# None
Changes in net assets
|  | Financial year 31/12/2020 | Financial year 31/12/2019 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 9,951,744.61 | 95,021,603.23 |
| Subscriptions (including subscription fees paid to the UCI) | 1,310,940.54 | 1,159,172.14 |
| Redemptions (less redemption fees paid to the UCI) | -5,650,147.05 | -87,604,323.18 |
| Capital gains realised on deposits and financial instruments | 37,993.48 | 2,106,444.93 |
| Capital losses realised on deposits and financial instruments | -196,624.22 | -1,173,506.50 |
| Capital gains realised on financial futures | 466,505.87 | 1,510,764.78 |
| Capital losses realised on financial futures | -886,328.70 | -3,035,420.23 |
| Transaction fees | -16,812.61 | -101,766.76 |
| Exchange rate differences | 27,702.09 | 1,211,166.25 |
| Variation in the valuation difference on deposits and financial instruments: | 43,526.27 | -286,074.76 |
| Valuation difference for financial year N | 187,308.10 | 143,781.83 |
| Valuation difference for financial year N-1 | -143,781.83 | -429,856.59 |
| Variation in the valuation difference on financial futures: | -19,652.19 | 1,558,422.99 |
| Valuation difference for financial year N | -8,525.73 | 11,126.46 |
| Valuation difference for financial year N-1 | -11,126.46 | 1,547,296.53 |
| Distribution on net capital gains and losses for the previous financial year | - | - |
| Distribution of profits for the previous financial year | - | - |
| Net profit or loss for the financial year before accrued income | -58,641.88 | -414,738.28 |
| Prepayment(s) made during the financial year on net capital gains and losses | - | - |
| Prepayment(s) made on profit or loss during the financial year | - | - |
| Other items | - | - |
| Net assets at the end of the financial year | 5,010,206.21 | 9,951,744.61 |

Additional information 1
|  | Financial year 31/12/2020 |
| --- | --- |
| Commitments received or made |  |
| Commitments received or made (capital guarantee or other investments) (*) | - |
| Current value of financial instruments in the portfolio representing collateral |  |
| Financial instruments received as collateral and not recognised on the balance sheet | - |
| Financial instruments given as collateral and recognised under their original line item | - |
| Financial instruments in the portfolio issued by the service provider or entities of the same group |  |
| Deposits | - |
| Shares | - |
| Interest rate securities | - |
| UCI | 645,827.76 |
| Temporary purchases and sales of securities | - |
| Swaps (nominal) | - |
| Current value of financial instruments which are the subject of temporary acquisitions |  |
| Repurchased securities | - |
| Securities under repurchase agreements | - |
| Securities borrowed | - |

(*) For guaranteed UCIs, the information is given in the accounting principles.
Additional information 2
| Issues and redemptions during the financial year | Financial year 31/12/2020 | % of average net assets |
| --- | --- | --- |
| Number of securities |
| Class category R (Currency: EUR) |  |
| Number of securities issued | 11,191.22973 |
| Number of securities redeemed | 11,788.60535 |
| Class category S (Currency: EUR) |  |
| Number of securities issued | - |
| Number of securities redeemed | 2.81000 |
| Class category I (Currency: EUR) |  |
| Number of securities issued | 97.00000 |
| Number of securities redeemed | 588.79733 |
| Subscription and/or redemption fees | Amount (EUR) |
| Subscription fees paid to the UCI | - |
| Redemption fees paid to the UCI | - |
| Subscription fees received and reassigned | - |
| Redemption fees received and reassigned | - |
| Management fees | Amount (EUR) |
| Class category R (Currency: EUR) |  |  |
| Management and operating fees (*) | 105,946.22 | 2.00 |
| Outperformance fees | 298.11 | - |
| Other fees | - | - |
| Class category S (Currency: EUR) |  |  |
| Management and operating fees (*) | 31,860.78 | 1.00 |
| Outperformance fees | - | - |
| Other fees | - | - |
| Class category I (Currency: EUR) |  |  |
| Management and operating fees (*) | 17,110.86 | 1.40 |
| Outperformance fees | 0.02 | - |
| Other fees | - | - |
| Rebates on management fees (all units) | 0.01 |  |

