# DELEGIO PRIVILEGE BALANCED FUND
## SCHEDULE OF INVESTMENTS AS OF 30 JUNE 2020 (continued)
Investment Funds - 18.20% 
(continued)
Number of
| 7,908 | Amundi Global Infrastructure UCITS ETF | 405,427 | 2.67 |
| --- | --- | --- | --- |
| 8,264 | Amundi Index FTSE EPRA NAREIT Global UCITS ETF | 416,667 | 2.74 |

shares Security Luxembourg - 10.44%
Fair Value
EUR
% of Net Assets
7,704 AXA World Funds - Framlington Global Small Cap		763,362	5.03
	1,585,456	10.44
Total Investment Funds		2,763,907	18.20
% of
Fair Value
EUR
Net Assets
Total Financial Assets at Fair Value Through Profit or Loss		14,131,077	93.07
% of
Fair Value
EUR
Net Assets
Total Investments	14,131,077	93.07
Cash and cash equivalents - 6.90%	1,047,435	6.90
Other Net Assets - 0.03%		5,278	0.03
Net Assets attributable to holders of redeemable participating shares		15,183,790	100.00
Analysis of Gross Assets	% of Gross Assets
Transferable securities admitted to official exchange listing	72.11
Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)	1.15
Investment Funds	17.81
Other Assets		8.93
	100.00
| SCHEDULE OF INVESTMENTS AS OF 30 JUNE 2020 |  |
| --- | --- |
| Equities - 20.37% |  |  |
| Number of | Fair Value | % of Net |
| shares Security | EUR | Assets |
| Cayman Islands - 1.37% |  |  |
| 670 Alibaba Group Holding | 128,691 | 0.78 |
| 349 New Oriental Education & Technology Group | 40,468 | 0.24 |
| 1,000 Tencent Holdings		57,267	0.35 	226,426	1.37 |
| France - 0.23% |  |
| 370 Orpea | 	38,082	0.23 |
| Hong Kong - 0.24% |  |
| 4,800 AIA Group | 	39,826	0.24 |
| India - 0.34% |  |
| 1,400 HDFC Bank | 	56,659	0.34 |
| Ireland - 1.11% |  |
| 834 | Kerry Group | 91,949 | 0.56 |
| 1,600 Kingspan Group		91,600	0.55 	183,549	1.11 |
| Japan - 0.91% |  |  |  |
| 900 | Hoya | 76,188 | 0.46 |
| 200 | Keyence | 	74,258	0.45 |
|  |  | 	150,446	0.91 |

Luxembourg - 0.38%
470 Globant		62,701	0.38
Switzerland - 0.33%
745 TE Connectivity		54,093	0.33
Taiwan - 0.55%
1,783 Taiwan Semiconductor Manufacturing		90,114	0.55 United Kingdom - 0.78%
41,500 Helios Towers	68,026	0.41
669 London Stock Exchange Group		61,499	0.37
	129,525	0.78
United States - 14.13%
| 225 | Adobe | 87,177 | 0.53 |
| --- | --- | --- | --- |
| 76 | Alphabet | 95,684 | 0.58 |
| 32 | Alphabet | 40,398 | 0.24 |
| 40 | Amazon.com | 98,202 | 0.59 |
| 310 | Amedisys | 54,774 | 0.33 |
| 249 | Apple | 80,836 | 0.49 |
| 437 | Autodesk | 93,034 | 0.56 |
| 1,400 | Boston Scientific | 43,758 | 0.27 |
| 493 | Bright Horizons Family Solutions | 51,405 | 0.31 |
| 367 | DexCom | 132,442 | 0.80 |
| 742 | Edwards Lifesciences | 45,640 | 0.28 |
| 171 | EPAM Systems | 38,368 | 0.23 |
| 516 | Exact Sciences | 39,928 | 0.24 |
| 853 | Fidelity National Information Services | 101,826 | 0.62 |
| 322 | Global Payments | 48,622 | 0.29 |
| 950 | Globus Medical | 40,372 | 0.24 |
| 277 | Honeywell International | 35,678 | 0.22 |
| 121 | Intuitive Surgical | 61,371 | 0.37 |

Equities - 20.37% 
(continued)
Number of
shares Security
United States - 14.13% (continued)
Fair Value
EUR
% of Net Assets
| 420 | Microsoft | 76,093 | 0.46 |
| --- | --- | --- | --- |
| 1,581 | New Relic | 96,980 | 0.59 |
| 343 | NextEra Energy | 73,340 | 0.44 |
| 668 | NuVasive | 33,086 | 0.20 |
| 829 | PayPal Holdings | 128,607 | 0.78 |
| 750 | Proofpoint | 74,145 | 0.45 |
| 969 | QUALCOMM | 78,674 | 0.48 |
| 277 | salesforce.com | 46,232 | 0.28 |
| 330 | ServiceNow | 119,000 | 0.72 |
| 206 | Teladoc | 35,000 | 0.21 |
| 228 | Thermo Fisher Scientific | 73,469 | 0.44 |
| 1,768 | Trimble | 67,964 | 0.41 |
| 285 | UnitedHealth Group | 74,768 | 0.45 |
| 528 | Visa | 90,700 | 0.55 |
| 393 | Zimmer Biomet Holdings | 41,756 | 0.25 |

308 Zoetis		37,613	0.23
	2,336,942	14.13
Total Equities		3,368,363	20.37
Long Term Bonds and Notes - 60.54%
Principal
Amount Security
Coupon
Rate
Maturity
Date
Fair value
EUR
% of Net Assets
| Australia - 1.04% |  |
| --- | --- |
| 170,000 Sydney Airport Finance | 1.75% | 26/04/2028 	171,383	1.04 |
| Belgium - 1.72% |  |  |
| 250,000 Anheuser-Busch InBev | 2.88% | 02/04/2032 	284,085	1.72 |
| Denmark - 1.47% |  |  |
| 250,000 Nykredit Realkredit | 0.75% | 20/01/2027 	243,285	1.47 |
| France - 19.27% |  |  |
| 300,000 | BNP Paribas | 1.13% | 28/08/2024 | 306,644 | 1.85 |
| 200,000 | Caisse Nationale de Reassurance Mutuelle Agricole Groupama | 6.38% | Perpetual | 220,907 | 1.33 |
| 100,000 | Carrefour | 0.88% | 12/06/2023 | 101,771 | 0.61 |
| 200,000 | Coentreprise de Transport d’Electricite | 1.50% | 29/07/2028 | 214,757 | 1.30 |
| 303,000 | Covivio | 1.63% | 17/10/2024 | 308,662 | 1.87 |
| 100,000 | Credit Agricole | 1.00% | 22/04/2026 | 101,037 | 0.61 |
| 200,000 | Credit Mutuel Arkea | 3.50% | 09/02/2029 | 227,797 | 1.38 |
| 250,000 | La Mondiale | 5.05% | Perpetual | 276,449 | 1.67 |
| 100,000 | Orange | 1.25% | 07/07/2027 | 105,257 | 0.64 |
| 100,000 | Pernod Ricard | 1.75% | 08/04/2030 | 108,611 | 0.66 |
| 82,000 | Peugeot | 2.38% | 14/04/2023 | 83,498 | 0.50 |
| 200,000 | Societe Fonciere Lyonnaise | 1.50% | 29/05/2025 | 207,047 | 1.25 |
| 100,000 | Suez | 1.63% | Perpetual | 93,967 | 0.57 |
| 300,000 | TOTAL | 3.88% | Perpetual | 310,339 | 1.88 |
| 300,000 | Unibail-Rodamco-Westfield | 2.88% | Perpetual | 265,891 | 1.61 |
| 247,000 | WPP Finance | 2.25% | 22/09/2026 	255,058	1.54 |
|  |  |  | 	3,187,692	19.27 |

Long Term Bonds and Notes - 60.54% 
(continued)
Principal
Amount Security
Coupon
Rate
Maturity
Date
Fair value
EUR
% of Net Assets
| Italy - 6.38% |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| 309,000 | Intesa Sanpaolo | 2.13% | 26/05/2025 | 321,468 | 1.95 |
| 200,000 | Mediobanca Banca di Credito Finanziario | 0.75% | 15/07/2027 | 189,978 | 1.15 |
| 300,000 | Snam | 1.00% | 18/09/2023 | 306,573 | 1.85 |
| 237,000 | UniCredit | 1.25% | 25/06/2025 	237,044	1.43 |
|  |  |  | 	1,055,063	6.38 |
| Japan - 1.85% |  |  |  |
| 280,000 | Takeda Pharmaceutical | 2.25% | 21/11/2026 	306,960	1.85 |
| Netherlands - 6.69% |
| 100,000 | Alliander | 0.38% | 10/06/2030 | 101,256 | 0.61 |
| 100,000 | Cooperatieve Rabobank | 0.63% | 27/02/2024 | 101,094 | 0.61 |
| 100,000 | CRH Funding BV | 1.63% | 05/05/2030 | 104,985 | 0.63 |
| 200,000 | de Volksbank | 0.01% | 16/09/2024 | 198,425 | 1.20 |
| 300,000 | EDP Finance | 1.63% | 26/01/2026 | 316,794 | 1.92 |
| 100,000 | Enexis Holding | 0.63% | 17/06/2032 | 101,527 | 0.61 |
| 171,000 | Schlumberger Finance | 2.00% | 06/05/2032 	183,073	1.11 |
|  |  |  | 	1,107,154	6.69 |
| Spain - 4.94% |  |  |  |  |  |
| 100,000 | Banco Bilbao Vizcaya Argentaria | 1.00% | 16/01/2030 | 94,072 | 0.57 |
| 100,000 | Banco Santander | 3.13% | 19/01/2027 | 108,125 | 0.65 |
| 300,000 | CaixaBank | 0.63% | 01/10/2024 | 291,995 | 1.77 |
| 300,000 | Telefonica Emisiones | 1.79% | 12/03/2029 	322,576	1.95 |
|  |  |  | 	816,768	4.94 |
| United Kingdom - 8.14% |
| 165,000 | BP Capital Markets | 1.88% | 07/04/2024 | 173,404 | 1.05 |
| 100,000 | BP Capital Markets | 3.63% | Perpetual | 100,693 | 0.61 |
| 290,000 | HSBC Holdings | 1.50% | 04/12/2024 | 300,622 | 1.82 |
| 305,000 | NatWest Markets | 2.75% | 02/04/2025 | 327,312 | 1.98 |
| 150,000 | Omnicom Finance Holdings Plc | 0.80% | 08/07/2027 | 145,560 | 0.88 |
| 300,000 | Standard Chartered | 0.90% | 02/07/2027 	298,458	1.80 |
|  |  |  | 	1,346,049	8.14 |
| United States - 9.04% |
| 300,000 | AbbVie | 0.75% | 18/11/2027 | 300,484 | 1.82 |
| 286,000 | AT&T | 1.60% | 19/05/2028 | 293,560 | 1.78 |
| 304,000 | Fidelity National Information Services | 1.50% | 21/05/2027 | 314,788 | 1.90 |
| 294,000 | General Electric | 1.88% | 28/05/2027 | 291,473 | 1.76 |
| 300,000 Verizon Communications | 0.88% | 19/03/2032 	295,118	1.78 |
|  |  | 	1,495,423	9.04 |
| Total Long Term Bonds and Notes |  | 	10,013,862	60.54 |
| Total Transferable Securities |  | 	13,382,225	80.91 |

