Edmond de Rothschild SICAV · Management objective: The Sub-fund management strategy is discretionary and opportunistic. The UCITS takes positions on the bond and equity markets and

SOCIÉTÉ D'INVESTISSEMENT ÀCAPITALVARIABLE (open-endedinvestment company – SICAV) under French law

Edmond de Rothschild SICAV

UCI with nine SUBFUNDS

ANNUAL REPORT

As of 30 September 2019First financial year

Management Company Custodian

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE) EDMOND DE ROTHSCHILD (France)47 rue du Faubourg Saint-Honoré 47 rue du Faubourg Saint-Honoré75401 PARIS CEDEX 08, France 75401 PARIS CEDEX 08, France

This report presents the consolidated financial statements of Edmond de Rothschild SICAV asat 30 September 2019, as well as the performance of the sub–funds.

Table of contents

COMPOSITION OF THE BOARD OF DIRECTORS.......................................... 5MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THEORDINARY GENERALMEETING OF SHAREHOLDERS ............................... 6MANAGEMENT REPORT...............................................................................7EdR SICAV – Euro Sustainable Credit .................................................................. 7EdR SICAV – Euro Sustainable Growth ................................................................8EdR SICAV – Financial Bonds............................................................................. 10EdR SICAV – Tricolore Rendement .................................................................... 12EdR SICAV – Equity Europe Solve ...................................................................... 14EdR SICAV – Start .............................................................................................. 16EdR SICAV – Europe Midcaps ............................................................................ 17EdR SICAV – Equity US Solve .............................................................................20EdR SICAV – Global Opportunities..................................................................... 21

ALLOCATION OF INCOME ......................................................................... 22EdR SICAV – Euro Sustainable Credit ................................................................22EdR SICAV – Euro Sustainable Growth ..............................................................23EdR SICAV – Financial Bonds.............................................................................23EdR SICAV – Tricolore Rendement ....................................................................25EdR SICAV – Equity Europe Solve ......................................................................26EdR SICAV – Start .............................................................................................. 27EdR SICAV – Europe Midcaps ............................................................................ 27EdR SICAV – Equity US Solve ............................................................................. 27EdR SICAV – Global Opportunities..................................................................... 27

SICAVMATURITY .......................................................................................27INFORMATION ABOUT CORPORATE OFFICERS ....................................... 28INFORMATION ON TRANSACTIONS INVOLVING SECURITIES INWHICHTHE GROUP HAS SPECIAL INTERESTS ..................................................... 29METHOD FOR CALCULATING TOTAL RISK............................................... 30POLICY FOR SELECTING INTERMEDIARIES AND COUNTERPARTIES..... 30REPORT ON INTERMEDIATION FEES ....................................................... 30COMMUNICATION OF ENVIRONMENTAL, SOCIAL AND GOVERNANCEQUALITY (ESG) CRITERIA ..........................................................................31SECURITIES FINANCING TRANSACTION REGULATION (SFTR)................31REMUNERATION POLICY AND PRACTICES APPLICABLE TO THEMANAGER’S PERSONNEL...........................................................................31ESMA.......................................................................................................... 33EdR SICAV – Euro Sustainable Credit ................................................................33EdR SICAV – Euro Sustainable Growth ..............................................................35EdR SICAV – Financial Bonds............................................................................. 37EdR SICAV – Tricolore Rendement ....................................................................39EdR SICAV – Equity Europe Solve ...................................................................... 41EdR SICAV – Europe Midcaps ............................................................................43EdR SICAV - Equity US Solve ..............................................................................45EdR SICAV – Start .............................................................................................. 47EdR SICAV – Global Opportunities.....................................................................49

COMPLIANCEWITH ARTICLE 173 ..............................................................51EdR SICAV – Start .............................................................................................. 51EdR SICAV – Financial Bonds.............................................................................54EdR SICAV – Tricolore Rendement .................................................................... 57

CARBON FOOTPRINT................................................................................. 60SPECIAL REPORT OF THE STATUTORY AUDITORS ON REGULATEDAGREEMENTS.............................................................................................61

STATUTORY AUDITOR’S REPORT ON THE ANNUAL FINANCIALSTATEMENTS............................................................................................. 63CONSOLIDATED ANNUAL FINANCIAL STATEMENTS AS AT 30SEPTEMBER 2019 ...................................................................................... 69EDR SICAV – EURO SUSTAINABLE CREDIT ...............................................77Features 78Change in assets 81Allocation of the income of the 2019 financial year 81Annual financial statements as at September 2019 82EDR SICAV – EURO SUSTAINABLE GROWTH .......................................... 112FEATURES 113CHANGE IN ASSETS 115ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR 115Annual financial statements as at September 2019 117EDR SICAV – FINANCIAL BONDS ............................................................. 143FEATURES 144CHANGE IN ASSETS 148ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR 148Annual financial statements as at September 2019 151EDR SICAV – TRICOLORE RENDEMENT ..................................................196FEATURES 197CHANGE IN ASSETS 199ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR 199Annual financial statements as at 30 September 2019 200

EDR SICAV – EQUITY EUROPE SOLVE .................................................... 226FEATURES 227CHANGE IN ASSETS 229ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR 230Annual financial statements as at 30 September 2019 232EDR SICAV – START..................................................................................274FEATURES 275CHANGE IN ASSETS 278ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR 278Annual financial statements as at 30 September 2019 279EDR SICAV – EUROPEMIDCAPS ..............................................................314FEATURES 315CHANGE IN ASSETS 317ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR 317Annual financial statements as at 30 September 2019 318EDR SICAV - EQUITY US SOLVE............................................................... 346FEATURES 347CHANGE IN ASSETS 350ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR 350Annual financial statements as at 30 September 2019 351EDR SICAV – GLOBAL OPPORTUNITIES ..................................................374FEATURES 375CHANGE IN ASSETS 377ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR 377Annual financial statements as at 30 September 2019 378

TEXT OF THE RESOLUTIONS .................................................................. 396

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COMPOSITION OF THE BOARD OF DIRECTORS

Chair

Flavien Duval

Managing Director

Gad Amar

Directors

Flavien Duval

Christophe Caspar

Gad Amar

Raphaël Bellaïche

Statutory auditor

PRICEWATERHOUSECOOPERS AUDIT, represented by Frédéric Sellam

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MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE ORDINARY GENERALMEETING OF SHAREHOLDERS

Dear Sir or Madam,

We met with you at the Ordinary General Meeting in order to present the management report for the Edmondde Rothschild SICAV Fund and to submit for your approval the financial statements as at 30 September 2019.

Edmond de Rothschild SICAV is a SICAV with sub-funds under French law, incorporated in the form of alimited liability company, in accordance with the provisions of the French Commercial Code applicable tolimited companies (Book II – Title II – Chapter V), of the FrenchMonetary and Financial Code (Book II – TitleI – Chapter IV – Section I – Sub-section I).

It should be noted that the Edmond de Rothschild SICAV was approved by the French financial marketsauthority (Autorité des Marchés Financiers – AMF) on 7 December 2018.The SICAV was established on 12 February 2019.

The sub-funds below were formed by merger/absorption of the Fund:EdR SICAV – Euro Sustainable Credit was established on 12/02/2019 by absorption of the EdR EuroSustainable Credit Fund;EdR SICAV – Euro Sustainable Growth was established on 12/02/2019 by absorption of the EdR EuroSustainable Growth Fund;EdR SICAV – Financial Bonds was established on 12/02/2019 by absorption of the EdR Financial bondsFund; EdR SICAV – Tricolore Rendement was established on 08/03/2019 by absorption of the EdR SICAV –Tricolore Rendement Fund;EdR SICAV – Equity Europe Solve was established on 08/03/2019 by absorption of the EdR Equity EuropeSolve Fund;EdR SICAV – Start was established on 21/03/2019 by merger/absorption of the EdR Start Fund;EdR SICAV – Europe Midcaps was established on 21/03/2019 by merger/absorption of the EdR EuropeMidcaps Fund;EdR SICAV – Global Opportunities was established on 12/09/2019 by merger and demerger of the CA EdRAMOpportunities Fund.

These merger/absorption operations benefited from the FROG (French Routes and Opportunities Garden)procedure. This procedure set up by the French Financial Markets Authority (AMF) provides the opportunityto retain the past performance history and the ISIN codes of the absorbed Fund.

The information contained in this annual report covers the period from the date of incorporation of eachsub-fund to 30/09/2019.Sub-fund performance is included in the Key Investor Information Documents (KIID).

On the closing date of the 2019 financial year, the SICAV had nine sub-funds:

EdR SICAV – Euro Sustainable CreditManagement objective:The Sub-fund aims to outperform its benchmark, the Bloomberg Barclays Capital Euro Aggregate CorporateTotal Return index, over the recommended investment period, through investments on the corporate bondmarkets that seek to combine financial profitability with the implementation of a policy that aims to respectnon-financial criteria, while mitigating the risk of capital loss.

EdR SICAV – Euro Sustainable GrowthManagement objective:The Sub-fund’s investment objective, over the duration of the recommended investment period, is tooutperform its benchmark, the MSCI EMU index, by investing in eurozone companies, combining financialprofitability with the implementation of a policy that aims to respect non-financial criteria.

EdR SICAV – Financial BondsManagement objective:The Sub-fund’s objective is to outperform the ICE BofAML Euro Financial index over the recommendedinvestment period through a portfolio that is exposed to bonds issued primarily by international financialinstitutions.

EdR SICAV – Tricolore Rendement

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Management objective:The Sub-fund is managed, over a recommended investment period of more than 5 years, with the aim ofincreasing the net asset value by investing primarily in French companies whose valuation characteristicsindicate that they are likely to perform strongly. Analysis, financial and non-financial criteria will be outlinedin the investment strategy.

EdR SICAV – Equity Europe SolveManagement objective:The aim of the Sub-fund, over its recommended investment horizon, is to provide partial exposure to thegrowth of European equity markets, while hedging the equity risk at all times, in full or in part, on futures andoptions markets, in line with the manager’s expectations.

EdR SICAV – StartManagement objective:The Sub-fund management strategy is discretionary and opportunistic. The UCITS takes positions on the bondand equity markets and on currencies. The Sub-fund’s objective is to seek absolute performance, decorrelatedover the recommended investment period, on the main international equity and bond markets. In the contextof its management, the Sub-fund’s target volatility will be 2% and may reach a maximum of 3%.

EdR SICAV – Europe MidcapsManagement objective:Over a recommended investment horizon of more than five years, the Sub-fund is managed with the aim ofachieving an increase in net asset value as a result of exposure to mid-cap companies in Europe.The selection criteria will be outlined in the investment strategy.

EdR SICAV - Equity US SolveManagement objective:The aim of the Sub-fund, over its recommended investment horizon, is to provide partial exposure to theperformance of North American equity markets, while implementing full or partial permanent equity riskhedging on futures and options markets, based on the Manager’s expectations.

EdR SICAV – Global OpportunitiesManagement objective:The Sub-fund aims to generate positive performance over a recommended investment horizon of more thanfive years via the discretionary and opportunistic management of a diversified portfolio across multiple assetclasses (including equities, interest rates and currencies), with no restriction as to sector or geographical area.In order to achieve the management objective, the Sub-fund may use firm and conditional forward financialinstruments with a view to hedging, arbitrage and/or exposing the portfolio to these multiple asset classes.This portfolio will be constructed by implementing directional strategies and relative values (arbitragestrategies).

MANAGEMENT REPORT

EdR SICAV – Euro Sustainable CreditThe accommodating discourses and measures taken by the central banks during the period were importantsupport factors for fixed-rate assets, in the context of a global economic slowdown. The cyclical sectors withactivities linked to international trade suffered more particularly. The banking sector benefited from themeasures put in place by the ECB in order to contain the impact of low rates on their profitability. In 2019,corporate bonds benefited from a fall in interest rates and a return to significant investment flows. Within theFund, all credit segments have delivered positive performance, in particular the perpetual Corporate andFinancial bonds (17% exposure), high-yield credit (16% exposure) and long-term Investment Grade bonds (19%exposure). The average fund rating remained stable at BBB- over the period against a BBB+/A- rating for thebenchmark and the average duration close to 4, compared with 5 for the benchmark. The shorter duration ofthe termmade it possible to smooth the Fund’s performance in a volatile context on interest rates, while lowerpositioning in the rating scale made it possible to increase its yield and carry trade.

The C unit of the Euro Sustainable Credit Fund was absorbed on 12/02/2019 by the A EUR share of the EdRSICAV – Euro Sustainable Credit sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponds to that of the C unit of the absorbed Fund.

The D unit of the Euro Sustainable Credit Fund was absorbed on 12/02/2019 by the B EUR share of the EdRSICAV – Euro Sustainable Credit sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the

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merger/absorption), past performance corresponds to that of the D unit of the absorbed Fund.

The CR unit of the Euro Sustainable Credit Fund was absorbed on 12/02/2019 by the CR EUR share of theEdR SICAV – Euro Sustainable Credit sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the E unit of the absorbed Fund.

The I unit of the Euro Sustainable Credit Fund was absorbed on 12/02/2019 by the I EUR share of the EdRSICAV – Euro Sustainable Credit sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the E unit of the absorbed Fund.

The S unit of the Euro Sustainable Credit Fund was absorbed on 12/02/2019 by the N EUR share of the EdRSICAV – Euro Sustainable Credit sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the S unit of the absorbed Fund.

The E unit of the Euro Sustainable Credit Fund was absorbed on 12/02/2019 by the R EUR share of the EdRSICAV – Euro Sustainable Credit sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the E unit of the absorbed Fund.

Main changes to the portfolio during the financial year

SecuritiesChanges

(“Accounting currency”)Purchases Sales

Edmond de Rothschild Credit Very Short Term R 53,382,981.37 53,078,350.45

RABO NEDE 6.625% PERP 1,774,259.60 1,776,013.99

AXAL COAT 3.75% 15-01-25 1,636,080.17 1,692,467.50

BANCO DE BADELL 0.875% 22-07-25 1,996,520.00 999,026.50

CRED SUI 1.0% 07-06-23 EMTN 1,339,801.73 1,344,154.59

BOMBARDIER 6.125%10-150521 1,259,690.67 1,338,500.00

VERISUREMIDHOLDING AB 5.75% 01-12-23 1,352,140.72 1,156,821.17

LEASEPLAN CORPORATION NV 1.375% 07-03-24 1,730,947.93 717,748.63

CELLNEX TELECOM 2.875% 18-04-25 1,170,757.09 1,221,133.89

FROMAGERIES BEL LA VACHE QUI RIT 1.5% 18-04-24 1,176,323.84 1,212,323.19

EdR SICAV – Euro Sustainable GrowthThe markets experienced peaks and troughs over the period, but ended on a significant increase. After thesharp rise between the end of December 2018 and the beginning of May 2019, the indices entered aconsolidation phase, alternating between rise and fall phases.The third quarter was recorded with this dynamic and a fluctuation wave of 5% to 6% for the developed indices.

Negotiations between the United States and its main trading partners continued to serve as a backdrop. Withhighs and lows at the whim of Donald Trump’s projections. It was a cold blow in early August, when thePresident tweeted that a 10% increase in customs duties would be applied to $300 billion of Chinese imports,which served as a catalyst for the correction to which the market was subjected. There was a relaxed attitudeon this front from Beijing at the beginning of September that reversed the trend. Macroeconomic statistics alsoplayed an important role, justifying the posture of the central banks. They confirmed a contrast between themanufacturing sphere and investments on a global scale and the resilience of household consumption indeveloped economies. In China, the slowdown in growth continued, with the consensus taking advantage of itto lower its 2020 forecast under the symbolic trend of 6%. The ECB waited until its September meeting to

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activate all the elements of the “policy mix”: reducing the deposit rate by 10pdb, introducing a tiered systemand a TLTRO III with more favourable methods in order to mitigate the negative effects of low rates on bankaccounts, forward guidance pushing the turning point on rates, and resuming net redemptions at a rate of €20billion per month from 1 November onwards. In Europe, the French budgets for 2019 and 2020 were“recalibrated”, opening the field up to that of Italy. Even in Germany, the constitutional rule on the balance ofpublic finances was the subject of a bitter debate. Interest rates moved down to newer lower rates even thoughthe trend was occasionally reversed during the first half of September. The turmoil surrounding Brexit resultedin an underperformance of the FTSE. This environment of economic and political uncertainty created a refugefor investors in quality, while the most cyclical sectors such as energy, cars and banks underperformed.In terms of performance allocation, the selection of securities was particularly favourable. ENEL and Iberdrola(+31% each) significantly outperformed Utilities carried by their favourable dynamism in renewable energies.The same goes for the Healthcare sector, where all our securities outperformed: Philips, Sartorius, Orpea andCarl Zeiss. DSM and Air Liquide also displayed significant outperformances withinMaterials. It is worth notingAdidas within Durables & Apparel, which with +42%, was the second largest contributor to performance.However, a number of our securities in the banking sector, such as ABN Amro, ING and Banco Santander,made a negative contribution. In sectoral terms, the underweighting of the automotive sector or the lack of realestate in particular made it possible to compensate for the absence of semi-conductors or luxury. However, theweight of the cash weighed down on this globally bullish market.During the period under review, we introduced two securities: SEB and Saint-Gobain. The world leader insmall kitchen and home appliances, with a robust social model and an innovation-oriented culture, is in theforefront on the theme of combating planned obsolescence. The security has the ability to maintain significantsales growth through two main factors: exposure to China, which draws 60% of growth, and a very interestingdiversification towards the professional café. The company relies on a structural growth market, an increase tobe expected from the penetration rate in emerging countries, a significant innovation capacity and a solidperformance. As for Saint-Gobain, the company embarked on an ambitious “Transform& Grow” recovery planaimed at reducing costs and selling low-performing activities. Cost savings are expected to reach €250 millionby 2021, and should contribute to increasing the margins of 60bp for an overall objective of 100bpimprovement in 2021. The remainder will come from the rotation of assets, particularly through the sale ofless-marginalised activities and without any strategic appeal. The group also aims to be the benchmark for asustainable habitat. We sold ING in August. We have no doubts about its capital strength and its very lowvaluation, but recent management statements as well as the interest rate environment seem to justify thismovement.

The A unit of the Euro Sustainable Growth Fund was absorbed on 12/02/2019 by the A EUR unit of the EdRSICAV – Euro Sustainable Growth sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the A unit of the absorbed Fund.

The CR unit of the Euro Sustainable Growth Fund was absorbed on 12/02/2019 by the CR EUR unit of theEdR SICAV – Euro Sustainable Growth sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the CR unit of the absorbed Fund.

The I unit of the Euro Sustainable Growth Fund was absorbed on 12/02/2019 by the I EUR unit of the EdRSICAV – Euro Sustainable Growth sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the I unit of the absorbed Fund.

The R unit of the Euro Sustainable Growth Fund was absorbed on 12/02/2019 by the K EUR unit of the EdRSICAV – Euro Sustainable Growth sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the R unit of the absorbed Fund.


SecuritiesChanges (“Accounting

currency”)Purchases Sales

ING GROEP NV 8,368,629.30 6,675,721.94

IBERDROLA S.A. 10,001,203.80 959,204.40

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ALLIANZ SE 10,867,868.63 0.00

DANONE 10,268,946.82 0.00

DEUTSCHE TELEKOM AG 10,224,632.61 0.00

L'OREAL 9,905,144.40 0.00

AIR LIQUIDE 9,728,123.46 0.00

SAP SE 8,773,395.10 0.00

ROCHE HOLDING AG 8,683,741.79 0.00

ABN AMRO GROUP GDR 8,503,114.47 0.00

EdR SICAV – Financial BondsThe accommodating discourse from the central banks during the period and the measures by the ECB inSeptember to stimulate the economy were important support factors. The banks also benefited from themeasures put in place by the ECB in order to contain the impact of low rates on their profitability. All segmentsperformed, but CoCos and the insurance sector were the most important contributors to performance. Inparticular, we saw good performance of low-refinancing CoCos that benefited from a reduction in risk premium(Belfius CoCos at 3.625% and Santander 4.75% were up by approximately 14 points). However in February, themarket had its first experience of a non-redemption of an AT1 bond on its first call date: Santander did notrecall its AT1 6.25% bond in euros. However, the impact on the bond was very limited and the AT1 segment didnot experience any effects of this. The situation remained very specific at Santander and the other AT1smaturing during the period were all reimbursed. Political risks were better absorbed by the market than in2018, where they had been a source of heavy pressure. Italian bonds suffered somewhat from politicaluncertainties in Italy and outperformed as of August, brought about by the formation of a new coalitionbetween the Five-Star Movement and the Democratic Party. UK issuers proved to be fairly resilient when facedwith fears about Brexit despite some volatility periods. In addition, rumours of money laundering werenumerous and several Nordic banks were found to be involved. They suffered from this, particularly in Marchand April. Finally, the Deutsche Bank/Commerzbank andUnicaja/Liberbankmerger projectsmade themarketattractive but did not succeed.

The primary market was dynamic, particularly in March and September. We note that there were fewerpreferred Senior bonds for the benefit of AT1 and non-preferred seniors. In particular, we initiated positionson Bawag, OTP Bank and Kutxabank.

The C CHF (H) unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the A CHF (H) share ofthe EdR SICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the C CHF (H) unit of the absorbed Fund.The C unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the A EUR share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the C unit of the absorbed Fund.The BH unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the A USD (H) share of theEdR SICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the BH unit of the absorbed Fund.

The D unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the B EUR share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the D unit of the absorbed Fund.

The CRE unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the CR EUR share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the CRE unit of the absorbed Fund.

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The CRP unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the CR GBP (H) share of theEdR SICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the CRP unit of the absorbed Fund.

The I CHF (H) unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the I CHF (H) share ofthe EdR SICAV – Financial Bonds sub-fund. As the absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of themerger/absorption), past performance corresponded to that of the I CHF (H) unit of the absorbed Fund.

The I unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the I EUR share of the EdR SICAV– Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponds to that of the I unit of the Absorbed Fund.

The JH unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the I USD (H) share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the JH unit of the absorbed Fund.

The ID unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the J EUR share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the ID unit of the absorbed Fund.

The R unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the K EUR share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponds to that of the R unit of the Absorbed Fund.

The S unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the N EUR share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponds to that of the S unit of the Absorbed Fund.

The SC unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the NC EUR share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the SC unit of the absorbed Fund.

The SD unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the OC EUR unit of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponded to that of the SD unit of the absorbed Fund.

The E unit of the EdR Financial Bonds Fund was absorbed on 12/02/2019 by the R EUR share of the EdRSICAV – Financial Bonds sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 12/02/2019 (date of the merger/absorption), pastperformance corresponds to that of the E unit of the Absorbed Fund.

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SecuritiesChanges (“Accounting

currency”)Purchases Sales


UBS GROUP AG 5.75% PERP 56,708,973.99 0.00

KBCBB 5.625% 29/12/49 28,385,000.00 28,000,000.00

SG 6.75% 31/12/2099 51,914,116.78 2,173,519.67

CASA 6.50% PERP 47,394,551.11 2,191,684.78

BNP PARIBAS FIX PERP 44,701,709.04 0.00

HSBC HOLDINGS PLC 6.0% PERP 36,942,405.86 5,761,217.39

LBG CAPITAL 6.375%09-120520 37,563,762.00 4,352,292.19

DEME INVE BV FOR 4.375% PERP 30,761,543.47 4,621,622.46

RABO NEDE 6.625% PERP 19,738,638.10 15,433,286.86

EdR SICAV – Tricolore RendementThe markets experienced peaks and troughs over the period, but ended on a significant increase. After thesharp rise between the end of December 2018 and the beginning of May 2019, the indices entered aconsolidation phase, alternating between rise and fall phases. The third quarter was recordedwith this dynamicand a fluctuation wave of 5% to 6% for the developed indices. Negotiations between the United States and itsmain trading partners continued to serve as a backdrop. With highs and lows at the whim of Donald Trump’sprojections. It was a cold blow in early August, when the President tweeted that a 10% increase in customsduties would be applied to $300 billion of Chinese imports, which served as a catalyst for the correction towhich the market was subjected. There was a relaxed attitude on this front from Beijing at the beginning ofSeptember that reversed the trend. Macroeconomic statistics also played an important role, justifying theposture of the central banks. They confirmed a contrast between the manufacturing sphere and investmentson a global scale and the resilience of household consumption in developed economies. In China, the slowdownin growth continued, with the consensus taking advantage of it to lower its 2020 forecast under the symbolictrend of 6%. The ECB waited until its September meeting to activate all the elements of the “policy mix”:reducing the deposit rate by 10pdb, introducing a tiered system and a TLTRO III withmore favourablemethodsin order to mitigate the negative effects of low rates on bank accounts, forward guidance pushing the turningpoint on rates, and resuming net redemptions at a rate of €20 billion per month from 1 November onwards. InEurope, the French budgets for 2019 and 2020 were “recalibrated”, opening the field up to that of Italy. Evenin Germany, the constitutional rule on the balance of public finances was the subject of a bitter debate. Interestrates moved down to newer lower rates even though the trend was occasionally reversed during the first halfof September. The turmoil around Brexit led to an underperformance of the FTSE and the “export” bias to theGerman index. This environment of economic and political uncertainty created a refuge for investors in quality,while the most cyclical sectors such as energy, cars and banks underperformed.Despite a positive effect on the selection of securities, the relative performance was impacted by the sectoraleffect. The absence of the luxury goods sector was the main negative contributor, with, in particular, theabsence of LVMH, which posted a performance of +19.2% over the period and continued to enjoy strongdynamism in China. The media’s overweighting also had a negative impact, with Lagardère and Publicissuffering. The latter has been sold, as well as TF1. The absence of HPC, semiconductors or the overweightingof telecoms also had a negative impact. However, the weight of the cash weighed down on this globally bullishmarket. The absence of real estate, however, had a positive effect. However, the selection of securities wasfavourable among banks with Crédit Agricole and BNP, as was our overweighting of Sanofi in thepharmaceuticals sector. Also of note was the outperformance of SoLocal in the media sector, Air Liquide in theMaterials sector, and SPIE and Teleperformance in the Professional Services sector. These made it possible tocompensate for the underperformance of FNAC-Darty in distribution, Elior in Consumer Services or evenFresenius Medical Care in the healthcare sector.In terms of movements, we benefited from the significant rebound at the start of the year to lighten several

13

securities in March, such as Michelin or Vivendi. In return, we continued to strengthen the visible growthportion of the portfolio by introducing three new securities with strong fundamentals and attractive growthprospects: Air Liquide, Teleperformance and JC Decaux. We continued to strengthen high-quality stocks inApril with recently integrated Air Liquide, and by selling off Europcar which was providing less visibility. Weare reducing our holdings in Publicis within the disrupted files and where the rebound associated with theacquisition of Epsilon offered us an exit point, or even Thalès given their recent performance. In May, the saleof TF1 was initiated following the recent leap in the security and at a time when there appeared to be manypositive elements (discipline on costs, royalties paid by telecom operators in the context of distributionagreements, etc.). The television sector remained structurally challenged. In return, we entered Saint-Gobain.Management recently announced a strategic plan including a simplified operational structure, cost reductionmeasures, and an asset sales programme. We continued to reduce Thalès in light of the recent performance,while the recovery of the commercial space market and the integration of Gemalto could take more time. InJuly, we reduced the weighting on banking securities, while the reversal of the monetary policy of the CentralBanks called for an extended period of low interest rates. We took advantage of this to strengthen Vinci, thequality/defensive profile of which has been adapted to this environment, which could be more volatile. Weintroduced Accor and Elis (European leader in the rental and maintenance of linen) which offered attractiveentry points. During the summer, we added SEB, continued building our position in Elis, and reduced ourposition in Sanofi in light of the security’s outperformance over the recent period and its significant weight inthe portfolio. We also took profits from SAP and continued to reduce our position in Lagardère. In September,we sold SAP, Société Générale and Engie.

The C unit of the EdR Tricolore Rendement Fund was absorbed on 08/03/2019 by the A EUR share of the EdRSICAV –Tricolore Rendement sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the C unit of the absorbed Fund.

The B unit of the EdR Tricolore Rendement Fund was absorbed on 08/03/2019 by the A USD share of the EdRSICAV –Tricolore Rendement sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the B unit of the absorbed Fund.

The D unit of the EdR Tricolore Rendement Fund was absorbed on 08/03/2019by the B EUR share of the EdR SICAV – Tricolore Rendement sub-fund. The absorbing sub-fund is subject tothe same investment restrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (dateof the merger/absorption), past performance corresponded to that of the D unit of the absorbed Fund.

The I unit of the EdR Tricolore Rendement Fund was absorbed on 08/03/2019 by the I EUR share of the EdRSICAV –Tricolore Rendement sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the I unit of the absorbed Fund.

The R unit of the EdR Tricolore Rendement Fund was absorbed on 08/03/2019by the K EUR share of the EdR SICAV – Tricolore Rendement sub-fund. The absorbing sub-fund is subject tothe same investment restrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (dateof the merger/absorption), past performance corresponds to that of the R unit of the Absorbed Fund.

The R unit of the EdR Tricolore Rendement Fund was absorbed on 08/03/2019by the R EUR share of the EdR SICAV – Tricolore Rendement sub-fund. The absorbing sub-fund is subject tothe same investment restrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (dateof the merger/absorption), past performance corresponds to that of the E unit of the Absorbed Fund.

14


SecuritiesChanges



SANOFI 90,043,033.12 12,987,258.70

TOTAL 96,155,149.12 6,077,817.90

AXA 55,121,489.33 14,340,520.40

THALES 40,359,958.29 20,765,851.18

LAGARDERE 32,038,634.86 21,990,460.55

VEOLIA ENVIRONNEMENT 36,963,576.00 16,007,370.30

SAP SE 24,086,220.16 27,800,049.70

VIVENDI 36,232,429.45 15,508,867.76

CREDIT AGRICOLE 33,513,654.68 13,758,148.60

EdR SICAV – Equity Europe SolveDuring the period under review, the Federal Reserve and the European Central Bankmanaged to anchor lowerinterest rates and risky assets to higher levels. In a context where investors were rather sceptical of a high levelof political and economic uncertainty, the actions of the central banks made it possible, at least temporarily, todisconnect the mixed fundamentals markets.However, we remained generally cautious due to a certain number of risks.Indeed, the markets had already discounted many of the new accommodating measures of the central banks,as the markets anticipated nearly 100 basis points in reduced interest rates by the US Federal Reserve.However, even the most ardent advocates of a laxer monetary policy within the FOMC (Federal Open MarketCommittee), such as James Bullard, merely suggested a moderate and preventive reduction in rates.In addition, political risk and protectionist issues are likely to last at least until the forthcomingUS presidentialelections, leading to a certain wait-and-see attitude of business leaders and investments being withdrawn. Itshould also be noted that there was an increased risk of a “hard Brexit”.Thus, we used the rebounds to reduce exposure to equities, particularly considering the lack of dynamism inbeneficiary revisions and the increased economic and political uncertainties.

The C unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the A EUR share of the EdRSICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the C unit of the absorbed Fund.

The CR unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the CR EUR share of theEdR SICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of themerger/absorption), past performance corresponded to that of the CR unit of the absorbed Fund.

The I unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the I EUR share of the EdRSICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the I unit of the absorbed Fund.

The R unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the K EUR share of the EdRSICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the R unit of the absorbed Fund.

15

The RD unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the KD EUR share of theEdR SICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of themerger/absorption), past performance corresponded to that of the RD unit of the absorbed Fund.

The SC unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the N EUR share of theEdR SICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of themerger/absorption), past performance corresponded to that of the SC unit of the absorbed Fund.

The TC unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the NC EUR share of theEdR SICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of themerger/absorption), past performance corresponded to that of the TC unit of the absorbed Fund.

The SD unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the O EUR share of theEdR SICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of themerger/absorption), past performance corresponded to that of the SD unit of the absorbed Fund.

The T unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the PC EUR share of theEdR SICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of themerger/absorption), past performance corresponded to that of the T unit of the absorbed Fund.

The U unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the QC EUR (H) share ofthe EdR SICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of themerger/absorption), past performance corresponded to that of the U unit of the absorbed Fund.

The S unit of the EdR Equity Europe Solve Fund was absorbed on 08/03/2019 by the SC EUR share of the EdRSICAV – Equity Europe Solve sub-fund. The absorbing sub-fund is subject to the same investment restrictionsand limitations and risk profile of the absorbed Fund. Until 08/03/2019 (date of the merger/absorption), pastperformance corresponds to that of the S unit of the Absorbed Fund.

16


SecuritiesChanges


AMUNDI MSCI EUROPE UCITS ETF - EUR C 34,237,081.81 35,746,167.60

REPUBLIQUE FRANCAISE ZCP 180919 21,013,508.13 20,990,000.00

SPAIN LETRAS DEL TES ZCP 120719 19,185,987.42 19,160,000.00

AMUNDI ETF PEA EUROPE UCITS ETF 32,138,400.00 0.00

FRENCH REP ZCP 18-12-19 20,029,292.84 0.00

FRANCE TREASURY BILL ZCP 190619 9,014,598.14 9,000,000.00

SANOFI 14,245,767.23 1,304,571.52

NOVARTIS AG NOMINATIF 14,048,167.56 1,442,715.37

KONINKLIJKE KPN NV 11,491,254.66 1,863,709.10

STANDARD CHARTERED PLC 7,699,070.51 4,499,994.80

EdR SICAV – StartDuring the period under review, the Federal Reserve and the European Central Bankmanaged to anchor lowerinterest rates and risky assets to higher levels. In a context where investors were rather sceptical of a high levelof political and economic uncertainty, the actions of the central banks made it possible, at least temporarily, todisconnect the mixed fundamentals markets.However, we remained generally cautious due to a certain number of risks.Indeed, the markets had already discounted many of the new accommodating measures of the central banks,as the markets anticipated nearly 100 basis points in reduced interest rates by the US Federal Reserve.However, even the most ardent advocates of a laxer monetary policy within the FOMC (Federal Open MarketCommittee), such as James Bullard, merely suggested a moderate and preventive reduction in rates.In addition, political risk and protectionist issues are likely to last at least until the forthcomingUS presidentialelections, leading to a certain wait-and-see attitude of business leaders and investments being withdrawn. Itshould also be noted that there was an increased risk of a “hard Brexit”.Thus, we used the rebounds to reduce exposure to equities, particularly considering the lack of dynamism inbeneficiary revisions and the increased economic and political uncertainties.

The C unit of the Edmond de Rothschild START Fund was absorbed on 21/03/2019 by the A EUR share of theEdR SICAV – Start sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 21/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the C unit of the absorbed Fund.The P unit of the Edmond de Rothschild START Fund was absorbed on 21/03/2019 by the A USD (H) share ofthe EdR SICAV – Start sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 21/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the P unit of the absorbed Fund.

The I CHF unit of the Edmond de Rothschild START Fund was absorbed on 21/03/2019 by the I CHF (H)share of the EdR SICAV – Start Sub-fund. The absorbing sub-fund is subject to the same investmentrestrictions and limitations and risk profile of the absorbed Fund. Until 21/03/2019 (date of themerger/absorption), past performance corresponded to that of the I CHF unit of the absorbed Fund.

The I unit of the Edmond de Rothschild START Fund was absorbed on 21/03/2019 by the I EUR share of theEdR SICAV – Start Sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 21/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the I unit of the absorbed Fund.

17

The U unit of the Edmond de Rothschild START Fund was absorbed on 21/03/2019 by the I USD (H) share ofthe EdR SICAV – Start Sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 21/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the U unit of the absorbed Fund.

The S unit of the Edmond de Rothschild START Fund was absorbed on 21/03/2019 by the N EUR share of theEdR SICAV – Start Sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 21/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the S unit of the absorbed Fund.

The E unit of the Edmond de Rothschild START Fund was absorbed on 21/03/2019 by the R EUR share of theEdR SICAV – Start Sub-fund. The absorbing sub-fund is subject to the same investment restrictions andlimitations and risk profile of the absorbed Fund. Until 21/03/2019 (date of the merger/absorption), pastperformance corresponded to that of the E unit of the absorbed Fund.


SecuritiesChanges



FRAN TREA BILL BTF ZCP 06-11-19 33,912,798.64 0.00

HELLENIC REPUBLIC GOVERNMENT BOND 4.375% 01-08-22

14,219,148.74 14,853,211.92

EdR SICAV? FINANCIAL BONDS K EUR SHARE 14,443,913.70 7,371,182.00

SPGB 4.4% 10/31/23 20,988,857.64 0.00

ITALY 5.50% 11/22 20,140,510.61 0.00

SPAI LETR DEL TESO ZCP 17-01-20 20,057,038.88 0.00

THYSSENKRUPP AG ZCP 11-04-19 9,998,775.65 10,000,000.00

PORTUGAL 4.95% 25/10/2023 19,334,228.90 0.00

US TREASURY I 1.25% 15/07/2020 18,784,623.41 0.00

EdR SICAV – Europe MidcapsMarch 2019

European equity markets ended the month of March slightly positive. The change in the Fed’s policy, which nolonger provides a rate hike this year, was seen as a weakness in the US economy. The yield curve was heavilyflattened to a point where it became negative. In addition, little progress was made on the Sino-American tradeagreement, while the economic effect of tariffs was seen as an explanation of the downward revision of US GDPgrowth to 2.2% in Q4. In Europe, Theresa May made a number of efforts to get her Brexit deal passed byParliament, but it was rejected three times. Brussels suddenly granted Britain an initial deadline until 12 Aprilto leave the European Union. This environment of economic and political uncertainty created a refuge forinvestors in quality. European rates fell sharply and the Bund fell into negative territory for the first time since2016, ending the month at -7 cents.In equity terms, this refuge materialised with the outperformance of defensive sectors such as utilities,telecoms, technology and real estate. The banking and automotive sectors were the most under threat. Therefuge was also seen in the outperformance of large caps compared to small andmid-caps over themonth, thuscatching up with the start of the year. We sold off the position in Leo Vegas (online casino games) since theSICAV unit was created on 21 March.

April 2019During the month of April, equity markets continued to rebound as they had done since the beginning of theyear with the Stoxx 600 and Stoxx Small 200 indices up 3.8% and 4.5% respectively and midcaps returning totheir level in August 2018. The prospect of an imminent Sino-US trade agreement, the postponement of Brexit

18

and the reassuring figures in China and the US once again drove stock market indices up and cyclical sectorsin particular(automotive, industry and construction). It should be noted that the low German figures(industrial PMI and IFO) that led to a major overhaul of German growth for 2019 to +0.5% did not impact theoverall optimism.Within the portfolio, up 5.8% over the month, it was the publication of positive results by Evolution Gaming,TF1, Dometic and Fnac-Darty that had a positive impact on performance. During the month, we initiatedpositions in Ascential (group offering solutions and marketing consulting, particularly in the digital world) andCarel (European leader in control systems dedicated to air conditioning and cooling) and we sold our positionsin Prysmian, Attendo, Oriflame and Europcar.

May 2019After the sharp rise of 17%-18% from January to April, risk aversion returned and the markets consolidated by5%-6% during the month of May. As a result, our benchmark index, Small Stoxx 200 and Stoxx 600 were inline and up 11.5% over the year. The factors of concern mainly came from the United States and the continuedtoing-and-froing in the Sino-US negotiations. In our last point in early May, an agreement seemed to beimminent; since then however, the tone has hardened. Trump continued his “America first” strategy byappearing as the strong man in order to keep his electorate until the next elections at the end of 2020. Hetherefore had to ensure that the agreement provided the best advantage possible for the United States. Thesituation was complex; his ban on the use of Huawei equipment impacted thousands of US subcontractors, forexample. On 31 May, Trump announced his intention to impose tariffs on Mexico, if illegal immigration doesnot slow down. Across the pond, the European elections culminated in a more fragmented Parliament, but themajority remained pro-European. The most worrying factor for the markets were the intentions of ItalianPrime Minister Matteo Salvini, who risked a disciplinary fine of the EC at the level of the country’s debt. Theinterest rate market began at risk-off with the German Bund, which fell to a level of -18 basis points. Investorsanticipate at least one fall in the Fed’smanagement interest rates this year, perhaps as early as July. In responseto the impact of the commercial war on global growth, oil fell, recovering its levels of last November (BrentUSD 62.9).In this context, our portfolio caught up with a very large portion of its delay. The portfolio benefited from itsunderweighting, in cyclical and financial terms, of Great Britain (the government crisis on Brexit weakened theGBP and its domestic values), from its cash level (7%) and, above all, its exposure to high-quality securities ineach sector, the publications of which have went well. For example, we are not involved in the semiconductorsector, which fell the most over the month. Within the automotive & parts sector (which was very negativelyimpacted by the trade war and a proposed merger between Renault and Fiat-Chrysler), we only hold Dometic(comfort equipment for all vehicle types), which recorded the best performance in the sector over the monthand year. We also accreted this position.

June 2019There was a return of appetite for risk in the month of June. Equity markets were driven by the prospects fortrade talks between the US and China during the G20 summit at the end of the month, an agreement onimmigration with Mexico, stimulus measures in China, and the central banks especially remaining veryaccommodating. Mario Draghi indicated that the status quo in terms of growth and inflation was sufficient tojustify new initiatives, including the re-activation of QE. After declining in May, oil prices recovered due torising tensions between Iran and the United States. In this context, cyclical stocks were sought at the expenseof the defensive sectors. In Europe, news continued on the Brexit front, with Theresa May’s resignation andpolls favouring the conservative Boris Johnson, reinforcing the likelihood of a “no-deal”. The statisticalpublications of June were mixed since if the PMI were to rise slightly (services compensating for continuedweakness in the manufacturing sector), the IFO index of the business climate in Germany and the EuropeanCommission’s survey would see a further degradation.We added the following stocks to the portfolio over the month: Grenke AG, European leader in small-scaleleasing.

July 2019European stock markets were maintained during the month of July despite the lack of agreement in tradenegotiations between China and the United States, the persistent weakness of macroeconomic data andgeopolitical tensions in several countries, particularly in Iran, Hong Kong and India. The Stoxx 600 and StoxxSmall 200 – our benchmark index – both increased by 0.3% over the month. The Q2 publications in Europewere not convincing enough to trigger significant increases in BPA revisions. The markets were primarilydriven by expectations of a fall in US interest rates, which occurred on the last day of the month, and by thevery accommodating comments made by the ECB, including a significant stimulus and the possibility of ratesalso falling in the eurozone. During the month, we sold off the remainder of our position in TF1.

August 2019At the beginning of August, President Trump decided to impose new surcharges of 10% on $300 billion ofChinese imports, which caused a fall in equity markets and European midcaps. The latter were also affected by

19

the breakup of the Italian coalition between the League and Five Stars Movement and the resignation of theItalian prime minister. The markets finally rebounded in the second half of the month, thanks to the deferralof surcharges on a number of products and on the agreement reached between the Five Stars Movement andthe Democratic Party to form a new government. Also worthy of notice was the decision by Boris Johnson tosuspend the British Parliament until 14 October (i.e. 2 weeks before the Brexit date). This resurgence ofgeopolitical tensions resulted in an outperformance of defensive midcap stocks (health, distribution, telecom,staples) and an underperformance of the most cyclical stocks, banking, automotive and energy in particular.New stocks in portfolio: Leg Immobilen (German residential real estate) and B&M Value Retail (discountermainly present in the United Kingdom). During the month, we released the following stocks: Tarkett andWizzAir.

September 2019After a complicated August, equity markets went up again in September supported by the willingness of centralbanks and positive signals in terms of the US/China trade war. Europe also benefited from a lower euro/dollarparity that ended the month at 1.09. However, the markets had not adjusted for less positive macroeconomicdata. Note the underperformance of midcaps up 3.12% compared to 3.7% during the month.During the month we set up three new positions: Gestamp (Spain), an automotive supplier with a strongdynamic on its products, Howden Joinery (UK), a kitchenmanufacturermainly based in the UK, and KeywordsStudios (UK), which offers a portfolio of services dedicated to Video games.

The A unit of the Edmond de Rothschild Europe Midcaps Fund was absorbed on21/03/2019 by the A EUR share of the EdR SICAV – Europe Midcaps sub-fund. The absorbing sub-fund issubject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until21/03/2019 (date of the merger/absorption), past performance corresponds to that of the A unit of theAbsorbed Fund.

The BH unit of the Edmond de Rothschild Europe Midcaps Fund was absorbed on21/03/2019 by the A USD (H) share of the EdR SICAV – Europe Midcaps sub-fund. The absorbing sub-fundis subject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until21/03/2019 (date of the merger/absorption), past performance corresponds to that of the BH unit of theAbsorbed Fund.

The B unit of the Edmond de Rothschild Europe Midcaps Fund was absorbed on21/03/2019 by the A USD share of the EdR SICAV – Europe Midcaps sub-fund. The absorbing sub-fund issubject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until21/03/2019 (date of the merger/absorption), past performance corresponds to that of the B unit of theAbsorbed Fund.

The I unit of the Edmond de Rothschild Europe Midcaps Fund was absorbed on21/03/2019 by the I EUR share of the EdR SICAV – Europe Midcaps sub-fund. The absorbing sub-fund issubject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until21/03/2019 (date of the merger/absorption), past performance corresponds to that of the I unit of theAbsorbed Fund.

The R unit of the Edmond de Rothschild Europe Midcaps Fund was absorbed on21/03/2019 by the K EUR share of the EdR SICAV – Europe Midcaps sub-fund. The absorbing sub-fund issubject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until21/03/2019 (date of the merger/absorption), past performance corresponds to that of the R unit of theAbsorbed Fund.

The E unit of the Edmond de Rothschild Europe Midcaps Fund was absorbed on21/03/2019 by the R EUR share of the EdR SICAV – Europe Midcaps sub-fund. The absorbing sub-fund issubject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until21/03/2019 (date of the merger/absorption), past performance corresponds to that of the E unit of theAbsorbed Fund.

20


SecuritiesChanges



ICG 2,927,505.08 1,639,204.98

ST JAMES’S PLACE CAPITAL PLC (NEW) 2,711,771.71 672,025.49

RUBIS 2,350,803.00 794,114.13

PRYSMIAN SPA 1,678,010.62 1,436,324.10

AMPLIFON 1,876,512.00 1,211,125.65

SPIE SA 2,246,232.00 782,790.31

HUHTAMAKI OY 2,090,831.60 812,769.95

TKH GROUP 1,755,200.00 1,109,798.56

LUNDIN PETROLEUM 2,325,362.71 494,914.32

EdR SICAV – Equity US SolveDuring the period under review, the Federal Reserve and the European Central Bankmanaged to anchor lowerinterest rates and risky assets to higher levels. In a context where investors were rather sceptical of a high levelof political and economic uncertainty, the actions of the central banks made it possible, at least temporarily, todisconnect the mixed fundamentals markets.However, we remained generally cautious due to a certain number of risks.Indeed, the markets had already discounted many of the new accommodating measures of the central banks,as the markets anticipated nearly 100 basis points in reduced interest rates by the US Federal Reserve.However, even the most ardent advocates of a laxer monetary policy within the FOMC (Federal Open MarketCommittee), such as James Bullard, merely suggested a moderate and preventive reduction in rates.In addition, political risk and protectionist issues are likely to last at least until the forthcomingUS presidentialelections, leading to a certain wait-and-see attitude of business leaders and investments being withdrawn. Itshould also be noted that there was an increased risk of a “hard Brexit”.Thus, we used the rebounds to reduce exposure to equities, particularly considering the lack of dynamism inbeneficiary revisions and the increased economic and political uncertainties.

