EDM INTERNATIONAL · EDM INTERNATIONAL Socie´te´ d’Investissement a` Capital Variable Luxembourg Annual Report, including Audited Financial Statements as at December 31, 2017

EDM INTERNATIONAL

Societe d’Investissement a Capital Variable

Luxembourg

Annual Report, including Audited Financial Statements

as at December 31, 2017

11-13 Boulevard de la Foire

L-1528 Luxembourg

R.C.S. Luxembourg B-50523

No subscription may be accepted solely on the basis of these financial statements. Subscriptions are only valid if based on the prospectus,

the key investor information document (KIID), accompanied by the latest unaudited semi-annual report and the most recent annual

report, including the audited financial statements if published thereafter.

Table of Contents

Management and Administration 4

Information to Shareholders 5

Historic Volatility 6

Net Remuneration of Bank Accounts 7

Comparative of Fees on the Average Net Assets 8

Comparative Performances 13

Director’s Report 14

Report of the Reviseur d’entreprises agree 17

Statement of Net Assets 19

Statement of Operations and Changes in Net Assets 22

Changes in the Number of Shares 25

Statistics 25

EDM International - Strategy Fund

Statement of Investments 31

Investments Breakdowns 33

EDM International - Credit Portfolio



EDM International - Emerging Markets



EDM International - American Growth



EDM International - EDM High Yield Short Duration



EDM International - Gamma



EDM International - Spanish Equity



EDM International - Latin American Equity Fund



EDM International - European Flexible Bond Fund*



Notes to the Financial Statements 65

Information for Shareholders (unaudited) 74

EDM INTERNATIONAL

* The Sub-Fund EDM International - European Flexible Bond Fund launched on October 16, 2017

Management and Administration

Chairman:

Mr. Antonio Estabanell Buxo, DirectorEDM Holding S.A., Barcelona, Spain

Directors:

Mr. Lluıs Fortuny Salvador, DirectorEDM Gestion, S.A., S.G.I.I.C., Barcelona, Spain

Mr. Fernando Vega Gamez, DirectorEDM Gestion, S.A., S.G.I.I.C., Barcelona, Spain

Mr. Paul De Quant, Partner of The Director’s OfficeMDO Services, S.A., Luxembourg,Grand Duchy of Luxembourg

Registered Office:

11-13 Boulevard de la Foire, L-1528 LuxembourgR.C.S. Number B-50523

Management Company:

MDO Management Company, societe anonyme19, rue de Bitbourg,L-1273 LuxembourgGrand Duchy of Luxembourg

Investment Managers:

For the EDM International - Emerging Markets Sub-Fund:Comgest S.A.56, rue de Londres75008 ParisFrance

For the EDM International - Credit Portfolio and EDMInternational - EDM High Yield Short Duration Sub-Funds:Muzinich & Co. Ltd.8 Hanover Street,London W1S 1YQUnited Kingdom

For the EDM International - Gamma,EDM International - Strategy Fund,EDM International - Spanish Equity andEDM International - Latin American EquityEDM International - European Flexible Bond Fund Sub-Funds:EDM Gestion, S.A., S.G.I.I.C.Av. Diagonal, 399, 3˚, 1a08008 BarcelonaSpain

Master Fund of EDM International - European FlexibleBond Fund Sub-Fund:

EDM-AHORRO, FIRepresented by its management companyEDM Gestion, S.A., S.G.I.I.C.,Av. Diagonal, 399, 3˚ 1a08008 BarcelonaSpain

Master Fund of EDM International - Spanish Equity Sub-Fund:

EDM INVERSION, FIRepresented by its management companyEDM Gestion, S.A., S.G.I.I.C.,Av. Diagonal, 399, 3˚ 1a08008 BarcelonaSpain

Sub-Investment Managers:

For the EDM International - Credit Portfolio and EDMInternational - EDM High Yield Short Duration Sub-Funds:Muzinich & Co. Inc.450 Park AvenueNew York, NY 10022United States of America

For the EDM International - American Growth Sub-Fund:Edgewood Management Llc350 Park Avenue18th FloorNew York, NY 10022United States of America

Investment Management Support Agent:

EDM Fund Management S.A.11-13, Boulevard de la FoireL-1528 LuxembourgGrand Duchy of Luxembourg

Depositary and Central Administration:

RBC Investor Services Bank S.A.14, Porte de FranceL-4360 Esch-sur-AlzetteGrand Duchy of Luxembourg

Registrar and Transfer Agent:

RBC Investor Services Bank S.A.14, Porte de FranceL-4360 Esch-sur-AlzetteGrand Duchy of Luxembourg

Distributors:

EDM Gestion, S.A., S.G.I.I.C.Av. Diagonal, 399, 3˚, 1a08008 BarcelonaSpain

Cabinet de revision agree:

Deloitte Audit, Societe a responsabilite limitee560, rue de NeudorfL-2220 LuxembourgGrand Duchy of Luxembourg

Legal adviser as to matters of Luxembourg law:

Arendt & Medernach S.A.41A, avenue J.F. Kennedy,L-2082 LuxembourgGrand Duchy of Luxembourg

EDM INTERNATIONAL

4

Information to Shareholders

Each Sub-Fund’s net asset value per share, as well as issue, redemption and conversion values are made public everyvaluation date at the Company’s registered office.

Financial notices are published in the countries where the Company is sold, and notably in a Luxembourg newspaper (theLuxemburger Wort) in the Grand Duchy of Luxembourg.

The financial year of the Company starts on the first day of January in each year and ends on the last day of December ofthe same year.

The Company publishes a detailed annual report, including audited financial statements giving account of its operationsand the management of its assets, and including the combined statement of Net Assets and combined statement ofOperations and Changes in Net Assets, in euros, as well as a detailed listing of each Sub-Fund’s portfolio assets and thereport of the Reviseur d’entreprises agree and notes to these financial statements.

In addition, at the end of each six-month period, the Company publishes an unaudited semi-annual report including,notably, the notes, the listing of the assets held, changes in the net assets over the period, the number of sharesoutstanding and the number of shares issued and redeemed since the previous report.

The Annual General Meeting of Shareholders is held each year at the Company’s registered office, or at another location inLuxembourg, which is indicated on the invitation.

The Annual General Meeting of Shareholders is held on the fourth Tuesday of May at 9:00 am, or if this falls on a bankholiday, the next bank business day.

All registered shareholders are notified of all General Meetings of Shareholders by post, at the address given in theregister of the Company’s shareholders, at least eight days prior to the General Meeting of Shareholders.

Notices are also published in the Recueil electronique des societes et associations ("RESA"), Register of Companies andAssociations of the Grand Duchy of Luxembourg as well as in the Luxemburger Wort and in newspapers in each countrywhere the Company is sold.

A detailed schedule of the changes in the statement of investments for each Sub-Fund is available free of charge uponrequest, at the Company’s registered office.

EDM INTERNATIONAL

5

Histo

ricVolatility

overthePast

FiveYears

(2013-2017)

Stra

tegyFund

(in

EUR)

CreditPortfo

lio(in

EUR)

EmergingMarkets

(in

EUR)

ClassREUR

ClassIEUR

ClassRUSD

ClassAEUR

ClassBUSD

ClassAEUR

NAV/share

ClassR

Volatility

NAV/share

ClassI

Volatility

NAV/share

ClassR

Volatility

NAV/share

ClassA

Volatility

NAV/share

ClassB

Volatility

NAV/share

ClassA

Volatility

inSub-Fundcurre

ncy

EUR

%EUR

%EUR

%EUR

%EUR

%EUR

%

atDecember31,2013

351.43

1.82

1,207,974.66

1.83

--

251.04

1.50

82.52

1.84

87.89

2.84

atDecember31,2014

356.91

2.23

1,242,689.13

2.30

83.67

-251.90

1.21

94.15

1.04

99.10

3.65

atDecember31,2015

388.44

4.60

1,370,087.82

4.60

100.37

6.99

245.96

1.58

101.67

3.57

96.72

6.18

atDecember31,2016

358.11

3.32

1,279,483.50

3.34

96.21

3.98

267.27

1.06

115.09

1.56

103.77

4.36

atDecember31,2017

397.90

2.41

1,440,103.91

2.41

95.68

3.46

278.79

0.51

107.99

1.59

123.73

2.21

Americ

anGrowth

(in

USD)

EDMHighYield

ShortDuratio

n(in

EUR)

Gamma

(in

USD)

ClassAUSD

ClassBEUR

ClassAEUR

ClassAUSD

NAV/share

ClassA

Volatility

NAV/share

ClassB

Volatility

NAV/share

ClassA

Volatility

NAV/share

ClassA

Volatility

inSub-Fundcurre

ncy

USD

%USD

%EUR

%USD

%

atDecember31,2013

156.77

2.64

275.89

3.74

73.00

0.53

123.55

1.36

atDecember31,2014

175.85

3.14

272.47

3.98

72.69

0.46

124.82

1.20

atDecember31,2015

191.14

4.09

266.80

4.73

72.91

0.65

122.68

2.77

atDecember31,2016

194.01

4.00

259.41

5.15

74.82

0.48

114.59

3.28

atDecember31,2017

256.06

1.79

380.98

2.85

75.25

0.21

125.31

1.26

SpanishEquity

(in

EUR)

Latin

Americ

anEquity

Fund

(in

USD)

EuropeanFlexible

BondFund

(in

EUR)*3

ClassREURShares

ClassIEURShares

ClassIUSD*1

ClassRUSD*2

ClassIUSD

ClassIEUR

ClassRUSD

ClassREUR

ClassREUR

NAV/share

ClassR

Volatility

NAV/share

ClassI

Volatility

NAV/share

ClassIUSVolatility

NAV/share

ClassRUS

Volatility

NAV/share

ClassI

Volatility

NAV/share

ClassI

Volatility

NAV/share

ClassR

Volatility

NAV/share

ClassR

Volatility

NAV/share

ClassR

Volatility

inSub-Fund

curre

ncy

EUR

%EUR

%EUR

%EUR

%USD

%USD

%USD

%USD

%EUR

%

atDecember31,2013

--

--

--

--

--

--

--

--

--

atDecember31,2014

96.68

-97.54

--

--

-85.87

-122.98

-88.37

-121.49

--

-

atDecember31,2015

99.33

4.71

101.28

4.71

--

--

59.39

5.30

85.07

5.30

60.35

5.29

82.96

5.75

--

atDecember31,2016

111.04

3.14

114.40

3.14

--

--

72.64

7.17

104.04

7.18

72.85

7.17

100.15

7.17

--

atDecember31,2017

120.37

2.09

125.31

2.09

91.32

-*4

83.02

-*4

93.49

3.55

130.58

3.95

90.26

3.94

124.09

3.95

97.83

-*4

*1Share

class

launchedonFebruary

2,2017.

*2Share

class

launchedonApril

27,2017

*3ThisSub-Fu

ndlaunchedonOcto

ber

16,2017.

*4Novolatility

because

thevolatility

iscalcu

latedoverthelast

12monthsandthese

share

classe

shavebeenlauncheddurin

gtheyear2017.

EDMINTERNATIONAL

6

NetRemuneratio

nofBankAcco

unts

overthePast

FiveYears

(2013-2017)

Stra

tegyFund

CreditPortfo

lioEmergingMarkets

(in

EUR)

(in

EUR)

(in

EUR)

atDecember31,2013

-(2,202)

(313)

atDecember31,2014

(5,534)

(389)

(6)

atDecember31,2015

(51,095)

(7,954)

(1,522)

atDecember31,2016

(32,123)

(4,774)

(2,143)

atDecember31,2017

(113,345)

(7,593)

(6,385)

Americ

anGrowth

EDMHighYield

Short

Duratio

nGamma

(in

USD)

(in

EUR)

(in

USD)

atDecember31,2013

(51)

(803)

-atDecember31,2014

(603)

(504)

(29)

atDecember31,2015

(715)

(6,928)

(144)

atDecember31,2016

(25)

(8,394)

(60)

atDecember31,2017

(9)

(11,299)

(500)

SpanishEquity

Latin

Americ

an

Equity

Fund

EuropeanFlexible

BondFund*

(in

EUR)

(in

USD)

(in

EUR)

atDecember31,2013

--

-atDecember31,2014

(941)

--

atDecember31,2015

(5,524)

15

-atDecember31,2016

(20,403)

(134)

-atDecember31,2017

(7,698)

(78)

(3)

*ThisSub-Fu

ndlaunchedonOcto

ber16,2017.

EDMINTERNATIONAL

7

Comparativ

eofFeesontheAverageNetAsse

ts

overthePast

FiveYears

(2013-2017)

Stra

tegy

CreditPortfo

lioEmergingMarkets

Americ

an

EDMHighYield

Gamma

Fund

Growth

ShortDuratio

n

(in

EUR)

(in

EUR)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)

AVERAGENETASSETS2013

145,679,826

100,750,721

44,113,728

78,007,942

105,404,685

3,147,512

Investm

entManagementfees

3,568,145

352,995

441,203

779,812

368,710

15,372

%2.45

0.35

1.00

1.00

0.35

0.50

Sub-In

vestm

entManagement

fees

0958,069

661,804

1,169,718

1,000,785

0%

0.00

0.95

1.50

1.50

0.95

0.00

Deposita

ryfees

219,041

132,771

62,433

104,632

139,899

44,579

%0.15

0.13

0.14

0.13

0.13

1.42

Domicilia

tion,

1,482

1,419

1,200

1,683

1,334

1,397

administra

tionand

transfer

agentfees

%0.00

0.00

0.00

0.00

0.00

0.04

Auditfees,

prin

tingand

27,654

17,207

7,529

14,922

17,727

597

publica

tionexpenses

%0.02

0.02

0.02

0.02

0.02

0.02

Subscrip

tiontax

75,382

49,847

22,544

40,736

54,917

319

%0.05

0.05

0.05

0.05

0.05

0.01

Bankchargesand

corre

spondentfees

25,327

14,619

28,697

12,874

79,000

2,277

%0.02

0.01

0.07

0.02

0.01

0.07

Bankinterest

02,202

313

51

803

7%

0.00

0.00

0.00

0.00

0.00

0.00

Othercharges

88,258

64,995

33,066

54,624

66,111

14,140

%0.06

0.06

0.07

0.07

0.06

0.45

TOTAL

4,005,289

1,594,124

1,258,789

2,179,052

1,658,186

79,048

%2.75

1.58

2.85

2.79

1.57

2.51

EDMINTERNATIONAL

8

Stra

tegy

CreditPortfo

lioEmergingMarkets

Americ

an

EDMHighYield

Gamma

SpanishEquity

Latin

Americ

a

Fund

Growth

ShortDuratio

nEquity

Fund

(in

EUR)

(in

EUR)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)


242,201,864

109,721,878

41,041,379

107,927,935

121,899,549

3,337,540

57,826,277

21,770,286

Investm

entManagementfees

5,611,794

384,174

410,366

1,079,295

426,667

16,692

482,164

342,037

%2.32

0.35

1.00

1.00

0.35

0.50

0.83

1.57

Sub-In

vestm

entManagement

fees

01,042,686

615,549

1,619,537

1,158,096

00

0%

0.00

0.95

1.50

1.50

0.95

0.00

0.00

0.00

Deposita

ryfees

308,848

140,839

53,488

137,383

156,274

36,190

63,243

26,488

%0.13

0.13

0.13

0.13

0.13

1.08

0.11

0.11

Perfo

rmance

fees

00

00

00

00

%0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Domicilia

tion,

4,781

4,241

4,365

4,692

2,567

3,249

1,338

736

administra

tionand

transfer

agentfees

%0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Auditfees,

prin

tingand

45,363

24,490

8,113

22,375

22,273

996

15,532

4,309

publica

tionexpenses

%0.02

0.02

0.02

0.02

0.02

0.03

0.03

0.02

Subscrip

tiontax

110,039

55,560

20,295

54,655

60,800

333

25,015

6,815

%0.05

0.05

0.05

0.05

0.05

0.01

0.04

0.03

Bankchargesand

corre

spondentfees

26,586

10,340

22,850

13,486

8,710

2,153

306

18,089

%0.01

0.01

0.06

0.01

0.01

0.06

0.00

0.08

Bankinterest

5,534

389

1,345

603

504

29

941

0%

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Othercharges

137,684

69,555

32,813

70,673

78,381

14,291

39,612

16,276

%0.06

0.06

0.08

0.07

0.03

0.46

0.07

0.05

TOTAL

6,250,629

1,732,274

1,169,184

3,002,699

1,914,272

73,933

628,151

414,750

%2.58

1.58

2.85

2.78

1.57

2.22

1.09

1.91

EDMINTERNATIONAL

9

Comparativ


ts(co

ntin

ued)

overthePast

FiveYears

(2013-2017)

Stra

tegy

CreditPortfo

lioEmergingMarkets

Americ

an

EDMHighYield

Gamma

SpanishEquity

Latin

Americ

a

Fund

Growth

ShortDuratio

nEquity

Fund

(in

EUR)

(in

EUR)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)


310,509,090

132,218,478

43,450,650

116,427,873

110,904,707

3,059,659

147,016,819

21,873,832

Investm

entManagementfees

7,100,348

462,557

451,943

1,163,421

388,284

15,560

1,667,059

483,627

%2.29

0.35

1.04

1.00

0.35

0.51

1.13

2.21

Sub-In

vestm

entManagement

fees

01,255,406

637,600

1,745,131

1,053,913

00

0%

0.00

0.95

1.47

1.50

0.95

0.00

0.00

0.00

Deposita

ryfees

405,421

166,857

55,907

143,900

140,213

27,450

180,746

27,960

%0.13

0.13

0.13

0.12

0.13

0.90

0.12

0.13

Perfo

rmance

fees

00

00

00

00

%0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Domicilia

tion,

4,915

2,227

1,400

2,426

2,262

922

2,191

1,159

administra

tionand

transfer

agentfees

%0.00

0.00

0.00

0.00

0.00

0.03

0.00

0.01

Auditfees,

prin

tingand

19,871

7,026

10,331

9,616

4,366

4,824

7,989

1,177

publica

tionexpenses

%0.01

0.01

0.02

0.01

0.00

0.16

0.01

0.01

Subscrip

tiontax

134,238

66,748

20,909

56,098

55,441

276

63,698

8,181

%0.04

0.05

0.05

0.05

0.05

0.01

0.04

0.04

Bankchargesand

corre

spondentfees

36,314

17,404

27,344

20,147

12,943

7,180

6,437

35,921

%0.01

0.01

0.06

0.02

0.01

0.23

0.00

0.16

Bankinterest

51,095

7,954

1,522

715

6,928

144

5,524

0%

0.02

0.01

0.00

0.00

0.01

0.00

0.00

0.00

Othercharges

93,206

40,442

15,347

36,915

34,662

4,071

117,797

9,375

%0.03

0.03

0.04

0.03

0.03

0.13

0.08

0.04

TOTAL

7,845,408

2,026,621

1,222,303

3,178,369

1,699,012

60,427

2,051,441

567,400

%2.53

1.53

2.81

2.73

1.53

1.97

1.40

2.59

EDMINTERNATIONAL

10

Comparativ


ts(co

ntin

ued)

overthePast

FiveYears

(2013-2017)

Stra

tegy

CreditPortfo

lioEmergingMarkets

Americ

an

EDMHighYield

Gamma

SpanishEquity

Latin

Americ

a

Fund

Growth

ShortDuratio

nEquity

Fund

(in

EUR)

(in

EUR)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)


255,385,471

140,491,652

34,548,648

117,936,748

123,507,213

1,114,345

146,264,236

27,063,457

Investm

entManagementfees

6,090,595

542,263

539,581

1,222,171

478,303

17,655

1,503,777

607,672

%2.38

0.39

1.56

1.04

0.39

1.58

1.03

2.25

Sub-In

vestm

entManagement

fees

01,336,460

345,274

1,767,623

1,172,596

00

0%

0.00

0.95

1.00

1.50

0.95

0.00

0.00

0.00

Deposita

ryfees

327,169

181,239

47,455

152,397

159,580

31,464

188,732

40,097

%0.13

0.13

0.14

0.13

0.13

2.82

0.13

0.15

Perfo

rmance

fees

00

00

00

00

%0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Domicilia

tion,

7,819

4,688

3,126

4,480

4,217

2,446

5,622

3,199

administra

tionand

transfer

agentfees

%0.00

0.00

0.01

0.00

0.00

0.22

0.00

0.01

Auditfees,

prin

tingand

33,891

21,294

5,272

17,039

19,780

545

35,593

4,763

publica

tionexpenses

%0.01

0.02

0.02

0.01

0.02

0.05

0.02

0.02

Subscrip

tiontax

112,232

70,501

17,466

58,808

63,148

110

62,943

11,548

%0.04

0.05

0.05

0.05

0.05

0.01

0.04

0.04

Bankchargesand

corre

spondentfees

29,339

14,389

19,225

13,361

9,076

2,221

1,094

38,898

%0.01

0.01

0.06

0.01

0.01

0.20

0.00

0.14

Bankinterest

32,123

4,774

2,143

25

8,394

60

20,403

134

%0.01

0.00

0.01

0.00

0.01

0.01

0.01

0.00

Othercharges

93,243

26,289

6,524

21,577

22,052

431

101,040

5,303

%0.04

0.02

0.02

0.02

0.02

0.04

0.07

0.02

TOTAL

6,726,411

2,201,897

986,066

3,257,481

1,937,146

54,932

1,919,204

711,614

%2.63

1.57

2.85

2.76

1.57

4.93

1.31

2.63

EDMINTERNATIONAL

11

Comparativ


ts(co

ntin

ued)

overthePast

FiveYears

(2013-2017)

Stra

tegy

CreditPortfo

lioEmergingMarkets

Americ

an

EDMHighYield

Gamma

SpanishEquity

Latin

Americ

aEuropeanFlexible

Fund

Growth

ShortDuratio

nEquity

Fund

BondFund*

(in

EUR)

(in

EUR)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)

(in

EUR)

(in

USD)

(in

EUR)


246,998,632

149,217,375

40,117,848

135,823,589

155,135,277

1,198,713

360,169,875

47,121,250

474,548

Investm

entManagementfees

5,948,909

520,976

1,001,067

1,354,370

541,667

5,975

3,500,872

1,034,571

0%

2.41

0.35

2.50

1.00

0.35

0.50

0.97

2.20

0.00

ManagementCompanyfees

78,690

52,290

14,033

51,679

55,298

13,456

125,414

27,894

2,492

%0.03

0.04

0.03

0.04

0.04

1.12

0.03

0.06

0.53

Sub-In

vestm

entManagement

fees

01,413,963

10,970

2,031,556

1,470,238

00

00

%0.00

0.95

0.03

1.50

0.95

0.00

0.00

0.00

0.00

Deposita

ryfees

321,118

195,298

56,036

181,142

203,091

35,346

436,452

67,966

1,337

%0.13

0.13

0.14

0.13

0.13

2.95

0.12

0.14

0.28

Perfo

rmance

fees

00

00

00

00

0%

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Domicilia

tion,

8,585

4,857

4,216

5,323

4,737

3,937

9,603

4,551

19

administra

tionand

transfer

agentfees

%0.00

0.00

0.01

0.00

0.00

0.33

0.00

0.01

0.00

Auditfees,

prin

tingand

42,727

24,801

7,529

24,257

26,142

600

61,845

9,216

108

publica

tionexpenses

%0.02

0.02

0.02

0.02

0.02

0.05

0.02

0.02

0.02

Subscrip

tiontax

119,853

75,257

20,692

69,485

79,098

122

144,902

20,622

182

%0.05

0.05

0.05

0.05

0.05

0.01

0.04

0.04

0.04

Bankchargesand

corre

spondentfees

25,730

10,821

16,428

8,650

8,076

787

053,155

0%

0.01

0.01

0.04

0.01

0.01

0.07

0.00

0.11

0.00

Bankinterest

113,345

7,593

6,385

911,299

500

7,698

78

3%

0.05

0.01

0.02

0.00

0.01

0.04

0.00

0.00

0.00

Othercharges

216,202

20,445

5,345

18,114

20,857

166

342,422

5,881

2,153

%0.09

0.01

0.01

0.01

0.01

0.01

0.10

0.01

0.37

TOTAL

6,875,159

2,326,301

1,142,701

3,744,585

2,420,503

60,889

4,629,208

1,223,934

6,294

%2.78

1.56

2.85

2.76

1.56

5.08

1.29

2.60

1.33

Theacco

mpanyingnotesform

anintegralpartofthefin

ancia

lsta

tements.