(*) For UCIs whose financial year is not equal to 12 months, the percentage of average net assets is the average annualised rate.
Breakdown of receivables and payables by type
|  | Financial year 31/12/2020 |
| --- | --- |
| Breakdown of receivables by type | - |
| Tax credit to be recovered | 29,119.97 |
| Deposit – euros | 14,766.00 |
| Deposit – other currency | 7,110.46 |
| Cash collateral | 21,514.84 |
| Valuation of currency futures purchases | - |
| Countervalue of futures sales | - |
| Other debtors | 11,838.81 |
| Coupons receivable | - |
| TOTAL RECEIVABLES | 84,350.08 |
| Breakdown of payables by type | - |
| Deposit – euros | - |
| Deposit – other currency | - |
| Cash collateral | - |
| Provision for borrowing charges | - |
| Valuation of currency futures sales | - |
| Countervalue of futures purchases | - |
| Fees and charges owed | 16,158.21 |
| Other creditors | - |
| Provision for market liquidity risk | - |
| TOTAL PAYABLES | 16,158.21 |

Breakdown of instruments by legal or economic type
|  | Financial year 31/12/2020 |
| --- | --- |
| Assets |  |
| Bonds and similar securities | 2,865,784.52 |
| Index-linked bonds | - |
| Convertible bonds | - |
| Participation notes | - |
| Other bonds and similar securities | 2,865,784.52 |
| Debt securities | 1,146,729.01 |
| Traded on a regulated or similar market | 1,146,729.01 |
| Treasury bills | 500,615.22 |
| Other NDS | - |
| Other debt securities | 646,113.79 |
| Not traded on a regulated or similar market | - |
| Other assets: Loans | - |
| Liabilities |  |
| Sale of financial instruments | - |
| Shares | - |
| Bonds | - |
| Other | - |
| Off-balance sheet |  |
| Hedging transactions |  |
| Rates | 399,783.34 |
| Shares | - |
| Other | - |
| Other transactions |  |
| Rates | 1,078,310.00 |
| Shares | - |
| Other | - |

Breakdown of assets, liabilities and off-balance sheet items by rate type
|  | Fixed rate | Floating rate | Adjustable rate | Other |
| --- | --- | --- | --- | --- |
| Assets |  |  |  |  |
| Deposits | - | - | - | - |
| Bonds and similar securities | 2,865,784.52 | - | - | - |
| Debt securities | 1,146,729.01 | - | - | - |
| Temporary securities transactions | - | - | - | - |
| Other assets: Loans | - | - | - | - |
| Financial accounts | - | - | - | 363,728.75 |
| Liabilities |  |  |  |  |
| Temporary securities transactions | - | - | - | - |
| Financial accounts | - | - | - | 67,936.66 |
| Off-balance sheet |  |  |  |  |
| Hedging transactions | 399,783.34 | - | - | - |
| Other transactions | 1,078,310.00 | - | - | - |

Breakdown of assets, liabilities and off-balance sheet items by residual maturity
|  | [0 - 3 months] | [3 months - 1 year] | [1 - 3 years] | [3 - 5 years] | > 5 years |
| --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |
| Deposits | - | - | - | - | - |
| Bonds and similar securities | - | 641,724.80 | - | - | 2,224,059.72 |
| Debt securities | 500,615.22 | - | - | - | 646,113.79 |
| Temporary securities transactions | - | - | - | - | - |
| Other assets: Loans | - | - | - | - | - |
| Financial accounts | 363,728.75 | - | - | - | - |
| Liabilities |  |  |  |  |  |
| Temporary securities transactions | - | - | - | - | - |
| Financial accounts | 67,936.66 | - | - | - | - |
| Off-balance sheet |  |  |  |  |  |
| Hedging transactions | - | - | - | - | 399,783.34 |
| Other transactions | - | - | - | - | 1,078,310.00 |

