# from 1 January 2022 to 30 June 2022
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 7,603,461.09 |
| Interest on Cash Accounts |  | 12,050.47 |
| Tax Claim |  | 31.13 |
| Total Income |  | 7,615,542.68 |
| Expenses |  |  |
| Management Fees | 5 | 3,376,655.84 |
| Depositary Fees | 10 | 32,868.10 |
| Subscription Tax | 7 | 36,031.63 |
| Administration Fees | 9 | 428,593.22 |
| Miscellaneous Fees |  | 60,581.56 |
| Transactions Fees | 8 | 862,585.13 |
| Overdraft Interest |  | 5,672.44 |
| Taxes Paid to Foreign Authorities |  | 9,223.89 |
| Total Expenses |  | 4,812,211.82 |
| Net Profit / (Loss) |  | 2,803,330.86 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 2,504,215.24 |
| - on Currencies |  | -901,374.46 |
| - on Forward Foreign Exchange Contracts |  | -3,517.58 |
| Net Realised Profit / (Loss) |  | 4,402,654.06 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -138,741,650.99 |
| - on Currencies |  | -50,853.71 |
| Result of Operations |  | -134,389,850.63 |
| - Subscriptions |  | 46,712.96 |
| - Redemptions |  | -168,498,506.29 |
| Dividends paid | 11 | -20,881.12 |
| Net Changes in Net Assets |  | -302,862,525.09 |
| Total Net Assets at the Beginning of the Period |  | 774,735,439.06 |
| Exchange Rate Difference in Net Assets from 31.12.21 to 30.06.22 | 1h | 42,247,877.15 |
| Total Net Assets at the End of the Period |  | 514,120,791.12 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 368,035,330.70 |
| Cash at Banks |  | 15,969,173.90 |
| Interest Receivable on Cash Account |  | 7,826.67 |
| Dividends Receivable on Shares |  | 1,533,191.02 |
| Amounts Receivable on Investment Sold |  | 2,011,830.79 |
| Total Assets |  | 387,557,353.08 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 1,226,062.72 |
| Overdraft at Banks |  | 41,275.52 |
| Overdraft Interest Payable |  | 247.73 |
| Amounts Payable on Investment Purchased |  | 1,517,030.52 |
| Total Liabilities |  | 2,784,616.49 |
| Total Net Assets at the End of the Period |  | 384,772,736.59 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A USD |  | 6,145.000 |
| - B |  | 26,601.435 |
| - B USD |  | 143,079.301 |
| - F |  | 3,900.000 |
| - Z |  | 3,525.173 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A USD |  | 94.78 |
| - B (EUR) |  | 118.47 |
| - B USD |  | 91.11 |
| - F (EUR) |  | 128.54 |
| - Z (EUR) |  | 99,673.19 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 20,444,183,460 |
| Cash at Banks |  | 438,887,476 |
| Interest Receivable on Cash Account |  | 0 |
| Dividends Receivable on Shares |  | 25,140,268 |
| Amounts Receivable on Investment Sold |  | 94,436,565 |
| Total Assets |  | 21,002,647,769 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 65,075,331 |
| Overdraft at Banks |  | 0 |
| Overdraft Interest Payable |  | 3,759 |
| Amounts Payable on Investment Purchased |  | 190,487,714 |
| Total Liabilities |  | 255,566,804 |
| Total Net Assets at the End of the Period |  | 20,747,080,965 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A JPY |  | 1,410.000 |
| - B |  | 11,809.830 |
| - B JPY |  | 2,871.517 |
| - F JPY |  | 1.000 |
| - Z |  | 836.000 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A JPY |  | 12,351 |
| - B (EUR) |  | 178.56 |
| - B JPY |  | 22,777 |
| - F JPY |  | 25,856 |
| - Z (EUR) |  | 171,511.52 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 6,087,525.53 |
| Interest on Cash Accounts |  | 12,290.37 |
| Tax Claim |  | 32.54 |
| Total Income |  | 6,099,848.44 |
| Expenses |  |  |
| Management Fees | 5 | 2,768,365.83 |
| Depositary Fees | 10 | 26,677.39 |
| Subscription Tax | 7 | 27,447.14 |
| Administration Fees | 9 | 345,829.48 |
| Miscellaneous Fees |  | 48,515.28 |
| Transactions Fees | 8 | 831,474.22 |
| Overdraft Interest |  | 5,354.70 |
| Taxes Paid to Foreign Authorities |  | 6,606.31 |
| Total Expenses |  | 4,060,270.35 |
| Net Profit / (Loss) |  | 2,039,578.09 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | -5,875,902.72 |
| - on Currencies |  | -946,891.67 |
| - on Forward Foreign Exchange Contracts |  | -486.86 |
| Net Realised Profit / (Loss) |  | -4,783,703.16 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -139,492,641.21 |
| - on Currencies |  | -54,180.72 |
| Result of Operations |  | -144,330,525.09 |
| - Subscriptions |  | 12,896.18 |
| - Redemptions |  | -175,282,754.86 |
| Dividends paid | 11 | -19,110.95 |
| Net Changes in Net Assets |  | -319,619,494.72 |
| Total Net Assets at the Beginning of the Period |  | 704,392,231.31 |
| Total Net Assets at the End of the Period |  | 384,772,736.59 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 252,895,900 |
| Interest on Cash Accounts |  | 41,815 |
| Tax Claim |  | 0 |
| Total Income |  | 252,937,715 |
| Expenses |  |  |
| Management Fees | 5 | 103,488,800 |
| Depositary Fees | 10 | 1,043,987 |
| Subscription Tax | 7 | 1,388,728 |
| Administration Fees | 9 | 13,890,268 |
| Miscellaneous Fees |  | 2,013,332 |
| Transactions Fees | 8 | 9,552,701 |
| Overdraft Interest |  | 78,192 |
| Taxes Paid to Foreign Authorities |  | 412,566 |
| Total Expenses |  | 131,868,574 |
| Net Profit / (Loss) |  | 121,069,141 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 1,153,943,806 |
| - on Currencies |  | 618,105 |
| - on Forward Foreign Exchange Contracts |  | -433,458 |
| Net Realised Profit / (Loss) |  | 1,275,197,594 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -754,649,947 |
| - on Currencies |  | 137,989 |
| Result of Operations |  | 520,685,636 |
| - Subscriptions |  | 4,882,615 |
| - Redemptions |  | -118,738,413 |
| Dividends paid | 11 | -369,420 |
| Net Changes in Net Assets |  | 406,460,418 |
| Total Net Assets at the Beginning of the Period |  | 20,340,620,547 |
| Total Net Assets at the End of the Period |  | 20,747,080,965 |

