# from 1 January 2020 to the 31 December 2020
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Interest on bonds, net of taxes | 1g | 23,151,227.39 |
| Interest on cash accounts |  | 2,696.99 |
| Other income | 10 | 1,154,161.80 |
| Total Income |  | 24,308,086.18 |
| Expenses |  |  |
| Management Fee | 4 | 3,015,664.81 |
| Depositary fees |  | 147,026.59 |
| Subscription tax | 5 | 251,784.73 |
| Administration fees |  | 1,729,925.96 |
| Miscellaneous fees |  | 295,381.77 |
| Transaction fees |  | 225,571.75 |
| Interest on SWAP | 1g,8 | 1,707,908.88 |
| Overdraft interest |  | 143,201.01 |
| Taxes paid to foreign authorities |  | 48,616.19 |
| Total Expenses |  | 7,565,081.69 |
| Net Profit / (Loss) |  | 16,743,004.49 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 7,443,041.29 |
| - on currencies |  | 151,532.06 |
| - on forward exchange contracts |  | -874,856.87 |
| - on futures |  | -2,031,782.93 |
| Total Net Realised Profit / (Loss) |  | 21,430,938.04 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 14,466,415.65 |
| - on forward exchange contracts |  | -903,605.06 |
| - on futures |  | -379,259.63 |
| - sur SWAP |  | 555,333.14 |
| Result of operations |  | 35,169,822.14 |
| - Subscriptions |  | 618,406,217.70 |
| - Redemptions |  | -656,007,826.97 |
| Dividends paid | 11 | -760,645.85 |
| Net changes in Net Assets |  | -3,192,432.98 |
| Net assets at the beginning of the year |  | 1,452,592,587.70 |
| Net assets at the end of the year |  | 1,449,400,154.72 |

|  |
| --- |
| EMU Quants |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 12,877,395.52 |
| Cash at banks |  | 90,523.43 |
| Interest receivable on bonds |  | 175,772.09 |
| Amounts receivable on subscriptions |  | 0.00 |
| Futures guaranty deposit | 6 | 0.00 |
| Collateral on OTC derivatives | 7,8 | 0.00 |
| Total Assets |  | 13,143,691.04 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 19,129.59 |
| Overdraft interest |  | 17.88 |
| Amounts payable on redemptions |  | 0.00 |
| Amounts payable on purchases of investments |  | 0.00 |
| Unrealised Loss on Forward Exchange Contracts | 7 | 0.00 |
| Unrealised Loss on SWAP | 8 | 0.00 |
| Total Liabilities |  | 19,147.47 |
| Net assets at the end of the year |  | 13,124,543.57 |
| Number of Shares Outstanding (at the end of the exercice) |  |  |
| - A |  | 13,870.714 |
| - B |  | 36,175.117 |
| - F |  | 1,950.000 |
| - N |  | 847.862 |
| Net Asset Value per Share (at the end of the exercice) |  |  |
| - A |  | 85.93 |
| - B |  | 305.61 |
| - F |  | 316.07 |
| - N |  | 307.48 |

|  |
| --- |
| Corporate EUR |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 901,881,919.50 |
| Cash at banks |  | 4,466,350.27 |
| Interest receivable on bonds |  | 6,259,122.11 |
| Amounts receivable on subscriptions |  | 2,714,245.80 |
| Futures guaranty deposit | 6 | 0.00 |
| Collateral on OTC derivatives | 7,8 | 0.00 |
| Total Assets |  | 915,321,637.68 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 856,578.22 |
| Overdraft interest |  | 1,340.50 |
| Amounts payable on redemptions |  | 79,770.60 |
| Amounts payable on purchases of investments |  | 0.00 |
| Unrealised Loss on Forward Exchange Contracts | 7 | 0.00 |
| Unrealised Loss on SWAP | 8 | 0.00 |
| Total Liabilities |  | 937,689.32 |
| Net assets at the end of the year |  | 914,383,948.36 |
| Number of Shares Outstanding (at the end of the exercice) |  |  |
| - A |  | 32,775.308 |
| - B |  | 136,255.144 |
| - E |  | 100,000.000 |
| - F |  | 3,172,516.921 |
| - J |  | 4,907.000 |
| - M |  | 158,137.798 |
| - N |  | 15,230.096 |
| - P |  | 2,627.000 |
| - V |  | 294.000 |
| - W |  | 1,745.833 |
| Net Asset Value per Share (at the end of the exercice) |  |  |
| - A |  | 82.94 |
| - B |  | 196.97 |
| - E |  | 123.35 |
| - F |  | 204.57 |
| - J |  | 27,424.90 |
| - M |  | 83.55 |
| - N |  | 198.40 |
| - P |  | 27,527.46 |
| - V |  | 83.01 |
| - W |  | 197.59 |

|  |
| --- |
| EUR Selection |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 178,473,750.42 |
| Cash at banks |  | 8,389,673.37 |
| Interest receivable on bonds |  | 1,609,838.42 |
| Amounts receivable on subscriptions |  | 28,126.28 |
| Futures guaranty deposit | 6 | 0.00 |
| Collateral on OTC derivatives | 7,8 | 0.00 |
| Total Assets |  | 188,501,388.49 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 156,673.50 |
| Overdraft interest |  | 4,907.60 |
| Amounts payable on redemptions |  | 0.00 |
| Amounts payable on purchases of investments |  | 0.00 |
| Unrealised Loss on Forward Exchange Contracts | 7 | 0.00 |
| Unrealised Loss on SWAP | 8 | 0.00 |
| Total Liabilities |  | 161,581.10 |
| Net assets at the end of the year |  | 188,339,807.39 |
| Number of Shares Outstanding (at the end of the exercice) |  |  |
| - A |  | 9,223.000 |
| - B |  | 12,816.827 |
| - F |  | 687,390.837 |
| - J |  | 435.578 |
| - M |  | 171,598.845 |
| - P |  | 611.000 |
| - V |  | 176.000 |
| - W |  | 11,607.912 |
| Net Asset Value per Share (at the end of the exercice) |  |  |
| - A |  | 153.66 |
| - B |  | 155.47 |
| - F |  | 182.92 |
| - J |  | 29,417.57 |
| - M |  | 154.53 |
| - P |  | 29,503.59 |
| - V |  | 153.77 |
| - W |  | 155.83 |

|  |
| --- |
| EUR Inflation-Linked |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 36,206,876.25 |
| Cash at banks |  | 1,556,957.43 |
| Interest receivable on bonds |  | 104,359.84 |
| Amounts receivable on subscriptions |  | 0.00 |
| Futures guaranty deposit | 6 | 0.00 |
| Collateral on OTC derivatives | 7,8 | 0.00 |
| Total Assets |  | 37,868,193.52 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 36,033.53 |
| Overdraft interest |  | 504.27 |
| Amounts payable on redemptions |  | 0.00 |
| Amounts payable on purchases of investments |  | 122,102.36 |
| Unrealised Loss on Forward Exchange Contracts | 7 | 0.00 |
| Unrealised Loss on SWAP | 8 | 0.00 |
| Total Liabilities |  | 158,640.16 |
| Net assets at the end of the year |  | 37,709,553.36 |
| Number of Shares Outstanding (at the end of the exercice) |  |  |
| - A |  | 277.000 |
| - B |  | 3,536.620 |
| - F |  | 158,903.773 |
| - M |  | 540.904 |
| - N |  | 10.000 |
| - P |  | 47.000 |
| - V |  | 10.000 |
| - W |  | 571.147 |
| Net Asset Value per Share (at the end of the exercice) |  |  |
| - A |  | 2,417.81 |
| - B |  | 2,594.24 |
| - F |  | 149.70 |
| - M |  | 2,432.04 |
| - N |  | 2,606.98 |
| - P |  | 26,101.97 |
| - V |  | 2,419.48 |
| - W |  | 2,600.55 |

|  |
| --- |
| Credit Duration Hedged EUR |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 78,791,855.00 |
| Cash at banks |  | 351,833.04 |
| Interest receivable on bonds |  | 774,147.76 |
| Amounts receivable on subscriptions |  | 0.00 |
| Futures guaranty deposit | 6 | 0.00 |
| Collateral on OTC derivatives | 7,8 | 3,530,000.00 |
| Total Assets |  | 83,447,835.80 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 104,566.23 |
| Overdraft interest |  | 402.87 |
| Amounts payable on redemptions |  | 0.00 |
| Amounts payable on purchases of investments |  | 0.00 |
| Unrealised Loss on Forward Exchange Contracts | 7 | 0.00 |
| Unrealised Loss on SWAP | 8 | 3,539,588.16 |
| Total Liabilities |  | 3,644,557.26 |
| Net assets at the end of the year |  | 79,803,278.54 |
| Number of Shares Outstanding (at the end of the exercice) |  |  |
| - A |  | 321,659.690 |
| - B |  | 48,954.895 |
| - F |  | 324,026.524 |
| - J |  | 151.015 |
| - M |  | 4,764.254 |
| - N |  | 28,522.214 |
| - W |  | 77.000 |
| Net Asset Value per Share (at the end of the exercice) |  |  |
| - A |  | 95.74 |
| - B |  | 109.64 |
| - F |  | 111.84 |
| - J |  | 25,052.86 |
| - M |  | 96.43 |
| - N |  | 110.45 |
| - W |  | 109.93 |

|  |
| --- |
| Government Global |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 175,744,415.61 |
| Cash at banks |  | 6,122,347.41 |
| Interest receivable on bonds |  | 836,943.29 |
| Amounts receivable on subscriptions |  | 0.00 |
| Futures guaranty deposit | 6 | 466,275.40 |
| Collateral on OTC derivatives | 7,8 | 1,280,000.00 |
| Total Assets |  | 184,449,981.71 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 119,425.38 |
| Overdraft interest |  | 1,785.52 |
| Amounts payable on redemptions |  | 0.00 |
| Amounts payable on purchases of investments |  | 0.00 |
| Unrealised Loss on Forward Exchange Contracts | 7 | 1,454,338.96 |
| Unrealised Loss on SWAP | 8 | 0.00 |
| Total Liabilities |  | 1,575,549.86 |
| Net assets at the end of the year |  | 182,874,431.85 |
| Number of Shares Outstanding (at the end of the exercice) |  |  |
| - A |  | 120.000 |
| - A EUR Hedged |  | 17,550.000 |
| - B |  | 9,753.340 |
| - B EUR Hedged |  | 0.000 |
| - F |  | 338,457.508 |
| - F EUR Hedged |  | 153,260.000 |
| - J |  | 3,033.000 |
| - M EUR Hedged |  | 89,656.919 |
| - P |  | 1,143.000 |
| - P EUR Hedged |  | 105.397 |
| Net Asset Value per Share (at the end of the exercice) |  |  |
| - A |  | 105.81 |
| - A EUR Hedged |  | 104.60 |
| - B |  | 108.06 |
| - B EUR Hedged |  | 0.00 |
| - F |  | 109.00 |
| - F EUR Hedged |  | 109.18 |
| - J |  | 27,369.38 |
| - M EUR Hedged |  | 104.45 |
| - P |  | 27,448.98 |
| - P EUR Hedged |  | 24,630.62 |

|  |
| --- |
| Corporate High Yield EUR 2023 |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 32,414,568.23 |
| Cash at banks |  | 387,542.50 |
| Interest receivable on bonds |  | 391,293.27 |
| Amounts receivable on subscriptions |  | 0.00 |
| Futures guaranty deposit | 6 | 0.00 |
| Collateral on OTC derivatives | 7,8 | 0.00 |
| Total Assets |  | 33,193,404.00 |
| Liabilities |  |  |
| Taxes and Expenses payable | 2 | 28,686.24 |
| Overdraft interest |  | 126.11 |
| Amounts payable on redemptions |  | 0.00 |
| Amounts payable on purchases of investments |  | 0.00 |
| Unrealised Loss on Forward Exchange Contracts | 7 | 0.00 |
| Unrealised Loss on SWAP | 8 | 0.00 |
| Total Liabilities |  | 28,812.35 |
| Net assets at the end of the year |  | 33,164,591.65 |
| Number of Shares Outstanding (at the end of the exercice) |  |  |
| - A |  | 209,797.782 |
| - B |  | 37,316.985 |
| - E |  | 56,820.000 |
| - M |  | 25,096.558 |
| - P |  | 56.000 |
| - W |  |  |
| Net Asset Value per Share (at the end of the exercice) |  |  |
| - A |  | 95.43 |
| - B |  | 100.85 |
| - E |  | 96.22 |
| - M |  | 98.79 |
| - P |  | 25,595.16 |
| - W |  |  |

|  |
| --- |
| EMU Quants |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Interest on bonds, net of taxes | 1g | 414,145.56 |
| Interest on cash accounts |  | 0.00 |
| Other income | 10 | 3,200.00 |
| Total Income |  | 417,345.56 |
| Expenses |  |  |
| Management Fee | 4 | 57,771.49 |
| Depositary fees |  | 1,540.79 |
| Subscription tax | 5 | 12,121.02 |
| Administration fees |  | 39,023.27 |
| Miscellaneous fees |  | 9,996.80 |
| Transaction fees |  | 2,865.02 |
| Interest on SWAP | 1g,8 | 0.00 |
| Overdraft interest |  | 329.70 |
| Taxes paid to foreign authorities |  | 4,298.69 |
| Total Expenses |  | 127,946.78 |
| Net Profit / (Loss) |  | 289,398.78 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | -9,721.35 |
| - on currencies |  | 0.00 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | -118,300.00 |
| Total Net Realised Profit / (Loss) |  | 161,377.43 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 279,394.40 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 16,800.00 |
| - sur SWAP |  | 0.00 |
| Result of operations |  | 457,571.83 |
| - Subscriptions |  | 210,065.02 |
| - Redemptions |  | -4,975,394.98 |
| Dividends paid | 11 | -1,387.07 |
| Net changes in Net Assets |  | -4,309,145.20 |
| Net assets at the beginning of the year |  | 17,433,688.77 |
| Net assets at the end of the year |  | 13,124,543.57 |

|  |
| --- |
| Corporate EUR |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Interest on bonds, net of taxes | 1g | 12,306,604.44 |
| Interest on cash accounts |  | 0.00 |
| Other income | 10 | 724,528.19 |
| Total Income |  | 13,031,132.63 |
| Expenses |  |  |
| Management Fee | 4 | 1,893,601.93 |
| Depositary fees |  | 89,210.63 |
| Subscription tax | 5 | 112,104.08 |
| Administration fees |  | 927,790.83 |
| Miscellaneous fees |  | 161,511.43 |
| Transaction fees |  | 123,498.32 |
| Interest on SWAP | 1g,8 | 0.00 |
| Overdraft interest |  | 74,633.60 |
| Taxes paid to foreign authorities |  | 12,998.54 |
| Total Expenses |  | 3,395,349.36 |
| Net Profit / (Loss) |  | 9,635,783.27 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 419,613.74 |
| - on currencies |  | 0.00 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 0.00 |
| Total Net Realised Profit / (Loss) |  | 10,055,397.01 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 14,213,285.55 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 0.00 |
| - sur SWAP |  | 0.00 |
| Result of operations |  | 24,268,682.56 |
| - Subscriptions |  | 405,003,811.38 |
| - Redemptions |  | -325,477,277.74 |
| Dividends paid | 11 | -75,162.81 |
| Net changes in Net Assets |  | 103,720,053.39 |
| Net assets at the beginning of the year |  | 810,663,894.97 |
| Net assets at the end of the year |  | 914,383,948.36 |

|  |
| --- |
| EUR Selection |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Interest on bonds, net of taxes | 1g | 3,922,013.79 |
| Interest on cash accounts |  | 103.63 |
| Other income | 10 | 63,449.89 |
| Total Income |  | 3,985,567.31 |
| Expenses |  |  |
| Management Fee | 4 | 330,112.81 |
| Depositary fees |  | 19,027.40 |
| Subscription tax | 5 | 28,919.27 |
| Administration fees |  | 236,954.45 |
| Miscellaneous fees |  | 38,319.07 |
| Transaction fees |  | 9,026.27 |
| Interest on SWAP | 1g,8 | 0.00 |
| Overdraft interest |  | 26,514.13 |
| Taxes paid to foreign authorities |  | 6,042.06 |
| Total Expenses |  | 694,915.46 |
| Net Profit / (Loss) |  | 3,290,651.85 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | -354,999.69 |
| - on currencies |  | 0.00 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 0.00 |
| Total Net Realised Profit / (Loss) |  | 2,935,652.16 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 4,785,454.64 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 0.00 |
| - sur SWAP |  | 0.00 |
| Result of operations |  | 7,721,106.80 |
| - Subscriptions |  | 52,330,187.37 |
| - Redemptions |  | -73,592,353.33 |
| Dividends paid | 11 | -23,089.78 |
| Net changes in Net Assets |  | -13,564,148.94 |
| Net assets at the beginning of the year |  | 201,903,956.33 |
| Net assets at the end of the year |  | 188,339,807.39 |

|  |
| --- |
| EUR Inflation-Linked |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Interest on bonds, net of taxes | 1g | 288,961.11 |
| Interest on cash accounts |  | 0.00 |
| Other income | 10 | 18,114.04 |
| Total Income |  | 307,075.15 |
| Expenses |  |  |
| Management Fee | 4 | 72,235.06 |
| Depositary fees |  | 2,988.51 |
| Subscription tax | 5 | 10,265.15 |
| Administration fees |  | 72,007.49 |
| Miscellaneous fees |  | 10,608.55 |
| Transaction fees |  | 6,712.29 |
| Interest on SWAP | 1g,8 | 0.00 |
| Overdraft interest |  | 5,007.08 |
| Taxes paid to foreign authorities |  | 6,648.06 |
| Total Expenses |  | 186,472.19 |
| Net Profit / (Loss) |  | 120,602.96 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | -169,683.85 |
| - on currencies |  | 0.00 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | -14,650.00 |
| Total Net Realised Profit / (Loss) |  | -63,730.89 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 1,213,559.34 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | -3,080.00 |
| - sur SWAP |  | 0.00 |
| Result of operations |  | 1,146,748.45 |
| - Subscriptions |  | 23,397,504.91 |
| - Redemptions |  | -8,322,582.32 |
| Dividends paid | 11 | -24,772.74 |
| Net changes in Net Assets |  | 16,196,898.30 |
| Net assets at the beginning of the year |  | 21,512,655.06 |
| Net assets at the end of the year |  | 37,709,553.36 |

|  |
| --- |
| Credit Duration Hedged EUR |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Interest on bonds, net of taxes | 1g | 2,078,480.75 |
| Interest on cash accounts |  | 37.28 |
| Other income | 10 | 101,897.29 |
| Total Income |  | 2,180,415.32 |
| Expenses |  |  |
| Management Fee | 4 | 365,296.47 |
| Depositary fees |  | 10,774.95 |
| Subscription tax | 5 | 35,998.22 |
| Administration fees |  | 155,295.90 |
| Miscellaneous fees |  | 23,763.06 |
| Transaction fees |  | 20,697.80 |
| Interest on SWAP | 1g,8 | 1,707,908.88 |
| Overdraft interest |  | 5,584.43 |
| Taxes paid to foreign authorities |  | 5,886.79 |
| Total Expenses |  | 2,331,206.50 |
| Net Profit / (Loss) |  | -150,791.18 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | -1,762,063.61 |
| - on currencies |  | -1,066.80 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 0.00 |
| Total Net Realised Profit / (Loss) |  | -1,913,921.59 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -1,151,311.09 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 0.00 |
| - sur SWAP |  | 555,333.14 |
| Result of operations |  | -2,509,899.54 |
| - Subscriptions |  | 5,854,757.64 |
| - Redemptions |  | -58,615,335.57 |
| Dividends paid | 11 | -242,012.28 |
| Net changes in Net Assets |  | -55,512,489.75 |
| Net assets at the beginning of the year |  | 135,315,768.29 |
| Net assets at the end of the year |  | 79,803,278.54 |

|  |
| --- |
| Government Global |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Interest on bonds, net of taxes | 1g | 3,200,080.89 |
| Interest on cash accounts |  | 2,556.08 |
| Other income | 10 | 195,198.07 |
| Total Income |  | 3,397,835.04 |
| Expenses |  |  |
| Management Fee | 4 | 247,996.11 |
| Depositary fees |  | 20,474.39 |
| Subscription tax | 5 | 27,391.65 |
| Administration fees |  | 247,967.57 |
| Miscellaneous fees |  | 40,961.81 |
| Transaction fees |  | 52,529.71 |
| Interest on SWAP | 1g,8 | 0.00 |
| Overdraft interest |  | 28,748.14 |
| Taxes paid to foreign authorities |  | 5,801.46 |
| Total Expenses |  | 671,870.84 |
| Net Profit / (Loss) |  | 2,725,964.20 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 9,894,168.69 |
| - on currencies |  | 152,598.86 |
| - on forward exchange contracts |  | -874,856.87 |
| - on futures |  | -1,898,832.93 |
| Total Net Realised Profit / (Loss) |  | 9,999,041.95 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -4,889,604.05 |
| - on forward exchange contracts |  | -903,605.06 |
| - on futures |  | -392,979.63 |
| - sur SWAP |  | 0.00 |
| Result of operations |  | 3,812,853.21 |
| - Subscriptions |  | 119,265,033.38 |
| - Redemptions |  | -180,977,370.10 |
| Dividends paid | 11 | -1,822.35 |
| Net changes in Net Assets |  | -57,901,305.86 |
| Net assets at the beginning of the year |  | 240,775,737.71 |
| Net assets at the end of the year |  | 182,874,431.85 |

|  |
| --- |
| Corporate High Yield EUR 2023 |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Interest on bonds, net of taxes | 1g | 940,940.85 |
| Interest on cash accounts |  | 0.00 |
| Other income | 10 | 47,774.32 |
| Total Income |  | 988,715.17 |
| Expenses |  |  |
| Management Fee | 4 | 48,650.94 |
| Depositary fees |  | 3,009.92 |
| Subscription tax | 5 | 24,985.34 |
| Administration fees |  | 50,886.45 |
| Miscellaneous fees |  | 10,221.05 |
| Transaction fees |  | 10,242.34 |
| Interest on SWAP | 1g,8 | 0.00 |
| Overdraft interest |  | 2,383.93 |
| Taxes paid to foreign authorities |  | 6,940.59 |
| Total Expenses |  | 157,320.56 |
| Net Profit / (Loss) |  | 831,394.61 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | -574,272.64 |
| - on currencies |  | 0.00 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 0.00 |
| Total Net Realised Profit / (Loss) |  | 257,121.97 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | 15,636.86 |
| - on forward exchange contracts |  | 0.00 |
| - on futures |  | 0.00 |
| - sur SWAP |  | 0.00 |
| Result of operations |  | 272,758.83 |
| - Subscriptions |  | 12,344,858.00 |
| - Redemptions |  | -4,047,512.93 |
| Dividends paid | 11 | -392,398.82 |
| Net changes in Net Assets |  | 8,177,705.08 |
| Net assets at the beginning of the year |  | 24,986,886.57 |
| Net assets at the end of the year |  | 33,164,591.65 |

|  |
| --- |
| EMU Quants |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| AUSTRIA 1,50 16-200247 | 140,000 | EUR | 167,303.50 | 193,782.40 | 1.48% |
| AUSTRIA 6,25 97-150727 | 170,000 | EUR | 216,075.59 | 248,167.70 | 1.89% |
| BELGIUM OLO 4,00 12-280332 | 350,000 | EUR | 531,923.00 | 522,252.50 | 3.98% |
| BELGIUM OLO 5,00 02-280335 | 150,000 | EUR | 174,983.24 | 261,807.00 | 1.99% |
| FINLAND 2,75 12-040728 | 150,000 | EUR | 189,271.50 | 188,469.00 | 1.44% |
| FRANCE OAT 0,75 17-251128 | 100,000 | EUR | 101,843.20 | 110,074.00 | 0.84% |
| FRANCE OAT 3,75 05-250421 | 720,000 | EUR | 825,379.62 | 729,838.80 | 5.56% |
| FRANCE OAT 4,00 04-250455 | 140,000 | EUR | 232,437.80 | 303,792.30 | 2.31% |
| FRANCE OAT 4,25 07-251023 | 570,000 | EUR | 609,060.46 | 650,871.60 | 4.96% |
| FRANCE OAT 4,50 09-250441 | 420,000 | EUR | 659,807.40 | 796,084.80 | 6.07% |
| FRANCE OAT 4,75 04-250435 | 420,000 | EUR | 497,957.58 | 720,306.30 | 5.49% |
| GERMANY 0,50 16-150226 | 350,000 | EUR | 368,186.87 | 372,832.25 | 2.84% |
| GERMANY 1,75 14-150224 | 380,000 | EUR | 435,311.96 | 410,232.80 | 3.13% |
| GERMANY 2,00 11-040122 | 330,000 | EUR | 371,958.23 | 339,208.65 | 2.58% |
| GERMANY 2,50 12-040744 | 270,000 | EUR | 302,586.30 | 453,605.40 | 3.46% |
| GERMANY 4,00 05-040137 | 200,000 | EUR | 322,038.00 | 346,595.00 | 2.64% |
| GERMANY 5,625 98-040128 | 110,000 | EUR | 159,250.10 | 160,434.45 | 1.22% |
| IRELAND 1,35 18-180331 | 10,000 | EUR | 10,348.40 | 11,732.30 | 0.09% |
| IRISH TREASURY 1,50 19-150550 | 50,000 | EUR | 62,453.50 | 67,181.50 | 0.51% |
| IRISH TREASURY 3,40 14-180324 | 170,000 | EUR | 177,008.81 | 192,432.35 | 1.47% |
| ITALY BTP 2,50 14-011224 | 760,000 | EUR | 776,365.18 | 839,872.20 | 6.40% |
| ITALY BTP 4,00 05-010237 | 250,000 | EUR | 276,503.33 | 361,552.50 | 2.75% |
| ITALY BTP 4,75 11-010921 | 130,000 | EUR | 151,068.23 | 134,557.80 | 1.03% |
| ITALY BTP 4,75 13-010944 | 130,000 | EUR | 170,586.00 | 222,306.50 | 1.69% |
| ITALY BTP 5,25 98-011129 | 200,000 | EUR | 222,338.67 | 284,503.00 | 2.17% |
| ITALY BTP 5,75 02-010233 | 330,000 | EUR | 401,101.16 | 523,081.35 | 3.99% |
| ITALY BTP 6,00 00-010531 | 380,000 | EUR | 453,058.80 | 587,447.70 | 4.48% |
| NETHERLANDS GOVT 2,25 12-150722 | 150,000 | EUR | 160,249.24 | 156,873.00 | 1.20% |
| NETHERLANDS GOVT 2,75 14-150147 | 100,000 | EUR | 148,683.00 | 178,728.00 | 1.36% |
| NETHERLANDS GOVT 3,75 06-150123 | 185,000 | EUR | 187,893.16 | 201,970.97 | 1.54% |
| NETHERLANDS GOVT 3,75 10-150142 | 40,000 | EUR | 68,506.00 | 74,750.00 | 0.57% |
| PORTUGAL 2,125 18-171028 | 260,000 | EUR | 284,939.10 | 306,590.70 | 2.34% |
| PORTUGAL 4,95 08-251023 | 10,000 | EUR | 12,141.70 | 11,574.80 | 0.09% |
| SPAIN KINGDOM 1,25 20-311030 | 50,000 | EUR | 55,871.50 | 55,911.25 | 0.43% |
| SPAIN KINGDOM 4,20 05-310137 | 150,000 | EUR | 132,118.91 | 239,031.00 | 1.82% |
| SPAIN KINGDOM 4,40 13-311023 | 430,000 | EUR | 502,692.66 | 490,879.40 | 3.74% |
| SPAIN KINGDOM 4,65 10-300725 | 400,000 | EUR | 444,532.32 | 494,608.00 | 3.77% |
| SPAIN KINGDOM 4,90 07-300740 | 350,000 | EUR | 486,937.50 | 633,456.25 | 4.83% |
| Total EURO |  |  | 11,350,771.52 | 12,877,395.52 | 98.12% |
| Total Bonds |  |  | 11,350,771.52 | 12,877,395.52 | 98.12% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 11,350,771.52 | 12,877,395.52 | 98.12% |
| Total Portfolio |  |  | 11,350,771.52 | 12,877,395.52 | 98.12% |

|  |
| --- |
| Corporate EUR |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| 3M CO 1,50 14-091126 | 3,000,000 | EUR | 3,208,170.00 | 3,292,380.00 | 0.36% |
| ABBOTT IRELAND FINANCE 0,375 19-191127 | 2,500,000 | EUR | 2,481,400.00 | 2,569,012.50 | 0.28% |
| ABBOTT IRELAND FINANCE 1,50 18-270926 | 3,000,000 | EUR | 3,089,370.00 | 3,263,715.00 | 0.36% |
| AB INBEV 2,125 20-021227 | 2,300,000 | EUR | 2,296,090.00 | 2,620,758.00 | 0.29% |
| AB INBEV 2,875 20-020432 | 3,500,000 | EUR | 3,499,650.00 | 4,397,977.50 | 0.48% |
| ADIDAS A.G. 0,00 20-051028 | 1,000,000 | EUR | 994,100.00 | 1,008,550.00 | 0.11% |
| ADIDAS A.G. 0,00 20-090924 | 1,100,000 | EUR | 1,103,531.00 | 1,109,471.00 | 0.12% |
| ADIDAS A.G. 0,625 20-100935 | 1,600,000 | EUR | 1,589,760.00 | 1,679,848.00 | 0.18% |
| AEROPORTS DE PARIS 1,00 17-131227 | 2,000,000 | EUR | 1,993,200.00 | 2,138,380.00 | 0.23% |
| AIRBUS GROUP 0,875 16-130526 | 2,000,000 | EUR | 1,985,560.00 | 2,084,490.00 | 0.23% |
| AIR LIQUIDE FINANCE 0,50 16-130622 | 1,800,000 | EUR | 1,797,984.00 | 1,819,566.00 | 0.20% |
| AIR LIQUIDE FINANCE 0,625 19-200630 | 2,000,000 | EUR | 1,979,760.00 | 2,125,010.00 | 0.23% |
| AIR LIQUIDE FINANCE 1,25 16-130628 | 1,000,000 | EUR | 992,720.00 | 1,108,020.00 | 0.12% |
| AIR PRODUCTS & CHEMICALS INC. 0,80 20-050532 | 4,000,000 | EUR | 3,996,253.00 | 4,259,380.00 | 0.47% |
| AKZO NOBEL N.V. 1,625 20-140430 | 2,000,000 | EUR | 2,069,400.00 | 2,261,440.00 | 0.25% |
| ALLIANDER N.V. 0,375 20-100630 | 1,800,000 | EUR | 1,796,130.00 | 1,861,875.00 | 0.20% |
| ALLIANDER N.V. FRN 18-PERPETUAL | 3,000,000 | EUR | 2,989,440.00 | 3,170,370.00 | 0.35% |
| ALLIANZ FINANCE II 0,25 17-060623 | 1,500,000 | EUR | 1,492,335.00 | 1,520,940.00 | 0.17% |
| ALLIANZ FINANCE II 3,50 12-140222 | 2,000,000 | EUR | 2,120,504.21 | 2,088,580.00 | 0.23% |
| ALLIANZ SE FRN 12-171042 | 2,500,000 | EUR | 2,952,660.00 | 2,749,050.00 | 0.30% |
| ALLIANZ SE FRN 19-250949 | 3,000,000 | EUR | 3,000,000.00 | 3,108,435.00 | 0.34% |
| ALLIANZ SE FRN 20-080750 | 2,400,000 | EUR | 2,400,048.00 | 2,634,504.00 | 0.29% |
| AMERICA MOBIL SAB DE CV 1,50 16-100324 | 3,000,000 | EUR | 3,048,351.00 | 3,144,840.00 | 0.34% |
| AMERICA MOVIL S.A.B. DE CV 3,00 12-120721 | 3,000,000 | EUR | 3,127,551.70 | 3,051,825.00 | 0.33% |
| AMERICA MOVIL S.A.B. DE CV 4,75 10-280622 | 1,600,000 | EUR | 1,914,720.00 | 1,719,456.00 | 0.19% |
| AMERICAN HONDA FINANCE 1,95 20-181024 | 5,000,000 | EUR | 5,120,637.77 | 5,380,875.00 | 0.59% |
| APPLE INC. 0,50 19-151131 | 1,500,000 | EUR | 1,488,720.00 | 1,576,522.50 | 0.17% |
| APPLE INC. 0,875 17-240525 | 1,000,000 | EUR | 1,044,500.00 | 1,047,505.00 | 0.11% |
| APPLE INC. 1,375 15-170124 | 3,500,000 | EUR | 3,599,120.00 | 3,683,032.50 | 0.40% |
| APPLE INC. 2,00 15-170927 | 1,000,000 | EUR | 995,780.00 | 1,144,135.00 | 0.13% |
| AQUARIUS INVESTMENTS FRN 13-021043 | 3,000,000 | EUR | 3,565,360.00 | 3,332,655.00 | 0.36% |
| ARGENTA SPAARBANK 1,00 20-290127 | 1,500,000 | EUR | 1,492,950.00 | 1,538,227.50 | 0.17% |
| ARGENTA SPAARBANK 3,875 16-240526 | 3,500,000 | EUR | 3,559,250.00 | 3,552,850.00 | 0.39% |
| ARGENTUM NETHERLAND 1,125 18-170925 | 3,000,000 | EUR | 3,001,571.00 | 3,169,320.00 | 0.35% |
| ASML HLDG N.V. 0,25 20-250230 | 2,000,000 | EUR | 1,980,580.00 | 2,042,290.00 | 0.22% |
| ASML HLDG N.V. 0,625 20-070529 | 3,800,000 | EUR | 3,796,010.00 | 3,993,990.00 | 0.44% |
| ASSICURAZIONI GENERALI 3,875 19-290129 | 2,000,000 | EUR | 2,107,859.80 | 2,386,390.00 | 0.26% |
| AT&T INC. 0,80 19-040330 | 2,250,000 | EUR | 2,244,847.50 | 2,321,448.75 | 0.25% |
| ATF NETHERLANDS B.V. 1,875 17-190126 | 1,300,000 | EUR | 1,262,131.00 | 1,402,713.00 | 0.15% |
| ATF NETHERLANDS B.V. FRN 16-PERPETUAL | 2,500,000 | EUR | 2,530,400.00 | 2,607,662.50 | 0.29% |
| ATLAS COPCO AB 0,625 16-300826 | 2,000,000 | EUR | 2,015,350.00 | 2,083,920.00 | 0.23% |
| ATLAS COPCO AB 2,50 13-280223 | 3,400,000 | EUR | 3,672,152.00 | 3,602,997.00 | 0.39% |
| AUSNET SERVICES HLDG 1,50 15-260227 | 1,400,000 | EUR | 1,326,100.00 | 1,526,602.00 | 0.17% |
| AUTOROUTES DU SUD DE LA FRANCE 1,375 18-220130 | 2,500,000 | EUR | 2,480,575.00 | 2,811,575.00 | 0.31% |
| BANCO BILBAO VIZCAYA 0,375 19-151126 | 1,100,000 | EUR | 1,093,873.00 | 1,123,776.50 | 0.12% |
| BANK OF AMERICA 1,625 15-140922 | 2,000,000 | EUR | 1,994,600.00 | 2,064,740.00 | 0.23% |

Corporate EUR
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| BANK OF AMERICA 2,375 14-190624 | 1,000,000 | EUR | 1,053,460.00 | 1,084,615.00 | 0.12% |
| --- | --- | --- | --- | --- | --- |
| BANK OF AMERICA FRN 18-250428 | 3,300,000 | EUR | 3,300,000.00 | 3,606,355.50 | 0.39% |
| BANK OF AMERICA FRN 19-080829 | 1,700,000 | EUR | 1,700,000.00 | 1,743,375.50 | 0.19% |
| BANK OF NOVA SCOTIA 0,125 19-090426 | 1,500,000 | EUR | 1,493,640.00 | 1,515,015.00 | 0.17% |
| BANK OF NOVA SCOTIA 0,50 19-300424 | 2,000,000 | EUR | 1,999,800.00 | 2,043,360.00 | 0.22% |
| BARCLAYS PLC 1,875 16-081223 | 2,000,000 | EUR | 1,998,240.00 | 2,109,810.00 | 0.23% |
| BASF SE 0,25 20-050627 | 1,800,000 | EUR | 1,795,896.00 | 1,843,020.00 | 0.20% |
| BECTON DICKINSON 1,208 19-040626 | 1,300,000 | EUR | 1,300,000.00 | 1,360,385.00 | 0.15% |
| BECTON DICKINSON 1,90 16-151226 | 3,000,000 | EUR | 3,016,749.00 | 3,245,175.00 | 0.35% |
| BERKSHIRE HATHAWAY 1,30 16-150324 | 7,500,000 | EUR | 7,648,012.65 | 7,842,450.00 | 0.86% |
| BFCM 0,50 18-161122 | 2,000,000 | EUR | 1,994,020.00 | 2,030,870.00 | 0.22% |
| BFCM 0,75 18-170725 | 3,000,000 | EUR | 2,982,660.00 | 3,120,375.00 | 0.34% |
| BFCM 2,375 16-240326 | 2,000,000 | EUR | 2,032,674.04 | 2,207,080.00 | 0.24% |
| BHP BILLITON FINANCE 3,25 12-240927 | 3,000,000 | EUR | 3,513,340.00 | 3,658,875.00 | 0.40% |
| BMW FINANCE N.V. 0,375 20-140127 | 2,000,000 | EUR | 2,019,000.00 | 2,052,250.00 | 0.22% |
| BMW FINANCE N.V. 0,50 18-221122 | 1,500,000 | EUR | 1,497,210.00 | 1,521,165.00 | 0.17% |
| BMW FINANCE N.V. 0,625 19-061023 | 1,000,000 | EUR | 994,390.00 | 1,022,000.00 | 0.11% |
| BMW FINANCE N.V. 2,375 13-240123 | 2,500,000 | EUR | 2,553,550.00 | 2,637,225.00 | 0.29% |
| BMW US CAPITAL LLC 1,125 15-180921 | 3,000,000 | EUR | 2,990,670.00 | 3,032,775.00 | 0.33% |
| BNP PARIBAS S.A. 1,375 19-280529 | 2,500,000 | EUR | 2,472,550.00 | 2,719,825.00 | 0.30% |
| BNP PARIBAS S.A. 1,625 19-020731 | 2,000,000 | EUR | 1,999,560.00 | 2,133,810.00 | 0.23% |
| BNP PARIBAS S.A. FRN 18-201130 | 1,000,000 | EUR | 993,580.00 | 1,081,355.00 | 0.12% |
| BNP PARIBAS S.A. FRN 19-040626 | 2,000,000 | EUR | 1,996,120.00 | 2,038,420.00 | 0.22% |
| BNP PARIBAS S.A. FRN 20-010928 | 1,000,000 | EUR | 992,960.00 | 1,011,235.00 | 0.11% |
| BNP PARIBAS S.A. FRN 20-141027 | 2,000,000 | EUR | 1,995,620.00 | 2,025,280.00 | 0.22% |
| BOUYGUES 1,125 20-240728 | 3,000,000 | EUR | 3,109,142.76 | 3,252,825.00 | 0.36% |
| BOUYGUES 1,375 16-070627 | 3,100,000 | EUR | 3,122,640.00 | 3,410,248.00 | 0.37% |
| BP CAPITAL MARKETS 0,90 18-030724 | 2,000,000 | EUR | 2,000,000.00 | 2,071,790.00 | 0.23% |
| BP CAPITAL MARKETS 1,117 16-250124 | 1,000,000 | EUR | 1,000,000.00 | 1,038,230.00 | 0.11% |
| BP CAPITAL MARKETS 2,177 14-280921 | 2,500,000 | EUR | 2,516,435.00 | 2,547,750.00 | 0.28% |
| BP CAPITAL MARKETS FRN 20-PERPETUAL | 2,500,000 | EUR | 2,500,000.00 | 2,669,300.00 | 0.29% |
| BPCE S.A. 0,875 18-310124 | 1,700,000 | EUR | 1,693,387.00 | 1,748,611.50 | 0.19% |
| BPCE S.A. 1,00 19-010425 | 1,500,000 | EUR | 1,497,390.00 | 1,561,162.50 | 0.17% |
| BPCE S.A. 1,00 19-150724 | 2,000,000 | EUR | 1,982,500.00 | 2,084,670.00 | 0.23% |
| BPCE S.A. 2,875 16-220426 | 1,100,000 | EUR | 1,088,648.00 | 1,248,907.00 | 0.14% |
| BPCE S.A. FRN 20-150927 | 1,000,000 | EUR | 992,140.00 | 1,015,985.00 | 0.11% |
| CAIXABANK S.A.. FRN 20-181126 | 1,200,000 | EUR | 1,196,796.00 | 1,205,388.00 | 0.13% |
| CAIXABANK S.A. 0,375 20-030225 | 1,200,000 | EUR | 1,196,472.00 | 1,215,978.00 | 0.13% |
| CAPGEMINI SE 0,625 20-230625 | 2,000,000 | EUR | 1,997,740.00 | 2,059,220.00 | 0.23% |
| CAPGEMINI SE 2,00 20-150429 | 2,000,000 | EUR | 2,075,000.00 | 2,273,030.00 | 0.25% |
| CAPGEMINI SE 2,375 20-150432 | 2,000,000 | EUR | 2,101,000.00 | 2,384,810.00 | 0.26% |
| CARLSBERG 0,875 19-010729 | 1,250,000 | EUR | 1,236,375.00 | 1,311,456.25 | 0.14% |
| CARREFOUR S.A. 2,625 20-151227 | 2,000,000 | EUR | 2,196,400.00 | 2,336,620.00 | 0.26% |
| CIE FINANCE ET INDUSTRIES 0,375 16-070225 | 1,000,000 | EUR | 999,590.00 | 1,026,900.00 | 0.11% |
| CIE SAINT GOBAIN 0,625 19-150324 | 1,500,000 | EUR | 1,494,195.00 | 1,538,610.00 | 0.17% |
| CIE SAINT GOBAIN 1,75 20-030423 | 1,100,000 | EUR | 1,099,043.00 | 1,147,201.00 | 0.13% |
| CITIGROUP INC. 0,75 16-261023 | 1,800,000 | EUR | 1,793,412.00 | 1,845,009.00 | 0.20% |
| CITIGROUP INC. 1,75 15-280125 | 1,000,000 | EUR | 993,380.00 | 1,072,460.00 | 0.12% |
| CITIGROUP INC. 2,375 14-220524 | 1,500,000 | EUR | 1,601,145.00 | 1,625,377.50 | 0.18% |
| CITIGROUP INC. FRN 18-240726 | 3,000,000 | EUR | 2,993,670.00 | 3,190,275.00 | 0.35% |
| CK HUTCHISON FINANCE 1,25 16-060423 | 4,800,000 | EUR | 4,825,392.00 | 4,931,088.00 | 0.54% |

Corporate EUR
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| CK HUTCHISON FINANCE 1,25 18-130425 | 4,000,000 | EUR | 3,979,800.00 | 4,196,780.00 | 0.46% |
| --- | --- | --- | --- | --- | --- |
| CLOVERIE FRN 12-010942 | 1,000,000 | EUR | 1,349,330.00 | 1,108,565.00 | 0.12% |
| CLOVERIE PLC ZURICH 1,50 18-151228 | 2,500,000 | EUR | 2,484,350.00 | 2,797,837.50 | 0.31% |
| COCA-COLA CO 0,375 20-150333 | 2,000,000 | EUR | 1,971,980.00 | 2,021,860.00 | 0.22% |
| COCA-COLA HBC 0,625 19-211129 | 1,500,000 | EUR | 1,486,440.00 | 1,554,795.00 | 0.17% |
| COCA-COLA HBC 1,00 19-140527 | 2,600,000 | EUR | 2,596,100.00 | 2,754,206.00 | 0.30% |
| COENTREPRISE TRA EL 2,125 17-290732 | 2,000,000 | EUR | 2,030,880.00 | 2,396,690.00 | 0.26% |
| COFIROUTE 1,00 20-190531 | 2,500,000 | EUR | 2,496,125.00 | 2,702,500.00 | 0.30% |
| COMMONWEALTH BANK FRN 18-080323 | 2,000,000 | EUR | 2,025,420.00 | 2,018,250.00 | 0.22% |
| COMPAGNIE FINANCE INDUSTRIES 1,125 17-131027 | 2,500,000 | EUR | 2,474,050.00 | 2,711,762.50 | 0.30% |
| COOP RABOBANK 0,625 19-270224 | 2,000,000 | EUR | 1,996,080.00 | 2,048,960.00 | 0.22% |
| COOP RABOBANK 0,875 20-050528 | 3,000,000 | EUR | 2,997,360.00 | 3,148,230.00 | 0.34% |
| COOP RABOBANK 1,25 16-230326 | 2,800,000 | EUR | 2,802,706.67 | 2,999,570.00 | 0.33% |
| COOP RABOBANK 4,125 10-140725 | 1,000,000 | EUR | 1,188,050.00 | 1,195,990.00 | 0.13% |
| COVIVIO S.A. 1,625 20-230630 | 2,000,000 | EUR | 1,989,760.00 | 2,153,860.00 | 0.24% |
| CREDIT AGRICOLE 0,75 18-051223 | 1,000,000 | EUR | 995,030.00 | 1,029,115.00 | 0.11% |
| CREDIT AGRICOLE ASSURANCE FRN 18-290148 | 2,000,000 | EUR | 1,893,000.00 | 2,168,130.00 | 0.24% |
| CREDIT AGRICOLE LONDON 1,375 17-030527 | 2,000,000 | EUR | 1,979,140.00 | 2,181,780.00 | 0.24% |
| CREDIT AGRICOLE LONDON 1,875 16-201226 | 1,000,000 | EUR | 995,040.00 | 1,103,450.00 | 0.12% |
| CREDIT AGRICOLE LONDON 3,125 13-170723 | 1,000,000 | EUR | 1,052,020.00 | 1,091,835.00 | 0.12% |
| CREDIT AGRICOLE LONDON 3,125 14-050226 | 1,400,000 | EUR | 1,489,396.00 | 1,634,731.00 | 0.18% |
| CREDIT AGRICOLE S.A. 0,875 20-140132 | 2,000,000 | EUR | 1,991,180.00 | 2,100,750.00 | 0.23% |
| CREDIT SUISSE 0,45 20-190525 | 1,400,000 | EUR | 1,396,892.00 | 1,435,028.00 | 0.16% |
| CREDIT SUISSE 1,50 16-100426 | 3,500,000 | EUR | 3,473,015.00 | 3,783,290.00 | 0.41% |
| CREDIT SUISSE GROUP 0,65 19-091029 | 1,500,000 | EUR | 1,496,670.00 | 1,545,172.50 | 0.17% |
| CREDIT SUISSE LONDON 1,00 16-070623 | 3,500,000 | EUR | 3,506,955.00 | 3,609,410.00 | 0.39% |
| CRH FINANCE B.V. 3,125 13-030423 | 2,000,000 | EUR | 2,209,685.71 | 2,150,280.00 | 0.24% |
| DAIMLER A.G. 0,75 20-100930 | 2,000,000 | EUR | 1,983,760.00 | 2,082,410.00 | 0.23% |
| DAIMLER A.G. 1,00 17-151127 | 3,000,000 | EUR | 3,024,735.00 | 3,164,610.00 | 0.35% |
| DAIMLER A.G. 1,125 19-080834 | 2,000,000 | EUR | 1,999,720.00 | 2,134,150.00 | 0.23% |
| DAIMLER A.G. 2,625 20-070425 | 1,500,000 | EUR | 1,526,380.29 | 1,663,710.00 | 0.18% |
| DANAHER CORP. 2,50 20-300330 | 2,000,000 | EUR | 2,219,600.00 | 2,392,070.00 | 0.26% |
| DANONE 0,395 20-100629 | 2,500,000 | EUR | 2,500,000.00 | 2,579,000.00 | 0.28% |
| DEUTSCHE BAHN FINANCE 0,375 20-230629 | 2,500,000 | EUR | 2,498,900.00 | 2,596,112.50 | 0.28% |
| DEUTSCHE POST 0,75 20-200529 | 2,000,000 | EUR | 1,997,580.00 | 2,127,770.00 | 0.23% |
| DEUTSCHE POST 1,00 17-131227 | 4,000,000 | EUR | 3,959,870.00 | 4,272,660.00 | 0.47% |
| DEUTSCHE TELEKOM A.G. 0,875 19-250326 | 2,000,000 | EUR | 1,994,460.00 | 2,104,350.00 | 0.23% |
| DEUTSCHE WOHNEN SE 1,00 20-300425 | 3,000,000 | EUR | 2,986,920.00 | 3,139,080.00 | 0.34% |
| DH EUROPE FINANCE 1,20 17-300627 | 1,500,000 | EUR | 1,495,230.00 | 1,604,797.50 | 0.18% |
| DH EUROPE FINANCE 2,50 15-080725 | 4,000,000 | EUR | 4,418,590.00 | 4,451,860.00 | 0.49% |
| DIAGEO CAPITAL 0,125 20-280928 | 1,500,000 | EUR | 1,492,380.00 | 1,504,102.50 | 0.16% |
| DIAGEO FINANCE PLC 0,50 17-190624 | 2,300,000 | EUR | 2,281,945.00 | 2,353,302.50 | 0.26% |
| DT ANNINGTON FINANCE B.V. 1,50 15-310325 | 1,500,000 | EUR | 1,409,040.00 | 1,606,035.00 | 0.18% |
| EANDIS CVBA 4,50 11-081121 | 1,200,000 | EUR | 1,283,699.82 | 1,246,434.00 | 0.14% |
| EDF S.A. 2,00 18-021030 | 2,000,000 | EUR | 1,960,280.00 | 2,332,600.00 | 0.26% |
| EDP FINANCE B.V. 1,625 18-260126 | 3,000,000 | EUR | 3,025,970.00 | 3,236,565.00 | 0.35% |
| ELIA TRANSMISSION 0,875 20-280430 | 2,000,000 | EUR | 1,974,620.00 | 2,109,690.00 | 0.23% |
| ELI LILLY & CO 1,00 15-020622 | 4,000,000 | EUR | 4,008,053.00 | 4,063,040.00 | 0.44% |
| ELM B.V. FRN 15-PERPETUAL | 3,000,000 | EUR | 2,987,250.00 | 3,251,505.00 | 0.36% |
| EMERSON ELECTRIC CO 0,375 19-220524 | 3,000,000 | EUR | 2,977,110.00 | 3,057,645.00 | 0.33% |
| ENAGAS FINANCIACIONES 2,50 14-110422 | 1,700,000 | EUR | 1,736,707.00 | 1,759,525.50 | 0.19% |

