lux im - fundsquare

as at 30/06/19

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Unaudited semi-annual report

LUX IM

RCS Luxembourg N B115.297

LUX IM

Table of Contents

Page Management and Administration 4

Board of Directors 7

Combined 8 LUX IM – European Equities 10

LUX IM – Morgan Stanley US Equities 17

LUX IM – Pictet Asian Equities 25

LUX IM – BlackRock Global Equity Dividend 29

LUX IM – Small-Mid Cap Euro Equities 36

LUX IM – Morgan Stanley Global Real Estate & Infrastructure Equities Fund 43

LUX IM – Generali Investments Partners - Equity Recovery Fund

(formerly LUX IM – Generali Investments Europe - Equity Recovery Fund) 50

LUX IM – Pictet Future Trends 55

LUX IM – Goldman Sachs Big Data Trend 60

LUX IM – Focus Italia 67

LUX IM – Smart Industries 71

LUX IM – Global Emerging Markets Strategy 74

LUX IM – Global ESG 77

LUX IM – Global Emerging Equities 80

LUX IM – Innovation Strategy 84

LUX IM – World Equities 89

LUX IM – ESG Generali Investments Diversified Strategy 103

LUX IM – Goldman Sachs Data Analytics 109

LUX IM – ESG Oddo BHF Europe Long Short 117

LUX IM – Global MedTech 122

LUX IM – Short Equities 127

LUX IM – Flexible Global Equities 131

LUX IM – Vontobel Millennial 136

LUX IM – BlackRock Multiasset Factor Investing 141

LUX IM – Algebris - Best Ideas 147

LUX IM – Diversified Trend Following 152

LUX IM – JP Morgan Diversified Risk 156

LUX IM – Invesco Global Markets Strategy 159

LUX IM – BlackRock Multi-Asset Stabilizer Fund 162

LUX IM – Morgan Stanley Diversified Risk Control 165

LUX IM – Invesco Global Income Opportunities 176

LUX IM – JPM Emerging Market Income 184

LUX IM – ESG Morgan Stanley Global Multiasset 193

LUX IM – Kairos Liquid Alternative Strategies 212

LUX IM – Fidelity Global Income Blend 216

LUX IM

Table of Contents (continued)

LUX IM – Eurizon Contrarian Approach 220

LUX IM – ESG BNP Paribas Isovol 226

LUX IM – ESG Amundi Sustainable Alpha 230

LUX IM – Pimco Global Risk Allocation 236

LUX IM – M&G Alpha Generation 240

LUX IM – UBS Asia Balanced Income 244

LUX IM – Active Global Allocation 248

LUX IM – UBS Active Defender 254

LUX IM – Anima High Yield Short Term Opportunities 258

LUX IM – Oddo Corporate High Income 263

LUX IM – Vontobel Global Active Bond 269

LUX IM – BlackRock Global Opportunities Bond Fund 275

LUX IM – Invesco Financial Credit Bond 299

LUX IM – Invesco Global Multi-Credit 305

LUX IM – Amundi Global Income Bond 318

LUX IM – UBS Dynamic Credit High Yield 324

LUX IM – Schroder Convertible Bond Opportunities 331

LUX IM – Vontobel New Frontier Debt 337

LUX IM – JPM Short Emerging Debt 343

LUX IM – Twentyfour Global Strategic Bond 352

LUX IM – Muzinich Credit Alternative Fund 358

LUX IM – Income Coupon 365

LUX IM – Income Coupon II 371

LUX IM – Oddo Target 2022 377

LUX IM – Pimco Multi Alpha Credit 382

LUX IM – Fidelity Global Low Duration 391

LUX IM – Schroder Asia Income 398

General information 403

Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published thereafter.

LUX IM

Management and Administration

MANAGEMENT COMPANY BG FUND MANAGEMENT LUXEMBOURG S.A. 14, allée Marconi L - 2120 Luxembourg REGISTERED OFFICE 5, allée Scheffer L - 2520 Luxembourg DEPOSITARY, PAYING AGENT AND DOMICILIATION AGENT CACEIS Bank, Luxembourg Branch 5, allée Scheffer L - 2520 Luxembourg

CENTRAL ADMINISTRATION, REGISTRAR AND TRANSFER AGENT CACEIS Bank, Luxembourg Branch 5, allée Scheffer L - 2520 Luxembourg LEGAL ADVISOR Bonn & Schmitt Avocats 148, avenue de la Faïencerie L - 1511 Luxembourg AUDITOR Ernst & Young S.A. 35E, avenue J.F. Kennedy L - 1855 Luxembourg

INVESTMENT MANAGERS For LUX IM – MORGAN STANLEY US EQUITIES, LUX IM – MORGAN STANLEY GLOBAL REAL ESTATE & INFRASTRUCTURE EQUITIES FUND, LUX IM – MORGAN STANLEY DIVERSIFIED RISK CONTROL and LUX IM – ESG MORGAN STANLEY GLOBAL MULTIASSET MORGAN STANLEY INVESTMENT MANAGEMENT LIMITED 25 Cabot Square Canary Wharf E14 4QA London United Kingdom With as Sub-Investment Manager for LUX IM – MORGAN STANLEY US EQUITIES MORGAN STANLEY INVESTMENT MANAGEMENT INC. 522 Fifth Avenue New York, NY10036 USA With as Sub-Investment Managers for LUX IM – MORGAN STANLEY GLOBAL REAL ESTATE & INFRASTRUCTURE EQUITIES FUND MORGAN STANLEY INVESTMENT MANAGEMENT INC. 522 Fifth Avenue New York, NY10036 USA and MORGAN STANLEY INVESTMENT MANAGEMENT COMPANY 23 Church Street #16-01 Capital Square Singapore 049481

For LUX IM – PICTET ASIAN EQUITIES and LUX IM – PICTET FUTURE TRENDS PICTET ASSET MANAGEMENT S.A. Route des Acacias 60 1211 Geneva 73 Switzerland For LUX IM – BLACKROCK GLOBAL EQUITY DIVIDEND, LUX IM – BLACKROCK MULTIASSET FACTOR INVESTING, LUX IM – BLACKROCK MULTI-ASSET STABILIZER FUND and LUX IM – BLACKROCK GLOBAL OPPORTUNITIES BOND FUND BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED 12 Throgmorton Avenue EC2N 2DL London United Kingdom With as Sub-Investment Managers for LUX IM – BLACKROCK GLOBAL OPPORTUNITIES BOND FUND BLACKROCK FINANCIAL MANAGEMENT INC. 40 East 52nd Street New York, NY 10022-5911 USA and BLACKROCK (SINGAPORE) LIMITED #18-01 20 Anson Road Singapore 079912

LUX IM

Management and Administration (continued)

INVESTMENT MANAGERS (continued)

For LUX IM – GENERALI INVESTMENTS PARTNERS - EQUITY RECOVERY FUND and LUX IM – ESG GENERALI INVESTMENTS DIVERSIFIED STRATEGY GENERALI INVESTMENTS PARTNERS S.p.A. Società di Gestione del Risparmio French Branch 2, rue Pillet-Will F - 75009 Paris France For LUX IM – GOLDMAN SACHS BIG DATA TREND and LUX IM – GOLDMAN SACHS DATA ANALYTICS GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL (GSAMI) Peterborough Court 133, Fleet Street EC4A 2BB London United Kingdom With as Sub-Investment Managers GOLDMAN SACHS ASSET MANAGEMENT L.P. 200 West Street New York, NY10282 USA and GOLDMAN SACHS ASSET MANAGEMENT (SINGAPORE) PTE. LTD. 1 Raffles Link, #07-01 South Lobby Singapore 039393 For LUX IM – FOCUS ITALIA INTERMONTE Sim S.p.A Galleria de Cristoforis, 7/8 20122 Milan Italy For LUX IM – VONTOBEL MILLENNIAL, LUX IM – VONTOBEL GLOBAL ACTIVE BOND, and LUX IM – VONTOBEL NEW FRONTIER DEBT VONTOBEL ASSET MANAGEMENT AG Gotthardstrasse 43 CH - 8022 Zürich Switzerland For LUX IM – ALGEBRIS - BEST IDEAS ALGEBRIS (UK) LIMITED 7 Clifford Street W1S 2FT London United Kingdom

With as Sub-Investment Managers ALGEBRIS (ASIA) PTE LTD 20 Cecil Street, #05-07 Equity Plaza Singapore 049705 and ALGEBRIS INVESTMENTS (US) INC. 1209 Orange Street Wilmington, New Castle Country, Delaware 19801 USA For LUX IM – JP MORGAN DIVERSIFIED RISK, LUX IM – JPM EMERGING MARKET INCOME and LUX IM – JPM SHORT EMERGING DEBT JP MORGAN ASSET MANAGEMENT (UK) LIMITED 60 Victoria Embankment EC4Y 0JP London United Kingdom For LUX IM – INVESCO GLOBAL MARKETS STRATEGY, LUX IM – INVESCO GLOBAL INCOME OPPORTUNITIES, LUX IM – INVESCO FINANCIAL CREDIT BOND and LUX IM – INVESCO GLOBAL MULTI-CREDIT INVESCO ASSET MANAGEMENT LIMITED Perpetual Park, Perpetual Park Drive Henley-on-Thames, Oxfordshire RG9 1HH United Kingdom With as Sub-Investment Manager for LUX IM – INVESCO GLOBAL MULTI-CREDIT INVESCO ADVISERS INC. 1555 Peachtree Street NE, Suite 1800 Atlanta, GA 30309 USA For LUX IM – KAIROS LIQUID ALTERNATIVE STRATEGIES KAIROS INVESTMENT MANAGEMENT LIMITED 10 Portman Square W1H 6AZ London United Kingdom For LUX IM – FIDELITY GLOBAL INCOME BLEND and LUX IM – FIDELITY GLOBAL LOW DURATION FIL Pensions Management Oakhill House, 130 Tonbridge Road Hildenborought TN11 9DZ Kent United Kingdom

LUX IM



With as Sub-Investment Manager FIL Investments International Oakhill House, 130 Tonbridge Road Hildenborought TN11 9DZ Kent United Kingdom For LUX IM – EURIZON CONTRARIAN APPROACH EURIZON CAPITAL SGR S.p.A. Piazzetta Giordano Dell’Amore, 3 I - 20121 Milano Italy For LUX IM – ESG BNP PARIBAS ISOVOL BNP Paribas Asset Management France 1, boulevard Haussmann F-75009 Paris France With as Sub-Investment Manager BNP Paribas Asset Management UK Ltd. 5 Aldermanbury Square EC2V 7BP London United Kingdom For LUX IM – ESG AMUNDI SUSTAINABLE ALPHA Amundi SGR S.p.A. Piazza Cavour 2 20121 Milano Italy For LUX IM – PIMCO GLOBAL RISK ALLOCATION and LUX IM – PIMCO MULTI ALPHA CREDIT PIMCO EUROPE LTD 11 Baker Street W1U 3AH London United Kingdom With as Sub-Investment Manager for LUX IM – PIMCO GLOBAL RISK ALLOCATION Pacific Investment Management Company LLC 650, Newport Center Drive Newport Beach, CA 92660 USA For LUX IM – M&G ALPHA GENERATION M & G Investment Management Limited Laurence Pountney Hill EC4R OHH London United Kingdom

LUX IM – UBS ASIA BALANCED INCOME, LUX IM – UBS ACTIVE DEFENDER and LUX IM – DYNAMIC CREDIT HIGH YIELD UBS ASSET MANAGEMENT (UK) LIMITED 5 Broadgate EC2M 2QS London United Kingdom With as Sub-Investment Manager for LUX IM – UBS ACTIVE DEFENDER and LUX IM – UBS DYNAMIC CREDIT HIGH YIELD UBS GLOBAL ASSET MANAGEMENT (AMERICAS) INC. UBS Tower Once North Wacker Drive Chicago, Illinois 60606 USA For LUX IM – ANIMA HIGH YIELD SHORT TERM OPPORTUNITIES ANIMA SGR S.P.A. Corso Garibaldi 99 20121 Milano Italy For LUX IM – ODDO CORPORATE HIGH INCOME, LUX IM – ESG ODDO BHF EUROPE LONG SHORT and LUX IM – ODDO TARGET 2022 ODDO BHF ASSET MANAGEMENT SAS 12 boulevard de la Madeleine 75009 Paris France For LUX IM – AMUNDI GLOBAL INCOME BOND AMUNDI LONDON BRANCH 41 Lothbury EC2R 7HF London United Kingdom For LUX IM – SCHRODER CONVERTIBLE BOND OPPORTUNITIES and LUX IM – SCHRODER ASIA INCOME SCHRODER INVESTMENT MANAGEMENT LIMITED 31 Gresham Street EC2V 7QA London United Kingdom

LUX IM



With as Sub-Investment Manager for LUX IM – SCHRODER CONVERTIBLE BOND OPPORTUNITIES SCHRODER INVESTMENT MANAGEMENT (SWITZERLAND) AG Central 2, Postfach 1828 CH - 8021 Zürich Switzerland With as Sub-Investment Manager for LUX IM – SCHRODER ASIA INCOME SCHRODER INVESTMENT MANAGEMENT (SINGAPORE) LIMITED 138 Market Street #23-01 CapitaGreen Singapore 048946

For LUX IM – TWENTYFOUR GLOBAL STRATEGIC BOND TWENTYFOUR ASSET MANAGEMENT LLP 8th Floor, The Monument Building, 11 Monument Street EC3R 8AF London United Kingdom For LUX IM – MUZINICH CREDIT ALTERNATIVE FUND MUZINICH & CO. LTD 8, Hanover Street W1S 1YQ London United Kingdom With as Sub-Investment Manager MUZINICH & CO. INC. 450, Park Avenue New York, NY 10022 USA

Board of Directors

Chairman Mr Alex Schmitt, Attorney-at-law, Bonn & Schmitt Avocats, 148, avenue de la Faïencerie, L - 1511 Luxembourg, Grand Duchy of Luxembourg Vice Chairman Mrs Claudia Vacanti, Head of Products Department, Banca Generali S.p.A., via Machiavelli, 4, I - 34132 Trieste, Italy Directors Mr Fabio Pavone, Conducting Officer, BG FUND MANAGEMENT LUXEMBOURG S.A., 14, allée Marconi, L - 2120 Luxembourg, Grand Duchy of Luxembourg Mr Jean-François Laffineur, Chief Operating Officer, BG FUND MANAGEMENT LUXEMBOURG S.A., 14, allée Marconi, L - 2120 Luxembourg, Grand Duchy of Luxembourg Mr Edoardo Tubia, Independent Director, 18, avenue de la Porte Neuve, L - 2227 Luxembourg, Grand Duchy of Luxembourg

8Page

LUX IMCombined

9Page

9,119,841,650.20Assets7,961,455,008.57Securities portfolio at market value7,737,254,237.26Cost price

224,200,771.31Unrealised profit on the securities portfolio22,613,499.23Options / swaptions purchased at market value37,868,932.74Options / swaptions purchased at cost

687,067,581.85Cash at banks10,500,000.00Reverse repurchase agreements20,261,797.49Time deposits36,077,583.64Interests receivable

162,862,804.08Brokers receivable141,208,300.10Subscriptions receivable

3,997,681.73Dividends receivable15,457,880.13Unrealised appreciation on forward foreign exchange contracts3,342,031.47Unrealised appreciation on financial futures2,799,527.29Unrealised appreciation on swaps

820,967.55Receivable on swaps51,072,082.53Forward agreements at market value - To Be Announced bonds

purchased304,904.54Other assets

484,894,727.60Liabilities46,585,003.10Options / swaptions sold at market value74,733,670.25Options / swaptions sold at cost36,171,104.52Bank overdrafts

312,034,219.28Brokers payable5,183,234.51Accrued performance fees

42,594,229.47Redemptions payable378,310.26Unrealised depreciation on forward foreign exchange contracts

5,328,593.70Unrealised depreciation on financial futures4,233,185.56Unrealised depreciation on swaps

20,533,371.00Accrued management fees406,934.77Accrued depositary fees

3,562,652.89Accrued administrative expenses132,668.84Payable on swaps

6,005,805.12Forward agreements at market value - To Be Announced bonds sold1,745,414.58Other liabilities

8,634,946,922.60Net asset value

LUX IM

Financial Statements as at 30/06/19

Expressed in EUR

Statement of net assets as at 30/06/19

Combined

10Page

LUX IM– European Equities

11Page

158,885,339.62Assets128,916,699.30Securities portfolio at market value122,090,405.17Cost price

6,826,294.13Unrealised profit on the securities portfolio16,442,755.98Cash at banks

2,162.00Interests receivable13,079,443.77Brokers receivable

365,377.15Subscriptions receivable45,534.12Dividends receivable25,700.00Unrealised appreciation on financial futures7,667.30Other assets

15,292,957.61Liabilities247,655.18Bank overdrafts

14,134,923.51Brokers payable68,876.03Accrued performance fees

474,997.11Redemptions payable15,769.67Unrealised depreciation on forward foreign exchange contracts

257,217.04Accrued management fees6,774.30Accrued depositary fees

59,308.15Accrued administrative expenses27,436.62Other liabilities

143,592,382.01Net asset value


Expressed in EUR


LUX IM – European Equities

Changes in number of shares outstanding from 01/01/19 to 30/06/19

Shares issued Shares redeemedShares

outstanding as at30/06/19

Sharesoutstanding as at

01/01/19

A - EUR - Capitalisation 156,356.780 47,821.172 55,430.081 148,747.871

C - EUR - Capitalisation 66,383.854 895.127 65,364.991 1,913.990

Db - EUR - Capitalisation 7,259.641 2,344.510 1,174.768 8,429.383

Dl - EUR - Capitalisation 101,470.886 26,410.496 17,597.226 110,284.156

E - EUR - Capitalisation 701,011.765 91,413.711 120,169.886 672,255.590

F - EUR - Capitalisation 1,328.255 153.910 727.102 755.063

H - EUR - Capitalisation 570,406.651 164,778.713 255,100.378 480,084.986

12Page

Key figures


Total Net Assets 143,592,382.01 142,554,703.25 51,605,799.86

31/12/1731/12/1830/06/19Period/Year ending as at:

EURA - EUR - Capitalisation

104.75148,747.871 156,356.780

92.68112,673.140

105.53Number of sharesNet asset value per share EUR

C - EUR - Capitalisation

87.751,913.990 66,383.854

78.18210,184.235


Db - EUR - Capitalisation

87.428,429.383 7,259.641

77.867,508.792


Dl - EUR - Capitalisation

87.42110,284.156 101,470.886

77.8689,593.736


E - EUR - Capitalisation

107.79672,255.590 701,011.765

95.5149,515.805


F - EUR - Capitalisation

135.36755.063 1,328.255

119.871,024.130


H - EUR - Capitalisation

93.53480,084.986 570,406.651

82.9167,499.742


13Page

AIR LIQUIDE SA10,631 1,294,324.25 0.90EUR

Transferable securities admitted to an official stock exchange listing and/or dealt inon another regulated market 116,492,941.20 81.13

Shares 114,512,425.59 79.75

France 23,802,804.90 16.57

AIR LIQUIDE SA PRIME FIDELITE6,983 850,180.25 0.59EURALSTOM SA3,276 135,003.96 0.09EURATOS SE1,595 113,946.80 0.08EURAXA SA57,466 1,321,718.00 0.92EURBIOMERIEUX SA1,939 140,577.50 0.10EURBNP PARIBAS SA8,397 348,013.67 0.24EURBUREAU VERITAS SA22,439 488,272.64 0.34EURCARREFOUR SA12,833 217,070.20 0.15EURCIE DE SAINT-GOBAIN SA3,836 130,270.56 0.09EURDASSAULT SYSTEMES SA2,800 389,200.00 0.27EUREDENRED SA11,909 529,950.50 0.37EUREIFFAGE SA6,492 559,480.56 0.39EURENGIE SA35,595 468,074.25 0.33EUREUROFINS SCIENTIFIC SA341 129,989.20 0.09EUREUTELSAT COMMUNICATIONS SA6,361 103,270.84 0.07EURGETLINK ACT10,253 142,926.82 0.10EURHERMES INTERNATIONAL SA1,619 1,015,760.60 0.71EURICADE SA4,942 387,699.90 0.27EURINGENICO GROUP SA5,482 424,855.00 0.30EURL'OREAL SA5,988 1,485,024.00 1.03EURLVMH MOET HENNESSY LOUIS VUITTON SA5,545 2,042,500.75 1.42EURMICHELIN SA REG SHS4,637 513,547.75 0.36EURRENAULT SA2,399 130,625.55 0.09EURSAFRAN SA9,516 1,221,378.60 0.85EURSANOFI SA19,639 1,486,279.52 1.04EURSARTORIUS STEDIM BIOTECH SA5,224 718,300.00 0.50EURSCHNEIDER ELECTRIC SE3,644 287,803.12 0.20EURSCOR SE13,542 517,439.82 0.36EURSUEZ SA32,017 401,973.44 0.28EURTELEPERFORMANCE SA2,651 463,129.70 0.32EURTOTAL SA80,790 3,968,808.75 2.76EURVINCI SA14,060 1,261,744.40 0.88EURWENDEL SA960 113,664.00 0.08EUR

ABB LTD REG SHS60,593 1,062,183.70 0.74CHFSwitzerland 20,440,970.99 14.23

BALOISE HOLDING AG REG SHS6,083 942,625.51 0.66CHFCHOCOLADEFABRIKEN LINDT & SPRUENGLI AG REG SHS9 635,770.53 0.44CHFEMS-CHEMIE HOLDING AG REG SHS908 513,137.46 0.36CHFGEBERIT AG286 116,767.78 0.08CHFGIVAUDAN SA REG SHS291 712,802.70 0.50CHFNESTLE SA REG SHS65,071 5,888,449.73 4.09CHFNOVARTIS AG REG SHS42,947 3,447,740.72 2.40CHFPARTNERS GROUP HOLDING AG REG SHS1,400 947,905.51 0.66CHFROCHE HOLDING AG11,846 2,916,061.46 2.03CHFSIKA AG - REG SHS1,856 275,748.57 0.19CHFSTRAUMANN HOLDING AG REG SHS666 512,063.35 0.36CHFSWISS LIFE HOLDING AG REG SHS1,991 861,258.67 0.60CHFSWISS PRIME SITE AG REG SHS3,917 296,616.92 0.21CHFSWISSCOM AG REG SHS242 106,338.45 0.07CHFZURICH INSURANCE GROUP AG REG SHS3,947 1,205,499.93 0.84CHF

ANGLO AMERICAN PLC21,460 528,842.55 0.37GBPUnited Kingdom 14,716,024.45 10.25

ASHTEAD GROUP PLC5,466 137,929.95 0.10GBPASTRAZENECA PLC13,211 944,126.88 0.66GBPAUTO TRADER GROUP PLC30,852 188,524.71 0.13GBPAVEVA GROUP PLC2,354 104,943.04 0.07GBPBHP GROUP LTD REG SHS23,887 535,379.91 0.37GBPBP PLC431,398 2,649,095.44 1.84GBPCOMPASS GROUP PLC5,006 105,277.83 0.07GBPCRODA INTL - REG SHS4,383 251,699.93 0.18GBPDIAGEO PLC25,763 967,836.16 0.67GBP

Securities portfolio as at 30/06/19EURExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket value

14Page

FRESNILLO PLC13,555 131,015.54 0.09GBPGLAXOSMITHKLINE PLC45,104 795,657.09 0.55GBPHALMA PLC18,513 418,648.13 0.29GBPHSBC HOLDINGS PLC53,074 387,520.68 0.27GBPINMARSAT PLC15,392 93,985.94 0.07GBPINTERTEK GROUP PLC1,580 98,344.78 0.07GBPLSE GROUP PLC5,755 349,740.74 0.24GBPMICRO FOCUS INTL - REG SHS12,055 275,565.90 0.19GBPRELX PLC5,181 110,691.30 0.08GBPRIO TINTO PLC20,130 1,083,828.11 0.75GBPROYAL DUTCH SHELL PLC -A-98,807 2,844,653.53 1.99EURSAGE GROUP PLC12,574 111,719.03 0.08GBPSEGRO PLC (REIT)13,613 109,080.08 0.08GBPSEVERN TRENT PLC4,795 109,502.23 0.08GBPSPIRAX-SARCO ENGINEERING PLC1,042 106,605.15 0.07GBPUNILEVER PLC23,530 1,275,809.82 0.89GBP

ADIDAS AG REG SHS393 104,420.10 0.07EURGermany 11,287,479.25 7.86

ALLIANZ SE REG SHS11,531 2,429,005.15 1.70EURBASF SE REG SHS2,148 135,495.84 0.09EURBAYER AG REG SHS2,383 145,029.38 0.10EURBEIERSDORF AG1,081 112,640.20 0.08EURCARL ZEISS MEDITEC AG1,673 141,117.55 0.10EURDEUTSCHE BOERSE AG REG SHS6,025 744,087.50 0.52EURDEUTSCHE TELEKOM AG REG SHS9,342 141,718.14 0.10EURE.ON SE REG SHS10,723 102,393.93 0.07EUREVOTEC SE5,410 130,651.50 0.09EURHANNOVER RUECKVERSICHERUNG AG REG SHS3,107 436,533.50 0.30EURINNOGY SE2,572 107,252.40 0.07EURLANXESS AG2,280 117,283.20 0.08EURMETRO WHOLESALE AND FOOD SPECIALIST AG17,896 286,336.00 0.20EURMTU AERO ENGINES AG1,735 355,328.00 0.25EURMUNICH REINSURANCE COMPANY AG REG SHS1,917 423,273.60 0.29EURPUMA AG16,124 922,292.80 0.64EURSAP AG27,049 3,191,782.00 2.23EURSARTORIUS AG VORZ.OHNE STIMMRECHT.1,847 331,536.50 0.23EURSIEMENS AG REG SHS2,472 255,950.88 0.18EURSYMRISE AG3,255 276,219.30 0.19EURUNIPER SE REG SHS14,941 397,131.78 0.28EUR

ADYEN --- PARTS SOCIALES734 491,046.00 0.34EURThe Netherlands 9,552,280.39 6.65

AEGON NV24,434 106,483.37 0.07EURAIRBUS SE14,930 1,849,528.40 1.30EURAKZO NOBEL NV9,523 779,362.32 0.54EURASML HLDG NV6,008 1,079,637.60 0.75EURFERRARI NV3,195 449,856.00 0.31EURFIAT CHRYSLER AUTOMOBILES NV -A-10,798 131,908.37 0.09EURIMCD1,322 104,834.60 0.07EURING GROUP NV10,513 107,085.42 0.07EURKONINKLIJKE DSM NV7,729 838,982.95 0.58EURKONINKLIJKE VOPAK NV10,645 428,141.90 0.30EURTAKEAWAY HOLDING BV4,814 391,378.20 0.27EURUNILEVER NV35,860 1,902,731.60 1.34EURWOLTERS KLUWER NV14,001 891,303.66 0.62EUR

ASSICURAZIONI GENERALI SPA47,317 781,203.67 0.54EURItaly 8,250,387.40 5.75

BANCA GENERALI SPA15,045 383,647.50 0.27EURBIO-ON SPA7,100 381,270.00 0.27EURENEL SPA128,128 779,530.75 0.54EURENI SPA84,348 1,220,178.17 0.86EUREPS EQUITA PEP SPAC SPA66 396.00 0.00EURFALCK RENEWABLES SPA70,000 257,600.00 0.18EURINTESA SANPAOLO SPA163,531 307,209.34 0.21EURLEONARDO SPA89,037 984,304.04 0.69EURMONCLER SPA11,589 430,415.46 0.30EURPOSTE ITALIANE SPA69,903 638,913.42 0.44EUR





15Page

PRYSMIAN SPA24,419 437,100.10 0.30EURRECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA11,693 422,117.30 0.29EURSNAM SPA144,545 644,959.79 0.45EURTELECOM ITALIA SPA RISP NON CONV497,956 226,271.21 0.16EURTERNA SPA45,675 257,972.40 0.18EURUNICREDIT SPA REG SHS9,051 97,298.25 0.07EUR

ATLAS COPCO AB REG SHS -A-19,103 530,429.91 0.37SEKSweden 8,110,849.88 5.65

EPIROC AB- REG SHS40,908 375,937.06 0.26SEKEPIROC AB -REG SHS42,904 376,284.09 0.26SEKESSITY AB REG SHS -B-24,468 663,609.82 0.46SEKFASTIGHETS BALDER -B12,785 374,653.79 0.26SEKGETINGE AB -B-8,090 109,399.54 0.08SEKHUSQVARNA AB -B-63,428 517,283.32 0.36SEKICA GRUPPEN AB3,030 112,772.27 0.08SEKINDUSTRIVAERDEN AB -C-45,821 888,351.91 0.62SEKINVESTOR AB -B-14,801 624,190.59 0.43SEKL E LUNDBERGFOERETAGEN AB -B- FREE11,517 375,311.41 0.26SEKLUNDIN PETROLEUM AB3,909 107,205.14 0.07SEKSANDVIK AB56,105 902,450.48 0.64SEKSECURITAS AB -B- FREE35,625 548,349.98 0.38SEKTELEFON AB L.M.ERICSSON57,150 483,546.68 0.34SEKTELE2 AB44,082 560,973.28 0.39SEKTELIA COMPANY AB35,726 139,544.23 0.10SEKVOLVO AB -B-30,230 420,556.38 0.29SEK

CHR. HANSEN HOLDING AS5,267 440,483.86 0.31DKKDenmark 7,202,508.12 5.02

COLOPLAST AS -B-8,351 827,743.40 0.58DKKGENMAB AS726 111,714.75 0.08DKKNOVO NORDISK AS50,298 2,253,512.14 1.56DKKORSTED27,125 2,062,790.15 1.44DKKTRYG AS17,977 517,843.58 0.36DKKVESTAS WIND SYSTEMS AS12,848 988,420.24 0.69DKK

AENA SA820 141,081.00 0.10EURSpain 4,150,261.42 2.89

BANCO BILBAO VIZCAYA ARGENTARIA SA REG SHS95,720 469,315.16 0.33EURCELLNEX TELECOM SA3,197 103,934.47 0.07EURFERROVIAL SA23,882 530,896.86 0.37EURGAMESA CORPORACION TECNOLOGICA SA68,000 998,580.00 0.69EURGRIFOLS SA -A-14,915 376,007.15 0.26EURIBERDROLA SA12,890 113,122.64 0.08EURNATURGY ENERGY GROUP SA16,979 418,871.93 0.29EURRED ELECTRICA CORP SA5,814 108,576.45 0.08EURTELEFONICA SA123,354 889,875.76 0.62EUR

AGEAS NV REG SHS20,120 913,850.40 0.64EURBelgium 2,736,199.90 1.91

ANHEUSER-BUSCH INBEV NV10,114 773,417.58 0.54EURGROUPE BRUXELLES LAMBERT SA10,621 908,307.92 0.63EURPROXIMUS SA5,440 140,624.00 0.10EUR

VERBUND AG -A-19,103 890,199.80 0.62EURAustria 890,199.80 0.62

ELISA CORPORATION -A-3,332 142,076.48 0.10EURFinland 619,493.48 0.43

METSO CORP13,660 477,417.00 0.33EUR

GJENSIDIGE FORSIKRING ASA15,421 276,723.85 0.18NOKNorway 523,806.94 0.36

ORKLA ASA17,677 138,646.72 0.10NOKTOMRA SYSTEMS ASA3,753 108,436.37 0.08NOK

KERRY GROUP PLC1,054 109,826.80 0.08EURIreland 481,233.05 0.34

LINDE PLC1,487 260,150.65 0.18EURSMURFIT KAPPA GROUP PLC4,170 111,255.60 0.08EUR

OPTIMUS TECHNOLOGIE9,059 456,177.98 0.32PLNPoland 456,177.98 0.32





16Page

JERONIMO MARTINS SGPS SA30,518 433,203.01 0.30EURPortugal 433,203.01 0.30

EXPERIAN PLC4,191 109,822.15 0.08GBPJersey Island 332,728.29 0.23

FERGUSON NEWCO PLC1,650 102,812.22 0.07GBPGLENCORE PLC40,811 120,093.92 0.08GBP

BARRICK GOLD CORP22,711 313,640.94 0.22USDCanada 313,640.94 0.22

CME GROUP INC -A-1,244 212,175.40 0.15USDUnited States of America 212,175.40 0.15

MEDIOBANCA EMTN SPA FL.R 06-21 10/02S2,000,000 1,970,380.00 1.37EUR

Floating rate bonds 1,970,380.00 1.37

Italy 1,970,380.00 1.37

REPSOL SA 28.06.19 RIGHTS15,266 7,530.72 0.01EUR

Warrants, Rights 10,135.61 0.01

Spain 7,530.72 0.01

DEUTSCHE WOHNEN3,036 2,604.89 0.00EURGermany 2,604.89 0.00

AXELERO SPA69,250 - 0.00EUR

Other transferable securities 300.00 0.00

Shares - 0.00

Italy - 0.00

APOLLO ENTERPRISE SOLUTIONS LTD127,406 - 0.00EURBermuda - 0.00

TELESIA SPA (SHS) 28.06.19 WAR7,500 300.00 0.00EUR

Warrants, Rights 300.00 0.00

Italy 300.00 0.00

INVESCO MARKETS PLC IGS EQ FACTOR INDEX EUROPE .-A- EUR CAP67,445 9,481,418.10 6.60EUR

Shares/Units of UCITS/UCIS 12,423,458.10 8.65

Shares/Units in investment funds 12,423,458.10 8.65

Equity funds 12,423,458.10 8.65

LYXOR INDEX FD JP MORGAN MULTI-FACTOR EUROPE INDEX UCITS ETF -CEUR- CAP

24,517 2,942,040.00 2.05EUR

Total securities portfolio 128,916,699.30 89.78





17Page

LUX IM– Morgan Stanley US Equities

18Page

412,503,461.03Assets408,846,336.55Securities portfolio at market value369,419,762.42Cost price39,426,574.13Unrealised profit on the securities portfolio1,172,000.51Cash at banks

1,486.58Interests receivable2,136,090.81Subscriptions receivable

339,878.66Dividends receivable7,667.92Other assets

1,840,606.83Liabilities628,705.85Redemptions payable974,456.39Accrued management fees20,647.13Accrued depositary fees




Expressed in EUR


LUX IM – Morgan Stanley US Equities





01/01/19

A - EUR - Capitalisation 5,338.503 0.000 0.000 5,338.503

B - EUR - Capitalisation 9,794.915 0.000 250.000 9,544.915

C - EUR - Capitalisation 36,152.240 334.622 35,499.872 986.990

Db - EUR - Capitalisation 2,304.800 1,144.984 1,014.593 2,435.191


E - EUR - Capitalisation 2,208,584.548 456,724.542 325,359.687 2,339,949.403

F - EUR - Capitalisation 81.293 60.470 81.293 60.470


19Page

Key figures


Total Net Assets 410,662,854.20 330,410,685.05 40,395,210.27



252.965,338.503 5,338.503

213.715,804.067


B - EUR - Capitalisation

242.219,544.915 9,794.915

204.969,994.915



213.69986.990 36,152.240

179.77123,543.360



210.572,435.191 2,304.800

178.78978.798194.11

Number of sharesNet asset value per share EUR


210.5751,192.041 31,158.408

178.7815,753.555



165.032,339,949.403 2,208,584.548

139.6654,868.435



175.2460.470 81.293

147.980.0000.00



121.2576,961.988 61,585.177

102.6311,453.365


20Page

ABBOTT LABORATORIES LTD68,403 5,035,534.21 1.23USD


Shares 378,844,007.45 92.25

United States of America 359,725,311.42 87.60

ABBVIE INC19,229 1,183,999.65 0.29USDADOBE INC6,916 1,783,857.75 0.43USDAES CORP114,489 1,665,697.37 0.41USDALLEGHANY CORP1,097 650,509.37 0.16USDALLISON TRANSMISSION9,777 394,657.63 0.10USDALLSTATE CORP5,243 461,832.27 0.11USDALLY FINANCIAL INC13,908 371,173.61 0.09USDALPHABET INC6,518 6,172,735.49 1.50USDALPHABET INC -C-2,385 2,257,363.64 0.55USDALTRIA GROUP INC17,653 743,790.91 0.18USDAMAZON.COM INC5,986 10,026,846.18 2.44USDAMC NETWORKS -A-5,360 254,598.23 0.06USDAMERICAN ELECTRIC POWER CO INC16,877 1,304,911.20 0.32USDAMERICAN EXPRESS CO7,104 774,481.91 0.19USDAMERICAN INTERNATIONAL GROUP INC12,887 601,359.33 0.15USDAMERICAN TOWER CORP4,145 750,537.23 0.18USDAMERIPRISE FINANCIAL INC12,759 1,616,465.47 0.39USDAMGEN INC4,225 683,893.65 0.17USDANALOG DEVICES INC11,242 1,115,844.03 0.27USDANTHEM INC3,781 939,288.40 0.23USDAPER CORP --- REG SHS13,081 377,178.33 0.09USDAPPLE INC75,147 13,203,027.47 3.21USDARAMARK HOLDING CORP9,193 284,317.09 0.07USDARCOSA INC2,269 73,807.12 0.02USDARMSTRONG WORLD INDUSTRIES9,785 841,948.10 0.21USDAT & T INC87,566 2,540,288.24 0.62USDAUTOMATIC DATA PROCESSING INC4,882 704,311.76 0.17USDAUTOZONE INC1,068 1,018,425.86 0.25USDBANK OF AMERICA CORP139,390 3,458,848.48 0.84USDBANK OF NEW YORK MELLON CORP11,527 439,949.45 0.11USDBAXTER INTERNATIONAL INC38,069 2,734,833.29 0.67USDBB&T CORP44,186 1,872,614.22 0.46USDBECTON DICKINSON & CO9,666 2,118,383.16 0.52USDBERKSHIRE HATHAWAY INC -B-29,960 5,587,473.46 1.36USDBEST BUY CO INC5,577 335,890.57 0.08USDBIO RAD LABORATORIES -A-1,257 339,224.70 0.08USDBIOGEN INC6,582 1,388,192.06 0.34USDBIO-TECHNE CORP3,110 564,606.50 0.14USDBLACKROCK INC5,939 2,426,482.58 0.59USDBOEING CO9,151 2,930,155.27 0.71USDBOOKING HLDG INC1,005 1,631,170.21 0.40USDBRISTOL MYERS SQUIBB CO17,183 681,667.15 0.17USDBROADCOM - REG SHS6,446 1,619,990.90 0.39USDBROADRIDGE FINANCIAL SOLUTIONS INC15,773 1,785,622.64 0.43USDCABOT OIL AND GAS CORP -A-14,915 297,289.79 0.07USDCAPITAL ONE FINANCIAL CORP4,494 353,124.00 0.09USDCATERPILLAR INC REG SHS13,115 1,563,163.57 0.38USDCBRE GROUP INC6,948 310,653.86 0.08USDCDK GLOBAL INC15,431 657,770.38 0.16USDCDW CORP6,347 616,359.94 0.15USDCELANESE RG REG SHS7,045 657,744.03 0.16USDCELGENE CORP11,739 953,596.91 0.23USDCENTENE CORP23,592 1,088,238.98 0.26USDCENTERPOINT ENERGY INC11,513 288,723.78 0.07USDCENTURYLINK INC REG SHS51,782 530,186.46 0.13USDCF INDUSTRIES HOLDINGS INC8,256 342,338.78 0.08USDCHARTER COMM INC -A-2,190 754,002.64 0.18USDCHEVRON CORP44,801 4,851,520.53 1.18USDCHIPOTLE MEXICAN GRILL INC -A-721 459,243.10 0.11USDCHURCH AND DWIGHT CO INC11,235 722,811.19 0.18USDCIGNA REG SHS3,867 537,063.49 0.13USD





21Page

CINTAS CORP3,506 726,827.71 0.18USDCISCO SYSTEMS INC46,911 2,299,643.78 0.56USDCITIGROUP INC19,679 1,179,684.08 0.29USDCITIZENS FINANCIAL GROUP INC11,322 346,277.82 0.08USDCME GROUP INC -A-4,802 819,024.32 0.20USDCOCA-COLA CO16,624 746,935.76 0.18USDCOLOMBIA SPORTSWEAR CO7,593 658,080.04 0.16USDCOMCAST CORP133,392 4,928,059.11 1.20USDCOMERICA INC6,218 390,358.15 0.10USDCONCHO RES5,402 483,915.80 0.12USDCONOCOPHILLIPS CO25,145 1,355,178.04 0.33USDCONSOLIDATED EDISON INC6,477 497,148.28 0.12USDCONSTELLATION BRANDS INC -A-3,451 571,326.66 0.14USDCORNING INC20,316 593,834.44 0.14USDCORTEVA - REG SHS9,345 243,067.82 0.06USDCOSTCO WHOLESALE CORP4,767 1,113,620.85 0.27USDCROWN CASTLE INTL CORP4,942 567,166.06 0.14USDCSX CORP24,292 1,633,569.42 0.40USDCUMMINS INC (EX CUMMINS ENGINE INC) REG SHS12,008 1,777,143.86 0.43USDCVS HEALTH CORP29,548 1,422,753.68 0.35USDDANAHER CORP14,196 1,772,923.50 0.43USDDARDEN RESTAURANTS INC4,430 473,608.83 0.12USDDEERE & CO2,162 313,445.78 0.08USDDELL TECHNOLGES REG SHS C11,856 544,488.51 0.13USDDELTA AIR LINES INC (DE)39,044 1,951,427.26 0.48USDDIAMONDBACK ENERGY5,525 522,392.80 0.13USDDISCOVER FINANCIAL SERVICES REG SHS6,218 424,378.43 0.10USDDISCOVERY INC -A10,631 278,107.00 0.07USDDOCUSIGN INC7,107 316,637.68 0.08USDDOVER CORP9,205 797,871.93 0.19USDDOW --- REG SHS9,346 418,529.15 0.10USDDOWDUPONT - REG SHS9,346 606,953.58 0.15USDDR HORTON INC10,170 386,636.23 0.09USDDUKE ENERGY CORP10,018 780,308.66 0.19USDE TRADE FINANCIAL CORP10,726 424,473.54 0.10USDECOLAB INC3,930 664,420.11 0.16USDEDISON INTERNATIONAL5,693 326,101.21 0.08USDELECTRONIC ARTS INC REG SHS4,115 358,852.18 0.09USDELI LILLY & CO17,552 1,721,002.28 0.42USDEMERSON ELECTRIC CO10,426 606,200.11 0.15USDENCOMPASS HLTH6,933 378,041.67 0.09USDENERGIZER HLDG13,782 463,339.97 0.11USDEOG RESOURCES INC12,973 1,051,100.00 0.26USDERIE INDEMNITY CO - SHS A -13,430 2,952,036.50 0.72USDESTEE LAUDER COMPANIES INC -A-16,561 2,652,003.39 0.65USDEXELON CORP16,329 683,121.99 0.17USDEXXON MOBIL CORP3,202 213,551.16 0.05USDFACEBOOK INC -A-43,577 7,263,791.62 1.77USDFASTENAL CO13,248 375,351.26 0.09USDFIRST DATA CORP -A-23,582 561,520.64 0.14USDFIRSTENERGY CORP1,839 68,765.35 0.02USDFLIR SYSTEMS INC8,035 377,419.18 0.09USDFORD MOTOR CO92,792 832,544.66 0.20USDFORTINET INC11,120 750,723.49 0.18USDGENERAL ELECTRIC CO88,955 813,767.87 0.20USDGENERAL MOTORS CO31,360 1,057,056.96 0.26USDGGP INC71,629 1,187,673.53 0.29USDGILEAD SCIENCES INC21,311 1,257,458.66 0.31USDGODADDY -A-8,245 505,716.54 0.12USDGOLDMAN SACHS GROUP INC3,823 670,273.44 0.16USDHARRIS CORP4,557 759,439.87 0.18USDHCA HEALTHCARE INC REG SHS6,202 731,572.50 0.18USDHEWLETT PACKARD ENTERPRISE CO23,017 303,087.03 0.07USDHOLLYFRONTIER CORP9,601 382,063.81 0.09USDHONEYWELL INTERNATIONAL INC6,107 933,844.29 0.23USDHOSPITALITY PPTY TRUST SHS OF BENEF INT50,950 1,110,560.76 0.27USDHOST HOTELS & RESORTS INC103,119 1,633,613.22 0.40USD





22Page

HP INC30,806 562,005.93 0.14USDHUNTINGTON BANCSHARES INC112,719 1,353,401.37 0.33USDIDEX CORP3,239 483,178.97 0.12USDILLUMINA INC1,322 414,560.41 0.10USDINCYTE CORP7,265 541,400.18 0.13USDINGREDION12,257 871,148.88 0.21USDINTEL CORP89,534 3,737,769.84 0.91USDJACK HENRY & ASSOCIATES INC7,849 928,886.36 0.23USDJOHNSON AND JOHNSON INC25,808 3,193,849.25 0.78USDJONES LANG LASALLE INC1,699 206,596.97 0.05USDJP MORGAN CHASE & CO79,832 7,642,973.90 1.86USDKAR AUCTION SERVICES INC9,188 501,729.38 0.12USDKEURIG DR PEPPR REG SHS43,185 1,089,454.02 0.27USDKEYCORP52,437 799,804.35 0.19USDKEYSIGHT TECHNOLOGIES INC28,101 2,153,458.35 0.52USDKINDER MORGAN INC26,211 470,569.13 0.11USDKONTOOR BRANDS --- REG SHS2,041 50,932.99 0.01USDKROGER CO45,951 864,574.83 0.21USDLEAR1,947 240,555.59 0.06USDLEGG MASON INC17,281 566,380.84 0.14USDLIVE NATION10,855 639,068.61 0.16USDLOCKHEED MARTIN CORP - REG SHS11,292 3,566,736.40 0.87USDLOWE'S COMPANIES INC11,121 971,968.65 0.24USDLULULEMON ATHLETICA INC SHS2,249 356,306.80 0.09USDMADISON SQUARE GARDEN CO -A-1,834 448,445.55 0.11USDMARATHON OIL CORP15,369 191,968.86 0.05USDMARATHON PETROLEUM CORP7,710 368,731.76 0.09USDMARRIOTT INTERNATIONAL INC (NEW) -A-10,489 1,275,914.86 0.31USDMASIMO3,410 437,089.50 0.11USDMASTERCARD INC -A-6,701 1,539,016.67 0.37USDMCDONALD'S CORP5,170 938,044.51 0.23USDMEDICAL PROPERTIES25,278 386,224.09 0.09USDMERCK AND CO INC34,974 2,578,942.18 0.63USDMERCURY GENERAL CORP6,158 332,099.20 0.08USDMETLIFE INC23,132 1,000,077.23 0.24USDMICRON TECHNOLOGY INC10,360 346,928.09 0.08USDMICROSOFT CORP142,060 16,763,292.43 4.07USDMOLINA HEALTHCARE4,837 601,364.81 0.15USDMOLSON COORS BREWING CO -B-26,031 1,266,917.56 0.31USDMONDELEZ INTERNATIONAL INC12,087 575,404.35 0.14USDMONSTER BEVERAGE CORP12,943 723,742.37 0.18USDMOTOROLA SOLUTIONS INC12,890 1,866,291.95 0.45USDMSCI INC4,589 944,966.27 0.23USDNATIONAL INSTRUMENTS CORP18,926 690,881.82 0.17USDNETAPP INC15,553 834,527.86 0.20USDNETFLIX INC5,247 1,707,784.62 0.42USDNEXTERA ENERGY INC3,461 622,727.32 0.15USDNIKE INC19,457 1,431,827.08 0.35USDNORFOLK SOUTHERN CORP3,068 521,925.67 0.13USDNORTHROP GRUMMAN CORP6,512 1,823,142.33 0.44USDNRG ENERGY - REG SHS30,221 904,622.98 0.22USDNVIDIA CORP897 128,792.11 0.03USDO REILLY AUTO INC1,641 530,573.40 0.13USDOCCIDENTAL PETROLEUM CORP30,415 1,330,999.03 0.32USDOKTA -A-18,136 1,958,053.08 0.48USDOMEGA HEALTHCARE INVESTORS INC10,788 346,457.21 0.08USDONEOK INC (NEW)19,930 1,181,582.44 0.29USDORACLE CORP83,925 4,190,897.88 1.02USDPACCAR INC24,864 1,546,058.11 0.38USDPARK HOTELS AND RESORTS INC41,328 994,256.76 0.24USDPAYPAL HOLDINGS INC15,205 1,520,299.38 0.37USDPBF ENERGY -A-8,700 228,816.47 0.06USDPEPSICO INC12,428 1,439,629.96 0.35USDPERKINELMER5,438 454,422.31 0.11USDPFIZER INC58,981 2,253,195.08 0.55USDPHILIP MORRIS INTERNATIONAL INC5,672 388,760.38 0.09USDPLURALSIGHT - REG SHS -A-13,310 349,243.35 0.09USD





23Page

PNC FINANCIAL SERVICES GROUP INC12,616 1,494,366.50 0.36USDPOST HOLDINGS INC5,369 485,398.97 0.12USDPROCTER AND GAMBLE CO23,332 2,253,056.22 0.55USDPROGRESSIVE CORP14,244 998,464.49 0.24USDPRUDENTIAL FINANCIAL INC15,260 1,331,969.74 0.32USDQUALCOMM INC13,050 865,867.53 0.21USDQUINTILES IMS HOLDING INC11,304 1,557,413.48 0.38USDRAYTHEON CO9,615 1,505,956.72 0.37USDREGENERON PHARMACEUTICALS INC3,044 831,841.91 0.20USDREGIONS FINANCIAL CORP20,230 259,447.95 0.06USDREINSURANCE GR AMER4,940 671,528.87 0.16USDRESMED11,618 1,232,467.61 0.30USDROBERT HALF INTERNATIONAL INC7,391 367,193.28 0.09USDROPER TECHNOLOGIES INC2,166 691,496.71 0.17USDROYAL GOLD INC6,535 586,100.72 0.14USDRPM INC8,426 443,368.36 0.11USDSEMPRA ENERGY6,769 807,028.42 0.20USDSERVICEMASTER GLOBAL12,094 559,035.67 0.14USDSIMON PROPERTY GROUP INC REG SHS4,283 602,524.69 0.15USDSOUTHERN CO25,132 1,217,636.94 0.30USDSOUTHERN COPPER CORP12,524 429,419.47 0.10USDS&P GLOBAL INC6,216 1,241,122.26 0.30USDSPIRIT RLTY CAP-REG SHS10,751 399,834.88 0.10USDSTARBUCKS CORP24,299 1,786,009.10 0.43USDSTEEL DYNAMICS INC13,560 362,124.82 0.09USDSTORE CAPITAL CORP19,895 581,178.65 0.14USDSTRYKER CORP15,944 2,840,566.27 0.69USDSUNTRUST BANKS INC9,537 516,005.52 0.13USDSYSCO CORP8,158 505,475.23 0.12USDT MOBILE US INC30,141 1,943,118.17 0.47USDT ROWE PRICE GROUP INC10,153 969,350.94 0.24USDTARGA RESOURCES CORP10,845 365,649.69 0.09USDTARGET CORP12,128 916,067.52 0.22USDTESLA MOTORS INC1,835 359,688.09 0.09USDTEXAS INSTRUMENTS INC34,197 3,485,125.06 0.85USDTHE HOME DEPOT INC24,635 4,486,025.16 1.09USDTHERMO FISHER SCIENTIFIC INC5,176 1,337,514.64 0.33USDTJX COS INC38,679 1,799,134.03 0.44USDTOTAL SYSTEM SERVICES INC9,216 1,039,429.58 0.25USDTRANSUNION9,120 578,558.65 0.14USDTRIBUNE MEDIA10,575 430,776.49 0.10USDTWITTER INC13,190 403,177.64 0.10USDTYSON FOODS INC -A-8,223 576,119.94 0.14USDUBIQUITI NETWORKS INC9,599 1,107,872.45 0.27USDUDR INC89,939 3,526,833.46 0.86USDULTA BEAUTY RG INC REG SHS2,478 750,298.77 0.18USDUNION PACIFIC CORP13,277 1,938,791.19 0.47USDUNITED PARCEL SERVICE INC27,140 2,427,882.31 0.59USDUNITED TECHNOLOGIES CORP13,636 1,546,936.64 0.38USDUNITEDHEALTH GROUP INC8,387 1,817,349.32 0.44USDUS BANCORP93,064 4,255,149.51 1.04USDVAIL RESORTS INC2,769 539,989.71 0.13USDVALERO ENERGY CORP24,291 1,793,326.85 0.44USDVEREIT INC80,021 625,752.47 0.15USDVERISIGN INC13,553 2,471,215.53 0.60USDVERIZON COMMUNICATIONS INC43,130 2,171,959.80 0.53USDVERSUM MATERIALS9,791 444,141.15 0.11USDVERTEX PHARMACEUTICALS INC6,842 1,074,763.04 0.26USDVF CORP REG SHS14,292 1,089,955.93 0.27USDVICI PROPERTIES75,231 1,436,658.32 0.35USDVISA INC -A-48,187 7,257,826.46 1.77USDVISTRA ENERGY CORP52,999 1,036,810.27 0.25USDWALGREENS BOOTS ALLIANCE INC5,473 262,469.07 0.06USDWALMART INC15,504 1,501,508.91 0.37USDWALT DISNEY CO13,148 1,611,044.90 0.39USDWASTE MANAGEMENT INC5,725 583,352.25 0.14USDWELLCARE HEALTH PLANS INC1,591 400,349.54 0.10USD





24Page

WELLS FARGO & CO28,036 1,141,563.48 0.28USDWELLTOWER INC12,626 906,593.11 0.22USDWEX1,784 319,828.51 0.08USDWILLIAMS COMPANIES INC44,318 1,073,596.09 0.26USDWILLIAMS-SONOMA INC5,065 286,297.14 0.07USDWMWARE INC8,646 1,305,512.92 0.32USDWPX ENERGY INC29,177 289,242.02 0.07USDWW GRAINGER INC1,572 367,996.09 0.09USDWYNDHAM DESTINATIONS CORP7,612 289,655.73 0.07USDXEROX CORP REG SHS968 30,082.63 0.01USDXILINX INC22,205 2,308,296.52 0.56USDXYLEM INC4,763 342,964.49 0.08USDYUM CHINA HOLDINGS INC7,426 300,998.44 0.07USDZEBRA TECHNOLOGIES CORP -A-3,177 580,235.31 0.14USDZOHL'S CORP7,638 314,563.19 0.08USDZYNGA INC93,230 495,324.10 0.12USD3M CO4,448 671,004.97 0.16USD

ACCENTURE PLC -A-3,793 610,563.40 0.15USDIreland 10,839,050.52 2.64

ALLERGAN PLC6,319 922,740.19 0.22USDEATON CORPORATION PUBLIC LIMITED COMPANY7,932 577,151.81 0.14USDINGERSOLL-RAND PLC5,413 592,080.35 0.14USDJAZZ PHARMACEUTICALS PLC5,987 727,276.86 0.18USDLINDE PLC13,349 2,335,407.55 0.57USDMEDTRONIC PLC59,173 5,073,830.36 1.24USD

LYONDELLBASELL INDUSTRIES NV -A-30,706 2,340,122.13 0.57USDThe Netherlands 2,340,122.13 0.57

CHUBB SA REG SHS6,957 900,551.63 0.22USDSwitzerland 1,560,236.38 0.38

GARMIN LTD9,343 659,684.75 0.16USD

SCHLUMBERGER LTD30,917 1,063,608.98 0.26USDThe Netherlands Antilles 1,063,608.98 0.26

NORVERGIAN CRUISE LINE LTD9,231 420,930.68 0.10USDBermuda 1,004,457.71 0.24

WHITE MOUNTAINS INSURANCE GROUP LTD653 583,527.03 0.14USD

ALIBABA GROUP HOLDING LTD2,276 342,145.75 0.08USDCayman Islands 826,099.46 0.20

HERBALIFE LTD12,906 483,953.71 0.12USD

ARDAGH GROUP SA35,236 515,747.06 0.13USDLuxembourg 515,747.06 0.13

NIELSEN HOLDINGS PLC25,763 506,036.67 0.12USDUnited Kingdom 506,036.67 0.12

ROYAL CARIBBEAN CRUISES LTD4,419 463,337.12 0.11USDLiberia 463,337.12 0.11

MORGAN STANLEY INV FD US ACTIVE FACTOR EQUITY FUND -Z- USD CAP326,389 9,669,509.51 2.35USD



Equity funds 30,002,329.10 7.31

MORGAN STANLEY INV FD US ADVANTAGE FD -Z- CAP USD207,342 19,077,277.94 4.65USDMORGAN STANLEY INV FD US GROWTH -Z- CAP USD14,801 1,255,541.65 0.31USD






25Page

LUX IM– Pictet Asian Equities

26Page



315,149.70Brokers receivable1,378,341.86Subscriptions receivable


1,977,209.39Liabilities1,121,692.06Brokers payable

432,086.29Redemptions payable347,110.38Accrued management fees

6,384.75Accrued depositary fees55,897.61Accrued administrative expenses14,038.30Other liabilities



Expressed in EUR


LUX IM – Pictet Asian Equities





01/01/19


Db - EUR - Capitalisation 3,462.560 5,462.670 0.387 8,924.843



F - EUR - Capitalisation 803.351 790.748 179.832 1,414.267


27Page

Key figures


Total Net Assets 132,167,825.53 91,616,207.49 43,236,785.88


EURC - EUR - Capitalisation

93.38470.946 16,945.657

80.2967,260.740



91.628,924.843 3,462.560

79.023,656.488



91.62299,368.965 144,738.777

79.0259,102.644



130.74763,091.261 673,730.429

112.41216,537.566



133.781,414.267 803.351

114.85637.797137.80



105.3337,210.188 30,025.383

90.5811,423.348


28Page

ALIBABA GROUP HOLDING LTD51,559 7,750,743.81 5.86USD


Shares 102,361,231.77 77.45

Cayman Islands 34,096,622.19 25.79

CHAILEASE HOLDING COMPANY LTD658,100 2,399,330.70 1.82TWDCHINA OVERSEAS PROPERTY HOLDINGS LTD3,530,000 1,618,454.33 1.22HKDLI NING CO LTD951,500 1,974,375.50 1.49HKDMGM CHINA HOLDINGS LTD1,495,200 2,236,807.95 1.69HKDMINTH GROUP LTD880,000 2,086,729.26 1.58HKDSITC INTERNATIONAL HOLDINGS CO LTD2,071,000 1,857,053.86 1.41HKDTENCENT HLDGS LTD267,100 10,609,319.54 8.02HKDXINYI GLASS HOLDINGS LTD900,000 831,357.26 0.63HKDYY INC -A- SPONS ADR REPR 20 SHS -A-44,994 2,732,449.98 2.07USD

AIA GROUP LTD847,000 8,038,678.39 6.08HKDHong Kong 17,085,835.39 12.93

BOC HONG KONG (HOLDINGS) LTD746,500 2,585,867.49 1.96HKDCNOOC LTD -RC-1,969,000 2,963,353.82 2.24HKDCSPC PHARMACEUTICAL LTD864,000 1,226,353.35 0.93HKDGALAXY ENTERTAINMENT GROUP LTD383,000 2,271,582.34 1.72HKD

A-LIVING SERVICES CO LTD1,474,750 2,196,247.06 1.66HKDChina 16,811,106.60 12.72

ANHUI CONCH CEMENT CO LTD -H-322,500 1,778,335.71 1.35HKDCHINA MERCHANTS BANK CO LTD -H-586,000 2,571,203.27 1.95HKDJIANGSU YANGHE BREWERY JOINT-STOCK CO LTD -A-135,291 2,105,098.14 1.59CNYKWEICHOW MOUTAI CO LTD -A-12,500 1,574,410.08 1.19CNYMIDEA GROUP CO -A-316,400 2,100,301.95 1.59CNYPING AN INSURANCE (GROUP) COMPANY OF CHINA LTD -H-424,500 4,485,510.39 3.39HKD

LARGAN PRECISION CO LTD22,000 2,406,257.80 1.82TWDTaiwan 11,278,456.88 8.53

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD635,000 4,305,927.55 3.26TWDTCI163,000 1,974,742.95 1.49TWDTRIPOD TECHNOLOGY CO LTD273,000 852,021.25 0.64TWDWIWYNN CORPORATION173,437 1,739,507.33 1.32TWD

HYUNDAI FIRE MARINE INSURANCE CO LTD34,255 741,424.83 0.56KRWSouth Korea 8,243,863.14 6.24

LG INNOTEK LTD13,987 1,159,877.06 0.88KRWSAMSUNG ELECTRONICS CO LTD137,205 4,906,012.85 3.71KRWSAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG49,366 1,436,548.40 1.09KRW

BANK NEGARA INDONESIA TBL6,053,300 3,466,781.46 2.62IDRIndonesia 6,937,900.57 5.25

BANK RAKYAT INDONESIA TBK12,789,000 3,471,119.11 2.63IDR

AEON THANA SINSA (NON-VOT.DEP.RECEIPT)274,500 1,735,805.70 1.31THBThailand 4,270,248.84 3.23

KRUNGTHAI CARD PUBLIC COMPANY LTD2,048,000 2,534,443.14 1.92THB

BRITISH AMERICAN TOBACCO (M) BHD226,300 1,384,450.68 1.05MYRMalaysia 1,384,450.68 1.05

COGNIZANT TECHNOLOGY SOLUTIONS CORP -A-23,814 1,320,940.18 1.00USDUnited States of America 1,320,940.18 1.00

CHINA ORIENTAL GROUP CO LTD1,810,000 931,807.30 0.71HKDBermuda 931,807.30 0.71

PICTET SICAV ASIAN EQ EXJPN -I- USD CAP48,299 12,660,962.84 9.58USD



Equity funds 28,266,151.50 21.39

PICTET SICAV GREATER CHINA -I- CAP USD1 0.51 0.00USDPICTET SICAV INDIAN EQUITIES -I- CAP USD29,597 15,605,188.15 11.81USD






29Page

LUX IM– BlackRock Global Equity Dividend

30Page



794.03Interests receivable2,845,237.32Brokers receivable7,610,140.84Subscriptions receivable



330,715.11Accrued performance fees459,321.77Redemptions payable20,446.98Unrealised depreciation on financial futures

638,502.58Accrued management fees11,257.44Accrued depositary fees98,557.03Accrued administrative expenses35,094.13Other liabilities



Expressed in EUR


LUX IM – BlackRock Global Equity Dividend





01/01/19



Dl - EUR - Distribution 149,315.954 109,541.497 22,225.697 236,631.754

E - EUR - Capitalisation 664,374.755 917,432.590 115,820.563 1,465,986.782

F - EUR - Capitalisation 1,671.890 1,234.841 484.136 2,422.595

F - EUR - Distribution 870.727 490.252 539.830 821.149


31Page

Key figures


Total Net Assets 275,236,281.27 116,461,035.03 82,137,157.46



115.92735.454 31,092.405

101.5337,800.386



122.32320,454.883 174,384.994

107.4772,100.493


Dl - EUR - Distribution

107.951.65

236,631.754 149,315.95496.310.00

0.0000.000.00

Number of sharesNet asset value per shareDividend per share

EUR


127.781,465,986.782 664,374.755

111.91525,779.263



131.052,422.595 1,671.890

114.60733.075115.76


F - EUR - Distribution

108.960.00

821.149 870.72795.270.00

0.0000.000.00


EUR


114.70197,732.738 55,314.442

100.47103,072.646


32Page

ABBVIE INC22,919 1,411,206.40 0.51USD


Shares 220,522,009.16 80.12


ADOBE INC1,223 315,450.84 0.11USDAFLAC INC16,786 805,450.41 0.29USDAGILENT TECHNOLOGIES INC4,593 295,695.71 0.11USDAKAMAI TECHNOLOGIES17,539 1,225,269.28 0.45USDALLIANT ENERGY CORP2,685 115,562.34 0.04USDALLSTATE CORP17,403 1,532,951.95 0.56USDALPHABET INC1,038 983,016.18 0.36USDALTRIA GROUP INC47,455 1,999,467.39 0.73USDAMAZON.COM INC14 23,450.69 0.01USDAMEREN CORPORATION5,806 381,244.58 0.14USDAMERICAN FINANCIAL GROUP INC1,669 149,921.52 0.05USDAMERISOURCEBERGEN CORP25,205 1,898,495.10 0.69USDAMETEK INC6,856 532,269.48 0.19USDAMGEN INC30,857 4,994,770.76 1.80USDAMPHENOL CORP -A-5,272 443,564.94 0.16USDANALOG DEVICES INC25,367 2,517,845.17 0.91USDANTHEM INC3,207 796,693.44 0.29USDAPPLE INC2,298 403,749.41 0.15USDARCHER-DANIELS MIDLAND CO58,498 2,087,578.71 0.76USDAUTOMATIC DATA PROCESSING INC12,624 1,821,227.29 0.66USDAUTOZONE INC2,001 1,908,118.12 0.69USDBAXTER INTERNATIONAL INC24,960 1,793,097.77 0.65USDBEST BUY CO INC44,229 2,663,816.36 0.97USDBROADCOM - REG SHS385 96,757.14 0.04USDCABOT OIL AND GAS CORP -A-14,544 289,894.92 0.11USDCARDINAL HEALTH INC4,176 171,212.88 0.06USDCDW CORP10,658 1,035,003.03 0.38USDCELGENE CORP3,875 314,778.77 0.11USDCHURCH AND DWIGHT CO INC3,456 222,344.06 0.08USDCITRIX SYSTEMS INC2,443 209,992.49 0.08USDCOMCAST CORP69,301 2,560,269.16 0.93USDCOMERICA INC13,895 872,310.46 0.32USDCONOCOPHILLIPS CO23,599 1,271,857.09 0.46USDCORNING INC55,206 1,613,665.28 0.59USDCSX CORP24,059 1,617,900.82 0.59USDCUMMINS INC (EX CUMMINS ENGINE INC) REG SHS4,817 712,899.90 0.26USDDELTA AIR LINES INC (DE)10,832 541,385.62 0.20USDDOLLAR GENERAL CORP373 44,772.47 0.02USDDOVER CORP2,869 248,679.47 0.09USDEAST WEST BANCORP INC4,324 174,580.29 0.06USDELI LILLY & CO29,399 2,882,619.99 1.05USDEVERGY25,906 1,368,846.74 0.50USDEXPEDIA GROUP7,698 881,222.43 0.32USDEXTRA SPACE STORAGE INC14,362 1,334,187.29 0.48USDFIDELITY NATIONAL INC43,651 4,659,024.80 1.69USDFISERV INC10,950 874,863.44 0.32USDFLIR SYSTEMS INC6,988 328,239.61 0.12USDFOX CORP1,404 44,150.94 0.02USDGENERAL MILLS INC31,320 1,438,651.01 0.52USDGENUINE PARTS CO8,678 785,016.07 0.29USDH & R BLOCK INC1,699 43,354.88 0.02USDHD SUPPLY HLDGS4,859 169,040.29 0.06USDINGREDION1,589 112,935.92 0.04USDINTERPUBLIC GROUP OF COMPANIES INC3,062 59,416.56 0.02USDINTUIT INC469 106,432.08 0.04USDJ.M. SMUCKER CO SHS2,399 246,663.24 0.09USDJOHNSON AND JOHNSON INC49,963 6,183,132.75 2.24USDKIMBERLY-CLARK CORP9,991 1,176,931.63 0.43USDKONTOOR BRANDS --- REG SHS1,355 33,813.92 0.01USDLAMB WESTON HOLDINGS REG SHS10,948 594,178.30 0.22USDLAS VEGAS SANDS CORP10,421 538,810.20 0.20USD





