# from 1 April 2021 to the 30 September 2021
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1f | 4,016,218.04 |
| Interest on bonds, net of taxes | 1f | 10,972,712.56 |
| Tax claim |  | 592.46 |
| Total Income |  | 14,989,523.06 |
| Expenses |  |  |
| Management Fee | 3 | 42,097,478.04 |
| Depositary fees |  | 1,249,953.25 |
| Subscription tax | 4 | 5,490,312.48 |
| Administration fees |  | 3,357,074.37 |
| Miscellaneous fees |  | 367,838.33 |
| Transaction fees |  | 901,532.94 |
| Overdraft interest |  | 1,152,642.64 |
| Taxes paid to foreign authorities |  | 9,892.02 |
| Total Expenses |  | 54,626,724.07 |
| Net Profit / (Loss) |  | -39,637,201.01 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 159,104,450.42 |
| - on currencies |  | 605,790.34 |
| - on forward exchange contracts |  | -3,209,437.34 |
| - on futures |  | -557,346.93 |
| Total Net Realised Profit / (Loss) |  | 116,306,255.48 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 229,614,294.13 |
| - on currencies |  | 601,173.18 |
| - on forward exchange contracts |  | 6,058,758.32 |
| - on futures |  | 7,165,759.29 |
| Result of operations |  | 359,746,240.40 |
| - Subscriptions |  | 532,222,927.29 |
| - Redemptions |  | -497,970,473.54 |
| Dividends paid | 10 | -19,619,290.40 |
| Net changes in Net Assets |  | 374,379,403.75 |
| Net assets at the beginning of the period |  | 9,422,883,882.86 |
| Net assets at the end of the period |  | 9,797,263,286.61 |

|  |
| --- |
| Low |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 699,466,681.60 |
| Cash at banks |  | 54,875,217.17 |
| Interest receivable on bonds |  | 1,063,157.37 |
| Dividends receivable on shares |  | 21,473.21 |
| Amounts receivable on subscriptions |  | 507,092.77 |
| Amounts receivable on investment sold |  | 1,409,587.61 |
| Unrealised gain on forward exchange contracts | 6 | 0.00 |
| Futures guaranty deposit | 5 | 1,654,925.38 |
| Forward foreign exchange collateral |  | 0.00 |
| Prepaid expenses |  | 146,715.16 |
| Total Assets |  | 759,144,850.27 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 1,664,406.13 |
| Overdraft interest |  | 23,252.33 |
| Amounts payable on redemptions |  | 522,882.54 |
| Amounts payable on purchases of investments |  | 1,296,431.13 |
| Unrealised Loss on Forward Exchange Contracts | 6 | 309,940.60 |
| Amounts payable to the broker on futures | 5 | 0.00 |
| Total Liabilities |  | 3,816,912.73 |
| Net assets at the end of the period |  | 755,327,937.54 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A |  | 5,048,295.931 |
| - B |  | 2,362,288.465 |
| - C1 |  | 625,239.672 |
| - C2 |  | 1,183,845.873 |
| - D1 |  | 1,721,620.674 |
| - D2 |  | 3,209,485.272 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A |  | 35.37 |
| - B |  | 95.59 |
| - C1 |  | 96.12 |
| - C2 |  | 96.80 |
| - D1 |  | 35.58 |
| - D2 |  | 35.83 |

|  |
| --- |
| Medium |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 5,785,043,388.87 |
| Cash at banks |  | 371,715,741.05 |
| Interest receivable on bonds |  | 6,888,657.26 |
| Dividends receivable on shares |  | 343,145.41 |
| Amounts receivable on subscriptions |  | 2,685,658.85 |
| Amounts receivable on investment sold |  | 0.00 |
| Unrealised gain on forward exchange contracts | 6 | 0.00 |
| Futures guaranty deposit | 5 | 9,230,954.99 |
| Forward foreign exchange collateral |  | 1,210,000.00 |
| Prepaid expenses |  | 1,199,525.78 |
| Total Assets |  | 6,178,317,072.21 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 15,367,455.44 |
| Overdraft interest |  | 146,877.95 |
| Amounts payable on redemptions |  | 6,432,457.92 |
| Amounts payable on purchases of investments |  | 21,430,738.75 |
| Unrealised Loss on Forward Exchange Contracts | 6 | 748,131.51 |
| Amounts payable to the broker on futures | 5 | 1.59 |
| Total Liabilities |  | 44,125,663.16 |
| Net assets at the end of the period |  | 6,134,191,409.05 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A |  | 21,926,607.848 |
| - B |  | 10,917,197.955 |
| - C1 |  | 5,177,182.524 |
| - C2 |  | 7,639,710.123 |
| - D1 |  | 11,178,787.351 |
| - D2 |  | 13,719,398.494 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A |  | 60.02 |
| - B |  | 138.02 |
| - C1 |  | 139.46 |
| - C2 |  | 140.52 |
| - D1 |  | 60.63 |
| - D2 |  | 61.09 |

|  |
| --- |
| High |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 1,370,278,463.74 |
| Cash at banks |  | 87,010,021.78 |
| Interest receivable on bonds |  | 65,722.92 |
| Dividends receivable on shares |  | 116,612.74 |
| Amounts receivable on subscriptions |  | 2,142,222.16 |
| Amounts receivable on investment sold |  | 0.00 |
| Unrealised gain on forward exchange contracts | 6 | 168,064.11 |
| Futures guaranty deposit | 5 | 3,512,708.27 |
| Forward foreign exchange collateral |  | 0.00 |
| Prepaid expenses |  | 254,446.10 |
| Total Assets |  | 1,463,548,261.82 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 4,076,175.01 |
| Overdraft interest |  | 32,600.73 |
| Amounts payable on redemptions |  | 1,411,618.13 |
| Amounts payable on purchases of investments |  | 0.00 |
| Unrealised Loss on Forward Exchange Contracts | 6 | 0.00 |
| Amounts payable to the broker on futures | 5 | 0.28 |
| Total Liabilities |  | 5,520,394.15 |
| Net assets at the end of the period |  | 1,458,027,867.67 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A |  | 4,679,602.880 |
| - B |  | 2,969,461.007 |
| - C1 |  | 1,631,274.707 |
| - C2 |  | 1,928,972.450 |
| - D1 |  | 2,357,155.727 |
| - D2 |  | 2,267,949.059 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A |  | 65.71 |
| - B |  | 128.01 |
| - C1 |  | 129.34 |
| - C2 |  | 130.26 |
| - D1 |  | 66.40 |
| - D2 |  | 66.87 |

|  |
| --- |
| Medium Low |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 1,353,545,549.80 |
| Cash at banks |  | 94,140,388.39 |
| Interest receivable on bonds |  | 1,556,409.72 |
| Dividends receivable on shares |  | 58,886.03 |
| Amounts receivable on subscriptions |  | 2,284,126.00 |
| Amounts receivable on investment sold |  | 1,326,912.44 |
| Unrealised gain on forward exchange contracts | 6 | 0.00 |
| Futures guaranty deposit | 5 | 2,693,074.18 |
| Forward foreign exchange collateral |  | 0.00 |
| Prepaid expenses |  | 298,986.69 |
| Total Assets |  | 1,455,904,333.25 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 3,448,153.44 |
| Overdraft interest |  | 39,405.93 |
| Amounts payable on redemptions |  | 275,856.85 |
| Amounts payable on purchases of investments |  | 2,093,693.95 |
| Unrealised Loss on Forward Exchange Contracts | 6 | 331,150.63 |
| Amounts payable to the broker on futures | 5 | 0.10 |
| Total Liabilities |  | 6,188,260.90 |
| Net assets at the end of the period |  | 1,449,716,072.35 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A |  | 5,203,749.048 |
| - B |  | 4,740,417.007 |
| - C1 |  | 1,844,196.813 |
| - C2 |  | 2,890,256.491 |
| - D1 |  | 2,460,301.807 |
| - D2 |  | 2,391,968.569 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A |  | 71.24 |
| - B |  | 76.55 |
| - C1 |  | 77.11 |
| - C2 |  | 77.65 |
| - D1 |  | 71.77 |
| - D2 |  | 72.28 |

|  |
| --- |
| Low |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1f | 160,377.37 |
| Interest on bonds, net of taxes | 1f | 1,268,649.29 |
| Tax claim |  | 0.00 |
| Total Income |  | 1,429,026.66 |
| Expenses |  |  |
| Management Fee | 3 | 2,851,622.17 |
| Depositary fees |  | 102,349.75 |
| Subscription tax | 4 | 409,803.54 |
| Administration fees |  | 287,490.16 |
| Miscellaneous fees |  | 40,423.78 |
| Transaction fees |  | 58,971.27 |
| Overdraft interest |  | 125,422.99 |
| Taxes paid to foreign authorities |  | 2,151.32 |
| Total Expenses |  | 3,878,234.98 |
| Net Profit / (Loss) |  | -2,449,208.32 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 10,655,639.38 |
| - on currencies |  | -45,987.12 |
| - on forward exchange contracts |  | -271,987.30 |
| - on futures |  | -751,010.27 |
| Total Net Realised Profit / (Loss) |  | 7,137,446.37 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 5,196,925.01 |
| - on currencies |  | 45,715.47 |
| - on forward exchange contracts |  | 458,222.42 |
| - on futures |  | 906,405.68 |
| Result of operations |  | 13,744,714.95 |
| - Subscriptions |  | 40,174,156.40 |
| - Redemptions |  | -67,556,077.02 |
| Dividends paid | 10 | -1,898,078.04 |
| Net changes in Net Assets |  | -15,535,283.71 |
| Net assets at the beginning of the period |  | 770,863,221.25 |
| Net assets at the end of the period |  | 755,327,937.54 |

|  |
| --- |
| Medium |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1f | 2,558,209.75 |
| Interest on bonds, net of taxes | 1f | 7,740,964.79 |
| Tax claim |  | 492.79 |
| Total Income |  | 10,299,667.33 |
| Expenses |  |  |
| Management Fee | 3 | 26,268,765.19 |
| Depositary fees |  | 784,422.15 |
| Subscription tax | 4 | 3,480,180.68 |
| Administration fees |  | 2,051,816.68 |
| Miscellaneous fees |  | 231,096.49 |
| Transaction fees |  | 583,275.00 |
| Overdraft interest |  | 662,131.88 |
| Taxes paid to foreign authorities |  | 3,186.93 |
| Total Expenses |  | 34,064,875.00 |
| Net Profit / (Loss) |  | -23,765,207.67 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 109,924,685.76 |
| - on currencies |  | 711,679.73 |
| - on forward exchange contracts |  | -2,275,591.51 |
| - on futures |  | -119,062.16 |
| Total Net Realised Profit / (Loss) |  | 84,476,504.15 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 139,426,036.94 |
| - on currencies |  | 229,689.53 |
| - on forward exchange contracts |  | 4,124,986.57 |
| - on futures |  | 4,134,689.40 |
| Result of operations |  | 232,391,906.59 |
| - Subscriptions |  | 298,386,884.11 |
| - Redemptions |  | -295,798,908.08 |
| Dividends paid | 10 | -12,323,639.46 |
| Net changes in Net Assets |  | 222,656,243.16 |
| Net assets at the beginning of the period |  | 5,911,535,165.89 |
| Net assets at the end of the period |  | 6,134,191,409.05 |

|  |
| --- |
| High |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1f | 852,923.30 |
| Interest on bonds, net of taxes | 1f | 135,736.25 |
| Tax claim |  | 94.45 |
| Total Income |  | 988,754.00 |
| Expenses |  |  |
| Management Fee | 3 | 7,044,872.33 |
| Depositary fees |  | 180,419.96 |
| Subscription tax | 4 | 759,343.63 |
| Administration fees |  | 507,837.23 |
| Miscellaneous fees |  | 37,729.26 |
| Transaction fees |  | 134,441.59 |
| Overdraft interest |  | 157,283.52 |
| Taxes paid to foreign authorities |  | 2,271.67 |
| Total Expenses |  | 8,824,199.19 |
| Net Profit / (Loss) |  | -7,835,445.19 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 18,051,994.75 |
| - on currencies |  | 6,642.14 |
| - on forward exchange contracts |  | -147,270.71 |
| - on futures |  | 866,059.69 |
| Total Net Realised Profit / (Loss) |  | 10,941,980.68 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 61,222,144.17 |
| - on currencies |  | 256,303.05 |
| - on forward exchange contracts |  | 463,217.22 |
| - on futures |  | 1,133,555.09 |
| Result of operations |  | 74,017,200.21 |
| - Subscriptions |  | 125,356,446.94 |
| - Redemptions |  | -65,724,084.73 |
| Dividends paid | 10 | -1,995,339.87 |
| Net changes in Net Assets |  | 131,654,222.55 |
| Net assets at the beginning of the period |  | 1,326,373,645.12 |
| Net assets at the end of the period |  | 1,458,027,867.67 |

|  |
| --- |
| Medium Low |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1f | 444,707.62 |
| Interest on bonds, net of taxes | 1f | 1,827,362.23 |
| Tax claim |  | 5.22 |
| Total Income |  | 2,272,075.07 |
| Expenses |  |  |
| Management Fee | 3 | 5,932,218.35 |
| Depositary fees |  | 182,761.39 |
| Subscription tax | 4 | 840,984.63 |
| Administration fees |  | 509,930.30 |
| Miscellaneous fees |  | 58,588.80 |
| Transaction fees |  | 124,845.08 |
| Overdraft interest |  | 207,804.25 |
| Taxes paid to foreign authorities |  | 2,282.10 |
| Total Expenses |  | 7,859,414.90 |
| Net Profit / (Loss) |  | -5,587,339.83 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 20,472,130.53 |
| - on currencies |  | -66,544.41 |
| - on forward exchange contracts |  | -514,587.82 |
| - on futures |  | -553,334.19 |
| Total Net Realised Profit / (Loss) |  | 13,750,324.28 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 23,769,188.01 |
| - on currencies |  | 69,465.13 |
| - on forward exchange contracts |  | 1,012,332.11 |
| - on futures |  | 991,109.12 |
| Result of operations |  | 39,592,418.65 |
| - Subscriptions |  | 68,305,439.84 |
| - Redemptions |  | -68,891,403.71 |
| Dividends paid | 10 | -3,402,233.03 |
| Net changes in Net Assets |  | 35,604,221.75 |
| Net assets at the beginning of the period |  | 1,414,111,850.60 |
| Net assets at the end of the period |  | 1,449,716,072.35 |

|  |
| --- |
| Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| NESTLE -REG- | 5,713 | CHF | 404,637.96 | 595,555.55 | 0.08% |
| NOVARTIS -REG- | 19,000 | CHF | 1,055,759.97 | 1,350,263.62 | 0.18% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 638 | CHF | 190,771.00 | 201,798.26 | 0.03% |
| Total SWISS FRANC |  |  | 1,651,168.93 | 2,147,617.43 | 0.28% |
| AIR LIQUIDE | 9,030 | EUR | 842,770.89 | 1,251,377.40 | 0.17% |
| AMADEUS IT GROUP S.A. | 11,900 | EUR | 582,389.36 | 676,872.00 | 0.09% |
| ENEL AZ | 144,102 | EUR | 1,099,962.98 | 958,422.40 | 0.13% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 1,130 | EUR | 435,892.01 | 700,713.00 | 0.09% |
| SIEMENS -NOM- | 1,517 | EUR | 153,736.07 | 215,292.64 | 0.03% |
| SOLVAY & CIE | 6,733 | EUR | 560,279.42 | 724,807.45 | 0.10% |
| STELLANTIS N.V. | 23,000 | EUR | 337,568.05 | 380,006.00 | 0.05% |
| TOTALENERGIES SE | 29,000 | EUR | 1,119,547.84 | 1,198,715.00 | 0.16% |
| Total EURO |  |  | 5,132,146.62 | 6,106,205.89 | 0.81% |
| ASTRAZENECA PLC | 4,383 | GBP | 321,840.61 | 456,784.53 | 0.06% |
| UNILEVER PLC | 9,494 | GBP | 447,011.94 | 442,364.84 | 0.06% |
| Total BRITISH POUND |  |  | 768,852.55 | 899,149.37 | 0.12% |
| ASSA ABLOY AB -B- | 10,500 | SEK | 166,798.14 | 264,800.30 | 0.04% |
| Total SWEDISH KRONA |  |  | 166,798.14 | 264,800.30 | 0.04% |
| ALPHABET INC. -C- | 339 | USD | 318,205.68 | 779,619.56 | 0.10% |
| AMAZON.COM INC. | 249 | USD | 426,790.71 | 705,789.69 | 0.09% |
| BOSTON SCIENTIFIC CORP. | 17,811 | USD | 541,907.48 | 666,827.12 | 0.09% |
| COMCAST CORP. -A- | 7,900 | USD | 233,842.53 | 381,247.68 | 0.05% |
| JP MORGAN CHASE & CO | 6,200 | USD | 525,724.17 | 875,687.48 | 0.12% |
| MERCK & CO INC.-NEW- | 5,943 | USD | 400,775.99 | 385,157.88 | 0.05% |
| MICROSOFT CORP. | 2,305 | USD | 416,195.29 | 560,702.01 | 0.07% |
| Total U.S. DOLLAR |  |  | 2,863,441.85 | 4,355,031.42 | 0.58% |
| Total Shares & Related Securities |  |  | 10,582,408.09 | 13,772,804.41 | 1.82% |
| Bonds |  |  |  |  |  |
| ABBOTT IRELAND FINANCE 0,875 18-270923 | 1,500,000 | EUR | 1,562,355.00 | 1,535,340.00 | 0.20% |
| ABN AMRO BANK 0,875 19-150124 | 1,500,000 | EUR | 1,491,195.00 | 1,541,047.50 | 0.20% |
| AEDIFICAT 0,75 21-090931 | 700,000 | EUR | 699,125.00 | 688,961.00 | 0.09% |
| AHOLD DELHAIZE N.V. 0,875 17-190924 | 1,500,000 | EUR | 1,568,820.00 | 1,541,692.50 | 0.20% |
| ANHEUSER BUSCH INBEV 1,125 19-010727 | 2,300,000 | EUR | 2,303,589.87 | 2,422,601.50 | 0.32% |
| ARGENTA SPAARBANK 1,00 20-290127 | 1,000,000 | EUR | 995,300.00 | 1,027,680.00 | 0.14% |
| AROUNDTOWN S.A. 0,00 20-160726 | 800,000 | EUR | 785,980.00 | 787,696.00 | 0.10% |
| AT&T INC. 1,30 15-050923 | 1,700,000 | EUR | 1,755,638.10 | 1,743,987.50 | 0.23% |

|  |
| --- |
| Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| BECTON DICKINSON 1,401 18-240523 | 800,000 | EUR | 806,284.00 | 820,292.00 | 0.11% |
| BECTON DICKINSON 1,90 16-151226 | 1,000,000 | EUR | 1,002,600.00 | 1,082,275.00 | 0.14% |
| BEFIMMO S.A. FRN 15-210422 | 1,500,000 | EUR | 1,500,000.00 | 1,492,312.50 | 0.20% |
| BLACKROCK INC. 1,25 15-060525 | 1,200,000 | EUR | 1,294,992.00 | 1,261,014.00 | 0.17% |
| BMW FINANCE N.V. 0,50 18-221122 | 1,500,000 | EUR | 1,507,456.50 | 1,516,327.50 | 0.20% |
| BPCE S.A. 1,00 19-010425 | 1,100,000 | EUR | 1,098,086.00 | 1,136,828.00 | 0.15% |
| BUREAU VERITAS 1,125 19-180127 | 1,000,000 | EUR | 1,033,000.00 | 1,027,955.00 | 0.14% |
| BUREAU VERITAS 1,25 16-070923 | 1,000,000 | EUR | 1,023,202.00 | 1,022,930.00 | 0.14% |
| CAPGEMINI SE 1,25 20-150422 | 500,000 | EUR | 498,970.00 | 503,650.00 | 0.07% |
| CIE SAINT GOBAIN 0,625 19-150324 | 1,500,000 | EUR | 1,494,195.00 | 1,532,175.00 | 0.20% |
| CITIGROUP INC. 0,75 16-261023 | 1,700,000 | EUR | 1,709,350.00 | 1,731,203.50 | 0.23% |
| COFINIMMO -SICAFI-1,929 15-250322 | 2,000,000 | EUR | 2,000,000.00 | 2,019,640.00 | 0.27% |
| COOP RABOBANK 0,625 19-270224 | 2,500,000 | EUR | 2,501,145.00 | 2,551,737.50 | 0.34% |
| CREDIT AGRICOLE LONDON FRN 18-060323 | 1,100,000 | EUR | 1,110,021.00 | 1,108,046.50 | 0.15% |
| DH EUROPE FINANCE 0,45 19-180328 | 1,800,000 | EUR | 1,791,000.00 | 1,813,122.00 | 0.24% |
| EANDIS CVBA 2,75 12-301122 | 1,500,000 | EUR | 1,518,000.00 | 1,551,930.00 | 0.21% |
| EANDIS CVBA 4,50 11-081121 | 1,500,000 | EUR | 1,674,000.00 | 1,507,102.50 | 0.20% |
| ECOLAB INC. 1,00 16-150124 | 1,700,000 | EUR | 1,729,149.90 | 1,742,780.50 | 0.23% |
| ENEXIS HLDG N.V. 3,375 12-260122 | 1,500,000 | EUR | 1,649,850.00 | 1,518,090.00 | 0.20% |
| ERG SpA 1,875 19-110425 | 1,500,000 | EUR | 1,587,750.00 | 1,587,712.50 | 0.21% |
| ESSITY AB 0,625 17-280322 | 1,000,000 | EUR | 1,003,000.00 | 1,002,470.00 | 0.13% |
| FLUXYS BELGIUM 1,75 17-051027 | 1,000,000 | EUR | 1,030,000.00 | 1,054,705.00 | 0.14% |
| GIMV 2,50 21-150329 | 600,000 | EUR | 600,000.00 | 621,609.00 | 0.08% |
| GLAXOSMITHKLINE CAPITAL 0,00 19-230923 | 1,500,000 | EUR | 1,502,760.00 | 1,509,060.00 | 0.20% |
| GLENCORE FINANCE 1,625 14-180122 | 1,700,000 | EUR | 1,769,799.00 | 1,701,326.00 | 0.23% |
| GOLDMAN SACHS GROUP 2,00 15-270723 | 1,700,000 | EUR | 1,814,308.00 | 1,768,901.00 | 0.23% |
| GROUPE BRUX LAMBERT 1,375 17-230524 | 1,500,000 | EUR | 1,519,744.00 | 1,560,660.00 | 0.21% |
| GROUPE BRUX LAMBERT 1,875 18-190625 | 1,000,000 | EUR | 1,016,400.00 | 1,071,165.00 | 0.14% |
| HEINEKEN N.V. 1,00 16-040526 | 1,500,000 | EUR | 1,589,850.00 | 1,569,172.50 | 0.21% |
| HOCHTIEF A.G. 0,5 19-030927 | 1,600,000 | EUR | 1,588,064.00 | 1,605,992.00 | 0.21% |
| ITALY BTP 0,40 16-110424 | 2,000,000 | EUR | 2,025,012.56 | 2,117,824.70 | 0.28% |
| ITALY BTP 0,95 21-010337 | 1,200,000 | EUR | 1,203,948.00 | 1,139,910.00 | 0.15% |
| ITALY BTP 3,00 19-010829 | 8,250,000 | EUR | 9,574,537.50 | 9,780,457.50 | 1.29% |
| ITALY BTP 3,35 18-010335 | 1,500,000 | EUR | 1,824,839.25 | 1,904,370.00 | 0.25% |
| ITALY BTP FRN 16-150528 | 6,900,000 | EUR | 8,157,011.78 | 8,569,218.31 | 1.13% |
| ITALY BTP -INFLATION LINKED- 0,10 16-150522 | 3,000,000 | EUR | 3,150,852.96 | 3,306,471.13 | 0.44% |
| KBC GROUP 0,75 21-310531 | 800,000 | EUR | 799,600.00 | 799,460.00 | 0.11% |
| KBC GROUP FRN 17-241122 | 2,000,000 | EUR | 2,014,791.56 | 2,011,070.00 | 0.27% |
| KBC GROUP S.A. FRN 21-230624 | 500,000 | EUR | 502,338.00 | 502,380.00 | 0.07% |
| LA LORRAINE BAKERY 3,00 20-151227 | 1,100,000 | EUR | 1,109,625.00 | 1,129,656.00 | 0.15% |
| LA POSTE 0,625 20-211026 | 1,500,000 | EUR | 1,497,587.36 | 1,545,255.00 | 0.20% |
| LVMH 0,75 20-070425 | 500,000 | EUR | 498,585.00 | 515,960.00 | 0.07% |
| LVMH MOET HENNESSY. LOUIS VUITTON SE 0,125 19-280223 | 2,500,000 | EUR | 2,496,410.00 | 2,516,825.00 | 0.33% |
| MEDTRONIC GLOBAL HLDG 0,375 19-070323 | 2,000,000 | EUR | 1,994,858.00 | 2,019,860.00 | 0.27% |
| ORES 4,00 12-021021 | 2,000,000 | EUR | 2,062,000.00 | 2,000,000.00 | 0.26% |
| PERNOD RICARD 0,50 19-241027 | 800,000 | EUR | 797,688.00 | 819,620.00 | 0.11% |
| PERNOD RICARD 2,125 14-270924 | 1,500,000 | EUR | 1,611,000.00 | 1,596,840.00 | 0.21% |
| PORTUGAL 2,875 15-151025 | 3,500,000 | EUR | 3,965,745.00 | 3,982,055.00 | 0.53% |
| REGION WALLONNE 0,25 19-030526 | 2,000,000 | EUR | 2,053,400.00 | 2,042,140.00 | 0.27% |
| SANOFI S.A. 0,00 19-210322 | 1,000,000 | EUR | 1,001,470.00 | 1,001,980.00 | 0.13% |
| SIEMENS FINANCE 0,375 18-060923 | 750,000 | EUR | 748,627.50 | 761,328.75 | 0.10% |

|  |
| --- |
| Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| SOFINA 1,00 21-230928 | 1,700,000 | EUR | 1,686,088.00 | 1,682,031.00 | 0.22% |
| SOLVAY FINANCE 1,625 15-021222 | 200,000 | EUR | 198,536.00 | 203,585.00 | 0.03% |
| SPAIN KINGDOM 1,85 19-300735 | 3,000,000 | EUR | 3,282,129.81 | 3,441,000.00 | 0.46% |
| SPAIN KINGDOM 1,95 16-300426 | 4,800,000 | EUR | 5,242,560.00 | 5,295,288.00 | 0.70% |
| SPAIN KINGDOM -INFLATION LINKED- 0,65 16-301127 | 4,000,000 | EUR | 4,694,371.52 | 4,938,700.10 | 0.65% |
| SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 | 7,900,000 | EUR | 9,250,607.24 | 9,607,949.32 | 1.27% |
| SYMRISE 1,25 19-291125 | 1,500,000 | EUR | 1,490,374.13 | 1,570,357.50 | 0.21% |
| THERMO FISHER 1,75 20-150427 | 600,000 | EUR | 599,119.61 | 650,118.00 | 0.09% |
| THERMO FISHER SCIENTIFIC 0,50 19-010328 | 1,500,000 | EUR | 1,474,500.00 | 1,517,355.00 | 0.20% |
| TMVOLKSWAGEN 4,70 13-111228 | 1,250,000 | EUR | 1,246,700.00 | 1,519,850.00 | 0.20% |
| TOTALENERGIES 1,491 20-080427 | 1,800,000 | EUR | 1,800,000.00 | 1,934,154.00 | 0.26% |
| TOYOTA MOTOR CREDIT 0,25 20-160726 | 1,500,000 | EUR | 1,496,535.00 | 1,515,795.00 | 0.20% |
| UCB 1,00 21-300328 | 800,000 | EUR | 798,008.00 | 808,564.00 | 0.11% |
| VERIZON COMMUNICATIONS INC. 0,875 19-080427 | 2,000,000 | EUR | 2,027,724.80 | 2,071,100.00 | 0.27% |
| VERIZON COMMUNICATIONS INC.1,30 20-180533 | 800,000 | EUR | 831,560.00 | 830,504.00 | 0.11% |
| VGP N.V. 1,50 21-080429 | 800,000 | EUR | 795,032.40 | 792,268.00 | 0.10% |
| VGP N.V. 2,75 19-020423 | 1,056,000 | EUR | 1,079,755.65 | 1,085,995.68 | 0.14% |
| VINCI S.A. 0,00 20-271128 | 500,000 | EUR | 502,365.00 | 495,192.50 | 0.07% |
| VONOVIA FINANCE 1,625 20-070424 | 1,800,000 | EUR | 1,796,958.00 | 1,872,738.00 | 0.25% |
| Total EURO |  |  | 142,507,832.00 | 145,176,416.99 | 19.22% |
| CITY OF OSLO 2,45 14-240523 | 8,000,000 | NOK | 890,478.98 | 805,729.12 | 0.11% |
| KFW 1,25 19-280823 | 65,000,000 | NOK | 6,453,303.90 | 6,438,994.73 | 0.85% |
| Total NORWEGIAN KRONE |  |  | 7,343,782.88 | 7,244,723.85 | 0.96% |
| US TREASURY 0,625 20-150530 | 500,000 | USD | 432,962.65 | 403,685.71 | 0.05% |
| US TREASURY 1,125 21-310828 | 6,600,000 | USD | 5,587,361.85 | 5,636,972.04 | 0.75% |
| US TREASURY 2,25 17-150227 | 2,000,000 | USD | 1,724,159.31 | 1,835,578.55 | 0.24% |
| US TREASURY 2,875 18-310725 | 6,000,000 | USD | 5,307,934.51 | 5,597,132.68 | 0.74% |
| US TREASURY -INFLATION LINKED- 0,375 17-150127 | 10,100,000 | USD | 9,481,188.60 | 10,881,619.91 | 1.44% |
| Total U.S. DOLLAR |  |  | 22,533,606.92 | 24,354,988.89 | 3.22% |
| Total Bonds |  |  | 172,385,221.80 | 176,776,129.73 | 23.40% |
| Money market instruments |  |  |  |  |  |
| WAREHOUSES DE PAUW 291121 | 2,000,000 | EUR | 1,999,555.94 | 1,999,783.39 | 0.26% |
| XIOR STUDENT HOUSING N.V. 041021 | 500,000 | EUR | 499,825.06 | 499,991.67 | 0.07% |
| XIOR STUDENT HOUSING N.V. 091221 | 800,000 | EUR | 799,593.54 | 799,766.79 | 0.11% |
| XIOR STUDENT HOUSING N.V. 291021 | 500,000 | EUR | 499,947.92 | 499,947.92 | 0.07% |
| Total EURO |  |  | 3,798,922.46 | 3,799,489.77 | 0.50% |
| Total Money market instruments |  |  | 3,798,922.46 | 3,799,489.77 | 0.50% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 186,766,552.35 | 194,348,423.91 | 25.73% |
| Investment funds |  |  |  |  |  |
| AMUNDI ULTRA SHORT-TERM BOND SRI -CAP- | 2 | EUR | 16,474,058.18 | 16,236,824.89 | 2.15% |

|  |
| --- |
| Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| DEGROOF PETERCAM FR CONVERTIBLE EUR SI -CAP- | 1,310 | EUR | 7,106,564.60 | 7,353,331.30 | 0.97% |
| DPAM BONDS GOVT GLOBAL -J- -CAP- | 298 | EUR | 7,112,896.69 | 8,136,067.52 | 1.08% |
| DPAM BONDS L CORPORATE EUR -J- -CAP- | 2,157 | EUR | 55,192,906.17 | 58,672,233.45 | 7.77% |
| DPAM CAP B EQUITIES US ESGLI -J- -CAP- | 226 | EUR | 20,873,363.97 | 28,809,015.52 | 3.81% |
| DPAM CAPITAL B BONDS EUR MEDIUM -J- | 1,692 | EUR | 43,081,925.91 | 45,060,667.20 | 5.97% |
| DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE -J- -CAP- | 337 | EUR | 8,490,110.85 | 10,048,397.05 | 1.33% |
| DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE -J- | 509 | EUR | 13,737,882.43 | 19,197,778.35 | 2.54% |
| DPAM EQUITIES L EMERGING MSCI INDEX -J- -CAP- | 451 | EUR | 5,968,287.03 | 7,082,472.43 | 0.94% |
| DPAM INVESTMENT -B- EQUIT. DRAGONS SUSTAINABLE J -CAP- | 247 | EUR | 6,715,570.36 | 6,400,113.33 | 0.85% |
| DPAM INVESTMENT B EQUITIES EUROLAND -J- | 321 | EUR | 8,239,925.12 | 11,961,070.10 | 1.58% |
| DPAM INVESTMENT B EQUITIES EUROPE DIVIDEND -J- | 408 | EUR | 10,829,794.02 | 11,553,497.97 | 1.53% |
| DPAM INVESTMENT B EQUITIES EUROPE SUSTAINABLE -J- | 311 | EUR | 9,368,492.09 | 12,125,012.98 | 1.61% |
| DPAM INVESTMENT B EQUITIES EUR SM CAP SUSTAINABLE -J- | 233 | EUR | 6,069,314.11 | 8,132,521.73 | 1.08% |
| DPAM INVESTMENT B EQUITIES NEWGEMS SUSTAINABLE -J- | 54 | EUR | 1,398,267.18 | 1,842,757.56 | 0.24% |
| DPAM INVESTMENT B EQUITIES WORLD SUSAINABLE -J- | 311 | EUR | 9,362,071.63 | 15,114,809.96 | 2.00% |
| DPAM INVESTMENT B REAL ESTATE EUR SUSTAINABLE -J- | 106 | EUR | 2,654,675.00 | 3,341,728.25 | 0.44% |
| DPAM L BONDS CLIMATE TRENDS SUSTAINABLE -J- | 703 | EUR | 18,284,704.66 | 18,540,675.95 | 2.45% |
| DPAM L BONDS CORP. HIGH YIELD -J- -CAP- | 185 | EUR | 4,796,358.79 | 5,383,805.25 | 0.71% |
| DPAM L BONDS EMERGING MARKETS SUSTAINABLE -J- -CAP- | 734 | EUR | 18,901,472.37 | 19,841,042.24 | 2.63% |
| DPAM L BONDS EUR HIGH YIELD SHORT-TERM -J- -CAP- | 202 | EUR | 5,072,575.17 | 5,143,964.34 | 0.68% |
| DPAM L BONDS EUR QUALITY -J- -CAP- | 2,790 | EUR | 69,121,839.76 | 74,209,591.80 | 9.82% |
| DPAM L BONDS GOVT SUSTAINABLE -J- -CAP- | 339 | EUR | 8,475,000.00 | 8,308,218.78 | 1.10% |
| DPAM L BONDS UNIV UNCONST -J- -CAP- | 936 | EUR | 24,008,615.34 | 27,479,878.57 | 3.64% |
| DPAM L EQUITIES CONVICTION RESEARCH | 248 | EUR | 6,210,465.60 | 7,927,022.40 | 1.05% |
| OSTRUM SRI MONEY PLUS -I- -CAP- | 80 | EUR | 8,241,555.85 | 8,199,333.60 | 1.09% |
| SELECT EQUITIES EMERGING MLTI MGMT -Z- EUR | 192 | EUR | 17,608,057.40 | 23,038,740.14 | 3.05% |
| SELECT EQUITIES JAPAN MULTI MANAGMENT -Z- -CAP- | 44 | EUR | 5,966,702.90 | 8,301,007.88 | 1.10% |
| Total EURO |  |  | 419,363,453.18 | 477,441,580.54 | 63.21% |
| ABN AMRO PZENA US-EQUIT. -I- USD | 14,000 | USD | 1,529,384.62 | 1,568,913.24 | 0.21% |
| MORGAN STANLEY US ADVANTAGE Z -CAP- | 40,300 | USD | 3,713,635.43 | 6,638,485.70 | 0.88% |
| NEUBERGER BERMAN US SMALL I3 -CAP- | 354 | USD | 3,039,476.50 | 4,714,187.06 | 0.62% |
| POLEN CAPITAL FOCUS U.S.GROWTH US -DIS- | 286,000 | USD | 3,007,316.79 | 4,720,807.63 | 0.63% |
| Total U.S. DOLLAR |  |  | 11,289,813.34 | 17,642,393.63 | 2.34% |
| Total Investment funds |  |  | 430,653,266.52 | 495,083,974.17 | 65.55% |
| Other Transferable Securities |  |  |  |  |  |
| 3I EUROPARTNERS V -B- PE | 16,592 | EUR | 1,980.83 | 16,592.10 | 0.00% |
| ATLANTIC CERTIFICATES -REG- | 20 | EUR | 701,835.00 | 709,632.00 | 0.09% |
| CARLYLE EUROPE PARTNER III PE | 10,774 | EUR | 827.63 | 10,773.78 | 0.00% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -A- -LIQUIDATION- | 24,500 | EUR | 597,240.02 | 184,240.00 | 0.02% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -B- -LIQUIDATION- | 142,000 | EUR | 0.00 | 0.00 | 0.00% |
| DEGROOF PRIVATE - RENEWABLE ENERGY II -B- -REG- | 0 | EUR | 417.00 | 1,869.33 | 0.00% |
| SIGMA FINANCE CORP. CAPITAL FRN 06-310314 | 3,000,000 | EUR | 2,250,000.00 | 0.00 | 0.00% |
| Total EURO |  |  | 3,552,300.48 | 923,107.21 | 0.12% |
| CARLYLE US PARTNERS V PE | 71,183 | USD | 5,061.21 | 61,420.23 | 0.01% |
| NORTEL NETWORKS CORP. -FAILLITE- | 250 | USD | 172,566.39 | 0.00 | 0.00% |

