(LF) Fund of Funds: Audited Annual Report

(LF) Fund of Funds
A mutual investment fund organised under the laws

of the Grand Duchy of Luxembourg
Audited Annual Report
December 31, 2021
No subscription can be received on the basis of financial reports.

Subscriptions are only valid if made on the basis of the current
prospectus accompanied by the latest annual report and the most recent
semi-annual report, if published thereafter. Past performance is not
necessarily an indication of future performance.
RCS Number: B115125

RCSK Number: K1662

7DEOHRI&RQWHQWV

2UJDQLVDWLRQRIWKH)XQG

%RDUGRI'LUHFWRUVRIWKH0DQDJHPHQW&RPSDQ\

$FWLYLW\5HSRUW

$XGLW5HSRUW

6WDWHPHQWRI1HW$VVHWV

6WDWHPHQWRI2SHUDWLRQV

6WDWHPHQWRI&KDQJHVLQ1HW$VVHWV

6FKHGXOHRILQYHVWPHQWV

x /))XQGRI)XQGV*OREDO0HJDWUHQGVIRUPHUO\QDPHGDV%DODQFHG
%OHQG(XURSH
x /))XQGRI)XQGV(TXLW\%OHQG
x /))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV
x /))XQGRI)XQGV%DODQFHG%OHQG*OREDO
x /))XQGRI)XQGV(6*)RFXV
x /))XQGRI)XQGV*OREDO/RZ
x /))XQGRI)XQGV*OREDO0HGLXP
x /))XQGRI)XQGV*OREDO+LJK
x /))XQGRI)XQGV%DODQFHG%OHQG86
x /))XQGRI)XQGV/LIH&\FOH
x /))XQGRI)XQGV*OREDO3URWHFW

1RWHVWRWKHILQDQFLDOVWDWHPHQWV

8QDXGLWHGLQIRUPDWLRQ

/))XQGRI)XQGV
2UJDQLVDWLRQRIWKH)XQG

0DQDJHPHQW&RPSDQ\
(XUREDQN)XQG0DQDJHPHQW&RPSDQ\/X[HPERXUJ6$
5XH'H1HXGRUI
//X[HPERXUJ
*UDQG'XFK\RI/X[HPERXUJ

'HSRVLWDU\$GPLQLVWUDWLYH5HJLVWUDU7UDQVIHU/X[HPERXUJ3D\LQJDQG
'RPLFLOLDWLRQ$JHQW
(XUREDQN3ULYDWH%DQN/X[HPERXUJ6$
5XH'H1HXGRUI
//X[HPERXUJ

,QYHVWPHQW0DQDJHU
(XUREDQN$VVHW0DQDJHPHQW0XWXDO)XQG0DQDJHPHQW&RPSDQ\6LQJOH0HPEHU6RFLpWp
$QRQ\PH
6WDGLRX6WU
$WKHQV
*UHHFH

$XGLWRU
.30*/X[HPERXUJ6RFLpWpDQRQ\PH
$YHQXH-RKQ).HQQHG\
//X[HPERXUJ

'LVWULEXWRU
(XUREDQN(UJDVLDV6$
2WKRQRV6WUHHW
$WKHQV
*UHHFH

%RDUGRI'LUHFWRUVRIWKH0DQDJHPHQW&RPSDQ\

0U7KHRIDQLV0\ORQDV
&KLHI([HFXWLYH2IILFHURI(XUREDQN$VVHW0DQDJHPHQW0XWXDO)XQG0DQDJHPHQW&RPSDQ\6LQJOH
0HPEHU6RFLpWH$QRQ\PH*UHHFH
&KDLUPDQRIWKH%RDUGRI'LUHFWRUV

0U$JDPHPQRQ.RWUR]RV
+HDGRI,QYHVWPHQWVDQG&RUSRUDWH6WUDWHJ\RI(XUREDQN$VVHW0DQDJHPHQW0XWXDO)XQG0DQDJHPHQW
&RPSDQ\6LQJOH0HPEHU6RFLpWp$QRQ\PH*UHHFHDQG&KLHI([HFXWLYH2IILFHURI(XUREDQN)XQG
0DQDJHPHQW&RPSDQ\/X[HPERXUJ6$*UDQG'XFK\RI/X[HPERXUJ
9LFH&KDLUPDQRIWKH%RDUGRI'LUHFWRUV

0U*HRUJLRV9ODFKDNLV
0DQDJLQJ'LUHFWRURI(XUREDQN)XQG0DQDJHPHQW&RPSDQ\/X[HPERXUJ6$*UDQG'XFK\RI
/X[HPERXUJ
0DQDJLQJ'LUHFWRU

0UV(OHQL.RULWVD
'HSXW\&KLHI([HFXWLYH2IILFHURI(XUREDQN$VVHW0DQDJHPHQW0XWXDO)XQG0DQDJHPHQW&RPSDQ\
6LQJOH0HPEHU6RFLpWp$QRQ\PH*UHHFH
'LUHFWRU

'U'LPLWULRV'7KRPDNRV
3URIHVVRUDW8QLYHUVLW\RI3HORSRQQHVH*UHHFH
,QGHSHQGHQW'LUHFWRU

'U$QGUHDV=RPEDQDNLV
(QWUHSUHQHXULQ)LQDQFLDO$GYLVRU\*UHHFH
,QGHSHQGHQW'LUHFWRU

Activity Report
As at December 31, 2021
(LF) Fund of Funds - Global Megatrends
During the year, the sub-fund has gone through a significant change in its investment strategy.
Under its new investment objective, the sub-fund now invests with a thematic approach described
as “global megatrends”. Following the change, it is now a flexible allocation strategy.
With “global megatrends” we try to describe those global tectonic forces that shape the economic
and social landscape of tomorrow. These changes extend to every aspect of our existence, are often
interdependent and affect our way of life, our consumption patterns and eating habits, the means of
production, the climate, migration flows and the future of humanity in general. Four main
megatrend themes have been identified, namely innovative technologies, demographics,
sustainability and health & wellbeing.
Since August, under its new investment objective, the sub-fund had average equity exposure of
81.26% between 91.48% and 71.36% with an average cash exposure of 19.13%. Over the same
period, the sub-fund had an average US & N.America equity exposure of 47.1% between 40.4%
and 52.8%, average European equity exposure of 21.9% between 19.6% and 24.5% and an average
exposure in the rest of the world of 12.21%.
In terms of allocation between the various themes, by year-end the sub-fund had 24.4% of its equity
investments in equity UCITS strategies under our Demographics definition, 21.6% in Health &
Wellness, 19.8% in Sustainability, 15.1% in Innovative Technologies and some 18.1% in multi-
themed strategies.
(LF) Fund of Funds - Equity Blend
2021 was a remarkable year where developed equities had yet another strong performance. High
growth rates, in spite of the emergence of new Covid mutations, corporate profitability exceeding
even the optimistic earnings recovery expectations and supportive financials conditions contributed
to the positive outcome. Rising inflation and the prospect of tighter monetary policies had an impact
mainly on the relative Growth/Value performance and not in overall market performance.
During the year, major equity markets rallied. MSCI US gained the most with +35.69%, MSCI AC
World gained +26.54%, MSCI Europe returned +22.38% and MSCI Japan +8.11% in Euro terms.
Outside of the developed markets, Frontier Markets outperformed with the MSCI Frontier Markets
gaining +26.16%. Although MSCI EM gained +3.37%, most emerging equity markets had negative
returns. The Dollar appreciated against the Euro gaining +8.34% during the year, with the ECB Ref.
set at 1.1326 on 31/12.
For the year, the sub-fund had an average equities exposure of 90.72% between 85.71% and
94.87%, average cash exposure of 9.28% between 5.13% and 14.29%. Over the same period, the
sub-fund had an average US & N.America equity exposure of 51.96% between 47.05% and
57.10%, average European equity exposure of 19.38% between 16.44% and 22.46%, average
exposure in Greek equities of 1.76% between 0.02% and 3.05%, average exposure in Japan of
5.37% between 3.15% and 7.07% and an average exposure in emerging markets and/or other
regions of 12.25% between 8.19% and 16.12%.
5

$FWLYLW\5HSRUW
$VDW'HFHPEHUFRQWLQXHG

/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV
(PHUJLQJ 0DUNHWV 06&, (0 ,QGH[ H[KLELWHG OHVV LPSUHVVLYH JDLQV LQ LQ (XUR WHUPV
FRPSDUHG WR WKH 'HYHORSHG 0DUNHWV )URQWLHU 0DUNHWV RXWSHUIRUPHG ZLWK WKH 06&, )URQWLHU
0DUNHWVJDLQLQJ$OWKRXJK06&,(0JDLQHGPRVWHPHUJLQJHTXLW\PDUNHWVKDG
QHJDWLYH UHWXUQV 7KHUH ZDV D ZLGH GLVSHUVLRQ RI UHWXUQ ZLWK ,QGLD 7DLZDQ 0H[LFR DQG 5XVVLD
UHJLVWHULQJ FRQVLGHUDEOH JDLQV ZKLOH .RUHD %UD]LO 7XUNH\ DQG PRVW LPSRUWDQWO\ LQGH[KHDY\
&KLQD XQGHUSHUIRUPHG VLJQLILFDQWO\ 7KH HIIHFWV RI &RYLG RQ JURZWK WLJKWHU PRQHWDU\ SROLFLHV
SROLWLFDO ULVNV DQG LQ WKH FDVH RI &KLQD D PRUH UHVWULFWLYH UHJXODWRU\ IUDPHZRUN LQ NH\ VHFWRUV
FRQWULEXWHGWRWKHXQGHSHUIRUPDQFHRI(PHUJLQJPDUNHWV7KH'ROODUDSSUHFLDWHGDJDLQVWWKH(XUR
JDLQLQJGXULQJWKH\HDUZLWKWKH(&%5HIVHWDWRQ

'XULQJ WKH \HDU WKH VXEIXQG UHPDLQHG IXOO\ LQYHVWHG HIIHFWLYH HTXLW\ H[SRVXUH UDQJLQJ
IURPWR)RUPRVWRIWKH\HDUZHKDGDSURQRXQFHGXQGHUZHLJKWSRVLWLRQLQ&KLQD
ZKLFKZDVUHYHUVHGWRRYHUZHLJKWLQWKHODVWWZRPRQWKVRIWKH\HDU&RQYHUVHO\WKHIXQGKDGDQ
RYHUZHLJKWSRVLWLRQLQ7DLZDQZKLFKVZLWFKHGWRXQGHUZHLJKWLQWKHODVWTXDUWHU([SRVXUHWR,QGLD
ZDV NHSW XQGHUZHLJKW WKURXJKRXW WKH \HDU ZKLOH ZH KDG DQ RYHUZHLJKW SRVLWLRQ LQ *UHHFH )URP
)HEUXDU\WR-XQHZHKDGDQRYHUZHLJKWSRVLWLRQLQ6RXWK.RUHDZKLOHIURP-XO\WR1RYHPEHUZH
KDGDQRYHUZHLJKWSRVLWLRQLQ5XVVLD

/))XQGRI)XQGV%DODQFHG%OHQG*OREDO
ZDV D UHPDUNDEOH \HDU ZKHUH PDUNHWV KDG WR ZLWKVWDQG ORQJHUWKDQH[SHFWHG &RYLG
UHVWULFWLRQV DQG KLJKHUWKDQH[SHFWHG LQIODWLRQ $V D UHVXOW ZH VDZ GLYHUJHQW DVVHW FODVV UHWXUQV
XQOLNH ZKDW ZH KDYH VHHQ LQ UHFHQW \HDUV ZKHQ PRVW DVVHW FODVVHV PRYHG WRJHWKHU &RPPRGLWLHV
OLNH2LODVZHOODVGHYHORSHGPDUNHWHTXLWLHVKDGKLJKSRVLWLYHUHWXUQVZKLOHVRYHUHLJQERQGVDQG
(0V WHQGHG WR\LHOG QHJDWLYH UHVXOWV IRU WKH\HDU HQGLQJ ,Q IL[HGLQFRPH ERQGV KDG
WKHZRUVW\HDULQPRUHWKDQDGHFDGHZLWKQHJDWLYHWRWDOUHWXUQV

'XULQJ WKH \HDU PRVW PDMRU DVVHW FODVVHV UDOOLHG SURSHOOHG E\ D VWURQJ GROODU &RPPRGLWLHV
RXWSHUIRUPHGUHWXUQLQJIROORZHGE\3URSHUW\5(,76*OREDO(TXLWLHV
&DVK DQG %RQGV (XUR %URDG 0NW DOO LQ (XUR WHUPV 2YHU WKH VDPH SHULRG
DPRQJWKHPDMRUHTXLW\PDUNHWLQGLFHV06&,86JDLQHGWKHPRVWZLWK06&,$&:RUOG
JDLQHG06&,(XURSHUHWXUQHGDQG06&,-DSDQLQ(XURWHUPV2XWVLGH
RIWKHGHYHORSHGPDUNHWV)URQWLHU0DUNHWVRXWSHUIRUPHGZLWKWKH06&,)URQWLHU0DUNHWVJDLQLQJ
06&, (0 JDLQHG DQG 06&, %5,& ORVW LQ (XUR WHUPV *OREDO 5(,76
RXWSHUIRUPHGWKHJOREDOHTXLWLHVEHQFKPDUNZLWK)76((35$1$5(,7'HYHORSHG,QGH[JDLQLQJ
1$PHULFD RXWSHUIRUPHG GXULQJ WKH VDPH SHULRG ZLWK WKH )76( (35$1$5(,7
1$PHULFD JDLQLQJ )76( (35$1$5(,7 'HY (XURSH JDLQHG DQG )76(
(35$1$5(,7 'HY $VLD JDLQHG LQ (XUR WHUPV ,Q WKH ERQG PDUNHWV ,&( %RI$0/ 86
%URDG 0DUNHW JDLQHG ,&( %RI$0/ *OREDO %URDG 0DUNHW JDLQHG DQG ,&(
%RI$0/(85%URDG,QGH[ORVWLQ(XURWHUPV:LWKLQWKH(XURERQGPDUNHWLQSDUWLFXODU
,&( %RI$0/ (85 &RUSRUDWH ,QGH[ ORVW ,&( %RI$0/ *UHHN *RYQW ,QGH[ ORVW
ZKLOH,&(%RI$0/(85'LUHFW*RYHUQPHQW,QGH[GURSSHG LQ(XURWHUPV&RPPRGLWLHV
UDOOLHG ZLWK WKH %ORRPEHUJ &RPPRGLW\ ,QGH[ JDLQLQJ :7, &UXGH )XWXUH JDLQHG
DQG*ROG6SRWR]JDLQHGLQ(XURWHUPV7KH'ROODUDSSUHFLDWHGDJDLQVWWKH(XUR

Activity Report
As at December 31, 2021 (continued)
(LF) Fund of Funds - Balanced Blend Global (Continued)
40.15%, average bonds exposure of 35.41% between 31.42% and 39.80%, average commodities
exposure of 11.13% between 9.52% and 14.05%, average real estate exposure of 2.42% between
0.61% and 5.15%, average cash exposure of 12.56% between 6.06% and 18.24%. Over the same
period, the sub-fund had an average US & N.America equity exposure of 21.99% between 18.84%
and 25.03%, average European equity exposure of 7.89% between 6.94% and 9.10%, average
exposure in Greek equities of 0.79% between 0.00% and 1.51%, average exposure in Japan of
2.58% between 2.16% and 3.14% and an average exposure in emerging markets and/or other
regions of 5.23% between 3.82% and 6.84%.Within fixed-income, over the same period the sub-
fund had an average sovereign exposure of 20.87% between 18.02% and 24.47%, average corporate
& credit exposure of 14.54% between 12.88% and 16.11%.
(LF) Fund of Funds - ESG Focus

