BNP PARIBAS FLEXI III - Funds360

BNP PARIBAS FLEXI III SICAV ndash SIF

Annual Report at 31122015

RCS Luxembourg B 130 436

BNP PARIBAS FLEXI III

Table of contents

Page

Page 1

Organisation 2 Information 4 Managers report 6 Audit report 13 Financial statements at 31122015 16 Key figures relating to the last 3 years 20 Securities portfolio at 31122015

China Sovereign Bond RMB 23 Chinese Equity PrimeAPrime 24 Deposit EUR 25 Equity China PrimeAPrime 26 Equity China A Selected 28 Equity Greater China 30 Equity Greater China Environmental 31 Euro Government Long-Dated Passive Bond Fund 33 Fortis Deposit EUR 34 Global Senior Corporate Loans Fund 35 RMB Bond Fund 39 Senior Secured Bank Loan Fund Mogliano 40 Short Term Bond Fund RMB 43

Notes to the financial statements 44 Unaudited appendix 57

No subscriptions can be received on the basis of the financial report Subscriptions are only valid if made on the basis of the current prospectus supplemented by a copy of the latest available annual report of the SICAV-SIF


Organisation

Page 2

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

Board of Directors Chairman

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

Members

Mrs Claire COLLET-LAMBERT Head of Fund Legal BNP Paribas Investment Partners Luxembourg Hesperange

Mr Bruno PIFFETEAU Chief Operating Officer Global Fund Solutions BNP Paribas Investment Partners Paris

Mr Hans STEYAERT Head of Operational Change Management BNP Paribas Investment Partners Belgium Brussels

Alternative Investment Fund Manager (ldquoAIFMrdquo) BNP Paribas Investment Partners Luxembourg 33 Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg

NAV Calculation Registrar Bearer Shares Depositary and Transfer Agent BNP Paribas Investment Partners Luxembourg 33 Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg

Net asset values calculation transfer agent bearer shares depositary and registrar are delegated to

BNP Paribas Securities Services Luxembourg Branch Until 31 December 2015 33 Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg

Since 1 January 2016 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

Portfolio management is delegated to

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

bull BNP Paribas Investment Partners Asia Limited 30F Three Exchange Square 8 Connaught Place Central Hong-Kong delegating his function to HFT Investment Management (HK) Limited 30F Three Exchange Square 8 Connaught Place Central Hong-Kong

bull BNP Paribas Investment Partners Belgium (in abbreviated form BNPP IP Belgium) Rue du Progregraves 55 1210 Brussels Belgium

bull BNP Paribas Investment Partners Singapore Limited 20 Collyer Quay Tung Center 08-01 Singapore 049319

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

bull THEAM SAS 1 Boulevard Haussmann F-75009 Paris France


Organisation

Page 3

DepositaryPaying Agent BNP Paribas Securities Services Luxembourg Branch

Until 31 December 2015 33 Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg


Auditor PricewaterhouseCoopers Socieacuteteacute coopeacuterative 2 Rue Gerhard Mercator BP 1443 L-1014 Luxembourg Grand Duchy of Luxembourg


Information

Page 4

BNP PARIBAS FLEXI III is an investment company with variable capital - specialised investment fund (abbreviated to SICAV-SIF) subject to the Luxembourg law of 13 February 2007 as amended for the last time by the Law of 12 July 2013 concerning Specialised Investment Funds and registered for an indefinite period on 18 July 2007 related to Alternative Investment Fund Managers (ldquoAIFMrdquo)

The Articles of Association of the Company have been filed with the register of the District Court of Luxembourg where any interested party may consult them and obtain a copy There were published in the Meacutemorial Recueil des Socieacuteteacutes et Association on 4 September 2007 They were modified for the last time on 13 September 2010 with publication in the Meacutemorial Recueil des Socieacuteteacutes et Associations on 29 September 2010

The Company is registered in the Luxembourg Trade Register under the number B 130 436

The Articles of Association the offering document and financial 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 upon request

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

The latest net asset value per share of each sub-fund together with subscription and redemption prices are available on any bank business day in Luxembourg at the registered office of the Company

The Net Asset Values (NAV) are offered

bull In EUR for the sub-funds ldquoDeposit EURrdquo ldquoEuro Government Long-Dated Passive Bond Fundrdquo ldquoFortis Deposit EURrdquo ldquoRega 1rdquo ldquoSenior Secured Bank Loan Fund Moglianordquo and ldquoGlobal Senior Corporate Loans Fundrdquo

bull In EUR and USD for the sub-funds ldquoEquity China Iliosrdquo (until 24 April 2015) and ldquoRMB Bond Fundrdquo

bull In JPY EUR and USD for the sub-funds ldquoEquity China ldquoArdquordquo ldquoEquity China A Selectedrdquo ldquoEquity Greater Chinardquo ldquoEquity Greater China Environmentalrdquo ldquoShort Term Bond Fund RMBrdquo and ldquoShort Term RMBrdquo

bull In JPY and EUR for the sub-funds ldquoChina Sovereign Bond RMBrdquo and ldquoChinese Equity ldquoArdquordquo

bull In USD for the sub-funds ldquoBond Taiwanrdquo (until 13 August 2015) and ldquoChina A Opportunity Fundrdquo (until 6 February 2015)

bull In HKD RMB USD and EUR for the sub-fund ldquoBond RMB Supremerdquo

For the sub-funds ldquoBond RMB Supremerdquo ldquoChina A Opportunity Fundrdquo (until 6 February 2015) ldquoChina Sovereign Bond RMBrdquo ldquoChinese Equity ldquoArdquordquo ldquoEquity China ldquoArdquordquo ldquoEquity China Iliosrdquo (until 24 April 2015) ldquoRMB Bond Fundrdquo ldquoShort Term Bond Fund RMBrdquo and ldquoShort Term RMBrdquo each day of the week on which banks are open for business in Luxembourg and China (a ldquoValuation Dayrdquo) there is a corresponding NAV which is dated the same day

For the sub-fund ldquoRega 1rdquo on the 10th of each month on which banks are open for business in Luxembourg (a ldquoValuation Dayrdquo) there is a corresponding NAV which is dated the same day and calculated the 1st bank business day after the 10th unless 50 or more of the underlying assets cannot be valued If the Valuation Day is not a day on which banks are open for business in Luxembourg the day to be considered as a Valuation Day will be the previous bank business day

For the sub-funds ldquoDeposit EURrdquo and ldquoFortis Deposit EURrdquo each day of the week on which banks are open for business in Luxembourg and Paris (a ldquoValuation Dayrdquo) there is a corresponding NAV which is dated the same day unless 50 or more of the underlying assets cannot be valued

For the sub-fund ldquoSenior Secured Bank Loan Fund Moglianordquo on the 22nd of each month on which banks are open for business in Luxembourg New York Paris and London (a ldquoValuation Dayrdquo) there is a corresponding NAV which is dated the same day unless 50 or more of the underlying assets cannot be valued In case the 22nd Calendar day is not a Business Day the NAV will be calculated on the following Business Day

For the sub-fund ldquoGlobal Senior Corporate Loans Fundrdquo the NAV is calculated monthly based on the closing prices of the last Business Day of the previous month (the ldquoValuation Dayrdquo) and such other days as the Board of Directors may from time to time determine at its discretion A ldquoBusiness Dayrdquo is defined as any day on which banks are open for business in Luxembourg Paris London and New York unless 50 or more of the underlying assets cannot be valued


Information

Page 5

For the sub-fund ldquoBond Taiwanrdquo (until 13 August 2015) each day of the week on which banks are open for business in Luxembourg (a ldquoValuation Dayrdquo) there is a corresponding NAV which is dated the same day unless 50 or more of the underlying assets cannot be valued

For the sub-fund ldquoEquity China A Selectedrdquo each day of the week on which banks are open for business in Luxembourg Japan and China (a ldquoValuation Dayrdquo) there is a corresponding NAV which is dated the same day

For the sub-fund ldquoEquity Greater Chinardquo each day of the week on which banks are open for business in Luxembourg Hong-Kong and China (a ldquoValuation Dayrdquo) there is a corresponding NAV which is dated the same day

For the sub-fund ldquoEquity Greater China Environmentalrdquo each day of the week on which banks are open for business in Luxembourg and Hong-Kong (a ldquoValuation Dayrdquo) there is a corresponding NAV which is dated the same day

For the sub-fund ldquoEuro Government Long-Dated Passive Bond Fundrdquo the NAV is calculated the last business day of the month in Luxembourg unless 50 or more of the underlying assets cannot be valued


Managers report

Page 6

Economic context

The desynchronised growth of the world economy continued to be an ongoing trend and a source of concern especially as major international organisations were forced to regularly downgrade their growth forecasts following disappointing results in the emerging economies In view of this situation and although the downgrading of indicators in most of the major emerging countries (with the exception of Brazil) ended at the close of the year this was not welcome news to investors On the contrary renewed weakness in oil from November onwards reignited fears about global growth although the price was more a reflection of the imbalance between excess supply (due to OPECrsquos refusal to set production quotas) and limited demand especially following a very mild early winter in Europe and North America

United States

GDP fluctuated in a fairly volatile manner during the year after modest growth in the first quarter due to weather conditions and the shut-down affecting ports on the west coast GDP bounced back sharply in the second quarter (almost 4 year-on-year) then stabilised at around 2 Inventory adjustments played a role in the fluctuation of GDP and business activities In fact widespread de-stocking since the summer has negatively affected the manufacturing sector casting a shadow over the surveys of purchasing managers (as also seen in the ISM index which fell below 50 in November compared with 535 in June) along with industrial production and investments This downturn has alarmed some observers who believed that these could be the first signs the economy was running out of steam The facts did not support this assumption as the service sector managed to withstand the industrial vacuum and the housing market rose sharply with the outlook remaining very encouraging Finally in terms of private consumption the trends have been more regular and this sector has seen steadier growth reflecting the undeniable improvement in the labour market With 27 million jobs created in 2015 and the unemployment rate falling to 5 in October full employment is on the horizon Up to now wages have only risen moderately for several reasons the use of part-time jobs by companies is still high and households continue to question the possibility of easily finding a new job However several surveys have revealed that businesses especially smaller ones are looking for qualified employees and are willing to increase wages significantly to take on and retain staff A rise in wages is set to become a more widespread trend Inflation remained low in 2015 (05 year-on-year in November) due to the effects of the lower oil price during the previous year The Fed believes that this should be a temporary phenomenon Inflation excluding food and energy rose from 16 in January to 2 in November year-on-year a trend that validated this assumption

Europe GDP was up strongly in the euro zone from the start of the year onwards with a quarterly rise from 03 to 05 and the rate standing at 16 year-on-year in the third quarter (compared with 08 a year earlier) the highest rise since mid-2011 Growth was above expectations due to consumption that remained strong throughout the year and good performance by the exports sectors in the first six months Investment in productive assets is still not picking up convincingly The steady improvement in the distribution of credit to the private sector was a positive point Low interest rates in line with the extremely accommodating monetary policy of the ECB further emphasised this trend Moreover banks are reporting that the demand for credit is rising Finally according to the survey of purchasing managers the expansion rate for total business (manufacturing and service sectors combined) rallied in December to reach a four-month high This rising trend at the end of the year appeared very encouraging According to several official institutions GDP growth in the 4th quarter should stand at 04 close to the rate observed since the end of 2014 This performance is even more remarkable given the occurrence of number of events in 2015 likely to affect the confidence of economic operators the first six months were marked by the Greek crisis and the second half of the year witnessed regional and general elections that resulted in a fairly confusing political landscape in several countries (Portugal and Spain) and the widespread rise of Euro-sceptic parties in response to the refugee crisis not to mention the tragic events which cast a pall over Paris Inflation which stood at -06 year-on-year in January remained very weak (+02 in November)

Japan In Japan GDP rose sharply in the first quarter of 2015 after a year that had witnessed a technical recession following the increase in VAT on 1 April 2014 After this growth was much more faltering even raising fears of a return to recession The PMI index which reflects the survey of purchasing managers in the manufacturing sector dropped from 52 at the end of 2014 to around 50 in the spring before resuming an upward trend and closing the year at 526 Through its exporting companies the Japanese economy is suffering from the difficulties in China while domestic demand appears to be picking up linked to an improving job market (the unemployment rate stood at 33 at year-end) With inflation again standing at close to zero in the second half of the year (03 in November year-on-year compared with 24 in January) the Bank of Japan was forced to acknowledge that it would not meet its target of 2 within the expected deadline


Managers report

Page 7

Emerging markets

Although the OECD forecast in June 2015 that the GDP of emerging economies would increase by 42 in 2015 and 49 in 2016 in November the organisation published a new report predicting figures of 37 and 42 respectively Among the leading countries only India reported faster growth in 2015 The staggering drop in the price of oil from mid-2014 and another drop in mid-2015 obviously affected commodity-producing countries Logically this situation should have a positive effect on Asia however the slowdown in activity in China and concerns about the nature of the slowdown had a negative effect on the more cyclical stocks from this region Following changes to the Chinese business model the official target was lowered to 65 for the coming years compared with 7 previously In this context the aggregated PMI index which reflects the opinions of purchasing managers on emerging economies fell below 50 in the spring thus revealing a contraction in manufacturing activity The trend over the last quarter was a little more encouraging however the index failed to rise above 50 Signs of improvement are currently very tenuous and mostly hidden by the difficulties of the major economies Russia and Brazil are both in recession due to the tense foreign relations situation in the former country and a major power struggle in the latter The difficulties in Russia are mainly due to declining oil prices while in Brazil the crisis is more deep-rooted In fact President Dilma Rousseff is facing impeachment following a corruption scandal Inflation has also reached its highest point since 2002 meaning that the central bank will continue to increase its rates after the 250 bp rise in 2015

Monetary policy

In 2015 the monetary policy of the European Central Bank (ECB) reached another decisive turning point On 22 January a QE (Quantitative Easing) programme comparable to the policy rolled out in the United States and United Kingdom was announced The key feature of the programme is euro60 billion per month of asset purchases In addition to the covered bonds and asset-backed securities (ABS) purchased since the autumn of 2014 the programme now includes securities (including inflation-indexed securities) issued by supranational agencies and governments Purchases of government bonds which began on 9 March also include securities with a negative interest rate with the deposit rate used as a limit For several months after the roll-out of these operations the comments made by the ECB mainly consisted of saying that the programme was operating ldquowithout any difficultiesrdquo and would continue until at least September 2016 The financial turbulence in the summer and inflation that remained very low in the euro zone led some observers to consider the announcement of additional measures In October Mario Draghi also hinted that far-reaching measures would be announced in December and other extremely accommodating statements further fuelled expectations in November such as ldquowe will do what we need to do to increase inflation as soon as possiblerdquo This attitude may have been counter-productive as on 3 December the ECB failed to live up to expectations by only lowering the deposit facility rate by 10 bp (to stand at -030) leaving the two other key interest rates unchanged (the interest rate on the main refinancing operations has stood at 005 and the marginal lending facility rate at 030 since September 2014) and extending purchases of securities under the scope of QE until ldquoMarch 2017 or beyond if necessaryrdquo A decision was also taken to ldquoreinvest the principal payments on the securities purchased under the public sector asset purchasing programme as they maturerdquo The monetary policy was therefore more accommodating than in October in order to ensure that inflation (02 year-on-year in November) returned to levels ldquobelow but close to 2rdquo

While the ending of the monthly securities purchasing scheme in November 2014 for the purpose of normalising its monetary policy failed to trigger any specific reaction the US Federal Reserve (the Fed) has found it trickier to control expectations on interest rates The forward-looking statements in the official communiqueacute issued after each monetary policy committee have changed over the months The Fed took a decisive step in March by refusing to fix a timetable stating that the economic situation would determine the decision to raise rates Moreover Janet Yellen indicated that once the increase starts the rise will be gradual she also restated that monetary policy should be forward-looking Linking monetary policy decisions and economic data has unfortunately complicated the analysis since the latter has been particularly volatile since the start of 2015 and expectations of higher rates only slowly gained ground and continued to fluctuate until the autumn After raising concerns about growth by failing to increase the key rates in September (due to the difficult international financial situation) it was right at the end of the year (16 December) that Janet Yellen was finally able to announce the abandonment of the zero-rate policy that had been in force since the end of 2008 The ground for such an action had been well prepared during the previous meeting The target federal funds rate in the US will now range between 025 and 050 and the Fed is considering further increases in the coming months (a total of 100 bp in 2016 according to the forecasts supplied by all the participants at the FOMC)

Foreign exchange markets Volatility on the foreign exchange market remained high in 2015 attaining at the start of year the levels seen in 2012 and 2013 for currencies of the major developed countries with emerging currencies even exceeding these levels The reason for this feverish climate was the prospect of the Fed increasing interest rates which would be likely to trigger capital flows within the emerging areas


Managers report

Page 8

In addition the difficulties experienced by commodity-producing countries played a role and also affected the currencies of developed countries (CAD AUD NZD NOK) Moreover two adjustments of the exchange rate policy revived the spectre of a currency war further highlighting the nervousness This was due firstly to the totally unexpected decision of the SNB (Swiss National Bank) on 15 January to scrap the cap on its currency put in place in September 2011 and secondly the surprise devaluation of the Chinese yuan in August clumsily implemented by the Central Bank The extremely accommodating policy put in place by the ECB ndash widening the difference between its monetary policy and that of the United States ndash was responsible for changes in the EURUSD rate After this wave of extremely wide fluctuations (105ndash121) the euro had dropped by 103 against the dollar in the space of twelve months to stand at 10861 A low was reached in March (the lowest point since January 2003) and concerns about Greece further penalised the euro The exchange rate then moved up and down without any great direction fluctuating several times above 114 on the basis of elements such as economic data political developments and trends on other financial markets In October the theme of divergent actions from the central banks returned to the fore The exchange rate returned virtually to its low point in early December in anticipation of another major easing programme until the actual announcements dashed hopes and saw it return to 110

