Threadneedle Management Luxembourg S.A. (Germany Branch)

Frankfurt am Main

Befreiender Jahresabschluss zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021

Threadneedle Management Luxembourg S.A.

Luxemburg/Luxemburg

Audited Annual Accounts for the year ended 31 December 2021

Table of contents

Management and Administration

Management report

Audit report

Balance sheet

Profit and loss account

Notes to the annual accounts

Management and administration

Publications

Threadneedle Management Luxembourg S.A. (the "Company") was incorporated and is organised under the laws of Luxembourg as a "société anonyme" on 24 August 2005 for an unlimited period under the name American Express Bank Asset Management Company (Luxembourg) S.A. On 24 July 2008, the Company was renamed Standard Chartered Investments (Luxembourg) S.A. On 29 May 2009 the Company was renamed Threadneedle Management Luxembourg S.A. On 1 November 2020 Threadneedle International Investments GmbH was merged into the Company.

Directors

A Aspesi	Resigned 31 December 2021	Director, Via Arrigo Boito, 10
		20121 Milano, ITALY
S Lauder	Appointed 19 August 2021	Director, Holbrook House, Swindon, UNITED KINGDOM
C Petersen	Appointed 8 February 2021	Director, 707 2nd Ave South, 5228
		Ameriprise Financial Centre,
		Minneapolis, UNITED STATES OF AMERICA
F Uleer		Director, Mainzer Landstaße 1, 60329 Frankfurt, am Main GERMANY
L Weatherup		Director, 78 Cannon Street, London, UNITED KINGDOM
K Wong		Director, 3 Killiney Road, #07-07, Winsland House 1, SINGAPORE

Independent Auditors

PricewaterhouseCoopers, Société coopérative

2 Rue Gerhard Mercator

L-2182

LUXEMBOURG

Management report for the year ended 31 December 2021

The directors present their report and the audited annual accounts ("the annual accounts") of Threadneedle Management Luxembourg S.A. ("the Company") for the year ended 31 December 2021.

The Company is a subsidiary of TAM UK International Holdings Limited, an England and Wales registered company owned by Ameriprise Financial, Inc. ("Ameriprise"), the ultimate parent company. TAM UK International Holdings Limited and all its subsidiaries are referred to herein as "the Group".

Significant developments and principal activities

The principal activities of the Company are the collective portfolio management of several Luxembourg and/or foreign collective investment funds in transferable securities authorised according to the Directive 2009/65/EC, as amended from time to time ("UCITS") on behalf of their unit holders or shareholders in accordance with the provisions of Chapter 15 of the Luxembourg law of 17 December 2010 on the undertakings for collective investment, as it may be amended from time to time (the "2010 Law").

The Company is authorised to provide services as alternative investment fund manager ("AlFM") in accordance with the provisions of the Luxembourg law of 12 July 2013 on alternative investment fund managers, as it may be amended from time to time (the "2013 Law"), and to provide portfolio management services to investors in accordance with mandates given by investors on a discretionary, client-by-client basis.

The Company serves as the designated management company for the following Luxembourg SICAV, organised as UCITS under Part 1 of the 2010 Law, as amended:

•	Threadneedle (Lux) (formerly known as World Express Funds I) since 31 October 2005.
•	Columbia Threadneedle (Lux) since 29 December 2020.

As of 31 December 2021, the Company serves as the AIFM for several Luxembourg and EU alternative investment funds.

The Company acts as fund manager to the established fund ranges domiciled in Luxembourg (both UCITS and AIF) as well as its asset management presence in the EU.

COVID-19 (also referred to as "coronavirus") continued to impact economies, financial markets and businesses around the world throughout 2021. As in the previous year, the Group coordinated its response to the pandemic and related restrictions regionally and globally to ensure continued delivery for clients, support employees and maintain business continuity. In 2022, the Group continues to monitor and coordinate responses as required.

