# from 1 January 2023 to 30 June 2023
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 5,416,000.87 |
| Interest on Cash Accounts |  | 181,061.75 |
| Tax Claim |  | 28,671.53 |
| Total Income |  | 5,625,734.15 |
| Expenses |  |  |
| Management Fees | 5 | 2,529,278.65 |
| Depositary Fees | 9 | 24,870.19 |
| Subscription Tax | 6 | 32,967.25 |
| Administration Fees | 8 | 325,844.30 |
| Miscellaneous Fees |  | 69,460.86 |
| Transactions Fees | 7 | 386,022.38 |
| Overdraft Interest |  | 7,546.92 |
| Taxes Paid to Foreign Authorities |  | 1,272.11 |
| Total Expenses |  | 3,377,262.66 |
| Net Profit / (Loss) |  | 2,248,471.49 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 366,155.76 |
| - on Currencies |  | -122,328.03 |
| - on Forward Foreign Exchange Contracts |  | -6,827.80 |
| Net Realised Profit / (Loss) |  | 2,485,471.41 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | 42,185,211.42 |
| - on Currencies |  | -1,386.98 |
| Result of Operations |  | 44,669,295.85 |
| - Subscriptions |  | 13,124,251.63 |
| - Redemptions |  | -33,657,848.92 |
| Dividends paid | 10 | -7,997.11 |
| Net Changes in Net Assets |  | 24,127,701.45 |
| Total Net Assets at the Beginning of the Period |  | 484,800,430.46 |
| Exchange Rate Difference in Net Assets from 31.12.22 to 30.06.23 | 1h | -23,492,949.16 |
| Total Net Assets at the End of the Period |  | 485,430,139.11 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 335,544,315.83 |
| Cash at Banks |  | 39,963,268.29 |
| Interest Receivable on Cash Account |  | 36,979.30 |
| Dividends Receivable on Shares |  | 1,245,362.60 |
| Amounts Receivable on Investment Sold |  | 27,807,763.55 |
| Amounts Receivable on Spot Exchange Contracts |  | 35,630,754.20 |
| Total Assets |  | 440,228,443.77 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 1,107,892.24 |
| Overdraft at Banks |  | 24,816,786.10 |
| Overdraft Interest Payable |  | 210.67 |
| Amounts Payable on Redemptions |  | 35,216,839.31 |
| Amounts Payable on Investment Purchased |  | 85,892.04 |
| Amounts Payable on Spot Exchange Contracts |  | 35,608,235.24 |
| Total Liabilities |  | 96,835,855.60 |
| Total Net Assets at the End of the Period |  | 343,392,588.17 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A USD |  | 2,950.000 |
| - B |  | 25,384.192 |
| - B USD |  | 119,024.644 |
| - F |  | 3,900.000 |
| - Z |  | 3,025.173 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A USD |  | 94.64 |
| - B (EUR) |  | 116.97 |
| - B USD |  | 93.90 |
| - F (EUR) |  | 127.61 |
| - Z (EUR) |  | 99,426.85 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 26,333,765,600 |
| Cash at Banks |  | 631,080,502 |
| Interest Receivable on Cash Account |  | 51,042 |
| Dividends Receivable on Shares |  | 29,561,586 |
| Amounts Receivable on Investment Sold |  | 316,810,209 |
| Amounts Receivable on Spot Exchange Contracts |  | 0 |
| Total Assets |  | 27,311,268,939 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 73,703,683 |
| Overdraft at Banks |  | 0 |
| Overdraft Interest Payable |  | 0 |
| Amounts Payable on Redemptions |  | 0 |
| Amounts Payable on Investment Purchased |  | 323,455,497 |
| Amounts Payable on Spot Exchange Contracts |  | 0 |
| Total Liabilities |  | 397,159,180 |
| Total Net Assets at the End of the Period |  | 26,914,109,759 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A JPY |  | 1,180.000 |
| - B |  | 10,914.038 |
| - B JPY |  | 2,352.221 |
| - F JPY |  | 1.000 |
| - Z |  | 867.000 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A JPY |  | 14,996 |
| - B (EUR) |  | 199.64 |
| - B JPY |  | 28,273 |
| - F JPY |  | 32,366 |
| - Z (EUR) |  | 193,733.26 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 3,949,094.57 |
| Interest on Cash Accounts |  | 195,968.10 |
| Tax Claim |  | 31,280.64 |
| Total Income |  | 4,176,343.31 |
| Expenses |  |  |
| Management Fees | 5 | 1,928,524.53 |
| Depositary Fees | 9 | 18,755.14 |
| Subscription Tax | 6 | 25,714.79 |
| Administration Fees | 8 | 242,417.39 |
| Miscellaneous Fees |  | 48,644.69 |
| Transactions Fees | 7 | 386,457.90 |
| Overdraft Interest |  | 8,115.45 |
| Taxes Paid to Foreign Authorities |  | 371.61 |
| Total Expenses |  | 2,659,001.50 |
| Net Profit / (Loss) |  | 1,517,341.81 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | -6,613,298.48 |
| - on Currencies |  | -143,139.50 |
| - on Forward Foreign Exchange Contracts |  | -42.03 |
| Net Realised Profit / (Loss) |  | -5,239,138.20 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | 19,337,786.85 |
| - on Currencies |  | -1,442.53 |
| Result of Operations |  | 14,097,206.12 |
| - Subscriptions |  | 10,486,201.70 |
| - Redemptions |  | -36,519,992.22 |
| Dividends paid | 10 | -11,476.15 |
| Net Changes in Net Assets |  | -11,948,060.55 |
| Total Net Assets at the Beginning of the Period |  | 355,340,648.72 |
| Total Net Assets at the End of the Period |  | 343,392,588.17 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 283,254,283 |
| Interest on Cash Accounts |  | 226,959 |
| Tax Claim |  | 0 |
| Total Income |  | 283,481,242 |
| Expenses |  |  |
| Management Fees | 5 | 120,096,814 |
| Depositary Fees | 9 | 1,210,949 |
| Subscription Tax | 6 | 1,481,842 |
| Administration Fees | 8 | 16,343,837 |
| Miscellaneous Fees |  | 3,922,263 |
| Transactions Fees | 7 | 5,014,283 |
| Overdraft Interest |  | 17,090 |
| Taxes Paid to Foreign Authorities |  | 146,885 |
| Total Expenses |  | 148,233,963 |
| Net Profit / (Loss) |  | 135,247,279 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 1,013,591,448 |
| - on Currencies |  | 1,399,044 |
| - on Forward Foreign Exchange Contracts |  | -1,070,586 |
| Net Realised Profit / (Loss) |  | 1,149,167,185 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | 3,857,101,683 |
| - on Currencies |  | -10,214 |
| Result of Operations |  | 5,006,258,654 |
| - Subscriptions |  | 553,909,748 |
| - Redemptions |  | -29,011,206 |
| Dividends paid | 10 | 397,660 |
| Net Changes in Net Assets |  | 5,531,554,856 |
| Total Net Assets at the Beginning of the Period |  | 21,383,350,223 |
| Total Net Assets at the End of the Period |  | 26,914,109,759 |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  |  |  |  |
| Quoted or negotiated equities |  |  |  |  |  |
| AMERICANAS S.A. -REG- | 255,183 | BRL | 826,260.85 | 61,891.21 | 0.02% |
| BANCO DO BRASIL S.A. | 135,362 | BRL | 1,202,985.81 | 1,386,165.52 | 0.40% |
| ITAUSA INVESTIMENTOS I S.A. | 1,218,810 | BRL | 1,989,547.35 | 2,435,591.35 | 0.71% |
| LOCALIZA RENT -A- CAR S.A. | 243,336 | BRL | 2,692,809.84 | 3,455,320.34 | 1.01% |
| LOJAS RENNER S.A. | 204,770 | BRL | 954,190.05 | 848,960.93 | 0.25% |
| PETROLEO BRASILEIRO S.A. | 327,377 | BRL | 1,997,886.83 | 2,004,024.34 | 0.58% |
| RAIA DROGASIL S.A. | 307,034 | BRL | 1,323,857.01 | 1,883,950.82 | 0.55% |
| SENDAS DISTRIBUIDORA | 138,976 | BRL | 570,930.14 | 396,126.49 | 0.12% |
| ULTRAPAR PARTICIPACOES S.A. | 261,570 | BRL | 783,449.10 | 1,024,262.50 | 0.30% |
| VIA S.A. | 1,432,800 | BRL | 795,058.16 | 638,580.15 | 0.19% |
| WEG S.A. | 181,600 | BRL | 1,094,322.37 | 1,421,098.50 | 0.41% |
| Total BRAZILIAN REAL |  |  | 14,231,297.51 | 15,555,972.15 | 4.53% |
| IAMGOLD CORP. | 205,990 | CAD | 654,763.25 | 546,387.87 | 0.16% |
| KINROSS GOLD CORP. | 153,114 | CAD | 636,338.26 | 731,273.40 | 0.21% |
| PAN AMERICAN SILVER CORP. | 40,246 | CAD | 692,046.63 | 586,986.11 | 0.17% |
| Total CANADIAN DOLLAR |  |  | 1,983,148.14 | 1,864,647.38 | 0.54% |
| BANCO DE CHILE | 17,194,531 | CLP | 1,635,557.82 | 1,793,941.61 | 0.52% |
| CENCOSUD S.A. | 380,876 | CLP | 675,615.82 | 737,821.11 | 0.21% |
| Total CHILEAN PESO |  |  | 2,311,173.64 | 2,531,762.72 | 0.74% |
| AISINO CORP -A- | 247,926 | CNY | 534,388.31 | 467,245.92 | 0.14% |
| BANK OF JIANGSU CO LTD -A- | 596,500 | CNY | 641,635.78 | 603,556.30 | 0.18% |
| BAOSHAN IRON & STEEL CO LTD -A- | 1,029,100 | CNY | 1,106,939.40 | 796,184.82 | 0.23% |
| BEIBU GULF PORT CO LTD | 516,100 | CNY | 814,899.99 | 539,967.29 | 0.16% |
| BEIJING YANJING BREWERY CO LTD -A- | 631,600 | CNY | 747,555.46 | 1,084,247.86 | 0.32% |
| BEIJ ULTRAPOWER -A- | 874,900 | CNY | 544,843.77 | 1,686,189.78 | 0.49% |
| CHACHA FOOD CO LTD -A- | 89,799 | CNY | 800,089.79 | 513,644.37 | 0.15% |
| CHINA RAILWAY TIELONG CONTAINER -A- | 996,100 | CNY | 848,059.37 | 828,247.01 | 0.24% |
| CHONGQING DEPARTMENT STORE CO LTD | 109,200 | CNY | 548,217.06 | 472,634.23 | 0.14% |
| DAQIN RAILWAY CO LTD -A- | 748,100 | CNY | 727,819.48 | 765,188.56 | 0.22% |
| FAW JIEFANG GROUP CO LTD | 509,712 | CNY | 800,607.22 | 587,313.95 | 0.17% |
| FUJIAN STAR-NET COMMUNICATION CO | 209,700 | CNY | 906,763.87 | 652,130.72 | 0.19% |
| GLODON-A- | 165,764 | CNY | 805,308.36 | 741,412.54 | 0.22% |
| GUANGXI LIUGONG MACHINERY CO -A- | 605,700 | CNY | 570,682.79 | 658,725.79 | 0.19% |
| HANGZHOU TIGERMED CONSULTG CO LTD-A | 68,800 | CNY | 954,645.27 | 611,276.08 | 0.18% |
| HUNDSUN TECHNO A | 13,300 | CNY | 74,104.95 | 81,091.87 | 0.02% |
| INNER MONGOLIA YILI INDUSTRIAL -A- | 274,200 | CNY | 1,566,480.69 | 1,069,007.37 | 0.31% |
| JIANGSU HENGLI HYDRAULIC CO LTD -A- | 89,199 | CNY | 813,405.67 | 789,938.97 | 0.23% |
| LONGI GREEN ENERGY TECHNOLOGY -A- | 167,100 | CNY | 1,111,129.12 | 659,514.19 | 0.19% |
| MACCURA BIOTECH CO | 164,200 | CNY | 492,751.11 | 341,778.66 | 0.10% |
| MIDEA GROUP CO LTD -A- | 96,598 | CNY | 637,139.22 | 783,521.42 | 0.23% |
| MLS CO LTD -A- | 334,200 | CNY | 753,597.62 | 423,266.87 | 0.12% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| NARI TECHNOLOGY -A- | 342,670 | CNY | 1,057,531.13 | 1,089,702.79 | 0.32% |
| NSFOCUS TECH -A- | 129,900 | CNY | 265,705.60 | 221,206.99 | 0.06% |
| ORG TECHNOLOGY CO LTD | 762,400 | CNY | 619,423.79 | 473,346.78 | 0.14% |
| SANY HEAVY INDUSTRY CO LTD -A- | 230,600 | CNY | 598,795.97 | 527,924.18 | 0.15% |
| SHANDONG NANSHAN ALUMINUM CO LTD | 1,727,200 | CNY | 565,820.68 | 718,074.61 | 0.21% |
| SHANGHAI KEHUA BIO-ENGINEERING CO L | 216,500 | CNY | 634,091.66 | 315,924.83 | 0.09% |
| SHANGHAI MECHANICAL | 315,500 | CNY | 625,558.06 | 746,178.14 | 0.22% |
| SHENZHEN HEPALINK PHARMACEUTICAL GR | 287,460 | CNY | 767,069.53 | 453,900.69 | 0.13% |
| SHENZHEN INOVANCE TECHNOLOGY CO -A- | 155,756 | CNY | 1,595,147.98 | 1,376,789.21 | 0.40% |
| SHENZHEN LAIBAO HI-TECH CO LTD -A- | 393,400 | CNY | 751,542.51 | 460,334.24 | 0.13% |
| SICHUAN KELUN PHARMACEUTICAL CO LTD | 196,600 | CNY | 628,285.65 | 803,280.84 | 0.23% |
| SUNGROW POWER SUPPLY CO LTD -A- | 32,124 | CNY | 518,601.05 | 515,774.53 | 0.15% |
| TONGKUN GROUP CO LTD -A- | 303,249 | CNY | 574,893.78 | 553,140.24 | 0.16% |
| WANHUA CHEMICAL GROUP CO LTD -A- | 52,000 | CNY | 906,011.87 | 628,804.54 | 0.18% |
| WULIANGYE YIBIN CO LTD -A- | 52,700 | CNY | 1,522,872.24 | 1,186,681.76 | 0.35% |
| WUXI LEAD INTELLIGENT EQUIPMENT -A- | 76,266 | CNY | 471,477.87 | 379,751.48 | 0.11% |
| WUXI TAIJI INDUSTRY CO LTD -A- | 526,200 | CNY | 926,079.09 | 525,905.20 | 0.15% |
| XUJI ELECTRIC CO., LTD. -A- | 270,600 | CNY | 560,911.98 | 858,655.04 | 0.25% |
| YUNNAN COPPER CO LTD -A- | 389,800 | CNY | 657,335.86 | 592,958.25 | 0.17% |
| YUSYS TECHNOLOGIES | 203,000 | CNY | 555,334.82 | 494,081.17 | 0.14% |
| ZHEJIANG DINGLI | 34,365 | CNY | 294,449.06 | 264,973.18 | 0.08% |
| Total CHINA YUAN RENMINBI |  |  | 31,898,004.48 | 28,343,473.26 | 8.25% |
| ALPHA SERVICES & HLDG S.A | 603,919 | EUR | 911,130.36 | 988,313.44 | 0.29% |
| EUROBANK HLDG S.A. | 592,792 | EUR | 485,120.29 | 975,924.73 | 0.28% |
| GAZTRANSPORT ET TECHNIGAZ S.A. | 10,900 | EUR | 1,343,750.69 | 1,108,919.68 | 0.32% |
| NATIONAL BANK OF GREECE S.A. | 186,963 | EUR | 502,524.23 | 1,214,476.87 | 0.35% |
| PIRAEUS FINANCIAL HLDG S.A. | 221,304 | EUR | 463,104.08 | 725,776.64 | 0.21% |
| PROSUS N.V. | 37,792 | EUR | 2,918,421.00 | 2,767,017.24 | 0.81% |
| Total EURO |  |  | 6,624,050.65 | 7,780,428.60 | 2.27% |
| ANGLO AMERICAN PLC | 30,521 | GBP | 849,153.19 | 866,461.01 | 0.25% |
| HSBC HLDG PLC (0,50 USD) | 146,000 | GBP | 1,110,925.86 | 1,153,971.99 | 0.34% |
| STANDARD CHARTERED PLC | 106,861 | GBP | 803,759.29 | 927,900.66 | 0.27% |
| Total BRITISH POUND |  |  | 2,763,838.34 | 2,948,333.66 | 0.86% |
| 3SBIO INC. | 692,914 | HKD | 798,789.09 | 695,869.73 | 0.20% |
| AGRICULTURAL BANK OF CHINA -H- | 1,936,748 | HKD | 868,931.99 | 761,198.12 | 0.22% |
| AIA GROUP LTD | 536,156 | HKD | 5,009,878.12 | 5,411,797.39 | 1.58% |
| ALIBABA GROUP HLDG LTD | 750,139 | HKD | 14,420,860.60 | 7,772,695.40 | 2.26% |
| ANGANG STEEL CO -H- | 392,000 | HKD | 128,714.09 | 102,544.84 | 0.03% |
| ASMPT LTD | 64,200 | HKD | 997,691.44 | 632,040.39 | 0.18% |
| BANK OF CHINA LTD -H- | 1,476,922 | HKD | 666,032.04 | 591,781.09 | 0.17% |
| BANK OF COMMUNICATIONS CO LTD | 829,876 | HKD | 634,415.30 | 549,609.76 | 0.16% |
| BUDWEISER BREWING CO APAC LTD | 405,000 | HKD | 1,369,610.01 | 1,043,951.37 | 0.30% |
| BYD CO LTD -H- | 61,000 | HKD | 1,906,051.63 | 1,946,003.95 | 0.57% |
| CHINA CONSTRUCTION BANK CORP. | 4,829,897 | HKD | 3,962,590.44 | 3,124,781.84 | 0.91% |
| CHINA GALAXY SECURITIES CO LTD | 994,500 | HKD | 695,156.81 | 530,462.81 | 0.15% |
| CHINA MERCHANTS BANK CO LTD -H- | 928,000 | HKD | 4,961,772.87 | 4,215,720.87 | 1.23% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| CHINA OVERSEAS PROPERTY HLDG LTD | 670,000 | HKD | 697,802.88 | 674,567.91 | 0.20% |
| CHINA RAILWAY GROUP LTD -H- | 930,500 | HKD | 656,978.43 | 613,876.20 | 0.18% |
| CHINA VANKE CO -H- | 354,300 | HKD | 1,229,156.61 | 475,620.72 | 0.14% |
| COSCO SHIPPING PORTS LTD | 461,685 | HKD | 501,902.17 | 274,539.95 | 0.08% |
| DONGFANG ELECTRIC CORP. -H- | 782,600 | HKD | 713,407.92 | 1,000,648.25 | 0.29% |
| DONGFENG MOTOR GP -H- | 570,000 | HKD | 634,893.27 | 260,394.47 | 0.08% |
| HAIER SMART HOME CO LTD -H- | 506,400 | HKD | 1,626,480.08 | 1,592,885.27 | 0.46% |
| HONG KONG EXCHANGES & CLEARING | 62,000 | HKD | 2,306,559.63 | 2,335,511.00 | 0.68% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 1,376,909 | HKD | 938,652.39 | 734,438.43 | 0.21% |
| JD.COM INC. -A- | 216,475 | HKD | 6,862,688.85 | 3,657,375.97 | 1.07% |
| JD LOGISTICS, INC. | 346,600 | HKD | 575,498.43 | 540,472.55 | 0.16% |
| MEITUAN | 289,626 | HKD | 6,717,442.02 | 4,519,994.21 | 1.32% |
| NETEASE INC. | 93,700 | HKD | 1,894,429.29 | 1,824,601.38 | 0.53% |
| NINE DRAGONS PAPER LTD | 745,000 | HKD | 702,626.80 | 459,173.99 | 0.13% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 866,428 | HKD | 2,258,536.59 | 2,443,422.83 | 0.71% |
| SINOPEC ENGINEERING CO LTD | 1,033,852 | HKD | 561,724.56 | 460,423.70 | 0.13% |
| SINOPHARMACEUTICAL GROUP CO LTD -H- | 239,200 | HKD | 488,004.03 | 747,826.99 | 0.22% |
| SUN ART RETAIL GROUP LTD | 1,240,937 | HKD | 843,259.13 | 319,871.08 | 0.09% |
| TECHTRONIC INDUSTRIES CO LTD | 45,000 | HKD | 557,930.68 | 488,957.42 | 0.14% |
| TENCENT HLDG LTD | 337,523 | HKD | 14,511,821.45 | 14,282,090.11 | 4.16% |
| THE PEOPLE'INSURANCE CO | 1,571,037 | HKD | 707,956.60 | 569,349.09 | 0.17% |
| WUXI BIOLOGICS CAYMAN INC. | 160,000 | HKD | 1,747,687.06 | 766,661.75 | 0.22% |
| XIAOMI CORP-B | 632,400 | HKD | 1,045,524.58 | 865,088.46 | 0.25% |
| ZIJIN MINING GROUP -H- | 510,000 | HKD | 683,165.05 | 748,413.98 | 0.22% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 1,092,500 | HKD | 517,183.09 | 564,612.31 | 0.16% |
| Total HONG KONG DOLLAR |  |  | 86,401,806.02 | 68,599,275.58 | 19.98% |
| GEDEON RICHTER | 78,480 | HUF | 1,759,613.33 | 1,932,800.41 | 0.56% |
| OTP BANK PLC | 26,002 | HUF | 1,004,791.70 | 922,536.33 | 0.27% |
| Total HUNGARIAN FORINT |  |  | 2,764,405.03 | 2,855,336.74 | 0.83% |
| BANK RAKYAT INDONESIA -B- | 13,508,208 | IDR | 3,904,393.52 | 4,887,911.29 | 1.42% |
| PT BANK CENTRAL ASIA TBK | 4,137,200 | IDR | 1,690,859.07 | 2,524,953.85 | 0.74% |
| PT PERUSAHAAN GAS NEGARA TBK | 4,549,100 | IDR | 665,274.74 | 395,969.59 | 0.12% |
| TELKOM INDONESIA PERSERO TBK | 4,650,500 | IDR | 1,432,054.23 | 1,240,753.40 | 0.36% |
| Total INDONESIAN RUPIAH |  |  | 7,692,581.56 | 9,049,588.13 | 2.64% |
| BAJAJ FINSERV LTD | 90,671 | INR | 1,462,769.32 | 1,688,830.07 | 0.49% |
| BANK OF BARODA | 875,614 | INR | 1,041,017.03 | 2,031,700.89 | 0.59% |
| BHARAT FORGE LTD | 50,313 | INR | 384,637.62 | 513,211.14 | 0.15% |
| BRITANNIA INDUSTRIES LTD | 21,030 | INR | 1,249,579.23 | 1,288,043.82 | 0.38% |
| DABUR INDIA -DIS- | 188,594 | INR | 1,376,149.69 | 1,317,160.77 | 0.38% |
| HDFC BANK LTD | 92,204 | INR | 1,842,158.95 | 1,912,275.16 | 0.56% |
| HDFC LIFE INSURANCE CO LTD | 123,847 | INR | 1,193,279.96 | 983,091.81 | 0.29% |
| HERO MOTOCORP LTD | 56,235 | INR | 2,111,730.71 | 1,994,843.39 | 0.58% |
| HOUSING DEVELOPMENT FINANCE CORP. | 31,427 | INR | 786,344.79 | 1,081,051.62 | 0.31% |
| ICICI BANK LTD | 250,530 | INR | 2,139,620.45 | 2,854,169.15 | 0.83% |
| INDIAN OIL CORP. LTD | 1,248,105 | INR | 1,149,949.12 | 1,389,044.29 | 0.40% |
| INFOSYS TECHNOLOGIES | 184,872 | INR | 3,360,685.88 | 3,009,603.10 | 0.88% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| KOTAK MAHINDRA BANK LTD | 46,037 | INR | 1,098,111.74 | 1,036,244.60 | 0.30% |
| LUPIN LTD | 58,254 | INR | 844,683.13 | 641,043.41 | 0.19% |
| MAX HEALTHCARE INSTITUTE LTD | 181,104 | INR | 1,025,647.33 | 1,323,351.46 | 0.39% |
| PIDILITE INDUSTRIES LTD -DEMAT- | 56,190 | INR | 1,893,269.87 | 1,778,860.52 | 0.52% |
| RELIANCE INDUSTRIES | 73,000 | INR | 1,934,363.34 | 2,269,341.26 | 0.66% |
| SAMVARDHANA MOTHERSON INTERNATIONAL | 1,824,360 | INR | 1,990,463.42 | 1,905,836.13 | 0.56% |
| SBI LIFE INSURANCE CO LTD | 137,178 | INR | 1,765,207.39 | 2,185,350.08 | 0.64% |
| SHRIRAM TRANSPORT FINANCE CO LTD | 79,868 | INR | 1,220,485.03 | 1,689,337.96 | 0.49% |
| SUN TV NETWORK LTD | 92,423 | INR | 660,304.71 | 494,864.19 | 0.14% |
| TV18 BROADCAST LTD | 741,420 | INR | 482,446.43 | 337,558.54 | 0.10% |
| ZEE ENTERTAINMENT ENTERPRISES LTD | 153,256 | INR | 637,334.92 | 331,316.35 | 0.10% |
| Total INDIAN RUPEE |  |  | 31,650,240.06 | 34,056,129.71 | 9.92% |
| SUZUKI MOTOR CORP. | 84,200 | JPY | 3,024,418.37 | 3,029,883.11 | 0.88% |
| Total JAPANESE YEN |  |  | 3,024,418.37 | 3,029,883.11 | 0.88% |
| GREEN CROSS CORP. | 5,421 | KRW | 667,701.96 | 472,303.58 | 0.14% |
| GS ENGINEERING & CONSTRUCTION CORP. | 29,966 | KRW | 832,714.28 | 423,910.94 | 0.12% |
| HANA FINANCIAL GROUP INC. | 36,226 | KRW | 1,401,952.95 | 1,077,721.13 | 0.31% |
| HANKOOK TIRE & TECHNOLOGY CO LTD | 18,194 | KRW | 817,300.48 | 474,992.31 | 0.14% |
| HYUNDAI DEPT STORE LTD | 10,849 | KRW | 885,926.98 | 405,916.38 | 0.12% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 21,660 | KRW | 992,706.83 | 626,301.39 | 0.18% |
| HYUNDAI MOBIS | 4,650 | KRW | 745,515.45 | 820,494.84 | 0.24% |
| KB FINANCIAL GROUP INC. | 61,205 | KRW | 2,557,027.33 | 2,217,993.28 | 0.65% |
| KIA CORP. | 46,474 | KRW | 2,855,100.41 | 3,121,427.63 | 0.91% |
| LG CHEM LTD | 9,139 | KRW | 5,670,239.81 | 4,626,200.57 | 1.35% |
| LG ELECTRONICS INC. | 8,105 | KRW | 423,848.10 | 779,344.69 | 0.23% |
| LOTTE CHEMICAL CORP. | 5,204 | KRW | 707,526.43 | 610,585.83 | 0.18% |
| OCI CO LTD | 6,137 | KRW | 656,497.62 | 527,698.65 | 0.15% |
| OCI COMPANY LTD | 2,781 | KRW | 0.00 | 257,490.24 | 0.07% |
| SAMSUNG ELECTRONICS CO LTD | 318,097 | KRW | 13,247,425.71 | 17,429,973.12 | 5.08% |
| SAMSUNG ENGINEERING CO LTD | 60,328 | KRW | 751,788.15 | 1,295,702.54 | 0.38% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 192,791 | KRW | 1,103,788.24 | 975,916.22 | 0.28% |
| SAMSUNG LIFE INSURANCE CO LTD | 12,732 | KRW | 895,483.44 | 650,296.84 | 0.19% |
| SAMSUNG SDS CO LTD | 5,824 | KRW | 886,853.02 | 543,216.80 | 0.16% |
| SHINHAN FINANCIAL GROUP CO LTD | 23,773 | KRW | 886,558.65 | 613,426.95 | 0.18% |
| SK HYNIX INC. | 26,808 | KRW | 1,847,384.51 | 2,343,779.98 | 0.68% |
| SK NETWORKS CO LTD | 83,662 | KRW | 433,519.49 | 322,546.18 | 0.09% |
| S-OIL CORP. | 9,848 | KRW | 840,237.34 | 498,509.94 | 0.15% |
| Total SOUTH KOREAN WON |  |  | 40,107,097.18 | 41,115,750.03 | 11.97% |
| GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV | 26,611 | MXN | 503,019.19 | 476,703.04 | 0.14% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 369,686 | MXN | 1,924,585.97 | 3,043,838.23 | 0.89% |
| WAL-MART DE MEXICO SAB DE CV | 1,166,176 | MXN | 3,667,830.91 | 4,604,729.88 | 1.34% |
| Total MEXICAN PESO |  |  | 6,095,436.07 | 8,125,271.15 | 2.37% |
| PRESS METAL ALUMINIUM HLDG BERHAD | 2,001,300 | MYR | 2,776,561.35 | 2,015,251.96 | 0.59% |
| TOP GLOVE CORP. BERHAD | 2,776,400 | MYR | 580,209.13 | 481,821.70 | 0.14% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| Total MALAYSIAN RINGGIT |  |  | 3,356,770.48 | 2,497,073.66 | 0.73% |
| ALLEGRO.EU S.A. | 136,001 | PLN | 752,151.50 | 1,071,157.64 | 0.31% |
| DINO POLSKA SPOLKA AKCYJNA BEARER | 7,292 | PLN | 575,651.02 | 852,155.16 | 0.25% |
| KGHM POLSKA MIEDZ S.A. | 21,768 | PLN | 488,010.74 | 602,207.49 | 0.18% |
| ORANGE POLSKA S.A. | 420,552 | PLN | 608,082.53 | 723,118.70 | 0.21% |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 359,761 | PLN | 756,758.51 | 642,853.50 | 0.19% |
| TAURON POLSKA ENERGIA S.A. | 449,802 | PLN | 348,599.25 | 304,449.58 | 0.09% |
| Total POLISH ZLOTY |  |  | 3,529,253.55 | 4,195,942.07 | 1.22% |
| QATAR NATIONAL BANK | 679,771 | QAR | 3,868,383.44 | 2,879,718.24 | 0.84% |
| Total QATARI RIYAL |  |  | 3,868,383.44 | 2,879,718.24 | 0.84% |
| FEDERAL GRID CO OF UNIF ENERGY | 674,164,807 | RUB | 1,805,527.39 | 75.33 | 0.00% |
| FEDERAL HYDROGENERATING CO -R- | 117,192,567 | RUB | 1,009,683.31 | 13.09 | 0.00% |
| MOBILE TELESYSTEMS P.J.S.C. | 134,728 | RUB | 614,963.73 | 0.02 | 0.00% |
| ROSTELECOM PUBLIC JOINT STOCK | 461,771 | RUB | 606,047.52 | 0.05 | 0.00% |
| SURGUTNEFTEGAZ OJSC | 3,401,722 | RUB | 1,815,465.30 | 0.38 | 0.00% |
| Total RUSSIAN RUBLE |  |  | 5,851,687.25 | 88.87 | 0.00% |
| EPIROC AKTIEBOLAG AK -A- | 73,915 | SEK | 1,346,220.00 | 1,395,316.12 | 0.41% |
| Total SWEDISH KRONA |  |  | 1,346,220.00 | 1,395,316.12 | 0.41% |
| PTT EXPLORATION PROD PUBLIC NVDR | 233,100 | THB | 860,540.20 | 989,738.94 | 0.29% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 477,502 | THB | 476,827.83 | 503,487.39 | 0.15% |
| SCB X PLC-NVDR | 427,500 | THB | 1,360,783.95 | 1,288,762.38 | 0.38% |
| SIAM CEMENT PUBLIC CO LTD FOREIGN | 55,465 | THB | 825,136.31 | 505,547.55 | 0.15% |
| Total THAI BAHT |  |  | 3,523,288.29 | 3,287,536.26 | 0.96% |
| ALARKO HLDG | 0 | TRY | 0.10 | 0.28 | 0.00% |
| ANADOLU EFES BIRACILIK VE MALT SANA | 171,100 | TRY | 429,914.36 | 435,461.18 | 0.13% |
| PETKIM PETROKIMYA HLDG AS | 1 | TRY | 0.55 | 0.57 | 0.00% |
| TEKFEN HLDG AS | 237,871 | TRY | 555,624.14 | 351,285.92 | 0.10% |
| TURKCELL ILETISIM HIZMET | 440,397 | TRY | 787,408.94 | 613,210.37 | 0.18% |
| TURKIYE IS BANKASI AS | 0 | TRY | 0.06 | 0.10 | 0.00% |
| TURK SISE CAM | 1 | TRY | 1.25 | 2.05 | 0.00% |
| Total TURKISH LIRA |  |  | 1,772,949.40 | 1,399,960.47 | 0.41% |
| ACCTON TECHNOLOGY CORP. | 105,000 | TWD | 603,540.80 | 1,176,612.23 | 0.34% |
| ACER INC. | 886,781 | TWD | 540,797.69 | 892,632.21 | 0.26% |
| AIRTAC INTERNATIONAL GROUP | 43,000 | TWD | 1,221,940.08 | 1,415,177.62 | 0.41% |
| ASE INDUSTRIAL HLDG CO LTD | 458,000 | TWD | 1,795,143.93 | 1,624,973.89 | 0.47% |
| CHAILEASE HLDG CO LTD | 361,392 | TWD | 2,017,005.13 | 2,367,158.47 | 0.69% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 362,088 | TWD | 546,416.43 | 466,786.53 | 0.14% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1,328,167 | TWD | 542,013.73 | 417,924.08 | 0.12% |
| DELTA ELECTRONICS INC. | 267,000 | TWD | 1,954,319.38 | 2,953,378.56 | 0.86% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| ENNOSTAR INC. | 344,500 | TWD | 890,077.89 | 575,189.83 | 0.17% |
| HIGH TECH COMPUTER CORP. | 330,349 | TWD | 508,714.31 | 605,658.39 | 0.18% |
| HIWIN TECHNOLOGIES CORP. | 67,000 | TWD | 538,112.28 | 510,924.88 | 0.15% |
| HON HAI PRECISION INDUSTRY CO LTD | 238,000 | TWD | 1,022,869.17 | 863,523.24 | 0.25% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 401,871 | TWD | 382,387.19 | 277,423.83 | 0.08% |
| LOTES CO LTD | 27,000 | TWD | 773,174.24 | 745,556.99 | 0.22% |
| NOVATEK MICROELECTRONICS CORP. | 65,000 | TWD | 903,903.69 | 890,125.05 | 0.26% |
| PEGATRON CORP. | 255,000 | TWD | 541,122.66 | 612,435.57 | 0.18% |
| PHISON ELECTRONICS CORP. | 55,000 | TWD | 820,197.55 | 726,693.31 | 0.21% |
| PRESIDENT CHAIN STORE CORP. | 56,000 | TWD | 532,322.57 | 507,954.85 | 0.15% |
| QISDA CORP. | 973,600 | TWD | 495,121.80 | 1,434,867.77 | 0.42% |
| REALTEK SEMICONDUCTOR CORP. | 81,000 | TWD | 1,285,633.27 | 1,007,802.33 | 0.29% |
| SILERGY CORP. | 118,000 | TWD | 2,433,705.85 | 1,458,684.50 | 0.42% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 1,199,000 | TWD | 19,496,673.58 | 22,174,829.92 | 6.46% |
| WIWYNN CORP. | 63,000 | TWD | 2,257,169.75 | 2,872,417.24 | 0.84% |
| Total TAIWAN NEW DOLLAR |  |  | 42,102,362.97 | 46,578,731.29 | 13.56% |
| CENTERENERGO OJSC | 132,600 | UAH | 296,098.13 | 0.04 | 0.00% |
| RAIFFEISEN BANK AVAL JSC | 3,314,000 | UAH | 177,406.37 | 0.90 | 0.00% |
| Total UKRAINE HRYVNIA |  |  | 473,504.50 | 0.94 | 0.00% |
| ALROSA CJSC | 887,217 | USD | 1,002,923.24 | 8.87 | 0.00% |
| AUTOHOME INC. -ADR- | 25,200 | USD | 865,590.63 | 734,832.00 | 0.21% |
| BRF S.A. -ADR- | 355,999 | USD | 938,762.13 | 676,398.10 | 0.20% |
| BUENAVENTURA -SP ADR- -B- | 107,300 | USD | 1,070,783.18 | 788,655.00 | 0.23% |
| CEMIG -SPONSORED ADR- | 306,511 | USD | 639,853.59 | 806,123.93 | 0.23% |
| CREDICORP LTD | 9,992 | USD | 1,748,473.21 | 1,475,218.88 | 0.43% |
| ENTEGRIS INC. | 8,883 | USD | 833,275.61 | 984,414.06 | 0.29% |
| FREEPORT MCMORAN | 42,787 | USD | 1,568,324.35 | 1,711,266.07 | 0.50% |
| GAZPROM OAO | 573,170 | USD | 1,352,658.46 | 5.73 | 0.00% |
| GAZPROM -SP ADR- | 600,934 | USD | 3,496,891.18 | 6.00 | 0.00% |
| GENPACT LTD | 11,105 | USD | 507,626.13 | 417,214.85 | 0.12% |
| GRUPO AEROPORTUARIO DEL SURESTE -B- | 1,701 | USD | 510,147.96 | 472,350.69 | 0.14% |
| HARMONY GOLD MINING | 219,811 | USD | 882,927.66 | 923,206.20 | 0.27% |
| HDFC BANK LTD -ADR- | 44,459 | USD | 2,113,782.41 | 3,098,792.30 | 0.90% |
| H WORLD GROUP LTD -ADR- | 37,611 | USD | 1,823,409.73 | 1,458,554.58 | 0.42% |
| INFOSYS LTD -SPONSORED ADR- | 118,082 | USD | 2,137,514.06 | 1,897,577.74 | 0.55% |
| LUFAX HLDG LTD | 343,500 | USD | 915,789.68 | 491,205.00 | 0.14% |
| MAGNIT JSC | 28,997 | USD | 1,658,079.99 | 0.29 | 0.00% |
| MERCADOLIBRE INC. | 1,315 | USD | 1,575,211.13 | 1,557,749.00 | 0.45% |
| MICRON TECHNOLOGY | 20,829 | USD | 1,477,985.19 | 1,314,518.19 | 0.38% |
| NATURA CO HLDG -ADR- | 86,611 | USD | 571,381.43 | 603,678.67 | 0.18% |
| NU HOLDINGS LIMITED | 69,037 | USD | 342,797.24 | 544,701.93 | 0.16% |
| PAGSEGURO DIGITAL LTD -A- | 77,376 | USD | 986,729.51 | 730,429.44 | 0.21% |
| SBERBANK OF RUSSIA OJSC -ADR- | 4,450 | USD | 53,712.43 | 0.04 | 0.00% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 48,774 | USD | 768,089.29 | 0.49 | 0.00% |
| STONECO LTD -A- | 75,000 | USD | 684,904.56 | 955,500.00 | 0.28% |
| VIPSHOP HLDG LTD -ADR- | 71,730 | USD | 712,609.80 | 1,183,545.00 | 0.34% |
| VK CO LTD | 62,186 | USD | 1,333,599.58 | 0.62 | 0.00% |
| WEIBO CORP. -ADR- | 38,274 | USD | 898,338.00 | 501,772.14 | 0.15% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| YUM CHINA HLDG INC. | 19,400 | USD | 946,294.35 | 1,096,100.00 | 0.32% |
| ZTO EXPRESS CAYMAN -ADR- | 48,592 | USD | 1,373,672.71 | 1,218,687.36 | 0.35% |
| Total U.S. DOLLAR |  |  | 35,792,138.42 | 25,642,513.17 | 7.47% |
| ASPEN PHARMACARE HLDG PLC | 63,747 | ZAR | 545,768.94 | 619,611.00 | 0.18% |
| BID CORP. LTD | 53,282 | ZAR | 890,980.75 | 1,165,667.80 | 0.34% |
| CAPITEC BANK HLDG LTD | 10,507 | ZAR | 594,835.65 | 872,001.21 | 0.25% |
| CLICKS GROUP LTD | 178,385 | ZAR | 2,791,390.59 | 2,467,291.74 | 0.72% |
| FIRSTRAND LTD | 449,635 | ZAR | 1,930,961.25 | 1,630,384.60 | 0.47% |
| REMGRO LTD | 84,437 | ZAR | 674,686.50 | 657,260.01 | 0.19% |
| SAPPI LTD | 296,604 | ZAR | 900,192.28 | 612,480.60 | 0.18% |
| SHOPRITE HLDG LTD | 17,436 | ZAR | 257,881.76 | 208,221.39 | 0.06% |
| SPAR GROUP LTD | 54,449 | ZAR | 494,202.96 | 302,634.61 | 0.09% |
| Total SOUTH AFRICAN RAND |  |  | 9,080,900.68 | 8,535,552.96 | 2.49% |
| Total Quoted or negotiated equities |  |  | 348,244,956.03 | 322,268,286.27 | 93.85% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 348,244,956.03 | 322,268,286.27 | 93.85% |
| Other transferable securities |  |  |  |  |  |
| NMC HEALTH PLC | 243,845 | GBP | 8,149,932.34 | 0.00 | 0.00% |
| Total BRITISH POUND |  |  | 8,149,932.34 | 0.00 | 0.00% |
| UKRTELECOM P.J.S.C. | 6,959,300 | UAH | 523,688.05 | 0.00 | 0.00% |
| Total UKRAINE HRYVNIA |  |  | 523,688.05 | 0.00 | 0.00% |
| BANK OF CHANGSHA-CLSA 21-160326 | 397,800 | USD | 680,586.38 | 424,054.80 | 0.12% |
| BANK OF CHENGDU-CICC FINANCE 21-180324 | 290,722 | USD | 542,877.64 | 489,363.91 | 0.14% |
| CAIHON-UBS WRT 22-23 | 799,400 | USD | 491,715.47 | 524,406.40 | 0.15% |
| CENTRE TEST-CLSA 21-191026 | 503,122 | USD | 1,514,451.09 | 1,357,926.28 | 0.40% |
| CHINA NAT-UBS 22-23 | 159,600 | USD | 628,506.04 | 854,658.00 | 0.25% |
| FOTON-CICC FINANCE 20-191023 | 1,396,500 | USD | 682,640.86 | 654,573.07 | 0.19% |
| GLODON CO -CLSA 21-290126 | 50,624 | USD | 270,389.43 | 227,605.50 | 0.07% |
| GLODON CO -CLSA WARRANT 20-191025 | 84,778 | USD | 495,458.26 | 445,677.95 | 0.13% |
| HANGZHOU TIGERMED CONSULTING -CLSA 20-210425 | 45,990 | USD | 732,418.51 | 408,341.53 | 0.12% |
| HUNDSUN TECH-CLSA 21-070926 | 231,651 | USD | 1,483,546.02 | 1,409,364.68 | 0.41% |
| JILIN SINO MICROELEC-CLSA 20-041225 | 412,996 | USD | 624,194.68 | 393,172.19 | 0.11% |
| MIDEA GROUP-CLSA WARRANT 18-050623 | 33,660 | USD | 233,361.38 | 272,840.22 | 0.08% |
| MIDEA GROUP-CLSA WARRANT 20-160925 | 70,418 | USD | 749,791.62 | 574,188.37 | 0.17% |
| NARI TECH -CLSA WARRANT 18-040923 | 476,984 | USD | 1,158,750.85 | 1,513,470.23 | 0.44% |
| RIZHAO-UBS 23-24 | 1,652,350 | USD | 684,715.66 | 680,768.20 | 0.20% |
| SHG KEH-CLSA 23-28 | 88,900 | USD | 172,481.36 | 130,416.30 | 0.04% |
| SUNGROW POWER-CLSA 22-200427 | 27,909 | USD | 293,003.55 | 447,801.86 | 0.13% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| TASLY-UBS 23-24 | 346,600 | USD | 613,970.97 | 693,200.00 | 0.20% |
| TIANJI-UBS WRT 22-23 | 1,127,198 | USD | 629,859.08 | 688,717.98 | 0.20% |
| TRIANG-CICC 23-26 | 278,775 | USD | 556,462.78 | 609,914.54 | 0.18% |
| XIAMEN-UBS WT 22-23 | 423,857 | USD | 381,588.71 | 475,567.55 | 0.14% |
| Total U.S. DOLLAR |  |  | 13,620,770.34 | 13,276,029.56 | 3.87% |
| Total Other transferable securities |  |  | 22,294,390.73 | 13,276,029.56 | 3.87% |
| Total Portfolio |  |  | 370,539,346.76 | 335,544,315.83 | 97.71% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  |  |  |  |
| Quoted or negotiated equities |  |  |  |  |  |
| AICA KOGYO CO LTD | 69,900 | JPY | 236,242,790 | 220,674,300 | 0.82% |
| AIR WATER INC. | 105,000 | JPY | 178,283,703 | 209,317,500 | 0.78% |
| AISIN CORP. | 24,000 | JPY | 84,556,270 | 106,248,000 | 0.39% |
| ALFRESA HLDG CORP. | 65,000 | JPY | 109,248,624 | 140,010,000 | 0.52% |
| ALPS ALPINE CO LTD | 190,000 | JPY | 222,740,835 | 238,830,000 | 0.89% |
| ASAHI KASEI CORP. | 150,000 | JPY | 152,251,432 | 145,800,000 | 0.54% |
| CANON INC. | 163,600 | JPY | 466,864,997 | 620,044,000 | 2.30% |
| CHUGOKU ELECTRIC POWER CO INC. | 90,000 | JPY | 57,993,291 | 87,759,000 | 0.33% |
| CURVES HLDG CO LTD | 98,800 | JPY | 36,691,664 | 74,100,000 | 0.28% |
| DAIICHIKOSHO CO LTD | 106,800 | JPY | 246,568,806 | 270,417,600 | 1.00% |
| DENTSU GROUP INC. | 123,400 | JPY | 512,571,621 | 581,584,200 | 2.16% |
| DIC CORP. | 32,000 | JPY | 74,317,136 | 83,552,000 | 0.31% |
| EAST JAPAN RAILWAY COMPANY | 56,400 | JPY | 494,104,822 | 450,466,800 | 1.67% |
| ENEOS HLDG INC. | 600,000 | JPY | 287,663,765 | 296,640,000 | 1.10% |
| FUJI KYUKO CO LTD | 30,300 | JPY | 99,497,990 | 167,256,000 | 0.62% |
| FUJI TELEVISION NETWORK INC. | 180,000 | JPY | 210,223,037 | 271,350,000 | 1.01% |
| FUKUOKA FINANCIAL GROUP INC. | 40,100 | JPY | 87,647,239 | 119,217,300 | 0.44% |
| FUKUYAMA TRANSPORTING CO LTD | 30,000 | JPY | 95,305,808 | 120,000,000 | 0.45% |
| FURUKAWA ELECTRIC | 53,600 | JPY | 134,501,753 | 135,983,200 | 0.51% |
| HAMAMATSU PHOTONICS KK | 46,900 | JPY | 200,172,966 | 329,519,400 | 1.22% |
| HISAMITSU PHARMACEUTICAL CO INC. | 50,000 | JPY | 251,637,070 | 188,500,000 | 0.70% |
| HITACHI CONSTRUCTION MACHINERY | 52,500 | JPY | 146,092,558 | 211,470,000 | 0.79% |
| HOYA CORP. | 36,900 | JPY | 353,514,029 | 630,067,500 | 2.34% |
| ICHIBANYA CO LTD | 28,700 | JPY | 131,578,011 | 156,415,000 | 0.58% |
| IDEMITSU KOSAN CO LTD | 110,000 | JPY | 314,016,179 | 317,460,000 | 1.18% |
| ITO EN LTD | 76,100 | JPY | 402,868,354 | 302,040,900 | 1.12% |
| JAPAN POST BANK CO LTD | 85,000 | JPY | 94,186,949 | 95,540,000 | 0.35% |
| JAPAN POST HLDG CO LTD | 530,000 | JPY | 542,522,563 | 549,345,000 | 2.04% |
| JMDC INC. | 26,500 | JPY | 143,745,650 | 151,156,000 | 0.56% |
| JTEKT CORP. | 199,500 | JPY | 190,159,497 | 260,347,500 | 0.97% |
| KAKAKU.COM INC. | 67,100 | JPY | 173,416,933 | 138,427,300 | 0.51% |
| KANEKA CORP. | 46,600 | JPY | 160,493,293 | 187,378,600 | 0.70% |
| KEYENCE CORP. | 9,200 | JPY | 373,303,046 | 624,220,000 | 2.32% |
| KOEI TECMO HLDG CO LTD | 190,080 | JPY | 262,120,059 | 472,443,840 | 1.76% |
| KOMATSU | 80,000 | JPY | 224,755,395 | 310,480,000 | 1.15% |
| KOMERI CO LTD | 15,000 | JPY | 38,058,580 | 44,010,000 | 0.16% |
| KONICA MINOLTA INC. | 340,000 | JPY | 168,148,870 | 169,422,000 | 0.63% |
| KUBOTA CORP. | 138,600 | JPY | 274,895,029 | 290,921,400 | 1.08% |
| LINTEC CORP. | 13,000 | JPY | 32,160,870 | 29,523,000 | 0.11% |
| M3 INC. | 47,400 | JPY | 175,459,473 | 147,366,600 | 0.55% |
| MITSUBISHI ESTATE | 400,000 | JPY | 652,816,063 | 684,000,000 | 2.54% |
| MITSUBISHI GAS CHEMICAL CO LTD | 169,000 | JPY | 327,486,320 | 353,294,500 | 1.31% |
| MITSUBISHI LOGISTICS CORP. | 28,000 | JPY | 87,025,950 | 99,372,000 | 0.37% |
| MITSUBISHI MATERIALS CORP. | 53,000 | JPY | 115,355,898 | 136,925,500 | 0.51% |
| MITSUBISHI SHOKUHIN CO LTD | 7,000 | JPY | 22,299,490 | 25,935,000 | 0.10% |
| MITSUI CHEMICALS INC. | 24,000 | JPY | 66,711,327 | 101,496,000 | 0.38% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| MITSUI FUDOSAN | 132,000 | JPY | 322,239,128 | 377,586,000 | 1.40% |
| MIZUHO FINANCIAL GROUP INC. | 237,120 | JPY | 367,917,739 | 521,426,880 | 1.94% |
| MODEC INC. | 68,000 | JPY | 149,756,902 | 94,520,000 | 0.35% |
| MS & AD INSURANCE GROUP HLDG | 12,000 | JPY | 46,395,499 | 61,152,000 | 0.23% |
| NEC CORP. | 38,000 | JPY | 189,161,790 | 264,670,000 | 0.98% |
| NIFCO INC. | 102,000 | JPY | 317,074,816 | 434,418,000 | 1.61% |
| NIPPON SANSO HLDG CORP. | 153,300 | JPY | 310,809,521 | 477,069,600 | 1.77% |
| NIPPON SHOKUBAI CO LTD | 4,000 | JPY | 21,148,500 | 21,480,000 | 0.08% |
| NISSAN MOTOR | 420,000 | JPY | 212,892,553 | 247,044,000 | 0.92% |
| OBAYASHI CORP. | 51,000 | JPY | 48,495,091 | 63,444,000 | 0.24% |
| OBIC BUSINESS CONSULTANTS CO LTD | 49,400 | JPY | 223,211,413 | 259,844,000 | 0.97% |
| ORIENTAL LAND CO LTD | 74,500 | JPY | 175,269,172 | 417,274,500 | 1.55% |
| ORIX CORP. | 242,200 | JPY | 410,934,863 | 632,747,500 | 2.35% |
| OUTSOURCING INC. | 112,000 | JPY | 130,044,438 | 152,488,000 | 0.57% |
| PARAMOUNT BED HLDG CO LTD | 65,800 | JPY | 157,648,352 | 157,327,800 | 0.58% |
| PENTA-OCEAN CONSTRUCTION CO LTD | 50,000 | JPY | 31,903,680 | 38,605,000 | 0.14% |
| PIGEON CORP. | 58,600 | JPY | 200,546,190 | 116,291,700 | 0.43% |
| RAKUTEN BANK | 6,500 | JPY | 9,100,000 | 12,662,000 | 0.05% |
| RAKUTEN GROUP INC. | 900,000 | JPY | 608,375,516 | 449,100,000 | 1.67% |
| RENESAS ELECTRONICS CORP. | 110,000 | JPY | 139,294,486 | 297,165,000 | 1.10% |
| RESONA HLDG INC. | 180,000 | JPY | 116,220,996 | 124,254,000 | 0.46% |
| RICOH | 197,500 | JPY | 199,965,868 | 241,443,750 | 0.90% |
| ROHM | 8,000 | JPY | 79,323,500 | 108,160,000 | 0.40% |
| RYOHIN KEIKAKU CO LTD | 130,000 | JPY | 199,515,664 | 184,925,000 | 0.69% |
| SANRIO CO LTD | 80,900 | JPY | 227,221,337 | 498,910,300 | 1.85% |
| SAWAI GROUP HLDG CO LTD. | 8,000 | JPY | 41,233,244 | 29,000,000 | 0.11% |
| SBI HLDG INC. | 124,000 | JPY | 332,474,169 | 343,294,000 | 1.28% |
| SEIKAGAKU CORP. | 59,700 | JPY | 84,635,133 | 44,954,100 | 0.17% |
| SHIMIZU CORP. | 113,600 | JPY | 92,900,144 | 103,410,080 | 0.38% |
| SHIN-ETSU CHEMICAL | 110,000 | JPY | 270,840,954 | 524,480,000 | 1.95% |
| SHOWA DENKO KK | 49,600 | JPY | 94,824,911 | 115,369,600 | 0.43% |
| SOHGO SECURITY SERVICES CO LTD | 12,000 | JPY | 43,849,750 | 48,852,000 | 0.18% |
| SQUARE ENIX CO LTD | 90,000 | JPY | 458,403,010 | 601,920,000 | 2.24% |
| SUBARU CORP. | 97,000 | JPY | 208,716,942 | 262,191,000 | 0.97% |
| SUMITOMO HEAVY INDUSTRIES LTD | 98,000 | JPY | 273,935,530 | 336,924,000 | 1.25% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 46,700 | JPY | 181,651,403 | 287,625,300 | 1.07% |
| SUMITOMO MITSUI TRUST HLDG | 20,000 | JPY | 70,859,347 | 102,260,000 | 0.38% |
| SUMITOMO REALTY DEVELOPMENT LTD | 65,000 | JPY | 195,435,886 | 230,945,000 | 0.86% |
| SUZUKEN CO LTD | 18,000 | JPY | 59,393,222 | 70,434,000 | 0.26% |
| SUZUKI MOTOR CORP. | 89,000 | JPY | 420,985,254 | 462,889,000 | 1.72% |
| T&D HLDG INC. | 90,000 | JPY | 146,651,166 | 189,495,000 | 0.70% |
| TAIKISHA LTD | 41,100 | JPY | 143,693,970 | 168,510,000 | 0.63% |
| TBS HLDG INC. | 56,000 | JPY | 100,074,133 | 146,832,000 | 0.55% |
| TEIJIN LTD | 164,000 | JPY | 217,963,574 | 236,406,000 | 0.88% |
| TOKUYAMA CORP. | 108,000 | JPY | 201,927,408 | 255,798,000 | 0.95% |
| TOTO LTD | 100,200 | JPY | 477,539,460 | 433,365,000 | 1.61% |
| TOWA CORP. | 43,000 | JPY | 75,624,622 | 110,123,000 | 0.41% |
| TOYOTA INDUSTRIES | 24,000 | JPY | 181,006,750 | 246,120,000 | 0.91% |
| TOYOTA TSUSHO COR | 110,200 | JPY | 395,032,577 | 786,717,800 | 2.92% |
| TRANSCOSMOS INC. | 22,000 | JPY | 69,427,850 | 78,430,000 | 0.29% |
| TREND MICRO INC. | 72,700 | JPY | 421,065,247 | 504,901,500 | 1.88% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| TSUMURA & CO | 108,900 | JPY | 357,002,037 | 289,946,250 | 1.08% |
| TV ASAHI HLD CO | 99,000 | JPY | 133,702,221 | 162,459,000 | 0.60% |
| UBE CORP. | 85,000 | JPY | 161,269,427 | 209,992,500 | 0.78% |
| USS CO LTD | 251,500 | JPY | 515,098,427 | 598,067,000 | 2.22% |
| WACOM CO LTD | 191,800 | JPY | 108,896,031 | 112,778,400 | 0.42% |
| YAMADA HLDG LTD | 530,000 | JPY | 245,006,272 | 224,932,000 | 0.84% |
| YOKOGAWA ELECTRIC | 156,200 | JPY | 271,779,782 | 414,008,100 | 1.54% |
| Total JAPANESE YEN |  |  | 21,659,642,872 | 26,333,765,600 | 97.84% |
| Total Quoted or negotiated equities |  |  | 21,659,642,872 | 26,333,765,600 | 97.84% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 21,659,642,872 | 26,333,765,600 | 97.84% |
| Total Portfolio |  |  | 21,659,642,872 | 26,333,765,600 | 97.84% |