Corporate EUR
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| ENECO HLDG FRN 14-PERPETUAL | 3,000,000 | EUR | 3,051,760.00 | 3,081,390.00 | 0.34% |
| --- | --- | --- | --- | --- | --- |
| ENEL FINANCE INTERNATIONAL 1,125 18-160926 | 1,500,000 | EUR | 1,487,760.00 | 1,601,370.00 | 0.18% |
| ENEL FINANCE INTERNATIONAL 1,50 19-210725 | 1,500,000 | EUR | 1,478,475.00 | 1,605,187.50 | 0.18% |
| ENERGY BADEN-WUERTT FRN 20-290680 | 1,500,000 | EUR | 1,489,500.00 | 1,557,150.00 | 0.17% |
| ENEXIS HLDG N.V. 0,875 16-280426 | 1,100,000 | EUR | 1,086,767.00 | 1,157,398.00 | 0.13% |
| ENEXIS HLDG N.V. 1,50 15-201023 | 4,500,000 | EUR | 4,736,500.00 | 4,700,002.50 | 0.51% |
| ENGIE S.A. 0,50 19-241030 | 2,500,000 | EUR | 2,478,225.00 | 2,578,450.00 | 0.28% |
| ENGIE S.A. 1,75 20-270328 | 2,000,000 | EUR | 1,994,240.00 | 2,238,090.00 | 0.24% |
| ERG SpA 0,50 20-110927 | 2,500,000 | EUR | 2,480,200.00 | 2,527,612.50 | 0.28% |
| ESSILOR LUXOTTICA 2,625 14-100224 | 3,700,000 | EUR | 3,895,137.70 | 4,025,285.50 | 0.44% |
| EUROCLEAR BANK 0,125 20-070725 | 2,000,000 | EUR | 1,990,260.00 | 2,027,760.00 | 0.22% |
| EUROCLEAR BANK 0,25 18-070922 | 1,500,000 | EUR | 1,493,040.00 | 1,514,302.50 | 0.17% |
| EUROCLEAR BANK 0,50 18-100723 | 1,000,000 | EUR | 997,250.00 | 1,021,635.00 | 0.11% |
| EUROCLEAR INVESTMENT 1,125 16-071226 | 5,000,000 | EUR | 4,999,455.00 | 5,388,850.00 | 0.59% |
| EURONET WORLDWIDE 1,375 19-220526 | 2,000,000 | EUR | 1,990,480.00 | 1,992,770.00 | 0.22% |
| EURONEXT N.V. 1,00 18-180425 | 1,500,000 | EUR | 1,495,215.00 | 1,557,277.50 | 0.17% |
| FCA BANK IRISH 0,625 19-241122 | 1,000,000 | EUR | 997,140.00 | 1,011,355.00 | 0.11% |
| FCA CAPITAL IRELAND 1,25 16-210121 | 3,000,000 | EUR | 3,035,470.21 | 3,001,380.00 | 0.33% |
| FIRMENICH PROD 1,375 20-301026 | 1,500,000 | EUR | 1,497,900.00 | 1,606,185.00 | 0.18% |
| FIRMENICH PROD 1,75 20-300430 | 3,000,000 | EUR | 2,980,680.00 | 3,339,780.00 | 0.37% |
| FLUVIUS SYSTEM 0,25 20-021230 | 1,000,000 | EUR | 999,210.00 | 1,014,785.00 | 0.11% |
| FRESENIUS SE & CO 1,625 20-081027 | 4,500,000 | EUR | 4,568,800.50 | 4,923,967.50 | 0.54% |
| GIVAUDAN NEDERLAND 1,625 20-220432 | 4,000,000 | EUR | 4,137,205.00 | 4,568,620.00 | 0.50% |
| GLAXOSMITHKLINE CAPITAL 1,375 14-021224 | 2,000,000 | EUR | 2,104,800.00 | 2,122,160.00 | 0.23% |
| GLENCORE CAPITAL 1,125 20-100328 | 2,000,000 | EUR | 1,998,320.00 | 2,049,530.00 | 0.22% |
| GLENCORE FINANCE 1,50 19-151026 | 2,000,000 | EUR | 1,989,240.00 | 2,113,540.00 | 0.23% |
| GLOBALWORTH REAL ESTATE 3,00 18-290325 | 1,500,000 | EUR | 1,610,625.00 | 1,593,022.50 | 0.17% |
| GOLDMAN SACHS 1,375 17-150524 | 1,300,000 | EUR | 1,299,909.00 | 1,342,659.50 | 0.15% |
| GOLDMAN SACHS 3,375 20-270325 | 2,000,000 | EUR | 1,996,200.00 | 2,279,560.00 | 0.25% |
| GOLDMAN SACHS GROUP 2,00 15-270723 | 2,000,000 | EUR | 2,024,450.00 | 2,110,210.00 | 0.23% |
| GRAND CITY PROPERTIES S.A. 1,375 17-030826 | 2,000,000 | EUR | 1,936,400.00 | 2,129,360.00 | 0.23% |
| GRAND CITY PROPERTIES S.A. 1,70 20-060424 | 2,000,000 | EUR | 1,970,900.00 | 2,111,310.00 | 0.23% |
| GRAND CITY PROPERTIES S.A. FRN 15-170425 | 2,500,000 | EUR | 2,589,200.00 | 2,657,512.50 | 0.29% |
| HANNOVER RUECK FRN 19-091039 | 2,500,000 | EUR | 2,474,050.00 | 2,564,162.50 | 0.28% |
| HEIDELBERGCEMENT A.G. 2,50 20-091024 | 2,500,000 | EUR | 2,510,575.00 | 2,729,462.50 | 0.30% |
| HEINEKEN N.V. 1,25 18-170327 | 1,500,000 | EUR | 1,492,365.00 | 1,618,342.50 | 0.18% |
| HOCHTIEF A.G. 0,5 19-030927 | 3,000,000 | EUR | 2,977,560.00 | 3,044,685.00 | 0.33% |
| HSBC FRANCE S.A. 0,60 18-200323 | 1,500,000 | EUR | 1,496,760.00 | 1,528,860.00 | 0.17% |
| HSBC HLDG FRN 18-041224 | 2,500,000 | EUR | 2,488,200.00 | 2,620,950.00 | 0.29% |
| IBERDROLA FINANZAS 1,00 17-070325 | 2,000,000 | EUR | 1,987,200.00 | 2,092,290.00 | 0.23% |
| IBERDROLA INTERNATIONAL B.V. 16-210426 | 1,000,000 | EUR | 994,930.00 | 1,064,985.00 | 0.12% |
| IBERDROLA INTERNATIONAL B.V. FRN 17-PERPETUAL | 2,000,000 | EUR | 2,000,000.00 | 2,056,380.00 | 0.22% |
| IBERDROLA INTERNATIONAL B.V. FRN 20-PERPETUAL | 2,000,000 | EUR | 2,000,000.00 | 2,104,360.00 | 0.23% |
| IBM CORP. 0,30 20-110228 | 2,000,000 | EUR | 1,944,000.00 | 2,035,210.00 | 0.22% |
| IBM CORP. 0,375 19-310123 | 1,500,000 | EUR | 1,493,250.00 | 1,519,207.50 | 0.17% |
| IBM CORP. 0,65 20-110232 | 2,500,000 | EUR | 2,492,250.00 | 2,588,862.50 | 0.28% |
| IBM CORP. 1,125 16-060924 | 3,600,000 | EUR | 3,627,225.82 | 3,780,396.00 | 0.41% |
| ILLINOIS TOOL WORKS 0,625 19-051227 | 5,000,000 | EUR | 4,962,570.00 | 5,221,625.00 | 0.57% |
| IMMOBILIA COLONIAL 1,35 20-141028 | 1,000,000 | EUR | 996,090.00 | 1,035,570.00 | 0.11% |
| ING BANK FRN 14-250226 | 2,000,000 | EUR | 2,165,711.89 | 2,010,610.00 | 0.22% |
| ING GROEP N.V. FRN 17-110428 | 1,000,000 | EUR | 1,027,430.00 | 1,059,475.00 | 0.12% |

Corporate EUR
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| ING GROUP N.V. 2,00 18-200928 | 1,000,000 | EUR | 996,410.00 | 1,142,610.00 | 0.12% |
| --- | --- | --- | --- | --- | --- |
| ING GROUP N.V. FRN 19-030925 | 1,000,000 | EUR | 999,750.00 | 1,004,510.00 | 0.11% |
| INTESA SAN PAOLO SpA 0,75 19-041224 | 2,000,000 | EUR | 1,999,320.00 | 2,052,740.00 | 0.22% |
| INTESA SAN PAOLO SpA 1,75 19-040729 | 2,000,000 | EUR | 1,985,320.00 | 2,186,750.00 | 0.24% |
| INVESTOR AB 1,50 18-120930 | 1,500,000 | EUR | 1,496,730.00 | 1,705,567.50 | 0.19% |
| IREN SpA 0,875 19-141029 | 2,000,000 | EUR | 1,986,900.00 | 2,114,480.00 | 0.23% |
| IREN SpA 1,00 20-010730 | 3,000,000 | EUR | 2,944,320.00 | 3,178,680.00 | 0.35% |
| ITALGAS SpA 1,625 17-180129 | 1,600,000 | EUR | 1,595,936.00 | 1,803,416.00 | 0.20% |
| JAB HLDG B.V. 1,00 19-201227 | 2,200,000 | EUR | 2,178,396.00 | 2,298,340.00 | 0.25% |
| JAB HLDG B.V. 2,50 20-170427 | 3,000,000 | EUR | 3,052,752.00 | 3,369,315.00 | 0.37% |
| JOHNSON & JOHNSON 0,65 16-200524 | 1,000,000 | EUR | 997,360.00 | 1,032,150.00 | 0.11% |
| JP MORGAN CHASE & CO 1,50 15-261022 | 2,000,000 | EUR | 2,081,400.00 | 2,066,340.00 | 0.23% |
| JP MORGAN CHASE & CO FRN 17-180528 | 1,000,000 | EUR | 1,000,000.00 | 1,096,360.00 | 0.12% |
| JP MORGAN CHASE & CO FRN 19-110327 | 3,000,000 | EUR | 3,000,000.00 | 3,157,515.00 | 0.35% |
| JP MORGAN CHASE & CO FRN 20-240228 | 2,000,000 | EUR | 2,000,000.00 | 2,034,090.00 | 0.22% |
| KBC GROUP FRN 19-031229 | 2,000,000 | EUR | 1,988,060.00 | 1,990,590.00 | 0.22% |
| KBC GROUP FRN 20-160627 | 2,000,000 | EUR | 1,985,620.00 | 2,040,580.00 | 0.22% |
| KBC GROUP S.A. FRN 15-110327 | 3,000,000 | EUR | 2,994,126.00 | 3,061,305.00 | 0.33% |
| KBC GROUP S.A. FRN 17-180929 | 1,000,000 | EUR | 997,380.00 | 1,041,425.00 | 0.11% |
| KERING 0,75 20-130528 | 2,400,000 | EUR | 2,386,296.00 | 2,528,208.00 | 0.28% |
| KERING 1,25 16-100526 | 5,500,000 | EUR | 5,525,572.00 | 5,898,117.50 | 0.65% |
| KLEPIERRE 1,00 15-170423 | 2,000,000 | EUR | 1,949,916.00 | 2,049,560.00 | 0.22% |
| KLEPIERRE 1,875 16-190226 | 2,200,000 | EUR | 2,218,224.00 | 2,404,611.00 | 0.26% |
| KONINKLIJKE AHOLD DELHAIZE 1,75 20-020427 | 2,000,000 | EUR | 2,105,560.00 | 2,221,260.00 | 0.24% |
| KONINKLIJKE DSM 0,625 20-230632 | 2,000,000 | EUR | 1,982,560.00 | 2,087,620.00 | 0.23% |
| KONINKLIJKE DSM 0,75 16-280926 | 1,000,000 | EUR | 997,990.00 | 1,055,250.00 | 0.12% |
| KONINKLIJKE DSM 2,375 14-030424 | 5,000,000 | EUR | 5,333,892.00 | 5,403,300.00 | 0.59% |
| LANDESBANK BADEN 0,375 19-240524 | 1,500,000 | EUR | 1,490,985.00 | 1,532,092.50 | 0.17% |
| LA POSTE 1,375 20-210432 | 2,000,000 | EUR | 2,022,160.00 | 2,220,790.00 | 0.24% |
| LA POSTE S.A. 0,375 19-170927 | 3,000,000 | EUR | 2,958,972.00 | 3,081,645.00 | 0.34% |
| LA POSTE S.A. 1,45 18-301128 | 2,000,000 | EUR | 1,996,480.00 | 2,236,490.00 | 0.24% |
| LEGRAND S.A. 0,75 17-060724 | 4,000,000 | EUR | 3,987,460.00 | 4,143,460.00 | 0.45% |
| LEGRAND S.A. 0,75 20-200530 | 2,300,000 | EUR | 2,290,754.00 | 2,441,243.00 | 0.27% |
| LINDE FINANCE B.V. 0,25 20-190527 | 2,500,000 | EUR | 2,498,950.00 | 2,551,812.50 | 0.28% |
| LINDE FINANCE B.V. 1,00 16-200428 | 1,000,000 | EUR | 987,370.00 | 1,087,645.00 | 0.12% |
| LLOYDS BANK GROUP 1,50 17-120927 | 2,000,000 | EUR | 1,985,480.00 | 2,193,110.00 | 0.24% |
| LLOYDS BANK GROUP FRN 19-121125 | 1,000,000 | EUR | 994,350.00 | 1,012,645.00 | 0.11% |
| LOGICOR FINANCING 3,25 18-131128 | 2,500,000 | EUR | 2,734,275.00 | 2,948,512.50 | 0.32% |
| LONDON STOXK EXCHANGE GROUP 0,875 17-190924 | 8,000,000 | EUR | 8,038,931.00 | 8,269,760.00 | 0.90% |
| LONZA FINANCE INTERNATIONAL 1,625 20-210427 | 2,000,000 | EUR | 2,052,640.00 | 2,192,790.00 | 0.24% |
| LUNAR FUNDING 1,125 18-121026 | 3,000,000 | EUR | 3,035,740.00 | 3,221,040.00 | 0.35% |
| LVMH 0,00 20-110226 | 2,500,000 | EUR | 2,489,825.00 | 2,522,687.50 | 0.28% |
| LVMH 0,75 17-260524 | 2,000,000 | EUR | 1,996,880.00 | 2,064,960.00 | 0.23% |
| MASTERCARD INC. 1,10 15-011222 | 5,000,000 | EUR | 5,020,505.00 | 5,123,775.00 | 0.56% |
| MASTERCARD INC. 2,10 15-011227 | 1,500,000 | EUR | 1,684,905.00 | 1,720,440.00 | 0.19% |
| MC DONALD'S CORP. 1,75 16-030528 | 2,000,000 | EUR | 2,203,000.00 | 2,242,520.00 | 0.25% |
| MEDIOBANCA 1,125 19-150725 | 2,000,000 | EUR | 1,992,620.00 | 2,077,290.00 | 0.23% |
| MEDTRONIC GLOBAL HLDG 0,25 19-020725 | 1,400,000 | EUR | 1,391,208.00 | 1,422,302.00 | 0.16% |
| MEDTRONIC GLOBAL HLDG 1,125 19-070327 | 1,500,000 | EUR | 1,563,654.00 | 1,604,595.00 | 0.18% |
| MERCK FINANCE SERVICES 0,375 19-050727 | 1,500,000 | EUR | 1,492,350.00 | 1,550,062.50 | 0.17% |
| MERCK FRN 20-090980 | 2,000,000 | EUR | 2,000,000.00 | 2,050,700.00 | 0.22% |

Corporate EUR
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| METROPOLITAN LIFE 0,375 19-090424 | 1,500,000 | EUR | 1,498,440.00 | 1,527,307.50 | 0.17% |
| --- | --- | --- | --- | --- | --- |
| METROPOLITAN LIFE 2,375 13-110123 | 2,200,000 | EUR | 2,462,490.00 | 2,319,383.00 | 0.25% |
| MITSUBISHI UFJ FINANCIAL 0,872 17-070924 | 4,900,000 | EUR | 4,900,000.00 | 5,070,716.00 | 0.55% |
| MITSUBISHI UFJ FINANCIAL 0,98 18-091023 | 2,000,000 | EUR | 2,000,000.00 | 2,064,970.00 | 0.23% |
| MIZUHO FINANCIAL 1,02 18-111023 | 2,000,000 | EUR | 2,000,000.00 | 2,061,500.00 | 0.23% |
| MORGAN STANLEY 1,875 17-270427 | 3,000,000 | EUR | 3,009,348.00 | 3,339,945.00 | 0.37% |
| MORGAN STANLEY FRN 17-231026 | 2,000,000 | EUR | 2,109,568.00 | 2,123,360.00 | 0.23% |
| MORGAN STANLEY FRN 20-261029 | 3,000,000 | EUR | 3,000,000.00 | 3,051,165.00 | 0.33% |
| MOTABILITY OPER 0,875 17-140325 | 3,750,000 | EUR | 3,711,562.50 | 3,923,381.25 | 0.43% |
| MUNICH RE FRN 11-260541 | 1,200,000 | EUR | 1,504,116.00 | 1,227,972.00 | 0.13% |
| MUNICH RE FRN 18-260549 | 3,000,000 | EUR | 3,215,850.00 | 3,566,775.00 | 0.39% |
| NATIONAL AUSTRALIA BANK 0,875 15-200122 | 2,000,000 | EUR | 1,991,000.00 | 2,027,450.00 | 0.22% |
| NATIONAL AUSTRALIA BANK 1,125 19-200531 | 2,000,000 | EUR | 1,981,340.00 | 2,222,070.00 | 0.24% |
| NATL GRID ELECT TRAN 0,19 20-200125 | 1,500,000 | EUR | 1,500,000.00 | 1,518,502.50 | 0.17% |
| NEDERLANDSE GASUNIE 1,00 16-110526 | 1,000,000 | EUR | 998,580.00 | 1,058,515.00 | 0.12% |
| NESTLE FINANCE INTERNATIONAL 0,125 20-121127 | 3,000,000 | EUR | 2,979,030.00 | 3,049,755.00 | 0.33% |
| NESTLE FINANCE INTERNATIONAL 0,375 20-120532 | 3,000,000 | EUR | 2,944,710.00 | 3,109,035.00 | 0.34% |
| NN GROUP N.V. 1,625 17-070727 | 1,000,000 | EUR | 993,970.00 | 1,097,925.00 | 0.12% |
| NN GROUP N.V. FRN 14-PERPETUAL | 1,600,000 | EUR | 1,540,000.00 | 1,850,488.00 | 0.20% |
| NORDEA BANK 0,50 20-140527 | 3,000,000 | EUR | 2,977,260.00 | 3,104,610.00 | 0.34% |
| NYKREDIT REALKRED 0,25 20-130126 | 2,500,000 | EUR | 2,496,700.00 | 2,502,575.00 | 0.27% |
| ORACLE CORP. 3,125 13-100725 | 2,500,000 | EUR | 2,903,313.21 | 2,869,462.50 | 0.31% |
| PEPSICO INC. 0,40 20-091032 | 1,750,000 | EUR | 1,747,550.00 | 1,777,046.25 | 0.19% |
| PEPSICO INC. 0,50 20-060528 | 4,500,000 | EUR | 4,496,130.00 | 4,661,325.00 | 0.51% |
| PEPSICO INC. 1,05 20-091050 | 1,000,000 | EUR | 998,210.00 | 1,062,515.00 | 0.12% |
| PERNOD RICARD 1,125 20-070425 | 3,000,000 | EUR | 3,052,860.00 | 3,155,475.00 | 0.35% |
| PRAXAIR INC. 1,625 14-011225 | 5,000,000 | EUR | 5,207,514.55 | 5,423,850.00 | 0.59% |
| PROCTER & GAMBLE 1,125 15-021123 | 1,500,000 | EUR | 1,499,550.00 | 1,561,695.00 | 0.17% |
| PROCTER & GAMBLE 1,20 18-301028 | 1,000,000 | EUR | 996,540.00 | 1,101,825.00 | 0.12% |
| PROCTER & GAMBLE 4,875 07-110527 | 2,700,000 | EUR | 3,788,427.00 | 3,569,575.50 | 0.39% |
| PROLOGIS INTERNATIONAL FUND 1,625 20-170632 | 3,000,000 | EUR | 3,091,915.00 | 3,394,320.00 | 0.37% |
| PROXIMUS S.A. 1,875 15-011025 | 2,000,000 | EUR | 1,976,820.00 | 2,186,250.00 | 0.24% |
| RABOBANK NEDERLAND FRN 14-260526 | 1,000,000 | EUR | 1,012,240.00 | 1,010,160.00 | 0.11% |
| RABOBANK UA 0,74 18-290823 | 500,000 | EUR | 498,315.00 | 512,677.50 | 0.06% |
| RCI BANQUE S.A. 0,75 17-120122 | 1,500,000 | EUR | 1,496,775.00 | 1,509,967.50 | 0.17% |
| RCI BANQUE S.A. 0,75 19-100423 | 1,000,000 | EUR | 997,770.00 | 1,012,335.00 | 0.11% |
| RED ELECTRICA FINANCE 1,125 15-240425 | 1,000,000 | EUR | 1,000,714.00 | 1,056,560.00 | 0.12% |
| RED ELECTRICA FINANCE 2,125 14-010723 | 1,300,000 | EUR | 1,300,761.00 | 1,375,686.00 | 0.15% |
| RICHEMONT INTERNATIONAL 0,75 20-260528 | 1,500,000 | EUR | 1,498,260.00 | 1,586,842.50 | 0.17% |
| ROYAL BANK OF CANADA 0,125 19-230724 | 4,000,000 | EUR | 3,940,760.00 | 4,037,380.00 | 0.44% |
| ROYAL PHILIPS 0,50 19-220526 | 2,000,000 | EUR | 1,989,880.00 | 2,065,910.00 | 0.23% |
| RTE EDF TRANSPORT 1,125 19-090949 | 1,000,000 | EUR | 988,670.00 | 1,103,780.00 | 0.12% |
| RTE EDF TRANSPORT 1,625 15-271125 | 2,000,000 | EUR | 1,991,040.00 | 2,170,390.00 | 0.24% |
| SAINT-GOBAIN 1,375 17-140627 | 2,700,000 | EUR | 2,698,245.00 | 2,937,141.00 | 0.32% |
| SANOFI S.A. 1,50 15-220925 | 3,000,000 | EUR | 2,965,380.00 | 3,246,285.00 | 0.36% |
| SANOFI S.A. 1,50 20-010430 | 3,000,000 | EUR | 3,303,000.00 | 3,430,545.00 | 0.38% |
| SANOFI S.A. 1,75 14-100926 | 1,500,000 | EUR | 1,627,455.00 | 1,667,737.50 | 0.18% |
| SANTANDER CONSUMER BANK 0,75 18-010323 | 3,000,000 | EUR | 2,994,600.00 | 3,062,820.00 | 0.33% |
| SANTANDER INTERNATIONAL DEBT 1,375 15-141222 | 2,000,000 | EUR | 1,997,480.00 | 2,064,660.00 | 0.23% |
| SAP SE 0,00 20-170523 | 500,000 | EUR | 499,595.00 | 503,042.50 | 0.06% |
| SAP SE 0,125 20-180526 | 3,000,000 | EUR | 2,981,250.00 | 3,050,685.00 | 0.33% |

Corporate EUR
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| SAP SE 0,25 18-100322 | 2,000,000 | EUR | 1,996,580.00 | 2,013,120.00 | 0.22% |
| --- | --- | --- | --- | --- | --- |
| SAP SE 1,125 14-200223 | 1,100,000 | EUR | 1,111,162.46 | 1,129,441.50 | 0.12% |
| SAP SE 1,375 18-130330 | 1,000,000 | EUR | 989,620.00 | 1,125,355.00 | 0.12% |
| SAP SE 1,75 14-220227 | 1,000,000 | EUR | 1,056,700.00 | 1,113,850.00 | 0.12% |
| SCHNEIDER ELECTRIC 0,875 17-131226 | 3,000,000 | EUR | 2,979,150.00 | 3,182,355.00 | 0.35% |
| SCHNEIDER ELECTRIC 1,00 20-090427 | 2,000,000 | EUR | 2,055,600.00 | 2,138,860.00 | 0.23% |
| SEB 1,375 16-311028 | 1,900,000 | EUR | 1,889,835.00 | 1,948,782.50 | 0.21% |
| SEB FRN 14-280526 | 2,000,000 | EUR | 2,046,430.00 | 2,020,690.00 | 0.22% |
| SELP FINANCE 1,25 16-251023 | 2,000,000 | EUR | 1,991,360.00 | 2,067,050.00 | 0.23% |
| SELP FINANCE 1,50 17-201125 | 1,000,000 | EUR | 974,800.00 | 1,062,465.00 | 0.12% |
| SHELL INTERNATIONAL FINANCE 0,375 16-150225 | 2,700,000 | EUR | 2,683,779.00 | 2,768,715.00 | 0.30% |
| SHELL INTERNATIONAL FINANCE 0,50 20-110524 | 5,000,000 | EUR | 4,980,700.00 | 5,126,925.00 | 0.56% |
| SHELL INTERNATIONAL FINANCE 1,875 15-150925 | 3,000,000 | EUR | 2,989,440.00 | 3,301,395.00 | 0.36% |
| SIEMENS FINANCE 0,375 20-050626 | 2,500,000 | EUR | 2,498,675.00 | 2,575,325.00 | 0.28% |
| SIEMENS FINANCE 1,375 18-060930 | 2,500,000 | EUR | 2,488,225.00 | 2,847,862.50 | 0.31% |
| SIEMENS FINANCE 1,75 19-280239 | 2,000,000 | EUR | 2,080,180.00 | 2,500,910.00 | 0.27% |
| SIGNIFY N.V. 2,00 20-110524 | 2,000,000 | EUR | 2,052,000.00 | 2,116,190.00 | 0.23% |
| SNAM SpA 1,00 19-120934 | 1,400,000 | EUR | 1,375,024.00 | 1,512,315.00 | 0.17% |
| SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 1,25 16-060127 | 1,500,000 | EUR | 1,500,836.00 | 1,624,170.00 | 0.18% |
| SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 1,25 19-180128 | 2,000,000 | EUR | 1,982,660.00 | 2,179,280.00 | 0.24% |
| SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 1,50 18-250130 | 2,000,000 | EUR | 1,980,540.00 | 2,265,100.00 | 0.25% |
| SOCIETE GENERALE 1,75 19-220329 | 2,000,000 | EUR | 1,995,460.00 | 2,200,420.00 | 0.24% |
| SOCIETE GENERALE 4,00 13-070623 | 1,000,000 | EUR | 1,118,670.00 | 1,091,885.00 | 0.12% |
| SODEXHO 0,75 20-270425 | 2,000,000 | EUR | 1,996,580.00 | 2,069,900.00 | 0.23% |
| STATKRAFT A/S 1,50 15-260330 | 2,500,000 | EUR | 2,667,405.00 | 2,790,125.00 | 0.31% |
| STATNETT SF 1,25 17-260430 | 2,500,000 | EUR | 2,705,700.00 | 2,747,425.00 | 0.30% |
| STEDIN HLDG 0,50 19-141129 | 3,500,000 | EUR | 3,536,330.00 | 3,608,325.00 | 0.39% |
| SUMITOMO MITSUI BANK 2,75 13-240723 | 2,000,000 | EUR | 2,198,740.00 | 2,152,410.00 | 0.24% |
| SUMITOMO MITSUI FINANCE 0,465 19-300524 | 1,500,000 | EUR | 1,500,000.00 | 1,530,585.00 | 0.17% |
| SUMITOMO MITSUI FINANCE 0,819 18-230723 | 3,000,000 | EUR | 3,000,000.00 | 3,077,625.00 | 0.34% |
| SVENSKA HANDELSBANKEN 4,375 11-201021 | 1,000,000 | EUR | 1,183,784.00 | 1,038,640.00 | 0.11% |
| SWISSCOM FINANCE B.V. 0,375 20-141128 | 1,700,000 | EUR | 1,685,159.00 | 1,756,346.50 | 0.19% |
| SWISS RE ADMIN RE LTD1,375 16-270523 | 2,000,000 | EUR | 2,007,828.57 | 2,074,550.00 | 0.23% |
| TAKEDA PHARMACEUTICAL 2,25 18-211126 | 4,000,000 | EUR | 4,122,942.00 | 4,504,040.00 | 0.49% |
| TALANX A.G. 2,50 14-230726 | 4,500,000 | EUR | 4,808,049.14 | 5,199,525.00 | 0.57% |
| TELEFONICA EMISIONE 0,664 20-030230 | 2,100,000 | EUR | 2,100,000.00 | 2,160,648.00 | 0.24% |
| TELEFONICA EMISIONE 1,201 20-210827 | 2,000,000 | EUR | 2,000,100.00 | 2,140,500.00 | 0.23% |
| TELEFONICA EMISIONE 1,715 17-120128 | 2,000,000 | EUR | 2,000,060.00 | 2,219,800.00 | 0.24% |
| TELENOR AS 0,00 19-250923 | 1,000,000 | EUR | 1,000,600.00 | 1,006,780.00 | 0.11% |
| TELSTRA CORP. 1,00 20-230430 | 2,000,000 | EUR | 2,032,579.96 | 2,154,000.00 | 0.24% |
| TELSTRA CORP. 2,50 13-150923 | 5,000,000 | EUR | 5,471,445.00 | 5,366,200.00 | 0.59% |
| TENNET HLDG 0,125 20-301132 | 3,600,000 | EUR | 3,572,676.00 | 3,584,232.00 | 0.39% |
| TENNET HLDG 1,75 15-040627 | 3,000,000 | EUR | 3,260,235.00 | 3,349,170.00 | 0.37% |
| THERMO FISHER 1,75 20-150427 | 3,000,000 | EUR | 3,081,855.00 | 3,310,860.00 | 0.36% |
| THERMO FISHER SCIENTIFIC 1,40 17-230126 | 3,000,000 | EUR | 2,985,780.00 | 3,214,740.00 | 0.35% |
| TOTAL CAPITAL INTERNATIONAL 0,75 16-120728 | 2,000,000 | EUR | 1,974,560.00 | 2,121,870.00 | 0.23% |
| TOTAL CAPITAL INTERNATIONAL 1,535 19-310539 | 2,000,000 | EUR | 2,000,000.00 | 2,346,710.00 | 0.26% |
| TOTAL CAPITAL INTERNATIONAL FRN 15-PERPETUAL | 2,500,000 | EUR | 2,485,639.28 | 2,670,687.50 | 0.29% |
| TOTAL CAPITAL INTERNATIONAL FRN 16-PERPETUAL | 2,400,000 | EUR | 2,445,444.92 | 2,519,460.00 | 0.28% |
| TOTAL CAPITAL INTERNATIONAL FRN 19-PERPETUAL | 4,500,000 | EUR | 4,500,000.00 | 4,631,872.50 | 0.51% |
| TOYOTA FINANCE 0,25 19-090424 | 2,800,000 | EUR | 2,798,740.00 | 2,845,052.00 | 0.31% |

Corporate EUR
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| TOYOTA FINANCE AUSTRALIA 0,50 18-060423 | 4,000,000 | EUR | 3,968,836.50 | 4,069,160.00 | 0.45% |
| --- | --- | --- | --- | --- | --- |
| TOYOTA MOTOR CREDIT 2,375 13-010223 | 900,000 | EUR | 917,586.00 | 949,819.50 | 0.10% |
| UBS A.G. LONDON 0,625 18-230123 | 3,000,000 | EUR | 2,991,480.00 | 3,053,205.00 | 0.33% |
| UBS A.G. LONDON 0,75 20-210423 | 1,800,000 | EUR | 1,796,220.00 | 1,840,743.00 | 0.20% |
| UBS GROUP FUNDING 1,75 15-161122 | 2,000,000 | EUR | 2,120,800.00 | 2,076,140.00 | 0.23% |
| UBS GROUP FUNDING 2,125 16-040324 | 5,000,000 | EUR | 5,100,550.00 | 5,358,175.00 | 0.59% |
| UNIBAIL RODAMCO SE 1,125 16-280427 | 1,250,000 | EUR | 1,238,862.50 | 1,285,187.50 | 0.14% |
| UNICREDIT SpA 0,50 19-090425 | 1,000,000 | EUR | 999,190.00 | 1,013,855.00 | 0.11% |
| UNICREDIT SpA FRN 19-250625 | 2,100,000 | EUR | 2,092,923.00 | 2,171,347.50 | 0.24% |
| UNICREDIT SpA FRN 20-220727 | 2,500,000 | EUR | 2,496,375.00 | 2,657,625.00 | 0.29% |
| UNILEVER N.V. 1,375 18-040930 | 1,300,000 | EUR | 1,286,363.00 | 1,483,092.00 | 0.16% |
| VEOLIA ENVIRONNEMENT 0,664 20-150131 | 2,200,000 | EUR | 2,200,000.00 | 2,285,272.00 | 0.25% |
| VEOLIA ENVIRONNEMENT 0,892 19-140124 | 2,000,000 | EUR | 2,000,000.00 | 2,060,110.00 | 0.23% |
| VERIZON COMMUNICATIONS INC. 1,25 19-080430 | 1,500,000 | EUR | 1,490,070.00 | 1,633,267.50 | 0.18% |
| VERIZON COMMUNICATIONS INC.1,50 19-190939 | 2,000,000 | EUR | 1,976,460.00 | 2,204,540.00 | 0.24% |
| VF CORP. 0,25 20-250228 | 2,500,000 | EUR | 2,344,465.00 | 2,529,662.50 | 0.28% |
| VIER GAS TRANSPORT 3,125 13-100723 | 1,100,000 | EUR | 1,216,731.00 | 1,195,205.00 | 0.13% |
| VINCI S.A. 1,00 18-260925 | 2,000,000 | EUR | 1,989,540.00 | 2,119,120.00 | 0.23% |
| VIVENDI 0,625 19-110625 | 2,000,000 | EUR | 1,998,240.00 | 2,061,960.00 | 0.23% |
| VODAFONE GROUP 1,125 17-201125 | 2,000,000 | EUR | 1,983,340.00 | 2,113,460.00 | 0.23% |
| VOLKSWAGEN FINANCE SERVICES 1,375 18-161023 | 1,000,000 | EUR | 999,140.00 | 1,035,920.00 | 0.11% |
| VOLKSWAGEN FINANCE SERVICES 3,375 20-060428 | 2,000,000 | EUR | 1,989,260.00 | 2,400,220.00 | 0.26% |
| VOLKSWAGEN INTERNATIONAL FINANCE 3,30 13-220333 | 700,000 | EUR | 732,354.00 | 895,891.50 | 0.10% |
| VOLKSWAGEN INTERNATIONAL FINANCE B.V. FRN 18-PERPETUAL | 4,000,000 | EUR | 3,991,500.00 | 4,199,600.00 | 0.46% |
| VONOVIA FINANCE 0,625 20-090726 | 2,000,000 | EUR | 1,993,680.00 | 2,067,180.00 | 0.23% |
| VONOVIA FINANCE 0,75 18-150124 | 1,000,000 | EUR | 993,300.00 | 1,027,025.00 | 0.11% |
| WAL-MART STORES 4,875 09-210929 | 1,500,000 | EUR | 2,016,600.00 | 2,141,377.50 | 0.23% |
| WELLS FARGO & CO 1,375 16-261026 | 3,000,000 | EUR | 2,972,520.00 | 3,193,815.00 | 0.35% |
| WELLS FARGO & CO 2,625 12-160822 | 3,400,000 | EUR | 3,545,790.87 | 3,556,196.00 | 0.39% |
| WPC EUROBOND B.V. 2,25 18-090426 | 2,000,000 | EUR | 1,985,040.00 | 2,195,950.00 | 0.24% |
| Total EURO |  |  | 860,437,931.50 | 901,881,919.50 | 98.63% |
| Total Bonds |  |  | 860,437,931.50 | 901,881,919.50 | 98.63% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 860,437,931.50 | 901,881,919.50 | 98.63% |
| Other Transferable Securities |  |  |  |  |  |
| SIGMA FINANCE CORP. CAPITAL 07-30.09.14 (*) | 1,700,000 | EUR | 890,163.93 | 0.00 | 0.00% |
| Total EURO |  |  | 890,163.93 | 0.00 | 0.00% |
| Total Other Transferable Securities |  |  | 890,163.93 | 0.00 | 0.00% |
| Total Portfolio |  |  | 861,328,095.43 | 901,881,919.50 | 98.63% |

(*) The issuer of this bond is in default and has been declared bankrupt and this asset has been valued at EUR 0.00 since February 16, 2009, by decision of the Board of Directors. The bond was not redeemed at maturity on September 30, 2014. Nevertheless, the positions remain open in the books of the Custodian and the Sub-Custodian pending the closing of the liquidation. Indeed, this asset represents the rights of the Corporate EUR sub-fund in the liquidation of Sigma Finance.
|  |
| --- |
| EUR Selection |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| AUSTRIA 0,00 20-200230 | 1,000,000 | EUR | 1,038,360.00 | 1,040,365.00 | 0.55% |
| AUSTRIA 3,65 11-200422 | 600,000 | EUR | 651,944.35 | 633,801.00 | 0.34% |
| AUSTRIA 4,15 06-150337 | 300,000 | EUR | 399,636.00 | 514,251.00 | 0.27% |
| AUSTRIA 4,85 09-150326 | 200,000 | EUR | 274,393.33 | 258,883.00 | 0.14% |
| AUSTRIA 6,25 97-150727 | 500,000 | EUR | 738,823.07 | 729,905.00 | 0.39% |
| AUTOBAHN SCHNELL 0,625 15-150922 | 1,000,000 | EUR | 998,430.00 | 1,020,525.00 | 0.54% |
| BELFIUS BANK 0,75 15-100225 | 3,500,000 | EUR | 3,528,660.00 | 3,676,680.00 | 1.95% |
| BELGIUM OLO 4,25 10-280341 | 600,000 | EUR | 876,814.33 | 1,094,103.00 | 0.58% |
| BNG 0,25 15-070525 | 3,500,000 | EUR | 3,458,537.50 | 3,615,692.50 | 1.92% |
| BNG BANK N.V. 0,5 15-260822 | 500,000 | EUR | 497,095.00 | 508,890.00 | 0.27% |
| BTPS 3,45 17-010348 | 500,000 | EUR | 611,672.50 | 737,287.50 | 0.39% |
| CA HOME LOA 0,625 14-281122 | 1,000,000 | EUR | 990,940.00 | 1,022,235.00 | 0.54% |
| CIE DE FINANCEMENT FONCIER 4,00 10-241025 | 4,000,000 | EUR | 5,001,640.00 | 4,868,140.00 | 2.58% |
| EUROPEAN STABILITY MECHANISM 0,75 17-150327 | 3,500,000 | EUR | 3,536,095.50 | 3,783,535.00 | 2.01% |
| FINLAND 0,50 17-150927 | 2,000,000 | EUR | 1,989,400.00 | 2,154,150.00 | 1.14% |
| FLEMISH COMMUNITY 0,375 16-131026 | 2,500,000 | EUR | 2,445,888.89 | 2,607,925.00 | 1.38% |
| FLEMISH COMMUNITY 1,00 16-131036 | 700,000 | EUR | 681,638.00 | 796,677.00 | 0.42% |
| FLEMISH COMMUNITY 1,50 18-120738 | 1,300,000 | EUR | 1,289,782.00 | 1,585,759.50 | 0.84% |
| FLEMISH COMMUNITY 1,875 17-020642 | 1,800,000 | EUR | 1,791,468.00 | 2,386,431.00 | 1.27% |
| FRANCE GOVT 1,25 15-250536 | 2,500,000 | EUR | 2,468,115.00 | 3,008,725.00 | 1.60% |
| FRANCE OAT 1,75 17-250639 | 500,000 | EUR | 500,810.00 | 661,065.00 | 0.35% |
| FRANCE OAT 3,25 12-250545 | 400,000 | EUR | 530,331.16 | 691,432.00 | 0.37% |
| FRANCE OAT 5,75 01-251032 | 3,000,000 | EUR | 5,098,120.95 | 5,178,765.00 | 2.75% |
| GERMANY 1,50 13-150223 | 400,000 | EUR | 418,564.84 | 419,312.00 | 0.22% |
| GERMANY 4,00 05-040137 | 500,000 | EUR | 817,835.00 | 866,487.50 | 0.46% |
| GERMANY 4,75 03-040734 | 800,000 | EUR | 1,237,281.85 | 1,388,688.00 | 0.74% |
| GERMANY 5,50 00-040131 | 1,300,000 | EUR | 2,067,423.98 | 2,121,106.00 | 1.13% |
| GERMANY 6,50 97-040727 | 1,000,000 | EUR | 1,625,340.00 | 1,484,640.00 | 0.79% |
| INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT 0,5 15-160430 | 1,500,000 | EUR | 1,437,007.50 | 1,610,692.50 | 0.86% |
| IRELAND 1,10 19-150529 | 1,750,000 | EUR | 1,839,705.00 | 1,976,502.50 | 1.05% |
| IRELAND TREASURY 1,30 18-150533 | 300,000 | EUR | 294,170.40 | 356,766.00 | 0.19% |
| IRELAND TREASURY 1,70 17-150537 | 500,000 | EUR | 553,689.00 | 643,532.50 | 0.34% |
| IRISH TREASURY 0,20 20-181030 | 2,500,000 | EUR | 2,557,530.00 | 2,627,600.00 | 1.40% |
| IRISH TREASURY 1,00 16-150526 | 1,000,000 | EUR | 1,040,055.00 | 1,086,895.00 | 0.58% |
| ITALY BOT 4,50 13-010324 | 2,900,000 | EUR | 3,425,358.82 | 3,340,365.00 | 1.77% |
| ITALY BTP 0,40 16-110424 | 1,500,000 | EUR | 1,489,368.89 | 1,522,444.73 | 0.81% |
| ITALY BTP 09-150941 2,55 | 2,250,000 | EUR | 3,338,024.46 | 3,850,092.49 | 2.04% |
| ITALY BTP 1,65 15-010332 | 5,250,000 | EUR | 5,267,596.15 | 5,831,516.25 | 3.10% |
| ITALY BTP 3,25 14-010946 | 3,300,000 | EUR | 3,910,774.00 | 4,679,730.00 | 2.48% |
| ITALY BTP 4,75 11-010921 | 2,500,000 | EUR | 2,964,559.61 | 2,587,650.00 | 1.37% |
| ITALY BTP 4,75 13-010928 | 3,000,000 | EUR | 3,510,525.00 | 4,009,950.00 | 2.13% |
| ITALY BTP 4,75 13-010944 | 1,450,000 | EUR | 1,729,585.32 | 2,479,572.50 | 1.32% |
| ITALY BTP 5,00 07-010839 | 1,000,000 | EUR | 1,343,665.00 | 1,661,785.00 | 0.88% |
| ITALY BTP 5,00 09-010325 | 1,300,000 | EUR | 1,535,550.44 | 1,581,242.00 | 0.84% |
| ITALY BTP 5,00 09-010940 | 1,250,000 | EUR | 1,652,183.16 | 2,098,681.25 | 1.11% |
| ITALY BTP 5,00 11-010322 | 3,000,000 | EUR | 2,974,387.33 | 3,191,595.00 | 1.69% |

EUR Selection
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| ITALY BTP 6,50 97-011127 | 5,500,000 | EUR | 7,632,200.00 | 7,843,852.50 | 4.16% |
| --- | --- | --- | --- | --- | --- |
| ITALY BTP -INFLATION LINKED- 0,40 19-150530 | 2,000,000 | EUR | 2,014,838.00 | 2,148,292.45 | 1.14% |
| ITALY BTP -INFLATION LINKED- 2,35 14-150924 | 1,500,000 | EUR | 1,766,353.74 | 1,762,812.80 | 0.94% |
| KBC BANK 2,00 13-310123 | 400,000 | EUR | 396,960.00 | 421,240.00 | 0.22% |
| KFW 0,50 17-150927 | 3,000,000 | EUR | 3,007,212.86 | 3,209,475.00 | 1.70% |
| KFW 1,25 16-040736 | 1,000,000 | EUR | 1,184,600.00 | 1,209,000.00 | 0.64% |
| KFW 1,50 14-110624 | 1,000,000 | EUR | 1,037,035.00 | 1,074,295.00 | 0.57% |
| LUXEMBOURG 0,625 17-010227 | 500,000 | EUR | 498,780.00 | 536,160.00 | 0.28% |
| NETHERLANDS GOVT 2,75 14-150147 | 500,000 | EUR | 852,920.00 | 893,640.00 | 0.47% |
| NETHERLANDS GOVT 3,75 10-150142 | 350,000 | EUR | 595,588.00 | 654,062.50 | 0.35% |
| POLAND GOVERMENT 1,00 19-070329 | 2,000,000 | EUR | 2,033,000.00 | 2,186,580.00 | 1.16% |
| POLAND GOVERNMENT 1,375 17-221027 | 4,000,000 | EUR | 4,317,040.00 | 4,418,660.00 | 2.35% |
| PORTUGAL 1,95 19-150629 | 4,050,000 | EUR | 4,399,575.50 | 4,753,464.75 | 2.52% |
| PORTUGAL 4,10 06-150437 | 3,750,000 | EUR | 5,133,467.50 | 5,935,612.50 | 3.15% |
| REPUBLIKA SLOVENIJA 1,00 18-060328 | 3,500,000 | EUR | 3,473,137.50 | 3,836,857.50 | 2.04% |
| REPUBLIKA SLOVENIJA 1,1875 19-140329 | 1,500,000 | EUR | 1,496,775.00 | 1,678,417.50 | 0.89% |
| REPUBLIK UNGARN 1,75 17-101027 | 4,500,000 | EUR | 4,921,250.00 | 4,955,512.50 | 2.63% |
| SLOVAKIA GOVT 0,00 16-131123 | 500,000 | EUR | 484,575.00 | 508,275.00 | 0.27% |
| SLOVAKIA GOVT 1,875 17-090337 | 1,000,000 | EUR | 981,020.00 | 1,322,740.00 | 0.70% |
| SLOVENIA 3,125 15-070845 | 900,000 | EUR | 1,298,700.00 | 1,509,430.50 | 0.80% |
| SNCF 4,625 09-020224 | 1,500,000 | EUR | 1,490,772.77 | 1,733,220.00 | 0.92% |
| SPAIN KINGDOM 1,30 16-311026 | 1,500,000 | EUR | 1,548,851.32 | 1,648,222.50 | 0.88% |
| SPAIN KINGDOM 3,80 14-300424 | 2,250,000 | EUR | 2,674,134.83 | 2,578,106.25 | 1.37% |
| SPAIN KINGDOM 4,20 05-310137 | 2,500,000 | EUR | 2,994,940.00 | 3,983,850.00 | 2.12% |
| SPAIN KINGDOM 4,80 08-310124 | 1,500,000 | EUR | 1,837,272.45 | 1,749,097.50 | 0.93% |
| SPAIN KINGDOM 4,90 07-300740 | 700,000 | EUR | 696,602.22 | 1,266,912.50 | 0.67% |
| SPAIN KINGDOM 5,15 13-311028 | 5,000,000 | EUR | 7,112,534.64 | 7,089,825.00 | 3.76% |
| SPAIN KINGDOM 5,15 13-311044 | 1,600,000 | EUR | 2,470,309.41 | 3,164,872.00 | 1.68% |
| SPAIN KINGDOM 5,75 01-300732 | 1,850,000 | EUR | 2,919,799.82 | 3,042,769.00 | 1.62% |
| SPAIN KINGDOM -INFLATION LINKED- 1,00 15-301130 | 2,500,000 | EUR | 2,943,341.89 | 3,135,846.45 | 1.66% |
| VSEOBECNA UVER BANKA 1,05 17-270427 | 4,000,000 | EUR | 3,938,560.00 | 4,230,580.00 | 2.25% |
| Total EURO |  |  | 164,580,923.78 | 178,473,750.42 | 94.76% |
| Total Bonds |  |  | 164,580,923.78 | 178,473,750.42 | 94.76% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 164,580,923.78 | 178,473,750.42 | 94.76% |
| Total Portfolio |  |  | 164,580,923.78 | 178,473,750.42 | 94.76% |

|  |
| --- |
| EUR Inflation-Linked |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| BTPS I/L 0,10 18-150523 | 500,000 | EUR | 504,432.67 | 525,911.16 | 1.39% |
| DEUTSCHLAND -INFLATION LINKED- 0,10 15-150426 | 2,300,000 | EUR | 2,585,434.42 | 2,632,463.56 | 6.98% |
| FRANCE OAT 3,40 99-250729 | 475,000 | EUR | 904,801.40 | 882,855.61 | 2.34% |
| FRANCE OAT -INFLATION LINKED- 0,10 16-010321 | 1,400,000 | EUR | 1,490,157.34 | 1,465,349.63 | 3.89% |
| FRANCE OAT -INFLATION LINKED- 0,10 16-250747 | 600,000 | EUR | 628,448.82 | 863,077.06 | 2.29% |
| FRANCE OAT -INFLATION LINKED- 0,10 17-250736 | 1,500,000 | EUR | 1,664,506.37 | 1,895,438.47 | 5.03% |
| FRANCE OAT -INFLATION LINKED- 0,10 19-010329 | 800,000 | EUR | 889,510.89 | 909,551.77 | 2.41% |
| FRANCE OAT -INFLATION LINKED- 0,10 20-010336 | 700,000 | EUR | 826,675.36 | 834,580.92 | 2.21% |
| FRANCE OAT -INFLATION LINKED- 0,1 14-010325 | 1,100,000 | EUR | 1,228,746.39 | 1,204,065.26 | 3.19% |
| FRANCE OAT -INFLATION LINKED- 0,25 12-250724 | 1,050,000 | EUR | 1,173,705.45 | 1,188,383.46 | 3.15% |
| FRANCE OAT -INFLATION LINKED- 0,70 13-250730 | 1,900,000 | EUR | 2,296,893.90 | 2,419,428.87 | 6.42% |
| FRANCE OAT -INFLATION LINKED- 1,80 07-250740 | 590,000 | EUR | 1,113,180.80 | 1,173,572.97 | 3.11% |
| FRANCE OAT -INFLATION LINKED- 1,85 11-250727 | 1,600,000 | EUR | 2,198,980.82 | 2,197,065.86 | 5.83% |
| FRANCE OAT -INFLATION LINKED- 3,15 02-250732 | 450,000 | EUR | 787,933.97 | 913,209.74 | 2.42% |
| GERMANY -INFLATION LINKED- 0,10 12-150423 | 1,500,000 | EUR | 1,696,243.21 | 1,670,452.07 | 4.43% |
| GERMANY -INFLATION LINKED- 0,10 15-150446 | 165,000 | EUR | 227,904.32 | 261,258.19 | 0.69% |
| GERMANY -INFLATION LINKED- 0,50 14-150430 | 500,000 | EUR | 625,544.70 | 634,709.18 | 1.68% |
| ITALY BTP 09-150941 2,55 | 2,100,000 | EUR | 2,925,068.66 | 3,593,419.66 | 9.53% |
| ITALY BTP 1,35 15-150422 | 600,000 | EUR | 602,454.00 | 613,920.00 | 1.63% |
| ITALY BTP 2,35 04-150935 | 500,000 | EUR | 791,731.27 | 860,974.22 | 2.28% |
| ITALY BTP FRN 16-150528 | 200,000 | EUR | 234,428.37 | 234,402.47 | 0.62% |
| ITALY BTP -INFLATION LINKED- 1,25 15-150932 | 500,000 | EUR | 570,153.13 | 608,840.20 | 1.61% |
| ITALY BTP -INFLATION LINKED- 2,10 10-150921 | 400,000 | EUR | 453,968.15 | 464,451.17 | 1.23% |
| ITALY BTP -INFLATION LINKED- 2,35 14-150924 | 1,200,000 | EUR | 1,396,666.34 | 1,410,250.23 | 3.74% |
| ITALY BTP -INFLATION LINKED- 3,10 11-150926 | 875,000 | EUR | 1,130,358.50 | 1,181,758.30 | 3.13% |
| SPAIN KINGDOM -INFLATION LINKED- 0,30 15-301121 | 350,000 | EUR | 367,729.06 | 372,248.58 | 0.99% |
| SPAIN KINGDOM -INFLATION LINKED- 0,65 16-301127 | 1,050,000 | EUR | 1,158,829.94 | 1,235,642.59 | 3.28% |
| SPAIN KINGDOM -INFLATION LINKED- 0,70 17-301133 | 630,000 | EUR | 755,484.32 | 778,841.52 | 2.07% |
| SPAIN KINGDOM -INFLATION LINKED- 1,00 15-301130 | 1,500,000 | EUR | 1,764,436.04 | 1,881,507.87 | 4.99% |
| SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 | 1,100,000 | EUR | 1,290,681.42 | 1,299,245.66 | 3.45% |
| Total EURO |  |  | 34,285,090.03 | 36,206,876.25 | 96.02% |
| Total Bonds |  |  | 34,285,090.03 | 36,206,876.25 | 96.02% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 34,285,090.03 | 36,206,876.25 | 96.02% |
| Total Portfolio |  |  | 34,285,090.03 | 36,206,876.25 | 96.02% |

|  |
| --- |
| Credit Duration Hedged EUR |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| ABN AMRO BANK 0,60 20-150127 | 900,000 | EUR | 898,155.00 | 927,418.50 | 1.16% |
| AGEAS N.V. FRN 19-020749 | 300,000 | EUR | 297,618.00 | 343,075.50 | 0.43% |
| AG INSURANCE S.A. FRN 15-300647 | 1,000,000 | EUR | 1,038,500.00 | 1,144,350.00 | 1.43% |
| AHOLD DELHAIZE N.V. 1,125 18-190326 | 1,000,000 | EUR | 998,044.50 | 1,065,175.00 | 1.33% |
| ALLIANDER N.V. FRN 18-PERPETUAL | 1,000,000 | EUR | 994,492.00 | 1,056,790.00 | 1.32% |
| ALLIANZ SE FRN 12-171042 | 1,000,000 | EUR | 1,184,590.00 | 1,099,620.00 | 1.38% |
| ALTAREIT SCA 2,875 18-020725 | 1,000,000 | EUR | 992,650.00 | 1,071,040.00 | 1.34% |
| ARGAN 3,25 17-040723 | 800,000 | EUR | 800,000.00 | 843,952.00 | 1.06% |
| ANHEUSER BUSCH INBEV 1,50 16-170325 | 500,000 | EUR | 535,850.00 | 534,657.50 | 0.67% |
| ARGENTA SPAARBANK 3,875 16-240526 | 1,500,000 | EUR | 1,493,850.00 | 1,522,650.00 | 1.91% |
| ARGENTUM NETHERLAND 1,125 18-170925 | 600,000 | EUR | 597,798.00 | 633,864.00 | 0.79% |
| ARKEMA FRN 19-PERPETUAL | 500,000 | EUR | 519,500.00 | 527,345.00 | 0.66% |
| BANCO DE SABADELL 1,75 19-100524 | 400,000 | EUR | 399,128.00 | 414,628.00 | 0.52% |
| BANK OF AMERICA FRN 18-250424 | 1,000,000 | EUR | 1,000,004.50 | 1,007,055.00 | 1.26% |
| BARCLAYS BANK PLC 6,00 10-140121 | 1,500,000 | EUR | 1,865,295.00 | 1,502,235.00 | 1.88% |
| BECTON DICKINSON 1,00 16-151222 | 2,000,000 | EUR | 2,017,630.00 | 2,035,950.00 | 2.55% |
| BLACKSTONE PROPERTY 2,20 18-240725 | 1,700,000 | EUR | 1,692,654.00 | 1,824,729.00 | 2.29% |
| BPCE S.A. FRN 15-301127 | 1,000,000 | EUR | 1,002,745.00 | 1,049,165.00 | 1.31% |
| BRISA CONCESSAO 2,375 17-100527 | 1,000,000 | EUR | 1,002,738.00 | 1,130,405.00 | 1.42% |
| BUREAU VERITAS 1,125 19-180127 | 800,000 | EUR | 795,184.00 | 821,824.00 | 1.03% |
| CAISSE NAT REASSUR 2,125 19-160929 | 1,000,000 | EUR | 994,185.00 | 1,046,840.00 | 1.31% |
| CELLNEX TEKECOM S.A. 1,75 20-231030 | 500,000 | EUR | 496,375.00 | 505,822.50 | 0.63% |
| CELLNEX TELECOM 1,00 20-200427 | 500,000 | EUR | 493,430.00 | 495,772.50 | 0.62% |
| CNH INDUSTRIAL 2,875 14-270921 | 1,000,000 | EUR | 1,027,937.50 | 1,022,905.00 | 1.28% |
| COFINIMMO -SICAFI-1,929 15-250322 | 600,000 | EUR | 600,000.00 | 609,810.00 | 0.76% |
| COOP RABOBANK 0,625 19-270224 | 500,000 | EUR | 499,020.00 | 512,240.00 | 0.64% |
| CREDIT AGRICOLE LONDON FRN 18-060323 | 700,000 | EUR | 706,377.00 | 705,229.00 | 0.88% |
| CROWN EUROPEAN HLDG 4,00 14-150722 | 200,000 | EUR | 212,507.25 | 209,109.00 | 0.26% |
| DH EUROPE FINANCE 0,45 19-180328 | 750,000 | EUR | 748,132.50 | 764,947.50 | 0.96% |
| EANDIS CVBA 2,875 13-091023 | 1,000,000 | EUR | 1,117,773.33 | 1,080,430.00 | 1.35% |
| EDF 4,125 12-250327 | 1,000,000 | EUR | 1,220,715.00 | 1,257,515.00 | 1.58% |
| EL CORTE INGLES S.A. 3,00 18-150324 | 1,000,000 | EUR | 878,000.00 | 1,013,520.00 | 1.27% |
| EUROFINS SCIENTIFIC 3,75 20-170726 | 400,000 | EUR | 397,344.00 | 469,818.00 | 0.59% |
| EURONET WORLDWIDE 1,375 19-220526 | 1,000,000 | EUR | 995,240.00 | 996,385.00 | 1.25% |
| EURONEXT N.V. 1,00 18-180425 | 2,000,000 | EUR | 1,988,370.00 | 2,076,370.00 | 2.60% |
| EXOR SpA 2,125 15-021222 | 1,000,000 | EUR | 1,047,420.00 | 1,037,290.00 | 1.30% |
| FAURECIA 3,75 20-150628 | 1,000,000 | EUR | 1,000,000.00 | 1,054,025.00 | 1.32% |
| FCA BANK IRISH 0,625 19-241122 | 750,000 | EUR | 747,855.00 | 758,516.25 | 0.95% |
| FCE BANK PLC 1,66 16-110221 | 1,000,000 | EUR | 1,000,000.00 | 1,002,110.00 | 1.26% |
| FLUVIUS SYSTEM 0,25 20-021230 | 500,000 | EUR | 499,605.00 | 507,392.50 | 0.64% |
| FLUXYS BELGIUM 1,75 17-051027 | 1,000,000 | EUR | 1,003,621.43 | 1,042,220.00 | 1.31% |
| FRESENIUS FINANCE 3,00 14-010221 | 1,000,000 | EUR | 1,073,900.00 | 1,002,230.00 | 1.26% |
| FROMAGERIES BEL 1,50 17-180424 | 500,000 | EUR | 497,140.00 | 518,497.50 | 0.65% |
| GELF BOND ISSUER 0,875 16-181022 | 500,000 | EUR | 500,507.00 | 505,650.00 | 0.63% |
| GROUPE BRUX LAMBERT 1,875 18-190625 | 2,000,000 | EUR | 2,039,080.00 | 2,162,040.00 | 2.71% |
| HEIDELBERGCEMENT FINANCE 0,50 18-090822 | 500,000 | EUR | 496,675.00 | 503,900.00 | 0.63% |
| INDIGO GROUP SAS 1,625 18-190428 | 900,000 | EUR | 886,914.00 | 933,435.00 | 1.17% |