*ThisSub-Fu

ndlaunchedonOcto

ber16,2017.

EDMINTERNATIONAL

12

Comparativ


ts(co

ntin

ued)

overthePast

FiveYears

(2013-2017)

Comparativ

ePerfo

rmances

overthePast

FiveYears

(2013-2017)

Stra

tegyFund

(in

EUR)

CreditPortfo

lio(in

EUR)

EmergingMarkets

(in

EUR)

ClassREUR

ClassIEUR

ClassRUSD

ClassAEUR

ClassBUSD

ClassAEUR

NAV/share

ClassR

annual

perfo

rmance

NAV/share

ClassI

annual

perfo

rmance

NAV/share

ClassR

annual

perfo

rmance

NAV/share

ClassA

annual

perfo

rmance

NAV/share

ClassB

annual

perfo

rmance

NAV/share

ClassA

annual

perfo

rmance

atDecember31,2013

351.43

16.02

1,207,974.66

17.52

--

251.04

5.83

113.72

6.19

87.89

3.99

atDecember31,2014

356.91

1.56

1,242,689.13

2.87

101.25

-251.90

0.34

113.93

0.18

99.10

12.73

atDecember31,2015

388.44

8.83

1,370,087.82

10.25

109.03

19.96

245.96

(2.36)

110.44

7.99

96.72

(2.40)

atDecember31,2016

358.11

(7.81)

1,279,483.50

0.78

101.48

11.98

267.27

3.96

121.40

16.37

103.77

7.43

atDecember31,2017

397.90

11.11

1,440,103.91

12.55

114.89

13.21

278.79

4.31

129.67

6.81

123.73

19.23

Americ

anGrowth

(in

USD)

EDMHighYield

ShortDuratio

n(in

EUR)

Gamma

(in

USD)

ClassAUSD

ClassBEUR

ClassAEUR

ClassAUSD

NAV/share

ClassA

annual

perfo

rmance

NAV/share

ClassB

annual

perfo

rmance

NAV/share

ClassA

annual

perfo

rmance

NAV/share

ClassA

annual

perfo

rmance

atDecember31,2013

156.77

36.61

200.21

36.08

73.00

3.12

123.55

10.05

atDecember31,2014

175.85

12.17

225.17

12.47

72.69

(0.42)

124.82

1.03

atDecember31,2015

191.14

8.69

245.60

(2.08)

72.91

0.30

122.68

(1.71)

atDecember31,2016

194.01

7.00

245.95

(4.43)

74.82

1.24

114.59

4.21

atDecember31,2017

256.06

31.98

317.27

29.00

75.25

0.57

125.31

9.35

SpanishEquity

(in

EUR)

Latin

Americ

anEquity

Fund

(in

USD)

EuropeanFlexible

BondFund

(in

EUR)*3

ClassREURShares

ClassIEURShares

ClassIUSD*1

ClassRUSD*2

ClassIUSD

ClassIEUR

ClassRUSD

ClassREUR

ClassREUR

NAV/share

ClassR

annual

perfo

r-mance

NAV/share

ClassI

annual

perfo

r-mance

NAV/share

ClassIUS

annual

perfo

r-mance

NAV/share

ClassRUS

annual

perfo

r-mance

NAV/share

ClassI

annual

perfo

r-mance

NAV/share

ClassI

annual

perfo

r-mance

NAV/share

ClassR

annual

perfo

r-mance

NAV/share

ClassR

annual

perfo

r-mance

NAV/share

ClassR

annual

perfo

r-mance

atDecember31,2013

--

--

--

--

--

--

--

--

--

atDecember31,2014

96.68

-97.54

--

--

-85.87

-101.63

-88.37

-100.40

--

-

atDecember31,2015

99.33

2.74

101.28

3.83

--

--

59.39

(30.84)

78.31

(30.83)

60.35

(31.71)

76.37

(31.71)

--

atDecember31,2016

111.04

14.20

114.40

14.79

--

--

72.64

(3.12)

98.64

(8.15)

72.85

(3.74)

94.95

(8.75)

--

atDecember31,2017

120.37

8.40

125.31

9.54

109.66

9.66

99.69

(0.31)

93.49

28.70

108.75

10.25

90.26

23.90

103.34

8.84

97.83

(2.17)

*1Share

class

launchedonFebruary

2,2017.

*2Share

class

launchedonApril

27,2017.

*3ThisSub-Fu

ndwaslaunchedasatOcto

ber16,2017.

EDMINTERNATIONAL

13

DIRECTOR’S REPORT

The environment in 2017

Global economic activity (that in 2016 decelerated to the lowest rate since the financial crisis) continued to firm up. Globaloutput grew +3.7% in 2017, faster than the IMF had anticipated. The pick-up in growth has been broad based, withdeveloped economies surprising on the upside.

US GDP grew +2.3% driven by strong consumer spending and private investment. Unemployment rate has fallen furtherto 4.4% (17-year low) and inflation remained in the 2% area.

Europe delivered the strongest rate since 2007 (2017: +2.4%), which is above the potential path. In Emerging Countries,we saw new acceleration (+4.6%) as Brazil ended its recession and China and India continued its strong growth.

For 2018 and 2019 forecasts have been revised upward which is a reflection of increased momentum and the impact ofthe US tax policy reform.

Inflation seem to be under control and Monetary Policy continues to be accommodative. Risks to the global growth couldappear if inflation increases and/or there is a faster than expected increase in interest rates in the US, as asset valuationsare rich and premiums are compressed.

The markets in 2017

In this environment equity markets delivered excellent returns in 2017:

Equity Markets were in a sweet spot in 2017 thanks to low inflation, easing monetary policies and better economicforecasts. While political noise remained at investor mood, the market displayed limited volatility.

In the US the S&P reached record levels as the economy was strong, consumer confidence improved dramatically andunemployment reached a 17-year low level.

European stocks benefited from favorable macroeconomic trends and stable political environment. Performance wasdriven by the increase in earnings that were supported by positive revenue growth and improvedmargins. The strength ofthe euro was a headwind for European earnings.

Emerging market equity indices rose further, lifted by the improved near-term outlook for commodity exporters.

Market expectations of the path of U.S. Federal Reserve policy rates have shifted up since mid-2017, reflecting thewell�anticipated December rate hike, but they continue to price in a gradual increase over 2018 and 2019.

The European Central Bank announced that it will taper its net asset purchases starting in January 2018. The ECB intendsto maintain policy rates at current historically low levels.

The Bond market reaction to these shifts was flattening yield curves in the US and UK as short-term rates have risen morethan longer-term rates.

In Europe, a robust economic recovery has encouraged issuers to take advantage of lower borrowing costs while theECB’s asset purchase programme has provided further support. While investment grade corporate spreads have littleprotection against rising rates, regional disparities are likely to favour European investment grade.

EDM INTERNATIONAL

14

Emerging market long-term yields remain low and interest rate spreads remain compressed.

Leverage in high yield has actually improved. The energy sector was forced to restructure in 2016, which has benefitedthe asset class by purging weaker issuers, while the coverage ratio has now moved back above its long-term average.

The lack of a strongmerger and acquisition/leveraged buyout pipeline has left most of the primary market activity focusedon refinancing, limiting new issue activity.

Our SICAV

The management style for the SICAV has not changed during the year. Our strategy consists in investing in high qualityassets, trying not to overpay for this good companies, expecting markets to reward its quality in the medium term. Inequities we are convinced that sustained earnings growth will be the main driver for price appreciation. By selecting highquality growth stocks we expect to over perform the market in the long term.

In 2017 our European strategy delivered excellent returns. Earnings growth in our European selection of equities grew+10% and our EDM Strategy fund overperformed its benchmark.

Our US equities delivered one more year strong earnings growth in 2017, and our EDM American Growth overperformedthe S&P500 index.

Both our Emerging Markets and Latin American portfolios delivered high positive returns and performed as itsbenchmarks.

EDM Spanish Equity Fund, which is a Master Feeder fund of EDM Inversion Fund, delivered a high-single digit positivereturn and over performed its Spanish benchmark.

Our Fixed Income HY portfolios both delivered positive returns. While the Short Term strategy underperformed itsbenchmark, the long duration EDM Credit Portfolio overperformed.

These have been the performances of our funds in 2017:

EDM INTERNATIONAL

15

DIRECTOR’S REPORT (continued)

Outlook for 2018

The strong momentum experienced in 2017 is expected to continue in 2018 and 2019, with global growth revised by theIMF up to 3.9 percent for both years.

The upward revisions to the global outlook result mainly from advanced economies. This forecast reflects the favourableglobal financial conditions and strong sentiment. In addition, the U.S. tax reform and fiscal stimulus are expected totemporarily raise U.S. growth, with favourable demand for U.S. trading partners.

Growth rates for the euro area economies have been revised up, reflecting the stronger momentum in domestic demandand higher external demand.

Emerging Markets and developing Asia will grow broadly at the same pace as in 2017. The region continues to account forover half of world growth. In Latin America the recovery is expected to strengthen, reflecting an improved outlook forMexico, that benefit from stronger U.S. demand, a firmer recovery in Brazil, and favourable effects of stronger commodityprices on some commodity-exporting countries.

The themes that dominated 2017 are likely to continue to remain into 2018. Rates are likely to continue to move higher inthe US, with three rate hikes priced in for the year. Solid employment numbers however are eventually likely to pushinflation expectations higher, which would have an impact on the speed of USmonetary policy tightening, although for themoment inflation continues to remain below trend.

In Europe, the ECB’s ongoing asset purchase programme, which has been reduced from E60bn to E30bn per month inJanuary 2018, should be maintained as such for much of the year.

For 2018 we expect that our selection of quality growth equities will continue to deliver steady earnings growth. Weexpect to achieve positive performance in our equity portfolios as valuations remain below their medium term average.

The Board of Directors of the Company

April 24, 2018

The information stated in this report is historical and not necessarily indicative of future performance.

EDM INTERNATIONAL

16

DIRECTOR’S REPORT (continued)

Deloitte. REPORT OF THE REVISEUR D'ENTREPRISES AGREE.

To the Shareholders of EDM International 11-13 Boulevard de la faire L-1528 Luxembourg Grand Duchy of Luxembourg

Report on the Audit of the Financial Statements

Opinion

Deloitte Audit Societe a responsabilite limitee

560, rue de Neudorf L-2220 Luxembourg BP. 1173 L-1011 Luxembourg

Tel: +352 451 451 www.deloitte.lu

We have audited the financial statements of EDM International (the «SICAV») and of each of its Sub-Funds, which comprise the statement of net assets and the statement of investments.as at December 31, 2017 and the statement of operations and 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 EDM International and of each of its Sub-Funds as at December 31, 2017, and of the results of their operations and changes in theirs 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 July 23, 2016 on the audit profession (Law of July 23, 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier" (CSSF). Our responsibilities under those Law and standards are further described in the "Responsibilities of Reviseur d'Entreprises Agree for the Audit of the Financial Statements" section of our report. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional 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 SICAV is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our report of Reviseur d'Entreprises Agree thereon.

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 concluded that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regards.

Responsibilities of the Board of Directors of the SICAV for the Financial Statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of the 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 SICAV 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 SICAV is responsible for assessing the Fund's 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 SICAV either intends to liquidate the Fund or to cease operations, or has · no realistic alternative but to do so.

Societe a responsabilite limitee au capital de 35.000 € RCS Luxembourg B 67.895 Autonsation d'etablissement: 10022179

17

Deloitte.

REPORT OF THE REVISEUR D'ENTREPRISES AGRE~ (continued)

Responsibilities of the Reviseur d'Entreprises Agree for the Audit of the Financial Statements

Our objectives 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 Reviseur d'Entreprises Agree 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 July 23, 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 July 23, 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism 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 SICAV.

•Conclude on the appropriateness of Board of Directors of the SICAV's 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 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 Reviseur d'Entreprises Agree 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 Reviseur d'Entreprisf!S Agree. However, future events or conditions may cause the Fund 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.

April 24, 2018

18

Statement of Net Assetsas at December 31, 2017

EDM International -Strategy Fund

EDM International -Credit Portfolio

EDM International -Emerging Markets

EDM International -American Growth

Note EUR EUR EUR USD

ASSETS

Investment portfolio at market value (2) 236,634,628 147,708,525 47,877,939 145,701,389Cash at bank and time deposits 34,751,761 5,424,769 1,893,603 3,256,930Bank interest receivable - 134 - 1,866Amounts receivable on sale of investments - 230,871 61,115 5,202,991Amounts receivable on subscriptions 351,363 24,975 255,495 172,998Interest and dividends receivable, net (2) 154,460 2,426,993 13,273 161,463Unrealised profit on forward foreignexchange contracts (2)(7) - 1,736,341 - 728,503Other assets 769,973 - - -TOTAL ASSETS 272,662,185 157,552,608 50,101,425 155,226,140

LIABILITIES

Bank overdraft - - - -Bank interest payable 12,098 - 755 -Amounts payable on purchase ofinvestments - - 986,644 629,269Amounts payable on redemptions 1,070,242 - - 5,349,531Unrealised loss on forward foreign exchangecontracts (2)(7) 46,544 - - -Investment Management fee payable (3) 523,126 44,315 95,344 122,102Sub-Investment Management fee payable - 120,364 2,712 183,154Management company fees payable (4) 19,488 12,633 8,355 12,717Taxes and expenses payable (2) 107,656 64,122 23,660 61,348Other liabilities - - 3,916 -TOTAL LIABILITIES 1,779,154 241,434 1,121,386 6,358,121

TOTAL NET ASSETS 270,883,031 157,311,174 48,980,039 148,868,019

Net asset value per share

Class A EUR - 278.79 123.73 -Class A USD - - - 256.06Class B EUR - - - 317.27Class B USD - 129.67 - -Class I EUR 1,440,103.91 - - -Class I USD - - - -Class R EUR 397.90 - - -Class R USD 114.89 - - -Number of shares outstanding

Class A EUR - 470,768.28 395,865.48 -Class A USD - - - 214,614.73Class B EUR - - - 246,505.81Class B USD - 241,377.71 - -Class I EUR 11.37 - - -Class I USD - - - -Class R EUR 625,686.42 - - -Class R USD 58,015.17 - - -

EDM INTERNATIONAL

The accompanying notes form an integral part of these financial statements.

19

EDM International -EDM High YieldShort Duration

EDM International -Gamma

EDM International -Spanish Equity

EDM International -Latin American

Equity Fund

Note EUR USD EUR USD

ASSETS

Investment portfolio at market value (2) 153,038,219 1,130,686 374,978,374 56,137,572Cash at bank and time deposits 5,464,294 322,378 84,763 2,132,074Bank interest receivable 1,411 - - 896Amounts receivable on sale of investments - - 2,408,904 760,775Amounts receivable on subscriptions - - 794,339 271,861Interest and dividends receivable, net (2) 2,335,058 1,249 - 99,705Unrealised profit on forward foreignexchange contracts (2)(7) 1,808,444 - - -Other assets - 852 - 2,415TOTAL ASSETS 162,647,426 1,455,165 378,266,380 59,405,298

LIABILITIES

Bank overdraft - 235,835 - -Bank interest payable - 183 637 -Amounts payable on purchase ofinvestments - - - 1,623,240Amounts payable on redemptions 79,789 - 3,379,447 -Unrealised loss on forward foreign exchangecontracts (2)(7) - - 60,165 -Investment Management fee payable (3) 45,540 487 227,078 98,733Sub-Investment Management fee payable 123,609 - - -Management company fees payable (4) 13,136 3,271 27,061 6,784Taxes and expenses payable (2) 66,270 4,880 106,256 21,632Other liabilities - - 7,738 590TOTAL LIABILITIES 328,344 244,656 3,808,382 1,750,979

TOTAL NET ASSETS 162,319,082 1,210,509 374,457,998 57,654,319


Class A EUR 75.25 - - -Class A USD - 125.31 - -Class B EUR - - - -Class B USD - - - -Class I EUR - - 125.31 108.75Class I USD - - 91.32 93.49Class R EUR - - 120.37 103.34Class R USD - - 83.02 90.26Number of shares outstanding

Class A EUR 2,157,125.85 - - -Class A USD - 9,659.99 - -Class B EUR - - - -Class B USD - - - -Class I EUR - - 1,490,209.98 91,049.63Class I USD - - 50,719.42 14,989.58Class R EUR - - 1,498,385.80 321,928.56Class R USD - - 32,998.90 48,906.44

EDM INTERNATIONAL


20

Statement of Net Assets (continued)as at December 31, 2017

EDM International -European Flexible

Bond Fund* Combined

Note EUR EUR

ASSETS

Investment portfolio at market value (2) 1,077,922 1,130,344,294Cash at bank and time deposits 295,998 52,671,502Bank interest receivable - 3,845Amounts receivable on sale of investments - 7,667,384Amounts receivable on subscriptions 101,982 1,898,623Interest and dividends receivable, net (2) - 5,148,319Unrealised profit on forward foreignexchange contracts (2)(7) - 4,151,466Other assets - 772,694TOTAL ASSETS 1,475,902 1,202,658,127

LIABILITIES

Bank overdraft - 196,398Bank interest payable 1 13,643Amounts payable on purchase ofinvestments - 2,862,484Amounts payable on redemptions - 8,984,451Unrealised loss on forward foreign exchangecontracts (2)(7) - 106,709Investment Management fee payable (3) - 1,119,715Sub-Investment Management fee payable - 399,212Management company fees payable (4) 2,258 101,895Taxes and expenses payable (2) 356 441,488Other liabilities 324 12,469TOTAL LIABILITIES 2,939 14,238,464

TOTAL NET ASSETS 1,472,963 1,188,419,663


Class A EUR -Class A USD -Class B EUR -Class B USD -Class I EUR -Class I USD -Class R EUR 97.83Class R USD -Number of shares outstanding

Class A EUR -Class A USD -Class B EUR -Class B USD -Class I EUR -Class I USD -Class R EUR 15,056.34Class R USD -

EDM INTERNATIONAL


21

Statement of Net Assets (continued)as at December 31, 2017


Statement of Operations and Changes in Net AssetsFor the year/period ended December 31, 2017

