# from 1 January 2020 to 30 June 2020
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 6,266,197.03 |
| Interest on Cash Accounts | 1e | 25,466.15 |
| Tax Claim |  | 12,510.19 |
| Total Income |  | 6,304,173.38 |
| Expenses |  |  |
| Management Fees | 5 | 3,581,001.71 |
| Depositary Fees | 9 | 32,562.65 |
| Subscription Tax | 7 | 51,108.82 |
| Administration Fees | 10 | 430,799.13 |
| Miscellaneous Fees |  | 72,606.91 |
| Transactions Fees | 8 | 572,923.65 |
| Overdraft Interest |  | 5,020.31 |
| Taxes Paid to Foreign Authorities |  | 2,818.83 |
| Total Expenses |  | 4,748,842.00 |
| Net Profit / (Loss) |  | 1,555,331.38 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | -16,503,310.22 |
| - on Currencies |  | -549,895.56 |
| - on Forward Foreign Exchange Contracts |  | 73,642.62 |
| Net Realised Profit / (Loss) |  | -15,424,231.77 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -67,623,257.31 |
| - on Currencies |  | -459.10 |
| Result of Operations |  | -83,047,948.19 |
| - Subscriptions |  | 32,301,798.43 |
| - Redemptions |  | -55,140,357.42 |
| Dividends paid | 11 | -138,934.10 |
| Net Changes in Net Assets |  | -106,025,441.28 |
| Total Net Assets at the Beginning of the Period |  | 755,166,055.18 |
| Exchange Rate Difference in Net Assets from 01.01.20 to 30.06.20 | 1h | 887,243.53 |
| Total Net Assets at the End of the Period |  | 650,027,857.44 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 575,029,527.09 |
| Cash at Banks |  | 14,656,448.02 |
| Dividends Receivable on Shares |  | 1,487,552.36 |
| Amounts Receivable on Investment Sold |  | 16,487,760.24 |
| Amounts Receivable |  | 41,133.41 |
| Total Assets |  | 607,702,421.12 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 1,690,759.66 |
| Overdraft at Banks |  | 21,632.39 |
| Overdraft Interest Payable |  | 177.74 |
| Amounts Payable on Redemptions |  | 12,406,188.25 |
| Amounts Payable on Investment Purchased |  | 2,035,844.39 |
| Amounts Payable |  | 41,204.52 |
| Total Liabilities |  | 16,195,806.95 |
| Total Net Assets at the End of the Period |  | 591,506,614.17 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A USD |  | 28,313.000 |
| - B |  | 33,403.655 |
| - B USD |  | 445,277.625 |
| - F |  | 3,900.000 |
| - F USD |  | 760.908 |
| - Z |  | 5,230.173 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A USD |  | 101.39 |
| - B (EUR) |  | 112.04 |
| - B USD |  | 92.60 |
| - F (EUR) |  | 120.32 |
| - F USD |  | 97.07 |
| - Z (EUR) |  | 92,369.05 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 14,654,205,160 |
| Cash at Banks |  | 353,017,732 |
| Dividends Receivable on Shares |  | 19,543,268 |
| Amounts Receivable on Investment Sold |  | 28,464,732 |
| Amounts Receivable |  | 0 |
| Total Assets |  | 15,055,230,892 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 53,528,083 |
| Overdraft at Banks |  | 41,036 |
| Overdraft Interest Payable |  | 18,356 |
| Amounts Payable on Redemptions |  | 1,413,240 |
| Amounts Payable on Investment Purchased |  | 50,367,893 |
| Amounts Payable |  | 0 |
| Total Liabilities |  | 105,368,608 |
| Total Net Assets at the End of the Period |  | 14,949,862,284 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A JPY |  | 11,294.000 |
| - B |  | 49,501.830 |
| - B JPY |  | 53,298.627 |
| - F |  | 4,500.000 |
| - F JPY |  | 1.000 |
| - Z |  | 742.000 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A JPY |  | 9,400 |
| - B (EUR) |  | 152.97 |
| - B JPY |  | 16,663 |
| - F (EUR) |  | 159.21 |
| - F JPY |  | 18,646 |
| - Z (EUR) |  | 144,048.10 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 5,099,787.31 |
| Interest on Cash Accounts | 1e | 27,524.33 |
| Tax Claim |  | 5,746.66 |
| Total Income |  | 5,133,058.30 |
| Expenses |  |  |
| Management Fees | 5 | 3,127,389.75 |
| Depositary Fees | 9 | 28,618.17 |
| Subscription Tax | 7 | 36,320.30 |
| Administration Fees | 10 | 371,674.20 |
| Miscellaneous Fees |  | 47,783.41 |
| Transactions Fees | 8 | 571,374.49 |
| Overdraft Interest |  | 2,918.18 |
| Taxes Paid to Foreign Authorities |  | 0.00 |
| Total Expenses |  | 4,186,078.50 |
| Net Profit / (Loss) |  | 946,979.80 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | -10,616,749.99 |
| - on Currencies |  | -495,695.52 |
| - on Forward Foreign Exchange Contracts |  | -1,093.62 |
| Net Realised Profit / (Loss) |  | -10,166,559.33 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -54,415,764.77 |
| - on Currencies |  | -3,520.18 |
| Result of Operations |  | -64,585,844.28 |
| - Subscriptions |  | 36,167,917.73 |
| - Redemptions |  | -24,498,160.65 |
| Dividends paid | 11 | -128,925.26 |
| Net Changes in Net Assets |  | -53,045,12.48 |
| Total Net Assets at the Beginning of the Period |  | 644,551,626.65 |
| Total Net Assets at the End of the Period |  | 591,506,614.17 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 209,091,080 |
| Interest on Cash Accounts | 1e | 116,298 |
| Tax Claim |  | 895,895 |
| Total Income |  | 210,103,273 |
| Expenses |  |  |
| Management Fees | 5 | 96,515,270 |
| Depositary Fees | 9 | 858,179 |
| Subscription Tax | 7 | 2,274,493 |
| Administration Fees | 10 | 12,102,309 |
| Miscellaneous Fees |  | 3,642,742 |
| Transactions Fees | 8 | 7,779,019 |
| Overdraft Interest |  | 293,488 |
| Taxes Paid to Foreign Authorities |  | 341,560 |
| Total Expenses |  | 123,807,060 |
| Net Profit / (Loss) |  | 86,296,213 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | -854,335,271 |
| - on Currencies |  | -13,153,307 |
| - on Forward Foreign Exchange Contracts |  | 9,041,339 |
| Net Realised Profit / (Loss) |  | -772,151,026 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -2,323,335,882 |
| - on Currencies |  | 324,147 |
| Result of Operations |  | -3,095,162,761 |
| - Subscriptions |  | 12,066,743 |
| - Redemptions |  | -4,038,430,751 |
| Dividends paid | 11 | -2,925,688 |
| Net Changes in Net Assets |  | -7,124,452,457 |
| Total Net Assets at the Beginning of the Period |  | 22,074,314,741 |
| Total Net Assets at the End of the Period |  | 14,949,862,284 |

|  |
| --- |
| 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 | 823,259 | AUD | 1,297,953.99 | 1,156,300.14 | 0.20% |
| Total AUSTRALIAN DOLLAR |  |  | 1,297,953.99 | 1,156,300.14 | 0.20% |
| B3 S.A. - BRASIL BOLSA BALCAO | 186,353 | BRL | 1,187,271.45 | 1,869,704.50 | 0.32% |
| BB SEGURIDADE PARTICIPACOES S.A. | 407,225 | BRL | 3,089,835.55 | 2,022,476.03 | 0.34% |
| DURATEX S.A. | 684,648 | BRL | 1,943,953.15 | 1,603,511.67 | 0.27% |
| HAPVIDA PARTICIPACOES -E- INVESTIMENT | 193,700 | BRL | 2,466,143.44 | 2,193,180.12 | 0.37% |
| ITAU UNIBANCO HLDG SA. | 149,375 | BRL | 1,069,822.33 | 692,356.09 | 0.12% |
| LOJAS RENNER S.A. | 253,685 | BRL | 1,717,042.03 | 1,931,234.69 | 0.33% |
| NOTRE DAME INTERMEDICA PARTICIPACOE | 140,290 | BRL | 1,080,039.30 | 1,737,653.99 | 0.29% |
| WEG S.A. | 119,500 | BRL | 981,144.18 | 1,101,458.29 | 0.19% |
| Total BRAZILIAN REAL |  |  | 13,535,251.43 | 13,151,575.38 | 2.22% |
| IAMGOLD CORP. | 404,933 | CAD | 1,327,709.04 | 1,602,467.52 | 0.27% |
| KINROSS GOLD CORP. | 446,063 | CAD | 1,624,515.89 | 3,209,516.23 | 0.54% |
| PAN AMERICAN SILVER CORP. | 92,514 | CAD | 1,199,446.32 | 2,800,516.23 | 0.47% |
| Total CANADIAN DOLLAR |  |  | 4,151,671.25 | 7,612,499.98 | 1.29% |
| TONGKUN GROUP CO LTD -A- | 400,949 | CNY | 713,697.15 | 723,219.29 | 0.12% |
| Total CHINA YUAN RENMINBI |  |  | 713,697.15 | 723,219.29 | 0.12% |
| COMMERCIAL INTERNATIONAL BANK LTD | 620,114 | EGP | 2,257,759.93 | 2,479,686.35 | 0.42% |
| Total EGYPTIAN POUND |  |  | 2,257,759.93 | 2,479,686.35 | 0.42% |
| ALPHA BANK AE | 780,725 | EUR | 1,281,126.41 | 580,488.79 | 0.10% |
| ERSTE GROUP BANK A.G. | 64,875 | EUR | 2,570,536.59 | 1,526,508.26 | 0.26% |
| EUROBANK HLDG S.A. | 1,173,933 | EUR | 907,893.34 | 537,949.16 | 0.09% |
| NATIONAL BANK OF GREECE S.A. | 324,117 | EUR | 810,037.06 | 454,311.95 | 0.08% |
| OPAP S.A. | 122,095 | EUR | 1,228,106.45 | 1,158,071.29 | 0.20% |
| PROSUS N.V. | 36,586 | EUR | 2,653,086.85 | 3,399,916.16 | 0.57% |
| Total EURO |  |  | 9,450,786.70 | 7,657,245.61 | 1.29% |
| MONDI PLC | 55,407 | GBP | 1,256,366.33 | 1,034,092.16 | 0.17% |
| WIZZ AIR HLDG PLC | 23,610 | GBP | 761,188.85 | 973,186.12 | 0.16% |
| Total BRITISH POUND |  |  | 2,017,555.18 | 2,007,278.28 | 0.34% |
| AGRICULTURAL BANK OF CHINA -H- | 3,801,748 | HKD | 1,727,732.08 | 1,530,415.66 | 0.26% |
| AIA GROUP LTD | 1,073,237 | HKD | 8,881,806.04 | 10,011,644.37 | 1.69% |
| ALIBABA HEALTH INFO TECHNOLOGY | 168,000 | HKD | 385,671.04 | 489,879.43 | 0.08% |
| ALUMINUM CORPORATION OF CHINA LTD | 3,949,212 | HKD | 1,774,830.95 | 738,839.20 | 0.12% |
| BANK OF CHINA LTD -H- | 3,616,922 | HKD | 1,631,085.43 | 1,339,345.18 | 0.23% |

Emerging Multi Management
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| BANK OF COMMUNICATIONS CO LTD | 2,034,876 | HKD | 1,555,601.64 | 1,254,981.51 | 0.21% |
| --- | --- | --- | --- | --- | --- |
| BUDWEISER BREWING CO APAC LTD | 687,700 | HKD | 2,379,660.17 | 2,000,861.61 | 0.34% |
| CHINA COMMUNICATIONS SERVICES -H- | 4,060,000 | HKD | 3,152,698.27 | 2,524,902.15 | 0.43% |
| CHINA CONSTRUCTION BANK CORP. | 1,862,897 | HKD | 1,609,693.97 | 1,507,050.71 | 0.25% |
| CHINA GAS HLDG LTD | 302,200 | HKD | 1,152,765.78 | 931,888.26 | 0.16% |
| CHINA MENGNIU DAIRY | 1,073,500 | HKD | 3,287,333.19 | 4,099,824.25 | 0.69% |
| CHINA MERCHANTS BANK CO LTD -H- | 682,000 | HKD | 3,341,049.27 | 3,137,006.29 | 0.53% |
| CHINA MINSHENG BANKING CORP. -H- | 1,588,876 | HKD | 1,169,286.71 | 1,090,619.15 | 0.18% |
| CHINA OVERSEAS LAND & INVESTMENT | 820,000 | HKD | 2,558,750.37 | 2,481,008.09 | 0.42% |
| CHINA RAILWAY CONSTRUCTION CORP. LTD | 1,109,299 | HKD | 1,462,371.44 | 871,640.49 | 0.15% |
| CHINA RAILWAY GROUP LTD -H- | 2,071,500 | HKD | 1,462,580.11 | 1,063,749.80 | 0.18% |
| CHINA TELECOM CORP. LTD | 2,460,000 | HKD | 1,203,643.73 | 688,757.47 | 0.12% |
| CHINA UNICOM HONG KONG LTD | 1,092,199 | HKD | 1,227,918.72 | 590,455.64 | 0.10% |
| CHINA VANKE CO LTD -H- | 666,100 | HKD | 2,355,663.46 | 2,105,605.46 | 0.36% |
| CHONGQING RURAL COMMERCIAL | 1,561,000 | HKD | 1,025,174.33 | 614,291.10 | 0.10% |
| CNOOC LTD | 902,000 | HKD | 1,049,819.88 | 1,003,194.83 | 0.17% |
| COSCO SHIPPING PORTS LTD | 838,018 | HKD | 952,214.15 | 449,798.66 | 0.08% |
| GALAXY ENTERTAINMENT GROUP LTD | 433,000 | HKD | 2,799,310.09 | 2,947,011.57 | 0.50% |
| GEELY AUTOMOBILE HLDG LTD | 1,306,000 | HKD | 2,524,280.77 | 2,055,769.83 | 0.35% |
| GREENTOWN CHINA HLDG LTD | 1,272,194 | HKD | 1,205,767.44 | 1,270,474.01 | 0.21% |
| GUANGZHOU -H- TEMPORARY | 1,099,334 | HKD | 1,624,256.93 | 1,279,403.92 | 0.22% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 2,248,909 | HKD | 1,500,672.22 | 1,363,770.28 | 0.23% |
| PING AN INSURANCE -H- | 500,900 | HKD | 4,131,138.12 | 5,008,690.71 | 0.85% |
| POLY PROPERTY GROUP CO | 2,050,453 | HKD | 844,008.82 | 616,420.71 | 0.10% |
| POSTAL SAVINGS BANK OF CHINA -H- | 5,356,754 | HKD | 3,306,726.71 | 3,075,623.67 | 0.52% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 1,953,371 | HKD | 5,507,157.78 | 1,965,852.00 | 0.33% |
| SHENZHEN INTERNATIONAL HLDG LTD | 1,585,000 | HKD | 3,047,049.32 | 2,523,573.20 | 0.43% |
| SINO OCEAN GROUP HLDG LTD | 1,788,604 | HKD | 818,943.20 | 429,238.45 | 0.07% |
| SUN ART RETAIL GROUP LTD | 1,237,142 | HKD | 1,378,760.93 | 2,113,386.93 | 0.36% |
| SUNNY OPTICAL TECHNOLOGY CO LTD | 148,000 | HKD | 2,359,793.30 | 2,367,853.78 | 0.40% |
| TECHTRONIC INDUSTRIES CO LTD | 744,500 | HKD | 4,310,488.41 | 7,281,240.71 | 1.23% |
| TENCENT HOLDINGS LTD | 625,800 | HKD | 23,983,776.55 | 40,258,659.83 | 6.81% |
| THE PEOPLE'INSURANCE CO | 3,258,037 | HKD | 1,533,059.18 | 950,026.96 | 0.16% |
| XIAOMI CORP-B | 1,179,400 | HKD | 1,663,444.00 | 1,953,878.83 | 0.33% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 1,972,300 | HKD | 900,928.97 | 1,519,213.41 | 0.26% |
| Total HONG KONG DOLLAR |  |  | 108,786,913.47 | 119,505,848.11 | 20.20% |
| GEDEON RICHTER | 99,728 | HUF | 1,968,445.35 | 2,060,438.90 | 0.35% |
| OTP BANK PLC | 58,133 | HUF | 2,139,150.02 | 2,030,015.55 | 0.34% |
| Total HUNGARIAN FORINT |  |  | 4,107,595.37 | 4,090,454.45 | 0.69% |
| BANK CENTRAL ASIA TBK | 2,365,800 | IDR | 4,071,373.19 | 4,715,866.63 | 0.80% |
| BANK RAKYAT INDONESIA -B- | 12,937,611 | IDR | 2,748,551.18 | 2,744,204.50 | 0.46% |
| PT PERUSAHAAN GAS NEGARA TBK | 7,611,600 | IDR | 1,215,342.91 | 604,771.86 | 0.10% |
| PT UNILEVER INDONESIA TBK | 1,629,100 | IDR | 887,904.11 | 900,937.34 | 0.15% |
| Total INDONESIAN RUPIAH |  |  | 8,923,171.39 | 8,965,780.33 | 1.52% |
| BAJAJ FINANCE LTD | 14,479 | INR | 471,917.59 | 542,887.83 | 0.09% |
| BHARAT FORGE LTD | 485,036 | INR | 3,537,651.68 | 2,051,504.91 | 0.35% |

