upwards or downwards to take into account the readjustment costs attributable to the net subscription/redemption orders. The net asset value of each share class is calculated separately but, in percentage terms, any adjustment affects all the net asset values for each share class of the Sub-fund in an identical manner.
The costs and the trigger threshold are determined by the Management Company and reviewed periodically. The Management Company estimates these costs on the basis of transaction fees, purchase and sale price ranges, and any potential taxes applicable to the Sub-fund.
As this adjustment is linked to the net amount of the Sub-fund’s subscription and redemption orders, it is not possible to predict with accuracy whether swing pricing will be applied at any given moment in the future, or the frequency with which the Management Company will make such adjustments. In any event, such adjustments may not exceed 2% of the net asset value.
Investors are informed that, due to the application of swing pricing, the volatility of the net asset value of the Sub-fund may not solely reflect that of the securities held in the portfolio.
The adjusted net asset value, the “swung” NAV, is the only net asset value communicated to Sub-fund shareholders. However, if a performance fee is payable, this is calculated on the net asset value prior to application of the swing pricing system.
In accordance with the regulations, the Management Company does not notify unitholders of the trigger threshold and ensures that internal information channels are restricted, to preserve the confidential nature of the information.

#### Operating and management fees:
Operating and management fees cover all fees relating to the UCI: fees for financial management, administration, accounting, custody, distribution, audit, etc.
These fees are recorded in the income statement for the UCI.
Management fees do not include transaction fees. For more details about the fees invoiced to the UCI, please refer to the prospectus.
They are recorded pro rata temporis each time the net asset value is calculated.
The rate applied on the basis of the net assets is: For financial management fees
- A EUR (H) shares: 1.20 % inclusive of tax
- CR EUR (H) shares: 0.70 % inclusive of tax
- CR USD shares: 0.70 % inclusive of tax
- I EUR (H) shares: 0.55 % inclusive of tax
- K USD shares: 0.75 % inclusive of tax
- J USD shares: 0.55 % inclusive of taxIn respect of administrative expenses external to the Management Company, in particular the fees for the custodian, valuer and statutory auditors, etc.

For all shares, the rate is:
0.10%
Performance fee
Performance fees are payable to the Management Company for the A EUR (H), CR EUR (H), CR USD, I EUR (H) and J USD shares in accordance with the following procedures:
Benchmark for CR USD and J USD shares: 56% comprising the S&P 500 index, net dividends reinvested, and +44% comprising the capitalised Federal Funds Effective Rate.
Benchmark for A EUR (H), CR EUR (H), and I EUR (H) shares: 56% comprising the S&P 500 index, net dividends reinvested, hedged in EUR, and 44% comprising the capitalised EONIA.
The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted for subscriptions and redemptions.
When the Sub-fund outperforms the benchmark index, a provision of 15% net of tax will be applied to the outperformance. The reference periods shall end with the last net asset value for the month of April.
A provision for performance fees will be made each time the net asset value is calculated.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
No performance fee will be charged if the Sub-fund underperforms the benchmark index over the calculation period.
In the event of underperformance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
Allocation of distributable income Definition of distributable income
: 
Distributable income comprises: Profit/loss:
Net profit/loss for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ fees and all other revenues generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less the sum of the costs of management and borrowing costs.
It is increased by the balance carried forward and increased or decreased by the balance of the income adjustment account.
Gains and losses:
Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gains of the same type recorded during previous financial years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.
Methods for allocating distributable income:
| Distributable income | “A EUR (H)”, “CR EUR (H)”, “K USD”, “CR USD” and I EUR (H) shares | J USD shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains and losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

- CHANGE IN NET ASSETS AS AT 30/09/2020 IN USD

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 233,209,808.46 | 0.00 |
| Subscriptions (including subscription fees paid to the UCI) | 92,447,699.85 | 248,834,404.97 |
| Redemptions (less redemption fees paid to the UCI) | -181,181,491.29 | -12,378,888.67 |
| Realised gains on deposits and financial instruments | 662,311.43 | 101,693.06 |
| Realised losses on deposits and financial instruments | -912,214.80 | -140,691.24 |
| Realised gains on forward financial instruments | 86,775,072.14 | 5,443,631.76 |
| Realised losses on forward financial instruments | -77,595,905.77 | -6,511,623.35 |
| Transaction fees | -147,550.83 | -78,832.72 |
| Foreign exchange differences | 3,857,006.82 | -1,672,067.15 |
| Changes in valuation differential on deposits and financial instruments | -85,833.55 | 280,541.85 |
| Valuation differential for financial year N | 194,708.30 | 280,541.85 |
| Valuation differential for financial year N-1 | -280,541.85 | 0.00 |
| Changes in valuation differential on forward financial instruments | 2,798,953.72 | -1,076,416.60 |
| Valuation differential for financial year N | 1,722,537.12 | -1,076,416.60 |
| Valuation differential for financial year N-1 | 1,076,416.60 | 0.00 |
| Dividends paid in the previous financial year on net gains and losses | 0.00 | 0.00 |
| Dividends paid in the previous financial year on income | 0.00 | 0.00 |
| Net profit/loss for financial year prior to income equalisation account | 1,038,989.72 | 408,056.55 |
| Interim dividend(s) paid over the financial year on net gains and losses | 0.00 | 0.00 |
| Interim dividend(s) paid over the financial year on income | 0.00 | 0.00 |
| Other items | 0.00 | 0.00 |
| Net assets at the end of the financial year | 160,866,845.90 | 233,209,808.46 |

- ADDITIONAL INFORMATION
	- BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE


|  | Amount | % |
| --- | --- | --- |
| Assets |  |  |
| Bonds and equivalent securities |  |  |
| Fixed-rate bonds traded on a regulated or equivalent market | 33,189,959.59 | 20.63 |
| Variable/adjustable-rate bonds traded on a regulated or equivalent market | 2,000,020.00 | 1.24 |
| TOTAL Bonds and equivalent securities | 35,189,979.59 | 21.88 |
| Debt securities |  |  |
| Treasury bills | 82,301,226.28 | 51.16 |
| TOTAL Debt securities | 82,301,226.28 | 51.16 |
| Liabilities |  |  |
| Sales of financial instruments |  |  |
| TOTAL Sales of financial instruments | 0.00 | 0.00 |
| Off-balance sheet items |  |  |
| Hedging transactions |  |  |
| Equities | 222,849,468.20 | 138.53 |
| TOTAL Hedging transactions | 222,849,468.20 | 138.53 |
| Other transactions |  |  |
| Equities | 140,281,200.00 | 87.20 |
| TOTAL Other transactions | 140,281,200.00 | 87.20 |

- BREAKDOWN BY INTEREST RATES OF ASSET, LIABILITY AND OFF-BALANCE-SHEET ITEMS

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 27,148,989.81 | 16.88 | 0.00 | 0.00 | 2,000,020.00 | 1.24 | 6,040,969.78 | 3.76 |
| Debt securities | 82,301,226.28 | 51.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8,918,923.12 | 5.54 |
| Liabilities |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFF-BALANCE-SHEET ITEMS

|  | <3 months | % | [3 months – 1 year] | % | [1–3 years] | % | [3–5 years] | % | >5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 29,771,033.26 | 18.51 | 5,418,946.33 | 3.37 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 13,997,657.97 | 8.70 | 68,303,568.31 | 42.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 8,918,923.12 | 5.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

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

|  | EUR |  |  | Other currencies |
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | Amount | % | Amount | % |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equities and equivalent securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 2,399,340.35 | 1.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 8,336,375.67 | 5.18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| UCIs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 96,943,572.86 | 60.26 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 453,220.25 | 0.28 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |
| Sales of financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payables | 13,146,217.55 | 8.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | 30/09/2020 |
| --- | --- |
| Receivables |  |
| Forward currency purchases | 96,638,865.86 |
| Amount receivable on forward currency sales | 12,645,999.76 |
| Cash collateral deposits | 31,780,115.00 |
| Cash dividends and coupons | 2,003.56 |
| Collateral | 1,324,707.00 |
| Total receivables | 142,391,691.18 |
| Payables |  |
| Forward currency sales | 13,038,928.91 |
| Amount payable on forward currency purchases | 97,113,277.03 |
| Purchases with deferred settlement | 1,998,635.80 |
| Redemptions payable | 107,288.64 |
| Management fees | 133,715.67 |
| Variable management fees | 85,255.68 |
| Total payables | 112,477,101.73 |

- SHARE CAPITAL
	- Number of securities issued or redeemed


|  | In equities | Amount |
| --- | --- | --- |
| EDR SICAV-Equity US Solve Actions K USD |  |  |
| Shares subscribed during the financial year | 189,987.752 | 20,008,273.84 |
| Shares redeemed during the financial year | -107,151.256 | -10,541,392.79 |
| Net balance of subscriptions/redemptions | 82,836.496 | 9,466,881.05 |
| EDR SICAV EQUITY US SOLVE A EUR H Shares |  |  |
| Shares subscribed during the financial year | 269,512.389 | 30,520,273.83 |
| Shares redeemed during the financial year | -246,343.841 | -27,177,399.24 |
| Net balance of subscriptions/redemptions | 23,168.548 | 3,342,874.59 |
| EDR SICAV EQUITY US SOLVE CR EUR H Shares |  |  |
| Shares subscribed during the financial year | 76,793.724 | 8,501,934.97 |
| Shares redeemed during the financial year | -866,372.857 | -96,167,148.19 |
| Net balance of subscriptions/redemptions | -789,579.133 | -87,665,213.22 |
| EDR SICAV-Equity US Solve CR USD Shares |  |  |
| Shares subscribed during the financial year | 168,924.364 | 18,246,171.19 |
| Shares redeemed during the financial year | -409,739.709 | -40,802,259.41 |
| Net balance of subscriptions/redemptions | -240,815.345 | -22,556,088.22 |
| EDR SICAV-Equity US Solve I EUR H Shares |  |  |
| Shares subscribed during the financial year | 78,720.000 | 9,114,314.02 |
| Shares redeemed during the financial year | -21,880.000 | -2,640,337.66 |
| Net balance of subscriptions/redemptions | 56,840.000 | 6,473,976.36 |
| EDR SICAV-Equity US Solve I USD Shares |  |  |
| Shares subscribed during the financial year | 37,800.000 | 3,780,000.00 |
| Shares redeemed during the financial year | -37,800.000 | -3,852,954.00 |
| Net balance of subscriptions/redemptions | 0.000 | -72,954.00 |
| EDR SICAV-Equity US Solve J USD Shares |  |  |
| Shares subscribed during the financial year | 22,800.000 | 2,276,732.00 |
| Shares redeemed during the financial year | 0.000 | 0.00 |
| Net balance of subscriptions/redemptions | 22,800.000 | 2,276,732.00 |

- Subscription and/or redemption fees

|  | Amount |
| --- | --- |
| EDR SICAV-Equity US Solve Actions K USD |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |

3.6.2. Subscription and/or redemption fees
|  | Amount |
| --- | --- |
| EDR SICAV EQUITY US SOLVE A EUR H Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV EQUITY US SOLVE CR EUR H Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV-Equity US Solve CR USD Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV-Equity US Solve I EUR H Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV-Equity US Solve I USD Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EDR SICAV-Equity US Solve J USD Shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |

- MANAGEMENT FEES

|  | 30/09/2020 |
| --- | --- |
| EDR SICAV-Equity US Solve Actions K USD |  |
| Collateral fees | 0.00 |
| Fixed management fees | 184,877.94 |
| Percentage of fixed management fees | 0.85 |
| Variable management fees | 0.64 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV EQUITY US SOLVE A EUR H Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 918,666.71 |
| Percentage of fixed management fees | 1.30 |
| Variable management fees | 2.64 |
| Retrocessions of management fees | 0.00 |

|  | 30/09/2020 |
| --- | --- |
| EDR SICAV EQUITY US SOLVE CR EUR H Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 325,185.01 |
| Percentage of fixed management fees | 0.80 |
| Variable management fees | 3.25 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV-Equity US Solve CR USD Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 301,453.68 |
| Percentage of fixed management fees | 0.80 |
| Variable management fees | 45,966.19 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV-Equity US Solve I EUR H Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 7,691.14 |
| Percentage of fixed management fees | 0.65 |
| Variable management fees | 6,199.20 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV-Equity US Solve I USD Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 2,775.11 |
| Percentage of fixed management fees | 0.65 |
| Variable management fees | 0.14 |
| Retrocessions of management fees | 0.00 |
| EDR SICAV-Equity US Solve J USD Shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 10,240.82 |
| Percentage of fixed management fees | 0.65 |
| Variable management fees | 8,790.61 |
| Retrocessions of management fees | 0.00 |

- Guarantees received by the UCI: None
- Other commitments received and/or given: None
- Current value of securities subject to a temporary purchase transaction

|  | 30/09/2020 |
| --- | --- |
| Securities received under repurchase agreements | 0.00 |
| Borrowed securities | 0.00 |

- Current value of securities representing guarantee deposits

|  | 30/09/2020 |
| --- | --- |
| Financial instruments given as a guarantee and retained under their original entry | 0.00 |
| Financial instruments received as collateral and not recorded on the balance sheet | 0.00 |

- Group financial instruments held in the portfolio

|  | ISIN code | Name | 30/09/2020 |
| --- | --- | --- | --- |
| Equities |  |  | 0.00 |
| Bonds | 0.00 |
| Negotiable debt securities | 0.00 |
| UCIs | 0.00 |
| Forward financial instruments | 0.00 |

Allocation table for distributable income
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | 0.00 | 0.00 |
| Profit/loss | 613,836.13 | 477,600.52 |
| Total | 613,836.13 | 477,600.52 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV-Equity US Solve Actions K USD |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 217,557.37 | 53,161.13 |
| Total | 217,557.37 | 53,161.13 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV EQUITY US SOLVE UNIT A EUR H SHARES |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 190,943.03 | 44,967.81 |
| Total | 190,943.03 | 44,967.81 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV EQUITY US SOLVE UNIT CR EUR H SHARES |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 53,143.20 | 255,803.47 |
| Total | 53,143.20 | 255,803.47 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV-Equity US Solve CR USD Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 153,986.46 | 123,668.11 |
| Total | 153,986.46 | 123,668.11 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EDR SICAV-Equity US Solve I EUR H Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | -8,050.05 | 0.00 |
| Total | -8,050.05 | 0.00 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV-Equity US Solve I USD Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for financial year | 0.00 | 0.00 |
| Accumulation | 0.00 | 0.00 |
| Total | 0.00 | 0.00 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV-Equity US Solve J USD Shares |  |  |
| Allocation |  |  |
| Distribution | 6,156.00 | 0.00 |
| Balance carried forward for financial year | 100.12 | 0.00 |
| Accumulation | 0.00 | 0.00 |
| Total | 6,256.12 | 0.00 |
| Information concerning shares eligible for distribution |  |  |
| Number of shares | 22,800.000 | 0.000 |
| Distribution per unit | 0.27 | 0.00 |
| Tax credits |  |  |
| Tax exemption relating to the distribution of income | 0.00 | 0.00 |

Allocation table for the portion of distributable income corresponding to net gains and losses
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed prior net gains and losses | 0.00 | 0.00 |
| Net gains and losses for the financial year | 17,970,577.70 | -1,905,100.39 |
| Interim dividends paid on net gains and losses for the financial year | 0.00 | 0.00 |
| Total | 17,970,577.70 | -1,905,100.39 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV-Equity US Solve Actions K USD |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 2,808,121.24 | 149,042.54 |
| Total | 2,808,121.24 | 149,042.54 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EDR SICAV EQUITY US SOLVE UNIT A EUR H SHARES |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 10,901,873.21 | -1,087,602.06 |
| Total | 10,901,873.21 | -1,087,602.06 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV EQUITY US SOLVE UNIT CR EUR H SHARES |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 845,907.66 | -1,350,318.68 |
| Total | 845,907.66 | -1,350,318.68 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV-Equity US Solve CR USD Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 2,759,348.35 | 383,777.81 |
| Total | 2,759,348.35 | 383,777.81 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV-Equity US Solve I EUR H Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 517,696.76 | 0.00 |
| Total | 517,696.76 | 0.00 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EDR SICAV-Equity US Solve I USD Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 0.00 | 0.00 |
| Total | 0.00 | 0.00 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| EDR SICAV-Equity US Solve J USD Shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | 137,630.48 | 0.00 |
| Total | 137,630.48 | 0.00 |

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in USD | 233,209,808.46 | 160,866,845.90 |
| EDR SICAV-Equity US Solve Actions K USD |  |  |
| Net assets in USD | 20,625,200.57 | 32,138,254.22 |
| Number of securities | 202,898.253 | 285,734.749 |
| Net asset value per unit in USD | 101.65 | 112.47 |
| Accumulation per unit on net gains and losses in USD | 0.73 | 9.82 |
| Accumulation per unit on profit/loss in USD | 0.26 | 0.76 |
| EDR SICAV EQUITY US SOLVE A EUR H Shares |  |  |
| Net assets in EUR | 61,225,258.71 | 68,348,381.21 |
| Number of securities | 613,774.838 | 636,943.386 |
| Net asset value per unit in EUR | 99.75 | 107.30 |
| Accumulation per unit on net gains and losses in USD | -1.77 | 17.11 |
| Accumulation per unit on profit/loss in USD | 0.07 | 0.29 |
| EDR SICAV EQUITY US SOLVE CR EUR H Shares |  |  |
| Net assets in EUR | 85,067,811.60 | 6,601,627.20 |
| Number of securities | 850,804.296 | 61,225.163 |
| Net asset value per unit in EUR | 99.98 | 107.82 |
| Accumulation per unit on net gains and losses in USD | -1.58 | 13.81 |
| Accumulation per unit on profit/loss in USD | 0.30 | 0.86 |
| EDR SICAV-Equity US Solve CR USD Shares |  |  |
| Net assets in USD | 53,095,902.63 | 31,605,967.75 |
| Number of securities | 522,455.753 | 281,640.408 |
| Net asset value per unit in USD | 101.62 | 112.22 |
| Accumulation per unit on net gains and losses in USD | 0.73 | 9.79 |
| Accumulation per unit on profit/loss in USD | 0.23 | 0.54 |