|  |
| --- |
| 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 |  |  |  |  |  |
| HAPVIDA PARTICIPACOES -E- INVESTIMEMT | 1,780,131 | BRL | 3,846,229.96 | 1,862,008.10 | 0.48% |
| LOCALIZA RENT -A- CAR S.A. | 131,593 | BRL | 1,334,730.52 | 1,318,831.24 | 0.34% |
| LOJAS RENNER S.A. | 185,645 | BRL | 837,869.71 | 803,004.79 | 0.21% |
| MAGAZINE LUIZA S.A. | 861,300 | BRL | 1,076,941.57 | 385,400.77 | 0.10% |
| PETROLEO BRASILEIRO S.A. | 447,332 | BRL | 2,758,980.78 | 2,389,148.69 | 0.62% |
| RAIA DROGASIL S.A. | 280,891 | BRL | 1,294,803.99 | 1,031,291.24 | 0.27% |
| SUZANO S.A. | 82,878 | BRL | 1,041,300.85 | 787,499.95 | 0.20% |
| ULTRAPAR PARTICIPACOES S.A. | 179,977 | BRL | 564,725.84 | 423,659.88 | 0.11% |
| WEG S.A. | 177,200 | BRL | 983,551.21 | 896,255.16 | 0.23% |
| Total BRAZILIAN REAL |  |  | 13,739,134.43 | 9,897,099.82 | 2.57% |
| IAMGOLD CORP. | 170,733 | CAD | 559,805.57 | 273,983.26 | 0.07% |
| YAMANA GOLD INC. | 357,351 | CAD | 2,099,549.35 | 1,659,426.56 | 0.43% |
| Total CANADIAN DOLLAR |  |  | 2,659,354.92 | 1,933,409.82 | 0.50% |
| BANCO DE CHILE | 29,174,225 | CLP | 2,779,022.62 | 2,600,211.83 | 0.68% |
| CENCOSUD S.A. | 299,876 | CLP | 565,740.52 | 373,858.69 | 0.10% |
| Total CHILEAN PESO |  |  | 3,344,763.14 | 2,974,070.52 | 0.77% |
| BAOSHAN IRON & STEEL CO LTD -A- | 1,019,100 | CNY | 1,165,602.83 | 916,449.40 | 0.24% |
| BEIBU GULF PORT CO LTD | 516,100 | CNY | 814,899.99 | 598,261.12 | 0.16% |
| BEIJING YANJING BREWERY CO LTD -A- | 631,600 | CNY | 747,555.46 | 911,411.38 | 0.24% |
| BOE TECHNOLOGY GROUP CO LTD -A- | 1,896,000 | CNY | 1,891,256.84 | 1,115,911.50 | 0.29% |
| CHACHA FOOD CO LTD -A- | 95,499 | CNY | 918,315.96 | 812,148.05 | 0.21% |
| CHINA RAILWAY TIELONG CONTAINER -A- | 996,100 | CNY | 848,059.37 | 794,583.23 | 0.21% |
| CHONGQING DEPARTMENT STORE CO LTD | 109,200 | CNY | 548,217.06 | 351,858.45 | 0.09% |
| DAQIN RAILWAY CO LTD -A- | 748,100 | CNY | 727,819.48 | 736,444.91 | 0.19% |
| FAW JIEFANG GROUP CO LTD | 347,912 | CNY | 599,023.57 | 485,413.09 | 0.13% |
| FUJIAN STAR-NET COMMUNICATION CO | 175,300 | CNY | 802,540.86 | 592,861.89 | 0.15% |
| GUANGXI LIUGONG MACHINERY CO -A- | 510,400 | CNY | 491,102.60 | 496,348.66 | 0.13% |
| HAN'S LASER TECHNOLOGY INDUSTRY | 213,600 | CNY | 1,571,209.83 | 1,057,104.40 | 0.27% |
| INNER MONGOLIA YILI INDUSTRIAL -A- | 216,500 | CNY | 1,413,219.01 | 1,259,680.95 | 0.33% |
| JIANGSU HENGLI HYDRAULIC CO LTD -A- | 32,399 | CNY | 396,043.33 | 298,712.03 | 0.08% |
| MLS CO LTD -A- | 334,200 | CNY | 753,597.62 | 487,748.80 | 0.13% |
| ORG TECHNOLOGY CO LTD | 762,400 | CNY | 619,423.79 | 592,217.76 | 0.15% |
| PING AN BANK CO LTD -A- | 952,300 | CNY | 3,425,283.76 | 2,130,986.97 | 0.55% |
| SHANDONG NANSHAN ALUMINUM CO LTD | 1,727,200 | CNY | 565,820.68 | 952,059.72 | 0.25% |
| SHANGHAI KEHUA BIO-ENGINEERING CO L | 216,500 | CNY | 634,091.66 | 256,787.34 | 0.07% |
| SHENZHEN HEPALINK PHARMACEUTICAL GR | 287,460 | CNY | 767,069.53 | 754,903.59 | 0.20% |
| SHENZHEN LAIBAO HI-TECH CO LTD -A- | 315,900 | CNY | 644,039.93 | 386,009.62 | 0.10% |
| SICHUAN KELUN PHARMACEUTICAL CO LTD | 196,600 | CNY | 628,285.65 | 549,187.09 | 0.14% |
| TONGKUN GROUP CO LTD -A- | 263,249 | CNY | 504,109.29 | 624,471.22 | 0.16% |
| WANHUA CHEMICAL GROUP CO LTD -A- | 68,300 | CNY | 1,190,011.74 | 989,561.66 | 0.26% |
| WUXI TAIJI INDUSTRY CO LTD -A- | 526,200 | CNY | 926,079.09 | 580,099.38 | 0.15% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| XUJI ELECTRIC CO., LTD. -A- | 270,600 | CNY | 560,911.98 | 776,111.68 | 0.20% |
| YUNNAN COPPER CO LTD -A- | 389,800 | CNY | 657,335.86 | 663,224.80 | 0.17% |
| Total CHINA YUAN RENMINBI |  |  | 24,810,926.77 | 20,170,558.69 | 5.24% |
| ALPHA SERVICES & HLDG S.A. | 603,919 | EUR | 911,130.36 | 525,297.44 | 0.14% |
| EUROBANK HLDG S.A. | 592,792 | EUR | 485,120.29 | 522,560.04 | 0.14% |
| GAZTRANSPORT ET TECHNIGAZ S.A. | 16,812 | EUR | 2,145,860.46 | 2,100,344.60 | 0.55% |
| NATIONAL BANK OF GREECE S.A. | 186,963 | EUR | 502,524.23 | 551,784.90 | 0.14% |
| PROSUS N.V. | 27,399 | EUR | 2,414,808.50 | 1,789,694.90 | 0.47% |
| Total EURO |  |  | 6,459,443.84 | 5,489,681.88 | 1.43% |
| ANGLO AMERICAN PLC | 41,357 | GBP | 1,107,205.74 | 1,475,210.46 | 0.38% |
| PRUDENTIAL PLC | 47,774 | GBP | 1,013,577.81 | 589,503.41 | 0.15% |
| STANDARD CHARTERED PLC | 106,861 | GBP | 803,759.29 | 802,842.14 | 0.21% |
| Total BRITISH POUND |  |  | 2,924,542.84 | 2,867,556.01 | 0.75% |
| 3SBIO INC. | 692,914 | HKD | 798,789.09 | 551,014.11 | 0.14% |
| AGRICULTURAL BANK OF CHINA -H- | 1,936,748 | HKD | 868,931.99 | 730,573.00 | 0.19% |
| AIA GROUP LTD | 204,400 | HKD | 1,733,975.45 | 2,215,409.43 | 0.58% |
| AIA GROUP LTD | 406,356 | HKD | 3,920,796.38 | 4,404,329.33 | 1.14% |
| ALIBABA GROUP HLDG LTD | 500,034 | HKD | 10,612,429.95 | 7,130,638.38 | 1.85% |
| ALIBABA GROUP HLDG LTD | 105,136 | HKD | 2,369,806.72 | 1,499,271.64 | 0.39% |
| ALIBABA GROUP HLDG LTD | 156,440 | HKD | 3,342,908.88 | 2,230,882.44 | 0.58% |
| ASM PACIFIC TECHNOLOGY | 64,200 | HKD | 997,691.44 | 545,298.08 | 0.14% |
| BANK OF CHINA LTD -H- | 1,476,922 | HKD | 666,032.04 | 589,115.82 | 0.15% |
| BANK OF COMMUNICATIONS CO LTD | 829,876 | HKD | 634,415.30 | 573,206.73 | 0.15% |
| BUDWEISER BREWING CO APAC LTD | 654,300 | HKD | 2,212,681.04 | 1,959,492.35 | 0.51% |
| CHINA COMMUNICATION -H- | 3,344,051 | HKD | 2,358,155.78 | 1,470,248.61 | 0.38% |
| CHINA CONSTRUCTION BANK CORP. | 4,893,000 | HKD | 4,029,182.54 | 3,286,129.10 | 0.85% |
| CHINA CONSTRUCTION BANK CORP. | 946,897 | HKD | 816,267.61 | 635,934.15 | 0.17% |
| CHINA GALAXY SECURITIES CO LTD | 994,500 | HKD | 695,156.81 | 574,118.82 | 0.15% |
| CHINA MERCHANTS BANK CO LTD -H- | 371,000 | HKD | 2,274,120.07 | 2,482,172.75 | 0.65% |
| CHINA MERCHANTS BANK CO LTD -H- | 364,500 | HKD | 1,893,688.57 | 2,438,684.55 | 0.63% |
| CHINA MINSHENG BANKING CORP. -H- | 546,376 | HKD | 402,089.39 | 194,961.31 | 0.05% |
| CHINA RAILWAY GROUP LTD -H- | 930,500 | HKD | 656,978.43 | 575,117.93 | 0.15% |
| CHINA VANKE CO LTD -H- | 465,600 | HKD | 1,615,284.56 | 1,170,088.40 | 0.30% |
| COSCO SHIPPING PORTS LTD | 461,685 | HKD | 501,902.17 | 325,952.50 | 0.08% |
| DONGFANG ELECTRIC CORP. -H- | 782,600 | HKD | 713,407.92 | 937,489.66 | 0.24% |
| DONGFENG MOTOR GP -H- | 570,000 | HKD | 634,893.27 | 432,932.22 | 0.11% |
| GREENTOWN CHINA HLDG LTD | 525,694 | HKD | 498,245.32 | 1,089,312.16 | 0.28% |
| GUANGZHOU AUTOMOBILE GROUP CO LTD | 944,000 | HKD | 945,050.26 | 913,087.84 | 0.24% |
| HAIER SMART HOME CO LTD -H- | 600,600 | HKD | 1,901,091.49 | 2,223,464.78 | 0.58% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 1,376,909 | HKD | 938,652.39 | 817,692.37 | 0.21% |
| JD.COM INC. -A- | 122,934 | HKD | 3,739,955.43 | 3,960,480.44 | 1.03% |
| JD.COM INC. -A- | 212,391 | HKD | 7,334,345.33 | 6,842,455.32 | 1.78% |
| KUNLUN ENERGY CO LTD | 856,000 | HKD | 796,388.33 | 701,428.69 | 0.18% |
| MEITUAN | 138,900 | HKD | 5,266,561.73 | 3,437,559.80 | 0.89% |
| NETEASE INC. | 70,000 | HKD | 1,459,911.95 | 1,285,466.64 | 0.33% |
| NINE DRAGONS PAPER LTD | 484,000 | HKD | 543,224.54 | 409,555.00 | 0.11% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| PING AN INSURANCE GROUP CO -H- | 229,400 | HKD | 2,090,890.39 | 1,559,648.13 | 0.41% |
| POLY PROPERTY GROUP CO | 883,453 | HKD | 363,647.51 | 212,786.49 | 0.06% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 819,088 | HKD | 2,072,099.54 | 1,630,460.88 | 0.42% |
| SINO OCEAN GROUP HLDG LTD | 754,604 | HKD | 345,508.47 | 127,899.70 | 0.03% |
| SITC INTERNATIONAL HLDG CO LTD | 126,666 | HKD | 393,864.35 | 358,353.64 | 0.09% |
| SUN ART RETAIL GROUP LTD | 522,142 | HKD | 581,912.98 | 169,678.81 | 0.04% |
| TECHTRONIC INDUSTRIES CO LTD | 277,500 | HKD | 2,412,786.54 | 2,894,546.04 | 0.75% |
| TECHTRONIC INDUSTRIES CO LTD | 59,000 | HKD | 731,509.12 | 615,417.00 | 0.16% |
| TENCENT HLDG LTD | 177,932 | HKD | 6,915,376.00 | 8,036,122.79 | 2.09% |
| TENCENT HLDG LTD | 170,653 | HKD | 7,934,885.64 | 7,707,373.96 | 2.00% |
| THE PEOPLE'INSURANCE CO | 1,328,037 | HKD | 624,903.69 | 406,181.56 | 0.11% |
| WUXI BIOLOGICS CAYMAN INC. | 268,000 | HKD | 2,071,399.84 | 2,452,212.09 | 0.64% |
| WUXI BIOLOGICS CAYMAN INC. | 210,500 | HKD | 2,299,300.79 | 1,926,084.49 | 0.50% |
| XIAOMI CORP-B | 511,600 | HKD | 885,759.07 | 889,290.59 | 0.23% |
| XINYI SOLAR HLDG LTD | 822,000 | HKD | 1,573,490.13 | 1,269,618.46 | 0.33% |
| ZIJIN MINING GROUP -H- | 940,000 | HKD | 1,259,166.96 | 1,151,198.01 | 0.30% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 854,900 | HKD | 390,510.67 | 456,486.70 | 0.12% |
| Total HONG KONG DOLLAR |  |  | 101,120,023.86 | 90,496,923.69 | 23.52% |
| GEDEON RICHTER | 93,262 | HUF | 2,071,483.27 | 1,678,293.73 | 0.44% |
| OTP BANK PLC | 34,172 | HUF | 1,320,503.88 | 758,277.52 | 0.20% |
| Total HUNGARIAN FORINT |  |  | 3,391,987.15 | 2,436,571.25 | 0.63% |
| BANK RAKYAT INDONESIA -B- | 13,401,537 | IDR | 3,288,492.06 | 3,733,271.66 | 0.97% |
| BANK RAKYAT INDONESIA -B- | 3,377,000 | IDR | 1,126,877.24 | 940,732.27 | 0.24% |
| PT BANK CENTRAL ASIA TBK | 6,222,500 | IDR | 2,437,873.89 | 3,028,236.56 | 0.79% |
| PT BANK CENTRAL ASIA TBK | 3,962,200 | IDR | 1,649,986.59 | 1,928,240.88 | 0.50% |
| PT PERUSAHAAN GAS NEGARA TBK | 4,549,100 | IDR | 665,274.74 | 485,522.65 | 0.13% |
| TELKOM INDONESIA PERSERO TBK | 7,083,500 | IDR | 2,181,261.38 | 1,901,931.08 | 0.49% |
| Total INDONESIAN RUPIAH |  |  | 11,349,765.90 | 12,017,935.10 | 3.12% |
| BAJAJ FINSERV LTD | 13,509 | INR | 2,000,311.80 | 1,869,980.19 | 0.49% |
| BANK OF BARODA | 875,614 | INR | 1,041,017.03 | 1,079,930.40 | 0.28% |
| BHARAT FORGE LTD | 199,191 | INR | 1,522,794.35 | 1,644,024.10 | 0.43% |
| CONTAINER CORP. OF INDIA LTD | 176,387 | INR | 1,264,534.64 | 1,327,383.51 | 0.34% |
| DABUR INDIA -DIS- | 287,336 | INR | 2,124,992.70 | 1,804,479.90 | 0.47% |
| HDFC LIFE INSURANCE CO LTD | 162,762 | INR | 1,568,230.42 | 1,133,547.75 | 0.29% |
| HERO MOTOCORP LTD | 53,719 | INR | 2,211,114.62 | 1,850,005.56 | 0.48% |
| HOUSING DEVELOPMENT FINANCE CORP. | 148,610 | INR | 3,718,417.28 | 4,085,093.14 | 1.06% |
| ICICI BANK LTD | 479,234 | INR | 3,456,075.52 | 4,291,548.12 | 1.12% |
| INDIAN OIL CO BONU | 832,070 | INR | 0.00 | 391,156.40 | 0.10% |
| INDIAN OIL CORP. LTD | 832,070 | INR | 1,149,949.12 | 782,312.80 | 0.20% |
| KOTAK MAHINDRA BANK LTD | 39,078 | INR | 674,249.98 | 821,962.91 | 0.21% |
| LUPIN LTD | 58,254 | INR | 844,683.13 | 450,666.77 | 0.12% |
| MOTHERSON SUMI SYSTEMS LTD | 1,201,679 | INR | 2,868,687.84 | 1,797,820.43 | 0.47% |
| RELIANCE INDUSTRIES | 100,778 | INR | 2,642,922.37 | 3,312,348.16 | 0.86% |
| SBI LIFE INSURANCE CO LTD | 182,921 | INR | 2,189,256.48 | 2,505,268.96 | 0.65% |
| SHRIRAM TRANSPORT FINANCE CO LTD | 104,964 | INR | 1,603,983.96 | 1,703,069.06 | 0.44% |
| STATE BANK OF INDIA | 462,222 | INR | 2,673,337.91 | 2,726,888.85 | 0.71% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| SUN TV NETWORK LTD | 55,422 | INR | 433,669.87 | 289,522.89 | 0.08% |
| TECH MAHINDRA LTD | 171,471 | INR | 2,330,578.29 | 2,171,274.81 | 0.56% |
| TV18 BROADCAST LTD | 741,420 | INR | 482,446.43 | 365,675.51 | 0.10% |
| ZEE ENTERTAINMENT ENTERPRISES LTD | 153,256 | INR | 637,334.92 | 415,487.79 | 0.11% |
| Total INDIAN RUPEE |  |  | 37,438,588.66 | 36,819,448.01 | 9.57% |
| GREEN CROSS CORP. | 3,063 | KRW | 441,514.64 | 397,501.16 | 0.10% |
| GS ENGINEERING & CONSTRUCTION CORP. | 23,185 | KRW | 716,469.61 | 563,375.51 | 0.15% |
| HANA FINANCIAL GROUP INC. | 58,150 | KRW | 2,193,176.91 | 1,762,324.83 | 0.46% |
| HANKOOK TIRE & TECHNOLOGY CO LTD | 18,194 | KRW | 817,300.48 | 461,716.20 | 0.12% |
| HYUNDAI DEPT STORE LTD | 10,849 | KRW | 885,926.98 | 585,732.38 | 0.15% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 21,660 | KRW | 992,706.83 | 689,803.62 | 0.18% |
| KB FINANCIAL GROUP INC. | 15,649 | KRW | 596,752.58 | 580,329.15 | 0.15% |
| KB FINANCIAL GROUP INC. | 71,600 | KRW | 3,308,451.84 | 2,655,221.88 | 0.69% |
| KIA CORP. | 14,201 | KRW | 627,425.64 | 845,453.89 | 0.22% |
| KIA CORP. | 37,773 | KRW | 2,647,129.93 | 2,248,808.51 | 0.58% |
| KIWOOM SECURITIES CO LTD | 9,202 | KRW | 1,031,945.80 | 586,110.15 | 0.15% |
| LG CHEM LTD | 3,895 | KRW | 2,728,921.36 | 1,547,920.55 | 0.40% |
| LG CHEM LTD | 7,677 | KRW | 4,896,288.93 | 3,050,933.53 | 0.79% |
| LG ELECTRONICS INC. | 8,105 | KRW | 423,848.10 | 551,194.95 | 0.14% |
| LOTTE CHEMICAL CORP. | 3,034 | KRW | 473,656.33 | 420,609.99 | 0.11% |
| OCI CO LTD | 8,919 | KRW | 656,497.62 | 985,733.62 | 0.26% |
| SAMSUNG ELECTRONICS CO LTD | 211,425 | KRW | 9,144,819.50 | 9,281,596.80 | 2.41% |
| SAMSUNG ELECTRONICS CO LTD | 175,354 | KRW | 6,903,502.77 | 7,698,073.20 | 2.00% |
| SAMSUNG ELECTRONICS CO LTD PFD | 19,678 | KRW | 601,218.71 | 788,089.98 | 0.20% |
| SAMSUNG ENGINEERING CO LTD | 60,328 | KRW | 751,788.15 | 1,001,284.99 | 0.26% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 183,675 | KRW | 1,060,584.54 | 858,677.82 | 0.22% |
| SAMSUNG LIFE INSURANCE CO LTD | 12,732 | KRW | 895,483.44 | 613,850.29 | 0.16% |
| SAMSUNG SDS CO LTD | 5,385 | KRW | 842,388.32 | 539,163.60 | 0.14% |
| SHINHAN FINANCIAL GROUP CO LTD | 23,773 | KRW | 886,558.65 | 678,365.43 | 0.18% |
| SK HYNIX INC. | 37,421 | KRW | 2,578,744.24 | 2,622,698.00 | 0.68% |
| SK NETWORKS CO LTD | 83,662 | KRW | 433,519.49 | 270,625.70 | 0.07% |
| S-OIL CORP. | 12,943 | KRW | 1,104,304.62 | 1,036,715.98 | 0.27% |
| Total SOUTH KOREAN WON |  |  | 48,640,926.01 | 43,321,911.71 | 11.26% |
| GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV | 111,504 | MXN | 1,288,444.55 | 1,547,954.22 | 0.40% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 434,777 | MXN | 2,540,803.88 | 2,417,204.22 | 0.63% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 428,140 | MXN | 1,656,123.29 | 2,380,304.88 | 0.62% |
| KIMBERLY-CLARK DE MEXICO S.A.B. DE CV | 85,620 | MXN | 141,383.88 | 115,556.11 | 0.03% |
| WAL-MART DE MEXICO SAB DE CV | 925,854 | MXN | 2,732,543.02 | 3,181,513.49 | 0.83% |
| WAL-MART DE MEXICO SAB DE CV | 863,787 | MXN | 2,501,897.14 | 2,968,232.57 | 0.77% |
| Total MEXICAN PESO |  |  | 10,861,195.76 | 12,610,765.49 | 3.28% |
| PRESS METAL ALUMINIUM HLDG BERHAD | 2,649,300 | MYR | 3,783,431.93 | 2,861,165.81 | 0.74% |
| Total MALAYSIAN RINGGIT |  |  | 3,783,431.93 | 2,861,165.81 | 0.74% |
| ALLEGRO.EU S.A. | 81,937 | PLN | 1,302,628.91 | 434,579.20 | 0.11% |
| GRUPA LOTOS S.A. | 40,109 | PLN | 578,292.65 | 613,079.13 | 0.16% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 245,323 | PLN | 610,969.35 | 581,411.04 | 0.15% |
| POLSKI KONCERN NAFTOWY ORLEN S.A. | 53,799 | PLN | 955,066.58 | 819,941.95 | 0.21% |
| TAURON POLSKA ENERGIA S.A. | 449,802 | PLN | 348,599.25 | 344,468.85 | 0.09% |
| Total POLISH ZLOTY |  |  | 3,795,556.74 | 2,793,480.17 | 0.73% |
| QATAR NATIONAL BANK | 276,388 | QAR | 1,513,042.48 | 1,516,354.82 | 0.39% |
| QATAR NATIONAL BANK | 177,700 | QAR | 1,134,011.08 | 974,920.22 | 0.25% |
| Total QATARI RIYAL |  |  | 2,647,053.56 | 2,491,275.04 | 0.65% |
| EPIROC AKTIEBOLAG AK -A- | 114,240 | SEK | 2,047,442.84 | 1,760,856.26 | 0.46% |
| Total SWEDISH KRONA |  |  | 2,047,442.84 | 1,760,856.26 | 0.46% |
| AIRPORTS OF THAILAND PUBLIC CO LTD | 616,600 | THB | 1,122,174.13 | 1,238,345.94 | 0.32% |
| BANPU PUBLIC CO LTD FOREIGN -REG- | 1,773,066 | THB | 558,679.57 | 631,939.59 | 0.16% |
| IRPC PUBLIC CO LTD -FOREIGN- | 6,484,667 | THB | 623,803.71 | 590,641.10 | 0.15% |
| ITALIAN-THAI DVLPT PU CO LTD -FOREIGN- | 1,572,724 | THB | 189,246.77 | 96,091.81 | 0.02% |
| PTT EXPLORATION-PROD PUBLIC NVDR | 554,900 | THB | 2,048,536.07 | 2,503,545.73 | 0.65% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 477,502 | THB | 476,827.83 | 614,563.42 | 0.16% |
| SCB X PLC-NVDR | 481,900 | THB | 1,561,844.90 | 1,417,654.44 | 0.37% |
| SIAM CEMENT PUBLIC CO LTD FOREIGN | 55,465 | THB | 825,136.31 | 586,773.83 | 0.15% |
| THAI OIL PUBLIC CO LTD -FOREIGN- | 253,023 | THB | 153,313.53 | 368,593.22 | 0.10% |
| Total THAI BAHT |  |  | 7,559,562.82 | 8,048,149.08 | 2.09% |
| ALARKO HLDG | 0 | TRY | 0.10 | 0.19 | 0.00% |
| ARCELIK A.S. | 265,575 | TRY | 685,394.07 | 1,153,187.44 | 0.30% |
| DOGAN SIRKETLER GRUBU HLDG AS | 877,299 | TRY | 232,151.90 | 182,852.79 | 0.05% |
| EMLAK KONUT GAYRIMENKUL YATIRIM ORT | 2,716,776 | TRY | 700,414.36 | 429,568.54 | 0.11% |
| EREGLI DEMIR VE CELIK FABRIKALARI | 384,239 | TRY | 582,841.45 | 624,577.01 | 0.16% |
| HACI OMER SABANCI HLDG AS | 597,875 | TRY | 836,806.72 | 677,137.13 | 0.18% |
| PETKIM PETROKIMYA HLDG AS | 1,090,532 | TRY | 606,340.05 | 576,078.54 | 0.15% |
| TEKFEN HLDG AS | 232,726 | TRY | 546,863.90 | 301,352.85 | 0.08% |
| TUPRAS TURKIYE PETROL RAFINELERI AS | 86,673 | TRY | 1,340,286.14 | 1,373,043.23 | 0.36% |
| TURKCELL ILETISIM HIZMET | 445,809 | TRY | 854,970.05 | 432,552.23 | 0.11% |
| TURKIYE IS BANKASI AS | 3,361,496 | TRY | 1,125,103.53 | 881,823.03 | 0.23% |
| TURK SISE CAM | 1 | TRY | 1.25 | 1.55 | 0.00% |
| YAPI VE KREDI BANKASI AS | 3,258,192 | TRY | 1,073,313.59 | 844,966.08 | 0.22% |
| Total TURKISH LIRA |  |  | 8,584,487.11 | 7,477,140.61 | 1.94% |
| ACCTON TECHNOLOGY CORP. | 373,000 | TWD | 2,144,006.86 | 2,991,927.10 | 0.78% |
| ACER INC. | 886,781 | TWD | 540,797.69 | 647,187.18 | 0.17% |
| ASE INDUSTRIAL HLDG CO LTD | 266,000 | TWD | 1,104,298.56 | 683,484.68 | 0.18% |
| AU OPTRONICS CORP. | 896,450 | TWD | 321,558.20 | 491,436.57 | 0.13% |
| CHAILEASE HLDG CO LTD | 142,279 | TWD | 369,008.14 | 997,701.57 | 0.26% |
| CHAILEASE HOLD DVSE | 142,279 | TWD | 0.00 | 49,885.08 | 0.01% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 325,088 | TWD | 498,937.69 | 387,041.91 | 0.10% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1,328,167 | TWD | 542,013.73 | 428,822.64 | 0.11% |
| DELTA ELECTRONICS INC. | 498,000 | TWD | 3,303,136.88 | 3,709,854.40 | 0.96% |
| ENNOSTAR INC. | 240,500 | TWD | 726,704.58 | 410,087.78 | 0.11% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| EVERLIGHT ELECTRONICS CO LTD | 154,928 | TWD | 302,115.93 | 214,935.26 | 0.06% |
| HIGH TECH COMPUTER CORP. | 330,349 | TWD | 508,714.31 | 543,294.92 | 0.14% |
| HON HAI PRECISION INDUSTRY CO LTD | 238,000 | TWD | 1,022,869.17 | 872,483.55 | 0.23% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 401,871 | TWD | 382,387.19 | 261,529.95 | 0.07% |
| INVENTEC CORP. | 616,000 | TWD | 508,280.66 | 521,041.71 | 0.14% |
| LANDMARK OPTOELECTRONICS CORP. | 268,000 | TWD | 2,707,424.72 | 1,045,554.26 | 0.27% |
| PEGATRON CORP. | 199,000 | TWD | 442,464.99 | 381,488.74 | 0.10% |
| PHISON ELECTRONICS CORP. | 44,000 | TWD | 716,697.31 | 401,028.98 | 0.10% |
| QISDA CORP. | 973,600 | TWD | 495,121.80 | 938,121.27 | 0.24% |
| REALTEK SEMICONDUCTOR CORP. | 96,000 | TWD | 1,612,530.81 | 1,172,010.90 | 0.30% |
| SILERGY CORP. | 11,000 | TWD | 663,023.82 | 886,037.28 | 0.23% |
| SILERGY CORP. | 9,000 | TWD | 1,266,873.93 | 724,939.59 | 0.19% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 778,000 | TWD | 18,281,515.21 | 12,454,902.77 | 3.24% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 692,000 | TWD | 6,458,873.36 | 11,078,139.74 | 2.88% |
| WINBOND ELECTRONICS CORP. | 848,000 | TWD | 728,715.49 | 618,884.18 | 0.16% |
| WIN SEMICONDUCTORS CORP. | 128,000 | TWD | 1,570,034.24 | 828,694.57 | 0.22% |
| WISTRON CORP. | 703,150 | TWD | 541,682.42 | 631,412.30 | 0.16% |
| WIWYNN CORP. | 106,000 | TWD | 3,779,556.71 | 2,484,805.70 | 0.65% |
| Total TAIWAN NEW DOLLAR |  |  | 51,539,344.40 | 46,856,734.58 | 12.18% |
| ALIBABA GROUP HLDG LTD -ADR- | 13,142 | USD | 2,369,806.72 | 1,493,982.56 | 0.39% |
| AUTOHOME INC. -ADR- | 21,000 | USD | 738,760.29 | 825,930.00 | 0.21% |
| AUTOHOME INC. -ADR- | 46,236 | USD | 2,807,727.25 | 1,818,461.88 | 0.47% |
| BRF S.A. -ADR- | 118,699 | USD | 461,560.33 | 303,869.44 | 0.08% |
| BUENAVENTURA -SP ADR- -B- | 94,600 | USD | 990,964.95 | 624,360.00 | 0.16% |
| CEMIG SPONSOREDADR | 306,511 | USD | 639,853.59 | 619,152.22 | 0.16% |
| CREDICORP LTD | 17,447 | USD | 2,798,456.62 | 2,092,069.77 | 0.54% |
| CREDICORP LTD | 10,556 | USD | 1,900,572.73 | 1,265,769.96 | 0.33% |
| ENTEGRIS INC. | 9,489 | USD | 926,562.50 | 874,221.57 | 0.23% |
| EPAM SYSTEMS INC. | 4,310 | USD | 1,153,338.42 | 1,270,501.80 | 0.33% |
| FREEPORT MCMORAN | 21,820 | USD | 774,907.92 | 638,455.38 | 0.17% |
| HARMONY GOLD MINING | 175,411 | USD | 759,202.62 | 549,036.43 | 0.14% |
| HDFC BANK LTD -ADR- | 45,944 | USD | 2,116,015.56 | 2,525,082.24 | 0.66% |
| HUAZHU GROUP LTD -ADR- | 18,605 | USD | 1,069,733.08 | 708,850.50 | 0.18% |
| MERCADOLIBRE INC. | 1,287 | USD | 1,612,352.04 | 819,651.69 | 0.21% |
| MICRON TECHNOLOGY | 23,736 | USD | 1,957,214.24 | 1,312,126.08 | 0.34% |
| NEW ORIENTAL EDUCATION & TECHNOLOGY | 48,450 | USD | 803,941.05 | 986,442.00 | 0.26% |
| VIPSHOP HLDG LTD -ADR- | 53,773 | USD | 578,225.00 | 531,814.97 | 0.14% |
| YUM CHINA HLDG INC. | 7,950 | USD | 374,824.09 | 385,575.00 | 0.10% |
| Total U.S. DOLLAR |  |  | 24,834,019.00 | 19,645,353.49 | 5.11% |
| CAPITEC BANK HLDG LTD | 16,197 | ZAR | 916,965.17 | 1,959,690.19 | 0.51% |
| CLICKS GROUP LTD | 117,676 | ZAR | 2,167,674.47 | 1,963,198.08 | 0.51% |
| CLICKS GROUP LTD | 76,333 | ZAR | 1,042,043.95 | 1,273,469.52 | 0.33% |
| FIRSTRAND LTD | 557,297 | ZAR | 2,407,651.42 | 2,121,695.97 | 0.55% |
| REMGRO LTD | 84,437 | ZAR | 674,686.50 | 669,570.14 | 0.17% |
| SANLAM LTD | 189,469 | ZAR | 834,037.77 | 611,460.17 | 0.16% |
| SAPPI LTD | 296,604 | ZAR | 900,192.28 | 975,133.45 | 0.25% |
| SHOPRITE HLDG LTD | 15,083 | ZAR | 166,939.59 | 182,184.04 | 0.05% |
| SHOPRITE HLDG LTD | 213,216 | ZAR | 3,222,146.47 | 2,575,386.38 | 0.67% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| Total SOUTH AFRICAN RAND |  |  | 12,332,337.62 | 12,331,787.94 | 3.20% |
| Total Quoted or negotiated equities |  |  | 383,863,889.30 | 345,301,874.97 | 89.74% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 383,863,889.30 | 345,301,874.97 | 89.74% |
| 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% |
| FEDERAL GRID CO OF UNIF ENERGY | 302,629,537 | RUB | 908,656.92 | 55.27 | 0.00% |
| FEDERAL HYDROGENERATING CO -R- | 117,192,567 | RUB | 1,009,683.31 | 21.41 | 0.00% |
| MOBILE TELESYSTEMS P.J.S.C. | 134,728 | RUB | 614,963.73 | 0.02 | 0.00% |
| ROSSETI P.J.S.C. | 55,442,041 | RUB | 896,870.47 | 10.13 | 0.00% |
| ROSTELECOM PUBLIC JOINT STOCK | 461,771 | RUB | 606,047.52 | 0.08 | 0.00% |
| SURGUTNEFTEGAZ OJSC | 3,401,722 | RUB | 1,815,465.30 | 0.62 | 0.00% |
| Total RUSSIAN RUBLE |  |  | 5,851,687.25 | 87.53 | 0.00% |
| BANPU PUBLIC WARRANT 21-300922 | 325,181 | THB | 0.00 | 58,868.81 | 0.02% |
| BANPU PUBLIC WARRANT 21-300923 | 354,995 | THB | 0.00 | 35,346.39 | 0.01% |
| Total THAI BAHT |  |  | 0.00 | 94,215.20 | 0.02% |
| CENTERENERGO OJSC | 132,600 | UAH | 296,098.13 | 0.05 | 0.00% |
| MOTOR SICH JSC | 400 | UAH | 177,854.71 | 0.00 | 0.00% |
| RAIFFEISEN BANK AVAL JSC | 3,314,000 | UAH | 177,406.37 | 1.13 | 0.00% |
| UKRTELECOM P.J.S.C. | 6,959,300 | UAH | 523,688.05 | 0.00 | 0.00% |
| Total UKRAINE HRYVNIA |  |  | 1,175,047.26 | 1.18 | 0.00% |
| ALROSA CJSC | 887,217 | USD | 1,002,923.24 | 8.87 | 0.00% |
| BANK OF CHANGSHA-CLSA 21-160326 | 397,800 | USD | 680,586.38 | 471,393.00 | 0.12% |
| BANK OF CHENGDU-CICC FINANCE 21-180324 | 447,226 | USD | 835,124.26 | 1,106,838.29 | 0.29% |
| CAIHONG DISPLAY -UBS A.G. WARRANT 21-231222 | 481,100 | USD | 559,891.19 | 336,288.90 | 0.09% |
| FOTON-CICC FINANCE 20-191023 | 1,146,500 | USD | 552,165.86 | 484,320.58 | 0.13% |
| GAZPROM OAO | 573,170 | USD | 1,352,658.46 | 5.73 | 0.00% |
| GAZPROM -SP ADR- | 492,488 | USD | 2,712,047.77 | 4.92 | 0.00% |
| GAZPROM -SP ADR- | 108,446 | USD | 784,843.41 | 1.08 | 0.00% |
| GLODON-CLSA 20-25 | 78,707 | USD | 643,966.46 | 638,471.18 | 0.17% |
| GLODON-CLSA 21-26 | 3,717 | USD | 32,113.53 | 30,152.30 | 0.01% |
| HANGZHOU TIGERMED CONSULTINF -CLSA 20-210425 | 211,001 | USD | 3,361,335.07 | 3,598,200.05 | 0.94% |
| HUNDSUN TECH-CLSA 21-070926 | 255,504 | USD | 2,127,197.92 | 1,661,798.02 | 0.43% |
| JIANGSU HENGLI -UBS A.G. WARRANT 21-151222 | 40,876 | USD | 519,403.16 | 376,713.22 | 0.10% |
| JILIN SINO MICROELEC-CLSA 20-041225 | 412,996 | USD | 624,194.68 | 488,574.27 | 0.13% |
| MAGNIT JSC | 28,997 | USD | 1,658,079.99 | 0.29 | 0.00% |
| MIDEA GROUP-CLSA WARRANT 18-050623 | 21,600 | USD | 173,210.88 | 194,356.80 | 0.05% |
| MIDEA GROUP-CLSA WARRANT 20-160925 | 252,206 | USD | 2,767,471.56 | 2,269,349.59 | 0.59% |
| NARI TECH -CLSA WARRANT 18-040923 | 937,782 | USD | 2,685,123.46 | 3,782,074.81 | 0.98% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| RIZHAO -UBS A.G. WARRANT 21-270123 | 1,652,350 | USD | 751,457.04 | 750,166.90 | 0.19% |
| SBERBANK OF RUSSIA OJSC -ADR- | 4,450 | USD | 53,712.43 | 0.04 | 0.00% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 48,774 | USD | 768,089.29 | 0.49 | 0.00% |
| SHANDONG -UBS A.G. WARRANT 21-270123 | 341,034 | USD | 384,188.44 | 517,348.58 | 0.13% |
| SUNGROW-CLSA 22-27 | 123,076 | USD | 1,292,117.43 | 1,801,709.56 | 0.47% |
| TASLY -UBS WARRANT 22-090223 | 242,700 | USD | 617,276.40 | 380,796.30 | 0.10% |
| TIANJIN PORT -UBS LDS WARRANT 21-211122 | 1,127,198 | USD | 764,665.87 | 675,191.60 | 0.18% |
| TRIANGLE TY-CICC FINANCE 0,00 20-090323 | 218,500 | USD | 474,933.25 | 380,296.63 | 0.10% |
| VK CO LTD | 62,186 | USD | 1,333,599.58 | 0.62 | 0.00% |
| WUXI-CLSA WRTS 20-25 | 94,546 | USD | 892,443.94 | 890,056.04 | 0.23% |
| XIAMEN -UBS LDS WARRANT 21-281022 | 423,857 | USD | 402,317.01 | 440,387.42 | 0.11% |
| ZHONGJI INN-CLSA 21-290426 | 294,931 | USD | 1,683,635.23 | 1,364,645.74 | 0.35% |
| Total U.S. DOLLAR |  |  | 32,490,773.19 | 22,639,151.82 | 5.88% |
| Total Other transferable securities |  |  | 47,667,440.04 | 22,733,455.73 | 5.91% |
| Total Portfolio |  |  | 431,531,329.34 | 368,035,330.70 | 95.65% |

