# Accounting methods and rules
#### The annual financial statements are drawn up in the form required by ANC Regulation 2014-01, as amended. The general principles of accounting apply:
- a true and fair view, comparability, going concern,
- lawfulness and fairness,
- prudence,
- consistent practice from one financial year to the next.


#### Income from fixed income securities is recorded on the basis of accrued interest. Purchases and sales of securities are recorded exclusive of costs.

#### The accounting currency of the portfolio is the euro. There are 12 months in the financial year.

## Information on the impact of the COVID-19 crisis

#### The financial statements were prepared by the management company on the basis of available information in light of the context surrounding the COVID-19 health crisis.

## Asset valuation rules
Financial instruments are recorded in the financial statements using the historical cost method and are entered on the balance sheet at their current value as determined by the last-known market value or, where a market does not exist, by any external means or by using financial models.

#### Differences between the current values used to calculate the net asset value and the historical costs of
transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts. Securities that are not denominated in the currency of the portfolio are valued in accordance with the principle described below; the valuation is then converted into the currency of the portfolio on the basis of the exchange rate prevailing on the valuation day.

### DEPOSITS:

#### Deposits with a residual maturity of less than or equal to three months are valued using the straight-line method.

### EQUITIES, BONDS AND OTHER SECURITIES TRADED ON A REGULATED OR SIMILAR MARKET:

#### For the calculation of the net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the last market price of the day.
Bonds and other similar securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other similar securities is calculated up to the date of the net asset value.

### EQUITIES, BONDS AND OTHER SECURITIES NOT TRADED ON A REGULATED OR SIMILAR MARKET:
Securities not traded on a regulated market are valued by the management company using methods based on the market value and the yield, while taking account of recent prices observed for significant transactions.

### TRANSFERABLE DEBT SECURITIES:
Transferable debt securities and similar securities that are not traded in large volumes are valued on the basis of an actuarial method, the reference rate (as defined below) being increased, where applicable, by a differential representative of the intrinsic characteristics of the issuer:
- Transferable debt securities with a maturity of less than or equal to one year: Interbank rate in euro (Euribor);
- Transferable debt securities with a maturity exceeding one year: valued using rates for French Treasury bills (BTAN and OAT) with similar maturity dates for the longer durations.


#### Transferable debt securities with a residual maturity of less than three months may be valued using the straight- line method.

#### French treasury bills are valued on the basis of market prices, as published daily by the Bank of France or by treasury bill specialists.

### FUNDS HELD:

#### Units or shares of UCIs will be valued at their last-known net asset value.

### TEMPORARY TRANSACTIONS ON SECURITIES:
Securities received under repurchase agreements are recorded as an asset under the heading "Receivables on securities received under a repurchase agreement (pension)" at the contract amount, plus any accrued interest receivable.
Securities transferred under a repurchase agreement are recorded as securities purchased at their current value. The payables on securities transferred under a repurchase agreement are recorded as securities sold at the value determined in the contract, plus any accrued interest payable.

#### Securities lent are valued at their current value and are recorded as an asset under the heading "Receivables on securities lent" at their current value, plus any accrued interest receivable.
Securities borrowed are recorded as an asset under the heading "Securities borrowed" at the contract amount and as a liability under the heading "Payables on securities borrowed" at the contract amount, plus any accrued interest payable.

### FORWARD FINANCIAL INSTRUMENTS:

#### Forward financial instruments traded on a regulated or similar market:

#### Forward financial instruments traded on regulated markets are valued at the settlement price of that day.

#### Forward financial instruments not traded on a regulated or similar market:

##### Swaps:
Interest rate and/or currency swaps are valued at their market value by discounting future interest payments at the interest rate and/or currency exchange rate prevailing on the market. This price is adjusted to the issuer's risk.

#### Index swaps are valued using an actuarial method on the basis of a reference rate provided by the counterparty.

#### Other swaps are valued at their market value or at a value estimated according to the terms and conditions determined by the management company.

##### Off-balance sheet commitments:

#### Futures contracts are recorded at their market value as off-balance sheet commitments on the basis of the price used in the portfolio.

#### Options are converted into the underlying equivalent.

#### Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.

#### Financial instruments
| NAME | DESCRIPTION |
| --- | --- |
| XEUR FOAT EUR 0321 | EUREX OAT French futures |
| XEUR FBTP BTP 0321 | EUREX BTP futures |
| CBOT USUL 30A 0321 | CBOT US ULT futures |
| WIBO6M/0.0/FIX/0.575 | Interest rate swap |
| WIBO6M/0.0/FIX/0.59 | Interest rate swap |
| NIBO6R/0.0/FIX/1.11 | Interest rate swap |
| PRIB6M/0.0/FIX/0.649 | Interest rate swap |
| WIBO6M/0.0/FIX/0.58 | Interest rate swap |
| WIBO6M/0.0/FIX/0.55 | Interest rate swap |
| PRIB6M/0.0/FIX/0.612 | Interest rate swap |
| WIBO6M/0.0/FIX/0.624 | Interest rate swap |
| E6R/0.0/FIX/-0.243 | Interest rate swap |
| E6R/0.0/FIX/-0.233 | Interest rate swap |
| E6R/0.0/FIX/-0.047 | Interest rate swap |
| WIBO6M/0.0/FIX/0.613 | Interest rate swap |
| NIBO6R/0.0/FIX/1.15 | Interest rate swap |
| FIX/0.542/FIX/3.001 | Currency swap |
| ITRX XOVER CDSI S24 02/2021 PUT 300 | Swaption |
| ITRX XOVER CDSI S24 02/2021 PUT 400 | Swaption |
| ITRX XOVER CDSI S24 01/2021 PUT 300 | Swaption |
| ITRX XOVER CDSI S24 01/2021 PUT 400 | Swaption |
| ITRX XOVER CDSI S24 02/2021 PUT 400 | Swaption |
| ITRX XOVER CDSI S24 02/2021 PUT 300 | Swaption |
| BARC BK 2.65 01-21_2 | Credit Default Swap (CDS) |
| EASYJET 1.75 02-23_2 | Credit Default Swap (CDS) |
| CDX EM S34 V1 M | Credit Default Swap (CDS) |
| ITRAXX EUR XOVER S34 | Credit Default Swap (CDS) |
| EASYJET 1.75 02-23_2 | Credit Default Swap (CDS) |


## Management fees

#### Management fees and operating costs cover all the charges relating to the fund: investment, administrative, accounting, custody, distribution, audit fees, etc.

#### These fees are recorded in the UCI’s income statement.

#### Management fees do not include transaction fees. Please refer to the prospectus for further details on the charges actually invoiced to the UCI.

#### They are recorded on a pro-rata basis each time the net asset value is calculated.

#### The combined total of these fees respects the limit of the net assets, as specified in the prospectus or fund rules: FR0011269083 – A EUR Y dis: Maximum of 1% inclusive of tax.

#### FR0011269109 – A USD Acc Hdg: Maximum of 1% inclusive of tax. FR0010149120 – A EUR Acc: Maximum of 1% inclusive of tax.

## Allocation of distributable income

### DEFINITION OF DISTRIBUTABLE INCOME

#### Distributable income is made up of:

### NET INCOME:
The net income for the financial year is equal to the amount of interest, arrears, premiums and prizes, dividends, director’s fees and any other income relating to the securities constituting the portfolio, plus income generated by temporary cash holdings and minus the amount of management fees and interest charges on loans.

#### This is increased by retained earnings, plus or minus the balance of the income equalisation accounts.

### CAPITAL GAINS AND LOSSES:
Realised capital gains, net of fees, minus realised capital losses, net of fees, recognised during the financial year, plus net capital gains of a similar nature recognised during previous financial years and which have not been distributed or accumulated, plus or minus the balance of the capital gains equalisation account.

#### ALLOCATION OF DISTRIBUTABLE INCOME:
| Unit(s) | Allocation of net income | Allocation of net realised capital gains or losses |
| --- | --- | --- |
| A EUR Acc units | Accumulation | Accumulation |
| A EUR Y dis units | Distributed or carried forward as decided by the Management Company | Distributed or carried forward as decided by the Management Company |
| A USD Acc Hdg units | Accumulation | Accumulation |

CARMIGNAC SECURITE NET ASSET CHANGES
|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE FINANCIAL YEAR | 8,307,316,488.57 | 10,896,857,381.79 |
| Subscriptions (including subscription fees paid to the Fund) | 1,662,708,385.02 | 1,648,372,954.57 |
| Redemptions (after deduction of redemption fees paid to the UCI) | -2,891,783,143.77 | -4,558,263,970.22 |
| Realised gains on deposits and financial instruments | 266,793,879.39 | 214,748,921.25 |
| Realised losses on deposits and financial instruments | -94,004,026.19 | -180,215,226.30 |
| Realised gains on forward financial instruments | 337,241,651.13 | 389,522,285.83 |
| Realised losses on forward financial instruments | -393,783,755.18 | -537,173,462.78 |
| Transaction fees | -11,484,569.77 | -7,220,442.44 |
| Foreign exchange differences | -55,906,345.44 | 5,966,866.91 |
| Changes in the valuation differential of deposits and financial instruments | 6,832,989.63 | 333,062,349.10 |
| Valuation differential for the financial year N | 149,190,932.09 | 142,357,942.46 |
| Valuation differential for the financial year N-1 | -142,357,942.46 | 190,704,406.64 |
| Changes in the valuation differential of forward financial instruments | 3,571,122.22 | 36,363,633.95 |
| Valuation differential for the financial year N | -5,672,990.23 | -9,244,112.45 |
| Valuation differential for the financial year N-1 | 9,244,112.45 | 45,607,746.40 |
| Dividends paid in the previous financial year on net capital gains and losses | 0.00 | 0.00 |
| Dividends paid in the previous financial year on income | -1,790,241.52 | -3,628,656.91 |
| Net profit/(loss) for the financial year prior to the income equalisation account | 68,229,566.22 | 68,923,853.82 |
| Interim dividend(s) paid during the financial year on net capital gains and losses | 0.00 | 0.00 |
| Interim dividend(s) paid during the financial year on income | 0.00 | 0.00 |
| Other items | 0.00 | 0.00 |
| NET ASSETS AT THE END OF THE FINANCIAL YEAR | 7,203,942,000.31 | 8,307,316,488.57 |

BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC STRUCTURE OF CARMIGNAC SECURITE
|  | Amount | % |
| --- | --- | --- |
| ASSETS |  |  |
| BONDS AND SIMILAR SECURITIES |  |  |
| Fixed rate bonds traded on a regulated or similar market | 5,473,793,326.43 | 75.98 |
| VAR/REV rate bonds traded on a regulated or similar market | 666,489,047.64 | 9.25 |
| Mortgages traded on a regulated or similar market | 556,527,724.65 | 7.73 |
| TOTAL BONDS AND SIMILAR SECURITIES | 6,696,810,098.72 | 92.96 |
| DEBT SECURITIES |  |  |
| Treasury bills | 322,820,265.18 | 4.48 |
| TOTAL DEBT SECURITIES | 322,820,265.18 | 4.48 |
| LIABILITIES |  |  |
| SALES OF FINANCIAL INSTRUMENTS |  |  |
| TOTAL SALES OF FINANCIAL INSTRUMENTS | 0.00 | 0.00 |
| OFF-BALANCE SHEET |  |  |
| HEDGING TRANSACTIONS |  |  |
| Credit | 139,170,187.22 | 1.93 |
| Fixed income | 821,898,000.00 | 11.41 |
| TOTAL HEDGING TRANSACTIONS | 961,068,187.22 | 13.34 |
| OTHER TRANSACTIONS |  |  |
| Equities | 66,890,000.00 | 0.93 |
| Foreign exchange | 14,344,030.00 | 0.20 |
| Credit | 226,625,000.00 | 3.14 |
| Fixed income | 676,037,933.60 | 9.39 |
| TOTAL OTHER TRANSACTIONS | 983,896,963.60 | 13.66 |

BREAKDOWN BY INTEREST RATES OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS OF CARMIGNAC SECURITE
|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ASSETS |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and similar securities | 5,539,258,977.64 | 76.89 | 0.00 | 0.00 | 1,157,551,121.08 | 16.07 | 0.00 | 0.00 |
| Debt securities | 322,820,265.18 | 4.48 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary transactions on securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 75,733,031.04 | 1.05 |
| LIABILITIES |  |  |  |  |  |  |  |  |
| Temporary transactions on securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10,127,297.57 | 0.14 |
| OFF-BALANCE SHEET |  |  |  |  |  |  |  |  |
| Hedging transactions | 821,898,000.00 | 11.41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 676,037,933.60 | 9.38 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS OF CARMIGNAC SECURITE
|  | < 3 months | % | ]3 months - 1 year] | % | ]1-3 years] | % | ]3-5 years] | % | >5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ASSETS |  |  |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and similar securities | 65,285,099.19 | 0.91 | 356,779,320.75 | 4.95 | 1,339,054,026.02 | 18.59 | 1,489,738,215.96 | 20.68 | 3,445,953,436.80 | 47.83 |
| Debt securities | 95,540,549.32 | 1.33 | 227,279,715.86 | 3.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary transactions on securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 75,733,031.04 | 1.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| LIABILITIES |  |  |  |  |  |  |  |  |  |  |
| Temporary transactions on securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 10,127,297.57 | 0.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| OFF-BALANCE SHEET |  |  |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 821,898,000.00 | 11.41 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 382,123,227.72 | 5.30 | 293,914,705.88 | 4.08 |

(*) Positions in interest rate futures are shown according to the maturity of the underlying instrument.
BREAKDOWN BY LISTING CURRENCY OR VALUATION CURRENCY OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS OF CARMIGNAC SECURITE
|  | Currency 1 | Currency 2 |  | Currency 3 |  | Currency N |
| --- | --- | --- | --- | --- | --- | --- |
| PLN |  | NOK |  | CZK |  | OTHER(S) |  |
| Amount | % | Amount | % | Amount | % | Amount | % |
| ASSETS |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equities and similar securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and similar securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 538,650,211.01 | 7.48 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| UCIs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary transactions on securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 41,358,509.72 | 0.57 |
| Financial accounts | 311,854.30 | 0.00 | 2,943,612.03 | 0.04 | 3,125,640.31 | 0.04 | 927.87 | 0.00 |
| LIABILITIES |  |  |  |  |  |  |  |  |
| Sales of financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary transactions on securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payables | 312,885.91 | 0.00 | 2,943,612.83 | 0.04 | 3,127,006.73 | 0.04 | 521,169,896.27 | 7.23 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3,902,566.28 | 0.05 |
| OFF-BALANCE SHEET |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 62,589,187.22 | 0.87 |
| Other transactions | 229,658,145.44 | 3.19 | 217,988,354.28 | 3.03 | 152,465,082.28 | 2.12 | 90,270,381.60 | 1.25 |

RECEIVABLES	AND	PAYABLES:	BREAKDOWN	BY	TYPE	OF CARMIGNAC SECURITE
|  | Nature of the debit/credit | 31/12/2020 |
| --- | --- | --- |
| RECEIVABLES | Forward currency purchases | 37,956,155.91 |
|  | Funds receivable on forward currency sales | 523,750,162.40 |
|  | Subscriptions receivable | 14,571,652.93 |
|  | Guarantee deposits in cash | 17,573,250.90 |
|  | Collateral | 30,208,742.23 |
| TOTAL RECEIVABLES |  | 624,059,964.37 |
| PAYABLES | Forward currency sales | 521,163,077.62 |
|  | Funds payable on forward currency purchases | 38,100,554.94 |
|  | Redemption price payable | 8,517,584.43 |
|  | Fixed management fee | 1,319,031.58 |
|  | Collateral | 16,213,505.47 |
|  | Other payables | 669,980.06 |
| TOTAL PAYABLES |  | 585,983,734.10 |
| TOTAL RECEIVABLES AND PAYABLES |  | 38,076,230.27 |

NUMBER OF CARMIGNAC SECURITE SECURITIES ISSUED OR REDEEMED
|  | In units | In euro |
| --- | --- | --- |
| A EUR Acc units |  |  |
| Units subscribed during the financial year | 923,694.351 | 1,618,162,048.33 |
| Units redeemed during the financial year | -1,590,024.769 | -2,776,741,209.11 |
| Net balance of subscriptions/redemptions | -666,330.418 | -1,158,579,160.78 |
| Number of units outstanding at the end of the financial year | 3,869,557.246 |  |
| A EUR Y dis units |  |  |
| Units subscribed during the financial year | 413,037.690 | 40,809,246.75 |
| Units redeemed during the financial year | -890,502.483 | -87,394,032.49 |
| Net balance of subscriptions/redemptions | -477,464.793 | -46,584,785.74 |
| Number of units outstanding at the end of the financial year | 2,198,276.770 |  |
| A USD Acc Hdg units |  |  |
| Units subscribed during the financial year | 35,047.992 | 3,737,089.94 |
| Units redeemed during the financial year | -255,486.126 | -27,647,902.17 |
| Net balance of subscriptions/redemptions | -220,438.134 | -23,910,812.23 |
| Number of units outstanding at the end of the financial year | 346,817.905 |  |

CARMIGNAC	SECURITE	SUBSCRIPTION	AND/OR REDEMPTION FEES
|  | In euro |
| --- | --- |
| A EUR Acc units |  |
| Total fees paid to the Fund | 0.00 |
| Subscription fees paid to the Fund | 0.00 |
| Redemption fees paid to the Fund | 0.00 |
| A EUR Y dis units |  |
| Total fees paid to the Fund | 0.00 |
| Subscription fees paid to the Fund | 0.00 |
| Redemption fees paid to the Fund | 0.00 |
| A USD Acc Hdg units |  |
| Total fees paid to the Fund | 0.00 |
| Subscription fees paid to the Fund | 0.00 |
| Redemption fees paid to the Fund | 0.00 |

MANAGEMENT FEES OF CARMIGNAC SECURITE
|  | 31/12/2020 |
| --- | --- |
| A EUR Acc units |  |
| Guarantee fees | 0.00 |
| Fixed management fees | 58,192,126.38 |
| Percentage of fixed management fees | 0.80 |
| Performance fees | 0.00 |
| Trailer fees | 0.00 |
| A EUR Y dis units |  |
| Guarantee fees | 0.00 |
| Fixed management fees | 1,873,938.19 |
| Percentage of fixed management fees | 0.80 |
| Performance fees | 0.00 |
| Trailer fees | 0.00 |
| A USD Acc Hdg units |  |
| Guarantee fees | 0.00 |
| Fixed management fees | 340,096.34 |
| Percentage of fixed management fees | 0.80 |
| Performance fees | 0.00 |
| Trailer fees | 0.00 |

COMMITMENTS	RECEIVED	AND	GIVEN	BY	CARMIGNAC SECURITE

## Guarantees received by the Fund
None.

## Other commitments received and/or given:
None.
MARKET VALUE OF SECURITIES SUBJECT TO A TEMPORARY PURCHASE TRANSACTION BY CARMIGNAC SECURITE
|  | 31/12/2020 |
| --- | --- |
| Securities held under repurchase agreements (pension) | 0.00 |
| Securities borrowed | 0.00 |

MARKET VALUE OF SECURITIES REPRESENTING GUARANTEE DEPOSITS OF CARMIGNAC SECURITE
|  | 31/12/2020 |
| --- | --- |
| Financial instruments given as a guarantee and kept as their original entry | 0.00 |
| Financial instruments received as a guarantee and not entered on the balance sheet | 0.00 |

FINANCIAL	INSTRUMENTS	OF	THE	GROUP	HELD	IN	THE CARMIGNAC SECURITE PORTFOLIO
|  | ISIN | Name | 31/12/2020 |
| --- | --- | --- | --- |
| Equities | FR0010149161 | CARMIGNAC COURT TERME | 0.00 |
| Bonds | 0.00 |
| Transferable debt securities | 0.00 |
| UCIs | 79,990,917.60 |
|  | 79,990,917.60 |
| Forward financial instruments | 0.00 |
| Total group securities | 79,990,917.60 |

ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO THE INCOME OF CARMIGNAC SECURITE
|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| Amounts to be allocated |  |  |
| Retained earnings | 11,855.56 | 16,971.60 |
| Income | 64,056,160.21 | 61,614,186.78 |
| Total | 64,068,015.77 | 61,631,158.38 |

|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| A EUR Acc units |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 61,753,218.89 | 59,186,497.92 |
| Total | 61,753,218.89 | 59,186,497.92 |

|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| A EUR Y dis units |  |  |
| Allocation |  |  |
| Distribution | 1,978,449.09 | 1,980,048.76 |
| Retained earnings for the financial year | 1,067.29 | 14,430.55 |
| Accumulation | 0.00 | 0.00 |
| Total | 1,979,516.38 | 1,994,479.31 |
| Information concerning units eligible to receive dividends |  |  |
| Number of units | 2,198,276.770 | 2,675,741.563 |
| Dividend per unit | 0.90 | 0.74 |
| Tax credit |  |  |
| Tax credit related to income distribution | 463.79 | 0.00 |

|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| A USD Acc Hdg units |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 335,280.50 | 450,181.15 |
| Total | 335,280.50 | 450,181.15 |

ALLOCATION	OF	DISTRIBUTABLE	INCOME	RELATING	TO CAPITAL GAINS AND LOSSES OF CARMIGNAC SECURITE
|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| Amounts to be allocated |  |  |
| Non-distributed prior net capital gains and losses | 0.00 | 0.00 |
| Net capital gains and losses for the financial year | 85,668,313.39 | -103,763,157.09 |
| Interim dividends paid on net capital gains and losses in the financial year | 0.00 | 0.00 |
| Total | 85,668,313.39 | -103,763,157.09 |

|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| A EUR Acc units |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Non-distributed net capital gains and losses | 0.00 | 0.00 |
| Accumulation | 85,420,005.30 | -102,876,021.56 |
| Total | 85,420,005.30 | -102,876,021.56 |

|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| A EUR Y dis units |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Non-distributed net capital gains and losses | 2,711,549.34 | 0.00 |
| Accumulation | -0.00 | -3,445,592.55 |
| Total | 2,711,549.34 | -3,445,592.55 |

|  | 31/12/2020 | 31/12/2019 |
| --- | --- | --- |
| A USD Acc Hdg units |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Non-distributed net capital gains and losses | 0.00 | 0.00 |
| Accumulation | -2,463,241.25 | 2,558,457.02 |
| Total | -2,463,241.25 | 2,558,457.02 |