|  |
| --- |
| Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| WISDOMTREE PHYSICAL SWISS GOLD 09-PERPETUAL | 60,315 | USD | 8,276,889.46 | 8,823,596.08 | 1.17% |
| Total U.S. DOLLAR |  |  | 8,454,517.06 | 8,885,016.31 | 1.18% |
| Total Other Transferable Securities |  |  | 12,006,817.54 | 9,808,123.52 | 1.30% |
| Options |  |  |  |  |  |
| PUT ESTX50 EUR Décembre 2021 ST 3700 | -220 | EUR | -112,860.00 | -127,820.00 | -0.02% |
| PUT ESTX50 EUR Décembre 2021 ST 4100 | 220 | EUR | 287,540.00 | 353,980.00 | 0.05% |
| Total EURO |  |  | 174,680.00 | 226,160.00 | 0.03% |
| Total Options |  |  | 174,680.00 | 226,160.00 | 0.03% |
| Total Portfolio |  |  | 629,601,316.41 | 699,466,681.60 | 92.60% |

|  |
| --- |
| Medium |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| TELUS CORP. NON-CANADIAN | 10,000 | CAD | 80,014.96 | 189,613.49 | 0.00% |
| Total CANADIAN DOLLAR |  |  | 80,014.96 | 189,613.49 | 0.00% |
| NESTLE -REG- | 151,178 | CHF | 10,543,655.58 | 15,759,652.76 | 0.26% |
| NOVARTIS -REG- | 276,000 | CHF | 17,616,051.33 | 19,614,355.75 | 0.32% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 30,474 | CHF | 9,177,992.32 | 9,638,871.80 | 0.16% |
| Total SWISS FRANC |  |  | 37,337,699.23 | 45,012,880.31 | 0.73% |
| AIR LIQUIDE | 120,857 | EUR | 11,284,324.70 | 16,748,363.06 | 0.27% |
| AMADEUS IT GROUP S.A. | 170,000 | EUR | 8,319,847.60 | 9,669,600.00 | 0.16% |
| ENEL AZ | 2,110,876 | EUR | 16,132,078.90 | 14,039,436.28 | 0.23% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 14,500 | EUR | 5,593,310.91 | 8,991,450.00 | 0.15% |
| SIEMENS -NOM- | 55,620 | EUR | 5,092,752.56 | 7,893,590.40 | 0.13% |
| SOLVAY & CIE | 95,374 | EUR | 7,936,442.31 | 10,267,011.10 | 0.17% |
| STELLANTIS N.V. | 345,000 | EUR | 5,063,521.19 | 5,700,090.00 | 0.09% |
| TOTALENERGIES SE | 466,000 | EUR | 17,989,977.30 | 19,262,110.00 | 0.31% |
| Total EURO |  |  | 77,412,255.47 | 92,571,650.84 | 1.51% |
| ASTRAZENECA PLC | 92,096 | GBP | 6,762,612.46 | 9,597,998.58 | 0.16% |
| UNILEVER PLC | 152,466 | GBP | 7,189,515.10 | 7,104,023.38 | 0.12% |
| Total BRITISH POUND |  |  | 13,952,127.56 | 16,702,021.96 | 0.27% |
| ASSA ABLOY AB -B- | 163,000 | SEK | 2,593,534.29 | 4,110,709.48 | 0.07% |
| Total SWEDISH KRONA |  |  | 2,593,534.29 | 4,110,709.48 | 0.07% |
| ALPHABET INC. -C- | 3,973 | USD | 3,729,583.79 | 9,136,957.27 | 0.15% |
| AMAZON.COM INC. | 4,525 | USD | 7,771,436.14 | 12,826,097.76 | 0.21% |
| BOSTON SCIENTIFIC CORP. | 267,167 | USD | 8,128,671.35 | 10,002,481.67 | 0.16% |
| COMCAST CORP. -A- | 240,673 | USD | 7,144,945.26 | 11,614,686.47 | 0.19% |
| JP MORGAN CHASE & CO | 91,000 | USD | 7,716,277.80 | 12,852,832.31 | 0.21% |
| MERCK & CO INC.-NEW- | 86,527 | USD | 6,067,949.40 | 5,607,699.18 | 0.09% |
| MICROSOFT CORP. | 33,538 | USD | 6,055,682.46 | 8,158,275.13 | 0.13% |
| Total U.S. DOLLAR |  |  | 46,614,546.20 | 70,199,029.79 | 1.14% |
| Total Shares & Related Securities |  |  | 177,990,177.71 | 228,785,905.87 | 3.73% |
| Bonds |  |  |  |  |  |
| AEDIFICAT 0,75 21-090931 | 4,000,000 | EUR | 3,995,000.00 | 3,936,920.00 | 0.06% |
| ANHEUSER BUSCH INBEV 1,125 19-010727 | 12,000,000 | EUR | 12,030,894.75 | 12,639,660.00 | 0.21% |
| ARGAN 3,25 17-040723 | 3,400,000 | EUR | 3,400,000.00 | 3,507,593.00 | 0.06% |
| ARGENTA SPAARBANK 1,00 20-290127 | 7,000,000 | EUR | 6,967,100.00 | 7,193,760.00 | 0.12% |
| AROUNDTOWN S.A. 0,00 20-160726 | 3,700,000 | EUR | 3,635,157.50 | 3,643,094.00 | 0.06% |

|  |
| --- |
| Medium |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| AT&T INC. 1,30 15-050923 | 10,000,000 | EUR | 10,333,540.50 | 10,258,750.00 | 0.17% |
| BECTON DICKINSON 1,208 19-040626 | 2,600,000 | EUR | 2,600,000.00 | 2,714,530.00 | 0.04% |
| BECTON DICKINSON 1,401 18-240523 | 8,875,000 | EUR | 9,011,403.13 | 9,100,114.38 | 0.15% |
| BELGIUM OLO 0,10 20-220630 | 15,000,000 | EUR | 14,760,150.00 | 15,182,100.00 | 0.25% |
| BLACKROCK INC. 1,25 15-060525 | 6,609,000 | EUR | 7,132,168.44 | 6,945,034.60 | 0.11% |
| BMW FINANCE N.V. 0,50 18-221122 | 10,000,000 | EUR | 10,049,710.00 | 10,108,850.00 | 0.16% |
| BUREAU VERITAS 1,125 19-180127 | 4,500,000 | EUR | 4,597,049.00 | 4,625,797.50 | 0.08% |
| BUREAU VERITAS 1,25 16-070923 | 7,500,000 | EUR | 7,667,004.00 | 7,671,975.00 | 0.13% |
| CIE SAINT GOBAIN 0,625 19-150324 | 6,500,000 | EUR | 6,474,845.00 | 6,639,425.00 | 0.11% |
| CIE SAINT GOBAIN 0,875 18-210923 | 3,500,000 | EUR | 3,456,092.99 | 3,580,972.50 | 0.06% |
| CITIGROUP INC. 0,75 16-261023 | 5,000,000 | EUR | 5,006,650.00 | 5,091,775.00 | 0.08% |
| COFINIMMO -SICAFI-1,929 15-250322 | 8,000,000 | EUR | 8,000,000.00 | 8,078,560.00 | 0.13% |
| COFINIMMO -SICAFI-2,00 16-091224 | 1,500,000 | EUR | 1,499,115.00 | 1,580,925.00 | 0.03% |
| COOP RABOBANK 0,625 19-270224 | 10,000,000 | EUR | 10,003,371.00 | 10,206,950.00 | 0.17% |
| CREDIT AGRICOLE LONDON FRN 18-060323 | 7,000,000 | EUR | 7,063,770.00 | 7,051,205.00 | 0.11% |
| DH EUROPE FINANCE 0,45 19-180328 | 12,000,000 | EUR | 11,989,600.00 | 12,087,480.00 | 0.20% |
| EANDIS CVBA 2,75 12-301122 | 4,000,000 | EUR | 4,048,000.00 | 4,138,480.00 | 0.07% |
| EANDIS CVBA 4,50 11-081121 | 9,300,000 | EUR | 10,723,645.00 | 9,344,035.50 | 0.15% |
| ESSITY AB 0,625 17-280322 | 5,000,000 | EUR | 5,015,000.00 | 5,012,350.00 | 0.08% |
| EUROPEAN INVESTMENT BANK 5,625 99-150228 | 34,622,000 | EUR | 40,138,038.18 | 47,323,946.25 | 0.77% |
| FRANCE GOVT 0,00 18-251129 | 5,000,000 | EUR | 4,912,950.00 | 5,021,825.00 | 0.08% |
| FRANCE OAT 1,00 16-250527 | 4,700,000 | EUR | 5,152,469.00 | 5,058,163.50 | 0.08% |
| GIMV 2,50 21-150329 | 3,400,000 | EUR | 3,400,000.00 | 3,522,451.00 | 0.06% |
| GLENCORE FINANCE 1,625 14-180122 | 7,500,000 | EUR | 7,794,393.00 | 7,505,850.00 | 0.12% |
| GOLDMAN SACHS GROUP 2,00 15-270723 | 5,000,000 | EUR | 5,314,515.00 | 5,202,650.00 | 0.08% |
| GROUPE BRUX LAMBERT 1,375 17-230524 | 2,600,000 | EUR | 2,631,949.17 | 2,705,144.00 | 0.04% |
| GROUPE BRUX LAMBERT 1,875 18-190625 | 5,000,000 | EUR | 5,082,000.00 | 5,355,825.00 | 0.09% |
| HEINEKEN N.V. 1,00 16-040526 | 8,000,000 | EUR | 8,479,200.00 | 8,368,920.00 | 0.14% |
| HEINEKEN N.V. 1,625 20-300325 | 1,800,000 | EUR | 1,795,464.00 | 1,907,532.00 | 0.03% |
| INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT 0,01 20-240428 | 18,000,000 | EUR | 17,962,560.00 | 18,168,210.00 | 0.30% |
| ITALY BTP 0,40 16-110424 | 22,400,000 | EUR | 22,445,659.88 | 23,719,636.65 | 0.39% |
| ITALY BTP 0,95 21-010337 | 15,000,000 | EUR | 15,049,350.00 | 14,248,875.00 | 0.23% |
| ITALY BTP 1,35 15-150422 | 14,000,000 | EUR | 14,459,200.00 | 14,140,420.00 | 0.23% |
| ITALY BTP 3,00 19-010829 | 47,500,000 | EUR | 56,005,455.00 | 56,311,725.00 | 0.92% |
| ITALY BTP 3,35 18-010335 | 8,500,000 | EUR | 10,423,346.50 | 10,791,430.00 | 0.18% |
| ITALY BTP FRN 16-150528 | 18,000,000 | EUR | 18,861,998.09 | 22,354,482.54 | 0.36% |
| ITALY BTP -INFLATION LINKED- 2,35 14-150924 | 17,000,000 | EUR | 19,887,465.83 | 20,719,333.85 | 0.34% |
| ITALY BTP -INFLATION LINKED- 3,10 11-150926 | 7,500,000 | EUR | 9,764,074.53 | 10,561,564.65 | 0.17% |
| KBC GROUP 0,75 21-310531 | 5,000,000 | EUR | 4,997,500.00 | 4,996,625.00 | 0.08% |
| KBC GROUP FRN 17-241122 | 5,000,000 | EUR | 5,036,978.90 | 5,027,675.00 | 0.08% |
| KBC GROUP S.A. FRN 21-230624 | 5,000,000 | EUR | 5,023,380.00 | 5,023,800.00 | 0.08% |
| KINEPOLIS GROUP 2,40 17-151225 | 2,500,000 | EUR | 2,500,000.00 | 2,360,987.50 | 0.04% |
| LA LORRAINE BAKERY 3,00 20-151227 | 2,500,000 | EUR | 2,521,875.00 | 2,567,400.00 | 0.04% |
| LA POSTE 0,625 20-211026 | 8,000,000 | EUR | 7,987,132.56 | 8,241,360.00 | 0.13% |
| LVMH MOET HENNESSY. LOUIS VUITTON SE 0,125 19-280223 | 8,000,000 | EUR | 8,006,400.00 | 8,053,840.00 | 0.13% |
| MEDTRONIC GLOBAL HLDG 0,375 19-070323 | 10,000,000 | EUR | 9,980,180.00 | 10,099,300.00 | 0.16% |
| ORES 4,00 12-021021 | 11,500,000 | EUR | 11,856,500.00 | 11,500,000.00 | 0.19% |
| PERNOD RICARD 2,125 14-270924 | 10,000,000 | EUR | 10,740,000.00 | 10,645,600.00 | 0.17% |
| PORTUGAL 2,875 15-151025 | 29,500,000 | EUR | 31,000,605.00 | 33,563,035.00 | 0.55% |
| REGION WALLONNE 0,25 19-030526 | 12,000,000 | EUR | 12,162,666.00 | 12,252,840.00 | 0.20% |

|  |
| --- |
| Medium |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| SOFINA 1,00 21-230928 | 12,300,000 | EUR | 12,197,728.00 | 12,169,989.00 | 0.20% |
| SOLVAY FINANCE 1,625 15-021222 | 1,000,000 | EUR | 992,680.00 | 1,017,925.00 | 0.02% |
| SPAIN KINGDOM 1,60 15-300425 | 250,000 | EUR | 258,283.75 | 268,327.50 | 0.00% |
| SPAIN KINGDOM 1,85 19-300735 | 20,000,000 | EUR | 21,880,865.40 | 22,940,000.00 | 0.37% |
| SPAIN KINGDOM 1,95 16-300426 | 55,900,000 | EUR | 61,053,980.00 | 61,668,041.50 | 1.01% |
| SPAIN KINGDOM -INFLATION LINKED- 0,65 16-301127 | 32,000,000 | EUR | 33,138,160.59 | 39,509,600.78 | 0.64% |
| SPAIN KINGDOM -INFLATION LINKED- 1,00 15-301130 | 15,000,000 | EUR | 18,796,050.30 | 19,755,076.13 | 0.32% |
| SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 | 24,000,000 | EUR | 28,110,085.07 | 29,188,706.78 | 0.48% |
| SYMRISE 1,25 19-291125 | 8,400,000 | EUR | 8,347,891.80 | 8,794,002.00 | 0.14% |
| THERMO FISHER SCIENTIFIC 0,50 19-010328 | 10,000,000 | EUR | 9,868,000.00 | 10,115,700.00 | 0.16% |
| TMVOLKSWAGEN 4,70 13-111228 | 4,000,000 | EUR | 3,989,440.00 | 4,863,520.00 | 0.08% |
| TOYOTA MOTOR CREDIT 0,25 20-160726 | 5,000,000 | EUR | 4,988,450.00 | 5,052,650.00 | 0.08% |
| UCB 1,00 21-300328 | 2,900,000 | EUR | 2,892,779.00 | 2,931,044.50 | 0.05% |
| VERIZON COMMUNICATIONS INC. 0,875 19-080427 | 4,400,000 | EUR | 4,383,764.00 | 4,556,420.00 | 0.07% |
| VERIZON COMMUNICATIONS INC.1,30 20-180533 | 10,000,000 | EUR | 10,394,500.00 | 10,381,300.00 | 0.17% |
| VGP N.V. 1,50 21-080429 | 8,900,000 | EUR | 8,845,900.50 | 8,813,981.50 | 0.14% |
| VGP N.V. 2,75 19-020423 | 375,000 | EUR | 386,032.24 | 385,651.87 | 0.01% |
| VINCI S.A. 0,00 20-271128 | 2,500,000 | EUR | 2,511,825.00 | 2,475,962.50 | 0.04% |
| Total EURO |  |  | 783,868,987.60 | 812,548,682.48 | 13.25% |
| KFW 1,25 19-280823 | 45,000,000 | NOK | 4,467,671.94 | 4,457,765.58 | 0.07% |
| NORWAY 2,00 12-240523 | 198,000,000 | NOK | 23,628,138.16 | 19,949,819.86 | 0.33% |
| Total NORWEGIAN KRONE |  |  | 28,095,810.10 | 24,407,585.44 | 0.40% |
| DELHAIZE AMERICA 9,00 01-150431 | 1,848,000 | USD | 2,079,854.46 | 2,445,149.79 | 0.04% |
| US TREASURY 0,625 20-150530 | 25,000,000 | USD | 21,077,298.45 | 20,184,285.77 | 0.33% |
| US TREASURY 1,125 20-150540 | 32,000,000 | USD | 27,147,614.61 | 23,987,229.82 | 0.39% |
| US TREASURY 1,125 21-150231 | 30,000,000 | USD | 23,540,862.68 | 25,137,247.07 | 0.41% |
| US TREASURY 1,125 21-310828 | 74,000,000 | USD | 62,638,440.50 | 63,202,413.82 | 1.03% |
| US TREASURY 2,25 17-150227 | 22,000,000 | USD | 18,965,752.44 | 20,191,364.05 | 0.33% |
| US TREASURY 2,875 18-310725 | 22,000,000 | USD | 19,825,872.77 | 20,522,819.83 | 0.33% |
| US TREASURY NOTES 1,75 19-151129 | 25,000,000 | USD | 22,437,387.43 | 22,147,202.20 | 0.36% |
| Total U.S. DOLLAR |  |  | 197,713,083.34 | 197,817,712.35 | 3.22% |
| Total Bonds |  |  | 1,009,677,881.04 | 1,034,773,980.27 | 16.87% |
| Money market instruments |  |  |  |  |  |
| AEDIFICA S.A. 301121 | 3,300,000 | EUR | 3,300,000.00 | 3,300,000.00 | 0.05% |
| WAREHOUSES DE PAUW 111021 | 5,000,000 | EUR | 4,998,872.75 | 4,999,899.19 | 0.08% |
| XIOR STUDENT HOUSING N.V. 041021 | 1,300,000 | EUR | 1,299,545.16 | 1,299,978.34 | 0.02% |
| XIOR STUDENT HOUSING N.V. 091221 | 3,700,000 | EUR | 3,698,120.10 | 3,698,921.37 | 0.06% |
| XIOR STUDENT HOUSING N.V. 291021 | 1,300,000 | EUR | 1,299,864.59 | 1,299,864.59 | 0.02% |
| Total EURO |  |  | 14,596,402.60 | 14,598,663.49 | 0.24% |
| Total Money market instruments |  |  | 14,596,402.60 | 14,598,663.49 | 0.24% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 1,202,264,461.35 | 1,278,158,549.63 | 20.84% |

|  |
| --- |
| Medium |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Investment funds |  |  |  |  |  |
| DEGROOF PETERCAM FR CONVERTIBLE EUR SI -CAP- | 5,480 | EUR | 28,336,860.80 | 30,760,500.40 | 0.50% |
| DPAM BONDS GOVT GLOBAL -J- -CAP- | 2,190 | EUR | 54,556,173.90 | 59,791,905.60 | 0.97% |
| DPAM CAP B EQUITIES US ESGLI -J- -CAP- | 4,071 | EUR | 386,528,784.30 | 518,944,699.92 | 8.46% |
| DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE -J- -CAP- | 6,005 | EUR | 149,926,604.20 | 179,131,064.49 | 2.92% |
| DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE -J- | 9,042 | EUR | 240,310,634.50 | 341,189,940.78 | 5.56% |
| DPAM EQUITIES L EMERGING MSCI INDEX -J- -CAP- | 10,460 | EUR | 138,906,289.60 | 164,263,107.80 | 2.68% |
| DPAM INVESTMENT B BONDS EUR -J- | 8,920 | EUR | 233,529,011.90 | 253,859,632.00 | 4.14% |
| DPAM INVESTMENT -B- EQUIT. DRAGONS SUSTAINABLE J -CAP- | 2,588 | EUR | 68,168,143.25 | 67,058,677.32 | 1.09% |
| DPAM INVESTMENT B EQUITIES EUROLAND -J- | 5,966 | EUR | 151,071,043.21 | 222,530,924.36 | 3.63% |
| DPAM INVESTMENT B EQUITIES EUROPE DIVIDEND -J- | 6,203 | EUR | 163,108,426.86 | 175,723,778.78 | 2.86% |
| DPAM INVESTMENT B EQUITIES EUROPE SUSTAINABLE -J- | 5,325 | EUR | 161,319,040.11 | 207,606,733.50 | 3.38% |
| DPAM INVESTMENT B EQUITIES EUR SM CAP SUSTAINABLE -J- | 3,608 | EUR | 95,212,957.09 | 125,740,184.87 | 2.05% |
| DPAM INVESTMENT B EQUITIES NEWGEMS SUSTAINABLE -J- | 1,290 | EUR | 32,937,542.30 | 44,021,430.60 | 0.72% |
| DPAM INVESTMENT B EQUITIES WORLD SUSAINABLE -J- | 6,593 | EUR | 205,182,230.08 | 320,002,402.40 | 5.22% |
| DPAM INVESTMENT B REAL ESTATE EUR SUSTAINABLE -J- | 1,510 | EUR | 37,759,050.00 | 47,531,424.42 | 0.77% |
| DPAM L BONDS CLIMATE TRENDS SUSTAINABLE -J- | 2,516 | EUR | 65,592,060.43 | 66,356,103.40 | 1.08% |
| DPAM L BONDS CORP. HIGH YIELD -J- -CAP- | 1,150 | EUR | 29,402,900.70 | 33,466,897.50 | 0.55% |
| DPAM L BONDS EMERGING MARKETS SUSTAINABLE -J- -CAP- | 5,040 | EUR | 128,795,462.41 | 136,225,970.33 | 2.22% |
| DPAM L BONDS EUR HIGH YIELD SHORT-TERM -J- -CAP- | 1,810 | EUR | 45,427,878.70 | 46,091,957.70 | 0.75% |
| DPAM L BONDS EUR QUALITY -J- -CAP- | 10,398 | EUR | 259,142,601.00 | 276,564,599.30 | 4.51% |
| DPAM L BONDS GOVT SUSTAINABLE -J- -CAP- | 1,838 | EUR | 45,950,000.00 | 45,045,740.76 | 0.73% |
| DPAM L BONDS UNIV UNCONST -J- -CAP- | 5,329 | EUR | 140,564,672.43 | 156,370,068.34 | 2.55% |
| DPAM L EQUITIES CONVICTION RESEARCH | 3,806 | EUR | 96,601,703.52 | 121,654,222.80 | 1.98% |
| OSTRUM SRI MONEY PLUS -I- -CAP- | 538 | EUR | 55,273,423.72 | 55,140,518.46 | 0.90% |
| SELECT EQUITIES EMERGING MLTI MGMT -Z- EUR | 3,094 | EUR | 280,789,051.59 | 371,813,414.23 | 6.06% |
| SELECT EQUITIES JAPAN MULTI MANAGMENT -Z- -CAP- | 464 | EUR | 66,511,668.34 | 87,537,901.28 | 1.43% |
| Total EURO |  |  | 3,360,904,214.94 | 4,154,423,801.34 | 67.73% |
| ABN AMRO PZENA US-EQUIT. -I- USD | 226,600 | USD | 24,754,578.42 | 25,393,981.45 | 0.41% |
| CARLYLE US PARTNERS V PE | 901,651 | USD | 71,852.86 | 777,989.63 | 0.01% |
| MORGAN STANLEY US ADVANTAGE Z -CAP- | 736,150 | USD | 74,437,702.97 | 121,263,554.51 | 1.98% |
| NEUBERGER BERMAN US SMALL I3 -CAP- | 2,492 | USD | 21,384,252.30 | 33,166,686.85 | 0.54% |
| POLEN CAPITAL FOCUS U.S.GROWTH US -DIS- | 2,706,000 | USD | 29,376,857.81 | 44,666,102.94 | 0.73% |
| Total U.S. DOLLAR |  |  | 150,025,244.36 | 225,268,315.38 | 3.67% |
| Total Investment funds |  |  | 3,510,929,459.30 | 4,379,692,116.72 | 71.40% |
| Other Transferable Securities |  |  |  |  |  |
| 3I EUROPARTNERS V -B- PE | 123,058 | EUR | 15,117.08 | 123,058.08 | 0.00% |
| ATLANTIC CERTIFICATES -REG- | 20 | EUR | 701,835.00 | 709,632.00 | 0.01% |
| CARLYLE EUROPE PARTNER III PE | 136,468 | EUR | 10,527.11 | 136,467.88 | 0.00% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -A- -LIQUIDATION- | 58,200 | EUR | 1,451,220.46 | 437,664.00 | 0.01% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -B- -LIQUIDATION- | 365,000 | EUR | 0.00 | 0.00 | 0.00% |
| DEGROOF PRIVATE - RENEWABLE ENERGY II -B- -REG- | 5 | EUR | 5,281.00 | 23,673.72 | 0.00% |
| SIGMA FINANCE CORP. CAPITAL FRN 07-300414 | 10,000,000 | EUR | 7,500,000.00 | 0.00 | 0.00% |
| Total EURO |  |  | 9,683,980.65 | 1,430,495.68 | 0.02% |

|  |
| --- |
| Medium |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| INVESCO PHYSICAL GOLD ETC | 251,470 | USD | 39,103,574.18 | 36,972,458.39 | 0.60% |
| NORTEL NETWORKS CORP. -FAILLITE- | 7,300 | USD | 1,592,630.97 | 0.00 | 0.00% |
| WISDOMTREE PHYSICAL SWISS GOLD 09-PERPETUAL | 568,597 | USD | 77,989,963.16 | 83,181,136.68 | 1.36% |
| Total U.S. DOLLAR |  |  | 118,686,168.31 | 120,153,595.07 | 1.96% |
| Total Other Transferable Securities |  |  | 128,370,148.96 | 121,584,090.75 | 1.98% |
| Options |  |  |  |  |  |
| PUT ESTX50 EUR Décembre 2021 ST 3700 | -2,980 | EUR | -1,528,740.00 | -1,731,380.00 | -0.03% |
| PUT ESTX50 EUR Décembre 2021 ST 4100 | 2,980 | EUR | 3,894,860.00 | 4,794,820.00 | 0.08% |
| Total EURO |  |  | 2,366,120.00 | 3,063,440.00 | 0.05% |
| PUT SP 500 Décembre 2021 ST 4000 | -250 | USD | -1,226,838.14 | -1,488,416.24 | -0.02% |
| PUT SP 500 Décembre 2021 ST 4400 | 250 | USD | 2,847,110.59 | 4,033,608.01 | 0.07% |
| Total U.S. DOLLAR |  |  | 1,620,272.45 | 2,545,191.77 | 0.04% |
| Total Options |  |  | 3,986,392.45 | 5,608,631.77 | 0.09% |
| Total Portfolio |  |  | 4,845,550,462.06 | 5,785,043,388.87 | 94.31% |

|  |
| --- |
| High |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| NESTLE -REG- | 48,783 | CHF | 3,374,047.50 | 5,085,416.80 | 0.35% |
| NOVARTIS -REG- | 87,000 | CHF | 5,523,071.99 | 6,182,786.05 | 0.42% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 7,158 | CHF | 2,157,435.86 | 2,264,062.62 | 0.16% |
| Total SWISS FRANC |  |  | 11,054,555.35 | 13,532,265.47 | 0.93% |
| AIR LIQUIDE | 43,252 | EUR | 4,026,350.61 | 5,993,862.16 | 0.41% |
| AMADEUS IT GROUP S.A. | 58,500 | EUR | 2,863,006.14 | 3,327,480.00 | 0.23% |
| ENEL AZ | 777,516 | EUR | 5,939,421.62 | 5,171,258.92 | 0.35% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 4,675 | EUR | 1,803,360.36 | 2,898,967.50 | 0.20% |
| SIEMENS -NOM- | 21,700 | EUR | 2,198,770.95 | 3,079,664.00 | 0.21% |
| SOLVAY & CIE | 28,733 | EUR | 2,390,984.39 | 3,093,107.45 | 0.21% |
| STELLANTIS N.V. | 113,000 | EUR | 1,658,486.76 | 1,866,986.00 | 0.13% |
| TOTALENERGIES SE | 160,000 | EUR | 6,176,816.32 | 6,613,600.00 | 0.45% |
| Total EURO |  |  | 27,057,197.15 | 32,044,926.03 | 2.20% |
| ASTRAZENECA PLC | 22,456 | GBP | 1,648,945.43 | 2,340,304.21 | 0.16% |
| UNILEVER PLC | 43,244 | GBP | 2,042,672.31 | 2,014,917.34 | 0.14% |
| Total BRITISH POUND |  |  | 3,691,617.74 | 4,355,221.55 | 0.30% |
| ASSA ABLOY AB -B- | 75,000 | SEK | 1,195,561.32 | 1,891,430.74 | 0.13% |
| Total SWEDISH KRONA |  |  | 1,195,561.32 | 1,891,430.74 | 0.13% |
| ALPHABET INC. -C- | 2,444 | USD | 2,295,117.40 | 5,620,620.08 | 0.39% |
| AMAZON.COM INC. | 3,250 | USD | 5,583,857.18 | 9,212,114.41 | 0.63% |
| BOSTON SCIENTIFIC CORP. | 81,931 | USD | 2,492,785.99 | 3,067,419.72 | 0.21% |
| COMCAST CORP. -A- | 54,565 | USD | 1,619,666.60 | 2,633,263.26 | 0.18% |
| JP MORGAN CHASE & CO | 40,200 | USD | 3,893,042.41 | 5,677,844.60 | 0.39% |
| MERCK & CO INC.-NEW- | 28,051 | USD | 1,969,500.23 | 1,817,947.81 | 0.12% |
| MICROSOFT CORP. | 19,464 | USD | 3,514,456.28 | 4,734,708.90 | 0.32% |
| Total U.S. DOLLAR |  |  | 21,368,426.09 | 32,763,918.78 | 2.25% |
| Total Shares & Related Securities |  |  | 64,367,357.65 | 84,587,762.57 | 5.80% |
| Bonds |  |  |  |  |  |
| ARGAN 3,25 17-040723 | 1,500,000 | EUR | 1,500,000.00 | 1,547,467.50 | 0.11% |
| Total EURO |  |  | 1,500,000.00 | 1,547,467.50 | 0.11% |
| US TREASURY 1,125 20-150540 | 4,200,000 | USD | 3,564,959.43 | 3,148,323.91 | 0.22% |
| US TREASURY 1,125 21-310828 | 10,400,000 | USD | 8,803,240.28 | 8,882,501.40 | 0.61% |
| US TREASURY 2,25 17-150227 | 7,700,000 | USD | 6,845,664.83 | 7,066,977.41 | 0.48% |
| US TREASURY NOTES 1,75 19-151129 | 2,000,000 | USD | 1,794,990.99 | 1,771,776.18 | 0.12% |

|  |
| --- |
| High |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Total U.S. DOLLAR |  |  | 21,008,855.53 | 20,869,578.90 | 1.43% |
| Total Bonds |  |  | 22,508,855.53 | 22,417,046.40 | 1.54% |
| Money market instruments |  |  |  |  |  |
| AEDIFICA S.A. 301121 | 3,000,000 | EUR | 3,000,000.00 | 3,000,000.00 | 0.21% |
| Total EURO |  |  | 3,000,000.00 | 3,000,000.00 | 0.21% |
| Total Money market instruments |  |  | 3,000,000.00 | 3,000,000.00 | 0.21% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 89,876,213.18 | 110,004,808.97 | 7.54% |
| Investment funds |  |  |  |  |  |
| DEGROOF PETERCAM FR CONVERTIBLE EUR SI -CAP- | 1,160 | EUR | 5,998,313.60 | 6,511,346.80 | 0.45% |
| DPAM CAP B EQUITIES US ESGLI -J- -CAP- | 1,462 | EUR | 139,086,530.35 | 186,366,286.24 | 12.78% |
| DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE -J- -CAP- | 2,073 | EUR | 51,785,384.43 | 61,843,111.10 | 4.24% |
| DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE -J- | 3,103 | EUR | 82,193,758.93 | 117,077,788.33 | 8.03% |
| DPAM EQUITIES L EMERGING MSCI INDEX -J- -CAP- | 3,213 | EUR | 42,667,855.60 | 50,456,727.09 | 3.46% |
| DPAM INVESTMENT B BONDS EUR -J- | 450 | EUR | 11,736,515.10 | 12,806,820.00 | 0.88% |
| DPAM INVESTMENT -B- EQUIT. DRAGONS SUSTAINABLE J -CAP- | 763 | EUR | 19,843,327.12 | 19,770,390.57 | 1.36% |
| DPAM INVESTMENT B EQUITIES EUROLAND -J- | 2,412 | EUR | 61,703,378.45 | 89,958,885.30 | 6.17% |
| DPAM INVESTMENT B EQUITIES EUROPE DIVIDEND -J- | 2,162 | EUR | 56,489,538.32 | 61,234,782.86 | 4.20% |
| DPAM INVESTMENT B EQUITIES EUROPE SUSTAINABLE -J- | 1,964 | EUR | 60,567,105.54 | 76,570,821.52 | 5.25% |
| DPAM INVESTMENT B EQUITIES EUR SM CAP SUSTAINABLE -J- | 1,306 | EUR | 35,448,208.21 | 45,537,430.25 | 3.12% |
| DPAM INVESTMENT B EQUITIES NEWGEMS SUSTAINABLE -J- | 347 | EUR | 8,820,552.99 | 11,841,423.58 | 0.81% |
| DPAM INVESTMENT B EQUITIES WORLD SUSAINABLE -J- | 1,498 | EUR | 47,992,371.42 | 72,697,005.37 | 4.99% |
| DPAM INVESTMENT B REAL ESTATE EUR SUSTAINABLE -J- | 323 | EUR | 8,063,375.00 | 10,150,247.41 | 0.70% |
| DPAM L BONDS CLIMATE TRENDS SUSTAINABLE -J- | 200 | EUR | 5,222,059.95 | 5,274,730.00 | 0.36% |
| DPAM L BONDS CORP. HIGH YIELD -J- -CAP- | 178 | EUR | 4,740,903.86 | 5,180,093.70 | 0.36% |
| DPAM L BONDS EMERGING MARKETS SUSTAINABLE -J- -CAP- | 890 | EUR | 22,492,410.11 | 24,062,150.12 | 1.65% |
| DPAM L BONDS EUR HIGH YIELD SHORT-TERM -J- -CAP- | 362 | EUR | 9,059,222.46 | 9,214,418.97 | 0.63% |
| DPAM L BONDS EUR QUALITY -J- -CAP- | 387 | EUR | 9,733,103.92 | 10,304,254.51 | 0.71% |
| DPAM L BONDS GOVT SUSTAINABLE -J- -CAP- | 480 | EUR | 12,000,000.00 | 11,763,849.60 | 0.81% |
| DPAM L BONDS UNIV UNCONST -J- -CAP- | 483 | EUR | 12,869,159.42 | 14,186,005.86 | 0.97% |
| DPAM L EQUITIES CONVICTION RESEARCH | 1,510 | EUR | 38,085,332.95 | 48,265,338.00 | 3.31% |
| SELECT EQUITIES EMERGING MLTI MGMT -Z- EUR | 1,253 | EUR | 113,893,950.72 | 150,554,951.23 | 10.33% |
| SELECT EQUITIES JAPAN MULTI MANAGMENT -Z- -CAP- | 230 | EUR | 32,532,151.26 | 43,391,632.10 | 2.98% |
| Total EURO |  |  | 893,024,509.71 | 1,145,020,490.51 | 78.53% |
| ABN AMRO PZENA US-EQUIT. -I- USD | 78,120 | USD | 8,538,413.94 | 8,754,535.88 | 0.60% |
| ALLIANZ GLOBAL INVESTMENT FUND CHINA SHARES-A -CAP- | 4,090 | USD | 4,421,045.74 | 6,697,055.18 | 0.46% |
| MORGAN STANLEY US ADVANTAGE Z -CAP- | 226,985 | USD | 23,125,833.28 | 37,390,488.24 | 2.56% |
| NEUBERGER BERMAN US SMALL I3 -CAP- | 1,155 | USD | 9,910,903.24 | 15,371,677.23 | 1.05% |
| POLEN CAPITAL FOCUS U.S.GROWTH US -DIS- | 1,302,115 | USD | 14,454,513.40 | 21,493,127.36 | 1.47% |
| Total U.S. DOLLAR |  |  | 60,450,709.60 | 89,706,883.89 | 6.15% |
| Total Investment funds |  |  | 953,475,219.31 | 1,234,727,374.40 | 84.68% |

