BNP Paribas L1

BNP Paribas L1 siCaV

aNNUAL REPORTat 31122013

rCs Luxembourg B 32 327

BNP Paribas L1

Table of contents

Page

Page 1

Organisation 3

Information 5

Managers report 6

Audit report 10

Financial statements at 31122013 12

Key figures relating to the last 3 years 36

Securities portfolio at 31122013 Bond Euro High Yield 59

Bond Euro Premium 60

Bond Europe Plus 61

Bond World Emerging Local 63

Bond World Plus 64

Convertible Bond Best Selection Europe 67

Convertible Bond World 69

Diversified Active Click Balanced 70

Diversified Active Click Stability 71

Diversified World Balanced 72

Diversified World Growth 73

Diversified World High Growth 74

Diversified World Stability 75

Equity Euro 76

Equity Europe 77

Equity Netherlands 78

Equity USA Core 79

Equity World 80

Equity World Aqua 82

Equity World Emerging 83

Lifecycle 2015 84

Lifecycle 2020 85

Lifecycle 2025 86

Lifecycle 2030 87

Lifecycle 2035 88

Model 1 89

Model 2 90

Model 3 91

Model 4 92

Model 5 93

Model 6 94

BNP Paribas L1

Table of contents

Page

Page 2

OBAM Equity World 95

Real Estate Securities Europe 96

Safe Balanced W1 97

Safe Balanced W4 98

Safe Balanced W7 99

Safe Balanced W10 100

Safe Conservative W1 101




Safe Growth W1 105

Safe Growth W4 106

Safe Growth W7 107

Safe Growth W10 108

Safe High Growth W1 109




Safe Stability W1 113




Sustainable Active Allocation 117

Notes to the financial statements 120

Unaudited appendix 167

No subscription can be received on the basis of the financial statements alone Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report if published thereafter

BNP Paribas L1

Organisation

Page 3

Registered office of the Company

33 Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg

Board of Directors

Chairman

Mr Philippe MARCHESSAUX Chief Executive Officer BNP Paribas Investment Partners Paris

Members

Mr Marnix ARICKX Managing Director BNP Paribas Investment Partners Belgium Brussels

Mr Vincent CAMERLYNCK Deputy CEO Asia Pacific BNP Paribas Investment Partners Hong-Kong

Mr Christian DARGNAT Head of Distributors Business Line BNP Paribas Investment Partners Paris

Mrs Marianne DEMARCHI Head of Group Networks BNP Paribas Investment Partners Paris

Mr William DE VIJLDER Vice-Chairman BNP Paribas Investment Partners Paris

Mr Andrea FAVALORO Head of External Distribution BNP Paribas Investment Partners Paris

Mr Anthony FINAN Deputy- Head of Distributors Business Line BNP Paribas Investment Partners Paris

Mr Marc RAYNAUD Head of Global Funds Solutions BNP Paribas Investment Partners Paris

Mr Christian VOLLE Chairman of the ldquoFondation pour lrsquoArt et la Rechercherdquo Paris

Managing Director


Company Secretary (non-member of the Board)

Mr Steacutephane BRUNET Chief Executive Officer BNP Paribas Investment Partners Luxembourg Hesperange

Management Company BNP Paribas Investment Partners Luxembourg 33 Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg

BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the Luxembourg Law of 17 December 2010 concerning undertakings for collective investment

In this capacity the Management Company is responsible for administration portfolio management and marketing duties

The responsibility for calculating net asset values transfer agent and registrar are delegated to

BNP Paribas Securities Services Luxembourg Branch 33 Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg

BNP Paribas L1

Organisation

Page 4

Responsibility for portfolio management is delegated to

Effective Investment Managers

BNP Paribas Group management entities (generally named BNP Paribas Investment Partners)

bull BNP Paribas Asset Management SAS 1 Boulevard Haussmann F-75009 Paris France

bull BNP Paribas Asset Management Inc 75 State Street Suite 2700 Boston Massachusetts 02109 USA

bull BNP Paribas Investment Partners Asia Ltd 30F Three Exchange Square 8 Connaught Place Central Hong-Kong

bull BNP Paribas Investment Partners Belgium 55 Rue du Progregraves B-1210 Brussels Also acting on behalf of its office BNP Paribas Investment Partners Belgium SA German branch Europaallee 12 D-60327 Frankfurt am Main Germany (until 30 April 2013)

bull BNP Paribas Investment Partners Japan Ltd Gran Tokyo North Tower 9-1 Marunouchi 1-chome Chiyoda-ku Tokyo 100-6739 Japan

bull BNP Paribas Investment Partners Netherlands NV Burgerweeshuispad ndash Tripolis 200 PO box 71770 NL-1008 DG Amsterdam The Netherlands

bull BNP Paribas Investment Partners UK Ltd 5 Aldermanbury Square London EC2V 7BP United Kingdom

bull Fischer Francis Trees amp Watts Inc 200 Park Avenue 11th floor New York NY 10166 USA

bull Fischer Francis Trees amp Watts UK Ltd 5 Aldermanbury Square London EC2V 7HR United Kingdom

bull BNP Paribas Investment Partners Singapore Limited 20 Collyer Quay Tung Center 01-01 Singapore 049319

bull THEAM SAS 1 Boulevard Haussmann F-75009 Paris France

Non-group management entities

bull Impax Asset Management Limited Norfolk House 31 St Jamesrsquos Square London SW1Y 4JR United Kingdom Fund manager of the ldquoEquity World Aquardquo sub-fund

bull Neuflize OBC Investissements (NOI) 3 Avenue Hoche F-75008 Paris Fund manager of the ldquoConvertible Bond Best Selection Europerdquo sub-fund

bull Neuflize Private Assets (NPA) SA 3 Avenue Hoche F-75008 Paris (until 20 May 2013) Fund manager of the ldquoOpportunities USArdquo sub-fund

bull River Road Asset Management LLC 462 South Fourth Street Suite 1600 Louisville Kentucky 40202-3466

The Company may also seek advice from the following investment advisor

bull FundQuest Advisor 1 Boulevard Haussmann F-75009 Paris France

Advisor for a selection of non-group investment managers

DepositaryPaying agent BNP Paribas Securities Services Luxembourg Branch 33 Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg

Auditor PricewaterhouseCoopers Socieacuteteacute coopeacuterative 400 Route drsquoEsch L-1471 Luxembourg Grand Duchy of Luxembourg

BNP Paribas L1

Information

Page 5

BNP PARIBAS L1 is an open-ended investment company (Socieacuteteacute drsquoInvestissement agrave Capital Variable ndash SICAV) incorporated on 29 November 1989 under the name ldquoINTERSELEX WORLDrdquo for an indefinite period in accordance with the provisions of Part I of the law of 30 March 1988 on undertakings for collective investment The name was changed to ldquoINTERSELEX EQUITYrdquo by an extraordinary general meeting of shareholders on 4 November 1996 and then to ldquoINTERSELEXrdquo by an extraordinary general meeting of shareholders on 4 May 1998 and to ldquoFORTIS L FUNDrdquo by an extraordinary general meeting of shareholders on 30 September 1999 By an extraordinary general meeting of shareholders held on 14 May 2010 the company changed its name to ldquoBNP Paribas L1rdquo (abbreviated as BNPP L1) with effect from 1 August 2010

The Company is currently subject to Part I of the law of 17 December 2010 as amended on undertakings for collective investment and to European Directive 200965EC (UCITS IV)

The Articles of Association of the Company have been filed with the Registrar of the District Court of Luxembourg where any interested party may consult them and obtain a copy They were last modified on 31 January 2012 and were published in the Meacutemorial Recueil des Socieacuteteacutes et Associations on 21 March 2012

The Company is registered in the Luxembourg Trade and Companies Register under the number B 32 327

Net asset values are calculated every full bank business day in Luxembourg

As to net asset values and dividends the Company published the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered

This information is also available on the website wwwbnpparibas-ipcom

The Articles of Association the Prospectus the KIID and periodic reports may be consulted at the Companyrsquos registered office and at the establishments responsible for the Companyrsquos financial service Copies of the Articles of Association and the annual and interim reports are available on request

Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares

Documents and information are also available on the website wwwbnpparibas-ipcom

BNP Paribas L1

Managers report

Page 6

The economy

While the start of the year was marked by political events (crisis in Cyprus elections in Italy etc) investors attention turned rapidly to the actions of central banks which remained resolutely in easing mode even though the economy was improving (better manufacturing data the eurozones emergence from recession and stronger world trade) The combination of somewhat stronger global growth and the continuation of very accommodative monetary policy in the G3 countries (US Japan and Germany) resulted in healthy growth for risky assets and a relative reduction in pressure on long-dated yields

United States

Setting aside fluctuations from one quarter to the next largely due to fiscal policy (uncertainties at the end of 2012 spending cuts at the start of 2013) the US economy has been cruising steadily at a little over 2 since it emerged from recession more than four years ago In particular it appears to have overcome the consequences of yet another fiscal event namely the temporary government shutdown in October over the standoff in Congress The compromise reached in Washington in December staved off the risk of a further development of this kind but does not solve the problem of the debt ceiling which will have to be raised again before the spring Year-on-year GDP (gross domestic product) growth was 2 in the 3rd quarter and average growth in 2013 is expected to be below 2 (due to a sluggish first half of the year) as compared to 28 in 2012 Towards the end of the year consumer spending and manufacturing (production and orders for durable goods) picked up The real estate market held up well in spite of pressures on mortgage rates during the summer Unemployment fell to 7 in November but the job market still has a long way to go before it is functioning normally The low workforce participation rate and other factors mean that the improvement since unemployment peaked at 10 in October 2009 is to some extent misleading which justifies the Feds caution In December Ben Bernanke announced a modest reduction in the Feds securities purchasing programme starting in January indicating that key interest rates would remain low well after unemployment fell below 65 How long-dated yields move will depend on the credibility of this commitment which will determine whether interest rates revert to normal or deteriorate sharply which could destabilise global financial markets and the main economies Janet Yellen will have to communicate very effectively as soon as she takes office

Europe

Business data has improved gradually since the low in March with purchasing managers indices rising above the 50 mark in July The composite index (which includes both manufacturing and services) thus rose from 465 in March to 522 in September and has held this level its highest since July 2011 National figures bear out this data after contracting for six quarters in a row eurozone GDP grew 03 in Q2 and 01 in Q3 This growth remains modest and divergences between countries have persisted and even widened over this period Domestic demand strengthened in Germany in Q3 as productive investment accelerated and construction recovered hampered until then by weather conditions Orders for capital goods and manufacturers data show that the recovery in investment is set to continue In France however GDP contracted slightly in Q3 (down 01 as compared to a 06 rise in Q2) against a backdrop of falling investment and flagging consumer spending Impacted by both monetary policy and economic growth lending growth remained sluggish (especially lending to companies) but a few rays of hope appeared towards the end of the period The European Central Banks (ECB) latest survey on banks lending requirements shows that they have relaxed these somewhat and that demand for credit looks set to stabilise The ECBs Chairman said that the banks ldquomust be convinced to take risks that are beneficial to the economy notably by lending to SMEs (small and medium enterprises) The transmission of monetary policy remains the ECBs main concern as it remains fairly confident as to the risk of deflation even with inflation low (down from 22 at end 2012 to 08 at end 2013 year-on-year) considering that the risk to prices is ldquobroadly balanced over the medium term

BNP Paribas L1

Managers report

Page 7

Japan

Growth held up in 2013 sustained by the short-term effects of the economic policies of Prime Minister Abe elected at the end of 2012 Renewed public infrastructure spending resulted in a year-on-year rise in GDP of 45 in Q1 36 in Q2 and 11 in Q3 Although consumer spending and exports ran out of steam GDP growth came in above projections (estimated at 06 by the OECD (Organisation for Economic Cooperation and Development)) However certain structural elements are still lacking in particular the reform of the labour market which looks unavoidable as inflation (15 year-on-year in November) is starting to be impacted by the weaker yen as a result of rising import costs In January 2013 the Bank of Japan raised its inflation target from 1 to 2 At the end of the year it hinted that in the coming months it would introduce new measures to meet this target after announcing on 4 April an exceptional monetary easing programme (doubling the monetary base in two years) This decision could be implemented from early 2014 onwards The government is going to increase VAT and has already announced a support plan to avoid over-penalising consumer spending

Emerging markets

For most of 2013 emerging markets grew at a steady 45 which is relatively weak and below potential (around 55) justifying concerns about the risk of a sharp slowdown in China Investors were eventually reassured by the Chinese authorities statements on this matter reforms will be introduced to protect growth which is essential for jobs While inflation is not a problem for emerging regions as a whole central banks in Brazil and India raised their key interest rates in the second half of the year in response to inflationary pressure and the weakening of their currencies during the summer The brighter outlook for world trade is good news for the more cyclical emerging economies whose exports are showing signs of recovery (especially in Asia and Eastern Europe) but imbalances (balance of trade or inflation) are widening especially in Brazil and India

Monetary policy

In May and November the ECB made full use of its conventional monetary policy tools by cutting key interest rates The refi rate is now 025 and the marginal lending facility 075 The deposit rate has been 0 since July 2012 Since July 2013 the ECB has been offering forward guidance on interest rates key interest rates ldquowill remain at present or lower levels for an extended period of time Moreover the Governing Council decided to continue conducting its main refinancing operations as ldquofixed rate tender procedures with full allotmentrdquo until 7 July 2015 regardless of the amount requested Over the months it has been suggested that unconventional measures to stimulate a pick-up in lending (especially to small and medium enterprises) may be put in place No decisions of this kind (liquidity injections or asset purchases) have been taken and Mario Draghi indicated that another LTRO (long-term refinancing operation) would only be put in place if it was certain that the sums borrowed would be used to support the real economy and not to carry trade operations as was the case with the previous operations

Over the last year investors attention focused on expectations regarding the Fedrsquos third round of quantitative easing (QE) announced in September 2012 85 billion dollars of securities were purchased every month throughout 2013 However in the spring the Fed began raising the prospect of an end to QE citing a ldquotaperingrdquo and then complete halt in purchases (while making it clear that key interest rates would remain low for much longer) It waited until the last meeting of the year before announcing a modest (10 billion dollar) cut in purchases linked to the improvement in the economy and reiterated its accommodative message on key interest rates The committee indicated that the Fed Funds target rate (between 0 and 025 since December 2008) would remain unchanged long after unemployment has fallen below 65 a powerful message given that unemployment fell to 7 in November This announcement clarified the numerous declarations by Ben Bernanke and Janet Yellen (set to take over the reins of the Fed in 2014) playing down the importance of the 65 threshold

BNP Paribas L1

Managers report

Page 8

Currency markets

The EURUSD exchange rate fluctuated sharply (between 128 and 138) and rose 45 in twelve months At the start of 2013 the euro was shored up by the gradual reduction in the size of the ECBs balance sheet as the huge sums borrowed by banks at the end of 2011 and early 2012 were repaid When European politicians began to denounce the strong euro (almost 137 as compared to 13184 at end 2012) the trend reversed Statements by the ECB Chairman contributed to an initial adjustment The downward trend then accelerated amid concerns surrounding the bloc (elections in Italy crisis in Cyprus) The euro fell below 128 by the end of March drifting sideways between 128 and 134 until August On 18 September it broke through 135 when the Fed announced it was maintaining its monetary policy Although this trend seemed logical it appeared that market participants were suffering from selective hearing as the downward bias confirmed by the ECB failed to provoke a lasting reaction on the currency markets Developments in the last quarter illustrate this phenomenon In October uncertainties linked to the government shutdown owing to the fiscal standoff weighed on the dollar (which rose above 138) After the ECBs surprise interest rate cut on 7 November the exchange rate fell below 133 but held that level in the absence of any new unconventional monetary measures The euro began to rise again reaching 138 Although the Feds ndash somewhat unexpected ndash announcement of a reduction in securities purchasing shored up the dollar in December the US currencys rise remained moderate The euro ended the year at USD 13772

The yens fall which resulted from the very accommodative monetary policy put in place by the Bank of Japan showed signs of slowing during the summer before resuming its course at the end of the period It thus slid 177 against the dollar and 213 against the euro reaching a historic low of 145 yen to 1 euro The commitment made by Prime Minister Shinzo Abe elected at the end of 2012 that he would require the new governor of the Bank of Japan (BoJ) to introduce a much more aggressive securities purchasing policy was deemed credible and enabled the yen to fall from the start of the year onwards International summits were held with no specific comments on the yen which led investors to conclude that it could be allowed to fall further As a result the USDJPY exchange rate broke through the 100 mark on 9 May The unwinding of carry trade positions linked to increasing jitters in the financial markets disrupted this trend and drove the exchange rate below 95 on occasions in June Subsequently the USDJPY rate drifted sideways until the start of November when it resumed its rise to end the year at 10515 its highest since October 2008

Bond markets

Heavy pressure on US long-dated yields was evident from May on owing to expectations regarding the Fedrsquos quantitative easing policy The yield on 10-year T-bills (176 at end 2012) reached 3 in early September (as compared to 16 at the beginning of May) before easing until October when it tightened again in response to expectations that the Fed would taper its securities purchasing This tapering was finally announced on 18 December The rise over twelve months was 127 bps as the publication of a very upbeat consumer confidence index pushed the rate back up to close the year at 303 its highest since mid-2011

European yields outperformed their US counterparts as a result of the ECBs two rate cuts the downward bias in monetary policy low inflation and modest economic growth The 10-year Bund yield rose 61 bps over twelve months ending the year at 193 ie below the 2 ceiling reached in September The outperformance by European yields was all the more marked for Spanish and Italian yields Over the year they eased in response to the ECBs undertaking in the summer of 2012 which encouraged investors to take advantage of the carry trade in an interest rate environment deemed calm as a result of the Outright Monetary Transactions (which are in fact yet to be activated) and the prospect of key interest rates being kept low for a long time Italian 10-year yields ended the year at 413 (down 37 bps) and Spanish yields of the same maturity ended at 415 (down 112 bps) easing during the second half of the year after experiencing jerkier movements in the first half

BNP Paribas L1

Managers report

Page 9

Equity markets

The MSCI AC World index posted annual growth of 203 (in USD) as a result of a rally driven by the central banks commitment to maintaining a (short and long) interest rate environment conducive to growth The Fed and the US markets set the tone throughout the year Wall Streets rise continued virtually uninterrupted until May when Ben Bernankes statements about a possible tapering of the Feds securities purchasing spooked investors just as the outlook for the global economy began to brighten During the summer the markets seesawed ndash primarily affecting US stocks and emerging assets ndash but recovered in the autumn after the Feds somewhat surprising decision not to change its monetary policy in September contrary to expectations and in spite of signs that the economy was picking up After a few hiccups linked to the budget situation the SampP 500 resumed its ascent to new highs still at the mercy of expectations for monetary policy As the weeks passed investors listened more attentively to comments by Ben Bernanke and Janet Yellen (due to succeed Bernanke at the start of 2014) as they indicated that key interest rates would remain low for a very long time Accordingly after treading water in November equities posted strong gains in response to solid economic data (especially on jobs) following the tapering announcement on 18 December The SampP 500 index thus set a new record of 184836 points at the final trading session of the year (up 296) In the eurozone the Eurostoxx 50 index posted an 18 rise This underperformance resulted from a lacklustre start to the year for the European markets when political aspects of the sovereign debt crisis returned to the fore during the elections in Italy and then the crisis in Cyprus Of the major developed markets Japan appears to be the big winner with the Nikkei 225 index up 567 as a result of the yen falling 18 against the dollar and the fact that investors are taking the Abe governments economic announcements seriously Emerging indices underperformed significantly (MSCI Emerging down 5) owing to concerns about Chinese growth during the first half of the year and substantial capital outflows in July and August They did however recover some lost ground as a result of more encouraging economic indicators and easing concerns about the consequences of the Feds decision The Board of Directors Luxembourg 28 January 2014 Note The information stated in this report is historical and not necessarily indicative of future performance

PricewaterhouseCoopers Socieacuteteacute coopeacuterative 400 Route drsquoEsch BP 1443 L-1014 Luxembourg T +352 494848 1 F+352 494848 2900 wwwpwclu

Cabinet de reacutevision agreacuteeacute Expert-comptable (autorisation gouvernementale ndeg10028256) RCS Luxembourg B 65 477 - TVA LU25482518

Page 10

Audit report To the Shareholders of BNP Paribas L1 We have audited the accompanying financial statements of BNP Paribas L1 and of each of its sub-funds which comprise the statement of net assets and the securities portfolio as at 31 December 2013 and the statement of operations and changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory notes to the financial statements Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error Responsibility of the ldquoReacuteviseur drsquoentreprises agreacuteeacuterdquo Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the ldquoCommission de Surveillance du Secteur Financierrdquo Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the judgment of the ldquoReacuteviseur drsquoentreprises agreacuteeacuterdquo including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error In making those risk assessments the ldquoReacuteviseur drsquoentreprises agreacuteeacuterdquo considers internal control relevant to the entityrsquos preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entityrsquos internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV as well as evaluating the overall presentation of the financial statements

_rupwc

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion

Opinion

ln our opinion the ltnancial stafements give a true and fair view of the financial position of BNP Paribas Ll andof each of its sub-funds as of 3l December 2013 and of the results of their operations and changes in their netassets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to theprepamtion of the financial statements

Aher matters

Supplementary information included in the annual rsport has been reviewed in the contexr of our mandate burhas not been subject to specific audit procedures carried out in accordance with the standards described aboveConsequently we express no opinion on such information However we have no observation to makeconcerning such information in the context of the financial statements taken as a whole

Socidtd coopdrative Luxembourg 4 April 201 4

Poge I I

BNP Paribas L1

Financial statements at 31122013

The accompanying notes form an integral part of these financial statements

Page 12

Absolute Return

Balanced Absolute Return

Growth Absolute Return

Stability Bond Asia ex-

Japan

Expressed in EUR EUR EUR USD Notes

Statement of net assets Assets 0 0 0 0

Securities portfolio at cost price 0 0 0 0 Unrealised gain(loss) on securities portfolio 0 0 0 0

Securities portfolio at market value 2 0 0 0 0 Net Unrealised gain on financial instruments 291011 0 0 0 0 Cash at banks and time deposits 0 0 0 0 Other assets 0 0 0 0

Liabilities 0 0 0 0 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 291011 0 0 0 0 Other liabilities 0 0 0 0

Net asset value 0 0 0 0

Statement of operations and changes in net assets

Income on investments and assets 10 338 36 862 22 405 10 001 905 Management fees 3 41 963 155 004 47 892 2 997 736 Bank interest 121 476 110 693 Interest on swaps 1 520 7 758 1 473 0 Other fees 5 14 734 41 498 32 704 601 996 Taxes 6 3 336 10 583 4 072 189 197 Performance fees 4 0 0 0 0 Transaction fees 19 2 927 17 124 3 188 0 Distribution fees 0 0 19 0

Total expenses 64 601 232 443 89 458 3 789 622

Net result from investments (54 263) (195 581) (67 053) 6 212 283

Net realised result on Investments securities 2 50 782 119 242 77 620 13 136 064 Financial instruments (701 096) (3 322 126) (677 786) (2 384 779)

Net realised result (704 577) (3 398 465) (667 219) 16 963 568

Movement on net unrealised gainloss on

Investments securities (75 518) (287 238) (101 002) (11 945 749)Financial instruments 295 644 1 377 093 270 201 (172 585)

Change in net assets due to operations (484 451) (2 308 610) (498 020) 4 845 234

Net subscriptions(redemptions) (47 905 229) (109 743 529) (99 487 266) (563 984 750)

Dividends paid 7 0 0 0 (8 930 194)Increase(Decrease) in net assets during the yearperiod

(48 389 680) (112 052 139) (99 985 286) (568 069 710)

Net assets at the beginning of the financial yearperiod

48 389 680 112 052 139 99 985 286 568 069 710

Reevaluation of opening consolidated NAV

0 0 0 0

Net assets at the end of the financial yearperiod

0 0 0 0

BNP Paribas L1


Page 13

Bond Best Selection World Emerging

Bond Euro High Yield

Bond Euro Long Term

Bond Euro Premium

Bond Europe Emerging Bond Europe Plus

USD EUR EUR EUR EUR EUR

0 144 464 621 0 202 516 883 0 560 428 458 0 137 979 046 0 175 333 950 0 501 481 886 0 6 335 330 0 26 022 743 0 (7 167 149)0 144 314 376 0 201 356 693 0 494 314 737 0 0 0 0 0 6 813 472 0 17 041 0 1 160 000 0 17 793 685 0 133 204 0 190 0 41 506 564

0 308 131 0 4 773 619 0 3 198 213 0 0 0 363 814 0 320 026 0 0 0 3 976 040 0 0 0 308 131 0 433 765 0 2 878 187

0 144 156 490 0 197 743 264 0 557 230 245

7 977 115 12 532 266 713 671 236 441 2 445 123 32 064 223 1 964 159 2 660 028 100 346 1 714 503 637 787 5 277 677

5 063 864 0 4 396 420 8 811 585 417 0 0 196 896 35 292 5 059 072 332 530 515 795 37 516 629 198 106 715 1 949 478

92 686 155 529 9 930 296 905 33 965 870 743 0 0 0 0 0 0 0 27 265 77 1 361 0 183 541

20 302 3 102 584 2 641 664 43 018

3 000 157 3 362 583 148 453 2 845 900 814 843 13 392 340 4 976 958 9 169 683 565 218 (2 609 459) 1 630 280 18 671 883

24 291 943 43 394 356 4 956 549 55 766 333 4 284 958 (10 009 724)(1 744 646) 2 564 722 (24 460) (41 705 438) 115 045 33 875 766

27 524 255 55 128 761 5 497 307 11 451 436 6 030 283 42 537 925

(21 703 050) (32 627 772) (6 152 757) (12 302 435) (3 967 810) (38 290 416)(4 602 267) 5 237 9 740 2 445 924 (168 954) (8 128 571)

1 218 938 22 506 226 (645 710) 1 594 925 1 893 519 (3 881 062)(391 194 700) (486 939 959) (100 886 972) (73 995 063) (114 863 395) (255 592 684)

(4 895 550) (7 331 802) 0 (2 095 906) (1 784 576) (4 314 937)

(394 871 312) (471 765 535) (101 532 682) (74 496 044) (114 754 452) (263 788 683)

394 871 312 615 922 025 101 532 682 272 239 308 114 754 452 821 018 928

0 0 0 0 0 0

0 144 156 490 0 197 743 264 0 557 230 245

BNP Paribas L1



Page 14

Bond USD Bond World Bond World

Emerging Corporate

Bond World Emerging Local

Expressed in USD EUR USD USD Notes

Statement of net assets Assets 0 0 0 278 868 560

Securities portfolio at cost price 0 0 0 317 210 538 Unrealised gain(loss) on securities portfolio 0 0 0 (38 515 550)

Securities portfolio at market value 2 0 0 0 278 694 988 Net Unrealised gain on financial instruments 291011 0 0 0 0 Cash at banks and time deposits 0 0 0 8 043 Other assets 0 0 0 165 529

Liabilities 0 0 0 580 094 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 291011 0 0 0 0 Other liabilities 0 0 0 580 094

Net asset value 0 0 0 278 288 466


Income on investments and assets 2 673 911 2 172 174 5 006 457 40 760 104 Management fees 3 361 113 335 705 579 915 10 477 140 Bank interest 740 675 399 32 063 Interest on swaps 82 280 186 957 0 0 Other fees 5 120 700 112 379 121 748 1 712 768 Taxes 6 38 620 33 874 29 702 474 048 Performance fees 4 0 0 0 0 Transaction fees 19 3 370 8 378 0 0 Distribution fees 0 0 0 0

Total expenses 606 823 677 968 731 764 12 696 019

Net result from investments 2 067 088 1 494 206 4 274 693 28 064 085

Net realised result on Investments securities 2 3 596 391 5 010 917 6 460 828 105 049 359 Financial instruments 1 930 864 (2 969 287) 99 937 (1 373 901)

Net realised result 7 594 343 3 535 836 10 835 458 131 739 543


Investments securities (5 530 608) (4 263 882) (5 803 129) (126 675 754)Financial instruments (1 725 172) 1 208 938 31 511 (2 290 111)

Change in net assets due to operations 338 563 480 892 5 063 840 2 773 678

Net subscriptions(redemptions) (142 920 004) (120 973 164) (116 040 487) (1 539 587 214)

Dividends paid 7 (698 544) (389 940) (1 815 959) (23 856 617)Increase(Decrease) in net assets during the yearperiod

(143 279 985) (120 882 212) (112 792 606) (1 560 670 153)


143 279 985 120 882 212 112 792 606 1 838 958 619


0 0 0 0


0 0 0 278 288 466

BNP Paribas L1


Page 15

Bond World High Yield Bond World Plus

Convertible Bond Best Selection

Europe

Convertible Bond World

Diversified Active Click Balanced

Diversified Active Click Stability

EUR EUR EUR EUR EUR EUR

0 387 231 128 55 269 960 126 633 703 59 950 449 43 609 959 0 357 597 461 50 868 563 119 586 888 48 376 489 36 351 424 0 (23 257 872) 2 376 577 6 852 617 2 361 310 1 779 787 0 334 339 589 53 245 140 126 439 505 50 737 799 38 131 211 0 0 0 0 0 0 0 30 845 710 1 499 644 48 239 9 192 426 5 464 199 0 22 045 829 525 176 145 959 20 224 14 549

0 1 651 853 100 650 318 089 953 979 918 523 0 112 457 0 0 27 400 13 172 0 827 173 9 165 0 648 191 745 189 0 712 223 91 485 318 089 278 388 160 162

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

6 326 150 15 027 981 2 191 835 12 124 676 1 778 956 1 326 083 1 050 558 2 323 829 798 700 5 218 366 1 248 276 899 361

841 13 753 5 885 14 977 3 953 2 591 0 2 083 348 0 58 847 22 763 16 340

218 324 881 738 197 467 1 322 016 269 259 193 758 68 346 375 575 72 749 261 315 104 638 75 744

0 0 0 0 0 0 0 91 265 112 043 443 192 160 311 96 792

6 114 0 0 1 770 0 128

1 344 183 5 769 508 1 186 844 7 320 483 1 809 200 1 284 714 4 981 967 9 258 473 1 004 991 4 804 193 (30 244) 41 369

16 839 299 (8 659 765) 2 093 217 135 463 173 10 049 694 5 027 509 (1 915 926) 6 020 276 836 500 10 291 386 (6 241 326) (5 849 152)

19 905 340 6 618 984 3 934 708 150 558 752 3 778 124 (780 274)

(7 367 503) (33 787 800) 1 673 819 (19 278 022) (1 076 999) 1 276 935 (1 182 724) (4 627 636) (280 517) (11 297 491) (366 609) (535 542)

11 355 113 (31 796 452) 5 328 010 119 983 239 2 334 516 (38 881)(233 906 164) 204 463 624 (12 499 054) (1 155 137 069) (44 651 422) (32 584 098)

(6 530 722) (3 288 459) (64 362) (6 195 932) 0 0

(229 081 773) 169 378 713 (7 235 406) (1 041 349 762) (42 316 906) (32 622 979)

229 081 773 216 200 562 62 404 716 1 167 665 376 101 313 376 75 314 415

0 0 0 0 0 0

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

BNP Paribas L1



Page 16

Diversified World

Balanced Diversified World

Growth Diversified World

High Growth Diversified World

Stability

Expressed in EUR EUR EUR EUR Notes

Statement of net assets Assets 385 656 797 168 368 034 36 007 935 124 027 452

Securities portfolio at cost price 378 782 271 167 831 052 35 573 234 124 010 429 Unrealised gain(loss) on securities portfolio 4 580 108 (543 793) 143 393 (780 293)

Securities portfolio at market value 2 383 362 379 167 287 259 35 716 627 123 230 136 Net Unrealised gain on financial instruments 291011 1 615 678 854 761 202 785 341 866 Cash at banks and time deposits 303 107 218 919 83 106 443 813 Other assets 375 633 7 095 5 417 11 637

Liabilities 1 245 835 441 589 219 386 306 877 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 291011 0 0 0 0 Other liabilities 1 245 835 441 589 219 386 306 877

Net asset value 384 410 962 167 926 445 35 788 549 123 720 575


Income on investments and assets 6 931 510 3 222 774 652 081 2 157 270 Management fees 3 6 123 602 2 488 341 645 589 2 073 701 Bank interest 18 220 4 430 832 3 797 Interest on swaps 195 830 83 155 14 482 67 021 Other fees 5 1 400 407 599 732 139 953 470 300 Taxes 6 457 840 180 707 49 821 147 248 Performance fees 4 0 0 0 0 Transaction fees 19 500 394 313 828 100 335 83 288 Distribution fees 0 0 0 0

Total expenses 8 696 293 3 670 193 951 012 2 845 355

Net result from investments (1 764 783) (447 419) (298 931) (688 085)

Net realised result on Investments securities 2 18 765 340 18 785 719 6 081 929 3 616 458 Financial instruments 6 026 144 3 877 030 1 036 794 766 892



Investments securities (16 128 900) (14 059 990) (4 164 220) (4 288 824)Financial instruments 695 995 343 347 103 326 (71 108)

Change in net assets due to operations 7 593 796 8 498 687 2 758 898 (664 667)


Dividends paid 7 (4 141 106) (734 695) (42 828) (343 680)Increase(Decrease) in net assets during the yearperiod

(104 845 516) (42 347 852) (12 434 955) (49 096 971)


489 256 478 210 274 297 48 223 504 172 817 546


0 0 0 0


384 410 962 167 926 445 35 788 549 123 720 575

BNP Paribas L1


Page 17

Equity Asia Emerging

Equity Best Selection Asia ex-

Japan

Equity Best Selection Euro

Equity Best Selection Europe


ex-UK

Equity Best Selection USA

USD EUR EUR EUR EUR USD

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

1 194 441 2 168 527 13 992 683 22 924 346 206 488 480 946 1 111 376 1 571 750 2 484 768 6 222 512 88 053 480 766

74 289 181 516 130 4 0 0 0 0 0 0

225 661 378 725 897 048 1 816 811 43 065 126 377 50 964 83 442 120 895 322 282 2 559 26 087

0 0 0 0 0 0 683 938 127 263 475 424 1 134 765 85 691 44 169

39 571 1 920 12 220 48 189 0 0

2 111 584 2 163 389 3 990 536 9 545 075 219 498 677 403 (917 143) 5 138 10 002 147 13 379 271 (13 010) (196 457)

28 465 823 65 569 454 161 548 153 311 227 043 14 194 778 22 366 491

(14 824) (5 401) (140 499) 96 367 1 924 (255 255)

27 533 856 65 569 191 171 409 801 324 702 681 14 183 692 21 914 779

(22 291 733) (50 533 539) (97 139 622) (156 540 657) (10 565 289) (9 084 280)0 0 (22 696) 0 0 (55 491)

5 242 123 15 035 652 74 247 483 168 162 024 3 618 403 12 775 008 (177 670 445) (335 717 879) (728 033 920) (1 421 563 122) (61 967 986) (102 673 322)

(107 752) (1 305 691) (863 607) (8 732 459) 0 (219 731)

(172 536 074) (321 987 918) (654 650 044) (1 262 133 557) (58 349 583) (90 118 045)

172 536 074 321 987 918 654 650 044 1 262 133 557 58 349 583 90 118 045

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 18

Equity China Equity Euro Equity Europe Equity Europe

Consumer Durables

Expressed in USD EUR EUR EUR Notes

Statement of net assets Assets 0 510 805 517 960 158 872 0

Securities portfolio at cost price 0 390 423 859 737 793 954 0 Unrealised gain(loss) on securities portfolio 0 119 668 829 209 652 629 0

Securities portfolio at market value 2 0 510 092 688 947 446 583 0 Net Unrealised gain on financial instruments 291011 0 0 0 0 Cash at banks and time deposits 0 13 727 1 497 929 0 Other assets 0 699 102 11 214 360 0

Liabilities 0 363 371 9 433 991 0 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 291011 0 0 264 0 Other liabilities 0 363 371 9 433 727 0

Net asset value 0 510 442 146 950 724 881 0


Income on investments and assets 315 600 13 133 391 23 767 529 121 040 Management fees 3 3 714 265 1 183 188 4 156 642 40 558 Bank interest 0 479 3 721 53 Interest on swaps 0 0 0 0 Other fees 5 761 734 1 121 175 2 300 223 10 007 Taxes 6 167 953 122 603 376 678 2 069 Performance fees 4 0 0 0 0 Transaction fees 19 860 965 562 867 1 766 989 3 440 Distribution fees 170 778 0 45 989 0

Total expenses 5 675 695 2 990 312 8 650 242 56 127

Net result from investments (5 360 095) 10 143 079 15 117 287 64 913

Net realised result on Investments securities 2 106 901 420 33 692 856 77 536 485 1 991 929 Financial instruments (155 264) 3 286 (22 371) 7 569



Investments securities (132 391 290) 49 980 572 66 639 826 (1 232 020)Financial instruments 0 0 (264) 0

Change in net assets due to operations (31 005 229) 93 819 793 159 270 963 832 391


Dividends paid 7 (744 921) (317 439) (3 516 297) (31 306)Increase(Decrease) in net assets during the yearperiod

(653 954 642) 47 101 993 (25 806 710) (6 934 884)


653 954 642 463 340 153 976 531 591 6 934 884


0 0 0 0


0 510 442 146 950 724 881 0

BNP Paribas L1


Page 19

Equity Europe Consumer Goods

Equity Europe Emerging

Equity Europe Energy

Equity Europe Finance

Equity Europe Growth

Equity Europe Health Care


0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

327 362 2 691 962 710 475 767 422 8 827 864 1 131 912 124 329 1 197 535 351 795 247 232 2 988 716 389 317

191 2 152 4 333 216 174 6 0 0 0 0 0 0

29 010 301 593 82 259 59 481 774 600 94 314 6 898 50 889 18 259 12 355 150 345 20 926

0 0 0 0 0 0 12 363 64 986 140 075 60 129 312 030 269 335

219 21 350 0 9 186 8 486 0

173 010 1 638 505 596 721 388 599 4 234 351 773 898 154 352 1 053 457 113 754 378 823 4 593 513 358 014

6 272 854 36 134 857 515 332 1 777 985 185 219 878 19 765 399

30 948 (47 372) 81 982 (94 684) (6 051) 53 773

6 458 154 37 140 942 711 068 2 062 124 189 807 340 20 177 186

(3 741 744) (29 593 154) (161 749) 1 918 673 (116 800 391) (10 290 769)0 0 0 26 600 0 0

2 716 410 7 547 788 549 319 4 007 397 73 006 949 9 886 417 (21 218 213) (219 687 834) (61 505 688) (49 443 724) (663 056 140) (70 986 683)

(104 772) (402 996) (483 751) (230 614) (7 456 268) (328 964)

(18 606 575) (212 543 042) (61 440 120) (45 666 941) (597 505 459) (61 429 230)

18 606 575 212 543 042 61 440 120 45 666 941 597 505 459 61 429 230

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 20

Equity Europe

Industrials Equity Europe

Materials Equity Europe

Technology Equity Europe

Telecom








Income on investments and assets 95 921 213 157 32 482 349 519 Management fees 3 38 058 74 027 21 962 86 270 Bank interest 87 557 14 10 Interest on swaps 0 0 0 0 Other fees 5 8 880 17 947 5 124 20 133 Taxes 6 2 051 3 756 1 239 4 588 Performance fees 4 0 0 0 0 Transaction fees 19 2 294 9 738 1 941 4 207 Distribution fees 0 0 0 0

Total expenses 51 370 106 025 30 280 115 208

Net result from investments 44 551 107 132 2 202 234 311

Net realised result on Investments securities 2 1 144 326 (528 136) 695 536 (860 926)Financial instruments 12 726 2 640 11 725 53 464

Net realised result 1 201 603 (418 364) 709 463 (573 151)


Investments securities (521 981) (381 943) (281 376) 1 865 498 Financial instruments 0 0 (375) 3 000

Change in net assets due to operations 679 622 (800 307) 427 712 1 295 347


Dividends paid 7 (38 018) (69 883) 0 (284 973)Increase(Decrease) in net assets during the yearperiod

(5 926 702) (13 581 303) (3 159 623) (14 493 080)


5 926 702 13 581 303 3 159 623 14 493 080


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 21

Equity Europe Utilities Equity Germany Equity High

Dividend Pacific Equity High

Dividend USA Equity High

Dividend World Equity India

EUR EUR EUR USD EUR USD

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

532 778 3 321 501 700 027 1 698 221 584 537 850 175 126 627 805 597 245 046 1 113 452 217 355 1 934 033

564 36 57 166 53 0 0 0 0 0 0 0

29 620 188 033 58 409 248 105 50 716 436 702 6 757 43 453 13 845 53 630 11 687 80 101

0 0 0 0 0 0 6 291 497 21 034 69 882 85 144 954 944

0 47 181 0 5 025 0 153 847

169 859 1 084 797 338 391 1 490 260 364 955 3 559 627 362 919 2 236 704 361 636 207 961 219 582 (2 709 452)

(3 442 470) 37 904 879 8 261 132 37 798 568 6 780 846 51 792 493

2 490 139 445 84 330 (2 390 587) 800 406 (51 469)

(3 077 061) 40 281 028 8 707 098 35 615 942 7 800 834 49 031 572

5 051 020 (26 705 993) (2 540 902) (3 996 589) (1 983 182) (48 945 164)1 955 15 438 0 (1 110 572) (498 736) 0

1 975 914 13 590 473 6 166 196 30 508 781 5 318 916 86 408 (24 064 295) (149 340 870) (39 894 549) (185 559 985) (37 829 274) (362 307 922)

(266 850) (37 825) (413 357) (506 804) (71 915) (137 009)

(22 355 231) (135 788 222) (34 141 710) (155 558 008) (32 582 273) (362 358 523)

22 355 231 135 788 222 34 141 710 155 558 008 32 582 273 362 358 523

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 22

Equity Indonesia Equity Netherlands

Equity Pacific ex-Japan Equity Russia



Securities portfolio at cost price 0 357 852 181 0 0 Unrealised gain(loss) on securities portfolio 0 65 522 564 0 0

Securities portfolio at market value 2 0 423 374 745 0 0 Net Unrealised gain on financial instruments 291011 0 400 760 0 0 Cash at banks and time deposits 0 10 469 450 0 0 Other assets 0 12 152 0 0


Net asset value 0 433 535 208 0 0


Income on investments and assets 975 447 10 338 371 264 546 21 469 083 Management fees 3 837 398 306 496 28 082 5 996 703 Bank interest 63 131 19 50 835 Interest on swaps 0 0 0 0 Other fees 5 197 594 955 750 27 312 2 088 335 Taxes 6 35 240 64 351 1 980 171 431 Performance fees 4 0 0 0 0 Transaction fees 19 199 382 216 634 1 770 1 228 921 Distribution fees 90 0 0 38 360

Total expenses 1 269 767 1 543 362 59 163 9 574 585

Net result from investments (294 320) 8 795 009 205 383 11 894 498

Net realised result on Investments securities 2 49 959 770 (2 748 239) 7 527 146 20 988 780 Financial instruments (2 721) 954 606 5 401 (1 100 560)



Investments securities (23 113 637) 69 511 625 (6 559 474) (53 357 863)Financial instruments 0 406 860 0 0

Change in net assets due to operations 26 549 092 76 919 861 1 178 456 (21 575 145)


Dividends paid 7 (370 973) (228 886) 0 (1 096 807)Increase(Decrease) in net assets during the yearperiod

(153 359 232) 14 709 067 (51 000 124) (1 496 918 353)


153 359 232 418 826 141 51 000 124 1 496 918 353


0 0 0 0


0 433 535 208 0 0

BNP Paribas L1


Page 23

Equity Turkey Equity USA Core Equity USA Growth

Equity USA Small Cap Equity World Equity

World Aqua

EUR USD USD USD EUR EUR

0 1 445 954 478 0 0 97 546 733 64 434 561 0 1 165 925 789 0 0 93 500 559 58 342 249 0 270 048 697 0 0 3 757 986 5 290 318 0 1 435 974 486 0 0 97 258 545 63 632 567 0 0 0 0 0 0 0 7 984 670 0 0 0 508 838 0 1 995 322 0 0 288 188 293 156

0 555 446 0 0 561 281 644 849 0 0 0 0 13 237 0 0 0 0 0 0 0 0 555 446 0 0 548 044 644 849

0 1 445 399 032 0 0 96 985 452 63 789 712

3 132 548 18 969 019 5 191 002 1 239 555 2 458 857 10 1 325 914 1 198 343 6 077 646 1 548 791 1 077 682 378 719

0 1 636 17 10 2 385 17 0 0 0 0 0 0

291 185 3 071 459 1 666 620 435 176 378 710 69 664 57 693 204 386 281 618 69 828 74 832 38 439

0 0 0 0 0 0 345 380 1 277 859 202 873 238 906 304 169 0

54 854 0 24 482 9 705 0 0

2 075 026 5 753 683 8 253 256 2 302 416 1 837 778 486 839 1 057 522 13 215 336 (3 062 254) (1 062 861) 621 079 (486 829)

64 906 214 239 533 393 303 128 863 71 711 949 16 112 428 0

(215 136) (869 166) 4 478 578 (165 119) 208 082 0

65 748 600 251 879 563 304 545 187 70 483 969 16 941 589 (486 829)

(37 886 544) 109 989 410 (138 242 771) (15 726 959) (1 203 017) 5 290 318 0 0 (2 103 689) (73 953) 0 0

27 862 056 361 868 973 164 198 727 54 683 057 15 738 572 4 803 489 (239 996 170) (388 505 291) (1 522 761 375) (330 512 254) (54 070 448) 58 986 223

(346 736) (393 571) (5 317 374) (788 181) (357 345) 0

(212 480 850) (27 029 889) (1 363 880 022) (276 617 378) (38 689 221) 63 789 712

212 480 850 1 472 428 921 1 363 880 022 276 617 378 135 674 673 0

0 0 0 0 0 0

0 1 445 399 032 0 0 96 985 452 63 789 712

BNP Paribas L1



Page 24

Equity World

Consumer Durables

Equity World Consumer Goods

Equity World Emerging

Equity World Energy

Expressed in EUR EUR USD EUR Notes


Securities portfolio at cost price 0 0 49 572 327 0 Unrealised gain(loss) on securities portfolio 0 0 (708 155) 0

Securities portfolio at market value 2 0 0 48 864 172 0 Net Unrealised gain on financial instruments 291011 0 0 0 0 Cash at banks and time deposits 0 0 0 0 Other assets 0 0 51 963 0

Liabilities 0 0 123 650 0 Bank overdrafts 0 0 16 565 0 Net Unrealised loss on financial instruments 291011 0 0 0 0 Other liabilities 0 0 107 085 0

Net asset value 0 0 48 792 485 0


Income on investments and assets 221 404 858 878 5 009 198 1 252 622 Management fees 3 217 168 392 562 3 785 741 1 022 063 Bank interest 161 355 (5 335) 137 Interest on swaps 0 0 0 0 Other fees 5 51 478 95 715 901 594 246 408 Taxes 6 11 915 20 838 153 068 53 799 Performance fees 4 0 0 0 0 Transaction fees 19 22 523 158 096 1 885 352 54 362 Distribution fees 1 648 0 24 168 16 878

Total expenses 304 893 667 566 6 744 588 1 393 647

Net result from investments (83 489) 191 312 (1 735 390) (141 025)

Net realised result on Investments securities 2 14 415 059 13 565 032 62 872 717 32 273 809 Financial instruments (260) 72 021 (362 348) 63 840



Investments securities (6 219 629) (4 736 620) (83 921 022) (13 857 871)Financial instruments 0 0 0 0

Change in net assets due to operations 8 111 681 9 091 745 (23 146 043) 18 338 753



(34 465 045) (60 426 024) (750 495 928) (200 579 372)


34 465 045 60 426 024 799 288 413 200 579 372


0 0 0 0


0 0 48 792 485 0

BNP Paribas L1


Page 25

Equity World Finance

Equity World Health Care

Equity World Industrials

Equity World Low Volatility

Equity World Materials

Equity World Technology


0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

354 305 2 251 214 82 490 2 699 001 1 290 711 246 887 192 373 1 157 017 51 924 1 026 727 606 321 306 866

90 200 82 484 95 48 0 0 0 0 0 0

46 443 285 991 12 116 326 763 141 475 71 824 10 269 62 821 2 894 58 905 32 051 16 604

0 0 0 0 0 0 28 891 93 524 7 513 479 061 25 136 14 063

0 6 591 0 3 210 0 1 814

278 066 1 606 144 74 529 1 895 150 805 078 411 219 76 239 645 070 7 961 803 851 485 633 (164 332)

9 388 557 70 466 247 2 746 890 34 681 119 12 293 612 11 262 003

(23 263) (53 052) 6 366 (714 979) (21 687) (1 749)

9 441 533 71 058 265 2 761 217 34 769 991 12 757 558 11 095 922

(3 539 827) (22 332 807) (1 448 047) (448 545) (15 444 650) (6 402 883)0 0 0 (25 677) 0 0

5 901 706 48 725 458 1 313 170 34 295 769 (2 687 092) 4 693 039 (38 259 250) (228 227 308) (8 923 450) (182 597 016) (114 865 008) (61 209 264)

(443 586) (764 381) 0 (429 126) (78 702) (91 825)

(32 801 130) (180 266 231) (7 610 280) (148 730 373) (117 630 802) (56 608 050)

32 801 130 180 266 231 7 610 280 148 730 373 117 630 802 56 608 050

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 26

Equity World

Telecom Equity World

Utilities Green Tigers Lifecycle 2015



Securities portfolio at cost price 0 0 0 17 593 128 Unrealised gain(loss) on securities portfolio 0 0 0 (34 582)





Income on investments and assets 1 041 142 756 412 49 094 359 020 Management fees 3 360 818 301 825 116 781 183 780 Bank interest 308 15 251 279 Interest on swaps 0 0 0 891 Other fees 5 84 191 72 430 27 408 32 432 Taxes 6 19 024 16 255 6 396 26 734 Performance fees 4 0 0 0 0 Transaction fees 19 56 942 27 493 14 081 5 485 Distribution fees 0 0 0 0

Total expenses 521 283 418 018 164 917 249 601

Net result from investments 519 859 338 394 (115 823) 109 419

Net realised result on Investments securities 2 14 017 019 4 108 963 3 934 941 884 851 Financial instruments (12 573) 23 629 (23 554) 28 138



Investments securities (4 956 381) 2 737 237 (1 925 111) (1 080 578)Financial instruments 0 0 0 (5 596)



Dividends paid 7 (435 456) (579 958) (297 277) 0 Increase(Decrease) in net assets during the yearperiod

(65 738 926) (52 620 608) (21 643 911) (8 925 988)


65 738 926 52 620 608 21 643 911 26 564 308


0 0 0 0


0 0 0 17 638 320

BNP Paribas L1


Page 27

Lifecycle 2020 Lifecycle 2025 Lifecycle 2030 Lifecycle 2035 Model 1 Model 2


15 202 042 15 343 338 12 614 019 12 378 248 8 448 953 22 637 914 15 044 789 15 181 637 12 417 163 12 104 970 8 400 045 22 518 326

4 104 58 698 76 400 73 900 (31 392) (13 579)15 048 893 15 240 335 12 493 563 12 178 870 8 368 653 22 504 747

579 556 450 438 0 0 121 940 88 140 117 224 175 289 55 137 120 688

30 630 14 307 2 782 23 651 25 163 12 479

41 341 46 259 56 046 138 240 64 991 48 847 0 0 0 0 0 0 0 0 0 0 0 0

41 341 46 259 56 046 138 240 64 991 48 847

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

413 676 394 169 286 021 268 829 254 586 822 104 171 136 180 244 169 310 159 762 127 388 368 209

330 443 412 398 66 314 648 572 368 330 0 0

26 399 32 772 25 083 23 668 26 133 75 807 22 272 20 978 16 231 15 385 16 288 47 303

0 0 0 0 0 0 17 008 25 056 24 044 22 598 509 21 504

0 0 0 0 0 0

237 793 260 065 235 448 222 141 170 384 513 137 175 883 134 104 50 573 46 688 84 202 308 967

1 526 437 1 918 282 1 608 344 1 428 324 496 804 2 540 615

28 896 31 007 29 330 28 032 3 173 15 999

1 731 216 2 083 393 1 688 247 1 503 044 584 179 2 865 581

(1 062 972) (849 057) (557 990) (480 002) (546 993) (2 062 269)(3 883) (3 756) (2 477) (2 117) 1 306 3 248

664 361 1 230 580 1 127 780 1 020 925 38 492 806 560 (7 018 383) (4 261 994) (1 204 062) 186 850 (8 312 586) (28 125 472)

0 0 0 0 0 0

(6 354 022) (3 031 414) (76 282) 1 207 775 (8 274 094) (27 318 912)

21 514 723 18 328 493 12 634 255 11 032 233 16 658 056 49 907 979

0 0 0 0 0 0

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

BNP Paribas L1



Page 28

Model 3 Model 4 Model 5 Model 6



Securities portfolio at cost price 135 790 150 93 633 526 25 376 986 7 222 305 Unrealised gain(loss) on securities portfolio 208 518 995 203 162 063 53 765

Securities portfolio at market value 2 135 998 668 94 628 729 25 539 049 7 276 070 Net Unrealised gain on financial instruments 291011 0 4 095 1 099 0 Cash at banks and time deposits 229 488 444 327 56 894 20 211 Other assets 515 262 219 751 165 703 39 411

Liabilities 910 448 254 611 141 507 57 924 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 291011 0 0 0 0 Other liabilities 910 448 254 611 141 507 57 924

Net asset value 135 832 970 95 042 291 25 621 238 7 277 768


Income on investments and assets 5 034 250 5 299 809 1 597 107 405 703 Management fees 3 2 431 437 2 401 669 911 562 244 099 Bank interest 2 428 11 127 1 656 391 Interest on swaps 0 13 345 3 931 0 Other fees 5 494 668 491 696 154 064 41 711 Taxes 6 251 569 244 898 76 348 20 736 Performance fees 4 0 0 0 0 Transaction fees 19 218 247 307 280 124 420 35 675 Distribution fees 0 0 0 0

Total expenses 3 398 349 3 470 015 1 271 981 342 612

Net result from investments 1 635 901 1 829 794 325 126 63 091

Net realised result on Investments securities 2 20 409 371 21 716 784 8 244 248 2 596 758 Financial instruments 113 634 (89 467) 94 315 3 266



Investments securities (13 410 116) (12 633 078) (3 365 139) (484 157)Financial instruments 15 943 (96 989) (31 061) 0

Change in net assets due to operations 8 764 733 10 727 044 5 267 489 2 178 958


Dividends paid 7 0 0 0 0 Increase(Decrease) in net assets during the yearperiod

(109 587 363) (149 311 500) (42 876 214) (11 728 832)


245 420 333 244 353 791 68 497 452 19 006 600


0 0 0 0


135 832 970 95 042 291 25 621 238 7 277 768

BNP Paribas L1


Page 29

OBAM Equity World Opportunities USA Opportunities

World Real Estate

Securities Europe Real Estate

Securities Pacific Real Estate

Securities World

EUR USD EUR EUR EUR EUR

250 240 466 0 0 614 692 942 0 0 219 570 156 0 0 545 921 469 0 0

23 834 907 0 0 53 511 623 0 0 243 405 063 0 0 599 433 092 0 0

0 0 0 0 0 0 6 599 409 0 0 14 763 705 0 0

235 994 0 0 496 145 0 0

659 662 0 0 380 681 0 0 0 0 0 0 0 0 0 0 0 0 0 0

659 662 0 0 380 681 0 0

249 580 804 0 0 614 312 261 0 0

4 561 392 1 352 954 942 337 14 995 956 477 331 368 256 3 632 604 2 179 897 655 294 1 456 735 303 075 163 754

50 036 4 315 556 2 560 577 398 0 0 22 153 0 0 0

1 003 451 500 813 171 393 1 275 716 86 723 47 617 291 898 94 839 31 873 134 531 15 786 7 718

0 0 0 0 0 0 663 019 327 573 161 127 1 227 591 135 825 70 593

5 057 40 776 5 907 589 0 0

5 646 065 3 148 213 1 048 303 4 097 722 541 986 290 080 (1 084 673) (1 795 259) (105 966) 10 898 234 (64 655) 78 176

20 525 220 (16 487 243) 16 863 214 21 114 499 19 000 854 9 002 244

17 849 (8 425 230) (507 727) (185 299) 84 950 46 531

19 458 396 (26 707 732) 16 249 521 31 827 434 19 021 149 9 126 951

11 784 782 (14 473 855) (7 360 731) 19 491 786 (11 319 157) (4 056 427)0 (1 081 279) 307 639 0 187 0

31 243 178 (42 262 866) 9 196 429 51 319 220 7 702 179 5 070 524 (88 671 663) (433 393 200) (135 659 663) 101 247 598 (74 349 572) (38 382 703)(1 888 226) (1 191 369) (664 479) (1 508 569) (718 550) (41 462)

(59 316 711) (476 847 435) (127 127 713) 151 058 249 (67 365 943) (33 353 641)

308 897 515 476 847 435 127 127 713 463 254 012 67 365 943 33 353 641

0 0 0 0 0 0

249 580 804 0 0 614 312 261 0 0

BNP Paribas L1



Page 30

Safe Balanced W1 Safe Balanced W4 Safe Balanced W7 Safe Balanced W10




Securities portfolio at market value 2 154 015 011 115 815 693 178 188 152 169 277 697 Net Unrealised gain on financial instruments 291011 60 093 39 041 74 452 67 219 Cash at banks and time deposits 533 408 1 205 397 1 704 127 1 455 119 Other assets 28 256 9 371 10 937 9 669


Net asset value 153 906 004 116 410 630 179 206 089 169 961 577


Income on investments and assets 2 131 584 1 578 033 2 893 449 2 607 259 Management fees 3 2 874 141 2 155 194 3 353 852 3 250 595 Bank interest 5 075 3 702 6 940 6 339 Interest on swaps 65 142 46 364 84 638 78 370 Other fees 5 415 493 314 623 476 194 481 363 Taxes 6 114 424 90 315 126 280 141 759 Performance fees 4 0 0 0 0 Transaction fees 19 153 221 112 257 219 671 190 964 Distribution fees 82 762 59 308 105 160 79 195

Total expenses 3 710 258 2 781 763 4 372 735 4 228 585

Net result from investments (1 578 674) (1 203 730) (1 479 286) (1 621 326)

Net realised result on Investments securities 2 7 226 527 4 237 249 5 727 349 4 601 358 Financial instruments 1 159 701 796 721 756 136 1 107 882



Investments securities (9 817 393) (5 613 392) (7 858 491) (7 749 744)Financial instruments 428 518 338 517 443 240 491 151

Change in net assets due to operations (2 581 321) (1 444 635) (2 411 052) (3 170 679)

Net subscriptions(redemptions) (56 834 366) (18 080 256) (638 045) (37 246 708)

Dividends paid 7 0 (117 278) (87 431) 0 Increase(Decrease) in net assets during the yearperiod

(59 415 687) (19 642 169) (3 136 528) (40 417 387)


213 321 691 136 052 799 182 342 617 210 378 964


0 0 0 0


153 906 004 116 410 630 179 206 089 169 961 577

BNP Paribas L1


Page 31

Safe Conservative W1



Safe Conservative W10 Safe Growth W1 Safe Growth W4


11 379 855 5 004 359 7 289 956 12 935 456 74 607 020 29 741 149 11 341 825 4 951 925 7 236 118 12 771 816 73 318 203 29 054 876

23 998 12 170 28 266 44 316 653 352 221 394 11 365 823 4 964 095 7 264 384 12 816 132 73 971 555 29 276 270

1 579 538 1 816 2 867 30 196 11 973 9 669 38 467 22 196 115 244 581 145 452 331 2 784 1 259 1 560 1 213 24 124 575

94 070 6 446 15 950 43 340 291 895 223 542 0 0 0 0 0 0 0 0 0 0 0 0

94 070 6 446 15 950 43 340 291 895 223 542

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

78 339 32 442 79 440 86 619 1 244 710 484 927 145 027 51 901 82 140 143 953 1 065 534 551 982

766 379 768 855 2 586 1 136 548 265 632 634 33 257 12 930

46 538 15 571 24 642 43 187 218 226 83 102 14 621 6 222 9 336 16 987 45 068 26 347

0 0 0 0 0 0 383 137 322 473 119 187 45 502

0 0 0 0 17 743 11 992

207 883 74 475 117 840 206 089 1 501 601 732 991 (129 544) (42 033) (38 400) (119 470) (256 891) (248 064)

151 866 1 890 (63 280) (56 790) 4 908 510 2 150 158

25 377 (2 889) 8 509 13 845 633 994 238 825

47 699 (43 032) (93 171) (162 415) 5 285 613 2 140 919

(256 920) (41 279) (75 112) (66 146) (5 072 130) (2 158 897)(37 631) (6 795) (12 502) (11 907) 261 613 120 903

(246 852) (91 106) (180 785) (240 468) 475 096 102 925 (7 179 733) (311 823) (1 402 420) (2 634 120) (8 807 631) (5 390 256)

0 0 0 0 0 (31 974)

(7 426 585) (402 929) (1 583 205) (2 874 588) (8 332 535) (5 319 305)

18 712 370 5 400 842 8 857 211 15 766 704 82 647 660 34 836 912

0 0 0 0 0 0

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

BNP Paribas L1



Page 32

Safe Growth W7 Safe Growth W10 Safe High Growth W1

Safe High Growth W4


Statement of net assets Assets 35 913 106 51 692 455 3 811 789 720 051

Securities portfolio at cost price 35 501 852 50 552 702 3 768 364 714 316 Unrealised gain(loss) on securities portfolio 372 362 499 532 41 967 5 631

Securities portfolio at market value 2 35 874 214 51 052 234 3 810 331 719 947 Net Unrealised gain on financial instruments 291011 14 672 20 847 494 42 Cash at banks and time deposits 20 210 586 749 0 0 Other assets 4 010 32 625 964 62

Liabilities 99 084 264 159 98 314 6 562 Bank overdrafts 0 0 87 896 5 144 Net Unrealised loss on financial instruments 291011 0 0 0 0 Other liabilities 99 084 264 159 10 418 1 418

Net asset value 35 814 022 51 428 296 3 713 475 713 489


Income on investments and assets 634 737 886 611 57 500 10 119 Management fees 3 660 416 946 876 69 500 12 865 Bank interest 1 616 1 892 118 21 Interest on swaps 16 086 23 010 1 227 222 Other fees 5 93 203 142 225 11 900 2 202 Taxes 6 25 178 44 289 4 649 876 Performance fees 4 0 0 0 0 Transaction fees 19 62 590 87 175 8 712 1 540 Distribution fees 20 751 20 780 0 0

Total expenses 879 840 1 266 247 96 106 17 726

Net result from investments (245 103) (379 636) (38 606) (7 607)

Net realised result on Investments securities 2 3 060 120 3 743 359 404 463 67 360 Financial instruments 299 701 361 004 64 522 10 731

Net realised result 3 114 718 3 724 727 430 379 70 484


Investments securities (2 542 166) (3 371 260) (326 086) (55 671)Financial instruments 117 530 198 908 (22 841) (2 026)

Change in net assets due to operations 690 082 552 375 81 452 12 787

Net subscriptions(redemptions) (6 518 518) (7 233 204) (478 709) (4 206)

Dividends paid 7 (16 045) (25 332) (3 124) (1 026)Increase(Decrease) in net assets during the yearperiod

(5 844 481) (6 706 161) (400 381) 7 555


41 658 503 58 134 457 4 113 856 705 934


0 0 0 0


35 814 022 51 428 296 3 713 475 713 489

BNP Paribas L1


Page 33

Safe High Growth W7

Safe High Growth W10 Safe Stability W1 Safe Stability W4 Safe Stability W7 Safe Stability W10

EUR EUR EUR EUR EUR EUR 2 382 506 3 047 404 181 901 720 116 070 705 175 598 783 182 681 741 2 345 232 2 989 520 179 995 045 114 681 170 173 811 524 180 611 984

27 187 32 026 447 861 290 269 653 704 677 797 2 372 419 3 021 546 180 442 906 114 971 439 174 465 228 181 289 781

452 946 53 420 30 777 66 229 62 925 9 561 19 898 1 384 367 1 059 580 1 058 648 1 320 350

74 5 014 21 027 8 909 8 678 8 685

5 712 5 911 588 389 394 908 796 033 1 169 402 0 0 0 0 0 0 0 0 0 0 0 0

5 712 5 911 588 389 394 908 796 033 1 169 402

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

35 699 49 916 1 343 559 911 389 2 042 718 1 590 075 43 056 59 483 3 446 192 2 231 662 3 329 134 3 565 980

105 86 3 881 2 285 5 430 4 452 752 1 067 50 862 33 082 78 553 60 525

7 370 10 186 492 085 316 582 445 270 522 047 2 875 3 932 134 679 85 926 100 723 149 795

0 0 0 0 0 0 5 501 7 653 51 773 34 541 80 871 62 275

0 0 104 852 70 726 132 864 96 251

59 659 82 407 4 284 324 2 774 804 4 172 845 4 461 325 (23 960) (32 491) (2 940 765) (1 863 415) (2 130 127) (2 871 250)

280 199 402 279 4 248 776 1 297 176 1 468 897 1 543 581

40 766 52 734 94 157 17 313 (123 517) 88 895

297 005 422 522 1 402 168 (548 926) (784 747) (1 238 774)

(203 152) (304 722) (5 516 537) (1 958 590) (3 482 145) (2 827 382)(14 221) (10 323) 144 610 64 641 129 075 115 495

79 632 107 477 (3 969 759) (2 442 875) (4 137 817) (3 950 661)(292 319) (891 007) (59 421 765) (30 967 923) (24 700 658) (57 678 199)

(1 890) (2 183) 0 0 0 0

(214 577) (785 713) (63 391 524) (33 410 798) (28 838 475) (61 628 860)

2 591 371 3 827 206 244 704 855 149 086 595 203 641 225 243 141 199

0 0 0 0 0 0

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

BNP Paribas L1



Page 34

Sustainable Active

Allocation Sustainable Bond Euro

Sustainable Diversified Europe

Balanced


Growth




Securities portfolio at market value 2 126 202 683 0 0 0 Net Unrealised gain on financial instruments 291011 0 0 0 0 Cash at banks and time deposits 6 661 434 0 0 0 Other assets 2 669 603 0 0 0

Liabilities 882 608 0 0 0 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 291011 65 410 0 0 0 Other liabilities 817 198 0 0 0

Net asset value 134 651 112 0 0 0


Income on investments and assets 2 119 028 1 358 335 275 719 78 901 Management fees 3 1 514 482 229 751 154 954 47 556 Bank interest 689 0 149 64 Interest on swaps 0 0 0 0 Other fees 5 335 816 80 856 30 991 9 511 Taxes 6 140 885 19 248 8 150 2 458 Performance fees 4 0 0 0 0 Transaction fees 19 986 1 421 9 015 4 193 Distribution fees 0 0 0 0

Total expenses 1 992 858 331 276 203 259 63 782

Net result from investments 126 170 1 027 059 72 460 15 119

Net realised result on Investments securities 2 (623 243) 10 631 509 4 973 863 1 832 456 Financial instruments 72 985 (117 673) (9 617) (2 778)

Net realised result (424 088) 11 540 895 5 036 706 1 844 797


Investments securities 2 371 149 (10 512 772) (3 772 578) (1 233 545)Financial instruments (60 580) 3 680 3 593 527

Change in net assets due to operations 1 886 481 1 031 803 1 267 721 611 779

Net subscriptions(redemptions) 87 655 166 (192 799 490) (52 598 718) (16 264 360)

Dividends paid 7 (637 814) 0 0 0 Increase(Decrease) in net assets during the yearperiod

88 903 833 (191 767 687) (51 330 997) (15 652 581)


45 747 279 191 767 687 51 330 997 15 652 581


0 0 0 0


134 651 112 0 0 0

BNP Paribas L1


Page 35

V350 World Commodities World Volatility Consolidated

EUR USD EUR EUR

0 0 0 8 535 831 965 0 0 0 7 634 371 783 0 0 0 680 584 734 0 0 0 8 314 956 517 0 0 0 10 777 778 0 0 0 126 545 910 0 0 0 83 551 760

0 0 0 37 965 121 0 0 0 955 167 0 0 0 6 271 432 0 0 0 30 738 522

0 0 0 8 497 866 844

4 434 117 13 657 2 820 386 133 674 152 920 1 127 963 37 155 145 214 718

1 459 1 641 2 639 310 140 254 449 0 0 9 400 165

78 694 422 908 14 862 40 040 172 17 990 52 002 667 9 404 846 93 708 0 0 93 708 12 224 0 0 19 600 949 11 762 0 0 1 556 523

623 206 1 604 514 55 323 225 621 221 3 810 911 (1 590 857) (52 503) 160 512 453

(3 006 642) (1 184 764) 0 2 621 245 947 3 610 580 (35 397 724) 37 168 676 14 177 645

4 414 849 (38 173 345) 37 116 173 2 795 936 045

3 326 222 8 970 0 (1 180 655 618)(2 752 939) 10 447 996 (38 094 833) (59 965 032)

4 988 132 (27 716 379) (978 660) 1 555 315 395 (162 656 568) (319 563 946) (37 124 817) (17 224 055 820)

0 (186 970) 0 (112 945 427)

(157 668 436) (347 467 295) (38 103 477) (15 781 685 852)

157 668 436 347 467 295 38 103 477 24 587 101 767

0 0 0 (307 549 071)

0 0 0 8 497 866 844

BNP Paribas L1

Key figures relating to the last 3 years (Note 12)


Page 36

Absolute Return Balanced EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 51 572 829 48 389 680 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 11124 11315 0 0 Share ldquoClassic - Distributionrdquo 9060 9131 0 0 Share ldquoIrdquo 11605 11869 0 0

Absolute Return Growth EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 166 720 601 112 052 139 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 11594 11665 0 0 Share ldquoClassic - Distributionrdquo 9077 9045 0 0 Share ldquoClassic H CZKrdquo 9716 9837 0 0 Share ldquoIrdquo 12270 12452 0 0

Absolute Return Stability EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 124 302 111 99 985 286 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 11367 11390 0 0 Share ldquoClassic - Distributionrdquo 9431 9356 0 0 Share ldquoIrdquo 11649 11717 0 0 Share ldquoNrdquo 11049 11031 0 0

Bond Asia ex-Japan USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 52 009 933 568 069 710 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 13283 14841 0 0 Share ldquoClassic - Distributionrdquo 13277 14153 0 0 Share ldquoClassic EUR - Capitalisationrdquo 10728 11800 0 0 Share ldquoClassic EUR - Distributionrdquo 0 10695 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 0 10052 0 0 Share ldquoClassic H SGD MDrdquo 0 10368 0 0 Share ldquoClassic MDrdquo 9687 10243 0 0 Share ldquoClassic QDrdquo 5310 5672 0 0 Share ldquoIrdquo 15618 17598 0 0 Share ldquoIH EURrdquo 0 10090 0 0 Share ldquoXrdquo 10135 11493 0 0

Bond Best Selection World Emerging USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 497 870 928 394 871 312 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 21376 24108 0 0 Share ldquoClassic EUR - Capitalisationrdquo 10188 11313 0 0 Share ldquoClassic GBPrdquo 14169 14362 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 7485 8411 0 0 Share ldquoClassic H EUR - Distributionrdquo 3567 3778 0 0 Share ldquoClassic MDrdquo 8529 8982 0 0 Share ldquoClassic QDrdquo 3303 3504 0 0 Share ldquoClassic SGDrdquo 9326 9952 0 0 Share ldquoIrdquo 22473 25622 0 0 Share ldquoIH EURrdquo 7913 9030 0 0 Share ldquoNrdquo 12240 13735 0 0

BNP Paribas L1



Page 37

Bond Euro High Yield EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 537 689 913 615 922 025 144 156 490

Net asset value per share Share ldquoClassic - Capitalisationrdquo 13663 16483 0 0 Share ldquoClassic - Distributionrdquo 7809 8635 8780 1 640 900561 Share ldquoClassic New CAPrdquo 0 0 10552 815925 Share ldquoIrdquo 14515 17652 0 0 Share ldquoIH NOKrdquo 1 33401 1 64749 0 0 Share ldquoNrdquo 9026 10837 0 0 Share ldquoPrivilege - Capitalisationrdquo 9079 10999 0 0 Share ldquoXrdquo 9121 11158 0 0

Bond Euro Long Term EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 105 020 178 101 532 682 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 52782 61566 0 0 Share ldquoClassic - Distributionrdquo 28550 31891 0 0 Share ldquoIrdquo 54633 64142 0 0 Share ldquoNrdquo 10328 11989 0 0 Share ldquoPrivilege - Capitalisationrdquo 10373 12147 0 0

Bond Euro Premium EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 320 381 822 272 239 308 197 743 264

Net asset value per share Share ldquoClassic - Capitalisationrdquo 12878 13754 13864 540 969138 Share ldquoClassic - Distributionrdquo 9866 10282 10233 1 120 674886 Share ldquoIrdquo 0 0 9954 2 892100 Share ldquoNrdquo 0 10028 10060 12 301128 Share ldquoPrivilege - Capitalisationrdquo 0 0 10182 41 148237 Share ldquoPrivilege - Distributionrdquo 0 0 10197 22 995434

Bond Europe Emerging EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 106 242 233 114 754 452 0


Bond Europe Plus EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 701 920 049 821 018 928 557 230 245

Net asset value per share Share ldquoClassic - Capitalisationrdquo 34355 38040 37984 886 055567 Share ldquoClassic - Distributionrdquo 2201 2375 2312 3 673 029249 Share ldquoClassic New Distrirdquo 2201 2374 2312 2 514 913130 Share ldquoIrdquo 35608 39691 39912 21 887935 Share ldquoNrdquo 11555 12733 12654 59 098533 Share ldquoPrivilege - Capitalisationrdquo 0 0 10211 600 720959 Share ldquoPrivilege - Distributionrdquo 0 0 10160 559000

BNP Paribas L1



Page 38

Bond USD USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 192 247 258 143 279 985 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 67338 71988 0 0 Share ldquoClassic - Distributionrdquo 33767 35290 0 0 Share ldquoClassic PmRvrdquo 33767 35291 0 0 Share ldquoClassic EUR - Capitalisationrdquo 10923 11500 0 0 Share ldquoClassic QDrdquo 11682 12211 0 0 Share ldquoIrdquo 69962 75306 0 0

Bond World EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 136 442 336 120 882 212 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 30065 31317 0 0 Share ldquoClassic - Distributionrdquo 19309 19640 0 0 Share ldquoClassic PmRvrdquo 19310 19645 0 0 Share ldquoIrdquo 30954 32469 0 0

Bond World Emerging Corporate USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 97 537 195 112 792 606 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 9652 11531 0 0 Share ldquoClassic - Distributionrdquo 9613 10530 0 0 Share ldquoClassic EUR - Capitalisationrdquo 10303 12115 0 0 Share ldquoClassic EUR - Distributionrdquo 0 11027 0 0 Share ldquoIrdquo 9796 11831 0 0 Share ldquoXrdquo 11278 13704 0 0

Bond World Emerging Local USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 2 209 197 910 1 838 958 619 278 288 466

Net asset value per share Share ldquoClassic - Capitalisationrdquo 15100 17462 0 0 Share ldquoClassic - Distributionrdquo 10927 11872 9866 2 820 188600 Share ldquoClassic EUR - Capitalisationrdquo 10158 11569 0 0 Share ldquoClassic EUR - Distributionrdquo 10150 10616 0 0 Share ldquoClassic GBPrdquo 10207 10589 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 10482 12035 0 0 Share ldquoClassic H EUR - Distributionrdquo 9922 10711 0 0 Share ldquoClassic HUF - Capitalisationrdquo 9699 10382 0 0 Share ldquoClassic MDrdquo 9166 9871 0 0 Share ldquoClassic New CAPrdquo 0 0 9585 478324 Share ldquoIrdquo 16038 18753 0 0 Share ldquoIH EURrdquo 11965 13964 0 0 Share ldquoNrdquo 9674 11203 0 0 Share ldquoXrdquo 8995 10581 0 0

BNP Paribas L1



Page 39

Bond World High Yield EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 173 041 615 229 081 773 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 7948 8901 0 0 Share ldquoClassic - Distributionrdquo 3318 3434 0 0 Share ldquoClassic H USD - Capitalisationrdquo 8491 9528 0 0 Share ldquoClassic H USD - Distributionrdquo 4120 4273 0 0 Share ldquoClassic MDrdquo 9470 9823 0 0 Share ldquoClassic USD - Capitalisationrdquo 10042 11495 0 0 Share ldquoClassic USD - Distributionrdquo 10066 10595 0 0 Share ldquoIrdquo 8340 9414 0 0 Share ldquoIH USDrdquo 13002 14464 0 0 Share ldquoNrdquo 7833 8730 0 0

Bond World Plus EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 137 190 913 216 200 562 385 579 275

Net asset value per share Share ldquoClassic - Capitalisationrdquo 1 38374 1 55057 1 43468 116 147290 Share ldquoClassic - Distributionrdquo 36672 39526 35650 69 805680 Share ldquoClassic New Distrirdquo 36671 39522 35650 379 206220 Share ldquoIrdquo 1 45144 1 63824 1 52645 18 847822 Share ldquoPrivilege - Distributionrdquo 0 0 9149 13 691848 Share ldquoXrdquo 0 0 9948 290 000000

Convertible Bond Best Selection Europe EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 71 049 017 62 404 716 55 169 310

Net asset value per share Share ldquoClassic - Capitalisationrdquo 5641 6666 7288 478 640992 Share ldquoClassic - Distributionrdquo 4277 4873 5128 28 530291 Share ldquoClassic H USD - Capitalisationrdquo 4390 5213 0 0 Share ldquoIrdquo 8 98206 10 69909 11 79760 288983 Share ldquoPrivilege - Capitalisationrdquo 0 0 10787 142 893000 Share ldquoPrivilege - Distributionrdquo 0 0 10771 1000

Convertible Bond World EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 1 006 588 202 1 167 665 376 126 315 614

Net asset value per share Share ldquoClassic - Capitalisationrdquo 11921 12973 0 0 Share ldquoClassic - Distributionrdquo 10348 10995 12330 1 023 586248 Share ldquoClassic H CZKrdquo 2 40412 2 61972 0 0 Share ldquoClassic H PLNrdquo 32261 35772 0 0 Share ldquoClassic New CAPrdquo 0 0 10681 977617 Share ldquoClassic USD - Capitalisationrdquo 9177 10142 0 0 Share ldquoClassic USD - Distributionrdquo 9182 9895 0 0 Share ldquoIrdquo 12555 13768 0 0 Share ldquoIH NOKrdquo 9738 10844 0 0 Share ldquoIH USDrdquo 11303 12505 0 0 Share ldquoNrdquo 11506 12448 0 0 Share ldquoXrdquo 9357 10323 0 0

BNP Paribas L1



Page 40

Diversified Active Click Balanced EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 110 205 340 101 313 376 58 996 470

Net asset value per share Share ldquoClassic - Capitalisationrdquo 11272 12072 12420 474 992807

Diversified Active Click Stability EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 85 075 098 75 314 415 42 691 436

Net asset value per share Share ldquoClassic - Capitalisationrdquo 10971 11373 11361 375 685545 Share ldquoNrdquo 10433 10743 10655 93000

Diversified World Balanced EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 530 905 163 489 256 478 384 410 962

Net asset value per share Share ldquoClassic - Capitalisationrdquo 16295 17756 18088 1 034 377617 Share ldquoClassic - Distributionrdquo 10680 11256 11212 1 083 945590 Share ldquoIrdquo 17687 19500 20100 150 247002 Share ldquoPrivilege - Capitalisationrdquo 0 0 10149 94000 Share ldquoPrivilege - Distributionrdquo 0 0 10164 448 281891

Diversified World Growth EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 210 133 205 210 274 297 167 926 445

Net asset value per share Share ldquoClassic - Capitalisationrdquo 15995 17798 18574 570 095831 Share ldquoClassic - Distributionrdquo 10863 11693 11879 207 060445 Share ldquoIrdquo 17404 19595 20690 180 956503 Share ldquoPrivilege - Capitalisationrdquo 0 0 10234 1000

Diversified World High Growth EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 50 902 822 48 223 504 35 788 549

Net asset value per share Share ldquoClassic - Capitalisationrdquo 11312 12895 13773 251 478445 Share ldquoClassic - Distributionrdquo 9077 10045 10446 11 023276 Share ldquoPrivilege - Distributionrdquo 0 0 10532 1000

Diversified World Stability EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 195 747 853 172 817 546 123 720 575

Net asset value per share Share ldquoClassic - Capitalisationrdquo 16992 18057 17970 447 158688 Share ldquoClassic - Distributionrdquo 10721 11037 10876 186 471626 Share ldquoIrdquo 18455 19853 20000 72 739708 Share ldquoPrivilege - Capitalisationrdquo 0 0 10063 1000 Share ldquoPrivilege - Distributionrdquo 0 0 9967 85 662000

BNP Paribas L1



Page 41

Equity Asia Emerging USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 165 006 284 172 536 074 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 7829 9575 0 0 Share ldquoClassic - Distributionrdquo 4779 5700 0 0 Share ldquoClassic EUR - Capitalisationrdquo 8776 10564 0 0 Share ldquoClassic EUR - Distributionrdquo 8749 10186 0 0 Share ldquoIrdquo 8453 10452 0 0 Share ldquoNrdquo 11562 14034 0 0

Equity Best Selection Asia ex-Japan EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 274 877 939 321 987 918 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 35639 43344 0 0 Share ldquoClassic - Distributionrdquo 27399 32470 0 0 Share ldquoClassic USD - Capitalisationrdquo 9069 11204 0 0 Share ldquoIrdquo 38099 46746 0 0 Share ldquoNrdquo 8517 10284 0 0 Share ldquoPrivilege - Capitalisationrdquo 8575 10504 0 0 Share ldquoXrdquo 8611 10645 0 0

Equity Best Selection Euro EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 391 372 993 654 650 044 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 28242 34603 0 0 Share ldquoClassic - Distributionrdquo 19276 22523 0 0 Share ldquoClassic H CZKrdquo 0 2 99364 0 0 Share ldquoIrdquo 30726 38037 0 0 Share ldquoNrdquo 27258 33156 0 0 Share ldquoPrivilege - Capitalisationrdquo 9118 11251 0 0 Share ldquoXrdquo 9156 11402 0 0

Equity Best Selection Europe EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 724 794 945 1 262 133 557 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 12997 15774 0 0 Share ldquoClassic - Distributionrdquo 10292 11999 0 0 Share ldquoClassic GBPrdquo 9015 10291 0 0 Share ldquoClassic HUF - Capitalisationrdquo 10072 10193 0 0 Share ldquoClassic USD - Capitalisationrdquo 0 20795 0 0 Share ldquoIrdquo 14022 17193 0 0 Share ldquoNrdquo 9763 11762 0 0 Share ldquoPrivilege - Capitalisationrdquo 9341 11420 0 0 Share ldquoXrdquo 9381 11571 0 0

Equity Best Selection Europe ex-UK EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 12 706 300 58 349 583 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 9202 11290 0 0 Share ldquoClassic - Distributionrdquo 8018 9592 0 0 Share ldquoClassic GBPrdquo 9020 10549 0 0 Share ldquoIrdquo 9856 12221 0 0

BNP Paribas L1



Page 42

Equity Best Selection USA USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 99 306 341 90 118 045 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 27590 31685 0 0 Share ldquoClassic - Distributionrdquo 22277 25087 0 0 Share ldquoClassic EUR - Capitalisationrdquo 11097 12553 0 0 Share ldquoClassic H CZKrdquo 9332 10602 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 0 10100 0 0 Share ldquoIrdquo 29800 34586 0 0 Share ldquoXrdquo 10880 12702 0 0

Equity China USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 587 600 420 653 954 642 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 25597 31717 0 0 Share ldquoClassic - Distributionrdquo 18875 22725 0 0 Share ldquoClassic EUR - Capitalisationrdquo 8332 10165 0 0 Share ldquoClassic EUR - Distributionrdquo 8262 9694 0 0 Share ldquoIrdquo 26708 33463 0 0 Share ldquoNrdquo 24598 30255 0 0 Share ldquoPrivilege - Capitalisationrdquo 7920 9893 0 0 Share ldquoXrdquo 7961 10050 0 0

Equity Euro EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 477 311 632 463 340 153 510 442 146

Net asset value per share Share ldquoASRrdquo 9774 0 0 0 Share ldquoClassic - Capitalisationrdquo 20600 24479 29276 179 415629 Share ldquoClassic - Distributionrdquo 14053 15911 18300 47 122359 Share ldquoClassic PmRvrdquo 14053 0 0 0 Share ldquoIrdquo 22541 27115 32826 122 781545 Share ldquoPrivilege - Capitalisationrdquo 0 0 11592 1000 Share ldquoXrdquo 0 10371 12620 3 240 810487

Equity Europe EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 756 405 840 976 531 591 950 724 881

Net asset value per share Share ldquoASRrdquo 9818 0 0 0 Share ldquoClassic - Capitalisationrdquo 36861 43889 51620 293 666250 Share ldquoClassic - Distributionrdquo 22042 25228 28608 113 940607 Share ldquoClassic New Distrirdquo 22044 0 0 0 Share ldquoClassic USD - Capitalisationrdquo 0 0 71146 810731 Share ldquoIrdquo 40277 48534 57784 143 641399 Share ldquoNrdquo 12508 14787 17266 34 666587 Share ldquoPrivilege - Capitalisationrdquo 0 0 11503 1000 Share ldquoPrivilege - Distributionrdquo 0 0 11543 484 379135 Share ldquoXrdquo 0 10284 12307 5 047 715689

BNP Paribas L1



Page 43

Equity Europe Consumer Durables EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 4 164 847 6 934 884 0


Equity Europe Consumer Goods EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 16 375 755 18 606 575 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 16021 18602 0 0 Share ldquoClassic - Distributionrdquo 12244 13795 0 0 Share ldquoNrdquo 10613 12235 0 0

Equity Europe Emerging EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 254 945 579 212 543 042 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 99898 1 16756 0 0 Share ldquoClassic - Distributionrdquo 78165 88687 0 0 Share ldquoClassic HUF - Capitalisationrdquo 8184 7280 0 0 Share ldquoIrdquo 1 06602 1 25989 0 0 Share ldquoNrdquo 95695 1 11017 0 0 Share ldquoPrivilege - Capitalisationrdquo 7624 8980 0 0

Equity Europe Energy EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 78 811 471 61 440 120 0


Equity Europe Finance EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 32 900 935 45 666 941 0


BNP Paribas L1



Page 44

Equity Europe Growth EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 764 490 136 597 505 459 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 2836 3470 0 0 Share ldquoClassic - Distributionrdquo 10746 12639 0 0 Share ldquoClassic USD - Capitalisationrdquo 9088 11321 0 0 Share ldquoIrdquo 10 44081 12 90198 0 0 Share ldquoNrdquo 4354 5286 0 0 Share ldquoPrivilege - Capitalisationrdquo 9323 11485 0 0 Share ldquoPrivilege - Distributionrdquo 0 10461 0 0

Equity Europe Health Care EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 63 137 325 61 429 230 0


Equity Europe Industrials EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 5 740 256 5 926 702 0


Equity Europe Materials EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 14 056 677 13 581 303 0


Equity Europe Technology EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 2 400 980 3 159 623 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 2188 2729 0 0 Share ldquoClassic - Distributionrdquo 1917 2390 0 0

Equity Europe Telecom EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 21 894 248 14 493 080 0


BNP Paribas L1



Page 45

Equity Europe Utilities EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 24 282 157 22 355 231 0


Equity Germany EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 126 210 658 135 788 222 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 14681 18736 0 0 Share ldquoClassic - Distributionrdquo 14674 18056 0 0 Share ldquoNrdquo 4480 5675 0 0 Share ldquoPrivilege - Capitalisationrdquo 8071 10372 0 0

Equity High Dividend Pacific EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 29 881 743 34 141 710 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 5187 5925 0 0 Share ldquoClassic - Distributionrdquo 4128 4492 0 0 Share ldquoClassic USD - Capitalisationrdquo 8395 9739 0 0 Share ldquoClassic USD - Distributionrdquo 8482 9463 0 0

Equity High Dividend USA USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 30 874 581 155 558 008 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 7821 8321 0 0 Share ldquoClassic - Distributionrdquo 0 10357 0 0 Share ldquoClassic EUR - Capitalisationrdquo 12059 12632 0 0 Share ldquoClassic EUR - Distributionrdquo 11990 11900 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 3641 3857 0 0 Share ldquoClassic H EUR - Distributionrdquo 3488 3548 0 0 Share ldquoIrdquo 9 67336 10 39658 0 0 Share ldquoNrdquo 5588 5901 0 0

Equity High Dividend World EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 17 805 812 32 582 273 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 4778 5347 0 0 Share ldquoClassic - Distributionrdquo 3047 3254 0 0 Share ldquoClassic H USD - Capitalisationrdquo 3761 4232 0 0 Share ldquoClassic H USD - Distributionrdquo 3223 3473 0 0

BNP Paribas L1



Page 46

Equity India USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 305 738 087 362 358 523 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 7954 9918 0 0 Share ldquoClassic - Distributionrdquo 7577 9325 0 0 Share ldquoClassic EUR - Capitalisationrdquo 7250 8900 0 0 Share ldquoClassic GBPrdquo 16433 0 0 0 Share ldquoIrdquo 13 83404 17 44182 0 0 Share ldquoNrdquo 2936 3634 0 0 Share ldquoPrivilege - Capitalisationrdquo 7257 9117 0 0

Equity Indonesia USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 144 809 142 153 359 232 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 21701 23411 0 0 Share ldquoClassic - Distributionrdquo 19650 20787 0 0 Share ldquoClassic EUR - Capitalisationrdquo 10490 11144 0 0 Share ldquoClassic EUR - Distributionrdquo 0 10765 0 0 Share ldquoIrdquo 23452 25584 0 0 Share ldquoNrdquo 9747 10442 0 0 Share ldquoPrivilege - Capitalisationrdquo 0 10343 0 0

Equity Netherlands EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 467 079 012 418 826 141 433 535 208

Net asset value per share Share ldquoASRrdquo 9266 0 0 0 Share ldquoClassic - Capitalisationrdquo 65305 71955 85281 16 357085 Share ldquoClassic - Distributionrdquo 39177 41595 47514 10 635125 Share ldquoClassic New Distrirdquo 39176 0 0 0 Share ldquoPrivilege - Capitalisationrdquo 0 0 12177 1000 Share ldquoPrivilege - Distributionrdquo 0 0 12144 11 935000 Share ldquoXrdquo 0 10105 12191 3 388 415361

Equity Pacific ex-Japan EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 258 491 849 51 000 124 0

Net asset value per share Share ldquoASRrdquo 15107 0 0 0 Share ldquoClassic - Capitalisationrdquo 13806 16621 0 0 Share ldquoClassic - Distributionrdquo 11609 13515 0 0 Share ldquoClassic USD - Capitalisationrdquo 8479 10545 0 0 Share ldquoIrdquo 14404 17493 0 0 Share ldquoXrdquo 0 10347 0 0

BNP Paribas L1



Page 47

Equity Russia EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 971 381 224 1 496 918 353 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 8793 9931 0 0 Share ldquoClassic - Distributionrdquo 8159 9039 0 0 Share ldquoClassic GBPrdquo 10428 11218 0 0 Share ldquoClassic USD - Capitalisationrdquo 7647 8773 0 0 Share ldquoClassic USD - Distributionrdquo 7646 8608 0 0 Share ldquoIrdquo 9240 10552 0 0 Share ldquoNrdquo 20495 22975 0 0 Share ldquoPrivilege - Capitalisationrdquo 0 9911 0 0

Equity Turkey EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 127 363 511 212 480 850 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 16310 26535 0 0 Share ldquoClassic - Distributionrdquo 13646 21679 0 0 Share ldquoClassic USD - Capitalisationrdquo 6235 10302 0 0 Share ldquoClassic USD - Distributionrdquo 6253 10095 0 0 Share ldquoIrdquo 14957 24606 0 0 Share ldquoNrdquo 15623 25230 0 0 Share ldquoPrivilege - Capitalisationrdquo 7658 12565 0 0

Equity USA Core USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 1 188 319 704 1 472 428 921 1 445 399 032

Net asset value per share Share ldquoASRrdquo 10994 0 0 0 Share ldquoClassic - Capitalisationrdquo 9700 11103 14045 269 418690 Share ldquoClassic - Distributionrdquo 7956 8933 11061 212 212162 Share ldquoClassic EUR - Capitalisationrdquo 11375 12825 15525 12 032318 Share ldquoClassic EUR - Distributionrdquo 10257 11259 13252 6 141123 Share ldquoIrdquo 10508 12174 15589 371 036205 Share ldquoPrivilege - Distributionrdquo 0 0 11841 19 385000 Share ldquoXrdquo 13109 15266 19649 6 719 273530

Equity USA Growth USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 1 024 997 425 1 363 880 022 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 14441 16646 0 0 Share ldquoClassic - Distributionrdquo 6722 7607 0 0 Share ldquoClassic EUR - Capitalisationrdquo 11400 12938 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 0 10553 0 0 Share ldquoClassic H EUR - Distributionrdquo 0 10017 0 0 Share ldquoIrdquo 13 78310 16 04871 0 0 Share ldquoNrdquo 6281 7186 0 0

BNP Paribas L1



Page 48

Equity USA Small Cap USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 245 412 700 276 617 378 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 10510 11661 0 0 Share ldquoClassic - Distributionrdquo 9172 10031 0 0 Share ldquoClassic EUR - Capitalisationrdquo 12056 13173 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 9051 10043 0 0 Share ldquoIrdquo 11432 12834 0 0 Share ldquoNrdquo 9030 9947 0 0 Share ldquoPrivilege - Capitalisationrdquo 9090 10174 0 0 Share ldquoXrdquo 9738 11009 0 0

Equity World EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 228 914 220 135 674 673 96 985 452

Net asset value per share Share ldquoClassic - Capitalisationrdquo 15882 16415 18795 254 754022 Share ldquoClassic - Distributionrdquo 11087 11133 12428 108 453363 Share ldquoClassic New Distrirdquo 11086 0 0 0 Share ldquoIrdquo 17390 18187 21071 168 979370 Share ldquoPrivilege - Capitalisationrdquo 0 0 10157 1000 Share ldquoPrivilege - Distributionrdquo 0 0 10245 200913

Equity World Aqua EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 0 0 63 789 712

Net asset value per share Share ldquoClassic - Capitalisationrdquo 0 0 11501 553 511856 Share ldquoIrdquo 0 0 11615 687072 Share ldquoPrivilege - Capitalisationrdquo 0 0 11232 437500

Equity World Consumer Durables EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 31 532 086 34 465 045 0


Equity World Consumer Goods EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 73 870 460 60 426 024 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 42208 45553 0 0 Share ldquoClassic - Distributionrdquo 31102 32598 0 0 Share ldquoClassic USD - Capitalisationrdquo 10751 11810 0 0 Share ldquoIrdquo 10744 11737 0 0

BNP Paribas L1



Page 49

Equity World Emerging USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 928 218 987 799 288 413 48 792 485

Net asset value per share Share ldquoClassic - Capitalisationrdquo 51888 60707 0 0 Share ldquoClassic - Distributionrdquo 38128 43443 39702 122 691045 Share ldquoClassic EUR - Capitalisationrdquo 8846 10189 0 0 Share ldquoClassic EUR - Distributionrdquo 8808 9879 0 0 Share ldquoClassic New CAPrdquo 0 0 10650 763325 Share ldquoIrdquo 55930 66176 0 0 Share ldquoNrdquo 15944 18518 0 0 Share ldquoPrivilege - Capitalisationrdquo 7824 9224 0 0 Share ldquoXrdquo 7853 9362 0 0

Equity World Energy EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 266 786 157 200 579 372 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 59035 58035 0 0 Share ldquoClassic - Distributionrdquo 43093 41153 0 0 Share ldquoClassic USD - Capitalisationrdquo 9717 9702 0 0 Share ldquoIrdquo 62599 62170 0 0 Share ldquoNrdquo 56841 55469 0 0 Share ldquoPrivilege - Capitalisationrdquo 9824 9727 0 0

Equity World Finance EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 32 898 222 32 801 130 0


Equity World Health Care EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 110 422 783 180 266 231 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 41367 47847 0 0 Share ldquoClassic - Distributionrdquo 33089 37263 0 0 Share ldquoClassic USD - Capitalisationrdquo 10732 12653 0 0 Share ldquoIrdquo 43061 50337 0 0 Share ldquoNrdquo 11769 13518 0 0

Equity World Industrials EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 9 894 942 7 610 280 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 5585 6438 0 0 Share ldquoClassic USD - Capitalisationrdquo 9314 0 0 0

BNP Paribas L1



Page 50

Equity World Low Volatility EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 38 135 513 148 730 373 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 25022 27359 0 0 Share ldquoClassic - Distributionrdquo 19134 20327 0 0 Share ldquoClassic USD - Capitalisationrdquo 0 36064 0 0 Share ldquoClassic USD - Distributionrdquo 0 26796 0 0 Share ldquoIrdquo 26487 29261 0 0 Share ldquoNrdquo 12884 13987 0 0 Share ldquoPrivilege - Capitalisationrdquo 0 10415 0 0 Share ldquoXrdquo 0 9953 0 0

Equity World Materials EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 116 641 257 117 630 802 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 7644 8435 0 0 Share ldquoClassic - Distributionrdquo 4732 5106 0 0 Share ldquoClassic USD - Capitalisationrdquo 8276 9333 0 0

Equity World Technology EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 69 195 354 56 608 050 0


Equity World Telecom EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 93 489 769 65 738 926 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 41624 44675 0 0 Share ldquoClassic - Distributionrdquo 27719 27982 0 0 Share ldquoClassic USD - Capitalisationrdquo 9992 11023 0 0 Share ldquoPrivilege - Capitalisationrdquo 0 9511 0 0

Equity World Utilities EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 68 513 653 52 620 608 0


BNP Paribas L1



Page 51

Green Tigers EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 13 801 415 21 643 911 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 11990 13851 0 0 Share ldquoClassic - Distributionrdquo 11475 12906 0 0 Share ldquoClassic USD - Capitalisationrdquo 7325 8683 0 0 Share ldquoClassic USD - Distributionrdquo 7994 9139 0 0 Share ldquoIrdquo 8669 10110 0 0

Lifecycle 2015 EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 13 176 893 26 564 308 17 638 320

Net asset value per share Share ldquoClassic - Capitalisationrdquo 5190 5523 5505 320 399247 Share ldquoPrivilege - Capitalisationrdquo 0 0 10012 1000


Net assets 9 921 871 21 514 723 15 160 701



Net assets 10 276 555 18 328 493 15 297 079



Net assets 5 209 886 12 634 255 12 557 973



Net assets 3 823 891 11 032 233 12 240 008


BNP Paribas L1



Page 52

Model 1 EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 18 986 632 16 658 056 8 383 962

Net asset value per share Share ldquoClassic - Capitalisationrdquo 6631 7006 7028 60 043932 Share ldquoPrivilege - Capitalisationrdquo 0 0 10124 41 130000


Net assets 52 038 979 49 907 979 22 589 067



Net assets 244 831 713 245 420 333 135 832 970

Net asset value per share Share ldquoClassic - Capitalisationrdquo 5489 6015 6259 1 570 299518 Share ldquoPrivilege - Capitalisationrdquo 0 0 10313 364 155789


Net assets 242 275 107 244 353 791 95 042 291



Net assets 68 442 745 68 497 452 25 621 238



Net assets 20 037 751 19 006 600 7 277 768


BNP Paribas L1



Page 53

OBAM Equity World EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 429 993 959 308 897 515 249 580 804