Emerging Multi Management
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| BHARAT HEAVY ELECTRICALS LTD | 739,563 | INR | 1,158,293.93 | 349,683.43 | 0.06% |
| --- | --- | --- | --- | --- | --- |
| BHARTI AIRTEL LTD | 258,789 | INR | 1,336,469.77 | 1,918,885.94 | 0.32% |
| CONTAINER CORP. OF INDIA LTD | 354,841 | INR | 2,497,829.47 | 1,963,983.48 | 0.33% |
| DLF LTD | 607,912 | INR | 1,327,864.91 | 1,192,012.46 | 0.20% |
| HCL TECHNOLOGIES LTD DEMATERIAL | 332,928 | INR | 2,360,102.92 | 2,455,388.47 | 0.42% |
| HDFC BANK LTD | 333,305 | INR | 4,499,000.89 | 4,705,107.86 | 0.80% |
| HERO MOTOCORP LTD | 76,309 | INR | 3,261,089.27 | 2,574,114.42 | 0.44% |
| HOUSING DEVELOPMENT FINANCE CORP. | 226,217 | INR | 5,411,350.65 | 5,257,114.12 | 0.89% |
| ICICI BANK LTD | 687,599 | INR | 3,353,208.84 | 3,200,592.99 | 0.54% |
| ITC LTD -DIS- | 960,881 | INR | 3,443,982.69 | 2,477,169.25 | 0.42% |
| KOTAK MAHINDRA BANK LTD | 59,485 | INR | 993,551.65 | 1,071,819.65 | 0.18% |
| MARUTI SUZUKI INDIA LTD | 27,316 | INR | 2,009,047.41 | 2,112,490.10 | 0.36% |
| MOTHERSON SUMI SYSTEMS LTD | 1,625,932 | INR | 3,603,782.71 | 2,038,236.91 | 0.34% |
| SBI LIFE INSURANCE CO LTD | 215,778 | INR | 2,106,514.97 | 2,304,709.94 | 0.39% |
| STATE BANK OF INDIA | 426,273 | INR | 1,580,249.56 | 1,007,479.09 | 0.17% |
| STEEL AUTHORITY OF INDIA LTD | 1,310,477 | INR | 1,269,854.92 | 527,636.28 | 0.09% |
| TATA CONSULTANCY SERVICES LTD | 118,182 | INR | 2,883,385.07 | 3,259,079.95 | 0.55% |
| TECH MAHINDRA LTD | 289,467 | INR | 2,575,376.00 | 2,083,293.03 | 0.35% |
| TV18 BROADCAST LTD | 997,146 | INR | 692,787.95 | 445,722.13 | 0.08% |
| Total INDIAN RUPEE |  |  | 50,373,312.85 | 43,538,912.24 | 7.36% |
| DAEWOO ENGINEERING & CONSTRUCTION -CAP- | 142,870 | KRW | 704,984.61 | 407,402.47 | 0.07% |
| GREEN CROSS CORP. | 8,007 | KRW | 1,067,800.63 | 985,190.11 | 0.17% |
| GS ENGINEERING & CONSTRUCTION CORP. | 55,395 | KRW | 1,719,369.10 | 1,130,604.11 | 0.19% |
| HANA FINANCIAL GROUP INC. | 117,913 | KRW | 4,041,409.08 | 2,646,756.28 | 0.45% |
| HYUNDAI DEPT STORE LTD | 15,617 | KRW | 1,311,371.81 | 730,961.50 | 0.12% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 46,120 | KRW | 2,152,480.77 | 1,267,211.95 | 0.21% |
| HYUNDAI MOBIS | 10,940 | KRW | 2,025,636.33 | 1,746,252.53 | 0.30% |
| HYUNDAI MOTOR CO LTD | 22,410 | KRW | 2,543,713.33 | 1,820,224.34 | 0.31% |
| KB FINANCIAL GROUP INC. | 125,452 | KRW | 5,640,508.79 | 3,540,836.44 | 0.60% |
| KOREA ELECTRIC POWER CORP. | 51,024 | KRW | 1,431,280.69 | 827,175.40 | 0.14% |
| KOREA SHIPBUILD N OFF ENGINEER CO L | 16,540 | KRW | 1,641,269.19 | 1,201,808.96 | 0.20% |
| LG ELECTRONICS INC. | 22,374 | KRW | 1,137,375.72 | 1,175,571.94 | 0.20% |
| LG HOUSEHOLD & HEALTHCARE LTD | 3,427 | KRW | 3,795,339.35 | 3,834,843.65 | 0.65% |
| LOTTE CHEMICAL CORP. | 12,625 | KRW | 2,351,439.12 | 1,752,816.11 | 0.30% |
| NCSOFT CORP. | 10,536 | KRW | 4,597,415.52 | 7,804,443.92 | 1.32% |
| OCI CO LTD | 17,557 | KRW | 1,353,122.06 | 540,058.16 | 0.09% |
| POSCO | 10,814 | KRW | 2,708,319.93 | 1,564,314.65 | 0.26% |
| SAMSUNG ELECTRONICS CO LTD | 591,429 | KRW | 22,106,327.39 | 25,961,216.35 | 4.39% |
| SAMSUNG ELECTRONICS CO LTD PFUND | 90,739 | KRW | 2,772,333.80 | 3,507,804.98 | 0.59% |
| SAMSUNG ENGINEERING CO LTD | 135,579 | KRW | 1,692,854.45 | 1,380,756.24 | 0.23% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 200,553 | KRW | 1,217,625.20 | 992,052.43 | 0.17% |
| SAMSUNG SDS CO LTD | 11,358 | KRW | 1,774,568.64 | 1,591,073.59 | 0.27% |
| SK ENERGY CO LTD | 10,017 | KRW | 676,910.02 | 1,090,931.46 | 0.18% |
| SK HYNIX INC. | 40,151 | KRW | 2,594,609.74 | 2,840,628.40 | 0.48% |
| SK NETWORKS CO LTD | 196,968 | KRW | 1,030,416.45 | 776,998.88 | 0.13% |
| SK TELECOM CO LTD | 11,354 | KRW | 2,058,429.90 | 1,991,681.29 | 0.34% |
| S-OIL CORP. | 19,905 | KRW | 1,709,936.55 | 1,050,810.50 | 0.18% |
| WOORI FINANCIAL GROUP INC. | 105,624 | KRW | 1,287,956.90 | 773,618.80 | 0.13% |
| Total SOUTH KOREAN WON |  |  | 79,144,805.07 | 74,934,045.44 | 12.67% |

Emerging Multi Management
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| CONSORCIO ARA S.A.B. DE CV | 761,178 | MXN | 307,355.85 | 82,683.12 | 0.01% |
| --- | --- | --- | --- | --- | --- |
| GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV | 60,433 | MXN | 595,166.23 | 432,240.11 | 0.07% |
| GRUPO AEROPORTUARIO DEL SURESTE S.A.B. DE CV | 36,785 | MXN | 650,977.12 | 408,572.30 | 0.07% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 1,110,111 | MXN | 5,166,741.29 | 3,829,927.78 | 0.65% |
| KIMBERLY-CLARK DE MEXICO S.A.B. DE CV | 642,751 | MXN | 1,061,371.46 | 998,049.51 | 0.17% |
| WAL-MART DE MEXICO SAB DE CV | 1,904,191 | MXN | 4,920,461.15 | 4,544,780.51 | 0.77% |
| Total MEXICAN PESO |  |  | 12,702,073.10 | 10,296,253.33 | 1.74% |
| CD PROJEKT S.A. | 13,102 | PLN | 936,914.38 | 1,307,993.93 | 0.22% |
| KGHM POLSKA MIEDZ S.A. | 105,248 | PLN | 2,217,931.86 | 2,418,570.40 | 0.41% |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 381,387 | PLN | 909,638.68 | 662,760.19 | 0.11% |
| POLISH OIL & GAS CO | 575,764 | PLN | 855,196.60 | 661,545.00 | 0.11% |
| TAURON POLSKA ENERGIA S.A. | 1,040,419 | PLN | 806,330.96 | 621,780.00 | 0.11% |
| Total POLISH ZLOTY |  |  | 5,726,012.48 | 5,672,649.52 | 0.96% |
| FEDERAL GRID CO OF UNIF ENERGY | 410,209,537 | RUB | 1,231,670.05 | 1,076,207.94 | 0.18% |
| FEDERAL HYDROGENERATING CO -R- | 159,082,567 | RUB | 1,370,590.44 | 1,634,709.23 | 0.28% |
| MOBILE TELESYSTEMS P.J.S.C. | 191,928 | RUB | 876,052.19 | 892,510.87 | 0.15% |
| ROSSETI P.J.S.C. | 54,292,319 | RUB | 804,128.41 | 1,137,972.64 | 0.19% |
| ROSTELECOM PUBLIC JOINT STOCK | 564,711 | RUB | 741,150.27 | 695,046.79 | 0.12% |
| VTB BANK | 1,100,480,16 2 | RUB | 641,829.55 | 539,317.67 | 0.09% |
| Total RUSSIAN RUBLE |  |  | 5,665,420.91 | 5,975,765.14 | 1.01% |
| IRPC PUBLIC CO LTD -FOREIGN- | 9,240,167 | THB | 696,570.61 | 783,280.55 | 0.13% |
| ITALIAN-THAI DVLPT PU CO LTD -FOREIGN- | 2,863,124 | THB | 344,521.34 | 105,604.21 | 0.02% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 1,120,802 | THB | 1,119,219.57 | 1,677,169.14 | 0.28% |
| SIAM CEMENT PUBLIC CO -NVDR- | 76,600 | THB | 1,063,501.42 | 912,037.76 | 0.15% |
| THAI OIL PUBLIC CO LTD -FOREIGN- | 1,097,123 | THB | 664,776.70 | 1,570,741.88 | 0.27% |
| Total THAI BAHT |  |  | 3,888,589.64 | 5,048,833.54 | 0.85% |
| ALARKO HLDG | 326,483 | TRY | 342,552.96 | 265,768.79 | 0.04% |
| ARCELIK A.S. | 528,655 | TRY | 1,163,031.00 | 1,534,738.91 | 0.26% |
| BIM BIRLESIK MAGAZALAR AS | 293,831 | TRY | 2,430,619.72 | 2,914,845.96 | 0.49% |
| DOGAN SIRKETLER GRUBU HLDG AS | 2,292,047 | TRY | 606,524.20 | 702,185.56 | 0.12% |
| EMLAK KONUT GAYRIMENKUL YATIRIM ORT | 5,829,000 | TRY | 1,494,364.11 | 1,743,239.26 | 0.29% |
| HACI OMER SABANCI HLDG AS | 675,516 | TRY | 1,180,454.10 | 910,577.04 | 0.15% |
| KOC HLDG AS | 489,483 | TRY | 1,214,935.78 | 1,285,343.49 | 0.22% |
| KORDSA GLOBAL ENDUSTRIYEL IPLIK | 217,741 | TRY | 424,646.73 | 395,792.30 | 0.07% |
| PETKIM PETROKIMYA HLDG AS | 2,135,241 | TRY | 1,424,642.59 | 1,330,098.45 | 0.22% |
| TAV HAVALIMALARI HLDG AS | 49,867 | TRY | 125,619.44 | 140,913.29 | 0.02% |
| TRAKYA CAM SANAYII AS | 310,078 | TRY | 265,014.84 | 162,395.92 | 0.03% |
| TUPRAS TURKIYE PETROL RAFINELERI AS | 83,021 | TRY | 1,610,294.13 | 1,083,977.03 | 0.18% |
| TURKCELL ILETISIM HIZMET | 589,518 | TRY | 1,139,684.55 | 1,413,865.07 | 0.24% |
| TURK SISE CAM | 1 | TRY | 0.86 | 0.73 | 0.00% |
| Total TURKISH LIRA |  |  | 13,422,385.01 | 13,883,741.80 | 2.35% |

Emerging Multi Management
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| ACCTON TECHNOLOGY CORP. | 450,000 | TWD | 1,478,530.09 | 3,477,433.46 | 0.59% |
| --- | --- | --- | --- | --- | --- |
| ACER INC. | 2,122,781 | TWD | 1,294,564.34 | 1,287,863.07 | 0.22% |
| ADVANTECH CO LTD | 231,000 | TWD | 1,656,661.25 | 2,313,560.88 | 0.39% |
| AU OPTRONICS CORP. | 3,822,750 | TWD | 1,369,263.90 | 1,199,770.97 | 0.20% |
| CATCHER TECHNOLOGY CO LTD | 283,000 | TWD | 2,171,129.42 | 2,129,368.76 | 0.36% |
| CHAILEASE HLDG CO LTD | 361,003 | TWD | 1,025,563.27 | 1,529,439.46 | 0.26% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 575,537 | TWD | 830,457.92 | 658,352.51 | 0.11% |
| CHIMEI INNOLUX CORP. | 4,169,510 | TWD | 1,437,171.58 | 1,116,409.64 | 0.19% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1,960,350 | TWD | 752,604.07 | 550,142.78 | 0.09% |
| CHIPBOND TECHNOLOGY CORP. | 1,101,000 | TWD | 2,153,521.61 | 2,399,439.25 | 0.41% |
| COMPAL ELECTRONICS INC. | 1,703,737 | TWD | 1,115,169.47 | 1,111,590.32 | 0.19% |
| CORETRONIC CORP. | 444,174 | TWD | 715,677.61 | 478,731.19 | 0.08% |
| DELTA ELECTRONICS INC. | 1,568,000 | TWD | 7,744,483.67 | 8,901,687.35 | 1.50% |
| EVERGREEN MARINE CORP. TAIWAN LTD | 2,803,117 | TWD | 1,198,674.72 | 1,021,318.40 | 0.17% |
| EVERLIGHT ELECTRONICS CO LTD | 232,928 | TWD | 454,219.11 | 244,339.58 | 0.04% |
| FUBON FINANCIAL HLDG CO LTD | 1,113,000 | TWD | 1,782,928.01 | 1,656,041.26 | 0.28% |
| GIGA-BYTE TECHNOLOGY CO LTD | 300,246 | TWD | 401,204.64 | 666,545.80 | 0.11% |
| GLOBALWAFERS CO LTD | 130,000 | TWD | 1,595,196.70 | 1,775,660.22 | 0.30% |
| HANNSTAR DISPLAY CORP. | 3,179,000 | TWD | 810,890.22 | 698,195.43 | 0.12% |
| HIGH TECH COMPUTER CORP. | 422,349 | TWD | 706,449.08 | 474,533.06 | 0.08% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 1,147,871 | TWD | 1,092,219.06 | 783,934.18 | 0.13% |
| INVENTEC CORP. | 1,717,000 | TWD | 1,416,749.82 | 1,460,681.35 | 0.25% |
| KINSUS INTERCONNECT TECHNOLOGY CORP. | 407,000 | TWD | 871,688.32 | 969,753.16 | 0.16% |
| LANDMARK OPTOELECTRONICS CORP. | 241,000 | TWD | 2,385,075.70 | 2,360,621.47 | 0.40% |
| MEDIA TEK INCORPORATION | 215,489 | TWD | 1,882,547.93 | 4,228,780.44 | 0.71% |
| PEGATRON CORP. | 472,000 | TWD | 1,049,464.71 | 1,023,843.18 | 0.17% |
| QISDA CORP. | 1,414,600 | TWD | 719,391.23 | 846,232.75 | 0.14% |
| REALTEK SEMICONDUCTOR CORP. | 249,376 | TWD | 984,108.28 | 2,527,186.60 | 0.43% |
| SHIN KONG FINANCIAL HLDG CO LTD | 5,822,631 | TWD | 1,882,460.40 | 1,697,185.01 | 0.29% |
| SILERGY CORP. | 19,000 | TWD | 969,708.98 | 1,236,420.78 | 0.21% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 1,283,000 | TWD | 10,559,241.73 | 13,610,762.67 | 2.30% |
| TAIWAN TEA CORP. | 557,698 | TWD | 453,403.55 | 299,598.63 | 0.05% |
| UNIMICRON TECHNOLOGY CORP. | 883,913 | TWD | 669,325.44 | 1,500,924.04 | 0.25% |
| UNITED MICROELECTRONICS CORP. | 6,566,772 | TWD | 3,271,905.41 | 3,538,836.76 | 0.60% |
| VANGUARD INTERNATIONAL SEMI | 411,000 | TWD | 779,609.14 | 1,083,759.42 | 0.18% |
| WISTRON CORP. | 1,801,150 | TWD | 1,387,543.61 | 2,185,467.62 | 0.37% |
| Total TAIWAN NEW DOLLAR |  |  | 61,068,803.99 | 73,044,411.45 | 12.35% |
| RAIFFEISEN BANK AVAL JSC | 3,314,000 | UAH | 177,406.37 | 42,208.71 | 0.01% |
| UKRTELECOM P.J.S.C. | 6,959,300 | UAH | 523,688.05 | 23,853.78 | 0.00% |
| Total UKRAINE HRYVNIA |  |  | 701,094.42 | 66,062.49 | 0.01% |
| ALIBABA GROUP HOLDING ADR | 172,168 | USD | 27,876,836.18 | 37,136,637.60 | 6.28% |
| ALROSA CJSC | 656,407 | USD | 884,797.68 | 594,337.15 | 0.10% |
| AUTOHOME INC. -ADR- | 30,771 | USD | 2,391,298.04 | 2,323,210.50 | 0.39% |
| BAOZUN INC-SPN ADR | 108,040 | USD | 3,941,497.43 | 4,154,138.00 | 0.70% |
| CEMIG SPONSOREDADR | 179,072 | USD | 768,973.54 | 367,097.60 | 0.06% |
| CREDICORP LTD | 42,602 | USD | 7,971,123.82 | 5,694,609.34 | 0.96% |
| EMBRAER -SP ADR- | 76,405 | USD | 1,658,858.63 | 456,901.90 | 0.08% |
| EPAM SYSTEMS INC. | 4,303 | USD | 972,380.30 | 1,084,399.03 | 0.18% |