21


SecuritiesChanges


USA ZCP 050919 17,945,622.82 18,000,000.00

USA ZCP 100919 17,942,902.93 18,000,000.00

UNIT STAT TREA BIL ZCP 10-10-19 17,912,847.48 17,981,339.94

UNITED STATES DEPARTMENT OF STATE 1.5% 30-11-19 27,517,641.91 0.00


UNITED STATES DEPARTMENT OF STATE 1.625% 31-08-19

12,021,547.80 12,019,600.00




UNITED STATES TREASURY NOTEBOND 1.625% 30-06-19 8,044,480.57 8,009,800.00

EdR SICAV – Global OpportunitiesDuring the period under review, the Federal Reserve and the European Central Bankmanaged to anchor lowerinterest rates and risky assets to higher levels. In a context where investors were rather sceptical of a high levelof political and economic uncertainty, the actions of the central banks made it possible, at least temporarily, todisconnect the mixed fundamentals markets.However, we remained generally cautious due to a certain number of risks.Indeed, the markets had already discounted many of the new accommodating measures of the central banks,as the markets anticipated nearly 100 basis points in reduced interest rates by the US Federal Reserve.However, even the most ardent advocates of a laxer monetary policy within the FOMC (Federal Open MarketCommittee), such as James Bullard, merely suggested a moderate and preventive reduction in rates.In addition, political risk and protectionist issues are likely to last at least until the forthcomingUS presidentialelections, leading to a certain wait-and-see attitude of business leaders and investments being withdrawn. Itshould also be noted that there was an increased risk of a “hard Brexit”.Thus, we used the rebounds to reduce exposure to equities, particularly considering the lack of dynamism inbeneficiary revisions and the increased economic and political uncertainties.

The share was created through the absorption of the C unit of the CA EdRAM Opportunities Fund, which wasthe subject of a split on 12/09/2019. Annual performance figures for before 18 April 2018 have been simulatedon the basis of the performance history of the P unit of the CA EDRAM OPPORTUNITIES Fund in euros (in%).

22


SecuritiesChanges


LYX ETF EURSTX50 DAILY -1X INVERSE 230,151.07 167,174.80

EDR BD ALLOC I EUR CAP 273,236.82 0.00

CPR CASH P SICAV 156,314.62 0.00

EdR SICAV – Equity Europe Solve K EUR Share 140,190.41 13,861.32

EdR SICAV – Equity Europe Solve PC EURT Share 136,942.93 0.00

DB X-TRACKERS DJES50 ETF 1C 136,905.54 0.00

AMUNDI 3 M E 109,626.40 0.00

Edmond de Rothschild Credit Very Short Term R 99,885.69 0.00

EdR SICAV – EURO SUSTAINABLE GROWTH K EURRShare

49,096.16 49,783.60

EDMOND DE ROTHSCHILDMONDE FLEXIBLE R UNIT 45,395.97 45,524.07

ALLOCATION OF INCOME

At the consolidated level, the income statement showed an income on financial transactions of€118,281,826.54for the financial year ended 30 September 2019.

After deduction of €587,100.04 payable for expenses on financial transactions and €36,318,380.12 formanagement fees, the SICAV’s net income was €81,376,346.38.

After taking into account the income adjustment account for the financial year for an amount of €1,655,925.26,the income for the financial year amounted to €79,720,421.12, which is the sum of the results of each Sub-fund.

EdR SICAV – Euro Sustainable Credit

At sub-fund level, the net income for the financial year was €1,071,859.98.

According to the Prospectus, “A EUR”, “CR EUR”, “R EUR”, “I EUR”, “K EUR” and “N EUR” shares accumulateincome, while “B EUR” shares distribute income.

For “B EUR” distribution shares:The income for the financial year amounted to €26,974.21.

It is broken down as follows:- the distributable net income was €26,697.03- the retained earnings were €277.18

We offer the following distribution:

Netassets in€

Income from French Bonds >01/01/1987Income from French Bonds >01/01/1987

0.330.26

Total per share 0.59

Payment on 07/01/2020.

23

Distributable income relating to net gains and losses for the financial year ended 30 September 2019 amountedto €24,772.40, i.e. €0.54 per share.

We propose that you allocate these distributable amounts relating to net gains and losses realised in the sub-fund’s capital account.

EdR SICAV – Euro Sustainable Growth


According to the Prospectus, “A EUR”, “CR EUR”, “R EUR”, “I EUR” and “K EUR” shares accumulate income,while “B EUR”, “CRD EUR”, “J EUR” and “O EUR” shares distribute income.

For “B EUR” distribution shares:The Board of Directors noted that as at 30 September 2019, the B EUR distribution shares were not subscribed.

For “CRD EUR” distribution shares:The net income for the financial year was -€71,819.77.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 2019 was nil.

For “J EUR” distribution shares:The Board of Directors noted that as at 30 September 2019, the distribution shares J EUR were not subscribed.

For “O EUR” distribution shares:The Board of Directors noted that as at 30 September 2019, the O EUR shares were subscribed. The net incomefor the financial year was -€1,102.96.We propose that you allocate this result to the sub-fund’s capital account.


EdR SICAV – Financial Bonds


According to the Prospectus, “A USD (H)”, “A EUR”, “A CHF (H)”, “CR EUR”, “CR GBP (H)”, “CRUSD (H)”, “R EUR”, “I EUR”, “I CHF (H)”, “I USD (H)”, “K EUR”, “N EUR” and “NC EUR” sharesaccumulate income, the “B USD (H)”, “B EUR”, “CRD EUR”, “J EUR”, “J GBP (H)” and “J USD (H)”shares distribute income and “OC EUR” shares accumulate and/or distribute income.

For “B USD (H)” distribution shares:The Board of Directors noted that as at 30 September 2019, the B USD (H) distribution shares were notsubscribed.



24


Net in €Income from Other Equities giving entitlementIncome from French Equities >01/01/87Income from European Bonds

0.010.671.91




For “CRD EUR” distribution shares:The income for the financial year amounted to €1,629.38.




0.010.431.19




For “J EUR” distribution shares:The income for the financial year amounted to €242,325.10.




0.010.531.77




For “J GBP (H)” distribution shares:The income for the financial year amounted to €7,074.19.


25



0.010.140.45




For “OC EUR” mixed shares:The income for the financial year amounted to €895,449.85.

It is broken down as follows:- the distributable net income was €892,538.25- the retained earnings were €2,911.60


Net in €Income from Other Equities giving entitlement todeductionsIncome from French Equities >01/01/87Income from European Bonds

0.010.481.51



We propose that you carry forward the balance of the income for the financial year for an amount of €0.55 pershare.




According to the Prospectus, “A USD”, “A EUR”, “R EUR”, “I EUR”, and “K EUR” shares accumulateincome, while “B EUR” shares distribute income.

For “B EUR” distribution shares:The income for the financial year amounted to €2,449,760.57.

It is broken down as follows:- the distributable net income was €2,448,883.29- the retained earnings were €877.28


Net in €Income from Other Equities givingentitlementIncome from French Equities >01/01/87

0.204.08




26

EdR SICAV – Equity Europe Solve


According to the Prospectus, “A EUR”, “CREUR”, “R EUR”, “I EUR”, “K EUR”, “SC EUR”, “N EUR”, “NCEUR” and “PC EUR” shares accumulate income, while “B EUR”, “KD EUR”, “O EUR” and “QCEUR (H)”shares distribute income.




Net in €Income from Other Equities givingentitlementIncome from non-taxable shares

0.970.09




For “O EUR” distribution shares:The income for the financial year amounted to €102,120.20.

It is broken down as follows:- the distributable net income was €101,482.63- retained earnings were €637.57


Net in €Income from Other Equities givingentitlementIncome from non-taxable sharesIncome from French Equities >01/01/87

1.220.070.16




For “KD EUR” distribution shares:The income for the financial year amounted to €99,877.79.




1.210.08


27


Distributable income relating to net gains and losses for the financial year ended 30 September 2019was nil.

For “QC EUR (H)” distribution shares:The income for the financial year amounted to €724,827.16.




1.300.080.14



Distributable income relating to net gains and losses for the financial year ended 30 September 2019was nil.

EdR SICAV – StartThe Board of Directors noted that as at 30 September 2019, no subscriptions had been taken out ondistribution shares.

EdR SICAV – Europe MidcapsThe Board of Directors noted that as at 30 September 2019, the EdR SICAV – Europe Midcaps sub-fund only holds accumulation shares.

EdR SICAV – Equity US SolveThe Board of Directors noted that as at 30 September 2019, no subscriptions had been taken out ondistribution shares.

EdR SICAV – Global OpportunitiesThe Board of Directors noted that as at 30 September 2019, no subscriptions had been taken out ondistribution shares.

SICAVMATURITY

On 8 March 2019, the Edmond de Rothschild SICAV prospectus was amended following the creation of twonew sub-funds:

- EdR SICAV – Tricolore Rendement, by merger/absorption of the Edmond de RothschildTricolore Rendement Fund

- EdR SICAV – Equity Europe Solve by merger/absorption of the Edmond de Rothschild EquityEurope Solve Fund

On 21 March 2019, the Edmond de Rothschild SICAV prospectus was updated following the creation of twonew sub-funds:

- EdR SICAV – Europe Midcaps, by merger/absorption of the Edmond de Rothschild EuropeMidcaps Fund

- EdR SICAV – Start by merger/absorption of the Edmond de Rothschild StartFundAnd the creation of a new CRD EUR share in the EdR SICAV – Financial Bonds sub-fund

28

At its meeting on 18 February 2019, the Board of Directors of the SICAV took note of the amendments below.- Integrating TRS in the EdR SICAV – Equity Europe Solve and EdR SICAV – Europe Midcapssub-funds

- Updating the investment strategy for the EdR SICAV – Equity Europe Solve and EdR SICAV– Europe Midcaps sub-funds, in view of the United Kingdom’s eventual exit from theEuropean Union.

- Creating an EdR SICAV – Equity US Solve sub-fund- Creating a P EUR share in the EdR SICAV – Start sub-fund- Amending the outperformance fee method in the EdR SICAV – Euro Sustainable Credit sub-fund

- Increasing the financial management fees for the B EUR share in the EdR SICAV – TricoloreRendement sub-fund from 1.70% to 1.90%.

- Creating a new CRD EUR share in the EdR SICAV – Euro Sustainable Growth sub-fund- Amending the extra-financial analysis section of the EdR SICAV – Euro Sustainable Creditsub-fund.

- Creating an EdR SICAV – Green New Deal sub-fund, which has not been created to date.The Edmond de Rothschild SICAV prospectus was updated on 12 and 24 April 2019 and 31 May 2019.

The Edmond de Rothschild SICAV prospectus was updated on 12 September 2019 following:- The creation of an “EdR SICAV – Global Opportunities” sub-fund through the absorption ofthe C unit (ISIN – FR0013281938) of the split CA EDRAMOPPORTUNITIES Fund, approvedat the meeting of the Board of Directors of the SICAV on 22/05/2019

- The added possibility to invest in Total Return Swaps in the EdR SICAV – Financial Bonds,EdR SICAV – Start, EdR SICAV – Euro Sustainable Credit, EdR SICAV – Euro SustainableGrowth and EdR SICAV – Equity US Solve sub-funds

- Changes to the residual term (twelve months for a period of 397 days) of the issues of publicor private issuers within the section on Debt securities and money market instruments in theEdR SICAV – Equity Europe Solve and EdR SICAV – Equity US Solve sub-funds

- The added possibility of investing in securities with embedded derivatives in the EdR SICAV– Equity Europe Solve et EdR SICAV – Equity US Solve sub-funds

- The creation of two J EUR and O EUR shares in the EdR SICAV – Euro Sustainable Growthsub-fund

- Amendment of the benchmark indices of hedged shares in the EdR SICAV - Equity US Solvesub-fund

- Implementation of the net asset value adjustment method (known as “swing pricing”) with atriggering threshold in the EdR SICAV – Tricolore Rendement, EdR SICAV – EuropeMidcapsand EdR SICAV – Euro Sustainable Growth sub-funds

- Amendment to the KIID of the EdR SICAV – Financial Bonds sub-fund at the request ofinternal controls: include the opportunity for the Fund to invest in Contingent Convertiblebonds (CoCos) in the “Investment Policy” section, which is already mentioned in theprospectus.

INFORMATION ABOUT CORPORATE OFFICERS

Changes made during the 2019 financial year:At its meeting on 1 October 2019, the DICAV’s Board of Directors took note of the following amendments:- Didier Deleage’s resignation as Director and the Chairman of the Board of Directors,- Flavien Duval’s co-option to the positions of Director and Chairman of the Board of Directors.

List of corporate offices:In accordance with the provisions of paragraph 3 of Article L. 225-102-1 of the French Commercial Code, welist below all the offices and functions exercised for each of the SICAV’s corporate officers during the 2019financial year.

Christophe Caspar:- Director of the Board of Directors of the SICAV Edmond de Rothschild Fund;- Chair of the Executive Board and the Supervisory Board of Edmond de Rothschild AssetManagement (France);

- Chair of the Board of Directors of Edmond de Rothschild Asset Management (Luxembourg);

- Chair of the Board of Directors of Edmond de Rothschild Asset Management (UK);- Member of the Board of Directors of Edmond de Rothschild Asset Management (Switzerland).

29

Mr Gad Amar:- Managing Director and Director of the Board of Directors of the SICAV Edmond de RothschildFund;

- Member of the Executive Board of Edmond de Rothschild Asset Management (France);- Director of the Board of Directors of the SICAV Edmond de Rothschild Fund;- Director of the Board of Directors of the SICAV Edmond de Rothschild Fund II;- Chief Executive Officer on the Board of Directors of Edmond de Rothschild (Israel) Ltd.

Mr Raphaël BELLAÏCHE:- Director of the Board of Directors of the SICAV Edmond de Rothschild Fund;- Director of the Board of Directors of the SICAV Edmond de Rothschild Fund II;- Director of the Board of Directors of the SICAV VisionFund

Mr Flavien Duval:- Chair of the Board of Directors of the SICAV Edmond de Rothschild SICAV;- Member of the Executive Board of Edmond de Rothschild Asset Management (France);- Member of the Board of Directors of Edmond de Rothschild Asset Management (Luxembourg);- Member of the Board of Directors of Edmond de Rothschild Asset Management (UK);- Director and Chairman of the Board of Directors of the SICAV Edmond de Rothschild Fund;- Director and Chairman of the Board of Directors of the SICAV Edmond de Rothschild Prifund;- Director and Chairman of the Board of Directors of the SICAV Edmond de Rothschild Fund II;- Director and Chairman of the Board of Directors of the SICAV Solutions Opportunities S.A.

Remuneration paid to corporate officers

Directors' attendance fees: NoneChair’s Salary: None

INFORMATION ON TRANSACTIONS INVOLVING SECURITIES INWHICH THE GROUPHAS SPECIAL INTERESTS

This information is available in the annual financial statements of the sub-funds in the section:GROUP FINANCIAL INSTRUMENTS HELD IN PORTFOLIO:- EdR SICAV – Financial Bonds- EdR SICAV – Euro Sustainable Credit- EdR SICAV – Euro Sustainable Growth- EdR SICAV – Tricolore Rendement- EdR SICAV – Europe Midcaps- EdR SICAV – Start- EdR SICAV – Global Opportunities

Pursuant to article 321-131 of the AMF General Regulations, the shareholders of the sub-funds below areinformed that the portfolio does not hold a managed UCI or financial instruments issued by the ManagementCompany or other entities of the Edmond de Rothschild Group.- EdR SICAV – Equity Europe Solve- EdR SICAV - Equity US Solve

30

METHOD FOR CALCULATING TOTAL RISK

The Sub-funds listed below use the commitment method to calculate the total risk ratio associated withfinancial contracts:- EdR SICAV – Financial Bonds- EdR SICAV – Euro Sustainable Credit- EdR SICAV – Euro Sustainable Growth- EdR SICAV – Tricolore Rendement- EdR SICAV – Equity Europe Solve- EdR SICAV – Europe Midcaps- EdR SICAV - Equity US Solve

The sub-funds below use the value-at-risk calculationmethod (absolute VaR) in order to calculate the total riskof the Sub-fund on financial contracts:

EdR SICAV – Start uses the Value-at-Risk calculation method to calculate the overall risk associated withfinancial contracts. The maximum commitment under these transactions respects the limits set for absoluteVaR using the Value-at-Risk calculation method, capped by regulations at 20% of the net assets, with a limitof 99% for 20 working days.During the last accounting year (from 21/03/2019 to 30/09/2019), the sub-fund's VaR developed as follows:

- The minimum VaR was 2.01% on 19/08/2019- The maximum VaR was 3.44% on 04/07/2019- the average VaR for the financial year was 2.52%.

The Sub-fund’s indicative leverage level, calculated as the sum in absolute terms of the nominal amounts ofthe positions on financial contracts, is 534.31%. The sub-fundmay achieve a higher level of leverage. It is worthnoting that this method, which consists of aggregating the absolute value of nominal amounts, in reality showsthe gross exposure.

EdR SICAV – Global Opportunities uses the Value-at-Risk calculation method to calculate the overall riskassociated with financial contracts. The maximum commitment under these transactions respects the limitsset for absolute VaR using the Value-at-Risk calculationmethod, capped by regulations at 20% of the net assets,with a limit of 99% for 20 working days.During the last accounting year (from 12/09/2019 to 30/09/2019), the sub-fund's VaR developed as follows:

- the minimum VaR was 0% on 13/09/2019.- the maximum VaR was 1.34% on 23/09/2019.- the average VaR for the financial year was 1.07%.

The Sub-fund’s indicative leverage level, calculated as the sum in absolute terms of the nominal amounts ofthe positions on financial contracts, is 12.91%. The sub-fund may achieve a higher level of leverage. It is worthnoting that this method, which consists of aggregating the absolute value of nominal amounts, in reality showsthe gross exposure.

POLICY FOR SELECTING INTERMEDIARIES AND COUNTERPARTIES

In accordance with Article 314-75 of the AMF General Regulations, the Management Company has establisheda “Best Selection/Best Execution policy” for intermediaries and counterparties. The purpose of this policy is toselect, according to various predetermined criteria, the brokers and intermediaries whose execution policy willachieve the best possible results when executing orders. The policy is available for consultation on the Edmondde Rothschild Asset Management (France) website at www.edram.fr.

REPORT ON INTERMEDIATION FEES

In accordance with Article 314-82 of the AMF General Regulations, the Management Company has drawn upa “Report on intermediation fees”. This document is available for consultation on EdRAM’s website:www.edram.fr.

31

COMMUNICATION OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE QUALITY (ESG)CRITERIA

Information about the ESG criteria is available on the Edmond de Rothschild Asset Management (France) website atwww.edram.fr.- EdR SICAV – Financial Bonds- EdR SICAV – Equity Europe Solve- EdR SICAV – Europe Midcaps- EdR SICAV - Equity US Solve- EdR SICAV – Start- EdR SICAV – Global Opportunities

Information on ESG criteria is available in the Fund’s Code of Transparency, available at www.edram.fr.- EdR SICAV – Euro Sustainable Credit- EdR SICAV – Euro Sustainable Growth- EdR SICAV – Tricolore Rendement

SECURITIES FINANCING TRANSACTION REGULATION (SFTR)

During the year, the sub-funds below were not involved in transactions subject to Regulation (EU) 2015/2365on the transparency of securities financing transactions and of reuse (“SFTR Regulation”):- EdR SICAV – Financial Bonds- EdR SICAV – Europe Midcaps- EdR SICAV - Equity US Solve- EdR SICAV – Start- EdR SICAV – Global Opportunities- EdR SICAV – Euro Sustainable Credit- EdR SICAV – Euro Sustainable Growth- EdR SICAV – Tricolore Rendement- EdR SICAV – Equity Europe Solve

REMUNERATION POLICY AND PRACTICES APPLICABLE TO THEMANAGER’SPERSONNEL

Edmond de Rothschild Asset Management (France) has a remuneration policy that complies with theprovisions of European Directive 2009/65/EC (“UCITS V Directive”) and Article 321-125 of the AMF GeneralRegulations which apply to UCITS. The remuneration policy promotes the sound and effective management ofrisk and does not encourage risk-taking that would be inconsistent with the risk profiles of the UCITS itmanages. The Management Company has implemented adequate measures to prevent any conflict of interest.

For all employees of the Management Company considered to have a material impact on the risk profile ofUCITS funds (MRT or material risk-takers), and annually identified as such through a process involving theHuman Resources, Risk, and Compliance teams, the remuneration policy specifies that part of their variableremuneration (whichmust remain in reasonable proportion to their fixed remuneration) be deferred over threeyears. This deferral, for employees exceeding a minimum threshold, varies from a minimum of 40% to 60%depending on the variable level. Furthermore, a portion of the variable remuneration for these employees willbe indexed to the change in the value of a mixed basket of financial instruments that is representative of theAIFs and UCITS managed by the Management Company and its affiliates. The deferred variable remunerationwill therefore comprise, for MRT employees, at least 50% of cash indexed to the basket of instruments, and atmost 50% of other deferred elements (Group Long Term Incentive Plan or, as applicable, deferred cash).

Information in the Management Company’s Annual Report as at

31/12/2018:

Total amount of remuneration

32

The total amount of remuneration is the total remuneration paid to all of the manager's personnel, with 190beneficiaries (190 employees in service at 31/12/2018).This total amount for the financial year 2018-2019 was €26,751,100, including a fixed component of€17,116,050, a variable component of €9,635,050 and a profit share in capital gains of €0.

*Total annualised fixed pay as at 31/12/2018 for the population eligible for 2018/2019 pay review and total ofthe variable amounts proposed for the pay review for the year 2018.

Aggregate Amount of Remunerations

In accordance with Article 33 of AMF Instruction 2011-19 and the provisions of European Directive2009/65/EC as amended by European Directive 2014/91/EU, the aggregate amount of remuneration, brokendown between senior executives and staff members of the Management Company whose activities have amaterial impact on the risk profile of the UCITS corresponds for the 2018-2019 financial year to:- Senior executives.....................................................................2,002,508 euros (€)- Staff members .......................................................................... 15,504,862 euros (€)

The Remuneration Policy of Edmond de Rothschild Asset Management (France) is reviewed annually by theRemuneration Committee. The implementation of the remuneration policy of Edmond de Rothschild AssetManagement (France) was audited both in-house and externally, between June and August 2018 under thesupervision of the General Inspectorate of Edmond de Rothschild (France). This audit resulted in arecommendation of medium risk.

33

ESMA


EFFICIENT PORTFOLIOMANAGEMENT TECHNIQUES AND DERIVATIVES

a) Exposure obtained through efficient portfolio management techniques andderivative financial instruments

Exposure obtained through efficient portfolio management techniques: 0.00o Securities lending: 0.00o Securities borrowing: 0.00o Repurchase agreements: 0.00o Reverse Repurchase agreements: 0.00

Underlying exposure obtained through derivative financial instruments: 0.00

b) Identity of the counterparty/counterparties to efficient portfolio managementtechniques and derivative financial instruments

Efficient management techniques Derivatives (*)

(*) Except listed derivatives.

c) Collateral received by the UCITS in order to reduce counterparty risk

Types of instrument Amount in the portfolio currency

Efficient management techniques

. Term deposits 0.00

. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00

Derivative financial instruments


. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash

Total 0.00

(**) The Cash account also includes liquidity resulting from repurchase transactions.

34

d) Operating income and expenses linked to efficient management techniques

Operating income and expenses Amount in the portfolio currency

. Income (***) 16.06

. Other income 0.00

Total income 16.06

. Direct operating expenses 0.00

. Indirect operating expenses 0.00

. Other expenses 0.00

Total expenses 0.00

(***) Income received on loans and repurchase agreements.

35













. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00



. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash

Total 0.00


36



. Income (***) 0.00

. Other income 0.00

Total income 0.00




Total expenses 0.00


37



a) Exposure obtained through efficient portfolio management techniques and derivativefinancial instruments


Underlying exposure obtained through derivative financial instruments: 5.02%

b) Identity of the counterparty/counterparties to efficient portfolio management techniquesand derivative financial instruments







. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00



. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash 770,000.00

Total 770,000.00


38



. Income (***) 0.00

. Other income 0.00

Total income 0.00




Total expenses 0.00


39













. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00



. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash

Total 0.00


40



. Income (***) 0.00

. Other income 0.00

Total income 0.00




Total expenses 0.00


41













. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00



. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash

Total 0.00


42



. Income (***) 15.10

. Other income 0.00

Total income 15.10




Total expenses 0.00


43

EdR SICAV – Europe Midcaps












. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00



. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash

Total 0.00


44



. Income (***) 0.00

. Other income 0.00

Total income 0.00




Total expenses 0.00


45

EdR SICAV - Equity US Solve












. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00



. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash

Total 0.00


46



. Income (***) 2,854.36

. Other income 0.00

Total income 2,854.36




Total expenses 22.32


47

EdR SICAV – Start












. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00



. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash 330,000.00

Total 330,000.00


48



. Income (***) 0.00

. Other income 0.00

Total income 0.00

. Direct operating expenses 2,028.28



Total expenses 2,028.28


49

EdR SICAV – Global Opportunities












. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash (**) 0.00

Total 0.00



. Equities 0.00

. Bonds 0.00

. UCITS 0.00

. Cash

Total 0.00


50



. Income (***) 0.00

. Other income 0.00

Total income 0.00




Total expenses 0.00


51

COMPLIANCEWITH ARTICLE 173

EdR SICAV – Start

INFORMATION ON THE INCORPORATION OF ENVIRONMENTAL, SOCIAL ANDGOVERNANCE (ESG) CRITERIAWITHIN THE COMPANY

Article 173 of the French Law on Energy Transition for Green Growth – Implementing Decree 6 no.2015-1850 of 29 December 2015/Article L.533-22-1 of the French Monetary and Financial Code

Information on the arrangements governing consideration in the investment policy of compliance withenvironmental, social and governance criteria is available in the “Responsible Investment” section of ourwebsite: http://www.edmond-derothschild.com/SiteCollectionDocuments/asset-management/isr/EDRAM-FR-Declaration-art-173.pdf

The documents referred to below, available on the Edmond de Rothschild AssetManagement (France) website,set out the overall practices governing the gradual integration of environmental, social and governance qualityfactors within the management teams of Edmond de Rothschild Asset Management (France). Thesedocuments are updated annually to reflect our Management Company's progress in this area following itssignature in 2010 of the Principles for Responsible Investment (PRI).

Scope Ref. Art. 173 Registrationdocument

Web link

General approach tothe consideration ofESG criteria

Overall policy onresponsible investment

http://www.edmond-de-rothschild.com/site/France/fr/asset-management/nos-expertises/investissement-socialement-responsable

II-1°

PRI/Public RITransparency report,Edmond de RothschildAsset Management(France) (English)2

ESG informationrelating to Edmond deRothschild AssetManagement (France)(Policy/Report)

Sustainable DevelopmentReport of the Edmond deRothschildGroup/Chapter“Innovation forresponsible finance”

Commitment andvotes

Voting policy http://www.edmond-de-rothschild.com/site/France/fr/asset-management/nos-/asset-management/nos-expertises/investissement-socialement-responsable

II-2°

III Voting report(incorporatinginformation oncommitment actions)

2 This document, taken from the PRI website, is available in English only. Note that it includes a detailed section on our approach to responsible

investment in equity management (see “Direct Listed Equity” and “Listed Equity Active Ownership” sections of the report)

52

Contribution tocompliance with theinternational aim ofcombating globalwarming andmeeting the aims ofthe Energy andEcological Transition(TEE)

III-4°

Climate contribution

Carbon footprint on aselection of UCIs 3

INFORMATION ON THE INCORPORATION OF ENVIRONMENTAL, SOCIAL ANDGOVERNANCE (ESG) CRITERIA IN THE INVESTMENT POLICY

Article 173 of the French Law on Energy Transition for Green Growth – Implementing Decree no. 2015-1850of 29 December 2015/Article L.533-22-1 of the French Monetary and Financial Code

ESG commitments:

Edmond de Rothschild Asset Management (France) is deeply committed to incorporating ESG(Environmental/Social/Governance) issues into all of its investments in a rational, progressive manner.Anticipating the most effective ways of achieving this incorporation, and determining the added value thereofare the responsibility of Edmond de Rothschild Asset Management (France), especially in a context ofregulatory changes to the component parts of financial analysis and transparency standards that areincreasingly stringent in the management of our assets. After the launch of the first Edmond de RothschildAsset Management (France) Socially Responsible Investment (SRI) Fund in 2009 and with a progressiveapproach evidenced by the signing in 2010 of an international reference standard, the Principles forResponsible Investment (PRI), Edmond de Rothschild Asset Management (France) has succeeded indeveloping solid expertise in Responsible Investment (RI).

In developing a proprietary ESG analysis expertise, Edmond de Rothschild Asset Management (France) hascreated a framework allowing it to gradually incorporate material ESG issues into the relevant asset classes itmanages.

The responsible investment policy is available on its website: www.edmond-de-rothschild.com/SiteCollectionDocuments/asset-management/isr/EDRAM-responsible-investment-policy.pdf.

The ESG applied to the EdR SICAV-Start sub-fund:

The EdR SICAV – Start sub-fund does not have a systematic approach to selecting issuers based on ESGcriteria. However, the UCI undergoes ESG and carbon footprint screening.

3 It should be noted that the carbon footprint of our UCIs is measured annually. At 31/12/2017, €12.7 billion of the assets (UCIs and mandates) of

Edmond de Rothschild Asset Management (France) were covered by this measure.26 of the Group’s open UCIs included this measure covering 97% of

European equities, 75% of international equities and 64% of corporate bonds.

53

Assessment of the contribution with regard to the international aim of combating globalwarming and meeting the aims of energy transition:

The Edmond de Rothschild Group's “Climate Contribution” policy is available onlineat:http://www.edmond-de-rothschild.com/SiteCollectionDocuments/asset- management/isr/EDRAM-FR-Transition-Energetique.pdf.

Assessing the carbon footprint:

https://wwW.edmond-de-rothschild.com/SiteCollectionDocuments/asset-management/isr/EDRAM-FR- carbon footprint. pdf

Voting and commitment strategy:

Edmond de Rothschild Asset Management (France) has implemented a voting policy and, via the annualreport, provides information on the exercise of voting rights on its website: www.edmond-de-rothschild.com.

54







Web link




II-1°



Sustainable DevelopmentReport of the Edmond deRothschild Group/Chapter “Innovation forResponsible Finance”

Commitment andvotes

Voting policy http://www.edmond-de-rothschild.com/site/France/fr/asset-management/nos-/asset-management/nos-expertises/investissement-socialement-responsable

II-2°




55

Contribution tocompliance with theinternational aim ofcombating globalwarming andmeeting the aims ofthe Energy andEcologicalTransition (TEE)

III-4°


Carbon footprint on aselection of UCIs5



ESG Commitments:




ESG applied to the EdR SICAV – Financial Bonds sub-fund :

The EdR SICAV – Financial Bonds sub-fund does not have a systematic approach to selecting issuersof debt securities based on ESG criteria.

Assessment of the contribution with regard to the international aim of combatingglobal warming and meeting the aims of energy transition:

5 It should be noted that the carbon footprint of our UCIs is measured annually. At 31/12/2016, 16 strategies covering approximately 80% of

equity strategies (European, US and international) benefited from the carbon footprint measurement.

56

The Edmond de Rothschild Group's “Climate Contribution” policy is available online at:http://www.edmond-de-rothschild.com/SiteCollectionDocuments/asset- management/isr/EDRAM-FR-Transition-Energetique.pdf.

The EdR SICAV – Financial Bonds Sub-fund is a UCI bond that does not correspond to a financing approachfor the energy transition. Recognition of the objective to limit global warming to 2 degrees is not relevant forthis type of UCI.


Currently, the EdR SICAV – Financial Bonds Sub-fund is not subject to a carbon footprint measurement.

The gradual introduction of carbon footprint measurement forms part of the Responsible Investment actionplan for the 2017–2020 period.



The EdR SICAV – Financial Bonds Sub-fund is a UCI bond. The voting and commitment strategy is of littlerelevance since the UCI does not invest in equities.

57







Web link



II-1°




SustainableDevelopment Report ofthe Edmond deRothschildGroup/Chapter“Innovation forresponsible finance”

Commitment andvotes

Voting policy http://www.edmond-de-rothschild.com/site/France/fr/asset-management/nos-expertises/investissement-socialement-responsable

II-2°




58

Contribution tocompliance with theinternational aim ofcombating globalwarming andmeetingthe aims of theEnergy andEcological Transition(TEE)

III-4°


Carbon footprint on aselection of UCIs7



ESG Commitments:




ESG applied to the EdR SICAV – Tricolore Rendement Sub-fund:

The EdR SICAV – Tricolore Rendement sub-fund includes an ESG incorporation process withan ESG commitment strategy aimed at encouraging companies to disclose and improve theirESG practices, while contributing to the UCI’s search for performance.

Assessment of the contribution with regard to the international aim of combating globalwarming and meeting the aims of energy transition:

7 It should be noted that the carbon footprint of our UCIs is measured annually. At 31/12/2017, €12.7 billion of the assets (open funds and mandates)

of Edmond de Rothschild Asset Management (France) were covered by this measure. 26 of the Group’s open UCIs included this measure covering 97%

of European equities, 75% of international equities and 64% of corporate bonds.

59

The Edmond de Rothschild Group's “Climate Contribution” policy is available online at:http://www.edmond-de-rothschild.com/SiteCollectionDocuments/asset- management/isr/EDRAM-FR-Transition-Energetique.pdf.


https://wwW.edmond-de-rothschild.com/SiteCollectionDocuments/asset-management/isr/EDRAM-FR- carbon footprint. pdf



60

CARBON FOOTPRINT

Since 1 December 2015, as a signatory to the Montreal Carbon Pledge, Edmond deRothschild Asset Management (France) has committed to measure and publicise thecarbon footprint of its investments each year.The funds in question are European, US and international equity funds.

Carbon Footprint measured in equivalent tonnes of CO2/€M invested in the UCI

Name of the sub-fund

Carbon exposure(tonnes eq.CO2/€M ofturnover)

Hedging rate

EdR SICAV – Euro Sustainable Credit 111 64%

EdR SICAV – Euro Sustainable Growth 170 99%

EdR SICAV – Financial Bonds 4 67%

EdR SICAV – Tricolore Rendement 206 98%

EdR SICAV – Equity Europe Solve - -

EdR SICAV – Start 313 57%

EdR SICAV – Europe Midcaps 155 84%

EdR SICAV - Equity US Solve - -

EdR SICAV – Global Opportunities - -

Methodology

Our carbon measures are based on data provided by the companies and are updated annually (AnnualReports, Carbon Disclosure Project) or evaluated by third-party data providers (Bloomberg).

Carbon footprint definition

In equivalent tonnes of CO2 per million euros of revenue.

It measures the exposure of the portfolio to carbon intensity. It is the weighted sum of thecarbon intensity of the lines in the portfolio.

Company carbon intensity (i) = Company emissions (i)/Company revenue (i)

Carbon exposure = ∑(company carbon intensity (i) x Weighting of the company in the portfolio (i))

Scope

Carbon emissions are separated into Scope 1 + Scope 2 emissions.

Scope 1 emissions: direct greenhouse gas emissions (combustibles, refrigerants, fuelconsumption of owned vehicles)

Scope 2 emissions: indirect emissions (electricity, generated steam)

These data do not take into account all the emissions attributable to the company, in particular thosecaused downstream by the use of products and services marketed or avoided emissions. To date, themeasurement of Scope 3 emissions and avoided emissions is not considered sufficiently reliable orstandardised.

Scope 3 emissions: other greenhouse gas emissions that are not directly related to the manufacture of theproduct, but to other stages of the product’s life cycle

61

Hedging

Hedging, using the data provided by companies (with no estimate), varies between 60% forinternational equities, 80% for US equities and over 96% for European equities.

The Board of Directors

61

EDMOND DE ROTHSCHILD SICAV

SPECIAL REPORT OF THE STATUTORY AUDITORS ON REGULATED AGREEMENTS(General Meeting to approve the financial statements for thefinancial year ended 30 December 2019)

62

Document authenticated by electronic signature

The Statutory AuditorPricewaterhouseCoopers

Audit

Frédéric Sellam

SPECIAL REPORT OF THE STATUTORY AUDITORS ONREGULATED AGREEMENTSGeneral Meeting to Approve the Financial Statements for theFinancial Year ended 30 September 2019EDMONDDE ROTHSCHILD SICAVUCITS CONSTITUTED AS A VARIABLE CAPITAL INVESTMENT COMPANY WITH SUB-FUNDSGoverned by the French Monetary and Financial Code

Management CompanyEDMOND DE ROTHSCHILD ASSET MANAGEMENT47, rue du Faubourg Saint Honoré75008 PARIS

Dear Shareholders,

In our capacity as statutory auditors for your company, we present to you our report on the regulatedagreements.

Our role is to inform you, on the basis of the information provided to us, of the main characteristics andterms and conditions of those agreements as well as the reasons which justify their interest for the SICAV,of which we have been advised or which we identified during our review, without having to provide anopinion on their usefulness or appropriateness or to search for other such agreements. It is yourresponsibility, under Article R. 225-31 of the French Commercial Code, to draw your own conclusionsregarding the appropriateness of the agreements when deciding whether to approve them.

It is also our responsibility to report to you the information specified in Article R. 225-31 of the FrenchCommercial Code relating to the execution, during the period under review, of agreements previouslyapproved by the General Meeting.We have performed the due diligence that we considered necessary for this assignment, in accordance withthe professional standards of the French national association of statutory auditors (Compagnie Nationaledes Commissaires aux Comptes.AGREEMENTS SUBJECT TOTHEAPPROVAL OFTHEGENERALMEETINGWe hereby inform you that we have not been advised of any agreements approved during the financialyear under review that are required to be submitted to the General Meeting for approval under theprovisions of Article L. 225-38 of the French Commercial Code.AGREEMENTS ALREADY APPROVED BYTHEGENERALMEETING

We are informing you that we have not been given notice of any agreement alreadyapproved by the general meeting, which would have been executed over the previousfinancial year.

Neuilly-sur-Seine, date of electronic signature

PricewaterhouseCoopers Audit, 63 rue de Villiers, 92208 Neuilly-sur-Seine Cedex, FranceT: +33 (0) 1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.fr

Accounting firm registered with the Paris - Ile de France Tableau de l’Ordre. Audit firm, member of the Compagnie Régionale de Versailles. A French simplified

joint-stock company with capital of €2,510,460. Registered office: 63, rue de Villiers, 92200 Neuilly-sur-Seine, France. Nanterre Trade and Companies Register672 006 483. VAT No. FR 76 672 006 483. Siret 672 006 483 00362. APE [Trade sector] code 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz,

Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg and Toulouse.

63

EDMONDDE ROTHSCHILD SICAV

STATUTORY AUDITOR’S REPORT ON THEANNUAL FINANCIAL STATEMENTSFinancial year ended 30 September 2019

64

pwc

STATUTORY AUDITOR’S REPORT ON THEANNUAL FINANCIAL STATEMENTSFinancial year ended 30 September 2019

EDMOND DE ROTHSCHILD SICAVUCITS CONSTITUTED AS A VARIABLE CAPITAL INVESTMENT COMPANYWITH SUB-FUNDSGoverned by the French Monetary and Financial Code

Management CompanyEDMOND DE ROTHSCHILD ASSET MANAGEMENT47, rue du Faubourg Saint Honoré75008 PARIS

Opinion

In performing the audit engagement entrusted to us by the Management Company, we have carried outthe audit of the annual financial statements of the UCITS established in the form of an Open-endedinvestment company (Société d’Investissement à Capital Variable) with sub-funds, EDMOND DEROTHSCHILD SICAV, relating to the year ended 30 September 2019, as attached to this report.

We certify that the annual financial statements are, in conformity with French accounting rules andprinciples, accurate and consistent, and give a true and fair view of the financial performance of theprevious financial year as well as the financial situation and assets of the UCITS established in the formof an Open-ended investment company (Société d’Investissement à Capital Variable) with sub-funds atthe end of this financial year.

Basis of opinion

Audit framework

We conducted our audit in accordance with professional auditing standards applicable in France. Webelieve that the evidence gathered is sufficient and appropriate to justify our opinion. Our responsibilitiespursuant to these standards are set out in the “Statutory Auditor's Responsibilities regarding the auditof the Annual Financial Statements” section of this report.

Independence

We have conducted our audit assignment in line with the applicable rules of independence, from01/10/2018 until the date of issue of our report, and in particular we have not provided any servicesforbidden by the Code of Ethics for Statutory Auditors.

PricewaterhouseCoopers Audit, 63 rue de Villiers, 92208 Neuilly-sur-Seine Cedex,FranceT: +33 (0)1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwcfr

Accounting firm registered with the Paris Tableau de l’Ordre, Ile-de-France. Audit firm, member of the Compagnie Régionale de Versailles. A French simplified joint-

stock company with capital of €2,510,460. Registered office: 63, rue de Villiers, 92200 Neuilly-sur-Seine, France. Nanterre Trade and Companies Register 672 006483. VAT No. FR 76 672 006 483. Siret 672 006 483 00362. APE [Trade sector] code 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice,

Paris, Poitiers, Rennes, Rouen, Strasbourg and Toulouse.

65

PwC EDMOND DE ROTHSCHILD SICAV

Justification of assessments

In accordance with the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code

relating to the justification of our assessments, we would inform you that our most significant

assessments, in our professional opinion, were based on the appropriateness of the accounting principles

applied and the reasonableness of the significant estimates used, and on the overall presentation of the

financial statements.

The assessments were made as part of our audit of the annual financial statements, taken as a whole, and

therefore contributed to the formation of our opinion expressed above. We do not express an opinion on

items in these annual financial statements taken individually.

Specific verifications

We have also performed specific verification as required by law and the regulations, in accordance withprofessional auditing standards applicable in France.

Information provided in the management report and in other documents sent toshareholders regarding the financial situation and annual financial statements

We have no observations to make concerning the accuracy and consistency with the annual financialstatements of the information provided in the management report and in the documents provided tounitholders concerning the financial position and the annual financial statements.

Information relating to corporate governance

We attest to the existence of the information required by article L. 225-37-4 of the French CommercialCode in the section of the management report devoted to corporate governance.

PricewaterhouseCoopers Audit, 63 rue de Villiers, 92208 Neuilly-sur-Seine Cedex,

France

T: +33 (0)1 56 57 58 59, F: + 33 (0) 156 57 58 60, www.pwcfr


stock company with capital of €2,510,460. Registered office: 63, rue de Villiers, 92200 Neuilly-sur-Seine, France. Nanterre Trade and Companies Register 672 006481 NA ri° FR 76,672,006,483. Siret 672 006 483 00362. APE [Trade sector] code 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice,


66


Responsibilities of senior management and those in charge of corporate governancerelating to the annual financial statements

It is the Management Company’s responsibility to prepare annual financial statements that give a trueand fair view, in accordance with French accounting rules and principles, and to implement the internalcontrols it deems necessary for the preparation of annual financial statements that are free of materialmisstatement, whether due to fraud or error.

When preparing the annual financial statements, it is the Management Company’s responsibility toassess the UCI’s ability to continue as a going concern, to present in these financial statements, whereapplicable, the necessary information relating to its viability as a going concern, and to apply the goingconcern accounting policy unless the UCI is to be wound up or to cease trading.

The annual financial statements were prepared by senior management.

Responsibilities of the statutory auditor relating to the audit of the annual

financial statements Objectives and process of the audit

It is our responsibility to draft a report on the annual financial statements. Our aim is to obtain reasonableassurance that the annual financial statements taken as a whole are free of material misstatement.Reasonable assurance corresponds to a high level of assurance, but does not guarantee that an auditperformed in accordance with the standards of professional practice will systematically detect anymaterial misstatement. Misstatements may arise from fraud or error and are considered material whereit can reasonably be expected that, taken individually or together, they may influence the economicdecisions made by users of the financial statements that are based upon such misstatements.

As specified by Article L.823-io-1 of the French Commercial Code, our task is to certify the financialstatements, and not to guarantee the viability or the quality of the management of the UCI.

As part of an audit conducted in accordance with the professional practice standards applicable in France,the statutory auditor exercises their professional judgement throughout this audit. In addition:

they identify and assess the risks that the annual financial statements may contain materialmisstatement, whether due to fraud or error, set out and implement the audit procedures intended tocounter these risks, and collate the items that they deem sufficient and appropriate to justify their opinion.The risk of non-detection of a material misstatement due to fraud is higher than that of a materialmisstatement due to an error, since fraud may involve collusion, forgery, voluntary omissions,misrepresentation or the circumvention of internal control processes;

PricewaterhouseCoopers Audit, 63 rue de Villiers, 92208 Neuilly-sur-Seine Cedex,

France

T: +33 (0) 1 56 57 58 59, Fax: +33 (0) 1 56 57 58 60, www.pwcfr


stock company with capital of €2,510,460. Registered office: 63, rue de Villiers, 92200 Neuilly-sur-Seine, France. Nanterre Trade and Companies Register 672 006483. NA RI ° FR 76 672 006 483. Siret 672 006 483 00362. APE [Trade sector] code 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice,


67


they become familiar with the internal control processes relevant to theaudit so as to set out audit procedures that are appropriate to thecircumstances, and not to express an opinion on the effectiveness of theinternal control processes;

they assess the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the ManagementCompany, as well as the information provided in their regard in the annualfinancial statements;

they assess the appropriateness of the application by the ManagementCompany of the going concern accounting policy and, based on the evidencegathered, whether or not significant uncertainty exists relating to events orcircumstances that may affect the UCI’s ability to continue as a going concern.This assessment is based on the items collated up to the date of their report,on the understanding that subsequent events or circumstances may affect theFund’s viability as a going concern. If they conclude that significantuncertainty exists, they draw the attention of the reader of the report to theinformation provided in the annual financial statements about this uncertaintyor, if this information is not provided or is not relevant, they issue acertification with reservation or a refusal to certify;

they appraise the overall presentation of the annual financialstatements and assess whether said statements reflect the transactions andunderlying events, and thus provide a true and fair view thereof.