Net asset value per share Share ldquoClassic - Capitalisationrdquo 9791 10617 11904 1 188 545744 Share ldquoClassic - Distributionrdquo 8293 8747 9535 601 683910 Share ldquoClassic HUF - Capitalisationrdquo 9443 9319 9506 544301 Share ldquoClassic SGDrdquo 7519 7878 0 0 Share ldquoClassic USD - Capitalisationrdquo 7538 8425 0 0 Share ldquoIrdquo 10484 11488 13020 378 903552 Share ldquoLiferdquo 10363 11269 12677 4 033000 Share ldquoNrdquo 9387 10107 11251 3 358723 Share ldquoPrivilege - Capitalisationrdquo 0 0 10873 4 549000 Share ldquoPrivilege - Distributionrdquo 0 0 10760 1000

Opportunities USA USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 1 065 622 143 476 847 435 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 9673 9246 0 0 Share ldquoClassic - Distributionrdquo 5820 5435 0 0 Share ldquoClassic EUR - Capitalisationrdquo 9670 9103 0 0 Share ldquoClassic GBPrdquo 13522 12075 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 4549 4304 0 0 Share ldquoClassic H EUR - Distributionrdquo 4909 4548 0 0 Share ldquoClassic H GBPrdquo 4220 3958 0 0 Share ldquoClassic HUF - Capitalisationrdquo 8971 7731 0 0 Share ldquoIrdquo 9 10960 8 79684 0 0 Share ldquoIH EURrdquo 8 60485 8 23306 0 0 Share ldquoNrdquo 9138 8671 0 0 Share ldquoPrivilege - Capitalisationrdquo 0 9610 0 0

Opportunities World EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 101 940 390 127 127 713 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 8948 9777 0 0 Share ldquoClassic - Distributionrdquo 7108 7559 0 0 Share ldquoClassic USD - Capitalisationrdquo 8685 9673 0 0 Share ldquoIrdquo 9528 10522 0 0 Share ldquoLiferdquo 10220 11199 0 0 Share ldquoNrdquo 8022 8705 0 0

Real Estate Securities Europe EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 499 246 322 463 254 012 614 312 261

Net asset value per share Share ldquoASRrdquo 7390 0 0 0 Share ldquoClassic - Capitalisationrdquo 13697 16919 18632 161 040715 Share ldquoClassic - Distributionrdquo 9609 11333 11952 275 090181 Share ldquoClassic GBPrdquo 8763 10029 0 0 Share ldquoIrdquo 14963 18674 20786 442 674842 Share ldquoNrdquo 13122 16091 17591 437190 Share ldquoPrivilege - Capitalisationrdquo 0 0 10500 1000 Share ldquoPrivilege - Distributionrdquo 0 0 11207 32 770833 Share ldquoXrdquo 7914 9937 11138 4 091 159091

BNP Paribas L1



Page 54

Real Estate Securities Pacific EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 59 383 753 67 365 943 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 6810 9749 0 0 Share ldquoClassic - Distributionrdquo 5893 8128 0 0 Share ldquoClassic USD - Capitalisationrdquo 8416 12258 0 0 Share ldquoIrdquo 7380 10677 0 0 Share ldquoXrdquo 9519 13854 0 0

Real Estate Securities World EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 29 379 447 33 353 641 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 3114 3886 0 0 Share ldquoClassic - Distributionrdquo 2413 2897 0 0 Share ldquoClassic USD - Capitalisationrdquo 9561 12303 0 0 Share ldquoIrdquo 6 56332 8 27295 0 0 Share ldquoPrivilege - Capitalisationrdquo 0 10481 0 0

Safe Balanced W1 EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 216 152 735 213 321 691 153 906 004

Net asset value per share Share ldquoClassic - Distributionrdquo 13196 14326 14074 617 470029 Share ldquoFintro - Distributionrdquo 10314 11190 0 0 Share ldquoIrdquo 10141 11169 11107 9 693441 Share ldquoLiferdquo 10706 11678 11501 573 244000


Net assets 181 870 538 136 052 799 116 410 630



Net assets 231 954 007 182 342 617 179 206 089



Net assets 188 522 384 210 378 964 169 961 577

Net asset value per share Share ldquoClassic - Distributionrdquo 11405 12388 12163 867 816277 Share ldquoFintro - Distributionrdquo 9101 9884 0 0 Share ldquoLiferdquo 11516 12539 12342 521 848000

BNP Paribas L1



Page 55

Safe Conservative W1 EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 12 969 218 18 712 370 11 285 785

Net asset value per share Share ldquoClassic - Distributionrdquo 10394 10743 10572 106 750997 Share ldquoFintro - Distributionrdquo 10395 10744 0 0 Share ldquoIrdquo 0 10087 0 0


Net assets 5 825 407 5 400 842 4 997 913

Net asset value per share Share ldquoClassic - Distributionrdquo 10587 10721 10535 47 441002 Share ldquoFintro - Distributionrdquo 10574 10704 0 0


Net assets 10 465 715 8 857 211 7 274 006



Net assets 19 171 156 15 766 704 12 892 116


Safe Growth W1 EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 57 095 276 82 647 660 74 315 125



Net assets 43 511 302 34 836 912 29 517 607


BNP Paribas L1



Page 56


Net assets 48 791 725 41 658 503 35 814 022



Net assets 53 813 441 58 134 457 51 428 296


Safe High Growth W1 EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 2 954 971 4 113 856 3 713 475



Net assets 2 029 567 705 934 713 489



Net assets 2 612 027 2 591 371 2 376 794



Net assets 2 390 314 3 827 206 3 041 493


BNP Paribas L1



Page 57

Safe Stability W1 EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 276 746 688 244 704 855 181 313 331



Net assets 198 111 610 149 086 595 115 675 797



Net assets 271 628 317 203 641 225 174 802 750



Net assets 260 346 375 243 141 199 181 512 339

Net asset value per share Share ldquoClassic - Distributionrdquo 10541 10874 10656 1 012 883058 Share ldquoFintro - Distributionrdquo 9239 9529 0 0 Share ldquoIrdquo 0 10137 10056 7 845060 Share ldquoLiferdquo 10647 11011 10818 672 939000 Share ldquoPrivilege - Capitalisationrdquo 9973 10374 0 0

Sustainable Active Allocation EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 57 411 892 45 747 279 134 651 112

Net asset value per share Share ldquoClassic - Capitalisationrdquo 32353 35615 36482 224 408292 Share ldquoClassic - Distributionrdquo 20212 21343 21452 245 946545 Share ldquoPrivilege - Capitalisationrdquo 0 0 10194 215000

Sustainable Bond Euro EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 102 704 196 191 767 687 0

Net asset value per share Share ldquoASRrdquo 11078 0 0 0 Share ldquoClassic - Capitalisationrdquo 11619 12861 0 0 Share ldquoClassic - Distributionrdquo 9848 10534 0 0 Share ldquoIrdquo 12079 13457 0 0 Share ldquoXrdquo 0 10188 0 0

BNP Paribas L1



Page 58

Sustainable Diversified Europe Balanced EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 55 469 417 51 330 997 0


Sustainable Diversified Europe Growth EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 16 522 633 15 652 581 0


V350 EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 71 528 192 157 668 436 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 10071 10604 0 0 Share ldquoClassic - Distributionrdquo 10064 10504 0 0 Share ldquoClassic GBPrdquo 9636 0 0 0 Share ldquoClassic H GBPrdquo 9218 9649 0 0 Share ldquoClassic H USD - Capitalisationrdquo 10044 10603 0 0 Share ldquoIrdquo 10133 10690 0 0 Share ldquoNrdquo 9998 10492 0 0 Share ldquoXrdquo 9861 10090 0 0

World Commodities USD USD USD Number of shares 31122011 31122012 31122013 31122013

Net assets 427 049 616 347 467 295 0

Net asset value per share Share ldquoClassic - Capitalisationrdquo 9275 8858 0 0 Share ldquoClassic - Distributionrdquo 8769 8327 0 0 Share ldquoClassic EUR - Capitalisationrdquo 10788 10146 0 0 Share ldquoClassic EUR - Distributionrdquo 10904 10194 0 0 Share ldquoClassic H CZKrdquo 9056 8604 0 0 Share ldquoClassic H EUR - Capitalisationrdquo 9749 9243 0 0 Share ldquoClassic H EUR - Distributionrdquo 9778 9208 0 0 Share ldquoClassic HUF - Capitalisationrdquo 12124 10602 0 0 Share ldquoClassic SGDrdquo 9263 8342 0 0 Share ldquoIrdquo 9751 9409 0 0 Share ldquoIH EURrdquo 10620 10178 0 0 Share ldquoNrdquo 9353 9004 0 0 Share ldquoPrivilege - Capitalisationrdquo 0 9204 0 0 Share ldquoXrdquo 8606 8354 0 0

World Volatility EUR EUR EUR Number of shares 31122011 31122012 31122013 31122013

Net assets 10 358 027 38 103 477 0

Net asset value per share Share ldquoClassic - Distributionrdquo 10222 9579 0 0 Share ldquoIrdquo 10358 9809 0 0

BNP Paribas L1 Bond Euro High Yield

Securities portfolio at 31122013 Expressed in EUR


Page 59

Quantity Denomination Quotation currency

Market value of net

assets

SharesUnits in investment funds 144 314 376 10011

Luxembourg 144 314 376 10011 1 192 87796

PARVEST BOND EURO HIGH YIELD - X - CAP

EUR 144 314 376 10011

Total securities portfolio 144 314 376 10011

BNP Paribas L1 Bond Euro Premium



Page 60


Market value of net

assets

Transferable securities admitted to an official stock exchange listing andor traded on another regulated market

190 891 644 9654

Shares 190 891 644 9654

Germany 103 347 071 5226 51 868 ALLIANZ SE EUR 6 760 994 342

87 881 BASF SE EUR 6 809 899 344

77 911 BAYER AG EUR 7 943 026 402

80 702 BAYERISCHE MOTOREN WERKE AG EUR 6 877 424 348

111 093 DAIMLER AG EUR 6 987 750 353

177 602 DEUTSCHE BANK AG EUR 6 158 349 311

281 329 DEUTSCHE POST AG-REG EUR 7 455 219 377

643 232 DEUTSCHE TELEKOM AG EUR 7 995 374 404

464 074 EON AG EUR 6 225 553 315

81 351 HANNOVER RUECKVERSICHERUNGS

EUR 5 074 675 257

49 765 METRO AG EUR 1 751 728 089

41 739 MUENCHENER RUECKVERS AG EUR 6 684 501 338

111 073 SAP AG EUR 6 920 959 350

70 583 SIEMENS AG EUR 7 008 186 354

62 177 VOLKSWAGEN AG PFD EUR 12 693 434 642

The Netherlands 42 053 191 2127 93 742 ASML HOLDING NV EUR 6 378 206 323

168 969 EUROPEAN AERONAUTIC DEFENCE AND SPACE

EUR 9 430 159 477

46 493 FUGRO EUR 2 013 844 102

906 272 ING GROEP NV EUR 9 153 347 463

254 710 KONINKLIJKE PHILIPS ELECTRONICS

EUR 6 786 748 343

165 691 SBM OFFSHORE NV EUR 2 452 227 124

281 449 WOLTERS KLUWER NV EUR 5 838 660 295

Spain 20 845 493 1055 792 602 BANCO BILBAO VIZCAYA ARGENTA EUR 7 092 203 359

1 066 753 BANCO SANTANDER SA EUR 6 940 295 351

575 665 TELEFONICA SA EUR 6 812 995 345

Belgium 9 778 248 494 88 100 ANHEUSER - BUSCH INBEV SA EUR 6 806 606 344

68 788 DELHAIZE GROUP EUR 2 971 642 150

France 7 648 915 387 41 068 UNIBAIL RODAMCO SE EUR 7 648 915 387

Finland 7 218 726 365 202 092 SAMPO OYJ - A EUR 7 218 726 365


France 10 465 049 529 9 68108 KLE GESTION EURIBOR - A - CAP EUR 10 465 049 529


BNP Paribas L1 Bond Europe Plus



Page 61


Market value of net

assets


474 099 117 8510

Bonds 473 974 265 8507

Spain 103 105 263 1851 4 000 000

BANCO BILBAO VIZCAYA 3500 12-05122017

EUR 4 270 720 077

2 500 000 BANKINTER SA 2750 13-26072016 EUR 2 576 650 046

19 263 000 SPANISH GOVT 3150 05-31012016 EUR 19 880 092 357

16 810 000 SPANISH GOVT 3250 10-30042016 EUR 17 386 894 312

21 184 000 SPANISH GOVT 4000 10-30042020 EUR 22 051 045 396

17 726 000 SPANISH GOVT 4500 12-31012018 EUR 19 098 452 343

11 957 000 SPANISH GOVT 4700 09-30072041 EUR 11 546 277 207

1 889 000 SPANISH GOVT 4800 08-31012024 EUR 1 986 465 036

1 870 000 SPANISH GOVT 5850 11-31012022 EUR 2 125 803 038

1 700 000 TELEFONICA EMIS 5597 12-12032020

GBP 2 182 865 039

United States of America

89 411 017 1606

4 700 000 AMER INTL GROUP 8250 09-15082018

USD 4 263 894 077

3 895 000 BANK OF AMERICA CORP 2000 13-11012018

USD 2 809 548 050


USD 1 521 191 027

4 100 000 CITIGROUP INC 2250 12-07082015 USD 3 037 374 055

5 500 000 CNH CAPITAL LLC 3875 13-01112015

USD 4 121 158 074

5 000 000 CONTINENTAL RES 4500 13-15042023

USD 3 678 472 066

14 358 034 FNR 2012-99 SD 12-25092042 FRN USD 2 451 673 044

3 450 000 FREMF 2013-K24 C 13-25112045 FRN USD 2 102 426 038

5 200 000 GEN MOTORS FIN 2750 13-15052016

USD 3 820 893 069

4 500 000 GENERAL MOTORS 3500 13-02102018

USD 3 339 200 060

4 200 000 GENWORTH HOLDING 4900 13-15082023

USD 3 046 167 055

26 595 970 GNR 2010-H19 JI 10-20082060 FRN USD 2 182 242 039

24 005 874 GNR 2010-H28 KI 10-20122060 FRN USD 1 248 751 022

16 525 898 GNR 2011-123 SH 11-20092041 FRN USD 2 542 091 046

23 487 120 GNR 2011-H03 HI 11-20012061 FRN USD 990 603 018

13 013 634 GNR 2011-H05 HI 11-20012061 FRN USD 599 253 011

15 251 241 GNR 2011-H21 HI 11-20112061 FRN USD 942 516 017

29 219 835 GNR 2012-H02 AI 12-20012062 FRN USD 1 497 073 027

18 864 620 GNR 2012-H20 KI 12-20062062 FRN USD 1 299 762 023

11 266 427 GNR 2013-H01 FI 13-20012063 FRN USD 1 052 836 019

94 550 133 GNR 2013-H04 BI 13-20022063 FRN USD 8 683 901 156

21 185 415 GNR 2013-H08 IO 13-20032063 FRN USD 1 852 638 033

5 047 000 GOLDMAN SACHS GP 1600 12-23112015

USD 3 701 340 066

3 900 000 GOLDMAN SACHS GP 2900 13-19072018

USD 2 880 178 052

5 100 000 HOST HOTELS amp RESORTS 3750 13-15102023

USD 3 436 648 062

2 660 000 MORGAN STANLEY 2125 13-25042018

USD 1 916 751 034

5 200 000 NBC UNIVERSAL ENT 1974 13-15042019

USD 3 636 269 065

3 825 000 PRUDENTIAL COVER 2997 12-30092015

USD 2 850 095 051

3 850 000 TOLL BR FIN CORP 4000 13-31122018

USD 2 842 901 051

12 929 000 US STRIP PRINC 0000 09-15082039 USD 3 327 696 060

5 552 053 US TSY IL STOCK 2500 09-15012029

USD 4 723 937 085

1 946 000 VERIZON COMMUNICATIONS 3650 13-14092018

USD 1 496 881 027


USD 1 514 659 027


Market value of net

assets

Italy 85 415 745 1533 3 200 000

INTESA SANPAOLO 3125 13-15012016

USD 2 371 147 043

1 500 000INTESA SANPAOLO 3875 13-15012019

USD 1 075 692 019

1 950 000INTESA SANPAOLO 4000 12-09112017

EUR 2 054 852 037

15 670 000 ITALY BTPS 3500 12-01112017 EUR 16 369 491 294

14 419 000 ITALY BTPS 4750 12-01052017 EUR 15 643 202 281

14 015 000 ITALY BTPS 5000 09-01092040 EUR 14 437 401 259

30 947 000 ITALY BTPS 5250 98-01112029 EUR 33 463 960 600

France 49 053 312 879 3 900 000 BPCE 2500 13-10122018 USD 2 812 322 050

10 882 000 FRANCE OAT 3750 09-25102019 EUR 12 274 449 220

24 786 000 FRANCE OAT 5500 98-25042029 EUR 32 390 900 581

2 158 000SOCIETE GENERALE 2625 13-01102018

USD 1 575 641 028

United Kingdom 39 865 229 715 4 200 000

ROYAL BANK SCOTLAND 2550 12-18092015

USD 3 118 314 056

4 200 000SANTANDER UK PLC 5000 13-07112023

USD 3 057 893 055

2 800 000 UK TREASURY 4250 08-07122049 GBP 3 813 082 068

12 004 570 UK TREASURY 4250 09-07092039 GBP 15 959 730 286

2 004 000 UK TREASURY 4250 10-07122040 GBP 2 668 427 048

9 263 666 UK TSY IL GILT 0125 12-22032024 GBP 11 247 783 202

The Netherlands 38 815 473 697 1 500 000

ABN AMRO BANK NV 2250 13-11092017

GBP 1 791 472 032

5 500 000ABN AMRO BANK NV 2500 13-30102018

USD 3 993 590 072

1 400 000IBERDROLA INTL 4250 12-11102018

EUR 1 537 354 028

8 609 000NETHERLANDS GOVT 1750 13-15072023

EUR 8 257 310 148


EUR 20 124 540 361

1 800 000 RABOBANK 3875 13-25072023 EUR 1 801 530 032

1 090 000VOLKSWAGEN INTFN 1250 12-20082015

GBP 1 309 677 024

Poland 18 018 704 323 67 631 135

POLAND GOVT BOND 3000 IL 04-24082016

PLN 17 054 582 306

1 250 000REPUBLIC OF POLAND 5000 11-23032022

USD 964 122 017

Australia 16 094 785 289 13 582 000

AUSTRALIAN IL 4000 96-20082020 FLAT

AUD 16 094 785 289

Sweden 14 014 558 252 3 300 000

NORDEA BANK AB 2125 12-13112019

GBP 3 783 537 068

83 025 000 SWEDEN GOVT 3500 11-01062022 SEK 10 231 021 184

Japan 3 607 054 065 5 100 000

MIZUHO CORP BANK 1850 13-21032018

USD 3 607 054 065

Cayman Islands 2 978 226 053 1 860 000 IPIC GMTN LTD 5875 11-14032021 EUR 2 201 570 040

280 000KUWAIT PROJECTS 9375 10-15072020

USD 246 104 004

310 000SAUDI ELECTRCITY 4211 12-03042022

USD 226 097 004

380 000VOTO - VOTORANTIM 6625 09-25092019

USD 304 455 005

Russia 2 037 863 037 700 000

LUKOIL INTL FIN 7250 09-05112019

USD 585 471 011

1 200 000RUSSIA - EUROBOND 5000 10-29042020

USD 931 627 017

614 900RUSSIAN FEDERATION 00-31032030 STEP UP

USD 520 765 009

Germany 1 899 327 034 1 600 000 DAIMLER AG 1750 13-08112017 GBP 1 899 327 034




Page 62


Market value of net

assets

Brazil 1 423 322 025 330 000 BANCO BRASIL 5875 11-26012022 USD 229 648 004

363 000 REP OF BRAZIL 2625 12-05012023 USD 225 895 004

360 000 REP OF BRAZIL 5625 09-07012041 USD 251 461 005

500 000 REP OF BRAZIL 7125 06-20012037 USD 414 565 007

440 000 TELEMAR N L 5500 10-23102020 USD 301 753 005

Mexico 1 321 570 024 350 000

PETROLEOS MEXICA 3500 13-30012023

USD 231 798 004

1 522 000 UNITED MEXICAN 3625 12-15032022

USD 1 089 772 020

Colombia 1 153 789 021 510 000 BANCOLOMBIA 5950 11-03062021 USD 385 482 007

310 000 ECOPETROL SA 7625 09-23072019 USD 266 907 005

670 000 REP OF COLOMBIA 4375 11-12072021

USD 501 400 009

Kazakhstan 747 200 014 190 000 KAZATOMPROM 6250 10-20052015 USD 143 968 003

430 000 KAZMUNAIGAZ FINA 11750 09-23012015

USD 342 789 006

320 000 KMG FINANCE SUB 7000 10-05052020

USD 260 443 005

South Africa 735 065 013 1 062 000

REPUBLIC OF SOUTH AFRICA 4665 12-17012024

USD 735 065 013

Chile 730 880 013 350 000 CHILE 3875 10-05082020 USD 265 431 005

250 000 CODELCO INC 7500 09-15012019 USD 215 951 004

310 000 ENAP 6250 09-08072019 USD 249 498 004

Panama 574 505 010 350 000 PANAMA 6700 06-26012036 USD 284 074 005

290 000 PANAMA 9375 99-01042029 USD 290 431 005

Lithuania 513 002 009 590 000 LITHUANIA 7375 10-11022020 USD 513 002 009

Malaysia 407 629 007 530 000 SARAWAK INT 5500 05-03082015 USD 407 629 007

Qatar 398 788 007 520 000

STATE OF QATAR 4500 11-20012022

USD 398 788 007

British Virgin Islands 390 020 007 200 000

PCCW - HKT CAP NO4 4250 10-24022016

USD 152 589 003

340 000 SINOPEC GRP OVER 3900 12-17052022

USD 237 431 004

South Korea 333 931 006 240 000

EXP - IMP BANK KOREA 5125 10-29062020

USD 191 040 003

190 000 KOREA RESOURCES CO 4125 10-19052015

USD 142 891 003

India 301 679 005 420 000 NTPC LTD 5625 11-14072021 USD 301 679 005

Ireland 250 942 005 320 000

RUSSIAN RAILWAYS 5739 10-03042017

USD 250 942 005

Trinidad amp Tobago 230 262 004 253 000 PETROTRIN 9750 09-14082019 USD 230 262 004

Luxembourg 145 125 003 190 000 SB CAPITAL SA 5499 10-07072015 USD 145 125 003

Floating rate bonds 198 875 004

Russia 198 875 004 260 000 BANK OF MOSCOW 05-25112015 SR USD 198 875 004


Market value of net

assets

Options Warrants Rights (74 023) (001)

(192)PUT US 10YR NOTE FUT (CBT) 21022014 122

USD (74 023) (001)

Other transferable securities (33 287 010) (599)

Options Warrants Rights 192 504 003 2 320 000 PUT 6M GBP-LIBOR 02062023 3872 GBP 192 504 003

To be Announced (TBA) Mortgage Back Securities

(33 479 514) (602)


(33 479 514) (602)

(800 000) FGCI 3 112 3000 12-15102026 USD (590 733) (011)

(1 100 000) FGLMC 4 111 4000 11-15092040 USD (819 741) (015)

(1 200 000) FGLMC 45 111 4500 11-15022040 USD (921 478) (017)

(700 000) FGLMC 5 111 5000 11-15042039 USD (548 006) (010)

(900 000) FGLMC 55 111 5500 11-15062038 USD (714 989) (013)

(600 000) FGLMC 6 111 6000 11-15102038 USD (481 558) (009)

(800 000) FNCI 25 113 2500 13-25112027 USD (574 223) (010)

(600 000) FNCI 35 112 3500 12-25072026 USD (455 296) (008)

(800 000) FNCI 45 111 4500 11-25032024 USD (617 947) (011)

(300 000) FNCI 5 111 5000 11-25072023 USD (231 866) (004)

(1 600 000) FNCL 3 113 3000 13-25102042 USD (1 102 725) (020)

(32 000 000) FNCL 35 112 3500 12-25062041 USD (23 070 503) (414)

(1 000 000) G2SF 3 113 3000 13-20052042 USD (700 769) (013)

(1 200 000) G2SF 35 112 3500 12-20092041 USD (878 479) (016)

(900 000) G2SF 4 111 4000 11-20092040 USD (679 270) (012)

(800 000) G2SF 45 111 4500 11-20062040 USD (620 306) (011)

(600 000) G2SF 5 111 5000 11-20052040 USD (471 625) (008)


Luxembourg 42 275 421 759 370 48900

PARVEST BOND WORLD EMERGING - X - CAP

USD 27 239 189 489

211 76590PARVEST BOND WORLD EMERGING ADVANCED - X - CAP

USD 15 036 232 270

Ireland 11 227 209 201 5 74461

FFTW MORTGAGE TOTAL RETURN AAC

USD 11 227 209 201


BNP Paribas L1 Bond World Emerging Local

Securities portfolio at 31122013 Expressed in USD


Page 63


Market value of net

assets


Luxembourg 278 694 988 10015 2 947 59374

PARVEST BOND WORLD EMERGING LOCAL - X - CAP

USD 278 694 988 10015


BNP Paribas L1 Bond World Plus



Page 64


Market value of net

assets


318 751 406 8267

Bonds 318 687 561 8265


55 628 156 1444

1 470 000 AMER INTL GROUP 8250 09-15082018

USD 1 333 601 035


USD 1 489 529 039


USD 960 752 025


1 950 000 CNH CAPITAL LLC 3875 13-01112015

USD 1 461 138 038

2 950 000 CONTINENTAL RES 4500 13-15042023

USD 2 170 298 056

100 000 DUKE ENERGY CORP 1625 12-15082017

USD 71 656 002

6 765 953 FNR 2012-99 SD 12-25092042 FRN USD 1 155 305 030

1 000 000 FREMF 2013-K24 C 13-25112045 FRN USD 609 399 016

2 500 000 GEN MOTORS FIN 2750 13-15052016

USD 1 836 968 048

2 550 000 GENERAL MOTORS 3500 13-02102018

USD 1 892 213 049


USD 1 921 986 050

8 014 086 GNR 2010-H19 JI 10-20082060 FRN USD 657 569 017

7 170 392 GNR 2010-H28 KI 10-20122060 FRN USD 372 994 010

8 035 993 GNR 2011-123 SH 11-20092041 FRN USD 1 236 134 032

6 700 076 GNR 2011-H03 HI 11-20012061 FRN USD 282 585 007

3 709 496 GNR 2011-H05 HI 11-20012061 FRN USD 170 815 004

8 936 936 GNR 2012-H02 AI 12-20012062 FRN USD 457 882 012

24 676 433 GNR 2012-H24 HI 12-20102062 FRN USD 958 404 025

3 218 979 GNR 2013-H01 FI 13-20012063 FRN USD 300 810 008

28 080 869 GNR 2013-H04 BI 13-20022063 FRN USD 2 579 071 067

19 130 482 GNR 2013-H08 IO 13-20032063 FRN USD 1 672 937 043

1 582 000 GOLDMAN SACHS GP 1600 12-23112015

USD 1 160 198 030

2 700 000 GOLDMAN SACHS GP 2900 13-19072018

USD 1 993 969 052


USD 1 603 769 042

1 260 000 MORGAN STANLEY 2125 13-25042018

USD 907 935 024


USD 1 818 134 047

935 000 PRUDENTIAL COVER 2997 12-30092015

USD 696 690 018

2 670 000 TOLL BR FIN CORP 4000 13-31122018

USD 1 971 570 051


2 508 411 US TSY IL STOCK 2500 09-15012029

USD 2 134 269 055

21 147 397 US TSY INFL IX NB 0375 13-15072023

USD 14 784 675 383


USD 883 052 023


USD 893 260 023

Mexico 48 202 029 1248 174 604 000

MEXICAN BONOS 6000 10-18062015

MXN 9 990 405 259

661 902 700 MEXICAN BONOS 6500 11-10062021

MXN 37 649 560 975

200 000 PETROLEOS MEXICA 3500 13-30012023

USD 132 456 003

600 000 UNITED MEXICAN 3625 12-15032022

USD 429 608 011

South Africa 42 418 855 1099 617 000


USD 427 057 011

581 773 000 REPUBLIC OF SOUTH AFRICA 8250 04-15092017

ZAR 41 991 798 1088


Market value of net

assets

Spain 28 486 644 738 1 100 000


EUR 1 174 448 030

1 300 000 BANKINTER SA 2750 13-26072016 EUR 1 339 858 035

8 834 000 SPANISH GOVT 3150 05-31012016 EUR 9 116 998 236

749 000 SPANISH GOVT 4000 10-30042020 EUR 779 656 020

11 774 000 SPANISH GOVT 4500 12-31012018 EUR 12 685 613 329

619 000 SPANISH GOVT 4800 08-31012024 EUR 650 938 017

1 280 000 SPANISH GOVT 5850 11-31012022 EUR 1 455 095 038

1 000 000TELEFONICA EMIS 5597 12-12032020

GBP 1 284 038 033

Poland 24 126 057 625 9 480 304


PLN 2 390 654 062

34 509 000POLAND GOVT BOND 5000 10-25042016

PLN 8 649 744 224

48 854 000POLAND GOVT BOND 5250 09-25102020

PLN 12 607 454 327

620 000REPUBLIC OF POLAND 5000 11-23032022

USD 478 205 012

Hungary 17 375 291 451 737 700 000 HUNGARY GOVT 6000 07-24112023 HUF 2 526 706 066

2 611 990 000 HUNGARY GOVT 6500 08-24062019 HUF 9 453 857 245

1 482 050 000 HUNGARY GOVT 6750 01-24112017 HUF 5 394 728 140

United Kingdom 17 227 421 446 1 300 000


USD 965 193 025

2 650 000SANTANDER UK PLC 5000 13-07112023

USD 1 929 385 050

940 000 UK TREASURY 4250 08-07122049 GBP 1 280 106 033

1 309 000 UK TREASURY 4250 09-07092039 GBP 1 740 278 045

209 000 UK TREASURY 4250 10-07122040 GBP 278 294 007

161 000 UK TREASURY 4500 07-07122042 GBP 224 222 006

2 205 000 UK TREASURY 4750 07-07122030 GBP 3 087 265 080

6 360 392 UK TSY IL GILT 0125 12-22032024 GBP 7 722 678 200

Italy 16 565 650 429 1 400 000


USD 1 037 377 027

1 400 000INTESA SANPAOLO 3875 13-15012019

USD 1 003 979 026

1 000 000INTESA SANPAOLO 4000 12-09112017

EUR 1 053 770 027

6 023 000 ITALY BTPS 3500 12-01112017 EUR 6 291 860 163

5 460 000 ITALY BTPS 3750 06-01082021 EUR 5 590 445 145

313 000 ITALY BTPS 3750 10-01032021 EUR 320 806 008

1 127 000 ITALY BTPS 5500 12-01092022 EUR 1 267 413 033

France 13 131 821 341 2 600 000 BPCE 2500 13-10122018 USD 1 874 882 049

6 014 000 FRANCE OAT 3750 09-25102019 EUR 6 783 545 176

135 000 FRANCE OAT 4000 05-25042055 EUR 150 428 004

2 699 000 FRANCE OAT 5500 98-25042029 EUR 3 527 114 091


USD 795 852 021

New Zealand 12 174 927 316 19 294 000

NEW ZEALAND GVT 5500 11-15042023

NZD 12 174 927 316

Australia 11 074 011 287 2 184 000

AUSTRALIAN GOVT 4750 10-15062016

AUD 1 481 368 038

8 095 000AUSTRALIAN IL 4000 96-20082020 FLAT

AUD 9 592 643 249




Page 65


Market value of net

assets

The Netherlands 6 761 422 176 800 000

ABN AMRO BANK NV 2250 13-11092017

GBP 955 452 025

3 850 000 ABN AMRO BANK NV 2500 13-30102018

USD 2 795 513 073

900 000 IBERDROLA INTL 4250 12-11102018

EUR 988 299 026

1 000 000 RABOBANK 3875 13-25072023 EUR 1 000 850 026

850 000 VOLKSWAGEN INTFN 1250 12-20082015

GBP 1 021 308 026


1 511 278 DEUTSCHLAND REP 4750 98-04072028

EUR 1 933 261 050

1 800 000 DT PFANDBRIEFBAN 1875 12-20122019

GBP 2 030 409 053

Supranational 4 944 072 128 8 120 000 EIB 6500 04-10092014 NZD 4 944 072 128

Japan 3 465 601 090 4 900 000


USD 3 465 601 090

Cayman Islands 2 834 942 074 500 000 IPIC GMTN LTD 5875 11-14032021 EUR 591 820 015

300 000 KUWAIT PROJECTS 9375 10-15072020

USD 263 683 007

250 000 SAUDI ELECTRCITY 4211 12-03042022

USD 182 336 005

50 000 000 000 SIGNUM FINANCE 0000 07-01022037

COP 1 620 840 042

220 000 VOTO - VOTORANTIM 6625 09-25092019

USD 176 263 005

Belgium 2 325 227 060 2 165 000

BELGIUM OLO 47 3250 06-28092016

EUR 2 325 227 060

Sweden 2 235 727 058 1 950 000

NORDEA BANK AB 2125 12-13112019

GBP 2 235 727 058

Russia 888 236 023 330 000


USD 276 008 007

500 000 RUSSIA - EUROBOND 5000 10-29042020

USD 388 178 010

264 550 RUSSIAN FEDERATION 00-31032030 STEP UP

USD 224 050 006

Brazil 702 096 020 200 000 BANCO BRASIL 5875 11-26012022 USD 139 181 004

236 000 REP OF BRAZIL 2625 12-05012023 USD 146 863 004

150 000 REP OF BRAZIL 5625 09-07012041 USD 104 775 003

210 000 REP OF BRAZIL 7125 06-20012037 USD 174 117 005

200 000 TELEMAR N L 5500 10-23102020 USD 137 160 004

Colombia 510 056 013 200 000 BANCOLOMBIA 5950 11-03062021 USD 151 169 004

130 000 ECOPETROL SA 7625 09-23072019 USD 111 929 003

330 000 REP OF COLOMBIA 4375 11-12072021

USD 246 958 006



USD 183 352 005

120 000 KMG FINANCE SUB 7000 10-05052020

USD 97 666 003

Chile 302 781 008 180 000 CHILE 3875 10-05082020 USD 136 507 004

90 000 CODELCO INC 7500 09-15012019 USD 77 742 002

110 000 ENAP 6250 09-08072019 USD 88 532 002


150 000 PANAMA 9375 99-01042029 USD 150 223 004


Market value of net

assets


PCCW - HKT CAP NO4 4250 10-24022016

USD 114 442 003

210 000SINOPEC GRP OVER 3900 12-17052022

USD 146 649 004



South Korea 177 367 005 100 000


USD 79 600 002

130 000KOREA RESOURCES CO 4125 10-19052015

USD 97 767 003


Qatar 161 049 004 210 000

STATE OF QATAR 4500 11-20012022

USD 161 049 004



Ireland 86 261 002 110 000


USD 86 261 002





USD (50 891) (001)


Options Warrants Rights 65 551 002 790 000 PUT 6M GBP-LIBOR 02062023 3872 GBP 65 551 002


(17 152 815) (445)


(17 152 815) (445)

(100 000) FGCI 3 112 3000 12-15102026 USD (73 842) (002)

(200 000) FGLMC 4 111 4000 11-15092040 USD (149 044) (004)

(200 000) FGLMC 45 111 4500 11-15022040 USD (153 580) (004)

(100 000) FGLMC 5 111 5000 11-15042039 USD (78 287) (002)

(200 000) FGLMC 55 111 5500 11-15062038 USD (158 886) (004)

(100 000) FGLMC 6 111 6000 11-15102038 USD (80 260) (002)

(100 000) FNCI 25 113 2500 13-25112027 USD (71 778) (002)

(100 000) FNCI 35 112 3500 12-25072026 USD (75 883) (002)

(100 000) FNCI 45 111 4500 11-25032024 USD (77 243) (002)

(100 000) FNCI 5 111 5000 11-25072023 USD (77 289) (002)

(300 000) FNCL 3 113 3000 13-25102042 USD (206 761) (005)

(21 300 000) FNCL 35 112 3500 12-25062041 USD (15 356 304) (398)

(200 000) G2SF 3 113 3000 13-20052042 USD (140 154) (004)

(200 000) G2SF 35 112 3500 12-20092041 USD (146 413) (004)

(200 000) G2SF 4 111 4000 11-20092040 USD (150 949) (004)

(100 000) G2SF 45 111 4500 11-20062040 USD (77 538) (002)

(100 000) G2SF 5 111 5000 11-20052040 USD (78 604) (002)


Luxembourg 30 585 261 793 416 00000


USD 30 585 261 793




Page 66


Market value of net

assets

Ireland 2 090 186 054 1 06948


USD 2 090 186 054


BNP Paribas L1 Convertible Bond Best Selection Europe



Page 67


Market value of net

assets


53 245 140 9651

Bonds 9 872 938 1790

France 3 383 415 613 1 200 000

CAP GEMINI SOGET 5250 11-29112016

EUR 1 327 788 241

700 000 PERNOD RICARD 5000 11-15032017 EUR 774 697 140

500 000 PUBLICIS GROUPE 4250 09-31032015

EUR 520 905 094

700 000 VINCI SA 4125 11-20022017 EUR 760 025 138

Luxembourg 2 451 182 445 1 500 000

ARCELORMITTAL 9375 09-03062016

EUR 1 795 830 326

620 000 WIND ACQUISITION 7375 10-15022018

EUR 655 352 119

Russia 1 380 039 250 1 650 000


USD 1 380 039 250

Germany 1 020 190 185 1 000 000 ADIDAS INTL BV 4750 09-14072014 EUR 1 020 190 185

The Netherlands 970 834 176 950 000

DEUTSCH POST FIN 1875 12-27062017

EUR 970 834 176

United Kingdom 667 278 121 500 000 WPP GROUP PLC 6000 07-04042017 GBP 667 278 121

Convertible bonds 42 605 365 7721

France 6 833 045 1238 33 835

AIR FRANCE - KLM 2030 13-150223 CV FLAT

EUR 370 832 067

1 000 000 BNP PARIBAS 0250 13-27092016 CV

EUR 1 065 940 193

241 668 CAP GEMINI SOGET 0000 13-01012019 CV FLAT

EUR 259 747 047

916 729 CGG VERITAS 1250 12-01012019 CV FLAT

EUR 814 560 148

479 233 FONCIERE DES REGIONS 0875 13-01042019 CV

EUR 473 713 086

279 115 MAUREL ET PRO 7125 09-310714 CV FLAT

EUR 298 922 054

711 998 MICHELIN FRANCE 0000 07-01012017 CV FLAT

EUR 940 712 171

615 942 ORPEA 1750 13-01012020 CV FLAT EUR 680 037 123

602 400 PEUGEOT SA 4450 09-01012016 CV FLAT

EUR 636 816 115

719 446 RALLYE SA 1000 13-02102020 CV FLAT

EUR 792 916 144

434 560 UNIBAIL-RODAM 0750 12-010118 CV FLAT

EUR 498 850 090

Italy 6 251 248 1133 300 000 ASTALDI SPA 4500 13-31012019 CV EUR 360 576 065

700 000 BENI STABILI 3375 13-17012018 CV

EUR 732 179 133

900 000 BUZZI UNICEM 1375 13-17072019 CV

EUR 981 648 178

600 000 CAM 2012 SPA 5625 12-26102017 CV

EUR 750 000 136

1 100 000 ENI SPA 0250 12-30112015 CV EUR 1 135 068 206

1 000 000 ENI SPA 0625 13-18012016 CV EUR 1 054 530 191

1 100 000 PRYSMIAN SPA 1250 13-08032018 CV

EUR 1 237 247 224

The Netherlands 3 883 616 704 900 000

ACS ACTIVIDADES 2625 13-22102018 CV

EUR 950 004 172

800 000 AMORIM ENERGIA B 3375 13-03062018 CV

EUR 843 208 153

200 000 AMPLITER NV 2875 13-14112018 CV

EUR 200 304 036

2 250 000 SIEMENS FINAN 1050 12-16082017 CV

USD 1 890 100 343


Market value of net

assets

Jersey Island 3 692 012 670 200 000

BALFOUR BEATTY F 1875 13-03122018 CV

GBP 247 577 045

300 000DERWENT LDN JE 2750 11-15072016 CV

GBP 438 700 080

300 000ENTERPRISE FUNDI 3500 13-10092020 CV

GBP 398 109 072

1 000 000GABRIEL FINANCE 2000 13-26112016 CV

EUR 997 990 181

500 000GREAT PORTLAND 1000 13-10092018 CV

GBP 631 370 114

400 000HANSTEEN JERSEY 4000 13-15072018 CV

EUR 483 064 088

400 000UNITE JERSEY 2500 13-10102018 CV

GBP 495 202 090

United Kingdom 3 131 162 567 500 000 INMARSAT 1750 08-16112017 CV USD 492 630 089

700 000INTL CONSOLIDAT 1750 13-31052018 CV

EUR 927 661 168

600 000TUI TRAVEL PLC 4900 10-27042017 CV

GBP 903 635 164

1 100 000VEDANTA RESOURCE 5500 09-13072016 CV

USD 807 236 146

Spain 2 873 461 520 700 000

ABENGOA SA 6250 13-17012019 CV

EUR 713 349 129

700 000INDRA SISTEMAS 1750 13-17102018 CV

EUR 747 145 135

300 000MELIA HOTELS 4500 13-04042018 CV

EUR 409 401 074

400 000NH HOTELES SA 4000 13-08112018 CV

EUR 441 308 080

600 000PESCANOVA SA 8750 12-17022019 CV

EUR 87 258 016

500 000SACYR VALLEHERM 6500 11-01052016 CV

EUR 475 000 086

Luxembourg 2 383 038 432 800 000 APERAM 2625 13-30092020 CV USD 654 735 119

300 000ESPIRITO SANTO F 3125 13-02122018 CV

EUR 313 950 057

700 000GVM DEBT LUX 5750 13-14022018 CV

EUR 828 317 150

800 000TMK BONDS SA 5250 10-11022015 CV

USD 586 036 106

Germany 2 214 571 401 100 000

DRILLISCH AG 0750 13-12122018 CV

EUR 106 171 019

1 200 000STEINHOFF FINANC 4500 11-31032018 CV

EUR 1 413 936 256

587 326 TUI AG 2750 11-24032016 CV FLAT EUR 694 464 126

United Arab Emirates 2 131 595 386 1 800 000

AABAR INVESTMENT 4000 11-27052016 CV

EUR 2 131 595 386

Cayman Islands 2 066 726 375 1 000 000

BES FINANCE LTD 3500 12-06122015 CV

USD 759 367 138

1 800 000SIEM INDUSTRIES 1000 12-12092019 CV

USD 1 307 359 237

Austria 1 760 661 320 500 000

CONWERT IMMO INV 5250 10-01022016 CV

EUR 538 550 098

1 047 016IMMOFINANZ 4250 11-08032018 CV FLAT

EUR 1 222 111 222

Norway 1 626 857 294 600 000 ALGETA ASA 3375 13-12092018 CV USD 626 039 113

900 000MARINE HARVEST 2375 13-08052018 CV

EUR 1 000 818 181

Portugal 873 752 158 800 000 PARPUBLICA 5250 10-28092017 CV EUR 873 752 158

Hungary 826 736 150 800 000

HUNGARIAN STATE 3375 13-02042019 CV

EUR 826 736 150

Cyprus 580 642 105 800 000

HOLDGROVE LTD 1000 12-24092017 CV

USD 580 642 105




Page 68


Market value of net

assets

Belgium 511 030 093 500 000 SAGERPAR 0375 13-09102018 CV EUR 511 030 093

Russia 391 397 071 500 000

LUKOIL INTL FIN 2625 10-16062015 CV

USD 391 397 071

Sweden 341 773 062 3 000 000 SAS AB 7500 10-01042015 CV SEK 341 773 062

Bermuda 232 043 042 400 000

AQUARIUS PLAT 4000 09-18122015 CV

USD 232 043 042

Options Warrants Rights 766 837 140 115 CALL ADIDAS AG 20062014 88 EUR 88 435 016

1 460 CALL ARCELORMITTAL 20062014 125

EUR 183 960 033

250 CALL CAP GEMINI 20062014 52 EUR 54 250 010

470 CALL CGG 20062014 18 EUR 5 170 001

(470) CALL CGG 20062014 21 EUR (940) 000

370 CALL DEUTSCHE POST AG - REG 20062014 26

EUR 66 600 012

60 CALL KERING 20062014 160 EUR 36 060 007

28 CALL KERING 20062014 190 EUR 2 212 000

290 CALL LUKOIL OAO-SPON ADR 20062014 66

USD 30 411 006

45 CALL LVMH MOET HENNESSY LOU 200614 150

EUR 7 110 001

55 CALL MICHELIN (CGDE)-B 20062014 80

EUR 17 930 003


EUR 15 656 003

85 CALL PERNOD-RICARD SA 20062014 88

EUR 21 250 004

150 CALL PUBLICIS GROUPE 19092014 68

EUR 59 250 011

400 CALL SUEZ ENVIRONNEMENT CO 200614 135

EUR 22 400 004

165 CALL TECHNIP SA 20062014 72 EUR 75 735 014


155 CALL VINCI SA 20062014 48 EUR 35 805 006

40 CALL WPP PLC 20062014 14 GBP 36 298 007


BNP Paribas L1 Convertible Bond World



Page 69


Market value of net

assets


Luxembourg 126 439 505 10010 1 054 10176

PARVEST CONVERTIBLE BOND WORLD - X - CAP

EUR 126 439 505 10010


BNP Paribas L1 Diversified Active Click Balanced



Page 70


Market value of net

assets


45 057 198 7638

Shares 45 047 795 7636

France 15 522 925 2630 7 336 AIR LIQUIDE SA EUR 754 141 128

47 900 AXA EUR 968 059 164

24 830 BNP PARIBAS EUR 1 406 620 238

14 580 CARREFOUR SA EUR 420 050 071

10 754 COMPAGNIE DE SAINT GOBAIN EUR 429 891 073

13 716 DANONE SA EUR 717 621 122

5 056 ESSILOR INTERNATIONAL EUR 390 728 066

45 408 FRANCE TELECOM SA EUR 408 672 069

35 820 GDF SUEZ EUR 612 343 104

5 594 L OREAL EUR 714 354 121

6 271 LVMH MOET HENNES EUR 831 535 141

28 278 SANOFI AVENTIS EUR 2 180 799 370

13 033 SCHNEIDER ELECTRIC SA EUR 826 292 140

18 741 SOCIETE GENERALE SA EUR 791 245 134

55 772 TOTAL SA EUR 2 483 526 420

2 282 UNIBAIL RODAMCO SE EUR 425 023 072

12 369 VINCI SA EUR 590 249 100

29 850 VIVENDI EUR 571 777 097


21 568 BASF SE EUR 1 671 304 283

19 405 BAYER AG EUR 1 978 340 335

7 543 BAYERISCHE MOTOREN WERKE AG EUR 642 814 109

23 064 DAIMLER AG EUR 1 450 726 246

23 923 DEUTSCHE BANK AG EUR 829 530 141

22 254 DEUTSCHE POST AG-REG EUR 589 731 100

71 349 DEUTSCHE TELEKOM AG EUR 886 868 150

46 955 EON AG EUR 629 901 107

3 777 MUENCHENER RUECKVERS AG EUR 604 887 103

11 328 RWE AG EUR 301 381 051

22 248 SAP AG EUR 1 386 273 235

19 520 SIEMENS AG EUR 1 938 141 329

3 376 VOLKSWAGEN AG PFD EUR 689 210 117


265 946 BANCO SANTANDER SA EUR 1 730 245 293

118 164 IBERDROLA SA EUR 547 690 093

4 975 INDITEX EUR 596 005 101

18 958 REPSOL YPF SA EUR 347 311 059


The Netherlands 3 955 514 670 9 007 ASML HOLDING NV EUR 612 836 104


EUR 760 411 129

90 620 ING GROEP NV EUR 915 262 155


EUR 586 377 099

36 913 UNILEVER NV EUR 1 080 628 183

Italy 3 379 339 573 31 352 ASSICURAZIONI GENERALI EUR 536 119 091

149 543 ENEL SPA EUR 474 649 080

62 790 ENI SPA EUR 1 098 197 186

327 808 INTESA SANPAOLO EUR 588 088 100

126 819 UNICREDIT SPA EUR 682 286 116



Market value of net

assets

Ireland 317 450 054 17 347 CRH PLC EUR 317 450 054

Options Warrants Rights 9 403 002 18 958 REPSOL SA RTS 09012014 EUR 9 403 002


Luxembourg 5 058 463 857 5 74754

BNPP L1 REAL ESTATE SECURITIES EUROPE - X - CAP

EUR 634 586 108

11 51657PARVEST WORLD COMMODITIES - X - CAP

EUR 632 145 107

2420PARWORLD TRACK EURO CORPORATE BOND - X - CAP

EUR 2 529 472 428

1188PARWORLD TRACK EURO INFLATION LINKED BOND - I PLUS - CAP

EUR 1 262 260 214

Ireland 622 138 105 38 30900 ISHARES EPRA US PROPTY YLD EUR 622 138 105


BNP Paribas L1 Diversified Active Click Stability



Page 71


Market value of net

assets


33 989 446 7962

Shares 33 982 352 7960


36 135 AXA EUR 730 288 171

18 731 BNP PARIBAS EUR 1 061 111 249



10 347 DANONE SA EUR 541 355 127



27 021 GDF SUEZ EUR 461 924 108

4 220 L OREAL EUR 538 894 126





42 073 TOTAL SA EUR 1 873 512 440


9 331 VINCI SA EUR 445 275 104

22 518 VIVENDI EUR 431 332 101


16 270 BASF SE EUR 1 260 762 295

14 638 BAYER AG EUR 1 492 344 350


17 399 DAIMLER AG EUR 1 094 397 256




35 421 EON AG EUR 475 173 111


8 546 RWE AG EUR 227 366 053

16 783 SAP AG EUR 1 045 749 245

14 725 SIEMENS AG EUR 1 462 045 342


Spain 4 180 264 979 102 422 BANCO BILBAO VIZCAYA ARGENTA EUR 916 472 215


89 139 IBERDROLA SA EUR 413 159 097

3 753 INDITEX EUR 449 609 105

14 302 REPSOL YPF SA EUR 262 013 061

70 449 TELEFONICA SA EUR 833 764 195



EUR 573 615 134

68 361 ING GROEP NV EUR 690 446 162


EUR 442 334 104

27 846 UNILEVER NV EUR 815 192 191


112 811 ENEL SPA EUR 358 062 084

47 367 ENI SPA EUR 828 449 194





Market value of net

assets




Luxembourg 3 676 375 861 4 07461


EUR 449 878 105


EUR 474 732 111


EUR 1 793 327 420


EUR 958 438 225



BNP Paribas L1 Diversified World Balanced



Page 72


Market value of net

assets


Luxembourg 357 181 180 9292 102 39943

BNPP FLEXI I TACTICAL STRATEGY - X - CAP

EUR 11 716 543 305

214 04494 BNPP FLEXI I TACTICAL STRATEGY GROWTH - X - CAP

EUR 26 999 629 702

18846 BNPP FLEXI III FORTIS DEPOSIT EUR - I - CAP

EUR 1 902 268 049

4 72361 BNPP PRIVATE REAL ESTATE FOF - VALUE ADDED ASIA I - A - DIS

USD 2 253 462 059

2 68548 BNPP PRIVATE REAL ESTATE FOF - VALUE ADDED EUROPE I - A - DIS

EUR 1 026 660 027

309 19781 PARVEST ABSOLUTE RETURN BALANCED - X - CAP

EUR 30 125 143 784

126 09681 PARVEST BOND EURO HIGH YIELD - X - CAP

EUR 15 255 192 397

247 77801 PARVEST BOND EURO SHORT TERM - X - CAP

EUR 32 089 730 835

41 75739 PARVEST BOND USA HIGH YIELD - X - CAP

EUR 3 863 812 101

167 39650 PARVEST BOND WORLD EMERGING LOCAL - X - CAP

EUR 11 476 704 299

35 74243 PARVEST CONVERTIBLE BOND WORLD - X - CAP

EUR 4 274 437 111

264 13338 PARVEST EQUITY BEST SELECTION EUROPE - X - CAP

EUR 36 648 505 953

73 61203 PARVEST EQUITY EUROPE SMALL CAP - X - CAP

EUR 9 063 113 236

35 77340 PARVEST EQUITY USA SMALL CAP - X - CAP

EUR 4 116 802 107

9 45817 PARVEST REAL ESTATE SECURITIES PACIFIC - X - CAP

EUR 1 312 983 034

111 74496 PARVEST V350 - I - CAP EUR 12 233 838 318

353 20624 PARVEST WORLD COMMODITIES - X - CAP

EUR 19 387 490 504

60234 PARWORLD TRACK EMERGING MARKETS - X - CAP

EUR 39 512 817 1029

14540 PARWORLD TRACK EMERGING MARKETS BOND - X - CAP

USD 11 659 564 303

3491 PARWORLD TRACK EMU GOVERNMENT BOND - X - CAP

EUR 4 011 470 104

32891 PARWORLD TRACK EURO CORPORATE BOND - X - CAP

EUR 34 382 721 894

18342 PARWORLD TRACK EURO INFLATION LINKED BOND - X - CAP

EUR 19 462 739 506

12906 PARWORLD TRACK EUROPE - X - CAP

EUR 16 450 905 428

8276 PARWORLD TRACK JAPAN - X - CAP EUR 7 954 653 207

Ireland 26 181 199 681 217 90400 ISHARES EPRA US PROPTY YLD EUR 3 548 567 092

77 48500 ISHARES MARKIT IBOXX EUR HY EUR 8 529 936 222

496 39900 ISHARES MSCI EMERGING MARKETS EUR 14 102 696 367


BNP Paribas L1 Diversified World Growth



Page 73


Market value of net

assets


Luxembourg 164 129 649 9774 30 11852


EUR 3 446 160 205


EUR 13 483 783 803


EUR 1 651 499 098

13 44259 BNPP L1 REAL ESTATE SECURITIES EUROPE - X - CAP

EUR 1 484 196 088


USD 814 889 049

95910 BNPP PRIVATE REAL ESTATE FOF - VALUE ADDED EUROPE I - A - DIS

EUR 366 663 022


EUR 4 568 367 272


EUR 6 928 734 413


EUR 5 924 383 353


EUR 1 768 083 105


EUR 4 863 189 290


EUR 1 893 959 113


EUR 33 211 694 1977


EUR 4 012 549 239


EUR 3 426 794 204


EUR 931 291 055



EUR 10 302 577 614


EUR 31 734 027 1890


USD 5 049 628 301


EUR 1 778 918 106


EUR 9 389 897 559


EUR 7 743 672 461


1437 PARWORLD TRACK NORTH AMERICA - X - CAP

EUR 1 877 199 112




BNP Paribas L1 Diversified World High Growth



Page 74


Market value of net

assets


Luxembourg 31 280 609 8741 25 49387

BNPP FLEXI I TACTICAL STRATEGY GROWTH - X - CAP

EUR 3 215 796 899


EUR 595 551 166


EUR 352 719 099


EUR 934 596 261


EUR 7 063 240 1975


EUR 2 231 186 623


EUR 1 113 482 311


EUR 737 730 206

4 45375 PARVEST V350 - I - CAP EUR 487 597 136


EUR 2 501 679 699


EUR 6 587 842 1841


EUR 3 962 341 1107


Ireland 4 436 018 1239 43 83500 ISHARES EPRA US PROPTY YLD EUR 713 853 199



BNP Paribas L1 Diversified World Stability



Page 75


Market value of net

assets


Luxembourg 123 230 136 9960 87 14536


EUR 9 971 172 806


EUR 2 530 051 204


EUR 750 965 061


USD 862 781 070


EUR 391 107 032


EUR 14 895 889 1204


EUR 4 953 569 400


EUR 15 940 995 1289


EUR 1 230 119 099


EUR 3 672 666 297


EUR 2 524 295 204


EUR 8 689 408 702


EUR 2 661 435 215


EUR 1 294 374 105



EUR 3 873 657 313


EUR 6 251 975 505


USD 3 741 915 302


EUR 1 228 306 099


EUR 14 952 605 1209


EUR 12 384 154 1001



EUR 495 746 040


BNP Paribas L1 Equity Euro



Page 76


Market value of net

assets


509 540 006 9982

Shares 509 540 006 9982

Germany 129 237 111 2533 206 234 BASF SE EUR 15 981 073 313

276 962 BAYER AG EUR 28 236 275 553


88 391 CONTINENTAL AG EUR 14 089 525 276

403 470 EON AG EUR 5 412 550 106

193 910 FRESENIUS MEDICAL CARE AG amp CO EUR 10 030 964 197

285 811 GEA GROUP AG EUR 9 889 061 194

78 401 LINDE AG EUR 11 920 872 234

31 355 PFEIFFER VACUUM TECHNOLOGY AG

EUR 3 101 950 061

208 507 SAP AG EUR 12 992 071 255

1 041 120 TELEFONICA DEUTSCHLAND HOLDI EUR 6 246 720 122

France 111 225 808 2180 105 848 AEROPORTS DE PARIS EUR 8 732 460 171

359 086 BNP PARIBAS EUR 20 342 222 399

67 980 CASINO GUICHARD PERRACHON EUR 5 694 685 112

156 906 COMPAGNIE DE SAINT GOBAIN EUR 6 272 317 123

185 639 DANONE SA EUR 9 712 632 190

390 404 GDF SUEZ EUR 6 673 956 131

193 158 LEGRAND SA EUR 7 737 909 152

90 164 LVMH MOET HENNES EUR 11 955 746 234

120 007 PUBLICIS GROUPE SA EUR 7 981 666 156

177 134 SCHNEIDER ELECTRIC SA EUR 11 230 296 220

218 119 SCOR SE EUR 5 794 331 114

130 226 TECHNIP SA EUR 9 097 588 178

Spain 78 086 668 1529 294 927 AMADEUS IT HOLDING SA - A SHS EUR 9 173 704 180

2 113 416 BANCO BILBAO VIZCAYA ARGENTA EUR 18 910 846 370


752 264 GESTEVISION TELECINCO SA EUR 6 310 743 124

234 156 GRIFOLS SA EUR 8 140 433 159

10 491 GRIFOLS SA - B EUR 271 560 005

230 727 RED ELECTRICA CORPORACION SA EUR 11 190 260 219

The Netherlands 56 727 711 1110 176 007 AKZO NOBEL NV EUR 9 916 234 194

94 438 ASML HOLDING NV EUR 6 425 562 126

1 724 300 ING GROEP NV EUR 17 415 430 341

713 011 KONINKLIJKE AHOLD EUR 9 304 794 182

302 502 REED ELSEVIER NV EUR 4 658 531 091

271 300 ZIGGO NV EUR 9 007 160 176

Italy 35 360 900 693 478 868 ATLANTIA SPA EUR 7 810 337 153

947 365 ENI SPA EUR 16 569 414 325

116 603 LUXOTTICA GROUP SPA EUR 4 541 687 089

1 583 734 SNAM RETE GAS EUR 6 439 462 126


305 202 BELGACOM SA EUR 6 563 369 129

85 017 DIETEREN SANV EUR 3 077 615 060

111 741 TELENET GROUP HOLDING EUR 4 846 766 095

Austria 24 999 054 489 220 006 ANDRITZ AG EUR 10 030 074 196

350 984 ERSTE GROUP BANK AG EUR 8 890 425 174

167 800 VIENNA INSURANCE GROUP EUR 6 078 555 119


Market value of net

assets

Finland 17 832 610 350 629 391 OUTOTEC OYJ EUR 4 789 666 094

365 144 SAMPO OYJ - A EUR 13 042 944 256

Portugal 14 197 302 278 503 131 GALP ENERGIA SGPS SA - B EUR 5 994 806 117

577 031 JERONIMO MARTINS SGPS SA EUR 8 202 496 161

Ireland 8 119 307 159 443 678 CRH PLC EUR 8 119 307 159

SharesUnits in investment funds 552 682 011

France 552 682 011 46400

BNP PARIBAS MONEY PRIME EURO - I - CAP

EUR 552 682 011


BNP Paribas L1 Equity Europe



Page 77


Market value of net

assets


946 343 602 9954

Shares 946 343 602 9954

United Kingdom 272 075 591 2863 1 538 480 BG GROUP PLC GBP 23 992 522 252

3 342 246 CENTRICA PLC GBP 13 967 535 147

706 546 DIAGEO PLC GBP 16 984 279 179

4 120 097 HSBC HOLDINGS GBP 32 802 310 346

1 320 280 INMARSAT GBP 11 996 775 126

222 568 JOHNSON MATTHEY PLC GBP 8 774 315 092

4 718 541 KINGFISHER PLC GBP 21 817 581 229

25 244 829 LLOYDS BANKING GROUP PLC GBP 23 934 040 252

1 134 230 PREMIER OIL PLC GBP 4 275 175 045

224 304 RECKITT BENCKISER GROUP PLC GBP 12 921 744 136

333 853 RIO TINTO PLC ORD GBP 13 681 151 144

1 162 630 ROYAL DUTCH SHELL PLC - A SHS GBP 30 225 585 318

492 047 SABMILLER PLC GBP 18 339 396 193

719 296 SMITHS GROUP PLC GBP 12 795 169 135

3 793 335 TESCO PLC GBP 15 244 009 160

402 888 WEIR GROUP GBP 10 324 005 109


334 427 BAYER AG EUR 34 094 832 360



289 770 GEA GROUP AG EUR 10 026 042 105

94 004 LINDE AG EUR 14 293 308 150


249 439 SAP AG EUR 15 542 544 163



100 334 AIR LIQUIDE SA EUR 10 314 335 108

295 490 BNP PARIBAS EUR 16 739 509 176


436 787 GDF SUEZ EUR 7 466 874 079



256 860 SCOR SE EUR 6 823 486 072

186 686 TECHNIP SA EUR 13 041 884 137

39 685 UNIBAIL RODAMCO SE EUR 7 391 331 078




1 205 028 GESTEVISION TELECINCO SA EUR 10 108 980 106

349 479 GRIFOLS SA EUR 12 149 637 128

18 653 GRIFOLS SA - B EUR 482 833 005


Switzerland 60 386 415 635 176 890 ROCHE HOLDING AG GENUSSCHEIN CHF 35 969 797 379

74 080 SCHINDLER HOLDING - PART CERT CHF 7 936 927 083

201 154 THE SWATCH GROUP AG REG CHF 16 479 691 173


1 969 848 ING GROEP NV EUR 19 895 465 209


327 735 ZIGGO NV EUR 10 880 802 114


Market value of net

assets

Denmark 32 291 497 340 200 576 CARLSBERG AS - B DKK 16 131 361 170

121 288 NOVO NORDISK AS - B DKK 16 160 136 170






Italy 23 708 516 250 917 149 ENI SPA EUR 16 040 936 169


Sweden 22 011 091 231 658 280 ATLAS COPCO AB - A SHS SEK 13 262 297 139

787 258 ELEKTA AB SEK 8 748 794 092

Jersey Island 19 004 961 200 1 419 401 EXPERIAN PLC GBP 19 004 961 200

Norway 16 253 475 171 1 252 319 DNB NOR ASA NOK 16 253 475 171

Portugal 15 904 837 167 1 118 877 JERONIMO MARTINS SGPS SA EUR 15 904 837 167




8 010 841 084

54 319 LIBERTY GLOBAL INC-SERIES C USD 3 323 907 035

72 574 LIBERTY GLOBAL PLC USD 4 686 934 049

Luxembourg 7 323 918 077 101 197 MILLICOM INTL CELLULAR-SDR SEK 7 323 918 077


France 1 102 981 012 92600


EUR 1 102 981 012


BNP Paribas L1 Equity Netherlands



Page 78


Market value of net

assets


415 431 089 9583

Shares 415 431 089 9583

The Netherlands 345 426 466 7968 1 441 913 AEGON NV EUR 9 894 407 228

250 699 AKZO NOBEL NV EUR 14 124 382 326

146 388 ASM INTERNATIONAL NV EUR 3 505 993 081


15 156 CORBION NV EUR 233 402 005

110 905 CORIO NV EUR 3 612 730 083

260 179 DELTA LLOYD NV EUR 4 693 629 108

128 428 FUGRO EUR 5 562 859 128

21 840 GEMALTO EUR 1 747 418 040

103 444 HEINEKEN HOLDING NV EUR 4 756 872 110

249 055 HEINEKEN NV EUR 12 223 619 282

45 070 HEJIMANS NV EUR 473 686 011

4 055 436 ING GROEP NV EUR 40 959 903 946

2 057 191 KONINKLIJKE AHOLD EUR 26 846 343 619

300 000 KONINKLIJKE BAM GROEP NV EUR 1 134 900 026

43 967 KONINKLIJKE DSM NV EUR 2 513 154 058

1 507 107 KONINKLIJKE KPN NV EUR 3 531 152 081

1 469 021 KONINKLIJKE PHILIPS ELECTRONICS

EUR 39 142 064 904

51 779 KONINKLIJKE VOPAK NV EUR 2 201 643 051

181 276 NUTRECO NV EUR 6 545 876 151

443 937 POSTNL SHS EUR 1 842 339 042

297 066 RANDSTAD HOLDING NV EUR 14 006 662 323

1 323 443 REED ELSEVIER NV EUR 20 381 022 470


6 985 435 SNS REAAL EUR 7 000

223 239 TELEGRAAF MEDIA GROEP EUR 2 033 707 047

91 844 TEN CATE NV EUR 2 103 228 049

1 831 638 TNT EXPRESS NV - WI EUR 12 359 893 285

3 635 814 TOMTOM NV EUR 18 728 078 432

1 283 203 UNILEVER NV EUR 37 565 768 866


410 720 ZIGGO NV EUR 13 635 904 315

United Kingdom 33 011 777 761 1 001 274 ROYAL DUTCH SHELL PLC - A SHS EUR 25 938 003 598

184 429 UNIT 4 NV EUR 7 073 774 163

Luxembourg 18 979 118 438 1 463 309 ARCELORMITTAL EUR 18 979 118 438



France 7 943 656 183 34 19126

BNP PARIBAS TRESORERIE C FCP - P - CAP

EUR 7 943 656 183


BNP Paribas L1 Equity USA Core



Page 79


Market value of net

assets


1 435 974 486 9935

Shares 1 435 974 486 9935


1 402 032 175 9700

75 055 ACTAVIS PLC USD 12 609 240 087

99 299 ADT CORPTHE USD 4 018 631 028

544 323 AES CORPORATION USD 7 898 127 055

454 800 ALTRIA GROUP INC USD 17 459 772 121

23 859 AMAZONCOM INC USD 9 514 731 066

187 674 AMERICAN ELECTRIC POWER USD 8 771 883 061

178 513 AMERIPRISE FINANCIAL INC USD 20 537 921 142

144 022 ANADARKO PETROLEUM CORP USD 11 423 825 079

154 150 ANALOG DEVICES USD 7 850 860 054

99 498 APPLE INC USD 55 829 322 385

40 200 BIOGEN IDEC INC USD 11 245 950 078

171 177 BOEING COTHE USD 23 363 949 162

205 112 BORGWARNER INC USD 11 467 812 079

685 085 BRISTOL-MYERS SQUIBB CO USD 36 412 267 252

247 668 BROADCOM CORP - CL A USD 7 343 356 051

272 480 CABOT OIL amp GAS CORP USD 10 561 325 073

115 032 CELGENE CORP USD 19 435 807 134

339 402 CENTERPOINT ENERGY INC USD 7 867 338 054

25 485 CHIPOTLE MEXICAN GRILL INC USD 13 577 898 094

208 558 CITIGROUP INC USD 10 867 957 075

318 278 CME GROUP INC USD 24 972 092 173

518 190 COMCAST CORP A USD 26 927 743 186

149 212 CONCHO RESOURCES INC USD 16 114 896 111

333 134 CONOCOPHILLIPS USD 23 535 917 163

58 364 COSTCO WHOLESALE CORP USD 6 945 900 048

42 237 CUMMINS INC USD 5 954 150 041

368 747 CVS CAREMARK CORP USD 26 391 223 183

242 369 DANAHER CORP USD 18 710 887 129

551 830 DELTA AIR LINES INC USD 15 158 770 105

263 066 DIRECTV - CLASS A USD 18 175 230 126

505 168 DISCOVER FINANCIAL SERVICES USD 28 264 150 196

272 742 DISNEY (WALT) CO USD 20 837 489 144

171 579 EASTMAN CHEMICAL CO USD 13 846 425 096

839 235 EMC CORP USD 21 106 760 146

260 116 ESTEE LAUDER CO INC - A USD 19 591 937 136

142 006 FLUOR CORP USD 11 401 662 079

379 619 GILEAD SCIENCES INC USD 28 528 368 197

313 130 GNC HOLDINGS INC - A USD 18 302 449 127

10 494 GOOGLE INC - A USD 11 760 731 081

208 123 HONEYWELL INTERNATIONAL INC USD 19 016 199 132

231 799 INTUIT INC USD 17 690 900 122

926 081 JPMORGAN CHASE AND CO USD 54 157 216 374

225 450 LAS VEGAS SANDS CORP USD 17 781 242 123

56 581 LINKEDIN CORP - A USD 12 268 458 085

225 598 LORILLARD INC USD 11 433 307 079

463 306 LOWES COMPANIES USD 22 956 812 159

240 352 MARATHON OIL CORP USD 8 484 426 059

301 230 MARRIOTT INTERNATIONAL - A USD 14 868 713 103

37 845 MASTERCARD INC - CLASS A USD 31 617 983 219

165 680 MCKESSON CORP USD 26 740 752 185

1 067 303 MICROSOFT CORP USD 39 949 150 276

135 213 MONSANTO CO USD 15 759 075 109

566 585 MYLAN INC USD 24 589 789 170

221 355 NASDAQ OMX GROUP INC USD 8 809 929 061

280 148 NETAPP INC USD 11 525 289 080

210 016 NIKE INC - CL B USD 16 515 658 114

373 270 NOBLE ENERGY INC USD 25 423 420 176


Market value of net

assets

254 194 OCCIDENTAL PETROLEUM CORP USD 24 173 849 167

549 444 ORACLE CORP USD 21 021 727 145

359 375 PEPSICO INC USD 29 806 562 206

884 938 PFIZER INC USD 27 105 651 188

334 168 PNC FINANCIAL SERVICES GROUP USD 25 924 753 179

14 020 PRICELINECOM INC USD 16 296 848 113

172 485 PRUDENTIAL FINANCIAL INC USD 15 906 567 110

258 411 PUBLIC SERVICE ENTERPRISE GP USD 8 279 488 057

227 495 RAYTHEON CO USD 20 633 797 143

215 691 SCHLUMBERGER LTD USD 19 435 916 134

249 387 ST JUDE MEDICAL INC USD 15 449 525 107

134 525 SYMANTEC CORP USD 3 172 100 022

90 058 UNION PACIFIC CORP USD 15 129 744 105

123 280 UNITED TECHNOLOGIES CORP USD 14 029 264 097

393 549 UNUM GROUP USD 13 805 699 096

510 666 VERIZON COMMUNICATIONS INC USD 25 094 127 174

146 156 VMWARE INC - A USD 13 111 655 091

314 486 WADDELL amp REED FINANCIAL - A USD 20 479 328 142

245 937 WESTAR ENERGY INC USD 7 911 793 055

521 531 YAHOO INC USD 21 090 714 146

Luxembourg 18 482 543 128 230 226 LYONDELLBASELL INDU-CL A USD 18 482 543 128

Switzerland 15 459 768 107 376 700 TYCO INTERNATIONAL LTD USD 15 459 768 107

Total securities portfolio 1 435 974 486 9935

BNP Paribas L1 Equity World



Page 80


Market value of net

assets


97 258 545 10028

Shares 97 258 545 10028


43 954 230 4533

4 269 ACTAVIS PLC USD 520 478 054

3 291 AIRGAS INC USD 267 135 028

1 062 ALLEGHANY CORP USD 308 253 032

2 102 ALLIANCE DATA SYSTEMS CORP USD 401 088 041

34 983 AMERICAN CAPITAL AGENCY CORP USD 489 729 050

19 898 AMERISOURCE BERGEN CORP USD 1 015 297 105

111 034 ANNALY CAPITAL MANAGEMENT USD 803 374 083

4 311 AON PLC USD 262 455 027

8 668 ARROW ELECTRONICS INC USD 341 260 035

8 430 ASSURANT INC USD 406 037 042

9 328 AVERY DENNISON CORP USD 339 760 035

9 455 BALL CORP USD 354 472 037

12 106 BBampT CORP USD 327 875 034

7 367 BEST BUY COMPANY INC USD 213 212 022

17 157 BRISTOL-MYERS SQUIBB CO USD 661 776 068

30 905 CAMPBELL SOUP CO USD 970 694 100

9 557 CARDINAL HEALTH INC USD 463 372 048

8 518 CELANESE CORP SERIES A USD 341 907 035

34 327 CENTERPOINT ENERGY INC USD 577 452 060

4 521 CHARTER COMMUNICATION - A USD 448 704 046

10 366 CINCINNATI FIANCIAL CORP USD 393 967 041

20 037 CISCO SYSTEMS INC USD 326 449 034

7 721 CIT GROUP INC USD 292 097 030

35 758 COCA-COLA CO USD 1 072 000 111

17 149 CONAGRA FOODS INC USD 419 407 043

18 735 CONSOLIDATED EDISON INC USD 751 603 077

4 170 DANAHER CORP USD 233 625 024

5 289 DAVITA INC USD 243 234 025

11 336 DELTA AIR LINES INC USD 225 988 023

10 625 DOLLAR TREE INC USD 435 039 045

11 453 DTE ENERGY COMPANY USD 551 809 057

9 571 EASTMAN CHEMICAL CO USD 560 528 058

12 044 ELECTRONIC ARTS INC USD 200 508 021

4 376 EMERSON ELECTRIC CO USD 222 873 023

13 251 FIDELITY NATIONAL FINL - A USD 312 054 032

22 311 FIFTH THIRD BANCORP USD 340 506 035

10 024 FLIR SYSTEMS INC USD 218 965 023

20 018 FPL GROUP INC USD 1 243 834 128

14 624 GAMESTOP CORP-CLASS A USD 522 790 054

23 731 GENERAL ELECTRIC CO USD 482 732 050

13 648 GENERAL MILLS INC USD 494 337 051

7 303 HCP INC USD 192 492 020

6 852 HEWLETT - PACKARD CO USD 139 133 014

5 062 HUNT (JB) TRANSPRT SVCS INC USD 283 967 029

5 129 INTERNATIONAL FLAVORS amp FRAGRANCES INC

USD 320 034 033

2 692 INTL BUSINESS MACHINES CORP USD 366 442 038

9 541 KELLOGG CO USD 422 852 044

7 433 KIMBERLY-CLARK CORP USD 563 483 058

6 224 KOHLS CORP USD 256 332 026

6 342 L BRANDS INC USD 284 664 029

6 230 LABORATORY CORP AMERICA HOLDGS

USD 413 103 043

8 660 LEIDOS HOLDINGS INC-WI USD 292 176 030

5 521 LIBERTY GLOBAL INC-SERIES C USD 337 843 035

3 959 LIBERTY GLOBAL PLC USD 255 678 026

3 398 M amp T BANK CORP USD 287 090 030

26 394 MARSH amp MCLENNAN COS INC USD 926 314 096


Market value of net

assets

22 612 MEADWESTVACO CORP USD 606 017 062

26 397 MICRON TECHNOLOGY INC USD 416 850 043

24 149 MONDELEZ INTERNATIONAL INC USD 618 643 064

10 283 MOTOROLA SOLUTIONS INC USD 503 721 052


24 851 NORTHEAST UTILITIES USD 764 494 079

4 502 OMNICOM GROUP USD 242 980 025

2 329 OREILLY AUTOMOTIVE INC USD 217 545 022

23 617 PAYCHEX INC USD 780 349 080

36 690 PEOPLES UNITED FINANCIAL USD 402 593 042

4 518 PETSMART INC USD 238 532 025

28 522 PFIZER INC USD 634 006 065

9 260 PHILLIPS 66 USD 518 323 053

9 251 PNC FINANCIAL SERVICES GROUP USD 520 841 054

3 580 PRECISION CASTPARTS CORP USD 699 658 072

12 949 REALTY INCOME CORP USD 350 801 036

4 471 ROCK-TENN COMPANY - A USD 340 723 035

18 444 SEALED AIR CORP USD 455 763 047

17 275 SEI INVESTMENTS COMPANY USD 435 401 045

7 875 SIMON PROPERTY GROUP INC USD 869 596 090

15 523 SLM CORPORATION USD 296 052 031

19 504 SPECTRA ENERGY CORP USD 504 178 052

24 555 STAPLES INC USD 283 159 029

24 785 SYMANTEC CORP USD 424 130 044

34 837 SYNOPSYS INC USD 1 025 681 106

22 442 SYSCO CORP USD 587 943 061

16 187 TD AMERITRADE HOLDING CORP USD 359 933 037

9 484 TEXAS INSTRUMENTS INC USD 302 219 031

7 113 TIME WARNER INC USD 359 896 037

11 998 TJX COMPANIES INC USD 554 906 057

7 591 TOWERS WATSON + CO - A USD 702 992 072

19 582 UNUM GROUP USD 498 521 051

17 846 VENTAS INC USD 741 840 076

10 534 WELLS FARGO amp CO USD 347 069 036

5 932 WW GRAINGER INC USD 1 099 569 113

32 988 XCEL ENERGY INC USD 668 881 069

2 475 YUM BRANDS INC USD 135 807 014

Japan 25 279 898 2609 66 000 AIR WATER INC JPY 648 929 067

28 100 ASAHI BREWERIES JPY 575 079 059

99 000 ASAHI KASEI CORP JPY 563 256 058

12 300 ASTELLAS PHARMA INC JPY 529 098 055

8 400 BRIDGESTONE CORP JPY 230 837 024

22 700 COCA-COLA WEST CO LTD JPY 349 051 036

29 000 DAI NIPPON PRINTING CO LTD JPY 223 463 023

88 000 DAICEL CORP JPY 520 115 054

22 900 DAIHATSU MOTOR CO LTD JPY 281 765 029

4 600DAITO TRUST CONSTRUCTION CO LTD

JPY 312 216 032

32 000 DAIWA HOUSE INDUSTRY CO LTD JPY 449 632 046

9 600 EAST JAPAN RAILWAY CO JPY 555 467 057

7 700 HIROSE ELECTRIC CO LTD JPY 796 426 082

5 700 HISAMITSU PHARMACEUTICAL CO JPY 208 590 022

16 400 JAPAN AIRLINES CO LTD JPY 587 698 061

17 000 KANSAI PAINT CO LTD JPY 182 525 019

20 400 KAO CORP JPY 466 231 048

13 900 KDDI CORPORATION JPY 620 958 064

77 000 KEISEI ELECTRIC RAILWAY CO JPY 514 115 053

23 700 LAWSON INC JPY 1 287 853 133

44 100MCDONALDS HOLDINGS CO JAPAN LTD

JPY 818 181 084

14 600 MIRACA HOLDINGS INC JPY 500 009 052

38 400 MITSUBISHI MOTORS CORP JPY 299 342 031




Page 81


Market value of net

assets

222 200 MIZUHO FINANCIAL GROUP INC JPY 349 802 036

39 400 NAMCO BANDAI HOLDINGS INC JPY 634 951 065

31 000 NIPPON PAINT CO LTD JPY 374 364 039

10 400 NIPPON TELEGRAPH amp TELEPHONE JPY 406 437 042

4 950 NITORI HOLDINGS JPY 340 756 035

24 900 NOMURA RESEARCH INSTITUTE LT JPY 569 936 059

76 000 OJI PAPER JPY 282 843 029

9 500 ORIENTAL LAND CO LTD JPY 995 067 103

5 700 OTSUKA CORP JPY 527 772 054

52 100 PARK24 CO LTD JPY 713 351 074

19 100 SECOM CO LTD JPY 836 114 086

11 600 SEGA SAMMY HOLDINGS INC JPY 214 412 022

41 000 SEKISUI CHEMICAL CO LTD JPY 365 188 038

93 800 SEKISUI HOUSE LTD JPY 952 058 098

57 300 SEVEN BANK LTD JPY 162 607 017

11 900 SHIMAMURA CO LTD JPY 810 153 084

30 600 SHIONOGI amp CO LTD JPY 481 725 050

64 700 SHOWA SHELL SEKIYU KK JPY 477 110 049

71 000 SUMITOMO RUBBER INDUSTRIES JPY 732 406 076

35 000 SURUGA BANK LTD JPY 455 777 047

54 000 SUZUKEN CO LTD JPY 1 269 562 131

10 000 TAKEDA PHARMACEUTICAL CO LTD JPY 333 150 034

20 500 TOYOTA TSUSHO CORP JPY 368 444 038

41 800 USS CO LTD JPY 416 761 043

10 200 WEST JAPAN RAILWAY CO JPY 321 150 033

90 900 YAHOO JAPAN CORP JPY 367 166 038

United Kingdom 7 846 103 807 90 234 3I GROUP PLC GBP 417 658 043

14 945 ASSOCIATED BRITISH FOODS PLC GBP 439 189 045

110 219 BAE SYSTEMS PLC GBP 576 265 059

103 027 BRITISH SKY BROADCASTING GRO GBP 1 045 130 108

134 632 BT GROUP PLC GBP 613 935 063

53 907 BUNZL GBP 939 485 097

12 442 CRODA INTERNATIONAL PLC GBP 367 428 038

18 324 DIAGEO PLC GBP 440 481 045

14 638 EASYJET PLC GBP 270 240 028

29 984 GLAXOSMITHKLINE PLC GBP 580 760 060

15 409 LONDON STOCK EXCHANGE GROUP GBP 320 959 033

39 501 MARKS amp SPENCER GROUP PLC GBP 205 386 021

4 509 NEXT PLC GBP 295 361 030

186 222 RSA INSURANCE GROUP PLC GBP 204 576 021

14 485 UNILEVER PLC GBP 432 113 045

7 834 WHITBREAD GBP 353 189 036

71 203 WILLIAM HILL PLC GBP 343 948 035

Canada 4 635 193 478 7 082 BANK NOVA SCOTIA CAD 321 340 033

27 519 CANADIAN NATIONAL RAILWAY CO CAD 1 138 315 117

12 325 DOLLARAMA INC CAD 742 590 077

15 484 METRO INC - A CAD 686 392 071

8 615 NATIONAL BANK OF CANADA CAD 520 119 054

6 960 ROGERS COMMUNICATIONS INC - B CAD 228 522 024

18 365 SHAW COMMUNICATIONS-B-NON VTG

CAD 324 262 033

16 949 SHOPPERS DRUG MART CORP CAD 673 653 069

Switzerland 4 032 414 415 1 904 EMS CHEMIE HOLDING AG CHF 492 508 051

6 779 GEBERIT AG CHF 1 496 302 153

397 GIVAUDAN CHF 412 712 043

215 SGS SA-REG CHF 360 000 037

191 SIKA AG CHF 494 215 051

3 491 SWISS RE LTD CHF 233 730 024

1 413 SWISSCOM AG-REG CHF 542 947 056


Market value of net

assets

France 1 973 546 203 3 779 ATOS ORIGIN SA EUR 248 620 026

8 292 BUREAU VERITAS SA EUR 176 164 018

4 228 DASSAULT SYSTEMES SA EUR 381 492 039

18 767 SCOR SE EUR 498 545 051

14 289 THALES SA EUR 668 725 069

Hong Kong 1 369 483 141 161 000 CLP HOLDINGS LTD HKD 928 994 096

264 400 HONG KONG amp CHINA GAS HKD 440 489 045

Australia 1 344 218 139 31 990 BANK OF QUEENSLAND LTD AUD 254 433 026

14 562 RAMSAY HEALTH CARE LTD AUD 402 578 042

139 436 TELSTRA CORPORATION LTD AUD 476 194 049

31 957 WESTFIELD GROUP AUD 211 013 022

The Netherlands 1 244 818 128 6 232 CORE LABORATORIES NV USD 863 602 089

8 290 HEINEKEN HOLDING NV EUR 381 216 039

Singapore 1 240 557 128 432 000 CAPITAMALL TRUST UNITS SGD 473 020 049

312 000 STARHUB LTD SGD 767 537 079

Germany 776 080 080 7 134 AXEL SPRINGER AG EUR 333 158 034

4 536 DEUTSCHE BOERSE AG EUR 273 067 028

1 522 FRESENIUS SE amp CO KGAA EUR 169 855 018

New Zealand 679 661 070 133 712 FLETCHER BUILDING LTD NZD 679 661 070

Norway 656 319 068 47 422 GJENSIDIGE FORSIKRING AS-WI NOK 656 319 068

Ireland 618 541 064 58 885 RYANAIR HOLDINGS PLC EUR 368 031 038

7 308 SHIRE PLC GBP 250 510 026

Spain 603 281 062 19 395 AMADEUS IT HOLDING SA - A SHS EUR 603 281 062

Denmark 387 567 040 8 054 COLOPLAST - B DKK 387 567 040

Belgium 343 421 035 4 445 ANHEUSER - BUSCH INBEV SA EUR 343 421 035

Italy 273 215 028 67 195 SNAM RETE GAS EUR 273 215 028


BNP Paribas L1 Equity World Aqua



Page 82


Market value of net

assets


France 63 632 567 9975 543 86809 BNP PARIBAS AQUA O EUR - CAP EUR 63 632 567 9975


BNP Paribas L1 Equity World Emerging



Page 83


Market value of net

assets


Luxembourg 48 864 172 10015 543 78112

PARVEST EQUITY WORLD EMERGING - X - CAP

USD 48 864 172 10015


BNP Paribas L1 Lifecycle 2015



Page 84


Market value of net

assets


Luxembourg 12 115 889 6870 28 51316

BNP PARIBAS INSTICASH MONEY 3M EUR - I - CAP

EUR 2 885 843 1635

17 39898 BNP PARIBAS INSTICASH EUR - I - CAP

EUR 2 449 713 1389

5 06482 PARVEST BOND EURO GOVERNMENT - X - CAP

EUR 1 929 493 1094

1 65845 PARVEST EQUITY HIGH DIVIDEND EUROPE - X - CAP

EUR 168 863 096

68737 PARVEST EQUITY HIGH DIVIDEND PACIFIC - X - CAP

EUR 61 437 035

1 74385 PARVEST EQUITY HIGH DIVIDEND USA - X - CAP

USD 140 842 080

51787 PARVEST EQUITY WORLD LOW VOLATILITY - X - CAP

EUR 59 871 034

10 84339 PARVEST REAL ESTATE SECURITIES WORLD - X - CAP

EUR 1 038 038 589


EUR 274 204 155


USD 987 441 560


EUR 1 930 589 1095


EUR 33 015 019

018 PARWORLD TRACK JAPAN - X - CAP EUR 17 686 010


EUR 66 866 038

007 PARWORLD TRACK PACIFIC EX-JAPAN - X - CAP

EUR 10 440 006

059 PARWORLD TRACK WORLD - X - CAP EUR 61 548 035

France 2 863 261 1623 2 40383


EUR 2 863 261 1623

Belgium 1 929 920 1094 50653

BNP PARIBAS B INSTITUTIONAL I BOND EURO - I - CAP

EUR 1 929 920 1094

Ireland 649 476 368 6 01200 ISHARES BC EURO TREASURY BOND EUR 649 476 368





Page 85


Market value of net

assets


Luxembourg 12 022 623 7930 7 68255


EUR 777 558 513


EUR 666 814 440


EUR 1 701 467 1122


EUR 683 668 451

3 44303 PARVEST EQUITY HIGH DIVIDEND PACIFIC - X - CAP

EUR 307 738 203


USD 558 907 369

7 10844 PARVEST EQUITY WORLD LOW VOLATILITY - X - CAP

EUR 821 807 542


EUR 1 762 086 1161


EUR 577 468 381


USD 883 517 583


EUR 1 713 653 1130


EUR 142 004 094



EUR 462 966 305


EUR 52 514 035


Belgium 1 701 627 1122 44661


EUR 1 701 627 1122

France 763 535 504 64102


EUR 763 535 504






Page 86


Market value of net

assets


Luxembourg 13 739 977 8982 2 67696


EUR 270 937 177


EUR 238 346 156


EUR 932 135 609


EUR 1 410 103 922


EUR 570 493 373


USD 1 170 638 765


EUR 1 516 744 992


EUR 1 751 929 1145


EUR 923 568 604


USD 847 993 554


EUR 928 411 607


EUR 399 752 261



EUR 993 581 650


EUR 97 392 064

1467 PARWORLD TRACK WORLD - X - CAP EUR 1 519 748 993

Belgium 928 764 607 24377


EUR 928 764 607


France 266 085 174 22339


EUR 266 085 174





Page 87


Market value of net

assets


Luxembourg 12 251 204 9756 48471

PARVEST BOND EURO GOVERNMENT - X - CAP

EUR 184 654 147


EUR 1 500 082 1195


EUR 595 589 474


USD 1 236 634 985


EUR 1 589 420 1266


EUR 1 818 346 1447


EUR 1 122 202 894


USD 686 894 547


EUR 169 596 135


EUR 431 110 343



EUR 1 054 308 840


EUR 102 690 082


Belgium 184 671 147 4847


EUR 184 671 147

Ireland 57 688 046 53400 ISHARES BC EURO TREASURY BOND EUR 57 688 046





Page 88


Market value of net

assets


Luxembourg 11 942 969 9757 45335


EUR 172 708 141


EUR 1 449 884 1185


EUR 579 639 474


USD 1 216 718 994


EUR 1 538 832 1257


EUR 1 769 989 1445


EUR 1 120 037 915


USD 669 814 547


EUR 172 583 141


EUR 419 638 343



EUR 1 015 521 830


EUR 100 041 082


Belgium 179 725 147 4717


EUR 179 725 147



BNP Paribas L1 Model 1



Page 89


Market value of net

assets


Luxembourg 5 158 286 6153 11 58808


EUR 1 172 840 1399


EUR 1 007 072 1201


EUR 1 489 470 1777


EUR 1 488 904 1776

Belgium 1 530 577 1825 40172


EUR 1 530 577 1825

France 1 172 805 1399 98462


EUR 1 172 805 1399






Page 90


Market value of net

assets


Luxembourg 15 976 423 7072 20 49678


EUR 2 074 498 918


EUR 1 774 728 786


EUR 3 340 866 1480


EUR 639 680 283


EUR 215 747 096


USD 523 213 232


EUR 642 154 284


EUR 2 051 317 908


EUR 3 309 647 1465


EUR 229 067 101



EUR 461 399 204


EUR 41 138 018


Belgium 3 354 980 1486 88055


EUR 3 354 980 1486

France 2 074 355 918 1 74151


EUR 2 074 355 918

Ireland 1 098 989 487 10 17300 ISHARES BC EURO TREASURY BOND EUR 1 098 989 487





Page 91


Market value of net

assets


Luxembourg 106 268 483 7822 22 35054


EUR 2 262 118 167


EUR 1 919 242 141


EUR 20 103 118 1480


EUR 7 613 349 560


EUR 2 844 563 209


USD 6 428 979 473


EUR 7 419 059 546


EUR 20 271 062 1492


EUR 20 100 209 1480


EUR 2 710 821 200



EUR 5 655 104 416


EUR 487 582 036


Belgium 20 456 362 1507 5 36901


EUR 20 456 362 1507


France 2 431 311 179 2 04119


EUR 2 431 311 179





Page 92


Market value of net

assets


Luxembourg 83 608 857 8796 2 99422


EUR 303 048 032


EUR 262 444 028


EUR 7 843 369 825


EUR 7 399 901 779


EUR 3 233 091 340


USD 6 145 767 647


EUR 8 490 062 893


EUR 13 460 814 1415


EUR 5 404 174 569


USD 6 081 093 640


EUR 7 996 743 841


EUR 1 662 618 175



EUR 5 114 825 538


EUR 573 910 060


Belgium 8 030 052 845 2 10758


EUR 8 030 052 845


France 301 926 032 25348


EUR 301 926 032





Page 93


Market value of net

assets


Luxembourg 25 155 717 9818 75074


EUR 286 003 112


EUR 3 044 578 1188


EUR 1 237 723 483


USD 2 575 126 1005


EUR 3 156 476 1232


EUR 3 707 203 1446


EUR 2 318 071 905


USD 1 678 345 655


EUR 285 877 112


EUR 901 227 352



EUR 2 151 844 840


EUR 211 301 082


Belgium 283 836 111 7450


EUR 283 836 111






Page 94


Market value of net

assets


Luxembourg 7 276 070 9998 11 09337

PARVEST EQUITY HIGH DIVIDEND EUROPE - X - CAP

EUR 1 129 527 1552


EUR 478 874 658


USD 944 869 1298


EUR 1 229 634 1690


EUR 923 699 1269


EUR 304 786 419



EUR 787 891 1083


EUR 81 965 113



BNP Paribas L1 OBAM Equity World



Page 95


Market value of net

assets


238 928 573 9574

Shares 238 928 573 9574


112 412 826 4506

76 253 ABBOTT LABORATORIES USD 2 121 106 085

76 938 AMERICAN EXPRESS CO USD 5 065 920 203

30 169 APPLE INC USD 12 285 008 493

30 407 BAKER HUGHES INC USD 1 219 413 049

58 318 CAPITAL ONE FINANCIAL CORP USD 3 242 311 130

26 618 CHART INDUSTRIES INC USD 1 847 488 074


47 366 CITRIX SYSTEMS INC USD 2 174 171 087

101 889 COASTAL ENERGY CO CAD 1 312 542 053

65 677 COLGATE-PALMOLIVE CO USD 3 108 093 125




336 344 EMC CORP USD 6 138 867 246



11 267 GOOGLE INC - A USD 9 163 641 367

140 761 KKR amp CO LP USD 2 486 391 100

76 914 L BRANDS INC USD 3 452 325 138

30 115 MEAD JOHNSON NUTRITION CO USD 1 830 569 073

110 388 MONDELEZ INTERNATIONAL INC USD 2 827 894 113

42 587 MONSANTO CO USD 3 602 101 144

21 931 NATIONAL OILWELL VARCO INC USD 1 265 773 051

17 627 PRECISION CASTPARTS CORP USD 3 444 937 138



52 000 STANLEY BLACK amp DECKER INC USD 3 045 016 122

83 086 TWENTY-FIRST CENTURY FOX - B USD 2 086 270 084

138 987 WELLS FARGO amp CO USD 4 579 273 183

106 867 ZOETIS INC USD 2 535 275 102

Switzerland 27 184 386 1089 99 671 CIE FINANCIERE RICHEMONT SA CHF 7 222 183 289

110 576 NOVARTIS AG CHF 6 424 326 257

36 549 ROCHE HOLDING AG GENUSSCHEIN CHF 7 432 077 298

205 007 TYCO INTERNATIONAL LTD USD 6 105 800 245

Germany 20 349 633 815 47 883 ADIDAS AG EUR 4 435 881 178

36 495 BAYER AG EUR 3 720 665 149


23 218 MORPHOSYS AG EUR 1 296 725 052

119 483 SAP AG EUR 7 444 986 298

United Kingdom 19 420 095 778 321 664 BG GROUP PLC GBP 5 016 335 201

120 710 DIAGEO PLC GBP 2 901 683 116


150 846 ROYAL DUTCH SHELL PLC - A SHS EUR 3 907 666 157


1 236 275 VODAFONE GROUP GBP 3 521 601 141

Japan 12 574 113 504 221 600 JAPAN TOBACCO INC JPY 5 232 858 210

10 800 KEYENCE CORP JPY 3 355 671 134

106 500 SUMITOMO MITSUI FINANCIAL GR JPY 3 985 584 160

The Netherlands 7 181 040 288 170 000 AALBERTS INDUSTRIES NV EUR 3 939 750 158



Market value of net

assets

Jersey Island 5 907 752 237 173 649 EXPERIAN PLC GBP 2 325 060 093

216 000 WPP PLC GBP 3 582 692 144

Hong Kong 5 427 967 217 1 473 800 AIA GROUP LTD HKD 5 427 967 217

Ireland 4 433 087 178 52 159 KERRY GROUP PLC - A EUR 2 634 030 106

52 483 SHIRE PLC GBP 1 799 057 072

Russia 3 803 534 152 225 330 SBERBANK-SPONSORED ADR USD 2 057 151 082

191 290 SBERBANK-SPONSORED ADR USD 1 746 383 070

Sweden 3 032 386 121 132 005 HEXAGON AB - B SEK 3 032 386 121

Singapore 2 525 635 101 1 510 000 GLOBAL LOGISTIC PROPERTIES L SGD 2 525 635 101

South Africa 2 426 237 097 161 350 MTN GROUP LTD ZAR 2 426 237 097

China 2 039 741 082 1 016 000 CITIC SECURITIES CO LTD - H HKD 2 039 741 082

Brazil 1 859 876 075 188 859 ITAU UNIBANCO MULT - ADR USD 1 859 876 075

Spain 1 797 000 072 15 000 INDITEX EUR 1 797 000 072

France 1 729 260 069 26 000 PUBLICIS GROUPE SA EUR 1 729 260 069

Colombia 1 646 247 066 131 417 PACIFIC RUBIALES ENERGY CORP CAD 1 646 247 066

Italy 1 588 609 064 245 100 PRADA SPA HKD 1 588 609 064

Indonesia 885 218 035 46 390 000 INTILAND DEVELOPMENT TBK PT IDR 885 218 035

Luxembourg 703 931 028 50 687 SUBSEA 7 SA NOK 703 931 028

Other transferable securities 4 476 490 179

Bonds 3 325 847 133

Switzerland 3 325 847 133 122 732 UBS AG CRT 22072016 LPC USD 1 309 486 052

868 264 UBS AG CRT 22072016 UNTP USD 2 016 361 081

Options Warrants Rights 1 150 643 046 123 100 UBS CW 05112016 HOUSING DEV USD 1 150 643 046


BNP Paribas L1 Real Estate Securities Europe



Page 96


Market value of net

assets


599 433 092 9758

Shares 599 433 092 9758

United Kingdom 161 274 655 2625 781 642 BIG YELLOW GROUP GBP 4 490 684 073

3 311 092 BRITISH LAND COMPANY PLC GBP 25 032 174 407

1 306 056 CAPITAL + COUNTIES PROPERTIE GBP 5 167 712 084

726 963 DERWENT LONDON PLC GBP 21 800 152 355

3 632 768 GRAINGER TRUST GBP 8 898 535 145

1 881 979 GREAT PORTLAND ESTATES PLC GBP 13 549 344 221

2 400 000 HAMMERSON PLC GBP 14 480 769 236

2 571 265 LAND SECURITIES GROUP PLC GBP 29 776 609 484

5 273 626 SAFESTORE HOLINDS LTD GBP 10 204 973 166

4 012 270 SEGRO PLC (REIT) GBP 16 106 949 262

2 431 679 UNITE GROUP PLC GBP 11 766 754 192

France 134 266 283 2186 136 884 FONCIERE DES REGIONS EUR 8 589 471 140

241 609 GECINA SA EUR 23 201 712 378

391 080 ICADE EMGP EUR 26 464 384 431

381 026 KLEPIERRE EUR 12 834 861 209

739 845 MERCIALYS EUR 11 282 636 184

84 502 STE DE LA TOUR EIFFEL EUR 4 104 262 067


Sweden 72 620 794 1182 2 102 285 CASTELLUM AB SEK 23 778 387 387

1 399 632 FABEGE SEK 12 145 959 198

1 106 232 FASTIGHETS AB BALDER - B SHS SEK 8 249 866 134

3 313 030 KUNGSLEDEN AB SEK 16 172 079 263

942 554 WIHLBORGS FASTIGHETER SEK 12 274 503 200

Germany 66 692 860 1085 887 404 ALSTRIA OFFICE REIT - AG EUR 8 121 521 132

1 089 025 DEUTSCHE WOHNEN AGBEARERPORT

EUR 15 284 466 249

1 457 750 DEUTSCHE WOHNEN AG-NEW EUR 19 672 336 320

495 110 LEG IMMOBILIEN AG EUR 21 264 975 346

760 376 PRIME OFFICE REIT AG EUR 2 349 562 038

The Netherlands 64 912 350 1057 428 661 CORIO NV EUR 13 963 632 227

366 244 EUROCOMMERCIAL PROPERTIE - CV EUR 11 302 290 184

2 400 000 NIEUWE STEEN INVESTMENTS NV EUR 11 040 000 180

264 753 VASTNED RETAIL NV EUR 8 732 878 142

347 622 WERELDHAVE NV EUR 19 873 550 324

Switzerland 29 980 660 488 228 636 PSP SWISS PROPERTY AG CHF 14 085 694 229

282 104 SWISS PRIME SITE CHF 15 894 966 259

Finland 26 347 130 429 3 050 087 CITYCON OYJ EUR 7 808 223 127

2 670 476 SPONDA OYJ EUR 9 133 028 149

2 162 271 TECHNOPOLIS OYJ EUR 9 405 879 153

Norway 14 257 584 232 16 394 947 NORWEGIAN PROPERTY ASA NOK 14 257 584 232

Jersey Island 12 278 360 200 1 283 191 ATRIUM EUROPEAN REAL ESTATE EUR 5 363 738 087

