# CARMIGNAC PORTFOLIO
## Sécurité

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 2,150,337,131.47 |
| --- | --- |
| Securities portfolio at market value | 2,075,416,791.29 |
| Cost price | 2,071,854,854.21 |
| Unrealised profit on the securities portfolio | 3,561,937.08 |
| Options purchased at market value | 860,917.20 |
| Options purchased at cost | 1,144,000.00 |
| Cash at banks and liquidities | 56,412,924.73 |
| Interest receivable | 12,107,532.49 |
| Brokers receivable | 55,000.00 |
| Subscriptions receivable | 5,316,605.56 |
| Unrealised net appreciation on forward foreign exchange contracts | 76,300.09 |
| Other assets | 91,060.11 |
| Liabilities | 15,152,470.69 |
| Options sold at market value | 285,904.30 |
| Options sold at cost | 165,000.00 |
| Bank overdrafts | 201,139.57 |
| Brokers payable | 5,950,101.00 |
| Redemptions payable | 6,553,829.48 |
| Unrealised net depreciation on swaps | 816,546.65 |
| Other liabilities | 1,344,949.69 |
| Net asset value | 2,135,184,660.78 |

Key figures relating to the last 3 years
|  | Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 2,135,184,660.78 | 2,288,439,560.78 | 2,833,605,872.23 |
| Class A EUR - Capitalisation Number of shares |  | 2,140,554 | 2,786,184 | 2,345,575 |
| Net asset value per share | EUR | 100.78 | 101.98 | 98.46 |
| Class A EUR Y - Distribution Number of shares |  | 676,898 | 823,892 | 1,183,562 |
| Net asset value per share | EUR | 96.68 | 98.38 | 95.69 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 121,505 | 125,836 | 146,200 |
| Net asset value per share | CHF | 98.26 | 99.67 | 96.70 |
| Class A USD Hedged - Capitalisation Number of shares |  | 131,612 | 155,371 | 219,303 |
| Net asset value per share | USD | 110.74 | 111.15 | 104.36 |
| Class F EUR - Capitalisation Number of shares |  | 16,277,835 | 16,806,123 | 22,486,449 |
| Net asset value per share | EUR | 106.56 | 107.64 | 103.56 |
| Class F EUR Y - Distribution Number of shares |  | 250,210 | 256,731 | 324,304 |
| Net asset value per share | EUR | 97.59 | 99.49 | 96.50 |

| Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F CHF Hedged - Capitalisation | 2,135,184,660.78 | 2,288,439,560.78 | 2,833,605,872.23 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 535,667 | 423,939 | 474,932 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 102.82 | 104.11 | 100.66 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 56,325 | 68,069 | 186,382 |
| Net asset value per share | GBP | 111.59 | 112.42 | 107.07 |
| Class F USD Hedged - Capitalisation Number of shares |  | 117,119 | 115,227 | 334,927 |
| Net asset value per share | USD | 117.37 | 117.60 | 110.03 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchange listing | 1,882,106,370.24 | 88.15 |
| --- | --- | --- |
| Bonds | 1,427,541,558.30 | 66.86 |
| Australia | 1,831,556.39 | 0.09 |
| 1,822,000 CNOOC CURTIS | 2.75 13-20 03/10A | EUR | 1,831,556.39 | 0.09 |
| Austria |  |  | 3,819,079.50 | 0.18 |
| 3,326,000 OMV AG | 2.375 20-32 09/04A | EUR | 3,819,079.50 | 0.18 |
| Belgium |  |  | 19,222,382.00 | 0.90 |
| 3,600,000 ANHEUSER-BUSCH INBEV 3.7 20-40 02/04A | EUR | 4,372,326.00 | 0.20 |
| 1,100,000 ARGENTA SPAARBANK SUB 3.875 16-26 24/05A | EUR | 1,112,232.00 | 0.05 |
| 10,936,495 BELGIUM 1.60 16-47 22/06A | EUR | 13,737,824.00 | 0.65 |
| British Virgin Islands |  | 2,406,843.50 | 0.11 |
| 2,393,000 SINOPEC GR OVER REGS 2.625 13-20 17/10A | EUR | 2,406,843.50 | 0.11 |
| Canada |  | 10,923,010.21 | 0.51 |
| 10,893,000 BANK OF NOVA SC	0.5000 19-24 30/04A | EUR | 10,923,010.21 | 0.51 |
| China |  | 13,533,681.39 | 0.63 |
| 2,866,000 IND & COMM BK C	0.2500 19-22 25/04A | EUR | 2,852,859.39 | 0.13 |
| 10,800,000 MERCEDES-BENZ FINE  0.00 19-22 21/08U | EUR | 10,680,822.00 | 0.50 |
| Cyprus |  | 7,970,104.29 | 0.37 |
| 3,280,000 REPUBLIC OF CYP	1.2500 20-40 21/01A | EUR | 3,212,382.80 | 0.15 |
| 4,673,000 REPUBLIC OF CYPRUS  0.625 19-24 03/12A | EUR | 4,757,721.49 | 0.22 |
| Denmark |  | 20,749,783.81 | 0.97 |
| 3,703,000 DANSKE	1.625 19-24 15/03A | EUR | 3,797,574.62 | 0.18 |
| 9,221,000 DANSKE BK	0.625 20-25 26/05A | EUR | 9,313,394.42 | 0.43 |
| 2,192,000 NYKREDIT REALKR	0.2500 19-23 20/01A | EUR | 2,164,106.80 | 0.10 |
| 5,457,000 NYKREDIT REALKREDIT 0.75 16-21 14/07A | EUR | 5,474,707.97 | 0.26 |
| Finland |  | 7,921,373.89 | 0.37 |
| 6,500,000 NESTE OYJ	2.125 15-22 17/03A | EUR | 6,652,912.50 | 0.31 |
| 1,259,000 SATO-OYJ	2.375 16-21 24/03A | EUR | 1,268,461.39 | 0.06 |
| France |  | 178,543,670.25 | 8.35 |
| 3,600,000 AEROPORTS DE PARIS  2.125 20-26 02/10A | EUR | 3,870,234.00 | 0.18 |
| 2,700,000 AEROPORTS DE PARIS  2.75 20-30 02/04A | EUR | 3,067,929.00 | 0.14 |