|  |
| --- |
| 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 |  |  |  |  |  |
| AICA KOGYO CO LTD | 60,800 | JPY | 207,426,780 | 172,185,600 | 0.83% |
| AIR WATER INC. | 85,000 | JPY | 145,484,153 | 144,840,000 | 0.70% |
| ALFRESA HLDG CORP. | 103,000 | JPY | 173,117,050 | 187,975,000 | 0.91% |
| ALPS ALPINE CO LTD | 202,000 | JPY | 244,124,997 | 278,154,000 | 1.34% |
| BANK OF KYOTO LTD | 6,000 | JPY | 30,522,581 | 34,680,000 | 0.17% |
| CANON INC. | 121,700 | JPY | 334,103,997 | 375,444,500 | 1.81% |
| CURVES HLDG CO LTD | 82,200 | JPY | 19,687,825 | 54,252,000 | 0.26% |
| DAIICHIKOSHO CO LTD | 48,700 | JPY | 226,969,806 | 192,365,000 | 0.93% |
| DENTSU GROUP INC. | 123,200 | JPY | 505,343,452 | 502,040,000 | 2.42% |
| DIC CORP. | 40,000 | JPY | 92,896,420 | 96,200,000 | 0.46% |
| EAST JAPAN RAILWAY COMPANY | 50,300 | JPY | 454,123,388 | 348,981,400 | 1.68% |
| EAST JAPAN RAILWAY COMPANY | 37,000 | JPY | 289,504,064 | 256,706,000 | 1.24% |
| FUJI KYUKO CO LTD | 25,600 | JPY | 74,417,854 | 107,520,000 | 0.52% |
| FUJI TELEVISION NETWORK INC. | 210,000 | JPY | 245,260,210 | 241,290,000 | 1.16% |
| FUKUOKA FINANCIAL GROUP INC. | 34,100 | JPY | 72,902,639 | 83,340,400 | 0.40% |
| FUKUYAMA TRANSPORT | 20,000 | JPY | 62,191,798 | 61,600,000 | 0.30% |
| FURUKAWA ELECTRIC | 67,000 | JPY | 168,127,191 | 149,276,000 | 0.72% |
| H2O RETAILING CORP. | 165,000 | JPY | 133,738,595 | 173,415,000 | 0.84% |
| HAKUHODO DY HLDG INC. | 30,000 | JPY | 37,119,801 | 37,350,000 | 0.18% |
| HAMAMATSU PHOTONICS KK | 45,800 | JPY | 192,547,006 | 241,366,000 | 1.16% |
| HIKARI TSUSHIN INC. | 18,000 | JPY | 250,724,382 | 250,380,000 | 1.21% |
| HISAMITSU PHARMACEUTICAL CO INC. | 39,600 | JPY | 213,209,870 | 138,402,000 | 0.67% |
| HITACHI CONSTRUCTION MACHINERY | 51,700 | JPY | 143,509,473 | 155,358,500 | 0.75% |
| HOYA CORP. | 30,100 | JPY | 256,961,529 | 348,708,500 | 1.68% |
| ICHIBANYA CO LTD | 22,000 | JPY | 99,870,151 | 103,510,000 | 0.50% |
| ITO EN LTD | 55,100 | JPY | 279,047,324 | 335,008,000 | 1.61% |
| IZUMI CO LTD | 10,000 | JPY | 27,888,500 | 30,550,000 | 0.15% |
| JAFCO CO | 52,000 | JPY | 85,955,040 | 85,072,000 | 0.41% |
| JAPAN AIRLINES CO LTD | 105,000 | JPY | 248,302,859 | 249,375,000 | 1.20% |
| JAPAN POST HLDG CO LTD | 86,000 | JPY | 76,474,265 | 83,342,600 | 0.40% |
| JMDC INC. | 18,300 | JPY | 98,142,200 | 108,153,000 | 0.52% |
| JTEKT CORP. | 199,500 | JPY | 190,159,497 | 203,490,000 | 0.98% |
| KAKAKU.COM INC. | 61,200 | JPY | 158,693,568 | 136,965,600 | 0.66% |
| KAKEN PHARMACEUTICAL CO LTD | 9,000 | JPY | 38,862,972 | 34,335,000 | 0.17% |
| KANEKA CORP. | 63,000 | JPY | 218,000,630 | 210,420,000 | 1.01% |
| KEYENCE CORP. | 7,200 | JPY | 261,968,046 | 333,936,000 | 1.61% |
| KOBE STEEL LTD | 250,000 | JPY | 143,459,867 | 154,250,000 | 0.74% |
| KOEI TECMO HLDG CO LTD | 84,190 | JPY | 203,428,500 | 368,752,200 | 1.78% |
| KOMERI CO LTD | 15,000 | JPY | 38,058,580 | 39,555,000 | 0.19% |
| KUBOTA CORP. | 138,100 | JPY | 270,138,484 | 279,928,700 | 1.35% |
| KURARAY | 138,900 | JPY | 148,430,994 | 152,095,500 | 0.73% |
| LINTEC CORP. | 13,000 | JPY | 32,160,870 | 29,887,000 | 0.14% |
| M3 INC. | 16,200 | JPY | 46,448,973 | 63,147,600 | 0.30% |
| MEBUKI FINANCIAL GROUP INC. | 250,000 | JPY | 64,443,250 | 66,750,000 | 0.32% |
| MEDIPAL | 107,000 | JPY | 205,397,669 | 204,798,000 | 0.99% |
| MITSUBISHI ELECTRIC CORP. | 115,000 | JPY | 171,308,363 | 166,865,000 | 0.80% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| MITSUBISHI ESTATE | 36,000 | JPY | 62,602,092 | 70,884,000 | 0.34% |
| MITSUBISHI GAS CHEMICAL CO LTD | 65,000 | JPY | 128,650,914 | 127,075,000 | 0.61% |
| MITSUBISHI MATERIALS CORP. | 44,000 | JPY | 97,067,185 | 85,448,000 | 0.41% |
| MIZUHO FINANCIAL GROUP INC. | 200,000 | JPY | 301,060,813 | 308,600,000 | 1.49% |
| MIZUHO FINANCIAL GROUP INC. | 73,120 | JPY | 120,755,089 | 112,824,160 | 0.54% |
| MODEC INC. | 78,000 | JPY | 171,779,976 | 91,260,000 | 0.44% |
| NEC CORP. | 20,000 | JPY | 103,696,262 | 105,400,000 | 0.51% |
| NIFCO INC. | 96,000 | JPY | 296,798,983 | 303,840,000 | 1.46% |
| NIPPON SANSO HLDG CORP. | 114,000 | JPY | 213,480,921 | 246,582,000 | 1.19% |
| NIPPON SHOKUBAI CO LTD | 8,000 | JPY | 42,297,000 | 42,000,000 | 0.20% |
| NISSAN MOTOR | 180,000 | JPY | 99,500,004 | 95,076,000 | 0.46% |
| NITORI HLDG CO LTD | 16,000 | JPY | 198,076,891 | 206,320,000 | 0.99% |
| NOK CORP. | 122,900 | JPY | 149,599,229 | 135,681,600 | 0.65% |
| NSK LTD | 280,000 | JPY | 217,150,362 | 204,400,000 | 0.99% |
| OBAYASHI CORP. | 171,000 | JPY | 162,601,186 | 168,435,000 | 0.81% |
| OBIC BUSINESS CONSULTANTS CO LTD | 44,200 | JPY | 196,810,713 | 206,193,000 | 0.99% |
| ORIENTAL LAND CO LTD | 13,900 | JPY | 153,264,172 | 262,988,000 | 1.27% |
| ORIX CORP. | 231,000 | JPY | 375,861,691 | 525,756,000 | 2.53% |
| OUTSOURCING INC. | 111,000 | JPY | 130,132,672 | 114,885,000 | 0.55% |
| PANASONIC HLDG CORP. | 90,000 | JPY | 100,536,147 | 98,685,000 | 0.48% |
| PARAMOUNT BED HLDG CO LTD | 50,600 | JPY | 116,202,669 | 111,421,200 | 0.54% |
| PIGEON CORP. | 35,100 | JPY | 152,599,280 | 65,321,100 | 0.31% |
| RAKUTEN GROUP INC. | 580,000 | JPY | 433,713,624 | 354,960,000 | 1.71% |
| RENESAS ELECTRONICS CORP. | 380,000 | JPY | 486,421,017 | 468,540,000 | 2.26% |
| RENGO CO LTD | 180,000 | JPY | 133,694,920 | 132,480,000 | 0.64% |
| RICOH | 194,000 | JPY | 196,080,868 | 205,834,000 | 0.99% |
| RYOHIN KEIKAKU CO LTD | 130,000 | JPY | 199,515,664 | 179,790,000 | 0.87% |
| SANRIO CO LTD | 52,100 | JPY | 110,459,544 | 160,728,500 | 0.77% |
| SAWAI GROUP HLDG CO LTD. | 18,000 | JPY | 92,774,800 | 74,070,000 | 0.36% |
| SBI HLDG INC. | 90,000 | JPY | 245,725,061 | 238,950,000 | 1.15% |
| SEIKAGAKU CORP. | 49,700 | JPY | 75,597,033 | 40,555,200 | 0.20% |
| SHIMIZU CORP. | 142,000 | JPY | 116,125,180 | 106,500,000 | 0.51% |
| SHIN-ETSU CHEMICAL | 22,100 | JPY | 260,114,525 | 338,130,000 | 1.63% |
| SHIZUOKA BANK | 100,000 | JPY | 79,107,490 | 81,500,000 | 0.39% |
| SHOWA DENKO KK | 49,600 | JPY | 94,824,911 | 114,377,600 | 0.55% |
| SQUARE ENIX CO LTD | 87,800 | JPY | 432,823,211 | 527,678,000 | 2.54% |
| SUMITOMO BAKELITE | 6,000 | JPY | 26,316,375 | 24,390,000 | 0.12% |
| SUMITOMO HEAVY INDUSTRIES LTD | 28,000 | JPY | 80,925,210 | 83,860,000 | 0.40% |
| SUMITOMO METAL MINING CO LTD | 25,000 | JPY | 107,171,910 | 106,250,000 | 0.51% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 49,700 | JPY | 193,320,658 | 200,390,400 | 0.97% |
| SUMITOMO MITSUI TRUST HLDG | 50,000 | JPY | 177,148,369 | 209,000,000 | 1.01% |
| SUMITOMO SHOJI CORP. | 35,000 | JPY | 52,181,144 | 64,995,000 | 0.31% |
| SUZUKEN CO LTD | 40,000 | JPY | 133,769,792 | 153,400,000 | 0.74% |
| SUZUKI MOTOR CORP. | 86,000 | JPY | 346,881,837 | 366,704,000 | 1.77% |
| TAIKISHA LTD | 36,700 | JPY | 129,390,666 | 116,706,000 | 0.56% |
| TAISEI CORP. | 20,000 | JPY | 72,938,129 | 84,500,000 | 0.41% |
| TAKEDA PHARMACEUTICAL CO LTD | 49,000 | JPY | 169,127,899 | 187,082,000 | 0.90% |
| TBS HLDG INC. | 86,000 | JPY | 156,851,166 | 146,114,000 | 0.70% |
| TEIJIN LTD | 120,000 | JPY | 160,815,055 | 169,560,000 | 0.82% |
| TOKUYAMA CORP. | 135,000 | JPY | 252,409,260 | 233,010,000 | 1.12% |
| TOTO LTD | 93,000 | JPY | 442,432,382 | 416,640,000 | 2.01% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| TOWA CORP | 30,000 | JPY | 53,031,570 | 52,200,000 | 0.25% |
| TOYOBO | 35,000 | JPY | 40,056,440 | 35,070,000 | 0.17% |
| TOYOTA TSUSHO COR | 96,700 | JPY | 320,724,844 | 428,381,000 | 2.06% |
| TRANSCOSMOS INC. | 23,000 | JPY | 71,865,100 | 80,155,000 | 0.39% |
| TREND MICRO INC. | 81,200 | JPY | 436,064,773 | 537,544,000 | 2.59% |
| TSUMURA & CO | 95,300 | JPY | 313,224,318 | 290,188,500 | 1.40% |
| UBE CORP. | 85,000 | JPY | 161,269,427 | 171,445,000 | 0.83% |
| USS CO LTD | 235,200 | JPY | 465,226,225 | 552,484,800 | 2.66% |
| WACOM CO LTD | 174,600 | JPY | 93,790,861 | 146,664,000 | 0.71% |
| YAMADA HLDG LTD | 940,000 | JPY | 434,539,425 | 458,720,000 | 2.21% |
| YOKOGAWA ELECTRIC | 153,300 | JPY | 264,912,582 | 343,545,300 | 1.66% |
| Total JAPANESE YEN |  |  | 19,384,542,979 | 20,444,183,460 | 98.54% |
| Total Quoted or negotiated equities |  |  | 19,384,542,979 | 20,444,183,460 | 98.54% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 19,384,542,979 | 20,444,183,460 | 98.54% |
| Total Portfolio |  |  | 19,384,542,979 | 20,444,183,460 | 98.54% |