The Company, through initiatives such as working from home, has maintained operational capacity, and has not found it necessary to participate in any Government initiatives to ensure ongoing liquidity and the employment of its staff. Financially the Company has remained profitable due to an arrangement with the group companies Threadneedle Asset Management Limited ("TAML") and Columbia Management Investment Advisors LLC ("Columbia") which ensures that 110% of the Company's costs are met.

Given the above and taking into consideration the financial effect of COVID-19 and Russia -Ukraine Conflict, the Directors have a reasonable expectation that the Company would remain adequately capitalised and with sufficient liquidity to meet its liabilities as they fall due and would therefore be able to continue to operate as a going concern. The capital and liquidity levels would also remain in excess of the regulatory requirements.

Results and dividends

The profit and loss account for the year is set out on page 11. The profit for the financial year was €23,156,021 (2020: profit €3,616,941).

On 3 August 2021, the directors paid an interim dividend of €25,717,000 (2020: €Nil)

The directors do not recommend the payment of a final dividend (2020: €nil).

Review of the business and future developments

The results of companies within the Group are managed on a group and business stream basis. Business streams do not correspond directly with individual legal entities and consequently key performance indicators are not set for individual companies.

Revenue for the year ended 31 December 2021 has increased by 57.6% (2020: increased by 7.1%) to €298.3m (2020: €189.3m), the increase in revenue as compared to 2020 is driven by the full year impact of the merger of Threadneedle Intl Inv GmbH (TIIG). It is expected that in future years the merger will continue to positively affect profit. This year profit after taxation increased by 540.2% from €3,616,941 to €23,156,021 primarily as a result of the revenue increase.

The level of business and the financial position at the end of the year are considered to be satisfactory by the directors. The Company provides additional services elaborated on in note 1 in Luxembourg and through its branches located in Austria, Denmark, France, Germany, Italy, The Netherlands, Spain and Sweden and its representative office in Chile. The Company also provides discretionary portfolio management services in addition to its Collective Portfolio Management services.

No other significant events have occurred since the end of the financial year.

Risk management

The Board of TAM UK International Holdings Limited, of which the Company is a group company has established an Audit and Risk Committee (the "Committee"), comprised of representatives from Ameriprise and Non-Executive directors which is chaired by a Non-Executive director. The primary purpose of the Committee is to provide advice in order to assist the Board in carrying out its responsibilities as they relate to the risk management, internal control and the conduct of its business across EMEA in accordance with regulation, legislation and business best practice. The Committee is also responsible for review and approval of the EMEA risk management framework, in alignment with the Ameriprise Enterprise Risk Management policies. The Committee meets quarterly.

The principal credit risk lies in uncollectible receivables. The Company manages credit risk by only offering credit to reputable institutions and by operating strict credit control procedures. The directors do not perceive any significant credit risk as the main concentration of debtors is with related parties.

The Company participates in the Group's centralised treasury arrangements and has access to sufficient cash and liquid investments such that liquidity and cash flow risks are minimised. The Company monitors the credit rating of its banks to minimise the risk of loss due to counterparty failure. The Company is exposed to interest rate risk through its bank and cash balances. However, in the normal course of business, none of the Company's liabilities are sensitive to interest rates.

The Company is also exposed to non-financial or operational risk which includes the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. The Company has completed risk and control assessments to identify potential risks and ensure that adequate controls are in place to mitigate them.

Whilst the impact of COVID-19 continues to bring uncertainties to global economies, financial markets and businesses, the Group believes the robust risk management framework in place is adequate under current circumstance and will be reassessed as and when appropriate to do so.

Russia-Ukraine conflict

During February and March 2022, the European Union, United States and United Kingdom placed sanctions on certain Russian companies and persons in retaliation of the Russian invasion of Ukraine on 24 February 2022. The Company does not have any direct holdings on its corporate balance sheet nor operations in Russia, Ukraine or Belarus. The Company continues to monitor the potential risks as the situation continues to evolve.

Audit report

To the Shareholders of

Threadneedle Management Luxembourg S.A.

Our opinion

In our opinion, the accompanying annual accounts give a true and fair view of the financial position of Threadneedle Management Luxembourg S.A. (the "Company") as at 31 December 2021, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts.

