AR GB en IE00B8JFF067 YES 2022-04-30

CROWN SIGMA UCITS PLC
An umbrella investment company with variable capital and segregated liability between sub-funds
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
Registered number: 511245

TABLE OF CONTENTS Page
COMPANY INFORMATION 2
BACKGROUND TO THE COMPANY 3
INVESTMENT MANAGER’S REPORT 6
DIRECTORS’ REPORT 11
REPORT OF THE DEPOSITARY 15
INDEPENDENT AUDITORS’ REPORT 16
STATEMENT OF COMPREHENSIVE INCOME 19
BALANCE SHEET 25
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF

REDEEMABLE PARTICIPATING SHARES 31
STATEMENT OF CASH FLOWS 37
NOTES TO THE FINANCIAL STATEMENTS 43
PORTFOLIO OF INVESTMENTS 110
STATEMENT OF PORTFOLIO CHANGES (UNAUDITED) 170
FINANCIAL INFORMATION (UNAUDITED) 183
1
COMPANY INFORMATION
DIRECTORS SECRETARY AND REGISTERED OFFICE

Kevin Mathews (Irish)* LGT Fund Managers (Ireland) Limited
Dr. Urs Gähwiler (Swiss) (resigned 03.12.2021) Third Floor
Roger Gauch (Swiss) 30 Herbert Street
Paul Garvey (Irish) Dublin 2
Kathryn O’Driscoll (Irish) Ireland
* denotes Independent Director
Main contact: Paul Garvey
INVESTMENT MANAGER, PROMOTER AND LEGAL ADVISORS

SUB-DISTRIBUTOR Maples and Calder
LGT Capital Partners Limited 75 St. Stephen's Green
Schützenstrasse 6 Dublin 2
CH 8808 Pfäffikon Ireland
Switzerland
MANAGER AND DISTRIBUTOR INDEPENDENT AUDITORS

LGT Capital Partners (Ireland) Limited PricewaterhouseCoopers
Third Floor Chartered Accountants and Statutory Audit Firm
30 Herbert Street One Spencer Dock
Dublin 2 North Wall Quay
Ireland Dublin 1
Ireland
Main contact: Sivakumar Sethuraman
ADMINISTRATOR AND TRANSFER AGENT REPRESENTATIVE FOR SWITZERLAND

RBC Investor Services Ireland Limited LGT Capital Partners Limited
4th Floor, One George's Quay Plaza Schützenstrasse 6
George’s Quay House CH 8808 Pfäffikon
Dublin 2 Switzerland
Ireland
DEPOSITARY PAYING AGENT FOR SWITZERLAND

RBC Investor Services Bank S.A., Dublin Branch LGT Bank (Schweiz) AG
4th Floor, One George's Quay Plaza Lange Gasse 15
George’s Quay House 4002 Basel
Dublin 2 Switzerland
Ireland
2
BACKGROUND TO THE COMPANY
The following information is derived from, and should be read in conjunction with, the full text and definitions section of
Crown Sigma UCITS plc’s (the “Company”) prospectus (the “Prospectus”).
Structure
Fund size (NAV as at 30 April 2022): EUR 5,475,585,532

Date of incorporation: 27 March 2012
Investment vehicle type: Umbrella investment company with variable
capital and segregated liability between sub-funds
The Company is an umbrella investment company with variable capital and segregated liability between sub-funds which is
open-ended and was authorized by the Central Bank of Ireland pursuant to the provisions of the Companies Act 2014 and
the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as
amended) (the “UCITS Regulations”).
The Company’s Prospectus was last updated with effect from 17 September 2021 as approved by the Central Bank of Ireland.
The update provides insertion for environmental, social and governance (“ESG”) policies and language around the
integration of ESG to reflect the definitions and requirements of the Sustainable Finance Disclosure Regulation (Regulation
EU/2019/2088).
During the year the following sub-funds were launched:
• LGT EM HC Bond Sub-Fund: as of 15 June 2021 with Class A, Class K and Class L share classes.
• LGT EM Frontier LC Bond Sub-Fund: as of 23 June 2021 with Class A, Class K, Class L and Class M share classes.
On 17 September 2021, LGT Bond EMMA LC Sub-Fund and LGT Sustainable Quality Equity Hedged Sub-Fund officially
changed their names to LGT EM LC Bond Sub-Fund and LGT Sustainable Quality Equity Sub-Fund, respectively.
Throughout the remainder of these financial statements, these sub-funds will be referred to using their new name.
As at the end of the reporting period, the Company comprised of thirteen sub-funds, all with limited liability. The first
subscription dates of the active sub-funds were as follows:
• LGT Crown Listed Private Equity – 18 February 2013.

• LGT EM LC Bond Sub-Fund – 29 April 2016.
• LGT Sustainable Equity Global Sub-Fund – 29 April 2016.
• LGT Sustainable Equity Europe Sub-Fund – 29 April 2016.
• LGT Sustainable Bond Global Sub-Fund – 29 April 2016.
• LGT Sustainable Bond Global Hedged Sub-Fund – 29 April 2016.
• LGT Sustainable Quality Equity Sub-Fund – 31 March 2016.
• LGT Bond EM Credit Opportunities Sub-Fund – 1 May 2017.
• LGT Sustainable Bond Corporates Sub-Fund – 1 May 2017.
• LGT Sustainable Equity Market Neutral Sub-Fund – 29 September 2017.
• LGT Crown Liquid Private Equity Opportunities Sub-Fund – 1 November 2018.
• LGT EM HC Bond Sub-Fund: as of 15 June 2021.
• LGT EM Frontier LC Bond Sub-Fund: as of 23 June 2021.
3
BACKGROUND TO THE COMPANY (continued)
Investment objective
The investment objectives of the sub-funds are as follows:
LGT Crown Listed Private Equity

The sub-fund’s investment objective is to invest the available funds in companies that are active in, or associated with, the
private equity industry with the purpose of spreading investment risks and enabling its shareholders to achieve an
appreciation of capital over the medium to long-term. The anticipated returns are expected to be correlated to listed private
equity returns. The base currency of the sub-fund is Euro.
LGT EM LC Bond Sub-Fund

The investment objective of the sub-fund is to generate consistent medium-term capital appreciation by investing primarily
in a broad range of fixed income securities listed or traded on a recognized exchange (such as bonds, including inter alia
inflation-linked, high-yield or convertible bonds, credit linked notes, treasuries and money market instruments) which are
issued by issuers from Emerging Markets and / or denominated in Emerging Markets currencies or otherwise linked or
related to Emerging Markets. Furthermore, financial derivative instruments (“FDI”) may be used to achieve the investment
objective including futures, swaps, currency forwards and options. The base currency of the sub-fund is Euro.
LGT Sustainable Equity Global Sub-Fund

The investment objective of the sub-fund is to generate consistent long-term capital appreciation by investing primarily in a
broad range of equity securities and instruments (shares, participatory certificates and profit-sharing certificates) listed or
traded on a recognized exchange. Furthermore, FDI may be used to achieve the investment objective including futures,
swaps, currency forwards and options. The base currency of the sub-fund is Euro.
LGT Sustainable Equity Europe Sub-Fund

The investment objective of the Sub-Fund is to generate consistent long-term capital appreciation by investing primarily in
a broad range of equity securities and instruments (such as shares, participatory certificates and profit-sharing certificates)
listed or traded on a recognized exchange. Such securities and instruments will be either (i) issued by companies with their
registered office in, or operating most of their business activities in, a European country, or (ii) holding companies that
primarily hold participations in companies with registered offices in European countries. Furthermore, FDI may be used to
achieve the investment objective including futures, swaps, currency forwards and options. The base currency of the sub-
fund is Euro.
LGT Sustainable Bond Global Sub-Fund

The investment objective of the sub-fund is to generate consistent medium term capital appreciation by investing primarily
in a broad range of debt securities and instruments (such as bonds, including inter alia inflation-linked, high-yield or
convertible bonds, credit linked notes, treasuries and money market instruments listed or traded on a recognized exchange.
Furthermore, FDI may be used to achieve the investment objective including futures, swaps, currency forwards and options.
The base currency of the sub-fund is Euro.
LGT Sustainable Bond Global Hedged Sub-Fund

convertible bonds, credit linked notes, treasuries and money market instruments listed or traded on a recognized exchange
and issued by private or public debtors globally. Furthermore, FDI may be used to achieve the investment objective including
futures, swaps, currency forwards and options. The base currency of the sub-fund is US Dollar.
LGT Sustainable Quality Equity Sub-Fund

The investment objective of the sub-fund is to generate consistent long term capital appreciation by investing primarily in a
broad range of equity securities and instruments (shares, participatory certificates and profit sharing certificates) listed or
traded on a recognized exchange. Furthermore, FDI may be used to achieve the investment objective including futures,
swaps, currency forwards and options. The base currency of the sub-fund is US Dollar.
4
BACKGROUND TO THE COMPANY (continued)
Investment objective (continued)
LGT Bond EM Credit Opportunities Sub-Fund

convertible bonds, credit linked notes, treasuries and money market instruments) listed or traded on a recognized exchange
and which are issued by issuers from emerging markets and opportunistically issued by issuers from developed markets.
Furthermore, FDI may be used to achieve the investment objective including futures, swaps, currency forwards and options.
The base currency of the sub-fund is US Dollar.
LGT Sustainable Bond Corporates Sub-Fund

convertible bonds, credit linked notes, treasuries and money market instruments) listed or traded on a recognized exchange
and issued by private or public debtors globally. Furthermore, FDI may be used to achieve the investment objective including
futures, swaps, currency forwards and options. The base currency of the sub-fund is US Dollar.
LGT Sustainable Equity Market Neutral Sub-Fund

The investment objective of the sub-fund is to generate consistent long term capital appreciation by investing primarily in a
broad range of single equity and equity index securities and instruments. The Investment Manager will pursue a long/short
equity market neutral strategy. Furthermore, FDI may be used to achieve the investment objective including futures, swaps,
currency forwards, contracts for difference and options. The base currency of the sub-fund is US Dollar.
LGT Crown Liquid Private Equity Opportunities Sub-Fund

The investment objective of the sub-fund is to generate consistent medium to long term appreciation of capital by investing
predominantly in equities, equity related transferable securities, as well as fixed income securities of companies that are
benefitting from or have the potential to benefit from Private Equity value creation strategies. Furthermore, FDI may be used
to achieve the investment objective including futures, swaps, currency forwards, contracts for difference and options. The
base currency of the sub-fund is US Dollar.
LGT EM HC Bond Sub-Fund

The investment objective of the sub-fund is to generate consistent long term capital appreciation by investing primarily in
fixed income securities, namely government bonds, money market instruments, floating rate notes and fixed or variable rate
commercial paper and in cash, of emerging market or frontier markets denominated currencies. The Investment Manager
will pursue a long only strategy. Furthermore, FDI may be used to achieve the investment objective including futures, total
return swaps, currency forwards, options and warrants. The base currency of the sub-fund is US Dollar.
LGT EM Frontier LC Bond Sub-Fund

The investment objective of the sub-fund is to generate consistent long term capital appreciation by investing primarily in
fixed income securities such as bonds, treasuries and money market instruments, floating rate notes and fixed or variable
rate commercial paper and in cash, of mainly emerging market or frontier markets denominated currencies. The Investment
Manager will pursue a long/short strategy. Furthermore, FDI may be used to achieve the investment objective including
futures, total return swaps, currency forwards, options and warrants. The base currency of the sub-fund is US Dollar.
There can be no assurance that the Sub-Funds will achieve their investment objective and investment results may vary
substantially on a monthly, quarterly and annual basis, and over the course of a market cycle.
5
INVESTMENT MANAGER’S REPORT
During the start of the reporting period, the strong market performance from April carried over into the first quarter.
Economic activity continued to gather pace on the back of reopening steps and vaccination campaigns. Thanks to continued
generous monetary and fiscal policy support measures economies showed significant momentum and leading indicators
remained well within the green in both industrialised and developing countries with few exceptions. While higher
government bond yields in developed markets provided headwinds during the start of the year, lower yields in the second
quarter took some pressure away. Crude oil prices already reached a three-year high during the second quarter of 2021 on
the back of expectations for a strong recovery of global demand. There was a record issuance of ESG-labelled bonds. Higher
commodity prices and a weakening US dollar also increased the appetite for emerging market bonds and currencies. Owing
to base effect and some pandemic-related supply-side constraints, inflation pressures however started to mount with US
inflation reaching its highest level in more than a decade at around 5%. But developed market central banks were
unimpressed by this development, noting the temporary nature of the rise in inflation, and reaffirmed their expansionary
stance.
In emerging markets however, some central banks started to adopt a more hawkish language or in fact hiked rates to address
higher inflation, which resulted in negative bond returns in some of the markets. The result of this was that over the first
quarter bond returns contributed negatively to total returns, while carry and currencies added to total returns. On a regional
level Middle East/Africa was the best performer, driven by returns from South Africa on the back of strong commodity
prices. Other regions posted positive returns as well. In Latin America, performance across countries was very different.
Political tensions in Chile, Peru and Colombia took their tolls on returns and all three posted negative returns over the
quarter. In contrast, Brazil delivered double-digit returns and was the best performing country in the universe.
In the equity market, the cyclical dynamics between industrialized and emerging economies diverged further. Whereas
previously this pattern was primarily due to differences in policy responses to the pandemic, variations in vaccine access
and distribution as well as in the attitudes toward easing social restrictions played a larger role in this phase. In most European
countries, robust cyclical recoveries set in when COVID-19-related restrictions began to be lifted in spring 2021. Inflation
rates also began to recover rapidly from their pandemic lows, reflecting base effects in the wake of returning consumer
demand on the one hand, as well as numerous global supply bottlenecks on the other. In June, quickly rising producer and
consumer prices finally led to the first discussions about the exact timing of ending expansive monetary policies from major
global central banks, led by the US Federal reserve but also including the Bank of England. European stock markets benefited
mainly from the economic reopening, the recovery in the tourism industry, and a strong foreign demand.
The summer was a period of low activity, as investors were waiting for guidance about the timeline for reducing the stimulus
injected into the system by the US Federal Reserve’s asset purchase program, which was expected to be announced at the
annual Jackson Hole Symposium at the end of August. After the rapid bounce back in activity following the pandemic, early
signs of a slowdown were emerging, leading investors to position for a relatively slow removal of liquidity. Although the
comments at the Symposium was relatively mild, they did not provide fuel to further drive developed market yields lower.
The pick-up in inflation on a global scale started gathering attention during the summer, especially as energy prices kept
creeping up in combination with other commodities and food prices. The initial interpretation of this being a transitory
phenomenon started getting questioned as the higher inflation numbers remained elevated and worries about supply side
bottlenecks started appearing frequently in the news. The ongoing discussion about a possible structural shift in inflation
spooked the markets somewhat.
Between August and October 2021, market participants’ nerves were somewhat more strained as the cyclical peak in growth
had been passed, and the persistent supply chain bottlenecks increasingly weighed on the economy. At the same time, higher
inflation brought the timing of the expected monetary tightening forward somewhat, pushing up yields in the fixed income
markets. In addition, negative news-flow from China caused turbulence in the financial markets, as Beijing’s broad-based
wave of regulation and the potential collapse of construction giant Evergrande fueled uncertainty. There were encouraging
signs on the coronavirus front, where hospitalisation rates peaked in most major economies. While the primary market
remained very dry, spreads in corporate cash continued to be relatively immune to the macro and, moved sideways on tight
levels. Central bank support, coupled with solid credit fundamentals kept credit markets expensive.
6
INVESTMENT MANAGER’S REPORT (continued)
After a wait-and-see mood during the summer months, markets got worried about the timeframe for reduction of global
liquidity at the same time as the transitory nature of higher inflation numbers across the globe started to be questioned. The
international rebound cycle in equities peaked in the third quarter of 2021. Inflation rates continued to climb during this
period, as global supply bottlenecks proved rather sticky. Despite these developments, monetary policy makers maintained
a dovish bias. While acknowledging the robust economy and the tightening labour market, there were also frequent warnings
that premature rate hikes could undo this progress. The financial markets welcomed these policy signals, and equity prices
initially continued to move higher. Towards the end of the quarter, sentiment began to falter somewhat as economists started
to revise growth forecasts downward and inflation estimates upward. In addition, news that a large Chinese real estate
developer had run into payment difficulties due to over-indebtedness began to impact markets.
During the reporting period between November 2021 to January 2022, rising inflation and rising COVID cases soured credit.
However, the Omicron impact was short-lived as investors considered the economic impact of the new coronavirus variant
to be mild. Toward the end of the year, the pace of economic activity at the global level slowed but remained high. Solid
economic data and easing Omicron concerns fuelled investor buying. Positive momentum was also provided by the strong
US reporting season, where corporate profit margins reached new highs. US inflation hit the highest level since 1982.
Persistently high price pressure prompted central banks around the world to tighten the reins on monetary policy. Despite
the increase in volatility during the quarter, notably in November, credit spreads remained near the top of the 2021 trading
range. However, appetite for fixed income as an asset class remained strong, as the new issue markets attested. The markets
geared up for a potentially faster reaction by central banks, particularly the Fed. Despite the underlying inflationary
pressures, especially in energy prices the momentum in the US, break-even rates weakened. Nevertheless, global inflation
linked bonds outperformed conventional bonds, while corporates underperformed in an overall risk-off environment. The
more hawkish speeches and actions from central banks on the back of a changing view towards the transitory nature of the
inflation. China’s tight credit conditions and stresses in the local real estate market also weighed on markets. US yields
continued to rise as did the US dollar. Yields in emerging markets steadily rose throughout the quarter, while USD strength
acted as a headwind for EM currency returns.
The fourth quarter of the reporting period started with a fairly positive tone, but risky assets ran into headwinds as February
progressed. The continued deterioration in the global inflation picture led to a dramatic re-pricing of monetary policy. Driven
by a broad-based rally in food and energy prices the market had moved to pricing in the first Fed hike already in March and
pricing in almost 200bps of further tightening. The negative news flow regarding China’s real estate sector continued with
no meaningful stimulus measures announced to stabilize the situation. At the same time, China was facing further growth
challenges from the implementation of its zero Covid policy. Geopolitical tensions flared up.
The final quarter of the reporting period was overshadowed by the Ukraine war which started in the second half of February.
In addition to the conflict and related uncertainty regarding an escalation and sanctions, a broad range of global drivers
triggered spread volatility throughout the last quarter. These drivers included inflation numbers on both sides of the Atlantic,
the rally in commodity prices as well as the potential for food supply chain disruption. Notably February was quite a
challenging month for fixed income markets. In the first half of the month, investors focused mainly on central banks and
concerns about a faster tightening cycle by monetary authorities to dampen inflation fears. In the second half of the month,
the Russian attack on Ukraine unsettled global markets, triggered an oil and gas price rally, and led to a flight to safe assets.
In this environment of rising energy prices, inflation expectations increased significantly, leading to a rise in yields
worldwide. Emerging market government bonds, along with corporate bonds, suffered the most. On the other side, inflation-
linked bonds outperformed their nominal counterparts significantly. The sharp rise in commodity prices triggered by the
Ukraine war had led to sky-rocketing inflation data in March. Repeating upward-surprising inflation data in the US and the
euro zone pushed central bankers to a more hawkish stance. For bond markets, these developments meant a sell-off. In this
environment, inflation-linked bonds again outperformed their nominal counterparts. The credit segment performed similarly
to the government bond segment. Towards month-end credit markets improved following news that there could be a ceasefire
between Russia and Ukraine. However so far these hopes were dashed. Additionally, CPI numbers in central and southern
Europe showed the challenges the ECB still faced to get inflation under control. The inversion of the US yield curve and a
dramatic weakening in sentiment in Europe have raised concerns about the risk of recession in both regions. The war had
been directly causing shortages of energy, industrial and food resources, and thus leading to higher prices. The geopolitical
shock therefore stoked cyclical fears of a stubborn rise in inflation and thus of faster and stronger interest rate hikes in the
months ahead.
7
The economic outlook for Europe, which was heavily dependent on Russian energy sources, had deteriorated. In this
turbulent environment energy and commodity prices rose significantly, while both the gold price and the US dollar
strengthened overall – even against safe havens such as the Swiss franc or the yen. The belief that inflation was transitionary
began to change over the quarter. Euro area inflation was revised up and in the US, inflation reached a 40 year high. Fixed
income posted general losses due to the much stricter interest rate outlook. The crippling economic sanctions imposed on
Russia led to a freefall in both bond and FX prices and further having a negative knock-on effect on neighbouring CEE
countries’ asset prices. The foreign holdings of Russian government bonds were frozen. The conflict has also led to further
deterioration in the global inflation outlook, as Russia has been a large exporter of energy, metals and also selected soft
commodities. The best performing country in the EM complex was Brazil. The currency appreciated strongly, supported by
inflow into Brazilian equities and the rise in commodity prices of which the country is large exporter. As the central bank
aggressively hiked rates the high carry also attracted significant inflows into local assets. South Africa was likewise boosted
by the rise in commodity prices. In contrast to the majority of other countries, South African bond yields remained stable
over the period and contributed positively to the overall performance. The deteriorating inflation picture in CEE led to a
strong rise in yield in all countries and currencies also experienced weakness. The worst performer of the block was Hungary
followed by Poland.
In the first four months of 2022, these risks successively hit home for the equity markets: in January, investors began to
adjust their interest rate expectations upward at an accelerating pace. This was followed on 24th February by the Russian
invasion of Ukraine and the surprisingly harsh economic and political sanctions against the aggressor. The war led to an
additional supply-side inflationary shock by creating shortages of energy, as well as in industrial and food resources. The
geopolitical tension began to fuel fears of a collapse in demand at a time when monetary tightening seemed virtually
irreversible. The first US rate hike followed in March, by now in line with expectations, just as the omicron wave began to
make headlines in Asia. But while Japan and other countries opted for a reopening policy, it became increasingly clear by
the end of March that China would stick to its uncompromising zero-tolerance policy against the virus, regardless of
economic, political or social costs. In April, all of these factors impacted markets virtually simultaneously, leading in some
cases to historically extreme price movements, particularly in interest rate markets.
During these politically eventful months, energy and commodity prices gained the most, while both the gold price and the
US dollar rose against the British Pound and Euro, which could provide further inflationary pressure for European
economies. Bonds, on the other hand, posted losses, in many cases the sharpest in decades, due to the significantly tighter
policy rate outlook, as did emerging market equities, led by China. US equities, which had previously held up relatively
well, also posted big declines in March, especially in the previously highly valued and popular technology sector.
As a result, stock market indices in the euro zone were slightly lower year-on-year at the end of April, while Asia's emerging
markets even recorded losses of more than 20%. However, the American and Japanese indices as well as the British and
Swiss stock market benchmarks in Europe were still able to close the reporting period with positive returns.
As of end of April, major stock market indices (in local currency including dividends) performed as follows: S&P500 +0.2%,
Nikkei -5.1%, MSCI Emerging Markets LC -16.3%, MSCI Europe +6.48%, FTSE 100 12.27% and Eurostoxx 50 -1.83%.
8
Sub-fund performance
During the year the various sub-funds had net performance as follows:
Class A 9.88%
Class B 9.33%
Class C -3.72%
Class D -4.19%
Class E -12.36%
Class O 10.98%
Class A -2.00%
Class C -4.59%
Class E -14.13%
Class F -14.58%
Class A 6.91%
LGT Sustainable Equity Global Sub-Fund Class C 6.14%
Class E -6.98%
Class A -0.17%
LGT Sustainable Equity Europe Sub-Fund Class C -0.85%
Class E 2.76%
Class A -0.27%
LGT Sustainable Bond Global Sub-Fund Class B -0.25%
Class C -0.69%
Class A -5.25%
LGT Sustainable Bond Global Hedged Sub-Fund Class B -5.22%
Class E -6.73%
Class A -10.75%
LGT Sustainable Quality Equity Sub-Fund Class B -10.88%
Class E -15.66%
Class A -12.01%
Class B -12.48%
Class D -11.35%
Class E -11.81%
Class H -13.04%
Class J -12.88%
Class A -8.90%
Class C -9.74%
Class D -8.12%
Class E -9.78%
Class H -9.64%
Class I -9.98%
Class J -9.77%
Class K -10.24%
Class M -9.93%
Class N -10.10%
Class A -6.30%
Class B -7.05%
Class C -7.91%
LGT Sustainable Equity Market Neutral Sub-Fund Class D -8.12%
Class E -7.52%
Class F -8.40%
Class G -8.57%
LGT Crown Liquid Private Equity Opportunities Sub-Fund Class O -20.22%
9
Sub-fund performance (continued)
Class A -15.18%
Class B -14.04%
LGT EM HC Bond Sub-Fund Class D -14.69%
Class K -15.55%
Class L -16.47%
Class A -1.28%
Class B -3.65%
Class D -4.22%
Class H 1.51%
Class K -2.11%
Class L 10.84%
Class M -3.00%
Class N 8.46%
Class Q -2.65%
Class T -3.99%
LGT Capital Partners Ltd.

Pfäffikon, Switzerland
August 2022
10
DIRECTORS’ REPORT
The Directors submit their annual report together with the audited financial statements, which comprise the Statement of
Comprehensive Income, the Balance Sheet, the Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares, the Statement of Cash Flows, the related notes for the Company and its sub-funds and the Portfolio of
Investments, for the year ended 30 April 2022.
Statement of Directors’ responsibilities

The Directors are responsible for preparing the Directors’ report and the financial statements in accordance with Irish law
which requires the Directors to prepare financial statements for each financial year that gives a true and fair view of the
Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company
for the financial year. Under that law the Directors have prepared the financial statements in accordance with International
Financial Reporting Standards (“IFRS”), as adopted by the European Union (“EU”).
Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and
fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and the profit or loss
of the Company for the financial year.
In preparing the financial statements, the Directors are required to:

(i) select suitable accounting policies and then apply them consistently;
(ii) make judgments and estimates that are reasonable and prudent;
(iii) state whether the financial statements have been prepared in accordance with applicable accounting standards and
identify the standards in question, subject to any material departures from those standards being disclosed and
explained in the notes to the financial statements; and
(iv) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will
continue in business.
The Directors confirm that they have complied with the above requirements in preparing the audited financial statements.
These financial statements may be available on the website of LGT Capital Partners Limited and/or any regulatory website
as may be required by law and/or regulations. The Directors are responsible for the maintenance and integrity of corporate
and financial information included on the Company's website.
The Directors are responsible for keeping adequate accounting records that are sufficient to:
(i) correctly record and explain the transactions of the Company;
(ii) enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with
reasonable accuracy; and
(iii) enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and enable those
financial statements to be audited.
The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Under the UCITS regulations, the Directors are required to entrust the assets of the Company to the Depositary for safe-
keeping. The Depositary appointed as at the year end is RBC Investor Services Bank S.A., Dublin Branch.
Directors’ compliance statement

The Directors acknowledge that they are responsible for securing the Company’s compliance with its relevant obligations.
The Directors confirm that they have;
(i) drawn up a compliance policy statement setting out the Company’s policies respecting compliance by the Company
with its relevant obligations;
(ii) put in place appropriate arrangements or structures that are designed to secure material compliance with the Company’s
relevant obligations; and
(iii) conducted a review, during the financial year ended 30 April 2022, of the arrangements and structures, referred to at
(ii) above.
11
DIRECTORS’ REPORT (continued)
Corporate governance statement

The Board has adopted a voluntary Corporate Governance Code for Collective Investment Schemes & Management
Companies (the “Code”) issued on 14 December 2011 by the Irish Funds Industry Association. The Company has been in
compliance with the Code for the entire year.
Accounting records
The Directors are responsible for keeping adequate accounting records that are sufficient to:
(i) correctly record and explain the transactions of the Company;
(ii) enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be
determined with reasonable accuracy; and
(iii) enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and enable
those financial statements to be audited.
The measures taken by the Directors to secure compliance with the Company’s obligations to keep adequate accounting
records are the use of appropriate systems and procedures, appointment of an administrator and employment of competent
persons.
Investment objective
The Company’s investment objective is to spread investment risk and enable its shareholders to achieve an appreciation of
capital over the medium to long-term. The investment objectives of each individual sub-fund are detailed in the Background
to the Company section of these financial statements.
Review of business and future developments

The 2022 reporting period continued to be impacted by the Covid-19 pandemic. Recent disruptions associated with current
geopolitical events have had a global impact, and uncertainty exists as to their implications. Such disruptions can potentially
adversely affect the assets, and thus performance of the sub funds. The Manager, together with the Investment Manager
continues to monitor these developments and evaluate their impact on the Company.
A detailed review of the business is included in the Investment Manager’s Report. A summary of future developments is
included in the events since the period end note.
The Directors do not propose to change the current strategy or investment objectives of the Company for the foreseeable
future. The Directors believe that the Company and the Sub-Funds have adequate resources to continue in operational
existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the financial
statements.
During the year the following sub-funds were launched:
• LGT EM HC Bond Sub-Fund: as of 15 June 2021 with Class A, Class K and Class L share classes.
• LGT EM Frontier LC Bond Sub-Fund: as of 23 June 2021 with Class A, Class K, Class L and Class M share classes.
On 17 September 2021, LGT Bond EMMA LC Sub-Fund and LGT Sustainable Quality Equity Hedged Sub-Fund officially
changed their names to LGT EM LC Bond Sub-Fund and LGT Sustainable Quality Equity Sub-Fund, respectively.
Throughout the remainder of these financial statements, these sub-funds will be referred to using their new name.
Risk management objectives and policies

The Company is exposed to a variety of financial risks including: market, currency, interest rate, credit and liquidity risks
and attributes great importance to professional risk management. The Company has investment guidelines that set out its
overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes
to monitor and control the economic impact of these risks. The Investment Manager provides the Company with investment
recommendations that are consistent with the Company’s objectives. The nature of the Company’s risks and the actions
taken to manage these risks are analyzed in more detail in Note 4 to these financial statements. The Company’s capital is
represented by the net assets attributable to holders of redeemable participating shares. The policies in place to ensure the
preservation of this capital and to ensure the ability to continue as a going concern is detailed in Note 4(f) to these financial
statements.
12
Connected parties
Chapter 10 of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective
Investment in Transferable Securities) Regulations 2015 (SI No 420 of 2015) (the "Regulations") – ‘Dealings by promoter,
manager, trustee, investment adviser and group companies’ states that any transaction carried out with a UCITS by a
promoter, manager, trustee, investment adviser and/or associated or group companies of these (“connected parties”) must
be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.
The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the
obligations set out in Chapter 10 of the Regulations are applied to all transactions with connected parties; and the Directors
are satisfied that transactions with connected parties entered into during the period complied with the obligations set out in
this paragraph.
Results and distributions

The results for the year are set out in the Statement of Comprehensive Income. Total dividends of EUR 91,192,025 (2021:
EUR 65,023,366) were paid during the year ended 30 April 2022 on the following distribution dates.
Sub-Fund Distribution Date Amount

LGT EM LC Bond Sub-Fund 27 April 2022 EUR 4,148,366
LGT Sustainable Equity Global Sub-Fund 27 April 2022 EUR 31,019,886
LGT Sustainable Bond Global Sub-Fund 27 April 2022 EUR 1,012,528
LGT Sustainable Quality Equity Sub-Fund 27 April 2022 USD 58,120,711
LGT EM Frontier LC Bond Sub-Fund 27 April 2022 USD 4,730,064
ERISA declaration
The Company does not constitute “plan assets” as defined under the Employee Retirement Income Security Act (“ERISA”)
as less than 25% of the Company is owned by “benefit plan investors”.
Events since the Balance Sheet date

Events since the Balance Sheet date are disclosed in Note 17 to the financial statements.
Directors
The persons who were Directors at any time during the year ended 30 April 2022 and 30 April 2021, along with any changes
in Directors during the year, are as follows.
Kevin Mathews (Irish)*

Dr. Urs Gähwiler (Swiss) (resigned 03.12.2021)
Roger Gauch (Swiss)
Paul Garvey (Irish)
Kathryn O’Driscoll (Irish)
* denotes Independent Director
Directors' and Secretary's interests

The Directors have the power to appoint any person to be a Director. Any Director so appointed shall hold office until the
next annual general meeting and shall then be eligible for re-election. Directors are not required to retire by rotation. A
Director must, however, be a person approved for that purpose by the Central Bank of Ireland.
13
The Company, by ordinary resolution of which extended notice has been given in accordance with the provisions of the
Companies Act 2014, may remove any Director notwithstanding anything in the Articles of Association of the Company
(the “Articles”) or in any agreement between the Company and such Director and may, if thought fit, by ordinary resolution
appoint another Director in his stead. The prior approval of the Central Bank of Ireland, and a majority of the shareholders
(by way of a special resolution) shall be required to any amendment to the Articles.
The Directors and Secretary and their families had no direct interests in the shares of the Company at 30 April 2022. No
Director had at any time during the period, a material interest in any contract of significance, existing during or at the end
of the period, in relation to the business of the Company. Certain Directors may have indirect interests in the shares of
the Company by way of their co-investments in the various LGT funds.
The Directors of the Company may also be directors of the Investment Manager and Sub-Distributor or Manager and
Distributor or both. No Directors are or have been directors of LGT Capital Partners (Ireland) Limited and LGT Fund
Managers (Ireland) Limited during the year.
Remuneration disclosure
The AIFMD disclosure provisions of Article 13 of the Directive 2011/61/EC (in particular Annex II) and European
Securities and Markets Authority’s (“ESMA”) “Guidelines on sound remuneration policies under AIFMD” have been
applied at the level of the Management Company. Disclosures regarding remuneration policy are included in the Financial
Information (unaudited) section at the back of these financial statements.
Relevant audit information

The Board of Directors is satisfied there is no relevant audit information of which the Company’s statutory auditors are
unaware. Furthermore, the Board of Directors confirm they have taken all appropriate steps in order to make themselves
aware of any relevant audit information and to establish that the Company’s statutory auditors are aware of that information.
Audit Committee
The Directors believe that there is no requirement to form an audit committee as the Board has only non-executive Directors
and one independent Director and the Company complies with the provisions of the Irish Funds’ Corporate Governance
Code. The Directors have delegated the day to day investment management and administration of the Company to the
Investment Manager, Manager and to the Administrator respectively. The Directors have also appointed RBC Investor
Services Bank S.A., Dublin Branch as depositary of the assets of the Company.
Independent Auditors
PricewaterhouseCoopers have expressed their willingness to continue in office in accordance with section
383 of the Companies Act 2014.
On behalf of the Board
______________________ ____________________
Director Director
Date: 18 August 2022
14
Independent auditors’ report to the members of Crown Sigma
UCITS plc
Report on the audit of the financial statements

Opinion
In our opinion, Crown Sigma UCITS plc’s financial statements:
• give a true and fair view of the Company’s and sub-funds’ assets, liabilities and financial position as at 30 April
2022 and of their results and cash flows for the year then ended;
• have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as
adopted by the European Union; and
• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European
Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).
We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which
comprise:
• the Balance Sheet as at 30 April 2022;
• the Statement of Comprehensive Income for the year then ended;
• the Statement of Cash Flows for the year then ended;
• the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year
then ended;
• the Portfolio of Investments for each of the sub-funds as at 30 April 2022; and
• the notes to the financial statements for the Company and for each of its sub-funds, which include a description of
the significant accounting policies.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and
applicable law.
Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of
the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the Company’s and sub-funds’ ability to continue as a going
concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the
Company’s and sub-funds’ ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant
sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report and Audited Financial Statements other than
the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our
opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit
opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 we identify an apparent material inconsistency or material
misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report based on these responsibilities.
With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014
have been included.
Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the
Companies Act 2014 require us to also report certain opinions and matters as described below:
• In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’
Report for the year ended 30 April 2022 is consistent with the financial statements and has been prepared in
accordance with applicable legal requirements.
• Based on our knowledge and understanding of the Company and its environment obtained in the course of the
audit, we have not identified any material misstatements in the Directors’ Report.
Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors’ responsibilities set out on page 11, the directors are responsible for
the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they
give a true and fair view.
The directors are also responsible for such internal control as they determine 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 directors are responsible for assessing the Company’s and sub-funds’ ability to
continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Auditors’ responsibilities 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 an auditors’ report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) 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.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data
auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing
complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In
other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is
selected.
A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:
https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for
_audit.pdf.
This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance
with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or
assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it
may come save where expressly agreed by our prior consent in writing.
Other required reporting

Companies Act 2014 opinions on other matters
• We have obtained all the information and explanations which we consider necessary for the purposes of our
audit.
• In our opinion the accounting records of the Company were sufficient to permit the financial statements to be
readily and properly audited.
• The financial statements are in agreement with the accounting records.
Companies Act 2014 exception reporting

Directors’ remuneration and transactions
Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’
remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to
report arising from this responsibility.
Patricia Johnston
for and on behalf of PricewaterhouseCoopers
Chartered Accountants and Statutory Audit Firm
Dublin
19 August 2022
STATEMENT OF COMPREHENSIVE INCOME

LGT LGT LGT LGT

LGT EM LC Sustainable Sustainable Sustainable
Crown Listed Bond Equity Global Equity Europe Bond Global
Note Private Equity Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2022 2022 2022 2022 2022
(in EUR) (in EUR) (in EUR) (in EUR) (in EUR)
INCOME
Interest income 694 1,854 4,400 416 -
Interest from financial assets at fair value
through profit or loss 4,223 9,657,149 - - 3,062,292
Dividend income 16,901,912 - 23,269,620 3,092,278 -
Other income - 151,602 269,607 - 62,361
Net gain/(loss) on financial assets and
liabilities at fair value through profit or loss 57,400,632 (11,610,301) 58,133,029 (307,916) 899,304
Net gain/(loss) on foreign currency 573,318 (392,964) 2,303,206 87,162 (164,447)
Total investment gain/(loss) 74,880,779 (2,192,660) 83,979,862 2,871,940 3,859,510
EXPENSES
Management fee 6 (2,050,766) (203,130) (2,117,812) (44,718) (477,649)
Administration fee 6 (93,581) (188,515) (1,021,493) (75,252) (171,783)
Depositary and trustee fee 6 (105,733) (158,885) (205,643) (40,047) (80,991)
Professional fee (1,999) (9,973) (100,736) (12,632) (58,041)
Audit fee 6 (12,034) (16,202) (13,596) (12,971) (18,024)
Director’s fee 6 (384) (384) (384) (384) (384)
Transaction costs (76,239) (10,636) (30,377) (1,387) (19,978)
Commission expense - - (40,730) - (39,286)
Other expenses (40,852) (34,701) (67,414) (52,439) (48,959)
Total operating expenses (2,381,588) (622,426) (3,598,185) (239,830) (915,095)
Operating profit/(loss) 72,499,191 (2,815,086) 80,381,677 2,632,110 2,944,415
FINANCE COSTS
Distribution to shareholders - (4,148,366) (31,019,886) - (1,012,528)
Interest expense (64,026) (100,294) (220,812) (17,278) (50,636)
Total finance costs (64,026) (4,248,660) (31,240,698) (17,278) (1,063,164)
Profit/(loss) before tax 72,435,165 (7,063,746) 49,140,979 2,614,832 1,881,251

Provision for capital gains tax - (250,161) - - -
Withholding tax (1,807,728) (303,327) (2,987,710) (232,001) (3,353)
Profit/(loss) after tax 70,627,437 (7,617,234) 46,153,269 2,382,831 1,877,898
Increase/(decrease) in net assets
attributable to holders of redeemable
participating shares from operations 70,627,437 (7,617,234) 46,153,269 2,382,831 1,877,898
All amounts arose solely from continuing operations. There are no gains and losses other than those dealt with in the
Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements
19

FOR THE YEAR ENDED 30 APRIL 2022 (continued)
LGT LGT LGT LGT LGT

Sustainable Sustainable Bond Sustainable Sustainable
Bond Global Quality EM Credit Bond Equity Market
Hedged Equity Opportunities Corporates Neutral
Note Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2022 2022 2022 2022 2022
(in USD) (in USD) (in USD) (in USD) (in USD)
INCOME
Interest income 424 75 151 232 424
through profit or loss 3,035,318 - 4,065,136 3,226,288 -
Dividend income - 23,030,793 - - 3,303,826
Other income 46,824 264,840 - 20,782 26,672
liabilities at fair value through profit or loss (27,565,917) (191,788,565) (12,473,105) (33,802,369) (17,790,733)
Net gain/(loss) on foreign currency (1,339,809) (12,172,562) (7,120) (1,405,079) (3,342,658)

Total investment gain/(loss) (25,823,160) (180,665,419) (8,414,938) (31,960,146) (17,802,469)
EXPENSES
Management fee 6 (622,668) (1,550) (50,778) (617,245) (611,852)
Administration fee 6 (182,161) (1,201,892) (50,741) (125,887) (53,647)
Depositary and trustee fee 6 (83,995) (211,807) (43,587) (61,707) (66,119)
Professional fee (74,105) (178,180) (33,015) (60,081) (65,220)
Audit fee 6 (16,647) (14,849) (19,820) (18,743) (20,179)
Director’s fee 6 (440) (440) (440) (440) (440)
Transaction costs (23,063) (50,711) (11,242) (19,902) (21,786)
Commission expense (43,797) - (2,373) (8,757) (60,359)
Other expenses (34,373) (66,528) (44,077) (34,914) (83,276)
Total operating expenses (1,081,249) (1,725,957) (256,073) (947,676) (982,878)
Operating profit/(loss) (26,904,409) (182,391,376) (8,671,011) (32,907,822) (18,785,347)
FINANCE COSTS
Distribution to shareholders - (58,120,711) - - -
Interest expense (11,085) (18,490) (4,315) (38,143) (13,562)
Total finance costs (11,085) (58,139,201) (4,315) (38,143) (13,562)
Profit/(loss) before tax (26,915,494) (240,530,577) (8,675,326) (32,945,965) (18,798,909)

Provision for capital gains tax - - - - -
Withholding tax - (3,295,940) - - (417,555)
Profit/(loss) after tax (26,915,494) (243,826,517) (8,675,326) (32,945,965) (19,216,464)
participating shares from operations (26,915,494) (243,826,517) (8,675,326) (32,945,965) (19,216,464)
20

LGT
Crown Liquid LGT LGT Total
Private Equity EM HC EM Frontier for the year
Opportunities Bond LC Bond ended
Note Sub-Fund Sub-Fund1) Sub-Fund2) 30 April
2022 2022 2022 20223)
(in USD) (in USD) (in USD) (in EUR)
INCOME
Interest income - - 1,944 10,223
through profit or loss - 4,499,455 30,490,808 52,645,871
Dividend income 4,249,902 - - 70,014,194
Other income 67,224 5,281 1,259 862,232
liabilities at fair value through profit or loss (56,031,394) (25,659,410) (115,702,448) (314,765,641)
Net gain/(loss) on foreign currency 640,515 101,621 (5,209,883) (17,521,478)
Total investment gain/(loss) (51,073,753) (21,053,053) (90,418,320) (208,754,599)
EXPENSES
Management fee 6 - (11,383) (4,693,853) (10,714,191)
Administration fee 6 (199,499) (25,963) (80,913) (3,231,400)
Depositary and trustee fee 6 (63,603) (57,978) (277,617) (1,351,821)
Professional fee (11,493) (42,807) (190,033) (758,097)
Audit fee 6 (13,882) (14,000) (14,000) (188,598)
Director’s fee 6 (440) (437) (437) (5,000)
Transaction costs (776) - - (250,116)
Commission expense (34,576) (11,665) (101,918) (311,368)
Other expenses (15,294) (25,598) (37,000) (543,156)
Total operating expenses (339,563) (189,831) (5,395,771) (17,353,747)
Operating profit/(loss) (51,413,316) (21,242,884) (95,814,091) (226,108,346)
FINANCE COSTS
Distribution to shareholders - - (4,730,064) (91,192,025)
Interest expense (28,866) (13,072) (299,248) (828,919)
Total finance costs (28,866) (13,072) (5,029,312) (92,020,944)
Profit/(loss) before tax (51,442,182) (21,255,956) (100,843,403) (318,129,290)

Provision for capital gains tax - - (253,701) (474,180)
Withholding tax (1,116,081) - (703,205) (10,179,182)
Profit/(loss) after tax (52,558,263) (21,255,956) (101,800,309) (328,782,652)
participating shares from operations (52,558,263) (21,255,956) (101,800,309) (328,782,652)
NOTE:
1) Launched 15 June 2021.
2)
Launched 23 June 2021.
3) Cross Sub-Fund transactions have been eliminated on Company total amount (see Note 11 for further details).
21

LGT LGT LGT

LGT EM LC Sustainable Sustainable
Crown Listed Bond Equity Global Equity Europe
Note Private Equity Sub-Fund Sub-Fund Sub-Fund
2021 2021 2021 2021
(in EUR) (in EUR) (in EUR) (in EUR)
INCOME
Interest income 368 4,771 5,847 3
Interest from financial assets at fair value through
profit or loss - 8,686,781 - -
Dividend income 17,889,411 - 15,715,445 2,604,276
Other income - 238,321 346,249 61,651
Net gain/(loss) on financial assets and liabilities at fair
value through profit or loss 250,688,964 (989,035) 237,951,443 35,019,134
Net gain/(loss) on foreign currency (828,123) (348,142) (637,393) 110,592
Total investment gain/(loss) 267,750,620 7,592,696 253,381,591 37,795,656
EXPENSES
Management fee 6 (1,443,189) (118,726) (1,287,316) (285,409)
Administration fee 6 (78,826) (228,941) (1,065,303) (117,039)
Depositary and trustee fee 6 (98,817) (218,549) (140,634) (47,869)
Professional fee - (26,096) (64,315) (25,608)
Audit fee 6 (11,461) (15,430) (12,949) (12,353)
Director’s fee 6 (455) (455) (455) (455)
Transaction costs (154,299) (13,343) (44,137) (12,668)
Commission expense - - - -
Other expenses (27,646) (19,625) (29,212) (23,904)
Total operating expenses (1,814,693) (641,165) (2,644,321) (525,305)
Operating profit/(loss) 265,935,927 6,951,531 250,737,270 37,270,351
FINANCE COSTS
Distributions to shareholders - (6,103,763) (49,846,241) -
Total finance costs (129,816) (6,174,174) (50,014,474) (13,311)
Profit/(loss) before tax 265,806,111 777,357 200,722,796 37,257,040

Provision for capital gains tax - (54,899) - -
Withholding tax (2,478,175) (622,313) (2,302,607) (250,576)
Profit/(loss) after tax 263,327,936 100,145 198,420,189 37,006,464
Increase/(decrease) in net assets attributable to

holders of redeemable participating shares from
operations 263,327,936 100,145 198,420,189 37,006,464
22

LGT LGT
LGT Sustainable LGT Bond
Sustainable Bond Global Sustainable EM Credit
Bond Global Hedged Quality Equity Opportunities
Note Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2021 2021 2021 2021
(in EUR) (in USD) (in USD) (in USD)
INCOME
Interest income 2,280 279 - 27
profit or loss 3,946,428 1,959,881 - 4,013,017
Dividend income - - 18,783,173 -
Other income 74,638 55,057 206,714 44,399
value through profit or loss (8,066,725) (7,504,139) 340,188,253 9,999,728
Net gain/(loss) on foreign currency (1,570,437) 462,507 6,292,726 (62,537)
Total investment gain/(loss) (5,613,816) (5,026,415) 365,470,866 13,994,634
EXPENSES
Management fee 6 (389,825) (151,867) (42,303) (28,329)
Administration fee 6 (199,543) (158,743) (1,058,393) (67,859)
Audit fee 6 (17,166) (15,854) (14,142) (18,876)
Director’s fee 6 (455) (534) (534) (534)
Transaction costs (36,662) (17,355) (95,075) (15,712)
Commission expense (20,292) (10,784) - (388)
Other expenses (28,836) (21,433) (35,031) (17,852)
Total operating expenses (822,866) (453,097) (1,528,529) (220,756)
Operating profit/(loss) (6,436,682) (5,479,512) 363,942,337 13,773,878
FINANCE COSTS
Distributions to shareholders (2,000,056) - (8,319,504) -
Total finance costs (2,038,336) (7,285) (8,341,014) (3,163)
Profit/(loss) before tax (8,475,018) (5,486,797) 355,601,323 13,770,715

Provision for capital gains tax - - - -
Withholding tax (3,237) - (2,874,197) -
Profit/(loss) after tax (8,478,255) (5,486,797) 352,727,126 13,770,715

operations (8,478,255) (5,486,797) 352,727,126 13,770,715

23

LGT LGT LGT

Sustainable Sustainable Crown Liquid Total
Bond Equity Market Private Equity For the year
Corporates Neutral Opportunities ended
Note Sub-Fund Sub-Fund Sub-Fund 30 April
2021 2021 2021 20211)
INCOME
Interest income 208 231 - 13,902
profit or loss 1,987,300 - - 19,401,031
Dividend income - 2,570,088 2,280,602 56,302,824
Other income 31,727 21,040 4,934 1,030,225
value through profit or loss 55,212 1,385,282 124,046,072 912,480,685
Net gain/(loss) on foreign currency 184,371 2,764,253 621,667 5,452,168
Total investment gain/(loss) 2,258,818 6,740,894 126,953,275 994,680,835
EXPENSES
Management fee 6 (62,606) (520,238) - (4,209,174)
Administration fee 6 (39,044) (54,936) (93,463) (2,941,530)
Audit fee 6 (17,850) (19,218) (13,221) (153,666)
Director’s fee 6 (534) (535) (534) (5,000)
Transaction costs (25,225) (35,923) - (422,045)
Commission expense (2,763) (39,598) - (65,806)
Other expenses (20,317) (39,789) (89,643) (319,726)
Total operating expenses (260,897) (833,239) (281,249) (9,490,196)
Operating profit/(loss) 1,997,921 5,907,655 126,672,026 985,190,639
FINANCE COSTS
Distributions to shareholders - - - (65,023,366)
Total finance costs (36,898) (12,056) (23,603) (65,532,276)
Profit/(loss) before tax 1,961,023 5,895,599 126,648,423 919,658,363