The USDJPY exchange rate went over 120 in late December 2014 (the highest point since mid-2007) before fluctuating widely around this level until May It did not manage to settle long term at 125 ndash the level attained during the summer ndash as the announcements from the Bank of Japan and the government about their willingness to retain the ldquoweak yenrdquo policy were fairly vague In August the announced devaluation of the Chinese yuan temporarily brought the exchange rate to 116 before it stabilised at around 120 until October For the rest of the year fluctuations moved within a slightly broader range (120ndash124) without reflecting much conviction on the part of traders as the Bank of Japan continued to maintain a degree of uncertainty about its future securities purchasing operations and simply made a minor adjustment in December The USDJPY rate ended the year at 12020 a 03 rise

Bond markets

In twelve months the yield of 10-year US T-notes fell by 10 bp after fluctuating between 165 in January (the lowest point since May 2013) and 250 during the summer it ended the year at 227 The annual change seems modest when taking into account the fact that the Fed stopped QE at the end of 2014 and that a 25 bp rise in interest rates occurred in December Furthermore although volatile the economic data has reflected a steady improvement in the job market which is a key factor for solid growth In a reversal of the customary relationship between American and European bonds as a result of the ECBrsquos asset purchasing programme from March onwards the sharp easing in the euro zone up to April mechanically strengthened the yield offered by US securities In May and June the speed and the magnitude of the pressure on German rates weighed heavily on US markets In terms of bonds the year witnessed several peaks in volatility as a result of trends on other financial markets While the level of US long-term interest rates in June and July (around 250) seemed to correctly reflect the improvement in US domestic demand concerns about global growth and the renewed weakness of commodity prices led to an easing of long-term interest rates exacerbated by the difficulties experienced by shares From August onwards the 10-year rate fluctuated within a narrower range (2ndash235) in line with the Fedrsquos monetary policy The surprise decision to maintain the status quo in September saw a significant easing of long-term interest rates while the eagerly awaited rise in interest rates in December had an impact on the short section of the curve the 2-year rate ended the year at 105 (compared with 066 at the end of 2014) ndash the highest rate since the spring of 2010 ndash in view of expectations of a continued normalisation of rates in 2016

In the euro zone the trends observed for government bonds primarily reflected the ECBrsquos monetary policy (expectations and decisions) It seems paradoxical that the German 10-year Bundrsquos yield dropped by 9 bp in twelve months as the ECB announced in January a massive securities purchasing policy that was implemented from March onwards This performance was due to the excessive easing implemented during the first four months of the year Against a backdrop of a very accommodating monetary policy and a sharp slowdown in inflation the German 10-year rate dropped from 054 at the end of 2014 to below 008 on 20 April 2015 in a virtually uninterrupted movement The safe-haven investment status of German Government bonds played a role in the easing of rates in view of concerns arising in particular from the heated discussions between Greece and its creditors The subsequent sharp correction was triggered by technical factors special market conditions and adjustments of positions by hedge funds After initially settling at around 060 the yield of the German 10-year Bund was around 1 on 10 June It then resumed a bearish trend though a weaker and much more uneven one than in the spring The end of the year was characterised by increased volatility triggered by the words of Mario Draghi who raised hopes before dashing them by easing monetary policy a little more (but less than expected) During the second half of the year investors without taking economic fundamentals into consideration were inclined to take profits each time the yield of German Bunds dipped below 050 The Bund ended 2015 at 063


Managers report

Page 9

Equity markets

The MSCI AC World Index (in USD) posted an annual drop of 43 and the MSCI Emerging index (in USD) was down by 17 From this perspective 2015 was a bad year At the same time SampP 500 was down 07 ndash a disappointing performance ndash while the Eurostoxx 50 was up 39 and the Nikkei 225 up 91 with all these indices expressed in the local currencies The figures mentioned above are variations in the price of the indices excluding dividends reinvested The first half of the year was generally positive particularly in Europe and Japan and the gains amassed then compensated for the second half of the year which was more or less negative on all of the major markets There were several peaks in volatility during the summer months when the markets experienced stress levels not seen since the European sovereign crisis Several factors explained the jitteriness of investors In Greece after Alexis Tsipras won the elections on a platform of rejecting the reforms and measures associated with the European and international bailout packages the Greek issue returned to centre stage In July while Greece seemed to be on the edge of bankruptcy and the euro zone about to split apart the compromises reached in extremis were enough to reassure investors despite the enormity of the Greek debt placing an ongoing threat on the countryrsquos future Fears then began to focus on China The sharp correction of stock exchanges in mainland China from the middle of June induced the authorities to put in place various support and control measures though without producing tangible results Doubts about the health of the Chinese economy were then fuelled by disappointing economic data The surprise devaluation of the yuan against the dollar in August increased nervousness Finally the further drop in the price of oil from late June (although the price of a barrel of WTI had returned to $60 compared with less than $45 in March) was interpreted as a clear sign of a global economic slowdown At year-end OPECrsquos decision not to set production quotas drove the price of a WTI barrel below $35 In one year the price of oil which had fallen 46 in 2014 dropped another 30 International equities fell sharply in August The role of central bankers was again decisive this year Fluctuations in monetary policy expectations especially in the United States and in the euro zone triggered sharp variations on the stock markets reflecting a certain continued ldquoaddictionrdquo of investors to liquid stocks European equities benefited in the first half of the year from the roll-out of the ECBrsquos quantitative easing programme The recovery of global equities in October (which did not last) was based on hopes of a widening of the easing programme from the ECB It took a while for the message from the Chairman of the Fed to be clearly understood however the rise in American interest rates announced in December was ultimately fairly well accepted

China 2015 was a roller-coaster ride for the Chinese equity market Fuelled by the governmentrsquos monetary easing policies and high levels of borrowing the Shanghai Composite Index soared by about 60 from January 2015 to 5 178 on 12 June 2015 After multiple regulations on margin financing investors had to sell off their exposure This had a roll-on effect and led to an overall bear market The Shanghai Composite nose-dived by more than 30 in just three weeks and continued to plunge in the third quarter before rallying towards the year end when the government cut interest rates The recovery however was lopsided Property developersrsquo share prices soared in December as money from insurance companies poured in Most state-owned blue-chip companies including banks and large industrial companies also found strong support and benefited from the recovery while many others lost ground Overall the A-shares market finished up by 558 YoY in CNY terms Overseas Chinese stocks (represented by the MSCI China index) were much less volatile than A-shares and rose by 09 in USD terms over the year The MSCI China benefited from the inclusion of American Depositary Receipts (shares of foreign stocks owned and issued by US banks) which means that more emerging economy stocks are now included within the Index

The Chinese bond market in contrast had a bull-run in 2015 due to slower economic growth and a rapid increase in money supply after several interest rate cuts and reserve ratio requirement cuts by the Peoplersquos Bank of China Moreover the A-share market crash in June along with the suspension of IPOs in July prompted stock investors to channel their money into the less volatile bond market Government bond prices were flat in the first half of 2015 but rose significantly in the second half of the year Credit bonds performed well throughout the year as credit spreads approached historical lows despite increased credit risk


Managers report

Page 10

The Chinese economy was mixed in 2015 but reforms momentum is increasing for this third year of the current Chinese leadership We believe GDP growth for 2015 will be close to or below 7 Official PMI readings were weak (below 50) from August to December indicating softening manufacturing activities CPI inflation remained low and PPI was falling The bright spot in the macroeconomic picture was domestic consumption We believe retail sales probably rose by more than 10 year-on-year with a spectacular surge of 30 in online retail sales In addition the service sector contributed more to Chinarsquos GDP than agriculture and manufacturing combined This is a clear sign that the economy is shifting toward emerging industries and away from traditional ones eg cement building materials and iron and steel manufacturing It is therefore perfectly normal that China should go through some ldquogrowing painsrdquo as it progresses towards more sustainable growth in the future Looking ahead we expect the government to continue its efforts to transform the economy by launching supply-side reforms If such reforms prove successful resources will be more efficiently allocated residents and enterprises will have more money to spend and aggregate demand should pick up as a result

Fund Performance

Sub-fund Description Fund

Performance

Bond RMB Supreme Share ldquoI - Capitalisationrdquo (814) China Sovereign Bond RMB Share ldquoI - Capitalisationrdquo (207) Chinese Equity A Share ldquoI - Capitalisationrdquo 15954

Deposit EUR Share ldquoI Plus - Capitalisationrdquo 022 Share ldquoI Plus - Distributionrdquo 022

Share ldquoPrivilege - Capitalisationrdquo 220

Equity China A Share ldquoI - Capitalisationrdquo 14882

Share ldquoI Plus - Capitalisationrdquo 14931 Equity China A Selected Share ldquoI - Capitalisationrdquo 5636 Equity Greater China Share ldquoI - Capitalisationrdquo 5227

Equity Greater China Environmental Share ldquoI - Capitalisationrdquo 6253

Share ldquoPrivilege USD - Capitalisationrdquo 6122 Euro Government Long-Dated Passive Bond Fund Share ldquoI - Capitalisationrdquo 120

Fortis Deposit EUR

Share ldquoI Plus - Capitalisationrdquo 025 Share ldquoI Plus - Distributionrdquo 025

Share ldquoPrivilege - Capitalisationrdquo 014 Share ldquoPrivilege - Distributionrdquo 014

Global Senior Corporate Loans Fund

Share ldquoI 2015 - Distributionrdquo - Share ldquoI Plus 2014 - Distributionrdquo 127

Share ldquoI Plus 2015 - Capitalisationrdquo - Share ldquoI Plus 2015 - Distributionrdquo -

Share ldquoPrivilege 2014 - Distributionrdquo 087 Rega 1 Share ldquoI - Capitalisationrdquo 140 RMB Bond Fund Share ldquoI - Capitalisationrdquo (128) Senior Secured Bank Loan Fund Mogliano Share ldquoI - Distributionrdquo 103 Short Term Bond Fund RMB Share ldquoI - Capitalisationrdquo (280) Short Term RMB Share ldquoX - Capitalisationrdquo 043

No performance for these 3 share classes as there were launched during the year


Managers report

Page 11

Material changes

China A Opportunity Equity China Ilios Bond Taiwan have been terminated during the year

Risk profile

For AIF funds commitment and leverage exposures displayed include direct assets exposure Scoring BNPP IP puts in place a fund classification based on the liquidity risk of each fund There are 5 different levels in relation to the potential risks of funds (C1 low risk to C5 high risk) Fund Closedown Cost Application of a stress test representing the cost of closedown of the sub-fund

Risk management systems

Risk management is an integral part of BNP Paribas Investment Partners (BNPP IP) business model and is considered at all levels of the organization

At BNPP IP Luxembourg the Investment risk management is an independent department it reports directly to the CEO and to the BNPP IP Institutional and Distribution business line Head of Risks Following the first level of risk controls conducted within the investment team the risk team (investment risk and investment compliance) is dedicated to a second layer of internal controls they work closely with the investment team to ensure that portfolios are run at acceptable levels of risk To manage investment risks (commitment leverage and liquidity risk) the risk team uses CRGE (internal risk software) and RiskMetrics for VaR calculation To manage investment compliance risks the team uses Sentinel A UCITSAIF risk management procedure (RMP) was provided to the CSSF on the 28 August 2015

Current Risk Profile Liquidity Risk

Leverage Value at Risk Liquidity Profile

Funds Ccy Position Date Category Commitment figure

Max Comm Leverage

Notional Leverage

Max Notional Leverage

Fund VaR (Histo) ScoringFund

Closedown Cost

BNP PARIBAS FLEXI III BOND RMB SUPREME USD 31122015 Autres strateacutegies autre 000 12000 000 20000 278 C1 000

BNP PARIBAS FLEXI III CHINA SOVEREIGN BOND RMB JPY 31122015 Autres strateacutegies autre 8949 12000 8949 20000 709 C1 006

BNP PARIBAS FLEXI III CHINESE EQUITY A JPY 31122015 Autres strateacutegies Fonds investi en actions 9704 13000 9704 20000 3164 C1 004

BNP PARIBAS FLEXI III DEPOSIT EUR EUR 31122015 Autres strateacutegies autre 9497 11000 9683 15000 015 C1 759

BNP PARIBAS FLEXI III EQUITY CHINA A JPY 31122015 Autres strateacutegies Fonds investi en actions 10033 13000 10017 20000 3241 C1 004

BNP PARIBAS FLEXI III EQUITY CHINA A SELECTED JPY 30122015 Autres strateacutegies Fonds investi en actions 9839 13000 9839 20000 3171 C1 003

BNP PARIBAS FLEXI III EQUITY GREATER CHINA JPY 31122015 Autres strateacutegies Fonds investi en actions 9568 13000 9568 20000 3414 C1 014

BNP PARIBAS FLEXI III EQUITY GREATER CHINA ENVIRONMENTAL JPY 31122015 Autres strateacutegies Fonds investi en actions 9898 13000 9898 20000 2531 C2 015

BNP PARIBAS FLEXI III EURO GOVERNMENT LONG-DATED PASSIVE BOND FUND EUR 31122015 Autres strateacutegies Fonds agrave Revenu Fixe 10006 11000 10003 11000 1129 C1 007

BNP PARIBAS FLEXI III FORTIS DEPOSIT EUR EUR 31122015 Autres strateacutegies autre 8119 11000 8119 15000 009 C1 775

BNP PARIBAS FLEXI III GLOBAL SENIOR CORPORATE LOANS FUND EUR 31122015 Autres strateacutegies autre 10493 11000 15295 20000 244 C5 627

BNP PARIBAS FLEXI III REGA 1 EUR 31122015 Autres strateacutegies autre (Fonds structureacutes) 17157 20000 18062 21000 na C1 000

BNP PARIBAS FLEXI III RMB BOND FUND USD 31122015 Autres strateacutegies autre 9123 12000 9123 20000 258 C5 213

BNP PARIBAS FLEXI III SENIOR SECURED BANK LOAN FUND MOGLIANO EUR 31122015 Autres strateacutegies autre 9433 11000 14455 20000 560 C5 583

BNP PARIBAS FLEXI III SHORT TERM BOND FUND RMB JPY 31122015 Autres strateacutegies Fonds agrave Revenu Fixe 9500 12000 9500 20000 713 C1 020

BNP PARIBAS FLEXI III SHORT TERM RMB JPY 31122015 Autres strateacutegies autre 000 12000 000 20000 008 C1 000


Managers report

Page 12

Leverage

AIF commitment leverage from 1 January 2015 to 31 December 2015 Average level of AIF commitment leverage

The Board of Directors

Luxembourg 19 February 2016

NB The information provided in this report relates to past performance and is not a guide to future results

Funds Ccy Position Date

Average Levelof AIF

CommitmentLeverage

BNP PARIBAS FLEXI III BOND RMB SUPREME USD 31122015 7386

BNP PARIBAS FLEXI III CHINA SOVEREIGN BOND RMB JPY 31122015 845

BNP PARIBAS FLEXI III CHINESE EQUITY A JPY 31122015 966

BNP PARIBAS FLEXI III DEPOSIT EUR EUR 31122015 928

BNP PARIBAS FLEXI III EQUITY CHINA A JPY 31122015 958

BNP PARIBAS FLEXI III EQUITY CHINA A SELECTED JPY 30122015 970

BNP PARIBAS FLEXI III EQUITY GREATER CHINA JPY 31122015 948

BNP PARIBAS FLEXI III EQUITY GREATER CHINA ENVIRONMENTAL JPY 31122015 975

BNP PARIBAS FLEXI III EURO GOVERNMENT LONG-DATED PASSIVE BOND FUND EUR 31122015 1003

BNP PARIBAS FLEXI III FORTIS DEPOSIT EUR EUR 31122015 938

BNP PARIBAS FLEXI III GLOBAL SENIOR CORPORATE LOANS FUND EUR 31122015 969

BNP PARIBAS FLEXI III REGA 1 EUR 31122015 17208

BNP PARIBAS FLEXI III RMB BOND FUND USD 31122015 941

BNP PARIBAS FLEXI III SENIOR SECURED BANK LOAN FUND MOGLIANO EUR 31122015 963

BNP PARIBAS FLEXI III SHORT TERM BOND FUND RMB JPY 31122015 905

BNP PARIBAS FLEXI III SHORT TERM RMB JPY 31122015 00

PricewaterhouseCoopers Socieacuteteacute coopeacuterative 2 rue Gerhard Mercator 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 13

Audit report To the Shareholders of BNP PARIBAS FLEXI III We have audited the accompanying financial statements of BNP PARIBAS FLEXI III and of each of its sub-funds which comprise the statement of net assets and the securities portfolio as at 31 December 2015 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-SIF for the financial statements The Board of Directors of the SICAV-SIF 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-SIF 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-SIF as well as evaluating the overall presentation of the financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion

pwc

Opinion

In our opinion the financial statements give a true and fair view of the financial position of BNP PARIBAS FLEXI III and of each of its sub-funds as of 31 December 2015 and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements

Emphasis of matter

We draw attention to note 2c) to the financial statements which indicates that some securities were difficult to price as a consequence of a lack of liquidity and therefore priced in accordance with the prospectus based on the probable realisation value estimated prudently and with good faith by the Board of Directors These securities accounted for 161 of the net assets of the sub-fund Chinese Equity A 287 of the net assets of the sub-fund Equity China A 523 of the net assets of the sub-fund Equity China A Selected 407 of the net assets of the sub-fund Equity Greater China and 124 of the net assets of the sub-fund Equity Greater China Environmental as at 31 December 2015 Our opinion is not qualified in respect of this matter

We also draw attention to the content of note 12 to the financial statements concerning provisions for Chinese taxes and note 13 to the financial statements concerning P-notes Our opinion is not qualified in respect of these matters

Other matters

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above Consequently we express no opinion on such information However we have no observation to make concerning such information in the context of the financial statements taken as a whole

PricewaterhouseCoopers Societe cooperative Luxembourg 24 May 2016 Represented by

cam- Thierry Blondeau

Page 14

Page 15


Financial statements at 31122015

The accompanying notes form an integral part of these financial statements Page 16

Bond RMB

Supreme Bond Taiwan China A Opportunity Fund

China Sovereign Bond RMB

Expressed in USD USD USD JPY Notes

Statement of net assets Assets 1 630 766 0 0 254 209 581

Securities portfolio at cost price 0 0 0 193 048 331 Unrealised gain(loss) on securities portfolio 0 0 0 (7 157 973)

Securities portfolio at market value 2 0 0 0 185 890 358 Net Unrealised gain on financial instruments 289 0 0 0 0 Cash at banks and time deposits 1 630 766 0 0 45 822 927 Other assets 0 0 0 22 496 296

Liabilities 172 504 0 0 37 432 890 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 289 0 0 0 0 Other liabilities 172 504 0 0 37 432 890

Net asset value 1 458 262 0 0 216 776 691 Statement of operations and changes in net assets

Income on investments and assets 21213 71 733 1 648 920 0 12 712 428 Management fees 3 16 243 410 961 93 470 4 877 455 Bank interest 0 0 0 5 999 Extraordinary and other expenses 5 15 045 172 752 71 859 1 487 792 Taxes 612 159 098 9 104 383 431 27 764 Transaction fees 17 304 185 277 277 733 89 906

Total expenses 190 690 778 094 826 493 6 488 916

Net result from investments (118 957) 870 826 (826 493) 6 223 512

Net realised result on Investments securities 215 30 186 (22 749 915) 46 266 341 44 604 776 Financial instruments (13 709) (1 358 522) (2 045 907) (4 831 540)

Net realised result (102 480) (23 237 611) 43 393 941 45 996 748 Movement on net unrealised gainloss on

Investments securities 15 (27 714) 20 551 100 (43 700 745) (52 570 497)Financial instruments 0 0 0 0

Change in net assets due to operations (130 194) (2 686 511) (306 804) (6 573 749)

Net subscriptions(redemptions) (4 000 010) (283 995 450) (320 067 382) (153 943 957)

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

(4 130 204) (286 681 961) (320 374 186) (160 517 706)

Net assets at the beginning of the financial yearperiod

5 588 466 286 681 961 320 374 186 377 294 397

Reevaluation of opening consolidated NAV

0 0 0 0

Net assets at the end of the financial yearperiod

1 458 262 0 0 216 776 691



Chinese Equity PrimeAPrime Deposit EUR Equity China PrimeAPrime Equity China A

Selected Equity China Ilios Equity Greater China

JPY EUR JPY JPY USD JPY

4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental

Euro Government Long-Dated

Passive Bond FundFortis Deposit

EUR Global Senior

Corporate Loans Fund

Expressed in JPY EUR EUR EUR Notes

Statement of net assets Assets 4 225 185 273 33 452 784 126 728 983 266 116 473

Securities portfolio at cost price 2 473 342 882 27 686 219 102 680 426 255 682 512 Unrealised gain(loss) on securities portfolio (4 554 767) 5 233 086 149 855 37 515

Securities portfolio at market value 2 2 468 788 115 32 919 305 102 830 281 255 720 027 Net Unrealised gain on financial instruments 289 0 0 0 0 Cash at banks and time deposits 1 602 547 338 4 797 23 898 702 9 387 568 Other assets 153 849 820 528 682 0 1 008 878

Liabilities 114 740 589 14 938 78 389 13 328 832 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 289 0 0 0 523 421 Other liabilities 114 740 589 14 938 78 389 12 805 411

Net asset value 4 110 444 684 33 437 846 126 650 594 252 787 641 Statement of operations and changes in net assets

Income on investments and assets 21213 1 664 275 137 914 041 152 8 031 428 Management fees 3 30 691 602 34 618 83 642 1 028 099 Bank interest 10 665 3 914 4 172 Extraordinary and other expenses 5 8 865 421 30 897 128 883 353 665 Taxes 612 352 201 4 481 16 185 21 949 Transaction fees 17 19 377 174 0 0 0

Total expenses 59 297 063 69 999 229 624 1 407 885

Net result from investments 1 604 978 074 844 042 (229 472) 6 623 543

Net realised result on Investments securities 215 1 588 112 854 1 972 002 532 326 2 311 689 Financial instruments (14 712 804) 0 0 (8 710 817)

Net realised result 3 178 378 124 2 816 044 302 854 224 415 Movement on net unrealised gainloss on

Investments securities 15 (1 337 555 417) (2 420 031) 97 540 37 515 Financial instruments 0 0 0 174 881

Change in net assets due to operations 1 840 822 707 396 013 400 394 436 811

Net subscriptions(redemptions) (2 195 939 907) (2) (12 749 403) 152 035 115

Dividends paid 7 0 0 0 (6 898 182)Increase(Decrease) in net assets during the yearperiod

(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641



Rega 1 RMB Bond Fund Senior Secured

Bank Loan Fund Mogliano

Short Term Bond Fund RMB Short Term RMB Consolidated

EUR USD EUR JPY JPY EUR

15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362


Key figures relating to the last 3 years


Bond RMB Supreme USD USD USD Number of shares 31122013 31122014 31122015 31122015

Net assets 20 970 027 5 588 466 1 458 262

Net asset value per share Share ldquoI - Capitalisationrdquo 12 20404 12 22680 11 23140 129838

Bond Taiwan USD USD USD Number of shares 31122013 31122014 31122015 31122015

Net assets 352 182 705 286 681 961 0

Net asset value per share Share ldquoI - Distributionrdquo 1 04375 99139 0 0

China A Opportunity Fund USD USD USD Number of shares 31122013 31122014 31122015 31122015

Net assets 455 216 378 320 374 186 0


China Sovereign Bond RMB JPY JPY JPY Number of shares 31122013 31122014 31122015 31122015

Net assets 534 679 249 377 294 397 216 776 691

Net asset value per share Share ldquoI - Capitalisationrdquo 1 124 21100 1 264 83600 1 238 71700 175001

Chinese Equity PrimeAPrime JPY JPY JPY Number of shares 31122013 31122014 31122015 31122015

Net assets 2 857 529 102 2 767 159 396 4 275 170 464

Net asset value per share Share ldquoI - Capitalisationrdquo 9 66600 14 97900 38 87600 109 968000

Deposit EUR EUR EUR EUR Number of shares 31122013 31122014 31122015 31122015

Net assets 702 399 048 617 627 555 1 071 965 368

Net asset value per share Share ldquoI Plus - Capitalisationrdquo 10 08167 10 12641 10 14852 83 39649584 Share ldquoI Plus - Distributionrdquo 10 01609 10 06092 10 08265 22 37637842 Share ldquoPrivilege - Capitalisationrdquo 1 00683 1 01028 1 03249 099855

Equity China PrimeAPrime JPY JPY JPY Number of shares 31122013 31122014 31122015 31122015

Net assets 579 866 346 453 775 135 465 852 325

Net asset value per share Share ldquoI - Capitalisationrdquo 783 64500 1 176 04000 2 926 26900 59735 Share ldquoI Plus - Capitalisationrdquo 865 10700 1 300 51900 3 242 33700 89766

Adjusted Net assets and Net asset value per share Please refer to Note 14 ndash NAV reconciliation




Equity China A Selected JPY JPY JPY Number of shares 31122013 31122014 31122015 31122015

Net assets 11 461 754 986 11 661 240 892 7 040 439 000


Equity China Ilios USD USD USD Number of shares 31122013 31122014 31122015 31122015

Net assets 272 890 881 397 416 798 0

Net asset value per share Share ldquoI - Capitalisationrdquo 4 19564 6 11020 0 0

Equity Greater China JPY JPY JPY Number of shares 31122013 31122014 31122015 31122015

Net assets 1 257 674 799 1 311 442 556 881 585 745


Equity Greater China Environmental JPY JPY JPY Number of shares 31122013 31122014 31122015 31122015

Net assets 5 353 046 064 4 465 561 884 4 110 444 684

Net asset value per share Share ldquoI - Capitalisationrdquo 12 37100 15 18800 24 68400 166 512000 Share ldquoPrivilege USD - Capitalisationrdquo 0 1 03592 1 67010 1000

Euro Government Long-Dated Passive Bond Fund EUR EUR EUR Number of shares 31122013 31122014 31122015 31122015

Net assets 24 681 565 33 041 835 33 437 846


Fortis Deposit EUR EUR EUR EUR Number of shares 31122013 31122014 31122015 31122015

Net assets 172 325 600 138 999 603 126 650 594

Net asset value per share Share ldquoI Plus - Capitalisationrdquo 10 09375 10 13774 10 16229 6 465388 Share ldquoI Plus - Distributionrdquo 10 02359 10 06733 10 09181 5 989280 Share ldquoPrivilege - Capitalisationrdquo 1 00770 1 01108 1 01251 250000 Share ldquoPrivilege - Distributionrdquo 1 00182 1 00518 1 00661 250000

Global Senior Corporate Loans Fund EUR EUR EUR Number of shares 31122013 31122014 31122015 31122015

Net assets 9 999 682 107 213 897 252 787 641

Net asset value per share Share ldquoI 2015 - Distributionrdquo 0 0 98650 2 000000 Share ldquoI Plus 2014 - Distributionrdquo 99997 99190 97634 121 729421 Share ldquoI Plus 2015 - Capitalisationrdquo 0 0 98655 12 850000 Share ldquoI Plus 2015 - Distributionrdquo 0 0 98116 120 267137 Share ldquoPrivilege 2014 - Distributionrdquo 0 98962 97005 1 325543





Rega 1 EUR EUR EUR Number of shares 31122013 31122014 31122015 31122015

Net assets 15 813 379 16 224 326 15 644 936


RMB Bond Fund USD USD USD Number of shares 31122013 31122014 31122015 31122015

Net assets 193 518 409 93 717 370 9 140 027


Senior Secured Bank Loan Fund Mogliano EUR EUR EUR Number of shares 31122013 31122014 31122015 31122015

Net assets 309 915 607 298 562 246 288 318 814


Short Term Bond Fund RMB JPY JPY JPY Number of shares 31122013 31122014 31122015 31122015

Net assets 6 517 744 060 5 057 960 812 3 634 023 111

Net asset value per share Share ldquoI - Capitalisationrdquo 1 216 90500 1 374 07200 1 335 54700 2 721000

Short Term RMB JPY JPY JPY Number of shares 31122013 31122014 31122015 31122015

Net assets 23 330 448 689 1 025 796 572 1 030 212 785

Net asset value per share Share ldquoX - Capitalisationrdquo 128 61700 127 49100 128 04000 8 046030


BNP PARIBAS FLEXI III China Sovereign Bond RMB

Securities portfolio at 31122015 Expressed in JPY


Quantity Denomination Quotation currency Market value of netassets

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

185 890 358 8575

Bonds 185 890 358 8575

China 185 890 358 8575 4 000 000 CHINA GOVT BOND 3100 13-31012016 CNY 74 229 071 3424 6 000 000 CHINA GOVT BOND 3130 15-13042016 CNY 111 661 287 5151

Total securities portfolio 185 890 358 8575

BNP PARIBAS FLEXI III Chinese Equity PrimeAPrime





1 746 109 662 4084

Shares 1 746 109 662 4084

China 1 746 109 662 4084 27 900 AISINO CO LTD - A CNY 28 928 619 068 78 200 ANHUI JIANGHUAI AUTO CO - A CNY 21 159 044 049 25 700 ANHUI YINGLIU ELECTROMECHA - A CNY 14 927 562 035

524 900 BANK OF COMMUNICATIONS CO - A CNY 62 689 736 147 20 200 BEIJING ORIGINWATER TECHNOLOGY - A CNY 19 393 828 045 66 800 BEIJING SHOUHANG RESOURCES - A CNY 37 784 206 088 25 700 BYD CO LTD - A CNY 30 693 965 072 28 300 BY-HEALTH CO LTD - A CNY 20 206 038 047 27 400 CHINA AVIATION OPTICAL - A CNY 19 289 047 045

109 300 CHINA EASTERN AIRLINES CO - A CNY 15 425 485 036 24 138 CHINA INTERNATIONAL TRAVEL - A CNY 26 549 920 062

106 900 CHINA SHENHUA ENERGY CO - A CNY 29 677 923 069 139 200 CHINA STATE CONSTRUCTION - A CNY 16 366 752 038 200 201 CHINA VANKE CO LTD - A CNY 90 703 431 213 46 600 CITIC SECURITIES CO - A CNY 16 722 488 039

177 800 DAQIN RAILWAY CO LTD - A CNY 28 423 204 066 54 400 GF SECURITIES CO LTD - A CNY 19 622 417 046 60 600 GOSUNCN TECHNOLOGY GROUP C - A CNY 23 589 518 055 47 200 GREE ELECTRIC APPLIANCES I - A CNY 19 563 814 046 81 900 HENAN HUANGHE WHIRLWIND CO - A CNY 38 442 361 090 80 300 HENAN HUAYING AGRICULTURAL - A CNY 19 672 174 046 67 061 HENAN SHUANGHUI INVESTMENT - A CNY 25 383 239 059 11 500 HUADONG MEDICINE CO LTD - A CNY 17 479 693 041 84 600 HUAYU AUTOMOTIVE SYSTEMS - A CNY 26 452 208 062

210 300 INDUSTRIAL BANK CO LTD - A CNY 66 574 329 156 248 200 INNER MONGOLIA YILI INDUS - A CNY 75 626 386 177 74 850 JIANGSU HENGSHUN VINEGAR I - A CNY 35 632 942 083 27 200 JUNEYAO AIRLINES CO LTD - A CNY 17 236 452 040 28 900 NANFANG PUMP INDUSTRY CO - A CNY 25 522 384 060 71 800 NBTM NEW MATERIALS GROUP C - A CNY 21 517 896 050 52 300 NINGBO HUAXIANG ELECTRONIC - A CNY 16 876 599 039 74 300 ORIENT SECURITIES CO LTD - A CNY 32 091 669 075

147 054 PING AN INSURANCE GROUP CO - A CNY 98 177 810 231 239 700 POLY REAL ESTATE GROUP CO - A CNY 47 298 097 111 82 000 RONGXIN POWER ELECTRONIC - A CNY 39 006 342 091 39 800 SANAN OPTOELECTRONICS CO L - A CNY 17 921 145 042

144 610 SHANGHAI AJ GROUP CO LTD - A CNY 39 288 908 092 31 700 SHANGHAI INTERNATIONAL AIR - A CNY 17 354 401 041 29 600 SHANGHAI NEW CULTURE MEDIA - A CNY 23 055 524 054 40 800 SHANGHAI ORIENTAL PEARL ME - A CNY 28 669 411 067

112 700 SHANGHAI PUDONG DEVEL BANK - A CNY 38 185 323 089 185 500 SHANGHAI SMI HOLDING CO LT - A CNY 79 673 973 187 129 900 SHENWAN HONGYUAN GROUP CO - A CNY 25 800 768 060 474 860 SHENZHEN OVERSEAS CHINESE - A CNY 77 496 531 182

78 800 SICHUAN CHUANTOU ENERGY CO - A CNY 15 724 342 037 10 200 SINODATA CO LTD - A CNY 15 131 078 035 34 900 STANLEY FERTILIZER CO LTD - A CNY 21 054 430 049 28 800 SUZHOU GOLD MANTIS CONSTR - A CNY 9 977 078 023

207 700 TBEA CO LTD - A CNY 45 336 393 106 38 900 TONGHUA DONGBAO PHARMACEUT - A CNY 19 600 775 046 49 900 TONTEC TECHNOLOGY INVESTME - A CNY 18 406 420 043 27 000 VENUSTECH GROUP INC - A CNY 16 023 144 037 28 300 WANGSU SCIENCE + TECHNOLOG - A CNY 31 484 681 074 34 900 WESTERN METAL MATERIALS - A CNY 18 128 945 042 38 600 ZHEJIANG WHWH INDUSTRY CO - A CNY 19 463 929 046 56 643 ZHENGZHOU YUTONG BUS CO - A CNY 23 624 885 055