|  |
| --- |
| High |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Other Transferable Securities |  |  |  |  |  |
| 3I EUROPARTNERS V -B- PE | 26,271 | EUR | 2,986.00 | 26,270.83 | 0.00% |
| CARLYLE EUROPE PARTNER III PE | 32,321 | EUR | 2,662.09 | 32,321.34 | 0.00% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -A- -LIQUIDATION- | 6,400 | EUR | 160,850.62 | 48,128.00 | 0.00% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -B- -LIQUIDATION- | 60,000 | EUR | 0.00 | 0.00 | 0.00% |
| DEGROOF PRIVATE - RENEWABLE ENERGY II -B- -REG- | 1 | EUR | 1,251.00 | 5,608.00 | 0.00% |
| Total EURO |  |  | 167,749.71 | 112,328.17 | 0.01% |
| CARLYLE US PARTNERS V PE | 213,549 | USD | 19,715.45 | 184,260.70 | 0.01% |
| INVESCO PHYSICAL GOLD ETC | 41,890 | USD | 6,449,228.85 | 6,158,890.85 | 0.42% |
| NORTEL NETWORKS CORP. -FAILLITE- | 850 | USD | 267,432.15 | 0.00 | 0.00% |
| WISDOMTREE PHYSICAL SWISS GOLD 09-PERPETUAL | 130,498 | USD | 17,964,365.20 | 19,090,800.65 | 1.31% |
| Total U.S. DOLLAR |  |  | 24,700,741.65 | 25,433,952.20 | 1.74% |
| Total Other Transferable Securities |  |  | 24,868,491.36 | 25,546,280.37 | 1.75% |
| Total Portfolio |  |  | 1,068,219,923.85 | 1,370,278,463.74 | 93.98% |

|  |
| --- |
| Medium Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| NESTLE -REG- | 27,026 | CHF | 1,898,620.58 | 2,817,343.63 | 0.19% |
| NOVARTIS -REG- | 50,000 | CHF | 3,174,179.31 | 3,553,325.32 | 0.25% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 6,019 | CHF | 1,810,728.08 | 1,903,798.95 | 0.13% |
| Total SWISS FRANC |  |  | 6,883,527.97 | 8,274,467.90 | 0.57% |
| AIR LIQUIDE | 23,330 | EUR | 2,177,316.79 | 3,233,071.40 | 0.22% |
| AMADEUS IT GROUP S.A. | 32,600 | EUR | 1,595,453.36 | 1,854,288.00 | 0.13% |
| ENEL AZ | 406,327 | EUR | 3,102,524.32 | 2,702,480.88 | 0.19% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 2,420 | EUR | 933,504.27 | 1,500,642.00 | 0.10% |
| SIEMENS -NOM- | 3,755 | EUR | 380,657.26 | 532,909.60 | 0.04% |
| SOLVAY & CIE | 16,733 | EUR | 1,392,418.27 | 1,801,307.45 | 0.12% |
| STELLANTIS N.V. | 59,000 | EUR | 865,935.45 | 974,798.00 | 0.07% |
| TOTALENERGIES SE | 80,000 | EUR | 3,088,408.16 | 3,306,800.00 | 0.23% |
| Total EURO |  |  | 13,536,217.88 | 15,906,297.33 | 1.10% |
| ASTRAZENECA PLC | 18,930 | GBP | 1,390,049.10 | 1,972,833.92 | 0.14% |
| UNILEVER PLC | 12,777 | GBP | 601,796.72 | 595,333.43 | 0.04% |
| Total BRITISH POUND |  |  | 1,991,845.82 | 2,568,167.35 | 0.18% |
| ASSA ABLOY AB -B- | 27,000 | SEK | 429,647.38 | 680,915.07 | 0.05% |
| Total SWEDISH KRONA |  |  | 429,647.38 | 680,915.07 | 0.05% |
| ALPHABET INC. -C- | 815 | USD | 765,195.39 | 1,874,306.61 | 0.13% |
| AMAZON.COM INC. | 449 | USD | 770,459.70 | 1,272,689.04 | 0.09% |
| BOSTON SCIENTIFIC CORP. | 48,981 | USD | 1,490,268.16 | 1,833,802.66 | 0.13% |
| COMCAST CORP. -A- | 27,386 | USD | 812,417.75 | 1,321,626.45 | 0.09% |
| JP MORGAN CHASE & CO | 17,600 | USD | 1,492,379.48 | 2,485,822.51 | 0.17% |
| MERCK & CO INC.-NEW- | 15,502 | USD | 1,089,061.49 | 1,004,663.89 | 0.07% |
| MICROSOFT CORP. | 6,113 | USD | 1,103,774.89 | 1,487,015.80 | 0.10% |
| Total U.S. DOLLAR |  |  | 7,523,556.86 | 11,279,926.96 | 0.78% |
| Total Shares & Related Securities |  |  | 30,364,795.91 | 38,709,774.61 | 2.67% |
| Bonds |  |  |  |  |  |
| ABBOTT IRELAND FINANCE 0,875 18-270923 | 2,000,000 | EUR | 2,083,140.00 | 2,047,120.00 | 0.14% |
| ABN AMRO BANK 0,875 19-150124 | 1,500,000 | EUR | 1,491,195.00 | 1,541,047.50 | 0.11% |
| AEDIFICAT 0,75 21-090931 | 1,300,000 | EUR | 1,298,375.00 | 1,279,499.00 | 0.09% |
| AHOLD DELHAIZE N.V. 0,875 17-190924 | 2,000,000 | EUR | 2,091,760.00 | 2,055,590.00 | 0.14% |
| ANHEUSER BUSCH INBEV 1,125 19-010727 | 3,500,000 | EUR | 3,508,055.39 | 3,686,567.50 | 0.25% |
| APETRA N.V. 3,125 13-250923 | 3,500,000 | EUR | 4,065,950.00 | 3,716,912.50 | 0.26% |
| ARGENTA SPAARBANK 1,00 20-290127 | 2,000,000 | EUR | 1,990,600.00 | 2,055,360.00 | 0.14% |
| AROUNDTOWN S.A. 0,00 20-160726 | 1,500,000 | EUR | 1,473,712.50 | 1,476,930.00 | 0.10% |

|  |
| --- |
| Medium Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| AT&T INC. 1,30 15-050923 | 3,500,000 | EUR | 3,619,100.00 | 3,590,562.50 | 0.25% |
| BECTON DICKINSON 1,401 18-240523 | 1,500,000 | EUR | 1,511,782.50 | 1,538,047.50 | 0.11% |
| BECTON DICKINSON 1,90 16-151226 | 1,000,000 | EUR | 1,002,600.00 | 1,082,275.00 | 0.07% |
| BEFIMMO S.A. FRN 15-210422 | 1,500,000 | EUR | 1,500,000.00 | 1,492,312.50 | 0.10% |
| BELGIUM OLO 0,10 20-220630 | 3,500,000 | EUR | 3,444,035.00 | 3,542,490.00 | 0.24% |
| BLACKROCK INC. 1,25 15-060525 | 1,600,000 | EUR | 1,726,656.00 | 1,681,352.00 | 0.12% |
| BMW FINANCE N.V. 0,50 18-221122 | 2,500,000 | EUR | 2,512,427.50 | 2,527,212.50 | 0.17% |
| BPCE S.A. 1,00 19-010425 | 1,700,000 | EUR | 1,697,042.00 | 1,756,916.00 | 0.12% |
| BUREAU VERITAS 1,125 19-180127 | 500,000 | EUR | 516,500.00 | 513,977.50 | 0.04% |
| BUREAU VERITAS 1,25 16-070923 | 3,500,000 | EUR | 3,579,652.00 | 3,580,255.00 | 0.25% |
| CAPGEMINI SE 1,25 20-150422 | 700,000 | EUR | 698,558.00 | 705,110.00 | 0.05% |
| CIE SAINT GOBAIN 0,625 19-150324 | 2,500,000 | EUR | 2,490,325.00 | 2,553,625.00 | 0.18% |
| CIE SAINT GOBAIN 0,875 18-210923 | 1,000,000 | EUR | 987,455.14 | 1,023,135.00 | 0.07% |
| CITIGROUP INC. 0,75 16-261023 | 1,500,000 | EUR | 1,501,995.00 | 1,527,532.50 | 0.11% |
| COFINIMMO -SICAFI-1,929 15-250322 | 2,000,000 | EUR | 2,000,000.00 | 2,019,640.00 | 0.14% |
| COFINIMMO -SICAFI-2,00 16-091224 | 500,000 | EUR | 499,705.00 | 526,975.00 | 0.04% |
| COOP RABOBANK 0,625 19-270224 | 3,000,000 | EUR | 3,000,165.00 | 3,062,085.00 | 0.21% |
| CREDIT AGRICOLE LONDON FRN 18-060323 | 1,900,000 | EUR | 1,917,309.00 | 1,913,898.50 | 0.13% |
| DH EUROPE FINANCE 0,45 19-180328 | 3,500,000 | EUR | 3,431,080.00 | 3,525,515.00 | 0.24% |
| EANDIS CVBA 2,75 12-301122 | 1,600,000 | EUR | 1,692,220.00 | 1,655,392.00 | 0.11% |
| ENEXIS HLDG N.V. 3,375 12-260122 | 3,000,000 | EUR | 3,299,700.00 | 3,036,180.00 | 0.21% |
| ERG SpA 1,875 19-110425 | 1,700,000 | EUR | 1,797,750.00 | 1,799,407.50 | 0.12% |
| ESSITY AB 0,625 17-280322 | 1,000,000 | EUR | 1,003,000.00 | 1,002,470.00 | 0.07% |
| GIMV 2,50 21-150329 | 1,200,000 | EUR | 1,200,000.00 | 1,243,218.00 | 0.09% |
| GLAXOSMITHKLINE CAPITAL 0,00 19-230923 | 1,500,000 | EUR | 1,502,760.00 | 1,509,060.00 | 0.10% |
| GLENCORE FINANCE 1,625 14-180122 | 3,500,000 | EUR | 3,636,031.00 | 3,502,730.00 | 0.24% |
| GOLDMAN SACHS GROUP 2,00 15-270723 | 1,500,000 | EUR | 1,594,354.50 | 1,560,795.00 | 0.11% |
| GROUPE BRUX LAMBERT 1,375 17-230524 | 3,300,000 | EUR | 3,346,243.50 | 3,433,452.00 | 0.24% |
| GROUPE BRUX LAMBERT 1,875 18-190625 | 1,500,000 | EUR | 1,524,600.00 | 1,606,747.50 | 0.11% |
| HEINEKEN N.V. 1,00 16-040526 | 2,000,000 | EUR | 2,119,800.00 | 2,092,230.00 | 0.14% |
| HOCHTIEF A.G. 0,5 19-030927 | 2,510,000 | EUR | 2,491,425.00 | 2,519,399.95 | 0.17% |
| INFRAX CVBA 3,75 13-301023 | 1,400,000 | EUR | 1,480,907.50 | 1,499,078.00 | 0.10% |
| INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT 0,01 20-240428 | 2,200,000 | EUR | 2,195,424.00 | 2,220,559.00 | 0.15% |
| IREN SpA 2,75 15-021122. | 250,000 | EUR | 248,495.00 | 258,288.75 | 0.02% |
| ITALY BTP 0,40 16-110424 | 3,700,000 | EUR | 3,737,426.76 | 3,917,975.70 | 0.27% |
| ITALY BTP 0,90 17-010822 | 10,000,000 | EUR | 10,019,800.00 | 10,115,050.00 | 0.70% |
| ITALY BTP 0,95 21-010337 | 2,100,000 | EUR | 2,106,909.00 | 1,994,842.50 | 0.14% |
| ITALY BTP 1,20 17-010422 | 2,500,000 | EUR | 2,588,175.00 | 2,521,287.50 | 0.17% |
| ITALY BTP 3,00 19-010829 | 12,500,000 | EUR | 14,481,270.00 | 14,818,875.00 | 1.02% |
| ITALY BTP 3,35 18-010335 | 1,950,000 | EUR | 2,397,068.25 | 2,475,681.00 | 0.17% |
| ITALY BTP FRN 16-150528 | 10,700,000 | EUR | 12,649,279.13 | 13,288,497.95 | 0.92% |
| KBC GROUP 0,75 21-310531 | 1,200,000 | EUR | 1,199,400.00 | 1,199,190.00 | 0.08% |
| KBC GROUP FRN 17-241122 | 2,500,000 | EUR | 2,518,489.45 | 2,513,837.50 | 0.17% |
| KBC GROUP S.A. FRN 21-230624 | 1,000,000 | EUR | 1,004,676.00 | 1,004,760.00 | 0.07% |
| LA LORRAINE BAKERY 3,00 20-151227 | 1,900,000 | EUR | 1,916,625.00 | 1,951,224.00 | 0.13% |
| LA POSTE 0,625 20-211026 | 2,500,000 | EUR | 2,495,978.93 | 2,575,425.00 | 0.18% |
| LVMH 0,75 20-070425 | 2,000,000 | EUR | 1,994,340.00 | 2,063,840.00 | 0.14% |
| LVMH MOET HENNESSY. LOUIS VUITTON SE 0,125 19-280223 | 3,000,000 | EUR | 2,993,800.00 | 3,020,190.00 | 0.21% |
| MEDTRONIC GLOBAL HLDG 0,375 19-070323 | 2,500,000 | EUR | 2,493,513.60 | 2,524,825.00 | 0.17% |
| ORES 4,00 12-021021 | 3,500,000 | EUR | 3,608,500.00 | 3,500,000.00 | 0.24% |

|  |
| --- |
| Medium Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| PERNOD RICARD 0,50 19-241027 | 1,200,000 | EUR | 1,196,532.00 | 1,229,430.00 | 0.08% |
| PERNOD RICARD 2,125 14-270924 | 2,500,000 | EUR | 2,685,000.00 | 2,661,400.00 | 0.18% |
| PORTUGAL 2,875 15-151025 | 4,000,000 | EUR | 4,295,120.00 | 4,550,920.00 | 0.31% |
| REGION WALLONNE 0,25 19-030526 | 3,000,000 | EUR | 3,080,100.00 | 3,063,210.00 | 0.21% |
| SANOFI S.A. 0,00 19-210322 | 1,500,000 | EUR | 1,502,205.00 | 1,502,970.00 | 0.10% |
| SIEMENS FINANCE 0,375 18-060923 | 1,250,000 | EUR | 1,247,712.50 | 1,268,881.25 | 0.09% |
| SOFINA 1,00 21-230928 | 3,100,000 | EUR | 3,074,674.00 | 3,067,233.00 | 0.21% |
| SOLVAY FINANCE 1,625 15-021222 | 300,000 | EUR | 297,804.00 | 305,377.50 | 0.02% |
| SPAIN KINGDOM 1,85 19-300735 | 4,000,000 | EUR | 4,376,173.08 | 4,588,000.00 | 0.32% |
| SPAIN KINGDOM 1,95 16-300426 | 3,100,000 | EUR | 3,385,820.00 | 3,419,873.50 | 0.24% |
| SPAIN KINGDOM -INFLATION LINKED- 0,65 16-301127 | 5,000,000 | EUR | 5,867,964.40 | 6,173,375.12 | 0.43% |
| SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 | 14,000,000 | EUR | 16,264,482.63 | 17,026,745.62 | 1.17% |
| SYMRISE 1,25 19-291125 | 2,500,000 | EUR | 2,484,878.26 | 2,617,262.50 | 0.18% |
| THERMO FISHER 1,75 20-150427 | 800,000 | EUR | 798,826.14 | 866,824.00 | 0.06% |
| THERMO FISHER SCIENTIFIC 0,50 19-010328 | 2,500,000 | EUR | 2,457,500.00 | 2,528,925.00 | 0.17% |
| TMVOLKSWAGEN 4,70 13-111228 | 750,000 | EUR | 748,020.00 | 911,910.00 | 0.06% |
| TOTALENERGIES 1,491 20-080427 | 3,200,000 | EUR | 3,200,000.00 | 3,438,496.00 | 0.24% |
| TOYOTA MOTOR CREDIT 0,25 20-160726 | 2,500,000 | EUR | 2,494,225.00 | 2,526,325.00 | 0.17% |
| UCB 1,00 21-300328 | 1,300,000 | EUR | 1,296,763.00 | 1,313,916.50 | 0.09% |
| VERIZON COMMUNICATIONS INC. 0,875 19-080427 | 2,600,000 | EUR | 2,628,436.20 | 2,692,430.00 | 0.19% |
| VERIZON COMMUNICATIONS INC.1,30 20-180533 | 1,500,000 | EUR | 1,559,175.00 | 1,557,195.00 | 0.11% |
| VGP N.V. 1,50 21-080429 | 1,400,000 | EUR | 1,391,306.70 | 1,386,469.00 | 0.10% |
| VGP N.V. 2,75 19-020423 | 1,496,000 | EUR | 1,527,457.05 | 1,538,493.88 | 0.11% |
| VGP N.V. 3,90 16-210923 | 253,000 | EUR | 268,180.00 | 268,546.85 | 0.02% |
| VINCI S.A. 0,00 20-271128 | 1,000,000 | EUR | 1,004,730.00 | 990,385.00 | 0.07% |
| VONOVIA FINANCE 1,625 20-070424 | 3,200,000 | EUR | 3,194,592.00 | 3,329,312.00 | 0.23% |
| Total EURO |  |  | 225,304,813.61 | 229,270,358.57 | 15.81% |
| CITY OF OSLO 2,45 14-240523 | 17,000,000 | NOK | 1,892,267.82 | 1,712,174.37 | 0.12% |
| KFW 1,25 19-280823 | 54,000,000 | NOK | 5,361,206.33 | 5,349,318.71 | 0.37% |
| OSLO KOMMUNE 3,60 12-061222 | 15,000,000 | NOK | 1,950,098.37 | 1,527,110.98 | 0.11% |
| Total NORWEGIAN KRONE |  |  | 9,203,572.52 | 8,588,604.06 | 0.59% |
| US TREASURY 0,625 20-150530 | 4,000,000 | USD | 3,378,076.09 | 3,229,485.73 | 0.22% |
| US TREASURY 1,125 21-310828 | 15,300,000 | USD | 12,951,265.85 | 13,067,526.11 | 0.90% |
| US TREASURY 2,25 17-150227 | 5,000,000 | USD | 4,310,398.28 | 4,588,946.37 | 0.32% |
| US TREASURY 2,875 18-310725 | 11,000,000 | USD | 9,714,692.98 | 10,261,409.91 | 0.71% |
| US TREASURY -INFLATION LINKED- 0,375 15-150725 | 2,300,000 | USD | 2,039,576.65 | 2,493,526.15 | 0.17% |
| US TREASURY -INFLATION LINKED- 0,375 17-150127 | 5,500,000 | USD | 5,144,483.25 | 5,925,634.60 | 0.41% |
| Total U.S. DOLLAR |  |  | 37,538,493.10 | 39,566,528.87 | 2.73% |
| Total Bonds |  |  | 272,046,879.23 | 277,425,491.50 | 19.14% |
| Money market instruments |  |  |  |  |  |
| AEDIFICA S.A. 301121 | 700,000 | EUR | 700,000.00 | 700,000.00 | 0.05% |
| WAREHOUSES DE PAUW 111021 | 2,000,000 | EUR | 1,999,549.10 | 1,999,959.68 | 0.14% |
| WAREHOUSES DE PAUW 291121 | 2,000,000 | EUR | 1,999,555.94 | 1,999,783.39 | 0.14% |
| XIOR STUDENT HOUSING N.V. 041021 | 700,000 | EUR | 699,755.08 | 699,988.34 | 0.05% |
| XIOR STUDENT HOUSING N.V. 091221 | 1,500,000 | EUR | 1,499,237.88 | 1,499,562.72 | 0.10% |

|  |
| --- |
| Medium Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| XIOR STUDENT HOUSING N.V. 291021 | 700,000 | EUR | 699,927.09 | 699,927.09 | 0.05% |
| Total EURO |  |  | 7,598,025.09 | 7,599,221.22 | 0.52% |
| Total Money market instruments |  |  | 7,598,025.09 | 7,599,221.22 | 0.52% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 310,009,700.23 | 323,734,487.33 | 22.33% |
| Investment funds |  |  |  |  |  |
| AMUNDI ULTRA SHORT-TERM BOND SRI -CAP- | 3 | EUR | 29,942,132.77 | 29,536,033.47 | 2.04% |
| DEGROOF PETERCAM FR CONVERTIBLE EUR SI -CAP- | 1,340 | EUR | 6,929,086.40 | 7,521,728.20 | 0.52% |
| DPAM BONDS GOVT GLOBAL -J- -CAP- | 545 | EUR | 13,025,718.05 | 14,879,720.80 | 1.03% |
| DPAM BONDS L CORPORATE EUR -J- -CAP- | 2,270 | EUR | 58,084,328.70 | 61,745,929.50 | 4.26% |
| DPAM CAP B EQUITIES US ESGLI -J- -CAP- | 675 | EUR | 62,973,121.86 | 86,044,626.00 | 5.94% |
| DPAM CAPITAL B BONDS EUR MEDIUM -J- | 1,226 | EUR | 30,982,421.32 | 32,650,341.60 | 2.25% |
| DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE -J- -CAP- | 1,033 | EUR | 25,757,042.01 | 30,803,568.44 | 2.12% |
| DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE -J- | 1,631 | EUR | 43,415,259.71 | 61,536,925.62 | 4.24% |
| DPAM EQUITIES L EMERGING MSCI INDEX -J- -CAP- | 2,155 | EUR | 28,617,882.80 | 33,841,969.15 | 2.33% |
| DPAM INVESTMENT B BONDS EUR -J- | 1,230 | EUR | 32,373,135.18 | 35,005,308.00 | 2.41% |
| DPAM INVESTMENT -B- EQUIT. DRAGONS SUSTAINABLE J -CAP- | 544 | EUR | 14,346,984.70 | 14,095,796.16 | 0.97% |
| DPAM INVESTMENT B EQUITIES EUROLAND -J- | 1,043 | EUR | 26,751,403.95 | 38,900,424.90 | 2.68% |
| DPAM INVESTMENT B EQUITIES EUROPE DIVIDEND -J- | 1,173 | EUR | 30,883,826.78 | 33,231,486.95 | 2.29% |
| DPAM INVESTMENT B EQUITIES EUROPE SUSTAINABLE -J- | 1,135 | EUR | 34,065,937.10 | 44,250,449.30 | 3.05% |
| DPAM INVESTMENT B EQUITIES EUR SM CAP SUSTAINABLE -J- | 684 | EUR | 17,933,579.08 | 23,829,746.30 | 1.64% |
| DPAM INVESTMENT B EQUITIES NEWGEMS SUSTAINABLE -J- | 363 | EUR | 9,285,672.11 | 12,387,425.82 | 0.85% |
| DPAM INVESTMENT B EQUITIES WORLD SUSAINABLE -J- | 864 | EUR | 24,711,143.68 | 41,953,213.20 | 2.89% |
| DPAM INVESTMENT B REAL ESTATE EUR SUSTAINABLE -J- | 255 | EUR | 6,384,425.00 | 8,036,770.37 | 0.55% |
| DPAM L BONDS CLIMATE TRENDS SUSTAINABLE -J- | 1,328 | EUR | 34,616,763.01 | 35,024,207.20 | 2.42% |
| DPAM L BONDS CORP. HIGH YIELD -J- -CAP- | 315 | EUR | 8,218,855.43 | 9,167,019.75 | 0.63% |
| DPAM L BONDS EMERGING MARKETS SUSTAINABLE -J- -CAP- | 1,014 | EUR | 25,997,511.60 | 27,419,078.64 | 1.89% |
| DPAM L BONDS EUR HIGH YIELD SHORT-TERM -J- -CAP- | 579 | EUR | 14,336,307.23 | 14,752,202.17 | 1.02% |
| DPAM L BONDS EUR QUALITY -J- -CAP- | 3,259 | EUR | 80,971,419.90 | 86,684,250.78 | 5.98% |
| DPAM L BONDS GOVT SUSTAINABLE -J- -CAP- | 436 | EUR | 10,900,000.00 | 10,685,496.72 | 0.74% |
| DPAM L BONDS UNIV UNCONST -J- -CAP- | 1,506 | EUR | 39,215,674.96 | 44,189,305.69 | 3.05% |
| DPAM L EQUITIES CONVICTION RESEARCH | 665 | EUR | 16,906,788.94 | 21,255,927.00 | 1.47% |
| OSTRUM SRI MONEY PLUS -I- -CAP- | 200 | EUR | 20,559,647.40 | 20,498,334.00 | 1.41% |
| SELECT EQUITIES EMERGING MLTI MGMT -Z- EUR | 476 | EUR | 43,864,791.67 | 57,224,335.05 | 3.95% |
| SELECT EQUITIES JAPAN MULTI MANAGMENT -Z- -CAP- | 102 | EUR | 15,087,161.91 | 19,243,245.54 | 1.33% |
| Total EURO |  |  | 807,138,023.25 | 956,394,866.32 | 65.97% |
| ABN AMRO PZENA US-EQUIT. -I- USD | 39,750 | USD | 4,342,194.89 | 4,454,592.95 | 0.31% |
| MORGAN STANLEY US ADVANTAGE Z -CAP- | 80,800 | USD | 7,437,260.07 | 13,309,916.73 | 0.92% |
| NEUBERGER BERMAN US SMALL I3 -CAP- | 1,143 | USD | 9,808,367.30 | 15,212,645.37 | 1.05% |
| POLEN CAPITAL FOCUS U.S.GROWTH US -DIS- | 584,000 | USD | 6,082,588.12 | 9,639,691.10 | 0.66% |
| Total U.S. DOLLAR |  |  | 27,670,410.38 | 42,616,846.15 | 2.94% |
| Total Investment funds |  |  | 834,808,433.63 | 999,011,712.47 | 68.91% |
| Other Transferable Securities |  |  |  |  |  |

|  |
| --- |
| Medium Low |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| INVESCO PHYSICAL GOLD ETC | 47,220 | USD | 7,342,707.97 | 6,942,535.83 | 0.48% |
| WISDOMTREE PHYSICAL SWISS GOLD 09-PERPETUAL | 156,010 | USD | 21,419,775.93 | 22,822,999.65 | 1.57% |
| Total U.S. DOLLAR |  |  | 28,762,483.90 | 29,765,535.48 | 2.05% |
| Total Other Transferable Securities |  |  | 28,762,483.90 | 29,765,535.48 | 2.05% |
| Options |  |  |  |  |  |
| PUT ESTX50 EUR Décembre 2021 ST 3700 | -560 | EUR | -287,280.00 | -325,360.00 | -0.02% |
| PUT ESTX50 EUR Décembre 2021 ST 4100 | 560 | EUR | 731,920.00 | 901,040.00 | 0.06% |
| Total EURO |  |  | 444,640.00 | 575,680.00 | 0.04% |
| PUT SP 500 Décembre 2021 ST 4000 | -45 | USD | -220,830.87 | -267,914.92 | -0.02% |
| PUT SP 500 Décembre 2021 ST 4400 | 45 | USD | 512,479.91 | 726,049.44 | 0.05% |
| Total U.S. DOLLAR |  |  | 291,649.04 | 458,134.52 | 0.03% |
| Total Options |  |  | 736,289.04 | 1,033,814.52 | 0.07% |
| Total Portfolio |  |  | 1,174,316,906.80 | 1,353,545,549.80 | 93.37% |

(Content)
| Low | % Total Net Assets |
| --- | --- |
|  |
| LUXEMBURG | 38.97 % |
| BELGIUM | 27.59 % |
| UNITED STATES OF AMERICA | 6.03 % |
| FRANCE | 5.72 % |
| ITALY | 3.89 % |
| SPAIN | 3.17 % |
| NETHERLANDS | 1.75 % |
| IRELAND | 1.45 % |
| GERMANY | 1.30 % |
| JERSEY | 1.17 % |
| PORTUGAL | 0.53 % |
| UNITED KINGDOM | 0.47 % |
| SWITZERLAND | 0.28 % |
| SWEDEN | 0.17 % |
| NORWAY | 0.11 % |
| Total Portfolio | 92.60 % |

(Content)
| Medium | % Total Net Assets |
| --- | --- |
|  |
| BELGIUM | 43.77 % |
| LUXEMBURG | 29.00 % |
| UNITED STATES OF AMERICA | 5.73 % |
| ITALY | 3.05 % |
| SPAIN | 2.98 % |
| FRANCE | 2.70 % |
| IRELAND | 1.87 % |
| JERSEY | 1.36 % |
| INTERNATIONAL ORGANIZATIONS | 0.77 % |
| SWITZERLAND | 0.73 % |
| NETHERLANDS | 0.59 % |
| PORTUGAL | 0.55 % |
| UNITED KINGDOM | 0.39 % |
| GERMANY | 0.34 % |
| NORWAY | 0.33 % |
| SWEDEN | 0.15 % |
| Total Portfolio | 94.31 % |

(Content)
|  |  |
| --- | --- |
| High | % Total Net Assets |
|  |
| BELGIUM | 52.95 % |
| LUXEMBURG | 29.63 % |
| UNITED STATES OF AMERICA | 3.69 % |
| IRELAND | 2.95 % |
| JERSEY | 1.31 % |
| FRANCE | 1.17 % |
| SWITZERLAND | 0.93 % |
| ITALY | 0.35 % |
| UNITED KINGDOM | 0.30 % |
| SPAIN | 0.23 % |
| GERMANY | 0.21 % |
| SWEDEN | 0.13 % |
| NETHERLANDS | 0.13 % |
| Total Portfolio | 93.98 % |

(Content)
| Medium Low | % Total Net Assets |
| --- | --- |
|  |
| BELGIUM | 36.09 % |
| LUXEMBURG | 32.59 % |
| FRANCE | 5.91 % |
| UNITED STATES OF AMERICA | 5.12 % |
| ITALY | 3.72 % |
| IRELAND | 2.33 % |
| SPAIN | 2.28 % |
| JERSEY | 1.57 % |
| NETHERLANDS | 1.37 % |
| GERMANY | 0.76 % |
| SWITZERLAND | 0.57 % |
| UNITED KINGDOM | 0.41 % |
| PORTUGAL | 0.31 % |
| NORWAY | 0.22 % |
| SWEDEN | 0.12 % |
| Total Portfolio | 93.37 % |

| Low | % Total Net Assets |
| --- | --- |
|  |
| UNIT TRUSTS, UCITS | 65.14 % |
| STATE | 10.38 % |
| FINANCIAL SERVICES - HOLDINGS | 3.52 % |
| BANKS | 2.85 % |
| REAL ESTATE | 2.20 % |
| PHARMACOLOGY & PERSONAL CARE | 1.30 % |
| ENERGY SOURCES | 1.14 % |
| TOBACCO & SPIRITS | 0.85 % |
| CHEMICAL PRODUCTS | 0.73 % |
| TELECOMMUNICATIONS | 0.62 % |
| TEXTILE & GARMENTS | 0.49 % |
| BUILDING MATERIALS | 0.48 % |
| OIL & DERIVED | 0.37 % |
| OTHER SERVICES | 0.34 % |
| IT & INTERNET | 0.32 % |
| FOOD & CLEANING MATERIALS | 0.29 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 0.29 % |
| PROVINCE | 0.27 % |
| DISTRIBUTION | 0.20 % |
| ASSET & MORTGAGE BACKED SECURITIES | 0.20 % |
| UTILITIES | 0.20 % |
| AEROSPACE INDUSTRY & DEFENCE | 0.14 % |
| CITY | 0.11 % |
| MISCELLANEOUS CONSUMER GOODS | 0.10 % |
| MECHANICAL CONSTRUCTION | 0.04 % |
| OTHER SERVICES | 0.03 % |
| Total Portfolio | 92.60 % |

|  |  |
| --- | --- |
| Medium | % Total Net Assets |
|  |
| UNIT TRUSTS, UCITS | 70.72 % |
| STATE | 10.11 % |
| FINANCIAL SERVICES - HOLDINGS | 3.18 % |
| REAL ESTATE | 1.51 % |
| PHARMACOLOGY & PERSONAL CARE | 1.33 % |
| BANKS | 1.09 % |
| EUROPEAN ORGANIZATIONS | 1.07 % |
| ENERGY SOURCES | 0.64 % |
| CHEMICAL PRODUCTS | 0.60 % |
| TOBACCO & SPIRITS | 0.55 % |
| IT & INTERNET | 0.50 % |
| FOOD & CLEANING MATERIALS | 0.41 % |
| TELECOMMUNICATIONS | 0.41 % |
| MISCELLANEOUS CONSUMER GOODS | 0.33 % |
| OIL & DERIVED | 0.31 % |
| TEXTILE & GARMENTS | 0.28 % |
| OTHER SERVICES | 0.21 % |
| BUILDING MATERIALS | 0.21 % |
| PROVINCE | 0.20 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 0.16 % |
| OTHER SERVICES | 0.13 % |
| AEROSPACE INDUSTRY & DEFENCE | 0.13 % |
| UTILITIES | 0.08 % |
| MECHANICAL CONSTRUCTION | 0.07 % |
| DISTRIBUTION | 0.04 % |
| LEISURES & TOURISM | 0.04 % |
| Total Portfolio | 94.31 % |

| High | % Total Net Assets |
| --- | --- |
|  |
| UNIT TRUSTS, UCITS | 84.02 % |
| FINANCIAL SERVICES - HOLDINGS | 2.12 % |
| STATE | 1.43 % |
| IT & INTERNET | 1.18 % |
| PHARMACOLOGY & PERSONAL CARE | 1.07 % |
| REAL ESTATE | 1.01 % |
| CHEMICAL PRODUCTS | 0.62 % |
| FOOD & CLEANING MATERIALS | 0.49 % |
| OIL & DERIVED | 0.45 % |
| BANKS | 0.39 % |
| ENERGY SOURCES | 0.35 % |
| MISCELLANEOUS CONSUMER GOODS | 0.31 % |
| OTHER SERVICES | 0.21 % |
| TEXTILE & GARMENTS | 0.20 % |
| MECHANICAL CONSTRUCTION | 0.13 % |
| Total Portfolio | 93.98 % |

|  |  |
| --- | --- |
| Medium Low | % Total Net Assets |
|  |
| UNIT TRUSTS, UCITS | 68.44 % |
| STATE | 8.83 % |
| FINANCIAL SERVICES - HOLDINGS | 4.46 % |
| REAL ESTATE | 2.00 % |
| BANKS | 1.79 % |
| PHARMACOLOGY & PERSONAL CARE | 1.33 % |
| ENERGY SOURCES | 0.87 % |
| TOBACCO & SPIRITS | 0.67 % |
| CHEMICAL PRODUCTS | 0.55 % |
| TELECOMMUNICATIONS | 0.54 % |
| BUILDING MATERIALS | 0.49 % |
| TEXTILE & GARMENTS | 0.45 % |
| FOOD & CLEANING MATERIALS | 0.37 % |
| IT & INTERNET | 0.37 % |
| OIL & DERIVED | 0.35 % |
| AEROSPACE INDUSTRY & DEFENCE | 0.25 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 0.23 % |
| CITY | 0.22 % |
| OTHER SERVICES | 0.21 % |
| PROVINCE | 0.21 % |
| MISCELLANEOUS CONSUMER GOODS | 0.16 % |
| EUROPEAN ORGANIZATIONS | 0.15 % |
| DISTRIBUTION | 0.14 % |
| ASSET & MORTGAGE BACKED SECURITIES | 0.14 % |
| UTILITIES | 0.06 % |
| MECHANICAL CONSTRUCTION | 0.05 % |
| OTHER SERVICES | 0.04 % |
| Total Portfolio | 93.37 % |

| Low | % Total Net Assets |
| --- | --- |
|  |
| EURO | 83.89 % |
| U.S. DOLLAR | 7.31 % |
| NORWEGIAN KRONE | 0.96 % |
| SWISS FRANC | 0.28 % |
| BRITISH POUND | 0.12 % |
| SWEDISH KRONA | 0.04 % |
| Total Portfolio | 92.60 % |

| Medium | % Total Net Assets |
| --- | --- |
|  |
| EURO | 82.84 % |
| U.S. DOLLAR | 10.00 % |
| SWISS FRANC | 0.73 % |
| NORWEGIAN KRONE | 0.40 % |
| BRITISH POUND | 0.27 % |
| SWEDISH KRONA | 0.07 % |
| Total Portfolio | 94.31 % |

| High | % Total Net Assets |
| --- | --- |
|  |
| EURO | 81.04 % |
| U.S. DOLLAR | 11.58 % |
| SWISS FRANC | 0.93 % |
| BRITISH POUND | 0.30 % |
| SWEDISH KRONA | 0.13 % |
| Total Portfolio | 93.98 % |

| Medium Low | % Total Net Assets |
| --- | --- |
|  |
| EURO | 83.48 % |
| U.S. DOLLAR | 8.50 % |
| NORWEGIAN KRONE | 0.59 % |
| SWISS FRANC | 0.57 % |
| BRITISH POUND | 0.18 % |
| SWEDISH KRONA | 0.05 % |
| Total Portfolio | 93.37 % |


