# from 1 January 2021 to 31 December 2021
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 14,626,612.06 |
| Interest on Bonds, Net of Taxes | 1e | 62,974.22 |
| Interest on Cash Accounts |  | 9,942.91 |
| Tax Claim |  | 121,286.13 |
| Other Income |  | 23,933.42 |
| Total Income |  | 14,844,748.74 |
| Expenses |  |  |
| Management Fees | 5 | 8,220,049.34 |
| Depositary Fees | 10 | 80,977.43 |
| Subscription Tax | 7 | 112,883.15 |
| Administration Fees | 9 | 1,041,921.51 |
| Miscellaneous Fees |  | 220,346.54 |
| Transactions Fees | 8 | 1,275,913.31 |
| Overdraft Interest |  | 14,934.89 |
| Taxes Paid to Foreign Authorities |  | 13,918.63 |
| Total Expenses |  | 10,980,944.80 |
| Net Profit / (Loss) |  | 3,863,803.94 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 83,096,217.77 |
| - on Currencies |  | -1,124,140.52 |
| - on Forward Foreign Exchange Contracts |  | 86,175.01 |
| Net Realised Profit / (Loss) |  | 85,922,056.20 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -92,234,151.99 |
| Result of Operations |  | -6,312,095.79 |
| - Subscriptions |  | 56,390,914.80 |
| - Redemptions |  | -41,150,539.49 |
| Dividends paid | 11 | -25,093.82 |
| Net Changes in Net Assets |  | 8,903,185.70 |
| Total Net Assets at the Beginning of the Year |  | 724,872,979.56 |
| Exchange Rate Difference in Net Assets from 31.12.20 to 31.12.21 | 1h | 40,959,273.80 |
| Total Net Assets at the End of the Year |  | 774,735,439.06 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 682,789,209.17 |
| Cash at Banks |  | 22,108,673.20 |
| Interest Receivable on Cash Account |  | 27.91 |
| Dividends Receivable on Shares |  | 1,118,622.63 |
| Amounts Receivable on Investment Sold |  | 647,749.77 |
| Total Assets |  | 706,664,282.68 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 2,177,664.84 |
| Overdraft Interest Payable |  | 88.33 |
| Amounts Payable on Redemptions |  | 94,298.20 |
| Amounts Payable on Investment Purchased |  | 0.00 |
| Total Liabilities |  | 2,272,051.37 |
| Total Net Assets at the End of the Year |  | 704,392,231.31 |
| Number of Shares Outstanding |  |  |
| - A USD |  | 6,024.000 |
| - B |  | 28,502.435 |
| - B USD |  | 153,265.058 |
| - F |  | 3,900.000 |
| - Z |  | 5,008.173 |
| Net Asset Value per Share |  |  |
| - A USD |  | 128.18 |
| - B (EUR) |  | 142.63 |
| - B USD |  | 119.34 |
| - F (EUR) |  | 154.36 |
| - Z (EUR) |  | 119,400.66 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Assets |  |  |
| Investments in Securities | 1a | 20,054,151,660 |
| Cash at Banks |  | 310,809,473 |
| Interest Receivable on Cash Account |  | 0 |
| Dividends Receivable on Shares |  | 47,571,291 |
| Amounts Receivable on Investment Sold |  | 32,422,558 |
| Total Assets |  | 20,444,954,982 |
| Liabilities |  |  |
| Taxes and Expenses Payable | 3 | 66,951,099 |
| Overdraft Interest Payable |  | 13,769 |
| Amounts Payable on Redemptions |  | 4,636,125 |
| Amounts Payable on Investment Purchased |  | 32,733,442 |
| Total Liabilities |  | 104,334,435 |
| Total Net Assets at the End of the Year |  | 20,340,620,547 |
| Number of Shares Outstanding |  |  |
| - A JPY |  | 1,410.000 |
| - B |  | 12,475.830 |
| - B JPY |  | 3,046.517 |
| - F JPY |  | 1.000 |
| - Z |  | 840.000 |
| Net Asset Value per Share |  |  |
| - A JPY |  | 12,362 |
| - B (EUR) |  | 189.51 |
| - B JPY |  | 22,317 |
| - F JPY |  | 25,239 |
| - Z (EUR) |  | 181,320.74 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Value (in USD) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 13,279,458.47 |
| Interest on Bonds, Net of Taxes | 1e | 71,614.28 |
| Interest on Cash Accounts |  | 9,481.09 |
| Tax Claim |  | 127,148.55 |
| Other Income |  | 27,217.09 |
| Total Income |  | 13,514,919.48 |
| Expenses |  |  |
| Management Fees | 5 | 7,718,532.37 |
| Depositary Fees | 10 | 75,801.30 |
| Subscription Tax | 7 | 106,612.48 |
| Administration Fees | 9 | 957,995.23 |
| Miscellaneous Fees |  | 225,556.54 |
| Transactions Fees | 8 | 1,329,847.89 |
| Overdraft Interest |  | 12,695.78 |
| Taxes Paid to Foreign Authorities |  | 8,629.18 |
| Total Expenses |  | 10,435,670.77 |
| Net Profit / (Loss) |  | 3,079,248.71 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 81,052,131.97 |
| - on Currencies |  | -1,149,459.53 |
| - on Forward Foreign Exchange Contracts |  | -542.30 |
| Net Realised Profit / (Loss) |  | 82,981,378.85 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | -108,162,992.79 |
| Result of Operations |  | -25,181,613.94 |
| - Subscriptions |  | 38,659,660.13 |
| - Redemptions |  | -41,143,717.45 |
| Dividends paid | 11 | -25,002.50 |
| Net Changes in Net Assets |  | -27,690,673.76 |
| Total Net Assets at the Beginning of the Year |  | 732,082,905.07 |
| Total Net Assets at the End of the Year |  | 704,392,231.31 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Value (in JPY) |
|  |
| Income |  |  |
| Dividends, Net of Taxes | 1e | 386,221,153 |
| Interest on Bonds, Net of Taxes | 1e | 0 |
| Interest on Cash Accounts |  | 210,271 |
| Tax Claim |  | 1,241,145 |
| Other Income |  | 0 |
| Total Income |  | 387,672,569 |
| Expenses |  |  |
| Management Fees | 5 | 187,622,906 |
| Depositary Fees | 10 | 1,875,441 |
| Subscription Tax | 7 | 2,505,570 |
| Administration Fees | 9 | 26,126,122 |
| Miscellaneous Fees |  | 2,881,356 |
| Transactions Fees | 8 | 13,947,655 |
| Overdraft Interest |  | 493,805 |
| Taxes Paid to Foreign Authorities |  | 829,010 |
| Total Expenses |  | 236,281,865 |
| Net Profit / (Loss) |  | 151,390,704 |
| Net Realised Profit / (Loss) |  |  |
| - on Investments | 1b | 1,548,245,721 |
| - on Currencies |  | -14,844,982 |
| - on Forward Foreign Exchange Contracts |  | 11,347,432 |
| Net Realised Profit / (Loss) |  | 1,696,138,875 |
| Change in Net Unrealised Appreciation / (Depreciation) |  |  |
| - on Investments | 1f | 377,053,766 |
| Result of Operations |  | 2,073,192,641 |
| - Subscriptions |  | 2,932,777,317 |
| - Redemptions |  | -650,933,811 |
| Dividends paid | 11 | -406,980 |
| Net Changes in Net Assets |  | 4,354,629,167 |
| Total Net Assets at the Beginning of the Year |  | 15,985,991,380 |
| Total Net Assets at the End of the Year |  | 20,340,620,547 |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  |  |  |  |
| Quoted or negotiated equities |  |  |  |  |  |
| SOUTH32 LTD | 620,617 | AUD | 978,467.67 | 1,809,366.28 | 0.26% |
| Total AUSTRALIAN DOLLAR |  |  | 978,467.67 | 1,809,366.28 | 0.26% |
| DEXCO S.A. | 482,823 | BRL | 1,392,577.59 | 1,296,774.44 | 0.18% |
| LOCALIZA RENT -A- CAR S.A. | 111,356 | BRL | 1,116,599.15 | 1,059,582.00 | 0.15% |
| MAGAZINE LUIZA S.A. | 405,840 | BRL | 1,472,878.99 | 526,062.24 | 0.07% |
| NATURA & CO HLDG S.A. | 552,320 | BRL | 5,401,740.54 | 2,521,634.91 | 0.36% |
| PETROLEO BRASILEIRO S.A. | 257,622 | BRL | 1,431,208.42 | 1,315,861.85 | 0.19% |
| RAIA DROGASIL S.A. | 280,891 | BRL | 1,294,803.99 | 1,225,431.89 | 0.17% |
| SUZANO S.A. | 124,532 | BRL | 1,564,652.59 | 1,343,918.00 | 0.19% |
| WEG S.A. | 528,800 | BRL | 2,940,657.46 | 3,131,029.63 | 0.44% |
| Total BRAZILIAN REAL |  |  | 16,615,118.73 | 12,420,294.96 | 1.76% |
| IAMGOLD CORP. | 299,833 | CAD | 983,103.34 | 935,205.11 | 0.13% |
| Total CANADIAN DOLLAR |  |  | 983,103.34 | 935,205.11 | 0.13% |
| BANCO DE CHILE | 34,451,848 | CLP | 3,273,268.06 | 2,691,449.26 | 0.38% |
| Total CHILEAN PESO |  |  | 3,273,268.06 | 2,691,449.26 | 0.38% |
| BEIBU GULF PORT CO LTD | 629,200 | CNY | 993,480.09 | 793,734.78 | 0.11% |
| BEIJING YANJING BREWERY CO LTD -A- | 1,133,500 | CNY | 1,341,599.29 | 1,506,383.62 | 0.21% |
| BETTER LIFE COMMERICAL CHAIN SHARE | 477,600 | CNY | 933,553.93 | 511,068.77 | 0.07% |
| BOE TECHNOLOGY GROUP CO LTD -A- | 2,848,800 | CNY | 2,841,673.25 | 2,257,272.49 | 0.32% |
| CHACHA FOOD CO LTD -A- | 143,399 | CNY | 1,378,921.14 | 1,380,581.74 | 0.20% |
| CHINA RAILWAY TIELONG CONTAINER -A- | 695,100 | CNY | 583,529.47 | 562,765.73 | 0.08% |
| CHONGQING DEPARTMENT STORE CO LTD | 198,500 | CNY | 996,530.10 | 810,398.17 | 0.12% |
| CONTEMPORARY AMPEREX TECHNOLOGY CO | 25,200 | CNY | 1,420,111.84 | 2,324,922.70 | 0.33% |
| CSG HLDG CO LTD -A- | 1,575,100 | CNY | 1,159,393.40 | 2,454,076.13 | 0.35% |
| DAQIN RAILWAY CO LTD -A- | 1,056,500 | CNY | 1,010,849.03 | 1,060,913.87 | 0.15% |
| FAW JIEFANG GROUP CO LTD | 619,112 | CNY | 1,065,966.92 | 999,574.68 | 0.14% |
| FUJIAN STAR-NET COMMUNICATION CO | 308,000 | CNY | 1,410,054.68 | 1,139,045.18 | 0.16% |
| GUANGXI LIUGONG MACHINERY CO -A- | 863,100 | CNY | 830,467.58 | 1,044,109.74 | 0.15% |
| HAN'S LASER TECHNOLOGY INDUSTRY | 321,000 | CNY | 2,361,228.25 | 2,719,752.86 | 0.39% |
| INNER MONGOLIA YILI INDUSTRIAL -A- | 250,500 | CNY | 1,649,844.46 | 1,629,549.95 | 0.23% |
| JIANGSU HENGLI HYDRAULIC CO LTD -A- | 40,499 | CNY | 495,057.22 | 519,790.40 | 0.07% |
| MLS CO LTD -A- | 540,000 | CNY | 1,217,662.22 | 1,281,927.13 | 0.18% |
| ORG TECHNOLOGY CO LTD | 1,379,600 | CNY | 1,120,877.58 | 1,515,241.57 | 0.22% |
| PING AN BANK CO LTD -A- | 1,663,900 | CNY | 5,984,804.86 | 4,302,442.55 | 0.61% |
| SHANDONG NANSHAN ALUMINUM CO LTD | 2,958,000 | CNY | 969,023.61 | 2,185,997.83 | 0.31% |
| SHANGHAI KEHUA BIO-ENGINEERING CO L | 364,700 | CNY | 1,068,144.25 | 849,181.09 | 0.12% |
| SHENZHEN HEPALINK PHARMACEUTICAL GR | 501,060 | CNY | 1,337,048.14 | 1,344,362.83 | 0.19% |
| SHENZHEN LAIBAO HI-TECH CO LTD -A- | 432,400 | CNY | 881,553.87 | 780,893.23 | 0.11% |
| TONGKUN GROUP CO LTD -A- | 456,549 | CNY | 874,269.58 | 1,517,204.08 | 0.22% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| WANHUA CHEMICAL GROUP CO LTD -A- | 102,600 | CNY | 1,787,631.11 | 1,625,920.79 | 0.23% |
| WUXI TAIJI INDUSTRY CO LTD -A- | 899,100 | CNY | 1,582,359.76 | 1,139,856.05 | 0.16% |
| XUJI ELECTRIC CO., LTD. -A- | 471,000 | CNY | 976,310.21 | 1,928,821.62 | 0.27% |
| YUNNAN COPPER CO LTD -A- | 676,500 | CNY | 1,140,809.93 | 1,419,155.09 | 0.20% |
| Total CHINA YUAN RENMINBI |  |  | 39,412,755.77 | 41,604,944.67 | 5.91% |
| ALPHA SERVICES & HLDG S.A. | 1,043,843 | EUR | 1,574,842.07 | 1,278,461.74 | 0.18% |
| EUROBANK HLDG S.A. | 1,033,895 | EUR | 846,103.60 | 1,048,059.44 | 0.15% |
| NATIONAL BANK OF GREECE S.A. | 326,084 | EUR | 876,457.44 | 1,087,252.23 | 0.15% |
| PROSUS N.V. | 28,890 | EUR | 2,821,599.24 | 2,415,733.15 | 0.34% |
| Total EURO |  |  | 6,119,002.35 | 5,829,506.56 | 0.83% |
| ANGLO AMERICAN PLC | 55,335 | GBP | 1,481,423.45 | 2,260,453.99 | 0.32% |
| GLENCORE PLC | 377,390 | GBP | 1,390,577.25 | 1,916,585.37 | 0.27% |
| POLYMETAL INTERNATIONAL PLC | 121,525 | GBP | 2,924,440.55 | 2,158,730.10 | 0.31% |
| PRUDENTIAL PLC | 71,785 | GBP | 1,522,997.52 | 1,239,190.19 | 0.18% |
| Total BRITISH POUND |  |  | 7,319,438.77 | 7,574,959.65 | 1.08% |
| 3SBIO INC. | 1,207,414 | HKD | 1,391,903.08 | 1,006,656.12 | 0.14% |
| AGRICULTURAL BANK OF CHINA -H- | 3,369,748 | HKD | 1,511,854.84 | 1,158,360.64 | 0.16% |
| AIA GROUP LTD | 614,211 | HKD | 5,883,964.61 | 6,192,296.02 | 0.88% |
| AIA GROUP LTD | 382,400 | HKD | 3,127,506.11 | 3,855,245.18 | 0.55% |
| ALIBABA GROUP HLDG LTD | 516,640 | HKD | 11,039,890.32 | 7,879,187.87 | 1.12% |
| ALIBABA GROUP HLDG LTD | 681,027 | HKD | 15,051,463.63 | 10,386,225.76 | 1.47% |
| ALUMINUM CORPORATION OF CHINA LTD | 2,927,212 | HKD | 1,315,529.90 | 1,618,240.33 | 0.23% |
| ASM PACIFIC TECHNOLOGY | 112,700 | HKD | 1,751,399.15 | 1,217,882.53 | 0.17% |
| BANK OF CHINA LTD -H- | 2,685,922 | HKD | 1,211,242.11 | 968,080.09 | 0.14% |
| BANK OF COMMUNICATIONS CO LTD | 1,508,876 | HKD | 1,153,490.42 | 911,561.62 | 0.13% |
| BUDWEISER BREWING CO APAC LTD | 983,100 | HKD | 3,324,601.46 | 2,578,710.46 | 0.37% |
| CHINA COMMUNICATION -H- | 3,995,718 | HKD | 2,930,895.86 | 1,947,556.21 | 0.28% |
| CHINA CONSTRUCTION BANK CORP. | 1,646,897 | HKD | 1,419,698.96 | 1,140,700.87 | 0.16% |
| CHINA CONSTRUCTION BANK CORP. | 7,003,000 | HKD | 5,790,504.64 | 4,850,532.96 | 0.69% |
| CHINA GALAXY SECURITIES CO LTD | 1,657,000 | HKD | 1,158,245.18 | 952,164.74 | 0.14% |
| CHINA MENGNIU DAIRY | 84,863 | HKD | 303,390.39 | 481,118.68 | 0.07% |
| CHINA MERCHANTS BANK CO LTD -H- | 673,000 | HKD | 3,496,440.08 | 5,226,859.00 | 0.74% |
| CHINA MERCHANTS BANK CO LTD -H- | 607,000 | HKD | 4,612,265.21 | 4,714,269.56 | 0.67% |
| CHINA MINSHENG BANKING CORP. -H- | 1,178,376 | HKD | 867,191.26 | 450,413.84 | 0.06% |
| CHINA RAILWAY GROUP LTD -H- | 1,567,500 | HKD | 1,106,731.52 | 828,354.70 | 0.12% |
| CHINA VANKE CO LTD -H- | 657,500 | HKD | 2,281,034.36 | 1,529,835.07 | 0.22% |
| COSCO SHIPPING PORTS LTD | 697,685 | HKD | 758,460.02 | 605,842.35 | 0.09% |
| DONGFANG ELECTRIC CORP. -H- | 1,313,400 | HKD | 1,197,278.25 | 2,210,255.20 | 0.31% |
| DONGFENG MOTOR GP -H- | 1,018,000 | HKD | 1,133,897.10 | 846,124.67 | 0.12% |
| GREENTOWN CHINA HLDG LTD | 922,194 | HKD | 874,042.40 | 1,485,673.94 | 0.21% |
| GUANGZHOU AUTOMOBILE GROUP CO LTD | 1,420,000 | HKD | 1,421,579.86 | 1,400,639.14 | 0.20% |
| HAIER SMART HOME CO LTD -H- | 643,200 | HKD | 1,963,234.99 | 2,718,397.91 | 0.39% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 2,413,909 | HKD | 1,645,585.48 | 1,362,338.86 | 0.19% |
| JD.COM INC. -A- | 57,900 | HKD | 2,523,219.11 | 2,034,888.89 | 0.29% |
| JD.COM INC. -A- | 173,300 | HKD | 6,489,697.99 | 6,090,608.71 | 0.86% |
| JIANGXI COPPER CO LTD -H- | 602,200 | HKD | 755,179.57 | 963,977.53 | 0.14% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| KUNLUN ENERGY CO LTD | 1,286,000 | HKD | 1,196,443.20 | 1,205,785.12 | 0.17% |
| MEITUAN DIANPING B | 208,600 | HKD | 7,909,321.64 | 6,030,867.53 | 0.86% |
| MINTH GROUP LTD | 330,000 | HKD | 1,555,332.87 | 1,453,959.32 | 0.21% |
| NINE DRAGONS PAPER LTD | 862,000 | HKD | 967,478.42 | 925,431.54 | 0.13% |
| PING AN INSURANCE GROUP CO -H- | 344,900 | HKD | 3,143,627.26 | 2,484,016.80 | 0.35% |
| POLY PROPERTY GROUP CO | 1,552,453 | HKD | 639,021.73 | 408,210.24 | 0.06% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 1,492,583 | HKD | 3,775,883.12 | 3,032,530.95 | 0.43% |
| SHENZHEN INTERNATIONAL HLDG LTD | 1,381,216 | HKD | 2,505,584.63 | 1,435,020.79 | 0.20% |
| SINO OCEAN GROUP HLDG LTD | 1,324,104 | HKD | 606,263.87 | 309,104.31 | 0.04% |
| SITC INTERNATIONAL HLDG CO LTD | 741,247 | HKD | 2,304,886.55 | 2,681,165.55 | 0.38% |
| SUN ART RETAIL GROUP LTD | 958,642 | HKD | 1,068,380.29 | 384,868.50 | 0.05% |
| SUNNY OPTICAL TECHNOLOGY CO LTD | 90,200 | HKD | 1,532,813.75 | 2,853,061.83 | 0.41% |
| TECHTRONIC INDUSTRIES CO LTD | 347,000 | HKD | 2,592,595.33 | 6,907,688.82 | 0.98% |
| TENCENT HOLDINGS LTD | 300,068 | HKD | 13,908,495.21 | 17,581,557.78 | 2.50% |
| TENCENT HOLDINGS LTD | 267,432 | HKD | 10,393,818.05 | 15,669,352.15 | 2.22% |
| THE PEOPLE'INSURANCE CO | 2,424,037 | HKD | 1,140,623.08 | 733,774.85 | 0.10% |
| WUXI BIOLOGICS CAYMAN INC. | 350,000 | HKD | 5,114,038.66 | 4,154,856.62 | 0.59% |
| WUXI BIOLOGICS CAYMAN INC. | 293,000 | HKD | 3,179,430.93 | 3,478,208.54 | 0.49% |
| XINYI SOLAR HLDG LTD | 1,234,000 | HKD | 2,362,149.42 | 2,092,464.93 | 0.30% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 1,478,300 | HKD | 675,274.20 | 931,012.78 | 0.13% |
| Total HONG KONG DOLLAR |  |  | 156,062,880.07 | 154,365,938.40 | 21.91% |
| GEDEON RICHTER | 113,259 | HUF | 2,515,110.30 | 3,049,024.56 | 0.43% |
| OTP BANK PLC | 51,347 | HUF | 1,984,195.03 | 2,629,940.52 | 0.37% |
| Total HUNGARIAN FORINT |  |  | 4,499,305.33 | 5,678,965.08 | 0.81% |
| BANK RAKYAT INDONESIA -B- | 15,115,329 | IDR | 3,454,877.23 | 4,358,812.58 | 0.62% |
| PT BANK CENTRAL ASIA TBK | 10,944,400 | IDR | 4,287,837.20 | 5,605,619.13 | 0.80% |
| PT BANK CENTRAL ASIA TBK | 5,900,800 | IDR | 2,292,787.02 | 3,022,334.47 | 0.43% |
| PT PERUSAHAAN GAS NEGARA TBK | 5,662,500 | IDR | 904,130.43 | 546,285.51 | 0.08% |
| Total INDONESIAN RUPIAH |  |  | 10,939,631.88 | 13,533,051.69 | 1.92% |
| BAJAJ FINSERV LTD | 14,491 | INR | 2,107,992.16 | 3,198,226.52 | 0.45% |
| BANK OF BARODA | 1,526,919 | INR | 1,815,353.21 | 1,683,324.40 | 0.24% |
| BHARAT FORGE LTD | 314,286 | INR | 2,402,683.58 | 2,950,461.69 | 0.42% |
| CONTAINER CORP. OF INDIA LTD | 267,512 | INR | 1,917,818.15 | 2,211,583.56 | 0.31% |
| DABUR INDIA -DIS- | 354,755 | INR | 2,686,337.22 | 2,768,195.88 | 0.39% |
| HCL TECHNOLOGIES LTD DEMATERIAL | 172,450 | INR | 1,614,602.56 | 3,060,157.51 | 0.43% |
| HDFC LIFE INSURANCE CO LTD | 219,103 | INR | 2,111,082.38 | 1,914,537.04 | 0.27% |
| HERO MOTOCORP LTD | 72,873 | INR | 3,078,178.90 | 2,413,655.03 | 0.34% |
| HOUSING DEVELOPMENT FINANCE CORP. | 223,301 | INR | 5,587,284.15 | 7,769,581.33 | 1.10% |
| ICICI BANK LTD | 743,964 | INR | 5,235,899.34 | 7,407,548.88 | 1.05% |
| INDIAN OIL CORP. LTD | 1,447,758 | INR | 2,000,850.93 | 2,171,569.35 | 0.31% |
| KOTAK MAHINDRA BANK LTD | 58,718 | INR | 1,013,117.61 | 1,418,745.93 | 0.20% |
| LUPIN LTD | 101,607 | INR | 1,473,301.72 | 1,299,549.49 | 0.18% |
| MOTHERSON SUMI SYSTEMS LTD | 875,669 | INR | 2,013,272.25 | 2,630,459.14 | 0.37% |
| RELAINCE INDUSTRIES | 119,910 | INR | 3,144,662.73 | 3,820,036.15 | 0.54% |
| SBI LIFE INSURANCE CO LTD | 239,481 | INR | 2,808,567.48 | 3,853,054.08 | 0.55% |
| SHRIRAM TRANSPORT FINANCE CO LTD | 157,718 | INR | 2,410,132.45 | 2,582,109.77 | 0.37% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| STATE BANK OF INDIA | 595,180 | INR | 3,341,997.04 | 3,686,664.94 | 0.52% |
| STEEL AUTHORITY OF INDIA LTD | 1,308,034 | INR | 1,073,760.16 | 1,886,325.69 | 0.27% |
| SUN TV NETWORK LTD | 96,119 | INR | 752,118.55 | 646,649.52 | 0.09% |
| TECH MAHINDRA LTD | 181,868 | INR | 1,931,507.22 | 4,380,721.11 | 0.62% |
| TV18 BROADCAST LTD | 1,284,931 | INR | 836,112.28 | 775,255.96 | 0.11% |
| ZEE ENTERTAINMENT ENTERPRISES LTD | 265,611 | INR | 1,104,577.73 | 1,146,260.37 | 0.16% |
| Total INDIAN RUPEE |  |  | 52,461,209.80 | 65,674,673.34 | 9.32% |
| GREEN CROSS CORP. | 3,063 | KRW | 441,514.64 | 561,711.00 | 0.08% |
| GS ENGINEERING & CONSTRUCTION CORP. | 40,682 | KRW | 1,257,166.99 | 1,355,210.99 | 0.19% |
| HANA FINANCIAL GROUP INC. | 69,395 | KRW | 2,621,491.50 | 2,454,729.35 | 0.35% |
| HANKOOK TIRE & TECHNOLOGY CO LTD | 31,657 | KRW | 1,422,077.68 | 1,057,230.53 | 0.15% |
| HYUNDAI DEPT STORE LTD | 17,840 | KRW | 1,456,810.52 | 1,127,052.69 | 0.16% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 38,466 | KRW | 1,762,948.34 | 1,438,328.97 | 0.20% |
| KB FINANCIAL GROUP INC. | 121,004 | KRW | 5,503,419.05 | 5,598,502.17 | 0.79% |
| KB FINANCIAL GROUP INC. | 25,722 | KRW | 980,872.25 | 1,190,081.92 | 0.17% |
| KIA CORP. | 30,861 | KRW | 2,232,338.40 | 2,133,984.43 | 0.30% |
| KIA CORP. | 24,971 | KRW | 1,103,263.55 | 1,726,701.18 | 0.25% |
| KIWOOM SECURITIES CO LTD | 13,827 | KRW | 1,550,610.15 | 1,244,575.29 | 0.18% |
| LG CHEM LTD | 5,038 | KRW | 3,747,829.53 | 2,606,409.88 | 0.37% |
| LG CHEM LTD | 6,469 | KRW | 4,360,870.88 | 3,346,737.90 | 0.48% |
| LG ELECTRONICS INC. | 13,071 | KRW | 683,543.31 | 1,517,390.41 | 0.22% |
| LOTTE CHEMICAL CORP. | 4,598 | KRW | 717,821.95 | 839,340.42 | 0.12% |
| NCSOFT CORP. | 4,630 | KRW | 2,640,483.78 | 2,504,386.76 | 0.36% |
| OCI CO LTD | 15,150 | KRW | 1,115,140.59 | 1,325,425.76 | 0.19% |
| SAMSUNG ELECTRONICS CO LTD | 234,579 | KRW | 9,235,128.80 | 15,451,132.87 | 2.19% |
| SAMSUNG ELECTRONICS CO LTD | 286,777 | KRW | 11,907,225.16 | 18,889,284.77 | 2.68% |
| SAMSUNG ELECTRONICS CO LTD PFD | 61,330 | KRW | 1,873,805.44 | 3,673,350.70 | 0.52% |
| SAMSUNG ENGINEERING CO LTD | 111,406 | KRW | 1,388,305.77 | 2,146,117.51 | 0.30% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 295,558 | KRW | 1,706,624.45 | 1,409,727.63 | 0.20% |
| SAMSUNG LIFE INSURANCE CO LTD | 20,930 | KRW | 1,472,075.75 | 1,128,591.29 | 0.16% |
| SAMSUNG SDS CO LTD | 8,645 | KRW | 1,352,357.85 | 1,138,121.88 | 0.16% |
| SHINHAN FINANCIAL GROUP CO LTD | 40,007 | KRW | 1,491,967.87 | 1,238,492.10 | 0.18% |
| SK HYNIX INC. | 56,229 | KRW | 3,874,835.26 | 6,196,423.47 | 0.88% |
| SK NETWORKS CO LTD | 160,793 | KRW | 833,196.66 | 679,016.44 | 0.10% |
| Total SOUTH KOREAN WON |  |  | 68,733,726.12 | 83,978,058.31 | 11.92% |
| GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV | 229,070 | MXN | 2,646,936.37 | 3,158,289.06 | 0.45% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 830,135 | MXN | 2,967,765.30 | 5,395,775.63 | 0.77% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 687,652 | MXN | 4,018,586.24 | 4,469,653.61 | 0.63% |
| KIMBERLY-CLARK DE MEXICO S.A.B. DE CV | 603,023 | MXN | 995,768.81 | 913,742.57 | 0.13% |
| WAL-MART DE MEXICO SAB DE CV | 1,583,547 | MXN | 4,216,168.26 | 5,887,714.68 | 0.84% |
| WAL-MART DE MEXICO SAB DE CV | 736,301 | MXN | 1,974,132.58 | 2,737,607.54 | 0.39% |
| Total MEXICAN PESO |  |  | 16,819,357.56 | 22,562,783.09 | 3.20% |
| PRESS METAL ALUMINIUM HLDG BERHAD | 712,000 | MYR | 911,241.62 | 987,839.28 | 0.14% |
| Total MALAYSIAN RINGGIT |  |  | 911,241.62 | 987,839.28 | 0.14% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| ALLEGRO.EU S.A. | 123,118 | PLN | 1,957,321.67 | 1,187,075.05 | 0.17% |
| GRUPA LOTOS S.A. | 65,028 | PLN | 937,575.46 | 984,201.59 | 0.14% |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 444,437 | PLN | 1,106,856.61 | 889,010.37 | 0.13% |
| POLSKI KONCERN NAFTOWY ORLEN S.A. | 93,606 | PLN | 1,661,740.23 | 1,726,553.63 | 0.25% |
| TAURON POLSKA ENERGIA S.A. | 790,357 | PLN | 612,531.42 | 520,448.85 | 0.07% |
| Total POLISH ZLOTY |  |  | 6,276,025.39 | 5,307,289.49 | 0.75% |
| FEDERAL GRID CO OF UNIF ENERGY | 302,629,537 | RUB | 908,656.92 | 654,190.25 | 0.09% |
| FEDERAL HYDROGENERATING CO -R- | 117,192,567 | RUB | 1,009,683.31 | 1,159,328.62 | 0.16% |
| MOBILE TELESYSTEMS P.J.S.C. | 134,728 | RUB | 614,963.73 | 536,352.43 | 0.08% |
| ROSSETI P.J.S.C. | 55,442,041 | RUB | 896,870.47 | 824,465.40 | 0.12% |
| ROSTELECOM PUBLIC JOINT STOCK | 461,771 | RUB | 606,047.52 | 536,964.19 | 0.08% |
| SURGUTNEFTEGAZ OJSC | 3,401,722 | RUB | 1,815,465.30 | 1,804,123.17 | 0.26% |
| Total RUSSIAN RUBLE |  |  | 5,851,687.25 | 5,515,424.06 | 0.78% |
| EPIROC AKTIEBOLAG AK -A- | 127,781 | SEK | 2,175,078.05 | 3,234,813.25 | 0.46% |
| Total SWEDISH KRONA |  |  | 2,175,078.05 | 3,234,813.25 | 0.46% |
| AIRPORTS OF THAILAND PUBLIC CO LTD | 741,600 | THB | 1,349,666.44 | 1,362,987.70 | 0.19% |
| BANPU PUBLIC CO LTD FOREIGN -REG- | 2,965,266 | THB | 934,332.69 | 947,026.00 | 0.13% |
| IRPC PUBLIC CO LTD -FOREIGN- | 10,944,267 | THB | 1,052,802.60 | 1,266,223.25 | 0.18% |
| ITALIAN-THAI DVLPT PU CO LTD -FOREIGN- | 2,863,124 | THB | 344,521.34 | 196,683.25 | 0.03% |
| PTT EXPLORATION-PROD PUBLIC NVDR | 1,048,900 | THB | 3,872,246.33 | 3,729,138.15 | 0.53% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 833,202 | THB | 832,025.62 | 1,474,859.18 | 0.21% |
| SIAM CEMENT PUBLIC CO LTD FOREIGN | 100,565 | THB | 1,496,075.59 | 1,169,570.87 | 0.17% |
| SIAM COMMERCIAL BANK NVDR | 667,500 | THB | 2,163,377.19 | 2,554,155.72 | 0.36% |
| THAI OIL PUBLIC CO LTD -FOREIGN- | 440,323 | THB | 266,803.70 | 656,702.92 | 0.09% |
| Total THAI BAHT |  |  | 12,311,851.50 | 13,357,347.04 | 1.90% |
| ALARKO HLDG | 0 | TRY | 0.10 | 0.09 | 0.00% |
| ARCELIK A.S. | 461,125 | TRY | 1,190,068.13 | 1,680,635.78 | 0.24% |
| DOGAN SIRKETLER GRUBU HLDG AS | 1,779,060 | TRY | 470,776.97 | 368,411.23 | 0.05% |
| EMLAK KONUT GAYRIMENKUL YATIRIM ORT | 4,735,859 | TRY | 1,220,955.89 | 763,171.44 | 0.11% |
| EREGLI DEMIR VE CELIK FABRIKALARI | 1,201,852 | TRY | 1,823,055.84 | 2,548,550.34 | 0.36% |
| HACI OMER SABANCI HLDG AS | 1,040,600 | TRY | 1,456,460.08 | 1,036,700.34 | 0.15% |
| PETKIM PETROKIMYA HLDG AS | 1,856,636 | TRY | 1,032,296.87 | 1,090,513.24 | 0.15% |
| TEKFEN HLDG AS | 378,715 | TRY | 889,911.57 | 577,208.33 | 0.08% |
| TUPRAS TURKIYE PETROL RAFINELERI AS | 149,740 | TRY | 2,315,535.94 | 1,740,983.68 | 0.25% |
| TURKCELL ILETISIM HIZMET | 782,330 | TRY | 1,500,348.17 | 1,087,504.98 | 0.15% |
| TURKIYE IS BANKASI AS | 2,618,978 | TRY | 1,947,916.70 | 1,417,980.69 | 0.20% |
| TURK SISE CAM | 1 | TRY | 1.25 | 1.21 | 0.00% |
| YAPI VE KREDI BANKASI AS | 5,640,928 | TRY | 1,858,234.47 | 1,435,743.41 | 0.20% |
| Total TURKISH LIRA |  |  | 15,705,561.98 | 13,747,404.76 | 1.95% |
| ACCTON TECHNOLOGY CORP. | 525,000 | TWD | 2,932,495.45 | 4,933,669.60 | 0.70% |
| ACER INC. | 1,568,781 | TWD | 956,711.00 | 1,726,581.28 | 0.25% |
| ASE INDUSTRIAL HLDG CO LTD | 465,000 | TWD | 1,930,446.74 | 1,789,946.17 | 0.25% |
| AU OPTRONICS CORP. | 1,559,450 | TWD | 559,377.47 | 1,290,756.58 | 0.18% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| CHAILEASE HLDG CO LTD | 266,279 | TWD | 690,608.68 | 2,536,033.27 | 0.36% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 565,088 | TWD | 867,284.25 | 737,327.95 | 0.10% |
| CHIMEI INNOLUX CORP. | 2,056,610 | TWD | 709,707.59 | 1,456,952.61 | 0.21% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1,959,167 | TWD | 799,519.50 | 931,182.10 | 0.13% |
| CHIPBOND TECHNOLOGY CORP. | 302,000 | TWD | 612,689.90 | 728,065.06 | 0.10% |
| DELTA ELECTRONICS INC. | 750,000 | TWD | 4,889,796.10 | 7,454,720.54 | 1.06% |
| ENNOSTAR INC. | 421,500 | TWD | 1,273,621.54 | 1,168,504.40 | 0.17% |
| EVERLIGHT ELECTRONICS CO LTD | 232,928 | TWD | 454,219.11 | 443,679.87 | 0.06% |
| HIGH TECH COMPUTER CORP. | 570,349 | TWD | 878,297.50 | 1,748,130.89 | 0.25% |
| HON HAI PRECISION INDUSTRY CO LTD | 421,000 | TWD | 1,809,361.01 | 1,582,533.26 | 0.22% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 710,871 | TWD | 676,406.02 | 724,564.94 | 0.10% |
| INVENTEC CORP. | 1,079,000 | TWD | 890,316.28 | 973,037.11 | 0.14% |
| LANDMARK OPTOELECTRONICS CORP. | 282,000 | TWD | 2,848,857.35 | 2,002,852.99 | 0.28% |
| PEGATRON CORP. | 369,000 | TWD | 820,450.16 | 921,598.64 | 0.13% |
| PHISON ELECTRONICS CORP. | 77,000 | TWD | 1,254,220.29 | 1,424,944.98 | 0.20% |
| QISDA CORP. | 1,414,600 | TWD | 719,391.23 | 1,556,891.55 | 0.22% |
| REALTEK SEMICONDUCTOR CORP. | 145,000 | TWD | 2,435,593.41 | 3,039,718.78 | 0.43% |
| SILERGY CORP. | 5,000 | TWD | 829,635.53 | 908,120.50 | 0.13% |
| SILERGY CORP. | 17,000 | TWD | 1,024,673.17 | 3,087,609.71 | 0.44% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 1,171,000 | TWD | 10,929,683.09 | 26,029,715.49 | 3.70% |
| WINBOND ELECTRONICS CORP. | 1,488,000 | TWD | 1,278,689.44 | 1,828,602.29 | 0.26% |
| WIN SEMICONDUCTORS CORP. | 29,000 | TWD | 390,407.46 | 392,542.99 | 0.06% |
| WISTRON CORP. | 1,244,150 | TWD | 958,450.09 | 1,310,837.07 | 0.19% |
| WIWYNN CORP. | 31,000 | TWD | 1,179,287.80 | 1,249,320.80 | 0.18% |
| Total TAIWAN NEW DOLLAR |  |  | 45,600,197.16 | 73,978,441.42 | 10.50% |
| RAIFFEISEN BANK AVAL JSC | 3,314,000 | UAH | 177,406.37 | 51,673.27 | 0.01% |
| Total UKRAINE HRYVNIA |  |  | 177,406.37 | 51,673.27 | 0.01% |
| ALIBABA GROUP HLDG LTD -ADR- | 45,684 | USD | 8,237,882.37 | 5,426,802.36 | 0.77% |
| ALROSA CJSC | 887,217 | USD | 1,002,923.24 | 1,459,933.32 | 0.21% |
| AUTOHOME INC. -ADR- | 26,209 | USD | 2,091,943.66 | 772,641.32 | 0.11% |
| BAOZUN INC-SPN ADR | 171,219 | USD | 6,126,127.21 | 2,379,944.10 | 0.34% |
| BUENAVENTURA -SP ADR- -B- | 164,200 | USD | 1,720,046.99 | 1,201,944.00 | 0.17% |
| CEMIG SPONSOREDADR | 428,578 | USD | 1,163,075.16 | 1,041,444.54 | 0.15% |
| CREDICORP LTD | 24,068 | USD | 4,333,363.46 | 2,937,980.76 | 0.42% |
| CREDICORP LTD | 28,182 | USD | 4,532,785.60 | 3,440,176.74 | 0.49% |
| EMBRAER -SP ADR- | 57,005 | USD | 1,237,657.70 | 1,011,838.75 | 0.14% |
| EPAM SYSTEMS INC. | 6,476 | USD | 1,732,951.17 | 4,328,882.20 | 0.61% |
| FREEPORT MCMORAN | 78,984 | USD | 2,805,010.41 | 3,295,212.48 | 0.47% |
| GAZPROM OAO | 573,170 | USD | 1,352,658.46 | 2,636,554.49 | 0.37% |
| GAZPROM -SP ADR- | 456,992 | USD | 3,307,334.15 | 4,199,756.48 | 0.60% |
| GAZPROM -SP ADR- | 630,555 | USD | 3,472,359.29 | 5,794,800.45 | 0.82% |
| HDFC BANK LTD -ADR- | 77,106 | USD | 3,551,225.32 | 5,017,287.42 | 0.71% |
| HUAZHU GROUP LTD -ADR- | 27,957 | USD | 1,607,445.72 | 1,043,914.38 | 0.15% |
| MAGNIT JSC | 28,997 | USD | 1,658,079.99 | 2,114,348.15 | 0.30% |
| MERCADOLIBRE INC | 1,934 | USD | 2,422,912.86 | 2,607,805.60 | 0.37% |
| MICRON TECHNOLOGY | 39,567 | USD | 3,346,675.23 | 3,685,666.05 | 0.52% |
| OIL CO LUKOIL P.J.S.C. -ADR- | 66,798 | USD | 5,083,574.36 | 5,998,460.40 | 0.85% |
| SBERBANK OF RUSSIA OJSC -ADR- | 277,650 | USD | 3,779,470.64 | 4,372,987.50 | 0.62% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| SBERBANK OF RUSSIA OJSC -ADR- | 374,037 | USD | 4,514,704.93 | 5,891,082.75 | 0.84% |
| SEA LTD-ADR | 11,304 | USD | 1,399,287.17 | 2,528,817.84 | 0.36% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 91,410 | USD | 1,439,517.87 | 1,968,971.40 | 0.28% |
| TAIWAN SEMICONDUCTOR MANUFACTERING -ADR-5 SHARE | 173,597 | USD | 7,621,052.08 | 20,885,455.07 | 2.97% |
| TRIP COM GROUP LTD-ADR | 51,675 | USD | 2,181,304.11 | 1,272,238.50 | 0.18% |
| VK CO LTD | 62,186 | USD | 1,333,599.58 | 720,735.74 | 0.10% |
| X5 RETAIL GROUP SP GDR-S | 30,884 | USD | 992,259.29 | 817,499.48 | 0.12% |
| YANDEX NV-A | 57,842 | USD | 2,489,785.81 | 3,499,441.00 | 0.50% |
| Total U.S. DOLLAR |  |  | 86,537,013.83 | 102,352,623.27 | 14.53% |
| CAPITEC BANK HLDG LTD | 33,336 | ZAR | 1,887,260.05 | 4,260,565.82 | 0.60% |
| CLICKS GROUP LTD | 162,674 | ZAR | 3,039,554.04 | 3,216,066.40 | 0.46% |
| CLICKS GROUP LTD | 95,366 | ZAR | 1,301,868.96 | 1,885,386.65 | 0.27% |
| FIRSTRAND LTD | 403,099 | ZAR | 1,726,207.80 | 1,535,612.02 | 0.22% |
| REMGRO LTD | 146,915 | ZAR | 1,173,911.53 | 1,207,259.52 | 0.17% |
| SAPPI LTD | 525,708 | ZAR | 1,595,522.26 | 1,503,996.05 | 0.21% |
| SHOPRITE HLDG LTD | 133,705 | ZAR | 1,479,855.33 | 1,749,889.84 | 0.25% |
| Total SOUTH AFRICAN RAND |  |  | 12,204,179.97 | 15,358,776.30 | 2.18% |
| Total Quoted or negotiated equities |  |  | 571,967,508.57 | 652,550,828.54 | 92.64% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 571,967,508.57 | 652,550,828.54 | 92.64% |
| 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% |
| BANPU PUBLIC WARRANT 21-300922 | 645,866 | THB | 0.00 | 87,957.57 | 0.01% |
| BANPU PUBLIC WARRANT 21-300923 | 645,866 | THB | 0.00 | 59,546.50 | 0.01% |
| Total THAI BAHT |  |  | 0.00 | 147,504.07 | 0.02% |
| CENTERENERGO OJSC | 132,600 | UAH | 296,098.13 | 38,882.08 | 0.01% |
| MOTOR SICH JSC | 400 | UAH | 177,854.71 | 0.00 | 0.00% |
| UKRTELECOM P.J.S.C. | 6,959,300 | UAH | 523,688.05 | 23,340.09 | 0.00% |
| Total UKRAINE HRYVNIA |  |  | 997,640.89 | 62,222.17 | 0.01% |
| BANK OF CHANGSHA-CLSA 21-160326 | 716,500 | USD | 1,225,842.49 | 880,578.50 | 0.13% |
| BANK OF CHENGDU-CICC FINANCE 21-180324 | 776,326 | USD | 1,449,666.78 | 1,465,672.43 | 0.21% |
| CAIHONG DISPLAY -UBS A.G. WARRANT 21-231222 | 874,700 | USD | 1,017,952.24 | 935,929.00 | 0.13% |
| FOTON-CICC FINANCE 20-191023 | 2,048,500 | USD | 986,578.08 | 1,108,678.93 | 0.16% |
| HANGZHOU TIGERMED CONSULTINF -CLSA 20-210425 | 155,332 | USD | 2,672,048.74 | 3,113,629.94 | 0.44% |
| HUNDSUN TECH-CLSA 21-070926 | 363,510 | USD | 3,276,972.63 | 3,555,127.80 | 0.50% |
| JIANGSU HENGLI -UBS A.G. WARRANT 21-151222 | 67,530 | USD | 858,090.21 | 866,727.29 | 0.12% |
| JILIN SINO MICROELEC-CLSA 20-041225 | 750,996 | USD | 1,135,041.77 | 1,069,418.30 | 0.15% |
| LAIBAO-CICC FINANCE 0,00 20-090323 | 139,000 | USD | 248,740.50 | 251,710.65 | 0.04% |
| MIDEA GROUP-CLSA WARRANT 18-050623 | 6,560 | USD | 72,939.96 | 75,945.12 | 0.01% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Market Value (in USD) | % Total Net Assets |
|  |
| MIDEA GROUP-CLSA WARRANT 20-160925 | 289,250 | USD | 3,146,867.23 | 3,348,647.25 | 0.48% |
| NARI TECH -CLSA WARRANT 18-040923 | 927,345 | USD | 2,488,312.69 | 5,841,346.16 | 0.83% |
| RIZHAO -UBS A.G. WARRANT 21-270123 | 2,616,250 | USD | 1,182,207.50 | 1,153,766.25 | 0.16% |
| SHANDONG -UBS A.G. WARRANT 21-270123 | 606,634 | USD | 683,397.47 | 661,231.06 | 0.09% |
| TIANJIN PORT -UBS LDS WARRANT 21-211122 | 846,300 | USD | 555,017.66 | 556,019.10 | 0.08% |
| TRIANGLE TY-CICC FINANCE 0,00 20-090323 | 397,100 | USD | 863,139.56 | 856,542.32 | 0.12% |
| WINBOND ELECTRONICS CORP. -GDR- | 1 | USD | 3.40 | 11.00 | 0.00% |
| XIAMEN -UBS LDS WARRANT 21-281022 | 623,757 | USD | 592,058.29 | 614,400.65 | 0.09% |
| ZHONGJI INN-CLSA 21-290426 | 551,046 | USD | 3,222,607.60 | 3,673,272.64 | 0.52% |
| Total U.S. DOLLAR |  |  | 25,677,484.80 | 30,028,654.39 | 4.26% |
| Total Other transferable securities |  |  | 34,825,058.03 | 30,238,380.63 | 4.29% |
| Total Portfolio |  |  | 606,792,566.60 | 682,789,209.17 | 96.93% |