Credit Duration Hedged EUR
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| INTERNATIONAL FLAVORS & FRAGRA 0,50 18-250921 | 700,000 | EUR | 699,272.00 | 703,171.00 | 0.88% |
| --- | --- | --- | --- | --- | --- |
| INTERTRUST GROUP B.V. 3,375 18-151125 | 500,000 | EUR | 502,800.00 | 512,342.50 | 0.64% |
| JC DECAUX 1,00 16-010623 | 600,000 | EUR | 599,196.00 | 613,716.00 | 0.77% |
| JP MORGAN CHASE & CO FRN 19-110327 | 1,000,000 | EUR | 1,000,000.00 | 1,052,505.00 | 1.32% |
| KBC GROUP FRN 19-031229 | 2,000,000 | EUR | 1,988,060.00 | 1,990,590.00 | 2.49% |
| KBC GROUP S.A. FRN 15-110327 | 500,000 | EUR | 497,470.00 | 510,217.50 | 0.64% |
| LG CHEM LTD 0,50 19-150423 | 600,000 | EUR | 597,660.00 | 607,179.00 | 0.76% |
| LINDE FINANCE B.V. 0,25 20-190527 | 500,000 | EUR | 499,790.00 | 510,362.50 | 0.64% |
| LONDON STOXK EXCHANGE GROUP 0,875 17-190924 | 1,000,000 | EUR | 996,820.00 | 1,033,720.00 | 1.30% |
| MERLIN PROPERTIES SOCIMI 2,225 16-250423 | 1,200,000 | EUR | 1,200,000.00 | 1,253,340.00 | 1.57% |
| MOLNLYCKE HLDG 1,875 17-280225 | 750,000 | EUR | 748,500.00 | 804,780.00 | 1.01% |
| MPT OPER PARTNERSHIP 4,00 15-190822 | 1,000,000 | EUR | 1,022,250.00 | 1,046,735.00 | 1.31% |
| NEXANS 3,75 18-080823 | 500,000 | EUR | 500,000.00 | 537,965.00 | 0.67% |
| ORANO S.A. 2,75 20-080328 | 600,000 | EUR | 594,984.00 | 631,470.00 | 0.79% |
| PEUGEOT 2,00 17-230324 | 1,000,000 | EUR | 1,000,000.00 | 1,056,550.00 | 1.32% |
| PIRELLI & CO SpA 1,375 18-250123 | 900,000 | EUR | 895,518.00 | 908,113.50 | 1.14% |
| PPF TELECOM 3,25 20-290927 | 500,000 | EUR | 496,160.00 | 538,427.50 | 0.67% |
| PROLOGIS EURO FINANCE 0,375 20-060228 | 700,000 | EUR | 698,243.00 | 717,153.50 | 0.90% |
| PROLOGIS INTERNATIONAL FUND 1,75 18-150328 | 500,000 | EUR | 496,661.67 | 560,217.50 | 0.70% |
| RENTOKIL INITIAL 0,50 20-141028 | 300,000 | EUR | 298,854.00 | 303,802.50 | 0.38% |
| RICHEMONT INTERNATIONAL 1,00 18-260326 | 500,000 | EUR | 503,180.00 | 530,370.00 | 0.66% |
| SAP SE 0,375 20-180529 | 500,000 | EUR | 495,035.00 | 516,940.00 | 0.65% |
| SAP SE 1,75 14-220227 | 1,500,000 | EUR | 1,602,700.00 | 1,670,775.00 | 2.09% |
| SCHAEFFLER FINANCE B.V. 3,75 16-150926 | 150,000 | EUR | 142,312.50 | 154,672.50 | 0.19% |
| SEB 2,375 15-251122 | 1,000,000 | EUR | 1,014,167.50 | 1,038,875.00 | 1.30% |
| SIG COMBIBLOC 1,875 20-180623 | 500,000 | EUR | 500,000.00 | 517,375.00 | 0.65% |
| SIG COMBIBLOC 2,125 20-180625 | 500,000 | EUR | 500,000.00 | 526,765.00 | 0.66% |
| SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 1,25 16-060127 | 1,000,000 | EUR | 998,035.00 | 1,082,780.00 | 1.36% |
| SOCIETE GENERAL 0,875 19-240929 | 500,000 | EUR | 500,000.00 | 513,600.00 | 0.64% |
| SOLVAY FRN 20-PERPETUAL | 500,000 | EUR | 496,880.00 | 514,645.00 | 0.64% |
| STEDIN HLDG 0,875 17-241022 | 500,000 | EUR | 498,125.00 | 523,285.00 | 0.66% |
| TELEFONICA EUROPE FRN 18-PERPETUAL | 500,000 | EUR | 488,250.00 | 514,172.50 | 0.64% |
| TENNET HLDG FRN 20-PERPETUAL | 750,000 | EUR | 750,000.00 | 783,116.25 | 0.98% |
| THERMO FISHER SCIENTIFIC 0,125 19-010325 | 500,000 | EUR | 495,570.00 | 503,865.00 | 0.63% |
| THERMO FISHER SCIENTIFIC 0,50 19-010328 | 300,000 | EUR | 297,180.00 | 308,431.50 | 0.39% |
| TIKEHAU CAPITAL SCA 3,00 17-271123 | 1,000,000 | EUR | 1,022,000.00 | 1,053,360.00 | 1.32% |
| TIM SpA 4,00 19-110424 | 500,000 | EUR | 507,071.00 | 542,090.00 | 0.68% |
| TLG FINANCE SARL FRN 19-PERPETUAL | 600,000 | EUR | 621,750.00 | 629,025.00 | 0.79% |
| UBS GROUP FUNDING 2,125 16-040324 | 1,000,000 | EUR | 1,032,540.40 | 1,071,635.00 | 1.34% |
| VALEO S.A. 1,625 16-180326 | 500,000 | EUR | 495,490.00 | 514,035.00 | 0.64% |
| VEOLIA ENVIRONNEMENT 4,247 10-060121 | 1,000,000 | EUR | 1,177,700.00 | 1,000,415.00 | 1.25% |
| VOLVO CAR AB 3,25 16-180521 | 1,300,000 | EUR | 1,397,012.50 | 1,318,356.00 | 1.65% |
| WENDEL 2,50 15-090227 | 1,500,000 | EUR | 1,503,015.00 | 1,694,580.00 | 2.12% |
| ZF NORTH AMERICA CAP 2,75 15-270423 | 1,000,000 | EUR | 1,058,733.34 | 1,026,385.00 | 1.29% |
| Total EURO |  |  | 76,723,535.92 | 78,791,855.00 | 98.73% |
| Total Bonds |  |  | 76,723,535.92 | 78,791,855.00 | 98.73% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 76,723,535.92 | 78,791,855.00 | 98.73% |
| Total Portfolio |  |  | 76,723,535.92 | 78,791,855.00 | 98.73% |

|  |
| --- |
| Government Global |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| AUSTRALIA 1,00 20-211131 | 500,000 | AUD | 306,127.73 | 313,811.81 | 0.17% |
| AUSTRALIA 2,75 17-211129 | 3,900,000 | AUD | 2,695,998.09 | 2,857,593.66 | 1.56% |
| AUSTRALIA 3,00 16-210347 | 1,750,000 | AUD | 1,350,617.63 | 1,361,139.32 | 0.74% |
| AUSTRALIA GOVT 2,75 18-210541 | 1,000,000 | AUD | 730,547.74 | 743,113.02 | 0.41% |
| AUSTRALIA -INFLATION LINKED- 0,75 17-211127 | 5,500,000 | AUD | 3,770,634.62 | 4,106,754.55 | 2.25% |
| Total AUSTRALIAN DOLLAR |  |  | 8,853,925.81 | 9,382,412.36 | 5.13% |
| CANADA 1,50 12-010623 | 5,000,000 | CAD | 3,333,963.97 | 3,306,982.93 | 1.81% |
| CANADA 2,25 18-010629 | 7,000,000 | CAD | 5,098,984.86 | 5,103,268.54 | 2.79% |
| CANADA 3,50 11-011245 | 1,650,000 | CAD | 1,525,804.12 | 1,599,207.57 | 0.87% |
| Total CANADIAN DOLLAR |  |  | 9,958,752.95 | 10,009,459.04 | 5.47% |
| SWITZERLAND 3,25 07-270627 | 750,000 | CHF | 886,565.39 | 875,611.39 | 0.48% |
| Total SWISS FRANC |  |  | 886,565.39 | 875,611.39 | 0.48% |
| CZECH 2,75 18-230729 | 30,000,000 | CZK | 1,317,238.83 | 1,293,882.80 | 0.71% |
| Total CZECH KORUNA |  |  | 1,317,238.83 | 1,293,882.80 | 0.71% |
| DENMARK KINGDOM 0,50 18-151129 | 8,000,000 | DKK | 1,111,244.57 | 1,168,205.61 | 0.64% |
| Total DANISH KRONE |  |  | 1,111,244.57 | 1,168,205.61 | 0.64% |
| AUSTRIA 0,50 17-200427 | 1,500,000 | EUR | 1,580,145.00 | 1,609,342.50 | 0.88% |
| BELGIUM KINGDOM OLO 88 1,7 19-22062050 | 1,000,000 | EUR | 1,183,847.45 | 1,385,755.00 | 0.76% |
| CHINA 0,625 20-251135 | 1,200,000 | EUR | 1,193,340.00 | 1,201,500.00 | 0.66% |
| CORP ANDINA FOMENTO 0,75 18-130623 | 3,500,000 | EUR | 3,523,410.00 | 3,564,120.00 | 1.95% |
| CYPRUS 2,375 18-250928 | 500,000 | EUR | 521,500.00 | 587,922.50 | 0.32% |
| CYPRUS 2,75 19-260234 | 375,000 | EUR | 374,636.25 | 484,023.75 | 0.26% |
| FINLAND 0,00 20-150930 | 500,000 | EUR | 521,015.00 | 521,072.50 | 0.28% |
| FRANCE GOVT 0,00 18-251129 | 3,500,000 | EUR | 3,610,496.61 | 3,631,285.00 | 1.99% |
| FRANCE OAT 3,25 12-250545 | 1,500,000 | EUR | 2,311,528.57 | 2,592,870.00 | 1.42% |
| FRANCE OAT -INFLATION LINKED- 0,10 19-010329 | 750,000 | EUR | 839,405.71 | 852,704.79 | 0.47% |
| IRELAND 1,35 18-180331 | 2,750,000 | EUR | 3,007,657.95 | 3,226,382.50 | 1.76% |
| IRISH TREASURY 1,50 19-150550 | 300,000 | EUR | 297,939.00 | 403,089.00 | 0.22% |
| ITALY BTP 1,35 19-010430 | 4,000,000 | EUR | 4,049,177.78 | 4,332,080.00 | 2.37% |
| ITALY BTP 1,60 16-010626 | 3,500,000 | EUR | 3,450,264.82 | 3,802,505.00 | 2.08% |
| ITALY BTP 2,70 16-010347 | 1,750,000 | EUR | 1,790,779.47 | 2,274,151.25 | 1.24% |
| KFW 1,25 16-040736 | 1,000,000 | EUR | 1,210,568.00 | 1,209,000.00 | 0.66% |
| MEXICO BONOS 4,00 15-150315 | 1,100,000 | EUR | 1,191,006.98 | 1,269,977.50 | 0.69% |
| NETHERLANDS GOVT 0,00 20-150730 | 3,000,000 | EUR | 3,121,824.55 | 3,143,775.00 | 1.72% |
| PORTUGAL 2,25 18-180434 | 3,200,000 | EUR | 3,951,335.39 | 4,035,776.00 | 2.21% |
| REPUBLIKA SLOVENIJA 1,50 15-250335 | 1,250,000 | EUR | 1,346,177.30 | 1,513,200.00 | 0.83% |
| ROMANIA 1,375 20-021229 | 350,000 | EUR | 347,273.50 | 357,103.25 | 0.20% |
| ROMANIA 2,00 20-280132 | 1,500,000 | EUR | 1,503,985.00 | 1,575,840.00 | 0.86% |

Government Global
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| SLOVAKIA GOVT 1,00 20-140532 | 100,000 | EUR | 99,372.00 | 116,386.50 | 0.06% |
| --- | --- | --- | --- | --- | --- |
| SLOVAKIA GOVT 2,00 17-171047 | 500,000 | EUR | 530,688.00 | 732,665.00 | 0.40% |
| SLOVAKIA GOVT 3,375 12-151124 | 2,500,000 | EUR | 2,976,408.00 | 2,894,787.50 | 1.58% |
| SLOVENIA 0,275 20-140130 | 500,000 | EUR | 498,965.00 | 522,037.50 | 0.29% |
| SLOVENIA 0,488 20-201050 | 700,000 | EUR | 701,827.00 | 739,333.00 | 0.40% |
| SPAIN KINGDOM 1,25 20-311030 | 1,750,000 | EUR | 1,938,975.00 | 1,956,893.75 | 1.07% |
| SPAIN KINGDOM 2,90 16-311046 | 1,600,000 | EUR | 1,738,600.46 | 2,399,880.00 | 1.31% |
| SPAIN KINGDOM -INFLATION LINKED- 0,70 17-301133 | 900,000 | EUR | 1,069,411.90 | 1,112,630.74 | 0.61% |
| Total EURO |  |  | 50,481,561.69 | 54,048,089.53 | 29.55% |
| UK TREASURY 4,25 06-071227 | 6,000,000 | GBP | 8,800,627.58 | 8,671,444.53 | 4.74% |
| UK TREASURY 4,50 09-070934 | 4,200,000 | GBP | 7,019,732.10 | 7,253,457.71 | 3.97% |
| UK TREASURY GILT 1,50 17-220747 | 1,750,000 | GBP | 1,942,872.23 | 2,312,645.24 | 1.26% |
| Total BRITISH POUND |  |  | 17,763,231.91 | 18,237,547.48 | 9.97% |
| JAPAN 0,40 19-200339 | 600,000,000 | JPY | 5,053,899.19 | 4,779,606.96 | 2.61% |
| Total JAPANESE YEN |  |  | 5,053,899.19 | 4,779,606.96 | 2.61% |
| NORWAY 1,75 19-060929 | 10,000,000 | NOK | 1,033,940.95 | 1,021,997.90 | 0.56% |
| NORWAY 2,00 12-240523 | 10,000,000 | NOK | 1,103,290.29 | 992,473.28 | 0.54% |
| Total NORWEGIAN KRONE |  |  | 2,137,231.24 | 2,014,471.18 | 1.10% |
| NEW ZEALAND 1,50 19-150531 | 2,150,000 | NZD | 1,262,194.75 | 1,328,890.78 | 0.73% |
| NEW ZEALAND 1,75 20-150541 | 1,000,000 | NZD | 594,932.26 | 580,763.80 | 0.32% |
| NEW ZEALAND -INFLATION LINKED- 2,00 12-200925 | 3,000,000 | NZD | 2,125,497.80 | 2,194,851.13 | 1.20% |
| Total NEW ZEALAND DOLLAR |  |  | 3,982,624.81 | 4,104,505.71 | 2.24% |
| SWEDEN 1,00 14-121126 | 10,000,000 | SEK | 1,034,909.52 | 1,067,039.85 | 0.58% |
| SWEDEN -INFLATION LINKED- 0,125 17-011227 | 10,000,000 | SEK | 1,189,519.16 | 1,183,460.21 | 0.65% |
| Total SWEDISH KRONA |  |  | 2,224,428.68 | 2,250,500.06 | 1.23% |
| CHINA GOVT INTERNATIONAL 1,20 20-211030 | 500,000 | USD | 424,150.69 | 407,723.43 | 0.22% |
| US TREASURY 0,25 20-150250 | 250,000 | USD | 231,318.42 | 246,675.12 | 0.13% |
| US TREASURY 1,75 17-300622 | 14,000,000 | USD | 12,087,091.60 | 11,720,569.78 | 6.41% |
| US TREASURY 2,00 20-150250 | 6,700,000 | USD | 6,981,362.69 | 5,946,879.70 | 3.25% |
| US TREASURY 2,25 17-150227 | 31,000,000 | USD | 28,487,831.12 | 27,998,383.42 | 15.31% |
| US TREASURY 3,375 14-150544 | 5,400,000 | USD | 5,810,394.36 | 6,034,617.50 | 3.30% |
| US TREASURY BONDS 3,00 19-150249 | 650,000 | USD | 621,099.93 | 697,758.57 | 0.38% |
| US TREASURY BONDS 3,50 09-150239 | 5,500,000 | USD | 5,882,477.54 | 6,094,394.90 | 3.33% |
| US TREASURY -INFLATION LINKED- 0,375 17-150127 | 4,500,000 | USD | 4,228,727.69 | 4,425,301.07 | 2.42% |
| Total U.S. DOLLAR |  |  | 64,754,454.04 | 63,572,303.49 | 34.76% |
| Total Bonds |  |  | 168,525,159.11 | 171,736,595.61 | 93.91% |
| Money market instruments |  |  |  |  |  |
| ITALY 0,00 20-300421 | 4,000,000 | EUR | 4,008,497.36 | 4,007,820.00 | 2.19% |

Government Global
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| Total EURO |  |  | 4,008,497.36 | 4,007,820.00 | 2.19% |
| --- | --- | --- | --- | --- | --- |
| Total Money market instruments | 4,008,497.36 | 4,007,820.00 | 2.19% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market | 172,533,656.47 | 175,744,415.61 | 96.10% |
| Total Portfolio | 172,533,656.47 | 175,744,415.61 | 96.10% |

|  |
| --- |
| Corporate High Yield EUR 2023 |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| ADLER REAL ESTATE A.G. 1,50 17-061221 | 150,000 | EUR | 151,500.00 | 150,261.75 | 0.45% |
| ADLER REAL ESTATE A.G. 1,875 18-270423 | 400,000 | EUR | 398,172.00 | 402,610.00 | 1.21% |
| ARCELORMITTAL 0,95 17-170123 | 500,000 | EUR | 497,384.57 | 503,977.50 | 1.52% |
| AREVA S.A. 3,125 14-200323 | 1,300,000 | EUR | 1,342,188.00 | 1,366,495.00 | 4.12% |
| BALL CORP. 4,375 15-151223 | 1,300,000 | EUR | 1,467,864.50 | 1,435,005.00 | 4.33% |
| BECTON DICKINSON 0,632 19-040623 | 200,000 | EUR | 195,298.00 | 202,968.00 | 0.61% |
| BLACKSTONE PROPERTY 1,40 18-060722 | 400,000 | EUR | 404,000.00 | 406,530.00 | 1.23% |
| BURGERKING FRANCE FRN 17-010523 | 400,000 | EUR | 408,500.00 | 403,402.00 | 1.22% |
| CASINO GUICHARD-PERRACHON 3,311 13-250123 | 300,000 | EUR | 291,000.00 | 313,753.50 | 0.95% |
| CMA CGM 6,50 17-150722 | 700,000 | EUR | 710,225.00 | 713,209.00 | 2.15% |
| CONTINENTAL 0,00 19-120923 | 500,000 | EUR | 465,068.33 | 500,487.50 | 1.51% |
| CROWN EUROPEAN HLDG 0,75 19-150223 | 300,000 | EUR | 300,000.00 | 299,845.50 | 0.90% |
| CROWN EUROPEAN HLDG 2,25 18-010223 | 1,100,000 | EUR | 1,118,494.00 | 1,126,983.00 | 3.40% |
| DKT FINANCE APS 7,00 18-170623 | 500,000 | EUR | 528,560.00 | 517,400.00 | 1.56% |
| ELIS S.A. 1,875 18-150223 | 800,000 | EUR | 816,173.00 | 816,688.00 | 2.46% |
| FCE BANK PLC 0,869 17-130921 | 100,000 | EUR | 97,047.00 | 99,961.00 | 0.30% |
| FCE BANK PLC 1,615 16-110523 | 200,000 | EUR | 201,102.00 | 200,940.00 | 0.61% |
| FIAT CHRYSLER AUTO 3,375 20-070723 | 600,000 | EUR | 635,271.00 | 640,605.00 | 1.93% |
| FIAT FINANCE 4,75 14-150722 | 700,000 | EUR | 794,627.00 | 747,967.50 | 2.26% |
| FORD MOTOR CREDIT 1,514 19-170223 | 1,000,000 | EUR | 986,033.00 | 1,000,565.00 | 3.02% |
| GALP ENERGIA 1,00 17-150223 | 1,600,000 | EUR | 1,616,770.00 | 1,616,720.00 | 4.87% |
| GOODYEAR DUNLOP TIRE 3,75 15-151223 | 100,000 | EUR | 105,240.00 | 100,552.50 | 0.30% |
| HJ HEINZ CO 2,00 15-300623 | 1,300,000 | EUR | 1,326,313.00 | 1,346,722.00 | 4.06% |
| IMMOFINANZ A.G. 2,625 19-270123 | 300,000 | EUR | 317,436.00 | 309,922.50 | 0.93% |
| INTERNATIONAL GAME TECHNOLOGY 4,75 15-150223 | 700,000 | EUR | 770,063.87 | 734,814.50 | 2.22% |
| K+S A.G. 2,625 17-060423 | 300,000 | EUR | 308,738.00 | 294,984.00 | 0.89% |
| LIMACORPORATE SpA FRN 17-150823 | 300,000 | EUR | 303,130.00 | 298,426.50 | 0.90% |
| LOXAM SAS 3,50 16-030523 | 700,000 | EUR | 710,895.00 | 707,294.00 | 2.13% |
| NEXANS 3,75 18-080823 | 1,300,000 | EUR | 1,353,821.00 | 1,398,709.00 | 4.22% |
| NH HOTEL GROUP S.A. 3,75 16-011023 | 300,000 | EUR | 285,649.19 | 266,802.58 | 0.80% |
| NORICAN GROUP 4,50 17-150523 | 100,000 | EUR | 95,100.00 | 87,063.50 | 0.26% |
| OTE PLC 2,375 18-180722 | 500,000 | EUR | 505,420.00 | 518,555.00 | 1.56% |
| PEACH PROPERTY FINANCE 3,50 19-150223 | 700,000 | EUR | 699,250.00 | 717,587.50 | 2.16% |
| PICARD GROUPE SAS FRN 17-301123 | 1,300,000 | EUR | 1,260,454.00 | 1,301,131.00 | 3.92% |
| PIRELLI & CO SpA 1,375 18-250123 | 200,000 | EUR | 198,060.00 | 201,803.00 | 0.61% |
| RENAULT S.A. S.A. 1,00 17-080323 | 905,000 | EUR | 876,313.55 | 907,081.50 | 2.74% |
| SAPPI PAPIER HLDG 4,00 16-010423 | 500,000 | EUR | 504,250.00 | 501,095.00 | 1.51% |
| SCHAEFFLER A.G. 1,125 19-260322 | 700,000 | EUR | 660,834.00 | 707,626.50 | 2.13% |
| SIG COMBIBLOC 1,875 20-180623 | 1,300,000 | EUR | 1,322,900.00 | 1,345,175.00 | 4.06% |
| SOFTBK GROUP CORP. 4,00 15-300722 | 280,000 | EUR | 306,879.00 | 291,236.40 | 0.88% |
| SOFTBK GROUP CORP.4,00 18-200423 | 1,000,000 | EUR | 1,065,220.00 | 1,044,865.00 | 3.15% |
| TELECOM ITALIA SpA 2,50 17-190723 | 400,000 | EUR | 408,040.00 | 419,378.00 | 1.26% |
| TELECOM ITALIA SpA 3,25 15-160123 | 800,000 | EUR | 868,974.24 | 844,100.00 | 2.55% |
| THREEAB OPTIQUE DEVELOPMENT 4,00 17-011023 | 700,000 | EUR | 702,358.00 | 711,487.00 | 2.15% |
| TITAN GLOBAL FINANCE PLC 3,50 16-170621 | 100,000 | EUR | 107,327.00 | 101,542.50 | 0.31% |
| UCB 1,875 15-020422 | 200,000 | EUR | 204,025.00 | 204,345.00 | 0.62% |

Corporate High Yield EUR 2023
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
| --- | --- | --- | --- | --- | --- |

| VERISURE MIDHLDG AB 5,75 17-011223 | 1,200,000 | EUR | 1,205,486.50 | 1,217,064.00 | 3.67% |
| --- | --- | --- | --- | --- | --- |
| VOLVO CAR AB 3,25 16-180521 | 500,000 | EUR | 501,150.00 | 507,060.00 | 1.53% |
| ZF NORTH AMERICA CAP 2,75 15-270423 | 1,300,000 | EUR | 1,351,750.00 | 1,334,300.50 | 4.02% |
| Total EURO |  |  | 31,750,354.75 | 31,887,098.23 | 96.15% |
| Total Bonds |  |  | 31,750,354.75 | 31,887,098.23 | 96.15% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 31,750,354.75 | 31,887,098.23 | 96.15% |
| Other Transferable Securities |  |  |  |  |  |
| ARGAN 3,25 17-040723 | 500,000 | EUR | 510,150.00 | 527,470.00 | 1.59% |
| Total EURO |  |  | 510,150.00 | 527,470.00 | 1.59% |
| Total Other Transferable Securities |  |  | 510,150.00 | 527,470.00 | 1.59% |
| Total Portfolio |  |  | 32,260,504.75 | 32,414,568.23 | 97.74% |

(Content)
| EMU Quants | % Total Net Assets |
| --- | --- |
|  |
| FRANCE | 25.23 % |
| ITALY | 22.50 % |
| GERMANY | 15.87 % |
| SPAIN | 14.58 % |
| BELGIUM | 5.97 % |
| NETHERLANDS | 4.67 % |
| AUSTRIA | 3.37 % |
| PORTUGAL | 2.42 % |
| IRELAND | 2.07 % |
| FINLAND | 1.44 % |
| Total Portfolio | 98.12 % |

(Content)
| Corporate EUR | % Total Net Assets |
| --- | --- |
|  |
| FRANCE | 19.52 % |
| UNITED STATES OF AMERICA | 17.83 % |
| NETHERLANDS | 17.57 % |
| GERMANY | 8.55 % |
| UNITED KINGDOM | 6.27 % |
| LUXEMBURG | 4.84 % |
| BELGIUM | 3.67 % |
| ITALY | 3.36 % |
| AUSTRALIA | 2.83 % |
| IRELAND | 2.57 % |
| JAPAN | 2.24 % |
| SPAIN | 1.90 % |
| SWEDEN | 1.70 % |
| JERSEY | 1.27 % |
| CAYMAN ISLANDS | 1.16 % |
| NORWAY | 1.05 % |
| MEXICO | 0.87 % |
| CANADA | 0.67 % |
| DENMARK | 0.42 % |
| GUERNSEY | 0.17 % |
| SWITZERLAND | 0.17 % |
| Total Portfolio | 98.63 % |

(Content)
|  |  |
| --- | --- |
| EUR Selection | % Total Net Assets |
|  |
| ITALY | 26.19 % |
| SPAIN | 14.69 % |
| FRANCE | 9.11 % |
| BELGIUM | 6.67 % |
| GERMANY | 6.25 % |
| PORTUGAL | 5.68 % |
| SLOVENIA | 3.73 % |
| IRELAND | 3.55 % |
| POLAND | 3.51 % |
| SLOVAKIA | 3.22 % |
| NETHERLANDS | 3.01 % |
| HUNGARY | 2.63 % |
| LUXEMBURG | 2.29 % |
| AUSTRIA | 2.23 % |
| FINLAND | 1.14 % |
| UNITED STATES OF AMERICA | 0.86 % |
| Total Portfolio | 94.76 % |

(Content)
| EUR Inflation-Linked | % Total Net Assets |
| --- | --- |
|  |
| FRANCE | 42.29 % |
| ITALY | 25.18 % |
| SPAIN | 14.76 % |
| GERMANY | 13.79 % |
| Total Portfolio | 96.02 % |

(Content)
| Credit Duration Hedged EUR | % Total Net Assets |
| --- | --- |
|  |
| FRANCE | 23.89 % |
| BELGIUM | 14.99 % |
| NETHERLANDS | 13.35 % |
| UNITED STATES OF AMERICA | 11.78 % |
| LUXEMBURG | 9.84 % |
| UNITED KINGDOM | 5.70 % |
| SPAIN | 4.62 % |
| GERMANY | 4.31 % |
| ITALY | 4.07 % |
| SWEDEN | 2.66 % |
| PORTUGAL | 1.42 % |
| JERSEY | 1.34 % |
| SOUTH KOREA | 0.76 % |
| Total Portfolio | 98.73 % |

(Content)
|  |  |
| --- | --- |
| Government Global | % Total Net Assets |
|  |
| UNITED STATES OF AMERICA | 34.55 % |
| UNITED KINGDOM | 9.97 % |
| ITALY | 7.88 % |
| CANADA | 5.47 % |
| AUSTRALIA | 5.13 % |
| FRANCE | 3.87 % |
| SPAIN | 2.99 % |
| JAPAN | 2.61 % |
| NEW ZEALAND | 2.24 % |
| PORTUGAL | 2.21 % |
| SLOVAKIA | 2.05 % |
| IRELAND | 1.98 % |
| PANAMA | 1.95 % |
| NETHERLANDS | 1.72 % |
| SLOVENIA | 1.52 % |
| SWEDEN | 1.23 % |
| NORWAY | 1.10 % |
| ROMANIA | 1.06 % |
| AUSTRIA | 0.88 % |
| CHINA | 0.88 % |
| BELGIUM | 0.76 % |
| CZECH REPUBLIC | 0.71 % |
| MEXICO | 0.69 % |
| GERMANY | 0.66 % |
| DENMARK | 0.64 % |
| CYPRUS | 0.59 % |
| SWITZERLAND | 0.48 % |
| FINLAND | 0.28 % |
| Total Portfolio | 96.10 % |

(Content)
| Corporate High Yield EUR 2023 | % Total Net Assets |
| --- | --- |
|  |
| FRANCE | 31.95 % |
| UNITED STATES OF AMERICA | 15.43 % |
| LUXEMBURG | 9.67 % |
| GERMANY | 8.36 % |
| ITALY | 5.32 % |
| SWEDEN | 5.20 % |
| UNITED KINGDOM | 4.99 % |
| PORTUGAL | 4.87 % |
| JAPAN | 4.03 % |
| AUSTRIA | 2.45 % |
| NETHERLANDS | 2.23 % |
| DENMARK | 1.82 % |
| SPAIN | 0.80 % |
| BELGIUM | 0.62 % |
| Total Portfolio | 97.74 % |

| EMU Quants | % Total Net Assets |
| --- | --- |
|  |
| STATE | 98.12 % |
| Total Portfolio | 98.12 % |

| Corporate EUR | % Total Net Assets |
| --- | --- |
|  |
| FINANCIAL SERVICES - HOLDINGS | 27.12 % |
| BANKS | 21.01 % |
| ENERGY SOURCES | 4.70 % |
| TELECOMMUNICATIONS | 4.13 % |
| CHEMICAL PRODUCTS | 3.48 % |
| PHARMACOLOGY & PERSONAL CARE | 3.41 % |
| INSURANCE COMPANIES | 3.40 % |
| ROAD VEHICLES | 3.31 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 3.13 % |
| REAL ESTATE | 2.59 % |
| IT & INTERNET | 2.53 % |
| ASSET & MORTGAGE BACKED SECURITIES | 2.20 % |
| BUILDING MATERIALS | 1.91 % |
| OIL & DERIVED | 1.66 % |
| DISTRIBUTION | 1.65 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 1.60 % |
| MECHANICAL CONSTRUCTION | 1.45 % |
| TOBACCO & SPIRITS | 1.43 % |
| MISCELLANEOUS CONSUMER GOODS | 1.35 % |
| FOOD & CLEANING MATERIALS | 1.32 % |
| TEXTILE & GARMENTS | 1.19 % |
| INFORMATION, TECHNOLOGY & COPIERS | 1.15 % |
| OTHER SERVICES | 0.82 % |
| MISCELLANEOUS | 0.82 % |
| PHOTOGRAPHY & OPTICAL | 0.44 % |
| LEISURES & TOURISM | 0.25 % |
| PUBLISHING & BROADCASTING | 0.23 % |
| AIR TRANSPORT | 0.18 % |
| UNIT TRUSTS, UCITS | 0.17 % |
| Total Portfolio | 98.63 % |

| EUR Selection | % Total Net Assets |
| --- | --- |
|  |
| STATE | 73.86 % |
| BANKS | 12.66 % |
| PROVINCE | 3.92 % |
| EUROPEAN ORGANIZATIONS | 2.86 % |
| ROAD & RAILWAY TRANSPORTS | 0.92 % |
| AIR TRANSPORT | 0.54 % |
| Total Portfolio | 94.76 % |

|  |  |
| --- | --- |
| EUR Inflation-Linked | % Total Net Assets |
|  |
| STATE | 96.02 % |
| Total Portfolio | 96.02 % |

| Credit Duration Hedged EUR | % Total Net Assets |
| --- | --- |
|  |
| FINANCIAL SERVICES - HOLDINGS | 29.44 % |
| BANKS | 17.31 % |
| ENERGY SOURCES | 8.24 % |
| ROAD VEHICLES | 6.36 % |
| PHARMACOLOGY & PERSONAL CARE | 5.03 % |
| REAL ESTATE | 4.29 % |
| INSURANCE COMPANIES | 4.12 % |
| CHEMICAL PRODUCTS | 3.20 % |
| IT & INTERNET | 2.74 % |
| DISTRIBUTION | 2.60 % |
| TELECOMMUNICATIONS | 2.58 % |
| ASSET & MORTGAGE BACKED SECURITIES | 2.04 % |
| FOOD & CLEANING MATERIALS | 1.99 % |
| OTHER SERVICES | 1.41 % |
| AIR TRANSPORT | 1.36 % |
| HEALTH CARE & SERVICES | 1.31 % |
| MISCELLANEOUS CONSUMER GOODS | 1.30 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 1.02 % |
| MISCELLANEOUS | 0.79 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 0.67 % |
| TOBACCO & SPIRITS | 0.67 % |
| PACKAGING INDUSTRY | 0.26 % |
| Total Portfolio | 98.73 % |

| Government Global | % Total Net Assets |
| --- | --- |
|  |
| STATE | 93.49 % |
| EUROPEAN ORGANIZATIONS | 1.95 % |
| BANKS | 0.66 % |
| Total Portfolio | 96.10 % |

|  |  |
| --- | --- |
| Corporate High Yield EUR 2023 | % Total Net Assets |
|  |
| FINANCIAL SERVICES - HOLDINGS | 27.15 % |
| ROAD VEHICLES | 10.48 % |
| PACKAGING INDUSTRY | 8.63 % |
| FOOD & CLEANING MATERIALS | 7.98 % |
| IT & INTERNET | 6.24 % |
| TELECOMMUNICATIONS | 5.37 % |
| OIL & DERIVED | 4.87 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 4.22 % |
| REAL ESTATE | 4.19 % |
| ENERGY SOURCES | 4.12 % |
| PHARMACOLOGY & PERSONAL CARE | 2.76 % |
| LEISURES & TOURISM | 2.02 % |
| TYRES & RUBBER | 1.81 % |
| INTERMEDIARY INDUSTRIAL PRODUCTIONS | 1.52 % |
| FOREST PRODUCTS & PAPER INDUSTRY | 1.51 % |
| CHEMICAL PRODUCTS | 1.50 % |
| DISTRIBUTION | 0.95 % |
| BANKS | 0.91 % |
| MISCELLANEOUS EQUIPMENT GOODS | 0.90 % |
| MISCELLANEOUS CONSUMER GOODS | 0.61 % |
| Total Portfolio | 97.74 % |

| EMU Quants | % Total Net Assets |
| --- | --- |
|  |
| EURO | 98.12 % |
| Total Portfolio | 98.12 % |

| Corporate EUR | % Total Net Assets |
| --- | --- |
|  |
| EURO | 98.63 % |
| Total Portfolio | 98.63 % |

| EUR Selection | % Total Net Assets |
| --- | --- |
|  |
| EURO | 94.76 % |
| Total Portfolio | 94.76 % |

| EUR Inflation-Linked | % Total Net Assets |
| --- | --- |
|  |
| EURO | 96.02 % |
| Total Portfolio | 96.02 % |

| Credit Duration Hedged EUR | % Total Net Assets |
| --- | --- |
|  |
| EURO | 98.73 % |
| Total Portfolio | 98.73 % |

|  |  |
| --- | --- |
| Government Global | % Total Net Assets |
|  |
| U.S. DOLLAR | 34.77 % |
| EURO | 31.75 % |
| BRITISH POUND | 9.97 % |
| CANADIAN DOLLAR | 5.47 % |
| AUSTRALIAN DOLLAR | 5.13 % |
| JAPANESE YEN | 2.61 % |
| NEW ZEALAND DOLLAR | 2.24 % |
| SWEDISH KRONA | 1.23 % |
| NORWEGIAN KRONE | 1.10 % |
| CZECH KORUNA | 0.71 % |
| DANISH KRONE | 0.64 % |
| SWISS FRANC | 0.48 % |
| Total Portfolio | 96.10 % |

| Corporate High Yield EUR 2023 | % Total Net Assets |
| --- | --- |
|  |
| EURO | 97.74 % |
| Total Portfolio | 97.74 % |

EMU Quants
| Shares outstanding at the beginning of the exercise	- A | 53,870.714 |
| --- | --- |
| - B | 41,413.815 |
| - F | 1,950.000 |
| - N | 509.571 |
| Shares issued during the exercise	- A | 0.000 |
| - B | 7.760 |
| - F | 0.000 |
| - N | 688.000 |
| Shares redeemed during the exercise	- A | 40,000.000 |
| - B | 5,246.458 |
| - F | 0.000 |
| - N | 349.709 |
| Shares outstanding at the end of the exercise	- A | 13,870.714 |
| - B | 36,175.117 |
| - F | 1,950.000 |
| - N | 847.862 |

Corporate EUR
| Shares outstanding at the beginning of the exercise	- A | 31,885.308 |
| --- | --- |
| - B | 120,788.797 |
| - E | 35,000.000 |
| - F | 2,467,972.304 |
| - J | 8,568.000 |
| - M | 67,410.705 |
| - N | 8,469.473 |
| - P | 1,802.000 |
| - V | - |
| - W | 2,782.833 |
| Shares issued during the exercise	- A | 14,214.912 |
| - B | 62,262.207 |
| - E | 71,800.000 |
| - F | 1,753,472.565 |
| - J | 0.000 |
| - M | 112,274.000 |
| - N | 7,794.069 |
| - P | 1,122.000 |
| - V | 294.000 |
| - W | 1,567.000 |
| Shares redeemed during the exercise	- A | 13,324.912 |
| - B | 46,795.860 |
| - E | 6,800.000 |
| - F | 1,048,927.948 |
| - J | 3,661.000 |
| - M | 21,546.907 |
| - N | 1,033.446 |
| - P | 297.000 |
| - V | 0.000 |
| - W | 2,604.000 |
| Shares outstanding at the end of the exercise	- A | 32,775.308 |
| - B | 136,255.144 |
| - E | 100,000.000 |
| - F | 3,172,516.921 |
| - J | 4,907.000 |
| - M | 158,137.798 |
| - N | 15,230.096 |
| - P | 2,627.000 |
| - V | 294.000 |
| - W | 1,745.833 |

EUR Selection
| Shares outstanding at the beginning of the exercise	- A | 8,362.000 |
| --- | --- |
| - B | 21,053.516 |
| - F | 944,609.407 |
| - J | 463.578 |
| - M | 66,251.075 |
| - P | 248.000 |
| - V | - |
| - W | 19,670.737 |
| Shares issued during the exercise	- A | 2,640.000 |
| - B | 4,919.000 |
| - F | 107,349.651 |
| - J | 37.000 |
| - M | 116,211.550 |
| - P | 465.000 |
| - V | 176.000 |
| - W | 3,758.855 |
| Shares redeemed during the exercise	- A | 1,779.000 |
| - B | 13,155.689 |
| - F | 364,568.221 |
| - J | 65.000 |
| - M | 10,863.780 |
| - P | 102.000 |
| - V | 0.000 |
| - W | 11,821.680 |
| Shares outstanding at the end of the exercise	- A | 9,223.000 |
| - B | 12,816.827 |
| - F | 687,390.837 |
| - J | 435.578 |
| - M | 171,598.845 |
| - P | 611.000 |
| - V | 176.000 |
| - W | 11,607.912 |

EUR Inflation-Linked
| Shares outstanding at the beginning of the exercise	- A | 464.000 |
| --- | --- |
| - B | 1,932.199 |
| - F | 78,311.773 |
| - M | 771.817 |
| - N | 25.986 |
| - P | 47.000 |
| - V | - |
| - W | 419.510 |
| Shares issued during the exercise	- A | 44.000 |
| - B | 2,316.352 |
| - F | 117,973.000 |
| - M | 3.000 |
| - N | 0.000 |
| - P | 0.000 |
| - V | 10.000 |
| - W | 247.425 |
| Shares redeemed during the exercise	- A | 231.000 |
| - B | 711.931 |
| - F | 37,381.000 |
| - M | 233.913 |
| - N | 15.986 |
| - P | 0.000 |
| - V | 0.000 |
| - W | 95.788 |
| Shares outstanding at the end of the exercise	- A | 277.000 |
| - B | 3,536.620 |
| - F | 158,903.773 |
| - M | 540.904 |
| - N | 10.000 |
| - P | 47.000 |
| - V | 10.000 |
| - W | 571.147 |

Credit Duration Hedged EUR
| Shares outstanding at the beginning of the exercise	- A | 434,481.820 |
| --- | --- |
| - B | 137,366.491 |
| - F | 534,621.358 |
| - J | 145.015 |
| - M | 8,226.188 |
| - N | 94,405.546 |
| - W | 27,011.163 |
| Shares issued during the exercise	- A | 22,086.000 |
| - B | 5,698.000 |
| - F | 12,220.000 |
| - J | 21.000 |
| - M | 125.000 |
| - N | 9,640.152 |
| - W | 2,185.000 |
| Shares redeemed during the exercise	- A | 134,908.130 |
| - B | 94,109.596 |
| - F | 222,814.834 |
| - J | 15.000 |
| - M | 3,586.934 |
| - N | 75,523.484 |
| - W | 29,119.163 |
| Shares outstanding at the end of the exercise	- A | 321,659.690 |
| - B | 48,954.895 |
| - F | 324,026.524 |
| - J | 151.015 |
| - M | 4,764.254 |
| - N | 28,522.214 |
| - W | 77.000 |

Government Global
| Shares outstanding at the beginning of the exercise	- A | 4,110.000 |
| --- | --- |
| - A EUR Hedged | 1,515.000 |
| - B | 50,343.740 |
| - F | 913,024.239 |
| - F EUR Hedged | 26,022.000 |
| - J | 3,429.000 |
| - M EUR Hedged | - |
| - P | 1,445.000 |
| - P EUR Hedged | 0.000 |
| Shares issued during the exercise	- A | 0.000 |
| - A EUR Hedged | 19,470.000 |
| - B | 17,380.000 |
| - F | 447,192.496 |
| - F EUR Hedged | 344,390.000 |
| - J | 0.000 |
| - M EUR Hedged | 89,816.919 |
| - P | 574.000 |
| - P EUR Hedged | 114.397 |
| Shares redeemed during the exercise	- A | 3,990.000 |
| - A EUR Hedged | 3,435.000 |
| - B | 57,970.400 |
| - F | 1,021,759.227 |
| - F EUR Hedged | 217,152.000 |
| - J | 396.000 |
| - M EUR Hedged | 160.000 |
| - P | 876.000 |
| - P EUR Hedged | 9.000 |
| Shares outstanding at the end of the exercise	- A | 120.000 |
| - A EUR Hedged | 17,550.000 |
| - B | 9,753.340 |
| - F | 338,457.508 |
| - F EUR Hedged | 153,260.000 |
| - J | 3,033.000 |
| - M EUR Hedged | 89,656.919 |
| - P | 1,143.000 |
| - P EUR Hedged | 105,397 |

Corporate High Yield EUR 2023
| Shares outstanding at the beginning of the exercise	- A | 142,400.015 |
| --- | --- |
| - B | 37,354.500 |
| - E | 44,813.000 |
| - M | 10,608.417 |
| - P | 56.000 |
| - W | 400.000 |
| Shares issued during the exercise	- A | 81,541.782 |
| - B | 18,559.881 |
| - E | 19,202.000 |
| - M | 16,198.141 |
| - P | 0.000 |
| - W | 0.000 |
| Shares redeemed during the exercise	- A | 14,144.015 |
| - B | 18,597.396 |
| - E | 7,195.000 |
| - M | 1,710.000 |
| - P | 0.000 |
| - W | 400.000 |
| Shares outstanding at the end of the exercise	- A | 209,797.782 |
| - B | 37,316.985 |
| - E | 56,820.000 |
| - M | 25,096.558 |
| - P | 56.000 |
| - W | - |

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

| EMU Quants (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 18,485,667.02 17,433,688.77 13,124,543.57 | - A | 53,977.714 | 79.72 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 45,820.855 | 279.26 | EUR |
| - F | 3,287.356 | 287.43 | EUR |
| - N | 1,579.571 | 279.77 | EUR |
| - A | 53,870.714 | 83.04 | EUR |
| - B | 41,413.815 | 294.97 | EUR |
| - F | 1,950.000 | 304.34 | EUR |
| - N | 509.571 | 296.15 | EUR |
| - A | 13,870.714 | 85.93 | EUR |
| - B | 36,175.117 | 305.61 | EUR |
| - F | 1,950.000 | 316.07 | EUR |
| - N | 847.862 | 307.48 | EUR |

| Corporate EUR (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 832,123,798.57 810,663,894.97 914,383,948.36 | - A | 47,735.000 | 79.02 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 154,642.724 | 184.15 | EUR |
| - E | 42,650.000 | 116.83 | EUR |
| - F | 2,547,221.539 | 190.15 | EUR |
| - J | 10,140.000 | 25,428.52 | EUR |
| - M | 91,703.792 | 79.20 | EUR |
| - N | 11,560.349 | 184.57 | EUR |
| - P | 1,700.000 | 25,460.15 | EUR |
| - A | 31,885.308 | 81.71 | EUR |
| - B | 120,788.797 | 193.46 | EUR |
| - E | 35,000.000 | 121.16 | EUR |
| - F | 2,467,972.304 | 200.34 | EUR |
| - J | 8,568.000 | 26,824.42 | EUR |
| - M | 67,410.705 | 82.11 | EUR |
| - N | 8,469.473 | 194.39 | EUR |
| - P | 1,802.000 | 26,891.36 | EUR |
| - W | 2,782.833 | 193.56 | EUR |
| - A | 32,775.308 | 82.94 | EUR |
| - B | 136,255.144 | 196.97 | EUR |
| - E | 100,000.000 | 123.35 | EUR |
| - F | 3,172,516.921 | 204.57 | EUR |
| - J | 4,907.000 | 27,424.90 | EUR |
| - M | 158,137.798 | 83.55 | EUR |
| - N | 15,230.096 | 198.40 | EUR |
| - P | 2,627.000 | 27,527.46 | EUR |
| - V | 294.000 | 83.01 | EUR |
| - W | 1,745.833 | 197.59 | EUR |

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

| EUR Selection (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 144,582,889.23 201,903,956.33 188,339,807.39 | - A | 6,560.000 | 138.09 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - F | 706,930.456 | 161.70 | EUR |
| - J | 455.578 | 25,953.83 | EUR |
| - M | 39,283.544 | 138.32 | EUR |
| - P | 466.000 | 25,978.16 | EUR |
| - A | 8,362.000 | 147.23 | EUR |
| - B | 21,053.516 | 148.70 | EUR |
| - F | 944,609.407 | 174.53 | EUR |
| - J | 463.578 | 28,040.20 | EUR |
| - M | 66,251.075 | 147.77 | EUR |
| - P | 248.000 | 28,094.50 | EUR |
| - W | 19,670.737 | 148.75 | EUR |
| - A | 9,223.000 | 153.66 | EUR |
| - B | 12,816.827 | 155.47 | EUR |
| - F | 687,390.837 | 182.92 | EUR |
| - J | 435.578 | 29,417.57 | EUR |
| - M | 171,598.845 | 154.53 | EUR |
| - P | 611.000 | 29,503.59 | EUR |
| - V | 176.000 | 153.77 | EUR |
| - W | 11,607.912 | 155.83 | EUR |

| EUR Inflation-Linked (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 27,376,906.16 21,512,655.06 37,709,553.36 | - A | 1,275.000 | 2,276.51 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 3,548.210 | 2,378.37 | EUR |
| - F | 100,904.773 | 136.59 | EUR |
| - M | 960.797 | 2,280.53 | EUR |
| - N | 25.986 | 2,380.49 | EUR |
| - A | 464.000 | 2,380.45 | EUR |
| - B | 1,932.199 | 2,523.42 | EUR |
| - F | 78,311.773 | 145.26 | EUR |
| - M | 771.817 | 2,389.47 | EUR |
| - N | 25.986 | 2,530.60 | EUR |
| - P | 47.000 | 25,276.86 | EUR |
| - W | 419.510 | 2,524.44 | EUR |
| - A | 277.000 | 2,417.81 | EUR |
| - B | 3,536.620 | 2,594.24 | EUR |
| - F | 158,903.773 | 149.70 | EUR |
| - M | 540.904 | 2,432.04 | EUR |
| - N | 10.000 | 2,606.98 | EUR |
| - P | 47.000 | 26,101.97 | EUR |
| - V | 10.000 | 2,419.48 | EUR |
| - W | 571.147 | 2,600.55 | EUR |

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

| Credit Duration Hedged EUR (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 179,613,358.33 135,315,768.29 79,803,278.54 | - A | 551,961.432 | 95.51 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 188,347.177 | 107.32 | EUR |
| - F | 842,886.326 | 108.86 | EUR |
| - J | 145.015 | 24,324.46 | EUR |
| - M | 12,538.421 | 95.72 | EUR |
| - N | 94,786.290 | 107.57 | EUR |
| - A | 434,481.820 | 97.08 | EUR |
| - B | 137,366.491 | 110.43 | EUR |
| - F | 534,621.358 | 112.34 | EUR |
| - J | 145.015 | 25,133.19 | EUR |
| - M | 8,226.188 | 97.53 | EUR |
| - N | 94,405.546 | 110.96 | EUR |
| - W | 27,011.163 | 110.49 | EUR |
| - A | 321,659.690 | 95.74 | EUR |
| - B | 48,954.895 | 109.64 | EUR |
| - F | 324,026.524 | 111.84 | EUR |
| - J | 151.015 | 25,052.86 | EUR |
| - M | 4,764.254 | 96.43 | EUR |
| - N | 28,522.214 | 110.45 | EUR |
| - W | 77.000 | 109.93 | EUR |

| Government Global (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 108,029,165.56 240,775,737.71 182,874,431.85 | - A | 11,604.000 | 99.32 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - A EUR Hedged | 5,250.000 | 97.53 | EUR |
| - B | 16,694.000 | 99.32 | EUR |
| - F | 341,900.128 | 99.72 | EUR |
| - F EUR Hedged | 30,628.484 | 99.15 | EUR |
| - J | 1,420.000 | 24,988.30 | EUR |
| - P | 1,233.000 | 25,010.78 | EUR |
| - A | 4,110.000 | 106.47 | EUR |
| - A EUR Hedged | 1,515.000 | 101.00 | EUR |
| - B | 50,343.740 | 107.93 | EUR |
| - F | 913,024.239 | 108.61 | EUR |
| - F EUR Hedged | 26,022.000 | 104.36 | EUR |
| - J | 3,429.000 | 27,245.25 | EUR |
| - P | 1,445.000 | 27,297.23 | EUR |
| - A | 120.000 | 105.81 | EUR |
| - A EUR Hedged | 17,550.000 | 104.60 | EUR |
| - B | 9,753.340 | 108.06 | EUR |
| - F | 338,457.508 | 109.00 | EUR |
| - F EUR Hedged | 153,260.000 | 109.18 | EUR |
| - J | 3,033.000 | 27,369.38 | EUR |
| - M EUR Hedged | 89,656.919 | 104.45 | EUR |
| - P | 1,143.000 | 27,448.98 | EUR |
| - P EUR Hedged | 105.397 | 24,630.62 | EUR |

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

| Corporate High Yield EUR 2023 (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 19,919,167.64 24,986,886.57 33,164,591.65 | - A | 128,700.477 | 95.44 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 21,668.700 | 97.17 | EUR |
| - E | 42,477.000 | 95.86 | EUR |
| - M | 484.417 | 98.52 | EUR |
| - P | 56.000 | 24,487.87 | EUR |
| - A | 142,400.015 | 98.97 | EUR |
| - B | 37,354.500 | 102.85 | EUR |
| - E | 44,813.000 | 99.65 | EUR |
| - M | 10,608.417 | 102.36 | EUR |
| - P | 56.000 | 26,040.20 | EUR |
| - A | 209,797.782 | 95.43 | EUR |
| - B | 37,316.985 | 100.85 | EUR |
| - E | 56,820.000 | 96.22 | EUR |
| - M | 25,096.558 | 98.79 | EUR |
| - P | 56.000 | 25,595.16 | EUR |

| NOTE 1 - ACCOUNTING PRINCIPLES AND METHODS |
| --- |
| The financial statements of the SICAV are prepared on a going concern basis in accordance with the legal and regulatory provisions in force in Luxembourg relating to Undertakings for Collective Investment, on the basis of the official net asset values calculated at the end of the financial year. |
| a) Securities portfolio valuation |
| Securities and derivatives listed on an official stock exchange are valued on the basis of the last closing price available as of 31 December 2020 and, if there is more than one market, at the price of the relevant security's Main market. Securities and derivatives listed on other regulated markets that operate regularly, are recognised and open to the public, are valued on the basis of the last closing price available on 31 December 2020, and, if there is more than one market, at the price of the relevant security's Main market. Securities and derivatives not listed on a stock exchange or whose price is not representative are valued at their last known trading value or, in the absence of a trading value, at the probable realisation value in accordance with the valuation criteria deemed relevant by the Board of Directors. Forward foreign exchange contracts are valued on the basis of the last forward closing prices available as of 31 December 2020. OTC interest rate swaps are valued using a model based on the characteristics of the transaction and market data as at 31 December 2020. IRS prices include the interest accrued on them. The money market instruments and other fixed income securities with a residual maturity of less than 3 months may be valued on the amortised cost basis. However, if a market price is available for such securities, the value arrived at in accordance with the method described above will be periodically compared to the market price and, in the event of a substantial difference, the board of directors may adjust the value accordingly. The value of derivatives (options and futures) that are traded or listed on a stock exchange or regulated market will be determined on the basis of their last settlement price on the stock exchange or regulated market on which they are traded, it being understood that if one of the derivatives cannot be liquidated on the day on which the values applicable are determined, the value of that derivative or those derivatives will be determined in a prudent and reasonable way by the Board of Directors. The value of all other assets will be based on their probable realisation value, estimated prudently and in good faith. |
| b) Net realised gain or loss on investments |
| The net capital gains or losses realised on sales of securities are calculated based on the average cost of the securities sold. The amounts of net realised gains or losses attributable to changes in exchange rates are recognised in “Net realised exchange gains or losses” at the time of the sale. |
| c) Conversion of foreign currencies |
| The SICAV’s accounts are kept in euro. Bank deposits, other net assets and the stock market value of securities in the portfolio in currencies other than the euro are converted into euro at the exchange rate valid on the closing date. |

Revenue and expenditure in currencies other than the euro are translated into euros at the exchange rate in force on the date of payment.
- Acquisition cost of the securities in the portfolioFor securities denominated in currencies other than the currency of the investment company with variable capital, the acquisition cost is calculated based on the exchange rate valid on the day of purchase.
- Change in the net unrealised gain and lossThe variation in the unrealised capital gains or losses at the end of the period also appears in the operating result.
- Change in the securities portfolioThe table of variations in the securities portfolio is available free of charge from the registered office of the SICAV.
- Income, expenditure and related provisionsInterest is calculated and recorded daily. The interest and income are recognised net of non recoverable withholding taxes.