Provision for capital gains tax - - - (54,899)
Withholding tax - (370,201) (508,579) (8,847,718)
Profit/(loss) after tax 1,961,023 5,525,398 126,139,844 910,755,746

operations 1,961,023 5,525,398 126,139,844 910,755,746
NOTE:
The accompanying notes form an integral part of these financial statement
24
BALANCE SHEET
AS AT 30 APRIL 2022
LGT LGT LGT LGT

Note Private Equity Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2022 2022 2022 2022 2022
ASSETS
Current assets
Cash and cash equivalents 9 2,720,148 7,924,272 41,452,294 3,686,063 3,517,159
Margin cash 10 - 3,130,000 - - -
Financial assets at fair value through profit
or loss 7 614,073,445 147,229,602 1,191,470,477 90,691,807 213,273,199
Interest receivable from financial assets at
fair value through profit or loss 4,223 2,281,943 - - 881,342
Dividend receivable 901,408 - 4,664,612 525,497 -
Receivable for investments sold 526,145 453,481 3,721,937 - 1,861,114
Subscriptions receivable - - 16,618 - 22,077
Other receivables 1,735 288,354 335,467 183,847 99,301
Total assets 618,227,104 161,307,652 1,241,661,405 95,087,214 219,654,192
LIABILITIES
Current liabilities
Financial liabilities at fair value through
profit or loss 7 - (5,483,210) (2,547,635) (35,467) (3,570,284)
Interest payable (3,431) (6,085) (9,628) (2,300) (1,987)
Management fee payable 6 (171,967) (210,516) (2,261,634) (70,782) (524,451)
Administration fee payable 6 (107,521) (201,137) (1,176,988) (186,903) (196,185)
Depositary and trustee fee payable 6 (116,752) (223,822) (202,612) (51,662) (89,811)
Audit fee payable 6 (12,034) (16,202) (13,596) (12,971) (18,024)
Payable for investments purchased (1,694,275) - (3,796,299) - -
Redemptions payable - (133,556) - (38,403) (1,228,215)
Other payables (310,443) (159,204) (257,016) (145,326) (220,252)
Total liabilities (excluding net assets
participating shares) (2,416,423) (6,433,732) (10,265,408) (543,814) (5,849,209)
Net assets attributable to holders of
redeemable participating shares 615,810,681 154,873,920 1,231,395,997 94,543,400 213,804,983
25
BALANCE SHEET
AS AT 30 APRIL 2022 (continued)
LGT LGT LGT LGT LGT

Note Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2022 2022 2022 2022 2022
ASSETS
Current assets
Cash and cash equivalents 9 2,996,179 2,656,329 392,836 3,516,148 3,765,936
Margin cash 10 3,940,000 - - 3,790,000 1,290,000
or loss 7 301,290,031 1,439,983,448 53,424,633 203,508,255 165,727,257
fair value through profit or loss 830,840 - 777,157 1,236,047 -
Dividend receivable - 2,442,885 - - 443,431
Receivable for investments sold - - 205,678 - 206,058
Subscriptions receivable - 153,653 - - -
Other receivables 44,451 770,907 30,146 71,393 97,561
Total assets 309,101,501 1,446,007,222 54,830,450 212,121,843 171,530,243
LIABILITIES
Current liabilities
profit or loss 7 (7,926,552) (2,901,717) (147,531) (3,658,081) (2,816,161)
Interest payable (485) (600) (52) (2,172) (199)
Management fee payable 6 (672,039) (2,590) (60,191) (640,880) (658,610)
Administration fee payable 6 (198,184) (1,315,573) (53,063) (125,444) (49,514)
Depositary and trustee fee payable 6 (90,596) (210,702) (45,505) (63,559) (67,507)
Audit fee payable 6 (16,647) (14,849) (19,820) (18,743) (20,179)
Payable for investments purchased - - (261,507) (832,402) (217,919)
Redemptions payable (14,636) - - (55,737) -
Other payables (242,017) (400,522) (162,991) (204,921) (206,202)
participating shares) (9,161,156) (4,846,553) (750,660) (5,601,939) (4,036,291)
redeemable participating shares 299,940,345 1,441,160,669 54,079,790 206,519,904 167,493,952
26
BALANCE SHEET
LGT
Crown Liquid LGT LGT
Private Equity EM HC EM Frontier Total
Opportunities Bond LC Bond as at
Note Sub-Fund Sub-Fund1) Sub-Fund2) 30 April
2022 2022 2022 20223)
ASSETS
Current assets
Cash and cash equivalents 9 4,136,918 1,689,096 215,344,745 281,583,634
Margin cash 10 - - 16,990,000 27,785,197
or loss 7 216,386,184 124,287,795 656,377,915 5,212,727,373
fair value through profit or loss - 1,520,911 16,009,727 22,480,918
Dividend receivable 88,529 - - 8,911,409
Receivable for investments sold 1,045,701 - - 7,944,199
Subscriptions receivable - - 24,774 207,828
Other receivables 208,327 5,281 14,627 2,086,668
Total assets 221,865,659 127,503,083 904,761,788 5,563,727,226
LIABILITIES
Current liabilities
profit or loss 7 (190,939) (517,357) (23,868,269) (51,474,130)
Interest payable (975) (468) (16,313) (43,587)
Management fee payable 6 - (11,383) (4,693,853) (9,627,848)
Administration fee payable 6 (212,146) (25,963) (80,913) (3,822,192)
Depositary and trustee fee payable 6 (80,586) (57,978) (277,617) (1,532,140)
Audit fee payable 6 (13,882) (14,000) (14,000) (198,065)
Payable for investments purchased (3,174,522) - (8,001,200) (17,327,675)
Redemptions payable - - - (1,466,881)
Other payables (116,398) (51,133) (258,304) (2,649,176)
participating shares) (3,789,448) (678,282) (37,210,469) (88,141,694)
redeemable participating shares 218,076,211 126,824,801 867,551,319 5,475,585,532
NOTE:
Director Director
18 August 2022
27
BALANCE SHEET
LGT LGT LGT

Note Private Equity Sub-Fund Sub-Fund Sub-Fund
2021 2021 2021 2021
ASSETS
Current assets
Financial assets at fair value through profit or loss 7 630,557,743 159,923,522 1,137,405,999 128,962,176
Interest receivable from financial assets at fair value
through profit or loss - 2,360,935 - -
Dividend receivable 782,920 - 1,736,157 232,224
Receivable for investments sold 1,150,794 - - 509,177
Subscriptions receivable - 344,318 1,717,654 -
Other receivables - 205,281 199,219 51,201
Total assets 648,588,816 172,154,779 1,197,505,961 132,092,569
LIABILITIES
Current liabilities
Financial liabilities at fair value through profit or loss 7 - (240,223) (5,296,705) (67,396)
Interest payable (619) (116) (3,021) (155)
Management fee payable 6 (157,733) (95,383) (1,138,154) (243,160)
Administration fee payable 6 (71,991) (183,275) (953,441) (143,697)
Depositary and trustee fee payable 6 (83,896) (188,162) (121,313) (43,560)
Payable for investments purchased (2,336,414) - (12,337,025) (841,475)
Redemptions payable - - - -
Other payables (228,557) (151,601) (212,062) (148,050)
Total liabilities (excluding net assets attributable to
holders of redeemable participating shares) (2,890,671) (874,190) (20,074,670) (1,499,846)
Net assets attributable to holders of redeemable
participating shares 645,698,145 171,280,589 1,177,431,291 130,592,723
28
BALANCE SHEET
LGT LGT
Note Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2021 2021 2021 2021
ASSETS
Current assets
Cash and cash equivalents 9 5,828,203 1,791,918 8,660,263 349,981
Financial assets at fair value through profit or loss 7 271,747,236 310,317,840 1,448,895,330 80,228,886
through profit or loss 1,161,344 1,051,878 - 1,053,848
Dividend receivable - - 1,563,019 -
Receivable for investments sold - 2,852,328 - 805,927
Subscriptions receivable 183,587 107,707 77,766 30,494
Other receivables 91,472 45,881 179,797 56,531
Total assets 279,011,842 316,167,552 1,459,376,175 82,525,667
LIABILITIES
Current liabilities
Financial liabilities at fair value through profit or loss 7 (1,544,390) (1,685,164) (2,827,673) (63,545)
Interest payable (283) (47) (376) (3)
Management fee payable 6 (343,569) (151,867) (23,814) (24,961)
Administration fee payable 6 (179,041) (134,768) (933,734) (41,824)
Payable for investments purchased (900,000) (4,329,273) (3,228,234) (781,091)
Redemptions payable - - (1,227,136) -
Other payables (208,197) (184,546) (337,450) (150,950)
holders of redeemable participating shares) (3,266,569) (6,557,856) (8,721,608) (1,113,794)
participating shares 275,745,273 309,609,696 1,450,654,567 81,411,873

29
BALANCE SHEET
LGT LGT
LGT Sustainable Crown Liquid
Sustainable Equity Market Private Equity Total
Bond Corporates Neutral Opportunities as at
Note Sub-Fund Sub-Fund Sub-Fund 30 April
2021 2021 2021 20211)
ASSETS
Current assets
Financial assets at fair value through profit or loss 7 161,216,513 178,033,089 237,336,985 4,307,432,643
through profit or loss 1,008,096 - - 6,108,940
Dividend receivable - 245,717 - 4,253,823
Receivable for investments sold 1,210,889 141,620 398,682 6,153,613
Subscriptions receivable - - - 2,424,963
Other receivables 51,845 19,655 4,934 845,099
Total assets 172,038,992 190,792,751 243,437,738 4,448,321,378
LIABILITIES
Current liabilities
Financial liabilities at fair value through profit or loss 7 (57,661) (6,174,866) (656,263) (16,672,864)
Interest payable (377) - (43) (4,897)
Management fee payable 6 (65,777) (450,166) - (2,573,268)
Administration fee payable 6 (29,460) (39,058) (81,220) (2,578,184)
Payable for investments purchased (601,900) (825,712) (170,101) (24,669,035)
Redemptions payable - - - (1,019,385)
Other payables (176,864) (192,132) (58,441) (1,862,559)
holders of redeemable participating shares) (988,208) (7,760,192) (1,041,999) (50,356,783)
participating shares 171,050,784 183,032,559 242,395,739 4,397,964,595
NOTE:
1)
Cross Sub-Fund transactions have been eliminated on Company total amount (see Note 11 for further details).
30
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE

PARTICIPATING SHARES
LGT LGT LGT LGT

Private Equity Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2022 2022 2022 2022 2022
redeemable participating shares at 1
May 2021 645,698,145 171,280,589 1,177,431,291 130,592,723 275,745,273
Share capital transactions

Proceeds from redeemable participating
shares issued 62,316,581 70,398,441 276,488,149 39,991,361 47,433,697
Redemptions from redeemable
participating shares sold (162,831,482) (79,187,876) (268,676,712) (78,423,515) (111,251,885)
Net increase/(decrease) from share
transactions (100,514,901) (8,789,435) 7,811,437 (38,432,154) (63,818,188)
Increase/(decrease) in net assets attributable

to holders of redeemable participating
shares from operations 70,627,437 (7,617,234) 46,153,269 2,382,831 1,877,898
Currency translation - - - - -
redeemable participating shares at
30 April 2022 615,810,681 154,873,920 1,231,395,997 94,543,400 213,804,983
31

LGT LGT LGT LGT LGT

Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2022 2022 2022 2022 2022
May 2021 309,609,696 1,450,654,567 81,411,873 171,050,784 183,032,559

shares issued 43,657,395 478,942,753 19,662,116 126,509,366 39,146,442
participating shares sold (26,411,252) (244,610,134) (38,318,873) (58,094,281) (35,468,585)
transactions 17,246,143 234,332,619 (18,656,757) 68,415,085 3,677,857

shares from operations (26,915,494) (243,826,517) (8,675,326) (32,945,965) (19,216,464)
30 April 2022 299,940,345 1,441,160,669 54,079,790 206,519,904 167,493,952
32

LGT
Sub-Fund Sub-Fund1) Sub-Fund2) 30 April
2022 2022 2022 20223)
May 2021 242,395,739 - - 4,397,964,595

shares issued 48,377,251 155,309,503 1,035,892,603 2,194,450,983
participating shares sold (20,138,516) (7,228,746) (66,540,975) (1,130,471,268)
transactions 28,238,735 148,080,757 969,351,628 1,063,979,715

shares from operations (52,558,263) (21,255,956) (101,800,309) (328,782,652)
Currency translation - - - 342,423,874

30 April 2022 218,076,211 126,824,801 867,551,319 5,475,585,532
NOTE:
33

LGT LGT LGT

Private Equity Sub-Fund Sub-Fund Sub-Fund
2021 2021 2021 2021
participating shares at 1 May 2020 415,785,646 167,877,372 797,813,611 115,489,145

Proceeds from redeemable participating shares issued 53,337,554 72,099,036 337,924,114 13,564,234
Redemptions from redeemable participating shares sold

(86,752,991) (68,795,964) (156,726,623) (35,467,120)
Net increase/(decrease) from share transactions (33,415,437) 3,303,072 181,197,491 (21,902,886)
Increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations
263,327,936 100,145 198,420,189 37,006,464
Currency translation - - - -
participating shares at 30 April 2021 645,698,145 171,280,589 1,177,431,291 130,592,723

34

LGT LGT
Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2021 2021 2021 2021
participating shares at 1 May 2020 234,536,309 107,247,797 804,661,133 57,403,812

Proceeds from redeemable participating shares issued 108,063,449 247,186,424 445,821,979 31,331,012

(58,376,230) (39,337,728) (152,555,671) (21,093,666)
Net increase/(decrease) from share transactions 49,687,219 207,848,696 293,266,308 10,237,346

(8,478,255) (5,486,797) 352,727,126 13,770,715
participating shares at 30 April 2021 275,745,273 309,609,696 1,450,654,567 81,411,873
35

LGT LGT
Sub-Fund Sub-Fund Sub-Fund 30 April
2021 2021 2021 20211)
participating shares at 1 May 2020 72,489,085 116,319,599 137,767,026 2,914,637,710

Proceeds from redeemable participating shares issued 109,985,654 66,074,121 39,017,229 1,355,140,932

(13,384,978) (4,886,559) (60,528,360) (654,198,448)
Net increase/(decrease) from share transactions 96,600,676 61,187,562 (21,511,131) 700,942,484

1,961,023 5,525,398 126,139,844 910,755,746
Currency translation - - - (128,371,345)

participating shares at 30 April 2021 171,050,784 183,032,559 242,395,739 4,397,964,595
NOTE:
1)

36
STATEMENT OF CASH FLOWS

LGT LGT LGT LGT

2022 2022 2022 2022 2022
Cash flows from operating activities
Net increase/(decrease) in net assets attributable to
operations 70,627,437 (7,617,234) 46,153,269 2,382,831 1,877,898
Adjustments to reconcile net increase/(decrease) in
net assets attributable to holders of redeemable
participating shares from operations to net cash
provided by/(used in) operating activities
(Increase)/decrease in margin cash - (3,130,000) - - -
(Increase)/decrease in financial assets at fair value
through profit or loss 16,484,298 12,693,920 (54,064,478) 38,270,369 58,474,037
Increase)/decrease in interest receivable from financial
assets at fair value through profit or loss (4,223) 78,992 - - 280,002
(Increase)/decrease in dividend receivable (118,488) - (2,928,455) (293,273) -
(Increase)/decrease in receivable from investments sold 624,649 (453,481) (3,721,937) 509,177 (1,861,114)
(Increase)/decrease in other receivables (1,735) (83,073) (136,248) (132,646) (7,829)
Increase/(decrease) in financial liabilities at fair value
through profit or loss - 5,242,987 (2,749,070) (31,929) 2,025,894
Increase/(decrease) in interest payable 2,812 5,969 6,607 2,145 1,704
Increase/(decrease) in other expenses payable 165,079 177,030 1,473,927 (123,176) 226,827
Increase/(decrease) in payable for investments purchased (642,139) - (8,540,726) (841,475) (900,000)
Net cash provided by/(used in) operating activities 87,137,690 6,915,110 (24,507,111) 39,742,023 60,117,419
Cash flows from financing activities:
Proceeds from issue of participating shares 62,316,581 70,742,759 278,189,185 39,991,361 47,595,207
Payment on redemptions of participating shares (162,831,482) (79,054,320) (268,676,712) (78,385,112) (110,023,670)
Net cash flow provided by/(used in) financing
activities (100,514,901) (8,311,561) 9,512,473 (38,393,751) (62,428,463)
Net increase/(decrease) in cash and cash equivalents (13,377,211) (1,396,451) (14,994,638) 1,348,272 (2,311,044)
Cash and cash equivalents at beginning of the year 16,097,359 9,320,723 56,446,932 2,337,791 5,828,203
Cash and cash equivalents, end of the year 2,720,148 7,924,272 41,452,294 3,686,063 3,517,159
Supplementary cash flow information

Dividends received 14,975,696 - 17,353,455 2,567,004 -
Interest received 694 9,434,668 4,400 416 3,338,941
Interest paid (61,214) (94,325) (214,205) (15,133) (48,932)
Supplementary non-cash flow information

Distributions to shareholders reinvested - 3,484,638 31,019,886 - 1,012,528
37

LGT LGT LGT LGT LGT

2022 2022 2022 2022 2022
operations (26,915,494) (243,826,517) (8,675,326) (32,945,965) (19,216,464)
(Increase)/decrease in margin cash (3,940,000) - - (3,790,000) (1,290,000)
through profit or loss 9,027,809 8,911,882 26,804,253 (42,291,742) 12,305,832
assets at fair value through profit or loss 221,038 - 276,691 (227,951) -
(Increase)/decrease in dividend receivable - (879,866) - - (197,714)
(Increase)/decrease in receivable from investments sold 2,852,328 - 600,249 1,210,889 (64,438)
(Increase)/decrease in other receivables 1,430 (591,110) 26,385 (19,548) (77,906)
through profit or loss 6,241,388 74,044 83,986 3,600,420 (3,358,705)
Increase/(decrease) in interest payable 438 224 49 1,795 199
Increase/(decrease) in other expenses payable 676,111 506,047 72,415 725,277 242,398
Increase/(decrease) in payable for investments purchased (4,329,273) (3,228,234) (519,584) 230,502 (607,793)
Net cash provided by/(used in) operating activities (16,164,225) (239,033,530) 18,669,118 (73,506,323) (12,264,591)
Proceeds from issue of participating shares 43,765,102 478,866,866 19,692,610 126,509,366 39,146,442
Payment on redemptions of participating shares (26,396,616) (245,837,270) (38,318,873) (58,038,544) (35,468,585)
activities 17,368,486 233,029,596 (18,626,263) 68,470,822 3,677,857
Net increase/(decrease) in cash and cash equivalents 1,204,261 (6,003,934) 42,855 (5,035,501) (8,586,734)
Cash and cash equivalents at beginning of the year 1,791,918 8,660,263 349,981 8,551,649 12,352,670
Cash and cash equivalents, end of the year 2,996,179 2,656,329 392,836 3,516,148 3,765,936

Dividends received - 18,854,987 - - 2,688,557
Interest received 3,256,780 75 4,341,978 2,998,569 424
Interest paid (10,647) (18,266) (4,266) (36,348) (13,363)

Distributions to shareholders reinvested - 58,120,711 - - -
38

LGT
Sub-Fund Sub-Fund1) Sub-Fund2) 30 April
2022 2022 2022 20223)
operations (52,558,263) (21,255,956) (101,800,309) (328,782,652)
(Increase)/decrease in margin cash - - (16,990,000) (27,785,197)
through profit or loss 20,950,801 (124,287,795) (656,377,915) (625,394,206)
assets at fair value through profit or loss - (1,520,911) (16,009,727) (16,007,009)
(Increase)/decrease in dividend receivable (88,529) - - (4,445,585)
(Increase)/decrease in receivable from investments sold (647,019) - - (1,156,548)
(Increase)/decrease in other receivables (203,393) (5,281) (14,627) (1,199,533)
through profit or loss (465,324) 517,357 23,868,269 33,457,440
Increase/(decrease) in interest payable 932 468 16,313 38,591
Increase/(decrease) in other expenses payable 207,420 160,457 5,324,687 9,422,234
Increase/(decrease) in payable for investments purchased 3,004,421 - 8,001,200 (8,505,989)
Net cash provided by/(used in) operating activities (29,798,954) (146,391,661) (753,982,109) (970,358,454)
Proceeds from issue of participating shares 48,377,251 155,309,503 1,035,867,829 2,196,690,474
Payment on redemptions of participating shares (20,138,516) (7,228,746) (66,540,975) (1,130,082,843)
Currency translation - - - 64,232,161
activities 28,238,735 148,080,757 969,326,854 1,130,839,792
Net increase/(decrease) in cash and cash equivalents (1,560,219) 1,689,096 215,344,745 160,481,337
Cash and cash equivalents at beginning of the year 5,697,137 - - 121,102,297
Cash and cash equivalents, end of the year 4,136,918 1,689,096 215,344,745 281,583,634

Dividends received 3,045,292 - - 56,402,485
Interest received - 2,978,544 13,779,820 36,841,785
Interest paid (27,934) (12,604) (282,935) (791,684)

Distributions to shareholders reinvested - - - 86,351,634
NOTE:
39

LGT LGT
LGT LGT Sustainable Sustainable
Crown Listed EM LC Bond Equity Global Equity Europe
Private Equity Sub-Fund Sub-Fund Sub-Fund
2021 2021 2021 2021
Net increase/(decrease) in net assets attributable to holders of redeemable
participating shares from operations 263,327,936 100,145 198,420,189 37,006,464
Adjustments to reconcile net increase/(decrease) in net assets
attributable to holders of redeemable participating shares from
operations to net cash provided by/(used in) operating activities
(Increase)/decrease in financial assets at fair value through profit or loss (238,706,266) 2,358,092 (369,066,939) (15,920,134)
Increase)/decrease in interest receivable from financial assets at fair
value through profit or loss - 699,562 - -
(Increase)/decrease in dividend receivable (418,875) - 135,771 126,304
(Increase)/decrease in receivable from investments sold (1,017,990) - - (509,177)
(Increase)/decrease in other receivables - 29,801 (126,535) (4,251)
Increase/(decrease) in financial liabilities at fair value through profit or
loss - (1,096,059) 4,313,455 (215,416)
Increase/(decrease) in interest payable 255 92 2,875 102
Increase/(decrease) in other expenses payable 252,011 80,019 1,267,139 182,088
Increase/(decrease) in payable for investments purchased 268,251 - 12,337,025 841,475
Net cash provided by/(used in) operating activities 23,705,322 2,171,652 (152,717,020) 21,507,455
Proceeds from issue of participating shares 53,337,554 71,781,260 336,206,460 13,564,234
Payment on redemptions of participating shares (86,752,991) (68,795,964) (156,819,329) (35,467,120)
Net cash flow provided by/(used in) financing activities (33,415,437) 2,985,296 179,387,131 (21,902,886)
Net increase/(decrease) in cash and cash equivalents (9,710,115) 5,156,948 26,670,111 (395,431)
Cash and cash equivalents at beginning of the year 25,807,474 4,163,775 29,776,821 2,733,222

Dividends received 14,992,361 - 13,548,609 2,480,004
Interest received 368 8,768,801 5,847 3
Interest paid (129,561) (70,319) (165,358) (13,209)

Non-cash subscriptions to the sub-funds - - - -

40

LGT LGT
Sub-Fund Sub-Fund Sub-Fund Sub-Fund
2021 2021 2021 2021
participating shares from operations (8,478,255) (5,486,797) 352,727,126 13,770,715
(Increase)/decrease in margin cash
(Increase)/decrease in financial assets at fair value through profit or loss (44,268,555) (207,865,948) (657,605,078) (25,013,123)
(Increase)/decrease in interest receivable from financial assets at fair
value through profit or loss 22,094 (601,595) - (21,174)
(Increase)/decrease in dividend receivable - - 7,220 -
(Increase)/decrease in receivable from investments sold - (2,852,328) - (805,927)
(Increase)/decrease in other receivables 39,399 (4,482) (94,503) 7,066
loss (447,936) 803,909 758,925 28,628
Increase/(decrease) in interest payable 263 47 372 3
Increase/(decrease) in other expenses payable 326,230 303,805 754,244 89,454
Increase/(decrease) in payable for investments purchased (977,378) 4,329,273 3,228,234 341,724
Net cash provided by/(used in) operating activities (53,784,138) (211,374,116) (300,223,460) (11,602,634)
Proceeds from issue of participating shares 107,879,862 247,078,717 445,744,213 31,300,518
Net cash flow provided by/(used in) financing activities 49,236,154 207,583,580 294,396,808 10,206,852
Net increase/(decrease) in cash and cash equivalents (4,547,984) (3,790,536) (5,826,652) (1,395,782)
Cash and cash equivalents, end of the year 5,828,203 1,791,918 8,660,263 349,981

Dividends received - - 15,916,196 -
Interest received 3,970,802 1,358,565 - 3,991,870
Interest paid (38,017) (7,238) (21,138) (3,160)

Non-cash subscriptions to the sub-funds - 23,330,603 - -
41

LGT LGT
Sub-Fund Sub-Fund Sub-Fund 30 April
2021 2021 2021 20211)
participating shares from operations 1,961,023 5,525,398 126,139,844 910,755,746
(Increase)/decrease in financial assets at fair value through profit or loss (90,323,986) (74,844,675) (80,984,422) (1,581,645,773)
(Increase)/decrease in interest receivable from financial assets at fair
value through profit or loss (391,424) - - (120,837)
(Increase)/decrease in dividend receivable - 35,610 135,701 (8,494)
(Increase)/decrease in receivable from investments sold (1,210,889) 4,544,935 (398,682) (2,127,675)
(Increase)/decrease in other receivables (2,195) 26,315 (4,934) (122,006)
loss (340,449) (6,136,687) 284,649 (1,268,040)
Increase/(decrease) in interest payable 377 (2) 26 4,271
Increase/(decrease) in other expenses payable 180,692 305,054 71,514 3,523,638
Increase/(decrease) in payable for investments purchased (1,006,263) 825,712 (21,955,920) 642,458
Net cash provided by/(used in) operating activities (91,133,114) (69,718,340) 23,287,776 (670,366,712)
Proceeds from issue of participating shares 109,985,654 66,074,121 39,017,229 1,352,738,298
Currency translation - - - (25,840,163)
Net cash flow provided by/(used in) financing activities 96,600,676 61,187,562 (21,511,131) 673,232,950
Net increase/(decrease) in cash and cash equivalents 5,467,562 (8,530,778) 1,776,645 2,866,238

Dividends received - 2,235,497 1,907,724 48,075,645
Interest received 1,596,084 231 - 18,652,001
Interest paid (36,521) (12,058) (23,577) (504,624)

Non-cash subscriptions to the sub-funds - - - 19,835,859
NOTE:
1)
42
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL
Crown Sigma UCITS plc (the “Company”) is an open-ended investment company with variable capital and is
structured as an umbrella investment company with segregated liability between sub-funds, which is authorized
by the Central Bank of Ireland pursuant to the provisions of the Companies Act 2014 and the European
Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (as amended)
(the “UCITS Regulations”). The Company was incorporated on 27 March 2012.
As at 30 April 2022 the Company comprised of thirteen sub-funds; LGT Crown Listed Private Equity, LGT EM
LC Bond Sub-Fund, LGT Sustainable Equity Global Sub-Fund, LGT Sustainable Equity Europe Sub-Fund, LGT
Sustainable Bond Global Sub-Fund, LGT Sustainable Bond Global Hedged Sub-Fund, LGT Sustainable Quality
Equity Sub-Fund, LGT Bond EM Credit Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund,
LGT Sustainable Equity Market Neutral Sub-Fund, LGT Crown Liquid Private Equity Opportunities Sub-Fund,
LGT EM HC Bond Sub-Fund and LGT EM Frontier LC Bond Sub-Fund.
The Company’s investment objective is to achieve long-term capital growth with principles designed to minimize
the risk of capital loss. However, there can be no assurance that the investment objective will be met. Details of
the investment objective and policies for each Sub-Fund of the Company appear in the Supplement for the relevant
Sub-Fund and in the Background to the Company section of these financial statements.
Copies of the Company’s Prospectus, simplified prospectus, annual and semi-annual financial reports are
available at the registered office of the Company and may be received free of charge. A Statement of Portfolio
Changes is available at the registered office of the Company and is sent to shareholders at their registered
addresses. The base currency of account of each sub-fund is specified in the relevant Supplement to the Prospectus
of the Company. The functional currency of LGT Crown Listed Private Equity, LGT EM LC Bond Sub-Fund,
LGT Sustainable Equity Global Sub-Fund, LGT Sustainable Equity Europe Sub-Fund and LGT Sustainable Bond
Global Sub-Fund is the Euro (“EUR”) (collectively “the Euro denominated sub-funds”). The functional currency
of LGT Sustainable Bond Global Hedged Sub-Fund, LGT Sustainable Quality Equity Sub-Fund, LGT Bond EM
Credit Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund, LGT Sustainable Equity Market
Neutral Sub-Fund, LGT Crown Liquid Private Equity Opportunities Sub-Fund, LGT EM HC Bond Sub-Fund and
LGT EM Frontier LC Bond Sub-Fund is the US Dollar (“USD”) (collectively “the USD denominated sub-funds”).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards
(“IFRS”) and IFRS Interpretations Committee (“IFRIC”) interpretations, as adopted by the European Union
(“EU”), those parts of the Companies Act 2014 applicable to companies reporting under IFRS and the European
Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as
amended).
The financial statements have been prepared under the historical cost convention, as modified by the revaluation
of financial assets and liabilities held at fair value through profit or loss. The financial statements have been
prepared on a going concern basis. The preparation of financial statements in conformity with IFRS as adopted
by the EU requires the use of accounting estimates and assumptions. It also requires management to exercise its
judgment in the process of applying the Company’s accounting policies.
43
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
All references to the net asset value (“NAV”) or net assets throughout this document refer to the net assets
attributable to holders of redeemable participating shares unless otherwise stated.
(a) Standards and amendments to published standards that are mandatory for the financial year beginning on or
after 1 January 2021
There are no standards, amendments to standards or interpretations that are effective for annual periods beginning
on 1 January 2021 that have a material effect on the financial statements of the Company.
(b) Standards and amendments to published standards that are not yet effective
A number of new standards, amendments to standards and interpretations are effective for annual periods
beginning after 1 January 2022 and have not been early adopted in preparing these financial statements. None of
these are expected to have a material effect on the financial statements of the Company.
2.2 Use of estimates

The preparation of financial statements in conformity with IFRS requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. The estimates and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances, the results of which form the basis of making
the judgments about carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results could differ from these estimates.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will,
by definition, seldom equal the related actual results. The estimates and assumptions with a significant risk of
causing a material adjustment to the carrying amounts of assets within the next financial year are:
Fair value of non-quoted investments

The Board of Directors uses its judgment to select a variety of methods and makes assumptions that are not always
supported by observable market prices or rates. The use of valuation techniques requires them to make estimates
and assumptions. Changes in assumptions could affect the reported fair value of these investments. As at 30 April
2022 and 30 April 2021, the Board of Directors made no fair value adjustments for unquoted investments.
2.3 Foreign currency translation

Items included in the Company’s financial statements are measured using the currency of the primary economic
environment in which it operates (the “functional currency”). This is the euro (“Euro” or “EUR”), which is also
the currency in which the majority of the investors have subscribed into the Company. The Company has also
chosen the Euro to be its presentation currency. The USD denominated sub-funds have a presentation and
functional currency of USD as the majority of investors in these sub-funds have subscribed into the sub-funds in
this currency.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognized in the Statement of Comprehensive Income.
44
2.4 Financial assets and financial liabilities at fair value through profit or loss
The Company classifies its investments based on both the Company’s business model for managing those
financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial
assets is managed and performance is evaluated on a fair value basis. The Company is primarily focused on fair
value information and uses that information to assess the investments’ performance and to make decisions. The
Company has not taken the option to irrevocably designate any equity securities as fair value through other
comprehensive income. The contractual cash flows of the Company’s debt securities are solely principal and
interest, however, these securities are neither held for the purpose of collecting contractual cash flows nor held
both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental
to achieving the Company’s business model’s objective.
Derivative contracts that have a negative fair value are presented as liabilities at fair value through profit or loss.
Consequently, all investments are measured at fair value through profit or loss.
The Company’s policy is for LGT Capital Partners (Ireland) Limited (“Manager”) and the Board of Directors to
evaluate the information about these financial assets and liabilities on a fair value basis together with other related
financial information.
Financial assets that are not at fair value through profit or loss include receivable for investments sold and account
receivables. Financial liabilities that are not at fair value through profit or loss include payable for investments
purchased and other accounts payable. These amounts are recognized initially at fair value and subsequently
measured at amortized cost.
Purchases and sales of investments are recognized on the trade date, i.e. the date on which the Company commits
to purchase or sell the investment. Investments are initially recognized at fair value and transaction costs for all
financial assets and financial liabilities carried at fair value through profit or loss are expensed as incurred.
Investments are derecognized when the rights to receive cash flows from the investments have expired or the
Company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognized
when the obligation specified in the contract is discharged, cancelled or expired.
Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are
measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial
liabilities at fair value through profit or loss category are presented in the Statement of Comprehensive Income
within net changes in unrealized gain/(loss) on fair value of financial assets and liabilities at fair value through
profit or loss in the year in which they arise.
As at 30 April 2022 and 2021 all investments were classified as financial assets and liabilities at fair value through
profit or loss.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
in the principal (or most advantageous) market at the measurement date under current market conditions (i.e. an
exit price) regardless of whether that price is directly observable or estimated using another valuation technique.
The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and
trading securities) are based on quoted market prices at the close of trading on the reporting date. The Company
utilizes the last traded market price for both financial assets and financial liabilities where the last traded price
falls within the bid-ask spread. Where the last traded price is not within the bid-ask spread, management will
determine the point within the bid-ask spread that is most representative of fair value.
45
The underlying investments of the Company are valued as follows:
- bonds: bonds are valued at the last reported price on the main exchange on the last business day of the
valuation period.
- futures: futures are contractual obligations to buy or sell financial instruments on a future date at a specified
price established in an organized market. The futures contracts are collateralised by cash or marketable
securities; changes in the futures contracts’ value are settled daily with the exchange and valued at mark-to-
market. Interest rate futures are contractual obligations to receive or pay a net amount based on changes in
interest rates at a future date at a specified price, established in an organized financial market. The Company
has entered into arrangements with whom it undertakes futures transactions.
For open futures contracts, changes in the fair value of the contract are recognized as unrealized gains or
losses by "marking-to-market" the value of the contract at the Balance Sheet date and are included in the net
gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of
Comprehensive Income. When the contract is closed, the difference between the proceeds from (or cost of)
the closing transactions and the original transaction is recorded as a realized gain or loss.
- forward currency contracts: the unrealized gain or loss on open forward currency contracts is calculated as
the difference between the original contracted rate and the rate at the period end. Unrealized gains or losses
on open forward currency contracts are included in financial assets or financial liabilities at fair value through
profit or loss in the Balance Sheet. Realized gains or losses on forward currency contracts as reflected in the
Statement of Comprehensive Income include net gains/(losses) on forward currency contracts that have been
settled as at the Balance Sheet date.
- exchange traded funds: exchange traded funds are valued at the last reported price on the main exchange.
- transferable securities: transferable securities (being equity securities) are valued at the last reported price
on the main exchange.
- Fund investments/collective investment schemes: the fair value of investments in unlisted investment
funds/collective investment schemes is based on the latest available unaudited net asset value provided by
the relevant fund’s manager or administrator.
- option contracts: when the Company purchases an option, an amount equal to fair value which is based on
the premium paid is recorded as an asset. When the Company writes an option, an amount equal to fair value
which is based on the premium received by the Company is recorded as a liability. Unrealized gains or losses
on options are included in net gain/(loss) on financial assets and liabilities at fair value through profit or loss
in the Statement of Comprehensive Income. When options are closed, the difference between the premium
and the amount paid or received, net of brokerage commissions, or the full amount of the premium if the
option expires worthless, is recognized as a realized gain or loss.
2.5 Prepayments for financial assets at fair value through profit or loss
Prepayments for financial assets at fair value through profit or loss is comprised of amounts paid in advance of
the April dealing dates of the underlying investments.
2.6 Determination of gains or losses on financial assets and liabilities at fair value through profit or loss
Both realized and unrealized gains and losses on financial assets and liabilities at fair value through profit or loss
are taken to income as incurred. Realized gains and losses on futures, exchange traded funds, transferable
securities, collective investment schemes and options are calculated on a first-in-first-out basis. Realized gains
and losses on forward currency contracts are calculated on an actual basis. The difference between the cost and
the fair value of financial assets and liabilities at fair value through profit or loss are reflected in the Statement of
Comprehensive Income as the change in unrealized gains or losses on financial assets and liabilities at fair value
through profit or loss.
46
2.7 Redeemable participating shares

The Company issues redeemable shares, which are redeemable at the holder’s option and do not have identical
rights. Such shares are classified as financial liabilities. Redeemable shares can be put back to the Company at
any dealing date for cash equal to a proportionate share of the Company’s net asset value attributable to the share
class. Shares are redeemable daily or weekly. The redeemable shares are carried at the redemption amount that is
payable at the Balance Sheet date if the holder exercises the right to put the share back to the Company.
2.8 Cash and cash equivalents

Cash and cash equivalents include all cash in hand and short-term deposits with maturity of three months or less.
Cash and cash equivalents are recorded at nominal value. Bank overdrafts that are repayable on demand form an
integral part of the Company’s cash management and, if any, are shown as current liabilities in the Balance Sheet.
2.9 Margin cash

Margin cash provided by the Company, if any, is identified in the Balance Sheet as margin cash and is not included
as a component of cash and cash equivalents. The carrying value of margin cash represents its approximate fair
value.
2.10 Receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. Receivables are recognized initially at fair value, and subsequently measured at amortized cost
using the effective interest rate method, less provision for impairment. A provision for impairment is established
when there is objective evidence that the Company will not be able to collect all amounts to be received.
Significant financial difficulties of the counterparty, probability that the counterparty will enter bankruptcy or
financial reorganization, and default in payments are considered indicators that the amount to be received is
impaired.
2.11 Payables
Payables are recognized initially at fair value and subsequently stated at amortized cost. The difference between
the proceeds and the amount payable is recognized over the period of the payable using the effective interest
method.
2.12 Expenses
Expenses are recognized in the Statement of Comprehensive Income on an accruals basis.
2.13 Distributions payable to holders of redeemable participating shares

Proposed distributions to holders of participating shares are classified as finance costs in the Statement of
Comprehensive Income when they are ratified by a board meeting of the Company.
2.14 Interest income and expense from cash and cash equivalents and interest from financial assets at fair value
through profit or loss
Interest is recognized on a time-proportionate basis using the effective interest method. Interest income and
expense includes interest from cash and cash equivalents and cash overdrafts. Interest from financial assets at fair
value through profit or loss includes interest from debt securities.
2.15 Dividend income

Dividend income relating to exchange traded equity investments is recognized in the Statement of Comprehensive
Income on the ex-dividend date. Dividend income is recognized on a gross basis excluding withholding tax, which
is disclosed separately in the Statement of Comprehensive Income.
2.16 Withholding tax

The Company currently incurs withholding taxes imposed by certain countries on investment income and capital
gains. Such income or gains are recorded gross of withholding taxes in the Statement of Comprehensive Income.
Withholding tax is shown as a separate item in the Statement of Comprehensive Income.
47
2.17 Redemptions payable to holders of redeemable participating shares

Redemptions payable to holders of redeemable participating shares relate to redemptions made by holders of
redeemable shares during the year that were paid after the year end.
2.18 Subscriptions received in advance

Subscriptions received in advance relate to monies paid in advance by investors in advance of the April dealing
dates of the underlying sub-funds.
2.19 Transaction costs

Some transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a
financial asset or liability. An incremental cost is one that would not have been incurred if the entity had not
acquired, issued or disposed of the financial instrument. When a financial asset or liability is recognized initially,
an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable
to the acquisition or issue of the financial asset or liability. They include fees and commissions paid to agents,
advisors, brokers and dealers.
Transaction costs on the purchase and sale of bonds, transferable securities, futures, forwards and options are
included in the purchase and sale price of the investment. They cannot be practically or reliably gathered as they
are embedded in the cost of the investment and cannot be separately verified or disclosed. Custody transaction
costs are included in Depositary and trustee fees.
3. EFFICIENT PORTFOLIO MANAGEMENT
A sub-fund may employ techniques and instruments relating to transferable securities and/or other financial
instruments in which it invests for efficient portfolio management purposes. Use of such techniques and
instruments are made for one or more of the following reasons:
(i) the reduction of risk;

(ii) the reduction of cost; or
(iii) the generation of additional capital or income for the sub-fund with an appropriate level of risk.
Forward currency contracts

Individual sub-funds use forward currency contracts which alter the currency characteristics of assets held by the
relevant sub-fund. Assets of a sub-fund may be denominated in a currency other than the base currency of the
sub-fund, which is the Euro for the Euro denominated sub-funds or USD for the USD denominated sub-funds and
changes in the exchange rate between the base currency and the currency of the asset may lead to a depreciation
of the value of the sub-fund’s assets expressed in Euro or USD. Forward currency contracts are also used for share
class hedging purposes, where share classes of a relevant sub-fund are denominated in a currency different to the
base currency, Euro or US Dollars. Gains, losses and transaction costs of such contracts are attributable solely to
the relevant share class. Further details regarding the exposure obtained through forward currency contracts are
disclosed in Note 4(b). Details of open forward currency contracts and the counterparties to those transactions are
disclosed in the portfolio of investments.
48
3. EFFICIENT PORTFOLIO MANAGEMENT (continued)
The revenue/loss arising from such efficient portfolio management techniques for the period are detailed in the
table below. Direct and indirect operational costs and fees incurred (i.e. transaction costs) cannot be practically
or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or
disclosed.
Forward Currency Contracts
Realized Change in unrealized
gains/(losses) gains/(losses)
For the year ended 30 April 2022
(in EUR)
LGT Crown Listed Private Equity - -
LGT EM LC Bond Sub-Fund (524,675) (3,366,534)
LGT Sustainable Equity Global Sub-Fund 10,980,518 10,657,100
LGT Sustainable Equity Europe Sub-Fund 661,763 (174,788)
LGT Sustainable Bond Global Sub-Fund (137,012) 166,171
(in USD)
LGT Sustainable Bond Global Hedged Sub-Fund 9,368,454 (1,309,478)
LGT Sustainable Quality Equity Sub-Fund 26,711,719 9,811,338
LGT Bond EM Credit Opportunities Sub-Fund (614,441) (9,923)
LGT Sustainable Bond Corporates Sub-Fund 9,315,247 (2,900,631)
LGT Sustainable Equity Market Neutral Sub-Fund 4,030,254 (250,434)
LGT Crown Liquid Private Equity Opportunities Sub-Fund 4,529,115 5,075,187
LGT EM HC Bond Sub-Fund 2,627,710 1,370,021
LGT EM Frontier LC Bond Sub-Fund (46,440,612) (11,147,981)

(in EUR)
LGT Crown Listed Private Equity - -
LGT EM LC Bond Sub-Fund (610,832) 905,072
LGT Sustainable Equity Global Sub-Fund (17,439,054) (4,363,464)
LGT Sustainable Equity Europe Sub-Fund (1,748,033) 434,102
LGT Sustainable Bond Global Sub-Fund 554,078 (1,068,909)
(in USD)
LGT Sustainable Bond Global Hedged Sub-Fund (11,469,171) 2,360,252
LGT Sustainable Quality Equity Sub-Fund (33,745,811) (279,283)
LGT Bond EM Credit Opportunities Sub-Fund 850,899 49,642
LGT Sustainable Bond Corporates Sub-Fund (6,483,197) 1,340,374
LGT Sustainable Equity Market Neutral Sub-Fund (6,997,923) 480,169
LGT Crown Liquid Private Equity Opportunities Sub-Fund (8,245,281) 65,235
49
4. FINANCIAL RISK MANAGEMENT
The Company maintains positions in a variety of financial instruments as dictated by its investment management
strategy. The Company’s investing activities expose it to various types of risk that are associated with the financial
instruments and markets in which it invests. Below is a description of the principal risks inherent in the Company’s
activities along with the actions it has taken to manage these risks.
The Company’s assets and liabilities comprise financial instruments which include:
- Exchange traded funds, transferrable securities, futures, bonds, forward currency contracts and option
contracts, these are held in accordance with the Company’s investment objectives and policies;
- Forward currency contracts; these are held in order to hedge against foreign exchange gains/(losses) in some
non-USD share classes in LGT Sustainable Bond Global Hedged Sub-Fund, LGT Bond EM Credit
Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund, LGT Sustainable Equity Market
Neutral Sub-Fund LGT EM HC Bond Sub-Fund and LGT EM Frontier LC Bond Sub-Fund.
- Cash, liquid resources and short-term receivables and payables that arise directly from its investment
activities.
The main risks arising from the Company’s financial instruments are market price, foreign currency, interest rate,
credit, liquidity and capital risks. The Board of Directors reviews and agrees policies for managing each of these
risks and they are summarized below:
(a) Market price risk

The Company’s investments are susceptible to market price risk arising from uncertainties about future values of
the positions held. The Company’s Manager provides the Company with investment recommendations that are
consistent with the Company’s objectives.
Value at Risk
The Company applies absolute Value at Risk (“VaR”) methodology to its portfolio as well as to the individual
investments in order to estimate the risk of positions held at certain times. The risk analysis refers to a specified
time horizon and to a given level of confidence and in this respect derives the potential losses that could occur on
these positions as a result of market movements affecting the exposures held. VaR is a statistically based estimate
of the potential loss on the program (referring to portfolio composition at a particular point of time) from adverse
market movements. It expresses the maximum amount the program might lose, but only to a certain level of
confidence (99%). There is therefore a specified statistical probability (1%) that actual losses could be greater
than the VaR estimate. The positions have been fully modelled for the purpose of these risk estimates. The VaR-
methodology employed is historical 1-day VaR99 based on 1 year input data.
Actual outcomes are monitored regularly to test the validity of this VaR calculation. The employment of different
methodologies, also with greater forward looking characteristics, generates information about the robustness of
the risk figures.
Limitations to this Value at Risk Model

The reference input timeframe may or may not be suitable to predict future behavior at a particular point in time.
The methodology employed for this risk illustration is only one type of risk information considered and the
complexity of risks analysis for fund strategy portfolios requires the use of various different methodologies.
50
4. FINANCIAL RISK MANAGEMENT (continued)
LGT LGT
LGT LGT LGT LGT Sustainable Sustainable
LGT EM LC Sustainable Sustainable Sustainable Bond Global Quality
Value at Risk Summary Crown Listed Bond Equity Global Equity Europe Bond Global Hedged Equity
Private Equity Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
As at 30 April 2022 3.41% 0.98% 1.98% 3.38% 0.97% 0.53% 2.53%
As at 30 April 2021 2.54% 1.44% 2.63% 3.19% 0.64% 0.31% 2.48%
30 April 2022
Minimum 2.08% 0.73% 1.78% 1.99% 0.52% 0.25% 2.14%
Maximum 3.50% 1.47% 2.28% 3.71% 1.09% 0.64% 2.56%
Average % during period 2.64% 0.98% 2.01% 2.66% 0.70% 0.36% 2.33%
% leverage1) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
30 April 2021
Minimum 2.54% 1.29% 2.63% 3.18% 0.63% 0.30% 2.48%
Maximum 11.17% 3.00% 8.19% 5.38% 1.19% 1.20% 6.32%
Average % during period 9.94% 2.27% 7.00% 4.57% 0.99% 0.91% 5.60%
% leverage1) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
LGT LGT LGT

LGT Sustainable Sustainable Crown Liquid LGT LGT
Bond EM Bond Equity Market Private Equity EM HC EM Frontier
Credit Corporates Neutral Opportunities Bond LC Bond
Value at Risk Summary Opportunities Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
As at 30 April 2022 0.70% 0.53% 0.66% 2.66% 1.17% 0.58%
As at 30 April 2021 0.40% 0.29% 0.60% 2.30% - -
30 April 2022
Minimum 0.29% 0.15% 0.55% 1.93% 0.60% 0.13%
Maximum 1.79% 0.64% 0.97% 2.71% 2.66% 7.46%
Average % during period 0.46% 0.29% 0.73% 2.28% 0.88% 0.91%
% leverage1) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
30 April 2021
Minimum 0.34% 0.23% 0.54% 2.30% - -
Maximum 2.78% 2.51% 1.42% 12.18% - -
Average % during period 1.91% 1.18% 1.00% 9.66% - -
% leverage1) 0.00% 0.00% 0.00% 0.00% - -
Note:
1) Definition of leverage: The level of leverage represents the sum of absolute notional exposures to FDIs in
percentage of the Net Asset Value of the respective sub-fund. This number may seem high, if the Manager
allocates an increased proportion of the portfolio to FDIs which have high notional exposures due to their specific
characteristics, but with lower levels of volatility and VaR, such as interest rate futures. For example, given a
comparable expected volatility, the notional exposure of interest rate futures may represent a multiple of the
notional exposure of equity index futures or commodity index futures. As such, notional exposure of different
FDIs may not necessarily be comparable in their risk profile. Strategies based on interest rate futures typically
have a lower VaR than a comparable exposure to other permitted assets, hence they require a much higher notional
exposure versus a strategy investing in other permitted assets. Therefore, the leverage of the respective sub-fund
may increase as the sub-fund’s allocation to particular strategies which deploy interest rate futures is increased.
The sub-fund may seek exposure to these particular strategies as they may provide attractive risk adjusted returns
and contribute to the diversification of the sub-fund. In general, the sum of notional exposure to FDIs tends to be
higher when underlying markets are less volatile.
The performance of the investments and the compilation of the investment portfolio held by the Company is
monitored by the Manager on a weekly basis and reviewed regularly by the Board of Directors.
51
(b) Foreign currency risk