EDM International- Strategy Fund

EDM International- Credit Portfolio

EDM International- Emerging

Markets

EDM International- American

Growth

Note EUR EUR EUR USD

TOTAL NET ASSETS AT THE BEGINNING OFTHE YEAR/PERIOD 225,461,199 140,267,300 35,521,533 116,207,468

INCOMEDividends, net (2) 4,098,091 - 752,547 674,927Interest on bonds, net (2) - 8,435,732 - -Bank interest, net (2) 68 11,106 37 13,281Other income (2) - - - 998TOTAL INCOME 4,098,159 8,446,838 752,584 689,206

EXPENSESInvestment Management fees (3) 5,948,909 520,976 1,001,067 1,354,370Management company fees (4) 78,690 52,290 14,033 51,679Sub-Investment Management fees (3) - 1,413,963 10,970 2,031,556Depositary fees (5) 321,118 195,298 56,036 181,142Domiciliation, administration and transferagent fees 8,585 4,857 4,216 5,323Audit fees, printing and publishing expenses 42,727 24,801 7,529 24,257Subscription tax (6) 119,853 75,257 20,692 69,485Bank charges and correspondent fees (8) 25,730 10,821 16,428 8,650Bank interest 113,345 7,593 6,385 9Other charges (2) 216,202 20,445 5,345 18,114TOTAL EXPENSES 6,875,159 2,326,301 1,142,701 3,744,585

NET INCOME / (LOSS) FROMINVESTMENTS (2,777,000) 6,120,537 (390,117) (3,055,379)

Net realised profit/(loss) on sale of investments (2) 15,498,284 4,061,553 5,691,739 13,977,319Net realised profit/(loss) on forward foreignexchange contracts (2) (853,825) 6,600,915 - 8,446,764Net realised profit/(loss) on foreign exchange (173,385) (336,310) (81,812) (1,569)

NET REALISED PROFIT/(LOSS) 11,694,074 16,446,695 5,219,810 19,367,135Change in net unrealised appreciation/(depreciation) on:- investments 12,147,500 (18,840,755) 1,663,718 25,114,578- forward foreign exchange contracts 36,354 5,685,230 - (124,161)NET INCREASE/(DECREASE) IN NETASSETS AS A RESULT OF OPERATIONS 23,877,928 3,291,170 6,883,528 44,357,552

MOVEMENTS IN CAPITALIssue of shares 65,878,572 29,621,222 10,421,246 18,902,267Redemption of shares (44,334,668) (15,868,518) (3,846,268) (30,599,268)Currency translation (2) - - - -

TOTAL NET ASSETS AT THE END OF THEYEAR/PERIOD 270,883,031 157,311,174 48,980,039 148,868,019

EDM INTERNATIONAL


22

EDM International- EDM High YieldShort Duration

EDM International- Gamma

EDM International- Spanish Equity

EDM International- Latin American

Equity Fund

Note EUR USD EUR USD

TOTAL NET ASSETS AT THE BEGINNING OFTHE YEAR/PERIOD 136,524,163 1,106,968 230,860,990 31,461,121

INCOMEDividends, net (2) - 12,349 - 1,113,543Interest on bonds, net (2) 8,037,366 3,232 - -Bank interest, net (2) 12,548 620 - 10,977Other income (2) - 4 - -TOTAL INCOME 8,049,914 16,205 - 1,124,520

EXPENSESInvestment Management fees (3) 541,667 5,975 3,500,872 1,034,571Management company fees (4) 55,298 13,456 125,414 27,894Sub-Investment Management fees (3) 1,470,238 - - -Depositary fees (5) 203,091 35,346 436,452 67,966Domiciliation, administration and transferagent fees 4,737 3,937 9,603 4,551Audit fees, printing and publishing expenses 26,142 600 61,845 9,216Subscription tax (6) 79,098 122 144,902 20,622Bank charges and correspondent fees (8) 8,076 787 - 53,155Bank interest 11,299 500 7,698 78Other charges (2) 20,857 166 342,422 5,881TOTAL EXPENSES 2,420,503 60,889 4,629,208 1,223,934

NET INCOME / (LOSS) FROMINVESTMENTS 5,629,411 (44,684) (4,629,208) (99,414)

Net realised profit/(loss) on sale of investments (2) (647,815) 12,615 17,907,900 4,257,350Net realised profit/(loss) on forward foreignexchange contracts (2) 8,579,819 (25,310) (493,252) -Net realised profit/(loss) on foreign exchange (614,584) (2,978) 47,745 (189,339)

NET REALISED PROFIT/(LOSS) 12,946,831 (60,357) 12,833,185 3,968,597Change in net unrealised appreciation/(depreciation) on:- investments (17,182,210) 162,612 6,328,948 4,823,880- forward foreign exchange contracts 5,037,092 1,286 (60,165) -NET INCREASE/(DECREASE) IN NETASSETS AS A RESULT OF OPERATIONS 801,713 103,541 19,101,968 8,792,477

MOVEMENTS IN CAPITALIssue of shares 50,669,270 - 391,555,694 23,891,587Redemption of shares (25,676,064) - (267,060,654) (6,490,866)Currency translation (2) - - - -

TOTAL NET ASSETS AT THE END OF THEYEAR/PERIOD 162,319,082 1,210,509 374,457,998 57,654,319

EDM INTERNATIONAL


23

Statement of Operations and Changes in Net Assets (continued)For the year/period ended December 31, 2017

EDM International- European

Flexible BondFund*

Combined

Note EUR EUR

TOTAL NET ASSETS AT THE BEGINNING OFTHE YEAR/PERIOD - 909,688,095

INCOMEDividends, net (2) - 6,350,321Interest on bonds, net (2) - 16,475,790Bank interest, net (2) - 44,477Other income (2) - 834TOTAL INCOME - 22,871,422

EXPENSESInvestment Management fees (3) - 13,507,925Management company fees (4) 2,492 405,690Sub-Investment Management fees (3) - 4,587,006Depositary fees (5) 1,337 1,450,219Domiciliation, administration and transferagent fees 19 43,518Audit fees, printing and publishing expenses 108 191,527Subscription tax (6) 182 515,125Bank charges and correspondent fees (8) - 113,180Bank interest 3 146,812Other charges (2) 2,153 627,545TOTAL EXPENSES 6,294 21,588,547

NET INCOME / (LOSS) FROMINVESTMENTS (6,294) 1,282,875

Net realised profit/(loss) on sale of investments (2) - 57,707,600Net realised profit/(loss) on forward foreignexchange contracts (2) - 20,846,860Net realised profit/(loss) on foreign exchange (2) (1,319,812)

NET REALISED PROFIT/(LOSS) (6,296) 78,517,523Change in net unrealised appreciation/(depreciation) on:- investments (1,050) 9,183,664- forward foreign exchange contracts - 10,596,183NET INCREASE/(DECREASE) IN NETASSETS AS A RESULT OF OPERATIONS (7,346) 98,297,370

MOVEMENTS IN CAPITALIssue of shares 1,480,309 585,264,099Redemption of shares - (387,674,025)Currency translation (2) - (17,155,876)

TOTAL NET ASSETS AT THE END OF THEYEAR/PERIOD 1,472,963 1,188,419,663

EDM INTERNATIONAL


24

Statement of Operations and Changes in Net Assets (continued)For the year/period ended December 31, 2017


Changes in the Number of Shares for the year/period ended December 31, 2017




Capitalisation Class A EURNumber of shares outstanding at the beginning of the year/period - 417,755.31 342,300.52Number of shares issued - 96,268.20 86,730.30Number of shares repurchased - (43,255.23) (33,165.34)Number of shares outstanding at the end of the year/period - 470,768.28 395,865.48

Capitalisation Class A USDNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class B EURNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class B USDNumber of shares outstanding at the beginning of the year/period - 248,596.71 -Number of shares issued - 27,688.50 -Number of shares repurchased - (34,907.50) -Number of shares outstanding at the end of the year/period - 241,377.71 -

Capitalisation Class I EURNumber of shares outstanding at the beginning of the year/period 18.54 - -Number of shares issued 0.46 - -Number of shares repurchased (7.63) - -Number of shares outstanding at the end of the year/period 11.37 - -

Capitalisation Class I USDNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Statistics




EUR EUR EURTotal Net Asset ValueDecember 31, 2017 270,883,031 157,311,174 48,980,039December 31, 2016 225,461,199 140,267,300 35,521,533December 31, 2015 303,569,151 134,034,525 37,236,625

December 31, 2017 - Net asset value per shareCapitalisation Class A EUR - 278.79 123.73Capitalisation Class A USD - - -Capitalisation Class B EUR - - -Capitalisation Class B USD - 129.67 -Capitalisation Class I EUR Shares 1,440,103.91 - -Capitalisation Class I USD - - -Capitalisation Class R EUR Shares 397.90 - -Capitalisation Class R USD 114.89 - -

December 31, 2016 - Net asset value per shareCapitalisation Class A EUR - 267.27 103.77Capitalisation Class A USD - - -Capitalisation Class B EUR - - -Capitalisation Class B USD - 121.40 -Capitalisation Class I EUR 1,279,483.50 - -Capitalisation Class I EUR Shares - - -Capitalisation Class I USD - - -Capitalisation Class R EUR 358.11 - -Capitalisation Class R EUR Shares - - -Capitalisation Class R USD 101.48 - -

EDM INTERNATIONAL


25




Capitalisation Class R EURNumber of shares outstanding at the beginning of the year/period 545,372.92 - -Number of shares issued 157,201.71 - -Number of shares repurchased (76,888.21) - -Number of shares outstanding at the end of the year/period 625,686.42 - -

Capitalisation Class R USDNumber of shares outstanding at the beginning of the year/period 66,915.90 - -Number of shares issued 33,130.83 - -Number of shares repurchased (42,031.56) - -Number of shares outstanding at the end of the year/period 58,015.17 - -




EUR EUR EURDecember 31, 2015 - Net asset value per share

Capitalisation Class A EUR - 245.96 96.72Capitalisation Class A USD - - -Capitalisation Class B EUR - - -Capitalisation Class B USD - 110.44 -Capitalisation Class I EUR 1,370,087.82 - -Capitalisation Class I USD - - -Capitalisation Class R EUR 388.44 - -Capitalisation Class R USD 109.03 - -

EDM INTERNATIONAL


26

Changes in the Number of Shares for the year/period ended December 31, 2017(continued)

Statistics (continued)


EDM International -EDM High Yield Short

DurationEDM International -

GammaCapitalisation Class A EURNumber of shares outstanding at the beginning of the year/period - 1,824,582.90 -Number of shares issued - 673,393.98 -Number of shares repurchased - (340,851.03) -Number of shares outstanding at the end of the year/period - 2,157,125.85 -

Capitalisation Class A USDNumber of shares outstanding at the beginning of the year/period 255,548.35 - 9,659.99Number of shares issued 21,639.77 - -Number of shares repurchased (62,573.39) - -Number of shares outstanding at the end of the year/period 214,614.73 - 9,659.99

Capitalisation Class B EURNumber of shares outstanding at the beginning of the year/period 256,842.63 - -Number of shares issued 40,843.89 - -Number of shares repurchased (51,180.71) - -Number of shares outstanding at the end of the year/period 246,505.81 - -

Capitalisation Class B USDNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class I EURNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class I USDNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -




Gamma

USD EUR USDTotal Net Asset ValueDecember 31, 2017 148,868,019 162,319,082 1,210,509December 31, 2016 116,207,468 136,524,163 1,106,968December 31, 2015 120,514,679 113,094,473 1,185,128

December 31, 2017 - Net asset value per shareCapitalisation Class A EUR - 75.25 -Capitalisation Class A USD 256.06 - 125.31Capitalisation Class B EUR 317.27 - -Capitalisation Class B USD - - -Capitalisation Class I EUR Shares - - -Capitalisation Class I USD - - -Capitalisation Class R EUR Shares - - -Capitalisation Class R USD - - -

December 31, 2016 - Net asset value per shareCapitalisation Class A EUR - 74.82 -Capitalisation Class A USD 194.01 - 114.59Capitalisation Class B EUR 245.95 - -Capitalisation Class B USD - - -Capitalisation Class I EUR - - -Capitalisation Class I EUR Shares - - -Capitalisation Class I USD - - -Capitalisation Class R EUR - - -Capitalisation Class R EUR Shares - - -Capitalisation Class R USD - - -

EDM INTERNATIONAL


27






Gamma

Capitalisation Class R EURNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class R USDNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -




Gamma

USD EUR USDDecember 31, 2015 - Net asset value per share

Capitalisation Class A EUR - 72.91 -Capitalisation Class A USD 191.14 - 122.68Capitalisation Class B EUR 245.60 - -Capitalisation Class B USD - - -Capitalisation Class I EUR - - -Capitalisation Class I USD - - -Capitalisation Class R EUR - - -Capitalisation Class R USD - - -

EDM INTERNATIONAL


28





Equity Fund


Bond Fund*Capitalisation Class A EURNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class A USDNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class B EURNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class B USDNumber of shares outstanding at the beginning of the year/period - - -Number of shares issued - - -Number of shares repurchased - - -Number of shares outstanding at the end of the year/period - - -

Capitalisation Class I EURNumber of shares outstanding at the beginning of the year/period 585,639.52 73,317.46 -Number of shares issued 1,096,355.50 32,790.42 -Number of shares repurchased (191,785.04) (15,058.25) -Number of shares outstanding at the end of the year/period 1,490,209.98 91,049.63 -

Capitalisation Class I USDNumber of shares outstanding at the beginning of the year/period - 1,244.53 -Number of shares issued 50,719.42 14,989.57 -Number of shares repurchased - (1,244.52) -Number of shares outstanding at the end of the year/period 50,719.42 14,989.58 -



Equity Fund


Bond Fund*

EUR USD EURTotal Net Asset ValueDecember 31, 2017 374,457,998 57,654,319 1,472,963December 31, 2016 230,860,990 31,461,121 -December 31, 2015 112,389,310 18,448,315 -

December 31, 2017 - Net asset value per shareCapitalisation Class A EUR - - -Capitalisation Class A USD - - -Capitalisation Class B EUR - - -Capitalisation Class B USD - - -Capitalisation Class I EUR Shares 125.31 108.75 -Capitalisation Class I USD 109.66 93.49 -Capitalisation Class R EUR Shares 120.37 103.34 97.83Capitalisation Class R USD 99.69 90.26 -

December 31, 2016 - Net asset value per shareCapitalisation Class A EUR - - -Capitalisation Class A USD - - -Capitalisation Class B EUR - - -Capitalisation Class B USD - - -Capitalisation Class I EUR 114.40 98.64 -Capitalisation Class I EUR Shares - - -Capitalisation Class I USD - 72.64 -Capitalisation Class R EUR - 94.95 -Capitalisation Class R EUR Shares 111.04 - -Capitalisation Class R USD - 72.85 -

EDM INTERNATIONAL


29






Equity Fund


Bond Fund*

Capitalisation Class R EURNumber of shares outstanding at the beginning of the year/period 1,475,743.46 207,773.83 -Number of shares issued 2,042,848.83 146,720.67 15,056.34Number of shares repurchased (2,020,206.49) (32,565.94) -Number of shares outstanding at the end of the year/period 1,498,385.80 321,928.56 15,056.34

Capitalisation Class R USDNumber of shares outstanding at the beginning of the year/period - 40,270.37 -Number of shares issued 34,334.32 16,038.34 -Number of shares repurchased (1,335.42) (7,402.27) -Number of shares outstanding at the end of the year/period 32,998.90 48,906.44 -



Equity Fund


Bond Fund*

EUR USD EURDecember 31, 2015 - Net asset value per share

Capitalisation Class A EUR - - -Capitalisation Class A USD - - -Capitalisation Class B EUR - - -Capitalisation Class B USD - - -Capitalisation Class I EUR 101.28 78.31 -Capitalisation Class I USD - 59.39 -Capitalisation Class R EUR 99.33 76.37 -Capitalisation Class R USD - 60.35 -

EDM INTERNATIONAL


30





Statement of Investmentsas at December 31, 2017(Expressed in EUR)

Description Quantity Currency Cost Evaluation % netassets

Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market

Shares

BelgiumAnheuser-Busch Inbev Sa /Nv 32,000 EUR 3,025,030 2,980,160 1.10

3,025,030 2,980,160 1.10

DenmarkColoplast -B- 167,530 DKK 10,862,608 11,104,259 4.10Dsv 110,000 DKK 2,184,745 7,218,650 2.67Novo Nordisk A/S /-B- 383,000 DKK 10,765,944 17,206,983 6.35Novozymes Shs -B- 60,000 DKK 2,289,610 2,856,784 1.05

26,102,907 38,386,676 14.17

FranceAir Liquide 99,000 EUR 7,632,768 10,399,950 3.84Dassault Systemes Sa 122,930 EUR 7,143,294 10,890,369 4.02Elis Sa 472,519 EUR 6,021,071 10,875,025 4.01Essilor International 60,000 EUR 4,002,892 6,897,000 2.55Lvmh Act. 28,000 EUR 6,328,853 6,871,200 2.54Marie Brizard Act. 87,338 EUR 1,331,480 1,098,712 0.40Michelin B /Nom 62,250 EUR 7,341,174 7,441,987 2.75

39,801,532 54,474,243 20.11

GermanyBrenntag 150,564 EUR 5,458,617 7,945,262 2.93Deutsche Post Ag 130,000 EUR 5,242,080 5,167,500 1.91Symrise Ag 40,000 EUR 2,287,851 2,864,800 1.06

12,988,548 15,977,562 5.90

Great BritainAggreko Plc 85,436 GBP 1,312,531 769,015 0.28Asos Plc 64,813 GBP 4,182,982 4,902,924 1.81Babcock International Group 602,668 GBP 5,341,967 4,789,853 1.77Diageo Plc 180,000 GBP 4,711,171 5,525,684 2.04Essentra Shs 1,517,732 GBP 13,714,816 9,053,324 3.34Melrose Industries Plc 1,715,757 GBP 3,943,760 4,101,551 1.52Reckitt Benckiser Group Plc 173,000 GBP 10,531,566 13,484,549 4.98

43,738,793 42,626,900 15.74

SpainBme 222,126 EUR 4,823,584 5,897,445 2.18Cie Automotive Sa 130,000 EUR 2,293,911 3,147,300 1.16Gestamp Automocion 900,095 EUR 5,094,046 5,360,966 1.98Grifols -B- Sadr 687,262 USD 10,093,116 13,117,959 4.84Grifols Sa 115,206 EUR 586,645 2,190,642 0.81Inditex /Regs 575,000 EUR 14,062,489 16,700,875 6.17

36,953,791 46,415,187 17.14

SwedenAssa Abloy Ab 115,955 SEK 1,733,528 2,009,720 0.74

1,733,528 2,009,720 0.74

SwitzerlandCie Financiere Richemont Sa 50,000 CHF 3,291,406 3,772,924 1.40

EDM INTERNATIONAL


31


Dufry Ag Basel 67,000 CHF 7,806,630 8,296,417 3.06Lindt & Spruengli /Partiz. 662 CHF 3,272,037 3,366,063 1.24Roche Holding Ag /Genussschein 53,000 CHF 8,595,564 11,164,523 4.12

22,965,637 26,599,927 9.82

The NetherlandsUnilever Cert. of Shs 152,577 EUR 6,092,741 7,164,253 2.64

6,092,741 7,164,253 2.64

Total - Shares 193,402,507 236,634,628 87.36

Total - Transferable securities admitted to an official stock exchange listing ordealt in on another regulated market 193,402,507 236,634,628 87.36

TOTAL INVESTMENT PORTFOLIO 193,402,507 236,634,628 87.36

EDM INTERNATIONAL


32


Statement of Investments (continued)as at December 31, 2017(Expressed in EUR)


Investments Breakdownsas at December 31, 2017(expressed as a percentage of net assets)

Geographical breakdown %

France 20.11Spain 17.14Great Britain 15.74Denmark 14.17Switzerland 9.82Germany 5.90The Netherlands 2.64Belgium 1.10Sweden 0.74

87.36

Economic breakdown %

Pharmaceuticals and Cosmetics 17.12Chemicals 12.22Retail 11.04Consumer Goods 7.62Biotechnology 5.65Holding and Finance Companies 5.41Transportation 4.58Mechanics, Machinery 4.31Internet Software 4.02Tobacco and Spirits 3.54Automobile Industry 3.14Tyers & Rubber 2.75Textile 2.54Business Houses 2.18Food and Distilleries 1.24

87.36

EDM INTERNATIONAL


33





Bonds

BelgiumBarry Calbt 5.5% 13-15.06.23 144a 350,000 USD 259,078 317,705 0.20

259,078 317,705 0.20

BermudaFly Leasing 5.25% 17-15.10.24 225,000 USD 190,323 187,939 0.12Weatherford 4.5% 12-15.04.22 150,000 USD 120,752 113,198 0.07Weatherford 6.5% 06-01.08.36 150,000 USD 106,536 102,819 0.07