33Page

MARRIOTT INTERNATIONAL INC (NEW) -A-498 60,578.28 0.02USDMAXIM INTEGRATED PRODUCTS INC17,275 914,009.10 0.33USDMCKESSON CORP7,672 903,755.32 0.33USDMERCK AND CO INC73,412 5,413,315.71 1.96USDMETLIFE INC1,648 71,248.80 0.03USDMICROSOFT CORP2,716 320,492.06 0.12USDNIKE INC66,941 4,926,141.58 1.78USDNORDSTROM INC8,435 233,347.19 0.08USDNORFOLK SOUTHERN CORP15,662 2,664,406.74 0.97USDO REILLY AUTO INC2,198 710,664.43 0.26USDOGE ENERGY CO (HOLDING CO)10,384 384,815.87 0.14USDORACLE CORP103,385 5,162,656.86 1.87USDPACCAR INC5,145 319,919.12 0.12USDPAYCHEX INC43,756 3,159,931.04 1.15USDPEPSICO INC37,490 4,342,752.43 1.58USDPFIZER INC146,211 5,585,559.86 2.02USDPINNACLE WEST CAPITAL CORP12,624 1,040,923.39 0.38USDPROCTER AND GAMBLE CO5,133 495,668.51 0.18USDRALPH LAUREN CORP -A-11,063 1,100,607.20 0.40USDRAYTHEON CO1,533 240,107.30 0.09USDRED HAT INC974 161,215.27 0.06USDREGIONS FINANCIAL CORP22,500 288,560.50 0.10USDREPUBLIC SERVICES INC -A-33,134 2,523,412.69 0.92USDRESMED2,290 242,929.15 0.09USDROCKWELL AUTOMATION INC12,325 1,757,709.68 0.64USDSALESFORCE.COM INC3,076 407,725.24 0.15USDSIMON PROPERTY GROUP INC REG SHS9,027 1,269,902.02 0.46USDSNAP ON INC1,764 253,664.71 0.09USDSOUTHWEST AIRLINES CO - REG SHS7,273 324,609.24 0.12USDSTRYKER CORP3,255 579,907.38 0.21USDSUNTRUST BANKS INC2,407 130,232.28 0.05USDTARGET CORP25,674 1,939,241.22 0.70USDTEXAS INSTRUMENTS INC3,712 378,301.73 0.14USDTHE HERSHEY CO3,850 456,777.94 0.17USDTJX COS INC4,180 194,430.58 0.07USDTOTAL SYSTEM SERVICES INC2,444 275,647.34 0.10USDUNION PACIFIC CORP6,982 1,019,555.63 0.37USDUNITEDHEALTH GROUP INC3,228 699,463.89 0.25USDVERIZON COMMUNICATIONS INC6,906 347,775.43 0.13USDWASTE MANAGEMENT INC33,781 3,442,134.88 1.25USDWHIRLPOOL CORP1,310 163,984.78 0.06USDYUM BRANDS INC47,560 4,625,265.95 1.68USDZIONS BANCORPORATION NA1,942 76,870.30 0.03USDZOHL'S CORP8,514 350,640.35 0.13USD21ST CENTURY -B- INC54 2,424.38 0.00USD

ADMIRAL GROUP PLC29,401 714,698.71 0.26GBPUnited Kingdom 19,133,586.55 6.95

AUTO TRADER GROUP PLC129,253 789,815.39 0.29GBPBARRATT DEVELOPMENTS PLC293,836 1,848,598.03 0.67GBPCARNIVAL PLC13,173 504,710.39 0.18GBPCOMPASS GROUP PLC4,354 91,566.06 0.03GBPDIAGEO PLC129,481 4,864,200.37 1.76GBPDIRECT LINE INSURANCE GROUP PLC104,029 381,292.73 0.14GBPGLAXOSMITHKLINE PLC65,819 1,161,080.04 0.42GBPHALMA PLC47,561 1,075,531.98 0.39GBPIMPERIAL BRANDS PLC REG SHS9,891 208,430.11 0.08GBPPERSIMMON PLC35,093 758,170.03 0.28GBPRIO TINTO PLC75,569 4,068,743.50 1.48GBPTAYLOR WIMPEY PLC1,528,972 2,650,297.69 0.96GBPTHE BERKELEY GROUP HOLDINGS PLC412 16,451.52 0.01GBP

BANK OF MONTREAL40,466 2,671,228.21 0.97CADCanada 17,712,628.14 6.44

BCE INC67,547 2,705,775.81 0.98CADCANADIAN IMPERIAL BANK OF COMMERCE26,162 1,789,985.41 0.65CADCGI GROUP --- REG SHS -A-53,695 3,620,838.47 1.32CADFRANCO-NEVADA CORP979 71,926.40 0.03CAD





34Page

GILDAN ACTIVEWEAR11,345 383,238.98 0.14CADQUEBECOR -B- SUBORD.VOTING3,220 67,095.03 0.02CADROGERS COMMUNICATIONS -B- NON VOTING12,423 578,951.29 0.21CADROYAL BANK OF CANADA34,710 2,408,353.97 0.88CADTELUS CORP83,578 2,709,516.81 0.98CADTHOMSON REUTERS REG SHS12,505 705,717.76 0.26CAD

BHP GROUP LTD90,772 2,304,716.25 0.84AUDAustralia 6,639,008.77 2.41

COCA-COLA AMATIL LTD73,254 461,819.68 0.17AUDCOMPUTERSHARE LIMITED21,179 211,776.94 0.08AUDCROWN RESORTS LTD108,351 832,132.47 0.30AUDDEXUS PROPERTY GROUP - STAPLED SECURITY41,905 335,529.52 0.12AUDSYDNEY AIRPORT - STAPLED SECURITY29,544 146,526.28 0.05AUDWESFARMERS LTD105,197 2,346,507.63 0.85AUD

CANON INC119,700 3,077,105.74 1.12JPYJapan 6,497,646.68 2.36

FAST RETAILING CO LTD800 425,755.84 0.15JPYKAKAKU.COM9,800 166,563.16 0.06JPYLAWSON INC5,400 228,125.51 0.08JPYNITORI HOLDINGS CO LTD2,400 280,045.76 0.10JPYNTT DOCOMO INC66,700 1,369,372.04 0.50JPYSEKISUI HOUSE LTD21,100 306,120.69 0.11JPYSEVEN & I HOLDINGS CO LTD4,500 134,139.57 0.05JPYTREND MICRO INC13,000 510,418.37 0.19JPY

ALFA LAVAL AB3,777 71,326.71 0.03SEKSweden 5,149,872.18 1.87

ATLAS COPCO AB REG SHS -A-14,113 391,873.39 0.14SEKINDUSTRIVAERDEN AB -C-48,878 947,619.31 0.34SEKSANDVIK AB2,684 43,172.21 0.02SEKSEB AB -A-40,489 333,894.25 0.12SEKSKF AB -B-1,054 17,053.64 0.01SEKVOLVO AB -B-240,437 3,344,932.67 1.21SEK

EATON CORPORATION PUBLIC LIMITED COMPANY5,077 369,415.00 0.13USDIreland 4,251,347.04 1.54

JAZZ PHARMACEUTICALS PLC4,181 507,891.19 0.18USDMEDTRONIC PLC37,111 3,182,108.70 1.16USDSTERIS - REG SHS1,489 191,932.15 0.07USD

FERRARI NV557 78,425.60 0.03EURThe Netherlands 3,888,402.83 1.41

KONINKLIJKE AHOLD DELHAIZE NV55,487 1,090,763.45 0.40EURRANDSTAD HOLDING NV1,761 84,140.58 0.03EURROYAL PHILIPS NV27,764 1,055,032.00 0.38EURWOLTERS KLUWER NV24,820 1,580,041.20 0.57EUR

HKT TRUST AND HKT LTD - STAPLED SECURITY2,710,000 3,785,491.80 1.38HKDCayman Islands 3,785,491.80 1.38

NESTLE SA REG SHS21,572 1,952,108.27 0.71CHFSwitzerland 2,646,039.64 0.96

NOVARTIS AG REG SHS8,644 693,931.37 0.25CHF

ADIDAS AG REG SHS8,929 2,372,435.30 0.86EURGermany 2,372,435.30 0.86

HOME PRODUCT CENTER PCL2,521,500 1,262,593.39 0.47THBThailand 2,327,914.33 0.85

INTOUCH HOLDINGS PUBLIC CO LTD22,700 40,757.36 0.01THBKRUNG THAI BANK PUBLIC NVTG DEPO CO LTD1,700,400 948,750.89 0.34THBLAND AND HOUSE UNITS N.VTING DEP REC238,700 75,812.69 0.03THB

BANK OF CHINA LTD -H-1,232,000 457,989.99 0.17HKDChina 2,149,923.68 0.78

BANK OF COMMUNICATIONS CO LTD -H-400,000 267,205.88 0.10HKDCHINA CONSTRUCTION BANK CORPORATION -H-1,416,000 1,073,518.79 0.39HKDCHINA PETROLEUM AND CHEMICAL CORP SINOPEC -H-140,000 83,744.04 0.03HKDICBC -H-319,000 204,831.56 0.07HKDJIANGSU EXPRESSWAY CO LTD -H-50,000 62,633.42 0.02HKD

ASCENDAS REAL ESTATE INVESTMENT TRUST908,100 1,841,640.61 0.67SGDSingapore 2,135,137.31 0.78

SATS86,500 293,496.70 0.11SGD





35Page

PCCW LTD1,286,000 653,354.44 0.24HKDHong Kong 1,872,058.85 0.68

POWER ASSETS HOLDINGS LTD192,500 1,218,704.41 0.44HKD

AIRASIA BHD1,141,500 661,971.07 0.24MYRMalaysia 1,857,167.98 0.67

ALLIANCE BK RG41,400 33,066.53 0.01MYRMALAYAN BANKING BHD431,400 813,754.78 0.30MYRNESTLE (M) BHD2,800 88,682.13 0.03MYRRHB BANK BERHAD218,700 259,693.47 0.09MYR

ACS SA50,251 1,745,719.74 0.63EURSpain 1,745,719.74 0.63

SNAM SPA356,463 1,590,537.91 0.58EURItaly 1,590,537.91 0.58

COCA-COLA FEMSA --- UNITS CONS OF 5 SHS24,800 136,131.07 0.05MXNMexico 1,432,567.20 0.52

GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV -B-21,700 204,279.10 0.07MXNKIMBERLY-CLARK SAB DE CV -A-247,500 411,407.98 0.15MXNMEGACABLE CERT PART ORD CONS OF 2 -A-43,300 164,651.93 0.06MXNWALMART DE MEXICO SAB DE CV REG SHS211,800 516,097.12 0.19MXN

DASSAULT SYSTEMES SA755 104,945.00 0.04EURFrance 1,024,033.00 0.37

L'OREAL SA3,706 919,088.00 0.33EUR

CARLSBERG AS -B-7,503 868,945.66 0.32DKKDenmark 868,945.66 0.32

KOMERCNI BANKA AS19,691 695,568.13 0.25CZKCzech Republic 810,988.96 0.29

MONETA MONEY BANK AS38,600 115,420.83 0.04CZK

CHECK POINT SOFTWARE TECHNOLOGIES7,632 773,572.03 0.28USDIsrael 773,572.03 0.28


FRANZ COLRUYT NV3,941 200,991.00 0.07EURBelgium 679,753.40 0.25

UCB SA6,668 478,762.40 0.18EUR

BIM BIRLESIK MAGAZALAR3,983 46,622.78 0.02TRYTurkey 389,347.22 0.14

FORD OTOMOTIV AS8,963 83,468.24 0.03TRYKOC HOLDING AS -B-18,311 48,477.31 0.02TRYTURKCELL ILETISIM HIZMET AS108,978 210,778.89 0.07TRY

GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA36,690 359,562.00 0.13EURGreece 359,562.00 0.13

YUE YUEN INDUSTRIAL HOLDINGS LTD136,500 329,062.02 0.12HKDBermuda 329,062.02 0.12

NETCARE LTD36,435 40,734.68 0.01ZARSouth Africa 245,063.43 0.09

PICK'N PAY STORES8,494 36,443.26 0.01ZARTELKOM SA29,252 167,885.49 0.07ZAR

PETROBRAS BR-REG SHS38,600 219,642.65 0.08BRLBrazil 219,642.65 0.08

BGF GLOBAL ENHANCED EQ YLD I2 EUR CAP4,299,130 49,654,955.20 18.04EUR



Equity funds 49,654,955.20 18.04






36Page

LUX IM– Small-Mid Cap Euro Equities

37Page


268,122.96Subscriptions receivable63,827.13Dividends receivable18,870.77Other assets

769,771.40Liabilities549,170.34Redemptions payable163,175.65Accrued management fees




Expressed in EUR


LUX IM – Small-Mid Cap Euro Equities





01/01/19




F - EUR - Capitalisation 2,126.504 225.982 1,330.185 1,022.301


38Page

Key figures


Total Net Assets 73,443,673.50 82,018,757.30 144,329,144.74



119.68706.205 26,425.250

103.4235,931.677



112.4486,689.924 73,338.193

97.1468,381.352



118.56492,205.505 631,201.556

101.85712,280.805



120.361,022.301 2,126.504

103.30411.532127.81



106.4448,220.950 83,669.797

91.49365,185.034


39Page

AEFFE SPA287,127 497,303.96 0.68EUR


Shares 68,644,963.61 93.46

Italy 20,999,294.03 28.60

AUTOGRILL SPA32,296 295,023.96 0.40EURAVIO SPA REG SHS57,268 826,949.92 1.13EURAZIMUT HOLDING SPA31,651 534,901.90 0.73EURA2A SPA180,926 273,921.96 0.37EURBANCA GENERALI SPA17,876 455,838.00 0.62EURBIO-ON SPA22,750 1,221,675.00 1.66EURBPER BANCA SPA75,697 275,537.08 0.38EURBREMBO SPA52,136 520,577.96 0.71EURBRUNELLO CUCINELLI SPA8,330 242,403.00 0.33EURBUZZI UNICEM SPA10,885 195,603.45 0.27EURCOIMA RES SPA35,345 275,691.00 0.38EURCREDITO EMILIANO SPA CREDEM70,478 297,417.16 0.40EURCREDITO VALTELLINESE SPA8,958,019 508,815.48 0.69EURDAVIDE CAMPARI - MILANO SPA57,902 496,799.16 0.68EURDBA GROUP SPA51,600 96,492.00 0.13EURDIASORIN SPA3,024 308,145.60 0.42EURDIGITAL BROS SPA80,606 548,926.86 0.75EURDIGITAL 360 SPA REG SHS41,000 39,360.00 0.05EUREL.EN SPA51,012 923,317.20 1.26EURELICA SPA117,473 238,470.19 0.32EURERG SPA13,678 242,647.72 0.33EUREXPERT SYSTEM SPA788 2,899.84 0.00EURFALCK RENEWABLES SPA129,928 478,135.04 0.65EURFINECOBANK SPA75,722 726,931.20 0.99EURFINLOGIC SPA REG SHS47,500 270,750.00 0.37EURFOPE SPA35,650 262,027.50 0.36EURGEL SPA105,000 115,500.00 0.16EURHERA SPA85,730 285,137.98 0.39EURH-FARM SPA500 271.00 0.00EURI.L.P.R.A. SPA122,400 264,384.00 0.36EURIMA SPA11,527 829,367.65 1.13EURINFRASTRUTTURE WIRELESS ITALIANE SPA32,232 278,806.80 0.38EURINTERPUMP GROUP SPA47,691 1,267,626.78 1.73EURINTRED - REG SHS33,000 165,660.00 0.23EURIREN SPA96,150 218,452.80 0.30EURLONGINO CARDENAL SPA109,500 341,640.00 0.47EURMAIRE TECNIMONT SPA86,041 241,431.05 0.33EURMASI AGRICOLA SPA28,500 106,020.00 0.14EURMONCLER SPA19,285 716,244.90 0.98EURMONNALISA-REG SHS24,000 202,800.00 0.28EURNEXI SPA32,766 295,156.13 0.40EURORSERO SPA REG SHS65 514.80 0.00EURPITECO SPA13,067 65,988.35 0.09EURPRIMA INDUSTRIE SPA13,508 200,458.72 0.27EURRECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA10,580 381,938.00 0.52EURREPLY SPA11,159 661,170.75 0.90EURSAES GETTERS SPA23,759 488,247.45 0.66EURSAIPEM SPA - REG SHS92,323 406,405.85 0.55EURSALINI IMPREGILO SPA73,997 129,790.74 0.18EURSITI B&T GROUP SPA26,600 105,868.00 0.14EURSOCIETA CATTOLICA DI ASSICURAZIONE SOCIETA COOPERATIVA32,046 254,124.78 0.35EURTECHNICAL PUBLICATIONS SERVICES SPA REG SHS26,750 103,255.00 0.14EURTECHNOGYM SPA36,926 360,397.76 0.49EURTELESIA SPA REG SHS7,500 28,650.00 0.04EURTXT E-SOLUTIONS SPA38,955 319,431.00 0.43EURUBI BANCA SPA151,010 362,424.00 0.49EURUNIPOL GRUPPO FINANZIARIO SPA53,657 228,954.42 0.31EURZIGNAGO VETRO SPA49,579 516,613.18 0.70EUR

AAREAL BANK AG11,600 269,700.00 0.37EURGermany 14,944,911.50 20.35

AURUBIS AG6,370 268,177.00 0.37EUR





40Page

BECHTLE AG5,899 586,065.65 0.80EURBILFINGER SE7,071 197,563.74 0.27EURCARL ZEISS MEDITEC AG12,256 1,033,793.60 1.41EURCECONOMY AG48,600 262,731.60 0.36EURCOMPUGROUP HOLDING AKT9,579 662,387.85 0.90EURCTS EVENTIM AG & CO KGAA6,519 260,760.00 0.36EURDEUTSCHE WOHNEN AG6,215 200,309.45 0.27EURDUERR AG11,979 362,963.70 0.49EURDWS GROUP GMBH-BEARER SHS12,855 396,191.10 0.54EUREVOTEC SE29,852 720,925.80 0.98EURFREENET AG REG SHS16,866 291,950.46 0.40EURGERRESHEIMER AG4,635 292,468.50 0.40EURGRENKELEASING NAMENS-AKT.2,275 209,527.50 0.29EURHANNOVER RUECKVERSICHERUNG AG REG SHS2,555 358,977.50 0.49EURHBV REAL ESTATE BK34,644 359,951.16 0.49EURHOCHTIEF AG1,990 208,751.00 0.28EURJENOPTIK -REG SHS12,296 344,288.00 0.47EURJUNGHEINRICH AG VORZ. STIMMRECHTSL13,301 347,688.14 0.47EURKION GROUP AG6,923 374,534.30 0.51EURKRONES AG3,523 245,376.95 0.33EURLEG IMMOBILIEN AG REG SHS8,169 804,319.74 1.10EURMORPHOSYS AG7,969 660,630.10 0.90EURMTU AERO ENGINES AG4,153 850,534.40 1.16EURNEMETSCHEK3,105 458,919.00 0.62EURRHEINMETALL AG6,772 729,005.80 0.99EURSALZGITTER AG5,104 127,548.96 0.17EURSARTORIUS AG VORZ.OHNE STIMMRECHT.5,919 1,062,460.50 1.44EURSMA SOLAR TECHNOLOGY AG5,228 124,949.20 0.17EURTAG IMMOBILIEN16,850 342,392.00 0.47EURWIRECARD AG4,711 700,996.80 0.95EURXING AG2,226 828,072.00 1.13EUR

ALTEN SA5,664 595,852.80 0.81EURFrance 12,244,962.21 16.67

ALTRAN TECHNOLOGIES SA35,745 498,464.03 0.68EURBENETEAU15,386 146,474.72 0.20EURCOFACE SA40,796 352,885.40 0.48EURCRCAM NORD DE FRANCE8,029 196,710.50 0.27EUREIFFAGE SA3,889 335,154.02 0.46EURELIS SA24,261 385,264.68 0.52EURETABLISSEMENTS MAUREL ET PROM SA65,632 192,958.08 0.26EUREURAZEO SA5,150 314,665.00 0.43EURGAZTRANSPORT ET TECHNIGAZ SA2,650 233,730.00 0.32EURGENFIT SA5,849 103,585.79 0.14EURGROUPE FNAC SA3,720 246,636.00 0.34EURID LOGISTICS GROUP SAS810 125,550.00 0.17EURINTERPARFUMS SA8,309 349,808.90 0.48EURIPSEN SA3,905 467,428.50 0.64EURKERING SA1,943 1,001,810.80 1.35EURKORIAN SA4,831 160,002.72 0.22EURLISI SA15,667 415,958.85 0.57EURMAISON DU MONDE SAS7,477 155,521.60 0.21EURMETROPOLE TELEVISION SA17,656 296,797.36 0.40EURNEXITY SA -A-4,239 158,538.60 0.22EURORPEA SA6,494 675,376.00 0.92EURPLASTIC OMNIUM SA10,344 237,498.24 0.32EURRUBIS SCA10,781 536,246.94 0.73EURSARTORIUS STEDIM BIOTECH SA5,606 770,825.00 1.05EURSOITEC SA RGPT10,738 1,033,532.50 1.40EURSOPRA STERIA GROUP SA3,474 343,057.50 0.47EURTELEPERFORMANCE SA4,880 852,536.00 1.16EURTF1 SA60,456 555,892.92 0.76EURUBISOFT ENTERTAINMENT SA7,526 506,198.76 0.69EUR

AALBERTS N.V.9,347 317,891.47 0.43EURThe Netherlands 6,394,444.08 8.71

ADYEN --- PARTS SOCIALES295 197,355.00 0.27EURAIRBUS SE4,379 542,470.52 0.74EUR





41Page

ARGENX SE3,277 393,567.70 0.54EURASM INTERNATIONAL NV8,747 490,356.82 0.67EURASR NV17,650 619,515.00 0.84EURBESI NV -REG SHS12,065 261,810.50 0.36EURCORBION9,069 260,280.30 0.35EUREURONEXT NV14,265 941,490.00 1.29EURFLOW TRADERS11,571 296,217.60 0.40EURIMCD7,627 604,821.10 0.82EUROCI NV REG SHS12,614 301,726.88 0.41EURSBM OFFSHORE NV31,855 541,694.28 0.74EURSIGNIFY -REG SHS13,888 359,421.44 0.49EURSTMICROELECTRONICS NV17,267 265,825.47 0.36EUR

ACERINOX SA REG SHS45,362 404,719.76 0.55EURSpain 3,593,179.52 4.89

CELLNEX TELECOM SA26,407 858,491.57 1.17EURCIE AUTOMOTIVE SA22,880 581,152.00 0.79EURFAES FARMA SA95,337 388,974.96 0.53EURGAMESA CORPORACION TECNOLOGICA SA21,539 316,300.22 0.43EURGLOBAL DOMINION ACCESS SA100,757 455,925.43 0.62EURMERLIN PROPERTIES SOCIMI SA49,338 587,615.58 0.80EUR

CA-IMMOBILIEN-ANLAGEN AG7,957 253,032.60 0.34EURAustria 2,573,890.68 3.50

SCHOELLER BLECKMANN OILFIELD EQUIPMENT AG3,935 298,666.50 0.41EURS&T AG13,991 293,531.18 0.40EURVIENNA INSURANCE GROUP AG14,510 327,200.50 0.45EURVIENNA INTERNATIONAL AIRPORT AG19,419 755,399.10 1.02EURWIENERBERGER AG30,590 646,060.80 0.88EUR

HUHTAMAKI OYJ17,627 631,575.41 0.86EURFinland 2,411,171.30 3.28

KESKO CORP12,940 632,377.80 0.86EURKONECRANES PLC11,137 373,646.35 0.51EURMETSA BOARD CORPORATION -B-46,819 214,618.30 0.29EUROUTOKUMPU OYJ57,668 171,100.96 0.23EURVALMET CORPORATION17,694 387,852.48 0.53EUR

ACKERMANS AND VAN HAAREN NV4,302 561,411.00 0.76EURBelgium 2,135,134.20 2.91

GALAPAGOS NV7,411 830,032.00 1.14EURMELEXIS NV4,964 287,912.00 0.39EURWAREHOUSING DISTRIBUTION DE PAUW SICAFI3,152 455,779.20 0.62EUR

GLANBIA PLC29,045 414,762.60 0.56EURIreland 1,145,291.04 1.56

KINGSPAN GROUP PLC6,456 305,756.16 0.42EURSMURFIT KAPPA GROUP PLC15,921 424,772.28 0.58EUR

BB BIOTECH AG REG SHS8,405 500,938.00 0.68EURSwitzerland 890,139.35 1.21

TEMENOS AG REG SHS2,500 389,201.35 0.53CHF

ADO PROPERTIES SA3,792 136,512.00 0.19EURLuxembourg 847,162.71 1.15

APERAM SA REG SHS12,723 317,057.16 0.43EURGRANDE CITY PROPERTIES SA19,729 393,593.55 0.53EUR

BCP SA SHARES FROM REVERSE SPLIT1,735,856 465,382.99 0.63EURPortugal 465,382.99 0.63

EPS EQUITA PEP SPAC SPA 30.06.20 WAR11,139 2,927.33 0.01EUR


Italy 3,902.33 0.01

GLENALTA SPA 19.07.19 WAR7,500 975.00 0.00EUR

AXELERO SPA39,500 - 0.00EUR

Other transferable securities 35,996.55 0.05

Shares - 0.00

Italy - 0.00

DBA GROUP SPA 18.01.21 WAR31,600 3,156.84 0.00EUR


Italy 35,996.55 0.05

EPS EQUITA PEP SPAC 2 SPA XX.XX.XX WAR13,261 3,963.71 0.01EUR





42Page

FINLOGIC SPA 16.07.20WAR46,000 12,880.00 0.02EURGEL SPA 30.06.21 WAR150,000 15,600.00 0.02EURTELESIA SPA (SHS) 28.06.19 WAR9,900 396.00 0.00EUR

LYXOR INDEX FD MSCI EMU SC -C-EUR- CAP5,000 1,400,500.00 1.91EUR



Other funds 1,400,500.00 1.91






43Page

LUX IM– Morgan Stanley Global Real Estate & Infrastructure

Equities Fund

44Page



136.77Interests receivable157,858.21Brokers receivable

4,946,802.43Subscriptions receivable423,484.61Dividends receivable

1,731.75Other assets


244,965.93Accrued performance fees105,953.48Redemptions payable228,235.06Accrued management fees




Expressed in EUR


LUX IM – Morgan Stanley Global Real Estate & Infrastructure Equities Fund





01/01/19

A - EUR - Capitalisation 38,957.468 32,731.301 6,641.040 65,047.729






45Page

Key figures


Total Net Assets 121,994,836.33 52,399,443.78 73,557,973.00



126.9065,047.729 38,957.468

111.4581,594.528



129.86453.723 21,433.249

114.7822,011.413



128.58145,287.751 74,391.716

113.5485,081.521



134.81655,809.789 305,686.068

118.73386,402.837



140.891,374.984 956.326

123.76963.507130.68



97.3665,718.595 8,605.029

85.7922,364.126


46Page

ALEXANDRIA REAL ESTATE EQUITIES INC3,610 444,752.25 0.36USD


Shares 116,666,203.37 95.63


AMERICAN CAMPUS COMMUNITIES INC7,860 317,898.40 0.26USDAMERICAN ELECTRIC POWER CO INC2,370 183,245.81 0.15USDAMERICAN HOMES 4 RENT12,374 262,750.90 0.22USDAMERICAN TOWER CORP26,950 4,879,850.02 4.01USDAMERICAN WATER WORKS CO INC14,140 1,433,589.66 1.18USDAPT INVT&MANAGEMENT -REG SHS - A3,827 167,407.05 0.14USDAQUA AMERICA INC22,615 803,664.51 0.66USDATMOS ENERGY CORP14,785 1,363,338.66 1.12USDAVALONBAY COMMUNITIES INC12,355 2,189,199.28 1.79USDBOSTON PROPERTIES INC17,779 2,002,238.97 1.64USDBRANDYWINE REALTY TRUST SHS OF BENEF.INT7,189 90,490.91 0.07USDBRIXMOR PROPERTY GROUP INC27,907 438,666.57 0.36USDCAMDEN PROPERTY TRUST8,465 771,779.26 0.63USDCENTERPOINT ENERGY INC37,570 942,182.96 0.77USDCHENIERE ENERGY INC19,060 1,143,750.89 0.94USDCHESAPEAKE LODGING TRUST SHS BENEF INTEREST5,182 128,723.82 0.11USDCOLUMBIAN PROPERTY TRUST INC22,483 407,990.76 0.33USDCONSOLIDATED EDISON INC18,810 1,443,779.39 1.18USDCORPORATE OFFICE PROPERTIES TRUST SHS BENEF INTEREST5,364 124,893.42 0.10USDCOUSINS PROP - REG SHS8,341 266,110.81 0.22USDCROWN CASTLE INTL CORP23,350 2,679,750.63 2.20USDCUBESMART20,481 603,701.73 0.49USDDIAMONDROCK HOSPITALITY89,504 815,640.97 0.67USDDIGITAL REALTY TRUST INC7,040 728,243.83 0.60USDDUKE REALTY CORP3,556 97,623.05 0.08USDEDISON INTERNATIONAL21,924 1,255,830.48 1.03USDEQUITY RESIDENTIAL SHS BENEF INTEREST16,953 1,127,515.79 0.92USDESSEX PROPERTY TRUST2,288 580,367.30 0.48USDEVERSOURCE ENERGY23,437 1,554,632.69 1.27USDEXTRA SPACE STORAGE INC3,730 346,505.96 0.28USDGAMING AND LEISURE PROPERTIES INC11,545 393,008.31 0.32USDHCP INC11,877 332,223.78 0.27USDHEALTHCARE REALTY TRUST32,639 895,753.00 0.73USDHEALTHCARE TRUST OF AMERICA INC10,835 257,806.00 0.21USDHOST HOTELS & RESORTS INC82,032 1,299,552.55 1.07USDHUDSON PACIFIC PROPERTIES INC16,492 477,562.25 0.39USDINVITATION HOMS INC REG SHS29,183 681,026.51 0.56USDJBG SMITH PROPERTIES6,988 239,356.75 0.20USDKILROY REALTY CORP3,591 230,176.51 0.19USDKINDER MORGAN INC93,815 1,684,271.58 1.38USDLEXINGTON REALTY13,750 112,481.86 0.09USDLIFE STORAGE INC813 67,716.03 0.06USDMACERICH CO47,505 1,397,341.07 1.15USDMACK-CALI REALTY CORP31,941 651,266.55 0.53USDMID-AMERICA APARTMENT COMMUNITIES INC4,119 421,447.05 0.35USDNISOURCE INC29,940 753,470.91 0.62USDONEOK INC (NEW)15,780 935,542.95 0.77USDPARAMOUNT GROUP INC53,194 639,628.78 0.52USDPROLOGIS INC26,928 1,879,760.81 1.54USDPUBLIC STORAGE4,455 928,894.05 0.76USDQTS REALTY TRUST INC -A-2,756 111,030.30 0.09USDREGENCY CENTERS CORP12,557 738,718.53 0.61USDRLJ LODGING TRUST49,976 781,609.96 0.64USDSBA COMMUNICATIONS CORP -A1,250 247,207.20 0.20USDSEMPRA ENERGY18,154 2,164,395.62 1.77USDSENIOR HOUSING PROPERTIES TRUST10,110 73,722.92 0.06USDSIMON PROPERTY GROUP INC REG SHS24,920 3,505,700.49 2.88USDSL GREEN REALTY CORPORATION33,445 2,341,458.90 1.92USDSUNSTONE HOTEL INVESTORS INC26,957 324,617.43 0.27USDTARGA RESOURCES CORP7,630 257,252.85 0.21USDUDR INC7,458 292,455.15 0.24USD





47Page

VENTAS INC1,266 77,306.35 0.06USDVORNADO REALTY TRUST SHS BENEF INTEREST21,782 1,220,106.22 1.00USDWEINGARTEN REALTY INVESTOR SHS BENEF.INT9,820 235,382.86 0.19USDWELLTOWER INC3,605 258,852.22 0.21USDWILLIAMS COMPANIES INC73,814 1,788,131.73 1.47USDXCEL ENERGY INC3,390 176,768.44 0.14USD

ATLANTICA YIELD PLC140,705 2,782,291.77 2.27USDUnited Kingdom 10,235,214.57 8.39

BRITISH LAND CO PLC REIT147,690 866,245.99 0.71GBPCAPITAL & COUNTIES PROPERTIES PLC23,132 57,262.53 0.05GBPDERWENT LONDON PLC REIT7,661 264,478.77 0.22GBPGRAINGER PLC30,676 83,257.56 0.07GBPGREAT PORT EST REIT -REG SHS35,014 266,040.81 0.22GBPHAMMERSON PLC REIT74,777 225,298.23 0.18GBPINTU PROPERTIES PLC55,771 46,728.74 0.04GBPJOHN LAING GROUP PLC223,039 975,422.57 0.80GBPLAND SEC PLC R.E.I.T98,395 897,492.31 0.74GBPNATIONAL GRID PLC259,542 2,411,066.46 1.97GBPPENNON GROUP PLC27,480 227,610.88 0.19GBPSEGRO PLC (REIT)17,999 144,224.81 0.12GBPSEVERN TRENT PLC14,464 330,310.79 0.27GBPSHAFTESBURY PLC REIT3,548 31,769.00 0.03GBPST MODWEN PROPERTIES PLC22,576 109,129.08 0.09GBPUNITED UTILITIES GROUP PLC33,020 290,729.17 0.24GBPURBAN & CIVIC PLC50,104 184,370.21 0.15GBPWORKSPACE GROUP PLC REIT4,301 41,484.89 0.03GBP

BOARDWALK REAL ESTATE INVT TRUST890 23,767.55 0.02CADCanada 8,806,978.50 7.22

CROMBIE REAL ESTATE INVESTMENT TRUST8,570 87,246.06 0.07CADENBRIDGE INC77,605 2,424,277.98 1.99CADFIRST CAPITAL REALTY INC26,840 388,802.90 0.32CADHYDRO ONE LTD119,069 1,799,889.52 1.48CADPEMBINA PIPELINE CORP36,883 1,187,053.30 0.97CADRIOCAN REAL ESTATE INV TRUST25,119 439,342.45 0.36CADSMART REAL ESTATE INV TRUST1,710 38,154.18 0.03CADTRANSCANADA - REG SHS56,118 2,418,444.56 1.98CAD

AEROPORTS DE PARIS ADP2,700 412,830.00 0.34EURFrance 6,008,370.84 4.93

CARMILLA SAS6,447 96,060.30 0.08EURCOVIVIO SA1,716 155,359.05 0.13EURGECINA SA REG SHS3,736 486,427.20 0.40EURGETLINK ACT44,450 619,633.00 0.51EURICADE SA2,067 162,156.15 0.13EURKLEPIERRE SA41,957 1,209,200.74 0.99EURMERCIALYS SA16,380 183,128.40 0.15EURUNIBAIL RODAMCO6,244 794,549.00 0.65EURVINCI SA21,050 1,889,027.00 1.55EUR

ADVANCE RESIDENCE INVESTMENT CORP69 180,703.55 0.15JPYJapan 5,747,458.25 4.71

FRONTIER REAL ESTATE INVESTMENT CORP17 63,899.33 0.05JPYGLP J-REIT185 185,634.91 0.15JPYHULIC CO LTD11,400 80,670.04 0.07JPYHULIC REIT INC22 33,634.58 0.03JPYINDUSTRIAL AND INFRASTRUCTURE FD18 19,709.10 0.02JPYINVESCO OFFICE J-REIT23 3,388.54 0.00JPYINVINCIBLE INVESTMENT CORP62 28,269.33 0.02JPYJAPAN EXCELLENT INC18 23,268.51 0.02JPYJAPAN HOTEL REIT INVESTMENT CORP263 186,537.02 0.15JPYJAPAN REAL ESTATE INV CORP88 471,711.06 0.39JPYJAPAN RETAIL FUND INVESTMENT CORP151 268,981.86 0.22JPYKENEDIX OFFICE INVESTMENT CORP14 88,200.69 0.07JPYMITSUBISHI ESTATE CO LTD60,000 983,003.76 0.80JPYMITSUI FUDOSAN CO LTD42,500 907,266.30 0.74JPYMORI TRUST SOGO REIT INC51 73,011.93 0.06JPYNIPPON BUILDING FD INC104 627,161.30 0.51JPYNIPPON PROLOGIS REIT INC42 85,420.82 0.07JPY





48Page

NOMURA REAL ESTATE MASTER FUND INC215 291,105.57 0.24JPYORIX JREIT INC42 67,471.81 0.06JPYPREMIER INVESTMENT CO84 97,329.63 0.08JPYR-API INC25 95,808.14 0.08JPYSUMITOMO REALTY & DEVELOPMENT CO LTD19,400 609,995.10 0.50JPYTOKYO TATEMONO CO LTD3,400 33,255.43 0.03JPYUNITED URBAN INVESTMENT CORP164 242,019.94 0.20JPY

APA GROUP STAPLED SECURITY45,138 300,715.81 0.25AUDAustralia 5,491,033.45 4.50

ATLAS ARTERIA -REG SHS79,190 382,980.45 0.31AUDDEXUS PROPERTY GROUP - STAPLED SECURITY45,218 362,056.41 0.30AUDGOODMAN GROUP - STAPLED SECURITY65,468 606,985.40 0.50AUDGPT GROUP - STAPLED SECURITY86,996 330,038.49 0.27AUDMIRVAC GROUP - STAPLED SECURITY135,062 260,776.05 0.21AUDSCENTRE GROUP - STAPLED SECURITY190,142 450,401.14 0.37AUDSTOCKLAND - STAPLED SECURITY45,111 116,040.26 0.10AUDSYDNEY AIRPORT - STAPLED SECURITY135,884 673,929.65 0.55AUDTRANSURBAN GROUP - STAPLED SECURITY195,957 1,781,756.94 1.46AUDVICINITY CENTRES LTD149,110 225,352.85 0.18AUD

CHAMPION REAL ESTATE INVESTMENT TRUST138,000 101,202.54 0.08HKDHong Kong 5,159,592.64 4.23

CHINA EVERBRIGHT INTERNATIONAL LTD498,000 404,478.97 0.33HKDCHINA OVERSEAS LAND & INVESTMENT LTD -RC-82,000 266,034.32 0.22HKDHYSAN DEVELOPMENT CO LTD32,000 145,453.73 0.12HKDNEW WORLD DEVELOPMENT CO LTD208,384 286,857.96 0.24HKDSINO LAND CO LTD146,332 215,944.40 0.18HKDSUN HUNG KAI PROPERTIES LTD85,000 1,268,721.03 1.04HKDSWIRE PROPERTIES LTD200,000 710,821.73 0.58HKDTHE LINK REAL ESTATE INV TRUST156,500 1,692,454.14 1.38HKDTHE WHARF (HOLDINGS) LTD29,000 67,623.82 0.06HKD

ATLANTIA SPA32,085 727,046.10 0.60EURItaly 2,650,360.51 2.17

INFRASTRUTTURE WIRELESS ITALIANE SPA41,280 357,072.00 0.29EURITALGAS SPA REG69,847 413,633.93 0.34EURSNAM SPA94,560 421,926.72 0.35EURTERNA SPA129,370 730,681.76 0.59EUR

PROMOTORA Y OPERADORA DE INFRAESTRUCTURA SAB DE CV289,069 2,556,510.71 2.10MXNMexico 2,556,510.71 2.10

AENA SA3,060 526,473.00 0.43EURSpain 2,358,567.85 1.93

CELLNEX TELECOM SA5,419 176,171.69 0.14EURFERROVIAL SA37,025 823,065.75 0.68EURINMOBILIARIA COLONIAL SA17,582 167,116.91 0.14EURMERLIN PROPERTIES SOCIMI SA36,125 430,248.75 0.35EURRED ELECTRICA CORP SA12,610 235,491.75 0.19EUR

CHINA GAS HOLDINGS LTD310,200 1,015,124.39 0.83HKDBermuda 1,871,638.44 1.53

HONGKONG LAND HOLDINGS LTD151,200 856,514.05 0.70USD

CHINA RESOURCES LAND LTD -RC-44,000 170,507.09 0.14HKDCayman Islands 1,685,654.80 1.38

CK ASSET HOLDINGS LTD57,000 392,647.33 0.32HKDENN ENERGY HOLDINGS LTD64,000 547,929.77 0.45HKDLONGFOR GRP-REG SHS47,500 157,583.32 0.13HKDWHARF REIC LTD REG SHS67,241 416,987.29 0.34HKD

ALSTRIA OFFICE REIT AG10,147 142,666.82 0.12EURGermany 1,438,755.58 1.18

DEUTSCHE EUROSHOP AG REG SHS1,096 26,304.00 0.02EURDEUTSCHE WOHNEN AG13,706 441,744.38 0.36EURLEG IMMOBILIEN AG REG SHS1,098 108,109.08 0.09EURVONOVIA SE REG SHS17,215 719,931.30 0.59EUR

FLUGHAFEN ZUERICH AG3,090 504,132.28 0.41CHFSwitzerland 621,167.87 0.51

PSP SWISS PROPERTY AG1,154 117,035.59 0.10CHF

ASCENDAS REAL ESTATE INVESTMENT TRUST86,700 175,828.92 0.14SGDSingapore 575,122.37 0.47





49Page

CAPITALAND COMMERCIAL REAL ESTATE INV TRUST72,485 102,240.86 0.08SGDCAPITALAND LTD7,000 16,061.62 0.01SGDCAPITALAND MALL REAL ESTATE INVESTMENT TRUST104,200 178,131.24 0.15SGDMAPLETREE LOGISTIC TRUST54,600 56,429.52 0.05SGDUOL GROUP LTD9,461 46,430.21 0.04SGD

AZUR POWER GLOBAL LTD60,802 564,244.27 0.46USDMauritius 564,244.27 0.46

AUCKLAND INTERNATIONAL AIRPORT LTD88,615 514,550.51 0.42NZDNew Zealand 514,550.51 0.42

EUROCOMMERCIAL PROPERTIES NV12,596 288,952.24 0.24EURThe Netherlands 446,497.83 0.37

KONINKLIJKE VOPAK NV1,210 48,666.20 0.04EURNSI NV1,545 56,469.75 0.05EURWERELDHAVE NV2,346 52,409.64 0.04EUR

ATRIUM LJUNGBERG -B-5,594 88,546.34 0.07SEKSweden 365,424.58 0.30

CASTELLUM AB2,893 48,661.65 0.04SEKHUFVUDSTADEN AB -A-11,332 170,984.13 0.14SEKKUNGSLEDEN AB7,946 57,232.46 0.05SEK

CHINA TOWER838,000 193,521.50 0.16HKDChina 240,897.60 0.20

GUANGZHOU R&F PROPERTIES COMPANY LTD -H-28,000 47,376.10 0.04HKD

ENTRA ASA REG SHS -144A-14,789 198,674.18 0.16NOKNorway 217,438.72 0.18

NORWEGIAN PROPERTY ASA15,454 18,764.54 0.02NOK

GREEN REIT PLC25,089 45,360.91 0.04EURIreland 210,874.69 0.17

HIBERNIA REIT PLC REG SHS 144A116,559 165,513.78 0.13EUR

ENERGISA SA UNITS 1 SH + 4 PFD19,700 202,582.45 0.17BRLBrazil 202,582.45 0.17

ADO PROPERTIES SA2,443 87,948.00 0.07EURLuxembourg 87,948.00 0.07

KOJAMO PLC RG5,712 74,141.76 0.06EURFinland 74,141.76 0.06

ATRIUM EUROPEAN REAL ESTATE LTD20,578 66,055.38 0.05EURJersey Island 66,055.38 0.05

SUNTEC REAL ESTATE INVESTMENT TRUST28,700 36,190.97 0.03SGD


Shares 36,190.97 0.03

Singapore 36,190.97 0.03

H&R REAL ESTATE INVESTMENT TRUST UNITS DIS CAD4,990 76,635.37 0.06CAD

Shares/Units of UCITS/UCIS 76,635.37 0.06

Shares/Units in investment funds 76,635.37 0.06

Other funds 76,635.37 0.06






50Page

LUX IM– Generali Investments Partners - Equity Recovery

Fund

51Page

111,741,517.13Assets108,295,863.21Securities portfolio at market value114,262,321.73Cost price(5,966,458.52)Unrealised loss on the securities portfolio

2,956,599.89Cash at banks354,666.82Subscriptions receivable126,352.91Dividends receivable



3,472,268.64Redemptions payable425,543.90Accrued management fees




Expressed in EUR







01/01/19


C - EUR - Capitalisation 3.931 0.000 0.000 3.931


E - EUR - Capitalisation 1,779,526.823 223,200.334 1,078,050.495 924,676.662


H - EUR - Capitalisation 18,409.461 128.509 9,165.719 9,372.251

52Page

Key figures


Total Net Assets 107,700,250.88 189,376,105.83 286,970,397.86


EURB - EUR - Capitalisation

106.264,750.000 4,750.000

98.1918,750.000



106.873.931 3.931

99.3428,481.249



103.4435,315.053 48,262.852

96.0360,444.183



110.89924,676.662 1,779,526.823

102.561,611,339.462



110.63745.500 783.117

102.05838.398124.13



98.619,372.251 18,409.461

91.25642,418.241


53Page

ANIMA HOLDING SPA331,211 957,862.21 0.89EUR


Shares 108,182,952.43 100.45

Italy 40,523,752.73 37.64

BANCA FARMAFACTORING SPA601,709 2,930,322.83 2.72EURBANCA IFIS SPA74,633 900,073.98 0.84EURDANIELI & C.OFFICINE MECCANICHE SPA RISP NON CONV60,494 665,434.00 0.62EURDE LONGHI SPA47,000 833,310.00 0.77EURENEL SPA626,173 3,809,636.53 3.55EURENI SPA255,545 3,696,713.97 3.44EURFINECOBANK SPA257,330 2,470,368.00 2.29EURINTESA SANPAOLO SPA1,400,257 2,630,522.80 2.44EURITALGAS SPA REG242,759 1,437,618.80 1.33EURLEONARDO SPA330,549 3,654,219.20 3.40EURMARR SPA26,021 518,858.74 0.48EURPIRELLI & C.SPA448,894 2,332,453.22 2.17EURPOSTE ITALIANE SPA281,949 2,577,013.86 2.39EURPRYSMIAN SPA140,316 2,511,656.40 2.33EURRECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA30,439 1,098,847.90 1.02EURSALINI IMPREGILO SPA312,144 547,500.58 0.51EURSIAS SPA89,875 1,453,278.75 1.35EURTELECOM ITALIA SPA RISP NON CONV5,981,344 2,717,922.71 2.52EURUNIPOL GRUPPO FINANZIARIO SPA651,544 2,780,138.25 2.58EUR

ACS SA81,701 2,838,292.74 2.64EURSpain 30,481,916.64 28.30

ALMIRALL SA REG SHS172,839 2,806,905.36 2.61EURAPPLUS SERVICES SA155,548 1,749,915.00 1.62EURBANCO SANTANDER SA REG SHS617,427 2,491,935.37 2.31EUREBRO FOODS SA115,820 2,176,257.80 2.02EURGRIFOLS SA -A-125,774 3,170,762.54 2.95EURINDRA SISTEMAS SA140,459 1,233,230.02 1.15EURLABORATORIOS FARMACEUTICOS ROVI SA56,815 1,141,981.50 1.06EURLIBERBANK SA7,375,080 2,728,779.60 2.53EURMAPFRE SA REG SHS1,205,604 3,114,075.13 2.89EURMELIA HOTELS INTERNATIONAL SA334,056 2,740,929.48 2.54EURPROSEGUR CASH SA784,262 1,337,950.97 1.24EURTELEFONICA SA409,052 2,950,901.13 2.74EUR

ARKEMA SA12,021 974,181.84 0.90EURFrance 13,030,508.96 12.10

ATOS SE17,864 1,276,204.16 1.18EURDANONE SA21,363 1,595,816.10 1.48EURELIOR GROUP SA38,482 449,469.76 0.42EURELIS SA73,566 1,168,228.08 1.08EURL'OREAL SA8,514 2,111,472.00 1.97EURLVMH MOET HENNESSY LOUIS VUITTON SA5,042 1,857,220.70 1.73EURSANOFI SA8,000 605,440.00 0.56EURTARKETT SA27,778 566,671.20 0.53EURVINCI SA14,873 1,334,703.02 1.24EURWORLDLINE SA17,237 1,091,102.10 1.01EUR

GALP ENERGIA SGPS SA REG SHS -B-270,975 3,643,258.88 3.38EURPortugal 7,978,866.28 7.41

NOS SGPS SA REG SHS559,195 3,198,595.40 2.97EURSEMAPA SA REG SHS92,440 1,137,012.00 1.06EUR

ALLIANZ SE REG SHS5,438 1,145,514.70 1.06EURGermany 7,088,419.38 6.58

KION GROUP AG10,745 581,304.50 0.54EURMERCK KGAA25,877 2,399,315.44 2.22EURSAP AG9,933 1,172,094.00 1.09EURSIEMENS AG REG SHS6,830 707,178.20 0.66EURVONOVIA SE REG SHS25,897 1,083,012.54 1.01EUR

CNH INDUSTRIAL NV114,159 1,025,604.46 0.95EURThe Netherlands 5,179,486.32 4.81

FERRARI NV7,233 1,018,406.40 0.95EURGRANDVISION NV123,193 2,495,890.18 2.32EUR





54Page

STMICROELECTRONICS NV41,545 639,585.28 0.59EUR

ROCHE HOLDING AG4,577 1,126,693.68 1.04CHFSwitzerland 1,717,379.84 1.59

SIG COMBIBLOC GROUP AG60,000 590,686.16 0.55CHF

ANHEUSER-BUSCH INBEV NV14,961 1,144,067.67 1.06EURBelgium 1,588,418.85 1.47

ONTEX GROUP NV32,721 444,351.18 0.41EUR

TENARIS SA REG SHS47,006 539,158.82 0.50EURLuxembourg 539,158.82 0.50

CONVATEC GROUP PLC REG SHS34,412 55,044.61 0.05GBPUnited Kingdom 55,044.61 0.05

ACS 08.07.19 RIGHT81,701 112,910.78 0.10EUR


Spain 112,910.78 0.10

GETBACK SA738,707 - 0.00PLN

Other transferable securities - 0.00

Shares - 0.00

Poland - 0.00






55Page

LUX IM– Pictet Future Trends

56Page


584.24Interests receivable5,471,664.83Subscriptions receivable


6,501,426.19Liabilities3,558,006.71Brokers payable1,724,181.80Redemptions payable





Expressed in EUR


LUX IM – Pictet Future Trends





01/01/19


E - EUR - Capitalisation 2,928,698.684 677,184.548 1,314,781.604 2,291,101.628

F - EUR - Capitalisation 6,085.473 4,232.339 1,264.672 9,053.140


57Page

Key figures


Total Net Assets 358,193,647.33 332,747,725.17 22,019,194.62



0.000.000 0.000

0.00800.00093.86



100.01960,905.904 594,181.843

82.8963,760.266



104.142,291,101.628 2,928,698.684

86.05171,167.615



106.609,053.140 6,085.473

87.94440.60194.57



99.20227,121.664 377,638.864

81.982,554.812


58Page

ALEXION PHARMACEUTICALS INC12,902 1,431,210.12 0.40USD


Shares 298,965,094.08 83.46


AMERICAN WATER WORKS CO INC32,683 3,313,579.26 0.93USDA.O.SMITH CORP77,856 3,155,741.29 0.88USDAPPLE INC65,121 11,441,499.35 3.19USDAQUA AMERICA INC82,445 2,929,830.67 0.82USDBOSTON SCIENTIFIC CORP214,225 7,901,178.04 2.21USDCIGNA REG SHS21,663 3,008,638.84 0.84USDCOMCAST CORP198,713 7,341,290.41 2.05USDEXPEDIA GROUP53,170 6,086,593.48 1.70USDFACEBOOK INC -A-30,264 5,044,665.52 1.41USDFIDELITY NATIONAL INC73,454 7,840,003.84 2.19USDFIDL NAT FINANCL-A FNF GROUP219,956 7,708,182.29 2.15USDGLOBAL PAYMENTS INC35,901 5,044,171.82 1.41USDHALOZYME THERAPEUT -SHS-105,030 1,556,718.56 0.43USDINTERNATIONAL FLAVORS FRAGRANCES INC23,283 2,940,353.00 0.82USDIPG PHOTONICS CORP22,803 3,019,138.46 0.84USDJOHNSON AND JOHNSON INC47,079 5,826,225.54 1.63USDKLA CORPORATION48,668 5,040,392.59 1.41USDLITTELFUSE INC25,949 4,033,924.24 1.13USDMSA SAFETY31,732 2,915,988.95 0.81USDNEUROCRINE BIOSCIENCES INC22,162 1,606,323.44 0.45USDPACKAGING CORP OF AMERICA69,429 5,738,267.00 1.60USDSAGE THERAPEUTICS INC10,856 1,723,056.38 0.48USDSTANLEY BLACK & DECKER INC31,376 3,951,634.50 1.10USDSYNOPSYS INC58,600 6,475,200.77 1.81USDTHERMO FISHER SCIENTIFIC INC35,959 9,292,057.38 2.59USDTORO CO92,718 5,461,867.85 1.52USDTOTAL SYSTEM SERVICES INC54,533 6,150,522.29 1.72USDTRIMBLE134,971 5,272,518.02 1.47USDUNITEDHEALTH GROUP INC45,304 9,816,763.30 2.74USDVISA INC -A-82,825 12,474,930.51 3.49USDXYLEM INC101,678 7,321,424.18 2.04USDZEBRA TECHNOLOGIES CORP -A-24,460 4,467,282.23 1.25USD

ALLEGION PLC70,696 6,763,956.48 1.89USDIreland 20,161,616.16 5.63

ALLERGAN PLC40,069 5,851,127.84 1.63USDKINGSPAN GROUP PLC159,344 7,546,531.84 2.11EUR

BUNZL PLC208,841 4,925,275.59 1.38GBPUnited Kingdom 20,013,999.50 5.59

MONDI PLC415,717 8,223,483.03 2.30GBPSENSATA TECH(S) PLC -REG SHS86,627 3,704,040.52 1.03USDSEVERN TRENT PLC138,426 3,161,200.36 0.88GBP

KERING SA17,498 9,021,968.80 2.52EURFrance 14,472,237.14 4.04

LEGRAND SA85,723 5,450,268.34 1.52EUR

ROCHE HOLDING AG36,959 9,097,983.76 2.54CHFSwitzerland 12,426,204.48 3.47

STADLER RAIL AG80,332 3,328,220.72 0.93CHF

SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG231,641 6,740,742.79 1.89KRWSouth Korea 11,301,120.75 3.16

WOOGJIN COWAY LTD77,446 4,560,377.96 1.27KRW

ENN ENERGY HOLDINGS LTD383,700 3,285,010.22 0.92HKDCayman Islands 10,040,004.48 2.80

TENCENT HLDGS LTD88,400 3,511,283.59 0.97HKDVIPSHOP HOLDINGS LTD ADR 1/5 REPR435,888 3,243,710.67 0.91USD

CHINA MOBILE LTD541,500 4,340,149.60 1.21HKDHong Kong 7,732,727.09 2.16

GUANGDONG INVEST LTD -RC-1,948,000 3,392,577.49 0.95HKD

SIEMENS AG REG SHS72,721 7,529,532.34 2.10EURGermany 7,529,532.34 2.10





59Page

HORIBA LTD80,300 3,648,210.49 1.02JPYJapan 7,321,794.41 2.04

YAHOO JAPAN CORP1,422,700 3,673,583.92 1.02JPY

OVERSEA-CHINESE BANKING CORP LTD601,200 4,454,925.41 1.24SGDSingapore 4,454,925.41 1.24

NXP SEMICONDUCTORS NV47,237 4,123,083.53 1.15USDThe Netherlands 4,123,083.53 1.15

WEST FRASER TIMBER CO LTD51,820 2,056,674.67 0.57CADCanada 2,056,674.67 0.57

PICTET SICAV GLOBAL THEMATIC OPPORTUNITIES -I- CAP EUR400,094 53,920,666.08 15.05EUR



Other funds 53,920,666.08 15.05






60Page

LUX IM– Goldman Sachs Big Data Trend

61Page


685,421.22Unrealised profit on the securities portfolio419,421.09Cash at banks631,102.49Brokers receivable149,250.84Subscriptions receivable17,677.45Dividends receivable

218.31Other assets


952,682.61Brokers payable71,298.38Redemptions payable

49.55Unrealised depreciation on forward foreign exchange contracts44,672.22Accrued management fees

885.31Accrued depositary fees7,750.20Accrued administrative expenses2,495.91Other liabilities



Expressed in EUR


LUX IM – Goldman Sachs Big Data Trend





01/01/19



Key figures

Total Net Assets 17,770,871.05 13,306,543.00 10,872,129.05


EURE - EUR - Capitalisation

108.1540,860.988 30,264.709

93.935,141.126



105.16126,968.517 114,436.861

91.44103,613.500


62Page

ABBVIE INC1,567 96,485.90 0.54USD


Shares 17,639,811.83 99.26


AECOM1,034 34,034.64 0.19USDAES CORP5,391 78,433.51 0.44USDAGILENT TECHNOLOGIES INC423 27,232.59 0.15USDAIR PRODUCTS & CHEMICALS INC294 57,799.18 0.33USDALCOA CORP4,450 90,538.33 0.51USDALEXION PHARMACEUTICALS INC689 76,430.30 0.43USDALIGN TECHNOLOGY INC491 116,590.10 0.66USDALLISON TRANSMISSION1,609 64,948.77 0.37USDALLY FINANCIAL INC4,266 113,850.06 0.64USDALPHABET INC166 157,206.83 0.88USDALPHABET INC -C-167 158,062.78 0.89USDAMAZON.COM INC221 370,185.93 2.08USDAMEREN CORPORATION1,125 73,871.88 0.42USDAMERICAN TOWER CORP91 16,477.42 0.09USDAMETEK INC409 31,752.95 0.18USDAMGEN INC16 2,589.89 0.01USDANTHEM INC629 156,258.24 0.88USDAPER CORP --- REG SHS665 19,174.65 0.11USDAPPLE INC3,274 575,228.71 3.24USDARISTA NETWORKS INC125 28,366.76 0.16USDAUTOZONE INC39 37,189.71 0.21USDBALL CORP557 33,365.62 0.19USDBERRY GLOBAL GRP INC RG REG SHS99 4,482.15 0.03USDBIOGEN INC130 27,417.95 0.15USDBIOMARIN PHARMACEUTICAL INC146 10,791.56 0.06USDBOOKING HLDG INC20 32,461.10 0.18USDBRIGHTHOUSE INC - REG SHS2,352 72,472.67 0.41USDBRISTOL MYERS SQUIBB CO1,442 57,205.61 0.32USDCADENCE DESIGN SYSTEMS INC668 41,231.09 0.23USDCAMDEN PROPERTY TRUST817 74,488.32 0.42USDCATERPILLAR INC REG SHS33 3,933.24 0.02USDCF INDUSTRIES HOLDINGS INC1,699 70,449.80 0.40USDCHIPOTLE MEXICAN GRILL INC -A-177 112,740.68 0.63USDCIT GROUP1,148 51,530.49 0.29USDCITIGROUP INC1,840 110,301.27 0.62USDCITIZENS FINANCIAL GROUP INC984 30,095.16 0.17USDCITRIX SYSTEMS INC1,237 106,328.57 0.60USDCMS ENERGY CORP989 50,030.69 0.28USDCOLGATE-PALMOLIVE CO1,829 116,061.10 0.65USDCOMERICA INC1,668 104,714.92 0.59USDCONOCOPHILLIPS CO2,437 131,340.98 0.74USDCOSTAR GROUP INC46 21,968.40 0.12USDCROWN HOLDINGS INC526 27,501.82 0.15USDCSX CORP1,741 117,077.41 0.66USDCUMMINS INC (EX CUMMINS ENGINE INC) REG SHS198 29,303.34 0.16USDCURTISS-WRIGHT525 56,630.82 0.32USDDTE ENERGY COMPANY1,037 116,356.35 0.65USDDUKE REALTY CORP3,184 87,410.51 0.49USDEASTMAN CHEMICAL CO359 24,328.06 0.14USDEBAY INC3,630 125,454.28 0.71USDELI LILLY & CO700 68,636.14 0.39USDENCOMPASS HLTH317 17,285.33 0.10USDEQUITY LIFESTYLE PROPERTIES INC252 26,528.88 0.15USDEXELON CORP3,137 131,236.06 0.74USDFACEBOOK INC -A-1,287 214,528.30 1.21USDFIDELITY NATIONAL INC330 35,222.06 0.20USDFIFTH THIRD BANCORP4,864 116,759.96 0.66USDFIRSTENERGY CORP987 36,906.69 0.21USDGENERAL MOTORS CO3,850 129,772.62 0.73USDGILEAD SCIENCES INC2,630 155,183.53 0.87USDHCA HEALTHCARE INC REG SHS147 17,339.75 0.10USD





63Page

HEICO CORP959 110,970.18 0.62USDHILTON WORLDWIDE HLDGS INC REG SHS363 30,822.35 0.17USDINCYTE CORP1,503 112,006.12 0.63USDINTUIT INC13 2,950.14 0.02USDJABIL INC487 13,318.23 0.07USDJOHNSON AND JOHNSON INC106 13,117.95 0.07USDKEYSIGHT TECHNOLOGIES INC1,605 122,995.65 0.69USDKINDER MORGAN INC3,802 68,257.75 0.38USDKROGER CO1,768 33,265.18 0.19USDLAM RESEARCH CORP153 25,049.82 0.14USDLAMB WESTON HOLDINGS REG SHS241 13,079.74 0.07USDLAS VEGAS SANDS CORP907 46,895.77 0.26USDLOWE'S COMPANIES INC1,025 89,584.38 0.50USDMADISON SQUARE GARDEN CO -A-21 5,134.87 0.03USDMARATHON OIL CORP5,196 64,901.44 0.37USDMASCO CORP1,829 62,744.43 0.35USDMASTERCARD INC -A-197 45,244.93 0.25USDMATCH GROUP289 17,344.83 0.10USDMCKESSON CORP996 117,327.99 0.66USDMERCK AND CO INC941 69,388.25 0.39USDMICROSOFT CORP1,307 154,227.95 0.87USDMONDELEZ INTERNATIONAL INC2,179 103,731.79 0.58USDMONSTER BEVERAGE CORP2,511 140,409.26 0.79USDMOTOROLA SOLUTIONS INC820 118,724.55 0.67USDMSCI INC215 44,272.77 0.25USDNATIONAL INSTRUMENTS CORP2,623 95,750.98 0.54USDNETFLIX INC189 61,515.40 0.35USDNEWS CORP -A-8,286 97,885.37 0.55USDNORFOLK SOUTHERN CORP548 93,225.32 0.52USDNRG ENERGY - REG SHS3,324 99,499.25 0.56USDO REILLY AUTO INC129 41,708.70 0.23USDOCCIDENTAL PETROLEUM CORP1,139 49,844.09 0.28USDORACLE CORP3,212 160,395.16 0.90USDPAOLO ALTO NETWORKS INC599 107,955.41 0.61USDPARKER-HANNIFIN CORP321 47,563.40 0.27USDPAYPAL HOLDINGS INC1,703 170,277.53 0.96USDPHILIP MORRIS INTERNATIONAL INC2,399 164,428.10 0.93USDPHILLIPS 66 CO1,528 123,317.94 0.69USDPPL CORP3,770 103,431.68 0.58USDPROCTER AND GAMBLE CO89 8,594.29 0.05USDPROGRESSIVE CORP1,926 135,007.20 0.76USDPROLOGIS INC1,140 79,579.89 0.45USDQORVO INC999 58,928.57 0.33USDRALPH LAUREN CORP -A-573 57,005.15 0.32USDREINSURANCE GR AMER311 42,276.41 0.24USDSALESFORCE.COM INC388 51,429.58 0.29USDSEALED AIR CORP1,089 40,490.86 0.23USDSERVICENOW INC628 153,849.92 0.87USDSHERWIN WILLIAMS CO349 139,603.07 0.79USDSIGNATURE BANK RG1,059 110,832.41 0.62USDSOUTHWEST AIRLINES CO - REG SHS125 5,579.01 0.03USDSPIRIT AEROSYSTEMS HOLDINGS INC -A-170 11,983.81 0.07USDSTARBUCKS CORP2,054 150,971.76 0.85USDSTATE STREET CORP1,210 59,230.77 0.33USDSTORE CAPITAL CORP588 17,176.83 0.10USDSVB FINANCIAL GROUP511 99,467.12 0.56USDSYNCHRONY FINANCIAL CO3,871 116,758.23 0.66USDTARGET CORP1,670 126,140.56 0.71USDTELEDYNE TECHNOLOGIES329 77,456.88 0.44USDTELEPHONE AND DATA SYSTEMS INC1,114 29,720.39 0.17USDTHERMO FISHER SCIENTIFIC INC103 26,615.92 0.15USDUNION PACIFIC CORP1,167 170,412.69 0.96USDUNIVERSAL HEALTH SERVICES INC577 65,041.61 0.37USDUNUM SHS2,597 75,156.18 0.42USDVALERO ENERGY CORP1,721 127,055.93 0.71USDVEEVA SYSTEMS -A-410 57,887.23 0.33USDVERISIGN INC630 114,872.41 0.65USD





64Page

VERIZON COMMUNICATIONS INC3,148 158,528.39 0.89USDVERTEX PHARMACEUTICALS INC336 52,779.94 0.30USDVIACOM INC -B-114 2,935.11 0.02USDVISA INC -A-1,583 238,428.19 1.34USDVOYA FINANCIAL INC2,272 108,418.88 0.61USDWASTE MANAGEMENT INC142 14,469.17 0.08USDWESTERN ALLIANCE2,607 101,840.06 0.57USDWHIRLPOOL CORP24 3,004.30 0.02USDWILLIAMS COMPANIES INC987 23,909.91 0.13USDXILINX INC752 78,173.34 0.44USDYUM BRANDS INC929 90,346.34 0.51USDZIONS BANCORPORATION NA2,550 100,936.80 0.57USD