| 4,649,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 4,920,617.83 | 0.23 |
| 1,400,000 BUREAU VERITAS SA  3.125 14-21 21/01A | EUR | 1,417,836.00 | 0.07 |
| 3,800,000 CAPGEMINI S	2.375 20-32 15/04A | EUR | 4,182,907.00 | 0.20 |
| 3,900,000 CAPGEMINI SE	2.0 20-29 15/04A | EUR | 4,196,458.50 | 0.20 |
| 2,600,000 CIE DE SAINT-GOBAIN 2.375 20-27 04/10A | EUR | 2,872,909.00 | 0.13 |
| 4,694,000 COVIVIO SA 1.625 17-24 17/10A | EUR | 4,781,707.39 | 0.22 |
| 11,200,000 DASSAULT SYSTEM  0.00  19-22 16/09A | EUR | 11,183,984.00 | 0.52 |
| 14,000,000 ESSILORLUXOTTIC	0.00 19-23 27/05A | EUR | 13,960,800.00 | 0.64 |
| 5,100,000 ESSILORLUXOTTIC	0.1250 19-25 27/05A | EUR | 5,076,540.00 | 0.24 |
| 9,883,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 9,897,478.60 | 0.46 |
| 4,338,000 EUROFINS SCIENTIFIC 3.375 15-23 30/01A | EUR | 4,480,611.75 | 0.21 |
| 2,100,000 FFP	1.8750 19-26 30/10A | EUR | 1,975,953.00 | 0.09 |
| 3,698,000 FIRMENICH PRODU	1.3750 20-26 30/10A | EUR | 3,805,648.78 | 0.18 |
| 3,078,000 FIRMENICH PRODUCTIONS 1.75 20-30 30/04A | EUR | 3,206,860.47 | 0.15 |
| 3,900,000 FONCIERE LYONNAISE 2.25 15-22 16/11A | EUR | 4,032,502.50 | 0.19 |
| 2,100,000 IPSEN	1.875 16-23 16/06A | EUR | 2,102,163.00 | 0.10 |
| 6,100,000 IPSOS	2.875 18-25 21/09A | EUR | 5,796,860.50 | 0.27 |
| 4,300,000 JCDECAUX SA	2.0000 20-24 24/10A | EUR | 4,350,697.00 | 0.20 |
| 3,800,000 LA POSTE	1.375 20-32 21/04A | EUR | 4,011,071.00 | 0.19 |
| 3,800,000 PERNOD RICARD S	1.7500 20-30 08/04A | EUR | 4,122,734.00 | 0.19 |
| 2,572,000 PSA BANQUE FRAN	0.5000 19-22 12/04A | EUR | 2,537,573.78 | 0.12 |
| 6,357,000 RCI BANQUE	1.375 17-24 08/03A | EUR | 6,308,718.58 | 0.30 |
| 7,966,000 RENAULT CREDIT INTER 0.75 19-23 10/04A | EUR | 7,751,674.77 | 0.36 |
| 9,900,000 SOCIETE FONCIERE L 1.875 14-21 26/11A | EUR | 10,030,383.00 | 0.47 |
| 4,200,000 SOCIETE GENERALE SA 1.25 19-24 15/02A | EUR | 4,257,939.00 | 0.20 |
| 6,280,000 SODEXO	1.0 20-29 27/04A | EUR | 6,193,869.80 | 0.29 |
| 2,300,000 SUEZ	1.2500 20-27 02/04A | EUR | 2,416,000.50 | 0.11 |
| 3,900,000 SUEZ SA	1.25 20-35 14/05A | EUR | 3,967,899.00 | 0.19 |
| 6,600,000 TIKEHAU CAPTIAL SCA 3.00 17-23 27/11A | EUR | 6,761,568.00 | 0.32 |
| 5,100,000 TOTAL CAPITAL INTERN 1.618 20-40 18/05A | EUR | 5,321,008.50 | 0.25 |
| 900,000 UNIBAIL-RODAMCO	0.1250 18-21 14/05A | EUR | 894,186.00 | 0.04 |
| 3,600,000 VERITAS SA	1.25 16-23 07/09A | EUR | 3,579,606.00 | 0.17 |
| 5,300,000 WORLDLINE SA	0.5 20-23 30/06A | EUR | 5,303,180.00 | 0.25 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 6,000,000 WORLDLINE SA/FR | 0.2500 19-24 18/09A | EUR | 5,905,560.00 | 0.28 |
| --- | --- | --- | --- | --- |
| Germany |  |  | 26,620,928.08 | 1.25 |
| 2,167,000 E ON SE 0.00 19-22 24/10U | EUR | 2,159,252.98 | 0.10 |
| 3,700,000 FRESENIUS SE & CO KGA 1.625 20-27 08/10A | EUR | 3,891,216.00 | 0.18 |
| 2,416,000 SCHAEFFLER AG	1.1250 19-22 26/03A | EUR | 2,355,998.64 | 0.11 |
| 2,100,000 VOLKSWAGEN BK	0.625 18-21 08/09A | EUR | 2,095,569.00 | 0.10 |
| 10,494,000 VOLKSWAGEN FIN SERV 0.625 19-22 01/04A | EUR | 10,435,391.01 | 0.48 |
| 990,000 VOLKSWAGEN FINANCIAL 0.25 18-20 16/10A | EUR | 989,361.45 | 0.05 |
| 2,460,000 VOLKSWAGEN LEAS	0.75 15-20 11/08A | EUR | 2,461,168.50 | 0.12 |
| 1,244,000 VOLKSWAGEN LEASING 0.25 17-20 05/10A | EUR | 1,243,782.30 | 0.06 |
| 990,000 VOLKSWAGEN LEASING 0.2500 18-21 16/02A | EUR | 989,188.20 | 0.05 |
| Greece |  | 59,826,774.31 | 2.80 |
| 4,444,000 ALPHA BANK AE	2.5 18-23 05/02A | EUR | 4,645,779.82 | 0.22 |
| 6,381,000 EUROBANK ERGASIAS SA 2.75 17-20 02/11A | EUR | 6,436,578.51 | 0.30 |
| 10,939,927 HELLENIC REPUBLIC  3.50 17-23 30/01A | EUR | 11,831,148.16 | 0.55 |
| 21,914,000 HELLENIC REPUBLIC  4.375 17-22 01/08A | EUR | 23,771,211.50 | 1.11 |
| 13,149,000 HELLENIC T-BILL ZCP 041220 | EUR | 13,142,056.32 | 0.62 |
| Ireland |  | 34,804,384.93 | 1.63 |
| 4,857,000 FCA BANK S.P.A	0.625 19-22 24/11A | EUR | 4,759,107.16 | 0.22 |
| 1,818,000 FCA BANK SPA IR	0.5000 19-24 13/09A | EUR | 1,714,346.73 | 0.08 |
| 6,833,000 FCA BANK SPA IRL	0.25 17-20 12/10A | EUR | 6,817,659.92 | 0.32 |
| 3,528,000 FCA CAPITAL	1.25 16-21 21/01A | EUR | 3,527,417.88 | 0.17 |
| 2,442,000 FCA CAPITAL IRELAND P 1.25 16-20 23/09A | EUR | 2,444,661.78 | 0.11 |
| 11,250,000 JOHNSON CONT INTL PLC 0.00 17-20 04/12U | EUR | 11,239,425.00 | 0.53 |
| 4,402,000 RYANAIR DAC 1.875 14-21 17 06A | EUR | 4,301,766.46 | 0.20 |
| Italy |  | 273,240,704.65 | 12.79 |
| 2,157,000 ATLANTIA EMTN	2.875 13-21 26/02A | EUR | 2,142,537.31 | 0.10 |
| 676,000 ATLANTIA SPA	1.625 17-25 03/02A | EUR | 639,303.34 | 0.03 |
| 3,444,000 ATLANTIA SPA	4.375 10-25 16/09A | EUR | 3,749,035.08 | 0.18 |
