# Candriam Sustainable Defensive Asset Allocation
| Investment portfolio as at December 31, 2020 |  |
| --- | --- |
| Description | Quantity | Currency | Market value | % net |
|  |  |  | (in EUR) | assets |
| Undertakings for Collective Investment |  |  | 118,712,538 | 97.04 |
| Shares/Units in investment funds |  |  | 118,712,538 | 97.04 |
| CANDRIAM FUND SUSTAINABLE EURO EQUITY FO FREE Z | 305 | EUR | 620,007 | 0.51 |
| EUR C CANDRIAM SUSTAINABLE BOND EMERGING MARKETS Z | 5,427 | USD | 5,852,804 | 4.78 |
| USD C CANDRIAM SUSTAINABLE BOND EURO CORPORATE Z EUR | 15,957 | EUR | 17,459,511 | 14.27 |
| C CANDRIAM SUSTAINABLE BOND EURO SHORT TERM Z EUR | 22,122 | EUR | 22,354,502 | 18.27 |
| C CANDRIAM SUSTAINABLE BOND EURO Z EUR C | 21,108 | EUR | 23,472,307 | 19.19 |
| CANDRIAM SUSTAINABLE BOND GLOBAL HIGH YIELD Z EUR | 1,662 | EUR | 1,928,086 | 1.58 |
| C CANDRIAM SUSTAINABLE EQUITY CIRCULAR ECONOMY Z | 622 | USD | 769,474 | 0.63 |
| USD C CANDRIAM SUSTAINABLE EQUITY CLIMATE ACTION Z USD C | 523 | USD | 775,607 | 0.63 |
| CANDRIAM SUSTAINABLE EQUITY EMERGING MARKETS Z | 2,434 | EUR | 6,541,667 | 5.35 |
| EUR C CANDRIAM SUSTAINABLE EQUITY EMU Z EUR C | 651 | EUR | 113,854 | 0.09 |
| CANDRIAM SUSTAINABLE EQUITY EUROPE Z EUR C | 7,669 | EUR | 10,942,283 | 8.94 |
| CANDRIAM SUSTAINABLE EQUITY NORTH AMERICA Z USD C | 4,659 | USD | 6,499,106 | 5.31 |
| CANDRIAM SUSTAINABLE EQUITY PACIFIC Z JPY C | 588 | JPY | 767,132 | 0.63 |
| INDEXIQ FACTORS SUSTAINABLE CORPORATE EURO BOND | 54,811 | EUR | 1,401,221 | 1.15 |
| DIS INDEXIQ FACTORS SUSTAINABLE EMU EQUITY | 4,544 | EUR | 120,143 | 0.10 |
| INDEXIQ FACTORS SUSTAINABLE SOVEREIGN EU | 699,829 | EUR | 19,094,834 | 15.61 |
| Total investment portfolio |  |  | 118,712,538 | 97.04 |
| Acquisition cost |  |  | 112,948,544 |  |

The accompanying notes form an integral part of the financial statements.	