ASTELLAS PHARMA INC2,600 32,611.54 0.18JPYJapan 1,287,211.54 7.24

CENTRAL JAPAN RAILWAY CO600 105,801.60 0.60JPYDAIWA HOUSE INDUSTRY CO LTD1,100 28,232.55 0.16JPYEAST JAPAN RAILWAY CO1,400 115,312.96 0.65JPYFUJITSU LTD1,800 110,488.64 0.62JPYHITACHI LTD4,600 148,434.38 0.83JPYKAO CORP1,800 120,755.03 0.67JPYKAWADA TECHNOLOGIES100 6,577.87 0.04JPYKONAMI HLDS CORP SHS800 33,011.93 0.19JPYK'S HOLDINGS SHS2,200 18,282.40 0.10JPYMITSUBISHI HEAVY INDUSTRIES LTD300 11,499.43 0.06JPYMITSUI FUDOSAN CO LTD1,900 40,560.14 0.23JPYNIPPON SYSTEMWARE LTD1,400 29,697.66 0.17JPYNIPPON TELEGRAPH & TELEPHONE CORP NTT1,300 53,293.84 0.30JPYNTT DATA CORP9,800 114,912.57 0.65JPYOKINAWA ELECTRIC POWER CO LTD150 2,029.74 0.01JPYORIX CORP4,600 60,441.25 0.34JPYSEGA SAMMY HOLDINGS INC4,500 48,132.86 0.27JPYSHIONOGI CO LTD1,800 91,323.75 0.51JPYSOFTBANK GROUP CORP1,600 67,527.37 0.38JPYSONY CORP100 4,615.13 0.03JPYTAISEI CORP600 19,194.31 0.11JPYTDK CORP100 6,814.84 0.04JPYZUKEN1,200 17,659.75 0.10JPY

AIR LIQUIDE SA1,146 139,525.50 0.79EURFrance 658,903.35 3.71

BNP PARIBAS SA2,767 114,678.32 0.65EURKERING SA243 125,290.80 0.71EURPEUGEOT SA1,029 22,185.24 0.12EURSAFRAN SA735 94,337.25 0.53EURSCHNEIDER ELECTRIC SE1,775 140,189.50 0.78EURSCOR SE594 22,696.74 0.13EUR

AON PLC165 27,949.20 0.16USDUnited Kingdom 643,168.52 3.62

BHP GROUP LTD REG SHS2,305 51,662.02 0.29GBPBRITISH AMERICAN TOBACCO PLC1,509 46,272.86 0.26GBPBURBERRY GROUP PLC164 3,271.59 0.02GBPDIAGEO PLC3,911 146,924.16 0.84GBPHALMA PLC1,270 28,719.45 0.16GBPIMPERIAL BRANDS PLC REG SHS3,569 75,208.47 0.42GBPLEGAL & GENERAL GROUP PLC1,407 4,218.80 0.02GBPLLOYDS BANKING GROUP PLC11,020 6,987.03 0.04GBPPEARSON PLC3,108 28,134.19 0.16GBPRIO TINTO PLC ADR REPR.1 SH2,004 109,203.32 0.61USDROLLS ROYCE HOLDINGS PLC486 4,574.94 0.03GBPROYAL DUTCH SHELL PLC -A-394 11,343.26 0.06EURROYAL DUTCH SHELL PLC -B-62 1,793.70 0.01GBPTECHNIPFMC LTD USD2,661 59,312.79 0.33USDUNILEVER SPONS ADR REPR.1 REG SHS693 37,592.74 0.21USD

ADECCO SA REG SHS2,147 113,064.06 0.64CHFSwitzerland 535,635.08 3.01

LONZA GROUP AG REG SHS408 119,178.22 0.67CHFROCHE HOLDING AG737 181,423.04 1.01CHF





65Page

SONOVA HOLDING AG REG SHS543 107,647.15 0.61CHFTEMENOS AG REG SHS92 14,322.61 0.08CHF

ADIDAS AG REG SHS573 152,246.10 0.86EURGermany 458,353.65 2.58

AMADEUS FIRE AG33 3,920.40 0.02EURCOVESTRO AG251 10,986.27 0.06EURE.ON SE REG SHS6,046 57,733.25 0.32EUREVOTEC SE2,033 49,096.95 0.28EURINFINEON TECHNOLOGIES AG REG SHS1,095 16,696.56 0.09EURMERCK KGAA856 79,368.32 0.45EURMUNICH REINSURANCE COMPANY AG REG SHS9 1,987.20 0.01EURNEMETSCHEK283 41,827.40 0.24EURWIRECARD AG299 44,491.20 0.25EUR

AKZO NOBEL NV1,538 125,869.92 0.71EURThe Netherlands 330,538.33 1.86

ASML HLDG NV347 62,355.90 0.35EURMYLAN NV248 4,138.24 0.02USDSTMICROELECTRONICS NV275 4,233.63 0.02EURWOLTERS KLUWER NV2,104 133,940.64 0.76EUR

ATLAS COPCO AB REG SHS -A-1,154 32,042.93 0.18SEKSweden 323,303.02 1.82

BOLIDEN AB281 6,305.18 0.04SEKELECTROLUX AB -B-5,418 122,625.13 0.69SEKSWEDISH MATCH AB1,361 51,029.02 0.29SEKTELEFON AB L.M.ERICSSON9,090 76,910.57 0.43SEKVOLVO AB -B-2,472 34,390.19 0.19SEK

ALIMENTATION COUCHE - TARD INC SUB VTG B400 22,335.19 0.13CADCanada 319,638.53 1.80

BANK OF NOVA SCOTIA100 4,760.24 0.03CADBAUSCH HEALTH REG SHS900 19,628.46 0.11CADCAE INC1,000 23,318.36 0.13CADCANADIAN PACIFIC RAILWAY LTD300 61,716.18 0.35CADCGI GROUP --- REG SHS -A-200 13,486.69 0.08CADKIRKLAND LK GLG REG SHS700 26,167.26 0.15CADLABRADOR IRON1,700 39,424.59 0.22CADOPEN TEXT2,100 76,023.07 0.42CADSUNCOR ENERGY INC1,200 32,778.49 0.18CAD

AKER BP ASA SHS259 6,608.15 0.04NOKNorway 282,462.33 1.59

DNB ASA8,927 145,431.60 0.83NOKORKLA ASA3,923 30,769.42 0.17NOKSALMAR1,355 52,186.47 0.29NOKTELENOR ASA2,384 45,095.71 0.25NOKTGS NOPEC GEOPHYSICAL COMPANY ASA96 2,370.98 0.01NOK

ACS SA903 31,370.22 0.18EURSpain 281,042.58 1.58

BANCO BILBAO VIZCAYA ARGENTARIA SA REG SHS11,315 55,477.45 0.31EURBANCO SANTANDER SA REG SHS4,157 16,777.65 0.09EURINTL CONS AIRLINES GROUP SA9,324 47,233.42 0.27GBPTELEFONICA SA18,046 130,183.84 0.73EUR

ALLEGION PLC261 24,971.61 0.14USDIreland 188,080.83 1.06

EATON CORPORATION PUBLIC LIMITED COMPANY488 35,508.08 0.20USDINGERSOLL-RAND PLC531 58,081.41 0.33USDJOHNSON CONTROLS INTERNATIONAL PLC1,950 69,519.73 0.39USD

ALTIUM615 12,974.52 0.07AUDAustralia 167,021.88 0.94

ASX LTD1,733 88,055.77 0.50AUDAURIZON HOLDINGS LTD625 2,081.92 0.01AUDBHP GROUP LTD339 8,607.27 0.05AUDCOCA-COLA AMATIL LTD8,474 53,423.16 0.30AUDSOUTH 32 LTD958 1,879.24 0.01AUD

AIA GROUP LTD11,800 111,991.03 0.62HKDHong Kong 155,250.20 0.87

CLP HOLDINGS LTD2,500 24,276.08 0.14HKD





66Page

HONG KONG EXCHANGES AND CLEARING LTD611 18,983.09 0.11HKD

ENEL SPA4,101 24,950.48 0.14EURItaly 147,927.19 0.83

ENI SPA3,643 52,699.64 0.30EURLEONARDO SPA3,683 40,715.57 0.23EURMEDIOBANCA SPA1,057 9,610.24 0.05EURMONCLER SPA334 12,404.76 0.07EURUNICREDIT SPA REG SHS702 7,546.50 0.04EUR

CARLSBERG AS -B-711 82,343.11 0.46DKKDenmark 133,956.41 0.75

NOVO NORDISK AS1,152 51,613.30 0.29DKK

POPULAR INC2,218 104,320.24 0.59USDPuerto Rico 104,320.24 0.59

CARNIVAL CORP2,395 96,739.59 0.54USDPanama 96,739.59 0.54

ATHENE HOLDING LTD REG A2,528 93,683.99 0.53USDBermuda 93,683.99 0.53

EXPERIAN PLC553 14,490.97 0.08GBPJersey Island 14,490.97 0.08

CK ASSET HOLDINGS LTD500 3,444.27 0.02HKDCayman Islands 8,518.03 0.05

TOWNGAS CHINA CO LTD8,000 5,073.76 0.03HKD

UCB SA63 4,523.40 0.03EURBelgium 4,523.40 0.03

ACS 08.07.19 RIGHT903 1,247.95 0.01EUR


Spain 1,247.95 0.01

ROLLS-ROYCE HLD PFD REG SHS C ENTITL JUL1934,506 0.39 0.00GBP


Shares 0.39 0.00

United Kingdom 0.39 0.00






67Page

LUX IM– Focus Italia

68Page


295,005.73Unrealised profit on the securities portfolio1,481,514.96Cash at banks

197,528.70Brokers receivable1,193.79Subscriptions receivable4,725.00Unrealised appreciation on financial futures1,517.88Other assets

272,067.35Liabilities198,304.58Brokers payable

5,644.69Accrued performance fees935.69Redemptions payable

56,990.52Accrued management fees666.84Accrued depositary fees




Expressed in EUR


LUX IM – Focus Italia





01/01/19


F - EUR - Capitalisation 4,196.072 243.469 0.000 4,439.541

H - EUR - Capitalisation 1,061.961 0.000 749.133 312.828

69Page

Key figures


Total Net Assets 13,382,949.50 11,317,519.54 12,505,556.77


EURDl - EUR - Capitalisation

93.85137,753.227 131,324.823

82.8252,540.658



95.894,439.541 4,196.072

84.203,167.635



94.75312.828 1,061.961

83.4069,523.137


70Page

AEFFE SPA64,633 111,944.36 0.84EUR


Shares 11,968,536.52 89.43

Italy 11,036,546.52 82.47

AQUAFIL SPA20,000 165,000.00 1.23EURARNOLDO MONDADORI EDITORE SPA116,767 184,491.86 1.38EURASCOPIAVE SPA90,000 338,400.00 2.53EURASTM14,500 408,030.00 3.05EURAUTOGRILL SPA44,235 404,086.73 3.02EURAVIO SPA REG SHS31,000 447,640.00 3.35EURA2A SPA90,000 136,260.00 1.02EURBANCA MEDIOLANUM SPA30,000 193,950.00 1.45EURBANCO BPM SPA REG SHS50,000 90,275.00 0.67EURBREMBO SPA15,000 149,775.00 1.12EURCAREL INDUSTR SPA REG SHS15,000 160,500.00 1.20EURCERVED INFORMATION SOLUTIONS SPA41,500 323,285.00 2.42EURDATALOGIC SPA POST FRAZIONAMENTO9,000 149,940.00 1.12EURDAVIDE CAMPARI - MILANO SPA17,000 145,860.00 1.09EURDE LONGHI SPA10,000 177,300.00 1.32EUREL.EN SPA12,019 217,543.90 1.63EURENAV SPA63,000 309,960.00 2.32EURENEL SPA40,000 243,360.00 1.82EURENI SPA20,000 289,320.00 2.16EURERG SPA26,500 470,110.00 3.52EURFALCK RENEWABLES SPA90,000 331,200.00 2.47EURFINCANTIERI SPA200,000 195,000.00 1.46EURFINECOBANK SPA20,000 192,000.00 1.43EURGAMENET GROUP SPA30,500 241,560.00 1.80EURHERA SPA36,000 119,736.00 0.89EURIMA SPA4,500 323,775.00 2.42EURINFRASTRUTTURE WIRELESS ITALIANE SPA50,000 432,500.00 3.23EURINTERPUMP GROUP SPA6,000 159,480.00 1.19EURINTESA SANPAOLO SPA180,000 338,148.00 2.53EURIREN SPA69,000 156,768.00 1.17EURLEONARDO SPA20,000 221,100.00 1.65EURMAIRE TECNIMONT SPA79,170 222,151.02 1.66EURMEDIASET SPA110,000 315,920.00 2.36EURMEDIOBANCA SPA21,000 190,932.00 1.43EURMONCLER SPA5,000 185,700.00 1.39EURNEXI SPA10,000 90,080.00 0.67EURPIAGGIO AND C SPA100,000 256,600.00 1.92EURRECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA10,000 361,000.00 2.70EURREPLY SPA5,000 296,250.00 2.21EURSAES GETTERS SPA11,383 233,920.65 1.75EURSAIPEM SPA - REG SHS50,000 220,100.00 1.64EURSNAM SPA12,000 53,544.00 0.40EURTECHNOGYM SPA30,000 292,800.00 2.19EURTINEXTA SPA25,000 328,000.00 2.45EURUNICREDIT SPA REG SHS15,000 161,250.00 1.20EUR

CNH INDUSTRIAL NV25,000 224,600.00 1.68EURThe Netherlands 702,590.00 5.25

FERRARI NV1,000 140,800.00 1.05EURFIAT CHRYSLER AUTOMOBILES NV -A-15,000 183,240.00 1.37EURSTMICROELECTRONICS NV10,000 153,950.00 1.15EUR







71Page

LUX IM– Smart Industries

72Page



34,290.63Interests receivable1,043,267.43Brokers receivable1,140,420.58Subscriptions receivable


1,883,144.43Liabilities1,341,388.73Redemptions payable





Expressed in EUR


LUX IM – Smart Industries





01/01/19



Key figures

Total Net Assets 251,746,281.66 268,939,799.25 11,327,844.43



109.551,843,723.202 2,051,415.598

95.3010,004.335



108.19459,927.056 779,527.009

94.22104,076.657


73Page

AMUNDI IDX SOLUTIONS SICAV STOXX AI GLOBAL ARTI INTEL ETF EUR CAP200,000 10,226,204.00 4.06EUR



Equity funds 115,935,158.79 46.05

AXA WORLD FD FRAMLINGTON DIGITAL ECONOMY -I- CAP USD73,011 8,790,763.87 3.49USDBB ADAMANT DIGITAL HEALTH -I2- EUR CAP36,676 6,290,695.31 2.50EURBNY MELLON MOBILITY INNOVATION-USD -E- CAP3,965,629 3,193,153.50 1.27USDCS INV FDS 2 CRD SUIS LUX GLB DI HEA AQ -IBH- EUR CAP4,608 6,618,945.45 2.63EURDWS INVEST SICAV ARTIFICIAL INTELLIGENCE -FC- CAP EUR32,156 3,310,498.59 1.32EURDWS INVEST SICAV CLIMATE TECH -FC- CAP EUR38,772 4,128,407.91 1.64EURINVESTEC GSF GLOBAL ENVIRONMENT FUND -I- ACC EUR CAP267,901 5,692,888.45 2.26EURISHARES II PLC S&P GLOBAL CLEAN ENERGY UCITS ETF DIS USD3,100,000 16,575,700.00 6.57EURL&G ECOMMERCE LOGISTICS UCITS ETF-ACC USD CAP100,000 819,400.00 0.33EURL&G PHARMA BREAKTHROUGH UCITS ETF USD CAP185,000 1,577,310.00 0.63EURLYXOR WORLD WATER UCITS ETF FCP -D EUR- DIS332,000 12,740,168.00 5.05EURML ROBOCAP INST FOUNDER EUR CAP37,417 5,451,966.23 2.17EURROBECO GLOBAL FIN TECH INNOV EQTY -I- EUR CAP63,005 8,455,835.35 3.36EURUNILNDUSTRIE 4.0 FCP -A- DIS EUR67,168 3,341,626.16 1.33EURVARIOPARTNER MIV GLOBAL MEDTECH -I2- CAP EUR3,287 6,645,247.16 2.64EURVONTOBEL FD GLOBAL TREND NEW POWER -I- CAP EUR53,387 6,113,843.62 2.43EURWELLINGTON FINTECH FD-S USD CAP556,827 5,962,505.19 2.37USD

AGIF ARTIFICIAL INTELLIGENCE IT -H2- EUR CAP3,930 5,018,234.96 1.99EUROther funds 97,103,837.44 38.57

AXA WORLD FD FRAMLINGTON ROBOTECH -I- CAP USD45,029 5,866,088.00 2.33USDCANDRIAM EQS L ONCLGY IMPCT C CAP USD26,876 4,250,101.99 1.69USDCS INV FDS 2 CS (LUX) GLOBAL ROBOTICS EQ -IB- CAP USD4,034 5,891,830.77 2.34USDEDR FUND BIG DATA -N- USD CAP43,025 4,683,444.23 1.86USDGUINNESS GLO INNOVATORS FD -Y- USD CAP170,413 2,041,393.19 0.81USDISHARES IV HEALTHCARE INNOV CAP USD1,750,000 9,562,000.00 3.80EURISHARES IV PLC AUTOMATION AND ROBOTICS ETF CAP USD570,000 3,756,300.00 1.49EURISHARES IV PLC DIGITALIS - USD ETF CAP1,900,000 11,571,000.00 4.61EURL&G BATT VAL UCITS ETF CAP USD775,000 5,474,600.00 2.17EURL&G CYBER ETF SHS USD CAP805,000 11,105,780.00 4.41EURL&G ROBOTICS AND AUTOMATION EUR CAP270,000 3,662,820.00 1.45EURLYXOR INDEX FD ROBOTICS & AI UCITS ETF USD CAP210,000 3,750,600.00 1.49EURPOLAR CAPITAL FDS PLC AUTOMATION & AI-IUSDA -I- USD CAP547,579 5,293,481.61 2.10USDROBECO CAPITAL GROWTH FD GLOBAL INDUST INNOV EQ -I- EUR CAP53,735 6,457,373.68 2.57EURROBECO SAM SMART MOBILITY FD -C- EUR CAP35,679 3,423,797.53 1.36EURSYMP L EI VH RV -I- EUR CAP201,730 2,704,991.48 1.07EURWISDOM TREE ARTIFICIAL INTEL UCITS ETF USD CAP100,000 2,590,000.00 1.03EUR






74Page

LUX IM– Global Emerging Markets Strategy

75Page



1,155.58Interests receivable799,919.18Subscriptions receivable







Expressed in EUR


LUX IM – Global Emerging Markets Strategy





01/01/19



Key figures

Total Net Assets 156,905,538.90 120,726,453.34 49,322,325.26



92.561,669,569.272 1,394,323.945

84.73371,464.024



92.5825,605.868 30,468.563

84.86129,197.739


76Page

MERRILL LYNCH INT 30.10.19 WAR6,108 7,027,813.17 4.48USD


Warrants, Rights 7,027,813.17 4.48

The Netherlands Antilles 7,027,813.17 4.48

ARTEMIS LUX GBL EMERGING MKTS-FI EUR CAP9,446,646 10,623,697.80 6.77EUR



Equity funds 104,871,386.73 66.84

BGF EMERGING MARKETS FD -D2- CAP EUR502,952 18,066,031.53 11.51EURCREDIT SUISSE INDEX FD (LUX) SICAV EQ EM MKTS FUNDAMENTAL -QB-EURCAP

2,347 3,326,777.18 2.12EUR

ISHARES III PLC MSCI ACC ETF USD CAP92,000 2,724,580.00 1.74EURISHARES PLC MSCI KOREA UCITS ETF USD (DIST) DIS235,000 8,407,830.00 5.36EURLYXOR MSCI ETF EME MKT FCP -A- EUR CAP1,010,200 10,467,692.40 6.67EURSPDR MSCI EM ETF EUR CAP199,000 9,563,343.00 6.09EURT.ROWE PRICE FD EME MKTS EQ -I- CAP USD570,541 19,833,569.05 12.65USDUBS ETF MSCI EMERGING MARKETS UCITS ETF -A USD- DIS75,000 6,908,700.00 4.40EURUBS IRL INV SELECTION PLC UBS GB EM -Q- USD CAP134,167 14,949,165.77 9.53USD

AMERICAN CENT EM MKT EQUITY -FX- USD CAP320,848 2,652,919.62 1.69USDOther funds 38,013,584.35 24.23

AMUNDI IDX SOLUTIONS SICAV MSCI EM M EUR CAP2,311,000 9,525,710.90 6.07EURAMUNDI IDX SOLUTIONS SICAV MSCI EMA EUR CAP760,000 21,588,560.00 13.76EURMORGAN STANLEY INV FD EMERGING LEADERS EQUITY FD -Z- CAP USD144,883 4,246,393.83 2.71USD

ISHARES IV PLC EUR ULTRASHORT BD UCITS ETF DIS EUR45,000 4,506,300.00 2.87EURBond funds 4,506,300.00 2.87






77Page

LUX IM– Global ESG

78Page




132,050.00Dividends receivable46,131.28Unrealised appreciation on financial futures1,986.52Other assets

641,321.15Liabilities347.18Accrued performance fees





Expressed in EUR


LUX IM – Global ESG





01/01/19



Key figures

Total Net Assets 160,422,913.83 93,976,559.85 28,813,256.01



103.691,272,611.324 732,174.283

90.82189,360.604



103.68274,527.247 302,278.961

90.92100,542.270


79Page

BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW CAP EUR31,000 6,986,005.00 4.35EUR



Equity funds 75,397,032.14 47.00

BNP PARIBAS EASY MSCI WORLD UCITS ETF CAP USD990,000 8,926,240.93 5.56USDBNP PARIBAS EASY-MSCI KLD 400 US SRI-DIS EUR695,000 7,391,186.00 4.61EURDPAM EQUITIES L-US SRI MSCI INDEX F CAP EUR38,000 5,483,020.00 3.42EURDPAM INVEST B EQ WLD SUSTAINABLE -F- CAP EUR37,613 8,812,831.80 5.49EURISHARES IV PLC MSCI USA ETF (USD) CAP1,350,000 9,085,796.28 5.66USDISHARES MSCI EMU ESG SCREEND UCITS TEF EUR CAP1,350,000 7,240,050.00 4.51EURMULTIPARTNER ROBECOSAM GLOBAL SDG EQ -F- EUR CAP34,000 3,741,020.00 2.33EUROSSIAM ESG MACHINE LEARN ETF 1A USD CAP28,451 2,737,162.13 1.71USDUBS ETF MSCI USA SOC RESP-A-EUR DIS90,000 9,379,800.00 5.86EURVONTOBEL FD CLEAN TECHNOLOGY -I- CAP EUR16,000 5,613,920.00 3.50EUR

BNP PARIBAS E LC 100E -UCITS ETF- CAP EUR18,000 3,108,240.00 1.94EUROther funds 63,936,475.48 39.85

CANDRIAM SRI EQUITY EUROPE -I- EUR CAP3,681 4,376,353.01 2.73EURCANDRIAM SRI EQUITY NORTH AMERICA -I- USD USD4,250 4,864,256.50 3.03USDEAST K LUX CHN EAST ASI-P EUR- CAP10,500 2,200,605.75 1.37EURISHARES IV PLC MSCI JAPN SRI ETF EUR CAP955,000 4,549,142.50 2.84EURISHARES MSCI EM IMI ESG SCREENED ETF USD CAP260,000 1,246,700.00 0.78EURLYXOR INDEX FD SG GL GENDER EQUALITY -C- USD CAP295,000 2,770,935.00 1.73EURLYXOR MSCI EM ESG TREND LEAD EUR CAP80,000 1,250,240.00 0.78EURNN (L) GLOBAL SUSTAINABLE EQ -I- CAP EUR18,800 7,374,052.65 4.59EUROSSIAM ESG LOW CAR SHIL BARC CAPE A1 USD CAP70,000 4,523,200.07 2.82USDOSSIAM LUX US MIN VAR UCITS ETF -1C- CAP EUR25,000 4,843,500.00 3.02EURUBS ETF M WLD SR -A- USD DIS85,000 7,241,150.00 4.51EURUBS ETF MSCI PACIFIC SOCIALLY RESP UCITS ETF -A USD- DIS65,000 3,963,700.00 2.47EURXTRACKERS (IE) PLC ESG MSCI WORLD UCITS ETF -1C- USD CAP600,000 11,624,400.00 7.24EUR






80Page

LUX IM– Global Emerging Equities

81Page


57,299.22Unrealised profit on the securities portfolio584,519.92Cash at banks

235.87Interests receivable294,449.79Subscriptions receivable


148,510.63Liabilities61,564.02Bank overdrafts28,067.78Redemptions payable47,169.67Accrued management fees




Expressed in EUR


LUX IM – Global Emerging Equities





01/01/19





82Page

Key figures


Total Net Assets 22,206,104.80 10,551,944.73

31/12/1830/06/19Period ending as at:


94.9471,540.019 31,716.141



97.1588,038.076 59,178.571



100.04139.612 0.000



95.5971,628.270 28,927.168


83Page

MERRILL LYNCH INT 30.10.19 WAR500 575,295.77 2.59USD

Transferable securities admitted to an official stock exchange listing and/or dealt inon another regulated market 575,295.77 2.59


The Netherlands Antilles 575,295.77 2.59

ISHARES III PLC MSCI ACC ETF USD CAP99,000 2,931,885.00 13.20EUR



Equity funds 13,046,839.80 58.76

ISHARES PLC MSCI KOREA UCITS ETF USD (DIST) DIS30,000 1,073,340.00 4.83EURLYXOR MSCI ETF EME MKT FCP -A- EUR CAP289,000 2,994,618.00 13.49EURSPDR MSCI EM ETF EUR CAP62,000 2,979,534.00 13.42EURUBS ETF MSCI EMERGING MARKETS UCITS ETF -A USD- DIS33,300 3,067,462.80 13.82EUR

AMUNDI IDX SOLUTIONS SICAV MSCI EM M EUR CAP730,000 3,008,987.00 13.55EUROther funds 7,099,451.00 31.97

AMUNDI IDX SOLUTIONS SICAV MSCI EMA EUR CAP144,000 4,090,464.00 18.42EUR

ISHARES IV PLC EUR ULTRASHORT BD UCITS ETF DIS EUR7,500 751,050.00 3.38EURBond funds 751,050.00 3.38






84Page

LUX IM– Innovation Strategy

85Page



175,292.59Dividends receivable416,410.74Unrealised appreciation on forward foreign exchange contracts37,471.96Unrealised appreciation on financial futures15,617.24Other assets


267,555.68Accrued performance fees763,808.20Redemptions payable614,606.40Accrued management fees11,869.55Accrued depositary fees




Expressed in EUR


LUX IM – Innovation Strategy





01/01/19





86Page

Key figures


Total Net Assets 247,344,798.59 190,705,065.60



109.04666,865.350 582,979.019



109.441,271,442.653 1,174,039.660



111.159,633.687 10,653.312



110.74310,703.789 283,398.244


87Page

ADVANCED MICRO DEVICES INC164,975 4,460,862.47 1.81USD


Shares 145,421,846.11 58.79


AMAZON.COM INC1,475 2,470,697.98 1.00USDAMERICAN EXPRESS CO39,633 4,320,811.03 1.75USDBANK OF AMERICA CORP50,037 1,241,627.10 0.50USDBROADCOM - REG SHS17,742 4,458,870.41 1.81USDBROADRIDGE FINANCIAL SOLUTIONS INC32,506 3,679,924.53 1.49USDCISCO SYSTEMS INC61,598 3,019,621.36 1.22USDCITIGROUP INC51,929 3,112,953.64 1.26USDCME GROUP INC -A-17,787 3,033,732.95 1.23USDCOMCAST CORP97,153 3,589,238.69 1.45USDCVS HEALTH CORP30,000 1,444,517.75 0.58USDDOCUSIGN INC12,890 574,287.29 0.23USDEPAM SYSTEMS INC8,083 1,229,531.77 0.50USDFACEBOOK INC -A-11,195 1,866,079.52 0.75USDIBM CORP15,281 1,861,920.32 0.75USDINTERCONTINENTALEXCHANGE GROUP INC49,099 3,693,060.20 1.49USDJP MORGAN CHASE & CO38,512 3,687,070.48 1.49USDMASTERCARD INC -A-10,604 2,435,417.51 0.98USDMICROSOFT CORP25,822 3,047,034.61 1.23USDNASDAQ INC50,654 4,284,993.78 1.73USDORACLE CORP86,873 4,338,109.87 1.76USDPAYPAL HOLDINGS INC5,954 595,321.44 0.24USDPFIZER INC32,444 1,239,427.29 0.50USDQUALCOMM INC9,723 645,121.07 0.26USDSALESFORCE.COM INC17,997 2,385,510.78 0.96USDS&P GLOBAL INC18,348 3,663,467.05 1.48USDSQUARE INC -A-9,504 595,896.66 0.24USDVISA INC -A-16,283 2,452,511.84 0.99USDWALMART INC51,289 4,967,162.69 2.02USDXILINX INC18,489 1,922,003.80 0.78USD

ALIBABA GROUP HOLDING LTD29,426 4,423,541.72 1.79USDCayman Islands 12,385,543.18 5.01

BAIDU IN REPR 1/10 SH -A- ADR5,979 610,285.58 0.25USDJD COM INC ADR REPR 2SHS -A-121,441 3,235,649.29 1.31USDTENCENT HLDGS LTD93,572 3,716,717.51 1.50HKDXUNLEI LTD ADR181,600 399,349.08 0.16USD

DEUTSCHE BOERSE AG REG SHS24,748 3,056,378.00 1.23EURGermany 7,378,761.55 2.98

DEUTSCHE TELEKOM AG REG SHS81,301 1,233,336.17 0.50EURSAP AG15,827 1,867,586.00 0.76EURSIEMENS AG REG SHS11,797 1,221,461.38 0.49EUR

DIGITAL GARAGE INC22,100 615,795.06 0.25JPYJapan 6,270,737.86 2.54

HITACHI LTD20,100 648,593.72 0.26JPYLINE CORP24,900 613,445.82 0.25JPYNTT DATA CORP55,900 655,470.67 0.27JPYSBI HOLDING INC113,400 2,471,300.87 1.00JPYSOFTBANK GROUP CORP14,800 624,628.21 0.25JPYSONY CORP13,900 641,503.51 0.26JPY

PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD -H-543,145 5,739,181.48 2.32HKDChina 5,739,181.48 2.32

IBERDROLA SA348,101 3,054,934.38 1.24EURSpain 4,911,587.13 1.99

TELEFONICA SA257,368 1,856,652.75 0.75EUR

IHS MARKIT LTD70,857 3,932,864.23 1.59USDBermuda 3,932,864.23 1.59

AXA SA80,981 1,862,563.00 0.75EURFrance 3,743,291.17 1.51

CARREFOUR SA37,158 628,527.57 0.25EURWORLDLINE SA19,782 1,252,200.60 0.51EUR





88Page

HIVE BLOCKCHAIN TECHNOLOGIES LTD200,000 60,358.12 0.02CADCanada 3,164,082.69 1.28

THE TORONTO-DOMINION BK12,164 620,966.86 0.25CADTMX GR LTD40,902 2,482,757.71 1.01CAD

ACCENTURE PLC -A-18,960 3,052,012.14 1.23USDIreland 3,052,012.14 1.23

SAMSUNG ELEC GDR REP.0.5 VGT HS -144A-3,000 2,654,703.79 1.07USDSouth Korea 2,654,703.79 1.07

ASX LTD49,523 2,516,321.95 1.02AUDAustralia 2,516,321.95 1.02

ROYAL DUTCH SHELL PLC -A-85,683 2,466,813.57 1.00EURUnited Kingdom 2,466,813.57 1.00

SINGAPORE EXCHANGE LTD241,200 1,241,706.91 0.50SGDSingapore 1,241,706.91 0.50

REPLY SPA20,581 1,219,424.25 0.49EURItaly 1,219,424.25 0.49

TAIWAN SEMICON CO LTD ADR (REPR 5 SHS)34,918 1,215,994.74 0.49USDTaiwan 1,215,994.74 0.49

GLOBANT SA REG SHS13,663 1,193,536.99 0.48USDLuxembourg 1,193,536.99 0.48

A.P. MOELLER - MAERSK AS650 692,346.34 0.28DKKDenmark 772,444.82 0.31

MAERSK DRILLING - REG SHS1,178 80,098.48 0.03DKK

AIRBUS SE5,054 626,089.52 0.25EURThe Netherlands 626,089.52 0.25

QIWI PLC ADR REPR 1SH -B-35,205 619,962.26 0.25USDCyprus 619,962.26 0.25

AMAZON COM INC 1.90 18-20 21/02S6,600,000 5,793,410.74 2.34USD

Bonds 40,704,843.65 16.46


BANK OF AMERICA CORP 2.25 15-20 21/04S3,000,000 2,639,147.65 1.07USDCISCO SYSTEMS INC 1.40 16-19 20/09S5,000,000 4,388,661.65 1.77USDCITIGROUP INC 2.50 14-19 29/07S2,000,000 1,759,497.73 0.71USDCOMCAST CORP 5.15 10-20 01/03S3,000,000 2,688,059.11 1.09USDINTEL CORP 1.85 17-20 11/05S3,500,000 3,068,353.35 1.24USDJP MORGAN CHASE & CO 4.25 10-20 15/10S4,000,000 3,604,274.97 1.46USDMICROSOFT CORP 1.85 17-20 06/02S6,500,000 5,708,862.21 2.31USDORACLE CORP 3.875 11-15 15/07S3,500,000 3,133,913.89 1.27USDVISA INC 2.20 15-20 14/12S6,000,000 5,286,977.17 2.14USDWALT DISNEY COM 1.95 17-20 04/03S3,000,000 2,633,685.18 1.06USD

FIRST TRUST INDXX INNOVATIVE TRANSACTION PRO -A- CAP USD100,000 1,894,600.00 0.77EUR



Equity funds 16,573,502.85 6.70

JP MORGAN FD US TECHNOLOGY -C USD- CAP396,854 14,678,902.85 5.93USD

BGF WLD TECNO FD -D2- USD CAP397,271 14,327,404.11 5.79USDOther funds 14,327,404.11 5.79

POLAR CAPITAL FDS PLC GLOBAL TECHNOLOGY -I- USD DIS309,966 13,201,868.73 5.34USDMixed funds 13,201,868.73 5.34






89Page

LUX IM– World Equities

90Page

36,622,208.90Assets34,236,370.40Securities portfolio at market value32,750,971.12Cost price1,485,399.28Unrealised profit on the securities portfolio

766,995.08Cash at banks185.13Interests receivable

1,415,021.46Brokers receivable149,047.81Subscriptions receivable53,230.43Dividends receivable

845.57Unrealised appreciation on forward foreign exchange contracts513.02Other assets

1,402,019.69Liabilities470,189.49Bank overdrafts313,741.91Brokers payable499,644.08Redemptions payable90,310.60Accrued management fees2,034.99Accrued depositary fees




Expressed in EUR


LUX IM – World Equities





01/01/19



F - EUR - Capitalisation 1,336.498 214.958 840.350 711.106


91Page

Key figures


Total Net Assets 35,220,189.21 56,117,028.58



100.6856,549.926 49,873.178



100.96127,278.125 293,724.806



100.69711.106 1,336.498



102.32162,282.598 273,824.515


92Page

ABBOTT LABORATORIES LTD1,872 137,808.58 0.39USD


Shares 31,651,539.16 89.87


ABBVIE INC910 56,032.02 0.16USDACTIVISION BLIZZARD INC542 22,541.02 0.06USDADOBE INC517 133,350.85 0.38USDADVANCED MICRO DEVICES INC1,648 44,561.31 0.13USDAFLAC INC762 36,563.40 0.10USDAGCO CORP575 39,375.25 0.11USDAGILENT TECHNOLOGIES INC220 14,163.52 0.04USDAIR PRODUCTS & CHEMICALS INC369 72,543.87 0.21USDALEXION PHARMACEUTICALS INC161 17,859.62 0.05USDALIGN TECHNOLOGY INC86 20,421.08 0.06USDALLSTATE CORP335 29,508.64 0.08USDALLY FINANCIAL INC1,328 35,441.37 0.10USDALPHABET INC164 155,312.77 0.44USDALPHABET INC -C-164 155,223.33 0.44USDALTRIA GROUP INC1,183 49,844.48 0.14USDAMAZON.COM INC207 346,735.24 0.97USDAMEREN CORPORATION840 55,157.67 0.16USDAMERICAN ELECTRIC POWER CO INC904 69,896.29 0.20USDAMERICAN EXPRESS CO930 101,389.10 0.29USDAMERICAN INTERNATIONAL GROUP INC1,541 71,909.27 0.20USDAMERICAN WATER WORKS CO INC909 92,159.34 0.26USDAMERIPRISE FINANCIAL INC82 10,388.76 0.03USDAMETEK INC446 34,625.47 0.10USDAMGEN INC385 62,319.30 0.18USDAMPHENOL CORP -A-226 19,014.73 0.05USDANADARKO PETROLEUM CORP534 33,129.28 0.09USDANALOG DEVICES INC242 24,020.13 0.07USDANSYS INC320 56,540.79 0.16USDANTHEM INC170 42,231.96 0.12USDAPPLE INC2,249 395,140.31 1.11USDAPPLIED MATERIALS INC654 25,708.99 0.07USDARCHER-DANIELS MIDLAND CO631 22,518.07 0.06USDARTHUR J.GALLAGHER & CO481 36,361.12 0.10USDAT & T INC5,834 169,244.25 0.48USDATMOS ENERGY CORP607 55,972.04 0.16USDAUTODESK INC229 33,286.93 0.09USDAUTOMATIC DATA PROCESSING INC413 59,582.29 0.17USDAUTOZONE INC80 76,286.58 0.22USDBALL CORP974 58,344.90 0.17USDBANK OF AMERICA CORP4,556 113,053.40 0.32USDBANK OF NEW YORK MELLON CORP818 31,220.50 0.09USDBAXTER INTERNATIONAL INC389 27,945.31 0.08USDBB&T CORP595 25,216.26 0.07USDBECTON DICKINSON & CO219 47,995.65 0.14USDBERKSHIRE HATHAWAY INC -B-575 107,236.22 0.30USDBIOGEN INC136 28,683.40 0.08USDBIOMARIN PHARMACEUTICAL INC231 17,074.31 0.05USDBLACKROCK INC76 31,051.13 0.09USDBOEING CO311 99,582.37 0.28USDBOOKING HLDG INC36 58,429.98 0.17USDBOSTON SCIENTIFIC CORP772 28,473.38 0.08USDBRISTOL MYERS SQUIBB CO1,054 41,813.26 0.12USDBROADCOM - REG SHS241 60,567.45 0.17USDBROADRIDGE FINANCIAL SOLUTIONS INC164 18,566.04 0.05USDCAPITAL ONE FINANCIAL CORP306 24,044.49 0.07USDCARMAX INC519 39,653.73 0.11USDCATERPILLAR INC REG SHS424 50,536.13 0.14USDCDW CORP184 17,868.32 0.05USDCELGENE CORP468 38,017.15 0.11USDCENTENE CORP289 13,330.84 0.04USDCERNER CORP585 36,941.68 0.10USD





93Page

CHARLES SCHWAB CORP885 31,294.37 0.09USDCHARTER COMM INC -A-253 87,106.24 0.25USDCHEVRON CORP1,188 128,649.06 0.37USDCHIPOTLE MEXICAN GRILL INC -A-59 37,580.23 0.11USDCIGNA REG SHS292 40,554.06 0.12USDCINCINNATI FINANCIAL CORP624 56,447.34 0.16USDCINTAS CORP341 70,692.60 0.20USDCISCO SYSTEMS INC2,898 142,064.07 0.40USDCITIGROUP INC1,446 86,682.41 0.25USDCLOROX CO167 22,368.03 0.06USDCME GROUP INC -A-246 41,957.51 0.12USDCMS ENERGY CORP1,096 55,443.51 0.16USDCOCA-COLA CO3,489 156,764.85 0.45USDCOGNIZANT TECHNOLOGY SOLUTIONS CORP -A-466 25,848.58 0.07USDCOLGATE-PALMOLIVE CO825 52,351.23 0.15USDCOMCAST CORP3,298 121,841.93 0.35USDCONCHO RES271 24,276.41 0.07USDCONOCOPHILLIPS CO932 50,229.70 0.14USDCONSOLIDATED EDISON INC287 22,028.96 0.06USDCONSTELLATION BRANDS INC -A-168 27,813.06 0.08USDCOOPER COMPANIES INC195 56,873.07 0.16USDCORNING INC720 21,045.52 0.06USDCORTEVA - REG SHS943 24,527.87 0.07USDCOSTCO WHOLESALE CORP503 117,506.04 0.33USDCOTY INC -A-4,641 53,682.68 0.15USDCSX CORP469 31,538.95 0.09USDCUMMINS INC (EX CUMMINS ENGINE INC) REG SHS103 15,243.66 0.04USDCVS HEALTH CORP920 44,298.54 0.13USDDANAHER CORP827 103,283.16 0.29USDDEERE & CO247 35,809.95 0.10USDDELL TECHNOLGES REG SHS C2,314 106,270.78 0.30USDDENTSPLY SIRONA INC897 45,471.36 0.13USDDISCOVER FINANCIAL SERVICES REG SHS305 20,816.25 0.06USDDISH NETWORK -A-1,717 57,648.67 0.16USDDOLLAR GENERAL CORP626 75,140.92 0.21USDDOLLAR TREE INC607 57,739.35 0.16USDDOMINION ENERGY INC REG SHS714 48,184.09 0.14USDDOVER CORP402 34,844.60 0.10USDDOW --- REG SHS927 41,512.57 0.12USDDOWDUPONT - REG SHS840 54,551.79 0.15USDDTE ENERGY COMPANY647 72,596.49 0.21USDDUKE ENERGY CORP492 38,322.21 0.11USDDXC TECHNOLOGY CO445 21,059.07 0.06USDEBAY INC2,574 88,958.49 0.25USDECOLAB INC146 24,683.29 0.07USDEDISON INTERNATIONAL480 27,494.92 0.08USDEDWARDS LIFESCIENCES CORP361 58,882.20 0.17USDELECTRONIC ARTS INC REG SHS264 23,022.35 0.07USDELI LILLY & CO486 47,653.09 0.14USDEMERSON ELECTRIC CO519 30,176.28 0.09USDENTERGY CORP417 37,289.19 0.11USDEOG RESOURCES INC448 36,297.91 0.10USDEQUIFAX INC479 55,798.01 0.16USDESTEE LAUDER COMPANIES INC -A-475 76,064.34 0.22USDEVERSOURCE ENERGY1,184 78,537.57 0.22USDEXACT SCIENCES CORP575 58,195.45 0.17USDEXELON CORP699 29,242.59 0.08USDEXXON MOBIL CORP2,139 142,656.45 0.41USDFACEBOOK INC -A-1,245 207,527.38 0.58USDFASTENAL CO615 17,424.59 0.05USDFEDEX CORP211 30,310.43 0.09USDFIDELITY NATIONAL INC242 25,829.51 0.07USDFIDL NAT FINANCL-A FNF GROUP521 18,258.03 0.05USDFIFTH THIRD BANCORP879 21,100.33 0.06USDFIRST DATA CORP -A-1,571 37,407.72 0.11USDFIRSTENERGY CORP1,285 48,049.74 0.14USDFISERV INC289 23,090.00 0.07USD





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FLEETCOR TECHNOLOGIES INC233 57,224.73 0.16USDFORD MOTOR CO3,787 33,977.57 0.10USDFORTIVE CORP198 14,001.16 0.04USDFORTUNE BRANDS HOME AND SECURITY719 35,391.86 0.10USDFOX CORP6 188.68 0.00USDGARRETT MOTION - REG SHS129 1,761.08 0.01USDGENERAL DYNAMICS CORP158 24,699.62 0.07USDGENERAL ELECTRIC CO5,933 54,275.59 0.15USDGENERAL MILLS INC912 41,891.75 0.12USDGENERAL MOTORS CO1,048 35,325.12 0.10USDGILEAD SCIENCES INC957 56,467.92 0.16USDGLOBAL PAYMENTS INC533 74,887.71 0.21USDGOLDMAN SACHS GROUP INC260 45,584.91 0.13USDHALLIBURTON CO1,494 29,870.80 0.08USDHARRIS CORP245 40,830.10 0.12USDHCA HEALTHCARE INC REG SHS229 27,012.27 0.08USDHEWLETT PACKARD ENTERPRISE CO1,478 19,462.25 0.06USDHILTON WORLDWIDE HLDGS INC REG SHS469 39,822.82 0.11USDHONEYWELL INTERNATIONAL INC571 87,313.75 0.25USDHP INC1,273 23,223.84 0.07USDHUMANA INC156 36,308.75 0.10USDIBM CORP576 70,182.98 0.20USDIDEX CORP120 17,901.04 0.05USDIDEXX LABS CORP INC228 54,560.76 0.15USDILLINOIS TOOL WORKS INC194 25,440.05 0.07USDILLUMINA INC141 44,215.60 0.13USDINCYTE CORP226 16,841.91 0.05USDINTEL CORP2,459 102,655.71 0.29USDINTERCONTINENTALEXCHANGE GROUP INC705 53,027.71 0.15USDINTERNATIONAL PAPER CO863 32,581.22 0.09USDINTUIT INC168 38,124.92 0.11USDINTUITIVE SURGICAL INC113 51,464.03 0.15USDJACOBS ENGIN GROUP527 38,943.81 0.11USDJOHNSON AND JOHNSON INC1,277 158,034.16 0.45USDJP MORGAN CHASE & CO1,285 123,023.62 0.35USDKEURIG DR PEPPR REG SHS1,971 49,723.60 0.14USDKEYCORP1,711 26,097.32 0.07USDKIMBERLY-CLARK CORP378 44,528.09 0.13USDKINDER MORGAN INC4,102 73,643.68 0.21USDKONTOOR BRANDS --- REG SHS55 1,372.52 0.00USDKROGER CO684 12,869.56 0.04USDLABORATORY CORP OF AMERICA HOLDINGS252 37,898.09 0.11USDLAM RESEARCH CORP136 22,266.51 0.06USDLAS VEGAS SANDS CORP3,176 164,212.76 0.47USDLEIDOS HOLDINGS798 55,726.98 0.16USDLIBERTY BROADBAND CORP -C-455 41,123.50 0.12USDLIVE NATION647 38,090.96 0.11USDLOCKHEED MARTIN CORP - REG SHS287 90,652.97 0.26USDLOWE'S COMPANIES INC596 52,090.04 0.15USDLULULEMON ATHLETICA INC SHS148 23,447.49 0.07USDL3 TECHNOLOGIES INC86 18,622.93 0.05USDMARATHON PETROLEUM CORP616 29,460.28 0.08USDMARRIOTT INTERNATIONAL INC (NEW) -A-230 27,977.92 0.08USDMARSH & MCLENNAN COS INC505 44,123.37 0.13USDMARTIN MARIETTA186 37,093.65 0.11USDMASTERCARD INC -A-629 144,462.24 0.41USDMCCORMICK & CO INC NON VOTING291 39,898.11 0.11USDMCDONALD'S CORP765 138,801.56 0.39USDMCKESSON CORP172 20,261.46 0.06USDMERCK AND CO INC1,691 124,692.38 0.35USDMETLIFE INC879 38,002.24 0.11USDMETTLER TOLEDO INTERNATIONAL INC28 20,529.89 0.06USDMICROCHIP TECHNOLOGY INC234 17,936.19 0.05USDMICRON TECHNOLOGY INC968 32,415.67 0.09USDMICROSOFT CORP3,665 432,475.48 1.22USDMONDELEZ INTERNATIONAL INC2,061 98,114.37 0.28USDMONSTER BEVERAGE CORP349 19,515.27 0.06USD





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MOODY S CORP351 60,307.72 0.17USDMORGAN STANLEY869 33,243.44 0.09USDMOTOROLA SOLUTIONS INC502 72,682.59 0.21USDM&T BANK CORP101 14,989.42 0.04USDNETAPP INC279 14,970.31 0.04USDNETFLIX INC252 82,020.53 0.23USDNEWMONT GOLDCORP CORPORATION REG SHS1,026 34,366.96 0.10USDNEWMONT GOLDCORP CORPORATION REG SHS680 22,756.35 0.06CADNEXTERA ENERGY INC641 115,333.20 0.33USDNIKE INC861 63,360.39 0.18USDNORFOLK SOUTHERN CORP172 29,260.50 0.08USDNORTHERN TRUST CORP205 15,839.56 0.04USDNUCOR CORP744 35,712.79 0.10USDNVIDIA CORP396 56,858.06 0.16USDO REILLY AUTO INC80 25,865.86 0.07USDOCCIDENTAL PETROLEUM CORP702 30,720.41 0.09USDOGE ENERGY CO (HOLDING CO)962 35,650.31 0.10USDOMNICOM GROUP INC160 11,399.92 0.03USDONEOK INC (NEW)591 35,038.40 0.10USDORACLE CORP1,485 74,155.30 0.21USDPACCAR INC242 15,047.70 0.04USDPAOLO ALTO NETWORKS INC152 27,394.36 0.08USDPARKER-HANNIFIN CORP126 18,669.75 0.05USDPAYCHEX INC187 13,504.60 0.04USDPAYPAL HOLDINGS INC1,170 116,984.56 0.33USDPEPSICO INC2,039 236,192.91 0.66USDPERSPECTA INC-REG SHS250 5,071.03 0.01USDPFIZER INC2,675 102,190.48 0.29USDPHILIP MORRIS INTERNATIONAL INC961 65,867.19 0.19USDPHILLIPS 66 CO348 28,085.50 0.08USDPIONER NATURAL RESOURCES COMPANY190 25,204.64 0.07USDPNC FINANCIAL SERVICES GROUP INC371 43,944.99 0.12USDPPG INDUSTRIES INC144 14,679.30 0.04USDPPL CORP883 24,225.51 0.07USDPROCTER AND GAMBLE CO1,831 176,810.64 0.50USDPROGRESSIVE CORP299 20,959.06 0.06USDPRUDENTIAL FINANCIAL INC255 22,257.69 0.06USDPUBLIC SERVICE ENTERPRISE GROUP INC355 18,358.14 0.05USDPULTEGROUP INC754 20,925.10 0.06USDQUALCOMM INC670 44,454.50 0.13USDQUINTILES IMS HOLDING INC488 67,234.41 0.19USDRAYTHEON CO176 27,566.13 0.08USDRED HAT INC451 74,648.96 0.21USDREGENERON PHARMACEUTICALS INC85 23,228.17 0.07USDREPUBLIC SERVICES INC -A-777 59,174.61 0.17USDRESIDEO TECHNOLOGIES INC91 1,688.97 0.00USDROCKWELL AUTOMATION INC120 17,113.60 0.05USDROPER TECHNOLOGIES INC253 80,770.39 0.23USDROSS STORES INC749 66,239.57 0.19USDSAGE THERAPEUTICS INC361 57,297.66 0.16USDSALESFORCE.COM INC458 60,708.11 0.17USDSEMPRA ENERGY1,054 125,662.28 0.36USDSERVICENOW INC242 59,286.12 0.17USDSHERWIN WILLIAMS CO68 27,200.60 0.08USDSOUTHERN CO981 47,529.12 0.13USDS&P GLOBAL INC333 66,488.69 0.19USDSPLUNK INC193 21,090.20 0.06USDSQUARE INC -A-340 21,317.85 0.06USDSTARBUCKS CORP3,012 221,386.04 0.62USDSTATE STREET CORP473 23,153.85 0.07USDSTRYKER CORP496 88,366.84 0.25USDSUNTRUST BANKS INC263 14,229.78 0.04USDSYNCHRONY FINANCIAL CO760 22,923.34 0.07USDSYNOPSYS INC346 38,232.41 0.11USDSYSCO CORP359 22,243.88 0.06USDT MOBILE US INC225 14,505.21 0.04USDT ROWE PRICE GROUP INC231 22,054.57 0.06USD





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TARGET CORP1,007 76,062.00 0.22USDTELEFLEX INC179 51,605.09 0.15USDTESLA MOTORS INC128 25,089.96 0.07USDTEXAS INSTRUMENTS INC485 49,427.89 0.14USDTHE HERSHEY CO467 55,406.57 0.16USDTHE HOME DEPOT INC874 159,155.10 0.45USDTHE KRAFT HEINZ CO921 24,927.80 0.07USDTHERMO FISHER SCIENTIFIC INC477 123,260.14 0.35USDTJX COS INC833 38,746.57 0.11USDTOTAL SYSTEM SERVICES INC166 18,722.36 0.05USDTRACTOR SUPPLY CO398 37,879.76 0.11USDTRANSDIGM GROUP132 55,277.79 0.16USDTRAVELERS COMPANIES INC261 34,253.60 0.10USDTRIMBLE981 38,321.86 0.11USDTWITTER INC691 21,121.74 0.06USDTYSON FOODS INC -A-307 21,509.04 0.06USDULTA BEAUTY RG INC REG SHS66 19,983.74 0.06USDUNION PACIFIC CORP456 66,587.99 0.19USDUNITED PARCEL SERVICE INC548 49,022.83 0.14USDUNITED TECHNOLOGIES CORP531 60,239.32 0.17USDUNITEDHEALTH GROUP INC360 78,007.12 0.22USDUS BANCORP1,281 58,570.95 0.17USDVALERO ENERGY CORP365 26,946.78 0.08USDVEEVA SYSTEMS -A-386 54,498.71 0.15USDVERISIGN INC538 98,097.39 0.28USDVERISK ANALYTICS INC632 80,397.45 0.23USDVERIZON COMMUNICATIONS INC2,150 108,270.66 0.31USDVERTEX PHARMACEUTICALS INC219 34,401.21 0.10USDVF CORP REG SHS386 29,437.66 0.08USDVISA INC -A-1,065 160,408.10 0.46USDVULCAN MATERIALS CO472 56,219.84 0.16USDWALGREENS BOOTS ALLIANCE INC717 34,385.22 0.10USDWALMART INC541 52,393.98 0.15USDWALT DISNEY CO1,224 149,978.63 0.43USDWASTE MANAGEMENT INC733 74,689.47 0.21USDWATERS103 19,340.64 0.05USDWEC ENERGY GROUP INC978 71,471.38 0.20USDWELLS FARGO & CO2,307 93,935.90 0.27USDWILLIAMS COMPANIES INC1,536 37,209.34 0.11USDWORKDAY INC -A-136 24,674.64 0.07USDWORLDPAY INC - REG SHS -A-231 25,039.48 0.07USDWR BERKLEY CORP657 37,599.00 0.11USDWYNDHAM --- REG SHS780 38,353.34 0.11USDXCEL ENERGY INC1,173 61,165.01 0.17USDXEROX CORP REG SHS1,805 56,094.16 0.16USDXILINX INC195 20,271.01 0.06USDYUM BRANDS INC815 79,259.71 0.23USDZAYO GROUP HOLDINGS INC1,201 34,967.76 0.10USDZIMMER BIOMET HLDGS INC175 17,760.92 0.05USDZOETIS INC -A-921 91,350.63 0.26USD21ST CENTURY -B- INC568 25,500.92 0.07USD3M CO460 69,393.50 0.20USD


AON PLC499 84,525.16 0.24USDASTRAZENECA PLC894 63,889.90 0.18GBPAVIVA PLC3,167 14,588.40 0.04GBPBAE SYSTEMS PLC3,430 18,817.57 0.05GBPBARCLAYS PLC13,061 21,846.01 0.06GBPBHP GROUP LTD REG SHS2,248 50,384.48 0.14GBPBP PLC10,327 63,415.24 0.18GBPBRITISH AMERICAN TOBACCO PLC1,526 46,794.16 0.13GBPBT GROUP PLC9,529 21,117.23 0.06GBPCOCA-COLA EUROPEAN PARTNERS PLC422 20,488.10 0.06EURCOMPASS GROUP PLC1,681 35,351.98 0.10GBPDIAGEO PLC2,383 89,521.93 0.25GBPGLAXOSMITHKLINE PLC3,579 63,135.35 0.18GBP





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HSBC HOLDINGS PLC14,149 103,309.15 0.29GBPIMPERIAL BRANDS PLC REG SHS939 19,787.27 0.06GBPJ SAINSBURY PLC61,946 132,208.56 0.39GBPLEGAL & GENERAL GROUP PLC7,309 21,915.59 0.06GBPLIBERTY GLOBAL -C-826 19,043.37 0.05USDLLOYDS BANKING GROUP PLC56,114 35,578.08 0.10GBPLSE GROUP PLC1,213 73,715.99 0.21GBPNATIONAL GRID PLC4,060 37,716.17 0.11GBPPRUDENTIAL PLC1,686 31,875.70 0.09GBPQUILTER PLC4 6.26 0.00GBPRECKITT BENCKISER GROUP PLC463 32,086.81 0.09GBPRELX PLC2,052 43,840.68 0.12GBPRELX PLC16,545 353,481.49 1.01EURRIO TINTO PLC1,158 62,348.38 0.18GBPROLLS ROYCE HOLDINGS PLC2,166 20,389.57 0.06GBPROYAL DUTCH SHELL PLC -A-4,386 126,272.94 0.37EURROYAL DUTCH SHELL PLC -A-3,321 95,634.29 0.27GBPROYAL DUTCH SHELL PLC -B-2,732 79,038.51 0.22GBPSAGE GROUP PLC6,524 57,965.24 0.16GBPSMITH AND NEPHEW PLC2,229 42,079.58 0.12GBPSTANDARD CHARTERED PLC2,470 19,577.12 0.06GBPTESCO PLC11,652 29,519.78 0.08GBPUNILEVER PLC1,116 60,510.15 0.17GBPVODAFONE GROUP PLC21,967 31,515.10 0.09GBP3I GROUP PLC2,847 35,174.80 0.10GBP


BRIDGESTONE CORP700 24,263.77 0.07JPYCANON INC1,000 25,706.81 0.07JPYCENTRAL JAPAN RAILWAY CO100 17,633.60 0.05JPYDAIICHI SANKYO CO LTD700 32,231.57 0.09JPYDAIKIN INDUSTRIES LTD200 22,985.78 0.07JPYDENSO CORP300 11,112.11 0.03JPYEAST JAPAN RAILWAY CO300 24,709.92 0.07JPYEISAI CO LTD400 19,908.48 0.06JPYFANUC CORPORATION200 32,570.68 0.09JPYFAST RETAILING CO LTD100 53,219.48 0.15JPYHITACHI CHEMICAL CO LTD2,300 54,991.01 0.16JPYHITACHI HIGH-TECHNOLOGIES CORP800 36,215.07 0.10JPYHITACHI LTD1,300 41,948.85 0.12JPYHONDA MOTOR CO LTD1,200 27,308.38 0.08JPYHOYA CORP800 53,956.53 0.15JPYITOCHU CORP1,400 23,571.66 0.07JPYJAPAN POST HOLDINGS CO1,100 10,965.84 0.03JPYJAPAN TOBACCO INC700 13,610.48 0.04JPYJXTG HOLDINGS INC2,500 10,916.82 0.03JPYKAO CORP300 20,125.84 0.06JPYKDDI CORP2,500 56,044.70 0.16JPYKIRIN HOLDINGS CO LTD1,200 22,783.13 0.06JPYKOMATSU LTD1,100 23,369.83 0.07JPYKYOCERA CORP500 28,742.44 0.08JPYMITSUBISHI CORP1,100 25,527.05 0.07JPYMITSUBISHI ELECTRIC CORP1,600 18,552.05 0.05JPYMITSUBISHI UFJ FINANCIAL GROUP INC8,400 35,143.00 0.10JPYMITSUI AND CO LTD1,700 24,365.09 0.07JPYMIZUHO FINANCIAL GROUP INC20,700 26,403.58 0.07JPYMURATA MANUFACTURING CO LTD500 19,774.47 0.06JPYNIDEC CORP300 36,096.58 0.10JPYNINTENDO CO LTD100 32,268.34 0.09JPYNIPPON TELEGRAPH & TELEPHONE CORP NTT700 28,696.68 0.08JPYNISSAN MOTOR CO LTD2,500 15,762.38 0.04JPYNTT DOCOMO INC1,400 28,742.44 0.08JPYORIENTAL LAND CO LTD500 54,502.37 0.15JPYORIX CORP3,200 42,046.09 0.12JPYOTSUKA CORP1,000 35,422.45 0.10JPYPANASONIC CORP2,600 19,069.78 0.05JPYPERSOL HOLDINGS CO LTD2,700 55,840.01 0.16JPY





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RAKUTEN INC3,300 34,515.44 0.10JPYRECRUIT HOLDINGS CO LTD1,100 32,304.30 0.09JPYSECOM CO LTD500 37,890.18 0.11JPYSEVEN & I HOLDINGS CO LTD1,100 32,789.67 0.09JPYSHIN-ETSU CHEMICAL CO LTD300 24,599.61 0.07JPYSHIONOGI CO LTD500 25,367.71 0.07JPYSHISEIDO CO LTD400 26,543.55 0.08JPYSOFTBANK GROUP CORP1,000 42,204.61 0.12JPYSONY CORP1,100 50,766.47 0.14JPYSUMITOMO CORP1,800 24,011.28 0.07JPYSUMITOMO MITSUI FINANCIAL GROUP INC1,000 31,099.85 0.09JPYSUZUKI MOTOR CORP300 12,413.79 0.04JPYTAIYO NIPPON SANSO CORP3,000 56,087.60 0.17JPYTAKEDA PHARMACEUTICAL CO LTD1,200 37,486.52 0.11JPYTERUMO CORP400 10,491.91 0.03JPYTOHO CO1,400 52,394.18 0.15JPYTOKIO MARINE HOLDINGS INC500 22,058.34 0.06JPYTOKYO ELECTRON LTD200 24,709.92 0.07JPYTOSHIBA CORP700 19,190.23 0.05JPYTOYOTA MOTOR CORP1,500 81,974.18 0.24JPY

AGNICO EAGLE MINES LTD1,359 60,754.44 0.17CADCanada 1,337,546.86 3.80

BANK OF MONTREAL563 37,164.57 0.11CADBANK OF NOVA SCOTIA813 38,700.78 0.11CADBARRICK GOLD2,948 40,707.75 0.12CADBROOKFIELD ASSET MANAGEMENT INC -A-1,199 50,208.28 0.14CADCAE INC1,966 45,843.89 0.13CADCANADIAN IMPERIAL BANK OF COMMERCE595 40,709.48 0.12CADCANADIAN NATIONAL RAILWAY CO467 37,582.99 0.11CADCANADIAN NATURAL RESOURCES LTD940 22,165.11 0.06CADCANADIAN PACIFIC RAILWAY LTD339 69,739.29 0.19CADCGI GROUP --- REG SHS -A-832 56,104.62 0.16CADCONSTELLATION SOFTWARE INC46 37,644.36 0.11CADDOLLARAMA INC1,922 58,996.67 0.17CADEMERA INC1,058 37,953.47 0.11CADEMPIRE -A- NON VOTING1,890 41,790.15 0.12CADENBRIDGE INC1,370 42,797.00 0.12CADGILDAN ACTIVEWEAR1,238 41,820.17 0.12CADMANULIFE FINANCIAL CORP REG SHS1,114 17,766.03 0.05CADNUTRIEN - REG SHS1,042 49,126.55 0.14CADOPEN TEXT561 20,309.02 0.06CADPEMBINA PIPELINE CORP1,171 37,687.81 0.11CADROGERS COMMUNICATIONS -B- NON VOTING1,183 55,131.56 0.16CADROYAL BANK OF CANADA977 67,789.16 0.19CADSHOPIFY INC -A- SUBORD VOTING143 37,848.82 0.11CADSUN LIFE FINANCIAL INC648 23,467.24 0.07CADSUNCOR ENERGY INC1,171 31,986.34 0.09CADTHE TORONTO-DOMINION BK1,266 64,628.74 0.18CADTHOMSON REUTERS REG SHS749 42,269.70 0.12CADTRANSCANADA - REG SHS1,247 53,740.34 0.15CADWASTE CONNECTIONS895 75,112.53 0.20CAD

ANZ BANKING GROUP LTD2,927 50,934.96 0.14AUDAustralia 1,154,194.92 3.28

APA GROUP STAPLED SECURITY8,240 54,896.06 0.16AUDARISTOCRAT LEISURE LTD3,006 56,963.99 0.16AUDASX LTD1,119 56,857.71 0.16AUDBHP GROUP LTD4,563 115,855.33 0.33AUDCOLES GRP --- REG SHS2,000 16,470.30 0.05AUDCOMMONWEALTH BANK OF AUSTRALIA1,845 94,213.25 0.27AUDCSL LTD737 97,745.36 0.28AUDMACQUARIE GROUP584 45,171.65 0.13AUDMEDIBANK PRIVATE LTD27,232 58,626.66 0.17AUDNATIONAL AUSTRALIA BANK LTD2,781 45,838.21 0.13AUDNEWCREST MINING LTD3,260 64,250.82 0.18AUDRAMSAY HEALTH CARE LTD853 38,011.67 0.11AUDRIO TINTO LTD228 14,593.35 0.04AUD





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TABCORP HOLDINGS LTD58 159.21 0.00AUDTELSTRA CORP23,784 56,485.35 0.16AUDTRANSURBAN GROUP - STAPLED SECURITY15,072 137,043.54 0.39AUDWESFARMERS LTD860 19,183.02 0.05AUDWESTPAC BANKING CORP3,015 52,745.30 0.15AUDWOODSIDE PETROLEUM LTD801 17,965.80 0.05AUDWOOLWORTHS GRP LTD - REG SHS2,936 60,183.38 0.17AUD

AIR LIQUIDE SA328 39,934.00 0.11EURFrance 1,147,589.82 3.26

ATOS SE556 39,720.64 0.11EURAXA SA1,787 41,101.00 0.12EURBIOMERIEUX SA484 35,090.00 0.10EURBNP PARIBAS SA760 31,498.20 0.09EURCAPGEMINI SE157 17,065.90 0.05EURCIE DE SAINT-GOBAIN SA715 24,281.40 0.07EURDANONE SA597 44,595.90 0.13EURDASSAULT SYSTEMES SA137 19,043.00 0.05EUREDENRED SA1,312 58,384.00 0.17EURENGIE SA2,348 30,876.20 0.09EURESSILORLUXOTTICA SA392 44,531.20 0.13EURHERMES INTERNATIONAL SA60 37,644.00 0.11EURINGENICO GROUP SA739 57,272.50 0.16EURKERING SA53 27,326.80 0.08EURL'OREAL SA350 86,800.00 0.24EURLVMH MOET HENNESSY LOUIS VUITTON SA218 80,300.30 0.22EURMICHELIN SA REG SHS360 39,870.00 0.11EURORANGE SA2,747 37,991.01 0.11EURPERNOD RICARD SA372 60,040.80 0.17EURSAFRAN SA335 42,997.25 0.12EURSANOFI SA791 59,862.88 0.17EURSCHNEIDER ELECTRIC SE428 33,803.44 0.10EURSOCIETE GENERALE SA912 20,054.88 0.06EURTOTAL SA1,462 71,820.75 0.20EURVINCI SA469 42,088.06 0.12EURVIVENDI SA991 23,595.71 0.07EUR