| 7,865,000 BANCA MONTE DEI	0.8750 19-26 08/10A | EUR | 8,053,366.75 | 0.38 |
| 4,979,000 BANCA MONTE DEI PASC 2.00 19-24 29/01A | EUR | 5,286,926.25 | 0.25 |
| 43,845,000 BUONI POLIENNAL	0.3500 19-25 01/02S | EUR | 43,366,431.83 | 2.03 |
| 21,950,000 BUONI POLIENNAL	0.6000 20-23 15/06S | EUR | 22,179,158.00 | 1.04 |
| 21,916,000 BUONI POLIENNAL	0.8500 19-27 15/01S | EUR | 21,837,869.46 | 1.02 |
| 6,519,000 EXOR NV	2.25 20-30 29/04A | EUR | 6,597,228.00 | 0.31 |
| 5,470,000 INTESA SAN PAOLO	6.625 13-23 13/09A | EUR | 6,229,618.90 | 0.29 |
| 21,913,000 ITALIAN REPUBLIC	0.4 19-30 15/05S | EUR | 21,392,528.47 | 1.00 |
| 65,801,000 ITALY 1.00 19-22 15/07S | EUR | 67,040,361.84 | 3.13 |
| 21,913,000 ITALY 2.35 14-24 15/09S | EUR | 24,956,896.80 | 1.17 |
| 21,959,000 ITALY BTP	1.60 16-26 01/06S | EUR | 22,971,200.10 | 1.08 |
| 2,196,000 MEDIOBANCA DI C	0.7500 20-27 15/07A | EUR | 2,085,958.44 | 0.10 |
| 1,850,000 MEDIOBANCA DI C	1.1250 20-25 23/04A | EUR | 1,779,977.50 | 0.08 |
| 5,638,000 MEDIOBANCA SPA	1.25 17-29 24/11A | EUR | 6,224,464.76 | 0.29 |
| 2,834,000 MEDIOBANCA-BCA CREDI 1.625 19-25 07/01A | EUR | 2,867,894.64 | 0.13 |
| 2,100,000 MONTE PASCHI SIENA  2.875 14-24 16/07A | EUR | 2,318,988.00 | 0.11 |
| 1,523,000 UNIONE DI BANCH	1.0000 19-22 22/07A | EUR | 1,520,959.18 | 0.07 |
| Japan |  | 1,102,884.96 | 0.05 |
| 1,104,000 NIDEC CORP	0.4870 18-21 27/09A | EUR | 1,102,884.96 | 0.05 |
| Jersey Island |  | 6,012,455.18 | 0.28 |
| 6,009,000 GLENCORE FINANCE EURO 1.25 15-21 17/03A | EUR | 6,012,455.18 | 0.28 |
| Luxembourg |  | 65,813,730.47 | 3.08 |
| 9,623,000 ALLERGAN FUNDING	0.50 17-21 01/06A | EUR | 9,590,426.14 | 0.45 |
| 1,834,000 ALTICE FINCO SA	4.75 17-28 15/01S | EUR | 1,682,695.00 | 0.08 |
| 7,191,000 BECTON DICKINSO	0.1740 19-21 04/06A | EUR | 7,144,761.87 | 0.33 |
| 7,514,000 BLACKSTONE PROPERTY P 0.50 19-23 12/09A | EUR | 7,430,068.62 | 0.35 |
| 8,047,000 EUROFINS SCIENT	3.7500 20-26 17/07A | EUR | 8,473,651.94 | 0.40 |
| 3,473,000 GAZ CAPITAL REGS	3.125 16-23 17/11A | EUR | 3,633,504.70 | 0.17 |
| 6,381,000 GAZ CAPITAL SA	2.949 18-24 24/01A | EUR | 6,648,682.95 | 0.31 |
| 3,000,000 MOHAWK CAPITAL FINANCE 1.75 20-27 12/06A | EUR | 3,089,835.00 | 0.14 |
| 8,065,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A | EUR | 9,260,636.25 | 0.43 |
| 4,000,000 UPJOHN FINANCE	0.8160 20-22 23/06A | EUR | 4,024,860.00 | 0.19 |
| 4,800,000 UPJOHN FINANCE	1.0230 20-24 23/06A | EUR | 4,834,608.00 | 0.23 |
| Mexico |  | 47,546,600.32 | 2.23 |
| 4,244,000 PEMEX	1.875 15-22 21/04A | EUR | 3,969,243.44 | 0.19 |
| 2,101,000 PEMEX	2.75 15-27 21/04A | EUR | 1,661,985.54 | 0.08 |
| 3,122,000 PEMEX	3.75 17-24 21/02A | EUR | 2,883,557.25 | 0.14 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| 1,022,000 PEMEX PROJECT REG S 5.50 05-25 24/02A	EUR | 1,019,123.07 | 0.05 |
| 411,000 PEMEX REGS	3.75 14-26 16/04A	EUR | 362,684.90 | 0.02 |

| 7,024,000 PETROLEOS MEXIC	3.6250 18-25 24/11A | EUR | 6,253,888.64 | 0.29 |
| --- | --- | --- | --- |
| 15,957,000 PETROLEOS MEXICANO 2.50 17-21 21/08A | EUR | 15,476,295.37 | 0.71 |
| 11,814,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 9,992,281.20 | 0.47 |
| 6,809,000 PETROLEOS MEXICANOS 4.875 17-28 21/02A | EUR | 5,927,540.91 | 0.28 |
| New Zealand |  | 25,136,125.00 | 1.18 |
| 25,000,000 BNZ INT FUNDING LON 0.375 19-24 14/09A | EUR | 25,136,125.00 | 1.18 |
| Norway |  | 5,517,794.40 | 0.26 |
| 3,219,000 AKER BP	4.75 19-24 15/06S	USD | 2,896,053.90 | 0.14 |
| 2,700,000 SANTANDER CONS BK 0.125  19-24 11/09A	EUR | 2,621,740.50 | 0.12 |
| Panama | 8,291,964.68 | 0.39 |
| 8,594,000 CARNIVAL CORP	11.5 20-23 01/04S	USD | 8,291,964.68 | 0.39 |
| Portugal |  | 65,832,550.17 | 3.08 |
| 10,981,157 PORTUGAL	5.65 13-24 15/02A | EUR | 13,375,543.11 | 0.63 |
| 10,981,000 PORTUGAL 2.875 15-25 15/10A | EUR | 12,707,487.73 | 0.60 |
| 10,957,348 PORTUGAL 2.875 16-26 21/07A | EUR | 12,877,678.12 | 0.60 |
| 10,980,184 PORTUGAL 4.95 08-23 25/10A | EUR | 12,932,516.07 | 0.61 |
| 10,958,287 PORTUGAL 4.125 17-27 14/04A | EUR | 13,939,325.14 | 0.64 |
| Romania |  | 16,125,555.32 | 0.76 |
| 3,158,000 GLOBALWORTH RE ESTATE 2.875 17-22 20/06A	EUR | 3,167,837.17 | 0.15 |
| 2,124,000 ROMANIA | 3.875 15-35 29/10A | EUR | 2,301,885.00 | 0.11 |
| 10,958,000 ROMANIA | 3.3750 20-50 28/01A | EUR | 10,655,833.15 | 0.50 |
| Russia |  | 10,355,971.50 | 0.49 |
| 7,700,000 GAZPROM PJSC	2.95 20-25 15/04A | EUR | 8,038,569.00 | 0.38 |
| 2,100,000 MINISTRY FIN RUSSIA 2.875 18-25 04/12A	EUR | 2,317,402.50 | 0.11 |
| Slovakia | 8,751,248.56 | 0.41 |
| 8,036,373 SLOVAKIA GVT | 1.00 18-28 12/06A | EUR | 8,751,248.56 | 0.41 |
| Slovenia |  |  | 3,632,333.50 | 0.17 |