Candriam Sustainable Defensive Asset Allocation Geographical and economic breakdown of investments as at December 31, 2020
| Geographical breakdown (in % of net assets) |  |
| --- | --- |
| Global World | 55.71 |
| Europe | 25.06 |
| Emerging Markets | 10.13 |
| North America | 5.31 |
| Global Asia | 0.63 |
| EMU | 0.19 |
|  | 97.04 |
| Economic breakdown (in % of net assets) |  |
| Investment funds | 97.04 |
|  | 97.04 |

Candriam Sustainable Equity Circular Economy
| Investment portfolio as at December 31, 2020 |  |
| --- | --- |
| Description | Quantity | Currency | Market value | % net |
|  |  |  | (in USD) | assets |
| Transferable securities admitted to an official stock exchange listing or dealt in another regulated market |  |  | 170,196,233 | 95.70 |
| Shares |  |  | 170,196,233 | 95.70 |
| ADIDAS AG NAMEN AKT | 9,674 | EUR | 3,526,130 | 1.98 |
| ADOBE INC | 8,798 | USD | 4,400,056 | 2.47 |
| ADVANCED DRAINAGE | 59,466 | USD | 4,970,168 | 2.79 |
| AMERCIAN WATER WORKS CO INC | 12,928 | USD | 1,984,060 | 1.12 |
| ASML HOLDING NV | 9,389 | EUR | 4,567,019 | 2.57 |
| AUTODESK INC | 19,767 | USD | 6,035,656 | 3.39 |
| BALLARD POWER SYSTEMS INC | 140,210 | USD | 3,280,914 | 1.85 |
| BALL CORP | 60,221 | USD | 5,611,393 | 3.16 |
| BEFESA SA | 27,732 | EUR | 1,754,258 | 0.99 |
| BEST BUY CO INC | 41,591 | USD | 4,150,366 | 2.33 |
| BEYOND MEAT | 12,209 | USD | 1,526,125 | 0.86 |
| BOLIDEN AB | 36,647 | SEK | 1,300,315 | 0.73 |
| BRAMBLES | 169,884 | AUD | 1,389,589 | 0.78 |
| BRKF RNW PRTNRS - PARTNERSHIP UNITS | 43,227 | USD | 1,865,245 | 1.05 |
| CARBIOS | 25,128 | EUR | 1,217,516 | 0.68 |
| CHRISTIAN HANSEN | 12,679 | DKK | 1,305,522 | 0.73 |
| CISCO SYSTEMS INC | 49,887 | USD | 2,232,443 | 1.26 |
| COCA-COLA CO | 44,944 | USD | 2,464,729 | 1.39 |
| COPART INC | 17,366 | USD | 2,209,823 | 1.24 |
| CRODA INTL - REGISTERED SHS | 33,246 | GBP | 2,997,576 | 1.69 |
| DAISEKI CO LTD | 41,400 | JPY | 1,212,988 | 0.68 |
| DASSAULT SYSTEMES SA | 7,562 | EUR | 1,537,300 | 0.86 |
| DSM KONINKLIJKE | 16,326 | EUR | 2,812,575 | 1.58 |
| ECOLAB INC | 13,605 | USD | 2,943,578 | 1.66 |
| ENPHASE ENERGY --- REGISTERED SHS | 20,265 | USD | 3,555,899 | 2.00 |
| ENVIVA PARTNERS | 27,711 | USD | 1,258,634 | 0.71 |
| ESSITY AB REGISTERED -B- | 87,465 | SEK | 2,816,959 | 1.58 |
| ESTEE LAUDER COMPANIES INC -A- | 16,062 | USD | 4,275,544 | 2.40 |
| FALK RENEWABLES S.P.A | 158,815 | EUR | 1,280,556 | 0.72 |
| GIVAUDAN SA REG.SHS | 582 | CHF | 2,455,879 | 1.38 |
| KAO CORP | 23,100 | JPY | 1,783,205 | 1.00 |
| L'OREAL SA | 8,939 | EUR | 3,399,317 | 1.91 |