(Content)
| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| CHINA | 15.25 % |
| CAYMAN ISLANDS | 14.66 % |
| TAIWAN, REPUBLIC OF CHINA | 12.04 % |
| SOUTH KOREA | 11.97 % |
| INDIA | 11.37 % |
| BRAZIL | 5.14 % |
| SOUTH AFRICA | 2.75 % |
| HONG KONG, SAR CHINA | 2.67 % |
| INDONESIA | 2.64 % |
| MEXICO | 2.50 % |
| UNITED KINGDOM | 2.00 % |
| UNITED STATES OF AMERICA | 1.94 % |
| SINGAPORE | 1.25 % |
| GREECE | 1.14 % |
| LUXEMBOURG | 1.02 % |
| THAILAND | 0.96 % |
| POLAND | 0.91 % |
| JAPAN | 0.88 % |
| QATAR | 0.84 % |
| HUNGARY | 0.83 % |
| NETHERLANDS | 0.81 % |
| BERMUDA | 0.76 % |
| CHILE | 0.74 % |
| MALAYSIA | 0.73 % |
| CANADA | 0.54 % |
| TURKEY | 0.41 % |
| SWEDEN | 0.41 % |
| FRANCE | 0.32 % |
| PERU | 0.23 % |
| Total Portfolio | 97.71 % |

