# from 1 January 2021 to 30 June 2021
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 6,401,112.79 |
| Interest on Bonds, Net of Taxes | 1e | 18,584.24 |
| Interest on Cash Accounts |  | 5,971.60 |
| Tax Claim |  | 116,683.17 |
| Other Income |  | 22,950.58 |
| Total Income |  | 6,565,302.37 |
| Expenses |  |  |
| Management Fees | 5 | 3,985,412.86 |
| Depositary Fees | 9 | 38,466.49 |
| Subscription Tax | 7 | 65,888.42 |
| Administration Fees | 10 | 495,717.29 |
| Miscellaneous Fees |  | 146,416.57 |
| Transactions Fees | 8 | 761,868.05 |
| Overdraft Interest |  | 8,373.72 |
| Taxes Paid to Foreign Authorities |  | 6,668.91 |
| Total Expenses |  | 5,508,812.31 |
| Net Profit / (Loss) |  | 1,056,490.06 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 67,581,105.70 |
| - on Currencies |  | -493,595.24 |
| - on Forward Foreign Exchange Contracts |  | -6,006.57 |
| Net Realised Profit / (Loss) |  | 68,137,993.94 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -17,520,832.77 |
| - on Currencies |  | -38,462.15 |
| Result of Operations |  | 50,578,699.02 |
| - Subscriptions |  | 365,617.82 |
| - Redemptions |  | -33,259,629.85 |
| Dividends paid | 11 | -24,175.15 |
| Net Changes in Net Assets |  | 17,660,511.83 |
| Total Net Assets at the Beginning of the Period |  | 724,872,979.56 |
| Exchange Rate Difference in Net Assets from 31.12.20 to 30.06.21 | 1h | 13,902,460.16 |
| Total Net Assets at the End of the Period |  | 756,435,951.55 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 721,684,416.97 |
| Cash at Banks |  | 16,668,538.53 |
| Interest Receivable on Bonds |  | 22,039.05 |
| Dividends Receivable on Shares |  | 1,311,462.47 |
| Amounts Receivable on Investment Sold |  | 4,077,622.14 |
| Total Assets |  | 743,764,079.16 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 2,214,887.62 |
| Overdraft at Banks |  | 84,925.94 |
| Overdraft Interest Payable |  | 489.27 |
| Amounts Payable on Redemptions |  | 74,639.13 |
| Amounts Payable on Investment Purchased |  | 1,669,545.33 |
| Total Liabilities |  | 4,044,487.29 |
| Total Net Assets at the End of the Period |  | 739,719,591.87 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A USD |  | 8,925.000 |
| - B |  | 29,947.655 |
| - B USD |  | 197,112.119 |
| - F |  | 3,900.000 |
| - Z |  | 4,747.173 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A USD |  | 141.21 |
| - B (EUR) |  | 150.72 |
| - B USD |  | 131.48 |
| - F (EUR) |  | 162.64 |
| - Z (EUR) |  | 125,484.88 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 17,059,264,750 |
| Cash at Banks |  | 439,913,741 |
| Interest Receivable on Bonds |  | 0 |
| Dividends Receivable on Shares |  | 26,605,953 |
| Amounts Receivable on Investment Sold |  | 37,036,568 |
| Total Assets |  | 17,562,821,012 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 59,367,347 |
| Overdraft at Banks |  | 727,720 |
| Overdraft Interest Payable |  | 24,331 |
| Amounts Payable on Redemptions |  | 1,393,172 |
| Amounts Payable on Investment Purchased |  | 38,382,536 |
| Total Liabilities |  | 99,895,106 |
| Total Net Assets at the End of the Period |  | 17,462,925,906 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A JPY |  | 1,785.000 |
| - B |  | 14,370.830 |
| - B JPY |  | 3,388.517 |
| - F JPY |  | 1.000 |
| - Z |  | 722.000 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A JPY |  | 12,327 |
| - B (EUR) |  | 188.25 |
| - B JPY |  | 22,255 |
| - F JPY |  | 25,071 |
| - Z (EUR) |  | 178,986.41 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 5,866,744.80 |
| Interest on Bonds, Net of Taxes | 1e | 22,039.05 |
| Interest on Cash Accounts |  | 6,416.27 |
| Tax Claim |  | 127,192.08 |
| Other Income |  | 27,217.09 |
| Total Income |  | 6,049,609.29 |
| Expenses |  |  |
| Management Fees | 5 | 3,933,104.18 |
| Depositary Fees | 9 | 37,822.86 |
| Subscription Tax | 7 | 65,682.55 |
| Administration Fees | 10 | 482,107.13 |
| Miscellaneous Fees |  | 142,781.02 |
| Transactions Fees | 8 | 832,795.01 |
| Overdraft Interest |  | 7,944.71 |
| Taxes Paid to Foreign Authorities |  | 4,409.16 |
| Total Expenses |  | 5,506,646.62 |
| Net Profit / (Loss) |  | 542,962.67 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 71,942,073.51 |
| - on Currencies |  | -596,993.84 |
| - on Forward Foreign Exchange Contracts |  | -314.02 |
| Net Realised Profit / (Loss) |  | 71,887,728.32 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -30,469,084.29 |
| - on Currencies |  | -39,651.05 |
| Result of Operations |  | 41,378,992.98 |
| - Subscriptions |  | 411,812.98 |
| - Redemptions |  | -34,129,116.66 |
| Dividends paid | 11 | -25,002.50 |
| Net Changes in Net Assets |  | 7,636,686.80 |
| Total Net Assets at the Beginning of the Period |  | 732,082,905.07 |
| Total Net Assets at the End of the Period |  | 739,719,591.87 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 191,383,954 |
| Interest on Bonds, Net of Taxes | 1e | 0 |
| Interest on Cash Accounts |  | 73,858 |
| Tax Claim |  | 1,241,145 |
| Other Income |  | 0 |
| Total Income |  | 192,698,957 |
| Expenses |  |  |
| Management Fees | 5 | 88,036,944 |
| Depositary Fees | 9 | 865,117 |
| Subscription Tax | 7 | 1,382,328 |
| Administration Fees | 10 | 11,738,749 |
| Miscellaneous Fees |  | 3,424,530 |
| Transactions Fees | 8 | 7,847,474 |
| Overdraft Interest |  | 220,391 |
| Taxes Paid to Foreign Authorities |  | 388,410 |
| Total Expenses |  | 113,903,943 |
| Net Profit / (Loss) |  | 78,795,014 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 910,380,159 |
| - on Currencies |  | 1,291,838 |
| - on Forward Foreign Exchange Contracts |  | -755,750 |
| Net Realised Profit / (Loss) |  | 989,711,261 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | 1,075,618,368 |
| - on Currencies |  | -661,635 |
| Result of Operations |  | 2,064,667,994 |
| - Subscriptions |  | 2,416,608 |
| - Redemptions |  | -589,743,096 |
| Dividends paid | 11 | -406,980 |
| Net Changes in Net Assets |  | 1,476,934,526 |
| Total Net Assets at the Beginning of the Period |  | 15,985,991,380 |
| Total Net Assets at the End of the Period |  | 17,462,925,906 |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  |  |  |  |
| Quoted or negotiated equities |  |  |  |  |  |
| SOUTH32 LTD | 620,617 | AUD | 978,467.67 | 1,365,144.06 | 0.18% |
| Total AUSTRALIAN DOLLAR |  |  | 978,467.67 | 1,365,144.06 | 0.18% |
| BB SEGURIDADE PARTICIPACOES S.A. | 611,825 | BRL | 3,832,982.71 | 2,816,561.33 | 0.38% |
| DURATEX S.A. | 662,148 | BRL | 1,929,755.53 | 3,140,595.77 | 0.42% |
| LOCALIZA RENT -A- CAR S.A. | 111,845 | BRL | 1,121,502.50 | 1,426,515.72 | 0.19% |
| LOJAS RENNER S.A. | 0 | BRL | 0.68 | 0.88 | 0.00% |
| NATURA & CO | 470,197 | BRL | 4,489,479.83 | 5,316,786.22 | 0.72% |
| RAIA DROGASIL | 257,667 | BRL | 1,180,496.27 | 1,268,853.73 | 0.17% |
| SUZANO S.A. | 114,738 | BRL | 1,449,553.68 | 1,367,606.29 | 0.18% |
| WEG S.A. | 470,500 | BRL | 2,531,386.38 | 3,158,934.72 | 0.43% |
| Total BRAZILIAN REAL |  |  | 16,535,157.58 | 18,495,854.66 | 2.50% |
| IAMGOLD CORP. | 299,833 | CAD | 983,103.34 | 883,784.57 | 0.12% |
| Total CANADIAN DOLLAR |  |  | 983,103.34 | 883,784.57 | 0.12% |
| BANCO DE CHILE | 4,324,662 | CLP | 434,220.86 | 430,559.58 | 0.06% |
| Total CHILEAN PESO |  |  | 434,220.86 | 430,559.58 | 0.06% |
| BEIBU GULF PORT CO LTD | 629,200 | CNY | 993,480.09 | 808,231.71 | 0.11% |
| BEIJING YANJING BREWERY CO LTD -A- | 1,133,500 | CNY | 1,341,599.29 | 1,270,074.42 | 0.17% |
| BETTER LIFE COMMERICAL CHAIN SHARE | 477,600 | CNY | 933,553.93 | 544,015.42 | 0.07% |
| BOE TECHNOLOGY GROUP CO LTD -A- | 2,624,700 | CNY | 2,644,917.25 | 2,534,739.55 | 0.34% |
| CHACHA FOOD CO LTD -A- | 143,999 | CNY | 1,384,690.72 | 960,518.70 | 0.13% |
| CHINA RAILWAY TIELONG CONTAINER -A- | 695,100 | CNY | 583,529.47 | 530,350.87 | 0.07% |
| CHONGQING CHANGAN AUTOMOB -A- | 734,600 | CNY | 1,257,704.23 | 2,987,757.63 | 0.40% |
| CHONGQING DEPARTMENT STORE CO LTD | 198,500 | CNY | 996,530.10 | 843,280.27 | 0.11% |
| CONTEMPORARY AMPEREX TECHNOLOGY CO | 41,200 | CNY | 2,239,874.84 | 3,410,026.03 | 0.46% |
| CSG HLDG CO LTD -A- | 1,575,100 | CNY | 1,159,393.40 | 2,496,187.29 | 0.34% |
| DAQIN RAILWAY CO LTD -A- | 1,056,500 | CNY | 1,010,849.03 | 1,075,881.59 | 0.15% |
| FAW JIEFANG GROUP CO LTD | 619,112 | CNY | 1,065,966.92 | 1,036,729.75 | 0.14% |
| FUJIAN STAR-NET COMMUNICATION CO | 308,000 | CNY | 1,410,054.68 | 1,017,695.08 | 0.14% |
| GUANGXI LIUGONG MACHINERY CO -A- | 863,100 | CNY | 830,467.58 | 1,095,327.64 | 0.15% |
| HAN'S LASER TECHNOLOGY INDUSTRY | 295,700 | CNY | 2,188,079.68 | 1,848,392.76 | 0.25% |
| JIANGSU HENGLI HYDRAULIC CO LTD -A- | 30,999 | CNY | 361,934.21 | 412,202.89 | 0.06% |
| MLS CO LTD -A- | 540,000 | CNY | 1,217,662.22 | 1,119,870.07 | 0.15% |
| ORG TECHNOLOGY CO LTD | 1,379,600 | CNY | 1,120,877.58 | 1,097,451.62 | 0.15% |
| PING AN BANK CO LTD -A- | 1,961,100 | CNY | 7,193,353.48 | 6,865,330.04 | 0.93% |
| SHANDONG NANSHAN ALUMINUM CO LTD | 2,958,000 | CNY | 969,023.61 | 1,648,047.60 | 0.22% |
| SHANGHAI KEHUA BIO-ENGINEERING CO L | 364,700 | CNY | 1,068,144.25 | 1,010,881.92 | 0.14% |
| SHENZHEN LAIBAO HI-TECH CO LTD -A- | 432,400 | CNY | 881,553.87 | 752,847.98 | 0.10% |
| TONGKUN GROUP CO LTD -A- | 456,549 | CNY | 874,269.58 | 1,702,132.15 | 0.23% |
| TONGLING NONFERROUS METALS GROUP -A- | 3,981,700 | CNY | 1,371,656.90 | 1,676,125.44 | 0.23% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| WUXI TAIJI INDUSTRY CO LTD -A- | 899,100 | CNY | 1,582,359.76 | 1,266,247.12 | 0.17% |
| XUJI ELECTRIC CO., LTD. -A- | 471,000 | CNY | 976,310.21 | 922,834.22 | 0.12% |
| YUNNAN ALUMINIUM CO LTD -A- | 613,700 | CNY | 550,708.54 | 1,130,243.88 | 0.15% |
| YUNNAN COPPER CO LTD -A- | 676,500 | CNY | 1,140,809.93 | 1,343,270.69 | 0.18% |
| Total CHINA YUAN RENMINBI |  |  | 39,349,355.35 | 43,406,694.33 | 5.87% |
| COMMERCIAL INTERNATIONAL BANK LTD | 230,979 | EGP | 840,966.54 | 767,771.57 | 0.10% |
| Total EGYPTIAN POUND |  |  | 840,966.54 | 767,771.57 | 0.10% |
| ALPHA SERVICES & HLDG S.A. | 748,748 | EUR | 1,225,361.06 | 957,199.59 | 0.13% |
| EUROBANK HLDG S.A. | 1,033,895 | EUR | 846,103.60 | 1,042,181.67 | 0.14% |
| NATIONAL BANK OF GREECE S.A. | 326,084 | EUR | 876,457.44 | 928,087.24 | 0.13% |
| PROSUS NV | 35,725 | EUR | 3,489,153.09 | 3,493,946.91 | 0.47% |
| Total EURO |  |  | 6,437,075.19 | 6,421,415.41 | 0.87% |
| ANGLO AMERICAN PLC | 71,249 | GBP | 1,801,938.32 | 2,827,299.89 | 0.38% |
| GLENCORE PLC | 377,390 | GBP | 1,390,577.25 | 1,613,295.57 | 0.22% |
| POLYMETAL INTERNATIONAL PLC | 131,280 | GBP | 3,159,189.92 | 2,819,177.10 | 0.38% |
| PRUDENTIAL PLC | 66,139 | GBP | 1,405,480.04 | 1,254,929.58 | 0.17% |
| Total BRITISH POUND |  |  | 7,757,185.53 | 8,514,702.14 | 1.15% |
| 3SBIO INC. | 1,207,414 | HKD | 1,391,903.08 | 1,492,586.32 | 0.20% |
| AGRICULTURAL BANK OF CHINA -H- | 3,369,748 | HKD | 1,511,854.84 | 1,171,583.39 | 0.16% |
| AIA GROUP LTD | 569,001 | HKD | 5,305,567.77 | 7,070,536.36 | 0.96% |
| AIA GROUP LTD | 352,200 | HKD | 2,750,231.70 | 4,376,517.62 | 0.59% |
| ALIBABA GROUP HLDG LTD | 623,748 | HKD | 14,001,104.07 | 17,670,297.59 | 2.39% |
| ALIBABA GROUP HLDG LTD | 593,352 | HKD | 12,533,781.26 | 16,809,202.46 | 2.27% |
| ALIBABA HEALTH INFO TECHNOLOGY | 1,120,000 | HKD | 2,786,348.26 | 2,483,494.41 | 0.34% |
| ALUMINUM CORPORATION OF CHINA LTD | 2,927,212 | HKD | 1,315,529.90 | 1,745,207.96 | 0.24% |
| ASM PACIFIC TECHNOLOGY | 112,700 | HKD | 1,751,399.15 | 1,526,692.85 | 0.21% |
| AUTOHOME INC. -A- | 15,700 | HKD | 383,754.69 | 257,763.76 | 0.03% |
| BANK OF CHINA LTD -H- | 2,685,922 | HKD | 1,211,242.11 | 964,960.68 | 0.13% |
| BANK OF COMMUNICATIONS CO LTD | 1,508,876 | HKD | 1,153,490.42 | 1,014,229.11 | 0.14% |
| BUDWEISER BREWING CO APAC LTD | 905,800 | HKD | 3,138,308.45 | 2,857,659.09 | 0.39% |
| CHINA COMMUNICATION -H- | 3,995,718 | HKD | 2,930,895.86 | 1,996,358.68 | 0.27% |
| CHINA CONSTRUCTION BANK CORP. | 1,646,897 | HKD | 1,419,698.96 | 1,295,745.37 | 0.18% |
| CHINA CONSTRUCTION BANK CORP. | 6,452,000 | HKD | 5,396,213.73 | 5,076,303.57 | 0.69% |
| CHINA GALAXY SECURITIES CO LTD | 1,657,000 | HKD | 1,158,245.18 | 987,905.76 | 0.13% |
| CHINA GAS HLDG LTD | 385,000 | HKD | 1,373,077.11 | 1,174,954.62 | 0.16% |
| CHINA MENGNIU DAIRY | 598,500 | HKD | 2,063,520.33 | 3,618,359.95 | 0.49% |
| CHINA MERCHANTS BANK | 620,000 | HKD | 3,037,317.52 | 5,289,195.12 | 0.72% |
| CHINA MERCHANTS BANK | 812,500 | HKD | 6,047,802.93 | 6,931,404.90 | 0.94% |
| CHINA MINSHENG BANKING CORP. -H- | 1,178,376 | HKD | 867,191.26 | 564,467.37 | 0.08% |
| CHINA RAILWAY GROUP LTD -H- | 1,567,500 | HKD | 1,106,731.52 | 817,475.21 | 0.11% |
| CHINA VANKE CO LTD -H- | 605,800 | HKD | 2,142,412.44 | 1,895,603.75 | 0.26% |
| COSCO SHIPPING PORTS LTD | 697,685 | HKD | 758,460.02 | 544,432.48 | 0.07% |
| DONGFANG ELECTRIC CORP. -H- | 930,200 | HKD | 743,036.88 | 745,038.54 | 0.10% |
| GREENTOWN CHINA HLDG LTD | 922,194 | HKD | 874,042.40 | 1,420,252.26 | 0.19% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| GUANGZHOU AUTOMOBILE GROUP CO LTD | 1,308,000 | HKD | 1,310,415.10 | 1,173,957.94 | 0.16% |
| GUANGZHOU -H- TEMPORARY | 827,334 | HKD | 1,222,379.17 | 943,901.36 | 0.13% |
| HAIER SMART HOME CO LTD -H- | 592,600 | HKD | 1,774,877.29 | 2,067,963.91 | 0.28% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 2,413,909 | HKD | 1,645,585.48 | 1,417,417.38 | 0.19% |
| JD.COM INC. -A- | 99,750 | HKD | 3,640,849.60 | 3,922,780.01 | 0.53% |
| JIANGXI COPPER CO LTD -H- | 602,200 | HKD | 755,179.57 | 1,232,962.57 | 0.17% |
| KINGSOFT CORP. LTD | 303,000 | HKD | 1,290,617.14 | 1,816,244.58 | 0.25% |
| MEITUAN DIANPING B | 176,500 | HKD | 6,930,323.64 | 7,281,975.84 | 0.98% |
| MINTH GROUP LTD | 304,000 | HKD | 1,445,383.08 | 1,444,481.44 | 0.20% |
| NINE DRAGONS PAPER LTD | 862,000 | HKD | 967,478.42 | 1,105,550.59 | 0.15% |
| PING AN INSURANCE GROUP CO -H- | 522,900 | HKD | 4,766,026.95 | 5,120,706.41 | 0.69% |
| POLY PROPERTY GROUP CO | 1,552,453 | HKD | 639,021.73 | 403,814.44 | 0.05% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 1,938,072 | HKD | 4,956,673.81 | 3,963,076.19 | 0.54% |
| SHENZHEN INTERNATIONAL HLDG LTD | 1,867,000 | HKD | 3,435,885.09 | 2,582,026.03 | 0.35% |
| SINO OCEAN GROUP HLDG LTD | 1,324,104 | HKD | 606,263.87 | 289,856.49 | 0.04% |
| SITC INTERNATIONAL HLDG CO LTD | 868,000 | HKD | 2,660,822.43 | 3,626,990.71 | 0.49% |
| SUN ART RETAIL GROUP LTD | 958,642 | HKD | 1,068,380.29 | 713,503.83 | 0.10% |
| SUNNY OPTICAL TECHNOLOGY CO LTD | 123,800 | HKD | 1,973,935.21 | 3,912,075.43 | 0.53% |
| TECHTRONIC INDUSTRIES CO LTD | 378,500 | HKD | 2,223,866.79 | 6,609,027.97 | 0.89% |
| TENCENT HOLDINGS LTD | 246,432 | HKD | 9,117,216.32 | 18,531,986.09 | 2.51% |
| TENCENT HOLDINGS LTD | 232,468 | HKD | 9,759,467.60 | 17,481,876.31 | 2.36% |
| THE PEOPLE'INSURANCE CO | 2,424,037 | HKD | 1,140,623.08 | 808,446.02 | 0.11% |
| WUXI BIOLOGICS CAYMAN INC. | 230,500 | HKD | 2,299,484.02 | 4,223,649.26 | 0.57% |
| XINYI SOLAR HLDG LTD | 1,138,000 | HKD | 2,144,956.45 | 2,455,999.61 | 0.33% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 1,478,300 | HKD | 675,274.20 | 1,547,622.87 | 0.21% |
| Total HONG KONG DOLLAR |  |  | 147,604,148.17 | 186,476,122.46 | 25.21% |
| GEDEON RICHTER | 106,878 | HUF | 2,327,945.49 | 2,848,847.18 | 0.39% |
| OTP BANK PLC | 47,309 | HUF | 1,740,853.70 | 2,550,024.82 | 0.34% |
| Total HUNGARIAN FORINT |  |  | 4,068,799.19 | 5,398,872.00 | 0.73% |
| BANK CENTRAL ASIA TBK | 2,016,700 | IDR | 3,894,394.11 | 4,189,867.06 | 0.57% |
| BANK CENTRAL ASIA TBK | 1,485,300 | IDR | 2,858,957.57 | 3,085,838.02 | 0.42% |
| BANK RAKYAT INDONESIA -B- | 10,651,080 | IDR | 2,284,904.97 | 2,894,154.81 | 0.39% |
| PT PERUSAHAAN GAS NEGARA TBK | 5,662,500 | IDR | 904,130.43 | 392,469.73 | 0.05% |
| PT UNILEVER INDONESIA TBK | 5,216,900 | IDR | 2,842,296.04 | 1,780,941.28 | 0.24% |
| Total INDONESIAN RUPIAH |  |  | 12,784,683.12 | 12,343,270.90 | 1.67% |
| BAJAJ FINSERV LTD | 18,569 | INR | 2,392,254.37 | 3,025,063.11 | 0.41% |
| BANK OF BARODA | 1,526,919 | INR | 1,815,353.21 | 1,764,594.88 | 0.24% |
| BHARAT FORGE LTD | 408,335 | INR | 3,036,687.89 | 4,185,529.73 | 0.57% |
| BHARAT HEAVY ELECTRICALS LTD | 523,134 | INR | 819,325.65 | 461,340.41 | 0.06% |
| CONTAINER CORP. OF INDIA LTD | 317,693 | INR | 2,242,563.02 | 2,984,809.61 | 0.40% |
| DABUR INDIA -DIS- | 256,248 | INR | 1,906,177.44 | 1,960,729.78 | 0.27% |
| HCL TECHNOLOGIES LTD DEMATERIAL | 216,500 | INR | 1,701,724.57 | 2,864,627.23 | 0.39% |
| HDFC BANK | 136,467 | INR | 1,868,061.61 | 2,750,086.26 | 0.37% |
| HDFC LIFE INSURANCE CO LTD | 201,870 | INR | 1,944,904.30 | 1,863,895.81 | 0.25% |
| HERO MOTOCORP LTD | 65,579 | INR | 2,809,838.88 | 2,560,871.77 | 0.35% |
| HOUSING DEVELOPMENT FINANCE CORP. | 205,739 | INR | 4,921,495.17 | 6,851,277.29 | 0.93% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| ICICI BANK LTD | 497,829 | INR | 2,485,619.53 | 4,225,485.06 | 0.57% |
| INDIAN OIL CORP. LTD | 1,447,758 | INR | 2,000,850.93 | 2,101,615.53 | 0.28% |
| KOTAK MAHINDRA BANK LTD | 54,100 | INR | 903,608.37 | 1,241,577.85 | 0.17% |
| LUPIN LTD | 101,607 | INR | 1,473,301.72 | 1,570,787.02 | 0.21% |
| MARUTI SUZUKI INDIA LTD | 14,119 | INR | 1,038,429.51 | 1,427,646.82 | 0.19% |
| MOTHERSON SUMI SYSTEMS LTD | 898,108 | INR | 1,990,603.59 | 2,925,224.52 | 0.40% |
| RELIANCE INDUSTRIES | 109,996 | INR | 2,842,562.57 | 3,123,409.78 | 0.42% |
| SBI LIFE INSURANCE CO LTD | 215,308 | INR | 2,230,862.59 | 2,920,257.66 | 0.39% |
| SHRIRAM TRANSPORT FINANCE CO LTD | 179,982 | INR | 2,713,816.86 | 3,251,080.63 | 0.44% |
| STATE BANK OF INDIA | 480,990 | INR | 2,591,913.17 | 2,712,646.31 | 0.37% |
| STEEL AUTHORITY OF INDIA LTD | 1,308,034 | INR | 1,073,760.16 | 2,298,254.19 | 0.31% |
| TECH MAHINDRA LTD | 191,069 | INR | 1,801,865.86 | 2,815,909.17 | 0.38% |
| TV18 BROADCAST LTD | 761,931 | INR | 529,367.43 | 439,752.98 | 0.06% |
| Total INDIAN RUPEE |  |  | 49,134,948.40 | 62,326,473.40 | 8.43% |
| GREEN CROSS CORP. | 3,063 | KRW | 441,514.64 | 893,482.69 | 0.12% |
| GS ENGINEERING & CONSTRUCTION CORP. | 40,682 | KRW | 1,257,166.99 | 1,549,756.12 | 0.21% |
| HANA FINANCIAL GROUP INC. | 69,700 | KRW | 2,633,013.29 | 2,850,139.94 | 0.39% |
| HANKOOK TIRE & TECHNOLOGY CO LTD | 31,657 | KRW | 1,422,077.68 | 1,453,329.44 | 0.20% |
| HYUNDAI DEPT STORE LTD | 17,840 | KRW | 1,456,810.52 | 1,384,554.49 | 0.19% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 38,466 | KRW | 1,762,948.34 | 1,991,358.05 | 0.27% |
| KB FINANCIAL GROUP INC. | 158,773 | KRW | 7,091,178.88 | 7,867,099.10 | 1.06% |
| KB FINANCIAL GROUP INC. | 25,722 | KRW | 980,872.25 | 1,274,508.41 | 0.17% |
| KIA CORP. | 24,971 | KRW | 1,103,263.55 | 1,986,770.56 | 0.27% |
| KIWOOM SECURITIES CO LTD | 12,740 | KRW | 1,440,181.99 | 1,481,987.34 | 0.20% |
| LG CHEM LTD | 3,387 | KRW | 2,533,081.92 | 2,556,453.48 | 0.35% |
| LG DISPLAY CO LTD | 89,448 | KRW | 1,169,191.00 | 1,945,989.49 | 0.26% |
| LG ELECTRONICS INC. | 13,071 | KRW | 683,543.31 | 1,897,712.17 | 0.26% |
| LG HOUSEHOLD & HEALTHCARE LTD | 2,590 | KRW | 2,908,775.82 | 4,052,373.24 | 0.55% |
| LOTTE CHEMICAL CORP. | 4,598 | KRW | 717,821.95 | 1,071,771.11 | 0.14% |
| NCSOFT CORP. | 3,983 | KRW | 1,999,551.26 | 2,900,199.88 | 0.39% |
| OCI CO LTD | 15,150 | KRW | 1,115,140.59 | 1,580,717.53 | 0.21% |
| SAMSUNG ELECTRONICS CO LTD | 324,073 | KRW | 12,941,738.59 | 23,223,098.03 | 3.14% |
| SAMSUNG ELECTRONICS CO LTD | 210,323 | KRW | 7,670,863.98 | 15,071,763.60 | 2.04% |
| SAMSUNG ELECTRONICS CO LTD PFD | 62,739 | KRW | 1,916,854.39 | 4,105,904.57 | 0.56% |
| SAMSUNG ENGINEERING CO LTD | 111,406 | KRW | 1,388,305.77 | 2,364,341.76 | 0.32% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 222,050 | KRW | 1,384,223.70 | 1,323,052.47 | 0.18% |
| SAMSUNG LIFE INSURANCE CO LTD | 20,930 | KRW | 1,472,075.75 | 1,483,118.63 | 0.20% |
| SAMSUNG SDS CO LTD | 8,645 | KRW | 1,352,357.85 | 1,420,170.53 | 0.19% |
| SHINHAN FINANCIAL GROUP CO LTD | 40,007 | KRW | 1,491,967.87 | 1,442,333.83 | 0.19% |
| SK HYNIX INC. | 54,523 | KRW | 3,654,543.91 | 6,172,963.37 | 0.83% |
| SK NETWORKS CO LTD | 160,793 | KRW | 833,196.66 | 859,542.59 | 0.12% |
| Total SOUTH KOREAN WON |  |  | 64,822,262.45 | 96,204,492.42 | 13.01% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 633,568 | MXN | 3,671,993.70 | 4,097,248.03 | 0.55% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 1,021,582 | MXN | 3,556,966.61 | 6,606,512.39 | 0.89% |
| KIMBERLY-CLARK DE MEXICO S.A.B. DE CV | 605,672 | MXN | 1,000,143.09 | 1,075,946.33 | 0.15% |
| WAL-MART DE MEXICO SAB DE CV | 675,425 | MXN | 1,760,638.59 | 2,207,374.35 | 0.30% |
| WAL-MART DE MEXICO SAB DE CV | 1,434,555 | MXN | 3,662,420.48 | 4,688,307.23 | 0.63% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| Total MEXICAN PESO |  |  | 13,652,162.47 | 18,675,388.33 | 2.52% |
| ALLEGRO.EU S.A. | 122,525 | PLN | 1,915,753.87 | 2,111,909.48 | 0.29% |
| GRUPA LOTOS S.A. | 65,028 | PLN | 937,575.46 | 917,252.80 | 0.12% |
| KGHM POLSKA MIEDZ S.A. | 13,862 | PLN | 292,119.29 | 683,264.45 | 0.09% |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 444,437 | PLN | 1,106,856.61 | 1,098,535.75 | 0.15% |
| POLSKI KONCERN NAFTOWY ORLEN S.A. | 93,606 | PLN | 1,661,740.23 | 1,887,844.23 | 0.26% |
| TAURON POLSKA ENERGIA S.A. | 790,357 | PLN | 612,531.42 | 693,400.47 | 0.09% |
| Total POLISH ZLOTY |  |  | 6,526,576.88 | 7,392,207.18 | 1.00% |
| FEDERAL GRID CO OF UNIF ENERGY | 302,629,537 | RUB | 908,656.92 | 909,291.82 | 0.12% |
| FEDERAL HYDROGENERATING CO -R- | 117,192,567 | RUB | 1,009,683.31 | 1,394,688.27 | 0.19% |
| MOBILE TELESYSTEMS P.J.S.C. | 134,728 | RUB | 614,963.73 | 631,925.74 | 0.09% |
| ROSSETI P.J.S.C. | 40,305,319 | RUB | 596,965.69 | 747,416.95 | 0.10% |
| ROSTELECOM PUBLIC JOINT STOCK | 461,771 | RUB | 606,047.52 | 645,181.96 | 0.09% |
| Total RUSSIAN RUBLE |  |  | 3,736,317.17 | 4,328,504.74 | 0.59% |
| EPIROC AKTIEBOLAG AK -A- | 148,787 | SEK | 2,252,502.54 | 3,392,532.85 | 0.46% |
| Total SWEDISH KRONA |  |  | 2,252,502.54 | 3,392,532.85 | 0.46% |
| AIRPORTS OF THAILAND PUBLIC CO LTD | 683,300 | THB | 1,236,556.10 | 1,321,416.23 | 0.18% |
| BANPU PUBLIC CO LTD FOREIGN -REG- | 2,892,000 | THB | 1,028,755.23 | 1,407,211.63 | 0.19% |
| IRPC PUBLIC CO LTD -FOREIGN- | 10,944,267 | THB | 1,052,802.60 | 1,310,854.33 | 0.18% |
| ITALIAN-THAI DVLPT PU CO LTD -FOREIGN- | 2,863,124 | THB | 344,521.34 | 212,546.35 | 0.03% |
| PTT EXPLORATION-PROD PUBLIC NVDR | 897,300 | THB | 3,335,544.05 | 3,274,613.57 | 0.44% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 833,202 | THB | 832,025.62 | 1,533,341.33 | 0.21% |
| SIAM CEMENT PUBLIC CO LTD FOREIGN | 100,565 | THB | 1,496,075.59 | 1,355,086.86 | 0.18% |
| SIAM COMMERCIAL BANK NVDR | 588,900 | THB | 2,054,701.60 | 1,800,131.19 | 0.24% |
| THAI OIL PUBLIC CO LTD -FOREIGN- | 827,423 | THB | 501,358.13 | 1,406,567.63 | 0.19% |
| Total THAI BAHT |  |  | 11,882,340.26 | 13,621,769.12 | 1.84% |
| ALARKO HLDG | 0 | TRY | 0.10 | 0.09 | 0.00% |
| ARCELIK A.S. | 461,125 | TRY | 1,190,068.13 | 1,581,759.23 | 0.21% |
| BIM BIRLESIK MAGAZALAR AS | 147,687 | TRY | 1,244,631.64 | 1,056,547.06 | 0.14% |
| BIM BIRLESIK MAGAZALAR AS | 119,748 | TRY | 1,023,452.48 | 856,672.54 | 0.12% |
| DOGAN SIRKETLER GRUBU HLDG AS | 1,779,060 | TRY | 470,776.97 | 581,586.59 | 0.08% |
| EMLAK KONUT GAYRIMENKUL YATIRIM ORT | 4,735,859 | TRY | 1,220,955.89 | 1,019,402.79 | 0.14% |
| EREGLI DEMIR VE CELIK FABRIKALARI | 1,201,852 | TRY | 1,823,055.84 | 2,490,169.68 | 0.34% |
| PETKIM PETROKIMYA HLDG AS | 1,856,636 | TRY | 1,032,296.87 | 1,117,722.26 | 0.15% |
| TEKFEN HLDG AS | 378,715 | TRY | 889,911.57 | 641,690.73 | 0.09% |
| TUPRAS TURKIYE PETROL RAFINELERI AS | 84,824 | TRY | 1,512,301.81 | 925,131.38 | 0.13% |
| TURKCELL ILETISIM HIZMET | 782,330 | TRY | 1,500,348.17 | 1,449,844.10 | 0.20% |
| TURKIYE IS BANKASI AS | 1,444,193 | TRY | 1,179,174.42 | 847,814.53 | 0.11% |
| TURK SISE CAM | 1 | TRY | 1.25 | 1.06 | 0.00% |
| YAPI VE KREDI BANKASI AS | 3,290,516 | TRY | 1,138,450.10 | 818,131.67 | 0.11% |
| Total TURKISH LIRA |  |  | 14,225,425.24 | 13,386,473.71 | 1.81% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| ACCTON TECHNOLOGY CORP. | 419,000 | TWD | 1,833,781.27 | 4,970,101.50 | 0.67% |
| ACER INC. | 1,568,781 | TWD | 956,711.00 | 1,649,718.00 | 0.22% |
| ASE INDUSTRIAL HLDG CO LTD | 465,000 | TWD | 1,930,446.74 | 1,869,178.37 | 0.25% |
| AU OPTRONICS CORP. | 1,718,000 | TWD | 1,168,605.67 | 1,396,597.10 | 0.19% |
| AU OPTRONICS CORP. | 1,559,450 | TWD | 559,377.47 | 1,267,708.59 | 0.17% |
| CHAILEASE HLDG CO LTD | 343,123 | TWD | 934,402.64 | 2,493,759.85 | 0.34% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 565,088 | TWD | 867,284.25 | 948,150.92 | 0.13% |
| CHIMEI INNOLUX CORP. | 2,056,610 | TWD | 709,707.59 | 1,531,615.72 | 0.21% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1,959,167 | TWD | 799,519.50 | 980,901.58 | 0.13% |
| CHIPBOND TECHNOLOGY CORP. | 1,130,000 | TWD | 2,237,020.87 | 2,920,052.85 | 0.39% |
| CORETRONIC CORP. | 402,174 | TWD | 648,004.90 | 884,818.59 | 0.12% |
| DELTA ELECTRONICS INC. | 652,000 | TWD | 3,532,520.01 | 7,090,387.90 | 0.96% |
| ENNOSTAR INC. | 421,500 | TWD | 1,273,621.54 | 1,187,536.61 | 0.16% |
| EVERLIGHT ELECTRONICS CO LTD | 232,928 | TWD | 454,219.11 | 440,567.12 | 0.06% |
| HANNSTAR DISPLAY CORP. | 1,142,800 | TWD | 297,320.40 | 906,446.71 | 0.12% |
| HIGH TECH COMPUTER CORP. | 570,349 | TWD | 878,297.50 | 804,475.84 | 0.11% |
| HIWIN TECHNOLOGIES CORP. | 133,154 | TWD | 1,409,839.21 | 1,887,691.78 | 0.26% |
| HON HAI PRECISION INDUSTRY CO LTD | 421,000 | TWD | 1,809,361.01 | 1,692,309.88 | 0.23% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 710,871 | TWD | 676,406.02 | 685,038.31 | 0.09% |
| INVENTEC CORP. | 1,079,000 | TWD | 890,316.28 | 1,016,554.16 | 0.14% |
| KINSUS INTERCONNECT TECHNOLOGY CORP. | 162,000 | TWD | 346,961.93 | 784,925.71 | 0.11% |
| LANDMARK OPTOELECTRONICS CORP. | 282,000 | TWD | 2,848,857.35 | 2,682,098.69 | 0.36% |
| PEGATRON CORP. | 369,000 | TWD | 820,450.16 | 911,159.85 | 0.12% |
| PHISON ELECTRONICS CORP. | 77,000 | TWD | 1,254,220.29 | 1,326,513.68 | 0.18% |
| QISDA CORP. | 1,414,600 | TWD | 719,391.23 | 1,563,738.55 | 0.21% |
| REALTEK SEMICONDUCTOR CORP. | 134,000 | TWD | 2,217,389.47 | 2,428,711.60 | 0.33% |
| SILERGY CORP. | 17,000 | TWD | 867,634.35 | 2,312,426.31 | 0.31% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 1,086,000 | TWD | 8,937,908.43 | 23,191,378.41 | 3.14% |
| WINBOND ELECTRONICS CORP. | 1,488,000 | TWD | 1,278,689.44 | 1,861,167.61 | 0.25% |
| WISTRON CORP. | 1,244,150 | TWD | 958,450.09 | 1,384,248.97 | 0.19% |
| Total TAIWAN NEW DOLLAR |  |  | 44,116,715.72 | 75,069,980.76 | 10.15% |
| RAIFFEISEN BANK AVAL JSC | 3,314,000 | UAH | 177,406.37 | 52,309.78 | 0.01% |
| Total UKRAINE HRYVNIA |  |  | 177,406.37 | 52,309.78 | 0.01% |
| ALIBABA GROUP HLDG LTD -ADR- | 17,000 | USD | 3,713,000.60 | 3,855,260.00 | 0.52% |
| ALIBABA GROUP HLDG LTD -ADR- | 8,336 | USD | 1,535,245.62 | 1,890,438.08 | 0.26% |
| ALROSA CJSC | 887,217 | USD | 1,002,923.24 | 1,629,795.45 | 0.22% |
| AUTOHOME INC. -ADR- | 24,457 | USD | 1,980,810.26 | 1,564,269.72 | 0.21% |
| BAOZUN INC-SPN ADR | 165,458 | USD | 5,999,330.04 | 5,863,831.52 | 0.79% |
| BUENAVENTURA -SP ADR- -B- | 83,300 | USD | 1,013,195.37 | 753,865.00 | 0.10% |
| CEMIG SPONSOREDADR | 428,578 | USD | 1,163,075.16 | 1,020,015.64 | 0.14% |
| CREDICORP LTD | 24,174 | USD | 4,352,448.41 | 2,927,713.14 | 0.40% |
| CREDICORP LTD | 22,608 | USD | 3,892,937.36 | 2,738,054.88 | 0.37% |
| EMBRAER -SP ADR- | 57,005 | USD | 1,237,657.70 | 863,055.70 | 0.12% |
| EPAM SYSTEMS INC. | 5,966 | USD | 1,399,977.98 | 3,048,387.36 | 0.41% |
| FIRST SOLAR INC. | 29,738 | USD | 1,389,448.59 | 2,691,586.38 | 0.36% |
| FIX PRICE GROUP LTD | 114,356 | USD | 1,110,483.79 | 1,000,615.00 | 0.14% |
| GAZPROM OAO | 573,170 | USD | 1,352,658.46 | 2,204,364.82 | 0.30% |
| GAZPROM -SP ADR- | 630,555 | USD | 3,472,359.29 | 4,817,440.20 | 0.65% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| GAZPROM -SP ADR- | 272,612 | USD | 1,903,864.47 | 2,082,755.68 | 0.28% |
| HDFC BANK LTD -ADR- | 71,042 | USD | 3,063,364.79 | 5,194,591.04 | 0.70% |
| HUAZHU | 25,758 | USD | 1,507,896.50 | 1,360,279.98 | 0.18% |
| KE HLDG INC. | 37,599 | USD | 2,012,908.29 | 1,792,720.32 | 0.24% |
| MAGNIT JSC | 28,997 | USD | 1,658,079.99 | 2,105,816.51 | 0.28% |
| MERCADOLIBRE INC. | 1,774 | USD | 2,126,029.36 | 2,763,519.46 | 0.37% |
| MICRON TECHNOLOGY | 37,461 | USD | 3,219,049.29 | 3,183,435.78 | 0.43% |
| NEW ORIENTAL EDUCATION & TECHNO -ADR- | 211,040 | USD | 2,510,789.01 | 1,728,417.60 | 0.23% |
| OIL CO LUKOIL P.J.S.C. -ADR- | 66,969 | USD | 5,025,745.92 | 6,161,148.00 | 0.83% |
| SBERBANK OF RUSSIA OJSC -ADR- | 262,249 | USD | 3,404,940.24 | 4,354,644.65 | 0.59% |
| SBERBANK OF RUSSIA OJSC -ADR- | 403,707 | USD | 4,660,894.49 | 6,703,554.74 | 0.91% |
| SEA LTD-ADR | 12,159 | USD | 1,282,293.69 | 3,338,861.40 | 0.45% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 95,277 | USD | 1,430,355.71 | 2,048,455.50 | 0.28% |
| TAIWAN SEMICONDUCTOR MANUFACTERING -ADR-5 SHARE | 166,203 | USD | 6,227,335.44 | 19,970,952.48 | 2.70% |
| TRIP COM GROUP LTD-ADR | 47,611 | USD | 2,068,951.46 | 1,688,286.06 | 0.23% |
| WINBOND ELECTRONICS CORP. -GDR- | 1 | USD | 3.40 | 12.50 | 0.00% |
| X5 RETAIL GROUP SP GDR-S | 31,020 | USD | 996,628.78 | 1,087,561.20 | 0.15% |
| YANDEX N.V. CLASS -A- | 56,852 | USD | 2,321,132.57 | 4,022,279.00 | 0.54% |
| Total U.S. DOLLAR |  |  | 80,035,815.27 | 106,455,984.79 | 14.39% |
| CAPITEC BANK HLDG LTD | 30,714 | ZAR | 1,541,787.31 | 3,627,670.96 | 0.49% |
| CLICKS GROUP LTD | 87,481 | ZAR | 1,139,579.20 | 1,505,260.04 | 0.20% |
| CLICKS GROUP LTD | 40,345 | ZAR | 727,041.39 | 694,204.64 | 0.09% |
| REMGRO LTD | 146,915 | ZAR | 1,173,911.53 | 1,179,128.32 | 0.16% |
| SAPPI LTD | 525,708 | ZAR | 1,595,522.26 | 1,523,510.27 | 0.21% |
| SHOPRITE HLDG LTD | 133,705 | ZAR | 1,479,855.33 | 1,455,528.62 | 0.20% |
| Total SOUTH AFRICAN RAND |  |  | 7,657,697.02 | 9,985,302.85 | 1.35% |
| Total Quoted or negotiated equities |  |  | 535,993,332.33 | 695,395,611.61 | 94.01% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 535,993,332.33 | 695,395,611.61 | 94.01% |
| Other transferable securities |  |  |  |  |  |
| NMC HEALTH PLC | 243,845 | GBP | 8,149,932.34 | 0.00 | 0.00% |
| Total BRITISH POUND |  |  | 8,149,932.34 | 0.00 | 0.00% |
| CENTERENERGO OJSC | 132,600 | UAH | 296,098.13 | 43,017.30 | 0.01% |
| MOTOR SICH JSC | 400 | UAH | 177,854.71 | 0.00 | 0.00% |
| UKRTELECOM P.J.S.C. | 6,959,300 | UAH | 523,688.05 | 23,342.26 | 0.00% |
| Total UKRAINE HRYVNIA |  |  | 997,640.89 | 66,359.56 | 0.01% |
| BANK OF CHANGSHA-CLSA 21-160326 | 716,500 | USD | 1,225,842.49 | 990,919.50 | 0.13% |
| BANK OF CHENGDU-CICC FINANCE 21-180324 | 776,326 | USD | 1,449,666.78 | 1,519,702.40 | 0.21% |
| CAIHONG -UBS A.G. LONDON WARRANT 20-301121 | 874,700 | USD | 855,679.86 | 1,110,869.00 | 0.15% |
| FOTON-CICC FINANCE 20-191023 | 2,048,500 | USD | 986,578.08 | 1,094,517.65 | 0.15% |
| GREE ELECTRIC-CLSA WARRANT 17-190122 | 695,459 | USD | 5,474,614.05 | 5,608,876.84 | 0.76% |
| HANGZHOU TIGERMED CONSULTINF -CLSA 20-210425 | 98,992 | USD | 1,347,166.60 | 2,962,038.62 | 0.40% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| JIANGSU HENGLI -UBS WARRANT 20-131221 | 88,379 | USD | 1,029,438.95 | 1,176,280.30 | 0.16% |
| JILIN SINO MICROELEC-CLSA 20-041225 | 750,996 | USD | 1,135,041.77 | 1,053,647.39 | 0.14% |
| NARI TECH -CLSA WARRANT 18-040923 | 1,306,712 | USD | 3,844,656.11 | 4,697,629.64 | 0.64% |
| NARI TECH-CLSA WARRANT 1 -BONUS- 20210623 | 1,306,712 | USD | 0.00 | 0.00 | 0.00% |
| RIZHAO -UBS A.G. LONDON 20-100122 | 2,616,250 | USD | 1,115,082.38 | 1,083,127.50 | 0.15% |
| SHANDONG -UBS A.G. LONDON 20-100122 | 606,634 | USD | 347,521.81 | 732,813.87 | 0.10% |
| TRIANGLE TY-CICC FINANCE 0,00 20-090323 | 397,100 | USD | 863,139.56 | 892,963.54 | 0.12% |
| XIAMEN KING -UBS A.G. 20-081021 | 623,757 | USD | 567,824.66 | 656,192.36 | 0.09% |
| ZHONGJI INN-CLSA 21-290426 | 443,211 | USD | 2,610,707.24 | 2,642,867.19 | 0.36% |
| Total U.S. DOLLAR |  |  | 22,852,960.34 | 26,222,445.80 | 3.54% |
| Total Other transferable securities |  |  | 32,000,533.57 | 26,288,805.36 | 3.55% |
| Total Portfolio |  |  | 567,993,865.90 | 721,684,416.97 | 97.56% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  |  |  |  |
| Quoted or negotiated equities |  |  |  |  |  |
| AEON FINANCIAL SERVICE CO LTD | 57,000 | JPY | 68,762,889 | 74,613,000 | 0.43% |
| AICA KOGYO CO LTD | 53,600 | JPY | 176,863,316 | 209,308,000 | 1.20% |
| AISIN CORP. | 28,000 | JPY | 94,800,710 | 133,000,000 | 0.76% |
| ALFRESA HLDG CORP. | 60,000 | JPY | 100,254,784 | 99,540,000 | 0.57% |
| ALPS ALPINE CO LTD | 94,000 | JPY | 126,827,096 | 110,262,000 | 0.63% |
| BANK OF KYOTO LTD | 15,000 | JPY | 76,373,000 | 75,600,000 | 0.43% |
| CANON INC. | 106,200 | JPY | 292,021,497 | 266,880,600 | 1.53% |
| CHUGOKU ELECTRIC POWER CO INC. | 56,000 | JPY | 68,401,709 | 56,784,000 | 0.33% |
| CITIZEN HLDG CO LTD | 280,000 | JPY | 99,252,060 | 114,800,000 | 0.66% |
| COSMO ENERGY HLDG CO LTD | 75,000 | JPY | 166,853,102 | 191,025,000 | 1.09% |
| CURVES HLDG CO LTD | 82,200 | JPY | 19,687,825 | 75,377,400 | 0.43% |
| DAIICHIKOSHO CO LTD | 39,400 | JPY | 190,978,806 | 168,041,000 | 0.96% |
| DAI NIPPON PRINTING CO LTD | 58,000 | JPY | 123,284,984 | 136,242,000 | 0.78% |
| DENTSU GROUP INC. | 113,100 | JPY | 458,840,570 | 449,572,500 | 2.57% |
| EAST JAPAN RAILWAY COMPANY | 19,000 | JPY | 164,072,962 | 150,613,000 | 0.86% |
| EAST JAPAN RAILWAY COMPANY | 51,600 | JPY | 479,530,742 | 409,033,200 | 2.34% |
| ELECTRIC POWER DEVELOPMENT CO LTD | 225,000 | JPY | 384,869,113 | 356,625,000 | 2.04% |
| ENEOS HLDG INC. | 407,000 | JPY | 200,276,525 | 189,214,300 | 1.08% |
| FUJI KYUKO CO LTD | 25,600 | JPY | 74,417,854 | 136,192,000 | 0.78% |
| FUJI TELEVISION NETWORK INC. | 50,000 | JPY | 66,588,489 | 61,700,000 | 0.35% |
| FUKUOKA FINANCIAL GROUP INC. | 20,300 | JPY | 41,880,949 | 39,361,700 | 0.23% |
| FURUKAWA ELECTRIC | 20,000 | JPY | 58,491,366 | 55,340,000 | 0.32% |
| H2O RETAILING CORP. | 161,000 | JPY | 130,902,825 | 145,061,000 | 0.83% |
| HAMAMATSU PHOTONICS KK | 39,200 | JPY | 145,612,306 | 262,640,000 | 1.50% |
| HISAMITSU PHARMACEUTICAL CO INC. | 32,800 | JPY | 185,576,933 | 179,416,000 | 1.03% |
| HITACHI CONSTRUCTION MACHINERY | 54,200 | JPY | 146,193,456 | 184,009,000 | 1.05% |
| HOYA CORP. | 32,400 | JPY | 208,142,232 | 477,252,000 | 2.73% |
| ICHIBANYA CO LTD | 22,000 | JPY | 99,870,151 | 111,980,000 | 0.64% |
| INPEX CORP | 550,000 | JPY | 318,622,975 | 455,950,000 | 2.61% |
| ITO EN LTD | 44,600 | JPY | 197,141,824 | 293,914,000 | 1.68% |
| JAPAN AVIATION ELECTRONICS INDUSTRY | 15,000 | JPY | 25,510,125 | 29,445,000 | 0.17% |
| JAPAN POST INSURANCE CO LTD | 50,000 | JPY | 88,474,356 | 102,700,000 | 0.59% |
| J FRONT RETAILING CO LTD | 75,000 | JPY | 63,832,611 | 73,875,000 | 0.42% |
| JGC HLDG CORP. | 225,000 | JPY | 229,492,506 | 232,875,000 | 1.33% |
| KAKAKU.COM INC. | 32,900 | JPY | 62,294,078 | 110,379,500 | 0.63% |
| KAKEN PHARMACEUTICAL CO LTD | 15,000 | JPY | 64,771,620 | 71,400,000 | 0.41% |
| KAMIGUMI CO LTD | 80,000 | JPY | 160,710,187 | 180,240,000 | 1.03% |
| KANDENKO CO LTD | 20,000 | JPY | 17,651,280 | 17,340,000 | 0.10% |
| KEYENCE CORP. | 5,800 | JPY | 161,728,046 | 325,206,000 | 1.86% |
| KIRIN HLDG CO LTD | 100,000 | JPY | 212,430,471 | 216,600,000 | 1.24% |
| KOEI TECMO HLDG CO LTD | 78,190 | JPY | 124,965,389 | 423,789,800 | 2.43% |
| KUBOTA CORP. | 73,400 | JPY | 112,833,516 | 164,929,800 | 0.94% |
| KURARAY | 30,000 | JPY | 36,871,680 | 32,010,000 | 0.18% |
| KYUSHU RAILWAY CO | 64,000 | JPY | 155,827,640 | 160,384,000 | 0.92% |
| LINTEC CORP. | 9,000 | JPY | 22,097,680 | 21,690,000 | 0.12% |
| M3 INC. | 14,300 | JPY | 29,671,973 | 116,015,900 | 0.66% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| MEDIPAL | 35,000 | JPY | 70,675,060 | 74,270,000 | 0.43% |
| MITSUBISHI CHEMICAL HLDG CORP. | 180,000 | JPY | 143,833,045 | 168,030,000 | 0.96% |
| MITSUBISHI HEAVY INDUSTRIES LTD | 10,000 | JPY | 34,024,133 | 32,690,000 | 0.19% |
| MITSUBISHI MATERIALS CORP. | 67,000 | JPY | 159,491,382 | 148,405,000 | 0.85% |
| MITSUBISHI MOTORS CORP. | 485,000 | JPY | 131,711,169 | 151,320,000 | 0.87% |
| MITSUBISHI UFJ FINANCIAL GROUP INC. | 80,000 | JPY | 46,952,133 | 48,008,000 | 0.27% |
| MITSUI FUDOSAN | 140,000 | JPY | 272,146,893 | 360,220,000 | 2.06% |
| MIZUHO FINANCIAL GROUP INC. | 73,120 | JPY | 120,755,089 | 116,078,000 | 0.66% |
| MODEC INC. | 52,000 | JPY | 126,224,086 | 107,016,000 | 0.61% |
| MS & AD INSURANCE GROUP HLDG | 120,000 | JPY | 381,136,859 | 384,960,000 | 2.20% |
| NGK INSULATORS | 57,000 | JPY | 108,508,503 | 106,248,000 | 0.61% |
| NGK SPARK PLUG CO. | 136,000 | JPY | 233,662,510 | 223,856,000 | 1.28% |
| NIFCO INC. | 81,300 | JPY | 241,210,606 | 341,053,500 | 1.95% |
| NIPPON SANSO HLDG CORP. | 81,700 | JPY | 118,764,787 | 186,030,900 | 1.07% |
| NIPPON SHOKUBAI CO LTD | 6,000 | JPY | 33,226,000 | 32,040,000 | 0.18% |
| NIPPON STEEL CORP. | 23,800 | JPY | 39,042,289 | 44,589,300 | 0.26% |
| NIPPON TELEGRAPH & TELEPHONE CORP. | 60,000 | JPY | 140,480,395 | 173,670,000 | 0.99% |
| NISSAN MOTOR | 330,000 | JPY | 190,285,053 | 181,929,000 | 1.04% |
| NISSHINBO INDUSTRIES | 42,000 | JPY | 34,886,620 | 40,278,000 | 0.23% |
| NISSHIN GROUP HD CO LTD | 29,100 | JPY | 6,277,358 | 13,444,200 | 0.08% |
| NISSHIN OILLIO GROUP LTD | 5,000 | JPY | 15,636,330 | 15,350,000 | 0.09% |
| NOK CORP. | 28,000 | JPY | 41,231,879 | 38,584,000 | 0.22% |
| OBAYASHI CORP. | 105,000 | JPY | 100,029,017 | 92,715,000 | 0.53% |
| OBIC BUSINESS CONSULTANTS CO LTD | 16,000 | JPY | 48,232,503 | 102,720,000 | 0.59% |
| ORIENTAL LAND CO LTD | 14,000 | JPY | 135,708,510 | 221,620,000 | 1.27% |
| ORIX CORP. | 213,100 | JPY | 329,561,737 | 399,455,950 | 2.29% |
| PARAMOUNT BED HLDG CO LTD | 50,600 | JPY | 116,202,669 | 100,137,400 | 0.57% |
| PIGEON CORP. | 27,600 | JPY | 130,541,780 | 86,388,000 | 0.49% |
| RICOH | 161,700 | JPY | 158,443,347 | 201,639,900 | 1.15% |
| SANRIO CO LTD | 52,100 | JPY | 110,459,544 | 102,428,600 | 0.59% |
| SAWAI GROUP HLDG CO LTD. | 18,000 | JPY | 92,774,800 | 89,100,000 | 0.51% |
| SEIKAGAKU CORP. | 49,700 | JPY | 75,597,033 | 53,725,700 | 0.31% |
| SHIKOKU ELECTRIC POWER | 63,000 | JPY | 50,214,398 | 47,628,000 | 0.27% |
| SHIMIZU CORP. | 84,000 | JPY | 67,366,287 | 71,568,000 | 0.41% |
| SHIN-ETSU CHEMICAL | 22,200 | JPY | 223,232,184 | 412,476,000 | 2.36% |
| SQUARE ENIX CO LTD | 59,300 | JPY | 253,297,511 | 326,743,000 | 1.87% |
| SUMITOMO MITSUI CONSTRUCTION CO LTD | 368,000 | JPY | 222,177,784 | 173,696,000 | 0.99% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 18,000 | JPY | 54,652,417 | 68,940,000 | 0.39% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 40,000 | JPY | 154,772,858 | 153,200,000 | 0.88% |
| SUMITOMO MITSUI TRUST HLDG | 83,000 | JPY | 289,102,253 | 292,824,000 | 1.68% |
| SUMITOMO SHOJI CORP. | 45,000 | JPY | 66,005,321 | 66,960,000 | 0.38% |
| SUZUKEN CO LTD | 32,000 | JPY | 108,377,701 | 104,160,000 | 0.60% |
| SUZUKI MOTOR CORP. | 21,000 | JPY | 93,320,900 | 98,721,000 | 0.57% |
| TAIKISHA LTD | 29,900 | JPY | 106,028,836 | 99,118,500 | 0.57% |
| TAISEI CORP. | 22,000 | JPY | 79,674,016 | 80,080,000 | 0.46% |
| TBS HLDG INC. | 66,000 | JPY | 126,000,264 | 112,596,000 | 0.64% |
| TOPPAN INC. | 36,000 | JPY | 64,155,571 | 64,260,000 | 0.37% |
| TOTO LTD | 79,900 | JPY | 350,960,848 | 459,425,000 | 2.63% |
| TOYOTA TSUSHO COR | 88,900 | JPY | 264,280,569 | 466,725,000 | 2.67% |
| TREND MICRO INC. | 77,000 | JPY | 397,430,791 | 448,140,000 | 2.57% |
| TSUMURA & CO | 82,100 | JPY | 260,690,178 | 286,939,500 | 1.64% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| UBE INDUSTRIES | 25,000 | JPY | 46,692,996 | 56,225,000 | 0.32% |
| USS CO LTD | 147,500 | JPY | 284,074,675 | 285,855,000 | 1.64% |
| WACOM CO LTD | 150,600 | JPY | 72,050,331 | 106,323,600 | 0.61% |
| YAMADA HLDG LTD | 310,000 | JPY | 165,845,379 | 159,030,000 | 0.91% |
| YOKOGAWA ELECTRIC | 139,400 | JPY | 223,736,325 | 231,404,000 | 1.33% |
| Total JAPANESE YEN |  |  | 14,546,409,720 | 17,059,264,750 | 97.69% |
| Total Quoted or negotiated equities |  |  | 14,546,409,720 | 17,059,264,750 | 97.69% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 14,546,409,720 | 17,059,264,750 | 97.69% |
| Total Portfolio |  |  | 14,546,409,720 | 17,059,264,750 | 97.69% |