2021 was a remarkable year as markets had to withstand longer-than-expected COVID restrictions
and higher-than-expected inflation. Equities had yet another strong performance while in fixed-
income bonds had the worst year in more than a decade with negative total returns. Also, 2021 was
a year where alternative asset classes like commodities and real-estate outperformed.
During the year, major equity markets rallied. MSCI US gained the most with +35.69%, MSCI AC
World gained +26.54%, MSCI Europe returned +22.38% and MSCI Japan +8.11% in Euro terms.
Outside of the developed markets, Frontier Markets outperformed with the MSCI Frontier Markets
gaining +26.16%. MSCI EM gained +3.37% and MSCI BRIC lost -5.78% in Euro terms. The
Dollar appreciated against the Euro gaining +8.34% during the year, with the ECB Ref. set at
1.1326 on 31/12.
88.43%, average bonds exposure of 4.73% between 1.44% and 12.20%, average cash exposure of
14.35% between 9.56% and 19.47%. Over the same period, the sub-fund had an average US &
N.America equity exposure of 42.07% between 34.91% and 49.59%, average European equity
exposure of 24.48% between 18.83% and 26.96%, average exposure in Greek equities of 0.08%
between 0.03% and 0.15%, average exposure in Japan of 4.21% between 3.74% and 4.52% and an
average exposure in emerging markets and/or other regions of 10.10% between 8.21% and
12.78%.Within fixed-income, over the same period the sub-fund had an average sovereign exposure
of 1.35% between 0.17% and 4.39%, average corporate & credit exposure of 3.38% between 1.25%
and 7.81%.
7

$FWLYLW\5HSRUW

/))XQGRI)XQGV*OREDO/RZ

ZDV D UHPDUNDEOH \HDU ZKHUH PDUNHWV KDG WR ZLWKVWDQG ORQJHUWKDQH[SHFWHG &29,'


)RU WKH \HDU WKH VXEIXQG KDG DQ DYHUDJH HTXLWLHV H[SRVXUH RI EHWZHHQ DQG
DYHUDJH ERQGV H[SRVXUH RI EHWZHHQ DQG DYHUDJH FRPPRGLWLHV
H[SRVXUHRIEHWZHHQDQGDYHUDJHFDVKH[SRVXUHRIEHWZHHQ
DQG2YHUWKHVDPHSHULRGWKHVXEIXQGKDGDQDYHUDJH86 1$PHULFDHTXLW\H[SRVXUH
RIEHWZHHQDQGDYHUDJH(XURSHDQHTXLW\H[SRVXUHRIEHWZHHQ
DQG DYHUDJH H[SRVXUH LQ *UHHN HTXLWLHV RI EHWZHHQ DQG DYHUDJH
H[SRVXUH LQ -DSDQ RI EHWZHHQ DQG DQG DQ DYHUDJH H[SRVXUH LQ HPHUJLQJ
PDUNHWV DQGRU RWKHU UHJLRQV RI EHWZHHQ DQG :LWKLQ IL[HGLQFRPH RYHU WKH
VDPH SHULRG WKH VXEIXQG KDG DQ DYHUDJH VRYHUHLJQ H[SRVXUH RI EHWZHHQ DQG
DYHUDJHFRUSRUDWH FUHGLWH[SRVXUHRIEHWZHHQDQG

/))XQGRI)XQGV*OREDO0HGLXP


$FWLYLW\5HSRUW

/))XQGRI)XQGV*OREDO0HGLXPFRQWLQXHG

ZKLOH,&(%RI$0/(85'LUHFW*RYHUQPHQW,QGH[GURSSHGLQ(XURWHUPV&RPPRGLWLHV

H[SRVXUHRIEHWZHHQDQGDYHUDJHFDVKH[SRVXUHRIEHWZHHQ
RI EHWZHHQ DQG DYHUDJH (XURSHDQ HTXLW\ H[SRVXUH RI EHWZHHQ
DQG DYHUDJH H[SRVXUH LQ *UHHN HTXLWLHV RI EHWZHHQ DQG
DYHUDJH H[SRVXUH LQ -DSDQ RI EHWZHHQ DQG DQG DQ DYHUDJH H[SRVXUH LQ
HPHUJLQJPDUNHWVDQGRURWKHUUHJLRQVRIEHWZHHQDQG:LWKLQIL[HGLQFRPH
RYHUWKHVDPHSHULRGWKHVXEIXQGKDGDQDYHUDJHVRYHUHLJQH[SRVXUHRIEHWZHHQ
DQGDYHUDJHFRUSRUDWH FUHGLWH[SRVXUHRIEHWZHHQDQG

/))XQGRI)XQGV*OREDO+LJK

$FWLYLW\5HSRUW
/))XQGRI)XQGV*OREDO+LJKFRQWLQXHG
H[SRVXUH RI EHWZHHQ DQG DYHUDJH FDVK H[SRVXUH RI EHWZHHQ
RI EHWZHHQ DQG DYHUDJH (XURSHDQ HTXLW\ H[SRVXUH RI EHWZHHQ
DQG DYHUDJH H[SRVXUH LQ *UHHN HTXLWLHV RI EHWZHHQ DQG
DYHUDJH H[SRVXUH LQ -DSDQ RI EHWZHHQ DQG DQG DQ DYHUDJH H[SRVXUH LQ
HPHUJLQJPDUNHWVDQGRURWKHUUHJLRQVRIEHWZHHQDQG:LWKLQIL[HGLQFRPH
RYHUWKHVDPHSHULRGWKHVXEIXQGKDGDQDYHUDJHVRYHUHLJQH[SRVXUHRIEHWZHHQDQG
DYHUDJHFRUSRUDWH FUHGLWH[SRVXUHRIEHWZHHQDQG
/))XQGRI)XQGV%DODQFHG%OHQG86
ZDV D UHPDUNDEOH \HDU IRU 86 DVVHWV (TXLWLHV KDG \HW DQRWKHU VWURQJ SHUIRUPDQFH ZLWK
FRQVHFXWLYHQHZUHFRUGKLJKVZKLOHLQIL[HGLQFRPHERQGVKDGWKHVHFRQGZRUVW\HDULQDGHFDGH
ZLWKQHJDWLYHWRWDOUHWXUQVLQORFDOFXUUHQF\86$OVRZDV D\HDUZKHUHDOWHUQDWLYHDVVHW
FODVVHVOLNHFRPPRGLWLHVDQGUHDOHVWDWHRXWSHUIRUPHG
'XULQJ WKH \HDU PDMRU JOREDO HTXLW\ PDUNHWV UDOOLHG 06&, 86 JDLQHG WKH PRVW ZLWK
06&, $& :RUOG JDLQHG 06&, (XURSH UHWXUQHG DQG 06&, -DSDQ LQ
(XUR WHUPV ,Q WKHERQG PDUNHWV ,&( %RI$0/ 86 %URDG 0DUNHW JDLQHG ,&( %RI$0/
*OREDO %URDG 0DUNHW JDLQHG DQG ,&( %RI$0/ (85 %URDG ,QGH[ ORVW LQ (XUR
WHUPV7KH'ROODUDSSUHFLDWHGDJDLQVWWKH(XURJDLQLQJGXULQJWKH\HDUZLWKWKH(&%5HI
VHWDWRQ
DYHUDJHERQGVH[SRVXUHRIEHWZHHQDQGDYHUDJHFDVKH[SRVXUHRI
EHWZHHQDQG

Activity Report
(LF) Fund of Funds - Balanced Blend US (continued)
Over the same period, the sub-fund had an average US & N.America equity exposure of 48.02%
between 44.73% and 49.61%, average European equity exposure of 0.53% between 0.34% and
0.76% and an average exposure in emerging markets and/or other regions of 0.37% between 0.27%
and 0.45%.Within fixed-income, over the same period the sub-fund had an average sovereign
exposure of 8.63% between 4.01% and 10.24%, average corporate & credit exposure of 23.32%
between 13.83% and 28.67%.
(LF) Fund of Funds - Life Cycle 2032
2021 was a remarkable year. Equities had yet another strong performance while in fixed-income
bonds had the worst year in more than a decade with negative total returns. Also, 2021 was a year
where alternative asset classes like commodities and real-estate outperformed.
During the year, most major asset classes rallied, propelled by a strong dollar. Commodities
outperformed returning +37.65% followed by Property/REITS +32.56%, Global Equities +26.54%,
Cash -0.488% and Bonds (Euro Broad Mkt) -2.80%, all in Euro terms. Over the same period,
among the major equity market indices MSCI US gained the most with +35.69%, MSCI AC World
gained +26.54%, MSCI Europe returned +22.38% and MSCI Japan +8.11% in Euro terms. Outside
of the developed markets, Frontier Markets outperformed with the MSCI Frontier Markets gaining
+26.16%. MSCI EM gained +3.37% and MSCI BRIC lost -5.78% in Euro terms. Global REITS
outperformed the global equities benchmark with FTSE EPRA/NAREIT Developed Index gaining
+32.56%. N.America outperformed during the same period with the FTSE EPRA/NAREIT
N.America gaining +48.78%. FTSE EPRA/NAREIT Dev Europe gained +15.00% and FTSE
EPRA/NAREIT Dev Asia gained +8.11% in Euro terms. In the bond markets, ICE BofAML US
Broad Market gained +6.63%, ICE BofAML Global Broad Market gained +2.67% and ICE
BofAML EUR Broad Index lost -2.80% in Euro terms. Within the Euro bond market in particular,
ICE BofAML EUR Corporate Index lost -1.02%, ICE BofAML Greek Govnt Index lost -2.41%
while ICE BofAML EUR Direct Government Index dropped -3.41% in Euro terms. The Dollar
appreciated against the Euro gaining +8.34% during the year, with the ECB Ref. set at 1.1326 on
31/12.
The sub-fund invests in accordance with the glide path. During the year, the sub-fund had an
average equities exposure of 54.6% between 53.4% and 55.3% and an average bonds exposure of
40.9% between 38.3% and 43.4%.
Cash -0.488% and Bonds (Euro Broad Mkt) -2.80%, all in Euro terms.
11
Activity Report
(LF) Fund of Funds - Life Cycle 2047 (continued)
Over the same period, among the major equity market indices MSCI US gained the most with
+35.69%, MSCI AC World gained +26.54%, MSCI Europe returned +22.38% and MSCI Japan
+8.11% in Euro terms. Outside of the developed markets, Frontier Markets outperformed with the
MSCI Frontier Markets gaining +26.16%. MSCI EM gained +3.37% and MSCI BRIC lost -5.78%
in Euro terms. Global REITS outperformed the global equities benchmark with FTSE
EPRA/NAREIT Developed Index gaining +32.56%. N.America outperformed during the same
period with the FTSE EPRA/NAREIT N.America gaining +48.78%. FTSE EPRA/NAREIT Dev
Europe gained +15.00% and FTSE EPRA/NAREIT Dev Asia gained +8.11% in Euro terms. In the
bond markets, ICE BofAML US Broad Market gained +6.63%, ICE BofAML Global Broad Market
gained +2.67% and ICE BofAML EUR Broad Index lost -2.80% in Euro terms. Within the Euro
bond market in particular, ICE BofAML EUR Corporate Index lost -1.02%, ICE BofAML Greek
Govnt Index lost -2.41% while ICE BofAML EUR Direct Government Index dropped -3.41% in
Euro terms. The Dollar appreciated against the Euro gaining +8.34% during the year, with the ECB
Ref. set at 1.1326 on 31/12.
16.3% between 15.4% and 17.4%.
Cash -0.488% and Bonds (Euro Broad Mkt) -2.80%, all in Euro terms. Over the same period,
among the major equity market indices MSCI US gained the most with +35.69%, MSCI AC World
gained +26.54%, MSCI Europe returned +22.38% and MSCI Japan +8.11% in Euro terms. Outside
of the developed markets, Frontier Markets outperformed with the MSCI Frontier Markets gaining
+26.16%. MSCI EM gained +3.37% and MSCI BRIC lost -5.78% in Euro terms. Global REITS
outperformed the global equities benchmark with FTSE EPRA/NAREIT Developed Index gaining
+32.56%. N.America outperformed during the same period with the FTSE EPRA/NAREIT
N.America gaining +48.78%. FTSE EPRA/NAREIT Dev Europe gained +15.00% and FTSE
EPRA/NAREIT Dev Asia gained +8.11% in Euro terms. In the bond markets, ICE BofAML US
Broad Market gained +6.63%, ICE BofAML Global Broad Market gained +2.67% and ICE
BofAML EUR Broad Index lost -2.80% in Euro terms. Within the Euro bond market in particular,
ICE BofAML EUR Corporate Index lost -1.02%, ICE BofAML Greek Govnt Index lost -2.41%
while ICE BofAML EUR Direct Government Index dropped -3.41% in Euro terms. The Dollar
appreciated against the Euro gaining +8.34% during the year, with the ECB Ref. set at 1.1326 on
31/12.
22.1% between 18.4% and 24.4%.
12
$FWLYLW\5HSRUW

/))XQGRI)XQGV/LIH&\FOH
ZDV D UHPDUNDEOH \HDU (TXLWLHV KDG \HW DQRWKHU VWURQJ SHUIRUPDQFH ZKLOH LQ IL[HGLQFRPH
ERQGVKDGWKHZRUVW\HDULQPRUHWKDQDGHFDGHZLWKQHJDWLYHWRWDOUHWXUQV$OVRZDVD\HDU
ZKHUHDOWHUQDWLYHDVVHWFODVVHVOLNHFRPPRGLWLHVDQGUHDOHVWDWHRXWSHUIRUPHG

ZKLOH ,&( %RI$0/ (85 'LUHFW *RYHUQPHQW ,QGH[ GURSSHG LQ (XUR WHUPV 7KH 'ROODU
DSSUHFLDWHGDJDLQVWWKH(XURJDLQLQJGXULQJWKH\HDUZLWKWKH(&%5HIVHWDWRQ

7KH VXEIXQG LQYHVWV LQ DFFRUGDQFH ZLWK WKH JOLGH SDWK 'XULQJ WKH \HDU WKH VXEIXQG KDG DQ
DYHUDJHHTXLWLHVH[SRVXUHRIEHWZHHQ DQGDQGDQDYHUDJHERQGVH[SRVXUHRI
EHWZHHQDQG

/))XQGRI)XQGV*OREDO3URWHFW
ZDV D UHPDUNDEOH \HDU (TXLWLHV KDG \HW DQRWKHU VWURQJ SHUIRUPDQFH ZKLOH LQ IL[HGLQFRPH
ERQGVKDGWKHZRUVW\HDULQPRUHWKDQDGHFDGHZLWKQHJDWLYHWRWDOUHWXUQV$OVRZDVD\HDU
ZKHUHDOWHUQDWLYHDVVHWFODVVHVOLNHFRPPRGLWLHVDQGUHDOHVWDWHRXWSHUIRUPHG

&29,'