|  |
| --- |
| 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 | 63,900 | JPY | 218,002,816 | 212,467,500 | 1.04% |
| AIR WATER INC. | 85,000 | JPY | 145,484,153 | 150,960,000 | 0.74% |
| ALFRESA HLDG CORP. | 91,000 | JPY | 152,918,750 | 139,503,000 | 0.69% |
| ALPS ALPINE CO LTD | 222,000 | JPY | 274,251,693 | 240,870,000 | 1.18% |
| BANK OF KYOTO LTD | 37,000 | JPY | 188,222,583 | 197,210,000 | 0.97% |
| CANON INC. | 121,700 | JPY | 334,103,997 | 340,881,700 | 1.68% |
| COSMO ENERGY HLDG CO LTD | 89,000 | JPY | 200,769,053 | 200,072,000 | 0.98% |
| CURVES HLDG CO LTD | 82,200 | JPY | 19,687,825 | 65,266,800 | 0.32% |
| DAIICHIKOSHO CO LTD | 48,700 | JPY | 226,969,806 | 169,476,000 | 0.83% |
| DENTSU GROUP INC. | 137,600 | JPY | 564,409,570 | 564,160,000 | 2.77% |
| EAST JAPAN RAILWAY COMPANY | 58,200 | JPY | 525,446,942 | 411,648,600 | 2.02% |
| EAST JAPAN RAILWAY COMPANY | 37,000 | JPY | 289,504,064 | 261,701,000 | 1.29% |
| ELECTRIC POWER DEVELOPMENT CO LTD | 290,000 | JPY | 489,228,503 | 442,830,000 | 2.18% |
| ENEOS HLDG INC. | 480,000 | JPY | 234,227,423 | 206,544,000 | 1.02% |
| FUJI KYUKO CO LTD | 25,600 | JPY | 74,417,854 | 104,448,000 | 0.51% |
| FUJI TELEVISION NETWORK INC. | 50,000 | JPY | 66,588,489 | 55,400,000 | 0.27% |
| FUKUOKA FINANCIAL GROUP INC. | 20,300 | JPY | 41,880,949 | 40,011,300 | 0.20% |
| FURUKAWA ELECTRIC | 50,000 | JPY | 130,733,566 | 116,100,000 | 0.57% |
| H2O RETAILING CORP. | 165,000 | JPY | 133,738,595 | 133,650,000 | 0.66% |
| HAMAMATSU PHOTONICS KK | 45,800 | JPY | 192,547,006 | 336,172,000 | 1.65% |
| HISAMITSU PHARMACEUTICAL CO INC. | 42,600 | JPY | 229,362,133 | 169,335,000 | 0.83% |
| HITACHI CONSTRUCTION MACHINERY | 64,600 | JPY | 179,317,446 | 214,795,000 | 1.06% |
| HOYA CORP. | 30,100 | JPY | 256,961,529 | 515,011,000 | 2.53% |
| ICHIBANYA CO LTD | 22,000 | JPY | 99,870,151 | 102,190,000 | 0.50% |
| INFRONEER HLDG INC. | 77,000 | JPY | 63,325,721 | 80,696,000 | 0.40% |
| INPEX CORP | 450,000 | JPY | 274,716,166 | 450,900,000 | 2.22% |
| ITO EN LTD | 55,100 | JPY | 279,047,324 | 332,804,000 | 1.64% |
| JAPAN POST HLDG CO LTD | 86,000 | JPY | 76,474,265 | 77,124,800 | 0.38% |
| JAPAN POST INSURANCE CO LTD | 86,000 | JPY | 154,907,161 | 159,100,000 | 0.78% |
| J FRONT RETAILING CO LTD | 75,000 | JPY | 63,832,611 | 78,525,000 | 0.39% |
| JGC HLDG CORP. | 207,000 | JPY | 210,399,832 | 198,927,000 | 0.98% |
| JTEKT CORP. | 79,000 | JPY | 77,799,026 | 79,395,000 | 0.39% |
| KAKAKU.COM INC. | 61,200 | JPY | 158,693,568 | 187,884,000 | 0.92% |
| KAKEN PHARMACEUTICAL CO LTD | 9,000 | JPY | 38,862,972 | 37,890,000 | 0.19% |
| KAMIGUMI CO LTD | 64,000 | JPY | 128,568,150 | 139,392,000 | 0.69% |
| KAWASAKI HEAVY INDUSTRIES LTD | 45,000 | JPY | 91,366,733 | 93,510,000 | 0.46% |
| KEYENCE CORP. | 7,200 | JPY | 261,968,046 | 520,416,000 | 2.56% |
| KIRIN HLDG CO LTD | 118,000 | JPY | 249,908,896 | 217,946,000 | 1.07% |
| KOBE STEEL LTD | 250,000 | JPY | 144,614,960 | 144,250,000 | 0.71% |
| KOEI TECMO HLDG CO LTD | 96,390 | JPY | 232,907,389 | 436,164,750 | 2.14% |
| KUBOTA CORP. | 133,900 | JPY | 259,235,466 | 341,913,650 | 1.68% |
| KURARAY | 71,000 | JPY | 80,570,839 | 70,929,000 | 0.35% |
| KYUSHU RAILWAY CO | 64,000 | JPY | 155,827,640 | 153,088,000 | 0.75% |
| LINTEC CORP. | 7,000 | JPY | 17,501,370 | 18,445,000 | 0.09% |
| M3 INC. | 16,200 | JPY | 46,448,973 | 93,846,600 | 0.46% |
| MEDIPAL | 35,000 | JPY | 70,675,060 | 75,425,000 | 0.37% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| MITSUBISHI ELECTRIC CORP. | 75,000 | JPY | 113,467,799 | 109,387,500 | 0.54% |
| MITSUBISHI ESTATE | 53,000 | JPY | 92,164,191 | 84,508,500 | 0.42% |
| MITSUBISHI GAS CHEMICAL CO LTD | 20,000 | JPY | 38,898,634 | 38,960,000 | 0.19% |
| MITSUBISHI HEAVY INDUSTRIES LTD | 70,000 | JPY | 215,920,924 | 186,130,000 | 0.92% |
| MITSUBISHI MATERIALS CORP. | 147,000 | JPY | 324,292,641 | 290,325,000 | 1.43% |
| MITSUI FUDOSAN | 95,000 | JPY | 184,671,106 | 216,457,500 | 1.06% |
| MIZUHO FINANCIAL GROUP INC. | 73,120 | JPY | 120,755,089 | 106,974,560 | 0.53% |
| MODEC INC. | 72,000 | JPY | 162,913,016 | 99,144,000 | 0.49% |
| MS & AD INSURANCE GROUP HLDG | 50,000 | JPY | 158,807,024 | 177,450,000 | 0.87% |
| NGK INSULATORS | 36,000 | JPY | 68,608,855 | 69,984,000 | 0.34% |
| NGK SPARK PLUG CO. | 95,000 | JPY | 163,570,517 | 190,285,000 | 0.94% |
| NIFCO INC. | 95,400 | JPY | 293,501,706 | 344,394,000 | 1.69% |
| NIPPON SANSO HLDG CORP. | 104,200 | JPY | 183,789,787 | 261,854,600 | 1.29% |
| NISSAN MOTOR | 170,000 | JPY | 97,359,884 | 94,486,000 | 0.46% |
| NISSHIN OILLIO GROUP LTD | 17,000 | JPY | 51,834,690 | 49,283,000 | 0.24% |
| NOK CORP. | 49,000 | JPY | 70,316,459 | 61,348,000 | 0.30% |
| NSK LTD | 200,000 | JPY | 157,217,962 | 147,600,000 | 0.73% |
| OBAYASHI CORP. | 171,000 | JPY | 162,601,186 | 152,190,000 | 0.75% |
| OBIC BUSINESS CONSULTANTS CO LTD | 30,400 | JPY | 132,060,503 | 147,440,000 | 0.72% |
| ORIENTAL LAND CO LTD | 17,100 | JPY | 188,548,010 | 331,654,500 | 1.63% |
| ORIX CORP. | 231,000 | JPY | 375,861,691 | 542,272,500 | 2.67% |
| PARAMOUNT BED HLDG CO LTD | 50,600 | JPY | 116,202,669 | 98,720,600 | 0.49% |
| PIGEON CORP. | 35,100 | JPY | 152,599,280 | 77,149,800 | 0.38% |
| RICOH | 215,800 | JPY | 218,114,697 | 231,121,800 | 1.14% |
| SANRIO CO LTD | 52,100 | JPY | 110,459,544 | 130,197,900 | 0.64% |
| SAWAI GROUP HLDG CO LTD. | 18,000 | JPY | 92,774,800 | 79,110,000 | 0.39% |
| SECOM | 14,000 | JPY | 111,356,464 | 111,804,000 | 0.55% |
| SEIKAGAKU CORP. | 49,700 | JPY | 75,597,033 | 46,767,700 | 0.23% |
| SHIMIZU CORP. | 142,000 | JPY | 116,125,180 | 101,246,000 | 0.50% |
| SHIN-ETSU CHEMICAL | 21,900 | JPY | 251,740,526 | 436,248,000 | 2.14% |
| SQUARE ENIX CO LTD | 80,100 | JPY | 388,663,211 | 472,590,000 | 2.32% |
| SUBARU CORP. | 61,000 | JPY | 131,043,503 | 125,477,000 | 0.62% |
| SUMITOMO HEAVY INDUSTRIES LTD | 70,000 | JPY | 202,313,026 | 195,230,000 | 0.96% |
| SUMITOMO MITSUI CONSTRUCTION CO LTD | 368,000 | JPY | 222,177,784 | 157,504,000 | 0.77% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 49,700 | JPY | 193,320,658 | 195,967,100 | 0.96% |
| SUMITOMO MITSUI TRUST HLDG | 98,000 | JPY | 347,210,803 | 376,614,000 | 1.85% |
| SUMITOMO SHOJI CORP. | 53,000 | JPY | 79,017,161 | 90,126,500 | 0.44% |
| SUZUKEN CO LTD | 48,000 | JPY | 160,523,751 | 159,360,000 | 0.78% |
| TAIKISHA LTD | 36,700 | JPY | 129,390,666 | 114,871,000 | 0.56% |
| TAISEI CORP. | 38,000 | JPY | 138,582,446 | 132,810,000 | 0.65% |
| TAKEDA PHARMACEUTICAL CO LTD | 28,000 | JPY | 91,417,399 | 87,836,000 | 0.43% |
| TBS HLDG INC. | 64,000 | JPY | 120,529,866 | 106,816,000 | 0.53% |
| TEIJIN LTD | 30,000 | JPY | 41,682,195 | 42,450,000 | 0.21% |
| THK CORP. | 40,000 | JPY | 100,512,227 | 110,920,000 | 0.55% |
| TOHOKU ELECTRIC POWER | 60,000 | JPY | 44,480,994 | 48,960,000 | 0.24% |
| TOKUYAMA CORP. | 55,000 | JPY | 116,077,530 | 100,540,000 | 0.49% |
| TOPPAN INC. | 18,000 | JPY | 32,077,785 | 38,808,000 | 0.19% |
| TOTO LTD | 93,000 | JPY | 442,432,382 | 491,970,000 | 2.42% |
| TOYOTA TSUSHO COR | 107,700 | JPY | 357,208,539 | 570,810,000 | 2.81% |
| TREND MICRO INC. | 93,000 | JPY | 499,433,791 | 594,270,000 | 2.92% |
| TSUMURA & CO | 95,300 | JPY | 313,224,318 | 312,107,500 | 1.53% |