| 3,340,000 SLOVENIA 1.1875 19-29 14/03A	EUR | 3,632,333.50 | 0.17 |
| South Korea | 14,649,145.42 | 0.69 |
| 8,421,000 LG CHEM 0.50	19-23 15/04A	EUR | 8,287,990.31 | 0.39 |
| 6,571,000 POSCO	0.5 20-24 17/01A	EUR | 6,361,155.11 | 0.30 |
| Spain |  |  | 52,127,266.43 | 2.44 |
| 5,500,000 BANKIA SA | 0.8750 19-24 25/03A | EUR | 5,475,030.00 | 0.26 |
| 3,300,000 BANKIA SA | 1.0000 19-24 25/06A | EUR | 3,176,910.00 | 0.15 |
| 1,800,000 BANKINTER SA	0.8750 19-26 08/07A	EUR | 1,751,670.00 | 0.08 |
| 5,900,000 FERROVIAL EMISIONES 1.382 20-26 14/05A | EUR | 5,977,732.50 | 0.28 |
| 3,900,000 INTL CONSOLIDAT	0.5000 19-23 04/07A | EUR | 3,137,335.50 | 0.15 |
| 21,899,000 KINGDOM OF SPAIN	0.00 20-25 31/01U | EUR | 22,042,876.43 | 1.02 |
| 6,300,000 SANTAN CONSUMER FI 0.875 17-22 24/01A | EUR | 6,341,454.00 | 0.30 |
| 2,900,000 SANTANDER CONSUMER 0.75 17-22 17/10A | EUR | 2,906,597.50 | 0.14 |
| 1,300,000 SANTANDER FIN	1.0 19-24 27/02A | EUR | 1,317,660.50 | 0.06 |
| Sweden |  | 35,983,241.48 | 1.69 |
| 9,336,000 AB SAGAX	2 18-24 17/01A | EUR | 9,334,412.88 | 0.44 |
| 2,245,000 CASTELLUM AB	0.7500 19-26 04/09A	EUR | 2,102,027.18 | 0.10 |
| 1,679,500 INTRUM JUSTITIA AB  2.75 17-22 15/07S | EUR | 1,602,721.66 | 0.08 |
| 2,441,000 INTRUM JUSTITIA AB  3.125 17-24 15/07S | EUR | 2,218,978.85 | 0.10 |
| 5,895,000 SAMHALLSBYGGNAD	1.0000 20-27 12/08A | EUR | 5,460,774.30 | 0.26 |
| 5,690,000 SAMHALLSBYGGNAD	1.1250 19-26 04/09A | EUR | 5,391,388.80 | 0.25 |
| 4,445,000 SCANIA CV AB	0.125 20-23 13/02A | EUR | 4,318,428.63 | 0.20 |
| 3,534,000 SWEDBANK	1.00 15-22 01/06A | EUR | 3,594,767.13 | 0.17 |
| 1,990,000 VOLVO CAR AB	2.1250 19-24 02/04A | EUR | 1,959,742.05 | 0.09 |
| The Netherlands | 169,220,316.67 | 7.93 |
| 4,383,000 AIRBUS SE | 1.3750 20-26 09/06A | EUR | 4,446,969.89 | 0.21 |
| 4,624,000 AIRBUS SE | 1.6250 20-30 09/06A | EUR | 4,688,412.32 | 0.22 |
| 2,411,000 AIRBUS SE | 2.3750 20-40 09/06A | EUR | 2,502,473.34 | 0.12 |
| 594,000 BMW FINANCE	0.125 17-20 03/07A	EUR | 594,127.71 | 0.03 |
| 22,467,000 DAIMLER INTL FI | 0.2500 18-21 09/08A | EUR | 22,462,731.27 | 1.04 |
| 1,079,000 DIGITAL DUTCH F | 0.1250 20-22 15/10A | EUR | 1,066,801.91 | 0.05 |
| 8,000,000 DIGITAL DUTCH FINCO 0.625 20-25 15/07A	EUR | 7,910,840.00 | 0.37 |
| 6,734,000 FERRARI	0.25 17-21 16/01A	EUR | 6,726,626.27 | 0.32 |
| 600,000 GIVAUDAN FIN EU	1.6250 20-32 22/04A	EUR | 644,289.00 | 0.03 |
| 7,641,000 HEINEKEN NV | 1.25 20-33 07/05A | EUR | 7,689,138.30 | 0.36 |
| 4,000,000 HEINEKEN NV | 1.7500 20-40 07/05A | EUR | 4,019,820.00 | 0.19 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 4,426,000 IMCD NV	2.50 18-25 26/03A | EUR | 4,304,130.09 | 0.20 |
| --- | --- | --- | --- |
| 9,900,000 ING GROUP NV	0.75 17-22 09/03A | EUR | 9,987,120.00 | 0.47 |
| 5,700,000 JAB HOLDINGS	3.375 20-35 17/04A | EUR | 6,614,736.00 | 0.31 |
| 6,400,000 JAB HOLDINGS BV	2.5000 20-27 17/04A | EUR | 6,822,208.00 | 0.32 |
| 5,300,000 NATIONALE-NEDERLANDEN 0.375 19-23 31/05A | EUR | 5,269,763.50 | 0.25 |
| 4,598,000 NE PROPERTY BV 2.625	19-23 22/05A | EUR | 4,671,843.88 | 0.22 |
| 8,650,000 NE PROPERTY COOP	1.75 17-24 23/11A | EUR | 8,392,100.25 | 0.39 |
| 6,300,000 RELX FINANCE BV	0.0 20-24 18/03A | EUR | 6,220,651.50 | 0.29 |
| 6,000,000 REPSOL INTL FINANCE 2.6250 20-30 15/04A | EUR | 6,688,200.00 | 0.31 |
| 3,274,000 SCHLUMBERGER FINANCE 1.3750 20-26 28/10A | EUR | 3,349,580.29 | 0.16 |
| 4,400,000 SCHLUMBERGER FINANCE 2.0000 20-32 06/05A | EUR | 4,705,866.00 | 0.22 |
| 6,000,000 SHELL INTERNATIONAL 1.25 20-32 11/11A | EUR | 6,196,860.00 | 0.29 |
| 3,470,000 SIEMENS FIN NV 0.00 19-24 05/09A | EUR | 3,454,679.95 | 0.16 |
| 1,464,000 TEVA PHARM FIN II  1.125 16-24 15/10A | EUR | 1,288,071.12 | 0.06 |
| 5,928,000 TEVA PHARM FNC	6.0000 19-25 31/01S | EUR | 6,279,026.52 | 0.29 |
| 323,098 TEVA PHARMA	0.375 16-20 25/07A | EUR | 322,562.87 | 0.02 |
| 1,081,000 TEVA PHARMA	1.625 16-28 15/10A | EUR | 884,863.36 | 0.04 |
| 271,000 TEVA PHARMA	3.25 18-22 14/03S | EUR | 270,857.73 | 0.01 |
| 13,409,000 THEVA PHARMAC	1.25 15-23 31/03A | EUR | 12,515,223.10 | 0.59 |
| 8,500,000 WINTERSHALL DEA SCHWE 0.452 19-23 25/09A | EUR | 8,229,742.50 | 0.39 |
| United Kingdom |  | 55,471,080.74 | 2.60 |
| 1,700,000 BAE SYSTEMS PLC	3.4 20-3015/04S | USD | 1,658,519.79 | 0.08 |
| 864,000 BARCLAYS BANK PLC  6.00 10-21 14/01A | EUR | 888,904.80 | 0.04 |
| 6,535,000 BARCLAYS PLC	1.875 16-23 08/12A | EUR | 6,761,731.83 | 0.32 |
| 6,527,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 3,456,731.83 | 0.16 |
| 4,605,000 FCE BANK PLC	1.528 15-20 09/11 | EUR | 4,580,063.93 | 0.21 |
| 4,877,000 FCE BANK PLC	0.869 17-21 13/09A | EUR | 4,716,693.01 | 0.22 |