<HDU ZDV D UHFRYHU\ \HDU DV DQ\ XQGHUO\LQJ XQFHUWDLQW\ FRPLQJ IURP GHOWD DQG ODWHU IURP
RPLFURQYDULDQWVZDVFRXQWHUEDODQFHGIURPWKHVXSSRUWLYHVWDQFHRIFHQWUDOEDQNV

6)'5 GLVFODLPHU IRU $UWLFOH IXQGV /) )XQG RI )XQGV (6* )RFXV DQG /)
)XQGRI)XQGV*OREDO0HJDWUHQGV

7KH )XQG PDNHV WKH PDQDJHPHQW GHFLVLRQV IRU HDFK 6XE)XQG WDNLQJ LQWR DFFRXQW VRFLDO DQG
HQYLURQPHQWDO FKDUDFWHULVWLFV LQ WKH PHDQLQJ RI 5HJXODWLRQ (8 RI WKH (XURSHDQ
3DUOLDPHQW DQG RI WKH &RXQFLO RI 1RYHPEHU RQ VXVWDLQDELOLW\UHODWHG GLVFORVXUHV LQ WKH
ILQDQFLDO VHUYLFHV VHFWRU ³6)'5´ 6XVWDLQDELOLW\ ULVNV LQ LQYHVWPHQW GHFLVLRQV DUH WDNHQ EHVLGHV
WKH FRPPRQ ILQDQFLDO DQDO\VLV DV ZHOO DV WKH RWKHU SRUWIROLR VSHFLILF ULVNV 7KLV FRQVLGHUDWLRQ
DSSOLHVWRWKHLQYHVWPHQWPDQDJHPHQWSURFHVVLQFOXGLQJWKHLQYHVWPHQWDVVHVVPHQWDQGVFUHHQLQJ

/X[HPERXUJ$SULO08

7KHILJXUHVVWDWHGLQWKLVUHSRUWDUHKLVWRULFDODQGQRWQHFHVVDULO\LQGLFDWLYHRIIXWXUHSHUIRUPDQFH

KPMG Luxembourg, Société anonyme Tel.: +352 22 51 51 1
39, Avenue John F. Kennedy Fax: +352 22 51 71
L-1855 Luxembourg E-mail: info@kpmg.lu
Internet: www.kpmg.lu
To the Unitholders of
(LF) Fund of Funds
534, Rue de Neudorf
L-2220 Luxembourg
Grand Duchy of Luxembourg
REPORT OF THE REVISEUR D’ENTREPRISES AGREE
Report on the audit of the financial statements
Opinion
We have audited the financial statements of (LF) Fund of Funds and each of its sub-
funds (“the Fund”), which comprise the statement of net assets and the schedule of
investments as at 31 December 2021 and the statement of operations and the statement
of changes in net assets for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the
financial position of (LF) Fund of Funds and each of its sub-funds as at 31 December
2021, and of the results of their operations and changes in their net assets for the year
then ended in accordance with Luxembourg legal and regulatory requirements relating
to the preparation and presentation of the financial statements.
Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit
profession (“Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”)
as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier
(“CSSF”). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for
Luxembourg by the CSSF are further described in the « Responsibilities of “réviseur
d’entreprises agréé” for the Audit of the Financial Statements » section of our report. We
are also independent of the Fund in accordance with the International Code of Ethics for
Professional Accountants, including International Independence Standards, issued by
the International Ethics Standards Board for Accountants (“IESBA Code”) as adopted for
Luxembourg by the CSSF together with the ethical requirements that are relevant to our
audit of the financial statements, and have fulfilled our other ethical responsibilities under
those ethical requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors of the Fund’s Management Company is responsible for the other
information. The other information comprises the information stated in the annual report
but does not include the financial statements and our report of the “réviseur d’entreprises
agréé” thereon.
© 2022 KPMG Luxembourg, Société anonyme, with registered office at 39, Avenue John F. Kennedy, L-1855 Luxembourg, registered with RCS
Luxembourg under number B149133, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information, we are
required to report this fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors of the Fund’s Management Company for

the financial statements
The Board of Directors of the Fund’s Management Company is responsible for the
preparation and fair presentation of these financial statements in accordance with
Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements, and for such internal control as the Board of
Directors of the Fund’s Management Company determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Board of Directors of the Fund’s Management
Company is responsible for assessing the Fund’s and each of its sub-funds’ ability to
continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the
Fund’s Management Company either intends to liquidate the Fund any of its sub-funds
or to cease operations, or has no realistic alternative but to do so.
Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial
statements
The objectives of our audit are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted
for Luxembourg by the CSSF will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted
for Luxembourg by the CSSF, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
— Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
— Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Fund’s internal control.
— Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors of the
Fund’s Management Company
— Conclude on the appropriateness of the Board of Directors of the Fund’s
Management Company use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Fund’s or any of its sub-
funds’ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our report of the “réviseur d’entreprises
agréé” to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our report of the “réviseur d’entreprises agréé”.
However, future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-fund(s) where a decision or an intention to close exists) to cease
to continue as a going concern.
— Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
Luxembourg, 11 April 2022 KPMG Luxembourg

Société anonyme
Cabinet de révision agréé
Chrystelle Veeckmans
Partner
$VDW'HFHPEHU

/))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV
*OREDO0HJDWUHQGV (TXLW\%OHQG *OREDO(PHUJLQJ %DODQFHG%OHQG (6*)RFXV
0DUNHWV *OREDO
&RPELQHG
&XUUHQF\ 1RWHV (85 (85 (85 (85 (85 (85
$VVHWV
6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH

&DVKDWEDQN
5HFHLYDEOHRQLQWHUHVWDQGGLYLGHQGV
5HFHLYDEOHRQVHFXULWLHV
5HFHLYDEOHRQVXEVFULSWLRQV
2WKHUDVVHWV
7RWDODVVHWV
/LDELOLWLHV
6XEVFULSWLRQVLQDGYDQFH

5HGHPSWLRQVWREHSDLG
2WKHUSD\DEOHDQGDFFUXHGH[SHQVHV
7RWDOOLDELOLWLHV

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG

,QIRUPDWLRQVXPPDU\
8QLWVRXWVWDQGLQJ(XUREDQN
8QLWVRXWVWDQGLQJ(XUREDQN86'
8QLWVRXWVWDQGLQJ(XUREDQN,
8QLWVRXWVWDQGLQJ3ULYDWH%DQNLQJ
8QLWVRXWVWDQGLQJ3ULYDWH%DQNLQJ86'
8QLWVRXWVWDQGLQJ3ULYDWH%DQNLQJ',6
8QLWVRXWVWDQGLQJ,QWHUDPHULFDQ
8QLWVRXWVWDQGLQJ3RVWEDQN
8QLWVRXWVWDQGLQJ3RVWEDQN%*1
8QLWVRXWVWDQGLQJ3RVWEDQN86'
8QLWVRXWVWDQGLQJ5RPDQLD521
8QLWVRXWVWDQGLQJ5RPDQLD
8QLWVRXWVWDQGLQJ*URXS3HQVLRQ
8QLWVRXWVWDQGLQJ=$&&
1HWDVVHWYDOXHSHUXQLW(XUREDQN (85 (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW(XUREDQN86' 86' 86' 86' 86'
1HWDVVHWYDOXHSHUXQLW(XUREDQN, (85 (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ (85 (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ86' 86' 86' 86' 86'
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ',6
1HWDVVHWYDOXHSHUXQLW,QWHUDPHULFDQ (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW3RVWEDQN (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW3RVWEDQN%*1
1HWDVVHWYDOXHSHUXQLW3RVWEDQN86' 86'
1HWDVVHWYDOXHSHUXQLW5RPDQLD521
1HWDVVHWYDOXHSHUXQLW5RPDQLD (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW*URXS3HQVLRQ
1HWDVVHWYDOXHSHUXQLW=$&&
&RVWRIVHFXULWLHVSRUWIROLR
7RWDOQHWDVVHWVDW\HDUSHULRGHQGHG

1$9SHUXQLWDW\HDUSHULRGHQGHG(XUREDQNXQLW
(85 (85 (85 (85 (85
(85 (85 (85 (85 (85
(85 (85 (85 (85 (85
1$9SHUXQLWDW\HDUSHULRGHQGHG(XUREDQN86'XQLW
86' 86' 86' 86'
86' 86' 86' 86'
86' 86' 86' 86'
1$9SHUXQLWDW\HDUSHULRGHQGHG(XUREDQN,XQLW
(85 (85 (85 (85
(85 (85 (85 (85
(85 (85 (85 (85 (85
1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJXQLW
(85 (85 (85 (85 (85
(85 (85 (85 (85 (85
(85 (85 (85 (85 (85
1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJ86'XQLW

86' 86' 86' 86'
86' 86' 86'
86' 86' 86' 86'
1$9SHUXQLWDW\HDUSHULRGHQGHG,QWHUDPHULFDQXQLW
(85 (85 (85 (85
(85 (85 (85 (85
(85 (85 (85 (85
1$9SHUXQLWDW\HDUSHULRGHQGHG3RVWEDQNXQLW
(85 (85 (85 (85
(85 (85 (85 (85
(85 (85 (85 (85
1$9SHUXQLWDW\HDUSHULRGHQGHG3RVWEDQN86'XQLW

86'
86'
86'
1$9SHUXQLWDW\HDUSHULRGHQGHG5RPDQLDXQLW
(85 (85 (85 (85
(85 (85 (85 (85
(85 (85 (85 (85
)RUPHUO\QDPHGDV/))XQGRI)XQGV%DODQFHG%OHQG(XURSH
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV
17
$VDW'HFHPEHU&RQWLQXHG
/))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV

*OREDO/RZ *OREDO0HGLXP *OREDO+LJK %DODQFHG%OHQG86
&XUUHQF\ 1RWHV (85 (85 (85 (85
$VVHWV

&DVKDWEDQN
2WKHUDVVHWV
7RWDODVVHWV
/LDELOLWLHV

5HGHPSWLRQVWREHSDLG
7RWDOOLDELOLWLHV
,QIRUPDWLRQVXPPDU\
1HWDVVHWYDOXHSHUXQLW(XUREDQN (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW(XUREDQN86' 86'
1HWDVVHWYDOXHSHUXQLW(XUREDQN, (85 (85
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ86' 86'
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ',6 (85 (85
1HWDVVHWYDOXHSHUXQLW,QWHUDPHULFDQ (85 (85
1HWDVVHWYDOXHSHUXQLW3RVWEDQN
1HWDVVHWYDOXHSHUXQLW3RVWEDQN%*1 %*1 %*1
1HWDVVHWYDOXHSHUXQLW3RVWEDQN86'
1HWDVVHWYDOXHSHUXQLW5RPDQLD521 521 521 521
1HWDVVHWYDOXHSHUXQLW5RPDQLD

(85 (85 (85 (85
(85 (85 (85 (85
(85 (85 (85 (85
1$9SHUXQLWDW\HDUSHULRGHQGHG(XUREDQN86'XQLW
86'
86'
86'
(85 (85
(85 (85
(85 (85
1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJXQLW
(85 (85 (85 (85
(85 (85 (85 (85
(85 (85 (85 (85
1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJ86'XQLW

86'
86'
86'
1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJ',6XQLW
(85 (85
(85 (85
(85 (85
1$9SHUXQLWDW\HDUHQGHG,QWHUDPHULFDQXQLW
(85 (85
(85 (85
(85 (85
1$9SHUXQLWDW\HDUHQGHG3RVWEDQN%*1XQLW

%*1 %*1
%*1 %*1
%*1 %*1
1$9SHUXQLWDW\HDUHQGHG5RPDQLD521XQLW

521 521 521
521 521 521
521 521 521
18
/))XQGRI)XQGV/LIH /))XQGRI)XQGV /))XQGRI /))XQGRI)XQGV

&\FOH /LIH&\FOH )XQGV/LIH /LIH&\FOH
&\FOH
&XUUHQF\ 1RWHV (85 (85 (85 (85
$VVHWV

&DVKDWEDQN
2WKHUDVVHWV
7RWDODVVHWV
/LDELOLWLHV

5HGHPSWLRQVWREHSDLG
7RWDOOLDELOLWLHV
,QIRUPDWLRQVXPPDU\
1HWDVVHWYDOXHSHUXQLW(XUREDQN
1HWDVVHWYDOXHSHUXQLW(XUREDQN86'
1HWDVVHWYDOXHSHUXQLW(XUREDQN, (85 (85 (85 (85
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ86'
1HWDVVHWYDOXHSHUXQLW,QWHUDPHULFDQ
1HWDVVHWYDOXHSHUXQLW*URXS3HQVLRQ (85 (85 (85
1HWDVVHWYDOXHSHUXQLW=$&& (85 (85 (85

(85 (85 (85 (85
(85 (85 (85 (85
(85 (85 (85 (85
1$9SHUXQLWDW\HDUHQGHG*URXS3HQVLRQXQLW
(85 (85 (85
(85 (85 (85
(85 (85 (85
1$9SHUXQLWDW\HDUHQGHG=$&&XQLW

(85 (85 (85
(85 (85 (85
19
2 2
/))XQGRI)XQGV*OREDO /))XQGRI)XQGV
3URWHFW /LIH&\FOH
&XUUHQF\ 1RWHV (85 (85
$VVHWV

&DVKDWEDQN
2WKHUDVVHWV
7RWDODVVHWV
/LDELOLWLHV

5HGHPSWLRQVWREHSDLG
7RWDOOLDELOLWLHV
,QIRUPDWLRQVXPPDU\
1HWDVVHWYDOXHSHUXQLW(XUREDQN (85 (85
1HWDVVHWYDOXHSHUXQLW(XUREDQN86'
1HWDVVHWYDOXHSHUXQLW(XUREDQN,
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ
1HWDVVHWYDOXHSHUXQLW3ULYDWH%DQNLQJ86'
1HWDVVHWYDOXHSHUXQLW,QWHUDPHULFDQ


(85 (85
2ODXQFKHGDVRI0D\
20
IRUWKH\HDUHQGHG'HFHPEHU

/))XQGRI /))XQGRI /))XQGRI /))XQGRI /))XQGRI /))XQGRI
)XQGV )XQGV )XQGV )XQGV )XQGV )XQGV
&RPELQHG *OREDO (TXLW\%OHQG *OREDO %DODQFHG%OHQG (6*)RFXV

0HJDWUHQGV (PHUJLQJ *OREDO
0DUNHWV
&XUUHQF\ 1RWHV (85 (85 (85 (85 (85 (85
,QFRPH
,QFRPHRQERQGVGLYLGHQGV

%DQNLQWHUHVW
2WKHULQFRPH
([SHQVHV
0DQDJHPHQWIHHV

'HSRVLWDU\IHHV
$GPLQLVWUDWLYHIHHV
6XEVFULSWLRQWD[
$PRUWLVDWLRQRIIRUPDWLRQH[SHQVHV
2WKHUH[SHQVHV
%URNHUDJHDQGWUDQVDFWLRQIHHV
2WKHUWD[HV
1HWLQYHVWPHQWJDLQORVV
1HWUHDOLVHGJDLQORVV
RQSRUWIROLR