(Content)
| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| CAYMAN ISLANDS | 18.69 % |
| CHINA | 13.43 % |
| SOUTH KOREA | 13.01 % |
| TAIWAN, REPUBLIC OF CHINA | 12.20 % |
| INDIA | 9.13 % |
| RUSSIAN FEDERATION | 4.93 % |
| BRAZIL | 2.75 % |
| HONG KONG, SAR CHINA | 2.63 % |
| MEXICO | 2.52 % |
| THAILAND | 1.84 % |
| BERMUDA | 1.83 % |
| TURKEY | 1.81 % |
| INDONESIA | 1.67 % |
| UNITED STATES OF AMERICA | 1.58 % |
| SINGAPORE | 1.39 % |
| SOUTH AFRICA | 1.35 % |
| UNITED KINGDOM | 1.20 % |
| NETHERLANDS | 1.16 % |
| LUXEMBOURG | 0.82 % |
| HUNGARY | 0.73 % |
| POLAND | 0.71 % |
| JERSEY | 0.60 % |
| SWEDEN | 0.46 % |
| GREECE | 0.40 % |
| AUSTRALIA | 0.18 % |
| BRITISH VIRGIN ISLANDS | 0.14 % |
| CANADA | 0.12 % |
| EGYPT | 0.10 % |
| PERU | 0.10 % |
| CHILE | 0.06 % |
| UKRAINE | 0.02 % |
| Total Portfolio | 97.56 % |