| 3,830,000 LLOYDS BK CORP MKTS 0.25 19-22 04/10A | EUR | 3,805,296.50 | 0.18 |
| 5,900,000 MONDI FINANCE	2.375 20-28 01/04A | EUR | 6,375,953.00 | 0.30 |
| 4,969,000 NATWEST MARKETS PLC  2.75 20-25 02/04A | EUR | 5,328,581.68 | 0.25 |
| 6,535,000 RBS	2.50 16-23 22/03A | EUR | 6,810,156.17 | 0.32 |
| 6,535,000 ROYAL BANK OF SCOT  0.625 18-22 02/03A | EUR | 6,515,525.70 | 0.31 |
| 4,500,000 UBS AG LONDON	0.7500 20-23 21/04A | EUR | 4,572,922.50 | 0.21 |
| United States of America |  | 174,557,016.30 | 8.18 |
| 8,743,000 ATHENE GLOBAL FUNDING 1.875 20-23 23/06A | EUR | 8,816,834.64 | 0.41 |
| 4,147,000 BECTON DICKINSON EUR 0.632 19-23 04/06A | EUR | 4,122,905.93 | 0.19 |
| 6,800,000 BOEING CO	5.15 20-30 01/05S | USD | 6,794,884.03 | 0.32 |
| 10,169,000 BOEING CO	5.705 20-40 01/05S | USD | 10,361,940.74 | 0.49 |
| 2,300,000 COLGATE-PALMOLIVE CO 0.00 19-21 12/11A | EUR | 2,300,874.00 | 0.11 |
| 1,250,000 EXPEDIA GROUP I	6.2500 20-25 01/05S | USD | 1,193,227.20 | 0.06 |
| 9,990,000 EXXON MOBIL COR	0.1420 20-24 26/06A | EUR | 9,986,303.70 | 0.47 |
| 5,847,000 FIDELITY NATIONAL  0.75 19-23 21/05A | EUR | 5,890,794.03 | 0.28 |
| 1,287,000 FIDELITY NATIONAL 0.40 17-21 15/01A | EUR | 1,287,875.16 | 0.06 |
| 8,700,000 FIDELITY NATL I	0.1250 19-22 03/12A | EUR | 8,660,632.50 | 0.41 |
| 8,526,000 FIDELITY NATL I	0.6250 19-25 03/12A | EUR | 8,456,427.84 | 0.40 |
| 1,907,000 FISERV INC	0.3750 19-23 01/07A | EUR | 1,899,238.51 | 0.09 |
| 2,264,000 FORD MOTOR	9.625 20-30 22/04S | USD | 2,398,662.79 | 0.11 |
| 18,823,000 FORD MOTOR COMPANY 8.5000 20-23 21/04S | USD | 17,766,924.37 | 0.83 |
| 18,812,000 FORD MOTOR COMPANY 9.0000 20-25 22/04S | USD | 18,211,453.09 | 0.84 |
| 4,063,000 FORD MOTOR CREDIT CO 2.33 19-25 25/11A | EUR | 3,597,156.74 | 0.17 |
| 989,000 GOLDMAN SACHS GROUP 2.625 13-20 19/08A | EUR | 992,545.56 | 0.05 |
| 3,020,000 GOLDMAN SACHS GROUP 4.75 06-21 12/10A | EUR | 3,182,007.90 | 0.15 |
| 1,801,000 HONEYWELL INTERNAT 1.30 16-23 22/02A | EUR | 1,851,455.02 | 0.09 |
| 4,100,000 HONEYWELL INTERNATIONAL 0.0 20-24 10/03A | EUR | 4,053,670.00 | 0.19 |
| 3,950,000 HP ENTERPRISE C	4.6500 20-24 01/10S | USD | 3,954,079.60 | 0.19 |
| 8,100,000 HP ENTERPRISE CO  4.4500 20-23 02/10S | USD | 7,891,685.43 | 0.37 |
| 250,000 MARRIOTT INTERNATIONAL5.750 20-25 01/05S | USD | 242,849.80 | 0.01 |
| 9,067,000 NETFLIX INC	3.6250 19-30 15/06S | EUR | 9,326,633.55 | 0.44 |
| 4,337,000 ORACLE CORP	2.50 20-25 01/04S | USD | 4,150,568.66 | 0.19 |
| 2,167,000 PRICELINE GROUP IN  2.15 15-22 25/11A | EUR | 2,240,363.78 | 0.10 |
| 3,925,000 STANDARD INDUST	2.2500 19-26 21/11A | EUR | 3,711,754.75 | 0.17 |
| 11,196,000 STRYKER CORP	0.25 19-24 03/12A | EUR | 11,081,576.88 | 0.52 |
| 10,178,000 SYSCO	1.25 16-23 23/06A | EUR | 10,131,690.10 | 0.47 |
| Floating rate bonds |  | 317,578,839.92 | 14.87 |
| Denmark |  | 45,887,341.40 | 2.15 |
| 4,200,000 DANSKE BANK A/S	FL.R 19-22 20/09S | USD | 3,799,426.61 | 0.18 |

| Quantity	Denomination |  | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 14,924,000 DANSKE BANK A/S	FL.R 19-25 27/08A | EUR | 14,631,788.08 | 0.69 |
| 27,260,000 DANSKE BANK A/S FL.R 20-23 24/05A | EUR | 27,456,126.71 | 1.28 |
| France |  | 39,072,307.23 | 1.83 |
| 3,300,000 ACCOR SA | FL.R 19-XX 31/01A | EUR | 3,026,100.00 | 0.14 |
| 4,336,000 BNP PARIBAS | FL.R 14-26 20/03A | EUR | 4,378,666.24 | 0.21 |
| 4,900,000 BNP PARIBAS FL.R 20-29 17/04A	EUR | 4,959,535.00 | 0.23 |
| 1,194,000 CASA TIER 1 EUR	FL.R 14-49 08/04Q	EUR | 1,219,348.62 | 0.06 |
| 601,000 EUROFINS SCIENTIFIC FL.R 15-49 29/04A | EUR | 621,872.73 | 0.03 |
| 6,791,000 EUROFINS SCIENTIFIC FL.R 17-XX 13/11A | EUR | 6,508,766.04 | 0.30 |
| 5,065,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 4,960,863.60 | 0.23 |
| 4,200,000 LA BANQUE POSTALE  FL.R 20-26 17.06A | EUR | 4,157,664.00 | 0.19 |
| 1,700,000 LA POSTE SA | FL.R 18-XX 29/01A | EUR | 1,753,516.00 | 0.08 |
| 7,500,000 SAFRAN SA	FL.R 17-21 28/06Q | EUR | 7,485,975.00 | 0.36 |
| Germany |  | 3,215,034.00 | 0.15 |
| 2,600,000 COMMERZBANK AG	FL.R 20-30 05/12A | EUR | 2,619,162.00 | 0.12 |
| 600,000 VOLKSWAGEN LEASING FL.R 17-21 06/07Q	EUR | 595,872.00 | 0.03 |
| Ireland | 21,146,140.72 | 0.99 |
| 2,666,000 AIB GROUP PLC | FL.R 19-25 10/04S | USD | 2,533,572.32 | 0.12 |
| 2,000,000 AIB GROUP PLC | FL.R 20-49 31/12S | EUR | 1,993,720.00 | 0.09 |
| 6,636,000 ALLIED IRISH BANKS FL.R 15-XX 03/12S | EUR | 6,717,291.00 | 0.31 |
| 10,045,000 FCA BANK SPA	FL.R	18-21 17/06Q | EUR | 9,901,557.40 | 0.47 |
| Italy |  | 50,520,077.55 | 2.37 |
| 1,028,000 FINECO BANK SPA | FL.R 19-XX 03/12S | EUR | 1,021,523.60 | 0.05 |
| 6,400,000 INTESA SANPAOLO | FL.R 19-22 14/10Q | EUR | 6,312,320.00 | 0.30 |