RQFXUUHQFLHV
1HWUHDOLVHGJDLQORVVIRUWKH\HDU
&KDQJHLQQHWXQUHDOLVHGDSSUHFLDWLRQGHSUHFLDWLRQ
RQSRUWIROLR

RQFXUUHQFLHV

5HVXOWRIRSHUDWLRQVIRUWKH\HDU
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 21
IRUWKH\HDUHQGHG'HFHPEHU&RQWLQXHG

/))XQGRI /))XQGRI /))XQGRI /))XQGRI

)XQGV )XQGV )XQGV )XQGV
*OREDO/RZ *OREDO0HGLXP *OREDO+LJK %DODQFHG%OHQG

86
1RWHV
&XUUHQF\ (85 (85 (85 (85
,QFRPH
,QFRPHRQSRUWIROLRGLYLGHQGV

%DQNLQWHUHVW
2WKHULQFRPH
([SHQVHV
0DQDJHPHQWIHHV

'HSRVLWDU\IHHV
$GPLQLVWUDWLYHIHHV
6XEVFULSWLRQWD[
2WKHUH[SHQVHV
2WKHUWD[HV
1HWUHDOLVHGJDLQORVV
RQSRUWIROLR

RQFXUUHQFLHV
RQSRUWIROLR

RQFXUUHQFLHV
5()
22

/))XQGRI /))XQGRI /))XQGRI /))XQGRI

)XQGV )XQGV )XQGV )XQGV
/LIH&\FOH /LIH&\FOH /LIH&\FOH /LIH&\FOH
1RWHV
&XUUHQF\ (85 (85 (85 (85
,QFRPH

%DQNLQWHUHVW
2WKHULQFRPH
([SHQVHV
0DQDJHPHQWIHHV

'HSRVLWDU\IHHV
$GPLQLVWUDWLYHIHHV
6XEVFULSWLRQWD[
2WKHUH[SHQVHV
2WKHUWD[HV
1HWUHDOLVHGJDLQORVV
RQSRUWIROLR

RQFXUUHQFLHV
RQSRUWIROLR

RQFXUUHQFLHV


/))XQGRI /))XQGRI
)XQGV )XQGV
/))XQGRI /))XQGRI
)XQGV*OREDO )XQGV/LIH&\FOH
3URWHFW
1RWHV
&XUUHQF\ (85 (85
,QFRPH

%DQNLQWHUHVW
2WKHULQFRPH
([SHQVHV
0DQDJHPHQWIHHV

'HSRVLWDU\IHHV
$GPLQLVWUDWLYHIHHV
6XEVFULSWLRQWD[
2WKHUH[SHQVHV
2WKHUWD[HV
1HWUHDOLVHGJDLQORVV
RQSRUWIROLR

RQFXUUHQFLHV
RQSRUWIROLR

RQFXUUHQFLHV

*2) launched as of May 17, 2021
)RUWKH\HDUHQGHG'HFHPEHU

/))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV
&RPELQHG *OREDO0HJDWUHQGV (TXLW\%OHQG *OREDO(PHUJLQJ %DODQFHG%OHQG*OREDO (6*)RFXV

0DUNHWV
&XUUHQF\ (85 (85 (85 (85 (85 (85
7RWDOQHWDVVHWVDWWKHEHJLQQLQJRIWKH\HDU
1HWUHDOLVHGJDLQORVV
0RYHPHQWRQFDSLWDODFFRXQW

6XEVFULSWLRQV
5HGHPSWLRQV
7RWDOFKDQJHVLQQHWDVVHWV

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDU
8QLWVLQLVVXH
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU(XUREDQN

8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU(XUREDQN86'
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU(XUREDQN,
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU3ULYDWH%DQNLQJ
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU3ULYDWH%DQNLQJ86'
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU3ULYDWH%DQNLQJ',6
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU,QWHUDPHULFDQ
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU3RVWEDQN
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU3RVWEDQN%*1
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU3RVWEDQN86'
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU5RPDQLD521
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU5RPDQLD
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU(XUREDQN
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU(XUREDQN86'
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU(XUREDQN,
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU3ULYDWH%DQNLQJ
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU3ULYDWH%DQNLQJ86'
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU3ULYDWH%DQNLQJ',6
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU,QWHUDPHULFDQ
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU3RVWEDQN
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU3RVWEDQN%*1
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU3RVWEDQN86'
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU5RPDQLD521
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU5RPDQLD

8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU*URXS3HQVLRQ
8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU=$&&
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU*URXS3HQVLRQ
8QLWVRXWVWDQGLQJDWWKHHQGRI\HDU=$&&

25
)RUWKH\HDUHQGHG'HFHPEHU&RQWLQXHG
/))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV
*OREDO/RZ *OREDO0HGLXP *OREDO+LJK %DODQFHG%OHQG86
&XUUHQF\ (85 (85 (85 (85
1HWUHDOLVHGJDLQORVV

6XEVFULSWLRQV
5HGHPSWLRQV

5()
8QLWVLQLVVXH



26
/))XQGRI)XQGV /))XQGRI /))XQGRI)XQGV /))XQGRI
)XQGV )XQGV
/LIH&\FOH /LIH&\FOH /LIH&\FOH /LIH&\FOH
&XUUHQF\ (85 (85 (85 (85
1HWUHDOLVHGJDLQORVV

6XEVFULSWLRQV
5HGHPSWLRQV

5()
8QLWVLQLVVXH


27

/))XQGRI)XQGV
/))XQGRI
)XQGV
/))XQGRI)XQGV*OREDO /))XQGRI
3URWHFW )XQGV/LIH&\FOH

&XUUHQF\ (85 (85
1HWUHDOLVHGJDLQORVV

6XEVFULSWLRQV
5HGHPSWLRQV

5()
8QLWVLQLVVXH



ODXQFKHGDVRI0D\
28
/))XQGRI)XQGV*OREDO0HJDWUHQGV
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

&XUUHQF\ 8QLWV 1DPH 3ULFH 3ULFH $VVHWV
7UDQVIHUDEOHVHFXULWLHVDGPLWWHGWRDQRIILFLDOH[FKDQJHOLVWLQJ
,QYHVWPHQW)XQGV
(85 %*)&,5&8/$5(&2120<'¼

(85 %*)1(;7*(1(5$7,217(&+12/2*<'¼
(85 %133$5,%$6+($/7+&5,112975,¼
(85 %133$5,%$660$57)22',¼
(85 %13,167,&$6+(85,¼"
(85 %1336867$,1$%/(0,¼
(85 *6*/2%$/)8785(+($/7+&5(4¼$&&
(85 3,&7(760$57&,7<,¼

86' %*))8785(2)75$163257'

86' %133$5,%$6*/2%$/(19,5,
86' %1<0(//2102%,/,7<,1129$7,21:$&&
86' *6*/2%$/0,//(11,$/6(4,$&&
86' ,19(6&2*,%/&21605751'6&$&&
86' -30*/2%$/+($/7+&$5(&$&&
86' 0 */8;*/2%$/7+(0(6)'&,
86' 1(8%(5*(5%(50$1*&11&797<,$&&
86' 3,&7(7*/2%$/7+(0$7,&2336,
86' 6&+52'(5,6)*/%(1(5*<75$16,7,21&
86' 6&+52'(5,6)*/2%$/&,7,(6&$&&

7RWDO,QYHVWPHQWVLQ,QYHVWPHQW)XQGV
7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
)UDQFH
,UHODQG
/X[HPERXUJ
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV(TXLW\%OHQG
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 /),(48,7<*/2%$/(487,(6)81'

(85 /),(48,7<*5((.(48,7,(6
(85 /),(48,7<(0(5*,1*(8523()81'
(85 %*)1(;7*(1(5$7,217(&+12/2*<'¼
(85 %13,167,&$6+(85,¼
(85 '%;75$&.(5606&,:25/'(7)
(85 ),'(/,7<)'(85'<1*<$&&
(85 ,6+$5(6$8720$7,21(7)
(85 ,6+$5(6672;;(852,/ *$6(7)
(85 -30(8523(675$7(*,&*52:7+&¼
(85 /8;25(7)672;;%$1.6
(85 0 */8;3$1(8523($16(/(&7&,¼$FF
(85 6&+52'(5,17/(8523($1(4$/3+$&$FF
(85 6&+52'(5,6)(85263(&
(85 6&+52'(5,6)*/%&/,0&+$1*(
(85 7(03/(721$6,$1*52:7+)81',¼

86' %*):25/'),1(47<)81''

86' %133DULEDV(48,7<86$60$//&$3,
86' %1<0(//2102%,/,7<,1129$7,21:$FF
86' ),'(/,7<)81'6$0(5,&$<$&&
86' )5$1./,18623325781,7,(6)81',
86' *2/'0$16$&+686&25(
86' -30$0(5,&$(47<&$FF
86' -30(0233)81'&$FF
86' -30-$3$1(47<&
86' -30869$/8()81'&$&&
86' 025*$167$1/(<86(48,7<*52:7+=$FF
86' 6&+52'(5,17/*5($7(5&+,1$&$FF

7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
*HUPDQ\
,UHODQG
/X[HPERXUJ
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 /),(48,7<*5((.(48,7,(6

(85 %$5,1*$6($1)5217,(5,
(85 %*),1',$)81'
(85 %133$5,%$6(48,7<5866,$,¼
(85 -30$6($1(48,7<(85&$&&

86' %13)81'&+,1$(48,7<

86' ),'(/,7<)1'6/$7,1$0<$&
86' )7,))5$1./,10(1$)81',
86' *2/'0$16$&+6,1',$(4
86' ,19(6&2*57(5&+,1((47<&
86' ,6+$5(606&,6287+$)5,&$
86' -30(060$//&$3&$FF
86' -30).25($(48,7<)81'&
86' 6&+52'(5,17/*5($7(5&+,1$&$FF
86' 6&+52'(5,6)&+,1$&$&&
86' 6&+52'(5,6)7$,:$1(6((48,7<&$FF

7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
,UHODQG
/X[HPERXUJ
8QLWHG.LQJGRP
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 /)%21'*5((.&253%1')1'(5%,¼

(85 /),(48,7<*5((.(48,7,(6
(85 %13&/,0$7(,03$&7,¼
(85 %13',65837,9(7(&+,¼
(85 %133$5,%$6%'(852*29(510(17
(85 %133$5,%$6%21'(852,¼
(85 %133$5,%$6(1+$1&('BOND0217+6,¼
(85 %133$5,%$6(48,7<:25/'/2:92/,¼
(85 %133$5,%$6+($/7+&5,112975,¼
(85 %13,167,&$6+(85,¼
(85 %1<0(//21*/)(852/$1'%1':¼$&&
(85 %1<0(//21/21*7(50:¼$&&
(85 %1<0(//215(63216,%/(+25,=216:¼$&&
(85 (852%$1.,/)*5((.*29017%21'
(85 025*$167$1/(<(852675$7%21'
(85 11/(8523(5((67,
(85 6&+52'(5,17/(852%21'&¼$&&
(85 6&+52'(5,6)*/%&/,0&+$1*(
(85 6&+52'(5,6)(85*79%21'&¼$&&

86' %*):25/'),1(47<)81''

86' %*))8785(2)75$163257'
86' %13)/(;,,&2002',86'
86' %133$5,%$6*/2%$/(19,5,
86' ),'(/,7<*/%'(02<$&&
86' *6*/2%$/0,//(11,$/6(4,$&&
86' -30$0(5,&$(47<&$&&
86' -30-$3$1(47<&
86' 025*$167$1/(<86(48,7<*52:7+=$&&
86' 06,19(67)*/2%$/6867$,1=
86' 11/*/2%$/5(,
86' 11/&2002',7<(1+$1&('
86' 3,0&2&2002',7<5($/5(7675,
86' 6&+52'(5,6)&2002',7<&$&&
86' 6&+52'(5,6)*/%6867*52:7+&$&&

7RWDOWUDQVIHUDEOHVHFXULWLHVDGPLWWHGWRDQRIILFLDOH[FKDQJHOLVWLQJ
7RWDO,QYHVWPHQWV

3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
,UHODQG
/X[HPERXUJ
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV(6*)RFXV
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 %13&/,0$7(,03$&7,¼

(85 %13',65837,9(7(&+,¼
(85 %133$5,%$6(48,7<:25/'/2:92/,¼
(85 %1336867$,1$%/(0,¼
(85 ),'(/,7<6867*/%(48,7<<¼$&&
(85 3,&7(760$57&,7<,¼
(85 3,&7(7:$7(5,¼
(85 52%(&26867*/%67$56(47,¼
(85 6&+52'(5,6)*/%&/,0&+$1*(
(85 6&+52'(5,6)6867(85&5(',7

86' %1<0(//21*/%(48,7<)81':$&&

86' ),'(/,7<*/%'(02<$&&
86' 1(8%(5*(51(;7*(102%,/,7<,$&&
86' 6&+52'(5,6)*/%(1(5*<75$16,7,21&
86' 6&+52'(5,6)*/%6867*52:7+&$&&

7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
,UHODQG 103
/X[HPERXUJ 896
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV*OREDO/RZ
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 /)%21'*5((.&253%1')1'(5%,¼

(85 /),00)81'5(6(59(
(85 /),1&20(3/86¼)81'
(85 $5$%(648(6<67(0$7,&,¼
(85 %*):25/'),1(4<)1''¼
(85 %13&/,0$7(,03$&7,¼
(85 %13',65837,9(7(&+,¼
(85 %133$5,%$6%'(852*29(510(17
(85 %133$5,%$6%21'(852,¼
(85 %133$5,%$6(1+$1&('%21'0217+6,¼
(85 %133$5,%$6(48,7<:25/'/2:92/,¼
(85 %133$5,%$6+($/7+&5,112975,¼
(85 %13,167,&$6+(85,¼
(85 %1336867$,1$%/(0,¼
(85 (852%$1.,/)*5((.*29017%21'
(85 ),'(/,7<6867*/%(48,7<<¼$&&
(85 025*$167$1/(<(852675$7%21'
(85 3,&7(76+2577(5000
(85 6&+52'(5,17/(852%21'&¼$&&
(85 6&+52'(5,17/-31(4&$&&
(85 6&+52'(5,6)*/%&/,0&+$1*(
(85 6&+52'(5,6)(85*79%21'&¼$&&
(85 6&+52'(5,6)(856+257%1')81'&¼$&&
(85 %1<0(//21*/%6+'5+,</'%'&$&&
(85 %1<0(//21*/%6++<%1
(85 %1<0(//21/21*7(50:¼$&&
(85 %1<0(//215(63216,%/(+25,=216:¼$&&
(85 1(8%(5*(5%(50$18/75$6+57(50,¼
(85 3,0&2(856+2577(50,16$&&
(85 3,0&2*,6866+2577(50,¼+')'

86' %*))8785(2)75$163257'

86' %133$5,%$6*/2%$/(19,5,
86' ),'(/,7<*/%'(02<$&&
86' *6*/2%$/0,//(11,$/6(4,$&&
86' 06,19(67)*/2%$/6867$,1=
86' 3,0&2&2002',7<5($/5(7675,
86' 6&+52'(5,6)*/%6867*52:7+&$&&

%RQGV
(85 (852%$1.6$9$5,$%/(

(85 1$7,21$/%$1.*5((&(6$9$5,$%/(

7RWDO,QYHVWPHQWVLQ%RQGV
7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
*UHHFH
,UHODQG
/X[HPERXUJ
7RWDO
%\W\SHRILQYHVWPHQWV
%RQGV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV*OREDO0HGLXP
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 /)%21'*5((.&253%1')1'(5%,¼