What we have audited

The Company's annual accounts comprise:

•	the balance sheet as at 31 December 2021;
•	the profit and loss account for the year then ended; and
•	the notes to the annual accounts, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier" (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the "Responsibilities of the "Réviseur d'entreprises agréé" for the audit of the annual accounts" section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the annual accounts. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information stated in the annual report but does not include the annual accounts and our audit report thereon.

Our opinion on the annual accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the annual accounts, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the annual accounts or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors for the annual accounts

The Board of Directors is responsible for the preparation and fair presentation of the annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts, and for such internal control as the Board of Directors determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the "Réviseur d'entreprises agréé" for the audit of the annual accounts

The objectives of our audit are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit 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 the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit We also:

•	identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
•	obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control;
•	evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors;
•	conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Company to cease to continue as a going concern;
•	evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Luxembourg, 27 June 2022

PricewaterhouseCoopers, Société coopérative

Represented by

Steven Libby

Balance sheet As at 31 December 2021

(in EUR)

		2021	2020
	Note	€	€
ASSETS
C. Fixed assets
I. Intangible assets
1. Costs of development	(3)	-	3,053
II. Tangible assets
3. Other Fixtures and fittings, tools and equipment	(4)	332,621	547,858
D. Current assets
II. Debtors
2. Amounts owed by affiliated undertakings
a) becoming due and payable within one year	(5)	17,863,067	41,355,872
4. Other debtors
a) becoming due and payable within one year	(6)	39,182,181	29,243,844
III. Investments
3. Other investments	(7)	39,200,212	36,975,519
IV. Cash at bank and in hand		9,248,080	8,789,677
E. Prepayments		942,683	650,229
TOTAL ASSETS		106,768,844	117,566,052

The accompanying notes form an integral part of these annual accounts

		2021	2020
	Note	€	€
CAPITAL, RESERVES AND LIABILITIES
A. Capital and reserves
I. Subscribed capital	(8)	2,519,100	2,519,100
II. Share premium account	(9)	9,000,000	9,000,000
IV. Reserves
1. Legal reserve	(10,12)	251,910	80,000
2. Reserve for own shares	(11,12)	3,504,653	573,612
4. Other reserves, including the fair value reserve
b) Other non available reserves	(12)	47,031	35,907,817
V. Profit brought forward	(12)	21,465,369	9,264,100
VI. Profit for the financial year	(12)	23,156,021	3,616,941
		59,944,084	60,961,570
C. Creditors
6. Amounts owed to affiliated undertaking
a) becoming due and payable within one year	(13)	5,797,941	6,925,713
8. Other creditors
a) Tax authorities		6,031,978	3,656,902
b) Social security authorities		27,918	87,062
c) Other creditors
i) becoming due and payable within one year	(14)	34,966,923	45,934,805
TOTAL CAPITAL, RESERVES AND LIABILITIES		106,768,844	117,566,052

Profit and loss account

Financial year from 1 January 2021 to 31 December 2021

(in EUR)

		2021	2020
	Note	€	€
1. Net turnover	(13)	298,252,428	189,310,641
6. Staff costs	(16)	(8,624,468)	(3,064,897)
a) Wages and salaries		(6,358,043)	(2,392,578)
b) Social security costs
i) relating to pensions		(479,053)	(193,705)
ii) other social security costs		(1,352,877)	(227,741)
c) Other staff costs		(434,495)	(250,873)
8. Other operating expenses	(18)	(262,772,925)	(181,454,185)
9. Income from participating interests
a) other income from participating interests		247,622	301,703
14. Interest payable and similar expenses
a) other interest and similar expenses		(58,742)	(53,839)
15. Tax on profit or loss		(3,887,894)	(1,422,482)
16. Profit or loss after taxation		23,156,021	3,616,941
18. Profit or loss for the financial year		23,156,021	3,616,941

Notes to the annual accounts

Note 1 - General Information

Threadneedle Management Luxembourg S.A. (the "Company") was incorporated and is organised under the laws of Luxembourg as a "société anonyme" on 24 August 2005 for an unlimited period under the name American Express Bank Asset Management Company (Luxembourg) S.A. On 24 July 2008, the Company was renamed Standard Chartered Investments (Luxembourg) S.A. On 29 May 2009 the Company was renamed Threadneedle Management Luxembourg S.A. On 1 November 2020 Threadneedle International Investments GmbH was merged into the Company.