## Low
| Shares outstanding at the beginning of the financial period	- A | 5,176,073.781 |
| --- | --- |
| - B | 2,449,634.680 |
| - C1 | 684,064.185 |
| - C2 | 1,254,949.873 |
| - D1 | 1,899,019.708 |
| - D2 | 3,093,814.866 |
| Shares issued during the financial period	- A | 399,826.256 |
| - B | 97,940.854 |
| - C1 | 10,035.487 |
| - C2 | 3,585.000 |
| - D1 | 102,005.273 |
| - D2 | 328,879.750 |
| Shares redeemed during the financial period	- A | 527,604.106 |
| - B | 185,287.069 |
| - C1 | 68,860.000 |
| - C2 | 74,689.000 |
| - D1 | 279,404.307 |
| - D2 | 213,209.344 |
| Shares outstanding at the end of the financial period	- A | 5,048,295.931 |
| - B | 2,362,288.465 |
| - C1 | 625,239.672 |
| - C2 | 1,183,845.873 |
| - D1 | 1,721,620.674 |
| - D2 | 3,209,485.272 |


## Medium
| Shares outstanding at the beginning of the financial period	- A | 21,512,950.718 |
| --- | --- |
| - B | 10,990,153.447 |
| - C1 | 5,318,059.033 |
| - C2 | 7,731,674.743 |
| - D1 | 11,041,288.814 |
| - D2 | 13,531,178.804 |
| Shares issued during the financial period	- A | 1,710,942.757 |
| - B | 375,379.333 |
| - C1 | 102,882.241 |
| - C2 | 183,329.098 |
| - D1 | 913,723.757 |
| - D2 | 821,304.215 |
| Shares redeemed during the financial period	- A | 1,297,285.627 |
| - B | 448,334.825 |
| - C1 | 243,758.750 |
| - C2 | 275,293.718 |
| - D1 | 776,225.220 |
| - D2 | 633,084.525 |
| Shares outstanding at the end of the financial period	- A | 21,926,607.848 |
| - B | 10,917,197.955 |
| - C1 | 5,177,182.524 |
| - C2 | 7,639,710.123 |
| - D1 | 11,178,787.351 |
| - D2 | 13,719,398.494 |


## High
| Shares outstanding at the beginning of the financial period	- A | 4,480,012.199 |
| --- | --- |
| - B | 2,869,505.804 |
| - C1 | 1,621,547.904 |
| - C2 | 1,837,358.873 |
| - D1 | 2,310,313.097 |
| - D2 | 1,991,840.899 |
| Shares issued during the financial period	- A | 502,548.697 |
| - B | 222,488.001 |
| - C1 | 58,001.922 |
| - C2 | 140,936.311 |
| - D1 | 234,822.210 |
| - D2 | 361,108.160 |
| Shares redeemed during the financial period	- A | 302,958.016 |
| - B | 122,532.798 |
| - C1 | 48,275.119 |
| - C2 | 49,322.734 |
| - D1 | 187,979.580 |
| - D2 | 85,000.000 |
| Shares outstanding at the end of the financial period	- A | 4,679,602.880 |
| - B | 2,969,461.007 |
| - C1 | 1,631,274.707 |
| - C2 | 1,928,972.450 |
| - D1 | 2,357,155.727 |
| - D2 | 2,267,949.059 |


## Medium Low
| Shares outstanding at the beginning of the financial period	- A | 5,176,861.823 |
| --- | --- |
| - B | 4,773,700.691 |
| - C1 | 1,905,899.078 |
| - C2 | 2,865,089.491 |
| - D1 | 2,479,244.955 |
| - D2 | 2,335,731.394 |
| Shares issued during the financial period	- A | 376,921.203 |
| - B | 136,197.617 |
| - C1 | 21,391.867 |
| - C2 | 62,748.000 |
| - D1 | 133,031.510 |
| - D2 | 211,571.578 |
| Shares redeemed during the financial period	- A | 350,033.978 |
| - B | 169,481.301 |
| - C1 | 83,094.132 |
| - C2 | 37,581.000 |
| - D1 | 151,974.658 |
| - D2 | 155,334.403 |
| Shares outstanding at the end of the financial period	- A | 5,203,749.048 |
| - B | 4,740,417.007 |
| - C1 | 1,844,196.813 |
| - C2 | 2,890,256.491 |
| - D1 | 2,460,301.807 |
| - D2 | 2,391,968.569 |

| Sub-Fund | Valuation date | Total Net Assets | Share Class | Shares Outstanding | SHARE VALUE | CCY |
| --- | --- | --- | --- | --- | --- | --- |

| Low (EUR) | 31.03.2019 31.03.2020 31.03.2021 30.09.2021 | 795,339,468.92 739,486,900.06 770,863,221.25 755,327,937.54 | - A | 5,140,590.291 | 32.90 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 3,295,790.673 | 86.97 | EUR |
| - C1 | 778,143.568 | 87.09 | EUR |
| - C2 | 994,037.019 | 87.26 | EUR |
| - D1 | 1,763,164.420 | 32.95 | EUR |
| - D2 | 3,846,542.505 | 33.01 | EUR |
| - A | 5,139,864.285 | 31.21 | EUR |
| - B | 2,703,732.781 | 83.31 | EUR |
| - C1 | 748,360.973 | 83.55 | EUR |
| - C2 | 1,360,970.054 | 83.89 | EUR |
| - D1 | 1,801,768.763 | 31.30 | EUR |
| - D2 | 3,842,186.348 | 31.42 | EUR |
| - A | 5,176,073.781 | 34.96 | EUR |
| - B | 2,449,634.680 | 93.95 | EUR |
| - C1 | 684,064.185 | 94.39 | EUR |
| - C2 | 1,254,949.873 | 94.96 | EUR |
| - D1 | 1,899,019.708 | 35.12 | EUR |
| - D2 | 3,093,814.866 | 35.34 | EUR |
| - A | 5,048,295.931 | 35.37 | EUR |
| - B | 2,362,288.465 | 95.59 | EUR |
| - C1 | 625,239.672 | 96.12 | EUR |
| - C2 | 1,183,845.873 | 96.80 | EUR |
| - D1 | 1,721,620.674 | 35.58 | EUR |
| - D2 | 3,209,485.272 | 35.83 | EUR |

| Medium (EUR) | 31.03.2019 31.03.2020 31.03.2021 30.09.2021 | 5,683,895,150.80 5,051,661,572.73 5,911,535,165.89 6,134,191,409.05 | - A | 21,833,851.407 | 51.38 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 14,272,381.810 | 116.15 | EUR |
| - C1 | 6,243,995.983 | 116.49 | EUR |
| - C2 | 7,593,132.313 | 116.73 | EUR |
| - D1 | 11,275,358.492 | 51.52 | EUR |
| - D2 | 13,750,664.811 | 51.62 | EUR |
| - A | 21,839,303.978 | 47.45 | EUR |
| - B | 11,570,620.216 | 108.12 | EUR |
| - C1 | 5,767,061.380 | 108.76 | EUR |
| - C2 | 8,412,448.498 | 109.19 | EUR |
| - D1 | 11,509,509.787 | 47.73 | EUR |
| - D2 | 13,967,016.283 | 47.92 | EUR |
| - A | 21,512,950.718 | 58.07 | EUR |
| - B | 10,990,153.447 | 132.94 | EUR |
| - C1 | 5,318,059.033 | 134.13 | EUR |
| - C2 | 7,731,674.743 | 134.98 | EUR |
| - D1 | 11,041,288.814 | 58.58 | EUR |
| - D2 | 13,531,178.804 | 58.95 | EUR |
| - A | 21,926,607.848 | 60.02 | EUR |
| - B | 10,917,197.955 | 138.02 | EUR |
| - C1 | 5,177,182.524 | 139.46 | EUR |
| - C2 | 7,639,710.123 | 140.52 | EUR |
| - D1 | 11,178,787.351 | 60.63 | EUR |
| - D2 | 13,719,398.494 | 61.09 | EUR |

| Sub-Fund | Valuation date | Total Net Assets | Share Class | Shares Outstanding | SHARE VALUE | CCY |
| --- | --- | --- | --- | --- | --- | --- |

| High (EUR) | 31.03.2019 31.03.2020 31.03.2021 30.09.2021 | 1,204,588,334.53 1,041,193,140.65 1,326,373,645.12 1,458,027,867.67 | - A | 4,463,687.136 | 52.47 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 3,356,179.656 | 100.78 | EUR |
| - C1 | 1,922,619.870 | 101.07 | EUR |
| - C2 | 1,937,173.665 | 101.27 | EUR |
| - D1 | 2,418,647.571 | 52.62 | EUR |
| - D2 | 2,168,985.826 | 52.73 | EUR |
| - A | 4,372,405.982 | 46.52 | EUR |
| - B | 3,057,709.669 | 89.94 | EUR |
| - C1 | 1,796,605.648 | 90.47 | EUR |
| - C2 | 1,937,096.433 | 90.84 | EUR |
| - D1 | 2,557,395.006 | 46.80 | EUR |
| - D2 | 2,225,436.696 | 46.99 | EUR |
| - A | 4,480,012.199 | 62.56 | EUR |
| - B | 2,869,505.804 | 121.46 | EUR |
| - C1 | 1,621,547.904 | 122.54 | EUR |
| - C2 | 1,837,358.873 | 123.28 | EUR |
| - D1 | 2,310,313.097 | 63.12 | EUR |
| - D2 | 1,991,840.899 | 63.50 | EUR |
| - A | 4,679,602.880 | 65.71 | EUR |
| - B | 2,969,461.007 | 128.01 | EUR |
| - C1 | 1,631,274.707 | 129.34 | EUR |
| - C2 | 1,928,972.450 | 130.26 | EUR |
| - D1 | 2,357,155.727 | 66.40 | EUR |
| - D2 | 2,267,949.059 | 66.87 | EUR |

| Medium Low (EUR) | 31.03.2019 31.03.2020 31.03.2021 30.09.2021 | 1,391,496,785.55 1,260,918,946.81 1,414,111,850.60 1,449,716,072.35 | - A | 5,400,367.766 | 63.57 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 5,428,988.174 | 66.99 | EUR |
| - C1 | 2,083,498.511 | 67.11 | EUR |
| - C2 | 3,033,784.574 | 67.25 | EUR |
| - D1 | 2,518,303.932 | 63.69 | EUR |
| - D2 | 2,825,188.779 | 63.82 | EUR |
| - A | 5,393,329.368 | 59.44 | EUR |
| - B | 5,036,518.615 | 63.20 | EUR |
| - C1 | 2,055,612.072 | 63.43 | EUR |
| - C2 | 2,909,058.032 | 63.69 | EUR |
| - D1 | 2,532,945.513 | 59.67 | EUR |
| - D2 | 2,590,767.081 | 59.92 | EUR |
| - A | 5,176,861.823 | 69.69 | EUR |
| - B | 4,773,700.691 | 74.52 | EUR |
| - C1 | 1,905,899.078 | 74.97 | EUR |
| - C2 | 2,865,089.491 | 75.42 | EUR |
| - D1 | 2,479,244.955 | 70.12 | EUR |
| - D2 | 2,335,731.394 | 70.55 | EUR |
| - A | 5,203,749.048 | 71.24 | EUR |
| - B | 4,740,417.007 | 76.55 | EUR |
| - C1 | 1,844,196.813 | 77.11 | EUR |
| - C2 | 2,890,256.491 | 77.65 | EUR |
| - D1 | 2,460,301.807 | 71.77 | EUR |
| - D2 | 2,391,968.569 | 72.28 | EUR |


## NOTE 1 - ACCOUNTING PRINCIPLES AND METHODS
The financial statements of the SICAV have been prepared on a going concern basis and in accordance with accounting standards and principles generally accepted in Luxembourg on the basis of the official net asset values calculated at the end of the financial year.
- Securities portfolio valuationSecurities listed on a recognised stock exchange are valued at their closing price on 30 September 2021. If they are traded on more than one market, the closing price on the primary market will be used.


## The value of securities traded on any other regulated market offering comparable safeguards is based on their last available price on the Valuation Date.
Securities investments which, on the Valuation Date, are not traded or listed on a stock exchange or any other regulated market, or which are traded or listed on such stock exchange or regulated market but their price, determined as described above, is not representative of their actual value, are measured at their probable realisable value estimated prudently and in good faith.
Securities not listed on a regulated market or whose listed price is not representative of their actual value are measured at their last known market value or, in the absence of a market value, at their probable realisable selling price based on evaluation criteria deemed prudent by the Board of Directors.
The value of the derivative instruments (futures and options) which are listed or quoted on a stock exchange or an organised market is determined in line with their last liquidation price on 30 September 2021 on the stock exchange or the organised market on which the aforementioned instruments are traded, it being understood that if one of the derivative instruments above cannot be liquidated on the day taken into account for determining the applicable values, the value of this derivative instrument or of these derivative instruments will be determined in a prudent and reasonable manner by the Board of Directors.

## The equities or the units of mutual funds are valued based on their last net asset value available.
The monetary market instruments and other fixed income securities may be valued based on the amortised cost. If, however, there is a market price for these securities, the valuation, carried out as described above, will be compared regularly with the market price and where there is a considerable difference, the Board of Directors may adjust the valuation.

## Forward exchange agreements are valued on the basis of the last forward prices available on the valuation date.
- Net realised gain or loss on investmentsNet realised gains or losses on the sale of securities are calculated on the basis of the average cost of securities sold.

The amount of net realized capital gains or losses attributable to changes in exchange rates is recorded in the "Net realized capital gain or loss on foreign currencies" account at the time of the sale transaction.
- Conversion of foreign currenciesThe SICAV's accounts are kept in EUR. Cash at bank, other net assets and the market value of securities in the portfolio in currencies other than the EUR are converted into EUR at the exchange rates prevailing on the closing date.


## Income and expenses in currencies other than the EUR are converted into EUR at the exchange rates prevailing on the payment date.
- Acquisition cost of the securities in the portfolioFor securities denominated in currencies other than the SICAV's currency, the acquisition cost is calculated on the basis of the exchange rate prevailing on the day of purchase.
- Change in the net unrealised gain and lossThe change in unrealized capital gains and losses at the end of the year is also included in operating income.
- Income, expenditure and related provisionsInterest is provisioned daily and dividends are recorded on the "ex-date". Interest and income are recorded net of non-recoverable withholding taxes on movable property.

When the SICAV incurs costs relating to a particular sub-fund, these costs are allocated to that sub- fund. Expenses not attributable to a particular sub-fund are allocated to the various sub-funds in proportion to the net asset value of each sub-fund.
- Change in the securities portfolioThe table of changes in the sub-funds' securities portfolio is available free of charge at the SICAV's registered office.
- Combined financial statementsThe net assets of the SICAV's various sub-funds are expressed in their reference currency.

The combined financial statements of the SICAV are drawn up 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 rates prevailing on the date of the financial statements.

## NOTE 2 - TAXES AND EXPENSES PAYABLE
| Management fee | 21,516,559.55 | EUR |
| --- | --- | --- |
| Depositary fees | 617,410.57 | EUR |
| Subscription tax | 859,151.63 | EUR |
| Miscellaneous fees | 1,563,068.27 | EUR |
| Total | 24,556,190.02 | EUR |


## NOTE 3 - MANAGEMENT FEE

## In return for its services, the Management Company has received an annual fee from the sub-fund at the rate of:
| Sub-Fund | Class of Shares | Management fee rate |
| --- | --- | --- |
| High | A | 1.100% p.a. |
| B | 1.100% p.a. |
| C1 | 0.800% p.a. |
| D1 | 0.800% p.a. |
| C2 | 0.600% p.a. |
| D2 | 0.600% p.a. |
| Medium | A | 0.950% p.a. |
| B | 0.950% p.a. |
| C1 | 0.650% p.a. |
| D1 | 0.650% p.a. |
| C2 | 0.450% p.a. |
| D2 | 0.450% p.a. |
| Medium Low | A | 0.850% p.a. |
| B | 0.850% p.a. |
| C1 | 0.650% p.a. |
| D1 | 0.650% p.a. |
| C2 | 0.450% p.a. |
| D2 | 0.450% p.a. |
| Low | A | 0.750% p.a. |
| B | 0.750% p.a. |
| C1 | 0.600% p.a. |
| D1 | 0.600% p.a. |
| C2 | 0.400% p.a. |
| D2 | 0.400% p.a. |


## This fee is payable on a quarterly basis and is calculated based on average net assets of each of the share classes of the sub-fund during the quarter under review.
It should be noted that the activity of a UCI or a sub-fund that invests in other UCIs may result in the duplication of certain costs. In addition to the expenses borne by the sub-fund in the course of its day- to-day operation, management fees will be indirectly charged to the assets of the sub-fund via the UCITS and/or other target UCI which it holds. The cumulative management fees may not exceed 5%; the performance and advisor commission is covered by the term "management fees".
When the SICAV invests in units of other UCITS and/or other UCIs which are managed, directly or by delegation, by the same Management Company or by any other company to which the Management Company is linked as part of a management or control community or by a significant direct or indirect participation, the Management Company or the other company may not charge subscription or redemption fees for the SICAV's investment in the units of other UCITS and/or other UCIs. This does not apply to any subscription or redemption fees charged exclusively to these other UCITS or UCIs and paid in full to them.

## NOTE 4 - SUBSCRIPTION TAX

## The SICAV is governed by Luxembourg tax laws.
In accordance with the legislation and regulations currently in force in Luxembourg, the SICAV is liable to subscription tax at an annual rate of 0,05%, payable quarterly and based on the net assets of the SICAV at the end of each quarter (0,01% for the net assets attributable to the institutional classes E and F for the relevant sub-funds). No taxe d’abonnement (subscription tax) is payable on a pool of net assets invested in undertakings for collective investment that are already subject to this tax.Subscription tax is not payable on the portion of assets invested in UCIs already subject to this Luxembourg tax.
However, as the SICAV is registered in Belgium, it is subject to an annual tax rate of 0.0925% calculated, for the year 2021, on the basis of the value of the shares distributed in Belgium as established on 31 December 2020 and for the year 2020, on the basis of the value of the shares distributed in Belgium as established on 31 December 2019.

## NOTE 5 - FUTURES
Futures contracts are valued using the method described in Note 1 (a) on each bank business day. Unrealized gains/(losses) arising from futures contracts open at the balance sheet date are recorded directly in bank balances. Any change in the margin call that has not yet been transferred to bank balances at the balance sheet date is reflected in the "Amounts receivable from/(payable to) futures broker" account.

## As at 30 September 2021, all futures transactions are deposited at Banque Degroof Petercam Luxembourg S.A.:

## Low :
| CCY | Number of CONTRACTS | Description | +/- Unrealised Value (in EUR) | Commitments (in EUR) |
| --- | --- | --- | --- | --- |
| EUR | -295 | EURO BUND FUTURE Decembre 2021 | 572,300.00 | 30,269,065.00 |
| EUR | -75 | EURO STOXX 50 FUTURE Decembre 2021 | 78,937.50 | 3,036,000.00 |
| EUR | 420 | EURO STOXX BANKS FUTURE Decembre 2021 | 70,350.00 | 2,064,300.00 |
| EUR | -98 | EURO BOBL FUTURE Decembre 2021 | 53,900.00 | 10,084,298.00 |
| EUR | -6 | EURO-BUXL 30YR FUTURE Decembre 2021 | 25,320.00 | 940,596.00 |
| USD | 54 | RUSSELL 2000 FUTURE Decembre 2021 | -75,870.40 | 5,127,192.76 |
|  |  | Total | 724,937.10 | 51,521,451.76 |

Pursuant to these future contracts, the sub-fund maintained a guarantee deposit of EUR 1,654,925.38 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. This deposit is intended to cover market risks in the event of unfavourable daily price movements in the futures contracts purchased or sold.

## Medium :
| CCY | Number of CONTRACTS | Description | +/- Unrealised Value (in EUR) | Commitments (in EUR) |
| --- | --- | --- | --- | --- |
| EUR | -130 | EURO BUND FUTURE Decembre 2021 | 248,160.00 | 13,338,909.98 |
| EUR | 5,300 | EURO STOXX BANKS FUTURE Decembre 2021 | 887,750.00 | 26,049,500.00 |
| EUR | -220 | EURO BOBL FUTURE Decembre 2021 | 118,800.00 | 22,638,220.00 |
| EUR | -22 | EURO-BUXL 30YR FUTURE Decembre 2021 | 91,080.00 | 3,448,852.00 |
| USD | 963 | RUSSELL 2000 FUTURE Decembre 2021 | -1,360,455.58 | 91,434,937.48 |
|  |  | Total | -14,665.58 | 156,910,419.46 |

Pursuant to these future contracts, the sub-fund maintained a guarantee deposit of EUR 9,230,954.99 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. This deposit is intended to cover market risks in the event of unfavourable daily price movements in the futures contracts purchased or sold.

## High :
| CCY | Number of CONTRACTS | Description | +/- Unrealised Value (in EUR) | Commitments (in EUR) |
| --- | --- | --- | --- | --- |
| EUR | 3,200 | EURO STOXX BANKS FUTURE Decembre 2021 | 536,000.00 | 15,728,000.00 |
| EUR | -5 | EURO-BUXL 30YR FUTURE Decembre 2021 | 20,700.00 | 783,830.00 |
| USD | 312 | RUSSELL 2000 FUTURE Decembre 2021 | -443,951.42 | 29,623,780.36 |
|  |  | Total | 112,748.58 | 46,135,610.36 |

Pursuant to these future contracts, the sub-fund maintained a guarantee deposit of EUR 3,512,708.27 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. This deposit is intended to cover market risks in the event of unfavourable daily price movements in the futures contracts purchased or sold.

## Medium Low :
| CCY | Number of CONTRACTS | Description | +/- Unrealised Value (in EUR) | Commitments (in EUR) |
| --- | --- | --- | --- | --- |
| EUR | -255 | EURO BUND FUTURE Decembre 2021 | 489,600.00 | 26,164,785.00 |
| EUR | -105 | EURO STOXX 50 FUTURE Decembre 2021 | 109,987.50 | 4,250,400.00 |
| EUR | 1,200 | EURO STOXX BANKS FUTURE Decembre 2021 | 201,000.00 | 5,898,000.00 |
| EUR | -130 | EURO BOBL FUTURE Decembre 2021 | 71,500.00 | 13,377,130.00 |
| EUR | -10 | EURO-BUXL 30YR FUTURE Decembre 2021 | 41,400.00 | 1,567,660.00 |
| USD | 156 | RUSSELL 2000 FUTURE Decembre 2021 | -218,687.17 | 14,811,890.18 |
|  |  | Total | 694,800.33 | 66,069,865.18 |

Pursuant to these future contracts, the sub-fund maintained a guarantee deposit of EUR 2,693,074.18 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. This deposit is intended to cover market risks in the event of unfavourable daily price movements in the futures contracts purchased or sold.

## NOTE 6 - FORWARD FOREIGN EXCHANGE CONTRACTS

## As at 30 September 2021, all forward foreign exchange contracts hereunder have been concluded with Banque Degroof Petercam Luxembourg S.A.:

## Low :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 20/10/2021 | CHF | 2,500,000.00 | EUR | 2,306,273.06 | 6,468.44 | 2,312,459.50 |
| 20/10/2021 | JPY | 1,450,000,000 | EUR | 11,141,033.96 | 69,326.05 | 11,213,376.24 |
| 20/10/2021 | EUR | 2,555,083.34 | USD | 3,000,000.00 | -32,388.20 | 2,588,550.00 |
| 20/10/2021 | EUR | 14,912,735.22 | USD | 17,700,000.00 | -353,346.89 | 15,272,445.00 |
|  |  |  |  | Total | -309,940.60 | 31,386,830.74 |

Under these OTC derivative contracts, the sub-fund maintained collateral of EUR 724,937.10 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. The purpose of this cash collateral is to fully cover the counterparty against the risk of a possible default by the sub-fund, since there is no margin call.

## Medium :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 20/10/2021 | USD | 28,260,000.00 | EUR | 24,349,264.61 | 24,186.27 | 24,384,141.00 |
| 20/10/2021 | CHF | 20,200,000.00 | EUR | 18,634,686.35 | 52,264.95 | 18,684,672.76 |
| 20/10/2021 | JPY | 14,580,000,000 | EUR | 112,025,017.38 | 697,085.39 | 112,752,431.47 |
| 20/10/2021 | EUR | 25,550,833.38 | USD | 30,000,000.00 | -323,882.06 | 25,885,500.00 |
| 20/10/2021 | EUR | 50,551,644.82 | USD | 60,000,000.00 | -1,197,786.06 | 51,771,000.00 |
|  |  |  |  | Total | -748,131.51 | 233,477,745.23 |

Under these OTC derivative contracts, the sub-fund maintained collateral of EUR 1,210,000.00 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. The purpose of this cash collateral is to fully cover the counterparty against the risk of a possible default by the sub-fund, since there is no margin call.

## High :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 20/10/2021 | CHF | 4,900,000.00 | EUR | 4,520,295.20 | 12,678.13 | 4,532,420.62 |
| 20/10/2021 | JPY | 3,250,000,000 | EUR | 24,971,283.02 | 155,385.98 | 25,133,429.51 |
|  |  |  |  | Total | 168,064.11 | 29,665,850.13 |

Under these OTC derivative contracts, the sub-fund maintained collateral of EUR 112,748.86 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. The purpose of this cash collateral is to fully cover the counterparty against the risk of a possible default by the sub-fund, since there is no margin call.

## Medium Low :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 20/10/2021 | USD | 3,420,000.00 | EUR | 2,946,726.29 | 2,927.01 | 2,950,947.00 |
| 20/10/2021 | CHF | 4,900,000.00 | EUR | 4,520,295.20 | 12,678.13 | 4,532,420.62 |
| 20/10/2021 | JPY | 2,750,000,000 | EUR | 21,129,547.17 | 131,480.45 | 21,266,748.05 |
| 20/10/2021 | EUR | 6,387,708.35 | USD | 7,500,000.00 | -80,970.51 | 6,471,375.00 |
| 20/10/2021 | EUR | 16,766,295.53 | USD | 19,900,000.00 | -397,265.71 | 17,170,715.00 |
|  |  |  |  | Total | -331,150.63 | 52,392,205.67 |

Under these OTC derivative contracts, the sub-fund maintained collateral of EUR 694,800.43 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. The purpose of this cash collateral is to fully cover the counterparty against the risk of a possible default by the sub-fund, since there is no margin call.

## NOTE 7 - COMMITMENT (CAPITAL CALL)

## The ISIS Low, ISIS Medium and ISIS High sub-funds contracted the following commitments. The uncalled amounts of these commitments are shown in the tables below:
| Denomination | Capital call ( in EUR) |
| --- | --- |
|  | Low | Medium | High |
| Carlyle Europe Partner III | 9,587.34 | 121,439.64 | 28,762.02 |
| Carlyle Europe Partner V | 43,647.54 | 552,868.84 | 130,942.62 |


## NOTE 8 - OPTIONS

## As at 30 September 2021, the option contracts have been concluded with the counterparty Banque Degroof Petercam Luxembourg S.A. :

## Low :
| CCY | Quantity | Description | +/- Unrealised Value | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| EUR | -220 | PUT ESTX50 EUR Décembre 2021 ST 3700 | -127,820.00 | 8,976,484.00 |
| Total | 8,976,484.00 |


## Medium :
| CCY | Quantity | Description | +/- Unrealised Value | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| USD | -250 | PUT SP 500 Décembre 2021 ST 4000 | -1,488,416.24 | 94,039,001.53 |
| EUR | -2,980 | PUT ESTX50 EUR Décembre 2021 ST 3700 | -1,731,380.00 | 121,590,556.00 |
|  |  |  | Total | 215,629,557.52 |


## Medium Low :
| CCY | Quantity | Description | +/- Unrealised Value | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| USD | -45 | PUT SP 500 Décembre 2021 ST 4000 | -267,914.92 | 16,927,020.27 |
| EUR | -560 | PUT ESTX50 EUR Décembre 2021 ST 3700 | -325,360.00 | 22,849,232.00 |
|  |  |  | Total | 39,776,252.27 |


## NOTE 9 - OTHER INCOME

## Other revenue corresponds to management fees provided by certain target funds in which DP Global Strategy L invests.

## NOTE 10 - DIVIDENDS
| LOW : | Ex-date | Date de paiement |
| --- | --- | --- |
| Payment of a dividend of EUR 0.10 per share class A | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.10 per share class D1 | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.10 per share class D2 | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.09 per share class A | 11/08/21 | 18/08/21 |
| Payment of a dividend of EUR 0.09 per share class D1 | 11/08/21 | 18/08/21 |
| Payment of a dividend of EUR 0.09 per share class D2 | 11/08/21 | 18/08/21 |
| MEDIUM : |  |  |
| Payment of a dividend of EUR 0.15 per share class A | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.15 per share class D1 | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.15 per share class D2 | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.11 per share class A | 11/08/21 | 18/08/21 |
| Payment of a dividend of EUR 0.12 per share class D1 | 11/08/21 | 18/08/21 |
| Payment of a dividend of EUR 0.12 per share class D2 | 11/08/21 | 18/08/21 |
| HIGH : |  |  |
| Payment of a dividend of EUR 0.12 per share class A | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.12 per share class D1 | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.12 per share class D2 | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.10 per share class A | 11/08/21 | 18/08/21 |
| Payment of a dividend of EUR 0.10 per share class D1 | 11/08/21 | 18/08/21 |
| Payment of a dividend of EUR 0.10 per share class D2 | 11/08/21 | 18/08/21 |
| MEDIUM LOW : |  |  |
| Payment of a dividend of EUR 0.18 per share class A | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.18 per share class D1 | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.18 per share class D2 | 14/05/21 | 21/05/21 |
| Payment of a dividend of EUR 0.16 per share class A | 11/08/21 | 18/08/21 |
| Payment of a dividend of EUR 0.16 per share class D1 | 11/08/21 | 18/08/21 |
| Payment of a dividend of EUR 0.16 per share class D2 | 11/08/21 | 18/08/21 |


## NOTE 11 - EVENTS OCCURRING DURING THE PERIOD
The COVID-19 (coronavirus) pandemic is still a serious threat to the health of the world's population and has been disrupting people's daily lives for more than a year now. This obviously has an impact on the global economy, although finance in its specific sector is not the most disadvantaged sector. Most sectors of the economy are affected and some are hit extremely hard. Fiscal year 2020 has seen some negative impacts on the valuation of stocks, bonds, funds and other investments and fiscal year 2021 is expected to see similar impacts based on current forecasts of the evolving pandemic. The current and/or new measures taken by the health authorities to contain the spread of the virus, while necessary, have had and will continue to have a significant impact on economic activity. It is to be hoped that while these effects are significant, they will ultimately be temporary. Authorities around the world have taken, and continue to take, strong and necessary measures to contain the spread of the virus, and to support individuals and businesses in these very difficult times. We can hope that vaccination can provide a glimmer of hope for 2021. The Board of Directors is currently unable to accurately estimate the impact of this pandemic, but is monitoring the situation closely.
| OVERALL RISK ASSESSMENT |
| --- |
| Each sub-fund must ensure that its overall risk relating to derivatives does not exceed the total net value of its portfolio. Overall risk is a measurement designed to limit the leverage generated for each sub-fund by using derivatives. The method used to calculate overall exposure for each sub-fund of the SICAV is the ‘commitment method’. The commitment method consists in converting positions on derivatives into equivalent positions on the underlying assets and then aggregating the market value of these equivalent positions. According to the commitment methodology, the maximum level of derivative leverage is 100%. |
| Regulation EU 2015/2365 of the European Parliament and the Council of 25 November 2015: transparency of securities financing transactions and of reuse (hereinafter the Regulation) |
| In accordance with Article 13 and Section A of the Annex to the Regulation, the SICAV must inform investors of the use it makes of securities financing transactions and total return swaps in its annual and half-yearly reports. At the date of the financial statements, the SICAV is concerned by the SFTR publication requirements. However, no corresponding transactions were carried out during the period covered by the financial statements. |