Emerging Multi Management
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| FIRST SOLAR INC. | 40,138 | USD | 1,875,367.79 | 1,986,831.00 | 0.34% |
| --- | --- | --- | --- | --- | --- |
| FREEPORT MCMORAN | 201,224 | USD | 2,243,528.16 | 2,327,397.03 | 0.39% |
| GAZPROM OAO | 573,170 | USD | 1,352,658.46 | 1,563,671.96 | 0.26% |
| GAZPROM -SP ADR- | 941,983 | USD | 5,187,340.39 | 5,105,547.86 | 0.86% |
| GERDAU SP -ADR- | 340,800 | USD | 1,068,806.31 | 1,008,768.00 | 0.17% |
| HDFC BANK LTD -ADR- | 78,113 | USD | 3,368,269.67 | 3,551,016.98 | 0.60% |
| JD.COM INC. -ADR- | 133,485 | USD | 5,839,380.12 | 8,033,127.30 | 1.36% |
| MAGNIT JSC | 39,041 | USD | 2,232,406.83 | 2,211,727.31 | 0.37% |
| MAIL.RU GROUP LTD GDR | 114,242 | USD | 2,785,471.74 | 2,570,445.00 | 0.43% |
| NETEASE.COM INC -ADR- | 7,853 | USD | 2,098,751.94 | 3,371,921.14 | 0.57% |
| NEW ORIENTAL EDUCATION | 24,897 | USD | 2,962,050.52 | 3,242,336.31 | 0.55% |
| OIL CO LUKOIL P.J.S.C. -ADR- | 65,413 | USD | 4,923,058.13 | 4,854,952.86 | 0.82% |
| SBERBANK OF RUSSIA OJSC -ADR- | 729,518 | USD | 9,146,011.81 | 8,301,914.84 | 1.40% |
| SEA LTD-ADR | 12,760 | USD | 972,035.10 | 1,368,382.40 | 0.23% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 104,761 | USD | 1,572,735.23 | 1,267,608.10 | 0.21% |
| TAIWAN SEMICONDUCTOR CO -ADR-5 SHARE | 215,669 | USD | 7,739,660.00 | 12,243,529.13 | 2.07% |
| TATNEFT P.J.S.C. -ADR- | 29,471 | USD | 1,169,278.71 | 1,376,885.12 | 0.23% |
| VEON LTD -ADR- | 312,486 | USD | 850,714.02 | 562,474.80 | 0.10% |
| VNESHTORGBANK GDR REG -S- | 374,154 | USD | 666,485.01 | 351,143.53 | 0.06% |
| WINBOND ELECTRONICS CORP. -GDR- | 1 | USD | 3.40 | 4.54 | 0.00% |
| X5 RETAIL GROUP SP GDR-S | 32,919 | USD | 1,057,640.97 | 1,165,332.60 | 0.20% |
| YANDEX N.V. | 85,028 | USD | 2,838,538.01 | 4,253,100.56 | 0.72% |
| Total U.S. DOLLAR |  |  | 108,415,957.94 | 122,529,449.49 | 20.71% |
| BIDVEST GROUP LTD | 125,360 | ZAR | 981,018.32 | 1,024,812.51 | 0.17% |
| FIRSTRAND LTD | 739,215 | ZAR | 3,096,835.14 | 1,619,251.56 | 0.27% |
| IMPALA PLATINIUM HLDG LTD | 187,124 | ZAR | 632,335.15 | 1,249,287.09 | 0.21% |
| MR. PRICE GROUP LTD | 180,099 | ZAR | 2,318,559.08 | 1,482,252.22 | 0.25% |
| SAPPI LTD | 284,987 | ZAR | 1,325,516.17 | 444,661.30 | 0.08% |
| SIBANYE STILLWATER LTD | 762,033 | ZAR | 205,141.78 | 1,653,445.55 | 0.28% |
| Total SOUTH AFRICAN RAND |  |  | 8,559,405.64 | 7,473,710.23 | 1.26% |
| Total Quoted or negotiated equities |  |  | 504,910,216.91 | 529,813,722.59 | 89.57% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 504,910,216.91 | 529,813,722.59 | 89.57% |
| 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% |
| GREENTOWN CHINA HOLDI-DSO-20200617 | 24,003 | HKD | 0.00 | 23,970.55 | 0.00% |
| KINGSOFT CORP. LTD | 506,000 | HKD | 2,117,098.04 | 2,353,570.80 | 0.40% |
| Total HONG KONG DOLLAR |  |  | 2,117,098.04 | 2,377,541.35 | 0.40% |
| CHAILEASE HLDG COM-DVSE-20200623 | 378,003 | TWD | 0.00 | 64,058.49 | 0.01% |
| Total TAIWAN NEW DOLLAR |  |  | 0.00 | 64,058.49 | 0.01% |

Emerging Multi Management
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| CENTERENERGO OJSC | 132,600 | UAH | 296,098.13 | 43,959.98 | 0.01% |
| --- | --- | --- | --- | --- | --- |
| MOTOR SICH JSC | 400 | UAH | 177,854.71 | 0.00 | 0.00% |
| Total UKRAINE HRYVNIA |  |  | 473,952.84 | 43,959.98 | 0.01% |
| AIER EYE HSPTL -A-CLSA 17-180522 | 393,167 | USD | 1,271,577.62 | 2,413,023.15 | 0.41% |
| BAOSHAN IRON-BNP PARIBAS S.A. 19-081220 | 1,848,689 | USD | 1,472,379.35 | 1,191,849.80 | 0.20% |
| BETTER LIFE -UBS 19-091220 | 602,947 | USD | 799,129.33 | 1,191,423.27 | 0.20% |
| BOE TECHNO -UBS A.G. 20-070621 | 4,064,692 | USD | 2,665,994.49 | 2,685,135.54 | 0.45% |
| CHINA RAILWAY -UBS 20-300421 | 903,258 | USD | 608,344.96 | 711,767.30 | 0.12% |
| CSG HLDG -UBS A.G. LONDON 20-250221 | 2,143,549 | USD | 1,785,955.48 | 1,521,919.79 | 0.26% |
| DAQIN RAILWAY-UB 20-300421 | 1,394,904 | USD | 1,334,173.64 | 1,388,347.95 | 0.23% |
| FUJIAN STAR-A -UBS 20-260521 | 269,111 | USD | 1,426,994.72 | 1,344,747.67 | 0.23% |
| GREE ELECTRIC-CLSA WARRANT 17-190122 | 292,213 | USD | 1,824,992.47 | 2,335,074.08 | 0.39% |
| GUANGXI -UBS A.G. LONDON 20-250221 | 1,138,355 | USD | 1,024,910.77 | 1,017,689.37 | 0.17% |
| HANGZHOU TIGER-CLSA 20-210425 | 196,697 | USD | 2,140,622.12 | 2,830,666.53 | 0.48% |
| LAIBAO-CICC FINANCE 0,00 20-090323 | 583,000 | USD | 839,296.94 | 1,084,207.43 | 0.18% |
| LUXSHARE PREC -UBS A.G. 19-070820 | 276,474 | USD | 647,043.03 | 2,008,168.90 | 0.34% |
| MLS CO LTD -A-UBSAG 19-250920 | 790,825 | USD | 1,330,120.49 | 1,722,416.85 | 0.29% |
| NARI TECH-CLSA WARRANT 18-040923 | 1,859,090 | USD | 5,195,285.23 | 5,318,856.49 | 0.90% |
| PING AN BANK-BNP PARIBAS S.A. 19-280622 | 810,950 | USD | 1,674,206.28 | 1,467,576.22 | 0.25% |
| PING AN BANK -UBS 20-190721 | 727,070 | USD | 1,306,035.85 | 1,316,432.94 | 0.22% |
| PING AN BANK -UBS A.G. LONDON 19-060720 | 360,567 | USD | 718,586.52 | 652,518.10 | 0.11% |
| RIZHAO PORT -UBS A.G. 19-181220 | 1,402,550 | USD | 559,504.98 | 493,697.60 | 0.08% |
| RIZHAO -UBS WARRANT 20-210621 | 591,346 | USD | 206,269.76 | 208,153.79 | 0.04% |
| SHANDONG HAI -UBS A.G. 19-161220 | 842,134 | USD | 532,124.20 | 402,540.05 | 0.07% |
| SHANDONG -UBS WARRANT 20-210621 | 2,484,365 | USD | 719,822.40 | 713,012.76 | 0.12% |
| SUOFEIYA HOME -A-UBS A.G. 20-140621 | 489,681 | USD | 1,450,718.01 | 1,674,170.37 | 0.28% |
| TONGKUN GRP-CICC FINANCE 20-200323 | 191,975 | USD | 348,294.68 | 346,692.07 | 0.06% |
| TRIANGLE TY-CICC FINANCE 0,00 20-090323 | 429,400 | USD | 873,924.15 | 804,634.20 | 0.14% |
| WUXI TAIJI -UBS 19-091220 | 1,250,807 | USD | 1,529,081.64 | 2,091,349.30 | 0.35% |
| XIAMEN KING -UBS A.G. WARRANT 19-250920 | 400,457 | USD | 405,306.22 | 319,484.59 | 0.05% |
| XUJI ELEC-CICC FINANCE 0,00 20-090323 | 460,044 | USD | 906,707.28 | 859,452.36 | 0.15% |
| YUNNAN -UBS A.G. LONDON 20-250221 | 938,691 | USD | 1,497,254.67 | 1,408,975.19 | 0.24% |
| ZHEJIANG CHINT-BNP PB 19-061222 | 323,785 | USD | 1,176,037.68 | 1,206,261.02 | 0.20% |
| Total U.S. DOLLAR |  |  | 38,270,694.96 | 42,730,244.68 | 7.22% |
| Total Other transferable securities |  |  | 49,011,678.18 | 45,215,804.50 | 7.64% |
| Total Portfolio |  |  | 553,921,895.09 | 575,029,527.09 | 97.21% |

|  |
| --- |
| 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 | 50,000 | JPY | 63,347,883 | 58,750,000 | 0.39% |
| AICA KOGYO CO LTD | 60,400 | JPY | 194,336,060 | 213,514,000 | 1.43% |
| AISIN SEIKI | 53,000 | JPY | 201,178,381 | 166,420,000 | 1.11% |
| CANON INC. | 73,300 | JPY | 230,753,223 | 156,458,850 | 1.05% |
| CONCORDIA FINANCIAL GROUP LTD. | 129,000 | JPY | 62,484,166 | 44,505,000 | 0.30% |
| COSMO ENERGY HLDG CO LTD | 130,000 | JPY | 274,888,261 | 204,100,000 | 1.37% |
| CREDIT SAISON | 50,000 | JPY | 58,428,264 | 61,600,000 | 0.41% |
| CURVES HLDG CO LTD | 92,100 | JPY | 22,058,986 | 54,062,700 | 0.36% |
| DAIHO CORP. | 24,000 | JPY | 69,640,667 | 58,056,000 | 0.39% |
| DAIICHIKOSHO CO LTD | 48,500 | JPY | 235,088,123 | 156,412,500 | 1.05% |
| DAIWA HOUSE INDUSTRY CO LTD | 22,000 | JPY | 61,919,984 | 55,924,000 | 0.37% |
| DENSO CORP. | 43,000 | JPY | 189,959,288 | 180,815,000 | 1.21% |
| DENTSU GROUP INC. | 126,400 | JPY | 512,797,949 | 322,952,000 | 2.16% |
| EAST JAPAN RAILWAY COMPANY | 69,600 | JPY | 661,427,015 | 520,190,400 | 3.48% |
| ELECTRIC POWER DEVELOPMENT CO LTD | 54,000 | JPY | 123,000,061 | 110,430,000 | 0.74% |
| ENEOS HLDG INC. | 334,400 | JPY | 178,322,432 | 127,740,800 | 0.85% |
| FUJI ELECTRIC CO LTD | 15,000 | JPY | 51,392,647 | 44,160,000 | 0.30% |
| FUJI KYUKO CO LTD | 31,400 | JPY | 91,278,149 | 105,504,000 | 0.71% |
| FUJI TELEVISION NETWORK INC. | 30,000 | JPY | 45,080,789 | 31,140,000 | 0.21% |
| FUKUOKA FINANCIAL GROUP INC. | 30,100 | JPY | 62,099,338 | 51,200,100 | 0.34% |
| H2O RETAILING CORP. | 24,000 | JPY | 31,187,911 | 17,280,000 | 0.12% |
| HAMAMATSU PHOTONICS KK | 49,400 | JPY | 183,501,222 | 230,698,000 | 1.54% |
| HISAMITSU PHARMACEUTICAL CO INC. | 33,000 | JPY | 186,708,500 | 191,730,000 | 1.28% |
| HITACHI CONSTRUCTION MACHINERY | 69,200 | JPY | 186,652,900 | 206,216,000 | 1.38% |
| HITACHI LTD | 77,000 | JPY | 242,986,296 | 262,031,000 | 1.75% |
| HONDA MOTOR | 59,000 | JPY | 182,840,201 | 162,574,500 | 1.09% |
| HOYA CORP. | 33,800 | JPY | 201,468,759 | 346,788,000 | 2.32% |
| ICHIBANYA CO LTD | 25,000 | JPY | 113,488,808 | 118,625,000 | 0.79% |
| IDEMITSU KOSAN CO LTD | 25,000 | JPY | 58,650,003 | 57,175,000 | 0.38% |
| IHI CORP. | 78,000 | JPY | 155,663,663 | 121,524,000 | 0.81% |
| ISUZU MOTORS LTD | 67,000 | JPY | 47,654,561 | 65,211,100 | 0.44% |
| ITO EN LTD | 74,800 | JPY | 330,632,476 | 454,784,000 | 3.04% |
| JAPAN AIRLINES CO LTD | 126,000 | JPY | 441,293,884 | 244,692,000 | 1.64% |
| JAPAN AVIATION ELECTRONICS INDUSTRY | 28,000 | JPY | 36,620,531 | 40,516,000 | 0.27% |
| JAPAN POST INSURANCE CO LTD | 306,000 | JPY | 541,463,057 | 432,378,000 | 2.89% |
| J FRONT RETAILING CO LTD | 105,000 | JPY | 102,962,854 | 75,390,000 | 0.50% |
| KAJIMA CORP. | 100,000 | JPY | 137,254,564 | 128,400,000 | 0.86% |
| KAKAKU.COM INC. | 44,700 | JPY | 84,636,635 | 121,986,300 | 0.82% |
| KAMIGUMI CO LTD | 21,000 | JPY | 47,824,581 | 44,394,000 | 0.30% |
| KEYENCE CORP. | 9,400 | JPY | 262,110,969 | 423,282,000 | 2.83% |
| KOEI TECMO HLDG CO LTD | 116,200 | JPY | 241,428,209 | 406,119,000 | 2.72% |
| KUBOTA CORP. | 91,100 | JPY | 140,042,688 | 146,488,800 | 0.98% |
| KUMAGAI GUMI CO LTD | 33,000 | JPY | 97,279,122 | 85,140,000 | 0.57% |
| M3 INC. | 26,200 | JPY | 54,364,034 | 120,127,000 | 0.80% |
| MARUBENI CORP. | 52,400 | JPY | 33,944,465 | 25,545,000 | 0.17% |
| MITSUBISHI CORP. | 78,000 | JPY | 204,941,480 | 177,060,000 | 1.18% |