4 498 898 LXB RETAIL PROPERTIES GBP 6 914 622 113

Italy 8 632 190 141 17 616 715 BENI STABILI SPA EUR 8 632 190 141


Market value of net

assets

Austria 8 170 226 133 2 425 839 IMMOFINANZ AG EUR 8 170 226 133


BNP Paribas L1 Safe Balanced W1



Page 97


Market value of net

assets


Luxembourg 102 611 081 6667 102 45033


EUR 10 369 090 674

26 88480 BNPP FLEXI I TACTICAL STRATEGY - X - CAP

EUR 3 076 159 200


EUR 7 427 197 483


EUR 7 622 465 495


EUR 6 179 725 402


EUR 4 707 878 306


USD 1 052 320 068


EUR 3 036 453 197


EUR 1 043 394 068


EUR 5 564 093 362


EUR 1 063 498 069


EUR 1 063 350 069

35 48505 PARVEST V350 - X - CAP EUR 3 697 187 240


EUR 5 115 548 332


USD 9 276 233 603


USD 3 166 562 206


EUR 1 021 022 066


EUR 9 205 599 598


EUR 5 092 816 331


EUR 9 576 848 622

1480 PARWORLD TRACK EUROPE SMALL CAP - X - CAP

EUR 2 155 574 140


France 41 448 016 2693 1 06300

BNP PARIBAS AM KLE EONIA PRIME FCP - DIS

EUR 10 721 058 697

17700 BNP PARIBAS CASH INVEST - I - CAP EUR 10 114 842 657

44400 BNP PARIBAS MOIS ISR - I - CAP EUR 10 252 906 666

8 69700 BNP PARIBAS MONEY PRIME EURO - I - CAP

EUR 10 359 210 673

Ireland 9 955 914 647 24 52200

ISHARES BG EU GOVERNMENT BOND 1-3

EUR 3 478 446 226

76 18900 ISHARES EPRA US PROPTY YLD EUR 1 240 738 081






Page 98


Market value of net

assets


Luxembourg 74 937 415 6437 85 28354


EUR 8 631 623 742


EUR 2 248 120 193


EUR 5 294 113 455


EUR 5 744 247 493


EUR 4 507 384 387


EUR 3 502 826 301


USD 725 574 062


EUR 2 214 737 190


EUR 756 091 065


EUR 4 298 135 369


EUR 759 053 065


EUR 765 273 066



EUR 3 720 353 320


USD 6 316 252 543


USD 2 216 730 190


EUR 747 555 064


EUR 6 733 726 578


EUR 3 731 725 321


EUR 6 455 567 555


EUR 1 532 662 132


France 33 384 006 2868 85100


EUR 8 582 897 737




EUR 8 622 549 741

Ireland 7 494 272 644 17 54900


EUR 2 489 326 214

46 19300 ISHARES EPRA US PROPTY YLD EUR 752 253 065






Page 99


Market value of net

assets


Luxembourg 149 485 023 8342 31 08474


EUR 3 146 114 176


EUR 4 956 243 277


EUR 11 668 772 651


EUR 12 891 904 719


EUR 9 936 935 554


EUR 7 938 266 443


USD 1 625 626 091


EUR 4 881 883 272


EUR 1 667 876 093


EUR 9 592 335 535


EUR 1 671 956 093


EUR 1 687 253 094



EUR 8 201 880 458


USD 13 865 440 774


USD 4 873 053 272


EUR 1 647 929 092


EUR 14 845 665 829


EUR 8 228 089 459


EUR 14 111 283 788


EUR 3 377 508 188


Ireland 16 366 050 913 37 17300


EUR 5 272 990 294



France 12 337 079 688 32700


EUR 3 298 011 184




EUR 3 144 569 175





Page 100


Market value of net

assets


Luxembourg 131 984 410 7766 61 91289


EUR 6 266 259 369


EUR 4 262 415 251


EUR 10 034 748 590


EUR 10 766 724 633


EUR 8 546 030 503


EUR 6 849 914 403


USD 1 399 176 082


EUR 4 198 888 247


EUR 1 434 380 084


EUR 7 486 962 441


EUR 1 438 547 085


EUR 1 450 691 085



EUR 7 053 149 415


USD 11 766 544 692


USD 4 192 975 247


EUR 1 416 976 083


EUR 12 766 430 752


EUR 7 075 507 416


EUR 12 898 259 760


EUR 2 904 642 171


France 23 083 987 1358 55800


EUR 5 627 798 331




EUR 6 261 742 368

Ireland 14 209 300 836 31 80000


EUR 4 510 830 265




BNP Paribas L1 Safe Conservative W1



Page 101


Market value of net

assets


France 7 077 736 6271 18300


EUR 1 845 676 1635




EUR 1 887 932 1673

Luxembourg 4 068 361 3605 18 70882


EUR 1 893 536 1678

1 54808 BNPP FLEXI I TACTICAL STRATEGY CONSERVATIVE - X - CAP

EUR 242 771 215


EUR 249 030 221

82864 PARVEST BOND EURO HIGH YIELD - X - CAP

EUR 100 249 089


EUR 405 552 359

25332 PARVEST BOND USA HIGH YIELD - X - CAP

USD 23 500 021


EUR 94 850 084


EUR 177 341 157

72528 PARVEST V350 - X - CAP EUR 75 567 067


USD 101 358 090


EUR 24 704 022


EUR 433 618 384


EUR 246 285 218

Ireland 219 726 195 1 54900


EUR 219 726 195





Page 102


Market value of net

assets


France 2 892 254 5787 7500


EUR 756 425 1513

1100 BNP PARIBAS CASH INVEST - I - CAP EUR 628 606 1258

3200 BNP PARIBAS MOIS ISR - I - CAP EUR 738 948 1479

64500 BNP PARIBAS MONEY PRIME EURO - I - CAP

EUR 768 275 1537

Luxembourg 1 950 701 3903 7 62276


EUR 771 507 1544

84994 BNPP FLEXI I TACTICAL STRATEGY CONSERVATIVE - X - CAP

EUR 133 288 267


EUR 129 286 259


EUR 42 934 086


EUR 232 648 465


USD 9 495 019

74043 PARVEST BOND WORLD EMERGING LOCAL - X - CAP

EUR 50 764 102

78281 PARVEST CONVERTIBLE BOND WORLD - X - CAP

EUR 93 616 187



USD 46 670 093


EUR 12 869 026


EUR 235 416 471


EUR 133 594 267

Ireland 121 140 242 85400


EUR 121 140 242





Page 103


Market value of net

assets


Luxembourg 3 729 735 5126 8 87858


EUR 898 610 1236


EUR 321 628 442


EUR 297 719 409


EUR 128 289 176


EUR 514 046 707


USD 29 245 040


EUR 128 285 176


EUR 241 500 332

1 30873 PARVEST V350 - X - CAP EUR 136 357 187


USD 126 217 174


EUR 25 623 035


EUR 556 030 764


EUR 326 186 448

France 3 213 359 4419 7600


EUR 766 510 1054




EUR 895 726 1232

Ireland 321 290 442 2 26500


EUR 321 290 442





Page 104


Market value of net

assets


Luxembourg 6 254 028 4851 16 10619


EUR 1 630 121 1265


EUR 515 661 400


EUR 451 790 350


EUR 216 090 168


EUR 820 229 636


USD 43 939 034


EUR 204 095 158


EUR 382 191 296



USD 214 344 166


EUR 49 983 039


EUR 933 198 724


EUR 514 004 399

France 5 980 093 4639 14800


EUR 1 492 678 1158




EUR 1 625 884 1261

Ireland 582 011 451 4 10300


EUR 582 011 451


BNP Paribas L1 Safe Growth W1



Page 105


Market value of net

assets


Luxembourg 59 996 598 8072 18 44241


EUR 1 866 573 251


EUR 1 310 638 176


EUR 5 424 528 730


EUR 669 832 090


EUR 2 025 785 273


EUR 2 632 175 354


EUR 1 298 915 175


USD 672 943 091


EUR 1 940 717 261


EUR 666 881 090


EUR 6 508 264 876


EUR 1 359 534 183


EUR 679 415 091



EUR 3 922 631 528


USD 7 997 977 1076


USD 2 024 117 272


EUR 652 071 088


EUR 3 594 492 484


EUR 10 080 617 1355


EUR 1 377 662 185



EUR 675 708 091

France 7 024 195 946 17800


EUR 1 795 247 242




EUR 1 861 728 251

Ireland 6 950 762 936 6 97900


EUR 989 971 133







Page 106


Market value of net

assets


Luxembourg 22 488 856 7618 11 37926


EUR 1 151 706 390


EUR 491 367 166


EUR 1 981 309 671


EUR 245 795 083


EUR 768 269 260


EUR 984 953 334


EUR 511 573 173


USD 233 244 079


EUR 725 351 246


EUR 251 830 085


EUR 2 463 786 835


EUR 496 559 168


EUR 235 404 080



EUR 1 462 856 496


USD 2 880 406 976


USD 722 739 245


EUR 246 236 083


EUR 1 348 000 457


EUR 3 574 315 1211


EUR 502 001 170



EUR 248 918 084

France 4 141 850 1404 11000


EUR 1 109 423 376




EUR 1 147 053 389

Ireland 2 645 564 896 2 45000


EUR 347 533 118







Page 107


Market value of net

assets


Luxembourg 31 824 467 8886 039


EUR 40 000


EUR 720 252 201


EUR 3 005 974 839


EUR 373 366 104


EUR 1 252 446 350


EUR 1 524 788 426


EUR 865 954 242


USD 372 989 104


EUR 1 064 517 297


EUR 393 794 110


EUR 4 740 269 1324


EUR 781 137 218


EUR 362 231 101



EUR 2 234 890 624


USD 4 031 530 1126


USD 1 102 030 308


EUR 387 106 108


EUR 2 054 667 574


EUR 3 997 906 1116


EUR 779 223 218



EUR 395 708 110

Ireland 4 049 747 1131 3 29700


EUR 467 679 131







Page 108


Market value of net

assets


Luxembourg 44 031 065 8560 4 22168


EUR 427 280 083


EUR 1 005 531 196


EUR 4 058 880 789


EUR 507 850 099


EUR 1 678 370 326


EUR 2 016 282 392


EUR 1 102 577 214


USD 493 056 096


EUR 1 486 292 289


EUR 507 401 099


EUR 4 938 729 960


EUR 1 017 662 198


EUR 512 999 100



EUR 2 995 965 583


USD 5 714 440 1110


USD 1 476 911 287


EUR 501 778 098


EUR 2 761 439 537


EUR 7 428 688 1443


EUR 1 028 039 200



EUR 505 932 098

Ireland 5 563 899 1083 4 62700


EUR 656 340 128



France 1 457 270 284 2700


EUR 272 313 053




EUR 426 423 083


BNP Paribas L1 Safe High Growth W1



Page 109


Market value of net

assets


Luxembourg 3 224 521 8683 4947


EUR 5 007 013


EUR 347 499 936

36531 BNPP L1 REAL ESTATE SECURITIES EUROPE - X - CAP

EUR 40 334 109


EUR 129 337 348


EUR 643 486 1732


EUR 123 881 334

52602 PARVEST REAL ESTATE SECURITIES PACIFIC - X - CAP

EUR 73 023 197



EUR 274 386 739


USD 600 625 1617


EUR 558 837 1505


EUR 247 067 665



17 06500 ISHARES MSCI EMERGING MARKETS EUR 484 817 1306

France 27 857 075 100 BNP PARIBAS MOIS ISR - I - CAP EUR 23 092 062


EUR 4 765 013





Page 110


Market value of net

assets


Luxembourg 600 512 8416 9887


EUR 10 007 140

51187 BNPP FLEXI I TACTICAL STRATEGY GROWTH - X - CAP

EUR 64 568 905


EUR 6 989 098

28363 PARVEST ABSOLUTE RETURN BALANCED - X - CAP

EUR 27 634 387

81716 PARVEST EQUITY BEST SELECTION EUROPE - X - CAP

EUR 113 382 1589

19657 PARVEST EQUITY USA SMALL CAP - X - CAP

EUR 22 622 317


EUR 13 252 186

95051 PARVEST WORLD COMMODITIES - X - CAP

EUR 52 174 731


USD 107 636 1509


EUR 109 753 1538


EUR 44 140 619


Ireland 109 906 1541 80000 ISHARES EPRA US PROPTY YLD EUR 13 028 183


France 9 529 134 800


EUR 9 529 134

Total securities portfolio 719 947 10091




Page 111


Market value of net

assets


Luxembourg 2 029 396 8539 9888


EUR 10 008 042


EUR 217 187 914


EUR 25 474 107


EUR 96 719 407


EUR 402 309 1693


EUR 77 560 326


EUR 46 119 194



EUR 157 286 662


USD 364 012 1532


EUR 348 891 1468


EUR 154 271 649




France 9 529 040 800


EUR 9 529 040





Page 112


Market value of net

assets


Luxembourg 2 562 866 8426 17789


EUR 18 005 059


EUR 272 441 896


EUR 30 970 102


EUR 105 645 347


EUR 494 980 1627


EUR 95 298 313


EUR 59 556 196



EUR 218 985 720


USD 483 636 1590


EUR 449 212 1477


EUR 191 419 629




France 17 867 059 1500


EUR 17 867 059


BNP Paribas L1 Safe Stability W1



Page 113


Market value of net

assets


France 92 483 907 5101 2 29900


EUR 23 186 932 1279


1 00100 BNP PARIBAS MOIS ISR - I - CAP EUR 23 115 222 1275


EUR 23 209 061 1280

Luxembourg 83 094 661 4583 229 43288


EUR 23 221 107 1281


EUR 5 242 188 289


EUR 1 356 388 075


EUR 7 884 506 435


EUR 2 633 236 145


EUR 4 881 196 269


USD 667 703 037


EUR 1 940 450 107


EUR 1 333 623 074


EUR 1 661 853 092


EUR 695 876 038



EUR 1 962 077 108


USD 2 072 086 114


USD 2 008 882 111


EUR 651 956 036


EUR 7 845 787 433


EUR 6 511 419 359


EUR 3 175 584 175


EUR 1 377 516 076



EUR 675 447 037

Ireland 4 864 338 268 25 53800


EUR 3 622 565 200






Page 114


Market value of net

assets


France 57 240 741 4950 1 32300


EUR 13 343 328 1154




EUR 15 058 196 1302

Luxembourg 54 495 766 4709 148 87604


EUR 15 067 878 1303


EUR 3 447 556 298


EUR 871 177 075


EUR 5 469 949 473


EUR 1 751 169 151


EUR 3 343 830 289


USD 442 745 038


EUR 1 283 434 111


EUR 884 565 076


EUR 1 196 745 103


EUR 437 356 038



EUR 1 285 416 111


USD 1 238 206 107


USD 1 331 930 115


EUR 433 297 037


EUR 5 198 188 449


EUR 4 291 887 371


EUR 1 940 507 168


EUR 902 611 078



EUR 437 630 038

Ireland 3 234 932 280 16 19900


EUR 2 297 828 199






Page 115


Market value of net

assets


Luxembourg 108 561 496 6211 150 31344


EUR 15 213 360 870


EUR 8 182 884 468


EUR 2 116 712 121


EUR 12 457 720 713


EUR 4 110 719 235


EUR 7 601 474 435


USD 1 043 518 060


EUR 3 029 323 173


EUR 2 081 539 119


EUR 2 688 925 154


EUR 1 060 267 061



EUR 3 062 640 175


USD 3 160 629 181


USD 3 139 058 180


EUR 1 018 379 058


EUR 12 246 883 701


EUR 10 164 198 581


EUR 4 862 676 278


EUR 2 150 621 123



EUR 1 054 569 060

France 58 218 472 3331 1 50500


EUR 15 178 918 868




EUR 15 204 705 870

Ireland 7 685 260 439 39 98500


EUR 5 671 872 324






Page 116


Market value of net

assets


Luxembourg 107 041 050 5897 172 55401


EUR 17 464 346 962


EUR 7 874 849 434


EUR 2 037 039 112


EUR 11 222 420 618


EUR 3 955 290 218


EUR 7 180 781 396


USD 1 005 476 055


EUR 2 915 676 161


EUR 2 003 287 110


EUR 2 338 933 129


EUR 1 020 704 056



EUR 2 947 101 162


USD 2 916 242 161


USD 3 025 270 167


EUR 980 117 054


EUR 11 784 518 649


EUR 9 780 393 539


EUR 4 929 344 272


EUR 2 069 625 114



EUR 1 014 607 056

France 66 592 875 3669 1 72800


EUR 17 428 019 960




EUR 17 455 929 962

Ireland 7 655 856 422 39 41900


EUR 5 591 585 308



BNP Paribas L1 Sustainable Active Allocation



Page 117


Market value of net

assets


92 631 896 6877

Bonds 90 924 850 6751

France 30 684 856 2277 200 000 ACCOR 2875 12-19062017 EUR 206 946 015

69 000 AGENCE FRANCAISE 04-29042049 FRN

EUR 69 138 005

250 000 AGENCE FRANCAISE 3625 10-21042020

EUR 277 200 021

100 000 AIR LIQUIDE FIN 2125 12-15102021 EUR 98 372 007

200 000 ALSTOM 3625 10-05102018 EUR 212 058 016

800 000 AUCHAN SA 3625 11-19102018 EUR 873 440 065

600 000 AUTOROUTES PARIS 5000 11-12012017

EUR 662 286 049

100 000 AXA BANK EUROPE 1875 12-20092019

EUR 101 605 008

100 000 AXA BANK EUROPE 2250 12-19042017

EUR 104 393 008

400 000 BANQUE FED CREDIT MUTUEL 2875 12-21062017

EUR 419 512 031

400 000 BNP PARIBAS 2000 13-28012019 EUR 403 088 030

350 000 BNP PARIBAS COV 4500 07-30052014

EUR 355 758 026

300 000 BNP PARIBAS HOME 3375 10-12012017

EUR 322 980 024

200 000 BOUYGUES 4000 10-12022018 EUR 218 362 016

200 000 BPCE 1625 13-08022017 EUR 202 028 015

100 000 BPCE SFH 1500 12-28022018 EUR 101 503 008

200 000 BPCE SFH 2125 13-17092020 EUR 203 414 015

200 000 BPCE SFH 2750 12-16022017 EUR 211 660 016

400 000 CAISSE DES DEPOTS 1125 13-10122018

EUR 394 840 029

78 000 CAISSE FRANCAISE DE FINANCEMENT LOCAL 2750 10-25012016

EUR 81 420 006

350 000 CASINO GUICHARD 5125 09-30012015

EUR 367 227 027

300 000 CIE FIN FONCIER 2375 12-21112022 EUR 301 086 022


200 000 CRED AG COV BOND 3500 09-21072014

EUR 203 290 015

300 000 CREDIT MUTUEL ARKEA 2500 10-16062015

EUR 308 655 023


EUR 349 407 026

200 000 CSSE REFIN HYPOT 4000 06-25042018

EUR 223 900 017

149 460 CSSE REFIN HYPOT 4100 04-25102015

EUR 159 347 012

702 643 CSSE REFIN L HAB 3750 10-19022020

EUR 788 365 059

200 000 CSSE REFIN L HAB 4000 12-17062022

EUR 227 524 017

400 000 ELEC DE FRANCE 2250 13-27042021

EUR 396 340 029

100 000 ELEC DE FRANCE 2750 12-10032023

EUR 99 562 007

600 000 FRANCE OAT 1000 13-25112018 EUR 593 631 044

700 000 FRANCE OAT 1750 13-25052023 EUR 664 158 049

1 840 000 FRANCE OAT 2250 12-25102022 EUR 1 842 683 137

570 000 FRANCE OAT 2500 10-25102020 EUR 599 032 044

1 179 125 FRANCE OAT 2750 12-25102027 EUR 1 155 078 086

600 000 FRANCE OAT 3250 13-25052045 EUR 577 892 043

2 320 000 FRANCE OAT 3750 09-25102019 EUR 2 616 865 195

300 000 FRANCE OAT 4000 05-25042055 EUR 334 284 025

875 000 FRANCE OAT 4000 06-25102038 EUR 975 584 072

2 800 000 FRANCE OAT 4000 08-25042018 EUR 3 153 252 235

420 000 FRANCE OAT 4750 04-25042035 EUR 518 016 038

3 030 000 FRENCH BTAN 2500 11-25072016 EUR 3 189 354 238

200 000 GECINA 4750 12-11042019 EUR 221 256 016

300 000 LA BANQUE POSTALE 1875 13-11092020

EUR 302 181 022

250 000 RATP 4500 08-28052018 EUR 284 170 021

750 000 RCI BANQUE 4000 11-16032016 EUR 792 495 059


Market value of net

assets

360 000RESEAU FERRE FRANCE 4450 07-27112017

EUR 406 361 030


EUR 302 445 022


EUR 85 060 006

300 000RTE EDF TRANSPORT 2875 13-12092023

EUR 300 531 022

300 000SOCIETE GENERALE 1625 13-05012021

EUR 295 548 022


EUR 582 395 043

200 000 ST GOBAIN 4000 10-08102018 EUR 218 162 016

100 000 TOTAL CAP INTL 2875 13-19112025 EUR 99 114 007

100 000 UNEDIC 0375 13-29042016 EUR 99 774 007

400 000UNIBAIL RODAMCO 3375 10-11032015

EUR 412 256 031

500 000 VALEO SA 5750 12-19012017 EUR 563 355 042

200 000 VINCI SA 3375 12-30032020 EUR 212 348 016

Germany 16 243 489 1208 1 166 209 BUNDESOBL IL 0750 11-15042018 EUR 1 211 924 090

600 000 BUNDESOBL-120 0250 13-13042018 EUR 586 761 044

1 159 410DEUTSCHLAND IL 1500 06-15042016

EUR 1 208 163 090

1 700 000DEUTSCHLAND REP 1500 13-15022023

EUR 1 650 820 123

400 000DEUTSCHLAND REP 1750 12-04072022

EUR 401 412 030

2 400 000DEUTSCHLAND REP 2500 10-04012021

EUR 2 577 622 191

2 080 000DEUTSCHLAND REP 3500 09-04072019

EUR 2 351 785 175

1 465 000DEUTSCHLAND REP 4000 05-04012037

EUR 1 777 424 132

930 000DEUTSCHLAND REP 4750 98-04072028

EUR 1 189 677 088

200 000FMS WERTMANAGE 1375 12-16012015

EUR 202 260 015

100 000FMS WERTMANAGE 2375 11-15122014

EUR 101 972 008

180 000 KFW 0875 13-25062018 EUR 178 882 013

169 000 KFW 1125 13-16102018 EUR 169 057 013

730 000 KFW 2000 11-07092016 EUR 758 288 056

165 000 KFW 3125 09-25022014 EUR 165 660 012

410 000 KFW 3500 06-04072021 EUR 460 389 034

400 000 KFW 4375 08-04072018 EUR 458 080 034

200 000 LAND HESSEN 3500 10-10032020 EUR 222 960 017

431 000LB BADEN-WUERT 1375 12-01062018

EUR 439 340 033

100 000LB BADEN-WUERT 2250 10-21062016

EUR 104 445 008

72 000SOLARWORLD AG 6125 10-21012017

EUR 26 568 002

Belgium 9 666 771 718 1 800 000 BELGIAN 0316 3500 09-28032015 EUR 1 873 194 139

400 000 BELGIAN 0321 4250 11-28092021 EUR 461 485 034

880 000 BELGIAN 0323 3500 11-28062017 EUR 960 915 071

310 000 BELGIAN 0324 4500 11-28032026 EUR 361 151 027

800 000 BELGIAN 0325 4250 12-28092022 EUR 918 043 068

600 000 BELGIAN 0326 4000 12-28032032 EUR 660 384 049

600 000 BELGIAN 1250 13-22062018 EUR 601 590 045

2 870 000BELGIUM OLO 47 3250 06-28092016

EUR 3 082 403 230

400 000BELGIUM OLO 48 4000 06-28032022

EUR 452 711 034

100 000FLEMISH COMMUNITY 3750 09-31032014

EUR 100 775 007

200 000 KBC BANK NV 1250 13-28052020 EUR 194 120 014

The Netherlands 8 324 709 617 100 000

ABN AMRO BANK NV 2125 13-26112020

EUR 97 770 007

200 000ABN AMRO BANK NV 3625 10-06102017

EUR 215 738 016

200 000ALLIANZ FINANCE 1375 13-13032018

EUR 200 270 015

200 000BMW FINANCE NV 1500 12-05062018

EUR 201 014 015




Page 118


Market value of net

assets

300 000 CRH FINANCE BV 5000 12-25012019

EUR 338 817 025

200 000 DEUTSCHE TEL FIN 2000 12-30102019

EUR 201 836 015

143 000 EDP FINANCE BV 4625 06-13062016

EUR 150 479 011

300 000 ING GROEP NV 4125 06-11042016 EUR 320 142 024

500 000 LANXESS FINANCE 2625 12-21112022

EUR 487 210 036

1 149 819 NETHERLANDS GOVT 3750 06-15012023

EUR 1 305 583 097

480 000 NETHERLANDS GOVT 4000 05-15012037

EUR 572 265 042


EUR 2 263 278 168

798 000 RABOBANK 4375 06-07062021 EUR 894 957 066

500 000 RABOBANK 4750 08-15012018 EUR 563 610 042


EUR 511 740 038

Austria 5 606 452 416 200 000

REPUBLIC OF AUSTRIA 4150 07-15032037

EUR 240 140 018

700 000 REPUBLIC OF AUSTRIA 4300 04-15072014

EUR 714 700 053

1 000 000 REPUBLIC OF AUSTRIA 4300 07-15092017

EUR 1 128 923 084


EUR 1 487 314 110


EUR 1 985 456 147

50 000 TELEKOM FINANZ 3125 13-03122021

EUR 49 919 004

Spain 5 117 222 381 500 000 ABERTIS 4750 12-25102019 EUR 555 060 041

300 000 BANCO BILBAO VIZCAYA 3500 05-07102020

EUR 317 955 024


EUR 318 645 024


EUR 211 650 016

300 000 BANCO SANTANDER 3625 10-06042017

EUR 319 578 024

400 000 BANESTO SA 3500 05-27012015 EUR 410 360 030

500 000 BANKINTER SA 4125 12-22032017 EUR 537 620 040

200 000 CAIXABANK 3000 13-22032018 EUR 207 340 015

300 000 CAIXABANK SA 3125 13-14052018 EUR 307 473 023

100 000 INSTIT CRDT OFCL 4000 13-30042018

EUR 105 145 008

100 000 INSTIT CRDT OFCL 4125 10-28092017

EUR 105 680 008

18 000 INSTIT CRDT OFCL 4375 09-20052019

EUR 19 069 001

275 000 INSTIT CRDT OFCL 4375 11-31032014

EUR 276 898 021

120 000 INSTIT CRDT OFCL 5000 11-05072016

EUR 128 250 010

500 000 KUTXABANK 3000 13-01022017 EUR 519 635 039

300 000 LA CAIXA 4750 11-18032015 EUR 313 026 023

300 000 SANTANDER INTL 4500 11-18052015

EUR 313 308 023

150 000 TELEFONICA EMIS 5431 09-03022014

EUR 150 530 011

Supranational 3 222 503 238 100 000 EFSF 0750 13-05062017 EUR 99 755 007

800 000 EFSF 1625 13-17072020 EUR 793 240 059

130 000 EFSF 3375 12-03042037 EUR 137 586 010

200 000 EIB 1375 13-15112019 EUR 198 900 015

800 000 EIB 1500 13-15072020 EUR 792 720 059

400 000 EIB 2500 10-16092019 EUR 422 960 031

380 000 EIB 3125 09-15042014 EUR 382 983 028

195 000 EIB 4500 09-15102025 EUR 232 508 017

70 000 EIB 4625 04-15042020 EUR 82 558 006

79 000 ESM 1250 13-15102018 EUR 79 293 006


Market value of net

assets

Italy 2 446 987 182 100 000

CASSA DEPO PREST 4250 11-14092016

EUR 105 433 008

300 000 HERA SPA 3250 13-04102021 EUR 302 025 022

120 000 HERA SPA 4500 09-03122019 EUR 132 421 010

100 000INTESA SANPAOLO 4375 11-16082016

EUR 107 956 008

100 000INTESA SANPAOLO 5000 12-27012021

EUR 114 774 009

208 000INTESA SANPAOLO 6625 13-13092023

EUR 223 513 017

200 000 PIRELLI amp C SPA 5125 11-22022016 EUR 212 632 016

400 000 TERNA SPA 4125 12-17022017 EUR 432 348 032

300 000 UNICREDIT SPA 2250 13-16122016 EUR 302 520 022

200 000UNIONE DI BANCHE 3125 13-14102020

EUR 203 120 015

300 000UNIONE DI BANCHE 3750 12-30102015

EUR 310 245 023

Sweden 2 351 499 175 160 000

NORDEA HYPOTEK 3500 10-18012017

EUR 173 352 013

500 000SKANDINAVISKA ENSKILDA 2000 13-18032019

EUR 502 010 037

300 000 SKF AB 2375 13-29102020 EUR 296 913 022

582 000SVENSKA HANDELSBANKEN 3750 10-24022017

EUR 628 030 047

744 000SWEDEN KINGDOM 3125 09-07052014

EUR 751 194 056

Finland 2 186 984 162 1 000 000 FINNISH GOVT 1125 13-15092018 EUR 1 003 080 074

660 000 FINNISH GOVT 4375 08-04072019 EUR 768 648 057

395 000NORDEA BANK FIN 2375 12-17072017

EUR 415 256 031

United Kingdom 1 559 661 116 300 000

ABBEY NATIONAL TREASURY 1625 13-26112020

EUR 295 443 022

214 000ABBEY NATIONAL TREASURY 3375 10-20102015

EUR 223 116 017

200 000 FCE BANK PLC 1750 13-21052018 EUR 198 056 015

150 000LLOYDS TSB BANK 3500 12-11012017

EUR 162 093 012

400 000LLOYDS TSB BANK 6500 10-24032020

EUR 463 212 034

100 000NATIONWIDE BLDG 4625 11-08022021

EUR 118 746 009

100 000WPP FINANCE 2013 3000 13-20112023

EUR 98 995 007

Norway 920 298 068 300 000

DNB BOLIGKREDITT 2375 12-11042017

EUR 314 772 023

600 000SPAREBANK 1 SMN 2125 13-21022018

EUR 605 526 045


797 401 059

100 000INT BANK RECONampDEV 3875 09-20052019

EUR 113 661 008

300 000SES GLOBAL GROUP 1875 13-24102018

EUR 297 840 022

400 000WELLS FARGO amp CO 2250 13-02052023

EUR 385 900 029

Slovenia 602 700 045 600 000

REPUBLIC OF SLOVENIA 4375 09-02042014

EUR 602 700 045

Australia 475 061 036 180 000

NATIONAL AUSTRALIA BANK 2000 13-12112020

EUR 176 596 013

200 000WESTPAC BANKING 1375 13-17042020

EUR 195 410 015

100 000WESTPAC BANKING 2125 12-09072019

EUR 103 055 008

Ireland 300 327 022 100 000

CRH FINLAND SERV 2750 13-15102020

EUR 100 283 007

200 000GEN ELEC CAP CRP 1625 13-15032018

EUR 200 044 015




Page 119


Market value of net

assets

Denmark 216 452 016 214 000

VESTAS WIND SYSTEMS 4625 10-23032015

EUR 216 452 016

Luxembourg 201 478 015 200 000

HOLCIM US FINANC 2625 12-07092020

EUR 201 478 015

Floating rate bonds 1 692 226 125

France 577 890 043 400 000 AXA SA 13-04072043 FRN EUR 419 580 031

150 000 BNP PARIBAS FRN 07-29042049 EUR 158 310 012

Germany 549 609 041 314 000 HENKEL KGAA 05-25112104 SR EUR 333 625 025

200 000 MUNICH RE 07-290649 FRN EUR 215 984 016

Supranational 450 531 033 450 000 EIB 11-27072016 FRN EUR 450 531 033

United Kingdom 114 196 008 100 000 CREDIT AGRICOLE 09-29102049 FRN EUR 114 196 008

Options Warrants Rights 14 820 001

35 CALL EURO-BUND 10YR 6000 21022014 1425

EUR 4 900 000

31 PUT EURO-BUND 10YR 6000 21022014 1365

EUR 9 920 001


France 25 082 001 1865 36828 BNP PARIBAS AQUA - I - CAP EUR 8 636 553 642

70 17408 BNP PARIBAS DEVELOPPEMENT HUMAIN - P - CAP

EUR 8 780 180 653

25 65780 BNP PARIBAS IMMOBILIER - C - CAP EUR 7 665 268 570

Luxembourg 8 488 786 631 5963

PARVEST GLOBAL ENVIRONMENT - I - CAP

EUR 8 488 786 631


Page 120

Notes to the financial statements

BNP Paribas L1

Notes to the financial statements at 31122013

Page 121

Note 1 - General information

a) Events that occurred during the financial year ended 31 December 2013

Since January 2013 the Company has decided the following changes

bull At 1 January 2013 the share classes ldquoClassic PmRvrdquo ldquoClassic QDrdquo and ldquoFintrordquo were transformed in ldquoClassic ndash Distributionrdquo

bull At 15 February 2013 the new Sub-fund Equity World Aqua was launched as a feeder of BNP PARIBAS AQUA Fund

bull At 21 May 2013 the new sub-funds Bond Euro High Yield Bond World Emerging Local Convertible Bond World and Equity World Emerging were launched as Feeder of the same sub-funds of PARVEST

bull At 16 December 2013 the sub-fund Bond Currencies World changed its name to Bond World Plus

Absorbed or launched sub-funds

Sub-fund Date Events Equity World Aqua 15 February 2013 Launch of the sub-fund Sustainable Diversified Europe Balanced

25 March 2013 Absorbed by the ldquoSustainable Active Allocationrdquo sub-fund

Sustainable Diversified Europe Growth


Absolute Return Balanced 25 March 2013 Absorbed by PARVEST Absolute Return Balanced Absolute Return Growth 25 March 2013 Absorbed by PARVEST Absolute Return Growth Absolute Return Stability 25 March 2013 Absorbed by PARVEST Absolute Return Stability Bond Euro Long Term 25 March 2013 Absorbed by PARVEST Bond Euro Long Term Equity Best Selection Europe ex-UK

25 March 2013 Absorbed by PARVEST Equity Best Selection Europe ex-UK

Equity Pacific ex-Japan 25 March 2013 Absorbed by PARVEST Equity Pacific ex-Japan Sustainable Bond Euro 25 March 2013 Absorbed by PARVEST Sustainable Bond Euro World Volatility 25 March 2013 Absorbed by PARVEST World Volatility Bond Asia ex-Japan 21 May 2013 Absorbed by PARVEST Bond Asia ex-Japan Bond Best Selection World Emerging

21 May 2013 Absorbed by PARVEST Bond Best Selection World Emerging

Bond USD 21 May 2013 Absorbed by PARVEST Bond USD Bond World High Yield 21 May 2013 Absorbed by PARVEST Bond World High Yield Equity Best Selection Asia ex-Japan

21 May 2013 Absorbed by PARVEST Equity Best Selection Asia ex-Japan

Equity Best Selection Europe 21 May 2013 Absorbed by PARVEST Equity Best Selection Europe Equity China 21 May 2013 Absorbed by PARVEST Equity China Equity Europe Emerging 21 May 2013 Absorbed by PARVEST Equity Europe Emerging Equity High Dividend Pacific 21 May 2013 Absorbed by PARVEST Equity High Dividend Pacific Equity India 21 May 2013 Absorbed by PARVEST Equity India Equity Indonesia 21 May 2013 Absorbed by PARVEST Equity Indonesia Equity Russia 21 May 2013 Absorbed by PARVEST Equity Russia Equity USA Growth 21 May 2013 Absorbed by PARVEST Equity USA Growth Equity USA Small Cap 21 May 2013 Absorbed by PARVEST Equity USA Small Cap Equity World Energy 21 May 2013 Absorbed by PARVEST Equity World Energy Equity World Finance 21 May 2013 Absorbed by PARVEST Equity World Finance Equity World Health Care 21 May 2013 Absorbed by PARVEST Equity World Health Care Equity World Low Volatility 21 May 2013 Absorbed by PARVEST Equity World Low Volatility Equity World Materials 21 May 2013 Absorbed by PARVEST Equity World Materials Equity World Technology 21 May 2013 Absorbed by PARVEST Equity World Technology Equity World Utilities 21 May 2013 Absorbed by PARVEST Equity World Utilities Opportunities USA 21 May 2013 Absorbed by PARVEST Opportunities USA Bond Europe Emerging 27 May 2013 Absorbed by PARVEST Bond Europe Emerging

BNP Paribas L1


Page 122

Sub-fund Date Events Bond World 27 May 2013 Absorbed by PARVEST Bond World

Bond World Emerging Corporate 27 May 2013 Absorbed by PARVEST Bond World Emerging Corporate

Equity Best Selection Euro 27 May 2013 Absorbed by PARVEST Equity Best Selection Euro Equity Europe Growth 27 May 2013 Absorbed by PARVEST Equity Europe Growth Equity Germany 27 May 2013 Absorbed by PARVEST Equity Germany Equity High Dividend USA 27 May 2013 Absorbed by PARVEST Equity High Dividend USA Equity Turkey 27 May 2013 Absorbed by PARVEST Equity Turkey

Equity World Consumer Durables 27 May 2013 Absorbed by PARVEST Equity World Consumer Durables

Equity World Telecom 27 May 2013 Absorbed by PARVEST Equity World Telecom Green Tigers 27 May 2013 Absorbed by PARVEST Green Tigers Opportunities World 27 May 2013 Absorbed by PARVEST Opportunities World Real Estate Securities Pacific 27 May 2013 Absorbed by PARVEST Real Estate Securities Pacific Real Estate Securities World 27 May 2013 Absorbed by PARVEST Real Estate Securities World V350 27 May 2013 Absorbed by PARVEST V350 World Commodities 27 May 2013 Absorbed by PARVEST World Commodities

Equity Asia Emerging 27 May 2013 Absorbed by PARVEST Equity Best Selection Asia ex-Japan

Equity Best Selection USA 27 May 2013 Absorbed by PARVEST Equity USA Growth Equity Europe Health Care 27 May 2013 Absorbed by PARVEST Equity World Health Care Equity Europe Utilities 27 May 2013 Absorbed by PARVEST Equity World Utilities Equity High Dividend World 27 May 2013 Absorbed by PARVEST Equity World Low Volatility Equity Europe Consumer Durables

3 June 2013 Absorbed by PARVEST Equity World Consumer Durables

Equity Europe Consumer Goods 3 June 2013 Absorbed by PARVEST Equity World Consumer Durables

Equity Europe Energy 3 June 2013 Absorbed by PARVEST Equity World Energy Equity Europe Finance 3 June 2013 Absorbed by PARVEST Equity Best Selection Europe Equity Europe Industrials 3 June 2013 Absorbed by PARVEST Equity World Technology Equity Europe Materials 3 June 2013 Absorbed by PARVEST Equity World Materials Equity Europe Technology 3 June 2013 Absorbed by PARVEST Equity World Technology Equity Europe Telecom 3 June 2013 Absorbed by PARVEST Equity World Telecom

Equity World Consumer Goods 3 June 2013 Absorbed by PARVEST Equity World Consumer Durables

Equity World Industrials 3 June 2013 Absorbed by PARVEST Equity World Technology

Bond Euro Premium 25 November 2013 Absorbed the sub-fund ldquoShort Term Euro Premiumrdquo of PARVEST

Merged liquidated or launched share classes

Sub-fund Date Events

Convertible Bond Best Selection Europe

18 February 2013 rdquoClassic H USD ndash Capitalisationrdquo share class absorbed by ldquoClassic ndash Capitalisationrdquo share class registered in USD

Real Estate Securities Europe 18 February 2013 rdquoClassic GBPrdquo share class absorbed by ldquoClassic ndash Distributionrdquo share class registered in GBP

Safe Balanced W1 18 February 2013 ldquoFintro ndash Distributionrdquo share class absorbed by ldquoClassic ndash Distributionrdquo share class




BNP Paribas L1


Page 123


Safe Conservative W1 18 February 2013 ldquoFintro ndash Distributionrdquo share class absorbed by ldquoClassic ndash Distributionrdquo share class




Safe Growth W1 18 February 2013 ldquoFintro ndash Distributionrdquo share class absorbed by ldquoClassic ndash Distributionrdquo share class




Safe High Growth W1 18 February 2013 ldquoFintro ndash Distributionrdquo share class absorbed by ldquoClassic ndash Distributionrdquo share class




Safe Stability W1 18 February 2013 ldquoFintro ndash Distributionrdquo share class absorbed by ldquoClassic ndash Distributionrdquo share class




OBAM Equity World 25 February 2013 Liquidation of share class ldquoClassic SGDrdquo and ldquoClassic USD - Capitalisationrdquo

Bond World Plus 6 March 2013 Launch of share class ldquoPrivilege - Distributionrdquo

Equity Europe 25 March 2013 Transformation of the share class ldquoClassic- Capitalisationrdquo registered in USD in ldquoClassic USD ndash Capitalisationrdquo

Bond Euro High Yield 21 May 2013

ldquoClassic ndash Capitalisationrdquo ldquoIrdquo ldquoIH NOKrdquo ldquoNrdquo ldquoPrivilege ndash Capitalisationrdquo and ldquoXrdquo shares classes absorbed by Bond Euro High Yield sub-fund of the SICAV PARVEST

Bond Euro High Yield 21 May 2013 Launch of share class ldquoClassic New CAPrdquo

Bond World Emerging Local 21 May 2013

ldquoClassic ndash Capitalisationrdquo ldquoClassic MDrdquo ldquoClassic EUR - Capitalisationrdquo ldquoClassic EUR - Distributionrdquo ldquoClassic GBPrdquo ldquoClassic HUF - Capitalisationrdquo ldquoClassic H EUR - Capitalisationrdquo ldquoClassic H EUR - Distributionrdquo ldquoIrdquo ldquoIH EURrdquo ldquoNrdquo and ldquoXrdquo shares classes absorbed by Bond World Emerging Local sub-fund of the SICAV PARVEST

Bond World Emerging Local 21 May 2013 Launch of share class ldquoClassic New CAPrdquo

Convertible Bond World 21 May 2013

ldquoClassic ndash Capitalisationrdquo ldquoClassic USD - Capitalisationrdquo ldquoClassic USD - Distributionrdquo ldquoClassic H CZKrdquo ldquoClassic H PLNrdquo ldquoIrdquo ldquoIH NOKrdquo ldquoIH USDrdquo ldquoNrdquo and ldquoXrdquo shares classes absorbed by Convertible Bond World sub-fund of the SICAV PARVEST

Convertible Bond World 21 May 2013 Launch of share class ldquoClassic New CAPrdquo

BNP Paribas L1


Page 124


Equity World Emerging 21 May 2013

ldquoClassic ndash Capitalisationrdquo ldquoClassic EUR - Capitalisationrdquo ldquoClassic EUR - Distributionrdquo ldquoIrdquo ldquoNrdquo ldquoPrivilege ndash Capitalisationrdquo and ldquoXrdquo shares classes absorbed by Equity World Emerging sub-fund of the SICAV PARVEST

Equity World Emerging 21 May 2013 Launch of share class ldquoClassic New CAPrdquo Lifecycle 2015 1 June 2013 Launch of share class ldquoPrivilege - Capitalisationrdquo Lifecycle 2020 1 June 2013 Launch of share class ldquoPrivilege - Capitalisationrdquo Lifecycle 2025 1 June 2013 Launch of share class ldquoPrivilege - Capitalisationrdquo Lifecycle 2030 1 June 2013 Launch of share class ldquoPrivilege - Capitalisationrdquo Lifecycle 2035 1 June 2013 Launch of share class ldquoPrivilege - Capitalisationrdquo Bond World Plus 2 October 2013 Launch of share class ldquoXrdquo

b) Sub-funds open

All sub-funds whose securities portfolios are detailed in this document were available for subscription as at 31 December 2013

c) Master-feeder structures

The following sub-funds are involved in a master-feeder structure

Master sub-fund Feeder sub-fund Aggregate charges

of ownership of the Master UCITS

PARVEST Bond Euro High Yield BNP Paribas L1 Bond Euro High Yield 122 1937 PARVEST Bond World Emerging Local


142 1949

PARVEST Convertible Bond World


142 774

PARVEST Equity World Emerging


295 582

BNP Paribas Aqua BNP Paribas L1 Equity World Aqua 173 1244

Aggregate charges are total expenses of the Master UCITS aggregated with the total expenses of the Feeder UCITS

The information regarding the description of the master-feeder structures the investment objective and policy of the Master UCITS are detailed in the prospectus of Fund The audited financial statements and the prospectus of the Master UCITS and Feeder UCITS are available on httpwwwbnpparibas-ipcom

Note 2 - Principal accounting methods

a) Net asset value

This annual report is prepared on the basis of the last net asset value as at 31 December 2013

b) Presentation of the financial statements

The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg on undertakings for collective investment The consolidation currency of the Company is the euro (EUR)

The statement of operations and changes in net assets covers the financial year from 1 January 2013 to 31 December 2013

BNP Paribas L1


Page 125

c) Valuation of the securities portfolio

The valuation of all securities listed on a stock exchange or any other regulated market which functions regularly is recognised and accessible to the public is based on the closing price on the order acceptance date or the price on the market day following that day for Asian markets and if the securities concerned are traded on several markets on the basis of the most recent price on the major market on which they are traded if this price is not a true reflection the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner

Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors

If permitted by market practice liquid assets money market instruments and all other instruments may be valued at their nominal value plus accrued interest or according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation method must be approved by the Board of Directors which will record the reasons for such a decision The Board of Directors will put in place appropriate checks and controls concerning the valuation of the instruments

d) Net realised result on the securities portfolio

The net realised result on investment securities is calculated on the basis of the average cost of the securities sold

e) Conversion of foreign currencies

Values expressed in a currency other than the currency in which the relevant sub-fund is denominated will be converted on the basis of the exchange rate applicable on the valuation day

f) Distribution of costs

The costs common to the various sub-funds classes or sub-classes of the Company are distributed among the various sub-funds classes or sub-classes prorata to their respective net assets

g) Valuation of forward foreign exchange contracts

Unexpired forward foreign exchange contracts are valued on the basis of the forward exchange rates applicable on the valuation date or the closing date and the resulting unrealised profits or losses are recorded in the accounts

h) Valuation of futures contracts

Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting unrealised profits or losses are accounted for

Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo account in the statement of net asset

i) Valuation of options

The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which the Company traded the contracts in question The liquidation value of options not traded on stock markets is determined in accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract

j) Repurchase agreement

ldquoRepurchase agreementsrdquo and ldquoreverse repurchase agreementsrdquo consist of the purchase and sale of securities where the clauses of the agreement require the seller to repurchase from the buyer and the buyer to sell back to the seller the securities soldbought at a price and for a duration stipulated by the two parties at the time the agreement is entered into Such ldquorepordquo and ldquoreverse repordquo agreements imply a transfer of ownership They are valued at the market value

BNP Paribas L1


Page 126

k) Income on investments

Dividends are recognised as income on the date on which they are declared and to the extent that the information in question is available to the Company Interest is recognised on a daily basis

l) Valuation of swaps

IRS (Interest Rate Swaps) shall be valued on the basis of the difference between the value of all future interest payable by the Company to its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of all future interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments

The internal model for valuing CDS (Credit Default Swaps) uses the yield curve of the CDS the recovery rate and a discount rate (LIBOR or the market swap rate) to calculate the mark-to-market This internal model also produces the default probability curve In order to establish the CDS yield curve data from a number of counterparties active in the CDS market are used The fund manager compares the valuation of the counterpartiesrsquo CDS to the values obtained via the internal model The starting point for the construction of the internal model is the equality at the time the CDS agreement is signed of the floating leg and the fixed leg of the CDS

Since EDS (Equity Default Swaps) are triggered by an equity event their valuation depends primarily on the volatility and asymmetry of the underlying share The greater the volatility the higher the risk that this share will hit the 70 mark thereby widening the EDS spread The spread of a companyrsquos CDS is also a reflection of its volatility since high volatility in the share price indicates high volatility in the assets of the company in question and therefore a high probability of a credit event Given that the spreads of EDS and CDS are both correlated with the implied volatility of the shares and that these relationships tend to remain stable over time an EDS may be considered a proxy for a CDS Key to valuing an EDS is the calculation of the implied probability of an equity event Two methods are generally accepted the first consists in using the CDS market spread as an input in a model for valuing the EDS the second uses historical data on the stock in question to estimate the said probability Although historical data are not necessarily a reliable indicator of future events these data can provide an insight into the general behaviour of a stock in times of crisis When comparing the two approaches it is very rare to see historical probabilities higher than the implied probabilities of the shares

At any given point in time the valuation of a CFD (Contract For Difference) an Equity Swap or a TRS (Total Return Swap) will reflect the difference between the last known price of the underlying security and the valuation on the basis of which the initial agreement was concluded

ldquoInflation swapsrdquo are bilateral agreements which allow investors looking to hedge an investment to secure an inflation-linked return against an inflation index

The inflation buyer (inflation receiver) pays a predetermined fixed or floating rate (minus a spread) In exchange the inflation buyer receives from the inflation seller (inflation payer) one or more inflation-linked payments

The principal risk associated with an inflation swap lies in its sensitivity to interest rates and inflation the inflation payer takes on the risk of inflation or in other words of changes likely to affect the inflation curve The payer also bears a risk relating to interest rates or in other words to changes in the nominal yield curve In order to value inflation swaps a ldquoforward zero couponrdquo swap curve (seasonally adjusted for inflation) is constructed facilitating the calculation of future inflation cash flows

In compliance with the obligations under CSSF circular 11512 the Company employs the services of an independent pricing agency for the daily valuation of variance swaps The valuation method consists in using a portfolio of European options to replicate the losses or profits on the variance swaps as they would occur under standard market conditions The options replicate forward strike prices within a standard deviation range of plus or minus four points of the forward contract price for any given maturity This valuation method is similar to the Black amp Scholes method in that the price is derived from European options prices The full details on each variance swap agreement are sent to the pricing agency which in return provides a daily valuation validated by the OTC Pricing team

m) Position on mortgage-backed securities (to be announced)

Mortgage-backed securities are subject to current commercial market practices in relation to securities guaranteed by bonds according to which a security will buysell a basket of mortgage loans for a fixed price at a later date

BNP Paribas L1


Page 127

At the time of the purchasesale the exact security is not known but its principal features are Even if a price is agreed at the time of purchasesale the final face value will not yet have been fixed

The ldquoTo be Announced (ldquoTBArdquo) Mortgage Back Securitiesrdquo positions are shown in the securities portfolios as at 31 December 2013

At the closing date the purchasesale of these securities had not yet been settled As a result the amounts relating to payablesreceivables on securities are included under ldquoOther liabilitiesrdquoldquoOther assetsrdquo in the Statement of net assets

n) Cross-investments

The value of the cross-investments of the Real Estate Securities sub-funds has not be taken into consideration for the calculation of the total net assets of the funds

The total value of those cross-investments as at 31 December 2013 amounted to

Sub-fund Currency Market Value (in EUR) Diversified Active Click Balanced EUR 634 586 Diversified Active Click Stability EUR 449 878 Diversified World Growth EUR 1 484 196 Diversified World High Growth EUR 352 719 Safe Growth W1 EUR 669 832 Safe Growth W4 EUR 245 795 Safe Growth W7 EUR 373 366 Safe Growth W10 EUR 507 850 Safe High Growth W1 EUR 40 334 Safe High Growth W4 EUR 6 989 Safe High Growth W7 EUR 25 474 Safe High Growth W10 EUR 30 970 Total 4 821 989

The net assets at the end of the financial year of combined figures would be EUR 8 493 044 855 without taken into account the cross investment

Note 3 - Management fees (maximum per annum)

The maximum fees are to be split between the fund manager and the distributor and are payable monthly on the basis of the average net assets at the following annual rates

The fee applied to the ldquoClassicrdquo class is also applicable to the ldquoClassic EURrdquo ldquoClassic HUFrdquo ldquoClassic New Distrirdquo ldquoClassic New CAPrdquo and ldquoClassic USDrdquo classes

No management fee is applied to the ldquoXrdquo class

Sub-fund Classic I Life N Privilege Absolute Return Balanced (absorbed on 25 March 2013)

075 020 NA 075 030

Absolute Return Growth (absorbed on 25 March 2013)

100 025 NA 100 030

Absolute Return Stability (absorbed on 25 March 2013)

050 015 NA 050 030

Bond Asia ex-Japan (absorbed on 21 May 2013)

125 060 NA 125 080

Bond Best Selection World Emerging (absorbed on 21 May 2013)

150 060 NA 150 080

Bond Euro High Yield 120 NA NA NA NA Bond Euro Long Term (absorbed on 25 March 2013)

070 025 NA 070 030

Bond Euro Premium 075 030 NA 075 040

BNP Paribas L1


Page 128

Sub-fund Classic I Life N Privilege Bond Europe Emerging (absorbed on 27 May 2013)

150 060 NA 150 080

Bond Europe Plus 075 030 NA 075 040

Bond USD (absorbed on 21 May 2013) 075 030 NA 075 040 Bond World (absorbed on 27 May 2013) 075 030 NA 075 040 Bond World Emerging Corporate (absorbed on 27 May 2013)

150 060 NA 150 080

Bond World Emerging Local 150 NA NA NA NA Bond World High Yield (absorbed on 21 May 2013)

120 060 NA 120 080

Bond World Plus (formerly Bond Currencies World)

075 030 NA 075 040

Convertible Bond Best Selection Europe 120 060 NA 120 065 Convertible Bond World 120 NA NA NA NA Diversified Active Click BalancedStability

150 NA NA 150 075

Diversified World Balanced 150 050 NA 150 075 Diversified World Growth 150 050 NA 150 075 Diversified World High Growth 150 050 NA 150 075 Diversified World Stability 150 050 NA 150 075 Equity Asia Emerging (absorbed on 27 May 2013)

175 075 NA 175 100

Equity Best Selection Asia ex-Japan (absorbed on 21 May 2013)

150 075 NA 150 080

Equity Best Selection Euro (absorbed on 27 May 2013)

150 060 NA 150 080

Equity Best Selection Europe (absorbed on 21 May 2013)

150 060 NA 150 080

Equity Best Selection Europe ex-UK (absorbed on 25 March 2013)

150 060 NA 150 080

Equity Best Selection USA (absorbed on 27 May 2013)

150 060 NA 150 080

Equity China (absorbed on 21 May 2013) 175 075 NA 175 100

Equity Euro 150 050 NA 150 075

Equity Europe 150 050 NA 150 075 Equity Europe Consumer Durables (absorbed on 3 June 2013)

150 060 NA 150 080

Equity Europe Consumer Goods (absorbed on 3 June 2013)

150 060 NA 150 080

Equity Europe Emerging (absorbed on 21 May 2013)

175 075 NA 175 100

Equity Europe Energy (absorbed on 3 June 2013)

150 060 NA 150 080

Equity Europe Finance (absorbed on 3 June 2013)

150 060 NA 150 080

Equity Europe Growth (absorbed on 27 May 2013)

150 060 NA 150 080

Equity Europe Health Care (absorbed on 27 May 2013)

150 060 NA 150 080

Equity Europe Industrials (absorbed on 3 June 2013)

150 060 NA 150 080

Equity Europe Materials (absorbed on 3 June 2013)

150 060 NA 150 080

Equity Europe Technology (absorbed on 3 June 2013)

150 060 NA 150 080

BNP Paribas L1


Page 129

Sub-fund Classic I Life N Privilege Equity Europe Telecom (absorbed on 3 June 2013)

150 060 NA 150 080

Equity Europe Utilities (absorbed on 27 May 2013)

150 060 NA 150 080

Equity Germany (absorbed on 27 May 2013)

150 060 NA 150 080

Equity High Dividend Pacific (absorbed on 21 May 2013)

150 075 NA 150 080

Equity High Dividend USA (absorbed on 27 May 2013)

150 060 NA 150 080

Equity High Dividend World (absorbed on 27 May 2013)

150 060 NA 150 080

Equity India (absorbed on 21 May 2013) 175 075 NA 175 100 Equity Indonesia (absorbed on 21 May 2013)

175 075 NA 175 100

Equity Netherlands 150 060 NA 150 075 Equity Pacific ex-Japan (absorbed on 25 March 2013)

150 075 NA 150 080

Equity Russia (absorbed on 21 May 2013)

175 075 NA 175 100

Equity Turkey (absorbed on 27 May 2013)

175 075 NA 175 100

Equity USA Core 150 050 NA 150 075 Equity USA Growth (absorbed on 21 May 2013)

150 060 NA 150 080

Equity USA Small Cap (absorbed on 21 May 2013)

175 070 NA 175 100

Equity World 150 050 NA 150 075 Equity World Aqua (launched 15 February 2013)

150 060 NA 150 075

Equity World Consumer Durables (absorbed on 27 May 2013)

150 060 NA 150 080

Equity World Consumer Goods (absorbed on 3 June 2013)

150 060 NA 150 080

Equity World Emerging 175 NA NA NA NA Equity World Energy (absorbed on 21 May 2013)

150 060 NA 150 080

Equity World Finance (absorbed on 21 May 2013)

150 060 NA 150 080

Equity World Health Care (absorbed on 21 May 2013)

150 060 NA 150 080

Equity World Industrials (absorbed on 3 June 2013)

150 060 NA 150 080

Equity World Low Volatility (absorbed on 21 May 2013)

150 060 NA 150 080

Equity World Materials (absorbed on 21 May 2013)

150 060 NA 150 080

Equity World Technology (absorbed on 21 May 2013)

150 060 NA 150 080

Equity World Telecom (absorbed on 27 May 2013)

150 060 NA 150 080

Equity World Utilities (absorbed on 21 May 2013)

150 060 NA 150 080

Green Tigers (absorbed on 27 May 2013) 150 070 NA 150 080 Lifecycle 20152020 085 NA NA NA 045

BNP Paribas L1


Page 130

Sub-fund Classic I Life N Privilege Lifecycle 2025 110 (1) NA NA NA 055 (2)

Lifecycle 20302035 135 (3) NA NA NA 070 (4)

Model 12 100 NA NA NA 050 Model 34 125 NA NA NA 065 Model 56 150 NA NA NA 075 OBAM Equity World 150 060 1385 150 075 Opportunities USA (absorbed on 21 May 2013)

150 060 NA 150 080

Opportunities World (absorbed on 27 May 2013)

150 060 1385 150 080

Real Estate Securities Europe 150 060 NA 150 075 Real Estate Securities Pacific (absorbed on 27 May 2013)

150 060 NA 150 080

Real Estate Securities World (absorbed on 27 May 2013)

150 060 NA 150 080

Safe Balanced W1W10W4W7(5) 175 065 1635 NA 090 Safe Conservative W1W10W4W7(5) 100 045 0885 NA 050 Safe Growth W1W10W4W7(5) 175 065 1635 NA 090 Safe High Growth W1W10W4W7(5) 175 065 1635 NA 090 Safe Stability W1W10W4W7(5) 175 065 1635 NA 090 Sustainable Active Allocation 150 050 NA 150 075 Sustainable Bond Euro (absorbed on 25 March 2013)

075 030 NA 075 040

Sustainable Diversified Europe Balanced (absorbed on 25 March 2013)

150 NA NA NA NA

Sustainable Diversified Europe Growth (absorbed on 25 March 2013)

150 NA NA NA NA

V350 (absorbed on 27 May 2013) 075 040 NA 075 050 World Commodities (absorbed on 27 May 2013)

150 060 NA 150 080

World Volatility (absorbed on 25 March 2013)

150 050 NA 150 070

1 reduced to 085 when the Target Date is less than 7 years away 2 reduced to 045 when the Target Date is less than 7 years away 3 reduced to 110 when the Target Date is between 7 and 14 years away and to 085 when it is less than 7 years away 4 reduced to 055 when the Target Date is between 7 and 14 years away and to 045 when it is less than 7 years away 5 reduced to 040 for ldquoClassicrdquo Class and ldquoLiferdquo Class and to 020 for ldquoIrdquo Class and ldquoPrivilegerdquo Class when 100 of the assets

are invested in money market instruments The maximum management fee applied for the underlying sub-funds is as follow

Security Name Management Fee

BNP PARIBAS B INSTITUTIONAL I BOND EURO - I - CAP 030

BNP PARIBAS INSTICASH EUR - I - CAP 015

BNP PARIBAS AM KLE EONIA PRIME FCP - DIS 004

BNP PARIBAS AQUA - I - CAP 120

BNP PARIBAS CASH INVEST - I - CAP 020

BNP PARIBAS DEVELOPPEMENT HUMAIN - P - CAP 150

BNP PARIBAS IMMOBILIER - C - CAP 150

BNP PARIBAS INSTICASH MONEY 3M EUR - I - CAP 015

BNP PARIBAS MOIS ISR - I - CAP 025

BNP Paribas L1


Page 131


BNP PARIBAS MONEY PRIME EURO - I - CAP 025

BNP PARIBAS TRESORERIE C FCP - P - CAP 050

BNPP PRIVATE REAL ESTATE FOF - VALUE ADDED ASIA I - A - DIS 075

BNPP PRIVATE REAL ESTATE FOF - VALUE ADDED EUROPE I - A - DIS 075

BNP PARIBAS AQUA O EUR - CAP 005

BNPP FLEXI I TACTICAL STRATEGY CONSERVATIVE - X - CAP 000

BNPP FLEXI I TACTICAL STRATEGY GROWTH - X - CAP 000

BNPP FLEXI I TACTICAL STRATEGY - X - CAP 000

BNPP FLEXI III FORTIS DEPOSIT EUR - I - CAP 030

FFTW MORTGAGE TOTAL RETURN AAC 000

KLE GESTION EURIBOR - A - CAP 004

PARVEST BOND EURO GOVERNMENT - X - CAP 000

PARVEST BOND EURO SHORT TERM - X - CAP 000

PARVEST BOND EURO HIGH YIELD - X - CAP 000

PARVEST BOND USA HIGH YIELD - X - CAP 000

PARVEST BOND WORLD EMERGING ADVANCED - X - CAP 000

PARVEST BOND WORLD EMERGING LOCAL - X - CAP 000

PARVEST CONVERTIBLE BOND WORLD - X - CAP 000

PARVEST EQUITY BEST SELECTION EUROPE - X - CAP 000

PARVEST EQUITY EUROPE SMALL CAP - X - CAP 000

PARVEST EQUITY HIGH DIVIDEND PACIFIC - X - CAP 000

PARVEST EQUITY HIGH DIVIDEND USA - X - CAP 000

PARVEST EQUITY USA SMALL CAP - X - CAP 000

PARVEST EQUITY WORLD EMERGING - X - CAP 000

PARVEST EQUITY WORLD LOW VOLATILITY - X - CAP 000

PARVEST GLOBAL ENVIRONMENT - I - CAP 070

PARVEST REAL ESTATE SECURITIES PACIFIC - X - CAP 000

PARVEST REAL ESTATE SECURITIES WORLD - X - CAP 000

PARVEST ABSOLUTE RETURN BALANCED - X - CAP 000

PARVEST BOND WORLD EMERGING - X - CAP 000

PARVEST EQUITY HIGH DIVIDEND EUROPE - X - CAP 000

PARVEST V350 - I - CAP 030

PARVEST V350 - X - CAP 000

PARVEST WORLD COMMODITIES - X - CAP 000

PARWORLD TRACK NORTH AMERICA - X - CAP 000

PARWORLD TRACK EMERGING MARKETS - X - CAP 000

PARWORLD TRACK EMERGING MARKETS BOND - X - CAP 000

PARWORLD TRACK EMU GOVERNMENT BOND - X - CAP 000

PARWORLD TRACK EURO CORPORATE BOND - X - CAP 000

PARWORLD TRACK EURO INFLATION LINKED BOND - I PLUS - CAP 015

PARWORLD TRACK EURO INFLATION LINKED BOND - X - CAP 000

PARWORLD TRACK EUROPE SMALL CAP - X - CAP 000

PARWORLD TRACK EUROPE - X - CAP 000

BNP Paribas L1


Page 132


PARWORLD TRACK JAPAN - X - CAP 000

PARWORLD TRACK PACIF EX-JAPAN - X - CAP 000

PARWORLD TRACK WORLD - X - CAP 000

Note 4 - Performance fees

Absolute Return Balanced Absolute Return Growth and Absolute Return Stability

The fund manager also receives a performance fee (applicable only to share class ldquoIrdquo) equal to 10 of the positive difference between the annual performance of the sub-fund (ie its performance for the financial year) and that of the benchmark index (EONIA) This fee is set aside at each NAV calculation according to the application of a high water mark and a hurdle rate No performance fees were charged to the sub-funds for the period from 1 January 2013 to 25 March 2013 (date of absorption)

V350

The fund manager also receives a performance fee (applied only to share classes ldquoIrdquo and ldquoIH USDrdquo) equal to 15 of the positive difference between the annual performance of the sub-fund (ie its performance for the financial year) and that of the benchmark index1 This fee is set aside at each NAV calculation according to the application of a high water mark and a hurdle rate Performance fees were charged to the sub-fund for the period from 1 January 2013 to 27 May 2013 (date of absorption)

World Volatility

The fund manager also receives a performance fee (applicable only to share class ldquoIrdquo) equal to 15 of the positive difference between the annual performance of the sub-fund (ie its performance for the financial year) and that of the benchmark index (EONIA) This fee is set aside at each NAV calculation according to the application of a high water mark and a hurdle rate No performance fees were charged to the sub-fund for the period from 1 January 2013 to 25 March 2013 (date of absorption)

Note 5 - Other fees

Other fees are calculated monthly on the basis of the average net assets of a sub-fund or share class and are deducted each month to cover the general expenses relating to asset deposits (custodian fees) and day-to-day administration (NAV calculation registrar services domiciliation etc) with the exception of broker fees transaction fees not associated with deposits interest payments and bank charges extraordinary expenses and the taxe drsquoabonnement in force in Luxembourg as well as the tax specific to Belgium

Note 6 - Taxes

In the Grand Duchy of Luxembourg the Company is subject to an annual subscription tax (taxe drsquoabonnement) of 005 of the value of the net assets This rate is reduced to 001 for

a) sub-funds with the exclusive objective of collective investment in money market instruments and deposits with credit institutions

b) sub-funds with the exclusive objective of collective investment in deposits with credit institutions

c) sub-funds categories or classes reserved for Institutional Investors Fund Managers or UCIs

1ldquoEONIArdquo for share class ldquoIrdquo Merrill Lynch USD Overnight Libid (USD) RI for share class ldquoIH USDrdquo

BNP Paribas L1


Page 133

The following are exempt from this taxe drsquoabonnement

a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been subject to the taxe drsquoabonnement

b) sub-funds share categories andor classes

(i) whose securities are reserved for Institutional Investors Managers or UCIs and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with

credit institutions and (iii) whose weighted residual portfolio maturity does not exceed 90 days and (iv) that have obtained the highest possible rating from a recognised rating agency

c) sub-funds categories andor classes reserved to

(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or more employers for the benefit of their employees and

(ii) companies having one or more employers investing funds to provide pension benefits to their employees

d) sub-funds whose main objective is investment in microfinance institutions

e) sub-funds categories andor classes

(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognized and open to the public and

(ii) whose exclusive object is to replicate the performance of one or several indices

When it is due the taxe drsquoabonnement is payable quarterly on the basis of the relevant net assets and is calculated at the end of the quarter for which the tax is applicable

In addition the Companys ldquoClassicrdquo share classe is subject to an annual tax in Belgium on undertakings for collective investment representing 008 of the net amounts sold publicly in Belgium by the Company from the time of its registration with the Banking Finance and Insurance Commission

Note 7 - Dividends

The following dividends were paid on 30 April 2013 for shares outstanding as at 18 April 2013

Sub-fund Class Currency Dividend Bond Asia ex-Japan Classic - Distribution USD 434 Bond Asia ex-Japan Classic EUR - Distribution EUR 433 Bond Best Selection World Emerging Classic GBP - Distribution GBP 1051 Bond Best Selection World Emerging Classic H EUR - Distribution EUR 224 Bond World Plus (formerly Bond Currencies World)

Classic - Distribution EUR 1025


Classic New Distri EUR 1021

Bond Euro High Yield Classic - Distribution EUR 427 Bond Euro Premium Classic - Distribution EUR 131 Bond Europe Emerging Classic - Distribution EUR 781 Bond Europe Plus Classic - Distribution EUR 060 Bond Europe Plus Classic New Distri EUR 059 Bond USD Classic - Distribution USD 614 Bond USD Classic PmRv USD 614 Bond World Classic - Distribution EUR 334 Bond World Classic PmRv EUR 334 Bond World Emerging Corporate Classic - Distribution USD 478 Bond World Emerging Corporate Classic EUR - Distribution EUR 660 Bond World Emerging Local Classic - Distribution USD 647 Bond World Emerging Local Classic EUR - Distribution EUR 763 Bond World Emerging Local Classic GBP - Distribution GBP 938

BNP Paribas L1


Page 134

Sub-fund Class Currency Dividend Bond World Emerging Local Classic H EUR - Distribution EUR 770 Bond World High Yield Classic - Distribution EUR 184 Bond World High Yield Classic USD - Distribution USD 431 Bond World High Yield Classic H USD - Distribution USD 174 Convertible Bond Best Selection Europe Classic - Distribution EUR 143 Convertible Bond World Classic - Distribution EUR 244 Convertible Bond World Classic USD - Distribution USD 167 Convertible Bond World Classic H PLN - Distribution PLN 195 Diversified World Balanced Classic - Distribution EUR 250 Diversified World Growth Classic - Distribution EUR 309 Diversified World High Growth Classic - Distribution EUR 264 Diversified World Stability Classic - Distribution EUR 108 Equity Asia Emerging Classic - Distribution USD 132 Equity Asia Emerging Classic EUR - Distribution EUR 311 Equity Best Selection Asia ex-Japan Classic - Distribution EUR 780 Equity Best Selection Euro Classic - Distribution EUR 872 Equity Best Selection Europe Classic - Distribution EUR 443 Equity Best Selection USA Classic - Distribution USD 564 Equity China Classic - Distribution USD 651 Equity China Classic EUR - Distribution EUR 366 Equity Euro Classic - Distribution EUR 616 Equity Europe Classic - Distribution EUR 932 Equity Europe Consumer Durables Classic - Distribution EUR 266 Equity Europe Consumer Goods Classic - Distribution EUR 413 Equity Europe Emerging Classic - Distribution EUR 3280 Equity Europe Energy Classic - Distribution EUR 592 Equity Europe Finance Classic - Distribution EUR 122 Equity Europe Growth Classic - Distribution EUR 467 Equity Europe Growth Privilege - Distribution EUR 386 Equity Europe Health Care Classic - Distribution EUR 361 Equity Europe Industrials Classic - Distribution EUR 293 Equity Europe Materials Classic - Distribution EUR 376 Equity Europe Telecom Classic - Distribution EUR 419 Equity Europe Utilities Classic - Distribution EUR 530 Equity Germany Classic - Distribution EUR 583 Equity High Dividend Pacific Classic - Distribution EUR 186 Equity High Dividend Pacific Classic USD - Distribution USD 297 Equity High Dividend USA Classic - Distribution USD 430 Equity High Dividend USA Classic EUR - Distribution EUR 651 Equity High Dividend USA Classic H EUR - Distribution EUR 194 Equity High Dividend World Classic - Distribution EUR 142 Equity High Dividend World Classic H USD - Distribution USD 115 Equity India Classic - Distribution USD 119 Equity Indonesia Classic - Distribution USD 437 Equity Indonesia Classic EUR - Distribution EUR 298 Equity Netherlands Classic - Distribution EUR 1472 Equity Russia Classic - Distribution EUR 323 Equity Russia Classic GBP - Distribution GBP 493 Equity Turkey Classic - Distribution EUR 482 Equity Turkey Classic USD - Distribution USD 170 Equity USA Core Classic - Distribution USD 201 Equity USA Core Classic EUR - Distribution EUR 334 Equity USA Growth Classic - Distribution USD 139 Equity USA Growth Classic H EUR - Distribution EUR 242 Equity USA Small Cap Classic - Distribution USD 206 Equity World Classic - Distribution EUR 310

BNP Paribas L1


Page 135

Sub-fund Class Currency Dividend Equity World Consumer Durables Classic - Distribution EUR 139 Equity World Consumer Goods Classic - Distribution EUR 962 Equity World Emerging Classic - Distribution USD 1177 Equity World Emerging Classic EUR - Distribution EUR 353 Equity World Energy Classic - Distribution EUR 1223 Equity World Finance Classic - Distribution EUR 505 Equity World Health Care Classic - Distribution EUR 980 Equity World Low Volatility Classic - Distribution EUR 566 Equity World Low Volatility Classic USD - Distribution USD 566 Equity World Materials Classic - Distribution EUR 125 Equity World Technology Classic - Distribution EUR 527 Equity World Telecom Classic - Distribution EUR 1578 Equity World Utilities Classic - Distribution EUR 299 Green Tigers Classic - Distribution EUR 310 Green Tigers Classic USD - Distribution USD 166 OBAM Equity World Classic - Distribution EUR 243 Opportunities USA Classic - Distribution USD 121 Opportunities USA Classic GBP - Distribution GBP 436 Opportunities USA Classic H EUR - Distribution EUR 133 Opportunities USA Classic H GBP - Distribution GBP 143 Opportunities World Classic - Distribution EUR 210 Real Estate Securities Europe Classic - Distribution EUR 490 Real Estate Securities Europe Classic GBP - Distribution GBP 534 Real Estate Securities Pacific Classic - Distribution EUR 248 Real Estate Securities World Classic - Distribution EUR 103 Sustainable Active Allocation Classic - Distribution EUR 406 World Commodities Classic - Distribution USD 042 World Commodities Classic EUR - Distribution EUR 067 World Commodities Classic H EUR - Distribution EUR 061

For the ldquoClassic QDrdquo share class the following quarterly dividends were paid

Payment dates

Dividend Month Shares outstanding at Payment date Q4 2012 January 21 31

Amounts

Sub-fund Class Currency Dividend Q4 2012 Dividend Q1 2013 Convertible Bond Best Selection Europe

Classic QD EUR 041 -

For the ldquoClassic MDrdquo and ldquoClassic QDrdquo share class the following monthly dividends were paid

Payment dates

Month Shares outstanding at Payment date January 18 31

February 19 1 March March 19 2 April April 18 30 May 7 14

Amounts

BNP Paribas L1


Page 136

Sub-fund Class Currency Dividend Bond Asia ex-Japan Classic MD USD 040

Bond Asia ex-Japan Classic H SGD MD SGD 040

Bond Asia ex-Japan Classic QD USD 022

Bond Best Selection World Emerging Classic MD USD 040

Bond Best Selection World Emerging Classic QD USD 016

Bond USD Classic MD USD 023

Bond World Emerging Local Classic MD USD 057

Bond World High Yield Classic MD USD 048

The share class ldquoClassic QDrdquo of Bond Asia ex-Japan and Bond Best Selection World Emerging has changed the dividend payment frequency from quarterly to monthly effective 1 January 2013

The last monthly dividends were paid on May 2013

For Bond Asia ex-Japan share class ldquoClassic H SGD MDrdquo

On 28 September 2012 the Board decided to pay the 2012 monthly dividends in this class with the January 2013 monthly dividend this dividend was paid on 31 January 2013

Sub-fund Class Currency Dividend Bond Asia ex-Japan Classic H SGD MD SGD 240

The following dividends were paid on 15 April 2013 for shares outstanding at 27 March 2013

Sub-fund Class Currency Dividend Safe Balanced W4 Classic - Distribution EUR 019

Safe Growth W4 Classic - Distribution EUR 019

Safe High Growth W4 Classic - Distribution EUR 016

For the ldquoClassic H AUD MDrdquo share class launched on 15 February 2013 the following monthly dividend were paid

Payment dates

Month Shares outstanding at Payment date March 19 2 April April 18 30 May 7 14 June 19 1 July

Amounts

Sub-fund Class Currency Dividend Bond Asia ex-Japan Classic H AUD MD AUD 050

The following dividends were paid in cash only on 15 July 2013 for shares outstanding at 27 June 2013




BNP Paribas L1


Page 137

The following dividends were paid in cash only on 15 October 2013 for shares outstanding at 29 September 2013

Sub-fund Class Currency Dividend Safe Growth W10 Classic - Distribution EUR 010


The following dividend was paid in cash only on 15 January 2014 for shares outstanding at 30 December 2013

Sub-fund Class Currency Dividend Safe High Growth W1 Classic - Distribution EUR 009

Note 8 - Exchange rates

The exchange rates used for consolidation and for the conversion of share classes denominated in a currency other than the reference currency of the relevant sub-fund as at 31 December 2013 were the following

EUR 1 = CZK 2737250 EUR 1 = GBP 083200 EUR 1 = HUF 29707500 EUR 1 = NOK 835985 EUR 1 = PLN 415790 EUR 1 = SGD 173980 EUR 1 = USD 137795

Note 9 - Futures contracts

As at 31 December 2013 the following positions were outstanding

Bond Europe Plus

Currency Quantity Purchase Sale Description Maturity Commitment

(in EUR)

Net unrealised gainloss (in EUR)

EUR 369 P EURO-BUND FUTURE 06032014 51 353 730 (562 510) EUR 288 P EURO-SCHATZ FUTURE 06032014 31 766 400 (51 840) EUR 418 P EURO-BOBL FUTURE 06032014 52 011 740 (324 780)

USD 203 S US 10YR NOTE FUT

(CBT) 20032014 18 127 302 147 116

USD 205 P US LONG BOND FUT

(CBT) 20032014 19 089 272 (247 923)

AUD 240 S AUST 3 YR BOND Future 17032014 16 914 029 (9 328)

USD 48 P ULTRA LONG TERM US

TREASURY BOND FUTURE

20032014 4 746 181 (61 232)

USD 270 S US 2YR NOTE FUTURE

(CBT) 31032014 43 070 775 60 246

USD 2 821 S US 5YR NOTE FUTURE

(CBT) 31032014 244 261 811 2 587 022

AUD 71 S AUST 10 YR BOND 17032014 5 285 737 (19 991) CAD 321 S CAN 10YR BOND FUT 20032014 27 788 354 305 099 EUR 44 S EURO BUXL 30Y BONDS 06032014 5 368 880 46 640

GBP 306 S LONG GILT FUTURE

(LIFFE) 27032014 39 191 538 718 606

JPY 42 S JPN 10Y BOND (TSE) 11032014 41 562 265 241 180 USD 353 S 90DAYS EURO $ FUT 17032014 63 868 292 6 223 USD 410 S 90DAYS EURO $ FUT 16032015 73 991 618 (155 666)

BNP Paribas L1


Page 138

Bond Europe Plus (continued)


(in EUR)


EUR 168 P EURO-BTP FUTURE 06032014 19 289 760 128 520

EUR 24 S 3MO EURO EURIBOR

LIFFE 17032014 5 983 200 (1 500)

EUR 308 P 3MO EURO EURIBOR

LIFFE 16032015 76 653 500 122 650

EUR 254 P EURO OAT FUTURE FRENCH GOVT BD

10YR 6 06032014 33 385 760 (444 500)

EUR 179 P SHORT TERM EURO BTP

FUTURES 06032014 19 521 740 23 270

Total 2 507 302

Bond World Plus


(in EUR)


EUR 117 S EURO-BUND FUTURE 06032014 16 282 890 127 550 EUR 62 S EURO-SCHATZ FUTURE 06032014 6 838 600 (310) EUR 291 P EURO-BOBL FUTURE 06032014 36 209 130 (227 510)


(CBT) 20032014 30 182 404 334 255


(CBT) 20032014 9 218 722 (102 757)




20032014 2 966 363 (40 028)


(CBT) 31032014 19 621 131 22 282


(CBT) 31032014 142 262 373 1 430 020

AUD 70 P AUST 10 YR BOND 17032014 5 211 290 27 923 CAD 51 P CAN 10YR BOND FUT 20032014 4 414 972 (16 147) EUR 5 P EURO BUXL 30Y BONDS 06032014 610 100 (7 080)


(LIFFE) 27032014 5 635 385 22 993

JPY 33 S JPN 10Y BOND (TSE) 11032014 32 656 065 188 912

KRW 637 P KOREA 3YR BND

FUTURE 18032014 46 217 139 (13 141)

USD 243 S 90DAYS EURO $ FUT 17032014 43 965 991 4 236 USD 195 S 90DAYS EURO $ FUT 16032015 35 191 135 (74 032)


LIFFE 17032014 3 739 500 (938)


LIFFE 16032015 36 584 625 58 525


10YR 6 06032014 657 200 (8 750)

Total 1 720 795

BNP Paribas L1


Page 139



(in EUR)


EUR 9 S EURO-BUND FUTURE 06032014 1 213 127 9 840

EUR 1 236 S DOW JONES EURO

STOXX 50 - FUTURE 21032014 38 414 880 (1 198 919)

EUR 10 P EURO-SCHATZ FUTURE 06032014 1 068 301 (1 743) EUR 38 P EURO-BOBL FUTURE 06032014 4 760 364 (34 940)

USD 26 P US 10YR NOTE FUT

(CBT) 20032014 2 335 172 (23 959)

USD 2 S US LONG BOND FUT

(CBT) 20032014 180 378 1 878

USD 4 S ULTRA LONG TERM US


20032014 383 073 7 292


(CBT) 31032014 463 509 0


(CBT) 31032014 4 025 425 24 513

AUD 5 S AUST 10 YR BOND 17032014 396 577 (1 326) CAD 5 S CAN 10YR BOND FUT 20032014 461 146 3 629 EUR 1 P EURO BUXL 30Y BONDS 06032014 118 181 (1 366)


(LIFFE) 27032014 620 239 3 446

JPY 1 S JPN 10Y BOND (TSE) 11032014 1 437 670 8 426 USD 18 S 90DAYS EURO $ FUT 17032014 3 329 524 325 USD 12 S 90DAYS EURO $ FUT 16032015 2 097 480 (4 415) JPY 24 P TOPIX INDX FUTR 13032014 2 180 772 114 176 USD 88 P SampP 500 E-MINI FUTURE 21032014 5 878 588 178 976


LIFFE 17032014 362 186 (91)


LIFFE 16032015 2 169 411 3 469

USD 202 P E-MINI MSCI EMERGING

MARKETS INDEX 21032014 7 452 868 216 007

Total (694 782)



(in EUR)



EUR 971 S DOW JONES EURO

STOXX 50 - FUTURE 21032014 30 178 680 (941 870)



(CBT) 20032014 2 486 869 (25 515)


(CBT) 20032014 192 096 2 000



20032014 407 958 7 766


(CBT) 31032014 493 619 0


(CBT) 31032014 4 286 923 26 106

AUD 6 S AUST 10 YR BOND 17032014 422 340 (1 412)

BNP Paribas L1


Page 140

Diversified Active Click Stability (continued)


(in EUR)


CAD 6 S CAN 10YR BOND FUT 20032014 491 103 3 864 EUR 1 P EURO BUXL 30Y BONDS 06032014 125 859 (1 454)


(LIFFE) 27032014 660 530 3 670

JPY 2 S JPN 10Y BOND (TSE) 11032014 1 531 063 8 974 USD 20 S 90DAYS EURO $ FUT 17032014 3 545 816 346 USD 12 S 90DAYS EURO $ FUT 16032015 2 233 736 (4 702) JPY 10 P TOPIX INDX FUTR 13032014 908 655 47 573 USD 20 P SampP 500 E-MINI FUTURE 21032014 1 336 043 40 676


LIFFE 17032014 385 714 (97)


LIFFE 16032015 2 310 339 3 694


MARKETS INDEX 21032014 2 213 723 64 161

Total (794 807)

Equity Netherlands


(in EUR)


EUR 172 P AEX - AMSTERDAM EXCHANGES INDX

17012014 13 840 840 400 760

Total 400 760

Sustainable Active Allocation


(in EUR)


EUR 15 P EURO-BUND FUTURE 06032014 2 087 550 (35 250) EUR 25 P EURO-SCHATZ FUTURE 06032014 2 757 500 (5 750) EUR 20 P EURO-BOBL FUTURE 06032014 2 488 600 (22 070) EUR 1 P EURO BUXL 30Y BONDS 06032014 122 020 (2 340)

Total (65 410)

Broker for Futures contracts

BNP Paribas Securities Services

Note 10 - Forward foreign exchange contracts

As at 31 December 2013 the total amount purchased per currency and the total amount sold per currency in the context of forward foreign exchange contracts were as follows

Bond Europe Plus Currency Purchase amount Currency Sale amount

AUD 45 657 080 AUD 76 472 842 BRL 5 881 000 BRL 10 478 000 CAD 12 696 839 CAD 15 028 394 CHF 32 580 048 CHF 37 707 628 CLP 2 826 232 000 CLP 4 033 567 500 DKK 85 921 376 DKK 26 071 000 EUR 460 020 984 EUR 310 557 579 GBP 97 597 135 GBP 39 072 898 HUF 490 003 000 HUF 920 048 000 JPY 8 968 502 993 JPY 11 259 062 271

BNP Paribas L1


Page 141

Bond Europe Plus (continued) Currency Purchase amount Currency Sale amount

MXN 126 627 000 MXN 126 664 000 NOK 133 194 635 NOK 105 983 763 NZD 29 164 000 NZD 23 339 185 PLN 6 892 000 PLN 80 609 000 SEK 141 940 743 SEK 194 338 599 TRY 5 122 000 TRY 9 138 000 USD 272 101 392 USD 488 012 421 ZAR 112 506 779 ZAR 131 168 132

Net unrealised gain (in EUR) 5 470 381

As at 31 December 2013 the latest maturity of all outstanding contracts is 9 January 2014

Bond World Plus Currency Purchase amount Currency Sale amount

ARS 105 316 000 ARS 3 033 000 AUD 49 257 588 AUD 34 381 707 BRL 36 904 000 CAD 6 348 511 CAD 38 816 350 CHF 22 493 429 CHF 18 323 478 CLP 2 590 679 000 CLP 1 845 465 000 EUR 227 049 660 COP 25 543 094 000 GBP 16 384 035 EUR 199 861 891 HUF 1 368 595 000 GBP 13 968 502 IDR 202 067 817 982 HUF 2 921 505 764 JPY 6 884 390 673 IDR 390 103 933 000 MXN 672 056 000 ILS 55 121 049 NOK 61 582 551 INR 988 319 000 NZD 15 746 936 JPY 5 278 629 519 PLN 19 278 000

KRW 32 413 033 400 SEK 95 673 111 MXN 198 884 000 USD 335 225 638 NOK 80 378 145 ZAR 414 889 193 NZD 29 029 911 PHP 686 547 000 PLN 15 098 000 RUB 1 045 238 000 SEK 86 070 614 THB 506 342 000 TRY 33 670 679 USD 195 869 183 ZAR 124 198 635

Net unrealised loss (in EUR) (2 592 793)

As at 31 December 2013 the latest maturity of all outstanding contracts is 10 April 2014

Convertible Bond Best Selection Europe Currency Purchase amount Currency Sale amount

BRL 150 000 BRL 800 000 EUR 16 207 513 CHF 500 000 HUF 2 200 000 EUR 53 883

GBP 4 550 000 HUF 53 000 000 NOK 9 700 000 SEK 3 950 000 USD 10 800 000 ZAR 6 950 000

Net unrealised loss (in EUR) (9 165)

As at 31 December 2013 the latest maturity of all outstanding contracts is 5 March 2014

BNP Paribas L1


Page 142

Diversified Active Click Balanced Currency Purchase amount Currency Sale amount

AUD 2 392 173 AUD 3 166 554 CAD 667 294 CAD 782 094 CHF 1 560 237 CHF 2 189 060 EUR 8 194 452 DKK 22 761 GBP 1 341 100 EUR 7 829 893 JPY 449 824 289 GBP 1 049 375

NOK 7 603 456 JPY 630 751 147 NZD 1 790 348 NOK 5 227 019 SEK 8 231 357 NZD 1 193 621 USD 10 347 681 SEK 9 535 566

USD 8 715 294 Net unrealised gain (in EUR) 46 591


Diversified Active Click Stability Currency Purchase amount Currency Sale amount





Diversified World Balanced Currency Purchase amount Currency Sale amount

EUR 134 387 638 CHF 7 760 000 GBP 9 940 000 JPY 865 710 000 USD 149 530 000



Diversified World Growth Currency Purchase amount Currency Sale amount


Net unrealised gain (in EUR) 854 761


BNP Paribas L1


Page 143

Diversified World High Growth Currency Purchase amount Currency Sale amount

EUR 16 873 667 CHF 1 490 000 GBP 980 000 JPY 119 120 000 USD 18 540 000



Diversified World Stability Currency Purchase amount Currency Sale amount




Equity Europe Currency Purchase amount Currency Sale amount

EUR 145 662 NOK 1 220 169 Net unrealised loss (in EUR) (264)


Lifecycle 2015 Currency Purchase amount Currency Sale amount

EUR 1 000 244 USD 1 377 381 Net unrealised gain (in EUR) 661



EUR 875 422 USD 1 205 495 Net unrealised gain (in EUR) 579






EUR 680 601 USD 937 218 Net unrealised gain (in EUR) 450





BNP Paribas L1


Page 144

Model 4 Currency Purchase amount Currency Sale amount

EUR 6 207 469 USD 8 547 976 Net unrealised gain (in EUR) 4 095





Safe Balanced W1 Currency Purchase amount Currency Sale amount

CHF 109 786 CHF 1 853 871 EUR 21 880 000 EUR 860 000 GBP 150 889 GBP 2 773 810 JPY 19 739 874 JPY 349 532 688 USD 619 602 USD 20 061 156




CHF 85 389 CHF 1 219 652 EUR 14 880 000 EUR 1 180 000 GBP 108 975 GBP 1 818 480 JPY 14 099 910 JPY 228 323 772 USD 1 211 666 USD 13 892 729











Safe Conservative W1 Currency Purchase amount Currency Sale amount

CHF 36 595 CHF 85 376 EUR 750 000 EUR 140 000 GBP 50 296 GBP 125 701

BNP Paribas L1


Page 145

Safe Conservative W1 (continued) Currency Purchase amount Currency Sale amount

JPY 7 049 955 JPY 15 503 466 USD 578 291




CHF 12 198 CHF 24 393 EUR 300 000 EUR 70 000 GBP 16 765 GBP 41 900 JPY 2 819 982 JPY 5 637 624 USD 27 538 USD 261 607

Net unrealised gain (in EUR) 538







CHF 12 198 CHF 97 572 EUR 1 140 000 EUR 100 000 GBP 16 765 GBP 142 462 JPY 2 819 982 JPY 18 322 278 USD 68 845 USD 1 046 430



Safe Growth W1 Currency Purchase amount Currency Sale amount

EUR 10 570 000 CHF 890 366 GBP 1 324 060 JPY 166 311 302 USD 9 748 324




EUR 4 190 000 CHF 353 702 GBP 527 969 JPY 66 243 476 USD 3 855 273



BNP Paribas L1


Page 146


CHF 12 198 CHF 439 075 EUR 5 240 000 EUR 110 000 GBP 50 296 GBP 687 167 JPY 5 639 964 JPY 85 973 766




EUR 7 490 000 CHF 622 026 GBP 58 679 EUR 160 000 JPY 7 049 955 GBP 972 090 USD 55 076 JPY 121 208 916



Safe High Growth W1 Currency Purchase amount Currency Sale amount

EUR 170 000 CHF 24 400 GBP 25 143 JPY 2 819 509 USD 137 689




CHF 12 198 CHF 12 197 EUR 70 000 EUR 30 000 GBP 8 383 GBP 8 380 JPY 1 409 991 JPY 1 409 406

USD 55 076 Net unrealised gain (in EUR) 42







CHF 12 198 CHF 36 590 EUR 450 000 EUR 20 000 JPY 1 409 991 GBP 58 664

JPY 7 047 030 USD 413 065



BNP Paribas L1


Page 147

Safe Stability W1 Currency Purchase amount Currency Sale amount





CHF 60 992 CHF 951 329 EUR 11 130 000 EUR 330 000 GBP 67 062 GBP 1 416 235 JPY 8 459 946 JPY 177 585 156 USD 192 765 USD 10 188 919











Counterparties to Forward foreign exchange contracts

ABN Amro Barclays Bank Plc Wholesale London BNP Paribas Paris Calyon Citibank NA London Credit Suisse Credit Suisse First Boston Deutsche Bank London Goldman Sachs International London HSBC Bank Plc JP Morgan Chase Bank NA Morgan Stanley And Co International Nomura International Plc The Royal Bank of Scotland Societe Generale UBS Ltd London

BNP Paribas L1


Page 148

Note 11 - Swaps

Credit Default Swaps

The Company has entered into swap agreements whereby it exchanges fixed income for income linked to changes in credit events whether with respect to an index or a bond (see details in the tables below) and vice versa These amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital gain is stated under ldquoUnrealised capital gain on financial instrumentsrdquo in the Statement of net assets and the amount of net capital loss is given under ldquoUnrealised capital loss on financial instrumentsrdquo in the Statement of net assets

Bond Europe Plus Nominal Currency Maturity Sub-fund paid Sub-fund received

10 531 000 USD 20122015 1000 MARKIT CDXNAIG15 1215

20122015

10 531 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000

9 430 000 USD 20032017 METLIFE INC 5 05-

15062015 1000

9 430 000 USD 20032017 1000 PRUDENTIAL FIN 45 03-

15072013

8 500 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000

8 500 000 USD 20062017 5000 FORD MOTOR CRED 5 11-

15052018

8 500 000 USD 20092017 1000 GOLDMAN SACHS 595 08-

18012018

8 500 000 USD 20092017 CITIGROUP INC 6125 08-

15052018 1000

4 300 000 USD 20122017 METLIFE INC 475 10-

08022021 1000

16 000 000 USD 20062018 5000 CDX EM CDSI S19 V1 5Y PRC

20062018


20062018


20062018


20122018

11 500 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

12 100 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

8 900 000 EUR 20122018 ITRX XOVER CDSI S20 5Y

20122018 5000


20122018 5000


20122018 5000

9 000 000 EUR 20062021 0250 US TREASURY NB 4875 06-

15082016


15082016

BNP Paribas L1


Page 149

Bond Europe Plus (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received


15082016

7 600 000 USD 11052063 CDS CMBX NA BBB CDSI S6

PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


Bond World Plus Nominal Currency Maturity Sub-fund paid Sub-fund received


20122015

2 040 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000


15072013

2 040 000 USD 20032017 METLIFE INC 5 05-

15062015 1000

1 800 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

1 200 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018

7 300 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

8 000 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018


20122018 5000


20122018 5000


20122018 5000

BNP Paribas L1


Page 150

Bond World Plus (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received


15082016


15082016


15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


Interest Rate Swaps

The Company has entered into swap agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These amounts are calculated and recognised at each calculation of the Net Asset Value the receivable amount is stated under ldquoOther assetsrdquo in the Statement of net assets while the payable amount is given under ldquoOther liabilitiesrdquo in the Statement of net assets

Bond Europe Plus Nominal Currency Maturity Sub-fund paid Sub-fund received 20 200 000 GBP 21022015 LIBOR 6 M GBP 1411 38 818 000 PLN 26042016 5730 WIBOR 6 M 15 550 000 PLN 17062016 5360 WIBOR 6 M

6 800 000 GBP 26042017 LIBOR 6 M GBP 1662 87 100 000 DKK 08022022 CIBOR DKK 6 M 2300 10 900 000 AUD 19112023 LIBOR 6 M AUD 5525 57 500 000 NOK 20112023 4060 NIBOR 6 M NOK

466 000 000 JPY 21062031 1855 LIBOR 6 M 15 040 000 GBP 20062032 LIBOR 6 M 2755

9 200 000 EUR 05072032 EURIBOR 6 M 2770 1 700 000 GBP 10102040 LIBOR 6 M GBP 3300

355 200 000 JPY 16062041 2040 LIBOR 6 M 9 900 000 USD 26092041 2635 LIBOR 3 M 7 600 000 EUR 05072042 2400 EURIBOR 6 M 6 800 000 GBP 12072042 LIBOR 6 M 2860

14 900 000 GBP 08102043 LIBOR 6 M GBP 3291 Net unrealised loss (in EUR) (2 122 054)


6 900 000 AUD 19112023 LIBOR 6 M AUD 5525 36 400 000 NOK 20112023 4060 NIBOR 6 M NOK 87 000 000 JPY 21062031 1855 LIBOR 6 M

BNP Paribas L1


Page 151


2 300 000 EUR 05072032 EURIBOR 6 M 2770 66 200 000 JPY 16062041 2040 LIBOR 6 M

1 700 000 USD 26092041 2635 LIBOR 3 M 1 900 000 EUR 05072042 2400 EURIBOR 6 M


Inflation Swaps

The Company has entered into inflation swap agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These amounts are calculated and recognised at each calculation of the Net Asset Value the receivable amount is stated under ldquoOther assetsrdquo in the Statement of net assets while the payable amount is given under ldquoOther liabilitiesrdquo in the Statement of net assets


18 220 000 EUR 30092015 1600 EUROSTAT EUROZONE HICP

EX TOBACCO 18 220 000 EUR 30092015 FRANCE CPI EX TOBACCO 1870




EX TOBACCO


EX TOBACCO

25 500 000 USD 10092023 2430 US CPI URBAN

CONSUMERS NSA

31 600 000 EUR 13092023 EUROSTAT EUROZONE HICP

EX TOBACCO 2247

9 200 000 USD 23092023 2590 US CPI URBAN

CONSUMERS NSA Net unrealised loss (in EUR) (105 859)




11 700 000 EUR 18092016 FRANCE CPI EX TOBACCO 1580


EX TOBACCO


EX TOBACCO


EX TOBACCO


EX TOBACCO 2247


BNP Paribas L1


Page 152

Total Return Swaps

A Total Return Swap (TRS) is an agreement to exchange the total performance of a bond or other underlying asset (share index etc) for a benchmark rate plus a spread The total performance includes the interest coupons dividends and profits and losses on the underlying asset over the life of the agreement depending on the type of underlying concerned The risk in this type of agreement is linked to the fact that the benefit for each counterparty will depend on how the underlying asset performs over time which is unknown at the time at which the agreement is entered into

Bond Euro Premium Nominal Currency Maturity Sub-fund paid Sub-fund received

154 000 000 EUR 06062014 PERFORMANCE OF THE

SECURITIES IN THE PORTFOLIO

EURIBOR 3 M 360 D spread +007

33 000 000 EUR 06062014 PERFORMANCE OF BASKET

SHARE EURIBOR 3 M +006

199 500 000 EUR 08122014 EURIBOR 3 M +033 IBOXX EUROZONE 3-5 Net unrealised loss (in EUR) (3 976 040)