Breakdown of assets, liabilities and off-balance sheet items by currency listing
|  | USD | CAD | AUD | JPY | NOK |
| --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |
| Deposits | - | - | - | - | - |
| Equities and similar securities | - | - | - | - | - |
| Bonds and similar securities | 440,074.78 | - | - | - | - |
| Debt securities | - | - | - | - | - |
| UCI securities | - | - | - | - | - |
| Temporary securities transactions | - | - | - | - | - |
| Other assets: Loans | - | - | - | - | - |
| Other financial instruments | - | - | - | - | - |
| Receivables | 7,110.46 | - | - | - | - |
| Financial accounts | - | 272,085.71 | 41,645.85 | 40,800.79 | - |
| Liabilities |  |  |  |  |  |
| Sale of financial instruments | - | - | - | - | - |
| Temporary securities transactions | - | - | - | - | - |
| Payables | - | - | - | - | - |
| Financial accounts | 28,875.85 | - | - | - | 12,393.37 |
| Off-balance sheet |  |  |  |  |  |
| Hedging transactions | 174,543.34 | - | - | - | - |
| Other transactions | - | - | - | - | - |

Only the five currencies with the most representative value making up net assets are included in this table.
Allocation of profit or loss

Translation (ENFR, 2020-12-31):
# Néant
Evolution de l'actif net
|  | Exercice 31/12/2020 | Exercice 31/12/2019 |
| --- | --- | --- |
| Actif net en début d'exercice | 9,951,744.61 | 95,021,603.23 |
| Souscriptions (y compris les commissions de souscription acquises à l'O.P.C.) | 1,310,940.54 | 1,159,172.14 |
| Rachats (sous déduction des commissions de rachat acquises à l'O.P.C.) | -5,650,147.05 | -87,604,323.18 |
| Plus-values réalisées sur dépôts et instruments financiers | 37,993.48 | 2,106,444.93 |
| Moins-values réalisées sur dépôts et instruments financiers | -196,624.22 | -1,173,506.50 |
| Plus-values réalisées sur instruments financiers à terme | 466,505.87 | 1,510,764.78 |
| Moins-values réalisées sur instruments financiers à terme | -886,328.70 | -3,035,420.23 |
| Frais de transaction | -16,812.61 | -101,766.76 |
| Différences de change | 27,702.09 | 1,211,166.25 |
| Variation de la différence d'estimation des dépôts et instruments financiers : | 43,526.27 | -286,074.76 |
| Différence d'estimation exercice N | 187,308.10 | 143,781.83 |
| Différence d'estimation exercice N-1 | -143,781.83 | -429,856.59 |
| Variation de la différence d'estimation des instruments financiers à terme : | -19,652.19 | 1,558,422.99 |
| Différence d'estimation exercice N | -8,525.73 | 11,126.46 |
| Différence d'estimation exercice N-1 | -11,126.46 | 1,547,296.53 |
| Distribution de l'exercice antérieur sur plus et moins-values nettes | - | - |
| Distribution de l'exercice antérieur sur résultat | - | - |
| Résultat net de l'exercice avant compte de régularisation | -58,641.88 | -414,738.28 |
| Acompte(s) versé(s) au cours de l'exercice sur plus et moins-values nettes | - | - |
| Acompte(s) versé(s) au cours de l'exercice sur résultat | - | - |
| Autres éléments | - | - |
| Actif net en fin d'exercice | 5,010,206.21 | 9,951,744.61 |

Complément d'information 1
|  | Exercice 31/12/2020 |
| --- | --- |
| Engagements reçus ou donnés |  |
| Engagements reçus ou donnés (garantie de capital ou autres engagements) (*) | - |
| Valeur actuelle des instruments financiers inscrits en portefeuille constitutifs de dépôts de garantie |  |
| Instruments financiers reçus en garantie et non inscrits au bilan | - |
| Instruments financiers donnés en garantie et maintenus dans leur poste d'origine | - |
| Instruments financiers en portefeuille émis par le prestataire ou les entités de son groupe |  |
| Dépôts | - |
| Actions | - |
| Titres de taux | - |
| OPC | 645,827.76 |
| Acquisitions et cessions temporaires sur titres | - |
| Swaps (en nominal) | - |
| Valeur actuelle des instruments financiers faisant l'objet d'une acquisition temporaire |  |
| Titres acquis à réméré | - |
| Titres pris en pension | - |
| Titres empruntés | - |