Number of
shares Security Ireland - 10.90%
Fair Value
EUR
Net Assets
207,950 iShares Global High Yield Corp Bond UCITS ETF	972,052	5.88
166,914 iShares JP Morgan ESG USD EM Bond UCITS ETF		829,821	5.02
	1,801,873	10.90
Luxembourg - 5.48%
| 4,954 | Amundi Global Infrastructure UCITS ETF | 253,982 | 1.54 |
| --- | --- | --- | --- |
| 5,168 | Amundi Index FTSE EPRA NAREIT Global UCITS ETF | 260,568 | 1.57 |

3,961 AXA World Funds - Framlington Global Small Cap		392,466	2.37
	907,016	5.48
Total Investment Funds		2,708,889	16.38
% of
Fair Value
EUR
Net Assets
Total Financial Assets at Fair Value Through Profit or Loss		16,091,114	97.29
% of
Fair Value
EUR
Net Assets
Total Investments	16,091,114	97.29
Cash and cash equivalents - 2.19%	362,778	2.19
Other Net Assets - 0.52%		85,881	0.52
Net Equity		16,539,773	100.00
Analysis of Gross Assets	% of Gross Assets
Transferable securities admitted to official exchange listing	77.90
Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)	1.92
Investment Funds	16.15
Other Assets		4.03
	100.00
| Equities - 45.73% |  |
| --- | --- |
| Number of | Fair Value | % of Net |
| shares Security | EUR | Assets |
| Cayman Islands - 3.03% |  |  |
| 682 Alibaba Group Holding | 130,996 | 1.73 |
| 361 New Oriental Education & Technology Group | 41,860 | 0.55 |
| 1,000 Tencent Holdings		57,266	0.75 	230,122	3.03 |
| France - 0.52% |  |
| 383 Orpea | 	39,420	0.52 |
| Hong Kong - 0.53% |  |
| 4,800 AIA Group | 	39,826	0.53 |
| India - 0.75% |  |
| 1,411 HDFC Bank | 	57,105	0.75 |
| Ireland - 2.51% |  |
| 862 | Kerry Group | 95,036 | 1.25 |
| 1,662 Kingspan Group		95,149	1.26 	190,185	2.51 |
| Japan - 1.98% |  |  |  |
| 900 | Hoya | 76,188 | 1.00 |
| 200 | Keyence | 	74,259	0.98 |
|  |  | 	150,447	1.98 |

Luxembourg - 0.86%
486 Globant		64,835	0.86
Switzerland - 0.74%
770 TE Connectivity		55,908	0.74
Taiwan - 1.23%
1,844 Taiwan Semiconductor Manufacturing		93,197	1.23 United Kingdom - 1.76%
42,870 Helios Towers	70,272	0.92
691 London Stock Exchange Group		63,521	0.84
	133,793	1.76
United States - 31.82%
| 223 | Adobe | 86,402 | 1.14 |
| --- | --- | --- | --- |
| 79 | Alphabet | 99,461 | 1.31 |
| 32 | Alphabet | 40,398 | 0.53 |
| 42 | Amazon.com | 103,112 | 1.36 |
| 317 | Amedisys | 56,011 | 0.74 |
| 257 | Apple | 83,433 | 1.10 |
| 451 | Autodesk | 96,014 | 1.27 |
| 1,470 | Boston Scientific | 45,946 | 0.61 |
| 510 | Bright Horizons Family Solutions | 53,177 | 0.70 |
| 379 | DexCom | 136,773 | 1.80 |
| 766 | Edwards Lifesciences | 47,117 | 0.62 |
| 176 | EPAM Systems | 39,490 | 0.52 |
| 534 | Exact Sciences | 41,321 | 0.55 |
| 882 | Fidelity National Information Services | 105,288 | 1.39 |
| 332 | Global Payments | 50,132 | 0.66 |
| 987 | Globus Medical | 41,944 | 0.55 |
| 287 | Honeywell International | 36,966 | 0.49 |
| 126 | Intuitive Surgical | 63,906 | 0.84 |

Equities - 45.73% 
(continued)
Number of
shares Security
United States - 31.82% (continued)
Fair Value
EUR
% of Net Assets
| 434 | Microsoft | 78,629 | 1.04 |
| --- | --- | --- | --- |
| 1,634 | New Relic | 100,231 | 1.32 |
| 355 | NextEra Energy | 75,906 | 1.00 |
| 691 | NuVasive | 34,225 | 0.45 |
| 858 | PayPal Holdings | 133,106 | 1.76 |
| 776 | Proofpoint | 76,716 | 1.01 |
| 1,001 | QUALCOMM | 81,273 | 1.07 |
| 287 | salesforce.com | 47,901 | 0.63 |
| 341 | ServiceNow | 122,967 | 1.62 |
| 212 | Teladoc | 36,019 | 0.48 |
| 235 | Thermo Fisher Scientific | 75,725 | 1.00 |
| 1,828 | Trimble | 70,270 | 0.93 |
| 294 | UnitedHealth Group | 77,129 | 1.02 |
| 545 | Visa | 93,620 | 1.23 |
| 405 | Zimmer Biomet Holdings | 43,031 | 0.57 |

318 Zoetis		38,834	0.51
	2,412,473	31.82
Total Equities		3,467,311	45.73
Total Transferable Securities		3,467,311	45.73
Investment Funds - 33.62%
Number of
shares Security Ireland - 4.63%
Fair Value
EUR
% of Net Assets
39,424 iShares Global High Yield Corp Bond UCITS ETF	184,286	2.43
33,484 iShares JP Morgan ESG USD EM Bond UCITS ETF		166,467	2.20
	350,753	4.63
Luxembourg - 28.99%
| 3,488 | Amundi Global Infrastructure UCITS ETF | 178,823 | 2.36 |
| --- | --- | --- | --- |
| 4,664 | Amundi Index FTSE EPRA NAREIT Global UCITS ETF | 235,156 | 3.10 |
| 1,493 | AXA World Funds - Euro Bonds | 263,022 | 3.47 |
| 7,348 | AXA World Funds - Euro Sustainable Credit | 1,063,306 | 14.02 |

4,621 AXA World Funds - Framlington Global Small Cap		457,895	6.04
	2,198,202	28.99
Total Investment Funds		2,548,955	33.62
% of
Fair Value
EUR
Net Assets
Total Financial Assets at Fair Value Through Profit or Loss		6,016,266	79.35
% of
Fair Value
EUR
Net Assets
Total Investments	6,016,266	79.35
Cash and cash equivalents - 12.13%	919,914	12.13
Other Net Assets - 8.52%		645,828	8.52
Net Assets attributable to holders of redeemable participating shares		7,582,008	100.00
| Analysis of Gross Assets | % of Gross Assets |
| --- | --- |
| Transferable securities admitted to official exchange listing | 44.08 |
| Investment Funds | 32.40 |
| Other Assets | 	23.52 |
|  | 	100.00 |