()The basket of shares consists of the following

ABI Allianz SE Banco Bilbao Vizcaya Argent Banco Santander Telefonica SA

Counterparties to Swaps contracts

Barclays Bank London BNP Paribas London Branch BNP Paribas Paris Citibank NA London Citibank New York Citigroup Global Market Credit Suisse AG Credit Suisse International Deutsche Bank Goldman Sachs International London HSBC Bank Plc JP Morgan Chase Bank JP Morgan London Morgan Stanley International Nomura International Plc Societe Generale The Royal Bank of Scotland UBS Warburg London

Note 12 - Share currencies

The net asset value per share is priced in the currency of the share class and not in the currency of the sub-fund in the section ldquoKey figures relating to the last 3 yearsrdquo

BNP Paribas L1


Page 153

Note 13 - Short options positions

As at 31 December 2013 the following positions on options sold were outstanding

Bond Europe Plus

Currency Quantity Description Maturity date Strike Commitment

(in EUR)

+- unrealised value (in

EUR)

USD 192 PUT US 10YR NOTE FUT (CBT) 210214 122

21022014 12200 16 999 16543 (3 78853)

Total (3 78853)

Bond World Plus


(in EUR)


EUR)


21022014 12200 11 686 92623 (2 60461)

Total (2 60461)



(in EUR)


EUR) EUR 470 CALL CGG 20062014 21 20062014 2100 987 00000 15 04000

Total 15 04000

Counterparty to Options


Note 14 - Securities lending

Income from securities lending is shown separately in the profit and loss account The market value of securities lent on the balance sheet date as at 31 December 2013 amounts to

Sub-fund Currency Securities lending - Market value

Bond Europe Plus EUR 46 129 722 Equity Euro EUR 19 456 002 Equity Europe EUR 27 739 425 Equity Netherlands EUR 13 807 486 OBAM Equity World EUR 1 976 708

As at 31 December 2013 the guarantee delivered consists of pledged securities registered in tripartite accounts held with JP Morgan Chase under the name BNP Paribas Investment Partners Luxembourg on behalf of the funds pursuant to Circular 08356 The market value of the guarantees represents at least 10723 of the securities lent

Counterparties to Securities lending

ABN Amro NV BNP Paribas Arbitrage BNP Paribas Securities Services Deutsche Bank AG London Merrill Lynch International Morgan Stanley International amp Co PLC

BNP Paribas L1


Page 154

Societe Generale UBS Limited

For the year ended 31 December 2013 the securities lending income generated by the Fund is as follows

Sub-fund Currency Net income Cost and fees Gross income Bond World Plus (formerly Bond Currencies World)

EUR 1 570 1 918 3 488

Bond Europe Plus EUR 115 442 135 090 250 532

Bond Euro High Yield EUR 10 410 12 723 23 133

Bond World Emerging Local USD 6 737 8 234 14 971


EUR 2 182 2 666 4 848

Convertible Bond World EUR 114 889 140 420 255 309

Diversified Active Click Balanced EUR 20 970 25 630 46 600

Diversified Active Click Stability EUR 14 579 17 819 32 398

Diversified World Balanced EUR 76 946 94 046 170 992

Diversified World Growth EUR 52 952 64 720 117 672

Diversified World High Growth EUR 16 003 19 560 35 563

Diversified World Stability EUR 14 565 17 801 32 366

Equity Euro EUR 260 344 236 936 497 280

Equity Europe EUR 772 899 919 402 1 692 301

Equity Netherlands EUR 151 385 176 047 327 432

Equity USA Core USD 56 957 69 615 126 572

Equity World EUR 7 425 9 075 16 500

Equity World Emerging USD 60 919 74 456 135 375

Lifecycle 2015 EUR 1 360 1 662 3 022

Lifecycle 2020 EUR 4 649 5 656 10 305

Lifecycle 2025 EUR 7 446 9 051 16 497

Lifecycle 2030 EUR 6 678 8 110 14 788

Lifecycle 2035 EUR 6 171 7 492 13 663

Model 1 EUR 450 549 999

Model 2 EUR 5 484 6 679 12 163

Model 3 EUR 54 131 65 886 120 017

Model 4 EUR 87 971 107 232 195 203

Model 5 EUR 37 184 45 340 82 524

Model 6 EUR 13 482 16 438 29 920

OBAM Equity World EUR 61 646 74 196 135 842

Real Estate Securities Europe EUR 103 684 126 726 230 410

Safe Balanced W1 EUR 20 620 25 201 45 821




Safe Conservative W1 EUR 79 96 175




Safe Growth W1 EUR 18 216 22 263 40 479

Safe Growth W4 EUR 6 770 8 274 15 044

BNP Paribas L1


Page 155

Sub-fund Currency Net income Cost and fees Gross income Safe Growth W7 EUR 11 166 13 648 24 814

Safe Growth W10 EUR 13 712 16 758 30 470

Safe High Growth W1 EUR 1 257 1 537 2 794

Safe High Growth W4 EUR 222 272 494

Safe High Growth W7 EUR 904 1 104 2 008


Safe Stability W1 EUR 8 828 10 789 19 617




Since 1 October 2013 the only remaining fees attributable to lending securities income are the agency (BP2S) fees which will be 20

Note 15 - Global overview of collateral held per sub-fund

As at 31 December 2013 the SICAV pledged the following collateral (cash) in favour of financial instruments counterparties

Sub-fund Currency OTC collateral Bond Euro Premium EUR 1 160 000 Bond Europe Plus EUR 4 940 000 Bond World Plus EUR 3 530 000 Diversified Active Click Balanced EUR 58 112 Diversified Active Click Stability EUR 61 888 Safe Balanced W1 EUR 20 000 Safe Balanced W4 EUR 20 000 Safe Balanced W7 EUR 100 000 Safe Growth W1 EUR 20 000 Safe Stability W1 EUR 90 000 Safe Stability W4 EUR 10 000 Safe Stability W7 EUR 130 000

As at 31 December 2013 the counterparties to financial instruments pledged the following collateral (cash) in favour of the SICAV

Sub-fund Currency OTC collateral Bond Europe Plus EUR 7 430 000 Bond World Plus EUR 1 770 000 Diversified Active Click Balanced EUR 53 270 Diversified Active Click Stability EUR 56 730 Diversified World Balanced EUR 920 000

Note 16 - Co-management

As at 31 December 2013 a portion of the net assets of the Company was under co-management alongside the assets of one or more other undertakings for collective investment Similarly a portion of the assets of several sub-funds of the Company is also co-managed among the sub-funds Some lines of the portfolios taken over are co-managed in proportion to the net assets of each sub-fund relative to the total value of the co-managed assets

Any fractions in the securities portfolios of co-managed sub-funds are due to the co-management technique The prices of such fractions are based on the market value of the securities concerned at the end of the year

BNP Paribas L1


Page 156

Note 17 - Change in the composition of the securities portfolio

The list of changes to the composition of the securities portfolio during the year is available free of charge at the registered office of the Company as well as from the paying and information agent based in Germany

Note 18 - List of fund managers as at 31 December 2013

bull BNP Paribas Asset Management SAS abbreviated to BNPP AM France bull BNP Paribas Asset Management Inc abbreviated to BNPP AM Inc bull BNP Paribas Investment Partners Asia Limited abbreviated to BNPP IP Asia bull BNP Paribas Investment Partners Belgium abbreviated to BNPP IP Belgium bull BNP Paribas Investment Partners Japan Ltd abbreviated to BNPP IP Japan bull BNP Paribas Investment Partners Netherlands NV abbreviated to BNPP IP Netherlands bull BNP Paribas Investment Partners Singapore Limited abbreviated to BNPP IP Singapore bull BNP Paribas Investment Partners UK Limited abbreviated to BNPP IP UK bull Fischer Francis Trees amp Watts UK Ltd abbreviated to FFTW UK bull Fischer Francis Trees amp Watts US Inc abbreviated to FFTW US bull Impax Asset Management Limited abbreviated to Impax bull Neuflize OBC Investissements abbreviated to NOI bull Neuflize Private Assets SA abbreviated to NPA bull River Road Asset Management LLC abbreviated to River Road bull THEAM SAS

Sub-fund Fund managers

Equity Asia Emerging (absorbed on 27 May 2013) Equity Best Selection Asia ex-Japan (absorbed on 21 May 2013) Equity China (absorbed on 21 May 2013) Equity High Dividend Pacific (absorbed on 21 May 2013) Equity India (absorbed on 21 May 2013) Equity Indonesia (absorbed on 21 May 2013) Equity Pacific ex-Japan (absorbed on 25 March 2013)

BNPP IP Asia

Bond Euro High Yield Convertible Bond World

BNPP AM France Subdelegating to BNPP IP UK for the management of FX cash (Service 13) BNPP IP UK (FX Management) (since 1 December 2013)

Equity Europe Emerging (absorbed on 21 May 2013) Equity Europe Health Care (absorbed on 27 May 2013) Equity Turkey (absorbed on 27 May 2013)

BNPP AM France Subdelegating to BNPP IP UK for the management of FX cash (Service 13)

Equity Europe Energy (absorbed on 3 June 2013) Equity Europe Materials (absorbed on 3 June 2013) Equity Germany (absorbed on 27 May 2013) Equity Russia (absorbed on 21 May 2013) Green Tigers (absorbed on 27 May 2013) Sustainable Bond Euro (absorbed on 25 March 2013) World Commodities (absorbed on 27 May 2013)

BNPP AM France

BNP Paribas L1


Page 157

Sub-fund Fund managers Bond Euro Premium Equity Europe Consumer Durables (absorbed on 3 June 2013) Equity Europe Consumer Goods (absorbed on 3 June 2013) Equity Europe Finance (absorbed on 3 June 2013) Equity Europe Industrials (absorbed on 3 June 2013) Equity Europe Technology (absorbed on 3 June 2013) Equity Europe Telecom (absorbed on 3 June 2013) Equity Europe Utilities (absorbed on 27 May 2013) World Volatility (absorbed on 25 March 2013)

THEAM


BNPP AM Inc until 31 March 2013 THEAM as of 1 April 2013

Equity Netherlands OBAM Equity World Real Estate Securities World (absorbed on 27 May 2013)

BNPP IP Netherlands

Real Estate Securities Europe Real Estate Securities Pacific (absorbed on 27 May 2013)

BNPP IP Netherlands for the allocation and management of assets not entrusted to other fund managers BNPP AM France until 1 February 2013 for the management of assets invested in ldquoMoney Market Eurordquo

Bond Euro Long Term (absorbed on 25 March 2013) Equity Europe Growth (absorbed on 27 May 2013)

BNPP IP UK


BNPP IP Singapore

Bond Best Selection World Emerging (absorbed on 21 May 2013) Bond World Emerging Corporate (absorbed on 27 May 2013) Bond World Emerging Local

FFTW UK for the management of the assets FFTW US acting as co-manager BNPP IP Singapore acting as co-manager (until 4 November 2013) BNPP AM France until 1 February 2013 for the management of assets invested in ldquoMoney Market Eurordquo BNPP IP UK (FX Management) (since 1 December 2013)

Bond Europe Emerging (absorbed on 27 May 2013)

FFTW UK for the management of the assets FFTW US acting as co-manager

Equity World

BNPP AM Inc until 31 March 2013 and THEAM since 1 April 2013 for the asset allocation and the management of the assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoMoney Market Eurordquo (until 20 September 2013)

Equity World Aqua Impax

Equity USA Core

BNPP AM Inc for the asset allocation and the management of the assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoMoney Market Eurordquo (until 20 September 2013)

BNP Paribas L1


Page 158


Bond World High Yield (absorbed on 21 May 2013)

FFTW UK until 7 March 2013 for the management of assets invested in ldquoBond Emergingrdquo FFTW US until 7 March 2013 for the co-management of assets invested in ldquoBond Emergingrdquo BNPP IP Singapore until 7 March 2013 for the co-management of assets invested in ldquoBond Emergingrdquo BNPP AM Inc for the asset allocation and the management of the assets not entrusted to other fund managers Subdelegating to BNPP IP UK for the management of FX cash (service 1)

Equity Best Selection USA (absorbed on 27 May 2013) Equity USA Growth (absorbed on 21 May 2013) Equity USA Small Cap (absorbed on 21 May 2013) Equity World Consumer Durables (absorbed on 27 May 2013) Equity World Consumer Goods (absorbed on 3 June 2013) Equity World Emerging Equity World Energy (absorbed on 21 May 2013) Equity World Finance (absorbed on 21 May 2013) Equity World Health Care (absorbed on 21 May 2013) Equity World Industrials (absorbed on 3 June 2013) Equity World Materials (absorbed on 21 May 2013) Equity World Technology (absorbed on 21 May 2013) Equity World Telecom (absorbed on 27 May 2013) Equity World Utilities (absorbed on 21 May 2013)

BNPP AM Inc

Convertible Bond Best Selection Europe NOI BNPP IP UK for the management of FX cash (Service 2)

Opportunities USA (absorbed on 21 May 2013)

NPA


River Road

BNP Paribas L1


Page 159


Absolute Return Balanced (absorbed on 25 March 2013) Absolute Return Growth (absorbed on 25 March 2013) Absolute Return Stability (absorbed on 25 March 2013)

BNPP IP UK for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoMoney Market Eurordquo and until 1 February 2013 for the management of the assets invested in ldquoBond Euro High Yieldrdquo ldquoEquity Japanrdquo ldquoEquity Europe Small Caprdquo ldquoBond Euro Corporaterdquo ldquoWorld Commoditiesrdquo ldquoConvertible Bond Global Restrictedrdquo Subdelegating to BNPP IP UK until 1 February 2013 for the management of FX cash invested in ldquoBond Euro High Yieldldquo (Service 1) ldquoEquity Japanrdquo (Service 3) ldquoEquity Europe Small Caprdquo (Service 3) and ldquoConvertible Bond Global Restrictedrdquo (Service 1) BNPP IP Netherlands until 1 February 2013 for the management of assets invested in ldquoReal Estate Securities Europerdquo and ldquoReal Estate Securities Pacificrdquo BNPP IP Singapore until 1 February 2013 for the co-management of assets invested in ldquoBond Emergingrdquo BNPP IP Japan until 1 February 2013 for the management support (order execution) for assets invested in ldquoEquity Japanrdquo FFTW UK until 1 February 2013 for the management of assets invested in ldquoBond Emergingrdquo BNPP AM Inc until 1 February 2013 for the management of assets invested in ldquoEquity USArdquo ldquoEquity USA Small Caprdquo ldquoEquity Emergingrdquo and until 4 January 2013 for the management of assets invested in ldquoEquity Worldrdquo FFTW US until 1 February 2013 for the co-management of assets invested in ldquoBond Emergingrdquo

Bond Europe Plus Bond World (absorbed on 27 May 2013)

FFTW UK for the allocation and management of assets not entrusted to other fund managers FFTW US acting as co-manager BNPP AM France until 1 February 2013 for the management of assets invested in ldquoBond Euro High Yieldrdquo and ldquoMoney Market Eurordquo Subdelegating to BNPP IP UK until 1 February 2013 for the management of FX cash invested in ldquoBond Euro High Yieldldquo (Service 1) BNPP AM Inc until 1 February 2013 for the management of assets invested in ldquoBond USD High Yieldrdquo BNPP IP Singapore for the co-management of assets invested in ldquoBond Emergingrdquo (until 20 September 2013) BNPP AM SAS

Bond World Plus (formerly Bond Currencies World) Bond USD (absorbed on 21 May 2013) V350 (absorbed on 27 May 2013)

FFTW UK for the allocation and management of assets not entrusted to other fund managers FFTW US acting as co-manager BNPP AM France until 1 February 2013 for the management of assets invested in ldquoMoney Market Eurordquo BNPP IP Singapore for the co-management of assets invested in ldquoBond Emergingrdquo (until 20 September 2013) BNPP AM SAS

BNP Paribas L1


Page 160


Diversified Active Click Balanced Diversified Active Click Stability

BNPP IP Belgium for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoEquity Japanrdquo ldquoEquity Europe Small Caprdquo ldquoBond Short Term Eurordquo ldquoBond Euro Corporaterdquo ldquoBond Euro Governmentrdquo (until 1 February 2013 for Diversified Active Click Balanced) ldquoWorld Commoditiesrdquo ldquoConvertible Bond Global Restrictedrdquo and until 1 February 2013 in ldquoBond Euro High Yieldrdquo ldquoBond Euro Collateralizedrdquo ldquoMoney Market Eurordquo (until 20 September 2013) Subdelegating to BNPP IP UK for the management of FX cash invested in ldquoEquity Japanrdquo (Service 3) ldquoEquity Europe Small Caprdquo (Service 3) and ldquoConvertible Bond Global Restrictedrdquo (Service 1) and until 1 February 2013 in ldquoBond Euro High Yieldrdquo (Service 1) (until 6 December 2013) BNPP IP Netherlands for the management of assets invested in ldquoReal Estate Securities Europerdquo ldquoReal Estate Securities Pacificrdquo ldquoReal Estate Securities USrdquo (until 6 December 2013) BNPP IP Singapore for the co-management of assets invested in ldquoBond Emergingrdquo (until 20 September 2013) BNPP IP Japan for the management support (order execution) for assets invested in ldquoEquity Japanrdquo (until 20 September 2013) BNPP IP UK for the management of assets invested in ldquoEurope Large Caprdquo ldquoBond EMU Government Leveragedrdquo ldquoBond Inflation-Linkedrdquo and until 27 June 2013 in ldquoTactical Strategyrdquo FFTW UK for the management of assets invested in ldquoStrategy Active Click Global Fixed Incomerdquo ldquoBond Emergingrdquo BNPP AM Inc for the management of assets invested in ldquoEquity USArdquo ldquoEquity USA Small Caprdquo ldquoEquity Emergingrdquo ldquoBond USD High Yieldrdquo (until 20 September 2013) FFTW US for the co-management of assets invested in ldquoStrategy Active Click Global Fixed Incomerdquo ldquoBond Emergingrdquo THEAM For the asset allocation and for the management of the assets invested in ldquoEquity EuroStoxx 50rdquo

BNP Paribas L1


Page 161


Diversified World Balanced Diversified World Growth Diversified World Stability

BNPP IP Belgium for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoBond Euro High Yieldrdquo ldquoMoney Market Eurordquo ldquoEquity Japanrdquo ldquoEquity Europe Small Caprdquo ldquoBond Euro Corporaterdquo ldquoBond Euro Governmentrdquo ldquoBond Euro Collateralizedrdquo ldquoWorld Commoditiesrdquo ldquoConvertible Bond Global Restrictedrdquo ldquoBond Short Term Eurordquo (until 20 September 2013) Subdelegating to BNPP IP UK for the management of FX cash invested in ldquoBond Euro High Yieldrdquo (Service 1) ldquoEquity Japanrdquo (Service 3) ldquoEquity Europe Small Caprdquo (Service 3) and ldquoConvertible Bond Global Restrictedrdquo (Service 1) (until 20 September 2013) BNPP IP Netherlands for the management of assets invested in ldquoReal Estate Securities Europerdquo ldquoReal Estate Securities Pacificrdquo (until 1 February 2013 for Diversified World Stability) ldquoReal Estate Securities USrdquo (until 20 September 2013) BNPP IP Singapore for the co-management of assets invested in ldquoBond Emergingrdquo (until 20 September 2013) BNPP IP Japan for the management support (order execution) for assets invested in ldquoEquity Japanrdquo (until 20 September 2013) BNPP IP UK for the management of assets invested in ldquoEurope Large Caprdquo ldquoBond EMU Government Leveragedrdquo ldquoBond Inflation-Linkedrdquo and until 27 June 2013 in ldquoTactical Strategyrdquo FFTW UK for the management of assets invested in ldquoBond Emergingrdquo (until 20 September 2013) BNPP AM Inc for the management of assets invested in ldquoEquity USArdquo ldquoEquity USA Small Caprdquo ldquoEquity Emergingrdquo ldquoBond USD High Yieldrdquo (until 20 September 2013) FFTW US for the co-management of assets invested in ldquoBond Emergingrdquo (until 20 September 2013) THEAM until 1 February 2013 for the asset allocation with regard to the assets invested in ldquoCurrency Hedge Balancedrdquo ldquoCurrency Hedge Growthrdquo ldquoCurrency Hedge Stabilityrdquo

Sustainable Active Allocation Sustainable Diversified Europe Balanced (absorbed on 25 March 2013) Sustainable Diversified Europe Growth (absorbed on 25 March 2013)

BNPP IP Netherlands for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoSustainable Bond Eurordquo ldquoSustainable Equity Europerdquo and until 1 February 2013 in ldquoMoney Market Eurordquo

BNP Paribas L1


Page 162


Diversified World High Growth

BNPP IP Belgium for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoMoney Market Eurordquo ldquoEquity Japanrdquo ldquoEquity Europe Small Caprdquo ldquoWorld Commoditiesrdquo (until 20 September 2013) Subdelegating to BNPP IP UK for the management of FX cash invested in ldquoEquity Japanrdquo (Service 3) ldquoEquity Europe Small Caprdquo (Service 3) and ldquoConvertible Bond Global Restrictedrdquo (Service 1) (until 20 September 2013) BNPP IP Netherlands for the management of assets invested in ldquoReal Estate Securities Europerdquo ldquoReal Estate Securities Pacificrdquo ldquoReal Estate Securities USrdquo (until 20 September 2013) BNPP IP Japan for the management support for assets invested in ldquoEquity Japanrdquo (until 20 September 2013) BNPP IP UK for the management of assets invested in ldquoEurope Large Caprdquo and until 27 June 2013 in ldquoTactical Strategyrdquo (until 20 September 2013) BNPP AM Inc for the management of assets invested in ldquoEquity USArdquo ldquoEquity USA Small Caprdquo ldquoEquity Emergingrdquo (until 20 September 2013)


BNPP IP UK for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoEquity Best Selection Eurordquo not entrusted to BNPP IP UK


BNPP IP UK for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoEquity Best Selection Europerdquo not entrusted to BNPP IP UK


BNPP IP UK for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoEquity Best Selection Europe ex-UKrdquo not entrusted to BNPP IP UK

Equity Euro

BNPP IP UK for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoMoney Market Eurordquo and ldquoEquity Eurordquo not entrusted to BNPP IP UK Subdelegating to BNPP IP UK until 1 March 2013 FX Management of the assets invested inrdquoEquity Eurordquo (Service 3)

Equity Europe

BNPP IP UK for the allocation and management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoEquity Europerdquo not entrusted to BNPP IP UK Subdelegating to BNPP IP UK since 7 June 2013 for the FX Management (Service 3)


BNPP IP Netherlands for the allocation and management of assets not entrusted to other fund managers BNPP IP Asia for the management of assets invested in ldquoEquity High Dividend Pacificrdquo River Road for the management of assets invested in ldquoEquity High Dividend USArdquo

BNP Paribas L1


Page 163


Lifecycle 2015 Lifecycle 2020 Lifecycle 2025 Lifecycle 2030 Lifecycle 2035

BNPP IP Netherlands for the allocation and management of assets not entrusted to other fund managers BNPP IP Asia for the management of assets invested in ldquoEquity High Dividend Pacificrdquo (until 6 December 2013) BNPP AM France for the management of assets invested in ldquoMoney Market Eurordquo ldquoBond Euro Corporaterdquo and until 1 February 2013 in ldquoBond Euro High Yieldrdquo (until 20 September 2013) Subdelegating to BNPP IP UK until 1 February 2013 for the management of FX cash invested in ldquoBond Euro High Yieldrdquo (Service 1) BNPP IP UK for the management of assets invested in ldquoBond Eurordquo (until 6 December 2013) River Road for the management of assets invested in ldquoEquity High Dividend USArdquo (until 6 December 2013) BNPP AM Inc until 31 March 2013 and THEAM since 1 April 2013 for the management of the assets invested in ldquoEquity Globalrdquo (until 6 December 2013) FFTW UK for the management of assets invested in ldquoBond Emergingrdquo (until 6 December 2013) FFTW US for the co-management of assets invested in ldquoBond Emergingrdquo (until 6 December 2013) BNPP IP Singapore for the co-management of assets invested in ldquoBond Emergingrdquo (until 6 December 2013)

Model 1 Model 2 Model 3 Model 4 Model 5 Model 6


BNP Paribas L1


Page 164



FFTW UK until 1 February 2013 for the management of assets invested in ldquoBond Emergingrdquo BNPP IP Netherlands for the allocation and management of assets not entrusted to other fund managers BNPP AM France until 1 February 2013 for the management of assets invested in ldquoBond Euro High Yieldrdquo ldquoMoney Market Eurordquo Subdelegating to BNPP IP UK until 1 February 2013 for the management of FX cash invested in ldquoBond Euro High Yieldrdquo (Service 1) FFTW US until 1 February 2013 for the co-management of assets invested in ldquoBond Emergingrdquo BNPP IP Singapore until 1 February 2013 for the co-management of assets invested in ldquoBond Emergingrdquo BNPP IP UK for the management of assets invested in ldquoTactical Strategyrdquo

Safe Balanced W1 Safe Balanced W4 Safe Balanced W7 Safe Balanced W10 Safe Growth W1 Safe Growth W4 Safe Growth W7 Safe Growth W10 Safe Stability W1 Safe Stability W4 Safe Stability W7 Safe Stability W10

BNPP IP Belgium for the management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoBond Euro High Yieldldquo ldquoMoney Market Eurordquo ldquoEquity Japanrdquo ldquoEquity Europe Small Caprdquo ldquoBond Euro Corporaterdquo (for Safe Balanced W10 for all other sub-funds until 1 February 2013) ldquoBond Euro Governmentrdquo ldquoBond Euro Collateralizedrdquo (for Safe Balanced W10 for all other sub-funds until 1 February 2013) ldquoWorld Commoditiesrdquo ldquoConvertible Bond Global Restrictedrdquo ldquoBond Short Term Eurordquo and until 1 February 2013 for the management of the assets invested in ldquoBond USD Corporateldquo Subdelegating to BNPP IP UK for the management of FX cash invested in ldquoBond Euro High Yieldrdquo (Service 1) ldquoEquity Japanrdquo (Service 3) ldquoEquity Europe Small Caprdquo (Service 3) and ldquoConvertible Bond Global Restrictedrdquo (Service 1) (until 12 September 2013) BNPP IP Netherlands for the management of assets invested in ldquoReal Estate Securities Europerdquo ldquoReal Estate Securities Pacificrdquo ldquoReal Estate Securities USrdquo (until 12 September 2013) BNPP IP Singapore for the co-management of assets invested in ldquoBond Emergingrdquo (until 12 September 2013) BNPP IP Japan for the management support (order execution) for assets invested in ldquoEquity Japanrdquo (until 12 September 2013) BNPP IP UK for the management of assets invested in ldquoEurope Large Caprdquo ldquoBond Inflation-Linkedrdquo ldquoBond EMU Government Leveragedrdquo and until 27 June 2013 for the management of the assets invested in ldquoTactical Strategyrdquo (until 12 September 2013) FFTW US for the co-management of assets invested in ldquoBond Emergingrdquo (until 12 September 2013) THEAM for the asset allocation FFTW UK for the management of assets invested in ldquoBond Emergingrdquo (until 12 September 2013) BNPP AM Inc for the management of assets invested in ldquoEquity USArdquo ldquoEquity USA Small Caprdquo ldquoEquity Emergingrdquo ldquoBond USD High Yieldrdquo (until 12 September 2013)

BNP Paribas L1


Page 165


Safe Conservative W1 Safe Conservative W4 Safe Conservative W7 Safe Conservative W10

BNPP IP Belgium for the management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoBond Euro High Yieldrdquo ldquoMoney Market Eurordquo ldquoBond Euro Governmentrdquo ldquoConvertible Bond Global Restrictedrdquo ldquoBond Short Term Eurordquo and until 1 February 2013 for the management of the assets invested in ldquoBond Euro Corporaterdquo ldquoBond Euro Collateralizedrdquo ldquoBond USD Corporaterdquo (until 12 September 2013) Subdelegating to BNPP IP UK for the management of FX cash invested in ldquoBond Euro High Yieldrdquo (Service 1) ldquoConvertible Bond Global Restrictedrdquo (Service 1) (until 12 September 2013) BNPP IP UK for the management of assets invested in ldquoBond Inflation-Linkedrdquo ldquoBond EMU Government Leveragedrdquo (until 12 September 2013) FFTW UK for the management of assets invested in ldquoBond Emergingrdquo (until 12 September 2013) BNPP AM Inc for the management of assets invested in ldquoBond USD High Yieldrdquo (until 12 September 2013) FFTW US for the co-management of assets invested in ldquoBond Emergingrdquo (until 12 September 2013) BNPP IP Singapore for the co-management of assets invested in ldquoBond Emergingrdquo (until 12 September 2013) THEAM for the asset allocation

Safe High Growth W1 Safe High Growth W4 Safe High Growth W7 Safe High Growth W10

BNPP IP Belgium for the management of assets not entrusted to other fund managers BNPP AM France for the management of assets invested in ldquoMoney Market Eurordquo ldquoEquity Japanrdquo ldquoEquity Europe Small Caprdquo ldquoWorld Commoditiesrdquo (until 20 September 2013) Subdelegating to BNPP IP UK for the management of FX cash invested in ldquoEquity Japanrdquo (Service 3) ldquoEquity Europe Small Caprdquo (Service 3) (until 20 September 2013) BNPP IP Netherlands for the management of assets invested in ldquoReal Estate Securities Europerdquo ldquoReal Estate Securities Pacificrdquo ldquoReal Estate Securities USrdquo (until 20 September 2013) BNPP IP Japan for the management support for assets invested in ldquoEquity Japanrdquo (until 20 September 2013) BNPP IP UK for the management of assets invested in ldquoEurope Large Caprdquo and until 27 June 2013 for the management of the assets invested in ldquoTactical Strategyrdquo (until 20 September 2013) BNPP AM Inc for the management of assets invested in ldquoEquity USArdquo ldquoEquity USA Small Caprdquo ldquoEquity Emergingrdquo (until 20 September 2013) THEAM for the asset allocation

Note 19 - Transaction fees

Transaction fees incurred by the Fund relating to purchase or sale of transferable securities money market instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees

In line with bond market practice a bid-offer spread is applied when buying and selling these securities Consequently in any given transaction there will be a difference between the purchase and sale prices quoted by the broker which represents the brokerrsquos fee

BNP Paribas L1


Page 166

Note 20 - Post year-end events

In the context of the rationalisation of the BNP Paribas Group range of funds and associated costs the Board of Directors of the Luxembourg UCITS BNP Paribas L1 and Parvest (the Companies) decide in accordance with the provisions of Article 32 of the Articles of Association of the Companies and the Chapter 8 of the Luxembourg Law of 17 December 2010 concerning UCI to dissolve without liquidation the Merging sub-fund by transfer all of its assets and liabilities into the Receiving sub-fund in exchange for the issuing to its shareholders of new shares of the Receiving sub-fund as follows

Sub-fund Date Event

Real Estate Securities Europe 3 February 2014 Absorbed by PARVEST Real Estate Securities Europe

Launch of sub-funds

Sub-fund Date Event Bond Euro Corporate 31 January 2014 Launch of the sub-fund Bond USA High Yield 31 January 2014 Launch of the sub-fund Bond USD 31 January 2014 Launch of the sub-fund Bond World Emerging 31 January 2014 Launch of the sub-fund Opportunities World 31 January 2014 Launch of the sub-fund Real Estate Securities World 31 January 2014 Launch of the sub-fund

BNP Paribas L1

Unaudited appendix

Page 167

Voting rights - Governance and voting policy

a) Introduction

BNP Paribas Investment Partners (BNPP IP) considers the promotion of sound corporate governance practices to be an essential part of its proprietal responsibility Corporate governance has to do with the system by which a company is managed and controlled It relates to its management its supervision and control mechanisms as well as its relationships with stakeholders Sound corporate governance establishes the framework which ensures that the company is managed in accordance with the long-term interests of its shareholders BNPP IP expects all companies in which it invests to conform to best corporate governance practices

Voting at general meetings plays an important role in the dialogue with the companies in which we invest on behalf of our clients and is an integral part of the BNPP IP management processes

BNPP IP ensures that it exercises its voting rights in consideration of the specific circumstances of the company Our voting policy and guidelines are reviewed annually so as to take into account changes in governance codes and market practices and are approved by BNPP IPrsquos Board of Directors

Our voting policy applies to all of BNPP IPrsquos management activities and to all BNPP IP entities that delegate the exercise of their voting rights to BNPP IP The entities to which we delegate management duties are obliged to bear in mind our expectations and market practices when exercising their voting rights and to notify us regularly of the results achieved

b) Governance and voting principles

The following principles describe BNPP IPrsquos expectations of the listed companies in which it invests They constitute a code of conduct guiding the execution of tasks on behalf of BNPP IP

i To act in the long-term interests of shareholders

The primary objective for companies should be to achieve long-term value for shareholders Corporate governance practices should concentrate the attention of the Board of Directors on this objective A clear strategy must be implemented to fulfill this objective while considering all key stakeholders

ii To protect the rights of shareholders

All shareholders must be given the opportunity to vote on decisions pertaining to fundamental changes to the Company Companies must ensure that investorsrsquo rights are protected and treated on an equal basis in particular by respecting the principle of one share - one vote - one dividend

Capital increases should be regulated in order to minimise dilution risk for existing shareholders The mechanisms for averting takeover bids must not be deployed to unburden directors of their responsibilities

iii To ensure an independent effective advisory structure

The Board of Directors and committees should maintain a strong presence of non-executive directors to ensure that management is effectively supervised Directors must have the skills and involvement necessary to improve the efficiency of the Board of Directors Finally directors must be chosen in light of the need for the Board to be appropriately diverse

iv To align compensation structures with the long-term interest of shareholders

Compensation must be aligned with the Companys long-term performance Compensation schemes should in no way limit the Companyrsquos ability to attract and retain directors They must be in line with best market practices and be clearly communicated to shareholders in detail

BNP Paribas L1

Unaudited appendix

Page 168

v To disclose adequate information in a precise and timely manner

Companies should ensure that the financial and operating results as well as information on capital distribution and on environmental social and governance performance are communicated in a precise and timely manner Annual audits of the financial statements produced by independent external auditors should exist in all companies

vi To ensure sound environmental and social performance

Companies should behave responsibly towards all their stakeholders and respect best environmental social and governance practices in order to protect the long-term interest of shareholders Companies should supply information on their carbon emissions and their commitment to the fight against climate change

c) Practical voting procedures

i The client

BNPP IP advises its clients to delegate their voting rights to BNPP IP to allow the Company to preserve the interests of shareholders BNPP IP votes solely in the interest of its clients and the ultimate beneficiaries of the funds for which it is responsible BNPP IP must not subordinate the interests of its clients to other objectives

For clients having delegated their voting rights to BNPP IP BNPP IP will ensure that proxies are received and voted in accordance with BNPP IP guidelines All BNPP IP clients are made aware that such policies and voting procedures are in place

ii Voting committee

BNPP IP has appointed a proxy voting committee (PVC) which draws up the voting policy and then monitors adherence to this policy and the procedures As voting is considered an integral part of the investment process ultimate voting responsibility falls to the fund manager

iii Voting perimeter

The selection of securities over which BNPP IP exercises voting rights is guided by a dual objective to concentrate our efforts on positions that account for a major proportion of our assets under management and to attend the general meetings of shareholders of those companies in which our funds hold a significant share of the capital

Our voting perimeter consists of companies in which the aggregated positions meet the following two criteria

bull They account for 90 of the accumulated total of our equity positions bull They account for at least 1 of the companyrsquos stock exchange capitalisation

iv Voting procedure

The following points outline the key steps in the voting procedure by mail from notification of the agenda for ordinary general meetings (OGM) or extraordinary general meetings (EGM) to execution of the vote

bull The company announces the OGMEGM and its agenda bull The custodian sends the ballot papers to the voting platform bull Securities on loan are recalled or lending is restricted where it is deemed that the vote is important for the company

or that too many securities are on loan bull The SRI team and our voting service provider conduct an analysis of the agenda and make voting recommendations

in accordance with our guidelines bull Dialogue gets under way with issuers on an ad hoc basis bull Voting instructions are issued by the fund manager or PVC and the vote is executed via our platform

BNP Paribas L1

Unaudited appendix

Page 169

v Conflicts of interest

The free exercise of voting rights by BNPP IP would most likely be put in jeopardy in the following situations

bull An employee has personal or professional ties with the company whose shares are subject to the vote bull Commercial relationships exist between the company concerned by the vote and another entity of the BNP Paribas

Group bull The voting rights being exercised involve shares of the BNP Paribas Group or significant interests of the Group

A number of mechanisms are aimed at preventing potential conflicts of interest

bull The voting policy stipulates that voting must be carried out ldquoin the exclusive interest of our clients and principalsrdquo and stresses the independence of BNPP IP from the BNP Paribas Group and its business lines and subsidiaries

bull The voting guidelines which provide a decision-making framework in relation to the exercise of the vote are approved by the BNPP IP Board of Directors

bull Draft resolutions are assessed on the basis of analyses performed by independent external consultants bull Employees have a duty to respect the procedures governing personal gifts and perquisites and are obliged to

declare any other professional activity bull The ldquoChinese wallrdquo separating BNPP IP from the other entities of the Group guarantees that BNPP IP employees

remain independent in the conduct of their missions and responsibilities

Files on all potential conflicts of interest and their resolution will be held with the minutes of the PVC

Unavoidable conflicts of interest are resolved via an escalation mechanism involving the management of BNPP IP namely

i The fund manager ii The compliance and internal audit officers

iii The Chairman

vi Transparency and Reporting

BNPP IP is transparent as regards its voting policy and procedures

bull A copy of this policy can be viewed on the BNPP IP website bull An annual report is published which gives an overview of our voting activities bull Details on our voting activity resolution by resolution can be obtained by our clients upon request

d) Voting guidelines

These voting guidelines supplement the voting policy concerning voting at general meetings of shareholders of BNPP IP listed companies The main types of resolution on which we are called to vote fall within four categories

i Approval of financial statements ii Financial operations

iii Appointment and compensation of directors and corporate officers iv Other resolutions (eg regulated agreements)

For each type of resolution the guidelines propose the best practices and indicate situations that may lead to objections or abstentions during the vote

Voting decisions are taken in view of the following principles

bull ldquoForrdquo the resolution reflects or is based on best practice and is in the long-term interest of shareholders bull ldquoAbstentionrdquo the resolution raises an issue from the shareholdersrsquo perspective

ldquoAgainstrdquo the resolution is unacceptable and is not in the long-term interest of shareholders

BNP Paribas L1

Unaudited appendix

Page 170

Consideration of environmental social and governance (ESG) criteria

BNP Paribas Asset Management applies a Responsible Investment Policy which sets out a certain number of ESG criteria applicable to our investment decisions This policy is based on the criteria of the United Nations Global Compact an international framework built on international conventions relating to human rights labour the environment and anti-corruption This global initiative is supplemented by criteria aimed at controlling investment in certain business sectors such as nuclear and coal-fired power stations and prohibiting investment in controversial products such as anti-personnel mines and cluster bombs The investment criteria and implementation principles included in our Responsible Investment Policy can be consulted on our website at wwwbnpparibas-ipcom

Furthermore with regard to this UCITS BNP Paribas Asset Management has applied a Socially Responsible Investment (SRI) policy the principles of which are described in the AFG-FIR-Eurosif Transparency Code available on our website at wwwbnpparibas-ipcom for the following sub-fund

- Sustainable Active Allocation

Global market risk exposure

The Management Company of the Fund after a risk profile assessment decides between the commitment approach and the VaR (99 1 Month) to determine the global market risk exposure

The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit (20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)

The global market risk exposure information for the year ending 31 December 2013 are as follows

Sub-fund Global Risk calculation

Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of

leverage reached during

the year

Bond World Plus (formerly Bond

Currencies World)

Relative VaR Historical VaR

JPM (60 GBI Indices + 33

ELMI Indices) + 7 JPM EMU

Aggregate All Mats -- (RI)

2 times Benchmark

VaR 3204 7325 4566 413



ML - BB B European Currency Non Financial HY Constrained Index

(HP4N)

2 times Benchmark

VaR 4459 6279 5326 9

Bond Europe Plus Relative VaR Historical VaR

JPM GBI Europe Gross Return Index

2 times Benchmark

VaR 3548 6237 4882 454


Europe Relative VaR Historical

VaR UBS Convertible Europe (EUR) RI

2 times Benchmark

VaR 3003 4899 3959 77



UBS Convertible Global Focus

Vanilla (Hedged in EUR) (EUR) RI

2 times Benchmark

VaR 3026 4490 3666 77

Lifecycle 2015 Relative VaR Historical VaR

20 Global Equity + 475 EMU Gov Bd + 75 Global Real Estate + 25

Cash EUR

2 times Benchmark

VaR 287 2652 2042 4

BNP Paribas L1

Unaudited appendix

Page 171


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year


475 Global Equity + 35 EMU

Gov Bd + 75 Global Real Estate +

10 Cash EUR

2 times Benchmark

VaR 1373 3900 3138 4


MSCI (35 World + 5 EM) + 35 SampP HI World +

10 EPRA Glob + 15 Citi WGBI

EMU

2 times Benchmark

VaR 1885 4286 3505 4




EMU

2 times Benchmark

VaR 2547 5206 4441 3




EMU

2 times Benchmark

VaR 2455 5210 4424 3

Model 1 Relative VaR Historical VaR

60 Citi WGBI EMU All Mats (RI)

+ 40 Monthly Capitalized 3 Month

Euribid (RI)

2 times Benchmark

VaR 2709 5413 4319 3


50 Citi WGBI EMU + 75 MSCI

World +75 SampPCG HI World

+ 5GPR 250 +30 Cash

2 times Benchmark

VaR 1195 5446 4119 3




+10 GPR 250 +10 Cash

2 times Benchmark

VaR 1643 7159 4594 3



World + 25 SampPCG HI World

+10 GPR 250 +5 Cash

2 times Benchmark

VaR 2222 5711 4407 5


MSCI (35 World + 5 EM) +35

SampPCG HI World +10 EPRA Glob +15 Citi WGBI

EMU

2 times Benchmark

VaR 2866 6503 5208 4


475 MSCI World + 5 MSCI

Emerging Markets + 475 SampPCG

High Income World

2 times Benchmark

VaR 1606 5405 4263 1

BNP Paribas L1

Unaudited appendix

Page 172


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year

OBAM Equity World


MSCI AC Index 2 times

Benchmark VaR

5302 6261 5665 0

The sub-funds not disclosed in the table here above use the commitment approach in order to measure and monitor the global exposure

Page 173

Dece

mbe

r 20

12 -

Des

ign

- P1

2111

05_U

K

14 rue Bergegravere - 75009 Paris - France

wwwbnpparibas-ipcom

a global presence

EuropeAustriaBelgiumFranceGermany Greece ItalyLuxembourgPortugalSpainSwitzerlandThe NetherlandsUK

North americaCanadaUSA

Latin americaArgentinaBrazilChileColombiaMexicoUruguay

asia PacificAustraliaBruneiChinaHong KongIndiaIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwan

NordicsDenmarkFinlandNorwaySweden

EEMEaBahrainCzech RepublicKuwaitMoroccoRussiaTurkey

Office addresses can be found in the About Us section of wwwbnpparibas-ipcom

BNP Paribas L1

Table of contents

Page

Page 1

Organisation 3

Information 5

Managers report 6

Audit report 10

Financial statements at 31122013 12

Key figures relating to the last 3 years 36

Securities portfolio at 31122013 Bond Euro High Yield 59

Bond Euro Premium 60

Bond Europe Plus 61

Bond World Emerging Local 63

Bond World Plus 64

Convertible Bond Best Selection Europe 67

Convertible Bond World 69

Diversified Active Click Balanced 70

Diversified Active Click Stability 71

Diversified World Balanced 72

Diversified World Growth 73

Diversified World High Growth 74

Diversified World Stability 75

Equity Euro 76

Equity Europe 77

Equity Netherlands 78

Equity USA Core 79

Equity World 80

Equity World Aqua 82

Equity World Emerging 83

Lifecycle 2015 84

Lifecycle 2020 85

Lifecycle 2025 86

Lifecycle 2030 87

Lifecycle 2035 88

Model 1 89

Model 2 90

Model 3 91

Model 4 92

Model 5 93

Model 6 94

BNP Paribas L1

Table of contents

Page

Page 2



Safe Balanced W1 97

Safe Balanced W4 98

Safe Balanced W7 99






Safe Growth W1 105

Safe Growth W4 106

Safe Growth W7 107

Safe Growth W10 108













BNP Paribas L1

Organisation

Page 3



Board of Directors

Chairman


Members










Managing Director









BNP Paribas L1

Organisation

Page 4

























BNP Paribas L1

Information

Page 5











BNP Paribas L1

Managers report

Page 6

The economy


United States


Europe


BNP Paribas L1

Managers report

Page 7

Japan


Emerging markets


Monetary policy



BNP Paribas L1

Managers report

Page 8

Currency markets



Bond markets



BNP Paribas L1

Managers report

Page 9

Equity markets




Page 10


_rupwc


Opinion


Aher matters



Poge I I

BNP Paribas L1



Page 12

Absolute Return




Japan









Total expenses 64 601 232 443 89 458 3 789 622









(48 389 680) (112 052 139) (99 985 286) (568 069 710)


48 389 680 112 052 139 99 985 286 568 069 710


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 13



Bond Euro Long Term

Bond Euro Premium



0 144 464 621 0 202 516 883 0 560 428 458 0 137 979 046 0 175 333 950 0 501 481 886 0 6 335 330 0 26 022 743 0 (7 167 149)0 144 314 376 0 201 356 693 0 494 314 737 0 0 0 0 0 6 813 472 0 17 041 0 1 160 000 0 17 793 685 0 133 204 0 190 0 41 506 564

0 308 131 0 4 773 619 0 3 198 213 0 0 0 363 814 0 320 026 0 0 0 3 976 040 0 0 0 308 131 0 433 765 0 2 878 187

0 144 156 490 0 197 743 264 0 557 230 245

7 977 115 12 532 266 713 671 236 441 2 445 123 32 064 223 1 964 159 2 660 028 100 346 1 714 503 637 787 5 277 677

5 063 864 0 4 396 420 8 811 585 417 0 0 196 896 35 292 5 059 072 332 530 515 795 37 516 629 198 106 715 1 949 478

92 686 155 529 9 930 296 905 33 965 870 743 0 0 0 0 0 0 0 27 265 77 1 361 0 183 541

20 302 3 102 584 2 641 664 43 018

3 000 157 3 362 583 148 453 2 845 900 814 843 13 392 340 4 976 958 9 169 683 565 218 (2 609 459) 1 630 280 18 671 883

24 291 943 43 394 356 4 956 549 55 766 333 4 284 958 (10 009 724)(1 744 646) 2 564 722 (24 460) (41 705 438) 115 045 33 875 766

27 524 255 55 128 761 5 497 307 11 451 436 6 030 283 42 537 925

(21 703 050) (32 627 772) (6 152 757) (12 302 435) (3 967 810) (38 290 416)(4 602 267) 5 237 9 740 2 445 924 (168 954) (8 128 571)

1 218 938 22 506 226 (645 710) 1 594 925 1 893 519 (3 881 062)(391 194 700) (486 939 959) (100 886 972) (73 995 063) (114 863 395) (255 592 684)

(4 895 550) (7 331 802) 0 (2 095 906) (1 784 576) (4 314 937)

(394 871 312) (471 765 535) (101 532 682) (74 496 044) (114 754 452) (263 788 683)

394 871 312 615 922 025 101 532 682 272 239 308 114 754 452 821 018 928

0 0 0 0 0 0

0 144 156 490 0 197 743 264 0 557 230 245

BNP Paribas L1



Page 14


Emerging Corporate







Net asset value 0 0 0 278 288 466



Total expenses 606 823 677 968 731 764 12 696 019









(143 279 985) (120 882 212) (112 792 606) (1 560 670 153)


143 279 985 120 882 212 112 792 606 1 838 958 619


0 0 0 0


0 0 0 278 288 466

BNP Paribas L1


Page 15



Europe





0 387 231 128 55 269 960 126 633 703 59 950 449 43 609 959 0 357 597 461 50 868 563 119 586 888 48 376 489 36 351 424 0 (23 257 872) 2 376 577 6 852 617 2 361 310 1 779 787 0 334 339 589 53 245 140 126 439 505 50 737 799 38 131 211 0 0 0 0 0 0 0 30 845 710 1 499 644 48 239 9 192 426 5 464 199 0 22 045 829 525 176 145 959 20 224 14 549

0 1 651 853 100 650 318 089 953 979 918 523 0 112 457 0 0 27 400 13 172 0 827 173 9 165 0 648 191 745 189 0 712 223 91 485 318 089 278 388 160 162

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

6 326 150 15 027 981 2 191 835 12 124 676 1 778 956 1 326 083 1 050 558 2 323 829 798 700 5 218 366 1 248 276 899 361

841 13 753 5 885 14 977 3 953 2 591 0 2 083 348 0 58 847 22 763 16 340

218 324 881 738 197 467 1 322 016 269 259 193 758 68 346 375 575 72 749 261 315 104 638 75 744

0 0 0 0 0 0 0 91 265 112 043 443 192 160 311 96 792

6 114 0 0 1 770 0 128

1 344 183 5 769 508 1 186 844 7 320 483 1 809 200 1 284 714 4 981 967 9 258 473 1 004 991 4 804 193 (30 244) 41 369

16 839 299 (8 659 765) 2 093 217 135 463 173 10 049 694 5 027 509 (1 915 926) 6 020 276 836 500 10 291 386 (6 241 326) (5 849 152)

19 905 340 6 618 984 3 934 708 150 558 752 3 778 124 (780 274)

(7 367 503) (33 787 800) 1 673 819 (19 278 022) (1 076 999) 1 276 935 (1 182 724) (4 627 636) (280 517) (11 297 491) (366 609) (535 542)

11 355 113 (31 796 452) 5 328 010 119 983 239 2 334 516 (38 881)(233 906 164) 204 463 624 (12 499 054) (1 155 137 069) (44 651 422) (32 584 098)

(6 530 722) (3 288 459) (64 362) (6 195 932) 0 0

(229 081 773) 169 378 713 (7 235 406) (1 041 349 762) (42 316 906) (32 622 979)

229 081 773 216 200 562 62 404 716 1 167 665 376 101 313 376 75 314 415

0 0 0 0 0 0

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

BNP Paribas L1



Page 16

Diversified World




Stability






Net asset value 384 410 962 167 926 445 35 788 549 123 720 575



Total expenses 8 696 293 3 670 193 951 012 2 845 355









(104 845 516) (42 347 852) (12 434 955) (49 096 971)


489 256 478 210 274 297 48 223 504 172 817 546


0 0 0 0


384 410 962 167 926 445 35 788 549 123 720 575

BNP Paribas L1


Page 17



Japan




ex-UK



0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

1 194 441 2 168 527 13 992 683 22 924 346 206 488 480 946 1 111 376 1 571 750 2 484 768 6 222 512 88 053 480 766

74 289 181 516 130 4 0 0 0 0 0 0

225 661 378 725 897 048 1 816 811 43 065 126 377 50 964 83 442 120 895 322 282 2 559 26 087

0 0 0 0 0 0 683 938 127 263 475 424 1 134 765 85 691 44 169

39 571 1 920 12 220 48 189 0 0

2 111 584 2 163 389 3 990 536 9 545 075 219 498 677 403 (917 143) 5 138 10 002 147 13 379 271 (13 010) (196 457)

28 465 823 65 569 454 161 548 153 311 227 043 14 194 778 22 366 491

(14 824) (5 401) (140 499) 96 367 1 924 (255 255)

27 533 856 65 569 191 171 409 801 324 702 681 14 183 692 21 914 779

(22 291 733) (50 533 539) (97 139 622) (156 540 657) (10 565 289) (9 084 280)0 0 (22 696) 0 0 (55 491)

5 242 123 15 035 652 74 247 483 168 162 024 3 618 403 12 775 008 (177 670 445) (335 717 879) (728 033 920) (1 421 563 122) (61 967 986) (102 673 322)

(107 752) (1 305 691) (863 607) (8 732 459) 0 (219 731)

(172 536 074) (321 987 918) (654 650 044) (1 262 133 557) (58 349 583) (90 118 045)

172 536 074 321 987 918 654 650 044 1 262 133 557 58 349 583 90 118 045

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 18


Consumer Durables






Net asset value 0 510 442 146 950 724 881 0



Total expenses 5 675 695 2 990 312 8 650 242 56 127









(653 954 642) 47 101 993 (25 806 710) (6 934 884)


653 954 642 463 340 153 976 531 591 6 934 884


0 0 0 0


0 510 442 146 950 724 881 0

BNP Paribas L1


Page 19








0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

327 362 2 691 962 710 475 767 422 8 827 864 1 131 912 124 329 1 197 535 351 795 247 232 2 988 716 389 317

191 2 152 4 333 216 174 6 0 0 0 0 0 0

29 010 301 593 82 259 59 481 774 600 94 314 6 898 50 889 18 259 12 355 150 345 20 926

0 0 0 0 0 0 12 363 64 986 140 075 60 129 312 030 269 335

219 21 350 0 9 186 8 486 0

173 010 1 638 505 596 721 388 599 4 234 351 773 898 154 352 1 053 457 113 754 378 823 4 593 513 358 014

6 272 854 36 134 857 515 332 1 777 985 185 219 878 19 765 399

30 948 (47 372) 81 982 (94 684) (6 051) 53 773

6 458 154 37 140 942 711 068 2 062 124 189 807 340 20 177 186

(3 741 744) (29 593 154) (161 749) 1 918 673 (116 800 391) (10 290 769)0 0 0 26 600 0 0

2 716 410 7 547 788 549 319 4 007 397 73 006 949 9 886 417 (21 218 213) (219 687 834) (61 505 688) (49 443 724) (663 056 140) (70 986 683)

(104 772) (402 996) (483 751) (230 614) (7 456 268) (328 964)

(18 606 575) (212 543 042) (61 440 120) (45 666 941) (597 505 459) (61 429 230)

18 606 575 212 543 042 61 440 120 45 666 941 597 505 459 61 429 230

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 20

Equity Europe




Telecom









Total expenses 51 370 106 025 30 280 115 208









(5 926 702) (13 581 303) (3 159 623) (14 493 080)


5 926 702 13 581 303 3 159 623 14 493 080


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 21






0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

532 778 3 321 501 700 027 1 698 221 584 537 850 175 126 627 805 597 245 046 1 113 452 217 355 1 934 033

564 36 57 166 53 0 0 0 0 0 0 0

29 620 188 033 58 409 248 105 50 716 436 702 6 757 43 453 13 845 53 630 11 687 80 101

0 0 0 0 0 0 6 291 497 21 034 69 882 85 144 954 944

0 47 181 0 5 025 0 153 847

169 859 1 084 797 338 391 1 490 260 364 955 3 559 627 362 919 2 236 704 361 636 207 961 219 582 (2 709 452)

(3 442 470) 37 904 879 8 261 132 37 798 568 6 780 846 51 792 493

2 490 139 445 84 330 (2 390 587) 800 406 (51 469)

(3 077 061) 40 281 028 8 707 098 35 615 942 7 800 834 49 031 572

5 051 020 (26 705 993) (2 540 902) (3 996 589) (1 983 182) (48 945 164)1 955 15 438 0 (1 110 572) (498 736) 0

1 975 914 13 590 473 6 166 196 30 508 781 5 318 916 86 408 (24 064 295) (149 340 870) (39 894 549) (185 559 985) (37 829 274) (362 307 922)

(266 850) (37 825) (413 357) (506 804) (71 915) (137 009)

(22 355 231) (135 788 222) (34 141 710) (155 558 008) (32 582 273) (362 358 523)

22 355 231 135 788 222 34 141 710 155 558 008 32 582 273 362 358 523

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 22








Net asset value 0 433 535 208 0 0



Total expenses 1 269 767 1 543 362 59 163 9 574 585









(153 359 232) 14 709 067 (51 000 124) (1 496 918 353)


153 359 232 418 826 141 51 000 124 1 496 918 353


0 0 0 0


0 433 535 208 0 0

BNP Paribas L1


Page 23



World Aqua


0 1 445 954 478 0 0 97 546 733 64 434 561 0 1 165 925 789 0 0 93 500 559 58 342 249 0 270 048 697 0 0 3 757 986 5 290 318 0 1 435 974 486 0 0 97 258 545 63 632 567 0 0 0 0 0 0 0 7 984 670 0 0 0 508 838 0 1 995 322 0 0 288 188 293 156

0 555 446 0 0 561 281 644 849 0 0 0 0 13 237 0 0 0 0 0 0 0 0 555 446 0 0 548 044 644 849

0 1 445 399 032 0 0 96 985 452 63 789 712

3 132 548 18 969 019 5 191 002 1 239 555 2 458 857 10 1 325 914 1 198 343 6 077 646 1 548 791 1 077 682 378 719

0 1 636 17 10 2 385 17 0 0 0 0 0 0

291 185 3 071 459 1 666 620 435 176 378 710 69 664 57 693 204 386 281 618 69 828 74 832 38 439

0 0 0 0 0 0 345 380 1 277 859 202 873 238 906 304 169 0

54 854 0 24 482 9 705 0 0

2 075 026 5 753 683 8 253 256 2 302 416 1 837 778 486 839 1 057 522 13 215 336 (3 062 254) (1 062 861) 621 079 (486 829)

64 906 214 239 533 393 303 128 863 71 711 949 16 112 428 0

(215 136) (869 166) 4 478 578 (165 119) 208 082 0

65 748 600 251 879 563 304 545 187 70 483 969 16 941 589 (486 829)

(37 886 544) 109 989 410 (138 242 771) (15 726 959) (1 203 017) 5 290 318 0 0 (2 103 689) (73 953) 0 0

27 862 056 361 868 973 164 198 727 54 683 057 15 738 572 4 803 489 (239 996 170) (388 505 291) (1 522 761 375) (330 512 254) (54 070 448) 58 986 223

(346 736) (393 571) (5 317 374) (788 181) (357 345) 0

(212 480 850) (27 029 889) (1 363 880 022) (276 617 378) (38 689 221) 63 789 712

212 480 850 1 472 428 921 1 363 880 022 276 617 378 135 674 673 0

0 0 0 0 0 0

0 1 445 399 032 0 0 96 985 452 63 789 712

BNP Paribas L1



Page 24

Equity World

Consumer Durables



Equity World Energy









Total expenses 304 893 667 566 6 744 588 1 393 647









(34 465 045) (60 426 024) (750 495 928) (200 579 372)


34 465 045 60 426 024 799 288 413 200 579 372


0 0 0 0


0 0 48 792 485 0

BNP Paribas L1


Page 25








0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

354 305 2 251 214 82 490 2 699 001 1 290 711 246 887 192 373 1 157 017 51 924 1 026 727 606 321 306 866

90 200 82 484 95 48 0 0 0 0 0 0

46 443 285 991 12 116 326 763 141 475 71 824 10 269 62 821 2 894 58 905 32 051 16 604

0 0 0 0 0 0 28 891 93 524 7 513 479 061 25 136 14 063

0 6 591 0 3 210 0 1 814

278 066 1 606 144 74 529 1 895 150 805 078 411 219 76 239 645 070 7 961 803 851 485 633 (164 332)

9 388 557 70 466 247 2 746 890 34 681 119 12 293 612 11 262 003

(23 263) (53 052) 6 366 (714 979) (21 687) (1 749)

9 441 533 71 058 265 2 761 217 34 769 991 12 757 558 11 095 922

(3 539 827) (22 332 807) (1 448 047) (448 545) (15 444 650) (6 402 883)0 0 0 (25 677) 0 0

5 901 706 48 725 458 1 313 170 34 295 769 (2 687 092) 4 693 039 (38 259 250) (228 227 308) (8 923 450) (182 597 016) (114 865 008) (61 209 264)

(443 586) (764 381) 0 (429 126) (78 702) (91 825)

(32 801 130) (180 266 231) (7 610 280) (148 730 373) (117 630 802) (56 608 050)

32 801 130 180 266 231 7 610 280 148 730 373 117 630 802 56 608 050

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 26

Equity World











Total expenses 521 283 418 018 164 917 249 601









(65 738 926) (52 620 608) (21 643 911) (8 925 988)


65 738 926 52 620 608 21 643 911 26 564 308


0 0 0 0


0 0 0 17 638 320

BNP Paribas L1


Page 27



15 202 042 15 343 338 12 614 019 12 378 248 8 448 953 22 637 914 15 044 789 15 181 637 12 417 163 12 104 970 8 400 045 22 518 326

4 104 58 698 76 400 73 900 (31 392) (13 579)15 048 893 15 240 335 12 493 563 12 178 870 8 368 653 22 504 747

579 556 450 438 0 0 121 940 88 140 117 224 175 289 55 137 120 688

30 630 14 307 2 782 23 651 25 163 12 479

41 341 46 259 56 046 138 240 64 991 48 847 0 0 0 0 0 0 0 0 0 0 0 0

41 341 46 259 56 046 138 240 64 991 48 847

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

413 676 394 169 286 021 268 829 254 586 822 104 171 136 180 244 169 310 159 762 127 388 368 209

330 443 412 398 66 314 648 572 368 330 0 0

26 399 32 772 25 083 23 668 26 133 75 807 22 272 20 978 16 231 15 385 16 288 47 303

0 0 0 0 0 0 17 008 25 056 24 044 22 598 509 21 504

0 0 0 0 0 0

237 793 260 065 235 448 222 141 170 384 513 137 175 883 134 104 50 573 46 688 84 202 308 967

1 526 437 1 918 282 1 608 344 1 428 324 496 804 2 540 615

28 896 31 007 29 330 28 032 3 173 15 999

1 731 216 2 083 393 1 688 247 1 503 044 584 179 2 865 581

(1 062 972) (849 057) (557 990) (480 002) (546 993) (2 062 269)(3 883) (3 756) (2 477) (2 117) 1 306 3 248

664 361 1 230 580 1 127 780 1 020 925 38 492 806 560 (7 018 383) (4 261 994) (1 204 062) 186 850 (8 312 586) (28 125 472)

0 0 0 0 0 0

(6 354 022) (3 031 414) (76 282) 1 207 775 (8 274 094) (27 318 912)

21 514 723 18 328 493 12 634 255 11 032 233 16 658 056 49 907 979

0 0 0 0 0 0

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

BNP Paribas L1



Page 28







Net asset value 135 832 970 95 042 291 25 621 238 7 277 768



Total expenses 3 398 349 3 470 015 1 271 981 342 612









(109 587 363) (149 311 500) (42 876 214) (11 728 832)


245 420 333 244 353 791 68 497 452 19 006 600


0 0 0 0


135 832 970 95 042 291 25 621 238 7 277 768

BNP Paribas L1


Page 29


World Real Estate



Securities World


250 240 466 0 0 614 692 942 0 0 219 570 156 0 0 545 921 469 0 0

23 834 907 0 0 53 511 623 0 0 243 405 063 0 0 599 433 092 0 0

0 0 0 0 0 0 6 599 409 0 0 14 763 705 0 0

235 994 0 0 496 145 0 0

659 662 0 0 380 681 0 0 0 0 0 0 0 0 0 0 0 0 0 0

659 662 0 0 380 681 0 0

249 580 804 0 0 614 312 261 0 0

4 561 392 1 352 954 942 337 14 995 956 477 331 368 256 3 632 604 2 179 897 655 294 1 456 735 303 075 163 754

50 036 4 315 556 2 560 577 398 0 0 22 153 0 0 0

1 003 451 500 813 171 393 1 275 716 86 723 47 617 291 898 94 839 31 873 134 531 15 786 7 718

0 0 0 0 0 0 663 019 327 573 161 127 1 227 591 135 825 70 593

5 057 40 776 5 907 589 0 0

5 646 065 3 148 213 1 048 303 4 097 722 541 986 290 080 (1 084 673) (1 795 259) (105 966) 10 898 234 (64 655) 78 176

20 525 220 (16 487 243) 16 863 214 21 114 499 19 000 854 9 002 244

17 849 (8 425 230) (507 727) (185 299) 84 950 46 531

19 458 396 (26 707 732) 16 249 521 31 827 434 19 021 149 9 126 951

11 784 782 (14 473 855) (7 360 731) 19 491 786 (11 319 157) (4 056 427)0 (1 081 279) 307 639 0 187 0

31 243 178 (42 262 866) 9 196 429 51 319 220 7 702 179 5 070 524 (88 671 663) (433 393 200) (135 659 663) 101 247 598 (74 349 572) (38 382 703)(1 888 226) (1 191 369) (664 479) (1 508 569) (718 550) (41 462)

(59 316 711) (476 847 435) (127 127 713) 151 058 249 (67 365 943) (33 353 641)

308 897 515 476 847 435 127 127 713 463 254 012 67 365 943 33 353 641

0 0 0 0 0 0

249 580 804 0 0 614 312 261 0 0

BNP Paribas L1



Page 30







Net asset value 153 906 004 116 410 630 179 206 089 169 961 577



Total expenses 3 710 258 2 781 763 4 372 735 4 228 585









(59 415 687) (19 642 169) (3 136 528) (40 417 387)


213 321 691 136 052 799 182 342 617 210 378 964


0 0 0 0


153 906 004 116 410 630 179 206 089 169 961 577

BNP Paribas L1


Page 31






11 379 855 5 004 359 7 289 956 12 935 456 74 607 020 29 741 149 11 341 825 4 951 925 7 236 118 12 771 816 73 318 203 29 054 876

23 998 12 170 28 266 44 316 653 352 221 394 11 365 823 4 964 095 7 264 384 12 816 132 73 971 555 29 276 270

1 579 538 1 816 2 867 30 196 11 973 9 669 38 467 22 196 115 244 581 145 452 331 2 784 1 259 1 560 1 213 24 124 575

94 070 6 446 15 950 43 340 291 895 223 542 0 0 0 0 0 0 0 0 0 0 0 0

94 070 6 446 15 950 43 340 291 895 223 542

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

78 339 32 442 79 440 86 619 1 244 710 484 927 145 027 51 901 82 140 143 953 1 065 534 551 982

766 379 768 855 2 586 1 136 548 265 632 634 33 257 12 930

46 538 15 571 24 642 43 187 218 226 83 102 14 621 6 222 9 336 16 987 45 068 26 347

0 0 0 0 0 0 383 137 322 473 119 187 45 502

0 0 0 0 17 743 11 992

207 883 74 475 117 840 206 089 1 501 601 732 991 (129 544) (42 033) (38 400) (119 470) (256 891) (248 064)

151 866 1 890 (63 280) (56 790) 4 908 510 2 150 158

25 377 (2 889) 8 509 13 845 633 994 238 825

47 699 (43 032) (93 171) (162 415) 5 285 613 2 140 919

(256 920) (41 279) (75 112) (66 146) (5 072 130) (2 158 897)(37 631) (6 795) (12 502) (11 907) 261 613 120 903

(246 852) (91 106) (180 785) (240 468) 475 096 102 925 (7 179 733) (311 823) (1 402 420) (2 634 120) (8 807 631) (5 390 256)

0 0 0 0 0 (31 974)

(7 426 585) (402 929) (1 583 205) (2 874 588) (8 332 535) (5 319 305)

18 712 370 5 400 842 8 857 211 15 766 704 82 647 660 34 836 912

0 0 0 0 0 0

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

BNP Paribas L1



Page 32


Safe High Growth W4






Net asset value 35 814 022 51 428 296 3 713 475 713 489



Total expenses 879 840 1 266 247 96 106 17 726









(5 844 481) (6 706 161) (400 381) 7 555


41 658 503 58 134 457 4 113 856 705 934


0 0 0 0


35 814 022 51 428 296 3 713 475 713 489

BNP Paribas L1


Page 33

Safe High Growth W7



27 187 32 026 447 861 290 269 653 704 677 797 2 372 419 3 021 546 180 442 906 114 971 439 174 465 228 181 289 781

452 946 53 420 30 777 66 229 62 925 9 561 19 898 1 384 367 1 059 580 1 058 648 1 320 350

74 5 014 21 027 8 909 8 678 8 685

5 712 5 911 588 389 394 908 796 033 1 169 402 0 0 0 0 0 0 0 0 0 0 0 0

5 712 5 911 588 389 394 908 796 033 1 169 402

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

35 699 49 916 1 343 559 911 389 2 042 718 1 590 075 43 056 59 483 3 446 192 2 231 662 3 329 134 3 565 980

105 86 3 881 2 285 5 430 4 452 752 1 067 50 862 33 082 78 553 60 525

7 370 10 186 492 085 316 582 445 270 522 047 2 875 3 932 134 679 85 926 100 723 149 795

0 0 0 0 0 0 5 501 7 653 51 773 34 541 80 871 62 275

0 0 104 852 70 726 132 864 96 251

59 659 82 407 4 284 324 2 774 804 4 172 845 4 461 325 (23 960) (32 491) (2 940 765) (1 863 415) (2 130 127) (2 871 250)

280 199 402 279 4 248 776 1 297 176 1 468 897 1 543 581

40 766 52 734 94 157 17 313 (123 517) 88 895

297 005 422 522 1 402 168 (548 926) (784 747) (1 238 774)

(203 152) (304 722) (5 516 537) (1 958 590) (3 482 145) (2 827 382)(14 221) (10 323) 144 610 64 641 129 075 115 495

79 632 107 477 (3 969 759) (2 442 875) (4 137 817) (3 950 661)(292 319) (891 007) (59 421 765) (30 967 923) (24 700 658) (57 678 199)

(1 890) (2 183) 0 0 0 0

(214 577) (785 713) (63 391 524) (33 410 798) (28 838 475) (61 628 860)

2 591 371 3 827 206 244 704 855 149 086 595 203 641 225 243 141 199

0 0 0 0 0 0

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

BNP Paribas L1



Page 34

Sustainable Active



Balanced


Growth






Net asset value 134 651 112 0 0 0



Total expenses 1 992 858 331 276 203 259 63 782









88 903 833 (191 767 687) (51 330 997) (15 652 581)


45 747 279 191 767 687 51 330 997 15 652 581


0 0 0 0


134 651 112 0 0 0

BNP Paribas L1


Page 35


EUR USD EUR EUR

0 0 0 8 535 831 965 0 0 0 7 634 371 783 0 0 0 680 584 734 0 0 0 8 314 956 517 0 0 0 10 777 778 0 0 0 126 545 910 0 0 0 83 551 760

0 0 0 37 965 121 0 0 0 955 167 0 0 0 6 271 432 0 0 0 30 738 522

0 0 0 8 497 866 844

4 434 117 13 657 2 820 386 133 674 152 920 1 127 963 37 155 145 214 718

1 459 1 641 2 639 310 140 254 449 0 0 9 400 165

78 694 422 908 14 862 40 040 172 17 990 52 002 667 9 404 846 93 708 0 0 93 708 12 224 0 0 19 600 949 11 762 0 0 1 556 523

623 206 1 604 514 55 323 225 621 221 3 810 911 (1 590 857) (52 503) 160 512 453

(3 006 642) (1 184 764) 0 2 621 245 947 3 610 580 (35 397 724) 37 168 676 14 177 645

4 414 849 (38 173 345) 37 116 173 2 795 936 045

3 326 222 8 970 0 (1 180 655 618)(2 752 939) 10 447 996 (38 094 833) (59 965 032)

4 988 132 (27 716 379) (978 660) 1 555 315 395 (162 656 568) (319 563 946) (37 124 817) (17 224 055 820)

0 (186 970) 0 (112 945 427)

(157 668 436) (347 467 295) (38 103 477) (15 781 685 852)

157 668 436 347 467 295 38 103 477 24 587 101 767

0 0 0 (307 549 071)

0 0 0 8 497 866 844

BNP Paribas L1



Page 36


Net assets 51 572 829 48 389 680 0



Net assets 166 720 601 112 052 139 0



Net assets 124 302 111 99 985 286 0



Net assets 52 009 933 568 069 710 0



Net assets 497 870 928 394 871 312 0


BNP Paribas L1



Page 37


Net assets 537 689 913 615 922 025 144 156 490



Net assets 105 020 178 101 532 682 0



Net assets 320 381 822 272 239 308 197 743 264



Net assets 106 242 233 114 754 452 0



Net assets 701 920 049 821 018 928 557 230 245


BNP Paribas L1



Page 38


Net assets 192 247 258 143 279 985 0



Net assets 136 442 336 120 882 212 0



Net assets 97 537 195 112 792 606 0



Net assets 2 209 197 910 1 838 958 619 278 288 466


BNP Paribas L1



Page 39


Net assets 173 041 615 229 081 773 0



Net assets 137 190 913 216 200 562 385 579 275



Net assets 71 049 017 62 404 716 55 169 310



Net assets 1 006 588 202 1 167 665 376 126 315 614


BNP Paribas L1



Page 40


Net assets 110 205 340 101 313 376 58 996 470



Net assets 85 075 098 75 314 415 42 691 436



Net assets 530 905 163 489 256 478 384 410 962



Net assets 210 133 205 210 274 297 167 926 445



Net assets 50 902 822 48 223 504 35 788 549



Net assets 195 747 853 172 817 546 123 720 575


BNP Paribas L1



Page 41


Net assets 165 006 284 172 536 074 0



Net assets 274 877 939 321 987 918 0



Net assets 391 372 993 654 650 044 0



Net assets 724 794 945 1 262 133 557 0



Net assets 12 706 300 58 349 583 0


BNP Paribas L1



Page 42


Net assets 99 306 341 90 118 045 0



Net assets 587 600 420 653 954 642 0



Net assets 477 311 632 463 340 153 510 442 146



Net assets 756 405 840 976 531 591 950 724 881


BNP Paribas L1



Page 43


Net assets 4 164 847 6 934 884 0



Net assets 16 375 755 18 606 575 0



Net assets 254 945 579 212 543 042 0



Net assets 78 811 471 61 440 120 0



Net assets 32 900 935 45 666 941 0


BNP Paribas L1



Page 44


Net assets 764 490 136 597 505 459 0



Net assets 63 137 325 61 429 230 0



Net assets 5 740 256 5 926 702 0



Net assets 14 056 677 13 581 303 0



Net assets 2 400 980 3 159 623 0



Net assets 21 894 248 14 493 080 0


BNP Paribas L1



Page 45


Net assets 24 282 157 22 355 231 0



Net assets 126 210 658 135 788 222 0



Net assets 29 881 743 34 141 710 0



Net assets 30 874 581 155 558 008 0



Net assets 17 805 812 32 582 273 0


BNP Paribas L1



Page 46


Net assets 305 738 087 362 358 523 0



Net assets 144 809 142 153 359 232 0



Net assets 467 079 012 418 826 141 433 535 208



Net assets 258 491 849 51 000 124 0


BNP Paribas L1



Page 47


Net assets 971 381 224 1 496 918 353 0



Net assets 127 363 511 212 480 850 0



Net assets 1 188 319 704 1 472 428 921 1 445 399 032



Net assets 1 024 997 425 1 363 880 022 0


BNP Paribas L1



Page 48


Net assets 245 412 700 276 617 378 0



Net assets 228 914 220 135 674 673 96 985 452



Net assets 0 0 63 789 712



Net assets 31 532 086 34 465 045 0



Net assets 73 870 460 60 426 024 0


BNP Paribas L1



Page 49


Net assets 928 218 987 799 288 413 48 792 485



Net assets 266 786 157 200 579 372 0



Net assets 32 898 222 32 801 130 0



Net assets 110 422 783 180 266 231 0



Net assets 9 894 942 7 610 280 0


BNP Paribas L1



Page 50


Net assets 38 135 513 148 730 373 0



Net assets 116 641 257 117 630 802 0



Net assets 69 195 354 56 608 050 0



Net assets 93 489 769 65 738 926 0



Net assets 68 513 653 52 620 608 0


BNP Paribas L1



Page 51


Net assets 13 801 415 21 643 911 0



Net assets 13 176 893 26 564 308 17 638 320



Net assets 9 921 871 21 514 723 15 160 701



Net assets 10 276 555 18 328 493 15 297 079



Net assets 5 209 886 12 634 255 12 557 973



Net assets 3 823 891 11 032 233 12 240 008


BNP Paribas L1



Page 52


Net assets 18 986 632 16 658 056 8 383 962



Net assets 52 038 979 49 907 979 22 589 067



Net assets 244 831 713 245 420 333 135 832 970



Net assets 242 275 107 244 353 791 95 042 291



Net assets 68 442 745 68 497 452 25 621 238



Net assets 20 037 751 19 006 600 7 277 768


BNP Paribas L1



Page 53


Net assets 429 993 959 308 897 515 249 580 804



Net assets 1 065 622 143 476 847 435 0



Net assets 101 940 390 127 127 713 0



Net assets 499 246 322 463 254 012 614 312 261


BNP Paribas L1



Page 54


Net assets 59 383 753 67 365 943 0



Net assets 29 379 447 33 353 641 0



Net assets 216 152 735 213 321 691 153 906 004



Net assets 181 870 538 136 052 799 116 410 630



Net assets 231 954 007 182 342 617 179 206 089



Net assets 188 522 384 210 378 964 169 961 577


BNP Paribas L1



Page 55


Net assets 12 969 218 18 712 370 11 285 785



Net assets 5 825 407 5 400 842 4 997 913



Net assets 10 465 715 8 857 211 7 274 006



Net assets 19 171 156 15 766 704 12 892 116



Net assets 57 095 276 82 647 660 74 315 125



Net assets 43 511 302 34 836 912 29 517 607


BNP Paribas L1



Page 56


Net assets 48 791 725 41 658 503 35 814 022



Net assets 53 813 441 58 134 457 51 428 296



Net assets 2 954 971 4 113 856 3 713 475



Net assets 2 029 567 705 934 713 489



Net assets 2 612 027 2 591 371 2 376 794



Net assets 2 390 314 3 827 206 3 041 493


BNP Paribas L1



Page 57


Net assets 276 746 688 244 704 855 181 313 331



Net assets 198 111 610 149 086 595 115 675 797



Net assets 271 628 317 203 641 225 174 802 750



Net assets 260 346 375 243 141 199 181 512 339



Net assets 57 411 892 45 747 279 134 651 112



Net assets 102 704 196 191 767 687 0


BNP Paribas L1



Page 58


Net assets 55 469 417 51 330 997 0



Net assets 16 522 633 15 652 581 0



Net assets 71 528 192 157 668 436 0



Net assets 427 049 616 347 467 295 0



Net assets 10 358 027 38 103 477 0





Page 59


Market value of net

assets


Luxembourg 144 314 376 10011 1 192 87796


EUR 144 314 376 10011





Page 60


Market value of net

assets


190 891 644 9654

Shares 190 891 644 9654


87 881 BASF SE EUR 6 809 899 344

77 911 BAYER AG EUR 7 943 026 402


111 093 DAIMLER AG EUR 6 987 750 353




464 074 EON AG EUR 6 225 553 315


EUR 5 074 675 257

49 765 METRO AG EUR 1 751 728 089


111 073 SAP AG EUR 6 920 959 350

70 583 SIEMENS AG EUR 7 008 186 354




EUR 9 430 159 477

46 493 FUGRO EUR 2 013 844 102

906 272 ING GROEP NV EUR 9 153 347 463


EUR 6 786 748 343
















Page 61


Market value of net

assets


474 099 117 8510

Bonds 473 974 265 8507

Spain 103 105 263 1851 4 000 000


EUR 4 270 720 077

2 500 000 BANKINTER SA 2750 13-26072016 EUR 2 576 650 046

19 263 000 SPANISH GOVT 3150 05-31012016 EUR 19 880 092 357

16 810 000 SPANISH GOVT 3250 10-30042016 EUR 17 386 894 312

21 184 000 SPANISH GOVT 4000 10-30042020 EUR 22 051 045 396

17 726 000 SPANISH GOVT 4500 12-31012018 EUR 19 098 452 343

11 957 000 SPANISH GOVT 4700 09-30072041 EUR 11 546 277 207

1 889 000 SPANISH GOVT 4800 08-31012024 EUR 1 986 465 036

1 870 000 SPANISH GOVT 5850 11-31012022 EUR 2 125 803 038

1 700 000 TELEFONICA EMIS 5597 12-12032020

GBP 2 182 865 039


89 411 017 1606

4 700 000 AMER INTL GROUP 8250 09-15082018

USD 4 263 894 077


USD 2 809 548 050


USD 1 521 191 027


5 500 000 CNH CAPITAL LLC 3875 13-01112015

USD 4 121 158 074

5 000 000 CONTINENTAL RES 4500 13-15042023

USD 3 678 472 066

14 358 034 FNR 2012-99 SD 12-25092042 FRN USD 2 451 673 044

3 450 000 FREMF 2013-K24 C 13-25112045 FRN USD 2 102 426 038

5 200 000 GEN MOTORS FIN 2750 13-15052016

USD 3 820 893 069

4 500 000 GENERAL MOTORS 3500 13-02102018

USD 3 339 200 060


USD 3 046 167 055

26 595 970 GNR 2010-H19 JI 10-20082060 FRN USD 2 182 242 039

24 005 874 GNR 2010-H28 KI 10-20122060 FRN USD 1 248 751 022

16 525 898 GNR 2011-123 SH 11-20092041 FRN USD 2 542 091 046

23 487 120 GNR 2011-H03 HI 11-20012061 FRN USD 990 603 018

13 013 634 GNR 2011-H05 HI 11-20012061 FRN USD 599 253 011

15 251 241 GNR 2011-H21 HI 11-20112061 FRN USD 942 516 017

29 219 835 GNR 2012-H02 AI 12-20012062 FRN USD 1 497 073 027

18 864 620 GNR 2012-H20 KI 12-20062062 FRN USD 1 299 762 023

11 266 427 GNR 2013-H01 FI 13-20012063 FRN USD 1 052 836 019

94 550 133 GNR 2013-H04 BI 13-20022063 FRN USD 8 683 901 156

21 185 415 GNR 2013-H08 IO 13-20032063 FRN USD 1 852 638 033

5 047 000 GOLDMAN SACHS GP 1600 12-23112015

USD 3 701 340 066

3 900 000 GOLDMAN SACHS GP 2900 13-19072018

USD 2 880 178 052


USD 3 436 648 062

2 660 000 MORGAN STANLEY 2125 13-25042018

USD 1 916 751 034


USD 3 636 269 065


USD 2 850 095 051

3 850 000 TOLL BR FIN CORP 4000 13-31122018

USD 2 842 901 051


5 552 053 US TSY IL STOCK 2500 09-15012029

USD 4 723 937 085


USD 1 496 881 027


USD 1 514 659 027


Market value of net

assets

Italy 85 415 745 1533 3 200 000


USD 2 371 147 043

1 500 000INTESA SANPAOLO 3875 13-15012019

USD 1 075 692 019

1 950 000INTESA SANPAOLO 4000 12-09112017

EUR 2 054 852 037

15 670 000 ITALY BTPS 3500 12-01112017 EUR 16 369 491 294

14 419 000 ITALY BTPS 4750 12-01052017 EUR 15 643 202 281

14 015 000 ITALY BTPS 5000 09-01092040 EUR 14 437 401 259

30 947 000 ITALY BTPS 5250 98-01112029 EUR 33 463 960 600

France 49 053 312 879 3 900 000 BPCE 2500 13-10122018 USD 2 812 322 050

10 882 000 FRANCE OAT 3750 09-25102019 EUR 12 274 449 220

24 786 000 FRANCE OAT 5500 98-25042029 EUR 32 390 900 581


USD 1 575 641 028

United Kingdom 39 865 229 715 4 200 000


USD 3 118 314 056

4 200 000SANTANDER UK PLC 5000 13-07112023

USD 3 057 893 055

2 800 000 UK TREASURY 4250 08-07122049 GBP 3 813 082 068

12 004 570 UK TREASURY 4250 09-07092039 GBP 15 959 730 286

2 004 000 UK TREASURY 4250 10-07122040 GBP 2 668 427 048

9 263 666 UK TSY IL GILT 0125 12-22032024 GBP 11 247 783 202

The Netherlands 38 815 473 697 1 500 000

ABN AMRO BANK NV 2250 13-11092017

GBP 1 791 472 032

5 500 000ABN AMRO BANK NV 2500 13-30102018

USD 3 993 590 072

1 400 000IBERDROLA INTL 4250 12-11102018

EUR 1 537 354 028


EUR 8 257 310 148


EUR 20 124 540 361

1 800 000 RABOBANK 3875 13-25072023 EUR 1 801 530 032


GBP 1 309 677 024

Poland 18 018 704 323 67 631 135


PLN 17 054 582 306


USD 964 122 017

Australia 16 094 785 289 13 582 000


AUD 16 094 785 289

Sweden 14 014 558 252 3 300 000

NORDEA BANK AB 2125 12-13112019

GBP 3 783 537 068

83 025 000 SWEDEN GOVT 3500 11-01062022 SEK 10 231 021 184

Japan 3 607 054 065 5 100 000


USD 3 607 054 065


280 000KUWAIT PROJECTS 9375 10-15072020

USD 246 104 004


USD 226 097 004

380 000VOTO - VOTORANTIM 6625 09-25092019

USD 304 455 005

Russia 2 037 863 037 700 000


USD 585 471 011

1 200 000RUSSIA - EUROBOND 5000 10-29042020

USD 931 627 017


USD 520 765 009





Page 62


Market value of net

assets


363 000 REP OF BRAZIL 2625 12-05012023 USD 225 895 004

360 000 REP OF BRAZIL 5625 09-07012041 USD 251 461 005

500 000 REP OF BRAZIL 7125 06-20012037 USD 414 565 007

440 000 TELEMAR N L 5500 10-23102020 USD 301 753 005

Mexico 1 321 570 024 350 000


USD 231 798 004

1 522 000 UNITED MEXICAN 3625 12-15032022

USD 1 089 772 020


310 000 ECOPETROL SA 7625 09-23072019 USD 266 907 005

670 000 REP OF COLOMBIA 4375 11-12072021

USD 501 400 009



USD 342 789 006

320 000 KMG FINANCE SUB 7000 10-05052020

USD 260 443 005

South Africa 735 065 013 1 062 000


USD 735 065 013

Chile 730 880 013 350 000 CHILE 3875 10-05082020 USD 265 431 005

250 000 CODELCO INC 7500 09-15012019 USD 215 951 004

310 000 ENAP 6250 09-08072019 USD 249 498 004


290 000 PANAMA 9375 99-01042029 USD 290 431 005



Qatar 398 788 007 520 000

STATE OF QATAR 4500 11-20012022

USD 398 788 007


PCCW - HKT CAP NO4 4250 10-24022016

USD 152 589 003

340 000 SINOPEC GRP OVER 3900 12-17052022

USD 237 431 004

South Korea 333 931 006 240 000


USD 191 040 003


USD 142 891 003


Ireland 250 942 005 320 000


USD 250 942 005






Market value of net

assets



USD (74 023) (001)




(33 479 514) (602)


(33 479 514) (602)

(800 000) FGCI 3 112 3000 12-15102026 USD (590 733) (011)

(1 100 000) FGLMC 4 111 4000 11-15092040 USD (819 741) (015)

(1 200 000) FGLMC 45 111 4500 11-15022040 USD (921 478) (017)

(700 000) FGLMC 5 111 5000 11-15042039 USD (548 006) (010)

(900 000) FGLMC 55 111 5500 11-15062038 USD (714 989) (013)

(600 000) FGLMC 6 111 6000 11-15102038 USD (481 558) (009)

(800 000) FNCI 25 113 2500 13-25112027 USD (574 223) (010)

(600 000) FNCI 35 112 3500 12-25072026 USD (455 296) (008)

(800 000) FNCI 45 111 4500 11-25032024 USD (617 947) (011)

(300 000) FNCI 5 111 5000 11-25072023 USD (231 866) (004)

(1 600 000) FNCL 3 113 3000 13-25102042 USD (1 102 725) (020)

(32 000 000) FNCL 35 112 3500 12-25062041 USD (23 070 503) (414)

(1 000 000) G2SF 3 113 3000 13-20052042 USD (700 769) (013)

(1 200 000) G2SF 35 112 3500 12-20092041 USD (878 479) (016)

(900 000) G2SF 4 111 4000 11-20092040 USD (679 270) (012)

(800 000) G2SF 45 111 4500 11-20062040 USD (620 306) (011)

(600 000) G2SF 5 111 5000 11-20052040 USD (471 625) (008)


Luxembourg 42 275 421 759 370 48900


USD 27 239 189 489


USD 15 036 232 270

Ireland 11 227 209 201 5 74461


USD 11 227 209 201





Page 63


Market value of net

assets


Luxembourg 278 694 988 10015 2 947 59374


USD 278 694 988 10015





Page 64


Market value of net

assets


318 751 406 8267

Bonds 318 687 561 8265


55 628 156 1444

1 470 000 AMER INTL GROUP 8250 09-15082018

USD 1 333 601 035


USD 1 489 529 039


USD 960 752 025


1 950 000 CNH CAPITAL LLC 3875 13-01112015

USD 1 461 138 038

2 950 000 CONTINENTAL RES 4500 13-15042023

USD 2 170 298 056

100 000 DUKE ENERGY CORP 1625 12-15082017

USD 71 656 002

6 765 953 FNR 2012-99 SD 12-25092042 FRN USD 1 155 305 030

1 000 000 FREMF 2013-K24 C 13-25112045 FRN USD 609 399 016

2 500 000 GEN MOTORS FIN 2750 13-15052016

USD 1 836 968 048

2 550 000 GENERAL MOTORS 3500 13-02102018

USD 1 892 213 049


USD 1 921 986 050

8 014 086 GNR 2010-H19 JI 10-20082060 FRN USD 657 569 017

7 170 392 GNR 2010-H28 KI 10-20122060 FRN USD 372 994 010

8 035 993 GNR 2011-123 SH 11-20092041 FRN USD 1 236 134 032

6 700 076 GNR 2011-H03 HI 11-20012061 FRN USD 282 585 007

3 709 496 GNR 2011-H05 HI 11-20012061 FRN USD 170 815 004

8 936 936 GNR 2012-H02 AI 12-20012062 FRN USD 457 882 012

24 676 433 GNR 2012-H24 HI 12-20102062 FRN USD 958 404 025

3 218 979 GNR 2013-H01 FI 13-20012063 FRN USD 300 810 008

28 080 869 GNR 2013-H04 BI 13-20022063 FRN USD 2 579 071 067

19 130 482 GNR 2013-H08 IO 13-20032063 FRN USD 1 672 937 043

1 582 000 GOLDMAN SACHS GP 1600 12-23112015

USD 1 160 198 030

2 700 000 GOLDMAN SACHS GP 2900 13-19072018

USD 1 993 969 052


USD 1 603 769 042

1 260 000 MORGAN STANLEY 2125 13-25042018

USD 907 935 024


USD 1 818 134 047


USD 696 690 018

2 670 000 TOLL BR FIN CORP 4000 13-31122018

USD 1 971 570 051


2 508 411 US TSY IL STOCK 2500 09-15012029

USD 2 134 269 055

21 147 397 US TSY INFL IX NB 0375 13-15072023

USD 14 784 675 383


USD 883 052 023


USD 893 260 023

Mexico 48 202 029 1248 174 604 000


MXN 9 990 405 259

661 902 700 MEXICAN BONOS 6500 11-10062021

MXN 37 649 560 975


USD 132 456 003

600 000 UNITED MEXICAN 3625 12-15032022

USD 429 608 011

South Africa 42 418 855 1099 617 000


USD 427 057 011


ZAR 41 991 798 1088


Market value of net

assets

Spain 28 486 644 738 1 100 000


EUR 1 174 448 030

1 300 000 BANKINTER SA 2750 13-26072016 EUR 1 339 858 035

8 834 000 SPANISH GOVT 3150 05-31012016 EUR 9 116 998 236

749 000 SPANISH GOVT 4000 10-30042020 EUR 779 656 020

11 774 000 SPANISH GOVT 4500 12-31012018 EUR 12 685 613 329

619 000 SPANISH GOVT 4800 08-31012024 EUR 650 938 017

1 280 000 SPANISH GOVT 5850 11-31012022 EUR 1 455 095 038

1 000 000TELEFONICA EMIS 5597 12-12032020

GBP 1 284 038 033

Poland 24 126 057 625 9 480 304


PLN 2 390 654 062

34 509 000POLAND GOVT BOND 5000 10-25042016

PLN 8 649 744 224

48 854 000POLAND GOVT BOND 5250 09-25102020

PLN 12 607 454 327


USD 478 205 012


2 611 990 000 HUNGARY GOVT 6500 08-24062019 HUF 9 453 857 245

1 482 050 000 HUNGARY GOVT 6750 01-24112017 HUF 5 394 728 140

United Kingdom 17 227 421 446 1 300 000


USD 965 193 025

2 650 000SANTANDER UK PLC 5000 13-07112023

USD 1 929 385 050

940 000 UK TREASURY 4250 08-07122049 GBP 1 280 106 033

1 309 000 UK TREASURY 4250 09-07092039 GBP 1 740 278 045

209 000 UK TREASURY 4250 10-07122040 GBP 278 294 007

161 000 UK TREASURY 4500 07-07122042 GBP 224 222 006

2 205 000 UK TREASURY 4750 07-07122030 GBP 3 087 265 080

6 360 392 UK TSY IL GILT 0125 12-22032024 GBP 7 722 678 200

Italy 16 565 650 429 1 400 000


USD 1 037 377 027

1 400 000INTESA SANPAOLO 3875 13-15012019

USD 1 003 979 026

1 000 000INTESA SANPAOLO 4000 12-09112017

EUR 1 053 770 027

6 023 000 ITALY BTPS 3500 12-01112017 EUR 6 291 860 163

5 460 000 ITALY BTPS 3750 06-01082021 EUR 5 590 445 145

313 000 ITALY BTPS 3750 10-01032021 EUR 320 806 008

1 127 000 ITALY BTPS 5500 12-01092022 EUR 1 267 413 033

France 13 131 821 341 2 600 000 BPCE 2500 13-10122018 USD 1 874 882 049

6 014 000 FRANCE OAT 3750 09-25102019 EUR 6 783 545 176

135 000 FRANCE OAT 4000 05-25042055 EUR 150 428 004

2 699 000 FRANCE OAT 5500 98-25042029 EUR 3 527 114 091


USD 795 852 021

New Zealand 12 174 927 316 19 294 000


NZD 12 174 927 316

Australia 11 074 011 287 2 184 000


AUD 1 481 368 038


AUD 9 592 643 249




Page 65


Market value of net

assets

The Netherlands 6 761 422 176 800 000

ABN AMRO BANK NV 2250 13-11092017

GBP 955 452 025

3 850 000 ABN AMRO BANK NV 2500 13-30102018

USD 2 795 513 073

900 000 IBERDROLA INTL 4250 12-11102018

EUR 988 299 026

1 000 000 RABOBANK 3875 13-25072023 EUR 1 000 850 026


GBP 1 021 308 026


1 511 278 DEUTSCHLAND REP 4750 98-04072028

EUR 1 933 261 050


GBP 2 030 409 053


Japan 3 465 601 090 4 900 000


USD 3 465 601 090


300 000 KUWAIT PROJECTS 9375 10-15072020

USD 263 683 007


USD 182 336 005

50 000 000 000 SIGNUM FINANCE 0000 07-01022037

COP 1 620 840 042

220 000 VOTO - VOTORANTIM 6625 09-25092019

USD 176 263 005

Belgium 2 325 227 060 2 165 000

BELGIUM OLO 47 3250 06-28092016

EUR 2 325 227 060

Sweden 2 235 727 058 1 950 000

NORDEA BANK AB 2125 12-13112019

GBP 2 235 727 058

Russia 888 236 023 330 000


USD 276 008 007

500 000 RUSSIA - EUROBOND 5000 10-29042020

USD 388 178 010


USD 224 050 006


236 000 REP OF BRAZIL 2625 12-05012023 USD 146 863 004

150 000 REP OF BRAZIL 5625 09-07012041 USD 104 775 003

210 000 REP OF BRAZIL 7125 06-20012037 USD 174 117 005

200 000 TELEMAR N L 5500 10-23102020 USD 137 160 004


130 000 ECOPETROL SA 7625 09-23072019 USD 111 929 003

330 000 REP OF COLOMBIA 4375 11-12072021

USD 246 958 006



USD 183 352 005

120 000 KMG FINANCE SUB 7000 10-05052020

USD 97 666 003

Chile 302 781 008 180 000 CHILE 3875 10-05082020 USD 136 507 004

90 000 CODELCO INC 7500 09-15012019 USD 77 742 002

110 000 ENAP 6250 09-08072019 USD 88 532 002


150 000 PANAMA 9375 99-01042029 USD 150 223 004


Market value of net

assets


PCCW - HKT CAP NO4 4250 10-24022016

USD 114 442 003

210 000SINOPEC GRP OVER 3900 12-17052022

USD 146 649 004



South Korea 177 367 005 100 000


USD 79 600 002


USD 97 767 003


Qatar 161 049 004 210 000

STATE OF QATAR 4500 11-20012022

USD 161 049 004



Ireland 86 261 002 110 000


USD 86 261 002





USD (50 891) (001)




(17 152 815) (445)


(17 152 815) (445)

(100 000) FGCI 3 112 3000 12-15102026 USD (73 842) (002)

(200 000) FGLMC 4 111 4000 11-15092040 USD (149 044) (004)

(200 000) FGLMC 45 111 4500 11-15022040 USD (153 580) (004)

(100 000) FGLMC 5 111 5000 11-15042039 USD (78 287) (002)

(200 000) FGLMC 55 111 5500 11-15062038 USD (158 886) (004)

(100 000) FGLMC 6 111 6000 11-15102038 USD (80 260) (002)

(100 000) FNCI 25 113 2500 13-25112027 USD (71 778) (002)

(100 000) FNCI 35 112 3500 12-25072026 USD (75 883) (002)

(100 000) FNCI 45 111 4500 11-25032024 USD (77 243) (002)

(100 000) FNCI 5 111 5000 11-25072023 USD (77 289) (002)

(300 000) FNCL 3 113 3000 13-25102042 USD (206 761) (005)

(21 300 000) FNCL 35 112 3500 12-25062041 USD (15 356 304) (398)

(200 000) G2SF 3 113 3000 13-20052042 USD (140 154) (004)

(200 000) G2SF 35 112 3500 12-20092041 USD (146 413) (004)

(200 000) G2SF 4 111 4000 11-20092040 USD (150 949) (004)

(100 000) G2SF 45 111 4500 11-20062040 USD (77 538) (002)

(100 000) G2SF 5 111 5000 11-20052040 USD (78 604) (002)