ABB LTD REG SHS1,675 29,362.43 0.08CHFSwitzerland 1,146,480.51 3.26

CHUBB SA REG SHS472 61,098.23 0.17USDCOMPAGNIE FINANCIERE RICHEMONT SA REG SHS466 34,680.04 0.10CHFCREDIT SUISSE GROUP AG REG SHS2,184 23,092.91 0.07CHFGARMIN LTD276 19,487.64 0.06USDGIVAUDAN SA REG SHS30 73,484.81 0.21CHFLAFARGEHOLCIM LTD REG SHS346 14,923.54 0.04CHFLONZA GROUP AG REG SHS94 27,457.73 0.08CHFNESTLE SA REG SHS2,853 258,175.64 0.74CHFNOVARTIS AG REG SHS1,905 152,931.43 0.43CHFROCHE HOLDING AG522 128,497.73 0.36CHFSIKA AG - REG SHS263 39,074.29 0.11CHFSONOVA HOLDING AG REG SHS274 54,319.19 0.15CHFSTRAUMANN HOLDING AG REG SHS68 52,282.74 0.15CHFSWISS LIFE HOLDING AG REG SHS95 41,094.71 0.12CHFSWISS RE AG REG SHS302 26,763.52 0.08CHFTE CONNECTIVITY LTD REG SHS350 29,296.74 0.08USDUBS GROUP AG REG SHS3,238 33,727.65 0.10CHFZURICH INSURANCE GROUP AG REG SHS153 46,729.54 0.13CHF


ALLIANZ SE REG SHS413 86,998.45 0.25EURBASF SE REG SHS620 39,109.60 0.11EURBAYER AG REG SHS707 43,028.02 0.12EURBMW AG526 34,111.10 0.10EURDAIMLER AG REG SHS789 38,104.76 0.11EURDEUTSCHE BANK AG REG SHS2,733 17,933.95 0.05EURDEUTSCHE BOERSE AG REG SHS506 62,491.00 0.18EURDEUTSCHE POST AG REG SHS967 27,424.12 0.08EURDEUTSCHE TELEKOM AG REG SHS3,336 50,607.12 0.14EUR





100Page

E.ON SE REG SHS7,284 69,554.92 0.20EURFRESENIUS SE & CO KGAA411 19,678.68 0.06EURHENKEL AG & CO KGAA320 26,937.60 0.08EURINNOGY SE511 21,308.70 0.06EURMETRO WHOLESALE AND FOOD SPECIALIST AG1,100 17,600.00 0.05EURMUNICH REINSURANCE COMPANY AG REG SHS142 31,353.60 0.09EURPUMA AG610 34,892.00 0.10EURSAP AG944 111,392.00 0.31EURSARTORIUS AG VORZ.OHNE STIMMRECHT.310 55,645.00 0.16EURSIEMENS AG REG SHS505 52,287.70 0.15EURSYMRISE AG228 19,348.08 0.05EURVOLKSWAGEN AG PREFERENTIAL SHARE169 24,873.42 0.07EURWIRECARD AG167 24,849.60 0.07EUR

CHR. HANSEN HOLDING AS427 35,710.39 0.10DKKDenmark 784,089.79 2.23

DSV AS247 20,921.57 0.06DKKNOVO NORDISK AS1,627 72,894.83 0.21DKKORSTED4,071 309,589.63 0.88DKKTRYG AS1,293 37,246.02 0.11DKKVESTAS WIND SYSTEMS AS4,000 307,727.35 0.87DKK

ACCENTURE PLC -A-551 88,695.08 0.25USDIreland 615,641.84 1.75

ALLEGION PLC517 49,464.83 0.14USDALLERGAN PLC271 39,573.13 0.11USDCRH PLC1,193 34,060.15 0.10EUREATON CORPORATION PUBLIC LIMITED COMPANY319 23,211.22 0.07USDINGERSOLL-RAND PLC562 61,472.23 0.17USDJOHNSON CONTROLS INTERNATIONAL PLC1,867 66,560.68 0.19USDLINDE PLC662 115,816.90 0.33EURMEDTRONIC PLC975 83,602.06 0.24USDWILLIS TOWERS WATSON PLC320 53,185.56 0.15USD

AIRBUS SE790 97,865.20 0.28EURThe Netherlands 602,597.14 1.71

AKZO NOBEL NV360 29,462.40 0.08EURASML HLDG NV262 47,081.40 0.13EURFERRARI NV299 42,099.20 0.12EURFIAT CHRYSLER AUTOMOBILES NV -A-1,824 22,281.98 0.06EURHEINEKEN NV224 21,696.64 0.06EURING GROUP NV2,952 30,069.07 0.09EURKONINKLIJKE AHOLD DELHAIZE NV1,278 25,122.92 0.07EURKONINKLIJKE DSM NV666 72,294.30 0.21EURLYONDELLBASELL INDUSTRIES NV -A-299 22,786.96 0.06USDNXP SEMICONDUCTORS NV204 17,806.15 0.05USDROYAL PHILIPS NV915 34,770.00 0.10EURUNILEVER NV1,528 81,075.68 0.23EURWOLTERS KLUWER NV914 58,185.24 0.17EUR

AMADEUS IT GROUP SA -A-336 23,083.20 0.07EURSpain 566,137.80 1.61

BANCO BILBAO VIZCAYA ARGENTARIA SA REG SHS5,298 25,976.09 0.07EURBANCO SANTANDER SA REG SHS11,120 44,880.32 0.13EURENDESA SA2,370 55,529.10 0.16EURGAMESA CORPORACION TECNOLOGICA SA17,673 259,528.01 0.73EURIBERDROLA SA10,664 93,587.26 0.26EURINDUSTRIA DE DISENO TEXTIL SA884 23,258.04 0.07EURREPSOL SA1,007 13,805.97 0.04EURTELEFONICA SA3,672 26,489.81 0.08EUR

ASSICURAZIONI GENERALI SPA1,137 18,771.87 0.05EURItaly 332,519.80 0.94

ENEL SPA14,019 85,291.60 0.23EURENI SPA2,088 30,205.01 0.09EURINTESA SANPAOLO SPA14,091 26,471.35 0.08EURLEONARDO SPA5,157 57,010.64 0.16EURPOSTE ITALIANE SPA4,216 38,534.24 0.11EURSNAM SPA10,978 48,983.84 0.14EURUNICREDIT SPA REG SHS2,535 27,251.25 0.08EUR





101Page

ASSA ABLOY AB -B-869 17,045.60 0.05SEKSweden 244,569.73 0.69

ATLAS COPCO AB REG SHS -A-430 11,939.74 0.03SEKGETINGE AB -B-3,448 46,626.65 0.13SEKICA GRUPPEN AB567 21,102.93 0.06SEKINVESTOR AB -B-585 24,670.73 0.07SEKSANDVIK AB1,032 16,599.75 0.05SEKSEB AB -A-1,276 10,522.59 0.03SEKSECURITAS AB -B- FREE2,813 43,298.48 0.12SEKSWEDBANK AB -A-1,225 16,205.07 0.05SEKTELEFON AB L.M.ERICSSON2,448 20,712.55 0.06SEKVOLVO AB -B-1,139 15,845.64 0.04SEK


CLP HOLDINGS LTD1,732 16,818.47 0.05HKDHANG SENG BANK LTD1,085 23,772.82 0.07HKDHONG KONG EXCHANGES AND CLEARING LTD2,018 62,697.00 0.18HKDTHE HONG KONG & CHINA GAS CO LTD12,501 24,390.68 0.07HKD

ARCH CAPITAL GROUP LTD1,788 56,918.43 0.16USDBermuda 176,093.50 0.50

AXALTA COATING SYSTEMS1,293 34,052.36 0.10USDIHS MARKIT LTD753 41,794.70 0.12USDRENAISSANCERE HOLDINGS LTD279 43,328.01 0.12USD

AUCKLAND INTERNATIONAL AIRPORT LTD10,767 62,519.50 0.17NZDNew Zealand 174,331.14 0.49

MERCURY NZ13,493 36,986.74 0.11NZDMERIDIAN ENERGY LTD21,654 60,634.01 0.17NZDTHE A2 MILK COMPANY LTD1,661 14,190.89 0.04AUD

COMFORTDELGRO CORP LTD600 1,037.41 0.00SGDSingapore 138,378.89 0.39

DBS GROUP HOLDINGS LTD2,100 35,435.67 0.10SGDOVERSEA-CHINESE BANKING CORP LTD4,700 34,827.26 0.10SGDSINGAPORE TELECOM LTD - SH BOARD LOT 100015,300 34,807.76 0.10SGDUNITED OVERSEAS BANK LTD1,900 32,270.79 0.09SGD

APTIV - REG SHS448 31,943.42 0.09USDJersey Island 120,603.90 0.34

EXPERIAN PLC2,375 62,235.17 0.17GBPGLENCORE PLC8,980 26,425.31 0.08GBP

CK HUTCHISON LTD3,043 26,395.14 0.07HKDCayman Islands 82,073.94 0.23

HKT TRUST AND HKT LTD - STAPLED SECURITY25,757 35,978.93 0.10HKDPAGSEGURO DIGITAL LTD595 19,699.87 0.06USD

METSO CORP510 17,824.50 0.05EURFinland 53,212.21 0.15

NOKIA OYJ3,953 17,195.55 0.05EURSAMPO OYJ -A-439 18,192.16 0.05EUR

DNB ASA924 15,053.07 0.04NOKNorway 50,528.84 0.14

EQUINOR ASA803 14,031.96 0.04NOKGJENSIDIGE FORSIKRING ASA1,195 21,443.81 0.06NOK

SCHLUMBERGER LTD1,151 39,596.79 0.11USDThe Netherlands Antilles 39,596.79 0.11

ANHEUSER-BUSCH INBEV NV490 37,470.30 0.11EURBelgium 37,470.30 0.11

CARNIVAL CORP747 30,173.06 0.09USDPanama 30,173.06 0.09

ROYAL CARIBBEAN CRUISES LTD258 27,051.59 0.08USDLiberia 27,051.59 0.08

TEVA PHARMA INDUSTRIES LTD REPR 1 SH1,662 13,274.36 0.04USDIsrael 13,274.36 0.04

OLD MUTUAL -REG SHS12 15.76 0.00GBPSouth Africa 15.76 0.00





102Page

REPSOL SA 28.06.19 RIGHTS1,465 722.68 0.00EUR


Spain 722.68 0.00

ROLLS-ROYCE HLD PFD REG SHS C ENTITL JUL19194,469 2.16 0.00GBP


Shares 2.16 0.00


CS INV FDS 2 CRD SUIS LUX GLB DI HEA AQ -IBH- EUR CAP187 268,604.93 0.76EUR



Equity funds 1,865,200.74 5.30

DELTA UCITS FD CONTROLFIDA UCITS FUNDS PLC -A- EUR CAP28,300 530,087.30 1.51EURLYXOR ETF MSCI WORLD -A- DIS EUR3,674 695,892.34 1.98EURMIRABAUD EQUITIES GLOBAL FOCUS IP EUR CAP3,631 370,616.17 1.05EUR

CS INV FDS 2 CS (LUX) GLOBAL ROBOTICS EQ -IB- CAP USD173 252,695.50 0.72USDOther funds 718,905.66 2.04

T.ROWE PRICE FD GL FG EQ -I- CAP USD20,559 466,210.16 1.32USD






103Page

LUX IM– ESG Generali Investments Diversified Strategy

104Page


4,913,928.45Unrealised profit on the securities portfolio236,993.36Options / swaptions purchased at market value605,154.33Options / swaptions purchased at cost

57,089,965.46Cash at banks5,141.01Interests receivable


1,509,449.10Unrealised appreciation on financial futures12,076.11Other assets

5,992,647.53Liabilities8,400.00Options / swaptions sold at market value

93,800.00Options / swaptions sold at cost4,517,445.25Bank overdrafts

631,153.42Redemptions payable659,376.13Accrued management fees13,970.42Accrued depositary fees




Expressed in EUR


LUX IM – ESG Generali Investments Diversified Strategy





01/01/19


E - EUR - Capitalisation 513,024.460 2,772,079.175 361,263.504 2,923,840.131



105Page

Key figures


Total Net Assets 304,108,989.77 55,383,361.07



98.8073,592.035 45,567.597



99.312,923,840.131 513,024.460



100.47804.413 892.173



99.8963,847.588 57,906.394


106Page

ABBOTT LABORATORIES LTD34,473 2,537,753.77 0.83USD


Shares 128,111,213.29 42.13


ABBVIE INC7,634 470,053.22 0.15USDADOBE INC11,637 3,001,554.74 0.99USDAGILENT TECHNOLOGIES INC29,928 1,926,754.03 0.63USDALCOA CORP5,139 104,556.51 0.03USDAMGEN INC7,097 1,148,779.47 0.38USDBALL CORP16,353 979,583.32 0.32USDBANK OF AMERICA CORP109,528 2,717,847.46 0.89USDBANK OF NEW YORK MELLON CORP48,732 1,859,947.64 0.61USDBAXTER INTERNATIONAL INC21,915 1,574,348.46 0.52USDBEST BUY CO INC33,771 2,033,953.79 0.67USDBIOGEN INC1,809 381,531.36 0.13USDCAMPBELL SOUP CO11,549 403,811.19 0.13USDCATERPILLAR INC REG SHS7,191 857,088.01 0.28USDCIGNA REG SHS2,274 315,821.67 0.10USDCISCO SYSTEMS INC72,709 3,564,298.34 1.18USDCITIGROUP INC41,654 2,497,004.97 0.82USDCOLGATE-PALMOLIVE CO34,922 2,216,011.86 0.73USDCORTEVA - REG SHS9,077 236,097.01 0.08USDDOW --- REG SHS9,077 406,482.89 0.13USDDOWDUPONT - REG SHS9,077 589,484.02 0.19USDGAP INC58,722 915,295.63 0.30USDGENERAL MOTORS CO64,706 2,181,056.36 0.72USDHEWLETT PACKARD ENTERPRISE CO121,194 1,595,878.24 0.52USDHP INC115,034 2,098,610.34 0.69USDHUMANA INC3,254 757,363.24 0.25USDKELLOGG CO11,475 536,882.83 0.18USDLOCKHEED MARTIN CORP - REG SHS5,482 1,731,566.50 0.57USDMICROSOFT CORP49,381 5,827,031.84 1.93USDMONDELEZ INTERNATIONAL INC40,878 1,946,006.39 0.64USDNEWMONT GOLDCORP CORPORATION REG SHS16,123 540,057.03 0.18USDOWENS CORNING INC SHS9,605 481,242.73 0.16USDQUEST DIAGNOSTICS INC9,675 855,546.25 0.28USDQUINTILES IMS HOLDING INC10,045 1,383,954.22 0.46USDREPUBLIC SERVICES INC -A-34,571 2,632,851.46 0.87USDS&P GLOBAL INC13,000 2,595,654.66 0.85USDSYMANTEC CORP90,493 1,678,759.18 0.55USDTHE HERSHEY CO13,953 1,655,434.44 0.54USDUNITED PARCEL SERVICE INC4,588 410,431.98 0.13USDUNITEDHEALTH GROUP INC7,518 1,629,048.79 0.54USD3M CO9,329 1,407,330.34 0.46USD

AJINOMOTO CO INC46,800 714,352.02 0.23JPYJapan 19,968,177.63 6.57

ANA HD INC19,100 556,862.23 0.18JPYBENESSE HOLDINGS INC19,100 391,426.70 0.13JPYBRIDGESTONE CORP22,500 779,906.85 0.26JPYCASIO COMPUTER CO LTD53,800 588,203.95 0.19JPYDAIICHI SANKYO CO LTD22,500 1,036,014.87 0.34JPYDAIWA SECURITIES GROUP INC109,300 421,641.85 0.14JPYFUJITSU LTD6,200 380,571.99 0.13JPYHITACHI LTD22,300 719,584.08 0.24JPYHONDA MOTOR CO LTD30,800 700,915.18 0.23JPYINPEX CORP62,100 492,872.45 0.16JPYITOCHU CORP42,700 718,935.69 0.24JPYKAO CORP16,400 1,100,212.45 0.36JPYKOMATSU LTD29,500 626,736.39 0.21JPYKONICA MINOLTA HOLDINGS INC95,600 819,450.89 0.27JPYMARUBENI CORP110,500 643,785.75 0.21JPYMAZDA MOTOR CORP56,200 516,398.92 0.17JPYMITSUBISHI CHEMICAL HOLDINGS CORP84,700 520,879.39 0.17JPYMITSUI AND CO LTD50,000 716,620.36 0.24JPYMS&AD INSURANCE GROUP HOLDINGS INC13,000 363,294.66 0.12JPY





107Page

NABTESCO CORP17,800 435,473.12 0.14JPYNOMURA HOLDINGS INC135,500 420,074.36 0.14JPYNTT DATA CORP94,900 1,112,775.78 0.36JPYNTT DOCOMO INC30,300 622,068.56 0.20JPYOMRON CORP13,000 596,992.97 0.20JPYOSAKA GAS CO LTD CY39,200 601,228.96 0.20JPYSEKISUI CHEMICAL CO LTD41,600 549,998.37 0.18JPYSEKISUI HOUSE LTD46,600 676,076.97 0.22JPYSOMPO HOLDINGS INC11,200 380,807.32 0.13JPYSYSMEX CORP6,600 378,968.79 0.12JPYTOKIO MARINE HOLDINGS INC19,100 842,628.70 0.28JPYTOPPAN PRINTING CO LTD40,600 542,417.06 0.18JPY


ALLIANZ SE REG SHS9,051 1,906,593.15 0.63EURBASF SE REG SHS20,542 1,295,789.36 0.43EURBAYER AG REG SHS15,894 967,308.84 0.32EURBMW AG10,119 656,217.15 0.22EURCECONOMY AG10,556 57,065.74 0.02EURDEUTSCHE BANK AG REG SHS40,760 267,467.12 0.09EURDEUTSCHE POST AG REG SHS19,936 565,384.96 0.19EURDEUTSCHE TELEKOM AG REG SHS71,191 1,079,967.47 0.36EUREVONIK INDUSTRIES AG3,553 89,038.18 0.03EURHENKEL AG & CO KGAA2,811 236,629.98 0.08EURHUGO BOSS AG3,203 182,314.76 0.06EURINFINEON TECHNOLOGIES AG REG SHS4,857 74,059.54 0.02EURMUNICH REINSURANCE COMPANY AG REG SHS2,629 580,483.20 0.19EURPUMA AG120 6,864.00 0.00EURSAP AG21,308 2,514,344.00 0.82EURSIEMENS AG REG SHS18,742 1,940,546.68 0.63EUR

AXA SA39,403 906,269.00 0.30EURFrance 12,449,955.57 4.09

BNP PARIBAS SA23,707 982,536.62 0.32EURCARREFOUR SA6,193 104,754.60 0.03EURCIE DE SAINT-GOBAIN SA14,268 484,541.28 0.16EURDANONE SA17,326 1,294,252.20 0.43EUREDF SA9,119 99,853.05 0.03EURENGIE SA41,424 544,725.60 0.18EURESSILORLUXOTTICA SA4,631 526,081.60 0.17EURKERING SA993 511,990.80 0.17EURPEUGEOT SA14,633 315,487.48 0.10EURSANOFI SA22,367 1,692,734.56 0.56EURSCHNEIDER ELECTRIC SE15,275 1,206,419.50 0.40EURSOCIETE GENERALE SA15,535 341,614.65 0.11EURSODEXO SA1,273 129,718.70 0.04EURTF1 SA17,122 157,436.79 0.05EURTHALES SA1,041 111,126.75 0.04EURTOTAL SA50,846 2,497,809.75 0.82EURVALEO SA3,744 107,902.08 0.04EURVINCI SA4,844 434,700.56 0.14EUR

AEGON NV18,551 80,845.26 0.03EURThe Netherlands 5,477,235.52 1.80

AKZO NOBEL NV671 54,914.64 0.02EURASML HLDG NV7,163 1,287,191.10 0.42EURCNH INDUSTRIAL NV14,612 131,274.21 0.04EURING GROUP NV66,760 680,017.36 0.22EURKONINKLIJKE AHOLD DELHAIZE NV21,975 431,984.55 0.14EURKONINKLIJKE DSM NV1,950 211,672.50 0.07EURROYAL PHILIPS NV20,489 778,582.00 0.26EURUNILEVER NV34,315 1,820,753.90 0.60EUR

COCA COLA EUROPEAN PARTNERS PLC8,300 405,198.58 0.13USDUnited Kingdom 4,031,015.37 1.33

COCA-COLA EUROPEAN PARTNERS PLC1,998 97,002.90 0.03EURLIBERTY GLOBAL PLC -A-73,669 1,733,426.35 0.57USDTECHNIPFMC LTD USD80,548 1,795,387.54 0.60USD





108Page

AMADEUS IT GROUP SA -A-6,533 448,817.10 0.15EURSpain 3,966,453.45 1.30

BANCO SANTANDER SA REG SHS314,595 1,269,705.42 0.41EURFERROVIAL SA9,035 200,848.05 0.07EURIBERDROLA SA63,071 553,511.10 0.18EURINDUSTRIA DE DISENO TEXTIL SA29,488 775,829.28 0.25EURTELEFONICA SA99,493 717,742.50 0.24EUR

INGERSOLL-RAND PLC9,821 1,074,232.62 0.35USDIreland 3,414,188.87 1.12

LINDE PLC11,739 2,053,738.05 0.68EURLINDE PLC1,636 286,218.20 0.09USD

ATLANTIA SPA2,926 66,303.16 0.02EURItaly 2,320,550.20 0.76

ENEL SPA197,988 1,204,558.99 0.40EURINTESA SANPAOLO SPA327,020 614,339.77 0.20EURSNAM SPA70,452 314,356.82 0.10EURTERNA SPA21,422 120,991.46 0.04EUR

NOKIA OYJ98,069 426,600.15 0.15EURFinland 809,215.39 0.27

NOKIAN TYRES PLC9,331 255,669.40 0.08EURUPM KYMMENE CORP5,529 126,945.84 0.04EUR

SOLVAY SA1,761 158,595.66 0.05EURBelgium 353,175.58 0.12

TELENET GROUP HOLDING NV4,007 194,579.92 0.07EUR

ITALY BOT 0.00 19-20 13/0310,000,000 10,003,295.58 3.29EUR

Bonds 30,774,558.73 10.12

Italy 30,007,644.73 9.87

ITALY BOT 0.00 19-20 14/0520,000,000 20,004,349.15 6.58EUR

GERMANY 0.25 17-27 15/02A70,000 74,042.15 0.02EURGermany 289,914.15 0.10

GERMANY 0.50 17-27 15/08A200,000 215,872.00 0.08EUR

UNITED KINGDOM 4.25 06-27 07/12S150,000 215,684.38 0.07GBPUnited Kingdom 215,684.38 0.07

USA TREASURY BONDS 2.75 18-25 28/02S210,000 193,935.34 0.06USDUnited States of America 193,935.34 0.06

CANADA 1.50 15-26 01/06S100,000 67,380.13 0.02CADCanada 67,380.13 0.02

GENERALI INVESTMENTS SICAV SRI AGEING POPULATION -B- CAP EUR245,194 30,953,499.02 10.19EUR



Equity funds 34,035,594.28 11.20

ISHARES III PLC ISHARES MSCI SAUDI ARABIA UCITS ETF USD CAP720,000 3,082,095.26 1.01USD

ISHARES II PLC JP MORGAN USD EMERGING MKTS BD UCITS ETF DIS USD112,550 11,130,752.96 3.65USDBond funds 31,914,234.53 10.49

ISHARES II PLC MARKIT IBOXX USD HIGH YIELD CAPPED BD DIS USD52,999 4,795,247.52 1.58USDISHARES PLC EURO HIGH YIELD CORP BD UCITS ETF DIS EUR72,357 7,588,078.59 2.50EURLYXOR GREEN BOND DR UCITS ETF ACC EUR CAP158,368 8,400,155.46 2.76EUR

AMUNDI IDX SOLUTIONS SICAV EURO COR EUR CAP99,258 22,365,805.14 7.35EUROther funds 22,365,805.14 7.35






109Page

LUX IM– Goldman Sachs Data Analytics

110Page


11.82Interests receivable1,910,500.89Brokers receivable1,271,780.76Subscriptions receivable

61,460.89Dividends receivable136.15Unrealised appreciation on forward foreign exchange contracts767.00Other assets


176,957.34Redemptions payable274.34Unrealised depreciation on financial futures





Expressed in EUR


LUX IM – Goldman Sachs Data Analytics





01/01/19



F - EUR - Capitalisation 265.488 1,580.275 107.831 1,737.932


111Page

Key figures


Total Net Assets 62,338,088.61 34,739,584.01



101.70120,778.914 34,747.392



102.24412,806.314 258,438.889



102.521,737.932 265.488



102.1875,094.481 90,742.916


112Page

ABBVIE INC5,223 321,599.16 0.52USD


Shares 53,431,571.80 85.72


AECOM244 8,031.38 0.01USDAES CORP21,411 311,508.06 0.50USDAGILENT TECHNOLOGIES INC1,869 120,325.56 0.19USDAIR PRODUCTS & CHEMICALS INC638 125,428.16 0.20USDALCOA CORP7,644 155,522.47 0.25USDALEXION PHARMACEUTICALS INC1,336 148,201.57 0.24USDALIGN TECHNOLOGY INC1,505 357,368.83 0.57USDALLISON TRANSMISSION1,251 50,497.77 0.08USDALLSTATE CORP1,335 117,594.14 0.19USDALLY FINANCIAL INC13,011 347,234.67 0.56USDALPHABET INC466 441,315.55 0.71USDALPHABET INC -C-489 462,830.53 0.74USDAMAZON.COM INC640 1,072,031.67 1.71USDAMEREN CORPORATION1,980 130,014.51 0.21USDAMERICAN ELECTRIC POWER CO INC4,005 309,662.22 0.50USDAMERICAN TOWER CORP1,009 182,700.14 0.29USDAMETEK INC825 64,049.35 0.10USDAMGEN INC565 91,455.60 0.15USDANTHEM INC1,726 428,778.57 0.69USDAPPLE INC7,846 1,378,510.83 2.20USDARISTA NETWORKS INC497 112,786.23 0.18USDAUTOZONE INC174 165,923.31 0.27USDBALL CORP862 51,635.84 0.08USDBERKSHIRE HATHAWAY INC -B-1,070 199,552.62 0.32USDBERRY GLOBAL GRP INC RG REG SHS650 29,428.24 0.05USDBIOGEN INC389 82,042.95 0.13USDBIOMARIN PHARMACEUTICAL INC483 35,700.83 0.06USDBOEING CO542 173,548.70 0.28USDBOOKING HLDG INC54 87,644.97 0.14USDBRIGHTHOUSE INC - REG SHS7,968 245,519.67 0.39USDBRISTOL MYERS SQUIBB CO8,020 318,161.59 0.51USDCADENCE DESIGN SYSTEMS INC2,576 158,998.92 0.26USDCAMDEN PROPERTY TRUST3,044 277,530.54 0.45USDCAPITAL ONE FINANCIAL CORP259 20,351.38 0.03USDCATERPILLAR INC REG SHS2,034 242,430.40 0.39USDCF INDUSTRIES HOLDINGS INC4,795 198,826.85 0.32USDCHIPOTLE MEXICAN GRILL INC -A-552 351,598.05 0.56USDCINEMARK HOLDINGS INC1,454 45,058.20 0.07USDCIT GROUP3,899 175,015.15 0.28USDCITIGROUP INC7,983 478,551.66 0.77USDCITIZENS FINANCIAL GROUP INC2,732 83,556.88 0.13USDCITRIX SYSTEMS INC3,010 258,730.00 0.42USDCMS ENERGY CORP1,015 51,345.96 0.08USDCOLGATE-PALMOLIVE CO4,000 253,824.16 0.41USDCOMERICA INC4,213 264,486.79 0.42USDCONOCOPHILLIPS CO7,637 411,592.55 0.66USDCOSTAR GROUP INC176 84,053.02 0.13USDCROWN HOLDINGS INC1,475 77,120.11 0.12USDCSX CORP3,213 216,065.31 0.35USDCUMMINS INC (EX CUMMINS ENGINE INC) REG SHS535 79,178.21 0.13USDCURTISS-WRIGHT683 73,674.00 0.12USDDOUGLAS EMMETT INC740 25,665.83 0.04USDDTE ENERGY COMPANY1,958 219,696.95 0.35USDDUKE REALTY CORP10,465 287,296.17 0.46USDEASTMAN CHEMICAL CO346 23,447.10 0.04USDEBAY INC10,331 357,043.58 0.57USDELI LILLY & CO1,700 166,687.78 0.27USDENCOMPASS HLTH485 26,446.01 0.04USDEQUITY LIFESTYLE PROPERTIES INC997 104,957.52 0.17USDEXELON CORP7,080 296,191.05 0.48USDFACEBOOK INC -A-3,465 577,576.20 0.93USD





113Page

FIFTH THIRD BANCORP14,897 357,601.38 0.57USDFIRSTENERGY CORP4,842 181,055.92 0.29USDGENERAL MOTORS CO11,414 384,733.68 0.62USDGILEAD SCIENCES INC6,625 390,909.09 0.63USDHCA HEALTHCARE INC REG SHS2,163 255,142.10 0.41USDHEICO CORP2,553 295,419.05 0.47USDHILTON WORLDWIDE HLDGS INC REG SHS1,041 88,391.37 0.14USDIBM CORP986 120,139.61 0.19USDINCYTE CORP3,906 291,081.78 0.47USDINTUIT INC624 141,606.86 0.23USDJABIL INC603 16,490.54 0.03USDJOHNSON AND JOHNSON INC1,386 171,523.37 0.28USDKEYSIGHT TECHNOLOGIES INC4,549 348,602.61 0.56USDKINDER MORGAN INC13,124 235,616.70 0.38USDKROGER CO7,971 149,975.54 0.24USDLAM RESEARCH CORP976 159,794.94 0.26USDLAMB WESTON HOLDINGS REG SHS1,107 60,079.96 0.10USDLAS VEGAS SANDS CORP4,369 225,895.96 0.36USDLEIDOS HOLDINGS521 36,383.16 0.06USDLOWE'S COMPANIES INC3,323 290,428.18 0.47USDMADISON SQUARE GARDEN CO -A-45 11,003.30 0.02USDMARATHON OIL CORP11,076 138,346.48 0.22USDMARKETAXESS HOLDING INC22 6,121.72 0.01USDMASCO CORP3,545 121,612.35 0.20USDMASTERCARD INC -A-839 192,692.88 0.31USDMATCH GROUP1,364 81,862.80 0.13USDMCKESSON CORP3,153 371,420.82 0.60USDMERCK AND CO INC1,149 84,725.93 0.14USDMICROSOFT CORP1,690 199,422.53 0.32USDMOLSON COORS BREWING CO -B-471 22,923.37 0.04USDMONDELEZ INTERNATIONAL INC7,878 375,033.96 0.60USDMONSTER BEVERAGE CORP6,245 349,205.83 0.56USDMOTOROLA SOLUTIONS INC2,509 363,268.15 0.58USDMSCI INC601 123,757.84 0.20USDNATIONAL INSTRUMENTS CORP6,764 246,915.60 0.40USDNETFLIX INC458 149,069.06 0.24USDNEWS CORP -A-19,415 229,356.07 0.37USDNORFOLK SOUTHERN CORP2,189 372,390.90 0.60USDNORTHERN TRUST CORP622 48,059.53 0.08USDNRG ENERGY - REG SHS9,223 276,077.49 0.44USDO REILLY AUTO INC318 102,816.78 0.16USDOCCIDENTAL PETROLEUM CORP8,528 373,196.11 0.60USDORACLE CORP7,179 358,492.18 0.58USDPAOLO ALTO NETWORKS INC1,594 287,280.34 0.46USDPARKER-HANNIFIN CORP237 35,116.90 0.06USDPAYPAL HOLDINGS INC4,956 495,534.61 0.79USDPFIZER INC458 17,496.54 0.03USDPHILIP MORRIS INTERNATIONAL INC6,819 467,376.07 0.75USDPHILLIPS 66 CO3,759 303,371.82 0.49USDPPL CORP11,380 312,215.51 0.50USDPROCTER AND GAMBLE CO1,379 133,163.23 0.21USDPROGRESSIVE CORP5,627 394,436.94 0.63USDPROLOGIS INC3,712 259,123.30 0.42USDQORVO INC2,128 125,525.51 0.20USDRALPH LAUREN CORP -A-1,439 143,159.52 0.23USDREINSURANCE GR AMER325 44,179.53 0.07USDROBERT HALF INTERNATIONAL INC672 33,385.72 0.05USDSALESFORCE.COM INC3,111 412,364.51 0.66USDSEALED AIR CORP1,951 72,541.47 0.12USDSERVICENOW INC1,627 398,588.88 0.64USDSHERWIN WILLIAMS CO947 378,808.33 0.61USDSIGNATURE BANK RG2,760 288,854.99 0.46USDSOUTHWEST AIRLINES CO - REG SHS2,171 96,896.28 0.16USDSPIRIT AEROSYSTEMS HOLDINGS INC -A-1,449 102,144.40 0.16USDSTARBUCKS CORP6,356 467,174.53 0.75USDSTATE STREET CORP3,288 160,951.05 0.26USDSTORE CAPITAL CORP1,476 43,117.35 0.07USD





114Page

SVB FINANCIAL GROUP1,175 228,715.97 0.37USDSYNCHRONY FINANCIAL CO11,855 357,573.95 0.57USDTARGET CORP5,146 388,694.22 0.62USDTELEDYNE TECHNOLOGIES131 30,841.49 0.05USDTELEPHONE AND DATA SYSTEMS INC1,823 48,635.78 0.08USDTHERMO FISHER SCIENTIFIC INC314 81,139.80 0.13USDTWITTER INC132 4,034.83 0.01USDUNION PACIFIC CORP3,344 488,311.95 0.78USDUNIVERSAL HEALTH SERVICES INC1,403 158,151.43 0.25USDUNUM SHS2,451 70,930.99 0.11USDVALERO ENERGY CORP5,155 380,577.16 0.61USDVARIAN MEDICAL SYSTEMS INC294 34,400.21 0.06USDVEEVA SYSTEMS -A-677 95,584.53 0.15USDVERISIGN INC1,975 360,115.89 0.58USDVERIZON COMMUNICATIONS INC8,795 442,902.54 0.71USDVERTEX PHARMACEUTICALS INC1,593 250,233.49 0.40USDVISA INC -A-4,634 697,963.51 1.11USDVOYA FINANCIAL INC7,185 342,865.15 0.55USDWASTE MANAGEMENT INC313 31,893.32 0.05USDWESTERN ALLIANCE4,026 157,271.99 0.25USDWILLIAMS COMPANIES INC1,922 46,560.13 0.07USDXILINX INC1,400 145,535.47 0.23USDYUM BRANDS INC1,924 187,111.26 0.30USDZIONS BANCORPORATION NA6,613 261,762.77 0.42USD


CENTRAL JAPAN RAILWAY CO1,700 299,771.20 0.48JPYCHUBU ELECTRIC POWER CO INC1,300 16,056.14 0.03JPYDAIWA HOUSE INDUSTRY CO LTD11,200 287,458.74 0.46JPYDENA CO LTD2,600 43,871.55 0.07JPYEAST JAPAN RAILWAY CO4,500 370,648.80 0.59JPYFUJITSU LTD5,400 331,465.93 0.53JPYHITACHI LTD11,800 380,766.47 0.61JPYKAO CORP5,000 335,430.63 0.54JPYKONAMI HLDS CORP SHS7,500 309,486.84 0.50JPYK'S HOLDINGS SHS2,800 23,268.51 0.04JPYKYOCERA CORP200 11,496.98 0.02JPYMITSUBISHI HEAVY INDUSTRIES LTD700 26,832.00 0.04JPYMITSUI FUDOSAN CO LTD5,600 119,545.68 0.19JPYNIPPON TELEGRAPH & TELEPHONE CORP NTT3,500 143,483.41 0.23JPYNISSHIN OIL MILLS LTD1,600 39,418.21 0.06JPYNTT DATA CORP29,200 342,392.55 0.55JPYNTT DOCOMO INC2,200 45,166.69 0.07JPYORIX CORP22,700 298,264.42 0.48JPYOSAKA GAS CO LTD CY400 6,134.99 0.01JPYOTSUKA HOLDINGS CO LTD200 5,746.04 0.01JPYSEGA SAMMY HOLDINGS INC25,600 273,822.52 0.44JPYSHIONOGI CO LTD4,900 248,603.53 0.40JPYSOFTBANK GROUP CORP5,800 244,786.73 0.39JPYSUBARU CORPORATION2,600 55,641.44 0.09JPYSUMITOMO MITSUI TRUST HOLDINGS INC600 19,150.19 0.03JPYSUMITOMO REALTY & DEVELOPMENT CO LTD700 22,010.13 0.04JPYTAISEI CORP1,900 60,781.99 0.10JPYTIS SHS4,100 183,927.11 0.30JPYYAHOO JAPAN CORP30,800 79,529.33 0.13JPY

AIR LIQUIDE SA3,021 367,806.75 0.59EURFrance 1,927,598.37 3.09

BNP PARIBAS SA7,659 317,427.26 0.51EURDASSAULT SYSTEMES SA1,808 251,312.00 0.40EURKERING SA756 389,793.60 0.63EURPEUGEOT SA4,437 95,661.72 0.15EURSAFRAN SA876 112,434.60 0.18EURSCHNEIDER ELECTRIC SE4,978 393,162.44 0.63EUR

AON PLC344 58,269.85 0.09USDUnited Kingdom 1,854,912.74 2.98

BHP GROUP LTD REG SHS10,675 239,259.03 0.38GBP





115Page

BRITISH AMERICAN TOBACCO PLC6,775 207,752.56 0.33GBPBT GROUP PLC18,736 41,520.89 0.07GBPDIAGEO PLC11,596 435,625.83 0.70GBPDIRECT LINE INSURANCE GROUP PLC11,302 41,424.70 0.07GBPIMPERIAL BRANDS PLC REG SHS4,016 84,627.98 0.14GBPNATIONAL GRID PLC7,280 67,628.99 0.11GBPNEXT PLC387 24,088.25 0.04GBPRIO TINTO PLC ADR REPR.1 SH6,372 347,227.34 0.56USDROYAL DUTCH SHELL PLC -A-240 6,909.60 0.01EURTAYLOR WIMPEY PLC4,080 7,072.21 0.01GBPTECHNIPFMC LTD USD8,186 182,463.16 0.29USDUNILEVER SPONS ADR REPR.1 REG SHS2,047 111,042.35 0.18USD

ADECCO SA REG SHS6,461 340,245.42 0.55CHFSwitzerland 1,560,389.72 2.50

COCA-COLA HBC AG REG SHS1,050 34,504.35 0.06GBPLONZA GROUP AG REG SHS1,237 361,332.01 0.58CHFNOVARTIS AG REG SHS244 19,588.07 0.03CHFROCHE HOLDING AG1,707 420,202.34 0.67CHFSONOVA HOLDING AG REG SHS1,737 344,351.95 0.55CHFTEMENOS AG REG SHS258 40,165.58 0.06CHF

ALIMENTATION COUCHE - TARD INC SUB VTG B4,200 234,519.48 0.38CADCanada 1,504,753.53 2.41

CAE INC1,900 44,304.88 0.07CADCANADIAN PACIFIC RAILWAY LTD1,600 329,152.97 0.52CADKIRKLAND LK GLG REG SHS300 11,214.54 0.02CADLABRADOR IRON7,100 164,655.62 0.26CADOPEN TEXT8,600 311,332.57 0.50CADSUNCOR ENERGY INC9,100 248,570.18 0.40CADTHOMSON REUTERS REG SHS2,100 118,513.18 0.19CADTMX GR LTD700 42,490.11 0.07CAD

ADIDAS AG REG SHS1,428 379,419.60 0.62EURGermany 1,303,808.86 2.09

COVESTRO AG735 32,170.95 0.05EURE.ON SE REG SHS17,141 163,679.41 0.26EUREVOTEC SE11,174 269,852.10 0.43EURMERCK KGAA2,857 264,901.04 0.42EURNEMETSCHEK564 83,359.20 0.13EURSILTRONIC AG176 11,028.16 0.02EURWIRECARD AG668 99,398.40 0.16EUR

ANZ BANKING GROUP LTD14,362 249,924.14 0.40AUDAustralia 995,390.82 1.60

ASX LTD6,716 341,247.87 0.55AUDCOCA-COLA AMATIL LTD37,395 235,751.59 0.38AUDGOODMAN GROUP - STAPLED SECURITY3,087 28,621.07 0.05AUDWOODSIDE PETROLEUM LTD6,235 139,846.15 0.22AUD

ABN AMRO GROUP NV DEP RECEIPT2,317 43,212.05 0.07EURThe Netherlands 915,730.01 1.47

AKZO NOBEL NV4,357 356,576.88 0.58EURASML HLDG NV1,159 208,272.30 0.33EURWOLTERS KLUWER NV4,833 307,668.78 0.49EUR


CLP HOLDINGS LTD11,500 111,669.98 0.18HKDHONG KONG EXCHANGES AND CLEARING LTD1,416 43,993.53 0.07HKDSWIRE PACIFIC LTD -B-42,500 70,856.87 0.11HKD

AUSTEVOLL SEAFOOD14,344 134,220.23 0.22NOKNorway 607,715.18 0.97

DNB ASA17,385 283,222.62 0.44NOKORKLA ASA10,014 78,543.21 0.13NOKSALMAR2,901 111,729.12 0.18NOK

ALLEGION PLC516 49,369.15 0.08USDIreland 580,447.98 0.93

EATON CORPORATION PUBLIC LIMITED COMPANY1,039 75,600.19 0.12USDINGERSOLL-RAND PLC925 101,177.60 0.16USDJOHNSON CONTROLS INTERNATIONAL PLC9,938 354,301.04 0.57USD





116Page

ATLAS COPCO AB REG SHS -A-2,633 73,110.09 0.12SEKSweden 575,206.72 0.92

ELECTROLUX AB -B-12,499 282,888.80 0.45SEKTELEFON AB L.M.ERICSSON25,908 219,207.83 0.35SEK

CARLSBERG AS -B-2,002 231,857.82 0.37DKKDenmark 549,423.01 0.88

NOVO NORDISK AS7,088 317,565.19 0.51DKK

ACS SA1,487 51,658.38 0.08EURSpain 515,057.97 0.83

BANCO SANTANDER SA REG SHS10,399 41,970.36 0.07EURINTL CONS AIRLINES GROUP SA19,060 96,553.95 0.15GBPTELEFONICA SA45,034 324,875.28 0.53EUR

SINGAPORE EXCHANGE LTD64,300 331,018.88 0.53SGDSingapore 331,018.88 0.53


NWS HOLDINGS LTD22,000 39,801.51 0.06HKD

POPULAR INC5,995 281,965.65 0.45USDPuerto Rico 281,965.65 0.45

CARNIVAL CORP6,759 273,011.64 0.44USDPanama 273,011.64 0.44

DE LONGHI SPA1,257 22,286.61 0.04EURItaly 171,271.34 0.27

ENEL SPA6,467 39,345.23 0.06EURENI SPA4,251 61,494.97 0.09EURLEONARDO SPA4,355 48,144.53 0.08EUR

UCB SA1,969 141,374.20 0.23EURBelgium 141,374.20 0.23

NOS SGPS SA REG SHS13,152 75,229.44 0.12EURPortugal 75,229.44 0.12

ACS 08.07.19 RIGHT1,487 2,055.03 0.00EUR


Spain 2,055.03 0.00

GOLDMAN SACHS FD EMERGING MARKETS CORE EQUITY -IC- CAP EUR753,536 6,902,392.88 11.07EUR



Equity funds 6,902,392.88 11.07






117Page

LUX IM– ESG Oddo BHF Europe Long Short

118Page



238,379.41Brokers receivable463,541.96Subscriptions receivable29,985.72Dividends receivable57,040.00Unrealised appreciation on financial futures

848.48Other assets






Expressed in EUR


LUX IM – ESG Oddo BHF Europe Long Short





01/01/19





119Page

Key figures


Total Net Assets 26,838,470.24 46,239,258.36



93.97116,525.850 80,385.095



94.53144,570.183 373,252.929



94.84408.788 432.563



94.4823,119.950 31,042.442


120Page

AIR LIQUIDE SA1,455 177,146.25 0.66EUR


Shares 19,093,249.97 71.14

France 6,826,791.76 25.43

AXA SA12,648 290,904.00 1.08EURBNP PARIBAS SA8,105 335,911.73 1.25EURBOLLORE SA29,711 114,030.82 0.42EURBOUYGUES SA9,396 300,953.88 1.12EURCRITEO ADR REPR 1 SHS4,009 60,336.89 0.22USDDANONE SA2,183 163,070.10 0.61EURDASSAULT SYSTEMES SA856 118,984.00 0.44EURELIOR GROUP SA12,994 151,769.92 0.57EURELIS SA8,199 130,200.12 0.49EURENGIE SA6,288 82,687.20 0.31EURESSILORLUXOTTICA SA984 111,782.40 0.42EURFAURECIA SA4,233 170,251.26 0.63EURKERING SA252 129,931.20 0.48EURL'OREAL SA829 205,592.00 0.77EURLVMH MOET HENNESSY LOUIS VUITTON SA1,911 703,916.85 2.62EURMICHELIN SA REG SHS1,000 110,750.00 0.41EURORANGE SA6,930 95,841.90 0.36EURPUBLICIS GROUPE SA5,320 239,985.20 0.89EURSAFRAN SA1,234 158,383.90 0.59EURSANOFI SA7,551 571,459.68 2.13EURSCHNEIDER ELECTRIC SE1,839 145,244.22 0.54EURSMCP SAS1,776 25,680.96 0.10EURSOCIETE GENERALE SA5,693 125,189.07 0.47EURSODEXO SA1,628 165,893.20 0.62EURSOPRA STERIA GROUP SA2,340 231,075.00 0.86EURSPIE SA7,893 127,156.23 0.47EURTOTAL SA25,867 1,270,716.38 4.74EURVINCI SA1,876 168,352.24 0.63EURVIVENDI SA3,276 78,001.56 0.29EURWENDEL SA554 65,593.60 0.24EUR


ALLIANZ SE REG SHS2,515 529,784.75 1.97EURBASF SE REG SHS3,105 195,863.40 0.73EURBAYER AG REG SHS3,132 190,613.52 0.71EURBEIERSDORF AG1,207 125,769.40 0.47EURBMW AG1,080 70,038.00 0.26EURCONTINENTAL AG793 100,266.92 0.37EURDAIMLER AG REG SHS3,006 145,174.77 0.54EURDEUTSCHE POST AG REG SHS3,311 93,899.96 0.35EURDEUTSCHE TELEKOM AG REG SHS11,036 167,416.12 0.62EURFRESENIUS MEDICAL CARE AG & CO KGAA2,497 171,294.20 0.64EURFRESENIUS SE & CO KGAA5,953 285,029.64 1.06EURKNORR-BREMSE - BEARER SHS1,101 106,136.40 0.40EURMERCK KGAA1,632 151,319.04 0.56EURMUNICH REINSURANCE COMPANY AG REG SHS967 213,513.60 0.80EURSAP AG10,976 1,295,168.00 4.84EURSIEMENS AG REG SHS3,985 412,606.90 1.54EURSIXT AKTIE VORZUG OHNE STIMMRECHT ISS.971,146 73,000.20 0.27EURSOFTWARE AG2,301 68,408.73 0.25EURVOLKSWAGEN AG PREFERENTIAL SHARE2,845 418,727.10 1.56EUR


BANCO BILBAO VIZCAYA ARGENTARIA SA REG SHS46,556 228,264.07 0.85EURBANCO SANTANDER SA REG SHS167,053 674,225.91 2.51EURGRIFOLS SA -B-15,843 283,589.70 1.06EURIBERDROLA SA20,109 176,476.58 0.66EURINDUSTRIA DE DISENO TEXTIL SA15,556 409,278.36 1.52EURTELEFONICA SA15,835 114,233.69 0.43EUR

AIRBUS SE1,932 239,336.16 0.89EURThe Netherlands 1,854,221.51 6.91





121Page

ASML HLDG NV4,270 767,319.00 2.86EURING GROUP NV37,682 383,828.85 1.43EURKONINKLIJKE AHOLD DELHAIZE NV3,998 78,592.68 0.29EURROYAL PHILIPS NV3,158 120,004.00 0.45EURUNILEVER NV4,997 265,140.82 0.99EUR

CAREL INDUSTR SPA REG SHS5,709 61,086.30 0.23EURItaly 870,079.16 3.24

DE LONGHI SPA4,254 75,423.42 0.28EURENEL SPA26,336 160,228.22 0.60EURENI SPA8,586 124,205.08 0.46EURINTESA SANPAOLO SPA114,232 214,596.24 0.79EURMONCLER SPA2,074 77,028.36 0.29EURPIRELLI & C.SPA30,314 157,511.54 0.59EUR

ANHEUSER-BUSCH INBEV NV9,786 748,335.42 2.79EURBelgium 748,335.42 2.79

CRH PLC2,829 80,767.95 0.30EURIreland 466,193.21 1.74

LINDE PLC1,861 325,581.95 1.22EURRYANAIR HLDGS PLC6,046 59,843.31 0.22EUR

A.P. MOELLER - MAERSK AS91 96,928.49 0.36DKKDenmark 315,902.12 1.18

DANSKE BANK AS9,783 134,743.58 0.51DKKNOVO NORDISK AS1,880 84,230.05 0.31DKK

COMPAGNIE FINANCIERE RICHEMONT SA REG SHS1,605 119,445.22 0.45CHFSwitzerland 298,406.61 1.11

ROCHE HOLDING AG727 178,961.39 0.66CHF

APERAM SA REG SHS8,814 219,644.88 0.82EURLuxembourg 251,381.49 0.94

ARCELORMITTAL SA REG SHS2,014 31,736.61 0.12EUR

CINEWORLD GROUP -SHS-62,240 174,893.84 0.65GBPUnited Kingdom 210,104.59 0.78

EASYJET PLC3,470 35,210.75 0.13GBP

TELEFON AB L.M.ERICSSON24,515 207,421.64 0.77SEKSweden 207,421.64 0.77


ODDO BHF GENERATION FCP -CI- EUR CAP23 5,275,984.03 19.66EUR



Equity funds 5,275,984.03 19.66






122Page

LUX IM– Global MedTech

123Page


(429,384.43)Unrealised loss on the securities portfolio6,295,337.18Cash at banks

704,772.55Subscriptions receivable19,269.89Dividends receivable12,786.71Other assets

3,839,171.00Liabilities2,090,300.10Bank overdrafts1,527,734.60Redemptions payable





Expressed in EUR


LUX IM – Global MedTech





01/01/19





124Page

Key figures


Total Net Assets 55,509,999.51 41,276,598.49



92.93253,621.395 99,640.531



93.61288,972.619 332,348.269



93.783,406.181 1,144.370



93.4048,956.611 32,083.122


125Page



Shares 38,806,475.15 69.91


AGIO PHARM12,962 566,321.45 1.02USDAIMMUNE THERAPEUTICS26,136 457,957.62 0.83USDAKEBIAA THERAPEUTICS26,151 106,504.05 0.19USDALIGN TECHNOLOGY INC1,450 344,308.84 0.62USDALNYLAM PHARMACEUTICALS INC7,288 455,672.29 0.82USDAMERISOURCEBERGEN CORP2,489 187,476.86 0.34USDANAPTYS BIO INC7,881 377,949.70 0.68USDANTHEM INC753 187,062.73 0.34USDARENA PHARMACEUTICALS INC5,854 298,248.39 0.54USDBAXTER INTERNATIONAL INC5,688 408,619.40 0.74USDBIOTELEMETRY INC11,334 478,244.25 0.86USDBOSTON SCIENTIFIC CORP5,112 188,543.92 0.34USDCERNER CORP1,232 77,798.55 0.14USDCLOVIS ONCOLOGY INC33,323 396,294.11 0.71USDCONMED CORP14,948 1,122,497.04 2.01USDCOOPER COMPANIES INC2,332 680,143.59 1.23USDCYCLERION THERAPEUTICS INC2,814 27,722.92 0.05USDDANAHER CORP4,922 614,703.40 1.11USDDEXCOM INC1,500 192,413.25 0.35USDEDWARDS LIFESCIENCES CORP2,410 393,091.70 0.71USDFORTY SEVEN INC48,887 447,652.43 0.81USDGENERAL ELECTRIC CO7,528 68,866.78 0.12USDGOSSAMER BIO-REG SHS49,739 919,221.00 1.66USDHENRY SCHEIN INC6,656 404,857.63 0.73USDIDEXX LABS CORP INC1,656 396,283.41 0.71USDILLUMINA INC2,025 635,011.22 1.14USDIMMUNIC --- REG SHS14,471 148,547.80 0.27USDIMMUNOGEN INC247,431 446,174.56 0.80USDIMMUNOMEDICS INC34,666 422,328.45 0.76USDINTELLIA THERAPEUTICS INC40,205 538,612.97 0.97USDINTERCEPT PHARMACEUTICALS INC6,299 439,990.84 0.79USDINTUITIVE SURGICAL INC1,275 580,678.19 1.05USDIRONWOOD PHARMACEUTICALS INC -A-53,205 505,911.99 0.91USDJOHNSON AND JOHNSON INC1,686 208,649.64 0.38USDJOUNCE THERAPEUTICS80,000 329,331.05 0.59USDMCKESSON CORP1,596 188,007.49 0.34USDMERCK AND CO INC5,559 409,914.21 0.74USDMETTLER TOLEDO INTERNATIONAL INC921 675,286.58 1.22USDNEUROCRINE BIOSCIENCES INC6,141 445,105.69 0.80USDOCULAR THERAPEUTIX236,235 918,466.55 1.65USDQUEST DIAGNOSTICS INC2,150 190,121.39 0.34USDRESMED6,410 679,989.44 1.22USDRTI SURGICAL66,388 258,112.29 0.46USDRUBIUS THERAP --- REG SHS41,788 549,895.31 0.99USDSAGE THERAPEUTICS INC4,849 769,629.73 1.39USDSAREPTA THERAPEUTICS2,772 316,395.94 0.57USDSTRYKER CORP3,150 561,200.69 1.01USDSURGERY PARTNRS30,753 214,785.43 0.39USDTELEFLEX INC2,727 786,184.85 1.42USDTHERMO FISHER SCIENTIFIC INC2,553 659,713.08 1.19USDTILRAY REG SHS4,398 179,308.88 0.32USDVEEVA SYSTEMS -A-1,751 247,220.84 0.45USDVIKING THERAPEUTICS INC63,737 469,260.40 0.85USDWELLCARE HEALTH PLANS INC556 139,908.45 0.25USDWESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP101 6,136.32 0.01USDY-MABS THERAPEUTICS INC17,888 350,411.89 0.63USDZOETIS INC -A-2,313 229,418.02 0.41USD

LONZA GROUP AG REG SHS1,988 580,701.73 1.05CHFSwitzerland 2,897,131.99 5.22

NOVARTIS AG REG SHS8,398 674,182.75 1.22CHFROCHE HOLDING AG2,301 566,423.89 1.02CHF





126Page

SONOVA HOLDING AG REG SHS3,146 623,679.46 1.12CHFTECAN GROUP NAM.AKT1,997 452,144.16 0.81CHF

ABIVAX10,885 81,093.25 0.15EURFrance 2,043,388.64 3.68

DBV TECHNOLOGIES SA ADR53,723 376,630.43 0.68USDGENFIT SA25,598 453,340.58 0.82EURSANOFI SA6,341 479,886.88 0.86EURSARTORIUS STEDIM BIOTECH SA4,745 652,437.50 1.17EUR

AURORA CANNABIS69,431 476,811.37 0.86CADCanada 1,802,102.17 3.25

BAUSCH HEALTH REG SHS37,269 812,814.62 1.46CADMJARDIN GROUP INC43,329 47,946.38 0.09CADXBIOTECH - REG SHS70,886 464,529.80 0.84USD

ASCENDIS PHARMA ADR REP 1SHS2,008 191,482.85 0.34USDDenmark 1,671,032.33 3.01

COLOPLAST AS -B-7,523 745,672.81 1.35DKKNOVO NORDISK AS16,380 733,876.67 1.32DKK

ASTRAZENECA PLC5,204 371,904.95 0.67GBPUnited Kingdom 1,190,046.84 2.14

LIVANOVA4,498 284,831.79 0.51USDSMITH AND NEPHEW PLC28,250 533,310.10 0.96GBP

HORIZON THERAPEUTICS PLC8,936 189,119.20 0.34USDIreland 876,161.59 1.58

JAZZ PHARMACEUTICALS PLC4,129 501,574.44 0.91USDMEDTRONIC PLC2,163 185,467.95 0.33USD

DAIICHI SANKYO CO LTD5,500 253,248.08 0.46JPYJapan 824,430.47 1.49

HOYA CORP7,400 499,097.89 0.90JPYKYOWA KIRIN CO LTD3,100 49,116.69 0.09JPYSYSMEX CORP400 22,967.81 0.04JPY

SARTORIUS AG1,901 310,813.50 0.56EURGermany 780,924.00 1.41

SARTORIUS AG VORZ.OHNE STIMMRECHT.2,619 470,110.50 0.85EUR

CSL LTD5,334 707,427.06 1.27AUDAustralia 707,427.06 1.27

GALAPAGOS NV5,744 643,328.00 1.16EURBelgium 643,328.00 1.16

ROYAL PHILIPS NV11,278 428,564.00 0.77EURThe Netherlands 428,564.00 0.77

CASSIOPEA SPA8,922 358,084.32 0.65CHFItaly 358,084.32 0.65

GRIFOLS SA -A-13,168 331,965.28 0.60EURSpain 331,965.28 0.60

ELEKTA AB -B-26,170 330,050.82 0.59SEKSweden 330,050.82 0.59

JP MORGAN FD GLOBAL HEALTHCARE -C- USD CAP17,202 6,041,770.31 10.88USD



Equity funds 13,510,529.03 24.34

MULTI UNITS LUX LYXOR ETF MSCI WLD HC TR-C- EUR CAP25,944 7,468,758.72 13.46EUR






127Page

LUX IM– Short Equities

128Page


(955.89)Unrealised loss on the securities portfolio957,017.79Cash at banks

1,484.39Interests receivable285,004.14Subscriptions receivable

117.29Unrealised appreciation on financial futures12.42Other assets

68,876.97Liabilities4,023.86Bank overdrafts

8.22Accrued performance fees36,364.36Redemptions payable23,818.39Accrued management fees




Expressed in EUR


LUX IM – Short Equities





01/01/19


Db - EUR - Capitalisation 3,575.762 263.506 481.143 3,358.125




129Page

Key figures


Total Net Assets 5,619,549.02 3,918,298.47 1,281,387.35



33.74133.904 133.904

39.33191.64738.40



33.383,358.125 3,575.762

38.903,408.218



33.38156,631.905 87,547.198

38.9028,695.569



71.3367.532 164.039

80.550.0000.00



64.034,212.912 4,783.128

74.24749.13971.81


130Page

ITALY 0.00 17-19 30/10600,000 600,237.00 10.68EUR


Bonds 4,444,789.96 79.10

Italy 4,444,789.96 79.10

ITALY 0.00 18-20 30/03600,000 600,093.00 10.68EURITALY BOT 0.00 18-19 12/07600,000 600,012.68 10.68EURITALY BOT 0.00 18-19 14/10600,000 600,020.81 10.68EURITALY BOT 0.00 19-20 13/12450,000 449,884.91 8.01EURITALY BOT 0.00 19-20 14/02600,000 600,240.43 10.68EURITALY BOT 0.00 19-20 14/05300,000 300,064.53 5.34EURITALY BTP 0.70 15-20 01/05S690,000 694,236.60 12.35EUR






131Page

LUX IM– Flexible Global Equities

132Page




47,935.00Dividends receivable288,709.84Unrealised appreciation on forward foreign exchange contracts17,161.68Other assets


260,413.37Redemptions payable190,713.33Unrealised depreciation on financial futures326,277.29Accrued management fees




Expressed in EUR


LUX IM – Flexible Global Equities





01/01/19


C - EUR - Capitalisation 44,986.964 0.000 43,554.547 1,432.417

Db - EUR - Capitalisation 16,767.249 0.000 3,194.835 13,572.414





133Page

Key figures


Total Net Assets 201,835,731.85 160,965,855.25 39,435,511.28



122.8824,846.289 25,246.289

117.9925,896.289



107.561,432.417 44,986.964

103.8049,166.838



107.7013,572.414 16,767.249

103.9513,678.721



107.7074,670.551 78,682.638

103.9594,797.146



105.861,393,794.237 864,400.409

101.60127,932.166



116.14332.443 847.922

111.36575.891116.70



90.46459,231.123 638,731.875

86.8656,126.158


134Page

AIR LIQUIDE SA8,779 1,068,843.25 0.53EUR


Shares 58,680,225.08 29.07

France 18,355,439.47 9.08

AXA SA42,743 983,089.00 0.49EURBNP PARIBAS SA23,637 979,635.47 0.49EURDANONE SA13,217 987,309.90 0.49EURENGIE SA38,389 504,815.35 0.25EURESSILORLUXOTTICA SA5,894 669,558.40 0.33EURKERING SA1,539 793,508.40 0.39EURL'OREAL SA5,038 1,249,424.00 0.62EURLVMH MOET HENNESSY LOUIS VUITTON SA5,481 2,018,926.35 1.00EURORANGE SA42,035 581,344.05 0.29EURSAFRAN SA7,516 964,678.60 0.48EURSANOFI SA23,289 1,762,511.52 0.87EURSCHNEIDER ELECTRIC SE11,116 877,941.68 0.43EURSOCIETE GENERALE SA16,582 364,638.18 0.18EURTOTAL SA54,796 2,691,853.50 1.32EURUNIBAIL RODAMCO2,825 359,481.25 0.18EURVINCI SA11,417 1,024,561.58 0.51EURVIVENDI SA19,879 473,318.99 0.23EUR


ALLIANZ SE REG SHS8,960 1,887,424.00 0.94EURBASF SE REG SHS18,919 1,193,410.52 0.59EURBAYER AG REG SHS19,108 1,162,912.88 0.58EURBMW AG6,623 429,501.55 0.21EURDAIMLER AG REG SHS18,305 884,039.98 0.44EURDEUTSCHE POST AG REG SHS20,170 572,021.20 0.28EURDEUTSCHE TELEKOM AG REG SHS67,862 1,029,466.54 0.51EURFRESENIUS SE & CO KGAA8,458 404,969.04 0.20EURMUNICH REINSURANCE COMPANY AG REG SHS3,061 675,868.80 0.33EURSAP AG22,184 2,617,712.00 1.30EURSIEMENS AG REG SHS17,215 1,782,441.10 0.88EURVOLKSWAGEN AG PREFERENTIAL SHARE3,791 557,959.38 0.28EUR

AIRBUS SE11,016 1,364,662.08 0.68EURThe Netherlands 6,600,621.41 3.27

ASML HLDG NV8,819 1,584,774.30 0.78EURING GROUP NV79,747 812,302.94 0.40EURKONINKLIJKE AHOLD DELHAIZE NV24,253 476,765.47 0.24EURROYAL PHILIPS NV19,396 737,048.00 0.37EURUNILEVER NV30,627 1,625,068.62 0.80EUR


BANCO BILBAO VIZCAYA ARGENTARIA SA REG SHS136,531 669,411.49 0.33EURBANCO SANTANDER SA REG SHS330,468 1,333,841.54 0.67EURIBERDROLA SA122,393 1,074,120.97 0.53EURINDUSTRIA DE DISENO TEXTIL SA22,717 597,684.27 0.30EURTELEFONICA SA95,417 688,338.24 0.34EUR

ALPHABET INC1,000 947,029.07 0.47USDUnited States of America 4,595,118.09 2.28

LAMB WESTON HOLDINGS REG SHS25,000 1,356,819.28 0.68USDMICROSOFT CORP11,000 1,298,016.45 0.64USDPFIZER INC26,000 993,253.29 0.49USD

BIO-ON SPA25,000 1,342,500.00 0.68EURItaly 4,533,491.45 2.25

CAREL INDUSTR SPA REG SHS56,391 603,383.70 0.30EURENEL SPA160,076 973,902.38 0.48EURENI SPA52,163 754,589.96 0.37EUREXPERT SYSTEM SPA55,526 204,335.68 0.10EURINTESA SANPAOLO SPA334,821 628,994.73 0.31EURTELESIA SPA REG SHS6,750 25,785.00 0.01EUR

CRH PLC17,326 494,657.30 0.25EURIreland 2,469,143.00 1.22





135Page

LINDE PLC10,715 1,874,589.25 0.92EURLINDE PLC571 99,896.45 0.05USD

ANHEUSER-BUSCH INBEV NV17,504 1,338,530.88 0.66EURBelgium 1,338,530.88 0.66

CHUBB SA REG SHS9,000 1,165,008.58 0.58USDSwitzerland 1,165,008.58 0.58


CISCO SYSTEMS INC 1.40 16-19 20/09S4,000,000 3,510,929.32 1.74USD

Bonds 91,406,754.85 45.29


MICROSOFT CORP 1.85 17-20 06/02S8,000,000 7,026,291.95 3.48USDNASDAQ INC 1.75 16-23 19/05A2,000,000 2,118,870.00 1.05EURUSA TREASURY BONDS 2.625 18-21 15/05S23,000,000 20,543,899.43 10.18USDVISA INC 2.20 15-20 14/12S8,000,000 7,049,302.90 3.49USD

GERMANY 0.25 18-28 15/08A23,000,000 24,316,175.00 12.05EURGermany 24,316,175.00 12.05

ITALY 0.00 17-19 30/1020,000,000 20,007,900.00 9.91EURItaly 20,261,921.25 10.04

UBI BANCA SPA 6.00 12-19 08/10S250,000 254,021.25 0.13EUR

SPAIN 0.75 16-21 30/07A1,000,000 1,024,385.00 0.51EURSpain 3,391,385.00 1.68

SPAIN 5.40 13-23 31/01A1,000,000 1,205,110.00 0.59EURSPAIN 5.85 11-22 31/01A1,000,000 1,161,890.00 0.58EUR

CHN INDUSTRIAL FINANCE EUROPE SA 2.875 14-21 27/09A2,000,000 2,131,940.00 1.06EURLuxembourg 2,131,940.00 1.06

ORANO EMTN 3.50 10-21 22/03A1,000,000 1,056,040.00 0.52EURFrance 1,056,040.00 0.52

MEDIOBANCA SPA FL.R 13-23 12/04Q1,000,000 1,062,780.00 0.53EUR


Italy 1,062,780.00 0.53

BARCLAYS BANK PLC FL.R 01-21 22/03Q500,000 485,845.00 0.24EURUnited Kingdom 485,845.00 0.24

EPS EQUITA PEP SPAC SPA 30.06.20 WAR2,008 527.70 0.00EUR


Italy 527.70 0.00

TYNDAR INV EUR COM REAL ES -EUR 4SHS- DIS180 5,606,857.94 2.78EUR

Other transferable securities 5,607,872.61 2.78


Equity funds 5,606,857.94 2.78

EPS EQUITA PEP SPAC 2 SPA XX.XX.XX WAR2,391 714.67 0.00EUR


Italy 1,014.67 0.00

TELESIA SPA (SHS) 28.06.19 WAR7,500 300.00 0.00EUR

INVESTEC GSF GLOBAL ENVIRONMENT FUND -I- ACC EUR CAP200,000 4,250,000.00 2.11EUR



Equity funds 20,167,104.28 9.99

ISHARES VI PLC S&P 500 MIN VOLATILITY UCITS ETF CAP USD62,000 3,096,591.46 1.53USDSPDR S&P 500 ETF SER 1 TRUST DIS USD50,000 12,820,512.82 6.35USD