Total securities portfolio 1 746 109 662 4084

() Please refer to 2c Note for more information

BNP PARIBAS FLEXI III Deposit EUR

Securities portfolio at 31122015 Expressed in EUR



Money Market Instruments 1 018 000 914 9497

France 863 187 983 8051 50 000 000 BNP PARIBAS 0000 16052016 CD EUR 49 939 497 466 25 000 000 BNP PARIBAS 0000 16092016 CD EUR 24 953 897 233 70 000 000 BNP PARIBAS 0000 16122016 CD EUR 69 912 073 652 35 000 000 BNP PARIBAS SA 0000 03032016 CD EUR 34 976 936 326 47 000 000 BNP PARIBAS SA 0000 05022016 CD EUR 46 999 953 438 40 000 000 BNP PARIBAS SA 0000 05042016 CD EUR 39 995 094 373 35 000 000 BNP PARIBAS SA 0000 07062016 CD EUR 34 959 760 326 50 000 000 BNP PARIBAS SA 0000 11042016 CD EUR 49 981 878 466 40 000 000 BNP PARIBAS SA 0000 11052016 CD EUR 39 953 509 373 25 000 000 BNP PARIBAS SA 0000 12022016 CD EUR 24 987 808 233 65 000 000 BNP PARIBAS SA 0000 12082016 CD EUR 64 958 595 606 30 000 000 BNP PARIBAS SA 0000 12102016 CD EUR 29 943 176 279 25 000 000 BNP PARIBAS SA 0000 18022016 CD EUR 24 986 174 233 25 000 000 BNP PARIBAS SA 0000 19022016 CD EUR 24 986 098 233 10 000 000 BNP PARIBAS SA 0000 20102016 CD EUR 9 983 781 093 30 000 000 BNP PARIBAS SA 0000 21102016 CD EUR 29 951 177 279 40 000 000 BNP PARIBAS SA 0000 22072016 CD EUR 39 938 853 373 22 000 000 BNP PARIBAS SA 0000 23112016 CD EUR 21 973 577 205 50 000 000 BNP PARIBAS SA 0000 25082016 CD EUR 49 973 902 466 25 000 000 BNP PARIBAS SA 0000 25102016 CD EUR 24 961 865 233 50 000 000 BNP PARIBAS SA 0000 26052016 CD EUR 49 936 703 466 30 000 000 BNP PARIBAS SA 0000 26082016 CD EUR 29 948 352 279 45 000 000 BNP PARIBAS SA 0000 29032016 CD EUR 44 985 325 420

Belgium 154 812 931 1446 60 000 000 BNP PARIBAS 0000 23092016 CD EUR 59 890 359 559 95 000 000 BNP PARIBAS 0000 24032016 CD EUR 94 922 572 887


BNP PARIBAS FLEXI III Equity China PrimeAPrime





204 566 547 4391

Shares 204 566 547 4391

China 204 566 547 4391 3 300 AISINO CO LTD - A CNY 3 421 665 073 8 600 ANHUI JIANGHUAI AUTO CO - A CNY 2 326 954 050 2 800 ANHUI YINGLIU ELECTROMECHA - A CNY 1 626 349 035 2 300 BEIJING ORIGINWATER TECHNOLOGY - A CNY 2 208 208 047 3 600 BEIJING SHOUHANG RESOURCES - A CNY 2 036 275 044 1 900 BYD CO LTD - A CNY 2 269 204 049 3 100 BY-HEALTH CO LTD - A CNY 2 213 382 048 3 100 CHINA AVIATION OPTICAL - A CNY 2 182 337 047

12 400 CHINA EASTERN AIRLINES CO - A CNY 1 750 009 038 1 800 CHINA FORTUNE LAND DEVELOP - A CNY 1 025 481 022 2 600 CHINA INTERNATIONAL TRAVEL - A CNY 2 859 797 061

11 800 CHINA SHENHUA ENERGY CO - A CNY 3 275 954 070 15 400 CHINA STATE CONSTRUCTION - A CNY 1 810 689 039

7 300 CHINA UNION HOLDINGS LTD - A CNY 1 214 365 026 29 100 CHINA VANKE CO LTD - A CNY 13 184 099 282 5 300 CITIC SECURITIES CO - A CNY 1 901 914 041

19 600 DAQIN RAILWAY CO LTD - A CNY 3 133 267 067 12 500 GF SECURITIES CO LTD - A CNY 4 508 828 097

6 900 GOSUNCN TECHNOLOGY GROUP C - A CNY 2 685 935 058 2 700 GUANGDONG SKY DRAGON PRINT - A CNY 2 169 634 047 1 900 GUANGZHOU TINCI MATERIALS - A CNY 2 921 071 063 9 400 HENAN HUANGHE WHIRLWIND CO - A CNY 4 412 188 095 9 100 HENAN HUAYING AGRICULTURAL - A CNY 2 229 350 048

10 090 HENAN SHUANGHUI INVESTMENT - A CNY 3 819 163 082 5 800 HICONICS DRIVE TECHNOLOGY - A CNY 2 279 255 049 1 300 HUADONG MEDICINE CO LTD - A CNY 1 975 965 042 8 500 HUAYU AUTOMOTIVE SYSTEMS - A CNY 2 657 728 057

15 450 INDUSTRIAL BANK CO LTD - A CNY 4 890 981 105 21 400 INNER MONGOLIA YILI INDUS - A CNY 6 520 567 140

5 900 JIANGSU HENGSHUN VINEGAR I - A CNY 2 808 742 060 3 100 JUNEYAO AIRLINES CO LTD - A CNY 1 964 449 042 3 200 NANFANG PUMP INDUSTRY CO - A CNY 2 826 008 061 7 900 NBTM NEW MATERIALS GROUP C - A CNY 2 367 568 051 6 100 NINGBO HUAXIANG ELECTRONIC - A CNY 1 968 399 042 8 200 ORIENT SECURITIES CO LTD - A CNY 3 541 745 076

16 696 PING AN INSURANCE GROUP CO - A CNY 11 146 767 239 25 400 POLY REAL ESTATE GROUP CO - A CNY 5 011 980 108 4 500 RONGXIN POWER ELECTRONIC - A CNY 2 140 592 046 5 300 SAIC MOTOR CORPORATION LTD - A CNY 2 085 716 045 4 400 SANAN OPTOELECTRONICS CO L - A CNY 1 981 232 043


23 800 SHANGHAI SMI HOLDING CO LT - A CNY 10 222 321 219 14 100 SHENWAN HONGYUAN GROUP CO - A CNY 2 800 545 060 51 300 SHENZHEN OVERSEAS CHINESE - A CNY 8 372 093 180

8 700 SICHUAN CHUANTOU ENERGY CO - A CNY 1 736 063 037 1 200 SINODATA CO LTD - A CNY 1 780 127 038

12 659 SINOMACH AUTOMOBILE CO LTD - A CNY 4 399 497 094 4 000 STANLEY FERTILIZER CO LTD - A CNY 2 413 115 052 3 200 SUZHOU GOLD MANTIS CONSTR - A CNY 1 108 564 024

32 000 TBEA CO LTD - A CNY 6 984 904 150 4 300 TONGHUA DONGBAO PHARMACEUT - A CNY 2 166 667 047 5 600 TONTEC TECHNOLOGY INVESTME - A CNY 2 065 650 044 3 100 VENUSTECH GROUP INC - A CNY 1 839 694 039 3 100 WANGSU SCIENCE + TECHNOLOG - A CNY 3 448 852 074






4 000 WESTERN METAL MATERIALS - A CNY 2 077 816 045 3 100 ZHEJIANG AOKANG SHOES CO L - A CNY 1 932 829 041

12 950 ZHENGZHOU YUTONG BUS CO - A CNY 5 401 237 116 5 600 ZTE CORP - A CNY 1 934 795 042


BNP PARIBAS FLEXI III Equity China A Selected





5 025 634 643 7138

Shares 5 025 634 643 7138

China 5 025 634 643 7138 81 400 AISINO CO LTD - A CNY 84 401 060 120

224 000 ANHUI JIANGHUAI AUTO CO - A CNY 60 609 027 086 73 400 ANHUI YINGLIU ELECTROMECHA - A CNY 42 633 581 061

1 380 600 BANK OF COMMUNICATIONS CO - A CNY 164 887 503 234 57 700 BEIJING ORIGINWATER TECHNOLOGY - A CNY 55 397 221 079

186 500 BEIJING SHOUHANG RESOURCES - A CNY 105 490 337 150 49 100 BYD CO LTD - A CNY 58 640 999 083 80 900 BY-HEALTH CO LTD - A CNY 57 762 137 082 78 600 CHINA AVIATION OPTICAL - A CNY 55 332 814 079


305 800 CHINA SHENHUA ENERGY CO - A CNY 84 897 184 121 398 400 CHINA STATE CONSTRUCTION - A CNY 46 842 772 067 483 865 CHINA VANKE CO LTD - A CNY 219 220 760 310 132 600 CITIC SECURITIES CO - A CNY 47 583 732 068 508 800 DAQIN RAILWAY CO LTD - A CNY 81 337 042 116 227 950 FUJIAN LONGKING CO LTD - A CNY 73 049 515 104 314 900 GF SECURITIES CO LTD - A CNY 113 586 383 161 179 500 GOSUNCN TECHNOLOGY GROUP C - A CNY 69 873 242 099 63 100 GUANGDONG SKY DRAGON PRINT - A CNY 50 705 148 072 47 400 GUANGZHOU TINCI MATERIALS - A CNY 72 873 038 104

117 400 HENAN HUANGHE WHIRLWIND CO - A CNY 55 105 411 078 230 500 HENAN HUAYING AGRICULTURAL - A CNY 56 468 695 080 225 401 HENAN PINGGAO ELECTRIC CO - A CNY 81 512 545 116 177 791 HENAN SHUANGHUI INVESTMENT - A CNY 67 295 617 096 151 300 HICONICS DRIVE TECHNOLOGY - A CNY 59 457 123 084

33 000 HUADONG MEDICINE CO LTD - A CNY 50 159 118 071 234 300 HUAYU AUTOMOTIVE SYSTEMS - A CNY 73 259 485 104 746 549 INDUSTRIAL BANK CO LTD - A CNY 236 333 803 335 319 900 INNER MONGOLIA YILI INDUS - A CNY 97 473 331 138 209 947 JIANGSU HENGSHUN VINEGAR I - A CNY 99 946 950 142 156 100 JIANGSU HONGTU HIGH TECHNO - A CNY 56 219 390 080

77 660 JUNEYAO AIRLINES CO LTD - A CNY 49 212 607 070 82 900 NANFANG PUMP INDUSTRY CO - A CNY 73 211 267 104

205 400 NBTM NEW MATERIALS GROUP C - A CNY 61 556 767 087 132 300 NINGBO HUAXIANG ELECTRONIC - A CNY 42 691 665 061 188 800 ORIENT SECURITIES CO LTD - A CNY 81 546 529 116 363 322 PING AN INSURANCE GROUP CO - A CNY 242 565 037 344 666 800 POLY REAL ESTATE GROUP CO - A CNY 131 574 347 187 235 400 RONGXIN POWER ELECTRONIC - A CNY 111 976 743 159 113 900 SANAN OPTOELECTRONICS CO L - A CNY 51 286 895 073

90 700 SHANGHAI INTERNATIONAL AIR - A CNY 49 654 389 071 171 400 SHANGHAI NEW CULTURE MEDIA - A CNY 133 503 949 190 116 600 SHANGHAI ORIENTAL PEARL ME - A CNY 81 932 680 116 557 200 SHANGHAI SMI HOLDING CO LT - A CNY 239 322 575 339 375 100 SHENWAN HONGYUAN GROUP CO - A CNY 74 502 447 106

1 229 100 SHENZHEN OVERSEAS CHINESE - A CNY 200 587 513 285 225 500 SICHUAN CHUANTOU ENERGY CO - A CNY 44 997 960 064

29 500 SINODATA CO LTD - A CNY 43 761 451 062 101 100 STANLEY FERTILIZER CO LTD - A CNY 60 991 487 087

82 300 SUZHOU GOLD MANTIS CONSTR - A CNY 28 510 886 040 584 270 TBEA CO LTD - A CNY 127 533 434 181 111 400 TONGHUA DONGBAO PHARMACEUT - A CNY 56 131 782 080 143 500 TONTEC TECHNOLOGY INVESTME - A CNY 52 932 291 075 77 800 VENUSTECH GROUP INC - A CNY 46 170 394 066 80 900 WANGSU SCIENCE + TECHNOLOG - A CNY 90 003 912 128 98 700 WESTERN METAL MATERIALS - A CNY 51 270 112 073






4 XIAMEN TUNGSTEN CO LTD - A CNY 1 395 000 80 100 ZHEJIANG AOKANG SHOES CO L - A CNY 49 941 804 071

109 100 ZHEJIANG WHWH INDUSTRY CO - A CNY 55 013 334 078 226 157 ZHENGZHOU YUTONG BUS CO - A CNY 94 326 451 134


BNP PARIBAS FLEXI III Equity Greater China





587 138 468 6660

Shares 587 138 468 6660

China 578 331 650 6560 612 000 BEIJING CAPITAL LAND LTD - H HKD 33 745 490 383 330 000 CHINA GALAXY SECURITIES CO - H HKD 36 392 195 413 141 300 CHINA MERCHANTS BANK - A CNY 47 141 926 534 23 719 CHINA NATIONAL ACCORD MEDI - A CNY 29 097 805 330

1 386 000 CHINA NATIONAL MATERIALS - H HKD 31 861 111 361 90 000 CHINA VANKE CO LTD - A CNY 40 775 564 463

546 000 GOODBABY INTERNATIONAL HOLDINGS HKD 23 915 404 271 270 000 GREAT WALL MOTOR COMPANY - H HKD 37 869 318 430 144 000 GUANGZHOU AUTOMOBILE GROUP - H HKD 15 455 267 175 141 700 INDUSTRIAL BANK CO LTD - A CNY 44 857 739 509 352 000 INTIME RETAIL GROUP CO LTD HKD 41 770 723 474 18 800 JIANGSU HENGRUI MEDICINE C - A CNY 17 125 774 194 38 500 JIANGSU HENGSHUN VINEGAR I - A CNY 18 328 233 208

150 000 KINGDEE INTERNATIONAL SFTWR HKD 8 294 252 094 21 000 NINGBO HUAXIANG ELECTRONIC - A CNY 6 776 455 077 21 200 PING AN INSURANCE GROUP CO - A CNY 14 153 778 161

120 000 SHANDONG CHENMING PAPER HKD 10 325 878 117 360 000 SHANGHAI JINJIANG INTL HOTELS - H HKD 18 284 632 207 45 200 SINOPHARM GROUP CO - H HKD 21 834 075 248

124 000 SINOSOFT TECHNOLOGY GROUP HKD 8 089 225 092 4 000 WEIBO CORP - SPON ADR USD 9 380 065 106

73 000 XINJIANG GOLDWIND SCI+TEC - H HKD 16 894 490 192 162 300 ZHEJIANG LONGSHENG GROUP C - A CNY 35 035 273 397 150 000 ZHONGSHENG GROUP HOLDINGS HKD 10 926 978 124

Hong Kong 8 806 818 100 60 000 CHINA UNICOM HONG KONG LTD HKD 8 806 818 100



BNP PARIBAS FLEXI III Equity Greater China Environmental





2 468 661 483 6006

Shares 2 468 661 483 6006

China 1 807 150 352 4397 11 600 BEIJING GEOENVIRON ENGINEE - A CNY 16 837 877 041

684 000 BEIJING JINGNENG CLEAN ENE - H HKD 29 216 269 071 72 200 BEIJING ORIGINWATER TECHNOLOGY - A CNY 69 318 533 170

125 000 BYD CO LTD - H HKD 82 806 612 202 749 000 CGN POWER CO LTD - H HKD 33 737 724 082 426 000 CHAOWEI POWER HOLDINGS LTD - H HKD 36 259 860 088 112 800 CHINA COMMUNICATIONS CONST - A CNY 28 052 520 068 436 000 CHINA COMMUNICATIONS CONST - H HKD 53 634 920 130

1 140 000 CHINA FORESTRY HOLDINGS CO - H HKD 177 000 204 000 CHINA LONGYUAN POWER GROUP - H HKD 18 536 255 045 203 000 CHINA MENGNIU DAIRY CO HKD 39 854 657 097 59 900 CHINA NORTHERN RARE EARTH - A CNY 15 574 311 038

338 000 CHINA RAILWAY CONSTRUCTION - H HKD 50 451 729 123 362 000 CHINA RAILWAY GROUP LTD - H HKD 33 117 674 081 57 200 CHINA TIANYING INC - A CNY 16 283 150 040

510 000 COMTEC SOLAR SYSTEMS GROUP HKD 5 465 819 013 199 650 CRRC CORP LTD - H HKD 29 707 820 072 188 000 DONGJIANG ENVIRONMENTAL - H HKD 38 369 769 093 106 000 ENN ENERGY HOLDINGS LTD HKD 68 079 655 167 134 000 FIRST TRACTOR CO - H HKD 10 365 019 025 97 100 FOCUSED PHOTONICS HANGZHOU - A CNY 61 747 691 150

126 200 GEM CO LTD - A CNY 35 574 348 087 109 300 GRANDBLUE ENVIRONMENT CO - A CNY 32 533 381 079 179 500 GUANGDONG BAOLIHUA NEW - A CNY 32 556 470 079

18 400 GUANGXI BOSSCO ENVIRONMENT - A CNY 15 375 987 037 49 600 HUNAN CHENDIAN INTL DEV SH - A CNY 17 412 707 042 38 800 JIANGSU WELLE ENVIRONMENTAL - A CNY 17 470 865 043 20 800 JIANGXI GANFENG LITHIUM CO - A CNY 24 274 767 059

