7,2,3,10. Deductible expenses

For the determination of net yield, the following expenses will be deducted from the full income:

Administration and deposit expenses of marketable securities

For these purposes, administration and deposit expenses are considered as those amounts that investment service companies, credit institutions charge or other financial institutions that, in accordance with Royal Legislative Decree 4/2015 of 23 October, approving the consolidated text of the Securities Market Act, the purpose of which is to pay the benefit derived from the performance on behalf of its holders of the service securities deposit accounts represented in the form of securities or securities administration represented in account entries.

Amounts that involve the consideration of discretionary and individualised management of investment portfolios will not be deductible, where there is a drawdown of the investments made on behalf of the holders in accordance with the mandates conferred by them.