(Content)
| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPAN | 97.69 % |
| Total Portfolio | 97.69 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| BANKS | 14.95 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 11.37 % |
| IT & INTERNET | 10.16 % |
| PHOTOGRAPHY & OPTICAL | 7.22 % |
| FINANCIAL SERVICES - HOLDINGS | 7.05 % |
| TELECOMMUNICATIONS | 6.83 % |
| INSURANCE COMPANIES | 4.16 % |
| ELECTRIC & ELECTRONIC MATERIALS | 3.90 % |
| OIL & DERIVED | 3.75 % |
| ROAD VEHICLES | 2.53 % |
| CHEMICAL PRODUCTS | 2.34 % |
| INFORMATION, TECHNOLOGY & COPIERS | 2.29 % |
| NONFERROUS METALS | 2.27 % |
| RETAIL TRADING, DEPARTMENT STORES | 2.22 % |
| BUILDING MATERIALS | 2.15 % |
| PHARMACOLOGY & PERSONAL CARE | 2.09 % |
| MECHANICAL CONSTRUCTION | 1.87 % |
| FOOD & CLEANING MATERIALS | 1.16 % |
| AIRLIFT | 1.03 % |
| REAL ESTATE | 1.00 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 0.99 % |
| MISCELLANEOUS CONSUMER GOODS | 0.79 % |
| TEXTILE & GARMENTS | 0.76 % |
| FOREST PRODUCTS & PAPER INDUSTRY | 0.69 % |
| ENERGY SOURCES | 0.66 % |
| TOBACCO & SPIRITS | 0.56 % |
| PUBLISHING & BROADCASTING | 0.51 % |
| ROAD & RAILWAY TRANSPORTS | 0.40 % |
| TYRES & RUBBER | 0.32 % |
| AEROSPACE INDUSTRY & DEFENCE | 0.30 % |
| OTHER SERVICES | 0.23 % |
| LEISURES & TOURISM | 0.18 % |
| SHIPPING | 0.18 % |
| PACKAGING INDUSTRY | 0.15 % |
| BIOTECHNOLOGY | 0.14 % |
| MISCELLANEOUS | 0.14 % |
| CAPITAL GOODS (MISCELLANEOUS) | 0.12 % |
| PRECIOUS METALS & STONES | 0.10 % |
| Total Portfolio | 97.56 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total Net Assets |
|  |
| FINANCIAL SERVICES - HOLDINGS | 15.22 % |
| ROAD VEHICLES | 9.25 % |
| BUILDING MATERIALS | 8.22 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 7.54 % |
| IT & INTERNET | 6.82 % |
| PHARMACOLOGY & PERSONAL CARE | 4.56 % |
| CHEMICAL PRODUCTS | 4.24 % |
| BANKS | 4.04 % |
| PUBLISHING & BROADCASTING | 3.72 % |
| MECHANICAL CONSTRUCTION | 3.41 % |
| ROAD & RAILWAY TRANSPORTS | 3.20 % |
| LEISURES & TOURISM | 3.12 % |
| CONGLOMERATES | 3.06 % |
| ENERGY SOURCES | 2.64 % |
| REAL ESTATE | 2.14 % |
| INFORMATION, TECHNOLOGY & COPIERS | 1.86 % |
| ELECTRIC & ELECTRONIC MATERIALS | 1.82 % |
| RETAIL TRADING, DEPARTMENT STORES | 1.74 % |
| FOOD & CLEANING MATERIALS | 1.68 % |
| TOBACCO & SPIRITS | 1.24 % |
| OIL & DERIVED | 1.09 % |
| MISCELLANEOUS CONSUMER GOODS | 1.08 % |
| SHIPPING | 1.03 % |
| TELECOMMUNICATIONS | 0.99 % |
| OTHER SERVICES | 0.96 % |
| NONFERROUS METALS | 0.85 % |
| HEALTH CARE & SERVICES | 0.66 % |
| JEWELLERY & WATCHMAKING | 0.66 % |
| INSURANCE COMPANIES | 0.59 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 0.26 % |
| Total Portfolio | 97.69 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| HONG KONG DOLLAR | 25.19 % |
| U.S. DOLLAR | 17.94 % |
| SOUTH KOREAN WON | 13.01 % |
| TAIWAN NEW DOLLAR | 10.15 % |
| INDIAN RUPEE | 8.43 % |
| CHINA YUAN RENMINBI | 5.87 % |
| MEXICAN PESO | 2.52 % |
| BRAZILIAN REAL | 2.50 % |
| THAI BAHT | 1.84 % |
| TURKISH LIRA | 1.81 % |
| INDONESIAN RUPIAH | 1.67 % |
| SOUTH AFRICAN RAND | 1.35 % |
| BRITISH POUND | 1.15 % |
| POLISH ZLOTY | 1.00 % |
| EURO | 0.87 % |
| HUNGARIAN FORINT | 0.73 % |
| RUSSIAN RUBLE | 0.59 % |
| SWEDISH KRONA | 0.46 % |
| AUSTRALIAN DOLLAR | 0.18 % |
| CANADIAN DOLLAR | 0.12 % |
| EGYPTIAN POUND | 0.10 % |
| CHILEAN PESO | 0.06 % |
| UKRAINE HRYVNIA | 0.02 % |
| Total Portfolio | 97.56 % |

| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPANESE YEN | 97.69 % |
| Total Portfolio | 97.69 % |

These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the currency analysis which directed the assets selection.
Emerging Multi Management
| Shares - Start of period	- A USD | 24,200.000 |
| --- | --- |
| - B | 31,736.655 |
| - B USD | 355,731.560 |
| - F | 3,900.000 |
| - Z | 4,815.173 |
| Shares issued - During period	- A USD | 130.000 |
| - B | 685.000 |
| - B USD | 2,060.000 |
| - F | 0.000 |
| - Z | 0.000 |
| Shares redeemed - During period	- A USD | 15,405.000 |
| - B | 2,474.000 |
| - B USD | 160,679.441 |
| - F | 0.000 |
| - Z | 68.000 |
| Shares - End of period	- A USD | 8,925.000 |
| - B | 29,947.655 |
| - B USD | 197,112.119 |
| - F | 3,900.000 |
| - Z | 4,747.173 |

Japan Multi Management
| Shares - Start of period	- A JPY | 2,688.000 |
| --- | --- |
| - B | 21,361.830 |
| - B JPY | 7,574.627 |
| - F JPY | 1.000 |
| - Z | 737.000 |
| Shares issued - During period	- A JPY | 0.000 |
| - B | 0.000 |
| - B JPY | 108.000 |
| - F JPY | 0.000 |
| - Z | 0.000 |
| Shares redeemed - During period	- A JPY | 903.000 |
| - B | 6,991.000 |
| - B JPY | 4,294.110 |
| - F JPY | 0.000 |
| - Z | 15.000 |
| Shares - End of period	- A JPY | 1,785.000 |
| - B | 14,370.830 |
| - B JPY | 3,388.517 |
| - F JPY | 1.000 |
| - Z | 722.000 |

| Sub-fund | Valuation date | Total net assets | Share class | Shares outstanding | Share price | CCY |
| --- | --- | --- | --- | --- | --- | --- |

| Emerging Multi Management (USD) | 31.12.2018 31.12.2019 31.12.2020 30.06.2021 | 581,217,649.91 644,551,626.65 732,082,905.07 739,719,591.87 | - A USD | 60,160.000 | 99.78 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 36,772.655 | 102.82 | EUR |
| - B USD | 939,696.228 | 86.42 | USD |
| - F | 3,945.000 | 109.45 | EUR |
| - F USD | 1,080.908 | 89.92 | USD |
| - Z | 5,130.173 | 83,398.37 | EUR |
| - A USD | 46,575.000 | 118.62 | USD |
| - B | 34,303.655 | 126.77 | EUR |
| - B USD | 546,263.616 | 104.73 | USD |
| - F | 3,900.000 | 135.81 | EUR |
| - F USD | 830.908 | 109.49 | USD |
| - Z | 4,936.173 | 104,000.49 | EUR |
| - A USD | 24,200.000 | 136.95 | USD |
| - B | 31,736.655 | 139.00 | EUR |
| - B USD | 355,731.560 | 125.07 | USD |
| - F | 3,900.000 | 149.56 | EUR |
| - Z | 4,815.173 | 115,107.14 | EUR |
| - A USD | 8,925.000 | 141.21 | USD |
| - B | 29,947.655 | 150.72 | EUR |
| - B USD | 197,112.119 | 131.48 | USD |
| - F | 3,900.000 | 162.64 | EUR |
| - Z | 4,747.173 | 125,484.88 | EUR |

| Japan Multi Management (JPY) | 31.12.2018 31.12.2019 31.12.2020 30.06.2021 | 23,744,261,503 22,074,314,741 15,985,991,380 17,462,925,906 | - A JPY | 21,252.000 | 9,759 | JPY |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 121,972.199 | 146.81 | EUR |
| - B JPY | 131,414.497 | 16,564 | JPY |
| - F | 10,250.000 | 151.43 | EUR |
| - F JPY | 1.000 | 18,380 | JPY |
| - Z | 1,107.000 | 136,267.99 | EUR |
| - A JPY | 19,050.000 | 11,158 | JPY |
| - B | 60,191.674 | 175.24 | EUR |
| - B JPY | 58,460.627 | 19,228 | JPY |
| - F | 8,550.000 | 181.98 | EUR |
| - F JPY | 1.000 | 21,467 | JPY |
| - Z | 961.000 | 164,301.66 | EUR |
| - A JPY | 2,688.000 | 11,150 | JPY |
| - B | 21,361.830 | 174.15 | EUR |
| - B JPY | 7,574.627 | 19,758 | JPY |
| - F JPY | 1.000 | 22,172 | JPY |
| - Z | 737.000 | 164,726.88 | EUR |
| - A JPY | 1,785.000 | 12,327 | JPY |
| - B | 14,370.830 | 188.25 | EUR |
| - B JPY | 3,388.517 | 22,255 | JPY |
| - F JPY | 1.000 | 25,071 | JPY |
| - Z | 722.000 | 178,986.41 | EUR |


### NOTE 1 - ACCOUNTING PRINCIPLES
The Financial Statements of the SICAV have been prepared under going concern basis of accounting in accordance with the Luxembourg generally accepted legal and regulatory requirements and accounting principles, on the basis of the official Net Asset Value as at 30 June 2021, including the following significant policies:
- Valuation of investmentsThe value of any cash on hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof.

The value of each security or other asset which is quoted or dealt in on a stock exchange is based on its last available closing price as at 30 June 2021 in Luxembourg on the stock exchange which is normally the principal market for such security.
The value of each security or other asset dealt in on any other regulated market that operates regularly, is recognized and is open to the public (a "Regulated Market") is based on its last available closing price as at 30 June 2021 in Luxembourg.
In the event that any assets are not listed nor dealt in on any stock exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange or on any other Regulated Market as aforesaid, the price as determined pursuant to the two above sub-paragraph is not representative of the fair market value of the relevant assets, the value of such assets is based on the reasonably foreseeable sales price determined prudently and in good faith.
The Board of Directors, in its discretion, may permit some other methods of valuation to be used if it considers that such valuation better reflects the fair value of any assets.
- Net realised profit or loss on sale of investmentsThe net realised profit or loss on sale of investments is determined on the basis of the average cost of investments sold.

The net realized profit or loss on variation of exchange rates is recorded in the account "Net Realised Profit/(loss) on currencies".
- Conversion of foreign currenciesAll assets expressed in currencies other than the concerned currency are converted into the Sub-Funds' currency at the exchange rate prevailing on the closing date in Luxembourg.

The costs of investments expressed in currencies other than the Sub-Funds are converted into the Sub- Funds' currency at the exchange rate prevailing on the purchase date.
Income and expenses in currencies other than the Sub-Funds are converted into the Sub-Funds' currency at exchange rate prevailing on the payment date.
- Purchases and sales of investmentsThe details of purchases and sales of investments may be obtained, free of charge, at the registered office of the Fund.
- Income, expenses and accrualsInterest income is accounted on a day-to-day basis and dividends are booked on an ex-dividend basis. Interest and dividend are stated net of irrecoverable withholding taxes, if any.

When the SICAV incurs any expenses, which relate to a particular Sub-Fund or to any action taken in connection with a particular Sub-Fund, such expenses shall be allocated to the relevant Sub-Fund.
Expenses of the SICAV, which cannot be considered as being attributable to a particular Sub-Fund, shall be allocated to all the Sub-Funds pro rata to the net asset value of each Sub-Fund.
- Change in Net Unrealised Appreciation or DepreciationChanges in unrealised appreciation or depreciation on all components of the statement of net assets at the end of the financial year are accounted for in the statement of operations and changes in net assets.
- Combined financial statementsThe combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the financial statements (Note 2).
- Exchange ratesThe item "Exchange Rate Difference in Net Assets from 31.12.2020 to 30.06.2021" in the Combined Statement of Operations and Changes in net assets represents the valuation difference of the net assets of the Sub-Funds at the beginning of the year with the exchange rate applicable at the date of the financial statements.

NOTE 2 - EXCHANGE RATES
| 1  EUR	= | 131.62305 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1.18590 | USD |

NOTE 3 - TAXES AND EXPENSES PAYABLE
| Management Fees | 1,974,925.55 | EUR |
| --- | --- | --- |
| Depositary Fees | 18,404.73 | EUR |
| Subscription Tax | 21,999.19 | EUR |
| Miscellaneous Fees | 303,396.13 | EUR |
| Total | 2,318,725.59 | EUR |

| NOTE 4 - SUBSCRIPTION FEE |
| --- |
| The subscription price of any share class of any Sub-Fund of SELECT EQUITIES is made up of the net asset value of the class, increased by a sales commission of a maximum percentage of the Net Asset Value of the class within a Sub-Fund, as described in the table below, reverting to the agents active in the distribution of Shares of the Fund and the authorised intermediaries: |
|  |
| NOTE 5 - MANAGEMENT FEE |
| The Management Company is entitled to receive from the relevant Sub-Fund a remuneration consisting in: |
|  |
| Such fee is calculated on the average net assets of the relevant Sub-Fund during the quarter under review and is payable quarterly. The remuneration of the Investment Managers is comprised in the remuneration of the Management Company. |
| NOTE 6 - PERFORMANCE FEE |
| The Management Company will receive, from the Sub-Fund Japan Multi Management and for the account of the Investment Manager ARCUS INVESTMENT LIMITED, at the end of each financial year, an annual performance fee equal to up to 25% of the outperformance of the portfolio's total net asset of the Sub-Fund compared with the benchmark MSCI Total Return JAPAN Index in JPY. |

| For the purpose of this calculation, the portfolio's total net asset is defined daily as the value of the assets allocated to each Investment Manager after deduction of the fees due to the respective Investment Manager. There is outperformance of the portfolio’s total net asset if there is a progression between the last reference portfolio's total net asset (the portfolio's total net asset of previous financial year or the portfolio’s total net asset determined on the initial subscription for the first financial year) adjusted by subscriptions and redemptions and the portfolio’s total net asset on the last Valuation Day of the financial year under review. If there is an under-performance of the portfolio’s total net asset for a given period or a given financial year, this under-performance will be taken into consideration as the reference portfolio's total net asset will be maintained. The performance fee however cannot represent more than 25% of the progression of the portfolio’s total net asset for a given period. A provision shall be created for the performance fee on each Valuation Day and it will be paid yearly. No performance fees was accrued during the year. |
| --- |
| NOTE 7 - SUBSCRIPTION TAX |
| The Fund is liable in Luxembourg to a tax of 0.05% per annum of its Net Asset, such tax being payable quarterly on the basis of the value of the aggregate net assets of the Sub-Funds at the end of the relevant calendar quarter. However, this tax is reduced to 0.01% per annum for the net assets attributable to the classes dedicated to institutional investors (share classes F, F USD, F JPY and Z). No stamp duty or other tax is payable in Luxembourg on the issue of Shares. No Luxembourg tax is payable on the realised capital appreciation of the assets of the Fund. As the SICAV is registered in Belgium, it is subject to a further tax at the annual rate of 0.0925% calculated for 2021 on the basis of the value of the shares distributed in Belgium as recorded at 31 December 2020. |
| NOTE 8 - TRANSACTIONS FEES |
| The caption "Transaction Fees" includes fees on purchases and sales of securities and derivatives as brokerage fees, bank charges, taxes and other costs. |
| NOTE 9 - DEPOSITARY FEES |
| The Depositary will receive out of the assets of each Sub-Fund a fee calculated in accordance with customary banking practice in Luxembourg as an annual fee at the annual rate of 0.010% and calculated on the average net asset value of the relevant Sub-Fund during the quarter under review and payable quarterly. |
| NOTE 10 - ADMINISTRATION FEE |
| In consideration for the central administration services, the Management Company will pay to Banque Degroof Petercam Luxembourg S.A. as Administrative Agent and Registrar Agent, at the expense of each Sub-Fund, an annual fee at the annual rate of 0.125% p.a. and calculated on the average Net Asset Value of the relevant Sub-Fund during the quarter under review and payable quarterly. Moreover, the Management Company will pay to Banque Degroof Petercam Luxembourg S.A., at the expense of each Sub-Fund, a fee of EUR 2,000.- per active share class. |

| NOTE 11 - DIVIDENDS |
| --- |
| The Annual General Meeting of shareholders held on 20	April 2021 decided to pay the following dividends: - a dividend of 2.74 USD per share for Emerging Multi Management Share Class A USD, ISIN Code LU1518579492;
- a dividend of 228 JPY per share for Japan Multi Management Share Class A JPY, ISIN Code LU1518583098.
 Shares were listed ex-dividend as from 20 May 2021. Payments were made on 27 May 2021. |
| NOTE 12 - EVENTS DURING THE PERIOD |
| The COVID-19 (coronavirus) pandemic is still threatening the health of the world's population and has been disrupting people's daily lives for over a year now. This has obviously had an impact on the global economy although finance in its specific sector has not been the most disadvantaged sector. Most sectors of the economy are affected and some have been hit extremely hard. Fiscal year 2020 has seen some negative impacts on the valuation of stocks, bonds, funds and other investments and fiscal year 2021 remains uncertain. The current and/or new measures taken by health authorities to contain the spread of the virus, while necessary, have had and will continue to have a significant impact on economic activity. It is to be hoped that while these effects are significant, they will ultimately be temporary. Authorities around the world have taken, and continue to take, strong and necessary measures to contain the spread of the virus, and to support individuals and businesses in these very difficult times. We can hope that vaccination can provide a glimmer of hope for 2021. The Board of Directors is currently unable to accurately estimate the impact of this pandemic. |

| SFTR (Transparency of securities financing transactions and reuse) |
| --- |
| In accordance with Article 13 and Section A of the Annex to Regulation EU 2015/2365 (hereinafter the "Regulation"), the SICAV must inform investors of its use of securities financing transactions and total return swaps in the annual and semi-annual reports. The portfolio does not contain any assets on loan as of the date of this report. |

