Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 465

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 465
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 of these assets are determined using Level 1 inputs.                                                   |

| (5) | Long Duration Bonds includes an investment in a fund that invests primarily in (i) U.S. and foreign                                                                                                                                              
 corporate obligations (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets (iii) obligations of supranational entities (iv) debt obligations issued by state, provincial, county,        
 or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental entities and (v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The 
 fair values of these assets are determined using Level 1 inputs.                                                                                                                                                                                 |

| (6) | High Yield Bonds includes investment in a fund that seeks to provide total return by investing in riskier,                                                                                                                                        
 high-yielding fixed income securities. Under normal circumstances, the Fund will invest at least 80% of its net assets in high-yield fixed income securities, primarily in securities rated below investment grade, including corporate bonds and 
 debentures, convertible and preferred securities, zero coupon obligations, and tranches of collateralized debt obligations and collateralized loan obligations. The fair values of these assets are determined using Level 1 inputs.              |

| (7) | U.S. Treasuries include Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities)                               
 representing zero coupon Treasury securities with long-term maturities The fair values of these assets are determined using Level 2 inputs. |

| (8) | Hedge Funds includes an investment in a collective trust fund that seeks to provide returns that are different                                                                                                                                          
 from (less correlated with) investments in more traditional asset classes. The fund will pursue its investment objective by investing substantially all of its assets in various hedge funds. The fund has semi-annual redemptions in June and December 
 with a pre-notification period of 95 days, and a two year lock-up on all purchases which have expired.                                                                                                                                                  |

| (9) | The Core Property Fund is a collective trust fund that invests in direct commercial property funds primarily in                                                                                                                                           
 the U.S. The fund is meant to provide current income-oriented returns, diversification, and modest inflation protection to an overall investment portfolio. Total returns are expected to be somewhere between stocks and bonds, with moderate volatility 
 and low correlation to public markets. The fund has quarterly redemptions with a pre-notification period of 105 days, and no lock-up