Foreign currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign
exchange rates. The Company invests in securities and other investments that are denominated in currencies other
than the Euro (for Euro denominated sub-funds) or the USD (for US Dollar denominated sub-funds). Accordingly,
the value of the Company’s assets may be affected favorably or unfavorably by fluctuations in currency rates and
therefore the Company will be subject to foreign exchange risk. In accordance with the Company’s policy, the
Manager monitors the Company’s currency position on a monthly basis and the Board of Directors reviews it on
a regular basis.
Some of the share classes of LGT Sustainable Bond Global Hedged Sub-Fund, LGT Bond EM Credit
Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund, LGT Sustainable Equity Market Neutral
Sub-Fund, LGT EM HC Bond Sub-Fund and LGT EM Frontier LC Bond Sub-Fund are denominated in currencies
other than the US Dollar. The Directors currently instruct the Manager to hedge the Euro/US Dollar equivalent
exposure of these share classes in the sub-fund. The Company may utilize a variety of financial instruments such
as derivatives to hedge against changes in currency values which may affect the value of the relevant share classes
and such transactions are clearly attributable to each relevant share class. Details of forward currency contracts
held at 30 April 2022 are included in the portfolio of investments.
The FX profit and loss arising from these forward currency contracts are attributed only to that specific share
class.
The Company does not seek to hedge currency risk on investments not denominated in a sub-fund’s base currency.
The exposure to non-Euro currencies (for Euro denominated sub-funds) and to non-USD currencies (for US Dollar
denominated sub-funds) at the reporting date were as follows:

Net currency Net currency
exposure exposure
30 April 2022 30 April 2021
Currency (in EUR) (in EUR)
Canadian Dollar 71,730,440 72,525,385
Great British Pound 262,399,156 248,503,540
Swedish Krona 12,880,488 17,890,679
South African Rand 4,817,401 2,613,544
United States Dollar 175,777,602 218,771,904
Total 527,605,087 560,305,052
52
LGT EM LC Bond Sub-Fund LGT Sustainable Equity Global Sub-Fund

Net currency Net currency Net currency Net currency
exposure exposure exposure exposure
30 April 2022 30 April 2021 30 April 2022 30 April 2021
Currency (in EUR) (in EUR) (in EUR) (in EUR)
Australian Dollar - - 80 (219,219)
Brazilian Real (957,059) 15,298,293 - -
Canadian Dollar - - 39,817,560 33,397,920
Chilean Peso 4,230,171 3,519,764 - -
Chinese Yuan (2,226,140) 1,518,886 - -
Columbian Peso (6,710,462) 10,941,946 - -
Czech Koruna 1,577,349 1,635,296 - -
Danish Krone - - 61 61
Dominican Peso - 811,169 - -
Great British Pound 432 - (122,800,921) 212,482,577
Hong Kong Dollar - - 3,700 24,644,491
Hungarian Forint 2,782,472 1,528,089 - -
Indonesian Rupiah (10,212,140) 19,094,520 - -
Japanese Yen - - (5,035,609) 83,738,402
Kenyan Shilling 2,257,117 - - -
Malaysian Ringgit 28 11,528,818 - -
Mexican Peso (7,458,959) 24,096,637 28 25
Norwegian Krone - - 922 5,471,895
Peruvian Neuvo Sol - 7,070,793 - -
Philippine Peso - 1,561,883 - -
Polish Zloty 676,875 7,542,474 - -
Romanian New Leu 124,804 10,071,726 - -
Russian Ruble (2,691,459) 13,335,877 - -
Singapore Dollar 6,333,692 - - -
South African Rand (5,673,357) 13,496,890 (14,662,220) 8,413,062
Swedish Krona - - 450 10,810,694
Swiss Franc 3,463 5,526 60,931,137 1,093,767
Thai Bhat 6,046,893 7,396,521 - -
Turkish Lira 59 93 - -
United States Dollar 7,682,841 9,237,623 201,567,666 553,453,283
Uruguayan Peso - 2,761,264 - -
Total (4,213,380) 162,454,088 159,822,854 933,286,958
53
LGT Sustainable Equity Europe Sub-Fund LGT Sustainable Bond Global Sub-Fund
Currency (in EUR) (in EUR) (in EUR) (in EUR)
Australian Dollar - - 3,718,405 49,517
Canadian Dollar - - 5,799,195 2,339,703
Chinese Yuan - - 19,088,636 117,527
Danish Krone 4,121 1,664,372 537,714 -
Great British Pound 2,623,469 37,343,394 (1,929,747) 5,633,477
Japanese Yen - - 38,040,261 243,143
Korean Won - - 2,865,894 (5,289)
Mexican Peso - - 7,864 120,440
New Zealand Dollar - - 519,655 208,610
Norwegian Krone (1,223,154) 5,660,421 63 (9,756)
Polish Zloty - - 18 19
Swedish Krona (667,551) 8,137,630 617,001 724,619
Swiss Franc 9,743,048 5,822,368 (1,062,471) 4,691,401
United States Dollar 1,155,137 76,031 1,116,861 139,080,718
Total 11,635,070 58,704,216 69,319,349 153,194,129
LGT Sustainable Bond Global Hedged LGT Sustainable Quality Equity

Sub-Fund Sub-Fund
Currency (in USD) (in USD) (in USD) (in USD)
Australian Dollar (1,881,578) 4,547,766 30,383,343 663
Canadian Dollar (9,681,516) 7,997,523 53,048,045 7,433
Danish Krone (283,368) 342,893 10,743,363 -
Euro (96,317,200) 102,356,301 (107,312,826) 189,939,621
Great British Pound (17,685,820) 16,330,726 (91,842,440) 240,292,112
Hong Kong Dollar - - 31 31
Japanese Yen 546,133 329,619 4,226,118 107,524,280
Swedish Krona 43 50 14,359,409 -
Swiss Franc 126,870,122 3,212,229 (5,061,190) 57,197,039
Total 1,566,816 135,117,107 (91,456,147) 594,961,179
54
LGT Bond EM Credit Opportunities LGT Sustainable Bond Corporates

Sub-Fund Sub-Fund
Canadian Dollar - - - 11,966
Euro (166,324) 2,153,450 (67,622,017) 91,634,308
Great British Pound (288,587) 205,138 (6,867,202) 4,900,763
Swedish Krona - - 4,746 369,354
Swiss Franc - 1 85,962,338 1,166,794
Total (454,911) 2,358,589 11,477,865 98,083,185
LGT LGT
Sustainable Equity Market Neutral Crown Liquid Private Equity Opportunities
Sub-Fund Sub-Fund
Australian Dollar 1,137,485 75,847 - -
Canadian Dollar 4,460,286 1,866,653 13,230,092 12,262,223
Danish Krone 1,459,921 410,831 - -
Euro (13,188,651) 43,956,364 37,058,714 85,193,069
Great British Pound (10,484,803) 35,190,249 26,291,873 45,676,529
Hong Kong Dollar - 1,778,990 - -
Japanese Yen (646,247) 10,742,930 - -
Norwegian Krone (48,111) 1,786,248 11,786,217 11,040,745
South African Rand (385,850) 558,142 - -
Swedish Krona 889,707 2,633,513 8,028,410 -
Swiss Franc 23,310,926 5,224,342 15,361,472 17,496,024
Total 6,504,663 104,224,109 111,756,778 171,668,590

exposure exposure
30 April 2022 30 April 2021
Currency (in USD) (in USD)
Euro (31,133,471) -
Swiss Franc 38 -
Total (31,133,433) -
55

exposure exposure
30 April 2022 30 April 2021
Currency (in USD) (in USD)
Algerian Dinar 31,112,900 -
Angolan Kwanza 14,797,808 -
Argentine Peso 29,115,321 -
Armenian Dram 7,484,107 -
Azerbaijani Manat 10,186,138 -
Egyptian Pound 19,024,962 -
Euro 621,349,509 -
Georgian Lari 10,443,453 -
Ghanaian Cedi 9,123,158 -
Kenyan Shilling 19,956,986 -
Kyrgystani Som 6,112,730 -
Malawian Kwacha 16,825,099 -
Mozambican Metical 21,568,885 -
Nigerian Naira 17,689,452 -
Pakistani Rupee 15,847,996 -
Sri Lankan Rupee 3,177,300 -
Tajikistani Somoni 10,106,453 -
Tanzanian Shilling 13,188,435 -
Tunisian Dinar 30,733,510 -
Ukrainian Hryvnia 1,360,344 -
Uzbekistani Som 29,059,463 -
Vietnamese Dong 9,852,397 -
Zambian Kwacha 21,794,472 -
Total 969,910,877 -
(c) Interest rate risk

Interest rate risk arises from the effects of fluctuations in the prevailing levels of markets interest rates on the fair
value of financial assets and liabilities and future cash flows. The Company holds fixed interest securities that
expose the Company to fair value interest rate risk. The Company’s policy requires the Manager to manage this
risk by measuring the mismatch of the interest rate sensitivity gap of financial assets and liabilities and calculating
the average duration of the portfolio of fixed interest securities. The average effective duration of the Company’s
portfolio is a measure of the sensitivity of the fair value of the Company’s fixed interest securities to changes in
market interest rates.
Any excess cash and cash equivalents are invested at short-term market interest rates. At 30 April 2022 and 2021,
if short-term market interest rates had been lower by 25 basis points (2021: 25 basis points) with all other variables
held constant, the change in net assets attributable to redeemable participating shareholders was deemed by the
Directors to be immaterial. However, the Company may be indirectly affected by the impact of interest rate
changes on the earnings of certain underlying investments in which the Company invests and impact on the
valuation of certain over-the-counter derivative products that use interest rates as an input in their valuation model.
56
The following table summarizes the Company’s exposure to interest rate risks. It includes the Company’s assets
and liabilities at fair values at the Balance Sheet date:
LGT CROWN LISTED PRIVATE EQUITY

At 30 April 2022 Less than Non-interest
(in EUR) 3 months 3-12 months Over 1 year bearing Total
Assets
Cash and cash equivalents 2,720,148 - - - 2,720,148
Financial assets
at fair value through profit or loss - - - 614,073,445 614,073,445
Other receivables - - - 1,433,511 1,433,511
Total assets 2,720,148 - - 615,506,956 618,227,104
Liabilities
Accounts payable
and accrued liabilities - - - (2,416,423) (2,416,423)
Net assets attributable to holders
of redeemable participating shares - - - (615,810,681) (615,810,681)
Total liabilities - - - (618,227,104) (618,227,104)

Assets
Financial assets
Total assets 16,097,359 - - 632,491,457 648,588,816
Liabilities
Accounts payable
LGT EM LC BOND SUB-FUND

Assets
Margin cash 3,130,000 - - - 3,130,000
Financial assets
at fair value through profit or loss 16,290,001 4,004,586 125,473,311 1,461,704 147,229,602
Total assets 27,344,273 4,004,586 125,473,311 4,485,482 161,307,652
Liabilities
Financial liabilities
at fair value through profit or loss - - - (5,483,210) (5,483,210)
Accounts payable
and accrued liabilities - - - (950,522) (950,522)
57

Assets
Financial assets
at fair value through profit or loss 6,645,618 - 152,568,517 709,387 159,923,522
Total assets 15,966,341 - 152,568,517 3,619,921 172,154,779
Liabilities
at fair value through profit or loss - - - (240,223) (240,223)
Accounts payable
LGT SUSTAINABLE EQUITY GLOBAL SUB-FUND

Assets
Financial assets
at fair value through profit or loss - - - 1,191,470,477 1,191,470,477
Total assets 41,452,294 - - 1,200,209,111 1,241,661,405
Liabilities
Accounts payable
of redeemable participating shares - - - (1,231,395,997) (1,231,395,997)
Total liabilities - - - (1,241,661,405) (1,241,661,405)

Assets
Financial assets
Total assets 56,446,932 - - 1,141,059,029 1,197,505,961
Liabilities
Accounts payable
58
LGT SUSTAINABLE EQUITY EUROPE SUB-FUND

Assets
Financial assets
Other receivables - - - 709,344 709,344
Total assets 3,686,063 - - 91,401,151 95,087,214
Liabilities
Accounts payable

Assets
Financial assets
Total assets 2,337,791 - - 129,754,778 132,092,569
Liabilities
Accounts payable
LGT SUSTAINABLE BOND GLOBAL SUB-FUND

Assets
Financial assets
at fair value through profit or loss 2,846,766 92,190 205,030,532 5,303,711 213,273,199
Total assets 6,363,925 92,190 205,030,532 8,167,545 219,654,192
Liabilities
Accounts payable
59

Assets
Financial assets
at fair value through profit or loss - 1,373,839 254,087,176 16,286,221 271,747,236
Total assets 5,828,203 1,373,839 254,087,176 17,722,624 279,011,842
Liabilities
Accounts payable
LGT SUSTAINABLE BOND GLOBAL HEDGED SUB-FUND

(in USD) 3 months 3-12 months Over 1 year bearing Total
Assets
Margin cash 3,940,000 - - - 3,940,000
Financial assets
at fair value through profit or loss 7,492,014 1,560,721 253,638,191 38,599,105 301,290,031
Total assets 14,428,193 1,560,721 253,638,191 39,474,396 309,101,501
Liabilities
Accounts payable

Assets
Financial assets
Total assets 1,791,918 8,999,743 267,496,236 37,879,655 316,167,552
Liabilities
Accounts payable
60
LGT SUSTAINABLE QUALITY EQUITY SUB-FUND

Assets
Financial assets
Total assets 2,656,329 - - 1,443,350,893 1,446,007,222
Liabilities
Accounts payable

Assets
Financial assets
Total assets 8,660,263 - - 1,450,715,912 1,459,376,175
Liabilities
Accounts payable
LGT BOND EM CREDIT OPPORTUNITIES SUB-FUND

Assets
Cash and cash equivalents 392,836 - - - 392,836
Financial assets
at fair value through profit or loss 597,720 1,994,150 50,452,295 380,468 53,424,633
Total assets 990,556 1,994,150 50,452,295 1,393,449 54,830,450
Liabilities
Accounts payable
61

Assets
Cash and cash equivalents 349,981 - - - 349,981
Financial assets
at fair value through profit or loss - 1,002,908 78,784,715 441,263 80,228,886
Other receivables - - 1,946,800 1,946,800
Total assets 349,981 1,002,908 78,784,715 2,388,063 82,525,667
Liabilities
Accounts payable
LGT SUSTAINABLE BOND CORPORATES SUB-FUND

Assets
Margin cash 3,790,000 - - - 3,790,000
Financial assets
at fair value through profit or loss - 518,371 199,556,875 3,433,009 203,508,255
Total assets 7,306,148 518,371 199,556,875 4,740,449 212,121,843
Liabilities
Accounts payable

Assets
Financial assets
Total assets 8,551,649 1,176,236 152,466,440 9,844,667 172,038,992
Liabilities
Accounts payable
62
LGT SUSTAINABLE EQUITY MARKET NEUTRAL SUB-FUND

Assets
Margin cash 1,290,000 - - - 1,290,000
Financial assets
Total assets 5,055,936 - - 166,474,307 171,530,243
Liabilities
Accounts payable

Assets
Financial assets
Total assets 12,352,670 - - 178,440,081 190,792,751
Liabilities
Accounts payable
LGT CROWN LIQUID PRIVATE EQUITY OPPORTUNITIES SUB-FUND

Assets
Financial assets
Total assets 4,136,918 - - 217,728,741 221,865,659
Liabilities
Accounts payable
63

Assets
Financial assets
Total assets 5,697,137 - - 237,740,601 243,437,738
Liabilities
Accounts payable
LGT EM HC BOND SUB-FUND

Assets
Financial assets
at fair value through profit or loss - 777,840 120,387,987 3,121,968 124,287,795
Total assets 1,689,096 777,840 120,387,987 4,648,160 127,503,083
Liabilities
Accounts payable
LGT EM FRONTIER LC BOND SUB-FUND

Assets
Margin cash 16,990,000 - - - 16,990,000
Financial assets
Total assets 232,334,745 182,055,908 461,601,719 28,769,416 904,761,788
Liabilities
Accounts payable
64
(d) Credit risk

The Company is exposed to credit risk, which is the risk that one party to a financial instrument will cause a
financial loss for the other party by failing to discharge an obligation. The Company is exposed to counterparty
credit risk on trading derivative products, government bonds, corporate bonds, collective investment schemes,
cash and cash equivalents, amounts due from brokers and other receivable balances. Impairment provisions are
provided for losses that have been incurred by the Balance Sheet date, if any. There were no impairment provisions
for the year ended 30 April 2022 (2021: none).
Financial assets, which potentially expose the Company to credit risk, consist principally of cash, investments
and balances arising from other contractual transactions. The Company seeks to mitigate its exposure to credit
risk by conducting its contractual transactions with institutions which are reputable and well established. In
accordance with the Company’s policy, the Manager monitors the Company’s credit position on a monthly basis
and the Board of Directors reviews it on a regular basis.
Credit risk arising from receivables from underlying portfolio sub-funds relates to redemptions or transactions
awaiting settlement. Risk relating to unsettled receivables is considered small due to the short settlement period
involved and the due diligence performed on the portfolio companies. The maximum exposure related to unsettled
trades equals the amounts shown on the Balance Sheet.
The Company’s Depositary and Trustee is RBC Investor Services Bank S.A., Dublin Branch (“Depositary”).
Some of the cash of the Company is held by the Depositary at the year end. The Company is exposed to credit
risk through the use of the Depositary for their cash and cash equivalents. Bankruptcy or insolvency of the
Depositary may cause the Company’s rights with respect to its cash held by the Depositary to be delayed or
limited. The maximum exposure to this risk at 30 April 2022 and 2021 is the amount of cash disclosed in Note 9.
To mitigate the risks the Company is exposed to from the use of the Depositary, the Manager employs appropriate
procedures to ensure that the counterparties are reputable institutions and that the credit risk is acceptable to the
Company. The Company only transacts with custodians that are regulated entities subject to prudential
supervision, or with high credit-ratings assigned by international credit-rating agencies. The credit rating of the
Depositary at 30 April 2022 was A-1+/AA- (30 April 2021: A-1+/AA-) (Source: Standard and Poor’s).
The Company has also cash accounts held with LGT Bank AG as at 30 April 2022 and 30 April 2021. The cash
accounts are held for the purposes of trading in derivative financial instruments. Bankruptcy or insolvency may
cause the Company’s rights with respect to its cash held by this financial institution to be delayed or limited and
would rank the Company pari passu with other creditors. The maximum exposure to this risk at 30 April 2022
and 2021 is the amount of cash disclosed in Note 9. The credit ratings per Standard and Poor’s of this financial
institution as at the year end was A-1/A+ (2021: A-1/A+).
LGT EM LC Bond Sub-Fund, LGT Sustainable Bond Global Sub-Fund, LGT Sustainable Bond Global Hedged
Sub-Fund, LGT Bond EM Credit Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund, LGT
EM HC Bond Sub-Fund and LGT EM Frontier LC Bond Sub-Fund invests in a broad range of bonds, including
high yield and emerging market bonds which may be either investment grade or below investment grade. The
following table summarizes the credit quality of the Company’s debt portfolio at the Balance Sheet date:
65

Percentage of bond portfolio held in
corporate and government bonds
Debt security by rating category 30 April 2022 30 April 2021

AAA 24.31 0.76
AA+ - 4.17
AA 1.08 -
AA- - 1.02
A+ 2.21 0.80
A 2.27 5.87
A- 9.62 10.17
BBB+ 18.15 23.54
BBB 11.65 22.24
BBB- 10.21 13.73
BB+ 0.26 0.28
BB 8.78 10.15
BB- 7.36 7.27
Baa1 3.52 -
Not rated 0.58 -
Total debt securities (Source: Standard and Poor’s) 100.00 100.00

AAA 23.40 41.36
AA+ 22.64 1.82
AA 13.81 5.96
AA- 3.42 4.93
A+ 1.39 4.59
A 4.38 6.57
A- 7.79 7.40
Aa1 0.68 -
Aa2 1.54 -
BBB+ 7.09 8.12
BBB 6.72 9.40
BBB- 2.47 4.91
BB+ 1.83 2.57
BB 0.39 -
B+ 0.29 1.35
Baa2 1.17 -
CCC 0.59 1.02
Not rated 0.40 -

AAA 30.31 48.15
AA+ 28.32 4.77
AA 14.75 11.22
AA- 3.94 11.21
A+ 3.28 3.68
A 3.05 4.14
A- 5.49 3.75
Aa2 0.70 -
BBB+ 4.04 6.44
BBB 2.38 4.13
BBB- 2.75 2.12
BB+ 0.31 0.39
Baa2 0.51 -
Baa3 0.17 -
66


AA 0.57
AA- 0.93 0.65
A+ 2.59 3.56
A 1.24 1.66
A- 2.78 2.86
A1 1.60 -
A2 1.12 -
BBB+ 3.65 5.54
BBB 8.13 12.29
BBB- 6.44 13.00
BB+ 3.92 10.62
BB 4.79 10.18
BB- 5.84 13.27
B+ 7.34 7.40
B 2.54 7.52
B- - 5.48
B1 5.90 -
B2 2.39 -
B3 1.72 -
Ba1 0.55 -
Ba2 1.63 -
Ba3 4.70 -
Baa1 3.08 -
Baa2 2.13 -
Baa3 4.13 -
CCC+ 2.69 1.53
CCC - 1.90
CCC- - 1.40
CC 0.39 -
C 0.75 0.16
Ca 0.95 -
Caa1 0.48 -
Caa2 0.17 -
Caa3 0.40 -
D 0.40 0.41
Not rated 9.04 -

AAA - 1.85
AA+ 2.16 1.24
AA 0.78 1.80
AA- 6.05 4.77
A+ 7.16 8.43
A 5.00 9.21
A- 17.67 14.46
A1 0.91 -
A2 1.20 -
A3 0.48 -
BBB+ 18.21 20.41
BBB 22.22 20.21
BBB- 8.85 9.68
BB+ 3.39 3.27
BB 0.67 2.29
67


LGT Sustainable Bond Corporates Sub-Fund (continued)
B+ 0.42 1.43
B 0.63 0.24
Baa2 2.31 -
CCC 0.47 0.71
Not rated 1.42 -
100.00 100.00

AA 1.32 -
AA- 5.25 -
A 2.03 -
Aa2 1.37 -
BBB+ 4.46 -
BBB 15.03 -
BBB- 7.12 -
BB+ 6.97 -
BB 3.83 -
BB- 18.86 -
B+ 10.33 -
B 11.44 -
B- 7.36 -
B1 0.79 -
CCC+ 2.50 -
Caa1 1.34 -
Total debt securities (Source: Standard and Poor’s) 100.00 -

AAA 26.24 -
AA+ 24.75 -
BBB 8.85 -
BBB- 5.50 -
BB+ 2.14 -
BB- 2.78 -
B 19.83 -
B1 3.00 -
Ba3 4.10 -
CC 2.81 -
Total debt securities (Source: Standard and Poor’s) 100.00 -
The Company’s overall exposure to credit risk on derivative instruments can change substantially within a short
period, as it is affected by each related transaction with the respective counterparty. All derivatives are shown on
the Balance Sheet on a gross basis by investment type. As set out in the counterparty agreements, certain amounts
can be subject to offset/netting. As set out in the counterparty agreements, certain amounts can be subject to
offset/netting as outlined in the following table.
68
Derivative financial assets and any related financial instruments and cash collateral are as follows:
Related amounts not set-off

Amounts presented in Balance Sheet in Balance Sheet
Gross Gross amount Cash
amount of of financial Net amounts collateral /
financial liabilities set- of financial Financial margin cash
(in USD) assets off assets instruments (4) Net Amount
A B C=A+B D1 D2 E=C+D
2022
- forward currency contracts (3) 1,400,324 - 1,400,324 (4,289,406) 3,130,000 240,918
LGT Sustainable Equity Global Sub-
Fund
- forward currency contracts (1) 11,178,629 - 11,178,629 (2,547,635) - 8,630,994
LGT Sustainable Equity Europe Sub-
Fund
- forward currency contracts (1) 40,548 - 40,548 (35,467) - 5,081
LGT Sustainable Bond Global Sub-
Fund
- forward currency contracts (1) 254,747 - 254,747 (254,747) -
- futures positions (2) 5,048,964 - 5,048,964 (3,286,966) - 1,761,998
LGT Sustainable Bond Global Hedged
Sub-Fund
- forward currency contracts (1) 4,365,500 - 4,365,500 (3,868,183) 3,940,000 4,437,317
- futures positions (2) 5,945,120 - 5,945,120 (4,058,369) 1,886,751
LGT Sustainable Quality Equity Sub-
Fund
- forward currency contracts (1) 10,365,024 - 10,365,024 (2,901,717) - 7,463,307
LGT Bond EM Credit Opportunities
Sub-Fund
- forward currency contracts (1) 78,646 - 78,646 (24,406) - 54,240
LGT Sustainable Bond Corporates
Sub-Fund
- futures positions (2) 1,540,618 - 1,540,618 - - 1,540,618
LGT Sustainable Equity Market
Neutral Sub-Fund
- futures positions (2) 3,791,639 - 3,791,639 (366,500) - 3,425,139
LGT Crown Liquid Private Equity
Opportunities Sub-Fund
- forward currency contracts (1) 5,020,234 - 5,020,234 (190,939) - 4,829,295
- futures positions (2) 1,679,121 - 1,679,121 (444,531) - 1,234,590
69
Related amounts not set-off

Amounts presented in Balance Sheet in Balance Sheet
Gross Cash
amount of Gross amount Net amounts collateral /
financial of financial of financial Financial margin cash
(in USD) liabilities assets set-off liabilities instruments (4) Net Amount
A B C=A+B D1 D2 E=C+D
2022
- forward currency contracts (3) (4,289,406) - (4,289,406) 4,289,406 - -
LGT Sustainable Equity Global Sub-
Fund
LGT Sustainable Equity Europe Sub-
Fund
- forward currency contracts (1) (35,467) - (35,467) 35,467 - -
LGT Sustainable Bond Global Sub-
Fund
- forward currency contracts (1) (283,318) - (283,318) 254,747 - (28,571)
- futures positions (2) (3,286,966) - (3,286,966) 3,286,966 - -
LGT Sustainable Bond Global Hedged
Sub-Fund
- futures positions (2) (4,058,369) - (4,058,369) 4,058,369 - -
LGT Sustainable Quality Equity Sub-
Fund
LGT Bond EM Credit Opportunities
Sub-Fund -
- futures positions (2) (123,125) - (123,125) - - (123,125)
LGT Sustainable Bond Corporates
Sub-Fund
Neutral Sub-Fund
- futures positions (2) (366,500) - (366,500) 366,500 - -
LGT Crown Liquid Private Equity
Opportunities Sub-Fund
- futures positions (2) (444,531) - (444,531) 444,531 - -
(1) As at 30 April 2022, the counterparty for these forward currency contracts was RBC Investor Services Bank S.A.
(2) As at 30 April 2022, LGT Bank AG was the derivative counterparty for these futures positions.
(3) As at 30 April 2022, the counterparty for these forward currency contracts was LGT Bank AG.
(4) The unencumbered cash balances at RBC Investor Services Bank S.A LGT Bank AG as detailed in Note 9, are not
included in this table.
The margin balance maintained by the Company is for the purpose of providing collateral on futures positions and
forward contracts and is included in the ‘Cash collateral / margin cash’ column D2. See Note 9 and Note 10 for further
details.
70
For the year ended 30 April 2021 the same counterparties were used and no cash collateral/margin cash was
posted. The gross amounts of futures positions and forward contracts held at 30 April 2021 are detailed in Note
7. The effects of netting can be seen in the comparative information shown in the portfolio of investments.
(e) Liquidity risk

Liquidity risk is the risk that the Company cannot generate sufficient cash resources to meet its payment
obligations in full as they fall due, or can only do so at materially disadvantageous terms. Depending on the sub-
fund, the Company is exposed to daily or weekly cash redemptions of participating shares. If significant
redemptions of participating shares are requested, it may not be possible to liquidate the Company’s investments
at the time such redemptions are requested, or it may be possible to do only at prices which the Directors believe
do not reflect the true value of such investments, resulting in an adverse effect on the return to the investors.
It therefore invests the majority of its assets in investments that are traded in an active market and can be readily
disposed of; it invests only a limited proportion of its assets in investments not actively traded. The Company’s
listed securities are considered to be readily realizable as they are listed on recognized stock exchanges. In
accordance with the Company’s policy, the Manager and Investment Manager monitors the Company’s liquidity
position on a daily basis. There have been no material changes made to these liquidity management systems and
procedures described above during the year.
Substantially all of the sub-funds’ financial liabilities have maturities of less than one month from the Balance
Sheet date to the contractual maturity date. Maturities are outlined in the Portfolio of Investments of the respective
sub-funds.
(f) Capital risk management

The capital of the Company is represented by the net assets attributable to the holders of redeemable participating
shares and the Manager monitors this on an ongoing basis. The Company’s objective when managing the capital
is to safeguard the ability to continue as a going concern in order to provide returns for holders of redeemable
participating shares and benefits for other stakeholders and to maintain a strong capital base to support the
development of the investment activities of the Company.
In order to maintain or adjust the capital structure, the Company’s policy is to perform the following:
- monitor the level of daily subscriptions and redemptions relative to the assets it expects to be able to liquidate
within one week and adjust the amount of distributions the Company pays to holders of redeemable participating
shares.
- redeem and issue new shares in accordance with the constitutional documents of the Company, which include
the ability to restrict redemptions and require certain minimum holdings and subscriptions.
(g) Fair value estimation

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
in the principal (or most advantageous) market at the measurement date under current market conditions (i.e. an
exit price) regardless of whether that price is directly observable or estimated using another valuation technique.
The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and
trading securities) are based on quoted market prices at the close of trading on the reporting date. The Company
utilizes the last traded market price for both financial assets and financial liabilities where the last traded price
falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread,
management will determine the point within the bid-ask spread that is most representative of fair value. An active
market is a market in which transactions for the asset or liability take place with sufficient frequency and volume
to provide pricing information on an ongoing basis.
71
IFRS 7 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
- Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices).
- Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable
inputs).
The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is
determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.
For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a
fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs,
that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value
measurement in its entirety requires judgment, considering factors specific to the asset or liability.
The determination of what constitutes ‘observable’ requires significant judgment by the Company. The Company
considers observable data to be that market data that is readily available, regularly distributed or updated, reliable
and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant
market.
Investments whose values are based on quoted market prices in active markets, and therefore classified within
Level 1, include futures, exchange traded funds, transferable securities, and certain government bonds. The
Company does not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted
market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within
Level 2. The Company currently classifies forward currency contracts, collective investment schemes, options,
certain government bonds and corporate bonds held as at 30 April 2022 and 2021 as Level 2 investments as their
fair value is based on observable inputs.
Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. There were
no Level 3 investments at 30 April 2022 (30 April 2021: none).
The following tables below analyze within the fair value hierarchy the Company’s financial assets (by class)
designated as fair value through profit or loss at 30 April 2022:

At 30 April 2022
(in EUR) Level 1 Level 2 Level 3 Total
Financial assets at fair value
through profit or loss:
Equity investments 611,701,971 - - 611,701,971
Corporate bonds - 2,371,474 - 2,371,474
Total 611,701,971 2,371,474 - 614,073,445
At 30 April 2021
Total 630,557,743 - - 630,557,743
72

At 30 April 2022
Government bonds 14,214,490 110,329,244 - 124,543,734
Corporate bonds - 21,224,164 - 21,224,164
Forward contracts - 1,400,324 - 1,400,324
Options contracts - 61,380 - 61,380
Total 14,214,490 133,015,112 - 147,229,602
Financial liabilities at fair value
Forward contracts - (4,289,406) - (4,289,406)
Options contracts - (1,193,804) - (1,193,804)
Total - (5,483,210) - (5,483,210)
At 30 April 2021
Corporate bonds - 3,002,536 - 3,002,536
Forward contracts - 695,439 - 695,439
Options contracts - 13,948 - 13,948
Total 6,645,618 153,277,904 - 159,923,522
Forward contracts - (217,987) - (217,987)
Options contracts - (22,236) - (22,236)
Total - (240,223) - (240,223)

At 30 April 2022
Equity investments 1,180,291,848 - - 1,180,291,848
Total 1,180,291,848 11,178,629 - 1,191,470,477
Total - (2,547,635) - (2,547,635)
73
At 30 April 2021
Total 1,134,135,400 3,270,599 - 1,137,405,999
Total - (5,296,705) - (5,296,705)

At 30 April 2022
Total 90,651,259 40,548 - 90,691,807
Total - (35,467) - (35,467)
At 30 April 2021
Total 128,714,911 247,265 - 128,962,176
Total - (67,396) - (67,396)
74

At 30 April 2022
Corporate bonds - 119,146,015 - 119,146,015
Futures contracts 5,048,964 - - 5,048,964
Total 79,310,945 133,962,254 - 213,273,199
Futures contracts (3,286,966) - - (3,286,966)
Total (3,286,966) (283,318) - (3,570,284)
At 30 April 2021
Collective investment schemes - 14,815,936 - 14,815,936
Corporate bonds - 170,129,114 - 170,129,114
Total 70,231,640 201,515,596 - 271,747,236
Total (1,114,023) (430,367) - (1,544,390)

At 30 April 2022
(in USD) Level 1 Level 2 Level 3 Total
Corporate bonds - 129,316,286 - 129,316,286
Total 111,681,536 189,608,495 - 301,290,031
Total (4,058,369) (3,868,183) - (7,926,552)
75
At 30 April 2021
Corporate bonds - 133,459,148 - 133,459,148
Total 110,221,040 200,096,800 - 310,317,840
Total (1,049,879) (635,285) - (1,685,164)

At 30 April 2022
Total 1,429,618,424 10,365,024 - 1,439,983,448
Total - (2,901,717) - (2,901,717)
At 30 April 2021
Total 1,448,415,688 479,642 - 1,448,895,330
Total - (2,827,673) - (2,827,673)
76

At 30 April 2022
Equity investments 301,822 - - 301,822
Corporate bonds - 53,044,165 - 53,044,165
Total 301,822 53,122,811 - 53,424,633
Futures contracts (123,125) - - (123,125)
Total (123,125) (24,406) - (147,531)
At 30 April 2021
Equity investments 207,227 - - 207,227
Government bonds - 747,810 - 747,810
Corporate bonds - 79,039,813 - 79,039,813
Futures contracts 134,844 - - 134,844
Total 342,071 79,886,815 - 80,228,886
Total (28,516) (35,029) - (63,545)

At 30 April 2022
Corporate bonds - 200,075,246 - 200,075,246
Total 1,540,618 201,967,637 - 203,508,255
Total (3,658,081) - (3,658,081)
77
At 30 April 2021
Government bonds - 612,060 - 612,060
Corporate bonds - 153,030,616 - 153,030,616
Total 368,280 160,848,233 - 161,216,513
Total (56,250) (1,411) - (57,661)

At 30 April 2022
Collective investment schemes - 14,276,602 14,276,602
Total 149,165,298 16,561,959 - 165,727,257
Total (366,500) (2,449,661) - (2,816,161)
At 30 April 2021
Total 177,539,631 493,458 - 178,033,089
Total (5,767,538) (407,328) - (6,174,866)
78

At 30 April 2022
Total 211,365,950 5,020,234 - 216,386,184
Total - (190,939) - (190,939)
At 30 April 2021
Total 236,926,614 410,371 - 237,336,985
Total - (656,263) - (656,263)

At 30 April 2022
Government bonds - 121,165,827 - 121,165,827
Total 1,679,121 122,608,674 - 124,287,795
Total (444,531) (72,826) - (517,357)
79

At 30 April 2022
Corporate bonds - 168,894,658 - 168,894,658
Total 159,295,602 497,082,313 - 656,377,915
Total (23,868,269) - (23,868,269)
There was no transfer between levels during the year (2021: none). For the remaining assets and liabilities which
are carried at amortized cost; their carrying values are a reasonable approximation of fair value (2021: same).
This includes cash and cash equivalents, receivable and payable for investments sold and purchased, subscriptions
receivable, redemptions payable, other receivables, various expenses payable and other liabilities.
5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS IN APPLYING ACCOUNTING

POLICIES
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within
the next financial year. Estimates are continually evaluated and based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
Functional currency
The Board of Directors considers the Euro the currency that most faithfully represents the economic effect of the
underlying transactions, events and conditions at the level of the Company. Although some sub-funds’ functional
currencies may be different to the Euro, the Euro is the currency in which the Company measures its overall
performance and reports its results, as well as the currency of its underlying investments. This determination also
considers the competitive environment in which the Company is compared to other global investment products.
The functional currency of LGT Sustainable Bond Global Hedged Sub-Fund, LGT Sustainable Quality Equity
Sub-Fund, LGT Bond EM Credit Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund, LGT
Sustainable Equity Market Neutral Sub-Fund, LGT Crown Liquid Private Equity Opportunities Sub-Fund, LGT
EM HC Bond Sub-Fund and LGT EM Frontier LC Bond Sub-Fund is the US Dollar as the shares in these sub-
funds are predominantly issued in US Dollar and therefore represents the primary economic environment in which
they operate.
80
6. FEES AND EXPENSES
6.1 Management fee

The Company pays to the Manager a fee at the annual rate up to the following percentages of the relevant sub-
fund’s net asset value which is accrued at each valuation date and paid monthly in arrears (2021: same rates,
except LGT EM LC Bond Sub-Fund: Class F 0.55%):
LGT LGT LGT

LGT Sustainable LGT LGT Sustainable Sustainable
LGT EM LC Equity Sustainable Sustainable Bond Global Quality
Share Crown listed Bond Global Equity Europe Bond Global Hedged Equity
Class Private Equity Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
A 1.00% NMF* NMF* NMF* NMF* NMF* NMF*
B 1.50% NMF* NMF* NMF* NMF*
C 1.00% 0.60% 0.70% 0.70% 0.45% 0.70%
D 1.50%
E 1.00% NMF* 0.70% NMF* 0.45% 0.70%
F 0.60%
G
H
I
J
K
L
M
N
O NMF*
Q
T
LGT
LGT LGT Sustainable LGT
Bond EM Sustainable Equity Crown Liquid LGT LGT
Credit Bond Market Private Equity EM HC EM Frontier
Share Opportunities Corporates Neutral Opportunities Bond LC Bond
Class Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
A NMF* NMF* NMF* NMF* NMF*
B 0.55% 0.80% 1.00% 1.50%
C 0.35% 0.80%
D 0.55% 0.35% 0.80% 1.00% 1.50%
E 0.55% 0.35% 1.20%
F 1.20%
G 1.20%
H 1.10% 0.70% 1.00%
I 0.70%
J NMF* NMF*
K 0.35% 0.50% 1.00%
L 0.50% 1.00%
M 0.35% 1.00%
N 0.70% 1.00%
O NMF*
Q 0.85%
T 0.85%
* “NMF” denotes no management fee.
81
6. FEES AND EXPENSES (continued)
6.2 Administration fee

The Administrator is RBC Investor Services Ireland Limited (the “Administrator”). The administration fee covers
both administration and transfer agency services. The Company pays the Administrator out of the assets of each
sub-fund the following fees:
In respect of all daily dealing sub-funds:
(a) The Administrator, in relation to the provision of its core service as fund administrator is entitled to a fee
payable out of the assets of the sub-fund, accruing daily or weekly, depending on the dealing frequency of
the sub-fund and payable monthly in arrears at the end of each calendar month at a rate not exceeding
0.0225% of the Net Asset Value of the sub-fund, subject to a minimum annual fee for the sub-fund, exclusive
of out-of pocket expenses and transaction fees, not exceeding USD 20,000 per annum, per sub-fund up to
two classes. Additional annual fees of USD 1,000 will apply per each additional class.
(b) The sub-fund shall also be subject to fund tax, year-end support, transfer agency maintenance and transaction
charges, which shall not exceed normal commercial rates.
(c) The Administrator shall also be entitled to reimbursement of all reasonable out-of-pocket expenses incurred
for the benefit of the Sub-Fund.
(d) Fees are exclusive of VAT, if any. The Administrator is also entitled to charge to the sub-fund all agreed
fees and transaction charges, at normal commercial rates, together with all reasonable and properly vouched
out-of-pocket expenses (plus any applicable taxes), it incurs on behalf of the sub-fund in the performance of
its duties under the Administration Agreement, which shall be payable quarterly in arrears.
The exact rates based on the NAV are as follows:
For RBC Investor Services Ireland Limited

First USD 100 million of net asset value: 2.25 basis points p.a.
Next USD 150 million of net asset value: 1.75 basis points p.a.
Thereafter: 1.00 basis points p.a.
6.3 Performance fee

No sub-fund is subject to performance fees.
82
6.4 Depositary and trustee fees

In respect of all daily dealing sub-funds (all sub-funds except LGT Crown Listed Private Equity):
(a) The Depositary shall be entitled to a fee payable out of the assets of the sub-fund accruing daily and payable
monthly in arrears at the end of each calendar month at an annual rate not exceeding 0.015% of the Net Asset
Value of the sub-fund, subject to a minimum annual fee for the sub-fund, exclusive of out-of pocket expenses,
of USD 12,000 per annum, per sub-fund.
(b) Safekeeping fees based on the Net Asset Value of the sub-fund may also be charged which shall vary from
0.03% to 0.80% subject to a minimum annual fee, exclusive of transaction charges and out-of-pocket
expenses, of USD 3,300 per annum.
(c) The sub-fund shall also be subject to transaction charges, which shall not exceed normal commercial rates.
(d) The Depositary shall also be entitled to reimbursement of properly vouched out of pocket expenses incurred
by the Depositary, or any sub-custodian, for the benefit of the sub-fund.
(e) Fees are exclusive of VAT, if any. In addition, the Depositary is also entitled to charge to the sub-fund all
agreed fees and transaction charges, at normal commercial rates, together with all reasonable and properly
vouched out-of-pocket expenses (plus any applicable taxes), it incurs on behalf of the sub-fund in the
performance of its duties under the Depositary Agreement, which shall be payable quarterly in arrears.
In respect of LGT Crown Listed Private Equity:
First USD 100 million of net asset value: 1.50 basis points p.a.
Thereafter: 0.50 basis points p.a.
and subject to a minimum fee of USD 12,000 per annum. This fee accrues weekly and is payable monthly in
arrears. In addition, a safekeeping fee will be charged that will vary by investment type, subject to a minimum fee
of USD 3,300 per annum.
6.5 Operation fee

The Manager is entitled to an Operation Fee for the management and administration of each sub-fund at the
following maximum rate:
Sub-Fund 2022 2021

LGT Crown Listed Private Equity n/a n/a
LGT EM LC Bond Sub-Fund 0.20 0.17
LGT Sustainable Equity Global Sub-Fund 0.11 0.14
LGT Sustainable Equity Europe Sub-Fund 0.14 0.14
LGT Sustainable Bond Global Sub-Fund 0.14 0.14
LGT Sustainable Bond Global Hedged Sub-Fund 0.14 0.14
LGT Sustainable Quality Equity Sub-Fund 0.11 0.14
LGT Bond EM Credit Opportunities Sub-Fund 0.25 0.30
LGT Sustainable Bond Corporates Sub-Fund 0.15 0.30
LGT Sustainable Equity Market Neutral Sub-Fund 0.15 0.30
LGT Crown Liquid Private Equity Opportunities Sub-Fund 0.12 0.14
LGT EM HC Bond Sub-Fund 0.25 0.14
LGT EM Frontier LC Bond Sub-Fund 0.30 0.14
This fee is calculated on the basis of the Net Asset Value per Class (before debiting the management and operation
fee), as at each Valuation Day. The operation fee will be accrued on each Valuation Day and debited at the end
of each month. This Operation Fee includes the manager fee, the fees of the Depositary and Administrator and
the transaction fees.
83
6.6 Directors’ fees

Director’s fees of EUR 5,000 were charged in respect of Kevin Mathews’ services during the year (2021: EUR
5,000).
6.7 Audit fees

Audit fees relate to the Company’s statutory audit carried out by PricewaterhouseCoopers Dublin. The total audit
fees incurred by the Company for the year was EUR 188,598 (2021: EUR 153,666). This fee is inclusive of out-
of-pocket expenses. Non-audit fees relating to tax advisory services for the year was EUR 84,950 (2021: EUR
94,530).
6.8 Company secretarial and financial statement preparation fees

LGT Fund Managers (Ireland) Limited is entitled to company secretarial and financial statement preparation fees
of EUR 5,000 and EUR 3,000 (per sub-fund) per annum respectively. These fees are included in “Other expenses”
in the Statement of Comprehensive Income.
7. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
As at 30 April 2022, the financial assets and liabilities at fair value through profit or loss for each sub-fund by
category of investment were as follows:
LGT LGT LGT LGT

Financial assets designated at fair
value through profit or loss:
- Equity investments 611,701,971 - 1,180,291,848 90,651,259 -
- Collective investment schemes - - - - -
- Government bonds - 124,543,734 - - 88,823,473
- Corporate bonds 2,371,474 21,224,164 - - 119,146,015
- Forward currency contracts - 1,400,324 11,178,629 40,548 254,747
- Futures contracts - - - - 5,048,964
- Option contracts - 61,380 - - -
Total financial assets at fair value
through profit or loss 614,073,445 147,229,602 1,191,470,477 90,691,807 213,273,199
Financial liabilities designated at

fair value through profit or loss
- Forward currency contracts - (4,289,406) (2,547,635) (35,467) (283,318)
- Futures positions - - - - (3,286,966)
- Option contracts - (1,193,804) - - -
Total financial liabilities at fair
value through profit or loss - (5,483,210) (2,547,635) (35,467) (3,570,284)
84

(continued)
LGT LGT LGT LGT LGT

- Equity investments - 1,429,618,424 301,822 - 145,373,659
- Collective investment schemes 28,288,485 - - - 14,276,602
- Government bonds 133,374,640 - - - -
- Corporate bonds 129,316,286 - 53,044,165 200,075,246 -
- Forward currency contracts 4,365,500 10,365,024 78,646 1,892,391 2,285,357
- Futures contracts 5,945,120 - - 1,540,618 3,791,639
- Option contracts - - - - -
through profit or loss 301,290,031 1,439,983,448 53,424,633 203,508,255 165,727,257

- Forward currency contracts (3,868,183) (2,901,717) (24,406) (3,658,081) (2,449,661)
- Futures positions (4,058,369) - (123,125) - (366,500)
- Option contracts - - - - -
value through profit or loss (7,926,552) (2,901,717) (147,531) (3,658,081) (2,816,161)
LGT
Private Equity EM HC EM Frontier As at
Opportunities Bond LC Bond 30 April
Sub-Fund Sub-Fund Sub-Fund 20221)
- Equity investments 211,365,950 - - 3,576,241,793
- Collective investment schemes - - - -
- Government bonds - 121,165,827 474,762,969 904,682,847
- Corporate bonds - - 168,894,658 665,354,436
- Forward currency contracts 5,020,234 1,442,847 12,720,288 49,056,330
- Futures contracts - 1,679,121 - 17,330,587
- Option contracts - - - 61,380
through profit or loss 216,386,184 124,287,795 656,377,915 5,212,727,373

- Forward currency contracts (190,939) (72,826) (23,868,269) (42,260,885)
- Futures positions - (444,531) - (8,019,441)
- Option contracts - - - (1,193,804)
value through profit or loss (190,939) (517,357) (23,868,269) (51,474,130)
1)
85

(continued)
As at 30 April 2021, the financial assets and liabilities at fair value through profit or loss for each sub-fund by
category of investment were as follows:
LGT
LGT LGT LGT Sustainable
LGT LGT Sustainable Sustainable Sustainable Bond Global
Crown Listed EM LC Bond Equity Global Equity Europe Bond Global Hedged
Private Equity Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
(in EUR) (in EUR) (in EUR) (in EUR) (in EUR) (in USD)
- Equity investments 630,557,743 - 1,134,135,400 128,714,911 - -
- Collective investment schemes - - - - 14,815,936 29,616,315
- Government bonds - 156,211,599 - - 85,331,901 143,036,831
- Corporate bonds - 3,002,536 - - 170,129,114 133,459,148
- Forward currency contracts - 695,439 3,270,599 247,265 235,625 2,442,080
- Futures contracts - - - - 1,234,660 1,763,466
- Option contracts - 13,948 - - - -
through profit or loss 630,557,743 159,923,522 1,137,405,999 128,962,176 271,747,236 310,317,840

- Forward currency contracts - (217,987) (5,296,705) (67,396) (430,367) (635,285)
- Futures positions - - - - (1,114,023) (1,049,879)
- Option contracts - (22,236) - - - -
value through profit or loss - (240,223) (5,296,705) (67,396) (1,544,390) (1,685,164)
LGT LGT LGT LGT