(Content)
| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPAN | 97.84 % |
| Total Portfolio | 97.84 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| BANKS | 16.33 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 11.63 % |
| FINANCIAL SERVICES - HOLDINGS | 8.47 % |
| IT & INTERNET | 7.79 % |
| TELECOMMUNICATIONS | 7.15 % |
| PHOTOGRAPHY & OPTICAL | 5.07 % |
| RETAIL TRADING, DEPARTMENT STORES | 4.31 % |
| ROAD VEHICLES | 4.02 % |
| CHEMICAL PRODUCTS | 3.67 % |
| ELECTRIC & ELECTRONIC MATERIALS | 3.29 % |
| MECHANICAL CONSTRUCTION | 2.91 % |
| INSURANCE COMPANIES | 2.85 % |
| PHARMACOLOGY & PERSONAL CARE | 2.73 % |
| OIL & DERIVED | 2.44 % |
| INFORMATION, TECHNOLOGY & COPIERS | 2.38 % |
| NONFERROUS METALS | 1.87 % |
| AIRLIFT | 1.30 % |
| TOBACCO & SPIRITS | 1.09 % |
| PRECIOUS METALS & STONES | 1.00 % |
| TEXTILE & GARMENTS | 0.92 % |
| FOOD & CLEANING MATERIALS | 0.84 % |
| PUBLISHING & BROADCASTING | 0.81 % |
| LEISURES & TOURISM | 0.74 % |
| BUILDING MATERIALS | 0.63 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 0.42 % |
| HEALTH CARE & SERVICES | 0.39 % |
| SHIPPING | 0.37 % |
| REAL ESTATE | 0.33 % |
| FOREST PRODUCTS & PAPER INDUSTRY | 0.31 % |
| MISCELLANEOUS | 0.30 % |
| ENERGY SOURCES | 0.28 % |
| TYRES & RUBBER | 0.27 % |
| OTHER SERVICES | 0.21 % |
| AGRICULTURE & FISHING | 0.20 % |
| CAPITAL GOODS (MISCELLANEOUS) | 0.16 % |
| PACKAGING INDUSTRY | 0.14 % |
| BIOTECHNOLOGY | 0.09 % |
| Total Portfolio | 97.71 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total Net Assets |
|  |
| CHEMICAL PRODUCTS | 10.95 % |
| FINANCIAL SERVICES - HOLDINGS | 10.27 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 8.78 % |
| ROAD VEHICLES | 8.76 % |
| IT & INTERNET | 7.49 % |
| MECHANICAL CONSTRUCTION | 5.59 % |
| BANKS | 5.13 % |
| REAL ESTATE | 4.80 % |
| BUILDING MATERIALS | 3.82 % |
| LEISURES & TOURISM | 3.03 % |
| CONGLOMERATES | 2.92 % |
| ELECTRIC & ELECTRONIC MATERIALS | 2.83 % |
| PHARMACOLOGY & PERSONAL CARE | 2.79 % |
| PUBLISHING & BROADCASTING | 2.76 % |
| AIRLIFT | 2.49 % |
| INFORMATION, TECHNOLOGY & COPIERS | 2.32 % |
| MISCELLANEOUS CONSUMER GOODS | 2.29 % |
| ROAD & RAILWAY TRANSPORTS | 2.04 % |
| TELECOMMUNICATIONS | 1.99 % |
| RETAIL TRADING, DEPARTMENT STORES | 1.69 % |
| FOOD & CLEANING MATERIALS | 1.22 % |
| OIL & DERIVED | 1.18 % |
| HEALTH CARE & SERVICES | 1.11 % |
| OTHER SERVICES | 0.75 % |
| NONFERROUS METALS | 0.51 % |
| ENERGY SOURCES | 0.33 % |
| Total Portfolio | 97.84 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| HONG KONG DOLLAR | 19.96 % |
| TAIWAN NEW DOLLAR | 13.56 % |
| SOUTH KOREAN WON | 11.97 % |
| U.S. DOLLAR | 11.33 % |
| INDIAN RUPEE | 9.92 % |
| CHINA YUAN RENMINBI | 8.25 % |
| BRAZILIAN REAL | 4.53 % |
| INDONESIAN RUPIAH | 2.64 % |
| SOUTH AFRICAN RAND | 2.49 % |
| MEXICAN PESO | 2.37 % |
| EURO | 2.27 % |
| POLISH ZLOTY | 1.22 % |
| THAI BAHT | 0.96 % |
| JAPANESE YEN | 0.88 % |
| BRITISH POUND | 0.86 % |
| QATARI RIYAL | 0.84 % |
| HUNGARIAN FORINT | 0.83 % |
| CHILEAN PESO | 0.74 % |
| MALAYSIAN RINGGIT | 0.73 % |
| CANADIAN DOLLAR | 0.54 % |
| TURKISH LIRA | 0.41 % |
| SWEDISH KRONA | 0.41 % |
| Total Portfolio | 97.71 % |

| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPANESE YEN | 97.84 % |
| Total Portfolio | 97.84 % |

These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the currency analysis which directed the assets selection.
Emerging Multi Management
| Shares outstanding at the beginning of period	- A USD | 5,590.000 |
| --- | --- |
| - B | 26,381.045 |
| - B USD | 128,068.193 |
| - F | 3,900.000 |
| - Z | 3,254.173 |
| Shares issued during the period	- A USD | 0.000 |
| - B | 143.177 |
| - B USD | 0.000 |
| - F | 0.000 |
| - Z | 97.000 |
| Shares redeemed during the period	- A USD | 2,640.000 |
| - B | 1,140.030 |
| - B USD | 9,043.549 |
| - F | 0.000 |
| - Z | 326.000 |
| Shares outstanding at the end of the period	- A USD | 2,950.000 |
| - B | 25,384.192 |
| - B USD | 119,024.644 |
| - F | 3,900.000 |
| - Z | 3,025.173 |

Japan Multi Management
| Shares outstanding at the beginning of period	- A JPY | 1,180.000 |
| --- | --- |
| - B | 11,545.830 |
| - B JPY | 2,806.189 |
| - F JPY | 1.000 |
| - Z | 847.000 |
| Shares issued during the period	- A JPY | 0.000 |
| - B | 0.000 |
| - B JPY | 0.000 |
| - F JPY | 0.000 |
| - Z | 20.000 |
| Shares redeemed during the period	- A JPY | 0.000 |
| - B | 631.792 |
| - B JPY | 453.968 |
| - F JPY | 0.000 |
| - Z | 0.000 |
| Shares outstanding at the end of the period	- A JPY | 1,180.000 |
| - B | 10,914.038 |
| - B JPY | 2,352.221 |
| - F JPY | 1.000 |
| - Z | 867.000 |

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

| Emerging Multi Management (USD) | 31.12.2020 31.12.2021 31.12.2022 30.06.2023 | 732,082,905.07 704,392,231.31 355,340,648.72 343,392,588.17 | - A USD | 24,200.000 | 136.95 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 31,736.655 | 139.00 | EUR |
| - B USD | 355,731.560 | 125.07 | USD |
| - F | 3,900.000 | 149.56 | EUR |
| - Z | 4,815.173 | 115,107.14 | EUR |
| - A USD | 6,024.000 | 128.18 | USD |
| - B | 28,502.435 | 142.63 | EUR |
| - B USD | 153,265.058 | 119.34 | USD |
| - F | 3,900.000 | 154.36 | EUR |
| - Z | 5,008.173 | 119,400.66 | EUR |
| - A USD | 5,590.000 | 94.39 | USD |
| - B | 26,381.045 | 115.56 | EUR |
| - B USD | 128,068.193 | 90.74 | USD |
| - F | 3,900.000 | 125.72 | EUR |
| - Z | 3,254.173 | 97,729.36 | EUR |
| - A USD | 2,950.000 | 94.64 | USD |
| - B | 25,384.192 | 116.97 | EUR |
| - B USD | 119,024.644 | 93.90 | USD |
| - F | 3,900.000 | 127.61 | EUR |
| - Z | 3,025.173 | 99,426.85 | EUR |

| Japan Multi Management (JPY) | 31.12.2020 31.12.2021 31.12.2022 30.06.2023 | 15,985,991,380 20,340,620,547 21,383,350,223 26,914,109,759 | - A JPY | 2,688.000 | 11,150 | JPY |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 21,361.830 | 174.15 | EUR |
| - B JPY | 7,574.627 | 19,758 | JPY |
| - F JPY | 1.000 | 22,172 | JPY |
| - Z | 737.000 | 164,726.88 | EUR |
| - A JPY | 1,410.000 | 12,362 | JPY |
| - B | 12,475.830 | 189.51 | EUR |
| - B JPY | 3,046.517 | 22,317 | JPY |
| - F JPY | 1.000 | 25,239 | JPY |
| - Z | 840.000 | 181,320.74 | EUR |
| - A JPY | 1,180.000 | 12,535 | JPY |
| - B | 11,545.830 | 182.42 | EUR |
| - B JPY | 2,806.189 | 23,072 | JPY |
| - F JPY | 1.000 | 26,302 | JPY |
| - Z | 847.000 | 176,126.81 | EUR |
| - A JPY | 1,180.000 | 14,996 | JPY |
| - B | 10,914.038 | 199.64 | EUR |
| - B JPY | 2,352.221 | 28,273 | JPY |
| - F JPY | 1.000 | 32,366 | JPY |
| - Z | 867.000 | 193,733.26 | EUR |

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

The value of each security or other asset which is quoted or dealt in on a stock exchange is based on its last available closing price as at 30 June 2023 in Luxembourg on the stock exchange which is normally the principal market for such security.
The value of each security or other asset dealt in on any other regulated market that operates regularly, is recognized and is open to the public (a "Regulated Market") is based on its last available closing price as at 30 June 2023 in Luxembourg.
In the event that any assets are not listed nor dealt in on any stock exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange or on any other Regulated Market as aforesaid, the price as determined pursuant to the two above sub-paragraph is not representative of the fair market value of the relevant assets, the value of such assets is based on the reasonably foreseeable sales price determined prudently and in good faith.
The Board of Directors, in its discretion, may permit some other methods of valuation to be used if it considers that such valuation better reflects the fair value of any assets.
- Net realised profit or loss on sale of investmentsThe net realised profit or loss on sale of investments is determined on the basis of the average cost of investments sold.

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

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

When the SICAV incurs any expenses, which relate to a particular Sub-Fund or to any action taken in connection with a particular Sub-Fund, such expenses shall be allocated to the relevant Sub-Fund.
Expenses of the SICAV, which cannot be considered as being attributable to a particular Sub-Fund, shall be allocated to all the Sub-Funds pro rata to the net asset value of each Sub-Fund.
- Change in Net Unrealised Appreciation or DepreciationChanges in unrealised appreciation or depreciation on all components of the statement of net assets at the end of the financial year are accounted for in the statement of operations and changes in net assets.
- Combined financial statementsThe combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the financial statements (Note 2).
- Exchange ratesThe item "Exchange Rate Difference in Net Assets from 31.12.2022 to 30.06.2023" in the Combined Statement of Operations and Changes in net assets represents the valuation difference of the net assets of the Sub-Funds at the beginning of the year with the exchange rate applicable at the date of the financial statements.

NOTE 2 - EXCHANGE RATES
| 1  EUR	= | 157.68770 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1.09100 | USD |

NOTE 3 - TAXES AND EXPENSES PAYABLE
| Management fees | 1,291,181.43 | EUR |
| --- | --- | --- |
| Depositary fees | 12,281.20 | EUR |
| Subscription tax | 13,754.16 | EUR |
| Miscellaneous fees | 165,669.34 | EUR |
| Total | 1,482,886.13 | EUR |

NOTE 4 - SUBSCRIPTION FEES
The subscription price of any share class of any Sub-Fund of SELECT EQUITIES is made up of the net asset value of the class, increased by a sales commission of a maximum percentage of the Net Asset Value of the class within a Sub-Fund, as described in the table below, reverting to the agents active in the distribution of Shares of the Fund and the authorised intermediaries:
| Share class | Sales commission |
| --- | --- |
| A - USD | Max. 2% |
| A - JPY | Max. 2% |
| B | Max. 2% |
| B - USD | Max. 2% |
| B - JPY | Max. 2% |
| F | Max. 1% |
| F - JPY | Max. 1% |
| Z | - |

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

Such fee is calculated on the average net assets of the relevant Sub-Fund during the quarter under review and is payable quarterly.
The remuneration of the Investment Managers is comprised in the remuneration of the Management Company.
NOTE 6 - SUBSCRIPTION TAX
The Fund is liable in Luxembourg to a tax of 0.05% per annum of its Net Asset, such tax being payable quarterly on the basis of the value of the aggregate net assets of the Sub-Funds at the end of the relevant calendar quarter. However, this tax is reduced to 0.01% per annum for the net assets attributable to the classes dedicated to institutional investors (share classes F, F USD, F JPY and Z). No stamp duty or other tax is payable in Luxembourg on the issue of Shares. No Luxembourg tax is payable on the realised capital appreciation of the assets of the Fund.
As the SICAV is registered in Belgium, it is subject to a further tax at the annual rate of 0.0925% calculated for 2022 on the basis of the value of the shares distributed in Belgium as recorded at 31 December 2021.
| NOTE 7 - TRANSACTIONS FEES |
| --- |
| The caption "Transaction Fees" includes fees on purchases and sales of securities and derivatives as brokerage fees, bank charges, taxes and other costs. |
| NOTE 8 - ADMINISTRATION FEES |
| In consideration for the central administration services, the Management Company will pay to Banque Degroof Petercam Luxembourg S.A. as Administrative Agent and Registrar Agent, at the expense of each Sub-Fund, an annual fee at the annual rate of 0.125% p.a. and calculated on the average Net Asset Value of the relevant Sub-Fund during the quarter under review and payable quarterly. Moreover, the Management Company will pay to Banque Degroof Petercam Luxembourg S.A., at the expense of each Sub-Fund, a fee of EUR 2,000.- per active share class. |
| NOTE 9 - DEPOSITARY FEES |
| The Depositary will receive out of the assets of each Sub-Fund a fee calculated in accordance with customary banking practice in Luxembourg as an annual fee at the annual rate of 0.010% and calculated on the average net asset value of the relevant Sub-Fund during the quarter under review and payable quarterly. |
| NOTE 10 - DIVIDENDS |
| The Annual General Meeting of shareholders held on 18 April 2023 decided to pay the following dividends: - a dividend of 3.01 USD per share for Emerging Multi Management Share Class A USD, ISIN Code LU1518579492;
- a dividend of 337 JPY per share for Japan Multi Management Share Class A JPY, ISIN Code LU1518583098.
 Shares were listed ex-dividend as from 4 May 2023. Payments were made on 11 May 2023. |
| NOTE 11 - EVENTS DURING THE PERIOD |
| Impact of the Russian invasion of Ukraine: Although energy prices have fallen compared with the start of the conflict, the European economy remains fragile due to its overdependence on gas and oil. Further rises in commodity prices cannot be ruled out. Energy prices remain one of the main channels for transmitting risk in the global economy, notably through inflation. Although it has peaked in both Europe and the USA, inflation could remain persistently higher than in the last two decades. As a result, central banks have raised interest rates sharply, but the hikes may not be over yet. This is a difficult balancing act for central banks, as it can be dangerous to tighten monetary policy too much to contain inflation and push the economy into recession at the same time. Russia has isolated itself from Western economies, and the negative effects of economic sanctions could begin to be felt in Russia over the coming months. We can't rule out a consequent hardening of the conflict, which could produce further negative effects. |

It is virtually impossible for Russia to regain its former position in equity or bond indices. This war will leave its mark for a long time to come, but it's impossible to predict a short- or medium-term scenario. The informed investor will take all these uncertainties into account when considering his investments.
| SFTR (Transparency of securities financing transactions and reuse) |
| --- |
| In accordance with Article 13 and Section A of the Annex to Regulation EU 2015/2365 (hereinafter the "Regulation"), the SICAV must inform investors of its use of securities financing transactions and total return swaps in the annual and semi-annual reports. The portfolio does not contain any assets on loan as of the date of this report. |