Japan Multi Management
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| MITSUBISHI UFJ FINANCIAL GROUP INC. | 775,000 | JPY | 463,818,528 | 326,740,000 | 2.19% |
| --- | --- | --- | --- | --- | --- |
| MITSUI FUDOSAN | 92,000 | JPY | 181,272,904 | 175,674,000 | 1.18% |
| MITSUI MINING & SMELTING CO LTD | 16,000 | JPY | 30,409,445 | 35,008,000 | 0.23% |
| MIZUHO FINANCIAL GROUP INC. | 573,800 | JPY | 101,767,416 | 75,856,360 | 0.51% |
| MODEC INC. | 62,000 | JPY | 150,497,949 | 94,612,000 | 0.63% |
| NIFCO INC. | 82,600 | JPY | 237,910,492 | 189,897,400 | 1.27% |
| NIPPON STEEL CORP. | 223,200 | JPY | 313,276,396 | 226,213,200 | 1.51% |
| NISHIMATSU CONSTRUCTION CO LTD | 32,000 | JPY | 75,131,495 | 68,576,000 | 0.46% |
| NISSHIN GROUP HD CO LTD | 29,100 | JPY | 6,277,358 | 10,592,400 | 0.07% |
| NOMURA REAL ESTATE HLDG INC. | 35,000 | JPY | 60,653,203 | 70,000,000 | 0.47% |
| NTT DATA CORP. | 18,000 | JPY | 19,210,471 | 21,582,000 | 0.14% |
| OBIC BUSINESS CONSULTANTS CO LTD | 21,500 | JPY | 64,812,425 | 123,195,000 | 0.82% |
| ORIENTAL LAND CO LTD | 19,700 | JPY | 190,961,261 | 280,528,000 | 1.88% |
| ORIX CORP. | 132,700 | JPY | 211,732,837 | 176,291,950 | 1.18% |
| PARAMOUNT BED HLDG CO LTD | 25,300 | JPY | 116,202,669 | 111,067,000 | 0.74% |
| PRESSANCE CORP. | 67,700 | JPY | 78,699,428 | 80,224,500 | 0.54% |
| RICOH | 241,700 | JPY | 236,832,139 | 185,867,300 | 1.24% |
| SANRIO CO LTD | 70,500 | JPY | 149,470,209 | 117,594,000 | 0.79% |
| SCREEN HLDG LTD | 6,000 | JPY | 37,695,285 | 30,180,000 | 0.20% |
| SEIKAGAKU CORP. | 56,000 | JPY | 85,179,755 | 63,392,000 | 0.42% |
| SHIN-ETSU CHEMICAL | 28,600 | JPY | 276,019,165 | 360,217,000 | 2.41% |
| SQUARE ENIX CO LTD | 95,600 | JPY | 396,095,533 | 520,064,000 | 3.48% |
| SUMITOMO MITSUI CONSTRUCTION CO LTD | 392,000 | JPY | 236,667,639 | 183,456,000 | 1.23% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 62,700 | JPY | 227,611,086 | 190,106,400 | 1.27% |
| SUMITOMO MITSUI TRUST HLDG | 54,000 | JPY | 204,750,673 | 163,350,000 | 1.09% |
| SUZUKI MOTOR CORP. | 45,000 | JPY | 124,175,728 | 164,565,000 | 1.10% |
| T&D HLDG INC. | 236,000 | JPY | 278,116,187 | 217,356,000 | 1.45% |
| TAIKISHA LTD | 39,400 | JPY | 139,716,927 | 116,978,600 | 0.78% |
| TAISEI CORP. | 48,000 | JPY | 202,695,236 | 188,160,000 | 1.26% |
| TAIYO NIPPON SANSO CORP. | 88,100 | JPY | 128,068,271 | 158,668,100 | 1.06% |
| TAKASHIMAYA CO LTD | 63,000 | JPY | 97,256,621 | 56,700,000 | 0.38% |
| TORAY INDUSTRIES | 128,000 | JPY | 90,020,723 | 64,960,000 | 0.43% |
| TOTO LTD | 114,400 | JPY | 502,502,140 | 470,756,000 | 3.15% |
| TOYOTA MOTOR CORP. | 10,000 | JPY | 68,038,250 | 67,620,000 | 0.45% |
| TOYOTA TSUSHO COR | 154,500 | JPY | 431,220,049 | 421,630,500 | 2.82% |
| TREND MICRO INC. | 87,500 | JPY | 450,139,314 | 526,750,000 | 3.52% |
| TSUMURA & CO | 111,900 | JPY | 355,313,410 | 315,558,000 | 2.11% |
| UBE INDUSTRIES | 30,000 | JPY | 56,856,300 | 55,560,000 | 0.37% |
| ULVAC INC. | 12,000 | JPY | 54,172,500 | 37,320,000 | 0.25% |
| USHIO INC. | 20,000 | JPY | 28,131,484 | 28,700,000 | 0.19% |
| USS CO LTD | 45,800 | JPY | 81,850,325 | 78,913,400 | 0.53% |
| WACOM CO LTD | 183,000 | JPY | 87,551,199 | 100,467,000 | 0.67% |
| YOKOGAWA ELECTRIC | 162,600 | JPY | 256,865,165 | 273,168,000 | 1.83% |
| Total JAPANESE YEN |  |  | 15,322,729,629 | 14,654,205,160 | 98.02% |
| Total Quoted or negotiated equities |  |  | 15,322,729,629 | 14,654,205,160 | 98.02% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 15,322,729,629 | 14,654,205,160 | 98.02% |
| Total Portfolio |  |  | 15,322,729,629 | 14,654,205,160 | 98.02% |

( Content)
| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| CAYMAN ISLANDS | 20.11 % |
| TAIWAN, REPUBLIC OF CHINA | 13.95 % |
| SOUTH KOREA | 12.67 % |
| INDIA | 7.96 % |
| CHINA | 6.89 % |
| RUSSIAN FEDERATION | 5.34 % |
| HONG KONG, SAR CHINA | 4.64 % |
| UNITED KINGDOM | 4.04 % |
| BRAZIL | 2.53 % |
| TURKEY | 2.35 % |
| NETHERLANDS | 2.14 % |
| BERMUDA | 1.80 % |
| MEXICO | 1.74 % |
| INDONESIA | 1.52 % |
| SINGAPORE | 1.29 % |
| CANADA | 1.29 % |
| SOUTH AFRICA | 1.26 % |
| POLAND | 0.96 % |
| UNITED STATES OF AMERICA | 0.91 % |
| THAILAND | 0.85 % |
| HUNGARY | 0.69 % |
| GREECE | 0.46 % |
| BRITISH VIRGIN ISLANDS | 0.43 % |
| EGYPT | 0.42 % |
| LUXEMBOURG | 0.33 % |
| AUSTRIA | 0.26 % |
| AUSTRALIA | 0.20 % |
| JERSEY | 0.16 % |
| UKRAINE | 0.02 % |
| Total Portfolio | 97.21 % |

( Content)
| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPAN | 98.02 % |
| Total Portfolio | 98.02 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| IT & INTERNET | 20.63 % |
| BANKS | 15.40 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 8.35 % |
| FINANCIAL SERVICES - HOLDINGS | 7.55 % |
| TELECOMMUNICATIONS | 7.35 % |
| ELECTRIC & ELECTRONIC MATERIALS | 4.77 % |
| OIL & DERIVED | 3.47 % |
| INSURANCE COMPANIES | 3.43 % |
| INFORMATION, TECHNOLOGY & COPIERS | 2.39 % |
| ROAD VEHICLES | 2.31 % |
| BUILDING MATERIALS | 2.04 % |
| RETAIL TRADING, DEPARTMENT STORES | 2.02 % |
| REAL ESTATE | 1.79 % |
| PHARMACOLOGY & PERSONAL CARE | 1.74 % |
| FOOD & CLEANING MATERIALS | 1.56 % |
| CHEMICAL PRODUCTS | 1.38 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 1.32 % |
| MECHANICAL CONSTRUCTION | 1.23 % |
| NONFERROUS METALS | 1.23 % |
| ENERGY SOURCES | 1.02 % |
| TOBACCO & SPIRITS | 0.76 % |
| AIRLIFT | 0.73 % |
| MISCELLANEOUS | 0.72 % |
| HEALTH CARE & SERVICES | 0.66 % |
| PRECIOUS METALS & STONES | 0.60 % |
| MISCELLANEOUS CONSUMER GOODS | 0.41 % |
| PHOTOGRAPHY & OPTICAL | 0.40 % |
| TEXTILE & GARMENTS | 0.33 % |
| ROAD & RAILWAY TRANSPORTS | 0.33 % |
| CAPITAL GOODS (MISCELLANEOUS) | 0.27 % |
| SHIPPING | 0.25 % |
| FOREST PRODUCTS & PAPER INDUSTRY | 0.24 % |
| LEISURES & TOURISM | 0.20 % |
| TYRES & RUBBER | 0.18 % |
| AEROSPACE INDUSTRY & DEFENCE | 0.10 % |
| CONGLOMERATES | 0.05 % |
| Total Portfolio | 97.21 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total Net Assets |
|  |
| FINANCIAL SERVICES - HOLDINGS | 12.02 % |
| BUILDING MATERIALS | 11.03 % |
| IT & INTERNET | 8.70 % |
| ROAD VEHICLES | 7.20 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 6.91 % |
| INFORMATION, TECHNOLOGY & COPIERS | 4.58 % |
| CHEMICAL PRODUCTS | 4.28 % |
| CONGLOMERATES | 4.18 % |
| MECHANICAL CONSTRUCTION | 4.05 % |
| PHARMACOLOGY & PERSONAL CARE | 3.82 % |
| LEISURES & TOURISM | 3.74 % |
| ROAD & RAILWAY TRANSPORTS | 3.48 % |
| FOOD & CLEANING MATERIALS | 3.04 % |
| INSURANCE COMPANIES | 2.89 % |
| BANKS | 2.62 % |
| PUBLISHING & BROADCASTING | 2.16 % |
| ELECTRIC & ELECTRONIC MATERIALS | 2.03 % |
| OIL & DERIVED | 1.75 % |
| AIRLIFT | 1.64 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 1.51 % |
| REAL ESTATE | 1.25 % |
| OTHER SERVICES | 1.05 % |
| HEALTH CARE & SERVICES | 0.80 % |
| MISCELLANEOUS CONSUMER GOODS | 0.79 % |
| CAPITAL GOODS (MISCELLANEOUS) | 0.74 % |
| ENERGY SOURCES | 0.74 % |
| RETAIL TRADING, DEPARTMENT STORES | 0.49 % |
| SHIPPING | 0.30 % |
| NONFERROUS METALS | 0.23 % |
| Total Portfolio | 98.02 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| U.S. DOLLAR | 27.93 % |
| HONG KONG DOLLAR | 20.61 % |
| SOUTH KOREAN WON | 12.67 % |
| TAIWAN NEW DOLLAR | 12.36 % |
| INDIAN RUPEE | 7.36 % |
| TURKISH LIRA | 2.35 % |
| BRAZILIAN REAL | 2.22 % |
| MEXICAN PESO | 1.74 % |
| INDONESIAN RUPIAH | 1.52 % |
| EURO | 1.29 % |
| CANADIAN DOLLAR | 1.29 % |
| SOUTH AFRICAN RAND | 1.26 % |
| RUSSIAN RUBLE | 1.01 % |
| POLISH ZLOTY | 0.96 % |
| THAI BAHT | 0.85 % |
| HUNGARIAN FORINT | 0.69 % |
| EGYPTIAN POUND | 0.42 % |
| BRITISH POUND | 0.34 % |
| AUSTRALIAN DOLLAR | 0.20 % |
| CHINA YUAN RENMINBI | 0.12 % |
| UKRAINE HRYVNIA | 0.02 % |
| Total Portfolio | 97.21 % |

| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPANESE YEN | 98.02 % |
| Total Portfolio | 98.02 % |

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 outstanding at beginning of the period	- A USD | 46,575.000 |
| --- | --- |
| - B | 34,303.655 |
| - B USD | 546,263.616 |
| - F | 3,900.000 |
| - F USD | 830.908 |
| - Z | 4,936.173 |
| Shares issued during the period	- A USD | 320.000 |
| - B | 102.000 |
| - B USD | 4,273.420 |
| - F | 0.000 |
| - F USD | 0.000 |
| - Z | 414.000 |
| Shares redeemed during the period	- A USD | 18,582.000 |
| - B | 1,002.000 |
| - B USD | 105,259.411 |
| - F | 0.000 |
| - F USD | 70.000 |
| - Z | 120.000 |
| Shares outstanding at end of the period	- A USD | 28,313.000 |
| - B | 33,403.655 |
| - B USD | 445,277.625 |
| - F | 3,900.000 |
| - F USD | 760.908 |
| - Z | 5,230.173 |

Japan Multi Management
| Shares outstanding at beginning of the period	- A JPY | 19,050.000 |
| --- | --- |
| - B | 60,191.674 |
| - B JPY | 58,460.627 |
| - F | 8,550.000 |
| - F JPY | 1.000 |
| - Z | 961.000 |
| Shares issued during the period	- A JPY | 80.000 |
| - B | 124.000 |
| - B JPY | 540.000 |
| - F | 0.000 |
| - F JPY | 0.000 |
| - Z | 0.000 |
| Shares redeemed during the period	- A JPY | 7,836.000 |
| - B | 10,813.844 |
| - B JPY | 5,702.000 |
| - F | 4,050.000 |
| - F JPY | 0.000 |
| - Z | 219.000 |
| Shares outstanding at end of the period	- A JPY | 11,294.000 |
| - B | 49,501.830 |
| - B JPY | 53,298.627 |
| - F | 4,500.000 |
| - F JPY | 1.000 |
| - Z | 742.000 |

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

| Emerging Multi Management (USD) | 31.12.2017 31.12.2018 31.12.2019 30.06.2020 | 276,602,882.74 581,217,649.91 644,551,626.65 591,506,614.17 | - A USD | 58,735.000 | 123.49 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 44,089.655 | 117.92 | EUR |
| - B USD | 1,433,835.047 | 104.14 | USD |
| - F | 756,035.000 | 125.23 | EUR |
| - F USD | 904.908 | 107.78 | USD |
| - 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 | 28,313.000 | 101.39 | USD |
| - B | 33,403.655 | 112.04 | EUR |
| - B USD | 445,277.625 | 92.60 | USD |
| - F | 3,900.000 | 120.32 | EUR |
| - F USD | 760.908 | 97.07 | USD |
| - Z | 5,230.173 | 92,369.05 | EUR |

| Japan Multi Management (JPY) | 31.12.2017 31.12.2018 31.12.2019 30.06.2020 | 28,754,355,905 23,744,261,503 22,074,314,741 14,949,862,284 | - A JPY | 20,912.000 | 12,255 | JPY |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 211,632.125 | 167.67 | EUR |
| - B JPY | 135,660.944 | 20,394 | JPY |
| - F | 15,950.000 | 172.36 | EUR |
| - F JPY | 1.000 | 22,507 | JPY |
| - Z | 988.000 | 153,833.77 | EUR |
| - 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 | 11,294.000 | 9,400 | JPY |
| - B | 49,501.830 | 152.97 | EUR |
| - B JPY | 53,298.627 | 16,663 | JPY |
| - F | 4,500.000 | 159.21 | EUR |
| - F JPY | 1.000 | 18,646 | JPY |
| - Z | 742.000 | 144,048.10 | EUR |

(*) Launched on 29 January 2018 at an initial NAV of EUR 100,000.
| 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 2020, including the following significant policies: |
| a) Valuation of investments |
| The 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 2020 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 2020 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. |
| b) Net realised profit / (loss) on sale of investments |
| The 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". |
| c) Conversion of foreign currencies |
| All 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 / (Depreciation)Changes 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 Rates DifferenceThe item "Exchange Rate Difference in Net Assets from 01.01.2020 to 30.06.2020" 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 period with the exchange rate applicable at the date of the financial statements.