As at 31 December 2021, the sole shareholder of the Company is Threadneedle Asset Management Holdings S.à r.l.

The registered office of the Company is established in Luxembourg, Grand Duchy of Luxembourg.

The accounting year of the Company begins on the first day of January and terminates on the last day of December of the same year.

The purpose of the Company is the collective portfolio management of one or several (i) undertakings for collective investment in transferable securities authorized according to the Directive 2009/65/EC, as amended from time to time ("UCITS"), (ii) alternative investment funds within the meaning of the Directive 2011/61/EU, as amended from time to time ("AIFs") and (iii) other collective investment funds not covered by these Directives ("UCIs") on behalf of their unitholders or shareholders in accordance with the provisions of chapter 15 of the Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended from time to time (the "2010 Law") and the law of 12 July 2013 relating to alternative investment fund managers, as amended from time to time (the "2013 Law")

(i), (ii) and (iii) all together are referred to as the "Funds".

The activity of collective portfolio management of investment funds includes the functions listed in Annex II of the 2010 Law and Annex I of the 2013 Law.

The Company may further provide services of portfolio management on a discretionary, client-by-client basis.

As of 31 December 2021, the Company serves as the designated management company for the following Luxembourg SICAVs, organised as UCITS under Part 1 of the 2010 Law, as amended:

•	Threadneedle (Lux) (formerly known as World Express Funds I) since 31 October 2005.
•	Columbia Threadneedle (Lux) since 29 December 2020.

As of 31 December 2021, the Company also serves as the AIFM for several Luxembourg and EU alternative investment funds.

As of 6 January 2020 the Company is authorised to provide the following services:

―	provision of investment advice, as defined in paragraph 3 (b) of article 101 of the 2010 Law and paragraph 4 (b) (i) of article 5 of the 2013 Law, and;
―	reception and transmission of orders without payment in relation to financial instruments as defined in paragraph 4 (b) (iii) of article 5 of the 2013 Law.

As of 1 July 2020 the Company began:

―	providing portfolio management services on a discretionary, client-by-client basis, as defined in paragraph 3 (a) of article 101 of the 101 of the 2010 Law and paragraph 4 (a) of article 5 of the 2013 Law.

As of 1 November 2020 the group company TIIG was merged into the Company.

As a result of the merger the Company took on additional responsibilities within the Group.

Management fees, other operating fees, and performance fees are all earned in accordance with agreements between the Company and the Funds.

The Company is a subsidiary of TAM UK International Holdings Limited, a company registered in England and Wales and owned by Ameriprise Financial, Inc. ("Ameriprise"), TAM UK International Holdings Limited and all its subsidiaries are referred to herein as "the Group".

Copies of the consolidated annual accounts of TAM UK International Holdings Limited, can be obtained from Cannon Place, 78 Cannon Street, London, England, EC4N 6AG.

The Company's ultimate parent company is Ameriprise Financial, Inc. ("Ameriprise"), a company incorporated in the state of Delaware, United States of America. Copies of the consolidated accounts of Ameriprise can be obtained by writing to the Corporate Secretary, Ameriprise Financial, Inc., 1098 Ameriprise Financial Center, Minneapolis, Minnesota, USA, 55474 or by visiting the Amerprise website at www. ameriprise.com.

Note 2 - Significant accounting policies

Basis of preparation

The annual accounts have been prepared in accordance with the generally accepted accounting principles and the legal and regulatory requirements in force in Luxembourg under the historical cost convention. Accounting policies and valuation rules are, besides the ones laid down by the law of 19 December 2002, as amended, determined and applied by the Board of Directors.