Translation (ENFR, 2023-06-30):
# du 1 janvier 2023 jusqu'à 30 juin 2023
|  |  |  |
| --- | --- | --- |
|  | Notes | COMBINÉ ( EN  EUR) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 5.416.000,87 |
| Intérêts sur placements |  | 181.061,75 |
| Réclamation de taxes |  | 28.671,53 |
| Total Revenus |  | 5.625.734,15 |
| Charges |  |  |
| Commission de gestion | 5 | 2.529.278,65 |
| Commission de banque dépositaire | 9 | 24.870,19 |
| Taxe d'abonnement | 6 | 32.967,25 |
| Frais d'administration | 8 | 325.844,30 |
| Frais et commissions divers |  | 69.460,86 |
| Frais de transactions | 7 | 386.022,38 |
| Intérêts débiteurs |  | 7.546,92 |
| Redevance aux autorités étrangères |  | 1.272,11 |
| Total Charges |  | 3.377.262,66 |
| Plus ou moins-value nette réalisée |  | 2.248.471,49 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 366.155,76 |
| - sur devises |  | -122.328,03 |
| - sur changes à terme |  | -6.827,80 |
| Bénéfice / (Perte) net(te) réalisé€ |  | 2.485.471,41 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | 42.185.211,42 |
| - sur devises |  | -1.386,98 |
| Résultat des opérations |  | 44.669.295,85 |
| - Souscriptions |  | 13.124.251,63 |
| - Rachats |  | -33.657.848,92 |
| Dividendes payées | 10 | -7.997,11 |
| Variation de l'actif net durant l'exercice |  | 24.127.701,45 |
| Actif net au début de l'exercice |  | 484.800.430,46 |
| Différence de change de l'actif net du 01.01.23 jusqu'à 30.06.23 | 1h | -23.492.949,16 |
| Total de l'actif net à la fin de la période |  | 485.430.139,11 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 335.544.315,83 |
| Avoirs en banque |  | 39.963.268,29 |
| Intérêts à recevoir sur compte courant |  | 36.979,30 |
| Dividendes à recevoir sur actions |  | 1.245.362,60 |
| Montants à recevoir sur ventes de titres |  | 27.807.763,55 |
| Montants à recevoir sur contrats de change |  | 35.630.754,20 |
| Total des actifs |  | 440.228.443,77 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 1.107.892,24 |
| Intérêts débiteurs |  | 24.816.786,10 |
| Intérêts débiteurs |  | 210,67 |
| Montants à payer sur rachats |  | 35.216.839,31 |
| Montants à payer sur achats de titres |  | 85.892,04 |
| Montants à payer sur contrats de change |  | 35.608.235,24 |
| Total Charges |  | 96.835.855,60 |
| Total de l'actif net à la fin de la période |  | 343.392.588,17 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A USD |  | 2.950,000 |
| - B |  | 25.384,192 |
| - B USD |  | 119.024,644 |
| - F |  | 3.900,000 |
| - Z |  | 3.025,173 |
| Valeur Nette d'Inventaire par action (à la fin de la période) |  |  |
| - A USD |  | 94,64 |
| - B (EUR) |  | 116,97 |
| - B USD |  | 93,90 |
| - F (EUR) |  | 127,61 |
| - Z (EUR) |  | 99.426,85 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 26.333.765.600 |
| Avoirs en banque |  | 631.080.502 |
| Intérêts à recevoir sur compte courant |  | 51.042 |
| Dividendes à recevoir sur actions |  | 29.561.586 |
| Montants à recevoir sur ventes de titres |  | 316.810.209 |
| Montants à recevoir sur contrats de change |  | 0 |
| Total des actifs |  | 27.311.268.939 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 73.703.683 |
| Intérêts débiteurs |  | 0 |
| Intérêts débiteurs |  | 0 |
| Montants à payer sur rachats |  | 0 |
| Montants à payer sur achats de titres |  | 323.455.497 |
| Montants à payer sur contrats de change |  | 0 |
| Total Charges |  | 397.159.180 |
| Total de l'actif net à la fin de la période |  | 26.914.109.759 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A JPY |  | 1.180,000 |
| - B |  | 10.914,038 |
| - B JPY |  | 2.352,221 |
| - F JPY |  | 1,000 |
| - Z |  | 867,000 |
| Valeur Nette d'Inventaire par action (à la fin de la période) |  |  |
| - A JPY |  | 14.996 |
| - B (EUR) |  | 199,64 |
| - B JPY |  | 28.273 |
| - F JPY |  | 32.366 |
| - Z (EUR) |  | 193.733,26 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 3.949.094,57 |
| Intérêts sur placements |  | 195.968,10 |
| Réclamation de taxes |  | 31.280,64 |
| Total Revenus |  | 4.176.343,31 |
| Charges |  |  |
| Commission de gestion | 5 | 1.928.524,53 |
| Commission de banque dépositaire | 9 | 18.755,14 |
| Taxe d'abonnement | 6 | 25.714,79 |
| Frais d'administration | 8 | 242.417,39 |
| Frais et commissions divers |  | 48.644,69 |
| Frais de transactions | 7 | 386.457,90 |
| Intérêts débiteurs |  | 8.115,45 |
| Redevance aux autorités étrangères |  | 371,61 |
| Total Charges |  | 2.659.001,50 |
| Plus ou moins-value nette réalisée |  | 1.517.341,81 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -6.613.298,48 |
| - sur devises |  | -143.139,50 |
| - sur changes à terme |  | -42,03 |
| Bénéfice / (Perte) net(te) réalisé€ |  | -5.239.138,20 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | 19.337.786,85 |
| - sur devises |  | -1.442,53 |
| Résultat des opérations |  | 14.097.206,12 |
| - Souscriptions |  | 10.486.201,70 |
| - Rachats |  | -36.519.992,22 |
| Dividendes payées | 10 | -11.476,15 |
| Variation de l'actif net durant l'exercice |  | -11.948.060,55 |
| Actif net au début de l'exercice |  | 355.340.648,72 |
| Total de l'actif net à la fin de la période |  | 343.392.588,17 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 283.254.283 |
| Intérêts sur placements |  | 226.959 |
| Réclamation de taxes |  | 0 |
| Total Revenus |  | 283.481.242 |
| Charges |  |  |
| Commission de gestion | 5 | 120.096.814 |
| Commission de banque dépositaire | 9 | 1.210.949 |
| Taxe d'abonnement | 6 | 1.481.842 |
| Frais d'administration | 8 | 16.343.837 |
| Frais et commissions divers |  | 3.922.263 |
| Frais de transactions | 7 | 5.014.283 |
| Intérêts débiteurs |  | 17.090 |
| Redevance aux autorités étrangères |  | 146.885 |
| Total Charges |  | 148.233.963 |
| Plus ou moins-value nette réalisée |  | 135.247.279 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 1.013.591.448 |
| - sur devises |  | 1.399.044 |
| - sur changes à terme |  | -1.070.586 |
| Bénéfice / (Perte) net(te) réalisé€ |  | 1.149.167.185 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | 3.857.101.683 |
| - sur devises |  | -10.214 |
| Résultat des opérations |  | 5.006.258.654 |
| - Souscriptions |  | 553.909.748 |
| - Rachats |  | -29.011.206 |
| Dividendes payées | 10 | 397.660 |
| Variation de l'actif net durant l'exercice |  | 5.531.554.856 |
| Actif net au début de l'exercice |  | 21.383.350.223 |
| Total de l'actif net à la fin de la période |  | 26.914.109.759 |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| AMERICANAS S.A. -REG- | 255.183 | BRL | 826.260,85 | 61.891,21 | 0,02% |
| BANCO DO BRASIL S.A. | 135.362 | BRL | 1.202.985,81 | 1.386.165,52 | 0,40% |
| ITAUSA INVESTIMENTOS I S.A. | 1.218.810 | BRL | 1.989.547,35 | 2.435.591,35 | 0,71% |
| LOCALIZA RENT -A- CAR S.A. | 243.336 | BRL | 2.692.809,84 | 3.455.320,34 | 1,01% |
| LOJAS RENNER S.A. | 204.770 | BRL | 954.190,05 | 848.960,93 | 0,25% |
| PETROLEO BRASILEIRO S.A. | 327.377 | BRL | 1.997.886,83 | 2.004.024,34 | 0,58% |
| RAIA DROGASIL S.A. | 307.034 | BRL | 1.323.857,01 | 1.883.950,82 | 0,55% |
| SENDAS DISTRIBUIDORA | 138.976 | BRL | 570.930,14 | 396.126,49 | 0,12% |
| ULTRAPAR PARTICIPACOES S.A. | 261.570 | BRL | 783.449,10 | 1.024.262,50 | 0,30% |
| VIA S.A. | 1.432.800 | BRL | 795.058,16 | 638.580,15 | 0,19% |
| WEG S.A. | 181.600 | BRL | 1.094.322,37 | 1.421.098,50 | 0,41% |
| Total BRÉSIL REAL |  |  | 14.231.297,51 | 15.555.972,15 | 4,53% |
| IAMGOLD CORP. | 205.990 | CAD | 654.763,25 | 546.387,87 | 0,16% |
| KINROSS GOLD CORP. | 153.114 | CAD | 636.338,26 | 731.273,40 | 0,21% |
| PAN AMERICAN SILVER CORP. | 40.246 | CAD | 692.046,63 | 586.986,11 | 0,17% |
| Total DOLLAR CANADIEN |  |  | 1.983.148,14 | 1.864.647,38 | 0,54% |
| BANCO DE CHILE | 17.194.531 | CLP | 1.635.557,82 | 1.793.941,61 | 0,52% |
| CENCOSUD S.A. | 380.876 | CLP | 675.615,82 | 737.821,11 | 0,21% |
| Total PESO DU CHILI |  |  | 2.311.173,64 | 2.531.762,72 | 0,74% |
| AISINO CORP -A- | 247.926 | CNY | 534.388,31 | 467.245,92 | 0,14% |
| BANK OF JIANGSU CO LTD -A- | 596.500 | CNY | 641.635,78 | 603.556,30 | 0,18% |
| BAOSHAN IRON & STEEL CO LTD -A- | 1.029.100 | CNY | 1.106.939,40 | 796.184,82 | 0,23% |
| BEIBU GULF PORT CO LTD | 516.100 | CNY | 814.899,99 | 539.967,29 | 0,16% |
| BEIJING YANJING BREWERY CO LTD -A- | 631.600 | CNY | 747.555,46 | 1.084.247,86 | 0,32% |
| BEIJ ULTRAPOWER -A- | 874.900 | CNY | 544.843,77 | 1.686.189,78 | 0,49% |
| CHACHA FOOD CO LTD -A- | 89.799 | CNY | 800.089,79 | 513.644,37 | 0,15% |
| CHINA RAILWAY TIELONG CONTAINER -A- | 996.100 | CNY | 848.059,37 | 828.247,01 | 0,24% |
| CHONGQING DEPARTMENT STORE CO LTD | 109.200 | CNY | 548.217,06 | 472.634,23 | 0,14% |
| DAQIN RAILWAY CO LTD -A- | 748.100 | CNY | 727.819,48 | 765.188,56 | 0,22% |
| FAW JIEFANG GROUP CO LTD | 509.712 | CNY | 800.607,22 | 587.313,95 | 0,17% |
| FUJIAN STAR-NET COMMUNICATION CO | 209.700 | CNY | 906.763,87 | 652.130,72 | 0,19% |
| GLODON-A- | 165.764 | CNY | 805.308,36 | 741.412,54 | 0,22% |
| GUANGXI LIUGONG MACHINERY CO -A- | 605.700 | CNY | 570.682,79 | 658.725,79 | 0,19% |
| HANGZHOU TIGERMED CONSULTG CO LTD-A | 68.800 | CNY | 954.645,27 | 611.276,08 | 0,18% |
| HUNDSUN TECHNO A | 13.300 | CNY | 74.104,95 | 81.091,87 | 0,02% |
| INNER MONGOLIA YILI INDUSTRIAL -A- | 274.200 | CNY | 1.566.480,69 | 1.069.007,37 | 0,31% |
| JIANGSU HENGLI HYDRAULIC CO LTD -A- | 89.199 | CNY | 813.405,67 | 789.938,97 | 0,23% |
| LONGI GREEN ENERGY TECHNOLOGY -A- | 167.100 | CNY | 1.111.129,12 | 659.514,19 | 0,19% |
| MACCURA BIOTECH CO | 164.200 | CNY | 492.751,11 | 341.778,66 | 0,10% |
| MIDEA GROUP CO LTD -A- | 96.598 | CNY | 637.139,22 | 783.521,42 | 0,23% |
| MLS CO LTD -A- | 334.200 | CNY | 753.597,62 | 423.266,87 | 0,12% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| NARI TECHNOLOGY -A- | 342.670 | CNY | 1.057.531,13 | 1.089.702,79 | 0,32% |
| NSFOCUS TECH -A- | 129.900 | CNY | 265.705,60 | 221.206,99 | 0,06% |
| ORG TECHNOLOGY CO LTD | 762.400 | CNY | 619.423,79 | 473.346,78 | 0,14% |
| SANY HEAVY INDUSTRY CO LTD -A- | 230.600 | CNY | 598.795,97 | 527.924,18 | 0,15% |
| SHANDONG NANSHAN ALUMINUM CO LTD | 1.727.200 | CNY | 565.820,68 | 718.074,61 | 0,21% |
| SHANGHAI KEHUA BIO-ENGINEERING CO L | 216.500 | CNY | 634.091,66 | 315.924,83 | 0,09% |
| SHANGHAI MECHANICAL | 315.500 | CNY | 625.558,06 | 746.178,14 | 0,22% |
| SHENZHEN HEPALINK PHARMACEUTICAL GR | 287.460 | CNY | 767.069,53 | 453.900,69 | 0,13% |
| SHENZHEN INOVANCE TECHNOLOGY CO -A- | 155.756 | CNY | 1.595.147,98 | 1.376.789,21 | 0,40% |
| SHENZHEN LAIBAO HI-TECH CO LTD -A- | 393.400 | CNY | 751.542,51 | 460.334,24 | 0,13% |
| SICHUAN KELUN PHARMACEUTICAL CO LTD | 196.600 | CNY | 628.285,65 | 803.280,84 | 0,23% |
| SUNGROW POWER SUPPLY CO LTD -A- | 32.124 | CNY | 518.601,05 | 515.774,53 | 0,15% |
| TONGKUN GROUP CO LTD -A- | 303.249 | CNY | 574.893,78 | 553.140,24 | 0,16% |
| WANHUA CHEMICAL GROUP CO LTD -A- | 52.000 | CNY | 906.011,87 | 628.804,54 | 0,18% |
| WULIANGYE YIBIN CO LTD -A- | 52.700 | CNY | 1.522.872,24 | 1.186.681,76 | 0,35% |
| WUXI LEAD INTELLIGENT EQUIPMENT -A- | 76.266 | CNY | 471.477,87 | 379.751,48 | 0,11% |
| WUXI TAIJI INDUSTRY CO LTD -A- | 526.200 | CNY | 926.079,09 | 525.905,20 | 0,15% |
| XUJI ELECTRIC CO., LTD. -A- | 270.600 | CNY | 560.911,98 | 858.655,04 | 0,25% |
| YUNNAN COPPER CO LTD -A- | 389.800 | CNY | 657.335,86 | 592.958,25 | 0,17% |
| YUSYS TECHNOLOGIES | 203.000 | CNY | 555.334,82 | 494.081,17 | 0,14% |
| ZHEJIANG DINGLI | 34.365 | CNY | 294.449,06 | 264.973,18 | 0,08% |
| Total YUAN RENMINBI CHINOIS |  |  | 31.898.004,48 | 28.343.473,26 | 8,25% |
| ALPHA SERVICES & HLDG S.A. | 603.919 | EUR | 911.130,36 | 988.313,44 | 0,29% |
| EUROBANK HLDG S.A. | 592.792 | EUR | 485.120,29 | 975.924,73 | 0,28% |
| GAZTRANSPORT ET TECHNIGAZ S.A. | 10.900 | EUR | 1.343.750,69 | 1.108.919,68 | 0,32% |
| NATIONAL BANK OF GREECE S.A. | 186.963 | EUR | 502.524,23 | 1.214.476,87 | 0,35% |
| PIRAEUS FINANCIAL HLDG S.A. | 221.304 | EUR | 463.104,08 | 725.776,64 | 0,21% |
| PROSUS N.V. | 37.792 | EUR | 2.918.421,00 | 2.767.017,24 | 0,81% |
| Total PAYS MEMBRES DE L'EURO |  |  | 6.624.050,65 | 7.780.428,60 | 2,27% |
| ANGLO AMERICAN PLC | 30.521 | GBP | 849.153,19 | 866.461,01 | 0,25% |
| HSBC HLDG PLC (0,50 USD) | 146.000 | GBP | 1.110.925,86 | 1.153.971,99 | 0,34% |
| STANDARD CHARTERED PLC | 106.861 | GBP | 803.759,29 | 927.900,66 | 0,27% |
| Total LIVRE DU ROYAUME-UNI |  |  | 2.763.838,34 | 2.948.333,66 | 0,86% |
| 3SBIO INC. | 692.914 | HKD | 798.789,09 | 695.869,73 | 0,20% |
| AGRICULTURAL BANK OF CHINA -H- | 1.936.748 | HKD | 868.931,99 | 761.198,12 | 0,22% |
| AIA GROUP LTD | 536.156 | HKD | 5.009.878,12 | 5.411.797,39 | 1,58% |
| ALIBABA GROUP HLDG LTD | 750.139 | HKD | 14.420.860,60 | 7.772.695,40 | 2,26% |
| ANGANG STEEL CO -H- | 392.000 | HKD | 128.714,09 | 102.544,84 | 0,03% |
| ASMPT LTD | 64.200 | HKD | 997.691,44 | 632.040,39 | 0,18% |
| BANK OF CHINA LTD -H- | 1.476.922 | HKD | 666.032,04 | 591.781,09 | 0,17% |
| BANK OF COMMUNICATIONS CO LTD | 829.876 | HKD | 634.415,30 | 549.609,76 | 0,16% |
| BUDWEISER BREWING CO APAC LTD | 405.000 | HKD | 1.369.610,01 | 1.043.951,37 | 0,30% |
| BYD CO LTD -H- | 61.000 | HKD | 1.906.051,63 | 1.946.003,95 | 0,57% |
| CHINA CONSTRUCTION BANK CORP. | 4.829.897 | HKD | 3.962.590,44 | 3.124.781,84 | 0,91% |
| CHINA GALAXY SECURITIES CO LTD | 994.500 | HKD | 695.156,81 | 530.462,81 | 0,15% |
| CHINA MERCHANTS BANK CO LTD -H- | 928.000 | HKD | 4.961.772,87 | 4.215.720,87 | 1,23% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| CHINA OVERSEAS PROPERTY HLDG LTD | 670.000 | HKD | 697.802,88 | 674.567,91 | 0,20% |
| CHINA RAILWAY GROUP LTD -H- | 930.500 | HKD | 656.978,43 | 613.876,20 | 0,18% |
| CHINA VANKE CO -H- | 354.300 | HKD | 1.229.156,61 | 475.620,72 | 0,14% |
| COSCO SHIPPING PORTS LTD | 461.685 | HKD | 501.902,17 | 274.539,95 | 0,08% |
| DONGFANG ELECTRIC CORP. -H- | 782.600 | HKD | 713.407,92 | 1.000.648,25 | 0,29% |
| DONGFENG MOTOR GP -H- | 570.000 | HKD | 634.893,27 | 260.394,47 | 0,08% |
| HAIER SMART HOME CO LTD -H- | 506.400 | HKD | 1.626.480,08 | 1.592.885,27 | 0,46% |
| HONG KONG EXCHANGES & CLEARING | 62.000 | HKD | 2.306.559,63 | 2.335.511,00 | 0,68% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 1.376.909 | HKD | 938.652,39 | 734.438,43 | 0,21% |
| JD.COM INC. -A- | 216.475 | HKD | 6.862.688,85 | 3.657.375,97 | 1,07% |
| JD LOGISTICS, INC. | 346.600 | HKD | 575.498,43 | 540.472,55 | 0,16% |
| MEITUAN | 289.626 | HKD | 6.717.442,02 | 4.519.994,21 | 1,32% |
| NETEASE INC. | 93.700 | HKD | 1.894.429,29 | 1.824.601,38 | 0,53% |
| NINE DRAGONS PAPER LTD | 745.000 | HKD | 702.626,80 | 459.173,99 | 0,13% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 866.428 | HKD | 2.258.536,59 | 2.443.422,83 | 0,71% |
| SINOPEC ENGINEERING CO LTD | 1.033.852 | HKD | 561.724,56 | 460.423,70 | 0,13% |
| SINOPHARMACEUTICAL GROUP CO LTD -H- | 239.200 | HKD | 488.004,03 | 747.826,99 | 0,22% |
| SUN ART RETAIL GROUP LTD | 1.240.937 | HKD | 843.259,13 | 319.871,08 | 0,09% |
| TECHTRONIC INDUSTRIES CO LTD | 45.000 | HKD | 557.930,68 | 488.957,42 | 0,14% |
| TENCENT HLDG LTD | 337.523 | HKD | 14.511.821,45 | 14.282.090,11 | 4,16% |
| THE PEOPLE'INSURANCE CO | 1.571.037 | HKD | 707.956,60 | 569.349,09 | 0,17% |
| WUXI BIOLOGICS CAYMAN INC. | 160.000 | HKD | 1.747.687,06 | 766.661,75 | 0,22% |
| XIAOMI CORP-B | 632.400 | HKD | 1.045.524,58 | 865.088,46 | 0,25% |
| ZIJIN MINING GROUP -H- | 510.000 | HKD | 683.165,05 | 748.413,98 | 0,22% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 1.092.500 | HKD | 517.183,09 | 564.612,31 | 0,16% |
| Total DOLLAR DE HONG KONG |  |  | 86.401.806,02 | 68.599.275,58 | 19,98% |
| GEDEON RICHTER | 78.480 | HUF | 1.759.613,33 | 1.932.800,41 | 0,56% |
| OTP BANK PLC | 26.002 | HUF | 1.004.791,70 | 922.536,33 | 0,27% |
| Total FORINT HONGROIS |  |  | 2.764.405,03 | 2.855.336,74 | 0,83% |
| BANK RAKYAT INDONESIA -B- | 13.508.208 | IDR | 3.904.393,52 | 4.887.911,29 | 1,42% |
| PT BANK CENTRAL ASIA TBK | 4.137.200 | IDR | 1.690.859,07 | 2.524.953,85 | 0,74% |
| PT PERUSAHAAN GAS NEGARA TBK | 4.549.100 | IDR | 665.274,74 | 395.969,59 | 0,12% |
| TELKOM INDONESIA PERSERO TBK | 4.650.500 | IDR | 1.432.054,23 | 1.240.753,40 | 0,36% |
| Total RUPIAH D'INDONÉSIE |  |  | 7.692.581,56 | 9.049.588,13 | 2,64% |
| BAJAJ FINSERV LTD | 90.671 | INR | 1.462.769,32 | 1.688.830,07 | 0,49% |
| BANK OF BARODA | 875.614 | INR | 1.041.017,03 | 2.031.700,89 | 0,59% |
| BHARAT FORGE LTD | 50.313 | INR | 384.637,62 | 513.211,14 | 0,15% |
| BRITANNIA INDUSTRIES LTD | 21.030 | INR | 1.249.579,23 | 1.288.043,82 | 0,38% |
| DABUR INDIA -DIS- | 188.594 | INR | 1.376.149,69 | 1.317.160,77 | 0,38% |
| HDFC BANK LTD | 92.204 | INR | 1.842.158,95 | 1.912.275,16 | 0,56% |
| HDFC LIFE INSURANCE CO LTD | 123.847 | INR | 1.193.279,96 | 983.091,81 | 0,29% |
| HERO MOTOCORP LTD | 56.235 | INR | 2.111.730,71 | 1.994.843,39 | 0,58% |
| HOUSING DEVELOPMENT FINANCE CORP. | 31.427 | INR | 786.344,79 | 1.081.051,62 | 0,31% |
| ICICI BANK LTD | 250.530 | INR | 2.139.620,45 | 2.854.169,15 | 0,83% |
| INDIAN OIL CORP. LTD | 1.248.105 | INR | 1.149.949,12 | 1.389.044,29 | 0,40% |
| INFOSYS TECHNOLOGIES | 184.872 | INR | 3.360.685,88 | 3.009.603,10 | 0,88% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| KOTAK MAHINDRA BANK LTD | 46.037 | INR | 1.098.111,74 | 1.036.244,60 | 0,30% |
| LUPIN LTD | 58.254 | INR | 844.683,13 | 641.043,41 | 0,19% |
| MAX HEALTHCARE INSTITUTE LTD | 181.104 | INR | 1.025.647,33 | 1.323.351,46 | 0,39% |
| PIDILITE INDUSTRIES LTD -DEMAT- | 56.190 | INR | 1.893.269,87 | 1.778.860,52 | 0,52% |
| RELIANCE INDUSTRIES | 73.000 | INR | 1.934.363,34 | 2.269.341,26 | 0,66% |
| SAMVARDHANA MOTHERSON INTERNATIONAL | 1.824.360 | INR | 1.990.463,42 | 1.905.836,13 | 0,56% |
| SBI LIFE INSURANCE CO LTD | 137.178 | INR | 1.765.207,39 | 2.185.350,08 | 0,64% |
| SHRIRAM TRANSPORT FINANCE CO LTD | 79.868 | INR | 1.220.485,03 | 1.689.337,96 | 0,49% |
| SUN TV NETWORK LTD | 92.423 | INR | 660.304,71 | 494.864,19 | 0,14% |
| TV18 BROADCAST LTD | 741.420 | INR | 482.446,43 | 337.558,54 | 0,10% |
| ZEE ENTERTAINMENT ENTERPRISES LTD | 153.256 | INR | 637.334,92 | 331.316,35 | 0,10% |
| Total ROUPIE DE L'INDE |  |  | 31.650.240,06 | 34.056.129,71 | 9,92% |
| SUZUKI MOTOR CORP. | 84.200 | JPY | 3.024.418,37 | 3.029.883,11 | 0,88% |
| Total YEN JAPONAIS |  |  | 3.024.418,37 | 3.029.883,11 | 0,88% |
| GREEN CROSS CORP. | 5.421 | KRW | 667.701,96 | 472.303,58 | 0,14% |
| GS ENGINEERING & CONSTRUCTION CORP. | 29.966 | KRW | 832.714,28 | 423.910,94 | 0,12% |
| HANA FINANCIAL GROUP INC. | 36.226 | KRW | 1.401.952,95 | 1.077.721,13 | 0,31% |
| HANKOOK TIRE & TECHNOLOGY CO LTD | 18.194 | KRW | 817.300,48 | 474.992,31 | 0,14% |
| HYUNDAI DEPT STORE LTD | 10.849 | KRW | 885.926,98 | 405.916,38 | 0,12% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 21.660 | KRW | 992.706,83 | 626.301,39 | 0,18% |
| HYUNDAI MOBIS | 4.650 | KRW | 745.515,45 | 820.494,84 | 0,24% |
| KB FINANCIAL GROUP INC. | 61.205 | KRW | 2.557.027,33 | 2.217.993,28 | 0,65% |
| KIA CORP. | 46.474 | KRW | 2.855.100,41 | 3.121.427,63 | 0,91% |
| LG CHEM LTD | 9.139 | KRW | 5.670.239,81 | 4.626.200,57 | 1,35% |
| LG ELECTRONICS INC. | 8.105 | KRW | 423.848,10 | 779.344,69 | 0,23% |
| LOTTE CHEMICAL CORP. | 5.204 | KRW | 707.526,43 | 610.585,83 | 0,18% |
| OCI CO LTD | 6.137 | KRW | 656.497,62 | 527.698,65 | 0,15% |
| OCI COMPANY LTD | 2.781 | KRW | 0,00 | 257.490,24 | 0,07% |
| SAMSUNG ELECTRONICS CO LTD | 318.097 | KRW | 13.247.425,71 | 17.429.973,12 | 5,08% |
| SAMSUNG ENGINEERING CO LTD | 60.328 | KRW | 751.788,15 | 1.295.702,54 | 0,38% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 192.791 | KRW | 1.103.788,24 | 975.916,22 | 0,28% |
| SAMSUNG LIFE INSURANCE CO LTD | 12.732 | KRW | 895.483,44 | 650.296,84 | 0,19% |
| SAMSUNG SDS CO LTD | 5.824 | KRW | 886.853,02 | 543.216,80 | 0,16% |
| SHINHAN FINANCIAL GROUP CO LTD | 23.773 | KRW | 886.558,65 | 613.426,95 | 0,18% |
| SK HYNIX INC. | 26.808 | KRW | 1.847.384,51 | 2.343.779,98 | 0,68% |
| SK NETWORKS CO LTD | 83.662 | KRW | 433.519,49 | 322.546,18 | 0,09% |
| S-OIL CORP. | 9.848 | KRW | 840.237,34 | 498.509,94 | 0,15% |
| Total GAGNÉ DE CORÉE DU SUD |  |  | 40.107.097,18 | 41.115.750,03 | 11,97% |
| GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV | 26.611 | MXN | 503.019,19 | 476.703,04 | 0,14% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 369.686 | MXN | 1.924.585,97 | 3.043.838,23 | 0,89% |
| WAL-MART DE MEXICO SAB DE CV | 1.166.176 | MXN | 3.667.830,91 | 4.604.729,88 | 1,34% |
| Total PESO MEXICAIN |  |  | 6.095.436,07 | 8.125.271,15 | 2,37% |
| PRESS METAL ALUMINIUM HLDG BERHAD | 2.001.300 | MYR | 2.776.561,35 | 2.015.251,96 | 0,59% |
| TOP GLOVE CORP. BERHAD | 2.776.400 | MYR | 580.209,13 | 481.821,70 | 0,14% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| Total RINGGIT DE MALAISIE |  |  | 3.356.770,48 | 2.497.073,66 | 0,73% |
| ALLEGRO.EU S.A. | 136.001 | PLN | 752.151,50 | 1.071.157,64 | 0,31% |
| DINO POLSKA SPOLKA AKCYJNA BEARER | 7.292 | PLN | 575.651,02 | 852.155,16 | 0,25% |
| KGHM POLSKA MIEDZ S.A. | 21.768 | PLN | 488.010,74 | 602.207,49 | 0,18% |
| ORANGE POLSKA S.A. | 420.552 | PLN | 608.082,53 | 723.118,70 | 0,21% |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 359.761 | PLN | 756.758,51 | 642.853,50 | 0,19% |
| TAURON POLSKA ENERGIA S.A. | 449.802 | PLN | 348.599,25 | 304.449,58 | 0,09% |
| Total ZLOTY POLONNAIS |  |  | 3.529.253,55 | 4.195.942,07 | 1,22% |
| QATAR NATIONAL BANK | 679.771 | QAR | 3.868.383,44 | 2.879.718,24 | 0,84% |
| Total RIYAL DU QATAR |  |  | 3.868.383,44 | 2.879.718,24 | 0,84% |
| FEDERAL GRID CO OF UNIF ENERGY | 674.164.807 | RUB | 1.805.527,39 | 75,33 | 0,00% |
| FEDERAL HYDROGENERATING CO -R- | 117.192.567 | RUB | 1.009.683,31 | 13,09 | 0,00% |
| MOBILE TELESYSTEMS P.J.S.C. | 134.728 | RUB | 614.963,73 | 0,02 | 0,00% |
| ROSTELECOM PUBLIC JOINT STOCK | 461.771 | RUB | 606.047,52 | 0,05 | 0,00% |
| SURGUTNEFTEGAZ OJSC | 3.401.722 | RUB | 1.815.465,30 | 0,38 | 0,00% |
| Total ROUBLE DE RUSSIE |  |  | 5.851.687,25 | 88,87 | 0,00% |
| EPIROC AKTIEBOLAG AK -A- | 73.915 | SEK | 1.346.220,00 | 1.395.316,12 | 0,41% |
| Total COURONNE SUÉDOISE |  |  | 1.346.220,00 | 1.395.316,12 | 0,41% |
| PTT EXPLORATION PROD PUBLIC NVDR | 233.100 | THB | 860.540,20 | 989.738,94 | 0,29% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 477.502 | THB | 476.827,83 | 503.487,39 | 0,15% |
| SCB X PLC-NVDR | 427.500 | THB | 1.360.783,95 | 1.288.762,38 | 0,38% |
| SIAM CEMENT PUBLIC CO LTD FOREIGN | 55.465 | THB | 825.136,31 | 505.547,55 | 0,15% |
| Total BAHT THAÏLANDAIS |  |  | 3.523.288,29 | 3.287.536,26 | 0,96% |
| ALARKO HLDG | 0 | TRY | 0,10 | 0,28 | 0,00% |
| ANADOLU EFES BIRACILIK VE MALT SANA | 171.100 | TRY | 429.914,36 | 435.461,18 | 0,13% |
| PETKIM PETROKIMYA HLDG AS | 1 | TRY | 0,55 | 0,57 | 0,00% |
| TEKFEN HLDG AS | 237.871 | TRY | 555.624,14 | 351.285,92 | 0,10% |
| TURKCELL ILETISIM HIZMET | 440.397 | TRY | 787.408,94 | 613.210,37 | 0,18% |
| TURKIYE IS BANKASI AS | 0 | TRY | 0,06 | 0,10 | 0,00% |
| TURK SISE CAM | 1 | TRY | 1,25 | 2,05 | 0,00% |
| Total LIRE TURQUE |  |  | 1.772.949,40 | 1.399.960,47 | 0,41% |
| ACCTON TECHNOLOGY CORP. | 105.000 | TWD | 603.540,80 | 1.176.612,23 | 0,34% |
| ACER INC. | 886.781 | TWD | 540.797,69 | 892.632,21 | 0,26% |
| AIRTAC INTERNATIONAL GROUP | 43.000 | TWD | 1.221.940,08 | 1.415.177,62 | 0,41% |
| ASE INDUSTRIAL HLDG CO LTD | 458.000 | TWD | 1.795.143,93 | 1.624.973,89 | 0,47% |
| CHAILEASE HLDG CO LTD | 361.392 | TWD | 2.017.005,13 | 2.367.158,47 | 0,69% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 362.088 | TWD | 546.416,43 | 466.786,53 | 0,14% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1.328.167 | TWD | 542.013,73 | 417.924,08 | 0,12% |
| DELTA ELECTRONICS INC. | 267.000 | TWD | 1.954.319,38 | 2.953.378,56 | 0,86% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| ENNOSTAR INC. | 344.500 | TWD | 890.077,89 | 575.189,83 | 0,17% |
| HIGH TECH COMPUTER CORP. | 330.349 | TWD | 508.714,31 | 605.658,39 | 0,18% |
| HIWIN TECHNOLOGIES CORP. | 67.000 | TWD | 538.112,28 | 510.924,88 | 0,15% |
| HON HAI PRECISION INDUSTRY CO LTD | 238.000 | TWD | 1.022.869,17 | 863.523,24 | 0,25% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 401.871 | TWD | 382.387,19 | 277.423,83 | 0,08% |
| LOTES CO LTD | 27.000 | TWD | 773.174,24 | 745.556,99 | 0,22% |
| NOVATEK MICROELECTRONICS CORP. | 65.000 | TWD | 903.903,69 | 890.125,05 | 0,26% |
| PEGATRON CORP. | 255.000 | TWD | 541.122,66 | 612.435,57 | 0,18% |
| PHISON ELECTRONICS CORP. | 55.000 | TWD | 820.197,55 | 726.693,31 | 0,21% |
| PRESIDENT CHAIN STORE CORP. | 56.000 | TWD | 532.322,57 | 507.954,85 | 0,15% |
| QISDA CORP. | 973.600 | TWD | 495.121,80 | 1.434.867,77 | 0,42% |
| REALTEK SEMICONDUCTOR CORP. | 81.000 | TWD | 1.285.633,27 | 1.007.802,33 | 0,29% |
| SILERGY CORP. | 118.000 | TWD | 2.433.705,85 | 1.458.684,50 | 0,42% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 1.199.000 | TWD | 19.496.673,58 | 22.174.829,92 | 6,46% |
| WIWYNN CORP. | 63.000 | TWD | 2.257.169,75 | 2.872.417,24 | 0,84% |
| Total NOUVEAU DOLLAR DE TAIWAN |  |  | 42.102.362,97 | 46.578.731,29 | 13,56% |
| CENTERENERGO OJSC | 132.600 | UAH | 296.098,13 | 0,04 | 0,00% |
| RAIFFEISEN BANK AVAL JSC | 3.314.000 | UAH | 177.406,37 | 0,90 | 0,00% |
| Total HRYVNIA UKRAINIEN |  |  | 473.504,50 | 0,94 | 0,00% |
| ALROSA CJSC | 887.217 | USD | 1.002.923,24 | 8,87 | 0,00% |
| AUTOHOME INC. -ADR- | 25.200 | USD | 865.590,63 | 734.832,00 | 0,21% |
| BRF S.A. -ADR- | 355.999 | USD | 938.762,13 | 676.398,10 | 0,20% |
| BUENAVENTURA -SP ADR- -B- | 107.300 | USD | 1.070.783,18 | 788.655,00 | 0,23% |
| CEMIG -SPONSORED ADR- | 306.511 | USD | 639.853,59 | 806.123,93 | 0,23% |
| CREDICORP LTD | 9.992 | USD | 1.748.473,21 | 1.475.218,88 | 0,43% |
| ENTEGRIS INC. | 8.883 | USD | 833.275,61 | 984.414,06 | 0,29% |
| FREEPORT MCMORAN | 42.787 | USD | 1.568.324,35 | 1.711.266,07 | 0,50% |
| GAZPROM OAO | 573.170 | USD | 1.352.658,46 | 5,73 | 0,00% |
| GAZPROM -SP ADR- | 600.934 | USD | 3.496.891,18 | 6,00 | 0,00% |
| GENPACT LTD | 11.105 | USD | 507.626,13 | 417.214,85 | 0,12% |
| GRUPO AEROPORTUARIO DEL SURESTE -B- | 1.701 | USD | 510.147,96 | 472.350,69 | 0,14% |
| HARMONY GOLD MINING | 219.811 | USD | 882.927,66 | 923.206,20 | 0,27% |
| HDFC BANK LTD -ADR- | 44.459 | USD | 2.113.782,41 | 3.098.792,30 | 0,90% |
| H WORLD GROUP LTD -ADR- | 37.611 | USD | 1.823.409,73 | 1.458.554,58 | 0,42% |
| INFOSYS LTD -SPONSORED ADR- | 118.082 | USD | 2.137.514,06 | 1.897.577,74 | 0,55% |
| LUFAX HLDG LTD | 343.500 | USD | 915.789,68 | 491.205,00 | 0,14% |
| MAGNIT JSC | 28.997 | USD | 1.658.079,99 | 0,29 | 0,00% |
| MERCADOLIBRE INC. | 1.315 | USD | 1.575.211,13 | 1.557.749,00 | 0,45% |
| MICRON TECHNOLOGY | 20.829 | USD | 1.477.985,19 | 1.314.518,19 | 0,38% |
| NATURA CO HLDG -ADR- | 86.611 | USD | 571.381,43 | 603.678,67 | 0,18% |
| NU HOLDINGS LIMITED | 69.037 | USD | 342.797,24 | 544.701,93 | 0,16% |
| PAGSEGURO DIGITAL LTD -A- | 77.376 | USD | 986.729,51 | 730.429,44 | 0,21% |
| SBERBANK OF RUSSIA OJSC -ADR- | 4.450 | USD | 53.712,43 | 0,04 | 0,00% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 48.774 | USD | 768.089,29 | 0,49 | 0,00% |
| STONECO LTD -A- | 75.000 | USD | 684.904,56 | 955.500,00 | 0,28% |
| VIPSHOP HLDG LTD -ADR- | 71.730 | USD | 712.609,80 | 1.183.545,00 | 0,34% |
| VK CO LTD | 62.186 | USD | 1.333.599,58 | 0,62 | 0,00% |
| WEIBO CORP. -ADR- | 38.274 | USD | 898.338,00 | 501.772,14 | 0,15% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| YUM CHINA HLDG INC. | 19.400 | USD | 946.294,35 | 1.096.100,00 | 0,32% |
| ZTO EXPRESS CAYMAN -ADR- | 48.592 | USD | 1.373.672,71 | 1.218.687,36 | 0,35% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 35.792.138,42 | 25.642.513,17 | 7,47% |
| ASPEN PHARMACARE HLDG PLC | 63.747 | ZAR | 545.768,94 | 619.611,00 | 0,18% |
| BID CORP. LTD | 53.282 | ZAR | 890.980,75 | 1.165.667,80 | 0,34% |
| CAPITEC BANK HLDG LTD | 10.507 | ZAR | 594.835,65 | 872.001,21 | 0,25% |
| CLICKS GROUP LTD | 178.385 | ZAR | 2.791.390,59 | 2.467.291,74 | 0,72% |
| FIRSTRAND LTD | 449.635 | ZAR | 1.930.961,25 | 1.630.384,60 | 0,47% |
| REMGRO LTD | 84.437 | ZAR | 674.686,50 | 657.260,01 | 0,19% |
| SAPPI LTD | 296.604 | ZAR | 900.192,28 | 612.480,60 | 0,18% |
| SHOPRITE HLDG LTD | 17.436 | ZAR | 257.881,76 | 208.221,39 | 0,06% |
| SPAR GROUP LTD | 54.449 | ZAR | 494.202,96 | 302.634,61 | 0,09% |
| Total RAND D'AFRIQUE DU SUD |  |  | 9.080.900,68 | 8.535.552,96 | 2,49% |
| Total Actions Cotées ou Négociées |  |  | 348.244.956,03 | 322.268.286,27 | 93,85% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 348.244.956,03 | 322.268.286,27 | 93,85% |
| Autres valeurs mobilières |  |  |  |  |  |
| NMC HEALTH PLC | 243.845 | GBP | 8.149.932,34 | 0,00 | 0,00% |
| Total LIVRE DU ROYAUME-UNI |  |  | 8.149.932,34 | 0,00 | 0,00% |
| UKRTELECOM P.J.S.C. | 6.959.300 | UAH | 523.688,05 | 0,00 | 0,00% |
| Total HRYVNIA UKRAINIEN |  |  | 523.688,05 | 0,00 | 0,00% |
| BANK OF CHANGSHA-CLSA 21-160326 | 397.800 | USD | 680.586,38 | 424.054,80 | 0,12% |
| BANK OF CHENGDU-CICC FINANCE 21-180324 | 290.722 | USD | 542.877,64 | 489.363,91 | 0,14% |
| CAIHON-UBS WRT 22-23 | 799.400 | USD | 491.715,47 | 524.406,40 | 0,15% |
| CENTRE TEST-CLSA 21-191026 | 503.122 | USD | 1.514.451,09 | 1.357.926,28 | 0,40% |
| CHINA NAT-UBS 22-23 | 159.600 | USD | 628.506,04 | 854.658,00 | 0,25% |
| FOTON-CICC FINANCE 20-191023 | 1.396.500 | USD | 682.640,86 | 654.573,07 | 0,19% |
| GLODON CO -CLSA 21-290126 | 50.624 | USD | 270.389,43 | 227.605,50 | 0,07% |
| GLODON CO -CLSA WARRANT 20-191025 | 84.778 | USD | 495.458,26 | 445.677,95 | 0,13% |
| HANGZHOU TIGERMED CONSULTING -CLSA 20-210425 | 45.990 | USD | 732.418,51 | 408.341,53 | 0,12% |
| HUNDSUN TECH-CLSA 21-070926 | 231.651 | USD | 1.483.546,02 | 1.409.364,68 | 0,41% |
| JILIN SINO MICROELEC-CLSA 20-041225 | 412.996 | USD | 624.194,68 | 393.172,19 | 0,11% |
| MIDEA GROUP-CLSA WARRANT 18-050623 | 33.660 | USD | 233.361,38 | 272.840,22 | 0,08% |
| MIDEA GROUP-CLSA WARRANT 20-160925 | 70.418 | USD | 749.791,62 | 574.188,37 | 0,17% |
| NARI TECH -CLSA WARRANT 18-040923 | 476.984 | USD | 1.158.750,85 | 1.513.470,23 | 0,44% |
| RIZHAO-UBS 23-24 | 1.652.350 | USD | 684.715,66 | 680.768,20 | 0,20% |
| SHG KEH-CLSA 23-28 | 88.900 | USD | 172.481,36 | 130.416,30 | 0,04% |
| SUNGROW POWER-CLSA 22-200427 | 27.909 | USD | 293.003,55 | 447.801,86 | 0,13% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| TASLY-UBS 23-24 | 346.600 | USD | 613.970,97 | 693.200,00 | 0,20% |
| TIANJI-UBS WRT 22-23 | 1.127.198 | USD | 629.859,08 | 688.717,98 | 0,20% |
| TRIANG-CICC 23-26 | 278.775 | USD | 556.462,78 | 609.914,54 | 0,18% |
| XIAMEN-UBS WT 22-23 | 423.857 | USD | 381.588,71 | 475.567,55 | 0,14% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 13.620.770,34 | 13.276.029,56 | 3,87% |
| Total Autres valeurs mobilières |  |  | 22.294.390,73 | 13.276.029,56 | 3,87% |
| Total du Portefeuille-Titres |  |  | 370.539.346,76 | 335.544.315,83 | 97,71% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| AICA KOGYO CO LTD | 69.900 | JPY | 236.242.790 | 220.674.300 | 0,82% |
| AIR WATER INC. | 105.000 | JPY | 178.283.703 | 209.317.500 | 0,78% |
| AISIN CORP. | 24.000 | JPY | 84.556.270 | 106.248.000 | 0,39% |
| ALFRESA HLDG CORP. | 65.000 | JPY | 109.248.624 | 140.010.000 | 0,52% |
| ALPS ALPINE CO LTD | 190.000 | JPY | 222.740.835 | 238.830.000 | 0,89% |
| ASAHI KASEI CORP. | 150.000 | JPY | 152.251.432 | 145.800.000 | 0,54% |
| CANON INC. | 163.600 | JPY | 466.864.997 | 620.044.000 | 2,30% |
| CHUGOKU ELECTRIC POWER CO INC. | 90.000 | JPY | 57.993.291 | 87.759.000 | 0,33% |
| CURVES HLDG CO LTD | 98.800 | JPY | 36.691.664 | 74.100.000 | 0,28% |
| DAIICHIKOSHO CO LTD | 106.800 | JPY | 246.568.806 | 270.417.600 | 1,00% |
| DENTSU GROUP INC. | 123.400 | JPY | 512.571.621 | 581.584.200 | 2,16% |
| DIC CORP. | 32.000 | JPY | 74.317.136 | 83.552.000 | 0,31% |
| EAST JAPAN RAILWAY COMPANY | 56.400 | JPY | 494.104.822 | 450.466.800 | 1,67% |
| ENEOS HLDG INC. | 600.000 | JPY | 287.663.765 | 296.640.000 | 1,10% |
| FUJI KYUKO CO LTD | 30.300 | JPY | 99.497.990 | 167.256.000 | 0,62% |
| FUJI TELEVISION NETWORK INC. | 180.000 | JPY | 210.223.037 | 271.350.000 | 1,01% |
| FUKUOKA FINANCIAL GROUP INC. | 40.100 | JPY | 87.647.239 | 119.217.300 | 0,44% |
| FUKUYAMA TRANSPORTING CO LTD | 30.000 | JPY | 95.305.808 | 120.000.000 | 0,45% |
| FURUKAWA ELECTRIC | 53.600 | JPY | 134.501.753 | 135.983.200 | 0,51% |
| HAMAMATSU PHOTONICS KK | 46.900 | JPY | 200.172.966 | 329.519.400 | 1,22% |
| HISAMITSU PHARMACEUTICAL CO INC. | 50.000 | JPY | 251.637.070 | 188.500.000 | 0,70% |
| HITACHI CONSTRUCTION MACHINERY | 52.500 | JPY | 146.092.558 | 211.470.000 | 0,79% |
| HOYA CORP. | 36.900 | JPY | 353.514.029 | 630.067.500 | 2,34% |
| ICHIBANYA CO LTD | 28.700 | JPY | 131.578.011 | 156.415.000 | 0,58% |
| IDEMITSU KOSAN CO LTD | 110.000 | JPY | 314.016.179 | 317.460.000 | 1,18% |
| ITO EN LTD | 76.100 | JPY | 402.868.354 | 302.040.900 | 1,12% |
| JAPAN POST BANK CO LTD | 85.000 | JPY | 94.186.949 | 95.540.000 | 0,35% |
| JAPAN POST HLDG CO LTD | 530.000 | JPY | 542.522.563 | 549.345.000 | 2,04% |
| JMDC INC. | 26.500 | JPY | 143.745.650 | 151.156.000 | 0,56% |
| JTEKT CORP. | 199.500 | JPY | 190.159.497 | 260.347.500 | 0,97% |
| KAKAKU.COM INC. | 67.100 | JPY | 173.416.933 | 138.427.300 | 0,51% |
| KANEKA CORP. | 46.600 | JPY | 160.493.293 | 187.378.600 | 0,70% |
| KEYENCE CORP. | 9.200 | JPY | 373.303.046 | 624.220.000 | 2,32% |
| KOEI TECMO HLDG CO LTD | 190.080 | JPY | 262.120.059 | 472.443.840 | 1,76% |
| KOMATSU | 80.000 | JPY | 224.755.395 | 310.480.000 | 1,15% |
| KOMERI CO LTD | 15.000 | JPY | 38.058.580 | 44.010.000 | 0,16% |
| KONICA MINOLTA INC. | 340.000 | JPY | 168.148.870 | 169.422.000 | 0,63% |
| KUBOTA CORP. | 138.600 | JPY | 274.895.029 | 290.921.400 | 1,08% |
| LINTEC CORP. | 13.000 | JPY | 32.160.870 | 29.523.000 | 0,11% |
| M3 INC. | 47.400 | JPY | 175.459.473 | 147.366.600 | 0,55% |
| MITSUBISHI ESTATE | 400.000 | JPY | 652.816.063 | 684.000.000 | 2,54% |
| MITSUBISHI GAS CHEMICAL CO LTD | 169.000 | JPY | 327.486.320 | 353.294.500 | 1,31% |
| MITSUBISHI LOGISTICS CORP. | 28.000 | JPY | 87.025.950 | 99.372.000 | 0,37% |
| MITSUBISHI MATERIALS CORP. | 53.000 | JPY | 115.355.898 | 136.925.500 | 0,51% |
| MITSUBISHI SHOKUHIN CO LTD | 7.000 | JPY | 22.299.490 | 25.935.000 | 0,10% |
| MITSUI CHEMICALS INC. | 24.000 | JPY | 66.711.327 | 101.496.000 | 0,38% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| MITSUI FUDOSAN | 132.000 | JPY | 322.239.128 | 377.586.000 | 1,40% |
| MIZUHO FINANCIAL GROUP INC. | 237.120 | JPY | 367.917.739 | 521.426.880 | 1,94% |
| MODEC INC. | 68.000 | JPY | 149.756.902 | 94.520.000 | 0,35% |
| MS & AD INSURANCE GROUP HLDG | 12.000 | JPY | 46.395.499 | 61.152.000 | 0,23% |
| NEC CORP. | 38.000 | JPY | 189.161.790 | 264.670.000 | 0,98% |
| NIFCO INC. | 102.000 | JPY | 317.074.816 | 434.418.000 | 1,61% |
| NIPPON SANSO HLDG CORP. | 153.300 | JPY | 310.809.521 | 477.069.600 | 1,77% |
| NIPPON SHOKUBAI CO LTD | 4.000 | JPY | 21.148.500 | 21.480.000 | 0,08% |
| NISSAN MOTOR | 420.000 | JPY | 212.892.553 | 247.044.000 | 0,92% |
| OBAYASHI CORP. | 51.000 | JPY | 48.495.091 | 63.444.000 | 0,24% |
| OBIC BUSINESS CONSULTANTS CO LTD | 49.400 | JPY | 223.211.413 | 259.844.000 | 0,97% |
| ORIENTAL LAND CO LTD | 74.500 | JPY | 175.269.172 | 417.274.500 | 1,55% |
| ORIX CORP. | 242.200 | JPY | 410.934.863 | 632.747.500 | 2,35% |
| OUTSOURCING INC. | 112.000 | JPY | 130.044.438 | 152.488.000 | 0,57% |
| PARAMOUNT BED HLDG CO LTD | 65.800 | JPY | 157.648.352 | 157.327.800 | 0,58% |
| PENTA-OCEAN CONSTRUCTION CO LTD | 50.000 | JPY | 31.903.680 | 38.605.000 | 0,14% |
| PIGEON CORP. | 58.600 | JPY | 200.546.190 | 116.291.700 | 0,43% |
| RAKUTEN BANK | 6.500 | JPY | 9.100.000 | 12.662.000 | 0,05% |
| RAKUTEN GROUP INC. | 900.000 | JPY | 608.375.516 | 449.100.000 | 1,67% |
| RENESAS ELECTRONICS CORP. | 110.000 | JPY | 139.294.486 | 297.165.000 | 1,10% |
| RESONA HLDG INC. | 180.000 | JPY | 116.220.996 | 124.254.000 | 0,46% |
| RICOH | 197.500 | JPY | 199.965.868 | 241.443.750 | 0,90% |
| ROHM | 8.000 | JPY | 79.323.500 | 108.160.000 | 0,40% |
| RYOHIN KEIKAKU CO LTD | 130.000 | JPY | 199.515.664 | 184.925.000 | 0,69% |
| SANRIO CO LTD | 80.900 | JPY | 227.221.337 | 498.910.300 | 1,85% |
| SAWAI GROUP HLDG CO LTD. | 8.000 | JPY | 41.233.244 | 29.000.000 | 0,11% |
| SBI HLDG INC. | 124.000 | JPY | 332.474.169 | 343.294.000 | 1,28% |
| SEIKAGAKU CORP. | 59.700 | JPY | 84.635.133 | 44.954.100 | 0,17% |
| SHIMIZU CORP. | 113.600 | JPY | 92.900.144 | 103.410.080 | 0,38% |
| SHIN-ETSU CHEMICAL | 110.000 | JPY | 270.840.954 | 524.480.000 | 1,95% |
| SHOWA DENKO KK | 49.600 | JPY | 94.824.911 | 115.369.600 | 0,43% |
| SOHGO SECURITY SERVICES CO LTD | 12.000 | JPY | 43.849.750 | 48.852.000 | 0,18% |
| SQUARE ENIX CO LTD | 90.000 | JPY | 458.403.010 | 601.920.000 | 2,24% |
| SUBARU CORP. | 97.000 | JPY | 208.716.942 | 262.191.000 | 0,97% |
| SUMITOMO HEAVY INDUSTRIES LTD | 98.000 | JPY | 273.935.530 | 336.924.000 | 1,25% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 46.700 | JPY | 181.651.403 | 287.625.300 | 1,07% |
| SUMITOMO MITSUI TRUST HLDG | 20.000 | JPY | 70.859.347 | 102.260.000 | 0,38% |
| SUMITOMO REALTY DEVELOPMENT LTD | 65.000 | JPY | 195.435.886 | 230.945.000 | 0,86% |
| SUZUKEN CO LTD | 18.000 | JPY | 59.393.222 | 70.434.000 | 0,26% |
| SUZUKI MOTOR CORP. | 89.000 | JPY | 420.985.254 | 462.889.000 | 1,72% |
| T&D HLDG INC. | 90.000 | JPY | 146.651.166 | 189.495.000 | 0,70% |
| TAIKISHA LTD | 41.100 | JPY | 143.693.970 | 168.510.000 | 0,63% |
| TBS HLDG INC. | 56.000 | JPY | 100.074.133 | 146.832.000 | 0,55% |
| TEIJIN LTD | 164.000 | JPY | 217.963.574 | 236.406.000 | 0,88% |
| TOKUYAMA CORP. | 108.000 | JPY | 201.927.408 | 255.798.000 | 0,95% |
| TOTO LTD | 100.200 | JPY | 477.539.460 | 433.365.000 | 1,61% |
| TOWA CORP. | 43.000 | JPY | 75.624.622 | 110.123.000 | 0,41% |
| TOYOTA INDUSTRIES | 24.000 | JPY | 181.006.750 | 246.120.000 | 0,91% |
| TOYOTA TSUSHO COR | 110.200 | JPY | 395.032.577 | 786.717.800 | 2,92% |
| TRANSCOSMOS INC. | 22.000 | JPY | 69.427.850 | 78.430.000 | 0,29% |
| TREND MICRO INC. | 72.700 | JPY | 421.065.247 | 504.901.500 | 1,88% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| TSUMURA & CO | 108.900 | JPY | 357.002.037 | 289.946.250 | 1,08% |
| TV ASAHI HLD CO | 99.000 | JPY | 133.702.221 | 162.459.000 | 0,60% |
| UBE CORP. | 85.000 | JPY | 161.269.427 | 209.992.500 | 0,78% |
| USS CO LTD | 251.500 | JPY | 515.098.427 | 598.067.000 | 2,22% |
| WACOM CO LTD | 191.800 | JPY | 108.896.031 | 112.778.400 | 0,42% |
| YAMADA HLDG LTD | 530.000 | JPY | 245.006.272 | 224.932.000 | 0,84% |
| YOKOGAWA ELECTRIC | 156.200 | JPY | 271.779.782 | 414.008.100 | 1,54% |
| Total YEN JAPONAIS |  |  | 21.659.642.872 | 26.333.765.600 | 97,84% |
| Total Actions Cotées ou Négociées |  |  | 21.659.642.872 | 26.333.765.600 | 97,84% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 21.659.642.872 | 26.333.765.600 | 97,84% |
| Total du Portefeuille-Titres |  |  | 21.659.642.872 | 26.333.765.600 | 97,84% |