|  | AXA IM | AXA IM WAVe Cat | AXA IM | AXA IM | AXA IM US | AXA IM | AXA IM Multi Asset | AXA IM WAVe Framlington |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maturity | Bonds | Maturity | Sunshine | High Yield | Sunshine | Target | Biotech |
| 2022 Fund | Fund | 2023 Fund | 2023/1 | FMP 2022 | 2023/2 | 2026 | Fund |
| USD | USD | EUR | EUR | USD | EUR | EUR | USD |
| Income |  |  |  |  |  |  |  |  |
| Interest income | 4,544 | 38,597 | 48 | - | 1,084 | - | 43 | 106 |
| Dividend income | - | - | - | 106,581 | - | - | 5,987 | 42,791 |
| Net (loss)/income on investments and |  |  |  |  |  |  |  |  |
| foreign currency | (14,828,117) | 77,299 | (3,785,504) | (2,682,136) | (2,467,723) | (517,593) | 76,356 | 4,110,992 |
| Total (loss)/income | (14,823,573) | 115,896 | (3,785,456) | (2,575,555) | (2,466,639) | (517,593) | 82,386 | 4,153,889 |
| Expenses |  |  |  |  |  |  |  |  |
| Management fees | (2,488,835) | (317,489) | (528,735) | (54,846) | (347,583) | (20,669) | (121,898) | (150,348) |
| Administration and Depositary fees | (96,062) | (31,744) | (24,157) | (8,531) | (22,379) | (3,634) | (7,149) | (3,228) |
| Directors’ fees | (15,513) | (4,035) | (3,039) | (1,073) | (2,815) | (416) | (899) | (540) |
| Other expenses | (459,427) | (57,935) | (135,763) | (13,507) | (36,627) | (5,472) | (39,438) | (876) |
| Operating expenses | (3,059,837) | (411,203) | (691,694) | (77,957) | (409,404) | (30,191) | (169,384) | (154,992) |
| Operating (loss)/income | (17,883,410) | (295,307) | (4,477,150) | (2,653,512) | (2,876,043) | (547,784) | (86,998) | 3,998,897 |
| Finance costs |  |  |  |  |  |  |  |  |
| Interest expense | (1,713) | (13,322) | (4,247) | (1,556) | - | (1,431) | (1,950) | (140) |
| Distributions | (6,593,408) | (372,172) | (1,433,623) | - | (1,038,222) | - | - | - |
| Operating (loss)/profit for the financial period before tax | (24,478,531) | (680,801) | (5,915,020) | (2,655,068) | (3,914,265) | (549,215) | (88,948) | 3,998,757 |
| Withholding tax | 11,262 | (2,702) | - | - | - | - | (561) | (12,198) |
| Net (decrease)/increase in net assets attributable to holders of redeemable participating shares/Equity | (24,467,269) | (683,503) | (5,915,020) | (2,655,068) | (3,914,265) | (549,215) | (89,509) | 3,986,559 |

|  | Delegio Privilege Ambitious Fund* | Delegio Privilege Balanced Fund* | Delegio Privilege Cautious Fund* | Delegio Privilege Entrepreneurial Fund* |
| --- | --- | --- | --- | --- |
| Income | EUR | EUR | EUR | EUR |
| Dividend income | 1,832 | 3,049 | 1,995 | 1,766 |
| Net income on investments and foreign currency | 21,926 | 117,320 | 156,043 | 34,409 |
| Total income | 23,758 | 120,369 | 158,038 | 36,175 |
| Expenses |  |  |  |  |
| Management fees | (1,365) | (3,620) | (3,583) | (1,684) |
| Administration and Depositary fees | (159) | (548) | (640) | (222) |
| Directors’ fees | (20) | (70) | (68) | (28) |
| Other expenses | (3,334) | (11,517) | (13,436) | (4,655) |
| Operating expenses | (4,878) | (15,755) | (17,727) | (6,589) |
| Operating income | 18,880 | 104,614 | 140,311 | 29,586 |
| Operating profit for the financial period before tax | 18,880 | 104,614 | 140,311 | 29,586 |
| Withholding tax | (495) | (823) | (538) | (477) |
| Net increase in net assets attributable to holders of redeemable participating shares | 18,385 | 103,791 | 139,773 | 29,109 |

* Fund commenced operations on 2 June 2020. Therefore there are no comparatives in these financial statements.
All amounts arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the statement of comprehensive income.
|  | AXA IM | AXA IM WAVe Cat | AXA IM | AXA IM | AXA IM US | AXA IM | AXA IM Multi Asset | AXA IM WAVe Framlington |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maturity | Bonds | Maturity | Sunshine | High Yield | Sunshine | Target | Biotech |
| 2022 Fund | Fund | 2023 Fund | 2023/1 | FMP 2022 | 2023/2 | 2026 | Fund* |
| USD | USD | EUR | EUR | USD | EUR | EUR | USD |
| Income |  |  |  |  |  |  |  |  |
| Interest income | 34,395 | 78,531 | 1,068 | 18 | 7,766 | - | - | 125 |
| Dividend income | - | - | - | 82,433 | - | - | - | 12,741 |
| Net income/(loss) on investments and |  |  |  |  |  |  |  |  |
| foreign currency | 42,742,576 | (1,389,830) | 5,955,929 | 3,441,322 | 11,642,722 | 1,105,777 | 2,165,145 | (1,240,655) |
| Total income/(loss) | 42,776,971 | (1,311,299) | 5,956,997 | 3,523,773 | 11,650,488 | 1,105,777 | 2,165,145 | (1,227,789) |
| Expenses |  |  |  |  |  |  |  |  |
| Management fees | (2,824,458) | (450,536) | (549,857) | (67,571) | (409,423) | (23,065) | (129,750) | (46,690) |
| Administration and Depositary fees | (107,197) | (40,141) | (25,295) | (9,843) | (30,331) | (3,948) | (7,062) | (1,334) |
| Directors’ fees | (19,034) | (5,074) | (3,378) | (1,317) | (3,324) | (430) | (875) | (168) |
| Other expenses | (456,339) | (94,952) | (118,592) | (16,801) | (42,722) | (7,650) | (24,700) | (2,453) |
| Operating expenses | (3,407,028) | (590,703) | (697,122) | (95,532) | (485,800) | (35,093) | (162,387) | (50,645) |
| Operating income/(loss) | 39,369,943 | (1,902,002) | 5,259,875 | 3,428,241 | 11,164,688 | 1,070,684 | 2,002,758 | (1,278,434) |
| Finance costs |  |  |  |  |  |  |  |  |
| Interest expense | (1,033) | (902) | (5,782) | (876) | - | (387) | (1,187) | (811) |
| Distributions | (4,505,492) | (760,026) | (1,495,199) | - | (2,123,390) | - | - | - |
| Operating profit/(loss) for the financial period before tax | 34,863,418 | (2,662,930) | 3,758,894 | 3,427,365 | 9,041,298 | 1,070,297 | 2,001,571 | (1,279,245) |
| Withholding tax | (14,097) | 293 | 293 | - | - | - | - | (3,622) |
| Net increase/(decrease) in net assets attributable to holders of redeemable participating shares/Equity | 34,849,321 | (2,662,637) | 3,759,187 | 3,427,365 | 9,041,298 | 1,070,297 | 2,001,571 | (1,282,867) |

* Fund commenced operations on 8 April 2019.
All amounts arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the statement of comprehensive income.
| Assets | Notes | AXA IM Maturity 2022 Fund USD | AXA IM WAVe Cat Bonds Fund USD | AXA IM Maturity 2023 Fund EUR | AXA IM Sunshine 2023/1 EUR |
| --- | --- | --- | --- | --- | --- |
| Financial assets at fair value through profit or loss |  | 478,539,316 | 107,766,073 | 92,835,619 | 32,333,253 |
| Deposits with credit institutions |  | - | 7,411,000 | - | - |
| Cash and cash equivalents | 4 | 6,108,219 | 3,374,860 | 2,365,900 | 118,955 |
| Receivable for investments sold |  | - | 7,000,000 | - | - |
| Interest receivable |  | 6,938,697 | 993,417 | 1,399,728 | - |
| Other receivables |  | - | 7,386 | - | 69 |
| Total assets |  | 491,586,232 | 126,552,736 | 96,601,247 | 32,452,277 |
| Liabilities Financial liabilities at fair value through profit or loss |  | (332,816) | (170,892) | - | - |
| Payable for fund shares repurchased |  | (395,442) | (20,744) | (84,991) | - |
| Payable for investments purchased |  | (2,402,646) | (7,411,000) | - | - |
| Administration and Depositary fees payable |  | (16,033) | (5,230) | (3,953) | (1,347) |
| Management fees payable |  | (1,608,990) | (206,114) | (343,255) | (33,857) |
| Directors’ fees payable |  | (18,517) | (4,474) | (3,253) | (1,155) |
| Other payables |  | (102,861) | (38,658) | (24,085) | (8,540) |
| Total liabilities (excluding net assets attributable to holders of redeemable participating shares) |  | (4,877,305) | (7,857,112) | (459,537) | (44,899) |
| Net assets attributable to holders of redeemable participating shares/Equity** |  | 486,708,927 | 118,695,624 | 96,141,710 | 32,407,378 |

| Assets | Notes | AXA IM US High Yield FMP 2022 USD | AXA IM Sunshine 2023/2 EUR | AXA IM Multi Asset Target 2026 EUR | AXA IM WAVe Framlington Biotech Fund USD |
| --- | --- | --- | --- | --- | --- |
| Financial assets at fair value through profit or loss |  | 77,721,090 | 12,727,157 | 28,095,127 | 28,458,512 |
| Cash and cash equivalents | 4 | 1,698,255 | 65,153 | 271,438 | 1,223,996 |
| Cash due from broker |  | - | 20,687 | 1,208,461 | - |
| Receivable for fund shares sold |  | - | - | - | 927,458 |
| Interest receivable |  | 1,095,781 | - | 842 | 655 |
| Other receivables |  | 8,088 | 503 | 35,397 | 10,579 |
| Total assets |  | 80,523,214 | 12,813,500 | 29,611,265 | 30,621,200 |
| Liabilities Financial liabilities at fair value through profit or loss |  | (4,539) | - | (107,320) | - |
| Cash due to broker |  | - | - | (219,392) | - |
| Payable for fund shares repurchased |  | - | - | (4,681) | - |
| Payable for investments purchased |  | (396,466) | - | - | (349,807) |
| Administration and Depositary fees payable |  | (3,386) | (530) | (1,081) | (80) |
| Management fees payable |  | (218,410) | (12,983) | (102,774) | (119,933) |
| Directors’ fees payable |  | (3,029) | (446) | (961) | (564) |
| Other payables |  | (26,620) | (3,441) | (6,323) | (3,236) |
| Total liabilities (excluding net assets attributable to holders of redeemable participating shares) |  | (652,450) | (17,400) | (442,532) | (473,620) |
| Net assets attributable to holders of redeemable participating shares/Equity** |  | 79,870,764 | 12,796,100 | 29,168,733 | 30,147,580 |