417,611 403,956 0.26

Canada1,011,778 Bc 5% 17-15.10.25 144a 425,000 USD 357,292 359,017 0.23Ats Auto 6.5% 15-15.06.23 575,000 USD 528,886 501,593 0.32Baytex En 5.125% 14-01.06.21 375,000 USD 325,019 297,458 0.19Bombardier 7.5% 15-15.03.25 375,000 USD 349,475 314,612 0.20Bombardier 7.5% 17-01.12.24 144a 300,000 USD 255,352 253,866 0.16Bombardier 8.75%16-01.12.21 144a 550,000 USD 564,251 503,002 0.32First Quan 7.25% 14-15.05.22 1,100,000 USD 1,027,355 960,302 0.61Gfl Env 5.625% 17-01.05.22 144a 275,000 USD 253,095 237,602 0.15Gw Honos 8.75% 17-15.05.25 144a 525,000 USD 479,648 469,999 0.30Hudbay Min 7.25% 15.01.23 144a 300,000 USD 275,366 264,823 0.17Hudbay Min 7.625% 15.01.25 144a 100,000 USD 94,237 91,189 0.06Mount Prov 8% 17-15.12.22 144a 450,000 USD 373,459 370,534 0.23Ncx 5.25% 17-01.06.27 144a 425,000 USD 355,882 353,046 0.22Precisn 6.5% 11-15.12.21 237,000 USD 225,901 201,069 0.13Precisn 7.125% 17-15.01.26 144a 250,000 USD 215,054 212,358 0.13Teck Res 6% 10-15.08.40 475,000 USD 348,103 439,055 0.28Teck Res 8.5% 16-01.06.24 144a 175,000 USD 189,081 164,682 0.10Telesat Cda 8.875% 16-15.11.24 550,000 USD 503,845 512,991 0.33Valeant 6.5% 17-15.03.22 144a 100,000 USD 94,509 87,756 0.06Valeant 7% 17-15.03.24 144a 250,000 USD 236,272 223,832 0.14Valeant 9% 17-15.12.25 144a 500,000 USD 417,282 436,317 0.28Vrx Escrow 6.125% 15-15.04.25 550,000 USD 422,407 419,572 0.27

7,891,771 7,674,675 4.88

Cayman IslandsPark Aer 5.25% 17-15.08.22 144a 325,000 USD 295,253 269,348 0.17Upcb Fin 5.375% 15-15.01.25 775,000 USD 697,433 651,109 0.42

992,686 920,457 0.59

FranceNumericable Gp 6.25% 15.05.24 950,000 USD 897,132 793,133 0.50Socgen 7.375% 16-Perp 144a 400,000 USD 367,188 360,100 0.23

1,264,320 1,153,233 0.73

GermanyRwe 7% (Frn) 12-Perp /Sub 800,000 GBP 970,904 952,946 0.60Schaef 4.125% 16-15.09.21 /Pik 275,000 USD 243,913 233,542 0.15Schaef 4.5% 16-15.09.23 /Pik 200,000 USD 177,392 169,783 0.11

1,392,209 1,356,271 0.86

EDM INTERNATIONAL


34


Great BritainInmarsat Fi 6.5% 16-01.10.24 275,000 USD 244,575 232,449 0.15Intl Game 6.5% 15-15.02.25 300,000 USD 264,655 279,189 0.18Rbs Grp 8.625% 16-Perp 800,000 USD 762,490 749,301 0.47Virgin Med 6.375% 14-15.10.24 1,100,000 GBP 1,372,645 1,331,936 0.85

2,644,365 2,592,875 1.65

IrelandArdagh 7.25% 16-15.05.24 144a 600,000 USD 577,421 544,012 0.35Ardagh Pck 6% 14-30.06.21 550,000 USD 405,650 470,051 0.30Endo Financ 6% 15-15.07.23 325,000 USD 290,581 213,218 0.13James Ha 4.75% 17-15.01.25 144a 200,000 USD 168,769 168,159 0.11James Hardi 5% 17-15.01.28 144a 200,000 USD 168,769 165,923 0.10

1,611,190 1,561,363 0.99

ItalyEnel 7.75% 13-10.09.75 800,000 GBP 1,032,654 1,042,294 0.67Intesa San 5.017% 14-26.06.24 800,000 USD 714,544 680,526 0.43Telecom It 5.303% 14-30.05.24 925,000 USD 880,130 820,622 0.52Unicredit 5.861% 17-19.06.32 800,000 USD 718,967 711,392 0.45Wind Tre Sp 5% 17-20.01.26 675,000 USD 573,931 536,284 0.34

3,920,226 3,791,119 2.41

JerseyAdient Glob 4.875% 16-15.08.26 850,000 USD 738,249 727,328 0.46

738,249 727,328 0.46

LuxembourgAltice 7.625% 15-15.02.25 144a 400,000 USD 377,954 336,326 0.21Altice Fin 6.625% 15-15.02.25 900,000 USD 808,675 779,031 0.50Altice Fin 7.5% 16-15.05.26 275,000 USD 242,751 243,703 0.15Altice Fin 8.125% 13-15.01.24 225,000 USD 199,088 196,650 0.13Arcelormit 6.125% 15-01.06.25 350,000 USD 356,636 336,312 0.21Cons Engy F 6.75% 14-15.10.19 400,000 USD 341,853 338,941 0.22Cons Engy F 6.875% 17-15.06.25 475,000 USD 422,030 419,304 0.27Dana Fin Lu 6.5% 16-01.06.26 250,000 USD 224,004 225,631 0.14Intelsat 5.5% 01.08.23 /Non Restri 225,000 USD 176,193 153,179 0.10Intelsat 8% 16-15.02.24 775,000 USD 718,372 679,287 0.43Intelsat 9.75% 17-15.07.25 144a 150,000 USD 134,312 120,232 0.08Mallin 5.5% 15-15.04.25 325,000 USD 276,530 222,341 0.14Mallin 5.75% 14-01.08.22 475,000 USD 406,975 362,140 0.23Ses 5.625% (Frn) 16-Perp 925,000 EUR 933,656 1,030,274 0.65

5,619,029 5,443,351 3.46

SwitzerlandCs Group 7.5% 13-Perp 375,000 USD 364,105 357,462 0.23

364,105 357,462 0.23

The BahamasSlvrsea C 7.25% 17-01.02.25 144a 325,000 USD 303,109 291,628 0.19

303,109 291,628 0.19

The NetherlandsAlcoa Neder 7% 16-30.09.26 400,000 USD 380,251 373,917 0.24Atf Netherl 3.75% 16-Perp 1,100,000 EUR 1,046,900 1,175,581 0.75Cimpress 7% 15-01.04.22 144a 300,000 USD 286,137 257,329 0.16

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Constellium 5.75% 14-15.05.24 700,000 USD 613,072 594,604 0.38Fiat Invest 5.25% 15-15.04.23 700,000 USD 628,389 611,124 0.39Nxp 3.875% 16-01.09.22 775,000 USD 699,806 652,664 0.41Telefonica 7.625% /Frn 13-Perp 900,000 EUR 1,010,250 1,080,837 0.69

4,664,805 4,746,056 3.02

United StatesA Schulman 6.875% 16-01.06.23 400,000 USD 393,438 346,436 0.22Adt Corp 3.5% 13-15.07.22 400,000 USD 254,841 329,710 0.21Aecom 5.125% 17-15.03.27 325,000 USD 307,372 275,701 0.18Aecom Techn 5.75% 15-15.10.22 650,000 USD 565,160 564,311 0.36Aecom Techn 5.875% 15-15.10.24 312,000 USD 292,010 282,491 0.18Aes 5.125% 17-01.09.27 150,000 USD 127,297 131,163 0.08Aes 5.5% 14-15.03.24 250,000 USD 186,557 217,522 0.14Aes 6% 16-15.05.26 225,000 USD 208,569 203,368 0.13Aes 7.375% 12-01.07.21 325,000 USD 256,853 303,486 0.19Ak Steel 7% 17-15.03.27 850,000 USD 776,395 722,245 0.46Aleris Int 7.875% 12-01.11.20 272,000 USD 209,005 225,009 0.14Aleris Int 9.5% 16-01.04.21 125,000 USD 112,356 109,823 0.07Alliance 7.5% 17-01.05.25 275,000 USD 259,019 243,327 0.15Alliance D S 5.375% 14-01.08.22 1,175,000 USD 1,044,870 985,853 0.63Allis Trans 5% 16-01.10.24 300,000 USD 266,714 257,676 0.16Ally Fin 8% 10-15.03.20 675,000 USD 691,986 620,985 0.39Altice Fn I 5.375% 15-15.07.23 850,000 USD 752,302 723,788 0.46Altice Fn I 5.5% 16-15.05.26 275,000 USD 241,748 233,045 0.15Altice Us F 7.75% 15-15.07.25 325,000 USD 291,325 288,343 0.18Am Axle & M 6.25% 01.04.25 144a 325,000 USD 307,154 285,939 0.18Am Axle & M 6.625% 12-15.10.22 125,000 USD 98,434 108,178 0.07Amc Network 4.75% 17-01.08.25 250,000 USD 214,902 207,068 0.13American 7.875% 17-15.02.25 144a 275,000 USD 265,205 247,335 0.16Amerigas 5.5% 16-20.05.25 325,000 USD 305,422 275,189 0.17Amerigas Fi 5.625% 16-20.05.24 175,000 USD 154,362 151,096 0.10Amerigas Fi 5.875% 16-20.08.26 329,000 USD 299,392 283,245 0.18Amkor Tech 6.375% 12-01.10.22 500,000 USD 426,055 431,329 0.27Amn Health 5.125% 16-01.10.24 400,000 USD 358,649 343,105 0.22Amrc Air 13-02.05 5.6% 14-15.07.20 1,225,000 USD 681,120 745,807 0.47Andeavor 5.2% 17-01.12.47 200,000 USD 175,374 171,874 0.11Anixter 5.125% 14-01.10.21 500,000 USD 409,664 438,366 0.28Anixter 5.5% 16-01.03.23 75,000 USD 68,670 67,320 0.04Antero Res 5% 17-01.03.25 75,000 USD 69,667 64,093 0.04Antero Res 5.125% 14-01.12.22 150,000 USD 125,103 128,186 0.08Antero Resrc 5.375% 14-01.11.21 175,000 USD 126,738 149,945 0.10Aramark Svc 5.125% 15-15.01.24 175,000 USD 161,268 153,180 0.10Arch Mrg 8.5% 17-15.09.25 144a 475,000 USD 395,394 365,032 0.23Argos Mg 7.125% 15-15.03.23 425,000 USD 376,941 209,704 0.13Asbury Auto 6% 14-15.12.24 850,000 USD 745,320 737,882 0.47Assuredpart 7% 17-15.08.25 144a 300,000 USD 255,384 248,584 0.16Avant Inc 9% 17-01.10.25 425,000 USD 355,084 348,622 0.22Avis Budget 5.25% 15-15.03.25 750,000 USD 668,746 618,338 0.39Bcd Acq 9.625% 16-15.09.23 275,000 USD 243,892 251,915 0.16Beis 8.5% 17-15.07.25 144a 175,000 USD 156,271 153,023 0.10Belo Corp 7.25% 97-15.09.27 325,000 USD 180,293 304,452 0.19Berry Plas 5.125% 15-15.07.23 250,000 USD 214,482 216,935 0.14Big River 7.25% 17-01.09.25 144a 300,000 USD 256,005 264,199 0.17Block Cm 6.875% 17-15.02.25 144a 275,000 USD 257,865 239,892 0.15Blue Racer 6.125% 14-15.11.22 325,000 USD 276,747 282,156 0.18Boise Casc 5.625% 16-01.09.24 150,000 USD 133,215 132,296 0.08Building Ma 6% 15-15.10.25 475,000 USD 432,044 422,967 0.27Building Mat 5.375% 14-15.11.24 550,000 USD 446,292 478,777 0.30

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Bway 5.5% 17-15.04.24 144a 850,000 USD 751,535 738,901 0.47Bway 7.25% 17-15.04.25 144a 750,000 USD 646,083 647,662 0.41Cable One 5.75% 15-15.06.22 400,000 USD 359,495 343,937 0.22Callon Petr 6.125% 17-01.10.24 200,000 USD 175,548 171,552 0.11Calpine 5.25% 16-01.06.26 144a 200,000 USD 188,540 163,852 0.10Calpine 5.375% 14-15.01.23 400,000 USD 356,449 325,713 0.21Care Cap 5.125% 16-15.08.26 350,000 USD 316,516 297,133 0.19Carrizo 6.25% 15-15.04.23 200,000 USD 166,206 172,608 0.11Carrizo 8.25% 17-15.07.25 150,000 USD 131,274 137,252 0.09Cb Escrow 8% 17-15.10.25 144a 275,000 USD 231,013 232,449 0.15Cco Hldgs 5% 17-01.02.28 225,000 USD 189,410 182,513 0.12Cco Hldgs 5.125% 01.05.27 144a 300,000 USD 280,857 246,875 0.16Cco Hldgs 5.125% 12-15.02.23 Sr 550,000 USD 474,141 466,827 0.30Cco Hldgs 5.875% 15-01.05.27 750,000 USD 698,998 643,321 0.41Cco Hldgs 5.875% 16-01.04.24 1,125,000 USD 1,006,146 978,819 0.62Cdw Llc /Fin 5% 17-01.09.25 375,000 USD 350,483 324,153 0.21Centene 6.125% 16-15.02.24 850,000 USD 796,861 754,587 0.48Centurylink 6.75% 13-01.12.23 350,000 USD 259,412 286,960 0.18Centurylink Inc 5.8% 15.03.22 325,000 USD 263,454 265,077 0.17Cequel Comm 6.375% 12-15.09.20 566,000 USD 452,396 479,380 0.30Cf Ind 4.95% 13-01.06.43 300,000 USD 222,034 238,031 0.15Chemours 6.625% 15-15.05.23 400,000 USD 358,327 353,105 0.22Cheniere Co 5.125% 17-30.06.27 425,000 USD 369,902 366,106 0.23Cheniere Co 5.875% 16-31.03.25 400,000 USD 368,163 362,022 0.23Chesa Ener 8% 16-15.01.25 144a 750,000 USD 688,419 630,829 0.40Chs /Communi 6.25% 17-31.03.23 525,000 USD 497,377 395,167 0.25Chs 5.125% 14-01.08.21 225,000 USD 205,019 169,230 0.11Chs Com Health 7.125% 12-15.07.20 250,000 USD 203,186 155,534 0.10Clear Ch Wld 6.5% 15.11.22 -B- 600,000 USD 535,355 508,131 0.32Cliffs Nat 5.75% 17-01.03.25 144a 625,000 USD 590,021 496,455 0.32Cloud Crane 10.125% 16-01.08.24 250,000 USD 239,947 234,739 0.15Cmp Cmfc 5.75% 17-01.04.25 300,000 USD 283,540 257,953 0.16Cmp Cmfc 6.25% 16-01.04.23 200,000 USD 175,340 173,794 0.11Com Metals 4.875% 13-15.05.23 375,000 USD 335,572 321,957 0.20Com Metals 5.375% 17-15.07.27 250,000 USD 219,255 213,064 0.14Commscope T 6% 15-15.06.25 425,000 USD 385,110 376,621 0.24Consol En 5.875% 14-15.04.22 425,000 USD 370,272 362,903 0.23Consol Min 11% 17-15.11.25 144a 500,000 USD 430,015 437,209 0.28Cont Res 3.8% 14-01.06.24 475,000 USD 339,925 391,210 0.25Cont Res 4.5% 13-15.04.23 425,000 USD 338,922 361,002 0.23Cont Res 4.9% 14-01.06.44 200,000 USD 146,934 161,531 0.10Cooper-Stan 5.625% 15.11.26 144a 350,000 USD 315,811 300,945 0.19Cornerst 6.75% 17-15.08.24 144a 625,000 USD 529,533 519,836 0.33Covanta 5.875% 17-01.07.25 550,000 USD 462,838 460,103 0.29Covey Park 7.5% 17-15.05.25 200,000 USD 183,663 173,584 0.11Cpn 5.75% 14-15.01.25 350,000 USD 301,232 276,569 0.18Crc Escrow 5.25% 17-15.10.25 144a 625,000 USD 529,166 525,936 0.33Crown Americ 4.5% 13-15.01.23 100,000 USD 90,562 85,105 0.05Crown Cork & Seal 7.375% 96-26 650,000 USD 664,776 632,565 0.40Crrock 5.625% 17-15.10.25 144a 225,000 USD 191,718 188,312 0.12Csl 7.125% 16-15.12.24 275,000 USD 198,337 208,403 0.13Cvr Prtn 9.25% 16-15.06.23 200,000 USD 183,864 179,256 0.11Dae Funding 5% 17-01.08.24 144a 875,000 USD 752,767 720,221 0.46Dana Hldg 5.5% 14-15.12.24 325,000 USD 280,776 285,942 0.18Dana Hldg 6% 13-15.09.23 475,000 USD 444,970 414,387 0.26Davita 5.75% 12-15.08.22 500,000 USD 437,488 428,906 0.27Davita Hp 5.125% 14-15.07.24 425,000 USD 373,956 360,224 0.23Dcp Midstr 7.375% 17-Perp -A- 400,000 USD 342,921 330,766 0.21Diamond 16.02% 16-15.06.26 144a 525,000 USD 515,531 481,917 0.31Diamondback 4.75% 17-01.11.24 100,000 USD 91,525 84,197 0.05

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Dish Dbs 5% 12-15.03.23 225,000 USD 169,991 178,074 0.11Dish Dbs 5.875% 14-15.11.24 375,000 USD 305,859 304,100 0.19Dish Dbs 7.875% 09-01.09.19 850,000 USD 675,937 757,978 0.48Dlek Lgst 6.75% 17-15.05.25 144a 400,000 USD 356,788 336,442 0.21Dynegy 7.375% 15-01.11.22 400,000 USD 316,632 352,378 0.22Dynegy 8% 16-15.01.25 144a 425,000 USD 380,415 383,130 0.24Eer Fin 5.5% 17-30.01.26 144a 200,000 USD 168,527 169,470 0.11Eer Fin 5.75% 17-30.01.28 144a 200,000 USD 168,527 171,053 0.11Endo Fin 7.25% 14-15.01.22 325,000 USD 318,972 236,266 0.15Equinix Inc 5.875% 15-15.01.26 725,000 USD 675,383 651,383 0.41Evolution 7.5% 15-15.03.22 144a 225,000 USD 216,945 195,807 0.12Ew Scripps 5.125% 17-15.05.25 175,000 USD 162,541 145,008 0.09Ext Prt /Exp Fin 6% 14-01.10.22 725,000 USD 587,094 603,764 0.38First Quality 5% 17-01.07.25 475,000 USD 423,203 403,481 0.26Forum Ener 6.25% 14-01.10.21 500,000 USD 387,899 417,430 0.27Freeport Mc 3.1% 13-15.03.20 400,000 USD 292,155 333,797 0.21Freeport Mc 4.55% 14-14.11.24 425,000 USD 357,994 359,494 0.23Ftr 11% 16-15.09.25 550,000 USD 429,589 336,783 0.21Ftr 6.25% 14-15.09.21 725,000 USD 514,056 428,673 0.27Ftr 7.125% 12-15.01.23 75,000 USD 59,966 41,033 0.03Gates Glob 6% 14-15.07.22 575,000 USD 534,887 489,621 0.31Gci 6.75% 11-01.06.21 700,000 USD 635,535 593,146 0.38Gci 6.875% 15-15.04.25 675,000 USD 683,410 598,663 0.38Genesis Lp 5.625% 14-15.06.24 175,000 USD 139,969 143,482 0.09Genesis Lp 6% 15-15.05.23 50,000 USD 44,126 42,363 0.03Genesis Lp 6.75% 15-01.08.22 275,000 USD 248,755 237,602 0.15Geo Grp 5.125% 13-01.04.23 75,000 USD 62,740 62,833 0.04Gldn Nug 6.75% 16-15.10.24 144a 550,000 USD 498,903 466,043 0.30Glp Cap 4.375% 16-15.04.21 50,000 USD 43,695 43,050 0.03Glp Cap 5.375% 16-15.04.26 175,000 USD 152,932 156,691 0.10Gmac 8% 08-01.11.31 625,000 USD 641,316 679,089 0.43Gpi 5% 15-01.06.22 625,000 USD 475,235 537,116 0.34Gpi 5.25% 15-15.12.23 325,000 USD 299,498 279,449 0.18Graftech In 6.375% 13-15.11.20 100,000 USD 80,625 83,461 0.05Gray Tel Ic 5.875% 16-15.07.26 450,000 USD 402,535 384,119 0.24Greystar 5.75% 17-01.12.25 144a 550,000 USD 473,538 471,769 0.30Griffon 5.25% 14-01.03.22 475,000 USD 368,741 402,737 0.26Grinding 7.375% 15.12.23 144a 650,000 USD 628,499 581,200 0.37Gulfport En 6.375% 17-15.05.25 250,000 USD 240,038 209,236 0.13H&E Eq 5.625% 17-01.09.25 144a 625,000 USD 535,829 545,163 0.35Hca 5.375% 15-01.02.25 250,000 USD 224,966 216,822 0.14Hca 5.875% 12-01.05.23 775,000 USD 759,745 693,111 0.44Hca 5.875% 15-15.02.26 550,000 USD 508,604 487,676 0.31Hca 7.5% 11-15.02.22 375,000 USD 385,366 352,599 0.22Hca Hldgs 6.25% 12-15.02.21 575,000 USD 498,470 511,816 0.33Health South 5.125% 15-15.03.23 500,000 USD 448,705 427,465 0.27Health South 5.75% 12-01.11.24 250,000 USD 224,791 213,728 0.14Hertz 7.625% 17-01.06.22 375,000 USD 333,704 328,184 0.21Hilcorp 5% 14-01.12.24 250,000 USD 218,810 206,113 0.13Hilcorp 5.75% 15-01.10.25 150,000 USD 128,596 127,727 0.08Hughes Sat 5.25% 17-01.08.26 400,000 USD 350,231 339,773 0.22Hughes Sat 6.625% 17-01.08.26 225,000 USD 204,369 197,002 0.13Icahn 6.375% 17-15.12.02 144a 525,000 USD 442,422 438,153 0.28Icahn Enter 6.25% 17-01.02.22 650,000 USD 601,890 557,182 0.35Icahn Enter 6.75% 17-01.02.24 400,000 USD 376,458 343,338 0.22Incept 8.625% 16-15.11.24 144a 525,000 USD 499,487 467,568 0.30Iron Mnt 5.25% 17-15.03.28 144a 325,000 USD 277,079 272,331 0.17Iron Mount 5.75% 12-15.08.24 950,000 USD 774,683 803,592 0.51J2 Cld Sr 6% 17-15.07.25 144a 150,000 USD 134,439 131,475 0.08Jmc Steel 9.875% 16-15.06.23 475,000 USD 418,336 445,016 0.28