(*) Pour les OPC garantis, l'information figure dans les règles et méthodes comptables.
Complément d'information 2
| Emissions et rachats pendant l'exercice comptable | Exercice 31/12/2020 | % de l'actif net moyen |
| --- | --- | --- |
| Nombre de titres |
|  | Catégorie de classe R (Devise: EUR) |  |
|  | Nombre de titres émis | 11,191.22973 |
|  | Nombre de titres rachetés | 11,788.60535 |
|  | Catégorie de classe S (Devise: EUR) |  |
|  | Nombre de titres émis | - |
|  | Nombre de titres rachetés | 2.81000 |
|  | Catégorie de classe I (Devise: EUR) |  |
|  | Nombre de titres émis | 97.00000 |
|  | Nombre de titres rachetés | 588.79733 |
| Commissions de souscription et/ou de rachat | Montant (EUR) |
|  | Commissions de souscription acquises à l'OPC | - |
|  | Commissions de rachat acquises à l'OPC | - |
|  | Commissions de souscription perçues et rétrocédées | - |
|  | Commissions de rachat perçues et rétrocédées | - |
| Frais de gestion | Montant (EUR) |
|  | Catégorie de classe R (Devise: EUR) |  |  |
|  | Frais de gestion et de fonctionnement (*) | 105,946.22 | 2.00 |
|  | Commissions de surperformance | 298.11 | - |
|  | Autres frais | - | - |
|  | Catégorie de classe S (Devise: EUR) |  |  |
|  | Frais de gestion et de fonctionnement (*) | 31,860.78 | 1.00 |
|  | Commissions de surperformance | - | - |
|  | Autres frais | - | - |
|  | Catégorie de classe I (Devise: EUR) |  |  |
|  | Frais de gestion et de fonctionnement (*) | 17,110.86 | 1.40 |
|  | Commissions de surperformance | 0.02 | - |
|  | Autres frais | - | - |
|  | Rétrocessions de frais de gestion (toutes parts confondues) | 0.01 |  |
| (*) | Pour les OPC dont la durée d'exercice n'est pas égale à 12 mois, le pourcentage de l'actif net moyen correspond au taux moyen annualisé. |

Ventilation par nature des créances et dettes
|  | Exercice 31/12/2020 |
| --- | --- |
| Ventilation par nature des créances | - |
| Avoir fiscal à récupérer | 29,119.97 |
| Déposit euros | 14,766.00 |
| Déposit autres devises | 7,110.46 |
| Collatéraux espèces | 21,514.84 |
| Valorisation des achats de devises à terme | - |
| Contrevaleur des ventes à terme | - |
| Autres débiteurs divers | 11,838.81 |
| Coupons à recevoir | - |
| TOTAL DES CREANCES | 84,350.08 |
| Ventilation par nature des dettes | - |
| Déposit euros | - |
| Déposit autres devises | - |
| Collatéraux espèces | - |
| Provision charges d'emprunts | - |
| Valorisation des ventes de devises à terme | - |
| Contrevaleur des achats à terme | - |
| Frais et charges non encore payés | 16,158.21 |
| Autres créditeurs divers | - |
| Provision pour risque des liquidités de marché | - |
| TOTAL DES DETTES | 16,158.21 |