LGT Bond Sustainable Sustainable Crown Liquid
Sustainable EM Credit Bond Equity Market Private Equity As at
Quality Equity Opportunities Corporates Neutral Opportunities 30 April
Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund 20211)
(in USD) (in USD) (in USD) (in USD) (in USD) (in EUR)
- Equity investments 1,448,415,688 207,227 - 177,412,813 236,926,614 3,440,976,040
- Collective investment schemes - - 6,069,205 - - 16,294,266
- Government bonds - 747,810 612,060 - - 361,494,240
- Corporate bonds - 79,039,813 153,030,616 - - 476,778,084
- Forward currency contracts 479,642 99,192 1,136,352 493,458 410,371 8,653,194
- Futures contracts - 134,844 368,280 126,818 - 3,222,871
- Option contracts - - - - - 13,948
through profit or loss 1,448,895,330 80,228,886 161,216,513 178,033,089 237,336,985 4,307,432,643

- Forward currency contracts (2,827,673) (35,029) (1,411) (407,328) (656,263) (9,802,942)
- Futures positions - (28,516) (56,250) (5,767,538) - (6,847,686)
- Option contracts - - - - - (22,236)
value through profit or loss (2,827,673) (63,545) (57,661) (6,174,866) (656,263) (16,672,864)
1)
86

(continued)
Details of derivative instruments held at 30 April 2022 are included in the portfolio of investments. The Company
holds the following financial derivative instruments:
(a) Futures
Futures are contractual obligations to buy or sell financial instruments on a future date at a specified price
established in an organized market. The futures contracts are collateralized by cash or marketable securities;
changes in the futures contracts’ value are settled daily with the exchange. Interest rate futures are contractual
obligations to receive or pay a net amount based on changes in interest rates at a future date at a specified price,
established in an organized financial market.
Investment in such derivative financial instruments is a primary feature of the Company and is used for direct
investment and for the purposes of asset allocation, taking views on the pricing of assets (whether overpriced
or underpriced) or likely direction of markets, currency management, maintaining the required level of exposure,
hedging, cash management and efficient investing.
(b) Forward currency contracts

A forward currency contract is an agreement between two parties to exchange two currencies at a given exchange
rate at some point in the future, usually 30, 60, or 90 days hence. A forward currency contract mitigates foreign
exchange risk for the parties and is most useful when both parties have operations or some other interest in a
country using a given currency. Forward currency contracts are over-the-counter contracts.
Some of the share classes of the sub-funds are denominated in other currencies other than the Euro Dollar. The
Directors currently instruct the Manager to hedge the Euro and USD equivalent exposure of these share classes
in the relevant sub-fund. The Company utilizes a variety of financial instruments such as derivatives to hedge
against changes in currency values which may affect the value of the relevant share classes and such transactions
are clearly attributable to each relevant share class.
(c) Options
Options are the right to buy or sell a specific quantity of a specific asset at a fixed price at or before a specified
future date. A sub-fund may invest in two forms of options: put or call options. Put options are contracts sold for
a premium that gives one party (the buyer) the right, but not the obligation, to sell to the other party (the seller)
of the contract, a specific quantity of a particular product or financial instrument at a specified price. Call options
are similar contracts sold for a premium that gives the buyer the right, but not the obligation, to buy from the
seller of the option. Options may also be cash settled. A sub-fund may be a seller or buyer of put and call options.
8. SHARE CAPITAL
(a) Participating shares
The Company has authorized participating share capital of 1,000,000,000,000 shares of no par value initially
designated as unclassified shares and 3 management shares of EUR 1 each. The unclassified shares are available
for issue as shares. The issue price is payable in full upon acceptance. There are no rights of pre-emption attaching
to the shares in the Company.
The issued redeemable participating share capital is at all times equal to the net asset value of the Company.
The right of holders of any shares to participate in the assets of the Company is limited to the assets (if any) of
the sub-fund relating to such shares. If the realized net assets of any sub-fund are insufficient to pay any amounts
due on the relevant shares in full in accordance with the relevant sub-fund supplement and the Articles, the
relevant shareholders will have no further right of payment in respect of such shares or any claim against any
other sub-fund or any other assets of the Company.
87
8. SHARE CAPITAL (continued)
If a sub-fund has two or more classes of shares, the claims of the holders of such classes to the assets of the
relevant sub-fund will, subject to the terms of the relevant sub-fund, rank pari passu with each other, and, on a
winding-up of the Company, the holders of each such class will participate in the assets (if any) comprised in
such sub-fund pro rata to the amount paid up on the shares of each such class. Each separate class relating to one
sub-fund will have recourse only to the assets comprised within the relevant sub-fund. Consequently, if on the
winding-up of the Company, the assets of a sub-fund (after payment of all fees, expenses and other liabilities
(other than amounts owing to shareholders) which are to be borne by such sub-fund) are insufficient to pay the
full repurchase proceeds payable in respect of all classes of shares relating to the relevant sub-fund, the proceeds
of the relevant sub-fund will be distributed equally amongst each shareholder of the relevant sub-fund pro rata to
the amount paid up on the shares held by each shareholder.
The Directors are given authority to effect the issue of shares and to create new classes of shares (in accordance
with the requirements of the Central Bank of Ireland) and have absolute discretion to accept or reject in whole or
in part any application for shares. Provided applications are received before the valuation point, the Directors may
at their sole discretion accept a subscription application and/or subscription monies after the relevant dealing
deadline. Issues of shares will normally be made with effect from a dealing day in respect of applications received
on or prior to the dealing deadline. Dealing days and dealing deadlines relating to each sub-fund are specified in
the relevant sub-fund supplement.
The Directors may temporarily suspend the calculation of the net asset value of a particular sub-fund or class
and/or the issue, redemption and conversion of shares under certain instances detailed in the Prospectus. Where
possible, all reasonable steps will be taken to bring any period of suspension to an end as soon as possible in a
manner that is, in the opinion of the Directors, in the best interests of the shareholders of the particular sub-fund.
As at 30 April 2022 the following shares were in issue:
Class A Class B Class C Class D

shares shares shares shares
1 May 2020 104,527.33 217,678.56 2,140.76 69,053.18
Issued during the period 146,780.92 33,213.07 56,358.00 28,670.95
Redeemed during the period (53,566.95) (11,330.37) (5,666.00) (17,113.31)
30 April 2021 197,741.30 239,561.26 52,832.76 80,610.82
1 May 2021 197,741.30 239,561.26 52,832.76 80,610.82

Issued during the period 18,882.28 16,707.63 - 50,351.00
30 April 2022 120,657.87 224,573.78 4,459.76 117,964.70
Total redeemable
Class E Class O participating
shares shares shares
1 May 2020 - 1,575,838.81 1,969,238.64
Issued during the period - 17,550.77 282,573.71
Redeemed during the period - (230,495.21) (318,171.84)
30 April 2021 - 1,362,894.37 1,933,640.51
1 May 2021 - 1,362,894.37 1,933,640.51

Issued during the period 19,653.49 50,783.77 156,378.17
Redeemed during the period (1,348.48) (258,953.62) (449,333.04)
30 April 2022 18,305.01 1,154,724.52 1,640,685.64
88

Total
redeemable
Class A Class B Class C Class E Class F participating
shares shares shares shares Shares shares
1 May 2020 110,908.44 6,500.00 - 22,330.00 30,000.00 169,738.44
Issued during the period 20,178.38 - - 56,808.00 - 76,986.38
Redeemed during the period (50,962.50) (6,500.00) - (3,258.00) - (60,720.50)
30 April 2021 80,124.32 - - 75,880.00 30,000.00 186,004.32
1 May 2021 80,124.32 - - 75,880.00 30,000.00 186,004.32

Issued during the period 29,540.22 - 34,823.60 3,921.00 - 68,284.82
Redeemed during the period (35,693.00) - - (46,374.21) - (82,067.21)
31 October 2021 73,971.54 - 34,823.60 33,426.79 30,000.00 172,221.93

Total redeemable
Class A Class C Class E participating
1 May 2020 213,378.79 31,599.99 64,449.63 309,428.41
30 April 2021 229,768.08 73,278.94 121,710.22 424,757.24
1 May 2021 229,768.08 73,278.94 121,710.22 424,757.24

30 April 2022 213,897.53 103,408.24 142,628.93 459,934.70

Total redeemable
Class A Class B Class C Class E participating
shares Shares Shares Shares shares
1 May 2020 51,062.87 15,150.00 32,485.00 - 98,697.87
Issued during the period 5,822.00 - 3,973.00 - 9,795.00
Redeemed during the period (8,560.00) (12,170.00) (6,305.26) - (27,035.26)
30 April 2021 48,324.87 2,980.00 30,152.74 - 81,457.61
1 May 2021 48,324.87 2,980.00 30,152.74 - 81,457.61

Issued during the period 13,580.00 - 750.00 14,390.00 28,720.00
Redeemed during the period (16,225.00) (2,980.00) (30,152.74) (1,220.00) (50,577.74)
30 April 2022 45,679.87 - 750.00 13,170.00 59,599.87
89

Total redeemable
Class A Class B Class C participating
shares Shares Shares shares
1 May 2020 60,883.54 61,400.00 58,637.06 180,920.60
30 April 2021 68,367.65 55,420.00 98,309.15 222,096.80
1 May 2021 68,367.65 55,420.00 98,309.15 222,096.80

30 April 2022 50,360.88 52,260.00 72,776.35 175,397.23

Total redeemable
Class A Class B Class E participating
shares shares Shares shares
1 May 2020 65,137.13 17,000.00 - 82,137.13
Redeemed during the period (21,888.00) (8,300.00) - (30,188.00)
30 April 2021 78,903.13 62,780.00 126,212.54 267,895.67
1 May 2021 78,903.13 62,780.00 126,212.54 267,895.67

Redeemed during the period (16,735.00) (2,880.00) - (19,615.00)
30 April 2022 67,981.13 85,580.00 135,404.75 288,965.88
SUSTAINABLE QUALITY EQUITY SUB-FUND

Total redeemable
Class A Class B Class C Class E participating
shares shares shares shares shares
1 May 2020 241,035.57 205,913.60 13,663.55 - 460,612.72
Issued during the period 127,998.02 71,478.49 900.00 - 200,376.51
Redeemed during the period (44,887.76) (9,122.07) (14,175.59) - (68,185.42)
30 April 2021 324,145.83 268,270.02 387.96 - 592,803.81
1 May 2021 324,145.83 268,270.02 387.96 - 592,803.81

Issued during the period 131,847.35 50,278.43 - 500.00 182,625.78
Redeemed during the period (74,547.10) (14,026.91) (387.96) - (88,961.97)
30 April 2022 381,446.08 304,521.54 - 500.00 686,467.62
90

Class A Class B Class D Class E
1 May 2020 43,133.00 1,000.00 - -
Issued during the period 16,193.00 6,355.00 - -
Redeemed during the period (15,114.00) - - -
30 April 2021 44,212.00 7,355.00 - -
1 May 2021 44,212.00 7,355.00 - -

Issued during the period 14,886.00 - 100.00 100.00
Redeemed during the period (16,352.00) (1,670.10) - -
30 April 2022 42,746.00 5,684.90 100.00 100.00
Total redeemable
Class H Class J participating
1 May 2020 1,267.08 11,896.19 57,296.27
Issued during the period 138.00 3,420.00 26,106.00
30 April 2021 318.91 13,965.19 65,851.10
1 May 2021 318.91 13,965.19 65,851.10

Issued during the period 956.32 9.00 16,051.32
Redeemed during the period (125.95) (13,103.90) (31,251.95)
30 April 2022 1,149.28 870.29 50,650.47

Class A Class C Class D Class E
1 May 2020 55,398.00 - - -
Issued during the period 29,476.00 - - -
30 April 2021 78,713.00 - - -
1 May 2021 78,713.00 - - -

Issued during the period 13,988.00 308.40 100.00 2,842.35
Redeemed during the period (33,253.00) - - (232.36)
30 April 2022 59,448.00 308.40 100.00 2,609.99
Class H Class I Class J Class K

1 May 2020 389.42 - 9,438.00 -
Issued during the period - - 2,736.00 64,596.25
Redeemed during the period (114.42) - (4,854.00) -
30 April 2021 275.00 - 7,320.00 64,596.25
1 May 2021 275.00 - 7,320.00 64,596.25

Issued during the period 17,711.40 42,910.82 65.42 6,969.56
Redeemed during the period (1,400.91) (4,891.49) (7,240.81) -
30 April 2022 16,585.49 38,019.33 144.61 71,565.81
91
Total redeemable
Class M Class N participating
1 May 2020 - - 65,225.42
Issued during the period - - 96,808.25
Redeemed during the period - - (11,129.42)
30 April 2021 - - 150,904.25
1 May 2021 - - 150,904.25

Issued during the period 135.13 27,541.09 112,572.17
Redeemed during the period - (3,654.69) (50,673.26)
30 April 2022 135.13 23,886.40 212,803.16

Class A Class B Class C Class D Class E
shares shares shares shares shares
1 May 2020 59,650.24 9,460.00 30,457.37 - 1,015.00
Issued during the period 37,934.45 2,341.00 1,945.00 14,100.00 1,502.81
Redeemed during the period (1,955.00) (275.00) (830.00) - (635.00)
30 April 2021 95,629.69 11,526.00 31,572.37 14,100.00 1,882.81
1 May 2021 95,629.69 11,526.00 31,572.37 14,100.00 1,882.81

Issued during the period 18,462.78 5,306.90 3,440.99 4,970.00 2,930.49
Redeemed during the period (21,451.47) (2,559.90) (5,121.02) (70.00) (2,097.67)
30 April 2022 92,641.00 14,273.00 29,892.34 19,000.00 2,715.63
Total redeemable
Class F Class G participating
shares Shares shares
1 May 2020 1,535.41 458.00 102,576.02
Redeemed during the period (438.00) (102.00) (4,235.00)
30 April 2021 1,634.00 537.77 156,882.64
1 May 2021 1,634.00 537.77 156,882.64

Redeemed during the period (569.39) (63.00) (31,932.45)
30 April 2022 1,135.41 504.77 160,162.15

Total redeemable
Class A participating
shares shares
1 May 2020 1,358,810.17 1,358,810.17
Issued during the period 356,754.19 356,754.19
Redeemed during the period (411,304.10) (411,304.10)
30 April 2021 1,304,260.26 1,304,260.26
1 May 2021 1,304,260.26 1,304,260.26

Issued during the period 278,599.07 278,599.07
Redeemed during the period (112,076.00) (112,076.00)
30 April 2022 1,470,783.33 1,470,783.33
92

Total
redeemable
Class A Class B Class D Class K Class L participating
shares shares shares shares Shares shares
1 May 2021 - - - - - -
Issued during the period 153,811.47 500.00 500.00 1,000.00 1,000.00 156,811.47
Redeemed during the period (6,350.00) - - (500.00) (500.00) (7,350.00)
31 October 2021 147,461.47 500.00 500.00 500.00 500.00 149,461.47

Class A Class B Class D Class H
1 May 2021 - - - -
Issued during the period 36,352.10 500.00 520.90 4,403.95
30 April 2022 24,145.21 500.00 520.90 4,403.95
Class K Class L Class M Class N

1 May 2021 - - - -
Redeemed during the period (790.27) (9,577.98) (3,700.00) -
30 April 2022 68,432.95 85,225.45 114,166.23 50,178.83
Total redeemable
Class Q Class T participating
1 May 2021 - - -
Issued during the period 342,761.48 182,799.71 899,409.85
30 April 2022 332,543.48 158,434.71 838,551.71
(b) Management shares
Management shares issued by the Company amount to EUR 3, being three management shares of EUR 1 each.
The management shares do not form part of the net asset value of the Company and are thus disclosed in the
financial statements by way of this note only. In the opinion of the Board of Directors, this disclosure reflects the
nature of the Company’s business as an investment fund.
The 3 management shares were held by LGT Fund Managers (Ireland) Limited, LGT Bank AG, Dublin Branch
and LGT Capital Partners (Ireland) Limited as at 30 April 2022 and 2021.
93
(c) Significant investors
The following table displays the significant investors that hold 10% or more of the issued share capital of the
relevant sub-fund.
% of issued
Significant Investors share capital of
At 30 April 2022 Shares held sub-fund
LGT Crown Listed Private Investor reference: LBD0000001 (Class B) 198,296.66 12.09
Equity Sub-Fund Investor reference: LBD0000001 (Class O) 1,154,724.52 70.38
Investor reference: LBD0000001 (Class A) 73,971.54 42.95
Investor reference: FEN0000001 (Class C) 34,823.60 20.22
Investor reference: PLV0000020 (Class E) 27,267.79 15.83
Investor reference: PCN0000037 (Class F) 30,000.00 17.42
LGT Sustainable Equity Global Investor reference: LBD0000001 (Class A) 213,897.53 46.51
Sub-Fund Investor reference: CFU0012173 (Class C) 89,634.00 19.49
Investor reference: CFU0015579 (Class E) 82,976.96 18.04
LGT Sustainable Equity Europe Investor reference: LBD0000001 (Class A) 45,679.87 76.64
Sub-Fund Investor reference: FUO0001538 (Class E) 13,170.00 22.10
LGT Sustainable Bond Global Investor reference: LBD0000001 (Class B) 52,260.00 29.80
Investor reference: CFU0027866 (Class C) 32,215.00 18.37
LGT Sustainable Bond
Investor reference: LBD0000001 (Class B) 85,580.00 29.62
Global Hedged Sub-Fund
Investor reference: LBD0000001 (Class E) 135,404.75 46.86
LGT Sustainable Quality Equity Investor reference: LBD0000001 (Class A) 381,446.08 55.57
Sub-Fund Investor reference: LBD0000001 (Class B) 304,521.54 44.36
LGT Bond EM Credit Investor reference: LBD0000001 (Class A) 42,746.00 84.39
Opportunities Sub-Fund Investor reference: LBD0000001 (Class B) 5,684.90 11.22
LGT Sustainable Bond Investor reference: FUO0001538 (Class A) 26,500.00 12.45
Corporates Sub-Fund Investor reference: LBD0000001 (Class I) 34,847.72 16.38
Investor reference: LBD0000001 (Class K) 71,565.81 33.63
LGT Sustainable Equity Market Investor reference: LBD0000001 (Class A) 91,511.00 57.14
Neutral Sub-Fund Investor reference: AFH0000558 (Class C) 23,765.00 14.84
Investor reference: CFU0029924 (Class D) 19,000.00 11.86
LGT Crown Liquid Private
Equity Opportunities Sub-Fund Investor reference: LBD0000001 (Class O) 1,470,783.33 100.00
LGT EM HC Bond Sub-Fund Investor reference: LBD0000001 (Class A) 146,961.47 98.33
Investor reference: CDJ0000002 (Class Q) 116,293.00 13.87
LGT EM Frontier LC Bond
Investor reference: CFU0064043 (Class Q) 103,672.48 12.36
Sub-Fund
Investor reference: ARX0000001 (Class T) 88,637.00 10.57
94
% of issued
Significant Investors share capital of
At 30 April 2021 Shares held sub-fund
LGT Crown Listed Private Investor reference: LBD0000001 (Class B) 232,138.25 12.01
Equity Sub-Fund Investor reference: LBD0000001 (Class O) 1,355,994.37 70.13
LGT EM LC Bond Sub-Fund Investor reference: LBD0000001 (Class E) 70,105.00 37.69
Investor reference: PCN0000037 (Class F) 30,000.00 16.13
LGT Sustainable Equity Global Investor reference: LBD0000001 (Class A) 229,768.08 54.09
Sub-Fund Investor reference: CFU0015579 (Class E) 64,944.96 15.29
LGT Sustainable Equity Europe Investor reference: LBD0000001 (Class A) 48,324.87 59.33
Sub-Fund Investor reference: BQS0000004 (Class C) 30,152.74 37.02
LGT Sustainable Bond Global Investor reference: LBD0000001 (Class B) 55,420.00 24.95
Investor reference: CFU0027866 (Class C) 32,215.00 14.50
LGT Sustainable Bond Investor reference: LBD0000001 (Class A) 78,903.13 29.45
Global Hedged Sub-Fund Investor reference: LBD0000001 (Class B) 62,780.00 23.44
Investor reference: LBD0000001 (Class E) 126,212.54 47.11
LGT Sustainable Quality Equity Investor reference: LBD0000001 (Class A) 324,145.83 54.68
Sub-Fund Investor reference: LBD0000001 (Class B) 268,270.02 45.25
LGT Bond EM Credit
Opportunities Sub-Fund Investor reference: LBD0000001 (Class B) 7,355.00 11.17
Investor reference: LBD0000001 (Class J) 13,965.19 21.21
LGT Sustainable Bond
Corporates Sub-Fund Investor reference: FUO0001538 (Class A) 24,000.00 15.90
Investor reference: LBD0000001 (Class K) 64,596.25 42.81
LGT Sustainable Equity Market Investor reference: LBD0000001 (Class A) 94,899.69 60.49
Neutral Sub-Fund Investor reference: BQS0000004 (Class C) 23,986.00 15.29
Equity Opportunities Sub-Fund Investor reference: LBD0000001 (Class O) 1,304,260.26 100.00
9. CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash in hand, with all deposits held at the Depositary. Cash and cash equivalents
are recorded at nominal value. As at 30 April 2022, the Company had cash and cash equivalents balances with
the following financial institutions:
LGT LGT LGT LGT

PrivateEquity Sub-Fund Sub-Fund Sub-Fund Sub-Fund
Financial Institution (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)
RBC Investor Services
Bank S.A., Dublin Branch 2,720,148 7,606,620 41,263,798 3,686,063 2,284,800
LGT Bank AG - 317,652 188,496 - 1,232,359
Total cash and cash
equivalents 2,720,148 7,924,272 41,452,294 3,686,063 3,517,159
95
9. CASH AND CASH EQUIVALENTS (CONTINUED)
LGT LGT LGT LGT LGT

Financial Institution (in USD) (in USD) (in USD) (in USD) (in USD)
Bank S.A., Dublin Branch 1,219,728 2,656,329 307,713 3,251,731 329,822
LGT Bank AG 1,776,451 - 85,123 264,417 3,436,114
Total cash and cash
equivalents 2,996,179 2,656,329 392,836 3,516,148 3,765,936
LGT
Private Equity EM HC EM Frontier As at
Opportunities Bond LC Bond 30 April
Sub-Fund Sub-Fund Sub-Fund 2022
Financial Institution (in USD) (in USD) (in USD) (in EUR)
Bank S.A., Dublin Branch 4,136,918 947,890 105,344,745 169,599,797
LGT Bank AG - 741,206 110,000,000 111,983,837
Total cash and cash
equivalents 4,136,918 1,689,096 215,344,745 281,583,634
As at 30 April 2021, the Company had cash and cash equivalents balances with the following financial
institutions:
LGT
LGT LGT LGT LGT Sustainable
Crown Listed LGT Sustainable Sustainable Sustainable Bond Global
Private EM LC Bond Equity Global Equity Europe Bond Global Hedged
Equity Sub-Fund Sub-Fund Sub-Fund Sub-Fund Sub-Fund
Financial Institution (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) (in USD)
Bank S.A., Dublin Branch 16,097,359 8,968,739 56,399,216 2,337,791 4,157,273 1,497,966
LGT Bank AG - 351,984 47,716 - 1,670,930 293,952
Total cash and cash
equivalents 16,097,359 9,320,723 56,446,932 2,337,791 5,828,203 1,791,918
LGT LGT LGT LGT LGT

Sustainable Bond EM Sustainable Sustainable Crown Liquid
Quality Credit Bond Equity Market Private Equity As at
Equity Opportunities Corporates Neutral Opportunities 30 April
Sub-Fund Sub-Fund Sub-Fund LGT Sub-Fund Sub-Fund 2021
Financial Institution (in USD) (in USD) (in USD)) (in USD) (in USD) (in EUR)
Bank S.A., Dublin Branch 8,660,263 96,317 8,219,722 2,907,551 5,697,137 110,454,942
LGT Bank AG - 253,664 331,927 9,445,119 - 10,647,355
Total cash and cash
equivalents 8,660,263 349,981 8,551,649 12,352,670 5,697,137 121,102,297
96
10. MARGIN CASH
Margin cash represents margin deposits held in respect of open exchange-traded futures contracts as well as some
open forward currency and options contracts. The margin cash, if any, for futures contracts is held with LGT Bank
AG who may, but not at present, request deposit for variation margin for open futures positions. The margin cash
for forward currency and options contracts is held with RBC Investor Services Bank S.A., Dublin Branch where
they serve as the counterparty for the respective open contracts. Margin cash, if requested and deposited is
recorded at nominal value and is shown separately on the Balance Sheet.
11. RELATED PARTY TRANSACTIONS
Parties are considered to be related if one party has the ability to control the other party or exercise considerable
influence over the other party in making financial or operating decisions. In the opinion of the Board of Directors,
LGT Capital Partners Limited, LGT Capital Partners (Ireland) Limited, LGT Fund Managers (Ireland) Limited
and LGT Bank AG, Dublin Branch are related parties under IAS 24 “Related Party Disclosures”.
Director’s fees of EUR 5,000 were charged in respect of Kevin Mathews’ services during the year (2021: EUR
5,000). Kevin Mathews also received EUR 1,000 as the appointed Money Laundering Report Officer for the
Company.
Details of cash held with LGT Bank AG at 30 April 2022 and 2021 can be found in Note 9.
The three management shares were held by LGT Fund Managers (Ireland) Limited, LGT Bank AG, Dublin
Branch and LGT Capital Partners (Ireland) Limited as at 30 April 2022 and 2021.
The following participating shares were held by related parties of the Company as at 30 April 2022:

Number of Total shares in %
Investor name shares share class holding
2022
Class A: LGT Bank AG 98,729.86 120,657.87 81.83
Class B: LGT Bank AG 198,296.66 224,573.78 88.30
Class C: LGT Bank AG 4,064.77 4,459.76 91.14
Class D: LGT Bank AG 104,011.01 117,964.70 88.17
Class E: LGT Bank AG 18,291.01 18,305.01 99.92
Class O: LGT Bank AG 1,154,724.52 1,154,724.52 100.00
2021

2022
Class A: LGT Bank LTD 73,971.54 73,971.54 100.00
Class E: LGT Bank LTD 6,159.00 33,426.79 18.43
2021
Class A: LGT Bank LTD 80,124.32 80,124.32 100.00
Class E: LGT Bank LTD 70,105.00 75,880.00 92.39
97
11. RELATED PARTY TRANSACTIONS (continued)

2022
2021

2022
Class C: LGT Bank AG 750.00 750.00 100.00
2021

2022
2021

2022
2021

2022
Class E: LGT Bank AG 500.00 500.00 100.00
2021
98

2022
Class D: LGT Bank AG 100.00 100.00 100.00
Class E: LGT Bank AG 100.00 100.00 100.00
Class H: LGT Bank AG 1,149.28 1,149.28 100.00
Class J: LGT Bank AG 870.29 870.29 100.00
2021
Class H: LGT Bank AG 318.91 318.91 100.00
Class J: LGT Bank AG 13,965.19 13,965.19 100.00

2022
Class I: LGT Bank AG 34,859.72 38,019.33 91.69
Class J: LGT Bank AG 144.61 144.61 100.00
Class K: LGT Bank AG 71,565.81 71,565.81 100.00
Class M: LGT Bank AG 135.13 135.13 100.00
Class N: LGT Bank AG 20,475.14 23,886.40 85.72
2021
Class H: LGT Bank AG 275.00 275.00 100.00
Class J: LGT Bank AG 7,320.00 7,320.00 100.00
Class K: LGT Bank AG 64,596.25 64,596.25 100.00

2022
Class F: LGT Bank AG 959.41 1,135.41 84.50
Class G: LGT Bank AG 504.77 504.77 100.00
2021
Class F: LGT Bank AG 1,359.41 1,634.00 83.20
Class G: LGT Bank AG 537.77 537.77 100.00
99

2022
2021

2022
Class B: LGT Bank AG 500.00 500.00 100.00
Class K: LGT Bank AG 500.00 500.00 100.00
Class L: LGT Bank AG 500.00 500.00 100.00

2022
Class B: LGT Bank AG 500.00 500.00 100.00
Schedule of related party transactions

Management fees are detailed in Note 6. All expenses and amounts payable by sub-fund are shown in the
Statement of Comprehensive Income and Balance Sheet.
LGT Fund Managers (Ireland) Limited receives fees from the Company in relation to financial statement
preparation and company secretarial services, as detailed in Note 6.8. Total fees incurred during the year and
payable at the year end amounted to EUR 38,000 (2021: EUR 38,000).
100
The following table outline other related party transactions which occurred during the year:
Related party/
Relationship/ For the For the
Agreement (s) Transaction year ended year ended
Direct/indirect type 30 April 2022 30 April 2021
EUR EUR
LGT EM LC Bond Sub-Fund 218,184 205,128
LGT Sustainable Equity Global Sub-Fund 282,822 199,219
Partners LGT Sustainable Equity Europe Sub-Fund 79,600 51,201
(Ireland) LGT Sustainable Bond Global Sub-Fund 99,108 91,280
Receivable
Limited/ LGT Sustainable Bond Global Hedged Sub-Fund* 42,136 38,114
from
Common LGT Sustainable Quality Equity Sub-Fund* 267,849 149,358
Manager**
Directorships LGT Bond EM Credit Opportunities Sub-Fund* 28,575 46,960
Investment LGT Sustainable Bond Corporates Sub-Fund* 67,571 43,068
Management LGT Sustainable Equity Market Neutral Sub-Fund* 38,774 14,289
Agreement/ LGT Crown Liquid Private Equity Opportunities Sub-Fund* 68,400 4,099
Direct LGT EM HC Bond Sub-Fund* 5,006 -
LGT EM Frontier LC Bond Sub-Fund* 1,629 -
Total 1,199,654 842,716
* Amounts translated from USD to Euro for purposes of Note disclosure.
**The Manager is entitled to an operation fee for the management and administration of each sub-fund at rates as
detailed in Note 6.5. The operation fee includes the manager fee, the fees of the Depositary and Administrator
and transaction fees. If such fees charged to the sub-fund are over the maximum rate the Manager reimburses the
sub-fund the difference.
Details of purchases and sales in related party underlying investments are as follows:
Purchases Sales
Number of Number of
shares Cost shares Proceeds

CROWN CASTL 3.15% 18-15.07.23 - - (500,000) USD (525,698)

LGT EM LC Sub-Fund E USD - - (5,775) EUR (5,037,007)

LGT Sustainable Bond Corporates Sub-Fund A USD 2,500 USD 2,870,950 - -
LGT Sustainable Equity Market Neutral Sub-Fund

LGT Sustainable Equity Europe Sub-Fund E EUR 14,390 USD 15,993,046 (1,220) USD (1,400,912)

LGT EM LC Sub-Fund E USD 5,775 EUR 4,987,961 - -
LGT BANK 0.375% 19-15.11.29 - - (1,000,000) EUR (940,989)

LGT Sustainable Bond Corporates Sub-Fund A USD 17,400 USD 20,408,625 (1,100) USD (1,260,148)

LGT Sustainable MMF USD NMN Antle 700 USD 746,235 (700) USD (746,290)
101
Certain Sub-Funds invest in other Sub-Funds of the Company. These cross Sub-Fund investments have been
eliminated in the financial statements of the Company, as follows:
- USD 42,565,087 of the market value of the underlying collective investment schemes from the total
Company amounts in the Balance Sheet (30 April 2021: EUR 4,913,163 and USD 27,991,440);
- EUR 123,844 and USD (2,889,437) of the realised gains and losses, including movements in unrealised gains
and losses, and the relevant dividend income and distributions on the cross Sub-Fund investments from the
total Company amounts disclosed in the Statement of Comprehensive Income (30 April 2021: EUR (74,798)
and USD 240,939) ;
- and EUR (5,037,007) and USD 17,463,084 of the monetary amounts of purchases and sales of units in such
collective investment schemes from the net proceeds from sales of shares and cost of shares reacquired,
respectively, in the total Company amounts disclosed in the Statement of Changes in Net Assets Attributable
to Holders of Redeemable Participating Shares (30 April 2021: EUR 4,987,961 and USD 27,709,183).
12. NET ASSET VALUE PER SHARE
LGT Crown Listed Private Net Asset Shares in Net Asset Value
Equity Sub-Fund Value Issue per Share
As at 30 April 2022
Class A (EUR) Shares EUR 42,031,910 120,657.87 EUR 348.36
Class B (EUR) Shares EUR 74,531,705 224,573.78 EUR 331.88
Class C (USD) Shares USD 731,221 4,459.76 USD 163.96
Class D (USD) Shares USD 24,894,806 117,964.70 USD 211.03
Class E (EUR) Shares EUR 16,043,095 18,305.01 EUR 876.43
Class O (EUR) Shares EUR 458,912,748 1,154,724.52 EUR 397.42
As at 30 April 2021
Class C (USD) Shares USD 8,997,433 52,832.76 USD 170.30
As at 30 April 2020
Class C (USD) Shares USD 205,459 2,140.76 USD 95.97
Net Asset Shares in Net Asset Value

LGT EM LC Bond Sub-Fund Value Issue per Share
As at 30 April 2022
Class A (EUR) Shares EUR 74,767,896 73,971.54 EUR 1,010.77
Class C (EUR) Shares EUR 33,223,916 34,823.60 EUR 954.06
Class E (USD) Shares USD 29,248,665 33,426.79 USD 875.01
Class F (USD) Shares USD 20,209,616 30,000.00 USD 673.65
As at 30 April 2021
Class E (USD) Shares USD 77,325,055 75,880.00 USD 1,019.04
102
12. NET ASSET VALUE PER SHARE (continued)

LGT EM LC Bond Sub-Fund (continued) Value Issue per Share
As at 30 April 2020
Class E (USD) Shares USD 19,945,591 22,330.00 USD 893.22

LGT Sustainable Equity Global Sub-Fund Value Issue per Share
As at 30 April 2022
Class C (EUR) Shares EUR 145,244,472 103,408.24 EUR 1,404.57
As at 30 April 2021
As at 30 April 2020

LGT Sustainable Equity Europe Sub-Fund Value Issue per Share
As at 30 April 2022
Class C (EUR) Shares EUR 1,033,013 750.00 EUR 1,377.35
Class E (EUR) Shares EUR 13,532,990 13,170.00 EUR 1,027.56
As at 30 April 2021
Class B (EUR) Shares EUR 3,952,988 2,980.00 EUR 1,326.51
As at 30 April 2020
103

LGT Sustainable Bond Global Sub-Fund Value Issue per Share
As at 30 April 2022
As at 30 April 2021
As at 30 April 2020
LGT Sustainable Bond Global Hedged Net Asset Shares in Net Asset Value
Sub-Fund Value Issue per Share
As at 30 April 2022
Class A (USD) Shares USD 90,130,886 67,981.13 USD 1,325.82
Class B (USD) Shares USD 82,682,898 85,580.00 USD 966.15
Class E (CHF) Shares CHF 123,395,453 135,404.75 CHF 911.30
As at 30 April 2021
Class B (USD) Shares USD 63,993,657 62,780.00 USD 1,019.33
Class E (CHF) Shares CHF 123,319,958 126,212.54 CHF 977.08
As at 30 April 2020

LGT Sustainable Quality Equity Sub-Fund Value Issue per Share
As at 30 April 2022
Class E (USD) Shares USD 421,704 500.00 USD 843.41
As at 30 April 2021
Class C (USD) Shares USD 492,026 387.96 USD 1,268.23
As at 30 April 2020
Class C (USD) Shares USD 12,596,270 13,663.55 USD 921.89
104

LGT Bond EM Credit Opportunities Sub-Fund Value Issue per Share
As at 30 April 2022
Class D (USD) Shares USD 88,655 100.00 USD 886.55
Class E (EUR) Shares EUR 88,195 100.00 EUR 881.95
Class H (USD) Shares USD 1,165,032 1,149.28 USD 1,013.71
Class J (EUR) Shares EUR 824,425 870.29 EUR 947.30
As at 30 April 2021
Class H (USD) Shares USD 371,743 318.91 USD 1,165.66
Class J (EUR) Shares EUR 15,185,295 13,965.19 EUR 1,087.37
As at 30 April 2020
Class B (USD) Shares USD 989,639 1,000.00 USD 989.64
Class H (USD) Shares USD 1,229,299 1,267.08 USD 970.18
Class J (EUR) Shares EUR 10,767,169 11,896.19 EUR 905.09

LGT Sustainable Bond Corporates Sub-Fund Value Issue per Share
As at 30 April 2022
Class C (EUR) Shares EUR 278,356 308.40 EUR 902.59
Class D (USD) Shares USD 91,880 100.00 USD 918.80
Class E (EUR) Shares EUR 2,354,616 2,609.99 EUR 902.16
Class I (EUR) Shares EUR 34,224,058 38,019.33 EUR 900.18
Class J (EUR) Shares EUR 137,487 144.61 EUR 950.77
Class K (CHF) Shares CHF 63,122,960 71,565.81 CHF 882.03
Class M (CHF) Shares CHF 121,706 135.13 CHF 900.68
Class N (CHF) Shares CHF 21,474,579 23,886.40 CHF 899.03
As at 30 April 2021
Class K (CHF) Shares CHF 63,472,319 64,596.25 CHF 982.60
As at 30 April 2020
105
LGT Sustainable Equity Market Neutral Net Asset Shares in Net Asset Value
Sub-Fund Value Issue per Share
As at 30 April 2022
Class B (USD) Shares USD 14,057,936 14,273.00 USD 984.93
Class C (EUR) Shares EUR 28,897,320 29,892.34 EUR 966.71
Class D (CHF) Shares CHF 17,587,529 19,000.00 CHF 925.66
Class F (EUR) Shares EUR 1,054,395 1,135.41 EUR 928.64
Class G (CHF) Shares CHF 460,970 504.77 CHF 913.24
As at 30 April 2021
Class D (CHF) Shares CHF 14,204,689 14,100.00 CHF 1,007.42
Class F (EUR) Shares EUR 1,656,638 1,634.00 EUR 1,013.85
Class G (CHF) Shares CHF 537,155 537.77 CHF 998.86
As at 30 April 2020
Class F (EUR) Shares EUR 1,568,584 1,535.41 EUR 1,021.60
Class G (CHF) Shares CHF 462,359 458.00 CHF 1,009.52
LGT Crown Liquid Private Equity Net Asset Shares in Net Asset Value
Opportunities Sub-Fund Value Issue per Share
As at 30 April 2022
Class O (USD) Shares USD 218,076,211 1,470,783.33 USD 148.27
As at 30 April 2021
As at 30 April 2020
LGT EM HC Bond Sub-Fund Net Asset Shares in Net Asset Value

Value Issue per Share
As at 30 April 2022
Class A (USD) Shares USD 125,082,198 147,461.47 USD 848.24
Class B (USD) Shares USD 429,781 500.00 USD 859.56
Class D (EUR) Shares EUR 426,554 500.00 EUR 853.11
Class K (USD) Shares USD 422,243 500.00 USD 844.49
Class L (EUR) Shares EUR 417,638 500.00 EUR 835.27
106
LGT EM Frontier LC Bond Sub-Fund Net Asset Shares in Net Asset Value
Value Issue per Share
As at 30 April 2022
Class A (USD) Shares USD 23,837,271 24,145.21 USD 987.25
Class B (USD) Shares USD 481,752 500.00 USD 963.50
Class D (EUR) Shares EUR 498,943 520.90 EUR 957.84
Class K (USD) Shares USD 66,986,331 68,432.95 USD 978.86
Class L (EUR) Shares EUR 94,463,750 85,225.45 EUR 1,108.39
Class M (EUR) Shares EUR 110,740,824 114,166.23 EUR 970.00
Class N (EUR) Shares EUR 53,084,297 50,178.83 EUR 1,057.90
Class Q (EUR) Shares EUR 323,735,646 332,543.48 EUR 973.52
Class T (EUR) Shares EUR 149,052,089 158,434.71 EUR 940.78
13. SOFT COMMISSION ARRANGEMENTS
There were no soft commission arrangements affecting the Company during the year ended 30 April 2022 (2021:
none).
14. EXCHANGE RATES
The period-end exchange rates to EUR used in the preparation of these financial statements are:
For the Euro denominated sub-funds (Euro exchange rate):
Year-end 30 April 30 April Year-end 30 April 30 April

rates 2022 2021 rates 2022 2021
AUD 1.4845 1.5584 KZT 467.6197 -
BRL 5.2243 6.5309 MXN 21.5300 24.2858
CAD 1.3483 1.4809 MYR 4.5927 4.9312
CHF 1.0240 1.0979 NOK 9.8285 10.0014
CLP 900.1280 859.8571 NZD 1.6254 1.6778
CNY 6.9490 7.7904 PEN 4.0510 4.5626
COP 4,202.9880 4,508.6142 PHP - 57.9642
CZK 24.6041 25.8693 PLN 4.6814 4.5613
DKK 7.4388 7.4366 RON 4.9478 4.9289
DOP - 68.5340 RUB 74.7185 90.3754
GEL 3.2176 - SEK 10.3315 10.1790
GBP 0.8403 0.8695 SGD 1.4568 -
HKD 8.2773 9.3498 THB 36.1321 37.4829
HUF 378.2403 360.1496 TRY 15.6723 9.9819
IDR 15,293.5634 17,388.4154 USD 1.0550 1.2038
JPY 136.6794 131.5814 UYU 43.4995 52.7751
KES 122.1714 - ZAR 16.6854 17.4641
KRW 1,325.3141 1,339.0434
107
14. EXCHANGE RATES (continued)
For US Dollar denominated sub-funds (USD exchange rate):
Year-end 30 April 30 April Year-end 30 April 30 April

rates 2022 2021 rates 2022 2021
AMD 448.4305 - LKR 352.1127 -
AOA 405.6795 - MWK 814.9959 -
ARS 115.3137 - MZN 63.8774 -
AUD 1.4072 1.2946 NAD 15.8163 -
AZN 1.6990 - NGN 415.9734 -
CAD 1.2781 1.2302 NOK 9.3165 8.3082
CHF 0.9707 0.9121 PKR 185.7355 -
CRC 665.3360 - PLN 4.4376 3.7891
DKK 7.0513 6.1776 RSD 111.5325 -
DOP 55.0661 - SEK 9.7934 8.4557
DZD 145.0326 - TJS 12.4775 -
EGP 18.4901 - TND 3.0906 -
EUR 0.9479 0.8307 TZS 2,325.5814 -
GBP 0.7965 0.7223 UAH 29.4014 -
GEL 3.0500 - UGX 3,558.7189 -
GHS 7.7500 - UYU 41.2337 -
HKD 7.8462 7.7669 UZS 11,235.9551 -
JPY 129.5600 109.3050 VND 22,963.6944 -
KES 115.8078 - ZAR 15.8163 14.5075
KGS 83.9983 - ZMW 17.0250 -
KZT 443.2624 -
The average USD/EUR exchange rate used for the purposes of consolidation on the Statement of Comprehensive
Income and the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
was 0.8746 (2021: 0.8502), except for LGT EM HC Bond Sub-Fund (0.8816) and LGT EM Frontier LC Bond
Sub-Fund (0.8830).
15. TAXATION
Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B
of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or
gains. However, Irish tax may arise on the happening of a "chargeable event". A chargeable event includes any
distribution payments to Shareholders or any encashment, redemption, cancellation or transfer of shares.
No Irish tax will arise on the Company in respect of chargeable events in respect of:
(a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the
chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes
Consolidation Act, 1997, as amended, are held by the Company; or the Company has been authorized by the Irish
Revenue to make gross payments in the absence of appropriate declarations; and
(b) certain exempted Irish tax resident Shareholders who have provided the Company with the necessary signed
statutory declarations.
Any transaction (which might otherwise be a chargeable event) in relation to shares held in a recognized clearing
system as designated by order of the Irish Revenue Commissioners will not constitute a chargeable event. It is the
current intention of the Directors that all the Shares in the Company will be held in a recognized clearing system.
Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to
withholding taxes imposed by the country from which the investment income/gains are received and such taxes
may not be recoverable by the Company or its shareholders.
108
16. SIGNIFICANT EVENTS DURING THE YEAR
The 2022 reporting period continues to be impacted by the Covid-19 pandemic. Recent disruptions associated
with current geopolitical events have had a global impact, and uncertainty exists as to their implications. Such
disruptions can potentially adversely affect the assets, and thus performance of the sub funds. The Manager,
together with the Investment Manager continues to monitor these developments and evaluate their impact on the
Company. As of 19 April 2022 the Ozon Holding plc position held by LGT Crown Listed Private Equity
Opportunities Sub-Fund was written down to zero.
17. EVENTS SINCE THE BALANCE SHEET DATE
Since the balance sheet date of 30 April 2022, the following significant subscriptions and redemptions occurred:
Subscriptions Amount (in

millions)
LGT Sustainable Quality Equity Sub-Fund USD 239.0
Redemptions Amount (in

millions)
LGT Sustainable Equity Europe Sub-Fund EUR 12.7
LGT Sustainable Equity Market Neutral Sub-Fund USD 39.3
There have been no other material events, that could impair the integrity of the information presented in the
financial statements or requiring disclosure.
18. APPROVAL OF FINANCIAL STATEMENTS
The Board of Directors approved the financial statements on 18 August 2022.
109
PORTFOLIO OF INVESTMENTS – LGT CROWN LISTED PRIVATE EQUITY
Fair Value % of
Shares 30.04.2022 Net Asset
30.04.2022 (in EUR) Value
EQUITY SECURITIES
Bermuda
BROOKFIELD /LP 353,799 8,061,170 1.31
Total (April 2021: 11,275,367) 8,061,170 1.31
Canada
BROOKFIELD BUSINESS CORPORATION 18,550 469,157 0.07
BROOKFIELD ASSET MGMT -A-/LTD 540,000 25,664,721 4.17
ONEX CORPORATION 655,000 37,499,253 6.09
Total (April 2021: 61,215,901) 63,633,131 10.33
France
EURAZEO 46,000 3,385,600 0.55
EURAZEO N PF 23 350,000 25,760,000 4.18
WENDEL 290,000 27,695,000 4.50
Total (April 2021: 67,023,000) 56,840,600 9.23
Germany
AURELIUS SE & CO. KGaA 313,214 7,993,221 1.30
DEUTSCHE BETEILIGUNGS AG 180,000 5,319,000 0.86
GESCO AG 329,000 8,126,300 1.32
Total (April 2021: 17,450,800) 21,438,521 3.48
Guernsey
HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED 989,000 30,072,673 4.89
NB PRIVATE EQUITY PARTNERS LIMITED 1,450,000 27,178,995 4.41
Total (April 2021: 61,667,148) 57,251,668 9.30
Netherlands
PROSUS NV 200,000 9,318,000 1.51
Total (April 2021: nil) 9,318,000 1.51
South Africa
BRAIT SE 9,592,277 2,443,287 0.40
Total (April 2021: 2,565,488) 2,443,287 0.40
Sweden
RATOS AB 2,600,000 12,764,065 2.07
Total (April 2021: 17,633,939) 12,764,065 2.07
United Kingdom
3I GROUP PLC 2,900,000 45,729,739 7.42
ABRDN PRIVATE EQUITY OPPORTUNITY TRUST PLC 1,984,559 11,903,629 1.93
DUNEDIN ENTPRSE INV TRUST 737,000 4,517,976 0.74
HGCAPITAL TRUST PLC 7,198,748 36,496,516 5.93
HOSTMORE PLC 4,518,000 3,172,364 0.52
ICG ENT TRS GBP 2,025,000 26,846,956 4.36
INTERMEDIATE CAPITAL GROUP PLC 1,100,000 20,258,542 3.29
MELROSE INDUSTRIES PLC 7,750,000 10,892,723 1.77
PANT INTER GBP/DIS 7,403,278 27,841,715 4.52
PETERSHILL PARTNERS PLC 4,912,363 14,907,866 2.42
UNBOUND GROUP PLC 1,506,000 687,346 0.11
Total (April 2021: 189,572,570) 203,255,372 33.01
110
PORTFOLIO OF INVESTMENTS – LGT CROWN LISTED PRIVATE EQUITY

(CONTINUED)
Shares/
Nominal Fair Value % of
value 30.04.2022 Net Asset
EQUITY SECURITIES (CONTINUED)
United States of America

AFFILIATED MANAGERS GROUP INC 138,000 16,426,049 2.67
APOLLO GLB MGMT SHS -A- 560,000 26,414,143 4.29
ARES CAPITAL CORPORATION 200,000 3,842,836 0.62
BLACKSTONE GROUP LP 375,000 36,104,792 5.86
CARLYLE GP PARTNERSHIP UNIT LP 1,070,000 36,807,716 5.98
KKR PARTNERSHIP UNITS 840,000 40,584,672 6.59
SIXTH STREET SPECIALTY LENDING INC 75,000 1,588,227 0.26
TPG INC 620,000 14,927,722 2.42
Total (April 2021: 202,153,530) 176,696,157 28.69
Total equity securities (2021: 630,557,743) 611,701,971 99.33
DEBT SECURITIES
Corporate Bonds
South Africa
BRAIT INVES 5% 21-03.12.24 /CV 39,565 2,371,474 0.39
Total (2021: nil) 2,371,474 0.39
Total corporate bonds (2021: nil) 2,371,474 0.39
Fair Value % of
30.04.2022 Net Asset
(in EUR) Value
Total Investments 614,073,445 99.72

Other Net Assets 1,737,236 0.28
Total Net Assets 615,810,681 100.00
%
of total
Analysis of total assets assets
Transferable securities admitted to an official
stock exchange listing or traded in a regulated market 99.33
Other assets 0.67
100.00
111
PORTFOLIO OF INVESTMENTS – LGT EM LC BOND SUB-FUND
Nominal Fair Value %