The preparation of annual accounts requires the use of certain critical accounting estimates. It also requires the Board of Directors to exercise their judgement in the process of applying the accounting policies. Changes in assumptions may have a significant impact on the annual accounts in the period in which the assumptions changed. Management believes that the underlying assumptions are appropriate and that the annual accounts therefore present the financial position and results fairly.

The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities in the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company's forecasts and projections, taking account of severe but plausible scenarios, show that it should be able to operate within the level of its forecasted liquid resources. Having assessed the principle risks, the directors considered it appropriate to adopt the going concern basis of accounting in preparing its annual accounts.

Foreign currency translation

The books of the Company are maintained in Euro, ("EUR" or "€").

Transactions expressed in currencies other than EUR are translated into EUR at the exchange rate effective at the time of the transaction. Formation expenses and longterm assets expressed in currencies other than EUR are translated into EUR at the exchange rate effective at the time of the transaction. At the balance sheet date, these assets remain translated at historical exchange rates.

Cash at bank is translated at the exchange rate effective at the balance sheet date. Exchange losses and gains are recorded in the profit and loss account of the year.

Other assets and liabilities are translated separately at the lower, or at the higher if the value converted at the historical exchange rate, or the value determined on the basis of the exchange rates effective at the balance sheet date. Only the unrealised exchange losses are recorded in the profit and loss account. The exchange gains are recorded in the profit and loss account at the moment of their realisation.

Where there is an economic link between an asset and liability, these are valued in total according to the method described above and the net unrealised losses are recorded in the profit and loss account whereas the net unrealised gains are not recognised.

Intangible assets

Intangible assets are stated at historical cost less accumulated depreciation. Assets are recognised at the point the Company becomes entitled to the economic benefit associated with the asset.

Computer software is internally generated and is then amortised over its expected useful life of between three and five years on a straight-line basis.

Tangible assets

Tangible assets are stated at historical cost less accumulated depreciation, Assets are recognised at the point that the Company becomes entitled to the economic benefit associated with the asset. Such costs include costs directly attributable to making the asset capable of operating as intended. Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is provided on all tangible assets at rates calculated to write off the cost, less any estimated residual value of each asset evenly over its expected useful economic life as follows:

Equipment	2 to 3 years
Fixtures and fittings	4 to 5 years
Leasehold improvements	4 to 5 years

A tangible asset is removed upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal of the asset, calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the income statement in the year the item is sold or retired.

At the reporting date the Company considers whether any objective evidence of impairment exists in respect of each class of assets. Impairment is recognised where the recoverable amount of the asset is less than the current carrying value. Any impairment losses are recognised in the income statement.

Debtors

Debtors are recorded at their nominal value. A value adjustment is made when their reimbursement is partly or completely compromised. These value adjustments may not be continued if the reasons for which the value adjustments were made have ceased to apply.

Prepayments

Prepayments are recognised when expenses incurred cover periods extending past the balance sheet date.

Creditors

Creditors are recorded at their repayment value.

Income and expenses

Income is recognised when it is probable that the economic benefits will flow to the Company and when the revenue can be measured reliably.

Expenses are recognised on an accruals basis.

Taxes

Taxes are charged to the profit and loss account on an accruals basis and not in the year in which payment occurs. Accordingly, provisions for taxation have been recorded for the financial year for which no final assessment has been issued by the tax authorities.

Note 3 - Intangible assets

2021	Software
	€
Cost
At 1 January 2021	3,562
Additions	-
At 31 December 2021	3,562
Accumulated depreciation
At 1 January 2021	509
Charge for the year	3,053
At 31 December 2021	3,562
Net book value
At 31 December 2021
Net book value
At 31 December 2020	3,053