(Content)
| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| CHINE | 15,25 % |
| ILES CAYMAN | 14,66 % |
| TAIWAN | 12,04 % |
| CORÉE DU SUD | 11,97 % |
| INDE | 11,37 % |
| BRÉSIL | 5,14 % |
| AFRIQUE DU SUD | 2,75 % |
| HONG KONG | 2,67 % |
| INDONÉSIE | 2,64 % |
| MEXIQUE | 2,50 % |
| ROYAUME-UNI | 2,00 % |
| ETATS-UNIS D'AMÉRIQUE | 1,94 % |
| SINGAPOUR | 1,25 % |
| GRÈCE | 1,14 % |
| LUXEMBOURG | 1,02 % |
| THAILANDE | 0,96 % |
| POLOGNE | 0,91 % |
| JAPON | 0,88 % |
| QUATAR | 0,84 % |
| HONGRIE | 0,83 % |
| PAYS-BAS | 0,81 % |
| BERMUDES | 0,76 % |
| CHILI | 0,74 % |
| MALAISIE | 0,73 % |
| CANADA | 0,54 % |
| TURQUIE | 0,41 % |
| SUÈDE | 0,41 % |
| FRANCE | 0,32 % |
| PÉROU | 0,23 % |
| Total du Portefeuille-Titres | 97,71 % |