Neuilly-sur-Seine, date of electronic signature

Document authenticated byelectronic signature

The Statutory AuditorPricewaterhouseCoopers Audit

Frédéric Sellam

68


CONSOLIDATED ANNUAL FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2019

69

CONSOLIDATED ANNUAL FINANCIAL STATEMENTS AS AT

30/09/2019

70

EDMOND DE ROTHSCHILD SICAV: CONSOLIDATED ANNUAL FINANCIAL STATEMENTSAS AT 30/09/2019

BALANCE SHEET - ASSETS - IN EUROS AS AT 30/09/2019

30/09/2019

Net fixed assets

Deposits

Financial instruments

Equities and equivalent securities

Traded on a regulated or equivalent market

Not traded on a regulated or equivalent market

Bonds and equivalent securities



Debt securities


Negotiable debt securities

Other debt securities


Undertakings for collective investment

Retail UCITS and AIFs intended for non-professionals and equivalentinvestors in other countries

0.00

0.00

4,911,583,921.44

1,819,072,219.43

1,819,072,219.43

0.00

2,611,405,468.25

2,611,405,468.25

0.00

186,841,570.01

186,841,570.01

186,841,570.01

0.00

0.00

268,964,460.54

268,964,460.54

Other funds intended for non-professionals and equivalent investors inother EU member states

0.00

Professional investment funds and equivalent funds in other EU memberstates and listed special purpose vehicles

0.00

Other professional investment funds and equivalent funds in other EUmember states and unlisted special purpose vehicles

0.00

Other non-European undertakings

Temporary securities transactions

Receivables on securities received under repurchase agreements

Receivables on loaned securities

Borrowed securities

Securities assigned under repurchase agreements

Other temporary transactions

Forward financial instruments

Transactions on a regulated or equivalent market

Other transactions

Other financial instruments

Receivables

Forward currency transactions

Other

Financial accounts

Cash and cash equivalents

0.00

0.00

0.00

0.00

0.00

0.00

0.00

25,300,203.21

25,300,203.21

919.90

0.00

491,961,094.05

427,001,482.69

64,959,611.35

159,638,036.54

159,638,036.54

Total assets 5,563,183,052.03

71


BALANCE SHEET – LIABILITIES – IN EUROS AT 30/09/2019

30/09/2019

Share capital

Capital

Undistributed previous net gains and losses (a)

Balance carried forward (a)

Net gains and losses for the financial year (a, b)

Profit/loss for the financial year (a, b)

Total share capital (= amount corresponding to net assets)


Sales of financial instruments


Payables representing securities received under repurchase agreements

Payables representing borrowed securities




Other transactions

Payables


Other

Financial accounts

Current bank borrowings

Loans

4,963,229,425.07

0.00

0.00

-29,204,044.71

79,720,421.12

5,013,745,801.48

20,187,209.18

0.00

0.00

0.00

0.00

0.00

20,187,209.18

18,385,331.02

1,801,878.16

518,724,381.54

427,560,992.14

91,163,389.40

10,525,659.83

10,525,659.83

0.00

Total liabilities 5,563,183,052.03

(a) Including accruals(b) Interim dividends paid over the financial year

72


OFF-BALANCE-SHEET AS AT 30/09/2019 IN EUROS

30/09/2019

Hedging transactions

Commitment on regulated or equivalent markets

Futures contracts

CME EC EURUSD 1219 256,666,494.68

CME RF EURCHF 1219 36,226,011.47

XEUR FGBM BOB 1219 116,794,650.00

NEW ICE EUR/SEK 1219 9,378,493.90

RP EURGBP 1219 25,819,417.19

EUR XEUR FESX D 1219 1,208,700.00

XEUR FGBL BUN 1219 21,084,250.00

Options

UKX - FTSE 100 INDX 12/2020 PUT 6000 1,395,473.59

DJ EURO STOXX 50 10/2019 PUT 3400 14,806,078.60

S&P 500 INDEX 09/2020 PUT 2350 2,484,712.35

S&P 500 INDEX 09/2019 CALL 2985 1,064,876.72

S&P 500 INDEX 10/2019 PUT 2940 4,600,813.52

S&P 500 INDEX 10/2019 PUT 2910 4,912,085.18

DJ EURO STOXX 50 12/2019 PUT 3100 2,248,753.50

S&P 500 INDEX 03/2020 PUT 2350 819,955.07

DJ EURO STOXX 50 10/2019 CALL 3450 42,458,607.75

UKX - FTSE 100 INDX 12/2020 PUT 6600 4,879,979.52

S&P 500 INDEX 09/2020 PUT 2650 8,093,063.07

S&P 500 INDEX 10/2019 CALL 3020 6,858,898.26

UKX - FTSE 100 INDX 06/2020 PUT 6700 5,317,005.08

DJ EURO STOXX 50 03/2020 PUT 3000 5,711,120.00

UKX - FTSE 100 INDX 03/2020 PUT 6000 635,065.83

S&P 500 INDEX 06/2020 PUT 2350 1,636,087.52

UKX - FTSE 100 INDX 03/2020 PUT 6700 3,860,531.74

S&P 500 INDEX 03/2020 PUT 2650 5,085,195.91

UKX - FTSE 100 INDX 06/2021 PUT 6000 2,350,161.37

S&P 500 INDEX 10/2019 PUT 2895 4,980,346.51

DJ EURO STOXX 50 12/2020 PUT 2800 4,176,256.50


UKX - FTSE 100 INDX 06/2021 PUT 6500 6,392,438.92

DJ EURO STOXX 50 06/2021 PUT 2800 5,711,120.00

DJ EURO STOXX 50 10/2019 PUT 3550 54,248,501.10

DJ EURO STOXX 50 06/2020 PUT 2700 2,409,378.75

UKX - FTSE 100 INDX 12/2019 PUT 6800 1,842,526.51

S&P 500 INDEX 09/2019 CALL 2975 25,024,602.92

S&P 500 INDEX 10/2019 CALL 3030 38,910,291.69

DJ EURO STOXX 50 06/2021 PUT 3200 18,989,474.00

DJ EURO STOXX 50 06/2020 PUT 3100 9,551,848.20

UKX - FTSE 100 INDX 06/2020 PUT 6000 1,111,365.20

DJ EURO STOXX 50 12/2020 PUT 3200 14,322,418.13

DJ EURO STOXX 50 03/2020 PUT 2650 1,365,314.63

S&P 500 INDEX 06/2020 PUT 2650 11,230,899.81

S&P 500 INDEX 10/2019 CALL 3050 4,715,492.55


S&P 500 INDEX 10/2019 PUT 3005 13,477,516.64

73


OFF-BALANCE-SHEET AS AT 30/09/2019 IN EUROS

30/09/2019

Commitment on over-the-counter markets

Futures contracts

Credit Default Swap

CDSI135-99473 42,194,092.83

CDSI136-99473 7,000,000.00

CDXIG531 21,097,046.41

ITXEB530 10,000,000.00

Other commitments

Credit Default Swap

Other transactions


Futures contracts

XEUR FGBS SCH 1219 79,304,980.00

CBOT USUL 30A 1219 8,625,395.57

CME 3M EUR 1222 79,108,764.45

XEUR FOAT EUR 1219 28,952,700.00

CME 3M EUR 0320 78,920,152.27

CME EC EURUSD 1219 55,682,300.27

RTY INDEX 50 1219 4,196,477.71

SP S&P 500 IN 1219 165,973,101.27

EUR XEUR EUFF M 1219 2,305,000.00

EUR XEUR FESX D 1219 4,230,450.00

FV CBOT UST 5 1219 37,265,655.14

STX 50 DIV 1219 121,700.00

Options

MID-CURVE 3YR USD 12/2019 CALL 97.5 192,131,030.99




Futures contracts

Other commitments

CFD

MS RECKITT 1249 143,758.98

CFD MS TSCO 1249 71,514.93

74


PROFIT AND LOSS STATEMENT IN EUROS AS AT 30/09/2019

30/09/2019

Income from financial transactions

Income from deposits and financial accounts

Income from equities and equivalent securities

Income from bonds and equivalent securities

Income from debt securities

Income from temporary purchases and sales of securities

Income from forward financial instruments

Other financial income

Total (1)

Expenses relating to financial transactions

Expenses relating to temporary purchases and sales of securities

Expenses relating to forward financial instruments

Expenses relating to financial debt

Other financial expenses

Total (2)

Profit/loss on financial transactions (1 - 2)

Other income (3)

Management fees and amortisation charges (4)

Net profit/loss for the financial year (L. 214-17-1) (1 - 2 + 3 - 4)

Income adjustment for the financial year (5)

Interim dividends paid in respect of the financial year (7)

Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

102,940.85

48,044,844.55

69,805,246.98

325,784.81

2,649.36

0.00

360.00

118,281,826.54

2,048.75

30,744.92

554,306.37

0.00

587,100.04

117,694,726.50

0.00

36,318,380.12

81,376,346.38

-1,655,925.26

0.00

79,720,421.12

EDMOND DE ROTHSCHILD SICAV: CONSOLIDATED ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

1. ACCOUNTING METHODS AND RULES

The annual financial statements are presented in the form provided for by ANCRegulation 2014-01 (Autorité des normes comptables – the French accountingstandards authority) repealing CRC Regulation 2003-02 (Comité deréglementation comptable – the French accounting regulation committee) asamended.

General accounting principles apply:- a true and fair view, comparability and business continuity- Lawfulness and fairness;- Prudence;- consistency in accounting methods from one year to the next.

Income from fixed-income securities is recorded on the basis of interest earned.

Purchases and sales of securities are recognised exclusive of costs. Thereference currency of the portfolio is the euro.

The SICAV consists of 9 sub-funds:

- EDR SICAV – EURO SUSTAINABLE CREDIT (CCC)- EDR SICAV-FINANCIAL BONDS (CCCCDCCCC)- EDR SICAV - EURO SUSTAINABLE GROWTH (CCC)- EDR SICAV – EQUITY EUROPE SOLVE (CCCCCD)- EdR SICAV - Tricolore Rendement (CC)- EdR SICAV - Start (CCCC)- EdR SICAV - Europe Midcaps (CCCC)- BDU SICAV-Equity US Solve (C)- EdR SICAV – Global Opportunities (C)

The aggregation of the annual financial statements is presented in euros.

In the absence of inter-sub-fund holding, there is no restatement of assets andliabilities.

- Accounting methods and rules (*)

- Additional Information (*)

(*) Please refer to the information for each sub-fund.

Edmond de Rothschild SICAV is a SICAV with sub-funds under French law,incorporated in the form of a limited liability company, in accordance with theprovisions of the French Commercial Code applicable to limited companies(Book II - Part II - Chapter V) of the French Monetary and Financial Code(Book II – Part I – Chapter IV - Section I – Subsection I).

EDMOND DE ROTHSCHILD SICAV: CONSOLIDATED ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019

It should be noted that the Edmond de Rothschild SICAV was approved by theFrench financial markets authority (Autorité des Marchés Financiers – AMF) on 7December 2018.The SICAV was established on 12 February 2019.

The sub-funds below were formed by merger/absorption of the Fund:EdR SICAV – Euro Sustainable Credit was established on 12/09/2019 by theabsorption of the EdR Euro Sustainable Credit Fund;EdR SICAV – Euro Sustainable Growth was established on 12/09/2019 byabsorption of the EdR Euro Sustainable Growth Fund;EdR SICAV – Financial bonds was established on 12/09/2019 by the absorption ofthe EdR Financial Bonds Fund;EdR SICAV – Tricolore Rendement was established on 08/03/2019 by absorptionof the EdR Tricolore Rendement Fund;EdR SICAV – Equity Europe Solve was established on 08/03/2019 by absorption ofthe EdR Equity Europe Solve Fund;EdR SICAV – Start was established on 21/03/2019 by merger/absorption of theEdR Start Fund;EdR SICAV – Europe Midcaps was established on 21/03/2019 bymerger/absorption of the EdR Europe Midcaps Fund;EdR SICAV – Global Opportunities was established on 12/09/2019 by merger anddemerger of the CA EdRAM Opportunities Fund.

These merger/absorption operations benefited from the FROG (French Routes andOpportunities Garden) procedure. This procedure set up by the French FinancialMarkets Authority provides the opportunity to retain the past performance historyand the ISIN codes of the absorbed Fund.

The information contained in these annual financial statements covers the periodfrom the date of incorporation of the sub-funds to 30/09/2019.

77


SOCIÉTÉ D'INVESTISSEMENT ÀCAPITALVARIABLE (OPEN-ENDED INVESTMENTCOMPANY – SICAV) UNDER FRENCH LAW


2019 Financial Year

78

FEATURES

Date 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 12 February 2019, through the merger/absorption of the following fund whilemaintaining the ISIN codes:

- Edmond de Rothschild Euro Sustainable Credit created on 10 May 2005.

Classification:Bonds and other debt securities denominated in euros.

Management objective:The Sub-fund aims to outperform its benchmark, the Bloomberg Barclays Capital Euro Aggregate CorporateTotal Return index, over the recommended investment period, through investments on the corporate bondmarkets that seek to combine financial profitability with the implementation of a policy that aims to respectnon-financial criteria, while mitigating the risk of capital loss.

Benchmark index:The Bloomberg Barclays Capital Euro Aggregate Corporate Total Return Index (Bloomberg code:LECPTREU) is calculated and published by Bloomberg LP. It is representative of fixed-rate bond issues,denominated in euros, issued by the issuers from industry, banking and local authority public services witha rating of at least BBB- and a residual maturity of more than one year. On the date of the latest update ofthis prospectus, the administrator of this benchmark index (website: https://www.bloomberg.com) was notyet included in the register of administrators and benchmark indices held by ESMA.As the management of the Sub-fund is not index-linked, its performance may differ from that of itsbenchmark index, which serves only as a retrospective basis for comparison.The rates and indices used are annualised. Coupons are included in calculating the performance of thisindex.In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June2016, 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 be invested primarily 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 therisk associated with such an investment and to form his/her own opinion independently of the Edmond deRothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensurethis 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 fullamount of the capital they initially invested, even if they retain the shares for the duration of therecommended investment period.Discretionary management risk:The discretionarymanagement style is based on anticipating trends in the various markets (equities, bonds,moneymarket, commodities and currencies). However, there is a risk that the sub-fundmay not be investedin the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than theinvestment 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 andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment ofinterest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of anissuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss isrecorded on a financial instrument following default by an issuer. The inclusion of debt securities in theportfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in creditquality.Credit risk linked to investment in speculative securities:The Sub-fundmay invest in issues from companies rated as non-investment grade by a rating agency (rating

79

below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from theManagement Company. These issues are known as speculative securities and present a higher risk of issuerdefault. This sub-fund should therefore be considered partly speculative and as being aimed specifically atinvestors 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 fallin the net asset value.Interest rate risk:The exposure to interest rate products (debt securities andmoneymarket instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security andthus the net asset value of the sub-fund in the event of a change in the yield curve.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 thanin the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to apossible 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 marketconditions 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 thanin the markets in which the sub-fund invests.Risk associated with the SRI (Socially Responsible Investing) selection:The Sub-fund may deviate from the benchmark index if it implements an SRI stock-pickingstrategy.Risk associated with hybrid products (convertible bonds):Given their possible conversion into shares, convertible bonds introduce an equity risk into a bond portfolio.They also expose the portfolio to the volatility of equity markets, which is higher than that of bond markets.Holding such instruments therefore results in an increase in portfolio risk, which may be mitigated by thebond component of hybrid securities, depending on market configurations.Risks associated with temporary purchases and sales of securities and with total return swaps: The use ofsecurities financing transactions and total return swaps, as well as the management of their collateral, mayinvolve certain specific risks such as operational risks or custody risk. These transactions may thereforehave a negative effect on the net asset value of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchasesand sales of securities and for total return swaps.Risks associated with contingent convertible bonds (CoCos):CoCos are subordinated debt securities issued by credit institutions or insurance or reinsurance companiesthat are eligible for inclusion in their capital requirement and that have the specific feature of potentiallybeing converted into shares or having their par value reduced (write-down mechanism) in response to atrigger, as previously defined in the prospectus. A CoCo includes an option to convert into shares at theinitiative of the issuer in the event that their financial situation deteriorates. In addition to the inherentinterest rate and credit risk involved with bonds, activating the conversion option may cause the value ofthe CoCo to decrease by an amount greater than that recorded on other traditional bonds of the issuer.Under the conditions set out by the CoCo concerned, certain trigger events may lead to themain investmentand/or accrued interest permanently depreciating to zero, or to the conversion of the bond into a share.

80

Risk linked to the conversion threshold of CoCos:The conversion threshold of a CoCo depends on the solvency ratio of its issuer. It is the event that determinesthe conversion of the bond into an ordinary share. The lower the solvency ratio, the greater the likelihoodof conversion.Risk of loss or suspension of coupon:Depending on the characteristics of the CoCos, the payment of coupons is discretionary and may becancelled or suspended by the issuer at any time and for an indefinite period.Risk of intervention of a regulatory authority at the point of “non-viability”:A regulatory authority determines at any time and in a discretionary manner whether an institution is “notviable”, i.e. the issuing bank requires the support of the public authorities to prevent the issuer frombecoming insolvent, bankrupt, unable to pay the majority of its debts as they become payable or otherwisecontinue its activities, and requires or requests the conversion of Conditional Convertible Bonds into sharesin circumstances independent of the willingness of the issuer.Capital structure inversion risk:

Contrary to the conventional capital hierarchy, investors in CoCos may incur a loss of capital that does notaffect holders of shares. In certain scenarios, holders of CoCos will incur losses before holders of shares.Call extension risk:Most CoCos are issued in the form of instruments of a perpetual maturity, which are only repayable atpredefined levels that have the approval of the competent authority. It cannot be assumed that perpetualCoCos will be called on the call date. CoCos are a type of permanent capital. It is possible that the investormay not receive the return on the principal on the expected repayment date or any given date.Liquidity risk:In certain circumstances, it may be difficult to find a buyer for CoCos and the seller may be obliged to accepta significant discount on the expected value of the bond in order to be able to sell it.

Target subscribers:A EUR, B EUR shares: All subscribersCR EUR shares: All subscribers; these shares may be marketed to retail investors (non-professional orprofessional) exclusively in the following cases:- Subscription as part of independent advice provided by a financial advisor or regulated financialentity,- Subscription as part of non-independent advice, with a specific agreement that does not authorisethem 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 orregulated 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 open to subscription for retailinvestors in all jurisdictions.The person in charge of checking compliance with the criteria on investor and purchaser capacity andensuring that the latter have received the required information is the person tasked with the actual marketingof the UCI.I EUR, K EUR, and N EUR shares: Legal entities and institutional investors trading on their own behalf or onbehalf of third parties as well as shareholders who subscribed to the Sub-fund before 12/02/2019.R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for thispurpose by the Management Company.

81

Allocation of income:

Distributable income"A EUR", "CR EUR", "R EUR","I EUR", "K EUR" and "N

EUR" shares"B EUR" shares

Allocation of net income Accumulation Distribution

Allocation of net realised gains orlosses

Accumulation

Accumulation (in full or in part) orDistribution (in full or in part) orCarried forward (in full or in part),

at the discretion of theManagement Company

CHANGE IN ASSETS

DatesNet assets in millions

of EUR€

Number of sharesoutstanding

Net Redemption Priceof the Share in Euros

€

12 February 2019*A EUR shares 95.20 265,139.55 359.07R EUR shares 0.16 1,604.69 101.98I EUR shares 22.06 1,577.45 13,986.29CR EUR shares 4.78 48,680.42 98.26B EUR shares 3.92 36,933.45 106.20N EUR shares 0.13 1.000 13,488.34

30 September 2019A EUR shares 100.17 266,690.411 375.59R EUR shares 0.11 1,009.982 106.53I EUR shares 51.93 3,536.388 14,684.32CR EUR shares 6.14 59,669.183 102.86B EUR shares 5.03 45,249.201 111.07N EUR shares 0.01 1.000 14,171.98

* The SICAV and EdR SICAV-Euro Sustainable Credit were created on 12 February 2019, by merger-absorption of the Edmond de Rothschild Euro Sustainable Credit Fund.

ALLOCATION OF THE INCOME OF THE 2019 FINANCIAL YEAR


It is broken down as follows:- the distributable net income was €26,697.03- the retained earnings were €277.18,

and we propose the following distribution:

Net in €Income from French Bonds >01/01/87Income from other European bonds

0.330.26



Distributable income relating to net gains and losses for the financial year ended 30 September 2019amounted to €24,772.40, i.e. €0.54 per share.

We propose that you allocate these distributable amounts relating to net gains and losses realised in thesub-fund’s capital account.

EDR SICAV – EURO SUSTAINABLE CREDIT

Annual financial statements as at September 2019

Annual financial statements as at 30 September 2019

82

ANNUAL FINANCIAL STATEMENTS

30/09/2019

83

-EDR SICAV – EURO SUSTAINABLE CREDIT: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019


30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

161,221,313.40

0.00

0.00

0.00

160,906,298.71

160,906,298.71

0.00

0.00

0.00

0.00

0.00

0.00

299,659.71

299,659.71

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

15,354.98

15,354.98

0.00

0.00

208,933.21

0.00

208,933.21

3,360,434.61

3,360,434.61

Total assets 164,790,681.22

84



30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

161,507,604.87

0.00

0.00

804,746.79

1,071,859.98

163,384,211.64

15,354.98

0.00

0.00

0.00

0.00

0.00

15,354.98

15,354.98

0.00

1,391,114.60

0.00

1,391,114.60

0.00

0.00

0.00

Total liabilities 164,790,681.22

(a) Including accruals(b) Less interim dividends paid over the financial year

85


OFF-BALANCE-SHEET ITEMS – IN EUROS AT 30/09/2019

30/09/2019



Futures contracts

CME EC EURUSD 1219

Commitment on over-the-counter

markets

Other commitments

Other transactions



Other commitments

1,005,549.44

86


PROFIT AND LOSS STATEMENT – IN EUROS AT 30/09/2019

30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

93.76

0.00

1,783,119.26

0.00

16.06

0.00

0.00

1,783,229.08

0.00

0.00

9,036.40

0.00

9,036.40

1,774,192.68

0.00

858,391.61

915,801.07

156,058.91

0.00

1,071,859.98




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 business continuity;- Lawfulness and fairness;- Prudence;- Consistency in accounting methods from one financial year to the next.

The recognition method selected for recording the income from fixed-income securities is the accrued interestmethod.

Purchases and sales of securities are recognised exclusive of costs.The reference currency of the portfolio is the euro.The length of the financial year is 231 days.

Asset valuation rules

Financial instruments are recorded in the financial statements according to the historical cost method and on thebalance sheet at their current value as determined by the last known market value or, where no market exists, byany 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 oftransferable 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, andthen 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, shares and other securities traded on a regulated orassimilated 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 calculationdate.

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 basedon 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 anactuarial method based on a reference rate, defined below, which is increased, where applicable, by a differentialthat 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 linemethod.


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 securitiesreceived under repurchase agreements” heading at the contracted amount, plus any accrued interest.

Securities transferred under a repurchase agreement are recorded as securities purchased at their current value.Payables representing securities transferred under a repurchase agreement are recorded as securities sold at thecontracted value, plus any accrued interest payable.

Loaned securities are valued at their current value and are entered under assets at their current value, plus accruedinterest receivable, under the heading ‘Receivables on Loaned Securities’.

Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, and asliabilities under the “Payables on borrowed securities” heading at the contracted amount, plus any accrued interestpayable.

Financial futures:

Financial futures traded on a regulated or equivalent market:

Financial futures traded on regulated markets are valued at the day’s settlement price.

Financial futures 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 discountingfuture interest payments at the prevailing interest rate and/or the currency market exchange rate. This price is adjustedto 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 ofdirectors.

Off-balance sheet commitments:

Futures contracts are recorded as off-balance sheet commitments at their market value at the price used in theportfolio.Options transactions are converted into the equivalent underlying.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 information about the fees charged to the UCI, pleasesee 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: 0.95%- R EUR shares: 1.15%


- CR EUR shares: 0.80%- B EUR shares: 0.95%- N EUR shares: 0.25%- I EUR shares: 0.30%

In respect of administrative expenses external to the Management Company, in particular the fees forthe custodian, valuer and statutory auditors, etc.

For all shares,

the rate is 0.15% from 11/02/19 to 17/07/19 and from 0.12 from 18/07/19.

Performance fee

Outperformance fees will be deducted from A EUR, R EUR, CR EUR, B EUR, EUR and I EUR shares for the benefit ofthe Management Company in accordance with the following procedures:

Benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return

The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed reference asset. Theindexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted for subscriptions andredemptions.When the Sub-fund outperforms the benchmark and exceeds the High Water Mark, a provision of 15% net of tax will beapplied 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 thereference 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 reversalcannot 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 tothe 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.

Swing Pricing

The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as SwingPricing. 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 treatedas a redemption transaction followed by a new subscription. Consequently, the tax system applicable to eachsubscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investmentjurisdiction of the UCITS. In case of uncertainty, subscribers should contact their adviser to obtain information about thetax regime applicable to them.Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption ordersmust 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 accounttransfer 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:

Income:

Net income 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 temporarycash 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 netgains 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" and "N EUR"

shares"B EUR" shares


Accumulation (in full or in part)or Distribution (in full or in part)or Carried forward (in full or inpart), at the discretion of theManagement Company


Accumulation

91


2.CHANGE IN NET ASSETS – IN EUROS AT 30/09/2019

30/09/2019

Net assets at the beginning of the financial year 0.00

Subscriptions (including subscription fees paid to the UCI) 178,497,090.51

Redemptions (less redemption fees paid to the UCI) -21,745,362.28

Gains realised on deposits and financial instruments 846,296.45

Losses realised on deposits and financial instruments -92,330.58

Gains realised on forward financial instruments 325,280.21

Losses realised on forward financial instruments -301,206.03

Transaction fees -22,919.31

Foreign exchange differences 34,688.61

Changes in the valuation differential on deposits and financial instruments 4,942,227.97

Valuation differential for financial year N 4,942,227.97

Valuation differential for financial year N-1 0.00

Changes in valuation differential on forward financial instruments -15,354.98

Valuation differential for financial year N -15,354.98


Dividends paid in the previous financial year on net gains and losses 0.00

Dividends paid on income in the previous financial year 0.00

Net profit/loss for the financial year prior to adjustment 915,801.07

Interim dividend(s) paid on net gains and losses during the financial year 0.00

Interim dividend(s) paid on income during the financial year 0.00

Other items 0.00

Net assets at the end of the financial year 163,384,211.64

92


3.ADDITIONAL INFORMATION

3.1.BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR

ECONOMIC TYPE

Amount %

Assets


Fixed-rate bonds traded on a regulated or equivalent market

Variable/adjustable rate bonds traded on a regulated or equivalent market

TOTAL Bonds and equivalent securities

Debt securities

TOTAL Debt securities

Liabilities


TOTAL Sales of financial instruments

Off-balance sheet items


Foreign exchange

TOTAL Hedging transactions

Other transactions

TOTAL Other transactions

159,601,800.71 97.68

1,304,498.00 0.80

160,906,298.71 98.48

0.00 0.00

0.00 0.00

1,005,549.44 0.62

1,005,549.44 0.62

0.00 0.00

93


3.2.BREAKDOWN BY INTEREST RATES OF ASSETS, LIABILITIES

AND OFF-BALANCE-SHEET ITEMS

Fixed rate % Variable rate % Adjustable rate % Other %

Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

158,971,204.94

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

97.30

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

1,304,498.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.80

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

630,595.77

0.00

0.00

3,360,434.61

0.00

0.00

0.00

0.00

0.00

0.39

0.00

0.00

2.06

0.00

0.00

0.00

0.00

3.3.BREAKDOWN BY RESIDUAL MATURITY OF ASSETS, LIABILITIES


< 3 months % 3 months - 1year

% 1 - 3 years % [3-5 years] % > 5 years %

Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

705,431.47

0.00

0.00

3,360,434.61

0.00

0.00

0.00

0.00

0.00

0.43

0.00

0.00

2.06

0.00

0.00

0.00

0.00

0.00

5,828,101.79

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

3.57

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

30,441,924.46

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

18.63

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

33,224,663.51

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

20.34

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

90,706,177.48

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

55.52

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.

94


3.4.BREAKDOWN BY LISTING CURRENCY OR VALUATION

CURRENCY OF ASSETS, LIABILITIES 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 997,692.47 0.61 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 14,676.21 0.01 0.00 0.00 0.00 0.00 0.00 0.00

Financial accounts 5,982.63 0.00 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


Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Hedging transactions 1,005,549.44 0.62 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

3.5.RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

30/09/2019

Receivables

Subscriptions receivable

Cash collateral deposits

Cash dividends and coupons

Total receivables

Payables

Purchases with deferred settlement

Redemptions payable

Management fees

Variable management fees

Other payables

Total payables

127,713.59

14,676.21

66,543.41

208,933.21

396,484.00

872,380.59

119,288.48

1,567.95

1,393.58

1,391,114.60

95


3.6.SHARE CAPITAL

3.6.1.Number of securities issued or redeemed

In equities Amount

EdR SICAV-EURO SUSTAINABLE CREDIT A EUR shares

Shares subscribed during the financial year

Shares redeemed during the financial year

Net balance of subscriptions/redemptions

298,645.249

-31,954.838

266,690.411

107,518,373.87

-11,743,585.55

95,774,788.32

EdR SICAV - EURO SUSTAINABLE CREDIT R EUR shares




1,604.686

-594.704

1,009.982

163,497.33

-60,936.33

102,561.00

EdR SICAV-EURO SUSTAINABLE CREDIT CR EUR shares




116,549.766

-56,880.583

59,669.183

11,625,815.12

-5,812,599.79

5,813,215.33

EdR SICAV-EURO SUSTAINABLE CREDIT I EUR shares




3,783.035

-246.647

3,536.388

53,792,004.82

-3,582,319.04

50,209,685.78

EdR SICAV-EURO SUSTAINABLE CREDIT B EUR shares




50,259.990

-5,010.789

45,249.201

5,383,924.40

-545,921.57

4,838,002.83

EdR SICAV-EURO SUSTAINABLE CREDIT N EUR shares




1.000

0.000

1.000

13,474.97

0.00

13,474.97

3.6.2.Subscription and/or redemption fees

Amount


Redemption fees received 0.00

Subscription fees received 0.00

Total fees received 0.00





96


3.6.2 Subscription and/or redemption fees

Amount

















3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00

Fixed management fees 900.95

Percentage of fixed management fees 1.28

Variable management fees 14.21

Trailer fees 0.00


Guarantee fees 0.00

Fixed management fees 666,333.31


Variable management fees 1,195.84

Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

3.7.MANAGEMENT FEES

97


30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

3.8. COMMITMENTS RECEIVED AND GIVEN

3.8.1. Guarantees received by the UCI

None

3.8.2.Other commitments received and/or given:

None

-EDR SICAV – EURO SUSTAINABLE CREDIT: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/201998

99


3.9. OTHER INFORMATION

3.9.1. Current value of securities subject to a temporary purchase transaction

30/09/2019

Securities received under repurchase agreements

Borrowed securities

0.00

0.00

3.9.2. Current value of securities representing guarantee deposits

30/09/2019

Financial instruments given as a guarantee and retained under their original line entry

Financial instruments received as a guarantee and not recorded on the balance sheet

0.00

0.00

3.9.3.Group financial instruments held in the portfolio

ISIN code Name 30/09/2019

Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 299,659.71

FR0011031392 Edmond de Rothschild Credit Very Short Term R 299,659.71

Forward financial instruments 0.00

100


3.10. ALLOCATION OF DISTRIBUTABLE INCOME

Allocation table for distributable income

30/09/2019

Amounts still to be allocated

Balance carried forward 0.00

Profit/loss 1,071,859.98

Total 1,071,859.98

30/09/2019


Allocation

Distribution 0.00

Balance carried forward for the financial year 0.00

Accumulation 538,308.81

Total 538,308.81

30/09/2019


Allocation

Distribution 0.00


Accumulation 445.23

Total 445.23

30/09/2019


Allocation

Distribution 0.00



Total 467,777.73

30/09/2019


Allocation

Distribution 0.00



Total 38,216.20

101


30/09/2019


Allocation

Distribution 26,697.03


Accumulation 0.00

Total 26,974.21

Information concerning shares eligible for distribution

Number of shares 45,249.201

Distribution per unit 0.59

Tax exemptions

Tax exemption relating to the distribution of income 0.00

30/09/2019


Allocation

Distribution 0.00


Accumulation 137.80

Total 137.80

ALLOCATION TABLE FOR THE PORTION OF DISTRIBUTABLE INCOME

CORRESPONDING TO NET GAINS AND LOSSES

30/09/2019


Undistributed prior net gains and losses 0.00

Net gains and losses for the financial year 804,746.79

Interim dividends paid on net gains and losses for the financial year 0.00

Total 804,746.79

30/09/2019


Allocation

Distribution 0.00

Undistributed net gains and losses 0.00

Accumulation 530.61

Total 530.61

102


30/09/2019


Allocation

Distribution 0.00



Total 493,663.27

30/09/2019


Allocation

Distribution 0.00



Total 255,471.94

30/09/2019


Allocation

Distribution 0.00



Total 30,238.87

30/09/2019


Allocation

Distribution 0.00



Total 24,772.40

30/09/2019


Allocation

Distribution 0.00


Accumulation 69.70

Total 69.70

103


3.11. TABLE OF RESULTS AND OTHER SIGNIFICANT ITEMS OVER THE

LAST FIVE FINANCIAL YEARS

30/09/2019

Total net assets in EUR 163,384,211.64

EdR SICAV-EURO SUSTAINABLECREDIT A EUR shares

Net assets in EUR 100,168,549.41

Number of securities 266,690.411

Net asset value per unit in EUR 375.59

Accumulation per unit on net gains andlosses in EUR

1.85

Accumulation per unit on income in EUR 2.01

EdR SICAV - EURO SUSTAINABLECREDIT R EUR shares

Net assets in EUR 107,602.81




0.52


EdR SICAV-EURO SUSTAINABLECREDIT I EUR shares



Net asset value per unit in EUR 14,684.32


72.24


EdR SICAV-EURO SUSTAINABLECREDIT CR EUR shares





0.50


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

104




30/09/2019


EdR SICAV-EURO SUSTAINABLECREDIT B EUR shares





0.54

Distribution per unit on income in EUR 0.59

Tax exemption per unit in EUR *

Balance carried forward per unit onincome in EUR

0.00

EdR SICAV-EURO SUSTAINABLE

CREDIT N EUR shares


Number of securities 1.000



69.70


* The tax exemption per unit will only be determined on the date of distribution, in accordance with the tax provisions in force.

105


3.12. PORTFOLIO BREAKDOWN IN EUR

Security name CurrencyQuantity or nominal

amountCurrent value % Net assets


Bonds and equivalent securities traded on a regulated or equivalentmarket

GERMANY

ALLIANZ SE 5.625% 17-10-42 EUR 1,000,000 1,215,798.36 0.74

BERT AG 3.0% 23-04-75 EUR 200,000 214,151.74 0.13

CTC BONDCO GMBH 5.25% 15-12-25 EUR 500,000 525,467.08 0.32

DEUTSCHE LUFTHANSA AG 0.25% 06-09-24 EUR 300,000 300,504.78 0.18

INFINEON TECHNOLOGIES AG 3.625% PERP EUR 400,000 398,851.62 0.24

LANX 1.0% 07-10-26 EMTN EUR 1,000,000 1,062,053.01 0.65

LBBW 2.875% 28-09-26 EUR 1,000,000 1,131,409.21 0.69

SCHA VERW ZWE FIX 15-09-26 EUR 1,500,000 1,566,818.75 0.97

TALANX AG 2.25% 05-12-47 EUR 1,200,000 1,288,769.75 0.80

TOTAL GERMANY 7,703,824.30 4.72

AUSTRALIA

WESTPAC BANKING 0.625% 22-11-24 EUR 1,000,000 1,036,156.71 0.63

TOTAL AUSTRALIA 1,036,156.71 0.63

BELGIUM

FICTITIOUS UNKNOWN 4.375% 15-07-26 EUR 500,000 516,815.42 0.32

TOTAL BELGIUM 516,815.42 0.32

DENMARK

ISS GLOB 1.125% 07-01-21 EMTN EUR 1,500,000 1,530,660.41 0.94

TOTAL DENMARK 1,530,660.41 0.94

SPAIN

ABERTIS INFRA 1.5% 27-06-24 EUR 1,000,000 1,052,551.23 0.64

ABERTIS INFRA 1.875% 26-03-32 EUR 800,000 800,166.58 0.49

ABERTIS INFRA 2.375% 27-09-27 EUR 300,000 331,910.12 0.20

AMAD CAP 1.625% 17-11-21 EMTN EUR 1,100,000 1,151,449.26 0.70

BANCO DE BADELL 0.875% 22-07-25 EUR 1,000,000 1,016,201.31 0.62

BANCO DE BADELL 1.125% 27-03-25 EUR 300,000 300,302.61 0.18

BANCO NTANDER 1.375% 09-02-22 EUR 1,700,000 1,771,294.16 1.09

BANCO NTANDER 2.125% 08-02-28 EUR 800,000 870,151.78 0.53

CAIXABANK 1.125% 12-01-23 EMTN EUR 600,000 620,109.70 0.38

CAIXABANK 1.125% 17-05-24 EMTN EUR 1,000,000 1,046,316.80 0.64

INMOBILIARIA COLONIAL 1.45% 28-10-24 EUR 1,200,000 1,282,490.55 0.79

KUTXABANK 0.5% 25-09-24 EUR 400,000 401,152.25 0.25

MAPFRE SA 4.375% 31-03-47 EUR 900,000 1,055,901.66 0.65

TELEFONICA EMISIONES 3.961% 26/03/2021 EUR 800,000 866,030.05 0.53

TOTAL SPAIN 12,566,028.06 7.69

106




UNITED STATES OF AMERICA

ALBEMARLE 1.875% 08-12-21 EUR 751,000 794,376.42 0.49

APPLE INC 1.0% 10-11-22 EMTN EUR 1,300,000 1,362,148.46 0.83

AT AND T INC 1.8% 05-09-26 EUR 1,100,000 1,196,488.75 0.73

AT T 1.95% 15-09-23 EUR 1,000,000 1,068,105.74 0.65

CELA US HOLD 1.125% 26-09-23 EUR 1,200,000 1,239,389.31 0.76

EQUINIX 2.875% 01-02-26 EUR 1,200,000 1,258,063.83 0.77

FEDEX 1.0% 11-01-23 EUR 1,300,000 1,340,498.74 0.82

IBM INTL BUSINESS MACHINES 0.375% 31-01-23 EUR 1,500,000 1,524,895.27 0.93

JOHNSON CONTROLS INTERNATIONAL PLC ZCP 04-12-20 EUR 1,500,000 1,501,350.00 0.92

JPM 2.625% 04/23/2021 EUR 1,500,000 1,583,638.28 0.97

KKR GROUP FINANCE CO V LLC 1.625% 22-05-29 EUR 600,000 639,844.83 0.39

LEVI STRAUSS CO 3.375% 15-03-27 EUR 1,000,000 1,071,563.75 0.66

MDLZ 1 03/07/22 EUR 600,000 618,498.23 0.38

MEDTRONIC GLOBAL HOLDINGS SCA 0.375% 07-03-23 EUR 1,200,000 1,218,499.67 0.75

MEDTRONIC GLOBAL HOLDINGS SCA 1.125% 07-03-27 EUR 600,000 641,825.51 0.39

MMS USA FINANCING 0.625% 13-06-25 EUR 500,000 503,327.75 0.31

MORGAN STANLEY CAPITAL SERVICE 1.375% 27-10-26 EUR 1,200,000 1,296,087.86 0.79

NETFLIX 3.625% 15-05-27 EUR 1,100,000 1,184,727.65 0.73

STARTFRUIT US COLDO LLC 6.5% 01-10-26 EUR 1,200,000 1,229,160.67 0.75

THERMO FISHER SCIENTIFIC 0.125% 01-03-25 EUR 500,000 499,465.92 0.31

TOYOTA MOTOR CREDIT 0.0% 21-07-21 EUR 1,500,000 1,504,642.50 0.92

UNIT TECH COR 1.125% 15-12-21 EUR 1,000,000 1,032,789.18 0.63

TOTAL UNITED STATES OF AMERICA 24,309,388.32 14.88

FINLAND

NORDEA BANK AB PUBL 3.5% PERP EUR 1,300,000 1,309,266.66 0.80

TOTAL FINLAND 1,309,266.66 0.80

FRANCE

ADP 1.5% 24-07-23 EUR 600,000 636,497.31 0.39

ADP 3.886%10-100520 EUR 600,000 624,366.21 0.38

ALD 1.25% 11-10-22 EMTN EUR 1,200,000 1,255,148.14 0.77

ARKEMA 1.5% 20-04-27 EMTN EUR 600,000 658,306.38 0.40

ASF 4.125% 13/04/20 EMTN EUR 600,000 625,518.15 0.38

ATOS ORIGIN 2.375% 02-07-20 EUR 500,000 508,984.97 0.31

AXASA 3 7/8 05/20/49 EUR 800,000 932,154.41 0.57

BNP PAR 0.125% 04-09-26 EMTN EUR 1,000,000 982,960.63 0.60

BNP PAR 2.375% 20-11-30 EMTN EUR 1,200,000 1,331,377.97 0.81

BNP 4.032 12/31/49 EUR 1,500,000 1,718,872.27 1.05

BVIFP 3 1/8 01/21/21 EUR 1,600,000 1,699,394.52 1.04

CA ASSURANCES 4.25% PERP EUR 1,400,000 1,584,837.59 0.97

107


Security name Currency

Quantity or nominal


CAPGEMINI SE 1.0% 18-10-24 EUR 1,000,000 1,051,186.64 0.64

CAPGEMINI 1.75% 01-07-20 EUR 300,000 304,223.02 0.19

CASINO 4.726% STEP-UP 26-05-21 EMTN EUR 600,000 630,595.77 0.39

CNP ASSURANCES 1.875% 20-10-22 EUR 1,400,000 1,500,317.48 0.92

CNP ASSURANCES 4.75% PERP EUR 500,000 548,074.40 0.34

CNPFP 2 3/4 02/05/2029 EUR 200,000 231,427.37 0.14

DASSAULT SYSTEMS 0.0% 16-09-22 EUR 800,000 803,340.00 0.49

DASSAULT SYSTEMS 0.125% 16-09-26 EUR 800,000 798,923.72 0.49

ENGIE 0.0% 04-03-27 EMTN EUR 1,100,000 1,087,911.00 0.67

FRANCE TELECOM 3% 15/06/22 EUR 1,600,000 1,752,471.08 1.06

GECINA E3R+0.38% 30-06-22 EMTN EUR 1,300,000 1,304,498.00 0.80

GETLINK SE 3.625% 01-10-23 EUR 500,000 527,089.44 0.32

GROUPE DANONE 1.75% PERP EMTN EUR 900,000 925,667.31 0.57

JCDECAUX 1.0% 01-06-23 EUR 1,500,000 1,558,493.48 0.95

K 0.875% 28-03-22 EMTN EUR 900,000 927,134.58 0.57

KERFP 2 1/2 07/15/20 EUR 500,000 513,290.59 0.31

LA BANQUE POSTALE 2.75% TF/TV 19/11/27 EUR 1,300,000 1,423,829.63 0.87

LEGRAND 0.625% 24-06-28 EUR 1,300,000 1,337,241.95 0.82

LOXAM SAS 2.875% 15-04-26 EUR 550,000 563,684.69 0.35

LOXAM SAS 4.5% 15-04-27 EUR 1,000,000 985,085.00 0.60

LOXAM SAS 5.75% 15-07-27 EUR 300,000 305,007.17 0.19

LVMH MOET HENNESSY 0.0% 28-02-21 EUR 1,000,000 1,004,825.00 0.62

MWDP 1 04/20/23 EUR 1,000,000 1,035,443.20 0.63

ORANGE 1.75% PERP EMTN EUR 1,000,000 998,571.58 0.61

PAPREC 4.0% 31/03/2025 EUR 400,000 377,527.78 0.23

PLASTIC OMNIUM SYSTEMES URBAINS 1.25% 26-06-24 EUR 1,100,000 1,123,729.19 0.69

PUBLICIS GROUPE 1.125% 16/12/21 EUR 1,300,000 1,344,054.86 0.82

RENAULT CREDIT INTL BANK 1.0% 17-05-23 EUR 1,600,000 1,648,088.79 1.01

SANOFI ZCP 21-03-20 EMTN EUR 500,000 500,685.00 0.31

SCHN ELE 0.25% 09-09-24 EMTN EUR 1,000,000 1,016,017.10 0.62

SEB 1.5% 31/05/2024 EUR 1,200,000 1,254,878.36 0.77

SOCI GENE 2.5% 16-09-26 EUR 1,200,000 1,254,459.48 0.77

SOGECAP SA 4.125% 29-12-49 EUR 1,500,000 1,697,416.64 1.04

SUEZ SA 2.875% PERP EUR 800,000 866,439.69 0.53

TDF INFR SAS 2.875% 19-10-22 EUR 800,000 874,968.77 0.54

TOT 3.369% PERP EMTN EUR 900,000 1,065,942.72 0.65

TOT 3.875% PERP EMTN EUR 600,000 663,416.87 0.41

UNLEASE RODAMCO SE 2.125% PERP EUR 1,400,000 1,466,179.34 0.90

VIVENDI 0.625% 11/06/2025 EMTN EUR 1,000,000 1,020,949.64 0.62

108




VIVENDI 0.75% 26/05/2021 EUR 1,300,000 1,321,714.48 0.81

TOTAL FRANCE 52,173,219.36 31.93

ITALY

AEROPORTI DI ROMA 1.625% 08-06-27 EUR 600,000 631,065.16 0.39

ASSICURAZIONI GENERALI 4.125% 04/05/2026 EUR 700,000 833,870.41 0.51

ASSICURAZIONI GENERALI 7.75% 12/42 EUR 700,000 901,988.26 0.55

FINEBANK BANCA FINE 5.875% PERP EUR 650,000 698,878.40 0.43

INTESA SANPAOLO 7.75% PERP EUR 800,000 957,695.70 0.59

INTESA SANPAOLO 8.375% 09-PERP EUR 900,000 975,848.92 0.60

SNAM 1.25% 28-08-25 EMTN EUR 1,500,000 1,596,653.03 0.97

UNICREDIT 1.25% 25-06-25 EMTN EUR 1,000,000 1,035,811.15 0.63

UNICREDIT 6.572% 14-01-22 EMTN USD 1,000,000 997,692.47 0.61

TOTAL ITALY 8,629,503.50 5.28

JAPAN

SOFT GROU 4.75% 30-07-25 EUR 600,000 670,770.33 0.41

SOFTBANK GROUP 5.0% 15-04-28 EUR 1,063,000 1,212,239.29 0.74

TAKEDA PHARMACEUTICAL 0.375% 21-11-20 EUR 1,000,000 1,009,721.30 0.62

TOTAL JAPAN 2,892,730.92 1.77

LUXEMBOURG

CNH INDUSTRIAL FINANCE EUROPE 1.375% 23-05-22 EUR 1,100,000 1,141,353.42 0.70

CNH INDUSTRIAL FINANCE EUROPE 1.625% 03-07-29 EUR 300,000 309,187.59 0.19

CRYSTAL ALMOND SA RL 10.0% 01-11-21 EUR 598,000 644,844.00 0.39

LINCOLN FINANCING SARL 3.625% 01-04-24 EUR 500,000 518,222.85 0.32

ROSSINI SARL 6.75% 30-10-25 EUR 1,300,000 1,475,012.50 0.90

TOTAL LUXEMBOURG 4,088,620.36 2.50

MEXICO

AMERICA MOVIL 0.75% 26-06-27 EUR 1,000,000 1,026,463.20 0.63

TOTAL MEXICO 1,026,463.20 0.63

NETHERLANDS

ACHMEA BV 4.25% PERP EMTN EUR 1,000,000 1,109,575.21 0.68

COOPERATIEVE RABOBANK UA 3.25% PERP EUR 1,400,000 1,383,001.12 0.85

DELHAIZE GROUP 3.125% 27/02/2020 EUR 600,000 619,286.26 0.38

EDP FIN 1.625% 26-01-26 EMTN EUR 700,000 762,545.43 0.47

EDP FIN 1.875% 29-09-23 EMTN EUR 700,000 749,814.58 0.46

ENEL FINANCE INTL NV 1.125% 16-09-26 EUR 1,200,000 1,269,782.16 0.78

ING GROEP NV 3.0% 11-04-28 EUR 1,500,000 1,652,088.44 1.00

KONINKLIJKE AHOLD DELHAIZE NV 0.25% 26-06-25 EUR 625,000 629,343.37 0.39

LEASEPLAN CORPORATION NV 1.375% 07-03-24 EUR 1,000,000 1,048,981.78 0.64

LKQ EUROPEAN HOLDINGS BV 3.625% 01-04-26 EUR 1,000,000 1,050,180.69 0.64

109




RELX FIN 2.5% 24-09-20 EMTN EUR 1,100,000 1,129,877.59 0.69

ROYAL PHILIPS ELECTRONICS NV 0.5% 06-09-23 EUR 1,400,000 1,434,202.27 0.88

ROYAL PHILIPS ELECTRONICS NV 0.5% 22-05-26 EUR 500,000 513,305.97 0.31

SWIS REIN CO VIA 2.6% PERP EUR 900,000 976,024.97 0.60

TELEFONICA EUROPE BV 2.625% PERP EUR 1,000,000 1,029,695.42 0.63

UNANA 0 07/31/21 EUR 1,600,000 1,606,784.00 0.98

UPC HOLDING BV 3.875% 15-06-29 EUR 1,200,000 1,271,422.83 0.78

TOTAL NETHERLANDS 18,235,912.09 11.16

PORTUGAL

BRI CONCESO RODOVIARIA 2.375% 10-05-27 EUR 1,100,000 1,256,661.07 0.76

ENERGIAS DE PORTUGAL EDP 4.496% 30-04-79 EUR 600,000 678,336.26 0.42

TOTAL PORTUGAL 1,934,997.33 1.18

UNITED KINGDOM

ALGECO SCOTSMAN GLOB FIN 6.5% 15/02/2023 EUR 1,200,000 1,219,315.33 0.75

BRAMBLES FINANCE 1.5% 04-10-27 EUR 1,000,000 1,107,787.81 0.68

BXBAU 2 3/8 06/12/2024 EUR 1,000,000 1,114,217.76 0.68

DS SMIT 2.25% 16-09-22 EMTN EUR 1,800,000 1,898,772.49 1.17

EG GLOBAL FINANCE PLC 4.375% 07-02-25 EUR 1,100,000 1,091,593.10 0.67

GSK CAP 0.0000010% 12-09-20 EUR 1,000,000 1,001,870.00 0.61

HSBC HOLDINGS PLC 4.75% PERP EUR 1,400,000 1,503,357.59 0.92

ITV 1.375% 26/09/2026 EUR 500,000 504,807.70 0.31

JAGUAR LAND ROVER 4.5% 15-01-26 EUR 300,000 264,127.50 0.16

OMNICOM FINANCE HOLDINGS PLC 0.8% 08-07-27 EUR 800,000 808,275.83 0.49

OTE 0.875% 24-09-26 EMTN EUR 800,000 800,445.01 0.49

INITIAL RENTOKIL 0.875% 30-05-26 EUR 1,000,000 1,023,593.39 0.63

SMITHS GROUP 1.25% 28-04-23 EUR 1,000,000 1,039,957.02 0.64

SMITHS GROUP 2.0% 23-02-27 EUR 800,000 870,747.67 0.53

STANDARD CHARTERED 0.9% 02-07-27 EUR 800,000 819,881.84 0.50

VIRIDIAN GRP FINANCECO PLC 4.0% 15-09-25 EUR 1,000,000 1,027,973.89 0.63

VODAFONE GROUP 1.625% 24-11-30 EUR 1,150,000 1,240,063.70 0.76


WPP FINA 0.75% 18-11-19 EMTN EUR 700,000 705,431.47 0.43

WPP 3% 11/23 EUR 600,000 689,974.56 0.42

TOTAL UNITED KINGDOM 19,916,698.59 12.19

SWEDEN

INTRUM AB 3.5% 15-07-26 EMTN EUR 1,200,000 1,230,879.33 0.75

SVEN KULL AB 1.625% 02-12-22 EUR 1,500,000 1,594,513.87 0.98

110


Security name Currency

Quantity or

nominal

amount

Current value % Net assets

VERISURE MIDHOLDING AB 5.75% 01-12-23

TOTAL SWEDEN

TOTAL Bonds and equivalent securities traded on regulated or equivalent markets



Retail UCITS and AIFs intended for non-professionals and equivalent investors in othercountries

FRANCE

Edmond de Rothschild Credit Very Short Term R

TOTAL FRANCE

TOTAL Retail UCITS and AIFs intended for non-professionals and equivalent

investors in other countries

TOTAL Undertakings for collective investment


Futures

Futures on a regulated or equivalent market

CME EC EURUSD 1219

TOTAL Futures on a regulated market

TOTAL Futures

TOTAL Forward financial instruments

Margin call

ROTHSCHILD margin calls in USD

TOTAL Margin Call

Receivables

Payables

Financial accounts

Net assets

EUR 200,000 210,620.28 0.13

3,036,013.48 1.86

160,906,298.71 98.48

160,906,298.71 98.48

EUR 3 299,659.71 0.18

299,659.71 0.18

299,659.71 0.18

299,659.71 0.18

USD 8 -15,354.98 -0.01

-15,354.98 -0.01

-15,354.98 -0.01

-15,354.98 -0.01

USD 16,740 15,354.98 0.01

15,354.98 0.01

208,933.21 0.13

-1,391,114.60 -0.85

3,360,434.61 2.06

163,384,211.64 100.00

EdR SICAV-EURO SUSTAINABLE CREDIT A EUR shares EUR 266,690.411 375.59

EdR SICAV - EURO SUSTAINABLE CREDIT R EUR shares EUR 1,009.982 106.53

EdR SICAV-EURO SUSTAINABLE CREDIT I EUR shares EUR 3,536.388 14,684.32

EdR SICAV-EURO SUSTAINABLE CREDIT CR EUR shares EUR 59,669.183 102.86

EdR SICAV-EURO SUSTAINABLE CREDIT B EUR shares EUR 45,249.201 111.07

EdR SICAV-EURO SUSTAINABLE CREDIT N EUR shares EUR 1.000 14,171.98

111


ADDITIONAL INFORMATION ABOUT THE COUPON TAX SYSTEM

Portfolio: EDMOND DE ROTHSCHILD SICAV

COUPON BREAKDOWN, SHARE: EdR SICAV-EURO SUSTAINABLE CREDIT B EUR shares

OVERALL NET CURRENCY PER UNIT CURRENCY

Income subject to compulsory, non-definitive withholding tax 26,697.03 EUR 0.59 EUR

Shares giving entitlement to reductions and subject tocompulsory, non-definitive withholding tax

Other income not giving entitlement to reductions and subjectto compulsory, non-definitive withholding tax

Non-reportable and non-taxable income

Amount distributed on gains and losses

TOTAL 26,697.03 EUR 0.59 EUR

112


SOCIÉTÉ D'INVESTISSEMENT ÀCAPITALVARIABLE (open-endedinvestment company – SICAV) under French law


2019 Financial Year

113

FEATURES

Date 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 12 February 2019, through themerger of the following fund whilemaintainingthe ISIN codes:

- Edmond de Rothschild Euro Sustainable Growth created 10 February 2005.