Translation (ENFR, 2021-06-30):
# du 1 janvier 2021 jusqu'à 30 juin 2021
|  |  |  |
| --- | --- | --- |
|  | Notes | COMBINÉ ( EN  EUR) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 6.401.112,79 |
| Intérêts reçus sur obligations | 1e | 18.584,24 |
| Intérêts sur placements |  | 5.971,60 |
| Réclamation de taxes |  | 116.683,17 |
| Autre revenu |  | 22.950,58 |
| Total Revenus |  | 6.565.302,37 |
| Charges |  |  |
| Commission de gestion | 5 | 3.985.412,86 |
| Commission de banque dépositaire | 6 | 38.466,49 |
| Taxe d'abonnement | 7 | 65.888,42 |
| Frais d'administration | 10 | 495.717,29 |
| Frais et commissions divers |  | 146.416,57 |
| Frais de transactions | 8 | 761.868,05 |
| Intérêts débiteurs |  | 8.373,72 |
| Redevance aux autorités étrangères |  | 6.668,91 |
| Total Charges |  | 5.508.812,31 |
| Plus ou moins-value nette réalisée |  | 1.056.490,06 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 67.581.105,70 |
| - sur devises |  | -493.595,24 |
| - sur changes à terme |  | -6.006,57 |
| Bénéfice / (Perte) net(te) réalisé€ |  | 68.137.993,94 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -17.520.832,77 |
| - sur devises |  | -38.462,15 |
| Résultat des opérations |  | 50.578.699,02 |
| - Souscriptions |  | 365.617,82 |
| - Rachats |  | -33.259.629,85 |
| Dividendes payées | 11 | -24.175,15 |
| Variation de l’actif net durant l’exercice |  | 17.660.511,83 |
| Actif net au début de l’exercice |  | 724.872.979,56 |
| Différence de change de l’actif net du 31.12.20 jusqu’à 30.06.21 | 1h | 13.902.460,16 |
| Total de l'actif net à la fin de la période |  | 756.435.951,55 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 721.684.416,97 |
| Avoirs en banque |  | 16.668.538,53 |
| Intérêts à recevoir sur obligations |  | 22.039,05 |
| Dividendes à recevoir sur actions |  | 1.311.462,47 |
| Montants à recevoir sur ventes de titres |  | 4.077.622,14 |
| Total des actifs |  | 743.764.079,16 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 2.214.887,62 |
| Intérêts débiteurs |  | 84.925,94 |
| Intérêts débiteurs |  | 489,27 |
| Montants à payer sur rachats |  | 74.639,13 |
| Montants à payer sur achats de titres |  | 1.669.545,33 |
| Total Charges |  | 4.044.487,29 |
| Total de l'actif net à la fin de la période |  | 739.719.591,87 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A USD |  | 8.925,000 |
| - B |  | 29.947,655 |
| - B USD |  | 197.112,119 |
| - F |  | 3.900,000 |
| - Z |  | 4.747,173 |
| Valeur Nette d'Inventaire par action (à la fin de la période) |  |  |
| - A USD |  | 141,21 |
| - B (EUR) |  | 150,72 |
| - B USD |  | 131,48 |
| - F (EUR) |  | 162,64 |
| - Z (EUR) |  | 125.484,88 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 17.059.264.750 |
| Avoirs en banque |  | 439.913.741 |
| Intérêts à recevoir sur obligations |  | 0 |
| Dividendes à recevoir sur actions |  | 26.605.953 |
| Montants à recevoir sur ventes de titres |  | 37.036.568 |
| Total des actifs |  | 17.562.821.012 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 59.367.347 |
| Intérêts débiteurs |  | 727.720 |
| Intérêts débiteurs |  | 24.331 |
| Montants à payer sur rachats |  | 1.393.172 |
| Montants à payer sur achats de titres |  | 38.382.536 |
| Total Charges |  | 99.895.106 |
| Total de l'actif net à la fin de la période |  | 17.462.925.906 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A JPY |  | 1.785,000 |
| - B |  | 14.370,830 |
| - B JPY |  | 3.388,517 |
| - F JPY |  | 1,000 |
| - Z |  | 722,000 |
| Valeur Nette d'Inventaire par action (à la fin de la période) |  |  |
| - A JPY |  | 12.327 |
| - B (EUR) |  | 188,25 |
| - B JPY |  | 22.255 |
| - F JPY |  | 25.071 |
| - Z (EUR) |  | 178.986,41 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 5.866.744,80 |
| Intérêts reçus sur obligations | 1e | 22.039,05 |
| Intérêts sur placements |  | 6.416,27 |
| Réclamation de taxes |  | 127.192,08 |
| Autre revenu |  | 27.217,09 |
| Total Revenus |  | 6.049.609,29 |
| Charges |  |  |
| Commission de gestion | 5 | 3.933.104,18 |
| Commission de banque dépositaire | 9 | 37.822,86 |
| Taxe d'abonnement | 7 | 65.682,55 |
| Frais d'administration | 10 | 482.107,13 |
| Frais et commissions divers |  | 142.781,02 |
| Frais de transactions | 8 | 832.795,01 |
| Intérêts débiteurs |  | 7.944,71 |
| Redevance aux autorités étrangères |  | 4.409,16 |
| Total Charges |  | 5.506.646,62 |
| Plus ou moins-value nette réalisée |  | 542.962,67 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 71.942.073,51 |
| - sur devises |  | -596.993,84 |
| - sur changes à terme |  | -314,02 |
| Bénéfice / (Perte) net(te) réalisé€ |  | 71.887.728,32 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -30.469.084,29 |
| - sur devises |  | -39.651,05 |
| Résultat des opérations |  | 41.378.992,98 |
| - Souscriptions |  | 411.812,98 |
| - Rachats |  | -34.129.116,66 |
| Dividendes payées | 11 | -25.002,50 |
| Variation de l'actif net durant l'exercice |  | 7.636.686,80 |
| Actif net au début de l'exercice |  | 732.082.905,07 |
| Total de l'actif net à la fin de la période |  | 739.719.591,87 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 191.383.954 |
| Intérêts reçus sur obligations | 1e | 0 |
| Intérêts sur placements |  | 73.858 |
| Réclamation de taxes |  | 1.241.145 |
| Autre revenu |  | 0 |
| Total Revenus |  | 192.698.957 |
| Charges |  |  |
| Commission de gestion | 5 | 88.036.944 |
| Commission de banque dépositaire | 9 | 865.117 |
| Taxe d'abonnement | 7 | 1.382.328 |
| Frais d'administration | 10 | 11.738.749 |
| Frais et commissions divers |  | 3.424.530 |
| Frais de transactions | 8 | 7.847.474 |
| Intérêts débiteurs |  | 220.391 |
| Redevance aux autorités étrangères |  | 388.410 |
| Total Charges |  | 113.903.943 |
| Plus ou moins-value nette réalisée |  | 78.795.014 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 910.380.159 |
| - sur devises |  | 1.291.838 |
| - sur changes à terme |  | -755.750 |
| Bénéfice / (Perte) net(te) réalisé€ |  | 989.711.261 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements |  | 1.075.618.368 |
| - sur devises |  | -661.635 |
| Résultat des opérations |  | 2.064.667.994 |
| - Souscriptions |  | 2.416.608 |
| - Rachats |  | -589.743.096 |
| Dividendes payées | 11 | -406.980 |
| Variation de l'actif net durant l'exercice |  | 1.476.934.526 |
| Actif net au début de l'exercice |  | 15.985.991.380 |
| Total de l'actif net à la fin de la période |  | 17.462.925.906 |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| SOUTH32 LTD | 620.617 | AUD | 978.467,67 | 1.365.144,06 | 0,18% |
| Total DOLLAR AUSTRALIEN |  |  | 978.467,67 | 1.365.144,06 | 0,18% |
| BB SEGURIDADE PARTICIPACOES S.A. | 611.825 | BRL | 3.832.982,71 | 2.816.561,33 | 0,38% |
| DURATEX S.A. | 662.148 | BRL | 1.929.755,53 | 3.140.595,77 | 0,42% |
| LOCALIZA RENT -A- CAR S.A. | 111.845 | BRL | 1.121.502,50 | 1.426.515,72 | 0,19% |
| LOJAS RENNER S.A. | 0 | BRL | 0,68 | 0,88 | 0,00% |
| NATURA & CO | 470.197 | BRL | 4.489.479,83 | 5.316.786,22 | 0,72% |
| RAIA DROGASIL | 257.667 | BRL | 1.180.496,27 | 1.268.853,73 | 0,17% |
| SUZANO S.A. | 114.738 | BRL | 1.449.553,68 | 1.367.606,29 | 0,18% |
| WEG S.A. | 470.500 | BRL | 2.531.386,38 | 3.158.934,72 | 0,43% |
| Total BRÉSIL REAL |  |  | 16.535.157,58 | 18.495.854,66 | 2,50% |
| IAMGOLD CORP. | 299.833 | CAD | 983.103,34 | 883.784,57 | 0,12% |
| Total DOLLAR CANADIEN |  |  | 983.103,34 | 883.784,57 | 0,12% |
| BANCO DE CHILE | 4.324.662 | CLP | 434.220,86 | 430.559,58 | 0,06% |
| Total PESO DU CHILI |  |  | 434.220,86 | 430.559,58 | 0,06% |
| BEIBU GULF PORT CO LTD | 629.200 | CNY | 993.480,09 | 808.231,71 | 0,11% |
| BEIJING YANJING BREWERY CO LTD -A- | 1.133.500 | CNY | 1.341.599,29 | 1.270.074,42 | 0,17% |
| BETTER LIFE COMMERICAL CHAIN SHARE | 477.600 | CNY | 933.553,93 | 544.015,42 | 0,07% |
| BOE TECHNOLOGY GROUP CO LTD -A- | 2.624.700 | CNY | 2.644.917,25 | 2.534.739,55 | 0,34% |
| CHACHA FOOD CO LTD -A- | 143.999 | CNY | 1.384.690,72 | 960.518,70 | 0,13% |
| CHINA RAILWAY TIELONG CONTAINER -A- | 695.100 | CNY | 583.529,47 | 530.350,87 | 0,07% |
| CHONGQING CHANGAN AUTOMOB -A- | 734.600 | CNY | 1.257.704,23 | 2.987.757,63 | 0,40% |
| CHONGQING DEPARTMENT STORE CO LTD | 198.500 | CNY | 996.530,10 | 843.280,27 | 0,11% |
| CONTEMPORARY AMPEREX TECHNOLOGY CO | 41.200 | CNY | 2.239.874,84 | 3.410.026,03 | 0,46% |
| CSG HLDG CO LTD -A- | 1.575.100 | CNY | 1.159.393,40 | 2.496.187,29 | 0,34% |
| DAQIN RAILWAY CO LTD -A- | 1.056.500 | CNY | 1.010.849,03 | 1.075.881,59 | 0,15% |
| FAW JIEFANG GROUP CO LTD | 619.112 | CNY | 1.065.966,92 | 1.036.729,75 | 0,14% |
| FUJIAN STAR-NET COMMUNICATION CO | 308.000 | CNY | 1.410.054,68 | 1.017.695,08 | 0,14% |
| GUANGXI LIUGONG MACHINERY CO -A- | 863.100 | CNY | 830.467,58 | 1.095.327,64 | 0,15% |
| HAN'S LASER TECHNOLOGY INDUSTRY | 295.700 | CNY | 2.188.079,68 | 1.848.392,76 | 0,25% |
| JIANGSU HENGLI HYDRAULIC CO LTD -A- | 30.999 | CNY | 361.934,21 | 412.202,89 | 0,06% |
| MLS CO LTD -A- | 540.000 | CNY | 1.217.662,22 | 1.119.870,07 | 0,15% |
| ORG TECHNOLOGY CO LTD | 1.379.600 | CNY | 1.120.877,58 | 1.097.451,62 | 0,15% |
| PING AN BANK CO LTD -A- | 1.961.100 | CNY | 7.193.353,48 | 6.865.330,04 | 0,93% |
| SHANDONG NANSHAN ALUMINUM CO LTD | 2.958.000 | CNY | 969.023,61 | 1.648.047,60 | 0,22% |
| SHANGHAI KEHUA BIO-ENGINEERING CO L | 364.700 | CNY | 1.068.144,25 | 1.010.881,92 | 0,14% |
| SHENZHEN LAIBAO HI-TECH CO LTD -A- | 432.400 | CNY | 881.553,87 | 752.847,98 | 0,10% |
| TONGKUN GROUP CO LTD -A- | 456.549 | CNY | 874.269,58 | 1.702.132,15 | 0,23% |
| TONGLING NONFERROUS METALS GROUP -A- | 3.981.700 | CNY | 1.371.656,90 | 1.676.125,44 | 0,23% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| WUXI TAIJI INDUSTRY CO LTD -A- | 899.100 | CNY | 1.582.359,76 | 1.266.247,12 | 0,17% |
| XUJI ELECTRIC CO., LTD. -A- | 471.000 | CNY | 976.310,21 | 922.834,22 | 0,12% |
| YUNNAN ALUMINIUM CO LTD -A- | 613.700 | CNY | 550.708,54 | 1.130.243,88 | 0,15% |
| YUNNAN COPPER CO LTD -A- | 676.500 | CNY | 1.140.809,93 | 1.343.270,69 | 0,18% |
| Total YUAN RENMINBI CHINOIS |  |  | 39.349.355,35 | 43.406.694,33 | 5,87% |
| COMMERCIAL INTERNATIONAL BANK LTD | 230.979 | EGP | 840.966,54 | 767.771,57 | 0,10% |
| Total LIVRE D'EGYPTE |  |  | 840.966,54 | 767.771,57 | 0,10% |
| ALPHA SERVICES & HLDG S.A. | 748.748 | EUR | 1.225.361,06 | 957.199,59 | 0,13% |
| EUROBANK HLDG S.A. | 1.033.895 | EUR | 846.103,60 | 1.042.181,67 | 0,14% |
| NATIONAL BANK OF GREECE S.A. | 326.084 | EUR | 876.457,44 | 928.087,24 | 0,13% |
| PROSUS NV | 35.725 | EUR | 3.489.153,09 | 3.493.946,91 | 0,47% |
| Total PAYS MEMBRES DE L'EURO |  |  | 6.437.075,19 | 6.421.415,41 | 0,87% |
| ANGLO AMERICAN PLC | 71.249 | GBP | 1.801.938,32 | 2.827.299,89 | 0,38% |
| GLENCORE PLC | 377.390 | GBP | 1.390.577,25 | 1.613.295,57 | 0,22% |
| POLYMETAL INTERNATIONAL PLC | 131.280 | GBP | 3.159.189,92 | 2.819.177,10 | 0,38% |
| PRUDENTIAL PLC | 66.139 | GBP | 1.405.480,04 | 1.254.929,58 | 0,17% |
| Total LIVRE DU ROYAUME-UNI |  |  | 7.757.185,53 | 8.514.702,14 | 1,15% |
| 3SBIO INC. | 1.207.414 | HKD | 1.391.903,08 | 1.492.586,32 | 0,20% |
| AGRICULTURAL BANK OF CHINA -H- | 3.369.748 | HKD | 1.511.854,84 | 1.171.583,39 | 0,16% |
| AIA GROUP LTD | 569.001 | HKD | 5.305.567,77 | 7.070.536,36 | 0,96% |
| AIA GROUP LTD | 352.200 | HKD | 2.750.231,70 | 4.376.517,62 | 0,59% |
| ALIBABA GROUP HLDG LTD | 623.748 | HKD | 14.001.104,07 | 17.670.297,59 | 2,39% |
| ALIBABA GROUP HLDG LTD | 593.352 | HKD | 12.533.781,26 | 16.809.202,46 | 2,27% |
| ALIBABA HEALTH INFO TECHNOLOGY | 1.120.000 | HKD | 2.786.348,26 | 2.483.494,41 | 0,34% |
| ALUMINUM CORPORATION OF CHINA LTD | 2.927.212 | HKD | 1.315.529,90 | 1.745.207,96 | 0,24% |
| ASM PACIFIC TECHNOLOGY | 112.700 | HKD | 1.751.399,15 | 1.526.692,85 | 0,21% |
| AUTOHOME INC. -A- | 15.700 | HKD | 383.754,69 | 257.763,76 | 0,03% |
| BANK OF CHINA LTD -H- | 2.685.922 | HKD | 1.211.242,11 | 964.960,68 | 0,13% |
| BANK OF COMMUNICATIONS CO LTD | 1.508.876 | HKD | 1.153.490,42 | 1.014.229,11 | 0,14% |
| BUDWEISER BREWING CO APAC LTD | 905.800 | HKD | 3.138.308,45 | 2.857.659,09 | 0,39% |
| CHINA COMMUNICATION -H- | 3.995.718 | HKD | 2.930.895,86 | 1.996.358,68 | 0,27% |
| CHINA CONSTRUCTION BANK CORP. | 1.646.897 | HKD | 1.419.698,96 | 1.295.745,37 | 0,18% |
| CHINA CONSTRUCTION BANK CORP. | 6.452.000 | HKD | 5.396.213,73 | 5.076.303,57 | 0,69% |
| CHINA GALAXY SECURITIES CO LTD | 1.657.000 | HKD | 1.158.245,18 | 987.905,76 | 0,13% |
| CHINA GAS HLDG LTD | 385.000 | HKD | 1.373.077,11 | 1.174.954,62 | 0,16% |
| CHINA MENGNIU DAIRY | 598.500 | HKD | 2.063.520,33 | 3.618.359,95 | 0,49% |
| CHINA MERCHANTS BANK | 620.000 | HKD | 3.037.317,52 | 5.289.195,12 | 0,72% |
| CHINA MERCHANTS BANK | 812.500 | HKD | 6.047.802,93 | 6.931.404,90 | 0,94% |
| CHINA MINSHENG BANKING CORP. -H- | 1.178.376 | HKD | 867.191,26 | 564.467,37 | 0,08% |
| CHINA RAILWAY GROUP LTD -H- | 1.567.500 | HKD | 1.106.731,52 | 817.475,21 | 0,11% |
| CHINA VANKE CO LTD -H- | 605.800 | HKD | 2.142.412,44 | 1.895.603,75 | 0,26% |
| COSCO SHIPPING PORTS LTD | 697.685 | HKD | 758.460,02 | 544.432,48 | 0,07% |
| DONGFANG ELECTRIC CORP. -H- | 930.200 | HKD | 743.036,88 | 745.038,54 | 0,10% |
| GREENTOWN CHINA HLDG LTD | 922.194 | HKD | 874.042,40 | 1.420.252,26 | 0,19% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| GUANGZHOU AUTOMOBILE GROUP CO LTD | 1.308.000 | HKD | 1.310.415,10 | 1.173.957,94 | 0,16% |
| GUANGZHOU -H- TEMPORARY | 827.334 | HKD | 1.222.379,17 | 943.901,36 | 0,13% |
| HAIER SMART HOME CO LTD -H- | 592.600 | HKD | 1.774.877,29 | 2.067.963,91 | 0,28% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 2.413.909 | HKD | 1.645.585,48 | 1.417.417,38 | 0,19% |
| JD.COM INC. -A- | 99.750 | HKD | 3.640.849,60 | 3.922.780,01 | 0,53% |
| JIANGXI COPPER CO LTD -H- | 602.200 | HKD | 755.179,57 | 1.232.962,57 | 0,17% |
| KINGSOFT CORP. LTD | 303.000 | HKD | 1.290.617,14 | 1.816.244,58 | 0,25% |
| MEITUAN DIANPING B | 176.500 | HKD | 6.930.323,64 | 7.281.975,84 | 0,98% |
| MINTH GROUP LTD | 304.000 | HKD | 1.445.383,08 | 1.444.481,44 | 0,20% |
| NINE DRAGONS PAPER LTD | 862.000 | HKD | 967.478,42 | 1.105.550,59 | 0,15% |
| PING AN INSURANCE GROUP CO -H- | 522.900 | HKD | 4.766.026,95 | 5.120.706,41 | 0,69% |
| POLY PROPERTY GROUP CO | 1.552.453 | HKD | 639.021,73 | 403.814,44 | 0,05% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 1.938.072 | HKD | 4.956.673,81 | 3.963.076,19 | 0,54% |
| SHENZHEN INTERNATIONAL HLDG LTD | 1.867.000 | HKD | 3.435.885,09 | 2.582.026,03 | 0,35% |
| SINO OCEAN GROUP HLDG LTD | 1.324.104 | HKD | 606.263,87 | 289.856,49 | 0,04% |
| SITC INTERNATIONAL HLDG CO LTD | 868.000 | HKD | 2.660.822,43 | 3.626.990,71 | 0,49% |
| SUN ART RETAIL GROUP LTD | 958.642 | HKD | 1.068.380,29 | 713.503,83 | 0,10% |
| SUNNY OPTICAL TECHNOLOGY CO LTD | 123.800 | HKD | 1.973.935,21 | 3.912.075,43 | 0,53% |
| TECHTRONIC INDUSTRIES CO LTD | 378.500 | HKD | 2.223.866,79 | 6.609.027,97 | 0,89% |
| TENCENT HOLDINGS LTD | 246.432 | HKD | 9.117.216,32 | 18.531.986,09 | 2,51% |
| TENCENT HOLDINGS LTD | 232.468 | HKD | 9.759.467,60 | 17.481.876,31 | 2,36% |
| THE PEOPLE'INSURANCE CO | 2.424.037 | HKD | 1.140.623,08 | 808.446,02 | 0,11% |
| WUXI BIOLOGICS CAYMAN INC. | 230.500 | HKD | 2.299.484,02 | 4.223.649,26 | 0,57% |
| XINYI SOLAR HLDG LTD | 1.138.000 | HKD | 2.144.956,45 | 2.455.999,61 | 0,33% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 1.478.300 | HKD | 675.274,20 | 1.547.622,87 | 0,21% |
| Total DOLLAR DE HONG KONG |  |  | 147.604.148,17 | 186.476.122,46 | 25,21% |
| GEDEON RICHTER | 106.878 | HUF | 2.327.945,49 | 2.848.847,18 | 0,39% |
| OTP BANK PLC | 47.309 | HUF | 1.740.853,70 | 2.550.024,82 | 0,34% |
| Total FORINT HONGROIS |  |  | 4.068.799,19 | 5.398.872,00 | 0,73% |
| BANK CENTRAL ASIA TBK | 2.016.700 | IDR | 3.894.394,11 | 4.189.867,06 | 0,57% |
| BANK CENTRAL ASIA TBK | 1.485.300 | IDR | 2.858.957,57 | 3.085.838,02 | 0,42% |
| BANK RAKYAT INDONESIA -B- | 10.651.080 | IDR | 2.284.904,97 | 2.894.154,81 | 0,39% |
| PT PERUSAHAAN GAS NEGARA TBK | 5.662.500 | IDR | 904.130,43 | 392.469,73 | 0,05% |
| PT UNILEVER INDONESIA TBK | 5.216.900 | IDR | 2.842.296,04 | 1.780.941,28 | 0,24% |
| Total RUPIAH D'INDONÉSIE |  |  | 12.784.683,12 | 12.343.270,90 | 1,67% |
| BAJAJ FINSERV LTD | 18.569 | INR | 2.392.254,37 | 3.025.063,11 | 0,41% |
| BANK OF BARODA | 1.526.919 | INR | 1.815.353,21 | 1.764.594,88 | 0,24% |
| BHARAT FORGE LTD | 408.335 | INR | 3.036.687,89 | 4.185.529,73 | 0,57% |
| BHARAT HEAVY ELECTRICALS LTD | 523.134 | INR | 819.325,65 | 461.340,41 | 0,06% |
| CONTAINER CORP. OF INDIA LTD | 317.693 | INR | 2.242.563,02 | 2.984.809,61 | 0,40% |
| DABUR INDIA -DIS- | 256.248 | INR | 1.906.177,44 | 1.960.729,78 | 0,27% |
| HCL TECHNOLOGIES LTD DEMATERIAL | 216.500 | INR | 1.701.724,57 | 2.864.627,23 | 0,39% |
| HDFC BANK | 136.467 | INR | 1.868.061,61 | 2.750.086,26 | 0,37% |
| HDFC LIFE INSURANCE CO LTD | 201.870 | INR | 1.944.904,30 | 1.863.895,81 | 0,25% |
| HERO MOTOCORP LTD | 65.579 | INR | 2.809.838,88 | 2.560.871,77 | 0,35% |
| HOUSING DEVELOPMENT FINANCE CORP. | 205.739 | INR | 4.921.495,17 | 6.851.277,29 | 0,93% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| ICICI BANK LTD | 497.829 | INR | 2.485.619,53 | 4.225.485,06 | 0,57% |
| INDIAN OIL CORP. LTD | 1.447.758 | INR | 2.000.850,93 | 2.101.615,53 | 0,28% |
| KOTAK MAHINDRA BANK LTD | 54.100 | INR | 903.608,37 | 1.241.577,85 | 0,17% |
| LUPIN LTD | 101.607 | INR | 1.473.301,72 | 1.570.787,02 | 0,21% |
| MARUTI SUZUKI INDIA LTD | 14.119 | INR | 1.038.429,51 | 1.427.646,82 | 0,19% |
| MOTHERSON SUMI SYSTEMS LTD | 898.108 | INR | 1.990.603,59 | 2.925.224,52 | 0,40% |
| RELIANCE INDUSTRIES | 109.996 | INR | 2.842.562,57 | 3.123.409,78 | 0,42% |
| SBI LIFE INSURANCE CO LTD | 215.308 | INR | 2.230.862,59 | 2.920.257,66 | 0,39% |
| SHRIRAM TRANSPORT FINANCE CO LTD | 179.982 | INR | 2.713.816,86 | 3.251.080,63 | 0,44% |
| STATE BANK OF INDIA | 480.990 | INR | 2.591.913,17 | 2.712.646,31 | 0,37% |
| STEEL AUTHORITY OF INDIA LTD | 1.308.034 | INR | 1.073.760,16 | 2.298.254,19 | 0,31% |
| TECH MAHINDRA LTD | 191.069 | INR | 1.801.865,86 | 2.815.909,17 | 0,38% |
| TV18 BROADCAST LTD | 761.931 | INR | 529.367,43 | 439.752,98 | 0,06% |
| Total ROUPIE DE L'INDE |  |  | 49.134.948,40 | 62.326.473,40 | 8,43% |
| GREEN CROSS CORP. | 3.063 | KRW | 441.514,64 | 893.482,69 | 0,12% |
| GS ENGINEERING & CONSTRUCTION CORP. | 40.682 | KRW | 1.257.166,99 | 1.549.756,12 | 0,21% |
| HANA FINANCIAL GROUP INC. | 69.700 | KRW | 2.633.013,29 | 2.850.139,94 | 0,39% |
| HANKOOK TIRE & TECHNOLOGY CO LTD | 31.657 | KRW | 1.422.077,68 | 1.453.329,44 | 0,20% |
| HYUNDAI DEPT STORE LTD | 17.840 | KRW | 1.456.810,52 | 1.384.554,49 | 0,19% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 38.466 | KRW | 1.762.948,34 | 1.991.358,05 | 0,27% |
| KB FINANCIAL GROUP INC. | 158.773 | KRW | 7.091.178,88 | 7.867.099,10 | 1,06% |
| KB FINANCIAL GROUP INC. | 25.722 | KRW | 980.872,25 | 1.274.508,41 | 0,17% |
| KIA CORP. | 24.971 | KRW | 1.103.263,55 | 1.986.770,56 | 0,27% |
| KIWOOM SECURITIES CO LTD | 12.740 | KRW | 1.440.181,99 | 1.481.987,34 | 0,20% |
| LG CHEM LTD | 3.387 | KRW | 2.533.081,92 | 2.556.453,48 | 0,35% |
| LG DISPLAY CO LTD | 89.448 | KRW | 1.169.191,00 | 1.945.989,49 | 0,26% |
| LG ELECTRONICS INC. | 13.071 | KRW | 683.543,31 | 1.897.712,17 | 0,26% |
| LG HOUSEHOLD & HEALTHCARE LTD | 2.590 | KRW | 2.908.775,82 | 4.052.373,24 | 0,55% |
| LOTTE CHEMICAL CORP. | 4.598 | KRW | 717.821,95 | 1.071.771,11 | 0,14% |
| NCSOFT CORP. | 3.983 | KRW | 1.999.551,26 | 2.900.199,88 | 0,39% |
| OCI CO LTD | 15.150 | KRW | 1.115.140,59 | 1.580.717,53 | 0,21% |
| SAMSUNG ELECTRONICS CO LTD | 324.073 | KRW | 12.941.738,59 | 23.223.098,03 | 3,14% |
| SAMSUNG ELECTRONICS CO LTD | 210.323 | KRW | 7.670.863,98 | 15.071.763,60 | 2,04% |
| SAMSUNG ELECTRONICS CO LTD PFD | 62.739 | KRW | 1.916.854,39 | 4.105.904,57 | 0,56% |
| SAMSUNG ENGINEERING CO LTD | 111.406 | KRW | 1.388.305,77 | 2.364.341,76 | 0,32% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 222.050 | KRW | 1.384.223,70 | 1.323.052,47 | 0,18% |
| SAMSUNG LIFE INSURANCE CO LTD | 20.930 | KRW | 1.472.075,75 | 1.483.118,63 | 0,20% |
| SAMSUNG SDS CO LTD | 8.645 | KRW | 1.352.357,85 | 1.420.170,53 | 0,19% |
| SHINHAN FINANCIAL GROUP CO LTD | 40.007 | KRW | 1.491.967,87 | 1.442.333,83 | 0,19% |
| SK HYNIX INC. | 54.523 | KRW | 3.654.543,91 | 6.172.963,37 | 0,83% |
| SK NETWORKS CO LTD | 160.793 | KRW | 833.196,66 | 859.542,59 | 0,12% |
| Total GAGNÉ DE CORÉE DU SUD |  |  | 64.822.262,45 | 96.204.492,42 | 13,01% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 633.568 | MXN | 3.671.993,70 | 4.097.248,03 | 0,55% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 1.021.582 | MXN | 3.556.966,61 | 6.606.512,39 | 0,89% |
| KIMBERLY-CLARK DE MEXICO S.A.B. DE CV | 605.672 | MXN | 1.000.143,09 | 1.075.946,33 | 0,15% |
| WAL-MART DE MEXICO SAB DE CV | 675.425 | MXN | 1.760.638,59 | 2.207.374,35 | 0,30% |
| WAL-MART DE MEXICO SAB DE CV | 1.434.555 | MXN | 3.662.420,48 | 4.688.307,23 | 0,63% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| Total PESO MEXICAIN |  |  | 13.652.162,47 | 18.675.388,33 | 2,52% |
| ALLEGRO.EU S.A. | 122.525 | PLN | 1.915.753,87 | 2.111.909,48 | 0,29% |
| GRUPA LOTOS S.A. | 65.028 | PLN | 937.575,46 | 917.252,80 | 0,12% |
| KGHM POLSKA MIEDZ S.A. | 13.862 | PLN | 292.119,29 | 683.264,45 | 0,09% |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 444.437 | PLN | 1.106.856,61 | 1.098.535,75 | 0,15% |
| POLSKI KONCERN NAFTOWY ORLEN S.A. | 93.606 | PLN | 1.661.740,23 | 1.887.844,23 | 0,26% |
| TAURON POLSKA ENERGIA S.A. | 790.357 | PLN | 612.531,42 | 693.400,47 | 0,09% |
| Total ZLOTY POLONNAIS |  |  | 6.526.576,88 | 7.392.207,18 | 1,00% |
| FEDERAL GRID CO OF UNIF ENERGY | 302.629.537 | RUB | 908.656,92 | 909.291,82 | 0,12% |
| FEDERAL HYDROGENERATING CO -R- | 117.192.567 | RUB | 1.009.683,31 | 1.394.688,27 | 0,19% |
| MOBILE TELESYSTEMS P.J.S.C. | 134.728 | RUB | 614.963,73 | 631.925,74 | 0,09% |
| ROSSETI P.J.S.C. | 40.305.319 | RUB | 596.965,69 | 747.416,95 | 0,10% |
| ROSTELECOM PUBLIC JOINT STOCK | 461.771 | RUB | 606.047,52 | 645.181,96 | 0,09% |
| Total ROUBLE DE RUSSIE |  |  | 3.736.317,17 | 4.328.504,74 | 0,59% |
| EPIROC AKTIEBOLAG AK -A- | 148.787 | SEK | 2.252.502,54 | 3.392.532,85 | 0,46% |
| Total COURONNE SUÉDOISE |  |  | 2.252.502,54 | 3.392.532,85 | 0,46% |
| AIRPORTS OF THAILAND PUBLIC CO LTD | 683.300 | THB | 1.236.556,10 | 1.321.416,23 | 0,18% |
| BANPU PUBLIC CO LTD FOREIGN -REG- | 2.892.000 | THB | 1.028.755,23 | 1.407.211,63 | 0,19% |
| IRPC PUBLIC CO LTD -FOREIGN- | 10.944.267 | THB | 1.052.802,60 | 1.310.854,33 | 0,18% |
| ITALIAN-THAI DVLPT PU CO LTD -FOREIGN- | 2.863.124 | THB | 344.521,34 | 212.546,35 | 0,03% |
| PTT EXPLORATION-PROD PUBLIC NVDR | 897.300 | THB | 3.335.544,05 | 3.274.613,57 | 0,44% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 833.202 | THB | 832.025,62 | 1.533.341,33 | 0,21% |
| SIAM CEMENT PUBLIC CO LTD FOREIGN | 100.565 | THB | 1.496.075,59 | 1.355.086,86 | 0,18% |
| SIAM COMMERCIAL BANK NVDR | 588.900 | THB | 2.054.701,60 | 1.800.131,19 | 0,24% |
| THAI OIL PUBLIC CO LTD -FOREIGN- | 827.423 | THB | 501.358,13 | 1.406.567,63 | 0,19% |
| Total BAHT THAÏLANDAIS |  |  | 11.882.340,26 | 13.621.769,12 | 1,84% |
| ALARKO HLDG | 0 | TRY | 0,10 | 0,09 | 0,00% |
| ARCELIK A.S. | 461.125 | TRY | 1.190.068,13 | 1.581.759,23 | 0,21% |
| BIM BIRLESIK MAGAZALAR AS | 147.687 | TRY | 1.244.631,64 | 1.056.547,06 | 0,14% |
| BIM BIRLESIK MAGAZALAR AS | 119.748 | TRY | 1.023.452,48 | 856.672,54 | 0,12% |
| DOGAN SIRKETLER GRUBU HLDG AS | 1.779.060 | TRY | 470.776,97 | 581.586,59 | 0,08% |
| EMLAK KONUT GAYRIMENKUL YATIRIM ORT | 4.735.859 | TRY | 1.220.955,89 | 1.019.402,79 | 0,14% |
| EREGLI DEMIR VE CELIK FABRIKALARI | 1.201.852 | TRY | 1.823.055,84 | 2.490.169,68 | 0,34% |
| PETKIM PETROKIMYA HLDG AS | 1.856.636 | TRY | 1.032.296,87 | 1.117.722,26 | 0,15% |
| TEKFEN HLDG AS | 378.715 | TRY | 889.911,57 | 641.690,73 | 0,09% |
| TUPRAS TURKIYE PETROL RAFINELERI AS | 84.824 | TRY | 1.512.301,81 | 925.131,38 | 0,13% |
| TURKCELL ILETISIM HIZMET | 782.330 | TRY | 1.500.348,17 | 1.449.844,10 | 0,20% |
| TURKIYE IS BANKASI AS | 1.444.193 | TRY | 1.179.174,42 | 847.814,53 | 0,11% |
| TURK SISE CAM | 1 | TRY | 1,25 | 1,06 | 0,00% |
| YAPI VE KREDI BANKASI AS | 3.290.516 | TRY | 1.138.450,10 | 818.131,67 | 0,11% |
| Total LIRE TURQUE |  |  | 14.225.425,24 | 13.386.473,71 | 1,81% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| ACCTON TECHNOLOGY CORP. | 419.000 | TWD | 1.833.781,27 | 4.970.101,50 | 0,67% |
| ACER INC. | 1.568.781 | TWD | 956.711,00 | 1.649.718,00 | 0,22% |
| ASE INDUSTRIAL HLDG CO LTD | 465.000 | TWD | 1.930.446,74 | 1.869.178,37 | 0,25% |
| AU OPTRONICS CORP. | 1.718.000 | TWD | 1.168.605,67 | 1.396.597,10 | 0,19% |
| AU OPTRONICS CORP. | 1.559.450 | TWD | 559.377,47 | 1.267.708,59 | 0,17% |
| CHAILEASE HLDG CO LTD | 343.123 | TWD | 934.402,64 | 2.493.759,85 | 0,34% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 565.088 | TWD | 867.284,25 | 948.150,92 | 0,13% |
| CHIMEI INNOLUX CORP. | 2.056.610 | TWD | 709.707,59 | 1.531.615,72 | 0,21% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1.959.167 | TWD | 799.519,50 | 980.901,58 | 0,13% |
| CHIPBOND TECHNOLOGY CORP. | 1.130.000 | TWD | 2.237.020,87 | 2.920.052,85 | 0,39% |
| CORETRONIC CORP. | 402.174 | TWD | 648.004,90 | 884.818,59 | 0,12% |
| DELTA ELECTRONICS INC. | 652.000 | TWD | 3.532.520,01 | 7.090.387,90 | 0,96% |
| ENNOSTAR INC. | 421.500 | TWD | 1.273.621,54 | 1.187.536,61 | 0,16% |
| EVERLIGHT ELECTRONICS CO LTD | 232.928 | TWD | 454.219,11 | 440.567,12 | 0,06% |
| HANNSTAR DISPLAY CORP. | 1.142.800 | TWD | 297.320,40 | 906.446,71 | 0,12% |
| HIGH TECH COMPUTER CORP. | 570.349 | TWD | 878.297,50 | 804.475,84 | 0,11% |
| HIWIN TECHNOLOGIES CORP. | 133.154 | TWD | 1.409.839,21 | 1.887.691,78 | 0,26% |
| HON HAI PRECISION INDUSTRY CO LTD | 421.000 | TWD | 1.809.361,01 | 1.692.309,88 | 0,23% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 710.871 | TWD | 676.406,02 | 685.038,31 | 0,09% |
| INVENTEC CORP. | 1.079.000 | TWD | 890.316,28 | 1.016.554,16 | 0,14% |
| KINSUS INTERCONNECT TECHNOLOGY CORP. | 162.000 | TWD | 346.961,93 | 784.925,71 | 0,11% |
| LANDMARK OPTOELECTRONICS CORP. | 282.000 | TWD | 2.848.857,35 | 2.682.098,69 | 0,36% |
| PEGATRON CORP. | 369.000 | TWD | 820.450,16 | 911.159,85 | 0,12% |
| PHISON ELECTRONICS CORP. | 77.000 | TWD | 1.254.220,29 | 1.326.513,68 | 0,18% |
| QISDA CORP. | 1.414.600 | TWD | 719.391,23 | 1.563.738,55 | 0,21% |
| REALTEK SEMICONDUCTOR CORP. | 134.000 | TWD | 2.217.389,47 | 2.428.711,60 | 0,33% |
| SILERGY CORP. | 17.000 | TWD | 867.634,35 | 2.312.426,31 | 0,31% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 1.086.000 | TWD | 8.937.908,43 | 23.191.378,41 | 3,14% |
| WINBOND ELECTRONICS CORP. | 1.488.000 | TWD | 1.278.689,44 | 1.861.167,61 | 0,25% |
| WISTRON CORP. | 1.244.150 | TWD | 958.450,09 | 1.384.248,97 | 0,19% |
| Total NOUVEAU DOLLAR DE TAIWAN |  |  | 44.116.715,72 | 75.069.980,76 | 10,15% |
| RAIFFEISEN BANK AVAL JSC | 3.314.000 | UAH | 177.406,37 | 52.309,78 | 0,01% |
| Total HRYVNIA UKRAINIEN |  |  | 177.406,37 | 52.309,78 | 0,01% |
| ALIBABA GROUP HLDG LTD -ADR- | 17.000 | USD | 3.713.000,60 | 3.855.260,00 | 0,52% |
| ALIBABA GROUP HLDG LTD -ADR- | 8.336 | USD | 1.535.245,62 | 1.890.438,08 | 0,26% |
| ALROSA CJSC | 887.217 | USD | 1.002.923,24 | 1.629.795,45 | 0,22% |
| AUTOHOME INC. -ADR- | 24.457 | USD | 1.980.810,26 | 1.564.269,72 | 0,21% |
| BAOZUN INC-SPN ADR | 165.458 | USD | 5.999.330,04 | 5.863.831,52 | 0,79% |
| BUENAVENTURA -SP ADR- -B- | 83.300 | USD | 1.013.195,37 | 753.865,00 | 0,10% |
| CEMIG SPONSOREDADR | 428.578 | USD | 1.163.075,16 | 1.020.015,64 | 0,14% |
| CREDICORP LTD | 24.174 | USD | 4.352.448,41 | 2.927.713,14 | 0,40% |
| CREDICORP LTD | 22.608 | USD | 3.892.937,36 | 2.738.054,88 | 0,37% |
| EMBRAER -SP ADR- | 57.005 | USD | 1.237.657,70 | 863.055,70 | 0,12% |
| EPAM SYSTEMS INC. | 5.966 | USD | 1.399.977,98 | 3.048.387,36 | 0,41% |
| FIRST SOLAR INC. | 29.738 | USD | 1.389.448,59 | 2.691.586,38 | 0,36% |
| FIX PRICE GROUP LTD | 114.356 | USD | 1.110.483,79 | 1.000.615,00 | 0,14% |
| GAZPROM OAO | 573.170 | USD | 1.352.658,46 | 2.204.364,82 | 0,30% |
| GAZPROM -SP ADR- | 630.555 | USD | 3.472.359,29 | 4.817.440,20 | 0,65% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| GAZPROM -SP ADR- | 272.612 | USD | 1.903.864,47 | 2.082.755,68 | 0,28% |
| HDFC BANK LTD -ADR- | 71.042 | USD | 3.063.364,79 | 5.194.591,04 | 0,70% |
| HUAZHU | 25.758 | USD | 1.507.896,50 | 1.360.279,98 | 0,18% |
| KE HLDG INC. | 37.599 | USD | 2.012.908,29 | 1.792.720,32 | 0,24% |
| MAGNIT JSC | 28.997 | USD | 1.658.079,99 | 2.105.816,51 | 0,28% |
| MERCADOLIBRE INC. | 1.774 | USD | 2.126.029,36 | 2.763.519,46 | 0,37% |
| MICRON TECHNOLOGY | 37.461 | USD | 3.219.049,29 | 3.183.435,78 | 0,43% |
| NEW ORIENTAL EDUCATION & TECHNO -ADR- | 211.040 | USD | 2.510.789,01 | 1.728.417,60 | 0,23% |
| OIL CO LUKOIL P.J.S.C. -ADR- | 66.969 | USD | 5.025.745,92 | 6.161.148,00 | 0,83% |
| SBERBANK OF RUSSIA OJSC -ADR- | 262.249 | USD | 3.404.940,24 | 4.354.644,65 | 0,59% |
| SBERBANK OF RUSSIA OJSC -ADR- | 403.707 | USD | 4.660.894,49 | 6.703.554,74 | 0,91% |
| SEA LTD-ADR | 12.159 | USD | 1.282.293,69 | 3.338.861,40 | 0,45% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 95.277 | USD | 1.430.355,71 | 2.048.455,50 | 0,28% |
| TAIWAN SEMICONDUCTOR MANUFACTERING -ADR-5 SHARE | 166.203 | USD | 6.227.335,44 | 19.970.952,48 | 2,70% |
| TRIP COM GROUP LTD-ADR | 47.611 | USD | 2.068.951,46 | 1.688.286,06 | 0,23% |
| WINBOND ELECTRONICS CORP. -GDR- | 1 | USD | 3,40 | 12,50 | 0,00% |
| X5 RETAIL GROUP SP GDR-S | 31.020 | USD | 996.628,78 | 1.087.561,20 | 0,15% |
| YANDEX N.V. CLASS -A- | 56.852 | USD | 2.321.132,57 | 4.022.279,00 | 0,54% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 80.035.815,27 | 106.455.984,79 | 14,39% |
| CAPITEC BANK HLDG LTD | 30.714 | ZAR | 1.541.787,31 | 3.627.670,96 | 0,49% |
| CLICKS GROUP LTD | 87.481 | ZAR | 1.139.579,20 | 1.505.260,04 | 0,20% |
| CLICKS GROUP LTD | 40.345 | ZAR | 727.041,39 | 694.204,64 | 0,09% |
| REMGRO LTD | 146.915 | ZAR | 1.173.911,53 | 1.179.128,32 | 0,16% |
| SAPPI LTD | 525.708 | ZAR | 1.595.522,26 | 1.523.510,27 | 0,21% |
| SHOPRITE HLDG LTD | 133.705 | ZAR | 1.479.855,33 | 1.455.528,62 | 0,20% |
| Total RAND D'AFRIQUE DU SUD |  |  | 7.657.697,02 | 9.985.302,85 | 1,35% |
| Total Actions Cotées ou Négociées |  |  | 535.993.332,33 | 695.395.611,61 | 94,01% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 535.993.332,33 | 695.395.611,61 | 94,01% |
| Autres valeurs mobilières |  |  |  |  |  |
| NMC HEALTH PLC | 243.845 | GBP | 8.149.932,34 | 0,00 | 0,00% |
| Total LIVRE DU ROYAUME-UNI |  |  | 8.149.932,34 | 0,00 | 0,00% |
| CENTERENERGO OJSC | 132.600 | UAH | 296.098,13 | 43.017,30 | 0,01% |
| MOTOR SICH JSC | 400 | UAH | 177.854,71 | 0,00 | 0,00% |
| UKRTELECOM P.J.S.C. | 6.959.300 | UAH | 523.688,05 | 23.342,26 | 0,00% |
| Total HRYVNIA UKRAINIEN |  |  | 997.640,89 | 66.359,56 | 0,01% |
| BANK OF CHANGSHA-CLSA 21-160326 | 716.500 | USD | 1.225.842,49 | 990.919,50 | 0,13% |
| BANK OF CHENGDU-CICC FINANCE 21-180324 | 776.326 | USD | 1.449.666,78 | 1.519.702,40 | 0,21% |
| CAIHONG -UBS A.G. LONDON WARRANT 20-301121 | 874.700 | USD | 855.679,86 | 1.110.869,00 | 0,15% |
| FOTON-CICC FINANCE 20-191023 | 2.048.500 | USD | 986.578,08 | 1.094.517,65 | 0,15% |
| GREE ELECTRIC-CLSA WARRANT 17-190122 | 695.459 | USD | 5.474.614,05 | 5.608.876,84 | 0,76% |
| HANGZHOU TIGERMED CONSULTINF -CLSA 20-210425 | 98.992 | USD | 1.347.166,60 | 2.962.038,62 | 0,40% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| JIANGSU HENGLI -UBS WARRANT 20-131221 | 88.379 | USD | 1.029.438,95 | 1.176.280,30 | 0,16% |
| JILIN SINO MICROELEC-CLSA 20-041225 | 750.996 | USD | 1.135.041,77 | 1.053.647,39 | 0,14% |
| NARI TECH -CLSA WARRANT 18-040923 | 1.306.712 | USD | 3.844.656,11 | 4.697.629,64 | 0,64% |
| NARI TECH-CLSA WARRANT 1 -BONUS- 20210623 | 1.306.712 | USD | 0,00 | 0,00 | 0,00% |
| RIZHAO -UBS A.G. LONDON 20-100122 | 2.616.250 | USD | 1.115.082,38 | 1.083.127,50 | 0,15% |
| SHANDONG -UBS A.G. LONDON 20-100122 | 606.634 | USD | 347.521,81 | 732.813,87 | 0,10% |
| TRIANGLE TY-CICC FINANCE 0,00 20-090323 | 397.100 | USD | 863.139,56 | 892.963,54 | 0,12% |
| XIAMEN KING -UBS A.G. 20-081021 | 623.757 | USD | 567.824,66 | 656.192,36 | 0,09% |
| ZHONGJI INN-CLSA 21-290426 | 443.211 | USD | 2.610.707,24 | 2.642.867,19 | 0,36% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 22.852.960,34 | 26.222.445,80 | 3,54% |
| Total Autres valeurs mobilières |  |  | 32.000.533,57 | 26.288.805,36 | 3,55% |
| Total du Portefeuille-Titres |  |  | 567.993.865,90 | 721.684.416,97 | 97,56% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| AEON FINANCIAL SERVICE CO LTD | 57.000 | JPY | 68.762.889 | 74.613.000 | 0,43% |
| AICA KOGYO CO LTD | 53.600 | JPY | 176.863.316 | 209.308.000 | 1,20% |
| AISIN CORP. | 28.000 | JPY | 94.800.710 | 133.000.000 | 0,76% |
| ALFRESA HLDG CORP. | 60.000 | JPY | 100.254.784 | 99.540.000 | 0,57% |
| ALPS ALPINE CO LTD | 94.000 | JPY | 126.827.096 | 110.262.000 | 0,63% |
| BANK OF KYOTO LTD | 15.000 | JPY | 76.373.000 | 75.600.000 | 0,43% |
| CANON INC. | 106.200 | JPY | 292.021.497 | 266.880.600 | 1,53% |
| CHUGOKU ELECTRIC POWER CO INC. | 56.000 | JPY | 68.401.709 | 56.784.000 | 0,33% |
| CITIZEN HLDG CO LTD | 280.000 | JPY | 99.252.060 | 114.800.000 | 0,66% |
| COSMO ENERGY HLDG CO LTD | 75.000 | JPY | 166.853.102 | 191.025.000 | 1,09% |
| CURVES HLDG CO LTD | 82.200 | JPY | 19.687.825 | 75.377.400 | 0,43% |
| DAIICHIKOSHO CO LTD | 39.400 | JPY | 190.978.806 | 168.041.000 | 0,96% |
| DAI NIPPON PRINTING CO LTD | 58.000 | JPY | 123.284.984 | 136.242.000 | 0,78% |
| DENTSU GROUP INC. | 113.100 | JPY | 458.840.570 | 449.572.500 | 2,57% |
| EAST JAPAN RAILWAY COMPANY | 19.000 | JPY | 164.072.962 | 150.613.000 | 0,86% |
| EAST JAPAN RAILWAY COMPANY | 51.600 | JPY | 479.530.742 | 409.033.200 | 2,34% |
| ELECTRIC POWER DEVELOPMENT CO LTD | 225.000 | JPY | 384.869.113 | 356.625.000 | 2,04% |
| ENEOS HLDG INC. | 407.000 | JPY | 200.276.525 | 189.214.300 | 1,08% |
| FUJI KYUKO CO LTD | 25.600 | JPY | 74.417.854 | 136.192.000 | 0,78% |
| FUJI TELEVISION NETWORK INC. | 50.000 | JPY | 66.588.489 | 61.700.000 | 0,35% |
| FUKUOKA FINANCIAL GROUP INC. | 20.300 | JPY | 41.880.949 | 39.361.700 | 0,23% |
| FURUKAWA ELECTRIC | 20.000 | JPY | 58.491.366 | 55.340.000 | 0,32% |
| H2O RETAILING CORP. | 161.000 | JPY | 130.902.825 | 145.061.000 | 0,83% |
| HAMAMATSU PHOTONICS KK | 39.200 | JPY | 145.612.306 | 262.640.000 | 1,50% |
| HISAMITSU PHARMACEUTICAL CO INC. | 32.800 | JPY | 185.576.933 | 179.416.000 | 1,03% |
| HITACHI CONSTRUCTION MACHINERY | 54.200 | JPY | 146.193.456 | 184.009.000 | 1,05% |
| HOYA CORP. | 32.400 | JPY | 208.142.232 | 477.252.000 | 2,73% |
| ICHIBANYA CO LTD | 22.000 | JPY | 99.870.151 | 111.980.000 | 0,64% |
| INPEX CORP | 550.000 | JPY | 318.622.975 | 455.950.000 | 2,61% |
| ITO EN LTD | 44.600 | JPY | 197.141.824 | 293.914.000 | 1,68% |
| JAPAN AVIATION ELECTRONICS INDUSTRY | 15.000 | JPY | 25.510.125 | 29.445.000 | 0,17% |
| JAPAN POST INSURANCE CO LTD | 50.000 | JPY | 88.474.356 | 102.700.000 | 0,59% |
| J FRONT RETAILING CO LTD | 75.000 | JPY | 63.832.611 | 73.875.000 | 0,42% |
| JGC HLDG CORP. | 225.000 | JPY | 229.492.506 | 232.875.000 | 1,33% |
| KAKAKU.COM INC. | 32.900 | JPY | 62.294.078 | 110.379.500 | 0,63% |
| KAKEN PHARMACEUTICAL CO LTD | 15.000 | JPY | 64.771.620 | 71.400.000 | 0,41% |
| KAMIGUMI CO LTD | 80.000 | JPY | 160.710.187 | 180.240.000 | 1,03% |
| KANDENKO CO LTD | 20.000 | JPY | 17.651.280 | 17.340.000 | 0,10% |
| KEYENCE CORP. | 5.800 | JPY | 161.728.046 | 325.206.000 | 1,86% |
| KIRIN HLDG CO LTD | 100.000 | JPY | 212.430.471 | 216.600.000 | 1,24% |
| KOEI TECMO HLDG CO LTD | 78.190 | JPY | 124.965.389 | 423.789.800 | 2,43% |
| KUBOTA CORP. | 73.400 | JPY | 112.833.516 | 164.929.800 | 0,94% |
| KURARAY | 30.000 | JPY | 36.871.680 | 32.010.000 | 0,18% |
| KYUSHU RAILWAY CO | 64.000 | JPY | 155.827.640 | 160.384.000 | 0,92% |
| LINTEC CORP. | 9.000 | JPY | 22.097.680 | 21.690.000 | 0,12% |
| M3 INC. | 14.300 | JPY | 29.671.973 | 116.015.900 | 0,66% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| MEDIPAL | 35.000 | JPY | 70.675.060 | 74.270.000 | 0,43% |
| MITSUBISHI CHEMICAL HLDG CORP. | 180.000 | JPY | 143.833.045 | 168.030.000 | 0,96% |
| MITSUBISHI HEAVY INDUSTRIES LTD | 10.000 | JPY | 34.024.133 | 32.690.000 | 0,19% |
| MITSUBISHI MATERIALS CORP. | 67.000 | JPY | 159.491.382 | 148.405.000 | 0,85% |
| MITSUBISHI MOTORS CORP. | 485.000 | JPY | 131.711.169 | 151.320.000 | 0,87% |
| MITSUBISHI UFJ FINANCIAL GROUP INC. | 80.000 | JPY | 46.952.133 | 48.008.000 | 0,27% |
| MITSUI FUDOSAN | 140.000 | JPY | 272.146.893 | 360.220.000 | 2,06% |
| MIZUHO FINANCIAL GROUP INC. | 73.120 | JPY | 120.755.089 | 116.078.000 | 0,66% |
| MODEC INC. | 52.000 | JPY | 126.224.086 | 107.016.000 | 0,61% |
| MS & AD INSURANCE GROUP HLDG | 120.000 | JPY | 381.136.859 | 384.960.000 | 2,20% |
| NGK INSULATORS | 57.000 | JPY | 108.508.503 | 106.248.000 | 0,61% |
| NGK SPARK PLUG CO. | 136.000 | JPY | 233.662.510 | 223.856.000 | 1,28% |
| NIFCO INC. | 81.300 | JPY | 241.210.606 | 341.053.500 | 1,95% |
| NIPPON SANSO HLDG CORP. | 81.700 | JPY | 118.764.787 | 186.030.900 | 1,07% |
| NIPPON SHOKUBAI CO LTD | 6.000 | JPY | 33.226.000 | 32.040.000 | 0,18% |
| NIPPON STEEL CORP. | 23.800 | JPY | 39.042.289 | 44.589.300 | 0,26% |
| NIPPON TELEGRAPH & TELEPHONE CORP. | 60.000 | JPY | 140.480.395 | 173.670.000 | 0,99% |
| NISSAN MOTOR | 330.000 | JPY | 190.285.053 | 181.929.000 | 1,04% |
| NISSHINBO INDUSTRIES | 42.000 | JPY | 34.886.620 | 40.278.000 | 0,23% |
| NISSHIN GROUP HD CO LTD | 29.100 | JPY | 6.277.358 | 13.444.200 | 0,08% |
| NISSHIN OILLIO GROUP LTD | 5.000 | JPY | 15.636.330 | 15.350.000 | 0,09% |
| NOK CORP. | 28.000 | JPY | 41.231.879 | 38.584.000 | 0,22% |
| OBAYASHI CORP. | 105.000 | JPY | 100.029.017 | 92.715.000 | 0,53% |
| OBIC BUSINESS CONSULTANTS CO LTD | 16.000 | JPY | 48.232.503 | 102.720.000 | 0,59% |
| ORIENTAL LAND CO LTD | 14.000 | JPY | 135.708.510 | 221.620.000 | 1,27% |
| ORIX CORP. | 213.100 | JPY | 329.561.737 | 399.455.950 | 2,29% |
| PARAMOUNT BED HLDG CO LTD | 50.600 | JPY | 116.202.669 | 100.137.400 | 0,57% |
| PIGEON CORP. | 27.600 | JPY | 130.541.780 | 86.388.000 | 0,49% |
| RICOH | 161.700 | JPY | 158.443.347 | 201.639.900 | 1,15% |
| SANRIO CO LTD | 52.100 | JPY | 110.459.544 | 102.428.600 | 0,59% |
| SAWAI GROUP HLDG CO LTD. | 18.000 | JPY | 92.774.800 | 89.100.000 | 0,51% |
| SEIKAGAKU CORP. | 49.700 | JPY | 75.597.033 | 53.725.700 | 0,31% |
| SHIKOKU ELECTRIC POWER | 63.000 | JPY | 50.214.398 | 47.628.000 | 0,27% |
| SHIMIZU CORP. | 84.000 | JPY | 67.366.287 | 71.568.000 | 0,41% |
| SHIN-ETSU CHEMICAL | 22.200 | JPY | 223.232.184 | 412.476.000 | 2,36% |
| SQUARE ENIX CO LTD | 59.300 | JPY | 253.297.511 | 326.743.000 | 1,87% |
| SUMITOMO MITSUI CONSTRUCTION CO LTD | 368.000 | JPY | 222.177.784 | 173.696.000 | 0,99% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 18.000 | JPY | 54.652.417 | 68.940.000 | 0,39% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 40.000 | JPY | 154.772.858 | 153.200.000 | 0,88% |
| SUMITOMO MITSUI TRUST HLDG | 83.000 | JPY | 289.102.253 | 292.824.000 | 1,68% |
| SUMITOMO SHOJI CORP. | 45.000 | JPY | 66.005.321 | 66.960.000 | 0,38% |
| SUZUKEN CO LTD | 32.000 | JPY | 108.377.701 | 104.160.000 | 0,60% |
| SUZUKI MOTOR CORP. | 21.000 | JPY | 93.320.900 | 98.721.000 | 0,57% |
| TAIKISHA LTD | 29.900 | JPY | 106.028.836 | 99.118.500 | 0,57% |
| TAISEI CORP. | 22.000 | JPY | 79.674.016 | 80.080.000 | 0,46% |
| TBS HLDG INC. | 66.000 | JPY | 126.000.264 | 112.596.000 | 0,64% |
| TOPPAN INC. | 36.000 | JPY | 64.155.571 | 64.260.000 | 0,37% |
| TOTO LTD | 79.900 | JPY | 350.960.848 | 459.425.000 | 2,63% |
| TOYOTA TSUSHO COR | 88.900 | JPY | 264.280.569 | 466.725.000 | 2,67% |
| TREND MICRO INC. | 77.000 | JPY | 397.430.791 | 448.140.000 | 2,57% |
| TSUMURA & CO | 82.100 | JPY | 260.690.178 | 286.939.500 | 1,64% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| UBE INDUSTRIES | 25.000 | JPY | 46.692.996 | 56.225.000 | 0,32% |
| USS CO LTD | 147.500 | JPY | 284.074.675 | 285.855.000 | 1,64% |
| WACOM CO LTD | 150.600 | JPY | 72.050.331 | 106.323.600 | 0,61% |
| YAMADA HLDG LTD | 310.000 | JPY | 165.845.379 | 159.030.000 | 0,91% |
| YOKOGAWA ELECTRIC | 139.400 | JPY | 223.736.325 | 231.404.000 | 1,33% |
| Total YEN JAPONAIS |  |  | 14.546.409.720 | 17.059.264.750 | 97,69% |
| Total Actions Cotées ou Négociées |  |  | 14.546.409.720 | 17.059.264.750 | 97,69% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 14.546.409.720 | 17.059.264.750 | 97,69% |
| Total du Portefeuille-Titres |  |  | 14.546.409.720 | 17.059.264.750 | 97,69% |