Value 30.04.2022 Net Asset
DEBT SECURITIES
Government bonds
Brazil
BRAZIL 0% 20-01.01.24 30,000 4,706,982 3.04
BRAZIL 6% 11-15.08.22 INFL 1,000 755,973 0.49
BRAZIL 6% 13-15.05.23 /INFL 6,000 4,548,892 2.94
BRAZIL 8.5% 12-05.01.24 4,000,000 721,516 0.46
Total (April 2021: 15,225,883) 10,733,363 6.93
China
CHINA 3.13% 19-21.11.29 5,000,000 732,224 0.47
CHINA 3.81% 20-14.09.50 16,000,000 2,482,683 1.61
Total (April 2021: 1,274,906) 3,214,907 2.08
Colombia
COLOMBIA 5.75% 20-03.11.27 8,000,000,000 1,565,553 1.01
COLOMBIA 7.5% 11-26.8.26 38,000,000,000 8,309,122 5.37
COLOMBIA 9.85% 07-27 /INT.USD 1,600,000,000 383,841 0.25
COLUMBIA 4.375% 21.03.23 6,000,000,000 1,384,444 0.89
Total (April 2021: 10,903,101) 11,642,960 7.52
Czech Republic
CZECH REP 1.20% 20-13.03.31 50,000,000 1,571,872 1.02
Total (April 2021: 1,618,365) 1,571,872 1.02
Hungary
HUNGARY 6.75% 11-22.10.28 700,000,000 1,817,012 1.17
Total (April 2021: 1,553,240) 1,817,012 1.17
Indonesia
GOV INDONESIA 7% 15.05.27 25,000,000,000 1,668,765 1.08
INDONESIA 10% 07-15.09.24 60,000,000,000 4,353,629 2.81
INDONESIA 8.375% 13-15.03.24 50,000,000,000 3,428,069 2.21
INDONESIA GOVERNMENT11% 06-25 36,000,000,000 2,726,303 1.76
Total (April 2021: 19,193,559) 12,176,766 7.86
Malaysia
MALAYSIA 3.418% 12-15.08.22 300,000 65,613 0.04
MALAYSIA 3.733% 13-15.06.28 10,000,000 2,110,052 1.36
MALAYSIA 3.8% 16-17.08.23 6,800,000 1,502,825 0.97
MALAYSIA 3.955% 15-15.09.25 10,000,000 2,189,852 1.42
MALAYSIA 4.059% 17-30.09.24 37,000,000 8,152,161 5.26
Total (April 2021: 11,528,818) 14,020,503 9.05
Mexico
MEXICO 4.5% 06-4.12.25UDIBONOS 161,400 5,582,627 3.60
MEXICO 5.75% 15-05.03.26 1,600,000 6,632,745 4.28
MEXICO 7.5% 06-3.6.27 BONOS 600,000 2,612,240 1.69
MEXICO 7.75% 11-29.5.31 BONOS 700,000 2,977,678 1.92
MEXICO 8.5% 09-31.5.29 BONOS 250,000 1,126,009 0.73
MEXICO CETE 5% 21-06.03.25 400,000 1,668,850 1.08
Total (April 2021: 23,980,059) 20,600,149 13.30
112

(CONTINUED)
DEBT SECURITIES (CONTINUED)
Government bonds (continued)
Peru
PERU 6.9% 07-12.8.37 REGS 25,600,000 5,624,160 3.63
PERU 6.95% 08-12.8.31/DUAL 1,000,000 231,442 0.15
Total (April 2021: 6,934,672) 5,855,602 3.78
Poland
POLAND 2.75% 13-25.04.28 19,000,000 3,301,528 2.13
Total (April 2021: 7,550,388) 3,301,528 2.13
Romania
ROMANIA 3.25% 16-29.04.24 19,000,000 3,625,869 2.34
Total (April 2021: 9,982,175) 3,625,869 2.34
South Africa
SOUTH AFR 8% 13-31.01.30 50,000,000 2,683,576 1.73
SOUTH AFR 8.25% 13-31.03.32 30,000,000 1,564,927 1.01
SOUTH AFR 8.5% 13-31.01.37 70,000,000 3,463,588 2.24
SOUTH AFR 8.75% 14-31.01.44 75,000,000 3,655,025 2.36
SOUTH AFRICA 6.25% 06-31.3.36 35,000,000 1,427,216 0.92
Total (April 2021: 11,708,930) 12,794,332 8.26
Thailand
MIN OF FIN 2.125% 16-17.12.26 160,000,000 4,410,390 2.85
MIN OF FIN 2.875% 18-17.12.28 30,000,000 846,974 0.55
THAILAND GO 4.26% 12-12.12.37 24,000,000 726,261 0.47
Total (April 2021: 7,360,596) 5,983,625 3.87

USA 0% 21-02.06.22 TB 15,000,000 14,214,490 9.18
Total (April 2021: 6,645,618) 14,214,490 9.18
Uruguay
URUGUAY 8.5% 17-15.03.28 140,000,000 2,990,756 1.93
Total (April 2021: 2,761,264) 2,990,756 1.93
Total government bonds (April 2021: EUR 156,211,599*) 124,543,734 80.42

*includes Chile 3,519,764, Dominican Republic 811,169, Federation
of Russia 13,311,967, Philippines 347,125
Corporate bonds
Great Britain
EBRD 5% 21-27.01.25 30,000,000 4,901,906 3.17
EBRD FRN 21-02.07.24 15,740,000 4,881,578 3.15
Total (April 2021: 1,250,676) 9,783,484 6.32
Luxembourg
EIB 3.0% 19-25.11.29 30,385,000 5,178,652 3.34
Total (April 2021: nil) 5,178,652 3.34
113

(CONTINUED)
Corporate bonds (continued)

INTL BK REC 0% 15-08.12.22 10,150,000 1,798,556 1.16
INTL BK REC 7.75% 19-16.07.22 1,000,000,000 2,075,511 1.34
INTL FIN 7.50% 21-18.10.23 8,000,000 2,387,961 1.54
Total (April 2021: 1,751,860) 6,262,028 4.04
Total corporate bonds (April 2021: 3,002,536) 21,224,164 13.70
Open Fair Value %

position 30.04.2022 Net Asset
FINANCIAL DERIVATIVE INSTRUMENTS
Option contracts
Put options
PUT USD/TRY SPOT CROSS 17/11/2023 12.5 3,600,000 14,416 0.01
PUT USD/TRY SPOT CROSS 23/11/2023 15.0 3,600,000 46,964 0.03
Total put options (April 2021: 13,948) 61,380 0.04
Call options
CALL USD/RUB SPOT CROSS 19/07/2022 91.0 (10,400,000) (436,480) (0.28)
CALL USD/TRY SPOT CROSS 17/11/2023 25.0 (3,600,000) (421,827) (0.27)
CALL USD/TRY SPOT CROSS 23/11/2023 28.5 (3,600,000) (335,497) (0.22)
Total call options (April 2021: (22,236)) (1,193,804) (0.77)
Counterparty: RBC Investor Services Bank S.A.
Total option contracts (April 2021: (8,288)) (1,132,424) (0.73)
Unrealized
gain/(loss) % of
(in EUR) Value
Sub-Fund Buys Sub-Fund Sells Maturity date

RUB 177,500,000 USD 2,520,895 4 May 2022 (14,003) (0.01)
RUB 180,000,000 USD 2,556,401 4 May 2022 (14,200) (0.01)
USD 1,500,000 RUB 180,000,000 4 May 2022 (987,175) (0.64)
USD 1,520,343 RUB 177,500,000 4 May 2022 (934,433) (0.60)
RUB 414,960,000 USD 5,600,000 6 June 2022 (89,005) (0.06)
SGD 9,251,834 EUR 6,300,000 21 June 2022 33,692 0.02
USD 7,500,000 IDR 108,180,000,000 28 June 2022 95,013 0.06
CNY 64,700,000 USD 10,096,912 30 June 2022 (355,981) (0.23)
USD 12,000,000 CNY 77,030,400 30 June 2022 407,959 0.27
CZK 135,596,000 EUR 5,457,853 13 July 2022 (15,936) (0.01)
EUR 3,885,516 CZK 96,300,000 13 July 2022 20,941 0.01
EUR 7,790,332 USD 8,500,000 13 July 2022 (236,032) (0.15)
EUR 5,911,156 ZAR 95,878,400 13 July 2022 237,650 0.15
114

(CONTINUED)
Unrealized
gain/(loss) % of
(in EUR) Value
FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)
Forward currency contracts (continued)

HUF 1,067,893,000 EUR 2,768,441 13 July 2022 14,029 0.01
PLN 2,789,000 EUR 591,963 13 July 2022 (4,585) (0.00)
USD 7,868,786 MXN 160,591,600 13 July 2022 111,511 0.07
THB 221,961,332 USD 6,602,904 14 July 2022 (106,040) (0.07)
USD 1,036,012 BRL 5,000,000 15 July 2022 48,682 0.03
USD 4,079,484 COP 15,500,000,000 15 July 2022 225,919 0.15
USD 3,328,941 IDR 48,000,000,000 18 July 2022 48,852 0.03
USD 6,054,280 RUB 580,000,000 20 July 2022 (1,363,176) (0.88)
KES 290,400,000 USD 2,400,000 4 August 2022 (8,936) (0.00)
USD 3,300,000 COP 12,704,340,000 8 August 2022 156,076 0.10
CLP 1,031,271,240 USD 1,200,000 13 October 2022 (26,015) (0.02)
CLP 3,042,000,000 USD 3,600,000 13 October 2022 (133,889) (0.09)
Counterparty: LGT Bank AG (April 2021: 378,403)
Net unrealized gain/(loss) on forward currency contracts (April 2021: 477,452) (2,889,082) (1.87)
Fair Value % of
(in EUR) Value

%
of total
Over the counter financial derivative instruments (net) (2.49)
Other assets 12.12
100.00
115
PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY GLOBAL SUB-FUND
Fair Value % of
EQUITY SECURITIES
Finland
KONE OYJ -B- 267,900 12,347,511 1.00
Total (April 2021: 6,909,840) 12,347,511 1.00
France
CAPGEMINI SE 101,000 19,806,100 1.61
KERING SA 58,500 30,016,350 2.44
Total (April 2021: 64,513,826) 49,822,450 4.05
Germany
DEUTSCHE BOERSE AG /NAM. 68,220 11,338,164 0.92
SAP SE 90,100 8,790,156 0.71
TEAMVIEWER --- BEARER SHS 1,808,500 20,879,133 1.70
Total (April 2021: 21,180,424) 41,007,453 3.33
Great Britain
ITV PLC 24,457,820 21,626,757 1.76
PRUDENTIAL PLC 1,723,290 20,714,029 1.68
RECKITT BENCKISER GROUP PLC 597,960 44,405,991 3.61
SMITH AND NEPHEW PLC 2,989,740 46,362,055 3.76
SSE PLC 1,779,600 39,573,124 3.21
UNILEVER PLC 224,500 9,936,361 0.81
Total (April 2021: 238,765,680) 182,618,317 14.83
Ireland
MEDTRONIC HOLDINGS LIMITED 483,500 47,829,812 3.88
Total (April 2021: 35,193,315) 47,829,812 3.88
Japan
DAIWA H. INDUSTR.CO. LTD 452,000 10,393,933 0.84
MITSUBISHI ESTATE CO. 3,588,800 49,455,201 4.02
NINTENDO CO.LTD 83,200 36,468,654 2.96
NITORI HOLDINGS CO LTD 102,900 10,050,640 0.82
Total (April 2021: 82,533,261) 106,368,428 8.64
Netherlands
ING GROUP NV 2,381,000 21,667,100 1.76
Total (April 2021: 44,509,590) 21,667,100 1.76
South Africa
ANGLOGOLD ASHAN./SADS REP.1 SH 420,570 8,140,708 0.66
ANGLOGOLD ASHANTI LTD 314,400 6,201,744 0.50
Total (April 2021: 28,973,834) 14,342,452 1.16
Spain
GRIFOLS. SA 2,267,740 36,283,840 2.95
IBERDROLA SA 3,600,000 39,636,000 3.22
LINEA DIRECTA BR 3,947,836 5,404,587 0.44
Total (April 2021: 76,233,081) 81,324,427 6.61
Taiwan
TAIWAN SEMICONDUCT.MANUF/SADR 137,000 12,068,259 0.98
Total (April 2021: nil) 12,068,259 0.98
116

(CONTINUED)
Fair Value % of

AKAMAI TECHNOLOGIES INC 485,225 51,643,266 4.19
ALPHABET INC -A- 21,700 46,943,953 3.81
AUTOZONE INC 3,700 6,858,371 0.56
COGNIZANT TECHNOLOGY SOL A 710,800 54,508,479 4.43
COLGATE-PALMOLIVE CO. 363,070 26,517,412 2.15
COMCAST CORP/-A- 1,049,050 39,537,635 3.21
ESTEE LAUDER CO -A- 155,500 38,922,537 3.16
ETSY INC 161,710 14,284,805 1.16
HAEMONETICS CORP. 514,949 24,733,367 2.01
JACKSN FINL RG-A WI 380,465 15,258,993 1.24
KEYCORP 1,923,260 35,203,707 2.86
LULULEMON ATHLETICA INC 27,410 9,214,094 0.75
M&T BANK CORPORATION 199,390 31,495,663 2.56
MICROSOFT CORP. 218,900 57,584,841 4.68
NEWMONT RG REGISTERED SHS 242,940 16,776,320 1.36
ORMAT TECHNOLOGIES INC 151,100 11,128,935 0.90
PACCAR INC. 387,800 30,529,210 2.48
QUIDEL CORP 116,306 11,093,142 0.90
UNITEDHEALTH GROUP INC 116,960 56,381,827 4.58
UNIVERSAL DISPLAY CORP. 266,600 32,279,082 2.62
Total (April 2021: 454,979,962) 610,895,639 49.61
Total equity securities (30 April 2021: 1,134,135,400)* 1,180,291,848 95.85

*includes Canada 28,984,978, Cayman Islands 24,121,498, Italy 16,982,582,
Norway 5,153,767, Sweden 5,099,762
117

(CONTINUED)
Unrealized
gain/(loss) % of
(in EUR) Value

CAD 1,500,000 EUR 1,066,268 22 June 2022 43,051 0.00
CAD 52,000,000 EUR 37,044,715 22 June 2022 1,411,675 0.11
CHF 2,350,000 EUR 2,268,868 22 June 2022 26,651 0.00
CHF 62,000,000 USD 66,587,335 22 June 2022 (2,391,331) (0.19)
EUR 925,055 GBP 780,000 22 June 2022 (812) (0.00)
EUR 10,754,371 GBP 9,000,000 22 June 2022 71,503 0.01
EUR 1,016,925 JPY 132,800,000 22 June 2022 45,956 0.00
USD 11,900,000 EUR 10,773,989 22 June 2022 475,509 0.04
USD 30,000,000 EUR 27,221,427 22 June 2022 1,138,651 0.09
USD 66,008,640 EUR 60,000,000 22 June 2022 2,400,340 0.20
USD 123,811,790 GBP 95,000,000 22 June 2022 4,289,389 0.35
USD 6,347,021 JPY 747,000,000 22 June 2022 538,549 0.04
USD 18,494,593 ZAR 282,000,000 22 June 2022 737,355 0.06
ZAR 40,000,000 USD 2,677,717 22 June 2022 (155,492) (0.01)
Net unrealized gain/(loss) on forward currency contracts (April 2021: (2,026,106)) 8,630,994 0.70
Fair Value % of
(in EUR) Value
Total Investments 1,188,922,842 96.55

Total Net Assets 1,231,395,997 100.00
% of
total
Over the counter financial derivative instruments (net) 0.70
Other assets 4.24
100.00
118
PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY EUROPE SUB-FUND
Fair Value %
30.04.2022 (EUR) Value
EQUITY SECURITIES
Denmark
VESTAS WIND BR/RG 51,500 1,265,699 1.34
Total (April 2021: 1,654,405) 1,265,699 1.34
Finland
KONE OYJ -B- 28,300 1,304,347 1.38
NESTE OYJ 83,600 3,444,320 3.64
Total (April 2021: 4,012,110) 4,748,667 5.02
France
CAPGEMINI SE 21,700 4,255,370 4.50
KERING SA 6,290 3,227,399 3.41
L OREAL 11,820 4,123,998 4.36
Total (April 2021: 14,166,492) 11,606,767 12.27
Germany
DEUTSCHE POST AG 52,830 2,161,804 2.29
KION GROUP 32,166 1,713,161 1.81
SAP SE 41,700 4,068,252 4.30
SYMRISE AG 25,400 2,881,630 3.05
TEAMVIEWER - BEARER SHS 98,700 1,139,491 1.20
Total (April 2021: 21,230,844) 15,241,802 16.12
Great Britain
DIAGEO PLC 44,100 2,109,053 2.23
ITV PLC 1,865,800 1,649,828 1.75
PRUDENTIAL PLC 200,099 2,405,200 2.54
RIO TINTO PLC /REG 12,950 879,400 0.93
SMITH AND NEPHEW PLC 260,788 4,044,053 4.28
SSE PLC 140,590 3,126,312 3.31
UNILEVER PLC 72,505 3,209,068 3.39
Total (April 2021: 36,637,282) 21,362,538 22.60
Italy
HERA SPA 771,089 2,741,992 2.90
MEDIOBANCA BCA CREDITO FINANZ. 199,800 1,920,478 2.03
Total (April 2021: 8,285,932) 4,662,470 4.93
Netherlands
ING GROUP NV 257,250 2,340,975 2.48
Total (April 2021: 7,644,975) 2,340,975 2.48
Norway
DNB BK RG 123,535 2,309,569 2.44
Total (April 2021: 5,183,368) 2,309,569 2.44
Spain
AMADEUS IT - SHS-A 46,050 2,781,420 2.94
BANCO SANTANDER - REG.SHS 640,700 1,804,532 1.91
BANKINTER SA 477,120 2,687,140 2.84
GRIFOLS. SA 218,400 3,494,400 3.70
119
PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY EUROPE SUB-FUND

(CONTINUED)
Fair Value %
30.04.2022 (EUR) Value
EQUITY SECURITIES (continued)
Spain (continued)
IBERDROLA SA 412,120 4,537,441 4.80
LINEA DIRECTA BR 434,532 594,874 0.63
Total (April 2021: 16,251,216) 15,899,807 16.82
Sweden
ASSA ABLOY AB 82,190 1,996,775 2.11
BOLIDEN RG 82,140 3,428,229 3.63
Total (April 2021: 8,011,310) 5,425,004 5.74
Switzerland
GEBERIT AG/NAMEN-AKTIEN 3,465 1,894,945 2.00
ROCHE HOLDING AG /GENUSSSCHEIN 11,000 3,893,016 4.12
Total (April 2021: 5,636,977) 5,787,961 6.12
Total equity securities (April 2021: 128,714,911) 90,651,259 95.88
Unrealized
gain/(loss) %
(in EUR) Value

CHF 9,500,000 EUR 9,274,808 22 June 2022 4,947 0.01
USD 1,000,000 EUR 909,735 22 June 2022 35,601 0.04
EUR 1,313,383 NOK 13,000,000 22 June 2022 (5,999) (0.01)
EUR 1,421,785 SEK 15,000,000 22 June 2022 (28,566) (0.03)
GBP 1,400,000 EUR 1,662,710 22 June 2022 (902) (0.00)
Net unrealized gain/(loss) on forward currency contracts (April 2021: 179,869) 5,081 0.01
Fair Value % of
(in EUR) Value

% of total
Other assets 4.66
100.00
120
PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND GLOBAL SUB-FUND
Fair Value %
30.04.2022 (EUR) Value
COLLECTIVE INVESTMENT SCHEMES
Total collective investment schemes (April 2021: 14,815,936) - -

DEBT SECURITIES
Government bonds
Belgium
BELGIUM 1.25% 18-22.04.33 REGS 3,000,000 2,943,270 1.37
Total (April 2021: 3,368,580) 2,943,270 1.37
Canada
SOUTH COAST 3.25% 18-23.11.28 1,000,000 734,737 0.35
VANCOUVER 3.1% 18-21.09.28 2,000,000 1,459,283 0.68
Total (April 2021: 2,200,411) 2,194,020 1.03
Chile
CHILE 0.83% 19-02.07.31 2,000,000 1,707,380 0.80
Total (April 2021: 3,559,080) 1,707,380 0.80
France
FRANCE 0.7% 25.07.30 /INFL 3,000,000 4,099,437 1.92
FRANCE 1.75% 16-25.06.39 OAT 3,000,000 3,033,150 1.42
PARIS 1.75% 15-25.05.31 500,000 505,635 0.23
Total (April 2021: 4,197,140) 7,638,222 3.57
Germany
BUNDESOBL-1 0.0% 20-15.08.30 3,000,000 2,804,850 1.31
DEUTSCHLAND 0.0% 21-15.08.31 2,500,000 2,303,875 1.08
GERMANY 0.1% 15-15.04.26 /INFL 2,000,000 2,524,320 1.18
GERMANY 0.5% 14-15.04.30 /INFL 2,000,000 2,773,774 1.30
Total (April 2021: nil) 10,406,819 4.87
Great Britain
UK 1.8% 11-22.3.29/INFL 1,500,000 2,927,557 1.37
UK T BIL 0.125% 21-100831/INFL 1,000,000 1,664,260 0.78
UK T BILL 0.875% 21-31.07.33 2,500,000 2,647,297 1.24
UK T BILL 1.25% 20-22.10.41 1,700,000 1,745,415 0.81
UK T BILL 1.25% 21-31.07.51 1,700,000 1,673,774 0.78
UK TSY 0.125% 18-10.8.28/INFL 1,000,000 1,645,121 0.77
Total (April 2021: 2,673,837) 12,303,424 5.75
Ireland
IRELAND 1.35% 18-18.03.31 4,000,000 3,991,560 1.87
Total (April 2021: 4,491,960) 3,991,560 1.87
Spain
MADRID 0.419% 20-30.04.30 1,000,000 899,760 0.42
MADRID 1.571% 19-30.04.29 1,050,000 1,044,529 0.49
SPAIN I/L B 1.8% 13-30.11.24 1,000,000 1,275,338 0.59
Total (April 2021: 2,146,850) 3,219,627 1.50
121

(CONTINUED)

TSY 0.75% 18-15.07.28 /INFL 2,500,000 2,849,200 1.33
USA 0.125% 20-15.01.30 /INFL 2,500,000 2,648,679 1.24
USA 0.125% 21-15.01.31 /INFL 2,500,000 2,615,204 1.22
USA 0.25% 19-15.07.29 /INFL 3,000,000 3,245,999 1.52
USA 0.375% 17-15.07.27 /INFL 3,000,000 3,442,487 1.61
USA 0.5% 18-15.01.28/INFL 2,750,000 3,128,720 1.46
USA 0.50% 21-28.02.26 /TBO 3,000,000 2,590,466 1.21
USA 0.625% 16-15.01.26 /INFL 3,000,000 3,567,631 1.67
USA 0.625% 20-31.12.27 /TBO 2,000,000 1,662,401 0.78
USA 0.875% 19-15.01.29 /INFL 3,000,000 3,415,664 1.60
USA 0.875% 20-15.11.30 /TBO 2,500,000 2,011,347 0.94
USA 1.625% 16-15.05.26 /TBO 2,500,000 2,248,329 1.05
USA 1.875% 22-28.02.27 /TBO 3,000,000 2,705,327 1.27
USA 1.875% 22-28.02.29 /TBO 3,000,000 2,650,007 1.24
USA 2.25% 15-15.11.25 /TBO 2,000,000 1,850,947 0.87
USA 2.375% 07-15.01.27/INFL 2,500,000 3,786,743 1.77
Total (April 2021: 62,694,043) 44,419,151 20.78
Total government bonds (April 2021: 85,331,901) 88,823,473 41.54
Corporate bonds
Australia
ANZ BK GR FRN 86-PERP 1,000,000 749,713 0.35
Total (April 2021: nil) 749,713 0.35
Belgium
COFINIMMO S 0.875% 20-02.12.30 1,500,000 1,203,120 0.56
Total (April 2021: 498,465) 1,203,120 0.56
Canada
ONT TEACH 0.05% 20-25.11.30 720,000 617,954 0.29
TOR DOM BK FRN 20-28.09.23 1,200,000 1,133,491 0.53
Total (April 2021: 4,396,130) 1,751,445 0.82
Cayman Islands
ENN ENERGY 2.625% 20-17.09.30 REGS 1,400,000 1,133,005 0.53
Total (April 2021: 2,786,449) 1,133,005 0.53
Finland
NIB 0% 19-25.09.26 1,000,000 946,050 0.44
Total (April 2021: 3,480,415) 946,050 0.44
France
AFD 0.0% 20-25.03.25 500,000 487,775 0.23
AFD 0.0% 20-28.10.27 1,000,000 935,340 0.44
AFD 1.375% 14-17.09.24 REGS 2,000,000 2,024,700 0.95
ALSTOM 0.0% 21-11.01.29 1,400,000 1,186,192 0.55
BNPP FLR 86-PERP 1,000,000 732,793 0.34
CASINO GUICHARD FRN 05-PERP. 4,915,000 1,232,387 0.58
122

(CONTINUED)
France (continued)
COVIVIO SA 1.125% 19-17.09.31 1,000,000 852,330 0.40
DANONE 3% 12-15.06.22 1,500,000 1,424,286 0.67
FAURECIA 2.375% 21-15.06.29 1,000,000 802,920 0.37
L OREAL 0.875% 22-29.06.26 1,000,000 986,940 0.46
SCHNEID EL 1.5% 15-08.09.23 1,200,000 1,213,188 0.57
SOCIETE PAR 1.125% 18-22.10.28 2,500,000 2,469,000 1.15
TIKEHAU 1.625% 21-31.03.29 1,200,000 1,024,992 0.48
UNEDIC 0.0% 20-19.11.30 1,600,000 1,402,400 0.65
VEOLIA 2.25% 20-PERP 1,200,000 1,126,080 0.53
VINCI 0.0% 20-27.11.28 1,000,000 894,880 0.42
Total (April 2021: 20,573,226) 18,796,203 8.79
Germany
DEPFA 0.10% 21-02.02.26 1,000,000 932,920 0.44
HENKEL KGAA 0.50% 21-17.11.32 1,000,000 846,040 0.39
INFINEON TE 1.625% 20-24.06.29 800,000 769,488 0.36
KFW 0.0% 20-15.09.28 3,000,000 2,785,380 1.30
KFW 0.0% 21-15.06.29 3,000,000 2,742,180 1.28
KFW 1.75% 19-14.09.29 3,000,000 2,605,602 1.22
ZF FINANCE 2.0% 21-06.05.27 1,000,000 854,790 0.40
ZF FINANCE 2.75% 20-25.05.27 500,000 438,615 0.21
Total (April 2021: 17,964,819) 11,975,015 5.60
Great Britain
BPCM 3.625% 20-PERP REGS 1,000,000 929,450 0.44
BPCM 4.25% 20-PERP 1,000,000 1,138,108 0.53
EBRD 1.625% 19-27.09.24 3,000,000 2,759,448 1.29
HSBC FRN 85-PERP 1,000,000 770,634 0.36
INFORMA 2.125% 20-06.10.25 500,000 497,595 0.23
MOTABILITY 0.125% 21-20.07.28 500,000 446,980 0.21
NATWEST GR 8% 15-PERP 600,000 594,506 0.28
NGG FINANCE 2.125% 19-05.09.82 1,500,000 1,332,000 0.62
Total (April 2021: 10,053,891) 8,468,721 3.96
Iceland
LANDSBKNN 0.75% 21-25.05.26 1,500,000 1,390,695 0.65
Total (April 2021: nil) 1,390,695 0.65
Ireland
AIB GRP 2.25% 22-04.04.28 1,000,000 974,630 0.46
GE CAP EUR 3.65% 12-23.08.32 900,000 949,410 0.44
SMURFIT KAP 0.50% 21-22.09.29 1,000,000 868,590 0.41
Total (April 2021: nil) 2,792,630 1.31
Italy
ACEA 0.25% 21-28.07.30 1,500,000 1,253,475 0.58
MEDIOBANCA 1.0% 20-08.09.27 1,200,000 1,109,040 0.52
Total (April 2021: 9,659,919) 2,362,515 1.10
123

(CONTINUED)
Ivory Coast
AFDB 0.875% 18-24.05.28 2,911,000 2,820,119 1.32
Total (April 2021: 3,103,039) 2,820,119 1.32
Japan
DBJ 1.875% 19-02.10.24 1,000,000 924,006 0.43
Total (April 2021: 1,885,364) 924,006 0.43
Luxembourg
EIB 0.625% 20-21.10.27 1,200,000 997,822 0.46
EIB 1.125% 18-15.11.32 3,000,000 2,856,870 1.34
EIB 2.375% 17-24.05.27 2,000,000 1,835,708 0.86
EIB 2.5% 14-15.10.24 2,500,000 2,349,471 1.10
NOVARTIS 0.0% 20-23.09.28 800,000 719,480 0.33
SEGRO CAPIT 0.50% 21-22.09.31 1,000,000 829,520 0.39
Total (April 2021: 10,514,007) 9,588,871 4.48
Netherlands
ADECCO IF 0.125% 21-21.09.28 1,000,000 871,650 0.41
ADECCO IF 1.0% 21-21.03.82 500,000 450,130 0.21
BNG 0.01% 20-05.10.32 3,000,000 2,523,900 1.18
BNG 0.05% 19-20.11.29 1,000,000 894,720 0.42
EDP FIN BV 1.71% 20-24.01.28 1,000,000 815,489 0.38
ENEXIS 0.375% 21-14.04.33 1,000,000 832,870 0.39
NXP BV/NXP 3.40% 20-01.05.30 REGS 2,500,000 2,158,396 1.01
SWISSCOM 0.375% 20-14.11.28 1,200,000 1,106,616 0.52
THERMO FISH 0.0% 21-18.11.25 500,000 473,035 0.22
Total (April 2021: 15,666,628) 10,126,806 4.74
Norway
STOREBRAND 1.875% 21-30.09.51 1,000,000 828,830 0.39
Total (April 2021: 1,955,540) 828,830 0.39
Philippines
ADB 0% 19-24.10.29 1,000,000 892,980 0.42
ADB 2.375% 17-10.08.27 3,000,000 2,744,433 1.28
Total (April 2021: 3,651,113) 3,637,413 1.70
Portugal
EDP 1.70% 20-20.07.80 REGS 1,500,000 1,377,105 0.64
Total (April 2021: 1,500,360) 1,377,105 0.64
Spain
BANKINTER 0.625% 20-06.10.27 1,500,000 1,361,730 0.64
RED ELEC FI 0.50% 21-24.05.33 1,000,000 864,960 0.40
Total (April 2021: 3,224,628) 2,226,690 1.04
124

(CONTINUED)
Switzerland
ABB 0.0% 22-25.09.23 500,000 485,645 0.23
Total (April 2021: 1,906,231) 485,645 0.23

ABBVIE 3.85% 20-15.06.24 1,000,000 953,998 0.45
APPLE INC 0.50% 19-15.11.31 1,250,000 1,109,463 0.52
APPLE INC 3% 17-20.06.27 1,000,000 929,106 0.43
BAC 2.456% 19-22.10.25 1,500,000 1,368,079 0.64
CITIGP 1.281% 21-03.11.25 2,000,000 1,771,989 0.83
CITIGP 1.678% 20-15.05.24 2,000,000 1,867,482 0.87
COMCAST 1.50% 20-15.02.31 1,000,000 766,444 0.36
DAIMLER TRU 1.625% 21-13.12.24 1,285,000 1,154,691 0.54
ELI LILLY 0.50% 21-14.09.33 1,000,000 843,220 0.39
GECC 8.35% 07-03.09.22 2,000,000 92,190 0.04
HP 2.65% 21-17.06.31 1,000,000 780,776 0.37
IBRD 0.625% 18-22.11.27 1,500,000 1,442,250 0.67
IBRD 2.125% 15-03.03.25 2,000,000 1,854,476 0.87
INTL BK REC 0.75% 20-26.08.30 2,000,000 1,572,473 0.74
INTL BK REC 0.875% 21-15.07.26 2,500,000 2,171,383 1.02
JPMORGAN CH 0.563% 21-16.02.25 2,000,000 1,794,076 0.84
JPMORGAN CH 2.525% 20-19.11.41 1,600,000 1,110,544 0.52
MASTERCARD 1.90% 21-15.03.31 500,000 410,209 0.19
MOR ST 2.75% 17-19.05.22 1,500,000 1,422,480 0.67
NORTH AM 0.3% 18-24.07.26 1,500,000 1,414,763 0.66
PFIZER 1.75% 21-18.08.31 1,000,000 794,559 0.37
PNC FIN 1.15% 21-13.08.26 3,000,000 2,569,231 1.20
PROLOGIS 1.25% 20-15.10.30 2,200,000 1,681,234 0.79
RABOBK NY 1.004% 20-24.09.26 1,500,000 1,284,942 0.60
SYSCO CORP 2.40% 20-15.02.30 1,000,000 824,513 0.39
VERIZON COM 1.50% 20-18.09.30 2,500,000 1,914,664 0.90
VISA INC 0.75% 20-15.08.27 2,000,000 1,662,183 0.78
Total (April 2021: 54,670,918) 35,561,418 16.65
Total corporate bonds (April 2021: 170,129,114*) 119,146,015 55.73

*Includes Austria 448,828, Poland 915,353, United Arab Emirates 1,273,791
125

(CONTINUED)
Unrealized
Open gain/(loss) %
Futures positions
Long positions
Canadian Dollar
10 YEARS CANADIAN BONDS 21/06/2022 75 (529,379) (0.25)
Total (April 2021: (106,353)) (529,379) (0.25)
Euro
EURO-BUXL-FUTURES 08/06/2022 15 (432,300) (0.20)
Total (April 2021: nil) (432,300) (0.20)
Japanese Yen
JAPANESE GOV. BDS FUTURE 10Y 13/06/2022 26 (205,445) (0.10)
Total (April 2021: 191,517) (205,445) (0.10)

30Y TREASURY NOTES USA 21/06/2022 60 (1,327,225) (0.62)
TREASURY BONDS USA 21/06/2022 60 (792,617) (0.37)
Total (April 2021: (563,320)) (2,119,842) (0.99)
Total long positions (April 2021: (613,588)*) (3,286,966) (1.54)

*includes Great Britain Pound (135,432)
Short positions
Euro
EURO OAT FUT FRENCH GVT BDS 08/06/2022 (85) 1,014,050 0.47
10Y BTP ITALIAN BOND 08/06/2022 (35) 473,900 0.22
EURO BUND 08/06/2022 (125) 1,322,250 0.62
Total (April 2021: 392,080) 2,810,200 1.31
Great Britain Pound

LONG GILT STERLING FUTURES 28/06/2022 (20) 105,443 0.05
Total (April 2021: nil) 105,443 0.05

10Y TREASURY NOTES USA 21/06/2022 (100) 694,642 0.33
5Y TREASURY NOTES USA 30/06/2022 (90) 415,230 0.19
USA 6% 96-15.02.26 TBO 21/06/2022 (100) 1,023,449 0.48
Total (April 2021: 342,145) 2,133,321 1.00
Total short positions (April 2021: 734,225) 5,048,964 2.36

Counterparty: LGT Bank AG
Total futures positions (April 2021: 120,637) 1,761,998 0.82
126

(CONTINUED)
Unrealized
gain/(loss) %
(in EUR) Value

AUD 5,443,000 EUR 3,650,088 4 August 2022 2,962 0.00
CAD 7,173,000 EUR 5,236,428 4 August 2022 53,263 0.03
CNY 135,103,000 EUR 18,996,415 4 August 2022 92,128 0.04
DKK 4,000,000 EUR 537,791 4 August 2022 (77) 0.00
EUR 1,069,985 CHF 1,100,000 4 August 2022 (4,761) 0.00
EUR 2,426,392 GBP 2,051,000 4 August 2022 (2,834) 0.00
EUR 176,432 JPY 24,000,000 4 August 2022 960 0.00
EUR 1,727,398 USD 1,850,000 4 August 2022 (16,995) (0.01)
EUR 15,798,787 USD 17,000,000 4 August 2022 (231,168) (0.11)
JPY 4,810,443,000 EUR 35,114,568 4 August 2022 56,361 0.03
JPY 370,038,575 KRW 3,645,250,000 4 August 2022 (24,462) (0.01)
KRW 7,500,000,000 EUR 5,571,031 4 August 2022 45,344 0.02
NZD 850,000 EUR 522,676 4 August 2022 (3,021) 0.00
SEK 6,389,000 EUR 613,268 4 August 2022 3,729 0.00
Counterparty: RBC Investor Services Bank S.A (April 2021 (306,513))
Net unrealized gain/(loss) on forward currency contracts (April 2021: (194,742)*) (28,571) (0.01)
*includes counterparty LGT Bank AG 111,771
Fair Value % of
(in EUR) Value

% of
total
Exchanged traded financial derivative instruments (net) 0.80
Other assets 4.53
100.00
127
PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND GLOBAL HEDGED SUB-FUND
Fair Value %
30.04.2022 (USD) Value
Ireland
LGT SUSTAINABLE BOND CORPORATES FUND -A- USD 26,500 28,288,485 9.43
Total (April 2021: USD 27,991,440) 28,288,485 9.43
Total collective investment schemes (April 2021: USD 29,616,315*) 28,288,485 9.43
Includes Luxembourg 1,624,875
30.04.2022 (USD) Value
DEBT SECURITIES
Government bonds
Belgium
BELGIUM 0.9% 19-22.06.29 500,000 519,004 0.17
BELGIUM 1.25% 18-22.04.33 REGS 3,000,000 3,105,003 1.04
Total (April 2021: 4,707,003) 3,624,007 1.21
Canada
ALBERTA 3.3% 18-15.03.28 700,000 699,489 0.24
BRIT COLUMB 2.25% 16-02.06.26 1,000,000 966,710 0.32
CANADA GOVT 2.25% 22-01.12.29 4,000,000 3,021,509 1.01
ONTARIO 1.95% 16-27.01.23 2,000,000 1,560,721 0.52
QUEBEC 2.6% 18-06.07.25 3,500,000 2,702,617 0.90
QUEBEC PROV 2.75% 17-12.04.27 2,000,000 1,958,080 0.65
Total (April 2021: 8,706,451) 10,909,126 3.64
Chile
CHILE 0.83% 19-02.07.31 800,000 720,480 0.24
Total (April 2021: 979,296) 720,480 0.24
Denmark
DENMARK 0.5% 16-15.11.27 2,000,000 275,805 0.09
Total (April 2021: 339,566) 275,805 0.09
France
FRANCE 0.1% 19-01.03.29 /INFL 1,100,000 1,432,080 0.48
FRANCE 0.7% 25.07.30 /INFL 2,500,000 3,603,918 1.20
FRANCE 1.75% 16-25.06.39 OAT 2,210,000 2,357,202 0.78
FRANCE 1.85% 25.07.27 OAT/INFL 750,000 1,171,362 0.39
FRANCE 2.1% 07-25.07.23/INFL 3,000,000 4,097,120 1.37
Total (April 2021: 19,221,780) 12,661,682 4.22
Germany
BUNDESOBL-1 0.0% 20-15.08.30 2,500,000 2,465,814 0.82
DEUTSCHLAND 0.0% 21-15.08.31 3,000,000 2,916,568 0.97
GERMANY 0.1% 15-15.04.26 /INFL 1,500,000 1,997,274 0.67
GERMANY 0.5% 14-15.04.30 /INFL 2,000,000 2,926,193 0.98
Total (April 2021: 6,038,103) 10,305,849 3.44
Great Britain
UK 0.875% 19-22.10.29 1,000,000 1,177,056 0.39
UK 1.25% 08-22.11.32/INFL 1,000,000 2,671,376 0.89
128

(CONTINUED)
30.04.2022 (USD) Value
Great Britain (continued)

UK 1.75% 16-07.09.37 900,000 1,077,893 0.36
UK 1.8% 11-22.3.29/INFL 1,500,000 3,088,426 1.03
UK 4.25% 00-07.06.32 500,000 762,346 0.26
UK T BILL 0.875% 21-31.07.33 2,500,000 2,792,766 0.93
UK T BILL 1.25% 20-22.10.41 1,500,000 1,624,699 0.54
UK T BILL 1.25% 21-31.07.51 1,500,000 1,558,013 0.52
UK TSY 0.125% 18-10.8.28/INFL 1,200,000 2,082,624 0.69
Total (April 2021: 15,728,932) 16,835,199 5.61
Ireland
IRELAND 1.35% 18-18.03.31 3,000,000 3,158,172 1.05
Total (April 2021: 5,295,299) 3,158,172 1.05
Netherlands
NETHER GOVE 0.5% 19-15.1.40 1,000,000 918,197 0.31
Total (April 2021: 1,258,356) 918,197 0.31
Poland
POLAND 1% 19-07.03.29 REGS 2,168,000 2,149,263 0.72
Total (April 2021: 2,802,836) 2,149,263 0.72
Spain
MADRID 0.419% 20-30.04.30 500,000 474,601 0.16
SPAIN 2.35% 17-30.07.33 REGS 1,000,000 1,090,903 0.36
SPAIN I/L B 1.8% 13-30.11.24 1,000,000 1,345,418 0.45
SPANISH GOV 1.85% 19-30.07.35 600,000 611,379 0.20
Total (April 2021: 2,865,461) 3,522,301 1.17

TSY 0.75% 18-15.07.28 /INFL 2,500,000 3,005,763 1.00
USA 0% 21-16.06.22 TB 1,000,000 999,434 0.33
USA 0% 21-23.06.22 TB 2,500,000 2,497,860 0.83
USA 0% 22-07.07.22 TB 4,000,000 3,994,720 1.33
USA 0.125% 20-15.01.30 /INFL 2,500,000 2,794,224 0.93
USA 0.125% 20-15.04.25 /INFL 2,500,000 2,837,317 0.95
USA 0.125% 20-15.07.30 /INFL 2,000,000 2,249,041 0.75
USA 0.125% 21-15.01.31 /INFL 2,500,000 2,758,909 0.92
USA 0.25% 15-15.01.25 /INFL 2,500,000 3,109,677 1.04
USA 0.375% 15-15.07.25 /INFL 2,500,000 3,125,732 1.04
USA 0.375% 17-15.01.27 /INFL 2,500,000 3,051,406 1.02
USA 0.375% 17-15.07.27 /INFL 2,000,000 2,421,101 0.81
USA 0.5% 18-15.01.28/INFL 2,000,000 2,400,468 0.80
USA 0.50% 20-31.05.27 /TBO 1,000,000 883,281 0.30
USA 0.50% 20-31.10.27 /TBO 1,500,000 1,311,211 0.44
USA 0.50% 21-28.02.26 /TBO 3,000,000 2,732,813 0.91
USA 0.625% 14-15.01.24 /INFL 1,000,000 1,268,350 0.42
USA 0.625% 20-15.08.30 /TBO 1,000,000 829,844 0.28
USA 0.625% 20-30.11.27 /TBO 3,000,000 2,636,016 0.88
USA 0.625% 20-31.12.27 /TBO 3,000,000 2,630,625 0.88
USA 0.875% 19-15.01.29 /INFL 3,000,000 3,603,355 1.20
129

(CONTINUED)
30.04.2022 (USD) Value
United States of America (continued)

USA 1.125% 20-15.08.40 /TBO 1,500,000 1,067,344 0.36
USA 1.25% 21-30.06.28 /TBO 3,000,000 2,703,984 0.90
USA 1.625% 19-15.08.29 /TBO 1,000,000 912,813 0.31
USA 1.875% 22-28.02.27 /TBO 3,000,000 2,853,984 0.95
USA 1.875% 22-28.02.29 /TBO 2,000,000 1,863,750 0.62
USA 2% 06-15.01.26/INFL 2,500,000 3,939,144 1.31
USA 2.0% 21-15.08.51 /TBO 2,000,000 1,621,400 0.54
USA 2.75% 12-15.11.42 600,000 554,625 0.18
USA 2.875% 18-15.05.28 /TBO 700,000 694,805 0.23
USD 2.875% 13-15.05.43 TBO 1,000,000 941,563 0.31
Total (April 2021: 70,562,194) 68,294,559 22.77
Total government bonds (April 2021: 143,036,831*) 133,374,640 44.47

*Includes Australia 4,531,554
Corporate bonds
Belgium
COFINIMMO S 0.875% 20-02.12.30 1,500,000 1,269,231 0.42
Total (April 2021: 966,223) 1,269,231 0.42
Canada
CPPIB CAPIT 3% 18-15.6.28(REST) 1,000,000 770,220 0.26
ONT TEACH 0.05% 20-25.11.30 430,000 389,336 0.13
Total (April 2021: 1,390,368) 1,159,556 0.39
Finland
ELISA CORP 0.875% 17-17.03.24 1,500,000 1,572,962 0.53
STORA ENSO 0.625% 20-02.12.30 500,000 449,039 0.15
UPM KYMMENE 0.125% 20-19.11.28 500,000 463,534 0.15
Total (April 2021: 4,515,671) 2,485,535 0.83
France
AFD 0.0% 20-28.10.27 1,000,000 986,737 0.33
AFD 1.375% 14-17.09.24 REGS 800,000 854,383 0.28
ALSTOM 0.0% 21-11.01.29 500,000 446,919 0.15
BQE POSTALE 1.375% 19-24.04.29 1,600,000 1,554,878 0.52
CADES 0.625% 21-18.02.26 1,500,000 1,366,875 0.45
CEDB 0.0% 20-09.04.27 1,500,000 1,486,862 0.50
CNP ASSURAN 2% 19-27.07.50 800,000 750,171 0.25
IDF 0.10% 20-02.07.30 1,500,000 1,412,742 0.47
L OREAL 0.875% 22-29.06.26 1,000,000 1,041,172 0.35
RATP 0.35% 19-20.06.29 1,900,000 1,852,631 0.62
SCHNEID EL 1.5% 15-08.09.23 1,000,000 1,066,544 0.36
UNEDIC 0.0% 20-19.11.30 1,500,000 1,386,995 0.46
Total (April 2021: 12,016,982) 14,206,909 4.74
Germany
ADIDAS 0.0% 20-05.10.28 500,000 475,946 0.16
COMZBK 0.75% 20-24.03.26 1,000,000 1,015,896 0.34
130

(CONTINUED)
30.04.2022 (USD) Value
Germany (continued)
KFW 0.0% 20-15.09.28 3,000,000 2,938,437 0.98
KFW 0.0% 21-15.09.31 1,500,000 1,381,821 0.46
KFW 0.25% 17-30.06.25 500,000 518,508 0.17
KFW 0.75% 20-30.09.30 5,000,000 4,169,100 1.39
KFW 1.75% 19-14.09.29 1,650,000 1,511,829 0.50
ZF FINANCE 2.0% 21-06.05.27 900,000 811,585 0.27
Total (April 2021: 13,759,715) 12,823,122 4.27
Great Britain
EBRD 1.50% 20-13.02.25 4,000,000 3,843,320 1.28
EBRD 1.625% 19-27.09.24 4,000,000 3,881,440 1.29
INFORMA 2.125% 20-06.10.25 500,000 524,938 0.18
SANTANDER 4% 14-13.03.24 700,000 706,762 0.24
TRANSPO LDN 2.125% 15-24.04.25 500,000 614,486 0.20
Total (April 2021: 12,260,156) 9,570,946 3.19
Ireland
BK OF I 1% 19-25.11.25 1,000,000 1,023,681 0.34
SMURFIT KAP 0.50% 21-22.09.29 1,000,000 916,319 0.31
SMURFIT KAP 1.0% 21-22.09.33 700,000 608,576 0.20
Total (April 2021: 1,237,663) 2,548,576 0.85
Italy
ACEA 0.25% 21-28.07.30 1,000,000 881,569 0.29
Total (April 2021: 1,171,406) 881,569 0.29
Japan
TAKEDA PHAR 2.05% 20-31.03.30 1,250,000 1,062,963 0.35
Total (April 2021: 2,130,329) 1,062,963 0.35
Liechtenstein
LGT BANK 0.375% 19-15.11.29 600,000 554,523 0.19
SWISS LIFE 0.50% 21-15.09.31 1,500,000 1,323,002 0.44
Total (April 2021: 658,668) 1,877,525 0.63
Luxembourg
EIB 0.625% 20-21.10.27 4,800,000 4,210,608 1.40
EIB 2.375% 17-24.05.27 3,500,000 3,389,015 1.13
EIB 2.5% 14-15.10.24 2,000,000 1,982,860 0.66
EU 0.0% 20-04.10.30 2,500,000 2,343,123 0.78
NOVARTIS 0.0% 20-23.09.28 1,750,000 1,660,346 0.56
Total (April 2021: 14,083,784) 13,585,952 4.53
Netherlands
ADECCO IF 0.125% 21-21.09.28 1,000,000 919,547 0.31
BNG 0.01% 20-05.10.32 2,000,000 1,775,059 0.59
BNG 0.05% 19-20.11.29 2,000,000 1,887,770 0.63
ENEXIS 0.375% 21-14.04.33 2,500,000 2,196,590 0.73
131