| LOOP INDUSTRIES INC | 103,898 | USD | 862,353 | 0.49 |
| MICROSOFT CORP | 12,976 | USD | 2,886,122 | 1.62 |
| NEL ASA | 827,186 | NOK | 2,797,873 | 1.57 |
| NEMETSCHEK | 18,682 | EUR | 1,380,645 | 0.78 |
| NESTE | 34,182 | EUR | 2,474,271 | 1.39 |
| NESTLE SA REG SHS | 24,949 | CHF | 2,942,700 | 1.65 |
| NEXTERA ENERGY PARTNERS LP | 25,536 | USD | 1,712,189 | 0.96 |
| NIKE INC | 46,546 | USD | 6,584,863 | 3.70 |
| ORMAT TECHNOLOGIES | 17,402 | USD | 1,571,053 | 0.88 |
| ORSTED | 11,252 | DKK | 2,299,974 | 1.29 |
| PEPSICO INC | 20,335 | USD | 3,015,680 | 1.70 |
| PROCTER AND GAMBLE CO | 38,997 | USD | 5,426,043 | 3.05 |
| RATIONAL NAMEN | 1,696 | EUR | 1,580,220 | 0.89 |
| RENEWABLE ENERGY GROUP INC | 42,316 | USD | 2,996,819 | 1.69 |
| SCATEC SOLAR ASA | 61,403 | NOK | 2,448,383 | 1.38 |
| SEB SA | 9,282 | EUR | 1,692,192 | 0.95 |
| SHISEIDO | 17,100 | JPY | 1,181,903 | 0.66 |
| TETRA TECH INC | 16,888 | USD | 1,955,293 | 1.10 |
| TOMRA SYSTEMS ASA | 101,609 | NOK | 5,015,196 | 2.82 |
| TPI COMPOSITES INC | 40,443 | USD | 2,134,581 | 1.20 |
| TREX COMPANY INC | 21,384 | USD | 1,790,268 | 1.01 |

Candriam Sustainable Equity Circular Economy
| Investment portfolio as at December 31, 2020 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Quantity | Currency | Market value (in USD) | % net assets |
| UMICORE SA | 27,203 | EUR | 1,307,737 | 0.74 |
| UNILEVER | 44,061 | GBP | 2,645,884 | 1.49 |
| VESTAS WIND SYSTEMS AS | 9,387 | DKK | 2,221,191 | 1.25 |
| VMWARE INC -A- | 9,088 | USD | 1,274,683 | 0.72 |
| WASTE CONNECTIONS INC | 36,459 | USD | 3,739,600 | 2.10 |
| WASTE MANAGEMENT | 45,515 | USD | 5,367,584 | 3.02 |
| XINYI SOLAR HOLDINGS LTD | 2,812,978 | HKD | 7,346,369 | 4.13 |
| ZEBRA TECHNOLOGIES -A- | 8,907 | USD | 3,423,227 | 1.93 |
| Total investment portfolio |  |  | 170,196,233 | 95.70 |
| Acquisition cost |  |  | 119,442,998 |  |

Candriam Sustainable Equity Circular Economy Geographical and economic breakdown of investments as at December 31, 2020
| Geographical breakdown (in % of net assets) |  |
| --- | --- |
| United States | 51.45 |
| Norway | 5.77 |
| Germany | 4.63 |
| France | 4.41 |
| Netherlands | 4.15 |
| China | 4.13 |
| Canada | 3.38 |
| Denmark | 3.28 |
| United Kingdom | 3.17 |
| Switzerland | 3.04 |
| Japan | 2.35 |
| Sweden | 2.32 |
| Finland | 1.39 |
| Australia | 0.78 |
| Belgium | 0.74 |
| Italy | 0.72 |
|  | 95.70 |
| Economic breakdown (in % of net assets) |  |
| Environmental services and recycling | 10.68 |
| Utilities | 10.65 |
| Internet and Internet services | 10.33 |
| Pharmaceuticals and cosmectics | 7.57 |