OVERVIEW OF RESULTS AND OTHER SIGNIFICANT ITEMS FOR THE LAST 5 FINANCIAL YEARS FOR CARMIGNAC SECURITE
|  | 30/12/2016 | 29/12/2017 | 31/12/2018 | 31/12/2019 | 31/12/2020 |
| --- | --- | --- | --- | --- | --- |
| Total net assets in EUR | 12,266,066,346.98 | 13,381,238,882.51 | 10,896,857,381.79 | 8,307,316,488.57 | 7,203,942,000.31 |
| A EUR Acc EUR units |  |  |  |  |  |
| Net assets | 11,854,992,688.87 | 12,859,288,674.31 | 10,437,085,361.42 | 7,980,418,809.50 | 6,947,469,868.19 |
| Number of units | 6,771,755.023 | 7,342,629.220 | 6,144,195.251 | 4,535,887.664 | 3,869,557.246 |
| Net asset value per unit | 1,750.65 | 1,751.31 | 1,698.69 | 1,759.39 | 1,795.41 |
| Accumulation per unit on net capital gains or losses | 2.71 | -10.88 | -50.99 | -22.68 | 22.07 |
| Accumulation per unit on income | 21.42 | 17.33 | 18.94 | 13.04 | 15.95 |
| A EUR Y dis EUR units |  |  |  |  |  |
| Net assets | 298,266,244.43 | 433,549,942.89 | 377,731,334.80 | 265,561,678.39 | 220,924,094.65 |
| Number of units | 2,920,988.705 | 4,263,377.574 | 3,897,985.076 | 2,675,741.563 | 2,198,276.770 |
| Net asset value per unit | 102.11 | 101.69 | 96.90 | 99.24 | 100.49 |
| Non-distributed net capital gains and losses per unit in | 0.15 | 0.00 | 0.00 | 0.00 | 1.23 |
| Accumulation per unit on net capital gains or losses | 0.00 | -0.47 | -2.89 | -1.28 | 0.00 |
| Distribution per unit on income (*) | 0.46 | 1.80 | 1.09 | 0.74 | 0.90 |
| Tax credit per unit | 0.00 | 0.00 | 0.00 | 0.00 | (*) |
| Retained earnings per unit on income | 0.80 | 0.00 | 0.00 | 0.00 | 0.00 |
| A USD Acc Hdg USD units |  |  |  |  |  |
| Net assets | 118,983,619.58 | 106,151,038.58 | 93,784,809.71 | 68,849,660.76 | 43,494,801.25 |
| Number of units | 1,057,573.496 | 925,663.007 | 822,892.294 | 567,256.039 | 346,817.905 |
| Net asset value per unit | 112.50 | 114.67 | 113.96 | 121.37 | 125.41 |
| Accumulation per unit on net capital gains or losses | 6.83 | -11.73 | 3.24 | 4.51 | -7.10 |
| Accumulation per unit on income | 1.23 | 0.99 | 1.05 | 0.79 | 0.96 |