|  |
| --- |
| Japan Multi Management |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Market Value (in JPY) | % Total Net Assets |
|  |
| UBE INDUSTRIES | 25,000 | JPY | 46,692,996 | 49,950,000 | 0.25% |
| USS CO LTD | 189,600 | JPY | 369,372,775 | 340,521,600 | 1.67% |
| WACOM CO LTD | 150,600 | JPY | 72,050,331 | 137,949,600 | 0.68% |
| YAMADA HLDG LTD | 680,000 | JPY | 319,963,889 | 267,240,000 | 1.31% |
| YOKOGAWA ELECTRIC | 163,300 | JPY | 272,032,275 | 338,684,200 | 1.67% |
| Total JAPANESE YEN |  |  | 18,239,861,232 | 20,054,151,660 | 98.59% |
| Total Quoted or negotiated equities |  |  | 18,239,861,232 | 20,054,151,660 | 98.59% |
| Total Transferable securities admitted to an official stock exchange or traded in an other regulated market |  |  | 18,239,861,232 | 20,054,151,660 | 98.59% |
| Total Portfolio |  |  | 18,239,861,232 | 20,054,151,660 | 98.59% |

(Content)
| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| CAYMAN ISLANDS | 15.48 % |
| CHINA | 13.85 % |
| TAIWAN, REPUBLIC OF CHINA | 12.54 % |
| SOUTH KOREA | 11.92 % |
| INDIA | 10.04 % |
| RUSSIAN FEDERATION | 5.67 % |
| MEXICO | 3.20 % |
| HONG KONG, SAR CHINA | 2.56 % |
| SOUTH AFRICA | 2.18 % |
| BRAZIL | 2.05 % |
| UNITED STATES OF AMERICA | 1.98 % |
| TURKEY | 1.95 % |
| INDONESIA | 1.92 % |
| THAILAND | 1.92 % |
| BERMUDA | 1.50 % |
| SINGAPORE | 1.32 % |
| UNITED KINGDOM | 1.18 % |
| NETHERLANDS | 0.96 % |
| HUNGARY | 0.81 % |
| LUXEMBOURG | 0.60 % |
| POLAND | 0.58 % |
| JERSEY | 0.58 % |
| GREECE | 0.48 % |
| SWEDEN | 0.46 % |
| CHILE | 0.38 % |
| AUSTRALIA | 0.26 % |
| PERU | 0.17 % |
| MALAYSIA | 0.14 % |
| CANADA | 0.13 % |
| BRITISH VIRGIN ISLANDS | 0.10 % |
| UKRAINE | 0.02 % |
| Total Portfolio | 96.93 % |