Classification:Equities from Eurozone countries

Management objective:The Sub-fund’s investment objective, over the duration of the recommended investment period, is tooutperform its benchmark, the MSCI EMU index, by investing in eurozone companies, combining financialprofitability with the implementation of a policy that aims to respect non-financial criteria.

Benchmark index:The performance of the Sub-fundmay be compared to theMSCI EMU, net dividends reinvested, with sharesissued in Euros expressed in Euros. The MSCI EMU index (Bloomberg ticker: NDDUEMU index) iscomposed of 300 stocks from eurozone countries, selected according to criteria such as stock marketcapitalisation, transaction volumes and business sector. Weighted by country and business sector, the indexendeavours to reflect, as far as possible, the economic structure of the eurozone. The index is calculated andpublished by MSCI Barra and the data may be consulted at www.mscibarra.com.MSCI Limited (website: http://www.msci.com), the administrator responsible for the benchmark indexMSCI EMU, 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 June2016, 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.As the Sub-fund’s management is not index-linked, its performance may differ significantly from that ofthe benchmark index, which serves only as a basis for comparison.


Risk of capital loss:The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the fullamount of the capital they initially invested, even if they retain the shares for the duration of therecommended investment period.Discretionary management risk:The discretionarymanagement style is based on anticipating trends in the various markets (equities, bonds,moneymarket, commodities and currencies). However, there is a risk that the sub-fundmay not be investedin the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than theinvestment 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 andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment ofinterest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of anissuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss isrecorded on a financial instrument following default by an issuer. The inclusion of debt securities in theportfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in creditquality.Interest rate risk:The exposure to interest rate products (debt securities andmoneymarket instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and

114

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 denominatedin a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate ofthe 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 sharemay 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 performanceis 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 oflarge cap companies. As a result, the Sub-fund’s net asset valuemay fluctuate significantly andmore 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 thanin the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to apossible 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 marketconditions 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 thanin the markets in which the sub-fund invests.Risk associated with the SRI (Socially Responsible Investing) selection:The Sub-fund may deviate from the benchmark index if it implements an SRI stock-picking strategy.Risks associated with temporary purchases and sales of securities and with total return swaps: The use ofsecurities financing transactions and total return swaps, as well as the management of their collateral, mayinvolve certain specific risks such as operational risks or custody risk. These transactions may thereforehave a negative effect on the net asset value of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchasesand sales of securities and for total return swaps.

Target subscribers:This Sub-fund is aimed at investors wishing to achieve greater returns though exposure to eurozonecompanies with an active sustainable development policy.A EUR, B EUR shares: All subscribersCR-EUR and 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 financialentity,

115

- Subscription as part of non-independent advice, with a specific agreement that does notauthorise them to receive or retain trailer fees,- Subscription by a financial entity regulated on behalf of its client as part of a managementmandate.In addition to the management fees charged by the Management Company, each financial advisor orregulated 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 open to subscriptionfor retail investors in all jurisdictions.The person in charge of checking compliance with the criteria on investor and purchaser capacity andensuring that the latter have received the required information is the person tasked with the actualmarketing of the UCI.I EUR, J EUR, K EUR and O EUR Shares: Legal entities and institutional investors dealing on their ownbehalf or on behalf of third parties.R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selectedfor this purpose by the Management Company.


Distributable income“A EUR”, “CR EUR”, “R EUR”, “IEUR”, and “K EUR” shares

“B EUR”, “CRD EUR”, “J EUR”and “O EUR” shares



Accumulation

Accumulation (in full or in part) orDistribution (in full or in part) orCarried forward (in full or in part), atthe discretion of the Management

Company

CHANGE IN ASSETS


of EUR€



€

12 February 2019*A EUR shares 52.08 137,355.90 379.13K EUR shares 38.23 204,789.03 186.66I EUR shares 36.31 168,565.67 215.42CR EUR shares 31.87 344,185.19 92.58

30 September 2019A EUR shares 77.76 182,242.128 426.67K EUR shares 59.98 283,481.835 211.57I EUR shares 102.74 421,538.095 243.72CR EUR shares 69.20 663,168.753 104.34CRD EUR shares 23.43 223,531.500 104.80O EUR shares 15.08 150,000.000 100.51

* The SICAV and the EdR SICAV-Euro Sustainable Growth were created on 12 February 2019, bymerger/absorption of the Edmond de Rothschild Euro sustainable Growth Fund..

ALLOCATION OF THE INCOME FOR THE 2019 FINANCIAL YEAR

For “B EUR” distribution shares:The Board of Directors noted that as at 30 September 2019, the B EUR distribution shares were notsubscribed.

For “CRD EUR” distribution shares:The net income for the financial year was -€71,819.77.We propose that you allocate this result to the sub-fund’s capital account.

116


For “J EUR” distribution shares:The Board of Directors noted that as at 30 September 2019, the distribution shares J EUR were not subscribed.

For “O EUR” distribution shares:The Board of Directors noted that as at 30 September 2019, the O EUR shares were subscribed. The net incomefor the financial year was -€1,102.96.We propose that you allocate this result to the sub-fund’s capital account.


EDR SICAV – EURO SUSTAINABLE GROWTH

Annual Financial Statements as at 30 September 2019


117


30/09/2019

118

-EDR SICAV – EURO SUSTAINABLE GROWTH: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019


30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

324,871,373.54

321,575,116.73

321,575,116.73

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

3,296,256.81

3,296,256.81

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

690,751.73

0.00

690,751.73

42,783,329.11

42,783,329.11


119



30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

347,195,982.24

0.00

0.00

-2,252,377.77

3,229,622.56

348,173,227.03

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

20,172,186.77

0.00

20,172,186.77

40.58

40.58

0.00



120



30/09/2019




Other commitments

Other transactions



Other commitments

121



30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

0.00

4,748,389.03

0.00

0.00

0.00

0.00

0.00

4,748,389.03

0.00

0.00

25,814.60

0.00

25,814.60

4,722,574.43

0.00

2,493,634.79

2,228,939.64

1,000,682.92

0.00

3,229,622.56




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 business continuity;- Lawfulness and fairness;- Prudence;- Consistency in accounting methods from one financial year to the next.





Deposits:



For the purpose of calculating the net asset value, shares and other securities traded on a regulated or assimilatedmarket 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.


Securities that are not traded on a regulated market are valued by the board of directors using methods based onmarket value and yield, taking into account the prices used for recent significant transactions.






UCIs held:



Securities received under repurchase agreements are recorded as assets under the “Receivables related tosecurities received under repurchase agreements” heading at the contracted amount, plus any accrued interest.


Loaned securities are valued at their current value and are entered under assets at their current value, plusaccrued interest receivable, under the heading ‘Receivables on Loaned Securities’.

Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, andas liabilities under the “Payables on borrowed securities” heading at the contracted amount, plus any accruedinterest payable.

Financial futures:




Swaps:

Interest rate and/or currency swaps are valued at their market value according to the price calculated by discountingfuture interest payments at the prevailing interest rate and/or the currency market exchange rate. This price isadjusted to take into account the risk associated with the issuer.




Futures contracts are recorded as off-balance sheet commitments at their market value at the price used in theportfolio.Options transactions are converted into the equivalent underlying.Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalentamount.

Operating and management fees:





The rate applied on the basis of the net assets is:For financial management fees

- A EUR shares: 1.95% inclusive of tax- CR EUR shares: 1.65% inclusive of tax


- CRD EUR shares: 1.65% inclusive of tax- I EUR shares: 0.95% inclusive of tax- K EUR shares: 1.10% inclusive of tax- O EUR shares: 0.75% inclusive of tax

In respect of administrative expenses external to the Management Company, in particular the feesfor the custodian, valuer and statutory auditors, etc.

For all shares, the rate is:

-0.15% from 11/02/2019 to 21/03/2019-0.11% from 22/03/2019 to 11/07/2019-0.14% from 18/07/2019 to 30/09/2019

Performance fee

Performance fees are payable to the Management Company for the A EUR, CR EUR, CRD EUR and I EURshares in accordance with the following procedures:

Benchmark: MSCI EMU (NR), net dividends reinvested

The performance fee is calculated by comparing the Sub-fund’s performance with that of an indexed referenceasset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted forsubscriptions and redemptions.

When the Sub-fund outperforms the benchmark index, a provision of 15% net of tax will be applied to theoutperformance.

The reference periods end with the last net asset value for the month of September.

A provision for performance fees will be made each time the net asset value is calculated.

This performance fee is payable annually after calculating the last net asset value for the reference period.

No performance fee will be charged if the Sub-fund underperforms the benchmark index over the calculationperiod.

In the event of underperformance, the performance fee provision will be reduced by reversing the provision. Thereversal cannot be more than the provision.

When shares are redeemed, the Management Company receives the portion of the performance feecorresponding to the shares redeemed.

Swing Pricing

The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as SwingPricing. 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 istreated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable toeach subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or theinvestment jurisdiction of the UCITS.In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regimeapplicable to them.Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption ordersmust take into account the deadline for centralising orders that is applied to the transfer agent, Edmond deRothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order totake into account transfer times to Edmond de Rothschild (France).





Income:


Gains and losses:



Distributable income“A EUR”, “CR EUR”, “R EUR”,“I EUR”, and “K EUR” shares

“B EUR”, CRD EUR, J EURand O EUR shares



Accumulation


126



30/09/2019





Losses realised on deposits and financial instruments -1,693,987.15

Gains realised on forward financial instruments 0.00

Losses realised on forward financial instruments 0.00






Changes in valuation differential on forward financial instruments 0.00

Valuation differential for financial year N 0.00




Net profit/loss for the financial year prior to adjustment 2,228,939.64



Other items 0.00


127




ECONOMIC TYPE

Amount %

Assets


TOTAL Bonds and equivalent securities 0.00 0.00

Debt securities

TOTAL Debt securities 0.00 0.00

Liabilities


TOTAL Sales of financial instruments 0.00 0.00



TOTAL Hedging transactions 0.00 0.00

Other transactions

TOTAL Other transactions 0.00 0.00

128





Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

42,783,329.11

0.00

40.58

0.00

0.00

0.00

0.00

0.00

0.00

12.29

0.00

0.00

0.00

0.00



< 3 months % ]3 months - 1 year] % ]1 - 3 years] % ]3–5 years] % > 5 years %

Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

42,783,329.11

0.00

40.58

0.00

0.00

0.00

0.00

0.00

0.00

12.29

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00


129




ITEMS

SEK CHF DKK Other currencies


Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Equities and equivalent securities 13,445,580.14 3.86 9,580,762.17 2.75 8,605,737.11 2.47 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


Receivables 3,506.84 0.00 835.89 0.00 5,300.58 0.00 0.00 0.00

Financial accounts 1,089.16 0.00 4,121.81 0.00 1,228.19 0.00 3,192.80 0.00

Liabilities





Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00



30/09/2019

Receivables

Sales with deferred settlement


Total receivables

Payables


Redemptions payable

Management fees


Total payables

9,643.31

681,108.42

690,751.73

17,362,256.05

2,018,999.05

433,821.40

357,110.27

20,172,186.77

130


3.6.SHARE CAPITAL


In equities Amount

ERDR SICAV - EURO SUSTAINABLE GROWTH I




483,075.324

-61,537.229

421,538.095

110,140,875.09

-14,517,079.21

95,623,795.88

ERDR SICAV - EURO SUSTAINABLE GROWTH CR




766,984.964

-103,816.211

663,168.753

74,307,145.36

-10,319,488.13

63,987,657.23

EdR SICAV - EURO SUSTAINABLE GROWTH A EUR Share




231,511.259

-49,269.131

182,242.128

91,204,667.29

-20,011,164.19

71,193,503.10

ERDR SICAV - EURO SUSTAINABLE GROWTH K




315,759.241

-32,277.406

283,481.835

60,395,750.90

-6,626,493.88

53,769,257.02

EdR SICAV - EURO SUSTAINABLE GROWTH CRD EUR Shares




230,882.000

-7,350.500

223,531.500

23,630,669.45

-752,223.11

22,878,446.34

EDR SICAV - EURO SUSTAINABLE GROWTH O Shares




150,000.000

0.000

150,000.000

15,000,000.00

0.00

15,000,000.00

130



Amount









131



Amount

















3.7. MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

The variable management fees shown above correspond to the expenses recorded between the date the sub-fund was created by merger, 11/02/2019, and 30/09/2019. Thereference period for variable charges is between 01/10/2018 and 30/09/2019. The variable charges calculated between 01/10/2018 and 11/02/2019 were recorded in the fundabsorbed prior to the merger. They represented EUR 197,855.63.

132


3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00



3.8.1. Guarantees received by the UCI:

None


None

EDR SICAV – EURO SUSTAINABLE GROWTH: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/2019133

134




30/09/2019


Borrowed securities

0.00

0.00


30/09/2019



0.00

0.00



Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 3,296,256.81

FR0011031392 Edmond de Rothschild Credit Very Short Term R 3,296,256.81


135




30/09/2019




Total 3,229,622.56

30/09/2019


Allocation

Distribution 0.00


Accumulation 1,277,735.01

Total 1,277,735.01

30/09/2019


Allocation

Distribution 0.00



Total 603,996.36

30/09/2019


Allocation

Distribution 0.00



Total 574,107.90

30/09/2019


Allocation

Distribution 0.00



Total 846,706.02

136


30/09/2019


Allocation

Distribution 0.00


Accumulation -71,819.77

Total -71,819.77

30/09/2019


Allocation

Distribution 0.00



Total -1,102.96

Allocation table for the portion of distributable income corresponding to

net gains and losses

30/09/2019



Net gains and losses for the financial year -2,252,377.77


Total -2,252,377.77

30/09/2019


Allocation

Distribution 0.00



Total -692,843.25

30/09/2019


Allocation

Distribution 0.00



Total -467,029.49

137


30/09/2019


Allocation

Distribution 0.00



Total -524,996.14

30/09/2019


Allocation

Distribution 0.00



Total -405,327.57

30/09/2019


Allocation

Distribution 0.00



Total -162,030.36

30/09/2019


Allocation

Distribution 0.00


Accumulation -150.96

Total -150.96

138




30/09/2019


ERDR SICAV - EURO SUSTAINABLEGROWTH I





-1.64


ERDR SICAV - EURO SUSTAINABLEGROWTH CR





-0.70


EdR SICAV - EURO SUSTAINABLEGROWTH A EUR Share





-2.88


ERDR SICAV - EURO SUSTAINABLEGROWTH K





-1.42


139




30/09/2019


EdR SICAV - EURO SUSTAINABLEGROWTH CRD EUR Shares





-0.72

Accumulation per unit on income in EUR -0.32

EDR SICAV - EURO SUSTAINABLEGROWTH O Shares





0.00


140






Equities and equivalent securities traded on a regulated or equivalentmarket

GERMANY

ADIDAS NOM. EUR 33,655 9,613,550.75 2.76

ALLIANZ SE EUR 55,183 11,800,884.55 3.40

CARL ZEISS MEDITEC AG EUR 49,967 5,226,548.20 1.50

DEUTSCHE TELEKOM AG EUR 695,940 10,713,300.36 3.08

MUENCHENER RUECKVERSICHERUNG AG EUR 38,440 9,125,656.00 2.62

RATIONAL AG EUR 9,073 5,970,034.00 1.71

SAP SE EUR 85,860 9,262,576.80 2.66

SARTORIUS PRIV. EUR 26,262 4,396,258.80 1.26

TOTAL GERMANY 66,108,809.46 18.99

AUSTRIA

SCHOELLER-BLECKMANN EUR 57,160 3,115,220.00 0.89

TOTAL AUSTRIA 3,115,220.00 0.89

BELGIUM

UMICORE EUR 230,707 7,989,383.41 2.29

TOTAL BELGIUM 7,989,383.41 2.29

DENMARK

NOVO NORDISK AS DKK 182,458 8,605,737.11 2.47

TOTAL DENMARK 8,605,737.11 2.47

SPAIN

AMADEUS IT GROUP SA EUR 88,098 5,789,800.56 1.66

APPLUS SERVICES SA EUR 474,190 5,642,861.00 1.62

BANCO SANTANDER S.A. EUR 1,928,250 7,204,906.13 2.07

IBERDROLA S.A. EUR 1,168,464 11,142,472.70 3.20

TOTAL SPAIN 29,780,040.39 8.55

FRANCE

AIR LIQUIDE EUR 85,933 11,222,849.80 3.23

AXA EUR 265,570 6,222,305.10 1.79

BNP PARIBAS EUR 132,075 5,899,790.25 1.69

BUREAU VERITAS EUR 167,490 3,701,529.00 1.06

DANONE EUR 148,132 11,972,028.24 3.45

DASSAULT SYSTEMES EUR 37,908 4,956,471.00 1.42

EDENRED EUR 140,104 6,168,779.12 1.77

GAZTRANSPORT AND TECHNIGA-W/I EUR 68,819 6,252,206.15 1.80

ILIAD EUR 34,594 2,982,694.68 0.86

JC DECAUX SA EUR 177,585 4,411,211.40 1.27

LEGRAND SA HOLDING EUR 82,317 5,390,117.16 1.55

141


Security name CurrencyQuantity ornominalamount

Current value % Net assets

L'OREAL

L'OREAL PRIME DE FIDELITE

MICHELIN - CATEGORY B

ORPEA

SAINT-GOBAIN

SCHNEIDER ELECTRIC SA

SCOR SE REGROUPEMENT

SEB

SPIE SA

TOTAL FRANCE

ITALY

ENEL SPA

FINECOBANK SPA

TOTAL ITALY

NETHERLANDS

ABN AMRO GROUP GDR

HEINEKEN

KONINKLIJKE DSM

KONINKLIJKE KPN NV

ROYAL PHILIPS

TOTAL NETHERLANDS

SWEDEN

ASSA ABLOY AB

SVENSKA CELLULOSA -B- FREE

TOTAL SWEDEN

SWITZERLAND

ROCHE HOLDING AG

TOTAL SWITZERLAND

TOTAL Equities and equivalent securities traded on regulated or equivalent markets

TOTAL Equities and equivalent securities


Retail UCITS and AIFs intended for non-professionals and equivalent investors in othercountries

FRANCE


TOTAL FRANCE

TOTAL Retail UCITS and AIFs intended for non-professionals and equivalent

investors in other countries


Receivables

EUR 42,565 10,934,948.50 3.14

EUR 1 256.90 0.00

EUR 70,124 7,180,697.60 2.06

EUR 47,727 5,350,196.70 1.54

EUR 162,460 5,848,560.00 1.68

EUR 115,540 9,300,970.00 2.67

EUR 208,090 7,884,530.10 2.26

EUR 47,330 6,593,069.00 1.89

EUR 342,847 6,298,099.39 1.81

128,571,310.09 36.94

EUR 1,404,190 9,620,105.69 2.76

EUR 706,650 6,862,984.80 1.97

16,483,090.49 4.73

EUR 414,690 6,707,610.75 1.93

EUR 78,332 7,767,401.12 2.23

EUR 63,433 7,003,003.20 2.01

EUR 2,716,900 7,773,050.90 2.23

EUR 203,391 8,644,117.50 2.48

37,895,183.47 10.88

SEK 351,620 7,187,232.20 2.06

SEK 764,220 6,258,347.94 1.80

13,445,580.14 3.86

CHF 35,859 9,580,762.17 2.75

9,580,762.17 2.75

321,575,116.73 92.35

321,575,116.73 92.35

EUR 33 3,296,256.81 0.95

3,296,256.81 0.95

3,296,256.81 0.95

3,296,256.81 0.95

690,751.73 0.20

142




Payables -20,172,186.77 -5.79

Financial accounts 42,783,288.53 12.29

Net assets 348,173,227.03 100.00

ERDR SICAV - EURO SUSTAINABLE GROWTH I EUR 421,538.095 243.72

ERDR SICAV - EURO SUSTAINABLE GROWTH CR EUR 663,168.753 104.34

EdR SICAV - EURO SUSTAINABLE GROWTH A EUR Share EUR 182,242.128 426.67

ERDR SICAV - EURO SUSTAINABLE GROWTH K EUR 283,481.835 211.57

EdR SICAV - EURO SUSTAINABLE GROWTH CRD EUR Shares EUR 223,531.500 104.80

EDR SICAV - EURO SUSTAINABLE GROWTH O Shares EUR 150,000.000 100.51

143


SOCIÉTÉ D'INVESTISSEMENT ÀCAPITALVARIABLE (OPEN-ENDEDINVESTMENT COMPANY – SICAV) UNDER FRENCH LAW


2019 Financial Year

144

FEATURES

Date 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 12 February 2019, through themerger of the following fund whilemaintainingthe ISIN codes:

- Edmond de Rothschild Financial Bonds created on 10 March 2008.

Classification:Bonds and other international debt securities.

Management objective:The Sub-fund’s objective is to outperform the ICE BofAML Euro Financial Index over the recommendedinvestment period through a portfolio that is exposed to bonds issued primarily by international financialinstitutions.

Benchmark index:The Sub-fund’s benchmark index is the ICE BofAML Euro Financial index, published by ICE BenchmarkAdministration Limited (Bloomberg code: EB00 Index). It is representative of the bond market of thefinancial sector issued in euros, whether the senior debt or subordinated debt of issuers.As the management of the Sub-fund is not index-linked, its performance may differ from that of itsbenchmark index, which serves only as a basis for comparison.The rates and indices used are annualised. Coupons are included in calculating the performance of thisindex.The ICE Benchmark Administration Limited (website: https://www.theice.com/iba) administrator of theICE BofAML Euro Financial benchmark index is included in the register of administrators and benchmarkindices held by ESMA.In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June2016, 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 of capital loss:The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the fullamount of the capital they initially invested, even if they retain the shares for the duration of therecommended investment period.Discretionary management risk:The discretionarymanagement style is based on anticipating trends in the various markets (equities, bonds,moneymarket, commodities and currencies). However, there is a risk that the sub-fundmay not be investedin the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than theinvestment 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 andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment ofinterest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of anissuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss isrecorded on a financial instrument following default by an issuer. The inclusion of debt securities in theportfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in creditquality.

Credit risk associated with investment in speculative securities:The Sub-fundmay invest in issues from companies rated as non-investment grade by a rating agency (ratingbelow BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from theManagement Company. These issues are known as speculative securities and present a higher risk of issuer

145

default. This sub-fund should therefore be considered partly speculative and as being aimed specifically atinvestors 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 fallin the net asset value.Interest rate risk:The exposure to interest rate products (debt securities andmoneymarket instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security andthus 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 issuingcompany, there are also external risks, particularly in these markets. Furthermore, investors are remindedthat the operating and oversight conditions in these markets may differ from the standards that prevail onmajor international exchanges. Consequently, the holding of such securities may increase the portfolio’srisk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, thenet asset value may fall further and more rapidly, and finally, the companies held in the portfolio may havegovernments as shareholders.Currency risk:The capital may be exposed to currency risk when its constituent securities or investments are denominatedin a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate ofthe 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 sharemay 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 performanceis 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 thanin the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to apossible 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 marketconditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.Sector risk:The Sub-fund carries a sector risk owing to the fact that it invests in securities in the same business sector:the energy, commodities, and natural resources sector. Should this market fall, there will also be a fall inthe net asset valueRisk 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 thanin 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 tocurrency risk if this is not hedged. The value of the Sub-fund’s assets may fall if exchange rates vary, whichmay cause the net asset value of the Sub-fund to fall.

146

Risks associated with temporary purchases and sales of securities and with total return swaps: The use ofsecurities financing transactions and total return swaps, as well as the management of their collateral, mayinvolve certain specific risks such as operational risks or custody risk. These transactions may thereforehave a negative effect on the net asset value of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchasesand sales of securities and for total return swaps.Risks associated with contingent convertible bonds (CoCos):CoCos are subordinated debt securities issued by credit institutions or insurance or reinsurance companiesthat are eligible for inclusion in their capital requirement and that have the specific feature of potentiallybeing converted into shares or having their par value reduced (write-down mechanism) in response to atrigger, as previously defined in the prospectus. A CoCo includes an option to convert into shares at theinitiative of the issuer in the event that their financial situation deteriorates. In addition to the inherentinterest rate and credit risk involved with bonds, activating the conversion option may cause the value ofthe CoCo to decrease by an amount greater than that recorded on other traditional bonds of the issuer.Under the conditions set out by the CoCo concerned, certain trigger events may lead to themain investmentand/or accrued interest permanently depreciating to zero, or to the conversion of the bond into a share.Risk linked to the conversion threshold of CoCos:

The conversion threshold of a CoCo depends on the solvency ratio of its issuer. It is the event thatdetermines the conversion of the bond into an ordinary share. The lower the solvency ratio, the greater thelikelihood of conversion.Risk of loss or suspension of coupon:Depending on the characteristics of the CoCos, the payment of coupons is discretionary and may becancelled or suspended by the issuer at any time and for an indefinite period.Risk of intervention of a regulatory authority at the point of “non-viability”:A regulatory authority determines at any time and in a discretionary manner whether an institution is “notviable”, i.e. the issuing bank requires the support of the public authorities to prevent the issuer frombecoming insolvent, bankrupt, unable to pay the majority of its debts as they become payable or otherwisecontinue its activities, and requires or requests the conversion of Conditional Convertible Bonds into sharesin circumstances independent of the willingness of the issuer.Capital structure inversion risk:Contrary to the conventional capital hierarchy, investors in CoCos may incur a loss of capital that does notaffect holders of shares. In certain scenarios, holders of CoCos will incur losses before holders of shares.Call extension risk:Most CoCos are issued in the form of instruments of a perpetual maturity, which are only repayable atpredefined levels that have the approval of the competent authority. It cannot be assumed that perpetualCoCos will be called on the call date. CoCos are a type of permanent capital. It is possible that the investormay not receive the return on the principal on the expected repayment date or any given date.Liquidity risk:In certain circumstances, it may be difficult to find a buyer for CoCos and the seller may be obliged to accepta significant discount on the expected value of the bond in order to be able to sell it.

Target subscribers:A EUR, A CHF (H), A USD (H), B EUR and B USD (H) shares: All investors.CR EUR, CR GBP (H), CR USD (H) and CRD EUR shares: All subscribers; these shares may be marketed toretail 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 authorisethem 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 regulatedfinancial entity may be liable to pay the management or advisory fees incurred by each investor. TheManagement Company is not party to such agreements.

147

Shares are not registered for marketing in all countries. They are therefore not open to subscription for retailinvestors in all jurisdictions.I EUR shares: Legal entities and institutional investors trading on their own behalf or on behalf of third partiesas well as all shareholders who subscribed to the Sub-fund before 20/07/2018.I CHF (H), J EUR, I USD (H), N EUR, NC EUR and OC EUR shares: Legal entities and institutional investorstrading on their own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before 19/10/2018.K EUR, J USD (H), J GBP (H) shares: Legal entities and institutional investors trading on their own behalf oron behalf of third parties as well as shareholders who subscribed to the Sub-fund before 12/02/2019.R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for thispurpose by the Management Company.



“A USD (H)”, “A EUR”,“A CHF (H)”, “CREUR”, “CR GBP (H)”,“CR USD (H)”, “R

EUR”, “I EUR”, “I CHF(H)”, “I USD (H)”, “KEUR”, “N EUR” and“NC EUR” shares

“B USD (H)” shares,“B EUR”, “CRDEUR”, “J EUR”, “JGBP (H)” and “JUSD (H)”

"OC EUR" shares


Mixed (accumulationand/or distributionand/or carriedforward at thediscretion of theManagementCompany)

Allocation of net realisedgains or losses

Accumulation

Accumulation (in full orin part) or Distribution(in full or in part) orCarried forward (in fullor in part), at thediscretion of the

Management Company

Accumulation (in fullor in part) or

Distribution (in full orin part) or Carriedforward (in full or inpart), at the discretionof the Management

Company

148

CHANGE IN ASSETS


of EUR€



€

12 February 2019*K EUR shares 33.94 342,869.000 99.00EUR NC shares 176.91 1,743,579.478 101.46R EUR shares 0.58 5,890.499 98.83CR EUR shares 81.82 851,576.125 96.08CR GBP (H) shares 4.56 41,143.099 110.87I USD (H) shares 43.20 397,617.920 108.65A CHF (H) shares 2.20 23,596.409 93.41I EUR shares 343.51 1,940,537.623 177.01A USD (H) shares 11.09 107,866.575 102.79B EUR shares 23.07 180,195.249 128.00J EUR shares 8.67 85,563.999 101.31I CHF (H) shares 16.58 174,511.391 95.00OC EUR shares 32.64 350,015.000 93.24A EUR shares 313.99 2,291,682.805 137.01N EUR shares 877.12 765,968.548 1,145.11

30 September 2019K EUR shares 29.65 280,450.946 105.71EUR NC shares 196.31 1,809,565.998 108.48R EUR shares 0.11 1,090.769 104.76CR EUR shares 71.24 694,878.274 102.51CR GBP (H) shares 3.71 31,500.468 117.79CR USD (H) shares 0.95 10,090.120 93.79I USD (H) shares 54.14 444,248.544 121.86A CHF (H) shares 2.56 24,683.573 103.68I EUR shares 327.63 1,738,556.496 188.44A USD (H) shares 10.06 87,549.365 114.97B EUR shares 25.94 190,820.355 135.93CRD EUR shares 0.10 999.562 104.94J GBP (H) shares: 1.33 11,690.000 113.76J EUR shares 11.29 104,698.556 107.85I CHF (H) shares 27.86 263,547.358 105.69OC EUR shares 34.90 350,015.000 99.69A EUR shares 297.52 2,044,729.101 145.50N EUR shares 923.71 757,133.281 1,220.00

* The SICAV and EdR SICAV - Financial bonds were created on 12 February 2019 by merger and absorptionof the Edmond de Rothschild Financial Bonds Fund.


For “B USD (H)” distribution shares:The Board of Directors noted that as at 30 September 2019, the B USD (H) distribution shares were notsubscribed.



149



0.010.671.91



Distributable income relating to net gains and losses for the financial year ended 30 September 2019 wasnil.

For “CRD EUR” distribution shares:The income for the financial year amounted to €1,629.38.




0.010.431.19




For “J EUR” distribution shares:The income for the financial year amounted to €242,325.10.




0.010.531.77




For “J GBP (H)” distribution shares:The income for the financial year amounted to €7,074.19.


150


Net in €Income from Other Equities givingentitlementIncome from French Equities >01/01/87Income from European Bonds

0.010.140.45




For “OC EUR” mixed shares:The income for the financial year amounted to €895,449.85.




0.010.481.51



We propose that you carry forward the balance of the income for the financial year at an amount of €0.55 pershare.


EDR SICAV – FINANCIAL BONDS



151


30/09/2019

152

EDR SICAV – FINANCIAL BONDS: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019


30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

1,977,402,896.44

0.00

0.00

0.00

1,899,478,243.37

1,899,478,243.37

0.00

0.00

0.00

0.00

0.00

0.00

72,917,196.10

72,917,196.10

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

5,007,456.97

5,007,456.97

0.00

0.00

110,118,048.36

102,419,871.45

7,698,176.91

59,594,726.45

59,594,726.45

Total assets 2,147,115,671.25

153



30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

1,987,789,598.96

0.00

0.00

-12,794,105.55

44,005,390.34

2,019,000,883.75

5,007,457.21

0.00

0.00

0.00

0.00

0.00

5,007,457.21

5,007,457.21

0.00

123,107,330.29

101,394,712.31

21,712,617.98

0.00

0.00

0.00



154



30/09/2019



Futures contracts

CME EC EURUSD 1219

RP EURGBP 1219

XEUR FGBL BUN 1219

XEUR FGBM BOB 1219

Commitment on over-the-counter

markets

Other commitments

Other transactions



Other commitments

255,660,945.24

12,784,371.62

21,084,250.00

116,794,650.00

155



30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

38,713.70

228,000.00

60,058,750.14

0.00

0.00

0.00

0.00

60,325,463.84

0.00

0.00

94,863.40

0.00

94,863.40

60,230,600.44

0.00

15,455,389.67

44,775,210.77

-769,820.43

0.00

44,005,390.34




The annual financial statements are presented in the form provided for by ANC Regulation 2014-01 as

amended.



Purchases and sales of securities are recognised exclusive of costs.The portfolio’s benchmark currency is the euro.The length of the financial year is 232 days.


Financial instruments are recorded in the financial statements according to the historical cost method and on thebalance sheet at their current value as determined by the last known market value or, where no market exists, byany 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 oftransferable securities when these were 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, andthen converted into the portfolio currency at the exchange rate on the valuation date.

Deposits:












UCIs held:






Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount,and as liabilities under the “Payables on borrowed securities” heading at the contracted amount, plus any accruedinterest payable.

Financial futures:




Swaps:

Interest rate and/or currency swaps are valued at their market value according to the price calculated bydiscounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. Thisprice is adjusted to take into account the risk associated with the issuer.










The rate applied on the basis of the net assets is: For financial management fees

- A CHF (H) shares: Maximum 1.15% incl. taxes- A EUR shares: Maximum 1.15% incl. taxes


- A USD (H) share: Maximum 1.15% incl. taxes- B EUR shares: Maximum 1.15% incl. taxes- CR EUR shares: Maximum 0.80% incl. taxes- CR GBP (H) shares: Maximum 0.80% incl. taxes- CR USD (H) shares: Maximum 0.80% incl. taxes- CRD EUR shares: Maximum 0.80% incl. taxes- I CHF (H) shares: Maximum 0.55% incl. taxes- I EUR shares: Maximum 0.55% incl. taxes- I USD (H) shares: Maximum 0.55% incl. taxes- J EUR shares: Maximum 0.55% incl. taxes- J GBP (H) shares: Maximum 0.55% incl. taxes- K EUR shares: Maximum 0.75% incl. taxes- N EUR shares: Maximum 0.40% incl. taxes- NC EUR shares: Maximum 0.55% incl. taxes- OC EUR shares: Maximum 0.55% incl. taxes- R EUR shares: Maximum 1.40% incl. taxes

In respect of administrative expenses external to the Management Company, in particular thefees for the custodian, valuer and statutory auditors, etc.

For all shares, the rate is 0.03% for all units:

Performance fee

For A CHF (H) shares, A EUR shares, A USD (H) shares, B EUR shares, B USD (H) shares, CR EUR shares,CR GBP (H) shares, CR USD (H) shares, CRD EUR shares, I CHF (H) shares, I EUR shares, I USD (H) shares,J EUR shares, J GBP (H) shares, J USD (H) shares, N EUR shares, R EUR shares


As soon as the sub-fund outperforms the benchmark index “ICE BofAML Euro Financialnet dividends reinvested” and exceeds the High Water Mark, a provision of 20% net of tax will be applied to theoutperformance.

The High Water Mark is equal to the last net asset value giving rise to payment of a performance fee at the endof the reference period.The reference periods shall end with the last net asset value for the month of June.In the event of underperformance, the performance fee provision will be reduced by reversing the provision. Thereversal cannot be more than the provision. A provision for outperformance fees will be made each time the netasset value is calculated.

When shares are redeemed, the proportion of the performance fee attached to the redeemed shares will becrystallised 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.

Fees linked to research, as defined by Article 314-21 of the General Regulation of the AMF, may be charged tothe UCITS, up to the value of 0.01% of its net assets.

Any retrocession of management fees for the underlying UCIs and investment funds collected by the sub-fund

EdR SICAV - Financial Bonds will be repaid to the sub-fund. The rate of management fees applicable to theunderlying UCIs and investment funds will be valued by taking into account any retrocessions collected by theSub-fund.In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms andconditions above, with regard to a specific transaction, a description of the transaction and the transaction feescharged will be specified in the management report of the SICAV.Shareholders can find out more information in the SICAV’s annual report.


Swing Pricing

The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known asSwing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules””.Subscriptions and redemptions of shares “A CHF (H)”, “A EUR”, “A USD (H)”, “B EUR”, “B USD (H)”, “CR GBP(H)”, “CR EUR”, “CR USD (H)”, “CRD EUR”, “I CHF (H)”, “I EUR”, “I USD (H)”, “J GBP (H)”, “J EUR”, “J USD(H)”, “K EUR”, “N EUR”, “NC EUR”, “OC EUR” and “R EUR” are executed in amounts or in shares orthousandths of a share.A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV istreated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable toeach subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or theinvestment jurisdiction of the UCITS. In case of uncertainty, subscribers should contact their adviser to obtaininformation about the tax regime applicable to them.Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemptionorders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmondde Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, inorder to take into account transfer times to Edmond de Rothschild (France).




Income:

Net income for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ feesand all other revenues generated by the securities held in the portfolio, plus income generated by temporary cashholdings, 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 incomeadjustment account.

Gains and losses:




“A USD (H)”, “AEUR”, “A CHF (H)”,“CR EUR”, “CR GBP(H)”, “CR USD (H)”,“R EUR”, “I EUR”, “ICHF (H)”, “I USD(H)”, “K EUR”, “NEUR” and “NC EUR”

shares

“B USD (H)” shares,“B EUR”, “CRD EUR”,“J EUR”, “J GBP (H)”and “J USD (H)”

"OC EUR" shares


Mixed (accumulation and/ordistribution and/or carriedforward at the discretion ofthe Management Company)


Accumulation

Accumulation (in full or inpart) or Distribution (in fullor in part) or Carried

forward (in full or in part), atthe discretion of the

Management Company

Accumulation (in full or inpart) or Distribution (in fullor in part) or Carried

forward (in full or in part), atthe discretion of the

Management Company

160



30/09/2019


Subscriptions (including subscription fees paid to the UCI) 2,357,968,314.91


Gains realised on deposits and financial instruments 5,833,949.39


Gains realised on forward financial instruments 5,382,944.92

Losses realised on forward financial instruments -18,732,722.04


Foreign exchange differences 8,213,769.69




Changes in valuation differential on forward financial instruments -2,585,977.21

Valuation differential for financial year N -2,585,977.21







Other items 0.00

Net assets at the end of the financial year 2,019,000,883.75

161




ECONOMIC TYPE

Amount %

Assets



Convertible bonds traded on a regulated or equivalent market


Debt securities


Liabilities





Foreign exchange

Interest rates


Other transactions


1,891,722,911.02 93.70

7,755,332.35 0.38

1,899,478,243.37 94.08

0.00 0.00

0.00 0.00

268,445,316.86 13.30

137,878,900.00 6.83

406,324,216.86 20.13

0.00 0.00

162





Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

1,899,478,243.37

0.00

0.00

0.00

0.00

0.00

21,084,250.00

0.00

0.00

94.08

0.00

0.00

0.00

0.00

0.00

1.04

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

116,794,650.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

5.78

0.00

0.00

0.00

0.00

0.00

59,594,726.45

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2.95

0.00

0.00

0.00

0.00



< 3 months % 3 months - 1 year % 1 - 3 years % [3-5 years] % > 5 years %

Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

59,594,726.45

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2.95

0.00

0.00

0.00

0.00

0.00

10,620,007.05

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.53

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

4,988,462.36

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.25

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

7,275,891.84

0.00

0.00

0.00

0.00

0.00

116,794,650.00

0.00

0.00

0.36

0.00

0.00

0.00

0.00

0.00

5.78

0.00

0.00

1,876,593,882.12

0.00

0.00

0.00

0.00

0.00

21,084,250.00

0.00

0.00

92.95

0.00

0.00

0.00

0.00

0.00

1.04

0.00


163




ITEMS

USD CHF GBP Other currencies


Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Bonds and equivalent securities 246,892,797.01 12.23 0.00 0.00 11,509,347.14 0.57 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


Receivables 70,686,685.64 3.50 30,468,802.21 1.51 5,394,201.31 0.27 0.00 0.00

Financial accounts 5,569,660.98 0.28 0.30 0.00 1,046,429.95 0.05 0.00 0.00

Liabilities



Payables 1,083,353.93 0.05 0.00 0.00 91,034.05 0.00 0.00 0.00



Hedging transactions 255,660,945.24 12.66 0.00 0.00 12,784,371.62 0.63 0.00 0.00



30/09/2019

Receivables

Forward currency purchases

Funds to be received on forward currency sales




Total receivables

Payables

Forward currency sales

Amount payable on forward currency purchases


Redemptions payable

Management fees


Collateral

Other payables

Total payables

101,705,489.34

714,382.11

1,312,867.90

5,330,590.10

1,054,718.91

110,118,048.36

725,774.30

100,668,938.01

14,427,501.36

4,258,878.08

1,058,523.79

1,180,776.57

770,000.00

16,938.18

123,107,330.29

164


3.6.SHARE CAPITAL


In equities Amount

EDR SICAV - FINANCIAL BONDS A CHF H




27,911.573

-3,228.000

24,683.573

2,632,106.96

-313,931.56

2,318,175.40

EdR SICAV - FINANCIAL BONDS R EUR shares




6,125.342

-5,034.573

1,090.769

605,858.07

-502,795.63

103,062.44

EDR SICAV - FINANCIAL BONDS CR USD




10,096.784

-6.664

10,090.120

888,058.75

-586.83

887,471.92

EdR SICAV - FINANCIAL BONDS K EUR shares




395,261.946

-114,811.000

280,450.946

39,397,267.81

-11,928,941.98

27,468,325.83

EDR SICAV – FINANCIAL BONDS CR EUR




1,031,533.959

-336,655.685

694,878.274

99,682,007.93

-33,416,315.53

66,265,692.40

EdR SICAV - FINANCIAL BONDS J EUR shares




107,530.474

-2,831.918

104,698.556

10,973,812.24

-298,752.04

10,675,060.20

EdR SICAV - FINANCIAL BONDS I USD H shares




574,150.035

-129,901.491

444,248.544

64,082,872.32

-14,973,921.70

49,108,950.62

EDR SICAV - FINANCIAL BONDS A USD H




119,345.980

-31,796.615

87,549.365

12,375,366.27

-3,435,986.93

8,939,379.34

EdR SICAV – FINANCIAL BONDS IEUR shares




2,304,024.639

-565,468.143

1,738,556.496

410,196,614.68

-102,977,302.07

307,219,312.61

165



In equities Amount

EdR SICAV - FINANCIAL BONDS OC EUR shares




350,015.000

0.000

350,015.000

32,580,265.35

0.00

32,580,265.35

EdR SICAV - FINANCIAL BONDS NC EUR shares




1,938,579.478

-129,013.480

1,809,565.998

197,655,010.53

-13,951,987.02

183,703,023.51

EDR SICAV – FINANCIAL BONDS CR GBP




42,713.099

-11,212.631

31,500.468

4,743,999.65

-1,287,493.03

3,456,506.62

EdR SICAV - FINANCIAL BONDS A EUR shares




2,696,479.829

-651,750.728

2,044,729.101

370,862,275.56

-92,448,931.48

278,413,344.08

EdR SICAV - FINANCIAL BONDS I CHF H shares




277,034.538

-13,487.180

263,547.358

27,139,812.89

-1,344,140.91

25,795,671.98

EdR SICAV - FINANCIAL BOND J GBP shares




11,690.000

0.000

11,690.000

1,300,728.65

0.00

1,300,728.65

EdR SICAV - FINANCIAL BONDS B EUR shares




212,669.873

-21,849.518

190,820.355

27,362,582.39

-2,873,410.39

24,489,172.00

EdR SICAV - FINANCIAL BONDS N EUR shares




906,891.855

-149,758.574

757,133.281

1,045,761,035.21

-181,751,144.14

864,009,891.07

EdR SICAV - FINANCIAL BONDS CRD EUR shares




97,077.263

-96,077.701

999.562

9,728,639.65

-9,979,642.17

-251,002.52

166



Amount









































167



Amount

































168


3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

The variable management fees shown above correspond to the expenses recorded between the date the sub-fund was created by merger, 11/02/2019, and 30/09/2019. Thereference period for variable charges is from 01/07/2018 to 30/06/2019. The total costs acquired over this reference period represented EUR 6,600,084.30. The provision for thecurrent reference period (from 01/07/2019 to 30/06/2020) represents EUR 1,180,776.57 as at 30/09/2019. The variable charges calculated between 01/07/2018 and 11/02/2019were recorded in the fund absorbed prior to the merger.