(Content)
| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| CAYMAN ISLANDS | 16.14 % |
| CHINA | 14.27 % |
| TAIWAN, REPUBLIC OF CHINA | 11.49 % |
| SOUTH KOREA | 11.26 % |
| INDIA | 10.23 % |
| SOUTH AFRICA | 3.35 % |
| MEXICO | 3.28 % |
| INDONESIA | 3.12 % |
| BRAZIL | 2.81 % |
| HONG KONG, SAR CHINA | 2.77 % |
| THAILAND | 2.12 % |
| SINGAPORE | 2.09 % |
| TURKEY | 1.94 % |
| UNITED KINGDOM | 1.65 % |
| UNITED STATES OF AMERICA | 1.38 % |
| BERMUDA | 1.25 % |
| CHILE | 0.77 % |
| MALAYSIA | 0.74 % |
| QATAR | 0.65 % |
| HUNGARY | 0.63 % |
| POLAND | 0.61 % |
| FRANCE | 0.55 % |
| LUXEMBOURG | 0.54 % |
| CANADA | 0.50 % |
| NETHERLANDS | 0.47 % |
| SWEDEN | 0.46 % |
| GREECE | 0.42 % |
| PERU | 0.16 % |
| Total Portfolio | 95.65 % |

(Content)
| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPAN | 98.54 % |
| Total Portfolio | 98.54 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| BANKS | 16.74 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 10.22 % |
| FINANCIAL SERVICES - HOLDINGS | 8.43 % |
| TELECOMMUNICATIONS | 6.92 % |
| PHOTOGRAPHY & OPTICAL | 6.74 % |
| IT & INTERNET | 6.07 % |
| RETAIL TRADING, DEPARTMENT STORES | 4.16 % |
| INSURANCE COMPANIES | 4.13 % |
| OIL & DERIVED | 3.80 % |
| CHEMICAL PRODUCTS | 3.44 % |
| ELECTRIC & ELECTRONIC MATERIALS | 3.23 % |
| ROAD VEHICLES | 3.20 % |
| PHARMACOLOGY & PERSONAL CARE | 2.63 % |
| INFORMATION, TECHNOLOGY & COPIERS | 2.43 % |
| NONFERROUS METALS | 1.70 % |
| MECHANICAL CONSTRUCTION | 1.55 % |
| PRECIOUS METALS & STONES | 0.90 % |
| AIRLIFT | 0.84 % |
| TOBACCO & SPIRITS | 0.75 % |
| REAL ESTATE | 0.73 % |
| TEXTILE & GARMENTS | 0.67 % |
| BUILDING MATERIALS | 0.65 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 0.65 % |
| MISCELLANEOUS CONSUMER GOODS | 0.63 % |
| FOREST PRODUCTS & PAPER INDUSTRY | 0.59 % |
| FOOD & CLEANING MATERIALS | 0.54 % |
| HEALTH CARE & SERVICES | 0.48 % |
| PUBLISHING & BROADCASTING | 0.47 % |
| OTHER SERVICES | 0.35 % |
| ROAD & RAILWAY TRANSPORTS | 0.34 % |
| AEROSPACE INDUSTRY & DEFENCE | 0.32 % |
| LEISURES & TOURISM | 0.28 % |
| ENERGY SOURCES | 0.24 % |
| SHIPPING | 0.24 % |
| TYRES & RUBBER | 0.22 % |
| PACKAGING INDUSTRY | 0.15 % |
| AGRICULTURE & FISHING | 0.08 % |
| CAPITAL GOODS (MISCELLANEOUS) | 0.07 % |
| BIOTECHNOLOGY | 0.07 % |
| Total Portfolio | 95.65 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total Net Assets |
|  |
| FINANCIAL SERVICES - HOLDINGS | 10.95 % |
| CHEMICAL PRODUCTS | 10.12 % |
| IT & INTERNET | 8.83 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 8.21 % |
| ROAD VEHICLES | 7.01 % |
| BANKS | 6.26 % |
| BUILDING MATERIALS | 5.13 % |
| ELECTRIC & ELECTRONIC MATERIALS | 4.95 % |
| MECHANICAL CONSTRUCTION | 4.91 % |
| PHARMACOLOGY & PERSONAL CARE | 4.60 % |
| RETAIL TRADING, DEPARTMENT STORES | 4.25 % |
| ROAD & RAILWAY TRANSPORTS | 2.92 % |
| LEISURES & TOURISM | 2.55 % |
| PUBLISHING & BROADCASTING | 2.42 % |
| CONGLOMERATES | 2.38 % |
| AIRLIFT | 1.90 % |
| TELECOMMUNICATIONS | 1.71 % |
| FOOD & CLEANING MATERIALS | 1.61 % |
| INFORMATION, TECHNOLOGY & COPIERS | 1.61 % |
| OTHER SERVICES | 1.48 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 1.26 % |
| MISCELLANEOUS CONSUMER GOODS | 1.09 % |
| HEALTH CARE & SERVICES | 0.83 % |
| PACKAGING INDUSTRY | 0.64 % |
| NONFERROUS METALS | 0.41 % |
| REAL ESTATE | 0.34 % |
| TEXTILE & GARMENTS | 0.17 % |
| Total Portfolio | 98.54 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| HONG KONG DOLLAR | 23.52 % |
| TAIWAN NEW DOLLAR | 12.18 % |
| SOUTH KOREAN WON | 11.26 % |
| U.S. DOLLAR | 10.99 % |
| INDIAN RUPEE | 9.57 % |
| CHINA YUAN RENMINBI | 5.24 % |
| MEXICAN PESO | 3.28 % |
| SOUTH AFRICAN RAND | 3.20 % |
| INDONESIAN RUPIAH | 3.12 % |
| BRAZILIAN REAL | 2.57 % |
| THAI BAHT | 2.12 % |
| TURKISH LIRA | 1.94 % |
| EURO | 1.43 % |
| CHILEAN PESO | 0.77 % |
| BRITISH POUND | 0.75 % |
| MALAYSIAN RINGGIT | 0.74 % |
| POLISH ZLOTY | 0.73 % |
| QATARI RIYAL | 0.65 % |
| HUNGARIAN FORINT | 0.63 % |
| CANADIAN DOLLAR | 0.50 % |
| SWEDISH KRONA | 0.46 % |
| Total Portfolio | 95.65 % |

| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPANESE YEN | 98.54 % |
| Total Portfolio | 98.54 % |

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 issued and outstanding at the beginning of the period	- A USD | 6,024.000 |
| --- | --- |
| - B | 28,502.435 |
| - B USD | 153,265.058 |
| - F | 3,900.000 |
| - Z | 5,008.173 |
| Shares issued during the period	- A USD | 121.000 |
| - B | 0.000 |
| - B USD | 0.000 |
| - F | 0.000 |
| - Z | 0.000 |
| Shares redeemed during the period	- A USD | 0.000 |
| - B | 1,901.000 |
| - B USD | 10,185.757 |
| - F | 0.000 |
| - Z | 1,483.000 |
| Shares issued and outstanding at the end of the period	- A USD | 6,145.000 |
| - B | 26,601.435 |
| - B USD | 143,079.301 |
| - F | 3,900.000 |
| - Z | 3,525.173 |

Japan Multi Management
| Shares issued and outstanding at the beginning of the period	- A JPY | 1,410.000 |
| --- | --- |
| - B | 12,475.830 |
| - B JPY | 3,046.517 |
| - F JPY | 1.000 |
| - Z | 840.000 |
| Shares issued during the period	- A JPY | 0.000 |
| - B | 95.000 |
| - B JPY | 115.000 |
| - F JPY | 0.000 |
| - Z | 0.000 |
| Shares redeemed during the period	- A JPY | 0.000 |
| - B | 761.000 |
| - B JPY | 290.000 |
| - F JPY | 0.000 |
| - Z | 4.000 |
| Shares issued and outstanding at the end of the period	- A JPY | 1,410.000 |
| - B | 11,809.830 |
| - B JPY | 2,871.517 |
| - F JPY | 1.000 |
| - Z | 836.000 |

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

| Emerging Multi Management (USD) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 644,551,626.65 732,082,905.07 704,392,231.31 384,772,736.59 | - A USD | 46,575.000 | 118.62 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 34,303.655 | 126.77 | EUR |
| - B USD | 546,263.616 | 104.73 | USD |
| - F | 3,900.000 | 135.81 | EUR |
| - F USD | 830.908 | 109.49 | USD |
| - Z | 4,936.173 | 104,000.49 | EUR |
| - A USD | 24,200.000 | 136.95 | USD |
| - B | 31,736.655 | 139.00 | EUR |
| - B USD | 355,731.560 | 125.07 | USD |
| - F | 3,900.000 | 149.56 | EUR |
| - Z | 4,815.173 | 115,107.14 | EUR |
| - A USD | 6,024.000 | 128.18 | USD |
| - B | 28,502.435 | 142.63 | EUR |
| - B USD | 153,265.058 | 119.34 | USD |
| - F | 3,900.000 | 154.36 | EUR |
| - Z | 5,008.173 | 119,400.66 | EUR |
| - A USD | 6,145.000 | 94.78 | USD |
| - B | 26,601.435 | 118.47 | EUR |
| - B USD | 143,079.301 | 91.11 | USD |
| - F | 3,900.000 | 128.54 | EUR |
| - Z | 3,525.173 | 99,673.19 | EUR |

| Japan Multi Management (JPY) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 22,074,314,741 15,985,991,380 20,340,620,547 20,747,080,965 | - A JPY | 19,050.000 | 11,158 | JPY |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 60,191.674 | 175.24 | EUR |
| - B JPY | 58,460.627 | 19,228 | JPY |
| - F | 8,550.000 | 181.98 | EUR |
| - F JPY | 1.000 | 21,467 | JPY |
| - Z | 961.000 | 164,301.66 | EUR |
| - A JPY | 2,688.000 | 11,150 | JPY |
| - B | 21,361.830 | 174.15 | EUR |
| - B JPY | 7,574.627 | 19,758 | JPY |
| - F JPY | 1.000 | 22,172 | JPY |
| - Z | 737.000 | 164,726.88 | EUR |
| - A JPY | 1,410.000 | 12,362 | JPY |
| - B | 12,475.830 | 189.51 | EUR |
| - B JPY | 3,046.517 | 22,317 | JPY |
| - F JPY | 1.000 | 25,239 | JPY |
| - Z | 840.000 | 181,320.74 | EUR |
| - A JPY | 1,410.000 | 12,351 | JPY |
| - B | 11,809.830 | 178.56 | EUR |
| - B JPY | 2,871.517 | 22,777 | JPY |
| - F JPY | 1.000 | 25,856 | JPY |
| - Z | 836.000 | 171,511.52 | EUR |


### NOTE 1 - ACCOUNTING PRINCIPLES
The Financial Statements of the SICAV have been prepared under going concern basis of accounting in accordance with the Luxembourg generally accepted legal and regulatory requirements and accounting principles, on the basis of the official Net Asset Value as at 30 June 2022, including the following significant policies:
- Valuation of investmentsThe value of any cash on hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof.

The value of each security or other asset which is quoted or dealt in on a stock exchange is based on its last available closing price as at 30 June 2022 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 2022 in Luxembourg.
In the event that any assets are not listed nor dealt in on any stock exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange or on any other Regulated Market as aforesaid, the price as determined pursuant to the two above sub-paragraph is not representative of the fair market value of the relevant assets, the value of such assets is based on the reasonably foreseeable sales price determined prudently and in good faith.
The Board of Directors, in its discretion, may permit some other methods of valuation to be used if it considers that such valuation better reflects the fair value of any assets.
- Net realised profit or loss on sale of investmentsThe net realised profit or loss on sale of investments is determined on the basis of the average cost of investments sold.

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

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

When the SICAV incurs any expenses, which relate to a particular Sub-Fund or to any action taken in connection with a particular Sub-Fund, such expenses shall be allocated to the relevant Sub-Fund.
Expenses of the SICAV, which cannot be considered as being attributable to a particular Sub-Fund, shall be allocated to all the Sub-Funds pro rata to the net asset value of each Sub-Fund.
- Change in Net Unrealised Appreciation or DepreciationChanges in unrealised appreciation or depreciation on all components of the statement of net assets at the end of the financial year are accounted for in the statement of operations and changes in net assets.
- Combined financial statementsThe combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the financial statements (Note 2).
- Exchange ratesThe item "Exchange Rate Difference in Net Assets from 31.12.2021 to 30.06.2022" in the Combined Statement of Operations and Changes in net assets represents the valuation difference of the net assets of the Sub-Funds at the beginning of the year with the exchange rate applicable at the date of the financial statements.

NOTE 2 - EXCHANGE RATES
| 1  EUR	= | 142.02965 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1.04545 | USD |

NOTE 3 - TAXES AND EXPENSES PAYABLE
| Management Fees | 1,420,069.96 | EUR |
| --- | --- | --- |
| Depositary Fees | 12,773.70 | EUR |
| Subscription Tax | 14,740.61 | EUR |
| Miscellaneous Fees | 183,357.78 | EUR |
| Total | 1,630,942.06 | 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:
| Share class | Sales commission |
| --- | --- |
| A - USD | Max. 2% |
| A - JPY | Max. 2% |
| B | Max. 2% |
| B - USD | Max. 2% |
| B - JPY | Max. 2% |
| F | Max. 1% |
| F - JPY | Max. 1% |
| Z | - |


### NOTE 5 - MANAGEMENT FEES
The Management Company is entitled to receive from the relevant Sub-Fund a remuneration consisting in:
| Share class | Management fees |
| --- | --- |
| A - USD | Max. 2.000% p.a. |
| A - JPY | Max. 2.000% p.a. |
| B | Max. 2.000% p.a. |
| B - USD | Max. 2.000% p.a. |
| B - JPY | Max. 2.000% p.a. |
| F | Max. 1.500% p.a. |
| F - JPY | Max. 1.500% p.a. |
| Z | Max. 1.000% p.a. |

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 fees was accrued 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 2022 on the basis of the value of the shares distributed in Belgium as recorded at 31 December 2021. |
| 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 - ADMINISTRATION FEE |
| In consideration for the central administration services, the Management Company will pay to Banque Degroof Petercam Luxembourg S.A. as Administrative Agent and Registrar Agent, at the expense of each Sub-Fund, an annual fee at the annual rate of 0.125% p.a. and calculated on the average Net Asset Value of the relevant Sub-Fund during the quarter under review and payable quarterly. Moreover, the Management Company will pay to Banque Degroof Petercam Luxembourg S.A., at the expense of each Sub-Fund, a fee of EUR 2,000.- per active share class. NOTE 10 - 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 11 - DIVIDENDS |
| The Annual General Meeting of shareholders held on 19 April 2022 decided to pay the following dividends: - a dividend of 3.11 USD per share for Emerging Multi Management Share Class A USD, ISIN Code LU1518579492;
- a dividend of 262 JPY per share for Japan Multi Management Share Class A JPY, ISIN Code LU1518583098.
 |

| Shares were listed ex-dividend as from 10 May 2022. Payments were made on 16 May 2022. |
| --- |
| NOTE 12 - EVENTS DURING THE PERIOD |
| The COVID-19 (coronavirus) pandemic is still going strong and has been disrupting people's daily lives for almost two years now. This is obviously having an impact on the global economy, although finance in its specific sector is not the most disadvantaged sector. Authorities around the world have taken and continue to take strong and necessary measures to contain the spread of the virus, and to support individuals and businesses in these difficult times. Impact of the Russian invasion of Ukraine: The invasion of Ukraine by the Russian army is a development that is likely to disrupt global financial markets, through various channels, for some time to come. Rising commodity prices constitute one of the primary channels of risk transmission in the global economy, especially for countries that are more dependent on imports from Russia (energy, wheat, various metals). Russia is the world’s 6th largest commodities producer. The current increase in prices underscores the fact that the inflation experienced in most developed countries is non-transitory. A scenario involving stagflation, which is a combination of lower growth and high inflation, has become more likely in the coming months. Central banks, which were anticipating the exit from the monetary support put in place during the Covid crisis, will need to reassess their approach to exiting the crisis as any increase in rates to counter inflation is likely to have a significant impact on economic activity. Achieving the right balance will continue to be a challenge. Russia has become severely isolated from the rest of the world, with China as its only significant trading partner. Potential repercussions from the sanctions imposed on Russia could also have a significant impact on the European economy if Moscow decides to retaliate by cutting off the flow of gas that Germany and Italy are heavily dependent on. The ruble is no longer traded on foreign exchange markets and the Russian central bank has also been targeted by sanctions. This increases the risk of volatility for currencies, potentially not just in the short term. Equity and bond indices will drop Russian securities as these positions are no longer listed. The Russian positions that cannot be sold will consequently remain in portfolios as long as the market is closed and until it is possible to convert the ruble into another currency, which will take a long time. Corporate risks are increased and corporate profits will be affected by their dependence on commodities, among other factors. This means that the markets are likely to experience greater volatility in the coming months. Inevitably, geopolitical de-escalation will also be a lengthy process that will leave its mark for a prolonged period. |