Luxembourg 30 585 261 793 416 00000


USD 30 585 261 793




Page 66


Market value of net

assets

Ireland 2 090 186 054 1 06948


USD 2 090 186 054





Page 67


Market value of net

assets


53 245 140 9651

Bonds 9 872 938 1790

France 3 383 415 613 1 200 000


EUR 1 327 788 241


500 000 PUBLICIS GROUPE 4250 09-31032015

EUR 520 905 094

700 000 VINCI SA 4125 11-20022017 EUR 760 025 138

Luxembourg 2 451 182 445 1 500 000


EUR 1 795 830 326


EUR 655 352 119

Russia 1 380 039 250 1 650 000


USD 1 380 039 250




EUR 970 834 176



France 6 833 045 1238 33 835


EUR 370 832 067

1 000 000 BNP PARIBAS 0250 13-27092016 CV

EUR 1 065 940 193


EUR 259 747 047


EUR 814 560 148


EUR 473 713 086


EUR 298 922 054


EUR 940 712 171

615 942 ORPEA 1750 13-01012020 CV FLAT EUR 680 037 123


EUR 636 816 115

719 446 RALLYE SA 1000 13-02102020 CV FLAT

EUR 792 916 144


EUR 498 850 090


700 000 BENI STABILI 3375 13-17012018 CV

EUR 732 179 133

900 000 BUZZI UNICEM 1375 13-17072019 CV

EUR 981 648 178

600 000 CAM 2012 SPA 5625 12-26102017 CV

EUR 750 000 136

1 100 000 ENI SPA 0250 12-30112015 CV EUR 1 135 068 206

1 000 000 ENI SPA 0625 13-18012016 CV EUR 1 054 530 191

1 100 000 PRYSMIAN SPA 1250 13-08032018 CV

EUR 1 237 247 224

The Netherlands 3 883 616 704 900 000


EUR 950 004 172


EUR 843 208 153

200 000 AMPLITER NV 2875 13-14112018 CV

EUR 200 304 036

2 250 000 SIEMENS FINAN 1050 12-16082017 CV

USD 1 890 100 343


Market value of net

assets

Jersey Island 3 692 012 670 200 000


GBP 247 577 045

300 000DERWENT LDN JE 2750 11-15072016 CV

GBP 438 700 080


GBP 398 109 072


EUR 997 990 181


GBP 631 370 114


EUR 483 064 088

400 000UNITE JERSEY 2500 13-10102018 CV

GBP 495 202 090



EUR 927 661 168

600 000TUI TRAVEL PLC 4900 10-27042017 CV

GBP 903 635 164


USD 807 236 146

Spain 2 873 461 520 700 000

ABENGOA SA 6250 13-17012019 CV

EUR 713 349 129


EUR 747 145 135

300 000MELIA HOTELS 4500 13-04042018 CV

EUR 409 401 074

400 000NH HOTELES SA 4000 13-08112018 CV

EUR 441 308 080

600 000PESCANOVA SA 8750 12-17022019 CV

EUR 87 258 016


EUR 475 000 086



EUR 313 950 057

700 000GVM DEBT LUX 5750 13-14022018 CV

EUR 828 317 150

800 000TMK BONDS SA 5250 10-11022015 CV

USD 586 036 106

Germany 2 214 571 401 100 000


EUR 106 171 019


EUR 1 413 936 256

587 326 TUI AG 2750 11-24032016 CV FLAT EUR 694 464 126



EUR 2 131 595 386

Cayman Islands 2 066 726 375 1 000 000


USD 759 367 138


USD 1 307 359 237

Austria 1 760 661 320 500 000


EUR 538 550 098


EUR 1 222 111 222



EUR 1 000 818 181


Hungary 826 736 150 800 000


EUR 826 736 150

Cyprus 580 642 105 800 000


USD 580 642 105




Page 68


Market value of net

assets


Russia 391 397 071 500 000


USD 391 397 071


Bermuda 232 043 042 400 000


USD 232 043 042



EUR 183 960 033


470 CALL CGG 20062014 18 EUR 5 170 001

(470) CALL CGG 20062014 21 EUR (940) 000


EUR 66 600 012

60 CALL KERING 20062014 160 EUR 36 060 007

28 CALL KERING 20062014 190 EUR 2 212 000


USD 30 411 006


EUR 7 110 001


EUR 17 930 003


EUR 15 656 003


EUR 21 250 004


EUR 59 250 011


EUR 22 400 004



155 CALL VINCI SA 20062014 48 EUR 35 805 006

40 CALL WPP PLC 20062014 14 GBP 36 298 007





Page 69


Market value of net

assets


Luxembourg 126 439 505 10010 1 054 10176


EUR 126 439 505 10010





Page 70


Market value of net

assets


45 057 198 7638

Shares 45 047 795 7636


47 900 AXA EUR 968 059 164

24 830 BNP PARIBAS EUR 1 406 620 238



13 716 DANONE SA EUR 717 621 122



35 820 GDF SUEZ EUR 612 343 104

5 594 L OREAL EUR 714 354 121





55 772 TOTAL SA EUR 2 483 526 420


12 369 VINCI SA EUR 590 249 100

29 850 VIVENDI EUR 571 777 097


21 568 BASF SE EUR 1 671 304 283

19 405 BAYER AG EUR 1 978 340 335


23 064 DAIMLER AG EUR 1 450 726 246




46 955 EON AG EUR 629 901 107


11 328 RWE AG EUR 301 381 051

22 248 SAP AG EUR 1 386 273 235

19 520 SIEMENS AG EUR 1 938 141 329




118 164 IBERDROLA SA EUR 547 690 093

4 975 INDITEX EUR 596 005 101

18 958 REPSOL YPF SA EUR 347 311 059




EUR 760 411 129

90 620 ING GROEP NV EUR 915 262 155


EUR 586 377 099

36 913 UNILEVER NV EUR 1 080 628 183


149 543 ENEL SPA EUR 474 649 080

62 790 ENI SPA EUR 1 098 197 186





Market value of net

assets




Luxembourg 5 058 463 857 5 74754


EUR 634 586 108


EUR 632 145 107


EUR 2 529 472 428


EUR 1 262 260 214






Page 71


Market value of net

assets


33 989 446 7962

Shares 33 982 352 7960


36 135 AXA EUR 730 288 171

18 731 BNP PARIBAS EUR 1 061 111 249



10 347 DANONE SA EUR 541 355 127



27 021 GDF SUEZ EUR 461 924 108

4 220 L OREAL EUR 538 894 126





42 073 TOTAL SA EUR 1 873 512 440


9 331 VINCI SA EUR 445 275 104

22 518 VIVENDI EUR 431 332 101


16 270 BASF SE EUR 1 260 762 295

14 638 BAYER AG EUR 1 492 344 350


17 399 DAIMLER AG EUR 1 094 397 256




35 421 EON AG EUR 475 173 111


8 546 RWE AG EUR 227 366 053

16 783 SAP AG EUR 1 045 749 245

14 725 SIEMENS AG EUR 1 462 045 342





3 753 INDITEX EUR 449 609 105

14 302 REPSOL YPF SA EUR 262 013 061




EUR 573 615 134

68 361 ING GROEP NV EUR 690 446 162


EUR 442 334 104

27 846 UNILEVER NV EUR 815 192 191


112 811 ENEL SPA EUR 358 062 084

47 367 ENI SPA EUR 828 449 194





Market value of net

assets




Luxembourg 3 676 375 861 4 07461


EUR 449 878 105


EUR 474 732 111


EUR 1 793 327 420


EUR 958 438 225






Page 72


Market value of net

assets


Luxembourg 357 181 180 9292 102 39943


EUR 11 716 543 305


EUR 26 999 629 702


EUR 1 902 268 049


USD 2 253 462 059


EUR 1 026 660 027


EUR 30 125 143 784


EUR 15 255 192 397


EUR 32 089 730 835


EUR 3 863 812 101


EUR 11 476 704 299


EUR 4 274 437 111


EUR 36 648 505 953


EUR 9 063 113 236


EUR 4 116 802 107


EUR 1 312 983 034



EUR 19 387 490 504


EUR 39 512 817 1029


USD 11 659 564 303


EUR 4 011 470 104


EUR 34 382 721 894


EUR 19 462 739 506


EUR 16 450 905 428









Page 73


Market value of net

assets


Luxembourg 164 129 649 9774 30 11852


EUR 3 446 160 205


EUR 13 483 783 803


EUR 1 651 499 098


EUR 1 484 196 088


USD 814 889 049


EUR 366 663 022


EUR 4 568 367 272


EUR 6 928 734 413


EUR 5 924 383 353


EUR 1 768 083 105


EUR 4 863 189 290


EUR 1 893 959 113


EUR 33 211 694 1977


EUR 4 012 549 239


EUR 3 426 794 204


EUR 931 291 055



EUR 10 302 577 614


EUR 31 734 027 1890


USD 5 049 628 301


EUR 1 778 918 106


EUR 9 389 897 559


EUR 7 743 672 461



EUR 1 877 199 112







Page 74


Market value of net

assets


Luxembourg 31 280 609 8741 25 49387


EUR 3 215 796 899


EUR 595 551 166


EUR 352 719 099


EUR 934 596 261


EUR 7 063 240 1975


EUR 2 231 186 623


EUR 1 113 482 311


EUR 737 730 206



EUR 2 501 679 699


EUR 6 587 842 1841


EUR 3 962 341 1107








Page 75


Market value of net

assets


Luxembourg 123 230 136 9960 87 14536


EUR 9 971 172 806


EUR 2 530 051 204


EUR 750 965 061


USD 862 781 070


EUR 391 107 032


EUR 14 895 889 1204


EUR 4 953 569 400


EUR 15 940 995 1289


EUR 1 230 119 099


EUR 3 672 666 297


EUR 2 524 295 204


EUR 8 689 408 702


EUR 2 661 435 215


EUR 1 294 374 105



EUR 3 873 657 313


EUR 6 251 975 505


USD 3 741 915 302


EUR 1 228 306 099


EUR 14 952 605 1209


EUR 12 384 154 1001



EUR 495 746 040





Page 76


Market value of net

assets


509 540 006 9982

Shares 509 540 006 9982


276 962 BAYER AG EUR 28 236 275 553



403 470 EON AG EUR 5 412 550 106


285 811 GEA GROUP AG EUR 9 889 061 194

78 401 LINDE AG EUR 11 920 872 234


EUR 3 101 950 061

208 507 SAP AG EUR 12 992 071 255



359 086 BNP PARIBAS EUR 20 342 222 399



185 639 DANONE SA EUR 9 712 632 190

390 404 GDF SUEZ EUR 6 673 956 131

193 158 LEGRAND SA EUR 7 737 909 152




218 119 SCOR SE EUR 5 794 331 114

130 226 TECHNIP SA EUR 9 097 588 178





234 156 GRIFOLS SA EUR 8 140 433 159

10 491 GRIFOLS SA - B EUR 271 560 005




1 724 300 ING GROEP NV EUR 17 415 430 341



271 300 ZIGGO NV EUR 9 007 160 176


947 365 ENI SPA EUR 16 569 414 325


1 583 734 SNAM RETE GAS EUR 6 439 462 126


305 202 BELGACOM SA EUR 6 563 369 129







Market value of net

assets


365 144 SAMPO OYJ - A EUR 13 042 944 256





France 552 682 011 46400


EUR 552 682 011





Page 77


Market value of net

assets


946 343 602 9954

Shares 946 343 602 9954


3 342 246 CENTRICA PLC GBP 13 967 535 147

706 546 DIAGEO PLC GBP 16 984 279 179


1 320 280 INMARSAT GBP 11 996 775 126










3 793 335 TESCO PLC GBP 15 244 009 160

402 888 WEIR GROUP GBP 10 324 005 109


334 427 BAYER AG EUR 34 094 832 360



289 770 GEA GROUP AG EUR 10 026 042 105

94 004 LINDE AG EUR 14 293 308 150


249 439 SAP AG EUR 15 542 544 163




295 490 BNP PARIBAS EUR 16 739 509 176


436 787 GDF SUEZ EUR 7 466 874 079



256 860 SCOR SE EUR 6 823 486 072

186 686 TECHNIP SA EUR 13 041 884 137






349 479 GRIFOLS SA EUR 12 149 637 128

18 653 GRIFOLS SA - B EUR 482 833 005






1 969 848 ING GROEP NV EUR 19 895 465 209


327 735 ZIGGO NV EUR 10 880 802 114


Market value of net

assets








Italy 23 708 516 250 917 149 ENI SPA EUR 16 040 936 169



787 258 ELEKTA AB SEK 8 748 794 092







8 010 841 084





France 1 102 981 012 92600


EUR 1 102 981 012





Page 78


Market value of net

assets


415 431 089 9583

Shares 415 431 089 9583


250 699 AKZO NOBEL NV EUR 14 124 382 326



15 156 CORBION NV EUR 233 402 005

110 905 CORIO NV EUR 3 612 730 083


128 428 FUGRO EUR 5 562 859 128

21 840 GEMALTO EUR 1 747 418 040


249 055 HEINEKEN NV EUR 12 223 619 282

45 070 HEJIMANS NV EUR 473 686 011

4 055 436 ING GROEP NV EUR 40 959 903 946






EUR 39 142 064 904


181 276 NUTRECO NV EUR 6 545 876 151

443 937 POSTNL SHS EUR 1 842 339 042




6 985 435 SNS REAAL EUR 7 000


91 844 TEN CATE NV EUR 2 103 228 049


3 635 814 TOMTOM NV EUR 18 728 078 432

1 283 203 UNILEVER NV EUR 37 565 768 866


410 720 ZIGGO NV EUR 13 635 904 315


184 429 UNIT 4 NV EUR 7 073 774 163




France 7 943 656 183 34 19126


EUR 7 943 656 183





Page 79


Market value of net

assets


1 435 974 486 9935

Shares 1 435 974 486 9935


1 402 032 175 9700

75 055 ACTAVIS PLC USD 12 609 240 087

99 299 ADT CORPTHE USD 4 018 631 028








99 498 APPLE INC USD 55 829 322 385


171 177 BOEING COTHE USD 23 363 949 162





115 032 CELGENE CORP USD 19 435 807 134




318 278 CME GROUP INC USD 24 972 092 173





42 237 CUMMINS INC USD 5 954 150 041


242 369 DANAHER CORP USD 18 710 887 129






839 235 EMC CORP USD 21 106 760 146


142 006 FLUOR CORP USD 11 401 662 079



10 494 GOOGLE INC - A USD 11 760 731 081


231 799 INTUIT INC USD 17 690 900 122











135 213 MONSANTO CO USD 15 759 075 109

566 585 MYLAN INC USD 24 589 789 170


280 148 NETAPP INC USD 11 525 289 080

210 016 NIKE INC - CL B USD 16 515 658 114



Market value of net

assets


549 444 ORACLE CORP USD 21 021 727 145

359 375 PEPSICO INC USD 29 806 562 206

884 938 PFIZER INC USD 27 105 651 188





227 495 RAYTHEON CO USD 20 633 797 143






393 549 UNUM GROUP USD 13 805 699 096


146 156 VMWARE INC - A USD 13 111 655 091



521 531 YAHOO INC USD 21 090 714 146







Page 80


Market value of net

assets


97 258 545 10028

Shares 97 258 545 10028


43 954 230 4533

4 269 ACTAVIS PLC USD 520 478 054

3 291 AIRGAS INC USD 267 135 028






4 311 AON PLC USD 262 455 027




9 455 BALL CORP USD 354 472 037

12 106 BBampT CORP USD 327 875 034











35 758 COCA-COLA CO USD 1 072 000 111




5 289 DAVITA INC USD 243 234 025










20 018 FPL GROUP INC USD 1 243 834 128




7 303 HCP INC USD 192 492 020




USD 320 034 033


9 541 KELLOGG CO USD 422 852 044


6 224 KOHLS CORP USD 256 332 026

6 342 L BRANDS INC USD 284 664 029


USD 413 103 043







Market value of net

assets









23 617 PAYCHEX INC USD 780 349 080



28 522 PFIZER INC USD 634 006 065

9 260 PHILLIPS 66 USD 518 323 053










24 555 STAPLES INC USD 283 159 029


34 837 SYNOPSYS INC USD 1 025 681 106

22 442 SYSCO CORP USD 587 943 061






19 582 UNUM GROUP USD 498 521 051

17 846 VENTAS INC USD 741 840 076












88 000 DAICEL CORP JPY 520 115 054



JPY 312 216 032







20 400 KAO CORP JPY 466 231 048



23 700 LAWSON INC JPY 1 287 853 133


JPY 818 181 084






Page 81


Market value of net

assets







76 000 OJI PAPER JPY 282 843 029


5 700 OTSUKA CORP JPY 527 772 054

52 100 PARK24 CO LTD JPY 713 351 074

19 100 SECOM CO LTD JPY 836 114 086













41 800 USS CO LTD JPY 416 761 043







134 632 BT GROUP PLC GBP 613 935 063

53 907 BUNZL GBP 939 485 097


18 324 DIAGEO PLC GBP 440 481 045

14 638 EASYJET PLC GBP 270 240 028




4 509 NEXT PLC GBP 295 361 030



7 834 WHITBREAD GBP 353 189 036





15 484 METRO INC - A CAD 686 392 071




CAD 324 262 033



6 779 GEBERIT AG CHF 1 496 302 153

397 GIVAUDAN CHF 412 712 043

215 SGS SA-REG CHF 360 000 037

191 SIKA AG CHF 494 215 051

3 491 SWISS RE LTD CHF 233 730 024



Market value of net

assets




18 767 SCOR SE EUR 498 545 051

14 289 THALES SA EUR 668 725 069










312 000 STARHUB LTD SGD 767 537 079







7 308 SHIRE PLC GBP 250 510 026









Page 82


Market value of net

assets







Page 83


Market value of net

assets


Luxembourg 48 864 172 10015 543 78112


USD 48 864 172 10015





Page 84


Market value of net

assets


Luxembourg 12 115 889 6870 28 51316


EUR 2 885 843 1635


EUR 2 449 713 1389


EUR 1 929 493 1094


EUR 168 863 096


EUR 61 437 035


USD 140 842 080


EUR 59 871 034


EUR 1 038 038 589


EUR 274 204 155


USD 987 441 560


EUR 1 930 589 1095


EUR 33 015 019



EUR 66 866 038


EUR 10 440 006


France 2 863 261 1623 2 40383


EUR 2 863 261 1623

Belgium 1 929 920 1094 50653


EUR 1 929 920 1094






Page 85


Market value of net

assets


Luxembourg 12 022 623 7930 7 68255


EUR 777 558 513


EUR 666 814 440


EUR 1 701 467 1122


EUR 683 668 451


EUR 307 738 203


USD 558 907 369


EUR 821 807 542


EUR 1 762 086 1161


EUR 577 468 381


USD 883 517 583


EUR 1 713 653 1130


EUR 142 004 094



EUR 462 966 305


EUR 52 514 035


Belgium 1 701 627 1122 44661


EUR 1 701 627 1122

France 763 535 504 64102


EUR 763 535 504






Page 86


Market value of net

assets


Luxembourg 13 739 977 8982 2 67696


EUR 270 937 177


EUR 238 346 156


EUR 932 135 609


EUR 1 410 103 922


EUR 570 493 373


USD 1 170 638 765


EUR 1 516 744 992


EUR 1 751 929 1145


EUR 923 568 604


USD 847 993 554


EUR 928 411 607


EUR 399 752 261



EUR 993 581 650


EUR 97 392 064


Belgium 928 764 607 24377


EUR 928 764 607


France 266 085 174 22339


EUR 266 085 174





Page 87


Market value of net

assets


Luxembourg 12 251 204 9756 48471


EUR 184 654 147


EUR 1 500 082 1195


EUR 595 589 474


USD 1 236 634 985


EUR 1 589 420 1266


EUR 1 818 346 1447


EUR 1 122 202 894


USD 686 894 547


EUR 169 596 135


EUR 431 110 343



EUR 1 054 308 840


EUR 102 690 082


Belgium 184 671 147 4847


EUR 184 671 147






Page 88


Market value of net

assets


Luxembourg 11 942 969 9757 45335


EUR 172 708 141


EUR 1 449 884 1185


EUR 579 639 474


USD 1 216 718 994


EUR 1 538 832 1257


EUR 1 769 989 1445


EUR 1 120 037 915


USD 669 814 547


EUR 172 583 141


EUR 419 638 343



EUR 1 015 521 830


EUR 100 041 082


Belgium 179 725 147 4717


EUR 179 725 147






Page 89


Market value of net

assets


Luxembourg 5 158 286 6153 11 58808


EUR 1 172 840 1399


EUR 1 007 072 1201


EUR 1 489 470 1777


EUR 1 488 904 1776

Belgium 1 530 577 1825 40172


EUR 1 530 577 1825

France 1 172 805 1399 98462


EUR 1 172 805 1399






Page 90


Market value of net

assets


Luxembourg 15 976 423 7072 20 49678


EUR 2 074 498 918


EUR 1 774 728 786


EUR 3 340 866 1480


EUR 639 680 283


EUR 215 747 096


USD 523 213 232


EUR 642 154 284


EUR 2 051 317 908


EUR 3 309 647 1465


EUR 229 067 101



EUR 461 399 204


EUR 41 138 018


Belgium 3 354 980 1486 88055


EUR 3 354 980 1486

France 2 074 355 918 1 74151


EUR 2 074 355 918






Page 91


Market value of net

assets


Luxembourg 106 268 483 7822 22 35054


EUR 2 262 118 167


EUR 1 919 242 141


EUR 20 103 118 1480


EUR 7 613 349 560


EUR 2 844 563 209


USD 6 428 979 473


EUR 7 419 059 546


EUR 20 271 062 1492


EUR 20 100 209 1480


EUR 2 710 821 200



EUR 5 655 104 416


EUR 487 582 036


Belgium 20 456 362 1507 5 36901


EUR 20 456 362 1507


France 2 431 311 179 2 04119


EUR 2 431 311 179





Page 92


Market value of net

assets


Luxembourg 83 608 857 8796 2 99422


EUR 303 048 032


EUR 262 444 028


EUR 7 843 369 825


EUR 7 399 901 779


EUR 3 233 091 340


USD 6 145 767 647


EUR 8 490 062 893


EUR 13 460 814 1415


EUR 5 404 174 569


USD 6 081 093 640


EUR 7 996 743 841


EUR 1 662 618 175



EUR 5 114 825 538


EUR 573 910 060


Belgium 8 030 052 845 2 10758


EUR 8 030 052 845


France 301 926 032 25348


EUR 301 926 032





Page 93


Market value of net

assets


Luxembourg 25 155 717 9818 75074


EUR 286 003 112


EUR 3 044 578 1188


EUR 1 237 723 483


USD 2 575 126 1005


EUR 3 156 476 1232


EUR 3 707 203 1446


EUR 2 318 071 905


USD 1 678 345 655


EUR 285 877 112


EUR 901 227 352



EUR 2 151 844 840


EUR 211 301 082


Belgium 283 836 111 7450


EUR 283 836 111






Page 94


Market value of net

assets


Luxembourg 7 276 070 9998 11 09337


EUR 1 129 527 1552


EUR 478 874 658


USD 944 869 1298


EUR 1 229 634 1690


EUR 923 699 1269


EUR 304 786 419



EUR 787 891 1083


EUR 81 965 113






Page 95


Market value of net

assets


238 928 573 9574

Shares 238 928 573 9574


112 412 826 4506



30 169 APPLE INC USD 12 285 008 493











336 344 EMC CORP USD 6 138 867 246



11 267 GOOGLE INC - A USD 9 163 641 367

140 761 KKR amp CO LP USD 2 486 391 100

76 914 L BRANDS INC USD 3 452 325 138



42 587 MONSANTO CO USD 3 602 101 144








106 867 ZOETIS INC USD 2 535 275 102


110 576 NOVARTIS AG CHF 6 424 326 257




36 495 BAYER AG EUR 3 720 665 149


23 218 MORPHOSYS AG EUR 1 296 725 052

119 483 SAP AG EUR 7 444 986 298


120 710 DIAGEO PLC GBP 2 901 683 116






10 800 KEYENCE CORP JPY 3 355 671 134





Market value of net

assets


216 000 WPP PLC GBP 3 582 692 144



52 483 SHIRE PLC GBP 1 799 057 072















Bonds 3 325 847 133








Page 96


Market value of net

assets


599 433 092 9758

Shares 599 433 092 9758













241 609 GECINA SA EUR 23 201 712 378

391 080 ICADE EMGP EUR 26 464 384 431

381 026 KLEPIERRE EUR 12 834 861 209

739 845 MERCIALYS EUR 11 282 636 184




1 399 632 FABEGE SEK 12 145 959 198






EUR 15 284 466 249












2 670 476 SPONDA OYJ EUR 9 133 028 149







Market value of net

assets






Page 97


Market value of net

assets


Luxembourg 102 611 081 6667 102 45033


EUR 10 369 090 674


EUR 3 076 159 200


EUR 7 427 197 483


EUR 7 622 465 495


EUR 6 179 725 402


EUR 4 707 878 306


USD 1 052 320 068


EUR 3 036 453 197


EUR 1 043 394 068


EUR 5 564 093 362


EUR 1 063 498 069


EUR 1 063 350 069



EUR 5 115 548 332


USD 9 276 233 603


USD 3 166 562 206


EUR 1 021 022 066


EUR 9 205 599 598


EUR 5 092 816 331


EUR 9 576 848 622


EUR 2 155 574 140


France 41 448 016 2693 1 06300


EUR 10 721 058 697




EUR 10 359 210 673

Ireland 9 955 914 647 24 52200


EUR 3 478 446 226







Page 98


Market value of net

assets


Luxembourg 74 937 415 6437 85 28354


EUR 8 631 623 742


EUR 2 248 120 193


EUR 5 294 113 455


EUR 5 744 247 493


EUR 4 507 384 387


EUR 3 502 826 301


USD 725 574 062


EUR 2 214 737 190


EUR 756 091 065


EUR 4 298 135 369


EUR 759 053 065


EUR 765 273 066



EUR 3 720 353 320


USD 6 316 252 543


USD 2 216 730 190


EUR 747 555 064


EUR 6 733 726 578


EUR 3 731 725 321


EUR 6 455 567 555


EUR 1 532 662 132


France 33 384 006 2868 85100


EUR 8 582 897 737




EUR 8 622 549 741

Ireland 7 494 272 644 17 54900


EUR 2 489 326 214







Page 99


Market value of net

assets


Luxembourg 149 485 023 8342 31 08474


EUR 3 146 114 176


EUR 4 956 243 277


EUR 11 668 772 651


EUR 12 891 904 719


EUR 9 936 935 554


EUR 7 938 266 443


USD 1 625 626 091


EUR 4 881 883 272


EUR 1 667 876 093


EUR 9 592 335 535


EUR 1 671 956 093


EUR 1 687 253 094



EUR 8 201 880 458


USD 13 865 440 774


USD 4 873 053 272


EUR 1 647 929 092


EUR 14 845 665 829


EUR 8 228 089 459


EUR 14 111 283 788


EUR 3 377 508 188


Ireland 16 366 050 913 37 17300


EUR 5 272 990 294



France 12 337 079 688 32700


EUR 3 298 011 184




EUR 3 144 569 175





Page 100


Market value of net

assets


Luxembourg 131 984 410 7766 61 91289


EUR 6 266 259 369


EUR 4 262 415 251


EUR 10 034 748 590


EUR 10 766 724 633


EUR 8 546 030 503


EUR 6 849 914 403


USD 1 399 176 082


EUR 4 198 888 247


EUR 1 434 380 084


EUR 7 486 962 441


EUR 1 438 547 085


EUR 1 450 691 085



EUR 7 053 149 415


USD 11 766 544 692


USD 4 192 975 247


EUR 1 416 976 083


EUR 12 766 430 752


EUR 7 075 507 416


EUR 12 898 259 760


EUR 2 904 642 171


France 23 083 987 1358 55800


EUR 5 627 798 331




EUR 6 261 742 368

Ireland 14 209 300 836 31 80000


EUR 4 510 830 265







Page 101


Market value of net

assets


France 7 077 736 6271 18300


EUR 1 845 676 1635




EUR 1 887 932 1673

Luxembourg 4 068 361 3605 18 70882


EUR 1 893 536 1678


EUR 242 771 215


EUR 249 030 221


EUR 100 249 089


EUR 405 552 359


USD 23 500 021


EUR 94 850 084


EUR 177 341 157



USD 101 358 090


EUR 24 704 022


EUR 433 618 384


EUR 246 285 218

Ireland 219 726 195 1 54900


EUR 219 726 195





Page 102


Market value of net

assets


France 2 892 254 5787 7500


EUR 756 425 1513




EUR 768 275 1537

Luxembourg 1 950 701 3903 7 62276


EUR 771 507 1544


EUR 133 288 267


EUR 129 286 259


EUR 42 934 086


EUR 232 648 465


USD 9 495 019


EUR 50 764 102


EUR 93 616 187



USD 46 670 093


EUR 12 869 026


EUR 235 416 471


EUR 133 594 267

Ireland 121 140 242 85400


EUR 121 140 242





Page 103


Market value of net

assets


Luxembourg 3 729 735 5126 8 87858


EUR 898 610 1236


EUR 321 628 442


EUR 297 719 409


EUR 128 289 176


EUR 514 046 707


USD 29 245 040


EUR 128 285 176


EUR 241 500 332



USD 126 217 174


EUR 25 623 035


EUR 556 030 764


EUR 326 186 448

France 3 213 359 4419 7600


EUR 766 510 1054




EUR 895 726 1232

Ireland 321 290 442 2 26500


EUR 321 290 442





Page 104


Market value of net

assets


Luxembourg 6 254 028 4851 16 10619


EUR 1 630 121 1265


EUR 515 661 400


EUR 451 790 350


EUR 216 090 168


EUR 820 229 636


USD 43 939 034


EUR 204 095 158


EUR 382 191 296



USD 214 344 166


EUR 49 983 039


EUR 933 198 724


EUR 514 004 399

France 5 980 093 4639 14800


EUR 1 492 678 1158




EUR 1 625 884 1261

Ireland 582 011 451 4 10300


EUR 582 011 451





Page 105


Market value of net

assets


Luxembourg 59 996 598 8072 18 44241


EUR 1 866 573 251


EUR 1 310 638 176


EUR 5 424 528 730


EUR 669 832 090


EUR 2 025 785 273


EUR 2 632 175 354


EUR 1 298 915 175


USD 672 943 091


EUR 1 940 717 261


EUR 666 881 090


EUR 6 508 264 876


EUR 1 359 534 183


EUR 679 415 091



EUR 3 922 631 528


USD 7 997 977 1076


USD 2 024 117 272


EUR 652 071 088


EUR 3 594 492 484


EUR 10 080 617 1355


EUR 1 377 662 185



EUR 675 708 091

France 7 024 195 946 17800


EUR 1 795 247 242




EUR 1 861 728 251

Ireland 6 950 762 936 6 97900


EUR 989 971 133







Page 106


Market value of net

assets


Luxembourg 22 488 856 7618 11 37926


EUR 1 151 706 390


EUR 491 367 166


EUR 1 981 309 671


EUR 245 795 083


EUR 768 269 260


EUR 984 953 334


EUR 511 573 173


USD 233 244 079


EUR 725 351 246


EUR 251 830 085


EUR 2 463 786 835


EUR 496 559 168


EUR 235 404 080



EUR 1 462 856 496


USD 2 880 406 976


USD 722 739 245


EUR 246 236 083


EUR 1 348 000 457


EUR 3 574 315 1211


EUR 502 001 170



EUR 248 918 084

France 4 141 850 1404 11000


EUR 1 109 423 376




EUR 1 147 053 389

Ireland 2 645 564 896 2 45000


EUR 347 533 118







Page 107


Market value of net

assets


Luxembourg 31 824 467 8886 039


EUR 40 000


EUR 720 252 201


EUR 3 005 974 839


EUR 373 366 104


EUR 1 252 446 350


EUR 1 524 788 426


EUR 865 954 242


USD 372 989 104


EUR 1 064 517 297


EUR 393 794 110


EUR 4 740 269 1324


EUR 781 137 218


EUR 362 231 101



EUR 2 234 890 624


USD 4 031 530 1126


USD 1 102 030 308


EUR 387 106 108


EUR 2 054 667 574


EUR 3 997 906 1116


EUR 779 223 218



EUR 395 708 110

Ireland 4 049 747 1131 3 29700


EUR 467 679 131







Page 108


Market value of net

assets


Luxembourg 44 031 065 8560 4 22168


EUR 427 280 083


EUR 1 005 531 196


EUR 4 058 880 789


EUR 507 850 099


EUR 1 678 370 326


EUR 2 016 282 392


EUR 1 102 577 214


USD 493 056 096


EUR 1 486 292 289


EUR 507 401 099


EUR 4 938 729 960


EUR 1 017 662 198


EUR 512 999 100



EUR 2 995 965 583


USD 5 714 440 1110


USD 1 476 911 287


EUR 501 778 098


EUR 2 761 439 537


EUR 7 428 688 1443


EUR 1 028 039 200



EUR 505 932 098

Ireland 5 563 899 1083 4 62700


EUR 656 340 128



France 1 457 270 284 2700


EUR 272 313 053




EUR 426 423 083





Page 109


Market value of net

assets


Luxembourg 3 224 521 8683 4947


EUR 5 007 013


EUR 347 499 936


EUR 40 334 109


EUR 129 337 348


EUR 643 486 1732


EUR 123 881 334


EUR 73 023 197



EUR 274 386 739


USD 600 625 1617


EUR 558 837 1505


EUR 247 067 665






EUR 4 765 013





Page 110


Market value of net

assets


Luxembourg 600 512 8416 9887


EUR 10 007 140


EUR 64 568 905


EUR 6 989 098


EUR 27 634 387


EUR 113 382 1589


EUR 22 622 317


EUR 13 252 186


EUR 52 174 731


USD 107 636 1509


EUR 109 753 1538


EUR 44 140 619




France 9 529 134 800


EUR 9 529 134





Page 111


Market value of net

assets


Luxembourg 2 029 396 8539 9888


EUR 10 008 042


EUR 217 187 914


EUR 25 474 107


EUR 96 719 407


EUR 402 309 1693


EUR 77 560 326


EUR 46 119 194



EUR 157 286 662


USD 364 012 1532


EUR 348 891 1468


EUR 154 271 649




France 9 529 040 800


EUR 9 529 040





Page 112


Market value of net

assets


Luxembourg 2 562 866 8426 17789


EUR 18 005 059


EUR 272 441 896


EUR 30 970 102


EUR 105 645 347


EUR 494 980 1627


EUR 95 298 313


EUR 59 556 196



EUR 218 985 720


USD 483 636 1590


EUR 449 212 1477


EUR 191 419 629




France 17 867 059 1500


EUR 17 867 059





Page 113


Market value of net

assets


France 92 483 907 5101 2 29900


EUR 23 186 932 1279




EUR 23 209 061 1280

Luxembourg 83 094 661 4583 229 43288


EUR 23 221 107 1281


EUR 5 242 188 289


EUR 1 356 388 075


EUR 7 884 506 435


EUR 2 633 236 145


EUR 4 881 196 269


USD 667 703 037


EUR 1 940 450 107


EUR 1 333 623 074


EUR 1 661 853 092


EUR 695 876 038



EUR 1 962 077 108


USD 2 072 086 114


USD 2 008 882 111


EUR 651 956 036


EUR 7 845 787 433


EUR 6 511 419 359


EUR 3 175 584 175


EUR 1 377 516 076



EUR 675 447 037

Ireland 4 864 338 268 25 53800


EUR 3 622 565 200






Page 114


Market value of net

assets


France 57 240 741 4950 1 32300


EUR 13 343 328 1154




EUR 15 058 196 1302

Luxembourg 54 495 766 4709 148 87604


EUR 15 067 878 1303


EUR 3 447 556 298


EUR 871 177 075


EUR 5 469 949 473


EUR 1 751 169 151


EUR 3 343 830 289


USD 442 745 038


EUR 1 283 434 111


EUR 884 565 076


EUR 1 196 745 103


EUR 437 356 038



EUR 1 285 416 111


USD 1 238 206 107


USD 1 331 930 115


EUR 433 297 037


EUR 5 198 188 449


EUR 4 291 887 371


EUR 1 940 507 168


EUR 902 611 078



EUR 437 630 038

Ireland 3 234 932 280 16 19900


EUR 2 297 828 199






Page 115


Market value of net

assets


Luxembourg 108 561 496 6211 150 31344


EUR 15 213 360 870


EUR 8 182 884 468


EUR 2 116 712 121


EUR 12 457 720 713


EUR 4 110 719 235


EUR 7 601 474 435


USD 1 043 518 060


EUR 3 029 323 173


EUR 2 081 539 119


EUR 2 688 925 154


EUR 1 060 267 061



EUR 3 062 640 175


USD 3 160 629 181


USD 3 139 058 180


EUR 1 018 379 058


EUR 12 246 883 701


EUR 10 164 198 581


EUR 4 862 676 278


EUR 2 150 621 123



EUR 1 054 569 060

France 58 218 472 3331 1 50500


EUR 15 178 918 868




EUR 15 204 705 870

Ireland 7 685 260 439 39 98500


EUR 5 671 872 324






Page 116


Market value of net

assets


Luxembourg 107 041 050 5897 172 55401


EUR 17 464 346 962


EUR 7 874 849 434


EUR 2 037 039 112


EUR 11 222 420 618


EUR 3 955 290 218


EUR 7 180 781 396


USD 1 005 476 055


EUR 2 915 676 161


EUR 2 003 287 110


EUR 2 338 933 129


EUR 1 020 704 056



EUR 2 947 101 162


USD 2 916 242 161


USD 3 025 270 167


EUR 980 117 054


EUR 11 784 518 649


EUR 9 780 393 539


EUR 4 929 344 272


EUR 2 069 625 114



EUR 1 014 607 056

France 66 592 875 3669 1 72800


EUR 17 428 019 960




EUR 17 455 929 962

Ireland 7 655 856 422 39 41900


EUR 5 591 585 308






Page 117


Market value of net

assets


92 631 896 6877

Bonds 90 924 850 6751

France 30 684 856 2277 200 000 ACCOR 2875 12-19062017 EUR 206 946 015


EUR 69 138 005


EUR 277 200 021


200 000 ALSTOM 3625 10-05102018 EUR 212 058 016

800 000 AUCHAN SA 3625 11-19102018 EUR 873 440 065


EUR 662 286 049

100 000 AXA BANK EUROPE 1875 12-20092019

EUR 101 605 008

100 000 AXA BANK EUROPE 2250 12-19042017

EUR 104 393 008


EUR 419 512 031

400 000 BNP PARIBAS 2000 13-28012019 EUR 403 088 030

350 000 BNP PARIBAS COV 4500 07-30052014

EUR 355 758 026

300 000 BNP PARIBAS HOME 3375 10-12012017

EUR 322 980 024

200 000 BOUYGUES 4000 10-12022018 EUR 218 362 016

200 000 BPCE 1625 13-08022017 EUR 202 028 015

100 000 BPCE SFH 1500 12-28022018 EUR 101 503 008

200 000 BPCE SFH 2125 13-17092020 EUR 203 414 015

200 000 BPCE SFH 2750 12-16022017 EUR 211 660 016


EUR 394 840 029


EUR 81 420 006

350 000 CASINO GUICHARD 5125 09-30012015

EUR 367 227 027



200 000 CRED AG COV BOND 3500 09-21072014

EUR 203 290 015


EUR 308 655 023


EUR 349 407 026

200 000 CSSE REFIN HYPOT 4000 06-25042018

EUR 223 900 017

149 460 CSSE REFIN HYPOT 4100 04-25102015

EUR 159 347 012

702 643 CSSE REFIN L HAB 3750 10-19022020

EUR 788 365 059

200 000 CSSE REFIN L HAB 4000 12-17062022

EUR 227 524 017

400 000 ELEC DE FRANCE 2250 13-27042021

EUR 396 340 029

100 000 ELEC DE FRANCE 2750 12-10032023

EUR 99 562 007

600 000 FRANCE OAT 1000 13-25112018 EUR 593 631 044

700 000 FRANCE OAT 1750 13-25052023 EUR 664 158 049

1 840 000 FRANCE OAT 2250 12-25102022 EUR 1 842 683 137

570 000 FRANCE OAT 2500 10-25102020 EUR 599 032 044

1 179 125 FRANCE OAT 2750 12-25102027 EUR 1 155 078 086

600 000 FRANCE OAT 3250 13-25052045 EUR 577 892 043

2 320 000 FRANCE OAT 3750 09-25102019 EUR 2 616 865 195

300 000 FRANCE OAT 4000 05-25042055 EUR 334 284 025

875 000 FRANCE OAT 4000 06-25102038 EUR 975 584 072

2 800 000 FRANCE OAT 4000 08-25042018 EUR 3 153 252 235

420 000 FRANCE OAT 4750 04-25042035 EUR 518 016 038

3 030 000 FRENCH BTAN 2500 11-25072016 EUR 3 189 354 238

200 000 GECINA 4750 12-11042019 EUR 221 256 016


EUR 302 181 022

250 000 RATP 4500 08-28052018 EUR 284 170 021

750 000 RCI BANQUE 4000 11-16032016 EUR 792 495 059


Market value of net

assets


EUR 406 361 030


EUR 302 445 022


EUR 85 060 006


EUR 300 531 022


EUR 295 548 022


EUR 582 395 043

200 000 ST GOBAIN 4000 10-08102018 EUR 218 162 016


100 000 UNEDIC 0375 13-29042016 EUR 99 774 007

400 000UNIBAIL RODAMCO 3375 10-11032015

EUR 412 256 031

500 000 VALEO SA 5750 12-19012017 EUR 563 355 042

200 000 VINCI SA 3375 12-30032020 EUR 212 348 016


600 000 BUNDESOBL-120 0250 13-13042018 EUR 586 761 044

1 159 410DEUTSCHLAND IL 1500 06-15042016

EUR 1 208 163 090

1 700 000DEUTSCHLAND REP 1500 13-15022023

EUR 1 650 820 123

400 000DEUTSCHLAND REP 1750 12-04072022

EUR 401 412 030

2 400 000DEUTSCHLAND REP 2500 10-04012021

EUR 2 577 622 191

2 080 000DEUTSCHLAND REP 3500 09-04072019

EUR 2 351 785 175

1 465 000DEUTSCHLAND REP 4000 05-04012037

EUR 1 777 424 132

930 000DEUTSCHLAND REP 4750 98-04072028

EUR 1 189 677 088

200 000FMS WERTMANAGE 1375 12-16012015

EUR 202 260 015

100 000FMS WERTMANAGE 2375 11-15122014

EUR 101 972 008

180 000 KFW 0875 13-25062018 EUR 178 882 013

169 000 KFW 1125 13-16102018 EUR 169 057 013

730 000 KFW 2000 11-07092016 EUR 758 288 056

165 000 KFW 3125 09-25022014 EUR 165 660 012

410 000 KFW 3500 06-04072021 EUR 460 389 034

400 000 KFW 4375 08-04072018 EUR 458 080 034

200 000 LAND HESSEN 3500 10-10032020 EUR 222 960 017

431 000LB BADEN-WUERT 1375 12-01062018

EUR 439 340 033

100 000LB BADEN-WUERT 2250 10-21062016

EUR 104 445 008

72 000SOLARWORLD AG 6125 10-21012017

EUR 26 568 002


400 000 BELGIAN 0321 4250 11-28092021 EUR 461 485 034

880 000 BELGIAN 0323 3500 11-28062017 EUR 960 915 071

310 000 BELGIAN 0324 4500 11-28032026 EUR 361 151 027

800 000 BELGIAN 0325 4250 12-28092022 EUR 918 043 068

600 000 BELGIAN 0326 4000 12-28032032 EUR 660 384 049

600 000 BELGIAN 1250 13-22062018 EUR 601 590 045

2 870 000BELGIUM OLO 47 3250 06-28092016

EUR 3 082 403 230

400 000BELGIUM OLO 48 4000 06-28032022

EUR 452 711 034


EUR 100 775 007

200 000 KBC BANK NV 1250 13-28052020 EUR 194 120 014

The Netherlands 8 324 709 617 100 000

ABN AMRO BANK NV 2125 13-26112020

EUR 97 770 007

200 000ABN AMRO BANK NV 3625 10-06102017

EUR 215 738 016

200 000ALLIANZ FINANCE 1375 13-13032018

EUR 200 270 015

200 000BMW FINANCE NV 1500 12-05062018

EUR 201 014 015




Page 118


Market value of net

assets

300 000 CRH FINANCE BV 5000 12-25012019

EUR 338 817 025

200 000 DEUTSCHE TEL FIN 2000 12-30102019

EUR 201 836 015

143 000 EDP FINANCE BV 4625 06-13062016

EUR 150 479 011

300 000 ING GROEP NV 4125 06-11042016 EUR 320 142 024

500 000 LANXESS FINANCE 2625 12-21112022

EUR 487 210 036


EUR 1 305 583 097


EUR 572 265 042


EUR 2 263 278 168

798 000 RABOBANK 4375 06-07062021 EUR 894 957 066

500 000 RABOBANK 4750 08-15012018 EUR 563 610 042


EUR 511 740 038

Austria 5 606 452 416 200 000


EUR 240 140 018


EUR 714 700 053


EUR 1 128 923 084


EUR 1 487 314 110


EUR 1 985 456 147

50 000 TELEKOM FINANZ 3125 13-03122021

EUR 49 919 004



EUR 317 955 024


EUR 318 645 024


EUR 211 650 016

300 000 BANCO SANTANDER 3625 10-06042017

EUR 319 578 024

400 000 BANESTO SA 3500 05-27012015 EUR 410 360 030

500 000 BANKINTER SA 4125 12-22032017 EUR 537 620 040

200 000 CAIXABANK 3000 13-22032018 EUR 207 340 015

300 000 CAIXABANK SA 3125 13-14052018 EUR 307 473 023

100 000 INSTIT CRDT OFCL 4000 13-30042018

EUR 105 145 008

100 000 INSTIT CRDT OFCL 4125 10-28092017

EUR 105 680 008

18 000 INSTIT CRDT OFCL 4375 09-20052019

EUR 19 069 001

275 000 INSTIT CRDT OFCL 4375 11-31032014

EUR 276 898 021

120 000 INSTIT CRDT OFCL 5000 11-05072016

EUR 128 250 010

500 000 KUTXABANK 3000 13-01022017 EUR 519 635 039

300 000 LA CAIXA 4750 11-18032015 EUR 313 026 023

300 000 SANTANDER INTL 4500 11-18052015

EUR 313 308 023

150 000 TELEFONICA EMIS 5431 09-03022014

EUR 150 530 011


800 000 EFSF 1625 13-17072020 EUR 793 240 059

130 000 EFSF 3375 12-03042037 EUR 137 586 010

200 000 EIB 1375 13-15112019 EUR 198 900 015

800 000 EIB 1500 13-15072020 EUR 792 720 059

400 000 EIB 2500 10-16092019 EUR 422 960 031

380 000 EIB 3125 09-15042014 EUR 382 983 028

195 000 EIB 4500 09-15102025 EUR 232 508 017

70 000 EIB 4625 04-15042020 EUR 82 558 006

79 000 ESM 1250 13-15102018 EUR 79 293 006


Market value of net

assets

Italy 2 446 987 182 100 000


EUR 105 433 008

300 000 HERA SPA 3250 13-04102021 EUR 302 025 022

120 000 HERA SPA 4500 09-03122019 EUR 132 421 010

100 000INTESA SANPAOLO 4375 11-16082016

EUR 107 956 008

100 000INTESA SANPAOLO 5000 12-27012021

EUR 114 774 009

208 000INTESA SANPAOLO 6625 13-13092023

EUR 223 513 017


400 000 TERNA SPA 4125 12-17022017 EUR 432 348 032


200 000UNIONE DI BANCHE 3125 13-14102020

EUR 203 120 015

300 000UNIONE DI BANCHE 3750 12-30102015

EUR 310 245 023

Sweden 2 351 499 175 160 000


EUR 173 352 013


EUR 502 010 037

300 000 SKF AB 2375 13-29102020 EUR 296 913 022


EUR 628 030 047

744 000SWEDEN KINGDOM 3125 09-07052014

EUR 751 194 056


660 000 FINNISH GOVT 4375 08-04072019 EUR 768 648 057

395 000NORDEA BANK FIN 2375 12-17072017

EUR 415 256 031

United Kingdom 1 559 661 116 300 000


EUR 295 443 022


EUR 223 116 017

200 000 FCE BANK PLC 1750 13-21052018 EUR 198 056 015

150 000LLOYDS TSB BANK 3500 12-11012017

EUR 162 093 012

400 000LLOYDS TSB BANK 6500 10-24032020

EUR 463 212 034

100 000NATIONWIDE BLDG 4625 11-08022021

EUR 118 746 009

100 000WPP FINANCE 2013 3000 13-20112023

EUR 98 995 007

Norway 920 298 068 300 000


EUR 314 772 023

600 000SPAREBANK 1 SMN 2125 13-21022018

EUR 605 526 045


797 401 059


EUR 113 661 008

300 000SES GLOBAL GROUP 1875 13-24102018

EUR 297 840 022


EUR 385 900 029

Slovenia 602 700 045 600 000


EUR 602 700 045

Australia 475 061 036 180 000


EUR 176 596 013

200 000WESTPAC BANKING 1375 13-17042020

EUR 195 410 015

100 000WESTPAC BANKING 2125 12-09072019

EUR 103 055 008

Ireland 300 327 022 100 000


EUR 100 283 007

200 000GEN ELEC CAP CRP 1625 13-15032018

EUR 200 044 015




Page 119


Market value of net

assets

Denmark 216 452 016 214 000


EUR 216 452 016

Luxembourg 201 478 015 200 000


EUR 201 478 015





200 000 MUNICH RE 07-290649 FRN EUR 215 984 016




35 CALL EURO-BUND 10YR 6000 21022014 1425

EUR 4 900 000

31 PUT EURO-BUND 10YR 6000 21022014 1365

EUR 9 920 001




EUR 8 780 180 653


Luxembourg 8 488 786 631 5963


EUR 8 488 786 631


Page 120


BNP Paribas L1


Page 121




















BNP Paribas L1


Page 122























BNP Paribas L1


Page 123






























BNP Paribas L1


Page 124





b) Sub-funds open








142 1949



142 774



295 582





a) Net asset value





BNP Paribas L1


Page 125




















BNP Paribas L1


Page 126














BNP Paribas L1


Page 127














075 020 NA 075 030


100 025 NA 100 030


050 015 NA 050 030


125 060 NA 125 080


150 060 NA 150 080


070 025 NA 070 030


BNP Paribas L1


Page 128


150 060 NA 150 080



150 060 NA 150 080


120 060 NA 120 080


075 030 NA 075 040


150 NA NA 150 075


175 075 NA 175 100


150 075 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080




150 060 NA 150 080


150 060 NA 150 080


175 075 NA 175 100


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080

BNP Paribas L1


Page 129


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 075 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


175 075 NA 175 100


150 075 NA 150 080


175 075 NA 175 100


175 075 NA 175 100


150 060 NA 150 080


175 070 NA 175 100


150 060 NA 150 075


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


BNP Paribas L1


Page 130




150 060 NA 150 080


150 060 1385 150 080


150 060 NA 150 080


150 060 NA 150 080


075 030 NA 075 040


150 NA NA NA NA


150 NA NA NA NA


150 060 NA 150 080


150 050 NA 150 070













BNP Paribas L1


Page 131













































BNP Paribas L1


Page 132








V350


World Volatility


Note 5 - Other fees


Note 6 - Taxes






BNP Paribas L1


Page 133















Note 7 - Dividends







BNP Paribas L1


Page 134


BNP Paribas L1


Page 135



Payment dates


Amounts




Payment dates



Amounts

BNP Paribas L1


Page 136



















Payment dates


Amounts






BNP Paribas L1


Page 137











Bond Europe Plus


(in EUR)




(CBT) 20032014 18 127 302 147 116


(CBT) 20032014 19 089 272 (247 923)




20032014 4 746 181 (61 232)


(CBT) 31032014 43 070 775 60 246


(CBT) 31032014 244 261 811 2 587 022



(LIFFE) 27032014 39 191 538 718 606


BNP Paribas L1


Page 138



(in EUR)




LIFFE 17032014 5 983 200 (1 500)


LIFFE 16032015 76 653 500 122 650


10YR 6 06032014 33 385 760 (444 500)


FUTURES 06032014 19 521 740 23 270

Total 2 507 302

Bond World Plus


(in EUR)




(CBT) 20032014 30 182 404 334 255


(CBT) 20032014 9 218 722 (102 757)




20032014 2 966 363 (40 028)


(CBT) 31032014 19 621 131 22 282


(CBT) 31032014 142 262 373 1 430 020



(LIFFE) 27032014 5 635 385 22 993



FUTURE 18032014 46 217 139 (13 141)



LIFFE 17032014 3 739 500 (938)


LIFFE 16032015 36 584 625 58 525


10YR 6 06032014 657 200 (8 750)

Total 1 720 795

BNP Paribas L1


Page 139



(in EUR)




STOXX 50 - FUTURE 21032014 38 414 880 (1 198 919)



(CBT) 20032014 2 335 172 (23 959)


(CBT) 20032014 180 378 1 878



20032014 383 073 7 292


(CBT) 31032014 463 509 0


(CBT) 31032014 4 025 425 24 513



(LIFFE) 27032014 620 239 3 446



LIFFE 17032014 362 186 (91)


LIFFE 16032015 2 169 411 3 469


MARKETS INDEX 21032014 7 452 868 216 007

Total (694 782)



(in EUR)




STOXX 50 - FUTURE 21032014 30 178 680 (941 870)



(CBT) 20032014 2 486 869 (25 515)


(CBT) 20032014 192 096 2 000



20032014 407 958 7 766


(CBT) 31032014 493 619 0


(CBT) 31032014 4 286 923 26 106

AUD 6 S AUST 10 YR BOND 17032014 422 340 (1 412)

BNP Paribas L1


Page 140



(in EUR)




(LIFFE) 27032014 660 530 3 670



LIFFE 17032014 385 714 (97)


LIFFE 16032015 2 310 339 3 694


MARKETS INDEX 21032014 2 213 723 64 161

Total (794 807)

Equity Netherlands


(in EUR)



17012014 13 840 840 400 760

Total 400 760



(in EUR)



Total (65 410)







BNP Paribas L1


Page 141















BNP Paribas L1


Page 142



















BNP Paribas L1


Page 143



























BNP Paribas L1


Page 144

























BNP Paribas L1


Page 145


JPY 7 049 955 JPY 15 503 466 USD 578 291























BNP Paribas L1


Page 146























JPY 7 047 030 USD 413 065



BNP Paribas L1


Page 147



















BNP Paribas L1


Page 148

Note 11 - Swaps





20122015

10 531 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000

9 430 000 USD 20032017 METLIFE INC 5 05-

15062015 1000


15072013

8 500 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

4 300 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018


20122018

11 500 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

12 100 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018 5000


20122018 5000


20122018 5000


15082016


15082016

BNP Paribas L1


Page 149



15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000




20122015

2 040 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000


15072013

2 040 000 USD 20032017 METLIFE INC 5 05-

15062015 1000

1 800 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

1 200 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018

7 300 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

8 000 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018


20122018 5000


20122018 5000


20122018 5000

BNP Paribas L1


Page 150



15082016


15082016


15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


Interest Rate Swaps










BNP Paribas L1


Page 151





Inflation Swaps








EX TOBACCO


EX TOBACCO

25 500 000 USD 10092023 2430 US CPI URBAN

CONSUMERS NSA


EX TOBACCO 2247

9 200 000 USD 23092023 2590 US CPI URBAN







EX TOBACCO


EX TOBACCO


EX TOBACCO


EX TOBACCO 2247


BNP Paribas L1


Page 152

Total Return Swaps















BNP Paribas L1


Page 153



Bond Europe Plus


(in EUR)


EUR)


21022014 12200 16 999 16543 (3 78853)

Total (3 78853)

Bond World Plus


(in EUR)


EUR)


21022014 12200 11 686 92623 (2 60461)

Total (2 60461)



(in EUR)


EUR) EUR 470 CALL CGG 20062014 21 20062014 2100 987 00000 15 04000

Total 15 04000










BNP Paribas L1


Page 154




EUR 1 570 1 918 3 488





EUR 2 182 2 666 4 848








Equity Euro EUR 260 344 236 936 497 280






Lifecycle 2015 EUR 1 360 1 662 3 022

Lifecycle 2020 EUR 4 649 5 656 10 305

Lifecycle 2025 EUR 7 446 9 051 16 497

Lifecycle 2030 EUR 6 678 8 110 14 788

Lifecycle 2035 EUR 6 171 7 492 13 663

Model 1 EUR 450 549 999

Model 2 EUR 5 484 6 679 12 163

Model 3 EUR 54 131 65 886 120 017

Model 4 EUR 87 971 107 232 195 203

Model 5 EUR 37 184 45 340 82 524

Model 6 EUR 13 482 16 438 29 920











Safe Growth W1 EUR 18 216 22 263 40 479

Safe Growth W4 EUR 6 770 8 274 15 044

BNP Paribas L1


Page 155


Safe Growth W10 EUR 13 712 16 758 30 470


















BNP Paribas L1


Page 156







BNPP IP Asia






BNPP AM France

BNP Paribas L1


Page 157


THEAM




BNPP IP Netherlands




BNPP IP UK


BNPP IP Singapore





Equity World



Equity USA Core


BNP Paribas L1


Page 158





BNPP AM Inc



NPA


River Road

BNP Paribas L1


Page 159








BNP Paribas L1


Page 160




BNP Paribas L1


Page 161






BNP Paribas L1


Page 162










Equity Euro


Equity Europe




BNP Paribas L1


Page 163






BNP Paribas L1


Page 164






BNP Paribas L1


Page 165









BNP Paribas L1


Page 166



Sub-fund Date Event


Launch of sub-funds


BNP Paribas L1

Unaudited appendix

Page 167


a) Introduction
















BNP Paribas L1

Unaudited appendix

Page 168






i The client



ii Voting committee






iv Voting procedure





BNP Paribas L1

Unaudited appendix

Page 169














iii The Chairman












BNP Paribas L1

Unaudited appendix

Page 170










Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year


Currencies World)





2 times Benchmark

VaR 3204 7325 4566 413




(HP4N)

2 times Benchmark

VaR 4459 6279 5326 9



2 times Benchmark

VaR 3548 6237 4882 454




2 times Benchmark

VaR 3003 4899 3959 77





2 times Benchmark

VaR 3026 4490 3666 77



Cash EUR

2 times Benchmark

VaR 287 2652 2042 4

BNP Paribas L1

Unaudited appendix

Page 171


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year




10 Cash EUR

2 times Benchmark

VaR 1373 3900 3138 4




EMU

2 times Benchmark

VaR 1885 4286 3505 4




EMU

2 times Benchmark

VaR 2547 5206 4441 3




EMU

2 times Benchmark

VaR 2455 5210 4424 3




Euribid (RI)

2 times Benchmark

VaR 2709 5413 4319 3




+ 5GPR 250 +30 Cash

2 times Benchmark

VaR 1195 5446 4119 3




+10 GPR 250 +10 Cash

2 times Benchmark

VaR 1643 7159 4594 3




+10 GPR 250 +5 Cash

2 times Benchmark

VaR 2222 5711 4407 5




EMU

2 times Benchmark

VaR 2866 6503 5208 4




High Income World

2 times Benchmark

VaR 1606 5405 4263 1

BNP Paribas L1

Unaudited appendix

Page 172


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year

OBAM Equity World



Benchmark VaR

5302 6261 5665 0


Page 173

Dece

mbe

r 20

12 -

Des

ign

- P1

2111

05_U

K


wwwbnpparibas-ipcom

a global presence








BNP Paribas L1

Table of contents

Page

Page 2



Safe Balanced W1 97

Safe Balanced W4 98

Safe Balanced W7 99






Safe Growth W1 105

Safe Growth W4 106

Safe Growth W7 107

Safe Growth W10 108













BNP Paribas L1

Organisation

Page 3



Board of Directors

Chairman


Members










Managing Director









BNP Paribas L1

Organisation

Page 4

























BNP Paribas L1

Information

Page 5











BNP Paribas L1

Managers report

Page 6

The economy


United States


Europe


BNP Paribas L1

Managers report

Page 7

Japan


Emerging markets


Monetary policy



BNP Paribas L1

Managers report

Page 8

Currency markets



Bond markets



BNP Paribas L1

Managers report

Page 9

Equity markets




Page 10


_rupwc


Opinion


Aher matters



Poge I I

BNP Paribas L1



Page 12

Absolute Return




Japan









Total expenses 64 601 232 443 89 458 3 789 622









(48 389 680) (112 052 139) (99 985 286) (568 069 710)


48 389 680 112 052 139 99 985 286 568 069 710


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 13



Bond Euro Long Term

Bond Euro Premium



0 144 464 621 0 202 516 883 0 560 428 458 0 137 979 046 0 175 333 950 0 501 481 886 0 6 335 330 0 26 022 743 0 (7 167 149)0 144 314 376 0 201 356 693 0 494 314 737 0 0 0 0 0 6 813 472 0 17 041 0 1 160 000 0 17 793 685 0 133 204 0 190 0 41 506 564

0 308 131 0 4 773 619 0 3 198 213 0 0 0 363 814 0 320 026 0 0 0 3 976 040 0 0 0 308 131 0 433 765 0 2 878 187

0 144 156 490 0 197 743 264 0 557 230 245

7 977 115 12 532 266 713 671 236 441 2 445 123 32 064 223 1 964 159 2 660 028 100 346 1 714 503 637 787 5 277 677

5 063 864 0 4 396 420 8 811 585 417 0 0 196 896 35 292 5 059 072 332 530 515 795 37 516 629 198 106 715 1 949 478

92 686 155 529 9 930 296 905 33 965 870 743 0 0 0 0 0 0 0 27 265 77 1 361 0 183 541

20 302 3 102 584 2 641 664 43 018

3 000 157 3 362 583 148 453 2 845 900 814 843 13 392 340 4 976 958 9 169 683 565 218 (2 609 459) 1 630 280 18 671 883

24 291 943 43 394 356 4 956 549 55 766 333 4 284 958 (10 009 724)(1 744 646) 2 564 722 (24 460) (41 705 438) 115 045 33 875 766

27 524 255 55 128 761 5 497 307 11 451 436 6 030 283 42 537 925

(21 703 050) (32 627 772) (6 152 757) (12 302 435) (3 967 810) (38 290 416)(4 602 267) 5 237 9 740 2 445 924 (168 954) (8 128 571)

1 218 938 22 506 226 (645 710) 1 594 925 1 893 519 (3 881 062)(391 194 700) (486 939 959) (100 886 972) (73 995 063) (114 863 395) (255 592 684)

(4 895 550) (7 331 802) 0 (2 095 906) (1 784 576) (4 314 937)

(394 871 312) (471 765 535) (101 532 682) (74 496 044) (114 754 452) (263 788 683)

394 871 312 615 922 025 101 532 682 272 239 308 114 754 452 821 018 928

0 0 0 0 0 0

0 144 156 490 0 197 743 264 0 557 230 245

BNP Paribas L1



Page 14


Emerging Corporate







Net asset value 0 0 0 278 288 466



Total expenses 606 823 677 968 731 764 12 696 019









(143 279 985) (120 882 212) (112 792 606) (1 560 670 153)


143 279 985 120 882 212 112 792 606 1 838 958 619


0 0 0 0


0 0 0 278 288 466

BNP Paribas L1


Page 15



Europe





0 387 231 128 55 269 960 126 633 703 59 950 449 43 609 959 0 357 597 461 50 868 563 119 586 888 48 376 489 36 351 424 0 (23 257 872) 2 376 577 6 852 617 2 361 310 1 779 787 0 334 339 589 53 245 140 126 439 505 50 737 799 38 131 211 0 0 0 0 0 0 0 30 845 710 1 499 644 48 239 9 192 426 5 464 199 0 22 045 829 525 176 145 959 20 224 14 549

0 1 651 853 100 650 318 089 953 979 918 523 0 112 457 0 0 27 400 13 172 0 827 173 9 165 0 648 191 745 189 0 712 223 91 485 318 089 278 388 160 162

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

6 326 150 15 027 981 2 191 835 12 124 676 1 778 956 1 326 083 1 050 558 2 323 829 798 700 5 218 366 1 248 276 899 361

841 13 753 5 885 14 977 3 953 2 591 0 2 083 348 0 58 847 22 763 16 340

218 324 881 738 197 467 1 322 016 269 259 193 758 68 346 375 575 72 749 261 315 104 638 75 744

0 0 0 0 0 0 0 91 265 112 043 443 192 160 311 96 792

6 114 0 0 1 770 0 128

1 344 183 5 769 508 1 186 844 7 320 483 1 809 200 1 284 714 4 981 967 9 258 473 1 004 991 4 804 193 (30 244) 41 369

16 839 299 (8 659 765) 2 093 217 135 463 173 10 049 694 5 027 509 (1 915 926) 6 020 276 836 500 10 291 386 (6 241 326) (5 849 152)

19 905 340 6 618 984 3 934 708 150 558 752 3 778 124 (780 274)

(7 367 503) (33 787 800) 1 673 819 (19 278 022) (1 076 999) 1 276 935 (1 182 724) (4 627 636) (280 517) (11 297 491) (366 609) (535 542)

11 355 113 (31 796 452) 5 328 010 119 983 239 2 334 516 (38 881)(233 906 164) 204 463 624 (12 499 054) (1 155 137 069) (44 651 422) (32 584 098)

(6 530 722) (3 288 459) (64 362) (6 195 932) 0 0

(229 081 773) 169 378 713 (7 235 406) (1 041 349 762) (42 316 906) (32 622 979)

229 081 773 216 200 562 62 404 716 1 167 665 376 101 313 376 75 314 415

0 0 0 0 0 0

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

BNP Paribas L1



Page 16

Diversified World




Stability






Net asset value 384 410 962 167 926 445 35 788 549 123 720 575



Total expenses 8 696 293 3 670 193 951 012 2 845 355









(104 845 516) (42 347 852) (12 434 955) (49 096 971)


489 256 478 210 274 297 48 223 504 172 817 546


0 0 0 0


384 410 962 167 926 445 35 788 549 123 720 575

BNP Paribas L1


Page 17



Japan




ex-UK



0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

1 194 441 2 168 527 13 992 683 22 924 346 206 488 480 946 1 111 376 1 571 750 2 484 768 6 222 512 88 053 480 766

74 289 181 516 130 4 0 0 0 0 0 0

225 661 378 725 897 048 1 816 811 43 065 126 377 50 964 83 442 120 895 322 282 2 559 26 087

0 0 0 0 0 0 683 938 127 263 475 424 1 134 765 85 691 44 169

39 571 1 920 12 220 48 189 0 0

2 111 584 2 163 389 3 990 536 9 545 075 219 498 677 403 (917 143) 5 138 10 002 147 13 379 271 (13 010) (196 457)

28 465 823 65 569 454 161 548 153 311 227 043 14 194 778 22 366 491

(14 824) (5 401) (140 499) 96 367 1 924 (255 255)

27 533 856 65 569 191 171 409 801 324 702 681 14 183 692 21 914 779

(22 291 733) (50 533 539) (97 139 622) (156 540 657) (10 565 289) (9 084 280)0 0 (22 696) 0 0 (55 491)

5 242 123 15 035 652 74 247 483 168 162 024 3 618 403 12 775 008 (177 670 445) (335 717 879) (728 033 920) (1 421 563 122) (61 967 986) (102 673 322)

(107 752) (1 305 691) (863 607) (8 732 459) 0 (219 731)

(172 536 074) (321 987 918) (654 650 044) (1 262 133 557) (58 349 583) (90 118 045)

172 536 074 321 987 918 654 650 044 1 262 133 557 58 349 583 90 118 045

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 18


Consumer Durables






Net asset value 0 510 442 146 950 724 881 0



Total expenses 5 675 695 2 990 312 8 650 242 56 127









(653 954 642) 47 101 993 (25 806 710) (6 934 884)


653 954 642 463 340 153 976 531 591 6 934 884


0 0 0 0


0 510 442 146 950 724 881 0

BNP Paribas L1


Page 19








0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

327 362 2 691 962 710 475 767 422 8 827 864 1 131 912 124 329 1 197 535 351 795 247 232 2 988 716 389 317

191 2 152 4 333 216 174 6 0 0 0 0 0 0

29 010 301 593 82 259 59 481 774 600 94 314 6 898 50 889 18 259 12 355 150 345 20 926

0 0 0 0 0 0 12 363 64 986 140 075 60 129 312 030 269 335

219 21 350 0 9 186 8 486 0

173 010 1 638 505 596 721 388 599 4 234 351 773 898 154 352 1 053 457 113 754 378 823 4 593 513 358 014

6 272 854 36 134 857 515 332 1 777 985 185 219 878 19 765 399

30 948 (47 372) 81 982 (94 684) (6 051) 53 773

6 458 154 37 140 942 711 068 2 062 124 189 807 340 20 177 186

(3 741 744) (29 593 154) (161 749) 1 918 673 (116 800 391) (10 290 769)0 0 0 26 600 0 0

2 716 410 7 547 788 549 319 4 007 397 73 006 949 9 886 417 (21 218 213) (219 687 834) (61 505 688) (49 443 724) (663 056 140) (70 986 683)

(104 772) (402 996) (483 751) (230 614) (7 456 268) (328 964)

(18 606 575) (212 543 042) (61 440 120) (45 666 941) (597 505 459) (61 429 230)

18 606 575 212 543 042 61 440 120 45 666 941 597 505 459 61 429 230

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 20

Equity Europe




Telecom









Total expenses 51 370 106 025 30 280 115 208









(5 926 702) (13 581 303) (3 159 623) (14 493 080)


5 926 702 13 581 303 3 159 623 14 493 080


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 21






0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

532 778 3 321 501 700 027 1 698 221 584 537 850 175 126 627 805 597 245 046 1 113 452 217 355 1 934 033

564 36 57 166 53 0 0 0 0 0 0 0

29 620 188 033 58 409 248 105 50 716 436 702 6 757 43 453 13 845 53 630 11 687 80 101

0 0 0 0 0 0 6 291 497 21 034 69 882 85 144 954 944

0 47 181 0 5 025 0 153 847

169 859 1 084 797 338 391 1 490 260 364 955 3 559 627 362 919 2 236 704 361 636 207 961 219 582 (2 709 452)

(3 442 470) 37 904 879 8 261 132 37 798 568 6 780 846 51 792 493

2 490 139 445 84 330 (2 390 587) 800 406 (51 469)

(3 077 061) 40 281 028 8 707 098 35 615 942 7 800 834 49 031 572

5 051 020 (26 705 993) (2 540 902) (3 996 589) (1 983 182) (48 945 164)1 955 15 438 0 (1 110 572) (498 736) 0

1 975 914 13 590 473 6 166 196 30 508 781 5 318 916 86 408 (24 064 295) (149 340 870) (39 894 549) (185 559 985) (37 829 274) (362 307 922)

(266 850) (37 825) (413 357) (506 804) (71 915) (137 009)

(22 355 231) (135 788 222) (34 141 710) (155 558 008) (32 582 273) (362 358 523)

22 355 231 135 788 222 34 141 710 155 558 008 32 582 273 362 358 523

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 22








Net asset value 0 433 535 208 0 0



Total expenses 1 269 767 1 543 362 59 163 9 574 585









(153 359 232) 14 709 067 (51 000 124) (1 496 918 353)


153 359 232 418 826 141 51 000 124 1 496 918 353


0 0 0 0


0 433 535 208 0 0

BNP Paribas L1


Page 23



World Aqua


0 1 445 954 478 0 0 97 546 733 64 434 561 0 1 165 925 789 0 0 93 500 559 58 342 249 0 270 048 697 0 0 3 757 986 5 290 318 0 1 435 974 486 0 0 97 258 545 63 632 567 0 0 0 0 0 0 0 7 984 670 0 0 0 508 838 0 1 995 322 0 0 288 188 293 156

0 555 446 0 0 561 281 644 849 0 0 0 0 13 237 0 0 0 0 0 0 0 0 555 446 0 0 548 044 644 849

0 1 445 399 032 0 0 96 985 452 63 789 712

3 132 548 18 969 019 5 191 002 1 239 555 2 458 857 10 1 325 914 1 198 343 6 077 646 1 548 791 1 077 682 378 719

0 1 636 17 10 2 385 17 0 0 0 0 0 0

291 185 3 071 459 1 666 620 435 176 378 710 69 664 57 693 204 386 281 618 69 828 74 832 38 439

0 0 0 0 0 0 345 380 1 277 859 202 873 238 906 304 169 0

54 854 0 24 482 9 705 0 0

2 075 026 5 753 683 8 253 256 2 302 416 1 837 778 486 839 1 057 522 13 215 336 (3 062 254) (1 062 861) 621 079 (486 829)

64 906 214 239 533 393 303 128 863 71 711 949 16 112 428 0

(215 136) (869 166) 4 478 578 (165 119) 208 082 0

65 748 600 251 879 563 304 545 187 70 483 969 16 941 589 (486 829)

(37 886 544) 109 989 410 (138 242 771) (15 726 959) (1 203 017) 5 290 318 0 0 (2 103 689) (73 953) 0 0

27 862 056 361 868 973 164 198 727 54 683 057 15 738 572 4 803 489 (239 996 170) (388 505 291) (1 522 761 375) (330 512 254) (54 070 448) 58 986 223

(346 736) (393 571) (5 317 374) (788 181) (357 345) 0

(212 480 850) (27 029 889) (1 363 880 022) (276 617 378) (38 689 221) 63 789 712

212 480 850 1 472 428 921 1 363 880 022 276 617 378 135 674 673 0

0 0 0 0 0 0

0 1 445 399 032 0 0 96 985 452 63 789 712

BNP Paribas L1



Page 24

Equity World

Consumer Durables



Equity World Energy









Total expenses 304 893 667 566 6 744 588 1 393 647









(34 465 045) (60 426 024) (750 495 928) (200 579 372)


34 465 045 60 426 024 799 288 413 200 579 372


0 0 0 0


0 0 48 792 485 0

BNP Paribas L1


Page 25








0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

354 305 2 251 214 82 490 2 699 001 1 290 711 246 887 192 373 1 157 017 51 924 1 026 727 606 321 306 866

90 200 82 484 95 48 0 0 0 0 0 0

46 443 285 991 12 116 326 763 141 475 71 824 10 269 62 821 2 894 58 905 32 051 16 604

0 0 0 0 0 0 28 891 93 524 7 513 479 061 25 136 14 063

0 6 591 0 3 210 0 1 814

278 066 1 606 144 74 529 1 895 150 805 078 411 219 76 239 645 070 7 961 803 851 485 633 (164 332)

9 388 557 70 466 247 2 746 890 34 681 119 12 293 612 11 262 003

(23 263) (53 052) 6 366 (714 979) (21 687) (1 749)

9 441 533 71 058 265 2 761 217 34 769 991 12 757 558 11 095 922

(3 539 827) (22 332 807) (1 448 047) (448 545) (15 444 650) (6 402 883)0 0 0 (25 677) 0 0

5 901 706 48 725 458 1 313 170 34 295 769 (2 687 092) 4 693 039 (38 259 250) (228 227 308) (8 923 450) (182 597 016) (114 865 008) (61 209 264)

(443 586) (764 381) 0 (429 126) (78 702) (91 825)

(32 801 130) (180 266 231) (7 610 280) (148 730 373) (117 630 802) (56 608 050)

32 801 130 180 266 231 7 610 280 148 730 373 117 630 802 56 608 050

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 26

Equity World











Total expenses 521 283 418 018 164 917 249 601









(65 738 926) (52 620 608) (21 643 911) (8 925 988)


65 738 926 52 620 608 21 643 911 26 564 308


0 0 0 0


0 0 0 17 638 320

BNP Paribas L1


Page 27



15 202 042 15 343 338 12 614 019 12 378 248 8 448 953 22 637 914 15 044 789 15 181 637 12 417 163 12 104 970 8 400 045 22 518 326

4 104 58 698 76 400 73 900 (31 392) (13 579)15 048 893 15 240 335 12 493 563 12 178 870 8 368 653 22 504 747

579 556 450 438 0 0 121 940 88 140 117 224 175 289 55 137 120 688

30 630 14 307 2 782 23 651 25 163 12 479

41 341 46 259 56 046 138 240 64 991 48 847 0 0 0 0 0 0 0 0 0 0 0 0

41 341 46 259 56 046 138 240 64 991 48 847

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

413 676 394 169 286 021 268 829 254 586 822 104 171 136 180 244 169 310 159 762 127 388 368 209

330 443 412 398 66 314 648 572 368 330 0 0

26 399 32 772 25 083 23 668 26 133 75 807 22 272 20 978 16 231 15 385 16 288 47 303

0 0 0 0 0 0 17 008 25 056 24 044 22 598 509 21 504

0 0 0 0 0 0

237 793 260 065 235 448 222 141 170 384 513 137 175 883 134 104 50 573 46 688 84 202 308 967

1 526 437 1 918 282 1 608 344 1 428 324 496 804 2 540 615

28 896 31 007 29 330 28 032 3 173 15 999

1 731 216 2 083 393 1 688 247 1 503 044 584 179 2 865 581

(1 062 972) (849 057) (557 990) (480 002) (546 993) (2 062 269)(3 883) (3 756) (2 477) (2 117) 1 306 3 248

664 361 1 230 580 1 127 780 1 020 925 38 492 806 560 (7 018 383) (4 261 994) (1 204 062) 186 850 (8 312 586) (28 125 472)

0 0 0 0 0 0

(6 354 022) (3 031 414) (76 282) 1 207 775 (8 274 094) (27 318 912)

21 514 723 18 328 493 12 634 255 11 032 233 16 658 056 49 907 979

0 0 0 0 0 0

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

BNP Paribas L1



Page 28







Net asset value 135 832 970 95 042 291 25 621 238 7 277 768



Total expenses 3 398 349 3 470 015 1 271 981 342 612









(109 587 363) (149 311 500) (42 876 214) (11 728 832)


245 420 333 244 353 791 68 497 452 19 006 600


0 0 0 0


135 832 970 95 042 291 25 621 238 7 277 768

BNP Paribas L1


Page 29


World Real Estate



Securities World


250 240 466 0 0 614 692 942 0 0 219 570 156 0 0 545 921 469 0 0

23 834 907 0 0 53 511 623 0 0 243 405 063 0 0 599 433 092 0 0

0 0 0 0 0 0 6 599 409 0 0 14 763 705 0 0

235 994 0 0 496 145 0 0

659 662 0 0 380 681 0 0 0 0 0 0 0 0 0 0 0 0 0 0

659 662 0 0 380 681 0 0

249 580 804 0 0 614 312 261 0 0

4 561 392 1 352 954 942 337 14 995 956 477 331 368 256 3 632 604 2 179 897 655 294 1 456 735 303 075 163 754

50 036 4 315 556 2 560 577 398 0 0 22 153 0 0 0

1 003 451 500 813 171 393 1 275 716 86 723 47 617 291 898 94 839 31 873 134 531 15 786 7 718

0 0 0 0 0 0 663 019 327 573 161 127 1 227 591 135 825 70 593

5 057 40 776 5 907 589 0 0

5 646 065 3 148 213 1 048 303 4 097 722 541 986 290 080 (1 084 673) (1 795 259) (105 966) 10 898 234 (64 655) 78 176

20 525 220 (16 487 243) 16 863 214 21 114 499 19 000 854 9 002 244

17 849 (8 425 230) (507 727) (185 299) 84 950 46 531

19 458 396 (26 707 732) 16 249 521 31 827 434 19 021 149 9 126 951

11 784 782 (14 473 855) (7 360 731) 19 491 786 (11 319 157) (4 056 427)0 (1 081 279) 307 639 0 187 0

31 243 178 (42 262 866) 9 196 429 51 319 220 7 702 179 5 070 524 (88 671 663) (433 393 200) (135 659 663) 101 247 598 (74 349 572) (38 382 703)(1 888 226) (1 191 369) (664 479) (1 508 569) (718 550) (41 462)

(59 316 711) (476 847 435) (127 127 713) 151 058 249 (67 365 943) (33 353 641)

308 897 515 476 847 435 127 127 713 463 254 012 67 365 943 33 353 641

0 0 0 0 0 0

249 580 804 0 0 614 312 261 0 0

BNP Paribas L1



Page 30







Net asset value 153 906 004 116 410 630 179 206 089 169 961 577



Total expenses 3 710 258 2 781 763 4 372 735 4 228 585









(59 415 687) (19 642 169) (3 136 528) (40 417 387)


213 321 691 136 052 799 182 342 617 210 378 964


0 0 0 0


153 906 004 116 410 630 179 206 089 169 961 577

BNP Paribas L1


Page 31






11 379 855 5 004 359 7 289 956 12 935 456 74 607 020 29 741 149 11 341 825 4 951 925 7 236 118 12 771 816 73 318 203 29 054 876

23 998 12 170 28 266 44 316 653 352 221 394 11 365 823 4 964 095 7 264 384 12 816 132 73 971 555 29 276 270

1 579 538 1 816 2 867 30 196 11 973 9 669 38 467 22 196 115 244 581 145 452 331 2 784 1 259 1 560 1 213 24 124 575

94 070 6 446 15 950 43 340 291 895 223 542 0 0 0 0 0 0 0 0 0 0 0 0

94 070 6 446 15 950 43 340 291 895 223 542

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

78 339 32 442 79 440 86 619 1 244 710 484 927 145 027 51 901 82 140 143 953 1 065 534 551 982

766 379 768 855 2 586 1 136 548 265 632 634 33 257 12 930

46 538 15 571 24 642 43 187 218 226 83 102 14 621 6 222 9 336 16 987 45 068 26 347

0 0 0 0 0 0 383 137 322 473 119 187 45 502

0 0 0 0 17 743 11 992

207 883 74 475 117 840 206 089 1 501 601 732 991 (129 544) (42 033) (38 400) (119 470) (256 891) (248 064)

151 866 1 890 (63 280) (56 790) 4 908 510 2 150 158

25 377 (2 889) 8 509 13 845 633 994 238 825

47 699 (43 032) (93 171) (162 415) 5 285 613 2 140 919

(256 920) (41 279) (75 112) (66 146) (5 072 130) (2 158 897)(37 631) (6 795) (12 502) (11 907) 261 613 120 903

(246 852) (91 106) (180 785) (240 468) 475 096 102 925 (7 179 733) (311 823) (1 402 420) (2 634 120) (8 807 631) (5 390 256)

0 0 0 0 0 (31 974)

(7 426 585) (402 929) (1 583 205) (2 874 588) (8 332 535) (5 319 305)

18 712 370 5 400 842 8 857 211 15 766 704 82 647 660 34 836 912

0 0 0 0 0 0

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

BNP Paribas L1



Page 32


Safe High Growth W4






Net asset value 35 814 022 51 428 296 3 713 475 713 489



Total expenses 879 840 1 266 247 96 106 17 726









(5 844 481) (6 706 161) (400 381) 7 555


41 658 503 58 134 457 4 113 856 705 934


0 0 0 0


35 814 022 51 428 296 3 713 475 713 489

BNP Paribas L1


Page 33

Safe High Growth W7



27 187 32 026 447 861 290 269 653 704 677 797 2 372 419 3 021 546 180 442 906 114 971 439 174 465 228 181 289 781

452 946 53 420 30 777 66 229 62 925 9 561 19 898 1 384 367 1 059 580 1 058 648 1 320 350

74 5 014 21 027 8 909 8 678 8 685

5 712 5 911 588 389 394 908 796 033 1 169 402 0 0 0 0 0 0 0 0 0 0 0 0

5 712 5 911 588 389 394 908 796 033 1 169 402

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

35 699 49 916 1 343 559 911 389 2 042 718 1 590 075 43 056 59 483 3 446 192 2 231 662 3 329 134 3 565 980

105 86 3 881 2 285 5 430 4 452 752 1 067 50 862 33 082 78 553 60 525

7 370 10 186 492 085 316 582 445 270 522 047 2 875 3 932 134 679 85 926 100 723 149 795

0 0 0 0 0 0 5 501 7 653 51 773 34 541 80 871 62 275

0 0 104 852 70 726 132 864 96 251

59 659 82 407 4 284 324 2 774 804 4 172 845 4 461 325 (23 960) (32 491) (2 940 765) (1 863 415) (2 130 127) (2 871 250)

280 199 402 279 4 248 776 1 297 176 1 468 897 1 543 581

40 766 52 734 94 157 17 313 (123 517) 88 895

297 005 422 522 1 402 168 (548 926) (784 747) (1 238 774)

(203 152) (304 722) (5 516 537) (1 958 590) (3 482 145) (2 827 382)(14 221) (10 323) 144 610 64 641 129 075 115 495

79 632 107 477 (3 969 759) (2 442 875) (4 137 817) (3 950 661)(292 319) (891 007) (59 421 765) (30 967 923) (24 700 658) (57 678 199)

(1 890) (2 183) 0 0 0 0

(214 577) (785 713) (63 391 524) (33 410 798) (28 838 475) (61 628 860)

2 591 371 3 827 206 244 704 855 149 086 595 203 641 225 243 141 199

0 0 0 0 0 0

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

BNP Paribas L1



Page 34

Sustainable Active



Balanced


Growth






Net asset value 134 651 112 0 0 0



Total expenses 1 992 858 331 276 203 259 63 782









88 903 833 (191 767 687) (51 330 997) (15 652 581)


45 747 279 191 767 687 51 330 997 15 652 581


0 0 0 0


134 651 112 0 0 0

BNP Paribas L1


Page 35


EUR USD EUR EUR

0 0 0 8 535 831 965 0 0 0 7 634 371 783 0 0 0 680 584 734 0 0 0 8 314 956 517 0 0 0 10 777 778 0 0 0 126 545 910 0 0 0 83 551 760

0 0 0 37 965 121 0 0 0 955 167 0 0 0 6 271 432 0 0 0 30 738 522

0 0 0 8 497 866 844

4 434 117 13 657 2 820 386 133 674 152 920 1 127 963 37 155 145 214 718

1 459 1 641 2 639 310 140 254 449 0 0 9 400 165

78 694 422 908 14 862 40 040 172 17 990 52 002 667 9 404 846 93 708 0 0 93 708 12 224 0 0 19 600 949 11 762 0 0 1 556 523

623 206 1 604 514 55 323 225 621 221 3 810 911 (1 590 857) (52 503) 160 512 453

(3 006 642) (1 184 764) 0 2 621 245 947 3 610 580 (35 397 724) 37 168 676 14 177 645

4 414 849 (38 173 345) 37 116 173 2 795 936 045

3 326 222 8 970 0 (1 180 655 618)(2 752 939) 10 447 996 (38 094 833) (59 965 032)

4 988 132 (27 716 379) (978 660) 1 555 315 395 (162 656 568) (319 563 946) (37 124 817) (17 224 055 820)

0 (186 970) 0 (112 945 427)

(157 668 436) (347 467 295) (38 103 477) (15 781 685 852)

157 668 436 347 467 295 38 103 477 24 587 101 767

0 0 0 (307 549 071)

0 0 0 8 497 866 844

BNP Paribas L1



Page 36


Net assets 51 572 829 48 389 680 0



Net assets 166 720 601 112 052 139 0



Net assets 124 302 111 99 985 286 0



Net assets 52 009 933 568 069 710 0



Net assets 497 870 928 394 871 312 0


BNP Paribas L1



Page 37


Net assets 537 689 913 615 922 025 144 156 490



Net assets 105 020 178 101 532 682 0



Net assets 320 381 822 272 239 308 197 743 264



Net assets 106 242 233 114 754 452 0



Net assets 701 920 049 821 018 928 557 230 245


BNP Paribas L1



Page 38


Net assets 192 247 258 143 279 985 0



Net assets 136 442 336 120 882 212 0



Net assets 97 537 195 112 792 606 0



Net assets 2 209 197 910 1 838 958 619 278 288 466


BNP Paribas L1



Page 39


Net assets 173 041 615 229 081 773 0



Net assets 137 190 913 216 200 562 385 579 275



Net assets 71 049 017 62 404 716 55 169 310



Net assets 1 006 588 202 1 167 665 376 126 315 614


BNP Paribas L1



Page 40


Net assets 110 205 340 101 313 376 58 996 470



Net assets 85 075 098 75 314 415 42 691 436



Net assets 530 905 163 489 256 478 384 410 962



Net assets 210 133 205 210 274 297 167 926 445



Net assets 50 902 822 48 223 504 35 788 549



Net assets 195 747 853 172 817 546 123 720 575


BNP Paribas L1



Page 41


Net assets 165 006 284 172 536 074 0



Net assets 274 877 939 321 987 918 0



Net assets 391 372 993 654 650 044 0



Net assets 724 794 945 1 262 133 557 0



Net assets 12 706 300 58 349 583 0


BNP Paribas L1



Page 42


Net assets 99 306 341 90 118 045 0



Net assets 587 600 420 653 954 642 0



Net assets 477 311 632 463 340 153 510 442 146



Net assets 756 405 840 976 531 591 950 724 881


BNP Paribas L1



Page 43


Net assets 4 164 847 6 934 884 0



Net assets 16 375 755 18 606 575 0



Net assets 254 945 579 212 543 042 0



Net assets 78 811 471 61 440 120 0



Net assets 32 900 935 45 666 941 0


BNP Paribas L1



Page 44


Net assets 764 490 136 597 505 459 0



Net assets 63 137 325 61 429 230 0



Net assets 5 740 256 5 926 702 0



Net assets 14 056 677 13 581 303 0



Net assets 2 400 980 3 159 623 0



Net assets 21 894 248 14 493 080 0


BNP Paribas L1



Page 45


Net assets 24 282 157 22 355 231 0



Net assets 126 210 658 135 788 222 0



Net assets 29 881 743 34 141 710 0



Net assets 30 874 581 155 558 008 0



Net assets 17 805 812 32 582 273 0


BNP Paribas L1



Page 46


Net assets 305 738 087 362 358 523 0



Net assets 144 809 142 153 359 232 0



Net assets 467 079 012 418 826 141 433 535 208



Net assets 258 491 849 51 000 124 0


BNP Paribas L1



Page 47


Net assets 971 381 224 1 496 918 353 0



Net assets 127 363 511 212 480 850 0



Net assets 1 188 319 704 1 472 428 921 1 445 399 032



Net assets 1 024 997 425 1 363 880 022 0


BNP Paribas L1



Page 48


Net assets 245 412 700 276 617 378 0



Net assets 228 914 220 135 674 673 96 985 452



Net assets 0 0 63 789 712



Net assets 31 532 086 34 465 045 0



Net assets 73 870 460 60 426 024 0


BNP Paribas L1



Page 49


Net assets 928 218 987 799 288 413 48 792 485



Net assets 266 786 157 200 579 372 0



Net assets 32 898 222 32 801 130 0



Net assets 110 422 783 180 266 231 0



Net assets 9 894 942 7 610 280 0


BNP Paribas L1



Page 50


Net assets 38 135 513 148 730 373 0



Net assets 116 641 257 117 630 802 0



Net assets 69 195 354 56 608 050 0



Net assets 93 489 769 65 738 926 0



Net assets 68 513 653 52 620 608 0


BNP Paribas L1



Page 51


Net assets 13 801 415 21 643 911 0



Net assets 13 176 893 26 564 308 17 638 320



Net assets 9 921 871 21 514 723 15 160 701



Net assets 10 276 555 18 328 493 15 297 079



Net assets 5 209 886 12 634 255 12 557 973



Net assets 3 823 891 11 032 233 12 240 008


BNP Paribas L1



Page 52


Net assets 18 986 632 16 658 056 8 383 962



Net assets 52 038 979 49 907 979 22 589 067



Net assets 244 831 713 245 420 333 135 832 970



Net assets 242 275 107 244 353 791 95 042 291



Net assets 68 442 745 68 497 452 25 621 238



Net assets 20 037 751 19 006 600 7 277 768


BNP Paribas L1



Page 53


Net assets 429 993 959 308 897 515 249 580 804



Net assets 1 065 622 143 476 847 435 0



Net assets 101 940 390 127 127 713 0



Net assets 499 246 322 463 254 012 614 312 261


BNP Paribas L1



Page 54


Net assets 59 383 753 67 365 943 0



Net assets 29 379 447 33 353 641 0



Net assets 216 152 735 213 321 691 153 906 004



Net assets 181 870 538 136 052 799 116 410 630



Net assets 231 954 007 182 342 617 179 206 089



Net assets 188 522 384 210 378 964 169 961 577


BNP Paribas L1



Page 55


Net assets 12 969 218 18 712 370 11 285 785



Net assets 5 825 407 5 400 842 4 997 913



Net assets 10 465 715 8 857 211 7 274 006



Net assets 19 171 156 15 766 704 12 892 116



Net assets 57 095 276 82 647 660 74 315 125



Net assets 43 511 302 34 836 912 29 517 607


BNP Paribas L1



Page 56


Net assets 48 791 725 41 658 503 35 814 022



Net assets 53 813 441 58 134 457 51 428 296



Net assets 2 954 971 4 113 856 3 713 475



Net assets 2 029 567 705 934 713 489



Net assets 2 612 027 2 591 371 2 376 794



Net assets 2 390 314 3 827 206 3 041 493


BNP Paribas L1



Page 57


Net assets 276 746 688 244 704 855 181 313 331



Net assets 198 111 610 149 086 595 115 675 797



Net assets 271 628 317 203 641 225 174 802 750



Net assets 260 346 375 243 141 199 181 512 339



Net assets 57 411 892 45 747 279 134 651 112



Net assets 102 704 196 191 767 687 0


BNP Paribas L1



Page 58


Net assets 55 469 417 51 330 997 0



Net assets 16 522 633 15 652 581 0



Net assets 71 528 192 157 668 436 0



Net assets 427 049 616 347 467 295 0



Net assets 10 358 027 38 103 477 0





Page 59


Market value of net

assets


Luxembourg 144 314 376 10011 1 192 87796


EUR 144 314 376 10011





Page 60


Market value of net

assets


190 891 644 9654

Shares 190 891 644 9654


87 881 BASF SE EUR 6 809 899 344

77 911 BAYER AG EUR 7 943 026 402


111 093 DAIMLER AG EUR 6 987 750 353




464 074 EON AG EUR 6 225 553 315


EUR 5 074 675 257

49 765 METRO AG EUR 1 751 728 089


111 073 SAP AG EUR 6 920 959 350

70 583 SIEMENS AG EUR 7 008 186 354




EUR 9 430 159 477

46 493 FUGRO EUR 2 013 844 102

906 272 ING GROEP NV EUR 9 153 347 463


EUR 6 786 748 343
















Page 61


Market value of net

assets


474 099 117 8510

Bonds 473 974 265 8507

Spain 103 105 263 1851 4 000 000


EUR 4 270 720 077

2 500 000 BANKINTER SA 2750 13-26072016 EUR 2 576 650 046

19 263 000 SPANISH GOVT 3150 05-31012016 EUR 19 880 092 357

16 810 000 SPANISH GOVT 3250 10-30042016 EUR 17 386 894 312

21 184 000 SPANISH GOVT 4000 10-30042020 EUR 22 051 045 396

17 726 000 SPANISH GOVT 4500 12-31012018 EUR 19 098 452 343

11 957 000 SPANISH GOVT 4700 09-30072041 EUR 11 546 277 207

1 889 000 SPANISH GOVT 4800 08-31012024 EUR 1 986 465 036

1 870 000 SPANISH GOVT 5850 11-31012022 EUR 2 125 803 038

1 700 000 TELEFONICA EMIS 5597 12-12032020

GBP 2 182 865 039


89 411 017 1606

4 700 000 AMER INTL GROUP 8250 09-15082018

USD 4 263 894 077


USD 2 809 548 050


USD 1 521 191 027


5 500 000 CNH CAPITAL LLC 3875 13-01112015

USD 4 121 158 074

5 000 000 CONTINENTAL RES 4500 13-15042023

USD 3 678 472 066

14 358 034 FNR 2012-99 SD 12-25092042 FRN USD 2 451 673 044

3 450 000 FREMF 2013-K24 C 13-25112045 FRN USD 2 102 426 038

5 200 000 GEN MOTORS FIN 2750 13-15052016

USD 3 820 893 069

4 500 000 GENERAL MOTORS 3500 13-02102018

USD 3 339 200 060


USD 3 046 167 055

26 595 970 GNR 2010-H19 JI 10-20082060 FRN USD 2 182 242 039

24 005 874 GNR 2010-H28 KI 10-20122060 FRN USD 1 248 751 022

16 525 898 GNR 2011-123 SH 11-20092041 FRN USD 2 542 091 046

23 487 120 GNR 2011-H03 HI 11-20012061 FRN USD 990 603 018

13 013 634 GNR 2011-H05 HI 11-20012061 FRN USD 599 253 011

15 251 241 GNR 2011-H21 HI 11-20112061 FRN USD 942 516 017

29 219 835 GNR 2012-H02 AI 12-20012062 FRN USD 1 497 073 027

18 864 620 GNR 2012-H20 KI 12-20062062 FRN USD 1 299 762 023

11 266 427 GNR 2013-H01 FI 13-20012063 FRN USD 1 052 836 019

94 550 133 GNR 2013-H04 BI 13-20022063 FRN USD 8 683 901 156

21 185 415 GNR 2013-H08 IO 13-20032063 FRN USD 1 852 638 033

5 047 000 GOLDMAN SACHS GP 1600 12-23112015

USD 3 701 340 066

3 900 000 GOLDMAN SACHS GP 2900 13-19072018

USD 2 880 178 052


USD 3 436 648 062

2 660 000 MORGAN STANLEY 2125 13-25042018

USD 1 916 751 034


USD 3 636 269 065


USD 2 850 095 051

3 850 000 TOLL BR FIN CORP 4000 13-31122018

USD 2 842 901 051


5 552 053 US TSY IL STOCK 2500 09-15012029

USD 4 723 937 085


USD 1 496 881 027


USD 1 514 659 027


Market value of net

assets

Italy 85 415 745 1533 3 200 000


USD 2 371 147 043

1 500 000INTESA SANPAOLO 3875 13-15012019

USD 1 075 692 019

1 950 000INTESA SANPAOLO 4000 12-09112017

EUR 2 054 852 037

15 670 000 ITALY BTPS 3500 12-01112017 EUR 16 369 491 294

14 419 000 ITALY BTPS 4750 12-01052017 EUR 15 643 202 281

14 015 000 ITALY BTPS 5000 09-01092040 EUR 14 437 401 259

30 947 000 ITALY BTPS 5250 98-01112029 EUR 33 463 960 600

France 49 053 312 879 3 900 000 BPCE 2500 13-10122018 USD 2 812 322 050

10 882 000 FRANCE OAT 3750 09-25102019 EUR 12 274 449 220

24 786 000 FRANCE OAT 5500 98-25042029 EUR 32 390 900 581


USD 1 575 641 028

United Kingdom 39 865 229 715 4 200 000


USD 3 118 314 056

4 200 000SANTANDER UK PLC 5000 13-07112023

USD 3 057 893 055

2 800 000 UK TREASURY 4250 08-07122049 GBP 3 813 082 068

12 004 570 UK TREASURY 4250 09-07092039 GBP 15 959 730 286

2 004 000 UK TREASURY 4250 10-07122040 GBP 2 668 427 048

9 263 666 UK TSY IL GILT 0125 12-22032024 GBP 11 247 783 202

The Netherlands 38 815 473 697 1 500 000

ABN AMRO BANK NV 2250 13-11092017

GBP 1 791 472 032

5 500 000ABN AMRO BANK NV 2500 13-30102018

USD 3 993 590 072

1 400 000IBERDROLA INTL 4250 12-11102018

EUR 1 537 354 028


EUR 8 257 310 148


EUR 20 124 540 361

1 800 000 RABOBANK 3875 13-25072023 EUR 1 801 530 032


GBP 1 309 677 024

Poland 18 018 704 323 67 631 135


PLN 17 054 582 306


USD 964 122 017

Australia 16 094 785 289 13 582 000


AUD 16 094 785 289

Sweden 14 014 558 252 3 300 000

NORDEA BANK AB 2125 12-13112019

GBP 3 783 537 068

83 025 000 SWEDEN GOVT 3500 11-01062022 SEK 10 231 021 184

Japan 3 607 054 065 5 100 000


USD 3 607 054 065


280 000KUWAIT PROJECTS 9375 10-15072020

USD 246 104 004


USD 226 097 004

380 000VOTO - VOTORANTIM 6625 09-25092019

USD 304 455 005

Russia 2 037 863 037 700 000


USD 585 471 011

1 200 000RUSSIA - EUROBOND 5000 10-29042020

USD 931 627 017


USD 520 765 009





Page 62


Market value of net

assets


363 000 REP OF BRAZIL 2625 12-05012023 USD 225 895 004

360 000 REP OF BRAZIL 5625 09-07012041 USD 251 461 005

500 000 REP OF BRAZIL 7125 06-20012037 USD 414 565 007

440 000 TELEMAR N L 5500 10-23102020 USD 301 753 005

Mexico 1 321 570 024 350 000


USD 231 798 004

1 522 000 UNITED MEXICAN 3625 12-15032022

USD 1 089 772 020


310 000 ECOPETROL SA 7625 09-23072019 USD 266 907 005

670 000 REP OF COLOMBIA 4375 11-12072021

USD 501 400 009



USD 342 789 006

320 000 KMG FINANCE SUB 7000 10-05052020

USD 260 443 005

South Africa 735 065 013 1 062 000


USD 735 065 013

Chile 730 880 013 350 000 CHILE 3875 10-05082020 USD 265 431 005

250 000 CODELCO INC 7500 09-15012019 USD 215 951 004

310 000 ENAP 6250 09-08072019 USD 249 498 004


290 000 PANAMA 9375 99-01042029 USD 290 431 005



Qatar 398 788 007 520 000

STATE OF QATAR 4500 11-20012022

USD 398 788 007


PCCW - HKT CAP NO4 4250 10-24022016

USD 152 589 003

340 000 SINOPEC GRP OVER 3900 12-17052022

USD 237 431 004

South Korea 333 931 006 240 000


USD 191 040 003


USD 142 891 003


Ireland 250 942 005 320 000


USD 250 942 005






Market value of net

assets



USD (74 023) (001)