136Page

LUX IM– Vontobel Millennial

137Page


76,559.39Interests receivable650,452.15Subscriptions receivable61,305.08Dividends receivable

114,076.18Unrealised appreciation on financial futures988.81Other assets

373,215.57Liabilities191,578.87Redemptions payable145,382.68Accrued management fees




Expressed in EUR


LUX IM – Vontobel Millennial





01/01/19





138Page

Key figures


Total Net Assets 58,268,761.62 37,947,162.20 24,980,856.26



90.47130,527.025 70,962.973

82.6250,658.356



95.52452,064.385 340,418.427

86.89192,825.401



96.49639.967 235.262

87.65134.69799.11



94.1434,159.843 29,010.360

85.6511,337.999


139Page

ALPHABET INC -C-1,550 1,467,049.74 2.51USD


Shares 31,750,952.69 54.49


AMAZON.COM INC720 1,206,035.62 2.07USDAMGEN INC4,300 696,033.78 1.19USDBED BATH AND BEYOND INC34,000 343,035.58 0.59USDBOOKING HLDG INC600 973,832.96 1.67USDCOMCAST CORP9,000 332,497.69 0.57USDDICK'S SPORTING GOOD INC16,000 482,174.43 0.83USDDISCOVER FINANCIAL SERVICES REG SHS10,000 682,499.89 1.17USDFACEBOOK INC -A-9,000 1,500,197.92 2.56USDFORTINET INC7,300 492,831.07 0.85USDJUNIPER NETWORKS INC31,600 746,325.37 1.28USDMATCH GROUP9,000 540,150.42 0.93USDMICROSOFT CORP6,000 708,008.97 1.22USDNETFLIX INC3,000 976,434.89 1.68USDNIKE INC4,000 294,357.22 0.51USDNVIDIA CORP4,120 591,553.50 1.02USDPAYPAL HOLDINGS INC8,000 799,894.45 1.37USDSPROUTS FARMERS MARKET INC45,500 741,623.79 1.27USDSTARBUCKS CORP4,000 294,005.37 0.50USDTHE HOME DEPOT INC5,000 910,498.31 1.56USDWALT DISNEY CO7,300 894,480.36 1.54USD

BAIDU IN REPR 1/10 SH -A- ADR4,200 428,700.36 0.74USDCayman Islands 3,247,470.72 5.57

GEELY AUTOMOBILE HOLDINGS LTD195,000 293,475.87 0.50HKDMOMO -A- ADR23,000 728,328.28 1.25USDTENCENT HLDGS LTD24,600 977,121.90 1.67HKDYY INC -A- SPONS ADR REPR 20 SHS -A-13,500 819,844.31 1.41USD

ADIDAS AG REG SHS5,200 1,381,640.00 2.36EURGermany 2,728,396.00 4.68

CTS EVENTIM AG & CO KGAA18,000 720,000.00 1.24EURDEUTSCHE POST AG REG SHS22,100 626,756.00 1.08EUR

FAST RETAILING CO LTD500 266,097.40 0.46JPYJapan 1,995,713.35 3.43

NINTENDO CO LTD1,700 548,561.86 0.94JPYSOFTBANK GROUP CORP11,800 498,014.38 0.85JPYSONY CORP14,800 683,039.71 1.18JPY

PERNOD RICARD SA3,000 484,200.00 0.83EURFrance 1,053,900.00 1.81

WORLDLINE SA9,000 569,700.00 0.98EUR

GARMIN LTD13,900 981,442.58 1.68USDSwitzerland 981,442.58 1.68

CHECK POINT SOFTWARE TECHNOLOGIES3,900 395,300.17 0.68USDIsrael 954,037.03 1.64

CYBERARK SOFTWARE LTD5,000 558,736.86 0.96USD

INDUSTRIA DE DISENO TEXTIL SA30,000 789,300.00 1.35EURSpain 789,300.00 1.35

MOWI ASA35,000 723,364.68 1.24NOKNorway 723,364.68 1.24


TAKEAWAY HOLDING BV8,500 691,050.00 1.19EURThe Netherlands 691,050.00 1.19

CHINA EVERBRIGHT INTERNATIONAL LTD700,000 568,544.73 0.98HKDHong Kong 568,544.73 0.98

CHINA MOLYBDENUM CO LTD -H-1,608,000 447,418.91 0.77HKDChina 447,418.91 0.77

DIAGEO PLC11,000 413,235.95 0.71GBPUnited Kingdom 413,235.95 0.71

BCE INC7,800 312,449.87 0.54CADCanada 312,449.87 0.54





140Page

NASPERS -N- SPONS ADR REPR 1/5 SH -N-6,000 254,070.46 0.44USDSouth Africa 254,070.46 0.44

APTIV - REG SHS3,100 221,037.08 0.38USDJersey Island 221,037.08 0.38

USA 3.0 19-49 15/02S700,000 675,818.89 1.16USD

Bonds 10,240,944.44 17.58


USA TREASURY NOTES 2.75 18-23 31/08S4,000,000 3,658,684.08 6.28USDUSA TREASURY NOTES 2.8750 18-28 15/08S4,000,000 3,775,783.97 6.49USD

FRANCE 0.75 17-28 25/05A1,500,000 1,615,500.00 2.77EURFrance 1,615,500.00 2.77


ISHARES PLC MSCI EMERGING MARKETS IMI UCITS ETF CAP USD38,000 944,610.11 1.62USD



Equity funds 4,613,147.11 7.92

VONTOBEL FD CLEAN TECHNOLOGY -I- CAP EUR7,500 2,631,525.00 4.52EURVONTOBEL FD II SUSTAINABLE WATER -I- DIS EUR6,200 1,037,012.00 1.78EUR

VONTOBEL FD SUSTAINABLE EMERGING MKT LEADERS -I- CAP USD14,100 1,960,121.39 3.36USDOther funds 1,960,121.39 3.36

DB X-TRACKERS II SICAV IBOXX SOV EUROZONE UCITS ETF -1C- CAP EUR3,000 733,980.00 1.26EURBond funds 733,980.00 1.26






141Page

LUX IM– BlackRock Multiasset Factor Investing

142Page



14,902.12Unrealised appreciation on forward foreign exchange contracts777,752.06Unrealised appreciation on financial futures

1,512,232.16Unrealised appreciation on swaps2,798.03Other assets

1,107,677.82Liabilities273,277.25Bank overdrafts205,668.66Brokers payable294,462.05Accrued performance fees73,319.52Redemptions payable


28,029.86Accrued administrative expenses19,176.98Payable on swaps12,978.86Other liabilities



Expressed in EUR


LUX IM – BlackRock Multiasset Factor Investing





01/01/19





143Page

Key figures


Total Net Assets 75,268,862.96 46,471,764.01 27,830,035.97



100.25293,508.634 164,019.544

91.0268,422.448



104.31363,772.894 302,717.927

94.44200,857.420



106.854,796.364 4,175.773

96.61722.52799.73



108.0568,370.235 26,081.974

97.8415,394.998


144Page

TSY INFL IX (CPURNSA) 1 18-48 15/02S190,000 180,257.40 0.24USD


Bonds 54,440,158.98 72.32


TSY INFL IX N/B 0.625 18-23 15/04S515,000 471,646.27 0.62USDUSA 0.875 19-29 15/01S388,000 359,199.99 0.48USDUSA 1.00 19-49 15/02S82,100 76,578.32 0.10USDUSA TREASURY BONDS INDEX 3.375 01-32 15/04S46,000 79,822.35 0.11USDUSA TREASURY BONDS INFL. INDEX 0.625 13-43 15/02S238,000 226,105.07 0.30USDUSA TREASURY BONDS INFL. INDEX 3.875 99-29 15/04S188,000 344,105.34 0.46USDUSA TREASURY INDEX 0.5 19-24 15/04S171,000 152,354.58 0.20USDUSA TREASURY NOTES INFL. INDEX 0.375 15-25 15/07S497,000 476,420.18 0.62USDUSA TREASURY NOTES INFL. INDEX 0.375 13-23 15/07S386,000 376,003.46 0.50USDUSA TREASURY NOTES INFL. INDEX 1.375 14-44 15/02S222,000 243,568.33 0.32USDUSA TREASURY NOTES INFL. INDEX 0.125 17-22 15/04S484,000 443,865.99 0.59USDUSA TREASURY NOTES INFL. INDEX 0.125 12-22 15/07S445,000 433,674.90 0.58USDUSA TREASURY NOTES INFL INDEX 0.375 17-27 15/07S322,000 298,471.40 0.40USDUSA TREASURY NOTES INFL. INDEX 2.125 10-40 15/02S174,000 231,997.55 0.31USDUSA TREASURY NOTES INFL. INDEX 0.125 12-22 15/01S397,000 391,865.08 0.52USDUSA TREASURY NOTES INFL. INDEX 0.125 16-21 15/04S557,000 523,347.13 0.69USDUSA TREASURY NOTES INFL. INDEX 0.125 16-26 15/07S371,000 345,454.82 0.46USDUSA TREASURY NOTES INFL. INDEX 0.25 15-25 15/01S474,000 450,483.35 0.59USDUSA TREASURY NOTES INFL. INDEX 0.375 17-27 15/01S442,500 414,347.50 0.55USDUSA TREASURY NOTES INFL. INDEX 0.625 16-26 15/01S402,000 389,438.74 0.52USDUSA TREASURY NOTES INFL. INDEX 0.75 15-45 15/02S249,000 235,786.11 0.31USDUSA TREASURY NOTES INFL. INDEX 0.75 18-28 15/07S397,500 370,658.86 0.49USDUSA TREASURY NOTES INFL. INDEX 0.875 17-47 15/02S194,000 184,626.67 0.25USDUSA TREASURY NOTES INFL. INDEX 2.00 06-26 15/01S201,000 253,403.61 0.34USDUSA TREASURY NOTES INFL. INDEX 2.375 04-25 15/01S252,000 335,979.07 0.45USDUSA TREASURY NOTES INFL. INDEX 2.50 09-29 15/01S143,000 180,047.88 0.24USDUSA TREASURY NOTES INFL. INDEX 0.125 14-24 15/07S392,000 370,579.07 0.49USDUSA TREASURY NOTES INFL. INDEX 1.00 16-46 15/02S205,300 204,670.18 0.27USDUSA TREASURY NOTES INFL. INDEX 0.125 13-23 15/01S362,000 350,591.57 0.47USDUSA TREASURY NOTES INFL. INDEX 0.625 11-21 15/07S298,000 299,042.71 0.40USDUSA TREASURY NOTES INFL. INDEX 0.625 14-24 15/01S407,000 399,080.39 0.53USDUSA TREASURY NOTES INFL. INDEX 0.75 12-42 15/02S230,000 230,162.85 0.31USDUSA TREASURY NOTES INFL. INDEX 1.25 10-20 15/07S277,000 287,406.87 0.38USDUSA TREASURY NOTES INFL. INDEX 1.75 08-28 15/01S158,000 190,007.41 0.25USDUSA TREASURY NOTES INFL. INDEX 2.125 11-41 15/02S218,900 289,992.97 0.39USDUSA TREASURY NOTES INFL. INDEX 2.375 07-27 15/01S129,000 166,049.21 0.22USDUSA TREASURY NOTES INFL. INDEX 0.50 18-28 15/01S397,000 367,495.04 0.49USDUSA TREASURY NOTES INFL. INDEX 1.125 11-21 15/01S398,000 412,205.92 0.55USDUSA TREASURY NOTES INFL. INDEX 3.625 98-28 15/04S170,000 303,296.46 0.40USD

FRANCE OAT INDEX 0.10 16-28 01/03A103,000 116,247.30 0.15EURFrance 10,350,973.87 13.75

FRANCE OAT INFL. INDEX 0.10 16-47 25/07A82,000 97,720.64 0.13EURFRANCE OAT INFL. INDEX 0.10 12-21 25/07A75,000 80,837.90 0.11EURFRANCE OAT INFL. INDEX 1.10 10-22 25/07A187,000 228,893.18 0.30EURFRANCE OAT INFL. INDEX 1.80 06-40 25/07A97,000 176,452.05 0.23EURFRANCE OAT INFL. INDEX 1.85 10-27 25/07A155,000 216,782.55 0.29EURFRANCE OAT INFL. INDEX 2.25 03-20 25/07A115,000 152,302.04 0.20EURFRANCE OAT INFL. INDEX 3.15 02-32 25/07A89,000 177,820.55 0.24EURFRANCE OAT INFL. INDEX 3.40 99-29 25/07A97,000 183,680.87 0.24EURFRANCE OAT INFL. INDEX 0.10 15-25 01/03A138,000 152,745.38 0.20EURFRANCE OAT INFL. INDEX 0.10 16-21 01/03A133,000 142,149.26 0.19EURFRANCE OAT INFL. INDEX 0.70 13-30 25/07A94,000 116,407.34 0.15EURFRANCE OAT INFL. INDEX 0.70 17-36 25/07A60,000 69,196.55 0.09EURFRANCE OAT INFL. INDEX 0.25 13-24 25/07A134,000 153,717.93 0.20EURFRANCE OAT INFL. INDEX 2.10 08-23 25/07A143,000 185,704.25 0.25EURFRANCE TREASURY BILL 0.00 18-19 11/092,500,000 2,507,420.65 3.33EURFRANCE TREASURY BILL 0.00 18-19 17/072,550,000 2,551,937.24 3.40EURFRANCE 0.00 19-20 29/013,000,000 3,014,350.37 4.01EURFRENCH INFL INDEX 0.1 19-29 01/03A24,000 26,607.82 0.04EUR

ITALY BOT 0.00 18-19 14/082,800,000 2,801,388.46 3.72EURItaly 8,203,326.97 10.90





145Page

ITALY BOT 0.00 18-19 14/102,500,000 2,501,144.19 3.32EURITALY BOT 0.00 19-20 13/032,900,000 2,900,794.32 3.86EUR

AUSTRALIA 1.25 12-22 21/02Q1,142,000 961,682.48 1.28AUDAustralia 5,660,445.23 7.52

AUSTRALIA 1.00 18-50 21/02Q680,000 498,701.62 0.66AUDAUSTRALIA INDEX 0.75 17-27 21/11Q835,000 569,704.25 0.76AUDAUSTRALIA INDEX 1.25 15-40 21/08Q646,000 510,709.01 0.68AUDAUSTRALIA INDEX 2.00 13-35 21/08Q717,000 641,049.57 0.85AUDAUSTRALIA INDEX 2.50 10-30 20/09Q872,000 830,707.62 1.10AUDAUSTRALIA INDEX 3.00 11-16 05/04Q1,352,000 1,231,065.60 1.64AUDAUSTRALIA INDEX 4.00 09-19 15/04Q374,000 416,825.08 0.55AUD

GERMANY 0.10 15-46 15/04A74,000 102,774.72 0.14EURGermany 5,246,734.83 6.97

GERMANY INFL. INDEX 0.10 12-23 15/04A143,000 163,206.10 0.22EURGERMANY INFL. INDEX 0.10 15-26 15/04A145,000 167,969.83 0.22EURGERMANY INFL. INDEX 0.50 14-30 15/04A119,000 150,248.54 0.20EURGERMANY 0.00 18-19 16/104,650,000 4,662,535.64 6.19EUR

CANADA 0.50 17-50 01/12S446,000 315,247.91 0.42CADCanada 4,824,838.41 6.41

CANADA INDEX 1.25 13-47 01/12S674,000 623,195.20 0.83CADCANADA INDEX 3.00 03-36 01/12S512,000 662,100.72 0.88CADCANADA INDEX 4.00 99-31 01/12S507,000 743,235.17 0.98CADCANADA INDEX 4.25 91-21 01/12S447,000 540,670.97 0.72CADCANADA INDEX 1.50 10-44 01/12S674,000 679,840.95 0.90CADCANADA INDEX 2.00 07-41 01/12S573,000 636,161.32 0.85CADCANADA INDEX 4.25 95-26 01/12S459,000 624,386.17 0.83CAD

UNITED KINGDOM 0.125 18/28 21/06S27,000 38,229.93 0.05GBPUnited Kingdom 3,992,537.80 5.30

UNITED KINGDOM 0.125 16-65 22/11S34,200 100,402.42 0.13GBPUNITED KINGDOM TSY (RPI INDEXED) 0.125 18-41 10/08S37,000 67,966.31 0.09GBPUNITED KINGDOM INDEX 0.125 12-24 22/03S80,000 120,710.70 0.16GBPUNITED KINGDOM INDEX 0.125 11-29 22/03S79,000 136,908.66 0.18GBPUNITED KINGDOM INDEX 0.125 12-44 22/03S92,073 201,306.04 0.27GBPUNITED KINGDOM INDEX 0.125 14-58 22/03S54,000 140,149.14 0.19GBPUNITED KINGDOM INDEX 0.125 16-36 22/11S68,000 125,234.70 0.17GBPUNITED KINGDOM INDEX 0.125 17-48 10/08S39,400 81,625.64 0.11GBPUNITED KINGDOM INDEX 0.25 12-52 22/03S73,000 188,196.57 0.25GBPUNITED KINGDOM INDEX 0.375 11-62 22/03S68,000 219,692.54 0.28GBPUNITED KINGDOM INDEX 0.625 09-42 22/11S60,500 163,321.35 0.22GBPUNITED KINGDOM INDEX 0.625 10-40 22/03S64,500 162,366.02 0.22GBPUNITED KINGDOM INDEX 0.75 07-47 22/11S61,100 187,939.87 0.25GBPUNITED KINGDOM INDEX 0.75 11-34 22/03S71,224 150,393.56 0.20GBPUNITED KINGDOM INDEX 1.125 02-37 22/11S72,000 199,917.20 0.27GBPUNITED KINGDOM INDEX 1.875 07-22 22/11S73,528 134,077.61 0.18GBPUNITED KINGDOM INDEX 2.00 02-35 26/01S45,000 145,648.86 0.19GBPUNITED KINGDOM INDEX 2.50 86-24 17/07S39,000 160,855.22 0.21GBPUNITED KINGDOM INDEX 4.125 92-30 22/07S24,000 102,408.39 0.14GBPUNITED KINGDOM INDEX 0.125 16-56 22/11S31,000 76,434.88 0.10GBPUNITED KINGDOM INDEX 0.50 09-50 22/03S61,906 184,493.99 0.25GBPUNITED KINGDOM INDEX 1.25 05-55 22/11S53,400 230,794.72 0.30GBPUNITED KINGDOM INDEX 1.25 06-27 22/11S76,000 170,971.31 0.23GBPUNITED KINGDOM INDEX 1.25 08-32 22/11S68,000 157,839.50 0.21GBPUNITED KINGDOM INFL. INDEX 0.125 13-68 22/03S66,734 215,490.60 0.28GBPUNITED KINGDOM INFL. INDEX 2046 0.125 15-46 22/03S61,000 129,162.07 0.17GBP

SWEDEN 3104 INDEX 3.50 98-28 01/12A4,605,000 893,542.16 1.20SEKSweden 3,821,211.27 5.08

SWEDEN INDEX 0.125 14-32 01/06A2,810,000 361,299.00 0.48SEKSWEDEN INDEX 0.125 16-27 01/12A2,250,000 281,003.32 0.37SEKSWEDEN 3102 INDEX 4.00 96-20 01/12A5,395,000 762,987.01 1.01SEKSWEDEN 3108 INDEX 0.25 11-22 01/06A5,705,000 628,481.10 0.83SEKSWEDEN 3109 INDEX 1.00 13-25 01/06A4,400,000 532,787.92 0.71SEKSWEDEN 3112 INDEX 0.125 15-26 01/06A3,070,000 361,110.76 0.48SEK

UNITED KINGDOM INDEXED FL.R 15-26 22/03S69,000 102,869.27 0.14GBP

Floating rate bonds 102,869.27 0.14

United Kingdom 102,869.27 0.14





146Page

ISHARES DIV COMMODITY SWAP UCITS ETF (DE) CAP EUR439,644 7,908,316.27 10.51EUR



Other funds 8,983,477.61 11.93

ISHARES II PLC FTSE ASIA PROPERTY YIELD ETF DIS USD6,900 183,810.21 0.24GBPISHARES II PLC FTSE EPRA/NAREIT US PTY YIELD DIS USD34,597 891,351.13 1.18GBP

ISHARES II PLC FTSE EPRA/NAREIT UK PTY DIS GBP28,396 177,791.64 0.24GBPEquity funds 2,566,206.09 3.41

ISHARES PLC EUROPEAN PROPERTY YIELD UCITS ETF DIS EUR2,929 116,663.56 0.15GBPISHARES PLC MSCI EM USD DIS63,300 2,271,750.89 3.02USD

GERMANY 0.00 18-19 14/086,150,000 6,162,375.86 8.19EUR

Money market instruments 6,162,375.86 8.19

Bonds 6,162,375.86 8.19

Germany 6,162,375.86 8.19






147Page

LUX IM– Algebris - Best Ideas

148Page


(708,762.39)Unrealised loss on the securities portfolio23,301.99Options / swaptions purchased at market value78,236.51Options / swaptions purchased at cost

3,226,352.98Cash at banks114,749.52Interests receivable32,889.68Subscriptions receivable15,691.18Dividends receivable

119,296.16Unrealised appreciation on forward foreign exchange contracts930.57Receivable on swaps


1,857,537.69Liabilities399.33Bank overdrafts

588,035.91Redemptions payable45,192.15Unrealised depreciation on financial futures

1,091,459.17Unrealised depreciation on swaps102,210.22Accrued management fees

1,529.19Accrued depositary fees13,387.66Accrued administrative expenses

256.81Payable on swaps15,067.25Other liabilities



Expressed in EUR


LUX IM – Algebris - Best Ideas





01/01/19





149Page

Key figures


Total Net Assets 27,986,078.75 40,955,773.99 65,459,457.20



95.9584,925.620 104,444.755

88.4490,427.419



98.60182,736.695 325,340.874

90.60251,035.647



103.751,323.232 1,393.916

95.021,067.387



98.4017,102.995 23,342.088

90.46254,974.384


150Page

APOLLO GLOBAL MANAGEMENT LLC -A-21,234 639,718.96 2.29USD


Shares 10,387,569.10 37.12


AXA EQTBL HLD - REG SHS24,645 439,636.36 1.57USDBLACKSTONE GROUP LP16,748 652,772.03 2.33USDCARLYLE GROUP LP PARTNERSHIP UNITS39,869 777,846.17 2.78USDCITIGROUP INC7,934 475,614.29 1.70USDCITIZENS FINANCIAL GROUP INC16,469 503,696.29 1.80USDCOMERICA INC6,445 404,608.92 1.45USDKEYCORP20,479 312,359.47 1.12USDPRUDENTIAL FINANCIAL INC5,200 453,882.22 1.62USDSYNOVUS FINANCIAL CORP10,000 299,863.66 1.07USDVOYA FINANCIAL INC10,433 497,858.34 1.78USD

CREDITO VALTELLINESE SPA10,833,618 615,349.50 2.20EURItaly 2,503,287.14 8.94

ILLIMITY BANK - BEARER SHS179,720 1,592,319.20 5.68EURNET INSURANCE SPA66,882 295,618.44 1.06EUR

ABN AMRO GROUP NV DEP RECEIPT22,749 424,268.85 1.52EURThe Netherlands 940,668.49 3.36

ING GROUP NV50,697 516,399.64 1.84EUR


CREDIT SUISSE GROUP AG REG SHS43,847 463,624.07 1.66CHFSwitzerland 463,624.07 1.66

KBC GROUPE SA6,666 382,761.72 1.37EURBelgium 382,761.72 1.37

INTESA SANPAOLO SPA 5.71 16-26 15/01Q800,000 709,166.55 2.53USD

Bonds 1,302,525.40 4.65

Italy 709,166.55 2.53

DRESDNER FUNDING TRUST I 8.151 99-31 30/06S500,000 593,358.85 2.12USDUnited States of America 593,358.85 2.12

INTESA SANPAOLO SPA FL.R 17-XX 11/07S700,000 785,981.00 2.81EUR


Italy 3,101,155.67 11.07

UNICREDIT SPA FL.R 17-49 03/12S300,000 297,450.00 1.06EURUNICREDIT SPA FL.R 19-34 02/04S500,000 462,910.67 1.65USDUNICREDIT SPA REG SHS FL.R 17-32 19/06S600,000 504,024.28 1.80USDUNICREDIT SPA SUB FL.R 14-XX 03/06S1,000,000 843,655.72 3.01USDUNIONE DI BANCH FL.R 19-29 04/03A200,000 207,134.00 0.74EUR

BARCLAYS PLC SUB FL.R 17-XX 15/03Q350,000 406,188.12 1.45GBPUnited Kingdom 2,260,010.99 8.08

ROYAL BANK OF SCOTLAND GROUP PLC SUB FL.R 07-XX XX/XXQ1,000,000 836,425.21 2.99USDSANTANDER UK GP HOLDGS PLC FL.R 17-XX 10/04A300,000 349,750.22 1.25GBPSTANDARD CHARTERED PLC FL.R 06-49 08/12S900,000 667,647.44 2.39USD

BANCO BILBAO VIZCAYA ARGENTARIA SA FL.R 16-XX 14/04Q400,000 445,652.00 1.59EURSpain 2,015,482.00 7.20

BANCO SABADELL SA FL.R 17-XX 23/11Q200,000 195,454.00 0.70EURBANCO SANTANDER SA FL.R 17-XX 25/04Q400,000 435,996.00 1.56EURCAIXABANK SA FL.R 18-XX XX/XXQ1,000,000 938,380.00 3.35EUR

BNP PARIBAS SA FL.R 07-XX 25/06S200,000 190,730.53 0.68USDFrance 673,419.54 2.41

SOCIETE GENERALE SA FL.R 15-XX 29/09S500,000 482,689.01 1.73USD

CREDIT SUISSE GROUP AG FL.R 13-XX 11/12S300,000 290,101.60 1.04USDSwitzerland 290,101.60 1.04

ILLIMITY BANK 20.09.19 RIGHTS84,373 147,484.00 0.53EUR


Italy 159,818.80 0.57

NET INSURANCE SPA 22.05.23 WAR12,984 12,334.80 0.04EUR





151Page

ALGEBRIS UCITS FDS PLC MACRO CREDIT FUND -M- EUR CAP23,524 2,611,412.56 9.33EUR



Other funds 2,611,412.56 9.33

SPAIN 0.00 18-19 13/093,500,000 3,506,213.49 12.53EUR


Bonds 3,506,213.49 12.53

Spain 3,506,213.49 12.53






152Page

LUX IM– Diversified Trend Following

153Page



214,152.99Interests receivable3,604,130.41Brokers receivable1,420,943.86Subscriptions receivable

49,173.49Dividends receivable231,471.41Unrealised appreciation on forward foreign exchange contracts


15,498,111.43Liabilities9,642,694.65Brokers payable3,287,304.41Redemptions payable1,430,339.54Unrealised depreciation on financial futures





Expressed in EUR


LUX IM – Diversified Trend Following





01/01/19


Dl - EUR - Capitalisation 1,149,630.723 309,127.464 227,999.492 1,230,758.695




154Page

Key figures


Total Net Assets 319,581,536.24 323,723,490.17



98.894,380.000 4,620.000



96.161,230,758.695 1,149,630.723



97.151,803,660.707 1,913,902.393



97.3512,343.957 14,333.775



96.74252,007.553 260,704.659


155Page

USA TREASURY NOTES 1.50 14-19 31/10S35,900,000 31,514,957.34 9.86USD


Bonds 82,300,095.44 25.75



MEXICO 5.00 14-19 11/12S3,800,000 17,194,033.68 5.38MXNMexico 17,194,033.68 5.38

DB X-TRACKERS DJ EURO STOXX 50 -IC- CAP EUR329,672 16,658,326.16 5.22EUR



Equity funds 89,767,022.66 28.10

ISHARES EURO STOXX 50 UCITS ETF (DE) DIS EUR472,692 16,541,856.54 5.18EURISHARES PLC MSCI EASTERN EUROPE CAPPED UCITS ETF DIS USD859,748 20,109,505.72 6.30EURMIRABAUD EQUITIES GLOBAL FOCUS IP EUR CAP99,900 10,272,727.28 3.21EURSOURCE PHYSICAL MARKETS PLC USD80,073 9,617,071.22 3.01USDVONTOBEL FD TWENTYFOUR STRATINC -H- EUR CAP90,514 10,194,605.34 3.19EURXTRACKERS (IE) PLC MSCI WLD CONS STAPLES UCITS ETF -1C- USD CAP203,608 6,372,930.40 1.99EUR

ACOMEA BREVE TERMINE -A2- CAP EUR314,583 5,113,539.72 1.60EURMonetary funds 38,715,845.66 12.11

LYXOR ETF EURO CASH FCP EUR CAP159,834 16,791,680.54 5.25EURLYXOR INDEX FD SMART CASH -UCITS ETF CAP EUR16,977 16,810,625.40 5.26EUR

ACOMEA EUROBBLIGAZIONARIO A2 EUR CAP263,435 5,093,519.50 1.59EUROther funds 24,205,930.72 7.57

BASE INV BDS VALUE EUR I DIS111,458 10,166,072.22 3.18EURPLURIMA MOSAICO FD -A- EUR CAP25,100 2,441,226.00 0.76EURPLURIMA TORO FD -A- EUR CAP69,000 6,505,113.00 2.04EUR

LEMANIK SICAV ACTIVE SHORT TERM CREDIT -INS- EUR CAP96,311 10,039,487.62 3.14EURMixed funds 10,039,487.62 3.14

MIRABAUD GLOBAL STRATEGIC BOND FUND -I- CAP USD100,180 9,983,162.63 3.12USDBond funds 9,983,162.63 3.12






156Page

LUX IM– JP Morgan Diversified Risk

157Page

40,583,478.34Assets40,093,724.20Securities portfolio at market value41,209,065.03Cost price(1,115,340.83)Unrealised loss on the securities portfolio

48,351.92Cash at banks231,550.47Brokers receivable209,851.75Subscriptions receivable






Expressed in EUR


LUX IM – JP Morgan Diversified Risk





01/01/19


Key figures

Total Net Assets 40,013,285.89 49,692,011.83 36,210,897.08



93.80426,563.016 542,065.226

91.67361,553.228


158Page

JP MORGAN FD DIVER R JPM -X- EUR H CAP416,645 40,093,724.20 100.20EUR



Other funds 40,093,724.20 100.20



LUX IM – JP Morgan Diversified Risk



159Page

LUX IM– Invesco Global Markets Strategy

160Page



12,262,213.03Time deposits269,405.13Interests receivable282,278.94Subscriptions receivable

8,437.47Unrealised appreciation on forward foreign exchange contracts238,820.01Unrealised appreciation on financial futures38,484.76Unrealised appreciation on swaps

38.74Other assets

768,439.57Liabilities96,740.99Options / swaptions sold at market value52,841.13Options / swaptions sold at cost





Expressed in EUR


LUX IM – Invesco Global Markets Strategy





01/01/19


Key figures

Total Net Assets 54,360,314.66 52,157,194.21 33,495,440.89



97.70556,419.170 525,837.612

99.19320,265.935


161Page

BUNDESSCHATZANWEISUNGEN0.0 18-20 12/06A5,000,000 5,032,300.00 9.25EUR


Bonds 31,095,230.00 57.20

Germany 23,072,295.00 42.44

GERMANY 0.00 17-19 13/094,000,000 4,005,360.00 7.37EURGERMANY 0.25 14-19 11/10A5,000,000 5,012,675.00 9.22EURGERMANY 3.50 09-19 04/07A4,000,000 4,001,560.00 7.36EURGERMANY 0.00 18-20 13/033,000,000 3,014,550.00 5.55EURGERMANY TREASURY NOTES 0.00 17-19 13/12A2,000,000 2,005,850.00 3.69EUR

NETHERLANDS 4.00 09-19 15/07A3,000,000 3,005,415.00 5.53EURThe Netherlands 5,015,135.00 9.23

NETHERLANDS REG SHS 0.25 14-20 15/01A2,000,000 2,009,720.00 3.70EUR

AUSTRIA 0.25 14-19 18/10A3,000,000 3,007,800.00 5.53EURAustria 3,007,800.00 5.53

SHORT TERM EURO LQD PTF ACCUM AGENCY SHS GBP CAP4,919,604 4,871,145.94 8.96EUR



Other funds 4,871,145.94 8.96



LUX IM – Invesco Global Markets Strategy



162Page

LUX IM– BlackRock Multi-Asset Stabilizer Fund

163Page


625,123.58Unrealised profit on the securities portfolio146,347.03Cash at banks80,166.67Subscriptions receivable

90.36Dividends receivable56,438.92Unrealised appreciation on forward foreign exchange contracts

978.82Other assets

245,991.73Liabilities47,642.40Brokers payable28,976.62Accrued performance fees





Expressed in EUR


LUX IM – BlackRock Multi-Asset Stabilizer Fund





01/01/19



Key figures

Total Net Assets 11,047,290.30 10,407,597.18 11,339,858.73



103.4071,501.056 53,870.717

94.936,448.233



102.4835,658.926 56,206.782

94.19106,136.401


164Page

ISHARES PHYSICAL METALS PLC (COMDTY GOLD)17,855 432,612.90 3.92USD


Shares 432,612.90 3.92

Ireland 432,612.90 3.92

BGIF ISHARES EURO GOV BD INDEX FD-X2 EUR CAP2,203 293,952.31 2.66EUR



Equity funds 4,290,267.18 38.83

ISHARES IV PLC EDGE MSCI WLD SIZE FACTOR UCITS CAP USD2,810 82,383.16 0.75USDISHARES IV PLC MSCI WORLD VALUE FACTOR USD CAP9,483 248,691.68 2.25EURISHARES IV PLC MSCI WRD MOMENTUM FACT CAP USD6,718 252,977.60 2.29USDISHARES MSCI CANADA - B UCITS ETF CAP USD1,139 131,258.36 1.19EURISHARES PLC CORE MSCI EM IMI UCITS ETF CAP USD10,847 269,743.20 2.44EURISHARES SLI UCITS ETF (DE) DIS CHF3,244 300,459.28 2.72EURISHARES VI PLC MSCI WO MI USD USD ETF DIS8,062 348,761.19 3.16USDISHARES VII PLC CORE S&P 500 UCITS ETF CAP EUR7,522 1,904,570.40 17.23EURISHARES VII PLC MSCI EMU UCITS ETF CAP EUR3,978 457,470.00 4.14EUR

ISHARES II PLC EUR GOVT 7-10 EUR SHS EUR ETF DIS EUR280 62,484.80 0.57EURBond funds 3,166,859.38 28.67

ISHARES II PLC EURO GOVERNMENT BD 15-30YR UCITS ETF DIS EUR688 177,861.76 1.61EURISHARES II PLC USD HIGH YIELD CORP BD UCITS ETF DIS USD1,450 131,094.50 1.19EURISHARES II PLC USD TIPS UCITS ETF CAP USD2,026 383,116.60 3.47EURISHARES II PLC USD TREASURY BD 7-10Y UCITS ETF DIS USD3,359 595,970.58 5.38EURISHARES III PLC EUR COV BD EUR SHS EUR ETF DIS611 96,782.40 0.88EURISHARES III PLC JPM EM LOCAL GOV BD DIS USD3,642 197,469.24 1.79EURISHARES IV PLC US MTGE BACKED SEC UCITS ETF DIS USD138,460 591,828.50 5.36GBPISHARES PLC CO BOND USD DIS1,874 195,327.02 1.77EURISHARES PLC EURO HIGH YIELD CORP BD UCITS ETF DIS EUR1,068 112,001.16 1.01EURISHARES PLC GBP CORPORATE BOND GBP DIS384 63,406.24 0.57GBPISHARES PLC USD TRE BD USD DIS941 109,941.74 1.00EURISHARES V PLC EUR COR BD EUR SHS EUR ETF DIS4,686 449,574.84 4.07EUR

BGIF ISH GBI -X2- USD CAP1,261 151,376.87 1.37USDOther funds 3,119,520.77 28.24

BGIF ISH JEQIN -X2- EUR CAP1,597 231,202.03 2.09EURISHARES II PLC CORE UK GILTS UCITS ETF DIS GBP12,707 193,324.30 1.75EURISHARES IV PLC EDGE MSCI WORLD QUALITY FACTOR U CAP USD15,536 509,325.52 4.61USDISHARES IV PLC USD GOVERNMENT BOND 20YR TD UCITS ETF DIS EUR37,396 222,494.98 2.01EURISHARES IV PLC USD TSY BD 20Y ETF DIS USD28,759 124,995.24 1.13EURISHARES PLC USD CO BD DIS USD8,489 728,780.65 6.61EURISHARES V PLC FR GOV BD EUR SHS EUR ETF DIS4,154 657,453.58 5.95EURISHARES VII PLC BD 3-7 USD- SHS ETF CAP USD2,610 300,567.60 2.72EUR



LUX IM – BlackRock Multi-Asset Stabilizer Fund



165Page

LUX IM– Morgan Stanley Diversified Risk Control

166Page


146,190.05Unrealised profit on the securities portfolio22,115.57Options / swaptions purchased at market value24,847.82Options / swaptions purchased at cost

949,661.34Cash at banks25,617.12Interests receivable75,966.42Subscriptions receivable8,249.14Dividends receivable4,017.23Unrealised appreciation on forward foreign exchange contracts

59,806.25Unrealised appreciation on swaps79.26Other assets

127,541.35Liabilities78,931.75Redemptions payable23,048.26Unrealised depreciation on financial futures19,352.29Accrued management fees




Expressed in EUR


LUX IM – Morgan Stanley Diversified Risk Control





01/01/19



Key figures

Total Net Assets 9,193,649.20 7,458,310.90 16,416,713.80



99.5873,433.007 49,910.006

95.107,189.007



98.1319,168.110 28,908.000

93.82158,460.861


167Page

ABBOTT LABORATORIES LTD119 8,760.27 0.10USD


Shares 3,386,273.15 36.83

United States of America 945,612.11 10.29

ABBVIE INC80 4,925.89 0.05USDADOBE INC32 8,253.82 0.09USDALPHABET INC32 30,304.93 0.33USDALTRIA GROUP INC123 5,182.48 0.06USDAMAZON.COM INC20 33,500.99 0.36USDAMERICAN AIRLINES GROUP INC REG SHS154 4,355.10 0.05USDAMGEN INC45 7,284.07 0.08USDAMPHENOL CORP -A-94 7,908.78 0.09USDAPPLE INC211 37,071.86 0.41USDAPPLIED MATERIALS INC160 6,289.66 0.07USDAT & T INC339 9,834.38 0.11USDBANK OF AMERICA CORP446 11,067.12 0.12USDBECTON DICKINSON & CO33 7,232.22 0.08USDBERKSHIRE HATHAWAY INC -B-96 17,903.79 0.19USDBOEING CO28 8,965.62 0.10USDBOOKING HLDG INC3 4,869.16 0.05USDBRISTOL MYERS SQUIBB CO120 4,760.52 0.05USDBROADCOM - REG SHS25 6,282.93 0.07USDCATERPILLAR INC REG SHS55 6,555.39 0.07USDCELGENE CORP49 3,980.43 0.04USDCHARTER COMM INC -A-12 4,131.52 0.04USDCHEVRON CORP95 10,287.59 0.11USDCIGNA REG SHS48 6,666.42 0.07USDCISCO SYSTEMS INC220 10,784.71 0.12USDCITIGROUP INC125 7,493.29 0.08USDCLOROX CO45 6,027.31 0.07USDCMS ENERGY CORP220 11,129.17 0.12USDCOCA-COLA CO179 8,042.68 0.09USDCOMCAST CORP233 8,608.00 0.09USDCONOCOPHILLIPS CO109 5,874.50 0.06USDCORTEVA - REG SHS89 2,314.93 0.03USDCOSTCO WHOLESALE CORP34 7,942.75 0.09USDCVS HEALTH CORP108 5,200.26 0.06USDDEERE & CO43 6,234.12 0.07USDDOWDUPONT - REG SHS89 5,779.89 0.06USDDTE ENERGY COMPANY87 9,761.82 0.11USDELI LILLY & CO68 6,667.51 0.07USDENTERGY CORP111 9,925.90 0.11USDEOG RESOURCES INC80 6,481.77 0.07USDEXXON MOBIL CORP218 14,539.09 0.16USDFACEBOOK INC -A-113 18,835.82 0.20USDGENERAL ELECTRIC CO561 5,132.08 0.06USDGENERAL MOTORS CO164 5,527.98 0.06USDGILEAD SCIENCES INC93 5,487.48 0.06USDGOLDMAN SACHS GROUP INC33 5,785.78 0.06USDHILTON WORLDWIDE HLDGS INC REG SHS69 5,858.79 0.06USDHUNTINGTON BANCSHARES INC718 8,620.93 0.09USDIBM CORP57 6,945.19 0.08USDILLUMINA INC16 5,017.37 0.05USDINTEL CORP252 10,520.23 0.11USDINTUITIVE SURGICAL INC14 6,376.07 0.07USDJOHNSON AND JOHNSON INC131 16,211.80 0.18USDJP MORGAN CHASE & CO144 13,786.30 0.15USDLENNAR CORP -A-109 4,643.42 0.05USDLINCOLN NATIONAL CORP155 8,590.89 0.09USDLOWE'S COMPANIES INC65 5,680.96 0.06USDMASTERCARD INC -A-41 9,416.46 0.10USDMCDONALD'S CORP40 7,257.60 0.08USDMERCK AND CO INC133 9,807.27 0.11USDMICROSOFT CORP328 38,704.49 0.43USDMID-AMERICA APARTMENT COMMUNITIES INC91 9,310.92 0.10USD





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MONDELEZ INTERNATIONAL INC153 7,283.60 0.08USDNETFLIX INC24 7,811.48 0.08USDNIKE INC106 7,800.47 0.08USDNORFOLK SOUTHERN CORP35 5,954.17 0.06USDNVIDIA CORP37 5,312.50 0.06USDORACLE CORP132 6,591.58 0.07USDPARKER-HANNIFIN CORP46 6,815.94 0.07USDPAYPAL HOLDINGS INC64 6,399.16 0.07USDPEPSICO INC74 8,571.98 0.09USDPFIZER INC281 10,734.78 0.12USDPHILIP MORRIS INTERNATIONAL INC107 7,333.81 0.08USDPPG INDUSTRIES INC87 8,868.74 0.10USDPROCTER AND GAMBLE CO112 10,815.29 0.12USDPRUDENTIAL FINANCIAL INC105 9,164.93 0.10USDQUALCOMM INC78 5,175.30 0.06USDRAYTHEON CO58 9,084.29 0.10USDREALTY INCOME CORP129 7,877.19 0.09USDSALESFORCE.COM INC62 8,218.13 0.09USDSTARBUCKS CORP73 5,365.60 0.06USDSUNTRUST BANKS INC121 6,546.78 0.07USDSYNOPSYS INC67 7,403.39 0.08USDT ROWE PRICE GROUP INC78 7,447.00 0.08USDTARGET CORP65 4,909.66 0.05USDTEXAS INSTRUMENTS INC74 7,541.58 0.08USDTHE HOME DEPOT INC65 11,836.48 0.13USDTHERMO FISHER SCIENTIFIC INC29 7,493.80 0.08USDTJX COS INC154 7,163.23 0.08USDTOTAL SYSTEM SERVICES INC69 7,782.19 0.08USDUNION PACIFIC CORP45 6,571.18 0.07USDUNITED PARCEL SERVICE INC69 6,172.58 0.07USDUNITED TECHNOLOGIES CORP66 7,487.37 0.08USDUNITEDHEALTH GROUP INC62 13,434.56 0.15USDVALERO ENERGY CORP73 5,389.36 0.06USDVERISIGN INC41 7,475.82 0.08USDVERIZON COMMUNICATIONS INC225 11,330.65 0.12USDVISA INC -A-79 11,898.82 0.13USDVORNADO REALTY TRUST SHS BENEF INTEREST117 6,553.69 0.07USDWALMART INC76 7,360.34 0.08USDWALT DISNEY CO75 9,189.87 0.10USDWASTE MANAGEMENT INC87 8,864.92 0.10USDWELLS FARGO & CO205 8,347.14 0.09USDWESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP1 60.76 0.00USDWEYERHAEUSER CO292 6,670.40 0.07USDWILLIAMS COMPANIES INC237 5,741.29 0.06USDYUM CHINA HOLDINGS INC151 6,120.49 0.07USD3M CO46 6,939.35 0.08USD

AEON CO LTD200 3,025.00 0.03JPYJapan 459,649.54 5.00

AIR WATER300 4,520.35 0.05JPYAOZORA BANK LTD100 2,113.09 0.02JPYASAHI GROUP HOLDINGS LTD100 3,958.98 0.04JPYASAHI KASEI CORPORATION300 2,815.41 0.03JPYASTELLAS PHARMA INC400 5,017.16 0.05JPYBANDAI NAMCO HOLDINGS INC100 4,273.57 0.05JPYBRIDGESTONE CORP100 3,466.25 0.04JPYCANON INC200 5,141.36 0.06JPYCHUBU ELECTRIC POWER CO INC200 2,470.17 0.03JPYCHUGAI PHARMACEUTICAL CO LTD100 5,752.57 0.06JPYCONCORDIA FIN GRP LTD900 2,949.01 0.03JPYDAI-ICHI LIFE HOLDINGS INC300 3,983.49 0.04JPYDAIICHI SANKYO CO LTD100 4,604.51 0.05JPYDAIWA HOUSE INDUSTRY CO LTD100 2,566.60 0.03JPYDAIWA SECURITIES GROUP INC700 2,700.36 0.03JPYDENSO CORP100 3,704.04 0.04JPYDENTSU INC100 3,072.40 0.03JPYEAST JAPAN RAILWAY CO100 8,236.64 0.09JPYFUJIFILM HOLDINGS CORP100 4,463.96 0.05JPY





169Page

FUJITSU LTD100 6,138.26 0.07JPYHANKYU HANSHIN HOLDINGS INC100 3,154.11 0.03JPYHITACHI LTD200 6,453.67 0.07JPYHONDA MOTOR CO LTD300 6,827.10 0.07JPYHOYA CORP100 6,744.57 0.07JPYINPEX CORP300 2,381.03 0.03JPYITOCHU CORP300 5,051.07 0.05JPYJAPAN REAL ESTATE INV CORP1 5,360.35 0.06JPYJAPAN RETAIL FUND INVESTMENT CORP2 3,562.67 0.04JPYJAPAN TOBACCO INC200 3,888.71 0.04JPYJFE HOLDINGS INC200 2,586.21 0.03JPYJXTG HOLDINGS INC800 3,493.38 0.04JPYKANSAI ELECTRIC POWER CO INC200 2,017.49 0.02JPYKAO CORP100 6,708.61 0.07JPYKDDI CORP300 6,725.36 0.07JPYKINTETSU CORP100 4,216.38 0.05JPYKIRIN HOLDINGS CO LTD200 3,797.19 0.04JPYKOMATSU LTD200 4,249.06 0.05JPYKUBOTA CORP200 2,930.22 0.03JPYKYOCERA CORP100 5,748.49 0.06JPYMAKITA CORP100 2,990.68 0.03JPYMARUBENI CORP500 2,913.06 0.03JPYMAZDA MOTOR CORP300 2,756.58 0.03JPYMINEBEA MITSUMI INC200 2,982.51 0.03JPYMITSUI AND CO LTD300 4,299.72 0.05JPYMITSUI FUDOSAN CO LTD200 4,269.49 0.05JPYMIZUHO FINANCIAL GROUP INC5,600 7,143.00 0.08JPYMS&AD INSURANCE GROUP HOLDINGS INC100 2,794.57 0.03JPYMURATA MANUFACTURING CO LTD100 3,954.89 0.04JPYNGK INSULATORS LTD300 3,851.12 0.04JPYNIDEC CORP100 12,032.19 0.14JPYNIPPON BUILDING FD INC1 6,030.40 0.07JPYNIPPON STEEL CORP200 3,021.74 0.03JPYNISSAN MOTOR CO LTD500 3,152.48 0.03JPYNISSHIN FOODS100 5,670.86 0.06JPYNITTO DENKO CORP100 4,344.66 0.05JPYNOMURA HOLDINGS INC1,600 4,960.29 0.05JPYNTT DOCOMO INC200 4,106.06 0.04JPYOJI HOLDINGS CORP600 3,049.52 0.03JPYOLYMPUS CORP200 1,954.57 0.02JPYOMRON CORP100 4,592.25 0.05JPYORIX CORP300 3,941.82 0.04JPYOSAKA SECURITIES EXCHANGE200 2,797.84 0.03JPYOTSUKA HOLDINGS CO LTD100 2,873.02 0.03JPYPANASONIC CORP600 4,400.72 0.05JPYRECRUIT HOLDINGS CO LTD200 5,873.51 0.06JPYRESONA HOLDINGS INC900 3,299.07 0.04JPYSEKISUI HOUSE LTD200 2,901.62 0.03JPYSEVEN & I HOLDINGS CO LTD200 5,961.76 0.06JPYSHIN-ETSU CHEMICAL CO LTD100 8,199.87 0.09JPYSHIONOGI CO LTD100 5,073.54 0.06JPYSHISEIDO CO LTD100 6,635.89 0.07JPYSOFTBANK CORP300 3,430.71 0.04JPYSOFTBANK GROUP CORP400 16,881.84 0.19JPYSOMPO HOLDINGS INC100 3,400.07 0.04JPYSONY CORP200 9,230.27 0.10JPYSUBARU CORPORATION100 2,140.06 0.02JPYSUMITOMO CHEMICAL CO LTD1,100 4,494.20 0.05JPYSUMITOMO CORP300 4,001.88 0.04JPYSUMITOMO ELECTRIC INDUSTRIES LTD400 4,623.30 0.05JPYSUMITOMO MITSUI FINANCIAL GROUP INC300 9,329.96 0.11JPYSUMITOMO MITSUI TRUST HOLDINGS INC100 3,191.70 0.03JPYSUMITOMO REALTY & DEVELOPMENT CO LTD100 3,144.30 0.03JPYSUZUKI MOTOR CORP100 4,137.93 0.05JPYTAISEI CORP100 3,199.05 0.03JPYTAKEDA PHARMACEUTICAL CO LTD300 9,371.63 0.11JPYTDK CORP100 6,814.84 0.07JPY





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TERUMO CORP200 5,245.96 0.06JPYTOBU RAILWAY CO LTD100 2,565.78 0.03JPYTOKIO MARINE HOLDINGS INC100 4,411.67 0.05JPYTOKYO EL HLDG400 1,836.90 0.02JPYTOKYO GAS CO LTD100 2,073.46 0.02JPYTOKYU CORP200 3,123.06 0.03JPYTORAY INDUSTRIES INC400 2,677.56 0.03JPYTOSHIBA CORP100 2,741.46 0.03JPYTOYOTA MOTOR CORP400 21,859.78 0.25JPYTOYOTA TSUSHO CORP100 2,667.92 0.03JPYUNI CHARM CORP100 2,650.76 0.03JPYUSS200 3,469.52 0.04JPYYOKOHAMA RUBBER CO200 3,235.82 0.04JPY

ADMIRAL GROUP PLC431 10,477.03 0.11GBPUnited Kingdom 255,868.84 2.78

AON PLC38 6,436.79 0.07USDASTRAZENECA PLC201 14,364.51 0.16GBPBARCLAYS PLC4,230 7,075.16 0.08GBPBHP GROUP LTD REG SHS403 9,032.45 0.10GBPBP PLC3,153 19,361.70 0.21GBPBRITISH AMERICAN TOBACCO PLC323 9,904.66 0.11GBPBRITISH LAND CO PLC REIT1,295 7,595.56 0.08GBPCOMPASS GROUP PLC332 6,982.07 0.08GBPDIAGEO PLC369 13,862.19 0.15GBPGLAXOSMITHKLINE PLC753 13,283.30 0.14GBPHSBC HOLDINGS PLC2,609 19,049.65 0.21GBPIMPERIAL BRANDS PLC REG SHS235 4,952.09 0.05GBPINTERCONTINENTAL HOTELS GROUP PLC128 7,463.34 0.08GBPLLOYDS BANKING GROUP PLC15,812 10,025.31 0.11GBPNATIONAL GRID PLC876 8,137.78 0.09GBPPRUDENTIAL PLC454 8,583.37 0.09GBPRECKITT BENCKISER GROUP PLC106 7,346.01 0.08GBPRELX PLC320 6,836.75 0.07GBPRIO TINTO PLC179 9,637.62 0.10GBPROYAL DUTCH SHELL PLC -B-995 28,785.99 0.32GBPSEGRO PLC (REIT)1,368 10,961.70 0.12GBPTESCO PLC2,926 7,412.88 0.08GBPVODAFONE GROUP PLC5,786 8,300.93 0.09GBP

ACCOR SA194 7,230.38 0.08EURFrance 187,506.64 2.04

AIR LIQUIDE SA63 7,670.25 0.08EURAXA SA317 7,291.00 0.08EURBNP PARIBAS SA324 13,428.18 0.15EURCREDIT AGRICOLE SA641 6,724.09 0.07EURDANONE SA114 8,515.80 0.09EUREIFFAGE SA86 7,411.48 0.08EURENGIE SA460 6,049.00 0.07EURKERING SA17 8,765.20 0.10EURLEGRAND SA167 10,617.86 0.12EURL'OREAL SA37 9,176.00 0.10EURLVMH MOET HENNESSY LOUIS VUITTON SA40 14,734.00 0.16EURMICHELIN SA REG SHS65 7,198.75 0.08EURPERNOD RICARD SA38 6,133.20 0.07EURSAFRAN SA74 9,497.90 0.10EURSANOFI SA162 12,260.16 0.13EURSCHNEIDER ELECTRIC SE125 9,872.50 0.11EURTOTAL SA352 17,292.00 0.18EURVINCI SA122 10,948.28 0.12EURVIVENDI SA281 6,690.61 0.07EUR

ALIBABA GROUP HOLDING LTD330 49,608.13 0.54USDCayman Islands 177,349.80 1.93

BAIDU IN REPR 1/10 SH -A- ADR94 9,594.72 0.10USDCHINA EVERGRANDE GROUP LTD1,000 2,467.04 0.03HKDCHINA MENGNIU DAIRY CO LTD2,000 6,815.33 0.07HKDCK ASSET HOLDINGS LTD500 3,444.27 0.04HKDCK HUTCHISON LTD500 4,337.03 0.05HKD





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CTRIP.COM INTL LTD ADR REPR 1/4TH SH181 5,908.35 0.06USDENN ENERGY HOLDINGS LTD200 1,712.28 0.02HKDGEELY AUTOMOBILE HOLDINGS LTD3,000 4,515.01 0.05HKDJD COM INC ADR REPR 2SHS -A-275 7,327.04 0.08USDNETEASE SPONS ADR INC REPR 25 SHS26 5,977.13 0.07USDNEW ORIENTAL EDUCATION & TECH.GR INC ADR RE123 1,937.15 0.02USDSANDS CHINA LTD400 1,682.99 0.02HKDSHENZHOU INTERNATIONAL GROUP500 6,049.31 0.07HKDSINA CORP.REG SHS37 1,413.48 0.02USDSUNAC CHINA HOLDINGS LTD1,000 4,325.76 0.05HKDSUNNY OPTI TECH CO LTD SHS100 909.09 0.01HKDTAL EDUCAT GROUP -A- ADR REPR 1/3 SH -A-71 2,378.85 0.03USDTENCENT HLDGS LTD1,400 55,608.56 0.59HKDWH GROUP LTD 144A/REG SHS1,500 1,338.28 0.01HKD

ABB LTD REG SHS504 8,835.02 0.10CHFSwitzerland 175,591.56 1.91

ADECCO SA REG SHS125 6,582.68 0.07CHFBALOISE HOLDING AG REG SHS65 10,072.44 0.11CHFCOMPAGNIE FINANCIERE RICHEMONT SA REG SHS140 10,418.90 0.11CHFCREDIT SUISSE GROUP AG REG SHS822 8,691.56 0.09CHFGEBERIT AG20 8,165.58 0.09CHFNESTLE SA REG SHS359 32,486.88 0.36CHFNOVARTIS AG REG SHS318 25,528.71 0.28CHFPARTNERS GROUP HOLDING AG REG SHS14 9,479.06 0.10CHFROCHE HOLDING AG96 23,631.77 0.26CHFSIKA AG - REG SHS51 7,577.14 0.08CHFSWISS RE AG REG SHS87 7,710.02 0.08CHFTE CONNECTIVITY LTD REG SHS100 8,370.50 0.09USDUBS GROUP AG REG SHS772 8,041.30 0.09CHF

ETFS CO SEC LTD 06 SS MAT INDS MET DJ-AIGCI14,044 137,555.47 1.50USDJersey Island 153,150.14 1.67

EXPERIAN PLC321 8,411.57 0.09GBPGLENCORE PLC2,441 7,183.10 0.08GBP

CELLTRION INC35 5,471.93 0.06KRWSouth Korea 138,317.70 1.50

GS HOLDINGS CO LTD89 3,466.74 0.04KRWHANA FINANCIAL GROUP INC70 1,991.73 0.02KRWHYUNDAI MOBIS CO LTD13 2,329.14 0.03KRWHYUNDAI MOTOR CO LTD65 6,923.13 0.08KRWKB FINANCIAL GROUP INC186 6,488.03 0.07KRWKIA MOTORS CORP71 2,376.69 0.03KRWKOREA ELECTRIC POWER CORP80 1,555.04 0.02KRWKT & G CORP -SHS.65 4,870.91 0.05KRWLG CHEM LTD21 5,663.65 0.06KRWLG CORP87 5,089.87 0.06KRWLG ELECTRONICS INC31 1,870.23 0.02KRWLG HOUSEHOLD AND HEALTHCARE LTD5 4,994.54 0.05KRWNAVER CORP58 5,030.30 0.05KRWPOSCO31 5,766.36 0.06KRWSAMSUNG C&T CORP57 4,150.00 0.05KRWSAMSUNG ELECTRONICS CO LTD1,145 40,941.55 0.44KRWSAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG102 2,968.20 0.03KRWSAMSUNG SDI CO LTD11 1,979.18 0.02KRWSHINHAN FINANCIAL GROUP CO LTD192 6,558.56 0.07KRWSK CO LTD21 3,706.54 0.04KRWSK HYNIX INC162 8,565.66 0.09KRWSK INNOVATION CO LTD32 3,870.86 0.04KRWWOORI FINANCIAL GROUP158 1,688.86 0.02KRW


ALLIANZ SE REG SHS62 13,060.30 0.14EURBASF SE REG SHS187 11,795.96 0.13EURBAYER AG REG SHS158 9,615.88 0.10EURCONTINENTAL AG58 7,333.52 0.08EURDAIMLER AG REG SHS281 13,570.90 0.15EURDEUTSCHE POST AG REG SHS296 8,394.56 0.09EUR





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DEUTSCHE TELEKOM AG REG SHS826 12,530.42 0.14EURINFINEON TECHNOLOGIES AG REG SHS399 6,083.95 0.07EURMUNICH REINSURANCE COMPANY AG REG SHS32 7,065.60 0.08EURSAP AG141 16,638.00 0.17EURSIEMENS AG REG SHS112 11,596.48 0.13EURVONOVIA SE REG SHS124 5,185.68 0.06EUR

AGRICULTURAL BANK OF CHINA -H-5,000 1,841.83 0.02HKDChina 110,908.69 1.21

ANHUI CONCH CEMENT CO LTD -H-500 2,757.11 0.03HKDBANK OF CHINA LTD -H-24,000 8,921.88 0.10HKDCGN POWER CO LTD 144A/REG SHS14,000 3,390.77 0.04HKDCHINA CINDA ASSET MANAGEMENT CO LTD -H-21,000 4,258.17 0.05HKDCHINA CONSTRUCTION BANK CORPORATION -H-25,000 18,953.37 0.21HKDCHINA LIFE INSURANCE CO LTD -H-3,000 6,502.16 0.07HKDCHINA MERCHANTS BANK CO LTD -H-1,500 6,581.58 0.07HKDCHINA MINSHENG BANKING CORPORATION -H-8,000 4,875.49 0.05HKDCHINA PACIFIC INSURANCE (GROUP) CO LTD -H-1,400 4,818.04 0.05HKDCHINA PETROLEUM AND CHEMICAL CORP SINOPEC -H-10,000 5,981.72 0.07HKDCHINA SHENHUA ENERGY CO LTD -H-1,000 1,842.95 0.02HKDCHINA TELECOM CORP LTD -H-4,000 1,770.86 0.02HKDCHINA TOWER8,000 1,847.46 0.02HKDCITIC SECURITIES CO LTD -H-1,000 1,833.94 0.02HKDHAITONG SECURITIES CO LTD -H-1,200 1,184.18 0.01HKDICBC -H-20,000 12,842.10 0.14HKDPETROCHINA CO LTD -H-10,000 4,855.22 0.05HKDPING AN INSURANCE (GROUP) COMPANY OF CHINA LTD -H-1,500 15,849.86 0.17HKD


BOC HONG KONG (HOLDINGS) LTD500 1,731.99 0.02HKDCHINA MOBILE LTD1,500 12,022.58 0.13HKDCHINA OVERSEAS LAND & INVESTMENT LTD -RC-2,000 6,488.64 0.07HKDCHINA UNICOM (HONG KONG) LTD6,000 5,792.46 0.06HKDCLP HOLDINGS LTD500 4,855.22 0.05HKDCNOOC LTD -RC-4,000 6,020.02 0.07HKDCOUNTRY GARDEN HOLDINGS CO LTD3,019 4,040.27 0.04HKDCSPC PHARMACEUTICAL LTD4,000 5,677.56 0.06HKDFOSUN INTERNATIONAL LTD2,500 2,923.27 0.03HKDHANG SENG BANK LTD100 2,191.04 0.02HKDHONG KONG EXCHANGES AND CLEARING LTD205 6,369.12 0.07HKDNEW WORLD DEVELOPMENT CO LTD1,133 1,559.67 0.02HKDPOWER ASSETS HOLDINGS LTD500 3,165.47 0.03HKDSHANGHAI INDUSTRIAL HOLDINGS LTD -RC-1,000 1,908.29 0.02HKDSWIRE PACIFIC LTD -A-500 5,407.20 0.06HKDTECHTRONIC INDUSTRIES CO LTD500 3,368.24 0.04HKDTHE HONG KONG & CHINA GAS CO LTD1,320 2,575.45 0.03HKDTHE LINK REAL ESTATE INV TRUST500 5,407.20 0.06HKD

AIRBUS SE86 10,653.68 0.12EURThe Netherlands 71,485.59 0.78

ASML HLDG NV64 11,500.80 0.13EURHEINEKEN NV56 5,424.16 0.06EURING GROUP NV891 9,075.73 0.10EURKONINKLIJKE DSM NV68 7,381.40 0.08EURROYAL PHILIPS NV251 9,538.00 0.10EURUNILEVER NV214 11,354.84 0.12EURWOLTERS KLUWER NV103 6,556.98 0.07EUR

AMADEUS IT GROUP SA -A-99 6,801.30 0.07EURSpain 52,095.12 0.57

BANCO BILBAO VIZCAYA ARGENTARIA SA REG SHS1,571 7,702.61 0.08EURBANCO SANTANDER SA REG SHS3,175 12,814.30 0.15EURIBERDROLA SA1,061 9,311.34 0.10EURINDUSTRIA DE DISENO TEXTIL SA264 6,945.84 0.08EURTELEFONICA SA1,181 8,519.73 0.09EUR

AMBEV SA800 3,286.67 0.04BRLBrazil 41,607.41 0.45

BANCO BRADESCO SA PREF.972 8,384.84 0.08BRLB3 - REG SHS600 5,133.49 0.06BRL





173Page

ITAUSA INVESTIMENTOS ITAU SA-PREF1,320 3,887.74 0.04BRLITAUUNIBANCO SA PFD SHS873 7,202.97 0.08BRLLOJAS RENNER SA330 3,519.70 0.04BRLPETROLEO BRASILEIRO SA -PETROBRAS- PREF.885 5,485.05 0.06BRLVALE DO RIO DOCE SA400 4,706.95 0.05BRL

INDUSTRIVAERDEN AB -C-549 10,643.70 0.12SEKSweden 39,662.40 0.43

L E LUNDBERGFOERETAGEN AB -B- FREE320 10,428.03 0.11SEKSANDVIK AB655 10,535.69 0.11SEKVOLVO AB -B-579 8,054.98 0.09SEK


ENI SPA534 7,724.84 0.08EURINTESA SANPAOLO SPA3,573 6,712.24 0.07EURTERNA SPA1,593 8,997.26 0.10EURUNICREDIT SPA REG SHS467 5,020.25 0.05EUR

ADVANCED INFO SERVICE -F-1,200 7,485.21 0.09THBThailand 34,285.64 0.37

BANGKOK EXPRESS LTD FOR REG17,300 5,643.10 0.06THBCP SEVEN ELEVEN ALL FOREIGN LTD REG SHS2,700 6,643.99 0.07THBKASIKORNBANK LTD -F-400 2,168.88 0.02THBPTT GLOBAL CHEM LTD SHS FOREIGN REGISTERED1,000 1,831.25 0.02THBPTT LTD -REG SHS2,300 3,208.26 0.03THBSIAM CEMENT CO LTD REG SHS400 5,402.17 0.06THBTHAI OIL CO LTD -FOREIGN REG SHS1,000 1,902.78 0.02THB

ASTRA INTERNATIONAL TBK11,800 5,472.49 0.06IDRIndonesia 33,706.02 0.37

BANK CENTRAL ASIA DEP TBK4,100 7,650.49 0.09IDRBANK MANDIRI TBK4,400 2,198.08 0.02IDRBANK RAKYAT INDONESIA TBK22,500 6,106.82 0.07IDRINDOFOOD SUKSES MAKMUR TBK12,800 5,597.61 0.06IDRPT UNILEVER INDONESIA TBK600 1,680.78 0.02IDRTELKOM INDONESIA TBK -B-19,400 4,999.75 0.05IDR

ABSA GRP REG SHS297 3,257.51 0.04ZARSouth Africa 32,552.71 0.35

FIRSTRAND LTD664 2,866.63 0.03ZARGROWTHPOINT PROPERTIES LTD2,240 3,387.41 0.04ZARNASPERS LTD -N-55 11,524.00 0.12ZARREMGRO LTD311 3,617.99 0.04ZARSANLAM LTD542 2,628.42 0.03ZARSASOL LTD101 2,201.86 0.02ZARSTANDARD BANK GROUP LIMITED249 3,068.89 0.03ZAR

CAPITALAND COMMERCIAL REAL ESTATE INV TRUST1,500 2,115.77 0.02SGDSingapore 30,485.19 0.33

CAPITALAND LTD900 2,065.07 0.02SGDCAPITALAND MALL REAL ESTATE INVESTMENT TRUST1,200 2,051.42 0.02SGDCITY DEVELOPMENTS LTD300 1,846.66 0.02SGDDBS GROUP HOLDINGS LTD200 3,374.83 0.04SGDKEPPEL CORPORATION LTD600 2,597.42 0.03SGDOVERSEA-CHINESE BANKING CORP LTD506 3,749.49 0.04SGDSEMBCORP INDUSTRIES LTD1,300 2,036.47 0.02SGDSINGAPORE EXCHANGE LTD300 1,544.41 0.02SGDSINGAPORE TELECOM LTD - SH BOARD LOT 10001,400 3,185.02 0.03SGDUNITED OVERSEAS BANK LTD204 3,464.86 0.04SGDUOL GROUP LTD500 2,453.77 0.03SGD