| 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, 2022-06-30):
# du 1 janvier 2022 jusqu'à 30 juin 2022
|  |  |  |
| --- | --- | --- |
|  | Notes | COMBINÉ ( EN  EUR) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 7.603.461,09 |
| Intérêts sur placements |  | 12.050,47 |
| Réclamation de taxes |  | 31,13 |
| Total Revenus |  | 7.615.542,68 |
| Charges |  |  |
| Commission de gestion | 5 | 3.376.655,84 |
| Commission de banque dépositaire | 10 | 32.868,10 |
| Taxe d'abonnement | 7 | 36.031,63 |
| Frais d'administration | 9 | 428.593,22 |
| Frais et commissions divers |  | 60.581,56 |
| Frais de transactions | 8 | 862.585,13 |
| Intérêts débiteurs |  | 5.672,44 |
| Redevance aux autorités étrangères |  | 9.223,89 |
| Total Charges |  | 4.812.211,82 |
| Plus ou moins-value nette réalisée |  | 2.803.330,86 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 2.504.215,24 |
| - sur devises |  | -901.374,46 |
| - sur changes à terme |  | -3.517,58 |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 4.402.654,06 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -138.741.650,99 |
| - sur devises |  | -50.853,71 |
| Résultat des opérations |  | -134.389.850,63 |
| - Souscriptions |  | 46.712,96 |
| - Rachats |  | -168.498.506,29 |
| Dividendes payées | 11 | -20.881,12 |
| Variation de l'actif net |  | -302.862.525,09 |
| Actif net au début de la période |  | 774.735.439,06 |
| Différence de change de l'actif net du 31.12.21 jusqu’à 30.06.22 | 1h | 42.247.877,15 |
| Total de l'actif net à la fin de la période |  | 514.120.791,12 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 368.035.330,70 |
| Avoirs en banque |  | 15.969.173,90 |
| Intérêts à recevoir sur compte courant |  | 7.826,67 |
| Dividendes à recevoir sur actions |  | 1.533.191,02 |
| Montants à recevoir sur ventes de titres |  | 2.011.830,79 |
| Total des actifs |  | 387.557.353,08 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 1.226.062,72 |
| Intérêts débiteurs |  | 41.275,52 |
| Intérêts débiteurs |  | 247,73 |
| Montants à payer sur achats de titres |  | 1.517.030,52 |
| Total Charges |  | 2.784.616,49 |
| Total de l'actif net à la fin de la période |  | 384.772.736,59 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A USD |  | 6.145,000 |
| - B |  | 26.601,435 |
| - B USD |  | 143.079,301 |
| - F |  | 3.900,000 |
| - Z |  | 3.525,173 |
| Valeur Nette d'Inventaire par action (à la fin de la période) |  |  |
| - A USD |  | 94,78 |
| - B (EUR) |  | 118,47 |
| - B USD |  | 91,11 |
| - F (EUR) |  | 128,54 |
| - Z (EUR) |  | 99.673,19 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 20.444.183.460 |
| Avoirs en banque |  | 438.887.476 |
| Intérêts à recevoir sur compte courant |  | 0 |
| Dividendes à recevoir sur actions |  | 25.140.268 |
| Montants à recevoir sur ventes de titres |  | 94.436.565 |
| Total des actifs |  | 21.002.647.769 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 65.075.331 |
| Intérêts débiteurs |  | 0 |
| Intérêts débiteurs |  | 3.759 |
| Montants à payer sur achats de titres |  | 190.487.714 |
| Total Charges |  | 255.566.804 |
| Total de l'actif net à la fin de la période |  | 20.747.080.965 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A JPY |  | 1.410.000 |
| - B |  | 11.809.830 |
| - B JPY |  | 2.871.517 |
| - F JPY |  | 1.000 |
| - Z |  | 836.000 |
| Valeur Nette d'Inventaire par action (à la fin de la période) |  |  |
| - A JPY |  | 12.351 |
| - B (EUR) |  | 178.56 |
| - B JPY |  | 22.777 |
| - F JPY |  | 25.856 |
| - Z (EUR) |  | 171.511,52 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 6.087.525,53 |
| Intérêts sur placements |  | 12.290,37 |
| Réclamation de taxes |  | 32,54 |
| Total Revenus |  | 6.099.848,44 |
| Charges |  |  |
| Commission de gestion | 5 | 2.768.365,83 |
| Commission de banque dépositaire | 10 | 26.677,39 |
| Taxe d'abonnement | 7 | 27.447,14 |
| Frais d'administration | 9 | 345.829,48 |
| Frais et commissions divers |  | 48.515,28 |
| Frais de transactions | 8 | 831.474,22 |
| Intérêts débiteurs |  | 5.354,70 |
| Redevance aux autorités étrangères |  | 6.606,31 |
| Total Charges |  | 4.060.270,35 |
| Plus ou moins-value nette réalisée |  | 2.039.578,09 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -5.875.902,72 |
| - sur devises |  | -946.891,67 |
| - sur changes à terme |  | -486,86 |
| Bénéfice / (Perte) net(te) réalisé(e) |  | -4.783.703,16 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -139.492.641,21 |
| - sur devises |  | -54.180,72 |
| Résultat des opérations |  | -144.330.525,09 |
| - Souscriptions |  | 12.896,18 |
| - Rachats |  | -175.282.754,86 |
| Dividendes payées | 11 | -19.110,95 |
| Variation de l'actif net |  | -319.619.494,72 |
| Actif net au début de la période |  | 704.392.231,31 |
| Total de l'actif net à la fin de la période |  | 384.772.736,59 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 252.895.900 |
| Intérêts sur placements |  | 41.815 |
| Réclamation de taxes |  | 0 |
| Total Revenus |  | 252.937.715 |
| Charges |  |  |
| Commission de gestion | 5 | 103.488.800 |
| Commission de banque dépositaire | 10 | 1.043.987 |
| Taxe d'abonnement | 7 | 1.388.728 |
| Frais d'administration | 9 | 13.890.268 |
| Frais et commissions divers |  | 2.013.332 |
| Frais de transactions | 8 | 9.552.701 |
| Intérêts débiteurs |  | 78.192 |
| Redevance aux autorités étrangères |  | 412.566 |
| Total Charges |  | 131.868.574 |
| Plus ou moins-value nette réalisée |  | 121.069.141 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 1.153.943.806 |
| - sur devises |  | 618.105 |
| - sur changes à terme |  | -433.458 |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 1.275.197.594 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -754.649.947 |
| - sur devises |  | 137.989 |
| Résultat des opérations |  | 520.685.636 |
| - Souscriptions |  | 4.882.615 |
| - Rachats |  | -118.738.413 |
| Dividendes payées | 11 | -369.420 |
| Variation de l'actif net |  | 406.460.418 |
| Actif net au début de la période |  | 20.340.620.547 |
| Total de l'actif net à la fin de la période |  | 20.747.080.965 |