Translation (ENFR, 2021-09-30):
# du 1 avril 2021 au 30 septembre 2021
|  |  |  |
| --- | --- | --- |
|  | Notes | Combiné (en EUR) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1f | 4.016.218,04 |
| Intérêts sur obligations | 1f | 10.972.712,56 |
| Récupérations de taxes |  | 592,46 |
| Total Revenus |  | 14.989.523,06 |
| Charges |  |  |
| Commission de gestion | 3 | 42.097.478,04 |
| Commission de banque dépositaire |  | 1.249.953,25 |
| Taxe d'abonnement | 4 | 5.490.312,48 |
| Frais d'administration |  | 3.357.074,37 |
| Frais et commissions divers |  | 367.838,33 |
| Frais de transactions |  | 901.532,94 |
| Intérêts débiteurs |  | 1.152.642,64 |
| Redevance aux autorités étrangères |  | 9.892,02 |
| Total Charges |  | 54.626.724,07 |
| Revenus / Pertes Net(te)s |  | -39.637.201,01 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 159.104.450,51 |
| - sur devises |  | 605.790,34 |
| - sur changes à terme |  | -3.209.437,34 |
| - sur futures |  | -557.346,93 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 116.306.255,57 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | 229.614.294,04 |
| - sur devises |  | 601.173,18 |
| - sur changes à terme |  | 6.058.758,32 |
| - sur futures |  | 7.165.759,29 |
| Résultat net des opérations |  | 359.746.240,40 |
| - Souscriptions |  | 532.222.927,29 |
| - Rachats |  | -497.970.473,54 |
| Dividendes payés | 10 | -19.619.290,40 |
| Variations de l'actif net |  | 374.379.403,75 |
| Actif net au début de la période |  | 9.422.883.882,86 |
| Actif net à la fin de la période |  | 9.797.263.286,61 |

|  |
| --- |
| Low |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 699.466.681,60 |
| Avoirs en banque |  | 54.875.217,17 |
| Intérêts à recevoir sur obligations |  | 1.063.157,37 |
| Dividendes à recevoir sur actions |  | 21.473,21 |
| Montants à recevoir sur souscriptions |  | 507.092,77 |
| Montants à recevoir sur ventes de titres |  | 1.409.587,61 |
| Gains non réalisés sur changes à terme | 6 | 0,00 |
| Dépôts de garantie sur futures | 5 | 1.654.925,38 |
| Collatéral sur changes à terme |  | 0,00 |
| Taxes et frais payés d'avance |  | 146.715,16 |
| Total Actif |  | 759.144.850,27 |
| Exigible |  |  |
| Taxes et frais à payer |  | 1.664.406,13 |
| Intérêts débiteurs à payer |  | 23.252,33 |
| Montants à payer sur rachats |  | 522.882,54 |
| Montants à payer sur achats de titres |  | 1.296.431,13 |
| Pertes non réalisées sur changes à terme | 6 | 309.940,60 |
| Montants à payer au broker sur futures | 5 | 0,00 |
| Total Exigible |  | 3.816.912,73 |
| Actif net à la fin de la période |  | 755.327.937,54 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A |  | 5.048.295,931 |
| - B |  | 2.362.288,465 |
| - C1 |  | 625.239,672 |
| - C2 |  | 1.183.845,873 |
| - D1 |  | 1.721.620,674 |
| - D2 |  | 3.209.485,272 |
| Valeur Nette d'inventaire par action (à la fin de la période) |  |  |
| - A |  | 35,37 |
| - B |  | 95,59 |
| - C1 |  | 96,12 |
| - C2 |  | 96,80 |
| - D1 |  | 35,58 |
| - D2 |  | 35,83 |

|  |
| --- |
| Medium |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 5.785.043.388,87 |
| Avoirs en banque |  | 371.715.741,05 |
| Intérêts à recevoir sur obligations |  | 6.888.657,26 |
| Dividendes à recevoir sur actions |  | 343.145,41 |
| Montants à recevoir sur souscriptions |  | 2.685.658,85 |
| Montants à recevoir sur ventes de titres |  | 0,00 |
| Gains non réalisés sur changes à terme | 6 | 0,00 |
| Dépôts de garantie sur futures | 5 | 9.230.954,99 |
| Collatéral sur changes à terme |  | 1.210.000,00 |
| Taxes et frais payés d'avance |  | 1.199.525,78 |
| Total Actif |  | 6.178.317.072,21 |
| Exigible |  |  |
| Taxes et frais à payer |  | 15.367.455,44 |
| Intérêts débiteurs à payer |  | 146.877,95 |
| Montants à payer sur rachats |  | 6.432.457,92 |
| Montants à payer sur achats de titres |  | 21.430.738,75 |
| Pertes non réalisées sur changes à terme | 6 | 748.131,51 |
| Montants à payer au broker sur futures | 5 | 1,59 |
| Total Exigible |  | 44.125.663,16 |
| Actif net à la fin de la période |  | 6.134.191.409,05 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A |  | 21.926.607,848 |
| - B |  | 10.917.197,955 |
| - C1 |  | 5.177.182,524 |
| - C2 |  | 7.639.710,123 |
| - D1 |  | 11.178.787,351 |
| - D2 |  | 13.719.398,494 |
| Valeur Nette d'inventaire par action (à la fin de la période) |  |  |
| - A |  | 60,02 |
| - B |  | 138,02 |
| - C1 |  | 139,46 |
| - C2 |  | 140,52 |
| - D1 |  | 60,63 |
| - D2 |  | 61,09 |

|  |
| --- |
| High |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 1.370.278.463,74 |
| Avoirs en banque |  | 87.010.021,78 |
| Intérêts à recevoir sur obligations |  | 65.722,92 |
| Dividendes à recevoir sur actions |  | 116.612,74 |
| Montants à recevoir sur souscriptions |  | 2.142.222,16 |
| Montants à recevoir sur ventes de titres |  | 0,00 |
| Gains non réalisés sur changes à terme | 6 | 168.064,11 |
| Dépôts de garantie sur futures | 5 | 3.512.708,27 |
| Collatéral sur changes à terme |  | 0,00 |
| Taxes et frais payés d'avance |  | 254.446,10 |
| Total Actif |  | 1.463.548.261,82 |
| Exigible |  |  |
| Taxes et frais à payer |  | 4.076.175,01 |
| Intérêts débiteurs à payer |  | 32.600,73 |
| Montants à payer sur rachats |  | 1.411.618,13 |
| Montants à payer sur achats de titres |  | 0,00 |
| Pertes non réalisées sur changes à terme | 6 | 0,00 |
| Montants à payer au broker sur futures | 5 | 0,28 |
| Total Exigible |  | 5.520.394,15 |
| Actif net à la fin de la période |  | 1.458.027.867,67 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A |  | 4.679.602,880 |
| - B |  | 2.969.461,007 |
| - C1 |  | 1.631.274,707 |
| - C2 |  | 1.928.972,450 |
| - D1 |  | 2.357.155,727 |
| - D2 |  | 2.267.949,059 |
| Valeur Nette d'inventaire par action (à la fin de la période) |  |  |
| - A |  | 65,71 |
| - B |  | 128,01 |
| - C1 |  | 129,34 |
| - C2 |  | 130,26 |
| - D1 |  | 66,40 |
| - D2 |  | 66,87 |

|  |
| --- |
| Medium Low |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 1.353.545.549,80 |
| Avoirs en banque |  | 94.140.388,39 |
| Intérêts à recevoir sur obligations |  | 1.556.409,72 |
| Dividendes à recevoir sur actions |  | 58.886,03 |
| Montants à recevoir sur souscriptions |  | 2.284.126,00 |
| Montants à recevoir sur ventes de titres |  | 1.326.912,44 |
| Gains non réalisés sur changes à terme | 6 | 0,00 |
| Dépôts de garantie sur futures | 5 | 2.693.074,18 |
| Collatéral sur changes à terme |  | 0,00 |
| Taxes et frais payés d'avance |  | 298.986,69 |
| Total Actif |  | 1.455.904.333,25 |
| Exigible |  |  |
| Taxes et frais à payer |  | 3.448.153,44 |
| Intérêts débiteurs à payer |  | 39.405,93 |
| Montants à payer sur rachats |  | 275.856,85 |
| Montants à payer sur achats de titres |  | 2.093.693,95 |
| Pertes non réalisées sur changes à terme | 6 | 331.150,63 |
| Montants à payer au broker sur futures | 5 | 0,10 |
| Total Exigible |  | 6.188.260,90 |
| Actif net à la fin de la période |  | 1.449.716.072,35 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A |  | 5.203.749,048 |
| - B |  | 4.740.417,007 |
| - C1 |  | 1.844.196,813 |
| - C2 |  | 2.890.256,491 |
| - D1 |  | 2.460.301,807 |
| - D2 |  | 2.391.968,569 |
| Valeur Nette d'inventaire par action (à la fin de la période) |  |  |
| - A |  | 71,24 |
| - B |  | 76,55 |
| - C1 |  | 77,11 |
| - C2 |  | 77,65 |
| - D1 |  | 71,77 |
| - D2 |  | 72,28 |

|  |
| --- |
| Low |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1f | 160.377,37 |
| Intérêts sur obligations | 1f | 1.268.649,29 |
| Récupérations de taxes |  | 0,00 |
| Total Revenus |  | 1.429.026,66 |
| Charges |  |  |
| Commission de gestion | 3 | 2.851.622,17 |
| Commission de banque dépositaire |  | 102.349,75 |
| Taxe d'abonnement | 4 | 409.803,54 |
| Frais d'administration |  | 287.490,16 |
| Frais et commissions divers |  | 40.423,78 |
| Frais de transactions |  | 58.971,27 |
| Intérêts débiteurs |  | 125.422,99 |
| Redevance aux autorités étrangères |  | 2.151,32 |
| Total Charges |  | 3.878.234,98 |
| Revenus / Pertes Net(te)s |  | -2.449.208,32 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 10.655.639,38 |
| - sur devises |  | -45.987,12 |
| - sur changes à terme |  | -271.987,30 |
| - sur futures |  | -751.010,27 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 7.137.446,37 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | 5.196.925,01 |
| - sur devises |  | 45.715,47 |
| - sur changes à terme |  | 458.222,42 |
| - sur futures |  | 906.405,68 |
| Résultat net des opérations |  | 13.744.714,95 |
| - Souscriptions |  | 40.174.156,40 |
| - Rachats |  | -67.556.077,02 |
| Dividendes payés | 10 | -1.898.078,04 |
| Variations de l'actif net |  | -15.535.283,71 |
| Actif net au début de la période |  | 770.863.221,25 |
| Actif net à la fin de la période |  | 755.327.937,54 |

|  |
| --- |
| Medium |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1f | 2.558.209,75 |
| Intérêts sur obligations | 1f | 7.740.964,79 |
| Récupérations de taxes |  | 492,79 |
| Total Revenus |  | 10.299.667,33 |
| Charges |  |  |
| Commission de gestion | 3 | 26.268.765,19 |
| Commission de banque dépositaire |  | 784.422,15 |
| Taxe d'abonnement | 4 | 3.480.180,68 |
| Frais d'administration |  | 2.051.816,68 |
| Frais et commissions divers |  | 231.096,49 |
| Frais de transactions |  | 583.275,00 |
| Intérêts débiteurs |  | 662.131,88 |
| Redevance aux autorités étrangères |  | 3.186,93 |
| Total Charges |  | 34.064.875,00 |
| Revenus / Pertes Net(te)s |  | -23.765.207,67 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 109.924.685,76 |
| - sur devises |  | 711.679,73 |
| - sur changes à terme |  | -2.275.591,51 |
| - sur futures |  | -119.062,16 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 84.476.504,15 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | 139.426.036,94 |
| - sur devises |  | 229.689,53 |
| - sur changes à terme |  | 4.124.986,57 |
| - sur futures |  | 4.134.689,40 |
| Résultat net des opérations |  | 232.391.906,59 |
| - Souscriptions |  | 298.386.884,11 |
| - Rachats |  | -295.798.908,08 |
| Dividendes payés | 10 | -12.323.639,46 |
| Variations de l'actif net |  | 222.656.243,16 |
| Actif net au début de la période |  | 5.911.535.165,89 |
| Actif net à la fin de la période |  | 6.134.191.409,05 |

|  |
| --- |
| High |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1f | 852.923,30 |
| Intérêts sur obligations | 1f | 135.736,25 |
| Récupérations de taxes |  | 94,45 |
| Total Revenus |  | 988.754,00 |
| Charges |  |  |
| Commission de gestion | 3 | 7.044.872,33 |
| Commission de banque dépositaire |  | 180.419,96 |
| Taxe d'abonnement | 4 | 759.343,63 |
| Frais d'administration |  | 507.837,23 |
| Frais et commissions divers |  | 37.729,26 |
| Frais de transactions |  | 134.441,59 |
| Intérêts débiteurs |  | 157.283,52 |
| Redevance aux autorités étrangères |  | 2.271,67 |
| Total Charges |  | 8.824.199,19 |
| Revenus / Pertes Net(te)s |  | -7.835.445,19 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 18.051.994,84 |
| - sur devises |  | 6.642,14 |
| - sur changes à terme |  | -147.270,71 |
| - sur futures |  | 866.059,69 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 10.941.980,77 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | 61.222.144,08 |
| - sur devises |  | 256.303,05 |
| - sur changes à terme |  | 463.217,22 |
| - sur futures |  | 1.133.555,09 |
| Résultat net des opérations |  | 74.017.200,21 |
| - Souscriptions |  | 125.356.446,94 |
| - Rachats |  | -65.724.084,73 |
| Dividendes payés | 10 | -1.995.339,87 |
| Variations de l'actif net |  | 131.654.222,55 |
| Actif net au début de la période |  | 1.326.373.645,12 |
| Actif net à la fin de la période |  | 1.458.027.867,67 |

|  |
| --- |
| Medium Low |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1f | 444.707,62 |
| Intérêts sur obligations | 1f | 1.827.362,23 |
| Récupérations de taxes |  | 5,22 |
| Total Revenus |  | 2.272.075,07 |
| Charges |  |  |
| Commission de gestion | 3 | 5.932.218,35 |
| Commission de banque dépositaire |  | 182.761,39 |
| Taxe d'abonnement | 4 | 840.984,63 |
| Frais d'administration |  | 509.930,30 |
| Frais et commissions divers |  | 58.588,80 |
| Frais de transactions |  | 124.845,08 |
| Intérêts débiteurs |  | 207.804,25 |
| Redevance aux autorités étrangères |  | 2.282,10 |
| Total Charges |  | 7.859.414,90 |
| Revenus / Pertes Net(te)s |  | -5.587.339,83 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 20.472.130,53 |
| - sur devises |  | -66.544,41 |
| - sur changes à terme |  | -514.587,82 |
| - sur futures |  | -553.334,19 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 13.750.324,28 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | 23.769.188,01 |
| - sur devises |  | 69.465,13 |
| - sur changes à terme |  | 1.012.332,11 |
| - sur futures |  | 991.109,12 |
| Résultat net des opérations |  | 39.592.418,65 |
| - Souscriptions |  | 68.305.439,84 |
| - Rachats |  | -68.891.403,71 |
| Dividendes payés | 10 | -3.402.233,03 |
| Variations de l'actif net |  | 35.604.221,75 |
| Actif net au début de la période |  | 1.414.111.850,60 |
| Actif net à la fin de la période |  | 1.449.716.072,35 |

|  |
| --- |
| Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % 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 |  |  |  |  |  |
| NESTLE -REG- | 5.713 | CHF | 404.637,96 | 595.555,55 | 0,08% |
| NOVARTIS -REG- | 19.000 | CHF | 1.055.759,97 | 1.350.263,62 | 0,18% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 638 | CHF | 190.771,00 | 201.798,26 | 0,03% |
| Total FRANC SUISSE |  |  | 1.651.168,93 | 2.147.617,43 | 0,28% |
| AIR LIQUIDE | 9.030 | EUR | 842.770,89 | 1.251.377,40 | 0,17% |
| AMADEUS IT GROUP S.A. | 11.900 | EUR | 582.389,36 | 676.872,00 | 0,09% |
| ENEL AZ | 144.102 | EUR | 1.099.962,98 | 958.422,40 | 0,13% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 1.130 | EUR | 435.892,01 | 700.713,00 | 0,09% |
| SIEMENS -NOM- | 1.517 | EUR | 153.736,07 | 215.292,64 | 0,03% |
| SOLVAY & CIE | 6.733 | EUR | 560.279,42 | 724.807,45 | 0,10% |
| STELLANTIS N.V. | 23.000 | EUR | 337.568,05 | 380.006,00 | 0,05% |
| TOTALENERGIES SE | 29.000 | EUR | 1.119.547,84 | 1.198.715,00 | 0,16% |
| Total EURO |  |  | 5.132.146,62 | 6.106.205,89 | 0,81% |
| ASTRAZENECA PLC | 4.383 | GBP | 321.840,61 | 456.784,53 | 0,06% |
| UNILEVER PLC | 9.494 | GBP | 447.011,94 | 442.364,84 | 0,06% |
| Total LIVRE STERLING |  |  | 768.852,55 | 899.149,37 | 0,12% |
| ASSA ABLOY AB -B- | 10.500 | SEK | 166.798,14 | 264.800,30 | 0,04% |
| Total COURONNE SUÉDOISE |  |  | 166.798,14 | 264.800,30 | 0,04% |
| ALPHABET INC. -C- | 339 | USD | 318.205,68 | 779.619,56 | 0,10% |
| AMAZON.COM INC | 249 | USD | 426.790,71 | 705.789,69 | 0,09% |
| BOSTON SCIENTIFIC CORP. | 17.811 | USD | 541.907,48 | 666.827,12 | 0,09% |
| COMCAST CORP. -A- | 7.900 | USD | 233.842,53 | 381.247,68 | 0,05% |
| JP MORGAN CHASE & CO | 6.200 | USD | 525.724,17 | 875.687,48 | 0,12% |
| MERCK & CO INC.-NEW- | 5.943 | USD | 400.775,99 | 385.157,88 | 0,05% |
| MICROSOFT CORP. | 2.305 | USD | 416.195,29 | 560.702,01 | 0,07% |
| Total DOLLAR DES ETATS-UNIS |  |  | 2.863.441,85 | 4.355.031,42 | 0,58% |
| Total Actions Cotées ou Négociées |  |  | 10.582.408,09 | 13.772.804,41 | 1,82% |
| Obligations |  |  |  |  |  |
| ABBOTT IRELAND FINANCE 0,875 18-270923 | 1.500.000 | EUR | 1.562.355,00 | 1.535.340,00 | 0,20% |
| ABN AMRO BANK 0,875 19-150124 | 1.500.000 | EUR | 1.491.195,00 | 1.541.047,50 | 0,20% |
| AEDIFICAT 0,75 21-31 | 700.000 | EUR | 699.125,00 | 688.961,00 | 0,09% |
| AHOLD DELHAIZE N.V. 0,875 17-190924 | 1.500.000 | EUR | 1.568.820,00 | 1.541.692,50 | 0,20% |
| ANHEUSER BUSCH INBEV 1,125 19-010727 | 2.300.000 | EUR | 2.303.589,87 | 2.422.601,50 | 0,32% |
| ARGENTA SPAARBANK 1,00 20-290127 | 1.000.000 | EUR | 995.300,00 | 1.027.680,00 | 0,14% |
| AROUNDTOWN S.A. 0,00 20-160726 | 800.000 | EUR | 785.980,00 | 787.696,00 | 0,10% |
| AT&T INC. 1,30 15-050923 | 1.700.000 | EUR | 1.755.638,10 | 1.743.987,50 | 0,23% |

|  |
| --- |
| Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| BECTON DICKINSON 1,401 18-240523 | 800.000 | EUR | 806.284,00 | 820.292,00 | 0,11% |
| BECTON DICKINSON 1,90 16-151226 | 1.000.000 | EUR | 1.002.600,00 | 1.082.275,00 | 0,14% |
| BEFIMMO S.A. FRN 15-210422 | 1.500.000 | EUR | 1.500.000,00 | 1.492.312,50 | 0,20% |
| BLACKROCK INC. 1,25 15-060525 | 1.200.000 | EUR | 1.294.992,00 | 1.261.014,00 | 0,17% |
| BMW FINANCE N.V. 0,50 18-221122 | 1.500.000 | EUR | 1.507.456,50 | 1.516.327,50 | 0,20% |
| BPCE S.A. 1,00 19-010425 | 1.100.000 | EUR | 1.098.086,00 | 1.136.828,00 | 0,15% |
| BUREAU VERITAS 1,125 19-180127 | 1.000.000 | EUR | 1.033.000,00 | 1.027.955,00 | 0,14% |
| BUREAU VERITAS 1,25 16-070923 | 1.000.000 | EUR | 1.023.202,00 | 1.022.930,00 | 0,14% |
| CAPGEMINI SE 1,25 20-150422 | 500.000 | EUR | 498.970,00 | 503.650,00 | 0,07% |
| CIE SAINT GOBAIN 0,625 19-150324 | 1.500.000 | EUR | 1.494.195,00 | 1.532.175,00 | 0,20% |
| CITIGROUP INC. 0,75 16-261023 | 1.700.000 | EUR | 1.709.350,00 | 1.731.203,50 | 0,23% |
| COFINIMMO -SICAFI-1,929 15-250322 | 2.000.000 | EUR | 2.000.000,00 | 2.019.640,00 | 0,27% |
| COOP RABOBANK 0,625 19-270224 | 2.500.000 | EUR | 2.501.145,00 | 2.551.737,50 | 0,34% |
| CREDIT AGRICOLE LONDON FRN 18-060323 | 1.100.000 | EUR | 1.110.021,00 | 1.108.046,50 | 0,15% |
| DH EUROPE FINANCE 0,45 19-180328 | 1.800.000 | EUR | 1.791.000,00 | 1.813.122,00 | 0,24% |
| EANDIS CVBA 2,75 12-301122 | 1.500.000 | EUR | 1.518.000,00 | 1.551.930,00 | 0,21% |
| EANDIS CVBA 4,50 11-081121 | 1.500.000 | EUR | 1.674.000,00 | 1.507.102,50 | 0,20% |
| ECOLAB INC. 1,00 16-150124 | 1.700.000 | EUR | 1.729.149,90 | 1.742.780,50 | 0,23% |
| ENEXIS HLDG N.V. 3,375 12-260122 | 1.500.000 | EUR | 1.649.850,00 | 1.518.090,00 | 0,20% |
| ERG SpA 1,875 19-110425 | 1.500.000 | EUR | 1.587.750,00 | 1.587.712,50 | 0,21% |
| ESSITY AB 0,625 17-280322 | 1.000.000 | EUR | 1.003.000,00 | 1.002.470,00 | 0,13% |
| FLUXYS BELGIUM 1,75 17-051027 | 1.000.000 | EUR | 1.030.000,00 | 1.054.705,00 | 0,14% |
| GIMV 2,50 21-150329 | 600.000 | EUR | 600.000,00 | 621.609,00 | 0,08% |
| GLAXOSMITHKLINE CAPITAL 0,00 19-230923 | 1.500.000 | EUR | 1.502.760,00 | 1.509.060,00 | 0,20% |
| GLENCORE FINANCE 1,625 14-180122 | 1.700.000 | EUR | 1.769.799,00 | 1.701.326,00 | 0,23% |
| GOLDMAN SACHS GROUP 2,00 15-270723 | 1.700.000 | EUR | 1.814.308,00 | 1.768.901,00 | 0,23% |
| GROUPE BRUX LAMBERT 1,375 17-230524 | 1.500.000 | EUR | 1.519.744,00 | 1.560.660,00 | 0,21% |
| GROUPE BRUX LAMBERT 1,875 18-190625 | 1.000.000 | EUR | 1.016.400,00 | 1.071.165,00 | 0,14% |
| HEINEKEN N.V. 1,00 16-040526 | 1.500.000 | EUR | 1.589.850,00 | 1.569.172,50 | 0,21% |
| HOCHTIEF A.G. 0,5 19-030927 | 1.600.000 | EUR | 1.588.064,00 | 1.605.992,00 | 0,21% |
| ITALY BTP 0,40 16-110424 | 2.000.000 | EUR | 2.025.012,56 | 2.117.824,70 | 0,28% |
| ITALY BTP 0,95 21-010337 | 1.200.000 | EUR | 1.203.948,00 | 1.139.910,00 | 0,15% |
| ITALY BTP 3,00 19-010829 | 8.250.000 | EUR | 9.574.537,50 | 9.780.457,50 | 1,29% |
| ITALY BTP 3,35 18-010335 | 1.500.000 | EUR | 1.824.839,25 | 1.904.370,00 | 0,25% |
| ITALY BTP FRN 16-150528 | 6.900.000 | EUR | 8.157.011,78 | 8.569.218,31 | 1,13% |
| ITALY BTP -INFLATION LINKED- 0,10 16-150522 | 3.000.000 | EUR | 3.150.852,96 | 3.306.471,13 | 0,44% |
| KBC GROUP 0,75 21-310531 | 800.000 | EUR | 799.600,00 | 799.460,00 | 0,11% |
| KBC GROUP FRN 17-241122 | 2.000.000 | EUR | 2.014.791,56 | 2.011.070,00 | 0,27% |
| KBC GROUP S.A. FRN 21-230624 | 500.000 | EUR | 502.338,00 | 502.380,00 | 0,07% |
| LA LORRAINE BAKERY 3,00 20-151227 | 1.100.000 | EUR | 1.109.625,00 | 1.129.656,00 | 0,15% |
| LA POSTE 0,625 20-211026 | 1.500.000 | EUR | 1.497.587,36 | 1.545.255,00 | 0,20% |
| LVMH 0,75 20-070425 | 500.000 | EUR | 498.585,00 | 515.960,00 | 0,07% |
| LVMH MOET HENNESSY. LOUIS VUITTON SE 0,125 19-280223 | 2.500.000 | EUR | 2.496.410,00 | 2.516.825,00 | 0,33% |
| MEDTRONIC GLOBAL HLDG 0,375 19-070323 | 2.000.000 | EUR | 1.994.858,00 | 2.019.860,00 | 0,27% |
| ORES 4,00 12-021021 | 2.000.000 | EUR | 2.062.000,00 | 2.000.000,00 | 0,26% |
| PERNOD RICARD 0,50 19-241027 | 800.000 | EUR | 797.688,00 | 819.620,00 | 0,11% |
| PERNOD RICARD 2,125 14-270924 | 1.500.000 | EUR | 1.611.000,00 | 1.596.840,00 | 0,21% |
| PORTUGAL 2,875 15-151025 | 3.500.000 | EUR | 3.965.745,00 | 3.982.055,00 | 0,53% |
| REGION WALLONNE 0,25 19-030526 | 2.000.000 | EUR | 2.053.400,00 | 2.042.140,00 | 0,27% |
| SANOFI S.A. 0,00 19-210322 | 1.000.000 | EUR | 1.001.470,00 | 1.001.980,00 | 0,13% |
| SIEMENS FINANCE 0,375 18-060923 | 750.000 | EUR | 748.627,50 | 761.328,75 | 0,10% |

|  |
| --- |
| Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| SOFINA 1,00 21-28 | 1.700.000 | EUR | 1.686.088,00 | 1.682.031,00 | 0,22% |
| SOLVAY FINANCE 1,625 15-021222 | 200.000 | EUR | 198.536,00 | 203.585,00 | 0,03% |
| SPAIN KINGDOM 1,85 19-300735 | 3.000.000 | EUR | 3.282.129,81 | 3.441.000,00 | 0,46% |
| SPAIN KINGDOM 1,95 16-300426 | 4.800.000 | EUR | 5.242.560,00 | 5.295.288,00 | 0,70% |
| SPAIN KINGDOM -INFLATION LINKED- 0,65 16-301127 | 4.000.000 | EUR | 4.694.371,52 | 4.938.700,10 | 0,65% |
| SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 | 7.900.000 | EUR | 9.250.607,24 | 9.607.949,32 | 1,27% |
| SYMRISE 1,25 19-291125 | 1.500.000 | EUR | 1.490.374,13 | 1.570.357,50 | 0,21% |
| THERMO FISHER 1,75 20-150427 | 600.000 | EUR | 599.119,61 | 650.118,00 | 0,09% |
| THERMO FISHER SCIENTIFIC 0,50 19-010328 | 1.500.000 | EUR | 1.474.500,00 | 1.517.355,00 | 0,20% |
| TMVOLKSWAGEN 4,70 13-111228 | 1.250.000 | EUR | 1.246.700,00 | 1.519.850,00 | 0,20% |
| TOTALENERGIES SE 1,491 20-080427 | 1.800.000 | EUR | 1.800.000,00 | 1.934.154,00 | 0,26% |
| TOYOTA MOTOR CREDIT 0,25 20-160726 | 1.500.000 | EUR | 1.496.535,00 | 1.515.795,00 | 0,20% |
| UCB 1,00 21-300328 | 800.000 | EUR | 798.008,00 | 808.564,00 | 0,11% |
| VERIZON COMMUNICATIONS INC. 0,875 19-080427 | 2.000.000 | EUR | 2.027.724,80 | 2.071.100,00 | 0,27% |
| VERIZON COMMUNICATIONS INC.1,30 20-180533 | 800.000 | EUR | 831.560,00 | 830.504,00 | 0,11% |
| VGP N.V. 1,50 21-080429 | 800.000 | EUR | 795.032,40 | 792.268,00 | 0,10% |
| VGP N.V. 2,75 19-020423 | 1.056.000 | EUR | 1.079.755,65 | 1.085.995,68 | 0,14% |
| VINCI S.A. 0,00 20-271128 | 500.000 | EUR | 502.365,00 | 495.192,50 | 0,07% |
| VONOVIA FINANCE 1,625 20-070424 | 1.800.000 | EUR | 1.796.958,00 | 1.872.738,00 | 0,25% |
| Total EURO |  |  | 142.507.832,00 | 145.176.416,99 | 19,22% |
| CITY OF OSLO 2,45 14-240523 | 8.000.000 | NOK | 890.478,98 | 805.729,12 | 0,11% |
| KFW 1,25 19-280823 | 65.000.000 | NOK | 6.453.303,90 | 6.438.994,73 | 0,85% |
| Total COURONNE NORVÉGIENNE |  |  | 7.343.782,88 | 7.244.723,85 | 0,96% |
| US TREASURY 1,125 21-28 | 6.600.000 | USD | 5.587.361,85 | 5.636.972,04 | 0,75% |
| US TREASURY 0,625 20-150530 | 500.000 | USD | 432.962,65 | 403.685,71 | 0,05% |
| US TREASURY 2,25 17-150227 | 2.000.000 | USD | 1.724.159,31 | 1.835.578,55 | 0,24% |
| US TREASURY 2,875 18-310725 | 6.000.000 | USD | 5.307.934,51 | 5.597.132,68 | 0,74% |
| US TREASURY -INFLATION LINKED- 0,375 17-150127 | 10.100.000 | USD | 9.481.188,60 | 10.881.619,91 | 1,44% |
| Total DOLLAR DES ETATS-UNIS |  |  | 22.533.606,92 | 24.354.988,89 | 3,22% |
| Total Obligations |  |  | 172.385.221,80 | 176.776.129,73 | 23,40% |
| Instruments du marché monétaire |  |  |  |  |  |
| WAREHOUSES 291121 | 2.000.000 | EUR | 1.999.555,94 | 1.999.783,39 | 0,26% |
| XIOR STUDENT 041021 | 500.000 | EUR | 499.825,06 | 499.991,67 | 0,07% |
| XIOR STUDENT 091221 | 800.000 | EUR | 799.593,54 | 799.766,79 | 0,11% |
| XIOR STUDENT 291021 | 500.000 | EUR | 499.947,92 | 499.947,92 | 0,07% |
| Total EURO |  |  | 3.798.922,46 | 3.799.489,77 | 0,50% |
| Total Instruments du marché monétaire |  |  | 3.798.922,46 | 3.799.489,77 | 0,50% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 186.766.552,35 | 194.348.423,91 | 25,73% |
| Fonds d'investissements |  |  |  |  |  |
| AMUNDI ULTRA SH TERM | 2 | EUR | 16.474.058,18 | 16.236.824,89 | 2,15% |

|  |
| --- |
| Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| DEGROOF PETERCAM FR CONVERTIBLE EUR SI -CAP- | 1.310 | EUR | 7.106.564,60 | 7.353.331,30 | 0,97% |
| DPAM BONDS GOVT GLOBAL -J- -CAP- | 298 | EUR | 7.112.896,69 | 8.136.067,52 | 1,08% |
| DPAM BONDS L CORPORATE EUR -J- -CAP- | 2.157 | EUR | 55.192.906,17 | 58.672.233,45 | 7,77% |
| DPAM CAP B EQUITIES US ESGLI -J- -CAP- | 226 | EUR | 20.873.363,97 | 28.809.015,52 | 3,81% |
| DPAM CAPITAL B BONDS EUR MEDIUM -J- | 1.692 | EUR | 43.081.925,91 | 45.060.667,20 | 5,97% |
| DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE -J- -CAP- | 337 | EUR | 8.490.110,85 | 10.048.397,05 | 1,33% |
| DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE -J- | 509 | EUR | 13.737.882,43 | 19.197.778,35 | 2,54% |
| DPAM EQUITIES L EMERGING MSCI INDEX -J- -CAP- | 451 | EUR | 5.968.287,03 | 7.082.472,43 | 0,94% |
| DPAM INVESTMENT -B- EQUIT. DRAGONS SUSTAINABLE J -CAP- | 247 | EUR | 6.715.570,36 | 6.400.113,33 | 0,85% |
| DPAM INVESTMENT B EQUITIES EUROLAND -J- | 321 | EUR | 8.239.925,12 | 11.961.070,10 | 1,58% |
| DPAM INVESTMENT B EQUITIES EUROPE DIVIDEND -J- | 408 | EUR | 10.829.794,02 | 11.553.497,97 | 1,53% |
| DPAM INVESTMENT B EQUITIES EUROPE SUSTAINABLE -J- | 311 | EUR | 9.368.492,09 | 12.125.012,98 | 1,61% |
| DPAM INVESTMENT B EQUITIES EUR SM CAP SUSTAINABLE -J- | 233 | EUR | 6.069.314,11 | 8.132.521,73 | 1,08% |
| DPAM INVESTMENT B EQUITIES NEWGEMS SUSTAINABLE -J- | 54 | EUR | 1.398.267,18 | 1.842.757,56 | 0,24% |
| DPAM INVESTMENT B EQUITIES WORLD SUSAINABLE -J- | 311 | EUR | 9.362.071,63 | 15.114.809,96 | 2,00% |
| DPAM INVESTMENT B REAL ESTATE EUR SUSTAINABLE -J- | 106 | EUR | 2.654.675,00 | 3.341.728,25 | 0,44% |
| DPAM L BONDS CLIMATE TRENDS SUSTAINABLE -J- | 703 | EUR | 18.284.704,66 | 18.540.675,95 | 2,45% |
| DPAM L BONDS CORP. HIGH YIELD -J- -CAP- | 185 | EUR | 4.796.358,79 | 5.383.805,25 | 0,71% |
| DPAM L BONDS EMERGING MARKETS SUSTAINABLE -J- -CAP- | 734 | EUR | 18.901.472,37 | 19.841.042,24 | 2,63% |
| DPAM L BONDS EUR HIGH YIELD SHORT-TERM -J- -CAP- | 202 | EUR | 5.072.575,17 | 5.143.964,34 | 0,68% |
| DPAM L BONDS EUR QUALITY -J- -CAP- | 2.790 | EUR | 69.121.839,76 | 74.209.591,80 | 9,82% |
| DPAM L BONDS GOVT SUSTAINABLE -J- -CAP- | 339 | EUR | 8.475.000,00 | 8.308.218,78 | 1,10% |
| DPAM L BONDS UNIV UNCONST -J- -CAP- | 936 | EUR | 24.008.615,34 | 27.479.878,57 | 3,64% |
| DPAM L EQUITIES CONVICTION RESEARCH | 248 | EUR | 6.210.465,60 | 7.927.022,40 | 1,05% |
| OSTRUM SRI MONEY PLUS -I- -CAP- | 80 | EUR | 8.241.555,85 | 8.199.333,60 | 1,09% |
| SELECT EQUITIES EMERGING MLTI MGMT -Z- EUR | 192 | EUR | 17.608.057,40 | 23.038.740,14 | 3,05% |
| SELECT EQUITIES JAPAN MULTI MANAGMENT -Z- -CAP- | 44 | EUR | 5.966.702,90 | 8.301.007,88 | 1,10% |
| Total EURO |  |  | 419.363.453,18 | 477.441.580,54 | 63,21% |
| ABN AMRO PZENA US-EQUIT. -I- USD | 14.000 | USD | 1.529.384,62 | 1.568.913,24 | 0,21% |
| MORGAN STANLEY US ADVANTAGE Z -CAP- | 40.300 | USD | 3.713.635,43 | 6.638.485,70 | 0,88% |
| NEUBERGER BERMAN US SMALL I3 -CAP- | 354 | USD | 3.039.476,50 | 4.714.187,06 | 0,62% |
| POLEN CAPITAL FOCUS U.S.GROWTH US -DIS- | 286.000 | USD | 3.007.316,79 | 4.720.807,63 | 0,63% |
| Total DOLLAR DES ETATS-UNIS |  |  | 11.289.813,34 | 17.642.393,63 | 2,34% |
| Total Fonds d'investissements |  |  | 430.653.266,52 | 495.083.974,17 | 65,55% |
| Autres valeurs mobilières |  |  |  |  |  |
| 3I EUROPARTNERS V -B- PE | 16.592 | EUR | 1.980,83 | 16.592,10 | 0,00% |
| ATLANTIC CERTIFICATES -REG- | 20 | EUR | 701.835,00 | 709.632,00 | 0,09% |
| CARLYLE EUROPE PARTNER III PE | 10.774 | EUR | 827,63 | 10.773,78 | 0,00% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -A- -LIQUIDATION- | 24.500 | EUR | 597.240,02 | 184.240,00 | 0,02% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -B- -LIQUIDATION- | 142.000 | EUR | 0,00 | 0,00 | 0,00% |
| DEGROOF PRIVATE - RENEWABLE ENERGY II -B- -REG- | 0 | EUR | 417,00 | 1.869,33 | 0,00% |
| SIGMA FINANCE CORP. CAPITAL FRN 06-310314 | 3.000.000 | EUR | 2.250.000,00 | 0,00 | 0,00% |
| Total EURO |  |  | 3.552.300,48 | 923.107,21 | 0,12% |
| CARLYLE US PARTNERS V PE | 71.183 | USD | 5.061,21 | 61.420,23 | 0,01% |
| NORTEL NETWORKS CORP. -FAILLITE- | 250 | USD | 172.566,39 | 0,00 | 0,00% |