(33 479 514) (602)


(33 479 514) (602)

(800 000) FGCI 3 112 3000 12-15102026 USD (590 733) (011)

(1 100 000) FGLMC 4 111 4000 11-15092040 USD (819 741) (015)

(1 200 000) FGLMC 45 111 4500 11-15022040 USD (921 478) (017)

(700 000) FGLMC 5 111 5000 11-15042039 USD (548 006) (010)

(900 000) FGLMC 55 111 5500 11-15062038 USD (714 989) (013)

(600 000) FGLMC 6 111 6000 11-15102038 USD (481 558) (009)

(800 000) FNCI 25 113 2500 13-25112027 USD (574 223) (010)

(600 000) FNCI 35 112 3500 12-25072026 USD (455 296) (008)

(800 000) FNCI 45 111 4500 11-25032024 USD (617 947) (011)

(300 000) FNCI 5 111 5000 11-25072023 USD (231 866) (004)

(1 600 000) FNCL 3 113 3000 13-25102042 USD (1 102 725) (020)

(32 000 000) FNCL 35 112 3500 12-25062041 USD (23 070 503) (414)

(1 000 000) G2SF 3 113 3000 13-20052042 USD (700 769) (013)

(1 200 000) G2SF 35 112 3500 12-20092041 USD (878 479) (016)

(900 000) G2SF 4 111 4000 11-20092040 USD (679 270) (012)

(800 000) G2SF 45 111 4500 11-20062040 USD (620 306) (011)

(600 000) G2SF 5 111 5000 11-20052040 USD (471 625) (008)


Luxembourg 42 275 421 759 370 48900


USD 27 239 189 489


USD 15 036 232 270

Ireland 11 227 209 201 5 74461


USD 11 227 209 201





Page 63


Market value of net

assets


Luxembourg 278 694 988 10015 2 947 59374


USD 278 694 988 10015





Page 64


Market value of net

assets


318 751 406 8267

Bonds 318 687 561 8265


55 628 156 1444

1 470 000 AMER INTL GROUP 8250 09-15082018

USD 1 333 601 035


USD 1 489 529 039


USD 960 752 025


1 950 000 CNH CAPITAL LLC 3875 13-01112015

USD 1 461 138 038

2 950 000 CONTINENTAL RES 4500 13-15042023

USD 2 170 298 056

100 000 DUKE ENERGY CORP 1625 12-15082017

USD 71 656 002

6 765 953 FNR 2012-99 SD 12-25092042 FRN USD 1 155 305 030

1 000 000 FREMF 2013-K24 C 13-25112045 FRN USD 609 399 016

2 500 000 GEN MOTORS FIN 2750 13-15052016

USD 1 836 968 048

2 550 000 GENERAL MOTORS 3500 13-02102018

USD 1 892 213 049


USD 1 921 986 050

8 014 086 GNR 2010-H19 JI 10-20082060 FRN USD 657 569 017

7 170 392 GNR 2010-H28 KI 10-20122060 FRN USD 372 994 010

8 035 993 GNR 2011-123 SH 11-20092041 FRN USD 1 236 134 032

6 700 076 GNR 2011-H03 HI 11-20012061 FRN USD 282 585 007

3 709 496 GNR 2011-H05 HI 11-20012061 FRN USD 170 815 004

8 936 936 GNR 2012-H02 AI 12-20012062 FRN USD 457 882 012

24 676 433 GNR 2012-H24 HI 12-20102062 FRN USD 958 404 025

3 218 979 GNR 2013-H01 FI 13-20012063 FRN USD 300 810 008

28 080 869 GNR 2013-H04 BI 13-20022063 FRN USD 2 579 071 067

19 130 482 GNR 2013-H08 IO 13-20032063 FRN USD 1 672 937 043

1 582 000 GOLDMAN SACHS GP 1600 12-23112015

USD 1 160 198 030

2 700 000 GOLDMAN SACHS GP 2900 13-19072018

USD 1 993 969 052


USD 1 603 769 042

1 260 000 MORGAN STANLEY 2125 13-25042018

USD 907 935 024


USD 1 818 134 047


USD 696 690 018

2 670 000 TOLL BR FIN CORP 4000 13-31122018

USD 1 971 570 051


2 508 411 US TSY IL STOCK 2500 09-15012029

USD 2 134 269 055

21 147 397 US TSY INFL IX NB 0375 13-15072023

USD 14 784 675 383


USD 883 052 023


USD 893 260 023

Mexico 48 202 029 1248 174 604 000


MXN 9 990 405 259

661 902 700 MEXICAN BONOS 6500 11-10062021

MXN 37 649 560 975


USD 132 456 003

600 000 UNITED MEXICAN 3625 12-15032022

USD 429 608 011

South Africa 42 418 855 1099 617 000


USD 427 057 011


ZAR 41 991 798 1088


Market value of net

assets

Spain 28 486 644 738 1 100 000


EUR 1 174 448 030

1 300 000 BANKINTER SA 2750 13-26072016 EUR 1 339 858 035

8 834 000 SPANISH GOVT 3150 05-31012016 EUR 9 116 998 236

749 000 SPANISH GOVT 4000 10-30042020 EUR 779 656 020

11 774 000 SPANISH GOVT 4500 12-31012018 EUR 12 685 613 329

619 000 SPANISH GOVT 4800 08-31012024 EUR 650 938 017

1 280 000 SPANISH GOVT 5850 11-31012022 EUR 1 455 095 038

1 000 000TELEFONICA EMIS 5597 12-12032020

GBP 1 284 038 033

Poland 24 126 057 625 9 480 304


PLN 2 390 654 062

34 509 000POLAND GOVT BOND 5000 10-25042016

PLN 8 649 744 224

48 854 000POLAND GOVT BOND 5250 09-25102020

PLN 12 607 454 327


USD 478 205 012


2 611 990 000 HUNGARY GOVT 6500 08-24062019 HUF 9 453 857 245

1 482 050 000 HUNGARY GOVT 6750 01-24112017 HUF 5 394 728 140

United Kingdom 17 227 421 446 1 300 000


USD 965 193 025

2 650 000SANTANDER UK PLC 5000 13-07112023

USD 1 929 385 050

940 000 UK TREASURY 4250 08-07122049 GBP 1 280 106 033

1 309 000 UK TREASURY 4250 09-07092039 GBP 1 740 278 045

209 000 UK TREASURY 4250 10-07122040 GBP 278 294 007

161 000 UK TREASURY 4500 07-07122042 GBP 224 222 006

2 205 000 UK TREASURY 4750 07-07122030 GBP 3 087 265 080

6 360 392 UK TSY IL GILT 0125 12-22032024 GBP 7 722 678 200

Italy 16 565 650 429 1 400 000


USD 1 037 377 027

1 400 000INTESA SANPAOLO 3875 13-15012019

USD 1 003 979 026

1 000 000INTESA SANPAOLO 4000 12-09112017

EUR 1 053 770 027

6 023 000 ITALY BTPS 3500 12-01112017 EUR 6 291 860 163

5 460 000 ITALY BTPS 3750 06-01082021 EUR 5 590 445 145

313 000 ITALY BTPS 3750 10-01032021 EUR 320 806 008

1 127 000 ITALY BTPS 5500 12-01092022 EUR 1 267 413 033

France 13 131 821 341 2 600 000 BPCE 2500 13-10122018 USD 1 874 882 049

6 014 000 FRANCE OAT 3750 09-25102019 EUR 6 783 545 176

135 000 FRANCE OAT 4000 05-25042055 EUR 150 428 004

2 699 000 FRANCE OAT 5500 98-25042029 EUR 3 527 114 091


USD 795 852 021

New Zealand 12 174 927 316 19 294 000


NZD 12 174 927 316

Australia 11 074 011 287 2 184 000


AUD 1 481 368 038


AUD 9 592 643 249




Page 65


Market value of net

assets

The Netherlands 6 761 422 176 800 000

ABN AMRO BANK NV 2250 13-11092017

GBP 955 452 025

3 850 000 ABN AMRO BANK NV 2500 13-30102018

USD 2 795 513 073

900 000 IBERDROLA INTL 4250 12-11102018

EUR 988 299 026

1 000 000 RABOBANK 3875 13-25072023 EUR 1 000 850 026


GBP 1 021 308 026


1 511 278 DEUTSCHLAND REP 4750 98-04072028

EUR 1 933 261 050


GBP 2 030 409 053


Japan 3 465 601 090 4 900 000


USD 3 465 601 090


300 000 KUWAIT PROJECTS 9375 10-15072020

USD 263 683 007


USD 182 336 005

50 000 000 000 SIGNUM FINANCE 0000 07-01022037

COP 1 620 840 042

220 000 VOTO - VOTORANTIM 6625 09-25092019

USD 176 263 005

Belgium 2 325 227 060 2 165 000

BELGIUM OLO 47 3250 06-28092016

EUR 2 325 227 060

Sweden 2 235 727 058 1 950 000

NORDEA BANK AB 2125 12-13112019

GBP 2 235 727 058

Russia 888 236 023 330 000


USD 276 008 007

500 000 RUSSIA - EUROBOND 5000 10-29042020

USD 388 178 010


USD 224 050 006


236 000 REP OF BRAZIL 2625 12-05012023 USD 146 863 004

150 000 REP OF BRAZIL 5625 09-07012041 USD 104 775 003

210 000 REP OF BRAZIL 7125 06-20012037 USD 174 117 005

200 000 TELEMAR N L 5500 10-23102020 USD 137 160 004


130 000 ECOPETROL SA 7625 09-23072019 USD 111 929 003

330 000 REP OF COLOMBIA 4375 11-12072021

USD 246 958 006



USD 183 352 005

120 000 KMG FINANCE SUB 7000 10-05052020

USD 97 666 003

Chile 302 781 008 180 000 CHILE 3875 10-05082020 USD 136 507 004

90 000 CODELCO INC 7500 09-15012019 USD 77 742 002

110 000 ENAP 6250 09-08072019 USD 88 532 002


150 000 PANAMA 9375 99-01042029 USD 150 223 004


Market value of net

assets


PCCW - HKT CAP NO4 4250 10-24022016

USD 114 442 003

210 000SINOPEC GRP OVER 3900 12-17052022

USD 146 649 004



South Korea 177 367 005 100 000


USD 79 600 002


USD 97 767 003


Qatar 161 049 004 210 000

STATE OF QATAR 4500 11-20012022

USD 161 049 004



Ireland 86 261 002 110 000


USD 86 261 002





USD (50 891) (001)




(17 152 815) (445)


(17 152 815) (445)

(100 000) FGCI 3 112 3000 12-15102026 USD (73 842) (002)

(200 000) FGLMC 4 111 4000 11-15092040 USD (149 044) (004)

(200 000) FGLMC 45 111 4500 11-15022040 USD (153 580) (004)

(100 000) FGLMC 5 111 5000 11-15042039 USD (78 287) (002)

(200 000) FGLMC 55 111 5500 11-15062038 USD (158 886) (004)

(100 000) FGLMC 6 111 6000 11-15102038 USD (80 260) (002)

(100 000) FNCI 25 113 2500 13-25112027 USD (71 778) (002)

(100 000) FNCI 35 112 3500 12-25072026 USD (75 883) (002)

(100 000) FNCI 45 111 4500 11-25032024 USD (77 243) (002)

(100 000) FNCI 5 111 5000 11-25072023 USD (77 289) (002)

(300 000) FNCL 3 113 3000 13-25102042 USD (206 761) (005)

(21 300 000) FNCL 35 112 3500 12-25062041 USD (15 356 304) (398)

(200 000) G2SF 3 113 3000 13-20052042 USD (140 154) (004)

(200 000) G2SF 35 112 3500 12-20092041 USD (146 413) (004)

(200 000) G2SF 4 111 4000 11-20092040 USD (150 949) (004)

(100 000) G2SF 45 111 4500 11-20062040 USD (77 538) (002)

(100 000) G2SF 5 111 5000 11-20052040 USD (78 604) (002)


Luxembourg 30 585 261 793 416 00000


USD 30 585 261 793




Page 66


Market value of net

assets

Ireland 2 090 186 054 1 06948


USD 2 090 186 054





Page 67


Market value of net

assets


53 245 140 9651

Bonds 9 872 938 1790

France 3 383 415 613 1 200 000


EUR 1 327 788 241


500 000 PUBLICIS GROUPE 4250 09-31032015

EUR 520 905 094

700 000 VINCI SA 4125 11-20022017 EUR 760 025 138

Luxembourg 2 451 182 445 1 500 000


EUR 1 795 830 326


EUR 655 352 119

Russia 1 380 039 250 1 650 000


USD 1 380 039 250




EUR 970 834 176



France 6 833 045 1238 33 835


EUR 370 832 067

1 000 000 BNP PARIBAS 0250 13-27092016 CV

EUR 1 065 940 193


EUR 259 747 047


EUR 814 560 148


EUR 473 713 086


EUR 298 922 054


EUR 940 712 171

615 942 ORPEA 1750 13-01012020 CV FLAT EUR 680 037 123


EUR 636 816 115

719 446 RALLYE SA 1000 13-02102020 CV FLAT

EUR 792 916 144


EUR 498 850 090


700 000 BENI STABILI 3375 13-17012018 CV

EUR 732 179 133

900 000 BUZZI UNICEM 1375 13-17072019 CV

EUR 981 648 178

600 000 CAM 2012 SPA 5625 12-26102017 CV

EUR 750 000 136

1 100 000 ENI SPA 0250 12-30112015 CV EUR 1 135 068 206

1 000 000 ENI SPA 0625 13-18012016 CV EUR 1 054 530 191

1 100 000 PRYSMIAN SPA 1250 13-08032018 CV

EUR 1 237 247 224

The Netherlands 3 883 616 704 900 000


EUR 950 004 172


EUR 843 208 153

200 000 AMPLITER NV 2875 13-14112018 CV

EUR 200 304 036

2 250 000 SIEMENS FINAN 1050 12-16082017 CV

USD 1 890 100 343


Market value of net

assets

Jersey Island 3 692 012 670 200 000


GBP 247 577 045

300 000DERWENT LDN JE 2750 11-15072016 CV

GBP 438 700 080


GBP 398 109 072


EUR 997 990 181


GBP 631 370 114


EUR 483 064 088

400 000UNITE JERSEY 2500 13-10102018 CV

GBP 495 202 090



EUR 927 661 168

600 000TUI TRAVEL PLC 4900 10-27042017 CV

GBP 903 635 164


USD 807 236 146

Spain 2 873 461 520 700 000

ABENGOA SA 6250 13-17012019 CV

EUR 713 349 129


EUR 747 145 135

300 000MELIA HOTELS 4500 13-04042018 CV

EUR 409 401 074

400 000NH HOTELES SA 4000 13-08112018 CV

EUR 441 308 080

600 000PESCANOVA SA 8750 12-17022019 CV

EUR 87 258 016


EUR 475 000 086



EUR 313 950 057

700 000GVM DEBT LUX 5750 13-14022018 CV

EUR 828 317 150

800 000TMK BONDS SA 5250 10-11022015 CV

USD 586 036 106

Germany 2 214 571 401 100 000


EUR 106 171 019


EUR 1 413 936 256

587 326 TUI AG 2750 11-24032016 CV FLAT EUR 694 464 126



EUR 2 131 595 386

Cayman Islands 2 066 726 375 1 000 000


USD 759 367 138


USD 1 307 359 237

Austria 1 760 661 320 500 000


EUR 538 550 098


EUR 1 222 111 222



EUR 1 000 818 181


Hungary 826 736 150 800 000


EUR 826 736 150

Cyprus 580 642 105 800 000


USD 580 642 105




Page 68


Market value of net

assets


Russia 391 397 071 500 000


USD 391 397 071


Bermuda 232 043 042 400 000


USD 232 043 042



EUR 183 960 033


470 CALL CGG 20062014 18 EUR 5 170 001

(470) CALL CGG 20062014 21 EUR (940) 000


EUR 66 600 012

60 CALL KERING 20062014 160 EUR 36 060 007

28 CALL KERING 20062014 190 EUR 2 212 000


USD 30 411 006


EUR 7 110 001


EUR 17 930 003


EUR 15 656 003


EUR 21 250 004


EUR 59 250 011


EUR 22 400 004



155 CALL VINCI SA 20062014 48 EUR 35 805 006

40 CALL WPP PLC 20062014 14 GBP 36 298 007





Page 69


Market value of net

assets


Luxembourg 126 439 505 10010 1 054 10176


EUR 126 439 505 10010





Page 70


Market value of net

assets


45 057 198 7638

Shares 45 047 795 7636


47 900 AXA EUR 968 059 164

24 830 BNP PARIBAS EUR 1 406 620 238



13 716 DANONE SA EUR 717 621 122



35 820 GDF SUEZ EUR 612 343 104

5 594 L OREAL EUR 714 354 121





55 772 TOTAL SA EUR 2 483 526 420


12 369 VINCI SA EUR 590 249 100

29 850 VIVENDI EUR 571 777 097


21 568 BASF SE EUR 1 671 304 283

19 405 BAYER AG EUR 1 978 340 335


23 064 DAIMLER AG EUR 1 450 726 246




46 955 EON AG EUR 629 901 107


11 328 RWE AG EUR 301 381 051

22 248 SAP AG EUR 1 386 273 235

19 520 SIEMENS AG EUR 1 938 141 329




118 164 IBERDROLA SA EUR 547 690 093

4 975 INDITEX EUR 596 005 101

18 958 REPSOL YPF SA EUR 347 311 059




EUR 760 411 129

90 620 ING GROEP NV EUR 915 262 155


EUR 586 377 099

36 913 UNILEVER NV EUR 1 080 628 183


149 543 ENEL SPA EUR 474 649 080

62 790 ENI SPA EUR 1 098 197 186





Market value of net

assets




Luxembourg 5 058 463 857 5 74754


EUR 634 586 108


EUR 632 145 107


EUR 2 529 472 428


EUR 1 262 260 214






Page 71


Market value of net

assets


33 989 446 7962

Shares 33 982 352 7960


36 135 AXA EUR 730 288 171

18 731 BNP PARIBAS EUR 1 061 111 249



10 347 DANONE SA EUR 541 355 127



27 021 GDF SUEZ EUR 461 924 108

4 220 L OREAL EUR 538 894 126





42 073 TOTAL SA EUR 1 873 512 440


9 331 VINCI SA EUR 445 275 104

22 518 VIVENDI EUR 431 332 101


16 270 BASF SE EUR 1 260 762 295

14 638 BAYER AG EUR 1 492 344 350


17 399 DAIMLER AG EUR 1 094 397 256




35 421 EON AG EUR 475 173 111


8 546 RWE AG EUR 227 366 053

16 783 SAP AG EUR 1 045 749 245

14 725 SIEMENS AG EUR 1 462 045 342





3 753 INDITEX EUR 449 609 105

14 302 REPSOL YPF SA EUR 262 013 061




EUR 573 615 134

68 361 ING GROEP NV EUR 690 446 162


EUR 442 334 104

27 846 UNILEVER NV EUR 815 192 191


112 811 ENEL SPA EUR 358 062 084

47 367 ENI SPA EUR 828 449 194





Market value of net

assets




Luxembourg 3 676 375 861 4 07461


EUR 449 878 105


EUR 474 732 111


EUR 1 793 327 420


EUR 958 438 225






Page 72


Market value of net

assets


Luxembourg 357 181 180 9292 102 39943


EUR 11 716 543 305


EUR 26 999 629 702


EUR 1 902 268 049


USD 2 253 462 059


EUR 1 026 660 027


EUR 30 125 143 784


EUR 15 255 192 397


EUR 32 089 730 835


EUR 3 863 812 101


EUR 11 476 704 299


EUR 4 274 437 111


EUR 36 648 505 953


EUR 9 063 113 236


EUR 4 116 802 107


EUR 1 312 983 034



EUR 19 387 490 504


EUR 39 512 817 1029


USD 11 659 564 303


EUR 4 011 470 104


EUR 34 382 721 894


EUR 19 462 739 506


EUR 16 450 905 428









Page 73


Market value of net

assets


Luxembourg 164 129 649 9774 30 11852


EUR 3 446 160 205


EUR 13 483 783 803


EUR 1 651 499 098


EUR 1 484 196 088


USD 814 889 049


EUR 366 663 022


EUR 4 568 367 272


EUR 6 928 734 413


EUR 5 924 383 353


EUR 1 768 083 105


EUR 4 863 189 290


EUR 1 893 959 113


EUR 33 211 694 1977


EUR 4 012 549 239


EUR 3 426 794 204


EUR 931 291 055



EUR 10 302 577 614


EUR 31 734 027 1890


USD 5 049 628 301


EUR 1 778 918 106


EUR 9 389 897 559


EUR 7 743 672 461



EUR 1 877 199 112







Page 74


Market value of net

assets


Luxembourg 31 280 609 8741 25 49387


EUR 3 215 796 899


EUR 595 551 166


EUR 352 719 099


EUR 934 596 261


EUR 7 063 240 1975


EUR 2 231 186 623


EUR 1 113 482 311


EUR 737 730 206



EUR 2 501 679 699


EUR 6 587 842 1841


EUR 3 962 341 1107








Page 75


Market value of net

assets


Luxembourg 123 230 136 9960 87 14536


EUR 9 971 172 806


EUR 2 530 051 204


EUR 750 965 061


USD 862 781 070


EUR 391 107 032


EUR 14 895 889 1204


EUR 4 953 569 400


EUR 15 940 995 1289


EUR 1 230 119 099


EUR 3 672 666 297


EUR 2 524 295 204


EUR 8 689 408 702


EUR 2 661 435 215


EUR 1 294 374 105



EUR 3 873 657 313


EUR 6 251 975 505


USD 3 741 915 302


EUR 1 228 306 099


EUR 14 952 605 1209


EUR 12 384 154 1001



EUR 495 746 040





Page 76


Market value of net

assets


509 540 006 9982

Shares 509 540 006 9982


276 962 BAYER AG EUR 28 236 275 553



403 470 EON AG EUR 5 412 550 106


285 811 GEA GROUP AG EUR 9 889 061 194

78 401 LINDE AG EUR 11 920 872 234


EUR 3 101 950 061

208 507 SAP AG EUR 12 992 071 255



359 086 BNP PARIBAS EUR 20 342 222 399



185 639 DANONE SA EUR 9 712 632 190

390 404 GDF SUEZ EUR 6 673 956 131

193 158 LEGRAND SA EUR 7 737 909 152




218 119 SCOR SE EUR 5 794 331 114

130 226 TECHNIP SA EUR 9 097 588 178





234 156 GRIFOLS SA EUR 8 140 433 159

10 491 GRIFOLS SA - B EUR 271 560 005




1 724 300 ING GROEP NV EUR 17 415 430 341



271 300 ZIGGO NV EUR 9 007 160 176


947 365 ENI SPA EUR 16 569 414 325


1 583 734 SNAM RETE GAS EUR 6 439 462 126


305 202 BELGACOM SA EUR 6 563 369 129







Market value of net

assets


365 144 SAMPO OYJ - A EUR 13 042 944 256





France 552 682 011 46400


EUR 552 682 011





Page 77


Market value of net

assets


946 343 602 9954

Shares 946 343 602 9954


3 342 246 CENTRICA PLC GBP 13 967 535 147

706 546 DIAGEO PLC GBP 16 984 279 179


1 320 280 INMARSAT GBP 11 996 775 126










3 793 335 TESCO PLC GBP 15 244 009 160

402 888 WEIR GROUP GBP 10 324 005 109


334 427 BAYER AG EUR 34 094 832 360



289 770 GEA GROUP AG EUR 10 026 042 105

94 004 LINDE AG EUR 14 293 308 150


249 439 SAP AG EUR 15 542 544 163




295 490 BNP PARIBAS EUR 16 739 509 176


436 787 GDF SUEZ EUR 7 466 874 079



256 860 SCOR SE EUR 6 823 486 072

186 686 TECHNIP SA EUR 13 041 884 137






349 479 GRIFOLS SA EUR 12 149 637 128

18 653 GRIFOLS SA - B EUR 482 833 005






1 969 848 ING GROEP NV EUR 19 895 465 209


327 735 ZIGGO NV EUR 10 880 802 114


Market value of net

assets








Italy 23 708 516 250 917 149 ENI SPA EUR 16 040 936 169



787 258 ELEKTA AB SEK 8 748 794 092







8 010 841 084





France 1 102 981 012 92600


EUR 1 102 981 012





Page 78


Market value of net

assets


415 431 089 9583

Shares 415 431 089 9583


250 699 AKZO NOBEL NV EUR 14 124 382 326



15 156 CORBION NV EUR 233 402 005

110 905 CORIO NV EUR 3 612 730 083


128 428 FUGRO EUR 5 562 859 128

21 840 GEMALTO EUR 1 747 418 040


249 055 HEINEKEN NV EUR 12 223 619 282

45 070 HEJIMANS NV EUR 473 686 011

4 055 436 ING GROEP NV EUR 40 959 903 946






EUR 39 142 064 904


181 276 NUTRECO NV EUR 6 545 876 151

443 937 POSTNL SHS EUR 1 842 339 042




6 985 435 SNS REAAL EUR 7 000


91 844 TEN CATE NV EUR 2 103 228 049


3 635 814 TOMTOM NV EUR 18 728 078 432

1 283 203 UNILEVER NV EUR 37 565 768 866


410 720 ZIGGO NV EUR 13 635 904 315


184 429 UNIT 4 NV EUR 7 073 774 163




France 7 943 656 183 34 19126


EUR 7 943 656 183





Page 79


Market value of net

assets


1 435 974 486 9935

Shares 1 435 974 486 9935


1 402 032 175 9700

75 055 ACTAVIS PLC USD 12 609 240 087

99 299 ADT CORPTHE USD 4 018 631 028








99 498 APPLE INC USD 55 829 322 385


171 177 BOEING COTHE USD 23 363 949 162





115 032 CELGENE CORP USD 19 435 807 134




318 278 CME GROUP INC USD 24 972 092 173





42 237 CUMMINS INC USD 5 954 150 041


242 369 DANAHER CORP USD 18 710 887 129






839 235 EMC CORP USD 21 106 760 146


142 006 FLUOR CORP USD 11 401 662 079



10 494 GOOGLE INC - A USD 11 760 731 081


231 799 INTUIT INC USD 17 690 900 122











135 213 MONSANTO CO USD 15 759 075 109

566 585 MYLAN INC USD 24 589 789 170


280 148 NETAPP INC USD 11 525 289 080

210 016 NIKE INC - CL B USD 16 515 658 114



Market value of net

assets


549 444 ORACLE CORP USD 21 021 727 145

359 375 PEPSICO INC USD 29 806 562 206

884 938 PFIZER INC USD 27 105 651 188





227 495 RAYTHEON CO USD 20 633 797 143






393 549 UNUM GROUP USD 13 805 699 096


146 156 VMWARE INC - A USD 13 111 655 091



521 531 YAHOO INC USD 21 090 714 146







Page 80


Market value of net

assets


97 258 545 10028

Shares 97 258 545 10028


43 954 230 4533

4 269 ACTAVIS PLC USD 520 478 054

3 291 AIRGAS INC USD 267 135 028






4 311 AON PLC USD 262 455 027




9 455 BALL CORP USD 354 472 037

12 106 BBampT CORP USD 327 875 034











35 758 COCA-COLA CO USD 1 072 000 111




5 289 DAVITA INC USD 243 234 025










20 018 FPL GROUP INC USD 1 243 834 128




7 303 HCP INC USD 192 492 020




USD 320 034 033


9 541 KELLOGG CO USD 422 852 044


6 224 KOHLS CORP USD 256 332 026

6 342 L BRANDS INC USD 284 664 029


USD 413 103 043







Market value of net

assets









23 617 PAYCHEX INC USD 780 349 080



28 522 PFIZER INC USD 634 006 065

9 260 PHILLIPS 66 USD 518 323 053










24 555 STAPLES INC USD 283 159 029


34 837 SYNOPSYS INC USD 1 025 681 106

22 442 SYSCO CORP USD 587 943 061






19 582 UNUM GROUP USD 498 521 051

17 846 VENTAS INC USD 741 840 076












88 000 DAICEL CORP JPY 520 115 054



JPY 312 216 032







20 400 KAO CORP JPY 466 231 048



23 700 LAWSON INC JPY 1 287 853 133


JPY 818 181 084






Page 81


Market value of net

assets







76 000 OJI PAPER JPY 282 843 029


5 700 OTSUKA CORP JPY 527 772 054

52 100 PARK24 CO LTD JPY 713 351 074

19 100 SECOM CO LTD JPY 836 114 086













41 800 USS CO LTD JPY 416 761 043







134 632 BT GROUP PLC GBP 613 935 063

53 907 BUNZL GBP 939 485 097


18 324 DIAGEO PLC GBP 440 481 045

14 638 EASYJET PLC GBP 270 240 028




4 509 NEXT PLC GBP 295 361 030



7 834 WHITBREAD GBP 353 189 036





15 484 METRO INC - A CAD 686 392 071




CAD 324 262 033



6 779 GEBERIT AG CHF 1 496 302 153

397 GIVAUDAN CHF 412 712 043

215 SGS SA-REG CHF 360 000 037

191 SIKA AG CHF 494 215 051

3 491 SWISS RE LTD CHF 233 730 024



Market value of net

assets




18 767 SCOR SE EUR 498 545 051

14 289 THALES SA EUR 668 725 069










312 000 STARHUB LTD SGD 767 537 079







7 308 SHIRE PLC GBP 250 510 026









Page 82


Market value of net

assets







Page 83


Market value of net

assets


Luxembourg 48 864 172 10015 543 78112


USD 48 864 172 10015





Page 84


Market value of net

assets


Luxembourg 12 115 889 6870 28 51316


EUR 2 885 843 1635


EUR 2 449 713 1389


EUR 1 929 493 1094


EUR 168 863 096


EUR 61 437 035


USD 140 842 080


EUR 59 871 034


EUR 1 038 038 589


EUR 274 204 155


USD 987 441 560


EUR 1 930 589 1095


EUR 33 015 019



EUR 66 866 038


EUR 10 440 006


France 2 863 261 1623 2 40383


EUR 2 863 261 1623

Belgium 1 929 920 1094 50653


EUR 1 929 920 1094






Page 85


Market value of net

assets


Luxembourg 12 022 623 7930 7 68255


EUR 777 558 513


EUR 666 814 440


EUR 1 701 467 1122


EUR 683 668 451


EUR 307 738 203


USD 558 907 369


EUR 821 807 542


EUR 1 762 086 1161


EUR 577 468 381


USD 883 517 583


EUR 1 713 653 1130


EUR 142 004 094



EUR 462 966 305


EUR 52 514 035


Belgium 1 701 627 1122 44661


EUR 1 701 627 1122

France 763 535 504 64102


EUR 763 535 504






Page 86


Market value of net

assets


Luxembourg 13 739 977 8982 2 67696


EUR 270 937 177


EUR 238 346 156


EUR 932 135 609


EUR 1 410 103 922


EUR 570 493 373


USD 1 170 638 765


EUR 1 516 744 992


EUR 1 751 929 1145


EUR 923 568 604


USD 847 993 554


EUR 928 411 607


EUR 399 752 261



EUR 993 581 650


EUR 97 392 064


Belgium 928 764 607 24377


EUR 928 764 607


France 266 085 174 22339


EUR 266 085 174





Page 87


Market value of net

assets


Luxembourg 12 251 204 9756 48471


EUR 184 654 147


EUR 1 500 082 1195


EUR 595 589 474


USD 1 236 634 985


EUR 1 589 420 1266


EUR 1 818 346 1447


EUR 1 122 202 894


USD 686 894 547


EUR 169 596 135


EUR 431 110 343



EUR 1 054 308 840


EUR 102 690 082


Belgium 184 671 147 4847


EUR 184 671 147






Page 88


Market value of net

assets


Luxembourg 11 942 969 9757 45335


EUR 172 708 141


EUR 1 449 884 1185


EUR 579 639 474


USD 1 216 718 994


EUR 1 538 832 1257


EUR 1 769 989 1445


EUR 1 120 037 915


USD 669 814 547


EUR 172 583 141


EUR 419 638 343



EUR 1 015 521 830


EUR 100 041 082


Belgium 179 725 147 4717


EUR 179 725 147






Page 89


Market value of net

assets


Luxembourg 5 158 286 6153 11 58808


EUR 1 172 840 1399


EUR 1 007 072 1201


EUR 1 489 470 1777


EUR 1 488 904 1776

Belgium 1 530 577 1825 40172


EUR 1 530 577 1825

France 1 172 805 1399 98462


EUR 1 172 805 1399






Page 90


Market value of net

assets


Luxembourg 15 976 423 7072 20 49678


EUR 2 074 498 918


EUR 1 774 728 786


EUR 3 340 866 1480


EUR 639 680 283


EUR 215 747 096


USD 523 213 232


EUR 642 154 284


EUR 2 051 317 908


EUR 3 309 647 1465


EUR 229 067 101



EUR 461 399 204


EUR 41 138 018


Belgium 3 354 980 1486 88055


EUR 3 354 980 1486

France 2 074 355 918 1 74151


EUR 2 074 355 918






Page 91


Market value of net

assets


Luxembourg 106 268 483 7822 22 35054


EUR 2 262 118 167


EUR 1 919 242 141


EUR 20 103 118 1480


EUR 7 613 349 560


EUR 2 844 563 209


USD 6 428 979 473


EUR 7 419 059 546


EUR 20 271 062 1492


EUR 20 100 209 1480


EUR 2 710 821 200



EUR 5 655 104 416


EUR 487 582 036


Belgium 20 456 362 1507 5 36901


EUR 20 456 362 1507


France 2 431 311 179 2 04119


EUR 2 431 311 179





Page 92


Market value of net

assets


Luxembourg 83 608 857 8796 2 99422


EUR 303 048 032


EUR 262 444 028


EUR 7 843 369 825


EUR 7 399 901 779


EUR 3 233 091 340


USD 6 145 767 647


EUR 8 490 062 893


EUR 13 460 814 1415


EUR 5 404 174 569


USD 6 081 093 640


EUR 7 996 743 841


EUR 1 662 618 175



EUR 5 114 825 538


EUR 573 910 060


Belgium 8 030 052 845 2 10758


EUR 8 030 052 845


France 301 926 032 25348


EUR 301 926 032





Page 93


Market value of net

assets


Luxembourg 25 155 717 9818 75074


EUR 286 003 112


EUR 3 044 578 1188


EUR 1 237 723 483


USD 2 575 126 1005


EUR 3 156 476 1232


EUR 3 707 203 1446


EUR 2 318 071 905


USD 1 678 345 655


EUR 285 877 112


EUR 901 227 352



EUR 2 151 844 840


EUR 211 301 082


Belgium 283 836 111 7450


EUR 283 836 111






Page 94


Market value of net

assets


Luxembourg 7 276 070 9998 11 09337


EUR 1 129 527 1552


EUR 478 874 658


USD 944 869 1298


EUR 1 229 634 1690


EUR 923 699 1269


EUR 304 786 419



EUR 787 891 1083


EUR 81 965 113






Page 95


Market value of net

assets


238 928 573 9574

Shares 238 928 573 9574


112 412 826 4506



30 169 APPLE INC USD 12 285 008 493











336 344 EMC CORP USD 6 138 867 246



11 267 GOOGLE INC - A USD 9 163 641 367

140 761 KKR amp CO LP USD 2 486 391 100

76 914 L BRANDS INC USD 3 452 325 138



42 587 MONSANTO CO USD 3 602 101 144








106 867 ZOETIS INC USD 2 535 275 102


110 576 NOVARTIS AG CHF 6 424 326 257




36 495 BAYER AG EUR 3 720 665 149


23 218 MORPHOSYS AG EUR 1 296 725 052

119 483 SAP AG EUR 7 444 986 298


120 710 DIAGEO PLC GBP 2 901 683 116






10 800 KEYENCE CORP JPY 3 355 671 134





Market value of net

assets


216 000 WPP PLC GBP 3 582 692 144



52 483 SHIRE PLC GBP 1 799 057 072















Bonds 3 325 847 133








Page 96


Market value of net

assets


599 433 092 9758

Shares 599 433 092 9758













241 609 GECINA SA EUR 23 201 712 378

391 080 ICADE EMGP EUR 26 464 384 431

381 026 KLEPIERRE EUR 12 834 861 209

739 845 MERCIALYS EUR 11 282 636 184




1 399 632 FABEGE SEK 12 145 959 198






EUR 15 284 466 249












2 670 476 SPONDA OYJ EUR 9 133 028 149







Market value of net

assets






Page 97


Market value of net

assets


Luxembourg 102 611 081 6667 102 45033


EUR 10 369 090 674


EUR 3 076 159 200


EUR 7 427 197 483


EUR 7 622 465 495


EUR 6 179 725 402


EUR 4 707 878 306


USD 1 052 320 068


EUR 3 036 453 197


EUR 1 043 394 068


EUR 5 564 093 362


EUR 1 063 498 069


EUR 1 063 350 069



EUR 5 115 548 332


USD 9 276 233 603


USD 3 166 562 206


EUR 1 021 022 066


EUR 9 205 599 598


EUR 5 092 816 331


EUR 9 576 848 622


EUR 2 155 574 140


France 41 448 016 2693 1 06300


EUR 10 721 058 697




EUR 10 359 210 673

Ireland 9 955 914 647 24 52200


EUR 3 478 446 226







Page 98


Market value of net

assets


Luxembourg 74 937 415 6437 85 28354


EUR 8 631 623 742


EUR 2 248 120 193


EUR 5 294 113 455


EUR 5 744 247 493


EUR 4 507 384 387


EUR 3 502 826 301


USD 725 574 062


EUR 2 214 737 190


EUR 756 091 065


EUR 4 298 135 369


EUR 759 053 065


EUR 765 273 066



EUR 3 720 353 320


USD 6 316 252 543


USD 2 216 730 190


EUR 747 555 064


EUR 6 733 726 578


EUR 3 731 725 321


EUR 6 455 567 555


EUR 1 532 662 132


France 33 384 006 2868 85100


EUR 8 582 897 737




EUR 8 622 549 741

Ireland 7 494 272 644 17 54900


EUR 2 489 326 214







Page 99


Market value of net

assets


Luxembourg 149 485 023 8342 31 08474


EUR 3 146 114 176


EUR 4 956 243 277


EUR 11 668 772 651


EUR 12 891 904 719


EUR 9 936 935 554


EUR 7 938 266 443


USD 1 625 626 091


EUR 4 881 883 272


EUR 1 667 876 093


EUR 9 592 335 535


EUR 1 671 956 093


EUR 1 687 253 094



EUR 8 201 880 458


USD 13 865 440 774


USD 4 873 053 272


EUR 1 647 929 092


EUR 14 845 665 829


EUR 8 228 089 459


EUR 14 111 283 788


EUR 3 377 508 188


Ireland 16 366 050 913 37 17300


EUR 5 272 990 294



France 12 337 079 688 32700


EUR 3 298 011 184




EUR 3 144 569 175





Page 100


Market value of net

assets


Luxembourg 131 984 410 7766 61 91289


EUR 6 266 259 369


EUR 4 262 415 251


EUR 10 034 748 590


EUR 10 766 724 633


EUR 8 546 030 503


EUR 6 849 914 403


USD 1 399 176 082


EUR 4 198 888 247


EUR 1 434 380 084


EUR 7 486 962 441


EUR 1 438 547 085


EUR 1 450 691 085



EUR 7 053 149 415


USD 11 766 544 692


USD 4 192 975 247


EUR 1 416 976 083


EUR 12 766 430 752


EUR 7 075 507 416


EUR 12 898 259 760


EUR 2 904 642 171


France 23 083 987 1358 55800


EUR 5 627 798 331




EUR 6 261 742 368

Ireland 14 209 300 836 31 80000


EUR 4 510 830 265







Page 101


Market value of net

assets


France 7 077 736 6271 18300


EUR 1 845 676 1635




EUR 1 887 932 1673

Luxembourg 4 068 361 3605 18 70882


EUR 1 893 536 1678


EUR 242 771 215


EUR 249 030 221


EUR 100 249 089


EUR 405 552 359


USD 23 500 021


EUR 94 850 084


EUR 177 341 157



USD 101 358 090


EUR 24 704 022


EUR 433 618 384


EUR 246 285 218

Ireland 219 726 195 1 54900


EUR 219 726 195





Page 102


Market value of net

assets


France 2 892 254 5787 7500


EUR 756 425 1513




EUR 768 275 1537

Luxembourg 1 950 701 3903 7 62276


EUR 771 507 1544


EUR 133 288 267


EUR 129 286 259


EUR 42 934 086


EUR 232 648 465


USD 9 495 019


EUR 50 764 102


EUR 93 616 187



USD 46 670 093


EUR 12 869 026


EUR 235 416 471


EUR 133 594 267

Ireland 121 140 242 85400


EUR 121 140 242





Page 103


Market value of net

assets


Luxembourg 3 729 735 5126 8 87858


EUR 898 610 1236


EUR 321 628 442


EUR 297 719 409


EUR 128 289 176


EUR 514 046 707


USD 29 245 040


EUR 128 285 176


EUR 241 500 332



USD 126 217 174


EUR 25 623 035


EUR 556 030 764


EUR 326 186 448

France 3 213 359 4419 7600


EUR 766 510 1054




EUR 895 726 1232

Ireland 321 290 442 2 26500


EUR 321 290 442





Page 104


Market value of net

assets


Luxembourg 6 254 028 4851 16 10619


EUR 1 630 121 1265


EUR 515 661 400


EUR 451 790 350


EUR 216 090 168


EUR 820 229 636


USD 43 939 034


EUR 204 095 158


EUR 382 191 296



USD 214 344 166


EUR 49 983 039


EUR 933 198 724


EUR 514 004 399

France 5 980 093 4639 14800


EUR 1 492 678 1158




EUR 1 625 884 1261

Ireland 582 011 451 4 10300


EUR 582 011 451





Page 105


Market value of net

assets


Luxembourg 59 996 598 8072 18 44241


EUR 1 866 573 251


EUR 1 310 638 176


EUR 5 424 528 730


EUR 669 832 090


EUR 2 025 785 273


EUR 2 632 175 354


EUR 1 298 915 175


USD 672 943 091


EUR 1 940 717 261


EUR 666 881 090


EUR 6 508 264 876


EUR 1 359 534 183


EUR 679 415 091



EUR 3 922 631 528


USD 7 997 977 1076


USD 2 024 117 272


EUR 652 071 088


EUR 3 594 492 484


EUR 10 080 617 1355


EUR 1 377 662 185



EUR 675 708 091

France 7 024 195 946 17800


EUR 1 795 247 242




EUR 1 861 728 251

Ireland 6 950 762 936 6 97900


EUR 989 971 133







Page 106


Market value of net

assets


Luxembourg 22 488 856 7618 11 37926


EUR 1 151 706 390


EUR 491 367 166


EUR 1 981 309 671


EUR 245 795 083


EUR 768 269 260


EUR 984 953 334


EUR 511 573 173


USD 233 244 079


EUR 725 351 246


EUR 251 830 085


EUR 2 463 786 835


EUR 496 559 168


EUR 235 404 080



EUR 1 462 856 496


USD 2 880 406 976


USD 722 739 245


EUR 246 236 083


EUR 1 348 000 457


EUR 3 574 315 1211


EUR 502 001 170



EUR 248 918 084

France 4 141 850 1404 11000


EUR 1 109 423 376




EUR 1 147 053 389

Ireland 2 645 564 896 2 45000


EUR 347 533 118







Page 107


Market value of net

assets


Luxembourg 31 824 467 8886 039


EUR 40 000


EUR 720 252 201


EUR 3 005 974 839


EUR 373 366 104


EUR 1 252 446 350


EUR 1 524 788 426


EUR 865 954 242


USD 372 989 104


EUR 1 064 517 297


EUR 393 794 110


EUR 4 740 269 1324


EUR 781 137 218


EUR 362 231 101



EUR 2 234 890 624


USD 4 031 530 1126


USD 1 102 030 308


EUR 387 106 108


EUR 2 054 667 574


EUR 3 997 906 1116


EUR 779 223 218



EUR 395 708 110

Ireland 4 049 747 1131 3 29700


EUR 467 679 131







Page 108


Market value of net

assets


Luxembourg 44 031 065 8560 4 22168


EUR 427 280 083


EUR 1 005 531 196


EUR 4 058 880 789


EUR 507 850 099


EUR 1 678 370 326


EUR 2 016 282 392


EUR 1 102 577 214


USD 493 056 096


EUR 1 486 292 289


EUR 507 401 099


EUR 4 938 729 960


EUR 1 017 662 198


EUR 512 999 100



EUR 2 995 965 583


USD 5 714 440 1110


USD 1 476 911 287


EUR 501 778 098


EUR 2 761 439 537


EUR 7 428 688 1443


EUR 1 028 039 200



EUR 505 932 098

Ireland 5 563 899 1083 4 62700


EUR 656 340 128



France 1 457 270 284 2700


EUR 272 313 053




EUR 426 423 083





Page 109


Market value of net

assets


Luxembourg 3 224 521 8683 4947


EUR 5 007 013


EUR 347 499 936


EUR 40 334 109


EUR 129 337 348


EUR 643 486 1732


EUR 123 881 334


EUR 73 023 197



EUR 274 386 739


USD 600 625 1617


EUR 558 837 1505


EUR 247 067 665






EUR 4 765 013





Page 110


Market value of net

assets


Luxembourg 600 512 8416 9887


EUR 10 007 140


EUR 64 568 905


EUR 6 989 098


EUR 27 634 387


EUR 113 382 1589


EUR 22 622 317


EUR 13 252 186


EUR 52 174 731


USD 107 636 1509


EUR 109 753 1538


EUR 44 140 619




France 9 529 134 800


EUR 9 529 134





Page 111


Market value of net

assets


Luxembourg 2 029 396 8539 9888


EUR 10 008 042


EUR 217 187 914


EUR 25 474 107


EUR 96 719 407


EUR 402 309 1693


EUR 77 560 326


EUR 46 119 194



EUR 157 286 662


USD 364 012 1532


EUR 348 891 1468


EUR 154 271 649




France 9 529 040 800


EUR 9 529 040





Page 112


Market value of net

assets


Luxembourg 2 562 866 8426 17789


EUR 18 005 059


EUR 272 441 896


EUR 30 970 102


EUR 105 645 347


EUR 494 980 1627


EUR 95 298 313


EUR 59 556 196



EUR 218 985 720


USD 483 636 1590


EUR 449 212 1477


EUR 191 419 629




France 17 867 059 1500


EUR 17 867 059





Page 113


Market value of net

assets


France 92 483 907 5101 2 29900


EUR 23 186 932 1279




EUR 23 209 061 1280

Luxembourg 83 094 661 4583 229 43288


EUR 23 221 107 1281


EUR 5 242 188 289


EUR 1 356 388 075


EUR 7 884 506 435


EUR 2 633 236 145


EUR 4 881 196 269


USD 667 703 037


EUR 1 940 450 107


EUR 1 333 623 074


EUR 1 661 853 092


EUR 695 876 038



EUR 1 962 077 108


USD 2 072 086 114


USD 2 008 882 111


EUR 651 956 036


EUR 7 845 787 433


EUR 6 511 419 359


EUR 3 175 584 175


EUR 1 377 516 076



EUR 675 447 037

Ireland 4 864 338 268 25 53800


EUR 3 622 565 200






Page 114


Market value of net

assets


France 57 240 741 4950 1 32300


EUR 13 343 328 1154




EUR 15 058 196 1302

Luxembourg 54 495 766 4709 148 87604


EUR 15 067 878 1303


EUR 3 447 556 298


EUR 871 177 075


EUR 5 469 949 473


EUR 1 751 169 151


EUR 3 343 830 289


USD 442 745 038


EUR 1 283 434 111


EUR 884 565 076


EUR 1 196 745 103


EUR 437 356 038



EUR 1 285 416 111


USD 1 238 206 107


USD 1 331 930 115


EUR 433 297 037


EUR 5 198 188 449


EUR 4 291 887 371


EUR 1 940 507 168


EUR 902 611 078



EUR 437 630 038

Ireland 3 234 932 280 16 19900


EUR 2 297 828 199






Page 115


Market value of net

assets


Luxembourg 108 561 496 6211 150 31344


EUR 15 213 360 870


EUR 8 182 884 468


EUR 2 116 712 121


EUR 12 457 720 713


EUR 4 110 719 235


EUR 7 601 474 435


USD 1 043 518 060


EUR 3 029 323 173


EUR 2 081 539 119


EUR 2 688 925 154


EUR 1 060 267 061



EUR 3 062 640 175


USD 3 160 629 181


USD 3 139 058 180


EUR 1 018 379 058


EUR 12 246 883 701


EUR 10 164 198 581


EUR 4 862 676 278


EUR 2 150 621 123



EUR 1 054 569 060

France 58 218 472 3331 1 50500


EUR 15 178 918 868




EUR 15 204 705 870

Ireland 7 685 260 439 39 98500


EUR 5 671 872 324






Page 116


Market value of net

assets


Luxembourg 107 041 050 5897 172 55401


EUR 17 464 346 962


EUR 7 874 849 434


EUR 2 037 039 112


EUR 11 222 420 618


EUR 3 955 290 218


EUR 7 180 781 396


USD 1 005 476 055


EUR 2 915 676 161


EUR 2 003 287 110


EUR 2 338 933 129


EUR 1 020 704 056



EUR 2 947 101 162


USD 2 916 242 161


USD 3 025 270 167


EUR 980 117 054


EUR 11 784 518 649


EUR 9 780 393 539


EUR 4 929 344 272


EUR 2 069 625 114



EUR 1 014 607 056

France 66 592 875 3669 1 72800


EUR 17 428 019 960




EUR 17 455 929 962

Ireland 7 655 856 422 39 41900


EUR 5 591 585 308






Page 117


Market value of net

assets


92 631 896 6877

Bonds 90 924 850 6751

France 30 684 856 2277 200 000 ACCOR 2875 12-19062017 EUR 206 946 015


EUR 69 138 005


EUR 277 200 021


200 000 ALSTOM 3625 10-05102018 EUR 212 058 016

800 000 AUCHAN SA 3625 11-19102018 EUR 873 440 065


EUR 662 286 049

100 000 AXA BANK EUROPE 1875 12-20092019

EUR 101 605 008

100 000 AXA BANK EUROPE 2250 12-19042017

EUR 104 393 008


EUR 419 512 031

400 000 BNP PARIBAS 2000 13-28012019 EUR 403 088 030

350 000 BNP PARIBAS COV 4500 07-30052014

EUR 355 758 026

300 000 BNP PARIBAS HOME 3375 10-12012017

EUR 322 980 024

200 000 BOUYGUES 4000 10-12022018 EUR 218 362 016

200 000 BPCE 1625 13-08022017 EUR 202 028 015

100 000 BPCE SFH 1500 12-28022018 EUR 101 503 008

200 000 BPCE SFH 2125 13-17092020 EUR 203 414 015

200 000 BPCE SFH 2750 12-16022017 EUR 211 660 016


EUR 394 840 029


EUR 81 420 006

350 000 CASINO GUICHARD 5125 09-30012015

EUR 367 227 027



200 000 CRED AG COV BOND 3500 09-21072014

EUR 203 290 015


EUR 308 655 023


EUR 349 407 026

200 000 CSSE REFIN HYPOT 4000 06-25042018

EUR 223 900 017

149 460 CSSE REFIN HYPOT 4100 04-25102015

EUR 159 347 012

702 643 CSSE REFIN L HAB 3750 10-19022020

EUR 788 365 059

200 000 CSSE REFIN L HAB 4000 12-17062022

EUR 227 524 017

400 000 ELEC DE FRANCE 2250 13-27042021

EUR 396 340 029

100 000 ELEC DE FRANCE 2750 12-10032023

EUR 99 562 007

600 000 FRANCE OAT 1000 13-25112018 EUR 593 631 044

700 000 FRANCE OAT 1750 13-25052023 EUR 664 158 049

1 840 000 FRANCE OAT 2250 12-25102022 EUR 1 842 683 137

570 000 FRANCE OAT 2500 10-25102020 EUR 599 032 044

1 179 125 FRANCE OAT 2750 12-25102027 EUR 1 155 078 086

600 000 FRANCE OAT 3250 13-25052045 EUR 577 892 043

2 320 000 FRANCE OAT 3750 09-25102019 EUR 2 616 865 195

300 000 FRANCE OAT 4000 05-25042055 EUR 334 284 025

875 000 FRANCE OAT 4000 06-25102038 EUR 975 584 072

2 800 000 FRANCE OAT 4000 08-25042018 EUR 3 153 252 235

420 000 FRANCE OAT 4750 04-25042035 EUR 518 016 038

3 030 000 FRENCH BTAN 2500 11-25072016 EUR 3 189 354 238

200 000 GECINA 4750 12-11042019 EUR 221 256 016


EUR 302 181 022

250 000 RATP 4500 08-28052018 EUR 284 170 021

750 000 RCI BANQUE 4000 11-16032016 EUR 792 495 059


Market value of net

assets


EUR 406 361 030


EUR 302 445 022


EUR 85 060 006


EUR 300 531 022


EUR 295 548 022


EUR 582 395 043

200 000 ST GOBAIN 4000 10-08102018 EUR 218 162 016


100 000 UNEDIC 0375 13-29042016 EUR 99 774 007

400 000UNIBAIL RODAMCO 3375 10-11032015

EUR 412 256 031

500 000 VALEO SA 5750 12-19012017 EUR 563 355 042

200 000 VINCI SA 3375 12-30032020 EUR 212 348 016


600 000 BUNDESOBL-120 0250 13-13042018 EUR 586 761 044

1 159 410DEUTSCHLAND IL 1500 06-15042016

EUR 1 208 163 090

1 700 000DEUTSCHLAND REP 1500 13-15022023

EUR 1 650 820 123

400 000DEUTSCHLAND REP 1750 12-04072022

EUR 401 412 030

2 400 000DEUTSCHLAND REP 2500 10-04012021

EUR 2 577 622 191

2 080 000DEUTSCHLAND REP 3500 09-04072019

EUR 2 351 785 175

1 465 000DEUTSCHLAND REP 4000 05-04012037

EUR 1 777 424 132

930 000DEUTSCHLAND REP 4750 98-04072028

EUR 1 189 677 088

200 000FMS WERTMANAGE 1375 12-16012015

EUR 202 260 015

100 000FMS WERTMANAGE 2375 11-15122014

EUR 101 972 008

180 000 KFW 0875 13-25062018 EUR 178 882 013

169 000 KFW 1125 13-16102018 EUR 169 057 013

730 000 KFW 2000 11-07092016 EUR 758 288 056

165 000 KFW 3125 09-25022014 EUR 165 660 012

410 000 KFW 3500 06-04072021 EUR 460 389 034

400 000 KFW 4375 08-04072018 EUR 458 080 034

200 000 LAND HESSEN 3500 10-10032020 EUR 222 960 017

431 000LB BADEN-WUERT 1375 12-01062018

EUR 439 340 033

100 000LB BADEN-WUERT 2250 10-21062016

EUR 104 445 008

72 000SOLARWORLD AG 6125 10-21012017

EUR 26 568 002


400 000 BELGIAN 0321 4250 11-28092021 EUR 461 485 034

880 000 BELGIAN 0323 3500 11-28062017 EUR 960 915 071

310 000 BELGIAN 0324 4500 11-28032026 EUR 361 151 027

800 000 BELGIAN 0325 4250 12-28092022 EUR 918 043 068

600 000 BELGIAN 0326 4000 12-28032032 EUR 660 384 049

600 000 BELGIAN 1250 13-22062018 EUR 601 590 045

2 870 000BELGIUM OLO 47 3250 06-28092016

EUR 3 082 403 230

400 000BELGIUM OLO 48 4000 06-28032022

EUR 452 711 034


EUR 100 775 007

200 000 KBC BANK NV 1250 13-28052020 EUR 194 120 014

The Netherlands 8 324 709 617 100 000

ABN AMRO BANK NV 2125 13-26112020

EUR 97 770 007

200 000ABN AMRO BANK NV 3625 10-06102017

EUR 215 738 016

200 000ALLIANZ FINANCE 1375 13-13032018

EUR 200 270 015

200 000BMW FINANCE NV 1500 12-05062018

EUR 201 014 015




Page 118


Market value of net

assets

300 000 CRH FINANCE BV 5000 12-25012019

EUR 338 817 025

200 000 DEUTSCHE TEL FIN 2000 12-30102019

EUR 201 836 015

143 000 EDP FINANCE BV 4625 06-13062016

EUR 150 479 011

300 000 ING GROEP NV 4125 06-11042016 EUR 320 142 024

500 000 LANXESS FINANCE 2625 12-21112022

EUR 487 210 036


EUR 1 305 583 097


EUR 572 265 042


EUR 2 263 278 168

798 000 RABOBANK 4375 06-07062021 EUR 894 957 066

500 000 RABOBANK 4750 08-15012018 EUR 563 610 042


EUR 511 740 038

Austria 5 606 452 416 200 000


EUR 240 140 018


EUR 714 700 053


EUR 1 128 923 084


EUR 1 487 314 110


EUR 1 985 456 147

50 000 TELEKOM FINANZ 3125 13-03122021

EUR 49 919 004



EUR 317 955 024


EUR 318 645 024


EUR 211 650 016

300 000 BANCO SANTANDER 3625 10-06042017

EUR 319 578 024

400 000 BANESTO SA 3500 05-27012015 EUR 410 360 030

500 000 BANKINTER SA 4125 12-22032017 EUR 537 620 040

200 000 CAIXABANK 3000 13-22032018 EUR 207 340 015

300 000 CAIXABANK SA 3125 13-14052018 EUR 307 473 023

100 000 INSTIT CRDT OFCL 4000 13-30042018

EUR 105 145 008

100 000 INSTIT CRDT OFCL 4125 10-28092017

EUR 105 680 008

18 000 INSTIT CRDT OFCL 4375 09-20052019

EUR 19 069 001

275 000 INSTIT CRDT OFCL 4375 11-31032014

EUR 276 898 021

120 000 INSTIT CRDT OFCL 5000 11-05072016

EUR 128 250 010

500 000 KUTXABANK 3000 13-01022017 EUR 519 635 039

300 000 LA CAIXA 4750 11-18032015 EUR 313 026 023

300 000 SANTANDER INTL 4500 11-18052015

EUR 313 308 023

150 000 TELEFONICA EMIS 5431 09-03022014

EUR 150 530 011


800 000 EFSF 1625 13-17072020 EUR 793 240 059

130 000 EFSF 3375 12-03042037 EUR 137 586 010

200 000 EIB 1375 13-15112019 EUR 198 900 015

800 000 EIB 1500 13-15072020 EUR 792 720 059

400 000 EIB 2500 10-16092019 EUR 422 960 031

380 000 EIB 3125 09-15042014 EUR 382 983 028

195 000 EIB 4500 09-15102025 EUR 232 508 017

70 000 EIB 4625 04-15042020 EUR 82 558 006

79 000 ESM 1250 13-15102018 EUR 79 293 006


Market value of net

assets

Italy 2 446 987 182 100 000


EUR 105 433 008

300 000 HERA SPA 3250 13-04102021 EUR 302 025 022

120 000 HERA SPA 4500 09-03122019 EUR 132 421 010

100 000INTESA SANPAOLO 4375 11-16082016

EUR 107 956 008

100 000INTESA SANPAOLO 5000 12-27012021

EUR 114 774 009

208 000INTESA SANPAOLO 6625 13-13092023

EUR 223 513 017


400 000 TERNA SPA 4125 12-17022017 EUR 432 348 032


200 000UNIONE DI BANCHE 3125 13-14102020

EUR 203 120 015

300 000UNIONE DI BANCHE 3750 12-30102015

EUR 310 245 023

Sweden 2 351 499 175 160 000


EUR 173 352 013


EUR 502 010 037

300 000 SKF AB 2375 13-29102020 EUR 296 913 022


EUR 628 030 047

744 000SWEDEN KINGDOM 3125 09-07052014

EUR 751 194 056


660 000 FINNISH GOVT 4375 08-04072019 EUR 768 648 057

395 000NORDEA BANK FIN 2375 12-17072017

EUR 415 256 031

United Kingdom 1 559 661 116 300 000


EUR 295 443 022


EUR 223 116 017

200 000 FCE BANK PLC 1750 13-21052018 EUR 198 056 015

150 000LLOYDS TSB BANK 3500 12-11012017

EUR 162 093 012

400 000LLOYDS TSB BANK 6500 10-24032020

EUR 463 212 034

100 000NATIONWIDE BLDG 4625 11-08022021

EUR 118 746 009

100 000WPP FINANCE 2013 3000 13-20112023

EUR 98 995 007

Norway 920 298 068 300 000


EUR 314 772 023

600 000SPAREBANK 1 SMN 2125 13-21022018

EUR 605 526 045


797 401 059


EUR 113 661 008

300 000SES GLOBAL GROUP 1875 13-24102018

EUR 297 840 022


EUR 385 900 029

Slovenia 602 700 045 600 000


EUR 602 700 045

Australia 475 061 036 180 000


EUR 176 596 013

200 000WESTPAC BANKING 1375 13-17042020

EUR 195 410 015

100 000WESTPAC BANKING 2125 12-09072019

EUR 103 055 008

Ireland 300 327 022 100 000


EUR 100 283 007

200 000GEN ELEC CAP CRP 1625 13-15032018

EUR 200 044 015




Page 119


Market value of net

assets

Denmark 216 452 016 214 000


EUR 216 452 016

Luxembourg 201 478 015 200 000


EUR 201 478 015





200 000 MUNICH RE 07-290649 FRN EUR 215 984 016




35 CALL EURO-BUND 10YR 6000 21022014 1425

EUR 4 900 000

31 PUT EURO-BUND 10YR 6000 21022014 1365

EUR 9 920 001




EUR 8 780 180 653


Luxembourg 8 488 786 631 5963


EUR 8 488 786 631


Page 120


BNP Paribas L1


Page 121




















BNP Paribas L1


Page 122























BNP Paribas L1


Page 123






























BNP Paribas L1


Page 124





b) Sub-funds open








142 1949



142 774



295 582





a) Net asset value





BNP Paribas L1


Page 125




















BNP Paribas L1


Page 126














BNP Paribas L1


Page 127














075 020 NA 075 030


100 025 NA 100 030


050 015 NA 050 030


125 060 NA 125 080


150 060 NA 150 080


070 025 NA 070 030


BNP Paribas L1


Page 128


150 060 NA 150 080



150 060 NA 150 080


120 060 NA 120 080


075 030 NA 075 040


150 NA NA 150 075


175 075 NA 175 100


150 075 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080




150 060 NA 150 080


150 060 NA 150 080


175 075 NA 175 100


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080

BNP Paribas L1


Page 129


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 075 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


175 075 NA 175 100


150 075 NA 150 080


175 075 NA 175 100


175 075 NA 175 100


150 060 NA 150 080


175 070 NA 175 100


150 060 NA 150 075


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


BNP Paribas L1


Page 130




150 060 NA 150 080


150 060 1385 150 080


150 060 NA 150 080


150 060 NA 150 080


075 030 NA 075 040


150 NA NA NA NA


150 NA NA NA NA


150 060 NA 150 080


150 050 NA 150 070













BNP Paribas L1


Page 131













































BNP Paribas L1


Page 132








V350


World Volatility


Note 5 - Other fees


Note 6 - Taxes






BNP Paribas L1


Page 133















Note 7 - Dividends







BNP Paribas L1


Page 134


BNP Paribas L1


Page 135



Payment dates


Amounts




Payment dates



Amounts

BNP Paribas L1


Page 136



















Payment dates


Amounts






BNP Paribas L1


Page 137











Bond Europe Plus


(in EUR)




(CBT) 20032014 18 127 302 147 116


(CBT) 20032014 19 089 272 (247 923)




20032014 4 746 181 (61 232)


(CBT) 31032014 43 070 775 60 246


(CBT) 31032014 244 261 811 2 587 022



(LIFFE) 27032014 39 191 538 718 606


BNP Paribas L1


Page 138



(in EUR)




LIFFE 17032014 5 983 200 (1 500)


LIFFE 16032015 76 653 500 122 650


10YR 6 06032014 33 385 760 (444 500)


FUTURES 06032014 19 521 740 23 270

Total 2 507 302

Bond World Plus


(in EUR)




(CBT) 20032014 30 182 404 334 255


(CBT) 20032014 9 218 722 (102 757)




20032014 2 966 363 (40 028)


(CBT) 31032014 19 621 131 22 282


(CBT) 31032014 142 262 373 1 430 020



(LIFFE) 27032014 5 635 385 22 993



FUTURE 18032014 46 217 139 (13 141)



LIFFE 17032014 3 739 500 (938)


LIFFE 16032015 36 584 625 58 525


10YR 6 06032014 657 200 (8 750)

Total 1 720 795

BNP Paribas L1


Page 139



(in EUR)




STOXX 50 - FUTURE 21032014 38 414 880 (1 198 919)



(CBT) 20032014 2 335 172 (23 959)


(CBT) 20032014 180 378 1 878



20032014 383 073 7 292


(CBT) 31032014 463 509 0


(CBT) 31032014 4 025 425 24 513



(LIFFE) 27032014 620 239 3 446



LIFFE 17032014 362 186 (91)


LIFFE 16032015 2 169 411 3 469


MARKETS INDEX 21032014 7 452 868 216 007

Total (694 782)



(in EUR)




STOXX 50 - FUTURE 21032014 30 178 680 (941 870)



(CBT) 20032014 2 486 869 (25 515)


(CBT) 20032014 192 096 2 000



20032014 407 958 7 766


(CBT) 31032014 493 619 0


(CBT) 31032014 4 286 923 26 106

AUD 6 S AUST 10 YR BOND 17032014 422 340 (1 412)

BNP Paribas L1


Page 140



(in EUR)




(LIFFE) 27032014 660 530 3 670



LIFFE 17032014 385 714 (97)


LIFFE 16032015 2 310 339 3 694


MARKETS INDEX 21032014 2 213 723 64 161

Total (794 807)

Equity Netherlands


(in EUR)



17012014 13 840 840 400 760

Total 400 760



(in EUR)



Total (65 410)







BNP Paribas L1


Page 141















BNP Paribas L1


Page 142



















BNP Paribas L1


Page 143



























BNP Paribas L1


Page 144

























BNP Paribas L1


Page 145


JPY 7 049 955 JPY 15 503 466 USD 578 291























BNP Paribas L1


Page 146























JPY 7 047 030 USD 413 065



BNP Paribas L1


Page 147



















BNP Paribas L1


Page 148

Note 11 - Swaps





20122015

10 531 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000

9 430 000 USD 20032017 METLIFE INC 5 05-

15062015 1000


15072013

8 500 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

4 300 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018


20122018

11 500 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

12 100 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018 5000


20122018 5000


20122018 5000


15082016


15082016

BNP Paribas L1


Page 149



15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000




20122015

2 040 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000


15072013

2 040 000 USD 20032017 METLIFE INC 5 05-

15062015 1000

1 800 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

1 200 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018

7 300 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

8 000 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018


20122018 5000


20122018 5000


20122018 5000

BNP Paribas L1


Page 150



15082016


15082016


15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


Interest Rate Swaps










BNP Paribas L1


Page 151





Inflation Swaps








EX TOBACCO


EX TOBACCO

25 500 000 USD 10092023 2430 US CPI URBAN

CONSUMERS NSA


EX TOBACCO 2247

9 200 000 USD 23092023 2590 US CPI URBAN







EX TOBACCO


EX TOBACCO


EX TOBACCO


EX TOBACCO 2247


BNP Paribas L1


Page 152

Total Return Swaps















BNP Paribas L1


Page 153



Bond Europe Plus


(in EUR)


EUR)


21022014 12200 16 999 16543 (3 78853)

Total (3 78853)

Bond World Plus


(in EUR)


EUR)


21022014 12200 11 686 92623 (2 60461)

Total (2 60461)



(in EUR)


EUR) EUR 470 CALL CGG 20062014 21 20062014 2100 987 00000 15 04000

Total 15 04000










BNP Paribas L1


Page 154




EUR 1 570 1 918 3 488





EUR 2 182 2 666 4 848








Equity Euro EUR 260 344 236 936 497 280






Lifecycle 2015 EUR 1 360 1 662 3 022

Lifecycle 2020 EUR 4 649 5 656 10 305

Lifecycle 2025 EUR 7 446 9 051 16 497

Lifecycle 2030 EUR 6 678 8 110 14 788

Lifecycle 2035 EUR 6 171 7 492 13 663

Model 1 EUR 450 549 999

Model 2 EUR 5 484 6 679 12 163

Model 3 EUR 54 131 65 886 120 017

Model 4 EUR 87 971 107 232 195 203

Model 5 EUR 37 184 45 340 82 524

Model 6 EUR 13 482 16 438 29 920











Safe Growth W1 EUR 18 216 22 263 40 479

Safe Growth W4 EUR 6 770 8 274 15 044

BNP Paribas L1


Page 155


Safe Growth W10 EUR 13 712 16 758 30 470


















BNP Paribas L1


Page 156







BNPP IP Asia






BNPP AM France

BNP Paribas L1


Page 157


THEAM




BNPP IP Netherlands




BNPP IP UK


BNPP IP Singapore





Equity World



Equity USA Core


BNP Paribas L1


Page 158





BNPP AM Inc



NPA


River Road

BNP Paribas L1


Page 159








BNP Paribas L1


Page 160




BNP Paribas L1


Page 161






BNP Paribas L1


Page 162










Equity Euro


Equity Europe




BNP Paribas L1


Page 163






BNP Paribas L1


Page 164






BNP Paribas L1


Page 165









BNP Paribas L1


Page 166



Sub-fund Date Event


Launch of sub-funds


BNP Paribas L1

Unaudited appendix

Page 167


a) Introduction
















BNP Paribas L1

Unaudited appendix

Page 168






i The client



ii Voting committee






iv Voting procedure





BNP Paribas L1

Unaudited appendix

Page 169














iii The Chairman












BNP Paribas L1

Unaudited appendix

Page 170










Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year


Currencies World)





2 times Benchmark

VaR 3204 7325 4566 413




(HP4N)

2 times Benchmark

VaR 4459 6279 5326 9



2 times Benchmark

VaR 3548 6237 4882 454




2 times Benchmark

VaR 3003 4899 3959 77





2 times Benchmark

VaR 3026 4490 3666 77



Cash EUR

2 times Benchmark

VaR 287 2652 2042 4

BNP Paribas L1

Unaudited appendix

Page 171


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year




10 Cash EUR

2 times Benchmark

VaR 1373 3900 3138 4




EMU

2 times Benchmark

VaR 1885 4286 3505 4




EMU

2 times Benchmark

VaR 2547 5206 4441 3




EMU

2 times Benchmark

VaR 2455 5210 4424 3




Euribid (RI)

2 times Benchmark

VaR 2709 5413 4319 3




+ 5GPR 250 +30 Cash

2 times Benchmark

VaR 1195 5446 4119 3




+10 GPR 250 +10 Cash

2 times Benchmark

VaR 1643 7159 4594 3




+10 GPR 250 +5 Cash

2 times Benchmark

VaR 2222 5711 4407 5




EMU

2 times Benchmark

VaR 2866 6503 5208 4




High Income World

2 times Benchmark

VaR 1606 5405 4263 1

BNP Paribas L1

Unaudited appendix

Page 172


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year

OBAM Equity World



Benchmark VaR

5302 6261 5665 0


Page 173

Dece

mbe

r 20

12 -

Des

ign

- P1

2111

05_U

K


wwwbnpparibas-ipcom

a global presence








BNP Paribas L1

Organisation

Page 3



Board of Directors

Chairman


Members










Managing Director









BNP Paribas L1

Organisation

Page 4

























BNP Paribas L1

Information

Page 5











BNP Paribas L1

Managers report

Page 6

The economy


United States


Europe


BNP Paribas L1

Managers report

Page 7

Japan


Emerging markets


Monetary policy



BNP Paribas L1

Managers report

Page 8

Currency markets



Bond markets



BNP Paribas L1

Managers report

Page 9

Equity markets




Page 10


_rupwc


Opinion


Aher matters



Poge I I

BNP Paribas L1



Page 12

Absolute Return




Japan









Total expenses 64 601 232 443 89 458 3 789 622









(48 389 680) (112 052 139) (99 985 286) (568 069 710)


48 389 680 112 052 139 99 985 286 568 069 710


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 13



Bond Euro Long Term

Bond Euro Premium



0 144 464 621 0 202 516 883 0 560 428 458 0 137 979 046 0 175 333 950 0 501 481 886 0 6 335 330 0 26 022 743 0 (7 167 149)0 144 314 376 0 201 356 693 0 494 314 737 0 0 0 0 0 6 813 472 0 17 041 0 1 160 000 0 17 793 685 0 133 204 0 190 0 41 506 564

0 308 131 0 4 773 619 0 3 198 213 0 0 0 363 814 0 320 026 0 0 0 3 976 040 0 0 0 308 131 0 433 765 0 2 878 187

0 144 156 490 0 197 743 264 0 557 230 245

7 977 115 12 532 266 713 671 236 441 2 445 123 32 064 223 1 964 159 2 660 028 100 346 1 714 503 637 787 5 277 677

5 063 864 0 4 396 420 8 811 585 417 0 0 196 896 35 292 5 059 072 332 530 515 795 37 516 629 198 106 715 1 949 478

92 686 155 529 9 930 296 905 33 965 870 743 0 0 0 0 0 0 0 27 265 77 1 361 0 183 541

20 302 3 102 584 2 641 664 43 018

3 000 157 3 362 583 148 453 2 845 900 814 843 13 392 340 4 976 958 9 169 683 565 218 (2 609 459) 1 630 280 18 671 883

24 291 943 43 394 356 4 956 549 55 766 333 4 284 958 (10 009 724)(1 744 646) 2 564 722 (24 460) (41 705 438) 115 045 33 875 766

27 524 255 55 128 761 5 497 307 11 451 436 6 030 283 42 537 925

(21 703 050) (32 627 772) (6 152 757) (12 302 435) (3 967 810) (38 290 416)(4 602 267) 5 237 9 740 2 445 924 (168 954) (8 128 571)

1 218 938 22 506 226 (645 710) 1 594 925 1 893 519 (3 881 062)(391 194 700) (486 939 959) (100 886 972) (73 995 063) (114 863 395) (255 592 684)

(4 895 550) (7 331 802) 0 (2 095 906) (1 784 576) (4 314 937)

(394 871 312) (471 765 535) (101 532 682) (74 496 044) (114 754 452) (263 788 683)

394 871 312 615 922 025 101 532 682 272 239 308 114 754 452 821 018 928

0 0 0 0 0 0

0 144 156 490 0 197 743 264 0 557 230 245

BNP Paribas L1



Page 14


Emerging Corporate







Net asset value 0 0 0 278 288 466



Total expenses 606 823 677 968 731 764 12 696 019









(143 279 985) (120 882 212) (112 792 606) (1 560 670 153)


143 279 985 120 882 212 112 792 606 1 838 958 619


0 0 0 0


0 0 0 278 288 466

BNP Paribas L1


Page 15



Europe





0 387 231 128 55 269 960 126 633 703 59 950 449 43 609 959 0 357 597 461 50 868 563 119 586 888 48 376 489 36 351 424 0 (23 257 872) 2 376 577 6 852 617 2 361 310 1 779 787 0 334 339 589 53 245 140 126 439 505 50 737 799 38 131 211 0 0 0 0 0 0 0 30 845 710 1 499 644 48 239 9 192 426 5 464 199 0 22 045 829 525 176 145 959 20 224 14 549

0 1 651 853 100 650 318 089 953 979 918 523 0 112 457 0 0 27 400 13 172 0 827 173 9 165 0 648 191 745 189 0 712 223 91 485 318 089 278 388 160 162

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

6 326 150 15 027 981 2 191 835 12 124 676 1 778 956 1 326 083 1 050 558 2 323 829 798 700 5 218 366 1 248 276 899 361

841 13 753 5 885 14 977 3 953 2 591 0 2 083 348 0 58 847 22 763 16 340

218 324 881 738 197 467 1 322 016 269 259 193 758 68 346 375 575 72 749 261 315 104 638 75 744

0 0 0 0 0 0 0 91 265 112 043 443 192 160 311 96 792

6 114 0 0 1 770 0 128

1 344 183 5 769 508 1 186 844 7 320 483 1 809 200 1 284 714 4 981 967 9 258 473 1 004 991 4 804 193 (30 244) 41 369

16 839 299 (8 659 765) 2 093 217 135 463 173 10 049 694 5 027 509 (1 915 926) 6 020 276 836 500 10 291 386 (6 241 326) (5 849 152)

19 905 340 6 618 984 3 934 708 150 558 752 3 778 124 (780 274)

(7 367 503) (33 787 800) 1 673 819 (19 278 022) (1 076 999) 1 276 935 (1 182 724) (4 627 636) (280 517) (11 297 491) (366 609) (535 542)

11 355 113 (31 796 452) 5 328 010 119 983 239 2 334 516 (38 881)(233 906 164) 204 463 624 (12 499 054) (1 155 137 069) (44 651 422) (32 584 098)

(6 530 722) (3 288 459) (64 362) (6 195 932) 0 0

(229 081 773) 169 378 713 (7 235 406) (1 041 349 762) (42 316 906) (32 622 979)

229 081 773 216 200 562 62 404 716 1 167 665 376 101 313 376 75 314 415

0 0 0 0 0 0

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

BNP Paribas L1



Page 16

Diversified World




Stability






Net asset value 384 410 962 167 926 445 35 788 549 123 720 575



Total expenses 8 696 293 3 670 193 951 012 2 845 355









(104 845 516) (42 347 852) (12 434 955) (49 096 971)


489 256 478 210 274 297 48 223 504 172 817 546


0 0 0 0


384 410 962 167 926 445 35 788 549 123 720 575

BNP Paribas L1


Page 17



Japan




ex-UK



0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

1 194 441 2 168 527 13 992 683 22 924 346 206 488 480 946 1 111 376 1 571 750 2 484 768 6 222 512 88 053 480 766

74 289 181 516 130 4 0 0 0 0 0 0

225 661 378 725 897 048 1 816 811 43 065 126 377 50 964 83 442 120 895 322 282 2 559 26 087

0 0 0 0 0 0 683 938 127 263 475 424 1 134 765 85 691 44 169

39 571 1 920 12 220 48 189 0 0

2 111 584 2 163 389 3 990 536 9 545 075 219 498 677 403 (917 143) 5 138 10 002 147 13 379 271 (13 010) (196 457)

28 465 823 65 569 454 161 548 153 311 227 043 14 194 778 22 366 491

(14 824) (5 401) (140 499) 96 367 1 924 (255 255)

27 533 856 65 569 191 171 409 801 324 702 681 14 183 692 21 914 779

(22 291 733) (50 533 539) (97 139 622) (156 540 657) (10 565 289) (9 084 280)0 0 (22 696) 0 0 (55 491)

5 242 123 15 035 652 74 247 483 168 162 024 3 618 403 12 775 008 (177 670 445) (335 717 879) (728 033 920) (1 421 563 122) (61 967 986) (102 673 322)

(107 752) (1 305 691) (863 607) (8 732 459) 0 (219 731)

(172 536 074) (321 987 918) (654 650 044) (1 262 133 557) (58 349 583) (90 118 045)

172 536 074 321 987 918 654 650 044 1 262 133 557 58 349 583 90 118 045

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 18


Consumer Durables






Net asset value 0 510 442 146 950 724 881 0



Total expenses 5 675 695 2 990 312 8 650 242 56 127









(653 954 642) 47 101 993 (25 806 710) (6 934 884)


653 954 642 463 340 153 976 531 591 6 934 884


0 0 0 0


0 510 442 146 950 724 881 0

BNP Paribas L1


Page 19








0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

327 362 2 691 962 710 475 767 422 8 827 864 1 131 912 124 329 1 197 535 351 795 247 232 2 988 716 389 317

191 2 152 4 333 216 174 6 0 0 0 0 0 0

29 010 301 593 82 259 59 481 774 600 94 314 6 898 50 889 18 259 12 355 150 345 20 926

0 0 0 0 0 0 12 363 64 986 140 075 60 129 312 030 269 335

219 21 350 0 9 186 8 486 0

173 010 1 638 505 596 721 388 599 4 234 351 773 898 154 352 1 053 457 113 754 378 823 4 593 513 358 014

6 272 854 36 134 857 515 332 1 777 985 185 219 878 19 765 399

30 948 (47 372) 81 982 (94 684) (6 051) 53 773

6 458 154 37 140 942 711 068 2 062 124 189 807 340 20 177 186

(3 741 744) (29 593 154) (161 749) 1 918 673 (116 800 391) (10 290 769)0 0 0 26 600 0 0

2 716 410 7 547 788 549 319 4 007 397 73 006 949 9 886 417 (21 218 213) (219 687 834) (61 505 688) (49 443 724) (663 056 140) (70 986 683)

(104 772) (402 996) (483 751) (230 614) (7 456 268) (328 964)

(18 606 575) (212 543 042) (61 440 120) (45 666 941) (597 505 459) (61 429 230)

18 606 575 212 543 042 61 440 120 45 666 941 597 505 459 61 429 230

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 20

Equity Europe




Telecom









Total expenses 51 370 106 025 30 280 115 208









(5 926 702) (13 581 303) (3 159 623) (14 493 080)


5 926 702 13 581 303 3 159 623 14 493 080


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 21






0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

532 778 3 321 501 700 027 1 698 221 584 537 850 175 126 627 805 597 245 046 1 113 452 217 355 1 934 033

564 36 57 166 53 0 0 0 0 0 0 0

29 620 188 033 58 409 248 105 50 716 436 702 6 757 43 453 13 845 53 630 11 687 80 101

0 0 0 0 0 0 6 291 497 21 034 69 882 85 144 954 944

0 47 181 0 5 025 0 153 847

169 859 1 084 797 338 391 1 490 260 364 955 3 559 627 362 919 2 236 704 361 636 207 961 219 582 (2 709 452)

(3 442 470) 37 904 879 8 261 132 37 798 568 6 780 846 51 792 493

2 490 139 445 84 330 (2 390 587) 800 406 (51 469)

(3 077 061) 40 281 028 8 707 098 35 615 942 7 800 834 49 031 572

5 051 020 (26 705 993) (2 540 902) (3 996 589) (1 983 182) (48 945 164)1 955 15 438 0 (1 110 572) (498 736) 0

1 975 914 13 590 473 6 166 196 30 508 781 5 318 916 86 408 (24 064 295) (149 340 870) (39 894 549) (185 559 985) (37 829 274) (362 307 922)

(266 850) (37 825) (413 357) (506 804) (71 915) (137 009)

(22 355 231) (135 788 222) (34 141 710) (155 558 008) (32 582 273) (362 358 523)

22 355 231 135 788 222 34 141 710 155 558 008 32 582 273 362 358 523

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 22








Net asset value 0 433 535 208 0 0



Total expenses 1 269 767 1 543 362 59 163 9 574 585









(153 359 232) 14 709 067 (51 000 124) (1 496 918 353)


153 359 232 418 826 141 51 000 124 1 496 918 353


0 0 0 0


0 433 535 208 0 0

BNP Paribas L1


Page 23



World Aqua


0 1 445 954 478 0 0 97 546 733 64 434 561 0 1 165 925 789 0 0 93 500 559 58 342 249 0 270 048 697 0 0 3 757 986 5 290 318 0 1 435 974 486 0 0 97 258 545 63 632 567 0 0 0 0 0 0 0 7 984 670 0 0 0 508 838 0 1 995 322 0 0 288 188 293 156

0 555 446 0 0 561 281 644 849 0 0 0 0 13 237 0 0 0 0 0 0 0 0 555 446 0 0 548 044 644 849

0 1 445 399 032 0 0 96 985 452 63 789 712

3 132 548 18 969 019 5 191 002 1 239 555 2 458 857 10 1 325 914 1 198 343 6 077 646 1 548 791 1 077 682 378 719

0 1 636 17 10 2 385 17 0 0 0 0 0 0

291 185 3 071 459 1 666 620 435 176 378 710 69 664 57 693 204 386 281 618 69 828 74 832 38 439

0 0 0 0 0 0 345 380 1 277 859 202 873 238 906 304 169 0

54 854 0 24 482 9 705 0 0

2 075 026 5 753 683 8 253 256 2 302 416 1 837 778 486 839 1 057 522 13 215 336 (3 062 254) (1 062 861) 621 079 (486 829)

64 906 214 239 533 393 303 128 863 71 711 949 16 112 428 0

(215 136) (869 166) 4 478 578 (165 119) 208 082 0

65 748 600 251 879 563 304 545 187 70 483 969 16 941 589 (486 829)

(37 886 544) 109 989 410 (138 242 771) (15 726 959) (1 203 017) 5 290 318 0 0 (2 103 689) (73 953) 0 0

27 862 056 361 868 973 164 198 727 54 683 057 15 738 572 4 803 489 (239 996 170) (388 505 291) (1 522 761 375) (330 512 254) (54 070 448) 58 986 223

(346 736) (393 571) (5 317 374) (788 181) (357 345) 0

(212 480 850) (27 029 889) (1 363 880 022) (276 617 378) (38 689 221) 63 789 712

212 480 850 1 472 428 921 1 363 880 022 276 617 378 135 674 673 0

0 0 0 0 0 0

0 1 445 399 032 0 0 96 985 452 63 789 712

BNP Paribas L1



Page 24

Equity World

Consumer Durables



Equity World Energy









Total expenses 304 893 667 566 6 744 588 1 393 647









(34 465 045) (60 426 024) (750 495 928) (200 579 372)


34 465 045 60 426 024 799 288 413 200 579 372


0 0 0 0


0 0 48 792 485 0

BNP Paribas L1


Page 25








0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

354 305 2 251 214 82 490 2 699 001 1 290 711 246 887 192 373 1 157 017 51 924 1 026 727 606 321 306 866

90 200 82 484 95 48 0 0 0 0 0 0

46 443 285 991 12 116 326 763 141 475 71 824 10 269 62 821 2 894 58 905 32 051 16 604

0 0 0 0 0 0 28 891 93 524 7 513 479 061 25 136 14 063

0 6 591 0 3 210 0 1 814

278 066 1 606 144 74 529 1 895 150 805 078 411 219 76 239 645 070 7 961 803 851 485 633 (164 332)

9 388 557 70 466 247 2 746 890 34 681 119 12 293 612 11 262 003

(23 263) (53 052) 6 366 (714 979) (21 687) (1 749)

9 441 533 71 058 265 2 761 217 34 769 991 12 757 558 11 095 922

(3 539 827) (22 332 807) (1 448 047) (448 545) (15 444 650) (6 402 883)0 0 0 (25 677) 0 0

5 901 706 48 725 458 1 313 170 34 295 769 (2 687 092) 4 693 039 (38 259 250) (228 227 308) (8 923 450) (182 597 016) (114 865 008) (61 209 264)

(443 586) (764 381) 0 (429 126) (78 702) (91 825)

(32 801 130) (180 266 231) (7 610 280) (148 730 373) (117 630 802) (56 608 050)

32 801 130 180 266 231 7 610 280 148 730 373 117 630 802 56 608 050

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 26

Equity World











Total expenses 521 283 418 018 164 917 249 601









(65 738 926) (52 620 608) (21 643 911) (8 925 988)


65 738 926 52 620 608 21 643 911 26 564 308


0 0 0 0


0 0 0 17 638 320

BNP Paribas L1


Page 27



15 202 042 15 343 338 12 614 019 12 378 248 8 448 953 22 637 914 15 044 789 15 181 637 12 417 163 12 104 970 8 400 045 22 518 326

4 104 58 698 76 400 73 900 (31 392) (13 579)15 048 893 15 240 335 12 493 563 12 178 870 8 368 653 22 504 747

579 556 450 438 0 0 121 940 88 140 117 224 175 289 55 137 120 688

30 630 14 307 2 782 23 651 25 163 12 479

41 341 46 259 56 046 138 240 64 991 48 847 0 0 0 0 0 0 0 0 0 0 0 0

41 341 46 259 56 046 138 240 64 991 48 847

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

413 676 394 169 286 021 268 829 254 586 822 104 171 136 180 244 169 310 159 762 127 388 368 209

330 443 412 398 66 314 648 572 368 330 0 0

26 399 32 772 25 083 23 668 26 133 75 807 22 272 20 978 16 231 15 385 16 288 47 303

0 0 0 0 0 0 17 008 25 056 24 044 22 598 509 21 504

0 0 0 0 0 0

237 793 260 065 235 448 222 141 170 384 513 137 175 883 134 104 50 573 46 688 84 202 308 967

1 526 437 1 918 282 1 608 344 1 428 324 496 804 2 540 615

28 896 31 007 29 330 28 032 3 173 15 999

1 731 216 2 083 393 1 688 247 1 503 044 584 179 2 865 581

(1 062 972) (849 057) (557 990) (480 002) (546 993) (2 062 269)(3 883) (3 756) (2 477) (2 117) 1 306 3 248

664 361 1 230 580 1 127 780 1 020 925 38 492 806 560 (7 018 383) (4 261 994) (1 204 062) 186 850 (8 312 586) (28 125 472)

0 0 0 0 0 0

(6 354 022) (3 031 414) (76 282) 1 207 775 (8 274 094) (27 318 912)

21 514 723 18 328 493 12 634 255 11 032 233 16 658 056 49 907 979

0 0 0 0 0 0

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

BNP Paribas L1



Page 28







Net asset value 135 832 970 95 042 291 25 621 238 7 277 768



Total expenses 3 398 349 3 470 015 1 271 981 342 612









(109 587 363) (149 311 500) (42 876 214) (11 728 832)


245 420 333 244 353 791 68 497 452 19 006 600


0 0 0 0


135 832 970 95 042 291 25 621 238 7 277 768

BNP Paribas L1


Page 29


World Real Estate



Securities World


250 240 466 0 0 614 692 942 0 0 219 570 156 0 0 545 921 469 0 0

23 834 907 0 0 53 511 623 0 0 243 405 063 0 0 599 433 092 0 0

0 0 0 0 0 0 6 599 409 0 0 14 763 705 0 0

235 994 0 0 496 145 0 0

659 662 0 0 380 681 0 0 0 0 0 0 0 0 0 0 0 0 0 0

659 662 0 0 380 681 0 0

249 580 804 0 0 614 312 261 0 0

4 561 392 1 352 954 942 337 14 995 956 477 331 368 256 3 632 604 2 179 897 655 294 1 456 735 303 075 163 754

50 036 4 315 556 2 560 577 398 0 0 22 153 0 0 0

1 003 451 500 813 171 393 1 275 716 86 723 47 617 291 898 94 839 31 873 134 531 15 786 7 718

0 0 0 0 0 0 663 019 327 573 161 127 1 227 591 135 825 70 593

5 057 40 776 5 907 589 0 0

5 646 065 3 148 213 1 048 303 4 097 722 541 986 290 080 (1 084 673) (1 795 259) (105 966) 10 898 234 (64 655) 78 176

20 525 220 (16 487 243) 16 863 214 21 114 499 19 000 854 9 002 244

17 849 (8 425 230) (507 727) (185 299) 84 950 46 531

19 458 396 (26 707 732) 16 249 521 31 827 434 19 021 149 9 126 951

11 784 782 (14 473 855) (7 360 731) 19 491 786 (11 319 157) (4 056 427)0 (1 081 279) 307 639 0 187 0

31 243 178 (42 262 866) 9 196 429 51 319 220 7 702 179 5 070 524 (88 671 663) (433 393 200) (135 659 663) 101 247 598 (74 349 572) (38 382 703)(1 888 226) (1 191 369) (664 479) (1 508 569) (718 550) (41 462)

(59 316 711) (476 847 435) (127 127 713) 151 058 249 (67 365 943) (33 353 641)

308 897 515 476 847 435 127 127 713 463 254 012 67 365 943 33 353 641

0 0 0 0 0 0

249 580 804 0 0 614 312 261 0 0

BNP Paribas L1



Page 30







Net asset value 153 906 004 116 410 630 179 206 089 169 961 577



Total expenses 3 710 258 2 781 763 4 372 735 4 228 585









(59 415 687) (19 642 169) (3 136 528) (40 417 387)


213 321 691 136 052 799 182 342 617 210 378 964


0 0 0 0


153 906 004 116 410 630 179 206 089 169 961 577

BNP Paribas L1


Page 31






11 379 855 5 004 359 7 289 956 12 935 456 74 607 020 29 741 149 11 341 825 4 951 925 7 236 118 12 771 816 73 318 203 29 054 876

23 998 12 170 28 266 44 316 653 352 221 394 11 365 823 4 964 095 7 264 384 12 816 132 73 971 555 29 276 270

1 579 538 1 816 2 867 30 196 11 973 9 669 38 467 22 196 115 244 581 145 452 331 2 784 1 259 1 560 1 213 24 124 575

94 070 6 446 15 950 43 340 291 895 223 542 0 0 0 0 0 0 0 0 0 0 0 0

94 070 6 446 15 950 43 340 291 895 223 542

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

78 339 32 442 79 440 86 619 1 244 710 484 927 145 027 51 901 82 140 143 953 1 065 534 551 982

766 379 768 855 2 586 1 136 548 265 632 634 33 257 12 930

46 538 15 571 24 642 43 187 218 226 83 102 14 621 6 222 9 336 16 987 45 068 26 347

0 0 0 0 0 0 383 137 322 473 119 187 45 502

0 0 0 0 17 743 11 992

207 883 74 475 117 840 206 089 1 501 601 732 991 (129 544) (42 033) (38 400) (119 470) (256 891) (248 064)

151 866 1 890 (63 280) (56 790) 4 908 510 2 150 158

25 377 (2 889) 8 509 13 845 633 994 238 825

47 699 (43 032) (93 171) (162 415) 5 285 613 2 140 919

(256 920) (41 279) (75 112) (66 146) (5 072 130) (2 158 897)(37 631) (6 795) (12 502) (11 907) 261 613 120 903

(246 852) (91 106) (180 785) (240 468) 475 096 102 925 (7 179 733) (311 823) (1 402 420) (2 634 120) (8 807 631) (5 390 256)

0 0 0 0 0 (31 974)

(7 426 585) (402 929) (1 583 205) (2 874 588) (8 332 535) (5 319 305)

18 712 370 5 400 842 8 857 211 15 766 704 82 647 660 34 836 912

0 0 0 0 0 0

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

BNP Paribas L1



Page 32


Safe High Growth W4






Net asset value 35 814 022 51 428 296 3 713 475 713 489



Total expenses 879 840 1 266 247 96 106 17 726









(5 844 481) (6 706 161) (400 381) 7 555


41 658 503 58 134 457 4 113 856 705 934


0 0 0 0


35 814 022 51 428 296 3 713 475 713 489

BNP Paribas L1


Page 33

Safe High Growth W7



27 187 32 026 447 861 290 269 653 704 677 797 2 372 419 3 021 546 180 442 906 114 971 439 174 465 228 181 289 781

452 946 53 420 30 777 66 229 62 925 9 561 19 898 1 384 367 1 059 580 1 058 648 1 320 350

74 5 014 21 027 8 909 8 678 8 685

5 712 5 911 588 389 394 908 796 033 1 169 402 0 0 0 0 0 0 0 0 0 0 0 0

5 712 5 911 588 389 394 908 796 033 1 169 402

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

35 699 49 916 1 343 559 911 389 2 042 718 1 590 075 43 056 59 483 3 446 192 2 231 662 3 329 134 3 565 980

105 86 3 881 2 285 5 430 4 452 752 1 067 50 862 33 082 78 553 60 525

7 370 10 186 492 085 316 582 445 270 522 047 2 875 3 932 134 679 85 926 100 723 149 795

0 0 0 0 0 0 5 501 7 653 51 773 34 541 80 871 62 275

0 0 104 852 70 726 132 864 96 251

59 659 82 407 4 284 324 2 774 804 4 172 845 4 461 325 (23 960) (32 491) (2 940 765) (1 863 415) (2 130 127) (2 871 250)

280 199 402 279 4 248 776 1 297 176 1 468 897 1 543 581

40 766 52 734 94 157 17 313 (123 517) 88 895

297 005 422 522 1 402 168 (548 926) (784 747) (1 238 774)

(203 152) (304 722) (5 516 537) (1 958 590) (3 482 145) (2 827 382)(14 221) (10 323) 144 610 64 641 129 075 115 495

79 632 107 477 (3 969 759) (2 442 875) (4 137 817) (3 950 661)(292 319) (891 007) (59 421 765) (30 967 923) (24 700 658) (57 678 199)

(1 890) (2 183) 0 0 0 0

(214 577) (785 713) (63 391 524) (33 410 798) (28 838 475) (61 628 860)

2 591 371 3 827 206 244 704 855 149 086 595 203 641 225 243 141 199

0 0 0 0 0 0

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

BNP Paribas L1



Page 34

Sustainable Active



Balanced


Growth






Net asset value 134 651 112 0 0 0



Total expenses 1 992 858 331 276 203 259 63 782









88 903 833 (191 767 687) (51 330 997) (15 652 581)


45 747 279 191 767 687 51 330 997 15 652 581


0 0 0 0


134 651 112 0 0 0

BNP Paribas L1


Page 35


EUR USD EUR EUR

0 0 0 8 535 831 965 0 0 0 7 634 371 783 0 0 0 680 584 734 0 0 0 8 314 956 517 0 0 0 10 777 778 0 0 0 126 545 910 0 0 0 83 551 760

0 0 0 37 965 121 0 0 0 955 167 0 0 0 6 271 432 0 0 0 30 738 522

0 0 0 8 497 866 844

4 434 117 13 657 2 820 386 133 674 152 920 1 127 963 37 155 145 214 718

1 459 1 641 2 639 310 140 254 449 0 0 9 400 165

78 694 422 908 14 862 40 040 172 17 990 52 002 667 9 404 846 93 708 0 0 93 708 12 224 0 0 19 600 949 11 762 0 0 1 556 523

623 206 1 604 514 55 323 225 621 221 3 810 911 (1 590 857) (52 503) 160 512 453

(3 006 642) (1 184 764) 0 2 621 245 947 3 610 580 (35 397 724) 37 168 676 14 177 645

4 414 849 (38 173 345) 37 116 173 2 795 936 045

3 326 222 8 970 0 (1 180 655 618)(2 752 939) 10 447 996 (38 094 833) (59 965 032)

4 988 132 (27 716 379) (978 660) 1 555 315 395 (162 656 568) (319 563 946) (37 124 817) (17 224 055 820)

0 (186 970) 0 (112 945 427)

(157 668 436) (347 467 295) (38 103 477) (15 781 685 852)

157 668 436 347 467 295 38 103 477 24 587 101 767

0 0 0 (307 549 071)