|  |
| --- |
| 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 |  |  |  |  |  |
| HAPVIDA PARTICIPACOES -E- INVESTIMEMT | 1.780.131 | BRL | 3.846.229,96 | 1.862.008,10 | 0,48% |
| LOCALIZA RENT -A- CAR S.A. | 131.593 | BRL | 1.334.730,52 | 1.318.831,24 | 0,34% |
| LOJAS RENNER S.A. | 185.645 | BRL | 837.869,71 | 803.004,79 | 0,21% |
| MAGAZINE LUIZA S.A. | 861.300 | BRL | 1.076.941,57 | 385.400,77 | 0,10% |
| PETROLEO BRASILEIRO S.A. | 447.332 | BRL | 2.758.980,78 | 2.389.148,69 | 0,62% |
| RAIA DROGASIL S.A. | 280.891 | BRL | 1.294.803,99 | 1.031.291,24 | 0,27% |
| SUZANO S.A. | 82.878 | BRL | 1.041.300,85 | 787.499,95 | 0,20% |
| ULTRAPAR PARTICIPACOES S.A. | 179.977 | BRL | 564.725,84 | 423.659,88 | 0,11% |
| WEG S.A. | 177.200 | BRL | 983.551,21 | 896.255,16 | 0,23% |
| Total BRÉSIL REAL |  |  | 13.739.134,43 | 9.897.099,82 | 2,57% |
| IAMGOLD CORP. | 170.733 | CAD | 559.805,57 | 273.983,26 | 0,07% |
| YAMANA GOLD INC. | 357.351 | CAD | 2.099.549,35 | 1.659.426,56 | 0,43% |
| Total DOLLAR CANADIEN |  |  | 2.659.354,92 | 1.933.409,82 | 0,50% |
| BANCO DE CHILE | 29.174.225 | CLP | 2.779.022,62 | 2.600.211,83 | 0,68% |
| CENCOSUD S.A. | 299.876 | CLP | 565.740,52 | 373.858,69 | 0,10% |
| Total PESO DU CHILI |  |  | 3.344.763,14 | 2.974.070,52 | 0,77% |
| BAOSHAN IRON & STEEL CO LTD -A- | 1.019.100 | CNY | 1.165.602,83 | 916.449,40 | 0,24% |
| BEIBU GULF PORT CO LTD | 516.100 | CNY | 814.899,99 | 598.261,12 | 0,16% |
| BEIJING YANJING BREWERY CO LTD -A- | 631.600 | CNY | 747.555,46 | 911.411,38 | 0,24% |
| BOE TECHNOLOGY GROUP CO LTD -A- | 1.896.000 | CNY | 1.891.256,84 | 1.115.911,50 | 0,29% |
| CHACHA FOOD CO LTD -A- | 95.499 | CNY | 918.315,96 | 812.148,05 | 0,21% |
| CHINA RAILWAY TIELONG CONTAINER -A- | 996.100 | CNY | 848.059,37 | 794.583,23 | 0,21% |
| CHONGQING DEPARTMENT STORE CO LTD | 109.200 | CNY | 548.217,06 | 351.858,45 | 0,09% |
| DAQIN RAILWAY CO LTD -A- | 748.100 | CNY | 727.819,48 | 736.444,91 | 0,19% |
| FAW JIEFANG GROUP CO LTD | 347.912 | CNY | 599.023,57 | 485.413,09 | 0,13% |
| FUJIAN STAR-NET COMMUNICATION CO | 175.300 | CNY | 802.540,86 | 592.861,89 | 0,15% |
| GUANGXI LIUGONG MACHINERY CO -A- | 510.400 | CNY | 491.102,60 | 496.348,66 | 0,13% |
| HAN'S LASER TECHNOLOGY INDUSTRY | 213.600 | CNY | 1.571.209,83 | 1.057.104,40 | 0,27% |
| INNER MONGOLIA YILI INDUSTRIAL -A- | 216.500 | CNY | 1.413.219,01 | 1.259.680,95 | 0,33% |
| JIANGSU HENGLI HYDRAULIC CO LTD -A- | 32.399 | CNY | 396.043,33 | 298.712,03 | 0,08% |
| MLS CO LTD -A- | 334.200 | CNY | 753.597,62 | 487.748,80 | 0,13% |
| ORG TECHNOLOGY CO LTD | 762.400 | CNY | 619.423,79 | 592.217,76 | 0,15% |
| PING AN BANK CO LTD -A- | 952.300 | CNY | 3.425.283,76 | 2.130.986,97 | 0,55% |
| SHANDONG NANSHAN ALUMINUM CO LTD | 1.727.200 | CNY | 565.820,68 | 952.059,72 | 0,25% |
| SHANGHAI KEHUA BIO-ENGINEERING CO L | 216.500 | CNY | 634.091,66 | 256.787,34 | 0,07% |
| SHENZHEN HEPALINK PHARMACEUTICAL GR | 287.460 | CNY | 767.069,53 | 754.903,59 | 0,20% |
| SHENZHEN LAIBAO HI-TECH CO LTD -A- | 315.900 | CNY | 644.039,93 | 386.009,62 | 0,10% |
| SICHUAN KELUN PHARMACEUTICAL CO LTD | 196.600 | CNY | 628.285,65 | 549.187,09 | 0,14% |
| TONGKUN GROUP CO LTD -A- | 263.249 | CNY | 504.109,29 | 624.471,22 | 0,16% |
| WANHUA CHEMICAL GROUP CO LTD -A- | 68.300 | CNY | 1.190.011,74 | 989.561,66 | 0,26% |
| WUXI TAIJI INDUSTRY CO LTD -A- | 526.200 | CNY | 926.079,09 | 580.099,38 | 0,15% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| XUJI ELECTRIC CO., LTD. -A- | 270.600 | CNY | 560.911,98 | 776.111,68 | 0,20% |
| YUNNAN COPPER CO LTD -A- | 389.800 | CNY | 657.335,86 | 663.224,80 | 0,17% |
| Total YUAN RENMINBI CHINOIS |  |  | 24.810.926,77 | 20.170.558,69 | 5,24% |
| ALPHA SERVICES & HLDG S.A. | 603.919 | EUR | 911.130,36 | 525.297,44 | 0,14% |
| EUROBANK HLDG S.A. | 592.792 | EUR | 485.120,29 | 522.560,04 | 0,14% |
| GAZTRANSPORT ET TECHNIGAZ S.A. | 16.812 | EUR | 2.145.860,46 | 2.100.344,60 | 0,55% |
| NATIONAL BANK OF GREECE S.A. | 186.963 | EUR | 502.524,23 | 551.784,90 | 0,14% |
| PROSUS N.V. | 27.399 | EUR | 2.414.808,50 | 1.789.694,90 | 0,47% |
| Total PAYS MEMBRES DE L'EURO |  |  | 6.459.443,84 | 5.489.681,88 | 1,43% |
| ANGLO AMERICAN PLC | 41.357 | GBP | 1.107.205,74 | 1.475.210,46 | 0,38% |
| PRUDENTIAL PLC | 47.774 | GBP | 1.013.577,81 | 589.503,41 | 0,15% |
| STANDARD CHARTERED PLC | 106.861 | GBP | 803.759,29 | 802.842,14 | 0,21% |
| Total LIVRE DU ROYAUME-UNI |  |  | 2.924.542,84 | 2.867.556,01 | 0,75% |
| 3SBIO INC. | 692.914 | HKD | 798.789,09 | 551.014,11 | 0,14% |
| AGRICULTURAL BANK OF CHINA -H- | 1.936.748 | HKD | 868.931,99 | 730.573,00 | 0,19% |
| AIA GROUP LTD | 406.356 | HKD | 3.920.796,38 | 4.404.329,33 | 1,14% |
| AIA GROUP LTD | 204.400 | HKD | 1.733.975,45 | 2.215.409,43 | 0,58% |
| ALIBABA GROUP HLDG LTD | 156.440 | HKD | 3.342.908,88 | 2.230.882,44 | 0,58% |
| ALIBABA GROUP HLDG LTD | 105.136 | HKD | 2.369.806,72 | 1.499.271,64 | 0,39% |
| ALIBABA GROUP HLDG LTD | 500.034 | HKD | 10.612.429,95 | 7.130.638,38 | 1,85% |
| ASM PACIFIC TECHNOLOGY | 64.200 | HKD | 997.691,44 | 545.298,08 | 0,14% |
| BANK OF CHINA LTD -H- | 1.476.922 | HKD | 666.032,04 | 589.115,82 | 0,15% |
| BANK OF COMMUNICATIONS CO LTD | 829.876 | HKD | 634.415,30 | 573.206,73 | 0,15% |
| BUDWEISER BREWING CO APAC LTD | 654.300 | HKD | 2.212.681,04 | 1.959.492,35 | 0,51% |
| CHINA COMMUNICATION -H- | 3.344.051 | HKD | 2.358.155,78 | 1.470.248,61 | 0,38% |
| CHINA CONSTRUCTION BANK CORP. | 4.893.000 | HKD | 4.029.182,54 | 3.286.129,10 | 0,85% |
| CHINA CONSTRUCTION BANK CORP. | 946.897 | HKD | 816.267,61 | 635.934,15 | 0,17% |
| CHINA GALAXY SECURITIES CO LTD | 994.500 | HKD | 695.156,81 | 574.118,82 | 0,15% |
| CHINA MERCHANTS BANK CO LTD -H- | 371.000 | HKD | 2.274.120,07 | 2.482.172,75 | 0,65% |
| CHINA MERCHANTS BANK CO LTD -H- | 364.500 | HKD | 1.893.688,57 | 2.438.684,55 | 0,63% |
| CHINA MINSHENG BANKING CORP. -H- | 546.376 | HKD | 402.089,39 | 194.961,31 | 0,05% |
| CHINA RAILWAY GROUP LTD -H- | 930.500 | HKD | 656.978,43 | 575.117,93 | 0,15% |
| CHINA VANKE CO LTD -H- | 465.600 | HKD | 1.615.284,56 | 1.170.088,40 | 0,30% |
| COSCO SHIPPING PORTS LTD | 461.685 | HKD | 501.902,17 | 325.952,50 | 0,08% |
| DONGFANG ELECTRIC CORP. -H- | 782.600 | HKD | 713.407,92 | 937.489,66 | 0,24% |
| DONGFENG MOTOR GP -H- | 570.000 | HKD | 634.893,27 | 432.932,22 | 0,11% |
| GREENTOWN CHINA HLDG LTD | 525.694 | HKD | 498.245,32 | 1.089.312,16 | 0,28% |
| GUANGZHOU AUTOMOBILE GROUP CO LTD | 944.000 | HKD | 945.050,26 | 913.087,84 | 0,24% |
| HAIER SMART HOME CO LTD -H- | 600.600 | HKD | 1.901.091,49 | 2.223.464,78 | 0,58% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 1.376.909 | HKD | 938.652,39 | 817.692,37 | 0,21% |
| JD.COM INC. -A- | 122.934 | HKD | 3.739.955,43 | 3.960.480,44 | 1,03% |
| JD.COM INC. -A- | 212.391 | HKD | 7.334.345,33 | 6.842.455,32 | 1,78% |
| KUNLUN ENERGY CO LTD | 856.000 | HKD | 796.388,33 | 701.428,69 | 0,18% |
| MEITUAN | 138.900 | HKD | 5.266.561,73 | 3.437.559,80 | 0,89% |
| NETEASE INC. | 70.000 | HKD | 1.459.911,95 | 1.285.466,64 | 0,33% |
| NINE DRAGONS PAPER LTD | 484.000 | HKD | 543.224,54 | 409.555,00 | 0,11% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| PING AN INSURANCE GROUP CO -H- | 229.400 | HKD | 2.090.890,39 | 1.559.648,13 | 0,41% |
| POLY PROPERTY GROUP CO | 883.453 | HKD | 363.647,51 | 212.786,49 | 0,06% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 819.088 | HKD | 2.072.099,54 | 1.630.460,88 | 0,42% |
| SINO OCEAN GROUP HLDG LTD | 754.604 | HKD | 345.508,47 | 127.899,70 | 0,03% |
| SITC INTERNATIONAL HLDG CO LTD | 126.666 | HKD | 393.864,35 | 358.353,64 | 0,09% |
| SUN ART RETAIL GROUP LTD | 522.142 | HKD | 581.912,98 | 169.678,81 | 0,04% |
| TECHTRONIC INDUSTRIES CO LTD | 59.000 | HKD | 731.509,12 | 615.417,00 | 0,16% |
| TECHTRONIC INDUSTRIES CO LTD | 277.500 | HKD | 2.412.786,54 | 2.894.546,04 | 0,75% |
| TENCENT HLDG LTD | 177.932 | HKD | 6.915.376,00 | 8.036.122,79 | 2,09% |
| TENCENT HLDG LTD | 170.653 | HKD | 7.934.885,64 | 7.707.373,96 | 2,00% |
| THE PEOPLE'INSURANCE CO | 1.328.037 | HKD | 624.903,69 | 406.181,56 | 0,11% |
| WUXI BIOLOGICS CAYMAN INC. | 210.500 | HKD | 2.299.300,79 | 1.926.084,49 | 0,50% |
| WUXI BIOLOGICS CAYMAN INC. | 268.000 | HKD | 2.071.399,84 | 2.452.212,09 | 0,64% |
| XIAOMI CORP-B | 511.600 | HKD | 885.759,07 | 889.290,59 | 0,23% |
| XINYI SOLAR HLDG LTD | 822.000 | HKD | 1.573.490,13 | 1.269.618,46 | 0,33% |
| ZIJIN MINING GROUP -H- | 940.000 | HKD | 1.259.166,96 | 1.151.198,01 | 0,30% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 854.900 | HKD | 390.510,67 | 456.486,70 | 0,12% |
| Total DOLLAR DE HONG KONG |  |  | 101.120.023,86 | 90.496.923,69 | 23,52% |
| GEDEON RICHTER | 93.262 | HUF | 2.071.483,27 | 1.678.293,73 | 0,44% |
| OTP BANK PLC | 34.172 | HUF | 1.320.503,88 | 758.277,52 | 0,20% |
| Total FORINT HONGROIS |  |  | 3.391.987,15 | 2.436.571,25 | 0,63% |
| BANK RAKYAT INDONESIA -B- | 13.401.537 | IDR | 3.288.492,06 | 3.733.271,66 | 0,97% |
| BANK RAKYAT INDONESIA -B- | 3.377.000 | IDR | 1.126.877,24 | 940.732,27 | 0,24% |
| PT BANK CENTRAL ASIA TBK | 3.962.200 | IDR | 1.649.986,59 | 1.928.240,88 | 0,50% |
| PT BANK CENTRAL ASIA TBK | 6.222.500 | IDR | 2.437.873,89 | 3.028.236,56 | 0,79% |
| PT PERUSAHAAN GAS NEGARA TBK | 4.549.100 | IDR | 665.274,74 | 485.522,65 | 0,13% |
| TELKOM INDONESIA PERSERO TBK | 7.083.500 | IDR | 2.181.261,38 | 1.901.931,08 | 0,49% |
| Total RUPIAH D'INDONÉSIE |  |  | 11.349.765,90 | 12.017.935,10 | 3,12% |
| BAJAJ FINSERV LTD | 13.509 | INR | 2.000.311,80 | 1.869.980,19 | 0,49% |
| BANK OF BARODA | 875.614 | INR | 1.041.017,03 | 1.079.930,40 | 0,28% |
| BHARAT FORGE LTD | 199.191 | INR | 1.522.794,35 | 1.644.024,10 | 0,43% |
| CONTAINER CORP. OF INDIA LTD | 176.387 | INR | 1.264.534,64 | 1.327.383,51 | 0,34% |
| DABUR INDIA -DIS- | 287.336 | INR | 2.124.992,70 | 1.804.479,90 | 0,47% |
| HDFC LIFE INSURANCE CO LTD | 162.762 | INR | 1.568.230,42 | 1.133.547,75 | 0,29% |
| HERO MOTOCORP LTD | 53.719 | INR | 2.211.114,62 | 1.850.005,56 | 0,48% |
| HOUSING DEVELOPMENT FINANCE CORP. | 148.610 | INR | 3.718.417,28 | 4.085.093,14 | 1,06% |
| ICICI BANK LTD | 479.234 | INR | 3.456.075,52 | 4.291.548,12 | 1,12% |
| INDIAN OIL CO BONU | 832.070 | INR | 0,00 | 391.156,40 | 0,10% |
| INDIAN OIL CORP. LTD | 832.070 | INR | 1.149.949,12 | 782.312,80 | 0,20% |
| KOTAK MAHINDRA BANK LTD | 39.078 | INR | 674.249,98 | 821.962,91 | 0,21% |
| LUPIN LTD | 58.254 | INR | 844.683,13 | 450.666,77 | 0,12% |
| MOTHERSON SUMI SYSTEMS LTD | 1.201.679 | INR | 2.868.687,84 | 1.797.820,43 | 0,47% |
| RELIANCE INDUSTRIES | 100.778 | INR | 2.642.922,37 | 3.312.348,16 | 0,86% |
| SBI LIFE INSURANCE CO LTD | 182.921 | INR | 2.189.256,48 | 2.505.268,96 | 0,65% |
| SHRIRAM TRANSPORT FINANCE CO LTD | 104.964 | INR | 1.603.983,96 | 1.703.069,06 | 0,44% |
| STATE BANK OF INDIA | 462.222 | INR | 2.673.337,91 | 2.726.888,85 | 0,71% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| SUN TV NETWORK LTD | 55.422 | INR | 433.669,87 | 289.522,89 | 0,08% |
| TECH MAHINDRA LTD | 171.471 | INR | 2.330.578,29 | 2.171.274,81 | 0,56% |
| TV18 BROADCAST LTD | 741.420 | INR | 482.446,43 | 365.675,51 | 0,10% |
| ZEE ENTERTAINMENT ENTERPRISES LTD | 153.256 | INR | 637.334,92 | 415.487,79 | 0,11% |
| Total ROUPIE DE L'INDE |  |  | 37.438.588,66 | 36.819.448,01 | 9,57% |
| GREEN CROSS CORP. | 3.063 | KRW | 441.514,64 | 397.501,16 | 0,10% |
| GS ENGINEERING & CONSTRUCTION CORP. | 23.185 | KRW | 716.469,61 | 563.375,51 | 0,15% |
| HANA FINANCIAL GROUP INC. | 58.150 | KRW | 2.193.176,91 | 1.762.324,83 | 0,46% |
| HANKOOK TIRE & TECHNOLOGY CO LTD | 18.194 | KRW | 817.300,48 | 461.716,20 | 0,12% |
| HYUNDAI DEPT STORE LTD | 10.849 | KRW | 885.926,98 | 585.732,38 | 0,15% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 21.660 | KRW | 992.706,83 | 689.803,62 | 0,18% |
| KB FINANCIAL GROUP INC. | 71.600 | KRW | 3.308.451,84 | 2.655.221,88 | 0,69% |
| KB FINANCIAL GROUP INC. | 15.649 | KRW | 596.752,58 | 580.329,15 | 0,15% |
| KIA CORP. | 14.201 | KRW | 627.425,64 | 845.453,89 | 0,22% |
| KIA CORP. | 37.773 | KRW | 2.647.129,93 | 2.248.808,51 | 0,58% |
| KIWOOM SECURITIES CO LTD | 9.202 | KRW | 1.031.945,80 | 586.110,15 | 0,15% |
| LG CHEM LTD | 3.895 | KRW | 2.728.921,36 | 1.547.920,55 | 0,40% |
| LG CHEM LTD | 7.677 | KRW | 4.896.288,93 | 3.050.933,53 | 0,79% |
| LG ELECTRONICS INC. | 8.105 | KRW | 423.848,10 | 551.194,95 | 0,14% |
| LOTTE CHEMICAL CORP. | 3.034 | KRW | 473.656,33 | 420.609,99 | 0,11% |
| OCI CO LTD | 8.919 | KRW | 656.497,62 | 985.733,62 | 0,26% |
| SAMSUNG ELECTRONICS CO LTD | 175.354 | KRW | 6.903.502,77 | 7.698.073,20 | 2,00% |
| SAMSUNG ELECTRONICS CO LTD | 211.425 | KRW | 9.144.819,50 | 9.281.596,80 | 2,41% |
| SAMSUNG ELECTRONICS CO LTD PFD | 19.678 | KRW | 601.218,71 | 788.089,98 | 0,20% |
| SAMSUNG ENGINEERING CO LTD | 60.328 | KRW | 751.788,15 | 1.001.284,99 | 0,26% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 183.675 | KRW | 1.060.584,54 | 858.677,82 | 0,22% |
| SAMSUNG LIFE INSURANCE CO LTD | 12.732 | KRW | 895.483,44 | 613.850,29 | 0,16% |
| SAMSUNG SDS CO LTD | 5.385 | KRW | 842.388,32 | 539.163,60 | 0,14% |
| SHINHAN FINANCIAL GROUP CO LTD | 23.773 | KRW | 886.558,65 | 678.365,43 | 0,18% |
| SK HYNIX INC. | 37.421 | KRW | 2.578.744,24 | 2.622.698,00 | 0,68% |
| SK NETWORKS CO LTD | 83.662 | KRW | 433.519,49 | 270.625,70 | 0,07% |
| S-OIL CORP. | 12.943 | KRW | 1.104.304,62 | 1.036.715,98 | 0,27% |
| Total GAGNÉ DE CORÉE DU SUD |  |  | 48.640.926,01 | 43.321.911,71 | 11,26% |
| GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV | 111.504 | MXN | 1.288.444,55 | 1.547.954,22 | 0,40% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 428.140 | MXN | 1.656.123,29 | 2.380.304,88 | 0,62% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 434.777 | MXN | 2.540.803,88 | 2.417.204,22 | 0,63% |
| KIMBERLY-CLARK DE MEXICO S.A.B. DE CV | 85.620 | MXN | 141.383,88 | 115.556,11 | 0,03% |
| WAL-MART DE MEXICO SAB DE CV | 863.787 | MXN | 2.501.897,14 | 2.968.232,57 | 0,77% |
| WAL-MART DE MEXICO SAB DE CV | 925.854 | MXN | 2.732.543,02 | 3.181.513,49 | 0,83% |
| Total PESO MEXICAIN |  |  | 10.861.195,76 | 12.610.765,49 | 3,28% |
| PRESS METAL ALUMINIUM HLDG BERHAD | 2.649.300 | MYR | 3.783.431,93 | 2.861.165,81 | 0,74% |
| Total RINGGIT DE MALAISIE |  |  | 3.783.431,93 | 2.861.165,81 | 0,74% |
| ALLEGRO.EU S.A. | 81.937 | PLN | 1.302.628,91 | 434.579,20 | 0,11% |
| GRUPA LOTOS S.A. | 40.109 | PLN | 578.292,65 | 613.079,13 | 0,16% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 245.323 | PLN | 610.969,35 | 581.411,04 | 0,15% |
| POLSKI KONCERN NAFTOWY ORLEN S.A. | 53.799 | PLN | 955.066,58 | 819.941,95 | 0,21% |
| TAURON POLSKA ENERGIA S.A. | 449.802 | PLN | 348.599,25 | 344.468,85 | 0,09% |
| Total ZLOTY POLONNAIS |  |  | 3.795.556,74 | 2.793.480,17 | 0,73% |
| QATAR NATIONAL BANK | 276.388 | QAR | 1.513.042,48 | 1.516.354,82 | 0,39% |
| QATAR NATIONAL BANK | 177.700 | QAR | 1.134.011,08 | 974.920,22 | 0,25% |
| Total RIYAL DU QATAR |  |  | 2.647.053,56 | 2.491.275,04 | 0,65% |
| FEDERAL GRID CO OF UNIF ENERGY | 302.629.537 | RUB | 908.656,92 | 55,27 | 0,00% |
| FEDERAL HYDROGENERATING CO -R- | 117.192.567 | RUB | 1.009.683,31 | 21,41 | 0,00% |
| MOBILE TELESYSTEMS P.J.S.C. | 134.728 | RUB | 614.963,73 | 0,02 | 0,00% |
| ROSSETI P.J.S.C. | 55.442.041 | RUB | 896.870,47 | 10,13 | 0,00% |
| ROSTELECOM PUBLIC JOINT STOCK | 461.771 | RUB | 606.047,52 | 0,08 | 0,00% |
| SURGUTNEFTEGAZ OJSC | 3.401.722 | RUB | 1.815.465,30 | 0,62 | 0,00% |
| Total ROUBLE DE RUSSIE |  |  | 5.851.687,25 | 87,53 | 0,00% |
| EPIROC AKTIEBOLAG AK -A- | 114.240 | SEK | 2.047.442,84 | 1.760.856,26 | 0,46% |
| Total COURONNE SUÉDOISE |  |  | 2.047.442,84 | 1.760.856,26 | 0,46% |
| AIRPORTS OF THAILAND PUBLIC CO LTD | 616.600 | THB | 1.122.174,13 | 1.238.345,94 | 0,32% |
| BANPU PUBLIC CO LTD FOREIGN -REG- | 1.773.066 | THB | 558.679,57 | 631.939,59 | 0,16% |
| IRPC PUBLIC CO LTD -FOREIGN- | 6.484.667 | THB | 623.803,71 | 590.641,10 | 0,15% |
| ITALIAN-THAI DVLPT PU CO LTD -FOREIGN- | 1.572.724 | THB | 189.246,77 | 96.091,81 | 0,02% |
| PTT EXPLORATION-PROD PUBLIC NVDR | 554.900 | THB | 2.048.536,07 | 2.503.545,73 | 0,65% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 477.502 | THB | 476.827,83 | 614.563,42 | 0,16% |
| SCB X PLC-NVDR | 481.900 | THB | 1.561.844,90 | 1.417.654,44 | 0,37% |
| SIAM CEMENT PUBLIC CO LTD FOREIGN | 55.465 | THB | 825.136,31 | 586.773,83 | 0,15% |
| THAI OIL PUBLIC CO LTD -FOREIGN- | 253.023 | THB | 153.313,53 | 368.593,22 | 0,10% |
| Total BAHT THAÏLANDAIS |  |  | 7.559.562,82 | 8.048.149,08 | 2,09% |
| ALARKO HLDG | 0 | TRY | 0,10 | 0,19 | 0,00% |
| ARCELIK A.S. | 265.575 | TRY | 685.394,07 | 1.153.187,44 | 0,30% |
| DOGAN SIRKETLER GRUBU HLDG AS | 877.299 | TRY | 232.151,90 | 182.852,79 | 0,05% |
| EMLAK KONUT GAYRIMENKUL YATIRIM ORT | 2.716.776 | TRY | 700.414,36 | 429.568,54 | 0,11% |
| EREGLI DEMIR VE CELIK FABRIKALARI | 384.239 | TRY | 582.841,45 | 624.577,01 | 0,16% |
| HACI OMER SABANCI HLDG AS | 597.875 | TRY | 836.806,72 | 677.137,13 | 0,18% |
| PETKIM PETROKIMYA HLDG AS | 1.090.532 | TRY | 606.340,05 | 576.078,54 | 0,15% |
| TEKFEN HLDG AS | 232.726 | TRY | 546.863,90 | 301.352,85 | 0,08% |
| TUPRAS TURKIYE PETROL RAFINELERI AS | 86.673 | TRY | 1.340.286,14 | 1.373.043,23 | 0,36% |
| TURKCELL ILETISIM HIZMET | 445.809 | TRY | 854.970,05 | 432.552,23 | 0,11% |
| TURKIYE IS BANKASI AS | 3.361.496 | TRY | 1.125.103,53 | 881.823,03 | 0,23% |
| TURK SISE CAM | 1 | TRY | 1,25 | 1,55 | 0,00% |
| YAPI VE KREDI BANKASI AS | 3.258.192 | TRY | 1.073.313,59 | 844.966,08 | 0,22% |
| Total LIRE TURQUE |  |  | 8.584.487,11 | 7.477.140,61 | 1,94% |
| ACCTON TECHNOLOGY CORP. | 373.000 | TWD | 2.144.006,86 | 2.991.927,10 | 0,78% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| ACER INC. | 886.781 | TWD | 540.797,69 | 647.187,18 | 0,17% |
| ASE INDUSTRIAL HLDG CO LTD | 266.000 | TWD | 1.104.298,56 | 683.484,68 | 0,18% |
| AU OPTRONICS CORP. | 896.450 | TWD | 321.558,20 | 491.436,57 | 0,13% |
| CHAILEASE HLDG CO LTD | 142.279 | TWD | 369.008,14 | 997.701,57 | 0,26% |
| CHAILEASE HOLD DVSE | 142.279 | TWD | 0,00 | 49.885,08 | 0,01% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 325.088 | TWD | 498.937,69 | 387.041,91 | 0,10% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1.328.167 | TWD | 542.013,73 | 428.822,64 | 0,11% |
| DELTA ELECTRONICS INC. | 498.000 | TWD | 3.303.136,88 | 3.709.854,40 | 0,96% |
| ENNOSTAR INC. | 240.500 | TWD | 726.704,58 | 410.087,78 | 0,11% |
| EVERLIGHT ELECTRONICS CO LTD | 154.928 | TWD | 302.115,93 | 214.935,26 | 0,06% |
| HIGH TECH COMPUTER CORP. | 330.349 | TWD | 508.714,31 | 543.294,92 | 0,14% |
| HON HAI PRECISION INDUSTRY CO LTD | 238.000 | TWD | 1.022.869,17 | 872.483,55 | 0,23% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 401.871 | TWD | 382.387,19 | 261.529,95 | 0,07% |
| INVENTEC CORP. | 616.000 | TWD | 508.280,66 | 521.041,71 | 0,14% |
| LANDMARK OPTOELECTRONICS CORP. | 268.000 | TWD | 2.707.424,72 | 1.045.554,26 | 0,27% |
| PEGATRON CORP. | 199.000 | TWD | 442.464,99 | 381.488,74 | 0,10% |
| PHISON ELECTRONICS CORP. | 44.000 | TWD | 716.697,31 | 401.028,98 | 0,10% |
| QISDA CORP. | 973.600 | TWD | 495.121,80 | 938.121,27 | 0,24% |
| REALTEK SEMICONDUCTOR CORP. | 96.000 | TWD | 1.612.530,81 | 1.172.010,90 | 0,30% |
| SILERGY CORP. | 11.000 | TWD | 663.023,82 | 886.037,28 | 0,23% |
| SILERGY CORP. | 9.000 | TWD | 1.266.873,93 | 724.939,59 | 0,19% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 778.000 | TWD | 18.281.515,21 | 12.454.902,77 | 3,24% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 692.000 | TWD | 6.458.873,36 | 11.078.139,74 | 2,88% |
| WINBOND ELECTRONICS CORP. | 848.000 | TWD | 728.715,49 | 618.884,18 | 0,16% |
| WIN SEMICONDUCTORS CORP. | 128.000 | TWD | 1.570.034,24 | 828.694,57 | 0,22% |
| WISTRON CORP. | 703.150 | TWD | 541.682,42 | 631.412,30 | 0,16% |
| WIWYNN CORP. | 106.000 | TWD | 3.779.556,71 | 2.484.805,70 | 0,65% |
| Total NOUVEAU DOLLAR DE TAIWAN |  |  | 51.539.344,40 | 46.856.734,58 | 12,18% |
| CENTERENERGO OJSC | 132.600 | UAH | 296.098,13 | 0,05 | 0,00% |
| RAIFFEISEN BANK AVAL JSC | 3.314.000 | UAH | 177.406,37 | 1,13 | 0,00% |
| Total HRYVNIA UKRAINIEN |  |  | 473.504,50 | 1,18 | 0,00% |
| ALIBABA GROUP HLDG LTD -ADR- | 13.142 | USD | 2.369.806,72 | 1.493.982,56 | 0,39% |
| ALROSA CJSC | 887.217 | USD | 1.002.923,24 | 8,87 | 0,00% |
| AUTOHOME INC. -ADR- | 21.000 | USD | 738.760,29 | 825.930,00 | 0,21% |
| AUTOHOME INC. -ADR- | 46.236 | USD | 2.807.727,25 | 1.818.461,88 | 0,47% |
| BRF S.A. -ADR- | 118.699 | USD | 461.560,33 | 303.869,44 | 0,08% |
| BUENAVENTURA -SP ADR- -B- | 94.600 | USD | 990.964,95 | 624.360,00 | 0,16% |
| CEMIG SPONSOREDADR | 306.511 | USD | 639.853,59 | 619.152,22 | 0,16% |
| CREDICORP LTD | 17.447 | USD | 2.798.456,62 | 2.092.069,77 | 0,54% |
| CREDICORP LTD | 10.556 | USD | 1.900.572,73 | 1.265.769,96 | 0,33% |
| ENTEGRIS INC. | 9.489 | USD | 926.562,50 | 874.221,57 | 0,23% |
| EPAM SYSTEMS INC. | 4.310 | USD | 1.153.338,42 | 1.270.501,80 | 0,33% |
| FREEPORT MCMORAN | 21.820 | USD | 774.907,92 | 638.455,38 | 0,17% |
| GAZPROM OAO | 573.170 | USD | 1.352.658,46 | 5,73 | 0,00% |
| GAZPROM -SP ADR- | 492.488 | USD | 2.712.047,77 | 4,92 | 0,00% |
| GAZPROM -SP ADR- | 108.446 | USD | 784.843,41 | 1,08 | 0,00% |
| HARMONY GOLD MINING | 175.411 | USD | 759.202,62 | 549.036,43 | 0,14% |
| HDFC BANK LTD -ADR- | 45.944 | USD | 2.116.015,56 | 2.525.082,24 | 0,66% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| HUAZHU GROUP LTD -ADR- | 18.605 | USD | 1.069.733,08 | 708.850,50 | 0,18% |
| MAGNIT JSC | 28.997 | USD | 1.658.079,99 | 0,29 | 0,00% |
| MERCADOLIBRE INC. | 1.287 | USD | 1.612.352,04 | 819.651,69 | 0,21% |
| MICRON TECHNOLOGY | 23.736 | USD | 1.957.214,24 | 1.312.126,08 | 0,34% |
| NEW ORIENTAL EDUCATION & TECHNOLOGY | 48.450 | USD | 803.941,05 | 986.442,00 | 0,26% |
| SBERBANK OF RUSSIA OJSC -ADR- | 4.450 | USD | 53.712,43 | 0,04 | 0,00% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 48.774 | USD | 768.089,29 | 0,49 | 0,00% |
| VIPSHOP HLDG LTD -ADR- | 53.773 | USD | 578.225,00 | 531.814,97 | 0,14% |
| VK CO LTD | 62.186 | USD | 1.333.599,58 | 0,62 | 0,00% |
| YUM CHINA HLDG INC. | 7.950 | USD | 374.824,09 | 385.575,00 | 0,10% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 34.499.973,17 | 19.645.375,53 | 5,11% |
| CAPITEC BANK HLDG LTD | 16.197 | ZAR | 916.965,17 | 1.959.690,19 | 0,51% |
| CLICKS GROUP LTD | 117.676 | ZAR | 2.167.674,47 | 1.963.198,08 | 0,51% |
| CLICKS GROUP LTD | 76.333 | ZAR | 1.042.043,95 | 1.273.469,52 | 0,33% |
| FIRSTRAND LTD | 557.297 | ZAR | 2.407.651,42 | 2.121.695,97 | 0,55% |
| REMGRO LTD | 84.437 | ZAR | 674.686,50 | 669.570,14 | 0,17% |
| SANLAM LTD | 189.469 | ZAR | 834.037,77 | 611.460,17 | 0,16% |
| SAPPI LTD | 296.604 | ZAR | 900.192,28 | 975.133,45 | 0,25% |
| SHOPRITE HLDG LTD | 15.083 | ZAR | 166.939,59 | 182.184,04 | 0,05% |
| SHOPRITE HLDG LTD | 213.216 | ZAR | 3.222.146,47 | 2.575.386,38 | 0,67% |
| Total RAND D'AFRIQUE DU SUD |  |  | 12.332.337,62 | 12.331.787,94 | 3,20% |
| Total Actions Cotées ou Négociées |  |  | 399.855.035,22 | 345.301.985,72 | 89,74% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 399.855.035,22 | 345.301.985,72 | 89,74% |
| 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% |
| BANPU PUBLIC WARRANT 21-300922 | 325.181 | THB | 0,00 | 58.868,81 | 0,02% |
| BANPU PUBLIC WARRANT 21-300923 | 354.995 | THB | 0,00 | 35.346,39 | 0,01% |
| Total BAHT THAÏLANDAIS |  |  | 0,00 | 94.215,20 | 0,02% |
| MOTOR SICH JSC | 400 | UAH | 177.854,71 | 0,00 | 0,00% |
| UKRTELECOM P.J.S.C. | 6.959.300 | UAH | 523.688,05 | 0,00 | 0,00% |
| Total HRYVNIA UKRAINIEN |  |  | 701.542,76 | 0,00 | 0,00% |
| BANK OF CHANGSHA-CLSA 21-160326 | 397.800 | USD | 680.586,38 | 471.393,00 | 0,12% |
| BANK OF CHENGDU-CICC FINANCE 21-180324 | 447.226 | USD | 835.124,26 | 1.106.838,29 | 0,29% |
| CAIHONG DISPLAY -UBS A.G. WARRANT 21-231222 | 481.100 | USD | 559.891,19 | 336.288,90 | 0,09% |
| FOTON-CICC FINANCE 20-191023 | 1.146.500 | USD | 552.165,86 | 484.320,58 | 0,13% |
| GLODON-CLSA 20-25 | 78.707 | USD | 643.966,46 | 638.471,18 | 0,17% |
| GLODON-CLSA 21-26 | 3.717 | USD | 32.113,53 | 30.152,30 | 0,01% |
| HANGZHOU TIGERMED CONSULTINF -CLSA 20-210425 | 211.001 | USD | 3.361.335,07 | 3.598.200,05 | 0,94% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| HUNDSUN TECH-CLSA 21-070926 | 255.504 | USD | 2.127.197,92 | 1.661.798,02 | 0,43% |
| JIANGSU HENGLI -UBS A.G. WARRANT 21-151222 | 40.876 | USD | 519.403,16 | 376.713,22 | 0,10% |
| JILIN SINO MICROELEC-CLSA 20-041225 | 412.996 | USD | 624.194,68 | 488.574,27 | 0,13% |
| MIDEA GROUP-CLSA WARRANT 18-050623 | 21.600 | USD | 173.210,88 | 194.356,80 | 0,05% |
| MIDEA GROUP-CLSA WARRANT 20-160925 | 252.206 | USD | 2.767.471,56 | 2.269.349,59 | 0,59% |
| NARI TECH -CLSA WARRANT 18-040923 | 937.782 | USD | 2.685.123,46 | 3.782.074,81 | 0,98% |
| RIZHAO -UBS A.G. WARRANT 21-270123 | 1.652.350 | USD | 751.457,04 | 750.166,90 | 0,19% |
| SHANDONG -UBS A.G. WARRANT 21-270123 | 341.034 | USD | 384.188,44 | 517.348,58 | 0,13% |
| SUNGROW-CLSA 22-27 | 123.076 | USD | 1.292.117,43 | 1.801.709,56 | 0,47% |
| TASLY -UBS WARRANT 22-090223 | 242.700 | USD | 617.276,40 | 380.796,30 | 0,10% |
| TIANJIN PORT -UBS LDS WARRANT 21-211122 | 1.127.198 | USD | 764.665,87 | 675.191,60 | 0,18% |
| TRIANGLE TY-CICC FINANCE 0,00 20-090323 | 218.500 | USD | 474.933,25 | 380.296,63 | 0,10% |
| WUXI-CLSA WRTS 20-25 | 94.546 | USD | 892.443,94 | 890.056,04 | 0,23% |
| XIAMEN -UBS LDS WARRANT 21-281022 | 423.857 | USD | 402.317,01 | 440.387,42 | 0,11% |
| ZHONGJI INN-CLSA 21-290426 | 294.931 | USD | 1.683.635,23 | 1.364.645,74 | 0,35% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 22.824.819,02 | 22.639.129,78 | 5,88% |
| Total Autres valeurs mobilières |  |  | 31.676.294,12 | 22.733.344,98 | 5,91% |
| Total du Portefeuille-Titres |  |  | 431.531.329,34 | 368.035.330,70 | 95,65% |