|  |
| --- |
| Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| WISDOMTREE PHYSICAL SWISS GOLD 09-PERPETUAL | 60.315 | USD | 8.276.889,46 | 8.823.596,08 | 1,17% |
| Total DOLLAR DES ETATS-UNIS |  |  | 8.454.517,06 | 8.885.016,31 | 1,18% |
| Total Autres valeurs mobilières |  |  | 12.006.817,54 | 9.808.123,52 | 1,30% |
| Options |  |  |  |  |  |
| PUT ESTX50 EUR Décembre 2021 ST 3700 | -220 | EUR | -112.860,00 | -127.820,00 | -0,02% |
| PUT ESTX50 EUR Décembre 2021 ST 4100 | 220 | EUR | 287.540,00 | 353.980,00 | 0,05% |
| Total EURO |  |  | 174.680,00 | 226.160,00 | 0,03% |
| Total Options |  |  | 174.680,00 | 226.160,00 | 0,03% |
| Total du Portefeuille-Titres |  |  | 629.601.316,41 | 699.466.681,60 | 92,60% |

|  |
| --- |
| Medium |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % 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 |  |  |  |  |  |
| TELUS CORP. NON-CANADIAN | 10.000 | CAD | 80.014,96 | 189.613,49 | 0,00% |
| Total DOLLAR CANADIEN |  |  | 80.014,96 | 189.613,49 | 0,00% |
| NESTLE -REG- | 151.178 | CHF | 10.543.655,58 | 15.759.652,76 | 0,26% |
| NOVARTIS -REG- | 276.000 | CHF | 17.616.051,33 | 19.614.355,75 | 0,32% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 30.474 | CHF | 9.177.992,32 | 9.638.871,80 | 0,16% |
| Total FRANC SUISSE |  |  | 37.337.699,23 | 45.012.880,31 | 0,73% |
| AIR LIQUIDE | 120.857 | EUR | 11.284.324,70 | 16.748.363,06 | 0,27% |
| AMADEUS IT GROUP S.A. | 170.000 | EUR | 8.319.847,60 | 9.669.600,00 | 0,16% |
| ENEL AZ | 2.110.876 | EUR | 16.132.078,90 | 14.039.436,28 | 0,23% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 14.500 | EUR | 5.593.310,91 | 8.991.450,00 | 0,15% |
| SIEMENS -NOM- | 55.620 | EUR | 5.092.752,56 | 7.893.590,40 | 0,13% |
| SOLVAY & CIE | 95.374 | EUR | 7.936.442,31 | 10.267.011,10 | 0,17% |
| STELLANTIS N.V. | 345.000 | EUR | 5.063.521,19 | 5.700.090,00 | 0,09% |
| TOTALENERGIES SE | 466.000 | EUR | 17.989.977,30 | 19.262.110,00 | 0,31% |
| Total EURO |  |  | 77.412.255,47 | 92.571.650,84 | 1,51% |
| ASTRAZENECA PLC | 92.096 | GBP | 6.762.612,46 | 9.597.998,58 | 0,16% |
| UNILEVER PLC | 152.466 | GBP | 7.189.515,10 | 7.104.023,38 | 0,12% |
| Total LIVRE STERLING |  |  | 13.952.127,56 | 16.702.021,96 | 0,27% |
| ASSA ABLOY AB -B- | 163.000 | SEK | 2.593.534,29 | 4.110.709,48 | 0,07% |
| Total COURONNE SUÉDOISE |  |  | 2.593.534,29 | 4.110.709,48 | 0,07% |
| ALPHABET INC. -C- | 3.973 | USD | 3.729.583,79 | 9.136.957,27 | 0,15% |
| AMAZON.COM INC | 4.525 | USD | 7.771.436,14 | 12.826.097,76 | 0,21% |
| BOSTON SCIENTIFIC CORP. | 267.167 | USD | 8.128.671,35 | 10.002.481,67 | 0,16% |
| COMCAST CORP. -A- | 240.673 | USD | 7.144.945,26 | 11.614.686,47 | 0,19% |
| JP MORGAN CHASE & CO | 91.000 | USD | 7.716.277,80 | 12.852.832,31 | 0,21% |
| MERCK & CO INC.-NEW- | 86.527 | USD | 6.067.949,40 | 5.607.699,18 | 0,09% |
| MICROSOFT CORP. | 33.538 | USD | 6.055.682,46 | 8.158.275,13 | 0,13% |
| Total DOLLAR DES ETATS-UNIS |  |  | 46.614.546,20 | 70.199.029,79 | 1,14% |
| Total Actions Cotées ou Négociées |  |  | 177.990.177,71 | 228.785.905,87 | 3,73% |
| Obligations |  |  |  |  |  |
| AEDIFICAT 0,75 21-31 | 4.000.000 | EUR | 3.995.000,00 | 3.936.920,00 | 0,06% |
| ANHEUSER BUSCH INBEV 1,125 19-010727 | 12.000.000 | EUR | 12.030.894,75 | 12.639.660,00 | 0,21% |
| ARGAN 3,25 17-040723 | 3.400.000 | EUR | 3.400.000,00 | 3.507.593,00 | 0,06% |
| ARGENTA SPAARBANK 1,00 20-290127 | 7.000.000 | EUR | 6.967.100,00 | 7.193.760,00 | 0,12% |
| AROUNDTOWN S.A. 0,00 20-160726 | 3.700.000 | EUR | 3.635.157,50 | 3.643.094,00 | 0,06% |

|  |
| --- |
| Medium |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| AT&T INC. 1,30 15-050923 | 10.000.000 | EUR | 10.333.540,50 | 10.258.750,00 | 0,17% |
| BECTON DICKINSON 1,208 19-040626 | 2.600.000 | EUR | 2.600.000,00 | 2.714.530,00 | 0,04% |
| BECTON DICKINSON 1,401 18-240523 | 8.875.000 | EUR | 9.011.403,13 | 9.100.114,38 | 0,15% |
| BELGIUM OLO 0,10 20-220630 | 15.000.000 | EUR | 14.760.150,00 | 15.182.100,00 | 0,25% |
| BLACKROCK INC. 1,25 15-060525 | 6.609.000 | EUR | 7.132.168,44 | 6.945.034,60 | 0,11% |
| BMW FINANCE N.V. 0,50 18-221122 | 10.000.000 | EUR | 10.049.710,00 | 10.108.850,00 | 0,16% |
| BUREAU VERITAS 1,125 19-180127 | 4.500.000 | EUR | 4.597.049,00 | 4.625.797,50 | 0,08% |
| BUREAU VERITAS 1,25 16-070923 | 7.500.000 | EUR | 7.667.004,00 | 7.671.975,00 | 0,13% |
| CIE SAINT GOBAIN 0,625 19-150324 | 6.500.000 | EUR | 6.474.845,00 | 6.639.425,00 | 0,11% |
| CIE SAINT GOBAIN 0,875 18-210923 | 3.500.000 | EUR | 3.456.092,99 | 3.580.972,50 | 0,06% |
| CITIGROUP INC. 0,75 16-261023 | 5.000.000 | EUR | 5.006.650,00 | 5.091.775,00 | 0,08% |
| COFINIMMO -SICAFI-1,929 15-250322 | 8.000.000 | EUR | 8.000.000,00 | 8.078.560,00 | 0,13% |
| COFINIMMO -SICAFI-2,00 16-091224 | 1.500.000 | EUR | 1.499.115,00 | 1.580.925,00 | 0,03% |
| COOP RABOBANK 0,625 19-270224 | 10.000.000 | EUR | 10.003.371,00 | 10.206.950,00 | 0,17% |
| CREDIT AGRICOLE LONDON FRN 18-060323 | 7.000.000 | EUR | 7.063.770,00 | 7.051.205,00 | 0,11% |
| DH EUROPE FINANCE 0,45 19-180328 | 12.000.000 | EUR | 11.989.600,00 | 12.087.480,00 | 0,20% |
| EANDIS CVBA 2,75 12-301122 | 4.000.000 | EUR | 4.048.000,00 | 4.138.480,00 | 0,07% |
| EANDIS CVBA 4,50 11-081121 | 9.300.000 | EUR | 10.723.645,00 | 9.344.035,50 | 0,15% |
| ESSITY AB 0,625 17-280322 | 5.000.000 | EUR | 5.015.000,00 | 5.012.350,00 | 0,08% |
| EUROPEAN INVESTMENT BANK 5,625 99-150228 | 34.622.000 | EUR | 40.138.038,18 | 47.323.946,25 | 0,77% |
| FRANCE GOVT 0,00 18-251129 | 5.000.000 | EUR | 4.912.950,00 | 5.021.825,00 | 0,08% |
| FRANCE OAT 1,00 16-250527 | 4.700.000 | EUR | 5.152.469,00 | 5.058.163,50 | 0,08% |
| GIMV 2,50 21-150329 | 3.400.000 | EUR | 3.400.000,00 | 3.522.451,00 | 0,06% |
| GLENCORE FINANCE 1,625 14-180122 | 7.500.000 | EUR | 7.794.393,00 | 7.505.850,00 | 0,12% |
| GOLDMAN SACHS GROUP 2,00 15-270723 | 5.000.000 | EUR | 5.314.515,00 | 5.202.650,00 | 0,08% |
| GROUPE BRUX LAMBERT 1,375 17-230524 | 2.600.000 | EUR | 2.631.949,17 | 2.705.144,00 | 0,04% |
| GROUPE BRUX LAMBERT 1,875 18-190625 | 5.000.000 | EUR | 5.082.000,00 | 5.355.825,00 | 0,09% |
| HEINEKEN N.V. 1,00 16-040526 | 8.000.000 | EUR | 8.479.200,00 | 8.368.920,00 | 0,14% |
| HEINEKEN N.V. 1,625 20-300325 | 1.800.000 | EUR | 1.795.464,00 | 1.907.532,00 | 0,03% |
| INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT 0,01 20-240428 | 18.000.000 | EUR | 17.962.560,00 | 18.168.210,00 | 0,30% |
| ITALY BTP 0,40 16-110424 | 22.400.000 | EUR | 22.445.659,88 | 23.719.636,65 | 0,39% |
| ITALY BTP 0,95 21-010337 | 15.000.000 | EUR | 15.049.350,00 | 14.248.875,00 | 0,23% |
| ITALY BTP 1,35 15-150422 | 14.000.000 | EUR | 14.459.200,00 | 14.140.420,00 | 0,23% |
| ITALY BTP 3,00 19-010829 | 47.500.000 | EUR | 56.005.455,00 | 56.311.725,00 | 0,92% |
| ITALY BTP 3,35 18-010335 | 8.500.000 | EUR | 10.423.346,50 | 10.791.430,00 | 0,18% |
| ITALY BTP FRN 16-150528 | 18.000.000 | EUR | 18.861.998,09 | 22.354.482,54 | 0,36% |
| ITALY BTP -INFLATION LINKED- 2,35 14-150924 | 17.000.000 | EUR | 19.887.465,83 | 20.719.333,85 | 0,34% |
| ITALY BTP -INFLATION LINKED- 3,10 11-150926 | 7.500.000 | EUR | 9.764.074,53 | 10.561.564,65 | 0,17% |
| KBC GROUP 0,75 21-310531 | 5.000.000 | EUR | 4.997.500,00 | 4.996.625,00 | 0,08% |
| KBC GROUP FRN 17-241122 | 5.000.000 | EUR | 5.036.978,90 | 5.027.675,00 | 0,08% |
| KBC GROUP S.A. FRN 21-230624 | 5.000.000 | EUR | 5.023.380,00 | 5.023.800,00 | 0,08% |
| KINEPOLIS GROUP 2,40 17-151225 | 2.500.000 | EUR | 2.500.000,00 | 2.360.987,50 | 0,04% |
| LA LORRAINE BAKERY 3,00 20-151227 | 2.500.000 | EUR | 2.521.875,00 | 2.567.400,00 | 0,04% |
| LA POSTE 0,625 20-211026 | 8.000.000 | EUR | 7.987.132,56 | 8.241.360,00 | 0,13% |
| LVMH MOET HENNESSY. LOUIS VUITTON SE 0,125 19-280223 | 8.000.000 | EUR | 8.006.400,00 | 8.053.840,00 | 0,13% |
| MEDTRONIC GLOBAL HLDG 0,375 19-070323 | 10.000.000 | EUR | 9.980.180,00 | 10.099.300,00 | 0,16% |
| ORES 4,00 12-021021 | 11.500.000 | EUR | 11.856.500,00 | 11.500.000,00 | 0,19% |
| PERNOD RICARD 2,125 14-270924 | 10.000.000 | EUR | 10.740.000,00 | 10.645.600,00 | 0,17% |
| PORTUGAL 2,875 15-151025 | 29.500.000 | EUR | 31.000.605,00 | 33.563.035,00 | 0,55% |
| REGION WALLONNE 0,25 19-030526 | 12.000.000 | EUR | 12.162.666,00 | 12.252.840,00 | 0,20% |

|  |
| --- |
| Medium |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| SOFINA 1,00 21-28 | 12.300.000 | EUR | 12.197.728,00 | 12.169.989,00 | 0,20% |
| SOLVAY FINANCE 1,625 15-021222 | 1.000.000 | EUR | 992.680,00 | 1.017.925,00 | 0,02% |
| SPAIN KINGDOM 1,60 15-300425 | 250.000 | EUR | 258.283,75 | 268.327,50 | 0,00% |
| SPAIN KINGDOM 1,85 19-300735 | 20.000.000 | EUR | 21.880.865,40 | 22.940.000,00 | 0,37% |
| SPAIN KINGDOM 1,95 16-300426 | 55.900.000 | EUR | 61.053.980,00 | 61.668.041,50 | 1,01% |
| SPAIN KINGDOM -INFLATION LINKED- 0,65 16-301127 | 32.000.000 | EUR | 33.138.160,59 | 39.509.600,78 | 0,64% |
| SPAIN KINGDOM -INFLATION LINKED- 1,00 15-301130 | 15.000.000 | EUR | 18.796.050,30 | 19.755.076,13 | 0,32% |
| SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 | 24.000.000 | EUR | 28.110.085,07 | 29.188.706,78 | 0,48% |
| SYMRISE 1,25 19-291125 | 8.400.000 | EUR | 8.347.891,80 | 8.794.002,00 | 0,14% |
| THERMO FISHER SCIENTIFIC 0,50 19-010328 | 10.000.000 | EUR | 9.868.000,00 | 10.115.700,00 | 0,16% |
| TMVOLKSWAGEN 4,70 13-111228 | 4.000.000 | EUR | 3.989.440,00 | 4.863.520,00 | 0,08% |
| TOYOTA MOTOR CREDIT 0,25 20-160726 | 5.000.000 | EUR | 4.988.450,00 | 5.052.650,00 | 0,08% |
| UCB 1,00 21-300328 | 2.900.000 | EUR | 2.892.779,00 | 2.931.044,50 | 0,05% |
| VERIZON COMMUNICATIONS INC. 0,875 19-080427 | 4.400.000 | EUR | 4.383.764,00 | 4.556.420,00 | 0,07% |
| VERIZON COMMUNICATIONS INC.1,30 20-180533 | 10.000.000 | EUR | 10.394.500,00 | 10.381.300,00 | 0,17% |
| VGP N.V. 1,50 21-080429 | 8.900.000 | EUR | 8.845.900,50 | 8.813.981,50 | 0,14% |
| VGP N.V. 2,75 19-020423 | 375.000 | EUR | 386.032,24 | 385.651,87 | 0,01% |
| VINCI S.A. 0,00 20-271128 | 2.500.000 | EUR | 2.511.825,00 | 2.475.962,50 | 0,04% |
| Total EURO |  |  | 783.868.987,60 | 812.548.682,48 | 13,25% |
| KFW 1,25 19-280823 | 45.000.000 | NOK | 4.467.671,94 | 4.457.765,58 | 0,07% |
| NORWAY 2,00 12-240523 | 198.000.000 | NOK | 23.628.138,16 | 19.949.819,86 | 0,33% |
| Total COURONNE NORVÉGIENNE |  |  | 28.095.810,10 | 24.407.585,44 | 0,40% |
| DELHAIZE AMERICA 9,00 01-150431 | 1.848.000 | USD | 2.079.854,46 | 2.445.149,79 | 0,04% |
| US TREASURY 1,125 21-28 | 74.000.000 | USD | 62.638.440,50 | 63.202.413,82 | 1,03% |
| US TREASURY 0,625 20-150530 | 25.000.000 | USD | 21.077.298,45 | 20.184.285,77 | 0,33% |
| US TREASURY 1,125 20-150540 | 32.000.000 | USD | 27.147.614,61 | 23.987.229,82 | 0,39% |
| US TREASURY 1,125 21-150231 | 30.000.000 | USD | 23.540.862,68 | 25.137.247,07 | 0,41% |
| US TREASURY 2,25 17-150227 | 22.000.000 | USD | 18.965.752,44 | 20.191.364,05 | 0,33% |
| US TREASURY 2,875 18-310725 | 22.000.000 | USD | 19.825.872,77 | 20.522.819,83 | 0,33% |
| US TREASURY NOTES 1,75 19-151129 | 25.000.000 | USD | 22.437.387,43 | 22.147.202,20 | 0,36% |
| Total DOLLAR DES ETATS-UNIS |  |  | 197.713.083,34 | 197.817.712,35 | 3,22% |
| Total Obligations |  |  | 1.009.677.881,04 | 1.034.773.980,27 | 16,87% |
| Instruments du marché monétaire |  |  |  |  |  |
| AEDIFICA SA 301121 | 3.300.000 | EUR | 3.300.000,00 | 3.300.000,00 | 0,05% |
| WAREHOUSES DE PAUW 111021 | 5.000.000 | EUR | 4.998.872,75 | 4.999.899,19 | 0,08% |
| XIOR STUDENT 041021 | 1.300.000 | EUR | 1.299.545,16 | 1.299.978,34 | 0,02% |
| XIOR STUDENT 091221 | 3.700.000 | EUR | 3.698.120,10 | 3.698.921,37 | 0,06% |
| XIOR STUDENT 291021 | 1.300.000 | EUR | 1.299.864,59 | 1.299.864,59 | 0,02% |
| Total EURO |  |  | 14.596.402,60 | 14.598.663,49 | 0,24% |
| Total Instruments du marché monétaire |  |  | 14.596.402,60 | 14.598.663,49 | 0,24% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 1.202.264.461,35 | 1.278.158.549,63 | 20,84% |

|  |
| --- |
| Medium |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Fonds d'investissements |  |  |  |  |  |
| DEGROOF PETERCAM FR CONVERTIBLE EUR SI -CAP- | 5.480 | EUR | 28.336.860,80 | 30.760.500,40 | 0,50% |
| DPAM BONDS GOVT GLOBAL -J- -CAP- | 2.190 | EUR | 54.556.173,90 | 59.791.905,60 | 0,97% |
| DPAM CAP B EQUITIES US ESGLI -J- -CAP- | 4.071 | EUR | 386.528.784,30 | 518.944.699,92 | 8,46% |
| DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE -J- -CAP- | 6.005 | EUR | 149.926.604,20 | 179.131.064,49 | 2,92% |
| DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE -J- | 9.042 | EUR | 240.310.634,50 | 341.189.940,78 | 5,56% |
| DPAM EQUITIES L EMERGING MSCI INDEX -J- -CAP- | 10.460 | EUR | 138.906.289,60 | 164.263.107,80 | 2,68% |
| DPAM INVESTMENT B BONDS EUR -J- | 8.920 | EUR | 233.529.011,90 | 253.859.632,00 | 4,14% |
| DPAM INVESTMENT -B- EQUIT. DRAGONS SUSTAINABLE J -CAP- | 2.588 | EUR | 68.168.143,25 | 67.058.677,32 | 1,09% |
| DPAM INVESTMENT B EQUITIES EUROLAND -J- | 5.966 | EUR | 151.071.043,21 | 222.530.924,36 | 3,63% |
| DPAM INVESTMENT B EQUITIES EUROPE DIVIDEND -J- | 6.203 | EUR | 163.108.426,86 | 175.723.778,78 | 2,86% |
| DPAM INVESTMENT B EQUITIES EUROPE SUSTAINABLE -J- | 5.325 | EUR | 161.319.040,11 | 207.606.733,50 | 3,38% |
| DPAM INVESTMENT B EQUITIES EUR SM CAP SUSTAINABLE -J- | 3.608 | EUR | 95.212.957,09 | 125.740.184,87 | 2,05% |
| DPAM INVESTMENT B EQUITIES NEWGEMS SUSTAINABLE -J- | 1.290 | EUR | 32.937.542,30 | 44.021.430,60 | 0,72% |
| DPAM INVESTMENT B EQUITIES WORLD SUSAINABLE -J- | 6.593 | EUR | 205.182.230,08 | 320.002.402,40 | 5,22% |
| DPAM INVESTMENT B REAL ESTATE EUR SUSTAINABLE -J- | 1.510 | EUR | 37.759.050,00 | 47.531.424,42 | 0,77% |
| DPAM L BONDS CLIMATE TRENDS SUSTAINABLE -J- | 2.516 | EUR | 65.592.060,43 | 66.356.103,40 | 1,08% |
| DPAM L BONDS CORP. HIGH YIELD -J- -CAP- | 1.150 | EUR | 29.402.900,70 | 33.466.897,50 | 0,55% |
| DPAM L BONDS EMERGING MARKETS SUSTAINABLE -J- -CAP- | 5.040 | EUR | 128.795.462,41 | 136.225.970,33 | 2,22% |
| DPAM L BONDS EUR HIGH YIELD SHORT-TERM -J- -CAP- | 1.810 | EUR | 45.427.878,70 | 46.091.957,70 | 0,75% |
| DPAM L BONDS EUR QUALITY -J- -CAP- | 10.398 | EUR | 259.142.601,00 | 276.564.599,30 | 4,51% |
| DPAM L BONDS GOVT SUSTAINABLE -J- -CAP- | 1.838 | EUR | 45.950.000,00 | 45.045.740,76 | 0,73% |
| DPAM L BONDS UNIV UNCONST -J- -CAP- | 5.329 | EUR | 140.564.672,43 | 156.370.068,34 | 2,55% |
| DPAM L EQUITIES CONVICTION RESEARCH | 3.806 | EUR | 96.601.703,52 | 121.654.222,80 | 1,98% |
| OSTRUM SRI MONEY PLUS -I- -CAP- | 538 | EUR | 55.273.423,72 | 55.140.518,46 | 0,90% |
| SELECT EQUITIES EMERGING MLTI MGMT -Z- EUR | 3.094 | EUR | 280.789.051,59 | 371.813.414,23 | 6,06% |
| SELECT EQUITIES JAPAN MULTI MANAGMENT -Z- -CAP- | 464 | EUR | 66.511.668,34 | 87.537.901,28 | 1,43% |
| Total EURO |  |  | 3.360.904.214,94 | 4.154.423.801,34 | 67,73% |
| ABN AMRO PZENA US-EQUIT. -I- USD | 226.600 | USD | 24.754.578,42 | 25.393.981,45 | 0,41% |
| CARLYLE US PARTNERS V PE | 901.651 | USD | 71.852,86 | 777.989,63 | 0,01% |
| MORGAN STANLEY US ADVANTAGE Z -CAP- | 736.150 | USD | 74.437.702,97 | 121.263.554,51 | 1,98% |
| NEUBERGER BERMAN US SMALL I3 -CAP- | 2.492 | USD | 21.384.252,30 | 33.166.686,85 | 0,54% |
| POLEN CAPITAL FOCUS U.S.GROWTH US -DIS- | 2.706.000 | USD | 29.376.857,81 | 44.666.102,94 | 0,73% |
| Total DOLLAR DES ETATS-UNIS |  |  | 150.025.244,36 | 225.268.315,38 | 3,67% |
| Total Fonds d'investissements |  |  | 3.510.929.459,30 | 4.379.692.116,72 | 71,40% |
| Autres valeurs mobilières |  |  |  |  |  |
| 3I EUROPARTNERS V -B- PE | 123.058 | EUR | 15.117,08 | 123.058,08 | 0,00% |
| ATLANTIC CERTIFICATES -REG- | 20 | EUR | 701.835,00 | 709.632,00 | 0,01% |
| CARLYLE EUROPE PARTNER III PE | 136.468 | EUR | 10.527,11 | 136.467,88 | 0,00% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -A- -LIQUIDATION- | 58.200 | EUR | 1.451.220,46 | 437.664,00 | 0,01% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -B- -LIQUIDATION- | 365.000 | EUR | 0,00 | 0,00 | 0,00% |
| DEGROOF PRIVATE - RENEWABLE ENERGY II -B- -REG- | 5 | EUR | 5.281,00 | 23.673,72 | 0,00% |
| SIGMA FINANCE CORP. CAPITAL FRN 07-300414 | 10.000.000 | EUR | 7.500.000,00 | 0,00 | 0,00% |
| Total EURO |  |  | 9.683.980,65 | 1.430.495,68 | 0,02% |

|  |
| --- |
| Medium |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| INVESCO PHYSICAL GOLD ETC | 251.470 | USD | 39.103.574,18 | 36.972.458,39 | 0,60% |
| NORTEL NETWORKS CORP. -FAILLITE- | 7.300 | USD | 1.592.630,97 | 0,00 | 0,00% |
| WISDOMTREE PHYSICAL SWISS GOLD 09-PERPETUAL | 568.597 | USD | 77.989.963,16 | 83.181.136,68 | 1,36% |
| Total DOLLAR DES ETATS-UNIS |  |  | 118.686.168,31 | 120.153.595,07 | 1,96% |
| Total Autres valeurs mobilières |  |  | 128.370.148,96 | 121.584.090,75 | 1,98% |
| Options |  |  |  |  |  |
| PUT ESTX50 EUR Décembre 2021 ST 3700 | -2.980 | EUR | -1.528.740,00 | -1.731.380,00 | -0,03% |
| PUT ESTX50 EUR Décembre 2021 ST 4100 | 2.980 | EUR | 3.894.860,00 | 4.794.820,00 | 0,08% |
| Total EURO |  |  | 2.366.120,00 | 3.063.440,00 | 0,05% |
| PUT SP 500 Décembre 2021 ST 4000 | -250 | USD | -1.226.838,14 | -1.488.416,24 | -0,02% |
| PUT SP 500 Décembre 2021 ST 4400 | 250 | USD | 2.847.110,59 | 4.033.608,01 | 0,07% |
| Total DOLLAR DES ETATS-UNIS |  |  | 1.620.272,45 | 2.545.191,77 | 0,04% |
| Total Options |  |  | 3.986.392,45 | 5.608.631,77 | 0,09% |
| Total du Portefeuille-Titres |  |  | 4.845.550.462,06 | 5.785.043.388,87 | 94,31% |

|  |
| --- |
| High |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % 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 |  |  |  |  |  |
| NESTLE -REG- | 48.783 | CHF | 3.374.047,50 | 5.085.416,80 | 0,35% |
| NOVARTIS -REG- | 87.000 | CHF | 5.523.071,99 | 6.182.786,05 | 0,42% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 7.158 | CHF | 2.157.435,86 | 2.264.062,62 | 0,16% |
| Total FRANC SUISSE |  |  | 11.054.555,35 | 13.532.265,47 | 0,93% |
| AIR LIQUIDE | 43.252 | EUR | 4.026.350,61 | 5.993.862,16 | 0,41% |
| AMADEUS IT GROUP S.A. | 58.500 | EUR | 2.863.006,14 | 3.327.480,00 | 0,23% |
| ENEL AZ | 777.516 | EUR | 5.939.421,62 | 5.171.258,92 | 0,35% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 4.675 | EUR | 1.803.360,36 | 2.898.967,50 | 0,20% |
| SIEMENS -NOM- | 21.700 | EUR | 2.198.770,95 | 3.079.664,00 | 0,21% |
| SOLVAY & CIE | 28.733 | EUR | 2.390.984,39 | 3.093.107,45 | 0,21% |
| STELLANTIS N.V. | 113.000 | EUR | 1.658.486,76 | 1.866.986,00 | 0,13% |
| TOTALENERGIES SE | 160.000 | EUR | 6.176.816,32 | 6.613.600,00 | 0,45% |
| Total EURO |  |  | 27.057.197,15 | 32.044.926,03 | 2,20% |
| ASTRAZENECA PLC | 22.456 | GBP | 1.648.945,43 | 2.340.304,21 | 0,16% |
| UNILEVER PLC | 43.244 | GBP | 2.042.672,31 | 2.014.917,34 | 0,14% |
| Total LIVRE STERLING |  |  | 3.691.617,74 | 4.355.221,55 | 0,30% |
| ASSA ABLOY AB -B- | 75.000 | SEK | 1.195.561,32 | 1.891.430,74 | 0,13% |
| Total COURONNE SUÉDOISE |  |  | 1.195.561,32 | 1.891.430,74 | 0,13% |
| ALPHABET INC. -C- | 2.444 | USD | 2.295.117,40 | 5.620.620,08 | 0,39% |
| AMAZON.COM INC | 3.250 | USD | 5.583.857,18 | 9.212.114,41 | 0,63% |
| BOSTON SCIENTIFIC CORP. | 81.931 | USD | 2.492.785,99 | 3.067.419,72 | 0,21% |
| COMCAST CORP. -A- | 54.565 | USD | 1.619.666,60 | 2.633.263,26 | 0,18% |
| JP MORGAN CHASE & CO | 40.200 | USD | 3.893.042,41 | 5.677.844,60 | 0,39% |
| MERCK & CO INC.-NEW- | 28.051 | USD | 1.969.500,23 | 1.817.947,81 | 0,12% |
| MICROSOFT CORP. | 19.464 | USD | 3.514.456,28 | 4.734.708,90 | 0,32% |
| Total DOLLAR DES ETATS-UNIS |  |  | 21.368.426,09 | 32.763.918,78 | 2,25% |
| Total Actions Cotées ou Négociées |  |  | 64.367.357,65 | 84.587.762,57 | 5,80% |
| Obligations |  |  |  |  |  |
| ARGAN 3,25 17-040723 | 1.500.000 | EUR | 1.500.000,00 | 1.547.467,50 | 0,11% |
| Total EURO |  |  | 1.500.000,00 | 1.547.467,50 | 0,11% |
| US TREASURY 1,125 21-28 | 10.400.000 | USD | 8.803.240,28 | 8.882.501,40 | 0,61% |
| US TREASURY 1,125 20-150540 | 4.200.000 | USD | 3.564.959,43 | 3.148.323,91 | 0,22% |
| US TREASURY 2,25 17-150227 | 7.700.000 | USD | 6.845.664,83 | 7.066.977,41 | 0,48% |
| US TREASURY NOTES 1,75 19-151129 | 2.000.000 | USD | 1.794.990,99 | 1.771.776,18 | 0,12% |

|  |
| --- |
| High |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Total DOLLAR DES ETATS-UNIS |  |  | 21.008.855,53 | 20.869.578,90 | 1,43% |
| Total Obligations |  |  | 22.508.855,53 | 22.417.046,40 | 1,54% |
| Instruments du marché monétaire |  |  |  |  |  |
| AEDIFICA SA 301121 | 3.000.000 | EUR | 3.000.000,00 | 3.000.000,00 | 0,21% |
| Total EURO |  |  | 3.000.000,00 | 3.000.000,00 | 0,21% |
| Total Instruments du marché monétaire |  |  | 3.000.000,00 | 3.000.000,00 | 0,21% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 89.876.213,18 | 110.004.808,97 | 7,54% |
| Fonds d'investissements |  |  |  |  |  |
| DEGROOF PETERCAM FR CONVERTIBLE EUR SI -CAP- | 1.160 | EUR | 5.998.313,60 | 6.511.346,80 | 0,45% |
| DPAM CAP B EQUITIES US ESGLI -J- -CAP- | 1.462 | EUR | 139.086.530,35 | 186.366.286,24 | 12,78% |
| DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE -J- -CAP- | 2.073 | EUR | 51.785.384,43 | 61.843.111,10 | 4,24% |
| DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE -J- | 3.103 | EUR | 82.193.758,93 | 117.077.788,33 | 8,03% |
| DPAM EQUITIES L EMERGING MSCI INDEX -J- -CAP- | 3.213 | EUR | 42.667.855,60 | 50.456.727,09 | 3,46% |
| DPAM INVESTMENT B BONDS EUR -J- | 450 | EUR | 11.736.515,10 | 12.806.820,00 | 0,88% |
| DPAM INVESTMENT -B- EQUIT. DRAGONS SUSTAINABLE J -CAP- | 763 | EUR | 19.843.327,12 | 19.770.390,57 | 1,36% |
| DPAM INVESTMENT B EQUITIES EUROLAND -J- | 2.412 | EUR | 61.703.378,45 | 89.958.885,30 | 6,17% |
| DPAM INVESTMENT B EQUITIES EUROPE DIVIDEND -J- | 2.162 | EUR | 56.489.538,32 | 61.234.782,86 | 4,20% |
| DPAM INVESTMENT B EQUITIES EUROPE SUSTAINABLE -J- | 1.964 | EUR | 60.567.105,54 | 76.570.821,52 | 5,25% |
| DPAM INVESTMENT B EQUITIES EUR SM CAP SUSTAINABLE -J- | 1.306 | EUR | 35.448.208,21 | 45.537.430,25 | 3,12% |
| DPAM INVESTMENT B EQUITIES NEWGEMS SUSTAINABLE -J- | 347 | EUR | 8.820.552,99 | 11.841.423,58 | 0,81% |
| DPAM INVESTMENT B EQUITIES WORLD SUSAINABLE -J- | 1.498 | EUR | 47.992.371,42 | 72.697.005,37 | 4,99% |
| DPAM INVESTMENT B REAL ESTATE EUR SUSTAINABLE -J- | 323 | EUR | 8.063.375,00 | 10.150.247,41 | 0,70% |
| DPAM L BONDS CLIMATE TRENDS SUSTAINABLE -J- | 200 | EUR | 5.222.059,95 | 5.274.730,00 | 0,36% |
| DPAM L BONDS CORP. HIGH YIELD -J- -CAP- | 178 | EUR | 4.740.903,86 | 5.180.093,70 | 0,36% |
| DPAM L BONDS EMERGING MARKETS SUSTAINABLE -J- -CAP- | 890 | EUR | 22.492.410,11 | 24.062.150,12 | 1,65% |
| DPAM L BONDS EUR HIGH YIELD SHORT-TERM -J- -CAP- | 362 | EUR | 9.059.222,46 | 9.214.418,97 | 0,63% |
| DPAM L BONDS EUR QUALITY -J- -CAP- | 387 | EUR | 9.733.103,92 | 10.304.254,51 | 0,71% |
| DPAM L BONDS GOVT SUSTAINABLE -J- -CAP- | 480 | EUR | 12.000.000,00 | 11.763.849,60 | 0,81% |
| DPAM L BONDS UNIV UNCONST -J- -CAP- | 483 | EUR | 12.869.159,42 | 14.186.005,86 | 0,97% |
| DPAM L EQUITIES CONVICTION RESEARCH | 1.510 | EUR | 38.085.332,95 | 48.265.338,00 | 3,31% |
| SELECT EQUITIES EMERGING MLTI MGMT -Z- EUR | 1.253 | EUR | 113.893.950,72 | 150.554.951,23 | 10,33% |
| SELECT EQUITIES JAPAN MULTI MANAGMENT -Z- -CAP- | 230 | EUR | 32.532.151,26 | 43.391.632,10 | 2,98% |
| Total EURO |  |  | 893.024.509,71 | 1.145.020.490,51 | 78,53% |
| ABN AMRO PZENA US-EQUIT. -I- USD | 78.120 | USD | 8.538.413,94 | 8.754.535,88 | 0,60% |
| ALLIANZ GLOBAL INVESTMENT FUND CHINA SHARES-A -CAP- | 4.090 | USD | 4.421.045,74 | 6.697.055,18 | 0,46% |
| MORGAN STANLEY US ADVANTAGE Z -CAP- | 226.985 | USD | 23.125.833,28 | 37.390.488,24 | 2,56% |
| NEUBERGER BERMAN US SMALL I3 -CAP- | 1.155 | USD | 9.910.903,24 | 15.371.677,23 | 1,05% |
| POLEN CAPITAL FOCUS U.S.GROWTH US -DIS- | 1.302.115 | USD | 14.454.513,40 | 21.493.127,36 | 1,47% |
| Total DOLLAR DES ETATS-UNIS |  |  | 60.450.709,60 | 89.706.883,89 | 6,15% |
| Total Fonds d'investissements |  |  | 953.475.219,31 | 1.234.727.374,40 | 84,68% |