0 0 0 8 497 866 844

BNP Paribas L1



Page 36


Net assets 51 572 829 48 389 680 0



Net assets 166 720 601 112 052 139 0



Net assets 124 302 111 99 985 286 0



Net assets 52 009 933 568 069 710 0



Net assets 497 870 928 394 871 312 0


BNP Paribas L1



Page 37


Net assets 537 689 913 615 922 025 144 156 490



Net assets 105 020 178 101 532 682 0



Net assets 320 381 822 272 239 308 197 743 264



Net assets 106 242 233 114 754 452 0



Net assets 701 920 049 821 018 928 557 230 245


BNP Paribas L1



Page 38


Net assets 192 247 258 143 279 985 0



Net assets 136 442 336 120 882 212 0



Net assets 97 537 195 112 792 606 0



Net assets 2 209 197 910 1 838 958 619 278 288 466


BNP Paribas L1



Page 39


Net assets 173 041 615 229 081 773 0



Net assets 137 190 913 216 200 562 385 579 275



Net assets 71 049 017 62 404 716 55 169 310



Net assets 1 006 588 202 1 167 665 376 126 315 614


BNP Paribas L1



Page 40


Net assets 110 205 340 101 313 376 58 996 470



Net assets 85 075 098 75 314 415 42 691 436



Net assets 530 905 163 489 256 478 384 410 962



Net assets 210 133 205 210 274 297 167 926 445



Net assets 50 902 822 48 223 504 35 788 549



Net assets 195 747 853 172 817 546 123 720 575


BNP Paribas L1



Page 41


Net assets 165 006 284 172 536 074 0



Net assets 274 877 939 321 987 918 0



Net assets 391 372 993 654 650 044 0



Net assets 724 794 945 1 262 133 557 0



Net assets 12 706 300 58 349 583 0


BNP Paribas L1



Page 42


Net assets 99 306 341 90 118 045 0



Net assets 587 600 420 653 954 642 0



Net assets 477 311 632 463 340 153 510 442 146



Net assets 756 405 840 976 531 591 950 724 881


BNP Paribas L1



Page 43


Net assets 4 164 847 6 934 884 0



Net assets 16 375 755 18 606 575 0



Net assets 254 945 579 212 543 042 0



Net assets 78 811 471 61 440 120 0



Net assets 32 900 935 45 666 941 0


BNP Paribas L1



Page 44


Net assets 764 490 136 597 505 459 0



Net assets 63 137 325 61 429 230 0



Net assets 5 740 256 5 926 702 0



Net assets 14 056 677 13 581 303 0



Net assets 2 400 980 3 159 623 0



Net assets 21 894 248 14 493 080 0


BNP Paribas L1



Page 45


Net assets 24 282 157 22 355 231 0



Net assets 126 210 658 135 788 222 0



Net assets 29 881 743 34 141 710 0



Net assets 30 874 581 155 558 008 0



Net assets 17 805 812 32 582 273 0


BNP Paribas L1



Page 46


Net assets 305 738 087 362 358 523 0



Net assets 144 809 142 153 359 232 0



Net assets 467 079 012 418 826 141 433 535 208



Net assets 258 491 849 51 000 124 0


BNP Paribas L1



Page 47


Net assets 971 381 224 1 496 918 353 0



Net assets 127 363 511 212 480 850 0



Net assets 1 188 319 704 1 472 428 921 1 445 399 032



Net assets 1 024 997 425 1 363 880 022 0


BNP Paribas L1



Page 48


Net assets 245 412 700 276 617 378 0



Net assets 228 914 220 135 674 673 96 985 452



Net assets 0 0 63 789 712



Net assets 31 532 086 34 465 045 0



Net assets 73 870 460 60 426 024 0


BNP Paribas L1



Page 49


Net assets 928 218 987 799 288 413 48 792 485



Net assets 266 786 157 200 579 372 0



Net assets 32 898 222 32 801 130 0



Net assets 110 422 783 180 266 231 0



Net assets 9 894 942 7 610 280 0


BNP Paribas L1



Page 50


Net assets 38 135 513 148 730 373 0



Net assets 116 641 257 117 630 802 0



Net assets 69 195 354 56 608 050 0



Net assets 93 489 769 65 738 926 0



Net assets 68 513 653 52 620 608 0


BNP Paribas L1



Page 51


Net assets 13 801 415 21 643 911 0



Net assets 13 176 893 26 564 308 17 638 320



Net assets 9 921 871 21 514 723 15 160 701



Net assets 10 276 555 18 328 493 15 297 079



Net assets 5 209 886 12 634 255 12 557 973



Net assets 3 823 891 11 032 233 12 240 008


BNP Paribas L1



Page 52


Net assets 18 986 632 16 658 056 8 383 962



Net assets 52 038 979 49 907 979 22 589 067



Net assets 244 831 713 245 420 333 135 832 970



Net assets 242 275 107 244 353 791 95 042 291



Net assets 68 442 745 68 497 452 25 621 238



Net assets 20 037 751 19 006 600 7 277 768


BNP Paribas L1



Page 53


Net assets 429 993 959 308 897 515 249 580 804



Net assets 1 065 622 143 476 847 435 0



Net assets 101 940 390 127 127 713 0



Net assets 499 246 322 463 254 012 614 312 261


BNP Paribas L1



Page 54


Net assets 59 383 753 67 365 943 0



Net assets 29 379 447 33 353 641 0



Net assets 216 152 735 213 321 691 153 906 004



Net assets 181 870 538 136 052 799 116 410 630



Net assets 231 954 007 182 342 617 179 206 089



Net assets 188 522 384 210 378 964 169 961 577


BNP Paribas L1



Page 55


Net assets 12 969 218 18 712 370 11 285 785



Net assets 5 825 407 5 400 842 4 997 913



Net assets 10 465 715 8 857 211 7 274 006



Net assets 19 171 156 15 766 704 12 892 116



Net assets 57 095 276 82 647 660 74 315 125



Net assets 43 511 302 34 836 912 29 517 607


BNP Paribas L1



Page 56


Net assets 48 791 725 41 658 503 35 814 022



Net assets 53 813 441 58 134 457 51 428 296



Net assets 2 954 971 4 113 856 3 713 475



Net assets 2 029 567 705 934 713 489



Net assets 2 612 027 2 591 371 2 376 794



Net assets 2 390 314 3 827 206 3 041 493


BNP Paribas L1



Page 57


Net assets 276 746 688 244 704 855 181 313 331



Net assets 198 111 610 149 086 595 115 675 797



Net assets 271 628 317 203 641 225 174 802 750



Net assets 260 346 375 243 141 199 181 512 339



Net assets 57 411 892 45 747 279 134 651 112



Net assets 102 704 196 191 767 687 0


BNP Paribas L1



Page 58


Net assets 55 469 417 51 330 997 0



Net assets 16 522 633 15 652 581 0



Net assets 71 528 192 157 668 436 0



Net assets 427 049 616 347 467 295 0



Net assets 10 358 027 38 103 477 0





Page 59


Market value of net

assets


Luxembourg 144 314 376 10011 1 192 87796


EUR 144 314 376 10011





Page 60


Market value of net

assets


190 891 644 9654

Shares 190 891 644 9654


87 881 BASF SE EUR 6 809 899 344

77 911 BAYER AG EUR 7 943 026 402


111 093 DAIMLER AG EUR 6 987 750 353




464 074 EON AG EUR 6 225 553 315


EUR 5 074 675 257

49 765 METRO AG EUR 1 751 728 089


111 073 SAP AG EUR 6 920 959 350

70 583 SIEMENS AG EUR 7 008 186 354




EUR 9 430 159 477

46 493 FUGRO EUR 2 013 844 102

906 272 ING GROEP NV EUR 9 153 347 463


EUR 6 786 748 343
















Page 61


Market value of net

assets


474 099 117 8510

Bonds 473 974 265 8507

Spain 103 105 263 1851 4 000 000


EUR 4 270 720 077

2 500 000 BANKINTER SA 2750 13-26072016 EUR 2 576 650 046

19 263 000 SPANISH GOVT 3150 05-31012016 EUR 19 880 092 357

16 810 000 SPANISH GOVT 3250 10-30042016 EUR 17 386 894 312

21 184 000 SPANISH GOVT 4000 10-30042020 EUR 22 051 045 396

17 726 000 SPANISH GOVT 4500 12-31012018 EUR 19 098 452 343

11 957 000 SPANISH GOVT 4700 09-30072041 EUR 11 546 277 207

1 889 000 SPANISH GOVT 4800 08-31012024 EUR 1 986 465 036

1 870 000 SPANISH GOVT 5850 11-31012022 EUR 2 125 803 038

1 700 000 TELEFONICA EMIS 5597 12-12032020

GBP 2 182 865 039


89 411 017 1606

4 700 000 AMER INTL GROUP 8250 09-15082018

USD 4 263 894 077


USD 2 809 548 050


USD 1 521 191 027


5 500 000 CNH CAPITAL LLC 3875 13-01112015

USD 4 121 158 074

5 000 000 CONTINENTAL RES 4500 13-15042023

USD 3 678 472 066

14 358 034 FNR 2012-99 SD 12-25092042 FRN USD 2 451 673 044

3 450 000 FREMF 2013-K24 C 13-25112045 FRN USD 2 102 426 038

5 200 000 GEN MOTORS FIN 2750 13-15052016

USD 3 820 893 069

4 500 000 GENERAL MOTORS 3500 13-02102018

USD 3 339 200 060


USD 3 046 167 055

26 595 970 GNR 2010-H19 JI 10-20082060 FRN USD 2 182 242 039

24 005 874 GNR 2010-H28 KI 10-20122060 FRN USD 1 248 751 022

16 525 898 GNR 2011-123 SH 11-20092041 FRN USD 2 542 091 046

23 487 120 GNR 2011-H03 HI 11-20012061 FRN USD 990 603 018

13 013 634 GNR 2011-H05 HI 11-20012061 FRN USD 599 253 011

15 251 241 GNR 2011-H21 HI 11-20112061 FRN USD 942 516 017

29 219 835 GNR 2012-H02 AI 12-20012062 FRN USD 1 497 073 027

18 864 620 GNR 2012-H20 KI 12-20062062 FRN USD 1 299 762 023

11 266 427 GNR 2013-H01 FI 13-20012063 FRN USD 1 052 836 019

94 550 133 GNR 2013-H04 BI 13-20022063 FRN USD 8 683 901 156

21 185 415 GNR 2013-H08 IO 13-20032063 FRN USD 1 852 638 033

5 047 000 GOLDMAN SACHS GP 1600 12-23112015

USD 3 701 340 066

3 900 000 GOLDMAN SACHS GP 2900 13-19072018

USD 2 880 178 052


USD 3 436 648 062

2 660 000 MORGAN STANLEY 2125 13-25042018

USD 1 916 751 034


USD 3 636 269 065


USD 2 850 095 051

3 850 000 TOLL BR FIN CORP 4000 13-31122018

USD 2 842 901 051


5 552 053 US TSY IL STOCK 2500 09-15012029

USD 4 723 937 085


USD 1 496 881 027


USD 1 514 659 027


Market value of net

assets

Italy 85 415 745 1533 3 200 000


USD 2 371 147 043

1 500 000INTESA SANPAOLO 3875 13-15012019

USD 1 075 692 019

1 950 000INTESA SANPAOLO 4000 12-09112017

EUR 2 054 852 037

15 670 000 ITALY BTPS 3500 12-01112017 EUR 16 369 491 294

14 419 000 ITALY BTPS 4750 12-01052017 EUR 15 643 202 281

14 015 000 ITALY BTPS 5000 09-01092040 EUR 14 437 401 259

30 947 000 ITALY BTPS 5250 98-01112029 EUR 33 463 960 600

France 49 053 312 879 3 900 000 BPCE 2500 13-10122018 USD 2 812 322 050

10 882 000 FRANCE OAT 3750 09-25102019 EUR 12 274 449 220

24 786 000 FRANCE OAT 5500 98-25042029 EUR 32 390 900 581


USD 1 575 641 028

United Kingdom 39 865 229 715 4 200 000


USD 3 118 314 056

4 200 000SANTANDER UK PLC 5000 13-07112023

USD 3 057 893 055

2 800 000 UK TREASURY 4250 08-07122049 GBP 3 813 082 068

12 004 570 UK TREASURY 4250 09-07092039 GBP 15 959 730 286

2 004 000 UK TREASURY 4250 10-07122040 GBP 2 668 427 048

9 263 666 UK TSY IL GILT 0125 12-22032024 GBP 11 247 783 202

The Netherlands 38 815 473 697 1 500 000

ABN AMRO BANK NV 2250 13-11092017

GBP 1 791 472 032

5 500 000ABN AMRO BANK NV 2500 13-30102018

USD 3 993 590 072

1 400 000IBERDROLA INTL 4250 12-11102018

EUR 1 537 354 028


EUR 8 257 310 148


EUR 20 124 540 361

1 800 000 RABOBANK 3875 13-25072023 EUR 1 801 530 032


GBP 1 309 677 024

Poland 18 018 704 323 67 631 135


PLN 17 054 582 306


USD 964 122 017

Australia 16 094 785 289 13 582 000


AUD 16 094 785 289

Sweden 14 014 558 252 3 300 000

NORDEA BANK AB 2125 12-13112019

GBP 3 783 537 068

83 025 000 SWEDEN GOVT 3500 11-01062022 SEK 10 231 021 184

Japan 3 607 054 065 5 100 000


USD 3 607 054 065


280 000KUWAIT PROJECTS 9375 10-15072020

USD 246 104 004


USD 226 097 004

380 000VOTO - VOTORANTIM 6625 09-25092019

USD 304 455 005

Russia 2 037 863 037 700 000


USD 585 471 011

1 200 000RUSSIA - EUROBOND 5000 10-29042020

USD 931 627 017


USD 520 765 009





Page 62


Market value of net

assets


363 000 REP OF BRAZIL 2625 12-05012023 USD 225 895 004

360 000 REP OF BRAZIL 5625 09-07012041 USD 251 461 005

500 000 REP OF BRAZIL 7125 06-20012037 USD 414 565 007

440 000 TELEMAR N L 5500 10-23102020 USD 301 753 005

Mexico 1 321 570 024 350 000


USD 231 798 004

1 522 000 UNITED MEXICAN 3625 12-15032022

USD 1 089 772 020


310 000 ECOPETROL SA 7625 09-23072019 USD 266 907 005

670 000 REP OF COLOMBIA 4375 11-12072021

USD 501 400 009



USD 342 789 006

320 000 KMG FINANCE SUB 7000 10-05052020

USD 260 443 005

South Africa 735 065 013 1 062 000


USD 735 065 013

Chile 730 880 013 350 000 CHILE 3875 10-05082020 USD 265 431 005

250 000 CODELCO INC 7500 09-15012019 USD 215 951 004

310 000 ENAP 6250 09-08072019 USD 249 498 004


290 000 PANAMA 9375 99-01042029 USD 290 431 005



Qatar 398 788 007 520 000

STATE OF QATAR 4500 11-20012022

USD 398 788 007


PCCW - HKT CAP NO4 4250 10-24022016

USD 152 589 003

340 000 SINOPEC GRP OVER 3900 12-17052022

USD 237 431 004

South Korea 333 931 006 240 000


USD 191 040 003


USD 142 891 003


Ireland 250 942 005 320 000


USD 250 942 005






Market value of net

assets



USD (74 023) (001)




(33 479 514) (602)


(33 479 514) (602)

(800 000) FGCI 3 112 3000 12-15102026 USD (590 733) (011)

(1 100 000) FGLMC 4 111 4000 11-15092040 USD (819 741) (015)

(1 200 000) FGLMC 45 111 4500 11-15022040 USD (921 478) (017)

(700 000) FGLMC 5 111 5000 11-15042039 USD (548 006) (010)

(900 000) FGLMC 55 111 5500 11-15062038 USD (714 989) (013)

(600 000) FGLMC 6 111 6000 11-15102038 USD (481 558) (009)

(800 000) FNCI 25 113 2500 13-25112027 USD (574 223) (010)

(600 000) FNCI 35 112 3500 12-25072026 USD (455 296) (008)

(800 000) FNCI 45 111 4500 11-25032024 USD (617 947) (011)

(300 000) FNCI 5 111 5000 11-25072023 USD (231 866) (004)

(1 600 000) FNCL 3 113 3000 13-25102042 USD (1 102 725) (020)

(32 000 000) FNCL 35 112 3500 12-25062041 USD (23 070 503) (414)

(1 000 000) G2SF 3 113 3000 13-20052042 USD (700 769) (013)

(1 200 000) G2SF 35 112 3500 12-20092041 USD (878 479) (016)

(900 000) G2SF 4 111 4000 11-20092040 USD (679 270) (012)

(800 000) G2SF 45 111 4500 11-20062040 USD (620 306) (011)

(600 000) G2SF 5 111 5000 11-20052040 USD (471 625) (008)


Luxembourg 42 275 421 759 370 48900


USD 27 239 189 489


USD 15 036 232 270

Ireland 11 227 209 201 5 74461


USD 11 227 209 201





Page 63


Market value of net

assets


Luxembourg 278 694 988 10015 2 947 59374


USD 278 694 988 10015





Page 64


Market value of net

assets


318 751 406 8267

Bonds 318 687 561 8265


55 628 156 1444

1 470 000 AMER INTL GROUP 8250 09-15082018

USD 1 333 601 035


USD 1 489 529 039


USD 960 752 025


1 950 000 CNH CAPITAL LLC 3875 13-01112015

USD 1 461 138 038

2 950 000 CONTINENTAL RES 4500 13-15042023

USD 2 170 298 056

100 000 DUKE ENERGY CORP 1625 12-15082017

USD 71 656 002

6 765 953 FNR 2012-99 SD 12-25092042 FRN USD 1 155 305 030

1 000 000 FREMF 2013-K24 C 13-25112045 FRN USD 609 399 016

2 500 000 GEN MOTORS FIN 2750 13-15052016

USD 1 836 968 048

2 550 000 GENERAL MOTORS 3500 13-02102018

USD 1 892 213 049


USD 1 921 986 050

8 014 086 GNR 2010-H19 JI 10-20082060 FRN USD 657 569 017

7 170 392 GNR 2010-H28 KI 10-20122060 FRN USD 372 994 010

8 035 993 GNR 2011-123 SH 11-20092041 FRN USD 1 236 134 032

6 700 076 GNR 2011-H03 HI 11-20012061 FRN USD 282 585 007

3 709 496 GNR 2011-H05 HI 11-20012061 FRN USD 170 815 004

8 936 936 GNR 2012-H02 AI 12-20012062 FRN USD 457 882 012

24 676 433 GNR 2012-H24 HI 12-20102062 FRN USD 958 404 025

3 218 979 GNR 2013-H01 FI 13-20012063 FRN USD 300 810 008

28 080 869 GNR 2013-H04 BI 13-20022063 FRN USD 2 579 071 067

19 130 482 GNR 2013-H08 IO 13-20032063 FRN USD 1 672 937 043

1 582 000 GOLDMAN SACHS GP 1600 12-23112015

USD 1 160 198 030

2 700 000 GOLDMAN SACHS GP 2900 13-19072018

USD 1 993 969 052


USD 1 603 769 042

1 260 000 MORGAN STANLEY 2125 13-25042018

USD 907 935 024


USD 1 818 134 047


USD 696 690 018

2 670 000 TOLL BR FIN CORP 4000 13-31122018

USD 1 971 570 051


2 508 411 US TSY IL STOCK 2500 09-15012029

USD 2 134 269 055

21 147 397 US TSY INFL IX NB 0375 13-15072023

USD 14 784 675 383


USD 883 052 023


USD 893 260 023

Mexico 48 202 029 1248 174 604 000


MXN 9 990 405 259

661 902 700 MEXICAN BONOS 6500 11-10062021

MXN 37 649 560 975


USD 132 456 003

600 000 UNITED MEXICAN 3625 12-15032022

USD 429 608 011

South Africa 42 418 855 1099 617 000


USD 427 057 011


ZAR 41 991 798 1088


Market value of net

assets

Spain 28 486 644 738 1 100 000


EUR 1 174 448 030

1 300 000 BANKINTER SA 2750 13-26072016 EUR 1 339 858 035

8 834 000 SPANISH GOVT 3150 05-31012016 EUR 9 116 998 236

749 000 SPANISH GOVT 4000 10-30042020 EUR 779 656 020

11 774 000 SPANISH GOVT 4500 12-31012018 EUR 12 685 613 329

619 000 SPANISH GOVT 4800 08-31012024 EUR 650 938 017

1 280 000 SPANISH GOVT 5850 11-31012022 EUR 1 455 095 038

1 000 000TELEFONICA EMIS 5597 12-12032020

GBP 1 284 038 033

Poland 24 126 057 625 9 480 304


PLN 2 390 654 062

34 509 000POLAND GOVT BOND 5000 10-25042016

PLN 8 649 744 224

48 854 000POLAND GOVT BOND 5250 09-25102020

PLN 12 607 454 327


USD 478 205 012


2 611 990 000 HUNGARY GOVT 6500 08-24062019 HUF 9 453 857 245

1 482 050 000 HUNGARY GOVT 6750 01-24112017 HUF 5 394 728 140

United Kingdom 17 227 421 446 1 300 000


USD 965 193 025

2 650 000SANTANDER UK PLC 5000 13-07112023

USD 1 929 385 050

940 000 UK TREASURY 4250 08-07122049 GBP 1 280 106 033

1 309 000 UK TREASURY 4250 09-07092039 GBP 1 740 278 045

209 000 UK TREASURY 4250 10-07122040 GBP 278 294 007

161 000 UK TREASURY 4500 07-07122042 GBP 224 222 006

2 205 000 UK TREASURY 4750 07-07122030 GBP 3 087 265 080

6 360 392 UK TSY IL GILT 0125 12-22032024 GBP 7 722 678 200

Italy 16 565 650 429 1 400 000


USD 1 037 377 027

1 400 000INTESA SANPAOLO 3875 13-15012019

USD 1 003 979 026

1 000 000INTESA SANPAOLO 4000 12-09112017

EUR 1 053 770 027

6 023 000 ITALY BTPS 3500 12-01112017 EUR 6 291 860 163

5 460 000 ITALY BTPS 3750 06-01082021 EUR 5 590 445 145

313 000 ITALY BTPS 3750 10-01032021 EUR 320 806 008

1 127 000 ITALY BTPS 5500 12-01092022 EUR 1 267 413 033

France 13 131 821 341 2 600 000 BPCE 2500 13-10122018 USD 1 874 882 049

6 014 000 FRANCE OAT 3750 09-25102019 EUR 6 783 545 176

135 000 FRANCE OAT 4000 05-25042055 EUR 150 428 004

2 699 000 FRANCE OAT 5500 98-25042029 EUR 3 527 114 091


USD 795 852 021

New Zealand 12 174 927 316 19 294 000


NZD 12 174 927 316

Australia 11 074 011 287 2 184 000


AUD 1 481 368 038


AUD 9 592 643 249




Page 65


Market value of net

assets

The Netherlands 6 761 422 176 800 000

ABN AMRO BANK NV 2250 13-11092017

GBP 955 452 025

3 850 000 ABN AMRO BANK NV 2500 13-30102018

USD 2 795 513 073

900 000 IBERDROLA INTL 4250 12-11102018

EUR 988 299 026

1 000 000 RABOBANK 3875 13-25072023 EUR 1 000 850 026


GBP 1 021 308 026


1 511 278 DEUTSCHLAND REP 4750 98-04072028

EUR 1 933 261 050


GBP 2 030 409 053


Japan 3 465 601 090 4 900 000


USD 3 465 601 090


300 000 KUWAIT PROJECTS 9375 10-15072020

USD 263 683 007


USD 182 336 005

50 000 000 000 SIGNUM FINANCE 0000 07-01022037

COP 1 620 840 042

220 000 VOTO - VOTORANTIM 6625 09-25092019

USD 176 263 005

Belgium 2 325 227 060 2 165 000

BELGIUM OLO 47 3250 06-28092016

EUR 2 325 227 060

Sweden 2 235 727 058 1 950 000

NORDEA BANK AB 2125 12-13112019

GBP 2 235 727 058

Russia 888 236 023 330 000


USD 276 008 007

500 000 RUSSIA - EUROBOND 5000 10-29042020

USD 388 178 010


USD 224 050 006


236 000 REP OF BRAZIL 2625 12-05012023 USD 146 863 004

150 000 REP OF BRAZIL 5625 09-07012041 USD 104 775 003

210 000 REP OF BRAZIL 7125 06-20012037 USD 174 117 005

200 000 TELEMAR N L 5500 10-23102020 USD 137 160 004


130 000 ECOPETROL SA 7625 09-23072019 USD 111 929 003

330 000 REP OF COLOMBIA 4375 11-12072021

USD 246 958 006



USD 183 352 005

120 000 KMG FINANCE SUB 7000 10-05052020

USD 97 666 003

Chile 302 781 008 180 000 CHILE 3875 10-05082020 USD 136 507 004

90 000 CODELCO INC 7500 09-15012019 USD 77 742 002

110 000 ENAP 6250 09-08072019 USD 88 532 002


150 000 PANAMA 9375 99-01042029 USD 150 223 004


Market value of net

assets


PCCW - HKT CAP NO4 4250 10-24022016

USD 114 442 003

210 000SINOPEC GRP OVER 3900 12-17052022

USD 146 649 004



South Korea 177 367 005 100 000


USD 79 600 002


USD 97 767 003


Qatar 161 049 004 210 000

STATE OF QATAR 4500 11-20012022

USD 161 049 004



Ireland 86 261 002 110 000


USD 86 261 002





USD (50 891) (001)




(17 152 815) (445)


(17 152 815) (445)

(100 000) FGCI 3 112 3000 12-15102026 USD (73 842) (002)

(200 000) FGLMC 4 111 4000 11-15092040 USD (149 044) (004)

(200 000) FGLMC 45 111 4500 11-15022040 USD (153 580) (004)

(100 000) FGLMC 5 111 5000 11-15042039 USD (78 287) (002)

(200 000) FGLMC 55 111 5500 11-15062038 USD (158 886) (004)

(100 000) FGLMC 6 111 6000 11-15102038 USD (80 260) (002)

(100 000) FNCI 25 113 2500 13-25112027 USD (71 778) (002)

(100 000) FNCI 35 112 3500 12-25072026 USD (75 883) (002)

(100 000) FNCI 45 111 4500 11-25032024 USD (77 243) (002)

(100 000) FNCI 5 111 5000 11-25072023 USD (77 289) (002)

(300 000) FNCL 3 113 3000 13-25102042 USD (206 761) (005)

(21 300 000) FNCL 35 112 3500 12-25062041 USD (15 356 304) (398)

(200 000) G2SF 3 113 3000 13-20052042 USD (140 154) (004)

(200 000) G2SF 35 112 3500 12-20092041 USD (146 413) (004)

(200 000) G2SF 4 111 4000 11-20092040 USD (150 949) (004)

(100 000) G2SF 45 111 4500 11-20062040 USD (77 538) (002)

(100 000) G2SF 5 111 5000 11-20052040 USD (78 604) (002)


Luxembourg 30 585 261 793 416 00000


USD 30 585 261 793




Page 66


Market value of net

assets

Ireland 2 090 186 054 1 06948


USD 2 090 186 054





Page 67


Market value of net

assets


53 245 140 9651

Bonds 9 872 938 1790

France 3 383 415 613 1 200 000


EUR 1 327 788 241


500 000 PUBLICIS GROUPE 4250 09-31032015

EUR 520 905 094

700 000 VINCI SA 4125 11-20022017 EUR 760 025 138

Luxembourg 2 451 182 445 1 500 000


EUR 1 795 830 326


EUR 655 352 119

Russia 1 380 039 250 1 650 000


USD 1 380 039 250




EUR 970 834 176



France 6 833 045 1238 33 835


EUR 370 832 067

1 000 000 BNP PARIBAS 0250 13-27092016 CV

EUR 1 065 940 193


EUR 259 747 047


EUR 814 560 148


EUR 473 713 086


EUR 298 922 054


EUR 940 712 171

615 942 ORPEA 1750 13-01012020 CV FLAT EUR 680 037 123


EUR 636 816 115

719 446 RALLYE SA 1000 13-02102020 CV FLAT

EUR 792 916 144


EUR 498 850 090


700 000 BENI STABILI 3375 13-17012018 CV

EUR 732 179 133

900 000 BUZZI UNICEM 1375 13-17072019 CV

EUR 981 648 178

600 000 CAM 2012 SPA 5625 12-26102017 CV

EUR 750 000 136

1 100 000 ENI SPA 0250 12-30112015 CV EUR 1 135 068 206

1 000 000 ENI SPA 0625 13-18012016 CV EUR 1 054 530 191

1 100 000 PRYSMIAN SPA 1250 13-08032018 CV

EUR 1 237 247 224

The Netherlands 3 883 616 704 900 000


EUR 950 004 172


EUR 843 208 153

200 000 AMPLITER NV 2875 13-14112018 CV

EUR 200 304 036

2 250 000 SIEMENS FINAN 1050 12-16082017 CV

USD 1 890 100 343


Market value of net

assets

Jersey Island 3 692 012 670 200 000


GBP 247 577 045

300 000DERWENT LDN JE 2750 11-15072016 CV

GBP 438 700 080


GBP 398 109 072


EUR 997 990 181


GBP 631 370 114


EUR 483 064 088

400 000UNITE JERSEY 2500 13-10102018 CV

GBP 495 202 090



EUR 927 661 168

600 000TUI TRAVEL PLC 4900 10-27042017 CV

GBP 903 635 164


USD 807 236 146

Spain 2 873 461 520 700 000

ABENGOA SA 6250 13-17012019 CV

EUR 713 349 129


EUR 747 145 135

300 000MELIA HOTELS 4500 13-04042018 CV

EUR 409 401 074

400 000NH HOTELES SA 4000 13-08112018 CV

EUR 441 308 080

600 000PESCANOVA SA 8750 12-17022019 CV

EUR 87 258 016


EUR 475 000 086



EUR 313 950 057

700 000GVM DEBT LUX 5750 13-14022018 CV

EUR 828 317 150

800 000TMK BONDS SA 5250 10-11022015 CV

USD 586 036 106

Germany 2 214 571 401 100 000


EUR 106 171 019


EUR 1 413 936 256

587 326 TUI AG 2750 11-24032016 CV FLAT EUR 694 464 126



EUR 2 131 595 386

Cayman Islands 2 066 726 375 1 000 000


USD 759 367 138


USD 1 307 359 237

Austria 1 760 661 320 500 000


EUR 538 550 098


EUR 1 222 111 222



EUR 1 000 818 181


Hungary 826 736 150 800 000


EUR 826 736 150

Cyprus 580 642 105 800 000


USD 580 642 105




Page 68


Market value of net

assets


Russia 391 397 071 500 000


USD 391 397 071


Bermuda 232 043 042 400 000


USD 232 043 042



EUR 183 960 033


470 CALL CGG 20062014 18 EUR 5 170 001

(470) CALL CGG 20062014 21 EUR (940) 000


EUR 66 600 012

60 CALL KERING 20062014 160 EUR 36 060 007

28 CALL KERING 20062014 190 EUR 2 212 000


USD 30 411 006


EUR 7 110 001


EUR 17 930 003


EUR 15 656 003


EUR 21 250 004


EUR 59 250 011


EUR 22 400 004



155 CALL VINCI SA 20062014 48 EUR 35 805 006

40 CALL WPP PLC 20062014 14 GBP 36 298 007





Page 69


Market value of net

assets


Luxembourg 126 439 505 10010 1 054 10176


EUR 126 439 505 10010





Page 70


Market value of net

assets


45 057 198 7638

Shares 45 047 795 7636


47 900 AXA EUR 968 059 164

24 830 BNP PARIBAS EUR 1 406 620 238



13 716 DANONE SA EUR 717 621 122



35 820 GDF SUEZ EUR 612 343 104

5 594 L OREAL EUR 714 354 121





55 772 TOTAL SA EUR 2 483 526 420


12 369 VINCI SA EUR 590 249 100

29 850 VIVENDI EUR 571 777 097


21 568 BASF SE EUR 1 671 304 283

19 405 BAYER AG EUR 1 978 340 335


23 064 DAIMLER AG EUR 1 450 726 246




46 955 EON AG EUR 629 901 107


11 328 RWE AG EUR 301 381 051

22 248 SAP AG EUR 1 386 273 235

19 520 SIEMENS AG EUR 1 938 141 329




118 164 IBERDROLA SA EUR 547 690 093

4 975 INDITEX EUR 596 005 101

18 958 REPSOL YPF SA EUR 347 311 059




EUR 760 411 129

90 620 ING GROEP NV EUR 915 262 155


EUR 586 377 099

36 913 UNILEVER NV EUR 1 080 628 183


149 543 ENEL SPA EUR 474 649 080

62 790 ENI SPA EUR 1 098 197 186





Market value of net

assets




Luxembourg 5 058 463 857 5 74754


EUR 634 586 108


EUR 632 145 107


EUR 2 529 472 428


EUR 1 262 260 214






Page 71


Market value of net

assets


33 989 446 7962

Shares 33 982 352 7960


36 135 AXA EUR 730 288 171

18 731 BNP PARIBAS EUR 1 061 111 249



10 347 DANONE SA EUR 541 355 127



27 021 GDF SUEZ EUR 461 924 108

4 220 L OREAL EUR 538 894 126





42 073 TOTAL SA EUR 1 873 512 440


9 331 VINCI SA EUR 445 275 104

22 518 VIVENDI EUR 431 332 101


16 270 BASF SE EUR 1 260 762 295

14 638 BAYER AG EUR 1 492 344 350


17 399 DAIMLER AG EUR 1 094 397 256




35 421 EON AG EUR 475 173 111


8 546 RWE AG EUR 227 366 053

16 783 SAP AG EUR 1 045 749 245

14 725 SIEMENS AG EUR 1 462 045 342





3 753 INDITEX EUR 449 609 105

14 302 REPSOL YPF SA EUR 262 013 061




EUR 573 615 134

68 361 ING GROEP NV EUR 690 446 162


EUR 442 334 104

27 846 UNILEVER NV EUR 815 192 191


112 811 ENEL SPA EUR 358 062 084

47 367 ENI SPA EUR 828 449 194





Market value of net

assets




Luxembourg 3 676 375 861 4 07461


EUR 449 878 105


EUR 474 732 111


EUR 1 793 327 420


EUR 958 438 225






Page 72


Market value of net

assets


Luxembourg 357 181 180 9292 102 39943


EUR 11 716 543 305


EUR 26 999 629 702


EUR 1 902 268 049


USD 2 253 462 059


EUR 1 026 660 027


EUR 30 125 143 784


EUR 15 255 192 397


EUR 32 089 730 835


EUR 3 863 812 101


EUR 11 476 704 299


EUR 4 274 437 111


EUR 36 648 505 953


EUR 9 063 113 236


EUR 4 116 802 107


EUR 1 312 983 034



EUR 19 387 490 504


EUR 39 512 817 1029


USD 11 659 564 303


EUR 4 011 470 104


EUR 34 382 721 894


EUR 19 462 739 506


EUR 16 450 905 428









Page 73


Market value of net

assets


Luxembourg 164 129 649 9774 30 11852


EUR 3 446 160 205


EUR 13 483 783 803


EUR 1 651 499 098


EUR 1 484 196 088


USD 814 889 049


EUR 366 663 022


EUR 4 568 367 272


EUR 6 928 734 413


EUR 5 924 383 353


EUR 1 768 083 105


EUR 4 863 189 290


EUR 1 893 959 113


EUR 33 211 694 1977


EUR 4 012 549 239


EUR 3 426 794 204


EUR 931 291 055



EUR 10 302 577 614


EUR 31 734 027 1890


USD 5 049 628 301


EUR 1 778 918 106


EUR 9 389 897 559


EUR 7 743 672 461



EUR 1 877 199 112







Page 74


Market value of net

assets


Luxembourg 31 280 609 8741 25 49387


EUR 3 215 796 899


EUR 595 551 166


EUR 352 719 099


EUR 934 596 261


EUR 7 063 240 1975


EUR 2 231 186 623


EUR 1 113 482 311


EUR 737 730 206



EUR 2 501 679 699


EUR 6 587 842 1841


EUR 3 962 341 1107








Page 75


Market value of net

assets


Luxembourg 123 230 136 9960 87 14536


EUR 9 971 172 806


EUR 2 530 051 204


EUR 750 965 061


USD 862 781 070


EUR 391 107 032


EUR 14 895 889 1204


EUR 4 953 569 400


EUR 15 940 995 1289


EUR 1 230 119 099


EUR 3 672 666 297


EUR 2 524 295 204


EUR 8 689 408 702


EUR 2 661 435 215


EUR 1 294 374 105



EUR 3 873 657 313


EUR 6 251 975 505


USD 3 741 915 302


EUR 1 228 306 099


EUR 14 952 605 1209


EUR 12 384 154 1001



EUR 495 746 040





Page 76


Market value of net

assets


509 540 006 9982

Shares 509 540 006 9982


276 962 BAYER AG EUR 28 236 275 553



403 470 EON AG EUR 5 412 550 106


285 811 GEA GROUP AG EUR 9 889 061 194

78 401 LINDE AG EUR 11 920 872 234


EUR 3 101 950 061

208 507 SAP AG EUR 12 992 071 255



359 086 BNP PARIBAS EUR 20 342 222 399



185 639 DANONE SA EUR 9 712 632 190

390 404 GDF SUEZ EUR 6 673 956 131

193 158 LEGRAND SA EUR 7 737 909 152




218 119 SCOR SE EUR 5 794 331 114

130 226 TECHNIP SA EUR 9 097 588 178





234 156 GRIFOLS SA EUR 8 140 433 159

10 491 GRIFOLS SA - B EUR 271 560 005




1 724 300 ING GROEP NV EUR 17 415 430 341



271 300 ZIGGO NV EUR 9 007 160 176


947 365 ENI SPA EUR 16 569 414 325


1 583 734 SNAM RETE GAS EUR 6 439 462 126


305 202 BELGACOM SA EUR 6 563 369 129







Market value of net

assets


365 144 SAMPO OYJ - A EUR 13 042 944 256





France 552 682 011 46400


EUR 552 682 011





Page 77


Market value of net

assets


946 343 602 9954

Shares 946 343 602 9954


3 342 246 CENTRICA PLC GBP 13 967 535 147

706 546 DIAGEO PLC GBP 16 984 279 179


1 320 280 INMARSAT GBP 11 996 775 126










3 793 335 TESCO PLC GBP 15 244 009 160

402 888 WEIR GROUP GBP 10 324 005 109


334 427 BAYER AG EUR 34 094 832 360



289 770 GEA GROUP AG EUR 10 026 042 105

94 004 LINDE AG EUR 14 293 308 150


249 439 SAP AG EUR 15 542 544 163




295 490 BNP PARIBAS EUR 16 739 509 176


436 787 GDF SUEZ EUR 7 466 874 079



256 860 SCOR SE EUR 6 823 486 072

186 686 TECHNIP SA EUR 13 041 884 137






349 479 GRIFOLS SA EUR 12 149 637 128

18 653 GRIFOLS SA - B EUR 482 833 005






1 969 848 ING GROEP NV EUR 19 895 465 209


327 735 ZIGGO NV EUR 10 880 802 114


Market value of net

assets








Italy 23 708 516 250 917 149 ENI SPA EUR 16 040 936 169



787 258 ELEKTA AB SEK 8 748 794 092







8 010 841 084





France 1 102 981 012 92600


EUR 1 102 981 012





Page 78


Market value of net

assets


415 431 089 9583

Shares 415 431 089 9583


250 699 AKZO NOBEL NV EUR 14 124 382 326



15 156 CORBION NV EUR 233 402 005

110 905 CORIO NV EUR 3 612 730 083


128 428 FUGRO EUR 5 562 859 128

21 840 GEMALTO EUR 1 747 418 040


249 055 HEINEKEN NV EUR 12 223 619 282

45 070 HEJIMANS NV EUR 473 686 011

4 055 436 ING GROEP NV EUR 40 959 903 946






EUR 39 142 064 904


181 276 NUTRECO NV EUR 6 545 876 151

443 937 POSTNL SHS EUR 1 842 339 042




6 985 435 SNS REAAL EUR 7 000


91 844 TEN CATE NV EUR 2 103 228 049


3 635 814 TOMTOM NV EUR 18 728 078 432

1 283 203 UNILEVER NV EUR 37 565 768 866


410 720 ZIGGO NV EUR 13 635 904 315


184 429 UNIT 4 NV EUR 7 073 774 163




France 7 943 656 183 34 19126


EUR 7 943 656 183





Page 79


Market value of net

assets


1 435 974 486 9935

Shares 1 435 974 486 9935


1 402 032 175 9700

75 055 ACTAVIS PLC USD 12 609 240 087

99 299 ADT CORPTHE USD 4 018 631 028








99 498 APPLE INC USD 55 829 322 385


171 177 BOEING COTHE USD 23 363 949 162





115 032 CELGENE CORP USD 19 435 807 134




318 278 CME GROUP INC USD 24 972 092 173





42 237 CUMMINS INC USD 5 954 150 041


242 369 DANAHER CORP USD 18 710 887 129






839 235 EMC CORP USD 21 106 760 146


142 006 FLUOR CORP USD 11 401 662 079



10 494 GOOGLE INC - A USD 11 760 731 081


231 799 INTUIT INC USD 17 690 900 122











135 213 MONSANTO CO USD 15 759 075 109

566 585 MYLAN INC USD 24 589 789 170


280 148 NETAPP INC USD 11 525 289 080

210 016 NIKE INC - CL B USD 16 515 658 114



Market value of net

assets


549 444 ORACLE CORP USD 21 021 727 145

359 375 PEPSICO INC USD 29 806 562 206

884 938 PFIZER INC USD 27 105 651 188





227 495 RAYTHEON CO USD 20 633 797 143






393 549 UNUM GROUP USD 13 805 699 096


146 156 VMWARE INC - A USD 13 111 655 091



521 531 YAHOO INC USD 21 090 714 146







Page 80


Market value of net

assets


97 258 545 10028

Shares 97 258 545 10028


43 954 230 4533

4 269 ACTAVIS PLC USD 520 478 054

3 291 AIRGAS INC USD 267 135 028






4 311 AON PLC USD 262 455 027




9 455 BALL CORP USD 354 472 037

12 106 BBampT CORP USD 327 875 034











35 758 COCA-COLA CO USD 1 072 000 111




5 289 DAVITA INC USD 243 234 025










20 018 FPL GROUP INC USD 1 243 834 128




7 303 HCP INC USD 192 492 020




USD 320 034 033


9 541 KELLOGG CO USD 422 852 044


6 224 KOHLS CORP USD 256 332 026

6 342 L BRANDS INC USD 284 664 029


USD 413 103 043







Market value of net

assets









23 617 PAYCHEX INC USD 780 349 080



28 522 PFIZER INC USD 634 006 065

9 260 PHILLIPS 66 USD 518 323 053










24 555 STAPLES INC USD 283 159 029


34 837 SYNOPSYS INC USD 1 025 681 106

22 442 SYSCO CORP USD 587 943 061






19 582 UNUM GROUP USD 498 521 051

17 846 VENTAS INC USD 741 840 076












88 000 DAICEL CORP JPY 520 115 054



JPY 312 216 032







20 400 KAO CORP JPY 466 231 048



23 700 LAWSON INC JPY 1 287 853 133


JPY 818 181 084






Page 81


Market value of net

assets







76 000 OJI PAPER JPY 282 843 029


5 700 OTSUKA CORP JPY 527 772 054

52 100 PARK24 CO LTD JPY 713 351 074

19 100 SECOM CO LTD JPY 836 114 086













41 800 USS CO LTD JPY 416 761 043







134 632 BT GROUP PLC GBP 613 935 063

53 907 BUNZL GBP 939 485 097


18 324 DIAGEO PLC GBP 440 481 045

14 638 EASYJET PLC GBP 270 240 028




4 509 NEXT PLC GBP 295 361 030



7 834 WHITBREAD GBP 353 189 036





15 484 METRO INC - A CAD 686 392 071




CAD 324 262 033



6 779 GEBERIT AG CHF 1 496 302 153

397 GIVAUDAN CHF 412 712 043

215 SGS SA-REG CHF 360 000 037

191 SIKA AG CHF 494 215 051

3 491 SWISS RE LTD CHF 233 730 024



Market value of net

assets




18 767 SCOR SE EUR 498 545 051

14 289 THALES SA EUR 668 725 069










312 000 STARHUB LTD SGD 767 537 079







7 308 SHIRE PLC GBP 250 510 026









Page 82


Market value of net

assets







Page 83


Market value of net

assets


Luxembourg 48 864 172 10015 543 78112


USD 48 864 172 10015





Page 84


Market value of net

assets


Luxembourg 12 115 889 6870 28 51316


EUR 2 885 843 1635


EUR 2 449 713 1389


EUR 1 929 493 1094


EUR 168 863 096


EUR 61 437 035


USD 140 842 080


EUR 59 871 034


EUR 1 038 038 589


EUR 274 204 155


USD 987 441 560


EUR 1 930 589 1095


EUR 33 015 019



EUR 66 866 038


EUR 10 440 006


France 2 863 261 1623 2 40383


EUR 2 863 261 1623

Belgium 1 929 920 1094 50653


EUR 1 929 920 1094






Page 85


Market value of net

assets


Luxembourg 12 022 623 7930 7 68255


EUR 777 558 513


EUR 666 814 440


EUR 1 701 467 1122


EUR 683 668 451


EUR 307 738 203


USD 558 907 369


EUR 821 807 542


EUR 1 762 086 1161


EUR 577 468 381


USD 883 517 583


EUR 1 713 653 1130


EUR 142 004 094



EUR 462 966 305


EUR 52 514 035


Belgium 1 701 627 1122 44661


EUR 1 701 627 1122

France 763 535 504 64102


EUR 763 535 504






Page 86


Market value of net

assets


Luxembourg 13 739 977 8982 2 67696


EUR 270 937 177


EUR 238 346 156


EUR 932 135 609


EUR 1 410 103 922


EUR 570 493 373


USD 1 170 638 765


EUR 1 516 744 992


EUR 1 751 929 1145


EUR 923 568 604


USD 847 993 554


EUR 928 411 607


EUR 399 752 261



EUR 993 581 650


EUR 97 392 064


Belgium 928 764 607 24377


EUR 928 764 607


France 266 085 174 22339


EUR 266 085 174





Page 87


Market value of net

assets


Luxembourg 12 251 204 9756 48471


EUR 184 654 147


EUR 1 500 082 1195


EUR 595 589 474


USD 1 236 634 985


EUR 1 589 420 1266


EUR 1 818 346 1447


EUR 1 122 202 894


USD 686 894 547


EUR 169 596 135


EUR 431 110 343



EUR 1 054 308 840


EUR 102 690 082


Belgium 184 671 147 4847


EUR 184 671 147






Page 88


Market value of net

assets


Luxembourg 11 942 969 9757 45335


EUR 172 708 141


EUR 1 449 884 1185


EUR 579 639 474


USD 1 216 718 994


EUR 1 538 832 1257


EUR 1 769 989 1445


EUR 1 120 037 915


USD 669 814 547


EUR 172 583 141


EUR 419 638 343



EUR 1 015 521 830


EUR 100 041 082


Belgium 179 725 147 4717


EUR 179 725 147






Page 89


Market value of net

assets


Luxembourg 5 158 286 6153 11 58808


EUR 1 172 840 1399


EUR 1 007 072 1201


EUR 1 489 470 1777


EUR 1 488 904 1776

Belgium 1 530 577 1825 40172


EUR 1 530 577 1825

France 1 172 805 1399 98462


EUR 1 172 805 1399






Page 90


Market value of net

assets


Luxembourg 15 976 423 7072 20 49678


EUR 2 074 498 918


EUR 1 774 728 786


EUR 3 340 866 1480


EUR 639 680 283


EUR 215 747 096


USD 523 213 232


EUR 642 154 284


EUR 2 051 317 908


EUR 3 309 647 1465


EUR 229 067 101



EUR 461 399 204


EUR 41 138 018


Belgium 3 354 980 1486 88055


EUR 3 354 980 1486

France 2 074 355 918 1 74151


EUR 2 074 355 918






Page 91


Market value of net

assets


Luxembourg 106 268 483 7822 22 35054


EUR 2 262 118 167


EUR 1 919 242 141


EUR 20 103 118 1480


EUR 7 613 349 560


EUR 2 844 563 209


USD 6 428 979 473


EUR 7 419 059 546


EUR 20 271 062 1492


EUR 20 100 209 1480


EUR 2 710 821 200



EUR 5 655 104 416


EUR 487 582 036


Belgium 20 456 362 1507 5 36901


EUR 20 456 362 1507


France 2 431 311 179 2 04119


EUR 2 431 311 179





Page 92


Market value of net

assets


Luxembourg 83 608 857 8796 2 99422


EUR 303 048 032


EUR 262 444 028


EUR 7 843 369 825


EUR 7 399 901 779


EUR 3 233 091 340


USD 6 145 767 647


EUR 8 490 062 893


EUR 13 460 814 1415


EUR 5 404 174 569


USD 6 081 093 640


EUR 7 996 743 841


EUR 1 662 618 175



EUR 5 114 825 538


EUR 573 910 060


Belgium 8 030 052 845 2 10758


EUR 8 030 052 845


France 301 926 032 25348


EUR 301 926 032





Page 93


Market value of net

assets


Luxembourg 25 155 717 9818 75074


EUR 286 003 112


EUR 3 044 578 1188


EUR 1 237 723 483


USD 2 575 126 1005


EUR 3 156 476 1232


EUR 3 707 203 1446


EUR 2 318 071 905


USD 1 678 345 655


EUR 285 877 112


EUR 901 227 352



EUR 2 151 844 840


EUR 211 301 082


Belgium 283 836 111 7450


EUR 283 836 111






Page 94


Market value of net

assets


Luxembourg 7 276 070 9998 11 09337


EUR 1 129 527 1552


EUR 478 874 658


USD 944 869 1298


EUR 1 229 634 1690


EUR 923 699 1269


EUR 304 786 419



EUR 787 891 1083


EUR 81 965 113






Page 95


Market value of net

assets


238 928 573 9574

Shares 238 928 573 9574


112 412 826 4506



30 169 APPLE INC USD 12 285 008 493











336 344 EMC CORP USD 6 138 867 246



11 267 GOOGLE INC - A USD 9 163 641 367

140 761 KKR amp CO LP USD 2 486 391 100

76 914 L BRANDS INC USD 3 452 325 138



42 587 MONSANTO CO USD 3 602 101 144








106 867 ZOETIS INC USD 2 535 275 102


110 576 NOVARTIS AG CHF 6 424 326 257




36 495 BAYER AG EUR 3 720 665 149


23 218 MORPHOSYS AG EUR 1 296 725 052

119 483 SAP AG EUR 7 444 986 298


120 710 DIAGEO PLC GBP 2 901 683 116






10 800 KEYENCE CORP JPY 3 355 671 134





Market value of net

assets


216 000 WPP PLC GBP 3 582 692 144



52 483 SHIRE PLC GBP 1 799 057 072















Bonds 3 325 847 133








Page 96


Market value of net

assets


599 433 092 9758

Shares 599 433 092 9758













241 609 GECINA SA EUR 23 201 712 378

391 080 ICADE EMGP EUR 26 464 384 431

381 026 KLEPIERRE EUR 12 834 861 209

739 845 MERCIALYS EUR 11 282 636 184




1 399 632 FABEGE SEK 12 145 959 198






EUR 15 284 466 249












2 670 476 SPONDA OYJ EUR 9 133 028 149







Market value of net

assets






Page 97


Market value of net

assets


Luxembourg 102 611 081 6667 102 45033


EUR 10 369 090 674


EUR 3 076 159 200


EUR 7 427 197 483


EUR 7 622 465 495


EUR 6 179 725 402


EUR 4 707 878 306


USD 1 052 320 068


EUR 3 036 453 197


EUR 1 043 394 068


EUR 5 564 093 362


EUR 1 063 498 069


EUR 1 063 350 069



EUR 5 115 548 332


USD 9 276 233 603


USD 3 166 562 206


EUR 1 021 022 066


EUR 9 205 599 598


EUR 5 092 816 331


EUR 9 576 848 622


EUR 2 155 574 140


France 41 448 016 2693 1 06300


EUR 10 721 058 697




EUR 10 359 210 673

Ireland 9 955 914 647 24 52200


EUR 3 478 446 226







Page 98


Market value of net

assets


Luxembourg 74 937 415 6437 85 28354


EUR 8 631 623 742


EUR 2 248 120 193


EUR 5 294 113 455


EUR 5 744 247 493


EUR 4 507 384 387


EUR 3 502 826 301


USD 725 574 062


EUR 2 214 737 190


EUR 756 091 065


EUR 4 298 135 369


EUR 759 053 065


EUR 765 273 066



EUR 3 720 353 320


USD 6 316 252 543


USD 2 216 730 190


EUR 747 555 064


EUR 6 733 726 578


EUR 3 731 725 321


EUR 6 455 567 555


EUR 1 532 662 132


France 33 384 006 2868 85100


EUR 8 582 897 737




EUR 8 622 549 741

Ireland 7 494 272 644 17 54900


EUR 2 489 326 214







Page 99


Market value of net

assets


Luxembourg 149 485 023 8342 31 08474


EUR 3 146 114 176


EUR 4 956 243 277


EUR 11 668 772 651


EUR 12 891 904 719


EUR 9 936 935 554


EUR 7 938 266 443


USD 1 625 626 091


EUR 4 881 883 272


EUR 1 667 876 093


EUR 9 592 335 535


EUR 1 671 956 093


EUR 1 687 253 094



EUR 8 201 880 458


USD 13 865 440 774


USD 4 873 053 272


EUR 1 647 929 092


EUR 14 845 665 829


EUR 8 228 089 459


EUR 14 111 283 788


EUR 3 377 508 188


Ireland 16 366 050 913 37 17300


EUR 5 272 990 294



France 12 337 079 688 32700


EUR 3 298 011 184




EUR 3 144 569 175





Page 100


Market value of net

assets


Luxembourg 131 984 410 7766 61 91289


EUR 6 266 259 369


EUR 4 262 415 251


EUR 10 034 748 590


EUR 10 766 724 633


EUR 8 546 030 503


EUR 6 849 914 403


USD 1 399 176 082


EUR 4 198 888 247


EUR 1 434 380 084


EUR 7 486 962 441


EUR 1 438 547 085


EUR 1 450 691 085



EUR 7 053 149 415


USD 11 766 544 692


USD 4 192 975 247


EUR 1 416 976 083


EUR 12 766 430 752


EUR 7 075 507 416


EUR 12 898 259 760


EUR 2 904 642 171


France 23 083 987 1358 55800


EUR 5 627 798 331




EUR 6 261 742 368

Ireland 14 209 300 836 31 80000


EUR 4 510 830 265







Page 101


Market value of net

assets


France 7 077 736 6271 18300


EUR 1 845 676 1635




EUR 1 887 932 1673

Luxembourg 4 068 361 3605 18 70882


EUR 1 893 536 1678


EUR 242 771 215


EUR 249 030 221


EUR 100 249 089


EUR 405 552 359


USD 23 500 021


EUR 94 850 084


EUR 177 341 157



USD 101 358 090


EUR 24 704 022


EUR 433 618 384


EUR 246 285 218

Ireland 219 726 195 1 54900


EUR 219 726 195





Page 102


Market value of net

assets


France 2 892 254 5787 7500


EUR 756 425 1513




EUR 768 275 1537

Luxembourg 1 950 701 3903 7 62276


EUR 771 507 1544


EUR 133 288 267


EUR 129 286 259


EUR 42 934 086


EUR 232 648 465


USD 9 495 019


EUR 50 764 102


EUR 93 616 187



USD 46 670 093


EUR 12 869 026


EUR 235 416 471


EUR 133 594 267

Ireland 121 140 242 85400


EUR 121 140 242





Page 103


Market value of net

assets


Luxembourg 3 729 735 5126 8 87858


EUR 898 610 1236


EUR 321 628 442


EUR 297 719 409


EUR 128 289 176


EUR 514 046 707


USD 29 245 040


EUR 128 285 176


EUR 241 500 332



USD 126 217 174


EUR 25 623 035


EUR 556 030 764


EUR 326 186 448

France 3 213 359 4419 7600


EUR 766 510 1054




EUR 895 726 1232

Ireland 321 290 442 2 26500


EUR 321 290 442





Page 104


Market value of net

assets


Luxembourg 6 254 028 4851 16 10619


EUR 1 630 121 1265


EUR 515 661 400


EUR 451 790 350


EUR 216 090 168


EUR 820 229 636


USD 43 939 034


EUR 204 095 158


EUR 382 191 296



USD 214 344 166


EUR 49 983 039


EUR 933 198 724


EUR 514 004 399

France 5 980 093 4639 14800


EUR 1 492 678 1158




EUR 1 625 884 1261

Ireland 582 011 451 4 10300


EUR 582 011 451





Page 105


Market value of net

assets


Luxembourg 59 996 598 8072 18 44241


EUR 1 866 573 251


EUR 1 310 638 176


EUR 5 424 528 730


EUR 669 832 090


EUR 2 025 785 273


EUR 2 632 175 354


EUR 1 298 915 175


USD 672 943 091


EUR 1 940 717 261


EUR 666 881 090


EUR 6 508 264 876


EUR 1 359 534 183


EUR 679 415 091



EUR 3 922 631 528


USD 7 997 977 1076


USD 2 024 117 272


EUR 652 071 088


EUR 3 594 492 484


EUR 10 080 617 1355


EUR 1 377 662 185



EUR 675 708 091

France 7 024 195 946 17800


EUR 1 795 247 242




EUR 1 861 728 251

Ireland 6 950 762 936 6 97900


EUR 989 971 133







Page 106


Market value of net

assets


Luxembourg 22 488 856 7618 11 37926


EUR 1 151 706 390


EUR 491 367 166


EUR 1 981 309 671


EUR 245 795 083


EUR 768 269 260


EUR 984 953 334


EUR 511 573 173


USD 233 244 079


EUR 725 351 246


EUR 251 830 085


EUR 2 463 786 835


EUR 496 559 168


EUR 235 404 080



EUR 1 462 856 496


USD 2 880 406 976


USD 722 739 245


EUR 246 236 083


EUR 1 348 000 457


EUR 3 574 315 1211


EUR 502 001 170



EUR 248 918 084

France 4 141 850 1404 11000


EUR 1 109 423 376




EUR 1 147 053 389

Ireland 2 645 564 896 2 45000


EUR 347 533 118







Page 107


Market value of net

assets


Luxembourg 31 824 467 8886 039


EUR 40 000


EUR 720 252 201


EUR 3 005 974 839


EUR 373 366 104


EUR 1 252 446 350


EUR 1 524 788 426


EUR 865 954 242


USD 372 989 104


EUR 1 064 517 297


EUR 393 794 110


EUR 4 740 269 1324


EUR 781 137 218


EUR 362 231 101



EUR 2 234 890 624


USD 4 031 530 1126


USD 1 102 030 308


EUR 387 106 108


EUR 2 054 667 574


EUR 3 997 906 1116


EUR 779 223 218



EUR 395 708 110

Ireland 4 049 747 1131 3 29700


EUR 467 679 131







Page 108


Market value of net

assets


Luxembourg 44 031 065 8560 4 22168


EUR 427 280 083


EUR 1 005 531 196


EUR 4 058 880 789


EUR 507 850 099


EUR 1 678 370 326


EUR 2 016 282 392


EUR 1 102 577 214


USD 493 056 096


EUR 1 486 292 289


EUR 507 401 099


EUR 4 938 729 960


EUR 1 017 662 198


EUR 512 999 100



EUR 2 995 965 583


USD 5 714 440 1110


USD 1 476 911 287


EUR 501 778 098


EUR 2 761 439 537


EUR 7 428 688 1443


EUR 1 028 039 200



EUR 505 932 098

Ireland 5 563 899 1083 4 62700


EUR 656 340 128



France 1 457 270 284 2700


EUR 272 313 053




EUR 426 423 083





Page 109


Market value of net

assets


Luxembourg 3 224 521 8683 4947


EUR 5 007 013


EUR 347 499 936


EUR 40 334 109


EUR 129 337 348


EUR 643 486 1732


EUR 123 881 334


EUR 73 023 197



EUR 274 386 739


USD 600 625 1617


EUR 558 837 1505


EUR 247 067 665






EUR 4 765 013





Page 110


Market value of net

assets


Luxembourg 600 512 8416 9887


EUR 10 007 140


EUR 64 568 905


EUR 6 989 098


EUR 27 634 387


EUR 113 382 1589


EUR 22 622 317


EUR 13 252 186


EUR 52 174 731


USD 107 636 1509


EUR 109 753 1538


EUR 44 140 619




France 9 529 134 800


EUR 9 529 134





Page 111


Market value of net

assets


Luxembourg 2 029 396 8539 9888


EUR 10 008 042


EUR 217 187 914


EUR 25 474 107


EUR 96 719 407


EUR 402 309 1693


EUR 77 560 326


EUR 46 119 194



EUR 157 286 662


USD 364 012 1532


EUR 348 891 1468


EUR 154 271 649




France 9 529 040 800


EUR 9 529 040





Page 112


Market value of net

assets


Luxembourg 2 562 866 8426 17789


EUR 18 005 059


EUR 272 441 896


EUR 30 970 102


EUR 105 645 347


EUR 494 980 1627


EUR 95 298 313


EUR 59 556 196



EUR 218 985 720


USD 483 636 1590


EUR 449 212 1477


EUR 191 419 629




France 17 867 059 1500


EUR 17 867 059





Page 113


Market value of net

assets


France 92 483 907 5101 2 29900


EUR 23 186 932 1279




EUR 23 209 061 1280

Luxembourg 83 094 661 4583 229 43288


EUR 23 221 107 1281


EUR 5 242 188 289


EUR 1 356 388 075


EUR 7 884 506 435


EUR 2 633 236 145


EUR 4 881 196 269


USD 667 703 037


EUR 1 940 450 107


EUR 1 333 623 074


EUR 1 661 853 092


EUR 695 876 038



EUR 1 962 077 108


USD 2 072 086 114


USD 2 008 882 111


EUR 651 956 036


EUR 7 845 787 433


EUR 6 511 419 359


EUR 3 175 584 175


EUR 1 377 516 076



EUR 675 447 037

Ireland 4 864 338 268 25 53800


EUR 3 622 565 200






Page 114


Market value of net

assets


France 57 240 741 4950 1 32300


EUR 13 343 328 1154




EUR 15 058 196 1302

Luxembourg 54 495 766 4709 148 87604


EUR 15 067 878 1303


EUR 3 447 556 298


EUR 871 177 075


EUR 5 469 949 473


EUR 1 751 169 151


EUR 3 343 830 289


USD 442 745 038


EUR 1 283 434 111


EUR 884 565 076


EUR 1 196 745 103


EUR 437 356 038



EUR 1 285 416 111


USD 1 238 206 107


USD 1 331 930 115


EUR 433 297 037


EUR 5 198 188 449


EUR 4 291 887 371


EUR 1 940 507 168


EUR 902 611 078



EUR 437 630 038

Ireland 3 234 932 280 16 19900


EUR 2 297 828 199






Page 115


Market value of net

assets


Luxembourg 108 561 496 6211 150 31344


EUR 15 213 360 870


EUR 8 182 884 468


EUR 2 116 712 121


EUR 12 457 720 713


EUR 4 110 719 235


EUR 7 601 474 435


USD 1 043 518 060


EUR 3 029 323 173


EUR 2 081 539 119


EUR 2 688 925 154


EUR 1 060 267 061



EUR 3 062 640 175


USD 3 160 629 181


USD 3 139 058 180


EUR 1 018 379 058


EUR 12 246 883 701


EUR 10 164 198 581


EUR 4 862 676 278


EUR 2 150 621 123



EUR 1 054 569 060

France 58 218 472 3331 1 50500


EUR 15 178 918 868




EUR 15 204 705 870

Ireland 7 685 260 439 39 98500


EUR 5 671 872 324






Page 116


Market value of net

assets


Luxembourg 107 041 050 5897 172 55401


EUR 17 464 346 962


EUR 7 874 849 434


EUR 2 037 039 112


EUR 11 222 420 618


EUR 3 955 290 218


EUR 7 180 781 396


USD 1 005 476 055


EUR 2 915 676 161


EUR 2 003 287 110


EUR 2 338 933 129


EUR 1 020 704 056



EUR 2 947 101 162


USD 2 916 242 161


USD 3 025 270 167


EUR 980 117 054


EUR 11 784 518 649


EUR 9 780 393 539


EUR 4 929 344 272


EUR 2 069 625 114



EUR 1 014 607 056

France 66 592 875 3669 1 72800


EUR 17 428 019 960




EUR 17 455 929 962

Ireland 7 655 856 422 39 41900


EUR 5 591 585 308






Page 117


Market value of net

assets


92 631 896 6877

Bonds 90 924 850 6751

France 30 684 856 2277 200 000 ACCOR 2875 12-19062017 EUR 206 946 015


EUR 69 138 005


EUR 277 200 021


200 000 ALSTOM 3625 10-05102018 EUR 212 058 016

800 000 AUCHAN SA 3625 11-19102018 EUR 873 440 065


EUR 662 286 049

100 000 AXA BANK EUROPE 1875 12-20092019

EUR 101 605 008

100 000 AXA BANK EUROPE 2250 12-19042017

EUR 104 393 008


EUR 419 512 031

400 000 BNP PARIBAS 2000 13-28012019 EUR 403 088 030

350 000 BNP PARIBAS COV 4500 07-30052014

EUR 355 758 026

300 000 BNP PARIBAS HOME 3375 10-12012017

EUR 322 980 024

200 000 BOUYGUES 4000 10-12022018 EUR 218 362 016

200 000 BPCE 1625 13-08022017 EUR 202 028 015

100 000 BPCE SFH 1500 12-28022018 EUR 101 503 008

200 000 BPCE SFH 2125 13-17092020 EUR 203 414 015

200 000 BPCE SFH 2750 12-16022017 EUR 211 660 016


EUR 394 840 029


EUR 81 420 006

350 000 CASINO GUICHARD 5125 09-30012015

EUR 367 227 027



200 000 CRED AG COV BOND 3500 09-21072014

EUR 203 290 015


EUR 308 655 023


EUR 349 407 026

200 000 CSSE REFIN HYPOT 4000 06-25042018

EUR 223 900 017

149 460 CSSE REFIN HYPOT 4100 04-25102015

EUR 159 347 012

702 643 CSSE REFIN L HAB 3750 10-19022020

EUR 788 365 059

200 000 CSSE REFIN L HAB 4000 12-17062022

EUR 227 524 017

400 000 ELEC DE FRANCE 2250 13-27042021

EUR 396 340 029

100 000 ELEC DE FRANCE 2750 12-10032023

EUR 99 562 007

600 000 FRANCE OAT 1000 13-25112018 EUR 593 631 044

700 000 FRANCE OAT 1750 13-25052023 EUR 664 158 049

1 840 000 FRANCE OAT 2250 12-25102022 EUR 1 842 683 137

570 000 FRANCE OAT 2500 10-25102020 EUR 599 032 044

1 179 125 FRANCE OAT 2750 12-25102027 EUR 1 155 078 086

600 000 FRANCE OAT 3250 13-25052045 EUR 577 892 043

2 320 000 FRANCE OAT 3750 09-25102019 EUR 2 616 865 195

300 000 FRANCE OAT 4000 05-25042055 EUR 334 284 025

875 000 FRANCE OAT 4000 06-25102038 EUR 975 584 072

2 800 000 FRANCE OAT 4000 08-25042018 EUR 3 153 252 235

420 000 FRANCE OAT 4750 04-25042035 EUR 518 016 038

3 030 000 FRENCH BTAN 2500 11-25072016 EUR 3 189 354 238

200 000 GECINA 4750 12-11042019 EUR 221 256 016


EUR 302 181 022

250 000 RATP 4500 08-28052018 EUR 284 170 021

750 000 RCI BANQUE 4000 11-16032016 EUR 792 495 059


Market value of net

assets


EUR 406 361 030


EUR 302 445 022


EUR 85 060 006


EUR 300 531 022


EUR 295 548 022


EUR 582 395 043

200 000 ST GOBAIN 4000 10-08102018 EUR 218 162 016


100 000 UNEDIC 0375 13-29042016 EUR 99 774 007

400 000UNIBAIL RODAMCO 3375 10-11032015

EUR 412 256 031

500 000 VALEO SA 5750 12-19012017 EUR 563 355 042

200 000 VINCI SA 3375 12-30032020 EUR 212 348 016


600 000 BUNDESOBL-120 0250 13-13042018 EUR 586 761 044

1 159 410DEUTSCHLAND IL 1500 06-15042016

EUR 1 208 163 090

1 700 000DEUTSCHLAND REP 1500 13-15022023

EUR 1 650 820 123

400 000DEUTSCHLAND REP 1750 12-04072022

EUR 401 412 030

2 400 000DEUTSCHLAND REP 2500 10-04012021

EUR 2 577 622 191

2 080 000DEUTSCHLAND REP 3500 09-04072019

EUR 2 351 785 175

1 465 000DEUTSCHLAND REP 4000 05-04012037

EUR 1 777 424 132

930 000DEUTSCHLAND REP 4750 98-04072028

EUR 1 189 677 088

200 000FMS WERTMANAGE 1375 12-16012015

EUR 202 260 015

100 000FMS WERTMANAGE 2375 11-15122014

EUR 101 972 008

180 000 KFW 0875 13-25062018 EUR 178 882 013

169 000 KFW 1125 13-16102018 EUR 169 057 013

730 000 KFW 2000 11-07092016 EUR 758 288 056

165 000 KFW 3125 09-25022014 EUR 165 660 012

410 000 KFW 3500 06-04072021 EUR 460 389 034

400 000 KFW 4375 08-04072018 EUR 458 080 034

200 000 LAND HESSEN 3500 10-10032020 EUR 222 960 017

431 000LB BADEN-WUERT 1375 12-01062018

EUR 439 340 033

100 000LB BADEN-WUERT 2250 10-21062016

EUR 104 445 008

72 000SOLARWORLD AG 6125 10-21012017

EUR 26 568 002


400 000 BELGIAN 0321 4250 11-28092021 EUR 461 485 034

880 000 BELGIAN 0323 3500 11-28062017 EUR 960 915 071

310 000 BELGIAN 0324 4500 11-28032026 EUR 361 151 027

800 000 BELGIAN 0325 4250 12-28092022 EUR 918 043 068

600 000 BELGIAN 0326 4000 12-28032032 EUR 660 384 049

600 000 BELGIAN 1250 13-22062018 EUR 601 590 045

2 870 000BELGIUM OLO 47 3250 06-28092016

EUR 3 082 403 230

400 000BELGIUM OLO 48 4000 06-28032022

EUR 452 711 034


EUR 100 775 007

200 000 KBC BANK NV 1250 13-28052020 EUR 194 120 014

The Netherlands 8 324 709 617 100 000

ABN AMRO BANK NV 2125 13-26112020

EUR 97 770 007

200 000ABN AMRO BANK NV 3625 10-06102017

EUR 215 738 016

200 000ALLIANZ FINANCE 1375 13-13032018

EUR 200 270 015

200 000BMW FINANCE NV 1500 12-05062018

EUR 201 014 015




Page 118


Market value of net

assets

300 000 CRH FINANCE BV 5000 12-25012019

EUR 338 817 025

200 000 DEUTSCHE TEL FIN 2000 12-30102019

EUR 201 836 015

143 000 EDP FINANCE BV 4625 06-13062016

EUR 150 479 011

300 000 ING GROEP NV 4125 06-11042016 EUR 320 142 024

500 000 LANXESS FINANCE 2625 12-21112022

EUR 487 210 036


EUR 1 305 583 097


EUR 572 265 042


EUR 2 263 278 168

798 000 RABOBANK 4375 06-07062021 EUR 894 957 066

500 000 RABOBANK 4750 08-15012018 EUR 563 610 042


EUR 511 740 038

Austria 5 606 452 416 200 000


EUR 240 140 018


EUR 714 700 053


EUR 1 128 923 084


EUR 1 487 314 110


EUR 1 985 456 147

50 000 TELEKOM FINANZ 3125 13-03122021

EUR 49 919 004



EUR 317 955 024


EUR 318 645 024


EUR 211 650 016

300 000 BANCO SANTANDER 3625 10-06042017

EUR 319 578 024

400 000 BANESTO SA 3500 05-27012015 EUR 410 360 030

500 000 BANKINTER SA 4125 12-22032017 EUR 537 620 040

200 000 CAIXABANK 3000 13-22032018 EUR 207 340 015

300 000 CAIXABANK SA 3125 13-14052018 EUR 307 473 023

100 000 INSTIT CRDT OFCL 4000 13-30042018

EUR 105 145 008

100 000 INSTIT CRDT OFCL 4125 10-28092017

EUR 105 680 008

18 000 INSTIT CRDT OFCL 4375 09-20052019

EUR 19 069 001

275 000 INSTIT CRDT OFCL 4375 11-31032014

EUR 276 898 021

120 000 INSTIT CRDT OFCL 5000 11-05072016

EUR 128 250 010

500 000 KUTXABANK 3000 13-01022017 EUR 519 635 039

300 000 LA CAIXA 4750 11-18032015 EUR 313 026 023

300 000 SANTANDER INTL 4500 11-18052015

EUR 313 308 023

150 000 TELEFONICA EMIS 5431 09-03022014

EUR 150 530 011


800 000 EFSF 1625 13-17072020 EUR 793 240 059

130 000 EFSF 3375 12-03042037 EUR 137 586 010

200 000 EIB 1375 13-15112019 EUR 198 900 015

800 000 EIB 1500 13-15072020 EUR 792 720 059

400 000 EIB 2500 10-16092019 EUR 422 960 031

380 000 EIB 3125 09-15042014 EUR 382 983 028

195 000 EIB 4500 09-15102025 EUR 232 508 017

70 000 EIB 4625 04-15042020 EUR 82 558 006

79 000 ESM 1250 13-15102018 EUR 79 293 006


Market value of net

assets

Italy 2 446 987 182 100 000


EUR 105 433 008

300 000 HERA SPA 3250 13-04102021 EUR 302 025 022

120 000 HERA SPA 4500 09-03122019 EUR 132 421 010

100 000INTESA SANPAOLO 4375 11-16082016

EUR 107 956 008

100 000INTESA SANPAOLO 5000 12-27012021

EUR 114 774 009

208 000INTESA SANPAOLO 6625 13-13092023

EUR 223 513 017


400 000 TERNA SPA 4125 12-17022017 EUR 432 348 032


200 000UNIONE DI BANCHE 3125 13-14102020

EUR 203 120 015

300 000UNIONE DI BANCHE 3750 12-30102015

EUR 310 245 023

Sweden 2 351 499 175 160 000


EUR 173 352 013


EUR 502 010 037

300 000 SKF AB 2375 13-29102020 EUR 296 913 022


EUR 628 030 047

744 000SWEDEN KINGDOM 3125 09-07052014

EUR 751 194 056


660 000 FINNISH GOVT 4375 08-04072019 EUR 768 648 057

395 000NORDEA BANK FIN 2375 12-17072017

EUR 415 256 031

United Kingdom 1 559 661 116 300 000


EUR 295 443 022


EUR 223 116 017

200 000 FCE BANK PLC 1750 13-21052018 EUR 198 056 015

150 000LLOYDS TSB BANK 3500 12-11012017

EUR 162 093 012

400 000LLOYDS TSB BANK 6500 10-24032020

EUR 463 212 034

100 000NATIONWIDE BLDG 4625 11-08022021

EUR 118 746 009

100 000WPP FINANCE 2013 3000 13-20112023

EUR 98 995 007

Norway 920 298 068 300 000


EUR 314 772 023

600 000SPAREBANK 1 SMN 2125 13-21022018

EUR 605 526 045


797 401 059


EUR 113 661 008

300 000SES GLOBAL GROUP 1875 13-24102018

EUR 297 840 022


EUR 385 900 029

Slovenia 602 700 045 600 000


EUR 602 700 045

Australia 475 061 036 180 000


EUR 176 596 013

200 000WESTPAC BANKING 1375 13-17042020

EUR 195 410 015

100 000WESTPAC BANKING 2125 12-09072019

EUR 103 055 008

Ireland 300 327 022 100 000


EUR 100 283 007

200 000GEN ELEC CAP CRP 1625 13-15032018

EUR 200 044 015




Page 119


Market value of net

assets

Denmark 216 452 016 214 000


EUR 216 452 016

Luxembourg 201 478 015 200 000


EUR 201 478 015





200 000 MUNICH RE 07-290649 FRN EUR 215 984 016




35 CALL EURO-BUND 10YR 6000 21022014 1425

EUR 4 900 000

31 PUT EURO-BUND 10YR 6000 21022014 1365

EUR 9 920 001




EUR 8 780 180 653


Luxembourg 8 488 786 631 5963


EUR 8 488 786 631


Page 120


BNP Paribas L1


Page 121




















BNP Paribas L1


Page 122























BNP Paribas L1


Page 123






























BNP Paribas L1


Page 124





b) Sub-funds open








142 1949



142 774



295 582





a) Net asset value





BNP Paribas L1


Page 125




















BNP Paribas L1


Page 126














BNP Paribas L1


Page 127














075 020 NA 075 030


100 025 NA 100 030


050 015 NA 050 030


125 060 NA 125 080


150 060 NA 150 080


070 025 NA 070 030


BNP Paribas L1


Page 128


150 060 NA 150 080



150 060 NA 150 080


120 060 NA 120 080


075 030 NA 075 040


150 NA NA 150 075


175 075 NA 175 100


150 075 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080




150 060 NA 150 080


150 060 NA 150 080


175 075 NA 175 100


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080

BNP Paribas L1


Page 129


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 075 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


175 075 NA 175 100


150 075 NA 150 080


175 075 NA 175 100


175 075 NA 175 100


150 060 NA 150 080


175 070 NA 175 100


150 060 NA 150 075


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


BNP Paribas L1


Page 130




150 060 NA 150 080


150 060 1385 150 080


150 060 NA 150 080


150 060 NA 150 080


075 030 NA 075 040


150 NA NA NA NA


150 NA NA NA NA


150 060 NA 150 080


150 050 NA 150 070













BNP Paribas L1


Page 131













































BNP Paribas L1


Page 132








V350


World Volatility


Note 5 - Other fees


Note 6 - Taxes






BNP Paribas L1


Page 133















Note 7 - Dividends







BNP Paribas L1


Page 134


BNP Paribas L1


Page 135



Payment dates


Amounts




Payment dates



Amounts

BNP Paribas L1


Page 136



















Payment dates


Amounts






BNP Paribas L1


Page 137











Bond Europe Plus


(in EUR)




(CBT) 20032014 18 127 302 147 116


(CBT) 20032014 19 089 272 (247 923)




20032014 4 746 181 (61 232)


(CBT) 31032014 43 070 775 60 246


(CBT) 31032014 244 261 811 2 587 022



(LIFFE) 27032014 39 191 538 718 606


BNP Paribas L1


Page 138



(in EUR)




LIFFE 17032014 5 983 200 (1 500)


LIFFE 16032015 76 653 500 122 650


10YR 6 06032014 33 385 760 (444 500)


FUTURES 06032014 19 521 740 23 270

Total 2 507 302

Bond World Plus


(in EUR)




(CBT) 20032014 30 182 404 334 255


(CBT) 20032014 9 218 722 (102 757)




20032014 2 966 363 (40 028)


(CBT) 31032014 19 621 131 22 282


(CBT) 31032014 142 262 373 1 430 020



(LIFFE) 27032014 5 635 385 22 993



FUTURE 18032014 46 217 139 (13 141)



LIFFE 17032014 3 739 500 (938)


LIFFE 16032015 36 584 625 58 525


10YR 6 06032014 657 200 (8 750)

Total 1 720 795

BNP Paribas L1


Page 139



(in EUR)




STOXX 50 - FUTURE 21032014 38 414 880 (1 198 919)



(CBT) 20032014 2 335 172 (23 959)


(CBT) 20032014 180 378 1 878



20032014 383 073 7 292


(CBT) 31032014 463 509 0


(CBT) 31032014 4 025 425 24 513



(LIFFE) 27032014 620 239 3 446



LIFFE 17032014 362 186 (91)


LIFFE 16032015 2 169 411 3 469


MARKETS INDEX 21032014 7 452 868 216 007

Total (694 782)



(in EUR)




STOXX 50 - FUTURE 21032014 30 178 680 (941 870)



(CBT) 20032014 2 486 869 (25 515)


(CBT) 20032014 192 096 2 000



20032014 407 958 7 766


(CBT) 31032014 493 619 0


(CBT) 31032014 4 286 923 26 106

AUD 6 S AUST 10 YR BOND 17032014 422 340 (1 412)

BNP Paribas L1


Page 140



(in EUR)




(LIFFE) 27032014 660 530 3 670



LIFFE 17032014 385 714 (97)


LIFFE 16032015 2 310 339 3 694


MARKETS INDEX 21032014 2 213 723 64 161

Total (794 807)

Equity Netherlands


(in EUR)



17012014 13 840 840 400 760

Total 400 760



(in EUR)



Total (65 410)







BNP Paribas L1


Page 141















BNP Paribas L1


Page 142



















BNP Paribas L1


Page 143



























BNP Paribas L1


Page 144

























BNP Paribas L1


Page 145


JPY 7 049 955 JPY 15 503 466 USD 578 291























BNP Paribas L1


Page 146























JPY 7 047 030 USD 413 065



BNP Paribas L1


Page 147



















BNP Paribas L1


Page 148

Note 11 - Swaps





20122015

10 531 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000

9 430 000 USD 20032017 METLIFE INC 5 05-

15062015 1000


15072013

8 500 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

4 300 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018


20122018

11 500 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

12 100 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018 5000


20122018 5000


20122018 5000


15082016


15082016

BNP Paribas L1


Page 149



15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000




20122015

2 040 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000


15072013

2 040 000 USD 20032017 METLIFE INC 5 05-

15062015 1000

1 800 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

1 200 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018

7 300 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

8 000 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018


20122018 5000


20122018 5000


20122018 5000

BNP Paribas L1


Page 150



15082016


15082016


15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


Interest Rate Swaps










BNP Paribas L1


Page 151





Inflation Swaps








EX TOBACCO


EX TOBACCO

25 500 000 USD 10092023 2430 US CPI URBAN

CONSUMERS NSA


EX TOBACCO 2247

9 200 000 USD 23092023 2590 US CPI URBAN







EX TOBACCO


EX TOBACCO


EX TOBACCO


EX TOBACCO 2247


BNP Paribas L1


Page 152

Total Return Swaps















BNP Paribas L1


Page 153



Bond Europe Plus


(in EUR)


EUR)


21022014 12200 16 999 16543 (3 78853)

Total (3 78853)

Bond World Plus


(in EUR)


EUR)


21022014 12200 11 686 92623 (2 60461)

Total (2 60461)



(in EUR)


EUR) EUR 470 CALL CGG 20062014 21 20062014 2100 987 00000 15 04000

Total 15 04000










BNP Paribas L1


Page 154




EUR 1 570 1 918 3 488





EUR 2 182 2 666 4 848








Equity Euro EUR 260 344 236 936 497 280






Lifecycle 2015 EUR 1 360 1 662 3 022

Lifecycle 2020 EUR 4 649 5 656 10 305

Lifecycle 2025 EUR 7 446 9 051 16 497

Lifecycle 2030 EUR 6 678 8 110 14 788

Lifecycle 2035 EUR 6 171 7 492 13 663

Model 1 EUR 450 549 999

Model 2 EUR 5 484 6 679 12 163

Model 3 EUR 54 131 65 886 120 017

Model 4 EUR 87 971 107 232 195 203

Model 5 EUR 37 184 45 340 82 524

Model 6 EUR 13 482 16 438 29 920











Safe Growth W1 EUR 18 216 22 263 40 479

Safe Growth W4 EUR 6 770 8 274 15 044

BNP Paribas L1


Page 155


Safe Growth W10 EUR 13 712 16 758 30 470


















BNP Paribas L1


Page 156







BNPP IP Asia






BNPP AM France

BNP Paribas L1


Page 157


THEAM




BNPP IP Netherlands




BNPP IP UK


BNPP IP Singapore





Equity World



Equity USA Core


BNP Paribas L1


Page 158





BNPP AM Inc



NPA


River Road

BNP Paribas L1


Page 159








BNP Paribas L1


Page 160




BNP Paribas L1


Page 161






BNP Paribas L1


Page 162










Equity Euro


Equity Europe




BNP Paribas L1


Page 163






BNP Paribas L1


Page 164






BNP Paribas L1


Page 165









BNP Paribas L1


Page 166



Sub-fund Date Event


Launch of sub-funds


BNP Paribas L1

Unaudited appendix

Page 167


a) Introduction
















BNP Paribas L1

Unaudited appendix

Page 168






i The client



ii Voting committee






iv Voting procedure





BNP Paribas L1

Unaudited appendix

Page 169














iii The Chairman












BNP Paribas L1

Unaudited appendix

Page 170










Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year


Currencies World)





2 times Benchmark

VaR 3204 7325 4566 413




(HP4N)

2 times Benchmark

VaR 4459 6279 5326 9



2 times Benchmark

VaR 3548 6237 4882 454




2 times Benchmark

VaR 3003 4899 3959 77





2 times Benchmark

VaR 3026 4490 3666 77



Cash EUR

2 times Benchmark

VaR 287 2652 2042 4

BNP Paribas L1

Unaudited appendix

Page 171


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year




10 Cash EUR

2 times Benchmark

VaR 1373 3900 3138 4




EMU

2 times Benchmark

VaR 1885 4286 3505 4




EMU

2 times Benchmark

VaR 2547 5206 4441 3




EMU

2 times Benchmark

VaR 2455 5210 4424 3




Euribid (RI)

2 times Benchmark

VaR 2709 5413 4319 3




+ 5GPR 250 +30 Cash

2 times Benchmark

VaR 1195 5446 4119 3




+10 GPR 250 +10 Cash

2 times Benchmark

VaR 1643 7159 4594 3




+10 GPR 250 +5 Cash

2 times Benchmark

VaR 2222 5711 4407 5




EMU

2 times Benchmark

VaR 2866 6503 5208 4




High Income World

2 times Benchmark

VaR 1606 5405 4263 1

BNP Paribas L1

Unaudited appendix

Page 172


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year

OBAM Equity World



Benchmark VaR

5302 6261 5665 0


Page 173

Dece

mbe

r 20

12 -

Des

ign

- P1

2111

05_U

K


wwwbnpparibas-ipcom

a global presence








BNP Paribas L1

Organisation

Page 4

























BNP Paribas L1

Information

Page 5











BNP Paribas L1

Managers report

Page 6

The economy


United States


Europe


BNP Paribas L1

Managers report

Page 7

Japan


Emerging markets


Monetary policy



BNP Paribas L1

Managers report

Page 8

Currency markets



Bond markets



BNP Paribas L1

Managers report

Page 9

Equity markets




Page 10


_rupwc


Opinion


Aher matters



Poge I I

BNP Paribas L1



Page 12

Absolute Return




Japan









Total expenses 64 601 232 443 89 458 3 789 622









(48 389 680) (112 052 139) (99 985 286) (568 069 710)


48 389 680 112 052 139 99 985 286 568 069 710


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 13



Bond Euro Long Term

Bond Euro Premium



0 144 464 621 0 202 516 883 0 560 428 458 0 137 979 046 0 175 333 950 0 501 481 886 0 6 335 330 0 26 022 743 0 (7 167 149)0 144 314 376 0 201 356 693 0 494 314 737 0 0 0 0 0 6 813 472 0 17 041 0 1 160 000 0 17 793 685 0 133 204 0 190 0 41 506 564

0 308 131 0 4 773 619 0 3 198 213 0 0 0 363 814 0 320 026 0 0 0 3 976 040 0 0 0 308 131 0 433 765 0 2 878 187

0 144 156 490 0 197 743 264 0 557 230 245

7 977 115 12 532 266 713 671 236 441 2 445 123 32 064 223 1 964 159 2 660 028 100 346 1 714 503 637 787 5 277 677

5 063 864 0 4 396 420 8 811 585 417 0 0 196 896 35 292 5 059 072 332 530 515 795 37 516 629 198 106 715 1 949 478

92 686 155 529 9 930 296 905 33 965 870 743 0 0 0 0 0 0 0 27 265 77 1 361 0 183 541

20 302 3 102 584 2 641 664 43 018

3 000 157 3 362 583 148 453 2 845 900 814 843 13 392 340 4 976 958 9 169 683 565 218 (2 609 459) 1 630 280 18 671 883

24 291 943 43 394 356 4 956 549 55 766 333 4 284 958 (10 009 724)(1 744 646) 2 564 722 (24 460) (41 705 438) 115 045 33 875 766

27 524 255 55 128 761 5 497 307 11 451 436 6 030 283 42 537 925

(21 703 050) (32 627 772) (6 152 757) (12 302 435) (3 967 810) (38 290 416)(4 602 267) 5 237 9 740 2 445 924 (168 954) (8 128 571)

1 218 938 22 506 226 (645 710) 1 594 925 1 893 519 (3 881 062)(391 194 700) (486 939 959) (100 886 972) (73 995 063) (114 863 395) (255 592 684)

(4 895 550) (7 331 802) 0 (2 095 906) (1 784 576) (4 314 937)

(394 871 312) (471 765 535) (101 532 682) (74 496 044) (114 754 452) (263 788 683)

394 871 312 615 922 025 101 532 682 272 239 308 114 754 452 821 018 928

0 0 0 0 0 0

0 144 156 490 0 197 743 264 0 557 230 245

BNP Paribas L1



Page 14


Emerging Corporate







Net asset value 0 0 0 278 288 466



Total expenses 606 823 677 968 731 764 12 696 019









(143 279 985) (120 882 212) (112 792 606) (1 560 670 153)


143 279 985 120 882 212 112 792 606 1 838 958 619


0 0 0 0


0 0 0 278 288 466

BNP Paribas L1


Page 15



Europe





0 387 231 128 55 269 960 126 633 703 59 950 449 43 609 959 0 357 597 461 50 868 563 119 586 888 48 376 489 36 351 424 0 (23 257 872) 2 376 577 6 852 617 2 361 310 1 779 787 0 334 339 589 53 245 140 126 439 505 50 737 799 38 131 211 0 0 0 0 0 0 0 30 845 710 1 499 644 48 239 9 192 426 5 464 199 0 22 045 829 525 176 145 959 20 224 14 549

0 1 651 853 100 650 318 089 953 979 918 523 0 112 457 0 0 27 400 13 172 0 827 173 9 165 0 648 191 745 189 0 712 223 91 485 318 089 278 388 160 162

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

6 326 150 15 027 981 2 191 835 12 124 676 1 778 956 1 326 083 1 050 558 2 323 829 798 700 5 218 366 1 248 276 899 361

841 13 753 5 885 14 977 3 953 2 591 0 2 083 348 0 58 847 22 763 16 340

218 324 881 738 197 467 1 322 016 269 259 193 758 68 346 375 575 72 749 261 315 104 638 75 744

0 0 0 0 0 0 0 91 265 112 043 443 192 160 311 96 792

6 114 0 0 1 770 0 128

1 344 183 5 769 508 1 186 844 7 320 483 1 809 200 1 284 714 4 981 967 9 258 473 1 004 991 4 804 193 (30 244) 41 369

16 839 299 (8 659 765) 2 093 217 135 463 173 10 049 694 5 027 509 (1 915 926) 6 020 276 836 500 10 291 386 (6 241 326) (5 849 152)

19 905 340 6 618 984 3 934 708 150 558 752 3 778 124 (780 274)

(7 367 503) (33 787 800) 1 673 819 (19 278 022) (1 076 999) 1 276 935 (1 182 724) (4 627 636) (280 517) (11 297 491) (366 609) (535 542)

11 355 113 (31 796 452) 5 328 010 119 983 239 2 334 516 (38 881)(233 906 164) 204 463 624 (12 499 054) (1 155 137 069) (44 651 422) (32 584 098)

(6 530 722) (3 288 459) (64 362) (6 195 932) 0 0

(229 081 773) 169 378 713 (7 235 406) (1 041 349 762) (42 316 906) (32 622 979)

229 081 773 216 200 562 62 404 716 1 167 665 376 101 313 376 75 314 415

0 0 0 0 0 0

0 385 579 275 55 169 310 126 315 614 58 996 470 42 691 436

BNP Paribas L1



Page 16

Diversified World




Stability






Net asset value 384 410 962 167 926 445 35 788 549 123 720 575



Total expenses 8 696 293 3 670 193 951 012 2 845 355









(104 845 516) (42 347 852) (12 434 955) (49 096 971)


489 256 478 210 274 297 48 223 504 172 817 546


0 0 0 0


384 410 962 167 926 445 35 788 549 123 720 575

BNP Paribas L1


Page 17



Japan




ex-UK



0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

1 194 441 2 168 527 13 992 683 22 924 346 206 488 480 946 1 111 376 1 571 750 2 484 768 6 222 512 88 053 480 766

74 289 181 516 130 4 0 0 0 0 0 0

225 661 378 725 897 048 1 816 811 43 065 126 377 50 964 83 442 120 895 322 282 2 559 26 087

0 0 0 0 0 0 683 938 127 263 475 424 1 134 765 85 691 44 169

39 571 1 920 12 220 48 189 0 0

2 111 584 2 163 389 3 990 536 9 545 075 219 498 677 403 (917 143) 5 138 10 002 147 13 379 271 (13 010) (196 457)

28 465 823 65 569 454 161 548 153 311 227 043 14 194 778 22 366 491

(14 824) (5 401) (140 499) 96 367 1 924 (255 255)

27 533 856 65 569 191 171 409 801 324 702 681 14 183 692 21 914 779

(22 291 733) (50 533 539) (97 139 622) (156 540 657) (10 565 289) (9 084 280)0 0 (22 696) 0 0 (55 491)

5 242 123 15 035 652 74 247 483 168 162 024 3 618 403 12 775 008 (177 670 445) (335 717 879) (728 033 920) (1 421 563 122) (61 967 986) (102 673 322)

(107 752) (1 305 691) (863 607) (8 732 459) 0 (219 731)

(172 536 074) (321 987 918) (654 650 044) (1 262 133 557) (58 349 583) (90 118 045)

172 536 074 321 987 918 654 650 044 1 262 133 557 58 349 583 90 118 045

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 18


Consumer Durables






Net asset value 0 510 442 146 950 724 881 0



Total expenses 5 675 695 2 990 312 8 650 242 56 127









(653 954 642) 47 101 993 (25 806 710) (6 934 884)


653 954 642 463 340 153 976 531 591 6 934 884


0 0 0 0


0 510 442 146 950 724 881 0

BNP Paribas L1


Page 19








0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

327 362 2 691 962 710 475 767 422 8 827 864 1 131 912 124 329 1 197 535 351 795 247 232 2 988 716 389 317

191 2 152 4 333 216 174 6 0 0 0 0 0 0

29 010 301 593 82 259 59 481 774 600 94 314 6 898 50 889 18 259 12 355 150 345 20 926

0 0 0 0 0 0 12 363 64 986 140 075 60 129 312 030 269 335

219 21 350 0 9 186 8 486 0

173 010 1 638 505 596 721 388 599 4 234 351 773 898 154 352 1 053 457 113 754 378 823 4 593 513 358 014

6 272 854 36 134 857 515 332 1 777 985 185 219 878 19 765 399

30 948 (47 372) 81 982 (94 684) (6 051) 53 773

6 458 154 37 140 942 711 068 2 062 124 189 807 340 20 177 186

(3 741 744) (29 593 154) (161 749) 1 918 673 (116 800 391) (10 290 769)0 0 0 26 600 0 0

2 716 410 7 547 788 549 319 4 007 397 73 006 949 9 886 417 (21 218 213) (219 687 834) (61 505 688) (49 443 724) (663 056 140) (70 986 683)

(104 772) (402 996) (483 751) (230 614) (7 456 268) (328 964)

(18 606 575) (212 543 042) (61 440 120) (45 666 941) (597 505 459) (61 429 230)

18 606 575 212 543 042 61 440 120 45 666 941 597 505 459 61 429 230

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 20

Equity Europe




Telecom









Total expenses 51 370 106 025 30 280 115 208









(5 926 702) (13 581 303) (3 159 623) (14 493 080)


5 926 702 13 581 303 3 159 623 14 493 080


0 0 0 0


0 0 0 0

BNP Paribas L1


Page 21






0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

532 778 3 321 501 700 027 1 698 221 584 537 850 175 126 627 805 597 245 046 1 113 452 217 355 1 934 033

564 36 57 166 53 0 0 0 0 0 0 0

29 620 188 033 58 409 248 105 50 716 436 702 6 757 43 453 13 845 53 630 11 687 80 101

0 0 0 0 0 0 6 291 497 21 034 69 882 85 144 954 944

0 47 181 0 5 025 0 153 847

169 859 1 084 797 338 391 1 490 260 364 955 3 559 627 362 919 2 236 704 361 636 207 961 219 582 (2 709 452)

(3 442 470) 37 904 879 8 261 132 37 798 568 6 780 846 51 792 493

2 490 139 445 84 330 (2 390 587) 800 406 (51 469)

(3 077 061) 40 281 028 8 707 098 35 615 942 7 800 834 49 031 572

5 051 020 (26 705 993) (2 540 902) (3 996 589) (1 983 182) (48 945 164)1 955 15 438 0 (1 110 572) (498 736) 0

1 975 914 13 590 473 6 166 196 30 508 781 5 318 916 86 408 (24 064 295) (149 340 870) (39 894 549) (185 559 985) (37 829 274) (362 307 922)

(266 850) (37 825) (413 357) (506 804) (71 915) (137 009)

(22 355 231) (135 788 222) (34 141 710) (155 558 008) (32 582 273) (362 358 523)

22 355 231 135 788 222 34 141 710 155 558 008 32 582 273 362 358 523

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 22








Net asset value 0 433 535 208 0 0



Total expenses 1 269 767 1 543 362 59 163 9 574 585









(153 359 232) 14 709 067 (51 000 124) (1 496 918 353)


153 359 232 418 826 141 51 000 124 1 496 918 353


0 0 0 0


0 433 535 208 0 0

BNP Paribas L1


Page 23



World Aqua


0 1 445 954 478 0 0 97 546 733 64 434 561 0 1 165 925 789 0 0 93 500 559 58 342 249 0 270 048 697 0 0 3 757 986 5 290 318 0 1 435 974 486 0 0 97 258 545 63 632 567 0 0 0 0 0 0 0 7 984 670 0 0 0 508 838 0 1 995 322 0 0 288 188 293 156

0 555 446 0 0 561 281 644 849 0 0 0 0 13 237 0 0 0 0 0 0 0 0 555 446 0 0 548 044 644 849

0 1 445 399 032 0 0 96 985 452 63 789 712

3 132 548 18 969 019 5 191 002 1 239 555 2 458 857 10 1 325 914 1 198 343 6 077 646 1 548 791 1 077 682 378 719

0 1 636 17 10 2 385 17 0 0 0 0 0 0

291 185 3 071 459 1 666 620 435 176 378 710 69 664 57 693 204 386 281 618 69 828 74 832 38 439

0 0 0 0 0 0 345 380 1 277 859 202 873 238 906 304 169 0

54 854 0 24 482 9 705 0 0

2 075 026 5 753 683 8 253 256 2 302 416 1 837 778 486 839 1 057 522 13 215 336 (3 062 254) (1 062 861) 621 079 (486 829)

64 906 214 239 533 393 303 128 863 71 711 949 16 112 428 0

(215 136) (869 166) 4 478 578 (165 119) 208 082 0

65 748 600 251 879 563 304 545 187 70 483 969 16 941 589 (486 829)

(37 886 544) 109 989 410 (138 242 771) (15 726 959) (1 203 017) 5 290 318 0 0 (2 103 689) (73 953) 0 0

27 862 056 361 868 973 164 198 727 54 683 057 15 738 572 4 803 489 (239 996 170) (388 505 291) (1 522 761 375) (330 512 254) (54 070 448) 58 986 223

(346 736) (393 571) (5 317 374) (788 181) (357 345) 0

(212 480 850) (27 029 889) (1 363 880 022) (276 617 378) (38 689 221) 63 789 712

212 480 850 1 472 428 921 1 363 880 022 276 617 378 135 674 673 0

0 0 0 0 0 0

0 1 445 399 032 0 0 96 985 452 63 789 712

BNP Paribas L1



Page 24

Equity World

Consumer Durables



Equity World Energy









Total expenses 304 893 667 566 6 744 588 1 393 647









(34 465 045) (60 426 024) (750 495 928) (200 579 372)


34 465 045 60 426 024 799 288 413 200 579 372


0 0 0 0


0 0 48 792 485 0

BNP Paribas L1


Page 25








0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

354 305 2 251 214 82 490 2 699 001 1 290 711 246 887 192 373 1 157 017 51 924 1 026 727 606 321 306 866

90 200 82 484 95 48 0 0 0 0 0 0

46 443 285 991 12 116 326 763 141 475 71 824 10 269 62 821 2 894 58 905 32 051 16 604