CIMB GROUP HOLDINGS BHD34 38.86 0.00MYRMalaysia 28,037.20 0.30

GENTING PLANTATIONS BHD2,600 5,522.98 0.06MYRIHH HEALHCARE BHD1,300 1,601.67 0.02MYRIOI CORPORATION BHD2,200 1,986.15 0.02MYRKUALA LUMPUR KEPONG MY BHD700 3,651.97 0.04MYRPERLIS PLANTATIONS BHD1,160 4,607.87 0.05MYRPUBLIC BANK BHD600 2,931.43 0.03MYRSIME DARBY PLANTATION BHD1,738 1,816.42 0.02MYRTENAGA NASIONAL BHD2,000 5,879.85 0.06MYR





174Page

CARLSBERG AS -B-81 9,380.86 0.10DKKDenmark 24,255.53 0.26

NOVO NORDISK AS332 14,874.67 0.16DKK

CRH PLC273 7,794.15 0.08EURIreland 22,663.46 0.25

LINDE PLC35 6,123.25 0.07USDMEDTRONIC PLC102 8,746.06 0.10USD

AYALA CORP145 2,227.20 0.02PHPPhilippines 21,736.91 0.24

AYALA LAND INC8,600 7,506.14 0.09PHPBDO UNIBANK INC1,080 2,597.80 0.03PHPINTERNATIONAL CONTAINER TERMINAL SERVICE INC1,560 3,923.92 0.04PHPSM PRIME HOLDINGS INC8,600 5,481.85 0.06PHP

AMERICA MOVIL SAB DE CV -L-7,335 4,735.04 0.05MXNMexico 17,660.94 0.19

CEMEX SAB DE CV REPR 2 SHS -A-.1 SHS -B-6,000 2,207.77 0.02MXNFOMENTO ECONOMICO MEXICANO SAB DE CV UNITS 1 SH-B- 4 SHS-D-500 4,220.79 0.05MXNGRUPO FINANCIERO BANORTE SAB DE C600 3,085.93 0.03MXNWALMART DE MEXICO SAB DE CV REG SHS1,400 3,411.41 0.04MXN

ANHEUSER-BUSCH INBEV NV103 7,876.41 0.09EURBelgium 15,981.81 0.17

SOLVAY SA90 8,105.40 0.08EUR

EQUINOR ASA617 10,781.72 0.12NOKNorway 10,781.72 0.12

CREDICORP LTD20 4,063.86 0.04USDBermuda 10,740.64 0.12

HAIER ELECTRONICS GROUP CO LTD2,000 4,866.48 0.06HKDHONGKONG LAND HOLDINGS LTD300 1,699.43 0.02USDJARDINE MATHESON HLD LTD2 110.87 0.00USD

PKO BANK POLSKI SA485 4,900.53 0.05PLNPoland 8,274.24 0.09

POWSZECHNY ZAKLAD UBEZPIECZEN SA326 3,373.71 0.04PLN

SCHLUMBERGER LTD186 6,398.79 0.07USDThe Netherlands Antilles 6,398.79 0.07

CEZ AS193 4,114.05 0.04CZKCzech Republic 4,114.05 0.04

HACI OMER SABANCI HOLDING AS3,039 3,923.20 0.04TRYTurkey 3,923.20 0.04

BUENAVENTURE SP ADR-SHS-260 3,782.73 0.04USDPeru 3,782.73 0.04

OTP BANK PLC99 3,485.05 0.04HUFHungary 3,485.05 0.04

BANCOLOMBIA SA PREF289 3,227.64 0.04COPColombia 3,227.64 0.04

TSY INFL IX N/B 0.625 18-23 15/04S56,000 51,285.81 0.56USD

Bonds 3,893,094.40 42.35


UNITED STATES 1.625 16-26 15/05S107,000 92,538.81 1.01USDUSA TREASURY NOTES 2.00 15-22 30/11S381,000 338,042.83 3.68USDUSA TREASURY NOTES INFL. INDEX 0.375 13-23 15/07S909,000 885,458.91 9.64USDWI TREASURY SEC 2.5 19-24 31/01S51,000 46,306.50 0.50USDWI TREASURY SEC 2.625 19-29 15/02S183,000 169,510.12 1.84USD


GERMANY 2.00 13-23 15/08A457,000 508,924.34 5.54EUR

FRANCE 0.00 18-24 25/03A326,000 333,848.45 3.63EURFrance 683,378.23 7.43

FRANCE 1.00 15-25 25/11A175,000 190,367.63 2.07EURFRANCE 2.25 11-22 25/10A145,000 159,162.15 1.73EUR

SPAIN 0.40 17-22 30/04A164,000 167,664.58 1.82EURSpain 682,442.87 7.42

SPAIN 1.95 16-26 30/04A170,000 191,691.15 2.09EURSPAIN 4.40 13-23 31/10A263,000 315,918.23 3.43EURSPAIN 0.35 18-23 30/07A7,000 7,168.91 0.08EUR





175Page

ITALY 0.45 16-21 01/06S37,000 37,116.55 0.40EURItaly 241,199.32 2.62

ITALY 1.75 19-24 01/07S82,000 83,441.97 0.91EURITALY 1.00 19-22 15/07S120,000 120,640.80 1.31EUR

SUNTEC REAL ESTATE INVESTMENT TRUST2,100 2,648.12 0.03SGD


Shares 2,648.12 0.03

Singapore 2,648.12 0.03

ISHARES II PLC DEVELOPED MARKETS PROPERTY YIELD UC DIS USD7,527 177,440.82 1.93USD



Equity funds 708,596.65 7.71

ISHARES II PLC GLOBAL INFRASTRUCTURE UCITS ETF DIS USD6,190 159,194.38 1.73USDSOURCE PHYSICAL MARKETS PLC USD3,097 371,961.45 4.05USD

ISHARES III PLC JPM EM LOCAL GOV BD DIS USD3,414 185,065.90 2.01EURBond funds 185,065.90 2.01






176Page

LUX IM– Invesco Global Income Opportunities

177Page


609,069.95Interests receivable174,295.57Brokers receivable


560,666.42Unrealised appreciation on forward foreign exchange contracts1,201.94Other assets


8,000,632.16Brokers payable42,543.32Accrued performance fees






Expressed in EUR


LUX IM – Invesco Global Income Opportunities





01/01/19







178Page

Key figures


Total Net Assets 90,108,139.74 46,526,477.02



100.53155,564.826 111,021.651



100.020.50

230,639.424 193,618.38894.660.00


EUR


101.58439,534.369 146,785.856



102.08429.369 367.913



102.130.00

563.138 790.94195.770.00


EUR


101.4365,579.017 37,552.546


179Page

BRISTOL MYERS SQUIBB CO8,716 345,772.62 0.38USD


Shares 22,026,159.74 24.44


BROADCOM - REG SHS1,821 457,648.69 0.51USDCHEVRON CORP6,687 724,138.25 0.81USDCITIGROUP INC8,935 535,620.57 0.59USDGILEAD SCIENCES INC7,339 433,038.77 0.48USDJP MORGAN CHASE & CO4,265 408,323.53 0.45USDLAS VEGAS SANDS CORP9,448 488,501.95 0.54USDMICROSOFT CORP3,580 422,445.35 0.47USDNASDAQ INC6,335 535,899.15 0.59USDPFIZER INC14,685 560,997.10 0.62USDUNITED TECHNOLOGIES CORP4,936 559,964.74 0.62USDVERIZON COMMUNICATIONS INC9,482 477,498.79 0.53USDWELLS FARGO & CO7,827 318,698.01 0.35USDWILLIAMS-SONOMA INC8,893 502,673.33 0.56USD

AON PLC3,381 572,704.55 0.64USDUnited Kingdom 4,684,106.24 5.20

BAE SYSTEMS PLC53,772 295,002.50 0.33GBPBP PLC109,182 670,456.37 0.74GBPBRITISH AMERICAN TOBACCO PLC11,464 351,538.80 0.39GBPEASYJET PLC23,198 235,394.51 0.26GBPLEGAL & GENERAL GROUP PLC70,962 212,775.22 0.24GBPNEXT PLC7,283 453,319.65 0.50GBPROLLS ROYCE HOLDINGS PLC44,275 416,781.39 0.46GBPROYAL BANK OF SCOTLAND GROUP PLC146,937 357,675.59 0.40GBPROYAL DUTCH SHELL PLC -A-23,896 687,965.84 0.76EURTESCO PLC169,923 430,491.82 0.48GBP

BNP PARIBAS SA8,434 349,547.13 0.39EURFrance 2,662,114.68 2.95

CARREFOUR SA27,257 461,052.16 0.51EURORANGE SA48,869 675,858.27 0.75EURSANOFI SA7,309 553,145.12 0.61EURTOTAL SA12,672 622,512.00 0.69EUR


NOVARTIS AG REG SHS6,105 490,103.08 0.54CHFROCHE HOLDING AG1,993 490,605.31 0.55CHFTE CONNECTIVITY LTD REG SHS5,501 460,461.06 0.51USD

ALLIANZ SE REG SHS2,355 496,080.75 0.55EURGermany 1,302,518.91 1.45

BASF SE REG SHS6,536 412,290.88 0.46EURDEUTSCHE POST AG REG SHS13,898 394,147.28 0.44EUR

SUMITOMO MITSUI FINANCIAL GROUP INC10,400 323,438.47 0.36JPYJapan 809,818.60 0.90

TOYOTA MOTOR CORP8,900 486,380.13 0.54JPY

ING GROUP NV43,697 445,097.64 0.50EURThe Netherlands 745,825.72 0.83

KONINKLIJKE AHOLD DELHAIZE NV15,298 300,728.08 0.33EUR

HYUNDAI MOTOR CO LTD2,832 185,936.62 0.21KRWSouth Korea 577,568.20 0.64

KANGWON LAND INC2,213 50,929.30 0.06KRWSAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG11,708 340,702.28 0.37KRW

TAIWAN SEMICON CO LTD ADR (REPR 5 SHS)14,897 518,777.53 0.58USDTaiwan 518,777.53 0.58

CANADIAN NATURAL RESOURCES LTD18,891 445,448.03 0.49CADCanada 445,448.03 0.49

AMCOR LTD41,736 416,819.34 0.46AUDAustralia 416,819.34 0.46

INTESA SANPAOLO SPA200,546 376,745.72 0.42EURItaly 376,745.72 0.42





180Page


EQUINOR ASA16,812 293,780.01 0.33NOKNorway 293,780.01 0.33

CAIXABANK SA104,421 259,799.45 0.29EURSpain 259,799.45 0.29

TELEF BRASIL SA PFD SHS8,400 95,978.15 0.11BRLBrazil 95,978.15 0.11

ADIENT US LLC 7.0000 19-26 15/05S70,000 63,190.26 0.07USD

Bonds 53,480,327.31 59.36


ANHEUSER-BUSCH INBEV NV 4.75 19-29 23/01S110,000 109,439.28 0.12USDAPPLE INC 3.85 13-43 04/05S300,000 279,480.14 0.31USDAT & T INC 4.30 13-42 15/12S700,000 608,523.11 0.68USDBAYER US FINANCE II LLC 3.50 18-21 25/06S200,000 178,637.46 0.20USDBAYER US FINANCE II LLC 4.6250 18-38 25/06S400,000 357,728.81 0.40USDBERKSHIRE HATHAWAY FI 2.375 19-39 19/06A660,000 752,427.96 0.84GBPCATALENT PHARMA SOLUTIONS INC 4.75 16-24 15/12S100,000 104,630.50 0.12EURCOMCAST CORP 4.6000 18-38 15/10S255,000 256,515.18 0.28USDCOTY INC 4.75 18-26 15/04S200,000 199,375.00 0.22EURDIAMOND 1 FIN CORP 144A 5.45 16-23 15/06S350,000 331,393.99 0.37USDDRESDNER FUNDING TRUST I 8.151 99-31 30/06S400,000 474,687.07 0.53USDENERGIZER GAMMA 4.6250 18-26 15/07S200,000 209,890.00 0.23EURFIDELITY NATIONAL INF SERVICES 1.5 19-27 21/05A130,000 135,686.20 0.15EURIRON MOUNTAIN INC 3.00 17-25 15/01S200,000 206,136.00 0.23EURJOHNSON & JOHNSON 4.375 13-33 05/12S300,000 310,224.30 0.34USDMARB BONDCO PLC REG SHS 7.00 17-24 15/03S200,000 183,020.63 0.20USDMICROSOFT CORP 3.625 13-23 15/12S300,000 280,924.92 0.31USDPRICELINE GROUP INC 3.60 16-26 01/06S300,000 277,523.42 0.31USDQUINTILES IMS INC REG SHS 3.25 17-25 15/03S100,000 103,159.00 0.11EURSPECTRUM BRANDS INC 4.00 16-26 01/10S100,000 105,417.00 0.12EURTIME WARNER CABLE INC 5.50 11-41 01/09S700,000 645,759.77 0.72USDUSA TREASURY NOTES 2.375 19-29 15/05S7,000,000 6,355,073.81 7.06USDUSA TREASURY NOTES 2.50 18-20 31/05S3,000,000 2,650,776.41 2.94USDUSA TREASURY NOTES 2.875 18-23 30/09S3,000,000 2,759,165.96 3.06USDUSA TREASURY NOTES 2.625 18-20 31/07S2,000,000 1,772,235.22 1.97USDUSA TREASURY NOTES 2.50 18-23 31/03S1,250,000 1,129,809.40 1.25USDVERIZON COMMUNICATIONS INC 3.375 17-36 27/10A200,000 246,353.70 0.27GBPWALMART INC 2.65 17-24 15/12S300,000 269,345.56 0.30USDWESTERN DIGITAL CORP 4.75 18-26 15/02S200,000 171,149.23 0.19USDXPO LOGISTICS INC 6.125 16-23 01/09S100,000 91,283.82 0.10USD

ENEL SPA 7.75 13-75 10/09A600,000 716,855.49 0.80GBPItaly 8,917,927.49 9.91

ITALY 1.00 19-22 15/07S7,000,000 7,037,380.00 7.82EURSOC CATTOLICA ASSI SC 4.25 17-47 14/12A200,000 196,036.00 0.22EURTELECOM ITALIA SPA 2.375 17-27 12/10A800,000 768,696.00 0.85EURWIND TRE SPA 3.125 17-25 20/01S200,000 198,960.00 0.22EUR

ARQIVA 6.75 18-23 01/10S100,000 119,956.51 0.13GBPUnited Kingdom 7,053,026.02 7.83

BOPARAN FINANCE PLC REG SHS 5.50 14-21 15/07S100,000 61,580.07 0.07GBPBP CAPITAL MARKETS PLC 0.90 18-24 03/07A400,000 415,628.00 0.46EURBP CAPITAL MARKETS PLC 1.8270 19-25 08/09A100,000 113,662.46 0.13GBPCO-OP BK FIN 9.5 19-29 25/04S400,000 444,527.21 0.49GBPEASYJET PLC 0.8750 19-25 11/06A120,000 119,942.40 0.13EUREG GLOBAL FINANCE PLC 4.375 19-25 13/05S100,000 99,915.50 0.11EURENQUEST PLC SUB-DY-PIK 7.00 16-22 15/04S200,000 143,171.93 0.16USDGKN HOLDINGS PLC 3.375 17-32 12/05A400,000 443,661.91 0.49GBPGRAINGER PLC 3.375 18-28 24/04S600,000 692,017.17 0.78GBPHSBC HOLDINGS PLC 6.25 18-23 23/03S200,000 181,230.60 0.20USDICELAND BONDCO PLC 4.625 17-25 15/03S100,000 100,897.08 0.11GBPJAGUAR LAND ROVER AUTOMOTIVE PLC 5.00 14-22 15/02S400,000 428,503.57 0.48GBPLEWIS JOHN 4.25 14-34 04/12A400,000 418,418.82 0.46GBPLLOYDS BANKING GROUP 6.75 19-99 31/12Q200,000 179,400.98 0.20USDMARKS AND SPENCER PLC 4.75 12-25 12/06A400,000 486,135.15 0.54GBPMATALAN FINANCE 6.75 18-23 31/01S200,000 210,659.01 0.23GBP





181Page

NEXT 3.625 16-28 18/05A500,000 582,418.04 0.65GBPPETRA DIAMONDS PLC REG SHS 7.25 17-22 01/05S200,000 173,354.44 0.19USDPHOENIX GROUP HOLDINGS SUB 5.375 17-27 06/07S500,000 439,954.70 0.49USDPREMIER FOODS FINANCE PLC 6.25 18-23 15/10S100,000 118,171.28 0.13GBPRAC BOND CO 4.870 16-26 06/05S300,000 329,197.14 0.37GBPUNILEVER PLC 1.50 19-26 22/07A300,000 335,170.05 0.37GBPVODAFONE GROUP PLC 1.6250 19-30 24/11A400,000 415,452.00 0.46EUR

AXALTA COATING SYS 3.75 16-25 15/01S100,000 104,355.50 0.12EURThe Netherlands 3,681,490.26 4.09

DARLING GLOBAL FIN BV 3.625 18-26 15/05S300,000 318,834.00 0.35EUREDP FINANCE BV 1.875 18-25 12/10A600,000 649,641.00 0.72EURENEL FIN INTL NV 3.50 17-28 06/04S300,000 260,444.65 0.29USDIBERDROLA INTL BV 1.125 16-26 21/04A200,000 211,911.00 0.24EURINTERXION HOLDING 4.75 18-27 15/06S100,000 108,922.00 0.12EURLGE HOLDCO VI BV 7.125 14-19 20/05S25,989 27,137.35 0.03EURSIGMA HOLDCO B.V 5.75 18-26 15/05S200,000 188,061.00 0.21EURSUNSHINE MID BV 6.50 18-26 15/05S400,000 415,926.00 0.46EURTOYOTA MOTOR FINANCE 1.375 19-23 23/05A200,000 224,368.87 0.25GBPVOLKSWAGEN FIN SERVICES AG 1.875 18-21 16/08A500,000 560,576.49 0.62GBPVOLKSWAGEN FINANCIAL 2.125 19-24 27/06A200,000 221,806.42 0.25GBPVTR FINANCE BV REG SHS 6.875 14-24 15/01S200,000 182,301.98 0.20USDZIGGO BOND CO BV 4.625 15-25 15/01S200,000 207,204.00 0.23EUR

BNP PARIBAS 3.3750 19-26 23/01A400,000 474,110.17 0.53GBPFrance 1,990,521.18 2.21

BNP PARIBAS SA 7 18-XX 31/12S200,000 186,942.87 0.21USDEDF 4.5 18-28 21/09S400,000 385,037.61 0.43USDLA FINANCIERE ATALIAN SA 4.00 17-24 15/05S100,000 76,044.50 0.08EURLA FINANCIERE ATALIAN SA 5.125 18-25 31/12A100,000 75,842.50 0.08EURORANGE SA 3.25 19-32 15/01A500,000 609,706.74 0.68GBPSOCIETE GENERALE SA REG SHS 7.375 18-XX 31/12S200,000 182,836.79 0.20USD

CAIXABANK SA 1.3750 19-26 19/06A400,000 405,050.00 0.45EURSpain 1,437,102.49 1.59

LIBERBANK SA 6.875 17-27 14/03A500,000 544,225.00 0.60EURMASARIA INVESTMENTS SAU REG SHS 5.00 17-24 15/09S100,000 102,399.00 0.11EURTASTY BONDCO 1 SA 6.25 19-26 15/05S100,000 105,680.50 0.12EURTELEFONICA EMISIONES SAU 4.103 17-27 08/03S300,000 279,747.99 0.31USD

CODERE FIN 2 LUX SA 7.625 16-21 01/11S200,000 171,599.60 0.19USDLuxembourg 1,227,798.63 1.36

INEOS GROUP HOLDINGS SA 5.375 16-24 01/08S200,000 206,263.00 0.23EURODYSSEY EUR HLD 8.00 18-23 15/05S500,000 489,122.50 0.54EURPRO-GEST REG SHS 3.25 17-24 15/12S200,000 182,900.00 0.20EURTOPAZ MARINE SA REG SHS 9.125 17-22 26/07S200,000 177,913.53 0.20USD

BLITZ F 6.00 18-26 30/07S200,000 212,462.00 0.24EURGermany 875,873.75 0.97

COMMERZBANK AG 8.125 13-23 19/09S200,000 203,576.55 0.23USDSCHAEFFLER AG 1.8750 19-24 26/03A440,000 459,835.20 0.50EUR

ESKOM HOLDINGS SOC LTD 6.35 18-28 10/08S200,000 190,176.36 0.21USDSouth Africa 532,915.38 0.59

SOUTH AFRICA 4.30 16-28 12/10S300,000 258,853.41 0.29USDSOUTH AFRICA 8.75 12-48 28/02S1,500,000 83,885.61 0.09ZAR

BANCO COMERCIAL PORT 9.25 19-XX XX/XXQ400,000 436,204.00 0.48EURPortugal 436,204.00 0.48

AA BOND CO LTD 2.75 17-23 31/07S400,000 408,637.38 0.45GBPJersey Island 408,637.38 0.45

ARGENTINA 5.25 17-28 15/01A200,000 144,326.00 0.16EURArgentina 400,956.17 0.44

ARGENTINA 6.875 18-48 11/01S400,000 256,630.17 0.28USD

MEXICO 7.50 06-27 03/06S23,000 105,130.73 0.12MXNMexico 381,821.26 0.42

MEXICO 8.00 17-47 07/11S40,000 186,521.20 0.20MXNMEXICO -25- 3.625 12-22 15/03S100,000 90,169.33 0.10USD

TURK TELEKOM AS 6.8750 19-25 28/02S200,000 177,033.91 0.20USDTurkey 378,843.91 0.42

TURKEY 5.20 18-26 16/02A200,000 201,810.00 0.22EUR





182Page

COLOMBIA 3.875 17-27 25/04S200,000 183,458.68 0.20USDColombia 375,015.97 0.42

COLUMBIA 7 17-32 30/06A660,000,000 191,557.29 0.22COP

ALIBABA GROUP LTD 3.60 15-24 28/11S400,000 366,463.47 0.41USDCayman Islands 366,463.47 0.41

INDONESIA 1.45 19-26 18/06A100,000 102,381.50 0.11EURIndonesia 283,061.34 0.31

INDONESIA 7.50 17-38 15/05S3,000,000,000 180,679.84 0.20IDR

RADISSON HOTEL HOLDINGS 6.8750 18-23 15/07S100,000 109,433.00 0.12EURSweden 281,297.90 0.31

VATTENFALL AB 0.5000 19-26 24/06A170,000 171,864.90 0.19EUR

POLAND 2.50 16-27 25/07A1,100,000 262,571.08 0.29PLNPoland 262,571.08 0.29

BRAZIL 10.00 18-29 05/01S900 236,975.09 0.26BRLBrazil 236,975.09 0.26

COSTA RICA REG SHS 4.25 12-23 26/01S250,000 217,036.11 0.24USDCosta Rica 217,036.11 0.24

TRANSURBAN FINANCE 1.45 19-29 16/05A200,000 208,506.00 0.23EURAustralia 208,506.00 0.23

ANHEUSER-BUSCH 1.1250 19-27 01/07A200,000 206,440.00 0.23EURBelgium 206,440.00 0.23

KAZAKHSTAN REG SHS 5.125 15-25 21/07S200,000 198,777.32 0.22USDKazakhstan 198,777.32 0.22

QATAR 4.50 18-28 23/046200,000 196,792.01 0.22USDQatar 196,792.01 0.22

RUSSIA REG SHS 5.25 17-47 23/06S200,000 193,921.80 0.22USDRussia 193,921.80 0.22

HONDURAS 6.25 17-27 19/01S200,000 189,742.71 0.21USDHonduras 189,742.71 0.21

ECUADOR 9.65 16-26 13/12S200,000 189,134.89 0.21USDEcuador 189,134.89 0.21

EGYPT 8.7002 19-49 01/03S200,000 188,779.53 0.21USDEgypt 188,779.53 0.21

SAUDI ARABIAN OIL COM 4.2500 19-39 16/04S200,000 177,068.21 0.20USDSaudi Arabia 177,068.21 0.20

DOMINICAN REPUBLIC 5.95 17-27 25/01S150,000 142,484.49 0.16USDDominican Republic 142,484.49 0.16

ORSTED 2.125 19-27 17/05A100,000 115,085.86 0.13GBPDenmark 115,085.86 0.13

SMURFIT KAPPA ACQUISITIONS 2.875 18-26 15/01S100,000 109,092.50 0.12EURIreland 109,092.50 0.12

BARCLAYS PLC FL.R 19-XX XX/XXQ200,000 232,024.98 0.26GBP


United Kingdom 3,291,880.52 3.65

CYBG PLC FL.R 16-26 08/02S400,000 447,689.57 0.50GBPCYBG PLC FL.R 19-XX XX/XXS200,000 233,947.37 0.26GBPHSBC BANK PLC SUB FL.R 85-XX 29/06S400,000 248,243.83 0.28USDNATL WESTMINSTER BANK PLC SUB FL.R 85-XX 25/09S500,000 351,013.76 0.39USDNATWEST MARKETS PLC FL.R 19-21 18/06Q300,000 300,435.00 0.33EURROYAL BANK OF SCOTLAND GROUP PLC FL.R 15-49 30/09Q200,000 189,632.76 0.21USDROYAL BANK OF SCOTLAND GROUP PLC SUB FL.R 07-XX XX/XXQ300,000 250,927.56 0.28USDSTONEGATE PUB CO FIN FL.R 19-22 04/02Q100,000 112,343.89 0.12GBPVIRGIN MONEY HOLDINGS (UK) PLC FL.R 16-XX 10/05S200,000 240,033.45 0.27GBPVODAFONE GROUP PLC FL.R 18-78 03/10A200,000 210,728.00 0.23EURVODAFONE GROUP PLC FL.R 19-79 04/04S500,000 474,860.35 0.52USD

BPCE REG SHS FL.R 09-XX 29/06S400,000 360,409.91 0.40USDFrance 1,480,151.20 1.64

BURGER KING France SAS FL.R 17-23 01/05Q200,000 205,038.00 0.23EUREDF SA FL.R 14-XX 22/01S600,000 709,489.29 0.78GBPTOTAL SA FL.R 19-XX XX/XXA200,000 205,214.00 0.23EUR

BANCO SABADELL SA FL.R 17-XX 18/02Q400,000 398,620.00 0.44EURSpain 1,236,576.00 1.37

BANCO SANTANDER SA FL.R 14-XX 12/03A200,000 200,612.00 0.22EUR





183Page

BANKIA SUB SA FL.R 17-XX 18/07Q400,000 409,920.00 0.46EURNAVIERA ARMAS SA FL.R 16-23 31/07A300,000 227,424.00 0.25EUR

BANCO BPM SPA FL.R 19-99 18/04S400,000 395,992.00 0.44EURItaly 975,789.14 1.08

TEAMSYSTEM SPA FL.R 18-23 15/04Q200,000 201,030.00 0.22EURUNICREDIT SPA FL.R 19-49 19/03S200,000 210,036.00 0.23EURUNICREDIT SPA SUB FL.R 14-XX 03/06S200,000 168,731.14 0.19USD

FORD MOTOR CREDIT CO LLC FL.R 18-22 07/12Q700,000 672,938.00 0.75EURUnited States of America 672,938.00 0.75

DEUTSCHE BANK AG FL.R 14-XX 30/04A200,000 190,675.73 0.21GBPGermany 585,699.73 0.65

IKB DEUTSCHE INDUSTBK AG FL.R 18-28 31/01A400,000 395,024.00 0.44EUR

HEMA BOND CO I BV FL.R 17-22 15/07Q100,000 89,964.00 0.10EURThe Netherlands 267,436.84 0.30

VIVAT NV FL.R 17-XX 16/05S200,000 177,472.84 0.20USD

BAA FUNDING LTD FL.R 08-25 15/02A200,000 253,738.85 0.28GBPJersey Island 253,738.85 0.28

BAWAG GROUP AG FL.R 18-XX XX/XXS200,000 198,862.00 0.22EURAustria 198,862.00 0.22

PTTEP TREAS CO LTD REG SHS FL.R 17-XX 17/07S200,000 177,817.65 0.20USDThailand 177,817.65 0.20

ICSL 2 A1 FL.R 18-58 24/07A130,000 144,246.93 0.16GBP

Mortgage and asset backed securities 144,246.93 0.16

Luxembourg 144,246.93 0.16

ROLLS-ROYCE HLD PFD REG SHS C ENTITL JUL191,863,111 20.77 0.00GBP


Shares 20.77 0.00







184Page

LUX IM– JPM Emerging Market Income

185Page


265,417.96Cash at banks530,756.98Interests receivable453,463.09Brokers receivable


425.36Other assets

2,744,872.32Liabilities1,218,563.32Bank overdrafts

894,997.11Brokers payable80,175.61Accrued performance fees





Expressed in EUR


LUX IM – JPM Emerging Market Income





01/01/19







186Page

Key figures


Total Net Assets 71,542,703.30 29,897,752.11



107.48188,760.375 56,507.159



108.560.00

181,888.868 110,562.31797.680.00


EUR


109.88203,611.527 84,451.299



109.691,360.420 548.723



110.450.00

590.585 563.17998.960.00


EUR


107.7282,822.346 53,769.654


187Page

ASUSTEK COMPUTER INC46,000 291,043.42 0.41TWD


Shares 31,518,804.31 44.06

Taiwan 6,032,253.08 8.42

CHICONY ELECTRONICS CO LTD18,000 39,017.64 0.05TWDDELTA ELECTRONICS INC103,000 460,270.22 0.64TWDMEDIATEK INCORPORATION64,000 570,170.46 0.80TWDMEGA FINANCIAL HOLDING COMPANY542,000 475,174.21 0.66TWDNOVATEK ELECTRONICS18,000 88,351.45 0.12TWDPRESIDENT CHAIN STORE CORP17,000 144,940.08 0.20TWDQUANTA COMPUTER INC277,000 474,691.88 0.66TWDTAIWAN MOBILE CO LTD178,000 618,658.78 0.86TWDTAIWAN SEMICON CO LTD ADR (REPR 5 SHS)70,991 2,472,211.54 3.46USDVANGUARD INTERNATIONAL SEMICONDUCTOR CORP215,000 397,723.40 0.56TWD

CHINA CONSTRUCTION BANK CORPORATION -H-1,620,000 1,228,178.28 1.72HKDChina 4,641,051.93 6.49

CHINA LIFE INSURANCE CO LTD -H-197,000 426,975.18 0.60HKDCHINA PACIFIC INSURANCE (GROUP) CO LTD -H-275,400 947,777.70 1.32HKDCHINA PETROLEUM AND CHEMICAL CORP SINOPEC -H-670,000 400,775.03 0.56HKDFUYAO GLASS GRP CO LTD REG SHS112,000 305,957.50 0.43HKDPING AN INSURANCE (GROUP) COMPANY OF CHINA LTD -H-126,000 1,331,388.24 1.86HKD

CHINA MOBILE LTD54,500 436,820.23 0.61HKDHong Kong 2,831,981.92 3.96

CHINA OVERSEAS LAND & INVESTMENT LTD -RC-336,000 1,090,091.87 1.52HKDCNOOC LTD -RC-303,000 456,016.36 0.64HKDGUANGDONG INVEST LTD -RC-134,000 233,370.32 0.33HKDHANG SENG BANK LTD28,100 615,683.14 0.86HKD

KT & G CORP -SHS.6,370 477,349.58 0.67KRWSouth Korea 2,785,751.71 3.89

ORANGE LIFE INSURANCE LTD1,670 40,211.57 0.06KRWSAMSUNG ELECTRONICS CO LTD42,488 1,519,235.26 2.11KRWSAMSUNG FIRE AND MARINE INSURANCE CO LTD2,951 601,679.05 0.84KRWSK TELECOM CO LTD - ADR - REP.1/90 SH6,820 147,276.25 0.21USD

SBERBANK PJSC ADR 4 SHS134,707 1,834,247.58 2.57USDRussia 2,737,248.42 3.83

SEVERSTAL GDR REPR REG SHS SER -OCT06-59,650 903,000.84 1.26USD

ABSA GRP REG SHS70,512 773,379.91 1.08ZARSouth Africa 2,603,043.59 3.64

ANGLOVAAL INDUSTRIES LTD43,207 247,977.17 0.35ZARBID CORPORATION LIMITED10,371 200,556.58 0.28ZARFIRSTRAND LTD112,880 487,326.53 0.68ZARMR.PRICE GROUP29,481 359,609.12 0.50ZARSPAR GROUP LTD21,809 257,713.20 0.36ZARVODACOM GROUP37,001 276,481.08 0.39ZAR

AMBEV SA210,558 865,044.25 1.21BRLBrazil 2,246,097.85 3.14

BB SEGURIDADE67,995 501,895.49 0.70BRLENGIE BRASIL ENERGIA SA (BRL)118 1,146.56 0.00BRLITAUUNIBANCO SA PFD SHS106,415 878,011.55 1.23BRL

BOLSA MEXICANA -A-81,180 132,781.56 0.19MXNMexico 1,833,833.07 2.56

FIBRO UNO325,136 378,753.75 0.53MXNKIMBERLY-CLARK SAB DE CV -A-207,299 344,583.69 0.48MXNWALMART DE MEXICO SAB DE CV REG SHS401,242 977,714.07 1.36MXN

SIAM CEMENT CO LTD REG SHS26,600 359,244.50 0.50THBThailand 1,180,145.87 1.65

SIAM COMMERC.BK UNITS/NON-VOTING DEP.REC176,200 703,309.69 0.99THBTHAI OIL UNITS NON VTG DEP.RECEIPTS61,800 117,591.68 0.16THB

HKT TRUST AND HKT LTD - STAPLED SECURITY291,000 406,486.39 0.57HKDCayman Islands 1,177,762.89 1.65

SANDS CHINA LTD126,800 533,508.32 0.75HKDWH GROUP LTD 144A/REG SHS266,500 237,768.18 0.33HKD

INFOSYS TECHNOLOGIES LTD ADR REPR.1 SHS113,833 1,063,382.56 1.49USDIndia 1,063,382.56 1.49





188Page

TELKOM INDONESIA TBK -B-3,637,000 937,324.74 1.31IDRIndonesia 937,324.74 1.31

OTP BANK PLC19,749 695,215.54 0.97HUFHungary 695,215.54 0.97

BANCO SANTANDER CHILE SPONS -1039- ADR10,810 282,694.55 0.40USDChile 282,694.55 0.40

KOMERCNI BANKA AS6,893 243,489.47 0.34CZKCzech Republic 274,078.98 0.38


TOFAS TURK OTOMOBIL FABRIKASI AS23,761 71,344.02 0.10TRYTurkey 196,937.61 0.28

TUPRAS TURKIYE PETROL RAFINELERI AS7,241 125,593.59 0.18TRY

INDONESIA 6.625 07-37 17/02S150,000 171,547.70 0.24USD

Bonds 34,304,067.67 47.94

Indonesia 1,366,719.45 1.91

INDONESIA ASAHAN 5.71 18-23 15/11S200,000 193,074.72 0.27USDINDONESIA ASAHAN 6.757 18-48 15/11S200,000 215,286.98 0.30USDINDONESIA ASAHAN 6.53 18-28 15/11S200,000 207,766.20 0.29USDINDONESIA REG SHS 4.125 15-25 15/01S200,000 185,042.88 0.26USDPERTAMINA REG SHS 6.45 14-44 30/05S200,000 214,998.46 0.30USDPERUSAHAAN LISTRIK 4.125 17-27 15/05S200,000 179,002.51 0.25USD

DOMINICAN REPUBLIC 5.95 17-27 25/01S250,000 237,474.17 0.33USDDominican Republic 1,357,832.84 1.90

DOMINICAN REPUBLIC 6.4 19-49 05/06S150,000 138,006.99 0.19USDDOMINICAN REPUBLIC 6.875 16-26 29/01S300,000 298,494.53 0.42USDDOMINICAN REPUBLIC REG SHS 5.875 13-24 18/04S400,000 377,360.25 0.53USDDOMINICAN REPUBLIC REG SHS 7.45 14-44 30/04S300,000 306,496.90 0.43USD

MEXICO 4.5 19-29 22/04S200,000 188,470.77 0.26USDMexico 1,245,055.63 1.74

MEXICO 4.15 17-27 28/03S200,000 184,289.92 0.26USDMEXICO EMTN -29- 5.55 14-45 21/01S200,000 205,243.43 0.29USDMEXICO MTN -26- 4.75 12-44 08/03S200,000 183,770.07 0.26USDPEMEX 5.625 16-46 23/01S100,000 70,518.98 0.10USDPEMEX 5.50 10-21 21/01S50,000 44,501.47 0.06USDPEMEX 5.50 12-44 27/06S400,000 280,036.95 0.39USDPEMEX 5.375 18-22 13/03S100,000 88,224.04 0.12USD

COLOMBIA 2.625 13-23 15/03S200,000 175,285.22 0.25USDColombia 1,244,302.23 1.74

COLOMBIA 3.875 17-27 25/04S400,000 366,917.36 0.51USDCOLOMBIA 5.00 15-45 15/06S400,000 388,007.21 0.53USDCOLOMBIA 7.375 06-37 18/09S100,000 119,656.94 0.17USDECOPETROL SA 5.875 13-23 18/09S100,000 97,481.64 0.14USDECOPETROL SA 5.375 15-26 26/06S100,000 96,953.86 0.14USD

ECUADOR 9.625 17-27 02/06S200,000 188,711.79 0.26USDEcuador 1,213,582.85 1.70

ECUADOR 8.875 17-27 23/10S200,000 181,530.55 0.25USDECUADOR 10.75 19-29 31/01S200,000 197,332.10 0.28USDECUADOR 7.875 18-28 23/01S400,000 345,744.83 0.49USDECUADOR REG SHS 7.95 14-24 20/06S200,000 183,120.02 0.26USDPETROAMAZONAS EP 4.625 17-20 16/02M133,333 117,143.56 0.16USD

BRAZIL 4.625 17-28 13/01S200,000 184,578.44 0.26USDBrazil 1,110,748.13 1.55

BRAZIL 5.00 14-45 27/01S400,000 346,935.84 0.49USDBRAZIL 6.00 16-26 07/04S200,000 202,692.53 0.28USDBRAZIL 2.625 12-23 05/01S200,000 174,620.22 0.24USDCEMIG GERACAO E TRANS SA 9.25 17-24 05/12S200,000 201,921.10 0.28USD

FONDO MIVIVIENDA SA REG SHS 3.50 13-23 31/01S200,000 179,293.67 0.25USDPeru 1,060,624.11 1.48

PERU 4.125 15-27 25/08S500,000 489,965.70 0.68USDPETROEOS DEL PERU 5.625 17-47 19/06S200,000 199,439.68 0.28USDPETROLEOS DEL PERU 4.75 17-32 19/06S200,000 191,925.06 0.27USD

SRI LANKA 6.25 10-20 04/10S200,000 178,224.92 0.25USDSri Lanka 1,058,830.11 1.48

SRI LANKA 7.5500 19-30 28/03S200,000 175,919.43 0.25USDSRI LANKA 5.75 18-23 18/04S200,000 174,450.46 0.24USD





189Page

SRI LANKA 6.75 18-28 18/04S200,000 170,504.47 0.24USDSRI LANKA 7.8500 19-29 14/03S200,000 181,500.63 0.25USDSRI LANKA REG SHS 6.25 11-21 27/07S200,000 178,230.20 0.25USD

ESKOM HLDG REG SHS 6.75 13-23 06/08S200,000 183,865.94 0.26USDSouth Africa 1,031,373.97 1.44

ESKOM HOLDINGS SOC LTD 8.45 18-28 10/08S200,000 197,761.36 0.28USDSOUTH AFRICA 4.30 16-28 12/10S200,000 172,568.94 0.24USDSOUTH AFRICA 4.665 12-24 17/01A200,000 184,285.53 0.26USDSOUTH AFRICA 6.25 11-41 08/03A300,000 292,892.20 0.40USD

RUSSIA REG SHS 5.875 13-43 16/09S400,000 426,643.80 0.60USDRussia 1,020,785.51 1.43

RUSSIA REG SHS 12.75 98-28 24/06S150,000 217,785.99 0.30USDRUSSIA REG SHS 4.875 13-23 16/09A400,000 376,355.72 0.53USD

AEROPUERTO INTERNACIONAL 6.00 18-48 18/11S200,000 205,306.77 0.29USDPanama 983,839.66 1.38

PANAMA 3.75 19-26 17/04S170,000 155,492.02 0.22USDPANAMA 6.70 06-36 26/01S300,000 359,179.32 0.50USDPANAMA 9.375 99-29 01/04S200,000 263,861.55 0.37USD

CHILE GOVERNMENT INTL 3.50 19-50 25/01S200,000 178,795.80 0.25USDChile 938,609.32 1.31

CODELCO 4.375 19-49 05/02S600,000 560,828.61 0.78USDEMPRESA NACIONAL SA 5.2500 18-29 06/11S200,000 198,984.91 0.28USD

UKRAINE 7.375 17-32 25/09S400,000 345,618.16 0.48USDUkraine 902,791.72 1.26

UKRAINE REG SHS 7.75 15-19 27.10S100,000 88,358.18 0.12USDUKRAINE REG SHS 7.75 15-20 01/09S100,000 90,865.11 0.13USDUKRAINE REG SHS 7.75 15-21 01/09S200,000 183,845.72 0.26USDUKRAINE REG SHS 7.75 15-22 01/09S110,000 102,266.57 0.14USDUKRAINE REG SHS 7.75 15-23 01/09S100,000 91,837.98 0.13USD

ARGENTINA 6.875 16-21 22/04S150,000 115,168.89 0.16USDArgentina 892,664.25 1.25

ARGENTINA 6.875 17-27 26/01S450,000 311,344.51 0.44USDARGENTINA 7.625 17-46 22/04S150,000 101,906.59 0.14USDARGENTINA 05-33 31/12S140,204 101,773.40 0.14USDARGENTINA 6.625 17-28 06/07S200,000 134,155.78 0.19USDARGENTINA 6.875 18-48 11/01S200,000 128,315.08 0.18USD

EGYPT 6.125 17-22 31/01S200,000 181,680.08 0.25USDEgypt 884,407.78 1.24

EGYPT 7.903 18-48 21/02S200,000 178,129.04 0.25USDEGYPT 4.75 18-26 16/04A150,000 150,705.00 0.21EUREGYPT REG SHS 7.50 17-27 31/01S200,000 187,809.30 0.27USDEGYPTE 8.50 17-47 31/01S200,000 186,084.36 0.26USD

HUNGARY 5.375 14-24 25/03S450,000 447,090.65 0.62USDHungary 796,367.16 1.11

HUNGARY 5.75 13-23 22/11S350,000 349,276.51 0.49USD

CROATIA 5.50 13-23 04/04S200,000 194,983.51 0.27USDCroatia 786,463.47 1.10

CROATIA REG SHS 6.00 13-24 26/01S400,000 404,201.08 0.57USDCROATIA REG SHS 6.375 11-21 24/03S200,000 187,278.88 0.26USD

NIGERIA 7.6250 18-25 21/11S200,000 191,630.38 0.27USDNigeria 747,649.21 1.05

NIGERIA 8.7470 18-31 21/01S200,000 194,881.47 0.27USDNIGERIA 7.696 18-38 23/02S200,000 177,429.74 0.25USDNIGERIA REG SHS 6.75 11-21 28/01S200,000 183,707.62 0.26USD

COSTA RICA 7.008 14-44 04/04S300,000 261,663.80 0.36USDCosta Rica 729,985.03 1.02

COSTA RICA REG SHS 4.375 13-25 30/04S200,000 168,850.77 0.24USDCOSTA RICA REG SHS 5.625 13-43 30/04S200,000 151,977.83 0.21USDICE REG SHS 6.375 13-43 15/05S200,000 147,492.63 0.21USD

QATAR 4.50 18-28 23/046500,000 491,980.03 0.69USDQatar 701,252.14 0.98

QATAR 5.1030 18-48 23/04S200,000 209,272.11 0.29USD

PHILIPPINES 3.70 17-42 02/02S200,000 191,055.11 0.27USDPhilippines 681,041.40 0.95

PHILIPPINES 7.75 06-31 14/01S300,000 388,580.29 0.54USD





190Page

PHILIPPINES 0.875 19-27 17/05A100,000 101,406.00 0.14EUR

AZERBAIJAN 3.50 17-32 01/09S350,000 290,952.41 0.41USDAzerbaidjan 680,254.44 0.95

AZERBAIJAN REG SHS 4.75 14-24 18/03S200,000 185,545.15 0.26USDSOUTHERN GAS CORRIDOR CJSC 6.875 16-26 24/03S200,000 203,756.88 0.28USD

URUGUAY 4.975 18-55 20/04S100,000 97,317.15 0.14USDUruguay 663,364.04 0.93

URUGUAY 5.10 14-50 18/06S253,750 251,204.35 0.35USDURUGUAY 7.875 03-33 15/01S250,000 314,842.54 0.44USD

JAMAICA 9.25 05-25 17/10S100,000 110,832.12 0.15USDJamaica 619,947.22 0.87

JAMAICA 8.00 07-39 15/03S100,000 109,139.73 0.15USDJAMAICA 6.75 15-28 28/04S400,000 399,975.37 0.57USD

SERBIA 1.5 19-29 26/06A230,000 230,055.20 0.32EURSerbia 616,041.04 0.86

SERBIA REG SHS 7.25 11-21 28/09S400,000 385,985.84 0.54USD

LEBANON 6.65 15-28 03/11S54,000 36,892.28 0.05USDLebanon 610,772.80 0.85

LEBANON 6.65 16-24 22/04S91,000 65,460.21 0.09USDLEBANON 6.00 12-23 27/01S250,000 183,725.87 0.25USDLEBANON 6.65 15-30 26/02S30,000 20,186.04 0.03USDLEBANON 7.25 17-37 23/03S70,000 47,072.43 0.07USDLEBANON 6.85 17-27 23/03S212,000 146,730.07 0.21USDLEBANON 61 6.60 11-26 27/11S160,000 110,705.90 0.15USD

PARAGUAY 4.625 13-23 25/01S200,000 185,265.43 0.26USDParaguay 573,036.91 0.80

PARAGUAY 5.00 16-26 15/04S200,000 192,560.15 0.27USDPARAGUAY 5.4 19-50 30/03S200,000 195,211.33 0.27USD

KENYA 8.0 19-32 22/05S200,000 184,448.25 0.26USDLuxembourg 571,712.25 0.80

ROMANIA 4.625 19-49 03/04A320,000 387,264.00 0.54EUR

KAZMUNAYGAS NATION 4.75 17-27 19/04S200,000 188,955.45 0.26USDMicronesian Islands 568,053.84 0.79

KAZMUNAYGAS NATIONAL 5.75 17-47 19/04S200,000 199,168.76 0.28USDKAZMUNAYGAS NATIONAL REG SHS 3.875 17-22 19/04S200,000 179,929.63 0.25USD

OMAN 6.75 18-48 17/01S200,000 155,009.01 0.22USDOman 567,451.29 0.79

OMAN REG SHS 5.375 17-27 08/03S500,000 412,442.28 0.57USD


SAUDI INTERNATIONAL 4.375 19-29 16/04S200,000 190,135.90 0.27USDSAUDI INTERNATIONAL 5.25 19-50 16/01S200,000 199,959.54 0.27USD

BAHRAIN REG SHS 6.125 13-23 01/08S200,000 185,824.86 0.26USDBahrain 566,367.58 0.79

BAHRAIN REG SHS 7.00 16-28 12/10S200,000 189,740.95 0.27USDOIL & GAS HLDG 7.625 18-24 07/11S200,000 190,801.77 0.26USD

EL SALVADOR REG SHS 5.875 12-25 30/01S200,000 175,996.84 0.25USDEl Salvador 493,673.31 0.69

EL SALVADOR REG SHS 6.375 14-27 18/01S200,000 176,049.61 0.24USDEL SALVADOR REG SHS 7.75 02-23 24/01S150,000 141,626.86 0.20USD

ANGOLA 9.375 18-48 09/05S400,000 386,937.59 0.54USDAngola 386,937.59 0.54

KAZAKHSTAN REG SHS 5.125 15-25 21/07S200,000 198,777.32 0.28USDKazakhstan 386,720.32 0.54

KAZAKHSTAN TEMIR ZHOLY 4.85 17-27 17/11S200,000 187,943.00 0.26USD

EMIRATE OF ABU DHABI 4.125 17-47 11/10S400,000 386,399.26 0.54USDUnited Arab Emirates 386,399.26 0.54

PAKISTAN 6.875 17-27 05/12S200,000 177,950.48 0.25USDPakistan 370,288.96 0.52

PAKISTAN 8.255 14-24 15/04S200,000 192,338.48 0.27USD

ETHIOPIA 6.625 14-24 11/12S400,000 366,887.45 0.51USDEthiopia 366,887.45 0.51

GUATEMALA 4.9000 19-30 01/06S200,000 180,624.53 0.25USDGuatemala 365,050.79 0.51





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GUATEMALA 6.1250 19-50 01/06S200,000 184,426.26 0.26USD

GHANA 7.8750 19-27 26/03S200,000 184,818.58 0.26USDGhana 363,068.13 0.51

GHANA 7.625 18-29 16/05S200,000 178,249.55 0.25USD

CHINALCO CAP HLDG LTD 4.00 16-21 25/08S200,000 175,071.47 0.24USDBritish Virgin Islands 358,310.25 0.50

MINMETALS BOUNT FIN LTD 4.20 16-26 27/07S200,000 183,238.78 0.26USD

COTE D'IVOIRE 6.125 17-33 15/06S200,000 163,489.47 0.23USDIvory Coast 341,014.21 0.48

IVORY COAST REG SHS 5.375 14-24 23/07S200,000 177,524.74 0.25USD


TURKEY 4.875 13-43 16/04S200,000 137,982.14 0.19USDTurkey 238,887.14 0.33

TURKEY 5.20 18-26 16/02A100,000 100,905.00 0.14EUR

MACEDONIA 2.75 18-25 18/01A200,000 211,034.00 0.29EURMacedonia 211,034.00 0.29

PETRONAS CAP REG SHS 4.50 15-45 18/03S200,000 203,435.81 0.28USDMalaysia 203,435.81 0.28

MONGOLIA REG SHS 8.75 17-24 09/03S200,000 199,405.38 0.28USDMongolia 199,405.38 0.28

GEORGIAN RAILWAY REG SHS 7.75 12-22 11/07S200,000 191,662.05 0.27USDGeorgia 191,662.05 0.27

BERMUDA 4.854 13-24 06/02S200,000 190,872.14 0.27USDBermuda 190,872.14 0.27

BIOCEANICO SOVEREIGN 0.00 19-34 05/06321,000 189,979.71 0.27USDUnited States of America 189,979.71 0.27

BELARUS 6.875 17-23 28/02S200,000 189,099.71 0.26USDBelarus 189,099.71 0.26

ANGOLA 8.2500 18-28 09/05S200,000 188,558.73 0.26USDSwitzerland 188,558.73 0.26

KENYA REG SHS 6.875 14-24 24/06S200,000 187,057.22 0.26USDKenya 187,057.22 0.26

UZBEKISTAN 4.75 19-24 20/02S200,000 184,143.91 0.26USDUzbekistan 184,143.91 0.26

CNAC (HK) FINBRIDGE 4.125 17-27 19/07S200,000 180,750.32 0.25USDHong Kong 180,750.32 0.25

GABON 6.375 13-24 12/12S200,000 174,106.52 0.24USDGabon 174,106.52 0.24

ZAMBIA 8.97 15-27 30/07S200,000 119,002.51 0.17USDZambia 119,002.51 0.17

ALBANIA 3.5000 18-25 09/10A100,000 106,177.50 0.15EURAlbania 106,177.50 0.15

PETROLEUM CO OF TRINIDAD & TOBAGO REG SHS LTD 9.75 09-19 14/08S100,000 87,803.58 0.12USDTrinidad & Tobago 87,803.58 0.12

IVORY COAST FL.R 10-32 31/12S271,500 231,874.15 0.32USD


Ivory Coast 231,874.15 0.32

PEMEX FL.R 18-22 11/03Q250,000 219,938.87 0.31USDMexico 219,938.87 0.31

MIN FIN UKRAINE REG SHS FL.R 15-40 31/05A307,000 193,181.68 0.27USDUkraine 193,181.68 0.27

BANCO NACIONAL FL.R 16-26 11/08S200,000 177,763.12 0.25USDCayman Islands 177,763.12 0.25

UBS 17.02.20WAR65,400 213,645.18 0.30USD

Warrants, Rights 3,273,646.25 4.58


UBS AG (INNER MONG) 08.08.19 WAR194,200 822,443.88 1.15USDUBS AG LONDON BRANCH 23.01.20 WAR39,300 606,827.81 0.85USDUBS AG, LONDON BRANCH 13.01.20 WAR35,100 112,507.72 0.16USDUBS LDN 13.01.20WAR251,800 699,750.84 0.98USD





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UBS 24.02.20WAR123,604 818,470.82 1.14USDSwitzerland 818,470.82 1.14

JP MORGAN INV FD LIQ USD LIQ SHS -X USD DIS1,894,606 1,666,539.68 2.33USD



Monetary funds 1,666,539.68 2.33






193Page

LUX IM– ESG Morgan Stanley Global Multiasset

194Page



12,823,706.95Cash at banks609,102.40Interests receivable257,941.35Brokers receivable

3,076,470.29Subscriptions receivable127,357.07Dividends receivable825,112.28Unrealised appreciation on swaps


1,879,339.78Liabilities296,347.00Brokers payable400,511.91Redemptions payable208,084.60Unrealised depreciation on forward foreign exchange contracts304,720.70Unrealised depreciation on financial futures549,360.95Accrued management fees




Expressed in EUR


LUX IM – ESG Morgan Stanley Global Multiasset





01/01/19





195Page

Key figures


Total Net Assets 198,378,060.38 132,819,756.70 23,019,538.24



97.21735,219.984 361,649.305

94.3565,739.796



101.731,078,355.793 880,337.623

98.36159,663.632



103.463,852.243 2,862.934

99.89660.757103.31



94.11178,619.461 129,850.541

91.021,272.574


196Page



Shares 52,389,128.28 26.41


ABBVIE INC1,946 119,822.32 0.06USDADOBE INC485 125,097.02 0.06USDADVANCED MICRO DEVICES INC301 8,138.93 0.00USDAGILENT TECHNOLOGIES INC1,287 82,856.60 0.04USDALLSTATE CORP134 11,803.46 0.01USDALPHABET INC143 135,425.16 0.07USDALTRIA GROUP INC975 41,080.62 0.02USDAMAZON.COM INC117 195,980.79 0.10USDAMERICAN ELECTRIC POWER CO INC344 26,597.70 0.01USDAMERICAN EXPRESS CO1,081 117,851.20 0.06USDAMERICAN TOWER CORP124 22,452.74 0.01USDAMGEN INC688 111,365.40 0.06USDANALOG DEVICES INC1,194 118,512.52 0.06USDANTHEM INC480 119,243.17 0.06USDAPPLE INC3,646 640,587.62 0.33USDAT & T INC3,983 115,546.77 0.06USDAVALONBAY COMMUNITIES INC619 109,681.45 0.06USDAVERY DENNISON CORP281 27,938.10 0.01USDBALL CORP1,330 79,670.14 0.04USDBANK OF AMERICA CORP7,718 191,515.84 0.10USDBANK OF NEW YORK MELLON CORP1,018 38,853.87 0.02USDBAXTER INTERNATIONAL INC993 71,335.98 0.04USDBECTON DICKINSON & CO221 48,433.96 0.02USDBERKSHIRE HATHAWAY INC -B-581 108,355.21 0.05USDBEST BUY CO INC771 46,435.65 0.02USDBIOGEN INC261 55,046.81 0.03USDBOEING CO374 119,755.01 0.06USDBOSTON PROPERTIES INC267 30,069.06 0.02USDBRISTOL MYERS SQUIBB CO1,595 63,275.28 0.03USDBROADCOM - REG SHS259 65,091.16 0.03USDCARDINAL HEALTH INC2,272 93,150.30 0.05USDCBOE HOLDINGS INC320 29,853.72 0.02USDCBRE GROUP INC561 25,083.02 0.01USDCELGENE CORP348 28,269.16 0.01USDCENTERPOINT ENERGY INC740 18,557.77 0.01USDCHEVRON CORP476 51,546.26 0.03USDCHURCH AND DWIGHT CO INC581 37,379.02 0.02USDCISCO SYSTEMS INC4,999 245,058.07 0.12USDCITIGROUP INC991 59,406.83 0.03USDCMS ENERGY CORP3,016 152,570.84 0.08USDCOCA-COLA CO4,601 206,728.31 0.10USDCOLGATE-PALMOLIVE CO2,176 138,080.34 0.07USDCONOCOPHILLIPS CO2,497 134,574.65 0.07USDCORTEVA - REG SHS680 17,687.12 0.01USDCROWN CASTLE INTL CORP286 32,822.64 0.02USDCSX CORP965 64,893.57 0.03USDCUMMINS INC (EX CUMMINS ENGINE INC) REG SHS586 86,726.04 0.04USDCVS HEALTH CORP821 39,531.64 0.02USDDEERE & CO397 57,556.88 0.03USDDEVON ENERGY CORP1,628 40,526.37 0.02USDDISCOVER FINANCIAL SERVICES REG SHS652 44,498.99 0.02USDDOMINION ENERGY INC REG SHS524 35,361.99 0.02USDDOWDUPONT - REG SHS679 44,096.03 0.02USDDXC TECHNOLOGY CO698 33,031.97 0.02USDEASTMAN CHEMICAL CO1,406 95,279.27 0.05USDEDISON INTERNATIONAL875 50,120.95 0.03USDEDWARDS LIFESCIENCES CORP653 106,509.91 0.05USDEQUINIX INC105 46,013.06 0.02USDESTEE LAUDER COMPANIES INC -A-186 29,785.20 0.02USDEVERSOURCE ENERGY976 64,740.43 0.03USDEXELON CORP1,525 63,798.21 0.03USD





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EXPEDITORS INTERNATIONAL OF WASHINGTON301 19,788.66 0.01USDEXXON MOBIL CORP3,251 216,819.12 0.11USDFACEBOOK INC -A-1,254 209,027.58 0.11USDFEDEX CORP68 9,768.29 0.00USDFLOWSERVE133 6,029.66 0.00USDFLUOR CORP594 17,221.48 0.01USDFMC CORP234 17,102.57 0.01USDGAP INC1,465 22,834.85 0.01USDGENERAL ELECTRIC CO8,625 78,902.23 0.04USDGENERAL MILLS INC1,826 83,875.37 0.04USDGENERAL MOTORS CO3,610 121,682.90 0.06USDGILEAD SCIENCES INC127 7,493.65 0.00USDGOLDMAN SACHS GROUP INC291 51,020.03 0.03USDHARTFORD FINANCIAL SERVICES GROUP INC2,139 104,235.92 0.05USDHASBRO INC660 61,492.02 0.03USDHCP INC1,279 35,776.22 0.02USDHESS CORP1,138 64,355.03 0.03USDHEWLETT PACKARD ENTERPRISE CO3,378 44,481.38 0.02USDHOLLYFRONTIER CORP413 16,434.99 0.01USDHP INC6,037 110,135.36 0.06USDHUNTINGTON BANCSHARES INC1,973 23,689.54 0.01USDIBM CORP778 94,795.76 0.05USDILLINOIS TOOL WORKS INC330 43,274.31 0.02USDILLUMINA INC74 23,205.35 0.01USDINTEL CORP6,721 280,581.13 0.14USDINTERNATIONAL FLAVORS FRAGRANCES INC169 21,342.60 0.01USDINTERNATIONAL PAPER CO937 35,374.97 0.02USDJP MORGAN CHASE & CO5,012 479,839.98 0.24USDKEYSIGHT TECHNOLOGIES INC894 68,509.72 0.03USDKIMBERLY-CLARK CORP1,602 188,714.29 0.10USDKIMCO REALTY CORP984 15,926.11 0.01USDKLA CORPORATION569 58,929.55 0.03USDKONTOOR BRANDS --- REG SHS250 6,238.73 0.00USDKROGER CO2,860 53,811.32 0.03USDLAM RESEARCH CORP139 22,757.68 0.01USDLOCKHEED MARTIN CORP - REG SHS287 90,652.97 0.05USDLOWE'S COMPANIES INC1,216 106,277.66 0.05USDMARSH & MCLENNAN COS INC653 57,054.57 0.03USDMASCO CORP279 9,571.18 0.00USDMASTERCARD INC -A-1,339 307,527.73 0.16USDMATTEL INC1,015 9,722.79 0.00USDMERCK AND CO INC4,103 302,550.46 0.15USDMETTLER TOLEDO INTERNATIONAL INC228 167,171.92 0.08USDMICROSOFT CORP6,312 744,825.44 0.39USDMOLSON COORS BREWING CO -B-493 23,994.10 0.01USDNASDAQ INC252 21,317.54 0.01USDNETFLIX INC98 31,896.87 0.02USDNEWMONT GOLDCORP CORPORATION REG SHS936 31,352.32 0.02USDNIKE INC689 50,703.03 0.03USDNORFOLK SOUTHERN CORP110 18,713.11 0.01USDNORTHERN TRUST CORP368 28,433.94 0.01USDNORTHROP GRUMMAN CORP517 144,742.72 0.07USDNVIDIA CORP749 107,542.13 0.05USDOCCIDENTAL PETROLEUM CORP429 18,773.58 0.01USDOMNICOM GROUP INC829 59,065.84 0.03USDONEOK INC (NEW)2,265 134,284.21 0.07USDORACLE CORP1,747 87,238.59 0.04USDPAYPAL HOLDINGS INC241 24,096.82 0.01USDPEPSICO INC1,939 224,609.15 0.11USDPFIZER INC7,664 292,780.51 0.15USDPHILIP MORRIS INTERNATIONAL INC1,384 94,859.73 0.05USDPHILLIPS 66 CO356 28,731.14 0.01USDPNC FINANCIAL SERVICES GROUP INC1,098 130,058.21 0.07USDPPG INDUSTRIES INC360 36,698.25 0.02USDPROGRESSIVE CORP345 24,183.53 0.01USDPROLOGIS INC1,603 111,900.50 0.06USDPRUDENTIAL FINANCIAL INC1,806 157,636.79 0.08USD





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QUALCOMM INC1,278 84,795.30 0.04USDREGENERON PHARMACEUTICALS INC236 64,492.34 0.03USDSALESFORCE.COM INC899 119,162.87 0.06USDSEMPRA ENERGY478 56,989.15 0.03USDSIMON PROPERTY GROUP INC REG SHS270 37,983.11 0.02USDS&P GLOBAL INC641 127,985.74 0.06USDSTARBUCKS CORP2,330 171,258.13 0.09USDSTATE STREET CORP1,696 83,020.98 0.04USDT ROWE PRICE GROUP INC591 56,425.33 0.03USDTAKE TWO INTERACTIVE SOFTWARE INC900 89,766.46 0.05USDTEXAS INSTRUMENTS INC215 21,911.33 0.01USDTHE HOME DEPOT INC2,688 489,483.89 0.25USDTJX COS INC1,388 64,562.11 0.03USDTRAVELERS COMPANIES INC346 45,408.98 0.02USDTWITTER INC2,262 69,142.37 0.03USDUNION PACIFIC CORP663 96,815.44 0.05USDUNITED AIRLINES HOLDINGS INC792 60,212.48 0.03USDUNITED PARCEL SERVICE INC1,013 90,620.66 0.05USDUNITED RENTALS INC188 21,823.78 0.01USDUNITEDHEALTH GROUP INC1,088 235,754.87 0.12USDUS BANCORP3,621 165,562.37 0.08USDVARIAN MEDICAL SYSTEMS INC506 59,205.81 0.03USDVENTAS INC474 28,944.08 0.01USDVERIZON COMMUNICATIONS INC13,221 665,789.02 0.35USDVF CORP REG SHS1,752 133,613.41 0.07USDVIACOM INC -B-62 1,596.29 0.00USDWALGREENS BOOTS ALLIANCE INC1,326 63,591.08 0.03USDWALMART INC603 58,398.47 0.03USDWALT DISNEY CO3,263 399,820.47 0.20USDWASTE MANAGEMENT INC914 93,132.57 0.05USDWELLTOWER INC355 25,490.30 0.01USDWESTERN DIGITAL CORP690 27,039.19 0.01USDWW GRAINGER INC116 27,154.93 0.01USDXCEL ENERGY INC1,833 95,580.10 0.05USDXYLEM INC1,624 116,937.71 0.06USDYUM CHINA HOLDINGS INC1,275 51,679.64 0.03USDZOHL'S CORP760 31,299.82 0.02USD3M CO846 127,623.70 0.06USD

ACOM CO LTD7,300 23,144.30 0.01JPYJapan 13,425,521.26 6.78

AEON CO LTD6,800 102,850.14 0.05JPYAEON MALL CO LTD1,400 18,555.32 0.01JPYAJINOMOTO CO INC6,100 93,109.99 0.05JPYASAHI GROUP HOLDINGS LTD2,900 114,810.43 0.06JPYASAHI KASEI CORPORATION9,500 89,154.68 0.04JPYASTELLAS PHARMA INC18,100 227,026.47 0.11JPYBANDAI NAMCO HOLDINGS INC1,300 55,556.46 0.03JPYBANK OF KYOTO700 23,823.34 0.01JPYBENESSE HOLDINGS INC600 12,296.13 0.01JPYBRIDGESTONE CORP6,700 232,238.93 0.12JPYBROTHER INDUSTRIES3,300 54,874.16 0.03JPYCANON INC5,100 131,104.76 0.07JPYCASIO COMPUTER CO LTD4,700 51,385.85 0.03JPYCHUGAI PHARMACEUTICAL CO LTD1,900 109,298.91 0.06JPYCONCORDIA FIN GRP LTD8,300 27,196.44 0.01JPYDAI NIPPON PRINTING CO LTD6,000 112,567.41 0.06JPYDAIFUKU CO1,000 49,436.18 0.02JPYDAI-ICHI LIFE HOLDINGS INC10,000 132,783.13 0.07JPYDAIICHI SANKYO CO LTD2,800 128,926.30 0.06JPYDAIKIN INDUSTRIES LTD2,400 275,829.38 0.14JPYDAITO TRUST CONSTRUCTION CO LTD400 44,892.96 0.02JPYDAIWA HOUSE INDUSTRY CO LTD5,200 133,462.98 0.07JPYDENSO CORP1,700 62,968.62 0.03JPYDENTSU INC4,600 141,330.28 0.07JPYEAST JAPAN RAILWAY CO6,200 510,671.68 0.27JPYEISAI CO LTD1,800 89,588.17 0.05JPYFANUC CORPORATION500 81,426.70 0.04JPY