NOTE 2 - EXCHANGE RATES
| 1  EUR	= | 121.17105 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1.12315 | USD |

NOTE 3 - TAXES AND EXPENSES PAYABLE
| Management fees | 1,701,590.65 | EUR |
| --- | --- | --- |
| Depositary fees | 15,550.03 | EUR |
| Subscription tax | 22,467.92 | EUR |
| Miscellaneous fees | 207,520.71 | EUR |
| Total | 1,947,129.30 | EUR |

| NOTE 4 - SUBSCRIPTION FEES |
| --- |
| 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 FEES |
| 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 FEES |
| 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 fee was paid during the period. |
| --- |
| 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 2019 on the basis of the value of the shares distributed in Belgium as recorded at 31 December 2018. |
| 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 FEES |
| 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 PAID |
| --- |
| The Annual General Meeting of shareholders held on 21 April 2020 decided to pay the following dividends: - a dividend of 3.14 USD per share for Emerging Multi Management Share Class A USD, ISIN Code LU1518579492;
- a dividend of 257 JPY per share for Japan Multi Management Share Class A JPY, ISIN Code LU1518583098.
 Shares were listed ex-dividend as from 22 May 2020. Payments were made on 27 May 2020. |
| NOTE 12 - EVENT(S) DURING THE PERIOD |
| The COVID-19 (coronavirus) pandemic, which is seriously threatening the health of the world's population and has severely disrupted people's daily lives for several months, is having a major impact on the global economy. All sectors of the economy are affected and some are being hit harder. This is expected to have a negative impact on the valuation of equities, bonds, funds and other investments in fiscal 2020. The measures taken by health authorities to contain the spread of the virus, while necessary, will also have a significant impact on economic activity. However, it should be stressed that although these effects are significant, they will be temporary. Authorities around the world have taken strong and necessary measures to contain the spread of the virus and to support individuals and businesses in these very difficult times. The Board of Directors is not currently in a position to accurately estimate the consequences of this event, but is closely monitoring the situation. |

| 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, 2020-06-30):
# du 1 janvier 2020 jusqu'à 30 juin 2020
|  |  |  |
| --- | --- | --- |
|  | Notes | COMBINÉ ( EN  EUR) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 6.266.197,03 |
| Intérêts sur placements | 1e | 25.466,15 |
| Réclamation de taxes |  | 12.510,19 |
| Total Revenus |  | 6.304.173,38 |
| Charges |  |  |
| Commission de gestion | 5 | 3.581.001,71 |
| Commission de banque dépositaire | 9 | 32.562,65 |
| Taxe d'abonnement | 7 | 51.108,82 |
| Frais d'administration | 10 | 430.799,13 |
| Frais et commissions divers |  | 72.606,91 |
| Frais de transactions | 8 | 572.923,65 |
| Intérêts débiteurs |  | 5.020,31 |
| Redevance aux autorités étrangères |  | 2.818,83 |
| Total Charges |  | 4.748.842,00 |
| Plus ou moins-value nette réalisée |  | 1.555.331,38 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -16.503.310,22 |
| - sur devises |  | -549.895,56 |
| - sur changes à terme |  | 73.642,62 |
| Bénéfice / (Perte) net(te) réalisé€ |  | -15.424.231,77 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -67.623.257,31 |
| - sur devises |  | -459,10 |
| Résultat des opérations |  | -83.047.948,19 |
| - Souscriptions |  | 32.301.798,43 |
| - Rachats | 11 | -55.140.357,42 |
| Dividendes payées |  | -138.934,10 |
| Variation de l'actif net durant la période |  | -106.025.441,28 |
| Actif net au début de la période |  | 755.166.055,18 |
| Différence de change de l'actif net du 01.01.20 jusqu'à 30.06.20 | 1h | 887.243,53 |
| Total de l'actif net à la fin de la période |  | 650.027.857,44 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 575.029.527,09 |
| Avoirs en banque |  | 14.656.448,02 |
| Dividendes à recevoir sur actions |  | 1.487.552,36 |
| Montants à recevoir sur ventes de titres |  | 16.487.760,24 |
| Montants à recevoir sur contrats de change |  | 41.133,41 |
| Total des actifs |  | 607.702.421,12 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 1.690.759,66 |
| Intérêts débiteurs |  | 21.632,39 |
| Intérêts débiteurs |  | 177,74 |
| Montants à payer sur rachats |  | 12.406.188,25 |
| Montants à payer sur achats de titres |  | 2.035.844,39 |
| Montants à payer sur contrats de change |  | 41.204,52 |
| Total Charges |  | 16.195.806,95 |
| Total de l'actif net à la fin de la période |  | 591.506.614,17 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A USD |  | 28.313,000 |
| - B |  | 33.403,655 |
| - B USD |  | 445.277,625 |
| - F |  | 3.900,000 |
| - F USD |  | 760,908 |
| - Z |  | 5.230,173 |
| Valeur Nette d'Inventaire par action (à la fin de la période) |  |  |
| - A USD |  | 101,39 |
| - B (EUR) |  | 112,04 |
| - B USD |  | 92,60 |
| - F (EUR) |  | 120,32 |
| - F USD |  | 97,07 |
| - Z (EUR) |  | 92.369,05 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 14.654.205.160 |
| Avoirs en banque |  | 353.017.732 |
| Dividendes à recevoir sur actions |  | 19.543.268 |
| Montants à recevoir sur ventes de titres |  | 28.464.732 |
| Montants à recevoir sur contrats de change |  | 0 |
| Total des actifs |  | 15.055.230.892 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 53.528.083 |
| Intérêts débiteurs |  | 41.036 |
| Intérêts débiteurs |  | 18.356 |
| Montants à payer sur rachats |  | 1.413.240 |
| Montants à payer sur achats de titres |  | 50.367.893 |
| Montants à payer sur contrats de change |  | 0 |
| Total Charges |  | 105.368.608 |
| Total de l'actif net à la fin de la période |  | 14.949.862.284 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A JPY |  | 11.294,000 |
| - B |  | 49.501,830 |
| - B JPY |  | 53.298,627 |
| - F |  | 4.500,000 |
| - F JPY |  | 1,000 |
| - Z |  | 742,000 |
| Valeur Nette d'Inventaire par action (à la fin de la période) |  |  |
| - A JPY |  | 9.400 |
| - B (EUR) |  | 152,97 |
| - B JPY |  | 16.663 |
| - F (EUR) |  | 159,21 |
| - F JPY |  | 18.646 |
| - Z (EUR) |  | 144.048,10 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 5.099.787,31 |
| Intérêts sur placements | 1e | 27.524,33 |
| Réclamation de taxes |  | 5.746,66 |
| Total Revenus |  | 5.133.058,30 |
| Charges |  |  |
| Commission de gestion | 5 | 3.127.389,75 |
| Commission de banque dépositaire | 9 | 28.618,17 |
| Taxe d'abonnement | 7 | 36.320,30 |
| Frais d'administration | 10 | 371.674,20 |
| Frais et commissions divers |  | 47.783,41 |
| Frais de transactions | 8 | 571.374,49 |
| Intérêts débiteurs |  | 2.918,18 |
| Redevance aux autorités étrangères |  | 0,00 |
| Total Charges |  | 4.186.078,50 |
| Plus ou moins-value nette réalisée |  | 946.979,80 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -10.616.749,99 |
| - sur devises |  | -495.695,52 |
| - sur changes à terme |  | -1.093,62 |
| Bénéfice / (Perte) net(te) réalisé€ |  | -10.166.559,33 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -54.415.764,77 |
| - sur devises |  | -3.520,20 |
| Résultat des opérations |  | -64.585.844,30 |
| - Souscriptions |  | 36.167.917,73 |
| - Rachats |  | -24.498.160,65 |
| Dividendes payées | 11 | -128.925,26 |
| Variation de l'actif net durant la période |  | -53.045.012,48 |
| Actif net au début de la période |  | 644.551.626,65 |
| Total de l'actif net à la fin de la période |  | 591.506.614,17 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 209.091.080 |
| Intérêts sur placements | 1e | 116.298 |
| Réclamation de taxes |  | 895.895 |
| Total Revenus |  | 210.103.273 |
| Charges |  |  |
| Commission de gestion | 5 | 96.515.270 |
| Commission de banque dépositaire | 9 | 858.179 |
| Taxe d'abonnement | 7 | 2.274.493 |
| Frais d'administration | 10 | 12.102.309 |
| Frais et commissions divers |  | 3.642.742 |
| Frais de transactions | 8 | 7.779.019 |
| Intérêts débiteurs |  | 293.488 |
| Redevance aux autorités étrangères |  | 341.560 |
| Total Charges |  | 123.807.060 |
| Plus ou moins-value nette réalisée |  | 86.296.213 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -854.335.271 |
| - sur devises |  | -13.153.307 |
| - sur changes à terme |  | 9.041.339 |
| Bénéfice / (Perte) net(te) réalisé€ |  | -772.151.026 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -2.323.335.882 |
| - sur devises |  | 324.147 |
| Résultat des opérations |  | -3.095.162.761 |
| - Souscriptions |  | 12.066.743 |
| - Rachats |  | -4.038.430.751 |
| Dividendes payées | 11 | -2.925.688 |
| Variation de l'actif net durant l'exercice |  | -7.124.452.457 |
| Actif net au début de l'exercice |  | 22.074.314.741 |
| Total de l'actif net à la fin de la période |  | 14.949.862.284 |

|  |
| --- |
| 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 | 823.259 | AUD | 1.297.953,99 | 1.156.300,14 | 0,20% |
| Total DOLLAR AUSTRALIEN |  |  | 1.297.953,99 | 1.156.300,14 | 0,20% |
| B3 S.A. - BRASIL BOLSA BALCAO | 186.353 | BRL | 1.187.271,45 | 1.869.704,50 | 0,32% |
| BB SEGURIDADE PARTICIPACOES S.A. | 407.225 | BRL | 3.089.835,55 | 2.022.476,03 | 0,34% |
| DURATEX S.A. | 684.648 | BRL | 1.943.953,15 | 1.603.511,67 | 0,27% |
| HAPVIDA PARTICIPACOES -E- INVESTIMENT | 193.700 | BRL | 2.466.143,44 | 2.193.180,12 | 0,37% |
| ITAU UNIBANCO HLDG SA. | 149.375 | BRL | 1.069.822,33 | 692.356,09 | 0,12% |
| LOJAS RENNER S.A. | 253.685 | BRL | 1.717.042,03 | 1.931.234,69 | 0,33% |
| NOTRE DAME INTERMEDICA PARTICIPACOE | 140.290 | BRL | 1.080.039,30 | 1.737.653,99 | 0,29% |
| WEG S.A. | 119.500 | BRL | 981.144,18 | 1.101.458,29 | 0,19% |
| Total BRÉSIL REAL |  |  | 13.535.251,43 | 13.151.575,38 | 2,22% |
| IAMGOLD CORP. | 404.933 | CAD | 1.327.709,04 | 1.602.467,52 | 0,27% |
| KINROSS GOLD CORP. | 446.063 | CAD | 1.624.515,89 | 3.209.516,23 | 0,54% |
| PAN AMERICAN SILVER CORP. | 92.514 | CAD | 1.199.446,32 | 2.800.516,23 | 0,47% |
| Total DOLLAR CANADIEN |  |  | 4.151.671,25 | 7.612.499,98 | 1,29% |
| TONGKUN GROUP CO LTD -A- | 400.949 | CNY | 713.697,15 | 723.219,29 | 0,12% |
| Total YUAN RENMINBI CHINOIS |  |  | 713.697,15 | 723.219,29 | 0,12% |
| COMMERCIAL INTERNATIONAL BANK LTD | 620.114 | EGP | 2.257.759,93 | 2.479.686,35 | 0,42% |
| Total LIVRE D'EGYPTE |  |  | 2.257.759,93 | 2.479.686,35 | 0,42% |
| ALPHA BANK AE | 780.725 | EUR | 1.281.126,41 | 580.488,79 | 0,10% |
| ERSTE GROUP BANK A.G. | 64.875 | EUR | 2.570.536,59 | 1.526.508,26 | 0,26% |
| EUROBANK HLDG S.A. | 1.173.933 | EUR | 907.893,34 | 537.949,16 | 0,09% |
| NATIONAL BANK OF GREECE S.A. | 324.117 | EUR | 810.037,06 | 454.311,95 | 0,08% |
| OPAP S.A. | 122.095 | EUR | 1.228.106,45 | 1.158.071,29 | 0,20% |
| PROSUS N.V. | 36.586 | EUR | 2.653.086,85 | 3.399.916,16 | 0,57% |
| Total PAYS MEMBRES DE L'EURO |  |  | 9.450.786,70 | 7.657.245,61 | 1,29% |
| MONDI PLC | 55.407 | GBP | 1.256.366,33 | 1.034.092,16 | 0,17% |
| WIZZ AIR HLDG PLC | 23.610 | GBP | 761.188,85 | 973.186,12 | 0,16% |
| Total LIVRE DU ROYAUME-UNI |  |  | 2.017.555,18 | 2.007.278,28 | 0,34% |
| AGRICULTURAL BANK OF CHINA -H- | 3.801.748 | HKD | 1.727.732,08 | 1.530.415,66 | 0,26% |
| AIA GROUP LTD | 1.073.237 | HKD | 8.881.806,04 | 10.011.644,37 | 1,69% |
| ALIBABA HEALTH INFO TECHNOLOGY | 168.000 | HKD | 385.671,04 | 489.879,43 | 0,08% |
| ALUMINUM CORPORATION OF CHINA LTD | 3.949.212 | HKD | 1.774.830,95 | 738.839,20 | 0,12% |
| BANK OF CHINA LTD -H- | 3.616.922 | HKD | 1.631.085,43 | 1.339.345,18 | 0,23% |

Emerging Multi Management
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| BANK OF COMMUNICATIONS CO LTD | 2.034.876 | HKD | 1.555.601,64 | 1.254.981,51 | 0,21% |
| --- | --- | --- | --- | --- | --- |
| BUDWEISER BREWING CO APAC LTD | 687.700 | HKD | 2.379.660,17 | 2.000.861,61 | 0,34% |
| CHINA COMMUNICATIONS SERVICES -H- | 4.060.000 | HKD | 3.152.698,27 | 2.524.902,15 | 0,43% |
| CHINA CONSTRUCTION BANK CORP. | 1.862.897 | HKD | 1.609.693,97 | 1.507.050,71 | 0,25% |
| CHINA GAS HLDG LTD | 302.200 | HKD | 1.152.765,78 | 931.888,26 | 0,16% |
| CHINA MENGNIU DAIRY | 1.073.500 | HKD | 3.287.333,19 | 4.099.824,25 | 0,69% |
| CHINA MERCHANTS BANK CO LTD -H- | 682.000 | HKD | 3.341.049,27 | 3.137.006,29 | 0,53% |
| CHINA MINSHENG BANKING CORP. -H- | 1.588.876 | HKD | 1.169.286,71 | 1.090.619,15 | 0,18% |
| CHINA OVERSEAS LAND & INVESTMENT | 820.000 | HKD | 2.558.750,37 | 2.481.008,09 | 0,42% |
| CHINA RAILWAY CONSTRUCTION CORP. LTD | 1.109.299 | HKD | 1.462.371,44 | 871.640,49 | 0,15% |
| CHINA RAILWAY GROUP LTD -H- | 2.071.500 | HKD | 1.462.580,11 | 1.063.749,80 | 0,18% |
| CHINA TELECOM CORP. LTD | 2.460.000 | HKD | 1.203.643,73 | 688.757,47 | 0,12% |
| CHINA UNICOM HONG KONG LTD | 1.092.199 | HKD | 1.227.918,72 | 590.455,64 | 0,10% |
| CHINA VANKE CO LTD -H- | 666.100 | HKD | 2.355.663,46 | 2.105.605,46 | 0,36% |
| CHONGQING RURAL COMMERCIAL | 1.561.000 | HKD | 1.025.174,33 | 614.291,10 | 0,10% |
| CNOOC LTD | 902.000 | HKD | 1.049.819,88 | 1.003.194,83 | 0,17% |
| COSCO SHIPPING PORTS LTD | 838.018 | HKD | 952.214,15 | 449.798,66 | 0,08% |
| GALAXY ENTERTAINMENT GROUP LTD | 433.000 | HKD | 2.799.310,09 | 2.947.011,57 | 0,50% |
| GEELY AUTOMOBILE HLDG LTD | 1.306.000 | HKD | 2.524.280,77 | 2.055.769,83 | 0,35% |
| GREENTOWN CHINA HLDG LTD | 1.272.194 | HKD | 1.205.767,44 | 1.270.474,01 | 0,21% |
| GUANGZHOU -H- TEMPORARY | 1.099.334 | HKD | 1.624.256,93 | 1.279.403,92 | 0,22% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 2.248.909 | HKD | 1.500.672,22 | 1.363.770,28 | 0,23% |
| PING AN INSURANCE -H- | 500.900 | HKD | 4.131.138,12 | 5.008.690,71 | 0,85% |
| POLY PROPERTY GROUP CO | 2.050.453 | HKD | 844.008,82 | 616.420,71 | 0,10% |
| POSTAL SAVINGS BANK OF CHINA -H- | 5.356.754 | HKD | 3.306.726,71 | 3.075.623,67 | 0,52% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 1.953.371 | HKD | 5.507.157,78 | 1.965.852,00 | 0,33% |
| SHENZHEN INTERNATIONAL HLDG LTD | 1.585.000 | HKD | 3.047.049,32 | 2.523.573,20 | 0,43% |
| SINO OCEAN GROUP HLDG LTD | 1.788.604 | HKD | 818.943,20 | 429.238,45 | 0,07% |
| SUN ART RETAIL GROUP LTD | 1.237.142 | HKD | 1.378.760,93 | 2.113.386,93 | 0,36% |
| SUNNY OPTICAL TECHNOLOGY CO LTD | 148.000 | HKD | 2.359.793,30 | 2.367.853,78 | 0,40% |
| TECHTRONIC INDUSTRIES CO LTD | 744.500 | HKD | 4.310.488,41 | 7.281.240,71 | 1,23% |
| TENCENT HOLDINGS LTD | 625.800 | HKD | 23.983.776,55 | 40.258.659,83 | 6,81% |
| THE PEOPLE'INSURANCE CO | 3.258.037 | HKD | 1.533.059,18 | 950.026,96 | 0,16% |
| XIAOMI CORP-B | 1.179.400 | HKD | 1.663.444,00 | 1.953.878,83 | 0,33% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 1.972.300 | HKD | 900.928,97 | 1.519.213,41 | 0,26% |
| Total DOLLAR DE HONG KONG |  |  | 108.786.913,47 | 119.505.848,11 | 20,20% |
| GEDEON RICHTER | 99.728 | HUF | 1.968.445,35 | 2.060.438,90 | 0,35% |
| OTP BANK PLC | 58.133 | HUF | 2.139.150,02 | 2.030.015,55 | 0,34% |
| Total FORINT HONGROIS |  |  | 4.107.595,37 | 4.090.454,45 | 0,69% |
| BANK CENTRAL ASIA TBK | 2.365.800 | IDR | 4.071.373,19 | 4.715.866,63 | 0,80% |
| BANK RAKYAT INDONESIA -B- | 12.937.611 | IDR | 2.748.551,18 | 2.744.204,50 | 0,46% |
| PT PERUSAHAAN GAS NEGARA TBK | 7.611.600 | IDR | 1.215.342,91 | 604.771,86 | 0,10% |
| PT UNILEVER INDONESIA TBK | 1.629.100 | IDR | 887.904,11 | 900.937,34 | 0,15% |
| Total RUPIAH D'INDONÉSIE |  |  | 8.923.171,39 | 8.965.780,33 | 1,52% |
| BAJAJ FINANCE LTD | 14.479 | INR | 471.917,59 | 542.887,83 | 0,09% |
| BHARAT FORGE LTD | 485.036 | INR | 3.537.651,68 | 2.051.504,91 | 0,35% |