(CONTINUED)
30.04.2022 (USD) Value
Netherlands (continued)
IBERDROLA INT 1.45% 21-PERP 1,000,000 949,349 0.32
NWB 0.0% 21-08.09.31 1,500,000 1,360,284 0.45
NWB 1% 15-03.09.25 REGS 500,000 524,801 0.18
NWB 1.0% 20-28.05.30 1,000,000 848,330 0.28
NXP BV/NXP 3.40% 20-01.05.30 REGS 1,000,000 910,800 0.30
POSTNL 0.625% 19-23.09.26 1,000,000 1,000,441 0.33
SWISSCOM 0.375% 20-14.11.28 1,800,000 1,751,137 0.59
THERMO FISH 0.0% 21-18.11.25 700,000 698,640 0.23
Total (April 2021: 13,291,557) 14,822,748 4.94
Norway
DNB 0.625% 18-19.06.25 REGS 500,000 517,638 0.17
KOMMUNALBK 2.125% 15-11.02.25 4,000,000 3,908,880 1.31
STOREBRAND 1.875% 21-30.09.51 1,200,000 1,049,249 0.35
Total (April 2021: 6,251,076) 5,475,767 1.83
Philippines
ADB 1.75% 16-14.08.26 4,000,000 3,790,760 1.27
ADB 2.125% 15-19.03.25 2,000,000 1,955,220 0.65
Total (April 2021: 6,264,800) 5,745,980 1.92
Spain
BANKINTER 0.625% 20-06.10.27 1,500,000 1,436,557 0.48
RED ELEC FI 0.50% 21-24.05.33 1,800,000 1,642,481 0.55
SANTANDER 0.30% 19-04.10.26 800,000 786,756 0.26
Total (April 2021: 3,629,548) 3,865,794 1.29
Switzerland
BALOISE 0% 19-25.09.26 500,000 486,313 0.16
BALOISE 0% 19-25.09.29 500,000 455,354 0.15
Total (April 2021: 1,086,717) 941,667 0.31

ABBVIE 2.95% 20-21.11.26 500,000 478,085 0.16
APPLE INC 3% 17-20.06.27 1,000,000 980,160 0.33
AU & NZ BKG 1.125% 19-21.11.29 500,000 511,519 0.17
BAC 2.456% 19-22.10.25 2,000,000 1,924,340 0.64
BMW US CAP 3.625% 19-18.04.29 600,000 581,388 0.19
CITIGP 1.281% 21-03.11.25 1,500,000 1,402,020 0.47
CITIGP 2.976% 19-05.11.30 500,000 444,965 0.15
DAIMLER TRU 1.625% 21-13.12.24 1,000,000 947,970 0.31
IADB 1.70% 19-10.10.24 2,500,000 1,898,517 0.63
IADB 3.2% 12-07.08.42 1,000,000 965,270 0.32
IBRD 2.125% 15-03.03.25 5,000,000 4,890,950 1.63
INTL BK REC 0.0% 20-21.02.30 1,500,000 1,404,845 0.47
INTL BK REC 0.50% 20-18.05.26 3,000,000 1,889,078 0.63
INTL BK REC 0.75% 20-26.08.30 1,000,000 829,440 0.28
INTL BK REC 1.125% 21-13.09.28 3,000,000 2,659,410 0.89
INTL FIN 2.125% 16-07.04.26 3,000,000 2,900,760 0.97
JPMORGAN CH 0.563% 21-16.02.25 2,300,000 2,176,559 0.72
132

(CONTINUED)
30.04.2022 (USD) Value

KELLOGG CO 0.50% 21-20.05.29 1,400,000 1,306,935 0.44
MASTERCARD 1.90% 21-15.03.31 500,000 432,750 0.14
MICROSOFT 3.125% 15-03.11.25 1,000,000 1,000,050 0.33
MORGAN STAN 1.875% 15-06.03.30 800,000 798,395 0.27
MORGAN STAN 2.188% 20-28.04.26 500,000 471,500 0.16
PEPSICO 0.50% 20-06.05.28 600,000 590,941 0.20
PFIZER 1.75% 21-18.08.31 1,500,000 1,257,330 0.42
PROLOGIS EU 0.375% 20-06.02.28 700,000 658,977 0.22
SYSCO CORP 2.40% 20-15.02.30 1,000,000 869,820 0.29
T-MOBILE US 3.75% 21-15.04.27 650,000 631,787 0.21
VERIZON COM 1.50% 20-18.09.30 1,500,000 1,211,925 0.40
VISA INC 0.75% 20-15.08.27 1,000,000 876,760 0.29
Total (April 2021: 32,838,115) 36,992,446 12.33

*includes Australia 546,900, Austria 882,029, Cayman Islands 827,064, Jersey 2,572,597,
South Korea 1,077,780
Unrealized
Open gain/(loss) %
30.04.2022 (in USD) Value
Futures positions
Long positions
Canadian Dollar
10 YEARS CANADIAN BONDS 21/06/2022 50 (382,223) (0.12)
Total (April 2021: (157,698)) (382,223) (0.12)
Euro
EURO-BUXL-FUTURES 08/06/2022 25 (867,697) (0.29)
Total (April 2021: nil) (867,697) (0.29)
Japanese Yen
JAPANESE GOV. BDS FUTURE 10Y 13/06/2022 34 (265,051) (0.09)
JAPANESE GOV. BDS FUTURE 10Y 13/06/2022 3 3,705 0.00
Total (April 2021: 226,888) (261,346) (0.09)
United States Dollar

30Y TREASURY NOTES USA 21/06/2022 60 (1,383,281) (0.46)
TREASURY BONDS USA 21/06/2022 85 (1,160,117) (0.39)
Total (April 2021: (748,672)) (2,543,398) (0.85)
Total long positions (April 2021: (702,132)*) (4,054,664) (1.35)

*includes Great Britain Pound (22,650)
133

(CONTINUED)
Unrealized
Open gain/(loss) %
Futures positions (continued)

Short positions
Euro
EURO OAT FUT FRENCH GVT BDS 08/06/2022 (70) 951,143 0.32
EURO BOBL 08/06/2022 (65) 417,602 0.14
EURO BUND 08/06/2022 (90) 1,021,614 0.34
Total (April 2021: 276,211) 2,390,359 0.80
Great Britain Pound

Total (April 2021: nil) 59,259 0.02

10Y TREASURY NOTES USA 21/06/2022 (310) 2,211,172 0.74
USA 6% 96-15.02.26 TBO 21/06/2022 (120) 1,280,625 0.42
Total (April 2021: 1,139,508) 3,491,797 1.16
Total short positions (April 2021: 1,415,719) 5,941,415 1.98

Total futures positions (April 2021: 713,587) 1,886,751 0.63
Unrealized
gain/(loss) %
(in USD) Value

CHF 124,525,414 USD 132,260,961 20 May 2022 (3,841,886) (1.28)
EUR 1,050,000 USD 1,138,387 13 July 2022 (26,297) (0.01)
EUR 1,300,000 USD 1,375,423 13 July 2022 1,449 0.00
USD 1,977,409 AUD 2,650,000 13 July 2022 91,491 0.03
USD 10,233,368 CAD 12,900,000 13 July 2022 142,823 0.05
USD 1,612,822 CHF 1,500,000 13 July 2022 60,541 0.02
USD 293,133 DKK 1,990,000 13 July 2022 9,765 0.00
USD 7,072,151 EUR 6,505,000 13 July 2022 181,771 0.06
USD 95,536,669 EUR 87,200,000 13 July 2022 3,167,711 1.06
USD 1,828,559 GBP 1,402,000 13 July 2022 67,807 0.02
USD 17,094,242 GBP 13,100,000 13 July 2022 642,142 0.22
Net unrealized gain/(loss) on forward currency contracts (April 2021: 1,806,795) 497,317 0.17
134

(CONTINUED)
Fair Value % of
(USD) Value

% of
total
Other assets 5.09
100.00
135
PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE QUALITY EQUITY SUB-FUND
Fair Value %
30.04.2022 (USD) Value
EQUITY SECURITIES
Finland
KONE OYJ -B- 629,800 30,622,542 2.13
Total (April 2021: USD 21,079,886) 30,622,542 2.13
France
KERING SA 56,800 30,745,547 2.13
L OREAL 231,000 85,024,645 5.90
Total (April 2021: 83,078,210) 115,770,192 8.03
Great Britain
DIAGEO PLC 992,100 50,053,694 3.47
UNILEVER PLC 1,106,500 51,664,748 3.59
Total (April 2021: 241,556,243) 158,987,321 11.03
Ireland
ACCENTURE PLC 124,300 37,334,748 2.59
Total (April 2021: 84,974,500) 100,368,188 6.96
Japan
NINTENDO CO.LTD 142,700 65,986,070 4.58
Total (April 2021: 106,964,897) 83,873,994 5.82
Netherlands
HEINEKEN NV 475,000 46,802,857 3.25
Total (April 2021: 46,089,505) 46,802,857 3.25
Spain
AMADEUS IT - SHS-A 667,000 42,500,560 2.95
Total (April 2021: 40,270,722) 42,500,560 2.95
Switzerland
GIVAUDAN SA /REG. 6,630 26,604,686 1.85
Total (April 2021: 57,344,964) 49,681,995 3.45
Taiwan
Total (April 2021: 42,493,360) 47,766,020 3.31

AGILENT TECHNOLOGIES 483,000 57,607,410 4.00
ALPHABET INC -A- 32,300 73,714,737 5.12
CHURCH & DWIGHT CO INC 357,000 34,828,920 2.42
ESTEE LAUDER CO -A- 375,000 99,022,500 6.87
ETSY INC 268,000 24,974,920 1.73
IDEXX LABORATORIES INC. 123,300 53,078,184 3.68
INTUIT 144,000 60,300,000 4.19
MICROSOFT CORP. 351,000 97,409,520 6.76
PAYPAL HOLDINGS INC 304,000 26,730,720 1.85
136

(CONTINUED)
Fair Value %
30.04.2022 (USD) Value
EQUITY SECURITIES (continued)

PEPSICO INC 265,500 45,589,005 3.16
ROSS STORES INC 401,500 40,057,655 2.78
STARBUCKS CORP. 443,700 33,117,768 2.30
STRYKER CORP. 244,000 58,867,440 4.08
Total (April 2021: 724,563,401) 753,244,755 52.27
Total equity securities (April 2021: USD 1,448,415,688) 1,429,618,424 99.20
Unrealized
gain/(loss) %
(in USD) Value

AUD 42,700,000 USD 31,341,928 21 June 2021 (966,301) (0.07)
CAD 67,800,000 USD 53,580,785 21 June 2021 (539,896) (0.04)
DKK 75,500,000 USD 11,241,538 21 June 2021 (505,966) (0.03)
EUR 2,800,000 USD 3,086,614 21 June 2021 (124,880) (0.01)
EUR 3,000,000 USD 3,312,774 21 June 2021 (139,488) (0.01)
EUR 6,900,000 USD 7,391,901 21 June 2021 (93,343) (0.01)
JPY 400,000,000 USD 3,081,788 21 June 2021 11,884 0.00
SEK 140,400,000 USD 14,891,252 21 June 2021 (531,843) (0.04)
USD 5,607,537 CHF 5,250,000 21 June 2021 182,522 0.01
USD 5,626,660 EUR 5,200,000 21 June 2021 125,962 0.01
USD 6,371,768 EUR 5,700,000 21 June 2021 341,614 0.02
USD 7,093,983 EUR 6,500,000 21 June 2021 217,949 0.02
USD 109,465,801 EUR 98,700,000 21 June 2021 5,051,228 0.35
USD 2,235,682 GBP 1,700,000 21 June 2021 101,088 0.01
USD 2,705,008 GBP 2,100,000 21 June 2021 68,163 0.01
USD 3,408,730 GBP 2,600,000 21 June 2021 144,058 0.01
USD 3,656,251 GBP 2,800,000 21 June 2021 140,452 0.01
USD 85,220,252 GBP 64,700,000 21 June 2021 3,980,104 0.28
Net unrealized gain/(loss) on forward currency contracts (April 2021: (2,348,031)) 7,463,307 0.52
137

(CONTINUED)
Fair Value % of
(USD) Value
Total Investments 1,437,081,731 99.72

Total Net Assets 1,441,160,669 100.00
% of
total
Other assets 0.61
100.00
138
PORTFOLIO OF INVESTMENTS – LGT BOND EM CREDIT OPPORTUNITIES SUB-FUND

30.04.2022 (USD) Value
EQUITY SECURITIES
Bermuda Islands
PETRA DIAMONDS RG 192,320 301,822 0.56
Total (April 2021: 207,227) 301,822 0.56
Total equity securities (April 2021: 207,227) 301,822 0.56
DEBT SECURITIES
Government bonds - -
Total government bonds (April 2021: 747,810*) - -

*includes Saudi Arabia 747,810
Corporate bonds
Argentina
PAMPA ENER 7.5% 17-24.01.27 200,000 184,988 0.34
TELEC 8.50% 20-06.08.25 100,000 96,601 0.18
TRANSPORT 6.75% 18-02.05.25 400,000 371,092 0.69
YPF 1.50% 21-30.09.33 /POOL 302,500 179,316 0.33
YPF 2.50% 21-30.06.29 /POOL 597,500 431,969 0.80
Total (April 2021: 1,254,709) 1,263,966 2.34
Austria
SUZANO AUST 7% 17-16.3.47 REGS 300,000 303,735 0.56
Total (April 2021: 1,340,307) 303,735 0.56
Bahamas
IFH PERU-B 3.875% 19-15.08.29 250,000 222,458 0.41
Total (April 2021: 248,650) 222,458 0.41
Bahrain
OIL & GAS H 7.5% 17-25.10.27 200,000 209,914 0.39
Total (April 2021: 224,186) 209,914 0.39
Bermuda Islands
QATAR REINS 4.95% 17-PERP REGS 250,000 246,830 0.46
TFCI 4% 16-15.08.26 /POOL 200,000 180,382 0.33
WANDA PROP 7.25% 14-29.01.24 500,000 419,835 0.78
Total (April 2021: 692,304) 847,047 1.57
Canada
1ST QUANT M 6.875% 20-15.10.27 500,000 499,625 0.92
FIRST QUN 6.875% 18-1.3.26 REGS 335,000 333,469 0.62
FRONTERA 7.875% 21-21.6.28 REGS 500,000 453,730 0.84
MEGLOBAL CAN ULC 5% 20-18.05.25 300,000 305,307 0.56
NEXEN 5.875% 05-10.03.35 600,000 625,212 1.16
PETROTAL 12% 21-16.2.24 /POOL 240,000 246,912 0.46
SHAMAR PET12%30.07.25 /POOL 400,000 396,000 0.73
Total (April 2021: 1,600,753) 2,860,255 5.29
139

(CONTINUED)
30.04.2022 (USD) Value
Cayman Islands
AAC TECHNO 3.0% 19-27.11.24 400,000 378,088 0.70
ANTON OIL 7.50% 19-02.12.22 500,000 476,215 0.88
CDBL FUNDIN 3% 17-24.04.23 REGS 600,000 595,914 1.10
CHINA EVERG 9.5% 29.3.24 REGS/FLT 400,000 45,000 0.08
CN AUTO 9.75% 21-31.03.24 500,000 439,930 0.81
COUNT GARD 5.125% 20-14.01.27 400,000 265,440 0.49
CSN 6.75% 20-28.01.28 500,000 495,860 0.92
DAR AL-ARK 6.75% 19-15.02.25 610,000 617,107 1.14
EMIRATES 5.125% 17-12.12.22 400,000 315,128 0.58
FOXCON 2.50% 20-28.10.30 600,000 510,072 0.94
GRAN TIE 6.25% 18-15.2.25 REGS 500,000 460,155 0.85
HK LAND FIN 2.25% 21-15.07.31 300,000 251,721 0.47
HKN ENERGY 11% 19-06.03.24 400,000 400,668 0.74
INVER CMPC 3.85% 20-13.01.30 350,000 321,160 0.59
ITAU UNI 6.5% 18-PERP 200,000 192,772 0.36
KAISA GRP 11.70% 21-11.11.25/FLT 200,000 39,998 0.07
KAISA GRP 9.375%17-30.06.24/FLAT 300,000 59,973 0.11
KWG GROUP 7.875% 19-01.09.23 200,000 94,042 0.17
LIMA ME 5.875%05.07.34 /POOL 500,000 248,148 0.46
LOGAN GROUP 4.50% 21-13.01.28 300,000 68,898 0.13
MELCO 5.625% 19-17.07.27 600,000 510,449 0.94
MODERN LAND 9.80% 21-11.04.23/FLT 400,000 72,320 0.13
PERU ENCH.0% 06-31.5.25 CL.A-2 500,000 181,821 0.34
POWERLG REA 4.90% 21-13.05.26 300,000 108,054 0.20
SANDS CHINA 3.80% 21-08.01.26 200,000 184,664 0.34
SHIMAO PROP 5.2% 18-30.01.25 400,000 100,068 0.19
SUNAC CHINA 6.50% 21-26.01.26 200,000 41,992 0.08
TENCENT HOL 3.24% 20-03.06.50 400,000 281,804 0.52
YUZHOU PROP 7.375% 20-13.01.26 400,000 51,996 0.10
YUZHOU PROP 8.5% 04.02.23/DFLT 400,000 58,000 0.11
YUZHOU PROP 8.5% 19-26.02.24 300,000 41,991 0.08
ZHENRO PROP 8% 22-6.3.23 200,000 21,000 0.04
Total (April 2021: 11,064,383) 7,930,448 14.66
China
KUNMING RAI 3.90% 19-12.12.24 800,000 788,928 1.46
Total (April 2021: 979,890) 788,928 1.46
Columbia
BANCOLOMBIA 4.875% 17-18.10.27 500,000 487,135 0.90
ECOPETROL 6.875% 20-29.04.30 300,000 295,284 0.55
ECOPETROL 7.375% 13-18.9.43 400,000 364,500 0.67
PROMIGAS/GA 3.75% 19-16.10.29 REGS 800,000 692,664 1.28
Total (April 2021: 1,407,642) 1,839,583 3.40
Georgia
BK GEORGIA 11.125% 19-PERP 400,000 399,048 0.74
SILKNET 8.375% 22-31.01.27 600,000 582,060 1.08
TBC BANK 10.775% 19-PERP 300,000 288,000 0.53
Total (April 2021: 1,894,205) 1,269,108 2.35
140

(CONTINUED)
30.04.2022 (USD) Value
Great Britain
GAZPROM PJS 3.0% 20-29.06.27 500,000 135,460 0.25
GAZPROM PJS 3.897% 20-PERP 500,000 94,946 0.18
GENEL ENERG 9.25% 20-14.10.25 500,000 496,160 0.92
PETRA DMNDS 10.5% 8.3.26/PIK 354,000 370,302 0.68
TULLOW OIL 10.25% 21-15.05.26 300,000 295,782 0.55
TULLOW OIL 7% 18-01.03.25 REGS 200,000 162,540 0.30
Total (April 2021: 1,560,170) 1,555,190 2.88
Hong Kong
AIA GROUP 2.70% 21-PERP 500,000 464,585 0.86
BBLTB 5.0% 20-PERP 500,000 486,900 0.90
BEA 4.875% 22-22.04.32 250,000 248,290 0.46
Total (April 2021: 2,574,138) 1,199,775 2.22
India
10 RENEW PW 4.50% 21-14.07.28 375,000 326,835 0.60
ADANI PORT 4.20% 20-04.08.27 400,000 378,760 0.70
AXIS BANK 4.10% 21-PERP REGS 300,000 275,669 0.51
HDFC BK 3.70% 21-PERP 200,000 181,226 0.34
INDIABULLS 4.50%28.09.26 /CV 800,000 628,000 1.16
POW FIN 4.50% 19-18.06.29 400,000 375,884 0.70
SHRIRAM 4.40% 21-13.03.24 200,000 190,558 0.35
SHRIRAM 5.95% 19-24.10.22 200,000 199,104 0.37
Total (April 2021: 3,592,816) 2,556,036 4.73
Indonesia
FREEPORT ID 4.763% 22-14.04.27 200,000 198,482 0.37
PERTAMINA 5.625% 20.5.43 REGS 500,000 482,215 0.89
PERTAMINA 6.5% 11-27.05.2041 400,000 425,108 0.79
PT ALAM 6.25% 20-02.11.25 /PIK 400,000 254,564 0.47
Total (April 2021: 1,087,047) 1,360,369 2.52
Ireland
ARAGVI FINA 8.45% 21-29.04.26 800,000 611,400 1.13
BORETS FIN 6.0% 17.09.26 700,000 154,000 0.28
C&W SR 6.875% 17-15.09.27 REGS 400,000 389,176 0.72
GTLK EUR CP 4.65% 20-10.03.27 300,000 42,000 0.08
Total (April 2021: 3,038,743) 1,196,576 2.21
Kazakhstan
DEV BK KAZA 4.125% 12-10.12.22 200,000 198,344 0.37
KAZTRANS 4.375% 17-26.9.27 REGS 400,000 364,340 0.67
Total (April 2021: 445,200) 562,684 1.04
Luxembourg
4FINANCE 10.75% 21-26.10.26 800,000 746,170 1.38
ALTICE FIN 5.0% 20-15.01.28 REGS 200,000 168,016 0.31
ATENTO LUXC 8.0% 10.02.26 REGS 500,000 489,605 0.90
HIDROVIAS I 4.95% 8.02.31 REGS 660,000 538,996 1.00
KERNEL HLDG 6.75% 27.10.27 REGS 400,000 208,436 0.38
141

(CONTINUED)
30.04.2022 (USD) Value
Luxembourg (continued)
MHP LUX SA 6.25% 19.09.29/FLAT 400,000 203,616 0.38
MX REMIT4.875% 15.01.28/POOL 200,000 166,188 0.31
PUMA 5.125% 17-06.10.24 REGS 500,000 476,130 0.88
RAIZN FUEL 5.3% 17-20.1.27 REGS 200,000 199,978 0.37
Total (April 2021: 6,458,816) 3,197,135 5.91
Malaysia
SD INTL SUK 6.30% 19-09.05.22/FLT 200,000 9,720 0.02
Total (April 2021: 1,092,923) 9,720 0.02
Morocco
OFFICE CHER 6.875% 14-25.04.44 500,000 479,850 0.89
Total (April 2021: 602,430) 479,850 0.89
Mauritius Islands
BAYPORT MGT 11.5% 19-14.06.22 600,000 588,000 1.09
CLEAN 4.25% 21-25.03.27 /POOL 200,000 179,683 0.33
GREENKO 5.50% 22-06.04.25 REGS 600,000 585,210 1.08
MTN MU INVS 6.5% 16-13.10.26 400,000 413,352 0.77
NETWORK I2I 3.975% 21-PERP 315,000 288,061 0.53
Total (April 2021: 2,483,805) 2,054,306 3.80
Mexico
AMER MOVIL 5.375% 04.04.32 REGS 400,000 363,996 0.67
BANCO MERC 8.375% 20-PERP 500,000 512,880 0.95
COMETA 6.375% 24.04.35 /POOL 400,000 351,584 0.65
IENOVA 4.75% 20-15.01.51 REGS 550,000 449,554 0.83
MEXICHEM 5.875% 14-17.09.44 200,000 188,568 0.35
PEMEX 6.7% 21-16.2.32 316,000 272,882 0.50
PEMEX FRN 18-24.08.23 REGS 250,000 258,162 0.48
PEMEX PROJ.FDG 6.625% 05-35 600,000 486,624 0.90
TELVIS 6.625% 10-15.01.40 200,000 222,436 0.41
TOTAL PLAY 7.50% 20-12.11.25 REGS 250,000 231,123 0.43
TRUST F/140 5.25% 15-30.01.26 300,000 298,362 0.55
Total (April 2021: 6,627,610) 3,636,171 6.72
Netherlands
DILIJAN FINANCE 6.50% 20-28.01.25 800,000 736,000 1.36
JABABEKA 6.5% 16-05.10.23 800,000 667,880 1.24
LUKOIL SEC 3.875% 20-06.05.30 REGS 600,000 222,192 0.41
METINVEST 7.75% 19-17.10.29 200,000 105,232 0.19
TEVA PHAR 6% 18-15.04.24 200,000 199,058 0.37
TEVA PHAR 6.75% 18-01.03.28 600,000 606,930 1.12
Total (April 2021: USD 4,643,607) 2,537,292 4.69
Nigeria
SEPLAT PETR 7.75% 21-01.04.26 300,000 284,619 0.53
Total (April 2021: 509,810) 284,619 0.53
142

(CONTINUED)
30.04.2022 (USD) Value
Norway
DNO A 7.875% 21-09.09.26 400,000 394,728 0.73
Total (April 2021: 949,688) 394,728 0.73
Panama
BCO GENERAL 5.25% 21-PERP 200,000 192,484 0.35
Total (April 2021: 447,646) 192,484 0.35
Paraguay
FRIGORIFICO 7.70% 21-21.07.28 500,000 432,995 0.80
Total (April 2021: 562,375) 432,995 0.80
Peru
AUNA 6.50% 20-20.11.25 200,000 189,094 0.35
CAMPOSOL 6.0% 20-03.02.27 700,000 638,904 1.18
CREDITO 3.125% 20-01.07.30 400,000 364,356 0.67
SCOTIABK PERU 4.5%(FRN)13.12.27 395,000 393,491 0.73
TRANSMANTA 4.7% 19-16.04.34 200,000 187,168 0.35
Total (April 2021: 1,883,304) 1,773,013 3.28
Philippines
PETRON 4.6%-FRN 18-PERP REGS 400,000 383,916 0.71
Total (April 2021: nil) 383,916 0.71
Qatar
COMMERC BAN 4.50% 21-PERP 500,000 475,475 0.88
Total (April 2021: 500,650) 475,475 0.88
Saudi Arabia
SAUDI OIL 4.25% 19-16.4.39 REGS 500,000 473,765 0.88
SAUDI OIL 4.375% 19-16.04.49 REGS 400,000 375,216 0.69
Total (April 2021: 985,391) 848,981 1.57
Singapore
MEDCO BELL 6.375% 20-30.01.27 500,000 468,150 0.87
MODERNLAND 3% 13.4.24/PIK 1,118,669 506,310 0.94
THETA CAP 6.75% 16-31.10.26 300,000 282,060 0.52
UOBSP 3.875% 17-PERP 500,000 494,785 0.91
Total (April 2021: 1,629,010) 1,751,305 3.24
South Korea
KOOKMIN BK 4.5% 19-01.02.29 500,000 501,750 0.93
SHINHAN FG 5.875% 18-PERP 400,000 406,988 0.75
Total (April 2021: 763,991) 908,738 1.68
Thailand
THAIOIL TRS 4.875% 18-23.01.43 400,000 353,756 0.65
Total (April 2021: 429,148) 353,756 0.65
143

(CONTINUED)
30.04.2022 (USD) Value
Togo
BOAD 4.7% 19-22.10.31 450,000 437,220 0.81
Total (April 2021: 479,074) 437,220 0.81
Turkey
AKBANK 5.125% 15-31.03.25 500,000 467,355 0.87
KOC HOLDNG 6.5% 19-11.3.25 REGS 500,000 499,170 0.92
TURK TELEK 6.875% 19-28.2.25 REGS 200,000 195,068 0.36
VAKIFLAR BK 6.50% 20-08.01.26 400,000 375,320 0.69
Total (April 2021: 1,945,596) 1,536,913 2.84
United Arab Emirates

BROOGE PETR 8.5% 24.9.25 744,000 736,560 1.36
DAE SUKUK D 3.75% 20-15.02.26 400,000 382,568 0.71
EM SEMBCO 4.45% 17-01.08.35 400,000 400,036 0.74
EMIRATE NBD 6.125% 19-PERP REGS 300,000 302,166 0.56
MASHREQBK 4.25% 19-26.02.24 200,000 202,055 0.37
Total (April 2021: 3,740,781) 2,023,385 3.74

PERIAMA 5.95% 20-19.04.26 300,000 294,081 0.54
SASOL FIN U 5.50% 21-18.03.31 200,000 178,526 0.33
SASOL FIN U 5.875% 18-27.03.24 400,000 398,528 0.74
SASOL FIN U 6.5% 18-26.09.28 400,000 393,620 0.73
Total (April 2021: 2,356,297) 1,264,755 2.34
Uzbekistan
UZPROMSTROY 5.75% 19-02.12.24 REGS 300,000 271,803 0.50
Total (April 2021: 310,143) 271,803 0.50
Virgin Islands
CCTHK 2021 2.0% 22-19.01.25 430,000 406,952 0.75
GF OROGEN 6.125% 19-15.05.29 600,000 627,516 1.16
HUARONG FIN 4.25% 17-07.11.27 500,000 455,510 0.84
SCENERY JOU 11.50% 20-24.10.22/FLT 500,000 58,125 0.11
STUDIO CITY 7% 22-15.02.27 300,000 281,430 0.52
Total (April 2021: 3,906,454) 1,829,533 3.38
* includes Bulgaria 646,350, Chile 538,235, Hungary 842,668, Isle of Man
282,292, Santa Lucia 416,576
144

(CONTINUED)
Unrealized
Open gain/(loss) %
Futures positions
Long positions

10Y TREASURY NOTES USA 21/06/2022 20 (123,125) (0.23)
Total (April 2021: nil) (123,125) (0.23)
Total futures positions (April 2021: 106,328*) (123,125) (0.23)
*Includes short positions: United States Dollar 106,328

EUR 90,075 USD 97,470 20 May 2022 (2,360) (0.00)
EUR 841,604 USD 910,694 20 May 2022 (22,046) (0.05)
USD 1,027 EUR 944 20 May 2022 30 0.00
USD 9,306 EUR 8,558 20 May 2022 270 0.00
EUR 42,000 USD 44,332 1 July 2022 121 0.00
USD 1,250,990 EUR 1,120,000 1 July 2022 65,384 0.12
USD 301,659 GBP 230,000 1 July 2022 12,841 0.03
Net unrealized gain/(loss) on forward currency contracts (April 2021: 64,163) 54,240 0.10
Fair Value % of
(USD) Value

Other Net Assets 802,688 1.48
% of
total
Exchanged traded financial derivative instruments (net) (0.22)
Other assets 2.83
100.00
145
PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND CORPORATES SUB-FUND

COLLECTIVE INVESTMENT SCHEMES - -
Total collective investment schemes (April 2021: 6,069,205) - -
DEBT SECURITIES
Government bonds - -
Total government bonds (April 2021: 612,060) - -
Corporate bonds
Australia
ANZ BK GR FRN 86-PERP 3,000,000 2,372,730 1.15
Total (April 2021: nil) 2,372,730 1.15
Austria
OMV 0.75% 20-16.06.30 1,000,000 952,546 0.46
RAIFFEISEN 4.5% 18-PERP 600,000 504,439 0.25
Total (April 2021: 2,777,799) 1,456,985 0.71
Belgium
BELFIUS BK 0.375% 21-08.06.27 2,000,000 1,923,722 0.93
COFINIMMO S 0.875% 20-02.12.30 3,000,000 2,538,463 1.23
Total (April 2021: 1,200,104) 4,462,185 2.16
Canada
MAGNA INTL 1.5% 17-25.09.27 1,000,000 1,029,220 0.50
TOR DOM BK FRN 20-28.09.23 1,000,000 996,480 0.48
Total (April 2021: 2,902,080) 2,025,700 0.98
Cayman Islands
ENN ENERGY 2.625% 20-17.09.30 REGS 1,450,000 1,237,952 0.60
Total (April 2021: 2,024,102) 1,237,952 0.60
Denmark
ORSTED 2.125% 19-17.05.27 1,200,000 1,460,483 0.70
Total (April 2021: 724,618) 1,460,483 0.70
Finland
NESTE OIL 0.75% 21-25.03.28 500,000 481,052 0.23
UPM KYMMENE 0.50% 21-22.03.31 1,300,000 1,151,292 0.56
Total (April 2021: 2,721,350) 1,632,344 0.79
France
ALSTOM 0.0% 21-11.01.29 2,700,000 2,413,363 1.17
BNPP FLR 86-PERP 1,000,000 773,060 0.37
BQE POSTALE 1.375% 19-24.04.29 2,200,000 2,137,957 1.04
CARREFOUR 2.625% 20-15.12.27 2,400,000 2,557,325 1.24
CASINO GP 3.311%13-25.1.23 TR1 500,000 518,371 0.25
CASINO GUICHARD FRN 05-PERP. 3,550,000 939,039 0.46
CNP ASSURAN 2% 19-27.07.50 1,000,000 937,713 0.46
COVIVIO SA 1.125% 19-17.09.31 700,000 629,416 0.30
DANONE 1.0% 21-PERP 1,000,000 956,460 0.46
DANONE 1.75% 17-PERP 800,000 841,758 0.41
146

(CONTINUED)
France (continued)
ICADE SA 1.0% 22-19.01.30 2,000,000 1,867,219 0.90
JC DECAUX 1.625% 22-7.2.30 REGS 2,000,000 1,895,977 0.92
L OREAL 0.875% 22-29.06.26 800,000 832,938 0.40
LA POSTE SA 3.125% 18-PERP 1,000,000 1,015,368 0.49
RALLYE 4% 14-28.02.32 4,000,000 607,651 0.29
SANOFI 1.50% 20-01.04.30 700,000 724,058 0.35
TIKEHAU 1.625% 21-31.03.29 1,800,000 1,621,973 0.79
VINCI 0.0% 20-27.11.28 2,600,000 2,454,540 1.19
Total (April 2021: 19,586,562) 23,724,186 11.49
Germany
ADIDAS 0.0% 20-05.10.28 1,800,000 1,713,405 0.83
COMZBK 0.75% 20-24.03.26 1,300,000 1,320,665 0.64
DEPFA 0.10% 21-02.02.26 1,600,000 1,574,694 0.76
EUROGRID 1.113% 20-15.05.32 2,400,000 2,264,513 1.10
INFINEON TE 1.625% 20-24.06.29 2,000,000 2,029,428 0.98
LDKR B-W 1.50% 20-03.02.25 2,000,000 2,391,728 1.16
MERCEDES-BENZ 0.75% 20-10.09.30 1,000,000 954,012 0.46
MERCEDES-BENZ 0.75% 21-11.03.33 1,000,000 904,662 0.44
MERCK KGAA 2.875% 19-25.06.79 1,000,000 1,005,705 0.49
ZF FINANCE 2.0% 21-06.05.27 1,500,000 1,352,641 0.65
Total (April 2021: 14,388,303) 15,511,453 7.51
Great Britain
BARCLAYS FRN 18-16.05.24 1,000,000 1,005,620 0.49
BPCM 4.25% 20-PERP 1,200,000 1,440,777 0.70
BPCM 4.875% 20-PERP 800,000 765,656 0.37
BRITEL 4.25% 21-23.11.81 REGS 800,000 749,696 0.36
DIAGEO CAP 2.375% 19-24.10.29 1,300,000 1,170,897 0.57
HSBC FRN 85-PERP 3,200,000 2,601,536 1.26
INFORMA 2.125% 20-06.10.25 2,000,000 2,099,751 1.02
MOTABILITY 0.125% 21-20.07.28 1,000,000 943,084 0.46
NATWEST GR 8% 15-PERP 800,000 836,232 0.40
NATWEST GRP 0.75% 19-15.11.25 1,900,000 1,949,805 0.94
Total (April 2021: 8,410,077) 13,563,054 6.57
Greece
PIRAEUS BAN 3.875% 21-03.11.27 800,000 745,115 0.36
Total (April 2021: nil) 745,115 0.36
Iceland
LANDSBKNN 0.75% 21-25.05.26 2,500,000 2,445,189 1.18
Total (April 2021: nil) 2,445,189 1.18
Ireland
AIB GRP 2.25% 22-04.04.28 1,000,000 1,028,186 0.50
GE CAP EUR 3.65% 12-23.08.32 1,500,000 1,669,300 0.81
SMURFIT KAP 1.0% 21-22.09.33 500,000 434,697 0.21
Total (April 2021: nil) 3,132,183 1.52
147

(CONTINUED)
Italy
ACEA 0.25% 21-28.07.30 2,500,000 2,203,922 1.07
MEDIOBANCA 1.0% 20-08.09.27 800,000 779,988 0.38
TERNA 0.75% 20-24.07.32 1,000,000 900,126 0.43
UNICREDIT 5.375% 17-PERP 800,000 785,322 0.38
Total (April 2021: 8,552,752) 4,669,358 2.26
Luxembourg
B&M EUR VAL 3.625% 20-15.07.25 1,100,000 1,335,752 0.64
MEDTRNC 0.75% 20-15.10.32 2,500,000 2,258,516 1.10
NOVARTIS 0.0% 20-23.09.28 2,000,000 1,897,538 0.92
SEGRO CAPIT 0.50% 21-22.09.31 2,000,000 1,750,204 0.85
Total (April 2021: 7,133,050) 7,242,010 3.51
Netherlands
ADECCO IF 0.125% 21-21.09.28 2,500,000 2,298,868 1.11
DIGITAL DUT 1.50% 20-15.03.30 REGS 2,200,000 2,021,078 0.97
ENEXIS 0.375% 21-14.04.33 2,500,000 2,196,591 1.06
ING GROUP FRN 21-01.04.27 1,000,000 981,900 0.48
JPM STR 0.0% 8.6.23 AMC00001 8,000,000 2,971,583 1.44
NN BANK NV 0.50% 21-21.09.28 1,500,000 1,399,022 0.68
NXP BV/NXP 3.40% 20-01.05.30 REGS 2,800,000 2,550,240 1.24
POSTNL 0.625% 19-23.09.26 1,200,000 1,200,530 0.58
SWISSCOM 0.375% 20-14.11.28 2,150,000 2,091,636 1.01
TENNET 0.125% 20-30.11.32 800,000 683,152 0.33
TENNET 2.374% 20-PERP 1,600,000 1,636,826 0.80
THERMO FISH 0.0% 21-18.11.25 2,200,000 2,195,724 1.06
Total (April 2021: 15,722,476) 22,227,150 10.76
Norway
DEN NORSKE CREDITBK FRN 86-.. 600,000 446,292 0.22
STOREBRAND 1.875% 21-30.09.51 1,500,000 1,311,561 0.63
Total (April 2021: 3,938,015) 1,757,853 0.85
Poland
MBANK 1.0183% 19-04.10.24 1,800,000 1,792,044 0.87
Total (April 2021: 440,761) 1,792,044 0.87
Portugal
EDP 1.875% 21-02.08.81 1,300,000 1,220,248 0.59
Total (April 2021: 1,565,566) 1,220,248 0.59
South Korea
LG CHEM 3.625% 19-15.04.29 2,500,000 2,417,925 1.17
Total (April 2021: 1,214,947) 2,417,925 1.17
Spain
BANKINTER 0.625% 20-06.10.27 3,000,000 2,873,114 1.39
CAIXABANK 0.75% 21-26.05.28 1,000,000 956,618 0.47
RED ELEC FI 0.50% 21-24.05.33 1,000,000 912,490 0.44
Total (April 2021: 3,881,807) 4,742,222 2.30
148

(CONTINUED)
Sweden
TELE2 AB 2.125% 18-15.05.28 2,300,000 2,401,053 1.16
Total (April 2021: nil) 2,401,053 1.16
Switzerland
UBS GROUP 7% 15-PERP 800,000 813,720 0.39
Total (April 2021: 2,349,576) 813,720 0.39

FIRST FRN 19-08.07.24 1,650,000 1,648,812 0.80
Total (April 2021: 817,808) 1,648,812 0.80

ABBOTT LAB 1.15% 20-30.01.28 2,500,000 2,188,300 1.06
AMER WATER 3.75% 18-01.09.28 1,000,000 978,620 0.47
APPLE INC 0.50% 19-15.11.31 2,000,000 1,872,684 0.91
APPLE INC 3% 17-20.06.27 2,500,000 2,450,400 1.19
BAC 2.456% 19-22.10.25 2,800,000 2,694,076 1.31
BNY MELLON 1.65% 21-28.01.31 1,000,000 831,110 0.40
CITIGP 1.281% 21-03.11.25 4,000,000 3,738,720 1.81
CITIGP 1.678% 20-15.05.24 2,800,000 2,758,140 1.34
COMCAST 1.50% 20-15.02.31 1,400,000 1,131,984 0.55
CONAGRA 4.85% 18-01.11.28 3,000,000 3,011,010 1.46
DAIMLER TRU 1.625% 21-13.12.24 500,000 473,985 0.23
ECOLAB INC 1.30% 20-30.01.31 1,100,000 887,425 0.43
FRS MED CARE 2.375% 16.02.31 1,000,000 812,310 0.39
HASBRO 6.6% 98-15.7.28 1,500,000 1,640,580 0.79
HP 2.65% 21-17.06.31 2,000,000 1,647,360 0.80
JPMORGAN CH 0.563% 21-16.02.25 2,000,000 1,892,660 0.92
JPMORGAN CH 0.768% 21-09.08.25 2,000,000 1,867,840 0.90
JPMORGAN CH FRN 21-22.04.27 1,000,000 977,190 0.47
KELLOGG CO 0.50% 21-20.05.29 2,500,000 2,333,813 1.13
KROGER CO 3.7% 17-01.08.27 2,200,000 2,177,582 1.05
MASTERCARD 1.90% 21-15.03.31 3,000,000 2,596,500 1.26
MORGAN STAN 0.495% 20-26.10.29 2,000,000 1,858,695 0.90
NDAQ 1.65% 20-15.01.31 2,200,000 1,751,376 0.85
PEPSICO 2.875% 19-15.10.49 3,000,000 2,405,700 1.16
PFIZER 1.75% 21-18.08.31 3,000,000 2,514,660 1.22
PNC FIN 1.15% 21-13.08.26 4,000,000 3,613,880 1.75
PROLOGIS 1.25% 20-15.10.30 1,200,000 967,428 0.47
PROLOGIS EU 0.375% 20-06.02.28 1,000,000 941,395 0.46
RABOBK NY 1.004% 20-24.09.26 2,500,000 2,259,250 1.09
SALESFORCE 1.50% 21-15.07.28 2,500,000 2,203,300 1.07
SPRINT 4.738% 20.3.25/POOL REGS 2,400,000 1,814,167 0.88
SYSCO CORP 2.40% 20-15.02.30 2,800,000 2,435,496 1.18
T-MOBILE US 3.875% 21-15.04.30 2,500,000 2,356,025 1.14
TOYOTA 2.15% 20-13.02.30 800,000 704,672 0.34
VERIZON COM 1.50% 20-18.09.30 4,000,000 3,231,800 1.56
VF CORP 0.25% 20-25.02.28 1,500,000 1,426,335 0.69
149

(CONTINUED)

VISA INC 0.75% 20-15.08.27 1,800,000 1,578,168 0.76
VISA INC 4.3% 15-14.12.45 2,000,000 1,981,900 0.96
WASTE MNGT 1.50% 20-15.03.31 1,300,000 1,049,776 0.51
WELLS FARGO 0.805% 21-19.05.25 1,400,000 1,316,980 0.64
Total (April 2021: 51,580,677) 75,373,292 36.50

*Includes Japan 1,098,186
Unrealized
Open gain/(loss) %
Futures contracts, Short positions
Euro
EURO OAT FUT FRENCH GVT BDS 08/06/2022 (120) 1,491,277 0.73
Total (April 2021: 171,687) 1,491,277 0.73
Great Britain Pound

Total (April 2021: nil) 49,341 0.02
Total short positions (April 2021: 312,030*) 1,540,618 0.75

*Includes United States Dollar 140,343
Total futures positions (April 2021: short positions 312,030) 1,540,618 0.75
Unrealized
gain/(loss) %
(in USD) Value

CHF 124,620 USD 132,361 20 May 2022 (3,845) (0.00)
CHF 21,860,238 USD 23,218,201 20 May 2022 (674,437) (0.33)
CHF 64,159,858 USD 68,145,483 20 May 2022 (1,979,474) (0.96)
EUR 40 USD 43 20 May 2022 (1) (0.00)
EUR 225 USD 243 20 May 2022 (5) (0.00)
EUR 140,367 USD 151,890 20 May 2022 (3,677) (0.00)
EUR 284,883 USD 308,270 20 May 2022 (7,463) (0.00)
EUR 2,393,111 USD 2,589,571 20 May 2022 (62,687) (0.03)
EUR 35,369,053 USD 38,272,640 20 May 2022 (926,492) (0.45)
USD 1,793 CHF 1,695 20 May 2022 45 0.00
USD 276,266 CHF 264,630 20 May 2022 3,359 0.00
150

(CONTINUED)
Unrealized
gain/(loss) %
(in USD) Value

USD 802,228 CHF 768,437 20 May 2022 9,753 0.01
USD 1,666 EUR 1,532 20 May 2022 48 0.00
USD 2,826 EUR 2,621 20 May 2022 59 0.00
USD 4,104 EUR 3,774 20 May 2022 119 0.00
USD 30,620 EUR 28,577 20 May 2022 446 0.00
USD 376,373 EUR 349,027 20 May 2022 7,829 0.00
USD 425,947 EUR 394,532 20 May 2022 9,353 0.00
USD 1,830,845 CHF 1,746,000 4 August 2022 21,431 0.01
USD 110,000,000 EUR 102,074,904 4 August 2022 1,730,503 0.84
USD 7,018,468 GBP 5,500,000 4 August 2022 109,446 0.05
Net unrealized gain/(loss) on forward currency contracts (April 2021: 1,134,941) (1,765,690) (0.86)
Fair Value % of
(in USD) Value

% of
total
Other assets 5.78
100.00
151
PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY MARKET NEUTRAL

SUB-FUND
Fair Value % of
Ireland
LGT SUSTAINABLE EQUITY EUROPE SUB-FUND -E- EUR 13,170 14,276,602 8.52
Total (April 2021: NIL) 14,276,602 8.52
Total collective investment schemes (April 2021:nil) 14,276,602 8.52
EQUITY SECURITES
Denmark
VESTAS WIND BR/RG 11,600 300,755 0.18
Total (April 2021: 409,600) 300,755 0.18
Finland
KONE OYJ -B- 47,680 2,318,328 1.38
NESTE OYJ 15,600 678,037 0.40
Total (April 2021: 2,312,684) 2,996,365 1.78
France
CAPGEMINI SE 9,360 1,936,357 1.16
KERING SA 7,130 3,859,432 2.30
L OREAL 12,920 4,755,491 2.84
Total (April 2021: 12,098,337) 10,551,280 6.30
Germany
DEUTSCHE POST AG 9,500 410,101 0.24
KION GROUP 6,250 351,167 0.21
SAP SE 12,000 1,235,051 0.74
SYMRISE AG 4,180 500,279 0.30
Total (April 2021: 6,965,815) 5,105,537 3.05
Great Britain
DIAGEO PLC 52,380 2,642,690 1.58
ITV PLC 1,612,570 1,504,264 0.90
PRUDENTIAL PLC 130,600 1,656,080 0.99
RIO TINTO PLC /REG 2,200 157,605 0.09
SMITH AND NEPHEW PLC 203,080 3,322,219 1.98
SSE PLC 113,770 2,668,932 1.59
UNILEVER PLC 70,880 3,309,532 1.98
Total (April 2021: 36,729,042) 20,833,874 12.44
Ireland
ACCENTURE PLC 5,670 1,703,041 1.02
Total (April 2021: 6,372,247) 7,201,769 4.30
Italy
HERA SPA 128,900 483,556 0.29
MEDIOBANCA BCA CREDITO FINANZ. 40,000 405,607 0.24
Total (April 2021: 3,379,864) 889,163 0.53
152

SUB-FUND (CONTINUED)
Fair Value % of
EQUITY SECURITES (CONTINUED)
Japan
DAIWA H. INDUSTR.CO. LTD 22,500 545,828 0.33
MITSUBISHI ESTATE CO. 179,500 2,609,510 1.56
NINTENDO CO.LTD 10,500 4,855,317 2.90
Total (April 2021: 10,158,727) 9,278,060 5.54
Netherlands
HEINEKEN NV 21,240 2,092,827 1.25
ING GROUP NV 171,070 1,642,280 0.98
Total (April 2021: 7,170,513) 3,735,107 2.23
Norway
DNB BK RG 21,840 430,750 0.26
Total (April 2021: 1,656,377) 430,750 0.26
South Africa
ANGLOGOLD ASHAN./SADS REP.1 SH 22,120 451,690 0.27
ANGLOGOLD ASHANTI LTD 15,800 328,791 0.19
Total (April 2021: 1,762,387) 780,481 0.46
Spain
AMADEUS IT - SHS-A 38,320 2,441,711 1.46
BANCO SANTANDER - REG.SHS 123,000 365,466 0.22
BANKINTER SA 84,590 502,590 0.30
GRIFOLS. SA 152,480 2,573,740 1.53
IBERDROLA SA 249,000 2,892,135 1.73
LINEA DIRECTA BR 289,194 417,662 0.25
Total (April 2021: 11,250,525) 9,193,304 5.49
Sweden
ASSA ABLOY AB 17,876 458,155 0.27
BOLIDEN RG 16,570 729,574 0.44
Total (April 2021: 2,485,781) 1,187,729 0.71
Switzerland
GIVAUDAN SA /REG. 280 1,123,577 0.67
ROCHE HOLDING AG /GENUSSSCHEIN 1,960 731,781 0.44
Total (April 2021: 4,594,134) 3,239,997 1.93
Taiwan
Total (April 2021: 2,054,624) 2,788,829 1.67

AGILENT TECHNOLOGIES 21,740 2,592,930 1.55
AKAMAI TECHNOLOGIES INC 23,920 2,685,738 1.60
ALPHABET INC -A- 2,550 5,819,585 3.48
AUTOZONE INC 200 391,094 0.23
CHURCH & DWIGHT CO INC 15,090 1,472,180 0.88
COGNIZANT TECHNOLOGY SOL A 36,460 2,949,614 1.76
153

Fair Value % of
EQUITY SECURITES (CONTINUED)