* The tax exemption per unit will be determined on the date of distribution, in accordance with tax provisions in force.
|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in USD | 233,209,808.46 | 160,866,845.90 |
| EDR SICAV-Equity US Solve I EUR H Shares |  |  |
| Net assets in EUR | 0.00 | 5,866,854.13 |
| Number of securities | 0.000 | 56,840.000 |
| Net asset value per unit in EUR | 0.00 | 103.21 |
| Accumulation per unit on net gains and losses in USD | 0.00 | 9.10 |
| Accumulation per unit on profit/loss in USD | 0.00 | -0.14 |
| EDR SICAV-Equity US Solve I USD Shares |  |  |
| Net assets in USD | 0.00 | 0.00 |
| Number of securities | 0.000 | 0.000 |
| Net asset value per unit in USD | 0.00 | 0.00 |
| Accumulation per unit on profit/loss in USD | 0.00 | 0.00 |
| EDR SICAV-Equity US Solve J USD Shares |  |  |
| Net assets in USD | 0.00 | 2,409,301.86 |
| Number of securities | 0.000 | 22,800.000 |
| Net asset value per unit in USD | 0.00 | 105.67 |
| Accumulation per unit on net gains and losses in USD | 0.00 | 6.03 |
| Distribution per unit on profit/loss in USD | 0.00 | 0.27 |
| Tax exemption per unit in USD | 0.00 | * |
| Balance carried forward per unit on profit/loss in USD | 0.00 | 0.00 |

* The tax exemption per unit will be determined on the date of distribution, in accordance with tax provisions in force.
3.12. PORTFOLIO BREAKDOWN IN USD
| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| Bonds and equivalent securities Bonds and equivalent debt instruments traded on a regulated market or assimilated market UNITED STATES OF AMERICA |  |  |  |  |
| CITIGROUP 2.65% 26-10-20 | USD | 1,000,000 | 1,012,753.33 | 0.63 |
| UNIT STAT TRE 1.375% 31-01-21 | USD | 3,000,000 | 3,019,605.98 | 1.88 |
| UNIT STAT TRE 1.375% 31-10-20 | USD | 6,000,000 | 6,040,969.78 | 3.76 |
| UNITED STATES TREASURY NOTEBOND 1.625% 15-10-20 | USD | 10,520,000 | 10,604,894.56 | 6.59 |
| UNITED STATES TREASURY NOTEBOND 1.875% 15-12-20 | USD | 5,000,000 | 5,047,097.53 | 3.14 |
| US TREASURY 2.625% 15/11/2020 | USD | 5,000,000 | 5,065,298.06 | 3.15 |
| TOTAL UNITED STATES OF AMERICA |  |  | 30,790,619.24 | 19.15 |
| FRANCE |  |  |  |  |
| BNP 2.25 01/13/2021 | EUR | 2,000,000 | 2,399,340.35 | 1.49 |
| CAISSE DEPOTS ET CONSIGNATIONS L3RUSD+0.09% 02-10-20 | USD | 2,000,000 | 2,000,020.00 | 1.24 |
| TOTAL FRANCE |  |  | 4,399,360.35 | 2.73 |
| TOTAL Bonds and equivalent securities traded on regulated or equivalent markets |  |  | 35,189,979.59 | 21.88 |
| TOTAL Bonds and equivalent securities |  |  | 35,189,979.59 | 21.88 |
| Debt securities |  |  |  |  |
| Debt securities traded on a regulated or equivalent market UNITED STATES OF AMERICA |  |  |  |  |
| UNIT STAT OF AMER ZCP 09-09-21 | USD | 3,000,000 | 2,996,680.86 | 1.86 |
| UNIT STAT TREA BIL ZCP 05-11-20 | USD | 5,000,000 | 4,999,550.89 | 3.11 |
| UNIT STAT TREA BIL ZCP 10-12-20 | USD | 9,000,000 | 8,998,107.08 | 5.59 |
| UNIT STAT TREA BIL ZCP 15-07-21 | USD | 4,000,000 | 3,996,734.06 | 2.48 |
| UNIT STAT TREA BIL ZCP 20-05-21 | USD | 6,000,000 | 5,996,392.79 | 3.73 |
| UNIT STAT TREA BIL ZCP 21-01-21 | USD | 8,000,000 | 7,997,574.07 | 4.97 |
| UNIT STAT TREA BIL ZCP 23-04-21 | USD | 9,000,000 | 8,994,966.57 | 5.59 |
| UNIT STAT TREA BIL ZCP 25-02-21 | USD | 8,000,000 | 7,996,857.07 | 4.97 |
| UNIT STAT TREA BIL ZCP 25-03-21 | USD | 15,000,000 | 14,992,893.99 | 9.33 |
| US TREASURY BILL ZCP 170621 | USD | 7,000,000 | 6,995,093.23 | 4.35 |
| TOTAL UNITED STATES OF AMERICA |  |  | 73,964,850.61 | 45.98 |
| ITALY |  |  |  |  |
| ITAL BUON ORDI DEL ZCP 12-03-21 | EUR | 7,100,000 | 8,336,375.67 | 5.18 |
| TOTAL ITALY |  |  | 8,336,375.67 | 5.18 |
| TOTAL Debt securities traded on a regulated or equivalent market |  |  | 82,301,226.28 | 51.16 |
| TOTAL Debt securities |  |  | 82,301,226.28 | 51.16 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| Forward financial instruments Futures Futures on a regulated or equivalent market |  |  |  |  |
| SP 500 MINI 1220 | USD | 837 | 117,995.00 | 0.07 |
| TOTAL Futures on a regulated market |  |  | 117,995.00 | 0.07 |
| TOTAL Futures |  |  | 117,995.00 | 0.07 |
| Options |  |  |  |  |
| Options on a regulated or equivalent market |  |  |  |  |
| S&P 500 INDEX 03/2021 PUT 2800 | USD | -30 | -271,500.00 | -0.17 |
| S&P 500 INDEX 03/2021 PUT 3150 | USD | 55 | 949,575.00 | 0.59 |
| S&P 500 INDEX 06/2021 PUT 2800 | USD | -30 | -385,200.00 | -0.24 |
| S&P 500 INDEX 06/2021 PUT 3150 | USD | 60 | 1,320,000.00 | 0.82 |
| S&P 500 INDEX 09/2021 PUT 2800 | USD | -30 | -478,650.00 | -0.30 |
| S&P 500 INDEX 09/2021 PUT 3150 | USD | 60 | 1,551,600.00 | 0.96 |
| S&P 500 INDEX 10/2020 CALL 3335 | USD | -100 | -363,500.00 | -0.23 |
| S&P 500 INDEX 10/2020 CALL 3350 | USD | 80 | 495,200.00 | 0.31 |
| S&P 500 INDEX 10/2020 CALL 3435 | USD | -160 | -387,200.00 | -0.24 |
| S&P 500 INDEX 10/2020 CALL 3480 | USD | -160 | -211,200.00 | -0.13 |
| S&P 500 INDEX 10/2020 CALL 3550 | USD | -38 | -18,620.00 | -0.01 |
| S&P 500 INDEX 10/2020 CALL 3550 | USD | -80 | -74,000.00 | -0.05 |
| S&P 500 INDEX 10/2020 CALL 3570 | USD | -35 | -5,337.50 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3575 | USD | -36 | -810.00 | 0.00 |
| S&P 500 INDEX 10/2020 CALL 3585 | USD | 80 | 25,200.00 | 0.02 |
| S&P 500 INDEX 10/2020 CALL 3675 | USD | 80 | 10,000.00 | 0.01 |
| S&P 500 INDEX 10/2020 CALL 3675 | USD | -35 | -350.00 | 0.00 |
| S&P 500 INDEX 10/2020 PUT 2825 | USD | 120 | 24,900.00 | 0.02 |
| S&P 500 INDEX 10/2020 PUT 3100 | USD | -120 | -133,800.00 | -0.08 |
| S&P 500 INDEX 12/2021 PUT 2800 | USD | -72 | -1,338,120.00 | -0.83 |
| S&P 500 INDEX 12/2021 PUT 3150 | USD | 132 | 3,833,940.00 | 2.38 |
| TOTAL Options on a regulated market |  |  | 4,542,127.50 | 2.83 |
| TOTAL Conditional forward commitments |  |  | 4,542,127.50 | 2.83 |
| TOTAL Forward financial instruments |  |  | 4,660,122.50 | 2.90 |
| Margin call |  |  |  |  |
| ROTHSCHILD margin calls in USD | USD | -117,995.04 | -117,995.04 | -0.07 |
| TOTAL Margin call |  |  | -117,995.04 | -0.07 |
| Receivables |  |  | 142,391,691.18 | 88.51 |
| Payables |  |  | -112,477,101.73 | -69.92 |
| Financial accounts |  |  | 8,918,923.12 | 5.54 |
| Net assets |  |  | 160,866,845.90 | 100.00 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |

| EDR SICAV-Equity US Solve Actions K USD | USD | 285,734.749 | 112.47 |
| --- | --- | --- | --- |
| EDR SICAV EQUITY US SOLVE A EUR H Shares | EUR | 636,943.386 | 107.30 |
| EDR SICAV EQUITY US SOLVE CR EUR H Shares | EUR | 61,225.163 | 107.82 |
| EDR SICAV-Equity US Solve CR USD Shares | USD | 281,640.408 | 112.22 |
| EDR SICAV-Equity US Solve I EUR H Shares | EUR | 56,840.000 | 103.21 |
| EDR SICAV-Equity US Solve I USD Shares | USD | 0.000 | 0.00 |
| EDR SICAV-Equity US Solve J USD Shares | USD | 22,800.000 | 105.67 |

ADDITIONAL INFORMATION ABOUT THE COUPON TAX SYSTEM
Portfolio: EDMOND DE ROTHSCHILD SICAV
COUPON BREAKDOWN
|  | OVERALL NET | CURRENCY | PER UNIT | CURRENCY |
| --- | --- | --- | --- | --- |
| Income subject to compulsory, non-definitive withholding tax | 2,052.00 | USD | 0.09 | USD |
| Shares giving entitlement to write-offs and subject to compulsory, non-definitive withholding tax |  |  |  |  |
| Other income not giving entitlement to write-offs and subject to compulsory, non-definitive withholding tax | 4,104.00 | USD | 0.18 | USD |
| Non-reportable and non-taxable income |  |  |  |  |
| Amount distributed on gains and losses |  |  |  |  |
| TOTAL | 6,156.00 | USD | 0.27 | USD |

EDMONDDE ROTHSCHILD SICAV
Societe d'Investissement a Capital Variable (investment company with variable capital)
EdR SICAV – Global Opportunities
2020 Financial Year
FEATURES
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 26 July 2019.

The Sub-fund was created on 12 September 2019, through the absorption of the C unit of the following fund while maintaining the ISIN code:
- 
CA EdRAM Opportunities
, 
created on 
11 
January 
2008
- Management objective:The Sub-fund aims to deliver performance greater than that of its benchmark index, over a recommended investment horizon of more than five years, via the discretionary and opportunistic management of a diversified portfolio across multiple asset classes (including equities, interest rates and currencies), with no restriction as to sector or geographic region. The management objective differs in that it takes the base currency of the subscribed share class into account:
- For the A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR and K EUR classes: the management objective is to achieve, over the recommended investment horizon, an annual net performance greater than the EONIA plus 3%.
- For the A CHF (H) and I CHF (H) classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the capitalised 1-month CHF LIBOR plus 3%.
- For the A USD (H) and I USD (H) classes: the management objective is to achieve, over the recommended investment horizon, an annual net performance greater than the capitalised Federal Funds Effective Rate plus 3%.

The Sub-Fund is actively managed, which means that the Investment Manager makes investment decisions with the aim of achieving the Sub-Fund’s objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-Fund may not hold all the components of the benchmark index or indeed any of the components in question. The difference compared to the benchmark index may be total or significant, but sometimes may also be limited.
- Benchmark:The benchmark index to which the performance of A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR and K EUR shares may be compared is the capitalised EONIA plus 3%. The capitalised EONIA (Euro Overnight Index Average) corresponds to the average overnight rates in the eurozone; it is calculated by the European Central Bank and represents the risk-free rate for the eurozone. It is calculated by EMMI. The European Money Market Institute (EMMI) administrator (website: https://www.emmibenchmarks.eu/euribor-eonia-org/about- eonia.html) of the capitalised Eonia benchmark index increased by 3% is entered in the register of administrators and benchmarks maintained by ESMA.

The benchmark index to which the performance of A USD (H) and I USD (H) shares may be compared is the capitalised Federal Funds Effective Rate +3%. The Federal Funds Effective Rate corresponds to the average overnight rate for the dollar zone. It is calculated by the Federal Reserve and represents the risk-free rate for the dollar zone. At the date of the latest update of this prospectus, the administrator of this benchmark index (website: https://www.federalreserve.gov/) is not yet registered in the register of administrators and benchmark indices held by ESMA.
The benchmark index to which the performance of A CHF (H) and I CHF (H) shares may be compared is the capitalised 1-month CHF LIBOR + 3%. The ICE Benchmark Administration Limited administrator (website https://www.theice.com/iba
) of the Libor 1 CHF monthly capitalised benchmark index is included in the register of administrators and benchmark indices held by ESMA. 
As the Sub-fund is not index- linked, its performance may differ significantly from that of the benchmarks, which only serve as a basis for comparison.
The rates and indices used are annualised. The calculation of the performance of these indicators includes coupons.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Risk profile:Your money will primarily be invested in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form their own opinion independently of the Edmond de Rothschild Group, by obtaining as much specialist advice on such matters as is necessary to ensure that this investment is appropriate for their financial and legal position and investment horizon.
Risk of capital loss:
The Sub-Fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the Sub-Fund may not be invested in the best-performing markets at all times. The Sub-Fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-Fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-Fund to the effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This Sub-Fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the Sub-Fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the Sub-fund in the event of a change in the yield curve.
Risk associated with investing in emerging markets:
The Sub-fund may be exposed to emerging markets. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may deviate from the standards prevailing on major international exchanges. Consequently, the holding of such securities may increase the portfolio’s risk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, the net asset value may fall further and more rapidly, and finally, the companies held in the portfolio may have governments as shareholders.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the Sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the Sub-fund’s net asset value.
Risk associated with small and mid-caps:
Securities of small- and mid-cap companies may be significantly less liquid and more volatile than those of large-cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-Fund invests. Counterparty risk results from this Sub-Fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the Sub-Fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-Fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-Fund may have to liquidate, initiate or modify positions.
Risk associated with derivatives:
The Sub-Fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-Fund invests.
Risks associated with temporary purchases and sales of securities and with total return swaps (TRS):
The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for temporary purchases and sales of securities and for total return swaps.
- Target subscribers:A EUR, A CHF (H), A USD (H), B EUR shares: All investors.

CR EUR, CRD EUR shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not available for subscription for retail investors in all jurisdictions.
J EUR, I EUR, I CHF (H), I USD (H), K EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.
This Sub-fund is aimed at investors wishing to achieve greater returns from their portfolios through a diversified medium that can evolve both on equity markets and on international interest rate markets.
- Allocation of income:

| Distributable income | “A EUR”, “A CHF (H)”, “A USD (H)”, “CR EUR”, “I EUR”, “I CHF (H)”, “I USD (H)” and “K EUR” shares | “B EUR”, “CRD EUR” and “J EUR” shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

CHANGE IN ASSETS
| Dates | Net assets in millions of EUR € | Number of shares outstanding | Net Redemption Price of the Share in Euros € |
| --- | --- | --- | --- |
| 12 | September	2019* |  |  |  |
|  | A EUR shares | 1.39 | 14,200.000 | 97.55 |
| 30 | September	2019 |  |  |  |
|  | A EUR shares | 1.38 | 14,200.000 | 97.47 |
| 31 | March	2020 |  |  |  |
|  | A EUR shares | 26.34 | 361,468.100 | 72.86 |
|  | I EUR shares | 0.67 | 9,000.000 | 74.27 |
|  | J EUR shares | 81.00 | 1,083,948.549 | 74.72 |
| 30 | September	2020 |  |  |  |
|  | A EUR shares | 23.51 | 281,517.000 | 83.52 |
|  | I EUR shares | 0.77 | 9,000.000 | 85.45 |
|  | J EUR shares | 93.20 | 1,083,948.549 | 85.97 |

* EdR SICAV - Global Opportunities was created on 12 September 2019 by contribution from the C portion of the CA EdRAM Opportunities Fund.
ALLOCATION OF THE INCOME FOR THE 2020 FINANCIAL YEAR
For “J EUR” distribution shares:
The income for the financial year amounted to €250,570.89. It is broken down as follows:
- the distributable net income was €249,308.17

|  | Net in € |
| --- | --- |
| Income from Other Equities giving entitlement to deductions Income from French Equities | 0.17 0.06 |
| Total per share | 0.23 |

- the retained earnings were €1,262.72 We offer the following distribution:Payment on 06/01/2021.

Distributable income relating to net gains and losses for the financial year ended 30 September 2020 was nil.
For the “B EUR” and “CRD EUR” shares
The Board of Directors noted that as at 30 September 2020, no subscriptions had been taken out on distribution shares.