Emerging Multi Management
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| BHARAT HEAVY ELECTRICALS LTD | 739.563 | INR | 1.158.293,93 | 349.683,43 | 0,06% |
| --- | --- | --- | --- | --- | --- |
| BHARTI AIRTEL LTD | 258.789 | INR | 1.336.469,77 | 1.918.885,94 | 0,32% |
| CONTAINER CORP. OF INDIA LTD | 354.841 | INR | 2.497.829,47 | 1.963.983,48 | 0,33% |
| DLF LTD | 607.912 | INR | 1.327.864,91 | 1.192.012,46 | 0,20% |
| HCL TECHNOLOGIES LTD DEMATERIAL | 332.928 | INR | 2.360.102,92 | 2.455.388,47 | 0,42% |
| HDFC BANK LTD | 333.305 | INR | 4.499.000,89 | 4.705.107,86 | 0,80% |
| HERO MOTOCORP LTD | 76.309 | INR | 3.261.089,27 | 2.574.114,42 | 0,44% |
| HOUSING DEVELOPMENT FINANCE CORP. | 226.217 | INR | 5.411.350,65 | 5.257.114,12 | 0,89% |
| ICICI BANK LTD | 687.599 | INR | 3.353.208,84 | 3.200.592,99 | 0,54% |
| ITC LTD -DIS- | 960.881 | INR | 3.443.982,69 | 2.477.169,25 | 0,42% |
| KOTAK MAHINDRA BANK LTD | 59.485 | INR | 993.551,65 | 1.071.819,65 | 0,18% |
| MARUTI SUZUKI INDIA LTD | 27.316 | INR | 2.009.047,41 | 2.112.490,10 | 0,36% |
| MOTHERSON SUMI SYSTEMS LTD | 1.625.932 | INR | 3.603.782,71 | 2.038.236,91 | 0,34% |
| SBI LIFE INSURANCE CO LTD | 215.778 | INR | 2.106.514,97 | 2.304.709,94 | 0,39% |
| STATE BANK OF INDIA | 426.273 | INR | 1.580.249,56 | 1.007.479,09 | 0,17% |
| STEEL AUTHORITY OF INDIA LTD | 1.310.477 | INR | 1.269.854,92 | 527.636,28 | 0,09% |
| TATA CONSULTANCY SERVICES LTD | 118.182 | INR | 2.883.385,07 | 3.259.079,95 | 0,55% |
| TECH MAHINDRA LTD | 289.467 | INR | 2.575.376,00 | 2.083.293,03 | 0,35% |
| TV18 BROADCAST LTD | 997.146 | INR | 692.787,95 | 445.722,13 | 0,08% |
| Total ROUPIE DE L'INDE |  |  | 50.373.312,85 | 43.538.912,24 | 7,36% |
| DAEWOO ENGINEERING & CONSTRUCTION -CAP- | 142.870 | KRW | 704.984,61 | 407.402,47 | 0,07% |
| GREEN CROSS CORP. | 8.007 | KRW | 1.067.800,63 | 985.190,11 | 0,17% |
| GS ENGINEERING & CONSTRUCTION CORP. | 55.395 | KRW | 1.719.369,10 | 1.130.604,11 | 0,19% |
| HANA FINANCIAL GROUP INC. | 117.913 | KRW | 4.041.409,08 | 2.646.756,28 | 0,45% |
| HYUNDAI DEPT STORE LTD | 15.617 | KRW | 1.311.371,81 | 730.961,50 | 0,12% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 46.120 | KRW | 2.152.480,77 | 1.267.211,95 | 0,21% |
| HYUNDAI MOBIS | 10.940 | KRW | 2.025.636,33 | 1.746.252,53 | 0,30% |
| HYUNDAI MOTOR CO LTD | 22.410 | KRW | 2.543.713,33 | 1.820.224,34 | 0,31% |
| KB FINANCIAL GROUP INC. | 125.452 | KRW | 5.640.508,79 | 3.540.836,44 | 0,60% |
| KOREA ELECTRIC POWER CORP. | 51.024 | KRW | 1.431.280,69 | 827.175,40 | 0,14% |
| KOREA SHIPBUILD N OFF ENGINEER CO L | 16.540 | KRW | 1.641.269,19 | 1.201.808,96 | 0,20% |
| LG ELECTRONICS INC. | 22.374 | KRW | 1.137.375,72 | 1.175.571,94 | 0,20% |
| LG HOUSEHOLD & HEALTHCARE LTD | 3.427 | KRW | 3.795.339,35 | 3.834.843,65 | 0,65% |
| LOTTE CHEMICAL CORP. | 12.625 | KRW | 2.351.439,12 | 1.752.816,11 | 0,30% |
| NCSOFT CORP. | 10.536 | KRW | 4.597.415,52 | 7.804.443,92 | 1,32% |
| OCI CO LTD | 17.557 | KRW | 1.353.122,06 | 540.058,16 | 0,09% |
| POSCO | 10.814 | KRW | 2.708.319,93 | 1.564.314,65 | 0,26% |
| SAMSUNG ELECTRONICS CO LTD | 591.429 | KRW | 22.106.327,39 | 25.961.216,35 | 4,39% |
| SAMSUNG ELECTRONICS CO LTD PFUND | 90.739 | KRW | 2.772.333,80 | 3.507.804,98 | 0,59% |
| SAMSUNG ENGINEERING CO LTD | 135.579 | KRW | 1.692.854,45 | 1.380.756,24 | 0,23% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 200.553 | KRW | 1.217.625,20 | 992.052,43 | 0,17% |
| SAMSUNG SDS CO LTD | 11.358 | KRW | 1.774.568,64 | 1.591.073,59 | 0,27% |
| SK ENERGY CO LTD | 10.017 | KRW | 676.910,02 | 1.090.931,46 | 0,18% |
| SK HYNIX INC. | 40.151 | KRW | 2.594.609,74 | 2.840.628,40 | 0,48% |
| SK NETWORKS CO LTD | 196.968 | KRW | 1.030.416,45 | 776.998,88 | 0,13% |
| SK TELECOM CO LTD | 11.354 | KRW | 2.058.429,90 | 1.991.681,29 | 0,34% |
| S-OIL CORP. | 19.905 | KRW | 1.709.936,55 | 1.050.810,50 | 0,18% |
| WOORI FINANCIAL GROUP INC. | 105.624 | KRW | 1.287.956,90 | 773.618,80 | 0,13% |
| Total GAGNÉ DE CORÉE DU SUD |  |  | 79.144.805,07 | 74.934.045,44 | 12,67% |

Emerging Multi Management
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| CONSORCIO ARA S.A.B. DE CV | 761.178 | MXN | 307.355,85 | 82.683,12 | 0,01% |
| --- | --- | --- | --- | --- | --- |
| GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV | 60.433 | MXN | 595.166,23 | 432.240,11 | 0,07% |
| GRUPO AEROPORTUARIO DEL SURESTE S.A.B. DE CV | 36.785 | MXN | 650.977,12 | 408.572,30 | 0,07% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 1.110.111 | MXN | 5.166.741,29 | 3.829.927,78 | 0,65% |
| KIMBERLY-CLARK DE MEXICO S.A.B. DE CV | 642.751 | MXN | 1.061.371,46 | 998.049,51 | 0,17% |
| WAL-MART DE MEXICO SAB DE CV | 1.904.191 | MXN | 4.920.461,15 | 4.544.780,51 | 0,77% |
| Total PESO MEXICAIN |  |  | 12.702.073,10 | 10.296.253,33 | 1,74% |
| CD PROJEKT S.A. | 13.102 | PLN | 936.914,38 | 1.307.993,93 | 0,22% |
| KGHM POLSKA MIEDZ S.A. | 105.248 | PLN | 2.217.931,86 | 2.418.570,40 | 0,41% |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 381.387 | PLN | 909.638,68 | 662.760,19 | 0,11% |
| POLISH OIL & GAS CO | 575.764 | PLN | 855.196,60 | 661.545,00 | 0,11% |
| TAURON POLSKA ENERGIA S.A. | 1.040.419 | PLN | 806.330,96 | 621.780,00 | 0,11% |
| Total ZLOTY POLONNAIS |  |  | 5.726.012,48 | 5.672.649,52 | 0,96% |
| FEDERAL GRID CO OF UNIF ENERGY | 410.209.537 | RUB | 1.231.670,05 | 1.076.207,94 | 0,18% |
| FEDERAL HYDROGENERATING CO -R- | 159.082.567 | RUB | 1.370.590,44 | 1.634.709,23 | 0,28% |
| MOBILE TELESYSTEMS P.J.S.C. | 191.928 | RUB | 876.052,19 | 892.510,87 | 0,15% |
| ROSSETI P.J.S.C. | 54.292.319 | RUB | 804.128,41 | 1.137.972,64 | 0,19% |
| ROSTELECOM PUBLIC JOINT STOCK | 564.711 | RUB | 741.150,27 | 695.046,79 | 0,12% |
| VTB BANK | 1.100.480.16 2 | RUB | 641.829,55 | 539.317,67 | 0,09% |
| Total ROUBLE DE RUSSIE |  |  | 5.665.420,91 | 5.975.765,14 | 1,01% |
| IRPC PUBLIC CO LTD -FOREIGN- | 9.240.167 | THB | 696.570,61 | 783.280,55 | 0,13% |
| ITALIAN-THAI DVLPT PU CO LTD -FOREIGN- | 2.863.124 | THB | 344.521,34 | 105.604,21 | 0,02% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 1.120.802 | THB | 1.119.219,57 | 1.677.169,14 | 0,28% |
| SIAM CEMENT PUBLIC CO -NVDR- | 76.600 | THB | 1.063.501,42 | 912.037,76 | 0,15% |
| THAI OIL PUBLIC CO LTD -FOREIGN- | 1.097.123 | THB | 664.776,70 | 1.570.741,88 | 0,27% |
| Total BAHT THAÏLANDAIS |  |  | 3.888.589,64 | 5.048.833,54 | 0,85% |
| ALARKO HLDG | 326.483 | TRY | 342.552,96 | 265.768,79 | 0,04% |
| ARCELIK A.S. | 528.655 | TRY | 1.163.031,00 | 1.534.738,91 | 0,26% |
| BIM BIRLESIK MAGAZALAR AS | 293.831 | TRY | 2.430.619,72 | 2.914.845,96 | 0,49% |
| DOGAN SIRKETLER GRUBU HLDG AS | 2.292.047 | TRY | 606.524,20 | 702.185,56 | 0,12% |
| EMLAK KONUT GAYRIMENKUL YATIRIM ORT | 5.829.000 | TRY | 1.494.364,11 | 1.743.239,26 | 0,29% |
| HACI OMER SABANCI HLDG AS | 675.516 | TRY | 1.180.454,10 | 910.577,04 | 0,15% |
| KOC HLDG AS | 489.483 | TRY | 1.214.935,78 | 1.285.343,49 | 0,22% |
| KORDSA GLOBAL ENDUSTRIYEL IPLIK | 217.741 | TRY | 424.646,73 | 395.792,30 | 0,07% |
| PETKIM PETROKIMYA HLDG AS | 2.135.241 | TRY | 1.424.642,59 | 1.330.098,45 | 0,22% |
| TAV HAVALIMALARI HLDG AS | 49.867 | TRY | 125.619,44 | 140.913,29 | 0,02% |
| TRAKYA CAM SANAYII AS | 310.078 | TRY | 265.014,84 | 162.395,92 | 0,03% |
| TUPRAS TURKIYE PETROL RAFINELERI AS | 83.021 | TRY | 1.610.294,13 | 1.083.977,03 | 0,18% |
| TURKCELL ILETISIM HIZMET | 589.518 | TRY | 1.139.684,55 | 1.413.865,07 | 0,24% |
| TURK SISE CAM | 1 | TRY | 0,86 | 0,73 | 0,00% |
| Total LIRE TURQUE |  |  | 13.422.385,01 | 13.883.741,80 | 2,35% |

Emerging Multi Management
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| ACCTON TECHNOLOGY CORP. | 450.000 | TWD | 1.478.530,09 | 3.477.433,46 | 0,59% |
| --- | --- | --- | --- | --- | --- |
| ACER INC. | 2.122.781 | TWD | 1.294.564,34 | 1.287.863,07 | 0,22% |
| ADVANTECH CO LTD | 231.000 | TWD | 1.656.661,25 | 2.313.560,88 | 0,39% |
| AU OPTRONICS CORP. | 3.822.750 | TWD | 1.369.263,90 | 1.199.770,97 | 0,20% |
| CATCHER TECHNOLOGY CO LTD | 283.000 | TWD | 2.171.129,42 | 2.129.368,76 | 0,36% |
| CHAILEASE HLDG CO LTD | 361.003 | TWD | 1.025.563,27 | 1.529.439,46 | 0,26% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 575.537 | TWD | 830.457,92 | 658.352,51 | 0,11% |
| CHIMEI INNOLUX CORP. | 4.169.510 | TWD | 1.437.171,58 | 1.116.409,64 | 0,19% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1.960.350 | TWD | 752.604,07 | 550.142,78 | 0,09% |
| CHIPBOND TECHNOLOGY CORP. | 1.101.000 | TWD | 2.153.521,61 | 2.399.439,25 | 0,41% |
| COMPAL ELECTRONICS INC. | 1.703.737 | TWD | 1.115.169,47 | 1.111.590,32 | 0,19% |
| CORETRONIC CORP. | 444.174 | TWD | 715.677,61 | 478.731,19 | 0,08% |
| DELTA ELECTRONICS INC. | 1.568.000 | TWD | 7.744.483,67 | 8.901.687,35 | 1,50% |
| EVERGREEN MARINE CORP. TAIWAN LTD | 2.803.117 | TWD | 1.198.674,72 | 1.021.318,40 | 0,17% |
| EVERLIGHT ELECTRONICS CO LTD | 232.928 | TWD | 454.219,11 | 244.339,58 | 0,04% |
| FUBON FINANCIAL HLDG CO LTD | 1.113.000 | TWD | 1.782.928,01 | 1.656.041,26 | 0,28% |
| GIGA-BYTE TECHNOLOGY CO LTD | 300.246 | TWD | 401.204,64 | 666.545,80 | 0,11% |
| GLOBALWAFERS CO LTD | 130.000 | TWD | 1.595.196,70 | 1.775.660,22 | 0,30% |
| HANNSTAR DISPLAY CORP. | 3.179.000 | TWD | 810.890,22 | 698.195,43 | 0,12% |
| HIGH TECH COMPUTER CORP. | 422.349 | TWD | 706.449,08 | 474.533,06 | 0,08% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 1.147.871 | TWD | 1.092.219,06 | 783.934,18 | 0,13% |
| INVENTEC CORP. | 1.717.000 | TWD | 1.416.749,82 | 1.460.681,35 | 0,25% |
| KINSUS INTERCONNECT TECHNOLOGY CORP. | 407.000 | TWD | 871.688,32 | 969.753,16 | 0,16% |
| LANDMARK OPTOELECTRONICS CORP. | 241.000 | TWD | 2.385.075,70 | 2.360.621,47 | 0,40% |
| MEDIA TEK INCORPORATION | 215.489 | TWD | 1.882.547,93 | 4.228.780,44 | 0,71% |
| PEGATRON CORP. | 472.000 | TWD | 1.049.464,71 | 1.023.843,18 | 0,17% |
| QISDA CORP. | 1.414.600 | TWD | 719.391,23 | 846.232,75 | 0,14% |
| REALTEK SEMICONDUCTOR CORP. | 249.376 | TWD | 984.108,28 | 2.527.186,60 | 0,43% |
| SHIN KONG FINANCIAL HLDG CO LTD | 5.822.631 | TWD | 1.882.460,40 | 1.697.185,01 | 0,29% |
| SILERGY CORP. | 19.000 | TWD | 969.708,98 | 1.236.420,78 | 0,21% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 1.283.000 | TWD | 10.559.241,73 | 13.610.762,67 | 2,30% |
| TAIWAN TEA CORP. | 557.698 | TWD | 453.403,55 | 299.598,63 | 0,05% |
| UNIMICRON TECHNOLOGY CORP. | 883.913 | TWD | 669.325,44 | 1.500.924,04 | 0,25% |
| UNITED MICROELECTRONICS CORP. | 6.566.772 | TWD | 3.271.905,41 | 3.538.836,76 | 0,60% |
| VANGUARD INTERNATIONAL SEMI | 411.000 | TWD | 779.609,14 | 1.083.759,42 | 0,18% |
| WISTRON CORP. | 1.801.150 | TWD | 1.387.543,61 | 2.185.467,62 | 0,37% |
| Total NOUVEAU DOLLAR DE TAIWAN |  |  | 61.068.803,99 | 73.044.411,45 | 12,35% |
| RAIFFEISEN BANK AVAL JSC | 3.314.000 | UAH | 177.406,37 | 42.208,71 | 0,01% |
| UKRTELECOM P.J.S.C. | 6.959.300 | UAH | 523.688,05 | 23.853,78 | 0,00% |
| Total HRYVNIA UKRAINIEN |  |  | 701.094,42 | 66.062,49 | 0,01% |
| ALIBABA GROUP HOLDING ADR | 172.168 | USD | 27.876.836,18 | 37.136.637,60 | 6,28% |
| ALROSA CJSC | 656.407 | USD | 884.797,68 | 594.337,15 | 0,10% |
| AUTOHOME INC. -ADR- | 30.771 | USD | 2.391.298,04 | 2.323.210,50 | 0,39% |
| BAOZUN INC-SPN ADR | 108.040 | USD | 3.941.497,43 | 4.154.138,00 | 0,70% |
| CEMIG SPONSOREDADR | 179.072 | USD | 768.973,54 | 367.097,60 | 0,06% |
| CREDICORP LTD | 42.602 | USD | 7.971.123,82 | 5.694.609,34 | 0,96% |
| EMBRAER -SP ADR- | 76.405 | USD | 1.658.858,63 | 456.901,90 | 0,08% |
| EPAM SYSTEMS INC. | 4.303 | USD | 972.380,30 | 1.084.399,03 | 0,18% |