(Content)
| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPAN | 98.59 % |
| Total Portfolio | 98.59 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| BANKS | 16.45 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 11.99 % |
| IT & INTERNET | 9.36 % |
| FINANCIAL SERVICES - HOLDINGS | 7.00 % |
| TELECOMMUNICATIONS | 6.67 % |
| PHOTOGRAPHY & OPTICAL | 5.52 % |
| OIL & DERIVED | 5.11 % |
| ELECTRIC & ELECTRONIC MATERIALS | 4.27 % |
| INSURANCE COMPANIES | 3.49 % |
| CHEMICAL PRODUCTS | 3.10 % |
| RETAIL TRADING, DEPARTMENT STORES | 2.96 % |
| PHARMACOLOGY & PERSONAL CARE | 2.32 % |
| INFORMATION, TECHNOLOGY & COPIERS | 2.31 % |
| ROAD VEHICLES | 2.15 % |
| NONFERROUS METALS | 1.75 % |
| MECHANICAL CONSTRUCTION | 1.55 % |
| BUILDING MATERIALS | 1.33 % |
| AIRLIFT | 1.18 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 1.05 % |
| FOREST PRODUCTS & PAPER INDUSTRY | 0.85 % |
| FOOD & CLEANING MATERIALS | 0.80 % |
| TEXTILE & GARMENTS | 0.74 % |
| PRECIOUS METALS & STONES | 0.64 % |
| REAL ESTATE | 0.58 % |
| ENERGY SOURCES | 0.58 % |
| TOBACCO & SPIRITS | 0.58 % |
| MISCELLANEOUS CONSUMER GOODS | 0.54 % |
| PUBLISHING & BROADCASTING | 0.34 % |
| AEROSPACE INDUSTRY & DEFENCE | 0.34 % |
| ROAD & RAILWAY TRANSPORTS | 0.31 % |
| TYRES & RUBBER | 0.25 % |
| PACKAGING INDUSTRY | 0.22 % |
| SHIPPING | 0.20 % |
| LEISURES & TOURISM | 0.15 % |
| CAPITAL GOODS (MISCELLANEOUS) | 0.13 % |
| BIOTECHNOLOGY | 0.12 % |
| Total Portfolio | 96.93 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total Net Assets |
|  |
| FINANCIAL SERVICES - HOLDINGS | 12.52 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 8.19 % |
| BUILDING MATERIALS | 7.68 % |
| MECHANICAL CONSTRUCTION | 7.56 % |
| IT & INTERNET | 7.39 % |
| ROAD VEHICLES | 6.44 % |
| CHEMICAL PRODUCTS | 5.75 % |
| PHARMACOLOGY & PERSONAL CARE | 4.48 % |
| BANKS | 4.36 % |
| ELECTRIC & ELECTRONIC MATERIALS | 3.31 % |
| ROAD & RAILWAY TRANSPORTS | 3.31 % |
| CONGLOMERATES | 3.25 % |
| LEISURES & TOURISM | 2.97 % |
| PUBLISHING & BROADCASTING | 2.96 % |
| INFORMATION, TECHNOLOGY & COPIERS | 2.56 % |
| ENERGY SOURCES | 2.42 % |
| RETAIL TRADING, DEPARTMENT STORES | 1.97 % |
| FOOD & CLEANING MATERIALS | 1.64 % |
| REAL ESTATE | 1.48 % |
| NONFERROUS METALS | 1.43 % |
| TOBACCO & SPIRITS | 1.07 % |
| MISCELLANEOUS CONSUMER GOODS | 1.02 % |
| OIL & DERIVED | 0.98 % |
| OTHER SERVICES | 0.83 % |
| INSURANCE COMPANIES | 0.78 % |
| INTERMEDIATE INDUSTRY PRODUCTS | 0.71 % |
| SHIPPING | 0.69 % |
| HEALTH CARE & SERVICES | 0.46 % |
| AIRLIFT | 0.38 % |
| Total Portfolio | 98.59 % |

| Emerging Multi Management | % Total Net Assets |
| --- | --- |
|  |
| HONG KONG DOLLAR | 21.92 % |
| U.S. DOLLAR | 18.79 % |
| SOUTH KOREAN WON | 11.92 % |
| TAIWAN NEW DOLLAR | 10.50 % |
| INDIAN RUPEE | 9.32 % |
| CHINA YUAN RENMINBI | 5.91 % |
| MEXICAN PESO | 3.20 % |
| SOUTH AFRICAN RAND | 2.18 % |
| TURKISH LIRA | 1.95 % |
| INDONESIAN RUPIAH | 1.92 % |
| THAI BAHT | 1.92 % |
| BRAZILIAN REAL | 1.76 % |
| BRITISH POUND | 1.08 % |
| EURO | 0.83 % |
| HUNGARIAN FORINT | 0.81 % |
| RUSSIAN RUBLE | 0.78 % |
| POLISH ZLOTY | 0.75 % |
| SWEDISH KRONA | 0.46 % |
| CHILEAN PESO | 0.38 % |
| AUSTRALIAN DOLLAR | 0.26 % |
| MALAYSIAN RINGGIT | 0.14 % |
| CANADIAN DOLLAR | 0.13 % |
| UKRAINE HRYVNIA | 0.02 % |
| Total Portfolio | 96.93 % |

| Japan Multi Management | % Total Net Assets |
| --- | --- |
|  |
| JAPANESE YEN | 98.59 % |
| Total Portfolio | 98.59 % |

These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the currency analysis which directed the assets selection.
Emerging Multi Management
| Shares issued and outstanding at beginning of year	- A USD | 24,200.000 |
| --- | --- |
| - B | 31,736.655 |
| - B USD | 355,731.560 |
| - F | 3,900.000 |
| - Z | 4,815.173 |
| Shares issued during the year	- A USD | 662.000 |
| - B | 764.780 |
| - B USD | 2,104.000 |
| - F | 0.000 |
| - Z | 267.000 |
| Shares redeemed during the year	- A USD | 18,838.000 |
| - B | 3,999.000 |
| - B USD | 204,570.502 |
| - F | 0.000 |
| - Z | 74.000 |
| Shares issued and outstanding at end of year	- A USD | 6,024.000 |
| - B | 28,502.435 |
| - B USD | 153,265.058 |
| - F | 3,900.000 |
| - Z | 5,008.173 |

Japan Multi Management
| Shares issued and outstanding at beginning of year	- A JPY | 2,688.000 |
| --- | --- |
| - B | 21,361.830 |
| - B JPY | 7,574.627 |
| - F JPY | 1.000 |
| - Z | 737.000 |
| Shares issued during the year	- A JPY | 0.000 |
| - B | 35.000 |
| - B JPY | 108.000 |
| - F JPY | 0.000 |
| - Z | 118.000 |
| Shares redeemed during the year	- A JPY | 1,278.000 |
| - B | 8,921.000 |
| - B JPY | 4,636.110 |
| - F JPY | 0.000 |
| - Z | 15.000 |
| Shares issued and outstanding at end of year	- A JPY | 1,410.000 |
| - B | 12,475.830 |
| - B JPY | 3,046.517 |
| - F JPY | 1.000 |
| - Z | 840.000 |

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

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

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

NOTE 1 - ACCOUNTING PRINCIPLES
The Financial Statements of the SICAV have been prepared under going concern basis of accounting in accordance with the Luxembourg generally accepted legal and regulatory requirements and accounting principles, on the basis of the official Net Asset Value as at 31 December 2021, 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 31 December 2021 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 31 December 2021 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 31.12.2020 to 31.12.2021" 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	= | 130.95425 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1.13720 | USD |

NOTE 3 - TAXES AND EXPENSES PAYABLE
| Management Fees | 2,061,674.44 | EUR |
| --- | --- | --- |
| Depositary Fees | 19,956.62 | EUR |
| Subscription Tax | 21,753.60 | EUR |
| Miscellaneous Fees | 322,806.66 | EUR |
| Total | 2,426,191.32 | EUR |

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

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

Such fee is calculated on the average net assets of the relevant Sub-Fund during the quarter under review and is payable quarterly.
The remuneration of the Investment Managers is comprised in the remuneration of the Management Company.
NOTE 6 - PERFORMANCE FEES
The Management Company will receive, from the Sub-Fund Japan Multi Management and for the account of the Investment Manager ARCUS INVESTMENT LIMITED, at the end of each financial year, an annual performance fee equal to up to 25% of the outperformance of the portfolio's total net asset of the Sub-Fund compared with the benchmark MSCI Total Return JAPAN Index in JPY.
For the purpose of this calculation, the portfolio's total net asset is defined daily as the value of the assets allocated to each Investment Manager after deduction of the fees due to the respective Investment Manager. There is outperformance of the portfolio’s total net asset if there is a progression between the last reference portfolio's total net asset (the portfolio's total net asset of previous financial year or the portfolio’s total net asset determined on the initial subscription for the first financial year) adjusted by subscriptions and redemptions and the portfolio’s total net asset on the last Valuation Day of the financial year under review. If there is an under-performance of the portfolio’s total net asset for a given period or a given financial year, this under-performance will be taken into consideration as the reference portfolio's total net asset will be maintained.
| The performance fee however cannot represent more than 25% of the progression of the portfolio’s total net asset for a given period. A provision shall be created for the performance fee on each Valuation Day and it will be paid yearly. No performance fees was accrued during the year. |
| --- |
| NOTE 7 - SUBSCRIPTION TAX |
| The Fund is liable in Luxembourg to a tax of 0.05% per annum of its Net Asset, such tax being payable quarterly on the basis of the value of the aggregate net assets of the Sub-Funds at the end of the relevant calendar quarter. However, this tax is reduced to 0.01% per annum for the net assets attributable to the classes dedicated to institutional investors (share classes F, F USD, F JPY and Z). No stamp duty or other tax is payable in Luxembourg on the issue of Shares. No Luxembourg tax is payable on the realised capital appreciation of the assets of the Fund. As the SICAV is registered in Belgium, it is subject to a further tax at the annual rate of 0.0925% calculated for 2021 on the basis of the value of the shares distributed in Belgium as recorded at 31 December 2020. |
| NOTE 8 - TRANSACTIONS FEES |
| The caption "Transaction Fees" includes fees on purchases and sales of securities and derivatives as brokerage fees, bank charges, taxes and other costs. |
| NOTE 9 - ADMINISTRATION 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 10 - DEPOSITARY FEES |
| The Depositary will receive out of the assets of each Sub-Fund a fee calculated in accordance with customary banking practice in Luxembourg as an annual fee at the annual rate of 0.010% and calculated on the average net asset value of the relevant Sub-Fund during the quarter under review and payable quarterly. |
| NOTE 11 - DIVIDENDS PAID |
| The Annual General Meeting of shareholders held on 20 April 2021 decided to pay the following dividends: - a dividend of 2.74 USD per share for Emerging Multi Management Share Class A USD, ISIN Code LU1518579492;
- a dividend of 228 JPY per share for Japan Multi Management Share Class A JPY, ISIN Code LU1518583098.
 |

| Shares were listed ex-dividend as from 20 May 2021. Payments were made on 27 May 2021. |
| --- |
| NOTE 12 - EVENTS DURING THE YEAR |
| The COVID-19 (coronavirus) pandemic is still going strong and has been disrupting people's daily lives for almost two years now. This is obviously having an impact on the global economy, although finance in its specific sector is not the most disadvantaged sector. Authorities around the world have taken and continue to take strong and necessary measures to contain the spread of the virus, and to support individuals and businesses in these difficult times. NOTE 13 - SUBSEQUENT EVENTS Impact of the Russian invasion of Ukraine: The invasion of Ukraine by the Russian army is a development that is likely to disrupt global financial markets, through various channels, for some time to come. Rising commodity prices constitute one of the primary channels of risk transmission in the global economy, especially for countries that are more dependent on imports from Russia (energy, wheat, various metals). Russia is the world’s 6th largest commodities producer. The current increase in prices underscores the fact that the inflation experienced in most developed countries is non-transitory. A scenario involving stagflation, which is a combination of lower growth and high inflation, has become more likely in the coming months. Central banks, which were anticipating the exit from the monetary support put in place during the Covid crisis, will need to reassess their approach to exiting the crisis as any increase in rates to counter inflation is likely to have a significant impact on economic activity. Achieving the right balance will continue to be a challenge. Russia has become severely isolated from the rest of the world, with China as its only significant trading partner. Potential repercussions from the sanctions imposed on Russia could also have a significant impact on the European economy if Moscow decides to retaliate by cutting off the flow of gas that Germany and Italy are heavily dependent on. The ruble is no longer traded on foreign exchange markets and the Russian central bank has also been targeted by sanctions. This increases the risk of volatility for currencies, potentially not just in the short term. Equity and bond indices will drop Russian securities as these positions are no longer listed. The Russian positions that cannot be sold will consequently remain in portfolios as long as the market is closed and until it is possible to convert the ruble into another currency, which will take a long time. Corporate risks are increased and corporate profits will be affected by their dependence on commodities, among other factors. This means that the markets are likely to experience greater volatility in the coming months. Inevitably, geopolitical de-escalation will also be a lengthy process that will leave its mark for a prolonged period. |

| Overall risk determination |
| --- |
| Each Sub-Fund shall ensure that its global exposure relating to financial derivative instruments does not exceed the total net value of its portfolio. Global exposure is a measure designed to limit the leverage generated by each Sub-Fund through the use of financial derivative instruments. In order to calculate global exposure, each Sub-Fund will use the commitment approach, thereby aggregating the market value of the equivalent position of underlying assets. When using the commitment approach the maximum leverage generated by the use of financial derivative instruments will be of 100%. |
| Remuneration DEGROOF PETERCAM ASSET SERVICES S.A. |
| - General provisionsDegroof Petercam Asset Services S.A. (“DPAS”) has implemented a Remuneration Policy that is designed as not to encourage taking excessive risks. In that context, it integrates in its performance management system, risk criteria specific to the activities of the business units concerned. DPAS has implemented a series of safeguards that refrain staff from taking undue risk compared to the activity profile.
 The governance structure of the Remuneration Policy (“the Policy”) aims at preventing internal conflicts of interest. The Policy is formulated by the Remuneration Policy and approved by the Management Board. The Policy follows a defined process establishing the principles, the approval, the communication, the implementation, the review and the update of the Policy involving the Management Board, Human Resources, Internal Audit and other control functions. Performance is assessed at Group and DPAS level. Individual staff assessments are based on a weighting of financial and non-financial targets linked to the specific job scope and role. As such, the principle of individual performance assessment is based on an assessment of objectives reached as well as an appreciation of the employee’s long-term value creation. Furthermore, the performance reflects an assessment of business and interpersonal skills and is linked to the achievement of the individual. The criteria applied to establish fixed remuneration are job complexity, level of responsibility, performance and local market conditions. - MethodologyDPAS is dual-licenced as a chapter 15 Management Company under law of 17 December 2010 relating to Undertakings for Collective Investment in Transferable Securities, and as an AIFM under law of 12 July 2013 on Alternative Investment Fund Manager.
 In line with those regulations, the responsibilities of DPAS in its two roles are very similar. DPAS considers a fair assumption to state that its staff is remunerated similarly for tasks related to Undertakings for Collective Investment in Transferable Securities (“UCITS”) and Alternative Investment Funds (“AIF”). As a consequence, the remuneration, as previously mentioned, is the ratio between the assets under management ("AUM") of all the UCITS under the responsibility of DPAS and the total AUM plus the Assets Under Administration ("AUA"). On the basis of the AUM and ASA calculated on 31 December 2021, this ratio amounts to 55.45%. |

As of 31 December 2021, DPAS is Management Company for a total AuM of 33.039 billion EUR for the UCITS.
In order to assess the proportion of the remuneration of the management company's staff attributable to all the UCITS managed, the above-mentioned ratio must be applied to the annual remuneration of the staff concerned.
In order to assess the proportion of the remuneration of the management company's staff attributable to this UCITS only, the ratio resulting from the ratio between the AUM of this UCITS and the total AUM of all UCITS must be applied to the annual remuneration of the staff concerned.
- Allocated remuneration by category of staffThe table below represents the allocation of total remuneration of the employees of the Management Company based on the AuM of all UCITS, by category of staff:

| Type of staff | Number of beneficiaries (*) | Total remuneration (in EUR) | Fixed remuneration paid (in EUR) | Variable remuneration paid (in EUR) |
| --- | --- | --- | --- | --- |
| Senior Management (**) | 6 | 763,606 | 532,443 | 231,163 |
| Identified staff (***) | 2 | 170,522 | 148,343 | 22,179 |
| Other staff | 117 | 4,751,721 | 4,366,467 | 385,254 |
|  | 125 | 5,685,849 | 5,047,253 | 638,596 |

(*) No proportionality applied (**) Management Board
(***) Identified staff not already reported in Senior Management
All figures refer to the 2021 calendar year.
- Carried Interest paid by the UCITS.

No employee of the Management Company receives Carried Interest paid by any UCITS.
- Remuneration Policy review
	- 
### Results of reviews on the management company's annual review of the general principles of the compensation policy and their implementation:


The DPAS Compensation Policy was reviewed and updated in 2021. The DPAS Remuneration Policy was validated by the Board of Directors on March 2, 2021. No irregularities have been identified.
- 
### Significant change to the adopted compensation policy:

The annual review of the Remuneration Policy did not result in any significant changes to the Remuneration Policy.
| Remuneration of the Directors The remuneration of the Directors for the present financial year amounts to EUR 10,000.-. |
| --- |
| 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, 2021-12-31):
# du 1 janvier 2021 au 31 décembre 2021
|  |  |  |
| --- | --- | --- |
|  | Notes | COMBINÉ ( EN  EUR) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 14.626.612,06 |
| Intérêts reçus sur obligations | 1e | 62.974,22 |
| Intérêts sur placements |  | 9.942,91 |
| Réclamation de taxes |  | 121.286,13 |
| Autre revenu |  | 23.933,42 |
| Total Revenus |  | 14.844.748,74 |
| Charges |  |  |
| Commission de gestion | 5 | 8.220.049,34 |
| Commission de banque dépositaire | 10 | 80.977,43 |
| Taxe d'abonnement | 7 | 112.883,15 |
| Frais d'administration | 9 | 1.041.921,51 |
| Frais et commissions divers |  | 220.346,54 |
| Frais de transactions | 8 | 1.275.913,31 |
| Intérêts débiteurs |  | 14.934,89 |
| Redevance aux autorités étrangères |  | 13.918,63 |
| Total Charges |  | 10.980.944,80 |
| Plus ou moins-value nette réalisée |  | 3.863.803,94 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 83.096.217,77 |
| - sur devises |  | -1.124.140,52 |
| - sur changes à terme |  | 86.175,01 |
| Bénéfice / (Perte) net(te) réalisé€ |  | 85.922.056,20 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | -92.234.151,99 |
| Résultat des opérations |  | -6.312.095,79 |
| - Souscriptions |  | 56.390.914,80 |
| - Rachats |  | -41.150.539,48 |
| Dividendes payées | 11 | -25.093,82 |
| Variation de l'actif net |  | 8.903.185,70 |
| Total de l'actif net au début de l'exercice |  | 724.872.979,56 |
| Différence de change de l'actif net du 31.12.20 jusqu'à 31.12.21 | 1h | 40.959.273,79 |
| Total des actifs nets à la fin de l'exercice |  | 774.735.439,06 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 682.789.209,17 |
| Avoirs en banque |  | 22.108.673,20 |
| Intérêts à recevoir sur compte courant |  | 27,91 |
| Dividendes à recevoir sur actions |  | 1.118.622,63 |
| Montants à recevoir sur ventes de titres |  | 647.749,77 |
| Total des actifs |  | 706.664.282,68 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 2.177.664,84 |
| Intérêts débiteurs |  | 88,33 |
| Montants à payer sur rachats |  | 94.298,20 |
| Montants à payer sur achats de titres |  | 0,00 |
| Total Charges |  | 2.272.051,37 |
| Total des actifs nets à la fin de l'exercice |  | 704.392.231,31 |
| Nombre d'actions en circulation |  |  |
| - A USD |  | 6.024,000 |
| - B |  | 28.502,435 |
| - B USD |  | 153.265,058 |
| - F |  | 3.900,000 |
| - Z |  | 5.008,173 |
| Valeur Nette d'Inventaire par action |  |  |
| - A USD |  | 128,18 |
| - B (EUR) |  | 142,63 |
| - B USD |  | 119,34 |
| - F (EUR) |  | 154,36 |
| - Z (EUR) |  | 119.400,66 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 20.054.151.660 |
| Avoirs en banque |  | 310.809.473 |
| Intérêts à recevoir sur compte courant |  | 0 |
| Dividendes à recevoir sur actions |  | 47.571.291 |
| Montants à recevoir sur ventes de titres |  | 32.422.558 |
| Total des actifs |  | 20.444.954.982 |
| Charges |  |  |
| Taxes et frais à payer | 3 | 66.951.099 |
| Intérêts débiteurs |  | 13.769 |
| Montants à payer sur rachats |  | 4.636.125 |
| Montants à payer sur achats de titres |  | 32.733.442 |
| Total Charges |  | 104.334.435 |
| Total des actifs nets à la fin de l'exercice |  | 20.340.620.547 |
| Nombre d'actions en circulation |  |  |
| - A JPY |  | 1.410,000 |
| - B |  | 12.475,830 |
| - B JPY |  | 3.046,517 |
| - F JPY |  | 1,000 |
| - Z |  | 840,000 |
| Valeur Nette d'Inventaire par action |  |  |
| - A JPY |  | 12.362 |
| - B (EUR) |  | 189,51 |
| - B JPY |  | 22.317 |
| - F JPY |  | 25.239 |
| - Z (EUR) |  | 181.320,74 |