287 000 KANGDA INTERNATIONAL ENVIRON HKD 8 380 612 020 20 100 NANFANG PUMP INDUSTRY CO - A CNY 17 750 862 043 85 000 NARI TECHNOLOGY CO LTD - A CNY 26 293 535 064 51 200 NORTH ELECTRO-OPTIC CO LTD - A CNY 27 450 614 067

108 400 SHAAN XI PROVINCIAL NATURAL - A CNY 25 329 921 062 550 000 SHANGHAI ELECTRIC GROUP CO LTD - H HKD 35 110 780 085 179 000 SHANGHAI SMI HOLDING CO LT - A CNY 76 882 162 188

73 400 SHANGHAI YANHUA SMARTECH - A CNY 18 049 850 044 45 000 SHENZHEN DAS INTELLITECH - A CNY 18 276 399 044 23 400 SHENZHEN DESAY BATTERY TEC - A CNY 24 640 258 060 30 000 SHENZHEN INOVANCE TECHNOLO - A CNY 26 260 153 064

116 900 SICHUAN GUANGAN AAA PUBLIC - A CNY 16 649 827 041 71 900 SICHUAN MINGXING ELEC CO - A CNY 19 081 061 046 32 400 SICHUAN SCIMEE SCI amp TECH - A CNY 26 786 692 065 9 600 SICHUAN TIANQI LITHIUM IND - A CNY 25 058 417 061

1 413 000 SOUND GLOBAL LTD HKD 10 973 575 027 50 000 SUNWODA ELECTRONIC CO LTD - A CNY 26 056 155 063 13 900 TAIHAI MANOIR NUCLEAR EQUI - A CNY 17 000 575 041

640 000 TIANNENG POWER INTL LTD HKD 64 912 617 158 56 500 TOP RESOURCE CONSERVATION - A CNY 25 566 559 062

118 700 TSINGHUA TONGFANG CO LTD - A CNY 39 800 007 097 68 300 WEIFU HIGH-TECHNOLOGY GRP - A CNY 31 362 115 076

222 200 WUHAN SANZHEN INDUSTRY HO - A CNY 39 889 024 097 51 500 XIANGTAN ELECTRIC MANUFACT - A CNY 19 798 876 048

146 000 XINJIANG GOLDWIND SCI+TEC - H HKD 33 788 981 082 820 000 XINYI SOLAR HOLDINGS LTD HKD 40 374 679 098 52 400 XJ ELECTRIC CO LTD - A CNY 18 881 569 046






303 000 YUNNAN WENSHAN ELECTRIC PO - A CNY 51 809 280 126 33 200 ZHEJIANG SHANGFENG IND HLD - A CNY 16 543 971 040 94 000 ZHUZHOU CSR TIMES ELECTRIC - H HKD 65 774 660 160

Hong Kong 393 006 429 955 24 500 BEIJING ENTERPRISES HOLDINGS HKD 17 866 424 043

694 000 BEIJING ENTERPRISES WATER GR HKD 58 532 256 142 61 000 CHEUNG KONG INFRASTRUCTURE HKD 68 028 398 166

140 000 CHINA EVERBRIGHT INTERNATIONAL LTD HKD 21 658 249 053 384 000 CHINA GAS HOLDINGS LTD HKD 66 682 058 162 158 000 CHINA RESOURCES GAS GROUP LTD HKD 56 812 519 138 67 900 HONG KONG amp CHINA GAS HKD 16 030 583 039

128 000 SHANGHAI INDUSTRIAL HOLDING LTD HKD 40 458 553 098 374 000 WASION GROUP HOLDINGS LTD HKD 46 937 389 114

Taiwan 217 540 660 530 94 000 DELTA ELECTRONIC INDUSTRIAL CO TWD 53 553 487 130

313 000 TAIWAN SEMICONDUCTOR MANUFAC TWD 163 987 173 400

Singapore 50 964 042 124 781 720 SIIC ENVIRON SHS SGD 50 964 042 124

Other transferable securities 126 632 000

Shares 38 000

Hong Kong 38 000 246 000 CHINA METAL RECYCLING HKD 38 000

Warrants Rights 126 594 000 4 936 DELTA ELECTRONICS RTS 25122015 TWD 126 594 000



BNP PARIBAS FLEXI III Euro Government Long-Dated Passive Bond Fund





32 919 305 9845

Bonds 32 919 305 9845

Germany 7 558 071 2260 866 000 BUNDESREPUBLIK DEUTSCHLAND 2500 12-04072044 EUR 1 080 616 323 699 000 BUNDESREPUBLIK DEUTSCHLAND 2500 14-15082046 EUR 872 964 261 802 000 BUNDESREPUBLIK DEUTSCHLAND 3250 10-04072042 EUR 1 125 968 337

1 238 000 BUNDESREPUBLIK DEUTSCHLAND 4000 05-04012037 EUR 1 837 223 549 749 000 BUNDESREPUBLIK DEUTSCHLAND 4250 07-04072039 EUR 1 178 795 353 863 000 BUNDESREPUBLIK DEUTSCHLAND 4750 08-04072040 EUR 1 462 505 437

France 7 168 177 2144 825 000 FRANCE OAT 3250 13-25052045 EUR 1 049 738 314 810 000 FRANCE OAT 4000 05-25042055 EUR 1 213 785 363

1 287 000 FRANCE OAT 4000 06-25102038 EUR 1 802 727 539 641 000 FRANCE OAT 4000 10-25042060 EUR 972 282 291

1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

Italy 6 857 996 2050 710 000 ITALY BTPS 3250 15-01092046 EUR 797 302 238

1 417 000 ITALY BTPS 4000 05-01022037 EUR 1 773 290 530 797 000 ITALY BTPS 4750 13-01092044 EUR 1 130 050 338

1 014 000 ITALY BTPS 5000 07-01082039 EUR 1 453 731 435 1 194 000 ITALY BTPS 5000 09-01092040 EUR 1 703 623 509

Spain 3 971 813 1188 901 000 SPANISH GOVT 4200 05-31012037 EUR 1 111 546 332 741 000 SPANISH GOVT 4700 09-30072041 EUR 981 473 294 719 000 SPANISH GOVT 4900 07-30072040 EUR 976 726 292 634 000 SPANISH GOVT 5150 13-31102044 EUR 902 068 270

The Netherlands 3 019 066 904 553 000 NETHERLANDS GOVERNMENT 2750 14-15012047 EUR 711 097 213 817 000 NETHERLANDS GOVERNMENT 3750 10-15012042 EUR 1 218 899 365 741 000 NETHERLANDS GOVERNMENT 4000 05-15012037 EUR 1 089 070 326

Belgium 2 090 808 625 851 000 BELGIUM GOVERNMENT 0320 4250 10-28032041 EUR 1 248 306 373 215 000 BELGIUM GOVERNMENT 1900 15-22062038 EUR 213 560 064 455 000 BELGIUM GOVERNMENT 3750 13-22062045 EUR 628 942 188

Austria 1 691 087 506 344 000 REPUBLIC OF AUSTRIA 3150 12-20062044 EUR 451 328 135 188 000 REPUBLIC OF AUSTRIA 3800 12-26012062 EUR 299 480 090 646 000 REPUBLIC OF AUSTRIA 4150 07-15032037 EUR 940 279 281

Finland 266 840 080 216 000 FINNISH GOVT 2625 12-04072042 EUR 266 840 080

Ireland 261 610 078 273 000 IRISH GOVT 2000 15-18022045 EUR 261 610 078

Slovenia 33 837 010 31 000 REPUBLIC OF SLOVENIA 3125 15-07082045 EUR 33 837 010


BNP PARIBAS FLEXI III Fortis Deposit EUR




Money Market Instruments 102 830 281 8119

Belgium 102 830 281 8119 5 000 000 BNP PARIBAS FORTIS SA 0000 02062016 CD EUR 4 992 370 394

14 000 000 BNP PARIBAS FORTIS SA 0000 05072016 CD EUR 13 983 300 1104 15 000 000 BNP PARIBAS FORTIS SA 0000 24082016 CD EUR 14 964 579 1182 7 000 000 BNP PARIBAS FORTIS SA 0000 26022016 CD EUR 6 997 332 552



BNP PARIBAS FLEXI III Global Senior Corporate Loans Fund




Others 246 366 464 9746

Loans 246 366 464 9746

United States of America 117 114 899 4637 3 463 693 4L HOLDINGS TL 17042020 USD 2 933 442 116

987 500 ADVAN SAL AND MARKETING TL 21072021 USD 872 433 035 506 175 ALBERTSONS TL 11082021 USD 461 480 018

1 358 883 ANCHOR GLASS TL 16052021 USD 1 244 673 049 429 452 ARIZONA CHEMICAL TL 10062021 USD 393 247 016

2 985 000 ARUBA INVESTMENTS INC 02022022 EUR 2 925 300 116 100 243 ARUBA INVESTMENTS INC 02022022 USD 90 203 004

5 804 166 ASURION CORPORATION TL 22072022 USD 4 872 870 192 1 577 283 ATLANTIC POWER TL 24022021 USD 1 439 272 057

498 750 BEACON ROOFING TL 23092022 USD 455 110 018 1 964 912 BMC SOFTWARE TL USD FOR 07082020 USD 1 473 277 058 3 020 507 BURGER KING HOLDINGS INC TL 12122021 USD 2 752 740 109

985 002 CATALENT PHARMA SOLUTIONS INC 19052021 USD 897 682 036 3 482 500 COMMUNICATIONS SALES TL 14102022 USD 2 954 371 117 1 964 402 COMPUCOM TL B 07052020 USD 1 133 234 045 1 477 500 CONNOLLY TL 14052021 USD 1 312 517 052 2 985 000 CONVATEC INC TL 09062020 USD 2 694 634 107

995 000 CONVATEC INC TL 09062020 EUR 990 930 039 4 000 000 COTY INC TL B 21102022 EUR 3 990 000 157 1 477 500 DAVITA TL B 18062021 USD 1 352 750 054

989 987 DELL 24032020 USD 904 012 036 1 492 500 DELL INTERNATIONAL INC TL 29042020 EUR 1 484 754 059

952 405 DOLLAR TREE INC TL B 26012022 USD 872 911 035 992 500 DYNACAST INTER LLC TL 28012022 USD 887 384 035

1 153 846 ENDO PHARMA HOLDING INC 24062022 USD 1 046 693 041 1 989 924 EVERGREEN SKILLS LUX SARL TL 23042021 USD 1 410 514 056 1 097 809 FILTRATION GROUP TL 13112020 USD 980 277 039 1 979 670 FLEXERA SOFTWARE TL 02042020 USD 1 782 906 071

987 500 FLINT TL 03052021 EUR 977 447 039 1 481 250 FLINT TL B2 03052021 USD 1 334 257 053 1 000 000 GREATBATCH INC 14102022 USD 910 200 036

165 834 HEADWATERS INC TL B 11032022 USD 151 514 006 1 024 065 HUDSONS BAY TLB 12082022 USD 937 289 037 1 655 500 ION TRADING TL 10062021 EUR 1 648 150 065 3 491 250 ION TRADING TECHNOLOGIES TL 10062021 USD 3 101 405 123 3 325 000 JELD WEN TL B 24062022 USD 3 003 458 119 4 466 137 KEY SAFETY SYSTEMS TL 23072021 USD 3 987 989 158

995 000 LATTICE SEMICONDUCTOR TL 05032021 USD 851 837 034 987 500 MACDERMID INC TL 07062020 EUR 944 297 037 990 000 MACDERMID INC TL 07062020 USD 879 453 035 987 342 MACDERMID INC TL 07062020 USD 878 801 035 995 000 METALDYNE TL 20102021 EUR 983 189 039

2 000 000 MICROSEMI CORP TLB 2015 17122022 USD 1 805 210 071 372 188 MONITRONICS TL 02042022 USD 325 488 013

2 966 415 MRC GLOBAL 08112019 USD 2 498 637 099 1 980 000 MUELLER WATER TL 25112021 USD 1 818 144 072 2 964 862 NEIMAN MARCUS GRP INC THE TL 16102020 USD 2 408 626 095 2 481 041 OMNITRACS TL 25112020 USD 2 230 653 088 5 985 000 PARTY CITY TL 06082022 USD 5 340 825 210

246 250 PHILLIPS MEDISIZE TL 11062021 USD 220 170 009 1 304 348 PHYSIO-CONTROL TL 19052022 USD 1 176 711 047

972 683 PLANET FITNESS TL 31032021 USD 879 740 035 474 405 POST HOLDINGS 02062021 USD 435 554 017

4 479 401 PRIMESOURCE TL 29042022 USD 3 958 598 157 950 893 PROGREXION TL 29092020 USD 865 870 034 997 500 PROTECTION ONE INC TL 18062021 USD 896 731 035





493 769 RACK HOLDINGS INCTL 22092021 EUR 489 241 019 2 000 000 REYNOLDS GRP HOLDINGS 26022018 EUR 1 992 500 079

738 750 ROVI SOLUTIONS CORP TL 02072021 USD 642 657 025 2 947 368 SCIENTIFIC GAMES TL B 22052020 USD 2 475 811 098

756 200 SPECTRUM BRANDS EUR TL 23062022 EUR 753 175 030 1 097 245 SPECTRUM BRANDS USD TL 23062022 USD 1 005 601 040 1 388 341 SSampC TECHNOLOGIES INC TL B1 29062022 USD 1 266 863 050 1 989 924 THE SERVICE MAST COM TL 01072021 USD 1 808 939 072 1 970 000 TIME TL 21042021 USD 1 786 293 071

334 900 TRANSDIGM INC 04062021 USD 299 816 012 1 985 721 TRANSDIGM INC TL 14052022 USD 1 766 603 070

814 286 US FARATHANE LLC TL B 26012022 USD 740 226 029 1 995 000 UNIVAR USA INC TL 24062022 USD 1 774 013 070 1 496 250 UNIVAR USA INC TL 24062022 EUR 1 482 784 059

627 122 US SHIPPING TL 15062021 USD 531 116 021 1 114 060 VARSITY TL 10122021 USD 1 014 448 040

678 805 VOGUE INTERNATIONAL INC TL 14022020 USD 622 147 025 992 500 WABASH NATIONAL CORP TL B 15 16032022 USD 909 084 036 985 000 WINEBOW TL 01072021 USD 878 031 035

2 955 000 WME IMG 19032021 USD 2 668 395 106 2 332 609 ZEBRA TECHNOLOGIES TL 30092021 USD 2 147 297 085

Germany 28 703 890 1136 1 000 000 AENOVA TL B 2014 06082020 EUR 933 000 037

246 875 ALISON US LLC (US) TL 17062021 USD 222 149 009 5 000 000 AMEDES TL 05082022 EUR 4 970 549 196 3 000 000 BSN MEDICAL LUX TL B 16072019 EUR 2 987 190 118 1 500 000 BSN MEDICAL TL 15072019 USD 1 362 994 054 2 500 000 DIAVERUM TL 03062022 EUR 2 480 075 098

949 789 DOUGLAS TL B 2015 24062022 EUR 948 867 038 578 748 KIRK BEAUTY ONE GMBH F B2 TL 13082022 EUR 578 187 023 992 260 KIRK BEAUTY ONE GMBH F B3 TL 13082022 EUR 991 297 039 658 772 KIRK BEAUTY ONE GMBH F B4 TL 13082022 EUR 658 133 026 146 394 KIRK BEAUTY ONE GMBH F B5 TL 13082022 EUR 146 252 006 755 701 KIRK BEAUTY ONE GMBH F B6 TL 13082022 EUR 754 968 030 418 336 KIRK BEAUTY ONE GMBH F B7 TL 13082022 EUR 417 931 017

1 847 523 KLOECKNER PENTAPLAST TL 22042020 EUR 1 848 447 073 1 634 977 KLOECKNER PENTAPLAST TL 22042020 EUR 1 635 794 065

992 462 MAUSER AG TL 15062021 USD 890 777 035 4 466 250 SPRIN SCIENCE BU ME GMBH TLB9 14082020 USD 3 930 530 155 3 000 000 WITTUR TL 31032022 EUR 2 946 750 117

France 27 968 017 1106 246 875 ALSTOM AUXILIARY COMP TL 17062021 USD 222 149 009

1 000 000 AVERYS TL 30092021 EUR 991 670 039 1 768 889 BNP PARIBAS FLEXI III GBL SR TL 11032022 USD 1 583 174 063 3 013 867 DELACHAUX SA TL B 25092021 USD 2 743 915 109 1 000 000 DELACHAUX TL 28102021 EUR 991 130 039 1 000 000 FONCIA TL 24032021 EUR 996 500 039 2 000 000 GALILEO GLOBAL EDUCATION TL 25092022 EUR 1 980 000 078 4 000 000 NUMERICABLE TL 20012023 EUR 3 936 360 156 2 000 000 SIACI TL 08042022 EUR 1 990 000 079 3 000 000 TRACTEL TLB 30092022 EUR 2 977 500 118 3 100 000 VEDICI-VITALIA TL 29072022 EUR 3 082 950 122 6 000 000 VERALLIA TL 22072022 EUR 5 991 899 236

482 943 WEBHELP TL 22072021 EUR 480 770 019

United Kingdom 22 460 612 888 3 000 000 BIRDS EYE IGLO GROUP TL 30062020 EUR 2 991 240 118 1 000 000 BUSY BEES TL 29042022 GBP 1 345 906 053 1 975 000 EXPRO HOLDINGS UK TL 02092021 USD 1 207 526 048