Note 4 - Tangible assets

2021	Leasehold improvements	Fixtures & fittings	Equipment	Total
	€	€	€	€
Cost
At 1 January 2021	323,451	299,643	112,957	736,051
Additions	-	-	11,252	11,252
Disposals	-	(3,774)	(51,322)	(55,096)
Transfers	-	-	-	-
At 31 December 2021	323,451	295,869	72,887	692,207
Accumulated depreciation
At 1 January 2021	51,912	63,984	72,297	188,193
Charge for the year	126,526	74,158	14,865	215,549
Disposals	-	(3,774)	(40,382)	(44,156)
At 31 December 2021	178,438	134,368	46,780	359,586
Net book value
At 31 December 2021	145,013	161,501	26,107	332,621
Net book value
At 31 December 2020	271,539	235,659	40,660	547,858

Note 5 - Amounts owed by affiliated undertakings becoming due and payable within one year

Amounts owed by affiliated undertakings	2021	2020
	€	€
Columbia Management Investment Advisors LLC	42,739	229,824
Columbia Threadneedle Investments (ME) Limited	-	45,959
Threadneedle Asset Management Holdings Limited	17,040,850	41,024,785
Threadneedle Portfolio Services Limited	29,619	55,304
Threadneedle Asset Management Sari	60,894	-
Threadneedle Portfolio Services AG	661,465	-
Sackville Select III GP Sarl	27,500	-
	17,863,067	41,355,872

All balances with affiliated companies are unsecured, repayable on demand and subject to interest rates ranging from interest free to LIBOR + 0.90% for the current and prior years.

All transactions to and from related parties are made at terms equivalent to those that prevail in arm's length transactions.

Note 6 - Other debtors becoming due and payable within one year

As at 31 December other receivables comprise:

	2021	2020
	€	€
Due from funds	39,182,181	29,243,844
	39,182,181	29,243,844

The amounts due from the funds reflect a net receivable of asset management fees, management company fees, other operating fees, shareholder service fees and administration fees. Income tax asset in the prior year represents the net cash position of Luxembourg corporation and municipal tax paid on account.

Note 7 - Investments

	2021	2020
	€	€
Money market funds	39,200,212	36,971,638
Bonds	-	3,881
	39,200,212	36,975,519

The transferable securities and other financial instruments balance are comprised of publicly tradeable investments. The fair value of publicly tradable investments has been calculated using the latest available prices at 31 December 2021.

Note 8 - Subscribed capital

The authorised, subscribed and fully paid up capital amounts to €2,519,100 (2020: €2,519,100) represented by 251,910 ordinary shares of a par value of €10 each

	2021	2020
	€	€
Subscribed capital as at 31 December	2,519,100	2,519,100

The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restrictions. Tn 2021, the board approved a dividend for the amount of £25,717,000. The dividend per share for 2021 £102.09 (2020; £Nil).

Note 9 - Share premium account

	2021	2020
	€	€
Capital Reserve	9,000,000	9,000,000

As of 31 December 2021, the share premium account of the Company is €9,000,000 (2020: €9,000,000) which is comprised of an Account 115 capital contribution without the issuance of new shares.

Note 10 - Legal reserve

Luxembourg companies are required to allocate to a legal reserve a minimum of 5% of the annual net income, after deducting any losses brought forward, until this reserve equals 10% of the subscribed share capital, This reserve may not be distributed in the form of cash dividends, or otherwise, during the life of the Company.

Note 11 - Reserve for own shares

Following the approval at the Annual general meeting of shareholders on 17 April 2008, the Company reduced its Net Wealth Tax liability, in accordance with the tax law in force. In order to comply with the law for 2008 and subsequent years, the Company decided to allocate under non-distributable reserves an amount that corresponds to five times the amount of reduction of the Net Wealth Tax. This reserve is non-distributable for a period of five years from the year following the one during which the Net Wealth Tax was reduced.