| Foods and non alcoholic drinks | 7.08 |
| Electrical engineering and electronics | 6.86 |
| Chemicals | 6.30 |
| Textiles and garments | 5.69 |
| Electronics and semiconductors | 4.49 |
| Machine and apparatus construction | 4.02 |
| Miscellaneous consumer goods | 4.00 |
| Packaging industries | 3.94 |
| Petroleum | 3.08 |
| Retail trade and department stores | 2.33 |
| Banks and other financial institutions | 1.57 |
| Biotechnology | 1.42 |
| Office supplies and computing | 1.26 |
| Road vehicles | 1.24 |
| Building materials and trade | 1.01 |
| Non-ferrous metals | 0.74 |
| Coal mining and steel industry | 0.73 |
| Paper and forest products | 0.71 |
|  | 95.70 |

Translation (ENFR, 2020-12-31):
# Candriam Sustainable Defensive Asset Allocation
| Portefeuille-titres au 31 décembre 2020 |  |
| --- | --- |
| Dénomination | Quantité | Devise | Valeur d’évaluation | % actifs |
|  |  |  | (en EUR) | nets |
| Organismes de placement collectif |  |  | 118.712.538 | 97,04 |
| Actions/Parts détenues dans des fonds d’investissement |  |  | 118.712.538 | 97,04 |
| CANDRIAM FUND SUSTAINABLE EURO EQUITY FO FREE Z | 305 | EUR | 620.007 | 0,51 |
| EUR C CANDRIAM SUSTAINABLE BOND EMERGING MARKETS Z | 5.427 | USD | 5.852.804 | 4,78 |
| USD C CANDRIAM SUSTAINABLE BOND EURO CORPORATE Z EUR | 15.957 | EUR | 17.459.511 | 14,27 |
| C CANDRIAM SUSTAINABLE BOND EURO SHORT TERM Z EUR | 22.122 | EUR | 22.354.502 | 18,27 |
| C CANDRIAM SUSTAINABLE BOND EURO Z EUR C | 21.108 | EUR | 23.472.307 | 19,19 |
| CANDRIAM SUSTAINABLE BOND GLOBAL HIGH YIELD Z EUR | 1.662 | EUR | 1.928.086 | 1,58 |
| C CANDRIAM SUSTAINABLE EQUITY CIRCULAR ECONOMY Z | 622 | USD | 769.474 | 0,63 |
| USD C CANDRIAM SUSTAINABLE EQUITY CLIMATE ACTION Z USD C | 523 | USD | 775.607 | 0,63 |
| CANDRIAM SUSTAINABLE EQUITY EMERGING MARKETS Z | 2.434 | EUR | 6.541.667 | 5,35 |
| EUR C CANDRIAM SUSTAINABLE EQUITY EMU Z EUR C | 651 | EUR | 113.854 | 0,09 |
| CANDRIAM SUSTAINABLE EQUITY EUROPE Z EUR C | 7.669 | EUR | 10.942.283 | 8,94 |
| CANDRIAM SUSTAINABLE EQUITY NORTH AMERICA Z USD C | 4.659 | USD | 6.499.106 | 5,31 |
| CANDRIAM SUSTAINABLE EQUITY PACIFIC Z JPY C | 588 | JPY | 767.132 | 0,63 |
| INDEXIQ FACTORS SUSTAINABLE CORPORATE EURO BOND | 54.811 | EUR | 1.401.221 | 1,15 |
| DIS INDEXIQ FACTORS SUSTAINABLE EMU EQUITY | 4.544 | EUR | 120.143 | 0,10 |
| INDEXIQ FACTORS SUSTAINABLE SOVEREIGN EU | 699.829 | EUR | 19.094.834 | 15,61 |
| Total du portefeuille-titres |  |  | 118.712.538 | 97,04 |
| Coût d’acquisition |  |  | 112.948.544 |  |

The accompanying notes form an integral part of the financial statements.	