(*) The tax credit per unit shall only be determined on the distribution date in accordance with the tax provisions in force.
LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| Bonds and similar securities |  |  |  |  |
| Bonds and similar securities traded on a regulated or similar market |  |  |  |  |
| GERMANY |  |  |  |  |
| BAYER 0.375% 06-07-24 | EUR | 19,400,000 | 19,712,342.66 | 0.27 |
| MUNICH RE 1.25% 26-05-41 | EUR | 12,900,000 | 13,461,235.71 | 0.19 |
| SANTANDER CONSUMER BANK AG 0.75% 17-10-22 | EUR | 10,600,000 | 10,791,264.66 | 0.15 |
| SCHAEFFLER AG 1.125% 26-03-22 | EUR | 9,084,000 | 9,262,766.28 | 0.13 |
| VOLKSWAGEN FINANCIAL SERVICES AG 0.625% 01-04-22 | EUR | 39,506,000 | 40,063,129.31 | 0.55 |
| VOLKSWAGEN LEASING 0.25% 16-02-21 | EUR | 4,010,000 | 4,021,781.84 | 0.06 |
| VOLKSWAGEN LEASING E3R+0.45% 06-07-21 | EUR | 22,900,000 | 22,929,312.00 | 0.33 |
| VOLKSWAGEN LEASING E3R+0.58% 16-11-22 | EUR | 38,300,000 | 38,385,047.28 | 0.53 |
| TOTAL GERMANY |  |  | 158,626,879.74 | 2.21 |
| AUSTRALIA |  |  |  |  |
| BHP BILL FINA 5.625% 22-10-79 | EUR | 25,070,000 | 29,601,608.55 | 0.41 |
| TOTAL AUSTRALIA |  |  | 29,601,608.55 | 0.41 |
| AUSTRIA |  |  |  |  |
| ERST GROU BA 8.875% PERP EMTN | EUR | 18,200,000 | 19,726,582.00 | 0.27 |
| OMV AG 2.5% PERP | EUR | 7,800,000 | 8,201,038.07 | 0.11 |
| OMV AG 2.875% PERP | EUR | 4,200,000 | 4,463,128.56 | 0.06 |
| RAIFFEISEN BANK INTERNATIONAL AG 6.125% PERP | EUR | 7,800,000 | 8,160,349.50 | 0.12 |
| TOTAL AUSTRIA |  |  | 40,551,098.13 | 0.56 |
| BELGIUM |  |  |  |  |
| ARGE SPAA 3.875% 24-05-26 | EUR | 3,900,000 | 4,052,463.29 | 0.05 |
| KBC GROUPE 4.25% PERP | EUR | 9,200,000 | 9,739,196.84 | 0.14 |
| TOTAL BELGIUM |  |  | 13,791,660.13 | 0.19 |
| CAYMAN ISLANDS |  |  |  |  |
| CARLYLE GLOBAL MARKET STR2016 2 X E3R+1.7% 18-01-30 A2 | EUR | 9,846,000 | 9,873,321.22 | 0.13 |
| TOTAL CAYMAN ISLANDS |  |  | 9,873,321.22 | 0.13 |
| CANADA |  |  |  |  |
| BANK OF NOVA SCOTIA TORONTO 0.5% 30-04-24 | EUR | 12,129,000 | 12,433,494.39 | 0.17 |
| ONTARIO TEACHERS FINANCE TRUST 0.05% 25-11-30 | EUR | 9,919,000 | 9,966,374.77 | 0.14 |
| TOTAL CANADA |  |  | 22,399,869.16 | 0.31 |
| DENMARK |  |  |  |  |
| DANSKE BA 5.875% PERP EMTN | EUR | 11,453,000 | 12,174,567.63 | 0.17 |
| DANSKE BK 0.5% 27-08-25 | EUR | 26,982,000 | 27,238,046.24 | 0.38 |
| DANSKE BK 1.375% 24-05-23 | EUR | 66,152,000 | 68,036,253.63 | 0.95 |
| DANSKE BK 1.625% 15-03-24 EMTN | EUR | 13,594,000 | 14,450,327.96 | 0.20 |
| DANSKE BK 3.001% 20-09-22 | USD | 15,800,000 | 13,237,727.17 | 0.18 |
| NYKREDIT 0.25% 20-01-23 EMTN | EUR | 7,808,000 | 7,879,970.56 | 0.10 |
| TOTAL DENMARK |  |  | 143,016,893.19 | 1.98 |
| SPAIN |  |  |  |  |
| BANCO DE BADELL 0.875% 05-03-23 | EUR | 11,300,000 | 11,594,936.97 | 0.16 |
| BANCO DE BADELL 1.75% 10-05-24 | EUR | 15,400,000 | 16,140,383.48 | 0.23 |
| BANCO DE SABADELL SA 0.0625% 07-11-25 | EUR | 12,500,000 | 12,628,503.42 | 0.18 |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| BANCO DE SABADELL SA 6.5% PERP | EUR | 14,400,000 | 14,481,550.96 | 0.20 |
| BANKIA 0.875% 25-03-24 | EUR | 13,600,000 | 14,086,147.84 | 0.19 |
| BANKIA 1.0% 25-06-24 EMTN | EUR | 13,100,000 | 13,579,133.40 | 0.18 |
| BANKIA 1.125% 12-11-26 | EUR | 15,400,000 | 16,110,546.51 | 0.23 |
| BANKIA SA 3.375% 15-03-27 | EUR | 12,300,000 | 13,002,820.32 | 0.18 |
| BANKIA SA 3.75% 15-02-29 EMTN | EUR | 11,900,000 | 13,234,456.25 | 0.19 |
| BANKINTER 0.875% 08-07-26 EMTN | EUR | 6,200,000 | 6,432,308.05 | 0.09 |
| BANKINTERSA 2.5% 06-04-27 | EUR | 16,600,000 | 17,291,674.25 | 0.24 |
| BBVA 5.875% PERP | EUR | 7,800,000 | 8,185,775.00 | 0.11 |
| BBVA 6.0% PERP | EUR | 11,200,000 | 12,551,443.13 | 0.17 |
| CAIXABANK 0.625% 01-10-24 EMTN | EUR | 7,600,000 | 7,750,889.15 | 0.10 |
| CAIXABANK 1.75% 24-10-23 EMTN | EUR | 7,700,000 | 8,103,056.50 | 0.11 |
| FERROVIAL EMISIONES 1.382% 14-05-26 | EUR | 21,100,000 | 22,637,782.16 | 0.32 |
| INTL CONSOLIDATED AIRLINES GROU 0.5% 04-07-23 | EUR | 16,100,000 | 15,074,015.37 | 0.21 |
| NT CONS FIN 0.375% 17-01-25 | EUR | 7,800,000 | 7,945,407.98 | 0.11 |
| NT CONS FIN E3R+0.6% 10-07-21 | EUR | 23,500,000 | 23,552,327.97 | 0.33 |
| TOTAL SPAIN |  |  | 254,383,158.71 | 3.53 |
| UNITED STATES |  |  |  |  |
| ATHENE GLOBAL FUNDING 1.875% 23-06-23 | EUR | 31,257,000 | 33,003,281.49 | 0.45 |
| BOEING 5.15% 01-05-30 | USD | 16,424,000 | 16,387,160.67 | 0.23 |
| BOEING 5.705% 01-05-40 | USD | 22,286,000 | 23,882,151.93 | 0.33 |
| EXPEDIA GROUP 6.25% 01-05-25 | USD | 4,500,000 | 4,311,409.01 | 0.06 |
| EXXON MOBIL 0.142% 26-06-24 | EUR | 20,010,000 | 20,235,229.54 | 0.28 |
| FIDELITY NATL INFORMATION SCES 0.75% 21-05-23 | EUR | 27,929,000 | 28,636,594.61 | 0.40 |
| FISERV 0.375% 01-07-23 | EUR | 8,278,000 | 8,402,016.91 | 0.12 |
| FORD MOTOR COMPANY 8.5% 21-04-23 | USD | 64,303,000 | 60,121,096.25 | 0.83 |
| FORD MOTOR COMPANY 9.0% 22-04-25 | USD | 56,498,000 | 57,391,033.65 | 0.80 |
| GOLDMAN SACHS 4.75% 10/21 | EUR | 10,980,000 | 11,495,968.25 | 0.15 |
| HONEYWELL INTL 0.0% 10-03-24 | EUR | 14,300,000 | 14,381,152.50 | 0.20 |
| HP ENTERPRISE 4.45% 02-10-23 | USD | 29,400,000 | 26,747,280.05 | 0.37 |
| HP ENTERPRISE 4.65% 01-10-24 | USD | 14,300,000 | 13,423,237.98 | 0.18 |
| LIBERTY MUTUAL GROUP 3.625% 23-05-59 | EUR | 21,341,000 | 22,507,702.24 | 0.31 |
| MEDTRONIC GLOBAL HOLDINGS SCA 0.0% 15-10-25 | EUR | 17,664,000 | 17,746,755.84 | 0.25 |
| NETFLIX 3.625% 15-06-30 | EUR | 33,283,000 | 38,071,721.06 | 0.53 |
| STANDARD INDUSTRIES 2.25% 21-11-26 | EUR | 14,225,000 | 14,487,934.51 | 0.20 |
| STRYKER CORP 0.25% 03-12-24 | EUR | 40,804,000 | 41,335,922.06 | 0.58 |
| SYSCO 1.25% 23-06-23 | EUR | 37,011,000 | 38,305,360.86 | 0.54 |
| THE PRIC GRP 2.15% 25-11-22 | EUR | 7,833,000 | 8,147,299.66 | 0.11 |
| TOTAL UNITED STATES |  |  | 499,020,309.07 | 6.92 |
| FINLAND |  |  |  |  |
| NESTE OYJ 2.125% 17-03-22 | EUR | 23,900,000 | 24,774,057.38 | 0.34 |
| SATO OYJ 2.375% 24-03-21 | EUR | 4,799,000 | 4,896,490.04 | 0.07 |
| TOTAL FINLAND |  |  | 29,670,547.42 | 0.41 |
| FRANCE |  |  |  |  |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| ACCOR 1.25% 25-01-24 | EUR | 7,600,000 | 7,899,416.74 | 0.11 |
| ACCOR 3.625% 17-09-23 | EUR | 7,600,000 | 8,130,743.40 | 0.12 |
| ACCOR 4.375% PERP | EUR | 20,700,000 | 21,322,154.10 | 0.30 |
| AIRBUS GROUP SE 1.375% 09-06-26 | EUR | 15,617,000 | 16,740,658.13 | 0.23 |
| ALD 0.375% 18-07-23 EMTN | EUR | 7,600,000 | 7,684,678.05 | 0.11 |
| ALD 0.375% 19-10-23 EMTN | EUR | 12,400,000 | 12,523,148.99 | 0.17 |
| BNP 2.875% 20/03/2026 | EUR | 18,303,000 | 18,831,887.75 | 0.26 |
| BNP PARIBAS FIX PERP | EUR | 3,850,000 | 4,106,745.39 | 0.05 |
| BQ POSTALE 0.875% 26-01-31 | EUR | 8,800,000 | 8,901,526.08 | 0.13 |
| BUREAU VERITAS 3.125% 21/01/21 | EUR | 6,200,000 | 6,393,867.05 | 0.09 |
| BURE VERI 1.25% 07-09-23 | EUR | 13,700,000 | 14,171,068.87 | 0.20 |
| CASA 6.50% PERP | EUR | 24,770,000 | 25,454,202.44 | 0.35 |
| COVIVIO SA 1.625% 17-10-24 | EUR | 17,189,000 | 18,133,134.08 | 0.26 |
| DEXGRP 0.01 01/22/27 | EUR | 13,800,000 | 14,044,533.36 | 0.20 |
| FIRMENICH PRODUCTIONS PARTICIPATIONS SAS 1.375% 30-10-26 | EUR | 13,302,000 | 14,277,222.46 | 0.20 |
| FIRMENICH PRODUCTIONS PARTICIPATIONS SAS 1.75% 30-04-30 | EUR | 11,072,000 | 12,458,727.05 | 0.17 |
| FRAN E3R+0.57% 28-06-21 | EUR | 29,200,000 | 29,212,014.18 | 0.40 |
| IPNFP 1 7/8 06/16/23 | EUR | 7,600,000 | 7,860,285.42 | 0.11 |
| IPSOS 2.875% 21-09-25 | EUR | 23,400,000 | 23,887,873.97 | 0.33 |
| JCDECAUX 2.0% 24-10-24 | EUR | 15,700,000 | 16,728,978.00 | 0.23 |
| ORPEA 2.625% 10-03-25 EMTN | EUR | 3,300,000 | 3,520,018.46 | 0.04 |
| PSA BANQUE FRANCE 0.5% 12-04-22 | EUR | 9,678,000 | 9,797,438.45 | 0.14 |
| RENAULT CREDIT INTL BANQUE 0.75% 10-04-23 | EUR | 30,034,000 | 30,571,096.38 | 0.42 |
| RENAULT CREDIT INTL BANQUE 1.375% 08-03-24 | EUR | 21,880,000 | 22,669,963.91 | 0.31 |
| SG 1.25% 15-02-24 EMTN | EUR | 16,100,000 | 16,897,589.60 | 0.23 |
| SOCIETE FONCIERE FINANCIERE ET DE PARTIC 1.875% 30-10-26 | EUR | 7,900,000 | 7,629,557.57 | 0.11 |
| SOCI FONC LYO 1.875% 26-11-21 | EUR | 38,300,000 | 38,888,471.63 | 0.54 |
| SOCI FONC LYO 2.25% 16-11-22 | EUR | 14,300,000 | 14,878,752.34 | 0.20 |
| TIKEHAU CAPITAL 3.0% 27-11-23 | EUR | 25,300,000 | 26,731,106.63 | 0.37 |
| TOTAL SE 2.0% PERP | EUR | 14,227,000 | 14,870,910.12 | 0.21 |
| WORLDLINE 0.25% 18-09-24 | EUR | 22,500,000 | 22,740,110.45 | 0.32 |
| WORLDLINE 0.5% 30-06-23 EMTN | EUR | 18,700,000 | 19,044,623.07 | 0.27 |
| TOTAL FRANCE |  |  | 517,002,504.12 | 7.18 |
| GREECE |  |  |  |  |
| HELLENIC REPUBLIC GOVERNMENT BOND 1.5% 18-06-30 | EUR | 15,309,000 | 16,667,218.67 | 0.24 |
| HELLENIC REPUBLIC GOVERNMENT BOND 1.875% 04-02-35 | EUR | 5,261,000 | 6,044,563.42 | 0.08 |
| HELLENIC REPUBLIC GOVERNMENT BOND 1.875% 23-07-26 | EUR | 122,458,000 | 134,871,861.02 | 1.87 |
| HELLENIC REPUBLIC GOVERNMENT BOND 3.375% 15-02-25 | EUR | 46,183,000 | 53,820,248.64 | 0.74 |
| HELLENIC REPUBLIC GOVERNMENT BOND 3.45% 02-04-24 | EUR | 30,741,000 | 35,066,926.16 | 0.49 |
| HELLENIC REPUBLIC GOVERNMENT BOND 3.5% 30-01-23 | EUR | 113,491,322 | 125,698,367.97 | 1.74 |
| HELLENIC REPUBLIC GOVERNMENT BOND 4.375% 01-08-22 | EUR | 11,660,000 | 12,711,189.73 | 0.18 |
| TOTAL GREECE |  |  | 384,880,375.61 | 5.34 |
| IRELAND |  |  |  |  |
| ADAGIO V CLO DAC E3R+1.75% 15-10-31 | EUR | 7,500,000 | 7,529,005.00 | 0.11 |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| ADAGIO VI CLO DAC E3R+1.25% 30-04-31 | EUR | 10,355,000 | 10,266,115.67 | 0.14 |
| AIB GROUP 4.263% 10-04-25 EMTN | USD | 13,234,000 | 11,922,772.58 | 0.16 |
| AIB GROUP 6.25% PERP | EUR | 7,000,000 | 7,773,900.00 | 0.11 |
| AVOCA XIV E3R+0.81% 12-01-31 | EUR | 17,665,000 | 17,667,406.39 | 0.24 |
| BAIN CAPITAL EURO CLO 20182 DAC E3R+1.0% 20-01-32 | EUR | 31,854,000 | 31,922,037.29 | 0.45 |
| BLACK DIAMOND CLO E3R+0.86% 20-01-32 | EUR | 9,500,000 | 9,495,049.02 | 0.14 |
| BLACK DIAMOND CLO E3R+1.4% 20-01-32 | EUR | 16,300,000 | 16,308,171.91 | 0.22 |
| BLACK DIAMOND CLO E3R+1.95% 20-01-32 | EUR | 8,200,000 | 8,111,815.83 | 0.11 |
| BLACKROCK EUROPEAN CLO IV DAC 2.05% 15-07-30 | EUR | 16,761,000 | 16,748,004.45 | 0.23 |
| BLACKROCK EUROPEAN CLO IV DAC E3R+0.85% 15-07-30 | EUR | 20,730,000 | 20,784,325.74 | 0.29 |
| CARLYLE GLOBAL MKT EURO CLO 20152 E3R+0.73% 21-09-29 | EUR | 23,235,000 | 18,460,788.30 | 0.26 |
| FCA BANK SPA IRISH BRANCH 0.5% 13-09-24 | EUR | 6,782,000 | 6,869,465.04 | 0.09 |
| FCA BANK SPA IRISH BRANCH 0.5% 18-09-23 | EUR | 15,374,000 | 15,552,079.36 | 0.22 |
| FCA BANK SPA IRISH BRANCH 0.625% 24-11-22 | EUR | 24,413,000 | 24,707,766.91 | 0.34 |
| GLG EURO CLO II DAC E3R+1.7% 15-01-30 | EUR | 7,707,000 | 7,671,187.46 | 0.11 |
| HARVEST CLO XII E3R+0.87% 18-11-30 | EUR | 6,614,000 | 6,630,295.00 | 0.10 |
| HARVEST CLO XII E3R+1.35% 18-11-30 | EUR | 5,446,000 | 5,440,865.04 | 0.07 |
| HARVEST CLO XII E3R+1.85% 18-11-30 | EUR | 2,866,000 | 2,784,596.37 | 0.04 |
| HARVEST CLO XV 1.7% 22-11-30 | EUR | 21,000,000 | 21,162,665.07 | 0.29 |
| HARVEST CLO XVI E3R+1.75% 15-10-31 | EUR | 10,098,000 | 10,168,337.96 | 0.14 |
| HARVEST CLO XVI E3R+2.5% 15-10-31 | EUR | 4,660,000 | 4,683,539.37 | 0.07 |
| HARVT VIII E3R+1.15% 15-01-31 | EUR | 4,900,000 | 4,828,842.04 | 0.06 |
| HARVT VIII E3R+1.65% 15-01-31 | EUR | 2,600,000 | 2,510,173.79 | 0.04 |
| IRELAND GOVERNMENT BOND 0.2% 18-10-30 | EUR | 304,995,270. 71 | 320,569,206.61 | 4.45 |
| OAK HILL EUROPEAN CREDIT PARTN E3R+1.75% 20-10-31 | EUR | 9,709,000 | 9,722,668.11 | 0.13 |
| OCP EURO CLO 20172 DAC E3R+0.82% 15-01-32 | EUR | 5,823,000 | 5,817,914.20 | 0.08 |
| OCP EURO CLO 20172 DAC E3R+1.35% 15-01-32 | EUR | 8,627,000 | 8,594,081.29 | 0.12 |
| OCP EURO CLO 20172 DAC E3R+1.8% 15-01-32 | EUR | 3,020,000 | 2,978,655.66 | 0.04 |
| OCP EURO CLO 20172 DAC E3R+5.0% 15-01-32 | EUR | 5,176,000 | 5,053,306.09 | 0.07 |
| ORWELL PARK E3R+0.78% 18-07-29 | EUR | 16,876,000 | 12,852,335.27 | 0.18 |
| ORWELL PARK E3R+1.45% 18-07-29 | EUR | 2,660,000 | 2,664,266.61 | 0.03 |
| PENTA CLO 3 DESIGNATED ACTIVIT E3R+0.85% 17-04-30 | EUR | 12,791,000 | 12,815,182.52 | 0.18 |
| PENTA CLO 3 DESIGNATED ACTIVIT E3R+1.9% 17-04-30 | EUR | 4,411,000 | 4,387,285.53 | 0.06 |
| PROVIDUS CLO E3R+1.01% 15-07-31 | EUR | 7,680,000 | 7,701,182.04 | 0.11 |
| RYANAIR 2.875% 15-09-25 EMTN | EUR | 18,170,000 | 19,695,406.35 | 0.27 |
| ST PAULS CLO IV DAC 2.05% 25-04-30 | EUR | 7,400,000 | 7,400,629.08 | 0.11 |
| ST PAULS CLO IV DAC E3R+0.85% 25-04-30 | EUR | 12,190,000 | 12,204,962.95 | 0.17 |
| ST PAULS CLO IV DAC E3R+1.3% 25-04-30 | EUR | 7,000,000 | 6,908,925.64 | 0.10 |
| ST PAULS CLO IV DAC E3R+1.85% 25-04-30 | EUR | 6,650,000 | 6,456,428.62 | 0.09 |
| ST PAULS CLO IX DAC E3R+0.82% 15-11-30 | EUR | 24,000,000 | 23,935,725.67 | 0.33 |
| TORO EUROPEAN CLO 2 E3R+1.65% 15-10-30 | EUR | 5,064,000 | 5,079,213.05 | 0.07 |
| TYMON PARK CLO E3R+1.45% 21-01-29 | EUR | 4,500,000 | 4,400,710.25 | 0.06 |
| WILLOW PARK CLO DAC E3R+0.84% 15-01-31 | EUR | 9,926,000 | 9,924,692.31 | 0.13 |
| WILLOW PARK CLO DAC E3R+1.35% 15-01-31 | EUR | 12,274,000 | 12,225,945.11 | 0.17 |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| WILLOW PARK CLO DAC E3R+1.8% 15-01-31 | EUR | 6,176,000 | 6,057,774.21 | 0.09 |
| TOTAL IRELAND |  |  | 797,445,702.76 | 11.07 |
| ICELAND |  |  |  |  |
| ARION BANK 0.625% 27-05-24 | EUR | 14,950,000 | 14,965,963.73 | 0.21 |
| TOTAL ICELAND |  |  | 14,965,963.73 | 0.21 |
| ITALY |  |  |  |  |
| ATLANTIA EX AUTOSTRADE 1.625% 03-02-25 | EUR | 2,324,000 | 2,357,506.11 | 0.03 |
| AUTOSTRADE PER L ITALILIA 2.0% 04-12-28 | EUR | 28,889,000 | 29,175,533.37 | 0.41 |
| AUTOSTRADE PER L ITALILIA SPA 4.375% 16-09-25 EMTN | EUR | 12,056,000 | 13,753,361.76 | 0.19 |
| CASSA DEP 1.5% 21-06-24 EMTN | EUR | 17,800,000 | 18,896,960.36 | 0.27 |
| CASSA DEP 1.875% 07-02-26 EMTN | EUR | 7,700,000 | 8,494,443.08 | 0.12 |
| CASSA DEP 2.7% 28-06-26 | EUR | 36,214,000 | 38,480,634.26 | 0.53 |
| CDEP 1 09/21/28 | EUR | 32,100,000 | 33,360,056.92 | 0.47 |
| DAVIDE CAMPARI MILANO 1.25% 06-10-27 | EUR | 23,040,000 | 23,955,297.14 | 0.33 |
| ENI 2.625% PERP | EUR | 38,459,000 | 40,467,178.83 | 0.56 |
| FINEBANK BANCA FINE 5.875% PERP | EUR | 3,972,000 | 4,249,727.15 | 0.06 |
| INTE 1.0% 04-07-24 EMTN | EUR | 15,551,000 | 16,125,819.28 | 0.22 |
| INTE E3R+1.61% 03-03-23 EMTN | EUR | 13,500,000 | 13,837,482.00 | 0.19 |
| ISPIM 2 1/8 08/30/23 | EUR | 3,733,000 | 3,971,434.38 | 0.06 |
| ITAL BUON POL 1.6% 01-06-26 | EUR | 194,664,000 | 211,788,292.60 | 2.94 |
| ITALY 3.50% 01/03/2030 | EUR | 114,670,000 | 147,691,212.64 | 2.05 |
| ITALY 6 7/8% 23 | USD | 69,650,000 | 67,241,539.25 | 0.93 |
| ITALY 2.375% 17-10-24 | USD | 53,876,000 | 46,612,430.83 | 0.65 |
| ITALY BUONI POLIENNALI DEL TESORO 0.5% 01-02-26 | EUR | 95,733,000 | 98,421,484.41 | 1.36 |
| ITALY BUONI POLIENNALI DEL TESORO 0.95% 15-09-27 | EUR | 190,412,000 | 200,566,524.68 | 2.79 |
| ITALY CERT DI CREDITO DEL TESOROCCT E6R+0.5% 15-04-26 | EUR | 190,523,000 | 191,263,891.02 | 2.66 |
| ITALY CERT DI CREDITO DEL TESOROCCT E6R+1.85% 15-01-25 | EUR | 192,472,000 | 204,962,855.38 | 2.84 |
| ITALY GOVERNMENT INTL BOND 1.25% 17-02-26 | USD | 61,066,000 | 49,882,600.25 | 0.69 |
| MEDIOBANCABCA CREDITO FINANZ 1.125% 15-07-25 | EUR | 7,644,000 | 7,980,397.26 | 0.11 |
| MEDIOBANCABCA CREDITO FINANZ 1.125% 23-04-25 | EUR | 10,422,000 | 10,791,755.51 | 0.15 |
| MEDIOBANCABCA CREDITO FINANZ 1.625% 07-01-25 | EUR | 14,166,000 | 15,203,534.87 | 0.21 |
| MEDIOBANCABCA CREDITO FINANZ L3RUSD+0.5% 04-03-22 | USD | 2,266,000 | 1,834,799.84 | 0.02 |
| MONTE PASCHI 0.875% 08-10-26 | EUR | 33,001,000 | 34,930,521.00 | 0.48 |
| SOCIETA PER LA GESTIONE DI ATTIVITA 1.375% 27-01-25 | EUR | 8,351,000 | 8,812,756.00 | 0.12 |
| SOCIETA PER LA GESTIONE DI ATTIVITA 1.5% 17-07-23 | EUR | 61,317,000 | 64,029,265.10 | 0.89 |
| SOCIETA PER LA GESTIONE DI ATTIVITA 2.25% 17-07-27 | EUR | 53,291,000 | 58,771,858.90 | 0.82 |
| UBI BANCA UNIONE DI BANCHE ITALIANE 1.0% 22-07-22 | EUR | 5,477,000 | 5,598,098.35 | 0.08 |
| UNICREDIT 0.5% 09-04-25 EMTN | EUR | 7,661,000 | 7,795,583.31 | 0.11 |
| UNICREDIT 2.0% 23-09-29 EMTN | EUR | 11,438,000 | 11,406,243.88 | 0.16 |
| UNICREDIT 2.2% 22-07-27 EMTN | EUR | 12,400,000 | 13,306,635.34 | 0.18 |
| UNICREDIT SPA 6.75% PERP | EUR | 3,901,000 | 4,065,802.81 | 0.06 |
| TOTAL ITALY |  |  | 1,710,083,517.87 | 23.74 |
| JAPAN |  |  |  |  |
| ASAHI BREWERIES 0.155% 23-10-24 | EUR | 13,838,000 | 13,930,150.65 | 0.20 |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| MERCEDESBENZ FINANCE 0.0% 21-08-22 | EUR | 39,200,000 | 39,282,124.00 | 0.55 |
| NIDEC 0.487% 27-09-21 | EUR | 3,896,000 | 3,912,340.78 | 0.05 |
| TOTAL JAPAN |  |  | 57,124,615.43 | 0.80 |
| LUXEMBOURG |  |  |  |  |
| ACTAVIS FUNDING SCS 0.5% 01-06-21 | EUR | 35,028,000 | 35,101,954.66 | 0.49 |
| ALTICE FIN 4.75% 15-01-28 | EUR | 16,277,000 | 16,156,477.86 | 0.22 |
| ALTICE FRANCE 8.0% 15-05-27 | EUR | 22,151,000 | 24,358,371.76 | 0.34 |
| BECTON DICKINSON EURO FINANCE SARL 0.174% 04-06-21 | EUR | 30,809,000 | 30,883,555.67 | 0.43 |
| BECTON DICKINSON EURO FINANCE SARL 0.632% 04-06-23 | EUR | 20,853,000 | 21,240,088.81 | 0.29 |
| BLACKSTONE PROPERTY PARTNERS 0.5% 12-09-23 | EUR | 27,986,000 | 28,325,619.69 | 0.39 |
| COMMUNAUTE EUROPEAN BRU 0.0% 04-07-35 | EUR | 19,052,000 | 19,598,411.36 | 0.28 |
| EUROFINS SCIENTIFIC 2.125% 25-07-24 | EUR | 12,634,000 | 13,565,226.18 | 0.19 |
| EUROFINS SCIENTIFIC 2.875% PERP | EUR | 18,735,000 | 19,374,743.79 | 0.27 |
| EUROFINS SCIENTIFIC 3.75% 17-07-26 | EUR | 15,080,000 | 17,978,620.79 | 0.24 |
| EURO SCIE 3.375% 30-01-23 | EUR | 16,895,000 | 18,485,912.14 | 0.26 |
| EURO SCIE 4.875% PERP | EUR | 6,039,000 | 6,738,732.73 | 0.10 |
| GAZ CAPITAL 2.25% 19-07-22 | CHF | 11,545,000 | 11,043,565.60 | 0.16 |
| GAZ CAPITAL 2.949% 24-01-24 | EUR | 24,319,000 | 26,349,128.19 | 0.37 |
| GAZ CAPITAL 3.125% 17-11-23 | EUR | 13,527,000 | 14,478,221.42 | 0.20 |
| MOHAWK CAPITAL FINANCE 1.75% 12-06-27 | EUR | 10,800,000 | 11,269,958.30 | 0.15 |
| MOHAWK CAPITAL FINANCE SA E3R+0.2% 04-09-21 | EUR | 23,900,000 | 23,796,991.00 | 0.33 |
| SIX FINANCE LUXEMBOURG 0.0000010% 02-12-25 | EUR | 16,800,000 | 16,807,224.00 | 0.23 |
| TOTAL LUXEMBOURG |  |  | 355,552,803.95 | 4.94 |
| MEXICO |  |  |  |  |
| AMERICA MOVIL SAB DE CV 6.375/TV 06/09/2073 | EUR | 15,240,000 | 17,843,503.48 | 0.24 |
| PEME PET 1.875% 21-04-22 EMTN | EUR | 15,956,000 | 16,076,304.96 | 0.23 |
| PEMEX PETROLEOS MEXICAN 3.75% 16/04/2026 | EUR | 1,589,000 | 1,641,116.48 | 0.02 |
| PETROLEOS MEXICANOS 2.5% 21-08-21 | EUR | 60,743,000 | 61,534,393.92 | 0.85 |
| PETROLEOS MEXICANOS 2.75% 21/04/27 EMTN | EUR | 7,899,000 | 7,600,407.52 | 0.11 |
| PETROLEOS MEXICANOS 3.625% 24-11-25 | EUR | 26,976,000 | 27,209,645.42 | 0.38 |
| PETROLEOS MEXICANOS 3.75% 21-02-24 | EUR | 11,878,000 | 12,452,175.70 | 0.17 |
| TOTAL MEXICO |  |  | 144,357,547.48 | 2.00 |
| NORWAY |  |  |  |  |
| ADEVINTA A 2.625% 15-11-25 | EUR | 6,704,000 | 6,889,010.20 | 0.10 |
| ADEVINTA A 3.0% 15-11-27 | EUR | 2,394,000 | 2,490,801.39 | 0.04 |
| AKER BP A 2.875% 15-01-26 | USD | 9,858,000 | 8,263,762.72 | 0.11 |
| AKER BP A 4.75% 15-06-24 | USD | 13,731,000 | 11,664,239.45 | 0.16 |
| SANTANDER CONSUMER BANK AS 0.125% 11-09-24 | EUR | 10,500,000 | 10,576,831.23 | 0.15 |
| TOTAL NORWAY |  |  | 39,884,644.99 | 0.56 |
| NEW ZEALAND |  |  |  |  |
| BNZ INTL FUNDING LTD LONDON 0.375% 14-09-24 | EUR | 22,432,000 | 22,930,572.71 | 0.32 |
| TOTAL NEW ZEALAND |  |  | 22,930,572.71 | 0.32 |
| PANAMA |  |  |  |  |
| CARNIVAL CORP | EUR | 13,505,000 | 14,477,901.13 | 0.20 |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| CARNIVAL CORP | USD | 2,986,000 | 2,669,407.18 | 0.04 |
| CARNIVAL CORPORATION 10.125% 01-02-26 | EUR | 15,279,000 | 18,433,063.07 | 0.26 |
| CARNIVAL CORPORATION 11.5% 01-04-23 | USD | 26,276,000 | 25,455,749.37 | 0.35 |
| CARNIVAL CORPORATION 9.875% 01-08-27 | USD | 25,047,000 | 24,630,007.75 | 0.34 |
| TOTAL PANAMA |  |  | 85,666,128.50 | 1.19 |
| NETHERLANDS |  |  |  |  |
| CAIRN CLO VIII BV E3R+0.86% 30-10-30 | EUR | 7,400,000 | 7,406,795.83 | 0.10 |
| CAIRN CLO VIII BV E3R+1.3% 30-10-30 | EUR | 9,525,000 | 9,464,200.44 | 0.13 |
| CAIRN CLO VIII BV E3R+1.85% 30-10-30 | EUR | 4,000,000 | 3,989,067.82 | 0.06 |
| CONTI GUMMI FINANCE BV 2.125% 27-11-23 | EUR | 10,741,000 | 11,387,990.02 | 0.16 |
| DIGITAL DUTCH FINCO BV 0.125% 15-10-22 | EUR | 3,921,000 | 3,939,922.05 | 0.05 |
| DIGITAL DUTCH FINCO BV 0.625% 15-07-25 | EUR | 22,300,000 | 22,920,262.28 | 0.32 |
| DRYDEN 39 EURO CLO 2015 BV 2.05% 15-10-31 | EUR | 10,635,000 | 10,639,547.05 | 0.14 |
| DRYDEN 39 EURO CLO 2015 BV E3R+0.87% 15-10-31 | EUR | 13,329,000 | 13,319,215.04 | 0.18 |
| DRYDEN 39 EURO CLO 2015 BV E3R+1.35% 15-10-31 | EUR | 3,545,000 | 3,529,835.99 | 0.05 |
| DRYDEN 39 EURO CLO 2015 BV E3R+1.9% 15-10-31 | EUR | 9,749,000 | 9,779,425.66 | 0.13 |
| DRYDEN 56 EURO CLO 2017 BV 2.1% 15-01-32 | EUR | 9,496,000 | 9,514,805.56 | 0.13 |
| DRYDEN 56 EURO CLO 2017 BV E3R+0.81% 15-01-32 | EUR | 6,906,000 | 6,902,829.61 | 0.10 |
| DRYDEN 56 EURO CLO 2017 BV E3R+1.75% 15-01-32 | EUR | 5,413,000 | 5,319,886.84 | 0.07 |
| EXOR NV 2.25% 29-04-30 | EUR | 23,481,000 | 26,279,878.91 | 0.37 |
| FERRARI NV 0.25% 16-01-21 | EUR | 25,806,000 | 25,867,543.78 | 0.36 |
| GROSVENOR PLACE CLO 20151 BV E3R+1.2% 30-10-29 | EUR | 6,200,000 | 6,189,362.25 | 0.09 |
| IMCD NV 2.5% 26-03-25 | EUR | 16,674,000 | 17,653,940.12 | 0.25 |
| ING GROEP NV 6.875% PERP | USD | 6,100,000 | 5,299,288.96 | 0.08 |
| JUBILEE CLO 2015XV BV E3R+1.35% 12-07-28 | EUR | 1,572,000 | 1,557,006.32 | 0.02 |
| JUBILEE CLO 2017XIX BV E3R+0.8% 15-07-30 | EUR | 8,763,000 | 8,761,527.62 | 0.12 |
| JUBILEE CLO 2017XIX BV E3R+1.25% 15-07-30 | EUR | 13,774,000 | 13,661,442.70 | 0.19 |
| JUBILEE CLO 2017XIX BV E3R+1.75% 15-07-30 | EUR | 6,134,000 | 6,014,099.86 | 0.08 |
| NE PROPERTY BV 2.625% 22-05-23 | EUR | 17,402,000 | 18,411,616.36 | 0.25 |
| NEW EUROPE PROPERTY COOPERATIF 1.75% 23-11-24 | EUR | 32,986,000 | 33,943,143.01 | 0.47 |
| PENTA CLO 2015 2X ANE E3R+0.79% 04-08-28 | EUR | 11,834,000 | 7,752,939.53 | 0.11 |
| PROSUS NV | EUR | 16,013,000 | 16,843,591.02 | 0.24 |
| PROSUS NV 1.539% 03-08-28 | EUR | 25,163,000 | 26,166,135.06 | 0.36 |
| PROSUS NV 1.539% 03-08-28 EMTN | EUR | 3,890,000 | 4,043,092.82 | 0.06 |
| REPSOL INTL FINANCE BV 3.75% PERP | EUR | 21,526,000 | 23,616,494.54 | 0.33 |
| REPSOL INTL FINANCE BV 4.247% PERP | EUR | 7,201,000 | 8,043,869.16 | 0.11 |
| STELLANTIS NV 3.75% 29-03-24 | EUR | 6,101,000 | 6,886,885.69 | 0.10 |
| SYNGENTA FINANCE NV 3.375% 16-04-26 | EUR | 7,617,000 | 8,434,044.81 | 0.12 |
| TEVA PHAR FIN 1.125% 15-10-24 | EUR | 5,536,000 | 5,169,613.11 | 0.07 |
| TEVA PHAR FIN 1.25% 31-03-23 | EUR | 62,747,000 | 61,419,840.78 | 0.86 |
| TEVA PHAR FIN 1.625% 15-10-28 | EUR | 3,919,000 | 3,480,819.29 | 0.04 |
| TEVA PHARMACEUTICAL FINANCE II BV 3.25% 15-04-22 | EUR | 1,040,000 | 1,064,431.91 | 0.01 |
| TEVA PHARMACEUTICAL FINANCE II BV 6.0% 31-01-25 | EUR | 21,472,000 | 23,952,731.73 | 0.33 |
| TIKEHAU CLO III BV E3R+0.87% 01-12-30 | EUR | 11,573,000 | 11,630,658.23 | 0.16 |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| TIKEHAU CLO III BV E3R+1.4% 01-12-30 | EUR | 13,252,000 | 13,145,505.75 | 0.18 |
| TIKEHAU CLO III BV E3R+1.85% 01-12-30 | EUR | 7,951,000 | 7,721,145.42 | 0.10 |
| UPJOHN FINANCE BV 0.816% 23-06-22 | EUR | 14,000,000 | 14,256,085.32 | 0.20 |
| UPJOHN FINANCE BV 1.023% 23-06-24 | EUR | 17,200,000 | 17,851,765.96 | 0.25 |
| WINTERSHALL DEA SCHWEIZ BV 0.452% 25-09-23 | EUR | 31,500,000 | 31,832,738.38 | 0.45 |
| TOTAL NETHERLANDS |  |  | 575,065,022.59 | 7.98 |
| PORTUGAL |  |  |  |  |
| CAIXA GERAL DE DEPOSITOS 10.75% PERP | EUR | 8,400,000 | 9,277,909.67 | 0.13 |
| PORTUGAL GOVERNMENT INTERNATIONAL BOND 5.125% 15-10-24 | USD | 42,680,000 | 41,047,653.12 | 0.57 |
| TOTAL PORTUGAL |  |  | 50,325,562.79 | 0.70 |
| REPUBLIC OF KOREA |  |  |  |  |
| LG CHEM 0.5% 15-04-23 | EUR | 31,069,000 | 31,553,525.31 | 0.44 |
| POSCO REGS 0.5% 17-01-24 | EUR | 23,829,000 | 24,026,925.24 | 0.33 |
| TOTAL REPUBLIC OF KOREA |  |  | 55,580,450.55 | 0.77 |
| ROMANIA |  |  |  |  |
| GLOBALWORTH REAL ESTATE INVESTMENTS 2.95% 29-07-26 | EUR | 11,432,000 | 12,195,903.47 | 0.17 |
| GLOBALWORTH REAL ESTATE INVESTMENTS 3.0% 29-03-25 | EUR | 8,492,000 | 9,215,459.65 | 0.13 |
| ROMANIAN GOVERNMENT INTL BOND 1.375% 02-12-29 | EUR | 8,054,000 | 8,227,771.67 | 0.11 |
| ROMANIAN GOVERNMENT INTL BOND 3.375% 28-01-50 | EUR | 39,042,000 | 46,264,149.17 | 0.64 |
| ROMANIAN GOVERNMENT INTL BOND 4.625% 03-04-49 | EUR | 29,642,000 | 41,070,749.22 | 0.57 |
| ROU 3.875% 29-10-35 EMTN | EUR | 15,648,000 | 19,297,335.46 | 0.27 |
| TOTAL ROMANIA |  |  | 136,271,368.64 | 1.89 |
| UNITED KINGDOM |  |  |  |  |
| BARCLAYS 1.7% 03-11-26 | GBP | 3,064,000 | 3,548,774.18 | 0.05 |
| BP CAP MK 3.625% PERP | EUR | 9,940,000 | 11,083,984.94 | 0.15 |
| CARNIVAL 1.0% 28-10-29 | EUR | 23,648,000 | 17,134,877.56 | 0.24 |
| CHANEL CERES 0.5% 31-07-26 | EUR | 13,800,000 | 14,036,049.95 | 0.20 |
| CHANNEL LINK ENTERPRISES FINANCE PLC 1.761% 30-06-50 | EUR | 21,600,000 | 21,511,203.82 | 0.30 |
| CHANNEL LINK ENTERPRISES FINANCE PLC 2.706% 30-06-50 | EUR | 16,960,000 | 17,383,763.31 | 0.24 |
| FCE BANK 0.869% 13-09-21 EMTN | EUR | 18,029,000 | 18,070,901.87 | 0.25 |
| INFORMA 2.125% 06-10-25 EMTN | EUR | 15,570,000 | 16,511,485.91 | 0.23 |
| LLOYDS BANKING GROUP PLC | GBP | 4,654,000 | 5,468,978.52 | 0.07 |
| ROYAL BK SCOTLAND GROUP 2.0% 04-03-25 | EUR | 22,978,000 | 24,679,679.86 | 0.34 |
| SANTANDER UK GROUP E3R+0.78% 18-05-23 | EUR | 23,465,000 | 23,590,279.64 | 0.33 |
| SANTANDER UK GROUP E3R+0.85% 27-03-24 | EUR | 11,549,000 | 11,617,542.03 | 0.16 |
| SWISS RE FINANCE UK 2.714% 04-06-52 | EUR | 4,900,000 | 5,566,334.22 | 0.08 |
| VODAFONE GROUP 3.0% 27-08-80 | EUR | 7,805,000 | 8,249,195.56 | 0.12 |
| TOTAL UNITED KINGDOM |  |  | 198,453,051.37 | 2.76 |
| RUSSIA |  |  |  |  |
| GAZPROM 2.95% 15-04-25 | EUR | 28,000,000 | 30,496,418.63 | 0.42 |
| RUSSIAN FOREIGN BOND EUROBOND 1.125% 20-11-27 | EUR | 23,000,000 | 23,123,708.49 | 0.32 |
| RUSSIAN FOREIGN BOND EUROBOND 2.875% 04-12-25 | EUR | 46,300,000 | 51,383,070.87 | 0.72 |
| TOTAL RUSSIA |  |  | 105,003,197.99 | 1.46 |
| SINGAPORE |  |  |  |  |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| ICBC SGP 0.25% 25-04-22 EMTN | EUR | 13,134,000 | 13,204,812.95 | 0.18 |
| TOTAL SINGAPORE |  |  | 13,204,812.95 | 0.18 |
| SWEDEN |  |  |  |  |
| AB SAGAX 2.0% 17-01-24 | EUR | 35,600,000 | 37,909,523.74 | 0.53 |
| CASTELLUM AB 0.75% 04-09-26 | EUR | 8,004,000 | 8,069,171.75 | 0.12 |
| INTRUM JUSTITIA AB 2.75% 15-07-22 | EUR | 12,388,000 | 1,261,440.45 | 0.01 |
| INTRUM JUSTITIA AB 3.125% 15-07-24 | EUR | 9,025,000 | 9,197,665.80 | 0.12 |
| SAMHALLSBYGGNADSBOLAGET I NORDEN AB 1.0% 12-08-27 | EUR | 20,705,000 | 21,072,927.85 | 0.29 |
| SAMHALLSBYGGNADSBOLAGET I NORDEN AB 1.125% 04-09-26 | EUR | 21,460,000 | 22,213,162.22 | 0.30 |
| SAMHALLSBYGGNADSBOLAGET I NORDEN AB 2.624% PERP | EUR | 10,219,000 | 10,422,590.87 | 0.14 |
| SAMHALLSBYGGNADSBOLAGET I NORDEN AB 2.625% PERP | EUR | 18,288,000 | 18,256,739.26 | 0.26 |
| SCANIA CV AB 0.125% 13-02-23 | EUR | 15,555,000 | 15,603,637.43 | 0.22 |
| SCANIA CV AB E3R+0.5% 10-12-21 | EUR | 33,416,000 | 33,466,792.32 | 0.47 |
| SWEDBANK AB 6.0% PERP | USD | 3,600,000 | 3,092,372.20 | 0.04 |
| VOLVO TREASURY AB E3R+0.5% 09-08-21 | EUR | 23,900,000 | 23,934,296.50 | 0.33 |
| VOLVO TREASURY AB E3R+0.52% 08-02-21 | EUR | 24,100,000 | 24,105,416.48 | 0.34 |
| TOTAL SWEDEN |  |  | 228,605,736.87 | 3.17 |
| SWITZERLAND |  |  |  |  |
| UBS GROUP AG 6.875% PERP | USD | 3,983,000 | 3,471,172.50 | 0.05 |
| TOTAL SWITZERLAND |  |  | 3,471,172.50 | 0.05 |
| TOTAL Bonds and similar securities traded on a regulated or similar market |  |  | 6,696,810,098.72 | 92.96 |
| TOTAL bonds and similar securities |  |  | 6,696,810,098.72 | 92.96 |
| Debt securities |  |  |  |  |
| Debt securities traded on a regulated or similar market |  |  |  |  |
| GREECE |  |  |  |  |
| HELLENIC T-BILL ZCP 040521 | EUR | 55,000,000 | 55,043,819.47 | 0.77 |
| HELLENIC TBILL ZCP 04-06-21 | EUR | 62,500,000 | 62,553,250.19 | 0.87 |
| HELLENIC TBILL ZCP 06-04-21 | EUR | 11,000,000 | 11,007,581.47 | 0.15 |
| HELLENIC T-BILL ZCP 100921 | EUR | 48,558,000 | 48,614,490.04 | 0.67 |
| HELLENIC TBILL ZCP 10-12-21 | EUR | 50,000,000 | 50,060,574.69 | 0.70 |
| HELLENIC TBILL ZCP 12-03-21 | EUR | 29,042,000 | 29,054,826.09 | 0.40 |
| HELLENIC TBILL ZCP 26-02-21 | EUR | 66,464,000 | 66,485,723.23 | 0.92 |
| TOTAL GREECE |  |  | 322,820,265.18 | 4.48 |
| TOTAL Debt securities traded on a regulated or similar market |  |  | 322,820,265.18 | 4.48 |
| TOTAL debt securities |  |  | 322,820,265.18 | 4.48 |
| Undertakings for collective investment |  |  |  |  |
| Retail UCITS and AIFs aimed at non-professional investors and equivalent funds of other countries |  |  |  |  |
| FRANCE |  |  |  |  |
| CARMIGNAC COURT TERME | EUR | 21,627.935 | 79,990,917.60 | 1.11 |
| TOTAL FRANCE |  |  | 79,990,917.60 | 1.11 |
| TOTAL Retail UCITS and AIFs aimed at non-professional investors and equivalent funds of other countries |  |  | 79,990,917.60 | 1.11 |
| TOTAL Undertakings for collective investment |  |  | 79,990,917.60 | 1.11 |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| Forward financial instruments |  |  |  |  |
| Futures |  |  |  |  |
| Futures on regulated or similar markets |  |  |  |  |
| CBOT USUL 30A 0321 | USD | -435 | -894,362.21 | -0.02 |
| XEUR FBTP BTP 0321 | EUR | -2,074 | -1,918,568.20 | -0.02 |
| XEUR FOAT EUR 0321 | EUR | -2,641 | -1,309,881.60 | -0.02 |
| TOTAL Futures on regulated or similar markets |  |  | -4,122,812.01 | -0.06 |
| TOTAL futures |  |  | -4,122,812.01 | -0.06 |
| Options |  |  |  |  |
| Options on OTC markets |  |  |  |  |
| ITRX XOVER CDSI S24 01/2021 PUT 300 | EUR | 76,000,000 | 122,989.92 | 0.00 |
| ITRX XOVER CDSI S24 01/2021 PUT 400 | EUR | -76,000,000 | -15,466.12 | 0.00 |
| ITRX XOVER CDSI S24 02/2021 PUT 300 | EUR | 76,200,000 | 335,964.36 | 0.00 |
| ITRX XOVER CDSI S24 02/2021 PUT 300 | EUR | 76,000,000 | 335,082.56 | 0.01 |
| ITRX XOVER CDSI S24 02/2021 PUT 400 | EUR | -76,000,000 | -115,213.78 | 0.00 |
| ITRX XOVER CDSI S24 02/2021 PUT 400 | EUR | -76,200,000 | -115,516.97 | 0.00 |
| TOTAL Options on OTC markets |  |  | 547,839.97 | 0.01 |
| TOTAL Options |  |  | 547,839.97 | 0.01 |
| Other forward financial instruments |  |  |  |  |
| Interest rate swaps |  |  |  |  |
| E6R/0.0/FIX/-0.047 | EUR | 19,000,000 | -102,585.33 | 0.00 |
| E6R/0.0/FIX/-0.233 | EUR | 34,411,000 | -134,436.71 | 0.00 |
| E6R/0.0/FIX/-0.243 | EUR | 9,900,000 | -28,013.53 | 0.00 |
| NIBO6R/0.0/FIX/1.11 | NOK | 1,140,000,000 | 1,785,785.98 | 0.02 |
| NIBO6R/0.0/FIX/1.15 | NOK | 1,143,646,000 | 1,400,141.53 | 0.02 |
| PRIB6M/0.0/FIX/0.612 | CZK | 923,589,000 | 777,170.62 | 0.01 |
| PRIB6M/0.0/FIX/0.649 | CZK | 3,080,449,000 | 2,373,651.62 | 0.03 |
| WIBO6M/0.0/FIX/0.55 | PLN | 52,300,000 | 9,034.69 | 0.00 |
| WIBO6M/0.0/FIX/0.575 | PLN | 149,425,000 | -14,714.30 | 0.00 |
| WIBO6M/0.0/FIX/0.58 | PLN | 74,712,000 | -11,409.79 | 0.00 |
| WIBO6M/0.0/FIX/0.59 | PLN | 373,563,000 | -97,576.52 | 0.00 |
| WIBO6M/0.0/FIX/0.613 | PLN | 167,962,000 | -45,263.44 | 0.00 |
| WIBO6M/0.0/FIX/0.624 | PLN | 229,038,000 | -87,795.82 | 0.00 |
| TOTAL Interest rate swaps |  |  | 5,823,989.00 | 0.08 |
| Currency swaps |  |  |  |  |
| FIX/0.542/FIX/3.001 | EUR | 14,344,030 | 14,474,323.35 | 0.20 |
| FIX/0.542/FIX/3.001 | USD | 0.00 | -13,271,209.86 | -0.18 |
| TOTAL Currency swaps |  |  | 1,203,113.49 | 0.02 |
| Credit Default Swap |  |  |  |  |
| BARC BK 2.65 01-21_2 | EUR | 212,000,000 | 1,640,785.78 | 0.02 |
| CDX EM S34 V1 M | USD | -76,581,000 | 1,483,016.02 | 0.02 |
| EASYJET 1.75 02-23_2 | EUR | 11,700,000 | -676,342.42 | -0.01 |
| EASYJET 1.75 02-23_2 | EUR | 2,925,000 | -169,085.61 | 0.00 |
| ITRAXX EUR XOVER S34 | EUR | -76,581,000 | -9,214,561.17 | -0.13 |