Ventilation par nature juridique ou économique d'instrument
|  | Exercice 31/12/2020 |
| --- | --- |
| Actif |  |
| Obligations et valeurs assimilées | 2,865,784.52 |
| Obligations indexées | - |
| Obligations convertibles | - |
| Titres participatifs | - |
| Autres Obligations et valeurs assimilées | 2,865,784.52 |
| Titres de créances | 1,146,729.01 |
| Négociés sur un marché réglementé ou assimilé | 1,146,729.01 |
| Bons du Trésor | 500,615.22 |
| Autres TCN | - |
| Autres Titres de créances | 646,113.79 |
| Non négociés sur un marché réglementé ou assimilé | - |
| Autres actifs : Loans | - |
| Passif |  |
| Opérations de cession sur instruments financiers | - |
| Actions | - |
| Obligations | - |
| Autres | - |
| Hors-bilan |  |
| Opérations de couverture |  |
| Taux | 399,783.34 |
| Actions | - |
| Autres | - |
| Autres opérations |  |
| Taux | 1,078,310.00 |
| Actions | - |
| Autres | - |

Ventilation par nature de taux des postes d'actif, de passif et de hors- bilan
|  | Taux fixe | Taux variable | Taux révisable | Autres |
| --- | --- | --- | --- | --- |
| Actif |  |  |  |  |
| Dépôts | - | - | - | - |
| Obligations et valeurs assimilées | 2,865,784.52 | - | - | - |
| Titres de créances | 1,146,729.01 | - | - | - |
| Opérations temporaires sur titres | - | - | - | - |
| Autres actifs: Loans | - | - | - | - |
| Comptes financiers | - | - | - | 363,728.75 |
| Passif |  |  |  |  |
| Opérations temporaires sur titres | - | - | - | - |
| Comptes financiers | - | - | - | 67,936.66 |
| Hors-bilan |  |  |  |  |
| Opérations de couverture | 399,783.34 | - | - | - |
| Autres opérations | 1,078,310.00 | - | - | - |

Ventilation par maturité résiduelle des postes d'actif, de passif et de hors-bilan
|  | [0 - 3 mois] | ]3 mois - 1 an] | ]1 - 3 ans] | ]3 - 5 ans] | > 5 ans |
| --- | --- | --- | --- | --- | --- |
| Actif |  |  |  |  |  |
| Dépôts | - | - | - | - | - |
| Obligations et valeurs assimilées | - | 641,724.80 | - | - | 2,224,059.72 |
| Titres de créances | 500,615.22 | - | - | - | 646,113.79 |
| Opérations temporaires sur titres | - | - | - | - | - |
| Autres actifs: Loans | - | - | - | - | - |
| Comptes financiers | 363,728.75 | - | - | - | - |
| Passif |  |  |  |  |  |
| Opérations temporaires sur titres | - | - | - | - | - |
| Comptes financiers | 67,936.66 | - | - | - | - |
| Hors-bilan |  |  |  |  |  |
| Opérations de couverture | - | - | - | - | 399,783.34 |
| Autres opérations | - | - | - | - | 1,078,310.00 |

Ventilation par devise de cotation des postes d'actif, de passif et de hors-bilan
|  | USD | CAD | AUD | JPY | NOK |
| --- | --- | --- | --- | --- | --- |
| Actif |  |  |  |  |  |
| Dépôts | - | - | - | - | - |
| Actions et valeurs assimilées | - | - | - | - | - |
| Obligations et valeurs assimilées | 440,074.78 | - | - | - | - |
| Titres de créances | - | - | - | - | - |
| Titres d'OPC | - | - | - | - | - |
| Opérations temporaires sur titres | - | - | - | - | - |
| Autres actifs: Loans | - | - | - | - | - |
| Autres instruments financiers | - | - | - | - | - |
| Créances | 7,110.46 | - | - | - | - |
| Comptes financiers | - | 272,085.71 | 41,645.85 | 40,800.79 | - |
| Passif |  |  |  |  |  |
| Opérations de cession sur instruments financiers | - | - | - | - | - |
| Opérations temporaires sur titres | - | - | - | - | - |
| Dettes | - | - | - | - | - |
| Comptes financiers | 28,875.85 | - | - | - | 12,393.37 |
| Hors-bilan |  |  |  |  |  |
| Opérations de couverture | 174,543.34 | - | - | - | - |
| Autres opérations | - | - | - | - | - |

Seules les cinq devises dont le montant le plus représentatif composant l'actif net sont incluses dans ce tableau.
Affectation des résultats