COLGATE-PALMOLIVE CO. 18,000 1,386,900 0.83
COMCAST CORP/-A- 53,000 2,107,280 1.26
ESTEE LAUDER CO -A- 24,870 6,567,172 3.92
ETSY INC 20,400 1,901,076 1.14
HAEMONETICS CORP. 26,580 1,346,809 0.81
IDEXX LABORATORIES INC. 5,670 2,440,822 1.46
INTUIT 6,600 2,763,750 1.65
JACKSN FINL RG-A WI 19,480 824,199 0.49
KEYCORP 98,660 1,905,125 1.14
M&T BANK CORPORATION 10,300 1,716,392 1.02
MICROSOFT CORP. 26,970 7,484,714 4.47
NEWMONT RG REGISTERED SHS 12,580 916,453 0.55
ORMAT TECHNOLOGIES INC 7,400 574,980 0.34
PACCAR INC. 19,850 1,648,543 0.98
PAYPAL HOLDINGS INC 13,540 1,190,572 0.71
PEPSICO INC 11,800 2,026,178 1.21
QUIDEL CORP 6,514 655,439 0.39
ROSS STORES INC 18,430 1,838,761 1.10
STARBUCKS CORP. 19,410 1,448,762 0.86
STRYKER CORP. 11,670 2,815,504 1.68
UNITEDHEALTH GROUP INC 5,950 3,025,873 1.81
UNIVERSAL DISPLAY CORP. 13,400 1,711,582 1.02
Total (April 2021: 64,671,895) 66,860,659 39.92
Total equity securities (April 2021: 177,412,813*) 145,373,659 86.79
*includes Canada 1,823,099, Cayman Islands 1,517,162
Open Unrealized
position gain/(loss) %
as at 30.04.2022 Net Asset
Futures contracts, short positions
Euro
MSCI EUROPE-M7EU 17/06/2022 (40) 2,954 0.00
MSCI EUROPE-M7EU 17/06/2022 (1,055) (366,500) (0.21)
Total (April 2021: (430,633)) (363,546) (0.21)

MSCI WORL NET INDEX - M1WO 17/06/2022 (1,497) 3,788,685 2.26
Total (April 2021: (4,340,724)) 3,788,685 2.26
Total short positions (April 2021: (5,640,720)) 3,425,139 2.05

Total futures positions (April 2021: (5,640,720)*) 3,425,139 2.05
*includes Australian Dollar (199,620), Great Britain Pound (397,560), Hong Kong Dollar 22,641,
Japanese Yen (1,143), Swedish Krona 6,610, Swiss Franc (300,291)
154

Unrealized
gain/(loss) %
(in USD) Value

AUD 1,600,000 USD 1,191,738 20 May 2022 (54,253) (0.03)
CAD 5,700,000 USD 4,537,859 20 May 2022 (78,093) (0.05)
CHF 465,685 USD 494,613 20 May 2022 (14,367) (0.01)
CHF 17,687,384 USD 18,786,128 20 May 2022 (545,695) (0.32)
CHF 22,600,000 USD 24,203,170 20 May 2022 (896,513) (0.54)
DKK 10,280,000 USD 1,497,697 20 May 2022 (38,503) (0.02)
EUR 1,054,872 USD 1,141,470 20 May 2022 (27,632) (0.02)
EUR 28,892,680 USD 31,264,596 20 May 2022 (756,844) (0.45)
SEK 10,300,000 USD 1,090,039 20 May 2022 (37,761) (0.02)
USD 5,926 CHF 5,619 20 May 2022 131 0.00
USD 19,204,500 CHF 18,150,000 20 May 2022 486,499 0.29
USD 965,091 EUR 900,000 20 May 2022 14,768 0.01
USD 14,640,425 EUR 13,400,000 20 May 2022 490,936 0.29
USD 32,442,390 EUR 30,000,000 20 May 2022 764,732 0.46
USD 635,945 GBP 500,000 20 May 2022 8,206 0.00
USD 10,509,656 GBP 8,000,000 20 May 2022 465,849 0.28
USD 322,982 JPY 41,300,000 20 May 2022 3,989 0.00
USD 447,150 JPY 56,000,000 20 May 2022 14,611 0.01
USD 69,463 NOK 610,000 20 May 2022 3,987 0.00
USD 190,502 SEK 1,850,000 20 May 2022 1,499 0.00
USD 416,695 ZAR 6,130,000 20 May 2022 30,150 0.02
Net unrealized gain/(loss) on forward currency contracts (April 2021: 86,130) (164,304) (0.10)
Fair Value % of
(in USD) Value

% of
total
Other assets 5.03
100.00
155
PORTFOLIO OF INVESTMENTS – LGT CROWN LIQUID PRIVATE EQUITY OPPORTUNITIES

SUB-FUND
Fair Value %
30.04.2022 (USD) Value
EQUITY SECURITIES
Canada
ABC TECH RG-UNTY 1,155,300 5,694,918 2.61
TIDEWATER 7,996,200 7,883,269 3.62
Total (April 2021: 6,903,321) 13,578,187 6.23
Cyprus
OZON HOLDINGS PLC /SADR 125,000 - 0.00
Total (April 2021: 7,151,850) - 0.00
Finland
PUUILO RG 750,000 5,198,266 2.38
Total (April 2021: nil) 5,198,266 2.38
France
VERALLIA-144A REG S 200,000 5,532,158 2.54
Total (April 2021: 7,095,197) 5,532,158 2.54
Germany
SYNLAB I 320,000 4,790,317 2.20
Total (April 2021: 5,381,323) 10,514,634 4.82
Great Britain
AUTOLUS THERAPEUTICS LIMITED 550,000 1,716,000 0.79
CUSHMAN & WAKEFIELD PLC 415,000 7,428,500 3.41
DR. MARTENS RG 3,200,000 8,557,488 3.92
GATES INDUSTRIAL CORP PLC 435,000 5,546,250 2.54
SIG PLC 19,797,564 10,340,030 4.74
TI FLUID SYSTEMS PLC 3,200,000 6,524,582 2.99
Total (April 2021: 42,582,168) 40,112,850 18.39
Italy
NEXI S.P.A. 1,030,000 10,237,931 4.70
RECORDATI IND CHIMICA/POST RAG 104,000 5,045,784 2.31
Total (April 2021: 26,270,383) 15,283,715 7.01
Norway
ADEVINTA ASA 1,100,000 8,701,730 3.99
CARASENT 1,750,000 3,925,814 1.80
Total (April 2021: 2,154,687) 12,627,544 5.79
Sweden
RVRC HLDG RG 642,453 4,992,227 2.29
SYNSAM RG 538,301 3,679,968 1.69
Total (April 2021: nil) 8,672,195 3.98
Switzerland
CICOR TECHNOLOGIES/NOM 76,724 4,078,665 1.87
SOFTWONE HLDG N 825,000 11,304,275 5.18
Total (April 2021: 9,464,667) 15,382,940 7.05
156

Fair Value %
30.04.2022 (USD) Value

ADVANCED DRAINAGE SYSTEMS 68,000 6,967,280 3.19
AVEAN HLTHC HLDG RG 1,450,000 4,234,000 1.94
CHANGE HEALTHCARE INC 180,000 4,240,800 1.94
DUN & BRADSTREET HOLDINGS INC 335,000 5,289,650 2.43
ECOVYST RG 790,000 7,947,400 3.64
FIRST WATCH REST RG 378,790 4,924,270 2.26
HOME POINT CAP RG 199,624 542,977 0.25
LIFE TIME GROUP RG 370,000 5,291,000 2.43
MAD SQ GDN SPR RG-A 27,000 4,376,970 2.01
MULTIPLAN RG-A 1,100,000 4,873,000 2.23
N-ABLE RG 615,000 6,150,000 2.82
PLAYAGS INC 600,000 3,960,000 1.82
PWRSCHOOL HLDG RG-A 130,705 1,978,874 0.91
SOTERA HEALTH RG 485,000 9,884,300 4.53
SYROS PHARMACEUTICALS INC 550,000 462,990 0.21
WESCO INTERNATIONAL INC 70,000 8,628,200 3.96
WIDEOPENWEST INC 235,000 4,711,750 2.16
Total (April 2021: 116,729,899) 84,463,461 38.73
Total equity securities (April 2021: 236,926,614*) 211,365,950 96.92
*includes Jersey 4,206,150, Spain 8,986,969
Unrealized
gain/(loss) %
(in USD) Value

USD 13,216,812 CAD 16,500,000 3 May 2022 306,857 0.14
USD 15,405,947 CHF 14,200,000 3 May 2022 774,443 0.36
USD 37,109,156 EUR 33,500,000 3 May 2022 1,763,688 0.81
USD 26,260,060 GBP 20,000,000 3 May 2022 1,150,311 0.53
USD 11,826,361 NOK 104,000,000 3 May 2022 663,527 0.30
USD 7,886,432 SEK 74,000,000 3 May 2022 329,751 0.15
USD 13,251,672 CAD 17,000,000 2 June 2022 (49,114) (0.02)
USD 15,128,079 CHF 14,700,000 2 June 2022 (42,161) (0.02)
USD 36,400,571 EUR 34,500,000 2 June 2022 (51,257) (0.02)
USD 12,411,573 NOK 116,000,000 2 June 2022 (40,212) (0.02)
USD 8,065,755 SEK 79,000,000 2 June 2022 (8,195) (0.00)
USD 25,267,851 GBP 20,100,000 6 June 2022 31,657 0.01
Net unrealized gain/(loss) on forward currency contracts (April 2021: (245,892)) 4,829,295 2.22
157

Fair Value % of
(USD) Value

% of
total
Other assets 2.55
100.00
158
PORTFOLIO OF INVESTMENTS – LGT EM HC BOND SUB-FUND

DEBT SECURITIES
Government bonds
Albania
REP OF ALBN 3.50% 21-23.11.31 2,000,000 1,778,498 1.40
Total 1,778,498 1.40
Angola
ANGOLA REP 8.75% 22-14.04.32 1,000,000 941,730 0.74
Total 941,730 0.74
Bahrain
BAHRAIN 5.25% 21-25.01.33 REGS 1,000,000 878,200 0.69
BAHRAIN 5.625% 21-18.05.34 2,000,000 1,795,340 1.41
BAHRAIN 6.125% 13-01.08.23 REGS 1,000,000 1,021,600 0.81
BAHRAIN 6.25% 21-25.01.51 500,000 412,185 0.33
Total 4,107,325 3.24
Benin
BENIN INT 4.875% 19.01.32 /POOL 2,000,000 1,807,530 1.43
Total 1,807,530 1.43
Brazil
BRAZIL 3.875% 20-12.06.30 2,000,000 1,764,360 1.39
Total 1,764,360 1.39
Cameroon
CAMEROON 5.95% 7.7.32/POOL 2,000,000 1,762,379 1.39
Total 1,762,379 1.39
Chile
CHILE 1.30% 21-26.07.36 1,500,000 1,284,106 1.01
CHILE 3.10% 21-07.05.41 1,500,000 1,171,125 0.93
Total 2,455,231 1.94
Columbia
COLOMBIA 3.0% 20-30.01.30 4,000,000 3,202,120 2.52
COLOMBIA 5.2% 19-15.05.49 200,000 151,364 0.12
COLOMBIA 5% 15-15.06.45 1,000,000 748,500 0.59
Total 4,101,984 3.23
Costa Rica
COSTA RICA 7% 14-04.04.44 REGS 1,000,000 947,210 0.75
COSTA RICA 7.158% 15-12.03.45 2,000,000 1,928,620 1.52
Total 2,875,830 2.27
Croatia
CROATIA 1.50% 20-17.06.31 1,300,000 1,199,210 0.94
CROATIA 2.875% 22.04.32 REGS 750,000 771,978 0.61
Total 1,971,188 1.55
159

(CONTINUED)

Dominican Republic
DOMINICAN REP 5.30% 21-21.01.41 1,500,000 1,181,400 0.93
DOMINICAN REP 5.875% 30.1.60 1,500,000 1,135,230 0.90
DOMINICAN REP 4.50% 30.01.30 REGS 1,000,000 859,550 0.68
DOMINICAN REP 5.50% 22.2.29 1,000,000 932,000 0.73
DOMINICAN REP 6.0% 22-22.02.33 1,000,000 902,830 0.71
Total 5,011,010 3.95
Ecuador
ECUA 0.50% 20-31.07.40 /POOL REGS 1,000,000 540,610 0.43
ECUA ST-UP 20-31.07.30 /POOL REGS 3,000,000 2,426,670 1.91
ECUA ST-UP 20-31.07.35 /POOL REGS 2,000,000 1,251,980 0.99
Total 4,219,260 3.33
El Salvador
EL SALVADOR 7.75% 02-24.01.23 1,000,000 777,840 0.61
Total 777,840 0.61
Egypt
ARAB REP EG 8.7002% 1.3.49 REGS 1,000,000 726,390 0.57
EGYPT 7.053% 19-15.01.32 1,000,000 770,280 0.61
EGYPT 7.903% 18-21.02.48 1,000,000 682,930 0.54
EGYPT 8.75% 21-30.09.51 1,000,000 730,530 0.57
Total 2,910,130 2.29
Gabon
GABON REP 7.0% 21-24.11.31 1,000,000 903,060 0.71
Total 903,060 0.71
Georgia
GEORGIA 2.75% 21-22.04.26 1,000,000 854,170 0.67
Total 854,170 0.67
Ghana
GHANA 7.625%18-16.5.29/POOL REGS 1,000,000 626,800 0.49
GHANA 8.125% 14-18.01.26 /POOL 1,000,000 763,660 0.60
Total 1,390,460 1.09
Guatemala
GUATEMALA 5.375% 20-24.04.32 1,000,000 997,400 0.79
Total 997,400 0.79
Honduras
HONDURAS 5.625% 20-24.06.30 1,000,000 780,520 0.62
Total 780,520 0.62
Hungary
HUNGARY 3.125% 21-21.09.51 1,000,000 689,760 0.54
Total 689,760 0.54
160

(CONTINUED)

Indonesia
INDONESIA 1.30% 21-23.03.34 750,000 647,315 0.51
INDONESIA 2.85% 20-14.02.30 3,000,000 2,787,210 2.20
INDONESIA 3.20% 21-23.09.61 1,000,000 728,280 0.58
INDONESIA 3.55% 22-31.03.32 500,000 474,155 0.37
INDONESIA 1.0% 21-28.07.29 500,000 461,588 0.36
Total 5,098,548 4.02
Ivory Coast
IVORY 4.875% 30.1.32/POOL REGS 2,000,000 1,767,695 1.40
IVORY 6.625% 22.3.48/POOL REGS 1,000,000 839,624 0.66
Total 2,607,319 2.06
Kazakhstan
KAZAKHSTAN 0.60% 19-30.09.26 3,000,000 2,818,394 2.22
KAZAKHSTAN 1.50% 19-30.09.34 2,000,000 1,626,986 1.28
Total 4,445,380 3.50
Kenya
KENYA REP 6.30% 21-23.01.34 /POOL 1,000,000 749,820 0.59
KENYA REP 8.25% 18-28.02.48 REGS 1,000,000 762,250 0.60
KENYA REP O 6.875% 14-24.06.24 3,000,000 2,881,380 2.27
Total 4,393,450 3.46
Macedonia
MACEDONIA 1.625% 21-10.03.28 2,500,000 2,215,052 1.75
Total 2,215,052 1.75
Morocco
MOROCCO 3.0% 20-15.12.32 REGS 2,500,000 1,970,325 1.55
Total 1,970,325 1.55
Mexico
MEXICO 3.75% 18-11.01.28 1,000,000 964,270 0.76
MEXICO 4.6% 17-10.02.48 2,000,000 1,683,080 1.33
MEXICO CETE 2.25% 21-12.08.36 1,500,000 1,242,061 0.98
MEXICO CETE 3.50% 22-12.02.34 1,000,000 845,510 0.67
MEXICO CETE 4.28% 21-14.08.41 1,000,000 830,890 0.65
Total 5,565,811 4.39
Mongolia
MONGOLIA 3.50% 21-07.07.27 400,000 344,940 0.27
MONGOLIA 4.45% 21-07.07.31 400,000 342,856 0.27
MONGOLIA 5.125% 20-07.04.26 1,000,000 935,920 0.74
MONGOLIA 5.625% 17-1.5.23 REGS 2,077,000 2,062,295 1.63
Total 3,686,011 2.91
Mozambique
MOZAMBIQUE 5% 15.9.31 REGS 1,000,000 861,040 0.68
Total 861,040 0.68
161

(CONTINUED)

Namibia
NAMIBIA 5.25% 15-29.10.25 1,000,000 960,710 0.76
Total 960,710 0.76
Nigeria
NIGERIA 8.375% 22-24.03.29 500,000 465,575 0.37
Total 465,575 0.37
Oman
OMAN INTRNL 6.5% 17-8.3.47 REGS 1,000,000 910,720 0.72
Total 910,720 0.72
Pakistan
PAKISTAN 6.875% 17-5.12.27 REGS 1,000,000 815,690 0.64
PAKISTAN 8.875% 21-08.04.51 1,000,000 717,920 0.57
Total 1,533,610 1.21
Panama
PANAMA 3.298% 22-19.01.33 500,000 436,120 0.35
PANAMA 3.875% 16-17.03.28 1,500,000 1,449,420 1.14
PANAMA 4.5% 18-16.04.50 /POOL 500,000 431,020 0.34
PANAMA 4.50% 22-19.01.63 /POOL 1,000,000 825,320 0.65
Total 3,141,880 2.48
Paraguay
PARAGUAY 2.739% 21-29.01.33 2,500,000 2,025,375 1.60
PARAGUAY 3.849% 28.6.33/POOL 1,000,000 883,550 0.70
PARAGUAY 5.4% 30.03.50/POOL REGS 1,000,000 882,810 0.69
Total 3,791,735 2.99
Peru
PERU 1.95% 21-17.11.36 750,000 625,398 0.50
PERU 2.783% 20-23.01.31 1,000,000 864,850 0.68
PERU 3.0% 21-15.01.34 500,000 416,400 0.33
PERU 3.55% 21-10.03.51 1,000,000 777,610 0.61
Total 2,684,258 2.12
Philippines
PHILIPPINES 1.95% 21-06.01.32 1,000,000 839,850 0.66
PHILIPPINES 3.20% 21-06.07.46 1,000,000 784,240 0.62
PHILIPPINES 3.95% 15-20.01.40 2,000,000 1,803,380 1.42
Total 3,427,470 2.70
Qatar
QATAR 3.75% 20-16.04.30 REGS 3,000,000 3,028,560 2.39
QATAR 5.103% 18-23.04.48 REGS 3,000,000 3,327,930 2.62
Total 6,356,490 5.01
162

(CONTINUED)

Romania
ROMANIA 2.0% 20-28.01.32 REGS 2,000,000 1,600,781 1.26
ROMANIA 2.75% 21-14.04.41 1,000,000 702,956 0.56
ROMANIA 3.75% 22-07.02.34 1,000,000 892,456 0.70
Total 3,196,193 2.52
Rwanda
REPUBLIC OF 5.50% 21-09.08.31 2,300,000 2,028,232 1.60
Total 2,028,232 1.60
Senegal
SENEGAL 4.75% 13.03.28/POOL REGS 2,000,000 1,978,179 1.56
SENEGAL 5.375% 8.6.37 /POOL REGS 1,000,000 812,386 0.64
Total 2,790,565 2.20
Serbia
SERBIA 2.05% 21-23.09.36 REGS 1,200,000 821,253 0.65
SERBIA T-BO 1.0% 21-23.09.28 REGS 1,000,000 803,387 0.63
SERBIA T-BO 2.125% 20-01.12.30 1,000,000 744,880 0.59
Total 2,369,520 1.87
South Africa
SOUTH AFRICA 3.75% 14-24.07.26 1,000,000 1,050,846 0.83
SOUTH AFRICA 5.75% 19-30.09.49 2,500,000 1,974,650 1.56
SOUTH AFRICA 7.30% 22-20.04.52 2,000,000 1,867,600 1.47
Total 4,893,096 3.86
Trinidad and Tobago

TRINIDAD&TO 4.5% 16-04.08.26 1,000,000 985,850 0.78
Total 985,850 0.78
Tunisia
TUNISIA INT 5.625% 17.2.24REGS 1,000,000 726,017 0.57
Total 726,017 0.57

ABU DHABI 3.0% 21-15.9.51 REGS 2,000,000 1,596,500 1.26
UAE INTL BO 2.875% 21-19.10.41 2,000,000 1,660,400 1.31
Total 3,256,900 2.57
Uruguay
URUGUAY 4.375% 23.01.31/POOL 1,000,000 1,025,320 0.81
Total 1,025,320 0.81
Uzbekistan
UZBEKISTAN 3.70% 25.11.30 REGS 1,000,000 818,010 0.64
UZBEKISTAN 3.90% 21-19.10.31 3,500,000 2,861,075 2.26
Total 3,679,085 2.90
Total government bonds 121,165,827 95.54
163

(CONTINUED)
Open Unrealized
position gain/(loss) %
as at 30.04.2022 Net Asset
Futures contracts, long positions

10Y TREASURY NOTES USA 21/06/2022 100 (444,531) (0.35)
Total (444,531) (0.35)
Total long positions (444,531) (0.35)
Futures contracts, short positions
Euro
EURO BOBL 08/06/2022 (90) 6,646 0.00
EURO BUND 08/06/2022 (120) 1,672,475 1.32
Total 1,679,121 1.32
Total short positions 1,679,121 1.32

Total futures positions 1,234,590 0.97
Unrealized
gain/(loss) %
(in USD) Value

USD 5,140 EUR 4,766 20 May 2022 107 0.00
USD 5,261 EUR 4,837 20 May 2022 153 0.00
USD 5,798 EUR 5,440 20 May 2022 54 0.00
USD 6,183 EUR 5,801 20 May 2022 57 0.00
EUR 433,203 USD 468,766 20 May 2022 (11,348) (0.01)
EUR 441,804 USD 478,074 20 May 2022 (11,573) (0.01)
EUR 1,000,000 USD 1,107,418 17 June 2022 (49,905) (0.04)
USD 554,181 EUR 500,000 17 June 2022 25,363 0.02
USD 758,777 EUR 700,000 17 June 2022 18,473 0.01
USD 1,435,265 EUR 1,300,000 17 June 2022 60,351 0.05
USD 32,009,417 EUR 29,000,000 17 June 2022 1,338,289 1.06
Net unrealized gain/(loss) on forward currency contracts 1,370,021 1.08
164

(CONTINUED)
Fair Value % of
(USD) Value

% of
total
Other assets 2.93
100.00
165
PORTFOLIO OF INVESTMENTS – LGT EM FRONTIER LC BOND SUB-FUND

DEBT SECURITIES
Government bonds
Armenia
ARMENIA REP 6.50% 21-29.04.24 2,500,000,000 5,165,739 0.59
ARMENIA REP 8% 20-29.10.31 11,800,000,000 21,245,783 2.45
Total 26,411,522 3.04
Costa Rica
COSTA RICA 8.16% 20-23.08.28 2,000,000,000 3,225,618 0.37
Total 3,225,618 0.37
Dominican Republic
DOMINICAN REP 8.625% 21-11.06.31 140,000,000 2,180,693 0.25
DOMINICAN REP 10.375% 11.01.30 350,000,000 6,312,651 0.73
DOMINICAN REP 11.50% 11.01.34 25,000,000 480,880 0.06
Total 8,974,224 1.04
Egypt
EGYPT 14.20% 21-13.04.24 50,000,000 2,684,591 0.31
EGYPT 15.90% 19-02.07.24 255,000,000 14,105,150 1.63
Total 16,789,741 1.94
Kazakhstan
KAZAKHSTAN 10.40% 21-19.05.27 1,300,000,000 2,592,346 0.30
KAZAKHSTAN 7.20% 15-27.05.25 12,000,000,000 22,931,603 2.64
KAZAKHSTAN 9.50% 17-30.01.24 1,300,000,000 2,741,271 0.32
KAZAKHSTAN 10.50% 21-04.08.26 3,500,000,000 7,111,335 0.82
Total 35,376,555 4.08
Kenya
KENYA 10.90% 20-11.8.31/POOL 1,650,000,000 13,233,589 1.52
KENYA 12.667% 21.03.39 /POOL 1,150,000,000 9,811,186 1.13
KENYA INF 10.85% 2.4.29/POOL 1,200,000,000 10,032,642 1.16
KENYA INF 12.965%28.01.41/POOL 3,000,000,000 25,689,781 2.96
Total 58,767,198 6.77
Namibia
NAMIBIA 9.50% 13-15.07.35 94,000,000 4,763,077 0.55
NAMIBIA 9.80% 14-15.10.40 302,920,000 14,523,462 1.67
Total 19,286,539 2.22
Serbia
SERBIA T-BO 4.50% 20-20.08.32 1,150,000,000 9,080,088 1.05
SERBIA T-BO 5.875% 18-08.02.28 530,000,000 4,699,708 0.54
Total 13,779,796 1.59
Uganda
REP OF UGANDA 17% 16-03.04.31 40,000,000,000 13,217,189 1.52
REP OF UGANDA 17.50% 20-01.11.40 40,000,000,000 12,618,706 1.46
REP OF UGANDA 14.25% 19-22.06.34 60,000,000,000 16,872,308 1.94
REP OF UGANDA 16.25% 20-08.11.35 20,000,000,000 6,177,111 0.71
Total 48,885,314 5.63
166

(CONTINUED)
Ukraine
UKRAINE T BILL 9.79% 26.05.27 750,000,000 9,459,382 1.09
UKRAINE T BILL 15.84% 26.02.25 505,000,000 8,640,341 1.00
Total 18,099,723 2.09

USA 0% 21-11.08.22 TB 65,000,000 64,825,389 7.47
USA 0% 21-14.07.22 TB 65,000,000 64,896,532 7.48
USA 0% 22-23.02.23 TB 30,000,000 29,573,681 3.41
Total 159,295,602 18.36
Uruguay
URUGUAY 3.875% 2.7.40 //INFL 1,831,200,000 56,950,456 6.56
Total 56,950,456 6.56
Uzbekistan
UZBEKISTAN 14% 21-19.07.24 52,500,000,000 4,340,371 0.50
UZBEKISTAN 14.50% 20-25.11.23 54,000,000,000 4,580,310 0.53
Total 8,920,681 1.03
Total government bonds 474,762,969 54.72
Corporate bonds
Great Britain
EBRD 1% 22-07.02.24 455,000,000,000 18,916,910 2.18
EBRD 10% 21-26.07.23 10,000,000 7,829,096 0.90
EBRD 11% 21-07.07.24 7,000,000 5,937,012 0.69
EBRD 12.0% 22-06.05.24 8,000,000 8,001,200 0.92
EBRD 6.0% 22-29.07.24 10,000,000 7,914,767 0.91
EBRD 9% 22-08.02.24 10,000,000 8,729,740 1.01
EBRD FRN 21-02.07.24 15,730,000 5,146,549 0.59
EBRD FRN 21-13.08.25 22,000,000 7,137,020 0.82
EBRD FRN 21-13.10.25 32,000,000 10,378,601 1.20
EBRD FRN 21-19.11.25 32,000,000 10,376,818 1.20
Total 90,367,713 10.42
Netherlands
NL FIN MAAT 10.0% 22-17.02.25 5,000,000 4,376,790 0.50
NL FIN MAAT 11.0% 21-23.01.23 10,000,000 8,476,885 0.98
NL FIN MAAT 4.0% 21-03.11.23 10,000,000 10,001,100 1.15
NL FIN MAAT 6.40% 21-30.06.23 5,000,000 4,731,407 0.55
NL FIN MAAT 7% 21-08.11.23 10,000,000 10,739,391 1.24
NL FIN MAAT 8.75% 21-15.12.22 10,000,000 9,904,300 1.14
Total 48,229,873 5.56

INTL BK REC 7.75% 19-16.07.22 2,000,000,000 4,379,121 0.50
INTL FIN 10.15% 21-16.11.23 214,000,000,000 18,045,514 2.08
INTL FIN 7.50% 21-18.10.23 25,000,000 7,872,437 0.91
Total 30,297,072 3.49
Total corporate bonds 168,894,658 19.47
167

(CONTINUED)
Unrealized
gain/(loss) %
(in USD) Value

TND 14,900,000 USD 5,000,000 29 June 2022 (240,821) (0.03)
TND 6,000,000 USD 2,000,000 15 July 2022 (88,322) (0.01)
KGS 528,600,000 USD 6,000,000 29 July 2022 112,730 0.01
AOA 1,354,000,000 USD 2,000,000 2 August 2022 1,320,008 0.15
AOA 2,680,000,000 USD 4,000,000 2 August 2022 2,571,360 0.30
DZD 284,300,000 USD 2,000,000 2 August 2022 (79,269) (0.01)
DZD 426,450,000 USD 3,000,000 2 August 2022 (118,904) (0.01)
TJS 71,250,000 USD 6,000,000 3 August 2022 (414,855) (0.05)
UZS 82,600,000,000 USD 7,000,000 9 August 2022 103,600 0.01
Counterparty: LGT Bank AG 3,165,527 0.36
PKR 1,828,750,000 USD 10,000,000 2 May 2022 (157,668) (0.02)

USD 9,839,035 PKR 1,828,750,000 2 May 2022 (3,298) (0.00)
NGN 1,359,000,000 USD 3,000,000 6 May 2022 261,600 0.03
TND 74,550,000 USD 25,000,000 10 May 2022 (937,347) (0.11)
ZMW 93,500,000 USD 5,000,000 12 May 2022 452,827 0.05
ZMW 93,750,000 USD 5,000,000 12 May 2022 467,406 0.05
AOA 1,980,000,000 USD 3,000,000 16 May 2022 1,906,440 0.22
EUR 1,133 USD 1,192 20 May 2022 4 0.00
EUR 5,000 USD 5,263 20 May 2022 17 0.00
EUR 132,864 USD 144,529 20 May 2022 (4,238) (0.00)
USD 195,210 EUR 180,812 20 May 2022 4,287 0.00
EUR 263,380 USD 286,503 20 May 2022 (8,400) (0.00)
EUR 493,250 USD 533,743 20 May 2022 (12,921) (0.00)
EUR 1,497,074 USD 1,628,507 20 May 2022 (47,748) (0.00)
USD 3,944,461 EUR 3,700,956 20 May 2022 36,592 0.00
EUR 12,073,238 USD 13,038,336 20 May 2022 (290,217) (0.03)
EUR 97,724,567 USD 105,747,167 20 May 2022 (2,559,895) (0.30)
EUR 153,457,876 USD 166,055,847 20 May 2022 (4,019,829) (0.46)
EUR 326,337,138 USD 353,127,459 20 May 2022 (8,548,401) (0.99)
DZD 1,702,800,000 USD 12,000,000 23 May 2022 (373,282) (0.04)
EGP 166,025,000 USD 10,000,000 23 May 2022 (1,156,844) (0.13)
DZD 2,152,500,000 USD 15,000,000 26 May 2022 (315,645) (0.04)
TZS 11,775,000,000 USD 5,000,000 13 June 2022 51,475 0.01
ZMW 92,000,000 USD 5,000,000 27 June 2022 283,376 0.03
ARS 630,500,000 USD 5,000,000 28 June 2022 (61,924) (0.01)
UZS 88,312,500,000 USD 7,500,000 5 July 2022 183,188 0.02
MZN 209,100,000 USD 3,000,000 6 July 2022 258,196 0.03
ARS 651,000,000 USD 5,000,000 18 July 2022 (59,561) (0.01)
ARS 651,050,000 USD 5,000,000 18 July 2022 (59,182) (0.01)
KES 1,206,100,000 USD 10,000,000 26 July 2022 (37,614) (0.00)
KES 1,210,000,000 USD 10,000,000 26 July 2022 (5,400) (0.00)
EGP 196,670,000 USD 10,000,000 27 July 2022 178,262 0.02
PKR 1,050,000,000 USD 5,000,000 27 July 2022 510,400 0.06
PKR 1,046,250,000 USD 5,000,000 29 July 2022 488,627 0.06
PKR 927,500,000 USD 5,000,000 11 August 2022 (151,030) (0.02)
MWK 3,562,000,000 USD 4,000,000 16 August 2022 310,020 0.04
GEL 32,830,000 USD 10,000,000 26 August 2022 443,453 0.05
GHS 72,375,000 USD 10,000,000 26 August 2022 (876,842) (0.10)
168

(CONTINUED)
Unrealized
gain/(loss) %
(in USD) Value

NGN 4,345,000,000 USD 10,000,000 26 September 2022 97,780 0.01
ARS 600,000,000 USD 4,000,000 27 September 2022 93,800 0.01
NGN 1,864,000,000 USD 4,000,000 27 September 2022 330,072 0.04
MZN 323,750,000 USD 5,000,000 3 October 2022 (1,300) (0.00)
ARS 758,300,000 USD 5,000,000 31 October 2022 (61,192) (0.01)
UZS 58,225,000,000 USD 5,000,000 31 October 2022 (167,325) (0.02)
MWK 4,360,000,000 USD 5,000,000 1 November 2022 205,840 0.02
AZN 17,700,000 USD 10,000,000 2 November 2022 186,138 0.02
ARS 812,250,000 USD 5,000,000 4 November 2022 263,380 0.03
ZMW 102,500,000 USD 5,000,000 14 November 2022 590,863 0.07
LKR 1,190,000,000 USD 5,000,000 21 November 2022 (1,822,700) (0.21)
TJS 59,150,000 USD 5,000,000 1 December 2022 (478,692) (0.05)
MZN 199,200,000 USD 3,000,000 21 December 2022 46,963 0.01
MZN 200,040,000 USD 3,000,000 21 December 2022 59,812 0.01
TZS 19,560,000,000 USD 8,000,000 11 January 2023 136,960 0.02
AMD 3,038,580,000 USD 6,000,000 18 January 2023 250,359 0.03
VND 230,250,000,000 USD 10,000,000 7 February 2023 (147,603) (0.02)
UZS 118,000,000,000 USD 10,000,000 15 February 2023 (560,000) (0.06)
MWK 5,957,000,000 USD 7,000,000 25 April 2023 309,239 0.04
MZN 460,250,000 USD 7,000,000 25 April 2023 205,214 0.02
Counterparty: RBC Investor Services Bank S.A. (14,313,508) (1.64)
Net unrealized gain/(loss) on forward currency contracts (11,147,981) (1.28)
Fair Value % of
(USD) Value

% of
total
Other assets 30.09
100.00
169
STATEMENT OF PORTFOLIO CHANGES (UNAUDITED)

Cost Cost
PURCHASES OVER 1% (USD) PURCHASES OVER 1% (USD)
TPG RG-A 28,314,646 APOLLO GLB CLASS A SHS 3,674,534
THE CARLYLE GRP 15,574,634 NB PRIVATE EQ PRTN /-A- USD 3,207,723
3I GROUP PLC 14,915,272 ARES CAPITAL CORPORATION 2,742,123
PETERSHILL PTR RG 13,836,913 HGCAPITAL TRUST PLC 2,254,717
PROSUS BEARER RG SHS -N- 12,743,598 BRAIT INVES 5% 21-03.12.24 /CV 2,188,689
BROOKFIELD /LP 12,678,716
AFFILIATED MANAGERS GROUP INC 6,666,555
HV GBL PRIV -A- USD/DIS 6,485,532
DEUTSCHE BETEILIGUNGS AG 6,470,167
ONEX CORP /SUB.VOT. 6,429,550
KKR & CO INC -A- 6,133,918
ICG ENT TRS GBP 5,773,614
BLACKSTONE INC 5,276,763
EURAZEO ACT. 4,663,648
APOLLO GLB MGMT RG 4,514,088
INTERMEDIATE CAPITAL GROUP PLC 4,388,146
PANT INTER GBP/DIS 4,291,052
STAND LIFE EQTY 4,219,198
HOSTMORE RG 3,835,393
MELROSE IND RG 3,720,478
Proceeds Proceeds
SALES OVER 1% (USD) SALES OVER 1% (USD)
KKR & CO INC -A- 19,554,372 ICG ENT TRS GBP 4,260,597
ARES CAPITAL CORPORATION 19,437,062 ELEC PRIV EQTY --- SHS GBP 3,004,166
BLACKSTONE INC 19,045,304 ONEX CORP /SUB.VOT. 3,002,255
STAND LIFE EQTY 18,262,157 BRAIT PLC 2,659,538
HGCAPITAL TRUST PLC 16,480,888
BROOKFIELD /LP 15,606,064
APOLLO GLB CLASS A SHS 14,316,527
TPG RG-A 13,717,709
THE BLACKSTONE RG REGISTERED SHS 12,558,754
NB PRIVATE EQ PRTN /-A- USD 12,260,126
BROOKFIELD ASSET MGMT -A-/LTD 10,539,292
AFFILIATED MANAGERS GROUP INC 10,235,866
EURAZEO ACT. 8,162,523
SIXTH STREET SPECIALTY LENDING INC 7,948,320
APAX GLOB ALPHA SHS 6,735,462
HV GBL PRIV -A- USD/DIS 6,377,436
WENDEL 5,840,457
3I GROUP PLC 5,758,841
THE CARLYLE GRP 5,353,099
RATOS B 4,610,827
170

Cost Cost
USA 0% 21-02.06.22 TB 13,607,634 USA 0% 21-03.02.22 TB 2,617,636
INTL FIN 4.50% 21-23.02.26 8,929,824 DOMINICAN 8.625% 21-11.06.31 2,543,501
USA 0% 21-14.04.22 TB 8,788,546 MEXICO 4.5% 06-4.12.25UDIBONOS 2,448,534
USA 0% 21-26.08.21 TB 8,038,392 INTL FIN 7.50% 21-18.10.23 2,336,608
EURO BK REC 0% 16-22.01.26 6,929,183 MALAYSIA 3.733% 13-15.06.28 2,130,933
USD 0% 20-17.06.21 TB 6,634,011 INTL BK REC 7.75% 19-16.07.22 2,103,655
EIB 3.0% 19-25.11.29 6,302,590 HUNGARY 6.75% 11-22.10.28 1,921,246
PERU 6.9% 07-12.8.37 REGS 6,039,893 COLOMBIA 5.75% 20-03.11.27 1,596,572
USA 0% 21-16.12.21 TB 5,319,031 INTL FIN 6.50% 19-04.02.26 1,587,190
EGYPT 14.431% 21-13.07.24 5,264,648 SOUTH AFR 8% 13-31.01.30 1,586,465
CHINA 3.81% 20-14.09.50 4,710,882 ROMANIA 4.15% 19-24.10.30 1,480,651
EBRD 5% 21-27.01.25 4,524,395 INTL BK REC 0% 15-08.12.22 1,419,830
EBRD FRN 21-02.07.24 4,193,677
CZECH REP 1.20% 20-13.03.31 4,164,969
EIB 7.25% 18-08.11.22 4,042,119
SOUTH AFR 8.75% 14-31.01.44 3,902,369
POLAND 2.75% 13-25.04.28 3,531,050
SOUTH AFR 8.5% 13-31.01.37 3,439,793
MEXICO 5.75% 15-05.03.26 2,832,438
MEXICO CETE 5% 21-06.03.25 2,804,169
Proceeds Proceeds
USA 0% 21-14.04.22 TB 9,105,210 CHILE 5% 15-01.03.35 2,833,611
USA 0% 21-26.08.21 TB 8,067,890 POLAND 2.5% 15-25.07.26 2,817,814
USD 0% 20-17.06.21 TB 6,699,045 PERU 8.2% 06-12.8.26 REG-S/USD 2,639,268
USA 0% 20-06.05.21 TB 6,634,049 USA 0% 21-03.02.22 TB 2,627,545
INDONESIA 8.375% 13-15.03.34 6,529,256 CHINA 3.81% 20-14.09.50 2,552,192
EGYPT 14.431% 21-13.07.24 5,910,222 RUSSIA 7.75% 16-16.09.26 2,491,100
ROMANIA 4% 18-08.08.22 5,490,950 MEXICO 5.75% 15-05.03.26 2,481,191
SOUTH AFR 8% 13-31.01.30 5,352,411 INTL FIN 4.50% 21-23.02.26 2,443,229
USA 0% 21-16.12.21 TB 5,321,259 INDONESIA 9% 13-15.03.29 2,342,342
MEXICO 2% 12-9.6.2022 /INFL 5,292,793 THAILAND GOV 3.85% 10-12.12.25 2,053,514
RUSSIA 8.15% 12-3.2.27 S 26207 4,816,822 BRAZIL 6% 11-15.08.22 INFL 1,793,304
EIB 7.25% 18-08.11.22 4,610,184 EURO BK REC 0% 16-22.01.26 1,785,762
BRAZIL 6% 18-15.8.28/INFL 3,812,199 MEXICO 10% 05-5.12.24 -M- 1,718,314
SOUTH AFR 8.25% 13-31.03.32 3,755,176
RUSSIA 7%13-25.1.23 3,625,774
CZECH REP 1.20% 20-13.03.31 3,492,667
POLAND 3.25% 13-25.07.25 3,240,526
PERU 6.35% 16-12.08.28 3,115,751
DOMINICAN 8.625% 21-11.06.31 2,976,946
MIN FIN RUF 6.9% 18-23.05.29 2,910,872
171

Cost Cost
UNIVERSAL DISPLAY CORP. 59,424,933 UNILEVER PLC 25,908,236
NEWMONT RG REGISTERED SHS 54,402,226 JACKSN FINL RG-A WI 25,387,693
QUIDEL CORP 53,098,536 NINTENDO CO.LTD 23,305,325
ALPHABET INC -A- 48,856,872 GRIFOLS. SA 22,494,795
KEYCORP 40,882,620 SMITH AND NEPHEW PLC 22,279,007
MEDTRONIC HOLDINGS LIMITED 39,655,870 ETSY INC 22,234,282
KERING SA 35,630,784 RECKITT BENCKISER GROUP PLC 20,671,530
IBERDROLA SA 35,348,072 MICROSOFT CORP. 19,030,806
TEAMVIEWER --- BEARER SHS 33,815,123 ING GROUP NV 18,773,546
HAEMONETICS CORP. 32,732,257 CERNER CORP 18,482,126
PACCAR INC. 32,212,172 NIELSEN HOLDINGS PLC 15,762,584
MITSUBISHI ESTATE CO. 31,674,056 ITV PLC 12,744,197
COGNIZANT TECHNOLOGY SOL A 30,410,836 KONE OYJ -B- 12,649,576
COMCAST CORP/-A- 30,014,801 TAIWAN SEMICONDUCT.MANUF/SADR 12,483,689
ANGLOGOLD ASHAN./SADS REP.1 SH 30,002,209 DAIWA H. INDUSTR.CO. LTD 12,112,902
COLGATE-PALMOLIVE CO. 29,612,142 NITORI HOLDINGS CO LTD 11,533,207
M&T BANK CORPORATION 29,442,941
ESTEE LAUDER CO -A- 29,014,624
UNITEDHEALTH GROUP INC 27,150,870
PRUDENTIAL PLC 25,968,114
Proceeds Proceeds
ALPHABET INC -A- 79,686,123 HERA SPA 18,663,280
CERNER CORP 65,951,193 KEYCORP 18,600,600
NIELSEN HOLDINGS PLC 52,877,377 DANONE. 18,378,519
QUIDEL CORP 49,412,714 SSE PLC 16,277,501
NEWMONT RG REGISTERED SHS 47,774,578 MORGAN STANLEY 15,667,548
UNITEDHEALTH GROUP INC 46,229,089 UNIVERSAL DISPLAY CORP. 15,481,202
CAPGEMINI SE 45,014,773 AFFILIATED MANAGERS GROUP INC 14,465,674
ANGLOGOLD ASHAN./SADS REP.1 SH 45,013,464 COLGATE-PALMOLIVE CO. 13,653,691
UNILEVER PLC 44,022,210 RECKITT BENCKISER GROUP PLC 13,231,089
AUTOZONE INC 37,687,028 AKAMAI TECHNOLOGIES INC 13,073,669
NINTENDO CO.LTD 36,235,436 HEINEKEN NV 12,614,942
MICROSOFT CORP. 34,372,363
PRUDENTIAL PLC 34,318,421
BCE INC 29,841,562
JACKSN FINL RG-A WI 28,267,132
MEDTRONIC HOLDINGS LIMITED 26,813,679
COGNIZANT TECHNOLOGY SOL A 26,043,569
ING GROUP NV 25,567,320
ENN ENERGY HOLDINGS 25,246,334
IBERDROLA SA 24,254,668
172

Cost Cost
NESTE OYJ 2,742,316 AMADEUS IT --- SHS-A- 1,157,664
GRIFOLS. SA 2,249,451 DNB BK RG 1,152,976
RECKITT BENCKISER GROUP PLC 2,208,239 TEAMVIEWER --- BEARER SHS 1,118,578
BANKINTER SA 2,001,926 SSE PLC 1,009,627
ROCHE HOLDING AG /GENUSSSCHEIN 1,978,314 UNILEVER PLC 940,220
IBERDROLA SA 1,975,051 BOLIDEN RG 909,477
BANCO SANTANDER --- REG.SHS 1,958,969 ASSA ABLOY AB 874,007
KERING SA 1,893,025 ITV PLC 827,720
SAP SE 1,862,619 DIAGEO PLC 760,314
VESTAS WIND BR/RG 1,780,067 HERA SPA 756,247
SYMRISE AG 1,762,838 PRUDENTIAL PLC 551,270
KION GROUP 1,596,314 GEBERIT AG/NAMEN-AKTIEN 533,721
MEDIOBANCA BCA CREDITO FINANZ. 1,502,509
DEUTSCHE POST AG 1,500,112
KONE OYJ -B- 1,499,601
ING GROUP NV 1,484,552
SMITH AND NEPHEW PLC 1,326,319
CAPGEMINI SE 1,298,422
L OREAL 1,273,812
DEUTSCHE BOERSE AG /NAM. 1,157,952
Proceeds Proceeds
ING GROUP NV 3,931,391 HEINEKEN NV 2,092,094
DIAGEO PLC 3,803,394 SAP SE 2,078,258
HERA SPA 3,426,465 GRIFOLS. SA 1,958,267
SAGE GRP 3,412,204 ROCHE HOLDING AG /GENUSSSCHEIN 1,947,672
EQUINOR ASA 3,389,753 VESTAS WIND BR/RG 1,821,383
ASSA ABLOY AB 3,351,793 IBERDROLA SA 1,717,317
DEUTSCHE POST AG 3,328,726 YIT OYJ 1,713,178
KION GROUP 3,038,945 UNILEVER PLC 1,682,373
SSE PLC 2,956,239 PRUDENTIAL PLC 1,662,883
RIO TINTO PLC /REG 2,882,109 GEBERIT AG/NAMEN-AKTIEN 1,446,952
CAPGEMINI SE 2,829,029 LINEA DIRECTA BR 1,062,445
MEDIOBANCA BCA CREDITO FINANZ. 2,814,958 DNB BK RG 1,054,168
RECKITT BENCKISER GROUP PLC 2,771,606 ITV PLC 1,031,962
KERING SA 2,770,503 NESTE OYJ 903,150
SMITH AND NEPHEW PLC 2,733,962
BANKINTER SA 2,682,791
AMADEUS IT --- SHS-A- 2,619,538
DEUTSCHE BOERSE AG /NAM. 2,565,527
BOLIDEN RG 2,334,844
L OREAL 2,154,442
173

Cost Cost
FRANCE 0.7% 25.07.30 /INFL 4,006,785 GERMANY 0.1% 15-15.04.26 /INFL 2,402,375
USA 0.625% 20-15.08.30 /TBO 3,195,764 USA 0.125% 21-15.01.31 /INFL 2,355,224
KFW 0.0% 21-15.06.29 3,054,000 DEUTSCHLAND 0.0% 21-15.08.31 2,305,446
USA 1.375% 21-31.10.28 /TBO 3,041,166 INTL BK REC 0.875% 21-15.07.26 2,136,873
BNG 0.01% 20-05.10.32 2,989,880 TOTALEBERGIES 3.875% 16-PERP 2,076,521
LANDSBKNN 0.75% 21-25.05.26 2,986,710 DEPFA 0.10% 21-02.02.26 1,992,007
BUNDESOBL-1 0.0% 20-15.08.30 2,960,244 DUAL R V MICRO FIN-I- USD/CAP 1,864,748
USA 0.875% 20-15.11.30 /TBO 2,904,141 NSW TSY 1.25% 20-20.11.30 1,863,406
UK T BILL 1.25% 20-22.10.41 2,897,222 UK T BIL 0.125% 21-100831/INFL 1,792,836
UK T BILL 1.25% 21-31.07.51 2,886,167 RED ELEC FI 0.50% 21-24.05.33 1,774,062
UK T BILL 0.875% 21-31.07.33 2,874,968 BARCLAYS FRN 18-16.05.24 1,723,779
USA 1.875% 22-28.02.27 /TBO 2,774,073 JPMORGAN CH FRN 21-22.04.27 1,713,168
USA 1.875% 22-28.02.29 /TBO 2,769,655 CITIGP 1.678% 20-15.05.24 1,682,362
GERMANY 0.5% 14-15.04.30 /INFL 2,689,148 DUAL R V MIC LC--I-USD/CAP 1,663,828
USA 0.50% 21-28.02.26 /TBO 2,622,949 UK TSY 0.125% 18-10.8.28/INFL 1,642,412
CITIGP 1.281% 21-03.11.25 2,606,932 DANONE 3% 12-15.06.22 1,367,850
PNC FIN 1.15% 21-13.08.26 2,579,036 MOR ST 2.75% 17-19.05.22 1,366,201
APPLE INC 0.50% 19-15.11.31 2,569,722 THERMO FISH 0.0% 21-18.11.25 1,286,445
JPMORGAN CH 0.563% 21-16.02.25 2,549,771 SPAIN I/L B 1.8% 13-30.11.24 1,285,277
COMCAST 1.50% 20-15.02.31 2,465,981
Proceeds Proceeds
USA 3.875% 99-15.04.29/INFL 10,374,348 TENNET 2.374% 20-PERP 2,615,976
USA 2.375% 07-15.01.27/INFL 6,495,037 CNP ASSURAN 2% 19-27.07.50 2,543,042
DUAL R V MICRO FIN-I- USD/CAP 6,013,999 ALLIANZ 2.625% 20-PERP 2,413,932
MORGAN STAN 0.495% 20-26.10.29 5,360,967 USA 0.375% 17-15.01.27 /INFL 2,339,682
CRO LGT EM LC ACC -E- USD 5,037,007 USA 0.25% 15-15.01.25 /INFL 2,327,990
DUAL R V MIC LC--I-USD/CAP 4,515,743 EIB 2.5% 14-15.10.24 2,300,853
INTL BK REC 0.25% 19-21.05.29 GDIF 3,909,488 UNICREDIT 6.75% 14-PERP(RTA) 2,274,250
TOTAL SA 1.625% 21-PERP 3,835,407 APPLE INC 0.50% 19-15.11.31 2,191,966
USA 0.125% 20-15.04.25 /INFL 3,608,126 KELLOGG CO 3.4% 17-15.11.27 2,176,343
JPMORGAN CH 2.525% 20-19.11.41 3,554,775 ASSGEN 2.429% 20-14.07.31 2,141,792
USA 0.375% 15-15.07.25 /INFL 3,535,151 TOTALEBERGIES 3.875% 16-PERP 2,072,934
RESPONSBLTY L MICRF LEAD-I-CAP 3,443,865 INTL BK REC 0.0% 20-21.02.30 2,013,880
USA 0.625% 20-15.08.30 /TBO 3,343,919 KFW 0.0% 20-15.09.28 2,003,000
USA 1.375% 21-31.10.28 /TBO 3,118,125 KT GENF 0.5% 17-28.11.31 REGS 1,992,100
TSY 0.75% 18-15.07.28 /INFL 3,090,891 CHILE 0.83% 19-02.07.31 1,962,460
CONAGRA 4.85% 18-01.11.28 3,072,803 RSG 1.45% 20-15.02.31 1,875,556
COCA COLA 0.125% 20-15.03.29 2,939,250 USA 2% 15-15.08.25 /TBO 1,847,441
COMZBK 0.75% 20-24.03.26 2,813,424 TENCENT HOL 3.24% 20-03.06.50 1,843,403
USA 1.625% 16-15.02.26 /TBO 2,728,194
MAGNA INTL 1.5% 17-25.09.27 2,674,068
174