|  |
| --- |
| High |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Autres valeurs mobilières |  |  |  |  |  |
| 3I EUROPARTNERS V -B- PE | 26.271 | EUR | 2.986,00 | 26.270,83 | 0,00% |
| CARLYLE EUROPE PARTNER III PE | 32.321 | EUR | 2.662,09 | 32.321,34 | 0,00% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -A- -LIQUIDATION- | 6.400 | EUR | 160.850,62 | 48.128,00 | 0,00% |
| DEGROOF ALTERNATIVE FOHF LOW VOLATILITY -B- -LIQUIDATION- | 60.000 | EUR | 0,00 | 0,00 | 0,00% |
| DEGROOF PRIVATE - RENEWABLE ENERGY II -B- -REG- | 1 | EUR | 1.251,00 | 5.608,00 | 0,00% |
| Total EURO |  |  | 167.749,71 | 112.328,17 | 0,01% |
| CARLYLE US PARTNERS V PE | 213.549 | USD | 19.715,45 | 184.260,70 | 0,01% |
| INVESCO PHYSICAL GOLD ETC | 41.890 | USD | 6.449.228,85 | 6.158.890,85 | 0,42% |
| NORTEL NETWORKS CORP. -FAILLITE- | 850 | USD | 267.432,15 | 0,00 | 0,00% |
| WISDOMTREE PHYSICAL SWISS GOLD 09-PERPETUAL | 130.498 | USD | 17.964.365,20 | 19.090.800,65 | 1,31% |
| Total DOLLAR DES ETATS-UNIS |  |  | 24.700.741,65 | 25.433.952,20 | 1,74% |
| Total Autres valeurs mobilières |  |  | 24.868.491,36 | 25.546.280,37 | 1,75% |
| Total du Portefeuille-Titres |  |  | 1.068.219.923,85 | 1.370.278.463,74 | 93,98% |

|  |
| --- |
| Medium Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % 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 |  |  |  |  |  |
| NESTLE -REG- | 27.026 | CHF | 1.898.620,58 | 2.817.343,63 | 0,19% |
| NOVARTIS -REG- | 50.000 | CHF | 3.174.179,31 | 3.553.325,32 | 0,25% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 6.019 | CHF | 1.810.728,08 | 1.903.798,95 | 0,13% |
| Total FRANC SUISSE |  |  | 6.883.527,97 | 8.274.467,90 | 0,57% |
| AIR LIQUIDE | 23.330 | EUR | 2.177.316,79 | 3.233.071,40 | 0,22% |
| AMADEUS IT GROUP S.A. | 32.600 | EUR | 1.595.453,36 | 1.854.288,00 | 0,13% |
| ENEL AZ | 406.327 | EUR | 3.102.524,32 | 2.702.480,88 | 0,19% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 2.420 | EUR | 933.504,27 | 1.500.642,00 | 0,10% |
| SIEMENS -NOM- | 3.755 | EUR | 380.657,26 | 532.909,60 | 0,04% |
| SOLVAY & CIE | 16.733 | EUR | 1.392.418,27 | 1.801.307,45 | 0,12% |
| STELLANTIS N.V. | 59.000 | EUR | 865.935,45 | 974.798,00 | 0,07% |
| TOTALENERGIES SE | 80.000 | EUR | 3.088.408,16 | 3.306.800,00 | 0,23% |
| Total EURO |  |  | 13.536.217,88 | 15.906.297,33 | 1,10% |
| ASTRAZENECA PLC | 18.930 | GBP | 1.390.049,10 | 1.972.833,92 | 0,14% |
| UNILEVER PLC | 12.777 | GBP | 601.796,72 | 595.333,43 | 0,04% |
| Total LIVRE STERLING |  |  | 1.991.845,82 | 2.568.167,35 | 0,18% |
| ASSA ABLOY AB -B- | 27.000 | SEK | 429.647,38 | 680.915,07 | 0,05% |
| Total COURONNE SUÉDOISE |  |  | 429.647,38 | 680.915,07 | 0,05% |
| ALPHABET INC. -C- | 815 | USD | 765.195,39 | 1.874.306,61 | 0,13% |
| AMAZON.COM INC | 449 | USD | 770.459,70 | 1.272.689,04 | 0,09% |
| BOSTON SCIENTIFIC CORP. | 48.981 | USD | 1.490.268,16 | 1.833.802,66 | 0,13% |
| COMCAST CORP. -A- | 27.386 | USD | 812.417,75 | 1.321.626,45 | 0,09% |
| JP MORGAN CHASE & CO | 17.600 | USD | 1.492.379,48 | 2.485.822,51 | 0,17% |
| MERCK & CO INC.-NEW- | 15.502 | USD | 1.089.061,49 | 1.004.663,89 | 0,07% |
| MICROSOFT CORP. | 6.113 | USD | 1.103.774,89 | 1.487.015,80 | 0,10% |
| Total DOLLAR DES ETATS-UNIS |  |  | 7.523.556,86 | 11.279.926,96 | 0,78% |
| Total Actions Cotées ou Négociées |  |  | 30.364.795,91 | 38.709.774,61 | 2,67% |
| Obligations |  |  |  |  |  |
| ABBOTT IRELAND FINANCE 0,875 18-270923 | 2.000.000 | EUR | 2.083.140,00 | 2.047.120,00 | 0,14% |
| ABN AMRO BANK 0,875 19-150124 | 1.500.000 | EUR | 1.491.195,00 | 1.541.047,50 | 0,11% |
| AEDIFICAT 0,75 21-31 | 1.300.000 | EUR | 1.298.375,00 | 1.279.499,00 | 0,09% |
| AHOLD DELHAIZE N.V. 0,875 17-190924 | 2.000.000 | EUR | 2.091.760,00 | 2.055.590,00 | 0,14% |
| ANHEUSER BUSCH INBEV 1,125 19-010727 | 3.500.000 | EUR | 3.508.055,39 | 3.686.567,50 | 0,25% |
| APETRA N.V. 3,125 13-250923 | 3.500.000 | EUR | 4.065.950,00 | 3.716.912,50 | 0,26% |
| ARGENTA SPAARBANK 1,00 20-290127 | 2.000.000 | EUR | 1.990.600,00 | 2.055.360,00 | 0,14% |
| AROUNDTOWN S.A. 0,00 20-160726 | 1.500.000 | EUR | 1.473.712,50 | 1.476.930,00 | 0,10% |

|  |
| --- |
| Medium Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| AT&T INC. 1,30 15-050923 | 3.500.000 | EUR | 3.619.100,00 | 3.590.562,50 | 0,25% |
| BECTON DICKINSON 1,401 18-240523 | 1.500.000 | EUR | 1.511.782,50 | 1.538.047,50 | 0,11% |
| BECTON DICKINSON 1,90 16-151226 | 1.000.000 | EUR | 1.002.600,00 | 1.082.275,00 | 0,07% |
| BEFIMMO S.A. FRN 15-210422 | 1.500.000 | EUR | 1.500.000,00 | 1.492.312,50 | 0,10% |
| BELGIUM OLO 0,10 20-220630 | 3.500.000 | EUR | 3.444.035,00 | 3.542.490,00 | 0,24% |
| BLACKROCK INC. 1,25 15-060525 | 1.600.000 | EUR | 1.726.656,00 | 1.681.352,00 | 0,12% |
| BMW FINANCE N.V. 0,50 18-221122 | 2.500.000 | EUR | 2.512.427,50 | 2.527.212,50 | 0,17% |
| BPCE S.A. 1,00 19-010425 | 1.700.000 | EUR | 1.697.042,00 | 1.756.916,00 | 0,12% |
| BUREAU VERITAS 1,125 19-180127 | 500.000 | EUR | 516.500,00 | 513.977,50 | 0,04% |
| BUREAU VERITAS 1,25 16-070923 | 3.500.000 | EUR | 3.579.652,00 | 3.580.255,00 | 0,25% |
| CAPGEMINI SE 1,25 20-150422 | 700.000 | EUR | 698.558,00 | 705.110,00 | 0,05% |
| CIE SAINT GOBAIN 0,625 19-150324 | 2.500.000 | EUR | 2.490.325,00 | 2.553.625,00 | 0,18% |
| CIE SAINT GOBAIN 0,875 18-210923 | 1.000.000 | EUR | 987.455,14 | 1.023.135,00 | 0,07% |
| CITIGROUP INC. 0,75 16-261023 | 1.500.000 | EUR | 1.501.995,00 | 1.527.532,50 | 0,11% |
| COFINIMMO -SICAFI-1,929 15-250322 | 2.000.000 | EUR | 2.000.000,00 | 2.019.640,00 | 0,14% |
| COFINIMMO -SICAFI-2,00 16-091224 | 500.000 | EUR | 499.705,00 | 526.975,00 | 0,04% |
| COOP RABOBANK 0,625 19-270224 | 3.000.000 | EUR | 3.000.165,00 | 3.062.085,00 | 0,21% |
| CREDIT AGRICOLE LONDON FRN 18-060323 | 1.900.000 | EUR | 1.917.309,00 | 1.913.898,50 | 0,13% |
| DH EUROPE FINANCE 0,45 19-180328 | 3.500.000 | EUR | 3.431.080,00 | 3.525.515,00 | 0,24% |
| EANDIS CVBA 2,75 12-301122 | 1.600.000 | EUR | 1.692.220,00 | 1.655.392,00 | 0,11% |
| ENEXIS HLDG N.V. 3,375 12-260122 | 3.000.000 | EUR | 3.299.700,00 | 3.036.180,00 | 0,21% |
| ERG SpA 1,875 19-110425 | 1.700.000 | EUR | 1.797.750,00 | 1.799.407,50 | 0,12% |
| ESSITY AB 0,625 17-280322 | 1.000.000 | EUR | 1.003.000,00 | 1.002.470,00 | 0,07% |
| GIMV 2,50 21-150329 | 1.200.000 | EUR | 1.200.000,00 | 1.243.218,00 | 0,09% |
| GLAXOSMITHKLINE CAPITAL 0,00 19-230923 | 1.500.000 | EUR | 1.502.760,00 | 1.509.060,00 | 0,10% |
| GLENCORE FINANCE 1,625 14-180122 | 3.500.000 | EUR | 3.636.031,00 | 3.502.730,00 | 0,24% |
| GOLDMAN SACHS GROUP 2,00 15-270723 | 1.500.000 | EUR | 1.594.354,50 | 1.560.795,00 | 0,11% |
| GROUPE BRUX LAMBERT 1,375 17-230524 | 3.300.000 | EUR | 3.346.243,50 | 3.433.452,00 | 0,24% |
| GROUPE BRUX LAMBERT 1,875 18-190625 | 1.500.000 | EUR | 1.524.600,00 | 1.606.747,50 | 0,11% |
| HEINEKEN N.V. 1,00 16-040526 | 2.000.000 | EUR | 2.119.800,00 | 2.092.230,00 | 0,14% |
| HOCHTIEF A.G. 0,5 19-030927 | 2.510.000 | EUR | 2.491.425,00 | 2.519.399,95 | 0,17% |
| INFRAX CVBA 3,75 13-301023 | 1.400.000 | EUR | 1.480.907,50 | 1.499.078,00 | 0,10% |
| INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT 0,01 20-240428 | 2.200.000 | EUR | 2.195.424,00 | 2.220.559,00 | 0,15% |
| IREN SpA 2,75 15-021122. | 250.000 | EUR | 248.495,00 | 258.288,75 | 0,02% |
| ITALY BTP 0,40 16-110424 | 3.700.000 | EUR | 3.737.426,76 | 3.917.975,70 | 0,27% |
| ITALY BTP 0,90 17-010822 | 10.000.000 | EUR | 10.019.800,00 | 10.115.050,00 | 0,70% |
| ITALY BTP 0,95 21-010337 | 2.100.000 | EUR | 2.106.909,00 | 1.994.842,50 | 0,14% |
| ITALY BTP 1,20 17-010422 | 2.500.000 | EUR | 2.588.175,00 | 2.521.287,50 | 0,17% |
| ITALY BTP 3,00 19-010829 | 12.500.000 | EUR | 14.481.270,00 | 14.818.875,00 | 1,02% |
| ITALY BTP 3,35 18-010335 | 1.950.000 | EUR | 2.397.068,25 | 2.475.681,00 | 0,17% |
| ITALY BTP FRN 16-150528 | 10.700.000 | EUR | 12.649.279,13 | 13.288.497,95 | 0,92% |
| KBC GROUP 0,75 21-310531 | 1.200.000 | EUR | 1.199.400,00 | 1.199.190,00 | 0,08% |
| KBC GROUP FRN 17-241122 | 2.500.000 | EUR | 2.518.489,45 | 2.513.837,50 | 0,17% |
| KBC GROUP S.A. FRN 21-230624 | 1.000.000 | EUR | 1.004.676,00 | 1.004.760,00 | 0,07% |
| LA LORRAINE BAKERY 3,00 20-151227 | 1.900.000 | EUR | 1.916.625,00 | 1.951.224,00 | 0,13% |
| LA POSTE 0,625 20-211026 | 2.500.000 | EUR | 2.495.978,93 | 2.575.425,00 | 0,18% |
| LVMH 0,75 20-070425 | 2.000.000 | EUR | 1.994.340,00 | 2.063.840,00 | 0,14% |
| LVMH MOET HENNESSY. LOUIS VUITTON SE 0,125 19-280223 | 3.000.000 | EUR | 2.993.800,00 | 3.020.190,00 | 0,21% |
| MEDTRONIC GLOBAL HLDG 0,375 19-070323 | 2.500.000 | EUR | 2.493.513,60 | 2.524.825,00 | 0,17% |
| ORES 4,00 12-021021 | 3.500.000 | EUR | 3.608.500,00 | 3.500.000,00 | 0,24% |

|  |
| --- |
| Medium Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| PERNOD RICARD 0,50 19-241027 | 1.200.000 | EUR | 1.196.532,00 | 1.229.430,00 | 0,08% |
| PERNOD RICARD 2,125 14-270924 | 2.500.000 | EUR | 2.685.000,00 | 2.661.400,00 | 0,18% |
| PORTUGAL 2,875 15-151025 | 4.000.000 | EUR | 4.295.120,00 | 4.550.920,00 | 0,31% |
| REGION WALLONNE 0,25 19-030526 | 3.000.000 | EUR | 3.080.100,00 | 3.063.210,00 | 0,21% |
| SANOFI S.A. 0,00 19-210322 | 1.500.000 | EUR | 1.502.205,00 | 1.502.970,00 | 0,10% |
| SIEMENS FINANCE 0,375 18-060923 | 1.250.000 | EUR | 1.247.712,50 | 1.268.881,25 | 0,09% |
| SOFINA 1,00 21-28 | 3.100.000 | EUR | 3.074.674,00 | 3.067.233,00 | 0,21% |
| SOLVAY FINANCE 1,625 15-021222 | 300.000 | EUR | 297.804,00 | 305.377,50 | 0,02% |
| SPAIN KINGDOM 1,85 19-300735 | 4.000.000 | EUR | 4.376.173,08 | 4.588.000,00 | 0,32% |
| SPAIN KINGDOM 1,95 16-300426 | 3.100.000 | EUR | 3.385.820,00 | 3.419.873,50 | 0,24% |
| SPAIN KINGDOM -INFLATION LINKED- 0,65 16-301127 | 5.000.000 | EUR | 5.867.964,40 | 6.173.375,12 | 0,43% |
| SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 | 14.000.000 | EUR | 16.264.482,63 | 17.026.745,62 | 1,17% |
| SYMRISE 1,25 19-291125 | 2.500.000 | EUR | 2.484.878,26 | 2.617.262,50 | 0,18% |
| THERMO FISHER 1,75 20-150427 | 800.000 | EUR | 798.826,14 | 866.824,00 | 0,06% |
| THERMO FISHER SCIENTIFIC 0,50 19-010328 | 2.500.000 | EUR | 2.457.500,00 | 2.528.925,00 | 0,17% |
| TMVOLKSWAGEN 4,70 13-111228 | 750.000 | EUR | 748.020,00 | 911.910,00 | 0,06% |
| TOTALENERGIES SE 1,491 20-080427 | 3.200.000 | EUR | 3.200.000,00 | 3.438.496,00 | 0,24% |
| TOYOTA MOTOR CREDIT 0,25 20-160726 | 2.500.000 | EUR | 2.494.225,00 | 2.526.325,00 | 0,17% |
| UCB 1,00 21-300328 | 1.300.000 | EUR | 1.296.763,00 | 1.313.916,50 | 0,09% |
| VERIZON COMMUNICATIONS INC. 0,875 19-080427 | 2.600.000 | EUR | 2.628.436,20 | 2.692.430,00 | 0,19% |
| VERIZON COMMUNICATIONS INC.1,30 20-180533 | 1.500.000 | EUR | 1.559.175,00 | 1.557.195,00 | 0,11% |
| VGP N.V. 1,50 21-080429 | 1.400.000 | EUR | 1.391.306,70 | 1.386.469,00 | 0,10% |
| VGP N.V. 2,75 19-020423 | 1.496.000 | EUR | 1.527.457,05 | 1.538.493,88 | 0,11% |
| VGP N.V. 3,90 16-210923 | 253.000 | EUR | 268.180,00 | 268.546,85 | 0,02% |
| VINCI S.A. 0,00 20-271128 | 1.000.000 | EUR | 1.004.730,00 | 990.385,00 | 0,07% |
| VONOVIA FINANCE 1,625 20-070424 | 3.200.000 | EUR | 3.194.592,00 | 3.329.312,00 | 0,23% |
| Total EURO |  |  | 225.304.813,61 | 229.270.358,57 | 15,81% |
| CITY OF OSLO 2,45 14-240523 | 17.000.000 | NOK | 1.892.267,82 | 1.712.174,37 | 0,12% |
| KFW 1,25 19-280823 | 54.000.000 | NOK | 5.361.206,33 | 5.349.318,71 | 0,37% |
| OSLO KOMMUNE 3,60 12-061222 | 15.000.000 | NOK | 1.950.098,37 | 1.527.110,98 | 0,11% |
| Total COURONNE NORVÉGIENNE |  |  | 9.203.572,52 | 8.588.604,06 | 0,59% |
| US TREASURY 1,125 21-28 | 15.300.000 | USD | 12.951.265,85 | 13.067.526,11 | 0,90% |
| US TREASURY 0,625 20-150530 | 4.000.000 | USD | 3.378.076,09 | 3.229.485,73 | 0,22% |
| US TREASURY 2,25 17-150227 | 5.000.000 | USD | 4.310.398,28 | 4.588.946,37 | 0,32% |
| US TREASURY 2,875 18-310725 | 11.000.000 | USD | 9.714.692,98 | 10.261.409,91 | 0,71% |
| US TREASURY -INFLATION LINKED- 0,375 15-150725 | 2.300.000 | USD | 2.039.576,65 | 2.493.526,15 | 0,17% |
| US TREASURY -INFLATION LINKED- 0,375 17-150127 | 5.500.000 | USD | 5.144.483,25 | 5.925.634,60 | 0,41% |
| Total DOLLAR DES ETATS-UNIS |  |  | 37.538.493,10 | 39.566.528,87 | 2,73% |
| Total Obligations |  |  | 272.046.879,23 | 277.425.491,50 | 19,14% |
| Instruments du marché monétaire |  |  |  |  |  |
| AEDIFICA SA 301121 | 700.000 | EUR | 700.000,00 | 700.000,00 | 0,05% |
| WAREHOUSES 291121 | 2.000.000 | EUR | 1.999.555,94 | 1.999.783,39 | 0,14% |
| WAREHOUSES DE PAUW 111021 | 2.000.000 | EUR | 1.999.549,10 | 1.999.959,68 | 0,14% |
| XIOR STUDENT 041021 | 700.000 | EUR | 699.755,08 | 699.988,34 | 0,05% |
| XIOR STUDENT 091221 | 1.500.000 | EUR | 1.499.237,88 | 1.499.562,72 | 0,10% |

|  |
| --- |
| Medium Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| XIOR STUDENT 291021 | 700.000 | EUR | 699.927,09 | 699.927,09 | 0,05% |
| Total EURO |  |  | 7.598.025,09 | 7.599.221,22 | 0,52% |
| Total Instruments du marché monétaire |  |  | 7.598.025,09 | 7.599.221,22 | 0,52% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 310.009.700,23 | 323.734.487,33 | 22,33% |
| Fonds d'investissements |  |  |  |  |  |
| AMUNDI ULTRA SH TERM | 3 | EUR | 29.942.132,77 | 29.536.033,47 | 2,04% |
| DEGROOF PETERCAM FR CONVERTIBLE EUR SI -CAP- | 1.340 | EUR | 6.929.086,40 | 7.521.728,20 | 0,52% |
| DPAM BONDS GOVT GLOBAL -J- -CAP- | 545 | EUR | 13.025.718,05 | 14.879.720,80 | 1,03% |
| DPAM BONDS L CORPORATE EUR -J- -CAP- | 2.270 | EUR | 58.084.328,70 | 61.745.929,50 | 4,26% |
| DPAM CAP B EQUITIES US ESGLI -J- -CAP- | 675 | EUR | 62.973.121,86 | 86.044.626,00 | 5,94% |
| DPAM CAPITAL B BONDS EUR MEDIUM -J- | 1.226 | EUR | 30.982.421,32 | 32.650.341,60 | 2,25% |
| DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE -J- -CAP- | 1.033 | EUR | 25.757.042,01 | 30.803.568,44 | 2,12% |
| DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE -J- | 1.631 | EUR | 43.415.259,71 | 61.536.925,62 | 4,24% |
| DPAM EQUITIES L EMERGING MSCI INDEX -J- -CAP- | 2.155 | EUR | 28.617.882,80 | 33.841.969,15 | 2,33% |
| DPAM INVESTMENT B BONDS EUR -J- | 1.230 | EUR | 32.373.135,18 | 35.005.308,00 | 2,41% |
| DPAM INVESTMENT -B- EQUIT. DRAGONS SUSTAINABLE J -CAP- | 544 | EUR | 14.346.984,70 | 14.095.796,16 | 0,97% |
| DPAM INVESTMENT B EQUITIES EUROLAND -J- | 1.043 | EUR | 26.751.403,95 | 38.900.424,90 | 2,68% |
| DPAM INVESTMENT B EQUITIES EUROPE DIVIDEND -J- | 1.173 | EUR | 30.883.826,78 | 33.231.486,95 | 2,29% |
| DPAM INVESTMENT B EQUITIES EUROPE SUSTAINABLE -J- | 1.135 | EUR | 34.065.937,10 | 44.250.449,30 | 3,05% |
| DPAM INVESTMENT B EQUITIES EUR SM CAP SUSTAINABLE -J- | 684 | EUR | 17.933.579,08 | 23.829.746,30 | 1,64% |
| DPAM INVESTMENT B EQUITIES NEWGEMS SUSTAINABLE -J- | 363 | EUR | 9.285.672,11 | 12.387.425,82 | 0,85% |
| DPAM INVESTMENT B EQUITIES WORLD SUSAINABLE -J- | 864 | EUR | 24.711.143,68 | 41.953.213,20 | 2,89% |
| DPAM INVESTMENT B REAL ESTATE EUR SUSTAINABLE -J- | 255 | EUR | 6.384.425,00 | 8.036.770,37 | 0,55% |
| DPAM L BONDS CLIMATE TRENDS SUSTAINABLE -J- | 1.328 | EUR | 34.616.763,01 | 35.024.207,20 | 2,42% |
| DPAM L BONDS CORP. HIGH YIELD -J- -CAP- | 315 | EUR | 8.218.855,43 | 9.167.019,75 | 0,63% |
| DPAM L BONDS EMERGING MARKETS SUSTAINABLE -J- -CAP- | 1.014 | EUR | 25.997.511,60 | 27.419.078,64 | 1,89% |
| DPAM L BONDS EUR HIGH YIELD SHORT-TERM -J- -CAP- | 579 | EUR | 14.336.307,23 | 14.752.202,17 | 1,02% |
| DPAM L BONDS EUR QUALITY -J- -CAP- | 3.259 | EUR | 80.971.419,90 | 86.684.250,78 | 5,98% |
| DPAM L BONDS GOVT SUSTAINABLE -J- -CAP- | 436 | EUR | 10.900.000,00 | 10.685.496,72 | 0,74% |
| DPAM L BONDS UNIV UNCONST -J- -CAP- | 1.506 | EUR | 39.215.674,96 | 44.189.305,69 | 3,05% |
| DPAM L EQUITIES CONVICTION RESEARCH | 665 | EUR | 16.906.788,94 | 21.255.927,00 | 1,47% |
| OSTRUM SRI MONEY PLUS -I- -CAP- | 200 | EUR | 20.559.647,40 | 20.498.334,00 | 1,41% |
| SELECT EQUITIES EMERGING MLTI MGMT -Z- EUR | 476 | EUR | 43.864.791,67 | 57.224.335,05 | 3,95% |
| SELECT EQUITIES JAPAN MULTI MANAGMENT -Z- -CAP- | 102 | EUR | 15.087.161,91 | 19.243.245,54 | 1,33% |
| Total EURO |  |  | 807.138.023,25 | 956.394.866,32 | 65,97% |
| ABN AMRO PZENA US-EQUIT. -I- USD | 39.750 | USD | 4.342.194,89 | 4.454.592,95 | 0,31% |
| MORGAN STANLEY US ADVANTAGE Z -CAP- | 80.800 | USD | 7.437.260,07 | 13.309.916,73 | 0,92% |
| NEUBERGER BERMAN US SMALL I3 -CAP- | 1.143 | USD | 9.808.367,30 | 15.212.645,37 | 1,05% |
| POLEN CAPITAL FOCUS U.S.GROWTH US -DIS- | 584.000 | USD | 6.082.588,12 | 9.639.691,10 | 0,66% |
| Total DOLLAR DES ETATS-UNIS |  |  | 27.670.410,38 | 42.616.846,15 | 2,94% |
| Total Fonds d'investissements |  |  | 834.808.433,63 | 999.011.712,47 | 68,91% |
| Autres valeurs mobilières |  |  |  |  |  |

|  |
| --- |
| Medium Low |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| INVESCO PHYSICAL GOLD ETC | 47.220 | USD | 7.342.707,97 | 6.942.535,83 | 0,48% |
| WISDOMTREE PHYSICAL SWISS GOLD 09-PERPETUAL | 156.010 | USD | 21.419.775,93 | 22.822.999,65 | 1,57% |
| Total DOLLAR DES ETATS-UNIS |  |  | 28.762.483,90 | 29.765.535,48 | 2,05% |
| Total Autres valeurs mobilières |  |  | 28.762.483,90 | 29.765.535,48 | 2,05% |
| Options |  |  |  |  |  |
| PUT ESTX50 EUR Décembre 2021 ST 3700 | -560 | EUR | -287.280,00 | -325.360,00 | -0,02% |
| PUT ESTX50 EUR Décembre 2021 ST 4100 | 560 | EUR | 731.920,00 | 901.040,00 | 0,06% |
| Total EURO |  |  | 444.640,00 | 575.680,00 | 0,04% |
| PUT SP 500 Décembre 2021 ST 4000 | -45 | USD | -220.830,87 | -267.914,92 | -0,02% |
| PUT SP 500 Décembre 2021 ST 4400 | 45 | USD | 512.479,91 | 726.049,44 | 0,05% |
| Total DOLLAR DES ETATS-UNIS |  |  | 291.649,04 | 458.134,52 | 0,03% |
| Total Options |  |  | 736.289,04 | 1.033.814,52 | 0,07% |
| Total du Portefeuille-Titres |  |  | 1.174.316.906,80 | 1.353.545.549,80 | 93,37% |

(Content)
| Low | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| LUXEMBOURG | 38,97 % |
| BELGIQUE | 27,59 % |
| ÉTATS-UNIS | 6,03 % |
| FRANCE | 5,72 % |
| ITALIE | 3,89 % |
| ESPAGNE | 3,17 % |
| PAYS-BAS | 1,75 % |
| IRLANDE | 1,45 % |
| ALLEMAGNE | 1,30 % |
| JERSEY | 1,17 % |
| PORTUGAL | 0,53 % |
| ROYAUME-UNI | 0,47 % |
| SUISSE | 0,28 % |
| SUÈDE | 0,17 % |
| NORVÈGE | 0,11 % |
| Total du Portefeuille-Titres | 92,60 % |

(Content)
| Medium | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| BELGIQUE | 43,77 % |
| LUXEMBOURG | 29,00 % |
| ÉTATS-UNIS | 5,73 % |
| ITALIE | 3,05 % |
| ESPAGNE | 2,98 % |
| FRANCE | 2,70 % |
| IRLANDE | 1,87 % |
| JERSEY | 1,36 % |
| ORGANISATIONS INTERNATIONALES | 0,77 % |
| SUISSE | 0,73 % |
| PAYS-BAS | 0,59 % |
| PORTUGAL | 0,55 % |
| ROYAUME-UNI | 0,39 % |
| ALLEMAGNE | 0,34 % |
| NORVÈGE | 0,33 % |
| SUÈDE | 0,15 % |
| Total du Portefeuille-Titres | 94,31 % |

(Content)
|  |  |
| --- | --- |
| High | %  DE L ' ACTIF NET |
|  |
| BELGIQUE | 52,95 % |
| LUXEMBOURG | 29,63 % |
| ÉTATS-UNIS | 3,69 % |
| IRLANDE | 2,95 % |
| JERSEY | 1,31 % |
| FRANCE | 1,17 % |
| SUISSE | 0,93 % |
| ITALIE | 0,35 % |
| ROYAUME-UNI | 0,30 % |
| ESPAGNE | 0,23 % |
| ALLEMAGNE | 0,21 % |
| SUÈDE | 0,13 % |
| PAYS-BAS | 0,13 % |
| Total du Portefeuille-Titres | 93,98 % |

(Content)
| Medium Low | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| BELGIQUE | 36,09 % |
| LUXEMBOURG | 32,59 % |
| FRANCE | 5,91 % |
| ÉTATS-UNIS | 5,12 % |
| ITALIE | 3,72 % |
| IRLANDE | 2,33 % |
| ESPAGNE | 2,28 % |
| JERSEY | 1,57 % |
| PAYS-BAS | 1,37 % |
| ALLEMAGNE | 0,76 % |
| SUISSE | 0,57 % |
| ROYAUME-UNI | 0,41 % |
| PORTUGAL | 0,31 % |
| NORVÈGE | 0,22 % |
| SUÈDE | 0,12 % |
| Total du Portefeuille-Titres | 93,37 % |

| Low | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| SOCIETES D'INVESTISSEMENT (OPC, FCP) | 65,14 % |
| ETATS | 10,38 % |
| SERVICES FINANCIERS - HOLDINGS | 3,52 % |
| BANQUES | 2,85 % |
| IMMOBILIER | 2,20 % |
| PHARMACIE - COSMETIQUE | 1,30 % |
| SOURCES D'ENERGIE | 1,14 % |
| BOISSONS & TABACS | 0,85 % |
| PRODUITS CHIMIQUES | 0,73 % |
| TELECOMMUNICATIONS | 0,62 % |
| TEXTILE & HABILLEMENT | 0,49 % |
| MATERIAUX DE CONSTRUCTION | 0,48 % |
| PETROLE & DERIVES | 0,37 % |
| SERVICES DIVERS | 0,34 % |
| IT & INTERNET | 0,32 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 0,29 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 0,29 % |
| PROVINCE, CANTON, REGION | 0,27 % |
| DISTRIBUTION | 0,20 % |
| TITRISATION (ABS & MBS) | 0,20 % |
| EQUIPEMENTS & SERVICES PROD. ENERGIE | 0,20 % |
| AERONAUTIQUE & DEFENSE | 0,14 % |
| VILLE | 0,11 % |
| BIENS DE CONSOMMATION DIVERS | 0,10 % |
| CONSTRUCTION MECANIQUE | 0,04 % |
| DIVERS BIENS DE CAPITAUX | 0,03 % |
| Total du Portefeuille-Titres | 92,60 % |

|  |  |
| --- | --- |
| Medium | %  DE L ' ACTIF NET |
|  |
| SOCIETES D'INVESTISSEMENT (OPC, FCP) | 70,72 % |
| ETATS | 10,11 % |
| SERVICES FINANCIERS - HOLDINGS | 3,18 % |
| IMMOBILIER | 1,51 % |
| PHARMACIE - COSMETIQUE | 1,33 % |
| BANQUES | 1,09 % |
| ORGANISMES EUROPEENS | 1,07 % |
| SOURCES D'ENERGIE | 0,64 % |
| PRODUITS CHIMIQUES | 0,60 % |
| BOISSONS & TABACS | 0,55 % |
| IT & INTERNET | 0,50 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 0,41 % |
| TELECOMMUNICATIONS | 0,41 % |
| BIENS DE CONSOMMATION DIVERS | 0,33 % |
| PETROLE & DERIVES | 0,31 % |
| TEXTILE & HABILLEMENT | 0,28 % |
| SERVICES DIVERS | 0,21 % |
| MATERIAUX DE CONSTRUCTION | 0,21 % |
| PROVINCE, CANTON, REGION | 0,20 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 0,16 % |
| DIVERS BIENS DE CAPITAUX | 0,13 % |
| AERONAUTIQUE & DEFENSE | 0,13 % |
| EQUIPEMENTS & SERVICES PROD. ENERGIE | 0,08 % |
| CONSTRUCTION MECANIQUE | 0,07 % |
| DISTRIBUTION | 0,04 % |
| LOISIRS & TOURISME | 0,04 % |
| Total du Portefeuille-Titres | 94,31 % |

| High | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| SOCIETES D'INVESTISSEMENT (OPC, FCP) | 84,02 % |
| SERVICES FINANCIERS - HOLDINGS | 2,12 % |
| ETATS | 1,43 % |
| IT & INTERNET | 1,18 % |
| PHARMACIE - COSMETIQUE | 1,07 % |
| IMMOBILIER | 1,01 % |
| PRODUITS CHIMIQUES | 0,62 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 0,49 % |
| PETROLE & DERIVES | 0,45 % |
| BANQUES | 0,39 % |
| SOURCES D'ENERGIE | 0,35 % |
| BIENS DE CONSOMMATION DIVERS | 0,31 % |
| DIVERS BIENS DE CAPITAUX | 0,21 % |
| TEXTILE & HABILLEMENT | 0,20 % |
| CONSTRUCTION MECANIQUE | 0,13 % |
| Total du Portefeuille-Titres | 93,98 % |

|  |  |
| --- | --- |
| Medium Low | %  DE L ' ACTIF NET |
|  |
| SOCIETES D'INVESTISSEMENT (OPC, FCP) | 68,44 % |
| ETATS | 8,83 % |
| SERVICES FINANCIERS - HOLDINGS | 4,46 % |
| IMMOBILIER | 2,00 % |
| BANQUES | 1,79 % |
| PHARMACIE - COSMETIQUE | 1,33 % |
| SOURCES D'ENERGIE | 0,87 % |
| BOISSONS & TABACS | 0,67 % |
| PRODUITS CHIMIQUES | 0,55 % |
| TELECOMMUNICATIONS | 0,54 % |
| MATERIAUX DE CONSTRUCTION | 0,49 % |
| TEXTILE & HABILLEMENT | 0,45 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 0,37 % |
| IT & INTERNET | 0,37 % |
| PETROLE & DERIVES | 0,35 % |
| AERONAUTIQUE & DEFENSE | 0,25 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 0,23 % |
| VILLE | 0,22 % |
| SERVICES DIVERS | 0,21 % |
| PROVINCE, CANTON, REGION | 0,21 % |
| BIENS DE CONSOMMATION DIVERS | 0,16 % |
| ORGANISMES EUROPEENS | 0,15 % |
| DISTRIBUTION | 0,14 % |
| TITRISATION (ABS & MBS) | 0,14 % |
| EQUIPEMENTS & SERVICES PROD. ENERGIE | 0,06 % |
| CONSTRUCTION MECANIQUE | 0,05 % |
| DIVERS BIENS DE CAPITAUX | 0,04 % |
| Total du Portefeuille-Titres | 93,37 % |

| Low | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 83,89 % |
| DOLLAR DES ETATS-UNIS | 7,31 % |
| COURONNE NORVÉGIENNE | 0,96 % |
| FRANC SUISSE | 0,28 % |
| LIVRE STERLING | 0,12 % |
| COURONNE SUÉDOISE | 0,04 % |
| Total du Portefeuille-Titres | 92,60 % |

| Medium | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 82,84 % |
| DOLLAR DES ETATS-UNIS | 10,00 % |
| FRANC SUISSE | 0,73 % |
| COURONNE NORVÉGIENNE | 0,40 % |
| LIVRE STERLING | 0,27 % |
| COURONNE SUÉDOISE | 0,07 % |
| Total du Portefeuille-Titres | 94,31 % |

| High | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 81,04 % |
| DOLLAR DES ETATS-UNIS | 11,58 % |
| FRANC SUISSE | 0,93 % |
| LIVRE STERLING | 0,30 % |
| COURONNE SUÉDOISE | 0,13 % |
| Total du Portefeuille-Titres | 93,98 % |

| Medium Low | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 83,48 % |
| DOLLAR DES ETATS-UNIS | 8,50 % |
| COURONNE NORVÉGIENNE | 0,59 % |
| FRANC SUISSE | 0,57 % |
| LIVRE STERLING | 0,18 % |
| COURONNE SUÉDOISE | 0,05 % |
| Total du Portefeuille-Titres | 93,37 % |