Emerging Multi Management
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| FIRST SOLAR INC. | 40.138 | USD | 1.875.367,79 | 1.986.831,00 | 0,34% |
| --- | --- | --- | --- | --- | --- |
| FREEPORT MCMORAN | 201.224 | USD | 2.243.528,16 | 2.327.397,03 | 0,39% |
| GAZPROM OAO | 573.170 | USD | 1.352.658,46 | 1.563.671,96 | 0,26% |
| GAZPROM -SP ADR- | 941.983 | USD | 5.187.340,39 | 5.105.547,86 | 0,86% |
| GERDAU SP -ADR- | 340.800 | USD | 1.068.806,31 | 1.008.768,00 | 0,17% |
| HDFC BANK LTD -ADR- | 78.113 | USD | 3.368.269,67 | 3.551.016,98 | 0,60% |
| JD.COM INC. -ADR- | 133.485 | USD | 5.839.380,12 | 8.033.127,30 | 1,36% |
| MAGNIT JSC | 39.041 | USD | 2.232.406,83 | 2.211.727,31 | 0,37% |
| MAIL.RU GROUP LTD GDR | 114.242 | USD | 2.785.471,74 | 2.570.445,00 | 0,43% |
| NETEASE.COM INC -ADR- | 7.853 | USD | 2.098.751,94 | 3.371.921,14 | 0,57% |
| NEW ORIENTAL EDUCATION | 24.897 | USD | 2.962.050,52 | 3.242.336,31 | 0,55% |
| OIL CO LUKOIL P.J.S.C. -ADR- | 65.413 | USD | 4.923.058,13 | 4.854.952,86 | 0,82% |
| SBERBANK OF RUSSIA OJSC -ADR- | 729.518 | USD | 9.146.011,81 | 8.301.914,84 | 1,40% |
| SEA LTD-ADR | 12.760 | USD | 972.035,10 | 1.368.382,40 | 0,23% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 104.761 | USD | 1.572.735,23 | 1.267.608,10 | 0,21% |
| TAIWAN SEMICONDUCTOR CO -ADR-5 SHARE | 215.669 | USD | 7.739.660,00 | 12.243.529,13 | 2,07% |
| TATNEFT P.J.S.C. -ADR- | 29.471 | USD | 1.169.278,71 | 1.376.885,12 | 0,23% |
| VEON LTD -ADR- | 312.486 | USD | 850.714,02 | 562.474,80 | 0,10% |
| VNESHTORGBANK GDR REG -S- | 374.154 | USD | 666.485,01 | 351.143,53 | 0,06% |
| WINBOND ELECTRONICS CORP. -GDR- | 1 | USD | 3,40 | 4,54 | 0,00% |
| X5 RETAIL GROUP SP GDR-S | 32.919 | USD | 1.057.640,97 | 1.165.332,60 | 0,20% |
| YANDEX N.V. | 85.028 | USD | 2.838.538,01 | 4.253.100,56 | 0,72% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 108.415.957,94 | 122.529.449,49 | 20,71% |
| BIDVEST GROUP LTD | 125.360 | ZAR | 981.018,32 | 1.024.812,51 | 0,17% |
| FIRSTRAND LTD | 739.215 | ZAR | 3.096.835,14 | 1.619.251,56 | 0,27% |
| IMPALA PLATINIUM HLDG LTD | 187.124 | ZAR | 632.335,15 | 1.249.287,09 | 0,21% |
| MR. PRICE GROUP LTD | 180.099 | ZAR | 2.318.559,08 | 1.482.252,22 | 0,25% |
| SAPPI LTD | 284.987 | ZAR | 1.325.516,17 | 444.661,30 | 0,08% |
| SIBANYE STILLWATER LTD | 762.033 | ZAR | 205.141,78 | 1.653.445,55 | 0,28% |
| Total RAND D'AFRIQUE DU SUD |  |  | 8.559.405,64 | 7.473.710,23 | 1,26% |
| Total Actions Cotées ou Négociées |  |  | 504.910.216,91 | 529.813.722,59 | 89,57% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 504.910.216,91 | 529.813.722,59 | 89,57% |
| 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% |
| GREENTOWN CHINA HOLDI-DSO-20200617 | 24.003 | HKD | 0,00 | 23.970,55 | 0,00% |
| KINGSOFT CORP. LTD | 506.000 | HKD | 2.117.098,04 | 2.353.570,80 | 0,40% |
| Total DOLLAR DE HONG KONG |  |  | 2.117.098,04 | 2.377.541,35 | 0,40% |
| CHAILEASE HLDG COM-DVSE-20200623 | 378.003 | TWD | 0,00 | 64.058,49 | 0,01% |
| Total NOUVEAU DOLLAR DE TAIWAN |  |  | 0,00 | 64.058,49 | 0,01% |

Emerging Multi Management
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| CENTERENERGO OJSC | 132.600 | UAH | 296.098,13 | 43.959,98 | 0,01% |
| --- | --- | --- | --- | --- | --- |
| MOTOR SICH JSC | 400 | UAH | 177.854,71 | 0,00 | 0,00% |
| Total HRYVNIA UKRAINIEN |  |  | 473.952,84 | 43.959,98 | 0,01% |
| AIER EYE HSPTL -A-CLSA 17-180522 | 393.167 | USD | 1.271.577,62 | 2.413.023,15 | 0,41% |
| BAOSHAN IRON-BNP PARIBAS S.A. 19-081220 | 1.848.689 | USD | 1.472.379,35 | 1.191.849,80 | 0,20% |
| BETTER LIFE -UBS 19-091220 | 602.947 | USD | 799.129,33 | 1.191.423,27 | 0,20% |
| BOE TECHNO -UBS A.G. 20-070621 | 4.064.692 | USD | 2.665.994,49 | 2.685.135,54 | 0,45% |
| CHINA RAILWAY -UBS 20-300421 | 903.258 | USD | 608.344,96 | 711.767,30 | 0,12% |
| CSG HLDG -UBS A.G. LONDON 20-250221 | 2.143.549 | USD | 1.785.955,48 | 1.521.919,79 | 0,26% |
| DAQIN RAILWAY-UB 20-300421 | 1.394.904 | USD | 1.334.173,64 | 1.388.347,95 | 0,23% |
| FUJIAN STAR-A -UBS 20-260521 | 269.111 | USD | 1.426.994,72 | 1.344.747,67 | 0,23% |
| GREE ELECTRIC-CLSA WARRANT 17-190122 | 292.213 | USD | 1.824.992,47 | 2.335.074,08 | 0,39% |
| GUANGXI -UBS A.G. LONDON 20-250221 | 1.138.355 | USD | 1.024.910,77 | 1.017.689,37 | 0,17% |
| HANGZHOU TIGER-CLSA 20-210425 | 196.697 | USD | 2.140.622,12 | 2.830.666,53 | 0,48% |
| LAIBAO-CICC FINANCE 0,00 20-090323 | 583.000 | USD | 839.296,94 | 1.084.207,43 | 0,18% |
| LUXSHARE PREC -UBS A.G. 19-070820 | 276.474 | USD | 647.043,03 | 2.008.168,90 | 0,34% |
| MLS CO LTD -A-UBSAG 19-250920 | 790.825 | USD | 1.330.120,49 | 1.722.416,85 | 0,29% |
| NARI TECH-CLSA WARRANT 18-040923 | 1.859.090 | USD | 5.195.285,23 | 5.318.856,49 | 0,90% |
| PING AN BANK-BNP PARIBAS S.A. 19-280622 | 810.950 | USD | 1.674.206,28 | 1.467.576,22 | 0,25% |
| PING AN BANK -UBS 20-190721 | 727.070 | USD | 1.306.035,85 | 1.316.432,94 | 0,22% |
| PING AN BANK -UBS A.G. LONDON 19-060720 | 360.567 | USD | 718.586,52 | 652.518,10 | 0,11% |
| RIZHAO PORT -UBS A.G. 19-181220 | 1.402.550 | USD | 559.504,98 | 493.697,60 | 0,08% |
| RIZHAO -UBS WARRANT 20-210621 | 591.346 | USD | 206.269,76 | 208.153,79 | 0,04% |
| SHANDONG HAI -UBS A.G. 19-161220 | 842.134 | USD | 532.124,20 | 402.540,05 | 0,07% |
| SHANDONG -UBS WARRANT 20-210621 | 2.484.365 | USD | 719.822,40 | 713.012,76 | 0,12% |
| SUOFEIYA HOME -A-UBS A.G. 20-140621 | 489.681 | USD | 1.450.718,01 | 1.674.170,37 | 0,28% |
| TONGKUN GRP-CICC FINANCE 20-200323 | 191.975 | USD | 348.294,68 | 346.692,07 | 0,06% |
| TRIANGLE TY-CICC FINANCE 0,00 20-090323 | 429.400 | USD | 873.924,15 | 804.634,20 | 0,14% |
| WUXI TAIJI -UBS 19-091220 | 1.250.807 | USD | 1.529.081,64 | 2.091.349,30 | 0,35% |
| XIAMEN KING -UBS A.G. WARRANT 19-250920 | 400.457 | USD | 405.306,22 | 319.484,59 | 0,05% |
| XUJI ELEC-CICC FINANCE 0,00 20-090323 | 460.044 | USD | 906.707,28 | 859.452,36 | 0,15% |
| YUNNAN -UBS A.G. LONDON 20-250221 | 938.691 | USD | 1.497.254,67 | 1.408.975,19 | 0,24% |
| ZHEJIANG CHINT-BNP PB 19-061222 | 323.785 | USD | 1.176.037,68 | 1.206.261,02 | 0,20% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 38.270.694,96 | 42.730.244,68 | 7,22% |
| Total Autres valeurs mobilières |  |  | 49.011.678,18 | 45.215.804,50 | 7,64% |
| Total du Portefeuille-Titres |  |  | 553.921.895,09 | 575.029.527,09 | 97,21% |

|  |
| --- |
| 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 | 50.000 | JPY | 63.347.883 | 58.750.000 | 0,39% |
| AICA KOGYO CO LTD | 60.400 | JPY | 194.336.060 | 213.514.000 | 1,43% |
| AISIN SEIKI | 53.000 | JPY | 201.178.381 | 166.420.000 | 1,11% |
| CANON INC. | 73.300 | JPY | 230.753.223 | 156.458.850 | 1,05% |
| CONCORDIA FINANCIAL GROUP LTD. | 129.000 | JPY | 62.484.166 | 44.505.000 | 0,30% |
| COSMO ENERGY HLDG CO LTD | 130.000 | JPY | 274.888.261 | 204.100.000 | 1,37% |
| CREDIT SAISON | 50.000 | JPY | 58.428.264 | 61.600.000 | 0,41% |
| CURVES HLDG CO LTD | 92.100 | JPY | 22.058.986 | 54.062.700 | 0,36% |
| DAIHO CORP. | 24.000 | JPY | 69.640.667 | 58.056.000 | 0,39% |
| DAIICHIKOSHO CO LTD | 48.500 | JPY | 235.088.123 | 156.412.500 | 1,05% |
| DAIWA HOUSE INDUSTRY CO LTD | 22.000 | JPY | 61.919.984 | 55.924.000 | 0,37% |
| DENSO CORP. | 43.000 | JPY | 189.959.288 | 180.815.000 | 1,21% |
| DENTSU GROUP INC. | 126.400 | JPY | 512.797.949 | 322.952.000 | 2,16% |
| EAST JAPAN RAILWAY COMPANY | 69.600 | JPY | 661.427.015 | 520.190.400 | 3,48% |
| ELECTRIC POWER DEVELOPMENT CO LTD | 54.000 | JPY | 123.000.061 | 110.430.000 | 0,74% |
| ENEOS HLDG INC. | 334.400 | JPY | 178.322.432 | 127.740.800 | 0,85% |
| FUJI ELECTRIC CO LTD | 15.000 | JPY | 51.392.647 | 44.160.000 | 0,30% |
| FUJI KYUKO CO LTD | 31.400 | JPY | 91.278.149 | 105.504.000 | 0,71% |
| FUJI TELEVISION NETWORK INC. | 30.000 | JPY | 45.080.789 | 31.140.000 | 0,21% |
| FUKUOKA FINANCIAL GROUP INC. | 30.100 | JPY | 62.099.338 | 51.200.100 | 0,34% |
| H2O RETAILING CORP. | 24.000 | JPY | 31.187.911 | 17.280.000 | 0,12% |
| HAMAMATSU PHOTONICS KK | 49.400 | JPY | 183.501.222 | 230.698.000 | 1,54% |
| HISAMITSU PHARMACEUTICAL CO INC. | 33.000 | JPY | 186.708.500 | 191.730.000 | 1,28% |
| HITACHI CONSTRUCTION MACHINERY | 69.200 | JPY | 186.652.900 | 206.216.000 | 1,38% |
| HITACHI LTD | 77.000 | JPY | 242.986.296 | 262.031.000 | 1,75% |
| HONDA MOTOR | 59.000 | JPY | 182.840.201 | 162.574.500 | 1,09% |
| HOYA CORP. | 33.800 | JPY | 201.468.759 | 346.788.000 | 2,32% |
| ICHIBANYA CO LTD | 25.000 | JPY | 113.488.808 | 118.625.000 | 0,79% |
| IDEMITSU KOSAN CO LTD | 25.000 | JPY | 58.650.003 | 57.175.000 | 0,38% |
| IHI CORP. | 78.000 | JPY | 155.663.663 | 121.524.000 | 0,81% |
| ISUZU MOTORS LTD | 67.000 | JPY | 47.654.561 | 65.211.100 | 0,44% |
| ITO EN LTD | 74.800 | JPY | 330.632.476 | 454.784.000 | 3,04% |
| JAPAN AIRLINES CO LTD | 126.000 | JPY | 441.293.884 | 244.692.000 | 1,64% |
| JAPAN AVIATION ELECTRONICS INDUSTRY | 28.000 | JPY | 36.620.531 | 40.516.000 | 0,27% |
| JAPAN POST INSURANCE CO LTD | 306.000 | JPY | 541.463.057 | 432.378.000 | 2,89% |
| J FRONT RETAILING CO LTD | 105.000 | JPY | 102.962.854 | 75.390.000 | 0,50% |
| KAJIMA CORP. | 100.000 | JPY | 137.254.564 | 128.400.000 | 0,86% |
| KAKAKU.COM INC. | 44.700 | JPY | 84.636.635 | 121.986.300 | 0,82% |
| KAMIGUMI CO LTD | 21.000 | JPY | 47.824.581 | 44.394.000 | 0,30% |
| KEYENCE CORP. | 9.400 | JPY | 262.110.969 | 423.282.000 | 2,83% |
| KOEI TECMO HLDG CO LTD | 116.200 | JPY | 241.428.209 | 406.119.000 | 2,72% |
| KUBOTA CORP. | 91.100 | JPY | 140.042.688 | 146.488.800 | 0,98% |
| KUMAGAI GUMI CO LTD | 33.000 | JPY | 97.279.122 | 85.140.000 | 0,57% |
| M3 INC. | 26.200 | JPY | 54.364.034 | 120.127.000 | 0,80% |
| MARUBENI CORP. | 52.400 | JPY | 33.944.465 | 25.545.000 | 0,17% |
| MITSUBISHI CORP. | 78.000 | JPY | 204.941.480 | 177.060.000 | 1,18% |