Cost Cost
USA 0% 21-24.03.22 TB 5,999,805 INTL BK REC 1.125% 21-13.09.28 2,858,241
USA 0% 21-29.07.21 TB 5,499,916 USA 0.50% 21-28.02.26 /TBO 2,853,113
USA 0% 21-15.03.22 TB 4,999,984 EU 0.0% 20-04.10.30 2,833,529
USA 0% 22-07.07.22 TB 4,992,584 USA 0.125% 21-15.01.31 /INFL 2,814,022
USA 0% 21-14.10.21 TB 4,499,833 USA 0% 21-16.12.21 TB 2,499,687
USA 0% 21-22.07.21 TB 3,999,939 USA 0% 21-23.06.22 TB 2,497,556
USA 0% 21-10.03.22 TB 3,999,866 BNG 0.01% 20-05.10.32 2,364,514
USA 0% 21-10.02.22 TB 3,999,769 JPMORGAN CH 0.563% 21-16.02.25 2,298,858
FRANCE 0.7% 25.07.30 /INFL 3,947,184 UK TSY 0.125% 18-10.8.28/INFL 2,264,848
USA 0% 20-02.12.21 TB 3,499,726 NSW TSY 1.25% 20-20.11.30 2,211,491
UK T BILL 1.25% 21-31.07.51 3,360,797 RED ELEC FI 0.50% 21-24.05.33 2,157,259
CANADA GOVT 2.25% 22-01.12.29 3,140,071 GERMANY 0.1% 15-15.04.26 /INFL 2,129,975
USA 1.25% 21-30.06.28 /TBO 3,042,636 USA 2.0% 21-15.08.51 /TBO 2,072,568
USA 1.875% 22-28.02.27 /TBO 3,017,498 SWISSCOM 0.375% 20-14.11.28 2,035,248
USA 0% 21-29.03.22 TB 3,000,150 UK T BILL 1.25% 20-22.10.41 2,024,202
USA 0% 21-14.04.22 TB 2,999,934 USA 1.875% 22-28.02.29 /TBO 2,008,462
USA 0% 21-26.08.21 TB 2,999,819 USA 0% 20-15.07.21 TB 1,999,973
USA 0% 21-05.04.22 TB 2,999,771 USA 0% 21-12.11.21 TB 1,999,783
USA 0% 21-16.09.21 TB 2,999,733 INTL BK REC 0.50% 20-18.05.26 1,990,560
USA 0% 21-16.06.22 TB 2,997,489 CEDB 0.0% 20-09.04.27 1,708,617
DEUTSCHLAND 0.0% 21-15.08.31 2,984,123 AIR LIQUIDE 0.375% 21-27.05.31 1,698,549
UK T BILL 0.875% 21-31.07.33 2,901,688 KFW 0.0% 21-15.09.31 1,670,556
CRO SUS BD CORP -A- USD 2,870,950
Proceeds Proceeds
USA 0% 21-22.07.21 TB 6,999,909 USA 0.5% 18-15.01.28/INFL 2,525,558
USA 0% 21-24.03.22 TB 5,999,311 USA 0.125% 13-15.01.23 TB/INFL 2,525,008
USA 0% 20-15.07.21 TB 5,499,942 USA 0% 21-16.12.21 TB 2,499,872
USA 0% 21-29.07.21 TB 5,499,909 SSE 0.875% 17-06.09.25 REGS 2,477,419
USA 0% 21-15.03.22 TB 4,999,781 USA 0.125% 20-15.07.30 /INFL 2,423,703
USA 0% 21-14.10.21 TB 4,499,948 JPMORGAN CH 2.525% 20-19.11.41 2,243,051
FRNCE 2.5% 13-25.5.30 OAT REGS 4,384,124 NSW TSY 3% 18-15.11.28 2,231,474
FRANCE 1.5% 15-25.05.31 /OAT 4,157,344 USA 0% 21-12.11.21 TB 1,999,893
USA 0% 21-10.02.22 TB 3,999,867 USA 0% 21-16.06.22 TB 1,998,557
USA 0% 21-10.03.22 TB 3,999,813 USA 0.50% 20-31.05.27 /TBO 1,933,751
USA 0% 20-02.12.21 TB 3,499,798 NSW TSY 1.25% 20-20.11.30 1,919,752
UK T BILL 0.625% 20-31.07.35 3,156,013 USA 0.625% 14-15.01.24 /INFL 1,917,638
USD 0% 20-17.06.21 TB 3,000,000 USA 0.375% 17-15.07.27 /INFL 1,899,870
USA 0% 21-14.04.22 TB 3,000,000 DUAL R V MICRO FIN-I- USD/CAP 1,647,750
USA 0% 21-29.03.22 TB 3,000,000 FRANCE 3.4% 99-25.07.29/INFL 1,601,553
USA 0% 21-16.09.21 TB 2,999,955 AIR LIQUIDE 0.375% 21-27.05.31 1,529,566
USA 0% 21-26.08.21 TB 2,999,922 USA 0.625% 20-31.03.27 /TBO 1,466,681
USA 0% 21-05.04.22 TB 2,999,646
UK 0.875% 19-22.10.29 2,733,185
SWISS RE 1.375% 16-27.5.23 REGS 2,554,018
175

Cost Cost
LULULEMON ATHLETICA INC 54,724,041 NITORI HOLDINGS CO LTD 10,961,681
ETSY INC 52,414,588 STRYKER CORP. 10,705,852
PAYPAL HOLDINGS INC 49,154,514 ROSS STORES INC 10,679,018
KERING SA 45,799,220 AMADEUS IT --- SHS-A- 10,444,623
IDEXX LABORATORIES INC. 31,480,351 GEBERIT AG/NAMEN-AKTIEN 9,783,989
ESTEE LAUDER CO -A- 30,355,268 CERNER CORP 6,205,969
KONE OYJ -B- 28,248,804
MEDTRONIC HOLDINGS LIMITED 25,326,218
INTUIT 23,296,703
L OREAL 20,939,477
ALPHABET INC -A- 20,458,242
TAIWAN SEMICONDUCT.MANUF/SADR 19,999,099
AGILENT TECHNOLOGIES 17,817,263
STARBUCKS CORP. 15,837,104
HEINEKEN NV 12,716,010
RECKITT BENCKISER GROUP PLC 12,638,088
ACCENTURE PLC 12,549,251
NINTENDO CO.LTD 11,713,465
CHURCH & DWIGHT CO INC 11,487,369
Proceeds Proceeds
ALPHABET INC -A- 40,308,839 TAIWAN SEMICONDUCT.MANUF/SADR 4,724,961
SAGE GRP 37,987,087 MEDTRONIC HOLDINGS LIMITED 4,597,337
CERNER CORP 37,674,691 GEBERIT AG/NAMEN-AKTIEN 4,403,931
INTUIT 26,384,909 LULULEMON ATHLETICA INC 3,899,589
INTERCONTINENTAL HOTELS GROUP PLC 24,901,554
JOHNSON & JOHNSON 19,646,171
RECKITT BENCKISER GROUP PLC 16,941,213
NINTENDO CO.LTD 15,631,937
CHURCH & DWIGHT CO INC 14,269,712
ESTEE LAUDER CO -A- 12,732,148
GIVAUDAN SA /REG. 11,642,818
AGILENT TECHNOLOGIES 11,233,669
PEPSICO INC 10,397,394
L OREAL 9,614,389
ETSY INC 7,549,373
UNILEVER PLC 6,630,196
AMADEUS IT --- SHS-A- 6,177,468
STRYKER CORP. 5,627,054
HEINEKEN NV 4,905,382
176

Cost Cost
HUARONG FIN 4.25% 17-07.11.27 1,291,536 FRIGORIFICO 7.70% 21-21.07.28 513,857
SILKNET 8.375% 22-31.01.27 1,200,000 FRONTERA 7.875% 21-21.6.28 REGS 496,700
4FINANCE 10.75% 21-26.10.26 1,048,275 POWERLG REA 4.90% 21-13.05.26 495,741
BTGPBZ 4.50% 21-10.01.25 1,041,230 YUZHOU PROP 8.5% 19-26.02.24 494,778
HUARONG 3.375% 20-24.02.30 1,001,106 MINERVA 5.875% 17-19.01.28 REGS 487,409
AXIS BANK 4.10% 2021 PERPETUAL 1,000,000 PEMEX PROJ.9.5% 05-15.9.27 480,692
INDIABULLS 4.50%28.09.26 /CV 1,000,000 ANTON OIL 7.50% 19-02.12.22 479,396
INTERP HLDG 8.375% 21-13.05.26 1,000,000 CN AUTO 9.75% 21-31.03.24 462,340
KAISA GRP 9.375% 17-30.06.24 709,827 GRAN TIE 6.25% 18-15.2.25 REGS 457,483
SHINHAN FG 5.875% 18-PERP 662,969 ENA NORTE 4.95% 25.04.28 /POOL 442,600
GREENKO 5.50% 22-06.04.25 REGS 600,180 COM ELEC MX 5% 16-29.9.36/POOL 439,268
MELCO 5.625% 19-17.07.27 593,438 PET GBL FIN 5.60% 20-03.01.31 438,449
GAZPROM PJS 3.897% 20-PERP 591,605 CCTHK 2021 2.0% 22-19.01.25 425,838
FIRST QUN 6.875% 18-1.3.26 REGS 578,246 ADANI PORT 4.20% 20-04.08.27 420,136
DNO A 7.875% 21-09.09.26 558,000 AAC TECHNO 3.0% 19-27.11.24 405,729
1ST QUANT M 6.875% 20-15.10.27 551,090 PROMIGAS/GA 3.75% 19-16.10.29 REGS 404,692
CRBKMO 3.875% 21-21.09.26 550,000 PETRON 4.6%-FRN 18-PERP REGS 403,656
COMETA 6.375% 24.04.35 /POOL 542,545 AMER MOVIL 5.375% 04.04.32 REGS 391,533
CNAC HK FIN 3.875% 19-19.06.29 536,035 HAIDILAO 2.15% 21-14.01.26 379,103
SHAMAR PET12%30.07.25 /POOL 528,476 MILLICOM 6.25% 19-25.3.29/POOL 370,750
KONDOR FIN 7.625% 19-08.11.26 517,533 ECOPETROL 6.875% 20-29.04.30 366,640
TULLOW OIL 10.25% 21-15.05.26 516,100
Proceeds Proceeds
MINERVA 5.875% 17-19.01.28 REGS 1,359,251 AXIS BANK 4.10% 21-PERP REGS 663,788
HUARONG 3.375% 20-24.02.30 1,167,609 KAISA GRP 9.375% 17-30.06.24 647,384
4FINANCE 10.75% 17-1.5.22 REGS 1,159,192 JBS INVEST 7% 18-15.01.26 638,256
SILKNET 11% 19-02.04.24 1,154,213 FRGRIFIO 10.25%20-29.01.25/POOL 626,435
BTGPBZ 4.50% 21-10.01.25 1,040,650 FORTUNE 6.75% 19-02.07.23 625,665
INTERP HLDG 8.375% 21-13.05.26 1,006,066 SILKNET 8.375% 22-31.01.27 601,986
DNO A 8.375% 19-29.05.24 969,098 LENOVO GRP 5.875% 20-24.04.25 559,017
ENA NORTE 4.95% 25.04.28 /POOL 875,589 ARAUCO 3.875% 18-02.11.27 543,279
NITROG 7% 18-14.05.25 853,720 MASHREQBK 4.25% 19-26.02.24 535,217
HUARONG FIN 4.25% 17-07.11.27 840,501 CNAC HK FIN 3.875% 19-19.06.29 531,811
COM ELEC MX 5% 16-29.9.36/POOL 831,575 CRBKMO 3.875% 21-21.09.26 527,609
HUARONG 3.875% 19-13.11.29 802,138 KONDOR FIN 7.625% 19-08.11.26 510,824
HX CEMENT F 2.25% 20-19.11.25 777,470 CNRC CAPITA 3.9%(FRN) 17-PERP 506,179
MILLICOM 6.25% 19-25.3.29/POOL 765,336 INDIABULLS 6.375% 19-28.05.22 501,870
METINVEST 7.75% 19-17.10.29 763,033 CN AUTO 8.875% 19-10.05.22 501,139
COMETA 6.375% 24.04.35 /POOL 760,494 PEMEX PROJ.9.5% 05-15.9.27 481,653
SAUDI INT B 5.25% 19-16.01.50 REGS 729,560 IPIC GMTN 6.875% 11-01.11.41 474,524
METALSA SA 3.75% 21-04.05.31 687,857 ENN ENERGY 2.625% 20-17.09.30 REGS 472,700
REDE 4.50% 20-22.01.30 REGS 680,104 GTLK EUR CP 4.65% 20-10.03.27 470,343
BUL ENRGY 3.5% 18-28.06.25 665,986
177

Cost Cost
USA 0% 21-05.08.21 TB 5,000,524 APPLE INC 3% 17-20.06.27 2,841,280
USA 0% 21-20.07.21 TB 5,000,443 TOR DOM BK FRN 20-28.09.23 2,819,016
USA 1.125% 16-30.09.21 /TBO 4,525,435 LDKR B-W 1.50% 20-03.02.25 2,770,555
MASTERCARD 1.90% 21-15.03.31 4,069,508 LG CHEM 3.625% 19-15.04.29 2,733,325
PNC FIN 1.15% 21-13.08.26 4,014,199 PEPSICO 2.875% 19-15.10.49 2,706,847
CITIGP 1.281% 21-03.11.25 4,013,112 THERMO FISH 0.0% 21-18.11.25 2,545,226
DUAL R V MICRO FIN-I- USD/CAP 3,704,916 SALESFORCE 1.50% 21-15.07.28 2,514,913
SYSCO CORP 2.40% 20-15.02.30 3,593,805 COMZBK 0.75% 20-24.03.26 2,421,063
KELLOGG CO 0.50% 21-20.05.29 3,453,787 CARREFOUR 2.625% 20-15.12.27 2,378,583
LANDSBKNN 0.75% 21-25.05.26 3,390,065 BELFIUS BK 0.375% 21-08.06.27 2,343,602
VISA INC 4.3% 15-14.12.45 3,386,421 SPRINT 4.738% 20.3.25/POOL REGS 2,305,582
FIRST FRN 19-08.07.24 3,334,885 BQE POSTALE 1.375% 19-24.04.29 2,285,950
COFINIMMO S 0.875% 20-02.12.30 3,134,798 ICADE SA 1.0% 22-19.01.30 2,274,164
DEPFA 0.10% 21-02.02.26 3,043,367
TELE2 AB 2.125% 18-15.05.28 3,038,194
PFIZER 1.75% 21-18.08.31 2,936,492
ADECCO IF 0.125% 21-21.09.28 2,894,574
JPM STR 0.0% 8.6.23 AMC00001 2,873,269
NN BANK NV 0.50% 21-21.09.28 2,865,442
ANZ BK GR FRN 86-PERP 2,846,530
Proceeds Proceeds
DUAL R V MICRO FIN-I- USD/CAP 9,102,159 MERCK FIN SER 0.5% 20-16.07.28 1,954,555
USA 0% 21-05.08.21 TB (RBG) 5,000,000 GEN ELEC 1.875% 15-28.05.27 1,885,529
USA 0% 21-20.07.21 TB 5,000,000 COCA COLA 0.125% 20-15.03.29 1,789,183
USA 1.125% 16-30.09.21 /TBO 4,525,210 TOTALEBERGIES 3.875% 16-PERP 1,784,493
TOR DOM BK FRN 20-28.09.23 3,405,980 CNP ASSURAN 2% 19-27.07.50 1,773,843
CAMPBELL S 4.15% 18-15.03.28 3,318,538 ORPEA 2.0% 21-01.04.28 1,743,834
EQUINOR 3.625% 18-10.09.28 2,751,126 TAKEDA PHAR 0.75% 20-09.07.27 1,727,105
RICHEMONT I 1.125% 20-26.05.32 2,620,887 CS GROUP 7.5% 13-PERP 1,725,317
KELLOGG CO 2.10% 20-01.06.30 2,482,646 COMZBK 0.75% 20-24.03.26 1,680,776
BAC 2.676% 20-19.06.41 2,462,392 FIRST FRN 19-08.07.24 1,668,153
DUAL R V MIC LC--I-USD/CAP 2,450,427 MEDIOBANCA 2.30% 20-23.11.30 1,607,493
JPMORGAN CH 2.525% 20-19.11.41 2,322,594 TENCENT HOL 3.24% 20-03.06.50 1,594,152
CITIGP 2.976% 19-05.11.30 2,292,946 APPLE INC 3% 17-20.06.27 1,586,520
BMW FIN 0.20% 21-11.01.33 2,191,137 BCO SAB 6.5% 17-PERP 1,574,532
OMV 3.5% 12-27.9.27 2,046,378 BOA FRN 18-05.02.26 1,520,228
AU & NZ BKG 1.125% 19-21.11.29 1,999,638 BCO SAB 6.125% 17-PERP REGS 1,473,742
LLOYDS BK FRN 86-.. S3 1,982,197 THERMO FISH 2.6% 19-01.10.29 1,462,686
DIGITAL EUR 2.5% 19-16.01.26 1,973,972 MICROSOFT 2.525% 20-01.06.50 1,458,005
ASSGEN 2.429% 20-14.07.31 1,962,230
ALLIANZ 2.625% 20-PERP 1,957,457
178

Cost Cost
CR LGT EQU EUR-E-AC 15,993,046 COGNIZANT TECHNOLOGY SOL A 2,914,618
KERING SA 6,736,296 PRUDENTIAL PLC 2,791,707
NINTENDO CO.LTD 5,848,816 PAYPAL HOLDINGS INC 2,759,964
MEDTRONIC HOLDINGS LIMITED 5,200,836 KONE OYJ -B- 2,757,681
UNIVERSAL DISPLAY CORP. 4,691,291 MITSUBISHI ESTATE CO. 2,747,600
ALPHABET INC -A- 4,687,684 HAEMONETICS CORP. 2,733,557
ESTEE LAUDER CO -A- 4,635,585 ING GROUP NV 2,435,876
RECKITT BENCKISER GROUP PLC 4,551,445 UNITEDHEALTH GROUP INC 2,403,356
SMITH AND NEPHEW PLC 4,381,249 ANGLOGOLD ASHAN./SADS REP.1 SH 2,316,049
ETSY INC 4,264,965 JACKSN FINL RG-A WI 2,269,484
QUIDEL CORP 4,067,014 COMCAST CORP/-A- 2,169,390
UNILEVER PLC 3,889,078 M&T BANK CORPORATION 2,089,911
NEWMONT RG REGISTERED SHS 3,773,453 PACCAR INC. 1,929,865
IBERDROLA SA 3,728,190 COLGATE-PALMOLIVE CO. 1,900,458
LULULEMON ATHLETICA INC 3,300,213 CAPGEMINI SE 1,844,653
MICROSOFT CORP. 3,146,592 CERNER CORP 1,826,260
TEAMVIEWER --- BEARER SHS 3,078,756 ITV PLC 1,802,758
KEYCORP 3,036,217 AMADEUS IT --- SHS-A- 1,684,103
GRIFOLS. SA 3,035,606
L OREAL 2,922,699
Proceeds Proceeds
ALPHABET INC -A- 8,437,172 ESTEE LAUDER CO -A- 2,944,797
NINTENDO CO.LTD 7,006,463 SAGE GRP 2,942,760
CERNER CORP 6,147,127 COGNIZANT TECHNOLOGY SOL A 2,757,943
UNILEVER PLC 5,566,850 DIAGEO PLC 2,679,596
MICROSOFT CORP. 5,091,439 JACKSN FINL RG-A WI 2,485,585
RECKITT BENCKISER GROUP PLC 4,989,689 AUTOZONE INC 2,335,018
CAPGEMINI SE 4,591,404 GRIFOLS. SA 2,298,983
SMITH AND NEPHEW PLC 4,003,007 HERA SPA 2,265,785
UNITEDHEALTH GROUP INC 3,776,525 AMADEUS IT --- SHS-A- 2,118,834
MEDTRONIC HOLDINGS LIMITED 3,744,023 UNIVERSAL DISPLAY CORP. 2,095,365
ING GROUP NV 3,737,345 HEINEKEN NV 1,974,441
QUIDEL CORP 3,616,451 AKAMAI TECHNOLOGIES INC 1,969,066
PRUDENTIAL PLC 3,614,900 INTUIT 1,955,855
NIELSEN HOLDINGS PLC 3,556,054 BCE INC 1,867,359
NEWMONT RG REGISTERED SHS 3,230,680 KEYCORP 1,865,204
IBERDROLA SA 3,191,220
ANGLOGOLD ASHAN./SADS REP.1 SH 3,160,271
L OREAL 3,120,631
SSE PLC 2,999,472
KERING SA 2,983,024
179

Cost Cost
ADEVINTA ASA 14,286,794 HOME POINT CAP RG 4,817,237
AVEAN HLTHC HLDG RG 12,288,607 TI FLUID SYSTEMS PLC 4,560,223
DR. MARTENS RG 10,861,210 CICOR TECHNOLOGIES/NOM 4,475,837
SOFTWONE HLDG N 9,231,152 ECOVYST RG 4,392,687
TEAMVIEWER --- BEARER SHS 8,131,364 SIG PLC 4,355,778
SOTERA HEALTH RG 7,726,802 SYNSAM RG 4,203,813
NEXI S.P.A. 7,516,827 LA DORIA SPA 3,723,744
LIFE TIME GROUP RG 7,320,941 GATES INDUSTRIAL CORP PLC 3,166,351
SYNLAB I 7,291,565 CUSHMAN & WAKEFIELD PLC 3,127,173
PUUILO RG 7,213,199 BRIGHTVIEW HOLDINGS INC 2,992,626
SOVOS BRANDS RG 7,192,101 ADVANCED DRAINAGE SYSTEMS 2,821,158
N-ABLE RG 7,130,743 SYROS PHARMACEUTICALS INC 2,292,207
FIRST WATCH REST RG 7,107,394
ABC TECH RG-UNTY 6,347,763
RACKSPACE TECH RG 5,970,698
DUN & BRADSTREET HOLDINGS INC 5,927,936
VERALLIA-144A REG S 5,617,469
RVRC HLDG RG 5,395,021
MULTIPLAN RG-A 5,012,652
APPTIX ASA 4,935,147
Proceeds Proceeds
DATTO HLDG RG 11,706,886 CUSHMAN & WAKEFIELD PLC 3,484,240
BRIGHTVIEW HOLDINGS INC 11,159,076 GOGO INC 3,365,940
SOVOS BRANDS RG 9,891,979 HOME POINT CAP RG 2,351,560
NATURGY ENERGY /SPLIT ISSUE 9,826,556 ECOVYST RG 2,211,091
ORTHO CLI DGNST RG 9,740,589 CHANGE HEALTHCARE INC 2,130,691
JELD-WEN HOLDING INC 9,350,518 SOFTWONE HLDG N 2,062,061
MCAFEE RG-A 9,115,745 TEAMVIEWER --- BEARER SHS 1,957,850
BFF BK RG SHS 8,652,388
PPD RG 8,530,532
RACKSPACE TECH RG 8,470,478
SOLARWINDS CORPORATION 7,163,378
VERALLIA-144A REG S 6,695,623
JAMF HOLDING RG 5,705,366
SIG PLC 5,635,059
RECORDATI IND CHIMICA/POST RAG 5,033,504
ATOTECH RG 4,387,905
CEREVEL THERAP RG 4,210,690
WESCO INTERNATIONAL INC 4,010,979
LA DORIA SPA 3,739,454
MULTIPLAN RG-A 3,712,786
180

Cost Cost
QATAR 3.75% 20-16.04.30 REGS 5,667,219 KAZAKHSTAN 1.50% 19-30.09.34 2,484,217
INDONESIA (2.85% 20-14.02.30 5,251,690 ROMANIA 2.0% 20-28.01.32 REGS 2,483,695
UZBEKISTAN 3.90% 21-19.10.31 5,200,832 PARAGUAY 2.739% 21-29.01.33 2,475,978
QATAR 5.103% 18-23.04.48 REGS 3,953,695 SOUTH AFRIC 5.75% 19-30.09.49 2,450,107
COLOMBIA 3.0% 20-30.01.30 3,928,394 MOROCCO 3.0% 20-15.12.32 REGS 2,433,083
CROATIA 1.50% 20-17.06.31 3,819,556 BENIN INT 4.875% 19.01.32 /POOL 2,373,900
PARAGUAY 5.4% 30.03.50/POOL REGS 3,520,594 URUGUAY 4.375% 23.01.31/POOL 2,373,750
KAZAKHSTAN 0.60% 19-30.09.26 3,435,434 CAMEROON 5.95% 7.7.32/POOL 2,372,749
PHILIPPINES 3.95% 15-20.01.40 3,371,015 REPUBLIC OF 5.50% 21-09.08.31 2,300,690
REP OF ALBN 3.50% 21-23.11.31 3,335,655 UKRAINE 7.75% 15-01.09.24 2,248,720
ABU DHABI 3.125% 20-16.04.30 3,280,861 MEXICO 3.75% 18-11.01.28 2,217,974
MONGOLIA 5.625% 17-1.5.23 REGS 3,173,918 BAHRAIN 6.125% 13-01.08.23 REGS 2,211,800
KENYA REP O 6.875% 14-24.06.24 3,163,078 SAUDI ARA 3.25% 16-26.10.26 2,189,320
EGYPT 5.80% 21-30.09.27 3,000,900 MEXICO 4.6% 17-10.02.48 2,184,572
MACEDONIA 1.625% 21-10.03.28 2,936,569 DOMINICAN REP 4.50% 30.01.30 REGS 2,098,075
ABU DHABI 1.70% 20-02.03.31 2,913,212 COSTA RICA 7.158% 15-12.03.45 2,093,383
ABU DHABI 3.0% 21-15.9.51 REGS 2,880,850
UKRAINE 7.375% 25.9.32/POOL REGS 2,618,247
SENEGA 4.75% 13.03.28/POOL REGS 2,597,293
IVORY 4.875% 30.1.32/POOL REGS 2,555,577
Proceeds Proceeds
ABU DHABI 3.125% 20-16.04.30 3,298,849 URUGUAY 4.375% 23.01.31/POOL 1,086,389
EGYPT 5.80% 21-30.09.27 2,879,393 SAUD ARABIA 3.75% 20-21.1.55 REGS 1,053,160
ABU DHABI 1.70% 20-02.03.31 2,730,834 BAHRAIN 6.125% 13-01.08.23 REGS 1,048,982
PARAGUAY 5.4% 30.03.50/POOL REGS 2,380,560 DOMINICAN REP 4.50% 30.01.30 REGS 1,046,914
QATAR 3.75% 20-16.04.30 REGS 2,275,348 SOUTH AFRIC 4.85% 19-30.09.29 1,038,693
SAUDI ARA 3.25% 16-26.10.26 2,193,977 GHANA 7.625%18-16.5.29/POOL REGS 1,018,958
CROATIA 1.50% 20-17.06.31 2,135,682 NIGERIA 6.5% 17-28.11.27 REGS 1,012,619
INDONESIA (2.85% 20-14.02.30 2,107,225 REPUBLIC OF 6.752% 17-09.03.23 1,005,359
MEXICO CETE 2.659% 20-24.05.31 1,969,497 UZBEKISTAN 3.70% 25.11.30 REGS 995,495
ANGOLA REP 9.125% 19-26.11.49 1,928,307 MONGOLIA 5.625% 17-1.5.23 REGS 988,221
CHILE 2.45% 20-31.01.31 1,897,013 SERBIA T-BO 2.125% 20-01.12.30 973,106
UKRAINE 7.375% 25.9.32/POOL REGS 1,850,300 ROMANIA 4.0% 20-14.02.51 961,301
UZBEKISTAN 3.90% 21-19.10.31 1,685,886 PHILIPP GOV 1.95% 21-06.01.32 918,375
ARAB REP EG 5.875% 15-11.06.25 1,287,648 SERBIA T-BO 1.65% 21-03.03.33 871,223
SAUDI INT 4.375%19-16.4.29 REGS 1,182,151
ABU DHABI 3.0% 21-15.9.51 REGS 1,164,735
UKRAINE 7.75% 15-01.09.24 1,132,647
PHILIPPINES 3.95% 15-20.01.40 1,130,453
REP OF ALBN 3.50% 21-23.11.31 1,101,824
MEXICO 3.75% 18-11.01.28 1,093,533
181

Cost Cost
USA 0% 21-14.07.22 TB 64,975,759 SERBIA T-BO 4.50% 20-20.08.32 11,438,806
USA 0% 21-11.08.22 TB 64,970,096 KENYA 12.667% 21.03.39 /POOL 11,423,866
URUGUAY 3.875% 2.7.40 //INFL 52,916,944 KENYA INF 10.85% 2.4.29/POOL 11,090,177
USA 0% 20-09.09.21 TB 40,000,480 EBRD FRN 21-13.10.25 10,225,815
EGYPT 15.90% 19-02.07.24 37,692,052 EBRD FRN 21-19.11.25 10,162,835
USA 0% 22-23.02.23 TB 29,700,836 NL FIN MAAT 11.0% 21-23.01.23 10,003,000
KENYA INF 12.965%28.01.41/POOL 26,364,848 NL FIN MAAT 8.75% 21-15.12.22 10,001,500
KAZAKHSTAN 7.20% 15-27.05.25 26,265,973 EBRD 6.0% 22-29.07.24 10,001,500
UKRAINE T BILL 9.79% 26.05.27 25,939,613 EBRD 9% 22-08.02.24 10,001,500
EGYPT 16.50% 19-02.04.26 25,276,402 EBRD 10% 21-26.07.23 10,001,500
UKRAINE TBILL 15.84% 26.02.25 21,295,201 NL FIN MAAT 4.0% 21-03.11.23 10,001,500
INTL FIN 10.15% 21-16.11.23 20,024,565 REP OF UGAN 17% 16-03.04.31 9,571,001
EBRD 1% 22-07.02.24 19,923,146 KAZAKHSTAN 10.50% 21-04.08.26 8,301,210
REPUBLIC OF 14.25% 19-22.06.34 17,484,621 SERBIA T-BO 5.875% 18-08.02.28 8,275,173
NAMIBIA 9.80% 14-15.10.40 15,728,279
KENYA 10.90% 20-11.8.31/POOL 15,128,714
ARMENIA REPUBL 8% 20-29.10.31 14,916,053
REPUBLIC 17.50% 20-01.11.40 13,356,393
GHANA 19% 16-02.11.26 12,975,558
NL FIN MAAT 7% 21-08.11.23 11,574,236
Proceeds
TOTAL SALES (USD)
USA 0% 20-09.09.21 TB 40,000,000
EGYPT 16.50% 19-02.04.26 25,037,109
EGYPT 15.90% 19-02.07.24 19,996,055
GHANA 19% 16-02.11.26 12,009,552
PAKISTAN 7% 21-05.08.24 7,346,391
GHANA GOV 19.75% 21-07.07.31 6,256,250
SERBIA T-BO 5.875% 18-08.02.28 2,057,436
182
SUPPLEMENTAL INFORMATION
FINANCIAL INFORMATION (UNAUDITED)
For the year For the year For the year For the year
Total Expense Ratio (“TER”) ended ended ended ended
Sub-Fund Class (in basis points) (in %)* (in basis points) (in %)*
A 103.61 0.00 103.26 0.00
B 153.53 0.00 152.85 0.00
LGT Crown Listed Private C 103.87 0.00 103.25 0.00
Equity D 153.67 0.00 152.86 0.00
E 104.83 0.00 - -
O 3.87 0.00 4.15 0.00
A 16.46 0.00 15.00 0.00
C 78.92 0.00 - -
E 18.05 0.00 14.60 0.00
F 77.14 0.00 69.60 0.00
A 10.24 0.00 12.00 0.00
LGT Sustainable Equity Global
C 76.75 0.00 76.63 0.00
Sub-Fund
E 76.87 0.00 76.55 0.00
A 18.86 0.00 12.00 0.00
LGT Sustainable Equity Europe B - - 11.61 0.00
Sub-Fund C 82.18 0.00 81.60 0.00
E 13.47 0.00 - -
A 13.52 0.00 12.00 0.00
LGT Sustainable Bond Global
B 11.14 0.00 10.06 0.00
Sub-Fund
C 55.82 0.00 55.28 0.00
A 13.69 0.00 12.00 0.00
LGT Sustainable Bond Global
B 9.73 0.00 10.89 0.00
Hedged Sub-Fund
E 54.90 0.00 54.59 0.00
A 10.00 0.00 12.00 0.00
LGT Sustainable Quality Equity B 6.29 0.00 6.65 0.00
Sub-Fund C - - 77.07 0.00
E 76.58 0.00 - -
A 26.64 0.00 14.82 0.00
B 80.19 0.00 69.70 0.00
LGT Bond EM Credit D 84.05 0.00 - -
Opportunities Sub-Fund E 84.26 0.00 - -
H 145.40 0.00 140.00 0.00
J 24.09 0.00 14.62 0.00
A 11.29 0.00 11.60 0.00
C 46.00 0.00 - -
D 52.93 0.00 - -
E 52.99 0.00 - -
LGT Sustainable Bond H 89.04 0.00 100.00 0.00
Corporates Sub-Fund I 89.24 0.00 - -
J 11.24 0.00 11.60 0.00
K 46.29 0.00 46.60 0.00
M 52.97 0.00 - -
N 89.20 0.00 - -
183
For the year For the year For the year For the year
Total Expense Ratio (“TER”) ended ended ended ended
Sub-Fund Class (in basis points) (in %)* (in basis points) (in %)*
A 13.94 0.00 11.60 0.00
B 94.04 0.00 91.60 0.00
C 94.25 0.00 91.60 0.00
D 94.26 0.00 91.54 0.00
Neutral Sub-Fund
E 145.40 0.00 150.00 0.00
F 147.76 0.00 150.00 0.00
G 146.47 0.00 150.00 0.00
Equity Opportunities Sub-Fund O 11.37 0.00 12.77 0.00
A 14.51 0.00 - -
B 128.71 0.00 - -
LGT EM HC Bond Sub-Fund D 128.85 0.00 - -
K 64.32 0.00 - -
L 64.29 0.00 - -
A 12.63 0.00 - -
B 182.72 0.00 - -
D 182.87 0.00 - -
H 125.57 0.00 - -
LGT EM Frontier LC Bond K 113.26 0.00 - -
Sub-Fund L 114.45 0.00 - -
M 113.31 0.00 - -
N 114.01 0.00 - -
Q 97.53 0.00 - -
T 98.18 0.00 - -
*of which performance fees in percentage
Note:
1. Total expenses exclude transaction costs and interest expense.
2. TER is calculated by dividing total expenses by an average NAV of each sub-fund and allocated to
each class as follows: (TER/365)* No of days share class in issue.
184
Portfolio Turnover Rate For the year For the year

ended 30 April ended 30 April
2022 2021
Sub-Fund (in %) (in %)
LGT Crown Listed Private Equity 34.28 28.84
LGT EM LC Bond Sub-Fund 79.29 6.49
LGT Sustainable Equity Global Sub-Fund 131.56 65.23
LGT Sustainable Equity Europe Sub-Fund 10.98 34.27
LGT Sustainable Bond Global Sub-Fund 56.27 128.84
LGT Sustainable Bond Global Hedged Sub-Fund 76.38 63.81
LGT Sustainable Quality Equity Sub-Fund 15.23 18.48
LGT Bond EM Credit Opportunities Sub-Fund 39.76 110.89
LGT Sustainable Bond Corporates Sub-Fund 74.81 167.27
LGT Sustainable Equity Market Neutral Sub-Fund 139.22 87.81
LGT Crown Liquid Private Equity Opportunities Sub-Fund 138.96 120.51
LGT EM HC Bond Sub-Fund 77.17 -
LGT EM Frontier LC Bond Sub-Fund (23.28) -
Note: The Portfolio Turnover Rate is calculated as follows:

All sub-funds: sum of investments purchased and sold (gross) during the period (excluding forward
currency contracts, futures and options) less capital subscribed and redeemed during the period (gross)
divided by the average assets under management for the period.
185

(continued)
Change in Net Asset Value per Share over three years.

Net Asset
% Year to Date Return1) Value per
Launch (in %) Share at
Sub-Fund Class Date 2020 2021 2022 30/04/2022
A 25/02/2013 (10.64) 61.45 9.88 EUR 348.36
B 25/02/2013 (11.09) 60.65 9.33 EUR 331.88
C 09/10/2017 (12.68) 77.44 (3.72) USD 163.96
D 28/07/2014 (13.10) 76.58 (4.19) USD 211.03
E 11/08/2021 - - (12.36) EUR 876.43
O 18/02/2013 (9.74) 63.06 10.98 EUR 397.42
A 29/04/2016 (9.89) (2.21) (2.00) EUR 1,010.77
B 09/03/2017 (2.50) - - -
LGT EM LC Bond Sub-Fund C 06/12/2021 - - (4.59) EUR 954.06
E 17/10/2017 (4.72) 14.09 (14.13) USD 875.01
F 06/03/2018 (10.29) 7.78 (14.58) USD 673.65
A 29/04/2016 (1.02) 21.54 6.91 EUR 4,072.91
LGT Sustainable Equity Global Sub-Fund C 28/06/2019 3.54 27.80 6.14 EUR 1,404.57
E 24/03/2017 0.48 40.47 (6.98) USD 1,589.98
A 29/04/2016 (7.01) 34.29 (0.17) EUR 1,750.82
B 23/05/2017 (6.99) 34.29 - -
LGT Sustainable Equity Europe Sub-Fund
C 26/01/2017 (7.65) 33.36 (0.85) EUR 1,377.35
E 27/01/2022 - - 2.76 EUR 1,027.56
A 29/04/2016 3.77 (4.12) (0.27) EUR 1,578.14
LGT Sustainable Bond Global Sub-Fund B 09/03/2017 6.31 (2.32) (0.25) EUR 1,065.68
C 28/07/2017 5.90 (2.76) (0.69) EUR 1,080.51
A 29/04/2016 8.09 1.14 (5.25) USD 1,325.82
LGT Sustainable Bond Global Hedged Sub-Fund B 24/04/2020 0.77 1.15 (5.22) USD 966.15
E 26/01/2021 - (2.29) (6.73) CHF 911.30
A 31/03/2016 (1.89) 37.25 (10.75) USD 2,393.04
B 09/03/2017 5.55 38.53 (10.88) USD 1,733.62
LGT Sustainable Quality Equity Sub-Fund
C 15/01/2020 (7.81) 37.57 - -
E 01/12/2021 - - (15.66) USD 843.41
A 01/05/2017 (6.43) 21.36 (12.01) USD 1,074.26
B 01/05/2017 (6.93) 20.69 (12.48) USD 1,045.38
D 29/11/2021 - - (11.35) USD 886.55
E 29/11/2021 - - (11.81) USD 881.95
H 01/05/2017 (7.53) 20.15 (13.04) USD 1,013.71
J 12/10/2017 (9.46) 20.14 (12.88) EUR 947.30
A 01/05/2017 3.20 4.97 (8.90) USD 1,063.24
C 01/10/2021 - - (9.74) EUR 902.59
D 26/11/2021 - - (8.12) USD 918.80
E 01/10/2021 - - (9.78) EUR 902.16
H 01/05/2017 2.28 4.05 (9.64) USD 1,019.70
I 01/10/2021 - - (9.98) EUR 900.18
J 12/10/2017 0.04 3.97 (9.77) EUR 950.77
K 27/01/2021 - (1.74) (10.24) CHF 882.03
M 01/10/2021 - - (9.93) CHF 900.68
N 01/10/2021 - - (10.10) CHF 899.03
A 29/09/2017 8.07 1.58 (6.30) USD 1,084.58
B 22/11/2019 5.15 0.77 (7.05) USD 984.93
C 17/11/2017 4.19 (0.20) (7.91) EUR 966.71
LGT Sustainable Equity Market Neutral Sub-Fund D 21/08/2020 - 0.74 (8.12) CHF 925.66
E 29/09/2017 6.59 0.20 (7.52) USD 1,019.28
F 29/09/2017 3.59 (0.76) (8.40) EUR 928.64
G 29/09/2017 3.12 (1.06) (8.57) CHF 913.24
186

(continued)
Change in Net Asset Value per Share over three years (continued)
Net Asset
% Year to Date Return1) Value per
Launch (in %) Share at
Sub-Fund Class Date 2020 2021 2022 30/04/2022
LGT Crown Liquid Private Equity Opportunities
Sub-Fund O 01/11/2018 (12.96) 83.30 (20.22) USD 148.27
A 15/06/2021 - - (15.18) USD 848.24
B 02/11/2021 - - (14.04) USD 859.56
LGT EM HC Bond Sub-Fund D 02/11/2021 - - (14.69) EUR 853.11
K 15/06/2021 - - (15.55) USD 844.49
L 15/06/2021 - - (16.47) EUR 835.27
A 23/06/2021 - - (1.28) USD 987.25
B 02/11/2021 - - (3.65) USD 963.50
D 02/11/2021 - - (4.22) EUR 957.84
H 28/03/2022 - - 1.51 USD 1,015.07
K 23/06/2021 - - (2.11) USD 978.86
L 23/06/2021 - - 10.84 EUR 1,108.39
M 23/06/2021 - - (3.00) EUR 970.00
N 11/08/2021 - - 8.46 EUR 1,057.90
Q 14/07/2021 - - (2.65) EUR 973.52
T 15/10/2021 - - (3.99) EUR 940.78
Note:
1. The year to date returns is calculated since launch if the class was launched during the year.
Sustainable Finance Disclosure Regulation (“SFDR”)

LGT Crown Listed Private Equity and LGT Crown Liquid Private Equity Opportunities Sub-Fund do not promote
environmental or social characteristics in a way that meets the specific criteria contained in Article 8 of SFDR or have
sustainable investment as its objective in a way that meets the specific criteria contained in Article 9 of SFDR and therefore
has been categorized as an Article 6 financial product for the purposes of SFDR. Accordingly, SFDR does not require any
ongoing disclosures in the periodic reports for these sub-funds.
For the purpose of the EU’s regulation on the establishment of a framework to facilitate sustainable investment (the
“Taxonomy Regulation”), it should be noted that the underlying investments of these sub-fund do not take into account the
EU criteria for environmentally sustainable economic activities.
All other sub-funds promote environmental or social characteristics in a way that meets the specific criteria contained in
Article 8 of SFDR and therefore has been categorized as an Article 8 financial product for the purposes of SFDR. The “do
no significant harm” principle applies only to those investments underlying the financial product that take into account the
EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this
financial product do not take into account the EU criteria for environmentally sustainable economic activities.
187

(continued)
SFT Regulation Disclosure
Article 13 of Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and
of reuse and amending Regulation (EU) No 648/2012, requires UCITS investment companies to provide
the following information in their annual and semi-annual reports on the use made of SFTs and total
return swaps (TRS).
For the year ended 30 April 2022 the Company has not engaged in securities borrowing in the form of
contracts for difference (“cfds”) (i.e. total return swaps) trading, which are in scope for this SFT
regulation or other securities financing transactions.
Remuneration policy
The Management Company operates a remuneration policy in accordance with the principles set out in
the European Communities (Undertakings for Collective Investment in Transferable Securities)
Regulations 2011 (“the Regulations”). The policy contains uniform compensation guidelines which
adequately take into consideration the Management Company’s capital, liquidity and risk profile, as well
as its long-term success, thus representing incentives for employees.
The Management Company does not guarantee any variable remuneration. Fixed and variable
components of total remuneration are appropriately balanced and the fixed component represents a
sufficiently high proportion of the total remuneration in order to incentivize employees and to allow the
operation of a fully flexible policy on variable remuneration, including the possibility to pay no variable
remuneration. The measurement of performance used to calculate variable remunerations, or pools of
variable remuneration, includes a comprehensive adjustment mechanism to integrate all relevant types of
current and future risks.
Identified employees of the Management Company are defined as senior management, risk takers, control
functions and any employees receiving total remuneration that takes them into the same remuneration
bracket as senior managers and risk takers, whose professional activities have a material impact on the
risk profiles of the Management Company for the funds under management. The disclosures below have
been adjusted to reflect the total net variable compensation breakdown for identified staff as it applies to
liquid funds under management by the Management Company, based on the relevant share of total assets
under management.
2022
EUR
,000
Total variable remuneration paid 52
Total variable remuneration deferred 23
Deferred net variable remuneration based on the Regulations 21
Number of identified employees 3
Number of funds 40
188

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CROWN SIGMA UCITS PLC

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Registered number: 511245

TABLE OF CONTENTS Page

BACKGROUND TO THE COMPANY 3

INVESTMENT MANAGER’S REPORT 6

REPORT OF THE DEPOSITARY 15

INDEPENDENT AUDITORS’ REPORT 16

STATEMENT OF COMPREHENSIVE INCOME 19

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF

STATEMENT OF CASH FLOWS 37

NOTES TO THE FINANCIAL STATEMENTS 43

PORTFOLIO OF INVESTMENTS 110

STATEMENT OF PORTFOLIO CHANGES (UNAUDITED) 170

FINANCIAL INFORMATION (UNAUDITED) 183

DIRECTORS SECRETARY AND REGISTERED OFFICE

INVESTMENT MANAGER, PROMOTER AND LEGAL ADVISORS

MANAGER AND DISTRIBUTOR INDEPENDENT AUDITORS

ADMINISTRATOR AND TRANSFER AGENT REPRESENTATIVE FOR SWITZERLAND

DEPOSITARY PAYING AGENT FOR SWITZERLAND

BACKGROUND TO THE COMPANY

Fund size (NAV as at 30 April 2022): EUR 5,475,585,532

During the year the following sub-funds were launched:

• LGT Crown Listed Private Equity – 18 February 2013.

BACKGROUND TO THE COMPANY (continued)

LGT Crown Listed Private Equity

LGT EM LC Bond Sub-Fund

LGT Sustainable Equity Global Sub-Fund

LGT Sustainable Equity Europe Sub-Fund

LGT Sustainable Bond Global Sub-Fund

LGT Sustainable Bond Global Hedged Sub-Fund

LGT Sustainable Quality Equity Sub-Fund

BACKGROUND TO THE COMPANY (continued)

Investment objective (continued)

LGT Bond EM Credit Opportunities Sub-Fund

LGT Sustainable Bond Corporates Sub-Fund

LGT Sustainable Equity Market Neutral Sub-Fund

LGT Crown Liquid Private Equity Opportunities Sub-Fund

LGT EM HC Bond Sub-Fund

LGT EM Frontier LC Bond Sub-Fund

INVESTMENT MANAGER’S REPORT

INVESTMENT MANAGER’S REPORT (continued)

INVESTMENT MANAGER’S REPORT (continued)

INVESTMENT MANAGER’S REPORT (continued)

INVESTMENT MANAGER’S REPORT (continued)

Sub-fund performance (continued)

LGT Capital Partners Ltd.

Statement of Directors’ responsibilities

In preparing the financial statements, the Directors are required to:

Directors’ compliance statement

DIRECTORS’ REPORT (continued)

Corporate governance statement

Review of business and future developments

During the year the following sub-funds were launched:

Risk management objectives and policies

DIRECTORS’ REPORT (continued)

Results and distributions

Sub-Fund Distribution Date Amount

Events since the Balance Sheet date

Kevin Mathews (Irish)*

Directors' and Secretary's interests

DIRECTORS’ REPORT (continued)