## EdR SICAV – Global Opportunities
| ANNUAL FINANCIAL STATEMENTS |
| --- |
| 30/09/2020 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net fixed assets | 0.00 | 0.00 |
| Deposits | 0.00 | 0.00 |
| Financial instruments | 112,898,620.61 | 1,325,299.85 |
| Equities and equivalent securities | 22,952,123.47 | 0.00 |
| Traded on a regulated or equivalent market | 22,952,123.47 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Bonds and equivalent securities | 45,219,023.27 | 0.00 |
| Traded on a regulated or equivalent market | 45,219,023.27 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Debt securities | 31,969,216.80 | 0.00 |
| Traded on a regulated or equivalent market | 31,969,216.80 | 0.00 |
| Negotiable debt securities | 31,969,216.80 | 0.00 |
| Other debt securities | 0.00 | 0.00 |
| Not traded on a regulated or equivalent market | 0.00 | 0.00 |
| Undertakings for collective investment | 10,306,001.91 | 1,324,419.85 |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries | 10,306,001.91 | 1,324,419.85 |
| Other funds intended for non-professionals and equivalent investors in other EU member states | 0.00 | 0.00 |
| Professional investment funds and equivalent funds in other EU member states and listed special purpose vehicles | 0.00 | 0.00 |
| Other professional investment funds and equivalent funds in other EU member states and unlisted special purpose vehicles | 0.00 | 0.00 |
| Other non-European undertakings | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Receivables on securities received under repurchase agreements | 0.00 | 0.00 |
| Receivables on loaned securities | 0.00 | 0.00 |
| Borrowed securities | 0.00 | 0.00 |
| Securities assigned under repurchase agreements | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 2,452,255.16 | 880.00 |
| Transactions on a regulated or equivalent market | 2,452,255.16 | 880.00 |
| Other transactions | 0.00 | 0.00 |
| Other financial instruments | 0.00 | 0.00 |
| Receivables | 1,104,524.27 | 11,456.69 |
| Forward currency transactions | 0.00 | 0.00 |
| Other | 1,104,524.27 | 11,456.69 |
| Financial accounts | 4,231,460.96 | 48,702.31 |
| Cash and cash equivalents | 4,231,460.96 | 48,702.31 |
| Total assets | 118,234,605.84 | 1,385,458.85 |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Share capital |  |  |
| Capital | 131,780,806.68 | 1,383,474.86 |
| Undistributed prior net gains and losses (a) | 0.00 | 0.00 |
| Balance carried forward (a) | 0.00 | 0.00 |
| Net gains and losses for the financial year (a, b) | -14,480,830.76 | 1,103.99 |
| Profit/loss for the financial year (a, b) | 180,151.19 | -432.91 |
| Total share capital (= amount corresponding to net assets) | 117,480,127.11 | 1,384,145.94 |
| Financial instruments | 510,055.17 | 880.00 |
| Sales of financial instruments | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 |
| Payables representing securities assigned under repurchase agreements | 0.00 | 0.00 |
| Payables representing borrowed securities | 0.00 | 0.00 |
| Other temporary transactions | 0.00 | 0.00 |
| Forward financial instruments | 510,055.17 | 880.00 |
| Transactions on a regulated or equivalent market | 510,055.17 | 880.00 |
| Other transactions | 0.00 | 0.00 |
| Payables | 119,723.78 | 432.91 |
| Forward currency transactions | 0.00 | 0.00 |
| Other | 119,723.78 | 432.91 |
| Financial accounts | 124,699.78 | 0.00 |
| Current bank borrowings | 124,699.78 | 0.00 |
| Loans | 0.00 | 0.00 |
| Total liabilities | 118,234,605.84 | 1,385,458.85 |

- Including adjustments
- Minus any interim dividends paid in respect of the financial year

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitment on regulated or equivalent markets |  |  |
| Commitment on over-the-counter markets |  |  |
| Other commitments |  |  |
| Other transactions |  |  |
| Commitment on regulated or equivalent markets |  |  |
| Futures contracts |  |  |
| CBOT USUL 30A 1220 | 2,837,323.58 | 0.00 |
| DJES BANKS 1220 | 2,730.00 | 0.00 |
| EC EURUSD 1220 | 34,776,670.36 | 0.00 |
| EUR EUREX DIVID 1220 | 8,370.00 | 0.00 |
| EUR XEUR FESX D 1219 | 0.00 | 177,750.00 |
| EUREX DIVIDEN 1221 | 16,420.00 | 0.00 |
| LIFFE LG GILT 1220 | 300,115.76 | 0.00 |
| NE NZDUSD 1220 | 46,806.72 | 0.00 |
| NQ USA NASDAQ 1220 | 194,555.07 | 0.00 |
| RF EURCHF 1220 | 5,507,912.93 | 0.00 |
| RP EURGBP 1220 | 3,383,930.05 | 0.00 |
| SP 500 MINI 1220 | 142,924.15 | 0.00 |
| STX 50 DIV 1219 | 0.00 | 121,700.00 |
| STX 50 DIV 1223 | 8,250.00 | 0.00 |
| TY CBOT YST 1 1220 | 3,331,663.33 | 0.00 |
| US US TBOND 3 1220 | 2,555,563.25 | 0.00 |
| XEUR EUFF MSC 1220 | 21,280.00 | 0.00 |
| XEUR FBTP BTP 1220 | 885,480.00 | 0.00 |
| XEUR FGBL BUN 1220 | 6,980,800.00 | 0.00 |
| XEUR FGBX BUX 1220 | 222,680.00 | 0.00 |
| Options |  |  |
| DJ EURO STOXX 50 12/2020 CALL 3050 | 18,711,360.99 | 0.00 |
| DJ EURO STOXX 50 12/2020 CALL 3450 | 4,368,858.48 | 0.00 |
| Commitment on over-the-counter markets |  |  |
| Other commitments |  |  |

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 2,281.08 | 0.00 |
| Income from equities and equivalent securities | 355,170.18 | 0.00 |
| Income from bonds and equivalent securities | 927,791.83 | 0.00 |
| Income from debt securities | 1,127.77 | 0.00 |
| Income from temporary purchases and sales of securities | 0.00 | 0.00 |
| Income from forward financial instruments | 0.00 | 0.00 |
| Other financial income | 0.00 | 0.00 |
| Total (1) | 1,286,370.86 | 0.00 |
| Expenses relating to financial transactions |  |  |
| Expenses relating to temporary purchases and sales of securities | 0.00 | 0.00 |
| Expenses relating to forward financial instruments | 0.00 | 0.00 |
| Expenses relating to financial debt | 105,720.22 | 0.00 |
| Other financial expenses | 0.00 | 0.00 |
| Total (2) | 105,720.22 | 0.00 |
| Profit/loss on financial transactions (1 - 2) | 1,180,650.64 | 0.00 |
| Other income (3) | 0.00 | 0.00 |
| Management fees and amortisation charges (4) | 960,110.61 | 432.91 |
| Net profit/loss for the financial year (L. 214-17-1) (1 - 2 + 3 - 4) | 220,540.03 | -432.91 |
| Income adjustment for the financial year (5) | -40,388.84 | 0.00 |
| Interim dividends paid in respect of the financial year (6) | 0.00 | 0.00 |
| Profit/loss (1 - 2 + 3 - 4 + 5 - 6) | 180,151.19 | -432.91 |


### NOTES TO THE ANNUAL FINANCIAL STATEMENTS
- ACCOUNTING METHODS AND RULESThe annual financial statements are presented in the form provided for by ANC Regulation 2014-01, as amended. General accounting principles apply:
- a true and fair view, comparability and business continuity
- lawfulness, fairness,
- prudence,
- consistency in accounting methods from one year to the next.

The recognition method selected for recording the income from fixed-income securities is the accrued interest method. Purchases and sales of securities are recorded exclusive of costs.
The base currency of the portfolio is the euro. The length of the financial year is 12 months.
Information on the impacts of the COVID-19 crisis
The financial statements were approved by the Management Company based on the information available within the context of an evolving health crisis related to Covid-19.
Asset valuation rules
Financial instruments are recorded in the financial statements according to the historical cost method and on the balance sheet at their current value as determined by the last known market value or, where no market exists, by any external means or by the use of financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Investments that are not in the portfolio currency are valued in accordance with the principle set out below, and then converted to the portfolio currency on the basis of the exchange rate on the valuation date.

###### Deposits:
Deposits with a residual maturity of three months or less are valued according to the straight line method.

###### Equities, bonds and other securities traded on a regulated or equivalent market:
For the purpose of calculating the net asset value, equities and other securities traded on a regulated or equivalent market are valued on the basis of the day’s closing market price.
Bonds and equivalent securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other equivalent securities is calculated up to the net asset value calculation date.

###### Equities, bonds and other securities not traded on a regulated or equivalent market:
Securities that are not traded on a regulated market are valued by the board of directors using methods based on market value and yield, taking into account the prices used for recent significant transactions.

###### Negotiable debt securities:
Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using an actuarial method based on a reference rate, defined below, which is increased, where applicable, by a differential that is representative of the intrinsic characteristics of the issuer:
Negotiable debt securities with a maturity of one year or less: Euro Interbank Offered Rate (Euribor);
Negotiable debt securities with a maturity exceeding one year: Rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longest durations.
Negotiable debt securities with a residual maturity of three months or less may be valued using the straight-line method. French treasury bills are valued at the market rate, as published daily by the Banque de France.

###### UCIs held:
Units or shares of UCIs will be valued at the last known net asset value.

###### Temporary securities transactions:
Securities received under repurchase agreements are recorded as assets under the “Receivables related to securities received under repurchase agreements” heading at the contracted amount, plus any accrued interest.
Securities assigned under repurchase agreements are recorded at their current value in the long portfolio. Payables on securities assigned under repurchase agreements are entered in the short portfolio at the contracted value, plus any accrued interest payable.
Loaned securities are valued at their current value and are entered under assets at their current value, plus accrued interest receivable, under the heading “Receivables on loaned securities”.
Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, and as liabilities under the “Payables representing borrowed securities” heading at the contracted amount, plus any accrued interest payable.

###### Forward financial instruments:
Forward financial instruments traded on a regulated or equivalent market: 
Forward financial instruments traded on regulated markets are valued at the day’s settlement price. 
Forward financial instruments not traded on a regulated or equivalent market: 
Swaps:
Interest rate and/or currency swaps are valued at their market value according to the price calculated by discounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. This price is adjusted to take into account the risk associated with the issuer.
Index swaps are valued on an actuarial basis using a benchmark rate provided by the counterparty.
Other swaps are valued at their market value or at a value estimated in the manner established by the board of directors.
Off-balance sheet commitments:
Futures contracts are recorded as off-balance sheet commitments at their market value at the price used in the portfolio. Options transactions are converted into the underlying equivalent.
Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.
Management fees
Operating and management fees cover all fees relating to the UCI: fees for financial management, administration, accounting, custody, distribution, audit, etc.
These fees are recorded in the income statement for the UCI.
Management fees do not include transaction fees. For more details about the fees invoiced to the UCI, please refer to the prospectus.
They are recorded pro rata temporis each time the net asset value is calculated.
The rate applied on the basis of the net assets is: For financial management fees
From 01/10/2019 to 15/01/2020, the rate applied was 0.50% for the A EUR shares and 0.35% for the J EUR shares. As of 16/01/2020, the rate applied is:
A EUR shares: Maximum 1.45% incl. taxes* I EUR shares: Maximum 0.70 % incl. taxes* J EUR shares: Maximum 0.70% incl. tax*
In respect of administrative expenses external to the Management Company, in particular the fees for the custodian, valuer and statutory auditors, etc.
For all shares, the rate is 0.10%. Performance fee:
A EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised Eonia index plus 3%
A CHF (H) share: 15% per year of the outperformance compared with the benchmark index, the 1-month CHF LIBOR index plus 3%
A USD (H) share: 15% per year of the outperformance compared with the benchmark, the capitalised Federal Funds Effective Rate plus 3%
B EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised Eonia index plus 3% CR EUR shares: 15% per year of the outperformance compared with the benchmark, the Capitalised Eonia index plus 3% CRD EUR shares: 15% per year of the outperformance compared with the benchmark, the Capitalised Eonia index plus 3% I EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised Eonia index plus 3%
The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted for subscriptions and redemptions.
When the Sub-fund outperforms the benchmark and exceeds the High Water Mark, a maximum provision of 15% net of tax will be applied to the outperformance.
The High Water Mark is equal to the last net asset value giving rise to payment of a performance fee at the end of the reference period.
The reference periods will end with the last net asset value of the month of February.
In the event of underperformance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision. A provision for outperformance fees will be made each time the net asset value is calculated.
When shares are redeemed, the proportion of the performance fee attached to the redeemed shares will be crystallised and will therefore accrue to the Management Company.
No performance fee shall be charged in any of the following cases:
- If the Sub-fund's performance is negative in comparison with the previous year-end.
- If the Sub-fund's performance is lower than the performance of its benchmark index.
- The net asset value of the Sub-fund is less than the High Water Mark.

Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV – Global Opportunities Sub-fund will be repaid to the Sub-fund. Management fee rates for the underlying UCIs and investment funds
will be assessed taking into account any trailer fees received by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report.
Allocation of distributable income

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

###### Profit/loss:
Net profit/loss for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ fees and all other revenues generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less the sum of the costs of management and borrowing costs.
It is increased by the balance carried forward and increased or decreased by the balance of the income adjustment account.
Gains and losses:
Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gains of the same type recorded during previous financial years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.
Methods for allocating distributable income:
| Distributable income | “A EUR”, “A CHF (H)”, “A USD (H)”, “CR EUR”, “I EUR”, “I CHF (H)”, “I USD (H)” and K EUR shares, | B EUR shares, CRD EUR shares and J EUR shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

- CHANGE IN NET ASSETS – IN EUROS AT 30/09/2020

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 1,384,145.94 | 0.00 |
| Subscriptions (including subscription fees paid to the UCI) | 147,034,606.10 | 1,385,307.32 |
| Redemptions (less redemption fees paid to the UCI) | -10,862,069.68 | 0.00 |
| Realised gains on deposits and financial instruments | 2,435,268.41 | 896.06 |
| Realised losses on deposits and financial instruments | -2,061,751.09 | -1,135.40 |
| Realised gains on forward financial instruments | 79,791,221.03 | 1,560.00 |
| Realised losses on forward financial instruments | -93,529,426.26 | 0.00 |
| Transaction fees | -1,287,049.81 | -157.89 |
| Foreign exchange differences | -1,305,451.10 | 545.75 |
| Changes in the valuation differential on deposits and financial instruments | -4,925,300.58 | -1,756.99 |
| Valuation differential for financial year N | -4,927,057.57 | -1,756.99 |
| Valuation differential for financial year N-1 | 1,756.99 | 0.00 |
| Changes in the valuation differential on forward financial instruments | 585,386.17 | -680.00 |
| Valuation differential for financial year N | 584,706.17 | -680.00 |
| Valuation differential for financial year N-1 | 680.00 | 0.00 |
| Dividends paid in the previous financial year on net gains and losses | 0.00 | 0.00 |
| Dividends paid in the previous financial year on profit/loss | 0.00 | 0.00 |
| Net profit/loss for the financial year prior to income adjustment | 220,540.03 | -432.91 |
| Interim dividend(s) paid on net gains and losses during the financial year | 0.00 | 0.00 |
| Interim dividend(s) paid on profit/loss during the financial year | 0.00 | 0.00 |
| Other items* | 7.95 | 0.00 |
| Net assets at the end of the financial year | 117,480,127.11 | 1,384,145.94 |

*N: Demerger balancing payment of €7.95 following the demerger of the CA Edram Opportunities fund (850003) on 30/11/19.
- ADDITIONAL INFORMATION
	- BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE


|  | Amount | % |
| --- | --- | --- |
| Assets |  |  |
| Bonds and equivalent securities |  |  |
| Other bonds (indexed, non-voting shares) | 12,718,510.99 | 10.83 |
| Fixed-rate bonds traded on a regulated or equivalent market | 31,500,616.10 | 26.81 |
| Variable/adjustable-rate bonds traded on a regulated or equivalent market | 999,896.18 | 0.85 |
| TOTAL Bonds and equivalent securities | 45,219,023.27 | 38.49 |
| Debt securities |  |  |
| Treasury bills | 27,964,969.09 | 23.80 |
| Short-term negotiable securities (NEU CP) issued by banking issuers | 4,004,247.71 | 3.41 |
| TOTAL Debt securities | 31,969,216.80 | 27.21 |
| Liabilities |  |  |
| Sales of financial instruments |  |  |
| TOTAL Sales of financial instruments | 0.00 | 0.00 |
| Off-balance sheet items |  |  |
| Hedging transactions |  |  |
| TOTAL Hedging transactions | 0.00 | 0.00 |
| Other transactions |  |  |
| Equities | 23,474,748.69 | 19.98 |
| Foreign exchange | 43,715,320.06 | 37.21 |
| Interest rates | 17,113,625.92 | 14.57 |
| TOTAL Other transactions | 84,303,694.67 | 71.76 |

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

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 31,383,650.36 | 26.71 | 0.00 | 0.00 | 1,258,146.45 | 1.07 | 12,577,226.46 | 10.71 |
| Debt securities | 31,969,216.80 | 27.21 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4,231,460.96 | 3.60 |
| Liabilities |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 124,699.78 | 0.11 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 17,113,625.92 | 14.57 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

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

|  | <3 months | % | [3 months – 1 year] | % | [1–3 years] | % | [3–5 years] | % | >5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and equivalent securities | 0.00 | 0.00 | 12,510,768.07 | 10.65 | 3,088,218.23 | 2.63 | 7,765,331.50 | 6.61 | 21,854,705.47 | 18.60 |
| Debt securities | 4,004,247.71 | 3.41 | 27,964,969.09 | 23.80 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 4,231,460.96 | 3.60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Liabilities |  |  |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 124,699.78 | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 17,113,625.92 | 14.57 |

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

|  | USD | GBP | CHF | Other currencies |
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | Amount | % | Amount | % |
| Assets |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equities and equivalent securities | 7,470,391.10 | 6.36 | 153,409.40 | 0.13 | 1,366,157.30 | 1.16 | 1,156,011.46 | 0.98 |
| Bonds and equivalent securities | 14,349,205.71 | 12.21 | 2,012,683.33 | 1.71 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| UCIs | 2,044,251.91 | 1.74 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 852,652.36 | 0.73 | 120,280.03 | 0.10 | 122,522.86 | 0.10 | 3,006.92 | 0.00 |
| Financial accounts | 1,251,336.87 | 1.07 | 1,605,782.66 | 1.37 | 0.00 | 0.00 | 312,745.68 | 0.27 |
| Liabilities |  |  |  |  |  |  |  |  |
| Sales of financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 52,700.79 | 0.04 | 71,998.99 | 0.06 |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 43,885,506.46 | 37.36 | 3,684,045.81 | 3.14 | 5,507,912.93 | 4.69 | 0.00 | 0.00 |

- RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | 30/09/2020 |
| --- | --- |
| Receivables |  |
| Cash collateral deposits | 1,086,258.31 |
| Cash dividends and coupons | 18,265.96 |
| Total receivables | 1,104,524.27 |
| Payables |  |
| Redemptions payable | 25,342.17 |
| Management fees | 94,381.61 |
| Total payables | 119,723.78 |

- SHARE CAPITAL
	- Number of securities issued or redeemed


|  | In equities | Amount |
| --- | --- | --- |
| EdR SICAV - Global Opportunities A EUR shares |  |  |
| Shares subscribed during the financial year | 399,245.100 | 37,739,751.16 |
| Shares redeemed during the financial year | -131,928.000 | -10,862,069.68 |
| Net balance of subscriptions/redemptions | 267,317.100 | 26,877,681.48 |
| EdR SICAV - Global Opportunities I EUR shares |  |  |
| Shares subscribed during the financial year | 9,000.000 | 900,000.00 |
| Shares redeemed during the financial year | 0.000 | 0.00 |
| Net balance of subscriptions/redemptions | 9,000.000 | 900,000.00 |
| EdR SICAV - Global Opportunities J EUR shares |  |  |
| Shares subscribed during the financial year | 1,083,948.549 | 108,394,854.94 |
| Shares redeemed during the financial year | 0.000 | 0.00 |
| Net balance of subscriptions/redemptions | 1,083,948.549 | 108,394,854.94 |

- Subscription and/or redemption fees

|  | Amount |
| --- | --- |
| EdR SICAV - Global Opportunities A EUR shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Global Opportunities I EUR shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |
| EdR SICAV - Global Opportunities J EUR shares |  |
| Redemption fees received | 0.00 |
| Subscription fees received | 0.00 |
| Total fees received | 0.00 |