When the investment company with variable capital pays expenses concerning one sub-fund in particular, they are allocated to that sub-fund. Expenses not attributable to one sub-fund in particular are split between the different sub-funds at pro rata of the net asset value of each sub-fund.
- Combined financial statementsThe combined financial statements are drawn up in EUR and are equal to the sum of the corresponding headings in the financial statements of each sub-fund.


## NOTE 2 - TAXES AND EXPENSES PAYABLE
| Management fee | 775,122.18 | EUR |
| --- | --- | --- |
| Depositary fees | 36,531.82 | EUR |
| Subscription tax | 54,498.47 | EUR |
| Administrative agent fees | 271,068.84 | EUR |
| Audit fees | 47,667.52 | EUR |
| Custody fees | 89,646.09 | EUR |
| Miscellaneous fees | 46,557.77 | EUR |
| Total | 1,321,092.65 | EUR |

NOTE 3 - SUBSCRIPTION FEE
Shares of DPAM Bonds L are issued at the net asset value per share plus a maximum entry fee which can be partially or wholly refunded to approved intermediaries. No fee is charged for a redemption or conversion to another sub-fund.
| Share Classes | Minimum initial amount | Subscription fees |
| --- | --- | --- |
| A | Not applicable | Max. 1.5% |
| B | Not applicable | Max. 1.5% |
| E | EUR 25,000 | Max. 1.0% |
| F | EUR 25,000 | Max. 1.0% |
| I | Not applicable | Max. 0.0% |
| J | Not applicable | Max. 0.0% |
| M | Not applicable | Max. 1.0% |
| N | Not applicable | Max. 1.0% |
| P | Not applicable | Max. 0.0% |
| V | Not applicable | Max. 1.5% |
| W | Not applicable | Max. 1.5% |

Except for the following sub-funds:
Government Global
| Share Classes | Minimum initial amount | Subscription fees |
| --- | --- | --- |
| A | Not applicable | Max. 2.0% |
| A EUR Hedged | Not applicable | Max. 2.0% |
| B | Not applicable | Max. 2.0% |
| F | EUR 25,000 | Max. 1.0% |
| F EUR Hedged | EUR 25,000 | Max. 1.0% |
| J | Not applicable | Max. 0.0% |
| M EUR Hedged | Not applicable | Max. 0.0% |
| P | Not applicable | Max. 1.0% |
| P EUR Hedged | Not applicable | Max. 1.0% |

Corporate High Yield EUR 2023 :
| Share Classes | Minimum initial amount | Subscription fees |
| --- | --- | --- |
| A | Not applicable | Max. 2.0% |
| B | Not applicable | Max. 2.0% |
| E | EUR 25,000 | Max. 1.0% |
| M | Not applicable | Max. 1.0% |
| P | Not applicable | Max. 1.0% |
| W | Not applicable | Max. 2.0% |

No fees were charged during the financial period ended 31 December 2020.

## NOTE 4 - MANAGEMENT FEE
In remuneration for its services, the Management Company receives an annual fee from each sub-fund, the rates of which are shown in the table below:
| Sub-Fund | Share Class | Management Fee |
| --- | --- | --- |
| EMU Quants | A | 0.400% p.a. |
| B | 0.400% p.a. |
| F | 0.200% p.a. |
| N | 0.200% p.a. |

| Sub-Fund | Share Class | Management Fee |
| --- | --- | --- |
| Corporate EUR | A | 0.500% p.a. |
| B | 0.500% p.a. |
| E | 0.250% p.a. |
| F | 0.220% p.a. |
| J | 0.125% p.a. |
| M | 0.250% p.a. |
| N | 0.250% p.a. |
| P | 0% p.a. |
| V | - |
| W | 0.250% p.a. |
| EUR Selection | A | 0.400% p.a. |
| B | 0.400% p.a. |
| F | 0.200% p.a. |
| J | 0.100% p.a. |
| M | 0.200% p.a. |
| P | 0% p.a. |
| V | - |
| W | 0.200% p.a. |
| EUR Inflation-Linked | A | 0.400% p.a. |
| B | 0.400% p.a. |
| F | 0.200% p.a. |
| M | 0.200% p.a. |
| N | 0.200% p.a. |
| P | 0% p.a. |
| V | - |
| W | 0.200% p.a. |
| Credit Duration Hedged EUR | A | 0.500% p.a. |
| B | 0.500% p.a. |
| F | 0.250% p.a. |
| J | 0.125% p.a. |
| M | 0.250% p.a. |
| N | 0.250% p.a. |
| W | 0.250% p.a. |
| Government Global | A | 0.400% p.a. |
| A EUR Hedged | 0.400% p.a. |
| B | 0.400% p.a. |
| F | 0.200% p.a. |
| F EUR Hedged | 0.200% p.a. |
| J | 0.100% p.a. |
| M EUR Hedged | - |
| P | 0% p.a. |
| P EUR Hedged | - |
| Corporate High Yield EUR 2023 | A | 0.200% p.a. |
| B | 0.200% p.a. |
| E | 0.100% p.a. |
| M | 0.100% p.a. |
| P | 0% p.a. |

The Manager will be remunerated by the Management Company out of the latter’s fee.
For the sub-fund Government Global, the Management Company may perceive, for each concerned class, an additional commission relative to share classes covering the currency risk of 0.01% each month.
Concerned share classes are A EUR Hedged, F EUR Hedged, M EUR Hedged and P EUR Hedged.
No exchange risk hedging fee was charged during the period from 1 January 2020 to 31 December 2020.

## NOTE 5 - SUBSCRIPTION TAX
The SICAV is governed by Luxembourg tax laws.
In accordance with the legislation and regulations currently in force, the SICAV is subject in Luxembourg to the subscription tax at an annual rate of 0.05%, payable quarterly and calculated on the net assets of the SICAV at the end of each quarter.
Class E and Class F shares for institutional investors are subject to the subscription tax at the reduced annual rate of 0.01% payable quarterly.
In addition, as the SICAV is registered in Belgium, it is subject to a tax at the annual rate of 0.0925% calculated for 2020 on the basis of the value of the shares distributed in Belgium as established on 31 December 2019.

## NOTE 6 - FUTURES
Futures contracts are valued by the broker on each bank business day. Unrealized gains/(losses) arising from futures contracts open at the balance sheet date are recorded directly in bank balances. Any change in the margin call not yet transferred to bank balances at the balance sheet date is reflected in the account "Receivable from/(payable to) futures broker".
At 31 December 2020, the following futures contracts are deposited with Société Générale (for the EUR Government Global sub-fund).
Government Global :
| CCY | Number of contracts | Description | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| EUR | -21 | EURO BUND FUTURE MAR | 2,100.00 | 2,218,629.00 |
| EUR | -31 | EURO-BUXL 30YR FUTUR | -1,860.00 | 5,343,749.00 |
| EUR | -70 | EURO BOBL FUTURE MAR | 7,700.00 | 7,252,560.00 |
| GBP | -11 | LONG GILT FUTURE MAR | -18,400.18 | 1,779,171.06 |
| JPY | 2 | JGB 10YR FUTURE MAR2 | -1,583.21 | 1,604,078.99 |
| USD | 12 | ULTRA 10YR US TREAS | -6,895.92 | 956,004.00 |
| USD | 5 | ULTRA T-BOND FUTURE | -9,577.66 | 534,305.89 |
| USD | 5 | US 10YR TREASURY NOT | 574.66 | 453,665.19 |
|  |  | Total | -27,942.31 | 20,142,163.13 |

Pursuant to these future contracts, the sub-fund maintained a guarantee deposit of EUR 466,275.40 with Société Générale in favor of the counterparty at the close of business. This deposit is intended to cover market risks in the event of unfavourable daily price movements in the futures contracts purchased or sold.

## NOTE 7 - FORWARD FOREIGN EXCHANGE CONTRACTS
As at 31 December 2020, the following forward exchange transactions were concluded with the counterparty Banque Degroof Luxembourg S.A. :
Government Global :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 08/01/2021 | EUR | 876,405.65 | AUD | 1,450,000.00 | -38,054.35 | 914,480.34 |
| 08/01/2021 | EUR | 4,935,070.43 | AUD | 8,165,000.00 | -214,285.36 | 5,149,470.36 |
| 08/01/2021 | EUR | 2,472,829.78 | AUD | 4,000,000.00 | -49,818.49 | 2,522,704.40 |
| 08/01/2021 | EUR | 301,209.45 | AUD | 490,000.00 | -7,814.96 | 309,031.29 |
| 08/01/2021 | EUR | 964,727.16 | AUD | 1,600,000.00 | -44,332.15 | 1,009,081.76 |
| 08/01/2021 | EUR | 819,606.96 | AUD | 1,340,000.00 | -25,480.21 | 845,105.97 |
| 08/01/2021 | EUR | 252,034.72 | AUD | 410,000.00 | -6,536.73 | 258,577.20 |
| 08/01/2021 | EUR | 350,389.73 | AUD | 570,000.00 | -9,087.65 | 359,485.38 |
| 08/01/2021 | EUR | 61,712.40 | AUD | 100,000.00 | -1,353.81 | 63,067.61 |
| 08/01/2021 | EUR | 458,339.36 | AUD | 760,000.00 | -20,963.81 | 479,313.84 |
| 08/01/2021 | EUR | 1,528,640.61 | AUD | 2,500,000.00 | -48,014.56 | 1,576,690.25 |
| 08/01/2021 | EUR | 215,970.73 | AUD | 350,000.00 | -4,760.99 | 220,736.63 |
| 08/01/2021 | EUR | 4,535,075.07 | CAD | 7,110,000.00 | -25,639.32 | 4,561,200.80 |
| 08/01/2021 | EUR | 83,706.26 | CAD | 130,000.00 | 317.67 | 83,397.48 |
| 08/01/2021 | EUR | 128,892.97 | CAD | 200,000.00 | 602.83 | 128,303.82 |
| 08/01/2021 | EUR | 64,573.62 | CAD | 100,000.00 | 428.55 | 64,151.91 |
| 08/01/2021 | EUR | 355,867.28 | CAD | 550,000.00 | 3,069.40 | 352,835.51 |
| 08/01/2021 | EUR | 320,854.24 | CAD | 500,000.00 | 128.90 | 320,759.55 |
| 08/01/2021 | EUR | 41,134.67 | CAD | 64,000.00 | 81.83 | 41,057.22 |
| 08/01/2021 | EUR | 129,149.74 | CAD | 200,000.00 | 859.60 | 128,303.82 |
| 08/01/2021 | EUR | 1,065,200.47 | CAD | 1,670,000.00 | -6,022.18 | 1,071,336.90 |
| 08/01/2021 | EUR | 111,171.84 | CHF | 120,000.00 | 213.31 | 110,951.88 |
| 08/01/2021 | EUR | 1,386,334.44 | CHF | 1,500,000.00 | -647.22 | 1,386,898.50 |
| 08/01/2021 | EUR | 92,607.17 | CHF | 100,000.00 | 141.73 | 92,459.90 |
| 08/01/2021 | EUR | 102,112.81 | CHF | 110,000.00 | 400.82 | 101,705.89 |
| 08/01/2021 | EUR | 370,892.37 | CHF | 400,000.00 | 1,030.59 | 369,839.60 |
| 08/01/2021 | EUR | 1,049,045.18 | CHF | 1,130,000.00 | 4,185.66 | 1,044,796.87 |
| 08/01/2021 | EUR | 1,321,228.23 | CZK | 35,800,000.00 | -41,769.10 | 1,363,185.24 |
| 08/01/2021 | EUR | 761.95 | CZK | 20,000.00 | 0.50 | 761.56 |
| 08/01/2021 | EUR | 11,419.91 | DKK | 85,000.00 | 4.71 | 11,419.44 |
| 08/01/2021 | EUR | 13,429.42 | DKK | 100,000.00 | -0.23 | 13,434.63 |
| 08/01/2021 | EUR | 67,831.85 | DKK | 505,000.00 | 12.14 | 67,844.88 |
| 08/01/2021 | EUR | 26,842.29 | DKK | 200,000.00 | -17.00 | 26,869.26 |
| 08/01/2021 | EUR | 193,470.37 | DKK | 1,440,000.00 | 83.47 | 193,458.67 |
| 08/01/2021 | EUR | 107,483.54 | DKK | 800,000.00 | 46.37 | 107,477.04 |
| 08/01/2021 | JPY | 1,952,000,000 | EUR | 15,617,374.33 | -166,872.06 | 15,452,151.57 |
| 08/01/2021 | SGD | 1,380,000.00 | EUR | 861,095.34 | -7,872.76 | 853,379.44 |

| 08/01/2021 | USD | 18,930,000.00 | EUR | 16,047,132.62 | -578,968.17 | 15,471,373.53 |
| --- | --- | --- | --- | --- | --- | --- |
| 08/01/2021 | NZD | 165,000.00 | EUR | 93,137.73 | 3,942.53 | 97,093.10 |
| 08/01/2021 | AUD | 700,000.00 | EUR | 432,745.21 | 8,692.46 | 441,473.27 |
| 08/01/2021 | SEK | 185,000.00 | EUR | 18,072.32 | 336.26 | 18,410.70 |
| 08/01/2021 | NOK | 205,000.00 | EUR | 19,320.59 | 244.64 | 19,568.54 |
| 08/01/2021 | AUD | 240,000.00 | EUR | 144,709.07 | 6,641.29 | 151,362.26 |
| 08/01/2021 | USD | 2,470,000.00 | EUR | 2,063,397.25 | -45,093.95 | 2,018,715.93 |
| 08/01/2021 | DKK | 90,000.00 | EUR | 12,094.47 | -8.38 | 12,091.17 |
| 08/01/2021 | CHF | 170,000.00 | EUR | 157,493.45 | -303.58 | 157,181.83 |
| 08/01/2021 | NZD | 15,000.00 | EUR | 8,729.86 | 95.58 | 8,826.65 |
| 08/01/2021 | DKK | 400,000.00 | EUR | 53,753.18 | -37.24 | 53,738.52 |
| 08/01/2021 | AUD | 110,000.00 | EUR | 67,481.76 | 1,887.06 | 69,374.37 |
| 08/01/2021 | SGD | 20,000.00 | EUR | 12,542.80 | -177.27 | 12,367.82 |
| 08/01/2021 | JPY | 20,000,000 | EUR | 162,955.36 | -4,651.34 | 158,321.23 |
| 08/01/2021 | USD | 850,000.00 | EUR | 721,788.68 | -27,233.21 | 694,699.82 |
| 08/01/2021 | AUD | 9,500,000.00 | EUR | 5,810,646.33 | 180,298.65 | 5,991,422.95 |
| 08/01/2021 | USD | 590,600.00 | EUR | 486,803.71 | -4,207.28 | 482,693.78 |
| 08/01/2021 | CAD | 600,000.00 | EUR | 388,218.85 | -3,372.09 | 384,911.46 |
| 08/01/2021 | NZD | 1,500,000.00 | EUR | 870,011.57 | 12,533.02 | 882,664.50 |
| 08/01/2021 | NZD | 3,500,000.00 | EUR | 2,055,715.77 | 3,551.40 | 2,059,550.50 |
| 08/01/2021 | JPY | 30,000,000 | EUR | 237,004.27 | 452.54 | 237,481.84 |
| 08/01/2021 | CHF | 200,000.00 | EUR | 184,844.59 | 84.65 | 184,919.80 |
| 08/01/2021 | USD | 5,580,000.00 | EUR | 4,723,449.64 | -163,894.27 | 4,560,499.96 |
| 08/01/2021 | GBP | 140,000.00 | EUR | 154,598.76 | 1,787.86 | 156,407.10 |
| 08/01/2021 | DKK | 500,000.00 | EUR | 67,160.25 | -15.31 | 67,173.15 |
| 08/01/2021 | CHF | 90,000.00 | EUR | 83,546.84 | -328.66 | 83,213.91 |
| 08/01/2021 | JPY | 60,000,000 | EUR | 475,926.07 | -1,012.65 | 474,963.68 |
| 08/01/2021 | SEK | 1,000,000.00 | EUR | 98,183.60 | 1,322.17 | 99,517.30 |
| 08/01/2021 | SGD | 100,000.00 | EUR | 62,709.29 | -881.63 | 61,839.09 |
| 08/01/2021 | NZD | 7,500.00 | EUR | 4,283.27 | 129.46 | 4,413.32 |
| 08/01/2021 | CAD | 1,500,000.00 | EUR | 964,093.93 | -1,975.95 | 962,278.65 |
| 08/01/2021 | DKK | 900,000.00 | EUR | 120,987.26 | -126.41 | 120,911.67 |
| 08/01/2021 | AUD | 665,000.00 | EUR | 406,618.40 | 12,747.76 | 419,399.61 |
| 08/01/2021 | USD | 2,540,000.00 | EUR | 2,142,935.48 | -67,437.51 | 2,075,926.51 |
| 08/01/2021 | CAD | 160,000.00 | EUR | 103,319.79 | -693.95 | 102,643.06 |
| 08/01/2021 | SEK | 120,000.00 | EUR | 11,770.30 | 170.39 | 11,942.08 |
| 08/01/2021 | JPY | 290,000,000 | EUR | 2,345,519.25 | -50,109.19 | 2,295,657.76 |
| 08/01/2021 | CHF | 410,000.00 | EUR | 380,164.68 | -1,059.68 | 379,085.59 |
| 08/01/2021 | SGD | 10,000.00 | EUR | 6,263.94 | -81.17 | 6,183.91 |
| 08/01/2021 | SEK | 1,700,000.00 | EUR | 165,172.02 | 3,988.00 | 169,179.41 |
| 08/01/2021 | NOK | 1,500,000.00 | EUR | 138,568.13 | 4,592.58 | 143,184.45 |
| 08/01/2021 | CHF | 700,000.00 | EUR | 653,228.82 | -5,976.16 | 647,219.30 |
| 08/01/2021 | SGD | 200,000.00 | EUR | 124,265.28 | -609.74 | 123,678.18 |
| 08/01/2021 | SEK | 250,000.00 | EUR | 24,436.54 | 439.92 | 24,879.33 |
| 08/01/2021 | NOK | 165,000.00 | EUR | 15,543.46 | 204.17 | 15,750.29 |

| 08/01/2021 | USD | 1,700,000.00 | EUR | 1,434,127.16 | -45,014.32 | 1,389,399.63 |
| --- | --- | --- | --- | --- | --- | --- |
| 08/01/2021 | NOK | 900,000.00 | EUR | 83,570.43 | 2,325.92 | 85,910.67 |
| 08/01/2021 | USD | 450,000.00 | EUR | 379,907.13 | -12,200.85 | 367,782.26 |
| 08/01/2021 | USD | 1,500,000.00 | EUR | 1,233,370.06 | -7,675.85 | 1,225,940.85 |
| 08/01/2021 | GBP | 80,000.00 | EUR | 89,713.25 | -349.65 | 89,375.49 |
| 08/01/2021 | NOK | 100,000.00 | EUR | 9,384.22 | 159.80 | 9,545.63 |
| 08/01/2021 | CAD | 140,000.00 | EUR | 90,225.08 | -427.44 | 89,812.67 |
| 08/01/2021 | JPY | 11,000,000 | EUR | 88,317.94 | -1,250.60 | 87,076.67 |
| 08/01/2021 | NOK | 250,000.00 | EUR | 23,358.16 | 501.91 | 23,864.07 |
| 08/01/2021 | SEK | 160,000.00 | EUR | 15,702.44 | 218.48 | 15,922.77 |
| 08/01/2021 | CAD | 80,000.00 | EUR | 51,918.05 | -605.18 | 51,321.53 |
| 08/01/2021 | JPY | 170,000,000 | EUR | 1,367,901.00 | -22,315.05 | 1,345,730.41 |
| 08/01/2021 | DKK | 205,000.00 | EUR | 27,513.34 | 16.09 | 27,540.99 |
| 08/01/2021 | JPY | 60,000,000 | EUR | 487,590.81 | -12,678.62 | 474,963.68 |
| 08/01/2021 | NZD | 5,500.00 | EUR | 3,182.28 | 53.72 | 3,236.44 |
| 08/01/2021 | SGD | 20,000.00 | EUR | 12,338.06 | 27.51 | 12,367.82 |
| 08/01/2021 | NZD | 5,900.00 | EUR | 3,438.23 | 33.11 | 3,471.81 |
| 08/01/2021 | CZK | 150,000.00 | EUR | 5,700.93 | 9.61 | 5,711.67 |
| 08/01/2021 | DKK | 110,000.00 | EUR | 14,781.37 | -9.49 | 14,778.09 |
| 08/01/2021 | NZD | 40,000.00 | EUR | 23,112.04 | 422.50 | 23,537.72 |
| 08/01/2021 | GBP | 1,140,000.00 | EUR | 1,272,307.23 | 1,124.88 | 1,273,600.70 |
| 08/01/2021 | GBP | 120,000.00 | EUR | 133,927.08 | 118.40 | 134,063.23 |
| 08/01/2021 | AUD | 80,000.00 | EUR | 49,677.72 | 772.29 | 50,454.09 |
| 08/01/2021 | USD | 60,000.00 | EUR | 51,430.63 | -2,403.27 | 49,037.63 |
| 08/01/2021 | SEK | 700,000.00 | EUR | 67,413.09 | 2,241.11 | 69,662.11 |
| 08/01/2021 | SEK | 170,000.00 | EUR | 16,371.75 | 544.27 | 16,917.94 |
| 08/01/2021 | JPY | 4,500,000 | EUR | 36,920.65 | -1,302.27 | 35,622.28 |
| 08/01/2021 | USD | 2,470,000.00 | EUR | 2,117,227.55 | -98,935.02 | 2,018,715.93 |
| 08/01/2021 | CHF | 270,000.00 | EUR | 252,773.49 | -3,118.85 | 249,641.73 |
| 08/01/2021 | CHF | 80,000.00 | EUR | 74,895.85 | -924.11 | 73,967.92 |
| 08/01/2021 | CAD | 400,000.00 | EUR | 257,859.89 | -1,295.22 | 256,607.64 |
| 08/01/2021 | CAD | 120,000.00 | EUR | 77,357.97 | -388.57 | 76,982.29 |
| 08/01/2021 | CHF | 5,260,000.00 | EUR | 4,883,166.07 | -19,525.95 | 4,863,390.74 |
| 08/01/2021 | USD | 1,100,000.00 | EUR | 939,079.36 | -40,243.87 | 899,023.29 |
| 08/01/2021 | SGD | 100,000.00 | EUR | 62,713.62 | -885.96 | 61,839.09 |
| 08/01/2021 | SGD | 10,000.00 | EUR | 6,271.36 | -88.59 | 6,183.91 |
| 08/01/2021 | NZD | 10,000.00 | EUR | 5,670.90 | 212.75 | 5,884.43 |
| 08/01/2021 | CHF | 130,000.00 | EUR | 121,836.93 | -1,632.85 | 120,197.87 |
| 08/01/2021 | AUD | 140,000.00 | EUR | 84,392.76 | 3,894.95 | 88,294.65 |
| 08/01/2021 | GBP | 170,000.00 | EUR | 188,872.10 | 1,025.78 | 189,922.91 |
| 08/01/2021 | JPY | 54,000,000 | EUR | 443,047.84 | -15,627.32 | 427,467.31 |
| 08/01/2021 | CAD | 200,000.00 | EUR | 128,744.87 | -462.51 | 128,303.82 |
| 08/01/2021 | GBP | 80,000.00 | EUR | 88,173.70 | 1,190.10 | 89,375.49 |
| 08/01/2021 | JPY | 32,000,000 | EUR | 259,637.00 | -6,350.46 | 253,313.96 |
| 08/01/2021 | USD | 300,000.00 | EUR | 243,882.61 | 1,256.78 | 245,188.17 |

| 08/01/2021 | SEK | 300,000.00 | EUR | 28,933.79 | 918.00 | 29,855.19 |
| --- | --- | --- | --- | --- | --- | --- |
| 08/01/2021 | DKK | 200,000.00 | EUR | 26,872.73 | -14.76 | 26,869.26 |
| 08/01/2021 | NOK | 300,000.00 | EUR | 26,951.56 | 1,680.71 | 28,636.89 |
| 08/01/2021 | NZD | 70,000.00 | EUR | 39,332.47 | 1,853.12 | 41,191.01 |
| 08/01/2021 | AUD | 90,000.00 | EUR | 54,358.66 | 2,397.72 | 56,760.85 |
| 08/01/2021 | NZD | 25,000.00 | EUR | 14,047.31 | 661.82 | 14,711.08 |
| 08/01/2021 | NOK | 160,000.00 | EUR | 14,531.52 | 738.99 | 15,273.01 |
| 08/01/2021 | AUD | 360,000.00 | EUR | 217,434.63 | 9,590.88 | 227,043.40 |
| 08/01/2021 | JPY | 113,000,000 | EUR | 916,843.14 | -22,425.05 | 894,514.92 |
| 08/01/2021 | NZD | 10,000.00 | EUR | 5,861.08 | 22.54 | 5,884.43 |
| 08/01/2021 | NOK | 600,000.00 | EUR | 54,493.19 | 2,771.25 | 57,273.78 |
| 08/01/2021 | EUR | 492,718.71 | GBP | 450,000.00 | -9,970.56 | 502,737.12 |
| 08/01/2021 | EUR | 256,481.74 | GBP | 230,000.00 | -448.33 | 256,954.53 |
| 08/01/2021 | EUR | 1,015,587.05 | GBP | 920,000.00 | -12,133.24 | 1,027,818.11 |
| 08/01/2021 | EUR | 187,727.07 | GBP | 170,000.00 | -2,177.77 | 189,922.91 |
| 08/01/2021 | EUR | 133,515.80 | GBP | 120,000.00 | -534.67 | 134,063.23 |
| 08/01/2021 | EUR | 430,283.10 | GBP | 390,000.00 | -5,380.94 | 435,705.50 |
| 08/01/2021 | EUR | 870,574.58 | GBP | 780,000.00 | -753.49 | 871,411.01 |
| 08/01/2021 | EUR | 535,738.20 | GBP | 480,000.00 | -463.69 | 536,252.93 |
| 08/01/2021 | EUR | 5,855,954.23 | GBP | 5,363,000.00 | -134,984.80 | 5,991,509.28 |
| 08/01/2021 | EUR | 1,605,118.91 | GBP | 1,470,000.00 | -36,999.38 | 1,642,274.59 |
| 08/01/2021 | EUR | 484,955.36 | GBP | 440,000.00 | -6,563.04 | 491,565.18 |
| 08/01/2021 | EUR | 3,759,530.84 | JPY | 469,900,000 | 40,025.92 | 3,719,757.18 |
| 08/01/2021 | EUR | 184,070.23 | JPY | 22,960,000 | 2,329.79 | 181,752.77 |
| 08/01/2021 | EUR | 96,412.65 | JPY | 12,000,000 | 1,426.36 | 94,992.74 |
| 08/01/2021 | EUR | 1,975,035.55 | JPY | 250,000,000 | -3,845.55 | 1,979,015.31 |
| 08/01/2021 | EUR | 298,642.39 | JPY | 37,000,000 | 5,767.99 | 292,894.27 |
| 08/01/2021 | EUR | 104,375.75 | JPY | 13,000,000 | 1,473.93 | 102,908.80 |
| 08/01/2021 | EUR | 1,189,815.18 | JPY | 150,000,000 | 2,486.52 | 1,187,409.19 |
| 08/01/2021 | EUR | 1,383,993.95 | JPY | 172,000,000 | 22,523.75 | 1,361,562.54 |
| 08/01/2021 | EUR | 406,325.68 | JPY | 50,000,000 | 10,549.46 | 395,803.06 |
| 08/01/2021 | EUR | 144,197.60 | NOK | 1,530,000.00 | -1,832.66 | 146,048.14 |
| 08/01/2021 | EUR | 18,629.47 | NOK | 200,000.00 | -459.45 | 19,091.26 |
| 08/01/2021 | EUR | 28,029.79 | NOK | 300,000.00 | -603.59 | 28,636.89 |
| 08/01/2021 | EUR | 77,070.50 | NOK | 830,000.00 | -2,148.53 | 79,228.73 |
| 08/01/2021 | EUR | 28,260.83 | NOK | 300,000.00 | -372.55 | 28,636.89 |
| 08/01/2021 | EUR | 218,890.23 | NOK | 2,400,000.00 | -10,176.84 | 229,095.12 |
| 08/01/2021 | EUR | 857,320.05 | NOK | 9,400,000.00 | -39,859.32 | 897,289.22 |
| 08/01/2021 | EUR | 4,264.34 | NZD | 7,300.00 | -30.96 | 4,295.63 |
| 08/01/2021 | EUR | 564,471.06 | NZD | 1,000,000.00 | -23,926.15 | 588,443.00 |
| 08/01/2021 | EUR | 2,826.38 | NZD | 5,000.00 | -115.61 | 2,942.22 |
| 08/01/2021 | EUR | 7,042.46 | NZD | 12,000.00 | -18.31 | 7,061.32 |
| 08/01/2021 | EUR | 2,828.17 | NZD | 5,000.00 | -113.82 | 2,942.22 |
| 08/01/2021 | EUR | 5,162.07 | NZD | 8,900.00 | -74.67 | 5,237.14 |
| 08/01/2021 | EUR | 527,402.23 | NZD | 930,000.00 | -19,807.18 | 547,251.99 |

| 08/01/2021 | EUR | 34,653.49 | NZD | 59,000.00 | -61.95 | 34,718.14 |
| --- | --- | --- | --- | --- | --- | --- |
| 08/01/2021 | EUR | 557,870.33 | NZD | 960,000.00 | -6,990.99 | 564,905.28 |
| 08/01/2021 | EUR | 5,813.78 | NZD | 10,000.00 | -70.19 | 5,884.43 |
| 08/01/2021 | EUR | 17,433.45 | NZD | 30,000.00 | -218.47 | 17,653.29 |
| 08/01/2021 | EUR | 2,906.89 | NZD | 5,000.00 | -35.10 | 2,942.22 |
| 08/01/2021 | EUR | 289,298.28 | NZD | 500,000.00 | -4,900.33 | 294,221.50 |
| 08/01/2021 | EUR | 160,288.63 | NZD | 287,000.00 | -8,581.37 | 168,883.14 |
| 08/01/2021 | EUR | 4,948,283.18 | NZD | 8,860,000.00 | -264,916.10 | 5,213,604.98 |
| 08/01/2021 | EUR | 147,509.19 | SEK | 1,510,000.00 | -2,751.64 | 150,271.12 |
| 08/01/2021 | EUR | 91,310.75 | SEK | 930,000.00 | -1,234.00 | 92,551.09 |
| 08/01/2021 | EUR | 19,578.28 | SEK | 200,000.00 | -323.82 | 19,903.46 |
| 08/01/2021 | EUR | 29,442.07 | SEK | 300,000.00 | -411.08 | 29,855.19 |
| 08/01/2021 | EUR | 29,323.85 | SEK | 300,000.00 | -529.30 | 29,855.19 |
| 08/01/2021 | EUR | 261,123.98 | SEK | 2,740,000.00 | -11,534.75 | 272,677.40 |
| 08/01/2021 | EUR | 719,520.45 | SEK | 7,550,000.00 | -31,783.71 | 751,355.61 |
| 08/01/2021 | EUR | 155,995.53 | SGD | 250,000.00 | 1,416.69 | 154,597.73 |
| 08/01/2021 | EUR | 11,107.20 | SGD | 18,000.00 | -22.48 | 11,131.04 |
| 08/01/2021 | EUR | 56,438.36 | SGD | 90,000.00 | 789.98 | 55,655.18 |
| 08/01/2021 | EUR | 13,114,567.88 | USD | 15,470,600.00 | 472,956.50 | 12,644,027.01 |
| 08/01/2021 | EUR | 492,876.27 | USD | 590,000.00 | 10,764.99 | 482,203.40 |
| 08/01/2021 | EUR | 233,931.81 | USD | 280,000.00 | 5,133.24 | 228,842.29 |
| 08/01/2021 | EUR | 4,533,390.48 | USD | 5,500,000.00 | 39,132.82 | 4,495,116.45 |
| 08/01/2021 | EUR | 4,714,984.68 | USD | 5,570,000.00 | 163,527.38 | 4,552,327.02 |
| 08/01/2021 | EUR | 1,037,235.05 | USD | 1,230,000.00 | 32,155.61 | 1,005,271.50 |
| 08/01/2021 | EUR | 363,022.37 | USD | 430,000.00 | 11,653.13 | 351,436.38 |
| 08/01/2021 | EUR | 1,562,268.74 | USD | 1,900,000.00 | 9,707.00 | 1,552,858.41 |
| 08/01/2021 | EUR | 1,391,946.95 | USD | 1,650,000.00 | 43,669.65 | 1,348,534.94 |
| 08/01/2021 | EUR | 486,613.85 | USD | 570,000.00 | 20,845.33 | 465,857.52 |
| 08/01/2021 | EUR | 252,012.03 | USD | 310,000.00 | -1,300.67 | 253,361.11 |
|  |  |  |  | Total | -1,454,338.96 | 161,931,893.15 |

Under these OTC derivative contracts, the sub-fund maintained collateral of EUR 1,280,000 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the end of the year. The purpose of this cash collateral is to fully cover the counterparty against the risk of a possible default by the sub- fund, since there is no margin call.

## NOTE 8 - FORWARD FOREIGN EXCHANGE CONTRATS
As at 31 December 2020, the following swaps (IRS) were concluded with the counterparty Banque Degroof Luxembourg S.A.:
Sub-Fund DPAM Bonds L Credit Duration Hedged EUR :
| CCY | Maturity | Notional | Buyer leg / Payer leg | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- | --- |
|  |
| EUR | 10/06/2022 | 3,000,000 | 1.145/EURIBOR3M | -93,917.26 | 3,000,000.00 |
| EUR | 14/03/2022 | 2,000,000 | 1.480/EURIBOR3M | -72,974.85 | 2,000,000.00 |
| EUR | 16/08/2023 | 6,000,000 | IRS 1285 6000000 5Y | -132,709.44 | 6,000,000.00 |
| EUR | 20/08/2026 | 2,000,000 | IRS 1287 2000000 8Y | -131,601.95 | 2,000,000.00 |
| EUR | 10/11/2027 | 2,000,000 | 0.745/EURIBOR3M | -169,001.86 | 2,000,000.00 |
| EUR | 20/10/2025 | 7,000,000 | 0.523/EURIBOR3M | -367,017.97 | 7,000,000.00 |
| EUR | 21/09/2023 | 5,000,000 | 0.298/EURIBOR3M | -116,373.78 | 5,000,000.00 |
| EUR | 27/12/2022 | 15,000,000 | 0.135/EURIBOR3M | -210,139.17 | 15,000,000.00 |
| EUR | 13/02/2023 | 5,000,000 | 0.155/EURIBOR3M | -86,410.49 | 5,000,000.00 |
| EUR | 20/07/2024 | 1,000,000 | 0.505/EURIBOR3M | -40,551.14 | 1,000,000.00 |
| EUR | 17/07/2024 | 1,000,000 | 0.520/EURIBOR3M | -41,118.86 | 1,000,000.00 |
| EUR | 24/06/2027 | 5,000,000 | 0.513/EURIBOR3M | -332,508.45 | 5,000,000.00 |
| EUR | 25/05/2022 | 5,000,000 | 0.605/EURIBOR3M | -101,938.86 | 5,000,000.00 |
| EUR | 15/12/2021 | 5,000,000 | 0.293/EURIBOR3M | -41,998.01 | 5,000,000.00 |
| EUR | 14/03/2024 | 5,000,000 | 0.275/EURIBOR3M | -142,826.30 | 5,000,000.00 |
| EUR | 11/03/2021 | 5,000,000 | 0.333/EURIBOR3M | -23,463.65 | 5,000,000.00 |
| EUR | 24/03/2023 | 5,000,000 | 0.377/EURIBOR3M | -119,774.30 | 5,000,000.00 |
| EUR | 21/01/2022 | 3,000,000 | 0.378/EURIBOR3M | -43,118.60 | 3,000,000.00 |
| EUR | 17/02/2022 | 10,000,000 | 0.418/EURIBOR3M | -151,822.52 | 10,000,000.00 |
| EUR | 17/02/2021 | 10,000,000 | 0.333/EURIBOR3M | -46,471.57 | 10,000,000.00 |
| EUR | 17/02/2025 | 5,000,000 | 0.623/EURIBOR3M | -270,873.97 | 5,000,000.00 |
| EUR | 30/05/2022 | 5,000,000 | 0.565/EURIBOR3M | -98,162.56 | 5,000,000.00 |
| EUR | 29/05/2026 | 4,000,000 | 0.950/EURIBOR3M | -341,326.02 | 4,000,000.00 |
| EUR | 11/10/2021 | 10,000,000 | 0.435/EURIBOR3M | -97,784.77 | 10,000,000.00 |
| EUR | 16/11/2024 | 5,000,000 | 0.783/EURIBOR3M | -265,701.81 | 5,000,000.00 |
|  |  |  | Total | -3,539,588.16 | 131,000,000.00 |

Under these OTC derivative contracts, the sub-fund maintained collateral of EUR 3,530,000 with Banque Degroof Petercam Luxembourg S.A. in favour of the counterparty at the close of business. The purpose of this cash collateral is to fully cover the counterparty against the risk of a possible default by the sub- fund, since there is no margin call.
| NOTE 9 - SECURITIES LENDING |
| --- |
| The SICAV may lend securities included in its portfolio to a borrower directly or through a standardised lending system organised by a recognised securities clearing house or a lending system organised by a financial institution subject to prudential supervision considered by the CSSF to be equivalent to that foreseen by community legislation and specialising in this type of operation. As at 31 December 2020, DPAM Bonds L SICAV had no securities lent outstanding. |
| NOTE 10 - "SWING PRICING" |
| In accordance with the terms of the prospectus, the directors have decided to set, as from the NAV dated 19 March 2020, calculated on 20 March 2020 and until further notice, thresholds and swing factors for all of the SICAV's sub-funds. Swing pricing enables the various sub-funds of the SICAV to neutralise the effect of transaction costs arising from subscriptions and redemptions by entering and exiting investors. With swing pricing, existing investors should, in principle, no longer indirectly incur the transaction fees, which will now be directly integrated into calculation of the Net Asset Value and borne by the entering and exiting investors. The Net Asset Value will be adjusted only when a given threshold value is reached. The Board of Directors of the SICAV determines a threshold value as the trigger event for net subscriptions and redemptions. This threshold value is defined per sub-fund and expressed as a percentage of the total net assets of the sub-fund in question. In swing pricing, the Net Asset Value is adjusted to reflect the net transaction fees on each Net Asset Value calculation if this threshold value is exceeded. The direction of the swing depends on the net flow of capital applicable to a Net Asset Value. In the case of a net inflow of capital, the swing factor linked to subscriptions of shares in the sub-fund will be added to the Net Asset Value. For net redemptions, the swing factor linked to redemptions of shares in the sub-fund in question will be deducted from the Net Asset Value. In both cases, all entering/exiting investors on a given date will have the same Net Asset Value applied. The swing factors with which the Net Asset Value is adjusted are calculated on the basis of external brokerage charges, taxes and duties and estimated variances between the buy and sell prices of the transactions that the sub-fund carries out following share subscriptions and redemptions. The swing factor is determined by the Board of Directors. No swing factor has been applied to the net asset values at the end of this financial year for all of the SICAV's sub-funds. The commissions generated by swing pricing are included in commissions received on subscriptions and redemptions in the statement of operations and other changes in net assets. |
| NOTE 11 – DIVIDENDS PAID |
| On the proposal of the Board of Directors, the Ordinary General Meeting has decided to pay the following dividends in respect of the financial year 2019 to the distribution shares of the following sub- funds. The shares were listed ex-dividend as at 15 May 2020. Payment was made on 20 May 2020. |

| Sub-fund | Class | ISIN | Currency | Amount by Share |
| --- | --- | --- | --- | --- |
| CORPORATE EUR | E | LU0238159312 | EUR | 0.35 |
| CORPORATE EUR | A | LU0029264156 | EUR | 0.24 |
| CORPORATE EUR | M | LU1515108337 | EUR | 0.24 |
| CORPORATE HIGH YIELD EUR 2023 | A | LU1619836247 | EUR | 1.48 |
| CORPORATE HIGH YIELD EUR 2023 | E | LU1619836593 | EUR | 1.49 |
| CORPORATE HIGH YIELD EUR 2023 | M | LU1726120089 | EUR | 1.54 |
| CREDIT DURATION HEDGED EUR | A | LU0874386518 | EUR | 0.60 |
| CREDIT DURATION HEDGED EUR | M | LU1515111042 | EUR | 0.60 |
| EMU QUANTS | A | LU0029255675 | EUR | 0.10 |
| EUR INFLATION LINKED | A | LU0874385973 | EUR | 26.70 |
| EUR INFLATION LINKED | M | LU1515110234 | EUR | 26.70 |
| EUR SELECTION | A | LU0874385890 | EUR | 0.25 |
| EUR SELECTION | M | LU1515108923 | EUR | 0.25 |
| GOVERNMENT GLOBAL | A | LU1515111984 | EUR | 0.85 |
| GOVERNMENT GLOBAL | A EUR Hedged | LU1554272135 | EUR | 0.81 |


## NOTE 12 - EVENTS OCCURRING DURING THE PERIOD
The P EUR Hedged share class of the Government Global sub-fund was activated on 13 March 2020.
The W share class of the Corporate High Yield EUR 2023 sub-fund was closed with a final net asset value calculation on 17 March 2020.
The V share class was activated in the following sub-funds, with a first official net asset value calculation as indicated below:
- Corporate EUR, as at August 24, 2020;
- EUR Selection, as of August 28, 2020;
- EUR Inflation-Linked, as at August 24, 2020.

The M EUR Hedged share class of the Government Global sub-fund was activated on 12 November 2020.
The COVID-19 (coronavirus) pandemic is still a serious threat to the health of the world population and has been disrupting people's daily lives for over a year now. This obviously has an impact on the world economy, although finance in its specific sector is not the most disadvantaged sector. Most sectors of the economy are affected and some are hit extremely hard. Fiscal year 2020 has seen some negative impacts on the valuation of stocks, bonds, funds and other investments and fiscal year 2021 is expected to see similar impacts based on current forecasts of the evolving pandemic. The current and/or new measures taken by the health authorities to contain the spread of the virus, while necessary, have had and will continue to have a significant impact on economic activity. It is to be hoped that while these effects are significant, they will ultimately be temporary. Authorities around the world have taken, and continue to take, strong and necessary measures to contain the spread of the virus, and to support individuals and businesses in these very difficult times. We can hope that vaccination can provide a glimmer of hope for 2021. The Board of Directors is currently unable to accurately estimate the impact of this pandemic, but is monitoring the situation closely.

## NOTE 13 - SUBSEQUENT EVENT(S) TO THE YEAR
Mr. Thomas Palmblad resigned from his position as director on 10 February 2021.
In the context of the entry into force of the SFDR regulation on 10 March 2021, the SICAV can therefore qualify as an Article 6 financial product.
The EMU Quants sub-fund has been put into liquidation as of 10 March 2021.
| OVERALL RISK ASSESSMENT |
| --- |
| Each sub-fund of the SICAV must ensure that its overall exposure to financial derivative instruments does not exceed its total net assets. Overall exposure is a measurement designed to limit the leverage generated for each subfund by using derivatives. The method used to calculate overall exposure for each sub-fund of the SICAV is the ‘commitment method’. The commitment method entails converting positions on derivatives into equivalent positions on underlying assets and then aggregating the market value of these equivalent positions. The overall exposure of a sub-fund may therefore not exceed 200% of its net asset value. |
| Remuneration |
| 1) General information Degroof Petercam Asset Management 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. |
| 2) Methodology DPAS is dual-licenced as a chapter 15 Management Company under the Law of 17 December 2010 relating to Undertakings for Collective Investment in Transferable Securities, and as an AIFM under the Law of 12 July 2013 on Alternative Investment Fund Managers. 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”). Consequently, the remuneration, as previously mentioned, is the ratio between the assets under management ("AUM") of all the UCITS under DPAS' responsibility and the total AUM plus the Assets |

Under Administration ("AUA"). On the basis of AUM and ASA calculated as of 31 December 2020, this ratio amounts to 58.62% (71.82% in 2019).
As of 31 December 2020, DPAS, the management company, had total AUM of EUR 30.493 billion for UCITS.
In order to assess the proportion of the remuneration of the management company's staff attributable to all the UCITS managed, the above ratio should be applied to the annual remuneration of the staff concerned.
In order to assess the proportion of the remuneration of the staff of the Management Company attributable to this UCITS, the ratio between the AuM of this UCITS and the total AuM for all UCITS should be applied to the yearly remuneration of the concerned staff.
- 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 (**) | 4 | 635,917 | 472,780 | 163,137 |
| Identified staff (***) | 2 | 130,651 | 112,955 | 17,696 |
| Other staff | 121 | 4,503,655 | 3,836,094 | 667,561 |
|  | 127 | 5,270,223 | 4,421,829 | 848,394 |

(*) No proportionality applied (**) Management Board
(***) Identified staff not already reported in Senior Management
All figures refer to the 2020 calendar year.
- Carried interest paid by the UCITSNo employee of the Management Company receives Carried Interest paid by any UCITS.
- Review of the remuneration policyThe remuneration policy of DPAS is subject to an annual review, as a minimum. It was reviewed and updated in 2020.

The remuneration policy of DPAS was approved by the Board of Management on 19 January 2021.
Remuneration policy of Degroof Petercam Asset Management S.A.
- Total amount of compensation for the year:
|  | Total paid by the management company and the UCI to its staff | Number of beneficiaries | Other amount paid directly by the UCI | Performance fees |
| --- | --- | --- | --- | --- |
| Fixed remuneration | 12,349,326 € | 157 | / | / |
| Variable remuneration | 3,763,862 € | 129 | / | / |

- Aggregate amount of remuneration
| Identified Staff | 7,865,397 € |
| --- | --- |
| Portfolio managers | 4,774,336 € |

- Description of how compensation and benefits were calculatedThis information is available in the Remuneration Policy established by Degroof Petercam Asset Management. The Remuneration Policy is available on the website www.dpamfunds.com (tab Regulatory information - 'Remuneration policy').
- 
### Results of assessments in the annual review by the management company of the general principles of the remuneration policy and their implementation

The annual review of the compensation policy has not led to the adoption of a new Remuneration Policy.
- 
### Significant change to the remuneration policy adopted

The Remuneration Policy approved by the Board of Directors of the Management Company on February 14, 2017 was not amended in 2020. Details of the Remuneration Policy, including the composition of the Remuneration Committee, can be accessed via the website www.dpamfunds.com (Regulatory information tab - 'Remuneration policy').

### Regulation EU 2015/2365 of the European Parliament and the Council of November 25th, 2015: transparency of securities financing transactions and of reuse (hereinafter the Regulation)
In accordance with Article 13 and Section A of the Annex to the Regulation, the SICAV must inform investors of the use it makes of securities financing transactions and total return swaps in its annual and half-yearly reports.
At the date of the financial statements, the SICAV is subject to the SFTR publication requirements. However, no corresponding transactions were carried out during the reference period of the financial statements.