|  |
| --- |
| Emerging Multi Management |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 13.279.458,47 |
| Intérêts reçus sur obligations | 1e | 71.614,28 |
| Intérêts sur placements |  | 9.481,09 |
| Réclamation de taxes |  | 127.148,55 |
| Autre revenu |  | 27.217,09 |
| Total Revenus |  | 13.514.919,48 |
| Charges |  |  |
| Commission de gestion | 5 | 7.718.532,37 |
| Commission de banque dépositaire | 10 | 75.801,30 |
| Taxe d'abonnement | 7 | 106.612,48 |
| Frais d'administration | 9 | 957.995,23 |
| Frais et commissions divers |  | 225.556,54 |
| Frais de transactions | 8 | 1.329.847,89 |
| Intérêts débiteurs |  | 12.695,78 |
| Redevance aux autorités étrangères |  | 8.629,18 |
| Total Charges |  | 10.435.670,77 |
| Plus ou moins-value nette réalisée |  | 3.079.248,71 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 81.052.131,97 |
| - sur devises |  | -1.149.459,53 |
| - sur changes à terme |  | -542,30 |
| Bénéfice / (Perte) net(te) réalisé€ |  | 82.981.378,85 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1 | -108.162.992,79 |
| Résultat des opérations |  | -25.181.613,94 |
| - Souscriptions |  | 38.659.660,13 |
| - Rachats |  | -41.143.717,45 |
| Dividendes payées | 11 | -25.002,50 |
| Variation de l'actif net |  | -27.690.673,76 |
| Total de l'actif net au début de l'exercice |  | 732.082.905,07 |
| Total des actifs nets à la fin de l'exercice |  | 704.392.231,31 |