LIST	OF	SECURITIES	OF	CARMIGNAC SECURITE	AT 31 DECEMBER 2020
| Name of securities | Currency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| TOTAL Credit Default Swaps |  |  | -6,936,187.40 | -0.10 |
| TOTAL other forward financial instruments |  |  | 90,915.09 | 0.00 |
| TOTAL Forward financial instruments |  |  | -3,484,056.95 | -0.05 |
| Margin calls |  |  |  |  |
| MARGIN CALL B.P.S.S. | EUR | 3,228,449.8 | 3,228,449.80 | 0.04 |
| MARGIN CALL B.P.S.S. | USD | 1,094,296.89 | 894,362.22 | 0.02 |
| TOTAL margin calls |  |  | 4,122,812.02 | 0.06 |
| Receivables |  |  | 624,059,964.37 | 8.66 |
| Payables |  |  | -585,983,734.10 | -8.13 |
| Financial accounts |  |  | 65,605,733.47 | 0.91 |
| Net assets |  |  | 7,203,942,000.31 | 100.00 |

| A EUR Y dis units | EUR | 2,198,276.770 | 100.49 |
| --- | --- | --- | --- |
| A EUR Acc units | EUR | 3,869,557.246 | 1,795.41 |
| A USD Acc Hdg units | USD | 346,817.905 | 125.41 |

FURTHER INFORMATION REGARDING THE COUPON’S TAX
REGIME
Coupon breakdown: A EUR Y dis units
|  | NET TOTAL | CURRENCY | NET PER UNIT | CURRENCY |
| --- | --- | --- | --- | --- |
| Income subject to non-definitive, compulsory withholding tax | 285,775.98 | EUR | 0.13 | EUR |
| Shares eligible for rebate and subject to non-definitive, compulsory withholding tax | 0.00 |  | 0.00 |  |
| Other income not eligible for rebate and subject to non- definitive, compulsory withholding tax | 1,692,673.11 | EUR | 0.77 | EUR |
| Non-declarable and non-taxable income | 0.00 |  | 0.00 |  |
| Total amount distributed on capital gains and losses | 0.00 |  | 0.00 |  |
| TOTAL | 1,978,449.09 | EUR | 0.90 | EUR |

|  |
| --- |
| CARMIGNAC GESTION |
| 24, place Vendôme – 75001 Paris |
| Tel: +33 (0)1 42 86 53 35 – Fax: +33 (0)1 42 86 52 10 |
| Portfolio management company (AMF authorisation no. GP 97-08 of 13/03/1997). |
| SA with capital of EUR 15 million - RCS Paris B 349 501 676 |
| www.carmignac.com |

Translation (ENDE, 2020-12-31):
# Rechnungslegungsgrundsätze und Bewertungsmethoden
#### Der Jahresabschluss wird in der von der Verordnung ANC Nr. 2014-01 in ihrer geltenden Fassung vorgeschriebenen Form vorgelegt.

#### Die folgenden allgemeinen Rechnungslegungsgrundsätze finden Anwendung:
- den	tatsächlichen	Verhältnissen	entsprechende	Darstellung,	Vergleichbarkeit,	Fortführung	der Unternehmenstätigkeit,
- Regelmäßigkeit, Richtigkeit,
- Vorsicht,
- Kontinuität der Bewertungsmethoden von Geschäftsjahr zu Geschäftsjahr.


#### Die Erfassung der Erträge aus festverzinslichen Wertpapieren erfolgt nach der Methode der aufgelaufenen Zinsen.

#### Wertpapierzu- und -abgänge werden ohne Kosten verbucht. Die Rechnungswährung des Portfolios ist der Euro.

#### Das Geschäftsjahr beträgt 12 Monate.

## Informationen zu den Auswirkungen der COVID-19-Krise

#### Der Jahresabschluss wurde von der Verwaltungsgesellschaft auf der Grundlage der verfügbaren Informationen im Zusammenhang in dem veränderlichen Kontext der COVID-19-Krise erstellt.

## Vorschriften zur Bewertung der Vermögenswerte
Finanzinstrumente werden in den Büchern zu den Anschaffungskosten verbucht und sind in der Bilanz zu ihrem aktuellen Wert ausgewiesen. Dieser wird anhand des letzten bekannten Marktwertes oder, in Ermangelung eines Marktes, mit Hilfe jedweder externer Mittel oder durch den Einsatz von Finanzmodellen bestimmt.
Abweichungen zwischen den zur Berechnung des Nettoinventarwerts verwendeten aktuellen Werten und den Anschaffungskosten der Wertpapiere bei ihrer Aufnahme in das Portfolio werden als „Bewertungsdifferenzen“ verbucht.
Werte, die nicht auf die Portfoliowährung lauten, werden gemäß dem nachstehend erläuterten Grundsatz bewertet. Anschließend werden sie zu dem am Bewertungstag geltenden Wechselkurs in die Portfoliowährung umgerechnet.

### EINLAGEN:

#### Einlagen mit einer Restlaufzeit von unter oder gleich 3 Monaten werden nach der linearen Methode bewertet.

### AN EINEM ORGANISIERTEN ODER GLEICHWERTIGEN MARKT GEHANDELTE AKTIEN, ANLEIHEN UND SONSTIGE WERTPAPIERE:

#### Zur Berechnung des Nettoinventarwerts werden Aktien und sonstige Wertpapiere, die an einem organisierten oder gleichwertigen Markt gehandelt werden, auf Grundlage des Tagesschlusskurses bewertet.
Anleihen und ähnliche Wertpapiere werden zu dem von verschiedenen Finanzdienstleistern übermittelten Schlusskurs bewertet. Die auf Anleihen und ähnliche Wertpapiere angefallenen Zinsen werden bis zum Tag der Feststellung des Nettoinventarwerts berechnet.

### NICHT AN EINEM ORGANISIERTEN ODER GLEICHWERTIGEN MARKT GEHANDELTE AKTIEN, ANLEIHEN UND SONSTIGE WERTPAPIERE:
Nicht an einem organisierten Markt gehandelte Wertpapiere werden unter der Verantwortung der Verwaltungsgesellschaft nach Methoden bewertet, die auf dem Vermögenswert und der Rendite basieren, unter Berücksichtigung der Preise, die zuletzt bei umfangreichen Transaktionen verwendet wurden.

### HANDELBARE FORDERUNGSPAPIERE:
Handelbare Forderungspapiere und ähnliche Wertpapiere, die nicht Gegenstand umfangreicher Transaktionen sind, werden nach einer versicherungsmathematischen Methode auf der Grundlage eines nachstehend definierten Referenzzinssatzes bewertet, der gegebenenfalls entsprechend den intrinsischen Merkmalen des Emittenten erhöht wird:
- Handelbare Forderungspapiere mit einer Laufzeit von unter oder gleich 1 Jahr: Interbankensatz in Euro (Euribor)
- Handelbare Forderungspapiere mit einer Laufzeit von über 1 Jahr: Zinssätze französischer Schatzanweisungen mit jährlichem Zinskupon (BTAN) oder französischer Staatsschuldverschreibungen (OAT) mit naher Fälligkeit für die längsten Laufzeiten.


#### Handelbare Forderungspapiere mit einer Restlaufzeit von weniger oder gleich 3 Monaten können nach der linearen Methode bewertet werden.

#### Französische Schatzwechsel werden auf Grundlage des täglich von der Banque de France oder den Spezialisten für Schatzwechsel veröffentlichten Marktpreises bewertet.

### GEHALTENE OGA:

#### Anteile von OGA werden zum letzten bekannten Nettoinventarwert bewertet.

### BEFRISTETE WERTPAPIERTRANSAKTIONEN:

#### In Pension genommene Wertpapiere werden auf der Aktivseite unter „Forderungen aus in Pension genommenen Wertpapieren“ zu dem im Vertrag vorgesehenen Betrag zuzüglich aufgelaufener Zinsen verbucht.
In Pension gegebene Wertpapiere werden zu ihrem aktuellen Wert im Kaufportfolio verbucht. Die Verbindlichkeiten aus in Pension gegebenen Wertpapieren werden zu dem im Vertrag festgelegten Betrag zuzüglich aufgelaufener Zinsverbindlichkeiten im Verkaufsportfolio verbucht.
Verliehene Wertpapiere werden zu ihrem aktuellen Preis bewertet und auf der Aktivseite unter „Forderungen aus verliehenen Wertpapieren“ zum aktuellen Wert zuzüglich ausstehender aufgelaufener Zinsen verbucht.
Entliehene Wertpapiere werden auf der Aktivseite unter „Entliehene Wertpapiere“ zu dem im Vertrag festgelegten Betrag erfasst und auf der Passivseite unter „Verbindlichkeiten aus entliehenen Wertpapieren“ zu dem im Vertrag festgelegten Betrag zuzüglich zahlbarer aufgelaufener Zinsverbindlichkeiten verbucht.