(85 /),00)81'5(6(59(
(85 /),(48,7<*5((.(48,7,(6
(85 %*):25/'),1(4<)1''¼
(85 %13&/,0$7(,03$&7,¼
(85 %13',65837,9(7(&+,¼
(85 %133$5,%$6%'(852*29(510(17
(85 %133$5,%$6%21'(852,¼
(85 %133$5,%$6(1+$1&('%21'0217+6,¼
(85 %133$5,%$6(48,7<:25/'/2:92/,¼
(85 %133$5,%$6+($/7+&5,112975,¼
(85 %13,167,&$6+(85,¼
(85 %1<0(//21/21*7(50:¼$&&
(85 %1<0(//215(63216,%/(+25,=216:¼$&&
(85 (852%$1.,/)*5((.*29017%21'
(85 ))*/2%$/),1$1&,$/6(59,&(6<¼$&&
(85 ),'(/,7<6867*/%(48,7<<¼$&&
(85 025*$167$1/(<(852675$7%21'
(85 6&+52'(5,17/(852%21'&¼$&&
(85 6&+52'(5,6)*/%&/,0&+$1*(
(85 6&+52'(5,6)(85*79%21'&¼$&&
(85 6&+52'(5,6)(856+257%1')81'&¼$&&

86' %*))8785(2)75$163257'

86' %133$5,%$6*/2%$/(19,5,
86' ),'(/,7<*/%'(02<$&&
86' *6*/2%$/0,//(11,$/6(4,$&&
86' 06,19(67)*/2%$/6867$,1=
86' 3,0&2&2002',7<5($/5(7675,
86' 6&+52'(5,6)*/%6867*52:7+&$&&

7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
,UHODQG
/X[HPERXUJ
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV*OREDO+LJK
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 /)%21'*5((.&253%1')1'(5%,¼

(85 %*):25/'),1(4<)1''¼
(85 %13&/,0$7(,03$&7,¼
(85 %13',65837,9(7(&+,¼
(85 %133$5,%$6%'(852*29(510(17
(85 %133$5,%$6%21'(852,¼
(85 %133$5,%$6(1+$1&('%21'0217+6,¼
(85 %133$5,%$6(48,7<:25/'/2:92/,¼
(85 %133$5,%$6+($/7+&5,112975,¼
(85 %13,167,&$6+(85,¼
(85 %1<0(//21/21*7(50:¼$&&
(85 %1<0(//215(63216,%/(+25,=216:¼$&&
(85 (852%$1.,/)*5((.*29017%21'
(85 ))*/2%$/),1$1&,$/6(59,&(6<¼$&&
(85 ),'(/,7<6867*/%(48,7<<¼$&&
(85 025*$167$1/(<(852675$7%21'
(85 6&+52'(5,17/(852%21'&¼$&&
(85 6&+52'(5,6)*/%&/,0&+$1*(
(85 6&+52'(5,6)(85*79%21'&¼$&&
(85 6&+52'(5,6)(856+257%1')81'&¼$&&

86' %*))8785(2)75$163257'

86' %133$5,%$6*/2%$/(19,5,
86' ),'(/,7<*/%'(02<$&&
86' *6*/2%$/0,//(11,$/6(4,$&&
86' 06,19(67)*/2%$/6867$,1=
86' 3,0&2&2002',7<5($/5(7675,
86' 6&+52'(5,6)*/%6867*52:7+&$&&

7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
/X[HPERXUJ
,UHODQG
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV%DODQFHG%OHQG86
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 ,6+$5(6%$5&$386$**%21'(7)

(85 ,6+$5(606&,86$8&,76(7)
(85 32:(56+$5(6*/2%$/(4441$6'$4

86' /),021(<0$5.(7,1&20(3/86)81'

86' $081',)'63,21((586%',
86' $081',)'6863,21((5,$&&
86' $081',3,21((5675$7(*,&,1&,&
86' %133$5,%$6%21'86'*29&/$66,&0'
86' %133$5,%$6(48,7<86$60$//&$3,
86' %133)/(;,,860257*$*(%$&.(')81'
86' )5$1./,18623325781,7,(6)81',
86' )7,))5$1.087%($&21)81',$&&
86' )7,))5$1.86*29(510(17)81',$&&
86' *2/'0$16$&+686&25(
86' *686(48,7<3257)2/,2,$&&
86' ,19(6&2869$/8((48,7<&$&&
86' -3086$**5(*$7(%21'&$&&
86' 025*$167$1/(<6,&$9863523(57<)81'
86' 025*$167$1/(<86(48,7<*52:7+=$&&
86' 3,0&2*,6',9(56,),(',1&20(,16786'

7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
*HUPDQ\
,UHODQG
/X[HPERXUJ
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 %133$5,%$6%'(852*29(510(17

(85 '%;06&,:25/''5&
(85 ),57675867$/3+$(7)
(85 ,6+$5(6%(852$**%21'
(85 ,6+$5(606&,$&:,(7)
(85 ,6+$5(606&,-$3$1(7)
(85 -30(8*29&¼$&&
(85 -30*,%/565,1'(6(4&¼$&&
(85 /<;2506&,(0(50.76$
(85 0 */;(852&253%'&,$
(85 6&+52'(5,6)(85*79%21'&¼$&&
(85 63'5(852$**5(*$7(

86' %13($6<6 38&,76(7)

86' %133$5,%$6(4%(676(/:/',
86' 0 */8;*/2%$/7+(0(6)'&,
86' 6&+52'(5,6)*/%(48,7<&$&&
86' 6&+52'(5,6)86/$5*&3(47<&$&&

7RWDO,QYHVWPHQWV

3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
)UDQFH
,UHODQG
/X[HPERXUJ
1HWKHUODQGV
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 %133$5,%$6%'(852*29(510(17

(85 '%;06&,:25/''5&
(85 ),57675867$/3+$(7)
(85 ,6+$5(6%(852$**%21'
(85 ,6+$5(606&,$&:,(7)
(85 ,6+$5(606&,-$3$1(7)
(85 -30(8*29&¼$FF
(85 -30*,%/565,1'(6(4&¼$FF
(85 /<;2506&,(0(50.76$
(85 0 */;(852&253%'&,$
(85 6&+52'(5,6)(85*79%21'&¼$FF
(85 63'5(852$**5(*$7(

86' %13($6<6 38&,76(7)

86' %133$5,%$6(4%(676(/:/',
86' 0 */8;*/2%$/7+(0(6)'&,
86' 6&+52'(5,6)*/%(48,7<&$&&
86' 6&+52'(5,6)86/$5*&3(47<&$&&

7RWDO,QYHVWPHQWV

3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
)UDQFH
,UHODQG
/X[HPERXUJ
1HWKHUODQGV
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 %133$5,%$6%'(852*29(510(17

(85 '%;06&,:25/''5&
(85 ),57675867$/3+$(7)
(85 ,6+$5(6%(852$**%21'
(85 ,6+$5(606&,$&:,(7)
(85 ,6+$5(606&,-$3$1(7)
(85 -30(8*29&¼$&&
(85 -30*,%/565,1'(6(4&¼$&&
(85 /<;2506&,(0(50.76$
(85 0 */;(852&253%'&,$
(85 6&+52'(5,6)(85*79%21'&¼$&&
(85 63'5(852$**5(*$7(

86' %13($6<6 38&,76(7)

86' %133$5,%$6(4%(676(/:/',
86' 0 */8;*/2%$/7+(0(6)'&,
86' 6&+52'(5,6)*/%(48,7<&$&&
86' 6&+52'(5,6)86/$5*&3(47<&$&&
86' 9$1*8$5')76($//:25/'8&,76(7)

7RWDO,QYHVWPHQWV

3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
)UDQFH
,UHODQG
/X[HPERXUJ
1HWKHUODQGV
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 '%;06&,:25/''5&

(85 ,6+$5(6%(852$**%21'
(85 ,6+$5(60&6,1257+$0(5,&$
(85 ,6+$5(606&,$&:,(7)
(85 /<;(7)06&,:25/'
(85 /<;2506&,(0(50.76$

86' +6%&06&,:25/'8&,76(7)

86' 63'5$&:,(7)
86' 63'5*/2%$/5($/(67$7((7)
86' 9$1*8$5')76($//:+'<8&,76(7)
86' 9$1*8$5')76($//:25/'8&,76(7)

7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
)UDQFH
,UHODQG
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
/))XQGRI)XQGV*OREDO3URWHFW
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 $081',)81'6&$6+(85

(85 %13(852021(<0$5.(7
(85 %13,167,&$6+(85,¼
(85 %1<0(//21*/)(852/$1'%1':¼$FF
(85 )5$1./,10878$/*,%/(85
(85 )7,)7(03/(721*/2%$/&/,0$7(&+$1*()81',¼
(85 -30(8*29&¼$FF
(85 -30*,%/565,1'(6(4&¼$FF
(85 -30*/2%$/)2&86&¼$FF
(85 -30*/2%$/+,*+<,(/'&¼$FF
(85 3,&7(76+2577(5000
(85 3,0&2*,6*/2%$/+,*+,¼+')'

86' )5$1./,1:25/'3(563(&7,9(6,$FF

86' 1(8%(5*(5%(005.76(486',167$&&
86' 7(03/(721(0(5*,1*05.7686'

7RWDO,QYHVWPHQWV
3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
)UDQFH
,UHODQG
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO
$VDW'HFHPEHU
$OOILJXUHVLQ(XURV
&RVW 0DUNHW RI1HW

,QYHVWPHQW)XQGV
(85 %133DULEDV%'(852*29(510(17

(85 '%;06&,:25/''5&
(85 ),57675867$/3+$(7)
(85 ,6+$5(6%(852$**%21'
(85 ,6+$5(606&,$&:,(7)
(85 ,6+$5(606&,-$3$1(7)
(85 -30(8*29&¼$FF
(85 -30*,%/565,1'(6(4&¼$FF
(85 /<;2506&,(0(50.76$
(85 0 */;(852&253%'&,$
(85 6&+52'(5,6)(85*79%21'&¼$FF
(85 63'5(852$**5(*$7(

86' %13($6<6 38&,76(7)

86' %133$5,%$6(4%(676(/:/',
86' 0 */8;*/2%$/7+(0(6)'&,
86' 6&+52'(5,6)*/%(48,7<&$FF
86' 6&+52'(5,6)86/$5*&3(47<&$FF

7RWDO,QYHVWPHQWV

3RUWIROLREUHDNGRZQ
$VDW'HFHPEHU
%\FRXQWULHV
)UDQFH
,UHODQG
/X[HPERXUJ
1HWKHUODQGV
7RWDO
%\W\SHRILQYHVWPHQWV
,QYHVWPHQW)XQGV
7RWDO

$VDW'HFHPEHU

*HQHUDO

/) )XQG RI )XQGV ³WKH )XQG´ LV DQ RSHQHQGHG LQYHVWPHQW IXQG DQG KDV EHHQ FUHDWHG RQ
6HSWHPEHUDVDPXWXDOLQYHVWPHQWIXQG³)RQGV&RPPXQGH3ODFHPHQW´RUJDQLVHGXQGHU
3DUW , RI WKH /X[HPERXUJ /DZ RI 'HFHPEHU UHODWLQJ WR 8QGHUWDNLQJV IRU &ROOHFWLYH
,QYHVWPHQWWKH³/DZ´DVDPHQGHGE\WKH'LUHFWLYH8&,769

7KH )XQG LV PDQDJHG E\ (XUREDQN )XQG 0DQDJHPHQW &RPSDQ\ /X[HPERXUJ 6$ WKH
³0DQDJHPHQW&RPSDQ\´DFRPSDQ\LQFRUSRUDWHGXQGHUWKHODZVRI/X[HPERXUJDQGKDYLQJLWV
UHJLVWHUHGRIILFHLQ/X[HPERXUJ

7KH 0DQDJHPHQW &RPSDQ\ PD\ LVVXH XQLWV LQ VHYHUDO FODVVHV FROOHFWLYHO\ ³&ODVVHV´ DQG HDFK D
³&ODVV´LQHDFK6XE)XQGKDYLQJLDVSHFLILFVDOHVDQGUHGHPSWLRQFKDUJHVWUXFWXUHDQGRULLD
VSHFLILFPDQDJHPHQWRUDGYLVRU\IHHVWUXFWXUHDQGRULLLGLIIHUHQWGLVWULEXWLRQXQLWKROGHUVHUYLFLQJ
RU RWKHU IHHV DQGRU LY GLIIHUHQW W\SHV RI WDUJHWHG LQYHVWRUV RU GLVWULEXWLRQ FKDQQHOV DQGRUY D
GLIIHUHQW KHGJLQJ VWUXFWXUH DQGRU YL VXFK RWKHU IHDWXUHV DV PD\ EH GHWHUPLQHG E\ WKH %RDUG RI
'LUHFWRUVRIWKH0DQDJHPHQW&RPSDQ\IURPWLPHWRWLPH

$VDW'HFHPEHUVXEIXQGVDUHDFWLYH

7KHDFWLYHFODVVHVRIXQLWVDUHDVIROORZV

6XE)XQGV&ODVVHVRI8QLWV /DXQFKHG'DWH
/))XQGRI)XQGV*OREDO0HJDWUHQGV(XUREDQN
/))XQGRI)XQGV*OREDO0HJDWUHQGV(XUREDQN,
/))XQGRI)XQGV*OREDO0HJDWUHQGV3ULYDWH%DQNLQJ
/))XQGRI)XQGV(TXLW\%OHQG(XUREDQN
/))XQGRI)XQGV(TXLW\%OHQG(XUREDQN86'
/))XQGRI)XQGV(TXLW\%OHQG(XUREDQN,
/))XQGRI)XQGV(TXLW\%OHQG,QWHUDPHULFDQ
/))XQGRI)XQGV(TXLW\%OHQG3ULYDWH%DQNLQJ
/))XQGRI)XQGV(TXLW\%OHQG3RVWEDQN
/))XQGRI)XQGV(TXLW\%OHQG5RPDQLD
/))XQGRI)XQGV(TXLW\%OHQG3ULYDWH%DQNLQJ86'
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV±(XUREDQN
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV(XUREDQN86'
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV(XUREDQN,
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV3ULYDWH%DQNLQJ
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV3ULYDWH%DQNLQJ86'
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV,QWHUDPHULFDQ
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV3RVWEDQN
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV5RPDQLD
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO(XUREDQN
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO(XUREDQN86'
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO(XUREDQN,
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO,QWHUDPHULFDQ
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO3ULYDWH%DQNLQJ
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO3ULYDWH%DQNLQJ86'
Europe
*Formerly named as (LF) Fund of Funds - Balanced Blend