|  |
| --- |
| Japan Multi Management |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Revenus |  |  |
| Dividendes nets | 1e | 386.221.153 |
| Intérêts reçus sur obligations | 1e | 0 |
| Intérêts sur placements |  | 210.271 |
| Réclamation de taxes |  | 1.241.145 |
| Autre revenu |  | 0 |
| Total Revenus |  | 387.672.569 |
| Charges |  |  |
| Commission de gestion | 5 | 187.622.906 |
| Commission de banque dépositaire | 10 | 1.875.441 |
| Taxe d'abonnement | 7 | 2.505.570 |
| Frais d'administration | 9 | 26.126.122 |
| Frais et commissions divers |  | 2.881.356 |
| Frais de transactions | 8 | 13.947.655 |
| Intérêts débiteurs |  | 493.805 |
| Redevance aux autorités étrangères |  | 829.010 |
| Total Charges |  | 236.281.865 |
| Plus ou moins-value nette réalisée |  | 151.390.704 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 1.548.245.721 |
| - sur devises |  | -14.844.982 |
| - sur changes à terme |  | 11.347.432 |
| Bénéfice / (Perte) net(te) réalisé€ |  | 1.696.138.875 |
| Variation de la plus ou moins-value non réalisée |  |  |
| -sur investissements | 1f | 377.053.766 |
| Résultat des opérations |  | 2.073.192.641 |
| - Souscriptions |  | 2.932.777.317 |
| - Rachats |  | -650.933.811 |
| Dividendes payées | 11 | -406.980 |
| Variation de l'actif net |  | 4.354.629.167 |
| Total de l'actif net au début de l'exercice |  | 15.985.991.380 |
| Total des actifs nets à la fin de l'exercice |  | 20.340.620.547 |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| SOUTH32 LTD | 620.617 | AUD | 978.467,67 | 1.809.366,28 | 0,26% |
| Total DOLLAR AUSTRALIEN |  |  | 978.467,67 | 1.809.366,28 | 0,26% |
| DEXCO S.A. | 482.823 | BRL | 1.392.577,59 | 1.296.774,44 | 0,18% |
| LOCALIZA RENT -A- CAR S.A. | 111.356 | BRL | 1.116.599,15 | 1.059.582,00 | 0,15% |
| MAGAZINE LUIZA S.A. | 405.840 | BRL | 1.472.878,99 | 526.062,24 | 0,07% |
| NATURA & CO HLDG S.A. | 552.320 | BRL | 5.401.740,54 | 2.521.634,91 | 0,36% |
| PETROLEO BRASILEIRO S.A. | 257.622 | BRL | 1.431.208,42 | 1.315.861,85 | 0,19% |
| RAIA DROGASIL S.A. | 280.891 | BRL | 1.294.803,99 | 1.225.431,89 | 0,17% |
| SUZANO S.A. | 124.532 | BRL | 1.564.652,59 | 1.343.918,00 | 0,19% |
| WEG S.A. | 528.800 | BRL | 2.940.657,46 | 3.131.029,63 | 0,44% |
| Total BRÉSIL REAL |  |  | 16.615.118,73 | 12.420.294,96 | 1,76% |
| IAMGOLD CORP. | 299.833 | CAD | 983.103,34 | 935.205,11 | 0,13% |
| Total DOLLAR CANADIEN |  |  | 983.103,34 | 935.205,11 | 0,13% |
| BANCO DE CHILE | 34.451.848 | CLP | 3.273.268,06 | 2.691.449,26 | 0,38% |
| Total PESO DU CHILI |  |  | 3.273.268,06 | 2.691.449,26 | 0,38% |
| BEIBU GULF PORT CO LTD | 629.200 | CNY | 993.480,09 | 793.734,78 | 0,11% |
| BEIJING YANJING BREWERY CO LTD -A- | 1.133.500 | CNY | 1.341.599,29 | 1.506.383,62 | 0,21% |
| BETTER LIFE COMMERICAL CHAIN SHARE | 477.600 | CNY | 933.553,93 | 511.068,77 | 0,07% |
| BOE TECHNOLOGY GROUP CO LTD -A- | 2.848.800 | CNY | 2.841.673,25 | 2.257.272,49 | 0,32% |
| CHACHA FOOD CO LTD -A- | 143.399 | CNY | 1.378.921,14 | 1.380.581,74 | 0,20% |
| CHINA RAILWAY TIELONG CONTAINER -A- | 695.100 | CNY | 583.529,47 | 562.765,73 | 0,08% |
| CHONGQING DEPARTMENT STORE CO LTD | 198.500 | CNY | 996.530,10 | 810.398,17 | 0,12% |
| CONTEMPORARY AMPEREX TECHNOLOGY CO | 25.200 | CNY | 1.420.111,84 | 2.324.922,70 | 0,33% |
| CSG HLDG CO LTD -A- | 1.575.100 | CNY | 1.159.393,40 | 2.454.076,13 | 0,35% |
| DAQIN RAILWAY CO LTD -A- | 1.056.500 | CNY | 1.010.849,03 | 1.060.913,87 | 0,15% |
| FAW JIEFANG GROUP CO LTD | 619.112 | CNY | 1.065.966,92 | 999.574,68 | 0,14% |
| FUJIAN STAR-NET COMMUNICATION CO | 308.000 | CNY | 1.410.054,68 | 1.139.045,18 | 0,16% |
| GUANGXI LIUGONG MACHINERY CO -A- | 863.100 | CNY | 830.467,58 | 1.044.109,74 | 0,15% |
| HAN'S LASER TECHNOLOGY INDUSTRY | 321.000 | CNY | 2.361.228,25 | 2.719.752,86 | 0,39% |
| INNER MONGOLIA YILI INDUSTRIAL -A- | 250.500 | CNY | 1.649.844,46 | 1.629.549,95 | 0,23% |
| JIANGSU HENGLI HYDRAULIC CO LTD -A- | 40.499 | CNY | 495.057,22 | 519.790,40 | 0,07% |
| MLS CO LTD -A- | 540.000 | CNY | 1.217.662,22 | 1.281.927,13 | 0,18% |
| ORG TECHNOLOGY CO LTD | 1.379.600 | CNY | 1.120.877,58 | 1.515.241,57 | 0,22% |
| PING AN BANK CO LTD -A- | 1.663.900 | CNY | 5.984.804,86 | 4.302.442,55 | 0,61% |
| SHANDONG NANSHAN ALUMINUM CO LTD | 2.958.000 | CNY | 969.023,61 | 2.185.997,83 | 0,31% |
| SHANGHAI KEHUA BIO-ENGINEERING CO L | 364.700 | CNY | 1.068.144,25 | 849.181,09 | 0,12% |
| SHENZHEN HEPALINK PHARMACEUTICAL GR | 501.060 | CNY | 1.337.048,14 | 1.344.362,83 | 0,19% |
| SHENZHEN LAIBAO HI-TECH CO LTD -A- | 432.400 | CNY | 881.553,87 | 780.893,23 | 0,11% |
| TONGKUN GROUP CO LTD -A- | 456.549 | CNY | 874.269,58 | 1.517.204,08 | 0,22% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| WANHUA CHEMICAL GROUP CO LTD -A- | 102.600 | CNY | 1.787.631,11 | 1.625.920,79 | 0,23% |
| WUXI TAIJI INDUSTRY CO LTD -A- | 899.100 | CNY | 1.582.359,76 | 1.139.856,05 | 0,16% |
| XUJI ELECTRIC CO., LTD. -A- | 471.000 | CNY | 976.310,21 | 1.928.821,62 | 0,27% |
| YUNNAN COPPER CO LTD -A- | 676.500 | CNY | 1.140.809,93 | 1.419.155,09 | 0,20% |
| Total YUAN RENMINBI CHINOIS |  |  | 39.412.755,77 | 41.604.944,67 | 5,91% |
| ALPHA SERVICES & HLDG S.A. | 1.043.843 | EUR | 1.574.842,07 | 1.278.461,74 | 0,18% |
| EUROBANK HLDG S.A. | 1.033.895 | EUR | 846.103,60 | 1.048.059,44 | 0,15% |
| NATIONAL BANK OF GREECE S.A. | 326.084 | EUR | 876.457,44 | 1.087.252,23 | 0,15% |
| PROSUS N.V. | 28.890 | EUR | 2.821.599,24 | 2.415.733,15 | 0,34% |
| Total PAYS MEMBRES DE L'EURO |  |  | 6.119.002,35 | 5.829.506,56 | 0,83% |
| ANGLO AMERICAN PLC | 55.335 | GBP | 1.481.423,45 | 2.260.453,99 | 0,32% |
| GLENCORE PLC | 377.390 | GBP | 1.390.577,25 | 1.916.585,37 | 0,27% |
| POLYMETAL INTERNATIONAL PLC | 121.525 | GBP | 2.924.440,55 | 2.158.730,10 | 0,31% |
| PRUDENTIAL PLC | 71.785 | GBP | 1.522.997,52 | 1.239.190,19 | 0,18% |
| Total LIVRE DU ROYAUME-UNI |  |  | 7.319.438,77 | 7.574.959,65 | 1,08% |
| 3SBIO INC. | 1.207.414 | HKD | 1.391.903,08 | 1.006.656,12 | 0,14% |
| AGRICULTURAL BANK OF CHINA -H- | 3.369.748 | HKD | 1.511.854,84 | 1.158.360,64 | 0,16% |
| AIA GROUP LTD | 614.211 | HKD | 5.883.964,61 | 6.192.296,02 | 0,88% |
| AIA GROUP LTD | 382.400 | HKD | 3.127.506,11 | 3.855.245,18 | 0,55% |
| ALIBABA GROUP HLDG LTD | 516.640 | HKD | 11.039.890,32 | 7.879.187,87 | 1,12% |
| ALIBABA GROUP HLDG LTD | 681.027 | HKD | 15.051.463,63 | 10.386.225,76 | 1,47% |
| ALUMINUM CORPORATION OF CHINA LTD | 2.927.212 | HKD | 1.315.529,90 | 1.618.240,33 | 0,23% |
| ASM PACIFIC TECHNOLOGY | 112.700 | HKD | 1.751.399,15 | 1.217.882,53 | 0,17% |
| BANK OF CHINA LTD -H- | 2.685.922 | HKD | 1.211.242,11 | 968.080,09 | 0,14% |
| BANK OF COMMUNICATIONS CO LTD | 1.508.876 | HKD | 1.153.490,42 | 911.561,62 | 0,13% |
| BUDWEISER BREWING CO APAC LTD | 983.100 | HKD | 3.324.601,46 | 2.578.710,46 | 0,37% |
| CHINA COMMUNICATION -H- | 3.995.718 | HKD | 2.930.895,86 | 1.947.556,21 | 0,28% |
| CHINA CONSTRUCTION BANK CORP. | 1.646.897 | HKD | 1.419.698,96 | 1.140.700,87 | 0,16% |
| CHINA CONSTRUCTION BANK CORP. | 7.003.000 | HKD | 5.790.504,64 | 4.850.532,96 | 0,69% |
| CHINA GALAXY SECURITIES CO LTD | 1.657.000 | HKD | 1.158.245,18 | 952.164,74 | 0,14% |
| CHINA MENGNIU DAIRY | 84.863 | HKD | 303.390,39 | 481.118,68 | 0,07% |
| CHINA MERCHANTS BANK CO LTD -H- | 673.000 | HKD | 3.496.440,08 | 5.226.859,00 | 0,74% |
| CHINA MERCHANTS BANK CO LTD -H- | 607.000 | HKD | 4.612.265,21 | 4.714.269,56 | 0,67% |
| CHINA MINSHENG BANKING CORP. -H- | 1.178.376 | HKD | 867.191,26 | 450.413,84 | 0,06% |
| CHINA RAILWAY GROUP LTD -H- | 1.567.500 | HKD | 1.106.731,52 | 828.354,70 | 0,12% |
| CHINA VANKE CO LTD -H- | 657.500 | HKD | 2.281.034,36 | 1.529.835,07 | 0,22% |
| COSCO SHIPPING PORTS LTD | 697.685 | HKD | 758.460,02 | 605.842,35 | 0,09% |
| DONGFANG ELECTRIC CORP. -H- | 1.313.400 | HKD | 1.197.278,25 | 2.210.255,20 | 0,31% |
| DONGFENG MOTOR GP -H- | 1.018.000 | HKD | 1.133.897,10 | 846.124,67 | 0,12% |
| GREENTOWN CHINA HLDG LTD | 922.194 | HKD | 874.042,40 | 1.485.673,94 | 0,21% |
| GUANGZHOU AUTOMOBILE GROUP CO LTD | 1.420.000 | HKD | 1.421.579,86 | 1.400.639,14 | 0,20% |
| HAIER SMART HOME CO LTD -H- | 643.200 | HKD | 1.963.234,99 | 2.718.397,91 | 0,39% |
| INDUST. & COMMERC. BANK OF CHINA LTD | 2.413.909 | HKD | 1.645.585,48 | 1.362.338,86 | 0,19% |
| JD.COM INC. -A- | 57.900 | HKD | 2.523.219,11 | 2.034.888,89 | 0,29% |
| JD.COM INC. -A- | 173.300 | HKD | 6.489.697,99 | 6.090.608,71 | 0,86% |
| JIANGXI COPPER CO LTD -H- | 602.200 | HKD | 755.179,57 | 963.977,53 | 0,14% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| KUNLUN ENERGY CO LTD | 1.286.000 | HKD | 1.196.443,20 | 1.205.785,12 | 0,17% |
| MEITUAN DIANPING B | 208.600 | HKD | 7.909.321,64 | 6.030.867,53 | 0,86% |
| MINTH GROUP LTD | 330.000 | HKD | 1.555.332,87 | 1.453.959,32 | 0,21% |
| NINE DRAGONS PAPER LTD | 862.000 | HKD | 967.478,42 | 925.431,54 | 0,13% |
| PING AN INSURANCE GROUP CO -H- | 344.900 | HKD | 3.143.627,26 | 2.484.016,80 | 0,35% |
| POLY PROPERTY GROUP CO | 1.552.453 | HKD | 639.021,73 | 408.210,24 | 0,06% |
| SAMSONITE INTERNATIONAL S.A. -REG- | 1.492.583 | HKD | 3.775.883,12 | 3.032.530,95 | 0,43% |
| SHENZHEN INTERNATIONAL HLDG LTD | 1.381.216 | HKD | 2.505.584,63 | 1.435.020,79 | 0,20% |
| SINO OCEAN GROUP HLDG LTD | 1.324.104 | HKD | 606.263,87 | 309.104,31 | 0,04% |
| SITC INTERNATIONAL HLDG CO LTD | 741.247 | HKD | 2.304.886,55 | 2.681.165,55 | 0,38% |
| SUN ART RETAIL GROUP LTD | 958.642 | HKD | 1.068.380,29 | 384.868,50 | 0,05% |
| SUNNY OPTICAL TECHNOLOGY CO LTD | 90.200 | HKD | 1.532.813,75 | 2.853.061,83 | 0,41% |
| TECHTRONIC INDUSTRIES CO LTD | 347.000 | HKD | 2.592.595,33 | 6.907.688,82 | 0,98% |
| TENCENT HOLDINGS LTD | 300.068 | HKD | 13.908.495,21 | 17.581.557,78 | 2,50% |
| TENCENT HOLDINGS LTD | 267.432 | HKD | 10.393.818,05 | 15.669.352,15 | 2,22% |
| THE PEOPLE'INSURANCE CO | 2.424.037 | HKD | 1.140.623,08 | 733.774,85 | 0,10% |
| WUXI BIOLOGICS CAYMAN INC. | 350.000 | HKD | 5.114.038,66 | 4.154.856,62 | 0,59% |
| WUXI BIOLOGICS CAYMAN INC. | 293.000 | HKD | 3.179.430,93 | 3.478.208,54 | 0,49% |
| XINYI SOLAR HLDG LTD | 1.234.000 | HKD | 2.362.149,42 | 2.092.464,93 | 0,30% |
| ZOOMLION HEAVY INDUSTRIES SCIENCE & TECHNOLOGY | 1.478.300 | HKD | 675.274,20 | 931.012,78 | 0,13% |
| Total DOLLAR DE HONG KONG |  |  | 156.062.880,07 | 154.365.938,40 | 21,91% |
| GEDEON RICHTER | 113.259 | HUF | 2.515.110,30 | 3.049.024,56 | 0,43% |
| OTP BANK PLC | 51.347 | HUF | 1.984.195,03 | 2.629.940,52 | 0,37% |
| Total FORINT HONGROIS |  |  | 4.499.305,33 | 5.678.965,08 | 0,81% |
| BANK RAKYAT INDONESIA -B- | 15.115.329 | IDR | 3.454.877,23 | 4.358.812,58 | 0,62% |
| PT BANK CENTRAL ASIA TBK | 10.944.400 | IDR | 4.287.837,20 | 5.605.619,13 | 0,80% |
| PT BANK CENTRAL ASIA TBK | 5.900.800 | IDR | 2.292.787,02 | 3.022.334,47 | 0,43% |
| PT PERUSAHAAN GAS NEGARA TBK | 5.662.500 | IDR | 904.130,43 | 546.285,51 | 0,08% |
| Total RUPIAH D'INDONÉSIE |  |  | 10.939.631,88 | 13.533.051,69 | 1,92% |
| BAJAJ FINSERV LTD | 14.491 | INR | 2.107.992,16 | 3.198.226,52 | 0,45% |
| BANK OF BARODA | 1.526.919 | INR | 1.815.353,21 | 1.683.324,40 | 0,24% |
| BHARAT FORGE LTD | 314.286 | INR | 2.402.683,58 | 2.950.461,69 | 0,42% |
| CONTAINER CORP. OF INDIA LTD | 267.512 | INR | 1.917.818,15 | 2.211.583,56 | 0,31% |
| DABUR INDIA -DIS- | 354.755 | INR | 2.686.337,22 | 2.768.195,88 | 0,39% |
| HCL TECHNOLOGIES LTD DEMATERIAL | 172.450 | INR | 1.614.602,56 | 3.060.157,51 | 0,43% |
| HDFC LIFE INSURANCE CO LTD | 219.103 | INR | 2.111.082,38 | 1.914.537,04 | 0,27% |
| HERO MOTOCORP LTD | 72.873 | INR | 3.078.178,90 | 2.413.655,03 | 0,34% |
| HOUSING DEVELOPMENT FINANCE CORP. | 223.301 | INR | 5.587.284,15 | 7.769.581,33 | 1,10% |
| ICICI BANK LTD | 743.964 | INR | 5.235.899,34 | 7.407.548,88 | 1,05% |
| INDIAN OIL CORP. LTD | 1.447.758 | INR | 2.000.850,93 | 2.171.569,35 | 0,31% |
| KOTAK MAHINDRA BANK LTD | 58.718 | INR | 1.013.117,61 | 1.418.745,93 | 0,20% |
| LUPIN LTD | 101.607 | INR | 1.473.301,72 | 1.299.549,49 | 0,18% |
| MOTHERSON SUMI SYSTEMS LTD | 875.669 | INR | 2.013.272,25 | 2.630.459,14 | 0,37% |
| RELAINCE INDUSTRIES | 119.910 | INR | 3.144.662,73 | 3.820.036,15 | 0,54% |
| SBI LIFE INSURANCE CO LTD | 239.481 | INR | 2.808.567,48 | 3.853.054,08 | 0,55% |
| SHRIRAM TRANSPORT FINANCE CO LTD | 157.718 | INR | 2.410.132,45 | 2.582.109,77 | 0,37% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| STATE BANK OF INDIA | 595.180 | INR | 3.341.997,04 | 3.686.664,94 | 0,52% |
| STEEL AUTHORITY OF INDIA LTD | 1.308.034 | INR | 1.073.760,16 | 1.886.325,69 | 0,27% |
| SUN TV NETWORK LTD | 96.119 | INR | 752.118,55 | 646.649,52 | 0,09% |
| TECH MAHINDRA LTD | 181.868 | INR | 1.931.507,22 | 4.380.721,11 | 0,62% |
| TV18 BROADCAST LTD | 1.284.931 | INR | 836.112,28 | 775.255,96 | 0,11% |
| ZEE ENTERTAINMENT ENTERPRISES LTD | 265.611 | INR | 1.104.577,73 | 1.146.260,37 | 0,16% |
| Total ROUPIE DE L'INDE |  |  | 52.461.209,80 | 65.674.673,34 | 9,32% |
| GREEN CROSS CORP. | 3.063 | KRW | 441.514,64 | 561.711,00 | 0,08% |
| GS ENGINEERING & CONSTRUCTION CORP. | 40.682 | KRW | 1.257.166,99 | 1.355.210,99 | 0,19% |
| HANA FINANCIAL GROUP INC. | 69.395 | KRW | 2.621.491,50 | 2.454.729,35 | 0,35% |
| HANKOOK TIRE & TECHNOLOGY CO LTD | 31.657 | KRW | 1.422.077,68 | 1.057.230,53 | 0,15% |
| HYUNDAI DEPT STORE LTD | 17.840 | KRW | 1.456.810,52 | 1.127.052,69 | 0,16% |
| HYUNDAI ENGINEERING & CONSTRUCTION | 38.466 | KRW | 1.762.948,34 | 1.438.328,97 | 0,20% |
| KB FINANCIAL GROUP INC. | 121.004 | KRW | 5.503.419,05 | 5.598.502,17 | 0,79% |
| KB FINANCIAL GROUP INC. | 25.722 | KRW | 980.872,25 | 1.190.081,92 | 0,17% |
| KIA CORP. | 30.861 | KRW | 2.232.338,40 | 2.133.984,43 | 0,30% |
| KIA CORP. | 24.971 | KRW | 1.103.263,55 | 1.726.701,18 | 0,25% |
| KIWOOM SECURITIES CO LTD | 13.827 | KRW | 1.550.610,15 | 1.244.575,29 | 0,18% |
| LG CHEM LTD | 5.038 | KRW | 3.747.829,53 | 2.606.409,88 | 0,37% |
| LG CHEM LTD | 6.469 | KRW | 4.360.870,88 | 3.346.737,90 | 0,48% |
| LG ELECTRONICS INC. | 13.071 | KRW | 683.543,31 | 1.517.390,41 | 0,22% |
| LOTTE CHEMICAL CORP. | 4.598 | KRW | 717.821,95 | 839.340,42 | 0,12% |
| NCSOFT CORP. | 4.630 | KRW | 2.640.483,78 | 2.504.386,76 | 0,36% |
| OCI CO LTD | 15.150 | KRW | 1.115.140,59 | 1.325.425,76 | 0,19% |
| SAMSUNG ELECTRONICS CO LTD | 234.579 | KRW | 9.235.128,80 | 15.451.132,87 | 2,19% |
| SAMSUNG ELECTRONICS CO LTD | 286.777 | KRW | 11.907.225,16 | 18.889.284,77 | 2,68% |
| SAMSUNG ELECTRONICS CO LTD PFD | 61.330 | KRW | 1.873.805,44 | 3.673.350,70 | 0,52% |
| SAMSUNG ENGINEERING CO LTD | 111.406 | KRW | 1.388.305,77 | 2.146.117,51 | 0,30% |
| SAMSUNG HEAVY INDUSTRIES CO LTD | 295.558 | KRW | 1.706.624,45 | 1.409.727,63 | 0,20% |
| SAMSUNG LIFE INSURANCE CO LTD | 20.930 | KRW | 1.472.075,75 | 1.128.591,29 | 0,16% |
| SAMSUNG SDS CO LTD | 8.645 | KRW | 1.352.357,85 | 1.138.121,88 | 0,16% |
| SHINHAN FINANCIAL GROUP CO LTD | 40.007 | KRW | 1.491.967,87 | 1.238.492,10 | 0,18% |
| SK HYNIX INC. | 56.229 | KRW | 3.874.835,26 | 6.196.423,47 | 0,88% |
| SK NETWORKS CO LTD | 160.793 | KRW | 833.196,66 | 679.016,44 | 0,10% |
| Total GAGNÉ DE CORÉE DU SUD |  |  | 68.733.726,12 | 83.978.058,31 | 11,92% |
| GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV | 229.070 | MXN | 2.646.936,37 | 3.158.289,06 | 0,45% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 830.135 | MXN | 2.967.765,30 | 5.395.775,63 | 0,77% |
| GRUPO FINANCIERO BANORTE S.A.B. DE CV | 687.652 | MXN | 4.018.586,24 | 4.469.653,61 | 0,63% |
| KIMBERLY-CLARK DE MEXICO S.A.B. DE CV | 603.023 | MXN | 995.768,81 | 913.742,57 | 0,13% |
| WAL-MART DE MEXICO SAB DE CV | 1.583.547 | MXN | 4.216.168,26 | 5.887.714,68 | 0,84% |
| WAL-MART DE MEXICO SAB DE CV | 736.301 | MXN | 1.974.132,58 | 2.737.607,54 | 0,39% |
| Total PESO MEXICAIN |  |  | 16.819.357,56 | 22.562.783,09 | 3,20% |
| PRESS METAL ALUMINIUM HLDG BERHAD | 712.000 | MYR | 911.241,62 | 987.839,28 | 0,14% |
| Total RINGGIT DE MALAISIE |  |  | 911.241,62 | 987.839,28 | 0,14% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| ALLEGRO.EU S.A. | 123.118 | PLN | 1.957.321,67 | 1.187.075,05 | 0,17% |
| GRUPA LOTOS S.A. | 65.028 | PLN | 937.575,46 | 984.201,59 | 0,14% |
| PGE POLSKA GRUPA ENERGETYCZNA S.A. | 444.437 | PLN | 1.106.856,61 | 889.010,37 | 0,13% |
| POLSKI KONCERN NAFTOWY ORLEN S.A. | 93.606 | PLN | 1.661.740,23 | 1.726.553,63 | 0,25% |
| TAURON POLSKA ENERGIA S.A. | 790.357 | PLN | 612.531,42 | 520.448,85 | 0,07% |
| Total ZLOTY POLONNAIS |  |  | 6.276.025,39 | 5.307.289,49 | 0,75% |
| FEDERAL GRID CO OF UNIF ENERGY | 302.629.537 | RUB | 908.656,92 | 654.190,25 | 0,09% |
| FEDERAL HYDROGENERATING CO -R- | 117.192.567 | RUB | 1.009.683,31 | 1.159.328,62 | 0,16% |
| MOBILE TELESYSTEMS P.J.S.C. | 134.728 | RUB | 614.963,73 | 536.352,43 | 0,08% |
| ROSSETI P.J.S.C. | 55.442.041 | RUB | 896.870,47 | 824.465,40 | 0,12% |
| ROSTELECOM PUBLIC JOINT STOCK | 461.771 | RUB | 606.047,52 | 536.964,19 | 0,08% |
| SURGUTNEFTEGAZ OJSC | 3.401.722 | RUB | 1.815.465,30 | 1.804.123,17 | 0,26% |
| Total ROUBLE DE RUSSIE |  |  | 5.851.687,25 | 5.515.424,06 | 0,78% |
| EPIROC AKTIEBOLAG AK -A- | 127.781 | SEK | 2.175.078,05 | 3.234.813,25 | 0,46% |
| Total COURONNE SUÉDOISE |  |  | 2.175.078,05 | 3.234.813,25 | 0,46% |
| AIRPORTS OF THAILAND PUBLIC CO LTD | 741.600 | THB | 1.349.666,44 | 1.362.987,70 | 0,19% |
| BANPU PUBLIC CO LTD FOREIGN -REG- | 2.965.266 | THB | 934.332,69 | 947.026,00 | 0,13% |
| IRPC PUBLIC CO LTD -FOREIGN- | 10.944.267 | THB | 1.052.802,60 | 1.266.223,25 | 0,18% |
| ITALIAN-THAI DVLPT PU CO LTD -FOREIGN- | 2.863.124 | THB | 344.521,34 | 196.683,25 | 0,03% |
| PTT EXPLORATION-PROD PUBLIC NVDR | 1.048.900 | THB | 3.872.246,33 | 3.729.138,15 | 0,53% |
| PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- | 833.202 | THB | 832.025,62 | 1.474.859,18 | 0,21% |
| SIAM CEMENT PUBLIC CO LTD FOREIGN | 100.565 | THB | 1.496.075,59 | 1.169.570,87 | 0,17% |
| SIAM COMMERCIAL BANK NVDR | 667.500 | THB | 2.163.377,19 | 2.554.155,72 | 0,36% |
| THAI OIL PUBLIC CO LTD -FOREIGN- | 440.323 | THB | 266.803,70 | 656.702,92 | 0,09% |
| Total BAHT THAÏLANDAIS |  |  | 12.311.851,50 | 13.357.347,04 | 1,90% |
| ALARKO HLDG | 0 | TRY | 0,10 | 0,09 | 0,00% |
| ARCELIK A.S. | 461.125 | TRY | 1.190.068,13 | 1.680.635,78 | 0,24% |
| DOGAN SIRKETLER GRUBU HLDG AS | 1.779.060 | TRY | 470.776,97 | 368.411,23 | 0,05% |
| EMLAK KONUT GAYRIMENKUL YATIRIM ORT | 4.735.859 | TRY | 1.220.955,89 | 763.171,44 | 0,11% |
| EREGLI DEMIR VE CELIK FABRIKALARI | 1.201.852 | TRY | 1.823.055,84 | 2.548.550,34 | 0,36% |
| HACI OMER SABANCI HLDG AS | 1.040.600 | TRY | 1.456.460,08 | 1.036.700,34 | 0,15% |
| PETKIM PETROKIMYA HLDG AS | 1.856.636 | TRY | 1.032.296,87 | 1.090.513,24 | 0,15% |
| TEKFEN HLDG AS | 378.715 | TRY | 889.911,57 | 577.208,33 | 0,08% |
| TUPRAS TURKIYE PETROL RAFINELERI AS | 149.740 | TRY | 2.315.535,94 | 1.740.983,68 | 0,25% |
| TURKCELL ILETISIM HIZMET | 782.330 | TRY | 1.500.348,17 | 1.087.504,98 | 0,15% |
| TURKIYE IS BANKASI AS | 2.618.978 | TRY | 1.947.916,70 | 1.417.980,69 | 0,20% |
| TURK SISE CAM | 1 | TRY | 1,25 | 1,21 | 0,00% |
| YAPI VE KREDI BANKASI AS | 5.640.928 | TRY | 1.858.234,47 | 1.435.743,41 | 0,20% |
| Total LIRE TURQUE |  |  | 15.705.561,98 | 13.747.404,76 | 1,95% |
| ACCTON TECHNOLOGY CORP. | 525.000 | TWD | 2.932.495,45 | 4.933.669,60 | 0,70% |
| ACER INC. | 1.568.781 | TWD | 956.711,00 | 1.726.581,28 | 0,25% |
| ASE INDUSTRIAL HLDG CO LTD | 465.000 | TWD | 1.930.446,74 | 1.789.946,17 | 0,25% |
| AU OPTRONICS CORP. | 1.559.450 | TWD | 559.377,47 | 1.290.756,58 | 0,18% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| CHAILEASE HLDG CO LTD | 266.279 | TWD | 690.608,68 | 2.536.033,27 | 0,36% |
| CHENG SHIN RUBBER INDUSTRY CO LTD | 565.088 | TWD | 867.284,25 | 737.327,95 | 0,10% |
| CHIMEI INNOLUX CORP. | 2.056.610 | TWD | 709.707,59 | 1.456.952,61 | 0,21% |
| CHINA PETROCHEMICAL DEVELOPMENT | 1.959.167 | TWD | 799.519,50 | 931.182,10 | 0,13% |
| CHIPBOND TECHNOLOGY CORP. | 302.000 | TWD | 612.689,90 | 728.065,06 | 0,10% |
| DELTA ELECTRONICS INC. | 750.000 | TWD | 4.889.796,10 | 7.454.720,54 | 1,06% |
| ENNOSTAR INC. | 421.500 | TWD | 1.273.621,54 | 1.168.504,40 | 0,17% |
| EVERLIGHT ELECTRONICS CO LTD | 232.928 | TWD | 454.219,11 | 443.679,87 | 0,06% |
| HIGH TECH COMPUTER CORP. | 570.349 | TWD | 878.297,50 | 1.748.130,89 | 0,25% |
| HON HAI PRECISION INDUSTRY CO LTD | 421.000 | TWD | 1.809.361,01 | 1.582.533,26 | 0,22% |
| INTERNATIONAL CSRC INVESTMENT HLDG CO | 710.871 | TWD | 676.406,02 | 724.564,94 | 0,10% |
| INVENTEC CORP. | 1.079.000 | TWD | 890.316,28 | 973.037,11 | 0,14% |
| LANDMARK OPTOELECTRONICS CORP. | 282.000 | TWD | 2.848.857,35 | 2.002.852,99 | 0,28% |
| PEGATRON CORP. | 369.000 | TWD | 820.450,16 | 921.598,64 | 0,13% |
| PHISON ELECTRONICS CORP. | 77.000 | TWD | 1.254.220,29 | 1.424.944,98 | 0,20% |
| QISDA CORP. | 1.414.600 | TWD | 719.391,23 | 1.556.891,55 | 0,22% |
| REALTEK SEMICONDUCTOR CORP. | 145.000 | TWD | 2.435.593,41 | 3.039.718,78 | 0,43% |
| SILERGY CORP. | 5.000 | TWD | 829.635,53 | 908.120,50 | 0,13% |
| SILERGY CORP. | 17.000 | TWD | 1.024.673,17 | 3.087.609,71 | 0,44% |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 1.171.000 | TWD | 10.929.683,09 | 26.029.715,49 | 3,70% |
| WINBOND ELECTRONICS CORP. | 1.488.000 | TWD | 1.278.689,44 | 1.828.602,29 | 0,26% |
| WIN SEMICONDUCTORS CORP. | 29.000 | TWD | 390.407,46 | 392.542,99 | 0,06% |
| WISTRON CORP. | 1.244.150 | TWD | 958.450,09 | 1.310.837,07 | 0,19% |
| WIWYNN CORP. | 31.000 | TWD | 1.179.287,80 | 1.249.320,80 | 0,18% |
| Total NOUVEAU DOLLAR DE TAIWAN |  |  | 45.600.197,16 | 73.978.441,42 | 10,50% |
| RAIFFEISEN BANK AVAL JSC | 3.314.000 | UAH | 177.406,37 | 51.673,27 | 0,01% |
| Total HRYVNIA UKRAINIEN |  |  | 177.406,37 | 51.673,27 | 0,01% |
| ALIBABA GROUP HLDG LTD -ADR- | 45.684 | USD | 8.237.882,37 | 5.426.802,36 | 0,77% |
| ALROSA CJSC | 887.217 | USD | 1.002.923,24 | 1.459.933,32 | 0,21% |
| AUTOHOME INC. -ADR- | 26.209 | USD | 2.091.943,66 | 772.641,32 | 0,11% |
| BAOZUN INC-SPN ADR | 171.219 | USD | 6.126.127,21 | 2.379.944,10 | 0,34% |
| BUENAVENTURA -SP ADR- -B- | 164.200 | USD | 1.720.046,99 | 1.201.944,00 | 0,17% |
| CEMIG SPONSOREDADR | 428.578 | USD | 1.163.075,16 | 1.041.444,54 | 0,15% |
| CREDICORP LTD | 24.068 | USD | 4.333.363,46 | 2.937.980,76 | 0,42% |
| CREDICORP LTD | 28.182 | USD | 4.532.785,60 | 3.440.176,74 | 0,49% |
| EMBRAER -SP ADR- | 57.005 | USD | 1.237.657,70 | 1.011.838,75 | 0,14% |
| EPAM SYSTEMS INC. | 6.476 | USD | 1.732.951,17 | 4.328.882,20 | 0,61% |
| FREEPORT MCMORAN | 78.984 | USD | 2.805.010,41 | 3.295.212,48 | 0,47% |
| GAZPROM OAO | 573.170 | USD | 1.352.658,46 | 2.636.554,49 | 0,37% |
| GAZPROM -SP ADR- | 456.992 | USD | 3.307.334,15 | 4.199.756,48 | 0,60% |
| GAZPROM -SP ADR- | 630.555 | USD | 3.472.359,29 | 5.794.800,45 | 0,82% |
| HDFC BANK LTD -ADR- | 77.106 | USD | 3.551.225,32 | 5.017.287,42 | 0,71% |
| HUAZHU GROUP LTD -ADR- | 27.957 | USD | 1.607.445,72 | 1.043.914,38 | 0,15% |
| MAGNIT JSC | 28.997 | USD | 1.658.079,99 | 2.114.348,15 | 0,30% |
| MERCADOLIBRE INC | 1.934 | USD | 2.422.912,86 | 2.607.805,60 | 0,37% |
| MICRON TECHNOLOGY | 39.567 | USD | 3.346.675,23 | 3.685.666,05 | 0,52% |
| OIL CO LUKOIL P.J.S.C. -ADR- | 66.798 | USD | 5.083.574,36 | 5.998.460,40 | 0,85% |
| SBERBANK OF RUSSIA OJSC -ADR- | 277.650 | USD | 3.779.470,64 | 4.372.987,50 | 0,62% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| SBERBANK OF RUSSIA OJSC -ADR- | 374.037 | USD | 4.514.704,93 | 5.891.082,75 | 0,84% |
| SEA LTD-ADR | 11.304 | USD | 1.399.287,17 | 2.528.817,84 | 0,36% |
| SEVERSTAL CHEREPOVETS METAL FACT DR | 91.410 | USD | 1.439.517,87 | 1.968.971,40 | 0,28% |
| TAIWAN SEMICONDUCTOR MANUFACTERING -ADR-5 SHARE | 173.597 | USD | 7.621.052,08 | 20.885.455,07 | 2,97% |
| TRIP COM GROUP LTD-ADR | 51.675 | USD | 2.181.304,11 | 1.272.238,50 | 0,18% |
| VK CO LTD | 62.186 | USD | 1.333.599,58 | 720.735,74 | 0,10% |
| X5 RETAIL GROUP SP GDR-S | 30.884 | USD | 992.259,29 | 817.499,48 | 0,12% |
| YANDEX NV-A | 57.842 | USD | 2.489.785,81 | 3.499.441,00 | 0,50% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 86.537.013,83 | 102.352.623,27 | 14,53% |
| CAPITEC BANK HLDG LTD | 33.336 | ZAR | 1.887.260,05 | 4.260.565,82 | 0,60% |
| CLICKS GROUP LTD | 162.674 | ZAR | 3.039.554,04 | 3.216.066,40 | 0,46% |
| CLICKS GROUP LTD | 95.366 | ZAR | 1.301.868,96 | 1.885.386,65 | 0,27% |
| FIRSTRAND LTD | 403.099 | ZAR | 1.726.207,80 | 1.535.612,02 | 0,22% |
| REMGRO LTD | 146.915 | ZAR | 1.173.911,53 | 1.207.259,52 | 0,17% |
| SAPPI LTD | 525.708 | ZAR | 1.595.522,26 | 1.503.996,05 | 0,21% |
| SHOPRITE HLDG LTD | 133.705 | ZAR | 1.479.855,33 | 1.749.889,84 | 0,25% |
| Total RAND D'AFRIQUE DU SUD |  |  | 12.204.179,97 | 15.358.776,30 | 2,18% |
| Total Actions Cotées ou Négociées |  |  | 571.967.508,57 | 652.550.828,54 | 92,64% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 571.967.508,57 | 652.550.828,54 | 92,64% |
| Autres valeurs mobilières |  |  |  |  |  |
| NMC HEALTH PLC | 243.845 | GBP | 8.149.932,34 | 0,00 | 0,00% |
| Total LIVRE DU ROYAUME-UNI |  |  | 8.149.932,34 | 0,00 | 0,00% |
| BANPU PUBLIC WARRANT 21-300922 | 645.866 | THB | 0,00 | 87.957,57 | 0,01% |
| BANPU PUBLIC WARRANT 21-300923 | 645.866 | THB | 0,00 | 59.546,50 | 0,01% |
| Total BAHT THAÏLANDAIS |  |  | 0,00 | 147.504,07 | 0,02% |
| CENTERENERGO OJSC | 132.600 | UAH | 296.098,13 | 38.882,08 | 0,01% |
| MOTOR SICH JSC | 400 | UAH | 177.854,71 | 0,00 | 0,00% |
| UKRTELECOM P.J.S.C. | 6.959.300 | UAH | 523.688,05 | 23.340,09 | 0,00% |
| Total HRYVNIA UKRAINIEN |  |  | 997.640,89 | 62.222,17 | 0,01% |
| BANK OF CHANGSHA-CLSA 21-160326 | 716.500 | USD | 1.225.842,49 | 880.578,50 | 0,13% |
| BANK OF CHENGDU-CICC FINANCE 21-180324 | 776.326 | USD | 1.449.666,78 | 1.465.672,43 | 0,21% |
| CAIHONG DISPLAY -UBS A.G. WARRANT 21-231222 | 874.700 | USD | 1.017.952,24 | 935.929,00 | 0,13% |
| FOTON-CICC FINANCE 20-191023 | 2.048.500 | USD | 986.578,08 | 1.108.678,93 | 0,16% |
| HANGZHOU TIGERMED CONSULTINF -CLSA 20-210425 | 155.332 | USD | 2.672.048,74 | 3.113.629,94 | 0,44% |
| HUNDSUN TECH-CLSA 21-070926 | 363.510 | USD | 3.276.972,63 | 3.555.127,80 | 0,50% |
| JIANGSU HENGLI -UBS A.G. WARRANT 21-151222 | 67.530 | USD | 858.090,21 | 866.727,29 | 0,12% |
| JILIN SINO MICROELEC-CLSA 20-041225 | 750.996 | USD | 1.135.041,77 | 1.069.418,30 | 0,15% |
| LAIBAO-CICC FINANCE 0,00 20-090323 | 139.000 | USD | 248.740,50 | 251.710,65 | 0,04% |
| MIDEA GROUP-CLSA WARRANT 18-050623 | 6.560 | USD | 72.939,96 | 75.945,12 | 0,01% |