445 279 IGLO FOODS HOLDCO LTD C1 TL 30062020 EUR 438 649 017 1 632 690 IGLO FOODS HOLDCO LTD C2 TL 30062020 GBP 2 188 410 087





3 448 899 INEOS GROUP PLC TL 15122020 EUR 3 336 189 132 992 497 INEOS US FIN LLC TL 15 EUR 11032022 EUR 962 415 038

3 458 665 LA FITNESS TL 01072020 USD 2 929 183 116 990 000 RAC TL 10122021 GBP 1 341 272 053

2 000 000 UNITED BISCUITS TL 10122021 GBP 2 699 573 107 1 000 000 UNITED BISCUITS TL 10122021 EUR 995 570 039 1 500 000 UNITED BISCUITS TL 19112021 GBP 2 024 679 080

The Netherlands 15 105 521 596 2 807 692 ACTION TL B 28022022 EUR 2 802 442 111 1 250 000 BUREAU VAN DIJK PUB BV TL 17092021 GBP 1 680 263 066 1 000 000 BUREAU VAN DIJK PUB BV TL 17092021 EUR 993 750 039 1 000 000 HESTYA TL 25032022 EUR 987 810 039

761 668 JACOBS DOUWE EGBERTS TL 02072021 EUR 757 967 030 4 500 000 RAET BV TL 2015 01072021 EUR 4 469 984 176 1 834 000 ZIGGO 15012022 EUR 1 788 572 071 1 013 250 ZIGGO 15012022 EUR 988 152 039

652 750 ZIGGO 15012022 EUR 636 581 025

Cayman Islands 8 535 167 337 3 453 167 APEX TOOL GROUP TL 23012020 USD 3 039 760 120 2 000 000 CEVA SANTE ANIMALE 26032021 EUR 1 999 100 079 3 962 481 SPIN HOLDCO INC 14112019 USD 3 496 307 138

Luxembourg 7 025 525 278 2 500 000 CAPSUGEL EUR TL 24072021 EUR 2 480 550 098

987 500 MAUSER TL 25062021 EUR 983 797 039 1 488 750 ONEX WIZARD A CO I SAR TL 03022022 EUR 1 484 001 059

992 500 ONEX WIZARD A CO I SAR TL 03022022 USD 897 809 036 992 513 SIEMENS AUDIOLOGY SOLUTIO TL 17012022 EUR 992 929 039 204 316 SSampC EUROPEAN HOLDINGS TL B2 29062022 USD 186 439 007

Denmark 5 109 778 201 5 150 000 NETS TL 14052021 EUR 5 109 778 201

British Virgin Islands 3 138 656 124 3 200 000 NUMERICABLE 29072022 EUR 3 138 656 124

Norway 2 983 380 118 3 000 000 EVRY TL 23032022 EUR 2 983 380 118

Belgium 1 952 260 077 2 000 000 TELENET BIDCO NV TL 01052023 EUR 1 952 260 077

Sweden 1 922 005 076 414 111 AHLSELL TL B1 31052021 EUR 411 580 016

1 965 000 STENA TL 24022021 USD 1 510 425 060

Spain 1 877 500 074 2 000 000 PIGMENTS II BV TL B 06032022 EUR 1 877 500 074

Canada 1 721 618 068 498 750 CIRQUE DU SOLEIL TL 24062022 USD 431 961 017

1 229 290 GARDA 2013 TL B 06112020 USD 1 076 939 043 242 810 GARDA 2013 TL B DEL 06112020 USD 212 718 008

Bermuda 747 636 030 1 964 912 SEADRILL TL 12022021 USD 747 636 030

Other transferable securities 9 353 563 370

Floating rate bonds 9 353 563 370

Cayman Islands 3 990 720 157 4 000 000 GLOBAL BLUE ACQSTN TL 1L C 11112022 EUR 3 990 720 157

United States of America 2 087 494 083 500 000 COMPUTER SCIENCES GOVT SER TL B 27102022 USD 458 267 018

1 496 250 MACDERMID INC TL B3 EUR 05062020 EUR 1 463 527 058 180 000 POLYONE CORP TLB 1L COV -LITE 11032022 USD 165 700 007





France 1 999 160 079 2 000 000 TECHNICOLOR SA TL INC EURO 11072020 EUR 1 999 160 079

Spain 1 001 610 040 1 000 000 EUSKALTEL SA TL 1L B3 05102022 EUR 1 001 610 040

The Netherlands 274 579 011 300 000 NXP BV1L TL B COVLITE 11052020 USD 274 579 011


BNP PARIBAS FLEXI III RMB Bond Fund

Securities portfolio at 31122015 Expressed in USD




8 351 948 9138

Bonds 2 879 744 3151

China 2 879 744 3151 11 000 000 GREENLAND HLD GR 6240 14-23052020 CNY 1 802 157 1972 2 720 000 HAITONG SECURITY 6050 13-25112016 CNY 430 554 471 4 000 000 HD STATE-OWNED A 5500 13-07082020 CNY 647 033 708


China 5 472 204 5987 1 000 000 CHINA WORLD TRAD 14-20082019 FRN CNY 159 601 175

10 000 000 CHUANTOU ENERGY 14-17042019 FRN CNY 1 663 799 1820 13 000 000 CITIC HEAVY 14-24112019 FRN CNY 2 046 781 2239 10 000 000 HEIFEN CONS INV 7420 08-28082018 SR CNY 1 602 023 1753


BNP PARIBAS FLEXI III Senior Secured Bank Loan Fund Mogliano




Others 266 892 599 9257

Loans 266 892 599 9257

United States of America 104 673 565 3629 660 017 ACOSTA HOLDCO INC - TE LOAN B 26092021 USD 576 553 020

1 404 583 ADS WASTE HOLDINGS INC TL 05102019 USD 1 249 359 043 3 726 994 AHLSELL HOLDING AB TL LX123439 23032019 EUR 3 704 223 128 1 985 000 ALBERTSONS TL 11082021 USD 1 809 725 063 1 510 312 BURGER KINGTIM HORT TL B-2 12102021 USD 1 376 424 048 3 273 749 CAPSUEL HOLDINGS US INC TL 01082018 USD 2 953 396 102

798 333 CHESAPEAKE 30092020 USD 705 514 024 554 167 COMMSCOPE INC TRANCHE 3 TL 21012017 USD 506 000 018

3 731 759 CONVATEC INC 21122016 EUR 3 716 496 129 982 500 CPI INTERNATION INC 01042021 USD 886 357 031

5 636 741 DELL INTERNATIONAL INC TL 29042020 EUR 5 607 486 194 8 077 765 DELL INTERNATIONAL LLC TL B-2 29042020 USD 7 376 249 256 6 071 527 FAIRMOUNT MINERALS LTD TL B 15032017 USD 2 716 342 094 6 825 000 FLASH BERMUDA CO LTD 18012020 EUR 6 800 498 236 2 940 000 FR DIXIE ACQUISITION CORP 18122020 USD 1 759 183 061

952 524 GGC SOFTWARE HOLDINGS INC 22052020 EUR 922 358 032 3 941 560 IMS HEALTH INCORPORATED TL 31032016 USD 3 537 716 123 3 842 017 KINDRED HEALTHCARE TL 09042018 USD 3 404 162 118

575 097 MEDASSETS TL 11122019 USD 524 776 018 4 666 667 MICROSEMI CORP TLB 2015 17122022 USD 4 212 158 146 2 134 725 MONARCH 20092019 EUR 2 124 051 074

200 803 MONARCH 20092019 USD 183 350 006 104 187 MONARCH 20092019 USD 95 131 003 331 220 MRC GLOBAL 08112019 USD 278 990 010

1 888 649 MULTI PACKAGING SOLUTIONS TL 11122020 GBP 2 548 043 088 2 496 531 NBTY INC TL 01102017 USD 2 257 978 078 1 237 434 NUSIL TECHNOLOGY 07042017 USD 1 119 193 039 5 177 265 ONEX CARESTREAM FINANCE LP TL 25022017 USD 4 261 581 148 7 980 000 PARTY CITY TL 06082022 USD 7 121 101 247

987 500 PENN ENG amp MAN CP IN TR B TL 27082021 USD 899 504 031 1 286 066 PENN ENG amp MAN CP IN TR C TL 27082021 EUR 1 287 674 045

168 521 PHILLIPS VAN HEUSEN CORP 29112019 USD 155 798 005 2 488 556 PRIMESOURCE TL 29042022 USD 2 199 221 076 1 496 250 PROTECTION ONE INC TL 18062021 USD 1 345 096 047 3 314 309 REVLON CONS PDTS CORP TL B 11-19112017 USD 3 038 285 105 5 979 529 REYNOLDS GRP HOLDINGS 26022018 EUR 5 957 106 207

668 693 REYNOLDS GRP HOLDINGS INC 20092018 USD 608 773 021 985 000 ROVI SOLUTIONS CORP TL 02072021 USD 856 877 030

4 799 131 SYNIVERSE 20042019 USD 3 202 955 111 4 847 607 SYNIVERSE TECHNOLOGIES TL 20042019 USD 3 227 856 112


426 397 VALEANT TERM LOAN 27092019 USD 378 195 013 848 507 VOGUE INTERNATIONAL INC TL 14022020 USD 777 685 027 992 500 WABASH NATIONAL CORP TL B 15 16032022 USD 909 084 032

3 036 598 WEST CORPORATION 30062018 USD 2 745 434 095

United Kingdom 45 772 065 1588 5 000 000 BIRDS EYE IGLO GROUP TL 30062020 EUR 4 985 400 173 5 000 000 BURTONS BISCUIT TL B 18122020 GBP 5 749 271 199 1 484 264 IGLO FOODS HOLDCO LTD C1 TL 30062020 EUR 1 462 163 051 2 968 528 IGLO FOODS HOLDCO LTD C2 TL 30062020 GBP 3 978 927 138 8 856 415 INEOS GROUP PLC TL 15122020 EUR 8 566 988 297

992 497 INEOS US FIN LLC TL 15 EUR 11032022 EUR 962 415 033 2 000 000 UNITED BISCUITS TL 10122021 GBP 2 699 573 094 2 000 000 UNITED BISCUITS TL 10122021 EUR 1 991 140 069

11 500 000 VIRGIN ME INV HL LT E FAC TL 30062023 GBP 15 376 188 534





Germany 34 814 846 1206 11 500 000 AENOVA TL B 2014 06082020 EUR 10 729 500 372 3 000 000 AMEDES TL 05082022 EUR 2 982 330 103

877 932 BSN MEDICAL LUX TL B 16072019 EUR 874 184 030 5 989 352 BSN MEDICAL TL 15072019 USD 5 442 299 189 4 000 000 GHD 23072021 EUR 3 985 000 138 3 920 000 OXEA TL 06122019 EUR 3 815 454 132 3 473 750 SPRIN SCIENCE BU ME GMBH TLB9 14082020 USD 3 057 079 106 4 000 000 WITTUR TL 31032022 EUR 3 929 000 136

France 34 082 399 1183 1 500 000 AVERYS TL 30092021 EUR 1 487 505 052 1 000 000 DELACHAUX SA TL B 25092021 GBP 1 343 925 047 1 130 200 DELACHAUX SA TL B 25092021 USD 1 028 968 036 1 200 000 DELACHAUX TL 25092021 EUR 1 189 356 041 3 890 000 GENESYS TL 31012020 EUR 3 877 046 134

244 949 GENESYS TL 31012020 USD 220 697 008 3 438 750 GENESYS TELECOMM LABORATO TL 04112020 USD 3 133 906 109 1 176 000 OBERTHUR TECHNOLOGIES 18102019 USD 1 068 143 037 2 500 000 TRACTEL TL 30092022 EUR 2 481 250 086 5 500 000 VEDICI-VITALIA TL 29072022 EUR 5 469 750 190 6 000 000 VERALLIA TL 22072022 EUR 5 991 900 208 1 448 830 WEBHELP GROUP TL 22072021 EUR 1 442 310 050 5 445 000 YPSO HOLDING S A 23042020 EUR 5 347 643 185

Cayman Islands 18 283 318 635 972 500 APEX TOOL GROUP TL 23012020 USD 856 074 030

4 000 000 CEVA SANTE ANIMALE 26032021 EUR 3 998 200 139 1 914 098 CEZANNE PARTICIPATION TL B2 22072021 EUR 1 905 485 066

874 971 DIAVERUM HOLD SARL FAC C1B 04012022 EUR 871 690 030 125 029 DIAVERUM HOLD SARL FAC C1B 04012022 EUR 124 560 004

6 193 699 OBERTHUR TECHNOLOGIES 09102019 EUR 6 185 956 215 4 920 201 SPIN HOLDCO INC 14112019 USD 4 341 353 151

The Netherlands 7 473 212 260 997 876 SCHAEFFLER AG FACILITY B TL15052020 EUR 998 375 035 676 923 SCHAEFFLER AG TL 15052020 USD 623 457 022

3 144 000 ZIGGO 15012022 EUR 3 066 123 106 1 737 000 ZIGGO 15012022 EUR 1 693 975 059 1 119 000 ZIGGO 15012022 EUR 1 091 282 038


Luxembourg 5 430 028 188 1 500 000 GENERALE DE SANTE TL 29072020 EUR 1 494 840 052 3 950 000 MAUSER 25062021 EUR 3 935 188 136

Canada 4 252 294 147 4 907 588 HUB INTERNATIONAL LTD 02102020 USD 4 252 294 147



Belgium 976 130 034 1 000 000 TELENET BIDCO NV TL 01052023 EUR 976 130 034








United States of America 1 308 505 045 1 428 572 T-MOBILE USA INC 7 YR TL B 30102022 USD 1 308 505 045


BNP PARIBAS FLEXI III Short Term Bond Fund RMB





3 361 308 895 9250

Bonds 3 361 308 895 9250

China 3 361 308 895 9250 71 000 000 CHINA GOVT BOND 3130 15-13042016 CNY 1 321 325 235 3636

110 000 000 CHINA GOVT BOND 3140 15-15012016 CNY 2 039 983 660 5614


Page 44

Notes to the financial statements


Notes to the financial statements at 31122015

Page 45

Note 1 - General information

a) Events that occurred during the financial year ended 31 December 2015

Since 1 January 2015 the Company has carried out the following operations

Sub-fund

Sub-fund Date Events

China A Opportunity Fund 6 February 2015 Liquidation of the sub-fund following a full redemption

Equity China Ilios 24 April 2015 Liquidation of the sub-fund following a full redemption

Bond Taiwan 13 August 2015 Liquidation of the sub-fund following a full redemption

Share class

Sub-fund Date Event Global Senior Corporate Loans Fund 30 January 2015 Launch of the share class ldquoI Plus 2015 - Distributionrdquo

Global Senior Corporate Loans Fund 30 June 2015 Launch of the shares classes ldquoI 2015 - Capitalisationrdquo and ldquoI 2015 - Distributionrdquo

Deposit EUR 2 November 2015 The share categories ldquoIrdquo were renamed ldquoI Plusrdquo

Fortis Deposit EUR 2 November 2015 The share categories ldquoIrdquo were renamed ldquoI Plusrdquo

Global Senior Corporate Loans Fund 2 November 2015 The share class ldquoI 2015 - Capitalisationrdquo was renamed ldquoI Plus 2015 - Capitalisationrdquo

b) Sub-funds open

All sub-funds whose securities portfolios are detailed in the present document are available for subscription as at 31 December 2015 Excepted thereof is the sub-fund ldquoGlobal Senior Corporate Loans Fundrdquo for which share classes are closed to subscription after the initial subscription period ending on each 31 December of the year mentioned in the share class name In this sub-fund only redemption orders will be allowed afterwards except for current investors who can still increase their holdings after this period has expired

As indicated in the Note 12 the Board of Directors resolves to reject all subscription orders starting from 6 March 2015 for the following sub-funds

bull Chinese Equity ldquoArdquo

bull Equity China ldquoArdquo

bull Equity China A Selected

bull Equity Greater China

bull Equity Greater China Environmental

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 2015 (reporting net asset value)



Page 46

b) Presentation of the financial statements

The Companys financial statements are presented in accordance with the regulations in force in Luxembourg governing Undertakings for Collective Investment The Companys consolidation currency is the Euro (EUR)

The statement of operations and changes in net assets covers the financial year from 1 January 2015 to 31 December 2015

c) Valuation of the securities portfolio

The valuation of all securities listed on a stock exchange or any other regulated market which is operating regularly is recognised and accessible to the public is based on the most recent price in Luxembourg on the calculation date 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 will 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

In light of the lack of liquidity on the financial markets for a number of investments and in accordance with the prospectus the Board of Directors valued a number of assets with prudence and in good faith taking into account different information and price sources such as transaction prices and prices communicated by brokers as well as databases and internal valuation models

The valuation principles described above were applied by the Board of Directors in the sub-funds below to the securities identified with an asterisk () in the securities portfolios as at 31 December 2015 Differences in value may occur during the effective sale of the securities as described above

Sub-fund of securities difficult to price in comparison with the NAV

Chinese Equity ldquoArdquo 161

Equity China ldquoArdquo 287

Equity China A Selected 523

Equity Greater China 407

Equity Greater China Environmental 124

Concerning the sub-fund Chinese Equity ldquoArdquo

AISINO CO LTD - A Suspension of dealings since 12 October 2015 NINGBO HUAXIANG ELECTRONIC - A Suspension of dealings since 19 November 2015 SHANGHAI NEW CULTURE MEDIA - A Suspension of dealings since 24 December 2015