| 7,770,000 INTESA SANPAOLO FL.R 16-XX 19/01S | EUR | 7,757,334.90 | 0.36 |
| 32,828,000 ITALY FL.R 20-23 15/12S | EUR | 32,537,800.48 | 1.53 |
| 1,099,000 UNICREDIT	FL.R 14-XX 10/09S	EUR | 1,081,350.06 | 0.05 |
| 1,787,000 UNICREDIT SPA EMTN  FL.R 13-25 28/10A	EUR | 1,809,748.51 | 0.08 |
| Luxembourg | 6,063,827.00 | 0.28 |
| 6,100,000 MOHAWK CAPITAL FINANC FL.R 19-21 04/09Q	EUR | 6,063,827.00 | 0.28 |
| Mexico | 4,739,804.65 | 0.22 |
| 4,195,000 AMERICA MOVIL SAB  FL.R 13-73 06/09A | EUR | 4,739,804.65 | 0.22 |
| Portugal |  | 2,632,896.00 | 0.12 |
| 2,400,000 CAIXA GERAL DEPOS. FL.R 17-XX 30/03Q	EUR | 2,632,896.00 | 0.12 |
| Spain | 27,515,384.00 | 1.29 |
| 2,200,000 BANCO BILBAO VI	FL.R 18-XX 24/03Q	EUR | 2,145,946.00 | 0.10 |
| 6,600,000 BANKIA SA	FL.R 19-29 15/02A	EUR | 6,532,416.00 | 0.31 |
| 10,900,000 BBVA	FL.R 17-22 12/04Q	EUR | 10,887,029.00 | 0.51 |
| 1,400,000 BCO BILBAO VIZCAYA FL.R 16-XX 14/04Q	EUR | 1,450,708.00 | 0.07 |
| 6,500,000 SANTAN CONSUMER	FL.R 20-21 10/07Q | EUR | 6,499,285.00 | 0.30 |
| Sweden |  | 26,865,086.66 | 1.26 |
| 2,891,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 2,668,277.36 | 0.12 |
| 12,221,000 SCANIA CV AB FL.R 18-20 19/10Q | EUR | 12,212,445.30 | 0.57 |
| 5,900,000 VOLVO TREASURY | FL.R 19-21 08/02Q | EUR | 5,893,392.00 | 0.28 |
| 6,100,000 VOLVO TREASURY | FL.R 19-21 09/08Q | EUR | 6,090,972.00 | 0.29 |
| The Netherlands | 24,593,776.21 | 1.15 |
| 1,300,000 ABN AMRO	FL.R 15-XX 22/03S	EUR | 1,300,377.00 | 0.06 |
| 5,200,000 ABN AMRO BANK NV FL.R 20-XX 22/09S	EUR | 5,068,596.00 | 0.24 |
| 10,100,000 BMW FINANCE	FL.R 19-21 15/01Q	EUR | 10,102,020.00 | 0.47 |
| 4,169,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 4,228,074.73 | 0.20 |
| 3,904,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 3,894,708.48 | 0.18 |
| Turkey | 1,728,746.83 | 0.08 |
| 1,800,000 YAPI	FL.R  19-99 15/01S	USD | 1,728,746.83 | 0.08 |
| United Kingdom | 31,958,906.07 | 1.50 |
| 3,250,000 BARCLAYS PLC	FL.R 13-XX 15/12Q	EUR | 3,268,720.00 | 0.15 |
| 4,900,000 BP CAPITAL MARKETS  FL.R 20-XX 22/06A | EUR | 4,934,006.00 | 0.23 |
| 4,600,000 BP CAPITAL MARKETS FL.R 20-XX 22/06A | EUR | 4,627,554.00 | 0.22 |
| 4,588,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 4,739,771.04 | 0.22 |
| 5,664,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 5,621,633.28 | 0.26 |
| 861,000 NATWEST MARKETS	FL.R 19-21 01/03Q | EUR | 862,334.55 | 0.04 |
| 6,535,000 SANTANDER UK PLC	FL.R 17-23 18/05Q | EUR | 6,448,215.20 | 0.31 |
| 1,400,000 SWISS RE FINANCE (UK) FL.R 20-52 04/06A | EUR | 1,456,672.00 | 0.07 |
| United States of America |  | 31,639,511.60 | 1.48 |
| 19,529,000 AT T INC	FL.R 18-20 03/08Q | EUR | 19,531,734.06 | 0.91 |
| 5,912,000 FORD MOTOR | FL.R 18-21 15/05Q | EUR | 5,719,800.88 | 0.27 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 908,000 GOLDMAN SACHS GROUP FL.R 16-21 27/07Q | EUR | 912,421.96 | 0.04 |
| --- | --- | --- | --- |
| 5,663,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 5,475,554.70 | 0.26 |
| Mortgage and asset backed securities |  | 136,985,972.02 | 6.42 |
| Ireland |  | 85,863,292.26 | 4.03 |
| 2,100,000 ADAGI V-X B1R	FL.R 18-31 15/10Q | EUR | 2,089,717.77 | 0.10 |
| 1,645,000 ADAGIO CLO	FL.R 17-31 30/04Q | EUR | 1,605,882.56 | 0.08 |
| 2,335,000 AVOCA 14X A1R	FL.R 17-31 12/01Q | EUR | 2,308,153.34 | 0.11 |
| 9,146,000 BCCE 2018-2X A  FL.R 18-32 20/01Q | EUR | 9,084,102.62 | 0.42 |
| 2,770,000 BECLO 4X A	FL.R 17-30 15/07Q | EUR | 2,743,014.66 | 0.13 |
| 2,239,000 BECLO 4X B2 2.05 17-30 15/07Q | EUR | 2,228,520.36 | 0.10 |
| 1,500,000 BLACK 2017-2X A1	FL.R 17-32 01/20Q | EUR | 1,484,933.25 | 0.07 |
| 253,942 BOSPHORUS CLO	FL.R 17-27 15/04Q | EUR | 253,393.57 | 0.01 |
| 1,154,000 CARLYLE GM STRAT EURO FL.R 16-30 06/06Q | EUR | 1,146,967.76 | 0.05 |
| 5,569,517 CGMSE 2015-2X AA1  FL.R 17-29 21/09Q | EUR | 5,533,431.87 | 0.26 |
| 843,000 GLGE 2X B	FL.R 16-30 15/01Q | EUR | 840,055.57 | 0.04 |
| 2,902,000 HARVEST	FL.R 18-31 15/10Q | EUR | 2,889,497.89 | 0.14 |
| 500,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 483,889.55 | 0.02 |
| 5,900,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 5,946,944.53 | 0.28 |
| 729,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 712,825.60 | 0.03 |
| 384,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 369,670.43 | 0.02 |
| 1,340,000 HARVEST CLO XVI DAC FL.R 18-31 15/10Q | EUR | 1,313,193.30 | 0.06 |
| 886,000 HARVT 12X AR	FL.R 17-30 18/11Q | EUR | 878,015.81 | 0.04 |
| 960,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 930,615.55 | 0.04 |
| 2,791,000 OAK HILL	FL.R 18-31 07/12Q | EUR | 2,776,799.67 | 0.13 |