- MANAGEMENT FEES

|  | 30/09/2020 |
| --- | --- |
| EdR SICAV - Global Opportunities A EUR shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 291,817.15 |
| Percentage of fixed management fees | 1.53 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |

- MANAGEMENT FEES

|  | 30/09/2020 |
| --- | --- |
| EdR SICAV - Global Opportunities I EUR shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 4,489.13 |
| Percentage of fixed management fees | 0.80 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |
| EdR SICAV - Global Opportunities J EUR shares |  |
| Collateral fees | 0.00 |
| Fixed management fees | 663,804.33 |
| Percentage of fixed management fees | 0.70 |
| Variable management fees | 0.00 |
| Retrocessions of management fees | 0.00 |

- COMMITMENTS RECEIVED AND GIVEN
	- Guarantees received by the UCI: None
	- Other commitments received and/or given: None

- OTHER INFORMATION
	- Current value of securities subject to a temporary purchase transaction


|  | 30/09/2020 |
| --- | --- |
| Securities received under repurchase agreements Borrowed securities | 0.00 0.00 |

- Current value of securities representing guarantee deposits

|  | 30/09/2020 |
| --- | --- |
| Financial instruments given as collateral and retained under their original entry Financial instruments received as collateral and not recorded on the balance sheet | 0.00 0.00 |

- Group financial instruments held in the portfolio

|  | ISIN code | Name | 30/09/2020 |
| --- | --- | --- | --- |
| Equities |  |  | 0.00 |
| Bonds |  |  | 0.00 |
| Negotiable debt securities |  |  | 0.00 |
| UCIs |  |  | 10,306,001.91 |
|  | FR0013062650 | EdR SICAV – Equity Europe Solve PC EUR Share | 8,261,750.00 |
|  | FR0013404423 | EDR SICAV – EQUITY US SOLVE UNIT J SHARES | 2,044,251.91 |
| Forward financial instruments |  |  | 0.00 |

- ALLOCATION OF DISTRIBUTABLE INCOMEAllocation table for distributable income

|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Balance carried forward | 0.00 | 0.00 |
| Profit/loss | 180,151.19 | -432.91 |
| Total | 180,151.19 | -432.91 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Global Opportunities A EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for the financial year | 0.00 | 0.00 |
| Accumulation | -73,530.52 | -432.91 |
| Total | -73,530.52 | -432.91 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Global Opportunities I EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Balance carried forward for the financial year | 0.00 | 0.00 |
| Accumulation | 3,110.82 | 0.00 |
| Total | 3,110.82 | 0.00 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Global Opportunities J EUR shares |  |  |
| Allocation |  |  |
| Distribution | 249,308.17 | 0.00 |
| Balance carried forward for the financial year | 1,262.72 | 0.00 |
| Accumulation | 0.00 | 0.00 |
| Total | 250,570.89 | 0.00 |
| Information concerning shares eligible for distribution |  |  |
| Number of shares | 1,083,948.549 | 0.000 |
| Distribution per unit | 0.23 | 0.00 |
| Tax exemptions |  |  |
| Tax exemption relating to the distribution of income | 31,792.28 | 0.00 |

Allocation table for the portion of distributable income corresponding to net gains and losses
|  | 30/09/2020 | 30/09/2019 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed prior net gains and losses | 0.00 | 0.00 |
| Net gains and losses for the financial year | -14,480,830.76 | 1,103.99 |
| Interim dividends paid on net gains and losses for the financial year | 0.00 | 0.00 |
| Total | -14,480,830.76 | 1,103.99 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Global Opportunities A EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -2,874,337.86 | 1,103.99 |
| Total | -2,874,337.86 | 1,103.99 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Global Opportunities I EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -86,341.04 | 0.00 |
| Total | -86,341.04 | 0.00 |
|  |
|  | 30/09/2020 | 30/09/2019 |
| EdR SICAV - Global Opportunities J EUR shares |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net gains and losses | 0.00 | 0.00 |
| Accumulation | -11,520,151.86 | 0.00 |
| Total | -11,520,151.86 | 0.00 |

- TABLE OF RESULTS AND OTHER SIGNIFICANT ITEMS OVER THE LAST FIVE FINANCIAL YEARS

|  | 30/09/2019 | 30/09/2020 |
| --- | --- | --- |
| Total net assets in EUR | 1,384,145.94 | 117,480,127.11 |
| EdR SICAV - Global Opportunities A EUR shares |  |  |
| Net assets in EUR | 1,384,145.94 | 23,513,887.78 |
| Number of securities | 14,200.000 | 281,517.100 |
| Net asset value per unit in EUR | 97.47 | 83.52 |
| Accumulation per unit on net gains and losses in EUR | 0.07 | -10.21 |
| Accumulation per unit on profit/loss in EUR | -0.03 | -0.26 |
| EdR SICAV - Global Opportunities I EUR shares |  |  |
| Net assets in EUR | 0.00 | 769,136.24 |
| Number of securities | 0.000 | 9,000.000 |
| Net asset value per unit in EUR | 0.00 | 85.45 |
| Accumulation per unit on net gains and losses in EUR | 0.00 | -9.59 |
| Accumulation per unit on profit/loss in EUR | 0.00 | 0.34 |
| EdR SICAV - Global Opportunities J EUR shares |  |  |
| Net assets in EUR | 0.00 | 93,197,103.09 |
| Number of securities | 0.000 | 1,083,948.549 |
| Net asset value per unit in EUR | 0.00 | 85.97 |
| Accumulation per unit on net gains and losses in EUR | 0.00 | -10.62 |
| Distribution per unit on profit/loss in EUR | 0.00 | 0.23 |
| Tax exemption per unit in EUR | 0.00 | * |
| Balance carried forward per unit on profit/loss in EUR | 0.00 | 0.00 |

* The tax exemption per unit will only be determined on the distribution date, in accordance with the tax provisions in force.
- PORTFOLIO BREAKDOWN IN EUR

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| Equities and equivalent securities Equities and equivalent securities traded on a regulated or equivalent market GERMANY |  |  |  |  |
| ALLIANZ SE-REG | EUR | 2,217 | 362,745.54 | 0.31 |
| DEUTSCHE TELEKOM AG | EUR | 28,816 | 411,780.64 | 0.35 |
| INFINEON TECHNOLOGIES | EUR | 6,475 | 156,144.63 | 0.13 |
| MUENCHENER RUECKVERSICHERUNG AG | EUR | 1,521 | 329,448.60 | 0.28 |
| SAP SE | EUR | 5,614 | 745,314.64 | 0.64 |
| VOLKSWAGEN AG-PREF | EUR | 806 | 110,744.40 | 0.09 |
| TOTAL GERMANY |  |  | 2,116,178.45 | 1.80 |
| BELGIUM |  |  |  |  |
| ANHEUSER BUSCH INBEV SA/NV | EUR | 6,295 | 290,986.38 | 0.25 |
| TOTAL BELGIUM |  |  | 290,986.38 | 0.25 |
| DENMARK |  |  |  |  |
| NOVO NORDISK AS | DKK | 3,869 | 228,360.24 | 0.19 |
| TOTAL DENMARK |  |  | 228,360.24 | 0.19 |
| SPAIN |  |  |  |  |
| AMADEUS IT GROUP SA | EUR | 5,298 | 252,131.82 | 0.21 |
| BANCO SANTANDER S.A. | EUR | 94,800 | 151,642.08 | 0.13 |
| FERROVIAL | EUR | 16,025 | 332,518.75 | 0.29 |
| TOTAL SPAIN |  |  | 736,292.65 | 0.63 |
| UNITED STATES OF AMERICA |  |  |  |  |
| ALPHABET- A | USD | 200 | 249,963.76 | 0.21 |
| AT AND T INC | USD | 7,655 | 186,111.84 | 0.16 |
| BAXTER INTL INC | USD | 4,729 | 324,313.46 | 0.28 |
| BOOZ ALLEN HAMIL | USD | 1,920 | 135,864.58 | 0.12 |
| BRISTOL-MYERS SQUIB | USD | 5,170 | 265,807.62 | 0.23 |
| CONSTELLATION BRANDS INC | USD | 1,055 | 170,496.78 | 0.15 |
| CVS | USD | 5,600 | 278,889.69 | 0.24 |
| EOG RESOURCES INC | USD | 3,525 | 108,036.07 | 0.09 |
| EXACT SCIENCES | USD | 2,346 | 203,960.86 | 0.17 |
| FDX CORPORATION EX FEDERAL EXPRESS | USD | 1,417 | 303,930.28 | 0.26 |
| GILEAD SCIENCES INC | USD | 3,309 | 178,310.42 | 0.15 |
| GLOBAL PAYMENTS | USD | 1,589 | 240,629.87 | 0.20 |
| HALLIBURTON CO | USD | 11,960 | 122,899.42 | 0.10 |
| HONEYWELL INTL | USD | 1,719 | 241,303.53 | 0.21 |
| IBM | USD | 1,563 | 162,171.33 | 0.14 |
| JOHNSON CONTROLS INTERNATIONAL PLC | USD | 5,550 | 193,337.74 | 0.16 |
| J.P.MORGAN CHASE EX CHASE MANHATTAN | USD | 1,969 | 161,647.23 | 0.14 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| MATCH GROUP INC | USD | 2,159 | 203,720.93 | 0.17 |
| MERCK AND | USD | 3,498 | 247,438.79 | 0.21 |
| MICROSOFT CORP | USD | 2,006 | 359,802.14 | 0.31 |
| NASDAQ STOCK MARKET INC | USD | 2,036 | 213,053.82 | 0.18 |
| NATIONAL OILWELL VARCO INC | USD | 5,358 | 41,396.39 | 0.04 |
| NETWORK APPLIANCE INC | USD | 7,912 | 295,793.36 | 0.25 |
| ON SEMICONDUCTOR | USD | 13,380 | 247,484.07 | 0.21 |
| SCHWAB CHARLES CORP | USD | 8,855 | 273,582.61 | 0.23 |
| SYSCO CORPORATION | USD | 6,312 | 334,910.37 | 0.29 |
| TERADYNE INC | USD | 2,651 | 179,634.55 | 0.15 |
| THE WALT DISNEY | USD | 2,664 | 281,882.16 | 0.24 |
| THERMO FISHER SCIEN SHS | USD | 570 | 214,613.40 | 0.18 |
| UNITEDHEALTH GROUP INC | USD | 1,325 | 352,274.98 | 0.30 |
| VISA INC CLASS A | USD | 1,509 | 257,327.19 | 0.22 |
| TOTAL UNITED STATES OF AMERICA |  |  | 7,030,589.24 | 5.99 |
| FRANCE |  |  |  |  |
| ACCOR | EUR | 12,050 | 289,200.00 | 0.25 |
| AIRBUS SE | EUR | 8,002 | 496,684.14 | 0.42 |
| AMUNDI | EUR | 5,984 | 360,236.80 | 0.31 |
| ARKEMA | EUR | 3,243 | 293,880.66 | 0.25 |
| AXA | EUR | 34,883 | 550,314.21 | 0.47 |
| BNP PARIBAS | EUR | 9,995 | 309,595.13 | 0.26 |
| BOUYGUES | EUR | 8,393 | 248,600.66 | 0.21 |
| CARREFOUR | EUR | 25,002 | 341,652.33 | 0.29 |
| CREDIT AGRICOLE | EUR | 60,379 | 451,151.89 | 0.38 |
| CRITEO ADR | USD | 9,623 | 100,033.57 | 0.09 |
| DASSAULT AVIATION | EUR | 234 | 169,650.00 | 0.14 |
| DASSAULT SYSTEMES | EUR | 1,622 | 259,114.50 | 0.22 |
| ELIOR GROUP SCA | EUR | 24,502 | 97,027.92 | 0.08 |
| ESSILORLUXOTTICA | EUR | 2,410 | 279,921.50 | 0.24 |
| GETLINK SE | EUR | 13,257 | 153,781.20 | 0.13 |
| ILIAD | EUR | 1,556 | 244,369.80 | 0.21 |
| ORANGE | EUR | 35,871 | 318,677.96 | 0.27 |
| PERNOD RICARD | EUR | 870 | 118,450.50 | 0.10 |
| SANOFI | EUR | 4,099 | 349,767.67 | 0.30 |
| SOCIETE GENERALE SA | EUR | 12,230 | 138,419.14 | 0.12 |
| SOLOCAL GROUP | EUR | 174,700 | 5,363.29 | 0.00 |
| SOLOCAL GROUP | EUR | 174,700 | 5,363.29 | 0.00 |
| SOLOCAL GROUP RTS 29-09-20 | EUR | 174,700 | 17.47 | 0.00 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| SPIE SA | EUR | 15,018 | 230,526.30 | 0.20 |
| THALES | EUR | 7,542 | 483,894.72 | 0.41 |
| TOTAL SE | EUR | 9,185 | 268,202.00 | 0.23 |
| WORLDLINE SA | EUR | 5,451 | 382,224.12 | 0.33 |
| TOTAL FRANCE |  |  | 6,946,120.77 | 5.91 |
| IRELAND |  |  |  |  |
| MEDTRONIC PLC | USD | 3,834 | 339,768.29 | 0.29 |
| TOTAL IRELAND |  |  | 339,768.29 | 0.29 |
| ITALY |  |  |  |  |
| ENEL SPA | EUR | 78,350 | 581,200.30 | 0.49 |
| ENI SPA | EUR | 28,942 | 193,564.10 | 0.16 |
| FINECOBANK SPA | EUR | 52,892 | 621,745.46 | 0.54 |
| TOTAL ITALY |  |  | 1,396,509.86 | 1.19 |
| JAPAN |  |  |  |  |
| RECRUIT HOLDINGS COLTD | JPY | 6,600 | 221,867.11 | 0.19 |
| SONY CORP | JPY | 2,600 | 168,753.47 | 0.14 |
| TOYOTA MOTOR | JPY | 3,700 | 207,260.22 | 0.18 |
| TOTAL JAPAN |  |  | 597,880.80 | 0.51 |
| NETHERLANDS |  |  |  |  |
| ABN AMRO GROUP GDR | EUR | 20,566 | 147,088.03 | 0.13 |
| BASIC FIT NV | EUR | 7,542 | 153,479.70 | 0.13 |
| EURONEXT NV - W/I | EUR | 3,166 | 338,445.40 | 0.28 |
| KONINKLIJKE KPN NV | EUR | 102,460 | 205,637.22 | 0.18 |
| RANDSTAD N.V. | EUR | 3,816 | 169,926.48 | 0.14 |
| ROYAL DUTCH SHELL - A | EUR | 18,039 | 194,424.34 | 0.17 |
| ROYAL DUTCH SHELL RTS | USD | 18,039 | 0.00 | 0.00 |
| ROYAL DUTCH SHELL RTS 28.08.2020 | EUR | 18,039 | 0.00 | 0.00 |
| UNILEVER NV | EUR | 4,099 | 211,098.50 | 0.18 |
| TOTAL NETHERLANDS |  |  | 1,420,099.67 | 1.21 |
| UNITED KINGDOM |  |  |  |  |
| SMITHS GROUP PLC | GBP | 10,120 | 153,409.40 | 0.13 |
| TOTAL UNITED KINGDOM |  |  | 153,409.40 | 0.13 |
| SINGAPORE |  |  |  |  |
| SINGAPORE TELECOMMUNICATIONS | SGD | 249,000 | 329,770.42 | 0.28 |
| TOTAL SINGAPORE |  |  | 329,770.42 | 0.28 |
| SWITZERLAND |  |  |  |  |
| LOGITECH INTERNATIONAL SA | CHF | 3,638 | 242,049.32 | 0.21 |
| NESTLE NOM. | CHF | 1,353 | 137,315.65 | 0.12 |
| NOVARTIS AG-REG | CHF | 3,437 | 254,931.70 | 0.22 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| ROCHE HOLDING AG-GENUSSSCHEIN | CHF | 1,025 | 299,836.40 | 0.25 |
| SOFTWAREONE HOLDING AG | CHF | 11,905 | 284,544.25 | 0.23 |
| SWISS RE NAMEN AKT | CHF | 2,327 | 147,479.98 | 0.13 |
| TOTAL SWITZERLAND |  |  | 1,366,157.30 | 1.16 |
| TOTAL Equities and equivalent securities traded on regulated or equivalent markets |  |  | 22,952,123.47 | 19.54 |
| TOTAL Equities and equivalent securities |  |  | 22,952,123.47 | 19.54 |
| Bonds and equivalent securities |  |  |  |  |
| Bonds and equivalent securities traded on a regulated or equivalent market |  |  |  |  |
| GERMANY |  |  |  |  |
| COMMERBANK AG 7.75% 03/21 | EUR | 2,000,000 | 2,150,955.51 | 1.83 |
| VOLKSWAGEN BANK E3R+0.42% 15-06-21 | EUR | 1,000,000 | 999,896.18 | 0.85 |
| TOTAL GERMANY |  |  | 3,150,851.69 | 2.68 |
| ARGENTINA |  |  |  |  |
| ARGENTINE REP GVT INTL BOND AUTRE V 09-07-35 | USD | 804,498 | 258,250.27 | 0.22 |
| ARGENTINE REP GVT INTL BOND 0.0% 09-07-30 | USD | 68,501 | 24,371.84 | 0.02 |
| ARGENTINE REP GVT INTL BOND 0.0% 09-07-30 | USD | 53,293 | 20,790.82 | 0.02 |
| PROVINCE OF BUENOS AIRES 5.375% 20-01-23 | EUR | 900,000 | 351,220.50 | 0.30 |
| YPF SOCI ANON 8.5% 28-07-25 | USD | 500,000 | 316,484.76 | 0.27 |
| TOTAL ARGENTINA |  |  | 971,118.19 | 0.83 |
| AUSTRIA |  |  |  |  |
| RAIFFEISEN BANK INTL AG 0.25% 05-07-21 | EUR | 2,000,000 | 2,007,945.68 | 1.71 |
| TOTAL AUSTRIA |  |  | 2,007,945.68 | 1.71 |
| BULGARIA |  |  |  |  |
| BULGARIA GOVERNMENT INTL BOND 1.375% 23-09-50 | EUR | 246,000 | 240,095.76 | 0.20 |
| TOTAL BULGARIA |  |  | 240,095.76 | 0.20 |
| CHILE |  |  |  |  |
| REPU DU CHIL 1.625% 30-01-25 | EUR | 1,050,000 | 1,127,854.49 | 0.96 |
| TOTAL CHILE |  |  | 1,127,854.49 | 0.96 |
| CYPRUS |  |  |  |  |
| CYPRUS GOVERNMENT INTL BOND 0.625% 03-12-24 | EUR | 500,000 | 513,228.13 | 0.44 |
| CYPRUS GOVERNMENT INTL BOND 2.75% 03-05-49 | EUR | 500,000 | 662,348.53 | 0.56 |
| TOTAL CYPRUS |  |  | 1,175,576.66 | 1.00 |
| COLOMBIA |  |  |  |  |
| COLOMBIA 7.375% 18/09/37 *USD | USD | 200,000 | 241,046.02 | 0.21 |
| TOTAL COLOMBIA |  |  | 241,046.02 | 0.21 |
| CROATIA |  |  |  |  |
| CROATIA GOVERNMENT INTERNATIONAL BOND 3.0% 11-03-25 | EUR | 500,000 | 566,587.16 | 0.48 |
| CROATIA GOVERNMENT INTERNATIONAL BOND 3.875% 30-05-22 | EUR | 900,000 | 970,060.99 | 0.83 |
| CROATIA GOVERNMENT INTERNATIONAL BOND 5.5% 04-04-23 | USD | 200,000 | 193,633.98 | 0.16 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| CROATIA GOVERNMENT INTL BOND 3.0% 20-03-27 | EUR | 750,000 | 871,882.19 | 0.74 |
| TOTAL CROATIA |  |  | 2,602,164.32 | 2.21 |
| ECUADOR |  |  |  |  |
| ECUADOR GOVERNMENT INTL BOND 0.5% 31-07-30 | USD | 60,000 | 34,969.49 | 0.03 |
| ECUADOR GOVERNMENT INTL BOND 0.5% 31-07-35 | USD | 99,060 | 47,553.65 | 0.04 |
| ECUADOR GOVERNMENT INTL BOND 0.5% 31-07-40 | USD | 23,200 | 10,070.76 | 0.01 |
| REPUBLIQUE DE LEQUATEUR ZCP 31-07-30 | USD | 9,448 | 3,793.66 | 0.00 |
| TOTAL ECUADOR |  |  | 96,387.56 | 0.08 |
| SPAIN |  |  |  |  |
| COMU MADR 0.727% 19-05-21 | EUR | 2,000,000 | 2,018,737.64 | 1.72 |
| GENERALITA CATALUN 4.22% 05-35 | EUR | 600,000 | 785,935.81 | 0.67 |
| TOTAL SPAIN |  |  | 2,804,673.45 | 2.39 |
| UNITED STATES OF AMERICA |  |  |  |  |
| MORG STA 2.375% 31-03-21 EMTN | EUR | 2,000,000 | 2,051,396.88 | 1.75 |
| UNITED STATES OF AMERICA 0.125% 15-01-30 | USD | 4,000,000 | 3,792,333.45 | 3.23 |
| UNITED STATES OF AMERICA 0.25% 15-02-50 | USD | 3,800,000 | 3,852,945.82 | 3.27 |
| US TREASURY I 2.125% 15/02/2040 | USD | 2,500,000 | 3,922,526.36 | 3.33 |
| TOTAL UNITED STATES OF AMERICA |  |  | 13,619,202.51 | 11.58 |
| FRANCE |  |  |  |  |
| BPIF 0.5% 25-05-25 EMTN | EUR | 1,600,000 | 1,663,921.32 | 1.42 |
| DEXIA 0.0% 29-05-24 EMTN | EUR | 300,000 | 303,730.36 | 0.26 |
| SNCF R 4.125% 22-03-62 EMTN | EUR | 200,000 | 427,061.93 | 0.36 |
| TOTAL FRANCE |  |  | 2,394,713.61 | 2.04 |
| GREECE |  |  |  |  |
| HELLENIC REPUBLIC GOVERNMENT BOND 3.375% 15-02-25 | EUR | 600,000 | 689,330.41 | 0.59 |
| TOTAL GREECE |  |  | 689,330.41 | 0.59 |
| HUNGARY |  |  |  |  |
| HUNG GOVE INT 5.75% 22-11-23 | USD | 200,000 | 199,465.13 | 0.17 |
| TOTAL HUNGARY |  |  | 199,465.13 | 0.17 |
| ITALY |  |  |  |  |
| ISPIM 2 06/18/21 | EUR | 700,000 | 715,159.21 | 0.61 |
| ITAL BUON POL 2.8% 01-03-67 | EUR | 200,000 | 249,327.56 | 0.21 |
| ITALIAN REPUBLIC 0.85% 15-01-27 | EUR | 800,000 | 820,783.78 | 0.70 |
| ITALY BUONI POLIENNALI DEL TESORO 1.8% 01-03-41 | EUR | 350,000 | 367,249.86 | 0.31 |
| TOTAL ITALY |  |  | 2,152,520.41 | 1.83 |
| KENYA |  |  |  |  |
| EASTERN AND SOUTHERN AFRICAN 5.375% 14-03-22 | USD | 300,000 | 260,016.02 | 0.22 |
| TOTAL KENYA |  |  | 260,016.02 | 0.22 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| LUXEMBOURG |  |  |  |  |
| MHPSA 6 1/4 09/19/29 | USD | 500,000 | 409,478.41 | 0.35 |
| TOTAL LUXEMBOURG |  |  | 409,478.41 | 0.35 |
| MEXICO |  |  |  |  |
| ETAT DU MEXI 1.625% 06-03-24 | EUR | 700,000 | 730,124.02 | 0.62 |
| ETAT DU 3.0% 06-03-45 EMTN | EUR | 500,000 | 519,725.14 | 0.44 |
| MEXI GOVE INT 2.75% 22-04-23 | EUR | 700,000 | 748,454.58 | 0.64 |
| MEXICO GOVERNMENT INTL BOND 4.15% 28-03-27 | USD | 400,000 | 379,837.50 | 0.32 |
| TOTAL MEXICO |  |  | 2,378,141.24 | 2.02 |
| NETHERLANDS |  |  |  |  |
| BNG BANK NV 0.75% 11-01-28 | EUR | 550,000 | 595,702.43 | 0.52 |
| METINVEST BV 5.625% 17-06-25 | EUR | 400,000 | 379,775.24 | 0.32 |
| PETROBRAS GLOBAL FINANCE BV 5.999% 27-01-28 | USD | 400,000 | 381,637.77 | 0.32 |
| TOTAL NETHERLANDS |  |  | 1,357,115.44 | 1.16 |
| PORTUGAL |  |  |  |  |
| PGB 2 7/8 10/15/25 | EUR | 600,000 | 710,864.30 | 0.60 |
| PORTUGAL OBRIGACOES DO TESOURO OT 0.9% 12-10-35 | EUR | 310,000 | 323,556.47 | 0.28 |
| PORTUGAL REPUBLIQUE 4.1% 15-02-45 | EUR | 200,000 | 340,628.01 | 0.29 |
| TOTAL PORTUGAL |  |  | 1,375,048.78 | 1.17 |
| REPUBLIC OF MONTENEGRO |  |  |  |  |
| MONTENEGRO GOVERNMENT INTL BOND 3.375% 21-04-25 | EUR | 1,250,000 | 1,274,830.48 | 1.09 |
| TOTAL REPUBLIC OF MONTENEGRO |  |  | 1,274,830.48 | 1.09 |
| ROMANIA |  |  |  |  |
| ROU 2.75% 29-10-25 EMTN | EUR | 600,000 | 667,482.79 | 0.57 |
| TOTAL ROMANIA |  |  | 667,482.79 | 0.57 |
| UNITED KINGDOM |  |  |  |  |
| FCE 1.66% 11-02-21 EMTN | EUR | 2,000,000 | 2,011,280.89 | 1.72 |
| UNIT KING GIL 1.5% 22-01-21 | GBP | 500,000 | 555,396.08 | 0.47 |
| UNIT KING 0.125% 22-03-26 IND | GBP | 600,000 | 892,455.09 | 0.76 |
| UNITED KINGDOM GILT 0.75% 22-07-23 | GBP | 500,000 | 564,832.16 | 0.48 |
| TOTAL UNITED KINGDOM |  |  | 4,023,964.22 | 3.43 |
| TOTAL Bonds and equivalent securities traded on regulated or equivalent markets |  |  | 45,219,023.27 | 38.49 |
| TOTAL Bonds and equivalent securities |  |  | 45,219,023.27 | 38.49 |
| Debt securities |  |  |  |  |
| Debt securities traded on a regulated or equivalent market |  |  |  |  |
| SPAIN |  |  |  |  |
| ROYAUME DSPAIN ZCP 07-05-21 | EUR | 7,000,000 | 7,021,130.87 | 5.97 |
| SPAI LETR DEL TESO ZCP 16-04-21 | EUR | 4,000,000 | 4,010,842.42 | 3.41 |
| TOTAL SPAIN |  |  | 11,031,973.29 | 9.38 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| FRANCE |  |  |  |  |
| FAURECIA ZCP 07-12-20 | EUR | 2,000,000 | 2,001,772.26 | 1.70 |
| FAURECIA ZCP 07-12-20 | EUR | 2,000,000 | 2,002,475.45 | 1.70 |
| FRENCH REP ZCP 19-05-21 | EUR | 1,400,000 | 1,405,342.25 | 1.20 |
| FRENCH REP ZCP 24-02-21 | EUR | 1,000,000 | 1,002,394.44 | 0.85 |
| FRENCH REP ZCP 24-03-21 | EUR | 4,500,000 | 4,513,000.45 | 3.85 |
| TOTAL FRANCE |  |  | 10,924,984.85 | 9.30 |
| GREECE |  |  |  |  |
| HELLENIC TBILL ZCP 04-01-21 | EUR | 5,000,000 | 4,999,287.60 | 4.26 |
| TOTAL GREECE |  |  | 4,999,287.60 | 4.26 |
| ITALY |  |  |  |  |
| ITALY BUONI TES BOT ZCP 140521 | EUR | 5,000,000 | 5,012,971.06 | 4.27 |
| TOTAL ITALY |  |  | 5,012,971.06 | 4.27 |
| TOTAL Debt securities traded on a regulated or equivalent market |  |  | 31,969,216.80 | 27.21 |
| TOTAL Debt securities |  |  | 31,969,216.80 | 27.21 |
| Undertakings for collective investment |  |  |  |  |
| Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries |  |  |  |  |
| FRANCE |  |  |  |  |
| EdR SICAV – Equity Europe Solve PC EUR Share | EUR | 87,500 | 8,261,750.00 | 7.03 |
| EDR SICAV EQUITY US SOLVE UNIT J USD SHARES | USD | 22,800 | 2,044,251.91 | 1.74 |
| TOTAL FRANCE |  |  | 10,306,001.91 | 8.77 |
| TOTAL Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries |  |  | 10,306,001.91 | 8.77 |
| TOTAL Undertakings for collective investment |  |  | 10,306,001.91 | 8.77 |
| Forward financial instruments |  |  |  |  |
| Futures |  |  |  |  |
| Futures on a regulated or equivalent market CBOT USUL 30A 1220 | USD | -15 | 19,587.05 | 0.02 |
| DJES BANKS 1220 | EUR | 1 | -317.00 | 0.00 |
| EC EURUSD 1220 | USD | 278 | -223,170.38 | -0.20 |
| EUR EUREX DIVID 1220 | EUR | 1 | -3,993.14 | 0.00 |
| EUREX DIVIDEN 1221 | EUR | 2 | -8,320.00 | -0.01 |
| LIFFE LG GILT 1220 | GBP | -2 | 154.35 | 0.00 |
| NE NZDUSD 1220 | USD | -83 | 32,558.73 | 0.03 |
| NQ USA NASDAQ 1220 | USD | -1 | 731.68 | 0.00 |
| RF EURCHF 1220 | CHF | 44 | 20,930.99 | 0.02 |
| RP EURGBP 1220 | GBP | 27 | 2,325.54 | 0.00 |
| SP 500 MINI 1220 | USD | 1 | 6,218.41 | 0.01 |
| STX 50 DIV 1223 | EUR | 1 | 1,256.35 | 0.00 |
| TY CBOT YST 1 1220 | USD | -28 | -1,463.77 | 0.00 |