169


3.7 MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00

Fixed management fees 1,191,085.81


Variable management fees 1,395,907.57

Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

The variable management fees shown above correspond to the expenses recorded between the date the sub-fund was created by merger, 11/02/2019, and 30/09/2019. Thereference period for variable charges is from 01/07/2018 to 30/06/2019. The total costs acquired over this reference period represented EUR 6,600,084.30. The provision for thecurrent reference period (from 01/07/2019 to 30/06/2020) represents EUR 1,180,776.57 as at 30/09/2019. The variable charges calculated between 01/07/2018 and 11/02/2019were recorded in the Fund absorbed prior to the merger.

170


3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00



Variable management fees 4,271,655.67

Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

The variable management fees shown above correspond to the expenses recorded between the date the sub-fund was created by merger, 11/02/2019, and 30/09/2019. Thereference period for variable charges is from 01/07/2018 to 30/06/2019. The total costs acquired over this reference period represented EUR 6,600,084.30. The provision for thecurrent reference period (from 01/07/2019 to 30/06/2020) represents EUR 1,180,776.57 as at 30/09/2019. The variable charges calculated between 01/07/2018 and 11/02/2019were recorded in the fund absorbed prior to the merger.



None


None

EDR SICAV – FINANCIAL BONDS: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/2019171

172




30/09/2019


Borrowed securities

0.00

0.00


30/09/2019



0.00

0.00



Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 72,917,196.10



173




30/09/2019




Total 44,005,390.34

30/09/2019


Allocation

Distribution 0.00



Total 1,969.37

30/09/2019


Allocation

Distribution 0.00



Total 5,367.44

174


30/09/2019


Allocation



Accumulation 0.00

Total 242,325.10




Tax exemptions


30/09/2019


Allocation

Distribution 0.00



Total 924,639.37

30/09/2019


Allocation

Distribution 0.00



Total 143,167.69

30/09/2019


Allocation

Distribution 0.00



Total 724,271.09

30/09/2019


Allocation

Distribution 0.00



Total 1,681,941.28

175


30/09/2019


Allocation

Distribution 0.00



Total 51,322.37

30/09/2019


Allocation

Distribution 0.00



Total 7,011,523.32

30/09/2019


Allocation

Distribution 0.00



Total 86,171.85

30/09/2019


Allocation


Balance carried forward for the financial year 195,419.85

Accumulation 0.00

Total 895,449.85




Tax exemptions


176


30/09/2019


Allocation

Distribution 0.00



Total 5,034,310.46

30/09/2019


Allocation



Accumulation 0.00

Total 7,074.19




Tax exemptions


30/09/2019


Allocation



Accumulation 0.00

Total 494,515.57




Tax exemptions


30/09/2019


Allocation

Distribution 0.00



Total 624,129.38

177


30/09/2019


Allocation

Distribution 0.00



Total 5,684,259.37

30/09/2019


Allocation

Distribution 0.00



Total 20,391,323.26

30/09/2019


Allocation



Accumulation 0.00

Total 1,629.38


Number of shares 999.562


Tax exemptions


178




30/09/2019





Total -12,794,105.55

30/09/2019


Allocation

Distribution 0.00



Total 2,518,545.13

30/09/2019


Allocation

Distribution 0.00



Total -960.26

30/09/2019


Allocation

Distribution 0.00



Total -248,637.43

179


30/09/2019


Allocation

Distribution 0.00



Total -597,740.80

30/09/2019


Allocation

Distribution 0.00



Total 28,027.69

30/09/2019


Allocation

Distribution 0.00



Total 33,388.18

30/09/2019


Allocation

Distribution 0.00



Total 466,239.91

30/09/2019


Allocation

Distribution 0.00



Total -94,800.15

180


30/09/2019


Allocation

Distribution 0.00



Total -292,564.53

30/09/2019


Allocation

Distribution 0.00


Accumulation -1,645,859.24

Total -1,645,859.24

30/09/2019


Allocation

Distribution 0.00



Total -2,750,338.82

30/09/2019


Allocation

Distribution 0.00



Total 22,219.23

30/09/2019


Allocation

Distribution 0.00



Total 248,881.48

181


30/09/2019


Allocation

Distribution 0.00



Total -2,498,831.16

30/09/2019


Allocation

Distribution 0.00



Total -217,865.10

182




30/09/2019

Total net assets in EUR 2,019,000,883.75

EdR SICAV - FINANCIAL BONDS K EURshares





-0.88


EDR SICAV – FINANCIAL BONDS CREUR





-0.86


EDR SICAV - FINANCIAL BONDS A USDH

Net assets in USD 10,973,857.03


Net asset value per unit in USD 125.34


5.32


EdR SICAV - FINANCIAL BONDS I USDH shares





5.66



183




30/09/2019


EdR SICAV - FINANCIAL BONDS

J EUR shares

Net assets in EUR

Number of units

Net asset value per unit in EUR


Distribution per unit on income in EUR

Tax exemption per unit in EUR

Balance carried forward per unit on incomein EUR

EDR SICAV - FINANCIAL BONDS A CHFH

Net assets in CHF

Number of securities

Net asset value per unit in CHF


Accumulation per unit on income in EUR


R EUR shares

Net assets in EUR

Number of units




EDR SICAV - FINANCIAL BONDS CRUSD

Net assets in USD

Number of units

Net asset value per unit in USD



11,292,733.94

104,698.556

107.85

-0.90

2.31

*

0.00

2,784,696.04

24,683.573

112.81

1.35

2.07

114,275.90

1,090.769

104.76

-0.88

1.80

1,031,716.38

10,090.120

102.25

2.77

0.53


184




30/09/2019


EdR SICAV – FINANCIAL

BONDS IEUR shares

Net assets in EUR

Number of units





OC EUR shares

Net assets in EUR

Number of units





Balance carried forward per unit in EURon income


NC EUR shares

Net assets in EUR

Number of units




EDR SICAV – FINANCIAL BONDS

CR GBP

Net assets in GBP

Number of units

Net asset value per unit in GBP



327,627,363.23

1,738,556.496

188.44

-1.58

4.03

34,895,087.28

350,015.000

99.69

-0.83

2.00

*

0.55

196,307,432.40

1,809,565.998

108.48

-0.90

2.78

3,289,618.94

31,500.468

104.43

0.70

2.73


185




30/09/2019



A EUR shares

Net assets in EUR

Number of units





B EUR shares

Net assets in EUR

Number of units







I CHF H shares

Net assets in CHF

Number of units




EdR SICAV - FINANCIAL BOND J GBP

shares

Net assets in GBP

Number of units

Net asset value per unit in GBP





297,519,549.26

2,044,729.101

145.50

-1.22

2.77

25,939,367.30

190,820.355

135.93

-1.14

2.59

*

0.00

30,308,537.92

263,547.358

115.00

0.94

2.36

1,179,013.66

11,690.000

100.85

-0.85

0.60

*

0.00


186




30/09/2019


EdR SICAV - FINANCIAL BONDS N EURshares





-10.23


EdR SICAV - FINANCIAL BONDS CRDEUR shares


Number of securities 999.562



-0.82




0.00


187







GERMANY

AAREAL BANK AG 7.625% PERP EUR 15,600,000 16,580,018.00 0.82

ALLIANZ SE 1.301% 25-09-49 EUR 7,200,000 7,213,455.54 0.36

ALLIANZ SE 3.375% PERP EUR 20,500,000 22,764,655.16 1.13

CMZB FRANKFURT 7.0% PERP USD 3,200,000 3,077,597.17 0.15

CMZB 4.0% 23-03-26 EMTN EUR 9,000,000 10,328,561.07 0.51

IKB DEUTSCHE INDUSTRIEBANK AG 4.0% 31-01-28 EUR 10,000,000 9,792,897.26 0.49

LANDESBANK BADEN WUERT 2.875% 27/05/2026 EUR 10,123,000 10,609,254.71 0.53

LBBW 2.2% 09-05-29 EMTN EUR 3,600,000 3,936,567.44 0.19

LBBW 2.875% 28-09-26 EUR 2,700,000 3,054,804.86 0.15

TALANX AG 2.25% 05-12-47 EUR 6,600,000 7,088,233.64 0.35

TOTAL GERMANY 94,446,044.85 4.68

AUSTRIA

BAWAG GROUP 2.375% 26-03-29 EUR 10,000,000 10,481,992.35 0.52

ERST GROU BA 8.875% PERP EMTN EUR 4,400,000 5,226,639.78 0.26

ERSTE GROUP BANK AG 6.5% PERP EUR 17,200,000 20,413,153.62 1.01

RAIFFEISEN BANK INTERNATIONAL AG 6.125% PERP EUR 9,000,000 9,811,450.08 0.49

RAIFFEISEN BANK INTL AG 1.5% 12-03-30 EUR 10,100,000 10,054,243.69 0.50

RAIFFEISEN BANK INTL AG 4.5% PERP EUR 7,000,000 6,738,001.48 0.33

UNIQA INSURANCE 6.875% 31/07/2043 EUR 6,000,000 7,287,384.10 0.36

TOTAL AUSTRIA 70,012,865.10 3.47

BELGIUM

AGEAS NV EX FORTIS 3.25% 02-07-49 EUR 2,900,000 3,214,693.50 0.16

AGSBB 3 1/2 06/30/47 EUR 10,000,000 11,335,790.71 0.56

BELFIUS BANK 3.625% PERP EUR 22,000,000 20,368,444.54 1.00

KBC GROUPE SA FIX PERP EMTN EUR 9,000,000 9,652,530.16 0.48

KBC GROUPE SA 1.625% 18-09-29 EUR 5,000,000 5,224,057.92 0.26

KBC GROUPE 4.25% PERP EUR 11,800,000 12,045,149.19 0.60

TOTAL BELGIUM 61,840,666.02 3.06

DENMARK

DANSKE BA 5.875% PERP EMTN EUR 21,100,000 23,014,675.69 1.14

DANSKE BK 7.0% PERP USD 5,000,000 4,848,728.06 0.24

NYKR REAL AS 6.25% PERP EUR 11,650,000 12,532,390.10 0.62

TOTAL DENMARK 40,395,793.85 2.00

SPAIN

ABANCA CORPORACION BANCARIA 4.625% 07-04-30 EUR 4,000,000 4,046,920.00 0.20

ABANCA CORPORACION BANCARIA 6.125% 18-01-29 EUR 8,000,000 8,977,253.70 0.44

188




ABANCA CORPORACION BANCARIA 7.5% PERP EUR 6,400,000 6,562,048.00 0.33

B BILB VIZC ARGE 6.75% PERP EUR 11,800,000 12,137,174.10 0.60

BANC BILB VIZC AR 8.875% PERP EUR 17,600,000 19,840,717.22 0.99

BANCO DE BADELL 5.375% 12-12-28 EUR 11,300,000 13,079,010.08 0.65

BANCO DE SABADELL SA 6.5% PERP EUR 10,000,000 10,094,483.70 0.50

BANCO NTANDER 4.75% PERP EUR 9,000,000 8,764,617.86 0.43

BANCO SANTANDER SA 5.25% PERP EUR 5,000,000 5,172,413.46 0.26

BANCO SANTANDER SA 6.75% PERP EUR 19,700,000 21,690,611.13 1.08

BANKIA SA 6.0% PERP EUR 15,400,000 16,138,450.09 0.80

BANKIA 6.375% PERP EUR 3,600,000 3,825,780.43 0.19

BANKINTERSA 2.5% 06-04-27 EUR 15,000,000 15,851,651.64 0.79

BBVA 2.575% 22-02-29 EMTN EUR 2,500,000 2,693,154.11 0.13

BBVA 6.0% PERP EUR 12,400,000 13,346,547.87 0.66

BBVA 6.5% PERP USD 1,600,000 1,501,163.09 0.07

CAIXABANK SA 2.75% 14-07-28 EUR 5,700,000 6,047,933.30 0.30

CAIXABANK SA 3.5% 15-02-27 EUR 2,400,000 2,595,285.37 0.13

CAIXABANK SA 6.75% PERP EUR 9,400,000 10,381,579.51 0.51

CAIXABANK 5.25% PERP EUR 4,000,000 3,896,232.31 0.19

IBERCAJA 5.0% 28-07-25 EUR 12,500,000 13,051,579.92 0.65

IBERCAJA 7.0% PERP EUR 7,400,000 7,726,185.57 0.38

KUTXABANK 0.5% 25-09-24 EUR 5,800,000 5,816,707.64 0.29

MAPFRE SA 4.375% 31-03-47 EUR 16,600,000 19,475,519.58 0.96

MAPFRE 4.125% 07-09-48 EUR 7,500,000 8,601,507.17 0.43

SANT ISS 2.5% 18-03-25 EMTN EUR 3,000,000 3,313,108.77 0.16

TOTAL SPAIN 244,627,635.62 12.12

FINLAND

NORDEA BANK AB PUBL 3.5% PERP EUR 7,450,000 7,503,105.07 0.37

NORDEA BANK AB (PUBL) 6.125% 31-12-2099 USD 12,600,000 12,073,685.33 0.60

NORDEA BK 6.625% PERP USD 3,000,000 2,973,305.36 0.15

TOTAL FINLAND 22,550,095.76 1.12

FRANCE

A 3.941% PERP EMTN EUR 22,000,000 25,521,165.70 1.26

AXA 3.25% 28-05-49 EMTN EUR 4,250,000 4,869,426.12 0.24

AXASA 3 7/8 05/20/49 EUR 5,600,000 6,525,080.88 0.32

BFCM 1.875% 04-11-26 EMTN EUR 7,500,000 8,220,073.46 0.41

BNP PAR 2.375% 20-11-30 EMTN EUR 5,000,000 5,547,408.22 0.27

BNP PARIBAS FIX PERP EUR 41,500,000 46,901,906.46 2.32

BNP PARIBAS 7.375% PERP USD 4,100,000 4,257,610.54 0.21

BNP 4.032 12/31/49 EUR 17,000,000 19,480,552.44 0.96

189




BPCE 2.75% 30-11-27 EMTN EUR 10,000,000 11,010,947.95 0.55

CA ASSURANCES 4.25% PERP EUR 4,500,000 5,094,120.82 0.25

CASA ASSURANCES 2.625% 29-01-48 EUR 2,100,000 2,173,335.74 0.11

CASA 6.50% PERP EUR 42,000,000 45,538,800.00 2.26

CNP ASSU 4.5% 10-06-47 EUR 8,400,000 10,127,765.70 0.50

CNP ASSURANCES 4.0% PERP EUR 22,600,000 25,842,632.52 1.28

CNP ASSURANCES 4.75% PERP EUR 7,100,000 7,782,656.46 0.39

CRED AGRI ASSU 4.5% PERP EUR 13,500,000 15,735,330.00 0.78

CRED AGRI SA 8.125% PERP USD 5,000,000 5,418,919.69 0.27

CRED AGRIC 7.875%09-PERP TSDI EUR 9,000,000 9,707,777.26 0.48

CREDIT LOGEMENT 1.35% 28-11-29 EUR 12,600,000 13,041,400.44 0.65

CREDIT MUTUEL ARKEA 1.875% 25-10-29 EUR 9,000,000 9,322,996.44 0.46

GROUPAMA ASSURANCES MUTUELLES SA 6.0% 23-01-27 EUR 6,700,000 8,826,879.21 0.44

GROUPAMA ASSURANCES MUTUELLES SA 6.375% PERP EUR 19,000,000 22,631,487.13 1.12

GROUPAMA 3.375% 24-09-28 EUR 5,400,000 5,957,294.61 0.30

LA BANQUE POSTALE 23/04/2026 EUR 5,300,000 5,573,332.30 0.28

LA BANQUE POSTALE 2.75% TF/TV 19/11/27 EUR 6,900,000 7,557,249.58 0.37

LAMON 5.05 12/17/49 EUR 21,460,000 25,510,037.03 1.26

MACIF 5.50% 03/23 EUR 1,200,000 1,459,184.20 0.07

MUTU ASSU DES 3.916% 06-10-49 EUR 7,500,000 8,231,106.37 0.41

SCOR 3.875% PERP EUR 6,200,000 7,088,248.42 0.35

SG 6.75% PERP USD 6,300,000 6,092,484.87 0.30

SG 6.75% 31/12/2099 EUR 46,600,000 51,488,240.69 2.54

SOGECAP SA 4.125% 29-12-49 EUR 14,900,000 16,861,005.33 0.84

TOTAL FRANCE 449,396,456.58 22.25

HUNGARY

OTP BANK PLC 2.875% 15-07-29 EUR 7,500,000 7,743,942.01 0.38

TOTAL HUNGARY 7,743,942.01 0.38

CAYMAN ISLANDS

PHOENIX GROUP 4.375% 24-01-29 EUR 11,000,000 11,938,251.78 0.59

XLIT LTD 3.25% 29-06-47 EUR 15,000,000 16,852,136.89 0.84

TOTAL CAYMAN ISLANDS 28,790,388.67 1.43

IRELAND

ALLI IRI 4.125% 26-11-25 EMTN EUR 13,700,000 14,747,423.18 0.73

ALLI IRIS BA 7.375% PERP EMTN EUR 11,250,000 12,248,233.09 0.61

BANK OF IRELAND GROUP PLC 4.125% 19-09-27 USD 3,100,000 2,798,301.88 0.14

BANK OF IRELAND 7.375% PERP EUR 13,300,000 14,127,230.85 0.70

TOTAL IRELAND 43,921,189.00 2.18

190




ITALY

ASS GEN FIX 27-10-47 EMTN EUR 6,100,000 7,663,203.55 0.38

ASSICURAZIONI GENERALI 4.596% PERP EUR 22,000,000 25,020,910.41 1.23

CATTOLICA DI ASSICURAZIONI 4.25% 14-12-47 EUR 9,000,000 9,602,190.00 0.48

FONDIARIA SAI 5.75% 31-12-99 EUR 11,300,000 11,993,740.96 0.59

INTE SP VITA SUB 4.75% PERP EUR 6,300,000 6,990,855.41 0.35

INTE 4.0% 23/09/2029 USD 2,600,000 2,385,897.08 0.12

INTESA SAN 7.0% PERP EMTN EUR 8,000,000 8,537,890.43 0.42

INTESA SANPAOLO 7.75% PERP EUR 18,500,000 22,146,712.96 1.09

INTESA SANPAOLO 8.375% 09-PERP EUR 20,050,000 21,739,745.34 1.08

UBI BANCA UNIONE DI BANCHE ITALIANE 4.45% 15-09-27 EUR 12,500,000 13,359,586.75 0.66

UBI BANCA UNIONE DI BANCHE ITALIANE 5.875% 04-03-29 EUR 3,000,000 3,391,830.16 0.17

UNICREDIT SPA FIX PERP EUR 4,000,000 4,748,562.40 0.24

UNICREDIT SPA 6.625% PERP EUR 14,526,000 15,499,566.26 0.77



UNICREDIT 1.625% 03-07-25 EMTN EUR 2,375,000 2,459,645.71 0.12

UNICREDIT 6.572% 14-01-22 EMTN USD 5,000,000 4,988,462.36 0.25

UNIPOLSAI 3.875% 01-03-28 EMTN EUR 3,100,000 3,235,060.73 0.16

TOTAL ITALY 173,559,319.19 8.60

LUXEMBOURG

UNICREDIT INTL 8.125% 10/12/49 EUR 18,144,000 18,895,114.01 0.94


NORWAY

DNB NOR BANK ASA 6.5% PERP USD 7,600,000 7,550,876.29 0.37

TOTAL NORWAY 7,550,876.29 0.37

NETHERLANDS

ABN AMRO BANK NV 5.75% PERP EUR 23,600,000 24,480,744.22 1.21

ACHMEA BV 4.25% PERP EMTN EUR 16,500,000 18,307,990.89 0.91

ACHMEA BV 4.625% PERP EUR 5,900,000 5,898,452.89 0.29

AEGON 4 04/25/44 EUR 12,084,000 13,525,576.96 0.67

AEGON 5.625% 29/12/49 EUR 5,200,000 5,862,701.00 0.29

ASR NEDERLAND NV 3.375% 02-05-49 EUR 1,700,000 1,874,196.63 0.09

ASR NEDERLAND NV 4.625% PERP EUR 9,800,000 10,322,798.40 0.51



ATRA FINA BV 5.25% 23-09-44 EUR 16,930,000 19,182,214.55 0.95

COOPERATIEVE RABOBANK UA 3.25% PERP EUR 13,200,000 13,039,724.88 0.65

DELT LLOY NV 4.375% 31-12-99 EUR 4,000,000 4,441,753.77 0.22

DEME INVE BV FOR 4.375% PERP EUR 24,100,000 27,847,305.05 1.38

191




ELM BV 3.375% 29-09-47 EUR 6,000,000 6,677,259.84 0.33

ING GROEP NV 6.5% PERP USD 18,700,000 18,580,139.94 0.92

ING GROEP NV 6.875% PERP USD 12,375,000 12,319,395.24 0.61

NN GROUP N.V. 4.5% 31/12/2099 EUR 24,800,000 27,971,253.25 1.40

NNGRNV 4.625% 04/08/2044 EUR 5,100,000 5,870,185.70 0.29

RABO NEDE 6.625% PERP EUR 4,000,000 4,437,624.15 0.22

RABOBK 4.625% PERP EUR 3,000,000 3,300,014.34 0.16


PORTUGAL

BCP 3.871% 27-03-30 EMTN EUR 4,500,000 4,485,414.71 0.22

BCP 9.25% PERP EUR 5,200,000 5,739,737.11 0.28

CAIXA GEN 5.75% 28-06-28 EMTN EUR 15,800,000 17,994,019.08 0.90

TOTAL PORTUGAL 28,219,170.90 1.40

UNITED KINGDOM

AVIV 3.375% 04-12-45 EMTN EUR 14,000,000 15,581,925.21 0.77

BARCLAY 2.625% 11-11-25 EMTN EUR 6,300,000 6,527,891.71 0.32

BARCLAYS BAN 4.75% PERP EMTN EUR 4,800,000 4,763,405.11 0.24

BARCLAYS PLC 2.0% 07-02-28 EUR 8,700,000 8,751,471.82 0.43

BARCLAYS PLC 7.25% PERP GBP 3,800,000 4,532,285.19 0.22

BARCLAYS PLC 7.875% PERP USD 5,000,000 4,876,897.59 0.24

BARCLAYS PLC 8% 12/15/2049 EUR 10,400,000 11,183,408.89 0.55

BARCLAYS 7.125% PERP GBP 3,500,000 4,202,785.63 0.21

BARCLAYS 8.0% PERP USD 3,500,000 3,438,384.90 0.17



HSBC HOLDINGS PLC 6.0% PERP CV USD 2,000,000 1,929,080.29 0.10

HSBC HOLDINGS PLC 6.375% PERP USD 4,500,000 4,386,671.02 0.22

LBG CAPITAL 6.375%09-120520 EUR 32,000,000 33,005,301.98 1.63

LLOYDS BANKING GROUP 6.75% PERP USD 3,300,000 3,152,246.15 0.16

MACQUARIE BAK LTD LONDON BRANC 6.125% 08-03-20 USD 11,415,000 10,620,007.05 0.53

NATIONWIDE BUILDING SOCIETY 2.0% 25-07-29 EUR 15,100,000 15,426,620.43 0.76

NATIONWIDE BUILDING SOCIETY 5.875% PERP GBP 2,400,000 2,774,276.32 0.14

ROYA BK SCOT GROU FIX PERP USD 2,558,000 2,593,956.64 0.13

ROYA BK SCOT GROU TF/TV PERP USD 6,500,000 6,392,019.43 0.32

STAN CHAR PLC 7.5% PERP USD 6,000,000 5,826,252.06 0.29

STANDARD CHARTERED PLC 7.75% PERP USD 8,710,000 8,655,991.93 0.43


SWEDEN

SEB 5 3/4 11/29/49 USD 3,200,000 3,032,196.33 0.15

192




SKANDINAVISKA ENSKILDA BANKEN AB 5.625% PERP

SVEN HAND AB 5.25% PERP

SVENSKA HANDELSBANKEN AB 6.25% PERP

SWEDBANK AB 5.5% PERP

SWEDBANK AB 5.625% PERP

TOTAL SWEDEN

SWITZERLAND

CRED SUIS GRP 6.25% 31-12-99

CREDIT SUISSE GROUP AG 7.125% PERP

CS 7 1/2 12/11/49

UBS GROUP AG 5.75% PERP

UBS GROUP AG 6.875% PERP

UBS Group Funding Switzerland Inc 7.0% PERP

TOTAL SWITZERLAND

TOTAL Bonds and equivalent securities traded on regulated or equivalentmarkets




FRANCE


TOTAL FRANCE

TOTAL Retail UCITS and AIFs intended for non-professionals

and equivalent investors in other countries



Futures


CME EC EURUSD 1219

RP EURGBP 1219

XEUR FGBL BUN 1219

XEUR FGBM BOB 1219


TOTAL Futures


Margin call

ROTHSCHILD margin calls in EUR

ROTHSCHILD margin calls in GBP


TOTAL Margin call

USD 18,400,000 17,545,632.91 0.88

USD 7,025,000 6,701,528.02 0.33

USD 9,200,000 9,370,670.42 0.46

USD 7,200,000 6,665,327.46 0.33

USD 4,800,000 4,476,417.17 0.22

47,791,772.31 2.37

USD 23,000,000 22,749,695.27 1.13

USD 7,140,000 7,068,866.89 0.35

USD 8,000,000 8,300,898.92 0.41

EUR 49,950,000 56,596,107.51 2.80

USD 7,750,000 7,654,349.29 0.38

USD 12,750,000 12,589,140.37 0.62

114,959,058.25 5.69

1,899,478,243.37 94.09

1,899,478,243.37 94.09

EUR 730 72,917,196.10 3.61

72,917,196.10 3.61

72,917,196.10 3.61

72,917,196.10 3.61

USD 2,034 -3,715,250.64 -0.19

GBP 102 -81,466.57 0.00

EUR -121 272,250.00 0.01

EUR -861 938,490.00 0.05

-2,585,977.21 -0.13

-2,585,977.21 -0.13

-2,585,977.21 -0.13

EUR -1,210,740 -1,210,740.00 -0.06

GBP 72,225.04 81,466.61 0.00

USD 4,050,365.94 3,715,250.36 0.19

2,585,976.97 0.13

193




Receivables 110,118,048.36 5.45

Payables -123,107,330.29 -6.10


Net assets 2,019,000,883.75 100.00

EdR SICAV - FINANCIAL BONDS K EUR shares EUR 280,450.946 105.71

EDR SICAV – FINANCIAL BONDS CR EUR EUR 694,878.274 102.51

EDR SICAV - FINANCIAL BONDS A USD H USD 87,549.365 125.34

EdR SICAV - FINANCIAL BONDS I USD H shares USD 444,248.544 132.86

EdR SICAV - FINANCIAL BONDS J EUR shares EUR 104,698.556 107.85

EDR SICAV - FINANCIAL BONDS A CHF H CHF 24,683.573 112.81

EdR SICAV - FINANCIAL BONDS R EUR shares EUR 1,090.769 104.76

EDR SICAV - FINANCIAL BONDS CR USD USD 10,090.120 102.25

EdR SICAV – FINANCIAL BONDS IEUR shares EUR 1,738,556.496 188.44

EdR SICAV - FINANCIAL BONDS OC EUR shares EUR 350,015.000 99.69

EdR SICAV - FINANCIAL BONDS NC EUR shares EUR 1,809,565.998 108.48

EDR SICAV – FINANCIAL BONDS CR GBP GBP 31,500.468 104.43

EdR SICAV - FINANCIAL BONDS A EUR shares EUR 2,044,729.101 145.50

EdR SICAV - FINANCIAL BONDS B EUR shares EUR 190,820.355 135.93

EdR SICAV - FINANCIAL BONDS I CHF H shares CHF 263,547.358 115.00

EdR SICAV - FINANCIAL BOND J GBP shares GBP 11,690.000 100.85

EdR SICAV - FINANCIAL BONDS N EUR shares EUR 757,133.281 1,220.00

EdR SICAV - FINANCIAL BONDS CRD EUR shares EUR 999.562 104.94

194




COUPON BREAKDOWN, SHARE: EdR SICAV - FINANCIAL BONDS J EUR shares




1,046.99 EUR 0.01 EUR




TOTAL 241,853.66 EUR 2.31 EUR

COUPON BREAKDOWN, SHARE: EdR SICAV - FINANCIAL BONDS OC EUR shares







TOTAL 700,030.00 EUR 2.00 EUR

COUPON BREAKDOWN, UNIT: EdR SICAV - FINANCIAL BONDS B EUR shares




1,908.20 EUR 0.01 EUR




TOTAL 494,224.72 EUR 2.59 EUR

195


COUPON BREAKDOWN, UNIT: EdR SICAV - FINANCIAL BOND J GBP shares




116.90 EUR 0.01 EUR




TOTAL 7,014.00 EUR 0.60 EUR

COUPON BREAKDOWN, UNIT: EdR SICAV - FINANCIAL BONDS CRD EUR shares




10.00 EUR 0.01 EUR





196




2019 Financial Year

197

FEATURES

Date 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 whilemaintaining the ISIN codes:

- Edmond de Rothschild Tricolore Rendement created on 4 December 1998.

Classification:Equities from Eurozone countries.

Management objective:The Sub-fund is managed, over a recommended investment period of more than 5 years, with the aim ofincreasing the net asset value by investing primarily in French companies whose valuation characteristicsindicate that they are likely to perform strongly. Analysis, financial and non-financial criteria will beoutlined in the investment strategy.

Benchmark index:The investment 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 inEuros for shares issued in Euros and in US dollars for shares issued in US dollars. This index comprises theParis Stock Exchange’s 120 largest stocks in terms of capitalisation.On the date of the latest update of this prospectus, the administrator of this benchmark index (website:https://www.euronext.com/fr) was not yet included in the register of administrators and benchmarkindices held by ESMA.In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June2016, 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 of capital loss:The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the fullamount of the capital they initially invested, even if they retain the shares for the duration of therecommended investment period.Discretionary management risk:The discretionarymanagement style is based on anticipating trends in the various markets (equities, bonds,moneymarket, commodities and currencies). However, there is a risk that the sub-fundmay not be investedin the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than theinvestment 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 andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment ofinterest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of anissuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss isrecorded on a financial instrument following default by an issuer. The inclusion of debt securities in theportfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in creditquality.Credit risk associated with investing in speculative securities:

The Sub-fundmay invest in issues from companies rated as non-investment grade by a rating agency (ratingbelow BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from theManagement Company. These issues are known as speculative securities and present a higher risk of issuerdefault. This sub-fund should therefore be considered partly speculative and as being aimed specifically at

198

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 fallin the net asset value.Interest rate risk:The exposure to interest rate products (debt securities andmoneymarket instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security andthus 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 denominatedin a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate ofthe 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 sharemay 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 performanceis 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 thanin the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to apossible 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 marketconditions 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 thanin 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 tocurrency risk if this is not hedged. The value of the Sub-fund’s assets may fall if exchange rates vary, whichmay cause the net asset value of the Sub-fund to fall.Risks associated with temporary purchases and sales of securities:The use of these transactions and the management of their collateral may involve certain specific risks suchas operational risks or custody risk. These transactions may therefore have a negative effect on the net assetvalue of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchasesand sales of securities.

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 ofthird parties.R EUR shares: All subscribers; specifically intended to bemarketed by the Distributors selected for this purposeby the Management Company.

199


Distributable income"A USD", "A EUR", "R EUR","I EUR", and "K EUR"

shares"B EUR" shares


Allocation of net realised gainsor losses

Accumulation


CHANGE IN ASSETS


of EUR€



€

8 March 2019*A EUR shares 866.01 2,638,857.09 328.17A USD shares 0.15 1,549.754 95.46R EUR shares 3.58 20,940.06 170.98K EUR shares 9.13 50,768.381 179.73I EUR shares 32.75 223,734.172 146.35B EUR shares 127.14 626,865.45 202.81

30 September 2019A EUR shares 817.83 2,310,040.342 354.03A USD shares 0.15 1,435.548 102.98R EUR shares 2.87 15,587.728 184.03K EUR shares 9.89 50,768.381 194.83I EUR shares 54.69 344,447.836 158.78B EUR shares 125.28 572,168.993 218.96

* EdR SICAV - Tricolore Rendement was created on 8 March 2019, by merger-absorption of the Edmond deRothschild Tricolore Rendement Fund,.


For “B EUR” distribution shares:The net income for the financial year amounts to €2,449,760.57.

It is broken down as follows:- the distributable net income was €2,448,883.29- the retained earnings were €877.28



0.204.08







200


30/09/2019

201

EdR SICAV – Tricolore Rendement: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019


30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

1,013,181,706.58

931,574,378.89

931,574,378.89

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

81,607,327.69

81,607,327.69

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

1,315,684.98

0.00

1,315,684.98

167,406.61

167,406.61

Total assets 1,014,664,798.17

202



30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

992,025,924.80

0.00

0.00

-724,855.82

19,414,631.34

1,010,715,700.32

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

3,949,097.85

0.00

3,949,097.85

0.00

0.00

0.00



203



30/09/2019




Other commitments

Other transactions



Other commitments

204



30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

0.00

32,176,487.64

0.00

0.00

0.00

0.00

0.00

32,176,487.64

0.00

0.00

2,680.61

0.00

2,680.61

32,173,807.03

0.00

11,452,839.47

20,720,967.56

-1,306,336.22

0.00

19,414,631.34




The annual financial statements are presented in the form provided for by ANC Regulation 2014-01, as amended.





Financial instruments are recorded in the financial statements according to the historical cost method and on thebalance sheet at their current value as determined by the last known market value or, where no market exists, by anyexternal 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 transferablesecurities 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 thenconverted into the portfolio currency at the exchange rate on the valuation date.

Deposits:




Bonds and equivalent securities are valued at the closing price supplied by various financial service providers. Interestaccrued on bonds and other equivalent securities is calculated up to the net asset value calculation date.




Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using an actuarialmethod based on a reference rate, defined below, which is increased, where applicable, by a differential that isrepresentative 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) withsimilar maturity dates for the longest durations.




UCIs held:







Financial futures:




Swaps:












- A EUR shares: 1.95%


- A USD shares: 1.95%- B EUR shares: 1.70% from 08/03/2019 to 03/07/2019, then 1.95%.- I EUR shares: 0.95%- K EUR shares: 1.10%- R EUR shares: 2.35%



- 0.10% from 08/03/2019 to 17/07/2019- 0.06% from 18/07/2019 to 30/09/2019

Performance fee

Outperformance fees will be deducted from A EUR, A USD, B EUR, I EUR and R EUR shares for the benefit ofthe Management Company in accordance with the following:

Benchmark: SBF 120 (expressed in Euros for shares denominated in Euros and in US dollars for sharesdenominated in US dollars), net dividends reinvested.


When the Sub-fund outperforms its benchmark, a provision of 15% net of tax will be applied to theoutperformance.

The reference periods end with the last net asset value for the month of March.




In the event of underperformance, the performance fee provision will be reduced by reversing the provision. Thereversal cannot be more than the provision.When shares are redeemed, the Management Company receives the portion of the performance feecorresponding to the shares redeemed.

Swing Pricing

The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known asSwing 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 istreated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable toeach subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or theinvestment jurisdiction of the Sub-fund. In case of uncertainty, subscribers should contact their adviser to obtaininformation about the tax regime applicable to them.Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemptionorders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond deRothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order totake 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 ROTHSCHILDASSET MANAGEMENT (France)47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08





Income:


Gains and losses:




“A USD”, “A EUR”, “REUR”, “I EUR”, and “K

EUR” shares“B EUR” units



Accumulation

Accumulation (in full or in part) orDistribution (in full or in part) or Carried

forward (in full or in part), at thediscretion of the Management

Company

209



30/09/2019






Gains realised on forward financial instruments 0.00


Transaction fees -2,818,074.12













Other items 0.00

Net assets at the end of the financial year 1,010,715,700.32

219




ECONOMIC TYPE

Amount %

Assets



Debt securities


Liabilities






Other transactions


211





Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

167,406.61

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.02

0.00

0.00

0.00

0.00




Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

167,406.61

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.02

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00


212




ITEMS

USD Other currencies


Assets

Deposits 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


Receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Liabilities








30/09/2019

Receivables



Total receivables

Payables

Redemptions

payable

Management

fees

Total payables

151,672.02

1,164,012.96

1,315,684.98

2,286,448.09

1,662,649.76

3,949,097.85

213


3.6.SHARE CAPITAL


In equities Amount

EdR SICAV – Tricolore Rendement A EUR




2,689,531.870

-379,491.528

2,310,040.342

889,710,646.57

-130,378,802.91

759,331,843.66

EdR SICAV – Tricolore Rendement I EUR




396,904.080

-52,456.244

344,447.836

59,562,028.81

-8,047,869.76

51,514,159.05

EdR SICAV – Tricolore Rendement A USD




1,549.754

-114.206

1,435.548

149,025.34

-11,070.23

137,955.11

EdR SICAV – Tricolore Rendement R EUR




21,848.429

-6,260.701

15,587.728

3,769,539.73

-1,120,744.30

2,648,795.43

EdR SICAV – Tricolore Rendement K EUR




50,768.381

0.000

50,768.381

9,191,648.57

0.00

9,191,648.57

EdR SICAV – Tricolore Rendement B EUR




634,858.107

-62,689.114

572,168.993

129,748,683.95

-13,279,662.70

116,469,021.25


Amount









214


3.6.2. Subscription and/or redemption fees

Amount

















3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

215


3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00



None


None

EdR SICAV – Tricolore Rendement: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/2019216

217




30/09/2019


Borrowed securities

0.00

0.00


30/09/2019



0.00

0.00



Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 81,607,327.69



218




30/09/2019




Total 19,414,631.34

30/09/2019


Allocation

Distribution 0.00



Total 15,360,159.71

30/09/2019


Allocation

Distribution 0.00



Total 1,323,012.64

30/09/2019


Allocation

Distribution 0.00



Total 2,776.76

30/09/2019


Allocation

Distribution 0.00



Total 47,648.78

219


30/09/2019


Allocation

Distribution 0.00



Total 231,272.88

30/09/2019


Allocation

Distribution 2,448,883.29


Accumulation 0.00

Total 2,449,760.57




Tax exemptions




30/09/2019



Net gains and losses for the financial year -724,855.82


Total -724,855.82

30/09/2019


Allocation

Distribution 0.00



Total -586,973.63

220


30/09/2019


Allocation

Distribution 0.00



Total -38,814.99

30/09/2019


Allocation

Distribution 0.00



Total -106.13

30/09/2019


Allocation

Distribution 0.00



Total -2,068.75

30/09/2019


Allocation

Distribution 0.00



Total -7,031.79

30/09/2019


Allocation

Distribution 0.00



Total -89,860.53

221




30/09/2019


EdR SICAV – Tricolore Rendement AEUR


Number of securities 2,310,040.342



-0.25







-0.11


EdR SICAV – Tricolore Rendement AUSD

Net assets in USD 161,177.61




-0.07


EdR SICAV – Tricolore Rendement REUR





-0.13



222




30/09/2019


EdR SICAV – Tricolore Rendement KEUR





-0.13


EdR SICAV – Tricolore Rendement BEUR





-0.15




0.00


223







GERMANY

FRESENIUS MEDICAL EUR 239,000 14,746,300.00 1.46

TOTAL GERMANY 14,746,300.00 1.46

FRANCE

ACCOR EUR 568,200 21,733,650.00 2.15

AIR LIQUIDE EUR 366,000 47,799,600.00 4.73

ATOS EUR 251,137 16,243,541.16 1.61

AXA EUR 1,859,157 43,560,048.51 4.31

BNP PARIBAS EUR 627,710 28,039,805.70 2.77

BOUYGUES EUR 659,997 24,254,889.75 2.40

CREDIT AGRICOLE EUR 1,887,460 21,026,304.40 2.08

DANONE EUR 544,600 44,014,572.00 4.35

DASSAULT AVIATION EUR 12,914 16,762,372.00 1.66


EDENRED EUR 390,884 17,210,622.52 1.70

ELIOR GROUP SCA EUR 1,768,313 21,555,735.47 2.13

ELIS EUR 1,260,000 20,437,200.00 2.02

GROUPE FNAC EUR 287,427 16,670,766.00 1.65

ILIAD EUR 239,116 20,616,581.52 2.04

JC DECAUX SA EUR 674,650 16,758,306.00 1.66

LAGARDERE EUR 458,437 9,306,271.10 0.92

MICHELIN - CATEGORY B EUR 200,886 20,570,726.40 2.04

NEXANS SA EUR 578,981 19,604,296.66 1.94

ORANGE EUR 2,992,510 43,077,181.45 4.26

SAINT-GOBAIN EUR 691,000 24,876,000.00 2.46

SANOFI EUR 1,007,883 85,730,527.98 8.48

SCOR SE REGROUPEMENT EUR 602,800 22,840,092.00 2.26

SEB EUR 113,200 15,768,760.00 1.56

SOLOCAL GROUP EUR 26,147,289 19,074,447.33 1.89

SPIE SA EUR 1,080,277 19,844,688.49 1.96

SR TELEPERFORMANCE EUR 101,000 20,088,900.00 1.99

THALES EUR 182,826 19,288,143.00 1.91

TOTAL EUR 1,763,656 84,452,667.56 8.36

VEOLIA ENVIRONNEMENT EUR 1,149,800 26,744,348.00 2.65

VINCI (EX SGE) EUR 318,000 31,424,760.00 3.11

VIVENDI EUR 823,099 20,725,632.82 2.05

224


Security name CurrencyQuantity or

nominal amountCurrent value % Net assets

WORLDLINE SA

TOTAL FRANCE

UNITED KINGDOM

TECHNIPFMC LIMITED

TOTAL UNITED KINGDOM

TOTAL Equities and equivalent securities traded on regulated or equivalent markets

TOTAL Equities and equivalent securities


Retail UCITS and AIFs intended for non-professionals and equivalent investors inother countries

FRANCE


TOTAL FRANCE

TOTAL Retail UCITS and AIFs intended for non-professionals and

equivalent investors in other countries

TOTAL Collective investment undertakings

Debt

Payables

Financial accounts

Net assets

EUR 343,854 19,909,146.60 1.97

900,407,584.42 89.09

EUR 746,047 16,420,494.47 1.62

16,420,494.47 1.62

931,574,378.89 92.17

931,574,378.89 92.17

EUR 817 81,607,327.69 8.07

81,607,327.69 8.07

81,607,327.69 8.07

81,607,327.69 8.07

1,315,684.98 0.13

-3,949,097.85 -0.39

167,406.61 0.02

1,010,715,700.32 100.00

EdR SICAV – Tricolore Rendement A EUR EUR 2,310,040.342 354.03

EdR SICAV – Tricolore Rendement I EUR EUR 344,447.836 158.78

EdR SICAV – Tricolore Rendement A USD USD 1,435.548 112.27

EdR SICAV – Tricolore Rendement R EUR EUR 15,587.728 184.03

EdR SICAV – Tricolore Rendement K EUR EUR 50,768.381 194.83

EdR SICAV – Tricolore Rendement B EUR EUR 572,168.993 218.96

225



Portfolio: EdR SICAV – Tricolore Rendement

COUPON BREAKDOWN


Income subject to compulsory, non-definitive withholding tax


2,448,883.29 EUR 4.28 EUR




TOTAL 2,448,883.29 EUR 4.28 EUR

226




2019 Financial Year

227

FEATURES

Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF)on 07 December 2018.The Sub-fund was created on 08 March 2019, through the merger/absorption of the following Fund whilemaintaining the ISIN codes:

- Edmond de Rothschild Equity Europe Solve created on 07 December 2015.

Management objective:The aim of the Sub-fund, over its recommended investment horizon, is to provide partial exposure to thegrowth of European equity markets, while hedging the equity risk at all times, in full or in part, on futuresand options markets, in line with the manager’s expectations.

Benchmark index:The Sub-fund’s management objective is not related to a market index, insofar as the Sub-fund willimplement strategies for hedging equity risk.However, the performance of the Sub-fund may be compared retrospectively to the performance of abenchmark comprising 56% of the MSCI Europe index, calculated with net dividends reinvested, and 44%of the capitalised Eonia.The MSCI Europe index represents approximately 600 European stocks. More information with regard tothe composition and the operating regulations of the index can be found at msci.com.MSCI Limited (website: http://www.msci.com), the administrator responsible for the benchmark indexMSCI Europe, is included in the register of administrators and benchmark indices held by ESMA.The accumulated EONIA index (Euro Overnight Index Average) corresponds to the average day-to-dayrates in the Eurozone; it is calculated by the European Central Bank and represents the risk-free rate forthe Eurozone. It is calculated by the EMMI. On the date of the latest update of this prospectus, theadministrator of this benchmark index (website: https://www.emmi-benchmarks.eu/euribor- eonia-org/about-eonia.html) was not yet included in the register of administrators and benchmark indices heldby ESMA.In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June2016, 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 be invested primarily 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 therisk associated with such an investment and to form his/her own opinion independently of the Edmond deRothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensurethis 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 fullamount of the capital they initially invested, even if they retain the shares for the duration of therecommended investment period.

Discretionary management risk:The discretionarymanagement style is based on anticipating trends in the various markets (equities, bonds,moneymarket, commodities and currencies). However, there is a risk that the sub-fundmay not be investedin the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than theinvestment 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 andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment ofinterest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of anissuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss isrecorded on a financial instrument following default by an issuer. The inclusion of debt securities in theportfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in creditquality.Interest rate risk:The exposure to interest rate products (debt securities andmoneymarket instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and

228

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 denominatedin a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate ofthe 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 sharemay 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 performanceis 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 oflarge cap companies. As a result, the Sub-fund’s net asset valuemay fluctuate significantly andmore 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 thanin the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to apossible 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 marketconditions 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 thanin 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 theircollateral, may involve certain specific risks such as operational risks or custody risk. These transactionsmay therefore have a negative effect on the net asset value of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchasesand sales of securities and for total return swaps.Risk associated with the specific currency hedging of the QC EUR (H) share:To limit the currency risk between the base currency of the QC EUR (H) share and the other currencies inthe Sub-fund’s portfolio, currency hedging will be implemented. These hedges will be limited to the QCEUR (H) share’s liabilities. The performance and the currency risk specific to these shares may differ fromthat of other shares due to hedging strategies, related costs and specific management fees. In addition,despite the measures taken when establishing the hedges mentioned above, a residual currency risk mayremain.

Target subscribers:A EUR and B EUR shares: All subscribersCR EUR shares: All subscribers; these shares may be marketed to retail investors (non-professional orprofessional) exclusively in the following cases:

229

- 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 authorisethem 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 orregulated 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 open to subscription forretail investors in all jurisdictions.I EUR, K EUR, KD EUR, SC EUR, N EUR, O EUR, PC EUR, NC EUR and QC EUR (H) shares: Legalentities and institutional investors trading on their own behalf or on behalf of third parties as well asshareholders who subscribed to the Sub-fund before 08/03/2019. These shares are more specificallyintended for insurance companies subject to the requirements of the “Solvency II” Directive. In fact, thehedging strategies will be implemented and managed under conditions such that they can be deemed “riskmitigation techniques” within themeaning of Directive 2009/138/EC of 25 November 2009 (“Solvency II”),and thus enable the SCR (“Solvency Capital Requirement”) to be reduced for the investors concerned.R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for thispurpose by the Management Company.