(Content)
| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| ILES CAYMAN | 18,69 % |
| CHINE | 13,43 % |
| CORÉE DU SUD | 13,01 % |
| TAIWAN | 12,20 % |
| INDE | 9,13 % |
| RUSSIE | 4,93 % |
| BRÉSIL | 2,75 % |
| HONG KONG | 2,63 % |
| MEXIQUE | 2,52 % |
| THAILANDE | 1,84 % |
| BERMUDES | 1,83 % |
| TURQUIE | 1,81 % |
| INDONÉSIE | 1,67 % |
| ETATS-UNIS D'AMÉRIQUE | 1,58 % |
| SINGAPOUR | 1,39 % |
| AFRIQUE DU SUD | 1,35 % |
| ROYAUME-UNI | 1,20 % |
| PAYS-BAS | 1,16 % |
| LUXEMBOURG | 0,82 % |
| HONGRIE | 0,73 % |
| POLOGNE | 0,71 % |
| JERSEY | 0,60 % |
| SUÈDE | 0,46 % |
| GRÈCE | 0,40 % |
| AUSTRALIE | 0,18 % |
| ÎLES VIERGES BRITANNIQUES | 0,14 % |
| CANADA | 0,12 % |
| EGYPTE | 0,10 % |
| PÉROU | 0,10 % |
| CHILI | 0,06 % |
| UKRAINE | 0,02 % |
| Total du Portefeuille-Titres | 97,56 % |