Translation (ENFR, 2020-12-31):
# du 1 janvier 2020 au 31 décembre 2020
|  |  |  |
| --- | --- | --- |
|  | Notes | Combiné (en EUR) |
|  |
| Revenus |  |  |
| Intérêts sur obligations | 1g | 23.151.227,39 |
| Intérêts créditeurs |  | 2.696,99 |
| Autres revenus | 10 | 1.154.161,80 |
| Total Revenus |  | 24.308.086,18 |
| Charges |  |  |
| Commission de gestion | 4 | 3.015.664,81 |
| Commission de banque dépositaire |  | 147.026,59 |
| Taxe d'abonnement | 5 | 251.784,73 |
| Frais d'administration |  | 1.729.925,96 |
| Frais et commissions divers |  | 295.381,77 |
| Frais de transactions |  | 225.571,75 |
| Intérêts payés sur SWAP | 1g , 8 | 1.707.908,88 |
| Intérêts débiteurs |  | 143.201,01 |
| Redevance aux autorités étrangères |  | 48.616,19 |
| Total Charges |  | 7.565.081,69 |
| Revenus / Pertes Net(te)s |  | 16.743.004,49 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 7.443.041,29 |
| - sur devises |  | 151.532,06 |
| - sur changes à terme |  | -874.856,87 |
| - sur futures |  | -2.031.782,93 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 21.430.938,04 |
| Variation de la plus ou moins-value nette non réalisée | 1e |  |
| - sur investissements |  | 14.466.415,65 |
| - sur changes à terme |  | -903.605,06 |
| - sur futures |  | -379.259,63 |
| - sur SWAP |  | 555.333,14 |
| Résultat net des opérations |  | 35.169.822,14 |
| - Souscriptions |  | 618.406.217,70 |
| - Rachats |  | -656.007.826,97 |
| Dividendes payés | 11 | -760.645,85 |
| Variations de l'actif net |  | -3.192.432,98 |
| Actif net au début de l'exercice |  | 1.452.592.587,70 |
| Actif net à la fin de l'exercice |  | 1.449.400.154,72 |

|  |
| --- |
| EMU Quants |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 12.877.395,52 |
| Avoirs en banque |  | 90.523,43 |
| Intérêts à recevoir sur obligations |  | 175.772,09 |
| Montants à recevoir sur souscriptions |  | 0,00 |
| Dépôts de garantie sur futures | 6 | 0,00 |
| Collatéral sur instruments dérivés OTC | 7 , 8 | 0,00 |
| Total Actif |  | 13.143.691,04 |
| Exigible |  |  |
| Taxes et frais à payer | 2 | 19.129,59 |
| Intérêts débiteurs à payer |  | 17,88 |
| Montants à payer sur rachats |  | 0,00 |
| Montants à payer sur achats de titres |  | 0,00 |
| Pertes non réalisées sur changes à terme | 7 | 0,00 |
| Pertes non réalisées sur SWAP | 8 | 0,00 |
| Total Exigible |  | 19.147,47 |
| Actif net à la fin de l'exercice |  | 13.124.543,57 |
| Nombre d'actions en circulation (à la fin de l'exercice) |  |  |
| - A |  | 13.870,714 |
| - B |  | 36.175,117 |
| - F |  | 1.950,000 |
| - N |  | 847,862 |
| Valeur Nette d'inventaire par action (à la fin de l'exercice) |  |  |
| - A |  | 85,93 |
| - B |  | 305,61 |
| - F |  | 316,07 |
| - N |  | 307,48 |

|  |
| --- |
| Corporate EUR |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 901.881.919,50 |
| Avoirs en banque |  | 4.466.350,27 |
| Intérêts à recevoir sur obligations |  | 6.259.122,11 |
| Montants à recevoir sur souscriptions |  | 2.714.245,80 |
| Dépôts de garantie sur futures | 6 | 0,00 |
| Collatéral sur instruments dérivés OTC | 7 , 8 | 0,00 |
| Total Actif |  | 915.321.637,68 |
| Exigible |  |  |
| Taxes et frais à payer | 2 | 856.578,22 |
| Intérêts débiteurs à payer |  | 1.340,50 |
| Montants à payer sur rachats |  | 79.770,60 |
| Montants à payer sur achats de titres |  | 0,00 |
| Pertes non réalisées sur changes à terme | 7 | 0,00 |
| Pertes non réalisées sur SWAP | 8 | 0,00 |
| Total Exigible |  | 937.689,32 |
| Actif net à la fin de l'exercice |  | 914.383.948,36 |
| Nombre d'actions en circulation (à la fin de l'exercice) |  |  |
| - A |  | 32.775,308 |
| - B |  | 136.255,144 |
| - E |  | 100.000,000 |
| - F |  | 3.172.516,921 |
| - J |  | 4.907,000 |
| - M |  | 158.137,798 |
| - N |  | 15.230,096 |
| - P |  | 2.627,000 |
| - V |  | 294,000 |
| - W |  | 1.745,833 |
| Valeur Nette d'inventaire par action (à la fin de l'exercice) |  |  |
| - A |  | 82,94 |
| - B |  | 196,97 |
| - E |  | 123,35 |
| - F |  | 204,57 |
| - J |  | 27.424,90 |
| - M |  | 83,55 |
| - N |  | 198,40 |
| - P |  | 27.527,46 |
| - V |  | 83,01 |
| - W |  | 197,59 |

|  |
| --- |
| EUR Selection |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 178.473.750,42 |
| Avoirs en banque |  | 8.389.673,37 |
| Intérêts à recevoir sur obligations |  | 1.609.838,42 |
| Montants à recevoir sur souscriptions |  | 28.126,28 |
| Dépôts de garantie sur futures | 6 | 0,00 |
| Collatéral sur instruments dérivés OTC | 7 , 8 | 0,00 |
| Total Actif |  | 188.501.388,49 |
| Exigible |  |  |
| Taxes et frais à payer | 2 | 156.673,50 |
| Intérêts débiteurs à payer |  | 4.907,60 |
| Montants à payer sur rachats |  | 0,00 |
| Montants à payer sur achats de titres |  | 0,00 |
| Pertes non réalisées sur changes à terme | 7 | 0,00 |
| Pertes non réalisées sur SWAP | 8 | 0,00 |
| Total Exigible |  | 161.581,10 |
| Actif net à la fin de l'exercice |  | 188.339.807,39 |
| Nombre d'actions en circulation (à la fin de l'exercice) |  |  |
| - A |  | 9.223,000 |
| - B |  | 12.816,827 |
| - F |  | 687.390,837 |
| - J |  | 435,578 |
| - M |  | 171.598,845 |
| - P |  | 611,000 |
| - V |  | 176,000 |
| - W |  | 11.607,912 |
| Valeur Nette d'inventaire par action (à la fin de l'exercice) |  |  |
| - A |  | 153,66 |
| - B |  | 155,47 |
| - F |  | 182,92 |
| - J |  | 29.417,57 |
| - M |  | 154,53 |
| - P |  | 29.503,59 |
| - V |  | 153,77 |
| - W |  | 155,83 |

|  |
| --- |
| EUR Inflation-Linked |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 36.206.876,25 |
| Avoirs en banque |  | 1.556.957,43 |
| Intérêts à recevoir sur obligations |  | 104.359,84 |
| Montants à recevoir sur souscriptions |  | 0,00 |
| Dépôts de garantie sur futures | 6 | 0,00 |
| Collatéral sur instruments dérivés OTC | 7 , 8 | 0,00 |
| Total Actif |  | 37.868.193,52 |
| Exigible |  |  |
| Taxes et frais à payer | 2 | 36.033,53 |
| Intérêts débiteurs à payer |  | 504,27 |
| Montants à payer sur rachats |  | 0,00 |
| Montants à payer sur achats de titres |  | 122.102,36 |
| Pertes non réalisées sur changes à terme | 7 | 0,00 |
| Pertes non réalisées sur SWAP | 8 | 0,00 |
| Total Exigible |  | 158.640,16 |
| Actif net à la fin de l'exercice |  | 37.709.553,36 |
| Nombre d'actions en circulation (à la fin de l'exercice) |  |  |
| - A |  | 277,000 |
| - B |  | 3.536,620 |
| - F |  | 158.903,773 |
| - M |  | 540,904 |
| - N |  | 10,000 |
| - P |  | 47,000 |
| - V |  | 10,000 |
| - W |  | 571,147 |
| Valeur Nette d'inventaire par action (à la fin de l'exercice) |  |  |
| - A |  | 2.417,81 |
| - B |  | 2.594,24 |
| - F |  | 149,70 |
| - M |  | 2.432,04 |
| - N |  | 2.606,98 |
| - P |  | 26.101,97 |
| - V |  | 2.419,48 |
| - W |  | 2.600,55 |

|  |
| --- |
| Credit Duration Hedged EUR |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 78.791.855,00 |
| Avoirs en banque |  | 351.833,04 |
| Intérêts à recevoir sur obligations |  | 774.147,76 |
| Montants à recevoir sur souscriptions |  | 0,00 |
| Dépôts de garantie sur futures | 6 | 0,00 |
| Collatéral sur instruments dérivés OTC | 7 , 8 | 3.530.000,00 |
| Total Actif |  | 83.447.835,80 |
| Exigible |  |  |
| Taxes et frais à payer | 2 | 104.566,23 |
| Intérêts débiteurs à payer |  | 402,87 |
| Montants à payer sur rachats |  | 0,00 |
| Montants à payer sur achats de titres |  | 0,00 |
| Pertes non réalisées sur changes à terme | 7 | 0,00 |
| Pertes non réalisées sur SWAP | 8 | 3.539.588,16 |
| Total Exigible |  | 3.644.557,26 |
| Actif net à la fin de l'exercice |  | 79.803.278,54 |
| Nombre d'actions en circulation (à la fin de l'exercice) |  |  |
| - A |  | 321.659,690 |
| - B |  | 48.954,895 |
| - F |  | 324.026,524 |
| - J |  | 151,015 |
| - M |  | 4.764,254 |
| - N |  | 28.522,214 |
| - W |  | 77,000 |
| Valeur Nette d'inventaire par action (à la fin de l'exercice) |  |  |
| - A |  | 95,74 |
| - B |  | 109,64 |
| - F |  | 111,84 |
| - J |  | 25.052,86 |
| - M |  | 96,43 |
| - N |  | 110,45 |
| - W |  | 109,93 |

|  |
| --- |
| Government Global |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 175.744.415,61 |
| Avoirs en banque |  | 6.122.347,41 |
| Intérêts à recevoir sur obligations |  | 836.943,29 |
| Montants à recevoir sur souscriptions |  | 0,00 |
| Dépôts de garantie sur futures | 6 | 466.275,40 |
| Collatéral sur instruments dérivés OTC | 7 , 8 | 1.280.000,00 |
| Total Actif |  | 184.449.981,71 |
| Exigible |  |  |
| Taxes et frais à payer | 2 | 119.425,38 |
| Intérêts débiteurs à payer |  | 1.785,52 |
| Montants à payer sur rachats |  | 0,00 |
| Montants à payer sur achats de titres |  | 0,00 |
| Pertes non réalisées sur changes à terme | 7 | 1.454.338,96 |
| Pertes non réalisées sur SWAP | 8 | 0,00 |
| Total Exigible |  | 1.575.549,86 |
| Actif net à la fin de l'exercice |  | 182.874.431,85 |
| Nombre d'actions en circulation (à la fin de l'exercice) |  |  |
| - A |  | 120,000 |
| - A EUR Hedged |  | 17.550,000 |
| - B |  | 9.753,340 |
| - F |  | 338.457,508 |
| - F EUR Hedged |  | 153.260,000 |
| - J |  | 3.033,000 |
| - M EUR Hedged |  | 89.656,919 |
| - P |  | 1.143,000 |
| - P EUR Hedged |  | 105,397 |
| Valeur Nette d'inventaire par action (à la fin de l'exercice) |  |  |
| - A |  | 105,81 |
| - A EUR Hedged |  | 104,60 |
| - B |  | 108,06 |
| - F |  | 109,00 |
| - F EUR Hedged |  | 109,18 |
| - J |  | 27.369,38 |
| - M EUR Hedged |  | 104,45 |
| - P |  | 27.448,98 |
| - P EUR Hedged |  | 24.630,62 |

|  |
| --- |
| Corporate High Yield EUR 2023 |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 32.414.568,23 |
| Avoirs en banque |  | 387.542,50 |
| Intérêts à recevoir sur obligations |  | 391.293,27 |
| Montants à recevoir sur souscriptions |  | 0,00 |
| Dépôts de garantie sur futures | 6 | 0,00 |
| Collatéral sur instruments dérivés OTC | 7 , 8 | 0,00 |
| Total Actif |  | 33.193.404,00 |
| Exigible |  |  |
| Taxes et frais à payer | 2 | 28.686,24 |
| Intérêts débiteurs à payer |  | 126,11 |
| Montants à payer sur rachats |  | 0,00 |
| Montants à payer sur achats de titres |  | 0,00 |
| Pertes non réalisées sur changes à terme | 7 | 0,00 |
| Pertes non réalisées sur SWAP | 8 | 0,00 |
| Total Exigible |  | 28.812,35 |
| Actif net à la fin de l'exercice |  | 33.164.591,65 |
| Nombre d'actions en circulation (à la fin de l'exercice) |  |  |
| - A |  | 209.797,782 |
| - B |  | 37.316,985 |
| - E |  | 56.820,000 |
| - M |  | 25.096,558 |
| - P |  | 56,000 |
| Valeur Nette d'inventaire par action (à la fin de l'exercice) |  |  |
| - A |  | 95,43 |
| - B |  | 100,85 |
| - E |  | 96,22 |
| - M |  | 98,79 |
| - P |  | 25.595,16 |

|  |
| --- |
| EMU Quants |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Intérêts sur obligations | 1g | 414.145,56 |
| Intérêts créditeurs |  | 0,00 |
| Autres revenus | 10 | 3.200,00 |
| Total Revenus |  | 417.345,56 |
| Charges |  |  |
| Commission de gestion | 4 | 57.771,49 |
| Commission de banque dépositaire |  | 1.540,79 |
| Taxe d'abonnement | 5 | 12.121,02 |
| Frais d'administration |  | 39.023,27 |
| Frais et commissions divers |  | 9.996,80 |
| Frais de transactions |  | 2.865,02 |
| Intérêts payés sur SWAP | 1g , 8 | 0,00 |
| Intérêts débiteurs |  | 329,70 |
| Redevance aux autorités étrangères |  | 4.298,69 |
| Total Charges |  | 127.946,78 |
| Revenus / Pertes Net(te)s |  | 289.398,78 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -9.721,35 |
| - sur devises |  | 0,00 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | -118.300,00 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 161.377,43 |
| Variation de la plus ou moins-value nette non réalisée | 1e |  |
| - sur investissements |  | 279.394,40 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 16.800,00 |
| - sur SWAP |  | 0,00 |
| Résultat net des opérations |  | 457.571,83 |
| - Souscriptions |  | 210.065,02 |
| - Rachats |  | -4.975.394,98 |
| Dividendes payés | 11 | -1.387,07 |
| Variations de l'actif net |  | -4.309.145,20 |
| Actif net au début de l'exercice |  | 17.433.688,77 |
| Actif net à la fin de l'exercice |  | 13.124.543,57 |

|  |
| --- |
| Corporate EUR |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Intérêts sur obligations | 1g | 12.306.604,44 |
| Intérêts créditeurs |  | 0,00 |
| Autres revenus | 10 | 724.528,19 |
| Total Revenus |  | 13.031.132,63 |
| Charges |  |  |
| Commission de gestion | 4 | 1.893.601,93 |
| Commission de banque dépositaire |  | 89.210,63 |
| Taxe d'abonnement | 5 | 112.104,08 |
| Frais d'administration |  | 927.790,83 |
| Frais et commissions divers |  | 161.511,43 |
| Frais de transactions |  | 123.498,32 |
| Intérêts payés sur SWAP | 1g , 8 | 0,00 |
| Intérêts débiteurs |  | 74.633,60 |
| Redevance aux autorités étrangères |  | 12.998,54 |
| Total Charges |  | 3.395.349,36 |
| Revenus / Pertes Net(te)s |  | 9.635.783,27 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 419.613,74 |
| - sur devises |  | 0,00 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 0,00 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 10.055.397,01 |
| Variation de la plus ou moins-value nette non réalisée | 1e |  |
| - sur investissements |  | 14.213.285,55 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 0,00 |
| - sur SWAP |  | 0,00 |
| Résultat net des opérations |  | 24.268.682,56 |
| - Souscriptions |  | 405.003.811,38 |
| - Rachats |  | -325.477.277,74 |
| Dividendes payés | 11 | -75.162,81 |
| Variations de l'actif net |  | 103.720.053,39 |
| Actif net au début de l'exercice |  | 810.663.894,97 |
| Actif net à la fin de l'exercice |  | 914.383.948,36 |

|  |
| --- |
| EUR Selection |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Intérêts sur obligations | 1g | 3.922.013,79 |
| Intérêts créditeurs |  | 103,63 |
| Autres revenus | 10 | 63.449,89 |
| Total Revenus |  | 3.985.567,31 |
| Charges |  |  |
| Commission de gestion | 4 | 330.112,81 |
| Commission de banque dépositaire |  | 19.027,40 |
| Taxe d'abonnement | 5 | 28.919,27 |
| Frais d'administration |  | 236.954,45 |
| Frais et commissions divers |  | 38.319,07 |
| Frais de transactions |  | 9.026,27 |
| Intérêts payés sur SWAP | 1g , 8 | 0,00 |
| Intérêts débiteurs |  | 26.514,13 |
| Redevance aux autorités étrangères |  | 6.042,06 |
| Total Charges |  | 694.915,46 |
| Revenus / Pertes Net(te)s |  | 3.290.651,85 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -354.999,69 |
| - sur devises |  | 0,00 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 0,00 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 2.935.652,16 |
| Variation de la plus ou moins-value nette non réalisée | 1e |  |
| - sur investissements |  | 4.785.454,64 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 0,00 |
| - sur SWAP |  | 0,00 |
| Résultat net des opérations |  | 7.721.106,80 |
| - Souscriptions |  | 52.330.187,37 |
| - Rachats |  | -73.592.353,33 |
| Dividendes payés | 11 | -23.089,78 |
| Variations de l'actif net |  | -13.564.148,94 |
| Actif net au début de l'exercice |  | 201.903.956,33 |
| Actif net à la fin de l'exercice |  | 188.339.807,39 |

|  |
| --- |
| EUR Inflation-Linked |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Intérêts sur obligations | 1g | 288.961,11 |
| Intérêts créditeurs |  | 0,00 |
| Autres revenus | 10 | 18.114,04 |
| Total Revenus |  | 307.075,15 |
| Charges |  |  |
| Commission de gestion | 4 | 72.235,06 |
| Commission de banque dépositaire |  | 2.988,51 |
| Taxe d'abonnement | 5 | 10.265,15 |
| Frais d'administration |  | 72.007,49 |
| Frais et commissions divers |  | 10.608,55 |
| Frais de transactions |  | 6.712,29 |
| Intérêts payés sur SWAP | 1g , 8 | 0,00 |
| Intérêts débiteurs |  | 5.007,08 |
| Redevance aux autorités étrangères |  | 6.648,06 |
| Total Charges |  | 186.472,19 |
| Revenus / Pertes Net(te)s |  | 120.602,96 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -169.683,85 |
| - sur devises |  | 0,00 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | -14.650,00 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | -63.730,89 |
| Variation de la plus ou moins-value nette non réalisée | 1e |  |
| - sur investissements |  | 1.213.559,34 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | -3.080,00 |
| - sur SWAP |  | 0,00 |
| Résultat net des opérations |  | 1.146.748,45 |
| - Souscriptions |  | 23.397.504,91 |
| - Rachats |  | -8.322.582,32 |
| Dividendes payés | 11 | -24.772,74 |
| Variations de l'actif net |  | 16.196.898,30 |
| Actif net au début de l'exercice |  | 21.512.655,06 |
| Actif net à la fin de l'exercice |  | 37.709.553,36 |

|  |
| --- |
| Credit Duration Hedged EUR |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Intérêts sur obligations | 1g | 2.078.480,75 |
| Intérêts créditeurs |  | 37,28 |
| Autres revenus | 10 | 101.897,29 |
| Total Revenus |  | 2.180.415,32 |
| Charges |  |  |
| Commission de gestion | 4 | 365.296,47 |
| Commission de banque dépositaire |  | 10.774,95 |
| Taxe d'abonnement | 5 | 35.998,22 |
| Frais d'administration |  | 155.295,90 |
| Frais et commissions divers |  | 23.763,06 |
| Frais de transactions |  | 20.697,80 |
| Intérêts payés sur SWAP | 1g , 8 | 1.707.908,88 |
| Intérêts débiteurs |  | 5.584,43 |
| Redevance aux autorités étrangères |  | 5.886,79 |
| Total Charges |  | 2.331.206,50 |
| Revenus / Pertes Net(te)s |  | -150.791,18 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -1.762.063,61 |
| - sur devises |  | -1.066,80 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 0,00 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | -1.913.921,59 |
| Variation de la plus ou moins-value nette non réalisée | 1e |  |
| - sur investissements |  | -1.151.311,09 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 0,00 |
| - sur SWAP |  | 555.333,14 |
| Résultat net des opérations |  | -2.509.899,54 |
| - Souscriptions |  | 5.854.757,64 |
| - Rachats |  | -58.615.335,57 |
| Dividendes payés | 11 | -242.012,28 |
| Variations de l'actif net |  | -55.512.489,75 |
| Actif net au début de l'exercice |  | 135.315.768,29 |
| Actif net à la fin de l'exercice |  | 79.803.278,54 |

|  |
| --- |
| Government Global |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Intérêts sur obligations | 1g | 3.200.080,89 |
| Intérêts créditeurs |  | 2.556,08 |
| Autres revenus | 10 | 195.198,07 |
| Total Revenus |  | 3.397.835,04 |
| Charges |  |  |
| Commission de gestion | 4 | 247.996,11 |
| Commission de banque dépositaire |  | 20.474,39 |
| Taxe d'abonnement | 5 | 27.391,65 |
| Frais d'administration |  | 247.967,57 |
| Frais et commissions divers |  | 40.961,81 |
| Frais de transactions |  | 52.529,71 |
| Intérêts payés sur SWAP | 1g , 8 | 0,00 |
| Intérêts débiteurs |  | 28.748,14 |
| Redevance aux autorités étrangères |  | 5.801,46 |
| Total Charges |  | 671.870,84 |
| Revenus / Pertes Net(te)s |  | 2.725.964,20 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 9.894.168,69 |
| - sur devises |  | 152.598,86 |
| - sur changes à terme |  | -874.856,87 |
| - sur futures |  | -1.898.832,93 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 9.999.041,95 |
| Variation de la plus ou moins-value nette non réalisée | 1e |  |
| - sur investissements |  | -4.889.604,05 |
| - sur changes à terme |  | -903.605,06 |
| - sur futures |  | -392.979,63 |
| - sur SWAP |  | 0,00 |
| Résultat net des opérations |  | 3.812.853,21 |
| - Souscriptions |  | 119.265.033,38 |
| - Rachats |  | -180.977.370,10 |
| Dividendes payés | 11 | -1.822,35 |
| Variations de l'actif net |  | -57.901.305,86 |
| Actif net au début de l'exercice |  | 240.775.737,71 |
| Actif net à la fin de l'exercice |  | 182.874.431,85 |

|  |
| --- |
| Corporate High Yield EUR 2023 |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Intérêts sur obligations | 1g | 940.940,85 |
| Intérêts créditeurs |  | 0,00 |
| Autres revenus | 10 | 47.774,32 |
| Total Revenus |  | 988.715,17 |
| Charges |  |  |
| Commission de gestion | 4 | 48.650,94 |
| Commission de banque dépositaire |  | 3.009,92 |
| Taxe d'abonnement | 5 | 24.985,34 |
| Frais d'administration |  | 50.886,45 |
| Frais et commissions divers |  | 10.221,05 |
| Frais de transactions |  | 10.242,34 |
| Intérêts payés sur SWAP | 1g , 8 | 0,00 |
| Intérêts débiteurs |  | 2.383,93 |
| Redevance aux autorités étrangères |  | 6.940,59 |
| Total Charges |  | 157.320,56 |
| Revenus / Pertes Net(te)s |  | 831.394,61 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -574.272,64 |
| - sur devises |  | 0,00 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 0,00 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 257.121,97 |
| Variation de la plus ou moins-value nette non réalisée | 1e |  |
| - sur investissements |  | 15.636,86 |
| - sur changes à terme |  | 0,00 |
| - sur futures |  | 0,00 |
| - sur SWAP |  | 0,00 |
| Résultat net des opérations |  | 272.758,83 |
| - Souscriptions |  | 12.344.858,00 |
| - Rachats |  | -4.047.512,93 |
| Dividendes payés | 11 | -392.398,82 |
| Variations de l'actif net |  | 8.177.705,08 |
| Actif net au début de l'exercice |  | 24.986.886,57 |
| Actif net à la fin de l'exercice |  | 33.164.591,65 |

|  |
| --- |
| EMU Quants |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Obligations |  |  |  |  |  |
| AUSTRIA 1,50 16-200247 | 140.000 | EUR | 167.303,50 | 193.782,40 | 1,48% |
| AUSTRIA 6,25 97-150727 | 170.000 | EUR | 216.075,59 | 248.167,70 | 1,89% |
| BELGIUM OLO 4,00 12-280332 | 350.000 | EUR | 531.923,00 | 522.252,50 | 3,98% |
| BELGIUM OLO 5,00 02-280335 | 150.000 | EUR | 174.983,24 | 261.807,00 | 1,99% |
| FINLAND 2,75 12-040728 | 150.000 | EUR | 189.271,50 | 188.469,00 | 1,44% |
| FRANCE OAT 0,75 17-251128 | 100.000 | EUR | 101.843,20 | 110.074,00 | 0,84% |
| FRANCE OAT 3,75 05-250421 | 720.000 | EUR | 825.379,62 | 729.838,80 | 5,56% |
| FRANCE OAT 4,00 04-250455 | 140.000 | EUR | 232.437,80 | 303.792,30 | 2,31% |
| FRANCE OAT 4,25 07-251023 | 570.000 | EUR | 609.060,46 | 650.871,60 | 4,96% |
| FRANCE OAT 4,50 09-250441 | 420.000 | EUR | 659.807,40 | 796.084,80 | 6,07% |
| FRANCE OAT 4,75 04-250435 | 420.000 | EUR | 497.957,58 | 720.306,30 | 5,49% |
| GERMANY 0,50 16-150226 | 350.000 | EUR | 368.186,87 | 372.832,25 | 2,84% |
| GERMANY 1,75 14-150224 | 380.000 | EUR | 435.311,96 | 410.232,80 | 3,13% |
| GERMANY 2,00 11-040122 | 330.000 | EUR | 371.958,23 | 339.208,65 | 2,58% |
| GERMANY 2,50 12-040744 | 270.000 | EUR | 302.586,30 | 453.605,40 | 3,46% |
| GERMANY 4,00 05-040137 | 200.000 | EUR | 322.038,00 | 346.595,00 | 2,64% |
| GERMANY 5,625 98-040128 | 110.000 | EUR | 159.250,10 | 160.434,45 | 1,22% |
| IRELAND 1,35 18-180331 | 10.000 | EUR | 10.348,40 | 11.732,30 | 0,09% |
| IRISH TREASURY 1,50 19-150550 | 50.000 | EUR | 62.453,50 | 67.181,50 | 0,51% |
| IRISH TREASURY 3,40 14-180324 | 170.000 | EUR | 177.008,81 | 192.432,35 | 1,47% |
| ITALY BTP 2,50 14-011224 | 760.000 | EUR | 776.365,18 | 839.872,20 | 6,40% |
| ITALY BTP 4,00 05-010237 | 250.000 | EUR | 276.503,33 | 361.552,50 | 2,75% |
| ITALY BTP 4,75 11-010921 | 130.000 | EUR | 151.068,23 | 134.557,80 | 1,03% |
| ITALY BTP 4,75 13-010944 | 130.000 | EUR | 170.586,00 | 222.306,50 | 1,69% |
| ITALY BTP 5,25 98-011129 | 200.000 | EUR | 222.338,67 | 284.503,00 | 2,17% |
| ITALY BTP 5,75 02-010233 | 330.000 | EUR | 401.101,16 | 523.081,35 | 3,99% |
| ITALY BTP 6,00 00-010531 | 380.000 | EUR | 453.058,80 | 587.447,70 | 4,48% |
| NETHERLANDS GOVT 2,25 12-150722 | 150.000 | EUR | 160.249,24 | 156.873,00 | 1,20% |
| NETHERLANDS GOVT 2,75 14-150147 | 100.000 | EUR | 148.683,00 | 178.728,00 | 1,36% |
| NETHERLANDS GOVT 3,75 06-150123 | 185.000 | EUR | 187.893,16 | 201.970,97 | 1,54% |
| NETHERLANDS GOVT 3,75 10-150142 | 40.000 | EUR | 68.506,00 | 74.750,00 | 0,57% |
| PORTUGAL 2,125 18-171028 | 260.000 | EUR | 284.939,10 | 306.590,70 | 2,34% |
| PORTUGAL 4,95 08-251023 | 10.000 | EUR | 12.141,70 | 11.574,80 | 0,09% |
| SPAIN KINGDOM 1,25 20-311030 | 50.000 | EUR | 55.871,50 | 55.911,25 | 0,43% |
| SPAIN KINGDOM 4,20 05-310137 | 150.000 | EUR | 132.118,91 | 239.031,00 | 1,82% |
| SPAIN KINGDOM 4,40 13-311023 | 430.000 | EUR | 502.692,66 | 490.879,40 | 3,74% |
| SPAIN KINGDOM 4,65 10-300725 | 400.000 | EUR | 444.532,32 | 494.608,00 | 3,77% |
| SPAIN KINGDOM 4,90 07-300740 | 350.000 | EUR | 486.937,50 | 633.456,25 | 4,83% |
| Total EURO |  |  | 11.350.771,52 | 12.877.395,52 | 98,12% |
| Total Obligations |  |  | 11.350.771,52 | 12.877.395,52 | 98,12% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 11.350.771,52 | 12.877.395,52 | 98,12% |
| Total du Portefeuille-Titres |  |  | 11.350.771,52 | 12.877.395,52 | 98,12% |

|  |
| --- |
| Corporate EUR |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Obligations |  |  |  |  |  |
| 3M CO 1,50 14-091126 | 3.000.000 | EUR | 3.208.170,00 | 3.292.380,00 | 0,36% |
| ABBOTT IRELAND FINANCE 0,375 19-191127 | 2.500.000 | EUR | 2.481.400,00 | 2.569.012,50 | 0,28% |
| ABBOTT IRELAND FINANCE 1,50 18-270926 | 3.000.000 | EUR | 3.089.370,00 | 3.263.715,00 | 0,36% |
| AB INBEV 2,125 20-021227 | 2.300.000 | EUR | 2.296.090,00 | 2.620.758,00 | 0,29% |
| AB INBEV 2,875 20-020432 | 3.500.000 | EUR | 3.499.650,00 | 4.397.977,50 | 0,48% |
| ADIDAS A.G. 0,00 20-051028 | 1.000.000 | EUR | 994.100,00 | 1.008.550,00 | 0,11% |
| ADIDAS A.G. 0,00 20-090924 | 1.100.000 | EUR | 1.103.531,00 | 1.109.471,00 | 0,12% |
| ADIDAS A.G. 0,625 20-100935 | 1.600.000 | EUR | 1.589.760,00 | 1.679.848,00 | 0,18% |
| AEROPORTS DE PARIS 1,00 17-131227 | 2.000.000 | EUR | 1.993.200,00 | 2.138.380,00 | 0,23% |
| AIRBUS GROUP 0,875 16-130526 | 2.000.000 | EUR | 1.985.560,00 | 2.084.490,00 | 0,23% |
| AIR LIQUIDE FINANCE 0,50 16-130622 | 1.800.000 | EUR | 1.797.984,00 | 1.819.566,00 | 0,20% |
| AIR LIQUIDE FINANCE 0,625 19-200630 | 2.000.000 | EUR | 1.979.760,00 | 2.125.010,00 | 0,23% |
| AIR LIQUIDE FINANCE 1,25 16-130628 | 1.000.000 | EUR | 992.720,00 | 1.108.020,00 | 0,12% |
| AIR PRODUCTS & CHEMICALS INC. 0,80 20-050532 | 4.000.000 | EUR | 3.996.253,00 | 4.259.380,00 | 0,47% |
| AKZO NOBEL N.V. 1,625 20-140430 | 2.000.000 | EUR | 2.069.400,00 | 2.261.440,00 | 0,25% |
| ALLIANDER N.V. 0,375 20-100630 | 1.800.000 | EUR | 1.796.130,00 | 1.861.875,00 | 0,20% |
| ALLIANDER N.V. FRN 18-PERPETUAL | 3.000.000 | EUR | 2.989.440,00 | 3.170.370,00 | 0,35% |
| ALLIANZ FINANCE II 0,25 17-060623 | 1.500.000 | EUR | 1.492.335,00 | 1.520.940,00 | 0,17% |
| ALLIANZ FINANCE II 3,50 12-140222 | 2.000.000 | EUR | 2.120.504,21 | 2.088.580,00 | 0,23% |
| ALLIANZ SE FRN 12-171042 | 2.500.000 | EUR | 2.952.660,00 | 2.749.050,00 | 0,30% |
| ALLIANZ SE FRN 19-250949 | 3.000.000 | EUR | 3.000.000,00 | 3.108.435,00 | 0,34% |
| ALLIANZ SE FRN 20-080750 | 2.400.000 | EUR | 2.400.048,00 | 2.634.504,00 | 0,29% |
| AMERICA MOBIL SAB DE CV 1,50 16-100324 | 3.000.000 | EUR | 3.048.351,00 | 3.144.840,00 | 0,34% |
| AMERICA MOVIL S.A.B. DE CV 3,00 12-120721 | 3.000.000 | EUR | 3.127.551,70 | 3.051.825,00 | 0,33% |
| AMERICA MOVIL S.A.B. DE CV 4,75 10-280622 | 1.600.000 | EUR | 1.914.720,00 | 1.719.456,00 | 0,19% |
| AMERICAN HONDA FINANCE 1,95 20-181024 | 5.000.000 | EUR | 5.120.637,77 | 5.380.875,00 | 0,59% |
| APPLE INC. 0,50 19-151131 | 1.500.000 | EUR | 1.488.720,00 | 1.576.522,50 | 0,17% |
| APPLE INC. 0,875 17-240525 | 1.000.000 | EUR | 1.044.500,00 | 1.047.505,00 | 0,11% |
| APPLE INC. 1,375 15-170124 | 3.500.000 | EUR | 3.599.120,00 | 3.683.032,50 | 0,40% |
| APPLE INC. 2,00 15-170927 | 1.000.000 | EUR | 995.780,00 | 1.144.135,00 | 0,13% |
| AQUARIUS INVESTMENTS FRN 13-021043 | 3.000.000 | EUR | 3.565.360,00 | 3.332.655,00 | 0,36% |
| ARGENTA SPAARBANK 1,00 20-290127 | 1.500.000 | EUR | 1.492.950,00 | 1.538.227,50 | 0,17% |
| ARGENTA SPAARBANK 3,875 16-240526 | 3.500.000 | EUR | 3.559.250,00 | 3.552.850,00 | 0,39% |
| ARGENTUM NETHERLAND 1,125 18-170925 | 3.000.000 | EUR | 3.001.571,00 | 3.169.320,00 | 0,35% |
| ASML HLDG N.V. 0,25 20-250230 | 2.000.000 | EUR | 1.980.580,00 | 2.042.290,00 | 0,22% |
| ASML HLDG N.V. 0,625 20-070529 | 3.800.000 | EUR | 3.796.010,00 | 3.993.990,00 | 0,44% |
| ASSICURAZIONI GENERALI 3,875 19-290129 | 2.000.000 | EUR | 2.107.859,80 | 2.386.390,00 | 0,26% |
| AT&T INC. 0,80 19-040330 | 2.250.000 | EUR | 2.244.847,50 | 2.321.448,75 | 0,25% |
| ATF NETHERLANDS B.V. 1,875 17-190126 | 1.300.000 | EUR | 1.262.131,00 | 1.402.713,00 | 0,15% |
| ATF NETHERLANDS B.V. FRN 16-PERPETUAL | 2.500.000 | EUR | 2.530.400,00 | 2.607.662,50 | 0,29% |
| ATLAS COPCO AB 0,625 16-300826 | 2.000.000 | EUR | 2.015.350,00 | 2.083.920,00 | 0,23% |
| ATLAS COPCO AB 2,50 13-280223 | 3.400.000 | EUR | 3.672.152,00 | 3.602.997,00 | 0,39% |
| AUSNET SERVICES HLDG 1,50 15-260227 | 1.400.000 | EUR | 1.326.100,00 | 1.526.602,00 | 0,17% |
| AUTOROUTES DU SUD DE LA FRANCE 1,375 18-220130 | 2.500.000 | EUR | 2.480.575,00 | 2.811.575,00 | 0,31% |
| BANCO BILBAO VIZCAYA 0,375 19-151126 | 1.100.000 | EUR | 1.093.873,00 | 1.123.776,50 | 0,12% |
| BANK OF AMERICA 1,625 15-140922 | 2.000.000 | EUR | 1.994.600,00 | 2.064.740,00 | 0,23% |

Corporate EUR
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| BANK OF AMERICA 2,375 14-190624 | 1.000.000 | EUR | 1.053.460,00 | 1.084.615,00 | 0,12% |
| --- | --- | --- | --- | --- | --- |
| BANK OF AMERICA FRN 18-250428 | 3.300.000 | EUR | 3.300.000,00 | 3.606.355,50 | 0,39% |
| BANK OF AMERICA FRN 19-080829 | 1.700.000 | EUR | 1.700.000,00 | 1.743.375,50 | 0,19% |
| BANK OF NOVA SCOTIA 0,125 19-090426 | 1.500.000 | EUR | 1.493.640,00 | 1.515.015,00 | 0,17% |
| BANK OF NOVA SCOTIA 0,50 19-300424 | 2.000.000 | EUR | 1.999.800,00 | 2.043.360,00 | 0,22% |
| BARCLAYS PLC 1,875 16-081223 | 2.000.000 | EUR | 1.998.240,00 | 2.109.810,00 | 0,23% |
| BASF SE 0,25 20-050627 | 1.800.000 | EUR | 1.795.896,00 | 1.843.020,00 | 0,20% |
| BECTON DICKINSON 1,208 19-040626 | 1.300.000 | EUR | 1.300.000,00 | 1.360.385,00 | 0,15% |
| BECTON DICKINSON 1,90 16-151226 | 3.000.000 | EUR | 3.016.749,00 | 3.245.175,00 | 0,35% |
| BERKSHIRE HATHAWAY 1,30 16-150324 | 7.500.000 | EUR | 7.648.012,65 | 7.842.450,00 | 0,86% |
| BFCM 0,50 18-161122 | 2.000.000 | EUR | 1.994.020,00 | 2.030.870,00 | 0,22% |
| BFCM 0,75 18-170725 | 3.000.000 | EUR | 2.982.660,00 | 3.120.375,00 | 0,34% |
| BFCM 2,375 16-240326 | 2.000.000 | EUR | 2.032.674,04 | 2.207.080,00 | 0,24% |
| BHP BILLITON FINANCE 3,25 12-240927 | 3.000.000 | EUR | 3.513.340,00 | 3.658.875,00 | 0,40% |
| BMW FINANCE N.V. 0,375 20-140127 | 2.000.000 | EUR | 2.019.000,00 | 2.052.250,00 | 0,22% |
| BMW FINANCE N.V. 0,50 18-221122 | 1.500.000 | EUR | 1.497.210,00 | 1.521.165,00 | 0,17% |
| BMW FINANCE N.V. 0,625 19-061023 | 1.000.000 | EUR | 994.390,00 | 1.022.000,00 | 0,11% |
| BMW FINANCE N.V. 2,375 13-240123 | 2.500.000 | EUR | 2.553.550,00 | 2.637.225,00 | 0,29% |
| BMW US CAPITAL LLC 1,125 15-180921 | 3.000.000 | EUR | 2.990.670,00 | 3.032.775,00 | 0,33% |
| BNP PARIBAS S.A. 1,375 19-280529 | 2.500.000 | EUR | 2.472.550,00 | 2.719.825,00 | 0,30% |
| BNP PARIBAS S.A. 1,625 19-020731 | 2.000.000 | EUR | 1.999.560,00 | 2.133.810,00 | 0,23% |
| BNP PARIBAS S.A. FRN 18-201130 | 1.000.000 | EUR | 993.580,00 | 1.081.355,00 | 0,12% |
| BNP PARIBAS S.A. FRN 19-040626 | 2.000.000 | EUR | 1.996.120,00 | 2.038.420,00 | 0,22% |
| BNP PARIBAS S.A. FRN 20-010928 | 1.000.000 | EUR | 992.960,00 | 1.011.235,00 | 0,11% |
| BNP PARIBAS S.A. FRN 20-141027 | 2.000.000 | EUR | 1.995.620,00 | 2.025.280,00 | 0,22% |
| BOUYGUES 1,125 20-240728 | 3.000.000 | EUR | 3.109.142,76 | 3.252.825,00 | 0,36% |
| BOUYGUES 1,375 16-070627 | 3.100.000 | EUR | 3.122.640,00 | 3.410.248,00 | 0,37% |
| BP CAPITAL MARKETS 0,90 18-030724 | 2.000.000 | EUR | 2.000.000,00 | 2.071.790,00 | 0,23% |
| BP CAPITAL MARKETS 1,117 16-250124 | 1.000.000 | EUR | 1.000.000,00 | 1.038.230,00 | 0,11% |
| BP CAPITAL MARKETS 2,177 14-280921 | 2.500.000 | EUR | 2.516.435,00 | 2.547.750,00 | 0,28% |
| BP CAPITAL MARKETS FRN 20-PERPETUAL | 2.500.000 | EUR | 2.500.000,00 | 2.669.300,00 | 0,29% |
| BPCE S.A. 0,875 18-310124 | 1.700.000 | EUR | 1.693.387,00 | 1.748.611,50 | 0,19% |
| BPCE S.A. 1,00 19-010425 | 1.500.000 | EUR | 1.497.390,00 | 1.561.162,50 | 0,17% |
| BPCE S.A. 1,00 19-150724 | 2.000.000 | EUR | 1.982.500,00 | 2.084.670,00 | 0,23% |
| BPCE S.A. 2,875 16-220426 | 1.100.000 | EUR | 1.088.648,00 | 1.248.907,00 | 0,14% |
| BPCE S.A. FRN 20-150927 | 1.000.000 | EUR | 992.140,00 | 1.015.985,00 | 0,11% |
| CAIXABANK S.A.. FRN 20-181126 | 1.200.000 | EUR | 1.196.796,00 | 1.205.388,00 | 0,13% |
| CAIXABANK S.A. 0,375 20-030225 | 1.200.000 | EUR | 1.196.472,00 | 1.215.978,00 | 0,13% |
| CAPGEMINI SE 0,625 20-230625 | 2.000.000 | EUR | 1.997.740,00 | 2.059.220,00 | 0,23% |
| CAPGEMINI SE 2,00 20-150429 | 2.000.000 | EUR | 2.075.000,00 | 2.273.030,00 | 0,25% |
| CAPGEMINI SE 2,375 20-150432 | 2.000.000 | EUR | 2.101.000,00 | 2.384.810,00 | 0,26% |
| CARLSBERG 0,875 19-010729 | 1.250.000 | EUR | 1.236.375,00 | 1.311.456,25 | 0,14% |
| CARREFOUR S.A. 2,625 20-151227 | 2.000.000 | EUR | 2.196.400,00 | 2.336.620,00 | 0,26% |
| CIE FINANCE ET INDUSTRIES 0,375 16-070225 | 1.000.000 | EUR | 999.590,00 | 1.026.900,00 | 0,11% |
| CIE SAINT GOBAIN 0,625 19-150324 | 1.500.000 | EUR | 1.494.195,00 | 1.538.610,00 | 0,17% |
| CIE SAINT GOBAIN 1,75 20-030423 | 1.100.000 | EUR | 1.099.043,00 | 1.147.201,00 | 0,13% |
| CITIGROUP INC. 0,75 16-261023 | 1.800.000 | EUR | 1.793.412,00 | 1.845.009,00 | 0,20% |
| CITIGROUP INC. 1,75 15-280125 | 1.000.000 | EUR | 993.380,00 | 1.072.460,00 | 0,12% |
| CITIGROUP INC. 2,375 14-220524 | 1.500.000 | EUR | 1.601.145,00 | 1.625.377,50 | 0,18% |
| CITIGROUP INC. FRN 18-240726 | 3.000.000 | EUR | 2.993.670,00 | 3.190.275,00 | 0,35% |
| CK HUTCHISON FINANCE 1,25 16-060423 | 4.800.000 | EUR | 4.825.392,00 | 4.931.088,00 | 0,54% |

Corporate EUR
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| CK HUTCHISON FINANCE 1,25 18-130425 | 4.000.000 | EUR | 3.979.800,00 | 4.196.780,00 | 0,46% |
| --- | --- | --- | --- | --- | --- |
| CLOVERIE FRN 12-010942 | 1.000.000 | EUR | 1.349.330,00 | 1.108.565,00 | 0,12% |
| CLOVERIE PLC ZURICH 1,50 18-151228 | 2.500.000 | EUR | 2.484.350,00 | 2.797.837,50 | 0,31% |
| COCA-COLA CO 0,375 20-150333 | 2.000.000 | EUR | 1.971.980,00 | 2.021.860,00 | 0,22% |
| COCA-COLA HBC 0,625 19-211129 | 1.500.000 | EUR | 1.486.440,00 | 1.554.795,00 | 0,17% |
| COCA-COLA HBC 1,00 19-140527 | 2.600.000 | EUR | 2.596.100,00 | 2.754.206,00 | 0,30% |
| COENTREPRISE TRA EL 2,125 17-290732 | 2.000.000 | EUR | 2.030.880,00 | 2.396.690,00 | 0,26% |
| COFIROUTE 1,00 20-190531 | 2.500.000 | EUR | 2.496.125,00 | 2.702.500,00 | 0,30% |
| COMMONWEALTH BANK FRN 18-080323 | 2.000.000 | EUR | 2.025.420,00 | 2.018.250,00 | 0,22% |
| COMPAGNIE FINANCE INDUSTRIES 1,125 17-131027 | 2.500.000 | EUR | 2.474.050,00 | 2.711.762,50 | 0,30% |
| COOP RABOBANK 0,625 19-270224 | 2.000.000 | EUR | 1.996.080,00 | 2.048.960,00 | 0,22% |
| COOP RABOBANK 0,875 20-050528 | 3.000.000 | EUR | 2.997.360,00 | 3.148.230,00 | 0,34% |
| COOP RABOBANK 1,25 16-230326 | 2.800.000 | EUR | 2.802.706,67 | 2.999.570,00 | 0,33% |
| COOP RABOBANK 4,125 10-140725 | 1.000.000 | EUR | 1.188.050,00 | 1.195.990,00 | 0,13% |
| COVIVIO S.A. 1,625 20-230630 | 2.000.000 | EUR | 1.989.760,00 | 2.153.860,00 | 0,24% |
| CREDIT AGRICOLE 0,75 18-051223 | 1.000.000 | EUR | 995.030,00 | 1.029.115,00 | 0,11% |
| CREDIT AGRICOLE ASSURANCE FRN 18-290148 | 2.000.000 | EUR | 1.893.000,00 | 2.168.130,00 | 0,24% |
| CREDIT AGRICOLE LONDON 1,375 17-030527 | 2.000.000 | EUR | 1.979.140,00 | 2.181.780,00 | 0,24% |
| CREDIT AGRICOLE LONDON 1,875 16-201226 | 1.000.000 | EUR | 995.040,00 | 1.103.450,00 | 0,12% |
| CREDIT AGRICOLE LONDON 3,125 13-170723 | 1.000.000 | EUR | 1.052.020,00 | 1.091.835,00 | 0,12% |
| CREDIT AGRICOLE LONDON 3,125 14-050226 | 1.400.000 | EUR | 1.489.396,00 | 1.634.731,00 | 0,18% |
| CREDIT AGRICOLE S.A. 0,875 20-140132 | 2.000.000 | EUR | 1.991.180,00 | 2.100.750,00 | 0,23% |
| CREDIT SUISSE 0,45 20-190525 | 1.400.000 | EUR | 1.396.892,00 | 1.435.028,00 | 0,16% |
| CREDIT SUISSE 1,50 16-100426 | 3.500.000 | EUR | 3.473.015,00 | 3.783.290,00 | 0,41% |
| CREDIT SUISSE GROUP 0,65 19-091029 | 1.500.000 | EUR | 1.496.670,00 | 1.545.172,50 | 0,17% |
| CREDIT SUISSE LONDON 1,00 16-070623 | 3.500.000 | EUR | 3.506.955,00 | 3.609.410,00 | 0,39% |
| CRH FINANCE B.V. 3,125 13-030423 | 2.000.000 | EUR | 2.209.685,71 | 2.150.280,00 | 0,24% |
| DAIMLER A.G. 0,75 20-100930 | 2.000.000 | EUR | 1.983.760,00 | 2.082.410,00 | 0,23% |
| DAIMLER A.G. 1,00 17-151127 | 3.000.000 | EUR | 3.024.735,00 | 3.164.610,00 | 0,35% |
| DAIMLER A.G. 1,125 19-080834 | 2.000.000 | EUR | 1.999.720,00 | 2.134.150,00 | 0,23% |
| DAIMLER A.G. 2,625 20-070425 | 1.500.000 | EUR | 1.526.380,29 | 1.663.710,00 | 0,18% |
| DANAHER CORP. 2,50 20-300330 | 2.000.000 | EUR | 2.219.600,00 | 2.392.070,00 | 0,26% |
| DANONE 0,395 20-100629 | 2.500.000 | EUR | 2.500.000,00 | 2.579.000,00 | 0,28% |
| DEUTSCHE BAHN FINANCE 0,375 20-230629 | 2.500.000 | EUR | 2.498.900,00 | 2.596.112,50 | 0,28% |
| DEUTSCHE POST 0,75 20-200529 | 2.000.000 | EUR | 1.997.580,00 | 2.127.770,00 | 0,23% |
| DEUTSCHE POST 1,00 17-131227 | 4.000.000 | EUR | 3.959.870,00 | 4.272.660,00 | 0,47% |
| DEUTSCHE TELEKOM A.G. 0,875 19-250326 | 2.000.000 | EUR | 1.994.460,00 | 2.104.350,00 | 0,23% |
| DEUTSCHE WOHNEN SE 1,00 20-300425 | 3.000.000 | EUR | 2.986.920,00 | 3.139.080,00 | 0,34% |
| DH EUROPE FINANCE 1,20 17-300627 | 1.500.000 | EUR | 1.495.230,00 | 1.604.797,50 | 0,18% |
| DH EUROPE FINANCE 2,50 15-080725 | 4.000.000 | EUR | 4.418.590,00 | 4.451.860,00 | 0,49% |
| DIAGEO CAPITAL 0,125 20-280928 | 1.500.000 | EUR | 1.492.380,00 | 1.504.102,50 | 0,16% |
| DIAGEO FINANCE PLC 0,50 17-190624 | 2.300.000 | EUR | 2.281.945,00 | 2.353.302,50 | 0,26% |
| DT ANNINGTON FINANCE B.V. 1,50 15-310325 | 1.500.000 | EUR | 1.409.040,00 | 1.606.035,00 | 0,18% |
| EANDIS CVBA 4,50 11-081121 | 1.200.000 | EUR | 1.283.699,82 | 1.246.434,00 | 0,14% |
| EDF S.A. 2,00 18-021030 | 2.000.000 | EUR | 1.960.280,00 | 2.332.600,00 | 0,26% |
| EDP FINANCE B.V. 1,625 18-260126 | 3.000.000 | EUR | 3.025.970,00 | 3.236.565,00 | 0,35% |
| ELIA TRANSMISSION 0,875 20-280430 | 2.000.000 | EUR | 1.974.620,00 | 2.109.690,00 | 0,23% |
| ELI LILLY & CO 1,00 15-020622 | 4.000.000 | EUR | 4.008.053,00 | 4.063.040,00 | 0,44% |
| ELM B.V. FRN 15-PERPETUAL | 3.000.000 | EUR | 2.987.250,00 | 3.251.505,00 | 0,36% |
| EMERSON ELECTRIC CO 0,375 19-220524 | 3.000.000 | EUR | 2.977.110,00 | 3.057.645,00 | 0,33% |
| ENAGAS FINANCIACIONES 2,50 14-110422 | 1.700.000 | EUR | 1.736.707,00 | 1.759.525,50 | 0,19% |