| Security name | Currenc y | Quantity or nominal amount | Current value | % Net assets |
| --- | --- | --- | --- | --- |
| US US TBOND 3 1220 | USD | -17 | 5,249.86 | 0.00 |
| XEUR EUFF MSC 1220 | EUR | -1 | 582.50 | 0.00 |
| XEUR FBTP BTP 1220 | EUR | -6 | -16,260.00 | -0.01 |
| XEUR FGBL BUN 1220 | EUR | -40 | -14,400.00 | -0.01 |
| XEUR FGBX BUX 1220 | EUR | -1 | -2,720.00 | 0.00 |
| TOTAL Futures on a regulated market |  |  | -181,048.83 | -0.15 |
| TOTAL Futures |  |  | -181,048.83 | -0.15 |
| Options |  |  |  |  |
| Options on a regulated or equivalent market |  |  |  |  |
| DJ EURO STOXX 50 12/2020 CALL 3050 | EUR | 900 | 2,158,200.00 | 1.83 |
| DJ EURO STOXX 50 12/2020 CALL 3450 | EUR | -600 | -216,000.00 | -0.18 |
| TOTAL Options on a regulated market |  |  | 1,942,200.00 | 1.65 |
| TOTAL Conditional forward commitments |  |  | 1,942,200.00 | 1.65 |
| TOTAL Forward financial instruments |  |  | 1,761,151.17 | 1.50 |
| Margin call |  |  |  |  |
| APPEL MARGE EDR FR | CHF | -22,550 | -20,930.99 | -0.02 |
| ROTHSCHILD margin calls in EUR | EUR | 44,171.3 | 44,171.30 | 0.04 |
| ROTHSCHILD margin calls in GBP | GBP | -2,249.38 | -2,479.89 | 0.00 |
| ROTHSCHILD margin calls in USD | USD | 187,962.19 | 160,288.40 | 0.13 |
| TOTAL Margin call |  |  | 181,048.82 | 0.15 |
| Receivables |  |  | 1,104,524.27 | 0.94 |
| Payables |  |  | -119,723.78 | -0.10 |
| Financial accounts |  |  | 4,106,761.18 | 3.50 |
| Net assets |  |  | 117,480,127.11 | 100.00 |

| EdR SICAV - Global Opportunities A EUR shares | EUR | 281,517.100 | 83.52 |
| --- | --- | --- | --- |
| EdR SICAV - Global Opportunities I EUR shares | EUR | 9,000.000 | 85.45 |
| EdR SICAV - Global Opportunities J EUR shares | EUR | 1,083,948.549 | 85.97 |

ADDITIONAL INFORMATION ABOUT THE COUPON TAX SYSTEM
Portfolio: EDMOND DE ROTHSCHILD SICAV
COUPON BREAKDOWN
|  | OVERALL NET | CURRENCY | PER UNIT | CURRENCY |
| --- | --- | --- | --- | --- |
| Income subject to compulsory, non-definitive withholding tax |  |  |  |  |
| Shares giving entitlement to write-offs and subject to compulsory, non-definitive withholding tax | 249,308.17 | EUR | 0.23 | EUR |
| Other income not giving entitlement to write-offs and subject to compulsory, non-definitive withholding tax |  |  |  |  |
| Non-reportable and non-taxable income |  |  |  |  |
| Amount distributed on gains and losses |  |  |  |  |
| TOTAL | 249,308.17 | EUR | 0.23 | EUR |

Translation (ENDE, 2020-09-30):
# EDMONDDE ROTHSCHILD SICAV
Societe d’Investissement a Capital Variable
EdR SICAV – Euro Sustainable Growth
Geschäftsjahr 2020
MERKMALE
- AuflegungsdatumDer Teilfonds wurde am 7. Dezember 2018 von der AMF zugelassen.

Der Teilfonds wurde am 12. Februar 2019 durch Zusammenlegung durch Aufnahme des folgenden FCP und unter Beibehaltung der ISIN-Codes aufgelegt:
-	
Edmond de Rothschild Euro Sustainable Growth wurde am 10. Februar 2005 errichtet.
- Klassifizierung:Aktien aus Ländern der Eurozone.
- Anlageziel:Das Management des Teilfonds verfolgt das Ziel, während des empfohlenen Anlagehorizonts eine Outperformance im Vergleich zu seinem Referenzindex MSCI EMU zu erreichen. Dies soll mittels Anlagen in Unternehmen aus der Eurozone erreicht werden, die finanzielle Rentabilität mit der Umsetzung einer Politik zur Einhaltung außerfinanzieller Kriterien in Einklang bringen.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- Referenzindex:Die Wertentwicklung des Teilfonds kann für die in Euro begebenen Aktien mit dem Index MSCI EMU mit Wiederanlage der Nettodividenden und Angabe in Euro verglichen werden. Der Index MSCI EMU (Ticker Bloomberg: NDDUEMU Index) umfasst 300 Werte aus den Mitgliedsländern der Eurozone. Die Auswahl der Werte erfolgt anhand ihrer Börsenkapitalisierung, ihrem Transaktionsvolumen und ihrem Aktivitätssektor. Der Index ist bemüht, eine Gewichtung nach Ländern und Aktivitätssektoren vorzunehmen, mit der sich ein bestmögliches Abbild der wirtschaftlichen Struktur der Eurozone erzielen lässt. Der Index wird von MSCI Barra berechnet und veröffentlicht, und die Daten sind unter www.mscibarra.com verfügbar.

Der Verwalter MSCI Limited (Website: http://www.msci.com) des MSCI EMU ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
Da die Verwaltung des Teilfonds nicht an die Nachbildung eines Index gebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener des Referenzindex abweichen, der lediglich als Vergleichsindex dient.
- Risikoprofil:Ihr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher
hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Anteilsinhaber wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit dem entsprechenden Unternehmen zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko in Zusammenhang mit der Selektion ethischer Anlagen (ISR):
Die Auswahl von ISR-Titeln kann zu Abweichungen des Teilfonds vom Referenzindex führen. Risiken im Zusammenhang mit Total Return Swaps:
Der Einsatz Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. 1So können diese Kontrakte eine negative Auswirkung auf den Nettoinventarwert des OGA haben.
Rechtliches Risiko:
Es besteht das Risiko einer unzureichenden Ausarbeitung der mit den Gegenparteien von Total Return Swaps abgeschlossenen Kontrakte.
- Zulässige Anleger:Der Teilfonds richtet sich insbesondere an Anleger, die ihre Mittel dynamisch in Gesellschaften der Eurozone anlegen möchten, die eine aktive Politik der nachhaltigen Entwicklung verfolgen.

Aktienklassen A EUR, B EUR: Alle Anleger
Aktienklassen CR EUR und CRD EUR: Alle Anleger, wobei diese Anteile nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, im Rahmen einer spezifischen Vereinbarung, die ihnen keine Entgegennahme oder Vereinnahmung von Gebührenrückvergütungen erlaubt,
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung seines Kunden im Rahmen eines Verwaltungsmandats.

Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.
Die Anteile werden nicht in allen Ländern für die Vermarktung registriert. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung des OGA anvertraut wurde.
Aktienklassen I EUR, J EUR, K EUR und O EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter.
Aktienklassen R EUR: Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden.
- Ergebnisverwendung:

| Ausschüttungsfähige Beträge | Aktienklassen „A EUR“, „CR EUR“, „R EUR“, „I EUR“ und „K EUR“ | Aktienklassen „B EUR“, „CRD EUR“, „J EUR“ und „O EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

ENTWICKLUNG DES NETTOVERMÖGENS
| Daten | Nettovermögen in Mio. Euro € | Anzahl der im Umlauf befindlichen Aktien | Netto- Rücknahmepreis der Aktie in Euro € |
| --- | --- | --- | --- |
| 12 | Februar	2019* |  |  |  |
|  | Aktienklasse A EUR | 52,08 | 137.355,90 | 379,13 |
|  | Aktienklasse K EUR | 38,23 | 204.789,03 | 186,66 |
|  | Aktienklasse I EUR | 36,31 | 168.565,67 | 215,42 |
|  | Aktienklasse CR EUR | 31,87 | 344.185,19 | 92,58 |
| 30 | September	2019 |  |  |  |
|  | Aktienklasse A EUR | 77,76 | 182.242,128 | 426,67 |
|  | Aktienklasse K EUR | 59,98 | 283.481,835 | 211,57 |
|  | Aktienklasse I EUR | 102,74 | 421.538,095 | 243,72 |
|  | Aktienklasse CR EUR | 69,20 | 663.168,753 | 104,34 |
|  | Aktienklasse CRD EUR | 23,43 | 223.531,500 | 104,80 |
|  | Aktienklasse O EUR | 15,08 | 150.000,000 | 100,51 |
| 31 | März 2020 |  |  |  |
|  | Aktienklasse A EUR | 76,04 | 216.410,143 | 351,35 |
|  | Aktienklasse K EUR | 47,41 | 268.920,589 | 176,30 |
|  | Aktienklasse I EUR | 94,85 | 470.454,554 | 201,62 |
|  | Aktienklasse CR EUR | 65,37 | 759.702,711 | 86,05 |
|  | Aktienklasse CRD EUR | 20,40 | 235.743,000 | 86,55 |

|  | Aktienklasse O EUR | 16,81 | 200.320,000 | 83,90 |
| --- | --- | --- | --- | --- |
| 30 | September	2020 |  |  |  |
|  | Aktienklasse A EUR | 104,09 | 245.415,52 | 424,14 |
|  | Aktienklasse K EUR | 55,85 | 259.605,67 | 215,13 |
|  | Aktienklasse I EUR | 109,65 | 448.620,63 | 244,41 |
|  | Aktienklasse CR EUR | 76,31 | 733.706,96 | 104,00 |
|  | Aktienklasse CRD EUR | 25,17 | 240.518,00 | 104,63 |
|  | Aktienklasse O EUR | 16,37 | 159.639,41 | 102,55 |

* Die SICAV und EdR SICAV – Euro Sustainable Growth wurden am 12. Februar 2019 durch Zusammenlegung durch Aufnahme des FCP Edmond de Rothschild Euro Sustainable Growth aufgelegt.
ERGEBNISVERWENDUNG FÜR DAS GESCHÄFTSJAHR 2020
Für die ausschüttende Aktienklasse „B EUR“:
Der Verwaltungsrat stellt fest, dass zum 30. September 2020 die ausschüttende Aktienklasse B EUR nicht gezeichnet wurde.
Für die ausschüttende Aktienklasse „CRD EUR“:
Das Nettoergebnis des Geschäftsjahres beläuft sich auf -365.022,52 €.
Wir schlagen Ihnen vor, dieses Ergebnis dem Kapitalkonto des Teilfonds zuzuweisen.
Die ausschüttungsfähigen Beträge aus den realisierten Nettogewinnen und -verlusten des Geschäftsjahres zum
30. September 2020 belaufen sich auf 0 €.
Für die ausschüttende Aktienklasse „J EUR“:
Der Verwaltungsrat stellt fest, dass zum 30. September 2020 die ausschüttende Aktienklasse J EUR nicht gezeichnet wurde.
Für die ausschüttende Aktienklasse „O EUR“:
Das Ergebnis des Geschäftsjahres beläuft sich für die Aktienklasse auf 94.717,99 €.
Es schlüsselt sich wie folgt auf:
- das ausschüttungsfähige Nettoergebnis beläuft sich auf 94.187,25 €
- der Ergebnisvortrag beläuft sich auf 530,74 € Wir schlagen Ihnen folgende Ausschüttung vor:

|  | Netto in € |
| --- | --- |
| Erträge sonstiger Aktien, die Anspruch auf einen Steuerfreibetrag geben | 0,59 |
| Summe je Aktie | 0,59 |

Zahlung am 06.01.2021.
Die ausschüttungsfähigen Beträge aus den realisierten Nettogewinnen und -verlusten des Geschäftsjahres zum
30. September 2020 belaufen sich auf 0 €.
EDR SICAV – EURO SUSTAINABLE GROWTH
JAHRESABSCHLUSS 30.09.2020
|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| Anlagen netto | 0,00 | 0,00 |
| Einlagen | 0,00 | 0,00 |
| Finanzinstrumente | 380.700.355,70 | 324.871.373,54 |
| Aktien und ähnliche Wertpapiere | 376.919.317,21 | 321.575.116,73 |
| An einem geregelten oder ähnlichen Markt gehandelt | 376.919.317,21 | 321.575.116,73 |
| Nicht an einem geregelten oder ähnlichen Markt gehandelt | 0,00 | 0,00 |
| Anleihen und ähnliche Wertpapiere | 0,00 | 0,00 |
| An einem geregelten oder ähnlichen Markt gehandelt | 0,00 | 0,00 |
| Nicht an einem geregelten oder ähnlichen Markt gehandelt | 0,00 | 0,00 |
| Forderungspapiere | 0,00 | 0,00 |
| An einem geregelten oder ähnlichen Markt gehandelt | 0,00 | 0,00 |
| Handelbare Schuldtitel | 0,00 | 0,00 |
| Sonstige Forderungspapiere | 0,00 | 0,00 |
| Nicht an einem geregelten oder ähnlichen Markt gehandelt | 0,00 | 0,00 |
| Organismen für gemeinsame Anlagen | 3.781.038,49 | 3.296.256,81 |
| OGAW und FIA allgemeiner Ausrichtung für nicht professionelle Anleger und vergleichbare Anlagen anderer Länder | 3.781.038,49 | 3.296.256,81 |
| Sonstige Fonds für Privatanleger und vergleichbare Anlagen in anderen EU-Mitgliedstaaten | 0,00 | 0,00 |
| Fonds allgemeiner Ausrichtung für professionelle Anleger und vergleichbare Anlagen in anderen EU-Mitgliedstaaten und kotierten Verbriefungsorganismen | 0,00 | 0,00 |
| Sonstige Anlagefonds für professionelle Anleger und vergleichbare Anlagen in anderen EU-Mitgliedstaaten und nicht kotierten Verbriefungsorganismen | 0,00 | 0,00 |
| Sonstige außereuropäische Organismen | 0,00 | 0,00 |
| Vorübergehende Wertpapiergeschäfte | 0,00 | 0,00 |
| Forderungen aus in Pension genommenen Wertpapieren | 0,00 | 0,00 |
| Forderungen aus verliehenen Wertpapieren | 0,00 | 0,00 |
| Entliehene Wertpapiere | 0,00 | 0,00 |
| In Pension gegebene Wertpapiere | 0,00 | 0,00 |
| Sonstige vorübergehende Geschäfte | 0,00 | 0,00 |
| Finanztermininstrumente | 0,00 | 0,00 |
| Transaktionen an geregelten oder ähnlichen Märkten | 0,00 | 0,00 |
| Sonstige Geschäfte | 0,00 | 0,00 |
| Sonstige Finanzinstrumente | 0,00 | 0,00 |
| Forderungen | 142.505,01 | 690.751,73 |
| Devisentermingeschäfte | 0,00 | 0,00 |
| Sonstige | 142.505,01 | 690.751,73 |
| Finanzkonten | 13.161.843,16 | 42.783.329,11 |
| Liquide Mittel | 13.161.843,16 | 42.783.329,11 |
| Summe der Aktiva | 394.004.703,87 | 368.345.454,38 |

|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| Eigenkapital |  |  |
| Kapital | 395.252.242,83 | 347.195.982,24 |
| Nicht ausgeschüttete vorherige Nettogewinne und -verluste (a) | 0,00 | 0,00 |
| Ergebnisvortrag (a) | 0,00 | 0,00 |
| Nettogewinne und -verluste des Geschäftsjahrs (a, b) | -3.296.918,42 | -2.252.377,77 |
| Ergebnis des Geschäftsjahres (a, b) | -4.519.380,59 | 3.229.622,56 |
| Summe des Eigenkapitals (= Betrag des Nettovermögens) | 387.435.943,82 | 348.173.227,03 |
| Finanzinstrumente | 0,00 | 0,00 |
| Veräußerungen von Finanzinstrumenten | 0,00 | 0,00 |
| Vorübergehende Wertpapiergeschäfte | 0,00 | 0,00 |
| Verbindlichkeiten aus in Pension gegebenen Wertpapieren | 0,00 | 0,00 |
| Verbindlichkeiten aus entliehenen Wertpapieren | 0,00 | 0,00 |
| Sonstige vorübergehende Geschäfte | 0,00 | 0,00 |
| Finanztermininstrumente | 0,00 | 0,00 |
| Transaktionen an geregelten oder ähnlichen Märkten | 0,00 | 0,00 |
| Sonstige Geschäfte | 0,00 | 0,00 |
| Verbindlichkeiten | 6.568.760,05 | 20.172.186,77 |
| Devisentermingeschäfte | 0,00 | 0,00 |
| Sonstige | 6.568.760,05 | 20.172.186,77 |
| Finanzkonten | 0,00 | 40,58 |
| Laufende Bankverbindlichkeiten | 0,00 | 40,58 |
| Darlehen | 0,00 | 0,00 |
| Summe Passiva | 394.004.703,87 | 368.345.454,38 |

- einschließlich Rechnungsabgrenzungsposten
- abzüglich der Vorauszahlungen für das Geschäftsjahr

|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| Deckungsgeschäfte |  |  |
| Engagement an geregelten oder ähnlichen Märkten |
| Engagement an außerbörslichen Märkten |
| Sonstige Engagements |
| Sonstige Geschäfte |
| Engagement an geregelten oder ähnlichen Märkten |
| Engagement an außerbörslichen Märkten |
| Sonstige Engagements |

|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| Erträge aus Finanzgeschäften |  |  |
| Erträge aus Einlagen und Finanzkonten | 0,00 | 0,00 |
| Erträge aus Aktien und aktienähnlichen Wertpapieren | 5.680.777,85 | 4.748.389,03 |
| Erträge aus Anleihen und ähnlichen Wertpapieren | 0,00 | 0,00 |
| Erträge aus Forderungspapieren | 0,00 | 0,00 |
| Erträge aus vorübergehenden Käufen und Verkäufen von Wertpapieren | 0,00 | 0,00 |
| Erträge aus Finanztermininstrumenten | 0,00 | 0,00 |
| Sonstige Finanzerträge | 0,00 | 0,00 |
| Summe (1) | 5.680.777,85 | 4.748.389,03 |
| Aufwendungen für Finanzgeschäfte |  |  |
| Aufwendungen für vorübergehende Käufe und Verkäufe von Wertpapieren | 0,00 | 0,00 |
| Aufwendungen für Finanztermininstrumente | 0,00 | 0,00 |
| Aufwendungen für Finanzverbindlichkeiten | 97.839,14 | 25.814,60 |
| Sonstige finanzielle Aufwendungen | 0,00 | 0,00 |
| Summe (2) | 97.839,14 | 25.814,60 |
| Ergebnis aus Finanzgeschäften (1 – 2) | 5.582.938,71 | 4.722.574,43 |
| Sonstige Erträge (3) | 0,00 | 0,00 |
| Verwaltungskosten und Zuführungen für Abschreibungen (4) | 9.890.925,67 | 2.493.634,79 |
| Nettoergebnis des Geschäftsjahres (L. 214-17-1) (1 – 2 + 3 – 4) | -4.307.986,96 | 2.228.939,64 |
| Abgrenzung der Erträge des Geschäftsjahres (5) | -211.393,63 | 1.000.682,92 |
| Für das Geschäftsjahr ausgezahlte Vorabausschüttungen auf das Ergebnis (6) | 0,00 | 0,00 |
| Ergebnis (1 – 2 + 3 – 4 + 5 – 6) | -4.519.380,59 | 3.229.622,56 |

Die Verwaltungskosten beinhalten Gebühren im Zusammenhang mit Steuerrückforderungen in Höhe von 6.743,87 Euro.

### ANLAGEN ZUM JAHRESABSCHLUSS
1. RECHNUNGSLEGUNGSVORSCHRIFTEN UND -METHODEN
Die Darstellung des Jahresabschlusses entspricht den Vorschriften der Verordnung ANC 2014-01 in ihrer geänderten Fassung.
Folgende allgemeine Rechnungslegungsgrundsätze sind anwendbar:
- Vermittlung eines den tatsächlichen Verhältnissen entsprechenden Bildes, Vergleichbarkeit, Unternehmensfortführung,
- Ordnungsmäßigkeit, Richtigkeit,
- Vorsicht,
- Beibehaltung der Rechnungslegungsmethoden von einem Geschäftsjahr zum nächsten.

Die Erträge festverzinslicher Wertpapiere werden nach der Methode der vereinnahmten Zinsen erfasst. Zu- und Abgänge von Wertpapieren werden ohne Gebühren verbucht.
Die Referenzwährung des Portfolios ist der Euro.
Das Geschäftsjahr umfasst 12 Monate.
Informationen zu den Auswirkungen in Verbindung mit der COVID-19-Krise
Der Abschluss wurde vom Verwaltungsrat auf der Grundlage der verfügbaren Informationen vor dem von Änderungen geprägten Hintergrund der Krise in Verbindung mit COVID-19 genehmigt.
Regeln für die Bewertung der Vermögenswerte
Finanzinstrumente werden nach dem Anschaffungskostenprinzip erfasst und zum aktuellen Wert bilanziert, der unter Heranziehung des letzten bekannten Marktwerts oder, falls kein Markt vorhanden ist, anhand externer Hilfsmittel oder mithilfe von Finanzmodellen ermittelt wird.
Unterschiede zwischen den aktuellen Werten, die zur Berechnung des Nettoinventarwerts verwendet werden und den historischen Anschaffungskosten der Wertpapiere bei ihrer Aufnahme ins Portfolio werden unter den
„Bewertungsdifferenzen“ erfasst.
Werte, die nicht auf die Portfoliowährung lauten, werden nach der unten erläuterten Methode bewertet und dann zum Wechselkurs am Bewertungstag in die Währung des Portfolios umgerechnet.

###### Einlagen:
Einlagen mit einer Restlaufzeit von bis zu drei Monaten werden nach der Linearmethode bewertet.

###### Aktien, Anleihen und sonstige Werte, die an einem geregelten oder ähnlichen Markt gehandelt werden:
Zur Berechnung des Nettoinventarwerts werden Aktien und sonstige an einem geregelten oder ähnlichen Markt gehandelte Papiere zum Schlusskurs des Börsentages bewertet.
Anleihen und ähnliche Werte werden zu dem von unterschiedlichen Finanzdienstleistern bekanntgegebenen Schlusskurs bewertet. Für Anleihen und ähnliche Werte aufgelaufene Zinsen werden bis zum Datum des Nettoinventarwerts berechnet.

###### Aktien, Anleihen und sonstige Werte, die nicht an einem geregelten oder ähnlichen Markt gehandelt werden:
Nicht an einem geregelten Markt gehandelte Werte werden in Verantwortung des Verwaltungsrats bewertet. Die Bewertungsmethoden beruhen auf dem Wert des Vermögens und dem Ertrag unter Berücksichtigung der Preise, die für die jüngsten umfangreichen Transaktionen galten.

###### Handelbare Forderungspapiere:
Handelbare Forderungspapiere und ähnliche Wertpapiere, die nicht Gegenstand umfangreicher Transaktionen sind, werden nach einer versicherungsmathematischen Methode auf Basis eines nachstehend definierten Referenzzinssatzes bewertet, gegebenenfalls zuzüglich einer Spanne entsprechend den intrinsischen Merkmalen des Emittenten: Handelbare Forderungspapiere mit einer Laufzeit von bis zu einem Jahr: Euro InterBank Offered Rate (Euribor);
Handelbare Forderungspapiere mit einer Laufzeit von über einem Jahr: Zinssatz für mittelfristige französische Staatsanleihen (BTAN) oder Zinssatz für langfristige französische Staatsanleihen (OAT) mit baldiger Fälligkeit bei den längsten Laufzeiten.
Handelbare Forderungspapiere mit einer Restlaufzeit von bis zu drei Monaten können nach der Linearmethode bewertet werden.
Staatsanleihen werden zum täglich von der Banque de France veröffentlichten Marktzins bewertet.

###### Gehaltene OGA:
OGA-Anteile oder -Aktien werden zum letzten bekannten Nettoinventarwert bewertet.

###### Vorübergehende Wertpapiergeschäfte:
In Pension genommene Wertpapiere werden auf der Aktivseite unter dem Posten „Forderungen aus in Pension genommenen Wertpapieren“ in der vertraglich vereinbarten Höhe zuzüglich auflaufender Zinsen erfasst.
In Pension gegebene Wertpapiere werden zum aktuellen Wert im Kaufportfolio erfasst. Verbindlichkeiten aus in Pension gegebenen Wertpapieren werden im Verkaufsportfolio zum vertraglich vereinbarten Wert zuzüglich auflaufender Zinsverbindlichkeiten erfasst.
Verliehene Wertpapiere werden zu ihrem aktuellen Wert bewertet und auf der Aktivseite unter dem Posten „Forderungen aus verliehenen Wertpapieren“ zum aktuellen Wert zuzüglich auflaufender Zinsen erfasst.
Entliehene Wertpapiere werden auf der Aktivseite unter dem Posten „Entliehene Wertpapiere“ in der vertraglich vereinbarten Höhe und auf der Passivseite unter dem Posten „Verbindlichkeiten aus entliehenen Wertpapieren“ in der vertraglich vereinbarten Höhe zuzüglich auflaufender Zinsen ausgewiesen.