"A EUR", "CR EUR", "REUR", "I EUR", "K EUR","SC EUR", "N EUR", "NCEUR" and "PC EUR" shares

"B EUR", "KD EUR", "OEUR" and "QC EUR (H)"

shares



Accumulation


CHANGE IN ASSETS


of EUR€



€8 March 2019 *

A EUR shares 144.42 1,465,963.17 98.51B EUR shares 0.22 2,091.663 103.03CR EUR shares 23.40 252,849.18 92.53I EUR shares 14.77 158,478.303 93.16K EUR shares 86.21 843,826.670 102.16KD EUR shares 7.09 77,355.000 91.64N EUR shares 4.66 50,001.000 93.26NC EUR shares 50.59 502,695.327 100.63O EUR shares 6.34 69,988.024 90.57PC EUR shares 34.16 334,408.000 102.16QC EUR (H) shares 65.43 680,918.586 96.09SC EUR shares 25.48 280,010.000 90.98

30 September 2019A EUR shares 138.53 1,377,399.700 100.57B EUR shares 0.22 2,092.661 105.18CR EUR shares 23.51 248,201.128 94.73I EUR shares 16.19 169,411.092 95.57K EUR shares 80.92 772,957.364 104.68KD EUR shares 7.26 77,320.000 93.90

230

N EUR shares NCEUR shares O EURshares PC EURshares QC EUR (H)shares SC EUR

4.7951.406.5124.7247.1716.82

50,001.000497,844.59569,988.024235,701.000476,475.641180,010.000

95.75103.2392.99104.8998.9993.41

* EdR SICAV – Equity Europe Solve was created on 8 March 2019 by merger/absorption of the Edmond deRothschild Equity Europe Solve Fund.


For “B EUR” distribution shares:The income for the financial year of the share amounted to €2,234.30.




0.970.09




For “O EUR” distribution shares:The income for the financial year of the share amounted to €102,120.20.




1.220.070.16




For “KD EUR” distribution shares:The income for the financial year of the share amounted to €99,877.79.



Net in €

231

Income from other equities givingentitlement to income from non-taxableshares

1.210.08




For “QC EUR (H)” distribution shares:The income for the financial year of the share amounted to €724,827.16.




1.300.080.14




EDR SICAV – EQUITY EUROPE SOLVE



232


30/09/2019

233

-EDR SICAV – EQUITY EUROPE SOLVE: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019


30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

411,195,390.41

347,505,367.86

347,505,367.86

0.00

0.00

0.00

0.00

20,025,387.13

20,025,387.13

20,025,387.13

0.00

0.00

32,773,466.03

32,773,466.03

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

10,891,169.39

10,890,249.49

919.90

0.00

27,905,171.64

11,379,583.93

16,525,587.71

19,354,947.11

19,354,947.11


234



30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

420,896,072.23

0.00

0.00

-8,345,725.24

5,484,631.42

418,034,978.41

6,244,730.82

0.00

0.00

0.00

0.00

0.00

6,244,730.82

6,242,985.95

1,744.87

25,440,183.74

11,445,122.74

13,995,061.00

8,735,616.19

8,735,616.19

0.00



235



30/09/2019



Futures contracts

CME RF EURCHF 1219 36,226,011.47

EUR XEUR FESX D 1219 1,208,700.00

NEW ICE EUR/SEK 1219 9,378,493.90

RP EURGBP 1219 13,035,045.57

Options

DJ EURO STOXX 50 03/2020 PUT 2650 1,365,314.63

DJ EURO STOXX 50 03/2020 PUT 3000 5,711,120.00

DJ EURO STOXX 50 06/2020 PUT 2700 2,409,378.75

DJ EURO STOXX 50 06/2020 PUT 3100 9,551,848.20

DJ EURO STOXX 50 06/2021 PUT 2800 5,711,120.00

DJ EURO STOXX 50 06/2021 PUT 3200 18,989,474.00




DJ EURO STOXX 50 10/2019 PUT 3400 14,806,078.60

DJ EURO STOXX 50 10/2019 PUT 3550 54,248,501.10

DJ EURO STOXX 50 12/2019 PUT 3100 2,248,753.50

DJ EURO STOXX 50 12/2020 PUT 2800 4,176,256.50

DJ EURO STOXX 50 12/2020 PUT 3200 14,322,418.13

UKX - FTSE 100 INDX 03/2020 PUT 6000 635,065.83

UKX - FTSE 100 INDX 03/2020 PUT 6700 3,860,531.74

UKX - FTSE 100 INDX 06/2020 PUT 6000 1,111,365.20

UKX - FTSE 100 INDX 06/2020 PUT 6700 5,317,005.08

UKX - FTSE 100 INDX 06/2021 PUT 6000 2,350,161.37

UKX - FTSE 100 INDX 06/2021 PUT 6500 6,392,438.92

UKX - FTSE 100 INDX 12/2019 PUT 6800 1,842,526.51

UKX - FTSE 100 INDX 12/2020 PUT 6000 1,395,473.59

UKX - FTSE 100 INDX 12/2020 PUT 6600 4,879,979.52


Other commitments

Other transactions


Futures contracts

EUR XEUR EUFF M 1219 2,305,000.00


236



30/09/2019

Other commitments

CFD

CFD MS TSCO 1249 71,514.93

MS RECKITT 1249 143,758.98

237



30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

86.88

9,551,213.65

0.00

0.00

15.10

0.00

360.00

9,551,675.63

0.00

0.00

279,038.92

0.00

279,038.92

9,272,636.71

0.00

3,131,254.82

6,141,381.89

-656,750.47

0.00

5,484,631.42










Deposits:












UCIs held:






Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, andas liabilities under the “Payables on borrowed securities” heading at the contracted amount, plus any accrued interestpayable.

Financial futures:




Swaps:






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.



- 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 tax


For all shares,

the rate is 0.10% from 08/03/19 to 17/07/19 and 0.08% from 18/07/19.

Performance fee

Outperformance fees will be deducted from A EUR, N EUR, CR EUR, I EUR, O EUR and B EUR shares for thebenefit of the Management Company in accordance with the following procedures:

Benchmark: 56% Capitalised MSCI Europe (NR) + 44% Capitalised EONIA, net dividends reinvested.


When the Sub-fund outperforms its benchmark, a provision of 15% net of tax will be applied to theoutperformance.

The reference periods shall end with the last net asset value for the month of December.




In the event of underperformance, the performance fee provision will be reduced by reversing the provision. Thereversal cannot be more than the provision.




Income:

Net income for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ feesand all other revenues generated by the securities held in the portfolio, plus income generated by temporary cashholdings, 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 adjustmentaccount.


Gains and losses:




"A EUR", "CR EUR", "R EUR","I EUR", "K EUR", "SC EUR","N EUR", "NC EUR" and "PC

EUR" shares

"B EUR", "KD EUR", "OEUR" and "QC EUR (H)"

shares



Accumulation


242



30/09/2019








Transaction fees -1,715,670.67

Foreign exchange differences -1,550,419.41












Other items 0.00


243




ECONOMIC TYPE

Amount %

Assets



Debt securities

Treasury bills


Liabilities





Equities

Foreign exchange


Other transactions

Equities

Other


0.00 0.00

20,025,387.13 4.79

20,025,387.13 4.79

0.00 0.00

272,983,002.52 65.30

58,639,550.94 14.03

331,622,553.46 79.33

2,305,000.00 0.55

215,273.91 0.05

2,520,273.91 0.60

244





Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

20,025,387.13

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

4.79

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

19,354,947.11

0.00

8,735,616.19

0.00

0.00

0.00

0.00

0.00

0.00

4.63

0.00

2.09

0.00

0.00




Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

20,025,387.13

0.00

19,354,947.11

0.00

8,735,616.19

0.00

0.00

0.00

0.00

4.79

0.00

4.63

0.00

2.09

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00


245




ITEMS

GBP CHF SEK Other currencies


Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Equities and equivalent securities 64,522,008.45 15.43 26,954,813.95 6.45 11,641,128.29 2.78 6,261,498.60 1.50


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


Receivables 1,754,277.20 0.42 666,348.05 0.16 652,566.18 0.16 251,057.87 0.06

Financial accounts 0.00 0.00 0.00 0.00 185,410.34 0.04 53,531.31 0.01

Liabilities



Payables 8,391,980.34 2.01 0.00 0.00 736,234.03 0.18 622,063.30 0.15

Financial accounts 3,384,672.52 0.81 1,397,449.80 0.33 0.00 0.00 3,953,493.87 0.95


Hedging transactions 40,819,593.33 9.76 36,226,011.47 8.67 9,378,493.90 2.24 0.00 0.00

Other transactions 215,273.91 0.05 0.00 0.00 0.00 0.00 0.00 0.00


30/09/2019

Receivables







Collateral

Total receivables

Payables




Redemptions payable

Management fees


Total payables

1,747,874.90

9,631,709.03

5,674,271.49

31,332.42

10,291,561.30

258,422.50

270,000.00

27,905,171.64

9,695,465.71

1,749,657.03

54,811.96

13,480,265.57

452,681.79

7,301.68

25,440,183.74

246


3.6.SHARE CAPITAL


In equities Amount

EDR SICAV – EQUITY EUROPE SOLVE A EUR




1,600,418.512

-223,018.812

1,377,399.700

158,657,783.91

-22,226,895.18

136,430,888.73

EDR SICAV – EQUITY EUROPE SOLVE KD EUR




77,355.000

-35.000

77,320.000

7,130,881.68

-3,250.65

7,127,631.03

EDR SICAV – EQUITY EUROPE SOLVE K EUR




903,370.100

-130,412.736

772,957.364

92,897,665.65

-13,411,460.91

79,486,204.74

EDR SICAV – EQUITY EUROPE SOLVE CR EUR




299,269.154

-51,068.026

248,201.128

27,877,849.92

-4,759,982.28

23,117,867.64

EDR SICAV – EQUITY EUROPE SOLVE I EUR




198,032.653

-28,621.561

169,411.092

18,588,641.32

-2,719,561.40

15,869,079.92

EDR SICAV – EQUITY EUROPE SOLVE SC EUR




280,010.000

-100,000.000

180,010.000

25,625,456.27

-9,231,000.00

16,394,456.27

EDR SICAV – EQUITY EUROPE SOLVE QC EUR H




680,918.586

-204,442.945

476,475.641

65,724,296.21

-20,064,359.22

45,659,936.99

EDR SICAV – EQUITY EUROPE SOLVE PC EUR




334,408.000

-98,707.000

235,701.000

34,363,955.55

-10,361,273.79

24,002,681.76

EDR SICAV – EQUITY EUROPE SOLVE NC EUR




519,525.073

-21,680.478

497,844.595

52,603,932.61

-2,200,405.78

50,403,526.83

247



In equities Amount

EDR SICAV – EQUITY EUROPE SOLVE B EUR




2,092.663

-0.002

2,092.661

216,877.39

-0.21

216,877.18

EDR SICAV – EQUITY EUROPE SOLVE N EUR




50,001.000

0.000

50,001.000

4,690,618.30

0.00

4,690,618.30

EDR SICAV – EQUITY EUROPE SOLVE O EUR




69,988.024

0.000

69,988.024

6,375,951.89

0.00

6,375,951.89


Amount

























248


3.6.2. Subscription and/or redemption fees

Amount

























3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


249



30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

The variable management fees shown above correspond to the expenses recorded between the date the sub-fund was created by merger, 07/03/2019, and 30/09/2019. Thereference period for variable charges is from 31/12/2018 to 31/12/2019. The variable charges calculated between 31/12/2018 and 07/03/2019 were recorded in the Fund absorbedprior to the merger. They represented EUR 7,301.68.

250


3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00




None


None

-EDR SICAV – EQUITY EUROPE SOLVE: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/2019251

252




30/09/2019


Borrowed securities

0.00

0.00


30/09/2019



0.00

0.00



Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 0.00


253




30/09/2019




Total 5,484,631.42

30/09/2019


Allocation



Accumulation 0.00

Total 99,877.79




Tax exemptions

Tax exemption relating to the distribution of income 14,594.19

30/09/2019


Allocation

Distribution 0.00



Total 1,113,008.57

30/09/2019


Allocation

Distribution 0.00



Total 303,920.69

254


30/09/2019


Allocation

Distribution 0.00



Total 1,406,085.01

30/09/2019


Allocation

Distribution 0.00



Total 263,852.21

30/09/2019


Allocation

Distribution 0.00



Total 387,930.82

30/09/2019


Allocation



Accumulation 0.00

Total 724,827.16




Tax exemptions


30/09/2019


Allocation

Distribution 0.00



Total 240,637.92

255


30/09/2019


Allocation

Distribution 0.00



Total 765,009.75

30/09/2019


Allocation



Accumulation 0.00

Total 2,234.30




Tax exemptions


30/09/2019


Allocation

Distribution 0.00



Total 75,127.00

30/09/2019


Allocation



Accumulation 0.00

Total 102,120.20




Tax exemptions


256




30/09/2019





Total -8,345,725.24

30/09/2019


Allocation

Distribution 0.00



Total -2,877,020.82

30/09/2019


Allocation

Distribution 0.00



Total -1,677,236.75

30/09/2019


Allocation

Distribution 0.00



Total -487,633.85

30/09/2019


Allocation

Distribution 0.00



Total -150,509.80

257


30/09/2019


Allocation

Distribution 0.00



Total -335,428.11

30/09/2019


Allocation

Distribution 0.00



Total -348,199.03

30/09/2019


Allocation

Distribution 0.00



Total -654,554.74

30/09/2019


Allocation

Distribution 0.00



Total -511,942.06

30/09/2019


Allocation

Distribution 0.00



Total -1,064,720.14

258


30/09/2019


Allocation

Distribution 0.00



Total -4,571.43

30/09/2019


Allocation

Distribution 0.00



Total -99,143.20

30/09/2019


Allocation

Distribution 0.00



Total -134,765.31

259




30/09/2019


EDR SICAV – EQUITY EUROPE

SOLVE A EUR

Net assets in EUR

Number of units





K EUR

Net assets in EUR

Number of units





SOLVE KD EUR

Net assets in EUR

Number of units







SOLVE CR EUR

Net assets in EUR

Number of units




138,531,287.92

1,377,399.700

100.57

-2.08

1.02

80,915,291.55

772,957.364

104.68

-2.16

1.43

7,261,075.28

77,320.000

93.90

-1.94

1.29

*

0.00

23,514,570.00

248,201.128

94.73

-1.96

1.22


260




30/09/2019



SOLVE PC EUR

Net assets in EUR

Number of units





I EUR

Net assets in EUR

Number of units





SOLVE QC EUR H

Net assets in EUR

Number of units







SOLVE SC EUR

Net assets in EUR

Number of units




24,723,175.73

235,701.000

104.89

-2.17

1.64

16,191,656.67

169,411.092

95.57

-1.97

1.42

47,170,448.57

476,475.641

98.99

-1.37

1.52

*

0.00

16,815,548.50

180,010.000

93.41

-1.93

1.46


261




30/09/2019



SOLVE NC EUR

Net assets in EUR

Number of units





B EUR

Net assets in EUR

Number of units







N EUR

Net assets in EUR

Number of units





O EUR

Net assets in EUR

Number of units






51,395,678.89

497,844.595

103.23

-2.13

1.53

220,123.03

2,092.661

105.18

-2.18

1.06

*

0.00

4,787,914.96

50,001.000

95.75

-1.98

1.50

6,508,207.31

69,988.024

92.99

-1.92

1.45

*

0.00


262







GERMANY

ADIDAS NOM. EUR 2,976 850,094.40 0.20

ALLIANZ SE EUR 23,906 5,112,298.10 1.23

AXEL SPRINGER SE EUR 2,837 179,582.10 0.04

BASF SE EUR 15,187 973,790.44 0.23

BAYER EUR 14,974 968,668.06 0.23

BMW BAYERISCHE MOTOREN WERKE EUR 7,896 510,002.64 0.12

BRENNTAG AG NAMEN EUR 7,346 326,162.40 0.08

COMMERZBANK AG EUR 200,000 1,064,400.00 0.25

COVESTRO AG EUR 56,000 2,542,400.00 0.61

DAIMLER AG-REGISTERED SHARES EUR 53,245 2,429,036.90 0.58

DELIVERY HERO SE EUR 5,709 232,698.84 0.06

DEUTSCHE BOERSE AG EUR 3,904 559,833.60 0.13

DEUTSCHE POST AG NAMEN EUR 19,545 598,956.53 0.14

DEUTSCHE TELEKOM AG EUR 345,465 5,318,088.21 1.28

DEUTSCHEWOHNEN SE EUR 8,003 268,020.47 0.06

E.ON AG NOM. EUR 47,878 427,023.88 0.10

EVONIK INDUSTRIES AG EUR 7,585 171,800.25 0.04

FRAPORT AG EUR 2,416 188,013.12 0.04

FRESENIUS EUR 9,073 389,186.34 0.09

FRESENIUS MEDICAL EUR 58,950 3,637,215.00 0.88

FUCHS PETROLUB PREF. EUR 4,041 139,252.86 0.03

GEA GROUP EUR 8,925 221,072.25 0.05

HENKEL AG AND CO.KGAA NON VTG PRF EUR 3,806 345,584.80 0.08

INFINEON TECHNOLOGIES EUR 16,518 272,745.22 0.07

MTU AERO ENGINES HOLDINGS AG EUR 1,860 453,468.00 0.11

MUENCHENER RUECKVERSICHERUNG AG EUR 10,176 2,415,782.40 0.58

SAP SE EUR 41,204 4,445,087.52 1.07

SIEMENS AG-REG EUR 13,198 1,296,703.50 0.31

TELEFONICA DEUTSCHLAND HOLDI EUR 51,987 132,982.75 0.03

THYSSENKRUPP AG EUR 106,000 1,346,730.00 0.32

UNIPER SE EUR 104,130 3,133,271.70 0.75

VOLKSWAGEN AG-PREF EUR 4,005 625,020.30 0.15

VONOVIA SE EUR 9,616 447,624.80 0.11

WIRECARD AG EUR 16,151 2,370,159.25 0.57

TOTAL GERMANY 44,392,756.63 10.62

263




AUSTRALIA

BHP GROUP PLC GBP 36,128 705,966.29 0.17

TOTAL AUSTRALIA 705,966.29 0.17

AUSTRIA

RAIFFEISEN BANK INTERNATIONAL EUR 7,152 152,266.08 0.04

TOTAL AUSTRIA 152,266.08 0.04

BELGIUM

ANHEUSER BUSCH INBEV SA/NV EUR 51,160 4,472,407.20 1.07

TELENET GROUP HOLDING EUR 32,020 1,386,466.00 0.33

TOTAL BELGIUM 5,858,873.20 1.40

DENMARK

CHR.HANSEN HOLDING DKK 2,715 211,425.26 0.05

DEMANT A/S DKK 6,239 146,615.66 0.04

DSV DKK 4,327 377,757.65 0.09

NOVO NORDISK AS DKK 84,971 4,007,840.56 0.95

TRYG AS DKK 6,147 161,620.16 0.04

TOTAL DENMARK 4,905,259.29 1.17

SPAIN

ACS ACTIVIDADES CONS Y SERV EUR 9,464 346,950.24 0.08

AMADEUS IT GROUP SA EUR 9,165 602,323.80 0.14

BANCO DE BILBAO VIZCAYA S.A. EUR 117,564 562,014.70 0.13

BANCO DE SABADELL S.A. EUR 185,477 165,111.63 0.04

BANCO SANTANDER S.A. EUR 260,697 974,094.34 0.23

ENAGAS SA EUR 5,487 116,653.62 0.03

FERROVIAL EUR 136,594 3,621,106.94 0.88

IBERDROLA S.A. EUR 104,919 1,000,507.58 0.24

INDITEX EUR 22,168 629,571.20 0.15

NATURGY ENERGY GROUP SDG-E EUR 10,168 247,489.12 0.06

REPSOL EUR 23,999 344,145.66 0.08

TELEFONICA EUR 81,817 572,800.82 0.14

TOTAL SPAIN 9,182,769.65 2.20

FINLAND

NESTE OYJ EUR 7,904 240,044.48 0.06

NOKIA (AB) OYJ EUR 251,529 1,169,609.85 0.28

NOKIAN RENKAAT EUR 7,174 185,663.12 0.04

NORDEA BANK ABP SEK 60,208 391,607.24 0.09

STORA ENSO AB EX ENSO OYJ EUR 510,381 5,642,261.96 1.36

TOTAL FINLAND 7,629,186.65 1.83

FRANCE

ACCOR EUR 72,263 2,764,059.75 0.66

264




AEROPORTS DE PARIS EUR 20,816 3,397,171.20 0.81

AIR LIQUIDE EUR 7,219 942,801.40 0.23

AIRBUS SE EUR 10,235 1,220,012.00 0.29

AMUNDI EUR 47,919 3,066,816.00 0.73

ARKEMA EUR 42,000 3,591,840.00 0.86

ATOS EUR 37,224 2,407,648.32 0.58

AXA EUR 180,432 4,227,521.76 1.02

BNP PARIBAS EUR 78,986 3,528,304.62 0.84

BOUYGUES EUR 200,000 7,350,000.00 1.77

CARREFOUR EUR 302,987 4,865,971.22 1.17

COVIVIO SA EUR 1,931 187,500.10 0.04

CREDIT AGRICOLE EUR 260,164 2,898,226.96 0.69

DANONE EUR 10,211 825,253.02 0.20

DASSAULT AVIATION EUR 144 186,912.00 0.04


EDENRED EUR 46,210 2,034,626.30 0.49

ELIOR GROUP SCA EUR 229,861 2,802,005.59 0.67

ENGIE SA EUR 38,365 574,707.70 0.14

ESSILORLUXOTTICA EUR 24,060 3,181,935.00 0.76

EURAZEO EUR 2,320 158,340.00 0.04

GETLINK SE EUR 143,600 1,978,808.00 0.47

HERMES INTERNATIONAL EUR 612 388,008.00 0.09

ILIAD EUR 32,185 2,774,990.70 0.66

JC DECAUX SA EUR 70,100 1,741,284.00 0.42

KERING EUR 1,293 604,542.15 0.14

L'OREAL EUR 4,053 1,041,215.70 0.25

LVMH (LOUIS VUITTON - MOET HENNESSY) EUR 4,282 1,561,431.30 0.37

NATIXIS EUR 49,580 188,651.90 0.05

ORANGE EUR 36,099 519,645.11 0.12

PERNOD RICARD EUR 3,667 599,187.80 0.14

PEUGEOT EUR 17,950 410,696.00 0.10

REMY COINTREAU EUR 1,104 134,467.20 0.03

SAFRAN SA EUR 6,525 942,536.25 0.23

SAINT-GOBAIN EUR 13,662 491,832.00 0.12

SANOFI EUR 168,776 14,356,086.56 3.44

SARTORIUS STEDIM BIOTECH EUR 977 125,446.80 0.03

SCHNEIDER ELECTRIC SA EUR 10,922 879,221.00 0.21

SEB EUR 956 133,170.80 0.03

SOCIETE GENERALE SA EUR 145,703 3,662,973.42 0.88

265




SOLOCAL GROUP EUR 702,825 512,710.84 0.12

SUEZ SA EUR 17,313 249,740.03 0.06

THALES EUR 25,797 2,721,583.50 0.65

TOTAL EUR 83,930 4,018,988.05 0.96

UNIBAIL-RODAMCO-WESTFIELD EUR 2,880 385,200.00 0.09

VEOLIA ENVIRONNEMENT EUR 97,220 2,261,337.20 0.54

VINCI (EX SGE) EUR 9,751 963,593.82 0.23

VIVENDI EUR 99,777 2,512,384.86 0.60

WORLDLINE SA EUR 42,737 2,474,472.30 0.59

TOTAL FRANCE 100,846,071.73 24.13

IRELAND

CRH PLC EUR 15,825 499,911.75 0.12

KERRY GROUP EUR 3,215 344,969.50 0.08

SMURFIT KAPPA PLC EUR 7,859 214,550.70 0.05

TOTAL IRELAND 1,059,431.95 0.25

ITALY

ASSICURAZIONI GENERALI EUR 263,709 4,688,746.02 1.12

ENEL SPA EUR 736,168 5,043,486.97 1.20

ENI SPA EUR 243,003 3,410,304.10 0.82

FINECOBANK SPA EUR 240,610 2,336,804.32 0.56

INTESA SANPAOLO SPA EUR 271,570 590,800.54 0.14

LEONARDO SPA EUR 23,370 252,162.30 0.06

PIRELLI & C. SPA EUR 23,089 125,327.09 0.03

SALVATORE FERRAGAMO EUR 242,000 4,103,110.00 0.98

TELECOM ITALIA ORD SPA EUR 367,369 192,317.67 0.05

UNICREDIT SPA EUR 219,190 2,371,635.80 0.57

TOTAL ITALY 23,114,694.81 5.53

JERSEY

FERGUSON PLC GBP 7,088 475,219.64 0.11

GLENCORE XSTRATA GBP 200,160 552,575.80 0.13

WPP PLC GBP 275,244 3,160,512.45 0.76

TOTAL JERSEY 4,188,307.89 1.00

LUXEMBOURG

ARCELORMITTAL EUR 18,231 235,289.29 0.06

EUROFINS SCIENTIFIC EUR 354 150,945.60 0.04

MILLICOM INTL CELLULAR SDR SEK 2,999 133,450.33 0.03

SES EUR 19,059 318,761.78 0.07

TOTAL LUXEMBOURG 838,447.00 0.20

266


Security name CurrencyQuantity or

nominal amountCurrent value % Net assets

NORWAY

AKER BP ASA NOK 3,811 93,543.64 0.02

EQUINOR ASA NOK 17,601 307,159.30 0.08

MOWI ASA NOK 10,787 228,332.56 0.05

TELENOR NOK 16,237 298,911.31 0.07

TOTAL NORWAY 927,946.81 0.22

NETHERLANDS

ABN AMRO GROUP GDR EUR 132,110 2,136,879.25 0.51

AKZO NOBEL EUR 62,790 5,135,594.10 1.24

ASML HOLDING NV EUR 6,145 1,396,451.25 0.33

BASIC FIT NV EUR 43,293 1,244,673.75 0.30

EURONEXT NV - W/I EUR 34,028 2,553,801.40 0.61

EXOR HOLDING NV EUR 4,113 252,867.24 0.06

FIAT INVESTMENTS NV EUR 32,289 383,335.01 0.09

HEINEKEN EUR 4,746 470,613.36 0.11

ING GROEP NV EUR 66,965 643,131.86 0.15

KONINKLIJKE AHOLD NV EUR 20,833 478,221.52 0.11

KONINKLIJKE DSM EUR 3,735 412,344.00 0.10

KONINKLIJKE KPN NV EUR 3,550,600 10,158,266.60 2.44

NN GROUP N.V. EUR 8,050 261,947.00 0.06

NXP SEMICONDUCTO USD 4,279 428,292.50 0.10

QIAGEN EUR 119,539 3,590,951.56 0.86

ROYAL PHILIPS EUR 177,231 7,532,317.50 1.81

STMICROELECTRONICS NV EUR 9,856 174,894.72 0.04

TOMTOM - BEARER AND REGISTERED SHS EUR 82,800 852,840.00 0.20

UNILEVER NV EUR 22,898 1,262,824.70 0.30

WOLTERS KLUWER EUR 6,510 436,039.80 0.10


PORTUGAL

JERONIMO MARTINS EUR 9,109 141,007.32 0.03

TOTAL PORTUGAL 141,007.32 0.03

UNITED KINGDOM

ADMIRAL GROUP PLC GBP 8,030 191,837.44 0.05

ANGLO AMERICAN GBP 20,504 432,763.55 0.10

ASTRAZENECA PLC GBP 19,367 1,586,173.38 0.38

AVIVA PLC GBP 83,478 375,978.67 0.09

BAE SYSTEMS PLC GBP 87,161 560,388.13 0.13

BARCLAYS PLC GBP 308,440 523,251.40 0.13

BP PLC GBP 300,986 1,751,134.49 0.42

BRITISH AMERICAN TOBACCO PLC GBP 36,138 1,225,918.55 0.29

267




BRITISH LAND CO ORD GBP 33,018 217,796.04 0.05

BT GROUP PLC GBP 168,584 339,579.17 0.08

BURBERRY GROUP PLC GBP 105,000 2,574,783.43 0.62

CENTRICA PLC GBP 223,444 185,850.49 0.04

COMPASS GROUP PLC GBP 29,831 704,253.33 0.17

CRODA INTERNATIONAL PLC GBP 3,847 210,887.25 0.05

DIAGEO GBP 37,388 1,405,592.45 0.34

EXPERIAN GBP 18,844 552,422.35 0.13

GLAXOSMITHKLINE PLC GBP 75,799 1,491,596.00 0.36

G4S SHS GBP 87,999 187,797.90 0.04

HSBC HOLDINGS PLC GBP 303,322 2,136,966.71 0.51

IMPERIAL BRANDS PLC GBP 18,326 377,905.53 0.09

ITV PLC GBP 3,400,000 4,828,325.21 1.16

LLOYDS BANKING GROUP PLC GBP 1,189,624 726,205.23 0.17

LONDON STOCK EXCHANGE GBP 6,885 567,537.22 0.14

MEGGITT GBP 656,000 4,698,610.36 1.12

MERLIN ENTERTAINMENTS GBP 41,259 210,539.30 0.05

NATIONAL GRID PLC GBP 65,918 655,715.17 0.16

PRUDENTIAL PLC GBP 44,449 739,513.12 0.18

RECKITT BENCKISER PLC GBP 61,603 4,408,155.48 1.05

RELX PLC GBP 35,714 778,484.31 0.19

RIO TINTO PLC GBP 18,656 885,705.47 0.21

ROLLS-ROYCE HLD GBP 46,496 415,577.40 0.10

ROYAL DUTCH SHELL B GBP 55,943 1,511,904.76 0.36

ROYAL DUTCH SHELL PLC EUR 225,185 6,057,476.50 1.45

SCOTTISH & SOUTHERN ENERGY PLC GBP 27,099 380,705.25 0.09

SMITH & NEPHEW PLC GBP 198,891 4,394,823.46 1.05

SMITHS GROUP PLC GBP 140,000 2,479,245.62 0.59

SOPHOS GROUP PL GBP 350,000 1,581,111.26 0.38

STANDARD CHARTERED PLC GBP 454,160 3,504,966.07 0.84

TESCO PLC GBP 1,010,787 2,747,695.22 0.66

TULLOW OIL GBP 1,550,000 3,739,679.21 0.89

UNILEVER PLC GBP 17,828 983,339.20 0.24

UNITED UTILITIES GROUP GBP 99,125 923,315.12 0.22

VODAFONE GROUP PLC GBP 455,754 832,793.58 0.20

WHITBREAD PLC GBP 5,308 257,089.79 0.06

3I GROUP PLC GBP 26,131 343,821.20 0.08


268




SWEDEN

ELECTROLUX AB SER B SEK 7,867 171,075.92 0.04

EPIROC AB-A SEK 34,997 347,915.76 0.08

ERICSSON(LM) B SEK 651,295 4,773,210.16 1.14

HENNES AND MAURITZ B SEK 23,228 413,009.55 0.10

HEXAGON AB -B SEK 5,155 227,947.73 0.05

HUSQVARNA AB CL B SEK 18,491 129,004.57 0.03

INVESTOR B SEK 10,211 457,701.68 0.11

SECURITAS AB B SEK 128,261 1,802,083.18 0.43

SKANSKA AB SER'B'SEK10 LIBRE SEK 19,475 361,810.77 0.09

SVENSKA HANDELSBANKEN AB SEK 33,953 291,604.17 0.07

SWEDBANK AB SEK 21,251 280,561.51 0.07

SWEDISH MATCH SEK 5,008 189,952.18 0.05

TELE2 AB SEK 86,000 1,173,856.33 0.28

VOLVO AB-B- SEK 38,533 496,337.21 0.12

TOTAL SWEDEN 11,116,070.72 2.66

SWITZERLAND

ABB LTD CHF 39,554 712,904.12 0.17

ALCON INC CHF 8,871 474,524.55 0.11

BALOISE HOLDING R CHF 1,537 252,583.22 0.06

CIE FIN RICHEMONT N CHF 8,923 600,487.18 0.14

CREDIT SUISSE GROUP CHF 50,859 571,919.51 0.14

GIVAUDAN CHF 181 463,138.55 0.11

KUEHNE + NAGEL INTL AG-REG CHF 1,942 262,379.37 0.06

LAFARGEHOLCIM LTD CHF 9,674 436,744.62 0.10

LONZA GROUP NOM. CHF 1,329 412,129.00 0.10

NESTLE NOM. CHF 45,195 4,497,816.77 1.09

NOVARTIS AG NOMINATIF CHF 159,468 12,683,921.91 3.04

ROCHE HOLDING AG CHF 10,435 2,785,652.61 0.67

SCHINDLER HOLDING AG CHF 1,721 353,051.60 0.08

STRAUMANN HOLDING NOM. CHF 334 250,434.00 0.06

SWISS RE NAMEN AKT CHF 5,843 559,048.82 0.13

UBS GROUP AG CHF 69,475 723,471.77 0.17

ZURICH FINANCIAL SERVICES CHF 2,605 914,606.35 0.22

TOTAL SWITZERLAND 26,954,813.95 6.45

TOTAL Equities and equivalent securities traded on regulated orequivalent markets

347,505,367.86 83.13

TOTAL Equities and equivalent securities 347,505,367.86 83.13

269


Security nameCurrenc

y

Quantity or nominal


Debt securities

Debt securities traded on a regulated or assimilated market

FRANCE

FRENCH REP ZCP 18-12-19

TOTAL FRANCE

TOTAL Debt securities traded on a regulated or equivalent market




FRANCE

AMUNDI ETF PEA EUROPE UCITS ETF

MULTI UNITS FRANCE SICAV LYXOR MSCI EUROPE UCITS ETF

TOTAL FRANCE

TOTAL Retail UCITS and AIFs intended for non-

professionals and equivalent investors in other countries



Futures


CME RF EURCHF 1219

EUR XEUR EUFF M 1219

EUR XEUR FESX D 1219

NEW ICE EUR/SEK 1219

RP EURGBP 1219


TOTAL Futures

Options

Options on a regulated or equivalent market

DJ EURO STOXX 50 03/2020 PUT 2650






DJ EURO STOXX 50 10/2019 CALL 3450






EUR 20,000,000 20,025,387.13 4.79

20,025,387.13 4.79

20,025,387.13 4.79

20,025,387.13 4.79

EUR 1,600,000 32,760,480.00 7.84

EUR 100 12,986.03 0.00

32,773,466.03 7.84

32,773,466.03 7.84

32,773,466.03 7.84

CHF 290 -175,116.27 -0.04

EUR 100 21,500.00 0.01

EUR -34 -2,961.27 0.00

SEK 75 62,700.61 0.01

GBP 104 -41,292.19 -0.01

-135,169.12 -0.03

-135,169.12 -0.03

EUR -750 -94,500.00 -0.02

EUR 1,250 426,250.00 0.10

EUR -750 -232,500.00 -0.06

EUR 1,200 963,600.00 0.23

EUR -800 -931,200.00 -0.22

EUR 1,400 3,248,000.00 0.77

EUR -1,500 -1,960,500.00 -0.47

EUR -3,400 -1,227,400.00 -0.29

EUR 900 208,800.00 0.05

EUR -3,400 -316,200.00 -0.08

EUR 3,400 1,193,400.00 0.29

EUR 700 114,800.00 0.03

270

-EDR SICAV – EQUITY EUROPE SOLVE: ANNUAL FINANCIAL STATEMENTSAS AT 30/09/2019



DJ EURO STOXX 50 12/2020 PUT 2800 EUR -750 -572,250.00 -0.14

DJ EURO STOXX 50 12/2020 PUT 3200 EUR 1,250 2,036,250.00 0.48

UKX - FTSE 100 INDX 03/2020 PUT 6000 GBP -100 -43,990.25 -0.01

UKX - FTSE 100 INDX 03/2020 PUT 6700 GBP 220 272,965.17 0.07




UKX - FTSE 100 INDX 06/2021 PUT 6500 GBP 250 1,001,060.28 0.24




TOTAL Options on a regulated market 4,647,263.54 1.11

TOTAL Conditional forward commitments 4,647,263.54 1.11

Other forward financial instruments

CFD

CFD MS TSCO 1249 GBP 26,308 919.90 0.00

MS RECKITT 1249 GBP 2,009 -1,744.87 0.00

TOTAL CFD -824.97 0.00

TOTAL Other forward financial instruments -824.97 0.00

TOTAL Forward financial instruments 4,511,269.45 1.08

Margin call

ROTHSCHILD margin calls in EUR EUR -18,538.73 -18,538.73 0.00

ROTHSCHILD margin calls in GBP GBP 36,608 41,292.19 0.01

MARROCHF CHF 190,530 175,116.27 0.03

MARROSEK SEK -672,965.61 -62,700.61 -0.01

TOTAL Margin call 135,169.12 0.03

Receivables 27,905,171.64 6.68

Payables -25,440,183.74 -6.09


Net assets 418,034,978.41 100.00

271



amountCurrent value

% Netassets

EDR SICAV – EQUITY EUROPE SOLVE A EUR EUR 1,377,399.700 100.57

EDR SICAV – EQUITY EUROPE SOLVE K EUR EUR 772,957.364 104.68

EDR SICAV – EQUITY EUROPE SOLVE KD EUR EUR 77,320.000 93.90

EDR SICAV – EQUITY EUROPE SOLVE CR EUR EUR 248,201.128 94.73

EDR SICAV – EQUITY EUROPE SOLVE PC EUR EUR 235,701.000 104.89

EDR SICAV – EQUITY EUROPE SOLVE I EUR EUR 169,411.092 95.57

EDR SICAV – EQUITY EUROPE SOLVE QC EUR H EUR 476,475.641 98.99

EDR SICAV – EQUITY EUROPE SOLVE SC EUR EUR 180,010.000 93.41

EDR SICAV – EQUITY EUROPE SOLVE NC EUR EUR 497,844.595 103.23

EDR SICAV – EQUITY EUROPE SOLVE B EUR EUR 2,092.661 105.18

EDR SICAV – EQUITY EUROPE SOLVE N EUR EUR 50,001.000 95.75

EDR SICAV – EQUITY EUROPE SOLVE O EUR EUR 69,988.024 92.99

272




COUPON BREAKDOWN, UNIT: EDR SICAV – EQUITY EUROPE SOLVE KD EUR




93,557.20 EUR 1.21 EUR


Non-reportable and non-taxable income 6,185.60 EUR 0.08 EUR


TOTAL 99,742.80 EUR 1.29 EUR

COUPON BREAKDOWN, UNIT: EDR SICAV – EQUITY EUROPE SOLVE QC EUR H




686,124.92 EUR 1.44 EUR




TOTAL 724,242.97 EUR 1.52 EUR

COUPON BREAKDOWN, UNIT: EDR SICAV – EQUITY EUROPE SOLVE B EUR




2,029.88 EUR 0.97 EUR


Non-reportable and non-taxable income 188.34 EUR 0.09 EUR



273


COUPON BREAKDOWN, UNIT: EDR SICAV – EQUITY EUROPE SOLVE O EUR




96,583.47 EUR 1.38 EUR




TOTAL 101,482.63 EUR 1.45 EUR

274



EdR SICAV – Start

2019 Financial Year

275

FEATURES

Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF)on 4 January 2019.The Sub-fund was created on 21 March 2019, through the merger/absorption of the following fund whilemaintaining the ISIN codes:

- Edmond de Rothschild Start, created on 14 May 2007.

Management objective:The Sub-fund management strategy is discretionary and opportunistic. The UCITS takes positions on thebond and equity markets and on currencies. The Sub-fund’s objective is to seek absolute performance,decorrelated over the recommended investment period, on themain international equity and bondmarkets.In the context of its management, the Sub-fund’s target volatility will be 2% and may reach a maximum of3%.

Benchmark index:The benchmark index to which the performance of A EUR, CR EUR, R EUR, I EUR, J EUR, N EUR and PEUR shares may be compared is the capitalised EONIA. The Eonia (Euro Overnight Index Average) is anindex that reflects the average overnight rates at which a panel of 57 banks lend money. It is calculated bythe EMMI I and represents the rate of the European money market.On the date of the latest update of this prospectus, the administrator of this benchmark index (website:https://www.emmi-benchmarks.eu/euribor-eonia-org/about-eonia.html)was not yet included in theregister of administrators and benchmark indices held by ESMA.The benchmark index to which the performance of CR USD (H), A USD (H) and I USD (H) shares may becompared is the capitalised Federal Funds Effective Rate. The Federal Funds Effective Rate corresponds tothe average overnight rate of the dollar zone. It is calculated by the Federal Reserve and represents the risk-free rate for the dollar zone. On the date of the latest update of this prospectus, the administrator of thisbenchmark index (website: https://www.federalreserve.gov/) was not yet included in the register ofadministrators 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 isthe capitalised 1 month CHF LIBOR index. The ICE Benchmark Administration Limited administrator(website(: https://www.theice.com/iba) of the Libor 1 CHF monthly capitalised benchmark index is included in theregister of administrators and benchmark indices held by ESMA. As the Sub-fund is not index-linked, itsperformance may differ significantly from that of the benchmarks, which only serve as a basis forcomparison.The rates and indices used are annualised. The calculation of the performance of these indicators includescoupons.In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June2016, 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 of capital loss:The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the fullamount of the capital they initially invested, even if they retain the shares for the duration of therecommended investment period.Discretionary management risk:The discretionarymanagement style is based on anticipating trends in the various markets (equities, bonds,moneymarket, commodities and currencies). However, there is a risk that the sub-fundmay not be investedin the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than theinvestment objective, and a drop in its net asset value may lead to negative performance.Credit risk:

276

The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment ofinterest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of anissuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss isrecorded on a financial instrument following default by an issuer. The inclusion of debt securities in theportfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in creditquality.Credit risk associated with investment in speculative securities:The Sub-fundmay invest in issues from companies rated as non-investment grade by a rating agency (ratingbelow BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from theManagement Company. These issues are known as speculative securities and present a higher risk of issuerdefault. This sub-fund should therefore be considered partly speculative and as being aimed specifically atinvestors 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 fallin the net asset value.Interest rate risk:The exposure to interest rate products (debt securities andmoneymarket instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security andthus 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 issuingcompany, there are also external risks, particularly in these markets. Furthermore, investors are remindedthat the operating and oversight conditions in these markets may differ from the standards that prevail onmajor international exchanges. Consequently, the holding of such securities may increase the portfolio’srisk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, thenet asset value may fall further and more rapidly, and finally, the companies held in the portfolio may havegovernments as shareholders.Currency risk:The capital may be exposed to currency risk when its constituent securities or investments are denominatedin a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate ofthe 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 sharemay 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 performanceis 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 thanin the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to apossible 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 marketconditions 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).

277

The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value thanin the markets in which the sub-fund invests.Risk associated with arbitrage strategies:The Sub-fund may invest in UCIs that are able to take positions on the futures markets. However, financialmarket trends may turn out to be contrary to those anticipated by the tools used by underlying UCIs, whichmay cause the net asset value to fall.Risks associated with temporary purchases and sales of securities and with total return swaps: The use ofsecurities financing transactions and total return swaps, as well as the management of their collateral, mayinvolve certain specific risks such as operational risks or custody risk. These transactions may thereforehave a negative effect on the net asset value of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchasesand sales of securities and for total return swaps.

Target subscribers:A EUR, A CHF (H) and A USD (H) shares: All investors.R EUR shares: All subscribers (more specifically marketed by the distributors selected by the ManagementCompany).I EUR, I CHF (H), J EUR, N EUR and I USD (H) shares: Legal entities and institutional investors trading ontheir own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before21/03/2019.P EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.CR EUR and CR USD (H) 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 authorisethem to receive or retain trailer fees,- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.



“A CHF (H)”, “A EUR”, “AUSD (H)”, “CR EUR”, “CRUSD (H)”, “I CHF (H)”, “IEUR”, “I USD (H)”, “NEUR”, “P EUR” and “R

EUR” shares

“J EUR” shares


Allocation of net realisedgains or losses Accumulation


278

CHANGE IN ASSETS


of EUR€



€

21 March 2019*A EUR shares 112.77 206,184.469 546.94CR EUR shares 89.18 898,054.087 99.30I CHF (H) shares 24.75 282,440.000 87.62A CHF (H) shares 0.07 750.000 86.86I USD (H) shares 21.15 21,447.755 985.90A USD (H) shares 0.60 6,486.465 92.43R EUR shares 0.95 9,436.338 100.59I EUR shares 139.87 23,851.401 5,864.18N EUR shares 307.90 284,865.598 1,080.85

30 September 2019A EUR shares 121.19 222,406.254 544.89CR EUR shares 143.63 1,450,508.457 99.02I CHF (H) shares 26.64 294,842.000 90.36A CHF (H) shares 0.15 1,662.780 89.31I USD (H) shares 21.97 21,140.858 1,039.42A USD (H) shares 0.93 9,603.813 97.26R EUR shares 0.77 7,734.756 100.08I EUR shares 152.13 25,998.580 5,851.42N EUR shares 311.92 289,087.047 1,078.99

* EdR SICAV - Start was created on 21 March 2019 by merger-absorption of the Edmond de Rothschild Start Fund.


The Board of Directors noted that as at 30 September 2019, no subscriptions had been taken out ondistribution shares.

EdR SICAV –Start



279


30/09/2019

280

EdR SICAV – Start: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019


30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

775,613,178.29

0.00

0.00

0.00

564,755,863.00

564,755,863.00

0.00

131,869,565.55

131,869,565.55

131,869,565.55

0.00

0.00

74,648,516.38

74,648,516.38

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

4,339,233.36

4,339,233.36

0.00

0.00

157,595,327.22

152,745,531.32

4,849,795.90

28,092,230.36

28,092,230.36


281



30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

778,011,818.49

0.00

0.00

-4,163,785.93

5,497,707.02

779,345,739.58

6,287,404.31

0.00

0.00

0.00

0.00

0.00

6,287,404.31

4,488,151.02

1,799,253.29

173,917,967.84

152,519,706.46

21,398,261.38

1,749,624.14

1,749,624.14

0.00



282



30/09/2019




Credit Default Swap

CDSI135-99473

CDSI136-99473

CDXIG531

ITXEB530

Other commitments

Other transactions


Futures contracts

CBOT USUL 30A 1219

CME EC EURUSD 1219

CME 3M EUR 0320

CME 3M EUR 1222


FV CBOT UST 5 1219

RTY INDEX 50 1219

XEUR FGBS SCH 1219

XEUR FOAT EUR 1219

Options

MID-CURVE 3YR USD 12/2019 CALL 97.5




Other commitments

42,194,092.83

7,000,000.00

21,097,046.41

10,000,000.00

8,625,395.57

55,682,300.27

78,920,152.27

79,108,764.45

4,052,700.00

37,265,655.14

4,196,477.71

79,304,980.00

28,952,700.00

192,131,030.99

359,285,027.96

147,364,500.47

283



30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

9,825.17

0.00

7,419,833.76

24,846.38

0.00

0.00

0.00

7,454,505.31

2,028.28

0.00

158,798.11

0.00

160,826.39

7,293,678.92

0.00

1,775,556.18

5,518,122.74

-20,415.72

0.00

5,497,707.02









Financial instruments are recorded in the financial statements according to the historical cost method and on thebalance sheet at their current value as determined by the last known market value or, where no market exists, byany 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 transferablesecurities 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 thenconverted into the portfolio currency at the exchange rate on the valuation date.

Deposits:








Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using anactuarial method based on a reference rate, defined below, which is increased, where applicable, by a differentialthat 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) withsimilar maturity dates for the longest durations.




UCIs held:







Financial futures:




Swaps:












- 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: Max. 0.30% incl. taxes*- I EUR shares: Max. 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



- 0.10% from 21/03/2019 to 17/07/2019- 0.06% from 18/07/2019 to 30/09/2019

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 EURand 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 referenceasset. The indexed reference asset reproduces the performance of the Sub-fund’s benchmark index, adjusted forsubscriptions and redemptions. The performance fee is calculated when each net asset value is determined and isprovisioned as a deduction thereof.