*HQHUDOFRQWLQXHG

/))XQGRI)XQGV%DODQFHG%OHQG*OREDO3RVWEDQN
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO5RPDQLD
/))XQGRI)XQGV(6*)RFXV(XUREDQN
/))XQGRI)XQGV(6*)RFXV±(XUREDQN,
/))XQGRI)XQGV(6*)RFXV(XUREDQN86'
/))XQGRI)XQGV(6*)RFXV,QWHUDPHULFDQ
/))XQGRI)XQGV(6*)RFXV3ULYDWH%DQNLQJ
/))XQGRI)XQGV(6*)RFXV3ULYDWH%DQNLQJ86'
/))XQGRI)XQGV(6*)RFXV3RVWEDQN
/))XQGRI)XQGV(6*)RFXV3RVWEDQN86'
/))XQGRI)XQGV(6*)RFXV5RPDQLD
/))XQGRI)XQGV*OREDO/RZ(XUREDQN
/))XQGRI)XQGV*OREDO/RZ(XUREDQN,
/))XQGRI)XQGV*OREDO/RZ3ULYDWH%DQNLQJ
/))XQGRI)XQGV*OREDO/RZ3ULYDWH%DQNLQJ'LV
/))XQGRI)XQGV*OREDO/RZ5RPDQLD521
/))XQGRI)XQGV*OREDO/RZ,QWHUDPHULFDQ
/))XQGRI)XQGV*OREDO/RZ3RVWEDQN%*1
/))XQGRI)XQGV*OREDO0HGLXP(XUREDQN
/))XQGRI)XQGV*OREDO0HGLXP3ULYDWH%DQNLQJ
/))XQGRI)XQGV*OREDO0HGLXP3ULYDWH%DQNLQJ',6
/))XQGRI)XQGV*OREDO0HGLXP5RPDQLD521
/))XQGRI)XQGV*OREDO0HGLXP3RVWEDQN%*1
/))XQGRI)XQGV*OREDO+LJK(XUREDQN
/))XQGRI)XQGV*OREDO+LJK,QWHUDPHULFDQ
/))XQGRI)XQGV*OREDO+LJK3ULYDWH%DQNLQJ
/))XQGRI)XQGV*OREDO+LJK5RPDQLD521
/))XQGRI)XQGV%DODQFHG%OHQG86(XUREDQN
/))XQGRI)XQGV%DODQFHG%OHQG86(XUREDQN,
/))XQGRI)XQGV%DODQFHG%OHQG86(XUREDQN86'
/))XQGRI)XQGV%DODQFHG%OHQG863ULYDWHEDQNLQJ86'
/))XQGRI)XQGV%DODQFHG%OHQG863ULYDWHEDQNLQJ
/))XQGRI)XQGV/LIH&\FOH(XUREDQN,
/))XQGRI)XQGV/LIH&\FOH*URXS3HQVLRQ
/))XQGRI)XQGV/LIH&\FOH=$&&
/))XQGRI)XQGV±*OREDO3URWHFW(XUREDQN
/))XQGRI)XQGV/LIH&\FOH(XUREDQN
4


6XPPDU\RIVLJQLILFDQWDFFRXQWLQJSROLFLHV

7KH ILQDQFLDO VWDWHPHQWV DUH SUHSDUHG LQ DFFRUGDQFH ZLWK /X[HPERXUJ UHJXODWLRQV UHODWLQJ WR
XQGHUWDNLQJVIRUFROOHFWLYHLQYHVWPHQWV7KHDFFRXQWVKDYHEHHQSUHSDUHGRQDJRLQJFRQFHUQEDVLV

D%DVLVRISUHVHQWDWLRQRIWKHILQDQFLDOVWDWHPHQWV

7KHILQDQFLDOVWDWHPHQWVRIHDFKVXEIXQGDUHNHSWLQWKHIROORZLQJFXUUHQF\

/))XQGRI)XQGVGlobal Megatrends* (85
/))XQGRI)XQGV(TXLW\%OHQG (85
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV (85
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO (85
/))XQGRI)XQGV(6*)RFXV (85
/))XQGRI)XQGV*OREDO/RZ (85
/))XQGRI)XQGV*OREDO0HGLXP (85
/))XQGRI)XQGV*OREDO+LJK (85
/))XQGRI)XQGV%DODQFHG%OHQG86 (85
/))XQGRI)XQGV/LIH&\FOH (85
/))XQGRI)XQGV*OREDO3URWHFW (85

7KHFRPELQHGILQDQFLDOVWDWHPHQWVRIWKH)XQGUHIOHFWLQJWKHDVVHWVDQGOLDELOLWLHVRIDOOSRUWIROLRV
DUHH[SUHVVHGLQ(XUR

E6HFXULW\9DOXDWLRQ

6HFXULWLHVTXRWHGRUGHDOWLQRQDQ\VWRFNH[FKDQJHRUDQRWKHUUHJXODWHGPDUNHWLQFOXGHG(7)VLV
YDOXHGDWWKHODWHVWDYDLODEOHSULFH

:KHQVXFKSULFHVDUHQRWUHSUHVHQWDWLYHRIWKHIDLUYDOXHRIWKHUHOHYDQWVHFXULWLHVDQGLQWKHFDVHRI
XQTXRWHG VHFXULWLHV WKH YDOXDWLRQ LV EDVHG RQ WKH UHVSHFWLYH UHDVRQDEOH IRUHVHHDEOH VDOHV SULFH DV
GHWHUPLQHGSUXGHQWO\DQGLQJRRGIDLWKE\WKH%RDUGRI'LUHFWRUVRIWKH0DQDJHPHQW&RPSDQ\RI
WKH)XQG

&DVK HTXLYDOHQW RU PRQH\ PDUNHW LQVWUXPHQWV ZLWK D UHPDLQLQJ PDWXULW\ RI GD\V RU OHVV DUH
VWDWHGDWDPRUWL]HGFRVWZKLFKDSSUR[LPDWHVPDUNHWYDOXH

,QYHVWPHQWV LQ RSHQHQGHG 8&,V DUH YDOXHG RQ WKH EDVLV RI WKH ODVW RIILFLDO 1$9 RI WKH XQLWV RU
VKDUHVRIVXFK8&,VH[FHSWIRU(7)VVHHDERYH

F5HDOLVHGJDLQVDQGORVVHVRQVDOHVRILQYHVWPHQWVLQVHFXULWLHV

,QYHVWPHQWVLQVHFXULWLHVDUHDFFRXQWHGIRURQDWUDGHGDWHEDVLV5HDOLVHGJDLQVDQGORVVHVRQVDOHV
RILQYHVWPHQWVLQVHFXULWLHVDUHEDVHGRQWKHDYHUDJHFRVWEDVLV

*Formerly named as (LF) Fund of Funds - Balanced Blend Europe

4
Notes to the financial statements
2. Summary of significant accounting policies (continued)
d) Foreign currency translation
The cost of investments and the transactions during the year, expressed in foreign currencies, are
converted into the reporting currency of each Sub-Fund at the rate of exchange ruling at the time of
the purchase or transaction.
The market value of investments and other assets and other liabilities, expressed in foreign
currencies, are translated into the reporting currency of each Sub-Fund at end of period exchange
rates. The combined statement is calculated at end of period exchange rates.
Closing exchange rates as at December 31, 2021 relating to EUR are:
1 BGN = 0.5113 EUR

1 PLN = 0.2175 EUR
1 RON = 0.2021 EUR
1 USD = 0.8829 EUR
e) Interest and Dividend income
Interest income is recognized on an accrual basis, net of any irrecoverable withholding tax.
Dividends are recorded on an ex-dividend basis and net of any irrecoverable withholding tax.
f) Formation expenses
Formation expenses are amortised on a straight line basis over a period not exceeding 5 years.
g) Swing pricing
A Sub-Fund may suffer dilution of the net asset value per unit due to investors buying or selling
shares in a Sub-Fund at a price that does not reflect dealing and other costs that arise when security
trades are undertaken by the Investment Manager to accommodate cash inflows or outflows.
In order to counter this impact, a swing pricing mechanism has been adopted to protect the interests
of unitholders of the Sub-Funds. If on any valuation date, the aggregate net capital activity of a Sub-
Fund exceeds a pre-determined threshold, as determined and reviewed for each Sub-Fund on a
periodic basis by the Board of Directors of the Fund, the net asset value per unit will be adjusted
upwards or downwards to reflect costs associated with the net capital outflows respectively.
Since the dilution adjustment for each Sub-Fund will be calculated by reference to the costs of
dealing in the underlying investments of that Sub-Fund, including any dealing spreads, which can
vary with market conditions, the amount of the dilution adjustment can vary over time.
Nevertheless, it will not exceed 2% of the relevant Net Asset Value per Unit of each Class, or the
relevant published annual Total Expense Ratio (TER).
The swing pricing is applied across all Sub-Funds. As at December 31, 2021, no adjustment was
made.
47

0DQDJHPHQWIHHV

0DQDJHPHQWIHHVDUHGXHE\HDFK6XE)XQGWRWKH0DQDJHPHQW&RPSDQ\DQGDUHFDOFXODWHGGDLO\
EDVHGRQWKHQHWDVVHWVRIHDFKFODVVRI8QLWVGXULQJWKHPRQWKDQGDUHSD\DEOHPRQWKO\

$VDW'HFHPEHUWKHIROORZLQJHIIHFWLYHUDWHVDUHDSSOLFDEOHSHUDQQXP

/))XQGRI)XQGV*OREDO0HJDWUHQGV±(XUREDQN
/))XQGRI)XQGV*OREDO0HJDWUHQGV(XUREDQN,
/))XQGRI)XQGV*OREDO0HJDWUHQGV3ULYDWH%DQNLQJ
/))XQGRI)XQGV(TXLW\%OHQG(XUREDQN
/))XQGRI)XQGV(TXLW\%OHQG(XUREDQN86'
/))XQGRI)XQGV(TXLW\%OHQG(XUREDQN,
/))XQGRI)XQGV(TXLW\%OHQG,QWHUDPHULFDQ
/))XQGRI)XQGV(TXLW\%OHQG3ULYDWH%DQNLQJ
/))XQGRI)XQGV(TXLW\%OHQG3RVWEDQN
/))XQGRI)XQGV(TXLW\%OHQG5RPDQLD
/))XQGRI)XQGV(TXLW\%OHQG3ULYDWH%DQNLQJ86'
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV(XUREDQN
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV(XUREDQN86'
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV(XUREDQN,
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV,QWHUDPHULFDQ
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV3ULYDWH%DQNLQJ
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV3ULYDWH%DQNLQJ86'
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV3RVWEDQN
/))XQGRI)XQGV*OREDO(PHUJLQJ0DUNHWV5RPDQLD
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO(XUREDQN
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO(XUREDQN,
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO(XUREDQN86'
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO,QWHUDPHULFDQ
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO3ULYDWH%DQNLQJ
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO3ULYDWH%DQNLQJ86'
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO3RVWEDQN
/))XQGRI)XQGV%DODQFHG%OHQG*OREDO5RPDQLD
/))XQGRI)XQGV(6*)RFXV(XUREDQN
/))XQGRI)XQGV(6*)RFXV(XUREDQN,
/))XQGRI)XQGV(6*)RFXV(XUREDQN86'
/))XQGRI)XQGV(6*)RFXV3ULYDWH%DQNLQJ
/))XQGRI)XQGV(6*)RFXV3ULYDWH%DQNLQJ86'
/))XQGRI)XQGV(6*)RFXV3RVWEDQN
/))XQGRI)XQGV(6*)RFXV3RVWEDQN86'
/))XQGRI)XQGV(6*)RFXV5RPDQLD
/))XQGRI)XQGV(6*)RFXV,QWHUDPHULFDQ
/))XQGRI)XQGV*OREDO/RZ(XUREDQN
/))XQGRI)XQGV*OREDO/RZ(XUREDQN,
/))XQGRI)XQGV*OREDO/RZ3ULYDWH%DQNLQJ
/))XQGRI)XQGV*OREDO/RZ,QWHUDPHULFDQ
/))XQGRI)XQGV*OREDO/RZ3ULYDWHEDQNLQJ',6
/))XQGRI)XQGV*OREDO/RZ5RPDQLD521
/))XQGRI)XQGV*OREDO/RZ3RVWEDQN%*1
/))XQGRI)XQGV*OREDO0HGLXP(XUREDQN
/))XQGRI)XQGV*OREDO0HGLXP3ULYDWH%DQNLQJ

*Formerly named as (LF) Fund of Funds - Balanced Blend Europe
3. Management fees (continued)
(LF) Fund of Funds - Global Medium - Private Banking DIS 1.00%

(LF) Fund of Funds - Global Medium - Romania (RON) 1.00%
(LF) Fund of Funds - Global Medium - Postbank (BGN) 1.00%
(LF) Fund of Funds - Global High - Eurobank 1.25%
(LF) Fund of Funds - Global High - Interamerican 1.25%
(LF) Fund of Funds - Global High - Private Banking 1.25%
(LF) Fund of Funds - Global High - Romania (RON) 1.25%
(LF) Fund of Funds - Balanced Blend US - Eurobank 1.25%
(LF) Fund of Funds - Balanced Blend US - Eurobank I 0.63%
(LF) Fund of Funds - Balanced Blend US - Eurobank (USD) 1.25%
(LF) Fund of Funds - Balanced Blend US - Private Banking 1.25%
(LF) Fund of Funds - Balanced Blend US - Private Banking (USD) 1.25%
(LF) Fund of Funds - Life Cycle 2032 - Eurobank I 0.50%
(LF) Fund of Funds - Life Cycle 2032 - Group Pension 0.50%
(LF) Fund of Funds - Life Cycle 2032 - Z ACC 0.90%
(LF) Fund of Funds - Global Protect 80 - Eurobank 1.07%
(LF) Fund of Funds - Life Cycle 2037 - Eurobank 0.50%
Subscription, redemption and conversion fees payable to distributors are not included in the
management fee. The Management Company shall pay, out of the management fees and expenses:
- the fees and expenses due to the investment manager and any granted sub-investment manager;
- the fees and expenses due to the distributors.
Management fees may be charged at both levels (the Sub-Fund and target UCITS/UCIs) but the
aggregate amount of management fees on the portion of assets invested in target UCITS/UCIs will
not exceed 4% p.a. of the net assets.
4. Depositary fees
In consideration for its services, the Depositary is entitled to receive out of the assets of the relevant
Sub-Fund a fee (the “Depositary Fee”) payable at the end of each month in arrears at an annual rate
not exceeding the percentage amount indicated in the Appendix of the Prospectus relevant to each
Sub-Fund (up to 0.50% p.a). This percentage amount will be calculated on a daily basis on the Net
Asset Value of that day of the relevant Class over the period by reference to which the fee is
calculated. The Depositary may also receive transaction-based fees.
49
5. Administrative fees and Registrar Agent
The Administrative Agent fee is payable at the end of each month in arrears at an annual rate not
exceeding the percentage amount indicated in the Appendix relevant to each Sub-Fund (up to
0.10% p.a). This percentage amount will be calculated on a daily basis on the Net Asset Value of
that day of the relevant Class over the period by reference to which the fee is calculated.
The Registrar Agent fee is a flat amount payable yearly and calculated on a prorata basis of the Net
Asset Value of each sub-fund.
6. Taxation
The Fund is liable in Luxembourg to an annual tax (the "taxe d'abonnement") of 0.05%, calculated
and payable quarterly, on the aggregate Net Asset Value of the outstanding units of the Fund at the
end of each quarter. This annual tax is however reduced to 0.01% on the aggregate Net Asset Value
of the units in the Classes reserved to institutional investors as well as in Sub-Funds that invest
exclusively in certain short-term transferable debt securities and other instruments pursuant to the
Grand-Ducal Regulation of April 14, 2004.
This rate is reduced to 0% for the portion of the assets of the Fund invested in other Luxembourg
undertakings for collective investment already submitted to an annual tax.
No tax is payable in Luxembourg on realised or unrealised capital appreciation of the assets of the
Fund.
7. Brokerage and transaction fees
Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money
market instruments, derivatives or other eligible assets are mainly composed of Broker Fees,
Transfer Fee, Stock Exchange Fee.
For purchase or sale of bonds, the remuneration of the broker is represented by a bid-offer spread
which cannot be easily retrieved from the accounting system. Therefore, this bid-offer spread is not
included in the transaction fees but is included in the acquisition cost of purchased securities and
implicitly deducted from the net proceeds of the securities sold.
8. Statement of changes in investments
A list, for each Sub-Fund, specifying for each investment the total purchases and sales which
occurred during the year under review, may be obtained free of charge, upon request, at the
Registered Office of the Management Company.
50