| 927,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 916,533.71 | 0.04 |
| 480,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 466,723.92 | 0.02 |
| 824,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 755,156.36 | 0.04 |
| 1,373,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 1,338,363.32 | 0.06 |
| 2,270,558 ORWPK 1X A1R	FL.R 17-29 18/07Q | EUR | 2,259,208.36 | 0.11 |
| 340,000 ORWPK 1X A2R	FL.R 17-29 18/07Q | EUR | 337,528.99 | 0.02 |
| 1,709,000 PENTA 2017-3X A	FL.R 17-30 17/04Q | EUR | 1,696,357.16 | 0.08 |
| 589,000 PENTA 2017-3X C	FL.R 17-30 17/04Q | EUR | 561,606.09 | 0.03 |
| 2,320,000 PROVIDUS	FL.R 18-31 20/12Q | EUR | 2,303,721.26 | 0.11 |
| 8,000,000 SPAUL 9X A	FL.R 18-30 15/11Q | EUR | 7,893,133.60 | 0.37 |
| 975,000 ST PAUL	2.05 18-30 25/04Q | EUR | 970,501.64 | 0.05 |
| 3,810,000 ST PAULS CLO IV DAC FL.R 18-30 15/04Q | EUR | 3,774,729.68 | 0.18 |
| 1,000,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 974,595.70 | 0.05 |
| 900,000 ST PAULS CLO IV DACFL.R 18-30 25/04Q | EUR | 881,296.29 | 0.04 |
| 1,436,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 1,428,182.56 | 0.07 |
| 925,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 890,419.71 | 0.04 |
| 8,576,446 TYMON PARK	FL.R	18-29 21/01Q | EUR | 8,503,664.87 | 0.39 |
| 1,324,000 WILPK 1X A1	FL.R  17-31 15/01Q | EUR | 1,307,767.23 | 0.06 |
| 2,226,000 WILPK 1X A2A	FL.R 17-31 15/01Q | EUR | 2,190,421.40 | 0.10 |
| 824,000 WILPK 1X B	FL.R 17-31 15/01Q | EUR | 793,754.75 | 0.04 |
| The Netherlands |  | 47,202,341.44 | 2.21 |
| 10,000,000 BABSE 2018 2 BV 182X FL.R 18-31 15/10Q | EUR | 9,876,011.00 | 0.46 |
| 1,000,000 CRNCL 2017-8X A	FL.R 17-30 30/10Q | EUR | 990,344.50 | 0.05 |
| 2,975,000 CRNCL 2017-8X B1  FL.R 17-30 30/10Q | EUR | 2,913,130.71 | 0.14 |
| 500,000 CRNCL 2017-8X C	FL.R 17-30 30/10Q | EUR | 484,555.70 | 0.02 |
| 2,671,000 DRYD 2015-39X AR	FL.R 17-31 15/10Q | EUR | 2,653,538.33 | 0.12 |
| 455,000 DRYD 2015-39X B1R  FL.R 17-31 15/10Q | EUR | 445,914.28 | 0.02 |
| 1,365,000 DRYD 2015-39X B2R  2.05 17-31 15/10Q | EUR | 1,358,895.58 | 0.06 |
| 1,251,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,214,965.20 | 0.06 |
| 1,094,000 DRYD 2017-56 A	FL.R 17-32 15/01Q | EUR | 1,081,727.18 | 0.05 |
| 1,504,000 DRYD 2017-56X B2  FL.R 17-32 15/01Q | EUR | 1,500,582.92 | 0.07 |
| 937,000 DRYD 2017-56X C  FL.R  17-32 15/01Q | EUR | 899,847.67 | 0.04 |
| 10,000,000 GROSVENOR PLACE	FL.R 18-29 30/10Q | EUR | 9,796,676.00 | 0.46 |
| 1,237,000 JUBIL 2017-19X A1 FL.R 17-30 15/07Q | EUR | 1,222,779.21 | 0.06 |
| 4,226,000 JUBIL 2017-19X B FL.R 17-30 15/07Q | EUR | 4,127,463.62 | 0.19 |
| 866,000 JUBIL 2017-19X C FL.R 17-30 15/07Q | EUR | 832,624.71 | 0.04 |
| 202,000 JUBILEE CDO BV	FL.R 17-28 12/07Q | EUR | 196,261.22 | 0.01 |
| 3,375,490 PENTA 2017-2X AR  FL.R 17-28 04/08Q | EUR | 3,358,582.26 | 0.16 |
| 1,527,000 TIKEH 3X A	FL.R 17-30 01/12Q | EUR | 1,515,300.27 | 0.07 |
| 1,748,000 TIKEH 3X B	FL.R 17-30 01/12Q | EUR | 1,715,745.56 | 0.08 |
| 1,049,000 TIKEH 3X C	FL.R 17-30 01/12Q | EUR | 1,017,395.52 | 0.05 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
United States of America	
3,920,338.32	0.18
| 2,700,000 BLACK 2017-2X B | FL.R 17-32 20/01Q | EUR | 2,655,211.86 | 0.12 |
| --- | --- | --- | --- | --- |
| 1,300,000 BLACK 2017-2X C | FL.R 17-32 20/01Q | EUR | 1,265,126.46 | 0.06 |
| Shares/Units of UCITS/UCIS |  |  | 99,980,090.53 | 4.68 |
| Shares/Units in investment funds	 99,980,090.53 | 4.68 |
| France |  | 99,980,090.53 | 4.68 |
| 1,296 BNP PARIBAS MONEY 3M SICAV CAP | EUR | 29,931,111.44 | 1.40 |
| 0 CARMIGNAC COURT TERME A EUR ACC | EUR | 177.89 | 0.00 |
| 40,380 CARMIGNAC SECURITE A EUR ACC | EUR | 70,048,801.20 | 3.28 |
| Money market instruments |  | 93,330,330.52 | 4.37 |
| Bonds |  | 93,330,330.52 | 4.37 |
| Germany |  | 8,230,161.03 | 0.39 |
| 8,237,000 RWE AG ZCP 021020 | EUR | 8,230,161.03 | 0.39 |
| Greece |  | 85,100,169.49 | 3.98 |
| 13,643,000 HELLENIC T-BILL ZCP 070820 | EUR | 13,633,969.10 | 0.64 |
| 8,458,000 HELLENIC T-BILL ZCP 120321 | EUR | 8,443,962.51 | 0.40 |
| 16,234,000 HELLENIC T-BILL ZCP 280820 | EUR | 16,235,200.60 | 0.76 |
| 46,821,000 HELLENIC TBILL ZCP 30-10-20 | EUR | 46,787,037.28 | 2.18 |

Total securities portfolio	
2,075,416,791.29	97.20
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 15,447,506.38 |
| --- | --- |
| Net dividends | 141,538.00 |
| Net interest on bonds | 14,361,163.48 |
| Bank interest on cash account | 7,998.40 |
| Other financial income | 315,534.03 |
| Interest on swaps | 339,974.46 |
| Securities lending income | 281,298.01 |
| Expenses | 9,826,254.41 |
| Management fees | 5,503,954.42 |
| Bank interest on overdrafts | 387,861.90 |