### TERMINFINANZINSTRUMENTE:

#### An einem organisierten oder gleichwertigen Markt gehandelte Terminfinanzinstrumente:

#### An einem organisierten oder gleichwertigen Markt gehandelte Terminfinanzinstrumente werden zum Tagesabrechnungskurs bewertet.

#### Nicht an einem organisierten oder gleichwertigen Markt gehandelte Terminfinanzinstrumente:

##### Swaps:
Zinsswaps und/oder Währungsswaps werden zu ihrem Marktwert bewertet, der durch Abzinsung zukünftiger Zahlungsströme zu den am Markt herrschenden Zinssätzen und/oder Wechselkursen berechnet wird. Dieser Wert wird um das Ausfallrisiko korrigiert.

#### Indexswaps werden nach einer versicherungsmathematischen Methode auf der Grundlage eines von dem Kontrahenten bereitgestellten Referenzzinssatzes bewertet.

#### Sonstige Swaps werden zu ihrem Marktwert oder zu einem geschätzten Wert entsprechend den von der Verwaltungsgesellschaft festgelegten Modalitäten bewertet.

##### Außerbilanzielle Geschäfte:

#### Fixe Termingeschäfte werden als außerbilanzielle Geschäfte zu ihrem Marktwert auf Grundlage des im Portfolio angewandten Kurses ausgewiesen.

#### Bedingte Termingeschäfte werden zu ihrem entsprechenden Basiswert bewertet.

#### Swapgeschäfte werden zu ihrem Nennwert oder, in Ermangelung eines Nennwertes, mit einem gleichwertigen Betrag ausgewiesen.

#### Finanzinstrumente
| BEZEICHNUNG | BESCHREIBUNG |
| --- | --- |
| XEUR FOAT EUR 0321 | Futures auf EUREX OAT FRENCH |
| XEUR FBTP BTP 0321 | Futures auf EUREX BTP |
| CBOT USUL 30A 0321 | Futures auf CBOT US ULT |
| WIBO6M/0.0/FIX/0.575 | Zinsswap |
| WIBO6M/0.0/FIX/0.59 | Zinsswap |
| NIBO6R/0.0/FIX/1.11 | Zinsswap |
| PRIB6M/0.0/FIX/0.649 | Zinsswap |
| WIBO6M/0.0/FIX/0.58 | Zinsswap |
| WIBO6M/0.0/FIX/0.55 | Zinsswap |
| PRIB6M/0.0/FIX/0.612 | Zinsswap |
| WIBO6M/0.0/FIX/0.624 | Zinsswap |
| E6R/0.0/FIX/-0.243 | Zinsswap |
| E6R/0.0/FIX/-0.233 | Zinsswap |
| E6R/0.0/FIX/-0.047 | Zinsswap |
| WIBO6M/0.0/FIX/0.613 | Zinsswap |
| NIBO6R/0.0/FIX/1.15 | Zinsswap |
| FIX/0,542/FIX/3,001 | Devisen-Swap |
| ITRX XOVER CDSI S24 02/2021 PUT 300 | Swaption |
| ITRX XOVER CDSI S24 02/2021 PUT 400 | Swaption |
| ITRX XOVER CDSI S24 01/2021 PUT 300 | Swaption |
| ITRX XOVER CDSI S24 01/2021 PUT 400 | Swaption |
| ITRX XOVER CDSI S24 02/2021 PUT 400 | Swaption |
| ITRX XOVER CDSI S24 02/2021 PUT 300 | Swaption |
| BARC BK 2.65 01-21_2 | Credit Default Swap (CDS) |
| EASYJET 1,75 02-23_2 | Credit Default Swap (CDS) |
| CDX EM S34 V1 M | Credit Default Swap (CDS) |
| ITRAXX EUR XOVER S34 | Credit Default Swap (CDS) |
| EASYJET 1,75 02-23_2 | Credit Default Swap (CDS) |


## Verwaltungsgebühren

#### Die Verwaltungs- und Betriebskosten decken alle Kosten in Bezug auf den OGA ab: finanzielle und administrative Verwaltung, Buchführung, Verwahrung, Vertrieb, Prüfungskosten usw.

#### Diese Gebühren werden in der Ergebnisrechnung des OGA verbucht.

#### Die Verwaltungsgebühren umfassen nicht die Transaktionskosten. Weitere Angaben zu den Kosten, die dem OGA effektiv in Rechnung gestellt werden, enthält der Verkaufsprospekt.

#### Sie werden bei jeder Berechnung des Nettoinventarwerts pro rata temporis erfasst.

#### Bei der Kumulierung dieser Kosten wird der im Verkaufsprospekt oder den Vertragsbedingungen des folgenden Fonds angegebene maximale Kostensatz in % des Nettovermögens eingehalten:
FR0011269083 – A EUR Y dis: Maximaler Kostensatz von 1% inkl. Steuern FR0011269109 – A USD Acc Hdg: Maximaler Kostensatz von 1% inkl. Steuern FR0010149120 – A EUR Acc: Maximaler Kostensatz von 1% inkl. Steuern

## Verwendung der ausschüttungsfähigen Beträge

### DEFINITION DER AUSSCHÜTTUNGSFÄHIGEN BETRÄGE:

#### Die ausschüttungsfähigen Beträge bestehen aus:

### DAS ERGEBNIS:
Das Nettoergebnis des Geschäftsjahres entspricht dem Betrag der Zinsen, rückständigen Zinsen, Aufgelder und Gewinne aus Losanleihen, Dividenden, Sitzungsgelder sowie aller sonstigen Erlöse im Zusammenhang mit den Wertpapieren des Portfolios erhöht um den Betrag der momentan verfügbaren Beträge, abzüglich des Betrags der Verwaltungskosten und die Kosten für Kreditaufnahmen.

#### Es erhöht sich um den Vortrag auf neue Rechnung und erhöht bzw. vermindert sich um die abgegrenzten Erträge im abgelaufenen Geschäftsjahr.

### GEWINNE UND VERLUSTE:
Die im Laufe des Geschäftsjahres verbuchten realisierten Nettogewinne, abzüglich Kosten, vermindert um die realisierten Nettoverluste, abzüglich Kosten, erhöht um die Nettogewinne derselben Art aus vorangegangenen Geschäftsjahren, auf die keine Ausschüttung oder Thesaurierung erfolgt ist, und vermindert oder erhöht um die Rechnungsabgrenzungsposten der Gewinne.

#### VERWENDUNG DER AUSSCHÜTTUNGSFÄHIGEN BETRÄGE:
| Anteil(e) | Verwendung der Nettoerträge | Verwendung der realisierten Nettogewinne oder -verluste |
| --- | --- | --- |
| Anteile A EUR Acc | Thesaurierung | Thesaurierung |
| Anteile A EUR Y dis | Ausschüttung oder Vortrag nach Ermessen der Verwaltungsgesellschaft | Ausschüttung oder Vortrag nach Ermessen der Verwaltungsgesellschaft |
| Anteile A USD Acc Hdg | Thesaurierung | Thesaurierung |

ENTWICKLUNG	DES	NETTOVERMÖGENS	–	CARMIGNAC SECURITE
|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| NETTOVERMÖGEN ZU BEGINN DES GESCHÄFTSJAHRES | 8.307.316.488,57 | 10.896.857.381,79 |
| Zeichnungen (einschließlich der dem OGA zugeflossenen Ausgabeaufschläge) | 1.662.708.385,02 | 1.648.372.954,57 |
| Rücknahmen (abzüglich der dem OGA zugeflossenen Rücknahmegebühren) | -2.891.783.143,77 | -4.558.263.970,22 |
| Realisierte Gewinne aus Einlagen und Finanzinstrumenten | 266.793.879,39 | 214.748.921,25 |
| Realisierte Verluste aus Einlagen und Finanzinstrumenten | -94.004.026,19 | -180.215.226,30 |
| Realisierte Gewinne aus Terminfinanzinstrumenten | 337.241.651,13 | 389.522.285,83 |
| Realisierte Verluste aus Terminfinanzinstrumenten | -393.783.755,18 | -537.173.462,78 |
| Transaktionskosten | -11.484.569,77 | -7.220.442,44 |
| Wechselkursdifferenzen | -55.906.345,44 | 5.966.866,91 |
| Veränderung der Bewertungsdifferenz bei Einlagen und Finanzinstrumenten | 6.832.989,63 | 333.062.349,10 |
| Bewertungsdifferenz Geschäftsjahr N | 149.190.932,09 | 142.357.942,46 |
| Bewertungsdifferenz Geschäftsjahr N-1 | -142.357.942,46 | 190.704.406,64 |
| Veränderung der Bewertungsdifferenz bei Terminfinanzinstrumenten | 3.571.122,22 | 36.363.633,95 |
| Bewertungsdifferenz Geschäftsjahr N | -5.672.990,23 | -9.244.112,45 |
| Bewertungsdifferenz Geschäftsjahr N-1 | 9.244.112,45 | 45.607.746,40 |
| Ausschüttung des vorangegangenen Geschäftsjahres auf Nettogewinne und -verluste | 0,00 | 0,00 |
| Ausschüttung des vorangegangenen Geschäftsjahres auf das Ergebnis | -1.790.241,52 | -3.628.656,91 |
| Nettoergebnis des Geschäftsjahres vor Rechnungsabgrenzung | 68.229.566,22 | 68.923.853,82 |
| Während des Geschäftsjahres gezahlte Abschlagszahlungen auf Nettogewinne und - verluste | 0,00 | 0,00 |
| Während des Geschäftsjahres gezahlte Abschlagszahlungen auf das Ergebnis | 0,00 | 0,00 |
| Sonstige Elemente | 0,00 | 0,00 |
| NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES | 7.203.942.000,31 | 8.307.316.488,57 |

AUFGLIEDERUNG NACH DER RECHTLICHEN ODER WIRTSCHAFTLICHEN ART DER FINANZINSTRUMENTE – CARMIGNAC SECURITE
|  | Betrag | % |
| --- | --- | --- |
| AKTIVA |  |  |
| ANLEIHEN UND ÄHNLICHE WERTPAPIERE |  |  |
| An einem organisierten oder gleichwertigen Markt gehandelte festverzinsliche Anleihen | 5.473.793.326,43 | 75,98 |
| An einem organisierten oder gleichwertigen Markt gehandelte Anleihen mit variablem/revidierbarem Zinssatz | 666.489.047,64 | 9,25 |
| An einem organisierten oder gleichwertigen Markt gehandelte Mortgages | 556.527.724,65 | 7,73 |
| ANLEIHEN UND ÄHNLICHE WERTPAPIERE INSGESAMT | 6.696.810.098,72 | 92,96 |
| FORDERUNGSPAPIERE |  |  |
| Schatzanweisungen | 322.820.265,18 | 4,48 |
| FORDERUNGSPAPIERE INSGESAMT | 322.820.265,18 | 4,48 |
| PASSIVA |  |  |
| ABTRETUNGEN VON FINANZINSTRUMENTEN |  |  |
| ABTRETUNGEN VON FINANZINSTRUMENTEN INSGESAMT | 0,00 | 0,00 |
| AUẞERBILANZIELLE POSTEN |  |  |
| ABSICHERUNGSGESCHÄFTE |  |  |
| Anleihen | 139.170.187,22 | 1,93 |
| Zinsen | 821.898.000,00 | 11,41 |
| ABSICHERUNGSGESCHÄFTE INSGESAMT | 961.068.187,22 | 13,34 |
| SONSTIGE TRANSAKTIONEN |  |  |
| Aktien | 66.890.000,00 | 0,93 |
| Währungsprodukte | 14.344.030,00 | 0,20 |
| Anleihen | 226.625.000,00 | 3,14 |
| Zinsen | 676.037.933,60 | 9,39 |
| SONSTIGE TRANSAKTIONEN INSGESAMT | 983.896.963,60 | 13,66 |

AUFGLIEDERUNG NACH DER ART DER ZINSSÄTZE DER AKTIV-
, PASSIV- UND AUẞERBILANZIELLEN POSTEN – CARMIGNAC SECURITE
|  | Fester Zinssatz | % | Variabler Zinssatz | % | Revidierbarer Zinssatz | % | Sonstige | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AKTIVA |  |  |  |  |  |  |  |  |
| Einlagen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Anleihen und ähnliche Wertpapiere | 5.539.258.977,64 | 76,89 | 0,00 | 0,00 | 1.157.551.121,08 | 16,07 | 0,00 | 0,00 |
| Forderungspapiere | 322.820.265,18 | 4,48 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Befristete Wertpapiertransaktionen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 75.733.031,04 | 1,05 |
| PASSIVA |  |  |  |  |  |  |  |  |
| Befristete Wertpapiertransaktionen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 10.127.297,57 | 0,14 |
| AUẞERBILANZIELLE POSTEN |  |  |  |  |  |  |  |  |
| Absicherungsgeschäfte | 821.898.000,00 | 11,41 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Sonstige Transaktionen | 676.037.933,60 | 9,38 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |

AUFGLIEDERUNG NACH DER RESTLAUFZEIT DER AKTIV-, PASSIV- UND AUẞERBILANZIELLEN POSTEN – CARMIGNAC SECURITE
|  | < 3 Monate | % | ]3 Monate – 1 Jahr] | % | ]1 -3 Jahre] | % | ]3 -5 Jahre] | % | > 5 Jahre | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AKTIVA |  |  |  |  |  |  |  |  |  |  |
| Einlagen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Anleihen und ähnliche Wertpapiere | 65.285.099,19 | 0,91 | 356.779.320,75 | 4,95 | 1.339.054.026,02 | 18,59 | 1.489.738.215,9 6 | 20,68 | 3.445.953.436,80 | 47,83 |
| Forderungspapiere | 95.540.549,32 | 1,33 | 227.279.715,86 | 3,15 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Befristete Wertpapiertransaktio nen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 75.733.031,04 | 1,05 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| PASSIVA |  |  |  |  |  |  |  |  |  |  |
| Befristete Wertpapiertransaktio nen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Finanzkonten | 10.127.297,57 | 0,14 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| AUẞERBILANZIELLE POSTEN |  |  |  |  |  |  |  |  |  |  |
| Absicherungsgeschäft e | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 821.898.000,00 | 11,41 |
| Sonstige Transaktionen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 382.123.227,72 | 5,30 | 293.914.705,88 | 4,08 |

(*) Die Zinsterminpositionen sind nach der Fälligkeit des Basiswerts aufgeführt.
AUFGLIEDERUNG NACH DER NOTIERUNGS- ODER BEWERTUNGSWÄHRUNG DER AKTIV-, PASSIV- UND AUẞERBILANZIELLEN POSTEN – CARMIGNAC SECURITE
|  | Währung 1 | Währung 2 |  | Währung 3 | Währung N |
| --- | --- | --- | --- | --- | --- |
| PLN |  | NOK |  | CZK |  | SONSTIGE(S) |
| Betrag | % | Betrag | % | Betrag | % | Betrag | % |
| AKTIVA |  |  |  |  |  |  |  |  |
| Einlagen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Aktien und ähnliche Wertpapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Anleihen und ähnliche Wertpapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 538.650.211,01 | 7,48 |
| Forderungspapiere | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| OGA | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Befristete Wertpapiertransaktionen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Forderungen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 41.358.509,72 | 0,57 |
| Finanzkonten | 311.854,30 | 0,00 | 2.943.612,03 | 0,04 | 3.125.640,31 | 0,04 | 927,87 | 0,00 |
| PASSIVA |  |  |  |  |  |  |  |  |
| Abtretungen von Finanzinstrumenten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Befristete Wertpapiertransaktionen | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Verbindlichkeiten | 312.885,91 | 0,00 | 2.943.612,83 | 0,04 | 3.127.006,73 | 0,04 | 521.169.896,27 | 7,23 |
| Finanzkonten | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 3.902.566,28 | 0,05 |
| AUẞERBILANZIELLE POSTEN |  |  |  |  |  |  |  |  |
| Absicherungsgeschäfte | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 62.589.187,22 | 0,87 |
| Sonstige Transaktionen | 229.658.145,44 | 3,19 | 217.988.354,28 | 3,03 | 152.465.082,28 | 2,12 | 90.270.381,60 | 1,25 |

FORDERUNGEN UND VERBINDLICHKEITEN: AUFGLIEDERUNG NACH DER ART – CARMIGNAC SECURITE
|  | Art der Verbindlichkeit/Forderung | 31.12.2020 |
| --- | --- | --- |
| FORDERUNGEN | Devisenterminkäufe | 37.956.155,91 |
|  | Forderungen aus Devisenterminverkäufen | 523.750.162,40 |
|  | Forderungen aus Zeichnungen | 14.571.652,93 |
|  | Garantiedepots in bar | 17.573.250,90 |
|  | Sicherheiten | 30.208.742,23 |
| FORDERUNGEN INSGESAMT |  | 624.059.964,37 |
| VERBINDLICHKEITEN | Devisenterminverkäufe | 521.163.077,62 |
|  | Verbindlichkeiten aus Devisenterminkäufen | 38.100.554,94 |
|  | Verbindlichkeiten aus Rücknahmen | 8.517.584,43 |
|  | Fixe Verwaltungsgebühr | 1.319.031,58 |
|  | Sicherheiten | 16.213.505,47 |
|  | Sonstige Verbindlichkeiten | 669.980,06 |
| VERBINDLICHKEITEN INSGESAMT |  | 585.983.734,10 |
| FORDERUNGEN UND VERBINDLICHKEITEN INSGESAMT |  | 38.076.230,27 |

ANZAHL DER AUSGEGEBENEN ODER ZURÜCKGENOMMENEN WERTPAPIERE – CARMIGNAC SECURITE
|  | Anteile | Betrag |
| --- | --- | --- |
| Anteil A EUR Acc |  |  |
| Im Geschäftsjahr gezeichnete Anteile | 923.694,351 | 1.618.162.048,33 |
| Im Geschäftsjahr zurückgenommene Anteile | -1.590.024,769 | -2.776.741.209,11 |
| Nettosaldo der Zeichnungen/Rücknahmen | -666.330,418 | -1.158.579.160,78 |
| Anzahl der am Ende des Geschäftsjahres im Umlauf befindlichen Anteile | 3.869.557,246 |  |
| Anteil A EUR Y dis |  |  |
| Im Geschäftsjahr gezeichnete Anteile | 413.037,690 | 40.809.246,75 |
| Im Geschäftsjahr zurückgenommene Anteile | -890.502,483 | -87.394.032,49 |
| Nettosaldo der Zeichnungen/Rücknahmen | -477.464,793 | -46.584.785,74 |
| Anzahl der am Ende des Geschäftsjahres im Umlauf befindlichen Anteile | 2.198.276,770 |  |
| Anteil A USD Acc Hdg |  |  |
| Im Geschäftsjahr gezeichnete Anteile | 35.047,992 | 3.737.089,94 |
| Im Geschäftsjahr zurückgenommene Anteile | -255.486,126 | -27.647.902,17 |
| Nettosaldo der Zeichnungen/Rücknahmen | -220.438,134 | -23.910.812,23 |
| Anzahl der am Ende des Geschäftsjahres im Umlauf befindlichen Anteile | 346.817,905 |  |

AUSGABEAUFSCHLÄGE UND/ODER RÜCKNAHMEGEBÜHREN
– CARMIGNAC SECURITE
|  | Betrag |
| --- | --- |
| Anteil A EUR Acc |  |
| Erhaltene Gebühren insgesamt | 0,00 |
| Erhaltener Ausgabeaufschlag | 0,00 |
| Erhaltene Rücknahmegebühren | 0,00 |
| Anteil A EUR Y dis |  |
| Erhaltene Gebühren insgesamt | 0,00 |
| Erhaltener Ausgabeaufschlag | 0,00 |
| Erhaltene Rücknahmegebühren | 0,00 |
| Anteil A USD Acc Hdg |  |
| Erhaltene Gebühren insgesamt | 0,00 |
| Erhaltener Ausgabeaufschlag | 0,00 |
| Erhaltene Rücknahmegebühren | 0,00 |

VERWALTUNGSGEBÜHREN – CARMIGNAC SECURITE
|  | 31.12.2020 |
| --- | --- |
| Anteile A EUR Acc |  |
| Garantieprovisionen | 0,00 |
| Fixe Verwaltungsgebühren | 58.192.126,38 |
| Prozentsatz der fixen Verwaltungsgebühren | 0,80 |
| Variable Verwaltungsgebühren | 0,00 |
| Rückübertragene Verwaltungsgebühren | 0,00 |
| Anteil A EUR Y dis |  |
| Garantieprovisionen | 0,00 |
| Fixe Verwaltungsgebühren | 1.873.938,19 |
| Prozentsatz der fixen Verwaltungsgebühren | 0,80 |
| Variable Verwaltungsgebühren | 0,00 |
| Rückübertragene Verwaltungsgebühren | 0,00 |
| Anteile A USD Acc Hdg |  |
| Garantieprovisionen | 0,00 |
| Fixe Verwaltungsgebühren | 340.096,34 |
| Prozentsatz der fixen Verwaltungsgebühren | 0,80 |
| Variable Verwaltungsgebühren | 0,00 |
| Rückübertragene Verwaltungsgebühren | 0,00 |

ERHALTENE UND GELEISTETE SICHERHEITEN – CARMIGNAC SECURITE

## Vom OGA erhaltene Garantien
Keine.

## Sonstige erhaltene und/oder geleistete Sicherheiten:
Keine.
BÖRSENWERT DER WERTPAPIERE, DIE GEGENSTAND EINES BEFRISTETEN ERWERBS SIND – CARMIGNAC SECURITE
|  | 31.12.2020 |
| --- | --- |
| In Pension genommene, gelieferte Wertpapiere | 0,00 |
| Entliehene Wertpapiere | 0,00 |