|  |  | Delegio Privilege Ambitious Fund* | Delegio Privilege Balanced Fund* | Delegio Privilege Cautious Fund* | Delegio Privilege Entrepreneurial Fund* |
| --- | --- | --- | --- | --- | --- |
| Assets | Notes | EUR | EUR | EUR | EUR |
| Financial assets at fair value through profit or loss |  | 4,063,299 | 14,131,077 | 16,091,114 | 6,016,266 |
| Cash and cash equivalents | 4 | 179,879 | 1,047,435 | 362,778 | 919,914 |
| Receivable for fund shares sold |  | 250,000 | 302,000 | 250,000 | 929,000 |
| Interest receivable |  | 927 | 35,590 | 62,509 | 897 |
| Total assets |  | 4,494,105 | 15,516,102 | 16,766,401 | 7,866,077 |
| Liabilities Payable for investments purchased |  | (20,844) | (316,485) | (208,903) | (277,482) |
| Administration and Depositary fees payable |  | (159) | (548) | (640) | (222) |
| Management fees payable |  | (1,365) | (3,620) | (3,583) | (1,684) |
| Directors’ fees payable |  | (20) | (70) | (68) | (28) |
| Other payables |  | (3,332) | (11,589) | (13,434) | (4,653) |
| Total liabilities (excluding net assets attributable to holders of redeemable participating shares) |  | (25,720) | (332,312) | (226,628) | (284,069) |
| Net assets attributable to holders of redeemable participating shares/Equity** |  | 4,468,385 | 15,183,790 | 16,539,773 | 7,582,008 |

* Fund commenced operations on 2 June 2020. Therefore there are no comparatives in these financial statements.
** AXA IM Sunshine 2023/1, AXA IM Sunshine 2023/2, AXA IM WAVe Framlington Biotech Fund, Delegio Privilege Ambitious Fund and Delegio Privilege Cautious Fund issue redeemable participating shares which are classified as equity.
|  | AXA IM | AXA IM WAVe | AXA IM | AXA IM | AXA IM US | AXA IM | AXA IM Multi |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Maturity | Cat Bonds | Maturity | Sunshine | High Yield | Sunshine | Asset Target |
| 2022 Fund | Fund | 2023 Fund | 2023/1 | FMP 2022 | 2023/2 | 2026 |
| Assets | Notes | USD | USD | EUR | EUR | USD | EUR | EUR |
| Financial assets at fair value through profit or loss |  | 532,042,583 | 131,119,921 | 99,891,013 | 39,416,188 | 99,613,395 | 14,600,392 | 28,819,159 |
| Deposits with credit institutions |  | - | 6,667,000 | - | - | - | - | - |
| Cash and cash equivalents | 4 | 6,949,898 | 7,137,977 | 2,777,033 | 86,269 | 2,447,939 | 81,048 | 629,631 |
| Cash due from broker |  | - | - | - | - | - | 20,687 | 454,578 |
| Interest receivable |  | 7,987,001 | 1,163,407 | 1,506,426 | - | 1,486,707 | - | 55 |
| Other receivables |  | - | - | - | - | 8,759 | 16 | 75,436 |
| Total assets |  | 546,979,482 | 146,088,305 | 104,174,472 | 39,502,457 | 103,556,800 | 14,702,143 | 29,978,859 |
| Liabilities Financial liabilities at fair value through profit or loss |  | (220,431) | (84,166) | (278,372) | - | (2,740) | - | (10,669) |
| Payable for fund shares repurchased |  | (1,615,484) | (4,244,010) | (98,449) | (55,619) | - | (4,980) | - |
| Payable for investments purchased Administration and Depositary fees payable |  | - (17,559) | (3,442,000) (6,587) | - (4,402) | - (1,673) | - (4,435) | - (296) | - (1,149) |
| Management fees payable |  | (464,617) | (61,617) | (96,553) | (12,062) | (67,244) | (1,977) | (27,812) |
| Directors’ fees payable |  | (3,004) | (439) | (215) | (81) | (214) | (30) | (62) |
| Other payables |  | (153,750) | (43,856) | (23,488) | (9,041) | (27,447) | (3,601) | (6,483) |
| Total liabilities (excluding net assets attributable to holders of redeemable participating shares) |  | (2,474,845) | (7,882,675) | (501,479) | (78,476) | (102,080) | (10,884) | (46,175) |
| Net assets attributable to holders of redeemable participating shares/Equity** |  | 544,504,637 | 138,205,630 | 103,672,993 | 39,423,981 | 103,454,720 | 14,691,259 | 29,932,684 |

| Assets | Notes | AXA IM WAVe Framlington Biotech Fund* USD |
| --- | --- | --- |
| Financial assets at fair value through profit or loss |  | 10,936,613 |
| Cash and cash equivalents | 4 | 242,783 |
| Receivable for fund shares sold |  | 165 |
| Receivable for investments sold |  | 16,906 |
| Other receivables |  | 	12,311 |
| Total assets |  | 	11,208,778 |
| Liabilities Payable for fund shares repurchased |  | (323,660) |
| Administration and Depositary fees payable |  | (479) |
| Management fees payable |  | (16,816) |
| Directors’ fees payable |  | (24) |
| Other payables |  | 	(2,332) |
| Total liabilities (excluding net assets attributable to holders of redeemable participating shares) |  | 	(343,311) |
| Net assets attributable to holders of redeemable participating shares/Equity** |  | 	10,865,467 |
| * Fund commenced operations on 8 April 2019. |  |  |
| ** AXA IM Sunshine 2023/1, AXA IM Sunshine 2023/2 and AXA IM WAVe Framlington Biotech Fund issue redeemable participating shares which are classified as equity. |  |  |

| Net assets attributable to holders of redeemable participating | Notes | AXA IM Maturity 2022 Fund USD | AXA IM WAVe Cat Bonds Fund USD | AXA IM Maturity 2023 Fund EUR | AXA IM US High Yield FMP 2022 USD | AXA IM Multi Asset Target 2026 EUR |
| --- | --- | --- | --- | --- | --- | --- |
| shares at the beginning of financial period |  | 544,504,637 | 138,205,630 | 103,672,993 | 103,454,720 | 29,932,684 |
| Net (decrease)/increase in net assets attributable to holders of redeemable participating shares from operations |  | (24,467,269) | (683,503) | (5,915,020) | (3,914,265) | (89,509) |
| Movement due to sales and repurchase of redeemable participating shares: |  |  |  |  |  |  |
| Proceeds from issue of redeemable participating shares | 11 | - | 8,290,796 | - | - | - |
| Payments on redemptions of redeemable participating shares | 11 | (33,328,441) | (27,169,534) | (1,649,166) | (19,768,534) | (674,442) |
| Net (decrease)/increase in net assets resulting from redeemable participating share transactions |  | (33,328,441) | (18,878,738) | (1,649,166) | (19,768,534) | (674,442) |
| Anti-dilution levy |  | - | 52,235 | 32,903 | 98,843 | - |
| Net assets attributable to holders of redeemable participating shares at the end of financial period |  | 486,708,927 | 118,695,624 | 96,141,710 | 79,870,764 | 29,168,733 |

Delegio Privilege
Delegio Privilege
Balanced Entrepreneurial
|  | Fund* | Fund* |
| --- | --- | --- |
| EUR | EUR |
|  | Notes |  |  |
| Net assets attributable to holders of redeemable participating shares at the beginning of financial period |  | - | - |
| Net (decrease)/increase in net assets attributable to holders of redeemable participating shares from operations Movement due to sales and repurchase of redeemable participating shares: |  | 103,791 | 29,109 |
| Proceeds from issue of redeemable participating shares | 11 | 15,079,999 | 7,552,899 |
| Payments on redemptions of redeemable participating shares | 11 | 	-	- |
| Net (decrease)/increase in net assets resulting from redeemable participating share transactions |  | 	15,079,999	7,552,899 |
| Anti-dilution levy |  | 	-	- |
| Net assets attributable to holders of redeemable participating shares at the end of financial period |  | 	15,183,790	7,582,008 |
| * Fund commenced operations on 2 June 2020. Therefore there are no comparatives in these financial statements. |  |  |

| STATEMENT OF CHANGES IN EQUITY For the financial period ended 30 June 2020 |  |
| --- | --- |
|  |  |  |  |  | Delegio | Delegio |
| Net equity at the beginning of financial period | Notes | AXA IM Sunshine 2023/1 EUR 39,423,981 | AXA IM Sunshine 2023/2 EUR 14,691,259 | AXA IM WAVe Framlington Biotech Fund USD 10,865,467 | Privilege Ambitious Fund* EUR - | Privilege Cautious Fund* EUR - |
| Net (decrease)/increase in net assets attributable to shareholders resulting from operations |  | (2,655,068) | (549,215) | 3,986,559 | 18,385 | 139,773 |
| Movement due to sales and repurchase of shares: |  |  |  |  |  |  |
| Proceeds from issue of shares | 11 | - | - | 27,521,605 | 4,450,000 | 16,400,000 |
| Payments on redemptions of shares | 11 | (4,361,535) | (1,345,944) | (12,226,051) | - | - |
| Net (decrease)/increase in net assets resulting from share transactions |  | (4,361,535) | (1,345,944) | 15,295,554 | 4,450,000 | 16,400,000 |
| Net equity at the end of financial period |  | 32,407,378 | 12,796,100 | 30,147,580 | 4,468,385 | 16,539,773 |
| * Fund commenced operations on 2 June 2020. Therefore there are no comparatives in these | financial statements. |  |  |  |  |  |