For shares denominated in EUR, the total value is equal to 15% inclusive of tax of the Sub-fund’s outperformancecompared 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 (excludingvariable 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 referencedate.

The Sub-fund’s outperformance is defined as being the difference between the Sub-fund’s assets (excludingvariable 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’soutperformance 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 (excludingvariable 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 byreversing 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 calendaryear has been determined.When shares are redeemed, the proportion of the performance fee attached to the redeemed shares will becrystallised 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 theSub-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 andinvestment 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 andconditions above, with regard to a specific transaction, a description of the transaction and the transaction feescharged will be specified in the management report of the SICAV.




Income:

Net income for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ feesand all other revenues generated by the securities held in the portfolio, plus income generated by temporary cashholdings, 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 adjustmentaccount.

Gains and losses:

Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gainsof the same type recorded during previous financial years that have not been distributed or accumulated, plus orminus the balance of the capital gains adjustment account.



“A CHF (H)”, “A EUR”, “A USD(H)”, “CR EUR”, “CR USD (H)”, “ICHF (H)”, “I EUR”, “I USD (H)”, “NEUR”, “P EUR” and “R EUR”

shares

“J EUR” shares



Accumulation

Accumulation (in full orin part) or Distribution(in full or in part) orCarried forward (in fullor in part) at thediscretion of the

Management Company

288

EdR SICAV – Start: ANNUAL FINANCIAL STATEMENTSAS AT 30/09/2019


30/09/2019









Foreign exchange differences 2,079,005.67

Changes in the valuation differential on deposits and financial instruments -147,821.58











Other items 0.00


289

EdR SICAV – Start: ANNUAL FINANCIAL STATEMENTSAS AT 30/09/2019



ECONOMIC TYPE

Amount %

Assets


Other bonds (indexed, non-voting shares)


Variable/adjustable rate bonds traded on a regulated or equivalent market


Debt securities

Treasury bills

Short-term negotiable securities (NEU CP) issued by banking issuers


Liabilities





Credit


Other transactions

Equities

Foreign exchange

Interest rates


19,565,379.25 2.51

534,161,027.87 68.54

11,029,455.88 1.42

564,755,863.00 72.47

99,845,024.45 12.81

32,024,541.10 4.11

131,869,565.55 16.92

0.00 0.00

80,291,139.24 10.30

80,291,139.24 10.30

8,249,177.71 1.06

55,682,300.27 7.14

1,010,958,206.85 129.72

1,074,889,684.83 137.92

290





Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

529,431,559.59

131,869,565.55

0.00

0.00

0.00

0.00

0.00

154,148,730.71

0.00

67.93

16.92

0.00

0.00

0.00

0.00

0.00

19.78

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

11,029,455.88

0.00

0.00

0.00

0.00

0.00

0.00

856,809,476.14

0.00

1.42

0.00

0.00

0.00

0.00

0.00

0.00

109.94

0.00

24,294,847.53

0.00

0.00

28,092,230.36

0.00

1,749,624.14

0.00

0.00

0.00

3.12

0.00

0.00

3.60

0.00

0.22

0.00

0.00




Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

13,985,230.84

59,319,502.65

0.00

28,092,230.36

0.00

1,749,624.14

0.00

158,028,916.72

0.00

1.79

7.61

0.00

3.60

0.00

0.22

0.00

20.28

0.00

61,061,327.02

72,550,062.90

0.00

0.00

0.00

0.00

0.00

0.00

0.00

7.83

9.31

0.00

0.00

0.00

0.00

0.00

0.00

0.00

336,290,996.78

0.00

0.00

0.00

0.00

0.00

0.00

778,085,539.42

0.00

43.15

0.00

0.00

0.00

0.00

0.00

0.00

99.84

0.00

117,207,912.23

0.00

0.00

0.00

0.00

0.00

0.00

37,265,655.14

0.00

15.04

0.00

0.00

0.00

0.00

0.00

0.00

4.78

0.00

36,210,396.13

0.00

0.00

0.00

0.00

0.00

0.00

37,578,095.57

0.00

4.65

0.00

0.00

0.00

0.00

0.00

0.00

4.82


291




ITEMS

USD CHF SGD Other currencies


Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Bonds and equivalent securities 56,788,204.01 7.29 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


Receivables 73,888,929.81 9.48 36,471,344.20 4.68 0.00 0.00 34,765,523.17 4.46

Financial accounts 0.00 0.00 0.00 0.00 6,908.22 0.00 893,751.27 0.11

Liabilities



Payables 33,965,515.86 4.36 1,465,046.60 0.19 11,876,508.06 1.52 51,149,784.74 6.56

Financial accounts 1,587,742.63 0.20 160,441.75 0.02 0.00 0.00 1,439.76 0.00


Hedging transactions 63,291,139.24 8.12 0.00 0.00 0.00 0.00 0.00 0.00

Other transactions 962,579,304.83 123.51 0.00 0.00 0.00 0.00 0.00 0.00


30/09/2019

Receivables






Collateral

Total receivables

Payables




Redemptions payable

Management fees


Collateral

Other payables

Total payables

116,764,327.49

35,981,203.83

851,787.20

2,100,481.58

27,527.12

1,870,000.00

157,595,327.22

36,237,265.30

116,282,441.16

19,190,292.40

966,544.30

270,333.05

634,364.52

330,000.00

6,727.11

173,917,967.84

292


3.6.SHARE CAPITAL


In equities Amount

EdR SICAV -Start I CHF (H) shares




362,730.000

-67,888.000

294,842.000

31,722,264.19

-6,066,859.45

25,655,404.74

EdR SICAV - Start A EUR shares




307,697.740

-85,291.486

222,406.254

168,256,778.39

-46,594,535.04

121,662,243.35

EdR SICAV - Start A USD (H) shares




11,501.587

-1,897.774

9,603.813

1,065,584.72

-182,287.09

883,297.63

EdR SICAV - Start I EUR shares




39,914.291

-13,915.711

25,998.580

234,063,124.54

-81,591,997.67

152,471,126.87

EdR SICAV - Start CR EUR shares




1,651,439.716

-200,931.259

1,450,508.457

163,993,573.68

-19,933,962.00

144,059,611.68

EdR SICAV - Start I USD (H) shares




40,786.624

-19,645.766

21,140.858

40,496,360.83

-19,875,394.83

20,620,966.00

EdR SICAV - Start A CHF (H) shares




2,363.960

-701.180

1,662.780

204,194.09

-61,285.79

142,908.30

EdR SICAV - Start R EUR shares




9,496.010

-1,761.254

7,734.756

955,408.07

-176,854.04

778,554.03

EdR SICAV - Start N EUR shares




337,347.010

-48,259.963

289,087.047

364,623,061.07

-52,151,390.69

312,471,670.38

293



Amount





































294



30/09/2019


Guarantee fees 0.00



Variable management fees -4,555.69

Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00



Variable management fees -375.48

Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


295


3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00




None


None

EdR SICAV – Start: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/2019296

297




30/09/2019


Borrowed securities

0.00

0.00


30/09/2019



0.00

0.00



Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 74,648,516.38


LU1160352354 EDR EMER BONDS I EUR 526,977.80

LU1897614902 EDR FUND - EMERGING SOVEREIGN I EUR H 5,349,000.00

FR0013062668 EdR SICAV – Equity Europe Solve K EUR Share 11,795,976.00

FR0013233699 EdR SICAV - FINANCIAL BONDS K EUR shares 7,632,597.00


298




30/09/2019




Total 5,497,707.02

30/09/2019


Allocation

Distribution 0.00



Total 191,468.30

30/09/2019


Allocation

Distribution 0.00



Total 688,313.68

30/09/2019


Allocation

Distribution 0.00



Total 4,837.56

30/09/2019


Allocation

Distribution 0.00



Total 1,104,165.14

299


30/09/2019


Allocation

Distribution 0.00



Total 944,600.39

30/09/2019


Allocation

Distribution 0.00


Accumulation 824.43

Total 824.43

30/09/2019


Allocation

Distribution 0.00



Total 155,571.53

30/09/2019


Allocation

Distribution 0.00



Total 3,348.95

30/09/2019


Allocation

Distribution 0.00



Total 2,404,577.04

300




30/09/2019





Total -4,163,785.93

30/09/2019


Allocation

Distribution 0.00



Total 588,868.86

30/09/2019


Allocation

Distribution 0.00



Total 35,453.27

30/09/2019


Allocation

Distribution 0.00



Total -951,678.94

30/09/2019


Allocation

Distribution 0.00



Total -1,127,828.42

301


30/09/2019


Allocation

Distribution 0.00



Total -1,194,457.87

30/09/2019


Allocation

Distribution 0.00



Total 15,514.94

30/09/2019


Allocation

Distribution 0.00



Total 925,399.93

30/09/2019


Allocation

Distribution 0.00



Total -6,080.39

30/09/2019


Allocation

Distribution 0.00



Total -2,448,977.31

302




30/09/2019



Net assets in EUR






Net assets in USD






Net assets in CHF






Net assets in EUR





121,187,402.24

222,406.254

544.89

-4.27

3.09

1,018,384.96

9,603.813

106.03

3.69

0.50

28,987,338.12

294,842.000

98.31

1.99

0.64

143,633,600.79

1,450,508.457

99.02

-0.77

0.65

303




30/09/2019



Net assets in EUR






Net assets in USD






Net assets in CHF






Net assets in EUR





152,128,819.13

25,998.580

5,851.42

-45.94

42.47

23,956,349.33

21,140.858

1,133.17

43.77

7.35

161,586.88

1,662.780

97.17

9.33

0.49

774,156.09

7,734.756

100.08

-0.78

0.43

304




30/09/2019







-8.47


305







SOUTH AFRICA

ESKOM HOLDINGS SOC 6.35% 10-08-28 USD 300,000 297,532.26 0.04

ESKOM 5.75% 26/01/2021 USD 200,000 187,207.24 0.02

SOUT AFRICAN GOV 4.875% 14-04-26 USD 1,100,000 1,066,854.71 0.14

TOTAL SOUTH AFRICA 1,551,594.21 0.20

GERMANY

BUNDESREPUB. DEUTSCHLAND EUR 12,200,000 13,057,142.00 1.68

CECONOMY AG EX METRO AG 1.375% 28-10-21 EUR 4,602,000 4,798,761.03 0.62

CONTINENTAL AG ZCP 05-02-20 EUR 1,560,000 1,561,357.20 0.20

CRH FINA 1.75% 16-07-21 EMTN EUR 4,850,000 5,003,063.61 0.64

THYSSENKRUPP AG 1.375% 03-03-22 EUR 1,500,000 1,508,065.57 0.19

TOTAL GERMANY 25,928,389.41 3.33

SAUDI ARABIA

SAUDI INTERNATIONAL BOND 3.25% 26-10-26 USD 600,000 577,646.30 0.07

SAUDI INTERNATIONAL BOND 4.5% 26-10-46 USD 300,000 314,163.46 0.04

TOTAL SAUDI ARABIA 891,809.76 0.11

ARGENTINA

ARGENTINE REP GVT INTL BOND 5.875% 11-01-28 USD 1,400,000 547,009.04 0.07

TOTAL ARGENTINA 547,009.04 0.07

AUSTRALIA

CNOOC CURTIS 4.50% 10/23 USD 1,800,000 1,809,997.25 0.23

NATIONAL AUSTRALIA BK 4 5/8% 2020 EMTN EUR 250,000 261,538.92 0.03

ORGAU 2 1/2 10/23/20 EUR 3,000,000 3,154,774.93 0.41


BAHRAIN

GOVT OF BAHR. 7.0% 12-10-28 USD 500,000 530,572.63 0.07

TOTAL BAHRAIN 530,572.63 0.07

BELGIUM

BELGIUM 0.2% 22-10-23 EUR 9,900,000 10,262,344.07 1.32

KBC GR 1.0% 26-04-21 EMTN EUR 6,200,000 6,336,271.43 0.81

TOTAL BELGIUM 16,598,615.50 2.13

BRAZIL

BRAZILIAN GOVERNMENT INTL BOND 4.625% 13-01-28 USD 1,400,000 1,381,674.03 0.18

TOTAL BRAZIL 1,381,674.03 0.18

CHILI

CHILE GOVERNMENT INTERNATIONAL BOND 3.24% 06-02-28 USD 1,200,000 1,178,992.85 0.15

TOTAL CHILE 1,178,992.85 0.15

306




CYPRUS

C 3.875% 06-05-22 EMTN EUR 5,845,000 6,559,202.15 0.84

TOTAL CYPRUS 6,559,202.15 0.84

COLOMBIA

COLOMBIA GOVERNMENT INTL BOND 3.875% 25-04-27 USD 800,000 792,628.36 0.10

COLOMBIA 6.125% 18/01/2041 USD 400,000 484,812.06 0.06

TOTAL COLOMBIA 1,277,440.42 0.16

CROATIA

CROATIA GOVERNMENT INTERNATIONAL BOND 3.875% 30-05-22 EUR 8,165,000 9,119,360.22 1.17

CROATIA GOVERNMENT INTERNATIONAL BOND 5.5% 04-04-23 USD 600,000 624,966.68 0.08

TOTAL CROATIA 9,744,326.90 1.25

DENMARK

ISS GLOB 1.125% 07-01-21 EMTN EUR 750,000 765,330.21 0.10

TOTAL DENMARK 765,330.21 0.10

EGYPT

EGYPT GOVERNMENT INTL BOND 7.5% 31-01-27 USD 1,000,000 1,000,501.44 0.13

TOTAL EGYPT 1,000,501.44 0.13

ECUADOR

EQUATEUR 7.95% 20/06/2024 USD 1,100,000 1,055,437.99 0.14

TOTAL ECUADOR 1,055,437.99 0.14

SPAIN

AMAD CAP 1.625% 17-11-21 EMTN EUR 4,000,000 4,187,088.22 0.54

CELL 3.125% 27-07-22 EMTN EUR 5,000,000 5,442,378.14 0.70

SPAIN 5.5% 11-300421 EUR 6,200,000 6,935,334.57 0.89

GEN DE CATALUNYA 4.95% 10-20 EUR 3,000,000 3,147,535.89 0.40

GENER. CATALUNYA 4.9% 09-21 EUR 1,000,000 1,089,285.96 0.14

SPGB 4.4% 10/31/23 EUR 17,320,000 21,403,347.78 2.75

TOTAL SPAIN 42,204,970.56 5.42


AIR PRODUCTS 0.375% 01-06-21 EUR 670,000 677,316.56 0.09

ALBEMARLE 1.875% 08-12-21 EUR 6,110,000 6,462,902.72 0.83

AMGEN 1.25% 25/02/2022 EUR 6,080,000 6,294,046.40 0.81

BAC 1 3/8 09/10/2021 EUR 14,477,000 14,909,449.75 1.91

BALL 3.5% 15/12/2020 EUR 2,918,000 3,069,371.57 0.39

BERKSHIRE HATHAWAY 0.25% 17-01-21 EUR 3,200,000 3,222,550.79 0.41

CITIG 1.375% 27-10-21 EMTN EUR 6,600,000 6,888,903.25 0.88

GENERAL MOTORS FINANCIAL E3R+0.68% 10-05-21 EUR 2,800,000 2,810,414.60 0.36

GOLD SACH GR E3R+0.62% 26-09-23 EUR 4,100,000 4,112,161.28 0.53

HUNTSMAN INTERNATIONAL 5.125% 15/04/2021 EUR 2,000,000 2,176,278.61 0.28

KELLOGG CO 1.75% 24/05/2021 EUR 7,600,000 7,890,879.83 1.01

307




MDLZ 1 03/07/22 EUR 5,420,000 5,587,100.67 0.72

PFIZER 0.25% 06/03/2022 EUR 375,000 379,762.28 0.05

THER FISH SCI 1.5% 01-12-20 EUR 263,000 270,182.33 0.03

UNIT TECH COR 1.125% 15-12-21 EUR 2,550,000 2,633,612.40 0.34

US TREASURY I 1.25% 15/07/2020 USD 18,000,000 19,565,379.25 2.51


FINLAND

FORTUM OYJ 4% 24/05/21 EUR 4,500,000 4,874,273.73 0.63

NOKIA OYJ 1.0% 15-03-21 EMTN EUR 5,430,000 5,536,492.09 0.71

TOTAL FINLAND 10,410,765.82 1.34

FRANCE

ALD 1.25% 11-10-22 EMTN EUR 1,200,000 1,255,148.14 0.16

ARRFP 1 1/8 01/15/21 EUR 2,000,000 2,043,887.40 0.26

OMC BANQUE FEDERATIVE CRÉDIT MUTUEL 0.125% 05-02-24 EUR 4,000,000 4,021,192.88 0.52

BVIFP 3 1/8 01/21/21 EUR 6,200,000 6,585,153.77 0.84

CAPGEMINI SE 0.5% 09-11-21 EUR 5,900,000 5,986,549.77 0.77

CASINO 4.726% STEP-UP 26-05-21 EMTN EUR 4,500,000 4,729,468.28 0.61

CROW EURO HOL 4.0% 15-07-22 EUR 2,000,000 2,204,841.11 0.28

ELIS EX HOLDELIS 1.875% 15-02-23 EUR 1,500,000 1,574,533.05 0.20

FRANCE GOVERNMANT BOND OAT 1.5% 25-05-50 EUR 8,000,000 10,204,462.95 1.31

LOXAM 3.5% 15/04/2022 EUR 1,500,000 1,540,936.67 0.20

NEXANS 3.25% 26/05/2021 EUR 1,500,000 1,582,072.38 0.20

ORANO SA 3.25% 04-09-20 EMTN EUR 6,400,000 6,587,112.57 0.85

ORANO SA 4.375% 06-11-19 EMTN EUR 4,700,000 4,905,953.03 0.63

UBISOFT 1.289% 30-01-23 EUR 700,000 720,637.53 0.09

VIVENDI 0.75% 26/05/2021 EUR 6,100,000 6,201,891.00 0.80

TOTAL FRANCE 60,143,840.53 7.72

GREECE

HELLENIC REPUBLIC GOVERNMENT BOND 4.2% 29-01-42 EUR 402,500 551,107.74 0.07

TOTAL GREECE 551,107.74 0.07

HONG KONG

NACC HK FINBRIDGE 4.875% 14-03-25 USD 600,000 595,917.72 0.08

TOTAL HONG KONG 595,917.72 0.08

HUNGARY

HUNG GOVE INT 5.75% 22-11-23 USD 1,000,000 1,060,162.25 0.14

TOTAL HUNGARY 1,060,162.25 0.14

BRITISH VIRGIN ISLANDS

PLAYTECH 3.75% 12-10-23 EUR 2,000,000 2,130,346.67 0.27

TOTAL BRITISH VIRGIN ISLANDS 2,130,346.67 0.27

308




INDONESIA

INDON 6 3/4 01/15/44 USD 700,000 933,055.63 0.12

INDONESIA 3.75% 04/22 USD 900,000 865,425.84 0.11

TOTAL INDONESIA 1,798,481.47 0.23

IRELAND

BANK IRELAND 10% 12/02/2020 EUR 4,850,000 5,354,286.72 0.69

FRESENIUS FINANCE IRELAND PLC 0.875% 31-01-22 EUR 6,360,000 6,512,095.04 0.83

SMURFIT KAPPA ACQUISITIO EUR 4,000,000 4,106,880.00 0.53

TOTAL IRELAND 15,973,261.76 2.05

ICELAND

ICELAND GOVERNMENT INTL BOND 0.5% 20-12-22 EUR 1,100,000 1,133,261.59 0.15

TOTAL ICELAND 1,133,261.59 0.15

ITALY

AUTOSTRADE PER L ITALILIA SPA 2.875% 26-02-21 EUR 4,820,000 5,052,233.54 0.65

AUTOSTRADE PER L ITALILIA SPA 4.375% 16-03-20 EMTN EUR 2,250,000 2,342,018.48 0.30

BUONI 3.75% 01/09/2024 EUR 7,500,000 8,808,065.11 1.13

INTE 0.875% 27-06-22 EMTN EUR 5,000,000 5,122,194.95 0.66

ITALY 5.50% 11/22 EUR 17,162,000 20,488,532.85 2.63

SAIP FIN 3.0% 08-03-21 EMTN EUR 1,500,000 1,583,286.27 0.20

TELECOM ITALIA SPA 4% 01/20 EUR 2,500,000 2,601,014.04 0.33

TELECOM ITALIA 5.25% 10/02/22 EUR 4,150,000 4,790,044.27 0.61

TRNIM 0 7/8 02/02/2022 EUR 3,000,000 3,084,814.11 0.40

UNICREDIT 6.572% 14-01-22 EMTN USD 1,000,000 997,692.47 0.13

TOTAL ITALY 54,869,896.09 7.04

JERSEY

GLENCORE 2.75% 01/04/2021 EUR 4,850,000 5,079,890.66 0.65

TOTAL JERSEY 5,079,890.66 0.65

KAZAKHSTAN

KAZMUNAIGAZ NATL COMPANY 5.375% 24-04-30 USD 1,100,000 1,162,552.57 0.15

TOTAL KAZAKHSTAN 1,162,552.57 0.15

KENYA

EASTERN AND SOUTHERN AFRICAN 5.375% 14-03-22 USD 2,200,000 2,085,504.95 0.27

TOTAL KENYA 2,085,504.95 0.27

LEBANON

LEBANESE REPUBLIC 6.65% 22-04-24 USD 1,100,000 713,552.66 0.09

TOTAL LEBANON 713,552.66 0.09

LITHUANIA

REPU DE LETT 0.5% 15-12-20 EUR 625,000 634,444.56 0.08

TOTAL LITHUANIA 634,444.56 0.08

309




LUXEMBOURG

ARCE 3.0% 09-04-21 EMTN EUR 800,000 847,164.98 0.11

FIAT 4.75% 03/22/2021 EUR 1,500,000 1,639,458.89 0.21

HEIDELBERGCEMENT FINANCE LUXEMBOURG 0.5% 18-01-21 EUR 750,000 758,141.66 0.10

HEIGR 3 1/4 10/21/21 EUR 1,700,000 1,837,835.53 0.23


MALAYSIA

PETR CAPI 3.5% 18-03-25 USD 1,100,000 1,064,958.92 0.14

TOTAL MALAYSIA 1,064,958.92 0.14

MEXICO

ETAT DU MEXI 1.875% 23-02-22 EUR 10,230,000 10,776,412.33 1.38

MEXICO GOVERNMENT INTL BOND 4.15% 28-03-27 USD 1,500,000 1,459,749.74 0.19

MEXICO 6.05% 01/40 USD 500,000 585,678.09 0.08

MEXIQUE 2.375% 04/21 EUR 11,500,000 12,056,091.30 1.55

PEMEX 3.125% 27/11/2020 EUR 10,560,000 11,175,072.26 1.43

TOTAL MEXICO 36,053,003.72 4.63

NIGERIA

NIGERIA GOVERNMENT INTL BOND 7.143% 23-02-30 USD 600,000 568,722.21 0.07

TOTAL NIGERIA 568,722.21 0.07

OMAN

OMAN GOVERNMENT INTL BOND 5.375% 08-03-27 USD 1,100,000 997,409.35 0.13

TOTAL OMAN 997,409.35 0.13

PANAMA

REPU DU PANA 3.875% 17-03-28 USD 1,200,000 1,198,733.72 0.15

TOTAL PANAMA 1,198,733.72 0.15

NETHERLANDS

DAIMLER INTL FINANCE BV 0.2% 13-09-21 EUR 6,000,000 6,031,312.95 0.78

EDP FINANCE 4.125% 20/01/21 EMTN EUR 2,500,000 2,709,308.73 0.35

EVONIK FINAN ZCP 08-03-21 EMTN EUR 3,000,000 3,007,470.00 0.39

GM 1.168 05/18/20 EUR 3,500,000 3,539,557.08 0.45

HEIDELBERGCEMENT 8 1/2% 2019 EUR 2,998,000 3,125,996.28 0.40

REPSM 3.625% 10/07/2021 EUR 5,000,000 5,562,817.12 0.71

TEVA PHAR FIN 1.25% 31-03-23 EUR 1,500,000 1,271,464.96 0.16

UNITED GROUP BV 4.375% 01-07-22 EUR 1,500,000 1,549,091.46 0.20

VOLKSWAGEN INTL FIN 2µ 03/21 EUR 3,300,000 3,436,859.30 0.44


PERU

PERU GOVE INT 8.75% 21-11-33 USD 800,000 1,238,128.99 0.16

TOTAL PERU 1,238,128.99 0.16

310




PHILIPPINES

PHILIPPINES 7 3/4% 2031 USD 1,000,000 1,395,933.47 0.18

TOTAL PHILIPPINES 1,395,933.47 0.18

POLAND

POLAND GOVERNMENT INTL BOND 0.5% 20-12-21 EUR 6,020,000 6,151,704.41 0.78

POLAND 4.5% 18/01/22 * EUR EUR 3,000,000 3,436,529.79 0.44

POLAND 5% 23/03/2022 USD 1,000,000 987,181.25 0.13

REPU DE 0.875% 14-10-21 EMTN EUR 3,000,000 3,099,486.99 0.40

TOTAL POLAND 13,674,902.44 1.75

PORTUGAL

PGB 2.2 10/17/22 EUR 9,629,000 10,615,836.64 1.36

PORT OBRI DO 3.85% 15-04-21 EUR 10,800,000 11,738,277.15 1.51

PORTUGAL 4.95% 25/10/2023 EUR 15,500,000 19,564,422.74 2.51

TOTAL PORTUGAL 41,918,536.53 5.38

QATAR

QATAR GOVERNMENT INTL BOND 5.103% 23-04-48 USD 400,000 477,838.29 0.06

TOTAL QATAR 477,838.29 0.06

DOMINICAN REP.

DOMINICAN REPUBLIC 5.95% 25-01-27 USD 1,000,000 1,004,181.44 0.13

TOTAL DOMINICAN REP. 1,004,181.44 0.13

ROMANIA

ROMANIA 4.875% 07/11/2019 EUR 1,760,000 1,846,401.53 0.24

ROMANIA 4.875% 22-01-24 EMTN USD 400,000 407,403.84 0.05

TOTAL ROMANIA 2,253,805.37 0.29

UNITED KINGDOM

AALLN 2 1/2 04/29/21 EUR 4,890,000 5,131,789.66 0.66

ANGL AME 1.5% 01-04-20 EMTN EUR 2,000,000 2,028,611.97 0.26

BRITISH 1.5% 15-09-21 EMTN EUR 2,500,000 2,581,491.80 0.33

EC FINANCE 2.375% 15-11-22 EUR 1,500,000 1,532,884.79 0.20

IMPERIAL BRANDS FINANCE 0.5% 27-07-21 EUR 5,000,000 5,037,276.50 0.65

INTE GAME TEC 4.75% 15-02-23 EUR 1,500,000 1,668,744.58 0.21

NATIONWIDE BLDG 6.75% 22/07/2020 EUR 250,000 266,749.67 0.03

OTE 2.375% 18-07-22 EMTN EUR 1,500,000 1,596,325.04 0.20

RTOLN 3 1/4 10/07/2021 EUR 6,000,000 6,542,728.77 0.83

TESCO CORP 2.125% 11/20 EUR 570,000 590,895.07 0.08

VODA 0.875% 17-11-20 EMTN EUR 1,265,000 1,290,423.03 0.17



311




RUSSIA

RUSSIA FED OF 4.75% 27-05-26 USD 1,400,000 1,426,197.03 0.18

TOTAL RUSSIA 1,426,197.03 0.18

SRI LANKA

SRI LANKA GOV'T 6.125% 03/06/25 USD 800,000 729,159.07 0.09

TOTAL SRI LANKA 729,159.07 0.09

SWEDEN

VOLVO CAR AB 3.25% 18-05-21 EUR 4,000,000 4,255,368.89 0.55

TOTAL SWEDEN 4,255,368.89 0.55

TURKEY

REPUB TURQ 5.125% 10-20 EUR 13,180,000 13,806,165.23 1.78

REPUBLIC OF TURKEY 6.0% 25-03-27 USD 1,500,000 1,356,352.05 0.17

TURKEY 4.35 11/12/21 EUR 7,310,000 7,982,802.89 1.02

TOTAL TURKEY 23,145,320.17 2.97

UKRAINE

UKRAINE 7.75% 01-09-23 USD 1,000,000 973,466.90 0.12

TOTAL UKRAINE 973,466.90 0.12

URUGUAY

URUGUAY 7.625% 2036 USD 800,000 1,087,870.01 0.14

TOTAL URUGUAY 1,087,870.01 0.14

TOTAL Bonds and equivalent securities traded on regulated orequivalent markets

564,755,863.00 72.47

TOTAL Bonds and equivalent securities 564,755,863.00 72.47

Debt securities


SPAIN

SPAI LETR DEL TESO ZCP 17-01-20 EUR 20,000,000 20,032,271.99 2.57

SPAIN LETRAS DEL TES ZCP 060320 EUR 14,000,000 14,032,066.39 1.80

TOTAL SPAIN 34,064,338.38 4.37

FRANCE

ALTAREIT ZCP 03-02-20 EUR 5,000,000 5,007,053.16 0.64

EURO MOBI GROU ZCP 22-10-19 EUR 8,000,000 7,998,228.39 1.03

FAURECIA ZCP 29-11-19 EUR 3,000,000 3,002,077.32 0.39

FRAN TREA BILL BTF ZCP 06-11-19 EUR 33,800,000 33,821,023.16 4.34

VENCIA ZCP 04-10-19 EUR 5,000,000 5,000,070.84 0.64

VEOL ENVI ZCP 24-02-20 EUR 6,000,000 6,009,707.89 0.77

TOTAL FRANCE 60,838,160.76 7.81

GREECE

HELLENIC TBILL ZCP 03-01-20 EUR 6,000,000 5,997,760.50 0.77

HELLENIC T-BILL ZCP 061219 EUR 4,000,000 3,998,453.49 0.51

HELLENIC TBILL ZCP 11-09-20 EUR 6,000,000 5,980,514.49 0.77

312




HELLENIC TBILL ZCP 11-10-19

HELLENIC TBILL ZCP 13-03-20

TOTAL GREECE

LUXEMBOURG

ARCELLOR MITTAL ZCP 10-02-20

TOTAL LUXEMBOURG

TOTAL Debt securities traded on a regulated or equivalent market




FRANCE


EdR SICAV – Equity Europe Solve K EUR Shares

EdR SICAV - FINANCIAL BONDS K EUR SHARES

TOTAL FRANCE

LUXEMBOURG

EDR EMER BONDS I EUR

EDR FUND - EMERGING SOVEREIGN I EUR H

TOTAL LUXEMBOURG





Futures


CBOT USUL 30A 1219

CME EC EURUSD 1219

CME 3M EUR 0320

CME 3M EUR 1222


FV CBOT UST 5 1219

RTY INDEX 50 1219

XEUR FGBS SCH 1219

XEUR FOAT EUR 1219


TOTAL Futures

Options




EUR 5,500,000 5,499,649.45 0.71

EUR 10,500,000 10,483,284.98 1.34

31,959,662.91 4.10

EUR 5,000,000 5,007,403.50 0.64

5,007,403.50 0.64

131,869,565.55 16.92

131,869,565.55 16.92

EUR 494 49,343,965.58 6.34

EUR 112,600 11,795,976.00 1.51

EUR 72,210 7,632,597.00 0.98

68,772,538.58 8.83

EUR 3,970 526,977.80 0.07

EUR 50,000 5,349,000.00 0.68

5,875,977.80 0.75

74,648,516.38 9.58

74,648,516.38 9.58

USD -49 -43,541.32 -0.01

USD 443 -822,853.60 -0.11

USD -350 -517,680.24 -0.07

USD 350 981,965.47 0.13

EUR 114 56,142.11 0.01

USD 341 51,316.71 0.01

USD -60 -15,492.57 0.00

EUR -706 -84,670.00 -0.01

EUR -170 334,900.00 0.04

-59,913.44 -0.01

-59,913.44 -0.01

USD 850 2,075,880.57 0.27

USD -1,700 -2,719,111.17 -0.35

313





TOTAL Options on a regulated market

TOTAL Conditional forward commitments

Other forward financial instruments

Credit Default Swap

CDSI135-99473

CDSI136-99473

CDXIG531

ITXEB530

TOTAL Credit default swap

TOTAL Other forward financial instruments


Margin call



TOTAL Margin call

Receivables

Payables

Financial accounts

Net assets

USD 850 691,960.19 0.09

48,729.59 0.01

48,729.59 0.01

USD -46,000,000 -923,019.23 -0.12

EUR -7,000,000 -170,768.89 -0.02

USD -23,000,000 -461,509.61 -0.06

EUR -10,000,000 -243,955.56 -0.03

-1,799,253.29 -0.23

-1,799,253.29 -0.23

-1,810,437.14 -0.23

EUR -284,802.12 -284,802.12 -0.04

USD 160,333.87 147,068.31 0.02

-137,733.81 -0.02

157,595,327.22 20.22

-173,917,967.84 -22.32

26,342,606.22 3.38

779,345,739.58 100.00

EdR SICAV - Start A EUR shares EUR 222,406.254 544.89

EdR SICAV - Start A USD (H) shares USD 9,603.813 106.03

EdR SICAV -Start I CHF (H) shares CHF 294,842.000 98.31

EdR SICAV - Start CR EUR shares EUR 1,450,508.457 99.02

EdR SICAV - Start I EUR shares EUR 25,998.580 5,851.42

EdR SICAV - Start I USD (H) shares USD 21,140.858 1,133.17

EdR SICAV - Start A CHF (H) shares CHF 1,662.780 97.17

EdR SICAV - Start R EUR shares EUR 7,734.756 100.08

EdR SICAV - Start N EUR shares EUR 289,087.047 1,078.99

314




2019 Financial Year

315

FEATURES

Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF)on 4 January 2019.The Sub-fund was created on 21 March 2019, through the merger/absorption of the following fund whilemaintaining the ISIN codes:

- Edmond de Rothschild Europe Midcaps created on 10 May 2005.

Management objective:Over a recommended investment horizon of more than five years, the Sub-fund is managed with the aim ofachieving an increase in net asset value as a result of exposure to mid-cap companies in Europe.The selection criteria will be outlined in the investment strategy.

Benchmark index:The Sub-fund has no benchmark index. Its investment scope is not entirely comparable to that of existingindices,The investment objective is not measured in terms of a benchmark. For information purposes, based onhindsight and an investment period of five years, the Sub-fund’s performance can be compared to the StoxxEurope Small 200 index (Bloomberg ticker: SCXR), expressed in euros for shares issued in euros and in USdollars for shares issued in US dollars, with net dividends reinvested. This is an index representing 200mid-cap European equities.On the date of the latest update of this prospectus, the administrator of this benchmark index (website:https://www.stoxx.com/) was not yet included in the register of administrators and benchmark indices heldby ESMA.In accordance with Regulation (EU) 2016/1011 of the European Parliament and of theCouncil of 8 June 2016, the Management Company has a procedure in place for monitoringthe benchmark indices used, which sets out the action to be taken in the event that an indexmaterially changes or ceases to be provided.


Risk of capital loss:The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the fullamount of the capital they initially invested, even if they retain the shares for the duration of therecommended investment period.Credit risk:The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment ofinterest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of anissuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss isrecorded on a financial instrument following default by an issuer. The inclusion of debt securities in theportfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in creditquality.Interest rate risk:The exposure to interest rate products (debt securities andmoneymarket instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security andthus 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 denominatedin a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate ofthe 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 sharemay 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

316

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 oflarge cap companies. As a result, the Sub-fund’s net asset valuemay fluctuate significantly andmore 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 thanin the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to apossible 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 marketconditions 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 thanin the markets in which the sub-fund invests.Risk associated with the currency of units denominated in a currency other than that of the Sub-fund:Unitholders investing in currencies other than the Sub-fund’s base currency (euro) may be exposed tocurrency risk if this is not hedged. The value of the Sub-fund’s assets may fall if exchange rates vary, whichmay cause the net asset value of the Sub-fund to fall.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 theircollateral, may involve certain specific risks such as operational risks or custody risk. These transactionsmay therefore have a negative effect on the net asset value of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchasesand sales of securities and for total return swaps.

Target subscribers:A EUR, A USD and A USD (H) shares: All subscribersR EUR shares: All subscribers; specifically intended to be marketed by distributors selected for this purposeby the Management Company and all shareholders who subscribed to the Sub-fund before 21/03/2019.I EUR, K EUR, and I USD (H) shares: Legal entities and institutional investors dealing on their own behalf oron behalf of third parties.CR USD and CR EUR shares are intended for all subscribers; these units 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 authorisethem to receive or retain trailer fees,- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

317


Distributable income“A EUR”, “A USD”, “A USD (H)”, “CR EUR”, “CRUSD”, “I EUR”, “I USD (H)”, “K EUR” and “R EUR”

shares

Allocation of net income Accumulation

Allocation of net realised gains or losses Accumulation

CHANGE IN ASSETS


of EUR€



€

21 March 2019*A EUR shares 45.13 108, 215.048 417.03A USD shares 0.08 712.496 114.79R EUR shares 0.26 974.230 263.76K EUR shares 25.08 118,610.694 211.48I USD (H) shares 2.31 25,649.000 89.87I EUR shares 4.83 26,117.584 185.12A USD (H) shares 0.62 6,691.600 92.81CR EUR shares 1.47 16,988.927 86.31

30 September 2019A EUR shares 33.30 78,860.852 422.23A USD shares 0.08 712.496 116.22R EUR shares 0.26 984.463 266.49K EUR shares 22.23 103,347.694 215.08I USD (H) shares 0.17 1,800.000 96.20I EUR shares 2.58 13,709.422 188.42A USD (H) shares 0.60 6,013.772 99.33CR EUR shares 0.57 6,470.538 87.53

* EdR SICAV - Europe Midcaps was created on 21 March 2019 by merger and absorption of the Edmond deRothschild Europe Midcaps Fund.


The EdR SICAV – Europe Midcaps Sub-fund only holds accumulation shares.

The income will be fully capitalised.




318


30/09/2019

319

EdR SICAV – Europe Midcaps: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019


30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

59,608,675.21

57,511,057.24

57,511,057.24

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2,097,617.97

2,097,617.97

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

834,836.61

822,152.02

12,684.59

308,200.71

308,200.71


329



30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

59,194,853.66

0.00

0.00

18,432.70

578,926.14

59,792,212.50

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

959,500.03

812,359.96

147,140.07

0.00

0.00

0.00



321



30/09/2019




Other commitments

Other transactions



Other commitments

322



30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

0.00

1,340,754.23

0.00

0.00

0.00

0.00

0.00

1,340,754.23

0.00

0.00

2,249.71

0.00

2,249.71

1,338,504.52

0.00

636,444.03

702,060.49

-123,134.35

0.00

578,926.14



ACCOUNTING METHODS AND RULES



Income from fixed-income securities is recorded on the basis of interest received.



Financial instruments are recorded in the financial statements according to the historical cost method and on thebalance sheet at their current value as determined by the last known market value or, where no market exists, byany external means or by the use of financial models.Differences between current values used to calculate net asset value and the historical costs of transferablesecurities when these were first included in the portfolio are recorded in the ‘valuation differentials’ account.Investments that are not in the portfolio currency are valued in accordance with the principle set out below, and thenconverted into the portfolio currency at the exchange rate on the valuation date.

Deposits:








Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using anactuarial method based on a reference rate, defined below, which is increased, where applicable, by a differentialthat is representative of the intrinsic characteristics of the issuer:Negotiable debt securities with a maturity of one year or less: interbank rate in euro (Euribor)Negotiable debt securities with a maturity exceeding one year: rates for French treasury bills (BTAN and OAT) withsimilar maturity dates for the longest durations.




UCIs held:





Loaned securities are valued at their current value and are entered under assets at their current value, plus accruedinterest receivable, under the ‘Receivables on loaned securities’ heading.


Financial futures:




Swaps:









- 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%




0.15%

Performance fee:

Outperformance fees will be deducted from A EUR, A USD, I EUR, I USD, R EUR, CR EUR, A USD HEDGEshares for the benefit of the Management Company in accordance with the following procedures:

- Benchmark: Stoxx Europe Small 200, net dividends reinvested (expressed in euros for units issued in euros andin US dollars for units issued in US dollars)


When the Sub-fund outperforms its benchmark, a provision of 15% net of tax will be applied to the outperformance.







Swing Pricing

The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known asSwing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.“A EUR”, “A USD”, “A USD (H)”, “CR USD”, “CR EUR” and “R EUR”,“I EUR”, “I USD (H)” and “K EUR” subscriptions and share redemptions are executed by amount or by share orby 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 istreated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable toeach subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or theinvestment jurisdiction of the UCITS. In case of uncertainty, subscribers should contact their adviser to obtaininformation about the tax regime applicable to them.Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemptionorders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmondde Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, inorder 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




Income:

Net income 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 bytemporary cash holdings, less the sum of the costs of management and borrowing costs.It is increased by the balance carried forward and increased or reduced by the balance of the incomeadjustment account.

Gains and losses:

Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plusany net gains of the same type recorded during previous financial years that have not been distributed oraccumulated, plus or minus the balance of the capital gains adjustment account.



“A EUR”, “A USD”, “R EUR”, “K EUR”, “IUSD H”, “I EUR”, “A USD H”, “CR EUR”,

“CR USD” units


Allocation of realised net gains and losses Accumulation

327



30/09/2019







Losses realised on forward financial instruments -13,313.52


Foreign exchange differences -516,171.60

Changes in the valuation differential on deposits and financial instruments 523,672.83

Valuation differential for financial year N 523,672.83










Other items 0.00


328




ECONOMIC TYPE

Amount %

Assets



Debt securities


Liabilities






Other transactions


329





Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

308,200.71

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.52

0.00

0.00

0.00

0.00




Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

308,200.71

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.52

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00


330




ITEMS

GBP SEK USD Other currencies


Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Equities and equivalent securities 11,915,361.16 19.93 7,361,853.24 12.31 969,987.34 1.62 1,208,443.05 2.02


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


Receivables 0.00 0.00 0.00 0.00 802,450.29 1.34 0.00 0.00


Liabilities



Payables 0.00 0.00 0.00 0.00 28,251.70 0.05 0.00 0.00






30/09/2019

Receivables





Total receivables

Payables



Redemptions payable

Management fees


Total payables

794,176.03

27,975.99

617.45

12,067.14

834,836.61

28,251.70

784,108.26

42,165.19

89,086.69

15,888.19

959,500.03

331


3.6.SHARE CAPITAL


In equities Amount

EdR SICAV – Europe Midcaps I EUR




26,117.584

-12,408.162

13,709.422

4,864,480.91

-2,334,607.50

2,529,873.41

EdR SICAV – Europe Midcaps CR EUR




17,048.661

-10,578.123

6,470.538

1,480,833.99

-923,843.66

556,990.33

EdR SICAV - Europe Midcaps A USD (H)




6,691.600

-677.828

6,013.772

625,224.06

-67,482.62

557,741.44

EdR SICAV - Europe Midcaps A EUR




112,607.042

-33,746.190

78,860.852

47,259,210.71

-14,415,571.04

32,843,639.67

EdR SICAV - Europe Midcaps I USD (H)




25,649.000

-23,849.000

1,800.000

2,320,678.00

-2,184,285.20

136,392.80

EdR SICAV - Europe Midcaps A USD




712.496

0.000

712.496

82,292.54

0.00

82,292.54

EdR SICAV - Europe Midcaps R EUR




998.162

-13.699

984.463

265,028.37

-3,721.26

261,307.11

EdR SICAV - Europe Midcaps K EUR




118,690.694

-15,343.000

103,347.694

25,254,431.55

-3,303,591.43

21,950,840.12

332



Amount





EdR SICAV - Europe Midcaps CR EUR




EdR SICAV - Europe Midcaps I EUR
























333



30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00

The variable management fees shown above correspond to the expenses recorded between the date the sub-fund was created by merger, 20/03/2019, and 30/09/2019. Thereference period for variable charges is between 01/10/2018 and 30/09/2019. The variable charges calculated between 01/10/2018 and 20/03/2019 were recorded in the Fundabsorbed prior to the merger. They represented EUR 15,888.19.

334


3.7.MANAGEMENT FEES

30/09/2019


Guarantee fees 0.00




Trailer fees 0.00




None


None

EdR SICAV – Europe Midcaps: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/2019335

336




30/09/2019


Borrowed securities

0.00

0.00


30/09/2019



0.00

0.00



Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 2,097,617.97



337




30/09/2019



Profit/loss 578,926.14

Total 578,926.14

30/09/2019


Allocation

Distribution 0.00



Total 4,405.44

30/09/2019


Allocation

Distribution 0.00



Total 5,299.35

30/09/2019


Allocation

Distribution 0.00



Total 33,714.43

30/09/2019


Allocation

Distribution 0.00



Total 258,688.42

338


30/09/2019


Allocation

Distribution 0.00



Total 2,152.18

30/09/2019


Allocation

Distribution 0.00


Accumulation 643.48

Total 643.48

30/09/2019


Allocation

Distribution 0.00



Total 1,481.64

30/09/2019


Allocation

Distribution 0.00



Total 272,541.20

339




30/09/2019





Total 18,432.70

30/09/2019


Allocation

Distribution 0.00



Total -907.01

30/09/2019


Allocation

Distribution 0.00



Total 21,972.80

30/09/2019


Allocation

Distribution 0.00



Total -204.50

30/09/2019


Allocation

Distribution 0.00



Total 17,677.56

340


30/09/2019


Allocation

Distribution 0.00



Total -12,131.45

30/09/2019


Allocation

Distribution 0.00


Accumulation -30.20

Total -30.20

30/09/2019


Allocation

Distribution 0.00


Accumulation -97.01

Total -97.01

30/09/2019


Allocation

Distribution 0.00



Total -7,847.49

341




30/09/2019



Net assets in USD






Net assets in EUR






Net assets in EUR






Net assets in USD





651,281.16

6,013.772

108.29

3.65

0.73

2,583,237.16

13,709.422

188.42

-0.06

2.45

566,387.02

6,470.538

87.53

-0.03

0.81

188,790.03

1,800.000

104.88

9.82

1.19

342




30/09/2019



Net assets in EUR






Net assets in USD






Net assets in EUR






Net assets in EUR





33,298,001.02

78,860.852

422.23

-0.15

3.28

90,281.78

712.496

126.71

-0.04

0.90

262,355.51

984.463

266.49

-0.09

1.50

22,228,853.53

103,347.694

215.08

-0.07

2.63

343







GERMANY

AURELIUS AG EUR 28,530 1,080,145.80 1.81

COMPUGROUP MEDICAL AG EUR 14,430 796,536.00 1.33

GRENKE AG EUR 11,052 835,531.20 1.40

LEG IMMOBILIEN AG EUR 12,500 1,312,500.00 2.19

TOTAL GERMANY 4,024,713.00 6.73

AUSTRIA

SCHOELLER-BLECKMANN EUR 11,000 599,500.00 1.00

TOTAL AUSTRIA 599,500.00 1.00

BELGIUM

ENTREPRISES (CIE D’)-CFE EUR 12,236 1,033,942.00 1.73

TOTAL BELGIUM 1,033,942.00 1.73

SPAIN

ALMIRALL SA EUR 98,330 1,578,196.50 2.64

GESTAMP AUTOMOCION SA EUR 70,000 299,600.00 0.50

MASMOVIL IBERCOM SA EUR 71,160 1,326,422.40 2.22

TOTAL SPAIN 3,204,218.90 5.36

FINLAND

HUHTAMAKI OY EUR 39,000 1,426,620.00 2.39

TOTAL FINLAND 1,426,620.00 2.39

FRANCE

BIOMERIEUX EUR 18,000 1,332,180.00 EUR 23,800 1,806,420.00 3.02

CRITEO ADR USD 56,580 969,987.34 1.62

EDENRED EUR 26,325 1,159,089.75 1.94

GROUPE FNAC EUR 22,090 1,281,220.00 2.14

JC DECAUX SA EUR 60,040 1,491,393.60 2.49

ORPEA EUR 17,104 1,917,358.40 3.21

RUBIS EUR 32,000 1,705,600.00 2.85

SCOR SE REGROUPEMENT EUR 45,000 1,705,050.00 2.85

SMCP SA EUR 108,900 1,387,386.00 2.32

SOLUTIONS 30 SE EUR 106,300 1,094,890.00 1.83

SPIE SA EUR 93,030 1,708,961.10 2.86

WORLDLINE SA EUR 18,610 1,077,519.00 1.80

TOTAL FRANCE 17,304,875.19 28.93

IRELAND

KINGSPAN GROUP EUR 36,470 1,633,856.00 2.73

344




UDG HEALTHCARE PLC GBP 183,300 1,554,952.53 2.60

TOTAL IRELAND 3,188,808.53 5.33

ITALY

AMPLIFON EUR 45,960 1,034,100.00 1.73

CAREL INDUSTRIES SPA EUR 57,840 785,467.20 1.31

FINECOBANK SPA EUR 135,000 1,311,120.00 2.20

TOTAL ITALY 3,130,687.20 5.24

LUXEMBOURG

BM EUROPEAN VALUE RETAIL SA GBP 230,000 986,345.65 1.65

SUBSEA 7 NOK 127,370 1,208,443.05 2.02


NETHERLANDS

EURONEXT NV - W/I EUR 15,150 1,137,007.50 1.90

FLOW TRADERS COOPERATIEF UA EUR 48,840 1,173,136.80 1.96

TKH GROUP EUR 16,995 777,691.20 1.30


PORTUGAL

NOS EUR 315,200 1,579,152.00 2.64

TOTAL PORTUGAL 1,579,152.00 2.64

UNITED KINGDOM

ASCENTIAL GROUP LIMITED GBP 300,000 1,285,181.42 2.15

HOWDEN JOINERY GROUP PLC GBP 125,000 791,793.83 1.32

ICG GBP 121,500 1,998,219.74 3.34

KEYWORDS STUDIOS PLC GBP 75,000 972,363.51 1.63

SOPHOS GROUP PL GBP 243,800 1,103,672.43 1.85

ST JAMES’S PLACE CAPITAL PLC (NEW) GBP 169,530 1,876,768.19 3.14

WEIR GROUP (THE) GBP 83,540 1,346,063.86 2.25


SWEDEN

AVANZA BANK HLD --- REGISTERED SHS SEK 133,240 996,907.17 1.67

DOMETIC GROUP AB SEK 157,600 1,135,355.16 1.90

ELEKTA AB SEK 81,590 987,239.76 1.65

EVOLUTION GAMING GROUP AB SEK 71,270 1,287,235.00 2.15

LUNDIN PETROLEUM SEK 61,000 1,680,501.91 2.81

TELE2 AB SEK 93,260 1,274,614.24 2.13

TOTAL SWEDEN 7,361,853.24 12.31

TOTAL Equities and equivalent securities traded on regulated orequivalent markets

57,511,057.24 96.17

TOTAL Equities and equivalent securities 57,511,057.24 96.17

345






FRANCE


TOTAL FRANCE




Receivables

Payables

Financial accounts

Net assets

EUR 21 2,097,617.97 3.51

2,097,617.97 3.51

2,097,617.97 3.51

2,097,617.97 3.51

834,836.61 1.40

-959,500.03 -1.60

308,200.71 0.52

59,792,212.50 100.00

EdR SICAV - Europe Midcaps A USD (H) USD 6,013.772 108.29

EdR SICAV – Europe Midcaps I EUR EUR 13,709.422 188.42

EdR SICAV – Europe Midcaps CR EUR EUR 6,470.538 87.53

EdR SICAV - Europe Midcaps I USD (H) USD 1,800.000 104.88

EdR SICAV - Europe Midcaps A EUR EUR 78,860.852 422.23

EdR SICAV - Europe Midcaps A USD USD 712.496 126.71

EdR SICAV - Europe Midcaps R EUR EUR 984.463 266.49

EdR SICAV - Europe Midcaps K EUR EUR 103,347.694 215.08

346



EdR SICAV - Equity US Solve

2019 Financial Year

347

FEATURES

Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers –AMF) on 02 April 2019.The Sub-fund was created on 24 April 2019.