|  |
| --- |
| 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 |  |  |  |  |  |
| AICA KOGYO CO LTD | 60.800 | JPY | 207.426.780 | 172.185.600 | 0,83% |
| AIR WATER INC. | 85.000 | JPY | 145.484.153 | 144.840.000 | 0,70% |
| ALFRESA HLDG CORP. | 103.000 | JPY | 173.117.050 | 187.975.000 | 0,91% |
| ALPS ALPINE CO LTD | 202.000 | JPY | 244.124.997 | 278.154.000 | 1,34% |
| BANK OF KYOTO LTD | 6.000 | JPY | 30.522.581 | 34.680.000 | 0,17% |
| CANON INC. | 121.700 | JPY | 334.103.997 | 375.444.500 | 1,81% |
| CURVES HLDG CO LTD | 82.200 | JPY | 19.687.825 | 54.252.000 | 0,26% |
| DAIICHIKOSHO CO LTD | 48.700 | JPY | 226.969.806 | 192.365.000 | 0,93% |
| DENTSU GROUP INC. | 123.200 | JPY | 505.343.452 | 502.040.000 | 2,42% |
| DIC CORP. | 40.000 | JPY | 92.896.420 | 96.200.000 | 0,46% |
| EAST JAPAN RAILWAY COMPANY | 37.000 | JPY | 289.504.064 | 256.706.000 | 1,24% |
| EAST JAPAN RAILWAY COMPANY | 50.300 | JPY | 454.123.388 | 348.981.400 | 1,68% |
| FUJI KYUKO CO LTD | 25.600 | JPY | 74.417.854 | 107.520.000 | 0,52% |
| FUJI TELEVISION NETWORK INC. | 210.000 | JPY | 245.260.210 | 241.290.000 | 1,16% |
| FUKUOKA FINANCIAL GROUP INC. | 34.100 | JPY | 72.902.639 | 83.340.400 | 0,40% |
| FUKUYAMA TRANSPORT | 20.000 | JPY | 62.191.798 | 61.600.000 | 0,30% |
| FURUKAWA ELECTRIC | 67.000 | JPY | 168.127.191 | 149.276.000 | 0,72% |
| H2O RETAILING CORP. | 165.000 | JPY | 133.738.595 | 173.415.000 | 0,84% |
| HAKUHODO DY HLDG INC. | 30.000 | JPY | 37.119.801 | 37.350.000 | 0,18% |
| HAMAMATSU PHOTONICS KK | 45.800 | JPY | 192.547.006 | 241.366.000 | 1,16% |
| HIKARI TSUSHIN INC. | 18.000 | JPY | 250.724.382 | 250.380.000 | 1,21% |
| HISAMITSU PHARMACEUTICAL CO INC. | 39.600 | JPY | 213.209.870 | 138.402.000 | 0,67% |
| HITACHI CONSTRUCTION MACHINERY | 51.700 | JPY | 143.509.473 | 155.358.500 | 0,75% |
| HOYA CORP. | 30.100 | JPY | 256.961.529 | 348.708.500 | 1,68% |
| ICHIBANYA CO LTD | 22.000 | JPY | 99.870.151 | 103.510.000 | 0,50% |
| ITO EN LTD | 55.100 | JPY | 279.047.324 | 335.008.000 | 1,61% |
| IZUMI CO LTD | 10.000 | JPY | 27.888.500 | 30.550.000 | 0,15% |
| JAFCO CO | 52.000 | JPY | 85.955.040 | 85.072.000 | 0,41% |
| JAPAN AIRLINES CO LTD | 105.000 | JPY | 248.302.859 | 249.375.000 | 1,20% |
| JAPAN POST HLDG CO LTD | 86.000 | JPY | 76.474.265 | 83.342.600 | 0,40% |
| JMDC INC. | 18.300 | JPY | 98.142.200 | 108.153.000 | 0,52% |
| JTEKT CORP. | 199.500 | JPY | 190.159.497 | 203.490.000 | 0,98% |
| KAKAKU.COM INC. | 61.200 | JPY | 158.693.568 | 136.965.600 | 0,66% |
| KAKEN PHARMACEUTICAL CO LTD | 9.000 | JPY | 38.862.972 | 34.335.000 | 0,17% |
| KANEKA CORP. | 63.000 | JPY | 218.000.630 | 210.420.000 | 1,01% |
| KEYENCE CORP. | 7.200 | JPY | 261.968.046 | 333.936.000 | 1,61% |
| KOBE STEEL LTD | 250.000 | JPY | 143.459.867 | 154.250.000 | 0,74% |
| KOEI TECMO HLDG CO LTD | 84.190 | JPY | 203.428.500 | 368.752.200 | 1,78% |
| KOMERI CO LTD | 15.000 | JPY | 38.058.580 | 39.555.000 | 0,19% |
| KUBOTA CORP. | 138.100 | JPY | 270.138.484 | 279.928.700 | 1,35% |
| KURARAY | 138.900 | JPY | 148.430.994 | 152.095.500 | 0,73% |
| LINTEC CORP. | 13.000 | JPY | 32.160.870 | 29.887.000 | 0,14% |
| M3 INC. | 16.200 | JPY | 46.448.973 | 63.147.600 | 0,30% |
| MEBUKI FINANCIAL GROUP INC. | 250.000 | JPY | 64.443.250 | 66.750.000 | 0,32% |
| MEDIPAL | 107.000 | JPY | 205.397.669 | 204.798.000 | 0,99% |
| MITSUBISHI ELECTRIC CORP. | 115.000 | JPY | 171.308.363 | 166.865.000 | 0,80% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| MITSUBISHI ESTATE | 36.000 | JPY | 62.602.092 | 70.884.000 | 0,34% |
| MITSUBISHI GAS CHEMICAL CO LTD | 65.000 | JPY | 128.650.914 | 127.075.000 | 0,61% |
| MITSUBISHI MATERIALS CORP. | 44.000 | JPY | 97.067.185 | 85.448.000 | 0,41% |
| MIZUHO FINANCIAL GROUP INC. | 73.120 | JPY | 120.755.089 | 112.824.160 | 0,54% |
| MIZUHO FINANCIAL GROUP INC. | 200.000 | JPY | 301.060.813 | 308.600.000 | 1,49% |
| MODEC INC. | 78.000 | JPY | 171.779.976 | 91.260.000 | 0,44% |
| NEC CORP. | 20.000 | JPY | 103.696.262 | 105.400.000 | 0,51% |
| NIFCO INC. | 96.000 | JPY | 296.798.983 | 303.840.000 | 1,46% |
| NIPPON SANSO HLDG CORP. | 114.000 | JPY | 213.480.921 | 246.582.000 | 1,19% |
| NIPPON SHOKUBAI CO LTD | 8.000 | JPY | 42.297.000 | 42.000.000 | 0,20% |
| NISSAN MOTOR | 180.000 | JPY | 99.500.004 | 95.076.000 | 0,46% |
| NITORI HLDG CO LTD | 16.000 | JPY | 198.076.891 | 206.320.000 | 0,99% |
| NOK CORP. | 122.900 | JPY | 149.599.229 | 135.681.600 | 0,65% |
| NSK LTD | 280.000 | JPY | 217.150.362 | 204.400.000 | 0,99% |
| OBAYASHI CORP. | 171.000 | JPY | 162.601.186 | 168.435.000 | 0,81% |
| OBIC BUSINESS CONSULTANTS CO LTD | 44.200 | JPY | 196.810.713 | 206.193.000 | 0,99% |
| ORIENTAL LAND CO LTD | 13.900 | JPY | 153.264.172 | 262.988.000 | 1,27% |
| ORIX CORP. | 231.000 | JPY | 375.861.691 | 525.756.000 | 2,53% |
| OUTSOURCING INC. | 111.000 | JPY | 130.132.672 | 114.885.000 | 0,55% |
| PANASONIC HLDG CORP. | 90.000 | JPY | 100.536.147 | 98.685.000 | 0,48% |
| PARAMOUNT BED HLDG CO LTD | 50.600 | JPY | 116.202.669 | 111.421.200 | 0,54% |
| PIGEON CORP. | 35.100 | JPY | 152.599.280 | 65.321.100 | 0,31% |
| RAKUTEN GROUP INC. | 580.000 | JPY | 433.713.624 | 354.960.000 | 1,71% |
| RENESAS ELECTRONICS CORP. | 380.000 | JPY | 486.421.017 | 468.540.000 | 2,26% |
| RENGO CO LTD | 180.000 | JPY | 133.694.920 | 132.480.000 | 0,64% |
| RICOH | 194.000 | JPY | 196.080.868 | 205.834.000 | 0,99% |
| RYOHIN KEIKAKU CO LTD | 130.000 | JPY | 199.515.664 | 179.790.000 | 0,87% |
| SANRIO CO LTD | 52.100 | JPY | 110.459.544 | 160.728.500 | 0,77% |
| SAWAI GROUP HLDG CO LTD | 18.000 | JPY | 92.774.800 | 74.070.000 | 0,36% |
| SBI HLDG INC. | 90.000 | JPY | 245.725.061 | 238.950.000 | 1,15% |
| SEIKAGAKU CORP. | 49.700 | JPY | 75.597.033 | 40.555.200 | 0,20% |
| SHIMIZU CORP. | 142.000 | JPY | 116.125.180 | 106.500.000 | 0,51% |
| SHIN-ETSU CHEMICAL | 22.100 | JPY | 260.114.525 | 338.130.000 | 1,63% |
| SHIZUOKA BANK | 100.000 | JPY | 79.107.490 | 81.500.000 | 0,39% |
| SHOWA DENKO KK | 49.600 | JPY | 94.824.911 | 114.377.600 | 0,55% |
| SQUARE ENIX CO LTD | 87.800 | JPY | 432.823.211 | 527.678.000 | 2,54% |
| SUMITOMO BAKELITE | 6.000 | JPY | 26.316.375 | 24.390.000 | 0,12% |
| SUMITOMO HEAVY INDUSTRIES LTD | 28.000 | JPY | 80.925.210 | 83.860.000 | 0,40% |
| SUMITOMO METAL MINING CO LTD | 25.000 | JPY | 107.171.910 | 106.250.000 | 0,51% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 49.700 | JPY | 193.320.658 | 200.390.400 | 0,97% |
| SUMITOMO MITSUI TRUST HLDG | 50.000 | JPY | 177.148.369 | 209.000.000 | 1,01% |
| SUMITOMO SHOJI CORP. | 35.000 | JPY | 52.181.144 | 64.995.000 | 0,31% |
| SUZUKEN CO LTD | 40.000 | JPY | 133.769.792 | 153.400.000 | 0,74% |
| SUZUKI MOTOR CORP. | 86.000 | JPY | 346.881.837 | 366.704.000 | 1,77% |
| TAIKISHA LTD | 36.700 | JPY | 129.390.666 | 116.706.000 | 0,56% |
| TAISEI CORP. | 20.000 | JPY | 72.938.129 | 84.500.000 | 0,41% |
| TAKEDA PHARMACEUTICAL CO LTD | 49.000 | JPY | 169.127.899 | 187.082.000 | 0,90% |
| TBS HLDG INC. | 86.000 | JPY | 156.851.166 | 146.114.000 | 0,70% |
| TEIJIN LTD | 120.000 | JPY | 160.815.055 | 169.560.000 | 0,82% |
| TOKUYAMA CORP. | 135.000 | JPY | 252.409.260 | 233.010.000 | 1,12% |
| TOTO LTD | 93.000 | JPY | 442.432.382 | 416.640.000 | 2,01% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| TOWA CORP | 30.000 | JPY | 53.031.570 | 52.200.000 | 0,25% |
| TOYOBO | 35.000 | JPY | 40.056.440 | 35.070.000 | 0,17% |
| TOYOTA TSUSHO COR | 96.700 | JPY | 320.724.844 | 428.381.000 | 2,06% |
| TRANSCOSMOS INC. | 23.000 | JPY | 71.865.100 | 80.155.000 | 0,39% |
| TREND MICRO INC. | 81.200 | JPY | 436.064.773 | 537.544.000 | 2,59% |
| TSUMURA & CO | 95.300 | JPY | 313.224.318 | 290.188.500 | 1,40% |
| UBE CORP. | 85.000 | JPY | 161.269.427 | 171.445.000 | 0,83% |
| USS CO LTD | 235.200 | JPY | 465.226.225 | 552.484.800 | 2,66% |
| WACOM CO LTD | 174.600 | JPY | 93.790.861 | 146.664.000 | 0,71% |
| YAMADA HLDG LTD | 940.000 | JPY | 434.539.425 | 458.720.000 | 2,21% |
| YOKOGAWA ELECTRIC | 153.300 | JPY | 264.912.582 | 343.545.300 | 1,66% |
| Total YEN JAPONAIS |  |  | 19.384.542.979 | 20.444.183.460 | 98,54% |
| Total Actions Cotées ou Négociées |  |  | 19.384.542.979 | 20.444.183.460 | 98,54% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 19.384.542.979 | 20.444.183.460 | 98,54% |
| Total du Portefeuille-Titres |  |  | 19.384.542.979 | 20.444.183.460 | 98,54% |