Note 12 - Movement for the year on the reserves and profit/loss items

The movements for the year are as follows:

	Legal reserve	Reserve for own shares	Other Reserves	Profit brought forward	Profit for the financial year
	€	€	€	€	€
As at 1 January 2020	80,000	289,687	564	6,921,657	2,625,804
Allocation of prior year's profit	-	427,275	(564)	2,199,093	(2,625,804)
Write back expired Net Wealth Tax	-	(143,350)	-	143,350	-
Merger with TIIG			35,548,361
Movement in equity settled share scheme expenses	-	-	359,456	-	-
Profit for the financial year	-	-	-	-	3,616,941
As at 31 December 2020	80,000	573,612	35,907,817	9,264,100	3,616,941

The movements for the year are as follows:

	Legal reserve	Reserve for own shares	Other Reserves	Profit brought forward	Profit for the financial year
	€	€	€	€	€
As at 1 January 2021	80,000	573,612	35,907,817	9,264,100	3,616,941
Allocation of prior year's profit	-	-	(35,907,817)	41,015,315	(3,616,941)
Set up of Net Wealth Tax Reserve	-	2,931,041	-	(2,931,041)	-
Movement in equity settled share scheme expenses	-	-	47,031	-	-
Currency Translations	-	-	-	5,905	-
Dividends	-	-	-	(25,717,000)	-
Legal Reserve	171,910	-	-	(171,910)	-
Profit for the financial year
	-	-	-	-	23,156,021
As at 31 December 2021	251,910	3,504,653	47,031	21,465,369	23,156,021

Note 13 - Amounts owed to affiliated undertakings becoming due and payable within one year

Amounts owed to affiliated undertakings	2021	2020
	€	€
Ameriprise Financial, Inc.	4,717	5,268
Threadneedle Asset Management Limited	4,057,636	4,388,470
Threadneedle Asset Management Holdings Limited	-	1,156,540
Threadneedle International Limited	76,658	69,552
Threadneedle Investment Services Limited	1,472,008	913,591
Threadneedle Investments Singapore Pte. Limited	103,894	100,133
Threadneedle Portfolio Services AG	-	212,181
Threadneedle Portfolio Services Hong Kong Limited	81,897	79,978
Columbia Threadneedle Investments (ME) Limited	1,131	-
	5,797,941	6,925,713

The amounts owed to other affiliated undertakings primarily arise due to distribution service agreements and sub-fund management agreements except for Threadneedle Asset Management Holdings Limited which acts as group treasurer, settles all supplier invoices on behalf of the Company and provides central support functions for the Company.

All balances with affiliated companies are unsecured, repayable on demand and are interest free for the current and prior years.

All transactions to and from related parties are made at terms equivalent to those that prevail in arm's length transactions.

Note 14 - Other creditors

Becoming due and payable within one year

As at 31 December other creditors comprise:

	2021	2020
	€	€
Distribution costs	21,838,223	29,343,117
Directors' fees	10,000	25,000
Accruals	13,118,700	16,566,688
	34,966,923	45,934,805

Accruals include amounts accrued for outsourced services, legal and professional fees and other expenses.

Note 15 - Net turnover

Net turnover comprise fees earned on the Funds as described in Note 1, as follows:

	2021	2020
	€	€
Asset management fees	216,902,842	154,428,129
Distribution fees	43,996,884	4,404,600
Other operating fees	36,595,844	30,465,061
Performance fees	756,858	12,851
	298,252,428	189,310,641

Note 16 - Staff numbers

The average number of persons employed during the financial year was as follows:

	2021	2020
	Number	Number
Management	4	4
Employees	57	21
	61	25

Note 17 - Emoluments, including amounts borne by other group companies and partially recharged to the Company, granted to the members of management and supervisory bodies and commitments in respect of retirement pensions for former members of those bodies was as follows:

	2021	2020
	€	€
Board and key managerial personnel
Aggregate emoluments	1,440,924	113,390
Pension contributions	15,772	2,205
	1,456,696	115,595

Note 18 - Other operating expenses

	2021	2020
	€	€
Head office expenses	10,144,234	5,345,859
Distribution service fees	78,376,370	54,056,773
Distributions costs	138,299,920	94,601,771
Sub-advisory fees	19,893	156,137
Outsourced services	11,520,468	10,357,041
Other operating expenses	24,412,040	16,936,604
	262,772,925	181,454,185

Head office expenses relate to support costs which have been borne by other group companies and recharged to the Company.