Management objective:The aim of the Sub-fund, over its recommended investment horizon, is to provide partial exposure to theperformance of North American equity markets, while implementing full or partial permanent equity riskhedging on futures and options markets, based on the Manager’s expectations.

Benchmark index:The Sub-fund’s management objective is not related to a market index, insofar as the Sub-fund willimplement strategies for hedging equity risk.Nevertheless, the performance of A EUR (H), B EUR (H), CR EUR (H), CRD EUR (H), I EUR (H), J EUR(H) and K EUR (H) shares may be compared retrospectively to the performance of a benchmark comprising56% of the S&P 500 index, net dividends reinvested and hedged in EUR, and 44% of the capitalised EONIA.The Eonia (Euro Overnight Index Average) is an index that reflects the average overnight rates at which apanel of 57 banks lend money. It is calculated by the EMMI and represents the rate of the European moneymarket.On the date of the latest update of this prospectus, the administrator of this benchmark index (website:https://www.emmi-benchmarks.eu/euribor-eonia-org/about-eonia.html) was not yet included in theregister of administrators and benchmark indices held by ESMA.The Standard & Poor’s 500 index (S&P 500) is representative of 500 US large-cap companies. Moreinformation with regard to the composition and the operating regulations of the index can be found atwww.standardandpoors.com.On the date of the latest update of this prospectus, the administrator of this index (website:www.standardandpoors.com) was not yet included in the register of administrators and benchmark indicesheld by ESMA.

The performance of A CHF (H), B CHF (H), I CHF (H) and J CHF (H) shares may be comparedretrospectively to the performance of a benchmark comprising 56% of the S&P 500 index, net dividendsreinvested and hedged in CHF, and 44% of the capitalised LIBOR CHF Overnight. ICE BenchmarkAdministration Limited (website: https://www.theice.com/iba) which administers the capitalised LIBORCHF Overnight benchmark is included in the register of administrators and benchmark indices held byESMA. As the Sub-fund is not index-linked, its performance may differ significantly from that of thebenchmarks, which only serve as a basis for comparison.The performance of A GBP (H) shares may be compared retrospectively to the performance of a benchmarkcomprising 56% of the S&P 500 index, net dividends reinvested and hedged in GBP, and 44% of thecapitalised LIBOR GBP Overnight. ICE Benchmark Administration Limited (website:https://www.theice.com/iba) which administers the capitalised LIBOR GBP Overnight benchmark isincluded in the register of administrators and benchmark indices held by ESMA. As the Sub-fund is notindex-linked, its performance may differ significantly from that of the benchmarks, which only serve as abasis for comparison.

The performance of A USD, B USD, CR USD, CRD USD, I USD, J USD and K USD shares may be comparedretrospectively to the performance of a benchmark comprising 56% of the S&P 500 index, net dividendsreinvested, and 44% of the capitalised Federal Funds Effective Rate. The capitalised Federal Funds EffectiveRate index is the average overnight rate in the dollar zone. It is calculated by the Federal Reserve Bank ofNew York and represents the risk-free rate in the dollar zone.On the date of the latest update of this prospectus, the administrator of this index (website:https://www.federalreserve.gov/), was not yet included in the register of administrators and benchmarkindices held by ESMA.In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June2016, 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.

348

Risk profile:

Your money will be invested primarily 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 therisk associated with such an investment and to form his/her own opinion independently of the Edmond deRothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensurethis 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 fullamount of the capital they initially invested, even if they retain the shares for the duration of therecommended investment period.Discretionary management risk:The discretionarymanagement style is based on anticipating trends in the various markets (equities, bonds,moneymarket, commodities and currencies). However, there is a risk that the sub-fundmay not be investedin the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than theinvestment 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 andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment ofinterest and/or the non-repayment of capital. Credit risk is also associated with the downgrading of anissuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss isrecorded on a financial instrument following default by an issuer. The inclusion of debt securities in theportfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in creditquality.Interest rate risk:The exposure to interest rate products (debt securities andmoneymarket instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security andthus 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 denominatedin a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate ofthe 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 sharemay vary as a result of factors related to the issuing entity but also as a result of external,political or economic factors. Fluctuations in equity markets may lead to substantial net asset variations,which may have a negative impact on 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 oflarge cap companies. As a result, the Sub-fund’s net asset valuemay fluctuate significantly andmore 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 thanin the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to apossible 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 marketconditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.Risk linked to derivatives:The Sub-fund may invest in forward financial instruments (derivatives).

349

The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value thanin the markets in which the sub-fund invests.Credit risk linked to investment in speculative securities:The Sub-fundmay invest in issues from companies rated as non-investment grade by a rating agency (ratingbelow BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from theManagement Company. These issues are known as speculative securities and present a higher risk of issuerdefault. This sub-fund should therefore be considered partly speculative and as being aimed specifically atinvestors 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 fallin the net asset value.Risks associated with temporary purchases and sales of securities and with total return swaps: The use ofsecurities financing transactions and total return swaps, as well as the management of their collateral, mayinvolve certain specific risks such as operational risks or custody risk. These transactions may thereforehave a negative effect on the net asset value of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchasesand sales of securities and for total return swaps.

Target subscribers:A CHF (H), A EUR (H), A GBP (H), A USD, B CHF (H), B EUR (H), B USD shares: All subscribers CR EUR(H), CR USD, CRD EUR (H) and CRD USD shares: All subscribers; these shares may be marketed to retailinvestors (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 authorisethem 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 regulatedfinancial entity may be liable to pay the management or advisory fees incurred by each investor. TheManagement Company is not party to such agreements.Shares are not registered for marketing in all countries. They are therefore not open to subscription for retailinvestors in all jurisdictions.I CHF (H), I EUR (H), I USD, J CHF (H), J EUR (H), J USD, K EUR (H) and K USD shares: Legal entities andinstitutional investors dealing on their own behalf or on behalf of third parties. These shares are morespecifically intended for insurance companies subject to the requirements of the “Solvency II” Directive. Infact, the hedging strategies will be implemented and managed under conditions such that they can be deemed“risk mitigation techniques” within the meaning of Directive 2009/138/EC of 25 November 2009 (“SolvencyII”), and thus enable the SCR (“Solvency Capital Requirement”) to be reduced for the investors concerned.



“A CHF (H)”, “A EUR (H)”,“A GBP (H)”, “A USD”, “CREUR (H)”, “CR USD”, “ICHF (H)”, “I EUR (H)”, “IUSD”, “K EUR (H)” and “K

USD” shares

“B CHF (H)”, “B EUR (H)”,“B USD”, “CRD EUR (H)”,“CRD USD”, “J CHF (H)”, “JEUR (H)” and “J USD”

shares



Accumulation


350

CHANGE IN ASSETS


of EUR$



$

24 April 2019*CR USD share 2.31 23,120.000 100.00K USD shares 15.28 152,800.000 100.00

30 September 2019A EUR (H) shares 66.75 613,774.838 108.74CR EUR (H) shares 92.74 850,804.296 109.00CR USD share 53.10 522,455.753 101.62K USD shares 20.63 202,898.253 101.65

* EdR SICAV - Equity US Solve was created on 24 April 2019.


The Board of Directors notes that as at 30 September 2019, no D unit was subscribed.

EDR SICAV-Equity US Solve



351


30/09/2019

352

EDR SICAV – Equity US Solve: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019

BALANCE SHEET IN USD AT 30/09/2019

30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

204,046,288.43

0.00

0.00

0.00

138,614,541.67

138,614,541.67

0.00

59,930,479.26

59,930,479.26

59,930,479.26

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

5,501,267.50

5,501,267.50

0.00

0.00

210,714,819.31

174,033,361.80

36,681,457.51

6,462,770.22

6,462,770.22


353


BALANCE SHEET: LIABILITIES AT 30/09/2019 IN USD

30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

234,637,308.33

0.00

0.00

-1,905,100.39

477,600.52

233,209,808.46

2,868,732.50

0.00

0.00

0.00

0.00

0.00

2,868,732.50

2,868,732.50

0.00

185,101,315.90

175,946,386.65

9,154,929.25

44,021.10

44,021.10

0.00



354


OFF-BALANCE-SHEET ITEMS AS AT 30/09/2019 IN USD

30/09/2019



Options

S&P 500 INDEX 03/2020 PUT 2350 893,915.02

S&P 500 INDEX 03/2020 PUT 2650 5,543,880.58

S&P 500 INDEX 06/2020 PUT 2350 1,783,662.61

S&P 500 INDEX 06/2020 PUT 2650 12,243,926.97

S&P 500 INDEX 09/2019 CALL 2975 27,281,822.10

S&P 500 INDEX 09/2019 CALL 2985 1,160,928.60

S&P 500 INDEX 09/2020 PUT 2350 2,708,833.40

S&P 500 INDEX 09/2020 PUT 2650 8,823,057.36

S&P 500 INDEX 10/2019 CALL 3020 7,477,570.88

S&P 500 INDEX 10/2019 CALL 3030 42,420,000.00

S&P 500 INDEX 10/2019 CALL 3050 5,140,829.98

S&P 500 INDEX 10/2019 PUT 2895 5,429,573.76

S&P 500 INDEX 10/2019 PUT 2910 5,355,155.26

S&P 500 INDEX 10/2019 PUT 2940 5,015,806.90

S&P 500 INDEX 10/2019 PUT 3005 14,693,188.64


Other commitments

Other transactions


Futures contracts

SP S&P 500 IN 1219 180,943,875.00


Other commitments

355


PROFIT AND LOSS STATEMENT AS AT 30/09/2019 IN USD

30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

59,112.10

0.00

592,571.47

328,083.08

2,854.36

0.00

0.00

982,621.01

22.32

0.00

13,703.31

0.00

13,725.63

968,895.38

0.00

560,838.83

408,056.55

69,543.97

0.00

477,600.52



ACCOUNTING METHODS AND RULES



Income from fixed-income securities is recorded on the basis of interest received.

Purchases and sales of securities are recognised exclusive of costs.The base currency of the portfolio is the US dollar. The length of the financial year is 159 days.



Deposits:








Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using anactuarial method based on a reference rate, defined below, which is increased, where applicable, by a differentialthat is representative of the intrinsic characteristics of the issuer:Negotiable debt securities with a maturity of one year or less: interbank rate in euro (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.




UCIs held:




Securities transferred under a repurchase agreement are recorded as securities purchased at their current value.Payables representing securities transferred under a repurchase agreement are recorded as securities sold atthe contracted value, plus any accrued interest payable.

Loaned securities are valued at their current value and are entered under assets at their current value, plusaccrued 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 on borrowed securities” heading at the contracted amount, plus any accruedinterest payable.

Financial futures:




Swaps:

Interest rate and/or currency swaps are valued at their market value according to the price calculated bydiscounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. Thisprice is adjusted to take into account the risk associated with the issuer.






Operating and management fees cover all fees relating to the UCI: fees for financial management,administration, accounting, custody, distribution, audit, etc.


Management fees do not include transaction fees. For more information about the fees charged to the UCI,please see the prospectus.




A EUR (H) shares: 1.20% inclusive of taxCR EUR (H) shares: 0.70% inclusive of taxCR USD shares: 0.70% inclusive of taxK USD shares: 0.75% inclusive of tax



0.10%

Performance fee

Performance fees are payable to the Management Company for the A EUR (H), CR EUR (H) and CR USD sharesin accordance with the following procedures:

Benchmark for A USD, B USD, CR USD, CRD USD, I USD, J USD and K USD shares: 56% comprising the S&P500 index, net dividends reinvested, and +44% comprising the capitalised Federal Funds Effective Rate.

Benchmark for A EUR (H), B EUR (H), CR EUR (H), CRD EUR (H), I EUR (H), J EUR (H) and K EUR (H) shares:56% of the S&P 500 index, net dividends reinvested, hedged in EUR, + 44% of the capitalised EONIA.

Benchmark for A CHF (H), B CHF (H), I CHF (H) and J CHF (H) shares: 56% of the S&P 500 index, net dividendsreinvested, hedged in CHF, +44% of the capitalised LIBOR CHF Overnight.

Benchmark for A GBP (H) shares: 56% of the S&P 500 index, net dividends reinvested, hedged in GBP, +44% ofthe capitalised LIBOR GBP Overnight.


When the Sub-fund outperforms its benchmark, a provision of 15% net of tax will be applied to the outperformance.









Income:

Net income 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 bytemporary cash holdings, less the sum of the costs of management and borrowing costs.It is increased by the balance carried forward and increased or reduced by the balance of the incomeadjustment account.


Gains and losses:

Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plusany net gains of the same type recorded during previous financial years that have not been distributed oraccumulated, plus or minus the balance of the capital gains adjustment account.


Distributable income“A EUR (H)”, “CR EUR (H)”, “K USD”,

“CR USD” shares


Allocation of realised net gains and losses Accumulation

360


2.CHANGE IN NET ASSETS AS AT 30/09/2019 IN USD

30/09/2019









Foreign exchange differences -1,672,067.15

Changes in the valuation differential on deposits and financial instruments 280,541.85

Valuation differential for financial year N 280,541.85










Other items 0.00


361




ECONOMIC TYPE

Amount %

Assets




Debt securities

Treasury bills


Liabilities





Equities


Other transactions

Equities


138,614,541.67 59.44

138,614,541.67 59.44

59,930,479.26 25.70

59,930,479.26 25.70

0.00 0.00

145,972,152.06 62.59

145,972,152.06 62.59

180,943,875.00 77.59

180,943,875.00 77.59

362





Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

138,614,541.67

59,930,479.26

0.00

0.00

0.00

0.00

0.00

0.00

0.00

59.44

25.70

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

6,462,770.22

0.00

44,021.10

0.00

0.00

0.00

0.00

0.00

0.00

2.77

0.00

0.02

0.00

0.00




Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

35,677,822.54

15,635,648.66

0.00

6,462,770.22

0.00

44,021.10

0.00

0.00

0.00

15.30

6.70

0.00

2.77

0.00

0.02

0.00

0.00

0.00

102,936,719.13

44,294,830.60

0.00

0.00

0.00

0.00

0.00

0.00

0.00

44.14

18.99

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00


363




ITEMS

EUR Other currencies


Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00



Debt securities 13,480,675.38 5.78 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


Receivables 169,046,265.46 72.49 0.00 0.00 0.00 0.00 0.00 0.00


Liabilities



Payables 21,944,992.90 9.41 0.00 0.00 0.00 0.00 0.00 0.00






30/09/2019

Receivables






Collateral

Total receivables

Payables




Redemptions payable

Management fees


Total payables

160,298,131.80

13,735,230.00

8,187,750.00

8,748,133.66

18,515,573.85

1,230,000.00

210,714,819.31

13,634,505.79

162,311,880.86

8,176,500.00

776,395.11

177,475.75

24,558.39

185,101,315.90

364


3.6.SHARE CAPITAL


In equities Amount

EDR SICAV-Equity US Solve Actions K USD




214,550.439

-11,652.186

202,898.253

21,467,901.03

-1,175,893.85

20,292,007.18

EDR SICAV EQUITY US SOLVE UNIT A EUR H SHARES




641,414.866

-27,640.028

613,774.838

71,484,638.93

-3,068,427.95

68,416,210.98

EDR SICAV EQUITY US SOLVE UNIT CR EUR H SHARES




903,195.280

-52,390.984

850,804.296

100,584,074.33

-5,815,613.17

94,768,461.16

EDR SICAV-Equity US Solve CR USD Shares




545,278.075

-22,822.322

522,455.753

55,297,790.68

-2,318,953.70

52,978,836.98


Amount

















365



30/09/2019


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00


Guarantee fees 0.00




Trailer fees 0.00



None


None

EDR SICAV – Equity US Solve: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/2019366

367


3.9.OTHER INFORMATION

3.9.1.Current value of securities subject to a temporary purchase transaction

30/09/2019


Borrowed securities

0.00

0.00

3.9.2.Current value of securities representing guarantee deposits

30/09/2019



0.00

0.00



Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 0.00


368


3.10.ALLOCATION OF DISTRIBUTABLE INCOME


30/09/2019



Profit/loss 477,600.52

Total 477,600.52

30/09/2019


Allocation

Distribution 0.00



Total 53,161.13

30/09/2019


Allocation

Distribution 0.00



Total 44,967.81

30/09/2019


Allocation

Distribution 0.00



Total 255,803.47

30/09/2019


Allocation

Distribution 0.00



Total 123,668.11

369




30/09/2019





Total -1,905,100.39

30/09/2019


Allocation

Distribution 0.00



Total 149,042.54

30/09/2019


Allocation

Distribution 0.00



Total -1,087,602.06

30/09/2019


Allocation

Distribution 0.00



Total -1,350,318.68

30/09/2019


Allocation

Distribution 0.00



Total 383,777.81

370




30/09/2019

Total net assets in USD 233,209,808.46

EDR SICAV-Equity US Solve Actions KUSD




Accumulation per unit on net gains andlosses in USD

0.73

Accumulation per unit on income in USD 0.26

EDR SICAV EQUITY US SOLVE UNIT AEUR H SHARES





-1.77


EDR SICAV EQUITY US SOLVE UNIT CREUR H SHARES





-1.58


EDR SICAV-Equity US Solve CR USDShares





0.73


371


3.12. PORTFOLIO BREAKDOWN IN USD





AUSTRALIA

AUS. AND NZ BANKING GROUP 5.1% 13/01/20 USD 1,500,000 1,529,095.00 0.66

CNOO FINA 201 2.625% 05-05-20 USD 2,500,000 2,529,909.38 1.08

CW BK AUST 2.25% 10-03-20 USD 1,500,000 1,502,925.00 0.64



CITIGROUP 2.4% 18-02-20 USD 500,000 501,736.67 0.22

GE CAP 2.5% 28-03-20 USD 2,000,000 1,996,215.56 0.86

GENERAL ELEC CAP 5.55% 04/05/2020 USD 1,000,000 1,040,669.67 0.45

GLEN FU LLC 2.875% 16-04-20 USD 2,000,000 2,025,263.89 0.87

GOLDMAN SACHS 5.3/8% 15/03/2020 USD 1,000,000 1,017,083.19 0.44

GOLDMAN SACHS 6% 06/20 USD 500,000 522,309.17 0.22

HSBC U 2.35% 05-03-20 USD 1,000,000 1,003,087.50 0.43

MORGE STAN CAP 2.8% 16-06-20 USD 1,000,000 1,013,194.44 0.43

MORGAN STANLEY 5.50% 01/20 USD 1,250,000 1,275,647.92 0.55

NESNVX 2 1/8 01/14/20 USD 1,000,000 1,015,439.17 0.44

UNITED STATES DEPARTMENT OF STATE 1.5% 30-11-19 USD 27,454,400 27,575,102.00 11.81

UNITED STATES OF AMERICA 2.25% 28-02-20 USD 10,000,000 10,034,111.76 4.30

UNITED STATES TREASURY NOTEBOND 1.0% 15-11-19 USD 2,004,400 2,010,224.60 0.86




US TREASURY 1.25% 31/10/2019 USD 2,004,400 2,014,180.31 0.86

US TREASURY 1.375% 31/05/2020 USD 8,000,000 8,010,717.21 3.43

US TREASURY 2.125% 31/08/2020 USD 8,000,000 8,035,259.30 3.45

US TREASURY 2.625% 15/08/2020 USD 8,000,000 8,081,508.17 3.47

US TREASURY 3.625% 15/02/2020 USD 8,950,000 9,048,073.07 3.88

USA 1.875% 30/06/2020 USD 1,200,000 1,205,967.40 0.52


FINLAND

NORDEA BK PUBL. 2.125% 29-05-20 USD 1,500,000 1,510,080.63 0.65

TOTAL FINLAND 1,510,080.63 0.65

FRANCE

BFCM BANQUE FEDERATIVE CREDIT MUTUEL 2.2% 20-07-20 USD 465,000 467,633.76 0.20

DEXIA 2.25% 18/02/2020 USD 2,000,000 2,006,480.00 0.86

EDF 4.60% 27/01/2020 USD 1,000,000 1,015,905.56 0.44

372




ORANGE 1.625% 03/11/2019 USD 1,000,000 1,006,141.19 0.43

TOTAL FRANCE 4,496,160.51 1.93

GUERNSEY

CRED SUIS SA 2.75% 26-03-20 USD 3,000,000 3,009,580.00 1.29

TOTAL GUERNSEY 3,009,580.00 1.29

NETHERLANDS

RABOBANK NEDERLAND 15/01/20 USD 2,000,000 2,035,249.44 0.87


UNITED KINGDOM

BARCLAYS 2.75% 08-11-19 USD 1,000,000 1,011,400.00 0.43

ROYAL BANK OF SCOTLAND 6.40% 10/19 USD 2,000,000 2,060,774.44 0.89


SWEDEN

SKAN ENS 2.45% 27-05-20 EMTN USD 2,000,000 2,020,343.89 0.87

SWEDBANK AB 2.2% 04-03-20 USD 1,000,000 1,001,391.11 0.43

TOTAL SWEDEN 3,021,735.00 1.30

TOTAL Bonds and equivalent securities traded on regulated orequivalent markets

138,614,541.67 59.44

TOTAL Bonds and equivalent securities 138,614,541.67 59.44

Debt securities



UNIT STAT TREA BIL ZCP 05-12-19 USD 5,700,000 5,680,342.70 2.44




US TREASURY BILL ZCP 020120 USD 9,000,000 8,958,545.26 3.84

US TREASURY BILL ZCP 230120 USD 9,000,000 8,949,554.35 3.84


ITALY

ITAL BUON ORD 0.0% 14-04-20 EUR 6,350,000 6,933,084.93 2.97

ITALY BUONI TES BOT ZCP 310120 EUR 6,000,000 6,547,590.45 2.81

TOTAL ITALY 13,480,675.38 5.78

TOTAL Debt securities traded on a regulated or equivalentmarket

59,930,479.26 25.70

TOTAL Debt securities 59,930,479.26 25.70

373





Futures


SP S&P 500 IN 1219


TOTAL Futures

Options


S&P 500 INDEX 03/2020 PUT 2350

S&P 500 INDEX 03/2020 PUT 2650

S&P 500 INDEX 06/2020 PUT 2350

S&P 500 INDEX 06/2020 PUT 2650

S&P 500 INDEX 09/2019 CALL 2975

S&P 500 INDEX 09/2019 CALL 2985

S&P 500 INDEX 09/2020 PUT 2350

S&P 500 INDEX 09/2020 PUT 2650

S&P 500 INDEX 10/2019 CALL 3020

S&P 500 INDEX 10/2019 CALL 3030

S&P 500 INDEX 10/2019 CALL 3050

S&P 500 INDEX 10/2019 PUT 2895

S&P 500 INDEX 10/2019 PUT 2910

S&P 500 INDEX 10/2019 PUT 2940

S&P 500 INDEX 10/2019 PUT 3005

TOTAL Options on a regulated market

TOTAL Conditional forward commitments


Margin call


TOTAL Margin call

Receivables

Payables

Financial accounts

Net assets

USD 243 -1,715,687.50 -0.74

-1,715,687.50 -0.74

-1,715,687.50 -0.74

USD -39 -77,025.00 -0.03

USD 96 500,160.00 0.21

USD -56 -197,960.00 -0.08

USD 182 1,429,610.00 0.62

USD -141 -43,710.00 -0.02

USD 130 520.00 0.00

USD -70 -363,650.00 -0.16

USD 120 1,231,800.00 0.53

USD -80 -118,800.00 -0.05

USD -140 -164,500.00 -0.07

USD -110 -59,400.00 -0.03

USD -80 -128,000.00 -0.05

USD 70 125,370.00 0.05

USD 50 119,000.00 0.05

USD 80 379,120.00 0.16

2,632,535.00 1.13

2,632,535.00 1.13

916,847.50 0.39

USD 1,715,687.5 1,715,687.50 0.74

1,715,687.50 0.74

210,714,819.31 90.35

-185,101,315.90 -79.37

6,418,749.12 2.75

233,209,808.46 100.00

EDR SICAV-Equity US Solve Actions K USD USD 202,898.253 101.65

EDR SICAV EQUITY US SOLVE UNIT A EUR H SHARES EUR 613,774.838 99.75

EDR SICAV EQUITY US SOLVE UNIT CR EUR H SHARES EUR 850,804.296 99.98

EDR SICAV-Equity US Solve CR USD Shares USD 522,455.753 101.62

374


SOCIÉTÉ D'INVESTISSEMENT ÀCAPITALVARIABLE (OPEN-ENDED

INVESTMENT COMPANY – SICAV) UNDER FRENCH LAW


2019 Financial Year

375

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 fundwhile maintaining the ISIN code:

- CA EdRAM Opportunities, created on 11 January 2008

Management objective:The Sub-fund aims to generate positive performance over a recommended investment horizon of more thanfive years via the discretionary and opportunistic management of a diversified portfolio across multipleasset classes (including equities, interest rates and currencies), with no restriction as to sector orgeographical area. In order to achieve themanagement objective, the Sub-fundmay use futures and optionsfor the purposes of hedging, engaging in arbitrage and/or exposing the portfolio to these multiple assetclasses. This portfolio will be constructed by implementing directional strategies and relative values(arbitrage strategies).

Benchmark index:The composition of the sub-fund’s portfolio is not related to a market index. Due to the multiple assetclasses and the diversity of the investment scope, referencing a benchmark index could therefore bemisleading for investors.

Risk profile:Your money will be invested primarily 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 riskassociated with such an investment and to form their own opinion independently of the Edmond de RothschildGroup, by obtaining as much specialist advice on such matters as is necessary to ensure that this investment isappropriate 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 amountof the capital they initially invested, even if they retain the shares for the duration of the recommendedinvestment 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 investedin the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than theinvestment 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 andBTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interestand/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 ona financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whetherdirectly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.Credit risk associated with investment in speculative securities:The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (ratingbelow BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from theManagement Company. These issues are known as speculative securities and present a higher risk of issuerdefault. This sub-fund should therefore be considered partly speculative and as being aimed specifically atinvestors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yieldsecurities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the netasset value.Interest rate risk:

376

The exposure to interest rate products (debt securities and money market instruments) makes the sub-fundsensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security andthus 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-fundmay be exposed to emergingmarkets. In addition to the individual risks of each issuing company,there are also external risks, particularly in these markets. Furthermore, investors are reminded that theoperating and oversight conditions in these markets may differ from the standards that prevail on majorinternational 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 valuemay fall further and more rapidly, and finally, the companies held in the portfolio may have governments asshareholders.Currency risk:The capital may be exposed to currency risk when its constituent securities or investments are denominated ina different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate of the basecurrency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which maylead 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 isin 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 oflarge 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 inthe markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financialcontracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Suchtransactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possibledecrease 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 marketconditions 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 valuethan 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 useof securities financing transactions and total return swaps, as well as the management of their collateral, mayinvolve certain specific risks such as operational risks or custody risk. These transactions may therefore havea negative effect on the net asset value of the Sub-fund.Legal risk:This is the risk of inadequately drafting contracts concluded with counterparties for temporarypurchases and sales of securities and for total return swaps.

Target subscribers:A EUR, A CHF (H), A USD (H) shares: All investors.J EUR, I EUR, I CHF (H), I USD (H) shares: Legal entities and institutional investors dealing on their ownbehalf or on behalf of third parties.

377


Distributable income“A EUR”, “A CHF (H)”, “A USD(H)”, “I EUR”, “I CHF (H)” and

“I USD (H)” sharesJ EUR shares



Accumulation

Accumulation (in full or in part) orDistribution (in full or in part) orCarried forward (in full or in part), atthe discretion of the Management

Company

CHANGE IN ASSETS


of EUR€



€

12 September 2019*A EUR shares 1.39 14,200 97.55

30 September 2019A EUR shares 1.38 14,200 97.47

* EdR SICAV - Global Opportunities was created on 12 September 2019 by contribution from the Cportion of the CA EdRAM Opportunities Fund..


The Board of Directors noted that as at 30 September 2019, no subscriptions had been taken out ondistribution shares.




378


30/09/2019

379

EdR SICAV – Global Opportunities: ANNUAL FINANCIALSTATEMENTS AS AT 30/09/2019


30/09/2019

Net fixed assets

Deposits








Debt securities














Borrowed securities





Other transactions


Receivables


Other

Financial accounts


0.00

0.00

1,325,299.85

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

1,324,419.85

1,324,419.85

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

880.00

880.00

0.00

0.00

11,456.69

0.00

11,456.69

48,702.31

48,702.31


380



30/09/2019

Share capital

Capital














Other transactions

Payables


Other

Financial accounts


Loans

1,383,474.86

0.00

0.00

1,103.99

-432.91

1,384,145.94

880.00

0.00

0.00

0.00

0.00

0.00

880.00

880.00

0.00

432.91

0.00

432.91

0.00

0.00

0.00



381



30/09/2019




Other commitments

Other transactions


Futures contracts


STX 50 DIV 1219


Other commitments

177,750.00

121,700.00

382



30/09/2019









Total (1)






Total (2)


Other income (3)





Profit/loss (1 - 2 + 3 - 4 + 5 - 6)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

432.91

-432.91

0.00

0.00

-432.91


383








Financial instruments are recorded in the financial statements according to the historical cost method and on thebalance sheet at their current value as determined by the last known market value or, where no market exists, byany 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 transferablesecurities 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 thenconverted into the portfolio currency at the exchange rate on the valuation date.

Deposits:








Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using anactuarial method based on a reference rate, defined below, which is increased, where applicable, by a differentialthat 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) withsimilar maturity dates for the longest durations.



384


UCIs held:






Borrowed securities are recorded as assets under the “Borrowed securities” heading at the contracted amount, andas liabilities under the “Payables on borrowed securities” heading at the contracted amount, plus any accrued interestpayable.

Financial futures:




Swaps:






Management fees



Management fees do not include transaction fees. For more details about the fees invoiced to the UCI, please referto the prospectus.



- A EUR shares: 0.50% inclusive of tax


385


For all shares, the rate is 0.10%.

Performance fee: None




Income:


Gains and losses:




“A EUR”, “A CHF (H)”, “AUSD (H)”, “I EUR”, “I CHF(H)” and “I USD (H)” shares

J EUR shares



Accumulation

Accumulation (in full or inpart) or Distribution (in full orin part) or Carried forward (in

full or in part), at thediscretion of the Management

Company

386



30/09/2019



Redemptions (less redemption fees paid to the UCI) 0.00

Gains realised on deposits and financial instruments 896.06




Transaction fees -157.89

Foreign exchange differences 545.75

Changes in the valuation differential on deposits and financial instruments -1,756.99



Changes in valuation differential on forward financial instruments -680.00

Valuation differential for financial year N -680.00




Net profit/loss for the financial year prior to adjustment -432.91



Other items 0.00


387




ECONOMIC TYPE

Amount %

Assets



Debt securities


Liabilities






Other transactions

Equities


0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

299,450.00 21.63

299,450.00 21.63

388





Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

48,702.31

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

3.52

0.00

0.00

0.00

0.00




Assets

Deposits


Debt securities


Financial accounts

Liabilities


Financial accounts



Other transactions

0.00

0.00

0.00

0.00

48,702.31

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

3.52

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00


389




ITEMS

USD GBP Other currencies


Assets

Deposits 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 19,792.00 1.43 0.00 0.00 0.00 0.00


Receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Liabilities








30/09/2019

Receivables


Total receivables

Payables

Managementfees

Total payables

11,456.69

11,456.69

432.91

432.91

390


3.6.SHARE CAPITAL


In equities Amount

Shares subscribed during the financial year 14,200.000 1,385,307.32

Shares redeemed during the financial year 0.000 0.00

Net balance of subscriptions/redemptions 14,200.000 1,385,307.32


Amount




3.7.MANAGEMENT FEES

30/09/2019

Guarantee fees 0.00




Trailer fees 0.00



None


None

EdR SICAV – Global Opportunities: ANNUAL FINANCIAL STATEMENTS AS AT 30/09/2019391

392


3.9.OTHER INFORMATION

3.9.1.Current value of securities subject to a temporary purchase transaction

30/09/2019


Borrowed securities

0.00

0.00

3.9.2.Current value of securities representing guarantee deposits

30/09/2019



0.00

0.00



Equities 0.00

Bonds 0.00

TCN 0.00

UCIs 863,069.80

LU0992632454 ED R INCOME EUROPE ID D 59,527.50

LU1380774387 ED R UK SYN LC GBP C. 19,792.00

FR0011031392 Edmond de Rothschild Credit Very Short Term R 99,882.73

LU1160370091 EDMOND DE ROTHSCHILD FUND GLOBAL 53,994.52

LU1161526816 EDR BD ALLOC I EUR CAP 273,488.10

LU1897614902 EDR FUND - EMERGING SOVEREIGN I EUR H 53,924.31

LU1244894231 EDR FUND-BIG DATA-I-EUR 24,947.35

LU1160361934 EDR INFRASPHER K EUR 13,227.31

FR0013062668 EdR SICAV – Equity Europe Solve K EUR Share 126,845.50

FR0013062650 EdR SICAV – Equity Europe Solve PC EURT Share 137,440.48


393


3.10.ALLOCATION OF DISTRIBUTABLE INCOME


30/09/2019



Profit/loss -432.91

Total -432.91

30/09/2019

EdR SICAV - Global Opportunities A EUR shares

Allocation

Distribution 0.00



Total -432.91



30/09/2019





Total 1,103.99

30/09/2019

EdR SICAV - Global Opportunities A EUR shares

Allocation

Distribution 0.00



Total 1,103.99

394




30/09/2019






0.07


395







FRANCE

AMUNDI 3 M E

CPR CASH P SICAV


EdR SICAV – Equity Europe Solve K EUR Share

EdR SICAV – Equity Europe Solve PC EURT Share

LYX ETF EURSTX50 DAILY -1X INVERSE

TOTAL FRANCE

LUXEMBOURG

DB X-TRACKERS DJES50 ETF 1C

ED R INCOME EUROPE ID D

ED R UK SYN LC GBP C.

EDMOND DE ROTHSCHILD FUND GLOBAL CONVEXITY I EUR

EDR BD ALLOC I EUR CAP

EDR FUND - EMERGING SOVEREIGN I EUR H

EDR FUND-BIG DATA-I-EUR

EDR INFRASPHER K EUR

TOTAL LUXEMBOURG





Futures



STX 50 DIV 1219


TOTAL Futures


Margin call


TOTAL Margin call

Receivables

Payables

Financial accounts

Net assets

EUR 11 109,619.58 7.92

EUR 7 156,300.06 11.28

EUR 1 99,882.73 7.22

EUR 1,210.82 126,845.50 9.16

EUR 1,309.331 137,440.48 9.93

EUR 3,826 60,836.84 4.40

690,925.19 49.91

EUR 10,978 134,593.57 9.72

EUR 560.998 59,527.50 4.30

GBP 136.095 19,792.00 1.43

EUR 475.262 53,994.52 3.90

EUR 20.647 273,488.10 19.76

EUR 503.589 53,924.31 3.90

EUR 151.077 24,947.35 1.80

EUR 59.172 13,227.31 0.96

633,494.66 45.77

1,324,419.85 95.68

1,324,419.85 95.68

EUR -5 -880.00 -0.06

EUR 10 200.00 0.01

-680.00 -0.05

-680.00 -0.05

-680.00 -0.05

EUR 680 680.00 0.05

680.00 0.05

11,456.69 0.83

-432.91 -0.03

48,702.31 3.52

1,384,145.94 100.00

EdR SICAV-Global Opportunities A EUR shares EUR 14,200.000 97.47

396

TEXT OF THERESOLUTIONS

First Resolution:

After hearing the report of the board of directors and the Statutory Auditor's report, the General Meetingapproved the accounts and the balance sheet for the financial year ended 30 September 2019 as presentedin the various items on the balance sheet and the income statement for each of its sub-funds included withinit as at 30 September 2019: EdR SICAV - Euro sustainable Credit, EdR SICAV - Euro Sustainable Growth,EdR SICAV - Financial Bonds, EdR SICAV - Tricolore Rendement, EdR SICAV - Equity Europe Solve, EdRSICAV - Europe Midcaps, EdR SICAV – Start, EdR SICAV - Equity US Solve, EdR SICAV – GlobalOpportunities.

Second Resolution:

The General Meeting, having heard the reading of the Statutory Auditor’s special report on the agreementsreferred to in Article L. 227-10 of the French Commercial Code, approved the agreements referred to in saidreport.

Third Resolution:

The General Meeting noted that the income from the financial year ended 30 September 2019 for the B EURshares of the EdR SICAV – Euro Sustainable Credit Sub-fund was €26,974.21.It is broken down as follows:

- the distributable net income was €26,697.03- the retained earnings were €277.18

The General Meeting approved the proposal of the Board of Directors to set the net dividend per share at€0.59.

It is divided up as follows:

Net in €Income from French bonds > 01/01/87 Incomefrom Other European bonds

0.330.26

Total per B EUR share 0.59

The dividend will be paid on 07/01/2020 for all B EUR shares in existence on that date.Shareholders will be credited with this income by the account-holding institution.

The General Meeting noted that distributable income relating to net gains and losses realised from B EURshares for the financial year ended 30 September 2019 amounted to €24,772.40, i.e. €0.54 per share.

The General Meeting approved the proposal of the Board of Directors to allocate this distributable income tothe sub-fund's “capital” account.

Fourth Resolution:

The General Meeting noted that the income from the CRD EUR shares for the financial year ended 30September 2019 of the EdR SICAV-Euro Sustainable Growth Sub-fund was €-71,819.77.

The General Meeting approved the proposal of the Board of Directors to allocate this net income to the sub-fund's “capital” account.

The General Meeting noted that the distributable income relating to net gains and losses realised during thefinancial year ended 30 September 2019 was nil.

TEXT OF THE ORDINARY RESOLUTIONS

397

Fifth resolution:

The General Meeting noted that the income from the O EUR shares for the financial year ended 30 September2019 of the EdR SICAV-Euro Sustainable Growth Fund was €-1,102.96.

The General Meeting approved the proposal of the Board of Directors to allocate this net income to the sub-fund's “capital” account.

The General Meeting noted that the distributable income from O EUR shares relating to net gains and lossesrealised during the financial year ended 30 September 2019 was nil.

The General Meeting noted that the J EUR shares were not subscribed as at 30 September 2019.

Sixth Resolution:

The General Meeting noted that the income from B EUR shares for the year ended 30 September 2019 ofthe EdR SICAV - Financial Bonds Sub-fund was €494,515.57.It is broken down as follows:


The General Meeting approves the proposal of the Board of Directors to set the net dividend per share at€2.59.



0.010.671.91



The General Meeting noted that the distributable income from B EUR shares relating to net gains and lossesrealised during the financial year ended 30 September 2019 was nil.

Seventh resolution:

The General Meeting noted that the income from CRD EUR shares for the year ended 30 September 2019 ofthe EdR SICAV - Financial Bonds Sub-fund was €1,629.38.It is broken down as follows:





0.010.431.19

Total per CRD EUR share 1.63

The dividend will be paid on 07/01/2020 for all existing CRD EUR shares on that date. Shareholders will becredited with this income by the account-holding institution.

398

The General Meeting noted that the distributable income from CRD EUR shares relating to net gains andlosses realised during the financial year ended 30 September 2019 was nil.

Eighth Resolution:

The General Meeting noted that the income from J EUR shares for the year ended 30 September 2019 of theEdR SICAV - Financial Bonds Sub-fund was €242,325.10.It is broken down as follows:





0.010.531.77

Total per J EUR shares 2.31

The dividend will be paid on 07/01/2020 for all existing J EUR shares on that date.Shareholders will be credited with this income by the account-holding institution.

The General Meeting noted that the distributable income from J EUR shares relating to net gains and lossesrealised during the financial year ended 30 September 2019 was nil.

Ninth Resolution:

The General Meeting noted that the income from J GBP (H) shares for the year ended 30 September 2019of the EdR SICAV - Financial Bonds Sub-fund was €7,074.19.It is broken down as follows:





0.010.140.45

Total per J GBP (H) share 0.60

The dividend will be paid on 07/01/2020 for all existing J GBP (H) shares on that date.Shareholders will be credited with this income by the account-holding institution.

The General Meeting noted that the distributable income from J GBP (H) shares relating to net gains andlosses realised during the financial year ended 30 September 2019 was nil.

Tenth Resolution:

The General Meeting noted that the income from OC EUR shares for the year ended 30 September 2019 ofthe EdR SICAV - Financial Bonds Sub-fund was €895,449.85.It is broken down as follows:

- the distributable net income was €892,538.25- the retained earnings were €2,911.60

399




0.010.481.51

Total per OC EUR share 2.00

The dividend will be paid on 07/01/2020 for all existing OC EUR shares on that date.Shareholders will be credited with this income by the account-holding institution.

The balance of the income for the financial year of the OC EUR shares will be deferred for an amountper share of €0.55.

The General Meeting noted that the distributable income from OC EUR shares relating to net gains and lossesrealised during the financial year ended 30 September 2019 was nil.

Eleventh Resolution:

The General Meeting noted that the income from B EUR shares for the year ended 30 September 2019 of theEdR SICAV - Financial Bonds Sub-fund was €2,449,760.57.It is broken down as follows:

- the distributable net income was €2,448,883.29- the retained earnings were €877.28




0.204.08




Twelfth Resolution:

The General Meeting noted that the income from B EUR shares for the year ended 30 September 2019 of theEdR SICAV - Financial Bonds Sub-fund was €2,234.30.It is broken down as follows:




400


0.970.09




Thirteenth Resolution:

The General Meeting noted that the income from O EUR shares for the year ended 30 September 2019 ofthe EdR SICAV - Equity Europe Solve Sub-fund was €102,120.20.It is broken down as follows:





1.220.070.16

Total per O EUR share 1.45

The dividend will be paid on 07/01/2020 for all existing OC EUR shares on that date. Shareholderswill be credited with this income by the account-holding institution.

The General Meeting noted that the distributable income from O EUR shares relating to net gains and lossesrealised during the financial year ended 30 September 2019 was nil.

Fourteenth Resolution:

The General Meeting noted that the income from KD EUR shares for the year ended 30 September 2019 ofthe EdR SICAV - Equity Europe Solve Sub-fund was €99,877.79.It is broken down as follows:





1.210.08

Total per KD EUR share 1.29

The dividend will be paid on 07/01/2020 for all existing KD EUR shares on that date. Shareholderswill be credited with this income by the account-holding institution.

401

The General Meeting noted that the distributable income from KD EUR shares relating to net gains and lossesrealised during the financial year ended 30 September 2019 was nil.

Fifteenth Resolution:

The General Meeting noted that the income from QC EUR (H) shares for the year ended 30 September 2019of the EdR SICAV - Equity Europe Solve Sub-fund was €724,827.16.It is broken down as follows:





1.300.080.14

Total per QC EUR (H) share 1.52

The dividend will be paid on 07/01/2020 for all existing QC EUR (H) shares on that date. Shareholderswill be credited with this income by the account-holding institution.

The General Meeting noted that the distributable income from QC EUR (H) shares relating to net gains andlosses realised during the financial year ended 30 September 2019 was nil.

Sixteenth Resolution:

The General Meeting noted that no distribution shares of the EdR SICAV – Start Sub-fund were subscribedas at 30 September 2019.

Seventeenth Resolution:

The General Meeting noted that the EdR SICAV – Europe Midcaps Sub-fund only holds accumulation shares.

Eighteenth Resolution:

The General Meeting noted that no distribution shares of the EdR SICAV – Equity US Solve Sub-fund weresubscribed as at 30 September 2019.

Nineteenth Resolution:

The General Meeting noted that no distribution shares of the EdR SICAV – Global Opportunities Sub-fundwere subscribed as at 30 September 2019.

Twentieth Resolution:

The General Meeting appointed Mr. Flavien DUVAL as Director and Chairman of the Board of Directors toreplace Mr Didier DELEAGE for the remainder of the term of office, i.e. until the end of the General Meetingruling on the accounts of 2020-2021.

Mr. Flavien DUVAL stated that he accepted the duties that conferred on him and that he was not the subjectof any disabilities, prohibitions and/or disqualifications stipulated by law.

402

Twenty-first Resolution:

The General Meeting gives all powers to the bearer of an original, a copy or an extract of the various documentssubmitted to this Meeting and the Minutes thereof, in order to complete all legal formalities.