0 0 0 0 0 0 28 891 93 524 7 513 479 061 25 136 14 063

0 6 591 0 3 210 0 1 814

278 066 1 606 144 74 529 1 895 150 805 078 411 219 76 239 645 070 7 961 803 851 485 633 (164 332)

9 388 557 70 466 247 2 746 890 34 681 119 12 293 612 11 262 003

(23 263) (53 052) 6 366 (714 979) (21 687) (1 749)

9 441 533 71 058 265 2 761 217 34 769 991 12 757 558 11 095 922

(3 539 827) (22 332 807) (1 448 047) (448 545) (15 444 650) (6 402 883)0 0 0 (25 677) 0 0

5 901 706 48 725 458 1 313 170 34 295 769 (2 687 092) 4 693 039 (38 259 250) (228 227 308) (8 923 450) (182 597 016) (114 865 008) (61 209 264)

(443 586) (764 381) 0 (429 126) (78 702) (91 825)

(32 801 130) (180 266 231) (7 610 280) (148 730 373) (117 630 802) (56 608 050)

32 801 130 180 266 231 7 610 280 148 730 373 117 630 802 56 608 050

0 0 0 0 0 0

0 0 0 0 0 0

BNP Paribas L1



Page 26

Equity World











Total expenses 521 283 418 018 164 917 249 601









(65 738 926) (52 620 608) (21 643 911) (8 925 988)


65 738 926 52 620 608 21 643 911 26 564 308


0 0 0 0


0 0 0 17 638 320

BNP Paribas L1


Page 27



15 202 042 15 343 338 12 614 019 12 378 248 8 448 953 22 637 914 15 044 789 15 181 637 12 417 163 12 104 970 8 400 045 22 518 326

4 104 58 698 76 400 73 900 (31 392) (13 579)15 048 893 15 240 335 12 493 563 12 178 870 8 368 653 22 504 747

579 556 450 438 0 0 121 940 88 140 117 224 175 289 55 137 120 688

30 630 14 307 2 782 23 651 25 163 12 479

41 341 46 259 56 046 138 240 64 991 48 847 0 0 0 0 0 0 0 0 0 0 0 0

41 341 46 259 56 046 138 240 64 991 48 847

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

413 676 394 169 286 021 268 829 254 586 822 104 171 136 180 244 169 310 159 762 127 388 368 209

330 443 412 398 66 314 648 572 368 330 0 0

26 399 32 772 25 083 23 668 26 133 75 807 22 272 20 978 16 231 15 385 16 288 47 303

0 0 0 0 0 0 17 008 25 056 24 044 22 598 509 21 504

0 0 0 0 0 0

237 793 260 065 235 448 222 141 170 384 513 137 175 883 134 104 50 573 46 688 84 202 308 967

1 526 437 1 918 282 1 608 344 1 428 324 496 804 2 540 615

28 896 31 007 29 330 28 032 3 173 15 999

1 731 216 2 083 393 1 688 247 1 503 044 584 179 2 865 581

(1 062 972) (849 057) (557 990) (480 002) (546 993) (2 062 269)(3 883) (3 756) (2 477) (2 117) 1 306 3 248

664 361 1 230 580 1 127 780 1 020 925 38 492 806 560 (7 018 383) (4 261 994) (1 204 062) 186 850 (8 312 586) (28 125 472)

0 0 0 0 0 0

(6 354 022) (3 031 414) (76 282) 1 207 775 (8 274 094) (27 318 912)

21 514 723 18 328 493 12 634 255 11 032 233 16 658 056 49 907 979

0 0 0 0 0 0

15 160 701 15 297 079 12 557 973 12 240 008 8 383 962 22 589 067

BNP Paribas L1



Page 28







Net asset value 135 832 970 95 042 291 25 621 238 7 277 768



Total expenses 3 398 349 3 470 015 1 271 981 342 612









(109 587 363) (149 311 500) (42 876 214) (11 728 832)


245 420 333 244 353 791 68 497 452 19 006 600


0 0 0 0


135 832 970 95 042 291 25 621 238 7 277 768

BNP Paribas L1


Page 29


World Real Estate



Securities World


250 240 466 0 0 614 692 942 0 0 219 570 156 0 0 545 921 469 0 0

23 834 907 0 0 53 511 623 0 0 243 405 063 0 0 599 433 092 0 0

0 0 0 0 0 0 6 599 409 0 0 14 763 705 0 0

235 994 0 0 496 145 0 0

659 662 0 0 380 681 0 0 0 0 0 0 0 0 0 0 0 0 0 0

659 662 0 0 380 681 0 0

249 580 804 0 0 614 312 261 0 0

4 561 392 1 352 954 942 337 14 995 956 477 331 368 256 3 632 604 2 179 897 655 294 1 456 735 303 075 163 754

50 036 4 315 556 2 560 577 398 0 0 22 153 0 0 0

1 003 451 500 813 171 393 1 275 716 86 723 47 617 291 898 94 839 31 873 134 531 15 786 7 718

0 0 0 0 0 0 663 019 327 573 161 127 1 227 591 135 825 70 593

5 057 40 776 5 907 589 0 0

5 646 065 3 148 213 1 048 303 4 097 722 541 986 290 080 (1 084 673) (1 795 259) (105 966) 10 898 234 (64 655) 78 176

20 525 220 (16 487 243) 16 863 214 21 114 499 19 000 854 9 002 244

17 849 (8 425 230) (507 727) (185 299) 84 950 46 531

19 458 396 (26 707 732) 16 249 521 31 827 434 19 021 149 9 126 951

11 784 782 (14 473 855) (7 360 731) 19 491 786 (11 319 157) (4 056 427)0 (1 081 279) 307 639 0 187 0

31 243 178 (42 262 866) 9 196 429 51 319 220 7 702 179 5 070 524 (88 671 663) (433 393 200) (135 659 663) 101 247 598 (74 349 572) (38 382 703)(1 888 226) (1 191 369) (664 479) (1 508 569) (718 550) (41 462)

(59 316 711) (476 847 435) (127 127 713) 151 058 249 (67 365 943) (33 353 641)

308 897 515 476 847 435 127 127 713 463 254 012 67 365 943 33 353 641

0 0 0 0 0 0

249 580 804 0 0 614 312 261 0 0

BNP Paribas L1



Page 30







Net asset value 153 906 004 116 410 630 179 206 089 169 961 577



Total expenses 3 710 258 2 781 763 4 372 735 4 228 585









(59 415 687) (19 642 169) (3 136 528) (40 417 387)


213 321 691 136 052 799 182 342 617 210 378 964


0 0 0 0


153 906 004 116 410 630 179 206 089 169 961 577

BNP Paribas L1


Page 31






11 379 855 5 004 359 7 289 956 12 935 456 74 607 020 29 741 149 11 341 825 4 951 925 7 236 118 12 771 816 73 318 203 29 054 876

23 998 12 170 28 266 44 316 653 352 221 394 11 365 823 4 964 095 7 264 384 12 816 132 73 971 555 29 276 270

1 579 538 1 816 2 867 30 196 11 973 9 669 38 467 22 196 115 244 581 145 452 331 2 784 1 259 1 560 1 213 24 124 575

94 070 6 446 15 950 43 340 291 895 223 542 0 0 0 0 0 0 0 0 0 0 0 0

94 070 6 446 15 950 43 340 291 895 223 542

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

78 339 32 442 79 440 86 619 1 244 710 484 927 145 027 51 901 82 140 143 953 1 065 534 551 982

766 379 768 855 2 586 1 136 548 265 632 634 33 257 12 930

46 538 15 571 24 642 43 187 218 226 83 102 14 621 6 222 9 336 16 987 45 068 26 347

0 0 0 0 0 0 383 137 322 473 119 187 45 502

0 0 0 0 17 743 11 992

207 883 74 475 117 840 206 089 1 501 601 732 991 (129 544) (42 033) (38 400) (119 470) (256 891) (248 064)

151 866 1 890 (63 280) (56 790) 4 908 510 2 150 158

25 377 (2 889) 8 509 13 845 633 994 238 825

47 699 (43 032) (93 171) (162 415) 5 285 613 2 140 919

(256 920) (41 279) (75 112) (66 146) (5 072 130) (2 158 897)(37 631) (6 795) (12 502) (11 907) 261 613 120 903

(246 852) (91 106) (180 785) (240 468) 475 096 102 925 (7 179 733) (311 823) (1 402 420) (2 634 120) (8 807 631) (5 390 256)

0 0 0 0 0 (31 974)

(7 426 585) (402 929) (1 583 205) (2 874 588) (8 332 535) (5 319 305)

18 712 370 5 400 842 8 857 211 15 766 704 82 647 660 34 836 912

0 0 0 0 0 0

11 285 785 4 997 913 7 274 006 12 892 116 74 315 125 29 517 607

BNP Paribas L1



Page 32


Safe High Growth W4






Net asset value 35 814 022 51 428 296 3 713 475 713 489



Total expenses 879 840 1 266 247 96 106 17 726









(5 844 481) (6 706 161) (400 381) 7 555


41 658 503 58 134 457 4 113 856 705 934


0 0 0 0


35 814 022 51 428 296 3 713 475 713 489

BNP Paribas L1


Page 33

Safe High Growth W7



27 187 32 026 447 861 290 269 653 704 677 797 2 372 419 3 021 546 180 442 906 114 971 439 174 465 228 181 289 781

452 946 53 420 30 777 66 229 62 925 9 561 19 898 1 384 367 1 059 580 1 058 648 1 320 350

74 5 014 21 027 8 909 8 678 8 685

5 712 5 911 588 389 394 908 796 033 1 169 402 0 0 0 0 0 0 0 0 0 0 0 0

5 712 5 911 588 389 394 908 796 033 1 169 402

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

35 699 49 916 1 343 559 911 389 2 042 718 1 590 075 43 056 59 483 3 446 192 2 231 662 3 329 134 3 565 980

105 86 3 881 2 285 5 430 4 452 752 1 067 50 862 33 082 78 553 60 525

7 370 10 186 492 085 316 582 445 270 522 047 2 875 3 932 134 679 85 926 100 723 149 795

0 0 0 0 0 0 5 501 7 653 51 773 34 541 80 871 62 275

0 0 104 852 70 726 132 864 96 251

59 659 82 407 4 284 324 2 774 804 4 172 845 4 461 325 (23 960) (32 491) (2 940 765) (1 863 415) (2 130 127) (2 871 250)

280 199 402 279 4 248 776 1 297 176 1 468 897 1 543 581

40 766 52 734 94 157 17 313 (123 517) 88 895

297 005 422 522 1 402 168 (548 926) (784 747) (1 238 774)

(203 152) (304 722) (5 516 537) (1 958 590) (3 482 145) (2 827 382)(14 221) (10 323) 144 610 64 641 129 075 115 495

79 632 107 477 (3 969 759) (2 442 875) (4 137 817) (3 950 661)(292 319) (891 007) (59 421 765) (30 967 923) (24 700 658) (57 678 199)

(1 890) (2 183) 0 0 0 0

(214 577) (785 713) (63 391 524) (33 410 798) (28 838 475) (61 628 860)

2 591 371 3 827 206 244 704 855 149 086 595 203 641 225 243 141 199

0 0 0 0 0 0

2 376 794 3 041 493 181 313 331 115 675 797 174 802 750 181 512 339

BNP Paribas L1



Page 34

Sustainable Active



Balanced


Growth






Net asset value 134 651 112 0 0 0



Total expenses 1 992 858 331 276 203 259 63 782









88 903 833 (191 767 687) (51 330 997) (15 652 581)


45 747 279 191 767 687 51 330 997 15 652 581


0 0 0 0


134 651 112 0 0 0

BNP Paribas L1


Page 35


EUR USD EUR EUR

0 0 0 8 535 831 965 0 0 0 7 634 371 783 0 0 0 680 584 734 0 0 0 8 314 956 517 0 0 0 10 777 778 0 0 0 126 545 910 0 0 0 83 551 760

0 0 0 37 965 121 0 0 0 955 167 0 0 0 6 271 432 0 0 0 30 738 522

0 0 0 8 497 866 844

4 434 117 13 657 2 820 386 133 674 152 920 1 127 963 37 155 145 214 718

1 459 1 641 2 639 310 140 254 449 0 0 9 400 165

78 694 422 908 14 862 40 040 172 17 990 52 002 667 9 404 846 93 708 0 0 93 708 12 224 0 0 19 600 949 11 762 0 0 1 556 523

623 206 1 604 514 55 323 225 621 221 3 810 911 (1 590 857) (52 503) 160 512 453

(3 006 642) (1 184 764) 0 2 621 245 947 3 610 580 (35 397 724) 37 168 676 14 177 645

4 414 849 (38 173 345) 37 116 173 2 795 936 045

3 326 222 8 970 0 (1 180 655 618)(2 752 939) 10 447 996 (38 094 833) (59 965 032)

4 988 132 (27 716 379) (978 660) 1 555 315 395 (162 656 568) (319 563 946) (37 124 817) (17 224 055 820)

0 (186 970) 0 (112 945 427)

(157 668 436) (347 467 295) (38 103 477) (15 781 685 852)

157 668 436 347 467 295 38 103 477 24 587 101 767

0 0 0 (307 549 071)

0 0 0 8 497 866 844

BNP Paribas L1



Page 36


Net assets 51 572 829 48 389 680 0



Net assets 166 720 601 112 052 139 0



Net assets 124 302 111 99 985 286 0



Net assets 52 009 933 568 069 710 0



Net assets 497 870 928 394 871 312 0


BNP Paribas L1



Page 37


Net assets 537 689 913 615 922 025 144 156 490



Net assets 105 020 178 101 532 682 0



Net assets 320 381 822 272 239 308 197 743 264



Net assets 106 242 233 114 754 452 0



Net assets 701 920 049 821 018 928 557 230 245


BNP Paribas L1



Page 38


Net assets 192 247 258 143 279 985 0



Net assets 136 442 336 120 882 212 0



Net assets 97 537 195 112 792 606 0



Net assets 2 209 197 910 1 838 958 619 278 288 466


BNP Paribas L1



Page 39


Net assets 173 041 615 229 081 773 0



Net assets 137 190 913 216 200 562 385 579 275



Net assets 71 049 017 62 404 716 55 169 310



Net assets 1 006 588 202 1 167 665 376 126 315 614


BNP Paribas L1



Page 40


Net assets 110 205 340 101 313 376 58 996 470



Net assets 85 075 098 75 314 415 42 691 436



Net assets 530 905 163 489 256 478 384 410 962



Net assets 210 133 205 210 274 297 167 926 445



Net assets 50 902 822 48 223 504 35 788 549



Net assets 195 747 853 172 817 546 123 720 575


BNP Paribas L1



Page 41


Net assets 165 006 284 172 536 074 0



Net assets 274 877 939 321 987 918 0



Net assets 391 372 993 654 650 044 0



Net assets 724 794 945 1 262 133 557 0



Net assets 12 706 300 58 349 583 0


BNP Paribas L1



Page 42


Net assets 99 306 341 90 118 045 0



Net assets 587 600 420 653 954 642 0



Net assets 477 311 632 463 340 153 510 442 146



Net assets 756 405 840 976 531 591 950 724 881


BNP Paribas L1



Page 43


Net assets 4 164 847 6 934 884 0



Net assets 16 375 755 18 606 575 0



Net assets 254 945 579 212 543 042 0



Net assets 78 811 471 61 440 120 0



Net assets 32 900 935 45 666 941 0


BNP Paribas L1



Page 44


Net assets 764 490 136 597 505 459 0



Net assets 63 137 325 61 429 230 0



Net assets 5 740 256 5 926 702 0



Net assets 14 056 677 13 581 303 0



Net assets 2 400 980 3 159 623 0



Net assets 21 894 248 14 493 080 0


BNP Paribas L1



Page 45


Net assets 24 282 157 22 355 231 0



Net assets 126 210 658 135 788 222 0



Net assets 29 881 743 34 141 710 0



Net assets 30 874 581 155 558 008 0



Net assets 17 805 812 32 582 273 0


BNP Paribas L1



Page 46


Net assets 305 738 087 362 358 523 0



Net assets 144 809 142 153 359 232 0



Net assets 467 079 012 418 826 141 433 535 208



Net assets 258 491 849 51 000 124 0


BNP Paribas L1



Page 47


Net assets 971 381 224 1 496 918 353 0



Net assets 127 363 511 212 480 850 0



Net assets 1 188 319 704 1 472 428 921 1 445 399 032



Net assets 1 024 997 425 1 363 880 022 0


BNP Paribas L1



Page 48


Net assets 245 412 700 276 617 378 0



Net assets 228 914 220 135 674 673 96 985 452



Net assets 0 0 63 789 712



Net assets 31 532 086 34 465 045 0



Net assets 73 870 460 60 426 024 0


BNP Paribas L1



Page 49


Net assets 928 218 987 799 288 413 48 792 485



Net assets 266 786 157 200 579 372 0



Net assets 32 898 222 32 801 130 0



Net assets 110 422 783 180 266 231 0



Net assets 9 894 942 7 610 280 0


BNP Paribas L1



Page 50


Net assets 38 135 513 148 730 373 0



Net assets 116 641 257 117 630 802 0



Net assets 69 195 354 56 608 050 0



Net assets 93 489 769 65 738 926 0



Net assets 68 513 653 52 620 608 0


BNP Paribas L1



Page 51


Net assets 13 801 415 21 643 911 0



Net assets 13 176 893 26 564 308 17 638 320



Net assets 9 921 871 21 514 723 15 160 701



Net assets 10 276 555 18 328 493 15 297 079



Net assets 5 209 886 12 634 255 12 557 973



Net assets 3 823 891 11 032 233 12 240 008


BNP Paribas L1



Page 52


Net assets 18 986 632 16 658 056 8 383 962



Net assets 52 038 979 49 907 979 22 589 067



Net assets 244 831 713 245 420 333 135 832 970



Net assets 242 275 107 244 353 791 95 042 291



Net assets 68 442 745 68 497 452 25 621 238



Net assets 20 037 751 19 006 600 7 277 768


BNP Paribas L1



Page 53


Net assets 429 993 959 308 897 515 249 580 804



Net assets 1 065 622 143 476 847 435 0



Net assets 101 940 390 127 127 713 0



Net assets 499 246 322 463 254 012 614 312 261


BNP Paribas L1



Page 54


Net assets 59 383 753 67 365 943 0



Net assets 29 379 447 33 353 641 0



Net assets 216 152 735 213 321 691 153 906 004



Net assets 181 870 538 136 052 799 116 410 630



Net assets 231 954 007 182 342 617 179 206 089



Net assets 188 522 384 210 378 964 169 961 577


BNP Paribas L1



Page 55


Net assets 12 969 218 18 712 370 11 285 785



Net assets 5 825 407 5 400 842 4 997 913



Net assets 10 465 715 8 857 211 7 274 006



Net assets 19 171 156 15 766 704 12 892 116



Net assets 57 095 276 82 647 660 74 315 125



Net assets 43 511 302 34 836 912 29 517 607


BNP Paribas L1



Page 56


Net assets 48 791 725 41 658 503 35 814 022



Net assets 53 813 441 58 134 457 51 428 296



Net assets 2 954 971 4 113 856 3 713 475



Net assets 2 029 567 705 934 713 489



Net assets 2 612 027 2 591 371 2 376 794



Net assets 2 390 314 3 827 206 3 041 493


BNP Paribas L1



Page 57


Net assets 276 746 688 244 704 855 181 313 331



Net assets 198 111 610 149 086 595 115 675 797



Net assets 271 628 317 203 641 225 174 802 750



Net assets 260 346 375 243 141 199 181 512 339



Net assets 57 411 892 45 747 279 134 651 112



Net assets 102 704 196 191 767 687 0


BNP Paribas L1



Page 58


Net assets 55 469 417 51 330 997 0



Net assets 16 522 633 15 652 581 0



Net assets 71 528 192 157 668 436 0



Net assets 427 049 616 347 467 295 0



Net assets 10 358 027 38 103 477 0





Page 59


Market value of net

assets


Luxembourg 144 314 376 10011 1 192 87796


EUR 144 314 376 10011





Page 60


Market value of net

assets


190 891 644 9654

Shares 190 891 644 9654


87 881 BASF SE EUR 6 809 899 344

77 911 BAYER AG EUR 7 943 026 402


111 093 DAIMLER AG EUR 6 987 750 353




464 074 EON AG EUR 6 225 553 315


EUR 5 074 675 257

49 765 METRO AG EUR 1 751 728 089


111 073 SAP AG EUR 6 920 959 350

70 583 SIEMENS AG EUR 7 008 186 354




EUR 9 430 159 477

46 493 FUGRO EUR 2 013 844 102

906 272 ING GROEP NV EUR 9 153 347 463


EUR 6 786 748 343
















Page 61


Market value of net

assets


474 099 117 8510

Bonds 473 974 265 8507

Spain 103 105 263 1851 4 000 000


EUR 4 270 720 077

2 500 000 BANKINTER SA 2750 13-26072016 EUR 2 576 650 046

19 263 000 SPANISH GOVT 3150 05-31012016 EUR 19 880 092 357

16 810 000 SPANISH GOVT 3250 10-30042016 EUR 17 386 894 312

21 184 000 SPANISH GOVT 4000 10-30042020 EUR 22 051 045 396

17 726 000 SPANISH GOVT 4500 12-31012018 EUR 19 098 452 343

11 957 000 SPANISH GOVT 4700 09-30072041 EUR 11 546 277 207

1 889 000 SPANISH GOVT 4800 08-31012024 EUR 1 986 465 036

1 870 000 SPANISH GOVT 5850 11-31012022 EUR 2 125 803 038

1 700 000 TELEFONICA EMIS 5597 12-12032020

GBP 2 182 865 039


89 411 017 1606

4 700 000 AMER INTL GROUP 8250 09-15082018

USD 4 263 894 077


USD 2 809 548 050


USD 1 521 191 027


5 500 000 CNH CAPITAL LLC 3875 13-01112015

USD 4 121 158 074

5 000 000 CONTINENTAL RES 4500 13-15042023

USD 3 678 472 066

14 358 034 FNR 2012-99 SD 12-25092042 FRN USD 2 451 673 044

3 450 000 FREMF 2013-K24 C 13-25112045 FRN USD 2 102 426 038

5 200 000 GEN MOTORS FIN 2750 13-15052016

USD 3 820 893 069

4 500 000 GENERAL MOTORS 3500 13-02102018

USD 3 339 200 060


USD 3 046 167 055

26 595 970 GNR 2010-H19 JI 10-20082060 FRN USD 2 182 242 039

24 005 874 GNR 2010-H28 KI 10-20122060 FRN USD 1 248 751 022

16 525 898 GNR 2011-123 SH 11-20092041 FRN USD 2 542 091 046

23 487 120 GNR 2011-H03 HI 11-20012061 FRN USD 990 603 018

13 013 634 GNR 2011-H05 HI 11-20012061 FRN USD 599 253 011

15 251 241 GNR 2011-H21 HI 11-20112061 FRN USD 942 516 017

29 219 835 GNR 2012-H02 AI 12-20012062 FRN USD 1 497 073 027

18 864 620 GNR 2012-H20 KI 12-20062062 FRN USD 1 299 762 023

11 266 427 GNR 2013-H01 FI 13-20012063 FRN USD 1 052 836 019

94 550 133 GNR 2013-H04 BI 13-20022063 FRN USD 8 683 901 156

21 185 415 GNR 2013-H08 IO 13-20032063 FRN USD 1 852 638 033

5 047 000 GOLDMAN SACHS GP 1600 12-23112015

USD 3 701 340 066

3 900 000 GOLDMAN SACHS GP 2900 13-19072018

USD 2 880 178 052


USD 3 436 648 062

2 660 000 MORGAN STANLEY 2125 13-25042018

USD 1 916 751 034


USD 3 636 269 065


USD 2 850 095 051

3 850 000 TOLL BR FIN CORP 4000 13-31122018

USD 2 842 901 051


5 552 053 US TSY IL STOCK 2500 09-15012029

USD 4 723 937 085


USD 1 496 881 027


USD 1 514 659 027


Market value of net

assets

Italy 85 415 745 1533 3 200 000


USD 2 371 147 043

1 500 000INTESA SANPAOLO 3875 13-15012019

USD 1 075 692 019

1 950 000INTESA SANPAOLO 4000 12-09112017

EUR 2 054 852 037

15 670 000 ITALY BTPS 3500 12-01112017 EUR 16 369 491 294

14 419 000 ITALY BTPS 4750 12-01052017 EUR 15 643 202 281

14 015 000 ITALY BTPS 5000 09-01092040 EUR 14 437 401 259

30 947 000 ITALY BTPS 5250 98-01112029 EUR 33 463 960 600

France 49 053 312 879 3 900 000 BPCE 2500 13-10122018 USD 2 812 322 050

10 882 000 FRANCE OAT 3750 09-25102019 EUR 12 274 449 220

24 786 000 FRANCE OAT 5500 98-25042029 EUR 32 390 900 581


USD 1 575 641 028

United Kingdom 39 865 229 715 4 200 000


USD 3 118 314 056

4 200 000SANTANDER UK PLC 5000 13-07112023

USD 3 057 893 055

2 800 000 UK TREASURY 4250 08-07122049 GBP 3 813 082 068

12 004 570 UK TREASURY 4250 09-07092039 GBP 15 959 730 286

2 004 000 UK TREASURY 4250 10-07122040 GBP 2 668 427 048

9 263 666 UK TSY IL GILT 0125 12-22032024 GBP 11 247 783 202

The Netherlands 38 815 473 697 1 500 000

ABN AMRO BANK NV 2250 13-11092017

GBP 1 791 472 032

5 500 000ABN AMRO BANK NV 2500 13-30102018

USD 3 993 590 072

1 400 000IBERDROLA INTL 4250 12-11102018

EUR 1 537 354 028


EUR 8 257 310 148


EUR 20 124 540 361

1 800 000 RABOBANK 3875 13-25072023 EUR 1 801 530 032


GBP 1 309 677 024

Poland 18 018 704 323 67 631 135


PLN 17 054 582 306


USD 964 122 017

Australia 16 094 785 289 13 582 000


AUD 16 094 785 289

Sweden 14 014 558 252 3 300 000

NORDEA BANK AB 2125 12-13112019

GBP 3 783 537 068

83 025 000 SWEDEN GOVT 3500 11-01062022 SEK 10 231 021 184

Japan 3 607 054 065 5 100 000


USD 3 607 054 065


280 000KUWAIT PROJECTS 9375 10-15072020

USD 246 104 004


USD 226 097 004

380 000VOTO - VOTORANTIM 6625 09-25092019

USD 304 455 005

Russia 2 037 863 037 700 000


USD 585 471 011

1 200 000RUSSIA - EUROBOND 5000 10-29042020

USD 931 627 017


USD 520 765 009





Page 62


Market value of net

assets


363 000 REP OF BRAZIL 2625 12-05012023 USD 225 895 004

360 000 REP OF BRAZIL 5625 09-07012041 USD 251 461 005

500 000 REP OF BRAZIL 7125 06-20012037 USD 414 565 007

440 000 TELEMAR N L 5500 10-23102020 USD 301 753 005

Mexico 1 321 570 024 350 000


USD 231 798 004

1 522 000 UNITED MEXICAN 3625 12-15032022

USD 1 089 772 020


310 000 ECOPETROL SA 7625 09-23072019 USD 266 907 005

670 000 REP OF COLOMBIA 4375 11-12072021

USD 501 400 009



USD 342 789 006

320 000 KMG FINANCE SUB 7000 10-05052020

USD 260 443 005

South Africa 735 065 013 1 062 000


USD 735 065 013

Chile 730 880 013 350 000 CHILE 3875 10-05082020 USD 265 431 005

250 000 CODELCO INC 7500 09-15012019 USD 215 951 004

310 000 ENAP 6250 09-08072019 USD 249 498 004


290 000 PANAMA 9375 99-01042029 USD 290 431 005



Qatar 398 788 007 520 000

STATE OF QATAR 4500 11-20012022

USD 398 788 007


PCCW - HKT CAP NO4 4250 10-24022016

USD 152 589 003

340 000 SINOPEC GRP OVER 3900 12-17052022

USD 237 431 004

South Korea 333 931 006 240 000


USD 191 040 003


USD 142 891 003


Ireland 250 942 005 320 000


USD 250 942 005






Market value of net

assets



USD (74 023) (001)




(33 479 514) (602)


(33 479 514) (602)

(800 000) FGCI 3 112 3000 12-15102026 USD (590 733) (011)

(1 100 000) FGLMC 4 111 4000 11-15092040 USD (819 741) (015)

(1 200 000) FGLMC 45 111 4500 11-15022040 USD (921 478) (017)

(700 000) FGLMC 5 111 5000 11-15042039 USD (548 006) (010)

(900 000) FGLMC 55 111 5500 11-15062038 USD (714 989) (013)

(600 000) FGLMC 6 111 6000 11-15102038 USD (481 558) (009)

(800 000) FNCI 25 113 2500 13-25112027 USD (574 223) (010)

(600 000) FNCI 35 112 3500 12-25072026 USD (455 296) (008)

(800 000) FNCI 45 111 4500 11-25032024 USD (617 947) (011)

(300 000) FNCI 5 111 5000 11-25072023 USD (231 866) (004)

(1 600 000) FNCL 3 113 3000 13-25102042 USD (1 102 725) (020)

(32 000 000) FNCL 35 112 3500 12-25062041 USD (23 070 503) (414)

(1 000 000) G2SF 3 113 3000 13-20052042 USD (700 769) (013)

(1 200 000) G2SF 35 112 3500 12-20092041 USD (878 479) (016)

(900 000) G2SF 4 111 4000 11-20092040 USD (679 270) (012)

(800 000) G2SF 45 111 4500 11-20062040 USD (620 306) (011)

(600 000) G2SF 5 111 5000 11-20052040 USD (471 625) (008)


Luxembourg 42 275 421 759 370 48900


USD 27 239 189 489


USD 15 036 232 270

Ireland 11 227 209 201 5 74461


USD 11 227 209 201





Page 63


Market value of net

assets


Luxembourg 278 694 988 10015 2 947 59374


USD 278 694 988 10015





Page 64


Market value of net

assets


318 751 406 8267

Bonds 318 687 561 8265


55 628 156 1444

1 470 000 AMER INTL GROUP 8250 09-15082018

USD 1 333 601 035


USD 1 489 529 039


USD 960 752 025


1 950 000 CNH CAPITAL LLC 3875 13-01112015

USD 1 461 138 038

2 950 000 CONTINENTAL RES 4500 13-15042023

USD 2 170 298 056

100 000 DUKE ENERGY CORP 1625 12-15082017

USD 71 656 002

6 765 953 FNR 2012-99 SD 12-25092042 FRN USD 1 155 305 030

1 000 000 FREMF 2013-K24 C 13-25112045 FRN USD 609 399 016

2 500 000 GEN MOTORS FIN 2750 13-15052016

USD 1 836 968 048

2 550 000 GENERAL MOTORS 3500 13-02102018

USD 1 892 213 049


USD 1 921 986 050

8 014 086 GNR 2010-H19 JI 10-20082060 FRN USD 657 569 017

7 170 392 GNR 2010-H28 KI 10-20122060 FRN USD 372 994 010

8 035 993 GNR 2011-123 SH 11-20092041 FRN USD 1 236 134 032

6 700 076 GNR 2011-H03 HI 11-20012061 FRN USD 282 585 007

3 709 496 GNR 2011-H05 HI 11-20012061 FRN USD 170 815 004

8 936 936 GNR 2012-H02 AI 12-20012062 FRN USD 457 882 012

24 676 433 GNR 2012-H24 HI 12-20102062 FRN USD 958 404 025

3 218 979 GNR 2013-H01 FI 13-20012063 FRN USD 300 810 008

28 080 869 GNR 2013-H04 BI 13-20022063 FRN USD 2 579 071 067

19 130 482 GNR 2013-H08 IO 13-20032063 FRN USD 1 672 937 043

1 582 000 GOLDMAN SACHS GP 1600 12-23112015

USD 1 160 198 030

2 700 000 GOLDMAN SACHS GP 2900 13-19072018

USD 1 993 969 052


USD 1 603 769 042

1 260 000 MORGAN STANLEY 2125 13-25042018

USD 907 935 024


USD 1 818 134 047


USD 696 690 018

2 670 000 TOLL BR FIN CORP 4000 13-31122018

USD 1 971 570 051


2 508 411 US TSY IL STOCK 2500 09-15012029

USD 2 134 269 055

21 147 397 US TSY INFL IX NB 0375 13-15072023

USD 14 784 675 383


USD 883 052 023


USD 893 260 023

Mexico 48 202 029 1248 174 604 000


MXN 9 990 405 259

661 902 700 MEXICAN BONOS 6500 11-10062021

MXN 37 649 560 975


USD 132 456 003

600 000 UNITED MEXICAN 3625 12-15032022

USD 429 608 011

South Africa 42 418 855 1099 617 000


USD 427 057 011


ZAR 41 991 798 1088


Market value of net

assets

Spain 28 486 644 738 1 100 000


EUR 1 174 448 030

1 300 000 BANKINTER SA 2750 13-26072016 EUR 1 339 858 035

8 834 000 SPANISH GOVT 3150 05-31012016 EUR 9 116 998 236

749 000 SPANISH GOVT 4000 10-30042020 EUR 779 656 020

11 774 000 SPANISH GOVT 4500 12-31012018 EUR 12 685 613 329

619 000 SPANISH GOVT 4800 08-31012024 EUR 650 938 017

1 280 000 SPANISH GOVT 5850 11-31012022 EUR 1 455 095 038

1 000 000TELEFONICA EMIS 5597 12-12032020

GBP 1 284 038 033

Poland 24 126 057 625 9 480 304


PLN 2 390 654 062

34 509 000POLAND GOVT BOND 5000 10-25042016

PLN 8 649 744 224

48 854 000POLAND GOVT BOND 5250 09-25102020

PLN 12 607 454 327


USD 478 205 012


2 611 990 000 HUNGARY GOVT 6500 08-24062019 HUF 9 453 857 245

1 482 050 000 HUNGARY GOVT 6750 01-24112017 HUF 5 394 728 140

United Kingdom 17 227 421 446 1 300 000


USD 965 193 025

2 650 000SANTANDER UK PLC 5000 13-07112023

USD 1 929 385 050

940 000 UK TREASURY 4250 08-07122049 GBP 1 280 106 033

1 309 000 UK TREASURY 4250 09-07092039 GBP 1 740 278 045

209 000 UK TREASURY 4250 10-07122040 GBP 278 294 007

161 000 UK TREASURY 4500 07-07122042 GBP 224 222 006

2 205 000 UK TREASURY 4750 07-07122030 GBP 3 087 265 080

6 360 392 UK TSY IL GILT 0125 12-22032024 GBP 7 722 678 200

Italy 16 565 650 429 1 400 000


USD 1 037 377 027

1 400 000INTESA SANPAOLO 3875 13-15012019

USD 1 003 979 026

1 000 000INTESA SANPAOLO 4000 12-09112017

EUR 1 053 770 027

6 023 000 ITALY BTPS 3500 12-01112017 EUR 6 291 860 163

5 460 000 ITALY BTPS 3750 06-01082021 EUR 5 590 445 145

313 000 ITALY BTPS 3750 10-01032021 EUR 320 806 008

1 127 000 ITALY BTPS 5500 12-01092022 EUR 1 267 413 033

France 13 131 821 341 2 600 000 BPCE 2500 13-10122018 USD 1 874 882 049

6 014 000 FRANCE OAT 3750 09-25102019 EUR 6 783 545 176

135 000 FRANCE OAT 4000 05-25042055 EUR 150 428 004

2 699 000 FRANCE OAT 5500 98-25042029 EUR 3 527 114 091


USD 795 852 021

New Zealand 12 174 927 316 19 294 000


NZD 12 174 927 316

Australia 11 074 011 287 2 184 000


AUD 1 481 368 038


AUD 9 592 643 249




Page 65


Market value of net

assets

The Netherlands 6 761 422 176 800 000

ABN AMRO BANK NV 2250 13-11092017

GBP 955 452 025

3 850 000 ABN AMRO BANK NV 2500 13-30102018

USD 2 795 513 073

900 000 IBERDROLA INTL 4250 12-11102018

EUR 988 299 026

1 000 000 RABOBANK 3875 13-25072023 EUR 1 000 850 026


GBP 1 021 308 026


1 511 278 DEUTSCHLAND REP 4750 98-04072028

EUR 1 933 261 050


GBP 2 030 409 053


Japan 3 465 601 090 4 900 000


USD 3 465 601 090


300 000 KUWAIT PROJECTS 9375 10-15072020

USD 263 683 007


USD 182 336 005

50 000 000 000 SIGNUM FINANCE 0000 07-01022037

COP 1 620 840 042

220 000 VOTO - VOTORANTIM 6625 09-25092019

USD 176 263 005

Belgium 2 325 227 060 2 165 000

BELGIUM OLO 47 3250 06-28092016

EUR 2 325 227 060

Sweden 2 235 727 058 1 950 000

NORDEA BANK AB 2125 12-13112019

GBP 2 235 727 058

Russia 888 236 023 330 000


USD 276 008 007

500 000 RUSSIA - EUROBOND 5000 10-29042020

USD 388 178 010


USD 224 050 006


236 000 REP OF BRAZIL 2625 12-05012023 USD 146 863 004

150 000 REP OF BRAZIL 5625 09-07012041 USD 104 775 003

210 000 REP OF BRAZIL 7125 06-20012037 USD 174 117 005

200 000 TELEMAR N L 5500 10-23102020 USD 137 160 004


130 000 ECOPETROL SA 7625 09-23072019 USD 111 929 003

330 000 REP OF COLOMBIA 4375 11-12072021

USD 246 958 006



USD 183 352 005

120 000 KMG FINANCE SUB 7000 10-05052020

USD 97 666 003

Chile 302 781 008 180 000 CHILE 3875 10-05082020 USD 136 507 004

90 000 CODELCO INC 7500 09-15012019 USD 77 742 002

110 000 ENAP 6250 09-08072019 USD 88 532 002


150 000 PANAMA 9375 99-01042029 USD 150 223 004


Market value of net

assets


PCCW - HKT CAP NO4 4250 10-24022016

USD 114 442 003

210 000SINOPEC GRP OVER 3900 12-17052022

USD 146 649 004



South Korea 177 367 005 100 000


USD 79 600 002


USD 97 767 003


Qatar 161 049 004 210 000

STATE OF QATAR 4500 11-20012022

USD 161 049 004



Ireland 86 261 002 110 000


USD 86 261 002





USD (50 891) (001)




(17 152 815) (445)


(17 152 815) (445)

(100 000) FGCI 3 112 3000 12-15102026 USD (73 842) (002)

(200 000) FGLMC 4 111 4000 11-15092040 USD (149 044) (004)

(200 000) FGLMC 45 111 4500 11-15022040 USD (153 580) (004)

(100 000) FGLMC 5 111 5000 11-15042039 USD (78 287) (002)

(200 000) FGLMC 55 111 5500 11-15062038 USD (158 886) (004)

(100 000) FGLMC 6 111 6000 11-15102038 USD (80 260) (002)

(100 000) FNCI 25 113 2500 13-25112027 USD (71 778) (002)

(100 000) FNCI 35 112 3500 12-25072026 USD (75 883) (002)

(100 000) FNCI 45 111 4500 11-25032024 USD (77 243) (002)

(100 000) FNCI 5 111 5000 11-25072023 USD (77 289) (002)

(300 000) FNCL 3 113 3000 13-25102042 USD (206 761) (005)

(21 300 000) FNCL 35 112 3500 12-25062041 USD (15 356 304) (398)

(200 000) G2SF 3 113 3000 13-20052042 USD (140 154) (004)

(200 000) G2SF 35 112 3500 12-20092041 USD (146 413) (004)

(200 000) G2SF 4 111 4000 11-20092040 USD (150 949) (004)

(100 000) G2SF 45 111 4500 11-20062040 USD (77 538) (002)

(100 000) G2SF 5 111 5000 11-20052040 USD (78 604) (002)


Luxembourg 30 585 261 793 416 00000


USD 30 585 261 793




Page 66


Market value of net

assets

Ireland 2 090 186 054 1 06948


USD 2 090 186 054





Page 67


Market value of net

assets


53 245 140 9651

Bonds 9 872 938 1790

France 3 383 415 613 1 200 000


EUR 1 327 788 241


500 000 PUBLICIS GROUPE 4250 09-31032015

EUR 520 905 094

700 000 VINCI SA 4125 11-20022017 EUR 760 025 138

Luxembourg 2 451 182 445 1 500 000


EUR 1 795 830 326


EUR 655 352 119

Russia 1 380 039 250 1 650 000


USD 1 380 039 250




EUR 970 834 176



France 6 833 045 1238 33 835


EUR 370 832 067

1 000 000 BNP PARIBAS 0250 13-27092016 CV

EUR 1 065 940 193


EUR 259 747 047


EUR 814 560 148


EUR 473 713 086


EUR 298 922 054


EUR 940 712 171

615 942 ORPEA 1750 13-01012020 CV FLAT EUR 680 037 123


EUR 636 816 115

719 446 RALLYE SA 1000 13-02102020 CV FLAT

EUR 792 916 144


EUR 498 850 090


700 000 BENI STABILI 3375 13-17012018 CV

EUR 732 179 133

900 000 BUZZI UNICEM 1375 13-17072019 CV

EUR 981 648 178

600 000 CAM 2012 SPA 5625 12-26102017 CV

EUR 750 000 136

1 100 000 ENI SPA 0250 12-30112015 CV EUR 1 135 068 206

1 000 000 ENI SPA 0625 13-18012016 CV EUR 1 054 530 191

1 100 000 PRYSMIAN SPA 1250 13-08032018 CV

EUR 1 237 247 224

The Netherlands 3 883 616 704 900 000


EUR 950 004 172


EUR 843 208 153

200 000 AMPLITER NV 2875 13-14112018 CV

EUR 200 304 036

2 250 000 SIEMENS FINAN 1050 12-16082017 CV

USD 1 890 100 343


Market value of net

assets

Jersey Island 3 692 012 670 200 000


GBP 247 577 045

300 000DERWENT LDN JE 2750 11-15072016 CV

GBP 438 700 080


GBP 398 109 072


EUR 997 990 181


GBP 631 370 114


EUR 483 064 088

400 000UNITE JERSEY 2500 13-10102018 CV

GBP 495 202 090



EUR 927 661 168

600 000TUI TRAVEL PLC 4900 10-27042017 CV

GBP 903 635 164


USD 807 236 146

Spain 2 873 461 520 700 000

ABENGOA SA 6250 13-17012019 CV

EUR 713 349 129


EUR 747 145 135

300 000MELIA HOTELS 4500 13-04042018 CV

EUR 409 401 074

400 000NH HOTELES SA 4000 13-08112018 CV

EUR 441 308 080

600 000PESCANOVA SA 8750 12-17022019 CV

EUR 87 258 016


EUR 475 000 086



EUR 313 950 057

700 000GVM DEBT LUX 5750 13-14022018 CV

EUR 828 317 150

800 000TMK BONDS SA 5250 10-11022015 CV

USD 586 036 106

Germany 2 214 571 401 100 000


EUR 106 171 019


EUR 1 413 936 256

587 326 TUI AG 2750 11-24032016 CV FLAT EUR 694 464 126



EUR 2 131 595 386

Cayman Islands 2 066 726 375 1 000 000


USD 759 367 138


USD 1 307 359 237

Austria 1 760 661 320 500 000


EUR 538 550 098


EUR 1 222 111 222



EUR 1 000 818 181


Hungary 826 736 150 800 000


EUR 826 736 150

Cyprus 580 642 105 800 000


USD 580 642 105




Page 68


Market value of net

assets


Russia 391 397 071 500 000


USD 391 397 071


Bermuda 232 043 042 400 000


USD 232 043 042



EUR 183 960 033


470 CALL CGG 20062014 18 EUR 5 170 001

(470) CALL CGG 20062014 21 EUR (940) 000


EUR 66 600 012

60 CALL KERING 20062014 160 EUR 36 060 007

28 CALL KERING 20062014 190 EUR 2 212 000


USD 30 411 006


EUR 7 110 001


EUR 17 930 003


EUR 15 656 003


EUR 21 250 004


EUR 59 250 011


EUR 22 400 004



155 CALL VINCI SA 20062014 48 EUR 35 805 006

40 CALL WPP PLC 20062014 14 GBP 36 298 007





Page 69


Market value of net

assets


Luxembourg 126 439 505 10010 1 054 10176


EUR 126 439 505 10010





Page 70


Market value of net

assets


45 057 198 7638

Shares 45 047 795 7636


47 900 AXA EUR 968 059 164

24 830 BNP PARIBAS EUR 1 406 620 238



13 716 DANONE SA EUR 717 621 122



35 820 GDF SUEZ EUR 612 343 104

5 594 L OREAL EUR 714 354 121





55 772 TOTAL SA EUR 2 483 526 420


12 369 VINCI SA EUR 590 249 100

29 850 VIVENDI EUR 571 777 097


21 568 BASF SE EUR 1 671 304 283

19 405 BAYER AG EUR 1 978 340 335


23 064 DAIMLER AG EUR 1 450 726 246




46 955 EON AG EUR 629 901 107


11 328 RWE AG EUR 301 381 051

22 248 SAP AG EUR 1 386 273 235

19 520 SIEMENS AG EUR 1 938 141 329




118 164 IBERDROLA SA EUR 547 690 093

4 975 INDITEX EUR 596 005 101

18 958 REPSOL YPF SA EUR 347 311 059




EUR 760 411 129

90 620 ING GROEP NV EUR 915 262 155


EUR 586 377 099

36 913 UNILEVER NV EUR 1 080 628 183


149 543 ENEL SPA EUR 474 649 080

62 790 ENI SPA EUR 1 098 197 186





Market value of net

assets




Luxembourg 5 058 463 857 5 74754


EUR 634 586 108


EUR 632 145 107


EUR 2 529 472 428


EUR 1 262 260 214






Page 71


Market value of net

assets


33 989 446 7962

Shares 33 982 352 7960


36 135 AXA EUR 730 288 171

18 731 BNP PARIBAS EUR 1 061 111 249



10 347 DANONE SA EUR 541 355 127



27 021 GDF SUEZ EUR 461 924 108

4 220 L OREAL EUR 538 894 126





42 073 TOTAL SA EUR 1 873 512 440


9 331 VINCI SA EUR 445 275 104

22 518 VIVENDI EUR 431 332 101


16 270 BASF SE EUR 1 260 762 295

14 638 BAYER AG EUR 1 492 344 350


17 399 DAIMLER AG EUR 1 094 397 256




35 421 EON AG EUR 475 173 111


8 546 RWE AG EUR 227 366 053

16 783 SAP AG EUR 1 045 749 245

14 725 SIEMENS AG EUR 1 462 045 342





3 753 INDITEX EUR 449 609 105

14 302 REPSOL YPF SA EUR 262 013 061




EUR 573 615 134

68 361 ING GROEP NV EUR 690 446 162


EUR 442 334 104

27 846 UNILEVER NV EUR 815 192 191


112 811 ENEL SPA EUR 358 062 084

47 367 ENI SPA EUR 828 449 194





Market value of net

assets




Luxembourg 3 676 375 861 4 07461


EUR 449 878 105


EUR 474 732 111


EUR 1 793 327 420


EUR 958 438 225






Page 72


Market value of net

assets


Luxembourg 357 181 180 9292 102 39943


EUR 11 716 543 305


EUR 26 999 629 702


EUR 1 902 268 049


USD 2 253 462 059


EUR 1 026 660 027


EUR 30 125 143 784


EUR 15 255 192 397


EUR 32 089 730 835


EUR 3 863 812 101


EUR 11 476 704 299


EUR 4 274 437 111


EUR 36 648 505 953


EUR 9 063 113 236


EUR 4 116 802 107


EUR 1 312 983 034



EUR 19 387 490 504


EUR 39 512 817 1029


USD 11 659 564 303


EUR 4 011 470 104


EUR 34 382 721 894


EUR 19 462 739 506


EUR 16 450 905 428









Page 73


Market value of net

assets


Luxembourg 164 129 649 9774 30 11852


EUR 3 446 160 205


EUR 13 483 783 803


EUR 1 651 499 098


EUR 1 484 196 088


USD 814 889 049


EUR 366 663 022


EUR 4 568 367 272


EUR 6 928 734 413


EUR 5 924 383 353


EUR 1 768 083 105


EUR 4 863 189 290


EUR 1 893 959 113


EUR 33 211 694 1977


EUR 4 012 549 239


EUR 3 426 794 204


EUR 931 291 055



EUR 10 302 577 614


EUR 31 734 027 1890


USD 5 049 628 301


EUR 1 778 918 106


EUR 9 389 897 559


EUR 7 743 672 461



EUR 1 877 199 112







Page 74


Market value of net

assets


Luxembourg 31 280 609 8741 25 49387


EUR 3 215 796 899


EUR 595 551 166


EUR 352 719 099


EUR 934 596 261


EUR 7 063 240 1975


EUR 2 231 186 623


EUR 1 113 482 311


EUR 737 730 206



EUR 2 501 679 699


EUR 6 587 842 1841


EUR 3 962 341 1107








Page 75


Market value of net

assets


Luxembourg 123 230 136 9960 87 14536


EUR 9 971 172 806


EUR 2 530 051 204


EUR 750 965 061


USD 862 781 070


EUR 391 107 032


EUR 14 895 889 1204


EUR 4 953 569 400


EUR 15 940 995 1289


EUR 1 230 119 099


EUR 3 672 666 297


EUR 2 524 295 204


EUR 8 689 408 702


EUR 2 661 435 215


EUR 1 294 374 105



EUR 3 873 657 313


EUR 6 251 975 505


USD 3 741 915 302


EUR 1 228 306 099


EUR 14 952 605 1209


EUR 12 384 154 1001



EUR 495 746 040





Page 76


Market value of net

assets


509 540 006 9982

Shares 509 540 006 9982


276 962 BAYER AG EUR 28 236 275 553



403 470 EON AG EUR 5 412 550 106


285 811 GEA GROUP AG EUR 9 889 061 194

78 401 LINDE AG EUR 11 920 872 234


EUR 3 101 950 061

208 507 SAP AG EUR 12 992 071 255



359 086 BNP PARIBAS EUR 20 342 222 399



185 639 DANONE SA EUR 9 712 632 190

390 404 GDF SUEZ EUR 6 673 956 131

193 158 LEGRAND SA EUR 7 737 909 152




218 119 SCOR SE EUR 5 794 331 114

130 226 TECHNIP SA EUR 9 097 588 178





234 156 GRIFOLS SA EUR 8 140 433 159

10 491 GRIFOLS SA - B EUR 271 560 005




1 724 300 ING GROEP NV EUR 17 415 430 341



271 300 ZIGGO NV EUR 9 007 160 176


947 365 ENI SPA EUR 16 569 414 325


1 583 734 SNAM RETE GAS EUR 6 439 462 126


305 202 BELGACOM SA EUR 6 563 369 129







Market value of net

assets


365 144 SAMPO OYJ - A EUR 13 042 944 256





France 552 682 011 46400


EUR 552 682 011





Page 77


Market value of net

assets


946 343 602 9954

Shares 946 343 602 9954


3 342 246 CENTRICA PLC GBP 13 967 535 147

706 546 DIAGEO PLC GBP 16 984 279 179


1 320 280 INMARSAT GBP 11 996 775 126










3 793 335 TESCO PLC GBP 15 244 009 160

402 888 WEIR GROUP GBP 10 324 005 109


334 427 BAYER AG EUR 34 094 832 360



289 770 GEA GROUP AG EUR 10 026 042 105

94 004 LINDE AG EUR 14 293 308 150


249 439 SAP AG EUR 15 542 544 163




295 490 BNP PARIBAS EUR 16 739 509 176


436 787 GDF SUEZ EUR 7 466 874 079



256 860 SCOR SE EUR 6 823 486 072

186 686 TECHNIP SA EUR 13 041 884 137






349 479 GRIFOLS SA EUR 12 149 637 128

18 653 GRIFOLS SA - B EUR 482 833 005






1 969 848 ING GROEP NV EUR 19 895 465 209


327 735 ZIGGO NV EUR 10 880 802 114


Market value of net

assets








Italy 23 708 516 250 917 149 ENI SPA EUR 16 040 936 169



787 258 ELEKTA AB SEK 8 748 794 092







8 010 841 084





France 1 102 981 012 92600


EUR 1 102 981 012





Page 78


Market value of net

assets


415 431 089 9583

Shares 415 431 089 9583


250 699 AKZO NOBEL NV EUR 14 124 382 326



15 156 CORBION NV EUR 233 402 005

110 905 CORIO NV EUR 3 612 730 083


128 428 FUGRO EUR 5 562 859 128

21 840 GEMALTO EUR 1 747 418 040


249 055 HEINEKEN NV EUR 12 223 619 282

45 070 HEJIMANS NV EUR 473 686 011

4 055 436 ING GROEP NV EUR 40 959 903 946






EUR 39 142 064 904


181 276 NUTRECO NV EUR 6 545 876 151

443 937 POSTNL SHS EUR 1 842 339 042




6 985 435 SNS REAAL EUR 7 000


91 844 TEN CATE NV EUR 2 103 228 049


3 635 814 TOMTOM NV EUR 18 728 078 432

1 283 203 UNILEVER NV EUR 37 565 768 866


410 720 ZIGGO NV EUR 13 635 904 315


184 429 UNIT 4 NV EUR 7 073 774 163




France 7 943 656 183 34 19126


EUR 7 943 656 183





Page 79


Market value of net

assets


1 435 974 486 9935

Shares 1 435 974 486 9935


1 402 032 175 9700

75 055 ACTAVIS PLC USD 12 609 240 087

99 299 ADT CORPTHE USD 4 018 631 028








99 498 APPLE INC USD 55 829 322 385


171 177 BOEING COTHE USD 23 363 949 162





115 032 CELGENE CORP USD 19 435 807 134




318 278 CME GROUP INC USD 24 972 092 173





42 237 CUMMINS INC USD 5 954 150 041


242 369 DANAHER CORP USD 18 710 887 129






839 235 EMC CORP USD 21 106 760 146


142 006 FLUOR CORP USD 11 401 662 079



10 494 GOOGLE INC - A USD 11 760 731 081


231 799 INTUIT INC USD 17 690 900 122











135 213 MONSANTO CO USD 15 759 075 109

566 585 MYLAN INC USD 24 589 789 170


280 148 NETAPP INC USD 11 525 289 080

210 016 NIKE INC - CL B USD 16 515 658 114



Market value of net

assets


549 444 ORACLE CORP USD 21 021 727 145

359 375 PEPSICO INC USD 29 806 562 206

884 938 PFIZER INC USD 27 105 651 188





227 495 RAYTHEON CO USD 20 633 797 143






393 549 UNUM GROUP USD 13 805 699 096


146 156 VMWARE INC - A USD 13 111 655 091



521 531 YAHOO INC USD 21 090 714 146







Page 80


Market value of net

assets


97 258 545 10028

Shares 97 258 545 10028


43 954 230 4533

4 269 ACTAVIS PLC USD 520 478 054

3 291 AIRGAS INC USD 267 135 028






4 311 AON PLC USD 262 455 027




9 455 BALL CORP USD 354 472 037

12 106 BBampT CORP USD 327 875 034











35 758 COCA-COLA CO USD 1 072 000 111




5 289 DAVITA INC USD 243 234 025










20 018 FPL GROUP INC USD 1 243 834 128




7 303 HCP INC USD 192 492 020




USD 320 034 033


9 541 KELLOGG CO USD 422 852 044


6 224 KOHLS CORP USD 256 332 026

6 342 L BRANDS INC USD 284 664 029


USD 413 103 043







Market value of net

assets









23 617 PAYCHEX INC USD 780 349 080



28 522 PFIZER INC USD 634 006 065

9 260 PHILLIPS 66 USD 518 323 053










24 555 STAPLES INC USD 283 159 029


34 837 SYNOPSYS INC USD 1 025 681 106

22 442 SYSCO CORP USD 587 943 061






19 582 UNUM GROUP USD 498 521 051

17 846 VENTAS INC USD 741 840 076












88 000 DAICEL CORP JPY 520 115 054



JPY 312 216 032







20 400 KAO CORP JPY 466 231 048



23 700 LAWSON INC JPY 1 287 853 133


JPY 818 181 084






Page 81


Market value of net

assets







76 000 OJI PAPER JPY 282 843 029


5 700 OTSUKA CORP JPY 527 772 054

52 100 PARK24 CO LTD JPY 713 351 074

19 100 SECOM CO LTD JPY 836 114 086













41 800 USS CO LTD JPY 416 761 043







134 632 BT GROUP PLC GBP 613 935 063

53 907 BUNZL GBP 939 485 097


18 324 DIAGEO PLC GBP 440 481 045

14 638 EASYJET PLC GBP 270 240 028




4 509 NEXT PLC GBP 295 361 030



7 834 WHITBREAD GBP 353 189 036





15 484 METRO INC - A CAD 686 392 071




CAD 324 262 033



6 779 GEBERIT AG CHF 1 496 302 153

397 GIVAUDAN CHF 412 712 043

215 SGS SA-REG CHF 360 000 037

191 SIKA AG CHF 494 215 051

3 491 SWISS RE LTD CHF 233 730 024



Market value of net

assets




18 767 SCOR SE EUR 498 545 051

14 289 THALES SA EUR 668 725 069










312 000 STARHUB LTD SGD 767 537 079







7 308 SHIRE PLC GBP 250 510 026









Page 82


Market value of net

assets







Page 83


Market value of net

assets


Luxembourg 48 864 172 10015 543 78112


USD 48 864 172 10015





Page 84


Market value of net

assets


Luxembourg 12 115 889 6870 28 51316


EUR 2 885 843 1635


EUR 2 449 713 1389


EUR 1 929 493 1094


EUR 168 863 096


EUR 61 437 035


USD 140 842 080


EUR 59 871 034


EUR 1 038 038 589


EUR 274 204 155


USD 987 441 560


EUR 1 930 589 1095


EUR 33 015 019



EUR 66 866 038


EUR 10 440 006


France 2 863 261 1623 2 40383


EUR 2 863 261 1623

Belgium 1 929 920 1094 50653


EUR 1 929 920 1094






Page 85


Market value of net

assets


Luxembourg 12 022 623 7930 7 68255


EUR 777 558 513


EUR 666 814 440


EUR 1 701 467 1122


EUR 683 668 451


EUR 307 738 203


USD 558 907 369


EUR 821 807 542


EUR 1 762 086 1161


EUR 577 468 381


USD 883 517 583


EUR 1 713 653 1130


EUR 142 004 094



EUR 462 966 305


EUR 52 514 035


Belgium 1 701 627 1122 44661


EUR 1 701 627 1122

France 763 535 504 64102


EUR 763 535 504






Page 86


Market value of net

assets


Luxembourg 13 739 977 8982 2 67696


EUR 270 937 177


EUR 238 346 156


EUR 932 135 609


EUR 1 410 103 922


EUR 570 493 373


USD 1 170 638 765


EUR 1 516 744 992


EUR 1 751 929 1145


EUR 923 568 604


USD 847 993 554


EUR 928 411 607


EUR 399 752 261



EUR 993 581 650


EUR 97 392 064


Belgium 928 764 607 24377


EUR 928 764 607


France 266 085 174 22339


EUR 266 085 174





Page 87


Market value of net

assets


Luxembourg 12 251 204 9756 48471


EUR 184 654 147


EUR 1 500 082 1195


EUR 595 589 474


USD 1 236 634 985


EUR 1 589 420 1266


EUR 1 818 346 1447


EUR 1 122 202 894


USD 686 894 547


EUR 169 596 135


EUR 431 110 343



EUR 1 054 308 840


EUR 102 690 082


Belgium 184 671 147 4847


EUR 184 671 147






Page 88


Market value of net

assets


Luxembourg 11 942 969 9757 45335


EUR 172 708 141


EUR 1 449 884 1185


EUR 579 639 474


USD 1 216 718 994


EUR 1 538 832 1257


EUR 1 769 989 1445


EUR 1 120 037 915


USD 669 814 547


EUR 172 583 141


EUR 419 638 343



EUR 1 015 521 830


EUR 100 041 082


Belgium 179 725 147 4717


EUR 179 725 147






Page 89


Market value of net

assets


Luxembourg 5 158 286 6153 11 58808


EUR 1 172 840 1399


EUR 1 007 072 1201


EUR 1 489 470 1777


EUR 1 488 904 1776

Belgium 1 530 577 1825 40172


EUR 1 530 577 1825

France 1 172 805 1399 98462


EUR 1 172 805 1399






Page 90


Market value of net

assets


Luxembourg 15 976 423 7072 20 49678


EUR 2 074 498 918


EUR 1 774 728 786


EUR 3 340 866 1480


EUR 639 680 283


EUR 215 747 096


USD 523 213 232


EUR 642 154 284


EUR 2 051 317 908


EUR 3 309 647 1465


EUR 229 067 101



EUR 461 399 204


EUR 41 138 018


Belgium 3 354 980 1486 88055


EUR 3 354 980 1486

France 2 074 355 918 1 74151


EUR 2 074 355 918






Page 91


Market value of net

assets


Luxembourg 106 268 483 7822 22 35054


EUR 2 262 118 167


EUR 1 919 242 141


EUR 20 103 118 1480


EUR 7 613 349 560


EUR 2 844 563 209


USD 6 428 979 473


EUR 7 419 059 546


EUR 20 271 062 1492


EUR 20 100 209 1480


EUR 2 710 821 200



EUR 5 655 104 416


EUR 487 582 036


Belgium 20 456 362 1507 5 36901


EUR 20 456 362 1507


France 2 431 311 179 2 04119


EUR 2 431 311 179





Page 92


Market value of net

assets


Luxembourg 83 608 857 8796 2 99422


EUR 303 048 032


EUR 262 444 028


EUR 7 843 369 825


EUR 7 399 901 779


EUR 3 233 091 340


USD 6 145 767 647


EUR 8 490 062 893


EUR 13 460 814 1415


EUR 5 404 174 569


USD 6 081 093 640


EUR 7 996 743 841


EUR 1 662 618 175



EUR 5 114 825 538


EUR 573 910 060


Belgium 8 030 052 845 2 10758


EUR 8 030 052 845


France 301 926 032 25348


EUR 301 926 032





Page 93


Market value of net

assets


Luxembourg 25 155 717 9818 75074


EUR 286 003 112


EUR 3 044 578 1188


EUR 1 237 723 483


USD 2 575 126 1005


EUR 3 156 476 1232


EUR 3 707 203 1446


EUR 2 318 071 905


USD 1 678 345 655


EUR 285 877 112


EUR 901 227 352



EUR 2 151 844 840


EUR 211 301 082


Belgium 283 836 111 7450


EUR 283 836 111






Page 94


Market value of net

assets


Luxembourg 7 276 070 9998 11 09337


EUR 1 129 527 1552


EUR 478 874 658


USD 944 869 1298


EUR 1 229 634 1690


EUR 923 699 1269


EUR 304 786 419



EUR 787 891 1083


EUR 81 965 113






Page 95


Market value of net

assets


238 928 573 9574

Shares 238 928 573 9574


112 412 826 4506



30 169 APPLE INC USD 12 285 008 493











336 344 EMC CORP USD 6 138 867 246



11 267 GOOGLE INC - A USD 9 163 641 367

140 761 KKR amp CO LP USD 2 486 391 100

76 914 L BRANDS INC USD 3 452 325 138



42 587 MONSANTO CO USD 3 602 101 144








106 867 ZOETIS INC USD 2 535 275 102


110 576 NOVARTIS AG CHF 6 424 326 257




36 495 BAYER AG EUR 3 720 665 149


23 218 MORPHOSYS AG EUR 1 296 725 052

119 483 SAP AG EUR 7 444 986 298


120 710 DIAGEO PLC GBP 2 901 683 116






10 800 KEYENCE CORP JPY 3 355 671 134





Market value of net

assets


216 000 WPP PLC GBP 3 582 692 144



52 483 SHIRE PLC GBP 1 799 057 072















Bonds 3 325 847 133








Page 96


Market value of net

assets


599 433 092 9758

Shares 599 433 092 9758













241 609 GECINA SA EUR 23 201 712 378

391 080 ICADE EMGP EUR 26 464 384 431

381 026 KLEPIERRE EUR 12 834 861 209

739 845 MERCIALYS EUR 11 282 636 184




1 399 632 FABEGE SEK 12 145 959 198






EUR 15 284 466 249












2 670 476 SPONDA OYJ EUR 9 133 028 149







Market value of net

assets






Page 97


Market value of net

assets


Luxembourg 102 611 081 6667 102 45033


EUR 10 369 090 674


EUR 3 076 159 200


EUR 7 427 197 483


EUR 7 622 465 495


EUR 6 179 725 402


EUR 4 707 878 306


USD 1 052 320 068


EUR 3 036 453 197


EUR 1 043 394 068


EUR 5 564 093 362


EUR 1 063 498 069


EUR 1 063 350 069



EUR 5 115 548 332


USD 9 276 233 603


USD 3 166 562 206


EUR 1 021 022 066


EUR 9 205 599 598


EUR 5 092 816 331


EUR 9 576 848 622


EUR 2 155 574 140


France 41 448 016 2693 1 06300


EUR 10 721 058 697




EUR 10 359 210 673

Ireland 9 955 914 647 24 52200


EUR 3 478 446 226







Page 98


Market value of net

assets


Luxembourg 74 937 415 6437 85 28354


EUR 8 631 623 742


EUR 2 248 120 193


EUR 5 294 113 455


EUR 5 744 247 493


EUR 4 507 384 387


EUR 3 502 826 301


USD 725 574 062


EUR 2 214 737 190


EUR 756 091 065


EUR 4 298 135 369


EUR 759 053 065


EUR 765 273 066



EUR 3 720 353 320


USD 6 316 252 543


USD 2 216 730 190


EUR 747 555 064


EUR 6 733 726 578


EUR 3 731 725 321


EUR 6 455 567 555


EUR 1 532 662 132


France 33 384 006 2868 85100


EUR 8 582 897 737




EUR 8 622 549 741

Ireland 7 494 272 644 17 54900


EUR 2 489 326 214







Page 99


Market value of net

assets


Luxembourg 149 485 023 8342 31 08474


EUR 3 146 114 176


EUR 4 956 243 277


EUR 11 668 772 651


EUR 12 891 904 719


EUR 9 936 935 554


EUR 7 938 266 443


USD 1 625 626 091


EUR 4 881 883 272


EUR 1 667 876 093


EUR 9 592 335 535


EUR 1 671 956 093


EUR 1 687 253 094



EUR 8 201 880 458


USD 13 865 440 774


USD 4 873 053 272


EUR 1 647 929 092


EUR 14 845 665 829


EUR 8 228 089 459


EUR 14 111 283 788


EUR 3 377 508 188


Ireland 16 366 050 913 37 17300


EUR 5 272 990 294



France 12 337 079 688 32700


EUR 3 298 011 184




EUR 3 144 569 175





Page 100


Market value of net

assets


Luxembourg 131 984 410 7766 61 91289


EUR 6 266 259 369


EUR 4 262 415 251


EUR 10 034 748 590


EUR 10 766 724 633


EUR 8 546 030 503


EUR 6 849 914 403


USD 1 399 176 082


EUR 4 198 888 247


EUR 1 434 380 084


EUR 7 486 962 441


EUR 1 438 547 085


EUR 1 450 691 085



EUR 7 053 149 415


USD 11 766 544 692


USD 4 192 975 247


EUR 1 416 976 083


EUR 12 766 430 752


EUR 7 075 507 416


EUR 12 898 259 760


EUR 2 904 642 171


France 23 083 987 1358 55800


EUR 5 627 798 331




EUR 6 261 742 368

Ireland 14 209 300 836 31 80000


EUR 4 510 830 265







Page 101


Market value of net

assets


France 7 077 736 6271 18300


EUR 1 845 676 1635




EUR 1 887 932 1673

Luxembourg 4 068 361 3605 18 70882


EUR 1 893 536 1678


EUR 242 771 215


EUR 249 030 221


EUR 100 249 089


EUR 405 552 359


USD 23 500 021


EUR 94 850 084


EUR 177 341 157



USD 101 358 090


EUR 24 704 022


EUR 433 618 384


EUR 246 285 218

Ireland 219 726 195 1 54900


EUR 219 726 195





Page 102


Market value of net

assets


France 2 892 254 5787 7500


EUR 756 425 1513




EUR 768 275 1537

Luxembourg 1 950 701 3903 7 62276


EUR 771 507 1544


EUR 133 288 267


EUR 129 286 259


EUR 42 934 086


EUR 232 648 465


USD 9 495 019


EUR 50 764 102


EUR 93 616 187



USD 46 670 093


EUR 12 869 026


EUR 235 416 471


EUR 133 594 267

Ireland 121 140 242 85400


EUR 121 140 242





Page 103


Market value of net

assets


Luxembourg 3 729 735 5126 8 87858


EUR 898 610 1236


EUR 321 628 442


EUR 297 719 409


EUR 128 289 176


EUR 514 046 707


USD 29 245 040


EUR 128 285 176


EUR 241 500 332



USD 126 217 174


EUR 25 623 035


EUR 556 030 764


EUR 326 186 448

France 3 213 359 4419 7600


EUR 766 510 1054




EUR 895 726 1232

Ireland 321 290 442 2 26500


EUR 321 290 442





Page 104


Market value of net

assets


Luxembourg 6 254 028 4851 16 10619


EUR 1 630 121 1265


EUR 515 661 400


EUR 451 790 350


EUR 216 090 168


EUR 820 229 636


USD 43 939 034


EUR 204 095 158


EUR 382 191 296



USD 214 344 166


EUR 49 983 039


EUR 933 198 724


EUR 514 004 399

France 5 980 093 4639 14800


EUR 1 492 678 1158




EUR 1 625 884 1261

Ireland 582 011 451 4 10300


EUR 582 011 451





Page 105


Market value of net

assets


Luxembourg 59 996 598 8072 18 44241


EUR 1 866 573 251


EUR 1 310 638 176


EUR 5 424 528 730


EUR 669 832 090


EUR 2 025 785 273


EUR 2 632 175 354


EUR 1 298 915 175


USD 672 943 091


EUR 1 940 717 261


EUR 666 881 090


EUR 6 508 264 876


EUR 1 359 534 183


EUR 679 415 091



EUR 3 922 631 528


USD 7 997 977 1076


USD 2 024 117 272


EUR 652 071 088


EUR 3 594 492 484


EUR 10 080 617 1355


EUR 1 377 662 185



EUR 675 708 091

France 7 024 195 946 17800


EUR 1 795 247 242




EUR 1 861 728 251

Ireland 6 950 762 936 6 97900


EUR 989 971 133







Page 106


Market value of net

assets


Luxembourg 22 488 856 7618 11 37926


EUR 1 151 706 390


EUR 491 367 166


EUR 1 981 309 671


EUR 245 795 083


EUR 768 269 260


EUR 984 953 334


EUR 511 573 173


USD 233 244 079


EUR 725 351 246


EUR 251 830 085


EUR 2 463 786 835


EUR 496 559 168


EUR 235 404 080



EUR 1 462 856 496


USD 2 880 406 976


USD 722 739 245


EUR 246 236 083


EUR 1 348 000 457


EUR 3 574 315 1211


EUR 502 001 170



EUR 248 918 084

France 4 141 850 1404 11000


EUR 1 109 423 376




EUR 1 147 053 389

Ireland 2 645 564 896 2 45000


EUR 347 533 118







Page 107


Market value of net

assets


Luxembourg 31 824 467 8886 039


EUR 40 000


EUR 720 252 201


EUR 3 005 974 839


EUR 373 366 104


EUR 1 252 446 350


EUR 1 524 788 426


EUR 865 954 242


USD 372 989 104


EUR 1 064 517 297


EUR 393 794 110


EUR 4 740 269 1324


EUR 781 137 218


EUR 362 231 101



EUR 2 234 890 624


USD 4 031 530 1126


USD 1 102 030 308


EUR 387 106 108


EUR 2 054 667 574


EUR 3 997 906 1116


EUR 779 223 218



EUR 395 708 110

Ireland 4 049 747 1131 3 29700


EUR 467 679 131







Page 108


Market value of net

assets


Luxembourg 44 031 065 8560 4 22168


EUR 427 280 083


EUR 1 005 531 196


EUR 4 058 880 789


EUR 507 850 099


EUR 1 678 370 326


EUR 2 016 282 392


EUR 1 102 577 214


USD 493 056 096


EUR 1 486 292 289


EUR 507 401 099


EUR 4 938 729 960


EUR 1 017 662 198


EUR 512 999 100



EUR 2 995 965 583


USD 5 714 440 1110


USD 1 476 911 287


EUR 501 778 098


EUR 2 761 439 537


EUR 7 428 688 1443


EUR 1 028 039 200



EUR 505 932 098

Ireland 5 563 899 1083 4 62700


EUR 656 340 128



France 1 457 270 284 2700


EUR 272 313 053




EUR 426 423 083





Page 109


Market value of net

assets


Luxembourg 3 224 521 8683 4947


EUR 5 007 013


EUR 347 499 936


EUR 40 334 109


EUR 129 337 348


EUR 643 486 1732


EUR 123 881 334


EUR 73 023 197



EUR 274 386 739


USD 600 625 1617


EUR 558 837 1505


EUR 247 067 665






EUR 4 765 013





Page 110


Market value of net

assets


Luxembourg 600 512 8416 9887


EUR 10 007 140


EUR 64 568 905


EUR 6 989 098


EUR 27 634 387


EUR 113 382 1589


EUR 22 622 317


EUR 13 252 186


EUR 52 174 731


USD 107 636 1509


EUR 109 753 1538


EUR 44 140 619




France 9 529 134 800


EUR 9 529 134





Page 111


Market value of net

assets


Luxembourg 2 029 396 8539 9888


EUR 10 008 042


EUR 217 187 914


EUR 25 474 107


EUR 96 719 407


EUR 402 309 1693


EUR 77 560 326


EUR 46 119 194



EUR 157 286 662


USD 364 012 1532


EUR 348 891 1468


EUR 154 271 649




France 9 529 040 800


EUR 9 529 040





Page 112


Market value of net

assets


Luxembourg 2 562 866 8426 17789


EUR 18 005 059


EUR 272 441 896


EUR 30 970 102


EUR 105 645 347


EUR 494 980 1627


EUR 95 298 313


EUR 59 556 196



EUR 218 985 720


USD 483 636 1590


EUR 449 212 1477


EUR 191 419 629




France 17 867 059 1500


EUR 17 867 059





Page 113


Market value of net

assets


France 92 483 907 5101 2 29900


EUR 23 186 932 1279




EUR 23 209 061 1280

Luxembourg 83 094 661 4583 229 43288


EUR 23 221 107 1281


EUR 5 242 188 289


EUR 1 356 388 075


EUR 7 884 506 435


EUR 2 633 236 145


EUR 4 881 196 269


USD 667 703 037


EUR 1 940 450 107


EUR 1 333 623 074


EUR 1 661 853 092


EUR 695 876 038



EUR 1 962 077 108


USD 2 072 086 114


USD 2 008 882 111


EUR 651 956 036


EUR 7 845 787 433


EUR 6 511 419 359


EUR 3 175 584 175


EUR 1 377 516 076



EUR 675 447 037

Ireland 4 864 338 268 25 53800


EUR 3 622 565 200






Page 114


Market value of net

assets


France 57 240 741 4950 1 32300


EUR 13 343 328 1154




EUR 15 058 196 1302

Luxembourg 54 495 766 4709 148 87604


EUR 15 067 878 1303


EUR 3 447 556 298


EUR 871 177 075


EUR 5 469 949 473


EUR 1 751 169 151


EUR 3 343 830 289


USD 442 745 038


EUR 1 283 434 111


EUR 884 565 076


EUR 1 196 745 103


EUR 437 356 038



EUR 1 285 416 111


USD 1 238 206 107


USD 1 331 930 115


EUR 433 297 037


EUR 5 198 188 449


EUR 4 291 887 371


EUR 1 940 507 168


EUR 902 611 078



EUR 437 630 038

Ireland 3 234 932 280 16 19900


EUR 2 297 828 199






Page 115


Market value of net

assets


Luxembourg 108 561 496 6211 150 31344


EUR 15 213 360 870


EUR 8 182 884 468


EUR 2 116 712 121


EUR 12 457 720 713


EUR 4 110 719 235


EUR 7 601 474 435


USD 1 043 518 060


EUR 3 029 323 173


EUR 2 081 539 119


EUR 2 688 925 154


EUR 1 060 267 061



EUR 3 062 640 175


USD 3 160 629 181


USD 3 139 058 180


EUR 1 018 379 058


EUR 12 246 883 701


EUR 10 164 198 581


EUR 4 862 676 278


EUR 2 150 621 123



EUR 1 054 569 060

France 58 218 472 3331 1 50500


EUR 15 178 918 868




EUR 15 204 705 870

Ireland 7 685 260 439 39 98500


EUR 5 671 872 324






Page 116


Market value of net

assets


Luxembourg 107 041 050 5897 172 55401


EUR 17 464 346 962


EUR 7 874 849 434


EUR 2 037 039 112


EUR 11 222 420 618


EUR 3 955 290 218


EUR 7 180 781 396


USD 1 005 476 055


EUR 2 915 676 161


EUR 2 003 287 110


EUR 2 338 933 129


EUR 1 020 704 056



EUR 2 947 101 162


USD 2 916 242 161


USD 3 025 270 167


EUR 980 117 054


EUR 11 784 518 649


EUR 9 780 393 539


EUR 4 929 344 272


EUR 2 069 625 114



EUR 1 014 607 056

France 66 592 875 3669 1 72800


EUR 17 428 019 960




EUR 17 455 929 962

Ireland 7 655 856 422 39 41900


EUR 5 591 585 308






Page 117


Market value of net

assets


92 631 896 6877

Bonds 90 924 850 6751

France 30 684 856 2277 200 000 ACCOR 2875 12-19062017 EUR 206 946 015


EUR 69 138 005


EUR 277 200 021


200 000 ALSTOM 3625 10-05102018 EUR 212 058 016

800 000 AUCHAN SA 3625 11-19102018 EUR 873 440 065


EUR 662 286 049

100 000 AXA BANK EUROPE 1875 12-20092019

EUR 101 605 008

100 000 AXA BANK EUROPE 2250 12-19042017

EUR 104 393 008


EUR 419 512 031

400 000 BNP PARIBAS 2000 13-28012019 EUR 403 088 030

350 000 BNP PARIBAS COV 4500 07-30052014

EUR 355 758 026

300 000 BNP PARIBAS HOME 3375 10-12012017

EUR 322 980 024

200 000 BOUYGUES 4000 10-12022018 EUR 218 362 016

200 000 BPCE 1625 13-08022017 EUR 202 028 015

100 000 BPCE SFH 1500 12-28022018 EUR 101 503 008

200 000 BPCE SFH 2125 13-17092020 EUR 203 414 015

200 000 BPCE SFH 2750 12-16022017 EUR 211 660 016


EUR 394 840 029


EUR 81 420 006

350 000 CASINO GUICHARD 5125 09-30012015

EUR 367 227 027



200 000 CRED AG COV BOND 3500 09-21072014

EUR 203 290 015


EUR 308 655 023


EUR 349 407 026

200 000 CSSE REFIN HYPOT 4000 06-25042018

EUR 223 900 017

149 460 CSSE REFIN HYPOT 4100 04-25102015

EUR 159 347 012

702 643 CSSE REFIN L HAB 3750 10-19022020

EUR 788 365 059

200 000 CSSE REFIN L HAB 4000 12-17062022

EUR 227 524 017

400 000 ELEC DE FRANCE 2250 13-27042021

EUR 396 340 029

100 000 ELEC DE FRANCE 2750 12-10032023

EUR 99 562 007

600 000 FRANCE OAT 1000 13-25112018 EUR 593 631 044

700 000 FRANCE OAT 1750 13-25052023 EUR 664 158 049

1 840 000 FRANCE OAT 2250 12-25102022 EUR 1 842 683 137

570 000 FRANCE OAT 2500 10-25102020 EUR 599 032 044

1 179 125 FRANCE OAT 2750 12-25102027 EUR 1 155 078 086

600 000 FRANCE OAT 3250 13-25052045 EUR 577 892 043

2 320 000 FRANCE OAT 3750 09-25102019 EUR 2 616 865 195

300 000 FRANCE OAT 4000 05-25042055 EUR 334 284 025

875 000 FRANCE OAT 4000 06-25102038 EUR 975 584 072

2 800 000 FRANCE OAT 4000 08-25042018 EUR 3 153 252 235

420 000 FRANCE OAT 4750 04-25042035 EUR 518 016 038

3 030 000 FRENCH BTAN 2500 11-25072016 EUR 3 189 354 238

200 000 GECINA 4750 12-11042019 EUR 221 256 016


EUR 302 181 022

250 000 RATP 4500 08-28052018 EUR 284 170 021

750 000 RCI BANQUE 4000 11-16032016 EUR 792 495 059


Market value of net

assets


EUR 406 361 030


EUR 302 445 022


EUR 85 060 006


EUR 300 531 022


EUR 295 548 022


EUR 582 395 043

200 000 ST GOBAIN 4000 10-08102018 EUR 218 162 016


100 000 UNEDIC 0375 13-29042016 EUR 99 774 007

400 000UNIBAIL RODAMCO 3375 10-11032015

EUR 412 256 031

500 000 VALEO SA 5750 12-19012017 EUR 563 355 042

200 000 VINCI SA 3375 12-30032020 EUR 212 348 016


600 000 BUNDESOBL-120 0250 13-13042018 EUR 586 761 044

1 159 410DEUTSCHLAND IL 1500 06-15042016

EUR 1 208 163 090

1 700 000DEUTSCHLAND REP 1500 13-15022023

EUR 1 650 820 123

400 000DEUTSCHLAND REP 1750 12-04072022

EUR 401 412 030

2 400 000DEUTSCHLAND REP 2500 10-04012021

EUR 2 577 622 191

2 080 000DEUTSCHLAND REP 3500 09-04072019

EUR 2 351 785 175

1 465 000DEUTSCHLAND REP 4000 05-04012037

EUR 1 777 424 132

930 000DEUTSCHLAND REP 4750 98-04072028

EUR 1 189 677 088

200 000FMS WERTMANAGE 1375 12-16012015

EUR 202 260 015

100 000FMS WERTMANAGE 2375 11-15122014

EUR 101 972 008

180 000 KFW 0875 13-25062018 EUR 178 882 013

169 000 KFW 1125 13-16102018 EUR 169 057 013

730 000 KFW 2000 11-07092016 EUR 758 288 056

165 000 KFW 3125 09-25022014 EUR 165 660 012

410 000 KFW 3500 06-04072021 EUR 460 389 034

400 000 KFW 4375 08-04072018 EUR 458 080 034

200 000 LAND HESSEN 3500 10-10032020 EUR 222 960 017

431 000LB BADEN-WUERT 1375 12-01062018

EUR 439 340 033

100 000LB BADEN-WUERT 2250 10-21062016

EUR 104 445 008

72 000SOLARWORLD AG 6125 10-21012017

EUR 26 568 002


400 000 BELGIAN 0321 4250 11-28092021 EUR 461 485 034

880 000 BELGIAN 0323 3500 11-28062017 EUR 960 915 071

310 000 BELGIAN 0324 4500 11-28032026 EUR 361 151 027

800 000 BELGIAN 0325 4250 12-28092022 EUR 918 043 068

600 000 BELGIAN 0326 4000 12-28032032 EUR 660 384 049

600 000 BELGIAN 1250 13-22062018 EUR 601 590 045

2 870 000BELGIUM OLO 47 3250 06-28092016

EUR 3 082 403 230

400 000BELGIUM OLO 48 4000 06-28032022

EUR 452 711 034


EUR 100 775 007

200 000 KBC BANK NV 1250 13-28052020 EUR 194 120 014

The Netherlands 8 324 709 617 100 000

ABN AMRO BANK NV 2125 13-26112020

EUR 97 770 007

200 000ABN AMRO BANK NV 3625 10-06102017

EUR 215 738 016

200 000ALLIANZ FINANCE 1375 13-13032018

EUR 200 270 015

200 000BMW FINANCE NV 1500 12-05062018

EUR 201 014 015




Page 118


Market value of net

assets

300 000 CRH FINANCE BV 5000 12-25012019

EUR 338 817 025

200 000 DEUTSCHE TEL FIN 2000 12-30102019

EUR 201 836 015

143 000 EDP FINANCE BV 4625 06-13062016

EUR 150 479 011

300 000 ING GROEP NV 4125 06-11042016 EUR 320 142 024

500 000 LANXESS FINANCE 2625 12-21112022

EUR 487 210 036


EUR 1 305 583 097


EUR 572 265 042


EUR 2 263 278 168

798 000 RABOBANK 4375 06-07062021 EUR 894 957 066

500 000 RABOBANK 4750 08-15012018 EUR 563 610 042


EUR 511 740 038

Austria 5 606 452 416 200 000


EUR 240 140 018


EUR 714 700 053


EUR 1 128 923 084


EUR 1 487 314 110


EUR 1 985 456 147

50 000 TELEKOM FINANZ 3125 13-03122021

EUR 49 919 004



EUR 317 955 024


EUR 318 645 024


EUR 211 650 016

300 000 BANCO SANTANDER 3625 10-06042017

EUR 319 578 024

400 000 BANESTO SA 3500 05-27012015 EUR 410 360 030

500 000 BANKINTER SA 4125 12-22032017 EUR 537 620 040

200 000 CAIXABANK 3000 13-22032018 EUR 207 340 015

300 000 CAIXABANK SA 3125 13-14052018 EUR 307 473 023

100 000 INSTIT CRDT OFCL 4000 13-30042018

EUR 105 145 008

100 000 INSTIT CRDT OFCL 4125 10-28092017

EUR 105 680 008

18 000 INSTIT CRDT OFCL 4375 09-20052019

EUR 19 069 001

275 000 INSTIT CRDT OFCL 4375 11-31032014

EUR 276 898 021

120 000 INSTIT CRDT OFCL 5000 11-05072016

EUR 128 250 010

500 000 KUTXABANK 3000 13-01022017 EUR 519 635 039

300 000 LA CAIXA 4750 11-18032015 EUR 313 026 023

300 000 SANTANDER INTL 4500 11-18052015

EUR 313 308 023

150 000 TELEFONICA EMIS 5431 09-03022014

EUR 150 530 011


800 000 EFSF 1625 13-17072020 EUR 793 240 059

130 000 EFSF 3375 12-03042037 EUR 137 586 010

200 000 EIB 1375 13-15112019 EUR 198 900 015

800 000 EIB 1500 13-15072020 EUR 792 720 059

400 000 EIB 2500 10-16092019 EUR 422 960 031

380 000 EIB 3125 09-15042014 EUR 382 983 028

195 000 EIB 4500 09-15102025 EUR 232 508 017

70 000 EIB 4625 04-15042020 EUR 82 558 006

79 000 ESM 1250 13-15102018 EUR 79 293 006


Market value of net

assets

Italy 2 446 987 182 100 000


EUR 105 433 008

300 000 HERA SPA 3250 13-04102021 EUR 302 025 022

120 000 HERA SPA 4500 09-03122019 EUR 132 421 010

100 000INTESA SANPAOLO 4375 11-16082016

EUR 107 956 008

100 000INTESA SANPAOLO 5000 12-27012021

EUR 114 774 009

208 000INTESA SANPAOLO 6625 13-13092023

EUR 223 513 017


400 000 TERNA SPA 4125 12-17022017 EUR 432 348 032


200 000UNIONE DI BANCHE 3125 13-14102020

EUR 203 120 015

300 000UNIONE DI BANCHE 3750 12-30102015

EUR 310 245 023

Sweden 2 351 499 175 160 000


EUR 173 352 013


EUR 502 010 037

300 000 SKF AB 2375 13-29102020 EUR 296 913 022


EUR 628 030 047

744 000SWEDEN KINGDOM 3125 09-07052014

EUR 751 194 056


660 000 FINNISH GOVT 4375 08-04072019 EUR 768 648 057

395 000NORDEA BANK FIN 2375 12-17072017

EUR 415 256 031

United Kingdom 1 559 661 116 300 000


EUR 295 443 022


EUR 223 116 017

200 000 FCE BANK PLC 1750 13-21052018 EUR 198 056 015

150 000LLOYDS TSB BANK 3500 12-11012017

EUR 162 093 012

400 000LLOYDS TSB BANK 6500 10-24032020

EUR 463 212 034

100 000NATIONWIDE BLDG 4625 11-08022021

EUR 118 746 009

100 000WPP FINANCE 2013 3000 13-20112023

EUR 98 995 007

Norway 920 298 068 300 000


EUR 314 772 023

600 000SPAREBANK 1 SMN 2125 13-21022018

EUR 605 526 045


797 401 059


EUR 113 661 008

300 000SES GLOBAL GROUP 1875 13-24102018

EUR 297 840 022


EUR 385 900 029

Slovenia 602 700 045 600 000


EUR 602 700 045

Australia 475 061 036 180 000


EUR 176 596 013

200 000WESTPAC BANKING 1375 13-17042020

EUR 195 410 015

100 000WESTPAC BANKING 2125 12-09072019

EUR 103 055 008

Ireland 300 327 022 100 000


EUR 100 283 007

200 000GEN ELEC CAP CRP 1625 13-15032018

EUR 200 044 015




Page 119


Market value of net

assets

Denmark 216 452 016 214 000


EUR 216 452 016

Luxembourg 201 478 015 200 000


EUR 201 478 015





200 000 MUNICH RE 07-290649 FRN EUR 215 984 016




35 CALL EURO-BUND 10YR 6000 21022014 1425

EUR 4 900 000

31 PUT EURO-BUND 10YR 6000 21022014 1365

EUR 9 920 001




EUR 8 780 180 653


Luxembourg 8 488 786 631 5963


EUR 8 488 786 631


Page 120


BNP Paribas L1


Page 121




















BNP Paribas L1


Page 122























BNP Paribas L1


Page 123






























BNP Paribas L1


Page 124





b) Sub-funds open








142 1949



142 774



295 582





a) Net asset value





BNP Paribas L1


Page 125




















BNP Paribas L1


Page 126














BNP Paribas L1


Page 127














075 020 NA 075 030


100 025 NA 100 030


050 015 NA 050 030


125 060 NA 125 080


150 060 NA 150 080


070 025 NA 070 030


BNP Paribas L1


Page 128


150 060 NA 150 080



150 060 NA 150 080


120 060 NA 120 080


075 030 NA 075 040


150 NA NA 150 075


175 075 NA 175 100


150 075 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080




150 060 NA 150 080


150 060 NA 150 080


175 075 NA 175 100


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080

BNP Paribas L1


Page 129


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 075 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


175 075 NA 175 100


150 075 NA 150 080


175 075 NA 175 100


175 075 NA 175 100


150 060 NA 150 080


175 070 NA 175 100


150 060 NA 150 075


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


150 060 NA 150 080


BNP Paribas L1


Page 130




150 060 NA 150 080


150 060 1385 150 080


150 060 NA 150 080


150 060 NA 150 080


075 030 NA 075 040


150 NA NA NA NA


150 NA NA NA NA


150 060 NA 150 080


150 050 NA 150 070













BNP Paribas L1


Page 131













































BNP Paribas L1


Page 132








V350


World Volatility


Note 5 - Other fees


Note 6 - Taxes






BNP Paribas L1


Page 133















Note 7 - Dividends







BNP Paribas L1


Page 134


BNP Paribas L1


Page 135



Payment dates


Amounts




Payment dates



Amounts

BNP Paribas L1


Page 136



















Payment dates


Amounts






BNP Paribas L1


Page 137











Bond Europe Plus


(in EUR)




(CBT) 20032014 18 127 302 147 116


(CBT) 20032014 19 089 272 (247 923)




20032014 4 746 181 (61 232)


(CBT) 31032014 43 070 775 60 246


(CBT) 31032014 244 261 811 2 587 022



(LIFFE) 27032014 39 191 538 718 606


BNP Paribas L1


Page 138



(in EUR)




LIFFE 17032014 5 983 200 (1 500)


LIFFE 16032015 76 653 500 122 650


10YR 6 06032014 33 385 760 (444 500)


FUTURES 06032014 19 521 740 23 270

Total 2 507 302

Bond World Plus


(in EUR)




(CBT) 20032014 30 182 404 334 255


(CBT) 20032014 9 218 722 (102 757)




20032014 2 966 363 (40 028)


(CBT) 31032014 19 621 131 22 282


(CBT) 31032014 142 262 373 1 430 020



(LIFFE) 27032014 5 635 385 22 993



FUTURE 18032014 46 217 139 (13 141)



LIFFE 17032014 3 739 500 (938)


LIFFE 16032015 36 584 625 58 525


10YR 6 06032014 657 200 (8 750)

Total 1 720 795

BNP Paribas L1


Page 139



(in EUR)




STOXX 50 - FUTURE 21032014 38 414 880 (1 198 919)



(CBT) 20032014 2 335 172 (23 959)


(CBT) 20032014 180 378 1 878



20032014 383 073 7 292


(CBT) 31032014 463 509 0


(CBT) 31032014 4 025 425 24 513



(LIFFE) 27032014 620 239 3 446



LIFFE 17032014 362 186 (91)


LIFFE 16032015 2 169 411 3 469


MARKETS INDEX 21032014 7 452 868 216 007

Total (694 782)



(in EUR)




STOXX 50 - FUTURE 21032014 30 178 680 (941 870)



(CBT) 20032014 2 486 869 (25 515)


(CBT) 20032014 192 096 2 000



20032014 407 958 7 766


(CBT) 31032014 493 619 0


(CBT) 31032014 4 286 923 26 106

AUD 6 S AUST 10 YR BOND 17032014 422 340 (1 412)

BNP Paribas L1


Page 140



(in EUR)




(LIFFE) 27032014 660 530 3 670



LIFFE 17032014 385 714 (97)


LIFFE 16032015 2 310 339 3 694


MARKETS INDEX 21032014 2 213 723 64 161

Total (794 807)

Equity Netherlands


(in EUR)



17012014 13 840 840 400 760

Total 400 760



(in EUR)



Total (65 410)







BNP Paribas L1


Page 141















BNP Paribas L1


Page 142



















BNP Paribas L1


Page 143



























BNP Paribas L1


Page 144

























BNP Paribas L1


Page 145


JPY 7 049 955 JPY 15 503 466 USD 578 291























BNP Paribas L1


Page 146























JPY 7 047 030 USD 413 065



BNP Paribas L1


Page 147



















BNP Paribas L1


Page 148

Note 11 - Swaps





20122015

10 531 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000

9 430 000 USD 20032017 METLIFE INC 5 05-

15062015 1000


15072013

8 500 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

4 300 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018


20122018

11 500 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

12 100 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018 5000


20122018 5000


20122018 5000


15082016


15082016

BNP Paribas L1


Page 149



15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000




20122015

2 040 000 USD 20032016 FORD MOTOR CO 65 98-

01082018 5000


15072013

2 040 000 USD 20032017 METLIFE INC 5 05-

15062015 1000

1 800 000 USD 20062017 FORD MOTOR CO 65 98-

01082018 5000


15052018


18012018


15052018 1000

1 200 000 USD 20122017 METLIFE INC 475 10-

08022021 1000


20062018


20062018


20062018

7 300 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000

8 000 000 USD 20122018 CDX NA HY S21 5Y500 BP

(DBK) 20122018 5000


20122018


20122018 5000


20122018 5000


20122018 5000

BNP Paribas L1


Page 150



15082016


15082016


15082016


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


PRC 11052063 3000


Interest Rate Swaps










BNP Paribas L1


Page 151





Inflation Swaps








EX TOBACCO


EX TOBACCO

25 500 000 USD 10092023 2430 US CPI URBAN

CONSUMERS NSA


EX TOBACCO 2247

9 200 000 USD 23092023 2590 US CPI URBAN







EX TOBACCO


EX TOBACCO


EX TOBACCO


EX TOBACCO 2247


BNP Paribas L1


Page 152

Total Return Swaps















BNP Paribas L1


Page 153



Bond Europe Plus


(in EUR)


EUR)


21022014 12200 16 999 16543 (3 78853)

Total (3 78853)

Bond World Plus


(in EUR)


EUR)


21022014 12200 11 686 92623 (2 60461)

Total (2 60461)



(in EUR)


EUR) EUR 470 CALL CGG 20062014 21 20062014 2100 987 00000 15 04000

Total 15 04000










BNP Paribas L1


Page 154




EUR 1 570 1 918 3 488





EUR 2 182 2 666 4 848








Equity Euro EUR 260 344 236 936 497 280






Lifecycle 2015 EUR 1 360 1 662 3 022

Lifecycle 2020 EUR 4 649 5 656 10 305

Lifecycle 2025 EUR 7 446 9 051 16 497

Lifecycle 2030 EUR 6 678 8 110 14 788

Lifecycle 2035 EUR 6 171 7 492 13 663

Model 1 EUR 450 549 999

Model 2 EUR 5 484 6 679 12 163

Model 3 EUR 54 131 65 886 120 017

Model 4 EUR 87 971 107 232 195 203

Model 5 EUR 37 184 45 340 82 524

Model 6 EUR 13 482 16 438 29 920











Safe Growth W1 EUR 18 216 22 263 40 479

Safe Growth W4 EUR 6 770 8 274 15 044

BNP Paribas L1


Page 155


Safe Growth W10 EUR 13 712 16 758 30 470


















BNP Paribas L1


Page 156







BNPP IP Asia






BNPP AM France

BNP Paribas L1


Page 157


THEAM




BNPP IP Netherlands




BNPP IP UK


BNPP IP Singapore





Equity World



Equity USA Core


BNP Paribas L1


Page 158





BNPP AM Inc



NPA


River Road

BNP Paribas L1


Page 159








BNP Paribas L1


Page 160




BNP Paribas L1


Page 161






BNP Paribas L1


Page 162










Equity Euro


Equity Europe




BNP Paribas L1


Page 163






BNP Paribas L1


Page 164






BNP Paribas L1


Page 165









BNP Paribas L1


Page 166



Sub-fund Date Event


Launch of sub-funds


BNP Paribas L1

Unaudited appendix

Page 167


a) Introduction
















BNP Paribas L1

Unaudited appendix

Page 168






i The client



ii Voting committee






iv Voting procedure





BNP Paribas L1

Unaudited appendix

Page 169














iii The Chairman












BNP Paribas L1

Unaudited appendix

Page 170










Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year


Currencies World)





2 times Benchmark

VaR 3204 7325 4566 413




(HP4N)

2 times Benchmark

VaR 4459 6279 5326 9



2 times Benchmark

VaR 3548 6237 4882 454




2 times Benchmark

VaR 3003 4899 3959 77





2 times Benchmark

VaR 3026 4490 3666 77



Cash EUR

2 times Benchmark

VaR 287 2652 2042 4

BNP Paribas L1

Unaudited appendix

Page 171


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year




10 Cash EUR

2 times Benchmark

VaR 1373 3900 3138 4




EMU

2 times Benchmark

VaR 1885 4286 3505 4




EMU

2 times Benchmark

VaR 2547 5206 4441 3




EMU

2 times Benchmark

VaR 2455 5210 4424 3




Euribid (RI)

2 times Benchmark

VaR 2709 5413 4319 3




+ 5GPR 250 +30 Cash

2 times Benchmark

VaR 1195 5446 4119 3




+10 GPR 250 +10 Cash

2 times Benchmark

VaR 1643 7159 4594 3




+10 GPR 250 +5 Cash

2 times Benchmark

VaR 2222 5711 4407 5




EMU

2 times Benchmark

VaR 2866 6503 5208 4




High Income World

2 times Benchmark

VaR 1606 5405 4263 1

BNP Paribas L1

Unaudited appendix

Page 172


Method

VaR model

Reference Portfolio

VaR limit

Lowest utilisation

of VaR limit

Highest utilisation

of VaR limit

Average utilisation

of VaR limit

Average level of


the year

OBAM Equity World



Benchmark VaR

5302 6261 5665 0


Page 173

Dece

mbe

r 20

12 -

Des

ign

- P1

2111

05_U

K


wwwbnpparibas-ipcom

a global presence








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