BÖRSENWERT	DER	ALS	SICHERHEIT	HINTERLEGTEN WERTPAPIERE – CARMIGNAC SECURITE
|  | 31.12.2020 |
| --- | --- |
| Als Sicherheit geleistete und in ihrem ursprünglichen Posten beibehaltene Finanzinstrumente | 0,00 |
| Als Sicherheit erhaltene und nicht in der Bilanz ausgewiesene Finanzinstrumente | 0,00 |

IM	PORTFOLIO	BEFINDLICHE	FINANZINSTRUMENTE	DER GRUPPE – CARMIGNAC SECURITE
|  | ISIN-Code | Bezeichnung | 31.12.2020 |
| --- | --- | --- | --- |
| Aktien | FR0010149161 | CARMIGNAC COURT TERME | 0,00 |
| Anleihen | 0,00 |
| Handelbare Forderungspapiere | 0,00 |
| OGA | 79.990.917,60 |
|  | 79.990.917,60 |
| Terminfinanzinstrumente | 0,00 |
| Wertpapiere der Gruppe insgesamt | 79.990.917,60 |

TABELLE ZUR VERWENDUNG DES ANTEILS DER DEM ERGEBNIS ZUZUSCHREIBENDEN AUSSCHÜTTUNGSFÄHIGEN BETRÄGE – CARMIGNAC SECURITE
|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| Zu verwendendes Ergebnis |  |  |
| Saldovortrag | 11.855,56 | 16.971,60 |
| Ergebnis | 64.056.160,21 | 61.614.186,78 |
| Gesamt | 64.068.015,77 | 61.631.158,38 |

|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| Anteile A EUR Acc |  |  |
| Verwendung |  |  |
| Vertrieb | 0,00 | 0,00 |
| Saldovortrag des Geschäftsjahres | 0,00 | 0,00 |
| Thesaurierung | 61.753.218,89 | 59.186.497,92 |
| Gesamt | 61.753.218,89 | 59.186.497,92 |

|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| Anteil A EUR Y dis |  |  |
| Verwendung |  |  |
| Vertrieb | 1.978.449,09 | 1.980.048,76 |
| Saldovortrag des Geschäftsjahres | 1.067,29 | 14.430,55 |
| Thesaurierung | 0,00 | 0,00 |
| Gesamt | 1.979.516,38 | 1.994.479,31 |
| Informationen über Ausschüttungsanteile |  |  |
| Anzahl der Anteile | 2.198.276,770 | 2.675.741,563 |
| Ausschüttung je Anteil | 0,90 | 0,74 |
| Steuergutschrift |  |  |
| Steuergutschrift in Verbindung mit der Ausschüttung des Ergebnisses | 463,79 | 0,00 |

|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| Anteile A USD Acc Hdg |  |  |
| Verwendung |  |  |
| Vertrieb | 0,00 | 0,00 |
| Saldovortrag des Geschäftsjahres | 0,00 | 0,00 |
| Thesaurierung | 335.280,50 | 450.181,15 |
| Gesamt | 335.280,50 | 450.181,15 |

TABELLE ZUR VERWENDUNG DES ANTEILS DER DEN GEWINNEN UND VERLUSTEN ZUZUSCHREIBENDEN AUSSCHÜTTUNGSFÄHIGEN BETRÄGE – CARMIGNAC SECURITE
|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| Zu verwendendes Ergebnis |  |  |
| Nicht ausgeschüttete frühere Nettogewinne und -verluste | 0,00 | 0,00 |
| Nettogewinne und -verluste des Geschäftsjahres | 85.668.313,39 | -103.763.157,09 |
| Abschlagszahlungen auf Nettogewinne und -verluste des Geschäftsjahres | 0,00 | 0,00 |
| Gesamt | 85.668.313,39 | -103.763.157,09 |

|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| Anteile A EUR Acc |  |  |
| Verwendung |  |  |
| Vertrieb | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 0,00 | 0,00 |
| Thesaurierung | 85.420.005,30 | -102.876.021,56 |
| Gesamt | 85.420.005,30 | -102.876.021,56 |

|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| Anteil A EUR Y dis |  |  |
| Verwendung |  |  |
| Vertrieb | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 2.711.549,34 | 0,00 |
| Thesaurierung | -0,00 | -3.445.592,55 |
| Gesamt | 2.711.549,34 | -3.445.592,55 |

|  | 31.12.2020 | 31.12.2019 |
| --- | --- | --- |
| Anteile A USD Acc Hdg |  |  |
| Verwendung |  |  |
| Vertrieb | 0,00 | 0,00 |
| Nicht ausgeschüttete Nettogewinne und -verluste | 0,00 | 0,00 |
| Thesaurierung | -2.463.241,25 | 2.558.457,02 |
| Gesamt | -2.463.241,25 | 2.558.457,02 |

ERGEBNISAUFSTELLUNG UND ANDERE CHARAKTERISTISCHE MERKMALE DER LETZTEN 5 GESCHÄFTSJAHRE – CARMIGNAC SECURITE
|  | 30.12.2016 | 29.12.2017 | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- | --- |
| Netto-Gesamtvermögen in EUR | 12.266.066.346,98 | 13.381.238.882,51 | 10.896.857.381,79 | 8.307.316.488,57 | 7.203.942.000,31 |
| Anteile A EUR Acc EUR |  |  |  |  |  |
| Nettovermögen | 11.854.992.688,87 | 12.859.288.674,31 | 10.437.085.361,42 | 7.980.418.809,50 | 6.947.469.868,19 |
| Anzahl der Titel | 6.771.755,023 | 7.342.629,220 | 6.144.195,251 | 4.535.887,664 | 3.869.557,246 |
| Nettoinventarwert pro Anteil | 1.750,65 | 1.751,31 | 1.698,69 | 1.759,39 | 1.795,41 |
| Thesaurierung je Anteil auf Nettogewinne/- verluste | 2,71 | -10,88 | -50,99 | -22,68 | 22,07 |
| Thesaurierung je Anteil auf das Ergebnis | 21,42 | 17,33 | 18,94 | 13,04 | 15,95 |
| Anteile A EUR Y dis EUR |  |  |  |  |  |
| Nettovermögen | 298.266.244,43 | 433.549.942,89 | 377.731.334,80 | 265.561.678,39 | 220.924.094,65 |
| Anzahl der Titel | 2.920.988,705 | 4.263.377,574 | 3.897.985,076 | 2.675.741,563 | 2.198.276,770 |
| Nettoinventarwert pro Anteil | 102,11 | 101,69 | 96,90 | 99,24 | 100,49 |
| Nicht ausgeschüttete Nettogewinne und - verluste je Anteil | 0,15 | 0,00 | 0,00 | 0,00 | 1,23 |
| Thesaurierung je Anteil auf Nettogewinne/- verluste | 0,00 | -0,47 | -2,89 | -1,28 | 0,00 |
| Ausschüttung je Anteil auf das Ergebnis (*) | 0,46 | 1,80 | 1,09 | 0,74 | 0,90 |
| Steuergutschrift je Anteil | 0,00 | 0,00 | 0,00 | 0,00 | (*) |
| Saldovortrag je Anteil auf das Ergebnis | 0,80 | 0,00 | 0,00 | 0,00 | 0,00 |
| Anteile A USD Acc Hdg USD |  |  |  |  |  |
| Nettovermögen | 118.983.619,58 | 106.151.038,58 | 93.784.809,71 | 68.849.660,76 | 43.494.801,25 |
| Anzahl der Titel | 1.057.573,496 | 925.663,007 | 822.892,294 | 567.256,039 | 346.817,905 |
| Nettoinventarwert pro Anteil | 112,50 | 114,67 | 113,96 | 121,37 | 125,41 |
| Thesaurierung je Anteil auf Nettogewinne/- verluste | 6,83 | -11,73 | 3,24 | 4,51 | -7,10 |
| Thesaurierung je Anteil auf das Ergebnis | 1,23 | 0,99 | 1,05 | 0,79 | 0,96 |