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Jonah Llc/F 7.25% 17-15.10.25 550,000 USD 467,180 461,463 0.29Jt Ry 11% 16-15.05.22 300,000 USD 263,066 279,501 0.18Kar Auct 5.125% 17-01.06.25 144a 150,000 USD 133,351 128,040 0.08Kfc Pizza 4.75% 17-01.06.27 125,000 USD 111,587 106,426 0.07Kfc Pizza 5% 16-01.06.24 400,000 USD 356,443 345,806 0.22Kfc Pizza 5.25% 16-01.06.26 300,000 USD 268,817 263,842 0.17Kronos 9% 15-15.08.23 625,000 USD 578,506 486,655 0.31Ladder Cap 5.25% 17-01.10.25 144a 650,000 USD 542,412 538,599 0.34Ladder Cap 5.25% 17-15.03.22 300,000 USD 284,995 257,628 0.16Lamb Wstn 4.625% 16-01.11.24 144a 200,000 USD 181,102 171,552 0.11Lamb Wstn 4.875% 16-01.11.26 144a 125,000 USD 113,189 108,782 0.07Laredo Petr 5.625% 14-15.01.22 350,000 USD 284,857 295,224 0.19Lcs Comm 8.75% 16-15.10.23 125,000 USD 111,413 106,960 0.07Lennar 4.875% 15-15.12.23 300,000 USD 269,883 261,641 0.17Level 3 Fin 5.125% 15-01.05.23 400,000 USD 359,088 333,944 0.21Level 3 Fin 5.375% 16-15.01.24 475,000 USD 403,014 396,903 0.25Lifepoint 5.375% 17-01.05.24 275,000 USD 241,143 226,987 0.14Lifepoint 5.875% 15-01.12.23 725,000 USD 685,234 614,608 0.39Lkq Corp 4.75% 14-15.05.23 825,000 USD 638,713 702,707 0.45Louisiana 4.875% 16-15.09.24 150,000 USD 139,740 129,792 0.08Lpl Hldgs 5.75% 17-15.09.25 144a 575,000 USD 493,233 489,018 0.31Ltd Brands 6.75% 16-01.07.36 750,000 USD 663,687 624,584 0.40Lynx II 6.375 13-15.04.23 /144a 675,000 USD 570,695 583,109 0.37Matador Res 6.875% 15-15.04.23 300,000 USD 278,590 262,950 0.17Match Group 6.375% 16-01.06.24 200,000 USD 179,623 180,505 0.11Meccanica 6.25% 09-15.01.40 144a 100,000 USD 85,859 96,602 0.06Meccanica 7.375% 09-15.07.39 450,000 USD 443,328 472,185 0.30Mediacom Br 5.5% 14-15.04.21 275,000 USD 235,334 231,877 0.15Mediacom Br 6.375% 13-01.04.23 500,000 USD 441,208 429,301 0.27Mercer Int 5.5% 17-15.01.26 144a 125,000 USD 106,031 105,659 0.07Mercer Intl 6.5% 17-01.02.24 250,000 USD 233,351 221,207 0.14Mercer Intl 7.75% 14-01.12.22 88,000 USD 72,480 77,682 0.05Meritor 6.25% 14-15.02.24 475,000 USD 354,193 417,453 0.27Midcontinent 6.875% 15-15.08.23 950,000 USD 907,261 839,597 0.53Mobile Mini 5.875% 16-01.07.24 275,000 USD 239,286 241,857 0.15Moh 4.875% 17-15.06.25 144a 400,000 USD 355,603 332,278 0.21Moh 5.375% 16-15.11.22 650,000 USD 596,452 564,311 0.36Monitronics Intl 9.125% 01.04.20 375,000 USD 288,253 259,689 0.17Mph Merger 7.125% 16-01.06.24 175,000 USD 157,028 155,209 0.10Mpt Op Ptnr 5% 17-15.10.27 350,000 USD 291,484 297,736 0.19Mpt Op Ptnr 5.25% 16-01.08.26 200,000 USD 180,123 172,385 0.11Mpt Op Ptnr 6.375% 16-01.03.24 200,000 USD 183,568 177,209 0.11Murphy Oil 3.7% 12-01.12.22 650,000 USD 573,506 544,202 0.35Murphy Oil 5.75% 17-15.08.25 275,000 USD 234,013 236,418 0.15Nat Rs Prt/Fin 10.5% 15.03.22 800,000 USD 751,352 711,193 0.45Neptune 10.875%15-15.10.25 144a 750,000 USD 758,813 743,254 0.47Neptune Fin 6.625% 15-15.10.25 225,000 USD 201,369 202,830 0.13Neptune Fin 10.125% 15-01.23 1,650,000 USD 1,625,055 1,550,296 0.99Netflix 5.5% 16-15.02.22 350,000 USD 316,400 308,115 0.20Netflix Inc 5.375% 14-01.02.21 300,000 USD 293,468 264,469 0.17Newfield Ex 5.375% 15-01.01.26 525,000 USD 487,670 465,225 0.30Nexstar Esc 5.625% 16-01.08.24 625,000 USD 565,883 537,402 0.34Ngpl Pp 4.875% 17-15.08.27 144a 225,000 USD 192,934 194,402 0.12Northeast 8.812% 01-15.10.26 375,000 USD 269,638 259,782 0.17Novelis 5.875% 16-30.09.26 900,000 USD 829,331 764,490 0.49Novelis 6.25% 16-15.08.24 875,000 USD 798,882 763,293 0.49Nrg Ener 5.75% 17-15.01.28 144a 275,000 USD 230,637 231,304 0.15Nrg Energy 6.25% 14-15.07.22 125,000 USD 116,072 108,507 0.07Nrg Energy 6.625% 17-15.01.27 325,000 USD 299,289 286,870 0.18Nrg Energy 7.25% 16-15.05.26 150,000 USD 131,711 136,322 0.09

EDM INTERNATIONAL


39




Nrg Yld Op 5% 17-15.09.26 400,000 USD 355,155 338,108 0.22Nsg Holdings 7.75% 07-25 144a 1,170,000 USD 664,825 876,888 0.56Nuance Com 6% 17-01.07.24 325,000 USD 289,920 290,064 0.18Oasis Petrlm 6.875% 12-15.01.23 375,000 USD 346,638 319,337 0.20Omega Us Su 8.75% 15-15.07.23 305,000 USD 272,504 272,412 0.17Ow-Br Gls 5.375% 14-15.01.25 375,000 USD 311,257 329,468 0.21Parsley 5.625% 17-15.10.27 144a 75,000 USD 64,023 63,864 0.04Parsley Ene 6.25% 16-01.06.24 100,000 USD 90,586 87,650 0.06Pdc Ener 5.75% 17-15.05.26 144a 175,000 USD 148,879 149,380 0.10Pdc Energy 6.125% 17-15.09.24 275,000 USD 248,404 237,029 0.15Peabody 6.375% 17-31.03.25 144a 200,000 USD 186,794 172,946 0.11Peabody Sec 6% 17-31.03.22 144a 75,000 USD 70,048 64,801 0.04PIilgrims Pr 5.75% 15-15.03.25 50,000 USD 43,343 43,044 0.03Pilgrims 5.875% 17-30.09.27 144a 250,000 USD 212,468 214,440 0.14Pkoh 6.625% 17-15.04.27 275,000 USD 259,521 246,763 0.16Polaris 8.5% 17-01.12.22 /Pik 450,000 USD 378,424 388,803 0.25Polyone 5.25% 13-15.03.23 350,000 USD 314,216 309,328 0.20Post Hldg 5.5% 17-01.03.25 375,000 USD 353,211 324,986 0.21Post Hldg 5.75% 17-01.03.27 144a 650,000 USD 573,973 553,344 0.35Pq Corp 6.75% 16-15.11.22 375,000 USD 347,471 333,372 0.21Prime Sec 9.25% 16-15.05.23 400,000 USD 352,936 369,650 0.24Prsly En 5.25% 17-15.08.25 144a 425,000 USD 380,808 354,816 0.23Qep Res 6.875% 10-01.03.21 300,000 USD 257,062 269,985 0.17Radian Grp 4.5% 17-01.10.24 200,000 USD 167,315 170,831 0.11Rain Cii 7.25% 17-01.04.25 144a 1,150,000 USD 1,062,627 1,042,690 0.66Rain Cii Ca 8.25% 15.01.21 144a 750,000 USD 714,680 637,856 0.41Range Resou 4.875% 15-15.05.25 300,000 USD 240,859 243,635 0.15Rayonier 5.5% 14-01.06.24 400,000 USD 319,352 331,862 0.21Rdt Hld 6.625% 17-15.02.25 144a 375,000 USD 354,294 295,116 0.19Realogy Gr 5.25% 14-01.12.21 575,000 USD 528,547 496,804 0.32Regional 8.25% 16-01.05.23 350,000 USD 319,695 307,503 0.20Reynolds Gp 5.125% 16-15.07.23 200,000 USD 176,983 172,860 0.11Rowan Co 4.875% 12-01.06.22 275,000 USD 244,997 217,545 0.14Rsi Home 6.5% 15-15.03.23 400,000 USD 358,466 348,934 0.22Rsp Permian 5.25% 17-15.01.25 150,000 USD 141,396 128,040 0.08Sba Comm 4.875% 17-01.09.24 850,000 USD 757,769 729,692 0.46Sci Games 7% 14-01.01.22 144a 800,000 USD 743,582 702,032 0.45Sealed Air 6.875% 03-15.07.33 525,000 USD 501,117 508,255 0.32Sesi Llc 7.75% 17-15.09.24 144a 150,000 USD 126,273 132,473 0.08Simmons 5.75% 17-01.11.24 144a 425,000 USD 358,847 351,719 0.22Sinclair 5.125% 16-15.02.27 125,000 USD 111,632 103,186 0.07Sinclair 5.625% 14-01.08.24 75,000 USD 64,501 64,410 0.04Sinclair 5.875% 16-15.03.26 175,000 USD 148,849 151,566 0.10Sinclair Tel 5.375% 13-01.04.21 325,000 USD 251,305 275,406 0.18Sirius Xm 3.875% 17-01.08.22 144a 300,000 USD 266,787 250,720 0.16Sirius Xm R 6% 14-15.07.24 225,000 USD 186,646 198,573 0.13Sm Energy 5% 14-15.01.24 250,000 USD 200,007 200,778 0.13Snc /Snc Fin 6.25% 16-15.04.21 375,000 USD 329,281 324,627 0.21Snc /Snc Fin 6.375% 16-01.04.23 200,000 USD 190,635 175,901 0.11Solera Llc 10.5% 16-01.03.24 775,000 USD 757,787 726,066 0.46Springleaf 5.625% 17-15.03.23 500,000 USD 422,601 417,305 0.27Springleaf 7.75% 13-01.10.21 425,000 USD 416,530 390,952 0.25Sprint Cap. Corp 6.875% 98-28 625,000 USD 571,518 524,343 0.33Sprint Corp 7.875% 13-15.09.23 700,000 USD 675,290 619,361 0.39Sprint Nex 6% 12-15.11.22 1,250,000 USD 881,862 1,041,493 0.66Sprint Nex 7% 12-15.08.20 500,000 USD 417,932 442,684 0.28Standard In 5.5% 16-15.02.23 450,000 USD 410,391 390,700 0.25Starwood 5% 17-15.12.21 275,000 USD 260,985 238,692 0.15Sthwest En 7.5% 17-01.04.26 250,000 USD 225,003 221,467 0.14Sthwest En 7.75% 17-01.10.27 425,000 USD 361,498 378,532 0.24

EDM INTERNATIONAL


40




Suburb Prop 5.875% 17-01.03.27 175,000 USD 163,743 143,050 0.09Suncoke Ep 7.5% 17-15.06.25 144a 1,200,000 USD 1,054,878 1,044,304 0.66T-Mobile 6.625% 14-01.04.23 350,000 USD 267,967 304,312 0.19T-Mobile Us 6% 14-01.03.23 725,000 USD 716,913 633,174 0.40T-Mobile Us 6% 16-15.04.24 325,000 USD 320,870 288,021 0.18T-Mobile Us 6.125% 13-15.01.22 150,000 USD 141,843 128,864 0.08T-Mobile Us 6.5% 13-15.01.24 100,000 USD 99,849 88,273 0.06Targa Res 4.25% 14-15.11.23 625,000 USD 527,924 516,572 0.33Targa Res 5.25% 12-01.05.23 Sr 250,000 USD 210,521 213,437 0.14Tenet Hlthc 6% 13-01.10.20 1,000,000 USD 897,885 880,538 0.56Terraform 5% 17-31.01.28 144a 900,000 USD 758,374 742,005 0.47Tesoro 6.25% 15-15.10.22 215,000 USD 199,875 189,781 0.12Tms Intl 7.25% 17-15.08.25 950,000 USD 809,062 826,741 0.53Tpc Group 8.75% 15.12.20 144a 75,000 USD 57,563 62,458 0.04Transdi 6.375% 17-15.06.26 400,000 USD 346,782 335,913 0.21Transdigm 6.5% 14-15.07.24 350,000 USD 315,485 298,820 0.19Transdigm 6.5% 15-15.05.25 250,000 USD 226,774 213,006 0.14Tribune 5.875% 16-15.07.22 550,000 USD 489,607 470,624 0.30Uhs 5% 16-01.06.26 150,000 USD 133,869 128,820 0.08Unit Corp 6.625% 11-15.05.21 435,000 USD 339,150 364,975 0.23Univ Hos Sv 7.625% 12-15.08.20 175,000 USD 143,294 146,105 0.09Utd Rentals 4.625% 17-15.10.25 225,000 USD 187,180 189,920 0.12Utd Rentals 5.5% 16-15.05.27 275,000 USD 254,948 241,834 0.15Valeant 7.25% 11-15.07.22 475,000 USD 400,986 400,514 0.25Vector 6.125% 17-01.02.25 144a 375,000 USD 358,162 323,222 0.21Verisign 4.75% 17-15.07.27 175,000 USD 153,153 149,694 0.10Vici Prop 8% 17-15.10.23 800,000 USD 756,421 746,043 0.47Viking 6.25% 15-15.05.25 625,000 USD 565,857 536,101 0.34Wabash Nat 5.5% 17-01.10.25 144a 550,000 USD 459,732 461,463 0.29Western Dig 10.5% 16-01.04.24 775,000 USD 747,839 748,810 0.48Whiting 6.625% 17-15.01.26 144a 100,000 USD 85,255 84,943 0.05Whiting Petro 5% 15.03.19 150,000 USD 126,272 128,185 0.08Whiting Petro 6.25% 15-01.04.23 250,000 USD 200,310 213,060 0.14Wndstr 6.375% 17-01.08.23 144a 100,000 USD 60,687 49,967 0.03Wndstr 8.625% 17-31.10.25 144a 56,000 USD 39,347 44,887 0.03Wpx Energy 6% 11-15.01.22 400,000 USD 364,313 347,788 0.22Xm Radio 5.375% 15-15.04.25 300,000 USD 268,025 260,519 0.17Xpo 6.125% 16-01.09.23 550,000 USD 486,675 484,365 0.31Zayo 5.75% 17-15.01.27 144a 725,000 USD 692,087 619,070 0.39Zayo 6.375% 15-15.05.25 100,000 USD 96,746 88,353 0.06Zf Na Capit 4.75% 15-29.04.25 525,000 USD 503,408 462,895 0.29

119,424,649 116,371,047 73.97

Total - Bonds 151,507,402 147,708,525 93.90



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41






United States 73.97Canada 4.88Luxembourg 3.46The Netherlands 3.02Italy 2.41Great Britain 1.65Ireland 0.99Germany 0.86France 0.73Cayman Islands 0.59Jersey 0.46Bermuda 0.26Switzerland 0.23Belgium 0.20The Bahamas 0.19

93.90


Holding and Finance Companies 26.95News Transmission 11.30Petrol 7.03Public Services 5.59Mines, Heavy Industries 5.04Healthcare Education & Social Services 4.86Real Estate Companies 3.07Automobile Industry 2.47Graphic Art, Publishing 2.42Office Equipment, Computers 2.34Mechanics, Machinery 2.10Construction, Building Material 1.99Banks and Financial Institutions 1.82Other Services 1.75Chemicals 1.61Internet Software 1.50Pharmaceuticals and Cosmetics 1.31Retail 1.27Transportation 1.06Electronic Semiconductor 1.03Food and Distilleries 0.98Packing and Container Industry 0.97Forest Products and Paper Industry 0.87Aerospace Technology 0.72Leisure 0.60Miscellaneous 0.55Environmental Services & Recycling 0.44Precious Metals 0.44Non-ferrous Metals 0.39Agriculture and Fishing 0.34Electronics and Electrical Equipment 0.31Textile 0.25Tobacco and Spirits 0.21Consumer Goods 0.16Insurance 0.16

93.90

EDM INTERNATIONAL


42





Shares

BrazilBb Seguridade 203,800 BRL 1,532,195 1,465,949 2.99Bm & F Bovespa Bolsadevalores *Opr* 196,700 BRL 1,041,664 1,131,306 2.31Brf Foods 127,300 BRL 1,513,502 1,176,337 2.40Cia De Concessoes Rodviarias 301,495 BRL 1,452,979 1,229,348 2.51Kroton Educacional7 - Open /Cv 207,700 BRL 945,206 964,887 1.97Ultrapar Participacoes Sa 20,047 BRL 411,195 379,606 0.78Weg 148,600 BRL 483,702 904,562 1.85

7,380,443 7,251,995 14.81

British Virgin IslandsLenta Ltd /Gdr 111,909 USD 709,720 542,839 1.11Mail. Ru Gr /Gdr 40,857 USD 807,190 980,677 2.00

1,516,910 1,523,516 3.11

Cayman IslandsBaidu Inc -A- /Adr 8,100 USD 1,055,146 1,590,193 3.25Ck Hutchison Holdings Ltd 93,788 HKD 813,140 984,581 2.01Netease Inc /Adr 6,236 USD 533,086 1,825,114 3.72Vipshop Hldg Sp Adrrepr 1/5th 36,800 USD 420,960 366,553 0.75

2,822,332 4,766,441 9.73

ChinaChina Life Insurance Co Ltd -H- 825,000 HKD 1,978,451 2,167,407 4.43Ping An Insur. (Grp) Co -H- 254,500 HKD 1,086,000 2,215,544 4.52

3,064,451 4,382,951 8.95

Hong KongAia Group Ltd 99,600 HKD 531,429 710,386 1.45China Mobile (Hong Kong) Ltd 71,500 HKD 520,062 606,374 1.24

1,051,491 1,316,760 2.69

IndiaBharti Airtel Ltd/Demat 71,927 INR 390,469 499,078 1.02Bharti Infratel Ltd Shs 70,108 INR 376,853 348,648 0.71Info. Sp. Am. Deposit Rec. Repr1sh 79,200 USD 923,111 1,070,396 2.19Lupin Ltd 32,232 INR 447,023 374,299 0.76Power Grid Corp Of India Ltd 491,489 INR 1,416,013 1,288,021 2.63

3,553,469 3,580,442 7.31

IndonesiaPt Telekom Indon Persero Pt 2,544,800 IDR 673,098 696,720 1.42

673,098 696,720 1.42

JapanSoftbank Group Shs 11,200 JPY 849,745 741,669 1.51Suzuki Motor Corp 10,300 JPY 456,131 499,625 1.02

1,305,876 1,241,294 2.53

EDM INTERNATIONAL


43


MalaysiaGenting Malaysia Bhd 1,322,400 MYR 1,355,532 1,535,722 3.14

1,355,532 1,535,722 3.14

MexicoCoca Cola Femsa /Sadr 10 Shs -I- 6,031 USD 420,741 342,280 0.70Fomento Eco. Mexicano Sab /Units 123,600 MXN 878,439 949,459 1.94Infraestructura Energetica Nov 272,784 MXN 1,129,688 1,112,284 2.27

2,428,868 2,404,023 4.91

South AfricaDiscovery Shs 85,543 ZAR 693,895 1,078,402 2.20Mtn Group Ltd 238,161 ZAR 2,436,565 2,185,259 4.46Naspers Ltd N 4,633 ZAR 325,476 1,081,964 2.21Sanlam Ltd 264,045 ZAR 1,026,742 1,532,587 3.13

4,482,678 5,878,212 12.00

South KoreaLg Household & Healthcare Ltd 775 KRW 581,751 722,106 1.47Ncsoft Corporation 2,580 KRW 453,138 904,753 1.85Samsung Life Insurance Co Ltd 16,090 KRW 1,308,273 1,569,794 3.21