Candriam Sustainable Defensive Asset Allocation Répartition géographique et économique du portefeuille-titres au 31 décembre 2020
| Répartition géographique (en % des actifs nets) |  |
| --- | --- |
| Monde global | 55,71 |
| Europe | 25,06 |
| Marchés émergents | 10,13 |
| Amérique du Nord | 5,31 |
| Asie globale | 0,63 |
| EMU | 0,19 |
|  | 97,04 |
| Economic breakdown (en % of net assets) |  |
| Fonds d'investissement | 97,04 |
|  | 97,04 |

Candriam Sustainable Equity Circular Economy
| Portefeuille-titres au 31 décembre 2020 |  |
| --- | --- |
| Dénomination | Quantité | Devise | Valeur d’évaluation | % actifs |
|  |  |  | (en USD) | nets |
| Valeurs mobilières admises à la cote officielle d’une bourse de valeurs ou traitées sur un autre marché réglementé |  |  | 170.196.233 | 95,70 |
| Actions |  |  | 170.196.233 | 95,70 |
| ADIDAS AG NAMEN AKT | 9.674 | EUR | 3.526.130 | 1,98 |
| ADOBE INC | 8.798 | USD | 4.400.056 | 2,47 |
| ADVANCED DRAINAGE | 59.466 | USD | 4.970.168 | 2,79 |
| AMERCIAN WATER WORKS CO INC | 12.928 | USD | 1.984.060 | 1,12 |
| ASML HOLDING NV | 9.389 | EUR | 4.567.019 | 2,57 |
| AUTODESK INC | 19.767 | USD | 6.035.656 | 3,39 |
| BALLARD POWER SYSTEMS INC | 140.210 | USD | 3.280.914 | 1,85 |
| BALL CORP | 60.221 | USD | 5.611.393 | 3,16 |
| BEFESA SA | 27.732 | EUR | 1.754.258 | 0,99 |
| BEST BUY CO INC | 41.591 | USD | 4.150.366 | 2,33 |
| BEYOND MEAT | 12.209 | USD | 1.526.125 | 0,86 |
| BOLIDEN AB | 36.647 | SEK | 1.300.315 | 0,73 |
| BRAMBLES | 169.884 | AUD | 1.389.589 | 0,78 |
| BRKF RNW PRTNRS - PARTNERSHIP UNITS | 43.227 | USD | 1.865.245 | 1,05 |
| CARBIOS | 25.128 | EUR | 1.217.516 | 0,68 |
| CHRISTIAN HANSEN | 12.679 | DKK | 1.305.522 | 0,73 |
| CISCO SYSTEMS INC | 49.887 | USD | 2.232.443 | 1,26 |
| COCA-COLA CO | 44.944 | USD | 2.464.729 | 1,39 |
| COPART INC | 17.366 | USD | 2.209.823 | 1,24 |
| CRODA INTL - REGISTERED SHS | 33.246 | GBP | 2.997.576 | 1,69 |
| DAISEKI CO LTD | 41.400 | JPY | 1.212.988 | 0,68 |
| DASSAULT SYSTEMES SA | 7.562 | EUR | 1.537.300 | 0,86 |
| DSM KONINKLIJKE | 16.326 | EUR | 2.812.575 | 1,58 |
| ECOLAB INC | 13.605 | USD | 2.943.578 | 1,66 |
| ENPHASE ENERGY --- REGISTERED SHS | 20.265 | USD | 3.555.899 | 2,00 |
| ENVIVA PARTNERS | 27.711 | USD | 1.258.634 | 0,71 |
| ESSITY AB REGISTERED -B- | 87.465 | SEK | 2.816.959 | 1,58 |
| ESTEE LAUDER COMPANIES INC -A- | 16.062 | USD | 4.275.544 | 2,40 |
| FALK RENEWABLES S,P,A | 158.815 | EUR | 1.280.556 | 0,72 |
| GIVAUDAN SA REG,SHS | 582 | CHF | 2.455.879 | 1,38 |
| KAO CORP | 23.100 | JPY | 1.783.205 | 1,00 |
| L'OREAL SA | 8.939 | EUR | 3.399.317 | 1,91 |
| LOOP INDUSTRIES INC | 103.898 | USD | 862.353 | 0,49 |
| MICROSOFT CORP | 12.976 | USD | 2.886.122 | 1,62 |
| NEL ASA | 827.186 | NOK | 2.797.873 | 1,57 |
| NEMETSCHEK | 18.682 | EUR | 1.380.645 | 0,78 |
| NESTE | 34.182 | EUR | 2.474.271 | 1,39 |
| NESTLE SA REG SHS | 24.949 | CHF | 2.942.700 | 1,65 |
| NEXTERA ENERGY PARTNERS LP | 25.536 | USD | 1.712.189 | 0,96 |