Corporate EUR
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| ENECO HLDG FRN 14-PERPETUAL | 3.000.000 | EUR | 3.051.760,00 | 3.081.390,00 | 0,34% |
| --- | --- | --- | --- | --- | --- |
| ENEL FINANCE INTERNATIONAL 1,125 18-160926 | 1.500.000 | EUR | 1.487.760,00 | 1.601.370,00 | 0,18% |
| ENEL FINANCE INTERNATIONAL 1,50 19-210725 | 1.500.000 | EUR | 1.478.475,00 | 1.605.187,50 | 0,18% |
| ENERGY BADEN-WUERTT FRN 20-290680 | 1.500.000 | EUR | 1.489.500,00 | 1.557.150,00 | 0,17% |
| ENEXIS HLDG N.V. 0,875 16-280426 | 1.100.000 | EUR | 1.086.767,00 | 1.157.398,00 | 0,13% |
| ENEXIS HLDG N.V. 1,50 15-201023 | 4.500.000 | EUR | 4.736.500,00 | 4.700.002,50 | 0,51% |
| ENGIE S.A. 0,50 19-241030 | 2.500.000 | EUR | 2.478.225,00 | 2.578.450,00 | 0,28% |
| ENGIE S.A. 1,75 20-270328 | 2.000.000 | EUR | 1.994.240,00 | 2.238.090,00 | 0,24% |
| ERG SpA 0,50 20-110927 | 2.500.000 | EUR | 2.480.200,00 | 2.527.612,50 | 0,28% |
| ESSILOR LUXOTTICA 2,625 14-100224 | 3.700.000 | EUR | 3.895.137,70 | 4.025.285,50 | 0,44% |
| EUROCLEAR BANK 0,125 20-070725 | 2.000.000 | EUR | 1.990.260,00 | 2.027.760,00 | 0,22% |
| EUROCLEAR BANK 0,25 18-070922 | 1.500.000 | EUR | 1.493.040,00 | 1.514.302,50 | 0,17% |
| EUROCLEAR BANK 0,50 18-100723 | 1.000.000 | EUR | 997.250,00 | 1.021.635,00 | 0,11% |
| EUROCLEAR INVESTMENT 1,125 16-071226 | 5.000.000 | EUR | 4.999.455,00 | 5.388.850,00 | 0,59% |
| EURONET WORLDWIDE 1,375 19-220526 | 2.000.000 | EUR | 1.990.480,00 | 1.992.770,00 | 0,22% |
| EURONEXT N.V. 1,00 18-180425 | 1.500.000 | EUR | 1.495.215,00 | 1.557.277,50 | 0,17% |
| FCA BANK IRISH 0,625 19-241122 | 1.000.000 | EUR | 997.140,00 | 1.011.355,00 | 0,11% |
| FCA CAPITAL IRELAND 1,25 16-210121 | 3.000.000 | EUR | 3.035.470,21 | 3.001.380,00 | 0,33% |
| FIRMENICH PROD 1,375 20-301026 | 1.500.000 | EUR | 1.497.900,00 | 1.606.185,00 | 0,18% |
| FIRMENICH PROD 1,75 20-300430 | 3.000.000 | EUR | 2.980.680,00 | 3.339.780,00 | 0,37% |
| FLUVIUS SYSTEM 0,25 20-021230 | 1.000.000 | EUR | 999.210,00 | 1.014.785,00 | 0,11% |
| FRESENIUS SE & CO 1,625 20-081027 | 4.500.000 | EUR | 4.568.800,50 | 4.923.967,50 | 0,54% |
| GIVAUDAN NEDERLAND 1,625 20-220432 | 4.000.000 | EUR | 4.137.205,00 | 4.568.620,00 | 0,50% |
| GLAXOSMITHKLINE CAPITAL 1,375 14-021224 | 2.000.000 | EUR | 2.104.800,00 | 2.122.160,00 | 0,23% |
| GLENCORE CAPITAL 1,125 20-100328 | 2.000.000 | EUR | 1.998.320,00 | 2.049.530,00 | 0,22% |
| GLENCORE FINANCE 1,50 19-151026 | 2.000.000 | EUR | 1.989.240,00 | 2.113.540,00 | 0,23% |
| GLOBALWORTH REAL ESTATE 3,00 18-290325 | 1.500.000 | EUR | 1.610.625,00 | 1.593.022,50 | 0,17% |
| GOLDMAN SACHS 1,375 17-150524 | 1.300.000 | EUR | 1.299.909,00 | 1.342.659,50 | 0,15% |
| GOLDMAN SACHS 3,375 20-270325 | 2.000.000 | EUR | 1.996.200,00 | 2.279.560,00 | 0,25% |
| GOLDMAN SACHS GROUP 2,00 15-270723 | 2.000.000 | EUR | 2.024.450,00 | 2.110.210,00 | 0,23% |
| GRAND CITY PROPERTIES S.A. 1,375 17-030826 | 2.000.000 | EUR | 1.936.400,00 | 2.129.360,00 | 0,23% |
| GRAND CITY PROPERTIES S.A. 1,70 20-060424 | 2.000.000 | EUR | 1.970.900,00 | 2.111.310,00 | 0,23% |
| GRAND CITY PROPERTIES S.A. FRN 15-170425 | 2.500.000 | EUR | 2.589.200,00 | 2.657.512,50 | 0,29% |
| HANNOVER RUECK FRN 19-091039 | 2.500.000 | EUR | 2.474.050,00 | 2.564.162,50 | 0,28% |
| HEIDELBERGCEMENT A.G. 2,50 20-091024 | 2.500.000 | EUR | 2.510.575,00 | 2.729.462,50 | 0,30% |
| HEINEKEN N.V. 1,25 18-170327 | 1.500.000 | EUR | 1.492.365,00 | 1.618.342,50 | 0,18% |
| HOCHTIEF A.G. 0,5 19-030927 | 3.000.000 | EUR | 2.977.560,00 | 3.044.685,00 | 0,33% |
| HSBC FRANCE S.A. 0,60 18-200323 | 1.500.000 | EUR | 1.496.760,00 | 1.528.860,00 | 0,17% |
| HSBC HLDG FRN 18-041224 | 2.500.000 | EUR | 2.488.200,00 | 2.620.950,00 | 0,29% |
| IBERDROLA FINANZAS 1,00 17-070325 | 2.000.000 | EUR | 1.987.200,00 | 2.092.290,00 | 0,23% |
| IBERDROLA INTERNATIONAL B.V. 16-210426 | 1.000.000 | EUR | 994.930,00 | 1.064.985,00 | 0,12% |
| IBERDROLA INTERNATIONAL B.V. FRN 17-PERPETUAL | 2.000.000 | EUR | 2.000.000,00 | 2.056.380,00 | 0,22% |
| IBERDROLA INTERNATIONAL B.V. FRN 20-PERPETUAL | 2.000.000 | EUR | 2.000.000,00 | 2.104.360,00 | 0,23% |
| IBM CORP. 0,30 20-110228 | 2.000.000 | EUR | 1.944.000,00 | 2.035.210,00 | 0,22% |
| IBM CORP. 0,375 19-310123 | 1.500.000 | EUR | 1.493.250,00 | 1.519.207,50 | 0,17% |
| IBM CORP. 0,65 20-110232 | 2.500.000 | EUR | 2.492.250,00 | 2.588.862,50 | 0,28% |
| IBM CORP. 1,125 16-060924 | 3.600.000 | EUR | 3.627.225,82 | 3.780.396,00 | 0,41% |
| ILLINOIS TOOL WORKS 0,625 19-051227 | 5.000.000 | EUR | 4.962.570,00 | 5.221.625,00 | 0,57% |
| IMMOBILIA COLONIAL 1,35 20-141028 | 1.000.000 | EUR | 996.090,00 | 1.035.570,00 | 0,11% |
| ING BANK FRN 14-250226 | 2.000.000 | EUR | 2.165.711,89 | 2.010.610,00 | 0,22% |
| ING GROEP N.V. FRN 17-110428 | 1.000.000 | EUR | 1.027.430,00 | 1.059.475,00 | 0,12% |

Corporate EUR
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| ING GROUP N.V. 2,00 18-200928 | 1.000.000 | EUR | 996.410,00 | 1.142.610,00 | 0,12% |
| --- | --- | --- | --- | --- | --- |
| ING GROUP N.V. FRN 19-030925 | 1.000.000 | EUR | 999.750,00 | 1.004.510,00 | 0,11% |
| INTESA SAN PAOLO SpA 0,75 19-041224 | 2.000.000 | EUR | 1.999.320,00 | 2.052.740,00 | 0,22% |
| INTESA SAN PAOLO SpA 1,75 19-040729 | 2.000.000 | EUR | 1.985.320,00 | 2.186.750,00 | 0,24% |
| INVESTOR AB 1,50 18-120930 | 1.500.000 | EUR | 1.496.730,00 | 1.705.567,50 | 0,19% |
| IREN SpA 0,875 19-141029 | 2.000.000 | EUR | 1.986.900,00 | 2.114.480,00 | 0,23% |
| IREN SpA 1,00 20-010730 | 3.000.000 | EUR | 2.944.320,00 | 3.178.680,00 | 0,35% |
| ITALGAS SpA 1,625 17-180129 | 1.600.000 | EUR | 1.595.936,00 | 1.803.416,00 | 0,20% |
| JAB HLDG B.V. 1,00 19-201227 | 2.200.000 | EUR | 2.178.396,00 | 2.298.340,00 | 0,25% |
| JAB HLDG B.V. 2,50 20-170427 | 3.000.000 | EUR | 3.052.752,00 | 3.369.315,00 | 0,37% |
| JOHNSON & JOHNSON 0,65 16-200524 | 1.000.000 | EUR | 997.360,00 | 1.032.150,00 | 0,11% |
| JP MORGAN CHASE & CO 1,50 15-261022 | 2.000.000 | EUR | 2.081.400,00 | 2.066.340,00 | 0,23% |
| JP MORGAN CHASE & CO FRN 17-180528 | 1.000.000 | EUR | 1.000.000,00 | 1.096.360,00 | 0,12% |
| JP MORGAN CHASE & CO FRN 19-110327 | 3.000.000 | EUR | 3.000.000,00 | 3.157.515,00 | 0,35% |
| JP MORGAN CHASE & CO FRN 20-240228 | 2.000.000 | EUR | 2.000.000,00 | 2.034.090,00 | 0,22% |
| KBC GROUP FRN 19-031229 | 2.000.000 | EUR | 1.988.060,00 | 1.990.590,00 | 0,22% |
| KBC GROUP FRN 20-160627 | 2.000.000 | EUR | 1.985.620,00 | 2.040.580,00 | 0,22% |
| KBC GROUP S.A. FRN 15-110327 | 3.000.000 | EUR | 2.994.126,00 | 3.061.305,00 | 0,33% |
| KBC GROUP S.A. FRN 17-180929 | 1.000.000 | EUR | 997.380,00 | 1.041.425,00 | 0,11% |
| KERING 0,75 20-130528 | 2.400.000 | EUR | 2.386.296,00 | 2.528.208,00 | 0,28% |
| KERING 1,25 16-100526 | 5.500.000 | EUR | 5.525.572,00 | 5.898.117,50 | 0,65% |
| KLEPIERRE 1,00 15-170423 | 2.000.000 | EUR | 1.949.916,00 | 2.049.560,00 | 0,22% |
| KLEPIERRE 1,875 16-190226 | 2.200.000 | EUR | 2.218.224,00 | 2.404.611,00 | 0,26% |
| KONINKLIJKE AHOLD DELHAIZE 1,75 20-020427 | 2.000.000 | EUR | 2.105.560,00 | 2.221.260,00 | 0,24% |
| KONINKLIJKE DSM 0,625 20-230632 | 2.000.000 | EUR | 1.982.560,00 | 2.087.620,00 | 0,23% |
| KONINKLIJKE DSM 0,75 16-280926 | 1.000.000 | EUR | 997.990,00 | 1.055.250,00 | 0,12% |
| KONINKLIJKE DSM 2,375 14-030424 | 5.000.000 | EUR | 5.333.892,00 | 5.403.300,00 | 0,59% |
| LANDESBANK BADEN 0,375 19-240524 | 1.500.000 | EUR | 1.490.985,00 | 1.532.092,50 | 0,17% |
| LA POSTE 1,375 20-210432 | 2.000.000 | EUR | 2.022.160,00 | 2.220.790,00 | 0,24% |
| LA POSTE S.A. 0,375 19-170927 | 3.000.000 | EUR | 2.958.972,00 | 3.081.645,00 | 0,34% |
| LA POSTE S.A. 1,45 18-301128 | 2.000.000 | EUR | 1.996.480,00 | 2.236.490,00 | 0,24% |
| LEGRAND S.A. 0,75 17-060724 | 4.000.000 | EUR | 3.987.460,00 | 4.143.460,00 | 0,45% |
| LEGRAND S.A. 0,75 20-200530 | 2.300.000 | EUR | 2.290.754,00 | 2.441.243,00 | 0,27% |
| LINDE FINANCE B.V. 0,25 20-190527 | 2.500.000 | EUR | 2.498.950,00 | 2.551.812,50 | 0,28% |
| LINDE FINANCE B.V. 1,00 16-200428 | 1.000.000 | EUR | 987.370,00 | 1.087.645,00 | 0,12% |
| LLOYDS BANK GROUP 1,50 17-120927 | 2.000.000 | EUR | 1.985.480,00 | 2.193.110,00 | 0,24% |
| LLOYDS BANK GROUP FRN 19-121125 | 1.000.000 | EUR | 994.350,00 | 1.012.645,00 | 0,11% |
| LOGICOR FINANCING 3,25 18-131128 | 2.500.000 | EUR | 2.734.275,00 | 2.948.512,50 | 0,32% |
| LONDON STOXK EXCHANGE GROUP 0,875 17-190924 | 8.000.000 | EUR | 8.038.931,00 | 8.269.760,00 | 0,90% |
| LONZA FINANCE INTERNATIONAL 1,625 20-210427 | 2.000.000 | EUR | 2.052.640,00 | 2.192.790,00 | 0,24% |
| LUNAR FUNDING 1,125 18-121026 | 3.000.000 | EUR | 3.035.740,00 | 3.221.040,00 | 0,35% |
| LVMH 0,00 20-110226 | 2.500.000 | EUR | 2.489.825,00 | 2.522.687,50 | 0,28% |
| LVMH 0,75 17-260524 | 2.000.000 | EUR | 1.996.880,00 | 2.064.960,00 | 0,23% |
| MASTERCARD INC. 1,10 15-011222 | 5.000.000 | EUR | 5.020.505,00 | 5.123.775,00 | 0,56% |
| MASTERCARD INC. 2,10 15-011227 | 1.500.000 | EUR | 1.684.905,00 | 1.720.440,00 | 0,19% |
| MC DONALD'S CORP. 1,75 16-030528 | 2.000.000 | EUR | 2.203.000,00 | 2.242.520,00 | 0,25% |
| MEDIOBANCA 1,125 19-150725 | 2.000.000 | EUR | 1.992.620,00 | 2.077.290,00 | 0,23% |
| MEDTRONIC GLOBAL HLDG 0,25 19-020725 | 1.400.000 | EUR | 1.391.208,00 | 1.422.302,00 | 0,16% |
| MEDTRONIC GLOBAL HLDG 1,125 19-070327 | 1.500.000 | EUR | 1.563.654,00 | 1.604.595,00 | 0,18% |
| MERCK FINANCE SERVICES 0,375 19-050727 | 1.500.000 | EUR | 1.492.350,00 | 1.550.062,50 | 0,17% |
| MERCK FRN 20-090980 | 2.000.000 | EUR | 2.000.000,00 | 2.050.700,00 | 0,22% |

Corporate EUR
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| METROPOLITAN LIFE 0,375 19-090424 | 1.500.000 | EUR | 1.498.440,00 | 1.527.307,50 | 0,17% |
| --- | --- | --- | --- | --- | --- |
| METROPOLITAN LIFE 2,375 13-110123 | 2.200.000 | EUR | 2.462.490,00 | 2.319.383,00 | 0,25% |
| MITSUBISHI UFJ FINANCIAL 0,872 17-070924 | 4.900.000 | EUR | 4.900.000,00 | 5.070.716,00 | 0,55% |
| MITSUBISHI UFJ FINANCIAL 0,98 18-091023 | 2.000.000 | EUR | 2.000.000,00 | 2.064.970,00 | 0,23% |
| MIZUHO FINANCIAL 1,02 18-111023 | 2.000.000 | EUR | 2.000.000,00 | 2.061.500,00 | 0,23% |
| MORGAN STANLEY 1,875 17-270427 | 3.000.000 | EUR | 3.009.348,00 | 3.339.945,00 | 0,37% |
| MORGAN STANLEY FRN 17-231026 | 2.000.000 | EUR | 2.109.568,00 | 2.123.360,00 | 0,23% |
| MORGAN STANLEY FRN 20-261029 | 3.000.000 | EUR | 3.000.000,00 | 3.051.165,00 | 0,33% |
| MOTABILITY OPER 0,875 17-140325 | 3.750.000 | EUR | 3.711.562,50 | 3.923.381,25 | 0,43% |
| MUNICH RE FRN 11-260541 | 1.200.000 | EUR | 1.504.116,00 | 1.227.972,00 | 0,13% |
| MUNICH RE FRN 18-260549 | 3.000.000 | EUR | 3.215.850,00 | 3.566.775,00 | 0,39% |
| NATIONAL AUSTRALIA BANK 0,875 15-200122 | 2.000.000 | EUR | 1.991.000,00 | 2.027.450,00 | 0,22% |
| NATIONAL AUSTRALIA BANK 1,125 19-200531 | 2.000.000 | EUR | 1.981.340,00 | 2.222.070,00 | 0,24% |
| NATL GRID ELECT TRAN 0,19 20-200125 | 1.500.000 | EUR | 1.500.000,00 | 1.518.502,50 | 0,17% |
| NEDERLANDSE GASUNIE 1,00 16-110526 | 1.000.000 | EUR | 998.580,00 | 1.058.515,00 | 0,12% |
| NESTLE FINANCE INTERNATIONAL 0,125 20-121127 | 3.000.000 | EUR | 2.979.030,00 | 3.049.755,00 | 0,33% |
| NESTLE FINANCE INTERNATIONAL 0,375 20-120532 | 3.000.000 | EUR | 2.944.710,00 | 3.109.035,00 | 0,34% |
| NN GROUP N.V. 1,625 17-070727 | 1.000.000 | EUR | 993.970,00 | 1.097.925,00 | 0,12% |
| NN GROUP N.V. FRN 14-PERPETUAL | 1.600.000 | EUR | 1.540.000,00 | 1.850.488,00 | 0,20% |
| NORDEA BANK 0,50 20-140527 | 3.000.000 | EUR | 2.977.260,00 | 3.104.610,00 | 0,34% |
| NYKREDIT REALKRED 0,25 20-130126 | 2.500.000 | EUR | 2.496.700,00 | 2.502.575,00 | 0,27% |
| ORACLE CORP. 3,125 13-100725 | 2.500.000 | EUR | 2.903.313,21 | 2.869.462,50 | 0,31% |
| PEPSICO INC. 0,40 20-091032 | 1.750.000 | EUR | 1.747.550,00 | 1.777.046,25 | 0,19% |
| PEPSICO INC. 0,50 20-060528 | 4.500.000 | EUR | 4.496.130,00 | 4.661.325,00 | 0,51% |
| PEPSICO INC. 1,05 20-091050 | 1.000.000 | EUR | 998.210,00 | 1.062.515,00 | 0,12% |
| PERNOD RICARD 1,125 20-070425 | 3.000.000 | EUR | 3.052.860,00 | 3.155.475,00 | 0,35% |
| PRAXAIR INC. 1,625 14-011225 | 5.000.000 | EUR | 5.207.514,55 | 5.423.850,00 | 0,59% |
| PROCTER & GAMBLE 1,125 15-021123 | 1.500.000 | EUR | 1.499.550,00 | 1.561.695,00 | 0,17% |
| PROCTER & GAMBLE 1,20 18-301028 | 1.000.000 | EUR | 996.540,00 | 1.101.825,00 | 0,12% |
| PROCTER & GAMBLE 4,875 07-110527 | 2.700.000 | EUR | 3.788.427,00 | 3.569.575,50 | 0,39% |
| PROLOGIS INTERNATIONAL FUND 1,625 20-170632 | 3.000.000 | EUR | 3.091.915,00 | 3.394.320,00 | 0,37% |
| PROXIMUS S.A. 1,875 15-011025 | 2.000.000 | EUR | 1.976.820,00 | 2.186.250,00 | 0,24% |
| RABOBANK NEDERLAND FRN 14-260526 | 1.000.000 | EUR | 1.012.240,00 | 1.010.160,00 | 0,11% |
| RABOBANK UA 0,74 18-290823 | 500.000 | EUR | 498.315,00 | 512.677,50 | 0,06% |
| RCI BANQUE S.A. 0,75 17-120122 | 1.500.000 | EUR | 1.496.775,00 | 1.509.967,50 | 0,17% |
| RCI BANQUE S.A. 0,75 19-100423 | 1.000.000 | EUR | 997.770,00 | 1.012.335,00 | 0,11% |
| RED ELECTRICA FINANCE 1,125 15-240425 | 1.000.000 | EUR | 1.000.714,00 | 1.056.560,00 | 0,12% |
| RED ELECTRICA FINANCE 2,125 14-010723 | 1.300.000 | EUR | 1.300.761,00 | 1.375.686,00 | 0,15% |
| RICHEMONT INTERNATIONAL 0,75 20-260528 | 1.500.000 | EUR | 1.498.260,00 | 1.586.842,50 | 0,17% |
| ROYAL BANK OF CANADA 0,125 19-230724 | 4.000.000 | EUR | 3.940.760,00 | 4.037.380,00 | 0,44% |
| ROYAL PHILIPS 0,50 19-220526 | 2.000.000 | EUR | 1.989.880,00 | 2.065.910,00 | 0,23% |
| RTE EDF TRANSPORT 1,125 19-090949 | 1.000.000 | EUR | 988.670,00 | 1.103.780,00 | 0,12% |
| RTE EDF TRANSPORT 1,625 15-271125 | 2.000.000 | EUR | 1.991.040,00 | 2.170.390,00 | 0,24% |
| SAINT-GOBAIN 1,375 17-140627 | 2.700.000 | EUR | 2.698.245,00 | 2.937.141,00 | 0,32% |
| SANOFI S.A. 1,50 15-220925 | 3.000.000 | EUR | 2.965.380,00 | 3.246.285,00 | 0,36% |
| SANOFI S.A. 1,50 20-010430 | 3.000.000 | EUR | 3.303.000,00 | 3.430.545,00 | 0,38% |
| SANOFI S.A. 1,75 14-100926 | 1.500.000 | EUR | 1.627.455,00 | 1.667.737,50 | 0,18% |
| SANTANDER CONSUMER BANK 0,75 18-010323 | 3.000.000 | EUR | 2.994.600,00 | 3.062.820,00 | 0,33% |
| SANTANDER INTERNATIONAL DEBT 1,375 15-141222 | 2.000.000 | EUR | 1.997.480,00 | 2.064.660,00 | 0,23% |
| SAP SE 0,00 20-170523 | 500.000 | EUR | 499.595,00 | 503.042,50 | 0,06% |
| SAP SE 0,125 20-180526 | 3.000.000 | EUR | 2.981.250,00 | 3.050.685,00 | 0,33% |

Corporate EUR
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| SAP SE 0,25 18-100322 | 2.000.000 | EUR | 1.996.580,00 | 2.013.120,00 | 0,22% |
| --- | --- | --- | --- | --- | --- |
| SAP SE 1,125 14-200223 | 1.100.000 | EUR | 1.111.162,46 | 1.129.441,50 | 0,12% |
| SAP SE 1,375 18-130330 | 1.000.000 | EUR | 989.620,00 | 1.125.355,00 | 0,12% |
| SAP SE 1,75 14-220227 | 1.000.000 | EUR | 1.056.700,00 | 1.113.850,00 | 0,12% |
| SCHNEIDER ELECTRIC 0,875 17-131226 | 3.000.000 | EUR | 2.979.150,00 | 3.182.355,00 | 0,35% |
| SCHNEIDER ELECTRIC 1,00 20-090427 | 2.000.000 | EUR | 2.055.600,00 | 2.138.860,00 | 0,23% |
| SEB 1,375 16-311028 | 1.900.000 | EUR | 1.889.835,00 | 1.948.782,50 | 0,21% |
| SEB FRN 14-280526 | 2.000.000 | EUR | 2.046.430,00 | 2.020.690,00 | 0,22% |
| SELP FINANCE 1,25 16-251023 | 2.000.000 | EUR | 1.991.360,00 | 2.067.050,00 | 0,23% |
| SELP FINANCE 1,50 17-201125 | 1.000.000 | EUR | 974.800,00 | 1.062.465,00 | 0,12% |
| SHELL INTERNATIONAL FINANCE 0,375 16-150225 | 2.700.000 | EUR | 2.683.779,00 | 2.768.715,00 | 0,30% |
| SHELL INTERNATIONAL FINANCE 0,50 20-110524 | 5.000.000 | EUR | 4.980.700,00 | 5.126.925,00 | 0,56% |
| SHELL INTERNATIONAL FINANCE 1,875 15-150925 | 3.000.000 | EUR | 2.989.440,00 | 3.301.395,00 | 0,36% |
| SIEMENS FINANCE 0,375 20-050626 | 2.500.000 | EUR | 2.498.675,00 | 2.575.325,00 | 0,28% |
| SIEMENS FINANCE 1,375 18-060930 | 2.500.000 | EUR | 2.488.225,00 | 2.847.862,50 | 0,31% |
| SIEMENS FINANCE 1,75 19-280239 | 2.000.000 | EUR | 2.080.180,00 | 2.500.910,00 | 0,27% |
| SIGNIFY N.V. 2,00 20-110524 | 2.000.000 | EUR | 2.052.000,00 | 2.116.190,00 | 0,23% |
| SNAM SpA 1,00 19-120934 | 1.400.000 | EUR | 1.375.024,00 | 1.512.315,00 | 0,17% |
| SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 1,25 16-060127 | 1.500.000 | EUR | 1.500.836,00 | 1.624.170,00 | 0,18% |
| SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 1,25 19-180128 | 2.000.000 | EUR | 1.982.660,00 | 2.179.280,00 | 0,24% |
| SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 1,50 18-250130 | 2.000.000 | EUR | 1.980.540,00 | 2.265.100,00 | 0,25% |
| SOCIETE GENERALE 1,75 19-220329 | 2.000.000 | EUR | 1.995.460,00 | 2.200.420,00 | 0,24% |
| SOCIETE GENERALE 4,00 13-070623 | 1.000.000 | EUR | 1.118.670,00 | 1.091.885,00 | 0,12% |
| SODEXHO 0,75 20-270425 | 2.000.000 | EUR | 1.996.580,00 | 2.069.900,00 | 0,23% |
| STATKRAFT A/S 1,50 15-260330 | 2.500.000 | EUR | 2.667.405,00 | 2.790.125,00 | 0,31% |
| STATNETT SF 1,25 17-260430 | 2.500.000 | EUR | 2.705.700,00 | 2.747.425,00 | 0,30% |
| STEDIN HLDG 0,50 19-141129 | 3.500.000 | EUR | 3.536.330,00 | 3.608.325,00 | 0,39% |
| SUMITOMO MITSUI BANK 2,75 13-240723 | 2.000.000 | EUR | 2.198.740,00 | 2.152.410,00 | 0,24% |
| SUMITOMO MITSUI FINANCE 0,465 19-300524 | 1.500.000 | EUR | 1.500.000,00 | 1.530.585,00 | 0,17% |
| SUMITOMO MITSUI FINANCE 0,819 18-230723 | 3.000.000 | EUR | 3.000.000,00 | 3.077.625,00 | 0,34% |
| SVENSKA HANDELSBANKEN 4,375 11-201021 | 1.000.000 | EUR | 1.183.784,00 | 1.038.640,00 | 0,11% |
| SWISSCOM FINANCE B.V. 0,375 20-141128 | 1.700.000 | EUR | 1.685.159,00 | 1.756.346,50 | 0,19% |
| SWISS RE ADMIN RE LTD1,375 16-270523 | 2.000.000 | EUR | 2.007.828,57 | 2.074.550,00 | 0,23% |
| TAKEDA PHARMACEUTICAL 2,25 18-211126 | 4.000.000 | EUR | 4.122.942,00 | 4.504.040,00 | 0,49% |
| TALANX A.G. 2,50 14-230726 | 4.500.000 | EUR | 4.808.049,14 | 5.199.525,00 | 0,57% |
| TELEFONICA EMISIONE 0,664 20-030230 | 2.100.000 | EUR | 2.100.000,00 | 2.160.648,00 | 0,24% |
| TELEFONICA EMISIONE 1,201 20-210827 | 2.000.000 | EUR | 2.000.100,00 | 2.140.500,00 | 0,23% |
| TELEFONICA EMISIONE 1,715 17-120128 | 2.000.000 | EUR | 2.000.060,00 | 2.219.800,00 | 0,24% |
| TELENOR AS 0,00 19-250923 | 1.000.000 | EUR | 1.000.600,00 | 1.006.780,00 | 0,11% |
| TELSTRA CORP. 1,00 20-230430 | 2.000.000 | EUR | 2.032.579,96 | 2.154.000,00 | 0,24% |
| TELSTRA CORP. 2,50 13-150923 | 5.000.000 | EUR | 5.471.445,00 | 5.366.200,00 | 0,59% |
| TENNET HLDG 0,125 20-301132 | 3.600.000 | EUR | 3.572.676,00 | 3.584.232,00 | 0,39% |
| TENNET HLDG 1,75 15-040627 | 3.000.000 | EUR | 3.260.235,00 | 3.349.170,00 | 0,37% |
| THERMO FISHER 1,75 20-150427 | 3.000.000 | EUR | 3.081.855,00 | 3.310.860,00 | 0,36% |
| THERMO FISHER SCIENTIFIC 1,40 17-230126 | 3.000.000 | EUR | 2.985.780,00 | 3.214.740,00 | 0,35% |
| TOTAL CAPITAL INTERNATIONAL 0,75 16-120728 | 2.000.000 | EUR | 1.974.560,00 | 2.121.870,00 | 0,23% |
| TOTAL CAPITAL INTERNATIONAL 1,535 19-310539 | 2.000.000 | EUR | 2.000.000,00 | 2.346.710,00 | 0,26% |
| TOTAL CAPITAL INTERNATIONAL FRN 15-PERPETUAL | 2.500.000 | EUR | 2.485.639,28 | 2.670.687,50 | 0,29% |
| TOTAL CAPITAL INTERNATIONAL FRN 16-PERPETUAL | 2.400.000 | EUR | 2.445.444,92 | 2.519.460,00 | 0,28% |
| TOTAL CAPITAL INTERNATIONAL FRN 19-PERPETUAL | 4.500.000 | EUR | 4.500.000,00 | 4.631.872,50 | 0,51% |
| TOYOTA FINANCE 0,25 19-090424 | 2.800.000 | EUR | 2.798.740,00 | 2.845.052,00 | 0,31% |

Corporate EUR
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| TOYOTA FINANCE AUSTRALIA 0,50 18-060423 | 4.000.000 | EUR | 3.968.836,50 | 4.069.160,00 | 0,45% |
| --- | --- | --- | --- | --- | --- |
| TOYOTA MOTOR CREDIT 2,375 13-010223 | 900.000 | EUR | 917.586,00 | 949.819,50 | 0,10% |
| UBS A.G. LONDON 0,625 18-230123 | 3.000.000 | EUR | 2.991.480,00 | 3.053.205,00 | 0,33% |
| UBS A.G. LONDON 0,75 20-210423 | 1.800.000 | EUR | 1.796.220,00 | 1.840.743,00 | 0,20% |
| UBS GROUP FUNDING 1,75 15-161122 | 2.000.000 | EUR | 2.120.800,00 | 2.076.140,00 | 0,23% |
| UBS GROUP FUNDING 2,125 16-040324 | 5.000.000 | EUR | 5.100.550,00 | 5.358.175,00 | 0,59% |
| UNIBAIL RODAMCO SE 1,125 16-280427 | 1.250.000 | EUR | 1.238.862,50 | 1.285.187,50 | 0,14% |
| UNICREDIT SpA 0,50 19-090425 | 1.000.000 | EUR | 999.190,00 | 1.013.855,00 | 0,11% |
| UNICREDIT SpA FRN 19-250625 | 2.100.000 | EUR | 2.092.923,00 | 2.171.347,50 | 0,24% |
| UNICREDIT SpA FRN 20-220727 | 2.500.000 | EUR | 2.496.375,00 | 2.657.625,00 | 0,29% |
| UNILEVER N.V. 1,375 18-040930 | 1.300.000 | EUR | 1.286.363,00 | 1.483.092,00 | 0,16% |
| VEOLIA ENVIRONNEMENT 0,664 20-150131 | 2.200.000 | EUR | 2.200.000,00 | 2.285.272,00 | 0,25% |
| VEOLIA ENVIRONNEMENT 0,892 19-140124 | 2.000.000 | EUR | 2.000.000,00 | 2.060.110,00 | 0,23% |
| VERIZON COMMUNICATIONS INC. 1,25 19-080430 | 1.500.000 | EUR | 1.490.070,00 | 1.633.267,50 | 0,18% |
| VERIZON COMMUNICATIONS INC.1,50 19-190939 | 2.000.000 | EUR | 1.976.460,00 | 2.204.540,00 | 0,24% |
| VF CORP. 0,25 20-250228 | 2.500.000 | EUR | 2.344.465,00 | 2.529.662,50 | 0,28% |
| VIER GAS TRANSPORT 3,125 13-100723 | 1.100.000 | EUR | 1.216.731,00 | 1.195.205,00 | 0,13% |
| VINCI S.A. 1,00 18-260925 | 2.000.000 | EUR | 1.989.540,00 | 2.119.120,00 | 0,23% |
| VIVENDI 0,625 19-110625 | 2.000.000 | EUR | 1.998.240,00 | 2.061.960,00 | 0,23% |
| VODAFONE GROUP 1,125 17-201125 | 2.000.000 | EUR | 1.983.340,00 | 2.113.460,00 | 0,23% |
| VOLKSWAGEN FINANCE SERVICES 1,375 18-161023 | 1.000.000 | EUR | 999.140,00 | 1.035.920,00 | 0,11% |
| VOLKSWAGEN FINANCE SERVICES 3,375 20-060428 | 2.000.000 | EUR | 1.989.260,00 | 2.400.220,00 | 0,26% |
| VOLKSWAGEN INTERNATIONAL FINANCE 3,30 13-220333 | 700.000 | EUR | 732.354,00 | 895.891,50 | 0,10% |
| VOLKSWAGEN INTERNATIONAL FINANCE B.V. FRN 18-PERPETUAL | 4.000.000 | EUR | 3.991.500,00 | 4.199.600,00 | 0,46% |
| VONOVIA FINANCE 0,625 20-090726 | 2.000.000 | EUR | 1.993.680,00 | 2.067.180,00 | 0,23% |
| VONOVIA FINANCE 0,75 18-150124 | 1.000.000 | EUR | 993.300,00 | 1.027.025,00 | 0,11% |
| WAL-MART STORES 4,875 09-210929 | 1.500.000 | EUR | 2.016.600,00 | 2.141.377,50 | 0,23% |
| WELLS FARGO & CO 1,375 16-261026 | 3.000.000 | EUR | 2.972.520,00 | 3.193.815,00 | 0,35% |
| WELLS FARGO & CO 2,625 12-160822 | 3.400.000 | EUR | 3.545.790,87 | 3.556.196,00 | 0,39% |
| WPC EUROBOND B.V. 2,25 18-090426 | 2.000.000 | EUR | 1.985.040,00 | 2.195.950,00 | 0,24% |
| Total EURO |  |  | 860.437.931,50 | 901.881.919,50 | 98,63% |
| Total Obligations |  |  | 860.437.931,50 | 901.881.919,50 | 98,63% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 860.437.931,50 | 901.881.919,50 | 98,63% |
| Autres valeurs mobilières |  |  |  |  |  |
| SIGMA FINANCE CORP. CAPITAL 07-30.09.14 (*) | 1.700.000 | EUR | 890.163,93 | 0,00 | 0,00% |
| Total EURO |  |  | 890.163,93 | 0,00 | 0,00% |
| Total Autres valeurs mobilières |  |  | 890.163,93 | 0,00 | 0,00% |
| Total du Portefeuille-Titres |  |  | 861.328.095,43 | 901.881.919,50 | 98,63% |

(*) L'émetteur de cette obligation est en défaut de paiement et a été déclaré en faillite et cet actif est valorisé à 0,00 EUR depuis le 16 février 2009, sur décision du Conseil d'Administration. L'obligation n'a pas été remboursée à l'échéance, le 30 septembre 2014. Néanmoins, les positions restent ouvertes dans les livres du Dépositaire et du Sous-Dépositaire et ce dans l'attente de la clôture de la liquidation. En effet, cet actif représente les droits du compartiment Corporate EUR dans la liquidation de Sigma Finance.
|  |
| --- |
| EUR Selection |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Obligations |  |  |  |  |  |
| AUSTRIA 0,00 20-200230 | 1.000.000 | EUR | 1.038.360,00 | 1.040.365,00 | 0,55% |
| AUSTRIA 3,65 11-200422 | 600.000 | EUR | 651.944,35 | 633.801,00 | 0,34% |
| AUSTRIA 4,15 06-150337 | 300.000 | EUR | 399.636,00 | 514.251,00 | 0,27% |
| AUSTRIA 4,85 09-150326 | 200.000 | EUR | 274.393,33 | 258.883,00 | 0,14% |
| AUSTRIA 6,25 97-150727 | 500.000 | EUR | 738.823,07 | 729.905,00 | 0,39% |
| AUTOBAHN SCHNELL 0,625 15-150922 | 1.000.000 | EUR | 998.430,00 | 1.020.525,00 | 0,54% |
| BELFIUS BANK 0,75 15-100225 | 3.500.000 | EUR | 3.528.660,00 | 3.676.680,00 | 1,95% |
| BELGIUM OLO 4,25 10-280341 | 600.000 | EUR | 876.814,33 | 1.094.103,00 | 0,58% |
| BNG 0,25 15-070525 | 3.500.000 | EUR | 3.458.537,50 | 3.615.692,50 | 1,92% |
| BNG BANK N.V. 0,5 15-260822 | 500.000 | EUR | 497.095,00 | 508.890,00 | 0,27% |
| BTPS 3,45 17-010348 | 500.000 | EUR | 611.672,50 | 737.287,50 | 0,39% |
| CA HOME LOA 0,625 14-281122 | 1.000.000 | EUR | 990.940,00 | 1.022.235,00 | 0,54% |
| CIE DE FINANCEMENT FONCIER 4,00 10-241025 | 4.000.000 | EUR | 5.001.640,00 | 4.868.140,00 | 2,58% |
| EUROPEAN STABILITY MECHANISM 0,75 17-150327 | 3.500.000 | EUR | 3.536.095,50 | 3.783.535,00 | 2,01% |
| FINLAND 0,50 17-150927 | 2.000.000 | EUR | 1.989.400,00 | 2.154.150,00 | 1,14% |
| FLEMISH COMMUNITY 0,375 16-131026 | 2.500.000 | EUR | 2.445.888,89 | 2.607.925,00 | 1,38% |
| FLEMISH COMMUNITY 1,00 16-131036 | 700.000 | EUR | 681.638,00 | 796.677,00 | 0,42% |
| FLEMISH COMMUNITY 1,50 18-120738 | 1.300.000 | EUR | 1.289.782,00 | 1.585.759,50 | 0,84% |
| FLEMISH COMMUNITY 1,875 17-020642 | 1.800.000 | EUR | 1.791.468,00 | 2.386.431,00 | 1,27% |
| FRANCE GOVT 1,25 15-250536 | 2.500.000 | EUR | 2.468.115,00 | 3.008.725,00 | 1,60% |
| FRANCE OAT 1,75 17-250639 | 500.000 | EUR | 500.810,00 | 661.065,00 | 0,35% |
| FRANCE OAT 3,25 12-250545 | 400.000 | EUR | 530.331,16 | 691.432,00 | 0,37% |
| FRANCE OAT 5,75 01-251032 | 3.000.000 | EUR | 5.098.120,95 | 5.178.765,00 | 2,75% |
| GERMANY 1,50 13-150223 | 400.000 | EUR | 418.564,84 | 419.312,00 | 0,22% |
| GERMANY 4,00 05-040137 | 500.000 | EUR | 817.835,00 | 866.487,50 | 0,46% |
| GERMANY 4,75 03-040734 | 800.000 | EUR | 1.237.281,85 | 1.388.688,00 | 0,74% |
| GERMANY 5,50 00-040131 | 1.300.000 | EUR | 2.067.423,98 | 2.121.106,00 | 1,13% |
| GERMANY 6,50 97-040727 | 1.000.000 | EUR | 1.625.340,00 | 1.484.640,00 | 0,79% |
| INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT 0,5 15-160430 | 1.500.000 | EUR | 1.437.007,50 | 1.610.692,50 | 0,86% |
| IRELAND 1,10 19-150529 | 1.750.000 | EUR | 1.839.705,00 | 1.976.502,50 | 1,05% |
| IRELAND TREASURY 1,30 18-150533 | 300.000 | EUR | 294.170,40 | 356.766,00 | 0,19% |
| IRELAND TREASURY 1,70 17-150537 | 500.000 | EUR | 553.689,00 | 643.532,50 | 0,34% |
| IRISH TREASURY 0,20 20-181030 | 2.500.000 | EUR | 2.557.530,00 | 2.627.600,00 | 1,40% |
| IRISH TREASURY 1,00 16-150526 | 1.000.000 | EUR | 1.040.055,00 | 1.086.895,00 | 0,58% |
| ITALY BOT 4,50 13-010324 | 2.900.000 | EUR | 3.425.358,82 | 3.340.365,00 | 1,77% |
| ITALY BTP 0,40 16-110424 | 1.500.000 | EUR | 1.489.368,89 | 1.522.444,73 | 0,81% |
| ITALY BTP 09-150941 2,55 | 2.250.000 | EUR | 3.338.024,46 | 3.850.092,49 | 2,04% |
| ITALY BTP 1,65 15-010332 | 5.250.000 | EUR | 5.267.596,15 | 5.831.516,25 | 3,10% |
| ITALY BTP 3,25 14-010946 | 3.300.000 | EUR | 3.910.774,00 | 4.679.730,00 | 2,48% |
| ITALY BTP 4,75 11-010921 | 2.500.000 | EUR | 2.964.559,61 | 2.587.650,00 | 1,37% |
| ITALY BTP 4,75 13-010928 | 3.000.000 | EUR | 3.510.525,00 | 4.009.950,00 | 2,13% |
| ITALY BTP 4,75 13-010944 | 1.450.000 | EUR | 1.729.585,32 | 2.479.572,50 | 1,32% |
| ITALY BTP 5,00 07-010839 | 1.000.000 | EUR | 1.343.665,00 | 1.661.785,00 | 0,88% |
| ITALY BTP 5,00 09-010325 | 1.300.000 | EUR | 1.535.550,44 | 1.581.242,00 | 0,84% |
| ITALY BTP 5,00 09-010940 | 1.250.000 | EUR | 1.652.183,16 | 2.098.681,25 | 1,11% |
| ITALY BTP 5,00 11-010322 | 3.000.000 | EUR | 2.974.387,33 | 3.191.595,00 | 1,69% |

EUR Selection
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| ITALY BTP 6,50 97-011127 | 5.500.000 | EUR | 7.632.200,00 | 7.843.852,50 | 4,16% |
| --- | --- | --- | --- | --- | --- |
| ITALY BTP -INFLATION LINKED- 0,40 19-150530 | 2.000.000 | EUR | 2.014.838,00 | 2.148.292,45 | 1,14% |
| ITALY BTP -INFLATION LINKED- 2,35 14-150924 | 1.500.000 | EUR | 1.766.353,74 | 1.762.812,80 | 0,94% |
| KBC BANK 2,00 13-310123 | 400.000 | EUR | 396.960,00 | 421.240,00 | 0,22% |
| KFW 0,50 17-150927 | 3.000.000 | EUR | 3.007.212,86 | 3.209.475,00 | 1,70% |
| KFW 1,25 16-040736 | 1.000.000 | EUR | 1.184.600,00 | 1.209.000,00 | 0,64% |
| KFW 1,50 14-110624 | 1.000.000 | EUR | 1.037.035,00 | 1.074.295,00 | 0,57% |
| LUXEMBOURG 0,625 17-010227 | 500.000 | EUR | 498.780,00 | 536.160,00 | 0,28% |
| NETHERLANDS GOVT 2,75 14-150147 | 500.000 | EUR | 852.920,00 | 893.640,00 | 0,47% |
| NETHERLANDS GOVT 3,75 10-150142 | 350.000 | EUR | 595.588,00 | 654.062,50 | 0,35% |
| POLAND GOVERMENT 1,00 19-070329 | 2.000.000 | EUR | 2.033.000,00 | 2.186.580,00 | 1,16% |
| POLAND GOVERNMENT 1,375 17-221027 | 4.000.000 | EUR | 4.317.040,00 | 4.418.660,00 | 2,35% |
| PORTUGAL 1,95 19-150629 | 4.050.000 | EUR | 4.399.575,50 | 4.753.464,75 | 2,52% |
| PORTUGAL 4,10 06-150437 | 3.750.000 | EUR | 5.133.467,50 | 5.935.612,50 | 3,15% |
| REPUBLIKA SLOVENIJA 1,00 18-060328 | 3.500.000 | EUR | 3.473.137,50 | 3.836.857,50 | 2,04% |
| REPUBLIKA SLOVENIJA 1,1875 19-140329 | 1.500.000 | EUR | 1.496.775,00 | 1.678.417,50 | 0,89% |
| REPUBLIK UNGARN 1,75 17-101027 | 4.500.000 | EUR | 4.921.250,00 | 4.955.512,50 | 2,63% |
| SLOVAKIA GOVT 0,00 16-131123 | 500.000 | EUR | 484.575,00 | 508.275,00 | 0,27% |
| SLOVAKIA GOVT 1,875 17-090337 | 1.000.000 | EUR | 981.020,00 | 1.322.740,00 | 0,70% |
| SLOVENIA 3,125 15-070845 | 900.000 | EUR | 1.298.700,00 | 1.509.430,50 | 0,80% |
| SNCF 4,625 09-020224 | 1.500.000 | EUR | 1.490.772,77 | 1.733.220,00 | 0,92% |
| SPAIN KINGDOM 1,30 16-311026 | 1.500.000 | EUR | 1.548.851,32 | 1.648.222,50 | 0,88% |
| SPAIN KINGDOM 3,80 14-300424 | 2.250.000 | EUR | 2.674.134,83 | 2.578.106,25 | 1,37% |
| SPAIN KINGDOM 4,20 05-310137 | 2.500.000 | EUR | 2.994.940,00 | 3.983.850,00 | 2,12% |
| SPAIN KINGDOM 4,80 08-310124 | 1.500.000 | EUR | 1.837.272,45 | 1.749.097,50 | 0,93% |
| SPAIN KINGDOM 4,90 07-300740 | 700.000 | EUR | 696.602,22 | 1.266.912,50 | 0,67% |
| SPAIN KINGDOM 5,15 13-311028 | 5.000.000 | EUR | 7.112.534,64 | 7.089.825,00 | 3,76% |
| SPAIN KINGDOM 5,15 13-311044 | 1.600.000 | EUR | 2.470.309,41 | 3.164.872,00 | 1,68% |
| SPAIN KINGDOM 5,75 01-300732 | 1.850.000 | EUR | 2.919.799,82 | 3.042.769,00 | 1,62% |
| SPAIN KINGDOM -INFLATION LINKED- 1,00 15-301130 | 2.500.000 | EUR | 2.943.341,89 | 3.135.846,45 | 1,66% |
| VSEOBECNA UVER BANKA 1,05 17-270427 | 4.000.000 | EUR | 3.938.560,00 | 4.230.580,00 | 2,25% |
| Total EURO |  |  | 164.580.923,78 | 178.473.750,42 | 94,76% |
| Total Obligations |  |  | 164.580.923,78 | 178.473.750,42 | 94,76% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 164.580.923,78 | 178.473.750,42 | 94,76% |
| Total du Portefeuille-Titres |  |  | 164.580.923,78 | 178.473.750,42 | 94,76% |

|  |
| --- |
| EUR Inflation-Linked |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Obligations |  |  |  |  |  |
| BTPS I/L 0,10 18-150523 | 500.000 | EUR | 504.432,67 | 525.911,16 | 1,39% |
| DEUTSCHLAND -INFLATION LINKED- 0,10 15-150426 | 2.300.000 | EUR | 2.585.434,42 | 2.632.463,56 | 6,98% |
| FRANCE OAT 3,40 99-250729 | 475.000 | EUR | 904.801,40 | 882.855,61 | 2,34% |
| FRANCE OAT -INFLATION LINKED- 0,10 16-010321 | 1.400.000 | EUR | 1.490.157,34 | 1.465.349,63 | 3,89% |
| FRANCE OAT -INFLATION LINKED- 0,10 16-250747 | 600.000 | EUR | 628.448,82 | 863.077,06 | 2,29% |
| FRANCE OAT -INFLATION LINKED- 0,10 17-250736 | 1.500.000 | EUR | 1.664.506,37 | 1.895.438,47 | 5,03% |
| FRANCE OAT -INFLATION LINKED- 0,10 19-010329 | 800.000 | EUR | 889.510,89 | 909.551,77 | 2,41% |
| FRANCE OAT -INFLATION LINKED- 0,10 20-010336 | 700.000 | EUR | 826.675,36 | 834.580,92 | 2,21% |
| FRANCE OAT -INFLATION LINKED- 0,1 14-010325 | 1.100.000 | EUR | 1.228.746,39 | 1.204.065,26 | 3,19% |
| FRANCE OAT -INFLATION LINKED- 0,25 12-250724 | 1.050.000 | EUR | 1.173.705,45 | 1.188.383,46 | 3,15% |
| FRANCE OAT -INFLATION LINKED- 0,70 13-250730 | 1.900.000 | EUR | 2.296.893,90 | 2.419.428,87 | 6,42% |
| FRANCE OAT -INFLATION LINKED- 1,80 07-250740 | 590.000 | EUR | 1.113.180,80 | 1.173.572,97 | 3,11% |
| FRANCE OAT -INFLATION LINKED- 1,85 11-250727 | 1.600.000 | EUR | 2.198.980,82 | 2.197.065,86 | 5,83% |
| FRANCE OAT -INFLATION LINKED- 3,15 02-250732 | 450.000 | EUR | 787.933,97 | 913.209,74 | 2,42% |
| GERMANY -INFLATION LINKED- 0,10 12-150423 | 1.500.000 | EUR | 1.696.243,21 | 1.670.452,07 | 4,43% |
| GERMANY -INFLATION LINKED- 0,10 15-150446 | 165.000 | EUR | 227.904,32 | 261.258,19 | 0,69% |
| GERMANY -INFLATION LINKED- 0,50 14-150430 | 500.000 | EUR | 625.544,70 | 634.709,18 | 1,68% |
| ITALY BTP 09-150941 2,55 | 2.100.000 | EUR | 2.925.068,66 | 3.593.419,66 | 9,53% |
| ITALY BTP 1,35 15-150422 | 600.000 | EUR | 602.454,00 | 613.920,00 | 1,63% |
| ITALY BTP 2,35 04-150935 | 500.000 | EUR | 791.731,27 | 860.974,22 | 2,28% |
| ITALY BTP FRN 16-150528 | 200.000 | EUR | 234.428,37 | 234.402,47 | 0,62% |
| ITALY BTP -INFLATION LINKED- 1,25 15-150932 | 500.000 | EUR | 570.153,13 | 608.840,20 | 1,61% |
| ITALY BTP -INFLATION LINKED- 2,10 10-150921 | 400.000 | EUR | 453.968,15 | 464.451,17 | 1,23% |
| ITALY BTP -INFLATION LINKED- 2,35 14-150924 | 1.200.000 | EUR | 1.396.666,34 | 1.410.250,23 | 3,74% |
| ITALY BTP -INFLATION LINKED- 3,10 11-150926 | 875.000 | EUR | 1.130.358,50 | 1.181.758,30 | 3,13% |
| SPAIN KINGDOM -INFLATION LINKED- 0,30 15-301121 | 350.000 | EUR | 367.729,06 | 372.248,58 | 0,99% |
| SPAIN KINGDOM -INFLATION LINKED- 0,65 16-301127 | 1.050.000 | EUR | 1.158.829,94 | 1.235.642,59 | 3,28% |
| SPAIN KINGDOM -INFLATION LINKED- 0,70 17-301133 | 630.000 | EUR | 755.484,32 | 778.841,52 | 2,07% |
| SPAIN KINGDOM -INFLATION LINKED- 1,00 15-301130 | 1.500.000 | EUR | 1.764.436,04 | 1.881.507,87 | 4,99% |
| SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 | 1.100.000 | EUR | 1.290.681,42 | 1.299.245,66 | 3,45% |
| Total EURO |  |  | 34.285.090,03 | 36.206.876,25 | 96,02% |
| Total Obligations |  |  | 34.285.090,03 | 36.206.876,25 | 96,02% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 34.285.090,03 | 36.206.876,25 | 96,02% |
| Total du Portefeuille-Titres |  |  | 34.285.090,03 | 36.206.876,25 | 96,02% |

|  |
| --- |
| Credit Duration Hedged EUR |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Obligations |  |  |  |  |  |
| ABN AMRO BANK 0,60 20-150127 | 900.000 | EUR | 898.155,00 | 927.418,50 | 1,16% |
| AGEAS N.V. FRN 19-020749 | 300.000 | EUR | 297.618,00 | 343.075,50 | 0,43% |
| AG INSURANCE S.A. FRN 15-300647 | 1.000.000 | EUR | 1.038.500,00 | 1.144.350,00 | 1,43% |
| AHOLD DELHAIZE N.V. 1,125 18-190326 | 1.000.000 | EUR | 998.044,50 | 1.065.175,00 | 1,33% |
| ALLIANDER N.V. FRN 18-PERPETUAL | 1.000.000 | EUR | 994.492,00 | 1.056.790,00 | 1,32% |
| ALLIANZ SE FRN 12-171042 | 1.000.000 | EUR | 1.184.590,00 | 1.099.620,00 | 1,38% |
| ALTAREIT SCA 2,875 18-020725 | 1.000.000 | EUR | 992.650,00 | 1.071.040,00 | 1,34% |
| ANHEUSER BUSCH INBEV 1,50 16-170325 | 500.000 | EUR | 535.850,00 | 534.657,50 | 0,67% |
| ARGAN 3,25 17-040723 | 800.000 | EUR | 800.000,00 | 843.952,00 | 1,06% |
| ARGENTA SPAARBANK 3,875 16-240526 | 1.500.000 | EUR | 1.493.850,00 | 1.522.650,00 | 1,91% |
| ARGENTUM NETHERLAND 1,125 18-170925 | 600.000 | EUR | 597.798,00 | 633.864,00 | 0,79% |
| ARKEMA FRN 19-PERPETUAL | 500.000 | EUR | 519.500,00 | 527.345,00 | 0,66% |
| BANCO DE SABADELL 1,75 19-100524 | 400.000 | EUR | 399.128,00 | 414.628,00 | 0,52% |
| BANK OF AMERICA FRN 18-250424 | 1.000.000 | EUR | 1.000.004,50 | 1.007.055,00 | 1,26% |
| BARCLAYS BANK PLC 6,00 10-140121 | 1.500.000 | EUR | 1.865.295,00 | 1.502.235,00 | 1,88% |
| BECTON DICKINSON 1,00 16-151222 | 2.000.000 | EUR | 2.017.630,00 | 2.035.950,00 | 2,55% |
| BLACKSTONE PROPERTY 2,20 18-240725 | 1.700.000 | EUR | 1.692.654,00 | 1.824.729,00 | 2,29% |
| BPCE S.A. FRN 15-301127 | 1.000.000 | EUR | 1.002.745,00 | 1.049.165,00 | 1,31% |
| BRISA CONCESSAO 2,375 17-100527 | 1.000.000 | EUR | 1.002.738,00 | 1.130.405,00 | 1,42% |
| BUREAU VERITAS 1,125 19-180127 | 800.000 | EUR | 795.184,00 | 821.824,00 | 1,03% |
| CAISSE NAT REASSUR 2,125 19-160929 | 1.000.000 | EUR | 994.185,00 | 1.046.840,00 | 1,31% |
| CELLNEX TEKECOM S.A. 1,75 20-231030 | 500.000 | EUR | 496.375,00 | 505.822,50 | 0,63% |
| CELLNEX TELECOM 1,00 20-200427 | 500.000 | EUR | 493.430,00 | 495.772,50 | 0,62% |
| CNH INDUSTRIAL 2,875 14-270921 | 1.000.000 | EUR | 1.027.937,50 | 1.022.905,00 | 1,28% |
| COFINIMMO -SICAFI-1,929 15-250322 | 600.000 | EUR | 600.000,00 | 609.810,00 | 0,76% |
| COOP RABOBANK 0,625 19-270224 | 500.000 | EUR | 499.020,00 | 512.240,00 | 0,64% |
| CREDIT AGRICOLE LONDON FRN 18-060323 | 700.000 | EUR | 706.377,00 | 705.229,00 | 0,88% |
| CROWN EUROPEAN HLDG 4,00 14-150722 | 200.000 | EUR | 212.507,25 | 209.109,00 | 0,26% |
| DH EUROPE FINANCE 0,45 19-180328 | 750.000 | EUR | 748.132,50 | 764.947,50 | 0,96% |
| EANDIS CVBA 2,875 13-091023 | 1.000.000 | EUR | 1.117.773,33 | 1.080.430,00 | 1,35% |
| EDF 4,125 12-250327 | 1.000.000 | EUR | 1.220.715,00 | 1.257.515,00 | 1,58% |
| EL CORTE INGLES S.A. 3,00 18-150324 | 1.000.000 | EUR | 878.000,00 | 1.013.520,00 | 1,27% |
| EUROFINS SCIENTIFIC 3,75 20-170726 | 400.000 | EUR | 397.344,00 | 469.818,00 | 0,59% |
| EURONET WORLDWIDE 1,375 19-220526 | 1.000.000 | EUR | 995.240,00 | 996.385,00 | 1,25% |
| EURONEXT N.V. 1,00 18-180425 | 2.000.000 | EUR | 1.988.370,00 | 2.076.370,00 | 2,60% |
| EXOR SpA 2,125 15-021222 | 1.000.000 | EUR | 1.047.420,00 | 1.037.290,00 | 1,30% |
| FAURECIA 3,75 20-150628 | 1.000.000 | EUR | 1.000.000,00 | 1.054.025,00 | 1,32% |
| FCA BANK IRISH 0,625 19-241122 | 750.000 | EUR | 747.855,00 | 758.516,25 | 0,95% |
| FCE BANK PLC 1,66 16-110221 | 1.000.000 | EUR | 1.000.000,00 | 1.002.110,00 | 1,26% |
| FLUVIUS SYSTEM 0,25 20-021230 | 500.000 | EUR | 499.605,00 | 507.392,50 | 0,64% |
| FLUXYS BELGIUM 1,75 17-051027 | 1.000.000 | EUR | 1.003.621,43 | 1.042.220,00 | 1,31% |
| FRESENIUS FINANCE 3,00 14-010221 | 1.000.000 | EUR | 1.073.900,00 | 1.002.230,00 | 1,26% |
| FROMAGERIES BEL 1,50 17-180424 | 500.000 | EUR | 497.140,00 | 518.497,50 | 0,65% |
| GELF BOND ISSUER 0,875 16-181022 | 500.000 | EUR | 500.507,00 | 505.650,00 | 0,63% |
| GROUPE BRUX LAMBERT 1,875 18-190625 | 2.000.000 | EUR | 2.039.080,00 | 2.162.040,00 | 2,71% |
| HEIDELBERGCEMENT FINANCE 0,50 18-090822 | 500.000 | EUR | 496.675,00 | 503.900,00 | 0,63% |
| INDIGO GROUP SAS 1,625 18-190428 | 900.000 | EUR | 886.914,00 | 933.435,00 | 1,17% |