2WKHUH[SHQVHV

7KHIROORZLQJ6XE)XQGV¶2WKHU([SHQVHVDUHDERYHRIWKHWRWDOH[SHQVHV7KH\UHSUHVHQW

,Q /) )XQG RI )XQGV /LIH &\FOH D WRWDO DPRXQW RI (85 ZKLFK LV VSOLW DV
IROORZV
x 3XEOLFDWLRQDQGDGYHUWLVHPHQWIHHVIRUWRWDODPRXQWRI(85
x /HJDOIHHVDQGDXGLWIHHVIRUDWRWDODPRXQWRI(85
x 2WKHUIHHVIRUWRWDODPRXQWRI(85

,Q/))XQGRI)XQGV*OREDO3URWHFWDWRWDODPRXQWRI(85ZKLFKLVVSOLW
DVIROORZV
x +HOOHQLF&DSLWDO0DUNHW&RPPLVVLRQIRUWRWDODPRXQWRI(85
x 7UDQVDFWLRQIHHVIRUP9HVWLPDIRUWRWDODPRXQWRI(85
x /HJDOIHHVDQGDXGLWIHHVIRUDWRWDODPRXQWRI(85
x 9DULRXVEDQNH[SHQVHVIRUWRWDODPRXQWRI(85

,Q/))XQGRI)XQGV /LIH&\FOHDWRWDODPRXQWRI(85ZKLFKLVVSOLWDV
IROORZV
x +HOOHQLF&DSLWDO0DUNHW&RPPLVVLRQIRUWRWDODPRXQWRI(85
x 7UDQVDFWLRQIHHVIRUP9HVWLPDIRUWRWDODPRXQWRI(85

(YHQWVGXULQJWKH\HDU

<HDUZDVDUHFRYHU\\HDUDVDQ\XQGHUO\LQJXQFHUWDLQW\FRPLQJIURPGHOWDDQGODWHUIURP
RPLFURQYDULDQWVZDVFRXQWHUEDODQFHGIURPWKHVXSSRUWLYHVWDQFHRIFHQWUDOEDQNV

/) )XQI RI )XQGV %DODQFHG %OHQG (XURSH KDV EHHQ UHQDPHG /) )XQI RI )XQGV *OREDO
0HJDWUHQGV

/) )XQG RI )XQGV *OREDO 3URWHFW DQG /) )XQG RI )XQGV /LIH &\FOH KDYH EHHQ
ODXQFKHGDVRI0D\WK

6XEVHTXHQWHYHQWV

7KH%RDUGRI'LUHFWRUVRIWKH0DQDJHPHQW&RPSDQ\KDVGHFLGHGWROLTXLGDWHE\FRQWULEXWLRQRIDOO
DVVHWVDQGOLDELOLWLHV

R ZLWKHIIHFWRQ)HEUXDU\UG
/),QFRPH3OXV521LQWR/))XQGRI)XQGV*OREDO0HGLXP
/)%DODQFHG$FWLYH)XQG521LQWR/))XQGRI)XQGV*OREDO0HGLXP

7KLV PHUJHU LV DLPLQJ DW UDWLRQDOL]LQJ WKH H[LVWLQJ UDQJH RI SURGXFWV DQG FUHDWLQJ VFRSH IRU
LQYHVWPHQWHIILFLHQFLHV

No exposure in Ukrainian or Russian assets was present in either sub-funds during 2022 and up to
the merger date. Hence, the Russian/Ukrainian situation did not have any direct influence on the
sub-funds.

5
8QDXGLWHGLQIRUPDWLRQ

5HPXQHUDWLRQSROLF\8&,769

7KH)XQGLVPDQDJHGE\(XUREDQN)XQG0DQDJHPHQW&RPSDQ\/X[HPERXUJ6$(XUREDQN
)0&/8; LQ VKRUW D SXEOLF OLPLWHG FRPSDQ\ VRFLpWp DQRQ\PH EHORQJLQJ WR (XUREDQN
(UJDVLDV6$JURXSDQGRUJDQL]HGXQGHUFKDSWHURIWKH/DZDPHQGHGE\8&,769,WV
LQLWLDOVKDUHFDSLWDODPRXQWVWR(857KHDVVHWVRIWKH)XQGDUHVHJUHJDWHGIURPWKRVH
RIWKH0DQDJHPHQW&RPSDQ\

7KH0DQDJHPHQW&RPSDQ\ZDVLQFRUSRUDWHGRQ0DUFKIRUDQXQOLPLWHGSHULRGRIWLPH
ZLWKWKHSXUSRVHRIPDQDJLQJ8&,767KH0DQDJHPHQW&RPSDQ\FXUUHQWO\PDQDJHV/)/)
)XQGRI)XQGVDQG7/),WV$UWLFOHVRI,QFRUSRUDWLRQZHUHSXEOLVKHGLQWKH0pPRULDO&RI
$SULODQGDPHQGPHQWVWKHUHWRZHUHSXEOLVKHGLQWKH0pPRULDO&RI$XJXVWDQGRI
2FWREHU

7KH 0DQDJHPHQW &RPSDQ\ RU LWV DSSRLQWHG DJHQWV PD\ FDUU\ RXW DGPLQLVWUDWLYH PDQDJHPHQW
DQGPDUNHWLQJIXQFWLRQVRQEHKDOIRIWKH)XQGDQGWKH8QLWKROGHUVLQFOXGLQJWKHSXUFKDVHVDOH
DQG H[FKDQJH RI VHFXULWLHV DQG LW PD\ H[HUFLVH DOO ULJKWV GLUHFWO\ RU LQGLUHFWO\ UHODWHG WR WKH
)XQG
VDVVHWV

7KH UHPXQHUDWLRQ SROLF\ RI WKH 0DQDJHPHQW &RPSDQ\ LV FRQVLVWHQW ZLWK DQG SURPRWHV VRXQG
DQGHIIHFWLYHULVNPDQDJHPHQWDQGGRHVQRWHQFRXUDJHULVNWDNLQJZKLFKLVLQFRQVLVWHQWZLWKWKH
ULVNSURILOHUXOHVRULQVWUXPHQWVRILQFRUSRUDWLRQRIWKHIXQGVPDQDJHG

7KH UHPXQHUDWLRQ SROLF\ UHIOHFWV WKH 0DQDJHPHQW &RPSDQ\¶V REMHFWLYHV IRU JRRG FRUSRUDWH
JRYHUQDQFH DV ZHOO DV VXVWDLQHG DQG ORQJWHUP YDOXH FUHDWLRQ IRU WKH 8QLWKROGHUV 7KH
UHPXQHUDWLRQSROLF\KDVEHHQGHVLJQHGDQGLPSOHPHQWHGWR
6XSSRUW DFWLYHO\ WKH DFKLHYHPHQW RI WKH 0DQDJHPHQW &RPSDQ\¶V VWUDWHJ\ DQG
REMHFWLYHV
6XSSRUW WKH FRPSHWLWLYHQHVV RI WKH 0DQDJHPHQW &RPSDQ\ LQ WKH PDUNHWV LW
RSHUDWHV
%HDEOHWRDWWUDFWGHYHORSDQGUHWDLQKLJKSHUIRUPLQJDQGPRWLYDWHGHPSOR\HHV
DQG
$GGUHVV DQ\ VLWXDWLRQV RI FRQIOLFWV RI LQWHUHVW )RU WKDW SXUSRVH WKH
0DQDJHPHQW &RPSDQ\ KDV LPSOHPHQWHG DQG PDLQWDLQV DQ DGHTXDWH
PDQDJHPHQWRIFRQIOLFWVRILQWHUHVWSROLF\

(PSOR\HHV RI WKH 0DQDJHPHQW &RPSDQ\ DUH RIIHUHG D FRPSHWLWLYH DQG PDUNHWDOLJQHG
UHPXQHUDWLRQ SDFNDJH PDNLQJ IL[HG VDODULHV D VLJQLILFDQW FRPSRQHQW RI WKHLU WRWDO SDFNDJH
0RUHRYHU WKH DVVHVVPHQW RI SHUIRUPDQFH LV VHW LQ D PXOWL\HDU IUDPHZRUN DSSURSULDWH WR WKH
KROGLQJSHULRGUHFRPPHQGHGWRWKHLQYHVWRUVRIWKH)XQGLQRUGHUWRHQVXUHWKDWWKHDVVHVVPHQW
SURFHVVLVEDVHGRQWKHORQJHUWHUPSHUIRUPDQFHRIWKH)XQGDQGLWVLQYHVWPHQWULVNVDQGWKDWWKH
DFWXDO SD\PHQW RI SHUIRUPDQFHEDVHG FRPSRQHQWV RI UHPXQHUDWLRQ LV VSUHDG RYHU WKH VDPH
SHULRG

7KH SULQFLSOHV RI WKH UHPXQHUDWLRQ SROLF\ DUH UHYLHZHG RQ D UHJXODU EDVLV DQG DGDSWHG WR WKH
HYROYLQJ UHJXODWRU\ IUDPHZRUN 7KH UHPXQHUDWLRQ SROLF\ KDV EHHQ DSSURYHG E\ WKH %RDUG RI
'LUHFWRUVRIWKH0DQDJHPHQW&RPSDQ\7KHGHWDLOVRIWKHUHPXQHUDWLRQSROLF\FDQEHIRXQGRQ
WKH ZHEVLWH RI WKH 0DQDJHPHQW &RPSDQ\ ZZZHXUREDQNIPFOX $ SDSHU FRS\ RI WKH
UHPXQHUDWLRQSROLF\ZLOOEHPDGHDYDLODEOHIUHHRIFKDUJHXSRQUHTXHVW

52

8QDXGLWHGLQIRUPDWLRQFRQWLQXHG

5HPXQHUDWLRQSROLF\8&,769FRQWLQXHG

)RUWKHSHULRGIURP-DQXDU\WR'HFHPEHUDQGIRUDYRLGDQFHRIGRXEWWKHGDWD
PHQWLRQHGEHORZUHODWHVWRWKHUHPXQHUDWLRQRIWKHHPSOR\HHVRIWKH0DQDJHPHQW&RPSDQ\SDLG
E\WKH&RPSDQ\DQGQRWE\WKH)XQGVXQGHU0DQDJHPHQW

$YHUDJHRIHPSOR\HHVRIWKH )L[HG5HPXQHUDWLRQ 9DULDEOH5HPXQHUDWLRQLQ
0DQDJHPHQW&RPSDQ\ LQ(85 (85
1$

'LVFORVXUHRIUHPXQHUDWLRQRIGHOHJDWHV

7KHWRWDO0DQDJHPHQW&RPSDQ\¶VVWDIIUHPXQHUDWLRQWKDWVHUYLFHGRYHUWKUHHPRQWKVGXULQJWKH
ILVFDO\HDUDPRXQWHGWR¼DQGFRQFHUQVEHQHILFLDULHV
)L[HGUHPXQHUDWLRQUHODWHVWRVDODULHVDOORZDQFHVLPSXWHGLQFRPHIRUWKHXVHRIDFRPSDQ\FDU
DQG HPSOR\HU FRQWULEXWLRQV WR UHWLUHPHQW SODQ 9DULDEOH UHPXQHUDWLRQ UHODWHV WR SD\PHQWV IURP
LQFHQWLYHSURJUDPVZKLFKDUHUHODWHGWRSURILWDELOLW\DFKLHYHPHQWRILQGLYLGXDOVWDIIJRDOVHWF
DQG DUH LQ DFFRUGDQFH ZLWK WKH 0DQDJLQJ &RPSDQ\¶V SULQFLSOHV IRU YDULDEOH UHPXQHUDWLRQ DV
GHVFULEHGLQWKH5HPXQHUDWLRQ3ROLF\
5HPXQHUDWLRQEURNHQGRZQE\FDWHJRU\RIHPSOR\HHVRURWKHUVWDIIPHPEHUVDVUHIHUUHGWRLQ
$UWLFOHDRI'LUHFWLYHLVDVIROORZV
6WDIIFDWHJRU\ ),;(' 9$5,$%/(

5(081(5$7,21 5(081$5$7,21
6HQLRUPDQDJHPHQW

5LVNWDNHUV
&RQWUROIXQFWLRQV
7RWDO
,W VKRXOG EH SRLQWHG RXW WKDW WKH WRWDO DERYH PHQWLRQHG UHPXQHUDWLRQ LV QRW UHLPEXUVHG WR WKH
PXWXDOIXQGVEXWRQO\WRWKH0DQDJHPHQW&RPSDQ\
7KHLPSOHPHQWDWLRQRIWKH5HPXQHUDWLRQ3ROLF\ZDVHYDOXDWHGE\WKHLQWHUQDOFRQWUROIXQFWLRQRI
WKH 0DQDJHPHQW &RPSDQ\ 7KH REVHUYDWLRQV RI WKH DXGLW DV UHFRUGHG LQ WKH UHOHYDQW ILQGLQJ
GDWHG DUH QRW FULWLFDO WKH\ KDYH EHHQ WDNHQ LQWR FRQVLGHUDWLRQ E\ WKH %RDUG RI
'LUHFWRUVDQGWKH0DQDJHPHQW&RPSDQ\KDVWDNHQWKHQHFHVVDU\DFWLRQVZLWKRXWGHOD\

53

8QDXGLWHGLQIRUPDWLRQFRQWLQXHG

'LVFORVXUHRIUHPXQHUDWLRQRIGHOHJDWHVFRQWLQXHG
7KHUHYLVLRQRIWKH5HPXQHUDWLRQ3ROLF\LQRUGHUWRFRPSO\ZLWKWKH5HJXODWLRQ(8
RQ VXVWDLQDELOLW\ QRWLILFDWLRQV LQ WKH ILHOG RI ILQDQFLDO VHUYLFHV RU ³6867$,1$%/( ),1$1&(
',6&/2685(65(*8/$7,21´6)'5DQG5HJXODWLRQRQWKHHVWDEOLVKPHQWRID
IUDPHZRUN IRU WKH IDFLOLWDWLRQ RI VXVWDLQDEOH LQYHVWPHQWV DPHQGPHQW RI UHJXODWLRQ (8
ZDVDSSURYHGE\WKH%RDUGRI'LUHFWRUVUHVROXWLRQGDWHGZKLOHWKH%RDUG
RI'LUHFWRUVDSSURYHGWKHXSGDWLQJRIWKHSROLF\VRWKDWLWDOZD\VFRPSOLHVZLWKDSSOLFDEOHODZ
RQ
7KH UHPXQHUDWLRQ SROLF\ RI WKH 0DQDJHPHQW &RPSDQ\ ZKLFK LQFOXGHV LQWHU DOLD D GHWDLOHG
GHVFULSWLRQRIWKHZD\LQZKLFKZDJHVDQGEHQHILWVDUHEHHQFDOFXODWHGDVORQJDVWKHDSSURYDO
SURFHVVLVDYDLODEOHRQWKH&RPSDQ\
VLQWHUQHWZHEVLWHZZZHXUREDQNDPJU