Translation (ENFR, 2020-06-30):
# DELEGIO PRIVILEGE BALANCED FUND
## TABLEAU DES INVESTISSEMENTS AU 30 JUIN 2020 (suite)
Fonds d’investissement – 18,20 % (suite)
Nombre d’actions Titre
Luxembourg – 10,44 %
Juste valeur
EUR
% de l’actif
net
7 908 Amundi Global Infrastructure UCITS ETF	405 427	2,67
8 264 Amundi Index FTSE EPRA NAREIT Global UCITS ETF	416 667	2,74
7 704 AXA World Funds - Framlington Global Small Cap		763 362	5,03
	1 585 456	10,44
Total — Fonds d’investissement		2 763 907	18,20
% de
Juste valeur
EUR
l’actif
net
Total des actifs financiers à la juste valeur par le biais du compte de résultat		14 131 077	93,07
% de
Juste valeur
EUR
l’actif
net
Total des investissements	14 131 077	93,07
Trésorerie et équivalents de trésorerie - 6,90 %		1 047 435	6,90 Autres éléments de l’actif net — 0,03 %			5 278	0,03
Actif net attribuable aux porteurs d’actions de participation rachetables		15 183 790	100,00
Analyse de l’actif brut	% de l’actif brut
Valeurs mobilières négociables admises sur une Bourse de valeurs officielle	72,11
Autres valeurs mobilières du type mentionné dans le Règlement 68 (1) (a), (b) et (c)	1,15
Fonds d’investissement	17,81
Autres actifs		8,93
	100,00
Actions - 20,37 %
Nombre
Juste valeur
% de l’actif
| d’actions Titre | EUR | net |
| --- | --- | --- |
| Îles Cayman - 1,37 % |  |  |
| 670 Alibaba Group Holding | 128 691 | 0,78 |
| 349 New Oriental Education & Technology Group | 40 468 | 0,24 |
| 1 000 Tencent Holdings | 	57 267	0,35 |
|  | 	226 426	1,37 |
| France - 0,23 % 370 Orpea | 	38 082	0,23 |

Hong Kong – 0,24 %
4 800 AIA Group		39 826	0,24
Inde – 0,34 %
1 400 HDFC Bank		56 659	0,34
Irlande – 1,11 %
834 Kerry Group	91 949	0,56
1 600 Kingspan Group		91 600	0,55
	183 549	1,11
| Japon - 0,91 % |  |
| --- | --- |
| 900 Hoya | 76 188 | 0,46 |
| 200 Keyence | 	74 258	0,45 |
|  | 	150 446	0,91 |
| Luxembourg – 0,38 % 470 Globant | 	62 701	0,38 |

Suisse - 0,33 %
745 TE Connectivity		54 093	0,33
Taïwan – 0,55 %
1 783 Taiwan Semiconductor Manufacturing		90 114	0,55
Royaume-Uni - 0,78 %
41 500 Helios Towers	68 026	0,41
669 London Stock Exchange Group		61 499	0,37
	129 525	0,78
États-Unis - 14,13 %
| 225 Adobe | 87 177 | 0,53 |
| --- | --- | --- |
| 76 Alphabet | 95 684 | 0,58 |
| 32 Alphabet | 40 398 | 0,24 |
| 40 Amazon.com | 98 202 | 0,59 |
| 310 Amedisys | 54 774 | 0,33 |
| 249 Apple | 80 836 | 0,49 |
| 437 Autodesk | 93 034 | 0,56 |
| 1 400 Boston Scientific | 43 758 | 0,27 |
| 493 Bright Horizons Family Solutions | 51 405 | 0,31 |
| 367 DexCom | 132 442 | 0,80 |
| 742 Edwards Lifesciences | 45 640 | 0,28 |
| 171 EPAM Systems | 38 368 | 0,23 |
| 516 Exact Sciences | 39 928 | 0,24 |
| 853 Fidelity National Information Services | 101 826 | 0,62 |
| 322 Global Payments | 48 622 | 0,29 |
| 950 Globus Medical | 40 372 | 0,24 |
| 277 Honeywell International | 35 678 | 0,22 |
| 121 Intuitive Surgical | 61 371 | 0,37 |

Nombre d’actions Titre
États-Unis - 14,13 % (suite)
Juste valeur
EUR
l’actif
net
| 420 | Microsoft | 76 093 | 0,46 |
| --- | --- | --- | --- |
| 1 581 | New Relic | 96 980 | 0,59 |
| 343 | NextEra Energy | 73 340 | 0,44 |
| 668 | NuVasive | 33 086 | 0,20 |
| 829 | PayPal Holdings | 128 607 | 0,78 |
| 750 | Proofpoint | 74 145 | 0,45 |
| 969 | QUALCOMM | 78 674 | 0,48 |
| 277 | salesforce.com | 46 232 | 0,28 |
| 330 | ServiceNow | 119 000 | 0,72 |
| 206 | Teladoc | 35 000 | 0,21 |
| 228 | Thermo Fisher Scientific | 73 469 | 0,44 |
| 1 768 | Trimble | 67 964 | 0,41 |
| 285 | UnitedHealth Group | 74 768 | 0,45 |
| 528 | Visa | 90 700 | 0,55 |
| 393 | Zimmer Biomet Holdings | 41 756 | 0,25 |

308 Zoetis		37 613	0,23
	2 336 942	14,13
Total des actions		3 368 363	20,37
Obligations et bons à long terme – 60,54 %
|  | % de |
| --- | --- |
| Montant en	Taux de | Date | Juste valeur | l’actif |
| principal Titre	coupon	d’échéance	EUR	net |
| Australie – 1,04 % |  |  |
| 170 000 Sydney Airport Finance | 1,75 % | 26/04/2028	171 383	1,04 |
| Belgique – 1,72 % |  |  |
| 250 000 Anheuser-Busch InBev | 2,88 % | 02/04/2032	284 085	1,72 |
| Danemark - 1,47 % |  |  |
| 250 000 Nykredit Realkredit | 0,75 % | 20/01/2027	243 285	1,47 |
| France - 19,27 % |  |  |
| 300 000 | BNP Paribas | 1,13 % | 28/08/2024 | 306 644 | 1,85 |
|  | Caisse Nationale de Reassurance |  |  |  |  |
| 200 000 | Mutuelle Agricole Groupama | 6,38 % | Perpetual | 220 907 | 1,33 |
| 100 000 | Carrefour | 0,88 % | 12/06/2023 | 101 771 | 0,61 |
| 200 000 | Coentreprise de Transport d’Electricite | 1,50 % | 29/07/2028 | 214 757 | 1,30 |
| 303 000 | Covivio | 1,63 % | 17/10/2024 | 308 662 | 1,87 |
| 100 000 | Credit Agricole | 1,00 % | 22/04/2026 | 101 037 | 0,61 |
| 200 000 | Credit Mutuel Arkea | 3,50 % | 09/02/2029 | 227 797 | 1,38 |
| 250 000 | La Mondiale | 5,05 % | Perpetual | 276 449 | 1,67 |
| 100 000 | Orange | 1,25 % | 07/07/2027 | 105 257 | 0,64 |
| 100 000 | Pernod Ricard | 1,75 % | 08/04/2030 | 108 611 | 0,66 |
| 82 000 | Peugeot | 2,38 % | 14/04/2023 | 83 498 | 0,50 |
| 200 000 | Societe Fonciere Lyonnaise | 1,50 % | 29/05/2025 | 207 047 | 1,25 |
| 100 000 | Suez | 1,63 % | Perpetual | 93 967 | 0,57 |
| 300 000 | TOTAL | 3,88 % | Perpetual | 310 339 | 1,88 |
| 300 000 | Unibail-Rodamco-Westfield | 2,88 % | Perpetual | 265 891 | 1,61 |
| 247 000 | WPP Finance | 2,25 % | 22/09/2026	255 058	1,54 |
|  |  |  | 	3 187 692	19,27 |

Montant en principal Titre
Taux de coupon
Date d’échéance
Juste valeur
EUR
l’actif
net
| Italie – 6.38 % |  |
| --- | --- |
| 309 000 Intesa Sanpaolo | 2,13 % | 26/05/2025 | 321 468 | 1,95 |
| Mediobanca Banca di Credito 200 000 Finanziario | 0,75 % | 15/07/2027 | 189 978 | 1,15 |
| 300 000 Snam | 1,00 % | 18/09/2023 | 306 573 | 1,85 |
| 237 000 UniCredit | 1,25 % | 25/06/2025	237 044	1,43 |
|  |  | 	1 055 063	6,38 |
| Japon - 1,85 % |  |  |
| 280 000 Takeda Pharmaceutical | 2,25 % | 21/11/2026	306 960	1,85 |
| Pays-Bas - 6,69 % |  |  |  |  |
| 100 000 Alliander | 0,38 % | 10/06/2030 | 101 256 | 0,61 |
| 100 000 Cooperatieve Rabobank | 0,63 % | 27/02/2024 | 101 094 | 0,61 |
| 100 000 CRH Funding BV | 1,63 % | 05/05/2030 | 104 985 | 0,63 |
| 200 000 de Volksbank | 0,01 % | 16/09/2024 | 198 425 | 1,20 |
| 300 000 EDP Finance | 1,63 % | 26/01/2026 | 316 794 | 1,92 |
| 100 000 Enexis Holding | 0,63 % | 17/06/2032 | 101 527 | 0,61 |