|  |
| --- |
| Emerging Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| MIDEA GROUP-CLSA WARRANT 20-160925 | 289.250 | USD | 3.146.867,23 | 3.348.647,25 | 0,48% |
| NARI TECH -CLSA WARRANT 18-040923 | 927.345 | USD | 2.488.312,69 | 5.841.346,16 | 0,83% |
| RIZHAO -UBS A.G. WARRANT 21-270123 | 2.616.250 | USD | 1.182.207,50 | 1.153.766,25 | 0,16% |
| SHANDONG -UBS A.G. WARRANT 21-270123 | 606.634 | USD | 683.397,47 | 661.231,06 | 0,09% |
| TIANJIN PORT -UBS LDS WARRANT 21-211122 | 846.300 | USD | 555.017,66 | 556.019,10 | 0,08% |
| TRIANGLE TY-CICC FINANCE 0,00 20-090323 | 397.100 | USD | 863.139,56 | 856.542,32 | 0,12% |
| WINBOND ELECTRONICS CORP. -GDR- | 1 | USD | 3,40 | 11,00 | 0,00% |
| XIAMEN -UBS LDS WARRANT 21-281022 | 623.757 | USD | 592.058,29 | 614.400,65 | 0,09% |
| ZHONGJI INN-CLSA 21-290426 | 551.046 | USD | 3.222.607,60 | 3.673.272,64 | 0,52% |
| Total DOLLAR DES ETATS UNIS D'AMÉRIQUE |  |  | 25.677.484,80 | 30.028.654,39 | 4,26% |
| Total Autres valeurs mobilières |  |  | 34.825.058,03 | 30.238.380,63 | 4,29% |
| Total du Portefeuille-Titres |  |  | 606.792.566,60 | 682.789.209,17 | 96,93% |

|  |
| --- |
| 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 | 63.900 | JPY | 218.002.816 | 212.467.500 | 1,04% |
| AIR WATER INC. | 85.000 | JPY | 145.484.153 | 150.960.000 | 0,74% |
| ALFRESA HLDG CORP. | 91.000 | JPY | 152.918.750 | 139.503.000 | 0,69% |
| ALPS ALPINE CO LTD | 222.000 | JPY | 274.251.693 | 240.870.000 | 1,18% |
| BANK OF KYOTO LTD | 37.000 | JPY | 188.222.583 | 197.210.000 | 0,97% |
| CANON INC. | 121.700 | JPY | 334.103.997 | 340.881.700 | 1,68% |
| COSMO ENERGY HLDG CO LTD | 89.000 | JPY | 200.769.053 | 200.072.000 | 0,98% |
| CURVES HLDG CO LTD | 82.200 | JPY | 19.687.825 | 65.266.800 | 0,32% |
| DAIICHIKOSHO CO LTD | 48.700 | JPY | 226.969.806 | 169.476.000 | 0,83% |
| DENTSU GROUP INC. | 137.600 | JPY | 564.409.570 | 564.160.000 | 2,77% |
| EAST JAPAN RAILWAY COMPANY | 58.200 | JPY | 525.446.942 | 411.648.600 | 2,02% |
| EAST JAPAN RAILWAY COMPANY | 37.000 | JPY | 289.504.064 | 261.701.000 | 1,29% |
| ELECTRIC POWER DEVELOPMENT CO LTD | 290.000 | JPY | 489.228.503 | 442.830.000 | 2,18% |
| ENEOS HLDG INC. | 480.000 | JPY | 234.227.423 | 206.544.000 | 1,02% |
| FUJI KYUKO CO LTD | 25.600 | JPY | 74.417.854 | 104.448.000 | 0,51% |
| FUJI TELEVISION NETWORK INC. | 50.000 | JPY | 66.588.489 | 55.400.000 | 0,27% |
| FUKUOKA FINANCIAL GROUP INC. | 20.300 | JPY | 41.880.949 | 40.011.300 | 0,20% |
| FURUKAWA ELECTRIC | 50.000 | JPY | 130.733.566 | 116.100.000 | 0,57% |
| H2O RETAILING CORP. | 165.000 | JPY | 133.738.595 | 133.650.000 | 0,66% |
| HAMAMATSU PHOTONICS KK | 45.800 | JPY | 192.547.006 | 336.172.000 | 1,65% |
| HISAMITSU PHARMACEUTICAL CO INC. | 42.600 | JPY | 229.362.133 | 169.335.000 | 0,83% |
| HITACHI CONSTRUCTION MACHINERY | 64.600 | JPY | 179.317.446 | 214.795.000 | 1,06% |
| HOYA CORP. | 30.100 | JPY | 256.961.529 | 515.011.000 | 2,53% |
| ICHIBANYA CO LTD | 22.000 | JPY | 99.870.151 | 102.190.000 | 0,50% |
| INFRONEER HLDG INC. | 77.000 | JPY | 63.325.721 | 80.696.000 | 0,40% |
| INPEX CORP | 450.000 | JPY | 274.716.166 | 450.900.000 | 2,22% |
| ITO EN LTD | 55.100 | JPY | 279.047.324 | 332.804.000 | 1,64% |
| JAPAN POST HLDG CO LTD | 86.000 | JPY | 76.474.265 | 77.124.800 | 0,38% |
| JAPAN POST INSURANCE CO LTD | 86.000 | JPY | 154.907.161 | 159.100.000 | 0,78% |
| J FRONT RETAILING CO LTD | 75.000 | JPY | 63.832.611 | 78.525.000 | 0,39% |
| JGC HLDG CORP. | 207.000 | JPY | 210.399.832 | 198.927.000 | 0,98% |
| JTEKT CORP. | 79.000 | JPY | 77.799.026 | 79.395.000 | 0,39% |
| KAKAKU.COM INC. | 61.200 | JPY | 158.693.568 | 187.884.000 | 0,92% |
| KAKEN PHARMACEUTICAL CO LTD | 9.000 | JPY | 38.862.972 | 37.890.000 | 0,19% |
| KAMIGUMI CO LTD | 64.000 | JPY | 128.568.150 | 139.392.000 | 0,69% |
| KAWASAKI HEAVY INDUSTRIES LTD | 45.000 | JPY | 91.366.733 | 93.510.000 | 0,46% |
| KEYENCE CORP. | 7.200 | JPY | 261.968.046 | 520.416.000 | 2,56% |
| KIRIN HLDG CO LTD | 118.000 | JPY | 249.908.896 | 217.946.000 | 1,07% |
| KOBE STEEL LTD | 250.000 | JPY | 144.614.960 | 144.250.000 | 0,71% |
| KOEI TECMO HLDG CO LTD | 96.390 | JPY | 232.907.389 | 436.164.750 | 2,14% |
| KUBOTA CORP. | 133.900 | JPY | 259.235.466 | 341.913.650 | 1,68% |
| KURARAY | 71.000 | JPY | 80.570.839 | 70.929.000 | 0,35% |
| KYUSHU RAILWAY CO | 64.000 | JPY | 155.827.640 | 153.088.000 | 0,75% |
| LINTEC CORP. | 7.000 | JPY | 17.501.370 | 18.445.000 | 0,09% |
| M3 INC. | 16.200 | JPY | 46.448.973 | 93.846.600 | 0,46% |
| MEDIPAL | 35.000 | JPY | 70.675.060 | 75.425.000 | 0,37% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| MITSUBISHI ELECTRIC CORP. | 75.000 | JPY | 113.467.799 | 109.387.500 | 0,54% |
| MITSUBISHI ESTATE | 53.000 | JPY | 92.164.191 | 84.508.500 | 0,42% |
| MITSUBISHI GAS CHEMICAL CO LTD | 20.000 | JPY | 38.898.634 | 38.960.000 | 0,19% |
| MITSUBISHI HEAVY INDUSTRIES LTD | 70.000 | JPY | 215.920.924 | 186.130.000 | 0,92% |
| MITSUBISHI MATERIALS CORP. | 147.000 | JPY | 324.292.641 | 290.325.000 | 1,43% |
| MITSUI FUDOSAN | 95.000 | JPY | 184.671.106 | 216.457.500 | 1,06% |
| MIZUHO FINANCIAL GROUP INC. | 73.120 | JPY | 120.755.089 | 106.974.560 | 0,53% |
| MODEC INC. | 72.000 | JPY | 162.913.016 | 99.144.000 | 0,49% |
| MS & AD INSURANCE GROUP HLDG | 50.000 | JPY | 158.807.024 | 177.450.000 | 0,87% |
| NGK INSULATORS | 36.000 | JPY | 68.608.855 | 69.984.000 | 0,34% |
| NGK SPARK PLUG CO. | 95.000 | JPY | 163.570.517 | 190.285.000 | 0,94% |
| NIFCO INC. | 95.400 | JPY | 293.501.706 | 344.394.000 | 1,69% |
| NIPPON SANSO HLDG CORP. | 104.200 | JPY | 183.789.787 | 261.854.600 | 1,29% |
| NISSAN MOTOR | 170.000 | JPY | 97.359.884 | 94.486.000 | 0,46% |
| NISSHIN OILLIO GROUP LTD | 17.000 | JPY | 51.834.690 | 49.283.000 | 0,24% |
| NOK CORP. | 49.000 | JPY | 70.316.459 | 61.348.000 | 0,30% |
| NSK LTD | 200.000 | JPY | 157.217.962 | 147.600.000 | 0,73% |
| OBAYASHI CORP. | 171.000 | JPY | 162.601.186 | 152.190.000 | 0,75% |
| OBIC BUSINESS CONSULTANTS CO LTD | 30.400 | JPY | 132.060.503 | 147.440.000 | 0,72% |
| ORIENTAL LAND CO LTD | 17.100 | JPY | 188.548.010 | 331.654.500 | 1,63% |
| ORIX CORP. | 231.000 | JPY | 375.861.691 | 542.272.500 | 2,67% |
| PARAMOUNT BED HLDG CO LTD | 50.600 | JPY | 116.202.669 | 98.720.600 | 0,49% |
| PIGEON CORP. | 35.100 | JPY | 152.599.280 | 77.149.800 | 0,38% |
| RICOH | 215.800 | JPY | 218.114.697 | 231.121.800 | 1,14% |
| SANRIO CO LTD | 52.100 | JPY | 110.459.544 | 130.197.900 | 0,64% |
| SAWAI GROUP HLDG CO LTD. | 18.000 | JPY | 92.774.800 | 79.110.000 | 0,39% |
| SECOM | 14.000 | JPY | 111.356.464 | 111.804.000 | 0,55% |
| SEIKAGAKU CORP. | 49.700 | JPY | 75.597.033 | 46.767.700 | 0,23% |
| SHIMIZU CORP. | 142.000 | JPY | 116.125.180 | 101.246.000 | 0,50% |
| SHIN-ETSU CHEMICAL | 21.900 | JPY | 251.740.526 | 436.248.000 | 2,14% |
| SQUARE ENIX CO LTD | 80.100 | JPY | 388.663.211 | 472.590.000 | 2,32% |
| SUBARU CORP. | 61.000 | JPY | 131.043.503 | 125.477.000 | 0,62% |
| SUMITOMO HEAVY INDUSTRIES LTD | 70.000 | JPY | 202.313.026 | 195.230.000 | 0,96% |
| SUMITOMO MITSUI CONSTRUCTION CO LTD | 368.000 | JPY | 222.177.784 | 157.504.000 | 0,77% |
| SUMITOMO MITSUI FINANCIAL GROUP INC. | 49.700 | JPY | 193.320.658 | 195.967.100 | 0,96% |
| SUMITOMO MITSUI TRUST HLDG | 98.000 | JPY | 347.210.803 | 376.614.000 | 1,85% |
| SUMITOMO SHOJI CORP. | 53.000 | JPY | 79.017.161 | 90.126.500 | 0,44% |
| SUZUKEN CO LTD | 48.000 | JPY | 160.523.751 | 159.360.000 | 0,78% |
| TAIKISHA LTD | 36.700 | JPY | 129.390.666 | 114.871.000 | 0,56% |
| TAISEI CORP. | 38.000 | JPY | 138.582.446 | 132.810.000 | 0,65% |
| TAKEDA PHARMACEUTICAL CO LTD | 28.000 | JPY | 91.417.399 | 87.836.000 | 0,43% |
| TBS HLDG INC. | 64.000 | JPY | 120.529.866 | 106.816.000 | 0,53% |
| TEIJIN LTD | 30.000 | JPY | 41.682.195 | 42.450.000 | 0,21% |
| THK CORP. | 40.000 | JPY | 100.512.227 | 110.920.000 | 0,55% |
| TOHOKU ELECTRIC POWER | 60.000 | JPY | 44.480.994 | 48.960.000 | 0,24% |
| TOKUYAMA CORP. | 55.000 | JPY | 116.077.530 | 100.540.000 | 0,49% |
| TOPPAN INC. | 18.000 | JPY | 32.077.785 | 38.808.000 | 0,19% |
| TOTO LTD | 93.000 | JPY | 442.432.382 | 491.970.000 | 2,42% |
| TOYOTA TSUSHO COR | 107.700 | JPY | 357.208.539 | 570.810.000 | 2,81% |
| TREND MICRO INC. | 93.000 | JPY | 499.433.791 | 594.270.000 | 2,92% |
| TSUMURA & CO | 95.300 | JPY | 313.224.318 | 312.107.500 | 1,53% |

|  |
| --- |
| Japan Multi Management |
|  |
| Dénomination | Quantité | Devise | Valeur d'acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| UBE INDUSTRIES | 25.000 | JPY | 46.692.996 | 49.950.000 | 0,25% |
| USS CO LTD | 189.600 | JPY | 369.372.775 | 340.521.600 | 1,67% |
| WACOM CO LTD | 150.600 | JPY | 72.050.331 | 137.949.600 | 0,68% |
| YAMADA HLDG LTD | 680.000 | JPY | 319.963.889 | 267.240.000 | 1,31% |
| YOKOGAWA ELECTRIC | 163.300 | JPY | 272.032.275 | 338.684.200 | 1,67% |
| Total YEN JAPONAIS |  |  | 18.239.861.232 | 20.054.151.660 | 98,59% |
| Total Actions Cotées ou Négociées |  |  | 18.239.861.232 | 20.054.151.660 | 98,59% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 18.239.861.232 | 20.054.151.660 | 98,59% |
| Total du Portefeuille-Titres |  |  | 18.239.861.232 | 20.054.151.660 | 98,59% |

(Content)
| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| ILES CAYMAN | 15,48 % |
| CHINE | 13,85 % |
| TAIWAN | 12,54 % |
| CORÉE DU SUD | 11,92 % |
| INDE | 10,04 % |
| RUSSIE | 5,67 % |
| MEXIQUE | 3,20 % |
| HONG KONG | 2,56 % |
| AFRIQUE DU SUD | 2,18 % |
| BRÉSIL | 2,05 % |
| ETATS-UNIS D'AMÉRIQUE | 1,98 % |
| TURQUIE | 1,95 % |
| INDONÉSIE | 1,92 % |
| THAILANDE | 1,92 % |
| BERMUDES | 1,50 % |
| SINGAPOUR | 1,32 % |
| ROYAUME-UNI | 1,18 % |
| PAYS-BAS | 0,96 % |
| HONGRIE | 0,81 % |
| LUXEMBOURG | 0,60 % |
| POLOGNE | 0,58 % |
| JERSEY | 0,58 % |
| GRÈCE | 0,48 % |
| SUÈDE | 0,46 % |
| CHILIE | 0,38 % |
| AUSTRALIE | 0,26 % |
| PÉROU | 0,17 % |
| MALAISIE | 0,14 % |
| CANADA | 0,13 % |
| ÎLES VIERGES BRITANNIQUES | 0,10 % |
| UKRAINE | 0,02 % |
| Total du Portefeuille-Titres | 96,93 % |