7UDQVSDUHQF\RIVHFXULWLHVILQDQFLQJWUDQVDFWLRQVDQGWKHLUUHXVH

1RVHFXULWLHVILQDQFLQJWUDQVDFWLRQVRUWRWDOUHWXUQVZDSVZLWKLQWKHPHDQLQJRI5HJXODWLRQ(8
RIWKH(XURSHDQ3DUOLDPHQWDQGRIWKH&RXQFLORI1RYHPEHURQWUDQVSDUHQF\
RIVHFXULWLHVILQDQFLQJWUDQVDFWLRQVDQGRIUHXVHDQGDPHQGLQJ5HJXODWLRQ(81R
6)75ZHUHXVHGLQWKHLQYHVWPHQWIXQG
VILQDQFLDO\HDU$VDUHVXOWQRGLVFORVXUHVZLWKLQWKH
PHDQLQJRI$UWLFOHRIVDLG5HJXODWLRQQHHGWREHPDGHWRLQYHVWRUVLQWKHDQQXDOUHSRUW

6)'5GLVFORVXUH

7KH LQYHVWPHQWV XQGHUO\LQJ WKLV ILQDQFLDO SURGXFW GR QRW WDNH LQWR DFFRXQW WKH (8 FULWHULD IRU
HQYLURQPHQWDOO\VXVWDLQDEOHHFRQRPLFDFWLYLWLHV
54

>ŽǁĞƐƚsĂZ ,ŝŐŚĞƐƚsĂZ ǀĞƌĂŐĞsĂZ
'ůŽďĂůǆƉŽƐƵƌĞ hƚŝůŝǌĂƚŝŽŶ hƚŝůŝǌĂƚŝŽŶ hƚŝůŝǌĂƚŝŽŶ ŽŶĨŝĚĞŶĐĞ ,ŽůĚŝŶŐ KďƐĞƌǀĂƚŝŽŶ >ĞǀĞƌĂŐĞ ǀĞƌĂŐĞ
^ƵďͲ&ƵŶĚEĂŵĞ ƵƌƌĞŶƚ/ŶƚĞƌŶĂůsĂZ>ŝŵŝƚ Z/^<ͺD< dǇƉĞŽĨDŽĚĞů >ĞǀĞƌĂŐĞDĞƚŚŽĚ
DĞƚŚŽĚ ;ƌĞŐƵůĂƚŽƌǇ ;ƌĞŐƵůĂƚŽƌǇ ;ƌĞŐƵůĂƚŽƌǇ >ĞǀĞů WĞƌŝŽĚ WĞƌŝŽĚ >ŝŵŝƚ >ĞǀĞƌĂŐĞ
ůŝŵŝƚͿ ůŝŵŝƚͿ ůŝŵŝƚͿ
&ƵŶĚŽĨ&ƵŶĚƐ
;>&Ϳ&hEK&&hE^Ͳ'>K>D'dZE^ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϰϲ͘ϵϭй ϳϴ͘ϯϴй ϲϯ͘ϭϴй ϵϬйD^/tKZ>нϭϬй>Ϭ/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ>E>E'>K> ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ Ϯϰ͘ϵϱй ϱϯ͘ϳϲй ϰϭ͘ϱϱй ϰϬйD^/tKZ>нϰϱйD>DhZK/EyнϭϬйKD/Eyнϱй&d^WZͬEZ/ds>KW/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ>E>Eh^ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ Ϯϲ͘ϲϬй ϱϬ͘ϭϭй ϯϳ͘ϱϭй ϱϬйD^/h^нϱϬйD>h^ZK/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^ͲYh/dz>E ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϯϲ͘ϳϴй ϲϯ͘Ϭϴй ϰϲ͘ϯϵй ϵϬйD^/tKZ>нϭϬй>Ϭ/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ'>K>DZ'/E'DZ<d^ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϯϲ͘ϱϴй ϱϮ͘ϭϴй ϰϮ͘ϰϰй D^/DZ'/E'DZ<d^/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ'>K>,/', ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϯϵ͘ϯϭй ϱϵ͘ϵϲй ϰϳ͘ϰϳй ϳϱйD^/tŽƌůĚнϭϬй/ŽĨD>DhƌŽĂĚDĂƌŬĞƚ/ŶĚĞǆнϭϱй>Ϭ/ŶĚĞǆ ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ'>K>>Kt ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ Ϯϯ͘ϴϳй ϲϬ͘Ϭϰй ϯϯ͘ϲϲй ϮϬйD^/tŽƌůĚнϰϱй/ŽĨD>DhƌŽĂĚDĂƌŬĞƚ/ŶĚĞǆнϯϱй>Ϭ/ŶĚĞǆ ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ'>K>D/hD ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϯϱ͘ϱϱй ϱϯ͘Ϯϲй ϰϰ͘ϴϮй ϰϬйD^/tŽƌůĚнϰϬй/ŽĨD>DhƌŽĂĚDĂƌŬĞƚ/ŶĚĞǆнϮϬй>Ϭ/ŶĚĞǆ ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ^'&Kh^ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϯϮ͘Ϭϵй ϰϵ͘ϵϳй ϯϵ͘ϭϵй ϵϬйD^/tKZ>нϭϬй>Ϭ/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ>/&z>ϮϬϯϮ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ Ϯϳ͘ϯϬй ϯϴ͘Ϭϵй ϯϭ͘ϭϰй ϴϬйD^/t//EyнϮϬйK&DZZ/>>>zE,'>K>DZ<d/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϮϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ>/&z>ϮϬϰϳ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϯϳ͘ϭϳй ϱϰ͘ϱϵй ϰϰ͘ϯϯй ϴϬйD^/t//EyнϮϬйK&DZZ/>>>zE,'>K>DZ<d/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϮϬϬй Ϭ͘ϬϬй
JOREDOH[SRVXUH
;>&Ϳ&hEK&&hE^Ͳ>/&z>ϮϬϰϮ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϯϰ͘ϵϴй ϳϰ͘ϰϰй ϰϮ͘ϱϮй ϴϬйD^/t//EyнϮϬйK&DZZ/>>>zE,'>K>DZ<d/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϮϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ>/&z>ϮϬϱϮ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ ϰϰ͘ϲϭй ϲϵ͘ϯϰй ϱϭ͘Ϯϴй ϴϬйD^/t//EyнϮϬйK&DZZ/>>>zE,'>K>DZ<d/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϮϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ>/&z>ϮϬϯϳ ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ Ϭ͘ϬϬй ϰϰ͘ϱϭй ϯϱ͘ϭϵй ϴϬйD^/t//EyнϮϬйK&DZZ/>>>zE,'>K>DZ<d/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϮϬϬй Ϭ͘ϬϬй
;>&Ϳ&hEK&&hE^Ͳ'>K>WZKdd ZĞůĂƚŝǀĞsĂZ ϭϴϬйŽĨĞŶĐŚŵĂƌŬsĂZ Ϭ͘ϬϬй ϱϯ͘ϭϳй ϯϵ͘Ϯϵй ϴϬйD^/t//EyнϮϬйK&DZZ/>>>zE,'>K>DZ<d/Ey ,ŝƐƚŽƌŝĐĂů^ŝŵƵůĂƚŝŽŶ ϵϵй ϮϭĂǇƐ ϭzĞĂƌ ^ƵŵŽĨEŽƚŝŽŶĂůƐ ϭϬϬй Ϭ͘ϬϬй
59DOXHDW5LVN9D5
8QDXGLWHGLQIRUPDWLRQWREHFRQWLQXHG
7KH%RDUGRIWKHPDQDJHPHQWFRPSDQ\KDVGHFLGHGWRDGRSWWKH9$5DSSURDFKIRUDOOWKHVXEIXQGVLQRUGHUWRFDOFXODWHDQGPRQLWRUWKH
55

(LF) Fund of Funds: Audited Annual Report

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

(LF) Fund of Funds: Audited Annual Report

Uploaded by

Copyright:

Available Formats

(LF) Fund of Funds

A mutual investment fund organised under the laws

Audited Annual Report

December 31, 2021

No subscription can be received on the basis of financial reports.

RCS Number: B115125

(LF) Fund of Funds - Equity Blend

(LF) Fund of Funds - ESG Focus

(LF) Fund of Funds - Life Cycle 2047

(LF) Fund of Funds - Life Cycle 2047 (continued)

(LF) Fund of Funds - Life Cycle 2042

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Report on the audit of the financial statements

Basis for opinion

Responsibilities of the Board of Directors of the Fund’s Management Company for

Luxembourg, 11 April 2022 KPMG Luxembourg

&XUUHQF\ 1RWHV (85 (85 (85 (85 (85 (85

6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH       

7RWDODVVHWV      

6XEVFULSWLRQVLQDGYDQFH      

7RWDOOLDELOLWLHV      

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG      

&RVWRIVHFXULWLHVSRUWIROLR      

1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJ 86' XQLW

1$9SHUXQLWDW\HDUSHULRGHQGHG3RVWEDQN 86' XQLW

/) )XQGRI)XQGV /) )XQGRI)XQGV /) )XQGRI)XQGV /) )XQGRI)XQGV

&XUUHQF\ 1RWHV (85 (85 (85 (85

6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH     

7RWDODVVHWV    

6XEVFULSWLRQVLQDGYDQFH    

7RWDOOLDELOLWLHV    

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG    

&RVWRIVHFXULWLHVSRUWIROLR    

1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJ 86' XQLW

1$9SHUXQLWDW\HDUHQGHG3RVWEDQN %*1 XQLW

1$9SHUXQLWDW\HDUHQGHG5RPDQLD 521 XQLW

/) )XQGRI)XQGV/LIH /) )XQGRI)XQGV /) )XQGRI /) )XQGRI)XQGV

&XUUHQF\ 1RWHV (85 (85 (85 (85

6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH     

7RWDODVVHWV    

6XEVFULSWLRQVLQDGYDQFH    

7RWDOOLDELOLWLHV    

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG    

&RVWRIVHFXULWLHVSRUWIROLR    

&XUUHQF\ 1RWHV (85 (85

6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH   

7RWDODVVHWV  

6XEVFULSWLRQVLQDGYDQFH  

7RWDOOLDELOLWLHV  

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG  

&RVWRIVHFXULWLHVSRUWIROLR  

&RPELQHG *OREDO (TXLW\%OHQG *OREDO %DODQFHG%OHQG (6*)RFXV

&XUUHQF\ 1RWHV (85 (85 (85 (85 (85 (85

,QFRPH      

,QFRPHRQERQGVGLYLGHQGV       

([SHQVHV      

0DQDJHPHQWIHHV       

1HWUHDOLVHGJDLQ ORVV      

RQSRUWIROLR       

1HWUHDOLVHGJDLQ ORVV IRUWKH\HDU      

RQSRUWIROLR       

/) )XQGRI /) )XQGRI /) )XQGRI /) )XQGRI

*OREDO/RZ *OREDO0HGLXP *OREDO+LJK %DODQFHG%OHQG

6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH

7RWDODVVHWV

6XEVFULSWLRQVLQDGYDQFH

7RWDOOLDELOLWLHV

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG

&RVWRIVHFXULWLHVSRUWIROLR

1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJ86'XQLW

1$9SHUXQLWDW\HDUSHULRGHQGHG3RVWEDQN86'XQLW

/))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV /))XQGRI)XQGV

6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH

7RWDODVVHWV

6XEVFULSWLRQVLQDGYDQFH

7RWDOOLDELOLWLHV

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG

&RVWRIVHFXULWLHVSRUWIROLR

1$9SHUXQLWDW\HDUSHULRGHQGHG3ULYDWH%DQNLQJ86'XQLW

1$9SHUXQLWDW\HDUHQGHG3RVWEDQN%*1XQLW

1$9SHUXQLWDW\HDUHQGHG5RPDQLD521XQLW

/))XQGRI)XQGV/LIH /))XQGRI)XQGV /))XQGRI /))XQGRI)XQGV

6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH

7RWDODVVHWV

6XEVFULSWLRQVLQDGYDQFH

7RWDOOLDELOLWLHV

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG

&RVWRIVHFXULWLHVSRUWIROLR

6HFXULWLHVSRUWIROLRDWPDUNHWYDOXH

7RWDODVVHWV

6XEVFULSWLRQVLQDGYDQFH

7RWDOOLDELOLWLHV

7RWDOQHWDVVHWVDWWKHHQGRIWKH\HDUSHULRG

&RVWRIVHFXULWLHVSRUWIROLR

&RPELQHG OREDO (TXLW\%OHQG OREDO %DODQFHG%OHQG (6*)RFXV

,QFRPH

,QFRPHRQERQGVGLYLGHQGV

([SHQVHV

0DQDJHPHQWIHHV

1HWUHDOLVHGJDLQORVV

RQSRUWIROLR

1HWUHDOLVHGJDLQORVVIRUWKH\HDU

RQSRUWIROLR

/))XQGRI /))XQGRI /))XQGRI /))XQGRI

OREDO/RZ OREDO0HGLXP *OREDO+LJK %DODQFHG%OHQG

,QFRPH

,QFRPHRQSRUWIROLRGLYLGHQGV

([SHQVHV

0DQDJHPHQWIHHV

1HWUHDOLVHGJDLQORVV

RQSRUWIROLR

1HWUHDOLVHGJDLQORVVIRUWKH\HDU

&KDQJHLQQHWXQUHDOLVHGDSSUHFLDWLRQGHSUHFLDWLRQ

RQSRUWIROLR

/))XQGRI /))XQGRI /))XQGRI /))XQGRI

/LIH&\FOH /LIH&\FOH /LIH&\FOH /LIH&\FOH

,QFRPH

,QFRPHRQSRUWIROLRGLYLGHQGV

([SHQVHV

0DQDJHPHQWIHHV

1HWLQYHVWPHQWJDLQORVV

1HWUHDOLVHGJDLQORVV

RQSRUWIROLR

1HWUHDOLVHGJDLQORVVIRUWKH\HDU

&KDQJHLQQHWXQUHDOLVHGDSSUHFLDWLRQGHSUHFLDWLRQ

RQSRUWIROLR

,QFRPH

,QFRPHRQSRUWIROLRGLYLGHQGV

([SHQVHV

0DQDJHPHQWIHHV

1HWLQYHVWPHQWJDLQORVV

1HWUHDOLVHGJDLQORVV

RQSRUWIROLR

1HWUHDOLVHGJDLQORVVIRUWKH\HDU

&KDQJHLQQHWXQUHDOLVHGDSSUHFLDWLRQGHSUHFLDWLRQ

RQSRUWIROLR

&RPELQHG OREDO0HJDWUHQGV (TXLW\%OHQG OREDO(PHUJLQJ %DODQFHG%OHQGOREDO (6)RFXV

7RWDOQHWDVVHWVDWWKHEHJLQQLQJRIWKH\HDU

1HWUHDOLVHGJDLQORVV

0RYHPHQWRQFDSLWDODFFRXQW

7RWDOFKDQJHVLQQHWDVVHWV

8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU(XUREDQN

8QLWVRXWVWDQGLQJDWWKHEHJLQQLQJRI\HDU(XUREDQN