(Content)
| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| JAPON | 97,84 % |
| Total du Portefeuille-Titres | 97,84 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| BANQUES | 16,33 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 11,63 % |
| SERVICES FINANCIERS - HOLDINGS | 8,47 % |
| IT & INTERNET | 7,79 % |
| TELECOMMUNICATIONS | 7,15 % |
| PHOTO & OPTIQUE | 5,07 % |
| DISTRIBUTION | 4,31 % |
| VEHICULES ROUTIERS | 4,02 % |
| PRODUITS CHIMIQUES | 3,67 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 3,29 % |
| CONSTRUCTION MECANIQUE | 2,91 % |
| COMPAGNIES D'ASSURANCE | 2,85 % |
| PHARMACIE - COSMETIQUE | 2,73 % |
| PETROLE & DERIVES | 2,44 % |
| INFORMATIQUE - REPRODUCTION | 2,38 % |
| METAUX NON-FERREUX | 1,87 % |
| TRANSPORTS AERIENS | 1,30 % |
| BOISSONS & TABACS | 1,09 % |
| METAUX & PIERRES PRECIEUSES | 1,00 % |
| TEXTILE & HABILLEMENT | 0,92 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 0,84 % |
| DIFFUSION & EDITION | 0,81 % |
| LOISIRS & TOURISME | 0,74 % |
| MATERIAUX DE CONSTRUCTION | 0,63 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 0,42 % |
| SANTE & SERVICES | 0,39 % |
| TRANSPORTS MARITIMES | 0,37 % |
| IMMOBILIER | 0,33 % |
| PRODUITS FORESTIERS & PAPIERS | 0,31 % |
| DIVERS | 0,30 % |
| SOURCES D'ENERGIE | 0,28 % |
| PNEUS & CAOUTCHOUC | 0,27 % |
| SERVICES DIVERS | 0,21 % |
| AGRICULTURE & PECHE | 0,20 % |
| DIVERS BIENS DE CAPITAUX | 0,16 % |
| INDUSTRIE DE L'EMBALLAGE | 0,14 % |
| BIOTECHNOLOGIE | 0,09 % |
| Total du Portefeuille-Titres | 97,71 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total de l'actif net |
|  |
| PRODUITS CHIMIQUES | 10,95 % |
| SERVICES FINANCIERS - HOLDINGS | 10,27 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 8,78 % |
| VEHICULES ROUTIERS | 8,76 % |
| IT & INTERNET | 7,49 % |
| CONSTRUCTION MECANIQUE | 5,59 % |
| BANQUES | 5,13 % |
| IMMOBILIER | 4,80 % |
| MATERIAUX DE CONSTRUCTION | 3,82 % |
| LOISIRS & TOURISME | 3,03 % |
| SOCIETES DIVERSIFIEES | 2,92 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 2,83 % |
| PHARMACIE - COSMETIQUE | 2,79 % |
| DIFFUSION & EDITION | 2,76 % |
| TRANSPORTS AERIENS | 2,49 % |
| INFORMATIQUE - REPRODUCTION | 2,32 % |
| BIENS DE CONSOMMATION DIVERS | 2,29 % |
| TRANSPORT & CIRCULATION | 2,04 % |
| TELECOMMUNICATIONS | 1,99 % |
| DISTRIBUTION | 1,69 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 1,22 % |
| PETROLE & DERIVES | 1,18 % |
| SANTE & SERVICES | 1,11 % |
| SERVICES DIVERS | 0,75 % |
| METAUX NON-FERREUX | 0,51 % |
| SOURCES D'ENERGIE | 0,33 % |
| Total du Portefeuille-Titres | 97,84 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| DOLLAR DE HONG KONG | 19,96 % |
| NOUVEAU DOLLAR DE TAIWAN | 13,56 % |
| GAGNÉ DE CORÉE DU SUD | 11,97 % |
| DOLLAR DES ETATS UNIS D'AMÉRIQUE | 11,33 % |
| ROUPIE DE L'INDE | 9,92 % |
| YUAN RENMINBI CHINOIS | 8,25 % |
| BRÉSIL REAL | 4,53 % |
| RUPIAH D'INDONÉSIE | 2,64 % |
| RAND D'AFRIQUE DU SUD | 2,49 % |
| PESO MEXICAIN | 2,37 % |
| PAYS MEMBRES DE L'EURO | 2,27 % |
| ZLOTY POLONNAIS | 1,22 % |
| BAHT THAÏLANDAIS | 0,96 % |
| YEN JAPONAIS | 0,88 % |
| LIVRE DU ROYAUME-UNI | 0,86 % |
| RIYAL DU QATAR | 0,84 % |
| FORINT HONGROIS | 0,83 % |
| PESO DU CHILI | 0,74 % |
| RINGGIT DE MALAISIE | 0,73 % |
| DOLLAR CANADIEN | 0,54 % |
| LIRE TURQUE | 0,41 % |
| COURONNE SUÉDOISE | 0,41 % |
| Total du Portefeuille-Titres | 97,71 % |

| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| YEN JAPONAIS | 97,84 % |
| Total du Portefeuille-Titres | 97,84 % |

Ces répartitions d'actifs ont été établies sur base de données (brutes) utilisées par l'Administration Centrale et ne reflètent pas nécessairement l'analyse par devises qui a orienté la sélection d'actif.
Emerging Multi Management
| Actions en circulation au début de la période	- A USD | 5.590,000 |
| --- | --- |
| - B | 26.381,045 |
| - B USD | 128.068,193 |
| - F | 3.900,000 |
| - Z | 3.254,173 |
| Actions émises au cours de la période	- A USD | 0,000 |
| - B | 143,177 |
| - B USD | 0,000 |
| - F | 0,000 |
| - Z | 97,000 |
| Actions remboursées au cours de l’exercice	- A USD | 2.640,000 |
| - B | 1.140,030 |
| - B USD | 9.043,549 |
| - F | 0,000 |
| - Z | 326,000 |
| Bénéfice / (Perte) net(te) réalisé(e)	- A USD | 2.950,000 |
| - B | 25.384,192 |
| - B USD | 119.024,644 |
| - F | 3.900,000 |
| - Z | 3.025,173 |

Japan Multi Management
| Actions en circulation au début de la période	- A JPY | 1.180,000 |
| --- | --- |
| - B | 11.545,830 |
| - B JPY | 2.806,189 |
| - F JPY | 1,000 |
| - Z | 847,000 |
| Actions émises au cours de la période	- A JPY | 0,000 |
| - B | 0,000 |
| - B JPY | 0,000 |
| - F JPY | 0,000 |
| - Z | 20,000 |
| Actions remboursées au cours de l’exercice	- A JPY | 0,000 |
| - B | 631,792 |
| - B JPY | 453,968 |
| - F JPY | 0,000 |
| - Z | 0,000 |
| Bénéfice / (Perte) net(te) réalisé(e)	- A JPY | 1.180,000 |
| - B | 10.914,038 |
| - B JPY | 2.352,221 |
| - F JPY | 1,000 |
| - Z | 867,000 |

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

| Emerging Multi Management (USD) | 31.12.2020 31.12.2021 31.12.2022 30.06.2023 | 732.082.905,07 704.392.231,31 355.340.648,72 343.392.588,17 | - A USD | 24.200,000 | 136,95 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 31.736,655 | 139,00 | EUR |
| - B USD | 355.731,560 | 125,07 | USD |
| - F | 3.900,000 | 149,56 | EUR |
| - Z | 4.815,173 | 115.107,14 | EUR |
| - A USD | 6.024,000 | 128,18 | USD |
| - B | 28.502,435 | 142,63 | EUR |
| - B USD | 153.265,058 | 119,34 | USD |
| - F | 3.900,000 | 154,36 | EUR |
| - Z | 5.008,173 | 119.400,66 | EUR |
| - A USD | 5.590,000 | 94,39 | USD |
| - B | 26.381,045 | 115,56 | EUR |
| - B USD | 128.068,193 | 90,74 | USD |
| - F | 3.900,000 | 125,72 | EUR |
| - Z | 3.254,173 | 97.729,36 | EUR |
| - A USD | 2.950,000 | 94,64 | USD |
| - B | 25.384,192 | 116,97 | EUR |
| - B USD | 119.024,644 | 93,90 | USD |
| - F | 3.900,000 | 127,61 | EUR |
| - Z | 3.025,173 | 99.426,85 | EUR |

| Japan Multi Management (JPY) | 31.12.2020 31.12.2021 31.12.2022 30.06.2023 | 15.985.991.380 20.340.620.547 21.383.350.223 26.914.109.759 | - A JPY | 2.688,000 | 11.150 | JPY |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 21.361,830 | 174,15 | EUR |
| - B JPY | 7.574,627 | 19.758 | JPY |
| - F JPY | 1,000 | 22.172 | JPY |
| - Z | 737,000 | 164.726,88 | EUR |
| - A JPY | 1.410,000 | 12.362 | JPY |
| - B | 12.475,830 | 189,51 | EUR |
| - B JPY | 3.046,517 | 22.317 | JPY |
| - F JPY | 1,000 | 25.239 | JPY |
| - Z | 840,000 | 181.320,74 | EUR |
| - A JPY | 1.180,000 | 12.535 | JPY |
| - B | 11.545,830 | 182,42 | EUR |
| - B JPY | 2.806,189 | 23.072 | JPY |
| - F JPY | 1,000 | 26.302 | JPY |
| - Z | 847,000 | 176.126,81 | EUR |
| - A JPY | 1.180,000 | 14.996 | JPY |
| - B | 10.914,038 | 199,64 | EUR |
| - B JPY | 2.352,221 | 28.273 | JPY |
| - F JPY | 1,000 | 32.366 | JPY |
| - Z | 867,000 | 193.733,26 | EUR |

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

La valeur de chaque titre ou autre actif qui est coté ou échangé sur une bourse de valeurs est basée sur le dernier cours de clôture disponible au 30 juin 2023 à la bourse de valeurs du Luxembourg qui est normalement le principal marché de tels titres.
La valeur de chaque titre ou autre actif échangé sur un autre marché réglementé en fonctionnement régulier, reconnu et ouvert au public (un "Marché réglementé") est basée sur le dernier cours de clôture au 30 juin 2023 au Luxembourg.
Dans le cas d’actifs qui ne sont pas cotés ou échangés sur une bourse de valeurs ou un Marché réglementé, ou si, dans le cas d'actifs cotés ou échangés sur une bourse de valeurs ou un Marché réglementé tels que susmentionnés, le cours tel que calculé selon les deux paragraphes précédents n’est pas représentatif de la juste valeur de marché des actifs en question, la valeur de ces actifs sera basée sur le prix de vente raisonnablement prévisible déterminé de façon prudente et de bonne foi.
Le Conseil d’administration, à son entière discrétion, peut autoriser l’usage d'autres méthodes
d’évaluation s’il estime qu'une telle évaluation reflète mieux la juste valeur des actifs.
- Plus ou moins-value nette réalisée sur investissementsLa plus ou moins-value nette réalisée sur ventes de titres est calculée sur base du coût moyen des titres vendus.

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

Les coûts d’acquisition des titres libellés en devises autres que l’EUR sont convertis en EUR au cours de change en vigueur le jour de l’achat.
Les revenus et dépenses en devises autres que l’EUR sont convertis en EUR aux cours de change en vigueur à la date de paiement.
- Variation du portefeuille-titresLes rapports annuels et semestriels peuvent être obtenus au siège social de la Sicav. La valeur nette d’inventaire, le prix d’émission et le prix de rachat ainsi que tous les avis destinés aux porteurs d’actions sont disponibles au siège de la SICAV.
- Revenus, dépenses et provisions y relativesLes intérêts sont comptabilisés chaque jour et les dividendes sont enregistrés à l’"ex-date". Les intérêts et revenus sont comptabilisés nets des précomptes mobiliers non recouvrables.

Lorsque la SICAV fait face à des frais concernant un compartiment en particulier, ces derniers sont alloués à ce compartiment.
Les dépenses de la SICAV, 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.
- Plus ou moins-values nettes non réaliséesLes variations de l'appréciation ou de la dépréciation non réalisée sur toutes les composantes de l'état de l'actif net à la fin de l'exercice sont comptabilisées dans l'état des opérations et des variations de l'actif net.
- Combiné des états financiersLes états financiers combinés du Fonds sont exprimés en Euro et sont égaux à la somme des libellés correspondants dans les états financiers de chaque compartiment converti dans cette devise au taux de change prévalant à la date des états financiers (Note 2).
- Taux de changeLe libellé "Différence de Change entre le 31.12.22 et le 30.06.23" dans le combiné des états des opérations et des changements d'actifs nets représente la différence de valorisation des actifs nets des compartiments au début de l'année avec le taux de change applicable à la date des états financiers.

NOTE 2 - TAUX DE CHANGE
| 1  EUR	= | 157,68770 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1,09100 | USD |

NOTE 3 - TAXES ET FRAIS À PAYER
| Commission de gestion | 1.291.181,43 | EUR |
| --- | --- | --- |
| Commission de banque dépositaire | 12.281,20 | EUR |
| Taxe d'abonnement | 13.754,16 | EUR |
| Frais et commissions divers | 165.669,34 | EUR |
| Total | 1.482.886,13 | EUR |

NOTE 4 - COMMISSIONS SUR SOUSCRIPTIONS
Le prix de souscription de toute action d’un compartiment de SELECT EQUITIES est égal à la valeur nette d’inventaire par action majorée, plus, une commission de vente d’un pourcentage maximum de la Valeur nette d’inventaire de la classe/catégorie dans un Compartiment, telle que décrite dans le tableau ci-dessous, revenant aux agents actifs dans la distribution d’Actions de la Société et aux intermédiaires autorisés :
| Classes d'action | Commission de vente |
| --- | --- |
| A - USD | Max. 2% |
| A - JPY | Max. 2% |
| B | Max. 2% |
| B - USD | Max. 2% |
| B - JPY | Max. 2% |
| F | Max. 1% |
| F - JPY | Max. 1% |
| Z | - |

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

Cette commission est calculée sur la moyenne des actifs nets du Compartiment en question au cours du trimestre sous revue et est payable trimestriellement.
La rémunération des Gestionnaires d’investissement est incluse dans la rémunération de la Société de gestion.
NOTE 6 - TAXE D'ABONNEMENT
Le Fonds est soumis au Luxembourg à une taxe au taux annuel de 0,05 % de sa Valeur nette d’inventaire payable trimestriellement et calculée sur la base de l’actif net cumulé de l’ensemble des compartiments à la fin du trimestre concerné. Toutefois, cette taxe est réduite au taux de 0,01 % par an pour les actifs nets imputables aux Classes destinées aux investisseurs institutionnels (Classes F, F USD, F JPY et Z). Aucun droit de timbre ou autre taxe n’est redevable au Luxembourg lors de l’émission d’actions. Aucun impôt luxembourgeois n'est redevable sur les plus-values de capital réalisées sur les actifs du Fonds.
En outre, la SICAV étant enregistrée en Belgique, elle est de plus soumise à une taxe au taux annuel de 0,0925% calculée pour l’année 2022 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2021.
| NOTE 7 - FRAIS DE TRANSACTIONS |
| --- |
| La poste "Commissions de Transaction" inclut des honoraires sur les achats et ventes de titres et des dérivées comme des frais de courtage, des frais bancaires, des impôts (taxes) et d'autres coûts. |
| NOTE 8 - FRAIS D'ADMINISTRATION |
| En contrepartie des services d'administration centrale, la Société de gestion versera à la Banque Degroof Petercam Luxembourg S.A. en tant qu'Agent administratif et Agent d'enregistrement, aux frais de chaque Compartiment, une commission annuelle au taux annuel de 0,125% p.a. et calculée sur la Valeur nette d'inventaire moyenne du Compartiment concerné au cours du trimestre considéré et payable trimestriellement. La Société de gestion versera en outre à la Banque Degroof Petercam Luxembourg S.A., aux frais de chaque Compartiment, une commission de EUR 2000,- par classe d'actions active. |
| NOTE 9 - FRAIS DE BANQUE DÉPOSITAIRE |
| Le Dépositaire percevra sur les actifs de chaque compartiment une commission calculée conformément aux pratiques bancaires en vigueur au Luxembourg, sous la forme d'une commission annuelle au taux annuel de 0,010% et calculée sur la valeur nette d'inventaire moyenne du compartiment concerné au cours du trimestre considéré et payable trimestriellement. |
| NOTE 10 - DIVIDENDES |
| L'Assemblée Générale Ordinaire des actionnaires de la SICAV a décidé le 18 avril 2023 de payer les dividendes suivants : - un dividende de 3,01 USD par action A USD du compartiment Emerging Multi Management, ISIN Code LU1518579492;
- un dividende de 337 JPY par action A JPY du compartiment Japan Multi Management, ISIN Code LU1518583098.
 Les actions ont été cotées ex-dividende à partir du 4 mai 2023. Les paiements ont été effectués le 11 mai 2023. |
| NOTE 11 - EVÉNEMENTS AU COURS DE LA PÉRIODE |
| Impact de l’invasion russe en Ukraine : Même si les prix énergétiques ont diminué par rapport au début du conflit, l’économie européenne reste fragile à cause de sa trop grande dépendance au gaz et au pétrole. De nouvelles hausses des prix des matières premières ne peuvent être exclues. Les prix de l’énergie restent un des premiers canaux de transmission de risque dans l’économie mondiale, notamment au travers de l’inflation. Bien qu’elle ait atteint un pic tant en Europe qu’aux Etats-Unis, l’inflation pourrait rester durablement plus élevée qu’au cours des deux dernières décennies. En conséquence les banques centrales ont fortement relevé les taux d’intérêt mais les hausses ne sont peut-être pas terminées. L’équilibre est difficile pour les banques centrales car il peut être dangereux de trop resserrer la politique monétaire pour contenir l’inflation et pousser en même temps l’économie en récession. La Russie s’est isolée des économies occidentales et les effets négatifs des sanctions économiques pourraient commencer à se faire sentir en Russie dans les mois à venir. On ne peut exclure un durcissement du conflit en conséquence, ce qui pourrait produire de nouveaux effets négatifs. |

Il est pratiquement impossible que la Russie retrouve la position qui était la sienne dans les indices d’actions ou dans les indices obligataires. Cette guerre laissera des traces pour une longue période mais il est impossible de prévoir un scénario à court ou moyen terme. L’investisseur averti tiendra compte de l’ensemble de ces incertitudes pour considérer ses investissements.
| Informations concernant la transparence des opérations de financement sur titres et de la réutilisation du collatéral cash ("SFTR") |
| --- |
| Conformément à l'article 13 et à la section A de l'annexe du règlement UE 2015/2365 (ci-après le "règlement"), la SICAV doit informer les investisseurs de son recours aux opérations de financement sur titres et aux contrats d'échange sur rendement global dans les rapports annuel et semestriel. Le portefeuille ne contient pas d'actifs prêtés à la date du présent rapport. |