| Transaction fees | 44,074.85 |
| Interest on swaps | 2,799,528.86 |
| Operating and establishment fees | 1,090,834.38 |
| Net income from investments | 5,621,251.97 |
| Net realised profit / loss on: - sales of investment securities | 17,728,326.62 |
| - options | -293,678.00 |
| - forward foreign exchange contracts | 7,092,213.70 |
| - financial futures | -21,109,758.86 |
| - swaps | -2,691,094.27 |
| - foreign exchange | -3,445,828.29 |
| Net realised profit | 2,901,432.87 |
| Movement in net unrealised appreciation / depreciation on: - investments | -32,973,761.21 |
| - options | -403,987.10 |
| - forward foreign exchange contracts | 893,530.82 |
| - financial futures | -1,851,716.80 |
| - swaps | 3,437,251.60 |
| Decrease in net assets as a result of operations | -27,997,249.82 |
| Dividends paid | -621,756.44 |
| Subscription capitalisation shares | 553,327,836.01 |
| Subscription distribution shares | 7,620,857.46 |
| Redemption capitalisation shares | -663,205,935.43 |
| Redemption distribution shares | -22,378,651.78 |
| Decrease in net assets | -153,254,900.00 |
| Net assets at the beginning of the period | 2,288,439,560.78 |
| Net assets at the end of the period | 2,135,184,660.78 |

Translation (ENFR, 2020-06-30):
# CARMIGNAC PORTFOLIO
## Combiné

### Etats financiers au 30/06/20

##### Etat des actifs nets au 30/06/20
Exprimé en EUR
| Actifs | 8.621.948.141,81 |
| --- | --- |
| Portefeuille-titres à la valeur de marché | 7.909.550.537,46 |
| Coût | 7.696.508.256,60 |
| Plus-value non réalisée sur portefeuille titres | 213.042.280,86 |
| Options achetées à la valeur d'évaluation | 33.879.213,07 |
| Options achetées au coût d’acquisition | 19.513.490,76 |
| Avoirs bancaires et liquidités | 375.007.246,21 |
| Intérêts à recevoir | 53.864.813,53 |
| Brokers à recevoir | 200.883.721,89 |
| Souscriptions à recevoir | 30.912.688,31 |
| Dividendes à recevoir | 2.210.086,19 |
| Plus-value nette non réalisée sur contrats de change à terme | 1.667.847,62 |
| Plus-value nette non réalisée nette sur instruments financiers à terme | 2.982.506,53 |
| Plus-value non réalisée nette sur swaps | 10.624.091,04 |
| Autres actifs | 365.389,96 |
| Passifs | 314.976.498,45 |
| Options vendues à la valeur d'évaluation | 6.184.101,09 |
| Options vendues au coût d'acquisition | 7.732.458,47 |
| Découverts bancaires | 53.484.051,60 |
| Brokers à payer | 155.225.437,49 |
| Rachats à payer | 39.711.476,55 |
| Moins-value non réalisée nette sur contrats de change à terme | 5.679.909,31 |
| Moins-value non réalisée nette sur instruments financiers à terme | 2.831.935,56 |
| Moins-value non réalisée nette sur swaps | 5.632.143,85 |
| Autres passifs | 46.227.443,00 |
| Valeur nette d’inventaire | 8.306.971.643,36 |


##### Etat des opérations et des changements des actifs nets du 01/01/20 au 30/06/20
Exprimé en EUR
| Revenus | 92.242.680,89 |
| --- | --- |
| Dividendes nets | 18.097.229,97 |
| Intérêts sur obligations | 61.071.047,66 |
| Intérêts bancaires sur comptes courants | 534.347,87 |
| Autres revenus financiers | 1.150.228,99 |
| Intérêts sur swaps | 10.956.610,33 |
| Revenu des prêts de titres | 433.216,07 |
| Dépenses | 101.456.877,76 |
| Commissions de gestion | 34.162.502,39 |
| Frais de gestion variables | 31.090.757,00 |
| Intérêts bancaires | 3.358.039,60 |
| Frais de transactions | 6.138.320,87 |
| Charges pour dividendes | 1.608.813,70 |
| Intérêts sur swaps | 16.489.794,90 |
| Frais de fonctionnement et d'établissement | 8.608.649,30 |
| Perte nette sur investissements | -9.214.196,87 |
| Bénéfice/perte net(te) réalisé(e) sur : |  |
| - sur ventes d’investissements en titres | 3.288.340,28 |
| - options | 3.634.470,51 |
| - contrats de change à terme | 45.363.478,87 |
| Produits sur instruments financiers à terme | -21.013.212,25 |
| - swaps | 14.702.271,76 |
| - change | -13.557.262,29 |
| Bénéfice net réalisé | 23.203.890,01 |
| Variation de la plus-value/moins-value non réalisée nette sur : |  |
| placements | -40.499.408,37 |
| - options | 16.083.022,14 |
| - contrats de change à terme | -10.605.083,51 |
| Produits sur instruments financiers à terme | -758.490,01 |
| - swaps | 17.705.401,12 |
| Augmentation des actifs nets issue du résultat d’exploitation | 5.129.331,38 |
| Dividendes versés | -5.275.885,02 |
| Émission d'actions | 2.447.480.746,44 |
| Souscription d'actions de distribution | 47.749.382,08 |
| Rachat d'actions | -2.371.340.066,87 |
| Rachat d’actions de distribution | -62.697.968,31 |
| Augmentation des actifs nets | 61.045.539,70 |
| Actifs nets, début de la période | 8.245.926.103,66 |
| Actifs nets à la fin de la période | 8.306.971.643,36 |