Concerning the sub-fund Equity China ldquoArdquo

AISINO CO LTD - A Suspension of dealings since 12 October 2015 GUANGDONG SKY DRAGON PRINT - A Suspension of dealings since 22 December 2015 NINGBO HUAXIANG ELECTRONIC - A Suspension of dealings since 19 November 2015 SHANGHAI NEW CULTURE MEDIA - A Suspension of dealings since 24 December 2015

Concerning the sub-fund Equity China A Selected

AISINO CO LTD - A Suspension of dealings since 12 October 2015 GUANGDONG SKY DRAGON PRINT - A Suspension of dealings since 22 December 2015 JIANGSU HONGTU HIGH TECHNO - A Suspension of dealings since 25 December 2015



Page 47

NINGBO HUAXIANG ELECTRONIC - A Suspension of dealings since 19 November 2015 SHANGHAI NEW CULTURE MEDIA - A Suspension of dealings since 24 December 2015

Concerning the sub-fund Equity Greater China

CHINA NATIONAL ACCORD MEDI - A Suspension of dealings since 21 October 2015 NINGBO HUAXIANG ELECTRONIC - A Suspension of dealings since 19 November 2015

Concerning the sub-fund Equity Greater China Environmental

CHINA FORESTRY HOLDINGS CO - H Suspension of dealings since 11 July 2012 CHINA METAL RECYCLING Suspension of dealings since 28 January 2013 SOUND GLOBAL LTD Suspension of dealings since 16 March 2015 WUHAN SANZHEN INDUSTRY HO - A Suspension of dealings since 08 October 2015

d) Net realised result on investments securities

The net realised result on the sale of securities is calculated on the basis of the average cost of the securities sold

e) Conversion of foreign currencies

Values expressed in currencies other than the base currency of the sub-fund concerned will be converted on the basis of the exchange rate applicable on the valuation day

f) Distribution of fees

The common fees of the Companys different sub-funds categories or classes will be distributed among the various sub-funds in proportion to the net assets of each sub-fund

g) Valuation of forward foreign exchange contracts

Unexpired forward foreign exchange contracts are valued on the basis of the exchange rates applicable on the valuation or closing date Realised gainloss and change in unrealised appreciationdepreciation resulting there from are included in the statement of operations and changes in net assets respectively under ldquoNet realised results on financial instrumentsrdquo and ldquoMovement in net unrealised gainloss on financial instrumentsrdquo

h) Valuation of Loans

The valuation of the Leveraged Loans will be made by multiplying the Principal Balance of the Collateral Obligation (loan) by the average bid price value determined by Loan Pricing Corporation or LoanX Mark-It Partners in the case of loans or LoanX Mark-It Partners FT Interactive Bridge Information Systems KDP or IDC in the case of bonds or in either case any other Independent pricing service designated by the manager If such service is not available then an average of the bid side prices determined by independent broker-dealers active in the trading of such Collateral Obligation will be used for the valuation

i) Valuation of Inflation Swaps (ILS)

Inflation swaps 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



Page 48

j) Valuation of Interest Rate Swap (IRS)

An Interest Rate Swap (IRS) 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

k) Investment income

Dividends are accounted for as income on the date on which they are declared and insofar as information on this point can be obtained by the Company Interest is accounted for on a daily basis

Note 3 - Management fees (maximum per annum)

Management fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share class paid to the AIFM and serve to cover remuneration of the asset managers and also distributors in connection with the marketing of the Companys stock

No management fee is applied to the ldquoXrdquo class of the sub-fund ldquoShort Term RMBrdquo

The rate applicable to the ldquoIrdquo class is also applicable to the ldquoNrdquo class

The Company is subject to the following maximum management fees

Sub-fund ldquoIrdquo Class ldquoI Plusrdquo Class ldquoPrivilegerdquo Class Bond RMB Supreme 100 NA NA Bond Taiwan (liquidated on 13 August 2015) 030 NA NA China A Opportunity Fund (liquidated on 6 February 2015) 110 NA NA

China Sovereign Bond RMB 154 NA NA Chinese Equity ldquoArdquo 110 NA NA Deposit EUR NA 030 050 Equity China ldquoAldquo 130 110 NA Equity China A Selected 130 NA NA Equity China Ilios (liquidated on 24 April 2015) 115 NA NA

Equity Greater China 075 NA NA Equity Greater China Environmental 080 NA 100 Euro Government Long-Dated Passive Bond Fund 010 NA NA Fortis Deposit EUR NA 030 050 Global Senior Corporate Loans Fund 060 050 090 Rega 1 040(1) NA NA RMB Bond Fund 090(2) NA NA Senior Secured Bank Loan Fund Mogliano 055 NA NA Short Term Bond Fund RMB 090(3) NA NA

(1) The management fee is charged over the notional amount which amount can decrease on a yearly basis (2) 090 per year calculated monthly if the average assets for that month is below or equal to 50 million USD and

080 per year calculated monthly if the average assets for that month is higher than 50 million USD (3) In addition of the management fees a supporting fees of 040 max is payable to BNP Paribas Investment Partners

in remuneration for facilitating the treatment of redemption orders in order to mitigate the risks of suspending redemption requests in view of the restrictions imposed by the Chinese authorities in connection with the QFII status



Page 49

Note 4 - Performance fees

The positive difference between the annual performance of the sub-fundcategoryclass (ie over the accounting year) and the hurdle rate (this can be a reference index performance a fixed rate or another reference) This fee is payable to the AIFM The performance fee will be calculated daily and provision will be adjusted on each Valuation Day during the financial year with the application of the ldquohigh water mark with hurdle raterdquo method Hurdle rate means the performance of a reference index (or other references) as specified at the level of the sub-fundcategoryclass whereas high water mark means the highest NAV of the sub-fundcategoryclass as at the end of any previous financial year on which performance fees become payable to the AIFM after deducting any performance fee Performance fee will be accrued if the performance of the sub-fund exceeds the hurdle rate and the high water mark Furthermore if shares are redeemed during the financial year the fraction of the provisioned performance fee that corresponds to the total amount redeemed shall be granted definitively to the AIFM

Senior Secured Bank Loan Fund Mogliano

The Investment Manager receives a performance fee equal to 15 of the positive difference between the sub-fundrsquos annual performance (ie for the accounting year) and that of the benchmark index (1 month - EURIBOR + 3) This fee is set aside at each NAV calculation according to the application of the ldquohigh water mark with hurdle raterdquo The performance fee will not exceed 010 of the yearly average NAV

No performance fees have been paid in 2015 for this sub-fund

There is no performance fee for the other sub-funds

Note 5 - Extraordinary and other expenses

Expenses other than management performance distribution and administrative services

They will be borne by the Company and include stamp duties taxes commissions and other dealing costs foreign exchange costs bank charges registration fees in relation to investments insurance and security costs fees and expenses of the Auditors the remuneration and expenses of its directors and officers all expenses incurred in the collection of income and in the acquisition holding and disposal of investments The Company will also be responsible for the costs of preparing translating printing and distributing all rating agencies statements notices accounts Prospectusesoffering documents annual and semi-annual reports and relevant documents as required by relevant local laws as well as certain other expenses incurred in the administration of the sub-fund such as but not limited to rating agency fees

Moreover the Company bears any extraordinary expenses including without limitation litigation expenses and the full amount of any tax levy duty or similar charge and any unforeseen charges imposed on the Company or its assets in the countries where the Company is marketed

Note 6 - Taxes

The Company is subject in Luxembourg to an annual subscription tax (ldquotaxe drsquoabonnementrdquo) representing 001 of the value of the net assets

Are exempt from the ldquotaxe drsquoabonnementrdquo

a) the value of the assets represented by units or shares held in other undertakings for collective investment provided that these units or shares have already been subject to the subscription tax provided for by the Article 174 of the amended Law of 17 December 2010 relating to undertakings for collective investment

b) specialised investment funds as well as individual sub-funds of specialised investment funds with multiple sub-funds

(i) the exclusive object of which is the collective investment in money market instruments and the placing of deposits with credit institutions and

(ii) the weighted residual portfolio maturity of which does not exceed 90 days and

(iii) that have obtained the highest possible rating from a recognised rating agency



Page 50

c) specialised investment funds the securities of which are reserved for (i) institutions for occupational retirement provision or similar investment vehicles set up on one or several employerrsquos initiative for the benefit of their employees and (ii) companies of one or several employers investing the funds they own in order to provide their employees with retirement benefits

d) specialised investment funds as well as individual sub-funds of specialised investment funds with multiple sub-funds the main object of which is the investment in microfinance institutions

A grand-ducal regulation shall determine the conditions necessary for the application of the exemption and fix the criteria with which the money market instruments referred to above must comply

The provisions of c) above apply mutatis mutandis to

- individual sub-funds of a specialised investment fund with multiple sub-funds the securities of which are reserved for (i) institutions for occupational retirement provision or similar investment vehicles set up on one or several employerrsquos initiative for the benefit of their employees and (ii) companies of one or several employers investing the funds they own in order to provide their employees with retirement benefits and

- individual classes created within a specialised investment fund or within a sub-fund of a specialised investment fund with multiple sub-funds the securities of which are reserved for (i) institutions for occupational retirement provision or similar investment vehicles set up on one or several employerrsquos initiative for the benefit of their employees and (ii) companies of one or several employers investing the funds they own in order to provide their employees with retirement benefits

A grand-ducal regulation shall lay down the criteria which specialised investment funds as well as individual sub-funds of specialised investment funds with multiple sub-funds referred to in d) above shall fulfil

When due the subscription tax is payable quarterly on the basis of the associated net assets and is calculated at the end of the quarter for which it is applicable

Note 7 - Dividends

Dividends paid on 9 March 2015 on the distribution shares outstanding on 20 March 2015

Sub-fund Share class Currency Dividend Coupon ndeg Senior Secured Bank Loan Fund Mogliano I - Distribution EUR 2222 12

Dividends paid on 7 September 2015 on the distribution shares outstanding on 22 September 2015


Dividends paid on 14 December 2015 on the distribution shares outstanding on 30 November 2015

Sub-fund Share class Currency Dividend Coupon ndeg

Global Senior Corporate Loans Fund I Plus 2014 - Distribution EUR 2835 1

Global Senior Corporate Loans Fund Privilege 2014 - Distribution EUR 2835 1




Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1

The sub-fund entered with Fortis Bank SA into an inflation swap agreement Under this agreement the sub-fund paid an upfront premium of EUR 12 200 000 and receives inflation adjusted cash flows until maturity date being 31 January 2033

These amounts are calculated and recognised when the net asset value is calculated the amount of the market value on inflation swap is booked under the item ldquoUnrealised gain on financial instrumentsrdquo in the statement of net assets

As at 31 December 2015 the outstanding notional of this swap is EUR 12 600 000 and the market value amounted to EUR 15 658 348

As at 31 December 2015 the amount of collateral received linked to the inflation swap was EUR 0

Interest Rate Swaps

The Company has entered into interest rate swaps 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

Deposit EUR Nominal Currency Maturity Sub-fund paid Sub-fund received 20 000 000 EUR 11042016 (0155) EONIACAPI 1 D

Net unrealised loss (in EUR) (5 039)

Note 9 - Forward foreign exchange contracts

As at 31 December 2015 the following positions were outstanding

Global Senior Corporate Loans Fund Currency Purchase amount Currency Sale amount

EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000

USD 146 570 000 Net unrealised loss (in EUR) (523 421)

As at 31 December 2015 the latest maturity of all outstanding contracts is 29 January 2016

Senior Secured Bank Loan Fund Mogliano Currency Purchase amount Currency Sale amount

EUR 147 879 146 GBP 33 310 000 USD 111 770 000



Counterparties to Forward foreign exchange contracts Citigroup Global Market UBS Ltd London

Note 10 - Change in the composition of the securities portfolio

The list of changes in the composition of the securities portfolio during the year is available free of charge at the AIFMrsquos registered office and from local agents



Page 52

Note 11 - 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 2015 were the following

EUR 1 = HKD 841895 EUR 1 = JPY 13067645 EUR 1 = USD 108630

Note 12 - Provisions for Chinese taxation

In light of possible interpretation of the Chinese legislation on the taxation of gains realised on domestic shares by Qualified Foreign Institutional Investors the Board of Directors of the Company has decided on 9 September 2009 to set aside provisions for this potential taxation Indeed the Board of Directors deemed such action justified in view of the likelihood that the legislation may be brought into force retroactively

A provision has been included in the accounts of the Equity China A Selected Equity China ldquoArdquo Equity Greater China Chinese Equity ldquoArdquo Equity Greater China Environmental Bond RMB Supreme China Sovereign Bond RMB RMB Bond Fund and Short Term Bond Fund RMB sub-funds since 9 September 2009 taking into consideration the following hypothesis when determining the level of the provision

bull 10 of gains generated on Chinese A shares and fixed income investments bull retroactive calculation from 1 July 2008 bull no deduction of realised losses

On the 14 November 2014 the Ministry of Finance State Administration of Taxation and China Securities Regulatory Commission jointly published Circular 79 (Caishui [2014] No79) which states that QFIIs without an establishment or place of business in China are temporarily exempt from withholding tax on capital gains realized from the trading in direct equity investments in PRC enterprises with effect from 17 November 2014

In light of this announcement the Board decided to align the following sub-fundrsquos tax provisions with this announcement as of 17 November 2014 The Board decided to

bull Keep unchanged the existing provisions already booked before 17 November 2014 bull Cease the provisioning of WHT on gains in trading in direct equity investments in PRC enterprises realised on and

after 17 November 2014 bull Keep unchanged the existing provisions policy for asset classes other than equity

Subsequently on 26 February 2015 the Asset Management Association of China and State Administration of Taxation Beijing branch organized a training session on QFII tax where implementation detail of the tax collection was verbally communicated It was announced in the training that the scope includes dividend income interest income and income derived from the transfer of equities investment and late payment interest on outstanding withholding income tax on dividend income and interest income

In the light of this training the Board of Directors resolved on 5 March 2015 to proceed with the rejection of all subscription orders starting from 6 March 2015 until further notice for the following QFII sub-funds having a provision relating to Chinese taxes higher than 15 of their Net Asset Value






Further to the engagement with the Chinese Tax Authorities on the tax backlog filing exercise clarity has been provided on the applicable tax laws and a submission of tax due was made in February 2016 After a review which took several weeks the Chinese Tax Authorities have accepted this submission In light of this acceptance a payment of all outstanding taxes was made to the Chinese Tax Authorities on 15 April 2016 Any excess provision that remaining in the Fund after the payment was made has been released back to the Fund on the NAV dated 22 April 2016 resulting in a positive impact on the respective NAVs



Page 53

As at 31 December 2015 the tax provision amount to (in sub-fund currency)

Sub-fund Estimated

provision before clarification of the

Tax Authorities

Adjusted provision

on NAV as at 31 December 2015 Adjustment

Impact of the adjustment in of

NAV as at 31 December 2015

Bond RMB Supreme 3 215 162 058 1111 (158 843) (1089) China Sovereign Bond RMB 4 035 631 123 777 006 3 911 854 180

Chinese Equity ldquoArdquo 2 637 832 967 162 066 842 379 2 475 766 125 5791 Equity China ldquoArdquo 273 254 060 30 062 411 645 243 191 649 5220 Equity China A Selected 1 873 257 524 73 949 932 105 1 799 307 592 2556

Equity Greater China 276 191 281 8 239 833 093 267 951 448 3039 Equity Greater China Environmental 1 573 464 934 110 980 138 270 1 462 484 796 3558

RMB Bond Fund 1 054 564 1 276 754 1397 (222 190) (243) Short Term Bond Fund RMB 1 226 983 1 226 983 003 0 000

The amount of the provision at 31 December 2015 is recorded under Other liabilities and the expense amount for the year ended 31 December 2015 is recorded under Taxes The reversal of the tax accrual is recorded under Income on investments and assets

All active sub-funds were reopened for subscriptions from the NAV dated 29 April 2016 (all active sub-funds were always opened to redemptions)

Note 13 - P-notes

Certain sub-funds invested in A-shares via P-notes and some issuers of these P-notes have withheld capital gain tax provisions when the P-notes positions were sold While the P-notes issuers have completed their respective QFII tax backlog filing exercise following late clarification from tax authorities some issuers noticed that they withheld excess capital gain provisions and agreed to reimburse the sub-funds

The amounts that will be reimbursed were recorded under Other assets and the exceptional income is recorded under Income on investments and assets

As at 31 December 2015 the amounts receivables related to P-notes amount to (in sub-fund currency)

Sub-fund Receivable on NAV as at 31 December 2015 Equity China ldquoArdquo 18 432 679 396 Equity China A Selected 132 270 317 188 Equity Greater China Environmental 153 849 835 374

Note 14 - NAV reconciliation

In the section Key figures relating to the last 3 years Net assets and Net asset value per share for these sub-funds have been adjusted in consequence These adjustments are only related to the financial statements and do not have any impact on the published NAV dated 31 December 2015

Sub-fund Total calculated NAV

as at 31 December 2015

Reversal of tax amount

Receivable on P-notes

Total NAV as per financial

statements Bond RMB Supreme 1 617 105 (158 843) - 1 458 262 China Sovereign Bond RMB 212 864 837 3 911 854 - 216 776 691

Chinese Equity ldquoArdquo 1 799 404 339 2 475 766 125 - 4 275 170 464 Equity China ldquoArdquo 204 227 997 243 191 649 18 432 679 465 852 325