2,343,162 3,196,653 6.53

TaiwanTaiwan Semicond Manufact 371,000 TWD 2,272,133 2,398,886 4.90

2,272,133 2,398,886 4.90

United StatesCognizant Technology Sol. Corp 27,600 USD 1,603,448 1,647,875 3.36

1,603,448 1,647,875 3.36

Total - Shares 35,853,891 41,821,490 85.39

Warrants

Cayman IslandsMor St As 23.11.18 Cw /600887 273,647 USD 748,261 1,123,767 2.29

748,261 1,123,767 2.29

Great BritainUbs Ln 09.07.18 Cw /002415 123,464 USD 452,401 609,328 1.25Ubs Ln 27.11.18 Cw /600519 10,025 USD 814,767 921,402 1.88

1,267,168 1,530,730 3.13

The NetherlandsJpm Str 11.11.19 Cw /600104 394,229 USD 1,322,514 1,566,102 3.20Jpm Str 16.04.20 Cw /002415 123,499 USD 235,030 610,420 1.24

1,557,544 2,176,522 4.44

Total - Warrants 3,572,973 4,831,019 9.86

Total - Transferable securities admitted to an official stock exchange listing or dealtin on another regulated market 39,426,864 46,652,509 95.25

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44




Investments Fund (UCITS)

IrelandCom Gem Prom Co -I- Eur /Cap* 25,370 EUR 359,750 422,414 0.86Com Grow India -I- Eur /Cum* 9,310 EUR 343,886 412,868 0.84Com Grw Latin Am Usd Inst /Cap* 50,000 USD 417,825 390,148 0.80

1,121,461 1,225,430 2.50

Total - Investments Fund (UCITS) 1,121,461 1,225,430 2.50


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* related party fund (note 12)




Brazil 14.81Cayman Islands 12.02South Africa 12.00China 8.95India 7.31South Korea 6.53Mexico 4.91Taiwan 4.90The Netherlands 4.44United States 3.36Malaysia 3.14Great Britain 3.13British Virgin Islands 3.11Hong Kong 2.69Japan 2.53Ireland 2.50Indonesia 1.42

97.75


Insurance 19.73Internet Software 17.88Holding and Finance Companies 14.01News Transmission 8.85Electronic Semiconductor 4.90Public Services 4.90Leisure 3.14Banks and Financial Institutions 3.13Transportation 2.51Investment Funds 2.50Agriculture and Fishing 2.40Graphic Art, Publishing 2.21Health Education Social Services 1.97Tobacco and Spirits 1.94Mechanics, Machinery 1.85Chemicals 1.54Pharmaceuticals and Cosmetics 1.47Retail 1.11Automobile Industry 1.02Food and Distilleries 0.70

97.75

EDM INTERNATIONAL


46


Statement of Investmentsas at December 31, 2017(Expressed in USD)



Shares

BermudaIhs Markit Ltd 116,167 USD 3,676,077 5,244,940 3.52

3,676,077 5,244,940 3.52

IrelandAllergan Plc 29,824 USD 6,835,670 4,878,610 3.28

6,835,670 4,878,610 3.28

United StatesAlliance Data System Corp 18,752 USD 4,612,653 4,753,257 3.19Alphabet Inc -A- 7,423 USD 4,682,267 7,819,388 5.25Amazon Com Inc 7,903 USD 3,115,659 9,242,321 6.21American Tower Corp 42,338 USD 3,387,259 6,040,362 4.06Celgene Corp 74,356 USD 5,874,801 7,759,792 5.21Charles Schwab Corp 133,776 USD 4,328,552 6,872,073 4.62Cme Group Inc 46,057 USD 4,780,555 6,726,625 4.52Cognizant Technology Sol. Corp 92,720 USD 4,436,688 6,584,974 4.42Ecolab Inc 34,666 USD 3,491,423 4,651,484 3.13Equinix Inc /Reit 12,509 USD 3,023,262 5,669,329 3.81Facebook Inc -A- 51,201 USD 5,413,334 9,034,928 6.07Illumina Inc 32,667 USD 4,126,255 7,137,413 4.79Intuitive Surgical Inc 14,890 USD 2,752,472 5,433,957 3.65Netflix Inc 19,923 USD 2,123,470 3,824,419 2.57Nike Inc B 95,753 USD 4,878,374 5,989,350 4.02Nvidia corp. 30,677 USD 2,333,481 5,936,000 3.99Paypal Holdings Inc 91,864 USD 3,626,451 6,763,028 4.54Priceline Com Inc 4,474 USD 6,373,102 7,774,649 5.22S&P Global Shs 41,240 USD 4,319,169 6,986,056 4.69Visa Inc - A 92,777 USD 5,491,437 10,578,434 7.11

83,170,664 135,577,839 91.07

Total - Shares 93,682,411 145,701,389 97.87



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47




United States 91.07Bermuda 3.52Ireland 3.28

97.87


Internet Software 23.54Holding and Finance Companies 17.20Pharmaceuticals and Cosmetics 11.72Real Estate Companies 7.87Other Services 7.11Retail 6.21Biotechnology 5.21Graphic Art, Publishing 4.69Textile 4.02Electronic Semiconductor 3.99Office Equipment, Computers 3.19Chemicals 3.12

97.87

EDM INTERNATIONAL


48





Bonds

AustraliaFmg Res 9.75% 15-01.03.22 1,000,000 USD 1,061,505 924,892 0.57

1,061,505 924,892 0.57

BermudaAircastle 6.25% 12-01.12.19 1,000,000 USD 978,652 882,445 0.54

978,652 882,445 0.54

Canada1,011,778 Bc 4.625% 15-15.01.22 1,250,000 USD 1,127,977 1,064,988 0.66Bombardier 7.75% 10-15.03.20 350,000 USD 352,223 313,612 0.19Teck Res 8.5% 16-01.06.24 144a 525,000 USD 577,190 494,046 0.31Valeant 6.5% 17-15.03.22 144a 950,000 USD 860,018 833,679 0.51

2,917,408 2,706,325 1.67

FranceAreva 3.25% 13-04.09.20 1,000,000 EUR 975,000 1,055,540 0.65Areva 3.5% 10-22.03.21 600,000 EUR 597,600 637,698 0.39Numericable 5.375% 15.05.22 1,300,000 EUR 1,358,500 1,343,160 0.83Renault 3.125% 14-05.03.21 1,350,000 EUR 1,472,013 1,470,379 0.91

4,403,113 4,506,777 2.78

GermanyDemire Re 2.875% 17-15.07.22 1,625,000 EUR 1,669,688 1,662,180 1.02

1,669,688 1,662,180 1.02

Great BritainAnglian Wat 7% 11-31.01.18 1,600,000 GBP 2,044,797 1,812,487 1.12Arr Gbl Fin Frn 16-01.05.23 1,000,000 EUR 1,020,000 1,026,550 0.63Coop Group 5.625% 11-08.07.20 500,000 GBP 672,890 622,808 0.38Drax Finc Frn 17-01.05.22 800,000 GBP 914,475 916,446 0.56Inmarsat Fi 4.875% 14-15.05.22 1,550,000 USD 1,354,427 1,287,579 0.79Jerrold Fin 6.25% 16-15.09.21 1,300,000 GBP 1,524,414 1,507,589 0.93Southern Water 8.5% 11-15.4.19 1,075,000 GBP 1,412,061 1,324,675 0.82Ta Manufact 3.625% 15-15.04.23 1,500,000 EUR 1,548,750 1,537,305 0.95Talk Talk 5.375% 17-15.01.22 625,000 GBP 753,265 690,119 0.43Tesco 6.125% 09-24.02.22 1,100,000 GBP 1,464,811 1,430,960 0.88Vougeot Bidc Frn 13-15.07.20 1,040,000 EUR 1,054,300 1,048,674 0.65

13,764,190 13,205,192 8.14

GuernseyGlbwr Re 2.875% 17-20.06.22 Regs 1,575,000 EUR 1,614,375 1,635,527 1.01

1,614,375 1,635,527 1.01

IrelandArdagh Pck 4.625% 16-15.05.23 1,000,000 USD 872,261 850,858 0.52

872,261 850,858 0.52

ItalyCmc Di 6.875% 17-01.08.22 Regs 750,000 EUR 763,125 765,488 0.47Telecom Italia 6.375% 04-24.06.19 1,300,000 GBP 1,745,983 1,574,004 0.97Wind Tre Sp 2.625% 17-20.01.23 725,000 EUR 725,000 710,674 0.44

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49


Wind Tre Sp Frn 17-20.01.24regs 1,650,000 EUR 1,657,920 1,624,177 1.00

4,892,028 4,674,343 2.88

JapanSoftbank 4.5%13-15.04.20 144A 900,000 USD 834,814 765,150 0.47

834,814 765,150 0.47

JerseyGalaxy Bidco Frn 13-15.11.19 900,000 GBP 1,105,002 1,016,422 0.63Kennedy Wil 3.95% 15-30.06.22 1,500,000 GBP 1,772,608 1,779,692 1.10Lincoln 6.875% 16-15.04.21 1,000,000 EUR 1,090,000 1,048,580 0.64Mercury 7.125% 17-30.05.21 /Pik 775,000 EUR 805,806 803,900 0.49

4,773,416 4,648,594 2.86

LuxembourgAltice Fin 5.25% 15-15.02.23 1,300,000 EUR 1,359,250 1,356,784 0.84Fiat Ft 6.625% 13-15.03.18 1,200,000 EUR 1,318,500 1,216,620 0.75Garfunkelux 7.5% 15-01.08.22 725,000 EUR 779,049 761,098 0.47Gaz Cap 2.25% 17-19.07.22 1,900,000 CHF 1,669,241 1,652,925 1.02Intelsat 8% 16-15.02.24 1,800,000 USD 1,730,042 1,577,698 0.97Mallin 4.875% 15-15.04.20 750,000 USD 708,777 604,122 0.37Nielsen 5.5% 13-01.10.21 800,000 USD 732,718 685,936 0.42

8,297,577 7,855,183 4.84

MexicoCemex Frn 13-15.10.18 500,000 USD 448,460 427,631 0.26

448,460 427,631 0.26

SpainNaviera Frn 17-15.11.24 Regs 1,300,000 EUR 1,313,000 1,326,936 0.82

1,313,000 1,326,936 0.82

SwedenIn Justitia 2.75% 17-15.07.22 1,550,000 EUR 1,573,250 1,562,369 0.96

1,573,250 1,562,369 0.96

The NetherlandsAltice 7.25% 14-15.05.22 750,000 EUR 797,625 762,803 0.47Edp Fin Bv 6% 07-02.02.18 700,000 USD 533,490 584,769 0.36

1,331,115 1,347,572 0.83

United StatesAecom Techn 5.75% 15-15.10.22 1,348,000 USD 1,303,115 1,170,295 0.72Aes 7.375% 12-01.07.21 830,000 USD 859,240 775,056 0.48Ak Steel 7.5% 16-15.07.23 450,000 USD 412,086 407,031 0.25Ak Steel 7.625% 14-01.10.21 1,300,000 USD 1,188,684 1,123,210 0.69Aleris Int 9.5% 16-01.04.21 400,000 USD 362,895 351,432 0.22Ally Fin 3.25% 15-05.11.18 400,000 USD 370,405 334,557 0.21Ally Fin 3.25% 15-13.02.18 600,000 USD 550,941 500,421 0.31Ally Fin 4.25% 16-15.04.21 500,000 USD 443,125 429,047 0.26Altice Fn I 5.375% 15-15.07.23 850,000 USD 803,587 723,788 0.45Am Airline 5.5% 14-01.10.19 300,000 USD 275,478 257,623 0.16Am Axle & M 6.25% 13-15.03.21 600,000 USD 585,358 512,583 0.32Am Axle & M 6.625% 12-15.10.22 400,000 USD 381,006 346,169 0.21Amc Networks 4.75% 12-15.12.22 750,000 USD 658,700 639,449 0.39Amkor Tech 6.375% 12-01.10.22 682,000 USD 656,644 588,333 0.36Amsurg Corp 5.625% 15-15.07.22 150,000 USD 140,021 127,139 0.08

EDM INTERNATIONAL


50




Anixter 5.625% 12-01.05.19 1,053,000 USD 1,042,675 907,590 0.56Antero Res 5.125% 14-01.12.22 450,000 USD 399,954 384,557 0.24Antero Resrc 5.375% 14-01.11.21 300,000 USD 260,269 257,049 0.16Aramark Svc 5.125% 15-15.01.24 2,000,000 USD 1,909,343 1,750,633 1.08Berry Plas 5.5% 14-15.05.22 1,650,000 USD 1,573,497 1,416,777 0.87Boyd Gam 6.875% 15-15.05.23 1,000,000 USD 912,575 885,318 0.55Cable One 5.75% 15-15.06.22 997,000 USD 917,579 857,264 0.53Cbs Out Am Cap 5.25% 15.02.22 1,300,000 USD 1,228,906 1,112,741 0.69Cco Hldgs 5.25% 12-30.09.22 1,750,000 USD 1,708,536 1,494,612 0.92Centene 5.625% 16-15.02.21 1,200,000 USD 1,160,186 1,030,563 0.63Centurylink 5.625% 13-01.04.20 V 500,000 USD 478,372 420,969 0.26Centurylink 6.45% 11-15.06.21 300,000 USD 298,223 254,018 0.16Chemours 6.625% 15-15.05.23 675,000 USD 629,548 595,864 0.37Citizens Comm 7.125% 07-19 500,000 USD 499,209 399,242 0.25Clear Ch Wld 6.5% 15.11.22 -B- 1,400,000 USD 1,275,806 1,185,640 0.73Commscope 5% 14-15.06.21 1,150,000 USD 1,104,154 975,652 0.60Cont Res 5.0% 12-15.09.22 1,375,000 USD 1,201,266 1,164,399 0.72Cpn 6% 13-15.01.22 144a 1,258,000 USD 1,189,930 1,083,307 0.67Dae Funding 4% 17-01.08.20 144a 275,000 USD 235,910 230,745 0.14Dae Funding 4.5% 17-01.08.22 144a 700,000 USD 604,799 574,597 0.35Davita 5.75% 12-15.08.22 1,000,000 USD 958,398 857,811 0.53Dish Dbs 6.75% 11-01.06.21 500,000 USD 462,709 439,711 0.27Dish Dbs 7.875% 09-01.09.19 1,750,000 USD 1,766,584 1,560,543 0.96Dollar Tree 5.25% 16-01.03.20 1,200,000 USD 1,112,345 1,017,522 0.63Dollar Tree 5.75% 16-01.03.23 400,000 USD 395,207 349,517 0.22Dr Horton 4% 15-15.02.20 450,000 USD 423,674 385,802 0.24Dynegy 7.375% 15-01.11.22 1,000,000 USD 925,408 880,946 0.54Dynegy 7.625% 15-01.11.24 450,000 USD 423,703 402,774 0.25Emc 2.65% 13-01.06.20 1,275,000 USD 1,135,180 1,051,291 0.65Envision 5.125% 14-01.07.22 700,000 USD 647,216 565,456 0.35Equinix Inc 5.375% 01.04.23 450,000 USD 409,233 387,934 0.24Equinix Inc 5.75% 14-01.01.25 175,000 USD 158,337 155,266 0.10First Data 5% 15-15.01.24 425,000 USD 372,454 365,536 0.22First Data 7% 15-01.12.23 1,200,000 USD 1,170,725 1,058,225 0.65Freeport Mc 3.1% 13-15.03.20 800,000 USD 667,111 667,595 0.41Ftr 8.5% 10-15.04.20 197,000 USD 190,849 136,168 0.08Gci 5.125% 13-15.07.20 500,000 USD 476,706 427,831 0.26Gci 5.125% 13-15.10.19 535,000 USD 509,053 451,952 0.28Gci 6.75% 11-01.06.21 1,500,000 USD 1,450,284 1,271,028 0.78Glp Cap 4.375% 14-01.11.18 1,000,000 USD 912,177 841,039 0.52Gpi 5% 15-01.06.22 1,250,000 USD 1,128,413 1,074,232 0.66Gpi 5.25% 15-15.12.23 500,000 USD 436,255 429,922 0.26Greif 7.75% 09-01.08.19 695,000 USD 737,404 619,672 0.38Hd Supply 5.75% 16-15.04.24 1,000,000 USD 892,408 881,862 0.54Hertz Corp 5.875% 12-15.10.20 400,000 USD 376,698 334,340 0.21Hologic 5.25% 15-15.07.22 144a 1,400,000 USD 1,289,021 1,212,303 0.75Hughes Satellite 6.5% 15.06.19 1,150,000 USD 1,113,917 1,005,053 0.62Huntsman 4.875% 12-15.11.20 1,600,000 USD 1,450,379 1,390,486 0.86Icahn Enter 4.875% 14-15.03.19 500,000 USD 470,458 416,414 0.26Icahn Enter 6% 13-01.08.20 400,000 USD 359,467 342,268 0.21Jbs Usa 8.25% 12-01.02.20 144a 750,000 USD 728,558 626,457 0.39Lamar Media 5.875% 12-01.02.22 1,500,000 USD 1,432,709 1,279,659 0.79Laredo Petr 5.625% 14-15.01.22 450,000 USD 388,422 379,573 0.23Lennar 4.5% 14-15.06.19 1,000,000 USD 940,046 852,881 0.53Lennar 4.5% 14-15.11.19 300,000 USD 273,840 256,821 0.16Level 3 Fin 5.625% 15-01.02.23 800,000 USD 703,560 674,830 0.42Level 3 Fin 6.125% 13-15.01.21 300,000 USD 279,169 254,310 0.16Lifepoint 5.5% 14-01.12.21 556,000 USD 533,850 473,239 0.29Limited Brands 8.5% 09-15.06.19 890,000 USD 972,629 802,008 0.49Lin Tele 5.875% 15-15.11.22 750,000 USD 744,550 649,567 0.40

EDM INTERNATIONAL


51




Mediacom Br 6.375% 13-01.04.23 900,000 USD 794,174 772,742 0.48Mgm Resorts 6.75% 13-01.10.20 1,050,000 USD 1,086,338 948,996 0.58Michaels 5.875% 13-15.12.20 1,350,000 USD 1,269,764 1,139,709 0.70Midcontinent 6.875% 15-15.08.23 1,000,000 USD 913,808 883,786 0.54Mpt 4% 15-19.08.22 1,300,000 EUR 1,356,875 1,444,703 0.89Msci Inc 5.25% 14-15.11.24 509,000 USD 495,400 448,974 0.28N Cinemedia 6% 12-15.04.22 975,000 USD 908,655 822,108 0.51Nabors Ind 6.15% 08-15.02.18 220,000 USD 198,219 184,325 0.11Ncr Corp 6.375% 14-15.12.23 500,000 USD 502,177 437,916 0.27Neptune Fin 10.125% 15-01.23 1,600,000 USD 1,702,099 1,503,318 0.93Netflix 5.5% 16-15.02.22 700,000 USD 682,416 616,231 0.38Netflix Inc 5.375% 14-01.02.21 800,000 USD 787,651 705,250 0.43Niel Fin 5% 14-15.04.22 500,000 USD 476,223 429,643 0.26Noble Ener 5.625% 15-01.05.21 129,000 USD 120,267 110,349 0.07Nrg Energy 6.25% 14-15.07.22 1,425,000 USD 1,276,638 1,236,978 0.76Nuance Com 5.375% 12-15.08.20 673,000 USD 628,520 569,466 0.35Oasis Petrlm 6.50% 11-01.11.21 500,000 USD 441,265 426,499 0.26Oasis Ptrlm 6.875% 14-15.03.22 400,000 USD 355,185 342,498 0.21Party City 6.125% 15-15.08.23 800,000 USD 745,038 687,875 0.42Peabody Sec 6% 17-31.03.22 144a 1,050,000 USD 959,639 907,208 0.56Penske Auto 3.75% 17-15.08.20 325,000 USD 275,191 276,161 0.17Penske Auto 5.75% 01.10.22 Sub 1,250,000 USD 1,216,866 1,073,847 0.66Prime Sec 9.25% 16-15.05.23 900,000 USD 848,451 831,713 0.51Realogy Gr 4.875% 16-01.06.23 1,150,000 USD 995,945 945,724 0.58Reynolds 5.75% 12-15.10.20 1,125,000 USD 959,510 923,541 0.57Reynolds Gp Frn 16-15.07.21 144a 1,925,000 USD 1,731,991 1,627,144 1.00Rite Aid 6.75% 13-15.06.21 400,000 USD 376,768 332,512 0.20Rockies 5.625% 10-15.04.20 144a 600,000 USD 600,329 523,401 0.32Rsp Permian 6.625% 15-01.10.22 425,000 USD 397,842 371,185 0.23Ryland Grp 6.625% 10-01.05.20 500,000 USD 504,264 449,875 0.28Sabine Pass 5.625% 14-01.02.21 1,400,000 USD 1,268,732 1,250,743 0.77Sabra Hlth 5.5% 14-01.02.21 1,500,000 USD 1,367,786 1,280,959 0.79Sba Comm 4% 17-01.10.22 725,000 USD 615,163 604,519 0.37Sci Games 7% 14-01.01.22 144a 1,400,000 USD 1,364,257 1,228,556 0.76Sealed Air 6.5% 12-01.12.20 600,000 USD 604,307 549,529 0.34Serv Corp 5.375% 14-15.01.22 1,000,000 USD 990,283 856,329 0.53Serv Corp 5.375% 14-15.05.24 925,000 USD 866,287 813,928 0.50Sesi Llc 7.125%12-15.12.21 325,000 USD 281,119 277,522 0.17Silgan Hldg 5% 12-01.04.20 342,000 USD 310,583 286,103 0.18Sinclair Tel 5.375% 13-01.04.21 1,150,000 USD 1,062,219 974,512 0.60Sirius Xm R 6% 14-15.07.24 1,750,000 USD 1,604,909 1,544,454 0.95Snc /Snc Fin 6.25% 16-15.04.21 950,000 USD 888,197 822,389 0.51Spectrum Br 6.625% 13-15.11.22 1,325,000 USD 1,295,567 1,147,634 0.71Springleaf 7.75% 13-01.10.21 1,275,000 USD 1,260,088 1,172,856 0.72Sprint 3.36% 20.03.23 /Pool 144a 250,000 USD 214,508 196,402 0.12Sprint Corp 7.875% 13-15.09.23 500,000 USD 496,336 442,401 0.27Sprint Nex 7% 12-15.08.20 750,000 USD 748,140 664,026 0.41Sprint Nex 9% 11-15.11.18 144a 600,000 USD 621,498 527,258 0.32Standard In 5.5% 16-15.02.23 400,000 USD 381,380 347,288 0.21Steel Dyn 5.125% 15-01.10.21 600,000 USD 600,259 512,159 0.32T-Mobile 6.625% 14-01.04.23 1,650,000 USD 1,508,855 1,434,612 0.88T-Mobile Us 6% 14-01.03.23 1,000,000 USD 979,786 873,343 0.54Targa Res 4.125% 15-15.11.19 410,000 USD 366,532 344,577 0.21Targa Res 5.25% 12-01.05.23 Sr 700,000 USD 613,513 597,623 0.37Tenet Hlthc 6% 13-01.10.20 1,700,000 USD 1,595,927 1,496,915 0.92Tesoro 5.5% 15-15.10.19 350,000 USD 347,079 303,965 0.19Tri Pointe 4.375% 15-15.06.19 950,000 USD 860,696 805,071 0.50Tribune 5.875% 16-15.07.22 1,300,000 USD 1,260,678 1,112,383 0.68United Contl 6.375% 13-01.06.18 400,000 USD 385,778 338,288 0.21Univ Hos Sv 7.625% 12-15.08.20 800,000 USD 730,654 667,908 0.41