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FAST RETAILING CO LTD300 159,658.44 0.08JPYFUJI ELECTRIC SHS700 21,249.39 0.01JPYFUJITSU LTD2,100 128,903.42 0.06JPYHAKUHODO DY HOLDINGS INC3,700 54,843.93 0.03JPYHAMATSU PHOTONICS1,900 65,129.11 0.03JPYHITACHI CONST MACH. CO LTD1,700 38,923.03 0.02JPYHITACHI LTD2,100 67,763.52 0.03JPYHONDA MOTOR CO LTD9,900 225,294.17 0.11JPYHULIC CO LTD4,900 34,673.97 0.02JPYIHI CORP1,100 23,342.87 0.01JPYINPEX CORP6,000 47,620.53 0.02JPYJAPAN RETAIL FUND INVESTMENT CORP57 101,536.20 0.05JPYJAPAN TOBACCO INC8,000 155,548.29 0.08JPYJFE HOLDINGS INC4,700 60,775.86 0.03JPYJSR CORP2,200 30,578.53 0.02JPYJXTG HOLDINGS INC20,100 87,771.20 0.04JPYKAJIMA CORP1,800 21,738.85 0.01JPYKANSAI ELECTRIC POWER CO INC6,200 62,542.08 0.03JPYKAO CORP2,300 154,298.09 0.08JPYKAWASAKI HEAVY INDUSTRIES LTD4,600 95,210.00 0.05JPYKIKKOMAN CORP700 26,826.28 0.01JPYKINTETSU CORP2,200 92,760.25 0.05JPYKIRIN HOLDINGS CO LTD6,700 127,205.83 0.06JPYKOMATSU LTD7,100 150,841.64 0.08JPYKONICA MINOLTA HOLDINGS INC8,900 76,287.79 0.04JPYKUBOTA CORP12,700 186,068.80 0.09JPYLIXIL GROUP CORP800 11,139.08 0.01JPYMAKITA CORP1,000 29,906.85 0.02JPYMAZDA MOTOR CORP30,200 277,495.51 0.14JPYMINEBEA MITSUMI INC4,300 64,124.04 0.03JPYMITSUBISHI GAS CHEMICAL CO LTD2,400 28,161.46 0.01JPYMITSUI AND CO LTD17,300 247,950.65 0.12JPYMITSUI CHEMICALS INC3,200 69,736.89 0.04JPYMITSUI FUDOSAN CO LTD4,300 91,794.00 0.05JPYMIZUHO FINANCIAL GROUP INC308,800 393,885.28 0.21JPYMS&AD INSURANCE GROUP HOLDINGS INC2,400 67,069.78 0.03JPYMURATA MANUFACTURING CO LTD4,000 158,195.78 0.08JPYNABTESCO CORP2,700 66,054.91 0.03JPYNEC CORP5,300 183,624.78 0.09JPYNGK INSULATORS LTD7,800 100,129.11 0.05JPYNIDEC CORP1,400 168,450.73 0.08JPYNIKON CORP9,700 120,794.25 0.06JPYNINTENDO CO LTD300 96,805.03 0.05JPYNIPPON PROLOGIS REIT INC39 79,319.33 0.04JPYNITORI HOLDINGS CO LTD400 46,674.29 0.02JPYNITTO DENKO CORP900 39,101.98 0.02JPYNOMURA HOLDINGS INC43,600 135,167.84 0.07JPYNOMURA RESEARCH INSTITUTE LTD6,600 93,137.77 0.05JPYNSK LTD3,300 25,886.58 0.01JPYNTT DOCOMO INC14,700 301,795.64 0.16JPYOBAYASHI CORP8,900 77,160.48 0.04JPYOMRON CORP4,800 220,428.17 0.11JPYORIENTAL LAND CO LTD300 32,701.42 0.02JPYORIX CORP7,200 94,603.69 0.05JPYOSAKA GAS CO LTD CY5,100 78,221.11 0.04JPYPANASONIC CORP18,700 137,155.74 0.07JPYRECRUIT HOLDINGS CO LTD2,200 64,608.60 0.03JPYRENESAS ELECTRONICS CORP11,200 48,962.25 0.02JPYSANTEN PHARMACEUTICAL CO LTD5,300 77,304.30 0.04JPYSECOM CO LTD2,600 197,028.93 0.10JPYSEGA SAMMY HOLDINGS INC2,500 26,740.48 0.01JPYSEKISUI HOUSE LTD10,900 158,138.18 0.08JPYSEVEN & I HOLDINGS CO LTD3,500 104,330.77 0.05JPYSEVEN BANK LTD13,100 30,186.30 0.02JPYSHIN-ETSU CHEMICAL CO LTD1,800 147,597.65 0.07JPYSHIONOGI CO LTD2,900 147,132.70 0.07JPYSHISEIDO CO LTD1,700 112,810.10 0.06JPY





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SOFTBANK GROUP CORP5,000 211,023.04 0.11JPYSOMPO HOLDINGS INC1,600 54,401.05 0.03JPYSONY CORP5,300 244,602.06 0.12JPYSUMITOMO CORP12,500 166,744.97 0.08JPYSUMITOMO ELECTRIC INDUSTRIES LTD12,700 146,789.92 0.07JPYSUMITOMO METAL MINING CO LTD2,900 76,279.62 0.04JPYSUMITOMO MITSUI FINANCIAL GROUP INC9,500 295,448.60 0.16JPYSUMITOMO MITSUI TRUST HOLDINGS INC3,300 105,326.03 0.05JPYSUMITOMO REALTY & DEVELOPMENT CO LTD200 6,288.61 0.00JPYSYSMEX CORP1,600 91,871.22 0.05JPYTAIHEIYO CEMENT CORP1,200 31,966.01 0.02JPYTAKASHIMAYA CO LTD4,800 46,321.29 0.02JPYTAKEDA PHARMACEUTICAL CO LTD6,200 193,680.34 0.10JPYT&D HOLDINGS INC6,900 65,938.47 0.03JPYTEIJIN LTD9,600 144,101.98 0.07JPYTERUMO CORP5,800 152,132.70 0.08JPYTOHOKU ELECTRIC POWER CO INC2,900 25,805.69 0.01JPYTOKIO MARINE HOLDINGS INC1,400 61,763.36 0.03JPYTOKYO ELECTRON LTD2,100 259,454.16 0.13JPYTOKYO GAS CO LTD3,600 74,644.55 0.04JPYTOKYU FUDOSAN HOLDINGS CORP6,500 31,602.39 0.02JPYTOPPAN PRINTING CO LTD1,200 16,032.03 0.01JPYTORAY INDUSTRIES INC5,800 38,824.64 0.02JPYTOTO LTD1,900 66,060.63 0.03JPYTOYOTA INDUSTRIES CORP1,300 62,992.32 0.03JPYTOYOTA MOTOR CORP8,100 442,660.57 0.23JPYUNI CHARM CORP1,000 26,507.60 0.01JPYWELCIA HLDG1,900 68,078.93 0.03JPYYAMAHA CORP.700 29,285.83 0.01JPYYAMAHA MOTOR CO LTD800 12,518.39 0.01JPYYAMATO HOLDINGS CO LTD800 14,322.60 0.01JPYYOKOGAWA ELECTRIC CORP4,800 82,837.06 0.04JPY

ACCOR SA1,494 55,681.38 0.03EURFrance 2,088,339.51 1.06

AEROPORTS DE PARIS ADP106 16,207.40 0.01EURAIR LIQUIDE SA344 41,882.00 0.02EURALSTOM SA1,006 41,457.26 0.02EURATOS SE1,273 90,943.12 0.05EURAXA SA5,486 126,178.00 0.06EURBIOMERIEUX SA129 9,352.50 0.00EURBNP PARIBAS SA2,884 119,527.38 0.06EURBUREAU VERITAS SA2,780 60,492.80 0.03EURCARREFOUR SA2,484 42,016.86 0.02EURCIE DE SAINT-GOBAIN SA216 7,335.36 0.00EURCOVIVIO SA270 24,448.50 0.01EURDANONE SA254 18,973.80 0.01EUREDF SA2,154 23,586.30 0.01EURESSILORLUXOTTICA SA1,066 121,097.60 0.06EURGECINA SA REG SHS556 72,391.20 0.04EURGETLINK ACT1,219 16,992.86 0.01EURICADE SA362 28,398.90 0.01EURJC DECAUX SA953 25,254.50 0.01EURKERING SA186 95,901.60 0.05EURKLEPIERRE SA213 6,138.66 0.00EURLEGRAND SA1,889 120,102.62 0.06EURL'OREAL SA400 99,200.00 0.05EURLVMH MOET HENNESSY LOUIS VUITTON SA348 128,185.80 0.06EURMICHELIN SA REG SHS176 19,492.00 0.01EURNATIXIS SA14,234 50,004.04 0.03EURPEUGEOT SA2,366 51,010.96 0.03EURPUBLICIS GROUPE SA147 6,631.17 0.00EURSANOFI SA2,105 159,306.40 0.09EURSCHNEIDER ELECTRIC SE1,797 141,927.06 0.08EURSODEXO SA223 22,723.70 0.01EURSUEZ SA2,565 32,203.58 0.02EURTOTAL SA3,016 148,161.00 0.08EURVALEO SA2,260 65,133.20 0.03EUR





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AMOREPACIFIC CORP64 8,009.53 0.00KRWSouth Korea 2,009,880.44 1.01

AMOREPACIFIC CORP PFD SHS NON.VTG177 11,607.57 0.01KRWAMOREPACIFIC GROUP135 6,398.57 0.00KRWCELLTRION HEALTHCARE CO LTD333 14,313.75 0.01KRWCELLTRION INC185 28,923.07 0.01KRWCJ CHEILJEDANG CORP209 47,224.09 0.02KRWCJ CORP106 8,144.94 0.00KRWDAELIM INDUSTRIAL CO LTD130 11,373.71 0.01KRWDAEWOO ENGINEERING AND CONSTRUCTION CO LTD3,538 13,296.75 0.01KRWDAEWOO SECURITIES CO LTD2,721 16,933.34 0.01KRWDGB FINANCIAL GROUP LTD4,301 26,667.85 0.01KRWE-MART INC41 4,366.90 0.00KRWGS ENGINEERING & CONSTRUCTION CORP137 4,205.57 0.00KRWHANA FINANCIAL GROUP INC111 3,158.32 0.00KRWHANKOOK TIRE & TECHNOLOGY CO. LTD.3,568 95,278.05 0.05KRWHANMI PHARM16 4,917.70 0.00KRWHANMI SCIENCE CO LTD94 4,877.23 0.00KRWHANWHA CHEMICAL CORPORATION387 6,683.40 0.00KRWHYUNDAI ENGINEERING CONSTRUCTION145 5,912.81 0.00KRWHYUNDAI FIRE MARINE INSURANCE CO LTD1,361 29,457.87 0.01KRWHYUNDAI MOBIS CO LTD392 70,232.46 0.04KRWHYUNDAI STEEL CO233 7,409.57 0.00KRWINDUSTRIAL BANK OF KOREA1,705 18,224.75 0.01KRWKANGWON LAND INC1,072 24,670.68 0.01KRWKB FINANCIAL GROUP INC1,695 59,124.83 0.03KRWKCC CORP50 10,479.79 0.01KRWKOREA AEROSPACE LTD87 2,379.46 0.00KRWKOREA ELECTRIC POWER CORP956 18,582.74 0.01KRWKOREA KUMHO PETROCHEMICAL CO LTD194 14,375.45 0.01KRWKOREA SHIPBUILDING &OFFSHORE ENGINEERING86 7,753.14 0.00KRWKOREA ZINC CO LTD21 7,604.79 0.00KRWKOREAN AIR CO LTD379 8,347.35 0.00KRWKT & G CORP -SHS.376 28,176.36 0.01KRWLG CHEM LTD40 10,787.91 0.01KRWLG CHEMICAL LTD PREF./ISSUE 01157 23,351.10 0.01KRWLG CORP128 7,488.54 0.00KRWLG ELECTRONICS INC539 32,517.93 0.02KRWLG HOUSEHOLD AND HEALTHCARE LTD PREF/ISSUE0120 12,263.82 0.01KRWLG HOUSEHOLD AND HEALTHCARE LTD33 32,963.97 0.02KRWLG INNOTEK LTD615 50,999.10 0.03KRWLOTTE CHEMICAL CORPORATION51 9,796.99 0.00KRWOCI COMPANY LTD118 8,375.77 0.00KRWPOSCO305 56,733.50 0.03KRWPOSCO INTERNATIONAL403 5,626.03 0.00KRWSAMSUNG BIOLOGICS CO LTD113 27,509.92 0.01KRWSAMSUNG CARD SHS354 10,287.92 0.01KRWSAMSUNG C&T CORP226 16,454.37 0.01KRWSAMSUNG ELECTRONICS CO LTD13,041 466,304.53 0.25KRWSAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG6,486 188,742.31 0.11KRWSAMSUNG FIRE AND MARINE INSURANCE CO LTD67 13,660.62 0.01KRWSAMSUNG HEAVY INDUSTRIES CO LTD2,065 12,819.50 0.01KRWSAMSUNG SDI CO LTD65 11,695.14 0.01KRWSAMSUNG SDS CO LTD43 7,033.44 0.00KRWSAMSUNG SECURITIES CO LTD1,911 56,845.79 0.03KRWSHINHAN FINANCIAL GROUP CO LTD1,991 68,010.89 0.03KRWSILLAJEN INC71 2,668.37 0.00KRWSK CO LTD86 15,179.15 0.01KRWSK HYNIX INC1,117 59,060.74 0.03KRWSK INNOVATION CO LTD245 29,636.31 0.01KRWS-OIL CORP498 31,711.42 0.02KRWSTX PAN OCEAN1,337 4,719.66 0.00KRWWOOGJIN COWAY LTD1,826 107,523.31 0.05KRW


ALLIANZ SE REG SHS244 51,398.60 0.03EUR





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BASF SE REG SHS467 29,458.36 0.01EURBAYER AG REG SHS856 52,096.16 0.03EURBMW AG839 54,409.15 0.03EURBMW AG - STIMMRECHTSLOS1,043 57,156.40 0.03EURCOMMERZBANK AG3,752 23,262.40 0.01EURDAIMLER AG REG SHS1,434 69,255.03 0.03EURDEUTSCHE BOERSE AG REG SHS296 36,556.00 0.02EURDEUTSCHE POST AG REG SHS2,749 77,961.64 0.04EURDEUTSCHE TELEKOM AG REG SHS11,728 177,913.76 0.09EURE.ON SE REG SHS4,108 39,227.29 0.02EUREVONIK INDUSTRIES AG862 21,601.72 0.01EURFRAPORT AG456 33,990.24 0.02EURHANNOVER RUECKVERSICHERUNG AG REG SHS242 34,001.00 0.02EURHENKEL AG & CO KGAA2,791 234,946.38 0.12EURHENKEL AG & CO KGAA2,012 158,344.40 0.08EURHUGO BOSS AG641 36,485.72 0.02EURMERCK KGAA3,516 326,003.52 0.16EURMTU AERO ENGINES AG235 48,128.00 0.02EURMUNICH REINSURANCE COMPANY AG REG SHS330 72,864.00 0.04EURPUMA AG280 16,016.00 0.01EURSAP AG1,328 156,704.00 0.08EURSIEMENS AG REG SHS1,235 127,871.90 0.06EUR


ASHTEAD GROUP PLC333 8,402.98 0.00GBPASTRAZENECA PLC504 36,018.47 0.02GBPAVIVA PLC23,161 106,688.33 0.05GBPBAE SYSTEMS PLC5,722 31,391.88 0.02GBPBARRATT DEVELOPMENTS PLC13,616 85,661.76 0.04GBPBP PLC20,196 124,018.03 0.07GBPBRITISH AMERICAN TOBACCO PLC3,461 106,130.13 0.05GBPBT GROUP PLC12,525 27,756.68 0.01GBPCENTRICA PLC30,350 29,212.89 0.01GBPCOCA-COLA EUROPEAN PARTNERS PLC1,769 85,884.95 0.04EURCOMPASS GROUP PLC974 20,483.54 0.01GBPCONVATEC GROUP PLC REG SHS15,929 25,479.65 0.01GBPCRODA INTL - REG SHS764 43,873.77 0.02GBPGLAXOSMITHKLINE PLC4 70.56 0.00GBPHSBC HOLDINGS PLC14,060 102,659.32 0.05GBPINFORMA PLC1,702 15,710.48 0.01GBPLAND SEC PLC R.E.I.T3,551 32,389.81 0.02GBPLEGAL & GENERAL GROUP PLC19,022 57,036.31 0.03GBPLLOYDS BANKING GROUP PLC178,679 113,288.22 0.06GBPLSE GROUP PLC784 47,644.96 0.02GBPMARKS AND SPENCER GROUP PLC15,792 36,979.48 0.02GBPMONDI PLC1,068 21,126.58 0.01GBPNIELSEN HOLDINGS PLC1,166 22,902.56 0.01USDPEARSON PLC2,389 21,625.67 0.01GBPPRUDENTIAL PLC5,582 105,533.91 0.05GBPRECKITT BENCKISER GROUP PLC1,059 73,390.78 0.04GBPRELX PLC6,487 138,593.80 0.08GBPRIO TINTO PLC662 35,643.03 0.02GBPROLLS ROYCE HOLDINGS PLC1,632 15,362.78 0.01GBPROYAL MAIL PLC11,674 27,609.89 0.01GBPSEGRO PLC (REIT)13 104.17 0.00GBPSTANDARD CHARTERED PLC10,337 81,930.64 0.04GBPTECHNIPFMC LTD USD5,278 117,644.83 0.07USDVODAFONE GROUP PLC30,368 43,567.65 0.02GBP

ABN AMRO GROUP NV DEP RECEIPT4,498 83,887.70 0.04EURThe Netherlands 1,524,166.28 0.77

AIRBUS SE496 61,444.48 0.03EURAKZO NOBEL NV454 37,155.36 0.02EURASML HLDG NV863 155,081.10 0.08EURCNH INDUSTRIAL NV11,583 104,061.67 0.05EURFIAT CHRYSLER AUTOMOBILES NV -A-2,047 25,006.15 0.01EURING GROUP NV13,952 142,115.07 0.07EUR





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KONINKLIJKE DSM NV2,591 281,253.05 0.15EURKONINKLIJKE KPN NV13,160 35,847.84 0.02EURNN GROUP NV3,777 132,459.39 0.07EURRANDSTAD HOLDING NV768 36,695.04 0.02EURROYAL PHILIPS NV2,211 84,018.00 0.04EURSTMICROELECTRONICS NV7,158 110,197.41 0.06EURUNILEVER NV2,801 148,621.06 0.07EURWOLTERS KLUWER NV1,356 86,322.96 0.04EUR

BARRY CALLEBAUT AG REG SHS12 21,100.56 0.01CHFSwitzerland 1,335,831.56 0.67

CLARIANT AG REG SHS2,263 39,802.33 0.02CHFCOMPAGNIE FINANCIERE RICHEMONT SA REG SHS1,003 74,643.96 0.04CHFGEBERIT AG83 33,887.15 0.02CHFGIVAUDAN SA REG SHS8 19,595.95 0.01CHFJULIUS BAER GROUPE AG REG SHS717 27,628.29 0.01CHFNESTLE SA REG SHS5,442 492,461.21 0.24CHFROCHE HOLDING AG1,118 275,211.61 0.14CHFSGS SA REG SHS2 4,512.04 0.00CHFSONOVA HOLDING AG REG SHS293 58,085.85 0.03CHFSWISS RE AG REG SHS1,488 131,867.93 0.07CHFSWISSCOM AG REG SHS76 33,395.55 0.02CHFTE CONNECTIVITY LTD REG SHS891 74,581.13 0.04USDUBS GROUP AG REG SHS2,452 25,540.52 0.01CHFZURICH INSURANCE GROUP AG REG SHS77 23,517.48 0.01CHF

AGILE PROPERTY HOLDINGS LTD2,000 2,356.64 0.00HKDCayman Islands 1,289,928.83 0.65

ALIBABA GROUP HOLDING LTD3,254 489,166.20 0.26USDANTA SPORTS PRODUCTS1,000 6,043.67 0.00HKDBAIDU IN REPR 1/10 SH -A- ADR327 33,377.38 0.02USDBAOZUN A ADR REPR 3SHS -A-186 8,106.87 0.00USDCHINA CONCH VENTURE HOLDINGS LTD2,500 7,772.85 0.00HKDCHINA EVERGRANDE GROUP LTD5,000 12,335.18 0.01HKDCHINA MEDICAL SYSTEM HOLDINGS LTD11,000 8,872.32 0.00HKDCHINA MENGNIU DAIRY CO LTD2,000 6,815.33 0.00HKDCHINA RESOURCES LAND LTD -RC-6,000 23,250.97 0.01HKDCHINA STATE CONSTRUCTION INTL HLDG LTD8,000 7,227.63 0.00HKDCK ASSET HOLDINGS LTD2,500 17,221.37 0.01HKDCK HUTCHISON LTD3,000 26,022.16 0.01HKDCTRIP.COM INTL LTD ADR REPR 1/4TH SH1,575 51,412.46 0.04USDENN ENERGY HOLDINGS LTD1,200 10,273.68 0.01HKDFULLSHARE HOLDINGS LTD62,500 3,414.70 0.00HKDGDS HOLDINGS -A- ADR REP 8 SHS-A-159 5,138.46 0.00USDGEELY AUTOMOBILE HOLDINGS LTD16,000 24,080.07 0.01HKDGENSCRIPT BIO UNITARY 144A/REG S2,000 4,420.39 0.00HKDHAITIAN INTERNATIONAL LTD2,000 3,654.37 0.00HKDLEE MAN PAPER MANUFACTURING LTD3,000 1,848.59 0.00HKDLONGFOR GRP-REG SHS1,000 3,317.54 0.00HKDMGM CHINA HOLDINGS LTD16,400 24,534.28 0.01HKDNEXTEER AUTO9,000 9,854.63 0.00HKDSANDS CHINA LTD5,200 21,878.89 0.01HKDSHIMAO PROPERTY HOLDINGS LIMITED5,500 14,745.89 0.01HKDSUNAC CHINA HOLDINGS LTD7,000 30,280.33 0.02HKDSUNNY OPTI TECH CO LTD SHS2,400 21,818.06 0.01HKDTAL EDUCAT GROUP -A- ADR REPR 1/3 SH -A-286 9,582.39 0.00USDTENCENT HLDGS LTD6,900 274,070.78 0.15HKDTINGY HOLDING CORP6,000 8,813.74 0.00HKDTOWNGAS CHINA CO LTD16,000 10,147.52 0.01HKDVIPSHOP HOLDINGS LTD ADR 1/5 REPR4,993 37,155.98 0.02USDWANT WANT CHINA HOLDINGS LTD10,000 7,153.28 0.00HKDWEIBO CORP -A- SPONS ADR REPR 1 SH938 36,221.31 0.02USDWH GROUP LTD 144A/REG SHS6,500 5,799.22 0.00HKDWHARF REIC LTD REG SHS1,000 6,201.38 0.00HKDWYNN MACAU LTD5,200 10,251.15 0.01HKD3SBIO INC UNITARY 144A/REG S3,500 5,291.17 0.00HKD

APTIV - REG SHS737 52,549.78 0.03USDJersey Island 987,917.98 0.50





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ETFS CO SEC LTD 06 SS MAT INDS MET DJ-AIGCI92,888 909,801.54 0.46USDWPP 2012 PLC2,342 25,566.66 0.01GBP


BEIJING ENTERPRISES HOLDINGS LTD -RC-500 2,236.10 0.00HKDCHINA EVERBRIGHT INTERNATIONAL LTD19,000 15,431.93 0.01HKDCHINA MOBILE LTD8,500 68,127.93 0.03HKDCHINA OVERSEAS LAND & INVESTMENT LTD -RC-16,000 51,909.14 0.03HKDCHINA RESOURCES ENTERPRISE LTD4,000 16,717.27 0.01HKDCHINA RESOURCES POWER HOLDINGS CO LTD -RC-4,000 5,136.84 0.00HKDCITIC PACIFIC LTD9,000 11,415.95 0.01HKDCLP HOLDINGS LTD3,500 33,986.52 0.02HKDCOUNTRY GARDEN HOLDINGS CO LTD18,276 24,458.45 0.01HKDCSPC PHARMACEUTICAL LTD24,000 34,065.37 0.02HKDFAR EAST HORIZON LTD21,000 18,901.55 0.01HKDFOSUN INTERNATIONAL LTD12,000 14,031.69 0.01HKDHANG LUNG GROUP LTD4,000 9,755.49 0.00HKDHANG SENG BANK LTD3,500 76,686.51 0.04HKDHENDERSON LAND DEVELOPMENT CO LTD4,400 21,338.17 0.01HKDHKE AND HKE LTD STAPLED SEC4,500 4,055.40 0.00HKDHONG KONG EXCHANGES AND CLEARING LTD3,391 105,354.57 0.05HKDHYSAN DEVELOPMENT CO LTD3,000 13,636.29 0.01HKDMTR CORP LTD4,131 24,477.79 0.01HKDNEW WORLD DEVELOPMENT CO LTD3,000 4,129.75 0.00HKDPOWER ASSETS HOLDINGS LTD2,500 15,827.33 0.01HKDSINO LAND CO LTD8,084 11,929.68 0.01HKDSUN ART RETAIL GROUP LTD7,500 6,252.08 0.00HKDSUN HUNG KAI PROPERTIES LTD1,500 22,389.19 0.01HKDSWIRE PACIFIC LTD -A-500 5,407.20 0.00HKDSWIRE PROPERTIES LTD3,800 13,505.61 0.01HKDTHE HONG KONG & CHINA GAS CO LTD11,660 22,749.81 0.01HKDTHE LINK REAL ESTATE INV TRUST2,500 27,036.01 0.01HKDTHE WHARF (HOLDINGS) LTD1,000 2,331.86 0.00HKDWHEELOCK COMPANY LTD3,000 18,925.21 0.01HKD

AIR CHINA LTD .SHS. -H-14,000 12,427.55 0.01HKDChina 822,861.75 0.41

ALUMINUM CORPORATION OF CHINA LTD -H-24,000 7,488.97 0.00HKDANHUI CONCH CEMENT CO LTD -H-1,000 5,514.22 0.00HKDBAIC MOTOR -H- UNITARY 144A/REG SHS10,500 5,795.84 0.00HKDBANK OF CHINA LTD -H-107,000 39,776.73 0.02HKDBANK OF COMMUNICATIONS CO LTD -H-10,000 6,680.15 0.00HKDBEIJING CAP. INTERNATIONAL AIRPORT CO LTD -H-16,000 12,346.44 0.01HKDC HUARONG A MGT-H- UNITARY 144A/REG SHS75,000 11,490.30 0.01HKDCHINA CITIC BANK CORPORATION LTD -H-104,000 52,134.44 0.03HKDCHINA CONSTRUCTION BANK CORPORATION -H-395,000 299,463.22 0.16HKDCHINA LIFE INSURANCE CO LTD -H-18,000 39,012.96 0.02HKDCHINA LONGYUAN POWER GROUP CORP LTD -H-12,000 6,772.52 0.00HKDCHINA OILFIELD SERVICES LTD -H-24,000 20,898.83 0.01HKDCHINA PACIFIC INSURANCE (GROUP) CO LTD -H-17,400 59,881.38 0.03HKDCHINA RAILWAY GROUP LTD -H-7,000 4,683.99 0.00HKDCHINA VANKE CO LTD -H-3,900 12,872.52 0.01HKDCHONGQING RURAL CO LTD -H-17,000 8,138.97 0.00HKDHUANENG POWER INTL INC -H-10,000 5,181.90 0.00HKDICBC -H-23,000 14,768.42 0.01HKDJIANGSU EXPRESSWAY CO LTD -H-2,000 2,505.34 0.00HKDPING AN INSURANCE (GROUP) COMPANY OF CHINA LTD -H-11,500 121,515.59 0.06HKDSHANDONG WEIGAO GRP -H-12,000 9,570.75 0.00HKDSHANGAI FOSUN PHARMACEUTICAL CO LTD H10,000 26,641.73 0.01HKDSINOPHARM GROUP CO LTD8,000 24,783.01 0.01HKDZHUZHOU CRRC CO LTD -H-2,700 12,515.98 0.01HKD

AIRPORT OF THAILAND PUB CO LTD -F-25,900 54,469.53 0.03THBThailand 803,456.62 0.41

BTS GROUP67,900 23,314.04 0.01THBCENTRAL PATTANA CO LTD (FOREIGN REGISTERED)2,300 4,935.78 0.00THBCHAROEN POKPHAND FOODS PUBLICS CO LTD -F-REG78,100 63,130.03 0.03THBCP SEVEN ELEVEN ALL FOREIGN LTD REG SHS2,100 5,167.54 0.00THB





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DELTA ELECTRONIC -F- REG SHS7,200 14,009.02 0.01THBELECTRICITY GENERATING PUBLIC CO LTD -F-2,900 26,967.94 0.01THBHOME PRODUCT CENTER PCL REG SHS36,000 18,026.32 0.01THBIRPCP FOREIGN LTD73,400 10,501.05 0.01THBKASIKORNBANK LTD -F-4,200 22,773.25 0.01THBPTT EXPLORATION AND PRODUCTION PUBLIC CO LTD5,900 22,790.42 0.01THBPTT GLOBAL CHEM LTD SHS FOREIGN REGISTERED14,300 26,186.80 0.01THBPTT LTD -REG SHS123,100 171,711.41 0.09THBSIAM CEMENT CO LTD REG SHS3,900 52,671.19 0.03THBSIAM COMMERCIAL BANK PUBLIC CO LTD -F-3,300 13,172.09 0.01THBTHAI OIL CO LTD -FOREIGN REG SHS43,300 82,390.29 0.04THBTRUE CORPORATION LTD FOREIGN REGISTERED1,142,500 191,239.92 0.10THB

ACCENTURE PLC -A-1,434 230,832.56 0.12USDIreland 774,628.42 0.39

ALLERGAN PLC660 96,377.36 0.05USDEATON CORPORATION PUBLIC LIMITED COMPANY1,111 80,839.09 0.04USDINGERSOLL-RAND PLC713 77,988.78 0.04USDJOHNSON CONTROLS INTERNATIONAL PLC787 28,057.45 0.01USDLINDE PLC299 52,310.05 0.03USDMEDTRONIC PLC1,890 162,059.37 0.08USDSEAGATE TECHNOLOGY PLC230 9,452.08 0.00USDSMURFIT KAPPA GROUP PLC1,376 36,711.68 0.02EUR

AENA SA99 17,032.95 0.01EURSpain 605,797.91 0.31

BANCO SANTANDER SA REG SHS9,102 36,735.67 0.02EURCAIXABANK SA16,118 40,101.58 0.02EURFERROVIAL SA497 11,048.31 0.01EURINDUSTRIA DE DISENO TEXTIL SA2,846 74,878.26 0.04EURMAPFRE SA REG SHS12,635 32,636.21 0.02EURRED ELECTRICA CORP SA5,271 98,435.93 0.05EURREPSOL SA16,268 223,034.28 0.10EURTELEFONICA SA9,966 71,894.72 0.04EUR

ASPEN PHARMACARE HOLDINGS PLC735 4,603.65 0.00ZARSouth Africa 563,944.06 0.28

BIDVEST GROUP475 5,697.76 0.00ZARDISCOVERY LIMITED1,708 15,907.34 0.01ZARFIRSTRAND LTD7,907 34,136.17 0.02ZARGOLD FIELDS LTD3,279 15,636.37 0.01ZARINVESTEC LTD5,920 33,807.22 0.02ZARKUMBA IRON ORE297 9,182.68 0.00ZARMONDI LTD1,541 30,279.28 0.02ZARNASPERS LTD -N-886 185,641.22 0.08ZARNEDBANK GROUP143 2,243.59 0.00ZARNETCARE LTD19,391 21,679.33 0.01ZARPICK'N PAY STORES1,421 6,096.76 0.00ZARRED PROP LTD17,897 10,093.54 0.01ZARRESILIENT REIT LTD230 883.84 0.00ZARSASOL LTD1,069 23,304.81 0.01ZARSPAR GROUP LTD1,162 13,731.15 0.01ZARSTANDARD BANK GROUP LIMITED1,319 16,256.47 0.01ZARVODACOM GROUP7,149 53,419.18 0.03ZARWOOLWORTHS HOLDINGS LTD26,840 81,343.70 0.04ZAR

ASSA ABLOY AB -B-1,541 30,227.01 0.02SEKSweden 559,431.47 0.28

ATLAS COPCO AB REG SHS -A-1,640 45,537.61 0.02SEKATLAS COPCO AB REG SHS -B-1,020 25,457.05 0.01SEKBOLIDEN AB4,502 101,017.57 0.06SEKELECTROLUX AB -B-1,158 26,208.92 0.01SEKESSITY AB REG SHS -B-172 4,664.90 0.00SEKSANDVIK AB2,405 38,684.49 0.02SEKSKANSKA AB -B-1,638 25,507.89 0.01SEKSKF AB -B-1,313 21,244.24 0.01SEKSVENSKA HANDELSBANKEN AB -A-7,903 69,402.26 0.03SEKSWEDBANK AB -A-3,586 47,437.87 0.02SEKTELEFON AB L.M.ERICSSON9,004 76,182.93 0.05SEKTELIA COMPANY AB7,188 28,076.02 0.01SEK





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VOLVO AB -B-1,422 19,782.71 0.01SEK

AMBEV SA1,900 7,805.85 0.00BRLBrazil 552,358.76 0.28

BANCO BRADESCO SA PREF.7,160 61,764.88 0.04BRLBANCO DO BRASIL SA2,300 28,164.33 0.01BRLBRASKEM SA PREF SHS -A-2,000 15,887.11 0.01BRLBRF FOODS SA1,400 9,272.79 0.00BRLB3 - REG SHS1,900 16,256.06 0.01BRLCCR SA2,500 7,806.99 0.00BRLCEMIG SA PREF (CIA ENERG.MINAS GERAIS)2,000 6,673.49 0.00BRLCIA BRASILEIRA DE DISTRIBUICAO PREF SHS600 12,856.26 0.01BRLCIELO SA10,700 16,780.02 0.01BRLCOMPANHIA SIDERURGICA NACIONAL4,900 18,368.73 0.01BRLCOSAN SA INDUSTRIA3,600 37,855.92 0.02BRLELETROBRAS (CENTR.ELET.BRASIL.) PREF.-B-800 6,389.44 0.00BRLEMBRAER SA1,700 7,336.29 0.00BRLENGIE BRASIL ENERGIA SA (BRL)250 2,429.16 0.00BRLHYPERA SA1,100 7,348.36 0.00BRLITAUUNIBANCO SA PFD SHS8,677 71,592.41 0.05BRLLOJAS RENNER SA5,670 60,474.84 0.04BRLM. DIAS BRANCO SA600 5,289.18 0.00BRLMULTIPLAN EMPREENDIMENTOS SA1,100 6,812.56 0.00BRLNATURA COSMETICO SA600 7,711.85 0.00BRLRAIA DROGASIL SA400 6,912.94 0.00BRLSABESP500 5,264.60 0.00BRLSUL AMERICA CDAC OF 1 SH+2 PFD SHS2,400 19,889.38 0.01BRLSUZANO SA461 3,544.46 0.00BRLTIM PARICIPACOES SA37,000 97,689.77 0.06BRLWEG SA860 4,181.09 0.00BRL


INTESA SANPAOLO SPA84,997 159,675.36 0.08EURLEONARDO SPA2,621 28,975.16 0.01EURPIRELLI & C.SPA13,766 71,528.14 0.04EURSNAM SPA18,788 83,832.06 0.04EURTELECOM ITALIA SPA RISP NON CONV26,098 11,858.93 0.01EURTERNA SPA19,165 108,243.92 0.05EUR

CHR. HANSEN HOLDING AS635 53,105.61 0.03DKKDenmark 464,821.54 0.23

COLOPLAST AS -B-1,566 155,220.47 0.08DKKISS AS880 23,274.09 0.01DKKNOVO NORDISK AS3,608 161,650.00 0.07DKKORSTED494 37,567.50 0.02DKKVESTAS WIND SYSTEMS AS442 34,003.87 0.02DKK

ASTRA INTERNATIONAL TBK111,000 51,478.48 0.03IDRIndonesia 391,669.39 0.20

BANK CENTRAL ASIA DEP TBK46,100 86,021.41 0.05IDRBANK DANAMON INDONESIA TBK SERIES -A-13,600 4,063.75 0.00IDRBANK NEGARA INDONESIA TBL114,700 65,689.76 0.03IDRBANK RAKYAT INDONESIA TBK116,800 31,701.21 0.02IDRCHAROEN POKPHAND18,000 5,300.05 0.00IDRINDOCEMENT TUNGGAL PRAKARSA TBK21,700 27,016.94 0.01IDRJASA MARGA TBK -B-20,800 7,412.85 0.00IDRKALBE FARMA TBK340,400 30,937.76 0.02IDRPERUSAHAAN GAS NEGA TBK -B-27,300 3,585.85 0.00IDRPT UNILEVER INDONESIA TBK26,800 75,074.72 0.04IDRSEMEN GRESIK (PERSERO) TBK4,700 3,386.61 0.00IDR

CAPITALAND LTD11,900 27,304.75 0.01SGDSingapore 389,847.05 0.20

CITY DEVELOPMENTS LTD2,600 16,004.42 0.01SGDCOMFORTDELGRO CORP LTD3,000 5,187.04 0.00SGDDBS GROUP HOLDINGS LTD2,100 35,435.67 0.02SGDOVERSEA-CHINESE BANKING CORP LTD8,153 60,414.18 0.03SGDSEMBCORP INDUSTRIES LTD9,100 14,255.26 0.01SGDSINGAPORE AIRLINES LTD2,000 12,051.09 0.01SGDSINGAPORE TECHNOLOGIES ENGINEERING LTD4,500 12,109.59 0.01SGD





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SINGAPORE TELECOM LTD - SH BOARD LOT 100088,700 201,794.01 0.10SGDWILMAR INTERNATIONAL LTD2,200 5,291.04 0.00SGD

AIRASIA BHD500 289.96 0.00MYRMalaysia 387,577.09 0.20

AMMB HOLDING BHD11,700 10,513.00 0.01MYRAXIATA GROUP72,770 76,980.75 0.05MYRDIGI.COM BHD40,400 43,338.43 0.02MYRHARTALEGA HOLDINGS BHD6,700 7,457.73 0.00MYRIJM CORP BHD49,700 25,337.75 0.01MYRIOI CORPORATION BHD47,900 43,243.90 0.02MYRKUALA LUMPUR KEPONG MY BHD5,600 29,215.74 0.01MYRMALAYAN BANKING BHD6,972 13,151.36 0.01MYRNESTLE (M) BHD200 6,334.44 0.00MYRPETRONAS CHEMICALS2,800 4,996.18 0.00MYRPETRONAS DAGANGAN11,200 60,429.94 0.04MYRPETRONAS GAS BHD6,100 22,494.69 0.01MYRSIME DARBY BHD17,800 8,545.33 0.00MYRTENAGA NASIONAL BHD7,200 21,167.47 0.01MYRTOP GLOVE CORPORATION BHD13,500 14,080.42 0.01MYR

EDP-ENERGIAS DE PORTUGAL SA14,157 47,241.91 0.02EURPortugal 386,670.14 0.19

GALP ENERGIA SGPS SA REG SHS -B-18,968 255,024.76 0.13EURJERONIMO MARTINS SGPS SA5,946 84,403.47 0.04EUR

DNB ASA1,322 21,536.97 0.01NOKNorway 244,370.71 0.12

EQUINOR ASA4,185 73,130.46 0.03NOKNORSK HYDRO ASA22,807 71,435.38 0.04NOKORKLA ASA8,321 65,264.43 0.03NOKSCHIBSTED ASA -B-593 13,003.47 0.01NOK

KONE OYJ -B-1,011 52,673.10 0.03EURFinland 238,883.35 0.12

NOKIA OYJ21,941 95,443.35 0.04EURNORDEA BANK ABP4,924 31,713.78 0.02SEKUPM KYMMENE CORP2,572 59,053.12 0.03EUR

BEIJING ENTERPRISES WATER16,000 8,363.14 0.00HKDBermuda 214,399.85 0.11

BRILLIANCE CHINA AUTO HLDGS LTD48,000 46,718.22 0.03HKDCHINA GAS HOLDINGS LTD2,000 6,544.97 0.00HKDCOSCO SHIPPING LTD14,000 12,159.44 0.01HKDCREDICORP LTD108 21,944.85 0.01USDHONGKONG LAND HOLDINGS LTD1,300 7,364.21 0.00USDIHS MARKIT LTD434 24,088.84 0.01USDINVESCO LTD1,465 26,236.88 0.02USDJARDINE MATHESON HLD LTD100 5,543.39 0.00USDJARDINE STRATEGIC HOLDINGS200 6,708.01 0.00USDKERRY PROPERTIES LTD1,500 5,542.38 0.00HKDNINE DRAGONS PAPER (HOLDINGS) LTD8,000 6,245.32 0.00HKDSHANGRI - LA ASIA LTD24,000 26,630.47 0.02HKDSIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD52,000 10,309.73 0.01HKD


ABOITIZ EQUITY VENTURES INC8,040 7,597.55 0.00PHPPhilippines 176,607.84 0.09

ABOITIZ POWER CORP20,900 12,496.26 0.01PHPAYALA LAND INC31,500 27,493.43 0.01PHPBANK OF THE PHILIPPINE ISLANDS19,920 26,866.66 0.01PHPGT CAPITAL INC2,486 40,149.82 0.03PHPINTERNATIONAL CONTAINER TERMINAL SERVICE INC3,090 7,772.38 0.00PHPMETRO PACIFIC INVESTMENTS CORP182,000 15,009.54 0.01PHPSECURITY BANK CORP1,800 5,257.46 0.00PHPSM INVESTMENTS CORP880 14,650.79 0.01PHPSM PRIME HOLDINGS INC30,300 19,313.95 0.01PHP

ALFA SAB DE CV -A-7,300 6,323.45 0.00MXNMexico 145,159.59 0.07

ALSEA SA DE CV10,100 17,831.41 0.01MXNARCA CONTINENT SAB DE CV3,300 15,641.76 0.01MXN





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ASUR -B- SAB DE CV1,110 16,533.10 0.01MXNCEMEX SAB DE CV REPR 2 SHS -A-.1 SHS -B-39,900 14,681.70 0.01MXNCOCA-COLA FEMSA --- UNITS CONS OF 5 SHS2,600 14,271.81 0.01MXNFIBRO UNO7,100 8,270.85 0.00MXNFOMENTO ECONOMICO MEXICANO SAB DE CV UNITS 1 SH-B- 4 SHS-D-1,200 10,129.89 0.01MXNGRUPO BIMBO SAB DE CV -SHS- -A-5,200 9,774.59 0.00MXNGRUPO FINANCIERO BANORTE SAB DE C4,600 23,658.80 0.01MXNIENOVA SAB DE CV100 335.71 0.00MXNKIMBERLY-CLARK SAB DE CV -A-1,400 2,327.16 0.00MXNMEXICHEM SHS2,900 5,379.36 0.00MXN

ALPHA BANK AE18,239 30,459.13 0.02EURGreece 121,490.23 0.06

GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA5,054 49,529.20 0.02EURHELLENIC TELECOMMUNICATIONS ORGANISATIONS SA315 4,050.90 0.00EURTITAN CEMENT CO REG SHS2,203 37,451.00 0.02EUR

BANK HANDLOWY SA1,150 15,011.64 0.01PLNPoland 119,234.27 0.06

BANK POLSKA KASA OPIEKI SA891 23,512.99 0.01PLNGRUPA LOTOS SA1,466 28,660.05 0.02PLNJSW SA426 4,801.35 0.00PLNKGHM POLSKA MIEDZ SA (PLN)627 15,329.55 0.01PLNPGE POLSKA GRUPA ENERGETYCZNA SA3,604 8,152.80 0.00PLNPKO BANK POLSKI SA1,714 17,318.59 0.01PLNPOWSZECHNY ZAKLAD UBEZPIECZEN SA623 6,447.30 0.00PLN

MOL HUNGARIAN OIL AND GAS PLC-A-8,202 79,831.72 0.04HUFHungary 79,831.72 0.04

SCHLUMBERGER LTD2,002 68,872.96 0.03USDThe Netherlands Antilles 68,872.96 0.03

BANCOLOMBIA SA1,698 18,038.94 0.01COPColombia 53,792.59 0.03

ECOPETROL SA38,186 30,935.03 0.02COPINTERCONNEXION ELECTRICA SA983 4,818.62 0.00COP

AKBANK TAS24,605 25,051.08 0.02TRYTurkey 48,284.57 0.02

ANADOLU EFES BIRACILIK VE MALT SANAYI AS2,114 6,489.20 0.00TRYARCELIK AS1,755 5,162.51 0.00TRYASELSAN AS2,165 5,942.90 0.00TRYTAV HAVALIMALARI HOLDING AS1,068 4,388.52 0.00TRYTURK HAVA YOLLARI AO648 1,250.36 0.00TRY

KBC GROUPE SA509 29,226.78 0.01EURBelgium 29,226.78 0.01

ERSTE GROUP BANK AG823 26,525.29 0.01EURAustria 26,525.29 0.01

KOMERCNI BANKA AS340 12,010.22 0.01CZKCzech Republic 20,559.14 0.01


NEPI ROCKCASTLE PLC1,468 11,866.57 0.01ZARIsle of Man 11,866.57 0.01

BUENAVENTURE SP ADR-SHS-520 7,565.47 0.00USDPeru 7,565.47 0.00

GOLDEN AGRI-RESOURCES LTD22,800 4,297.83 0.00SGDMauritius 4,297.83 0.00

AT & T INC 1.30 15-23 05/09A300,000 313,723.50 0.16EUR

Bonds 107,348,204.36 54.11


AT & T INC 2.45 15-35 15/03S200,000 211,286.00 0.11EURBANK OF AMERICA CORP 1.625 15-22 14/09A100,000 105,064.00 0.05EURBAXTER INTERNATIONAL 0.40 19-24 15/05A100,000 100,981.50 0.05EURBERKSHIRE HATHAWAY 0.25 17-21 17/01A200,000 201,296.00 0.10EURCAPITAL ONE FINANCIAL 0.8000 19-24 12/06A100,000 100,649.50 0.05EURCHUBB INA HOLDI 0.8750 19-27 15/06A100,000 101,333.00 0.05EUREMERSON ELECTRIC 1.25 19-25 15/01A200,000 210,428.00 0.11EURFIDELITY NATIONAL INF SERVICES 0.75 19-23 21/05A100,000 102,001.50 0.05EURFIDELITY NATIONAL INF SERVICES 2.95 19-39 21/05A100,000 111,094.00 0.06EURFISERV INC 0.3750 19-23 01/07A100,000 100,628.50 0.05EUR





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FORD MOTOR CREDIT CO LLC 1.355 18-25 07/02A200,000 196,501.00 0.10EURGENERAL ELECTRIC CO 0.875 17-25 17/05A200,000 199,328.00 0.10EURGOLDMAN SACHS GROUP INC 2.0 18-28 01/11A200,000 216,721.00 0.11EURGOLDMAN SACHS GROUP INC 4.75 06-21 12/10A200,000 220,975.00 0.11EURINTERNATIONAL BUSINESS 1.75 19-31 31/01A100,000 108,702.50 0.05EURINTL FLAVOR 0.5 18-21 25/09A200,000 202,482.00 0.10EURMARSH & MCLENNAN COS 1.9790 19-30 21/03A100,000 107,605.00 0.05EURMARSH & MCLENNAN COS 1.349 19-26 21/09A100,000 104,116.00 0.05EURMOHAWK INDS 2.00 15-22 14/01S250,000 261,545.00 0.13EURSIMON PROPERTY GROUP LP 2.375 13-20 02/10A200,000 205,091.00 0.10EURSTRYKER CORP 1.125 18-23 30/11A200,000 209,225.00 0.11EURUNITED STATES 1.625 16-26 15/05S1,264,000 1,093,168.63 0.55USDUSA TREASURY NOTES 1.50 16-23 28/02S5,053,000 4,407,235.19 2.22USDUSA TREASURY NOTES INFL. INDEX 0.375 13-23 15/07S19,765,000 19,253,130.40 9.72USDVERIZON COMMUNICATIONS INC 1.375 17-26 27/10A300,000 319,539.00 0.16EURWELLS FARGO & CO 0.50 19-24 26/04A300,000 302,740.50 0.15EURWI TREASURY SEC 2.5 19-24 31/01S2,775,000 2,519,618.86 1.27USDWI TREASURY SEC 2.625 19-29 15/02S1,172,000 1,085,605.79 0.55USD

ABERTIS INFRAES 1.5000 19-24 27/06A200,000 208,608.00 0.11EURSpain 19,183,231.55 9.67

ABERTIS INFRAES 2.3750 19-27 27/09A100,000 107,306.50 0.05EURBANCO SANTANDER SA 1.375 17-22 09/02A200,000 206,904.00 0.10EURBANCO SANTANDER SA 2.125 18-28 08/02A300,000 314,641.50 0.16EURCAIXABANK SA 2.25 18-30 17/04A300,000 302,370.00 0.15EURCOMP ESPA PETROLEOS 1.00 19-25 16/02A100,000 100,885.50 0.05EURIE2 HOLDCO 2.875 16-26 01/06A200,000 224,174.00 0.11EURSANTANDER FIN 1.0 19-24 27/02A200,000 205,877.00 0.10EURSPAIN 0.05 17-21 31/01A4,861,000 4,895,974.89 2.47EURSPAIN 1.95 16-26 30/04A820,000 924,627.90 0.47EURSPAIN 4.40 13-23 31/10A3,054,000 3,668,495.34 1.85EURSPAIN 5.40 13-23 31/01A4,487,000 5,407,328.57 2.73EURSPAIN 1.60 15-25 30/04A2,203,000 2,414,741.35 1.22EURTELEFONICA EMIS 0.318 16-20 17/10A200,000 201,297.00 0.10EUR

BFCM 0.7500 19-26 08/06A100,000 102,136.50 0.05EURFrance 18,701,857.21 9.43

BFCM 2.375 16-26 24/03A200,000 217,289.00 0.11EURBNP PARIBAS CARDIF SA 4.032 14-XX 25/11A200,000 219,640.00 0.11EURBNP PARIBAS SA 1.125 18-26 11/06A200,000 205,986.00 0.10EURBPCE SA 1.0 19-25 01/04A200,000 204,154.00 0.10EURCREDIT MUTUEL ARKEA 1.125 19-29 23/05A100,000 102,131.50 0.05EURFRANCE 0.00 18-24 25/03A6,107,000 6,254,026.03 3.16EURFRANCE 0.00 18-21 25/02A4,977,000 5,033,115.68 2.54EURFRANCE 0.00 17-23 25/03A5,029,000 5,147,458.10 2.60EURFRANCE 1.00 15-25 25/11A933,000 1,014,931.40 0.51EURUNIBAIL-RODAMCO SE 0.1250 18-21 14/05A200,000 200,989.00 0.10EUR

COMMERZBANK AG 7.75 11-21 16/03A200,000 225,091.00 0.11EURGermany 15,627,620.47 7.88

DEUTSCHE BANK AG 0.375 18-21 18/01A200,000 197,785.00 0.10EUREUROGRID GMBH 1.625 15-23 03/11A100,000 106,520.00 0.05EURFRESENIUS SE 1.8750 19-25 15/02A100,000 107,436.00 0.05EURGERMANY 0.00 17-22 07/103,482,000 3,567,900.94 1.81EURGERMANY 0.50 16-26 15/02A878,000 941,093.08 0.47EURGERMANY 2.00 13-23 15/08A2,930,000 3,262,906.60 1.65EURGERMANY 0.00 16-21 08/10A3,967,000 4,035,569.60 2.04EURGERMANY 0.50 15-25 15/02A2,701,000 2,874,525.75 1.45EURSAP SE 0.75 18-24 10/12A100,000 103,854.50 0.05EURSCHAEFFLER AG 1.1250 19-22 26/03A200,000 204,938.00 0.10EUR

ACEA SPA 1.7500 19-28 23/05A100,000 103,154.50 0.05EURItaly 11,211,448.01 5.65

ENEL SPA 2.5 18-78 24/05A200,000 201,230.00 0.10EURINTESA SANPAOLO SPA 1.125 15-22 04/03A250,000 254,170.00 0.13EURITALY 0.45 16-21 01/06S2,548,000 2,556,026.20 1.29EURITALY 1.75 19-24 01/07S2,518,000 2,562,279.03 1.29EURITALY 1.00 19-22 15/07S5,092,000 5,119,191.28 2.58EURUNICREDIT SPA 2.125 16-26 24/10A200,000 210,386.00 0.11EUR2I RETE DAG SPA 1.608 17-27 31/10A200,000 205,011.00 0.10EUR





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ANNINGTON FDG 1.65 17-24 12/07A200,000 205,107.00 0.10EURUnited Kingdom 2,742,691.25 1.38

BP CAPITAL MARKETS PLC 0.8310 19-27 08/11A100,000 102,416.50 0.05EURBP CAPITAL MARKETS PLC 1.373 16-22 03/03A100,000 104,154.00 0.05EURBP CAPITAL MARKETS PLC 1.597 18-28 03/07A200,000 217,698.00 0.11EURCREDIT AGRICOLE LDN 1.375 18-25 13/03A300,000 314,526.00 0.16EURGLAXOSMITHKLINE 0.00 17-20 12/09A100,000 100,173.50 0.05EURHSBC HOLDINGS PLC 3.00 15-25 30/06250,000 281,618.75 0.14EURIMP BRND FIN 1.125 19-23 14/08A100,000 102,051.00 0.05EURIMPERIAL BRANDS 2.1250 19-27 12/02A200,000 209,153.00 0.11EURLLOYDS BANK GRP REG SHS 1.00 16-23 09/11A200,000 202,595.00 0.10EURLLOYDS BANKING GROUP PLC 1.75 18-28 07/09A250,000 250,207.50 0.13EURNATIONWIDE BUILDING SOCIETY 6.75 10-20 22/07A200,000 214,144.00 0.11EURNGG FINANCE PLC 4.25 13-76 18/06A200,000 207,356.00 0.10EURVODAFONE GROUP PLC 2.875 17-37 20/11A200,000 231,491.00 0.12EUR

ABBOTT LABORATORIES 0.875 18-23 27/09A100,000 103,424.00 0.05EURLuxembourg 1,935,665.00 0.98

BECTON DICKINSON EUR 0.632 19-23 04/06A100,000 100,767.50 0.05EURBLACKSTONE PPE 1.4000 18-22 06/07A200,000 204,816.00 0.11EURCHINA MERCHANTS BANK 0.25 19-22 19/06A100,000 100,190.50 0.05EURDREAM GLOBAL FUNDING 1.375 17-21 21/12A100,000 101,784.50 0.05EURGRAND CITY PROPERTIES SA 1.50 18-27 22/02A200,000 205,496.00 0.11EURIBM CORP 0.375 19-23 31/01A200,000 202,572.00 0.10EURLOGICOR FINANCIAL SARL 0.5000 19-21 30/04A100,000 100,844.50 0.05EURLOGICOR FINANCING SARL 1.5 18-22 13/11A200,000 206,950.00 0.11EURMEDTRONIC GLOB 1.5 19-49 02/07A100,000 97,522.00 0.05EURMEDTRONIC GLOBA 0.2500 19-25 02/07A100,000 99,771.00 0.05EURMEDTRONIC GLOBAL HOLDINGS SCA 0.375 19-23 07/03A200,000 202,278.00 0.10EURMEDTRONIC GLOBAL HOLDINGS SCA 1.625 19-31 07/03A100,000 107,538.50 0.05EURSELP FINANCE SA 1.5000 19-26 20/12A100,000 101,710.50 0.05EUR

BMW FINANCE NV 0.125 19-22 13/07A100,000 100,403.00 0.05EURThe Netherlands 1,826,817.50 0.92

BMW FINANCE NV 0.6250 19-23 06/10A200,000 204,166.00 0.10EURBMW FINANCE NV 1.5000 19-29 06/02A200,000 211,801.00 0.11EURDAIMLER INTL FINANCE BV 1.5000 18-27 09/02A100,000 106,619.00 0.05EUREDP FINANCE BV 1.625 18-26 26/01A200,000 212,335.00 0.11EURENEL FINANCE INTL 1.125 18-26 16/09A200,000 208,465.00 0.11EURINNOGY FINANCE BV 1.625 18-26 30/05A100,000 108,192.50 0.05EURMADRILENA RED DE GAS 1.375 17-25 11/04A200,000 208,256.00 0.10EURNATIONALE-NEDERLANDEN BANK 0.375 19-23 31/05A100,000 100,833.50 0.05EURVOLKSWAGEN INTL FIN NV 4.125 18-38 16/11A300,000 365,746.50 0.19EUR

AURIZON NETWORK REG SHS 3.125 16-26 01/06A200,000 225,662.00 0.12EURAustralia 1,057,531.50 0.53

AUSGRID FINANCE PTY 1.25 18-25 30/07A200,000 205,190.00 0.10EURBHP BILLITON FIN LTD 4.75 15-76 22/04A200,000 216,040.00 0.11EURSCENTRE MGT LTD 1.50 14-20 16/07A200,000 202,601.00 0.10EURSCENTRE MGT LTD 1.45 19-29 28/03A100,000 105,305.00 0.05EURTRANSURBAN FINANCE 2.50 13-20 08/10A100,000 102,733.50 0.05EUR

EATON CAPITAL UNLIMITED 0.0210 19-21 14/05A150,000 150,351.00 0.08EURIreland 658,121.50 0.33

FCA BANK SPA IRL 0.25 17-20 12/10A100,000 100,318.50 0.05EURJOHNSON CONT INTL PLC 0.00 17-20 04/12200,000 200,224.00 0.10EURRYANAIR LTD 1.875 14-21 17 06A200,000 207,228.00 0.10EUR

ANHEUSER-BUSCH INBEV NV 2.75 16-36 17/03A300,000 348,978.00 0.18EURBelgium 551,105.00 0.28

EUROCLEAR BANK 0.25 18-22 07/09A200,000 202,127.00 0.10EUR

GLENCORE FINANCE EURO LTD 1.25 15-21 17/03A100,000 101,601.00 0.05EURJersey Island 415,793.00 0.21

GLENCORE FINANCE (EUROPE) SA 1.75 15-25 17/03A100,000 103,546.00 0.05EURHEATHROW FUNDING LTD 1.875 14-22 23/05A200,000 210,646.00 0.11EUR

DBS GROUP HLDGS LTD 1.50 18-28 11/04A250,000 253,692.50 0.13EURSingapore 253,692.50 0.13

DANSKE BANK A/S 1.375 19-22 24/05A200,000 204,644.00 0.10EURDenmark 204,644.00 0.10





211Page

AKELIUS RESIDENTIAL PROPERTY AB 1.50 16-22 23/01A100,000 103,426.50 0.05EURSweden 103,426.50 0.05

CHEUNG KONG FIN 1.00 17-24 12/12A100,000 101,409.50 0.05EURCayman Islands 101,409.50 0.05

SATO OYJ 1.375 19-24 31/05A100,000 101,334.50 0.05EURFinland 101,334.50 0.05

ABN AMRO BANK NV FL.R 15-25 30/06A250,000 256,747.50 0.13EUR


The Netherlands 1,874,285.50 0.95

ALLIANZ FIN II BV FL.R 11-41 08/07A200,000 222,062.00 0.11EURASR SUB FL.R 14-XX 30/09A250,000 283,212.50 0.14EURCOOP RABOBANK UA EMTN FL.R 14-26 26/05A200,000 208,894.00 0.11EURIBERDROLA INTL FL.R 17-XX 22/02A200,000 202,824.00 0.10EURNN GROUP NV FL.R 14-44 08/04A250,000 283,777.50 0.15EURVOLKSWAGEN INTERNATIONAL FINANCE NV REG SHS FL.R 17-XX 14/12A200,000 202,714.00 0.10EURVONOVIA FINANCE BV FL.R 14-XX 17/12A200,000 214,054.00 0.11EUR

AXA SA FL.R 18-49 28/05A250,000 275,422.50 0.14EURFrance 1,466,781.50 0.74

BNP PARIBAS FL.R 19-27 23/01A200,000 216,612.00 0.11EURCREDIT AGRICOLE ASSURANCES SA SUB FL.R 14-XX 14/10A300,000 331,011.00 0.17EURENGIE SA FL.R 19-XX XX/XXA100,000 108,672.00 0.05EURORANGE SA FL.R 19-XX 15/04A200,000 206,648.00 0.10EURTOTAL SA FL.R 16-49 18/05A300,000 328,416.00 0.17EUR

BANK OF AMERICA CORP FL.R 17-27 04/05A150,000 161,241.00 0.08EURUnited States of America 897,260.00 0.45

CITIGROUP INC FL.R 18-26 24/07A300,000 315,393.00 0.16EURJP MORGAN CHASE & CO FL.R 17-28 18/05A200,000 214,218.00 0.11EURJPMORGAN CHASE & CO FL.R 19-27 11/03A200,000 206,408.00 0.10EUR

BHP BILLITON FIN LTD FL.R 15-79 22/10A200,000 241,382.00 0.12EURAustralia 499,757.00 0.25

COMMONW.BK AUSTRALIA FL.R 15-27 22/04A250,000 258,375.00 0.13EUR

ASSICURAZIONI GENERALI SPA FL.R 15-47 27/10A250,000 286,705.00 0.15EURItaly 386,861.00 0.20

UNICREDIT SPA FL.R 19-25 25/06A100,000 100,156.00 0.05EUR

ROYAL BANK OF SCOTLAND GROUP PLC FL.R 18-26 02/03A100,000 102,417.00 0.05EURUnited Kingdom 303,783.00 0.15

STANDARD CHARTERED PLC FL.R 17-23 03/10A200,000 201,366.00 0.10EUR

MUNICH REINSURANCE COMPANY FL.R 11-41 26/05A200,000 222,624.00 0.11EURGermany 222,624.00 0.11

ALLERGAN FUNDING SCS FL.R 17-24 01/06A200,000 205,181.00 0.10EURLuxembourg 205,181.00 0.10

REPSOL SA 28.06.19 RIGHTS16,268 8,025.00 0.00EUR


Spain 8,025.00 0.00

ABERTIS INFRAESTRUCTURAS SA -A-1,628 29,890.08 0.02EUR


Shares 29,894.23 0.02

Spain 29,890.08 0.02

CJ - PFD REG SHS4 3.51 0.00KRWSouth Korea 3.51 0.00

ROLLS-ROYCE HLD PFD REG SHS C ENTITL JUL1956,942 0.64 0.00GBPUnited Kingdom 0.64 0.00

ISHARES II PLC DEVELOPED MARKETS PROPERTY YIELD UC DIS USD76,370 1,800,339.53 0.91USD



Equity funds 11,668,867.92 5.89

ISHARES II PLC GLOBAL INFRASTRUCTURE UCITS ETF DIS USD109,548 2,817,354.66 1.42USDSOURCE PHYSICAL MARKETS PLC USD58,709 7,051,173.73 3.56USD

ISHARES III PLC JPM EM LOCAL GOV BD DIS USD88,681 4,808,283.82 2.42EURBond funds 4,808,283.82 2.42






212Page

LUX IM– Kairos Liquid Alternative Strategies

213Page


(589,574.00)Unrealised loss on the securities portfolio11,055,451.13Cash at banks1,000,000.00Brokers receivable1,522,453.67Subscriptions receivable

5.84Other assets

1,141,623.63Liabilities941,079.93Redemptions payable

560.57Unrealised depreciation on forward foreign exchange contracts155,494.46Accrued management fees




Expressed in EUR


LUX IM – Kairos Liquid Alternative Strategies





01/01/19





214Page

Key figures


Total Net Assets 74,707,036.13 72,644,674.23 26,165,955.52



79.80227,161.593 314,428.891

78.0337,010.818



84.53653,509.016 556,126.564

82.12254,208.680



86.101,643.615 2,572.634

83.6148.92291.33



82.3214,519.844 27,788.828

80.051,221.158


215Page

BOUSSARD & GAVAUDAN SICAV ABSOLUTE RETURN -Z EUR- CAP12,330 12,950,206.77 17.32EUR



Other funds 27,618,463.06 36.96

HI NUMEN BEAR RATES FUND EUR CAP18,142 1,111,201.18 1.49EURPORTLAND HILL FD CATALYST DRIVEN STR -B- EUR CAP55,224 6,184,999.55 8.28EURRV CAP ASIA OPPORTUNITY UCITS FD HEDGE EUR DIS71,919 7,372,055.56 9.87EUR

CQS PLC GLB CONVERTIBLE FD -I3- EUR CAP101,009 11,701,135.77 15.66EURBond funds 21,641,525.55 28.97

EMSO CLOVER PLC EMERGING MKTS ABSOLUTE RETURN DEBT -EAIF- CAPEUR

13,700 1,523,413.48 2.04EUR

EMSO EMERGING MARKETS ABS RETURN DBT -EAIF- CAP EUR86,836 8,416,976.30 11.27EUR

EXANE FUNDS 1 SICAV CERES -A- CAP EUR743 13,010,760.51 17.42EUREquity funds 13,010,760.51 17.42






216Page

LUX IM– Fidelity Global Income Blend

217Page



1,081,305.74Subscriptions receivable92,415.00Unrealised appreciation on forward foreign exchange contracts

85.66Other assets

1,207,358.09Liabilities980,156.18Brokers payable50,700.07Accrued performance fees56,454.46Redemptions payable





Expressed in EUR


LUX IM – Fidelity Global Income Blend





01/01/19

A - EUR - Capitalisation 0.000 25,000.000 25,000.000 0.000






H - EUR - Capitalisation 4,315.335 1,761.185 3.119 6,073.401

218Page

Key figures


Total Net Assets 35,554,744.11 8,272,408.34



0.000.000 0.000



102.66123,905.196 22,205.630



102.65106,418.273 32,748.047



103.52108,730.021 25,025.765



103.73215.434 19.938



103.9849.976 49.976



103.396,073.401 4,315.335


219Page

FIDELITY ASIA PACIF MULTI ASSET A EUR AC CAP654,493 6,715,100.54 18.88EUR



Equity funds 17,196,034.39 48.36

FIDELITY FD ASIAN HY-A-EUR-HDG DIV DIS54,671 471,867.99 1.33EURFIDELITY GBL QUAL INC UCITS ETF HDG ACC CAP EUR195,035 1,041,486.90 2.93EURFIDELITY GLOB FINANC SERVICES Y USD AC CAP59,967 531,699.36 1.50USDFIDELITY GLOBAL CORP BD FD Y EUR HDG CAP51,693 701,987.95 1.97EURFIDELITY GROWTH AND INCOME FD Y ACC USD CAP491,777 6,700,640.86 18.84USDFIDELITY US QUALITY INC UCITS ETF HDG AC EUR CAP185,270 1,033,250.79 2.91EUR

FIDELITY EMERGING MKTS DBT-YAEH EUR CAP86,319 1,018,560.66 2.86EUROther funds 11,462,485.89 32.24

FIDELITY EUROP DIV-Y-ACC-EURO CAP EUR17,973 326,571.77 0.92EURFIDELITY FD GLOBAL MULTI ASSET INCOME -A- EUR CAP552,568 6,702,650.45 18.86EURFIDELITY GL EQ IN AHC EUR CAP97,152 1,313,488.55 3.69EURFIDELITY US DOLLAR BD-I-ACC-EUR-H CAP203,016 2,101,214.46 5.91EUR