Page 54






statements Equity China A Selected 5 108 861 091 1 799 307 592 132 270 317 7 040 439 000

Equity Greater China 613 634 297 267 951 448 - 881 585 745 Equity Greater China Environmental 2 494 110 053 1 462 484 796 153 849 835 4 110 444 684

RMB Bond Fund 9 362 217 (222 190) - 9 140 027 Short Term Bond Fund RMB 3 634 023 111 - - 3 634 023 111

Note 15 - (Un)realised gainloss on investments securities

Following the AIFM Law of July 2013 the details of the realised gainloss on investment securities during the financial year are

Realised gain (in sub-fund currency)

Realised loss (in sub-fund currency)

Net realised result (in sub-fund currency)

Bond RMB Supreme 69 753 39 567 30 186 Bond Taiwan 118 215 22 868 130 (22 749 915) China A Opportunity Fund 47 152 056 885 715 46 266 341 China Sovereign Bond RMB 46 957 161 2 352 385 44 604 776 Chinese Equity PrimeAPrime 1 199 672 116 86 917 135 1 112 754 981 Deposit EUR 2 449 835 0 2 449 835 Equity China PrimeAPrime 191 586 373 13 306 696 178 279 677 Equity China A Selected 5 498 262 167 297 307 213 5 200 954 954 Equity China Ilios 25 790 728 293 185 25 497 543 Equity Greater China 383 301 513 33 840 395 349 461 118 Equity Greater China Environmental 1 898 845 269 310 732 415 1 588 112 854

Euro Government Long-Dated Passive Bond Fund 1 973 021 1 019 1 972 002

Fortis Deposit EUR 532 326 0 532 326 Global Senior Corporate Loans Fund 8 809 507 6 497 818 2 311 689

RMB Bond Fund 4 690 706 1 368 939 3 321 767 Senior Secured Bank Loan Fund Mogliano 16 391 795 7 900 821 8 490 974

Short Term Bond Fund RMB 628 319 430 9 273 847 619 045 583

Following the AIFM Law of July 2013 the details of the unrealised gainloss on investment securities during the financial year are

Movement on unrealised

gain (in sub-fund currency)

Movement on unrealised loss

(in sub-fund currency)

Movement on net unrealised gainloss

(in sub-fund currency) Bond RMB Supreme 0 27 714 (27 714) Bond Taiwan 20 670 012 118 912 20 551 100 China A Opportunity Fund 733 710 44 434 455 (43 700 745) China Sovereign Bond RMB 0 52 570 497 (52 570 497) Chinese Equity PrimeAPrime 0 730 841 459 (730 841 459) Deposit EUR 223 814 0 223 814 Equity China PrimeAPrime 1 224 104 114 676 914 (113 452 810) Equity China A Selected 36 749 655 3 204 332 642 (3 167 582 987) Equity China Ilios 124 993 16 748 578 (16 623 585) Equity Greater China 11 024 875 262 684 002 (251 659 127)



Page 55






(in sub-fund currency) Equity Greater China Environmental 16 336 1 337 571 753 (1 337 555 417)

Euro Government Long-Dated Passive Bond Fund 0 2 420 031 (2 420 031)

Fortis Deposit EUR 97 540 0 97 540 Global Senior Corporate Loans Fund 39 380 1 865 37 515

RMB Bond Fund 143 190 2 974 073 (2 830 883) Senior Secured Bank Loan Fund Mogliano 10 633 0 10 633

Short Term Bond Fund RMB 0 760 190 689 (760 190 689)

Note 16 - List of effective Investment managers

BNP Paribas Asset Management SAS BNP Paribas Investment Partners Asia Limited BNP Paribas Investment Partners Belgium BNP Paribas Investment Partners Singapore Limited BNP Paribas Investment Partners UK Limited HFT Investment Management (HK) Limited delegated by BNP Paribas Investment Partners Asia Limited THEAM SAS

Sub-fund Investment managers Euro Government Long-Dated Passive Bond Fund BNP Paribas Investment Partners UK Limited Deposit EUR Fortis Deposit EUR Global Senior Corporate Loans Fund Senior Secured Bank Loan Fund Mogliano

BNP Paribas Asset Management SAS

Bond RMB Supreme Chinese Equity ldquoArdquo China A Opportunity Fund (liquidated on 6 February 2015) China Sovereign Bond RMB Equity China ldquoArdquo Equity China A Selected Equity China Ilios (liquidated on 24 April 2015) Equity Greater China Equity Greater China Environmental RMB Bond Fund Short Term Bond Fund RMB

BNP Paribas Investment Partners Asia Limited subdelegated to HFT Investment Management (HK)Ltd

Short Term RMB BNP Paribas Investment Partners Asia LimitedRega 1 BNP Paribas Investment Partners Belgium

THEAM SAS Bond Taiwan (liquidated on 13 August 2015) BNP Paribas Investment Partners Singapore Limited



Page 56

Note 17 - 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 RTO fees (Reception and Transmission of Orders) and dilution levy

In line with bond market practice a bid-offer spread is applied when buying or selling securities and other financial instruments 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

Note 18 - Subsequent events

The following events occurred after year end - Liquidation of sub-fund RMB Bond Fund following a full redemption on 22 January 2016 - Liquidation of sub-fund Bond RMB Supreme following a full redemption on 5 February 2016


Unaudited appendix

Page 57

Remuneration policy

The Alternative Investment Manager put a remuneration policy in place as required by the Law of 12 July 2013 on Alternative Investment Fund Managers

Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive (Directive 2011 61 EC of 8 June 2011)1

Aggregate quantitative information for members of staff of BNP Paribas Investment Partners Luxembourg (art 22-2-e of AIFM directive)

Business Area Number of Staff

Total Remuneration (kEUR) (fixed + variable)

Of which total variable remuneration (kEUR)

BNP Paribas Investment Partners Luxembourgs all staff

88

7rsquo559

970

Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile of the firm and who are indeed ldquoIdentified Staffrdquo (art 22-2-f of AIFM directive)

Business Area Total Remuneration (kEUR)

BNP Paribas Investment Partners Luxembourgs Identified Staff Of which AIF Portfolio managers

506 -

Other information on BNP Paribas Investment Partners Luxembourg

Number of sub-funds (31122015)

AuM (billion Eur) at 31122015

UCITS AIFs

254 36

7756 272

1 NB The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated based on the scope of employees at the closing of the annual compensation review process (CRP) in March 2015 Thus for example these amounts include all variable remuneration awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not


Table of contents

Page

Page 1

Organisation 2 Information 4 Managers report 6 Audit report 13 Financial statements at 31122015 16 Key figures relating to the last 3 years 20 Securities portfolio at 31122015

China Sovereign Bond RMB 23 Chinese Equity PrimeAPrime 24 Deposit EUR 25 Equity China PrimeAPrime 26 Equity China A Selected 28 Equity Greater China 30 Equity Greater China Environmental 31 Euro Government Long-Dated Passive Bond Fund 33 Fortis Deposit EUR 34 Global Senior Corporate Loans Fund 35 RMB Bond Fund 39 Senior Secured Bank Loan Fund Mogliano 40 Short Term Bond Fund RMB 43

Notes to the financial statements 44 Unaudited appendix 57

No subscriptions can be received on the basis of the financial report Subscriptions are only valid if made on the basis of the current prospectus supplemented by a copy of the latest available annual report of the SICAV-SIF


Organisation

Page 2




Members

















Organisation

Page 3






Information

Page 4




















Information

Page 5







Managers report

Page 6

Economic context


United States





Managers report

Page 7

Emerging markets


Monetary policy





Managers report

Page 8



Bond markets




Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Organisation

Page 2




Members

















Organisation

Page 3






Information

Page 4




















Information

Page 5







Managers report

Page 6

Economic context


United States





Managers report

Page 7

Emerging markets


Monetary policy





Managers report

Page 8



Bond markets




Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Organisation

Page 3






Information

Page 4




















Information

Page 5







Managers report

Page 6

Economic context


United States





Managers report

Page 7

Emerging markets


Monetary policy





Managers report

Page 8



Bond markets




Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Information

Page 4




















Information

Page 5







Managers report

Page 6

Economic context


United States





Managers report

Page 7

Emerging markets


Monetary policy





Managers report

Page 8



Bond markets




Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Information

Page 5







Managers report

Page 6

Economic context


United States





Managers report

Page 7

Emerging markets


Monetary policy





Managers report

Page 8



Bond markets




Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Managers report

Page 6

Economic context


United States





Managers report

Page 7

Emerging markets


Monetary policy





Managers report

Page 8



Bond markets




Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Managers report

Page 7

Emerging markets


Monetary policy





Managers report

Page 8



Bond markets




Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Managers report

Page 8



Bond markets




Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Managers report

Page 9

Equity markets





Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Managers report

Page 10


Fund Performance


Performance








Fortis Deposit EUR









Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Managers report

Page 11

Material changes


Risk profile








Max Comm Leverage

Notional Leverage



Closedown Cost


















Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Managers report

Page 12

Leverage






Average Levelof AIF

CommitmentLeverage



















Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 13


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272


pwc

Opinion


Emphasis of matter



Other matters




Page 14

Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272


Page 15




Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272





Bond RMB










Total expenses 190 690 778 094 826 493 6 488 916








(4 130 204) (286 681 961) (320 374 186) (160 517 706)


5 588 466 286 681 961 320 374 186 377 294 397


0 0 0 0


1 458 262 0 0 216 776 691






4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







4 440 943 236 1 072 234 470 530 300 118 7 124 582 424 0 891 623 377 1 461 237 596 1 016 816 851 164 230 400 4 093 657 998 0 482 413 760

284 872 066 1 184 063 40 336 147 931 976 645 0 104 724 708 1 746 109 662 1 018 000 914 204 566 547 5 025 634 643 0 587 138 468

0 0 0 0 0 0 2 694 833 574 54 233 556 292 434 890 1 966 677 483 0 304 484 909

0 0 33 298 681 132 270 298 0 0 165 772 772 269 102 64 447 793 84 143 424 0 10 037 632

0 0 0 0 0 0 0 5 039 0 0 0 0

165 772 772 264 063 64 447 793 84 143 424 0 10 037 632 4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745

2 513 208 017 65 266 790 509 2 058 627 045 524 783 289 058 167 24 487 133 416 533 3 936 265 107 098 057 375 059 6 050 961

4 757 25 997 25 154 463 384 5 3 076 9 189 029 434 744 6 060 589 23 796 994 128 693 3 530 478

206 406 86 529 28 522 733 652 2 892 465 74 155 10 520 136 10 1 537 723 43 061 857 85 026 2 995 953 44 407 461 963 813 11 588 253 175 153 944 3 481 248 12 654 623

2 468 800 556 (963 748) 255 202 256 1 883 473 101 (2 956 465) 276 403 544

1 112 754 981 2 449 835 178 279 677 5 200 954 954 25 497 543 349 461 118

7 086 136 0 141 593 (37 741 404) (2 828 712) (1 208 430)3 588 641 673 1 486 087 433 623 526 7 046 686 651 19 712 366 624 656 232

(730 841 459) 223 814 (113 452 810) (3 167 582 987) (16 623 585) (251 659 127)0 (5 039) 0 0 0 0

2 857 800 214 1 704 862 320 170 716 3 879 103 664 3 088 781 372 997 105

(1 349 789 146) 452 632 951 (308 093 526) (8 499 905 556) (400 505 579) (802 853 916)

0 0 0 0 0 0

1 508 011 068 454 337 813 12 077 190 (4 620 801 892) (397 416 798) (429 856 811)

2 767 159 396 617 627 555 453 775 135 11 661 240 892 397 416 798 1 311 442 556

0 0 0 0 0 0

4 275 170 464 1 071 965 368 465 852 325 7 040 439 000 0 881 585 745




Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272





Equity Greater

China Environmental



EUR Global Senior









Total expenses 59 297 063 69 999 229 624 1 407 885








(355 117 200) 396 011 (12 349 009) 145 573 744


4 465 561 884 33 041 835 138 999 603 107 213 897


0 0 0 0


4 110 444 684 33 437 846 126 650 594 252 787 641







15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272








15 658 348 10 433 937 303 217 210 3 673 799 462 1 031 453 014 1 998 186 211 0 8 287 877 273 662 971 3 440 135 778 0 1 778 345 770 0 64 071 10 633 (78 826 883) 0 16 403 277 0 8 351 948 273 673 604 3 361 308 895 0 1 794 749 047

15 658 348 0 0 0 0 15 658 348 0 1 892 406 27 706 869 188 742 098 1 031 453 014 180 666 512 0 189 583 1 836 737 123 748 469 0 7 112 304

13 412 1 293 910 14 898 396 39 776 351 1 240 229 33 913 849 151 0 0 0 0 151

0 0 115 854 0 0 644 314 13 261 1 293 910 14 782 542 39 776 351 1 240 229 33 269 384

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362

0 2 129 759 12 332 457 113 914 321 501 807 78 253 990 50 630 247 329 1 240 096 39 491 401 0 5 563 651

6 179 221 7 002 17 414 1 207 141 13 238 41 855 778 883 22 232 034 2 009 815 2 726 896 1 546 546 115 29 440 424 688 101 332 3 848 257

0 25 635 2 488 796 360 0 1 130 669 65 420 1 040 155 2 057 909 62 961 897 2 111 148 13 476 614

(65 420) 1 089 604 10 274 548 50 952 424 (1 609 341) 64 777 376

0 3 321 767 8 490 974 619 045 583 0 133 548 304

867 995 (187 083) (17 621 423) (9 613 244) 6 025 554 (31 806 811)802 575 4 224 288 1 144 099 660 384 763 4 416 213 166 518 869

0 (2 830 883) 10 633 (760 190 689) 0 (90 377 449)(583 612) 0 1 926 057 0 0 1 512 287 218 963 1 393 405 3 080 789 (99 805 926) 4 416 213 77 653 707

(798 353) (85 970 748) 0 (1 324 131 775) 0 (528 455 855)

0 0 (13 324 221) 0 0 (20 222 403)

(579 390) (84 577 343) (10 243 432) (1 423 937 701) 4 416 213 (471 024 551)

16 224 326 93 717 370 298 562 246 5 057 960 812 1 025 796 572 2 310 779 871

0 0 0 0 0 124 517 042

15 644 936 9 140 027 288 318 814 3 634 023 111 1 030 212 785 1 964 272 362





Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272






Net assets 20 970 027 5 588 466 1 458 262



Net assets 352 182 705 286 681 961 0



Net assets 455 216 378 320 374 186 0



Net assets 534 679 249 377 294 397 216 776 691



Net assets 2 857 529 102 2 767 159 396 4 275 170 464



Net assets 702 399 048 617 627 555 1 071 965 368



Net assets 579 866 346 453 775 135 465 852 325







Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272






Net assets 11 461 754 986 11 661 240 892 7 040 439 000



Net assets 272 890 881 397 416 798 0



Net assets 1 257 674 799 1 311 442 556 881 585 745



Net assets 5 353 046 064 4 465 561 884 4 110 444 684



Net assets 24 681 565 33 041 835 33 437 846



Net assets 172 325 600 138 999 603 126 650 594



Net assets 9 999 682 107 213 897 252 787 641







Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272






Net assets 15 813 379 16 224 326 15 644 936



Net assets 193 518 409 93 717 370 9 140 027



Net assets 309 915 607 298 562 246 288 318 814



Net assets 6 517 744 060 5 057 960 812 3 634 023 111



Net assets 23 330 448 689 1 025 796 572 1 030 212 785








185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







185 890 358 8575

Bonds 185 890 358 8575








1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







1 746 109 662 4084

Shares 1 746 109 662 4084



























204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272















204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







204 566 547 4391

Shares 204 566 547 4391





























5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272














5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







5 025 634 643 7138

Shares 5 025 634 643 7138




























587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272














587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







587 138 468 6660

Shares 587 138 468 6660
















2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







2 468 661 483 6006

Shares 2 468 661 483 6006
































Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272















Shares 38 000










32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







32 919 305 9845

Bonds 32 919 305 9845





1 401 000 FRANCE OAT 4500 09-25042041 EUR 2 129 645 637

























Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272















Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272






Others 246 366 464 9746

Loans 246 366 464 9746







































482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272





















482 943 WEBHELP TL 22072021 EUR 480 770 019












652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272











652 750 ZIGGO 15012022 EUR 636 581 025










1 965 000 STENA TL 24022021 USD 1 510 425 060























8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272















8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







8 351 948 9138

Bonds 2 879 744 3151










Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272






Others 266 892 599 9257

Loans 266 892 599 9257






















































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




































3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272













3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272







3 361 308 895 9250

Bonds 3 361 308 895 9250




Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272


Page 44




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 45




Sub-fund





Share class






b) Sub-funds open









a) Net asset value




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 46
























Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 47





















Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 48


















Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 49











Note 6 - Taxes










Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 50









Note 7 - Dividends












Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 51

Note 8 - Swaps

Inflation Swaps

Rega 1





Interest Rate Swaps







EUR 145 871 164 EUR 9 498 506 USD 10 400 000 GBP 8 570 000




EUR 147 879 146 GBP 33 310 000 USD 111 770 000








Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 52






















Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 53


Sub-fund Estimated


Tax Authorities

Adjusted provision










Note 13 - P-notes
















Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 54




























Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 55





















Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272




Page 56







Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272



Unaudited appendix

Page 57

Remuneration policy








88

7rsquo559

970




506 -




UCITS AIFs

254 36

7756 272


Date post:	26-Apr-2023
Category:	Documents
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