Credit Duration Hedged EUR
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| INTERNATIONAL FLAVORS & FRAGRA 0,50 18-250921 | 700.000 | EUR | 699.272,00 | 703.171,00 | 0,88% |
| --- | --- | --- | --- | --- | --- |
| INTERTRUST GROUP B.V. 3,375 18-151125 | 500.000 | EUR | 502.800,00 | 512.342,50 | 0,64% |
| JC DECAUX 1,00 16-010623 | 600.000 | EUR | 599.196,00 | 613.716,00 | 0,77% |
| JP MORGAN CHASE & CO FRN 19-110327 | 1.000.000 | EUR | 1.000.000,00 | 1.052.505,00 | 1,32% |
| KBC GROUP FRN 19-031229 | 2.000.000 | EUR | 1.988.060,00 | 1.990.590,00 | 2,49% |
| KBC GROUP S.A. FRN 15-110327 | 500.000 | EUR | 497.470,00 | 510.217,50 | 0,64% |
| LG CHEM LTD 0,50 19-150423 | 600.000 | EUR | 597.660,00 | 607.179,00 | 0,76% |
| LINDE FINANCE B.V. 0,25 20-190527 | 500.000 | EUR | 499.790,00 | 510.362,50 | 0,64% |
| LONDON STOXK EXCHANGE GROUP 0,875 17-190924 | 1.000.000 | EUR | 996.820,00 | 1.033.720,00 | 1,30% |
| MERLIN PROPERTIES SOCIMI 2,225 16-250423 | 1.200.000 | EUR | 1.200.000,00 | 1.253.340,00 | 1,57% |
| MOLNLYCKE HLDG 1,875 17-280225 | 750.000 | EUR | 748.500,00 | 804.780,00 | 1,01% |
| MPT OPER PARTNERSHIP 4,00 15-190822 | 1.000.000 | EUR | 1.022.250,00 | 1.046.735,00 | 1,31% |
| NEXANS 3,75 18-080823 | 500.000 | EUR | 500.000,00 | 537.965,00 | 0,67% |
| ORANO S.A. 2,75 20-080328 | 600.000 | EUR | 594.984,00 | 631.470,00 | 0,79% |
| PEUGEOT 2,00 17-230324 | 1.000.000 | EUR | 1.000.000,00 | 1.056.550,00 | 1,32% |
| PIRELLI & CO SpA 1,375 18-250123 | 900.000 | EUR | 895.518,00 | 908.113,50 | 1,14% |
| PPF TELECOM 3,25 20-290927 | 500.000 | EUR | 496.160,00 | 538.427,50 | 0,67% |
| PROLOGIS EURO FINANCE 0,375 20-060228 | 700.000 | EUR | 698.243,00 | 717.153,50 | 0,90% |
| PROLOGIS INTERNATIONAL FUND 1,75 18-150328 | 500.000 | EUR | 496.661,67 | 560.217,50 | 0,70% |
| RENTOKIL INITIAL 0,50 20-141028 | 300.000 | EUR | 298.854,00 | 303.802,50 | 0,38% |
| RICHEMONT INTERNATIONAL 1,00 18-260326 | 500.000 | EUR | 503.180,00 | 530.370,00 | 0,66% |
| SAP SE 0,375 20-180529 | 500.000 | EUR | 495.035,00 | 516.940,00 | 0,65% |
| SAP SE 1,75 14-220227 | 1.500.000 | EUR | 1.602.700,00 | 1.670.775,00 | 2,09% |
| SCHAEFFLER FINANCE B.V. 3,75 16-150926 | 150.000 | EUR | 142.312,50 | 154.672,50 | 0,19% |
| SEB 2,375 15-251122 | 1.000.000 | EUR | 1.014.167,50 | 1.038.875,00 | 1,30% |
| SIG COMBIBLOC 1,875 20-180623 | 500.000 | EUR | 500.000,00 | 517.375,00 | 0,65% |
| SIG COMBIBLOC 2,125 20-180625 | 500.000 | EUR | 500.000,00 | 526.765,00 | 0,66% |
| SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 1,25 16-060127 | 1.000.000 | EUR | 998.035,00 | 1.082.780,00 | 1,36% |
| SOCIETE GENERAL 0,875 19-240929 | 500.000 | EUR | 500.000,00 | 513.600,00 | 0,64% |
| SOLVAY FRN 20-PERPETUAL | 500.000 | EUR | 496.880,00 | 514.645,00 | 0,64% |
| STEDIN HLDG 0,875 17-241022 | 500.000 | EUR | 498.125,00 | 523.285,00 | 0,66% |
| TELEFONICA EUROPE FRN 18-PERPETUAL | 500.000 | EUR | 488.250,00 | 514.172,50 | 0,64% |
| TENNET HLDG FRN 20-PERPETUAL | 750.000 | EUR | 750.000,00 | 783.116,25 | 0,98% |
| THERMO FISHER SCIENTIFIC 0,125 19-010325 | 500.000 | EUR | 495.570,00 | 503.865,00 | 0,63% |
| THERMO FISHER SCIENTIFIC 0,50 19-010328 | 300.000 | EUR | 297.180,00 | 308.431,50 | 0,39% |
| TIKEHAU CAPITAL SCA 3,00 17-271123 | 1.000.000 | EUR | 1.022.000,00 | 1.053.360,00 | 1,32% |
| TIM SpA 4,00 19-110424 | 500.000 | EUR | 507.071,00 | 542.090,00 | 0,68% |
| TLG FINANCE SARL FRN 19-PERPETUAL | 600.000 | EUR | 621.750,00 | 629.025,00 | 0,79% |
| UBS GROUP FUNDING 2,125 16-040324 | 1.000.000 | EUR | 1.032.540,40 | 1.071.635,00 | 1,34% |
| VALEO S.A. 1,625 16-180326 | 500.000 | EUR | 495.490,00 | 514.035,00 | 0,64% |
| VEOLIA ENVIRONNEMENT 4,247 10-060121 | 1.000.000 | EUR | 1.177.700,00 | 1.000.415,00 | 1,25% |
| VOLVO CAR AB 3,25 16-180521 | 1.300.000 | EUR | 1.397.012,50 | 1.318.356,00 | 1,65% |
| WENDEL 2,50 15-090227 | 1.500.000 | EUR | 1.503.015,00 | 1.694.580,00 | 2,12% |
| ZF NORTH AMERICA CAP 2,75 15-270423 | 1.000.000 | EUR | 1.058.733,34 | 1.026.385,00 | 1,29% |
| Total EURO |  |  | 76.723.535,92 | 78.791.855,00 | 98,73% |
| Total Obligations |  |  | 76.723.535,92 | 78.791.855,00 | 98,73% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 76.723.535,92 | 78.791.855,00 | 98,73% |
| Total du Portefeuille-Titres |  |  | 76.723.535,92 | 78.791.855,00 | 98,73% |

|  |
| --- |
| Government Global |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Obligations |  |  |  |  |  |
| AUSTRALIA 1,00 20-211131 | 500.000 | AUD | 306.127,73 | 313.811,81 | 0,17% |
| AUSTRALIA 2,75 17-211129 | 3.900.000 | AUD | 2.695.998,09 | 2.857.593,66 | 1,56% |
| AUSTRALIA 3,00 16-210347 | 1.750.000 | AUD | 1.350.617,63 | 1.361.139,32 | 0,74% |
| AUSTRALIA GOVT 2,75 18-210541 | 1.000.000 | AUD | 730.547,74 | 743.113,02 | 0,41% |
| AUSTRALIA -INFLATION LINKED- 0,75 17-211127 | 5.500.000 | AUD | 3.770.634,62 | 4.106.754,55 | 2,25% |
| Total DOLLAR AUSTRALIEN |  |  | 8.853.925,81 | 9.382.412,36 | 5,13% |
| CANADA 1,50 12-010623 | 5.000.000 | CAD | 3.333.963,97 | 3.306.982,93 | 1,81% |
| CANADA 2,25 18-010629 | 7.000.000 | CAD | 5.098.984,86 | 5.103.268,54 | 2,79% |
| CANADA 3,50 11-011245 | 1.650.000 | CAD | 1.525.804,12 | 1.599.207,57 | 0,87% |
| Total DOLLAR CANADIEN |  |  | 9.958.752,95 | 10.009.459,04 | 5,47% |
| SWITZERLAND 3,25 07-270627 | 750.000 | CHF | 886.565,39 | 875.611,39 | 0,48% |
| Total FRANC SUISSE |  |  | 886.565,39 | 875.611,39 | 0,48% |
| CZECH 2,75 18-230729 | 30.000.000 | CZK | 1.317.238,83 | 1.293.882,80 | 0,71% |
| Total COURONNE TCHÈQUE |  |  | 1.317.238,83 | 1.293.882,80 | 0,71% |
| DENMARK KINGDOM 0,50 18-151129 | 8.000.000 | DKK | 1.111.244,57 | 1.168.205,61 | 0,64% |
| Total COURONNE DANOISE |  |  | 1.111.244,57 | 1.168.205,61 | 0,64% |
| AUSTRIA 0,50 17-200427 | 1.500.000 | EUR | 1.580.145,00 | 1.609.342,50 | 0,88% |
| BELGIUM KINGDOM OLO 88 1,7 19-22062050 | 1.000.000 | EUR | 1.183.847,45 | 1.385.755,00 | 0,76% |
| CHINA 0,625 20-251135 | 1.200.000 | EUR | 1.193.340,00 | 1.201.500,00 | 0,66% |
| CORP ANDINA FOMENTO 0,75 18-130623 | 3.500.000 | EUR | 3.523.410,00 | 3.564.120,00 | 1,95% |
| CYPRUS 2,375 18-250928 | 500.000 | EUR | 521.500,00 | 587.922,50 | 0,32% |
| CYPRUS 2,75 19-260234 | 375.000 | EUR | 374.636,25 | 484.023,75 | 0,26% |
| FINLAND 0,00 20-150930 | 500.000 | EUR | 521.015,00 | 521.072,50 | 0,28% |
| FRANCE GOVT 0,00 18-251129 | 3.500.000 | EUR | 3.610.496,61 | 3.631.285,00 | 1,99% |
| FRANCE OAT 3,25 12-250545 | 1.500.000 | EUR | 2.311.528,57 | 2.592.870,00 | 1,42% |
| FRANCE OAT -INFLATION LINKED- 0,10 19-010329 | 750.000 | EUR | 839.405,71 | 852.704,79 | 0,47% |
| IRELAND 1,35 18-180331 | 2.750.000 | EUR | 3.007.657,95 | 3.226.382,50 | 1,76% |
| IRISH TREASURY 1,50 19-150550 | 300.000 | EUR | 297.939,00 | 403.089,00 | 0,22% |
| ITALY BTP 1,35 19-010430 | 4.000.000 | EUR | 4.049.177,78 | 4.332.080,00 | 2,37% |
| ITALY BTP 1,60 16-010626 | 3.500.000 | EUR | 3.450.264,82 | 3.802.505,00 | 2,08% |
| ITALY BTP 2,70 16-010347 | 1.750.000 | EUR | 1.790.779,47 | 2.274.151,25 | 1,24% |
| KFW 1,25 16-040736 | 1.000.000 | EUR | 1.210.568,00 | 1.209.000,00 | 0,66% |
| MEXICO BONOS 4,00 15-150315 | 1.100.000 | EUR | 1.191.006,98 | 1.269.977,50 | 0,69% |
| NETHERLANDS GOVT 0,00 20-150730 | 3.000.000 | EUR | 3.121.824,55 | 3.143.775,00 | 1,72% |
| PORTUGAL 2,25 18-180434 | 3.200.000 | EUR | 3.951.335,39 | 4.035.776,00 | 2,21% |
| REPUBLIKA SLOVENIJA 1,50 15-250335 | 1.250.000 | EUR | 1.346.177,30 | 1.513.200,00 | 0,83% |
| ROMANIA 1,375 20-021229 | 350.000 | EUR | 347.273,50 | 357.103,25 | 0,20% |
| ROMANIA 2,00 20-280132 | 1.500.000 | EUR | 1.503.985,00 | 1.575.840,00 | 0,86% |

Government Global
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| SLOVAKIA GOVT 1,00 20-140532 | 100.000 | EUR | 99.372,00 | 116.386,50 | 0,06% |
| --- | --- | --- | --- | --- | --- |
| SLOVAKIA GOVT 2,00 17-171047 | 500.000 | EUR | 530.688,00 | 732.665,00 | 0,40% |
| SLOVAKIA GOVT 3,375 12-151124 | 2.500.000 | EUR | 2.976.408,00 | 2.894.787,50 | 1,58% |
| SLOVENIA 0,275 20-140130 | 500.000 | EUR | 498.965,00 | 522.037,50 | 0,29% |
| SLOVENIA 0,488 20-201050 | 700.000 | EUR | 701.827,00 | 739.333,00 | 0,40% |
| SPAIN KINGDOM 1,25 20-311030 | 1.750.000 | EUR | 1.938.975,00 | 1.956.893,75 | 1,07% |
| SPAIN KINGDOM 2,90 16-311046 | 1.600.000 | EUR | 1.738.600,46 | 2.399.880,00 | 1,31% |
| SPAIN KINGDOM -INFLATION LINKED- 0,70 17-301133 | 900.000 | EUR | 1.069.411,90 | 1.112.630,74 | 0,61% |
| Total EURO |  |  | 50.481.561,69 | 54.048.089,53 | 29,55% |
| UK TREASURY 4,25 06-071227 | 6.000.000 | GBP | 8.800.627,58 | 8.671.444,53 | 4,74% |
| UK TREASURY 4,50 09-070934 | 4.200.000 | GBP | 7.019.732,10 | 7.253.457,71 | 3,97% |
| UK TREASURY GILT 1,50 17-220747 | 1.750.000 | GBP | 1.942.872,23 | 2.312.645,24 | 1,26% |
| Total LIVRE STERLING |  |  | 17.763.231,91 | 18.237.547,48 | 9,97% |
| JAPAN 0,40 19-200339 | 600.000.000 | JPY | 5.053.899,19 | 4.779.606,96 | 2,61% |
| Total YEN JAPONAIS |  |  | 5.053.899,19 | 4.779.606,96 | 2,61% |
| NORWAY 1,75 19-060929 | 10.000.000 | NOK | 1.033.940,95 | 1.021.997,90 | 0,56% |
| NORWAY 2,00 12-240523 | 10.000.000 | NOK | 1.103.290,29 | 992.473,28 | 0,54% |
| Total COURONNE NORVÉGIENNE |  |  | 2.137.231,24 | 2.014.471,18 | 1,10% |
| NEW ZEALAND 1,50 19-150531 | 2.150.000 | NZD | 1.262.194,75 | 1.328.890,78 | 0,73% |
| NEW ZEALAND 1,75 20-150541 | 1.000.000 | NZD | 594.932,26 | 580.763,80 | 0,32% |
| NEW ZEALAND -INFLATION LINKED- 2,00 12-200925 | 3.000.000 | NZD | 2.125.497,80 | 2.194.851,13 | 1,20% |
| Total DOLLAR NEO-ZÉLANDAIS |  |  | 3.982.624,81 | 4.104.505,71 | 2,24% |
| SWEDEN 1,00 14-121126 | 10.000.000 | SEK | 1.034.909,52 | 1.067.039,85 | 0,58% |
| SWEDEN -INFLATION LINKED- 0,125 17-011227 | 10.000.000 | SEK | 1.189.519,16 | 1.183.460,21 | 0,65% |
| Total COURONNE SUÉDOISE |  |  | 2.224.428,68 | 2.250.500,06 | 1,23% |
| CHINA GOVT INTERNATIONAL 1,20 20-211030 | 500.000 | USD | 424.150,69 | 407.723,43 | 0,22% |
| US TREASURY 0,25 20-150250 | 250.000 | USD | 231.318,42 | 246.675,12 | 0,13% |
| US TREASURY 1,75 17-300622 | 14.000.000 | USD | 12.087.091,60 | 11.720.569,78 | 6,41% |
| US TREASURY 2,00 20-150250 | 6.700.000 | USD | 6.981.362,69 | 5.946.879,70 | 3,25% |
| US TREASURY 2,25 17-150227 | 31.000.000 | USD | 28.487.831,12 | 27.998.383,42 | 15,31% |
| US TREASURY 3,375 14-150544 | 5.400.000 | USD | 5.810.394,36 | 6.034.617,50 | 3,30% |
| US TREASURY BONDS 3,00 19-150249 | 650.000 | USD | 621.099,93 | 697.758,57 | 0,38% |
| US TREASURY BONDS 3,50 09-150239 | 5.500.000 | USD | 5.882.477,54 | 6.094.394,90 | 3,33% |
| US TREASURY -INFLATION LINKED- 0,375 17-150127 | 4.500.000 | USD | 4.228.727,69 | 4.425.301,07 | 2,42% |
| Total DOLLAR DES ETATS-UNIS |  |  | 64.754.454,04 | 63.572.303,49 | 34,76% |
| Total Obligations |  |  | 168.525.159,11 | 171.736.595,61 | 93,91% |
| Instruments du marché monétaire |  |  |  |  |  |
| ITALY 0,00 20-300421 | 4.000.000 | EUR | 4.008.497,36 | 4.007.820,00 | 2,19% |

Government Global
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| Total EURO |  |  | 4.008.497,36 | 4.007.820,00 | 2,19% |
| --- | --- | --- | --- | --- | --- |
| Total Instruments du marché monétaire | 4.008.497,36 | 4.007.820,00 | 2,19% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé | 172.533.656,47 | 175.744.415,61 | 96,10% |
| Total du Portefeuille-Titres | 172.533.656,47 | 175.744.415,61 | 96,10% |

|  |
| --- |
| Corporate High Yield EUR 2023 |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Obligations |  |  |  |  |  |
| ADLER REAL ESTATE A.G. 1,50 17-061221 | 150.000 | EUR | 151.500,00 | 150.261,75 | 0,45% |
| ADLER REAL ESTATE A.G. 1,875 18-270423 | 400.000 | EUR | 398.172,00 | 402.610,00 | 1,21% |
| ARCELORMITTAL 0,95 17-170123 | 500.000 | EUR | 497.384,57 | 503.977,50 | 1,52% |
| AREVA S.A. 3,125 14-200323 | 1.300.000 | EUR | 1.342.188,00 | 1.366.495,00 | 4,12% |
| ARGAN 3,25 17-040723 | 500.000 | EUR | 510.150,00 | 527.470,00 | 1,59% |
| BALL CORP. 4,375 15-151223 | 1.300.000 | EUR | 1.467.864,50 | 1.435.005,00 | 4,33% |
| BECTON DICKINSON 0,632 19-040623 | 200.000 | EUR | 195.298,00 | 202.968,00 | 0,61% |
| BLACKSTONE PROPERTY 1,40 18-060722 | 400.000 | EUR | 404.000,00 | 406.530,00 | 1,23% |
| BURGERKING FRANCE FRN 17-010523 | 400.000 | EUR | 408.500,00 | 403.402,00 | 1,22% |
| CASINO GUICHARD-PERRACHON 3,311 13-250123 | 300.000 | EUR | 291.000,00 | 313.753,50 | 0,95% |
| CMA CGM 6,50 17-150722 | 700.000 | EUR | 710.225,00 | 713.209,00 | 2,15% |
| CONTINENTAL 0,00 19-120923 | 500.000 | EUR | 465.068,33 | 500.487,50 | 1,51% |
| CROWN EUROPEAN HLDG 0,75 19-150223 | 300.000 | EUR | 300.000,00 | 299.845,50 | 0,90% |
| CROWN EUROPEAN HLDG 2,25 18-010223 | 1.100.000 | EUR | 1.118.494,00 | 1.126.983,00 | 3,40% |
| DKT FINANCE APS 7,00 18-170623 | 500.000 | EUR | 528.560,00 | 517.400,00 | 1,56% |
| ELIS S.A. 1,875 18-150223 | 800.000 | EUR | 816.173,00 | 816.688,00 | 2,46% |
| FCE BANK PLC 0,869 17-130921 | 100.000 | EUR | 97.047,00 | 99.961,00 | 0,30% |
| FCE BANK PLC 1,615 16-110523 | 200.000 | EUR | 201.102,00 | 200.940,00 | 0,61% |
| FIAT CHRYSLER AUTO 3,375 20-070723 | 600.000 | EUR | 635.271,00 | 640.605,00 | 1,93% |
| FIAT FINANCE 4,75 14-150722 | 700.000 | EUR | 794.627,00 | 747.967,50 | 2,26% |
| FORD MOTOR CREDIT 1,514 19-170223 | 1.000.000 | EUR | 986.033,00 | 1.000.565,00 | 3,02% |
| GALP ENERGIA 1,00 17-150223 | 1.600.000 | EUR | 1.616.770,00 | 1.616.720,00 | 4,87% |
| GOODYEAR DUNLOP TIRE 3,75 15-151223 | 100.000 | EUR | 105.240,00 | 100.552,50 | 0,30% |
| HJ HEINZ CO 2,00 15-300623 | 1.300.000 | EUR | 1.326.313,00 | 1.346.722,00 | 4,06% |
| IMMOFINANZ A.G. 2,625 19-270123 | 300.000 | EUR | 317.436,00 | 309.922,50 | 0,93% |
| INTERNATIONAL GAME TECHNOLOGY 4,75 15-150223 | 700.000 | EUR | 770.063,87 | 734.814,50 | 2,22% |
| K+S A.G. 2,625 17-060423 | 300.000 | EUR | 308.738,00 | 294.984,00 | 0,89% |
| LIMACORPORATE SpA FRN 17-150823 | 300.000 | EUR | 303.130,00 | 298.426,50 | 0,90% |
| LOXAM SAS 3,50 16-030523 | 700.000 | EUR | 710.895,00 | 707.294,00 | 2,13% |
| NEXANS 3,75 18-080823 | 1.300.000 | EUR | 1.353.821,00 | 1.398.709,00 | 4,22% |
| NH HOTEL GROUP S.A. 3,75 16-011023 | 300.000 | EUR | 285.649,19 | 266.802,58 | 0,80% |
| NORICAN GROUP 4,50 17-150523 | 100.000 | EUR | 95.100,00 | 87.063,50 | 0,26% |
| OTE PLC 2,375 18-180722 | 500.000 | EUR | 505.420,00 | 518.555,00 | 1,56% |
| PEACH PROPERTY FINANCE 3,50 19-150223 | 700.000 | EUR | 699.250,00 | 717.587,50 | 2,16% |
| PICARD GROUPE SAS FRN 17-301123 | 1.300.000 | EUR | 1.260.454,00 | 1.301.131,00 | 3,92% |
| PIRELLI & CO SpA 1,375 18-250123 | 200.000 | EUR | 198.060,00 | 201.803,00 | 0,61% |
| RENAULT S.A. S.A. 1,00 17-080323 | 905.000 | EUR | 876.313,55 | 907.081,50 | 2,74% |
| SAPPI PAPIER HLDG 4,00 16-010423 | 500.000 | EUR | 504.250,00 | 501.095,00 | 1,51% |
| SCHAEFFLER A.G. 1,125 19-260322 | 700.000 | EUR | 660.834,00 | 707.626,50 | 2,13% |
| SIG COMBIBLOC 1,875 20-180623 | 1.300.000 | EUR | 1.322.900,00 | 1.345.175,00 | 4,06% |
| SOFTBK GROUP CORP. 4,00 15-300722 | 280.000 | EUR | 306.879,00 | 291.236,40 | 0,88% |
| SOFTBK GROUP CORP.4,00 18-200423 | 1.000.000 | EUR | 1.065.220,00 | 1.044.865,00 | 3,15% |
| TELECOM ITALIA SpA 2,50 17-190723 | 400.000 | EUR | 408.040,00 | 419.378,00 | 1,26% |
| TELECOM ITALIA SpA 3,25 15-160123 | 800.000 | EUR | 868.974,24 | 844.100,00 | 2,55% |
| THREEAB OPTIQUE DEVELOPMENT 4,00 17-011023 | 700.000 | EUR | 702.358,00 | 711.487,00 | 2,15% |
| TITAN GLOBAL FINANCE PLC 3,50 16-170621 | 100.000 | EUR | 107.327,00 | 101.542,50 | 0,31% |

Corporate High Yield EUR 2023
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
| --- | --- | --- | --- | --- | --- |

| UCB 1,875 15-020422 | 200.000 | EUR | 204.025,00 | 204.345,00 | 0,62% |
| --- | --- | --- | --- | --- | --- |
| VERISURE MIDHLDG AB 5,75 17-011223 | 1.200.000 | EUR | 1.205.486,50 | 1.217.064,00 | 3,67% |
| VOLVO CAR AB 3,25 16-180521 | 500.000 | EUR | 501.150,00 | 507.060,00 | 1,53% |
| ZF NORTH AMERICA CAP 2,75 15-270423 | 1.300.000 | EUR | 1.351.750,00 | 1.334.300,50 | 4,02% |
| Total EURO |  |  | 32.260.504,75 | 32.414.568,23 | 97,74% |
| Total Obligations |  |  | 32.260.504,75 | 32.414.568,23 | 97,74% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 32.260.504,75 | 32.414.568,23 | 97,74% |
| Total du Portefeuille-Titres |  |  | 32.260.504,75 | 32.414.568,23 | 97,74% |

(Content)
| EMU Quants | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| FRANCE | 25,23 % |
| ITALIE | 22,50 % |
| ALLEMAGNE | 15,87 % |
| ESPAGNE | 14,58 % |
| BELGIQUE | 5,97 % |
| PAYS-BAS | 4,67 % |
| AUTRICHE | 3,37 % |
| PORTUGAL | 2,42 % |
| IRLANDE | 2,07 % |
| FINLANDE | 1,44 % |
| Total du Portefeuille-Titres | 98,12 % |

(Content)
| Corporate EUR | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| FRANCE | 19,52 % |
| ÉTATS-UNIS | 17,83 % |
| PAYS-BAS | 17,57 % |
| ALLEMAGNE | 8,55 % |
| ROYAUME-UNI | 6,27 % |
| LUXEMBOURG | 4,84 % |
| BELGIQUE | 3,67 % |
| ITALIE | 3,36 % |
| AUSTRALIE | 2,83 % |
| IRLANDE | 2,57 % |
| JAPON | 2,24 % |
| ESPAGNE | 1,90 % |
| SUÈDE | 1,70 % |
| JERSEY | 1,27 % |
| ILES CAYMAN | 1,16 % |
| NORVÈGE | 1,05 % |
| MEXIQUE | 0,87 % |
| CANADA | 0,67 % |
| DANEMARK | 0,42 % |
| GUERNESEY | 0,17 % |
| SUISSE | 0,17 % |
| Total du Portefeuille-Titres | 98,63 % |

(Content)
|  |  |
| --- | --- |
| EUR Selection | %  DE L ' ACTIF NET |
|  |
| ITALIE | 26,19 % |
| ESPAGNE | 14,69 % |
| FRANCE | 9,11 % |
| BELGIQUE | 6,67 % |
| ALLEMAGNE | 6,25 % |
| PORTUGAL | 5,68 % |
| SLOVÉNIE | 3,73 % |
| IRLANDE | 3,55 % |
| POLOGNE | 3,51 % |
| SLOVAQUIE | 3,22 % |
| PAYS-BAS | 3,01 % |
| HONGRIE | 2,63 % |
| LUXEMBOURG | 2,29 % |
| AUTRICHE | 2,23 % |
| FINLANDE | 1,14 % |
| ÉTATS-UNIS | 0,86 % |
| Total du Portefeuille-Titres | 94,76 % |

(Content)
| EUR Inflation-Linked | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| FRANCE | 42,29 % |
| ITALIE | 25,18 % |
| ESPAGNE | 14,76 % |
| ALLEMAGNE | 13,79 % |
| Total du Portefeuille-Titres | 96,02 % |

(Content)
| Credit Duration Hedged EUR | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| FRANCE | 23,89 % |
| BELGIQUE | 14,99 % |
| PAYS-BAS | 13,35 % |
| ÉTATS-UNIS | 11,78 % |
| LUXEMBOURG | 9,84 % |
| ROYAUME-UNI | 5,70 % |
| ESPAGNE | 4,62 % |
| ALLEMAGNE | 4,31 % |
| ITALIE | 4,07 % |
| SUÈDE | 2,66 % |
| PORTUGAL | 1,42 % |
| JERSEY | 1,34 % |
| CORÉE DU SUD | 0,76 % |
| Total du Portefeuille-Titres | 98,73 % |

(Content)
|  |  |
| --- | --- |
| Government Global | %  DE L ' ACTIF NET |
|  |
| ÉTATS-UNIS | 34,55 % |
| ROYAUME-UNI | 9,97 % |
| ITALIE | 7,88 % |
| CANADA | 5,47 % |
| AUSTRALIE | 5,13 % |
| FRANCE | 3,87 % |
| ESPAGNE | 2,99 % |
| JAPON | 2,61 % |
| NOUVELLE-ZÉLANDE | 2,24 % |
| PORTUGAL | 2,21 % |
| SLOVAQUIE | 2,05 % |
| IRLANDE | 1,98 % |
| PANAMA | 1,95 % |
| PAYS-BAS | 1,72 % |
| SLOVÉNIE | 1,52 % |
| SUÈDE | 1,23 % |
| NORVÈGE | 1,10 % |
| ROUMANIE | 1,06 % |
| AUTRICHE | 0,88 % |
| CHINE | 0,88 % |
| BELGIQUE | 0,76 % |
| RÉPUBLIQUE TCHÈQUE | 0,71 % |
| MEXIQUE | 0,69 % |
| ALLEMAGNE | 0,66 % |
| DANEMARK | 0,64 % |
| CHYPRE | 0,59 % |
| SUISSE | 0,48 % |
| FINLANDE | 0,28 % |
| Total du Portefeuille-Titres | 96,10 % |

(Content)
| Corporate High Yield EUR 2023 | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| FRANCE | 31,95 % |
| ÉTATS-UNIS | 15,43 % |
| LUXEMBOURG | 9,67 % |
| ALLEMAGNE | 8,36 % |
| ITALIE | 5,32 % |
| SUÈDE | 5,20 % |
| ROYAUME-UNI | 4,99 % |
| PORTUGAL | 4,87 % |
| JAPON | 4,03 % |
| AUTRICHE | 2,45 % |
| PAYS-BAS | 2,23 % |
| DANEMARK | 1,82 % |
| ESPAGNE | 0,80 % |
| BELGIQUE | 0,62 % |
| Total du Portefeuille-Titres | 97,74 % |

| EMU Quants | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| ETATS | 98,12 % |
| Total du Portefeuille-Titres | 98,12 % |

| Corporate EUR | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| SERVICES FINANCIERS - HOLDINGS | 27,12 % |
| BANQUES | 21,01 % |
| SOURCES D'ENERGIE | 4,70 % |
| TELECOMMUNICATIONS | 4,13 % |
| PRODUITS CHIMIQUES | 3,48 % |
| PHARMACIE - COSMETIQUE | 3,41 % |
| COMPAGNIES D'ASSURANCE | 3,40 % |
| VEHICULES ROUTIERS | 3,31 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 3,13 % |
| IMMOBILIER | 2,59 % |
| IT & INTERNET | 2,53 % |
| TITRISATION (ABS & MBS) | 2,20 % |
| MATERIAUX DE CONSTRUCTION | 1,91 % |
| PETROLE & DERIVES | 1,66 % |
| DISTRIBUTION | 1,65 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 1,60 % |
| CONSTRUCTION MECANIQUE | 1,45 % |
| BOISSONS & TABACS | 1,43 % |
| BIENS DE CONSOMMATION DIVERS | 1,35 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 1,32 % |
| TEXTILE & HABILLEMENT | 1,19 % |
| INFORMATIQUE - REPRODUCTION | 1,15 % |
| SERVICES DIVERS | 0,82 % |
| DIVERS | 0,82 % |
| PHOTO & OPTIQUE | 0,44 % |
| LOISIRS & TOURISME | 0,25 % |
| DIFFUSION & EDITION | 0,23 % |
| TRANSPORTS AERIENS | 0,18 % |
| SOCIETES D'INVESTISSEMENT (OPC, FCP) | 0,17 % |
| Total du Portefeuille-Titres | 98,63 % |

| EUR Selection | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| ETATS | 73,86 % |
| BANQUES | 12,66 % |
| PROVINCE, CANTON, REGION | 3,92 % |
| ORGANISMES EUROPEENS | 2,86 % |
| TRANSPORT & CIRCULATION | 0,92 % |
| TRANSPORTS AERIENS | 0,54 % |
| Total du Portefeuille-Titres | 94,76 % |

|  |  |
| --- | --- |
| EUR Inflation-Linked | %  DE L ' ACTIF NET |
|  |
| ETATS | 96,02 % |
| Total du Portefeuille-Titres | 96,02 % |

| Credit Duration Hedged EUR | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| SERVICES FINANCIERS - HOLDINGS | 29,44 % |
| BANQUES | 17,31 % |
| SOURCES D'ENERGIE | 8,24 % |
| VEHICULES ROUTIERS | 6,36 % |
| PHARMACIE - COSMETIQUE | 5,03 % |
| IMMOBILIER | 4,29 % |
| COMPAGNIES D'ASSURANCE | 4,12 % |
| PRODUITS CHIMIQUES | 3,20 % |
| IT & INTERNET | 2,74 % |
| DISTRIBUTION | 2,60 % |
| TELECOMMUNICATIONS | 2,58 % |
| TITRISATION (ABS & MBS) | 2,04 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 1,99 % |
| SERVICES DIVERS | 1,41 % |
| TRANSPORTS AERIENS | 1,36 % |
| SOINS & SERVICE DE SANTE | 1,31 % |
| BIENS DE CONSOMMATION DIVERS | 1,30 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 1,02 % |
| DIVERS | 0,79 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 0,67 % |
| BOISSONS & TABACS | 0,67 % |
| INDUSTRIE D'EMBALLAGE | 0,26 % |
| Total du Portefeuille-Titres | 98,73 % |

| Government Global | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| ETATS | 93,49 % |
| ORGANISMES EUROPEENS | 1,95 % |
| BANQUES | 0,66 % |
| Total du Portefeuille-Titres | 96,10 % |

|  |  |
| --- | --- |
| Corporate High Yield EUR 2023 | %  DE L ' ACTIF NET |
|  |
| SERVICES FINANCIERS - HOLDINGS | 27,15 % |
| VEHICULES ROUTIERS | 10,48 % |
| INDUSTRIE D'EMBALLAGE | 8,63 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 7,98 % |
| IT & INTERNET | 6,24 % |
| TELECOMMUNICATIONS | 5,37 % |
| PETROLE & DERIVES | 4,87 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 4,22 % |
| IMMOBILIER | 4,19 % |
| SOURCES D'ENERGIE | 4,12 % |
| PHARMACIE - COSMETIQUE | 2,76 % |
| LOISIRS & TOURISME | 2,02 % |
| PNEUS & CAOUTCHOUC | 1,81 % |
| PRODUCTIONS INDUSTRIELLES INTERMEDIAIRES | 1,52 % |
| PRODUITS FORESTIERS & PAPIERS | 1,51 % |
| PRODUITS CHIMIQUES | 1,50 % |
| DISTRIBUTION | 0,95 % |
| BANQUES | 0,91 % |
| BIEN D'EQUIPEMENT DIVERS | 0,90 % |
| BIENS DE CONSOMMATION DIVERS | 0,61 % |
| Total du Portefeuille-Titres | 97,74 % |

| EMU Quants | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 98,12 % |
| Total du Portefeuille-Titres | 98,12 % |

| Corporate EUR | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 98,63 % |
| Total du Portefeuille-Titres | 98,63 % |

| EUR Selection | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 94,76 % |
| Total du Portefeuille-Titres | 94,76 % |

| EUR Inflation-Linked | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 96,02 % |
| Total du Portefeuille-Titres | 96,02 % |

| Credit Duration Hedged EUR | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 98,73 % |
| Total du Portefeuille-Titres | 98,73 % |

|  |  |
| --- | --- |
| Government Global | %  DE L ' ACTIF NET |
|  |
| DOLLAR DES ETATS-UNIS | 34,77 % |
| EURO | 31,75 % |
| LIVRE STERLING | 9,97 % |
| DOLLAR CANADIEN | 5,47 % |
| DOLLAR AUSTRALIEN | 5,13 % |
| YEN JAPONAIS | 2,61 % |
| DOLLAR NEO-ZÉLANDAIS | 2,24 % |
| COURONNE SUÉDOISE | 1,23 % |
| COURONNE NORVÉGIENNE | 1,10 % |
| COURONNE TCHÈQUE | 0,71 % |
| COURONNE DANOISE | 0,64 % |
| FRANC SUISSE | 0,48 % |
| Total du Portefeuille-Titres | 96,10 % |

| Corporate High Yield EUR 2023 | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 97,74 % |
| Total du Portefeuille-Titres | 97,74 % |

EMU Quants
| Actions en circulation au début de l’exercice	- A | 53.870,714 |
| --- | --- |
| - B | 41.413,815 |
| - F | 1.950,000 |
| - N | 509,571 |
| Actions émises au cours de l’exercice	- A | 0,000 |
| - B | 7,760 |
| - F | 0,000 |
| - N | 688,000 |
| Actions remboursées au cours de l’exercice	- A | 40.000,000 |
| - B | 5.246,458 |
| - F | 0,000 |
| - N | 349,709 |
| Actions en circulation à la fin de l’exercice	- A | 13.870,714 |
| - B | 36.175,117 |
| - F | 1.950,000 |
| - N | 847,862 |

Corporate EUR
| Actions en circulation au début de l’exercice	- A | 31.885,308 |
| --- | --- |
| - B | 120.788,797 |
| - E | 35.000,000 |
| - F | 2.467.972,304 |
| - J | 8.568,000 |
| - M | 67.410,705 |
| - N | 8.469,473 |
| - P | 1.802,000 |
| - V | - |
| - W | 2.782,833 |
| Actions émises au cours de l’exercice	- A | 14.214,912 |
| - B | 62.262,207 |
| - E | 71.800,000 |
| - F | 1.753.472,565 |
| - J | 0,000 |
| - M | 112.274,000 |
| - N | 7.794,069 |
| - P | 1.122,000 |
| - V | 294,000 |
| - W | 1.567,000 |
| Actions remboursées au cours de l’exercice	- A | 13.324,912 |
| - B | 46.795,860 |
| - E | 6.800,000 |
| - F | 1.048.927,948 |
| - J | 3.661,000 |
| - M | 21.546,907 |
| - N | 1.033,446 |
| - P | 297,000 |
| - V | 0,000 |
| - W | 2.604,000 |
| Actions en circulation à la fin de l’exercice	- A | 32.775,308 |
| - B | 136.255,144 |
| - E | 100.000,000 |
| - F | 3.172.516,921 |
| - J | 4.907,000 |
| - M | 158.137,798 |
| - N | 15.230,096 |
| - P | 2.627,000 |
| - V | 294,000 |
| - W | 1.745,833 |

EUR Selection
| Actions en circulation au début de l’exercice	- A | 8.362,000 |
| --- | --- |
| - B | 21.053,516 |
| - F | 944.609,407 |
| - J | 463,578 |
| - M | 66.251,075 |
| - P | 248,000 |
| - V | - |
| - W | 19.670,737 |
| Actions émises au cours de l’exercice	- A | 2.640,000 |
| - B | 4.919,000 |
| - F | 107.349,651 |
| - J | 37,000 |
| - M | 116.211,550 |
| - P | 465,000 |
| - V | 176,000 |
| - W | 3.758,855 |
| Actions remboursées au cours de l’exercice	- A | 1.779,000 |
| - B | 13.155,689 |
| - F | 364.568,221 |
| - J | 65,000 |
| - M | 10.863,780 |
| - P | 102,000 |
| - V | 0,000 |
| - W | 11.821,680 |
| Actions en circulation à la fin de l’exercice	- A | 9.223,000 |
| - B | 12.816,827 |
| - F | 687.390,837 |
| - J | 435,578 |
| - M | 171.598,845 |
| - P | 611,000 |
| - V | 176,000 |
| - W | 11.607,912 |

EUR Inflation-Linked
| Actions en circulation au début de l’exercice	- A | 464,000 |
| --- | --- |
| - B | 1.932,199 |
| - F | 78.311,773 |
| - M | 771,817 |
| - N | 25,986 |
| - P | 47,000 |
| - V | - |
| - W | 419,510 |
| Actions émises au cours de l’exercice	- A | 44,000 |
| - B | 2.316,352 |
| - F | 117.973,000 |
| - M | 3,000 |
| - N | 0,000 |
| - P | 0,000 |
| - V | 10,000 |
| - W | 247,425 |
| Actions remboursées au cours de l’exercice	- A | 231,000 |
| - B | 711,931 |
| - F | 37.381,000 |
| - M | 233,913 |
| - N | 15,986 |
| - P | 0,000 |
| - V | 0,000 |
| - W | 95,788 |
| Actions en circulation à la fin de l’exercice	- A | 277,000 |
| - B | 3.536,620 |
| - F | 158.903,773 |
| - M | 540,904 |
| - N | 10,000 |
| - P | 47,000 |
| - V | 10,000 |
| - W | 571,147 |

Credit Duration Hedged EUR
| Actions en circulation au début de l’exercice	- A | 434.481,820 |
| --- | --- |
| - B | 137.366,491 |
| - F | 534.621,358 |
| - J | 145,015 |
| - M | 8.226,188 |
| - N | 94.405,546 |
| - W | 27.011,163 |
| Actions émises au cours de l’exercice	- A | 22.086,000 |
| - B | 5.698,000 |
| - F | 12.220,000 |
| - J | 21,000 |
| - M | 125,000 |
| - N | 9.640,152 |
| - W | 2.185,000 |
| Actions remboursées au cours de l’exercice	- A | 134.908,130 |
| - B | 94.109,596 |
| - F | 222.814,834 |
| - J | 15,000 |
| - M | 3.586,934 |
| - N | 75.523,484 |
| - W | 29.119,163 |
| Actions en circulation à la fin de l’exercice	- A | 321.659,690 |
| - B | 48.954,895 |
| - F | 324.026,524 |
| - J | 151,015 |
| - M | 4.764,254 |
| - N | 28.522,214 |
| - W | 77,000 |

Government Global
| Actions en circulation au début de l’exercice	- A | 4.110,000 |
| --- | --- |
| - A EUR Hedged | 1.515,000 |
| - B | 50.343,740 |
| - F | 913.024,239 |
| - F EUR Hedged | 26.022,000 |
| - J | 3.429,000 |
| - M EUR Hedged | - |
| - P | 1.445,000 |
| - P EUR Hedged | - |
| Actions émises au cours de l’exercice	- A | 0,000 |
| - A EUR Hedged | 19.470,000 |
| - B | 17.380,000 |
| - F | 447.192,496 |
| - F EUR Hedged | 344.390,000 |
| - J | 0,000 |
| - M EUR Hedged | 89.816,919 |
| - P | 574,000 |
| - P EUR Hedged | 114,397 |
| Actions remboursées au cours de l’exercice	- A | 3.990,000 |
| - A EUR Hedged | 3.435,000 |
| - B | 57.970,400 |
| - F | 1.021.759,227 |
| - F EUR Hedged | 217.152,000 |
| - J | 396,000 |
| - M EUR Hedged | 160,000 |
| - P | 876,000 |
| - P EUR Hedged | 9,000 |
| Actions en circulation à la fin de l’exercice	- A | 120,000 |
| - A EUR Hedged | 17.550,000 |
| - B | 9.753,340 |
| - F | 338.457,508 |
| - F EUR Hedged | 153.260,000 |
| - J | 3.033,000 |
| - M EUR Hedged | 89.656,919 |
| - P | 1.143,000 |
| - P EUR Hedged | 105,397 |

Corporate High Yield EUR 2023
| Actions en circulation au début de l’exercice	- A | 142.400,015 |
| --- | --- |
| - B | 37.354,500 |
| - E | 44.813,000 |
| - M | 10.608,417 |
| - P | 56,000 |
| - W | 400,000 |
| Actions émises au cours de l’exercice	- A | 81.541,782 |
| - B | 18.559,881 |
| - E | 19.202,000 |
| - M | 16.198,141 |
| - P | 0,000 |
| - W | 0,000 |
| Actions remboursées au cours de l’exercice	- A | 14.144,015 |
| - B | 18.597,396 |
| - E | 7.195,000 |
| - M | 1.710,000 |
| - P | 0,000 |
| - W | 400,000 |
| Actions en circulation à la fin de l’exercice	- A | 209.797,782 |
| - B | 37.316,985 |
| - E | 56.820,000 |
| - M | 25.096,558 |
| - P | 56,000 |
| - W | - |

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

| EMU Quants (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 18.485.667,02 17.433.688,77 13.124.543,57 | - A | 53.977,714 | 79,72 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 45.820,855 | 279,26 | EUR |
| - F | 3.287,356 | 287,43 | EUR |
| - N | 1.579,571 | 279,77 | EUR |
| - A | 53.870,714 | 83,04 | EUR |
| - B | 41.413,815 | 294,97 | EUR |
| - F | 1.950,000 | 304,34 | EUR |
| - N | 509,571 | 296,15 | EUR |
| - A | 13.870,714 | 85,93 | EUR |
| - B | 36.175,117 | 305,61 | EUR |
| - F | 1.950,000 | 316,07 | EUR |
| - N | 847,862 | 307,48 | EUR |

| Corporate EUR (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 832.123.798,57 810.663.894,97 914.383.948,36 | - A | 47.735,000 | 79,02 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 154.642,724 | 184,15 | EUR |
| - E | 42.650,000 | 116,83 | EUR |
| - F | 2.547.221,539 | 190,15 | EUR |
| - J | 10.140,000 | 25.428,52 | EUR |
| - M | 91.703,792 | 79,20 | EUR |
| - N | 11.560,349 | 184,57 | EUR |
| - P | 1.700,000 | 25.460,15 | EUR |
| - A | 31.885,308 | 81,71 | EUR |
| - B | 120.788,797 | 193,46 | EUR |
| - E | 35.000,000 | 121,16 | EUR |
| - F | 2.467.972,304 | 200,34 | EUR |
| - J | 8.568,000 | 26.824,42 | EUR |
| - M | 67.410,705 | 82,11 | EUR |
| - N | 8.469,473 | 194,39 | EUR |
| - P | 1.802,000 | 26.891,36 | EUR |
| - W | 2.782,833 | 193,56 | EUR |
| - A | 32.775,308 | 82,94 | EUR |
| - B | 136.255,144 | 196,97 | EUR |
| - E | 100.000,000 | 123,35 | EUR |
| - F | 3.172.516,921 | 204,57 | EUR |
| - J | 4.907,000 | 27.424,90 | EUR |
| - M | 158.137,798 | 83,55 | EUR |
| - N | 15.230,096 | 198,40 | EUR |
| - P | 2.627,000 | 27.527,46 | EUR |
| - V | 294,000 | 83,01 | EUR |
| - W | 1.745,833 | 197,59 | EUR |

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

| EUR Selection (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 144.582.889,23 201.903.956,33 188.339.807,39 | - A | 6.560,000 | 138,09 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - F | 706.930,456 | 161,70 | EUR |
| - J | 455,578 | 25.953,83 | EUR |
| - M | 39.283,544 | 138,32 | EUR |
| - P | 466,000 | 25.978,16 | EUR |
| - A | 8.362,000 | 147,23 | EUR |
| - B | 21.053,516 | 148,70 | EUR |
| - F | 944.609,407 | 174,53 | EUR |
| - J | 463,578 | 28.040,20 | EUR |
| - M | 66.251,075 | 147,77 | EUR |
| - P | 248,000 | 28.094,50 | EUR |
| - W | 19.670,737 | 148,75 | EUR |
| - A | 9.223,000 | 153,66 | EUR |
| - B | 12.816,827 | 155,47 | EUR |
| - F | 687.390,837 | 182,92 | EUR |
| - J | 435,578 | 29.417,57 | EUR |
| - M | 171.598,845 | 154,53 | EUR |
| - P | 611,000 | 29.503,59 | EUR |
| - V | 176,000 | 153,77 | EUR |
| - W | 11.607,912 | 155,83 | EUR |

| EUR Inflation-Linked (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 27.376.906,16 21.512.655,06 37.709.553,36 | - A | 1.275,000 | 2.276,51 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 3.548,210 | 2.378,37 | EUR |
| - F | 100.904,773 | 136,59 | EUR |
| - M | 960,797 | 2.280,53 | EUR |
| - N | 25,986 | 2.380,49 | EUR |
| - A | 464,000 | 2.380,45 | EUR |
| - B | 1.932,199 | 2.523,42 | EUR |
| - F | 78.311,773 | 145,26 | EUR |
| - M | 771,817 | 2.389,47 | EUR |
| - N | 25,986 | 2.530,60 | EUR |
| - P | 47,000 | 25.276,86 | EUR |
| - W | 419,510 | 2.524,44 | EUR |
| - A | 277,000 | 2.417,81 | EUR |
| - B | 3.536,620 | 2.594,24 | EUR |
| - F | 158.903,773 | 149,70 | EUR |
| - M | 540,904 | 2.432,04 | EUR |
| - N | 10,000 | 2.606,98 | EUR |
| - P | 47,000 | 26.101,97 | EUR |
| - V | 10,000 | 2.419,48 | EUR |
| - W | 571,147 | 2.600,55 | EUR |

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

| Credit Duration Hedged EUR (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 179.613.358,33 135.315.768,29 79.803.278,54 | - A | 551.961,432 | 95,51 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 188.347,177 | 107,32 | EUR |
| - F | 842.886,326 | 108,86 | EUR |
| - J | 145,015 | 24.324,46 | EUR |
| - M | 12.538,421 | 95,72 | EUR |
| - N | 94.786,290 | 107,57 | EUR |
| - A | 434.481,820 | 97,08 | EUR |
| - B | 137.366,491 | 110,43 | EUR |
| - F | 534.621,358 | 112,34 | EUR |
| - J | 145,015 | 25.133,19 | EUR |
| - M | 8.226,188 | 97,53 | EUR |
| - N | 94.405,546 | 110,96 | EUR |
| - W | 27.011,163 | 110,49 | EUR |
| - A | 321.659,690 | 95,74 | EUR |
| - B | 48.954,895 | 109,64 | EUR |
| - F | 324.026,524 | 111,84 | EUR |
| - J | 151,015 | 25.052,86 | EUR |
| - M | 4.764,254 | 96,43 | EUR |
| - N | 28.522,214 | 110,45 | EUR |
| - W | 77,000 | 109,93 | EUR |

| Government Global (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 108.029.165,56 240.775.737,71 182.874.431,85 | - A | 11.604,000 | 99,32 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - A EUR Hedged | 5.250,000 | 97,53 | EUR |
| - B | 16.694,000 | 99,32 | EUR |
| - F | 341.900,128 | 99,72 | EUR |
| - F EUR Hedged | 30.628,484 | 99,15 | EUR |
| - J | 1.420,000 | 24.988,30 | EUR |
| - P | 1.233,000 | 25.010,78 | EUR |
| - A | 4.110,000 | 106,47 | EUR |
| - A EUR Hedged | 1.515,000 | 101,00 | EUR |
| - B | 50.343,740 | 107,93 | EUR |
| - F | 913.024,239 | 108,61 | EUR |
| - F EUR Hedged | 26.022,000 | 104,36 | EUR |
| - J | 3.429,000 | 27.245,25 | EUR |
| - P | 1.445,000 | 27.297,23 | EUR |
| - A | 120,000 | 105,81 | EUR |
| - A EUR Hedged | 17.550,000 | 104,60 | EUR |
| - B | 9.753,340 | 108,06 | EUR |
| - F | 338.457,508 | 109,00 | EUR |
| - F EUR Hedged | 153.260,000 | 109,18 | EUR |
| - J | 3.033,000 | 27.369,38 | EUR |
| - M EUR Hedged | 89.656,919 | 104,45 | EUR |
| - P | 1.143,000 | 27.448,98 | EUR |
| - P EUR Hedged | 105,397 | 24.630,62 | EUR |

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

| Corporate High Yield EUR 2023 (EUR) | 31.12.2018 31.12.2019 31.12.2020 | 19.919.167,64 24.986.886,57 33.164.591,65 | - A | 128.700,477 | 95,44 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B | 21.668,700 | 97,17 | EUR |
| - E | 42.477,000 | 95,86 | EUR |
| - M | 484,417 | 98,52 | EUR |
| - P | 56,000 | 24.487,87 | EUR |
| - W | 400,000 | 97,92 | EUR |
| - A | 142.400,015 | 98,97 | EUR |
| - B | 37.354,500 | 102,85 | EUR |
| - E | 44.813,000 | 99,65 | EUR |
| - M | 10.608,417 | 102,36 | EUR |
| - P | 56,000 | 26.040,20 | EUR |
| - W | 400,000 | 103,87 | EUR |
| - A | 209.797,782 | 95,43 | EUR |
| - B | 37.316,985 | 100,85 | EUR |
| - E | 56.820,000 | 96,22 | EUR |
| - M | 25.096,558 | 98,79 | EUR |
| - P | 56,000 | 25.595,16 | EUR |

| NOTE 1 - PRINCIPES ET MÉTHODES COMPTABLES |
| --- |
| Les états financiers de la SICAV sont établis selon le principe de continuité d'exploitation conformément aux prescriptions légales et réglementaires en vigueur au Luxembourg relatives aux Organismes de Placement Collectif, sur la base des valeurs nettes d'inventaire officielles calculées à la clôture de l'exercice. |
| a) Evaluation du portefeuille-titres et des instruments dérivés |
| Les titres et produits dérivés cotés à une bourse officielle sont évalués sur la base du dernier cours de clôture disponible au 31 décembre 2020 et, s’il y a plusieurs marchés, au cours du marché principal du titre en question. Les titres et produits dérivés cotés sur d’autres marchés réglementés, en fonctionnement régulier, reconnus et ouverts au public sont évalués sur la base du dernier cours de clôture disponible au 31 décembre 2020 et, s’il y a plusieurs marchés, au cours du marché principal du titre en question. Les titres et produits dérivés non cotés en bourse ou dont le cours n’est pas représentatif sont évalués à leur dernière valeur marchande connue ou, en l’absence de valeur marchande, à la valeur marchande probable de réalisation selon les critères d’évaluation jugés prudents par le Conseil d’Administration. Les contrats de change à terme sont évalués sur la base des taux "forward" de clôture au 31 décembre 2020. Les swaps de taux d’intérêt de gré à gré (OTC) sont évalués selon un modèle basé sur les caractéristiques de l’opération ainsi que sur des données de marché au 31 décembre 2020. Les prix des IRS incluent les intérêts courus sur ceux-ci. Les instruments du marché monétaire et autres titres à revenu fixe dont l'échéance résiduelle est inférieure à 3 mois pourront être évalués sur base du coût amorti. Si toutefois il existe un prix de marché pour ces titres, l’évaluation selon la méthode décrite précédemment sera comparée périodiquement au prix de marché et en cas de divergence notable, le conseil d’administration pourra adapter l’évaluation en conséquence. La valeur des instruments dérivés (options et futures) qui sont négociés ou cotés à une bourse de valeurs ou un marché organisé sera déterminée suivant leur dernier cours de liquidation sur la bourse de valeurs ou le marché organisé sur lequel sont traités les dits instruments, étant entendu que si l’un des susdits instruments dérivés ne peut être liquidé au jour pris en compte pour déterminer les valeurs applicables, la valeur de cet instrument dérivé ou de ces instruments dérivés sera déterminée de façon prudente et raisonnable par le Conseil d’Administration. Tous les autres actifs seront évalués sur base de leur valeur probable de réalisation qui est estimée avec prudence et bonne foi. |
| b) Plus ou moins-values nettes réalisées sur investissements |
| Les plus ou moins-values nettes réalisées sur ventes de titres sont calculées sur base du coût moyen des titres vendus. Le montant des plus ou moins-values nettes réalisées imputable à la variation des cours de change est enregistré dans le compte de "Plus ou moins-value nette réalisée sur devises" lors de l’opération de vente. |

- Conversion des devises étrangèresLa comptabilité de la SICAV est tenue en EUR. Les avoirs en banque, les autres actifs nets ainsi que la valeur boursière des titres en portefeuille en d’autres devises que l’EUR sont convertis en EUR aux cours de change en vigueur à la date de clôture.