###### Finanztermininstrumente:
An einem geregelten oder ähnlichen Markt gehandelte Finanztermininstrumente:
An geregelten Märkten gehandelte Finanztermininstrumente werden mit den täglichen Abrechnungskursen bewertet.
Nicht an einem geregelten oder ähnlichen Markt gehandelte Finanztermininstrumente:
Swaps:
Zins- und/oder Währungsswap-Kontrakte werden mit ihrem Marktwert bewertet, der dem Preis entspricht, der sich aus der Abzinsung der zukünftigen Zinsströme auf die Marktzinssätze und/oder Marktwechselkurse ergibt. Dieser Preis wird um das Ausfallrisiko berichtigt.
Index-Swaps werden versicherungsmathematisch auf Basis eines von der Gegenpartei gestellten Referenzzinssatzes bewertet.
Die sonstigen Swaps werden zu ihrem Marktwert oder einem Wert bewertet, der nach den vom Verwaltungsrat festgelegten Modalitäten ermittelt wird.
Außerbilanzielle Verpflichtungen:
Feste Termingeschäfte werden in den außerbilanziellen Verpflichtungen anhand des im Portfolio verwendeten Kurses zum Marktwert ausgewiesen.
Unbedingte Termingeschäfte werden in den entsprechenden Basiswert umgerechnet.
Währungskontrakte werden zum Nominalwert ausgewiesen oder, falls kein Nominalwert vorliegt, zu einem gleichwertigen Betrag.
Betriebs- und Verwaltungskosten:
Die Betriebs- und Verwaltungskosten decken alle Gebühren für den OGA ab: Finanzmanagement, Verwaltung, Rechnungslegung, Verwahrung, Vertrieb, Kosten der Abschlussprüfung usw.
Diese Kosten werden in der Gewinn- und Verlustrechnung des OGA verbucht.
Die Verwaltungskosten enthalten keine Transaktionskosten. Für weitere Angaben zu den dem OGA tatsächlich berechneten Kosten wird auf den Verkaufsprospekt verwiesen.
Sie werden zeitanteilig bei jeder Berechnung des Nettoinventarwerts verbucht.
Der auf Basis des Nettovermögens angewendete Zinssatz beträgt: Für Finanzverwaltungskosten
- Aktienklasse A EUR: 1,95 % inkl. aller Steuern
- Aktienklassen CR EUR: 1,65 % inkl. aller Steuern
- Aktienklasse CRD EUR: 1,65 % inkl. aller Steuern
- Aktienklassen I EUR: 0,95 % inkl. aller Steuern
- Aktienklasse K EUR: 1,10 % inkl. aller Steuern
- Aktienklasse O EUR: 0,75 % inkl. aller SteuernFür die nicht die Verwaltungsgesellschaft betreffenden Verwaltungskosten, insbesondere Gebühren für Depotbank, Fondsbewerter und Abschlussprüfer usw.

Für alle Aktienklassen beträgt der Satz:
- -0,14 % vom 01.10.2019 bis zum 03.01.2020
- -0,13 % vom 06.01.2019 bis zum 26.06.2020
- -0,11 % vom 29.06.2020 bis zum 30.09.2020
Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden für die Aktienklassen A EUR, CR EUR, CRD EUR und I EUR zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben:
Referenzindex: MSCI EMU (NR), mit Wiederanlage der Nettodividenden
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex des Teilfonds nach Anpassung für Zeichnungen und Rücknahmen Teilfonds wieder.
Sobald die Wertentwicklung des Teilfonds diejenige des Referenzindex überschreitet, wird eine Provision von 15 % nach Steuern auf die Outperformance erhoben.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Falls die Wertentwicklung des Teilfonds innerhalb des Berechnungszeitraums unter derjenigen des Referenzindex liegt, fällt keine erfolgsabhängige Provision an.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Beim Rückkauf von Aktien fällt der diesen entsprechende Anteil an der erfolgsabhängigen Provision endgültig der Verwaltungsgesellschaft zu.

#### Swing-Pricing
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung
„Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften sowohl von der besonderen Situation des Zeichners und/oder von den Gesetzen, denen der OGAW unterliegt, ab.
In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.

#### Verwendung der ausschüttungsfähigen Beträge
Definition der ausschüttungsfähigen Beträge:
Bei den ausschüttungsfähigen Beträgen handelt es sich um:
Das Ergebnis:
Das Nettoergebnis des Geschäftsjahres entspricht dem Betrag der Zinsen, fälligen Zahlungen, Prämien und Gewinnen aus Losanleihen, Dividenden, Sitzungsgeldern sowie jeglicher Erträge aus Wertpapieren im Anlagebestand des Portfolios zuzüglich des Ertrags der aktuell verfügbaren Gelder abzüglich der Verwaltungskosten und der Kosten für Kreditaufnahmen. Hinzu kommt der Ergebnisvortrag zu- oder abzüglich des Saldos des Ertragsabgrenzungskontos.
Gewinne und Verluste:
Die im Laufe des Geschäftsjahres erzielten Gewinne ohne Gebühren abzüglich der erzielten Verluste ohne Gebühren zuzüglich von im Laufe von vorhergehenden Geschäftsjahren erfassten Nettogewinnen derselben Art, die noch nicht ausgeschüttet oder thesauriert wurden, abzüglich oder zuzüglich des Saldos des Wertsteigerungsabgrenzungskontos.
Modalitäten der Verwendung der ausschüttungsfähigen Beträge:
| Ausschüttungsfähige Beträge | Aktienklassen „A EUR“, „CR EUR“, „R EUR“, „I EUR“ und „K EUR“ | Aktienklassen „B EUR“, „CRD EUR“, „J EUR“ und „O EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| Nettovermögen am Anfang des Geschäftsjahres | 348.173.227,03 | 0,00 |
| Zeichnungen (einschließlich der vom OGA vereinnahmten Zeichnungsgebühren) | 166.857.112,75 | 374.679.108,09 |
| Rücknahmen (abzüglich der vom OGA vereinnahmten Rücknahmegebühren) | -127.166.969,38 | -52.226.448,52 |
| Realisierte Gewinne aus Einlagen und Finanzinstrumenten | 9.893.538,60 | 212.219,34 |
| Realisierte Verluste aus Einlagen und Finanzinstrumenten | -11.766.811,15 | -1.693.987,15 |
| Realisierte Gewinne aus Finanztermininstrumenten | 0,00 | 0,00 |
| Realisierte Verluste aus Finanztermininstrumenten | 0,00 | 0,00 |
| Transaktionskosten | -1.350.941,40 | -656.534,15 |
| Wechselkursdifferenzen | 337.719,84 | 115.289,26 |
| Veränderung der Bewertungsdifferenzen bei Einlagen und Finanzinstrumenten | 6.767.054,49 | 25.514.640,52 |
| Bewertungsdifferenz Geschäftsjahr N | 32.281.695,01 | 25.514.640,52 |
| Bewertungsdifferenz Geschäftsjahr N-1 | -25.514.640,52 | 0,00 |
| Veränderung der Bewertungsdifferenzen bei Finanztermininstrumenten | 0,00 | 0,00 |
| Bewertungsdifferenz Geschäftsjahr N | 0,00 | 0,00 |
| Bewertungsdifferenz Geschäftsjahr N-1 | 0,00 | 0,00 |
| Ausschüttung des Vorjahres auf die Nettogewinne und -verluste | 0,00 | 0,00 |
| Ausschüttung auf das Ergebnis aus dem vorhergehenden Geschäftsjahr | 0,00 | 0,00 |
| Nettoergebnis des Geschäftsjahres vor Rechnungsabgrenzung | -4.307.986,96 | 2.228.939,64 |
| Vorauszahlung(en) im Laufe des Geschäftsjahres auf die Nettogewinne und - verluste | 0,00 | 0,00 |
| Im Laufe des Geschäftsjahres auf das Ergebnis ausbezahlte Vorabausschüttung(en) | 0,00 | 0,00 |
| Sonstige Elemente | 0,00 | 0,00 |
| Nettovermögen am Ende des Geschäftsjahres | 387.435.943,82 | 348.173.227,03 |

- AUFSCHLÜSSELUNG NACH RECHTLICHER ODER WIRTSCHAFTLICHER NATUR DER FINANZINSTRUMENTE

|  | Betrag | % |
| --- | --- | --- |
| Aktiva |  |  |
| Anleihen und ähnliche Wertpapiere |  |  |
| SUMME Anleihen und ähnliche Wertpapiere | 0,00 | 0,00 |
| Forderungspapiere |  |  |
| SUMME Forderungspapiere | 0,00 | 0,00 |
| Passiva |  |  |
| Veräußerungen von Finanzinstrumenten |  |  |
| SUMME Veräußerungen von Finanzinstrumenten | 0,00 | 0,00 |
| Außerbilanzielle Posten |  |  |
| Deckungsgeschäfte |  |  |
| SUMME Deckungsgeschäfte | 0,00 | 0,00 |
| Sonstige Geschäfte |  |  |
| SUMME Sonstige Geschäfte | 0,00 | 0,00 |

- Aufschlüsselung nach den Zinsmerkmalen der Aktiva, Passiva und ausserbilanziellen Posten

|  | Festverzinslich | % | Variabel verzinslich | % | Anpassbarer Zinssatz | % | Sonstige | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Aktiva |  |  |  |  |  |  |  |  |
| Einlagen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Anleihen und ähnliche Wertpapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Forderungspapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Vorübergehende Wertpapiergeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 13.161.843,16 | 3,40 |
| Passiva |  |  |  |  |  |  |  |  |
| Vorübergehende Wertpapiergeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Außerbilanzielle Posten |  |  |  |  |  |  |  |  |
| Deckungsgeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Sonstige Geschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |

- Aufschlüsselung nach den Restlaufzeiten der Aktiva, Passiva und ausserbilanziellen Posten

|  | < 3 Monate | % | ]3 Monate – 1 Jahr] | % | [1 – 3 Jahre] | % | [3 – 5 Jahre] | % | > 5 Jahre | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Aktiva |  |  |  |  |  |  |  |  |  |  |
| Einlagen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Anleihen und ähnliche Wertpapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Forderungspapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Vorübergehende Wertpapiergeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 13.161.843,16 | 3,40 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Passiva |  |  |  |  |  |  |  |  |  |  |
| Vorübergehende Wertpapiergeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Außerbilanzielle Posten |  |  |  |  |  |  |  |  |  |  |
| Deckungsgeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Sonstige Geschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |

Die Zinsterminpositionen werden in Abhängigkeit von der Fälligkeit des Basiswerts dargestellt.
- Aufschlüsselung nach der Notierungs- oder Bewertungswährung der Aktiva, Passiva und außerbilanziellen Posten

|  | SEK | CHF | DKK | Andere Währungen |
| --- | --- | --- | --- | --- |
| Betrag | % | Betrag | % | Betrag | % | Betrag | % |
| Aktiva |  |  |  |  |  |  |  |  |
| Einlagen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Aktien und ähnliche Wertpapiere | 13.525.837,17 | 3,49 | 9.310.432,26 | 2,40 | 9.087.663,50 | 2,35 | 0,00 | 0,00 |
| Anleihen und ähnliche Wertpapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Forderungspapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| OGA | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Vorübergehende Wertpapiergeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Forderungen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 3.761,59 | 0,00 | 12.129,05 | 0,00 | 74,40 | 0,00 | 10.426,02 | 0,00 |
| Passiva |  |  |  |  |  |  |  |  |
| Veräußerungen von Finanzinstrumenten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Vorübergehende Wertpapiergeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Außerbilanzielle Posten |  |  |  |  |  |  |  |  |
| Deckungsgeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Sonstige Geschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |

- FORDERUNGEN UND VERBINDLICHKEITEN: AUFSCHLÜSSELUNG NACH ART

|  | 30.09.2020 |
| --- | --- |
| Forderungen |  |
| Forderungen aus Zeichnungen | 142.505,01 |
| Summe der Forderungen | 142.505,01 |
| Verbindlichkeiten |  |
| Zu zahlende Rücknahmen | 1.875.735,43 |
| Verwaltungskosten | 490.202,32 |
| Variable Verwaltungskosten | 4.202.822,30 |
| Summe Verbindlichkeiten | 6.568.760,05 |

- EIGENKAPITAL
	- Anzahl der ausgegebenen oder zurückgenommenen Papiere


|  | In Aktien | Betrag |
| --- | --- | --- |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse I EUR |  |  |
| Im Geschäftsjahr gezeichnete Aktien | 205.918,478 | 50.454.315,34 |
| Im Geschäftsjahr zurückgenommene Aktien | -178.835,940 | -41.602.462,30 |
| Nettoertrag der Zeichnungen/Rücknahmen | 27.082,538 | 8.851.853,04 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CR EUR |  |  |
| Im Geschäftsjahr gezeichnete Aktien | 261.723,559 | 27.067.874,04 |
| Im Geschäftsjahr zurückgenommene Aktien | -191.185,355 | -19.410.881,88 |
| Nettoertrag der Zeichnungen/Rücknahmen | 70.538,204 | 7.656.992,16 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse A EUR |  |  |
| Im Geschäftsjahr gezeichnete Aktien | 126.815,618 | 53.355.440,11 |
| Im Geschäftsjahr zurückgenommene Aktien | -63.642,230 | -26.523.335,19 |
| Nettoertrag der Zeichnungen/Rücknahmen | 63.173,388 | 26.832.104,92 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse K EUR |  |  |
| Im Geschäftsjahr gezeichnete Aktien | 130.825,584 | 25.908.984,63 |
| Im Geschäftsjahr zurückgenommene Aktien | -154.701,746 | -32.551.929,55 |
| Nettoertrag der Zeichnungen/Rücknahmen | -23.876,162 | -6.642.944,92 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CRD EUR |  |  |
| Im Geschäftsjahr gezeichnete Aktien | 38.141,000 | 3.981.515,88 |
| Im Geschäftsjahr zurückgenommene Aktien | -21.154,500 | -2.174.177,76 |
| Nettoertrag der Zeichnungen/Rücknahmen | 16.986,500 | 1.807.338,12 |
| EdR SICAV – Euro Sustainable Growth Aktienklasse O EUR |  |  |
| Im Geschäftsjahr gezeichnete Aktien | 59.544,410 | 6.088.982,75 |
| Im Geschäftsjahr zurückgenommene Aktien | -49.905,000 | -4.904.182,70 |
| Nettoertrag der Zeichnungen/Rücknahmen | 9.639,410 | 1.184.800,05 |

- Zeichnungs- und/oder Rücknahmegebühren

|  | Betrag |
| --- | --- |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CR EUR |  |
| Vereinnahmte Rücknahmegebühren | 0,00 |
| Vereinnahmte Zeichnungsgebühren | 0,00 |
| Summe der vereinnahmten Gebühren | 0,00 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse I EUR |  |
| Vereinnahmte Rücknahmegebühren | 0,00 |
| Vereinnahmte Zeichnungsgebühren | 0,00 |
| Summe der vereinnahmten Gebühren | 0,00 |

3.6.2. Zeichnungs- und/oder Rücknahmegebühren
|  | Betrag |
| --- | --- |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse A EUR |  |
| Vereinnahmte Rücknahmegebühren | 0,00 |
| Vereinnahmte Zeichnungsgebühren | 0,00 |
| Summe der vereinnahmten Gebühren | 0,00 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse K EUR |  |
| Vereinnahmte Rücknahmegebühren | 0,00 |
| Vereinnahmte Zeichnungsgebühren | 0,00 |
| Summe der vereinnahmten Gebühren | 0,00 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CRD EUR |  |
| Vereinnahmte Rücknahmegebühren | 0,00 |
| Vereinnahmte Zeichnungsgebühren | 0,00 |
| Summe der vereinnahmten Gebühren | 0,00 |
| EdR SICAV – Euro Sustainable Growth Aktienklasse O EUR |  |
| Vereinnahmte Rücknahmegebühren | 0,00 |
| Vereinnahmte Zeichnungsgebühren | 0,00 |
| Summe der vereinnahmten Gebühren | 0,00 |

- VERWALTUNGSKOSTEN

|  | 30.09.2020 |
| --- | --- |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CR EUR |  |
| Garantiegebühren | 0,00 |
| Fixe Verwaltungskosten | 1.325.951,20 |
| Prozentualer Anteil der fixen Verwaltungskosten | 1,78 |
| Variable Verwaltungskosten | 1.047.181,82 |
| Rückvergütungen für Verwaltungskosten | 0,00 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse I EUR |  |
| Garantiegebühren | 0,00 |
| Fixe Verwaltungskosten | 1.172.196,75 |
| Prozentualer Anteil der fixen Verwaltungskosten | 1,08 |
| Variable Verwaltungskosten | 1.626.844,49 |
| Rückvergütungen für Verwaltungskosten | 0,00 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse A EUR |  |
| Garantiegebühren | 0,00 |
| Fixe Verwaltungskosten | 1.852.731,92 |
| Prozentualer Anteil der fixen Verwaltungskosten | 2,08 |
| Variable Verwaltungskosten | 1.243.765,24 |
| Rückvergütungen für Verwaltungskosten | 0,00 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse K EUR |  |
| Garantiegebühren | 0,00 |
| Fixe Verwaltungskosten | 745.295,55 |
| Prozentualer Anteil der fixen Verwaltungskosten | 1,23 |
| Variable Verwaltungskosten | 0,00 |
| Rückvergütungen für Verwaltungskosten | 0,00 |

- VERWALTUNGSKOSTEN

|  | 30.09.2020 |
| --- | --- |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CRD EUR |  |
| Garantiegebühren | 0,00 |
| Fixe Verwaltungskosten | 426.699,58 |
| Prozentualer Anteil der fixen Verwaltungskosten | 1,78 |
| Variable Verwaltungskosten | 284.931,57 |
| Rückvergütungen für Verwaltungskosten | 0,00 |
| EdR SICAV – Euro Sustainable Growth Aktienklasse O EUR |  |
| Garantiegebühren | 0,00 |
| Fixe Verwaltungskosten | 158.583,68 |
| Prozentualer Anteil der fixen Verwaltungskosten | 0,88 |
| Variable Verwaltungskosten | 0,00 |
| Rückvergütungen für Verwaltungskosten | 0,00 |

- VOM FONDS UND GEGENÜBER DEM FONDS EINGEGANGENE VERPFLICHTUNGEN
	- Vom OGA gewährte Garantien:Entfällt

- Sonstige vom Fonds oder gegenüber dem Fonds eingegangene Verpflichtungen:Entfällt
- 1. Zeitwert der Wertpapiere, die Gegenstand eines vorübergehenden Kaufs sind

|  | 30.09.2020 |
| --- | --- |
| In Pension genommene Wertpapiere | 0,00 |
| Entliehene Wertpapiere | 0,00 |