| NIKE INC | 46.546 | USD | 6.584.863 | 3,70 |
| ORMAT TECHNOLOGIES | 17.402 | USD | 1.571.053 | 0,88 |
| ORSTED | 11.252 | DKK | 2.299.974 | 1,29 |
| PEPSICO INC | 20.335 | USD | 3.015.680 | 1,70 |
| PROCTER AND GAMBLE CO | 38.997 | USD | 5.426.043 | 3,05 |
| RATIONAL NAMEN | 1.696 | EUR | 1.580.220 | 0,89 |
| RENEWABLE ENERGY GROUP INC | 42.316 | USD | 2.996.819 | 1,69 |
| SCATEC SOLAR ASA | 61.403 | NOK | 2.448.383 | 1,38 |
| SEB SA | 9.282 | EUR | 1.692.192 | 0,95 |
| SHISEIDO | 17.100 | JPY | 1.181.903 | 0,66 |
| TETRA TECH INC | 16.888 | USD | 1.955.293 | 1,10 |
| TOMRA SYSTEMS ASA | 101.609 | NOK | 5.015.196 | 2,82 |
| TPI COMPOSITES INC | 40.443 | USD | 2.134.581 | 1,20 |
| TREX COMPANY INC | 21.384 | USD | 1.790.268 | 1,01 |

Candriam Sustainable Equity Circular Economy
| Portefeuille-titres au 31 décembre 2020 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dénomination | Quantité | Devise | Valeur d’évaluation (en USD) | % actifs nets |
| UMICORE SA | 27.203 | EUR | 1.307.737 | 0,74 |
| UNILEVER | 44.061 | GBP | 2.645.884 | 1,49 |
| VESTAS WIND SYSTEMS AS | 9.387 | DKK | 2.221.191 | 1,25 |
| VMWARE INC -A- | 9.088 | USD | 1.274.683 | 0,72 |
| WASTE CONNECTIONS INC | 36.459 | USD | 3.739.600 | 2,10 |
| WASTE MANAGEMENT | 45.515 | USD | 5.367.584 | 3,02 |
| XINYI SOLAR HOLDINGS LTD | 2.812.978 | HKD | 7.346.369 | 4,13 |
| ZEBRA TECHNOLOGIES -A- | 8.907 | USD | 3.423.227 | 1,93 |
| Total du portefeuille-titres |  |  | 170.196.233 | 95,70 |
| Coût d’acquisition |  |  | 119.442.998 |  |

Candriam Sustainable Equity Circular Economy Répartition géographique et économique du portefeuille-titres au 31 décembre 2020
| Répartition géographique (en % des actifs nets) |  |
| --- | --- |
| États-Unis | 51,45 |
| Norvège | 5,77 |
| Allemagne | 4,63 |
| France | 4,41 |
| Pays-Bas | 4,15 |
| Chine | 4,13 |
| Canada | 3,38 |
| Danemark | 3,28 |
| Royaume-Uni | 3,17 |
| Suisse | 3,04 |
| Japon | 2,35 |
| Suède | 2,32 |
| Finlande | 1,39 |
| Australie | 0,78 |
| Belgique | 0,74 |
| Italie | 0,72 |
|  | 95,70 |
| Répartition économique (en % des actifs nets) |  |
| Service d'environnement et de recyclage | 10,68 |
| Energie et eau | 10,65 |
| Internet et services d'Internet | 10,33 |
| Industrie pharmaceutique et cosmétique | 7,57 |
| Industrie agro-alimentaire | 7,08 |
| Electrotechnique et électronique | 6,86 |
| Chimie | 6,30 |
| Textile et habillement | 5,69 |
| Electronique et semiconducteurs | 4,49 |
| Construction de machines et appareils | 4,02 |
| Bien de consommation divers | 4,00 |
| Industries d'emballage | 3,94 |
| Pétrole | 3,08 |
| Distribution, commerce de détail | 2,33 |
| Banques et autres institutions financières | 1,57 |
| Biotechnologie | 1,42 |
| Articles de bureaux et ordinateurs | 1,26 |
| Industrie automobile | 1,24 |
| Constructions, matériaux de construction | 1,01 |
| Métaux non ferreux | 0,74 |
| Industrie minière | 0,73 |
| Papier et bois | 0,71 |
|  | 95,70 |