(Content)
| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| JAPON | 97,69 % |
| Total du Portefeuille-Titres | 97,69 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| BANQUES | 14,95 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 11,37 % |
| IT & INTERNET | 10,16 % |
| PHOTO & OPTIQUE | 7,22 % |
| SERVICES FINANCIERS - HOLDINGS | 7,05 % |
| TELECOMMUNICATIONS | 6,83 % |
| COMPAGNIES D'ASSURANCE | 4,16 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 3,90 % |
| PETROLE & DERIVES | 3,75 % |
| VEHICULES ROUTIERS | 2,53 % |
| PRODUITS CHIMIQUES | 2,34 % |
| INFORMATIQUE - REPRODUCTION | 2,29 % |
| METAUX NON-FERREUX | 2,27 % |
| DISTRIBUTION | 2,22 % |
| MATERIAUX DE CONSTRUCTION | 2,15 % |
| PHARMACIE - COSMETIQUE | 2,09 % |
| CONSTRUCTION MECANIQUE | 1,87 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 1,16 % |
| TRANSPORTS AERIENS | 1,03 % |
| IMMOBILIER | 1,00 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 0,99 % |
| BIENS DE CONSOMMATION DIVERS | 0,79 % |
| TEXTILE & HABILLEMENT | 0,76 % |
| PRODUITS FORESTIERS & PAPIERS | 0,69 % |
| SOURCES D'ENERGIE | 0,66 % |
| BOISSONS & TABACS | 0,56 % |
| DIFFUSION & EDITION | 0,51 % |
| TRANSPORT & CIRCULATION | 0,40 % |
| PNEUS & CAOUTCHOUC | 0,32 % |
| AERONAUTIQUE & DEFENSE | 0,30 % |
| SERVICES DIVERS | 0,23 % |
| LOISIRS & TOURISME | 0,18 % |
| TRANSPORTS MARITIMES | 0,18 % |
| INDUSTRIE DE L’EMBALLAGE | 0,15 % |
| BIOTECHNOLOGIE | 0,14 % |
| DIVERS | 0,14 % |
| DIVERS BIENS DE CAPITAUX | 0,12 % |
| METAUX & PIERRES PRECIEUSES | 0,10 % |
| Total du Portefeuille-Titres | 97,56 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total de l'actif net |
|  |
| SERVICES FINANCIERS - HOLDINGS | 15,22 % |
| VEHICULES ROUTIERS | 9,25 % |
| MATERIAUX DE CONSTRUCTION | 8,22 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 7,54 % |
| IT & INTERNET | 6,82 % |
| PHARMACIE - COSMETIQUE | 4,56 % |
| PRODUITS CHIMIQUES | 4,24 % |
| BANQUES | 4,04 % |
| DIFFUSION & EDITION | 3,72 % |
| CONSTRUCTION MECANIQUE | 3,41 % |
| TRANSPORT & CIRCULATION | 3,20 % |
| LOISIRS & TOURISME | 3,12 % |
| SOCIETES DIVERSIFIEES | 3,06 % |
| SOURCES D'ENERGIE | 2,64 % |
| IMMOBILIER | 2,14 % |
| INFORMATIQUE - REPRODUCTION | 1,86 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 1,82 % |
| DISTRIBUTION | 1,74 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 1,68 % |
| BOISSONS & TABACS | 1,24 % |
| PETROLE & DERIVES | 1,09 % |
| BIENS DE CONSOMMATION DIVERS | 1,08 % |
| TRANSPORTS MARITIMES | 1,03 % |
| TELECOMMUNICATIONS | 0,99 % |
| SERVICES DIVERS | 0,96 % |
| METAUX NON-FERREUX | 0,85 % |
| SANTE & SERVICES | 0,66 % |
| BIJOUTERIE & HORLOGERIE | 0,66 % |
| COMPAGNIES D'ASSURANCE | 0,59 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 0,26 % |
| Total du Portefeuille-Titres | 97,69 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| DOLLAR DE HONG KONG | 25,19 % |
| DOLLAR DES ETATS UNIS D'AMÉRIQUE | 17,94 % |
| GAGNÉ DE CORÉE DU SUD | 13,01 % |
| NOUVEAU DOLLAR DE TAIWAN | 10,15 % |
| ROUPIE DE L'INDE | 8,43 % |
| YUAN RENMINBI CHINOIS | 5,87 % |
| PESO MEXICAIN | 2,52 % |
| BRÉSIL REAL | 2,50 % |
| BAHT THAÏLANDAIS | 1,84 % |
| LIRE TURQUE | 1,81 % |
| RUPIAH D'INDONÉSIE | 1,67 % |
| RAND D'AFRIQUE DU SUD | 1,35 % |
| LIVRE DU ROYAUME-UNI | 1,15 % |
| ZLOTY POLONNAIS | 1,00 % |
| PAYS MEMBRES DE L'EURO | 0,87 % |
| FORINT HONGROIS | 0,73 % |
| ROUBLE DE RUSSIE | 0,59 % |
| COURONNE SUÉDOISE | 0,46 % |
| DOLLAR AUSTRALIEN | 0,18 % |
| DOLLAR CANADIEN | 0,12 % |
| LIVRE D'EGYPTE | 0,10 % |
| PESO DU CHILI | 0,06 % |
| HRYVNIA UKRAINIEN | 0,02 % |
| Total du Portefeuille-Titres | 97,56 % |

| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| YEN JAPONAIS | 97,69 % |
| Total du Portefeuille-Titres | 97,69 % |

Ces répartitions d'actifs ont été établies sur base de données (brutes) utilisées par l'Administration Centrale et ne reflètent pas nécessairement l'analyse par devises qui a orienté la sélection d'actif.
Emerging Multi Management
| Actions en circulation au début de la période	- A USD | 24.200,000 |
| --- | --- |
| - B | 31.736,655 |
| - B USD | 355.731,560 |
| - F | 3.900,000 |
| - Z | 4.815,173 |
| Actions émises au cours de la période	- A USD | 130,000 |
| - B | 685,000 |
| - B USD | 2.060,000 |
| - F | 0,000 |
| - Z | 0,000 |
| Actions remboursées au cours de l’exercice	- A USD | 15.405,000 |
| - B | 2.474,000 |
| - B USD | 160.679,441 |
| - F | 0,000 |
| - Z | 68,000 |
| Bénéfice / (Perte) net(te) réalisé(e)	- A USD | 8.925,000 |
| - B | 29.947,655 |
| - B USD | 197.112,119 |
| - F | 3.900,000 |
| - Z | 4.747,173 |

Japan Multi Management
| Actions en circulaton au début de la période	- A JPY | 2.688,000 |
| --- | --- |
| - B | 21.361,830 |
| - B JPY | 7.574,627 |
| - F JPY | 1,000 |
| - Z | 737,000 |
| Actions émises au cours de la période	- A JPY | 0,000 |
| - B | 0,000 |
| - B JPY | 108,000 |
| - F JPY | 0,000 |
| - Z | 0,000 |
| Actions remboursées au cours de l’exercice	- A JPY | 903,000 |
| - B | 6.991,000 |
| - B JPY | 4.294,110 |
| - F JPY | 0,000 |
| - Z | 15,000 |
| Bénéfice / (Perte) net(te) réalisé(e)	- A JPY | 1.785,000 |
| - B | 14.370,830 |
| - B JPY | 3.388,517 |
| - F JPY | 1,000 |
| - Z | 722,000 |

| Compartiment | Date | Actif net à la fin de la période | Classes d'actions | Actions en circulation | Valeur de l'action | Devise |
| --- | --- | --- | --- | --- | --- | --- |

| Emerging Multi Management (USD) | 31.12.2018 31.12.2019 31.12.2020 30.06.2021 | 581.217.649,91 644.551.626,65 732.082.905,07 739.719.591,87 | - A USD | 60.160,000 | 99,78 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 36.772,655 | 102,82 | EUR |
| - B USD | 939.696,228 | 86,42 | USD |
| - F | 3.945,000 | 109,45 | EUR |
| - F USD | 1.080,908 | 89,92 | USD |
| - Z | 5.130,173 | 83.398,37 | EUR |
| - A USD | 46.575,000 | 118,62 | USD |
| - B | 34.303,655 | 126,77 | EUR |
| - B USD | 546.263,616 | 104,73 | USD |
| - F | 3.900,000 | 135,81 | EUR |
| - F USD | 830,908 | 109,49 | USD |
| - Z | 4.936,173 | 104.000,49 | EUR |
| - A USD | 24.200,000 | 136,95 | USD |
| - B | 31.736,655 | 139,00 | EUR |
| - B USD | 355.731,560 | 125,07 | USD |
| - F | 3.900,000 | 149,56 | EUR |
| - Z | 4.815,173 | 115.107,14 | EUR |
| - A USD | 8.925,000 | 141,21 | USD |
| - B | 29.947,655 | 150,72 | EUR |
| - B USD | 197.112,119 | 131,48 | USD |
| - F | 3.900,000 | 162,64 | EUR |
| - Z | 4.747,173 | 125.484,88 | EUR |

| Japan Multi Management (JPY) | 31.12.2018 31.12.2019 31.12.2020 30.06.2021 | 23.744.261.503 22.074.314.741 15.985.991.380 17.462.925.906 | - A JPY | 21.252,000 | 9.759 | JPY |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 121.972,199 | 146,81 | EUR |
| - B JPY | 131.414,497 | 16.564 | JPY |
| - F | 10.250,000 | 151,43 | EUR |
| - F JPY | 1,000 | 18.380 | JPY |
| - Z | 1.107,000 | 136.267,99 | EUR |
| - A JPY | 19.050,000 | 11.158 | JPY |
| - B | 60.191,674 | 175,24 | EUR |
| - B JPY | 58.460,627 | 19.228 | JPY |
| - F | 8.550,000 | 181,98 | EUR |
| - F JPY | 1,000 | 21.467 | JPY |
| - Z | 961,000 | 164.301,66 | EUR |
| - A JPY | 2.688,000 | 11.150 | JPY |
| - B | 21.361,830 | 174,15 | EUR |
| - B JPY | 7.574,627 | 19.758 | JPY |
| - F JPY | 1,000 | 22.172 | JPY |
| - Z | 737,000 | 164.726,88 | EUR |
| - A JPY | 1.785,000 | 12.327 | JPY |
| - B | 14.370,830 | 188,25 | EUR |
| - B JPY | 3.388,517 | 22.255 | JPY |
| - F JPY | 1,000 | 25.071 | JPY |
| - Z | 722,000 | 178.986,41 | EUR |


### NOTE 1 - PRINCIPES ET MÉTHODES COMPTABLES
Les états financiers de la SICAV ont été préparés conformément avec les exigences légales et réglementaires et les principes comptables généralement acceptés au Luxembourg, sur la base de la Valeur nette d'inventaire officielle au 30 juin 2021, y compris les principes significatifs suivants :
- Evaluation du portefeuilles-titresLa valeur de toute liquidité disponible ou en dépôt, de tout effet de commerce et billet à demande à payer et créance, de tout frais prépayé, de tout dividende en espèce et intérêts déclaré ou cumulé tel que susmentionné et non encore perçu est supposée en être le montant total, sauf dans les cas où le paiement ou le paiement total de celui-ci est peu probable, auquel cas la valeur est calculée en tenant compte de cette réduction telle que considérée comme juste afin de refléter la véritable valeur.

La valeur de chaque titre ou autre actif qui est coté ou échangé sur une bourse de valeurs est basée sur le dernier cours de clôture disponible au 30 juin 2021 à la bourse de valeurs du Luxembourg qui est normalement le principal marché de tels titres.
La valeur de chaque titre ou autre actif échangé sur un autre marché réglementé en fonctionnement régulier, reconnu et ouvert au public (un "Marché réglementé") est basée sur le dernier cours de clôture au 30 juin 2021 au Luxembourg.
Dans le cas d’actifs qui ne sont pas cotés ou échangés sur une bourse de valeurs ou un Marché réglementé, ou si, dans le cas d'actifs cotés ou échangés sur une bourse de valeurs ou un Marché réglementé tels que susmentionnés, le cours tel que calculé selon les deux paragraphes précédents n’est pas représentatif de la juste valeur de marché des actifs en question, la valeur de ces actifs sera basée sur le prix de vente raisonnablement prévisible déterminé de façon prudente et de bonne foi.
Le Conseil d’Administration, à son entière discrétion, peut autoriser l’usage d'autres méthodes
d’évaluation s’il estime qu'une telle évaluation reflète mieux la juste valeur des actifs.
- Plus ou moins-value nette réalisée sur investissementsLa plus ou moins-value nette réalisée sur ventes de titres est calculée sur base du coût moyen des titres vendus.

Le montant des plus ou moins-values nettes réalisées imputable à la variation des cours de change est enregistré dans le compte de « Plus ou moins-value nette réalisée sur devise » lors de l’opération de vente.
- Conversion des devises étrangèresTous les actifs libellés dans des devises autres que la devise de référence en question seront convertis dans la devise du Compartiment au taux de change en vigueur à la date de clôture au Luxembourg.

Les coûts d’acquisition des titres libellés en devises autres que l’EUR sont convertis en EUR au cours de change en vigueur le jour de l’achat.
Les revenus et dépenses en devises autres que l’EUR sont convertis en EUR aux cours de change en vigueur à la date de paiement.
- Variation du portefeuille-titresLe détail des achats et ventes de titres peuvent être obtenus gratuitement au siège social de la Sicav.
- Revenus, dépenses et provisions y relativesLes intérêts sont comptabilisés chaque jour et les dividendes sont enregistrés à l’"ex-date". Les intérêts et revenus sont comptabilisés nets des précomptes mobiliers non recouvrables.

Lorsque la SICAV fait face à des frais concernant un compartiment en particulier, ces derniers sont alloués à ce compartiment.
Les dépenses non attribuables à un compartiment en particulier sont réparties entre les différents compartiments au prorata de la valeur nette d’inventaire de chaque compartiment.
- Variation de la plus ou moins-values nettes non réaliséeLes variations de l'appréciation ou de la dépréciation non réalisée sur toutes les composantes de l'état de l'actif net à la fin de l'exercice sont comptabilisées dans l'état des opérations et des variations de l'actif net.
- Combiné des états financiersLes états financiers combinés du Fonds sont exprimés en Euro et sont égaux à la somme des libellés correspondants dans les états financiers de chaque compartiment converti dans cette devise au taux de change prévalant à la date des états financiers (Note 2).
- Taux de changeLe libellé "Différence de Change entre le 31.12.21 et le 30.06.21" dans le combiné des états des opérations et des changements d'actifs nets représente la différence de valorisation des actifs nets des compartiments au début de l'année avec le taux de change applicable à la date des états financiers.

NOTE 2 - TAUX DE CHANGE
| 1  EUR	= | 131,62305 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1,18590 | USD |

NOTE 3 - TAXES ET FRAIS À PAYER
| Commission de gestion | 1.974.925,55 | EUR |
| --- | --- | --- |
| Commission de banque dépositaire | 18.404,73 | EUR |
| Taxe d'abonnement | 21.999,19 | EUR |
| Frais et commissions divers | 303.396,13 | EUR |
| Total | 2.318.725,59 | EUR |

| NOTE 4 - COMMISSIONS SUR SOUSCRIPTIONS |
| --- |
| Le prix de souscription de toute action d’un compartiment de SELECT EQUITIES est égal à la valeur nette d’inventaire par action majorée, plus,une commission de vente d’un pourcentage maximum de la Valeur nette d’inventaire de la classe/catégorie dans un Compartiment, telle que décrite dans le tableau ci-dessous, revenant aux agents actifs dans la distribution d’Actions de la Société et aux intermédiaires autorisés : |
|  |
| NOTE 5 - COMMISSION DE GESTION |
| La Société de gestion reçoit une rémunération du Compartiment en question qui consiste en : |
|  |
| Cette commission est calculée sur la moyenne des actifs nets du Compartiment en question au cours du trimestre sous revue et est payable trimestriellement. La rémunération des Gestionnaires d’investissement est incluse dans la rémunération de la Société de gestion. |
| NOTE 6 - COMMISSION DE PERFORMANCE |
| La Société de gestion percevra, de la part du compartiment Japan Multi Management et pour le compte du gestionnaire d'investissement ARCUS INVESTMENT LIMITED, à la fin de chaque exercice, une commission de performance annuelle égale à 25% maximum de la surperformance de l'actif net total du portefeuille du compartiment par rapport à l'indice de référence MSCI Total Return JAPAN Index en JPY. |

| Pour les besoins de ce calcul, l'actif net total du portefeuille est défini quotidiennement comme la valeur des actifs alloués à chaque gestionnaire d'investissement après déduction des commissions dues au gestionnaire d'investissement respectif. Il y a surperformance de l'actif net total du portefeuille s'il y a une progression entre l'actif net total du dernier portefeuille de référence (l'actif net total du portefeuille de l'exercice précédent ou l'actif net total du portefeuille déterminé lors de la souscription initiale pour le premier exercice) ajusté par les souscriptions et les rachats et l'actif net total du portefeuille au dernier jour d'évaluation de l'exercice considéré. En cas de sous-performance de l'actif net total du portefeuille pour une période donnée ou un exercice donné, cette sous-performance sera prise en compte dans la mesure où l'actif net total du portefeuille de référence sera maintenu. La commission de performance ne peut cependant pas représenter plus de 25% de la progression de l'actif net total du portefeuille pour une période donnée. Une provision est constituée pour la commission de performance chaque jour d'évaluation et elle sera versée annuellement. Aucune commission de performance n'a été payée au cours de l'année. |
| --- |
| NOTE 7 - TAXE D'ABONNEMENT |
| Le Fonds est soumis au Luxembourg à une taxe au taux annuel de 0,05 % de sa Valeur nette d’inventaire payable trimestriellement et calculée sur la base de l’actif net cumulé de l’ensemble des compartiments à la fin du trimestre concerné. Toutefois, cette taxe est réduite au taux de 0,01 % par an pour les actifs nets imputables aux Classes destinées aux investisseurs institutionnels (Classes F, F USD, F JPY et Z). Aucun droit de timbre ou autre taxe n’est redevable au Luxembourg lors de l’émission d’actions. Aucun impôt luxembourgeois n'est redevable sur les plus-values de capital réalisées sur les actifs du Fonds. En outre, la SICAV étant enregistrée en Belgique, elle est de plus soumise à une taxe au taux annuel de 0,0925% calculée pour l’année 2021 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2020. |
| NOTE 8 - FRAIS DE TRANSACTIONS |
| La poste "Commissions de Transaction" inclut des honoraires sur les achats et ventes de titres et des dérivées comme des frais de courtage, des frais bancaires, des impôts (taxes) et d'autres coûts. |
| NOTE 9 - FRAIS DE BANQUE DÉPOSITAIRE |
| Le Dépositaire percevra sur les actifs de chaque compartiment une commission calculée conformément aux pratiques bancaires en vigueur au Luxembourg, sous la forme d'une commission annuelle au taux annuel de 0,010% et calculée sur la valeur nette d'inventaire moyenne du compartiment concerné au cours du trimestre considéré et payable trimestriellement. |

| NOTE 10 - FRAIS D'ADMINISTRATION |
| --- |
| En contrepartie des services d'administration centrale, la Société de gestion versera à la Banque Degroof Petercam Luxembourg S.A. en tant qu'Agent administratif et Agent d'enregistrement, aux frais de chaque Compartiment, une commission annuelle au taux annuel de 0,125% p.a. et calculée sur la Valeur nette d'inventaire moyenne du Compartiment concerné au cours du trimestre considéré et payable trimestriellement. La Société de gestion versera en outre à la Banque Degroof Petercam Luxembourg S.A., aux frais de chaque Compartiment, une commission de EUR 2000,- par classe d'actions active. |
| NOTE 11 - DIVIDENDES |
| L'Assemblée Générale Ordinaire des actionnaires de la SICAV a décidé le 20 avril 2021 de payer les dividendes suivants : - un dividende de 2.74 USD par action A USD du compartiment Emerging Multi Management, ISIN Code LU1518579492;
- un dividende de 228 JPY par action A JPY du compartiment Japan Multi Management, ISIN Code LU1518583098.
 Les actions ont été cotées ex-dividende à partir du 20 mai 2021. Les paiements ont été effectués le 27 mai 2021. |
| NOTE 12 - EVÉNEMENTS AU COURS DE LA PÉRIODE |
| La pandémie de COVID-19 (coronavirus) menace toujours la santé de la population mondiale et perturbe encore la vie des gens au quotidien depuis maintenant plus d’une année. Cela a bien évidement eu une incidence sur l’économie mondiale bien que la finance dans son secteur spécifique n’ait pas été le secteur le plus défavorisé. La plupart des secteurs de l’économie sont touchés et certains ont été frappés extrêmement durement. L'exercice 2020 a été marqué par certains impacts négatifs sur la valorisation des actions, obligations, fonds et autres investissements et l’exercice 2021 demeure incertain. Les mesures actuelles et/ou nouvelles prises par les autorités sanitaires pour contenir la propagation du virus, bien que nécessaires, ont eu et continueront à avoir elles aussi des répercussions considérables sur l’activité économique. Il nous reste à espérer que même si ces effets sont importants, ils seront en définitive temporaires. Partout dans le monde, les autorités ont pris et continuent à prendre des mesures énergiques et indispensables pour contenir la diffusion du virus, et pour soutenir les particuliers et les entreprises en ces temps très difficiles. Nous pouvons espérer que la vaccination pourra apporter une lueur d’espoir pour 2021. Le Conseil d'Administration n'est actuellement pas en mesure d'estimer avec précision les conséquences de cette pandémie. |

| Transparence des opérations de financement sur titres et de la réutilisation du collatéral cash ("SFTR") |
| --- |
| Conformément à l’article 13 et à la Section A de l’Annexe du Règlement EU 2015/2365 (ci-après le "Règlement"), le Fonds doit informer les investisseurs de l’utilisation qu’elle fait des opérations de financement sur titres et des contrats d’échange sur rendement global dans le rapport annuel et le rapport semestriel. Le portefeuille ne contient pas d'avoirs prêtés à la date du présent rapport. |