EDM INTERNATIONAL


52




Us Airways 6.125% 13-01.06.18 400,000 USD 381,408 338,078 0.21Utd Rentals 4.625% 15-15.07.23 1,000,000 USD 874,119 861,334 0.53Utd Rentals 5.75% 14-15.11.24 700,000 USD 632,871 614,272 0.38Western Dig 10.5% 16-01.04.24 1,077,000 USD 1,180,370 1,040,604 0.64Whiting Petro 5% 15.03.19 1,025,000 USD 863,930 875,928 0.54Wpx Energy 7.5% 15-01.08.20 500,000 USD 463,456 451,561 0.28Xpo 6.5% 15-15.06.22 144a 700,000 USD 619,259 608,449 0.37Zayo 6% 15-01.04.23 1,200,000 USD 1,179,446 1,040,856 0.64Zh Nrth Am 4% 15-29.04.20 324,000 USD 295,427 279,720 0.17

113,030,038 104,056,245 64.11

Total - Bonds 163,774,890 153,038,219 94.28



EDM INTERNATIONAL


53






United States 64.11Great Britain 8.14Luxembourg 4.84Italy 2.88Jersey 2.86France 2.78Canada 1.67Germany 1.02Guernsey 1.01Sweden 0.96The Netherlands 0.83Spain 0.82Australia 0.57Bermuda 0.54Ireland 0.52Japan 0.47Mexico 0.26

94.28


Holding and Finance Companies 27.35News Transmission 14.03Public Services 5.44Healthcare Education & Social Services 5.18Retail 4.43Graphic Art, Publishing 4.28Petrol 3.38Internet Software 3.27Office Equipment, Computers 3.10Real Estate Companies 2.62Construction, Building Material 2.48Automobile Industry 2.27Other Services 2.10Pharmaceuticals and Cosmetics 1.67Mines, Heavy Industries 1.57Transportation 1.49Packing and Container Industry 1.42Chemicals 1.22Leisure 1.13Investment Funds 1.01Aerospace Technology 0.95Electronics and Electrical Equipment 0.77Consumer Goods 0.71Miscellaneous 0.65Precious Metals 0.41Food & Distilleries 0.38Electronic Semiconductor 0.36Non-ferrous Metals 0.21Textile 0.21Mechanics, Machinery 0.19

94.28

EDM INTERNATIONAL


54





Bonds

United StatesUsa 0.875% 15-15.01.18 /TBO 75,000 USD 74,983 74,991 6.20Usa 1% 15-15.02.18 /TBO 100,000 USD 99,953 99,969 8.26Walt Disney Frn 14-30.05.19 100,000 USD 100,000 100,346 8.29

274,936 275,306 22.75

Total - Bonds 274,936 275,306 22.75

Shares

DenmarkColoplast -B- 200 DKK 15,586 15,918 1.31Dsv 250 DKK 6,600 19,700 1.63Novo Nordisk A/S /-B- 300 DKK 15,500 16,185 1.34

37,686 51,803 4.28

FranceAir Liquide 370 EUR 39,118 46,673 3.86Dassault Systemes Sa 100 EUR 6,444 10,638 0.88Elis Sa 855 EUR 12,592 23,629 1.95Lvmh Act. 120 EUR 29,746 35,361 2.92

87,900 116,301 9.61

GermanyBrenntag 275 EUR 10,504 17,426 1.44Deutsche Post Ag 250 EUR 12,006 11,933 0.98

22,510 29,359 2.42

Great BritainEssentra Shs 2,140 GBP 25,852 15,328 1.27

25,852 15,328 1.27

IrelandAllergan Plc 40 USD 8,970 6,543 0.54

8,970 6,543 0.54

SpainAcerinox Sa 809 EUR 11,062 11,575 0.96Bme 750 EUR 23,721 23,911 1.97Cie Automotive Sa 700 EUR 12,783 20,350 1.68Gamesa Corp Tecnologica Sa 1,100 EUR 12,494 15,098 1.25Grifols -B- Sadr 3,000 USD 46,068 68,760 5.68Grifols Sa 310 EUR - 7,078 0.58Inditex /Regs 500 EUR 10,662 17,439 1.44Inmob Col /Reit 1,800 EUR 13,154 17,903 1.48Telefonica Sa 3,000 EUR 62,055 29,269 2.42

191,999 211,383 17.46

SwitzerlandCie Financiere Richemont Sa 75 CHF 5,832 6,796 0.56Dufry Ag Basel 125 CHF 21,604 18,587 1.54

EDM INTERNATIONAL


55


Roche Holding Ag /Genussschein 212 CHF 31,885 53,625 4.43

59,321 79,008 6.53

United StatesAlphabet Inc -A- 30 USD 9,166 31,602 2.61Amazon Com Inc 12 USD 14,093 14,034 1.16Celgene Corp 750 USD 69,142 78,270 6.46Facebook Inc -A- 150 USD 19,350 26,469 2.19Illumina Inc 70 USD 9,767 15,294 1.26Netflix Inc 95 USD 9,204 18,236 1.51Nvidia corp. 140 USD 9,302 27,090 2.24Priceline Com Inc 25 USD 34,700 43,444 3.59Visa Inc - A 800 USD 16,811 91,216 7.53

191,535 345,655 28.55

Total - Shares 625,773 855,380 70.66

Total - Transferable securities admitted to an official stock exchange listing or dealt in onanother regulated market 900,709 1,130,686 93.41

TOTAL INVESTMENT PORTFOLIO 900,709 1,130,686 93.41

EDM INTERNATIONAL


56


Statement of Investments (continued)as at December 31, 2017(Expressed in USD)




United States 51.30Spain 17.46France 9.61Switzerland 6.53Denmark 4.28Germany 2.42Great Britain 1.27Ireland 0.54

93.41


States, Provinces and Municipalities 14.45Biotechnology 12.73Internet Software 10.77Pharmaceuticals and Cosmetics 8.80Graphic Art, Publishing 8.29Other Services 7.54Chemicals 6.56Retail 4.14Textile 2.92Transportation 2.61Holding and Finance Companies 2.51News Transmission 2.42Electronic Semiconductor 2.24Business Houses 1.97Automobile Industry 1.68Real Estate Companies 1.48Electronics and Electrical Equipment 1.25Mines, Heavy Industries 0.96

93.41

EDM INTERNATIONAL


57





SpainEdm Inversion FI - I /Cap 5,504,837 EUR 346,844,342 374,978,374 100.14

346,844,342 374,978,374 100.14



EDM INTERNATIONAL


58




Spain 100.14

100.14


Investment Funds 100.14

100.14

EDM INTERNATIONAL


59





Shares

BermudaCredicorp 7,210 USD 1,097,046 1,495,570 2.59

1,097,046 1,495,570 2.59

BrazilAmbev Sa Sadr 417,340 USD 2,484,133 2,696,017 4.68Bm & F Bovespa Bolsadevalores *Opr* 247,600 BRL 1,289,036 1,700,379 2.95Br Malls Participaes Sa 783,986 BRL 2,853,103 3,008,693 5.22Direcional Engenharia Sa 1,692,600 BRL 2,706,216 2,882,996 5.00Embraer Sa /Sadr 69,710 USD 1,585,303 1,668,160 2.89Itau Unibanco Hldg /Pfd Sadr 260,729 USD 2,689,245 3,389,477 5.88Kroton Educacional7 - Open /Cv 586,350 BRL 2,654,272 3,252,490 5.64Lojas Renner Sa 223,600 BRL 1,961,512 2,392,319 4.15M. Dias Branco Sa Ind E 67,000 BRL 992,388 1,052,334 1.82Mahle Metal Leve 349,000 BRL 2,259,334 2,511,418 4.36Movida Participacoes Sa 1,125,600 BRL 2,916,767 2,392,293 4.15Odontoprev Sa 144,500 BRL 529,832 693,074 1.20Qualicorp Sa 114,800 BRL 1,045,227 1,072,864 1.86

25,966,368 28,712,514 49.80

British Virgin IslandsArcos Dorados Holdings Cls -A- 159,500 USD 1,086,454 1,650,825 2.86

1,086,454 1,650,825 2.86

ChileFalabella Sa Comerc. E Indust. 148,950 CLP 1,214,640 1,488,274 2.58Inversiones La Construccion Sa 156,232 CLP 1,983,067 2,921,636 5.07

3,197,707 4,409,910 7.65

ColombiaBanco Davivienda /Pfd 184,350 COP 1,750,164 1,849,012 3.21

1,750,164 1,849,012 3.21

LuxembourgTenaris /Adr 41,000 USD 1,127,797 1,306,260 2.27

1,127,797 1,306,260 2.27

MexicoAlsea Sab De Cv 443,500 MXN 1,390,838 1,458,413 2.53Bolsa Mexicana Shs A 850,259 MXN 1,409,288 1,469,272 2.55Fomento Economico Mexicano /Adr 19,075 USD 1,789,067 1,791,143 3.11Gentera Sab De Cv 1,912,300 MXN 2,820,829 1,597,033 2.77Gruma Sa De Cv B 160,400 MXN 2,130,189 2,044,182 3.54Grupo Aeroport. Del Pacifico B 107,900 MXN 995,354 1,113,984 1.93Grupo Hsf 2,651,415 MXN 1,336,586 1,394,437 2.42Mexichem Sab De Cv 644,356 MXN 1,716,078 1,602,851 2.78Nemak Sab De Cv 2,242,100 MXN 2,329,044 1,635,253 2.84Vesta Shs 1,209,582 MXN 1,786,663 1,510,923 2.62

17,703,936 15,617,491 27.09

EDM INTERNATIONAL


60


SpainProsegur Compania De Seguridad 139,346 EUR 912,739 1,095,990 1.90

912,739 1,095,990 1.90

Total - Shares 52,842,211 56,137,572 97.37



EDM INTERNATIONAL


61


Statement of Investments (continued)as at December 31, 2017(Expressed in USD)




Brazil 49.80Mexico 27.09Chile 7.65Colombia 3.21British Virgin Islands 2.86Bermuda 2.59Luxembourg 2.27Spain 1.90

97.37


Holding and Finance Companies 29.01Real Estate Companies 7.84Tobacco and Spirits 7.79Retail 6.73Banks and Financial Institutions 5.80Healthcare education & Social Services 5.64Construction, Building Material 5.00Leisure 4.95Mechanics, Machinery 4.36Food and Distilleries 3.55Insurance 3.06Aerospace Technology 2.89Automobile Industry 2.84Mines, Heavy Industries 2.27Transportation 1.93Other Services 1.90Consumer Goods 1.82

97.37

EDM INTERNATIONAL


62





SpainEdm Ahorro FI -Units- /Dist 41,075 EUR 1,078,972 1,077,922 73.18

1,078,972 1,077,922 73.18



EDM INTERNATIONAL


63





Spain 73.18

73.18


Investment Funds 73.18

73.18


EDM INTERNATIONAL


64

Notes to the Financial Statements


NOTE 1 - GENERAL INFORMATION

EDM INTERNATIONAL (the "Company") is an open-ended investment company with variable capital, incorporated in the GrandDuchy of Luxembourg as a "Societe Anonyme" on the basis of the amended Law of August 10, 1915 on Commercial Companiesand qualifies as a "Societe d’Investissement a Capital Variable" ("SICAV") on the basis of part I of the amended Law of December17, 2010 ("Law of 2010") relating to Undertakings for Collective Investment in Transferable Security.

The Company has appointed the Management Company as its management company in accordance with the provisions of theLaw of 2010 pursuant to the Management Company Agreement.

The Management Company is a public limited company (societe anonyme) incorporated under the laws of Luxembourg onOctober 23, 2003 under the name of ‘‘The Directors’ Office’’. The Management Company is authorised and regulated by the CSSFin Luxembourg under Luxembourg law. Its main business activity is the management of Luxembourg and foreign undertakingsfor collective investment in transferable securities authorised according to EU Directive 2009/65/EC and the additionalmanagement of other Luxembourg and foreign undertakings for collective investment, in accordance with Article 101(2) andAnnex II of the law of 2010 and the performance, for Luxembourg and foreign alternative investment funds (AIFs) within themeaning of EU Directive 2011/61/EU of management functions, administration functions, marketing functions and otheractivities related to the assets of AIFs, in accordance with Article 5(2) and Annex I of the amended Luxembourg Law of July 12,2013 relating to alternative investment fund managers.

The Company was incorporated as a SICAV for an unlimited period on March 15, 1995, after having first existed under the legalform of a FCP ("Fonds Commun de Placement"). The Articles of Incorporation of the Company were published in the Memorial C,Recueil des Societes et Associations (the "Memorial C"), of Luxembourg, on April 11, 1995.

The latest amendments of the articles of Incorporation were made on October 17, 2011 and published in the Memorial C, Recueildes Societes et Associations on November 25, 2011.

The Company is registered with the "Registre de Commerce et des Societes", Luxembourg under number B-50523.

The Company was set up in the form of an umbrella fund.

Nine Sub-Funds are available to investors:

– EDM International - Strategy Fund - in EURThis Sub-Fund offers four types of classes: Class R EUR and Class R USD for retail investors, Class I EUR and Class I USD forinstitutional investors

– EDM International - Credit Portfolio - in EURThis Sub-Fund offers two types of classes: Class A EUR and Class B USD for retail investors

– EDM International - Emerging Markets - in EUR– EDM International - American Growth - in USD

This Sub-Fund offers two types of classes: Class A USD and Class B EUR for retail investors– EDM International - EDM High Yield Short Duration - in EUR– EDM International - Gamma - in USD– EDM International - Spanish Equity - in EUR

This Sub-Fund offers four types of classes: Class I EUR Shares and Class I USD Shares for institutional investors and Class REUR Shares and Class R USD Shares for retail investors

– EDM International - Latin American Equity Fund - in USDThis Sub-Fund offers four types of classes: Class I USD and Class I EUR for institutional investors, Class R USD and Class REUR for retail investors

– EDM International - European Flexible Bond Fund* - in EURThis Sub-Fund offers one type of classes: Class R EUR for retail investors


EDM INTERNATIONAL

65

NOTE 2 - PRINCIPAL ACCOUNTING POLICIES

The financial statements are prepared in accordance with generally accepted accounting principles in Luxembourg and legal andregulatory requirements relating to undertakings for collective investment in transferable securities.

a) Valuation of investment securities.

The value of securities which are quoted or dealt in on any stock exchange shall be in respect of each security, the last knownprice, and where appropriate, the middle market price on the stock exchange which is normally the principal market for suchsecurity.

Securities dealt in on another regulated market shall be in respect of each security, the last known price, and where appropriate,the middle market price on the stock exchange which is normally the principal market for such security.

Units in undertakings for collective investment are valued at their last available and published net asset value.

The value of money market instruments not admitted to official listing in any stock exchange or dealt in any other RegulatedMarket and with remaining maturity of less than 12 months and of more than 90 days is deemed to be the nominal value thereof,increased by any interest accrued thereon. Money market instruments with a remaining maturity of 90 days or less and nottraded on any market are valued by the amortised cost method, which approximates market value.

In the event that any of the securities held in any portfolio on the relevant Valuation Day are not quoted or dealt in on a stockexchange or another regulated market or, for any of the securities, no price quotation is available, or if the price as determinedpursuant to preceding paragraphs is not in the opinion of the Board of Directors of the Company representative of the fair marketvalue of the relevant securities, the value of such securities will be determined based on the reasonably foreseeable sales pricedetermined prudently and in good faith by the Board of Directors of the Company.

All other assets are valued at their respective fair values as determined in good faith by the Board of Directors of the Company inaccordance with generally accepted valuation principles and procedures.

If since the last Valuation Day there has been a material change in the quotations on the markets on which a substantial portionof the investments of the Company attributable to a particular Sub-Fund is listed or dealt in, the Board of Directors of theCompany may, in order to safeguard the interests of the Shareholders and the Company, cancel the first valuation and carry outa second valuation.

The Board of Directors of the Company may also adopt, when circumstances so require, other valuation methods in accordancewith generally accepted procedures.

b) Net realised profit/(loss) on sale of investments.

Net profit or loss realised on the sale of investments are calculated on the basis of the average cost of the securities sold.

c) Currency exchange for each Sub-Fund.

The value of each Sub-Fund’s net assets is expressed in the following currencies:

– EDM International - Strategy Fund (EUR)This Sub-Fund offers four type of class: Class I EUR, Class R EUR, Class I USD and Class R USD

– EDM International - Credit Portfolio (EUR)This Sub-Fund offers two type of class: Class A EUR and Class B USD

– EDM International - Emerging Markets (EUR)This Sub-Fund offers one type of class: Class A EUR

– EDM International - American Growth (USD)This Sub-Fund offers two type of class: Class A USD and Class B EUR

– EDM International - EDM High Yield Short Duration (EUR)This Sub-Fund offers one type of class: Class A EUR

– EDM International - Gamma (USD)This Sub-Fund offers one type of class: Class A USD

– EDM International - Spanish Equity (EUR)Class I EUR, Class I USD, Class R EUR and Class R USD

– EDM International - Latin American Equity Fund (USD)This Sub-Fund offers four type of class: Class I EUR, Class I USD, Class R EUR and Class R USD

– EDM International - European Flexible Bond Fund* (EUR)This Sub-Fund offers one type of class: Class R EUR


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Notes to the Financial Statements (continued)


NOTE 2 - PRINCIPAL ACCOUNTING POLICIES (continued)

The value of the assets and liabilities denominated in a currency other than the currency of the relevant Sub-Fund is converted atthe rates of exchange prevailing in Luxembourg at the time of the determination of the corresponding Net Asset Value.

As at December 31, 2017, the valuation of investment portfolio, cash at bank and other deposit and other net assetsdenominated in currencies other than that of the Sub-Fund are converted into such currency at the following exchange rates:

1 EUR = 3.960754 BRL1 EUR = 1.170180 CHF1 EUR = 738.499385 CLP1 EUR = 3,584.477612 COP1 EUR = 7.445437 DKK1 EUR = 0.887673 GBP1 EUR = 9.344691 HKD1 EUR = 16,217.279262 IDR1 EUR = 76.412321 INR1 EUR = 134.701566 JPY1 EUR = 1,276.093917 KRW1 EUR = 23.555950 MXN1 EUR = 4.847957 MYR1 EUR = 9.831583 SEK1 EUR = 35.493351 TWD1 EUR = 1.200800 USD1 EUR = 14.739165 ZAR

d) The Company’s combined financial statements.

Individual financial statements are prepared for each Sub-Fund in that Sub-Fund’s currency. In order to present the Company’ssituation as a whole, these financial statements are combined after conversion into the Company’s reference currency, which isthe EUR.

The difference between the opening net assets stated at the rate of exchange used for translation into EUR asof December 31, 2016 and December 31, 2017 is shown as currency translation in the combined statement of operations andchanges in net assets.

e) Acquisition cost of investment securities.

The acquisition cost of investment securities denominated in currencies other than that Sub-Fund’s currency is converted intosuch currency at the exchange rate prevailing on the day of purchase.

f) Income from investments.