171 000 Schlumberger Finance	2,00 %	06/05/2032	183 073	1,11
	1 107 154	6,69
Espagne – 4,94 %
| 100 000 Banco Bilbao Vizcaya Argentaria | 1,00 % | 16/01/2030 | 94 072 | 0,57 |
| --- | --- | --- | --- | --- |
| 100 000 Banco Santander | 3,13 % | 19/01/2027 | 108 125 | 0,65 |
| 300 000 CaixaBank | 0,63 % | 01/10/2024 | 291 995 | 1,77 |

300 000 Telefonica Emisiones	1,79 %	12/03/2029	322 576	1,95
	816 768	4,94
Royaume-Uni - 8,14 %
| 165 000 BP Capital Markets | 1,88 % | 07/04/2024 | 173 404 | 1,05 |
| --- | --- | --- | --- | --- |
| 100 000 BP Capital Markets | 3,63 % | Perpetual | 100 693 | 0,61 |
| 290 000 HSBC Holdings | 1,50 % | 04/12/2024 | 300 622 | 1,82 |
| 305 000 NatWest Markets | 2,75 % | 02/04/2025 | 327 312 | 1,98 |
| 150 000 Omnicom Finance Holdings Plc | 0,80 % | 08/07/2027 | 145 560 | 0,88 |
| 300 000 Standard Chartered | 0,90 % | 02/07/2027	298 458	1,80 |
|  |  | 	1 346 049	8,14 |

États-Unis - 9,04 %
| 300 000 AbbVie | 0,75 % | 18/11/2027 | 300 484 | 1,82 |
| --- | --- | --- | --- | --- |
| 286 000 AT&T | 1,60 % | 19/05/2028 | 293 560 | 1,78 |
| 304 000 Fidelity National Information Services | 1,50 % | 21/05/2027 | 314 788 | 1,90 |
| 294 000 General Electric | 1,88 % | 28/05/2027 | 291 473 | 1,76 |
| 300 000 Verizon Communications | 0,88 % | 19/03/2032	295 118	1,78 |
|  |  | 	1 495 423	9,04 |
| Total — Obligations et bons à long terme |  | 	10 013 862	60,54 |
| Total des valeurs mobilières |  | 	13 382 225	80,91 |

Nombre d’actions Titre
Irlande – 10,90 %
Juste valeur
EUR
l’actif
net
207 950 iShares Global High Yield Corp Bond UCITS ETF		972 052	5,88 166 914 iShares JP Morgan ESG USD EM Bond UCITS ETF		829 821	5,02
	1 801 873	10,90
Luxembourg – 5,48 %
4 954 Amundi Global Infrastructure UCITS ETF	253 982	1,54
5 168 Amundi Index FTSE EPRA NAREIT Global UCITS ETF	260 568	1,57
3 961 AXA World Funds - Framlington Global Small Cap		392 466	2,37
	907 016	5,48
Total — Fonds d’investissement		2 708 889	16,38
% de
Juste valeur
EUR
l’actif
net
Total des actifs financiers à la juste valeur par le biais du compte de résultat		16 091 114	97,29
|  | Juste valeur | % de l’actif |
| --- | --- | --- |
| EUR | net |
| Total des investissements | 16 091 114 | 97,29 |
| Trésorerie et équivalents de trésorerie - 2,19 % | 362 778 | 2,19 |

Autres éléments de l’actif net — 0,52 %		85 881	0,52
Capitaux propres nets
Analyse de l’actif brut
	16 539 773	100,00 
% de l’actif brut
Valeurs mobilières négociables admises sur une Bourse de valeurs officielle	77,90
Autres valeurs mobilières du type mentionné dans le Règlement 68 (1) (a), (b) et (c)	1,92
Fonds d’investissement	16,15
Autres actifs		4,03
	100,00
Actions - 45,73 %
Nombre
Juste valeur
% de l’actif
| d’actions Titre | EUR | net |
| --- | --- | --- |
| Îles Cayman - 3,03 % |  |  |
| 682 Alibaba Group Holding | 130 996 | 1,73 |
| 361 New Oriental Education & Technology Group | 41 860 | 0,55 |
| 1 000 Tencent Holdings | 	57 266	0,75 |
|  | 	230 122	3,03 |
| France - 0,52 % 383 Orpea | 	39 420	0,52 |

Hong Kong – 0,53 %
4 800 AIA Group		39 826	0,53
Inde – 0,75 %
1 411 HDFC Bank		57 105	0,75
Irlande – 2,51 %
862 Kerry Group	95 036	1,25
1 662 Kingspan Group		95 149	1,26
	190 185	2,51
| Japon - 1,98 % |  |
| --- | --- |
| 900 Hoya | 76 188 | 1,00 |
| 200 Keyence | 	74 259	0,98 |
|  | 	150 447	1,98 |
| Luxembourg – 0,86 % 486 Globant | 	64 835	0,86 |

Suisse - 0,74 %
770 TE Connectivity		55 908	0,74
Taïwan – 1,23 %
1 844 Taiwan Semiconductor Manufacturing		93 197	1,23
Royaume-Uni - 1,76 %
42 870 Helios Towers	70 272	0,92
691 London Stock Exchange Group		63 521	0,84
	133 793	1,76
États-Unis - 31,82 %
| 223 Adobe | 86 402 | 1,14 |
| --- | --- | --- |
| 79 Alphabet | 99 461 | 1,31 |
| 32 Alphabet | 40 398 | 0,53 |
| 42 Amazon.com | 103 112 | 1,36 |
| 317 Amedisys | 56 011 | 0,74 |
| 257 Apple | 83 433 | 1,10 |
| 451 Autodesk | 96 014 | 1,27 |
| 1 470 Boston Scientific | 45 946 | 0,61 |
| 510 Bright Horizons Family Solutions | 53 177 | 0,70 |
| 379 DexCom | 136 773 | 1,80 |
| 766 Edwards Lifesciences | 47 117 | 0,62 |
| 176 EPAM Systems | 39 490 | 0,52 |
| 534 Exact Sciences | 41 321 | 0,55 |
| 882 Fidelity National Information Services | 105 288 | 1,39 |
| 332 Global Payments | 50 132 | 0,66 |
| 987 Globus Medical | 41 944 | 0,55 |
| 287 Honeywell International | 36 966 | 0,49 |
| 126 Intuitive Surgical | 63 906 | 0,84 |

| d’actions Titre | EUR | net |
| --- | --- | --- |
| États-Unis - 31,82 % (suite) 434 Microsoft | 78 629 | 1,04 |
| 1 634 New Relic | 100 231 | 1,32 |
| 355 NextEra Energy | 75 906 | 1,00 |
| 691 NuVasive | 34 225 | 0,45 |
| 858 PayPal Holdings | 133 106 | 1,76 |
| 776 Proofpoint | 76 716 | 1,01 |
| 1 001 QUALCOMM | 81 273 | 1,07 |
| 287 salesforce.com | 47 901 | 0,63 |
| 341 ServiceNow | 122 967 | 1,62 |
| 212 Teladoc | 36 019 | 0,48 |
| 235 Thermo Fisher Scientific | 75 725 | 1,00 |
| 1 828 Trimble | 70 270 | 0,93 |
| 294 UnitedHealth Group | 77 129 | 1,02 |
| 545 Visa | 93 620 | 1,23 |
| 405 Zimmer Biomet Holdings | 43 031 | 0,57 |
| 318 Zoetis | 	38 834	0,51 |
|  | 	2 412 473	31,82 |
| Total des actions | 	3 467 311	45,73 |
| Total des valeurs mobilières | 	3 467 311	45,73 |
| Fonds d’investissement – 33,62 % |  |
|  | % de |

Actions - 45,73 % (suite) Nombre
Juste valeur
% de l’actif
Nombre d’actions Titre
Irlande – 4,63 %
Juste valeur
EUR
l’actif
net
39 424 iShares Global High Yield Corp Bond UCITS ETF		184 286	2,43 33 484 iShares JP Morgan ESG USD EM Bond UCITS ETF		166 467	2,20
	350 753	4,63
Luxembourg – 28,99 %
| 3 488 Amundi Global Infrastructure UCITS ETF | 178 823 | 2,36 |
| --- | --- | --- |
| 4 664 Amundi Index FTSE EPRA NAREIT Global UCITS ETF | 235 156 | 3,10 |
| 1 493 AXA World Funds - Euro Bonds | 263 022 | 3,47 |
| 7 348 AXA World Funds - Euro Sustainable Credit | 1 063 306 | 14,02 |
| 4 621 AXA World Funds - Framlington Global Small Cap | 	457 895	6,04 |
|  | 	2 198 202	28,99 |
| Total — Fonds d’investissement | 	2 548 955	33,62 |