Japan Multi Management
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| MITSUBISHI UFJ FINANCIAL GROUP INC. | 775.000 | JPY | 463.818.528 | 326.740.000 | 2,19% |
| --- | --- | --- | --- | --- | --- |
| MITSUI FUDOSAN | 92.000 | JPY | 181.272.904 | 175.674.000 | 1,18% |
| MITSUI MINING & SMELTING CO LTD | 16.000 | JPY | 30.409.445 | 35.008.000 | 0,23% |
| MIZUHO FINANCIAL GROUP INC. | 573.800 | JPY | 101.767.416 | 75.856.360 | 0,51% |
| MODEC INC. | 62.000 | JPY | 150.497.949 | 94.612.000 | 0,63% |
| NIFCO INC. | 82.600 | JPY | 237.910.492 | 189.897.400 | 1,27% |
| NIPPON STEEL CORP. | 223.200 | JPY | 313.276.396 | 226.213.200 | 1,51% |
| NISHIMATSU CONSTRUCTION CO LTD | 32.000 | JPY | 75.131.495 | 68.576.000 | 0,46% |
| NISSHIN GROUP HD CO LTD | 29.100 | JPY | 6.277.358 | 10.592.400 | 0,07% |
| NOMURA REAL ESTATE HLDG INC. | 35.000 | JPY | 60.653.203 | 70.000.000 | 0,47% |
| NTT DATA CORP. | 18.000 | JPY | 19.210.471 | 21.582.000 | 0,14% |
| OBIC BUSINESS CONSULTANTS CO LTD | 21.500 | JPY | 64.812.425 | 123.195.000 | 0,82% |
| ORIENTAL LAND CO LTD | 19.700 | JPY | 190.961.261 | 280.528.000 | 1,88% |
| ORIX CORP. | 132.700 | JPY | 211.732.837 | 176.291.950 | 1,18% |
| PARAMOUNT BED HLDG CO LTD | 25.300 | JPY | 116.202.669 | 111.067.000 | 0,74% |
| PRESSANCE CORP. | 67.700 | JPY | 78.699.428 | 80.224.500 | 0,54% |
| RICOH | 241.700 | JPY | 236.832.139 | 185.867.300 | 1,24% |
| SANRIO CO LTD | 70.500 | JPY | 149.470.209 | 117.594.000 | 0,79% |
| SCREEN HLDG LTD | 6.000 | JPY | 37.695.285 | 30.180.000 | 0,20% |
| SEIKAGAKU CORP. | 56.000 | JPY | 85.179.755 | 63.392.000 | 0,42% |
| SHIN-ETSU CHEMICAL | 28.600 | JPY | 276.019.165 | 360.217.000 | 2,41% |
| SQUARE ENIX CO LTD | 95.600 | JPY | 396.095.533 | 520.064.000 | 3,48% |
| SUMITOMO MITSUI CONSTRUCTION CO LTD | 392.000 | JPY | 236.667.639 | 183.456.000 | 1,23% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 62.700 | JPY | 227.611.086 | 190.106.400 | 1,27% |
| SUMITOMO MITSUI TRUST HLDG | 54.000 | JPY | 204.750.673 | 163.350.000 | 1,09% |
| SUZUKI MOTOR CORP. | 45.000 | JPY | 124.175.728 | 164.565.000 | 1,10% |
| T&D HLDG INC. | 236.000 | JPY | 278.116.187 | 217.356.000 | 1,45% |
| TAIKISHA LTD | 39.400 | JPY | 139.716.927 | 116.978.600 | 0,78% |
| TAISEI CORP. | 48.000 | JPY | 202.695.236 | 188.160.000 | 1,26% |
| TAIYO NIPPON SANSO CORP. | 88.100 | JPY | 128.068.271 | 158.668.100 | 1,06% |
| TAKASHIMAYA CO LTD | 63.000 | JPY | 97.256.621 | 56.700.000 | 0,38% |
| TORAY INDUSTRIES | 128.000 | JPY | 90.020.723 | 64.960.000 | 0,43% |
| TOTO LTD | 114.400 | JPY | 502.502.140 | 470.756.000 | 3,15% |
| TOYOTA MOTOR CORP. | 10.000 | JPY | 68.038.250 | 67.620.000 | 0,45% |
| TOYOTA TSUSHO COR | 154.500 | JPY | 431.220.049 | 421.630.500 | 2,82% |
| TREND MICRO INC. | 87.500 | JPY | 450.139.314 | 526.750.000 | 3,52% |
| TSUMURA & CO | 111.900 | JPY | 355.313.410 | 315.558.000 | 2,11% |
| UBE INDUSTRIES | 30.000 | JPY | 56.856.300 | 55.560.000 | 0,37% |
| ULVAC INC. | 12.000 | JPY | 54.172.500 | 37.320.000 | 0,25% |
| USHIO INC. | 20.000 | JPY | 28.131.484 | 28.700.000 | 0,19% |
| USS CO LTD | 45.800 | JPY | 81.850.325 | 78.913.400 | 0,53% |
| WACOM CO LTD | 183.000 | JPY | 87.551.199 | 100.467.000 | 0,67% |
| YOKOGAWA ELECTRIC | 162.600 | JPY | 256.865.165 | 273.168.000 | 1,83% |
| Total YEN JAPONAIS |  |  | 15.322.729.629 | 14.654.205.160 | 98,02% |
| Total Actions Cotées ou Négociées |  |  | 15.322.729.629 | 14.654.205.160 | 98,02% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 15.322.729.629 | 14.654.205.160 | 98,02% |
| Total du Portefeuille-Titres |  |  | 15.322.729.629 | 14.654.205.160 | 98,02% |

( Content)
| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| ILES CAYMAN | 20,11 % |
| TAIWAN | 13,95 % |
| CORÉE DU SUD | 12,67 % |
| INDE | 7,96 % |
| CHINE | 6,89 % |
| RUSSIE | 5,34 % |
| HONG KONG | 4,64 % |
| ROYAUME-UNI | 4,04 % |
| BRÉSIL | 2,53 % |
| TURQUIE | 2,35 % |
| PAYS-BAS | 2,14 % |
| BERMUDES | 1,80 % |
| MEXIQUE | 1,74 % |
| INDONÉSIE | 1,52 % |
| SINGAPOUR | 1,29 % |
| CANADA | 1,29 % |
| AFRIQUE DU SUD | 1,26 % |
| POLOGNE | 0,96 % |
| ETATS-UNIS D'AMÉRIQUE | 0,91 % |
| THAILANDE | 0,85 % |
| HONGRIE | 0,69 % |
| GRÈCE | 0,46 % |
| ÎLES VIERGES BRITANNIQUES | 0,43 % |
| EGYPTE | 0,42 % |
| LUXEMBOURG | 0,33 % |
| AUTRICHE | 0,26 % |
| AUSTRALIE | 0,20 % |
| JERSEY | 0,16 % |
| UKRAINE | 0,02 % |
| Total du Portefeuille-Titres | 97,21 % |

( Content)
| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| JAPON | 98,02 % |
| Total du Portefeuille-Titres | 98,02 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| IT & INTERNET | 20,63 % |
| BANQUES | 15,40 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 8,35 % |
| SERVICES FINANCIERS - HOLDINGS | 7,55 % |
| TELECOMMUNICATIONS | 7,35 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 4,77 % |
| PETROLE & DERIVES | 3,47 % |
| COMPAGNIES D'ASSURANCE | 3,43 % |
| INFORMATIQUE - REPRODUCTION | 2,39 % |
| VEHICULES ROUTIERS | 2,31 % |
| MATERIAUX DE CONSTRUCTION | 2,04 % |
| DISTRIBUTION | 2,02 % |
| IMMOBILIER | 1,79 % |
| PHARMACIE - COSMETIQUE | 1,74 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 1,56 % |
| PRODUITS CHIMIQUES | 1,38 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 1,32 % |
| CONSTRUCTION MECANIQUE | 1,23 % |
| METAUX NON-FERREUX | 1,23 % |
| SOURCES D'ENERGIE | 1,02 % |
| BOISSONS & TABACS | 0,76 % |
| TRANSPORTS AERIENS | 0,73 % |
| DIVERS | 0,72 % |
| SANTE & SERVICES | 0,66 % |
| METAUX & PIERRES PRECIEUSES | 0,60 % |
| BIENS DE CONSOMMATION DIVERS | 0,41 % |
| PHOTO & OPTIQUE | 0,40 % |
| TEXTILE & HABILLEMENT | 0,33 % |
| TRANSPORT & CIRCULATION | 0,33 % |
| DIVERS BIENS DE CAPITAUX | 0,27 % |
| TRANSPORTS MARITIMES | 0,25 % |
| PRODUITS FORESTIERS & PAPIERS | 0,24 % |
| LOISIRS & TOURISME | 0,20 % |
| PNEUS & CAOUTCHOUC | 0,18 % |
| AERONAUTIQUE & DEFENSE | 0,10 % |
| SOCIETES DIVERSIFIEES | 0,05 % |
| Total du Portefeuille-Titres | 97,21 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total de l'actif net |
|  |
| SERVICES FINANCIERS - HOLDINGS | 12,02 % |
| MATERIAUX DE CONSTRUCTION | 11,03 % |
| IT & INTERNET | 8,70 % |
| VEHICULES ROUTIERS | 7,20 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 6,91 % |
| INFORMATIQUE - REPRODUCTION | 4,58 % |
| PRODUITS CHIMIQUES | 4,28 % |
| SOCIETES DIVERSIFIEES | 4,18 % |
| CONSTRUCTION MECANIQUE | 4,05 % |
| PHARMACIE - COSMETIQUE | 3,82 % |
| LOISIRS & TOURISME | 3,74 % |
| TRANSPORT & CIRCULATION | 3,48 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 3,04 % |
| COMPAGNIES D'ASSURANCE | 2,89 % |
| BANQUES | 2,62 % |
| DIFFUSION & EDITION | 2,16 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 2,03 % |
| PETROLE & DERIVES | 1,75 % |
| TRANSPORTS AERIENS | 1,64 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 1,51 % |
| IMMOBILIER | 1,25 % |
| SERVICES DIVERS | 1,05 % |
| SANTE & SERVICES | 0,80 % |
| BIENS DE CONSOMMATION DIVERS | 0,79 % |
| DIVERS BIENS DE CAPITAUX | 0,74 % |
| SOURCES D'ENERGIE | 0,74 % |
| DISTRIBUTION | 0,49 % |
| TRANSPORTS MARITIMES | 0,30 % |
| METAUX NON-FERREUX | 0,23 % |
| Total du Portefeuille-Titres | 98,02 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| DOLLAR DES ETATS UNIS D'AMÉRIQUE | 27,93 % |
| DOLLAR DE HONG KONG | 20,61 % |
| GAGNÉ DE CORÉE DU SUD | 12,67 % |
| NOUVEAU DOLLAR DE TAIWAN | 12,36 % |
| ROUPIE DE L'INDE | 7,36 % |
| LIRE TURQUE | 2,35 % |
| BRÉSIL REAL | 2,22 % |
| PESO MEXICAIN | 1,74 % |
| RUPIAH D'INDONÉSIE | 1,52 % |
| PAYS MEMBRES DE L'EURO | 1,29 % |
| DOLLAR CANADIEN | 1,29 % |
| RAND D'AFRIQUE DU SUD | 1,26 % |
| ROUBLE DE RUSSIE | 1,01 % |
| ZLOTY POLONNAIS | 0,96 % |
| BAHT THAÏLANDAIS | 0,85 % |
| FORINT HONGROIS | 0,69 % |
| LIVRE D'EGYPTE | 0,42 % |
| LIVRE DU ROYAUME-UNI | 0,34 % |
| DOLLAR AUSTRALIEN | 0,20 % |
| YUAN RENMINBI CHINOIS | 0,12 % |
| HRYVNIA UKRAINIEN | 0,02 % |
| Total du Portefeuille-Titres | 97,21 % |

| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| YEN JAPONAIS | 98,02 % |
| Total du Portefeuille-Titres | 98,02 % |

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 | 46.575,000 |
| --- | --- |
| - B | 34.303,655 |
| - B USD | 546.263,616 |
| - F | 3.900,000 |
| - F USD | 830,908 |
| - Z | 4.936,173 |
| Actions émises au cours de la période	- A USD | 320,000 |
| - B | 102,000 |
| - B USD | 4.273,420 |
| - F | 0,000 |
| - F USD | 0,000 |
| - Z | 414,000 |
| Actions remboursées au cours de la période	- A USD | 18.582,000 |
| - B | 1.002,000 |
| - B USD | 105.259,411 |
| - F | 0,000 |
| - F USD | 70,000 |
| - Z | 120,000 |
| Actions en circulation à la fin de la période	- A USD | 28.313,000 |
| - B | 33.403,655 |
| - B USD | 445.277,625 |
| - F | 3.900,000 |
| - F USD | 760,908 |
| - Z | 5.230,173 |

Japan Multi Management
| Actions en circulation au début de la période	- A JPY | 19.050,000 |
| --- | --- |
| - B | 60.191,674 |
| - B JPY | 58.460,627 |
| - F | 8.550,000 |
| - F JPY | 1,000 |
| - Z | 961,000 |
| Actions émises au cours de la période	- A JPY | 80,000 |
| - B | 124,000 |
| - B JPY | 540,000 |
| - F | 0,000 |
| - F JPY | 0,000 |
| - Z | 0,000 |
| Actions remboursées au cours de la période	- A JPY | 7.836,000 |
| - B | 10.813,844 |
| - B JPY | 5.702,000 |
| - F | 4.050,000 |
| - F JPY | 0,000 |
| - Z | 219,000 |
| Actions en circulation à la fin de la période	- A JPY | 11.294,000 |
| - B | 49.501,830 |
| - B JPY | 53.298,627 |
| - F | 4.500,000 |
| - F JPY | 1,000 |
| - Z | 742,000 |

| 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) | 31.12.2017 31.12.2018 31.12.2019 30.06.2020 | 276.602.882,74 581.217.649,91 644.551.626,65 591.506.614,17 | - A USD | 58.735,000 | 123,49 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 44.089,655 | 117,92 | EUR |
| - B USD | 1.433.835,047 | 104,14 | USD |
| - F | 756.035,000 | 125,23 | EUR |
| - F USD | 904,908 | 107,78 | USD |
| - 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 | 28.313,000 | 101,39 | USD |
| - B | 33.403,655 | 112,04 | EUR |
| - B USD | 445.277,625 | 92,60 | USD |
| - F | 3.900,000 | 120,32 | EUR |
| - F USD | 760,908 | 97,07 | USD |
| - Z | 5.230,173 | 92.369,05 | EUR |

| Japan Multi Management (JPY) | 31.12.2017 31.12.2018 31.12.2019 30.06.2020 | 28.754.355.905 23.744.261.503 22.074.314.741 14.949.862.284 | - A JPY | 20.912,000 | 12.255 | JPY |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 211.632,125 | 167,67 | EUR |
| - B JPY | 135.660,944 | 20.394 | JPY |
| - F | 15.950,000 | 172,36 | EUR |
| - F JPY | 1,000 | 22.507 | JPY |
| - Z | 988,000 | 153.833,77 | EUR |
| - 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 | 11.294,000 | 9.400 | JPY |
| - B | 49.501,830 | 152,97 | EUR |
| - B JPY | 53.298,627 | 16.663 | JPY |
| - F | 4.500,000 | 159,21 | EUR |
| - F JPY | 1,000 | 18.646 | JPY |
| - Z | 742,000 | 144.048,10 | EUR |

(*) Lancée le 29 janvier 2018 avec une VNI initiale de EUR 100.00.
| 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 2020, y compris les principes significatifs suivants : |
| a) Evaluation du portefeuilles-titres |
| La 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 2020 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 2020 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. |
| b) Plus ou moins-value nette réalisée sur investissements |
| La 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. |
| c) Conversion des devises étrangères |
| Tous 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-titresLes rapports annuels et semestriels peuvent être obtenus au siège social de la Sicav. La valeur nette d’inventaire, le prix d’émission et le prix de rachat ainsi que tous les avis destinés aux porteurs d’actions sont disponibles au siège 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.
- Plus ou moins-values net non réaliséesLes 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 compartiments 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 01.01.20 et le 30.06.20" 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	= | 121,17105 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1,12315 | USD |

NOTE 3 - TAXES ET FRAIS À PAYER
| Commission de gestion | 1.701.590,65 | EUR |
| --- | --- | --- |
| Commission de banque dépositaire | 15.550,03 | EUR |
| Taxe d'abonnement | 22.467,92 | EUR |
| Frais et commissions divers | 207.520,71 | EUR |
| Total | 1.947.129,30 | 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 la période. |
| --- |
| 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 2019 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2018. |
| 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 21 avril 2020 de payer les dividendes suivants : - un dividende de 3.14 USD par action A USD du compartiment Emerging Multi Management, ISIN Code LU1518579492;
- un dividende de 257 JPY par action A JPY du compartiment Japan Multi Management, ISIN Code LU1518583098.
 Les actions ont été cotées ex-dividende à partir du 22 mai 2020. Les paiements ont été effectués le 27 mai 2020. |
| NOTE 12 - EVÉNEMENT(S) AU COURS DE LA PÉRIODE |
| La pandémie de COVID-19 (coronavirus), qui menace gravement la santé de la population mondiale et perturbe fortement la vie des gens au quotidien depuis plusieurs mois, a une incidence majeure sur l’économie mondiale. Tous les secteurs de l’économie sont touchés et certains sont frappés plus durement. Cela devrait avoir un impact négatif sur la valorisation des actions, obligations, fonds et autres investissements au cours de l'exercice 2020. Les mesures prises par les autorités sanitaires pour contenir la propagation du virus, bien que nécessaires, auront-elles aussi des répercussions considérables sur l’activité économique. Cependant, il faut souligner que même si ces effets sont importants, ils seront temporaires. Partout dans le monde, les autorités ont pris des mesures énergiques et indispensables pour contenir la diffusion du virus, et pour soutenir les particuliers et les entreprises en ces temps très difficiles. Le Conseil d'Administration n'est actuellement pas en mesure d'estimer avec précision les conséquences de cet événement, mais suit de près la situation. |

| 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.