3.9.2. Zeitwert der Wertpapiere, die eine Sicherheitsleistung bilden
|  | 30.09.2020 |
| --- | --- |
| Finanzinstrumente, die als Sicherheit gegeben wurden und weiterhin auf ihrer ursprünglichen Position geführt werden | 0,00 |
| Finanzinstrumente, die als Sicherheit erhalten wurden und nicht in der Bilanz ausgewiesen sind | 0,00 |

3.9.3. Im Portfolio gehaltene Finanzinstrumente der Unternehmensgruppe
|  | ISIN-Code | Währung | 30.09.2020 |
| --- | --- | --- | --- |
| Aktien | FR0011031392 | Edmond de Rothschild Credit Very Short Term R | 0,00 |
| Anleihen | 0,00 |
| Handelbare Forderungspapiere | 0,00 |
| OGA | 3.781.038,49 |
|  | 3.781.038,49 |
| Finanztermininstrumente | 0,00 |

TABELLE ZUR VERWENDUNG DES ANTEILS DER AUF DAS ERGEBNIS ENTFALLENDEN AUSSCHÜTTUNGSFÄHIGEN BETRÄGE
|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| Noch zuzuweisende Beträge |  |  |
| Ergebnisvortrag | 0,00 | 0,00 |
| Ergebnis | -4.519.380,59 | 3.229.622,56 |
| Summe | -4.519.380,59 | 3.229.622,56 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CR EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Vortrag auf das neue Geschäftsjahr | 0,00 | 0,00 |
| Kapitalisierung | -1.251.840,15 | 603.996,36 |
| Summe | -1.251.840,15 | 603.996,36 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse I EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Vortrag auf das neue Geschäftsjahr | 0,00 | 0,00 |
| Kapitalisierung | -1.143.933,13 | 1.277.735,01 |
| Summe | -1.143.933,13 | 1.277.735,01 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse A EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Vortrag auf das neue Geschäftsjahr | 0,00 | 0,00 |
| Kapitalisierung | -1.987.422,34 | 574.107,90 |
| Summe | -1.987.422,34 | 574.107,90 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse K EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Vortrag auf das neue Geschäftsjahr | 0,00 | 0,00 |
| Kapitalisierung | 134.117,21 | 846.706,02 |
| Summe | 134.117,21 | 846.706,02 |

|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CRD EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Vortrag auf das neue Geschäftsjahr | 0,00 | 0,00 |
| Kapitalisierung | -365.020,17 | -71.819,77 |
| Summe | -365.020,17 | -71.819,77 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EdR SICAV – Euro Sustainable Growth Aktienklasse O EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 94.187,25 | 0,00 |
| Vortrag auf das neue Geschäftsjahr | 530,74 | 0,00 |
| Kapitalisierung | 0,00 | -1.102,96 |
| Summe | 94.717,99 | -1.102,96 |
| Angaben zu Aktien, die Anrecht auf eine Ausschüttung geben |  |  |
| Anzahl der Aktien | 159.639,410 | 150.000,000 |
| Ausschüttung je Anteil | 0,59 | 0,00 |
| Steuerguthaben |  |  |
| Mit der Ausschüttung des Ergebnisses verbundene Steuergutschrift | 23.084,92 | 0,00 |

TABELLE ZUR VERWENDUNG DES ANTEILS DER AUF DIE NETTOGEWINNE UND -VERLUSTE ENTFALLENDEN AUSSCHÜTTUNGSFÄHIGEN BETRÄGE
|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| Noch zuzuweisende Beträge |  |  |
| Nicht ausgeschüttete vorherige Nettogewinne und -verluste | 0,00 | 0,00 |
| Nettogewinne und -verluste des Geschäftsjahrs | -3.296.918,42 | -2.252.377,77 |
| Vorauszahlungen auf die Nettogewinne und -verluste des Geschäftsjahrs | 0,00 | 0,00 |
| Summe | -3.296.918,42 | -2.252.377,77 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CR EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 0,00 | 0,00 |
| Kapitalisierung | -651.506,97 | -467.029,49 |
| Summe | -651.506,97 | -467.029,49 |

|  | 30.09.2020 | 30.09.2019 |
| --- | --- | --- |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse I EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 0,00 | 0,00 |
| Kapitalisierung | -931.722,56 | -692.843,25 |
| Summe | -931.722,56 | -692.843,25 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse A EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 0,00 | 0,00 |
| Kapitalisierung | -890.543,61 | -524.996,14 |
| Summe | -890.543,61 | -524.996,14 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse K EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 0,00 | 0,00 |
| Kapitalisierung | -470.690,99 | -405.327,57 |
| Summe | -470.690,99 | -405.327,57 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CRD EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 0,00 | 0,00 |
| Kapitalisierung | -214.868,87 | -162.030,36 |
| Summe | -214.868,87 | -162.030,36 |
|  |
|  | 30.09.2020 | 30.09.2019 |
| EdR SICAV – Euro Sustainable Growth Aktienklasse O EUR |  |  |
| Verwendung |  |  |
| Ausschüttung | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 0,00 | 0,00 |
| Kapitalisierung | -137.585,42 | -150,96 |
| Summe | -137.585,42 | -150,96 |

|  | 30.09.2019 | 30.09.2020 |
| --- | --- | --- |
| Nettovermögen in EUR | 348.173.227,03 | 387.435.943,82 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CR EUR |  |  |
| Nettovermögen in EUR | 69.195.261,84 | 76.307.554,92 |
| Anzahl Aktien | 663.168,753 | 733.706,957 |
| Nettoinventarwert je Anteil in EUR | 104,34 | 104,00 |
| Thesaurierung je Anteil auf die Nettogewinne und -verluste in EUR | -0,70 | -0,88 |
| Thesaurierung je Anteil in EUR auf das Ergebnis | 0,91 | -1,70 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse I EUR |  |  |
| Nettovermögen in EUR | 102.738.554,23 | 109.648.798,24 |
| Anzahl Aktien | 421.538,095 | 448.620,633 |
| Nettoinventarwert je Anteil in EUR | 243,72 | 244,41 |
| Thesaurierung je Anteil auf die Nettogewinne und -verluste in EUR | -1,64 | -2,07 |
| Thesaurierung je Anteil in EUR auf das Ergebnis | 3,03 | -2,54 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse A EUR |  |  |
| Nettovermögen in EUR | 77.758.143,55 | 104.090.688,58 |
| Anzahl Aktien | 182.242,128 | 245.415,516 |
| Nettoinventarwert je Anteil in EUR | 426,67 | 424,14 |
| Thesaurierung je Anteil auf die Nettogewinne und -verluste in EUR | -2,88 | -3,62 |
| Thesaurierung je Anteil in EUR auf das Ergebnis | 3,15 | -8,09 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse K EUR |  |  |
| Nettovermögen in EUR | 59.977.461,66 | 55.849.969,38 |
| Anzahl Aktien | 283.481,835 | 259.605,673 |
| Nettoinventarwert je Anteil in EUR | 211,57 | 215,13 |
| Thesaurierung je Anteil auf die Nettogewinne und -verluste in EUR | -1,42 | -1,81 |
| Thesaurierung je Anteil in EUR auf das Ergebnis | 2,98 | 0,51 |

* Das Steuerguthaben je Anteil wird erst am Ausschüttungsdatum entsprechend den geltenden steuerlichen Vorschriften ermittelt.
|  | 30.09.2019 | 30.09.2020 |
| --- | --- | --- |
| Nettovermögen in EUR | 348.173.227,03 | 387.435.943,82 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CRD EUR |  |  |
| Nettovermögen in EUR | 23.427.024,56 | 25.166.566,77 |
| Anzahl Aktien | 223.531,500 | 240.518,000 |
| Nettoinventarwert je Anteil in EUR | 104,80 | 104,63 |
| Thesaurierung je Anteil auf die Nettogewinne und -verluste in EUR | -0,72 | -0,89 |
| Thesaurierung je Anteil in EUR auf das Ergebnis | -0,32 | -1,51 |
| EdR SICAV – Euro Sustainable Growth Aktienklasse O EUR |  |  |
| Nettovermögen in EUR | 15.076.781,19 | 16.372.365,93 |
| Anzahl Aktien | 150.000,000 | 159.639,410 |
| Nettoinventarwert je Anteil in EUR | 100,51 | 102,55 |
| Thesaurierung je Anteil auf die Nettogewinne und -verluste in EUR | 0,00 | -0,86 |
| Ausschüttung je Anteil in EUR auf das Ergebnis | 0,00 | 0,59 |
| Steuerguthaben je Anteil in EUR | 0,00 | * |
| Vortrag je Anteil in EUR auf das Ergebnis | 0,00 | 0,00 |
| Thesaurierung je Anteil in EUR auf das Ergebnis | -0,01 | 0,00 |

* Das Steuerguthaben je Anteil wird erst am Ausschüttungsdatum entsprechend den geltenden steuerlichen Vorschriften ermittelt.
3.12. BESTAND IN EUR
| Bezeichnung der Werte | Währu ng | Stückzahl, Anzahl od. nominal | Aktueller Wert | % Nettovermöge n |
| --- | --- | --- | --- | --- |
| Aktien und ähnliche Wertpapiere Aktien und ähnliche Wertpapiere, die an einem geregelten oder ähnlichen Markt gehandelt werden DEUTSCHLAND |  |  |  |  |
| ADIDAS NOM. | EUR | 37.219 | 10.276.165,90 | 2,65 |
| ALLIANZ SE-REG | EUR | 64.239 | 10.510.785,18 | 2,71 |
| CARL ZEISS MEDITEC AG | EUR | 66.350 | 7.165.800,00 | 1,85 |
| DEUTSCHE TELEKOM AG | EUR | 677.180 | 9.676.902,20 | 2,50 |
| MÜNCHENER RÜCKVERSICHERUNG AG | EUR | 47.724 | 10.337.018,40 | 2,67 |
| RATIONAL AG | EUR | 12.102 | 8.096.238,00 | 2,09 |
| SAP SE | EUR | 94.950 | 12.605.562,00 | 3,26 |
| SARTORIUS PRIV. | EUR | 21.824 | 7.647.129,60 | 1,97 |
| SYMRISE AG | EUR | 71.983 | 8.493.994,00 | 2,19 |
| SUMME DEUTSCHLAND |  |  | 84.809.595,28 | 21,89 |
| BELGIEN |  |  |  |  |
| UMICORE | EUR | 218.487 | 7.767.212,85 | 2,00 |
| SUMME BELGIEN |  |  | 7.767.212,85 | 2,00 |
| DÄNEMARK |  |  |  |  |
| NOVO NORDISK AS | DKK | 153.968 | 9.087.663,50 | 2,35 |
| SUMME DÄNEMARK |  |  | 9.087.663,50 | 2,35 |
| SPANIEN |  |  |  |  |
| AMADEUS IT GROUP SA | EUR | 152.478 | 7.256.428,02 | 1,87 |
| APPLUS SERVICES SA | EUR | 882.372 | 5.642.768,94 | 1,46 |
| BANCO SANTANDER S.A. | EUR | 2.426.650 | 3.881.669,34 | 1,00 |
| IBERDROLA S.A. | EUR | 1.055.810 | 11.096.563,10 | 2,87 |
| SUMME SPANIEN |  |  | 27.877.429,40 | 7,20 |
| FINNLAND |  |  |  |  |
| KONE OY B NEW | EUR | 124.330 | 9.332.209,80 | 2,41 |
| NESTE OYJ | EUR | 240.690 | 10.823.829,30 | 2,79 |
| OUTOKUMPU OY A | EUR | 2.748.200 | 6.279.637,00 | 1,62 |
| SUMME FINNLAND |  |  | 26.435.676,10 | 6,82 |
| FRANKREICH |  |  |  |  |
| AIR LIQUIDE | EUR | 90.386 | 12.247.303,00 | 3,15 |
| AXA | EUR | 293.740 | 4.634.042,24 | 1,20 |
| BIOMERIEUX | EUR | 54.766 | 7.327.690,80 | 1,89 |
| BNP PARIBAS | EUR | 223.135 | 6.911.606,63 | 1,78 |
| COVIVIO SA | EUR | 112.000 | 6.731.200,00 | 1,74 |
| CREDIT AGRICOLE | EUR | 651.590 | 4.868.680,48 | 1,26 |
| DANONE | EUR | 103.842 | 5.734.155,24 | 1,48 |

| Bezeichnung der Werte | Währu ng | Stückzahl, Anzahl od. nominal | Aktueller Wert | % Nettovermöge n |
| --- | --- | --- | --- | --- |
| DASSAULT SYSTEMES | EUR | 50.187 | 8.017.373,25 | 2,07 |
| GAZTRANSPORT ET TECHNIGA-W/I | EUR | 76.089 | 6.205.057,95 | 1,60 |
| HERMES INTERNATIONAL | EUR | 10.450 | 7.693.290,00 | 1,99 |
| LEGRAND SA | EUR | 108.497 | 7.397.325,46 | 1,91 |
| L’OREAL | EUR | 33.153 | 9.203.272,80 | 2,37 |
| L’OREAL PRIME DE FIDELITE | EUR | 1 | 277,60 | 0,00 |
| MICHELIN – CATEGORIE B | EUR | 96.444 | 8.845.843,68 | 2,28 |
| SAINT-GOBAIN | EUR | 209.000 | 7.526.090,00 | 1,94 |
| SCHNEIDER ELECTRIC SA | EUR | 108.730 | 11.530.816,50 | 2,97 |
| SEB | EUR | 52.331 | 7.268.775,90 | 1,88 |
| SPIE SA | EUR | 448.097 | 6.878.288,95 | 1,78 |
| WORLDLINE SA | EUR | 130.960 | 9.182.915,20 | 2,37 |
| SUMME FRANKREICH |  |  | 138.204.005,68 | 35,66 |
| IRLAND |  |  |  |  |
| KINGSPAN GROUP | EUR | 155.540 | 12.085.458,00 | 3,12 |
| SUMME IRLAND |  |  | 12.085.458,00 | 3,12 |
| ITALIEN |  |  |  |  |
| ENEL SPA | EUR | 1.464.090 | 10.860.619,62 | 2,81 |
| FINECOBANK SPA | EUR | 847.950 | 9.967.652,25 | 2,57 |
| SUMME ITALIEN |  |  | 20.828.271,87 | 5,38 |
| NIEDERLANDE |  |  |  |  |
| ASML HOLDING NV | EUR | 22.186 | 6.981.934,20 | 1,80 |
| KONINKLIJKE DSM | EUR | 40.584 | 5.706.110,40 | 1,47 |
| KONINKLIJKE KPN NV | EUR | 3.220.100 | 6.462.740,70 | 1,67 |
| ROYAL PHILIPS | EUR | 194.949 | 7.836.949,80 | 2,03 |
| SUMME NIEDERLANDE |  |  | 26.987.735,10 | 6,97 |
| SCHWEDEN |  |  |  |  |
| ASSA ABLOY AB | SEK | 331.540 | 6.636.959,96 | 1,71 |
| SVENSKA CELLULOSA -B- FREE | SEK | 587.570 | 6.888.877,21 | 1,78 |
| SUMME SCHWEDEN |  |  | 13.525.837,17 | 3,49 |
| SCHWEIZ |  |  |  |  |
| ROCHE HOLDING AG-GENUSSSCHEIN | CHF | 31.828 | 9.310.432,26 | 2,40 |
| SUMME SCHWEIZ |  |  | 9.310.432,26 | 2,40 |
| SUMME Aktien & ähnl. Wertp., die auf gereg. o. ähnl. Märkten gehandelt werden |  |  | 376.919.317,21 | 97,28 |
| SUMME Aktien und ähnliche Wertpapiere |  |  | 376.919.317,21 | 97,28 |

| Bezeichnung der Werte | Währu ng | Stückzahl, Anzahl od. nominal | Aktueller Wert | % Nettovermöge n |
| --- | --- | --- | --- | --- |
| Organismen für gemeinsame Anlagen | EUR | 38 |  |  |
| OGAW und FIA allgemeiner Ausrichtung für nicht professionelle Anleger und vergleichbare Anlagen anderer Länder FRANKREICH |  |  |
| Edmond de Rothschild Credit Very Short Term R | 3.781.038,49 | 0,98 |
| SUMME FRANKREICH | 3.781.038,49 | 0,98 |
| SUMME OGAW und FIA allgemeiner Ausrichtung für nicht professionelle Anleger und vergleichbare Anlagen anderer Länder | 3.781.038,49 | 0,98 |
| SUMME Organismen für gemeinsame Anlagen | 3.781.038,49 | 0,98 |
| Forderungen | 142.505,01 | 0,04 |
| Verbindlichkeiten | -6.568.760,05 | -1,70 |
| Finanzkonten | 13.161.843,16 | 3,40 |
| Nettovermögen | 387.435.943,82 | 100,00 |

| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CR EUR | EUR | 733.706,957 | 104,00 |
| --- | --- | --- | --- |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse I EUR | EUR | 448.620,633 | 244,41 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse A EUR | EUR | 245.415,516 | 424,14 |
| EDR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse K EUR | EUR | 259.605,673 | 215,13 |
| EdR SICAV – EURO SUSTAINABLE GROWTH Aktienklasse CRD EUR | EUR | 240.518,000 | 104,63 |
| EdR SICAV – Euro Sustainable Growth Aktienklasse O EUR | EUR | 159.639,410 | 102,55 |

ZUSATZINFORMATION ZUR STEUERLICHEN BEHANDLUNG DES KUPONS
Portfolio: EDMOND DE ROTHSCHILD SICAV
ZUSAMMENSETZUNG DES KUPONS – AKTIE: EdR SICAV – Euro Sustainable Growth Aktienklasse O EUR
|  | NETTO GESAMT | WÄHRUNG | NETTO JE ANTEIL | WÄHRUNG |
| --- | --- | --- | --- | --- |
| Erträge, die einer definitiven Pflicht-Quellensteuer unterliegen |  |  |  |  |
| Aktien mit Abschlagsberechtigung, die einer definitiven Pflicht-Quellensteuer unterliegen | 94.187,25 | EUR | 0,59 | EUR |
| Sonstige Erträge ohne Anspruch auf einen Steuerfreibetrag, die einer definitiven Pflicht-Quellensteuer unterliegen |  |  |  |  |
| Nicht anzugebende und nicht steuerpflichtige Erträge |  |  |  |  |
| Betrag der Ausschüttungen in Bezug auf die Gewinne und Verluste |  |  |  |  |
| SUMME | 94.187,25 | EUR | 0,59 | EUR |