Juste valeur
EUR
% de l’actif
net
Total des actifs financiers à la juste valeur par le biais du compte de résultat		6 016 266	79,35
% de
Juste valeur
EUR
l’actif
net
Total des investissements	6 016 266	79,35
Trésorerie et équivalents de trésorerie - 12,13 %		919 914	12,13 Autres éléments de l’actif net — 8,52 %		645 828		8,52
Actif net attribuable aux porteurs d’actions de participation rachetables		7 582 008	100,00
| Analyse de l’actif brut | % de l’actif brut |
| --- | --- |
| Valeurs mobilières négociables admises sur une Bourse de valeurs officielle | 44,08 |
| Fonds d’investissement | 32,40 |
| Autres actifs | 	23,52 |
|  | 	100,00 |

|  | AXA IM | AXA IM WAVe Cat | AXA IM | AXA IM | AXA IM US | AXA IM | AXA IM Multi Asset | AXA IM WAVe Framlington |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maturity | Bonds | Maturity | Sunshine | High Yield | Sunshine | Target | Biotech |
| 2022 Fund | Fund | 2023 Fund | 2023/1 | FMP 2022 | 2023/2 | 2026 | Fund |
| USD | USD | EUR | EUR | USD | EUR | EUR | USD |
| Produits |  |  |  |  |  |  |  |  |
| Produits d’intérêts | 4 544 | 38 597 | 48 | - | 1 084 | - | 43 | 106 |
| Revenus de dividendes | - | - | - | 106 581 | - | - | 5 987 | 42 791 |
| (Pertes)/Produits nets sur placements et devises | (14 828 117) | 77 299 | (3 785 504) | (2 682 136) | (2 467 723) | (517 593) | 76 356 | 4 110 992 |
| Total (pertes)/produits | (14 823 573) | 115 896 | (3 785 456) | (2 575 555) | (2 466 639) | (517 593) | 82 386 | 4 153 889 |
| Charges |  |  |  |  |  |  |  |  |
| Commissions de gestion | (2 488 835) | (317 489) | (528 735) | (54 846) | (347 583) | (20 669) | (121 898) | (150 348) |
| Commission de l’Agent administratif et du Dépositaire | (96 062) | (31 744) | (24 157) | (8 531) | (22 379) | (3 634) | (7 149) | (3 228) |
| Rémunération des administrateurs | (15 513) | (4 035) | (3 039) | (1 073) | (2 815) | (416) | (899) | (540) |
| Autres charges | (459 427) | (57 935) | (135 763) | (13 507) | (36 627) | (5 472) | (39 438) | (876) |
| Charges d’exploitation | (3 059 837) | (411 203) | (691 694) | (77 957) | (409 404) | (30 191) | (169 384) | (154 992) |
| (Charges)/revenus d’exploitation | (17 883 410) | (295 307) | (4 477 150) | (2 653 512) | (2 876 043) | (547 784) | (86 998) | 3 998 897 |
| Charges financières |  |  |  |  |  |  |  |  |
| Charges d’intérêts | (1 713) | (13 322) | (4 247) | (1 556) | - | (1 431) | (1 950) | (140) |
| Distributions | (6 593 408) | (372 172) | (1 433 623) | - | (1 038 222) | - | - | - |
| (Déficit)/Bénéfice d’exploitation avant |  |  |  |  |  |  |  |  |
| impôt pour la période financière | (24 478 531) | (680 801) | (5 915 020) | (2 655 068) | (3 914 265) | (549 215) | (88 948) | 3 998 757 |
| Retenue fiscale à la source | 11 262 | (2 702) | - | - | - | - | (561) | (12 198) |
| (Diminution)/Augmentation nette de |  |  |  |  |  |  |  |  |
| l’actif net attribuable aux porteurs d’actions	de	participation rachetables/Capitaux propres | (24 467 269) | (683 503) | (5 915 020) | (2 655 068) | (3 914 265) | (549 215) | (89 509) | 3 986 559 |

Les notes jointes font partie intégrante des états financiers
|  | Delegio Privilege Ambitious Fund* | Delegio Privilege Balanced Fund* | Delegio Privilege Cautious Fund* | Delegio Privilege Entrepreneurial Fund* |
| --- | --- | --- | --- | --- |
| Produits | EUR | EUR | EUR | EUR |
| Revenus de dividendes | 1 832 | 3 049 | 1 995 | 1 766 |
| Produits nets sur placements et devises | 21 926 | 117 320 | 156 043 | 34 409 |
| Total des produits | 23 758 | 120 369 | 158 038 | 36 175 |
| Charges Commissions de gestion | (1 365) | (3 620) | (3 583) | (1 684) |
| Commissions de l’Agent administratif et du Dépositaire | (159) | (548) | (640) | (222) |
| Rémunération des Administrateurs | (20) | (70) | (68) | (28) |
| Autres charges | (3 334) | (11 517) | (13 436) | (4 655) |
| Charges d’exploitation | (4 878) | (15 755) | (17 727) | (6 589) |
| Produits d’exploitation | 18 880 | 104 614 | 140 311 | 29 586 |
| Bénéfice d’exploitation de la période financière avant impôt | 18 880 | 104 614 | 140 311 | 29 586 |
| Retenue fiscale à la source | (495) | (823) | (538) | (477) |
| Augmentation nette de l’actif net attribuable aux porteurs d’actions de participation rachetables | 18 385 | 103 791 | 139 773 | 29 109 |

- Le Fonds a commencé son activité d’exploitation le 2 juin 2020. Par conséquent, aucune donnée comparative n’est reflétée dans les présents états financiers.

Tous les montants résultent uniquement des opérations courantes. Aucune plus-value ou moins-value n’a été constatée, autre que celles figurant dans l’État du résultat global.
Les notes jointes font partie intégrante des états financiers
|  | AXA IM | AXA IM WAVe Cat | AXA IM | AXA IM | AXA IM US | AXA IM | AXA IM Multi Asset | AXA IM WAVe Framlington |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maturity | Bonds | Maturity | Sunshine | High Yield | Sunshine | Target | Biotech |
| 2022 Fund | Fund | 2023 Fund | 2023/1 | FMP 2022 | 2023/2 | 2026 | Fund* |
| Produits | USD | USD | EUR | EUR | USD | EUR | EUR | USD |
| Produits d’intérêts | 34 395 | 78 531 | 1 068 | 18 | 7 766 | - | - | 125 |
| Revenus de dividendes | - | - | - | 82 433 | - | - | - | 12 741 |
| Plus-values/(moins-values) nettes sur placements et |  |  |  |  |  |  |  |  |

devises	  42 742 576	(1 389 830)	5 955 929	3 441 322	11 642 722	1 105 777	2 165 145  (1 240 655)
Total produits/ (pertes)	  42 776 971	(1 311 299)	5 956 997	3 523 773	11 650 488	1 105 777	2 165 145  (1 227 789)
| Charges |  |
| --- | --- |
| Commissions de gestion | (2 824 458) | (450 536) | (549 857) | (67 571) | (409 423) | (23 065) | (129 750) | (46 690) |
| Commission de l’Agent administratif et du Dépositaire | (107 197) | (40 141) | (25 295) | (9 843) | (30 331) | (3 948) | (7 062) | (1 334) |
| Rémunération des administrateurs | (19 034) | (5 074) | (3 378) | (1 317) | (3 324) | (430) | (875) | (168) |
| Autres charges | (456 339) | (94 952) | (118 592) | (16 801) | (42 722) | (7 650) | (24 700) | (2 453) |
| Charges d’exploitation | (3 407 028) | (590 703) | (697 122) | (95 532) | (485 800) | (35 093) | (162 387) | (50 645) |

Revenus/(charges) d’exploitation	  39 369 943	(1 902 002)	5 259 875	3 428 241	11 164 688	1 070 684	2 002 758  (1 278 434)
| Charges financières |  |
| --- | --- |
| Charges d’intérêts | (1 033) | (902) | (5 782) | (876) | - | (387) | (1 187) | (811) |
| Distributions | (4 505 492) | (760 026) | (1 495 199) | - | (2 123 390) | - | - | - |
| Bénéfice/(Déficit) d’exploitation pour la période financière avant impôt | 34 863 418 | (2 662 930) | 3 758 894 | 3 427 365 | 9 041 298 | 1 070 297 | 2 001 571 | (1 279 245) |
| Retenue fiscale à la source | (14 097) | 293 | 293 | - | - | - | - | (3 622) |

Augmentation/(Diminution) de l’actif net attribuable aux porteurs d’actions de participation rachetables/Capitaux propres
34 849 321	(2 662 637)	3 759 187	3 427 365	9 041 298	1 070 297	2 001 571  (1 282 867)
- Le Fonds a commencé son activité d’exploitation le 8 avril 2019.

Tous les montants résultent uniquement des opérations courantes. Aucune plus-value ou moins-value n’a été constatée, autre que celles figurant dans l’État du résultat global.
L'annexe qui accompagne les états financiers en fait partie intégrante
|  | AXA IM | AXA IM WAVe | AXA IM | AXA IM |
| --- | --- | --- | --- | --- |
| Maturity | Cat Bonds | Maturity | Sunshine |
| 2022 Fund USD | Fund USD | 2023 Fund EUR | 2023/1 EUR |
| Actif Actifs financiers à la juste valeur par le biais du compte de résultat | Notes | 478 539 316 | 107 766 073 | 92 835 619 | 32 333 253 |
| Dépôts auprès d’établissements de crédit |  | - | 7 411 000 | - | - |
| Trésorerie et équivalents de trésorerie | 4 | 6 108 219 | 3 374 860 | 2 365 900 | 118 955 |
| Montants à recevoir au titre des placements vendus |  | - | 7 000 000 | - | - |
| Intérêts à recevoir |  | 6 938 697 | 993 417 | 1 399 728 | - |
| Autres créances à recevoir |  | - | 7 386 | - | 69 |
| Actif total |  | 491 586 232 | 126 552 736 | 96 601 247 | 32 452 277 |
| Passif Passifs financiers à la juste valeur par le biais du compte de résultat |  | (332 816) | (170 892) | - | - |
| Montants à payer pour les actions du fonds rachetées |  | (395 442) | (20 744) | (84 991) | - |
| Montants à payer pour les investissements achetés |  | (2 402 646) | (7 411 000) | - | - |
| Commissions de l’Agent administratif et du Dépositaire à payer |  | (16 033) | (5 230) | (3 953) | (1 347) |
| Commissions de gestion à payer |  | (1 608 990) | (206 114) | (343 255) | (33 857) |
| Rémunération des Administrateurs à payer |  | (18 517) | (4 474) | (3 253) | (1 155) |
| Autres montants à payer |  | (102 861) | (38 658) | (24 085) | (8 540) |
| Passif total (hors actif net attribuable aux porteurs d’actions de participation |  |  |  |  |  |
| rachetables) |  | (4 877 305) | (7 857 112) | (459 537) | (44 899) |
| Actif net attribuable aux porteurs d’actions de participation rachetables/Capitaux |  |  |  |  |  |
| propres** |  | 486 708 927 | 118 695 624 | 96 141 710 | 32 407 378 |