Distribution service fees, distribution costs and sub-advisory fees relate to the cost of distributing and managing the Funds in Note 1. Distribution service fees are payable to affiliated undertakings (see Related parties transactions - Note 20) and other distribution costs are payable directly to the distributor, Outsourced services are related to fees incurred for services performed by third party providers and are carried out for the Threadneedle (Lux) fund. As a result of an agreement put in place on Ist April 2012, these expenses are now borne by the Company (previously they were directly borne by Threadneedle (Lux) fund).

Other operating expenses include directors' fees paid on behalf of Threadneedle (Lux) fund of €20,000 (2020: €20,000).

Note 19 - Auditors' fees

The audit fee of €89,168 (2020: € 83,954) was borne by Threadneedle Asset Management Holdings Limited, a fellow subsidiary of the Group on behalf of the Company and was recharged to the Company. Fees payable to the auditors for nonaudit services during the period under review were €35,667 (2020: €nil).

Note 20 - Related party transactions

During the year to 31 December 2021 the Company had transactions with the following related parties:

Ameriprise Financial, Inc. settled expenses on behalf of the Company.

Columbia Management Investment Advisors LLC acts as sub-advisor for a number of sub funds of the Threadneedle (Lux) fund.

Threadneedle Asset Management Holdings Limited acts as group treasurer and settled expenses on behalf of the Company.

Threadneedle Asset Management Limited acts as the sub-advisor for a number of sub-funds for the Threadneedle (Lux) fund.

Threadneedle International Limited acts as sub-distributor of the Threadneedle (Lux) fund in North America and earns fees based on a distribution service agreement between the companies.

Threadneedle Investment Services Limited acts as sub-distributor of the Threadneedle (Lux) fund in the UK and earns fees based on a distribution service agreement between the companies.

Threadneedle Investments Singapore (Pte.) Limited acts as sub-distributor of the Threadneedle (Lux) fund in Asia and earns fees based on a distribution service agreement between the companies and acts as sub-investment manager to a number of sub funds of the Threadneedle (Lux) fund.

Threadneedle Portfolio Services Limited acts as AIFM to the Columbia Threadneedle European Sustainable Infrastructure Fund ("ESIF") in Luxembourg and earns fees for investment management services.

Threadneedle Portfolio Services Hong Kong Limited acts as sub-distributor of the Threadneedle (Lux) fund in Hong Kong and earns fees and pays expenses based on a distribution service agreement between the companies.

Threadneedle Portfolio Services AG acts as a sub-distributor of the Threadneedle (Lux) fund in Switzerland and earns fees and pays expenses based on a distribution service agreement between the companies.

Columbia Threadneedle Investments (ME) Limited acts as a sub-distributor of the Threadneedle (Lux) fund in Dubai and earns fees and pays expenses based on a distribution service agreement between the companies.

Sackville Select III GP Sarl was primarily required for a Cost-plus adjustment, however, this was no longer required therefore reversed.

The Company pays expenses on behalf of Threadneedle Asset Management Sarl.

Note 21 - Off-balance sheet commitments

The financial commitments of the Company are as follows:

	2021	2020
	€	€
Leasing (rents not yet paid)	2,994,201	3,916,000

The nature and commercial objective of the operations not disclosed on the balance sheet can be described as follows:

Leasing (rents not yet paid)

Commitments on the rents not yet paid amount to €2,994,201 (2020: €3,916,000) at the end of the financial year. They relate to nine premises leases including the building F, Vallée Park, 44 Rue de la Vallée, L-2661, Luxembourg and ten vehicle leases. (2020: They relate to eleven premises leases including the building F, Vallée Park, 44 Rue de la Vallée, L-2661, Luxembourg and eleven vehicle leases).

Note 22 - Subsequent events

It is the wider Ameriprise group's intention to wind up Threadneedle Asset Management Sarl, the parent of Threadneedle Management Lux S.A., over the next year. The sole shareholdings of the Company will therefore be transferred over to TAM UK International Holdings Limited.