## Low
| Actions en circulation au début de la période	- A | 5.176.073,781 |
| --- | --- |
| - B | 2.449.634,680 |
| - C1 | 684.064,185 |
| - C2 | 1.254.949,873 |
| - D1 | 1.899.019,708 |
| - D2 | 3.093.814,866 |
| Actions émises au cours de la période	- A | 399.826,256 |
| - B | 97.940,854 |
| - C1 | 10.035,487 |
| - C2 | 3.585,000 |
| - D1 | 102.005,273 |
| - D2 | 328.879,750 |
| Actions remboursées au cours de la période	- A | 527.604,106 |
| - B | 185.287,069 |
| - C1 | 68.860,000 |
| - C2 | 74.689,000 |
| - D1 | 279.404,307 |
| - D2 | 213.209,344 |
| Actions en circulation à la fin de la période	- A | 5.048.295,931 |
| - B | 2.362.288,465 |
| - C1 | 625.239,672 |
| - C2 | 1.183.845,873 |
| - D1 | 1.721.620,674 |
| - D2 | 3.209.485,272 |


## Medium
| Actions en circulation au début de la période	- A | 21.512.950,718 |
| --- | --- |
| - B | 10.990.153,447 |
| - C1 | 5.318.059,033 |
| - C2 | 7.731.674,743 |
| - D1 | 11.041.288,814 |
| - D2 | 13.531.178,804 |
| Actions émises au cours de la période	- A | 1.710.942,757 |
| - B | 375.379,333 |
| - C1 | 102.882,241 |
| - C2 | 183.329,098 |
| - D1 | 913.723,757 |
| - D2 | 821.304,215 |
| Actions remboursées au cours de la période	- A | 1.297.285,627 |
| - B | 448.334,825 |
| - C1 | 243.758,750 |
| - C2 | 275.293,718 |
| - D1 | 776.225,220 |
| - D2 | 633.084,525 |
| Actions en circulation à la fin de la période	- A | 21.926.607,848 |
| - B | 10.917.197,955 |
| - C1 | 5.177.182,524 |
| - C2 | 7.639.710,123 |
| - D1 | 11.178.787,351 |
| - D2 | 13.719.398,494 |


## High
| Actions en circulation au début de la période	- A | 4.480.012,199 |
| --- | --- |
| - B | 2.869.505,804 |
| - C1 | 1.621.547,904 |
| - C2 | 1.837.358,873 |
| - D1 | 2.310.313,097 |
| - D2 | 1.991.840,899 |
| Actions émises au cours de la période	- A | 502.548,697 |
| - B | 222.488,001 |
| - C1 | 58.001,922 |
| - C2 | 140.936,311 |
| - D1 | 234.822,210 |
| - D2 | 361.108,160 |
| Actions remboursées au cours de la période	- A | 302.958,016 |
| - B | 122.532,798 |
| - C1 | 48.275,119 |
| - C2 | 49.322,734 |
| - D1 | 187.979,580 |
| - D2 | 85.000,000 |
| Actions en circulation à la fin de la période	- A | 4.679.602,880 |
| - B | 2.969.461,007 |
| - C1 | 1.631.274,707 |
| - C2 | 1.928.972,450 |
| - D1 | 2.357.155,727 |
| - D2 | 2.267.949,059 |


## Medium Low
| Actions en circulation au début de la période	- A | 5.176.861,823 |
| --- | --- |
| - B | 4.773.700,691 |
| - C1 | 1.905.899,078 |
| - C2 | 2.865.089,491 |
| - D1 | 2.479.244,955 |
| - D2 | 2.335.731,394 |
| Actions émises au cours de la période	- A | 376.921,203 |
| - B | 136.197,617 |
| - C1 | 21.391,867 |
| - C2 | 62.748,000 |
| - D1 | 133.031,510 |
| - D2 | 211.571,578 |
| Actions remboursées au cours de la période	- A | 350.033,978 |
| - B | 169.481,301 |
| - C1 | 83.094,132 |
| - C2 | 37.581,000 |
| - D1 | 151.974,658 |
| - D2 | 155.334,403 |
| Actions en circulation à la fin de la période	- A | 5.203.749,048 |
| - B | 4.740.417,007 |
| - C1 | 1.844.196,813 |
| - C2 | 2.890.256,491 |
| - D1 | 2.460.301,807 |
| - D2 | 2.391.968,569 |

| Compartiment | Date d’Evaluation | Actif Net Total | Classe d'actions | Actions en Circulation | Valeur de l’Action | Devise |
| --- | --- | --- | --- | --- | --- | --- |

| Low (EUR) | 31.03.2019 31.03.2020 31.03.2021 30.09.2021 | 795.339.468,92 739.486.900,06 770.863.221,25 755.327.937,54 | - A | 5.140.590,291 | 32,90 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 3.295.790,673 | 86,97 | EUR |
| - C1 | 778.143,568 | 87,09 | EUR |
| - C2 | 994.037,019 | 87,26 | EUR |
| - D1 | 1.763.164,420 | 32,95 | EUR |
| - D2 | 3.846.542,505 | 33,01 | EUR |
| - A | 5.139.864,285 | 31,21 | EUR |
| - B | 2.703.732,781 | 83,31 | EUR |
| - C1 | 748.360,973 | 83,55 | EUR |
| - C2 | 1.360.970,054 | 83,89 | EUR |
| - D1 | 1.801.768,763 | 31,30 | EUR |
| - D2 | 3.842.186,348 | 31,42 | EUR |
| - A | 5.176.073,781 | 34,96 | EUR |
| - B | 2.449.634,680 | 93,95 | EUR |
| - C1 | 684.064,185 | 94,39 | EUR |
| - C2 | 1.254.949,873 | 94,96 | EUR |
| - D1 | 1.899.019,708 | 35,12 | EUR |
| - D2 | 3.093.814,866 | 35,34 | EUR |
| - A | 5.048.295,931 | 35,37 | EUR |
| - B | 2.362.288,465 | 95,59 | EUR |
| - C1 | 625.239,672 | 96,12 | EUR |
| - C2 | 1.183.845,873 | 96,80 | EUR |
| - D1 | 1.721.620,674 | 35,58 | EUR |
| - D2 | 3.209.485,272 | 35,83 | EUR |

| Medium (EUR) | 31.03.2019 31.03.2020 31.03.2021 30.09.2021 | 5.683.895.150,80 5.051.661.572,73 5.911.535.165,89 6.134.191.409,05 | - A | 21.833.851,407 | 51,38 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 14.272.381,810 | 116,15 | EUR |
| - C1 | 6.243.995,983 | 116,49 | EUR |
| - C2 | 7.593.132,313 | 116,73 | EUR |
| - D1 | 11.275.358,492 | 51,52 | EUR |
| - D2 | 13.750.664,811 | 51,62 | EUR |
| - A | 21.839.303,978 | 47,45 | EUR |
| - B | 11.570.620,216 | 108,12 | EUR |
| - C1 | 5.767.061,380 | 108,76 | EUR |
| - C2 | 8.412.448,498 | 109,19 | EUR |
| - D1 | 11.509.509,787 | 47,73 | EUR |
| - D2 | 13.967.016,283 | 47,92 | EUR |
| - A | 21.512.950,718 | 58,07 | EUR |
| - B | 10.990.153,447 | 132,94 | EUR |
| - C1 | 5.318.059,033 | 134,13 | EUR |
| - C2 | 7.731.674,743 | 134,98 | EUR |
| - D1 | 11.041.288,814 | 58,58 | EUR |
| - D2 | 13.531.178,804 | 58,95 | EUR |
| - A | 21.926.607,848 | 60,02 | EUR |
| - B | 10.917.197,955 | 138,02 | EUR |
| - C1 | 5.177.182,524 | 139,46 | EUR |
| - C2 | 7.639.710,123 | 140,52 | EUR |
| - D1 | 11.178.787,351 | 60,63 | EUR |
| - D2 | 13.719.398,494 | 61,09 | EUR |

| Compartiment | Date d’Evaluation | Actif Net Total | Classe d'actions | Actions en Circulation | Valeur de l’Action | Devise |
| --- | --- | --- | --- | --- | --- | --- |

| High (EUR) | 31.03.2019 31.03.2020 31.03.2021 30.09.2021 | 1.204.588.334,53 1.041.193.140,65 1.326.373.645,12 1.458.027.867,67 | - A | 4.463.687,136 | 52,47 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 3.356.179,656 | 100,78 | EUR |
| - C1 | 1.922.619,870 | 101,07 | EUR |
| - C2 | 1.937.173,665 | 101,27 | EUR |
| - D1 | 2.418.647,571 | 52,62 | EUR |
| - D2 | 2.168.985,826 | 52,73 | EUR |
| - A | 4.372.405,982 | 46,52 | EUR |
| - B | 3.057.709,669 | 89,94 | EUR |
| - C1 | 1.796.605,648 | 90,47 | EUR |
| - C2 | 1.937.096,433 | 90,84 | EUR |
| - D1 | 2.557.395,006 | 46,80 | EUR |
| - D2 | 2.225.436,696 | 46,99 | EUR |
| - A | 4.480.012,199 | 62,56 | EUR |
| - B | 2.869.505,804 | 121,46 | EUR |
| - C1 | 1.621.547,904 | 122,54 | EUR |
| - C2 | 1.837.358,873 | 123,28 | EUR |
| - D1 | 2.310.313,097 | 63,12 | EUR |
| - D2 | 1.991.840,899 | 63,50 | EUR |
| - A | 4.679.602,880 | 65,71 | EUR |
| - B | 2.969.461,007 | 128,01 | EUR |
| - C1 | 1.631.274,707 | 129,34 | EUR |
| - C2 | 1.928.972,450 | 130,26 | EUR |
| - D1 | 2.357.155,727 | 66,40 | EUR |
| - D2 | 2.267.949,059 | 66,87 | EUR |

| Medium Low (EUR) | 31.03.2019 31.03.2020 31.03.2021 30.09.2021 | 1.391.496.785,55 1.260.918.946,81 1.414.111.850,60 1.449.716.072,35 | - A | 5.400.367,766 | 63,57 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 5.428.988,174 | 66,99 | EUR |
| - C1 | 2.083.498,511 | 67,11 | EUR |
| - C2 | 3.033.784,574 | 67,25 | EUR |
| - D1 | 2.518.303,932 | 63,69 | EUR |
| - D2 | 2.825.188,779 | 63,82 | EUR |
| - A | 5.393.329,368 | 59,44 | EUR |
| - B | 5.036.518,615 | 63,20 | EUR |
| - C1 | 2.055.612,072 | 63,43 | EUR |
| - C2 | 2.909.058,032 | 63,69 | EUR |
| - D1 | 2.532.945,513 | 59,67 | EUR |
| - D2 | 2.590.767,081 | 59,92 | EUR |
| - A | 5.176.861,823 | 69,69 | EUR |
| - B | 4.773.700,691 | 74,52 | EUR |
| - C1 | 1.905.899,078 | 74,97 | EUR |
| - C2 | 2.865.089,491 | 75,42 | EUR |
| - D1 | 2.479.244,955 | 70,12 | EUR |
| - D2 | 2.335.731,394 | 70,55 | EUR |
| - A | 5.203.749,048 | 71,24 | EUR |
| - B | 4.740.417,007 | 76,55 | EUR |
| - C1 | 1.844.196,813 | 77,11 | EUR |
| - C2 | 2.890.256,491 | 77,65 | EUR |
| - D1 | 2.460.301,807 | 71,77 | EUR |
| - D2 | 2.391.968,569 | 72,28 | EUR |


## NOTE 1 - PRINCIPES ET MÉTHODES COMPTABLES
Les états financiers de la SICAV ont été préparés sur base de continuité d'exploitation et conformément aux normes et principes comptables communément acceptés au Luxembourg sur la base des valeurs nettes d'inventaire officielles calculées à la clôture de l'exercice.
- Evaluation du portefeuille-titres et des instruments dérivésLes titres cotés à une bourse officielle sont évalués sur la base du dernier cours connu au 30 septembre 2021 et, s'il y a plusieurs marchés, au cours du marché principal du titre en question.

La valeur de toutes valeurs mobilières qui sont négociées sur un autre marché réglementé fournissant des garanties comparables sera basée sur leur dernier cours publié disponible le Jour d'évaluation en question.
Dans la mesure où des valeurs mobilières en portefeuille au Jour d'évaluation ne sont pas négociées ou cotées sur une bourse de valeurs ou sur un autre marché réglementé ou, si pour des valeurs négociées ou cotées sur une telle bourse ou sur un tel autre marché, le prix déterminé conformément aux dispositions ci-dessus n'est pas représentatif de la valeur réelle de ces valeurs mobilières, celles-ci seront évaluées sur base de leur valeur probable de réalisation qui sera estimée avec prudence et bonne foi.
Les titres non cotés en bourse ou dont le cours n'est pas représentatif sont évalués à leur dernière valeur marchande connue ou, en l'absence de valeur marchande, à la valeur marchande probable de réalisation selon les critères d'évaluation jugés prudents par le Conseil d'Administration.
La valeur des instruments dérivés (futures et options) qui sont négociés ou cotés à une bourse de valeurs ou un marché organisé est déterminée suivant leur dernier cours de liquidation connu au 30 septembre 2021 sur la bourse de valeurs ou le marché organisé sur lequel sont traités les dits instruments, étant entendu que si l’un des sus-dits instruments dérivés ne peut être liquidé au jour pris en compte pour déterminer les valeurs applicables, la valeur de cet instrument dérivé ou de ces instruments  dérivés  sera  déterminée  de  façon  prudente  et  raisonnable  par  le Conseil d’Administration.

## Les actions ou les parts  des OPC sont évaluées  sur base de leur dernière valeur  nette

## d’inventaire disponible.
Les instruments du marché monétaire et autres titres à revenu fixe pourront être évalués sur base du coût amorti. Si toutefois il existe un prix de marché pour ces titres, l’évaluation selon la méthode décrite précédemment sera comparée périodiquement au prix de marché et en cas de divergence notable, le Conseil d’Administration pourra adapter l’évaluation en conséquence.

## Les contrats de change à terme sont évalués sur base des derniers taux « forward » disponibles à la date

## d’évaluation.
- Plus ou moins-values nettes réalisées sur investissementsLes plus ou moins-values nettes réalisées sur ventes de titres sont calculées 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 devises » lors de l’opération de vente.
- Conversion des devises étrangèresLa comptabilité de la SICAV est tenue en EUR. Les avoirs en banque, les autres actifs nets ainsi que la valeur boursière des titres en portefeuille en d'autres devises que l’EUR sont convertis en EUR aux cours de change en vigueur à la date de clôture.


## Les revenus et frais en devises autres que l’EUR sont convertis en EUR aux cours de change en vigueur à la date de paiement.
- Coût d'acquisition des titres en portefeuillePour les titres libellés en devises autres que la devise de la SICAV, le coût d'acquisition est calculé sur base du cours de change en vigueur au jour de l'achat.
- Variation des plus ou moins-values nettes non réaliséesLa variation de la plus-value et moins-value non réalisée à la fin de l'exercice figure également dans le résultat des opérations.
- Revenus, dépenses et provisions y relativesLes intérêts sont provisionnés 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 pro rata de la valeur nette d’inventaire de chaque compartiment.
- Variation du portefeuille-titresLe tableau des variations du portefeuille-titres des compartiments est disponible sans frais au siège social de la SICAV.
- Etats financiers combinésLes actifs nets des différents compartiments de la SICAV sont exprimés dans leur devise de référence.

Les états financiers combinés de la SICAV sont établis en EUR et sont égaux à la somme des rubriques correspondantes dans les états financiers de chaque compartiment converti dans cette devise aux cours de change en vigueur à la date des états financiers.

## NOTE 2 - TAXES ET FRAIS À PAYER
| Commission de gestion | 21.516.559,55 | EUR |
| --- | --- | --- |
| Commission de banque dépositaire | 617.410,57 | EUR |
| Taxe d'abonnement | 859.151,63 | EUR |
| Frais et commissions divers | 1.563.068,27 | EUR |
| Total | 24.556.190,02 | EUR |

| NOTE 3 - COMMISSION DE GESTION |
| --- |
| En rémunération de ses prestations, la Société de Gestion perçoit du Compartiment une commission annuelle fixée à : |
|  |
| Cette commission est payable trimestriellement et est calculée sur base des actifs nets moyens de chacune des classes d’actions du Compartiment au cours du trimestre sous revue. Il faut signaler que l’activité d’un OPC ou d’un compartiment qui investit dans d’autres OPC peut entraîner une redondance de certains frais. En sus des frais supportés par le compartiment dans le cadre de sa gestion quotidienne, des commissions de gestion seront indirectement imputées sur les actifs du compartiment via les OPC cibles qu’il détient. Les commissions de gestion cumulées ne pourront excéder 5 % ; les commissions de performance et de conseil sont couvertes par le terme « commissions de gestion ». Lorsque la SICAV investit dans des parts d'autres OPCVM et/ou d'autres OPC qui sont gérés, de façon directe ou par délégation, par la même Société de Gestion ou par toute autre société à laquelle la Société de Gestion est liée dans le cadre d'une communauté de gestion ou de contrôle ou par une importante participation directe ou indirecte, la Société de Gestion ou l'autre société ne peut facturer des commissions de souscription ou de rachat pour l'investissement de la SICAV dans les parts d'autres OPCVM et/ou d'autres OPC. Ceci ne concerne pas les éventuelles commissions de souscriptions ou de rachats prélevées au bénéfice exclusif de ces autres OPCVM ou OPC et qui leur sont intégralement versées. |


## NOTE 4 - TAXE D'ABONNEMENT

## La SICAV est régie par les lois fiscales luxembourgeoises.
En vertu de la législation et des règlements en vigueur actuellement à Luxembourg, la SICAV est soumise à la taxe d'abonnement au taux annuel de 0,05% payable trimestriellement et calculée sur l'actif net de la SICAV à chaque fin de trimestre. Cette taxe est réduite à 0,01% par an des avoirs nets attribuables aux classes d’actions réservées aux investisseurs institutionnels tel que défini par la Loi de 2010. La taxe d’abonnement n’est pas due sur les quotités d’actifs investis en organismes de placement collectif déjà soumis à l’application de cette taxe.
Cependant, la SICAV étant enregistrée en Belgique, elle est soumise à une taxe au taux annuel de 0,0925% calculée, pour l’année 2021, sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2020 et pour l’année 2020, sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2019.

## NOTE 5 - FUTURES
Les contrats futures sont évalués selon la méthode décrite au point a) de la Note 1 chaque jour ouvrable bancaire. Les gains/(pertes) non-réalisés résultant des contrats futures ouverts à la date de clôture sont enregistrés directement dans les avoirs en banque. Toute variation de l'appel de marge qui ne serait pas encore transférée en avoirs en banque à la date de clôture est reflétée dans le compte "Montants à recevoir du/(payer au) broker sur futures".

## Au 30 septembre 2021, les contrats futures suivant sont déposés chez Banque Degroof Petercam Luxembourg S.A.:

## Low :
| Devise | Nombre de CONTRATS | Description | + / - Value Non Realisee ( EN  EUR) | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| EUR | -295 | EURO BUND FUTURE Decembre 2021 | 572.300,00 | 30.269.065,00 |
| EUR | -75 | EURO STOXX 50 FUTURE Decembre 2021 | 78.937,50 | 3.036.000,00 |
| EUR | 420 | EURO STOXX BANKS FUTURE Decembre 2021 | 70.350,00 | 2.064.300,00 |
| EUR | -98 | EURO BOBL FUTURE Decembre 2021 | 53.900,00 | 10.084.298,00 |
| EUR | -6 | EURO-BUXL 30YR FUTURE Decembre 2021 | 25.320,00 | 940.596,00 |
| USD | 54 | RUSSELL 2000 FUTURE Decembre 2021 | -75.870,40 | 5.127.192,76 |
|  |  | Total | 724.937,10 | 51.521.451,76 |

Au titre de ces contrats futures, le compartiment maintenait auprès la Banque Degroof Petercam Luxembourg S.A. un dépôt de garantie de EUR 1.654.925,38 en faveur de la contrepartie à la clôture. Ce dépôt de garantie est destiné à couvrir les risques de marchés en cas d’évolution journalière défavorable des cours des contrats futures achetés ou vendus.

## Medium :
| Devise | Nombre de CONTRATS | Description | + / - Value Non Realisee ( EN  EUR) | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| EUR | -130 | EURO BUND FUTURE Decembre 2021 | 248.160,00 | 13.338.909,98 |
| EUR | 5.300 | EURO STOXX BANKS FUTURE Decembre 2021 | 887.750,00 | 26.049.500,00 |
| EUR | -220 | EURO BOBL FUTURE Decembre 2021 | 118.800,00 | 22.638.220,00 |
| EUR | -22 | EURO-BUXL 30YR FUTURE Decembre 2021 | 91.080,00 | 3.448.852,00 |
| USD | 963 | RUSSELL 2000 FUTURE Decembre 2021 | -1.360.455,58 | 91.434.937,48 |
|  |  | Total | -14.665,58 | 156.910.419,46 |

Au titre de ces contrats futures, le compartiment maintenait auprès la Banque Degroof Petercam Luxembourg S.A. un dépôt de garantie de EUR 9.230.954,99 en faveur de la contrepartie à la clôture. Ce dépôt de garantie est destiné à couvrir les risques de marchés en cas d’évolution journalière défavorable des cours des contrats futures achetés ou vendus.

## High :
| Devise | Nombre de CONTRATS | Description | + / - Value Non Realisee ( EN  EUR) | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| EUR | 3.200 | EURO STOXX BANKS FUTURE Decembre 2021 | 536.000,00 | 15.728.000,00 |
| EUR | -5 | EURO-BUXL 30YR FUTURE Decembre 2021 | 20.700,00 | 783.830,00 |
| USD | 312 | RUSSELL 2000 FUTURE Decembre 2021 | -443.951,42 | 29.623.780,36 |
|  |  | Total | 112.748,58 | 46.135.610,36 |

Au titre de ces contrats futures, le compartiment maintenait auprès la Banque Degroof Petercam Luxembourg S.A. un dépôt de garantie de EUR 3.512.708,27 en faveur de la contrepartie à la clôture. Ce dépôt de garantie est destiné à couvrir les risques de marchés en cas d’évolution journalière défavorable des cours des contrats futures achetés ou vendus.

## Medium Low :
| Devise | Nombre de CONTRATS | Description | + / - Value Non Realisee ( EN  EUR) | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| EUR | -255 | EURO BUND FUTURE Decembre 2021 | 489.600,00 | 26.164.785,00 |
| EUR | -105 | EURO STOXX 50 FUTURE Decembre 2021 | 109.987,50 | 4.250.400,00 |
| EUR | 1.200 | EURO STOXX BANKS FUTURE Decembre 2021 | 201.000,00 | 5.898.000,00 |
| EUR | -130 | EURO BOBL FUTURE Decembre 2021 | 71.500,00 | 13.377.130,00 |
| EUR | -10 | EURO-BUXL 30YR FUTURE Decembre 2021 | 41.400,00 | 1.567.660,00 |
| USD | 156 | RUSSELL 2000 FUTURE Decembre 2021 | -218.687,17 | 14.811.890,18 |
|  |  | Total | 694.800,33 | 66.069.865,18 |

Au titre de ces contrats futures, le compartiment maintenait auprès la Banque Degroof Petercam Luxembourg S.A. un dépôt de garantie de EUR 2.693.074,18 en faveur de la contrepartie à la clôture. Ce dépôt de garantie est destiné à couvrir les risques de marchés en cas d’évolution journalière défavorable des cours des contrats futures achetés ou vendus.

## NOTE 6 - CHANGES À TERME

## Au 30 septembre 2021, les opérations à terme suivantes ont été conclues auprès de la contrepartie Banque Degroof Petercam Luxembourg S.A. :

## Low :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  EUR) | Engagement (en EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 20/10/2021 | CHF | 2.500.000,00 | EUR | 2.306.273,06 | 6.468,44 | 2.312.459,50 |
| 20/10/2021 | JPY | 1.450.000.000 | EUR | 11.141.033,96 | 69.326,05 | 11.213.376,24 |
| 20/10/2021 | EUR | 2.555.083,34 | USD | 3.000.000,00 | -32.388,20 | 2.588.550,00 |
| 20/10/2021 | EUR | 14.912.735,22 | USD | 17.700.000,00 | -353.346,89 | 15.272.445,00 |
|  |  |  |  | Total | -309.940,60 | 31.386.830,74 |

Au titre de ces contrats dérivés OTC, le compartiment maintenait auprès de Banque Degroof Petercam Luxembourg S.A. un collatéral de EUR 724.937,10 en faveur de la contrepartie à la clôture. Ce collatéral en espèces vise, suite à l’absence d’appel de marge, à couvrir totalement la contrepartie du risque d’un éventuel défaut du compartiment.

## Medium :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  EUR) | Engagement (en EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 20/10/2021 | USD | 28.260.000,00 | EUR | 24.349.264,61 | 24.186,27 | 24.384.141,00 |
| 20/10/2021 | CHF | 20.200.000,00 | EUR | 18.634.686,35 | 52.264,95 | 18.684.672,76 |
| 20/10/2021 | JPY | 14.580.000.000 | EUR | 112.025.017,38 | 697.085,39 | 112.752.431,47 |
| 20/10/2021 | EUR | 25.550.833,38 | USD | 30.000.000,00 | -323.882,06 | 25.885.500,00 |
| 20/10/2021 | EUR | 50.551.644,82 | USD | 60.000.000,00 | -1.197.786,06 | 51.771.000,00 |
|  |  |  |  | Total | -748.131,51 | 233.477.745,23 |

Au titre de ces contrats dérivés OTC, le compartiment maintenait auprès de Banque Degroof Petercam Luxembourg S.A. un collatéral de EUR 1.210.000,00 en faveur de la contrepartie à la clôture. Ce collatéral en espèces vise, suite à l’absence d’appel de marge, à couvrir totalement la contrepartie du risque d’un éventuel défaut du compartiment.

## High :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  EUR) | Engagement (en EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 20/10/2021 | CHF | 4.900.000,00 | EUR | 4.520.295,20 | 12.678,13 | 4.532.420,62 |
| 20/10/2021 | JPY | 3.250.000.000 | EUR | 24.971.283,02 | 155.385,98 | 25.133.429,51 |
|  |  |  |  | Total | 168.064,11 | 29.665.850,13 |

Au titre de ces contrats dérivés OTC, le compartiment maintenait auprès de Banque Degroof Petercam Luxembourg S.A. un collatéral de EUR 112.748,86 en faveur de la contrepartie à la clôture. Ce collatéral en espèces vise, suite à l’absence d’appel de marge, à couvrir totalement la contrepartie du risque d’un éventuel défaut du compartiment.

## Medium Low :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  EUR) | Engagement (en EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 20/10/2021 | USD | 3.420.000,00 | EUR | 2.946.726,29 | 2.927,01 | 2.950.947,00 |
| 20/10/2021 | CHF | 4.900.000,00 | EUR | 4.520.295,20 | 12.678,13 | 4.532.420,62 |
| 20/10/2021 | JPY | 2.750.000.000 | EUR | 21.129.547,17 | 131.480,45 | 21.266.748,05 |
| 20/10/2021 | EUR | 6.387.708,35 | USD | 7.500.000,00 | -80.970,51 | 6.471.375,00 |
| 20/10/2021 | EUR | 16.766.295,53 | USD | 19.900.000,00 | -397.265,71 | 17.170.715,00 |
|  |  |  |  | Total | -331.150,63 | 52.392.205,67 |

Au titre de ces contrats dérivés OTC, le compartiment maintenait auprès de Banque Degroof Petercam Luxembourg S.A. un collatéral de EUR 694.800,43 en faveur de la contrepartie à la clôture. Ce collatéral en espèces vise, suite à l’absence d’appel de marge, à couvrir totalement la contrepartie du risque d’un éventuel défaut du compartiment.

## NOTE 7 - ENGAGEMENTS (MONTANTS À RAPPELER)

## Les compartiments Low, Medium et High ont contracté les engagements suivants dont les montants restants à appeler sont ceux indiqués dans les tableaux ci-dessous :
| Dénomination | Capital restant à rappeler (en EUR) |
| --- | --- |
|  | Low | Medium | High |
| Carlyle Europe Partner III | 9.587,34 | 121.439,64 | 28.762,02 |
| Carlyle Europe Partner V | 43.647,54 | 552.868,84 | 130.942,62 |


## NOTE 8 - OPTIONS

## Au 30 septembre 2021, les contrats d'options ont été conclus auprès de la contrepartie Banque Degroof Petercam Luxembourg S.A. :

## Low :
| Devise | Quantité | Description | + / - Value Non Realisee | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| EUR | -220 | PUT ESTX50 EUR Décembre 2021 ST 3700 | -127.820,00 | 8.976.484,00 |
| Total | 8.976.484,00 |


## Medium :
| Devise | Quantité | Description | + / - Value Non Realisee | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| USD | -250 | PUT SP 500 Décembre 2021 ST 4000 | -1.488.416,24 | 94.039.001,53 |
| EUR | -2.980 | PUT ESTX50 EUR Décembre 2021 ST 3700 | -1.731.380,00 | 121.590.556,00 |
|  |  |  | Total | 215.629.557,52 |


## Medium Low :
| Devise | Quantité | Description | + / - Value Non Realisee | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| USD | -45 | PUT SP 500 Décembre 2021 ST 4000 | -267.914,92 | 16.927.020,27 |
| EUR | -560 | PUT ESTX50 EUR Décembre 2021 ST 3700 | -325.360,00 | 22.849.232,00 |
|  |  |  | Total | 39.776.252,27 |


## NOTE 9 - AUTRES REVENUS

## Les autres revenus correspondent à des frais de gestion rétrocédés par certains des fonds cibles dans lesquels DP Global Strategy L investit.

## NOTE 10 - DIVIDENDES
| LOW : | Ex-date | Date de paiement |
| --- | --- | --- |
| Distribution d’un dividende de EUR 0,10 par action de la classe A | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,10 par action de la classe D1 | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,10 par action de la classe D2 | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,09 par action de la classe A | 11/08/21 | 18/08/21 |
| Distribution d’un dividende de EUR 0,09 par action de la classe D1 | 11/08/21 | 18/08/21 |
| Distribution d’un dividende de EUR 0,09 par action de la classe D2 | 11/08/21 | 18/08/21 |
| MEDIUM : |  |  |
| Distribution d’un dividende de EUR 0,15 par action de la classe A | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,15 par action de la classe D1 | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,15 par action de la classe D2 | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,11 par action de la classe A | 11/08/21 | 18/08/21 |
| Distribution d’un dividende de EUR 0,12 par action de la classe D1 | 11/08/21 | 18/08/21 |
| Distribution d’un dividende de EUR 0,12 par action de la classe D2 | 11/08/21 | 18/08/21 |
| HIGH : |  |  |
| Distribution d’un dividende de EUR 0,12 par action de la classe A | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,12 par action de la classe D1 | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,12 par action de la classe D2 | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,10 par action de la classe A | 11/08/21 | 18/08/21 |
| Distribution d’un dividende de EUR 0,10 par action de la classe D1 | 11/08/21 | 18/08/21 |
| Distribution d’un dividende de EUR 0,10 par action de la classe D2 | 11/08/21 | 18/08/21 |
| MEDIUM LOW : |  |  |
| Distribution d’un dividende de EUR 0,18 par action de la classe A | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,18 par action de la classe D1 | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,18 par action de la classe D2 | 14/05/21 | 21/05/21 |
| Distribution d’un dividende de EUR 0,16 par action de la classe A | 11/08/21 | 18/08/21 |
| Distribution d’un dividende de EUR 0,16 par action de la classe D1 | 11/08/21 | 18/08/21 |
| Distribution d’un dividende de EUR 0,16 par action de la classe D2 | 11/08/21 | 18/08/21 |


## NOTE 11 - EVÈNEMENT(S) SURVENU(S) PENDANT LA PÉRIODE
La pandémie de COVID-19 (coronavirus) menace toujours gravement la santé de la population mondiale et perturbe encore fortement la vie des gens au quotidien depuis maintenant plus d’une année. 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. La plupart des secteurs de l’économie sont touchés et certains sont frappés extrêmement durement. L'exercice 2020 a été marqué par certains impacts négatifs sur la valorisation des actions, obligations, fonds et autres investissements et l’exercice 2021 devrait subir le même sort au regard des prévisions actuelles sur la pandémie en continuelle évolution. Les mesures actuelles et/ou nouvelles prises par les autorités sanitaires pour contenir la propagation du virus, bien que nécessaires, ont eu et continueront à avoir elles aussi des répercussions considérables sur l’activité économique. Il nous reste à espérer que même si ces effets sont importants, ils seront en définitive temporaires. Partout dans le monde, les autorités ont pris et continuent à prendre des mesures énergiques et indispensables pour contenir la diffusion du virus, et pour soutenir les particuliers et les entreprises en ces temps très difficiles. Nous pouvons espérer que la vaccination pourra apporter une lueur d’espoir pour 2021. Le conseil d'administration n'est actuellement pas en mesure d'estimer avec précision les conséquences de cette pandémie, mais suit de près la situation.
| Détermination du risque global |
| --- |
| Chaque compartiment devra veiller à ce que son risque global lié aux instruments financiers dérivés n’excède pas la valeur nette totale de son portefeuille. Le risque global est une mesure conçue pour limiter l’effet de levier généré au niveau de chaque compartiment par l’utilisation d’instruments financiers dérivés. La méthode utilisée pour calculer ce risque au niveau de chaque compartiment de la SICAV sera celle des engagements. Cette méthode consiste à convertir les positions sur instruments financiers dérivés en positions équivalentes sur les actifs sous-jacents puis à agréger la valeur de marché de ces positions équivalentes. Le niveau de levier maximal en instruments financiers dérivés en suivant la méthodologie des engagements sera de 100%. |
| Règlement EU 2015/2365 du Parlement Européen et du conseil du 25 novembre 2015 : transparence des opérations de financement sur titres et de la réutilisation (ci-après le Règlement) |
| Conformément à l’article 13 et à la Section A de l’Annexe du Règlement, la Sicav 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. A la date des états financiers, la SICAV est concernée par les exigences de publications SFTR. Toutefois aucune opération correspondante n'a été réalisée au cours de la période de référence des états financiers. |