|  |  | AXA IM US | AXA IM | AXA IM Multi | AXA IM WAVe |
| --- | --- | --- | --- | --- | --- |
|  |  | High Yield | Sunshine | Asset Target | Framlington |
|  |  | FMP 2022 USD | 2023/2 EUR | 2026 EUR | Biotech Fund USD |
| Actif Actifs financiers à la juste valeur par le biais du compte de résultat | Notes | 77 721 090 | 12 727 157 | 28 095 127 | 28 458 512 |
| Trésorerie et équivalents de trésorerie | 4 | 1 698 255 | 65 153 | 271 438 | 1 223 996 |
| Montants dus par les courtiers |  | - | 20 687 | 1 208 461 | - |
| Montants à recevoir pour les actions du fonds vendues |  | - | - | - | 927 458 |
| Intérêts à recevoir |  | 1 095 781 | - | 842 | 655 |
| Autres créances à recevoir |  | 8 088 | 503 | 35 397 | 10 579 |
| Actif total |  | 80 523 214 | 12 813 500 | 29 611 265 | 30 621 200 |
| Passif Passifs financiers à la juste valeur par le biais du compte de résultat |  | (4 539) | - | (107 320) | - |
| Montants dus aux courtiers |  | - | - | (219 392) | - |
| Montants à payer pour les actions du fonds rachetées |  | - | - | (4 681) | - |
| Montants à payer pour les investissements achetés |  | (396 466) | - | - | (349 807) |
| Commissions de l’Agent administratif et du Dépositaire à payer |  | (3 386) | (530) | (1 081) | (80) |
| Commissions de gestion à payer |  | (218 410) | (12 983) | (102 774) | (119 933) |
| Rémunération des Administrateurs à payer |  | (3 029) | (446) | (961) | (564) |
| Autres montants à payer |  | (26 620) | (3 441) | (6 323) | (3 236) |
| Passif total (hors actif net attribuable aux porteurs d’actions de participation |  |  |  |  |  |
| rachetables) |  | (652 450) | (17 400) | (442 532) | (473 620) |
| Actif net attribuable aux porteurs d’actions de participation rachetables/Capitaux |  |  |  |  |  |
| propres** |  | 79 870 764 | 12 796 100 | 29 168 733 | 30 147 580 |

|  |  | Delegio Privilege Ambitious Fund* | Delegio Privilege Balanced Fund* | Delegio Privilege Cautious Fund* | Delegio Privilege Entrepreneurial Fund* |
| --- | --- | --- | --- | --- | --- |
|  |  | EUR | EUR | EUR | EUR |
| Actif Actifs financiers à la juste valeur par le biais du compte de résultat | Notes | 4 063 299 | 14 131 077 | 16 091 114 | 6 016 266 |
| Trésorerie et équivalents de trésorerie | 4 | 179 879 | 1 047 435 | 362 778 | 919 914 |
| Montants à recevoir pour les actions du fonds vendues |  | 250 000 | 302 000 | 250 000 | 929 000 |
| Intérêts à recevoir |  | 927 | 35 590 | 62 509 | 897 |
| Actif total |  | 4 494 105 | 15 516 102 | 16 766 401 | 7 866 077 |
| Passif Montants à payer pour les investissements achetés |  | (20 844) | (316 485) | (208 903) | (277 482) |
| Commissions de l’Agent administratif et du Dépositaire à payer |  | (159) | (548) | (640) | (222) |
| Commissions de gestion à payer |  | (1 365) | (3 620) | (3 583) | (1 684) |
| Rémunération des Administrateurs à payer |  | (20) | (70) | (68) | (28) |
| Autres montants à payer |  | (3 332) | (11 589) | (13 434) | (4 653) |
| Passif total (hors actif net attribuable aux porteurs d’actions de participation |  |  |  |  |  |
| rachetables) |  | (25 720) | (332 312) | (226 628) | (284 069) |
| Actif net attribuable aux porteurs d’actions de participation |  |  |  |  |  |
| rachetables/Capitaux propres** |  | 4 468 385 | 15 183 790 | 16 539 773 | 7 582 008 |

- Le Fonds a commencé son activité d’exploitation le 2 juin 2020. Par conséquent, aucune donnée comparative n’est reflétée dans les présents états financiers.

** Les actions de participation rachetables des Fonds AXA IM Sunshine 2023/1, AXA IM Sunshine 2023/2, AXA IM WAVe Framlington Biotech Fund, Delegio Privilege Ambitious Fund et Delegio Privilege Cautious Fund sont classées dans les capitaux propres.
Les notes jointes font partie intégrante des états financiers
| R ÉTAT DE LA SITUATION FINANCIÈRE Au 31 décembre 2019 |  |
| --- | --- |
|  |  | AXA IM | AXA IM WAVe | AXA IM | AXA IM | AXA IM US | AXA IM | AXA IM Multi |
|  |  | Maturity | Cat Bonds | Maturity | Sunshine | High Yield | Sunshine | Asset Target |
|  |  | 2022 Fund | Fund | 2023 Fund | 2023/1 | FMP 2022 | 2023/2 | 2026 |
| Actif | Notes | USD | USD | EUR | EUR | USD | EUR | EUR |
| Actifs financiers à la juste valeur par le biais du compte de résultat |  | 532 042 583 | 131 119 921 | 99 891 013 | 39 416 188 | 99 613 395 | 14 600 392 | 28 819 159 |
| Dépôts auprès d’établissements de crédit |  | - | 6 667 000 | - | - | - | - | - |
| Trésorerie et équivalents de trésorerie | 4 | 6 949 898 | 7 137 977 | 2 777 033 | 86 269 | 2 447 939 | 81 048 | 629 631 |
| Montants dus par les courtiers |  | - | - | - | - | - | 20 687 | 454 578 |
| Intérêts à recevoir |  | 7 987 001 | 1 163 407 | 1 506 426 | - | 1 486 707 | - | 55 |
| Autres créances à recevoir |  | - | - | - | - | 8 759 | 16 | 75 436 |
| Actif total |  | 546 979 482 | 146 088 305 | 104 174 472 | 39 502 457 | 103 556 800 | 14 702 143 | 29 978 859 |

Passif
Passifs financiers à la juste valeur par le biais du
| compte de résultat	(220 431) | (84 166) | (278 372) | - | (2 740) | - | (10 669) |
| --- | --- | --- | --- | --- | --- | --- |
| Montants à payer pour les actions de fonds |  |  |  |  |  |  |
| rachetées | (1 615 484) | (4 244 010) | (98 449) | (55 619) | -	(4 980) | - |
| Montants à payer pour les investissements achetés | - | (3 442 000) | - | - | -	- | - |

| (17 559) | (6 587) | (4 402) | (1 673) | (4 435) | (296) | (1 149) |
| --- | --- | --- | --- | --- | --- | --- |
| (464 617) | (61 617) | (96 553) | (12 062) | (67 244) | (1 977) | (27 812) |
| (3 004) | (439) | (215) | (81) | (214) | (30) | (62) |
| (153 750) | (43 856) | (23 488) | (9 041) | (27 447) | (3 601) | (6 483) |
| (2 474 845) | (7 882 675) | (501 479) | (78 476) | (102 080) | (10 884) | (46 175) |
| 544 504 637 | 138 205 630 | 103 672 993 | 39 423 981 | 103 454 720 | 14 691 259 | 29 932 684 |

Commissions de l’Agent Administratif et du Dépositaire à payer
Commissions de gestion à payer Rémunération des Administrateurs à payer Autres dettes à payer
Passif total (hors actif net attribuable aux porteurs d’actions de participation rachetables)
Actif net attribuable aux porteurs d’actions de participation rachetables/Capitaux propres**
| ÉTAT DE LA SITUATION FINANCIÈRE (suite) Au 31 décembre 2019 |  |
| --- | --- |
|  |  | AXA IM WAVe |
|  |  | Framlington |
|  |  | Biotech Fund* USD |
| Actif Actifs financiers à la juste valeur par le biais du compte de résultat | Notes | 10 936 613 |
| Trésorerie et équivalents de trésorerie | 4 | 242 783 |
| Montants à recevoir pour les actions du fonds vendues |  | 165 |
| Montants à recevoir au titre des placements vendus |  | 16 906 |
| Autres créances à recevoir |  | 	12 311 |
| Actif total |  | 	11 208 778 |
| Passif Montants à payer pour les actions du fonds rachetées |  | (323 660) |
| Commissions de l’Agent administratif et du Dépositaire à payer |  | (479) |
| Commissions de gestion à payer |  | (16 816) |
| Rémunération des Administrateurs à payer |  | (24) |
| Autres montants à payer |  | 	(2 332) |
| Passif total (hors actif net attribuable aux porteurs d’actions de participation rachetables) |  | 	(343 311) |
| Actif net attribuable aux porteurs d’actions de participation rachetables/Capitaux propres** |  | 	10 865 467 |
| * Le Fonds a commencé son activité d’exploitation le 8 avril 2019. |  |  |
| ** Les actions de participation rachetables des Fonds AXA IM Sunshine 2023/1 Fund, AXA IM Sunshine 2023/2 Fund et AXA IM WAVe Framlington Biotech Fund sont classées dans les | capitaux propres. |  |