(Content)
| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| JAPON | 98,59 % |
| Total du Portefeuille-Titres | 98,59 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| BANQUES | 16,45 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 11,99 % |
| IT & INTERNET | 9,36 % |
| SERVICES FINANCIERS - HOLDINGS | 7,00 % |
| TELECOMMUNICATIONS | 6,67 % |
| PHOTO & OPTIQUE | 5,52 % |
| PETROLE & DERIVES | 5,11 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 4,27 % |
| COMPAGNIES D'ASSURANCE | 3,49 % |
| PRODUITS CHIMIQUES | 3,10 % |
| DISTRIBUTION | 2,96 % |
| PHARMACIE - COSMETIQUE | 2,32 % |
| INFORMATIQUE - REPRODUCTION | 2,31 % |
| VEHICULES ROUTIERS | 2,15 % |
| METAUX NON-FERREUX | 1,75 % |
| CONSTRUCTION MECANIQUE | 1,55 % |
| MATERIAUX DE CONSTRUCTION | 1,33 % |
| TRANSPORTS AERIENS | 1,18 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 1,05 % |
| PRODUITS FORESTIERS & PAPIERS | 0,85 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 0,80 % |
| TEXTILE & HABILLEMENT | 0,74 % |
| METAUX & PIERRES PRECIEUSES | 0,64 % |
| IMMOBILIER | 0,58 % |
| SOURCES D'ENERGIE | 0,58 % |
| BOISSONS & TABACS | 0,58 % |
| BIENS DE CONSOMMATION DIVERS | 0,54 % |
| DIFFUSION & EDITION | 0,34 % |
| AERONAUTIQUE & DEFENSE | 0,34 % |
| TRANSPORT & CIRCULATION | 0,31 % |
| PNEUS & CAOUTCHOUC | 0,25 % |
| INDUSTRIE DE L’EMBALLAGE | 0,22 % |
| TRANSPORTS MARITIMES | 0,20 % |
| LOISIRS & TOURISME | 0,15 % |
| DIVERS BIENS DE CAPITAUX | 0,13 % |
| BIOTECHNOLOGIE | 0,12 % |
| Total du Portefeuille-Titres | 96,93 % |

|  |  |
| --- | --- |
| Japan Multi Management | % Total de l'actif net |
|  |
| SERVICES FINANCIERS - HOLDINGS | 12,52 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 8,19 % |
| MATERIAUX DE CONSTRUCTION | 7,68 % |
| CONSTRUCTION MECANIQUE | 7,56 % |
| IT & INTERNET | 7,39 % |
| VEHICULES ROUTIERS | 6,44 % |
| PRODUITS CHIMIQUES | 5,75 % |
| PHARMACIE - COSMETIQUE | 4,48 % |
| BANQUES | 4,36 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 3,31 % |
| TRANSPORT & CIRCULATION | 3,31 % |
| SOCIETES DIVERSIFIEES | 3,25 % |
| LOISIRS & TOURISME | 2,97 % |
| DIFFUSION & EDITION | 2,96 % |
| INFORMATIQUE - REPRODUCTION | 2,56 % |
| SOURCES D'ENERGIE | 2,42 % |
| DISTRIBUTION | 1,97 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 1,64 % |
| IMMOBILIER | 1,48 % |
| METAUX NON-FERREUX | 1,43 % |
| BOISSONS & TABACS | 1,07 % |
| BIENS DE CONSOMMATION DIVERS | 1,02 % |
| PETROLE & DERIVES | 0,98 % |
| SERVICES DIVERS | 0,83 % |
| COMPAGNIES D'ASSURANCE | 0,78 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 0,71 % |
| TRANSPORTS MARITIMES | 0,69 % |
| SANTE & SERVICES | 0,46 % |
| TRANSPORTS AERIENS | 0,38 % |
| Total du Portefeuille-Titres | 98,59 % |

| Emerging Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| DOLLAR DE HONG KONG | 21,92 % |
| DOLLAR DES ETATS UNIS D'AMÉRIQUE | 18,79 % |
| GAGNÉ DE CORÉE DU SUD | 11,92 % |
| NOUVEAU DOLLAR DE TAIWAN | 10,50 % |
| ROUPIE DE L'INDE | 9,32 % |
| YUAN RENMINBI CHINOIS | 5,91 % |
| PESO MEXICAIN | 3,20 % |
| RAND D'AFRIQUE DU SUD | 2,18 % |
| LIRE TURQUE | 1,95 % |
| RUPIAH D'INDONÉSIE | 1,92 % |
| BAHT THAÏLANDAIS | 1,92 % |
| BRÉSIL REAL | 1,76 % |
| LIVRE DU ROYAUME-UNI | 1,08 % |
| PAYS MEMBRES DE L'EURO | 0,83 % |
| FORINT HONGROIS | 0,81 % |
| ROUBLE DE RUSSIE | 0,78 % |
| ZLOTY POLONNAIS | 0,75 % |
| COURONNE SUÉDOISE | 0,46 % |
| PESO DU CHILI | 0,38 % |
| DOLLAR AUSTRALIEN | 0,26 % |
| RINGGIT DE MALAISIE | 0,14 % |
| DOLLAR CANADIEN | 0,13 % |
| HRYVNIA UKRAINIEN | 0,02 % |
| Total du Portefeuille-Titres | 96,93 % |

| Japan Multi Management | % Total de l'actif net |
| --- | --- |
|  |
| YEN JAPONAIS | 98,59 % |
| Total du Portefeuille-Titres | 98,59 % |

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 émises et en circulation au début de l'exercice	- A USD | 24.200,000 |
| --- | --- |
| - B | 31.736,655 |
| - B USD | 355.731,560 |
| - F | 3.900,000 |
| - Z | 4.815,173 |
| Actions émises au cours de l'exercice	- A USD | 662,000 |
| - B | 764,780 |
| - B USD | 2.104,000 |
| - F | 0,000 |
| - Z | 267,000 |
| Actions remboursées au cours de l'exercice	- A USD | 18.838,000 |
| - B | 3.999,000 |
| - B USD | 204.570,502 |
| - F | 0,000 |
| - Z | 74,000 |
| Actions émises et en circulation à la fin de l'exercice	- A USD | 6.024,000 |
| - B | 28.502,435 |
| - B USD | 153.265,058 |
| - F | 3.900,000 |
| - Z | 5.008,173 |

Japan Multi Management
| Actions émises et en circulation au début de l'exercice	- A JPY | 2.688,000 |
| --- | --- |
| - B | 21.361,830 |
| - B JPY | 7.574,627 |
| - F JPY | 1,000 |
| - Z | 737,000 |
| Actions émises au cours de l'exercice	- A JPY | 0,000 |
| - B | 35,000 |
| - B JPY | 108,000 |
| - F JPY | 0,000 |
| - Z | 118,000 |
| Actions remboursées au cours de l'exercice	- A JPY | 1.278,000 |
| - B | 8.921,000 |
| - B JPY | 4.636,110 |
| - F JPY | 0,000 |
| - Z | 15,000 |
| Actions émises et en circulation à la fin de l'exercice	- A JPY | 1.410,000 |
| - B | 12.475,830 |
| - B JPY | 3.046,517 |
| - F JPY | 1,000 |
| - Z | 840,000 |

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

| Emerging Multi Management (USD) | 31.12.2019 31.12.2020 31.12.2021 | 644.551.626,65 732.082.905,07 704.392.231,31 | - A USD | 46.575,000 | 118,62 | USD |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 34.303,655 | 126,77 | EUR |
| - B USD | 546.263,616 | 104,73 | USD |
| - F | 3.900,000 | 135,81 | EUR |
| - F USD | 830,908 | 109,49 | USD |
| - Z | 4.936,173 | 104.000,49 | EUR |
| - A USD | 24.200,000 | 136,95 | USD |
| - B | 31.736,655 | 139,00 | EUR |
| - B USD | 355.731,560 | 125,07 | USD |
| - F | 3.900,000 | 149,56 | EUR |
| - Z | 4.815,173 | 115.107,14 | EUR |
| - A USD | 6.024,000 | 128,18 | USD |
| - B | 28.502,435 | 142,63 | EUR |
| - B USD | 153.265,058 | 119,34 | USD |
| - F | 3.900,000 | 154,36 | EUR |
| - Z | 5.008,173 | 119.400,66 | EUR |

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


### NOTE 1 - PRINCIPES ET MÉTHODES COMPTABLES
Les états financiers de la SICAV ont été préparés conformément avec les exigences légales et réglementaires et les principes comptables généralement acceptés au Luxembourg, sur la base de la Valeur nette d'inventaire officielle au 31 décembre 2021, 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 31 décembre 2021 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 31 décembre 2021 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 non attribuables à un compartiment en particulier sont réparties entre les différents compartiments au prorata de la valeur nette d’inventaire de chaque compartiment.
- Plus ou moins-values nettes non réaliséesLes variations de l'appréciation ou de la dépréciation non réalisée sur toutes les composantes de l'état de l'actif net à la fin de l'exercice sont comptabilisées dans l'état des opérations et des variations de l'actif net.
- Combiné des états financiersLes états financiers combinés du Fonds sont exprimés en Euro et sont égaux à la somme des libellés correspondants dans les états financiers de chaque compartiments, converti dans cette devise au taux de change prévalant à la date des états financiers (Note 2).
- Taux de changeLe libellé "Différence de Change entre le 31.12.20 et le 31.12.21" 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	= | 130,95425 | JPY |
| --- | --- | --- |
| 1  EUR	= | 1,13720 | USD |

NOTE 3 - TAXES ET FRAIS À PAYER
| Commission de gestion | 2.061.674,42 | EUR |
| --- | --- | --- |
| Commission de banque dépositaire | 19.956,62 | EUR |
| Taxe d'abonnement | 21.753,60 | EUR |
| Frais et commissions divers | 322.806,66 | EUR |
| Total | 2.426.191,32 | EUR |

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


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

Cette commission est calculée sur la moyenne des actifs nets du Compartiment en question au cours du trimestre sous revue et est payable trimestriellement.
La rémunération des Gestionnaires d’investissement est incluse dans la rémunération de la Société de gestion.

### NOTE 6 - COMMISSION DE PERFORMANCE
La Société de gestion percevra, de la part du compartiment Japan Multi Management et pour le compte du gestionnaire d'investissement ARCUS INVESTMENT LIMITED, à la fin de chaque exercice, une commission de performance annuelle égale à 25% maximum de la surperformance de l'actif net total du portefeuille du compartiment par rapport à l'indice de référence MSCI Total Return JAPAN Index en JPY.
| Pour les besoins de ce calcul, l'actif net total du portefeuille est défini quotidiennement comme la valeur des actifs alloués à chaque gestionnaire d'investissement après déduction des commissions dues au gestionnaire d'investissement respectif. Il y a surperformance de l'actif net total du portefeuille s'il y a une progression entre l'actif net total du dernier portefeuille de référence (l'actif net total du portefeuille de l'exercice précédent ou l'actif net total du portefeuille déterminé lors de la souscription initiale pour le premier exercice) ajusté par les souscriptions et les rachats et l'actif net total du portefeuille au dernier jour d'évaluation de l'exercice considéré. En cas de sous-performance de l'actif net total du portefeuille pour une période donnée ou un exercice donné, cette sous-performance sera prise en compte dans la mesure où l'actif net total du portefeuille de référence sera maintenu. La commission de performance ne peut cependant pas représenter plus de 25% de la progression de l'actif net total du portefeuille pour une période donnée. Une provision est constituée pour la commission de performance chaque jour d'évaluation et elle sera versée annuellement. Aucune commission de performance n'a été payée au cours de l'année. |
| --- |
| NOTE 7 - TAXE D'ABONNEMENT |
| Le Fonds est soumis au Luxembourg à une taxe au taux annuel de 0,05 % de sa Valeur nette d’inventaire payable trimestriellement et calculée sur la base de l’actif net cumulé de l’ensemble des compartiments à la fin du trimestre concerné. Toutefois, cette taxe est réduite au taux de 0,01 % par an pour les actifs nets imputables aux Classes destinées aux investisseurs institutionnels (Classes F, F USD, F JPY et Z). Aucun droit de timbre ou autre taxe n’est redevable au Luxembourg lors de l’émission d’actions. Aucun impôt luxembourgeois n'est redevable sur les plus-values de capital réalisées sur les actifs du Fonds. En outre, la SICAV étant enregistrée en Belgique, elle est de plus soumise à une taxe au taux annuel de 0,0925% calculée pour l’année 2021 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2020. |
| NOTE 8 - FRAIS DE TRANSACTIONS |
| La poste "Commissions de Transaction" inclut des honoraires sur les achats et ventes de titres et des dérivées comme des frais de courtage, des frais bancaires, des impôts (taxes) et d'autres coûts. |
| NOTE 9 - FRAIS D'ADMINISTRATION En contrepartie des services d'administration centrale, la Société de gestion versera à la Banque Degroof Petercam Luxembourg S.A. en tant qu'Agent administratif et Agent d'enregistrement, aux frais de chaque Compartiment, une commission annuelle au taux annuel de 0,125% p.a. et calculée sur la Valeur nette d'inventaire moyenne du Compartiment concerné au cours du trimestre considéré et payable trimestriellement. La Société de gestion versera en outre à la Banque Degroof Petercam Luxembourg S.A., aux frais de chaque Compartiment, une commission de EUR 2000,- par classe d'actions active. |

| NOTE 10 - 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 11 - DIVIDENDES PAYÉS |
| L'Assemblée Générale Ordinaire des actionnaires de la SICAV a décidé le 20 avril 2021 de payer les dividendes suivants : - un dividende de 2.74 USD par action A USD du compartiment Emerging Multi Management, ISIN Code LU1518579492;
- un dividende de 228 JPY par action A JPY du compartiment Japan Multi Management, ISIN Code LU1518583098.
 Les actions ont été cotées ex-dividende à partir du 20 mai 2021. Les paiements ont été effectués le 27 mai 2021. |
| NOTE 12 - EVÈNEMENTS SURVENUS PENDANT L’EXERCICE |
| La pandémie de COVID-19 (coronavirus) tend à perdurer et perturbe encore fortement la vie des gens au quotidien depuis maintenant bientôt deux années. Cela a bien évidement une incidence sur l’économie mondiale bien que la finance dans son secteur spécifique ne soit pas le secteur le plus défavorisé. Partout dans le monde, les autorités ont pris et continuent à prendre des mesures énergiques et indispensables pour contenir la diffusion du virus, et pour soutenir les particuliers et les entreprises en ces temps difficiles. |


### NOTE 13 - EVÈNEMENTS SURVENUS APRÈS LA CLÔTURE
Impact de l’invasion russe en Ukraine :
L’invasion de l’Ukraine par l’armée russe est un évènement qui perturbera les marchés financiers
mondiaux, à travers divers canaux, pendant un certain temps.
La hausse des prix des matières premières est un des premiers canaux de transmission de risque dans l’économie mondiale, et plus particulièrement pour les pays qui sont plus dépendants d’un approvisionnement en Russie (énergie, blé, différents métaux). La Russie est le 6ème plus gros producteur mondial de matières premières. L’augmentation actuelle des prix renforce le caractère non transitoire de l’inflation qui était constatée dans la plupart des pays développés. Le scénario de stagflation, combinaison d’une plus faible croissance liée à un niveau d’inflation élevé, est devenu plus probable pour les mois à venir.
Les banques centrales, qui planifiaient la sortie du support monétaire mis en place lors de la crise du Covid, doivent réévaluer leur sortie de crise car toute augmentation des taux pour contrer l’inflation risque d’avoir un impact significatif sur l’activité économique. L’équilibre restera difficile.
La Russie est fortement isolée à travers le monde, ne trouvant plus que la Chine comme partenaire
commercial significatif. D’éventuelles répercussions suite aux sanctions imposées à la Russie risquent
également d’impacter significativement l’économie européenne si Moscou décidait, en représailles, de stopper le flux de gaz dont sont fortement dépendants l’Allemagne ou l’Italie.
Le rouble n’est plus traitable sur les marchés de change et la banque centrale russe a été également mise au pilori des sanctions. Les devises ont dès lors un risque accru de volatilité, ce risque pourrait rester un certain temps. Les indices actions et obligataires vont retirer les titres russes étant donné que ces positions ne sont plus cotées. Les positions russes qui n’ont pu être vendues resteront en conséquence dans les portefeuilles aussi longtemps que la bourse sera fermée et tant qu’il ne sera pas possible de convertir le rouble dans une autre devise, ce qui prendra beaucoup de temps.
Les risques sur les sociétés sont accrus et leurs bénéfices seront influencés par leur dépendance, entre autres, aux matières premières. Les marchés sont par conséquents à risque de subir davantage de volatilité dans les mois à venir.
La désescalade géopolitique prendra également inévitablement beaucoup de temps et laissera des traces pour une longue période.

#### Détermination du risque global
Chaque compartiment de la SICAV devra veiller à ce que son exposition globale sur instruments financiers dérivés n’excède pas la valeur nette totale de son portefeuille. L’exposition globale est une mesure conçue pour limiter l’effet de levier généré au niveau de chaque compartiment par l’utilisation d’instruments financiers dérivés. La méthode utilisée pour calculer l’exposition globale de chaque compartiment de la SICAV sera celle des engagements. Cette méthode des engagements consiste à convertir les positions sur instruments financiers dérivés en positions équivalentes sur les actifs sous- jacents puis à agréger la valeur de marché de ces positions équivalentes.
Le niveau de levier maximal en instruments financiers dérivés en suivant la méthodologie des engagements sera de 100%.
| Rémunération de DEGROOF PETERCAM ASSET SERVICES S.A. |
| --- |
| 1) Généralités Degroof Petercam Asset Services S.A. ("DPAS") applique une politique de rémunération qui a été conçue de façon à ne pas encourager les prises de risque inconsidérées. À cet égard, ladite politique intègre, dans son système de gestion des performances, des critères de risque spécifiquement adaptés aux divisions concernées. DPAS a mis en place toute une série de garde-fous destinés à empêcher le personnel de prendre des risques inconsidérés par rapport au profil d’activité. La structure de gouvernance de la politique de rémunération ("la Politique") vise à éviter tout conflit d’intérêts en interne. La Politique est établie par le Comité de rémunération et approuvée par le Directoire. La Politique suit un processus rigoureux définissant les principes, l’approbation, la communication, la mise en œuvre, la révision et l’actualisation de la Politique avec l’implication du Directoire, des Ressources Humaines, de l’audit interne et des autres fonctions de contrôle. Les performances sont évaluées au niveau du Groupe et de DPAS. Les évaluations individuelles du personnel sont fondées sur la fixation d’objectifs financiers et non financiers déterminés en fonction des spécificités et de la portée de la fonction du collaborateur évalué. Par conséquent, les évaluations individuelles portent sur l’accomplissement ou non par le collaborateur des objectifs qui lui ont été assignés et à apprécier sa création de valeur à long terme. De surcroît, les performances permettent également l’évaluation des compétences commerciales et relationnelles et sont liées aux réalisations individuelles du collaborateur. Les critères pris en compte pour établir la rémunération fixe sont : la complexité des tâches, le niveau de responsabilité, les performances ainsi que les conditions du marché local. |
| 2) Méthodologie DPAS est titulaire d’une double licence, puisqu’elle exerce d’une part en qualité de société de gestion conformément au chapitre 15 de la loi du 17 décembre 2010 concernant les organismes de placement collectif, et d’autre part en qualité de gestionnaire de fonds d’investissement alternatifs en vertu de la loi du 12 juillet 2013 relative aux gestionnaires de fonds d’investissement alternatifs ("GFIA"). Dans le cadre de ces deux lois, les responsabilités incombant à DPAS pour l’exercice de ses deux métiers sont relativement similaires. DPAS estime pouvoir affirmer à bon droit que son personnel est rémunéré de la même façon pour les tâches relevant de l’administration d’organismes de placement collectif en valeurs mobilières ("OPCVM") et de fonds d’investissement alternatifs ("FIA"). |

Par conséquent, la rémunération, comme précédemment évoqué, est le rapport entre les actifs sous gestion ("ASG") de tous les OPCVM sous la responsabilité de DPAS et le total des ASG additionné des Actifs Sous Administration ("ASA"). Sur la base des ASG et ASA calculés au 31 décembre 2021, ce ratio s’élève à 55,45%.
Au 31 décembre 2021, DPAS, la société de gestion, totalisait 33,039 milliards EUR d’ASG pour les
OPCVM.
Afin d’évaluer la proportion de la rémunération du personnel de la société de gestion imputable à l’ensemble des OPCVM gérés, il convient d'appliquer le ratio susmentionné à la rémunération annuelle du personnel concerné.
Afin d’évaluer la proportion de la rémunération du personnel de la société de gestion imputable à cet OPCVM uniquement, il convient d’appliquer à la rémunération annuelle du personnel concerné le ratio découlant du rapport entre les ASG de cet OPCVM et le total des ASG de l’ensemble des OPCVM.
- 
#### Rémunération par catégorie de personnel

Le tableau ci-dessous précise, par catégorie de personnel, comment est allouée la rémunération totale des collaborateurs de la société de gestion sur la base des ASG de tous les OPCVM :
| Catégorie de personnel | Nombre de bénéficiaires (*) | Rémunération totale (en EUR) | Rémunération fixe versée (en EUR) | Rémunération variable versée (en EUR) |
| --- | --- | --- | --- | --- |
| Senior Management (**) | 6 | 763.606 | 532.443 | 231.163 |
| Personnel identifié (***) | 2 | 170.522 | 148.343 | 22.179 |
| Autre personnel | 117 | 4.751.721 | 4.366.467 | 385.254 |
|  | 125 | 5.685.849 | 5.047.253 | 638.596 |

(*) Aucun critère de proportionnalité n
’
est appliqué (**) Directoire
(***) Personnel identifié autre que celui reporté dans la catégorie Senior Management Tous les chiffres se rapportent à l
’
année civile 2021.
- 
#### Plus-values (carried interest) versées par les OPCVM

Aucun collaborateur de la société de gestion ne reçoit de plus-values en provenance d’un quelconque
OPCVM.
- 
#### Revue de la politique de rémunération
	- Résultats des examens sur la revue annuelle par la société de gestion des principes généraux de la politique de rémunération et de leur mise en oeuvre :La Politique de Rémunération de DPAS a été revue et mise à jour en 2021. La Politique de Rémunérationde DPAS a été validée par le Directoire le 2 mars 2021. Aucune irrégularité n’a été identifiée.

- 
#### Modification importante de la politique de rémunération adoptée :

La revue annuelle de la politique de rémunération n’a pas donné lieu à des modifications importante de la Politique de rémunération.

#### Rémunération des Administrateurs
La rémunération des Administrateurs pour le présent exercice s’élève à EUR 10.000.

#### Transparence des opérations de financement sur titres et de la réutilisation ("SFTR")
Conformément à l’article 13 et à la Section A de l’Annexe du Règlement EU 2015/2365 (ci-après le "Règlement"), la SICAV doit informer les investisseurs de l’utilisation qu’elle fait des opérations de financement sur titres et des contrats d’échange sur rendement global dans le rapport annuel et le rapport semestriel.
A la date des états financiers, la SICAV n’est pas concernée par les exigences de publications SFTR. Aucune opération correspondante n’a été réalisée au cours de la période de référence des états financiers.