Dividends net are recognized as income on the date the securities are first quoted ex-dividend. Interest is accrued for each netasset valuation.

Dividends net are recorded at ex-date. Interests on bonds net are accrued on a prorata basis pursuant to the terms of theunderlying investment. Income is recorded net of respective withholding taxes, if any. Bank interests net are accounted on anaccrual basis. Other income is mainly composed of the reimbursement of withholding taxes reclaimed to tax authorities ofconcerned countries. They are recorded in the Statement of Operations and Changes in Net Assets at settlement date.

g) Forward foreign exchange contracts.

Profit or loss arising from un-matured forward foreign exchange contracts are determined on the basis of the applicable forwardexchange rates at the valuation date, and are recorded in the statement of net assets. Profit or loss arising from un-maturedforward foreign exchange contracts are determined on the basis of the applicable forward exchange rates at the valuation date,and are recorded in the statement of net assets under the caption ‘‘Unrealised profit on forward foreign exchange contracts’’ and‘‘Unrealised loss on forward foreign exchange contracts’’, the net realised profit/loss and the change in net unrealisedappreciation/depreciation are presented in the statement of operations and changes in net assets.

h) Other Charges

Other charges are mainly composed of investment compliance fees, CSSF fees, distribution fees and other stock exchangemaintenance fees.

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NOTE 2 - PRINCIPAL ACCOUNTING POLICIES (continued)

i) Formation expenses / setting-up costs

The fees and costs incurred in connection with the establishment and launch of any additional Sub-Fund shall be borne by therelevant Sub-Fund and shall be amortised over the first five (5) Financial Years following the launch of that Sub-Fund under thecaption Taxes and expenses payable.

NOTE 3 - INVESTMENT MANAGEMENT FEE AND SUB-INVESTMENT MANAGEMENT FEE

The Investment Managers are entitled to receive a monthly Investment Management Fee at an annual rate applicable on theaverage monthly net assets as described below:

Comgest, S.A.- 1.00% for EDM International - Emerging Markets

EDM Gestion, S.A., S.G.I.I.C.- 0.50% for EDM International - Gamma- 2.50% for EDM International - Strategy Fund Class R- 1.25% for EDM International - Strategy Fund Class I EUR- 1.25% for EDM International - Spanish Equity Class R EUR Shares- 0.25% for EDM International - Spanish Equity Class I EUR Shares- 2.50% for EDM International - Latin American Equity Fund Class R- 1.25% for EDM International - Latin American Equity Fund Class I- 0.00% for EDM International - European Flexible Bond Fund*

Muzinich & Co. Inc.- 0.35% for EDM International - Credit Portfolio- 0.35% for EDM International - EDM High Yield Short Duration

Edgewood Management Llc- 1.00% for EDM International - American Growth

The Investment Management Support Agent is entitled to a monthly Sub-Investment Management Fee based on each Sub-Fund’s average net assets, at an annual rate of:

EDM International - Credit Portfolio 0.95%EDM International - Emerging Markets 1.50%EDM International - American Growth 1.50%EDM International - EDM High Yield Short Duration 0.95%

At December 31, 2017, the amount of Sub-Investment Management fee is nil for EDM International - Strategy Fund, EDMInternational - Gamma, EDM International - Spanish Equity, EDM International - Latin American Equity Fund Sub-Funds.

NOTE 4 - MANAGEMENT COMPANY FEE

On January 11, 2016, the Company has appointed MDO Management Company, societe anonyme as its management companyin accordance with the provisions of chapter 15 of the amended Law of December 17, 2010.

Fees to be paid to the Management Company

The Company shall pay or cause to be paid to the Management Company fee out of the assets of the Company for the executionof its duties as the Company’s designated management company under this Agreement, such fees amounting to the annualpercentage rates of the net asset value of the Company as set out below.


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NOTE 4 - MANAGEMENT COMPANY FEE (continued)

The Management Company fee is as follows:

– 6 bps per annum under management up to EUR 50 million;– 5 bps per annum for assets under management between EUR 50 million and EUR 100 million;– 4 bps per annum for assets under management between EUR 100 million and EUR 250 million;– 3 bps per annum for assets under management between EUR 250 million and EUR 500 million;– 2 bps per annum for assets under management between EUR 500 million and EUR 800 million;– 1.5 bps per annum for assets under management between EUR 800 million and EUR 1.5 billion;– 1 bp per annum for assets under management above EUR 1.5 billion.

A minimum fee of EUR 15,000 p.a. per Sub-Fund is charged.

The Management Company fee is calculated quarterly as the average of the month-end Net Asset Value of the previous quarterand invoiced quarterly in arrears.

In addition, the Management Company is entitled to a fee of EUR 11,000 p.a. per Sub-Fund using the commitment approach forthe additional performance of risk management and investment compliance services.

The fees payable to the Management Company are exclusive of VAT or similar charges, which, if chargeable, shall be charged inaddition where appropriate at the rate for the time being applicable.

NOTE 5 - DEPOSITARY FEES

The Company pays fees to RBC Investor Services Bank S.A. for its rendering of services as Depositary and Central AdministrativeAgent, in accordance with normal banking practices in Luxembourg. These fees are annual fees calculated on the average netassets of the different Sub-Funds and are payable on a monthly basis as per the following rates:

- 0.18% per annum on the assets of the Company between 0 and EUR 50 millions- 0.09% per annum on the assets of the Company between 0 and EUR 50 millions for feeder Sub-Funds- 0.15% per annum on the assets of the Company between EUR 50 millions and EUR 100 millions- 0.075% per annum on the assets of the Company between EUR 50 millions and EUR 100 millions for feeder Sub-Funds- 0.12% per annum on the assets of the Company up to EUR 100 millions- 0.06% per annum on the assets of the Company up to EUR 100 millions for feeder Sub-Funds with a minimum of EUR 25,000per annum per Sub-Fund, to be charged to each Sub-Fund in proportion to the assets of each Sub-Fund.

NOTE 6 - SUBSCRIPTION TAX

The Sub-Funds of the Company are liable in Luxembourg to an annual subscription tax ("taxe d’abonnement") of 0.05% of theirnet assets, payable quarterly and calculated on the basis of the net assets of the Sub-Funds at the end of the relevant quarter.

Such tax rate is reduced to a rate of 0.01% in respect of the assets attributable to such Sub-Funds that are reserved forinstitutional investors within the meaning of, and as provided for in, article 174 of the Law of 2010. The tax is payable quarterlyand calculated on the Net Asset Value of the relevant Sub-Fund at the end of the relevant quarter.

No taxe d’abonnement is paid on the part of the assets of any Sub-Fund invested in other Luxembourg undertakings for collectiveinvestment that already pay a taxe d’abonnement.

NOTE 7 - FORWARD FOREIGN EXCHANGE CONTRACTS

At December 31, 2017, the Sub-Fund EDM International – Strategy Fund had the following outstandingforward foreign exchange contract:

Purchase currencyPurchaseamount

Salecurrency Sale amount

Maturitydate

Sub-fundcurrency

Unrealized(Loss)

USD 6,524,738 EUR 5,469,923 31/01/2018 EUR (46,544)

EUR (46,544)

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NOTE 7 - FORWARD FOREIGN EXCHANGE CONTRACTS (continued)

At December 31, 2017, the Sub-Fund EDM International – Credit Portfolio had the following outstandingforward foreign exchange contracts:



Maturitydate

Sub-fundcurrency

UnrealizedGain/(Loss)

EUR 61,503,983 USD 73,000,000 17/01/2018 EUR 777,763

EUR 3,618,395 GBP 3,200,000 19/03/2018 EUR 21,112

EUR 59,805,086 USD 71,000,000 19/03/2018 EUR 959,830

USD 1,662,066 EUR 1,400,000 19/03/2018 EUR (22,364)

EUR 1,736,341

At December 31, 2017, the Sub-Fund EDM International – American Growth had the following outstandingforward foreign exchange contracts:



Maturitydate

Sub-fundcurrency


USD 121,030 EUR 101,800 02/01/2018 USD (1,237)

USD 33,988 EUR 28,480 03/01/2018 USD (220)

EUR 75,651,374 USD 90,284,393 31/01/2018 USD 729,960

USD 69,555 EUR 58,193 04/01/2018 USD -

USD 728,503

At December 31, 2017, the Sub-Fund EDM International – EDM High Yield Short Duration had the following outstandingforward foreign exchange contracts:



Maturitydate

Sub-fundcurrency


EUR 64,071,490 USD 76,000,000 19/01/2018 EUR 857,559

USD 7,800,000 EUR 6,587,242 19/01/2018 EUR (99,391)

EUR 1,714,281 CHF 2,000,000 19/03/2018 EUR 3,680

EUR 13,002,872 GBP 11,500,000 19/03/2018 EUR 75,133

EUR 63,147,791 USD 75,000,000 19/03/2018 EUR 987,184

USD 1,200,000 EUR 1,010,365 19/03/2018 EUR (15,721)

EUR 1,808,444

At December 31, 2017, the Sub-Fund EDM International – Spanish Equity had the following outstandingforward foreign exchange contracts:



Maturitydate

Sub-fundcurrency


EUR 226,093 USD 270,000 03/01/2018 EUR 1,304

EUR 7,551 USD 9,031 31/01/2018 EUR 45

USD 8,694,714 EUR 7,288,583 31/01/2018 EUR (61,514)

EUR (60,165)

All forward foreign exchange contracts were conducted with the counterparty: RBC IS Bank Luxembourg.

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NOTE 8 - TRANSACTION COSTS

For the year ended December 31, 2017, the following Sub-Funds of the Company incurred transaction costs relating to purchaseor sale of transferable securities, money market instruments, derivatives or other eligible assets as follows:

EDM International - Strategy Fund 464,534.79 EUREDM International - Credit Portfolio 1,392.31 EUREDM International - Emerging Markets 57,800.52 EUREDM International - American Growth 32,960.57 USDEDM International - Gamma 549.46 USDEDM International - Latin American Equity Fund 163,861.54 USD

These transaction costs are composed of brokerage costs and are included in cost of securities.

Furthermore, in accordance with the practices of the bond markets, a bid-offer spread is applied to securities purchase or saletransactions. According to this principle, the selling and buying prices applied by the broker to a given transaction are notidentical and the difference between them constitutes the broker’s remuneration.

The amounts included under the heading "Bank charges and correspondent fees" in the "Statement of Operations and Changesin Net Assets" are composed of transaction fees (transaction fees paid to the depositary or sub-depositary) that are not includedin the table above.

NOTE 9 - INFORMATION ACCORDING TO THE ESMA’S ‘‘GUIDELINES ON ETFS AND OTHER UCITS ISSUES’’ ESMA/

2014/937

During the financial year, no techniques for efficient portfolio management (according to ESMA guidelines) were applied.

On December 31, 2017, the Company was not invested in any derivatives and during the year under review, the Company did notperform any derivative transactions, except the Forward foreign exchange contracts that are disclosed in note 7 to the FinancialStatements. No collateral was received that could be attributed to the Company’s counterparty risk.

NOTE 10 - MASTER/FEEDER STRUCTURE

Feeder Fund I

The Sub-Fund EDM International - Spanish Equity (‘‘The Feeder Fund I’’) is a feeder Sub-Fund pursuant to article 77 (1) of theLaw of 2010 and at all times invests at least 85% of its assets in units of the Master Fund I (EDM INVERSION, FI) which qualifiesas a ‘‘master UCITS’’ within the meaning of Directive 2009/65/EC.

The Feeder Fund I may hold up to 15% of its assets in ancillary liquid assets, including cash, cash equivalents and short-termbank deposits. The objective of the Feeder Fund I is to achieve capital appreciation through investment in the Master Fund I. Theinvestment objective and policy of the Master Fund I, its organisation and risk profile are summarised in the section "Master FundI" below. The residual assets of the Feeder Fund I consists in ancillary liquid assets, as described above, as may be required fromtime to time for dealing liquidity purposes and payment of costs and expenses of the Sub-Fund. The Feeder Fund I intends tominimize the level of ancillary liquid assets held for these purposes. The Feeder Fund I did not enter into financial derivativeinstruments except forward foreign exchange contracts.

If and to the extent that voting rights attached to units of the Master Fund I are exercised on behalf of the Feeder Fund I, asummary description of the strategies followed in the exercise of such rights, as well as the actions taken on the basis of thosestrategies, will be made available to Shareholders upon their specific request addressed to the Company. It is expected that theperformance of the Feeder Fund I is broadly in line with that of the Master Fund I subject to its level of investment in the MasterFund I and safe for additional fund expenses at the level of the Feeder Fund I, which will affect its performance.

Master Fund I

The Master Fund I is a collective investment institution structured as separate capital with no legal personality, established andexisting under the laws of Spain, registered with the Spanish supervisory authority Comision Nacional del Mercado de Valores(CNMV) under registration number 46. It was established on January 21, 1987 and is regulated and authorised by the CNMV as aUCITS fund. The Master Fund I has been authorised by the CNMV as a "master UCITS" within the meaning of the relevantprovisions of Directive 2009/65/EC. As a consequence, the Master Fund I must, at all times, (i) have at least one feeder UCITSamong its unitholders, (ii) not itself become a feeder UCITS, and (iii) not hold shares or units of a feeder UCITS. The Master FundI invests in equities listed on a Spanish Stock Exchange.

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NOTE 10 - MASTER/FEEDER STRUCTURE (continued)

Complete information about the Master Fund I, including prospectus and financial statements, can be obtained free of charge onthe Spanish website www.edm.es, on the website of the CNMV (regulator) and also at distributor level.

The Feeder Fund I holds 92.93% of the units of the Class I of the Master Fund I as at December 31, 2017.

Feeder Fund II

The Sub-Fund EDM International - European Flexible Bond Fund ("The Feeder Fund II") is a feeder Sub-Fund pursuant to article77 (1) of the Law of 2010 and will as such at all times invest at least 85% of its assets in units of the Master Fund II (EDMAHORRO, FI) which qualifies as a ‘‘master UCITS’’ within the meaning of Directive 2009/65/EC.

The Feeder Fund II may hold up to 15% of its assets in ancillary liquid assets, including cash, cash equivalents and short termbank deposits. The objective of this Sub-Fund is to achieve capital appreciation through investment in the Master Fund II. TheSub-Fund intends to realise its investment objective by investing substantially all of its assets into the units of the Master Fund II.The Master Fund II will invest in public and private fixed income. The investment objective and policy of the Master Fund II, itsorganisation and risk profile are summarised in the section "Master Fund II" below. The residual assets of the Sub-Fund willconsist in ancillary liquid assets, as described above, as may be required from time to time for dealing liquidity purposes andpayment of costs and expenses of the Sub-Fund. The Sub-Fund intends to minimize the level of ancillary liquid assets held forthese purposes. The Sub-Fund will not enter into financial derivative instruments.

If and to the extent that voting rights attached to units of the Master Fund II will be exercised on behalf of the Sub-Fund, asummary description of the strategies followed in the exercise of such rights, as well as the actions taken on the basis of thosestrategies, will be made available to Shareholders upon their specific request which has to be addressed to the Company. It isexpected that the performance of the Sub-Fund will be broadly in line with that of the Master Fund II, subject to its level ofinvestment in the Master Fund II and safe for additional fund expenses at the level of the Sub-Fund which will affect itsperformance.

Master Fund II

The Master Fund II is a collective investment institution structured as separate capital with no legal personality, established andexisting under the laws of Spain, registered with the Spanish supervisory authority Comision Nacional del Mercado de Valores(CNMV) under registration number 47. It was established on 21 January 1987 and is regulated and authorised by the CNMV as aUCITS fund. The Master Fund II has been authorised by the CNMV as a "master UCITS" within the meaning of the relevantprovisions of Directive 2009/65/EC. As a consequence, the Master Fund II must, at all times, (i) have at least one feeder UCITSamong its unitholders, (ii) not itself become a feeder UCITS, and (iii) not hold shares or units of a feeder UCITS.

Complete information about the Master Fund II, including prospectus and financial statements, can be obtained free of charge onthe Spanish website www.edm.es, on the website of the CNMV (regulator) and also at distributor level.

The Feeder Fund II holds 0.40% of the units of the Class R of the Master Fund II as at December 31, 2017.

Aggregate expenses

According to the last prospectus available, the total management fees applied to the Master Fund I and to its investees shall notexceed 2.25% and the total depositary fees shall not exceed 0.20%.

For the year ended December 31, 2017:

Share-class

InvestmentManagement Fee p.a.(Feeder)

Management Fee p.a.(Master) Total

EDM International – Spanish Equity Class R EUR Shares 1.25% 1.00% 2.25%EDM International – Spanish Equity Class R USD Shares 1.25% 1.00% 2.25%EDM International – Spanish Equity Class I EUR Shares 0.25% 1.00% 1.25%EDM International – Spanish Equity Class I USD Shares 0.25% 1.00% 1.25%

Sub-fundDepositary Fee p.a.(Feeder)

Depositary Fee p.a.(Master) Total

EDM International – Spanish Equity 0.09% 0.07% 0.16%

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NOTE 10 - MASTER/FEEDER STRUCTURE (continued)

The annualised Total Expenses Ratios (‘‘TER’’) for the year ended December 31, 2017 amounted to:

Share-class TER Feeder TER Master

EDM International – Spanish Equity Class R EUR Shares 1.58% 1.14%EDM International – Spanish Equity Class R USD Shares 1.60% 1.14%EDM International – Spanish Equity Class I EUR Shares 0.55% 1.14%EDM International – Spanish Equity Class I USD Shares 0.54% 1.14%

The total expenses for the Class I of the Master Fund I amounted to EUR 4,082,002 as at December 31, 2017.

Aggregate expenses

According to the last prospectus available, the total management fees applied to the Master Fund II and to its investees shall notexceed 2.25%.

For the year ended December 31, 2017:

Sub-fund

InvestmentManagement Fee p.a.(Feeder)

Management Fee p.a.(Master) Total

EDM International – European Flexible Bond Fund* - 0.75% 0.75%

Sub-fundDepositary Fee p.a.(Feeder)

Depositary Fee p.a.(Master) Total

EDM International – European Flexible Bond Fund* 0.09% 0.07% 0.16%

The Total Expenses Ratios (‘‘TER’’) for the period ended December 31, 2017 amounted to:

Share-class TER Feeder TER Master

EDM International – European Flexible Bond Fund Class R EUR Shares* 1.06% 0.87%

The total expenses for the Class R of the Master Fund II amounted to EUR 1,851,474 as at December 31, 2017.

NOTE 11 - DIRECTOR FEES

For the year ended December 31, 2017, the Directors of the Company receive EUR 22,894 as remuneration to fulfill their dutiesand responsibilities as directors of EDM International.

NOTE 12 - RELATED PARTIES

The Sub-Fund EDM International - Emerging Markets invests in the units of investment funds, managed by Comgest S.A., whichacts also as delegated investment managers for this Sub-Fund. As at December 31, 2017 the amount of these investmentsrepresents 2.50% of the net assets of this Sub-Fund.

From January 1, 2017 to December 31, 2017, the Sub-Fund invested part of theirs assets in the shares/units of other UCIsconsidered as related parties. No subscription nor redemption fees have been charged to the Company however the Company issubject to duplication of management fees and other fees.

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Information for Shareholders (unaudited)

INFORMATION CONCERNING THE REMUNERATION POLICY:

The management company has adopted a remuneration policy pursuant to applicable laws and regulations with the objective toensure that its remuneration structure is in line with its interests and those of the collective investment schemes it manages andto prevent risk-taking which is inconsistent with the risk profiles, rules or articles of incorporation or management regulations ofthe collective investment schemes it manages.

Details of the remuneration policy of the management company, including the persons in charge of determining the fixed andvariable remunerations of staffs, a description of the key remuneration elements and an overview of how remuneration isdetermined, is available at http://www.mdo-manco.com/about-us/legal-documents.

With respect to the financial year ended December 31, 2017 (as of that date, the management company had a headcount of 57employees), the total fixed and variable remuneration paid by the management company to its employees amountedto EUR 3,966,032 and to EUR 775,776 respectively. The total remuneration paid by the management company to seniormanagement and members of its staff whose actions have a material impact on the risk profile of the collective investmentschemes managed amounted to EUR 2,683,915. The remuneration committee of the management company has reviewed theimplementation of the remuneration policy and has not identified any deficiency in that respect. Moreover, the remunerationpolicy updates performed in the course of the financial year ended December 31, 2017 were not material in nature and mainlyrelated to organisational changes.

RISK EXPOSURE

The Company uses a risk management procedure in accordance with the Law of 2010 and other applicable regulations, inparticular CSSF Circular 11/512. This risk management procedure provides for the measurement and control of the overall risk ofall funds using the commitment approach or the Value at Risk approach. The methodology used in order to calculate the GlobalExposure is the commitment approach for all the Sub-Funds of the Company.

SFTR (EU REGULATION N 2015/2365)

During the year ending December 31, 2017, the Company did not engage in transactions which are subject to EU regulation N2015/2365 on the transparency of securities financing transactions and of reuse. Accordingly, no global, concentration ortransaction data, or information on the reuse or safekeeping of collateral is required to be reported.

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Documents

EDM INTERNATIONAL · EDM INTERNATIONAL Socie´te´ d’Investissement a` Capital Variable Luxembourg Annual Report, including Audited Financial Statements as at December 31, 2017