Les revenus et frais en devises autres que l’EUR sont convertis en EUR aux cours de change en vigueur à la date de paiement.
- Coût d'acquisition des titres en portefeuillePour les titres libellés en devises autres que la devise de la SICAV, le coût d’acquisition est calculé sur base du cours de change en vigueur au jour de l’achat.
- Variation des plus ou moins-values nettes non réaliséesLa variation de la plus-value et moins-value non réalisée à la fin de l’exercice figure également dans le résultat des opérations.
- Variation du portefeuille-titresLe tableau des variations du portefeuille-titres des compartiments est disponible sans frais au siège social de la SICAV.
- Revenus, dépenses et provisions y relativesLes intérêts sont calculés et comptabilisés chaque jour. Les intérêts et revenus sont comptabilisés nets des précomptes mobiliers non recouvrables.

Lorsque la SICAV fait face à des frais concernant un compartiment en particulier, ces derniers sont alloués à ce compartiment. Les dépenses non attribuables à un compartiment en particulier sont réparties entre les différents compartiments au pro rata de la valeur nette d’inventaire de chaque compartiment.
- Etats financiers combinésLes états financiers combinés sont établis en EUR et sont égaux à la somme des rubriques correspondantes dans les états financiers de chaque compartiment.


## NOTE 2 - TAXES ET FRAIS À PAYER
| Commission de gestion | 775.122,18 | EUR |
| --- | --- | --- |
| Commission de banque dépositaire | 36.531,82 | EUR |
| Taxe d'abonnement | 54.498,47 | EUR |
| Commission d’agent administratif | 271.068,84 | EUR |
| Frais d’audit | 47.667,52 | EUR |
| Droit de garde | 89.646,09 | EUR |
| Autres Frais | 46.557,77 | EUR |
| Total | 1.321.092,69 | EUR |

NOTE 3 - COMMISSIONS SUR SOUSCRIPTIONS
Les actions de tous les compartiments de DPAM Bonds L sont émises à la valeur nette d'inventaire par action majorée d'un droit d’entrée qui peut être ristourné en tout ou en partie à des intermédiaires agréés. Aucune commission n'est appliquée lors d’un rachat ni lors d'une conversion vers un autre compartiment :
| Classe d’actions | Montant minimum initial | Droit d’entrée |
| --- | --- | --- |
| A | Non applicable | Max. 2,0% |
| A EUR Hedged | Non applicable | Max. 2,0% |
| B | Non applicable | Max. 2,0% |
| F | EUR 25.000 | Max. 1,0% |
| F EUR Hedged | EUR 25.000 | Max. 1,0% |
| J | Non applicable | Max. 0,0% |
| M EUR Hedged | Non applicable | Max. 0,0% |
| P | Non applicable | Max. 1,0% |
| P EUR Hedged | Non applicable | Max. 1,0% |

Sauf pour les compartiments suivants pour lesquels les conditions suivantes s’appliquent : Government Global :
Corporate High Yield EUR 2023 :
| Classe d’actions | Montant minimum initial | Droit d’entrée |
| --- | --- | --- |
| A | Non applicable | Max. 2,0% |
| B | Non applicable | Max. 2,0% |
| E | EUR 25.000 | Max. 1,0% |
| M | Non applicable | Max. 1,0% |
| P | Non applicable | Max. 1,0% |
| W | Non applicable | Max. 2,0% |

Aucune commission n’a été appliquée sur la période clôturant au 31 décembre 2020.

## NOTE 4 - COMMISSION DE GESTION
En rémunération de ses prestations, la Société de Gestion perçoit de chaque compartiment une commission annuelle, dont les taux sont repris dans le tableau ci-dessous:
| Compartiment | Classe d’actions | Commission de gestion |
| --- | --- | --- |
| EMU Quants | A | 0,400% p.a. |
| B | 0,400% p.a. |
| F | 0,200% p.a. |
| N | 0,200% p.a. |
| Corporate EUR | A | 0,500% p.a. |
| B | 0,500% p.a. |
| E | 0,250% p.a. |
| F | 0,250% p.a. |
| J | 0,125% p.a. |
| M | 0,250% p.a. |
| N | 0,250% p.a. |
| P | 0% p.a. |
| V | - |
| W | 0,250% p.a. |
| EUR Selection | A | 0,400% p.a. |
| B | 0,400% p.a. |
| F | 0,200% p.a. |
| J | 0,100% p.a. |
| M | 0,200% p.a. |
| P | 0% p.a. |
| V | - |
| W | 0,200% p.a. |
| EUR Inflation-Linked | A | 0,400% p.a. |
| B | 0,400% p.a. |
| F | 0,200% p.a. |
| M | 0,200% p.a. |
| N | 0,200% p.a. |
| P | 0% p.a. |
| V | - |
| W | 0,200% p.a. |
| Credit Duration Hedged EUR | A | 0,500% p.a. |
| B | 0,500% p.a. |
| F | 0,250% p.a. |
| J | 0,125% p.a. |
| M | 0,250% p.a. |
| N | 0,250% p.a. |
| W | 0,250% p.a. |
| Government Global | A | 0,400% p.a. |
| A EUR Hedged | 0,400% p.a. |
| B | 0,400% p.a. |
| F | 0,200% p.a. |
| F EUR Hedged | 0,200% p.a. |
| J | 0,100% p.a. |
| M EUR Hedged | - |
| P | 0% p.a. |
| P EUR Hedged | - |
| Corporate High Yield EUR 2023 | A | 0,200% p.a. |
| B | 0,200% p.a. |
| E | 0,100% p.a. |
| M | 0,100% p.a. |
| P | 0% p.a. |

Le Gestionnaire est rémunéré par la Société de Gestion sur la rémunération de cette dernière.
Pour le compartiment Government Global, la Société de Gestion peut percevoir, de chaque classe concernée, une commission supplémentaire relative aux classes couvrant le risque de change de 0,01% par mois pour cette politique de couverture de risque de change.
Les classes d’actions concernées sont : A EUR Hedged, F EUR Hedged, M EUR Hedged et P EUR Hedged. Aucune commission de couverture de risque de change n’a été prélevé au cours de la période du 1 janvier 2020 au 31 décembre 2020.

## NOTE 5 - TAXE D'ABONNEMENT
La SICAV est régie par les lois fiscales luxembourgeoises.
En vertu de la législation et des règlements en vigueur actuellement, la SICAV est soumise à Luxembourg à la taxe d'abonnement au taux annuel de 0,05% payable trimestriellement et calculée sur l'actif net de la SICAV à chaque fin de trimestre.
Les actions des classes E et F destinées aux investisseurs institutionnels sont soumises à la taxe d’abonnement au taux annuel réduit à 0,01% payable trimestriellement.
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 2020 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2019.

## NOTE 6 - FUTURES
Les contrats futures sont évalués par le broker chaque jour ouvrable bancaire. Les gains/(pertes) non- réalisés résultant des contrats futures ouverts à la date de clôture sont directement enregistrés dans les avoirs en banque. Toute variation de l'appel de marge qui ne serait pas encore transférée en avoirs en banque à la date de clôture est reflétée dans le compte "A recevoir du/(payer au) broker sur futures".
Au 31 décembre 2020, les contrats futures suivants sont déposés à la Société Générale (pour le compartiment Government Global).
Government Global :
| Devise | Nombre de CONTRATS | Description | + / - Value Non Realisee ( EN  EUR) | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- |
|  |
| EUR | -21 | EURO BUND FUTURE MAR | 2.100,00 | 2.218.629,00 |
| EUR | -31 | EURO-BUXL 30YR FUTUR | -1.860,00 | 5.343.749,00 |
| EUR | -70 | EURO BOBL FUTURE MAR | 7.700,00 | 7.252.560,00 |
| GBP | -11 | LONG GILT FUTURE MAR | -18.400,18 | 1.779.171,06 |
| JPY | 2 | JGB 10YR FUTURE MAR2 | -1.583,21 | 1.604.078,99 |
| USD | 12 | ULTRA 10YR US TREAS | -6.895,92 | 956.004,00 |
| USD | 5 | ULTRA T-BOND FUTURE | -9.577,66 | 534.305,89 |
| USD | 5 | US 10YR TREASURY NOT | 574,66 | 453.665,19 |
|  |  | Total | -27.942,31 | 20.142.163,13 |

Au titre de ces contrats futures, le compartiment maintenait auprès la Société Générale un dépôt de garantie de EUR 466.275,40 en faveur de la contrepartie à la clôture. Ce dépôt de garantie est destiné à couvrir les risques de marchés en cas d’évolution journalière défavorable des cours des contrats futures achetés ou vendus.

## NOTE 7 - CHANGES À TERME
Au 31 décembre 2020, les contrats de changes à terme suivants ont été conclus auprès de la contrepartie Banque Degroof Petercam Luxembourg S.A. :
Government Global :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  EUR) | Engagement (en EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 08/01/2021 | EUR | 876.405,65 | AUD | 1.450.000,00 | -38.054,35 | 914.480,34 |
| 08/01/2021 | EUR | 4.935.070,43 | AUD | 8.165.000,00 | -214.285,36 | 5.149.470,36 |
| 08/01/2021 | EUR | 2.472.829,78 | AUD | 4.000.000,00 | -49.818,49 | 2.522.704,40 |
| 08/01/2021 | EUR | 301.209,45 | AUD | 490.000,00 | -7.814,96 | 309.031,29 |
| 08/01/2021 | EUR | 964.727,16 | AUD | 1.600.000,00 | -44.332,15 | 1.009.081,76 |
| 08/01/2021 | EUR | 819.606,96 | AUD | 1.340.000,00 | -25.480,21 | 845.105,97 |
| 08/01/2021 | EUR | 252.034,72 | AUD | 410.000,00 | -6.536,73 | 258.577,20 |
| 08/01/2021 | EUR | 350.389,73 | AUD | 570.000,00 | -9.087,65 | 359.485,38 |
| 08/01/2021 | EUR | 61.712,40 | AUD | 100.000,00 | -1.353,81 | 63.067,61 |
| 08/01/2021 | EUR | 458.339,36 | AUD | 760.000,00 | -20.963,81 | 479.313,84 |
| 08/01/2021 | EUR | 1.528.640,61 | AUD | 2.500.000,00 | -48.014,56 | 1.576.690,25 |
| 08/01/2021 | EUR | 215.970,73 | AUD | 350.000,00 | -4.760,99 | 220.736,63 |
| 08/01/2021 | EUR | 4.535.075,07 | CAD | 7.110.000,00 | -25.639,32 | 4.561.200,80 |
| 08/01/2021 | EUR | 83.706,26 | CAD | 130.000,00 | 317,67 | 83.397,48 |
| 08/01/2021 | EUR | 128.892,97 | CAD | 200.000,00 | 602,83 | 128.303,82 |
| 08/01/2021 | EUR | 64.573,62 | CAD | 100.000,00 | 428,55 | 64.151,91 |
| 08/01/2021 | EUR | 355.867,28 | CAD | 550.000,00 | 3.069,40 | 352.835,51 |
| 08/01/2021 | EUR | 320.854,24 | CAD | 500.000,00 | 128,90 | 320.759,55 |
| 08/01/2021 | EUR | 41.134,67 | CAD | 64.000,00 | 81,83 | 41.057,22 |
| 08/01/2021 | EUR | 129.149,74 | CAD | 200.000,00 | 859,60 | 128.303,82 |
| 08/01/2021 | EUR | 1.065.200,47 | CAD | 1.670.000,00 | -6.022,18 | 1.071.336,90 |
| 08/01/2021 | EUR | 111.171,84 | CHF | 120.000,00 | 213,31 | 110.951,88 |
| 08/01/2021 | EUR | 1.386.334,44 | CHF | 1.500.000,00 | -647,22 | 1.386.898,50 |
| 08/01/2021 | EUR | 92.607,17 | CHF | 100.000,00 | 141,73 | 92.459,90 |
| 08/01/2021 | EUR | 102.112,81 | CHF | 110.000,00 | 400,82 | 101.705,89 |
| 08/01/2021 | EUR | 370.892,37 | CHF | 400.000,00 | 1.030,59 | 369.839,60 |
| 08/01/2021 | EUR | 1.049.045,18 | CHF | 1.130.000,00 | 4.185,66 | 1.044.796,87 |
| 08/01/2021 | EUR | 1.321.228,23 | CZK | 35.800.000,00 | -41.769,10 | 1.363.185,24 |
| 08/01/2021 | EUR | 761,95 | CZK | 20.000,00 | 0,50 | 761,56 |
| 08/01/2021 | EUR | 11.419,91 | DKK | 85.000,00 | 4,71 | 11.419,44 |
| 08/01/2021 | EUR | 13.429,42 | DKK | 100.000,00 | -0,23 | 13.434,63 |
| 08/01/2021 | EUR | 67.831,85 | DKK | 505.000,00 | 12,14 | 67.844,88 |
| 08/01/2021 | EUR | 26.842,29 | DKK | 200.000,00 | -17,00 | 26.869,26 |
| 08/01/2021 | EUR | 193.470,37 | DKK | 1.440.000,00 | 83,47 | 193.458,67 |
| 08/01/2021 | EUR | 107.483,54 | DKK | 800.000,00 | 46,37 | 107.477,04 |
| 08/01/2021 | JPY | 1.952.000.000 | EUR | 15.617.374,33 | -166.872,06 | 15.452.151,57 |
| 08/01/2021 | SGD | 1.380.000,00 | EUR | 861.095,34 | -7.872,76 | 853.379,44 |

| 08/01/2021 | USD | 18.930.000,00 | EUR | 16.047.132,62 | -578.968,17 | 15.471.373,53 |
| --- | --- | --- | --- | --- | --- | --- |
| 08/01/2021 | NZD | 165.000,00 | EUR | 93.137,73 | 3.942,53 | 97.093,10 |
| 08/01/2021 | AUD | 700.000,00 | EUR | 432.745,21 | 8.692,46 | 441.473,27 |
| 08/01/2021 | SEK | 185.000,00 | EUR | 18.072,32 | 336,26 | 18.410,70 |
| 08/01/2021 | NOK | 205.000,00 | EUR | 19.320,59 | 244,64 | 19.568,54 |
| 08/01/2021 | AUD | 240.000,00 | EUR | 144.709,07 | 6.641,29 | 151.362,26 |
| 08/01/2021 | USD | 2.470.000,00 | EUR | 2.063.397,25 | -45.093,95 | 2.018.715,93 |
| 08/01/2021 | DKK | 90.000,00 | EUR | 12.094,47 | -8,38 | 12.091,17 |
| 08/01/2021 | CHF | 170.000,00 | EUR | 157.493,45 | -303,58 | 157.181,83 |
| 08/01/2021 | NZD | 15.000,00 | EUR | 8.729,86 | 95,58 | 8.826,65 |
| 08/01/2021 | DKK | 400.000,00 | EUR | 53.753,18 | -37,24 | 53.738,52 |
| 08/01/2021 | AUD | 110.000,00 | EUR | 67.481,76 | 1.887,06 | 69.374,37 |
| 08/01/2021 | SGD | 20.000,00 | EUR | 12.542,80 | -177,27 | 12.367,82 |
| 08/01/2021 | JPY | 20.000.000 | EUR | 162.955,36 | -4.651,34 | 158.321,23 |
| 08/01/2021 | USD | 850.000,00 | EUR | 721.788,68 | -27.233,21 | 694.699,82 |
| 08/01/2021 | AUD | 9.500.000,00 | EUR | 5.810.646,33 | 180.298,65 | 5.991.422,95 |
| 08/01/2021 | USD | 590.600,00 | EUR | 486.803,71 | -4.207,28 | 482.693,78 |
| 08/01/2021 | CAD | 600.000,00 | EUR | 388.218,85 | -3.372,09 | 384.911,46 |
| 08/01/2021 | NZD | 1.500.000,00 | EUR | 870.011,57 | 12.533,02 | 882.664,50 |
| 08/01/2021 | NZD | 3.500.000,00 | EUR | 2.055.715,77 | 3.551,40 | 2.059.550,50 |
| 08/01/2021 | JPY | 30.000.000 | EUR | 237.004,27 | 452,54 | 237.481,84 |
| 08/01/2021 | CHF | 200.000,00 | EUR | 184.844,59 | 84,65 | 184.919,80 |
| 08/01/2021 | USD | 5.580.000,00 | EUR | 4.723.449,64 | -163.894,27 | 4.560.499,96 |
| 08/01/2021 | GBP | 140.000,00 | EUR | 154.598,76 | 1.787,86 | 156.407,10 |
| 08/01/2021 | DKK | 500.000,00 | EUR | 67.160,25 | -15,31 | 67.173,15 |
| 08/01/2021 | CHF | 90.000,00 | EUR | 83.546,84 | -328,66 | 83.213,91 |
| 08/01/2021 | JPY | 60.000.000 | EUR | 475.926,07 | -1.012,65 | 474.963,68 |
| 08/01/2021 | SEK | 1.000.000,00 | EUR | 98.183,60 | 1.322,17 | 99.517,30 |
| 08/01/2021 | SGD | 100.000,00 | EUR | 62.709,29 | -881,63 | 61.839,09 |
| 08/01/2021 | NZD | 7.500,00 | EUR | 4.283,27 | 129,46 | 4.413,32 |
| 08/01/2021 | CAD | 1.500.000,00 | EUR | 964.093,93 | -1.975,95 | 962.278,65 |
| 08/01/2021 | DKK | 900.000,00 | EUR | 120.987,26 | -126,41 | 120.911,67 |
| 08/01/2021 | AUD | 665.000,00 | EUR | 406.618,40 | 12.747,76 | 419.399,61 |
| 08/01/2021 | USD | 2.540.000,00 | EUR | 2.142.935,48 | -67.437,51 | 2.075.926,51 |
| 08/01/2021 | CAD | 160.000,00 | EUR | 103.319,79 | -693,95 | 102.643,06 |
| 08/01/2021 | SEK | 120.000,00 | EUR | 11.770,30 | 170,39 | 11.942,08 |
| 08/01/2021 | JPY | 290.000.000 | EUR | 2.345.519,25 | -50.109,19 | 2.295.657,76 |
| 08/01/2021 | CHF | 410.000,00 | EUR | 380.164,68 | -1.059,68 | 379.085,59 |
| 08/01/2021 | SGD | 10.000,00 | EUR | 6.263,94 | -81,17 | 6.183,91 |
| 08/01/2021 | SEK | 1.700.000,00 | EUR | 165.172,02 | 3.988,00 | 169.179,41 |
| 08/01/2021 | NOK | 1.500.000,00 | EUR | 138.568,13 | 4.592,58 | 143.184,45 |
| 08/01/2021 | CHF | 700.000,00 | EUR | 653.228,82 | -5.976,16 | 647.219,30 |
| 08/01/2021 | SGD | 200.000,00 | EUR | 124.265,28 | -609,74 | 123.678,18 |
| 08/01/2021 | SEK | 250.000,00 | EUR | 24.436,54 | 439,92 | 24.879,33 |
| 08/01/2021 | NOK | 165.000,00 | EUR | 15.543,46 | 204,17 | 15.750,29 |

| 08/01/2021 | USD | 1.700.000,00 | EUR | 1.434.127,16 | -45.014,32 | 1.389.399,63 |
| --- | --- | --- | --- | --- | --- | --- |
| 08/01/2021 | NOK | 900.000,00 | EUR | 83.570,43 | 2.325,92 | 85.910,67 |
| 08/01/2021 | USD | 450.000,00 | EUR | 379.907,13 | -12.200,85 | 367.782,26 |
| 08/01/2021 | USD | 1.500.000,00 | EUR | 1.233.370,06 | -7.675,85 | 1.225.940,85 |
| 08/01/2021 | GBP | 80.000,00 | EUR | 89.713,25 | -349,65 | 89.375,49 |
| 08/01/2021 | NOK | 100.000,00 | EUR | 9.384,22 | 159,80 | 9.545,63 |
| 08/01/2021 | CAD | 140.000,00 | EUR | 90.225,08 | -427,44 | 89.812,67 |
| 08/01/2021 | JPY | 11.000.000 | EUR | 88.317,94 | -1.250,60 | 87.076,67 |
| 08/01/2021 | NOK | 250.000,00 | EUR | 23.358,16 | 501,91 | 23.864,07 |
| 08/01/2021 | SEK | 160.000,00 | EUR | 15.702,44 | 218,48 | 15.922,77 |
| 08/01/2021 | CAD | 80.000,00 | EUR | 51.918,05 | -605,18 | 51.321,53 |
| 08/01/2021 | JPY | 170.000.000 | EUR | 1.367.901,00 | -22.315,05 | 1.345.730,41 |
| 08/01/2021 | DKK | 205.000,00 | EUR | 27.513,34 | 16,09 | 27.540,99 |
| 08/01/2021 | JPY | 60.000.000 | EUR | 487.590,81 | -12.678,62 | 474.963,68 |
| 08/01/2021 | NZD | 5.500,00 | EUR | 3.182,28 | 53,72 | 3.236,44 |
| 08/01/2021 | SGD | 20.000,00 | EUR | 12.338,06 | 27,51 | 12.367,82 |
| 08/01/2021 | NZD | 5.900,00 | EUR | 3.438,23 | 33,11 | 3.471,81 |
| 08/01/2021 | CZK | 150.000,00 | EUR | 5.700,93 | 9,61 | 5.711,67 |
| 08/01/2021 | DKK | 110.000,00 | EUR | 14.781,37 | -9,49 | 14.778,09 |
| 08/01/2021 | NZD | 40.000,00 | EUR | 23.112,04 | 422,50 | 23.537,72 |
| 08/01/2021 | GBP | 1.140.000,00 | EUR | 1.272.307,23 | 1.124,88 | 1.273.600,70 |
| 08/01/2021 | GBP | 120.000,00 | EUR | 133.927,08 | 118,40 | 134.063,23 |
| 08/01/2021 | AUD | 80.000,00 | EUR | 49.677,72 | 772,29 | 50.454,09 |
| 08/01/2021 | USD | 60.000,00 | EUR | 51.430,63 | -2.403,27 | 49.037,63 |
| 08/01/2021 | SEK | 700.000,00 | EUR | 67.413,09 | 2.241,11 | 69.662,11 |
| 08/01/2021 | SEK | 170.000,00 | EUR | 16.371,75 | 544,27 | 16.917,94 |
| 08/01/2021 | JPY | 4.500.000 | EUR | 36.920,65 | -1.302,27 | 35.622,28 |
| 08/01/2021 | USD | 2.470.000,00 | EUR | 2.117.227,55 | -98.935,02 | 2.018.715,93 |
| 08/01/2021 | CHF | 270.000,00 | EUR | 252.773,49 | -3.118,85 | 249.641,73 |
| 08/01/2021 | CHF | 80.000,00 | EUR | 74.895,85 | -924,11 | 73.967,92 |
| 08/01/2021 | CAD | 400.000,00 | EUR | 257.859,89 | -1.295,22 | 256.607,64 |
| 08/01/2021 | CAD | 120.000,00 | EUR | 77.357,97 | -388,57 | 76.982,29 |
| 08/01/2021 | CHF | 5.260.000,00 | EUR | 4.883.166,07 | -19.525,95 | 4.863.390,74 |
| 08/01/2021 | USD | 1.100.000,00 | EUR | 939.079,36 | -40.243,87 | 899.023,29 |
| 08/01/2021 | SGD | 100.000,00 | EUR | 62.713,62 | -885,96 | 61.839,09 |
| 08/01/2021 | SGD | 10.000,00 | EUR | 6.271,36 | -88,59 | 6.183,91 |
| 08/01/2021 | NZD | 10.000,00 | EUR | 5.670,90 | 212,75 | 5.884,43 |
| 08/01/2021 | CHF | 130.000,00 | EUR | 121.836,93 | -1.632,85 | 120.197,87 |
| 08/01/2021 | AUD | 140.000,00 | EUR | 84.392,76 | 3.894,95 | 88.294,65 |
| 08/01/2021 | GBP | 170.000,00 | EUR | 188.872,10 | 1.025,78 | 189.922,91 |
| 08/01/2021 | JPY | 54.000.000 | EUR | 443.047,84 | -15.627,32 | 427.467,31 |
| 08/01/2021 | CAD | 200.000,00 | EUR | 128.744,87 | -462,51 | 128.303,82 |
| 08/01/2021 | GBP | 80.000,00 | EUR | 88.173,70 | 1.190,10 | 89.375,49 |
| 08/01/2021 | JPY | 32.000.000 | EUR | 259.637,00 | -6.350,46 | 253.313,96 |
| 08/01/2021 | USD | 300.000,00 | EUR | 243.882,61 | 1.256,78 | 245.188,17 |

| 08/01/2021 | SEK | 300.000,00 | EUR | 28.933,79 | 918,00 | 29.855,19 |
| --- | --- | --- | --- | --- | --- | --- |
| 08/01/2021 | DKK | 200.000,00 | EUR | 26.872,73 | -14,76 | 26.869,26 |
| 08/01/2021 | NOK | 300.000,00 | EUR | 26.951,56 | 1.680,71 | 28.636,89 |
| 08/01/2021 | NZD | 70.000,00 | EUR | 39.332,47 | 1.853,12 | 41.191,01 |
| 08/01/2021 | AUD | 90.000,00 | EUR | 54.358,66 | 2.397,72 | 56.760,85 |
| 08/01/2021 | NZD | 25.000,00 | EUR | 14.047,31 | 661,82 | 14.711,08 |
| 08/01/2021 | NOK | 160.000,00 | EUR | 14.531,52 | 738,99 | 15.273,01 |
| 08/01/2021 | AUD | 360.000,00 | EUR | 217.434,63 | 9.590,88 | 227.043,40 |
| 08/01/2021 | JPY | 113.000.000 | EUR | 916.843,14 | -22.425,05 | 894.514,92 |
| 08/01/2021 | NZD | 10.000,00 | EUR | 5.861,08 | 22,54 | 5.884,43 |
| 08/01/2021 | NOK | 600.000,00 | EUR | 54.493,19 | 2.771,25 | 57.273,78 |
| 08/01/2021 | EUR | 492.718,71 | GBP | 450.000,00 | -9.970,56 | 502.737,12 |
| 08/01/2021 | EUR | 256.481,74 | GBP | 230.000,00 | -448,33 | 256.954,53 |
| 08/01/2021 | EUR | 1.015.587,05 | GBP | 920.000,00 | -12.133,24 | 1.027.818,11 |
| 08/01/2021 | EUR | 187.727,07 | GBP | 170.000,00 | -2.177,77 | 189.922,91 |
| 08/01/2021 | EUR | 133.515,80 | GBP | 120.000,00 | -534,67 | 134.063,23 |
| 08/01/2021 | EUR | 430.283,10 | GBP | 390.000,00 | -5.380,94 | 435.705,50 |
| 08/01/2021 | EUR | 870.574,58 | GBP | 780.000,00 | -753,49 | 871.411,01 |
| 08/01/2021 | EUR | 535.738,20 | GBP | 480.000,00 | -463,69 | 536.252,93 |
| 08/01/2021 | EUR | 5.855.954,23 | GBP | 5.363.000,00 | -134.984,80 | 5.991.509,28 |
| 08/01/2021 | EUR | 1.605.118,91 | GBP | 1.470.000,00 | -36.999,38 | 1.642.274,59 |
| 08/01/2021 | EUR | 484.955,36 | GBP | 440.000,00 | -6.563,04 | 491.565,18 |
| 08/01/2021 | EUR | 3.759.530,84 | JPY | 469.900.000 | 40.025,92 | 3.719.757,18 |
| 08/01/2021 | EUR | 184.070,23 | JPY | 22.960.000 | 2.329,79 | 181.752,77 |
| 08/01/2021 | EUR | 96.412,65 | JPY | 12.000.000 | 1.426,36 | 94.992,74 |
| 08/01/2021 | EUR | 1.975.035,55 | JPY | 250.000.000 | -3.845,55 | 1.979.015,31 |
| 08/01/2021 | EUR | 298.642,39 | JPY | 37.000.000 | 5.767,99 | 292.894,27 |
| 08/01/2021 | EUR | 104.375,75 | JPY | 13.000.000 | 1.473,93 | 102.908,80 |
| 08/01/2021 | EUR | 1.189.815,18 | JPY | 150.000.000 | 2.486,52 | 1.187.409,19 |
| 08/01/2021 | EUR | 1.383.993,95 | JPY | 172.000.000 | 22.523,75 | 1.361.562,54 |
| 08/01/2021 | EUR | 406.325,68 | JPY | 50.000.000 | 10.549,46 | 395.803,06 |
| 08/01/2021 | EUR | 144.197,60 | NOK | 1.530.000,00 | -1.832,66 | 146.048,14 |
| 08/01/2021 | EUR | 18.629,47 | NOK | 200.000,00 | -459,45 | 19.091,26 |
| 08/01/2021 | EUR | 28.029,79 | NOK | 300.000,00 | -603,59 | 28.636,89 |
| 08/01/2021 | EUR | 77.070,50 | NOK | 830.000,00 | -2.148,53 | 79.228,73 |
| 08/01/2021 | EUR | 28.260,83 | NOK | 300.000,00 | -372,55 | 28.636,89 |
| 08/01/2021 | EUR | 218.890,23 | NOK | 2.400.000,00 | -10.176,84 | 229.095,12 |
| 08/01/2021 | EUR | 857.320,05 | NOK | 9.400.000,00 | -39.859,32 | 897.289,22 |
| 08/01/2021 | EUR | 4.264,34 | NZD | 7.300,00 | -30,96 | 4.295,63 |
| 08/01/2021 | EUR | 564.471,06 | NZD | 1.000.000,00 | -23.926,15 | 588.443,00 |
| 08/01/2021 | EUR | 2.826,38 | NZD | 5.000,00 | -115,61 | 2.942,22 |
| 08/01/2021 | EUR | 7.042,46 | NZD | 12.000,00 | -18,31 | 7.061,32 |
| 08/01/2021 | EUR | 2.828,17 | NZD | 5.000,00 | -113,82 | 2.942,22 |
| 08/01/2021 | EUR | 5.162,07 | NZD | 8.900,00 | -74,67 | 5.237,14 |
| 08/01/2021 | EUR | 527.402,23 | NZD | 930.000,00 | -19.807,18 | 547.251,99 |

| 08/01/2021 | EUR | 34.653,49 | NZD | 59.000,00 | -61,95 | 34.718,14 |
| --- | --- | --- | --- | --- | --- | --- |
| 08/01/2021 | EUR | 557.870,33 | NZD | 960.000,00 | -6.990,99 | 564.905,28 |
| 08/01/2021 | EUR | 5.813,78 | NZD | 10.000,00 | -70,19 | 5.884,43 |
| 08/01/2021 | EUR | 17.433,45 | NZD | 30.000,00 | -218,47 | 17.653,29 |
| 08/01/2021 | EUR | 2.906,89 | NZD | 5.000,00 | -35,10 | 2.942,22 |
| 08/01/2021 | EUR | 289.298,28 | NZD | 500.000,00 | -4.900,33 | 294.221,50 |
| 08/01/2021 | EUR | 160.288,63 | NZD | 287.000,00 | -8.581,37 | 168.883,14 |
| 08/01/2021 | EUR | 4.948.283,18 | NZD | 8.860.000,00 | -264.916,10 | 5.213.604,98 |
| 08/01/2021 | EUR | 147.509,19 | SEK | 1.510.000,00 | -2.751,64 | 150.271,12 |
| 08/01/2021 | EUR | 91.310,75 | SEK | 930.000,00 | -1.234,00 | 92.551,09 |
| 08/01/2021 | EUR | 19.578,28 | SEK | 200.000,00 | -323,82 | 19.903,46 |
| 08/01/2021 | EUR | 29.442,07 | SEK | 300.000,00 | -411,08 | 29.855,19 |
| 08/01/2021 | EUR | 29.323,85 | SEK | 300.000,00 | -529,30 | 29.855,19 |
| 08/01/2021 | EUR | 261.123,98 | SEK | 2.740.000,00 | -11.534,75 | 272.677,40 |
| 08/01/2021 | EUR | 719.520,45 | SEK | 7.550.000,00 | -31.783,71 | 751.355,61 |
| 08/01/2021 | EUR | 155.995,53 | SGD | 250.000,00 | 1.416,69 | 154.597,73 |
| 08/01/2021 | EUR | 11.107,20 | SGD | 18.000,00 | -22,48 | 11.131,04 |
| 08/01/2021 | EUR | 56.438,36 | SGD | 90.000,00 | 789,98 | 55.655,18 |
| 08/01/2021 | EUR | 13.114.567,88 | USD | 15.470.600,00 | 472.956,50 | 12.644.027,01 |
| 08/01/2021 | EUR | 492.876,27 | USD | 590.000,00 | 10.764,99 | 482.203,40 |
| 08/01/2021 | EUR | 233.931,81 | USD | 280.000,00 | 5.133,24 | 228.842,29 |
| 08/01/2021 | EUR | 4.533.390,48 | USD | 5.500.000,00 | 39.132,82 | 4.495.116,45 |
| 08/01/2021 | EUR | 4.714.984,68 | USD | 5.570.000,00 | 163.527,38 | 4.552.327,02 |
| 08/01/2021 | EUR | 1.037.235,05 | USD | 1.230.000,00 | 32.155,61 | 1.005.271,50 |
| 08/01/2021 | EUR | 363.022,37 | USD | 430.000,00 | 11.653,13 | 351.436,38 |
| 08/01/2021 | EUR | 1.562.268,74 | USD | 1.900.000,00 | 9.707,00 | 1.552.858,41 |
| 08/01/2021 | EUR | 1.391.946,95 | USD | 1.650.000,00 | 43.669,65 | 1.348.534,94 |
| 08/01/2021 | EUR | 486.613,85 | USD | 570.000,00 | 20.845,33 | 465.857,52 |
| 08/01/2021 | EUR | 252.012,03 | USD | 310.000,00 | -1.300,67 | 253.361,11 |
|  |  |  |  | Total | -1.454.338,96 | 161.931.893,15 |

Au titre de ces contrats dérivés OTC, le compartiment maintenait auprès de Banque Degroof Petercam Luxembourg S.A. un collatéral de EUR 1.280.000 en faveur de la contrepartie à la clôture. Ce collatéral en espèces vise, suite à l’absence d’appel de marge, à couvrir totalement la contrepartie du risque d’un éventuel défaut du compartiment.

## NOTE 8 - ENGAGEMENTS À TERME ET AUTRES ENGAGEMENTS
Au 31 décembre 2020, les contrats Swaps (IRS) ont été conclus auprès de la contrepartie Banque Degroof Petercam Luxembourg S.A..
Compartiment DPAM Bonds L Credit Duration Hedged EUR :
| Devise | Echéance | Notionnel | Jambe acheteuse / Jambe PAYEUSE | + / - Value Non Réalisée ( EN  EUR) | Engagement ( EN  EUR) |
| --- | --- | --- | --- | --- | --- |
|  |
| EUR | 10/06/2022 | 3.000.000 | 1.145/EURIBOR3M | -93.917,26 | 3.000.000,00 |
| EUR | 14/03/2022 | 2.000.000 | 1.480/EURIBOR3M | -72.974,85 | 2.000.000,00 |
| EUR | 16/08/2023 | 6.000.000 | 0.235/EURIBOR3M | -132.709,44 | 6.000.000,00 |
| EUR | 20/08/2026 | 2.000.000 | 0.615/EURIBOR3M | -131.601,95 | 2.000.000,00 |
| EUR | 10/11/2027 | 2.000.000 | 0.745/EURIBOR3M | -169.001,86 | 2.000.000,00 |
| EUR | 20/10/2025 | 7.000.000 | 0.523/EURIBOR3M | -367.017,97 | 7.000.000,00 |
| EUR | 21/09/2023 | 5.000.000 | 0.298/EURIBOR3M | -116.373,78 | 5.000.000,00 |
| EUR | 27/12/2022 | 15.000.000 | 0.135/EURIBOR3M | -210.139,17 | 15.000.000,00 |
| EUR | 13/02/2023 | 5.000.000 | 0.155/EURIBOR3M | -86.410,49 | 5.000.000,00 |
| EUR | 20/07/2024 | 1.000.000 | 0.505/EURIBOR3M | -40.551,14 | 1.000.000,00 |
| EUR | 17/07/2024 | 1.000.000 | 0.520/EURIBOR3M | -41.118,86 | 1.000.000,00 |
| EUR | 24/06/2027 | 5.000.000 | 0.513/EURIBOR3M | -332.508,45 | 5.000.000,00 |
| EUR | 25/05/2022 | 5.000.000 | 0.605/EURIBOR3M | -101.938,86 | 5.000.000,00 |
| EUR | 15/12/2021 | 5.000.000 | 0.293/EURIBOR3M | -41.998,01 | 5.000.000,00 |
| EUR | 14/03/2024 | 5.000.000 | 0.275/EURIBOR3M | -142.826,30 | 5.000.000,00 |
| EUR | 11/03/2021 | 5.000.000 | 0.333/EURIBOR3M | -23.463,65 | 5.000.000,00 |
| EUR | 24/03/2023 | 5.000.000 | 0.377/EURIBOR3M | -119.774,30 | 5.000.000,00 |
| EUR | 21/01/2022 | 3.000.000 | 0.378/EURIBOR3M | -43.118,60 | 3.000.000,00 |
| EUR | 17/02/2022 | 10.000.000 | 0.418/EURIBOR3M | -151.822,52 | 10.000.000,00 |
| EUR | 17/02/2021 | 10.000.000 | 0.333/EURIBOR3M | -46.471,57 | 10.000.000,00 |
| EUR | 17/02/2025 | 5.000.000 | 0.623/EURIBOR3M | -270.873,97 | 5.000.000,00 |
| EUR | 30/05/2022 | 5.000.000 | 0.565/EURIBOR3M | -98.162,56 | 5.000.000,00 |
| EUR | 29/05/2026 | 4.000.000 | 0.950/EURIBOR3M | -341.326,02 | 4.000.000,00 |
| EUR | 11/10/2021 | 10.000.000 | 0.435/EURIBOR3M | -97.784,77 | 10.000.000,00 |
| EUR | 16/11/2024 | 5.000.000 | 0.783/EURIBOR3M | -265.701,81 | 5.000.000,00 |
|  |  |  | Total | -3.539.588,16 | 131.000.000,00 |

Au titre de ces contrats dérivés OTC, le compartiment maintenait auprès de Banque Degroof Petercam Luxembourg S.A. un collatéral de EUR 3.530.000 en faveur de la contrepartie à la clôture. Ce collatéral en espèces vise, suite à l’absence d’appel de marge, à couvrir totalement la contrepartie du risque d’un éventuel défaut du compartiment.
| NOTE 9 - PRÊTS DE TITRES |
| --- |
| La SICAV peut prêter les titres inclus dans son portefeuille à un emprunteur soit directement soit par l’intermédiaire d’un système standardisé de prêt organisé par un organisme reconnu de compensation de titres ou d'un système de prêt organisé par une institution financière soumis à des règles de surveillance prudentielle considérées par la CSSF comme équivalentes à celles prévues par la législation communautaire et spécialisée dans ce type d'opérations. Au 31 décembre 2020, la SICAV DPAM Bonds L n’avait pas d’encours de prêts de titres. |
| NOTE 10 - "SWING PRICING" |
| Conformément aux termes du prospectus, les administrateurs ont décidé de fixer, à partir de la VNI datée du 19 mars 2020, calculée le 20 mars 2020 et ce, jusqu’à nouvel ordre, des seuils et « swing factors » à tous les compartiments de la SICAV. Le "Swing Pricing" permet aux différents compartiments de la SICAV de neutraliser l’effet des frais des transactions découlant des souscriptions et des rachats par les investisseurs entrants et sortants. Grâce au "Swing Pricing", les investisseurs existants ne devront en principe plus supporter indirectement les frais de transaction, qui seront dès lors directement intégrés au calcul de la Valeur Nette d’Inventaire et pris en charge par les investisseurs entrants et sortants. L’adaptation de la Valeur Nette d’Inventaire n’intervient que lorsqu’une valeur seuil définie est atteinte. Le Conseil d’Administration de la SICAV détermine une valeur seuil en tant qu’élément déclencheur pour les souscriptions ou rachats nets. Cette valeur seuil est définie par compartiment et s’exprime sous forme de pourcentage du total des actifs nets du compartiment en question. Dans le cadre du "Swing Pricing", la Valeur Nette d’Inventaire est corrigée, à chaque Valeur Nette d’Inventaire où la valeur seuil est dépassée, des frais de transactions nets. L’orientation du "Swing" découle des flux nets de capitaux applicables à une Valeur Nette d’Inventaire. En cas d’entrées nettes de capitaux, le "Swing Factor" lié aux souscriptions d’actions du compartiment est ajouté à la Valeur Nette d’Inventaire et en cas de rachats nets, le "Swing Factor" lié aux rachats des actions du compartiment en question est déduit de la Valeur Nette d’Inventaire. Dans les deux cas, tous les investisseurs entrants/sortants à une date donnée se voient appliquer une seule et même Valeur Nette d’Inventaire. Les "Swing Factors" utilisés pour l’ajustement de la Valeur Nette d’Inventaire sont calculés sur la base des frais de courtage externes, des impôts et droits ainsi que des estimations d’écarts entre cours acheteur et cours vendeur des transactions que le compartiment exécute suite aux souscriptions ou aux rachats d’actions. Le swing factor est déterminé par le Conseil d'Administration. Aucun swing factor n'a été appliqué sur les valeurs nette d'inventaires de clôture de cette exercice sur l'ensemble des compartiments la SICAV. Les revenus générés par le swing pricing sont inclus dans le poste « autres revenus » de l’état des opérations et autres variations de l’actif net. |

| NOTE 11 – DIVIDENDES PAYÉS |
| --- |
| Sur proposition du conseil d’administration, l’assemblée générale ordinaire a décidé de payer les dividendes suivants au titre de l’exercice 2019 aux actions de distribution des compartiments suivants. Les actions ont été cotées ex-dividende au 15 mai 2020. Le paiement a été effectué en date du 20 mai 2020. |
|  |
| NOTE 12 - EVÈNEMENT(S) SURVENU(S) PENDANT LA PÉRIODE |
| La classe d'action P EUR Hedged du compartiment Government Global a été activée le 13 mars 2020. La classe d'action W du compartiment  Corporate High Yield EUR 2023  a été fermée avec un dernier calcul de valeur nette d'inventaire au 17 mars 2020. La classe d'action V a été activée dans les compartiments suivants, avec un premier calcul de valeur nette d'inventaire officielle tel qu'indiqué ci-dessous : - Corporate EUR, au 24 août 2020;
- EUR Selection, au 28 août 2020;
- EUR Inflation-Linked, au 24 août 2020.
 La classe d'action M EUR Hedged du compartiment Government Global a été activée le 12 novembre 2020. La pandémie de COVID-19 (coronavirus) menace toujours gravement la santé de la population mondiale et perturbe encore fortement la vie des gens au quotidien depuis maintenant plus d’une année. Cela a bien évidement une incidence sur l’économie mondiale bien que la finance dans son secteur spécifique ne soit pas le secteur le plus défavorisé. La pluparts des secteurs de l’économie sont touchés et certains sont frappés extrêmement durement. L'exercice 2020 a été marqué par certains impacts négatifs sur la valorisation des actions, obligations, fonds et autres investissements et l’exercice 2021 devrait subir le même sort au regard des prévisions actuelles sur la pandémie en continuelle évolution. Les mesures actuelles et/ou nouvelles prises par les autorités sanitaires pour contenir la propagation du virus, bien que nécessaires, ont eu et continueront à avoir elles aussi des répercussions considérables sur l’activité |

économique. Il nous reste à espérer que même si ces effets sont importants, ils seront en définitive temporaires. Partout dans le monde, les autorités ont pris et continuent à prendre des mesures énergiques et indispensables pour contenir la diffusion du virus, et pour soutenir les particuliers et les entreprises en ces temps très difficiles. Nous pouvons espérer que la vaccination pourra apporter une lueur d’espoir pour 2021. Le conseil d'administration n'est actuellement pas en mesure d'estimer avec précision les conséquences de cette pandémie, mais suit de près la situation.

## NOTE 13 - EVÈNEMENT(S) SURVENU(S) APRÈS LA CLÔTURE
Monsieur Thomas Palmblad a démissionné de ses fonctions d’administrateur en date du 10 février 2021.
Dans le cadre de l'entrée en vigueur de la règlementation SFDR le 10 mars 2021, la SICAV peut donc se qualifier comme un produit financier répondant de l’article 6.
Le compartiment EMU Quants a été mis en liquidation en date du 10 mars 2021.
| Détermination du risque global |
| --- |
| Chaque compartiment de la SICAV devra veiller à ce que son exposition globale sur instruments financiers dérivés n’excède pas son actif net total. 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. L'exposition globale d'un compartiment ne dépassera donc pas 200% de son actif net total. |
| Rémunération |
| 1) Généralité 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 2020, ce ratio s’élève à 58,62% (71.82% en 2019).
Au 31 décembre 2020, DPAS, la société de gestion, totalisait 30,493 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 personnelLe 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 (**) | 4 | 635,917 | 472,780 | 163,137 |
| Personnel identifié (***) | 2 | 130,651 | 112,955 | 17,696 |
| Autre personnel | 121 | 4,503,655 | 3,836,094 | 667,561 |
|  | 127 | 5,270,223 | 4,421,829 | 848,394 |

(*) 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 2020.
- Plus-values (carried interest) versées par les OPCVMAucun collaborateur de la société de gestion ne reçoit de plus-values en provenance d’un quelconque OPCVM.
- Revue de la politique de rémunérationLa Politique de Rémunération de DPAS est soumise à une revue annuelle, au minimum. Elle a été revue et mise à jour en 2020.

La Politique de Rémunération de DPAS a été validée par le Directoire le 19 janvier 2021.
Politique de rémunération de Degroof Petercam Asset Management S.A.
- Montant total des rémunérations pour l’exercice :
|  | Total payé par la société	de gestion et l’OPC à son personnel | Nombre	de bénéficiaires | Autre	montant	payé directement par l’OPC | Commissions	de performances |
| --- | --- | --- | --- | --- |
| Rémunérations fixes | 12.349.326 € | 157 | / | / |
| Rémunérations variables | 3.763.862 € | 129 | / | / |

- Montant agrégé des rémunérations :
| Personnel identifié | 7.865.397 € |
| --- | --- |
| Gestionnaires de portefeuilles | 4.774.336 € |

- Description de la manière dont les rémunérations et les avantages ont été calculésCes informations sont disponibles dans la Politique de rémunération établie par Degroof Petercam Asset Management. La Politique de rémunération est disponible sur le site www.dpamfunds.com (onglet Informations réglementaires - ‘Remuneration policy’).

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### 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 œuvre :

La revue annuelle de la politique de rémunération n’a pas donné lieu à des modifications de la Politique de rémunération.
- 
### Modification importante de la politique de rémunération adoptée :

La Politique de rémunération approuvée par le conseil d’administration de la société de gestion en date du 14 février 2017 n’a pas été modifiée en 2020. Les détails de la Politique de Rémunération, y compris la composition du comité de rémunération, sont accessibles via le site www.dpamfunds.com (onglet Informations réglementaires -‘Remuneration policy’).

### Règlement EU 2015/2365 du Parlement Européen et du conseil du 25 novembre 2015 : transparence des opérations de financement sur titres et de la réutilisation (ci-après le Règlement)
Conformément à l’article 13 et à la Section A de l’Annexe du Règlement, la Sicav doit informer les investisseurs de l’utilisation qu’elle fait des opérations de financement sur titres et des contrats d’échange sur rendement global dans le rapport annuel et le rapport semestriel.
A la date des états financiers, la SICAV est concernée par les exigences de publications SFTR. Toutefois aucune opération correspondante n'a été réalisée au cours de la période de référence des états financiers.