(*) Gemäß den geltenden gesetzlichen Bestimmungen wird die Steuergutschrift pro Anteil erst am Datum der Ausschüttung festgelegt.
BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| Anleihen und ähnliche Wertpapiere |  |  |  |  |
| An einem organisierten oder gleichwertigen Markt gehandelte Anleihen und ähnliche Wertpapiere |  |  |  |  |
| DEUTSCHLAND |  |  |  |  |
| BAYER 0.375% 06-07-24 | EUR | 19.400.000 | 19.712.342,66 | 0,27 |
| MUNICH RE 1.25% 26-05-41 | EUR | 12.900.000 | 13.461.235,71 | 0,19 |
| SANTANDER CONSUMER BANK AG 0,75% 17-10-22 | EUR | 10.600.000 | 10.791.264,66 | 0,15 |
| SCHAEFFLER AG 1,125% 26-03-22 | EUR | 9.084.000 | 9.262.766,28 | 0,13 |
| VOLKSWAGEN FINANCIAL SERVICES AG 0,625% 01-04-22 | EUR | 39.506.000 | 40.063.129,31 | 0,55 |
| VOLKSWAGEN LEASING 0,25% 16-02-21 | EUR | 4.010.000 | 4.021.781,84 | 0,06 |
| VOLKSWAGEN LEASING E3R+0,45% 06-07-21 | EUR | 22.900.000 | 22.929.312,00 | 0,33 |
| VOLKSWAGEN LEASING E3R+0.58% 16-11-22 | EUR | 38.300.000 | 38.385.047,28 | 0,53 |
| DEUTSCHLAND INSGESAMT |  |  | 158.626.879,74 | 2,21 |
| AUSTRALIEN |  |  |  |  |
| BHP BILL FINA 5,625% 22-10-79 | EUR | 25.070.000 | 29.601.608,55 | 0,41 |
| AUSTRALIEN INSGESAMT |  |  | 29.601.608,55 | 0,41 |
| ÖSTERREICH |  |  |  |  |
| ERST GROU BA 8.875% PERP EMTN | EUR | 18.200.000 | 19.726.582,00 | 0,27 |
| OMV AG 2.5% PERP | EUR | 7.800.000 | 8.201.038,07 | 0,11 |
| OMV AG 2.875% PERP | EUR | 4.200.000 | 4.463.128,56 | 0,06 |
| RAIFFEISEN BANK INTERNATIONAL AG 6.125% PERP | EUR | 7.800.000 | 8.160.349,50 | 0,12 |
| ÖSTERREICH INSGESAMT |  |  | 40.551.098,13 | 0,56 |
| BELGIEN |  |  |  |  |
| ARGE SPAA 3,875% 24-05-26 | EUR | 3.900.000 | 4.052.463,29 | 0,05 |
| KBC GROUPE 4.25% PERP | EUR | 9.200.000 | 9.739.196,84 | 0,14 |
| BELGIEN INSGESAMT |  |  | 13.791.660,13 | 0,19 |
| KAIMANINSELN |  |  |  |  |
| CARLYLE GLOBAL MARKET STR2016 2 X E3R+1,7% 18-01-30 A2 | EUR | 9.846.000 | 9.873.321,22 | 0,13 |
| KAIMANINSELN INSGESAMT |  |  | 9.873.321,22 | 0,13 |
| KANADA |  |  |  |  |
| BANK OF NOVA SCOTIA TORONTO 0,5% 30-04-24 | EUR | 12.129.000 | 12.433.494,39 | 0,17 |
| ONTARIO TEACHERS FINANCE TRUST 0.05% 25-11-30 | EUR | 9.919.000 | 9.966.374,77 | 0,14 |
| KANADA INSGESAMT |  |  | 22.399.869,16 | 0,31 |
| DÄNEMARK |  |  |  |  |
| DANSKE BA 5,875% PERP EMTN | EUR | 11.453.000 | 12.174.567,63 | 0,17 |
| DANSKE BK 0,5% 27-08-25 | EUR | 26.982.000 | 27.238.046,24 | 0,38 |
| DANSKE BK 1,375% 24-05-23 | EUR | 66.152.000 | 68.036.253,63 | 0,95 |
| DANSKE BK 1,625% 15-03-24 EMTN | EUR | 13.594.000 | 14.450.327,96 | 0,20 |
| DANSKE BK 3,001% 20-09-22 | USD | 15.800.000 | 13.237.727,17 | 0,18 |
| NYKREDIT 0,25% 20-01-23 EMTN | EUR | 7.808.000 | 7.879.970,56 | 0,10 |
| DÄNEMARK INSGESAMT |  |  | 143.016.893,19 | 1,98 |
| SPANIEN |  |  |  |  |
| BANCO DE BADELL 0.875% 05-03-23 | EUR | 11.300.000 | 11.594.936,97 | 0,16 |
| BANCO DE BADELL 1.75% 10-05-24 | EUR | 15.400.000 | 16.140.383,48 | 0,23 |
| BANCO DE SABADELL SA 0.0625% 07-11-25 | EUR | 12.500.000 | 12.628.503,42 | 0,18 |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| BANCO DE SABADELL SA 6.5% PERP | EUR | 14.400.000 | 14.481.550,96 | 0,20 |
| BANKIA 0,875% 25-03-24 | EUR | 13.600.000 | 14.086.147,84 | 0,19 |
| BANKIA 1,0% 25-06-24 EMTN | EUR | 13.100.000 | 13.579.133,40 | 0,18 |
| BANKIA 1.125% 12-11-26 | EUR | 15.400.000 | 16.110.546,51 | 0,23 |
| BANKIA SA 3.375% 15-03-27 | EUR | 12.300.000 | 13.002.820,32 | 0,18 |
| BANKIA SA 3,75% 15-02-29 EMTN | EUR | 11.900.000 | 13.234.456,25 | 0,19 |
| BANKINTER 0,875% 08-07-26 EMTN | EUR | 6.200.000 | 6.432.308,05 | 0,09 |
| BANKINTERSA 2,5% 06-04-27 | EUR | 16.600.000 | 17.291.674,25 | 0,24 |
| BBVA 5,875% PERP | EUR | 7.800.000 | 8.185.775,00 | 0,11 |
| BBVA 6.0% PERP | EUR | 11.200.000 | 12.551.443,13 | 0,17 |
| CAIXABANK 0.625% 01-10-24 EMTN | EUR | 7.600.000 | 7.750.889,15 | 0,10 |
| CAIXABANK 1.75% 24-10-23 EMTN | EUR | 7.700.000 | 8.103.056,50 | 0,11 |
| FERROVIAL EMISIONES 1,382% 14-05-26 | EUR | 21.100.000 | 22.637.782,16 | 0,32 |
| INTL CONSOLIDATED AIRLINES GROU 0,5% 04-07-23 | EUR | 16.100.000 | 15.074.015,37 | 0,21 |
| NT CONS FIN 0.375% 17-01-25 | EUR | 7.800.000 | 7.945.407,98 | 0,11 |
| NT CONS FIN E3R+0,6% 10-07-21 | EUR | 23.500.000 | 23.552.327,97 | 0,33 |
| SPANIEN INSGESAMT |  |  | 254.383.158,71 | 3,53 |
| VEREINIGTE STAATEN |  |  |  |  |
| ATHENE GLOBAL FUNDING 1,875% 23-06-23 | EUR | 31.257.000 | 33.003.281,49 | 0,45 |
| BOEING 5,15% 01-05-30 | USD | 16.424.000 | 16.387.160,67 | 0,23 |
| BOEING 5,705% 01-05-40 | USD | 22.286.000 | 23.882.151,93 | 0,33 |
| EXPEDIA GROUP 6,25% 01-05-25 | USD | 4.500.000 | 4.311.409,01 | 0,06 |
| EXXON MOBIL 0,142% 26-06-24 | EUR | 20.010.000 | 20.235.229,54 | 0,28 |
| FIDELITY NATL INFORMATION SCES 0,75% 21-05-23 | EUR | 27.929.000 | 28.636.594,61 | 0,40 |
| FISERV 0,375% 01-07-23 | EUR | 8.278.000 | 8.402.016,91 | 0,12 |
| FORD MOTOR COMPANY 8,5% 21-04-23 | USD | 64.303.000 | 60.121.096,25 | 0,83 |
| FORD MOTOR COMPANY 9,0% 22-04-25 | USD | 56.498.000 | 57.391.033,65 | 0,80 |
| GOLDMAN SACHS 4,75% 10/21 | EUR | 10.980.000 | 11.495.968,25 | 0,15 |
| HONEYWELL INTL 0,0% 10-03-24 | EUR | 14.300.000 | 14.381.152,50 | 0,20 |
| HP ENTERPRISE 4,45% 02-10-23 | USD | 29.400.000 | 26.747.280,05 | 0,37 |
| HP ENTERPRISE 4,65% 01-10-24 | USD | 14.300.000 | 13.423.237,98 | 0,18 |
| LIBERTY MUTUAL GROUP 3,625% 23-05-59 | EUR | 21.341.000 | 22.507.702,24 | 0,31 |
| MEDTRONIC GLOBAL HOLDINGS SCA 0.0% 15-10-25 | EUR | 17.664.000 | 17.746.755,84 | 0,25 |
| NETFLIX 3,625% 15-06-30 | EUR | 33.283.000 | 38.071.721,06 | 0,53 |
| STANDARD INDUSTRIES 2,25% 21-11-26 | EUR | 14.225.000 | 14.487.934,51 | 0,20 |
| STRYKER CORP 0,25% 03-12-24 | EUR | 40.804.000 | 41.335.922,06 | 0,58 |
| SYSCO 1,25% 23-06-23 | EUR | 37.011.000 | 38.305.360,86 | 0,54 |
| THE PRIC GRP 2,15% 25-11-22 | EUR | 7.833.000 | 8.147.299,66 | 0,11 |
| VEREINIGTE STAATEN VON AMERIKA INSGESAMT |  |  | 499.020.309,07 | 6,92 |
| FINNLAND |  |  |  |  |
| NESTE OYJ 2,125% 17-03-22 | EUR | 23.900.000 | 24.774.057,38 | 0,34 |
| SATO OYJ 2,375% 24-03-21 | EUR | 4.799.000 | 4.896.490,04 | 0,07 |
| FINNLAND INSGESAMT |  |  | 29.670.547,42 | 0,41 |
| FRANKREICH |  |  |  |  |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| ACCOR 1.25% 25-01-24 | EUR | 7.600.000 | 7.899.416,74 | 0,11 |
| ACCOR 3.625% 17-09-23 | EUR | 7.600.000 | 8.130.743,40 | 0,12 |
| ACCOR 4,375% PERP | EUR | 20.700.000 | 21.322.154,10 | 0,30 |
| AIRBUS GROUP SE 1,375% 09-06-26 | EUR | 15.617.000 | 16.740.658,13 | 0,23 |
| ALD 0.375% 18-07-23 EMTN | EUR | 7.600.000 | 7.684.678,05 | 0,11 |
| ALD 0.375% 19-10-23 EMTN | EUR | 12.400.000 | 12.523.148,99 | 0,17 |
| BNP 2,875% 20/03/2026 | EUR | 18.303.000 | 18.831.887,75 | 0,26 |
| BNP PARIBAS FIX PERP | EUR | 3.850.000 | 4.106.745,39 | 0,05 |
| BQ POSTALE 0.875% 26-01-31 | EUR | 8.800.000 | 8.901.526,08 | 0,13 |
| BUREAU VERITAS 3.125% 21/01/21 | EUR | 6.200.000 | 6.393.867,05 | 0,09 |
| BURE VERI 1,25% 07-09-23 | EUR | 13.700.000 | 14.171.068,87 | 0,20 |
| CASA 6,50% PERP | EUR | 24.770.000 | 25.454.202,44 | 0,35 |
| COVIVIO SA 1,625% 17-10-24 | EUR | 17.189.000 | 18.133.134,08 | 0,26 |
| DEXGRP 0.01 01/22/27 | EUR | 13.800.000 | 14.044.533,36 | 0,20 |
| FIRMENICH PRODUCTIONS PARTICIPATIONS SAS 1,375% 30-10-26 | EUR | 13.302.000 | 14.277.222,46 | 0,20 |
| FIRMENICH PRODUCTIONS PARTICIPATIONS SAS 1,75% 30-04-30 | EUR | 11.072.000 | 12.458.727,05 | 0,17 |
| FRAN E3R+0,57% 28-06-21 | EUR | 29.200.000 | 29.212.014,18 | 0,40 |
| IPNFP 1 7/8 06/16/23 | EUR | 7.600.000 | 7.860.285,42 | 0,11 |
| IPSOS 2,875% 21-09-25 | EUR | 23.400.000 | 23.887.873,97 | 0,33 |
| JCDECAUX 2,0% 24-10-24 | EUR | 15.700.000 | 16.728.978,00 | 0,23 |
| ORPEA 2.625% 10-03-25 EMTN | EUR | 3.300.000 | 3.520.018,46 | 0,04 |
| PSA BANQUE FRANCE 0,5% 12-04-22 | EUR | 9.678.000 | 9.797.438,45 | 0,14 |
| RENAULT CREDIT INTL BANQUE 0,75% 10-04-23 | EUR | 30.034.000 | 30.571.096,38 | 0,42 |
| RENAULT CREDIT INTL BANQUE 1,375% 08-03-24 | EUR | 21.880.000 | 22.669.963,91 | 0,31 |
| SG 1,25% 15-02-24 EMTN | EUR | 16.100.000 | 16.897.589,60 | 0,23 |
| SOCIETE FONCIERE FINANCIERE ET DE PARTIC 1,875% 30-10-26 | EUR | 7.900.000 | 7.629.557,57 | 0,11 |
| SOCI FONC LYO 1,875% 26-11-21 | EUR | 38.300.000 | 38.888.471,63 | 0,54 |
| SOCI FONC LYO 2,25% 16-11-22 | EUR | 14.300.000 | 14.878.752,34 | 0,20 |
| TIKEHAU CAPITAL 3,0% 27-11-23 | EUR | 25.300.000 | 26.731.106,63 | 0,37 |
| TOTAL SE 2.0% PERP | EUR | 14.227.000 | 14.870.910,12 | 0,21 |
| WORLDLINE 0,25% 18-09-24 | EUR | 22.500.000 | 22.740.110,45 | 0,32 |
| WORLDLINE 0,5% 30-06-23 EMTN | EUR | 18.700.000 | 19.044.623,07 | 0,27 |
| FRANKREICH INSGESAMT |  |  | 517.002.504,12 | 7,18 |
| GRIECHENLAND |  |  |  |  |
| HELLENIC REPUBLIC GOVERNMENT BOND 1,5% 18-06-30 | EUR | 15.309.000 | 16.667.218,67 | 0,24 |
| HELLENIC REPUBLIC GOVERNMENT BOND 1.875% 04-02-35 | EUR | 5.261.000 | 6.044.563,42 | 0,08 |
| HELLENIC REPUBLIC GOVERNMENT BOND 1,875% 23-07-26 | EUR | 122.458.000 | 134.871.861,02 | 1,87 |
| HELLENIC REPUBLIC GOVERNMENT BOND 3,375% 15-02-25 | EUR | 46.183.000 | 53.820.248,64 | 0,74 |
| HELLENIC REPUBLIC GOVERNMENT BOND 3.45% 02-04-24 | EUR | 30.741.000 | 35.066.926,16 | 0,49 |
| HELLENIC REPUBLIC GOVERNMENT BOND 3,5% 30-01-23 | EUR | 113.491.322 | 125.698.367,97 | 1,74 |
| HELLENIC REPUBLIC GOVERNMENT BOND 4,375% 01-08-22 | EUR | 11.660.000 | 12.711.189,73 | 0,18 |
| GRIECHENLAND INSGESAMT |  |  | 384.880.375,61 | 5,34 |
| IRLAND |  |  |  |  |
| ADAGIO V CLO DAC E3R+1,75% 15-10-31 | EUR | 7.500.000 | 7.529.005,00 | 0,11 |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| ADAGIO VI CLO DAC E3R+1,25% 30-04-31 | EUR | 10.355.000 | 10.266.115,67 | 0,14 |
| AIB GROUP 4,263% 10-04-25 EMTN | USD | 13.234.000 | 11.922.772,58 | 0,16 |
| AIB GROUP 6,25% PERP | EUR | 7.000.000 | 7.773.900,00 | 0,11 |
| AVOCA XIV E3R+0,81% 12-01-31 | EUR | 17.665.000 | 17.667.406,39 | 0,24 |
| BAIN CAPITAL EURO CLO 20182 DAC E3R+1,0% 20-01-32 | EUR | 31.854.000 | 31.922.037,29 | 0,45 |
| BLACK DIAMOND CLO E3R+0,86% 20-01-32 | EUR | 9.500.000 | 9.495.049,02 | 0,14 |
| BLACK DIAMOND CLO E3R+1,4% 20-01-32 | EUR | 16.300.000 | 16.308.171,91 | 0,22 |
| BLACK DIAMOND CLO E3R+1,95% 20-01-32 | EUR | 8.200.000 | 8.111.815,83 | 0,11 |
| BLACKROCK EUROPEAN CLO IV DAC 2,05% 15-07-30 | EUR | 16.761.000 | 16.748.004,45 | 0,23 |
| BLACKROCK EUROPEAN CLO IV DAC E3R+0,85% 15-07-30 | EUR | 20.730.000 | 20.784.325,74 | 0,29 |
| CARLYLE GLOBAL MKT EURO CLO 20152 E3R+0,73% 21-09-29 | EUR | 23.235.000 | 18.460.788,30 | 0,26 |
| FCA BANK SPA IRISH BRANCH 0,5% 13-09-24 | EUR | 6.782.000 | 6.869.465,04 | 0,09 |
| FCA BANK SPA IRISH BRANCH 0.5% 18-09-23 | EUR | 15.374.000 | 15.552.079,36 | 0,22 |
| FCA BANK SPA IRISH BRANCH 0,625% 24-11-22 | EUR | 24.413.000 | 24.707.766,91 | 0,34 |
| GLG EURO CLO II DAC E3R+1,7% 15-01-30 | EUR | 7.707.000 | 7.671.187,46 | 0,11 |
| HARVEST CLO XII E3R+0,87% 18-11-30 | EUR | 6.614.000 | 6.630.295,00 | 0,10 |
| HARVEST CLO XII E3R+1,35% 18-11-30 | EUR | 5.446.000 | 5.440.865,04 | 0,07 |
| HARVEST CLO XII E3R+1,85% 18-11-30 | EUR | 2.866.000 | 2.784.596,37 | 0,04 |
| HARVEST CLO XV 1,7% 22-11-30 | EUR | 21.000.000 | 21.162.665,07 | 0,29 |
| HARVEST CLO XVI E3R+1,75% 15-10-31 | EUR | 10.098.000 | 10.168.337,96 | 0,14 |
| HARVEST CLO XVI E3R+2,5% 15-10-31 | EUR | 4.660.000 | 4.683.539,37 | 0,07 |
| HARVT VIII E3R+1,15% 15-01-31 | EUR | 4.900.000 | 4.828.842,04 | 0,06 |
| HARVT VIII E3R+1,65% 15-01-31 | EUR | 2.600.000 | 2.510.173,79 | 0,04 |
| IRELAND GOVERNMENT BOND 0.2% 18-10-30 | EUR | 304.995.270,71 | 320.569.206,61 | 4,45 |
| OAK HILL EUROPEAN CREDIT PARTN E3R+1,75% 20-10-31 | EUR | 9.709.000 | 9.722.668,11 | 0,13 |
| OCP EURO CLO 20172 DAC E3R+0,82% 15-01-32 | EUR | 5.823.000 | 5.817.914,20 | 0,08 |
| OCP EURO CLO 20172 DAC E3R+1,35% 15-01-32 | EUR | 8.627.000 | 8.594.081,29 | 0,12 |
| OCP EURO CLO 20172 DAC E3R+1,8% 15-01-32 | EUR | 3.020.000 | 2.978.655,66 | 0,04 |
| OCP EURO CLO 20172 DAC E3R+5,0% 15-01-32 | EUR | 5.176.000 | 5.053.306,09 | 0,07 |
| ORWELL PARK E3R+0,78% 18-07-29 | EUR | 16.876.000 | 12.852.335,27 | 0,18 |
| ORWELL PARK E3R+1,45% 18-07-29 | EUR | 2.660.000 | 2.664.266,61 | 0,03 |
| PENTA CLO 3 DESIGNATED ACTIVIT E3R+0,85% 17-04-30 | EUR | 12.791.000 | 12.815.182,52 | 0,18 |
| PENTA CLO 3 DESIGNATED ACTIVIT E3R+1,9% 17-04-30 | EUR | 4.411.000 | 4.387.285,53 | 0,06 |
| PROVIDUS CLO E3R+1,01% 15-07-31 | EUR | 7.680.000 | 7.701.182,04 | 0,11 |
| RYANAIR 2.875% 15-09-25 EMTN | EUR | 18.170.000 | 19.695.406,35 | 0,27 |
| ST PAULS CLO IV DAC 2,05% 25-04-30 | EUR | 7.400.000 | 7.400.629,08 | 0,11 |
| ST PAULS CLO IV DAC E3R+0,85% 25-04-30 | EUR | 12.190.000 | 12.204.962,95 | 0,17 |
| ST PAULS CLO IV DAC E3R+1,3% 25-04-30 | EUR | 7.000.000 | 6.908.925,64 | 0,10 |
| ST PAULS CLO IV DAC E3R+1,85% 25-04-30 | EUR | 6.650.000 | 6.456.428,62 | 0,09 |
| ST PAULS CLO IX DAC E3R+0,82% 15-11-30 | EUR | 24.000.000 | 23.935.725,67 | 0,33 |
| TORO EUROPEAN CLO 2 E3R+1,65% 15-10-30 | EUR | 5.064.000 | 5.079.213,05 | 0,07 |
| TYMON PARK CLO E3R+1,45% 21-01-29 | EUR | 4.500.000 | 4.400.710,25 | 0,06 |
| WILLOW PARK CLO DAC E3R+0,84% 15-01-31 | EUR | 9.926.000 | 9.924.692,31 | 0,13 |
| WILLOW PARK CLO DAC E3R+1,35% 15-01-31 | EUR | 12.274.000 | 12.225.945,11 | 0,17 |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| WILLOW PARK CLO DAC E3R+1,8% 15-01-31 | EUR | 6.176.000 | 6.057.774,21 | 0,09 |
| IRLAND INSGESAMT |  |  | 797.445.702,76 | 11,07 |
| ISLAND |  |  |  |  |
| ARION BANK 0.625% 27-05-24 | EUR | 14.950.000 | 14.965.963,73 | 0,21 |
| ISLAND INSGESAMT |  |  | 14.965.963,73 | 0,21 |
| ITALIEN |  |  |  |  |
| ATLANTIA EX AUTOSTRADE 1,625% 03-02-25 | EUR | 2.324.000 | 2.357.506,11 | 0,03 |
| AUTOSTRADE PER L ITALILIA 2.0% 04-12-28 | EUR | 28.889.000 | 29.175.533,37 | 0,41 |
| AUTOSTRADE PER L ITALIA SPA 4,375% 16-09-25 EMTN | EUR | 12.056.000 | 13.753.361,76 | 0,19 |
| CASSA DEP 1.5% 21-06-24 EMTN | EUR | 17.800.000 | 18.896.960,36 | 0,27 |
| CASSA DEP 1.875% 07-02-26 EMTN | EUR | 7.700.000 | 8.494.443,08 | 0,12 |
| CASSA DEP 2.7% 28-06-26 | EUR | 36.214.000 | 38.480.634,26 | 0,53 |
| CDEP 1 09/21/28 | EUR | 32.100.000 | 33.360.056,92 | 0,47 |
| DAVIDE CAMPARI MILANO 1.25% 06-10-27 | EUR | 23.040.000 | 23.955.297,14 | 0,33 |
| ENI 2.625% PERP | EUR | 38.459.000 | 40.467.178,83 | 0,56 |
| FINEBANK BANCA FINE 5,875% PERP | EUR | 3.972.000 | 4.249.727,15 | 0,06 |
| INTE 1.0% 04-07-24 EMTN | EUR | 15.551.000 | 16.125.819,28 | 0,22 |
| INTE E3R+1.61% 03-03-23 EMTN | EUR | 13.500.000 | 13.837.482,00 | 0,19 |
| ISPIM 2 1/8 08/30/23 | EUR | 3.733.000 | 3.971.434,38 | 0,06 |
| ITAL BUON POL 1,6% 01-06-26 | EUR | 194.664.000 | 211.788.292,60 | 2,94 |
| ITALIE 3.50% 01/03/2030 | EUR | 114.670.000 | 147.691.212,64 | 2,05 |
| ITALIE 6 7/8% 23 | USD | 69.650.000 | 67.241.539,25 | 0,93 |
| ITALY 2.375% 17-10-24 | USD | 53.876.000 | 46.612.430,83 | 0,65 |
| ITALY BUONI POLIENNALI DEL TESORO 0.5% 01-02-26 | EUR | 95.733.000 | 98.421.484,41 | 1,36 |
| ITALY BUONI POLIENNALI DEL TESORO 0.95% 15-09-27 | EUR | 190.412.000 | 200.566.524,68 | 2,79 |
| ITALY CERT DI CREDITO DEL TESOROCCT E6R+0.5% 15-04-26 | EUR | 190.523.000 | 191.263.891,02 | 2,66 |
| ITALY CERT DI CREDITO DEL TESOROCCT E6R+1.85% 15-01-25 | EUR | 192.472.000 | 204.962.855,38 | 2,84 |
| ITALY GOVERNMENT INTL BOND 1.25% 17-02-26 | USD | 61.066.000 | 49.882.600,25 | 0,69 |
| MEDIOBANCABCA CREDITO FINANZ 1.125% 15-07-25 | EUR | 7.644.000 | 7.980.397,26 | 0,11 |
| MEDIOBANCABCA CREDITO FINANZ 1,125% 23-04-25 | EUR | 10.422.000 | 10.791.755,51 | 0,15 |
| MEDIOBANCABCA CREDITO FINANZ 1,625% 07-01-25 | EUR | 14.166.000 | 15.203.534,87 | 0,21 |
| MEDIOBANCABCA CREDITO FINANZ L3RUSD+0.5% 04-03-22 | USD | 2.266.000 | 1.834.799,84 | 0,02 |
| MONTE PASCHI 0,875% 08-10-26 | EUR | 33.001.000 | 34.930.521,00 | 0,48 |
| SOCIETA PER LA GESTIONE DI ATTIVITA 1.375% 27-01-25 | EUR | 8.351.000 | 8.812.756,00 | 0,12 |
| SOCIETA PER LA GESTIONE DI ATTIVITA 1.5% 17-07-23 | EUR | 61.317.000 | 64.029.265,10 | 0,89 |
| SOCIETA PER LA GESTIONE DI ATTIVITA 2.25% 17-07-27 | EUR | 53.291.000 | 58.771.858,90 | 0,82 |
| UBI BANCA UNIONE DI BANCHE ITALIANE 1,0% 22-07-22 | EUR | 5.477.000 | 5.598.098,35 | 0,08 |
| UNICREDIT 0.5% 09-04-25 EMTN | EUR | 7.661.000 | 7.795.583,31 | 0,11 |
| UNICREDIT 2.0% 23-09-29 EMTN | EUR | 11.438.000 | 11.406.243,88 | 0,16 |
| UNICREDIT 2.2% 22-07-27 EMTN | EUR | 12.400.000 | 13.306.635,34 | 0,18 |
| UNICREDIT SPA 6,75% PERP | EUR | 3.901.000 | 4.065.802,81 | 0,06 |
| ITALIEN INSGESAMT |  |  | 1.710.083.517,87 | 23,74 |
| JAPAN |  |  |  |  |
| ASAHI BREWERIES 0.155% 23-10-24 | EUR | 13.838.000 | 13.930.150,65 | 0,20 |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| MERCEDESBENZ FINANCE 0,0% 21-08-22 | EUR | 39.200.000 | 39.282.124,00 | 0,55 |
| NIDEC 0,487% 27-09-21 | EUR | 3.896.000 | 3.912.340,78 | 0,05 |
| JAPAN INSGESAMT |  |  | 57.124.615,43 | 0,80 |
| LUXEMBURG |  |  |  |  |
| ACTAVIS FUNDING SCS 0,5% 01-06-21 | EUR | 35.028.000 | 35.101.954,66 | 0,49 |
| ALTICE FIN 4,75% 15-01-28 | EUR | 16.277.000 | 16.156.477,86 | 0,22 |
| ALTICE FRANCE 8,0% 15-05-27 | EUR | 22.151.000 | 24.358.371,76 | 0,34 |
| BECTON DICKINSON EURO FINANCE SARL 0,174% 04-06-21 | EUR | 30.809.000 | 30.883.555,67 | 0,43 |
| BECTON DICKINSON EURO FINANCE SARL 0,632% 04-06-23 | EUR | 20.853.000 | 21.240.088,81 | 0,29 |
| BLACKSTONE PROPERTY PARTNERS 0,5% 12-09-23 | EUR | 27.986.000 | 28.325.619,69 | 0,39 |
| COMMUNAUTE EUROPEAN BRU 0.0% 04-07-35 | EUR | 19.052.000 | 19.598.411,36 | 0,28 |
| EUROFINS SCIENTIFIC 2,125% 25-07-24 | EUR | 12.634.000 | 13.565.226,18 | 0,19 |
| EUROFINS SCIENTIFIC 2,875% PERP | EUR | 18.735.000 | 19.374.743,79 | 0,27 |
| EUROFINS SCIENTIFIC 3,75% 17-07-26 | EUR | 15.080.000 | 17.978.620,79 | 0,24 |
| EURO SCIE 3,375% 30-01-23 | EUR | 16.895.000 | 18.485.912,14 | 0,26 |
| EURO SCIE 4,875% PERP | EUR | 6.039.000 | 6.738.732,73 | 0,10 |
| GAZ CAPITAL 2.25% 19-07-22 | CHF | 11.545.000 | 11.043.565,60 | 0,16 |
| GAZ CAPITAL 2,949% 24-01-24 | EUR | 24.319.000 | 26.349.128,19 | 0,37 |
| GAZ CAPITAL 3,125% 17-11-23 | EUR | 13.527.000 | 14.478.221,42 | 0,20 |
| MOHAWK CAPITAL FINANCE 1,75% 12-06-27 | EUR | 10.800.000 | 11.269.958,30 | 0,15 |
| MOHAWK CAPITAL FINANCE SA E3R+0,2% 04-09-21 | EUR | 23.900.000 | 23.796.991,00 | 0,33 |
| SIX FINANCE LUXEMBOURG 0.0000010% 02-12-25 | EUR | 16.800.000 | 16.807.224,00 | 0,23 |
| LUXEMBURG INSGESAMT |  |  | 355.552.803,95 | 4,94 |
| MEXIKO |  |  |  |  |
| AMERICA MOVIL SAB DE CV 6,375/TV 06/09/2073 | EUR | 15.240.000 | 17.843.503,48 | 0,24 |
| PEME PET 1,875% 21-04-22 EMTN | EUR | 15.956.000 | 16.076.304,96 | 0,23 |
| PEMEX PETROLEOS MEXICAN 3,75% 16/04/2026 | EUR | 1.589.000 | 1.641.116,48 | 0,02 |
| PETROLEOS MEXICANOS 2,5% 21-08-21 | EUR | 60.743.000 | 61.534.393,92 | 0,85 |
| PETROLEOS MEXICANOS 2,75% 21/04/27 EMTN | EUR | 7.899.000 | 7.600.407,52 | 0,11 |
| PETROLEOS MEXICANOS 3,625% 24-11-25 | EUR | 26.976.000 | 27.209.645,42 | 0,38 |
| PETROLEOS MEXICANOS 3,75% 21-02-24 | EUR | 11.878.000 | 12.452.175,70 | 0,17 |
| MEXIKO INSGESAMT |  |  | 144.357.547,48 | 2,00 |
| NORWEGEN |  |  |  |  |
| ADEVINTA A 2.625% 15-11-25 | EUR | 6.704.000 | 6.889.010,20 | 0,10 |
| ADEVINTA A 3.0% 15-11-27 | EUR | 2.394.000 | 2.490.801,39 | 0,04 |
| AKER BP A 2.875% 15-01-26 | USD | 9.858.000 | 8.263.762,72 | 0,11 |
| AKER BP A 4,75% 15-06-24 | USD | 13.731.000 | 11.664.239,45 | 0,16 |
| SANTANDER CONSUMER BANK AS 0,125% 11-09-24 | EUR | 10.500.000 | 10.576.831,23 | 0,15 |
| NORWEGEN INSGESAMT |  |  | 39.884.644,99 | 0,56 |
| NEUSEELAND |  |  |  |  |
| BNZ INTL FUNDING LTD LONDON 0,375% 14-09-24 | EUR | 22.432.000 | 22.930.572,71 | 0,32 |
| NEUSEELAND INSGESAMT |  |  | 22.930.572,71 | 0,32 |
| PANAMA |  |  |  |  |
| CARNIVAL CORP | EUR | 13.505.000 | 14.477.901,13 | 0,20 |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| CARNIVAL CORP | USD | 2.986.000 | 2.669.407,18 | 0,04 |
| CARNIVAL CORPORATION 10.125% 01-02-26 | EUR | 15.279.000 | 18.433.063,07 | 0,26 |
| CARNIVAL CORPORATION 11,5% 01-04-23 | USD | 26.276.000 | 25.455.749,37 | 0,35 |
| CARNIVAL CORPORATION 9.875% 01-08-27 | USD | 25.047.000 | 24.630.007,75 | 0,34 |
| PANAMA INSGESAMT |  |  | 85.666.128,50 | 1,19 |
| NIEDERLANDE |  |  |  |  |
| CAIRN CLO VIII BV E3R+0,86% 30-10-30 | EUR | 7.400.000 | 7.406.795,83 | 0,10 |
| CAIRN CLO VIII BV E3R+1,3% 30-10-30 | EUR | 9.525.000 | 9.464.200,44 | 0,13 |
| CAIRN CLO VIII BV E3R+1,85% 30-10-30 | EUR | 4.000.000 | 3.989.067,82 | 0,06 |
| CONTI GUMMI FINANCE BV 2.125% 27-11-23 | EUR | 10.741.000 | 11.387.990,02 | 0,16 |
| DIGITAL DUTCH FINCO BV 0,125% 15-10-22 | EUR | 3.921.000 | 3.939.922,05 | 0,05 |
| DIGITAL DUTCH FINCO BV 0.625% 15-07-25 | EUR | 22.300.000 | 22.920.262,28 | 0,32 |
| DRYDEN 39 EURO CLO 2015 BV 2,05% 15-10-31 | EUR | 10.635.000 | 10.639.547,05 | 0,14 |
| DRYDEN 39 EURO CLO 2015 BV E3R+0,87% 15-10-31 | EUR | 13.329.000 | 13.319.215,04 | 0,18 |
| DRYDEN 39 EURO CLO 2015 BV E3R+1,35% 15-10-31 | EUR | 3.545.000 | 3.529.835,99 | 0,05 |
| DRYDEN 39 EURO CLO 2015 BV E3R+1,9% 15-10-31 | EUR | 9.749.000 | 9.779.425,66 | 0,13 |
| DRYDEN 56 EURO CLO 2017 BV 2,1% 15-01-32 | EUR | 9.496.000 | 9.514.805,56 | 0,13 |
| DRYDEN 56 EURO CLO 2017 BV E3R+0,81% 15-01-32 | EUR | 6.906.000 | 6.902.829,61 | 0,10 |
| DRYDEN 56 EURO CLO 2017 BV E3R+1,75% 15-01-32 | EUR | 5.413.000 | 5.319.886,84 | 0,07 |
| EXOR NV 2,25% 29-04-30 | EUR | 23.481.000 | 26.279.878,91 | 0,37 |
| FERRARI NV 0,25% 16-01-21 | EUR | 25.806.000 | 25.867.543,78 | 0,36 |
| GROSVENOR PLACE CLO 20151 BV E3R+1,2% 30-10-29 | EUR | 6.200.000 | 6.189.362,25 | 0,09 |
| IMCD NV 2,5% 26-03-25 | EUR | 16.674.000 | 17.653.940,12 | 0,25 |
| ING GROEP NV 6.875% PERP | USD | 6.100.000 | 5.299.288,96 | 0,08 |
| JUBILEE CLO 2015XV BV E3R+1,35% 12-07-28 | EUR | 1.572.000 | 1.557.006,32 | 0,02 |
| JUBILEE CLO 2017XIX BV E3R+0,8% 15-07-30 | EUR | 8.763.000 | 8.761.527,62 | 0,12 |
| JUBILEE CLO 2017XIX BV E3R+1,25% 15-07-30 | EUR | 13.774.000 | 13.661.442,70 | 0,19 |
| JUBILEE CLO 2017XIX BV E3R+1,75% 15-07-30 | EUR | 6.134.000 | 6.014.099,86 | 0,08 |
| NE PROPERTY BV 2,625% 22-05-23 | EUR | 17.402.000 | 18.411.616,36 | 0,25 |
| NEW EUROPE PROPERTY COOPERATIF 1,75% 23-11-24 | EUR | 32.986.000 | 33.943.143,01 | 0,47 |
| PENTA CLO 2015 2X ANE E3R+0,79% 04-08-28 | EUR | 11.834.000 | 7.752.939,53 | 0,11 |
| PROSUS NV | EUR | 16.013.000 | 16.843.591,02 | 0,24 |
| PROSUS NV 1.539% 03-08-28 | EUR | 25.163.000 | 26.166.135,06 | 0,36 |
| PROSUS NV 1.539% 03-08-28 EMTN | EUR | 3.890.000 | 4.043.092,82 | 0,06 |
| REPSOL INTL FINANCE BV 3,75% PERP | EUR | 21.526.000 | 23.616.494,54 | 0,33 |
| REPSOL INTL FINANCE BV 4.247% PERP | EUR | 7.201.000 | 8.043.869,16 | 0,11 |
| STELLANTIS NV 3.75% 29-03-24 | EUR | 6.101.000 | 6.886.885,69 | 0,10 |
| SYNGENTA FINANCE NV 3.375% 16-04-26 | EUR | 7.617.000 | 8.434.044,81 | 0,12 |
| TEVA PHAR FIN 1,125% 15-10-24 | EUR | 5.536.000 | 5.169.613,11 | 0,07 |
| TEVA PHAR FIN 1,25% 31-03-23 | EUR | 62.747.000 | 61.419.840,78 | 0,86 |
| TEVA PHAR FIN 1,625% 15-10-28 | EUR | 3.919.000 | 3.480.819,29 | 0,04 |
| TEVA PHARMACEUTICAL FINANCE II BV 3,25% 15-04-22 | EUR | 1.040.000 | 1.064.431,91 | 0,01 |
| TEVA PHARMACEUTICAL FINANCE II BV 6,0% 31-01-25 | EUR | 21.472.000 | 23.952.731,73 | 0,33 |
| TIKEHAU CLO III BV E3R+0,87% 01-12-30 | EUR | 11.573.000 | 11.630.658,23 | 0,16 |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| TIKEHAU CLO III BV E3R+1,4% 01-12-30 | EUR | 13.252.000 | 13.145.505,75 | 0,18 |
| TIKEHAU CLO III BV E3R+1,85% 01-12-30 | EUR | 7.951.000 | 7.721.145,42 | 0,10 |
| UPJOHN FINANCE BV 0,816% 23-06-22 | EUR | 14.000.000 | 14.256.085,32 | 0,20 |
| UPJOHN FINANCE BV 1,023% 23-06-24 | EUR | 17.200.000 | 17.851.765,96 | 0,25 |
| WINTERSHALL DEA SCHWEIZ BV 0,452% 25-09-23 | EUR | 31.500.000 | 31.832.738,38 | 0,45 |
| NIEDERLANDE INSGESAMT |  |  | 575.065.022,59 | 7,98 |
| PORTUGAL |  |  |  |  |
| CAIXA GERAL DE DEPOSITOS 10,75% PERP | EUR | 8.400.000 | 9.277.909,67 | 0,13 |
| PORTUGAL GOVERNMENT INTERNATIONAL BOND 5.125% 15-10- 24 | USD | 42.680.000 | 41.047.653,12 | 0,57 |
| PORTUGAL INSGESAMT |  |  | 50.325.562,79 | 0,70 |
| REPUBLIK KOREA |  |  |  |  |
| LG CHEM 0,5% 15-04-23 | EUR | 31.069.000 | 31.553.525,31 | 0,44 |
| POSCO REGS 0,5% 17-01-24 | EUR | 23.829.000 | 24.026.925,24 | 0,33 |
| REPUBLIK KOREA INSGESAMT |  |  | 55.580.450,55 | 0,77 |
| RUMÄNIEN |  |  |  |  |
| GLOBALWORTH REAL ESTATE INVESTMENTS 2.95% 29-07-26 | EUR | 11.432.000 | 12.195.903,47 | 0,17 |
| GLOBALWORTH REAL ESTATE INVESTMENTS 3,0% 29-03-25 | EUR | 8.492.000 | 9.215.459,65 | 0,13 |
| ROMANIAN GOVERNMENT INTL BOND 1.375% 02-12-29 | EUR | 8.054.000 | 8.227.771,67 | 0,11 |
| ROMANIAN GOVERNMENT INTL BOND 3,375% 28-01-50 | EUR | 39.042.000 | 46.264.149,17 | 0,64 |
| ROMANIAN GOVERNMENT INTL BOND 4,625% 03-04-49 | EUR | 29.642.000 | 41.070.749,22 | 0,57 |
| ROU 3,875% 29-10-35 EMTN | EUR | 15.648.000 | 19.297.335,46 | 0,27 |
| RUMÄNIEN INSGESAMT |  |  | 136.271.368,64 | 1,89 |
| VEREINIGTES KÖNIGREICH |  |  |  |  |
| BARCLAYS 1.7% 03-11-26 | GBP | 3.064.000 | 3.548.774,18 | 0,05 |
| BP CAP MK 3,625% PERP | EUR | 9.940.000 | 11.083.984,94 | 0,15 |
| CARNIVAL 1,0% 28-10-29 | EUR | 23.648.000 | 17.134.877,56 | 0,24 |
| CHANEL CERES 0.5% 31-07-26 | EUR | 13.800.000 | 14.036.049,95 | 0,20 |
| CHANNEL LINK ENTERPRISES FINANCE PLC 1,761% 30-06-50 | EUR | 21.600.000 | 21.511.203,82 | 0,30 |
| CHANNEL LINK ENTERPRISES FINANCE PLC 2,706% 30-06-50 | EUR | 16.960.000 | 17.383.763,31 | 0,24 |
| FCE BANK 0,869% 13-09-21 EMTN | EUR | 18.029.000 | 18.070.901,87 | 0,25 |
| INFORMA 2.125% 06-10-25 EMTN | EUR | 15.570.000 | 16.511.485,91 | 0,23 |
| LLOYDS BANKING GROUP PLC | GBP | 4.654.000 | 5.468.978,52 | 0,07 |
| ROYAL BK SCOTLAND GROUP 2.0% 04-03-25 | EUR | 22.978.000 | 24.679.679,86 | 0,34 |
| SANTANDER UK GROUP E3R+0,78% 18-05-23 | EUR | 23.465.000 | 23.590.279,64 | 0,33 |
| SANTANDER UK GROUP E3R+0.85% 27-03-24 | EUR | 11.549.000 | 11.617.542,03 | 0,16 |
| SWISS RE FINANCE UK 2,714% 04-06-52 | EUR | 4.900.000 | 5.566.334,22 | 0,08 |
| VODAFONE GROUP 3.0% 27-08-80 | EUR | 7.805.000 | 8.249.195,56 | 0,12 |
| VEREINIGTES KÖNIGREICH INSGESAMT |  |  | 198.453.051,37 | 2,76 |
| RUSSLAND |  |  |  |  |
| GAZPROM 2,95% 15-04-25 | EUR | 28.000.000 | 30.496.418,63 | 0,42 |
| RUSSIAN FOREIGN BOND EUROBOND 1.125% 20-11-27 | EUR | 23.000.000 | 23.123.708,49 | 0,32 |
| RUSSIAN FOREIGN BOND EUROBOND 2,875% 04-12-25 | EUR | 46.300.000 | 51.383.070,87 | 0,72 |
| RUSSLAND INSGESAMT |  |  | 105.003.197,99 | 1,46 |
| SINGAPUR |  |  |  |  |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währun g | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| ICBC SGP 0,25% 25-04-22 EMTN | EUR | 13.134.000 | 13.204.812,95 | 0,18 |
| SINGAPUR INSGESAMT |  |  | 13.204.812,95 | 0,18 |
| SCHWEDEN |  |  |  |  |
| AB SAGAX 2,0% 17-01-24 | EUR | 35.600.000 | 37.909.523,74 | 0,53 |
| CASTELLUM AB 0,75% 04-09-26 | EUR | 8.004.000 | 8.069.171,75 | 0,12 |
| INTRUM JUSTITIA AB 2,75% 15-07-22 | EUR | 12.388.000 | 1.261.440,45 | 0,01 |
| INTRUM JUSTITIA AB 3,125% 15-07-24 | EUR | 9.025.000 | 9.197.665,80 | 0,12 |
| SAMHALLSBYGGNADSBOLAGET I NORDEN AB 1,0% 12-08-27 | EUR | 20.705.000 | 21.072.927,85 | 0,29 |
| SAMHALLSBYGGNADSBOLAGET I NORDEN AB 1,125% 04-09-26 | EUR | 21.460.000 | 22.213.162,22 | 0,30 |
| SAMHALLSBYGGNADSBOLAGET I NORDEN AB 2,624% PERP | EUR | 10.219.000 | 10.422.590,87 | 0,14 |
| SAMHALLSBYGGNADSBOLAGET I NORDEN AB 2.625% PERP | EUR | 18.288.000 | 18.256.739,26 | 0,26 |
| SCANIA CV AB 0,125% 13-02-23 | EUR | 15.555.000 | 15.603.637,43 | 0,22 |
| SCANIA CV AB E3R+0.5% 10-12-21 | EUR | 33.416.000 | 33.466.792,32 | 0,47 |
| SWEDBANK AB 6.0% PERP | USD | 3.600.000 | 3.092.372,20 | 0,04 |
| VOLVO TREASURY AB E3R+0,5% 09-08-21 | EUR | 23.900.000 | 23.934.296,50 | 0,33 |
| VOLVO TREASURY AB E3R+0,52% 08-02-21 | EUR | 24.100.000 | 24.105.416,48 | 0,34 |
| SCHWEDEN INSGESAMT |  |  | 228.605.736,87 | 3,17 |
| SCHWEIZ |  |  |  |  |
| UBS GROUP AG 6.875% PERP | USD | 3.983.000 | 3.471.172,50 | 0,05 |
| SCHWEIZ INSGESAMT |  |  | 3.471.172,50 | 0,05 |
| An einem organisierten oder gleichwertigen Markt gehandelte Anleihen und ähnliche Wertpapiere INSGESAMT |  |  | 6.696.810.098,72 | 92,96 |
| Anleihen und ähnliche Wertpapiere INSGESAMT |  |  | 6.696.810.098,72 | 92,96 |
| Forderungspapiere |  |  |  |  |
| An einem organisierten oder gleichwertigen Markt gehandelte Forderungspapiere |  |  |  |  |
| GRIECHENLAND |  |  |  |  |
| HELLENIC T-BILL ZCP 040521 | EUR | 55.000.000 | 55.043.819,47 | 0,77 |
| HELLENIC TBILL ZCP 04-06-21 | EUR | 62.500.000 | 62.553.250,19 | 0,87 |
| HELLENIC TBILL ZCP 06-04-21 | EUR | 11.000.000 | 11.007.581,47 | 0,15 |
| HELLENIC T-BILL ZCP 100921 | EUR | 48.558.000 | 48.614.490,04 | 0,67 |
| HELLENIC TBILL ZCP 10-12-21 | EUR | 50.000.000 | 50.060.574,69 | 0,70 |
| HELLENIC TBILL ZCP 12-03-21 | EUR | 29.042.000 | 29.054.826,09 | 0,40 |
| HELLENIC TBILL ZCP 26-02-21 | EUR | 66.464.000 | 66.485.723,23 | 0,92 |
| GRIECHENLAND INSGESAMT |  |  | 322.820.265,18 | 4,48 |
| An einem organisierten oder gleichwertigen Markt gehandelte Forderungspapiere INSGESAMT |  |  | 322.820.265,18 | 4,48 |
| Forderungspapiere INSGESAMT |  |  | 322.820.265,18 | 4,48 |
| Organismen für gemeinsame Anlagen |  |  |  |  |
| OGAW und AIF, die für nicht professionelle Anleger und ähnliche Adressaten anderer Länder bestimmt sind |  |  |  |  |
| FRANKREICH |  |  |  |  |
| CARMIGNAC COURT TERME | EUR | 21.627,935 | 79.990.917,60 | 1,11 |
| FRANKREICH INSGESAMT |  |  | 79.990.917,60 | 1,11 |
| OGAW und AIF, die für nicht professionelle Anleger und ähnliche Adressaten anderer Länder bestimmt sind, INSGESAMT |  |  | 79.990.917,60 | 1,11 |
| Organismen für gemeinsame Anlagen INSGESAMT |  |  | 79.990.917,60 | 1,11 |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währu ng | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| Terminfinanzinstrumente |  |  |  |  |
| Verpflichtungen aus fixen Termingeschäften |  |  |  |  |
| Verpflichtungen aus fixen Termingeschäften an organisierten oder gleichwertigen Märkten |  |  |  |  |
| CBOT USUL 30A 0321 | USD | -435 | -894.362,21 | -0,02 |
| XEUR FBTP BTP 0321 | EUR | -2.074 | -1.918.568,20 | -0,02 |
| XEUR FOAT EUR 0321 | EUR | -2.641 | -1.309.881,60 | -0,02 |
| Verpflichtungen aus fixen Termingeschäften an organisierten oder gleichwertigen Märkten INSGESAMT |  |  | -4.122.812,01 | -0,06 |
| Verpflichtungen aus fixen Termingeschäften INSGESAMT |  |  | -4.122.812,01 | -0,06 |
| Verpflichtungen aus bedingten Termingeschäften |  |  |  |  |
| Optionen auf OTC (Over the counter)-Märkten |  |  |  |  |
| ITRX XOVER CDSI S24 01/2021 PUT 300 | EUR | 76.000.000 | 122.989,92 | 0,00 |
| ITRX XOVER CDSI S24 01/2021 PUT 400 | EUR | -76.000.000 | -15.466,12 | 0,00 |
| ITRX XOVER CDSI S24 02/2021 PUT 300 | EUR | 76.200.000 | 335.964,36 | 0,00 |
| ITRX XOVER CDSI S24 02/2021 PUT 300 | EUR | 76.000.000 | 335.082,56 | 0,01 |
| ITRX XOVER CDSI S24 02/2021 PUT 400 | EUR | -76.000.000 | -115.213,78 | 0,00 |
| ITRX XOVER CDSI S24 02/2021 PUT 400 | EUR | -76.200.000 | -115.516,97 | 0,00 |
| Optionen auf OTC (Over the counter)-Märkten INSGESAMT |  |  | 547.839,97 | 0,01 |
| Verpflichtungen aus bedingten Termingeschäften INSGESAMT |  |  | 547.839,97 | 0,01 |
| Sonstige Terminfinanzinstrumente |  |  |  |  |
| Zinsswaps |  |  |  |  |
| E6R/0.0/FIX/-0.047 | EUR | 19.000.000 | -102.585,33 | 0,00 |
| E6R/0.0/FIX/-0.233 | EUR | 34.411.000 | -134.436,71 | 0,00 |
| E6R/0.0/FIX/-0.243 | EUR | 9.900.000 | -28.013,53 | 0,00 |
| NIBO6R/0.0/FIX/1.11 | NOK | 1.140.000.000 | 1.785.785,98 | 0,02 |
| NIBO6R/0.0/FIX/1.15 | NOK | 1.143.646.000 | 1.400.141,53 | 0,02 |
| PRIB6M/0.0/FIX/0.612 | CZK | 923.589.000 | 777.170,62 | 0,01 |
| PRIB6M/0.0/FIX/0.649 | CZK | 3.080.449.000 | 2.373.651,62 | 0,03 |
| WIBO6M/0.0/FIX/0.55 | PLN | 52.300.000 | 9.034,69 | 0,00 |
| WIBO6M/0.0/FIX/0.575 | PLN | 149.425.000 | -14.714,30 | 0,00 |
| WIBO6M/0.0/FIX/0.58 | PLN | 74.712.000 | -11.409,79 | 0,00 |
| WIBO6M/0.0/FIX/0.59 | PLN | 373.563.000 | -97.576,52 | 0,00 |
| WIBO6M/0.0/FIX/0.613 | PLN | 167.962.000 | -45.263,44 | 0,00 |
| WIBO6M/0.0/FIX/0.624 | PLN | 229.038.000 | -87.795,82 | 0,00 |
| Zinsswaps INSGESAMT |  |  | 5.823.989,00 | 0,08 |
| Devisen-Swaps |  |  |  |  |
| FIX/0,542/FIX/3,001 | EUR | 14.344.030 | 14.474.323,35 | 0,20 |
| FIX/0,542/FIX/3,001 | USD | 0,00 | -13.271.209,86 | -0,18 |
| Devisen-Swaps INSGESAMT |  |  | 1.203.113,49 | 0,02 |
| Credit Default Swap |  |  |  |  |
| BARC BK 2.65 01-21_2 | EUR | 212.000.000 | 1.640.785,78 | 0,02 |
| CDX EM S34 V1 M | USD | -76.581.000 | 1.483.016,02 | 0,02 |
| EASYJET 1,75 02-23_2 | EUR | 11.700.000 | -676.342,42 | -0,01 |
| EASYJET 1,75 02-23_2 | EUR | 2.925.000 | -169.085,61 | 0,00 |
| ITRAXX EUR XOVER S34 | EUR | -76.581.000 | -9.214.561,17 | -0,13 |