(Content)
| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| ILES CAYMAN | 16,14 % |
| CHINE | 14,27 % |
| TAIWAN | 11,49 % |
| CORÉE DU SUD | 11,26 % |
| INDE | 10,23 % |
| AFRIQUE DU SUD | 3,35 % |
| MEXIQUE | 3,28 % |
| INDONÉSIE | 3,12 % |
| BRÉSIL | 2,81 % |
| HONG KONG | 2,77 % |
| THAILANDE | 2,12 % |
| SINGAPOUR | 2,09 % |
| TURQUIE | 1,94 % |
| ROYAUME-UNI | 1,65 % |
| ETATS-UNIS D'AMÉRIQUE | 1,38 % |
| BERMUDES | 1,25 % |
| CHILIE | 0,77 % |
| MALAISIE | 0,74 % |
| QATAR | 0,65 % |
| HONGRIE | 0,63 % |
| POLOGNE | 0,61 % |
| FRANCE | 0,55 % |
| LUXEMBOURG | 0,54 % |
| CANADA | 0,50 % |
| PAYS-BAS | 0,47 % |
| SUEDE | 0,46 % |
| GRÈCE | 0,42 % |
| PÉROU | 0,16 % |
| Total du Portefeuille-Titres | 95,65 % |

(Content)
| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| JAPON | 98,54 % |
| Total du Portefeuille-Titres | 98,54 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| BANQUES | 16,74 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 10,22 % |
| SERVICES FINANCIERS - HOLDINGS | 8,43 % |
| TELECOMMUNICATIONS | 6,92 % |
| PHOTO & OPTIQUE | 6,74 % |
| IT & INTERNET | 6,07 % |
| DISTRIBUTION | 4,16 % |
| COMPAGNIES D'ASSURANCE | 4,13 % |
| PETROLE & DERIVES | 3,80 % |
| PRODUITS CHIMIQUES | 3,44 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 3,23 % |
| VEHICULES ROUTIERS | 3,20 % |
| PHARMACIE - COSMETIQUE | 2,63 % |
| INFORMATIQUE - REPRODUCTION | 2,43 % |
| METAUX NON-FERREUX | 1,70 % |
| CONSTRUCTION MECANIQUE | 1,55 % |
| METAUX & PIERRES PRECIEUSES | 0,90 % |
| TRANSPORTS AERIENS | 0,84 % |
| BOISSONS & TABACS | 0,75 % |
| IMMOBILIER | 0,73 % |
| TEXTILE & HABILLEMENT | 0,67 % |
| MATERIAUX DE CONSTRUCTION | 0,65 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 0,65 % |
| BIENS DE CONSOMMATION DIVERS | 0,63 % |
| PRODUITS FORESTIERS & PAPIERS | 0,59 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 0,54 % |
| SANTE & SERVICES | 0,48 % |
| DIFFUSION & EDITION | 0,47 % |
| SERVICES DIVERS | 0,35 % |
| TRANSPORT & CIRCULATION | 0,34 % |
| AERONAUTIQUE & DEFENSE | 0,32 % |
| LOISIRS & TOURISME | 0,28 % |
| SOURCES D'ENERGIE | 0,24 % |
| TRANSPORTS MARITIMES | 0,24 % |
| PNEUS & CAOUTCHOUC | 0,22 % |
| INDUSTRIE DE L’EMBALLAGE | 0,15 % |
| AGRICULTURE & PECHE | 0,08 % |
| DIVERS BIENS DE CAPITAUX | 0,07 % |
| BIOTECHNOLOGIE | 0,07 % |
| Total du Portefeuille-Titres | 95,65 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total de l'actif net |
|  |
| SERVICES FINANCIERS - HOLDINGS | 10,95 % |
| PRODUITS CHIMIQUES | 10,12 % |
| IT & INTERNET | 8,83 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 8,21 % |
| VEHICULES ROUTIERS | 7,01 % |
| BANQUES | 6,26 % |
| MATERIAUX DE CONSTRUCTION | 5,13 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 4,95 % |
| CONSTRUCTION MECANIQUE | 4,91 % |
| PHARMACIE - COSMETIQUE | 4,60 % |
| DISTRIBUTION | 4,25 % |
| TRANSPORT & CIRCULATION | 2,92 % |
| LOISIRS & TOURISME | 2,55 % |
| DIFFUSION & EDITION | 2,42 % |
| SOCIETES DIVERSIFIEES | 2,38 % |
| TRANSPORTS AERIENS | 1,90 % |
| TELECOMMUNICATIONS | 1,71 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 1,61 % |
| INFORMATIQUE - REPRODUCTION | 1,61 % |
| SERVICES DIVERS | 1,48 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 1,26 % |
| BIENS DE CONSOMMATION DIVERS | 1,09 % |
| SANTE & SERVICES | 0,83 % |
| INDUSTRIE DE L’EMBALLAGE | 0,64 % |
| METAUX NON-FERREUX | 0,41 % |
| IMMOBILIER | 0,34 % |
| TEXTILE & HABILLEMENT | 0,17 % |
| Total du Portefeuille-Titres | 98,54 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| DOLLAR DE HONG KONG | 23,52 % |
| NOUVEAU DOLLAR DE TAIWAN | 12,18 % |
| GAGNÉ DE CORÉE DU SUD | 11,26 % |
| DOLLAR DES ETATS UNIS D'AMÉRIQUE | 10,99 % |
| ROUPIE DE L'INDE | 9,57 % |
| YUAN RENMINBI CHINOIS | 5,24 % |
| PESO MEXICAIN | 3,28 % |
| RAND D'AFRIQUE DU SUD | 3,20 % |
| RUPIAH D'INDONÉSIE | 3,12 % |
| BRÉSIL REAL | 2,57 % |
| BAHT THAÏLANDAIS | 2,12 % |
| LIRE TURQUE | 1,94 % |
| PAYS MEMBRES DE L'EURO | 1,43 % |
| PESO DU CHILI | 0,77 % |
| LIVRE DU ROYAUME-UNI | 0,75 % |
| RINGGIT DE MALAISIE | 0,74 % |
| ZLOTY POLONNAIS | 0,73 % |
| RIYAL DU QATAR | 0,65 % |
| FORINT HONGROIS | 0,63 % |
| DOLLAR CANADIEN | 0,50 % |
| COURONNE SUÉDOISE | 0,46 % |
| Total du Portefeuille-Titres | 95,65 % |

| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| YEN JAPONAIS | 98,54 % |
| Total du Portefeuille-Titres | 98,54 % |

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 | 6.024,000 |
| --- | --- |
| - B | 28.502,435 |
| - B USD | 153.265,058 |
| - F | 3.900,000 |
| - Z | 5.008,173 |
| Actions émises au cours de la période	- A USD | 121,000 |
| - B | 0,000 |
| - B USD | 0,000 |
| - F | 0,000 |
| - Z | 0,000 |
| Actions remboursées au cours de la période	- A USD | 0,000 |
| - B | 1.901,000 |
| - B USD | 10.185,757 |
| - F | 0,000 |
| - Z | 1.483,000 |
| Actions en circulation à la fin de la période	- A USD | 6.145,000 |
| - B | 26.601,435 |
| - B USD | 143.079,301 |
| - F | 3.900,000 |
| - Z | 3.525,173 |

Japan Multi Management
| Actions en circulation au début de la période	- A JPY | 1.410,000 |
| --- | --- |
| - B | 12.475,830 |
| - B JPY | 3.046,517 |
| - F JPY | 1,000 |
| - Z | 840,000 |
| Actions émises au cours de la période	- A JPY | 0,000 |
| - B | 95,000 |
| - B JPY | 115,000 |
| - F JPY | 0,000 |
| - Z | 0,000 |
| Actions remboursées au cours de la période	- A JPY | 0,000 |
| - B | 761,000 |
| - B JPY | 290,000 |
| - F JPY | 0,000 |
| - Z | 4,000 |
| Actions en circulation à la fin de la période	- A JPY | 1.410,000 |
| - B | 11.809,830 |
| - B JPY | 2.871,517 |
| - F JPY | 1,000 |
| - Z | 836,000 |

| 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) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 644.551.626,65 732.082.905,07 704.392.231,31 384.772.736,59 | - A USD | 46.575,000 | 118,62 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 34.303,655 | 126,77 | EUR |
| - B USD | 546.263,616 | 104,73 | USD |
| - F | 3.900,000 | 135,81 | EUR |
| - F USD | 830,908 | 109,49 | USD |
| - Z | 4.936,173 | 104.000,49 | EUR |
| - A USD | 24.200,000 | 136,95 | USD |
| - B | 31.736,655 | 139,00 | EUR |
| - B USD | 355.731,560 | 125,07 | USD |
| - F | 3.900,000 | 149,56 | EUR |
| - Z | 4.815,173 | 115.107,14 | EUR |
| - A USD | 6.024,000 | 128,18 | USD |
| - B | 28.502,435 | 142,63 | EUR |
| - B USD | 153.265,058 | 119,34 | USD |
| - F | 3.900,000 | 154,36 | EUR |
| - Z | 5.008,173 | 119.400,66 | EUR |
| - A USD | 6.145,000 | 94,78 | USD |
| - B | 26.601,435 | 118,47 | EUR |
| - B USD | 143.079,301 | 91,11 | USD |
| - F | 3.900,000 | 128,54 | EUR |
| - Z | 3.525,173 | 99.673,19 | EUR |

| Japan Multi Management (JPY) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 22.074.314.741 15.985.991.380 20.340.620.547 20.747.080.965 | - A JPY | 19.050,000 | 11.158 | JPY |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 60.191,674 | 175,24 | EUR |
| - B JPY | 58.460,627 | 19.228 | JPY |
| - F | 8.550,000 | 181,98 | EUR |
| - F JPY | 1,000 | 21.467 | JPY |
| - Z | 961,000 | 164.301,66 | EUR |
| - A JPY | 2.688,000 | 11.150 | JPY |
| - B | 21.361,830 | 174,15 | EUR |
| - B JPY | 7.574,627 | 19.758 | JPY |
| - F JPY | 1,000 | 22.172 | JPY |
| - Z | 737,000 | 164.726,88 | EUR |
| - A JPY | 1.410,000 | 12.362 | JPY |
| - B | 12.475,830 | 189,51 | EUR |
| - B JPY | 3.046,517 | 22.317 | JPY |
| - F JPY | 1,000 | 25.239 | JPY |
| - Z | 840,000 | 181.320,74 | EUR |
| - A JPY | 1.410,000 | 12.351 | JPY |
| - B | 11.809,830 | 178,56 | EUR |
| - B JPY | 2.871,517 | 22.777 | JPY |
| - F JPY | 1,000 | 25.856 | JPY |
| - Z | 836,000 | 171.511,52 | EUR |


### NOTE 1 - PRINCIPES ET MÉTHODES COMPTABLES
Les états financiers de la SICAV ont été préparés conformément avec les exigences légales et réglementaires et les principes comptables généralement acceptés au Luxembourg, sur la base de la Valeur nette d'inventaire officielle au 30 juin 2022, y compris les principes significatifs suivants :
- Evaluation du portefeuilles-titresLa valeur de toute liquidité disponible ou en dépôt, de tout effet de commerce et billet à demande à payer et créance, de tout frais prépayé, de tout dividende en espèce et intérêts déclaré ou cumulé tel que susmentionné et non encore perçu est supposée en être le montant total, sauf dans les cas où le paiement ou le paiement total de celui-ci est peu probable, auquel cas la valeur est calculée en tenant compte de cette réduction telle que considérée comme juste afin de refléter la véritable valeur.

La valeur de chaque titre ou autre actif qui est coté ou échangé sur une bourse de valeurs est basée sur le dernier cours de clôture disponible au 30 juin 2022 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 2022 au Luxembourg.
Dans le cas d’actifs qui ne sont pas cotés ou échangés sur une bourse de valeurs ou un Marché réglementé, ou si, dans le cas d'actifs cotés ou échangés sur une bourse de valeurs ou un Marché réglementé tels que susmentionnés, le cours tel que calculé selon les deux paragraphes précédents n’est pas représentatif de la juste valeur de marché des actifs en question, la valeur de ces actifs sera basée sur le prix de vente raisonnablement prévisible déterminé de façon prudente et de bonne foi.
Le Conseil d’Administration, à son entière discrétion, peut autoriser l’usage d'autres méthodes
d’évaluation s’il estime qu'une telle évaluation reflète mieux la juste valeur des actifs.
- Plus ou moins-value nette réalisée sur investissementsLa plus ou moins-value nette réalisée sur ventes de titres est calculée sur base du coût moyen des titres vendus.

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

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

Lorsque la SICAV fait face à des frais concernant un compartiment en particulier, ces derniers sont alloués à ce compartiment.
Les dépenses non attribuables à un compartiment en particulier sont réparties entre les différents compartiments au prorata de la valeur nette d’inventaire de chaque compartiment.
- Plus ou moins-values nettes 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 compartiment converti dans cette devise au taux de change prévalant à la date des états financiers (Note 2).
- Taux de changeLe libellé "Différence de Change entre le 31.12.21 et le 30.06.22" 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	= | 142,02965 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1,04545 | USD |

NOTE 3 - TAXES ET FRAIS À PAYER
| Commission de gestion | 1.420.069,96 | EUR |
| --- | --- | --- |
| Commission de banque dépositaire | 12.773,70 | EUR |
| Taxe d'abonnement | 14.740,61 | EUR |
| Frais et commissions divers | 183.357,78 | EUR |
| Total | 1.630.942,06 | 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 :
| Classes d’action | Commission de vente |
| --- | --- |
| A - USD | Max. 2% |
| A - JPY | Max. 2% |
| B | Max. 2% |
| B - USD | Max. 2% |
| B - JPY | Max. 2% |
| F | Max. 1% |
| F - JPY | Max. 1% |
| Z | - |


### NOTE 5 - COMMISSION DE GESTION
La Société de Gestion reçoit une rémunération du compartiment en question qui consiste en :
| Classes d’action | Commission de gestion |
| --- | --- |
| A - USD | Max. 2,000% p.a. |
| A - JPY | Max. 2,000% p.a. |
| B | Max. 2,000% p.a. |
| B - USD | Max. 2,000% p.a. |
| B - JPY | Max. 2,000% p.a. |
| F | Max. 1,500% p.a. |
| F - JPY | Max. 1,500% p.a. |
| Z | Max. 1,000% p.a. |

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 2022 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2021. |
| 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 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 10 - COMMISSION 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 11 - DIVIDENDES |
| L'Assemblée Générale Ordinaire des actionnaires de la SICAV a décidé le 16 avril 2019 de payer les dividendes suivants : - un dividende de 3,11 USD par action A USD du compartiment Emerging Multi Management, ISIN Code LU1518579492 ;
- un dividende de 262 JPY par action A JPY du compartiment Japan Multi Management, ISIN Code LU1518583098.
 Les actions ont été cotées ex-dividende à partir du 10 mai 2022. Les paiements ont été effectués le 16 mai 2022. |
| NOTE 12 - EVÉNEMENTS AU COURS DE LA PÉRIODE |
| La pandémie de COVID-19 (coronavirus) tend à perdurer et perturbe encore fortement la vie des gens au quotidien depuis maintenant bientôt deux années. Cela a bien évidement une incidence sur l’économie mondiale bien que la finance dans son secteur spécifique ne soit pas le secteur le plus défavorisé. Partout dans le monde, les autorités ont pris et continuent à prendre des mesures énergiques et indispensables pour contenir la diffusion du virus, et pour soutenir les particuliers et les entreprises en ces temps difficiles. Impact de l’invasion russe en Ukraine : L’invasion de l’Ukraine par l’armée russe est un évènement qui perturbera les marchés financiers mondiaux, à travers divers canaux, pendant un certain temps. La hausse des prix des matières premières est un des premiers canaux de transmission de risque dans l’économie mondiale, et plus particulièrement pour les pays qui sont plus dépendants d’un approvisionnement en Russie (énergie, blé, différents métaux). La Russie est le 6ème plus gros producteur mondial de matières premières. L’augmentation actuelle des prix renforce le caractère non transitoire de l’inflation qui était constatée dans la plupart des pays développés. Le scénario de stagflation, combinaison d’une plus faible croissance liée à un niveau d’inflation élevé, est devenu plus probable pour les mois à venir. Les banques centrales, qui planifiaient la sortie du support monétaire mis en place lors de la crise du Covid, doivent réévaluer leur sortie de crise car toute augmentation des taux pour contrer l’inflation risque d’avoir un impact significatif sur l’activité économique. L’équilibre restera difficile. La Russie est fortement isolée à travers le monde, ne trouvant plus que la Chine comme partenaire commercial significatif. D’éventuelles répercussions suite aux sanctions imposées à la Russie risquent également d’impacter significativement l’économie européenne si Moscou décidait, en représailles, de stopper le flux de gaz dont sont fortement dépendants l’Allemagne ou l’Italie. |

Le rouble n’est plus traitable sur les marchés de change et la banque centrale russe a été également mise au pilori des sanctions. Les devises ont dès lors un risque accru de volatilité, ce risque pourrait rester un certain temps. Les indices actions et obligataires vont retirer les titres russes étant donné que ces positions ne sont plus cotées. Les positions russes qui n’ont pu être vendues resteront en conséquence dans les portefeuilles aussi longtemps que la bourse sera fermée et tant qu’il ne sera pas possible de convertir le rouble dans une autre devise, ce qui prendra beaucoup de temps.
Les risques sur les sociétés sont accrus et leurs bénéfices seront influencés par leur dépendance, entre autres, aux matières premières. Les marchés sont par conséquents à risque de subir davantage de volatilité dans les mois à venir.
La désescalade géopolitique prendra également inévitablement beaucoup de temps et laissera des traces pour une longue période.
| Transparence des opérations de financement sur titres et de la réutilisation du collatéral cash ("SFTR") |
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| 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. |