BESTANDSAUFSTELLUNG DES CARMIGNAC SECURITE ZUM
31. DEZEMBER 2020
| Wertpapierbezeichnung | Währung | Anzahl/ Nennwert | Aktueller Wert | % des Nettovermögens |
| --- | --- | --- | --- | --- |
| Credit Default Swap INSGESAMT |  |  | -6.936.187,40 | -0,10 |
| Sonstige Terminfinanzinstrumente INSGESAMT |  |  | 90.915,09 | 0,00 |
| Terminfinanzinstrumente INSGESAMT |  |  | -3.484.056,95 | -0,05 |
| Aufforderungen zur Nachschusszahlung |  |  |  |  |
| APPEL MARGE B.P.S.S. | EUR | 3.228.449,8 | 3.228.449,80 | 0,04 |
| APPEL MARGE B.P.S.S. | USD | 1.094.296,89 | 894.362,22 | 0,02 |
| Aufforderungen zur Nachschusszahlung INSGESAMT |  |  | 4.122.812,02 | 0,06 |
| Forderungen |  |  | 624.059.964,37 | 8,66 |
| Verbindlichkeiten |  |  | -585.983.734,10 | -8,13 |
| Finanzkonten |  |  | 65.605.733,47 | 0,91 |
| Nettovermögen |  |  | 7.203.942.000,31 | 100,00 |

| Anteil A EUR Y dis | EUR | 2.198.276,770 | 100,49 |
| --- | --- | --- | --- |
| Anteile A EUR Acc | EUR | 3.869.557,246 | 1.795,41 |
| Anteile A USD Acc Hdg | USD | 346.817,905 | 125,41 |

INFORMATIONSBEILAGE	FÜR	DIE	BESTEUERUNG	VON KUPONS
Zusammensetzung Kupon: Anteil A EUR Y dis
|  | NETTO GESAMT | WÄHRUNG | NETTO JE ANTEIL | WÄHRUNG |
| --- | --- | --- | --- | --- |
| Erträge, die einem obligatorischen Quellensteuerabzug ohne abgeltende Wirkung unterliegen | 285.775,98 | EUR | 0,13 | EUR |
| Aktien, für die ein Freibetrag geltend gemacht werden kann und die einem obligatorischen Quellensteuerabzug ohne abgeltende Wirkung unterliegen | 0,00 |  | 0,00 |  |
| Sonstige Erträge, für die kein Freibetrag geltend gemacht werden kann und die einem obligatorischen Quellensteuerabzug ohne abgeltende Wirkung unterliegen | 1.692.673,11 | EUR | 0,77 | EUR |
| Nicht erklärungs- und steuerpflichtige Erträge | 0,00 |  | 0,00 |  |
| Betrag der in Bezug auf Gewinne und Verluste ausgeschütteten Summen | 0,00 |  | 0,00 |  |
| GESAMT | 1.978.449,09 | EUR | 0,90 | EUR |

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| CARMIGNAC GESTION |
| 24, place Vendôme – 75001 Paris |
| Tel.: (+33) 01 42 86 53 35 – Fax: (+33) 01 42 86 52 10 |
| Portfolioverwaltungsgesellschaft (AMF-Zulassung vom 13.03.1997 unter der Nummer GP 97-08) |
| Aktiengesellschaft mit einem Kapital von 15.000.000 EUR – Handelsregister Paris B 349 501 676 |
| www.carmignac.com |