FIDELITY EMERG MARK LOCAL CURR I EUR DIS165,851 1,748,072.28 4.92EURBond funds 6,121,298.13 17.22

FIDELITY FD EUROPEAN HIGH YIELD -Y-ACC- EUR CAP38,536 871,294.21 2.45EURFIDELITY FDS US HY -Y HDG- CAP EUR46,609 700,530.41 1.97EURFIDELITY GLOB HIGH YIELD I EUR HEDG DIS152,410 1,574,397.78 4.43EURFIDELITY GLOBAL HYBRIDS BD FD Y EUR CAP101,851 1,227,003.45 3.45EUR

FIDELITY EURO CASH FUND -A- EUR DIS74,204 675,065.93 1.90EURMonetary funds 675,065.93 1.90






220Page

LUX IM– Eurizon Contrarian Approach

221Page











Expressed in EUR


LUX IM – Eurizon Contrarian Approach





01/01/19






222Page

Key figures


Total Net Assets 183,176,495.30 75,980,414.56



0.000.000 0.000



102.57649,092.635 142,572.656



103.371,001,808.227 577,735.706



103.445,582.087 2,000.869



103.26120,669.137 61,727.937


223Page

ABBVIE INC6,379 392,778.29 0.21USD


Shares 55,863,350.26 30.50


AGILENT TECHNOLOGIES INC6,882 443,060.72 0.24USDALLY FINANCIAL INC16,861 449,982.62 0.25USDAMERICAN WATER WORKS CO INC4,299 435,855.86 0.24USDAMGEN INC2,713 439,148.75 0.24USDANALOG DEVICES INC4,446 441,295.37 0.24USDAPPLIED MATERIALS INC11,531 453,287.94 0.25USDBIOGEN INC2,137 450,708.97 0.25USDBOOKING HLDG INC269 436,601.78 0.24USDBRISTOL MYERS SQUIBB CO10,190 404,247.70 0.22USDCAPITAL ONE FINANCIAL CORP5,493 431,622.19 0.24USDCATERPILLAR INC REG SHS3,779 450,415.18 0.25USDCBRE GROUP INC9,902 442,730.93 0.24USDCHURCH AND DWIGHT CO INC6,563 422,234.97 0.23USDCISCO SYSTEMS INC8,771 429,966.86 0.23USDCITRIX SYSTEMS INC5,033 432,620.63 0.24USDCLOROX CO3,274 438,520.46 0.24USDCOGNIZANT TECHNOLOGY SOLUTIONS CORP -A-7,858 435,875.87 0.24USDCOLGATE-PALMOLIVE CO6,784 430,485.78 0.24USDCONSOLIDATED EDISON INC5,677 435,743.52 0.24USDCUMMINS INC (EX CUMMINS ENGINE INC) REG SHS2,949 436,442.14 0.24USDDISCOVER FINANCIAL SERVICES REG SHS6,463 441,099.68 0.24USDDISCOVERY INC -A16,380 428,500.86 0.23USDEVERSOURCE ENERGY6,485 430,165.68 0.23USDEXPEDIA GROUP3,858 441,641.48 0.24USDFLIR SYSTEMS INC9,386 440,878.22 0.24USDFORTUNE BRANDS HOME AND SECURITY9,041 445,031.76 0.24USDGILEAD SCIENCES INC7,251 427,846.31 0.23USDHOLOGIC INC10,206 428,313.55 0.23USDHUNTINGTON BANCSHARES INC38,324 460,150.94 0.24USDIBM CORP3,606 439,374.69 0.24USDINTEL CORP10,556 440,680.62 0.24USDJONES LANG LASALLE INC3,564 433,379.39 0.24USDJP MORGAN CHASE & CO4,583 438,768.28 0.24USDKIMBERLY-CLARK CORP3,696 435,385.78 0.24USDKLA CORPORATION4,400 455,694.24 0.24USDLAM RESEARCH CORP2,723 445,821.34 0.24USDLEGGETT&PLATT INC13,040 435,297.53 0.24USDMASCO CORP13,146 450,977.70 0.25USDMAXIM INTEGRATED PRODUCTS INC8,573 453,591.90 0.25USDMERCK AND CO INC5,907 435,575.33 0.24USDPNC FINANCIAL SERVICES GROUP INC3,832 453,900.80 0.25USDPPG INDUSTRIES INC4,351 443,539.07 0.24USDPROCTER AND GAMBLE CO4,508 435,315.34 0.24USDQUEST DIAGNOSTICS INC4,950 437,721.34 0.24USDREGENERON PHARMACEUTICALS INC1,562 426,851.86 0.23USDROCKWELL AUTOMATION INC3,084 439,819.61 0.24USDSHERWIN WILLIAMS CO1,080 432,009.50 0.24USDSIRIUS XM HOLDINGS INC88,002 431,166.06 0.24USDSNAP ON INC3,029 435,572.78 0.24USDSUNTRUST BANKS INC8,104 438,472.13 0.24USDSYNCHRONY FINANCIAL CO14,749 444,863.62 0.24USDTEXAS INSTRUMENTS INC4,458 454,328.96 0.25USDTRAVELERS COMPANIES INC3,305 433,747.64 0.24USDTRIMBLE11,436 446,736.83 0.24USDUS BANCORP9,735 445,111.76 0.24USD

ARKEMA SA6,117 495,721.68 0.27EURFrance 5,426,566.53 2.96

CAPGEMINI SE4,805 522,303.50 0.29EURCREDIT AGRICOLE SA47,287 496,040.63 0.27EURDANONE SA6,601 493,094.70 0.27EURINGENICO GROUP SA6,464 500,960.00 0.27EUR





224Page

KERING SA958 493,944.80 0.27EURLEGRAND SA7,743 492,299.94 0.27EURSANOFI SA6,300 476,784.00 0.26EURSCHNEIDER ELECTRIC SE6,276 495,678.48 0.27EURUBISOFT ENTERTAINMENT SA7,159 481,514.34 0.26EURVINCI SA5,329 478,224.46 0.26EUR

BARRATT DEVELOPMENTS PLC77,937 490,321.76 0.27GBPUnited Kingdom 4,371,019.95 2.39

KINGFISHER PLC210,617 503,291.96 0.28GBPMONDI PLC24,848 491,529.35 0.27GBPPEARSON PLC53,853 487,487.34 0.27GBPPRUDENTIAL PLC26,124 493,903.23 0.27GBPRECKITT BENCKISER GROUP PLC6,956 482,064.45 0.26GBPRELX PLC22,644 483,785.73 0.26GBPROYAL BANK OF SCOTLAND GROUP PLC201,830 491,296.71 0.27GBPSENSATA TECH(S) PLC -REG SHS10,462 447,339.42 0.24USD

ALFA LAVAL AB24,736 467,126.66 0.26SEKSweden 3,907,579.38 2.13

ESSITY AB REG SHS -B-17,375 471,236.74 0.26SEKSANDVIK AB33,109 532,559.18 0.28SEKSEB AB -A-57,747 476,213.07 0.26SEKSKANSKA AB -B-31,493 490,427.40 0.27SEKSKF AB -B-32,880 531,995.92 0.29SEKSVENSKA HANDELSBANKEN AB -A-52,445 460,559.45 0.25SEKSWEDBANK AB -A-36,093 477,460.96 0.26SEK


AXEL SPRINGER SE REG SHS7,938 492,949.80 0.27EURBASF SE REG SHS7,910 498,962.80 0.26EURDEUTSCHE POST AG REG SHS17,372 492,669.92 0.27EURDEUTSCHE WOHNEN AG14,521 468,011.83 0.26EURFRESENIUS MEDICAL CARE AG & CO KGAA6,960 477,456.00 0.26EURHENKEL AG & CO KGAA5,769 485,634.42 0.27EURVONOVIA SE REG SHS11,305 472,775.10 0.26EUR

ABN AMRO GROUP NV DEP RECEIPT25,939 483,762.35 0.26EURThe Netherlands 3,161,133.11 1.73

ASML HLDG NV1,366 245,470.20 0.13EURING GROUP NV49,449 503,687.51 0.28EURKONINKLIJKE KPN NV173,873 473,630.05 0.26EURROYAL PHILIPS NV12,921 490,998.00 0.28EURUNILEVER NV9,090 482,315.40 0.26EURWOLTERS KLUWER NV7,560 481,269.60 0.26EUR

AENA SA2,797 481,223.85 0.26EURSpain 1,927,871.85 1.05

BANCO BILBAO VIZCAYA ARGENTARIA SA REG SHS99,396 487,338.59 0.27EURENAGAS SA20,087 482,891.48 0.26EURRED ELECTRICA CORP SA25,511 476,417.93 0.26EUR


ALLEGION PLC4,620 442,026.12 0.24USDEATON CORPORATION PUBLIC LIMITED COMPANY6,108 444,433.09 0.24USDKINGSPAN GROUP PLC10,663 504,999.68 0.28EUR

CARLSBERG AS -B-4,178 483,867.12 0.26DKKDenmark 1,471,611.19 0.80

NOVO NORDISK AS10,808 484,233.15 0.26DKKORSTED6,621 503,510.92 0.28DKK


GEBERIT AG1,190 485,851.97 0.27CHFROCHE HOLDING AG1,954 481,004.90 0.26CHF

DNB ASA30,803 501,818.02 0.28NOKNorway 981,678.76 0.54

TELENOR ASA25,368 479,860.74 0.26NOK

ERSTE GROUP BANK AG15,266 492,023.18 0.27EURAustria 981,240.68 0.54





225Page

OMV AG11,511 489,217.50 0.27EUR

ANHEUSER-BUSCH INBEV NV6,229 476,331.63 0.26EURBelgium 970,660.41 0.53

KBC GROUPE SA8,609 494,328.78 0.27EUR

UPM KYMMENE CORP21,336 489,874.56 0.27EURFinland 489,874.56 0.27

RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA13,280 479,408.00 0.26EURItaly 479,408.00 0.26

ITALY BOT 0.00 19-20 14/044,800,000 4,800,833.54 2.62EUR

Bonds 33,687,789.47 18.39

Italy 33,687,789.47 18.39

ITALY BOT 0.00 18-19 14/116,100,000 6,083,682.19 3.32EURITALY BOT 0.00 19-20 13/038,600,000 8,602,556.02 4.70EURITALY BOT 0.00 19-20 14/025,000,000 4,998,900.95 2.73EURITALY BOT 0.00 19-20 14/055,700,000 5,700,856.19 3.11EURITALY BUON ORDI DEL 0.00 12-06-203,500,000 3,500,960.58 1.91EUR

EURIZON FD ABSOLUTE GREEN BDS Z CAP EUR283,830 29,225,965.63 15.96EUR



Equity funds 29,225,965.63 15.96

EURIZON BD CORPORATE SMART ESG Z ACC EUR CAP93,681 9,653,816.02 5.27EUROther funds 19,239,281.97 10.50

EURIZON FCP ABSOLUTE HIGH YIELD -Z- EUR CAP95,816 9,585,465.95 5.23EUR

EPSILON FD EMERGING BOND TOTAL RETURN -I- CAP EUR67,747 9,396,551.48 5.13EURBond funds 9,396,551.48 5.13






226Page

LUX IM– ESG BNP Paribas Isovol

227Page


29,578.65Options / swaptions purchased at market value45,797.58Options / swaptions purchased at cost

253,636.03Cash at banks59.12Interests receivable

1,486,737.79Subscriptions receivable58,555.05Unrealised appreciation on financial futures

1,217,701.49Liabilities3,183.17Options / swaptions sold at market value6,081.03Options / swaptions sold at cost

921,160.21Brokers payable92,351.96Accrued performance fees82,778.22Redemptions payable91,697.21Accrued management fees2,460.02Accrued depositary fees




Expressed in EUR


LUX IM – ESG BNP Paribas Isovol





01/01/19


Dl - EUR - Capitalisation 4,484.304 88,540.331 658.643 92,365.992




228Page

Key figures


Total Net Assets 56,197,018.21 2,104,229.34



0.000.000 0.000



103.7292,365.992 4,484.304



104.55376,031.159 8,471.523



104.58595.437 19.938



104.4169,363.464 8,675.997


229Page

BNP PARIBAS AQUA FCP -X- EUR CAP11,723 2,639,182.78 4.70EUR



Other funds 24,694,224.92 43.93

BNP PARIBAS EASY MSCI EUROP SRI-TRX CAP EUR94 10,545,088.42 18.75EURBNP PARIBAS EASY MSCI KLD 400US TRACK -X- CAP USD27 3,577,218.36 6.37USDPARVEST SUSTAINABLE BOND EURO -X- CAP EUR61,570 7,932,735.36 14.11EUR

PARVEST GREEN BOND -X- CAP EUR45,402 4,667,328.68 8.31EURBond funds 10,130,380.86 18.03

PARVEST SUSTAINABLE BOND WORLD CORP -X- CAP USD57,236 5,463,052.18 9.72USD

PARVEST EUR CORP BD SUSTAINABLE DEV -X- CAP EUR70,745 10,079,071.21 17.94EURMixed funds 10,079,071.21 17.94

BNP PARIBAS EASY MSCI EMERGING MARKETS SRI -X- CAP USD41 3,805,100.42 6.77USDEquity funds 9,657,797.04 17.19

BNP PARIBAS EASY MSCI JAPAN SRI TRACK -X- CAP EUR33 3,280,928.93 5.84EURBNP PARIBAS IMMOBILIER RESPONSABLE FCP -R- CAP EUR19,677 2,571,767.69 4.58EUR

BNP PARIBAS MOIS CAP EUR45 1,024,679.03 1.82EURMonetary funds 1,024,679.03 1.82






230Page

LUX IM– ESG Amundi Sustainable Alpha

231Page





225.67Other assets






Expressed in EUR


LUX IM – ESG Amundi Sustainable Alpha





01/01/19

A - EUR - Capitalisation 0.000 25,000.000 0.000 25,000.000





232Page

Key figures


Total Net Assets 20,367,547.46 2,407,267.53



110.4325,000.000 0.000



105.6195,912.566 11,279.529



106.2459,781.691 6,329.834



106.61391.671 101.598



106.1910,211.842 7,276.391


233Page

ADOBE INC1,105 285,014.87 1.41USD


Shares 7,141,779.39 35.06


AT & T INC6,980 202,489.69 0.99USDCITRIX SYSTEMS INC1,595 137,101.11 0.67USDHESS CORP2,913 164,733.05 0.81USDHUMANA INC931 216,688.75 1.06USDLAM RESEARCH CORP591 96,761.08 0.48USDMICRON TECHNOLOGY INC444 14,868.35 0.07USDMICROSOFT CORP2,798 330,168.18 1.63USDMONDELEZ INTERNATIONAL INC2,412 114,823.80 0.56USDMORGAN STANLEY3,499 133,853.64 0.66USDNOBLE ENERGY INC7,625 146,349.56 0.72USDROCKWELL AUTOMATION INC1,221 174,130.91 0.85USDTHE MOSAIC CO6,758 144,986.25 0.71USDTIFFANY & CO2,001 161,896.45 0.79USDWATERS786 147,589.76 0.72USD

AXA SA7,877 181,171.00 0.89EURFrance 1,347,319.52 6.62

DANONE SA4,749 354,750.30 1.75EURL'OREAL SA627 155,496.00 0.76EURSANOFI SA3,483 263,593.44 1.29EURSCHNEIDER ELECTRIC SE3,014 238,045.72 1.17EURVINCI SA1,719 154,263.06 0.76EUR

AIRBUS SE1,652 204,649.76 1.00EURThe Netherlands 832,945.72 4.09

ASML HLDG NV520 93,444.00 0.46EURCNH INDUSTRIAL NV11,520 103,495.68 0.51EURING GROUP NV13,409 136,584.07 0.67EURKONINKLIJKE KPN NV108,213 294,772.21 1.45EUR


DEUTSCHE POST AG REG SHS4,539 128,726.04 0.63EURINFINEON TECHNOLOGIES AG REG SHS9,926 151,351.65 0.74EURSAP AG2,149 253,582.00 1.25EUR


KERRY GROUP PLC2,255 234,971.00 1.15EURLINDE PLC1,467 256,651.65 1.27EUR

IBERDROLA SA15,019 131,806.74 0.65EURSpain 389,729.27 1.91

INDUSTRIA DE DISENO TEXTIL SA3,298 86,770.38 0.43EURTELEFONICA SA23,725 171,152.15 0.83EUR

EDP-ENERGIAS DE PORTUGAL SA64,514 215,283.22 1.06EURPortugal 215,283.22 1.06


AGNICO EAGLE MINES LTD3,151 140,912.91 0.69USDCanada 140,912.91 0.69

KBC GROUPE SA2,188 125,634.96 0.62EURBelgium 125,634.96 0.62

AQUAFIL SPA2,764 22,803.00 0.11EURItaly 22,803.00 0.11

AEROPORTS DE PARIS 1.125 19-34 18/06A300,000 304,837.50 1.50EUR

Bonds 9,879,283.68 48.51

France 3,278,796.15 16.09

AIR LIQUIDE FIN 0.6250 19-30 20/06A200,000 201,767.00 0.99EURBNP PARIBAS 1.1250 19-24 28/08A100,000 103,596.00 0.51EURCARREFOUR 1.0000 19-27 17/05A200,000 202,442.00 0.99EURCIE DE SAINT-GOBAIN 1.8750 19-31 15/03A100,000 107,876.00 0.53EURFRANCE 1.25 18-34 25/05A170,000 192,010.75 0.94EURFRANCE 2.00 17-48 25/05A200,000 257,984.00 1.27EUR





234Page

FRANCE 5.75 00-32 25/10A10,000 17,317.40 0.09EURFRANCE OAT 4.50 09-41 25/04A100,000 179,562.50 0.88EURFRANCE OAT 3.25 12-45 25/05A100,000 158,442.50 0.78EURFRANCE OAT 4.00 06-38 25/10A200,000 328,415.00 1.61EURLA BANQUE POSTALE 1.375 19-29 24/04A200,000 207,956.00 1.02EURLEGRAND SA 0.6250 19-28 24/06A200,000 200,053.00 0.98EURREGIE AUTONOME 0.3500 19-29 20/06A100,000 101,160.50 0.50EURSCHNEIDER ELECT 1.5000 19-28 15/01A300,000 322,452.00 1.58EURSNCF RESEAU 0.75 19-36 25/05A400,000 392,924.00 1.92EUR

ITALY 0.35 17-20 15/06S50,000 50,192.75 0.25EURItaly 2,788,627.31 13.69

ITALY 2.8 18-28 01/08S300,000 320,677.50 1.57EURITALY 0.00 18-20 30/0350,000 50,007.75 0.25EURITALY 2.30 18-21 15/10S450,000 468,452.25 2.30EURITALY 2.50 18-25 15/11S270,000 284,515.20 1.40EURITALY 5.00 09-40 01/09S100,000 133,015.00 0.65EURITALY 5.25 98-29 01/11S60,000 77,048.40 0.38EURITALY 9.00 93-23 01/11S200,000 265,817.00 1.31EURITALY BTP 0.70 15-20 01/05S100,000 100,614.00 0.49EURITALY BTP 2.15 14-21 15/12S100,000 103,833.00 0.51EURITALY BTP 3.45 17-48 01/03S50,000 54,791.25 0.27EURITALY BTP 5.00 09-25 01/03S100,000 118,945.00 0.58EURITALY BTP 5.00 11-22 01/03S50,000 55,712.25 0.27EURITALY BTP 5.50 12-22 01/11S280,000 321,874.00 1.58EURITALY BTP 6.00 99-31 01/05S200,000 276,175.00 1.36EURITALY BTP 0.65 15-20 01/11S60,000 60,495.30 0.30EURITALY BTP 4.75 13-44 01/09S10,000 13,095.05 0.06EURITALY INDEX 0.1 18-23 15/05S10,000 10,069.84 0.05EURITALY INFL. INDEX 2.35 08-19 15/09S20,000 23,296.77 0.11EUR

BBVA 1.00 19-26 21/06A300,000 304,263.00 1.50EURSpain 1,509,186.10 7.41

SPAIN 1.95 16-26 30/04A50,000 56,379.75 0.28EURSPAIN 2.15 15-25 31/10A20,000 22,696.60 0.11EURSPAIN 2.35 17-33 30/07A150,000 182,297.25 0.90EURSPAIN 5.15 13-28 31/10A200,000 288,541.00 1.42EURSPAIN 5.75 01-32 30/07A50,000 82,425.75 0.40EURSPAIN 4.90 07-40 30/07A50,000 86,400.00 0.42EURSPAIN 1.85 19-35 05/03A100,000 114,484.00 0.56EURSPAIN 0.05 18-21 31/10A50,000 50,519.00 0.25EURSPAIN INFL. INDEXED 0.45 17-22 31/10A50,000 51,300.00 0.25EURSPAIN INFL. INDEXED 2.75 14-24 31/10A50,000 57,654.25 0.28EURTEEFONICA EMISIONES 1.069 19-24 05/02A100,000 104,058.00 0.51EURTELEFONICA EMIS 1.7880 19-29 12/03A100,000 108,167.50 0.53EUR

CNH INDUSTRIAL 1.7500 19-27 25/03A130,000 133,839.55 0.66EURLuxembourg 455,316.90 2.24

HEIDELBERGCEMEN 1.1250 19-27 01/12A110,000 110,757.35 0.54EURSNCF 0.875 19-29 22/01A200,000 210,720.00 1.04EUR


GERMANY 1.25 17-48 15/08A120,000 153,427.80 0.75EUR

UNITED STATES 2.00 15-25 15/08S200,000 177,470.93 0.88USDUnited States of America 343,597.77 1.69

USA 0.875 19-29 15/01S80,000 74,061.86 0.36USDUSA TREASURY NOTES 2.625 19-26 31/01S100,000 92,064.98 0.45USD

TELENOR ASA 0.7500 19-26 31/05A280,000 288,442.00 1.42EURNorway 288,442.00 1.42

OMV AG 19-24 03/07A280,000 279,463.80 1.37EURAustria 279,463.80 1.37

ZURICH FINANCE 1.6250 19-39 17/06A260,000 268,225.10 1.32EURIreland 268,225.10 1.32

PORTUGAL 2.875 15-25 15/10A70,000 82,474.35 0.41EURPortugal 117,788.85 0.58

PORTUGAL 2.20 15-22 17/10A10,000 10,829.70 0.05EURPORTUGAL 4.95 08-23 25/10A20,000 24,484.80 0.12EUR





235Page

ENEL FINANCE INTL 1.5000 19-25 21/07A100,000 106,261.00 0.52EURThe Netherlands 106,261.00 0.52

ITALY CCT FL.R 13-19 15/11S200,000 200,796.00 0.99EUR


Italy 200,796.00 0.99

CPR INV FOOD FOR GENER I CAP EUR3 317,577.18 1.56EUR



Other funds 317,577.18 1.56






236Page

LUX IM– Pimco Global Risk Allocation

237Page



7,600,000.00Reverse repurchase agreements31,941.18Interests receivable

1,929,751.89Subscriptions receivable2,430.13Unrealised appreciation on forward foreign exchange contracts6,080.98Unrealised appreciation on financial futures

229,308.11Unrealised appreciation on swaps






Expressed in EUR


LUX IM – Pimco Global Risk Allocation





01/01/19

A - EUR - Capitalisation 0.000 45,000.000 0.000 45,000.000





238Page

Key figures


Total Net Assets 47,051,631.74 3,319,025.81



105.3145,000.000 0.000



101.8057,099.066 13,492.154



102.51312,972.177 10,295.421



102.5649.969 49.969



102.4943,062.868 10,270.891


239Page

NETHERLANDS 4.00 09-19 15/07A24,000 24,043.32 0.05EUR


Bonds 24,043.32 0.05

The Netherlands 24,043.32 0.05

PIMCO FDS GLOBAL INVESTORS SERIES PLC EURO SHORT TERM -INS- CAP560,510 6,770,963.57 14.39EUR



Bond funds 6,770,963.57 14.39

PIMCO FDS GLOBAL INVESTORS SERIES PLC EURO BD -INS- CAP EUR175,823 4,523,920.59 9.61EUR



Bond funds 31,651,176.43 67.27

PIMCO FDS GLOBAL INVESTORS SERIES PLC GLOBAL BOND -INS- HDG CAPEUR

243,636 6,780,382.42 14.41EUR

PIMCO FDS GLOBAL INVESTORS SERIES PLC GLOBAL INV GRADE CREDIT -INS-HDG CAP EUR

347,035 6,791,467.85 14.43EUR

PIMCO FDS GLOBAL INVESTORS SERIES PLC LOW AVERAGE DURATION -INS-HDG CAP EUR

216,851 2,257,419.62 4.80EUR

PIMCO FDS GLOBAL INVESTORS SERIES PLC TOTAL RETURN BD -INS- HDGCAP EUR

206,164 4,533,538.05 9.64EUR

PIMCO FDS GLOBAL INVESTORS SERIES PLC US SHORT-TERM - INS- HDG CAPEUR

669,085 6,764,447.90 14.38EUR






240Page

LUX IM– M&G Alpha Generation

241Page


291,684.27Unrealised profit on the securities portfolio133,485.75Cash at banks459,973.79Subscriptions receivable

499,983.51Liabilities359,642.00Brokers payable94,308.08Redemptions payable39,415.73Accrued management fees

595.61Accrued depositary fees5,214.37Accrued administrative expenses

807.72Other liabilities



Expressed in EUR


LUX IM – M&G Alpha Generation





01/01/19






242Page

Key figures


Total Net Assets 13,937,800.57 2,528,367.58



0.000.000 0.000



101.6979,949.670 13,464.274



102.6149,570.419 9,302.459



101.80528.345 93.516



102.126,536.897 3,311.791


243Page

M&G LUX INVESTMENT FDS 1 ASIAN FD -C- CAP EUR15,340 706,936.59 5.07EUR



Other funds 6,723,340.20 48.24

M&G LUX INVESTMENT FDS 1 CONSERVATIVE ALL FD -C- CAP EUR147,551 1,399,003.70 10.04EURM&G LUX INVESTMENT FDS 1 EMERGING MARKETS BD FD -C- H CAP EUR102,741 1,115,500.40 8.00EURM&G LUX INVESTMENT FDS 1 EPISODE MACRO FUND -S- H CAP EUR130,610 1,677,070.43 12.04EURM&G LUX INVESTMENT FDS 1 GLOBAL EMERGING MARKETS FD -C- EUR CAP21,640 704,508.39 5.05EURM&G LUX INVESTMENT FDS 1 JAPAN FUND -C- EUR CAP37,716 703,708.84 5.05EURM&G LUX INVESTMENT FDS 1 PAN EUROPEAN DIVIDEND FD -C- CAP EUR23,449 416,611.85 2.99EUR

M&G LUX INVESTMENT FDS 1 DYNAMIC ALLOCATION FD CC EUR CAP180,699 1,679,709.44 12.05EURMixed funds 3,078,739.66 22.09

M&G LUX INVESTMENT FDS 1 GLOBAL TARGET RETURN FD -C- EUR CAP140,248 1,399,030.22 10.04EUR

M&G INVESTMENT FD 3 RECOVERY -C- EUR CAP15,113 417,436.39 2.99EUREquity funds 2,230,582.20 16.00

M&G LUX INVESTMENT FDS 1 EUROPEAN STRATEGIC VALUE FD -C- CAP EUR45,425 419,481.93 3.01EURM&G LUX OPTIMAL INCOME-EUR C CAP135,683 1,393,663.88 10.00EUR

M&G LUX INVESTMENT FDS 1 ABSOLUTE RETURN BOND FD -C- EUR CAP133,489 1,393,599.11 10.00EURBond funds 1,811,662.48 13.00

M&G LUX INVESTMENT FDS 1 EMERGING MARKETS HARD CURR BD FD -CH-EUR CAP

39,705 418,063.37 3.00EUR






244Page

LUX IM– UBS Asia Balanced Income

245Page


180,326.01Cash at banks1,640,003.43Subscriptions receivable



1,199,983.73Brokers payable76,796.96Redemptions payable





Expressed in EUR


LUX IM – UBS Asia Balanced Income





01/01/19








246Page

Key figures


Total Net Assets 63,578,765.77 5,587,756.78



0.000.000 0.000



110.07166,586.502 20,550.928



109.7473,604.029 12,688.023



111.14301,217.440 14,769.095



110.16922.552 49.983



99.2899.907 0.000



110.2732,445.696 7,688.116


247Page

ASIAN EQUITIES (USD) -I B- CAP USD122,530 11,514,166.25 18.12USD



Other funds 43,107,603.32 67.81

UBS LUX BOND EMERGING ECONOMIES LOCAL CURR BD -I-B USD CAP31,700 3,117,996.22 4.90USDUBS LUX BOND FULL CYCLE BOND -I- B USD CAP116,090 11,346,052.60 17.85USDUBS LUX BOND FUND AUD -I-B CAP AUD161,320 10,858,823.27 17.08AUDUBS LUX BOND L BD AS HY I B ACC USD CAP63,860 6,270,564.98 9.86USD

UBS ETF MSCI EMERGING MARKETS UCITS ETF -A- USD CAP1,098,680 9,476,761.30 14.90USDEquity funds 20,233,736.80 31.82

UBS LUX EQ ASIAN CONSUMPTION -I- B USD CAP32,690 4,382,245.68 6.89USDUBS LUX EQ ASIAN SMALLER COMPANIES -I- B USD CAP68,440 6,374,729.82 10.03USD






248Page

LUX IM– Active Global Allocation

249Page


983,939.75Unrealised profit on the securities portfolio2,533,000.87Options / swaptions purchased at market value2,796,421.57Options / swaptions purchased at cost

68,889,391.38Cash at banks1,243,829.81Interests receivable1,659,935.54Brokers receivable4,958,427.44Subscriptions receivable

95,904.54Dividends receivable1,030,134.97Unrealised appreciation on forward foreign exchange contracts


33,216,413.18Liabilities27,790,270.96Options / swaptions sold at market value34,141,620.78Options / swaptions sold at cost2,602,230.61Brokers payable1,272,255.72Redemptions payable

502,431.94Unrealised depreciation on financial futures873,647.32Accrued management fees15,460.69Accrued depositary fees




Expressed in EUR


LUX IM – Active Global Allocation





01/01/19


Dl - EUR - Capitalisation 579,344.989 820,578.032 78,011.137 1,321,911.884




250Page

Key figures


Total Net Assets 319,336,935.44 190,291,289.52



99.952,315.000 2,540.000



99.281,321,911.884 579,344.989



99.931,128,562.599 505,409.564



100.097,436.104 2,671.987



99.90744,173.706 878,730.633


251Page

ASSICURAZIONI GENERALI SPA116,887 1,929,804.37 0.60EUR


Shares 79,492,494.99 24.89

Italy 27,630,174.62 8.66

ATLANTIA SPA59,091 1,339,002.06 0.42EURBUZZI UNICEM SPA17,792 319,722.24 0.10EURENAV SPA145,344 715,092.48 0.22EURENEL SPA816,174 4,965,602.62 1.56EURENI SPA331,355 4,793,381.43 1.51EURERG SPA42,246 749,444.04 0.23EURINFRASTRUTTURE WIRELESS ITALIANE SPA87,252 754,729.80 0.24EURINTESA SANPAOLO SPA1,840,612 3,457,773.70 1.08EURMEDIOBANCA SPA35,143 319,520.16 0.10EURMONCLER SPA8,453 313,944.42 0.10EUROVS SPA207,696 318,813.36 0.10EURPIRELLI & C.SPA58,081 301,788.88 0.09EURPOSTE ITALIANE SPA106,063 969,415.82 0.30EURPRYSMIAN SPA17,712 317,044.80 0.10EURSAIPEM SPA - REG SHS153,568 676,006.34 0.21EURSIAS SPA38,513 622,755.21 0.20EURSNAM SPA205,413 916,552.81 0.29EURTELECOM ITALIA SPA RISP NON CONV1,409,725 640,579.04 0.20EURTERNA SPA54,904 310,097.79 0.10EURUBI BANCA SPA133,215 319,716.00 0.10EURUNICREDIT SPA REG SHS239,943 2,579,387.25 0.81EUR

AFFILIATED MANAGERS GROUP5,613 451,321.04 0.14USDUnited States of America 21,274,259.15 6.67

ALEXION PHARMACEUTICALS INC5,578 618,763.76 0.19USDALPHABET INC849 804,027.68 0.25USDAMGEN INC3,688 596,970.37 0.19USDAPPLE INC2,637 463,310.36 0.15USDBANK OF NEW YORK MELLON CORP12,238 467,086.09 0.15USDBIOGEN INC2,122 447,545.36 0.14USDBOOKING HLDG INC298 483,670.37 0.15USDBRISTOL MYERS SQUIBB CO17,147 680,238.99 0.21USDCHEVRON CORP6,384 691,326.24 0.22USDEASTMAN CHEMICAL CO6,857 464,672.81 0.15USDEBAY INC14,107 487,543.68 0.15USDEXXON MOBIL CORP9,706 647,322.80 0.20USDFACEBOOK INC -A-4,338 723,095.40 0.23USDFRANKLIN RESOURCES INC11,683 356,805.00 0.11USDHP INC28,171 513,934.59 0.16USDIBM CORP5,580 679,897.61 0.21USDINGREDION8,453 600,784.98 0.19USDINTEL CORP17,367 725,018.97 0.23USDJOHNSON AND JOHNSON INC5,312 657,382.49 0.21USDJP MORGAN CHASE & CO8,062 771,841.56 0.24USDKANSAS CITY SOUTHERN6,516 692,208.58 0.22USDKELLOGG CO6,982 326,668.06 0.10USDL BRANDS33,332 771,692.17 0.24USDMICROSOFT CORP7,963 939,645.91 0.29USDMONDELEZ INTERNATIONAL INC14,297 680,611.90 0.21USDM&T BANK CORP4,879 724,092.78 0.23USDPEPSICO INC4,320 500,418.52 0.16USDPFIZER INC12,311 470,305.43 0.15USDPVH CORP8,650 709,743.59 0.22USDSTARBUCKS CORP7,408 544,497.94 0.17USDSTATE STREET CORP11,803 577,769.23 0.18USDTD AMERITRADE HOLDING CORP17,775 775,354.93 0.24USDWALGREENS BOOTS ALLIANCE INC15,214 729,618.93 0.23USDWALT DISNEY CO4,073 499,071.03 0.16USD

CNH INDUSTRIAL NV104,146 935,647.66 0.29EURThe Netherlands 5,863,083.38 1.84

EXOR NV REG SHS10,413 639,358.20 0.20EURFERRARI NV7,092 998,553.60 0.31EUR





252Page

FIAT CHRYSLER AUTOMOBILES NV -A-154,132 1,882,876.51 0.60EURSIGNIFY -REG SHS17,391 450,079.08 0.14EURSTMICROELECTRONICS NV62,135 956,568.33 0.30EUR

AEROPORTS DE PARIS ADP4,693 717,559.70 0.22EURFrance 5,245,151.60 1.64

ATOS SE6,838 488,506.72 0.15EURBNP PARIBAS SA22,991 952,862.00 0.31EURCHRISTIAN DIOR SA1,135 515,063.00 0.16EURKERING SA1,484 765,150.40 0.24EURL'OREAL SA1,850 458,800.00 0.14EURSANOFI SA6,039 457,031.52 0.14EURTOTAL SA18,121 890,178.26 0.28EUR


BEIERSDORF AG3,360 350,112.00 0.11EURDAIMLER AG REG SHS17,118 826,713.81 0.26EURE.ON SE REG SHS69,755 666,090.50 0.21EURHENKEL AG & CO KGAA7,150 562,705.00 0.18EURPROSIEBENSAT.1 MEDIA AG REG SHS34,189 468,218.36 0.15EURRWE AG28,852 620,029.48 0.19EURSIEMENS AG REG SHS6,600 683,364.00 0.21EURVOLKSWAGEN AG PREFERENTIAL SHARE3,334 490,698.12 0.15EUR


DAITO TRUST CONSTRUCTION CO LTD4,800 538,715.48 0.17JPYKDDI CORP34,800 780,142.18 0.24JPYMEIJI HLDGS CO LTD6,800 427,847.69 0.13JPYSONY CORP13,800 636,888.38 0.20JPYTOSOH CORP41,500 513,748.16 0.16JPYTOYOTA MOTOR CORP8,800 480,915.18 0.15JPYWEST JAPAN RAILWAY COMPANY8,900 633,865.01 0.20JPY

BT GROUP PLC267,780 593,427.71 0.19GBPUnited Kingdom 4,349,815.19 1.36

CENTRICA PLC458,736 441,548.75 0.14GBPGLAXOSMITHKLINE PLC26,060 459,711.42 0.14GBPPRUDENTIAL PLC30,769 581,722.12 0.18GBPROYAL DUTCH SHELL PLC -A-23,673 681,545.67 0.21EURSTANDARD LIFE REG SHS173,183 557,128.64 0.17GBPTATE & LYLE PLC38,433 314,646.62 0.10GBPVODAFONE GROUP PLC501,921 720,084.26 0.23GBP

JULIUS BAER GROUPE AG REG SHS14,116 543,934.42 0.17CHFSwitzerland 1,859,935.68 0.58

NESTLE SA REG SHS9,385 849,273.88 0.26CHFROCHE HOLDING AG1,896 466,727.38 0.15CHF


MEDTRONIC PLC5,952 510,358.41 0.16USD


WPP 2012 PLC59,672 651,414.90 0.20GBPJersey Island 651,414.90 0.20

ALIBABA GROUP HOLDING LTD4,079 613,186.52 0.19USDCayman Islands 613,186.52 0.19

INDUSTRIA DE DISENO TEXTIL SA22,033 579,688.23 0.18EURSpain 579,688.23 0.18

FRANCE 0.50 13-19 25/11A16,000,000 16,069,520.00 5.03EUR

Bonds 163,774,106.00 51.29

France 61,130,870.00 19.15

FRANCE OAT 0.00 16-20 25/02A16,000,000 16,064,080.00 5.03EURFRANCE OAT 3.50 09-20 25/04A15,600,000 16,126,422.00 5.06EURFRANCE 0.00 15-20 25/0512,800,000 12,870,848.00 4.03EUR

BUNDESSCHATZANWEISUNGEN0.0 18-20 12/06A16,000,000 16,103,360.00 5.04EURGermany 47,808,962.00 14.97

GERMANY 0.25 14-19 11/10A16,000,000 16,040,560.00 5.02EURGERMANY 3.00 10-20 04/07A15,100,000 15,665,042.00 4.91EUR





253Page

SPAIN 1.40 14-20 31/01A16,000,000 16,177,200.00 5.07EURSpain 28,671,909.00 8.98

SPAIN 4.30 09-19 31/10A12,300,000 12,494,709.00 3.91EUR

EUROP INVEST BK REG SHS 2.625 12-20 16/03A15,800,000 16,163,005.00 5.06EURLuxembourg 26,162,365.00 8.19

EUROP.INVEST.BK 4.625 04-20 15/04A9,600,000 9,999,360.00 3.13EUR

BEI FL.R 09-20 15/01Q12,800,000 12,837,632.00 4.02EUR


Luxembourg 12,837,632.00 4.02

SPAIN 0.00 18-19 13/0916,000,000 16,034,955.67 5.02EUR


Bonds 16,034,955.67 5.02

Spain 16,034,955.67 5.02






254Page

LUX IM– UBS Active Defender

255Page


42.14Interests receivable24,254,532.59Subscriptions receivable



505,338.49Accrued performance fees761,559.83Redemptions payable893,449.25Accrued management fees19,293.55Accrued depositary fees




Expressed in EUR


LUX IM – UBS Active Defender





01/01/19

Dl - EUR - Capitalisation 595,882.155 1,357,391.345 71,822.704 1,881,450.796




256Page

Key figures


Total Net Assets 481,915,030.38 257,900,910.20



103.151,881,450.796 595,882.155



104.491,865,413.576 1,202,634.389



104.679,833.917 2,386.722



104.81876,714.572 811,590.614


257Page

ISHARES II PLC CORE UK GILTS UCITS ETF DIS GBP911,810 13,868,296.61 2.88GBP



Bond funds 209,085,888.14 43.39

ISHARES II PLC US AGG BD - ETF USD DIS410,220 38,285,034.97 7.94USDISHARES III PLC BARCLAYS EURO AGGREGATE BOND DIS EUR576,500 72,806,185.00 15.11EURUBS ETF BARCLAYS EURO AREA LIQUID CORP 1-5Y UCITS ETF-A EUR- DIS6,083,770 84,126,371.56 17.46EUR

ISHARES III PLC CORE MSCI JAPAN IMI UCITS ETF CAP USD449,550 15,920,491.09 3.30JPYEquity funds 111,152,901.11 23.06

ISHARES VII PLC CORE EURO STOXX 50 UCITS ETF CAP EUR333,830 36,881,538.40 7.65EURISHARES VII PLC CORE S&P 500 UCITS ETF CAP USD230,430 58,350,871.62 12.11USD

AMUNDI IDX SOLUTIONS SICAV MSCI SW CHF CAP CHF37,950 11,463,625.23 2.38CHFOther funds 87,612,485.02 18.18

DEKA DB EUROGOV ETF EUR DIS615,070 63,272,250.90 13.12EURISHARES VII PLC CR PAC ETF USD CAP57,590 7,936,513.44 1.65USDISHARES VII PLC FTSE 100 ETF -GBP- CAP37,380 4,940,095.45 1.03GBP

PIMCO EUR ENH MAT PTG SHS ETF EUR DIS581,550 58,288,756.50 12.10EURMonetary funds 58,288,756.50 12.10






258Page

LUX IM– Anima High Yield Short Term Opportunities

259Page



805,425.38Interests receivable927,763.51Brokers receivable595,741.02Subscriptions receivable52,170.90Other assets

1,044,142.22Liabilities713,556.59Redemptions payable29,249.17Unrealised depreciation on forward foreign exchange contracts





Expressed in EUR


LUX IM – Anima High Yield Short Term Opportunities





01/01/19





260Page

Key figures


Total Net Assets 92,177,964.95 129,052,891.72 95,093,807.96



98.27232,071.294 203,291.635

93.78119,807.097



102.01591,232.228 682,800.110

97.04667,964.445



104.372,941.673 2,645.197

99.13222.768104.10



102.0485,786.617 447,704.183

97.09144,902.491


261Page

ASTALDI SPA REG SHS 7.125 13-20 01/12S500,000 140,000.00 0.15EUR


Bonds 41,402,289.80 44.92

Italy 13,338,810.65 14.48

BANCO BPM SPA 2.0 19-22 08/03A800,000 805,752.00 0.87EURBANCO BPM SPA -15- 7.125 11-21 01/03A1,500,000 1,624,920.00 1.76EURBANCO POPOLARE SOCIETA COOPERATIVA 6.375 11-21 31/05A500,000 539,532.50 0.59EURFABRIC BC SPA 4.125 18-24 30/111,000,000 1,000,970.00 1.09EURINTESA SANPAOLO SPA SUB 7.00 16-XX 19/01S1,000,000 1,050,030.00 1.14EURITALY 1.00 19-22 15/07S2,000,000 2,010,680.00 2.19EURITALY BOT 0.00 19-20 13/032,000,000 2,000,737.82 2.17EURMEDIOBANCA SPA 5.00 10-20 15/11A1,000,000 1,059,340.00 1.15EURN&W GLOBAL VENDING SPA 7.00 16-23 15/10S1,000,000 1,056,480.00 1.15EURUNICREDIT SPA 6.572 19-22 15/01S1,000,000 933,808.33 1.01USDUNICREDIT SPA 9.25 16-XX 03/06S1,000,000 1,116,560.00 1.21EUR

AGUILA 3 SA 6.755 17-21 15/12S700,000 723,800.00 0.79EURLuxembourg 5,730,363.14 6.23

ALTICE NV REG SHS 7.25 14-22 15/05S257,349 264,142.14 0.29EURCODERE FIN 2 LUX SA 6.75 16-21 01/11S800,000 799,784.00 0.87EURCONTOURGLOBAL HOLDINGS 3.375 18-23 26/07S800,000 833,312.00 0.90EURCPI PROPERTY GROUP SA 4.375 18-23 09/05A500,000 494,365.00 0.54EURFIAT CHRYSLER FIN EUR SA REG SHS 4.75 14-21 22/03A1,000,000 1,078,975.00 1.17EURIVS GROUP REG SHS 4.50 15-22 15/11A500,000 524,050.00 0.57EURMATTERHORN TELECOM SA REG SHS 3.875 15-18 14/06S1,000,000 1,011,935.00 1.10EUR

ADLER REAL ESTATE 1.50 17-21 06/12A400,000 404,932.00 0.44EURGermany 5,238,535.00 5.68

ADLER REAL ESTATE 1.50 19-22 17/04A1,000,000 1,010,130.00 1.10EURGERMANY 0.00 19-24 25/01A2,000,000 2,063,240.00 2.23EURHAPAG LLOYDS AG REG SHS 5.125 17-24 15/07S700,000 739,018.00 0.80EURWITTUR INTL HLDG GMBH REG SHS 8.50 15-23 15/02S1,000,000 1,021,215.00 1.11EUR

BANKIA SA 6.375 18-XX 31/12Q800,000 836,648.00 0.91EURSpain 3,372,720.00 3.66

EL CORTE INGLES SA 3.00 18-24 15/03S1,000,000 1,051,410.00 1.14EURIBERCAJA BANCO SAU 7 18 06/04Q600,000 613,902.00 0.67EURLIBERBANK SA 6.875 17-27 14/03A800,000 870,760.00 0.94EUR

ALPHA BANK AE 2.50 18-23 05/02A400,000 421,514.00 0.46EURGreece 2,628,914.00 2.85

GREECE 4.375 17-22 01/08A2,000,000 2,207,400.00 2.39EUR

BOMBARDIER INC EMTN 6.125 10-21 15/05S1,000,000 1,072,290.00 1.16EURCanada 2,087,310.00 2.26

VRX ESCROW CORP 4.50 15-23 15/05S1,000,000 1,015,020.00 1.10EUR

MAXEDA DIY HOLDING BV 6.125 17-22 15/07S500,000 496,990.00 0.54EURThe Netherlands 2,074,570.00 2.25

OCI NV 5.00 18-23 15/04S500,000 530,275.00 0.58EURSAIPEM FIN INTL BV 3.00 16-21 08/03A1,000,000 1,047,305.00 1.13EUR

DOMETIC GROUP AB 3.00 18-23 13/09A1,000,000 1,043,765.00 1.13EURSweden 1,872,769.00 2.03

VERISURE MIDHOLDING 5.75 17-23 01/12S800,000 829,004.00 0.90EUR


SHOP DIRECT FUNDING PLC 7.75 17-22 15/11S700,000 726,593.45 0.79GBP

CAIXA GERAL DEPOSITOS SA 10.75 17-XX 30/03Q1,000,000 1,162,530.00 1.26EURPortugal 1,162,530.00 1.26

PLAYTECH PLC 3.75 18-23 12/10S1,000,000 1,053,880.00 1.14EURIsle of Man 1,053,880.00 1.14

MAXIMA GRUPE UAB 3.25 18-23 13/09A800,000 820,348.00 0.89EURLithuania 820,348.00 0.89

SUPERIOR IND INTL INC 6.00 17-25 15/06S800,000 695,164.00 0.75EURUnited States of America 695,164.00 0.75

ADIDAS AG CV 0.05 18-23 12/09A600,000 700,365.00 0.75EUR

Convertible bonds 2,307,680.12 2.50

Germany 700,365.00 0.75





262Page

TULLOW OIL JERSEY LTD CV 6.625 16-21 12/07S600,000 616,403.22 0.67USDJersey Island 616,403.22 0.67

ENI SPA CV 0.00 16-22 13/04500,000 523,761.50 0.57EURItaly 523,761.50 0.57

BAYER CAP CORP CV 5.625 16-19 22/11A600,000 467,150.40 0.51EURThe Netherlands 467,150.40 0.51

BORMIOLI PHARMA BIDCO FL.R 17-24 15/11Q800,000 746,712.00 0.81EUR


Italy 8,128,896.50 8.82

GUALA CLOSURES FL.R 18-24 03/10Q850,000 864,348.00 0.94EURICCREA BANCA SPA FL.R 18-21 01/02Q1,000,000 995,300.00 1.08EURINTL DESIGN GROUP FL.R 18-25 15/11Q750,000 751,447.50 0.82EURLIMACORPORATE SPA FL.R 17-23 15/08S1,000,000 1,003,580.00 1.09EURMARCOLIN SPA FL.R 17-23 15/02Q500,000 500,905.00 0.54EURPIRELLI AND C SPA FL.R 18-20 26/09Q1,000,000 983,215.00 1.07EURUNICREDIT SPA FL.R 14-XX 10/09S1,200,000 1,199,328.00 1.29EURWIND TRE SPA FL.R 17-24 20/01Q1,100,000 1,084,061.00 1.18EUR

BFCM EMTN FL.R 04-XX 15/12S500,000 322,265.00 0.35EURFrance 5,835,759.36 6.33

CREDIT AGRICOLE SA FL.R 14-49 08/04Q1,000,000 1,094,060.00 1.18EURLOUVRE BIDCO FL.R 18-24 28/09Q750,000 756,487.50 0.82EURPICARD GROUPE FL.R 17-23 30/11Q700,000 665,420.00 0.72EURPROMONTORIA HOLDING FL.R 18-23 15/08Q1,000,000 975,690.00 1.06EURSOCIETE GENERALE SA FL.R 14-XX 07/04S1,000,000 1,065,940.00 1.16EUR3AB OPTIQUE DEV FL.R 17-23 01/10Q942,857 955,896.86 1.04EUR

ARD FINANCE SA FL.R 17-23 15/09S1,000,000 1,041,420.00 1.13EURLuxembourg 5,503,351.50 5.97

BANK OF NEW YORK MELLON SA FL.R 09-50 15/12Q1,000,000 542,867.00 0.59EURFIRE BC FL.R 18-24 28/09Q800,000 810,584.00 0.88EURGARFUNKELUX HOLDCO 3 SA REG SHS FL.R 18-23 01/09Q1,000,000 848,160.00 0.92EURROSSINI SARL FL.R 18-25 30/10Q1,375,000 1,416,992.50 1.54EURSES SA FL.R 16-XX 02/01A800,000 843,328.00 0.91EUR

BANCO BILBAO VI FL.R 18-XX XX/XXQ1,000,000 1,033,500.00 1.12EURSpain 3,045,170.00 3.30

BANCO SABADELL SA FL.R 17-XX 18/02Q1,000,000 996,550.00 1.08EURBANCO SANTANDER SA FL.R 17-49 01/12Q1,000,000 1,015,120.00 1.10EUR

DEUTSCHE POSTBANK FD TRUST III FL.R 05-XX 07/06A1,000,000 663,540.00 0.72EURUnited States of America 1,233,330.00 1.34

FORD MOTOR CREDIT CO LLC FL.R 18-23 15/11Q600,000 569,790.00 0.62EUR

NIBC BANK NV FL.R 17-XX XX/XXS600,000 598,434.00 0.65EURThe Netherlands 598,434.00 0.65

ANIMA HIGH YIELD BT F 31.12.50 EUR CAP1,179,477 5,830,155.30 6.33EUR



Other funds 5,830,155.30 6.33

ANIMA FIX HIGH YIELD Y CAP EUR158,739 2,168,537.95 2.35EURBond funds 2,168,537.95 2.35






263Page

LUX IM– Oddo Corporate High Income

264Page



425,091.33Interests receivable256,558.49Subscriptions receivable18,022.86Unrealised appreciation on forward foreign exchange contracts5,708.96Other assets






Expressed in EUR


LUX IM – Oddo Corporate High Income





01/01/19







265Page

Key figures


Total Net Assets 43,886,460.69 38,029,088.31



98.8795,845.239 77,708.825



98.200.94

201,726.389 154,222.76294.120.00


EUR


99.6596,595.427 87,654.764



100.09565.616 458.011



99.140.95

431.147 330.67094.680.00


EUR


100.1248,695.026 83,061.686


266Page

ALTICE FRANCE SA 5.625 14-24 15/05S240,000 249,361.20 0.57EUR


Bonds 36,795,203.28 83.84

France 6,580,299.50 15.00

CASINO GUICHARD-PERRACHON SA 1.865 17-22 13/0300,000 253,023.00 0.58EURCASINO GUICHARD-PERRACHON SA 3.58 14-25 07/02A400,000 332,722.00 0.76EURCMA CGM REG SHS 5.25 17-25 15/01S300,000 229,893.00 0.52EURCMA CGM REG SHS 6.50 17-22 15/07S150,000 130,094.25 0.30EURCROWN EURO HOLDINGS 3.375 15-25 15/05S300,000 333,735.00 0.76EURELIS SA 2.875 18-26 19/06A400,000 430,136.00 0.98EUREUROPCAR GROUPE SA REG SHS 4.125 17-24 15/11S300,000 313,668.00 0.71EUREUROPCAR MOBILITY 4.00 19-26 30/04S523,000 535,586.00 1.23EURFAURECIA SA 2.625 18-25 15/06S300,000 312,918.00 0.71EURFNAC DARTY 2.625 19-26 30/05S288,000 301,161.60 0.69EURLA FINANCIERE ATALIAN SA 4.00 17-24 15/05S60,000 45,626.70 0.10EURLA FINANCIERE ATALIAN SA 5.125 18-25 31/12A60,000 45,505.50 0.10EURLOXAM SAS 6.00 17-25 15/04S300,000 316,482.00 0.72EURMOBILUX FINANCE SA 5.50 16-24 15/11S350,000 363,882.75 0.83EURNEXANS SA 3.75 18-23 08/08A200,000 218,353.00 0.50EURNOVAFIVES SAS 5.00 18-25 15/06S500,000 479,497.50 1.09EURORANO SA 3.375 19-26 23/04A300,000 311,658.00 0.71EURPAPREC HOLDING SA 4.00 18-25 29/03S450,000 434,452.50 0.99EURREXEL SA 2.625 17-24 15/06S200,000 206,398.00 0.47EURSPIE SA 3.125 17-24 22/03A300,000 324,643.50 0.74EUR3AB OPTIQUE DEV 4.00 17-23 01/10S400,000 411,502.00 0.94EUR

ALLIANDER NV 0.8750 19-32 24/06A186,000 189,179.67 0.43EURThe Netherlands 6,384,415.83 14.56

AXALTA COATING SYS 3.75 16-25 15/01S100,000 104,355.50 0.24EURCBR FASHION FINANCE BV 5.125 17-22 01/10S200,000 200,267.00 0.46EURCONSTELLIUM 4.25 17-26 15/02S325,000 336,134.50 0.77EURDIGI COMM NV REG SHS 5.00 16-23 15/10S200,000 207,269.00 0.47EURFIAT CHRYSLER AUTOMOBILES NV 3.75 16-24 29/03A500,000 555,972.50 1.27EURINTERXION HOLDING 4.75 18-27 15/06S293,000 319,141.46 0.73EURIPD 3 BV 4.50 17-22 15/07S400,000 410,654.00 0.94EURLKQ EURO HOLDINGS BV 3.625 18-26 01/04S200,000 211,307.00 0.48EURMAXEDA DIY HOLDING BV 6.125 17-22 15/07S440,000 437,351.20 1.00EURNEDERLANDSE GASUNIE 1.375 18-28 16/10A100,000 107,972.50 0.25EUROCI NV 5.00 18-23 15/04S350,000 371,192.50 0.85EUROI EUROPEAN GROUP BV 3.125 16-24 15/11S300,000 326,338.50 0.74EURPETROBRAS GLOBAL FIN BV 4.75 14-25 14/01A300,000 338,674.50 0.77EURPROMONTORIA HLDG 6.75 18-23 15/08S300,000 289,557.00 0.66EURSAIPEM FIN INTL BV 2.625 17-25 07/01A300,000 308,112.00 0.70EURSAIPEM FIN INTL BV 3.75 16-23 08/09A200,000 219,462.00 0.50EURSELECTA GROUP BV 5.875 18-24 01/02S400,000 417,608.00 0.95EURUNITED GROUP BV REG SHS 4.50 17-22 01/07S200,000 205,051.00 0.47EURZIGGO BOND CO BV 4.625 15-25 15/01S800,000 828,816.00 1.88EUR

ALTICE LUXEMBOURG SA 8.00 19-27 15/05S300,000 303,933.00 0.69EURLuxembourg 4,315,658.20 9.84

ALTICE NV REG SHS 6.25 15-25 15/02S400,000 396,442.00 0.90EURARCELORMITTAL SA 2.25 19-24 17/01A112,000 117,993.12 0.27EURARENA LUX FIN SARL 2.875 17-24 01/11S200,000 207,421.00 0.47EURB&M EUROPEAN VALUE SA 4.125 17-22 01/02S200,000 226,962.53 0.52GBPCIRSA FINANCE I 4.7500 19-25 22/05S570,000 599,084.25 1.38EURCODERE FIN 2 LUX SA 6.75 16-21 01/11S340,000 339,908.20 0.77EURCONTOURGLOBAL HOLDINGS 4.125 18-25 26/07S265,000 281,041.78 0.64EUREDREAMS ODIGEO SA 5.5 18-23 01/09S571,000 597,451.57 1.37EURGAZ CAPITAL SA 4.364 13-25 21/03A100,000 114,158.50 0.26EURHANESBRANDS FIN LUXBG SCA 3.50 16-24 15/06S300,000 329,511.00 0.75EURINEOS GROUP HOLDINGS SA 5.375 16-24 01/08S100,000 103,131.50 0.23EURLECTA SA 6.50 16-23 01/08S250,000 191,561.25 0.44EURMATTERHORN TELECOM HOLDINGS SA REG SHS 4.875 15-18 14/06S300,000 303,939.00 0.69EURMEDTRONIC GLOB 1.5 19-49 02/07A100,000 97,522.00 0.22EURPRESTIGEBIDCO GMBH 6.25 16-23 15/12S100,000 105,597.50 0.24EUR

ALMAVIVA THE ITALIAN SPA 7.25 17-22 15/10S200,000 176,913.00 0.40EURItaly 4,294,209.41 9.78





267Page

FABRIC BC SPA 4.125 18-24 30/11304,000 304,294.88 0.69EURLKQ ITALIA BONDCO SPA 3.875 16-24 01/04S200,000 221,697.00 0.51EURMANUTENCOOP CMF SPA REG SHS 9.00 17-22 15/06S300,000 254,215.50 0.58EURNEXI CAPITAL SPA 4.125 18-23 18/05S300,000 311,589.00 0.71EURN&W GLOBAL VENDING SPA 7.00 16-23 15/10S300,000 316,944.00 0.72EURPIAGGIO & C. SPA 3.625 18-25 30/04S350,000 364,913.50 0.83EURSALINI IMPREGILO SPA 1.75 17-24 26/10A600,000 473,331.00 1.08EURSCHUMANN SPA 7.00 16-23 31/07S250,000 257,685.00 0.59EURSNAM SPA 1.00 18-23 18/09A218,000 225,282.29 0.51EURTELECOM ITALIA SPA 2.75 19-25 15/04A443,000 444,178.38 1.01EURTELECOM ITALIA SPA 3.625 16-26 25/05A325,000 342,028.38 0.78EURTIM SPA 4.0 19-24 11/04A124,000 133,581.48 0.30EURWIND TRE SPA 3.125 17-25 20/01S470,000 467,556.00 1.07EUR

ADLER REAL ESTATE 1.50 19-22 17/04A200,000 202,026.00 0.46EURGermany 3,851,913.23 8.78

BERTELSMANN SE 1.2500 18-25 29/09A200,000 209,825.00 0.48EURCOMMERZBANK AG 1.1250 19-26 22/06A300,000 302,055.00 0.69EURHAPAG LLOYDS AG REG SHS 5.125 17-24 15/07S200,000 211,148.00 0.48EURHP PELZER HOLDING GMBH 4.125 17-24 01/04S400,000 368,950.00 0.84EURIHO VERWALTUNGS GMBH 3.625 19-25 15/05S467,797 478,563.35 1.09EURKAEFER ISOLIERTECHNIK 18-24 10/01S400,000 422,964.00 0.96EURKME AG 6.75 18-23 01/02S400,000 388,924.00 0.89EURNORDEX SE 6.50 18-23 01/02S400,000 404,320.00 0.92EURPLATIN 1426 GMBH 5.375 17-23 15/06S400,000 404,728.00 0.92EURSAFARI HOLDING GMBH 5.375 17-22 30/11S100,000 87,896.50 0.20EURSCHAEFFLER AG 1.8750 19-24 26/03A61,000 63,749.88 0.15EURWEPA HYGIENEPRODUKTE GMBH REG SHS 3.75 16-24 15/05A300,000 306,763.50 0.70EUR

EG GLOBAL FINANCE PLC 4.375 19-25 13/05S271,000 270,771.01 0.62EURUnited Kingdom 2,622,950.55 5.98

ICELAND BONDCO PLC 6.75 14-24 15/07S100,000 109,614.74 0.25GBPINTERN GAME TECH PLC 3.50 18-24 15/07S271,000 288,060.80 0.66EURJAGUAR LAND REG SHS 4.50 18-26 15/01S150,000 133,469.25 0.30EURJAGUAR LAND ROVER AUTOMOTIVE PLC 2.20 17-24 15/01S400,000 342,508.00 0.78EURNMG FINCO PLC 5.00 17-22 01/08S300,000 323,552.08 0.74GBPPINEWOOD FINCO PLC 3.75 17-23 01/12S100,000 114,476.47 0.26GBPPREMIER FOODS FINANCE PLC 6.25 18-23 15/10S169,000 199,709.45 0.46GBPTITAN GLOBAL FINANCE PLC 2.375 17-24 16/11S200,000 202,340.00 0.46EURVIRIDIAN GRP FINANCECO PLC 4.00 17-25 15/09S350,000 356,237.00 0.81EURWAGAMAMA FIN PLC 4.125 17-22 01/07S250,000 282,211.75 0.64GBP

AMC ENTERT HLDG 6.375 17-24 15/11S300,000 327,161.57 0.74GBPUnited States of America 2,496,793.70 5.69

BURGERKING FRANCE SAS 6.00 17-24 01/05S300,000 321,483.00 0.73EURCOTY INC 4.00 18-23 05/04S300,000 297,928.50 0.68EUREMERSON ELECTRIC 0.375 19-24 22/05A165,000 166,649.18 0.38EUREQUINIX INC 2.875 18-24 15/03S250,000 261,846.25 0.60EURKRATON POLYMERS 5.2500 18-26 15/05S300,000 310,794.00 0.71EURQUINTILES IMS INC REG SHS 2.875 17-25 15/09S200,000 207,988.00 0.47EURUGI INTERNATIONAL LLC 3.2500 18-25 01/11S300,000 319,395.00 0.73EURVERITAS US INC 7.50 16-23 01/02S100,000 95,270.00 0.22EURWMG ACQUISITION 4.125 16-24 01/11S180,000 188,278.20 0.43EUR

ALFA LAVAL TREA 0.2500 19-24 25/06A263,000 262,429.29 0.60EURSweden 1,984,621.68 4.52

CORRAL PETROLEUM HOLDGS AB REG SHS 11.75 16-21 15/05S200,000 212,048.00 0.48EURDOMETIC GROUP AB 3.0000 19-26 08/05A100,000 100,567.00 0.23EURINVESTOR AB 1.50 19-39 20/06A147,000 151,675.33 0.35EURRADISSON HOTEL HOLDINGS 6.8750 18-23 15/07S303,000 331,581.99 0.75EURTVL FINANCE PLC REG SHS 8.50 16-23 15/05S160,000 186,900.09 0.43GBPUNILABS SUBHOLDING AB 5.75 17-25 15/05S250,000 255,352.50 0.58EURVOLVO CAR AB 2.00 17-25 24/01A200,000 202,938.00 0.46EURVOLVO CAR AB 2.1250 19-24 02/04A274,000 281,129.48 0.64EUR

AMADEUS IT GROUP 0.875 18-23 18/09A100,000 103,094.00 0.23EURSpain 1,388,856.04 3.16

EL CORTE INGLES SA 3.00 18-24 15/03S274,000 288,086.34 0.66EURGESTAMP AUTOMOCION SA 3.25 18-26 30/04S300,000 294,726.00 0.67EURGRUPO ANTOLIN IRAUSA SA 3.25 17-24 30/04S100,000 93,359.00 0.21EURGRUPO ANTOLIN IRAUSA SA 3.375 18-26 30/04S300,000 271,674.00 0.62EUR





268Page

MASARIA INVESTMENTS SAU REG SHS 5.00 17-24 15/09S330,000 337,916.70 0.77EUR

EIRCOM FINA 3.5000 19-26 15/05228,000 235,595.82 0.53EURIreland 697,462.46 1.59

VIRGIN MEDIA RECEI DAC 5.50 16-24 15/09S200,000 230,715.88 0.53GBPVIRGIN MEDIA RECEI DAC 5.75 18-23 15/04S200,000 231,150.76 0.53GBP

DKT FINANCE APS 7.00 18-23 17/06S372,000 406,305.84 0.92EURDenmark 593,862.84 1.35

NORICAN AS 4.50 17-23 15/05S200,000 187,557.00 0.43EUR

COTT FINANCE CORP 5.50 16-24 01/07S300,000 313,495.50 0.71EURCanada 313,495.50 0.71

ENERGO PRO AS 4.00 17-22 07/12A100,000 100,944.00 0.23EURCzech Republic 308,984.00 0.70

RESIDOMO SRO 3.375 17-24 15/10S200,000 208,040.00 0.47EUR

TEVA PHARM FIN II BV 4.50 18-25 01/03300,000 285,826.50 0.65EURThe Netherlands Antilles 285,826.50 0.65

PLAYTECH PLC 3.75 18-23 12/10S243,000 256,092.84 0.58EURIsle of Man 256,092.84 0.58

GLOBALWORTH REAL ESTATE INV LTD 2.875 17-22 20/06A100,000 106,139.00 0.24EURRomania 212,325.00 0.48

GLOBALWORTH REAL ESTATE INV LTD 3.00 18-25 29/03A100,000 106,186.00 0.24EUR

SOFTBANK GROUP CORP 3.125 17-25 19/09S200,000 207,436.00 0.47EURJapan 207,436.00 0.47

GAMENET GROUP SPA FL.R 18-23 27/04Q220,000 223,396.80 0.51EUR


Italy 700,672.60 1.60

GAMENET GROUP SPA FL.R 18-23 27/04Q367,000 375,587.80 0.86EURGUALA CLOSURES FL.R 18-24 03/10Q100,000 101,688.00 0.23EUR

FIRE BC FL.R 18-24 28/09Q326,000 330,312.98 0.75EURLuxembourg 330,312.98 0.75

MERCK KGAA FL.R 19-79 25/06A100,000 102,495.00 0.23EURGermany 299,197.46 0.68

NOVEM GROUP GMB FL.R 19-24 15/05Q192,000 196,702.46 0.45EUR

UNITED GROUP BV FL.R 19-25 15/05Q250,000 252,577.50 0.58EURThe Netherlands 252,577.50 0.58

CREDIT SUISSE GROUP AG FL.R 19-27 24/06A150,000 152,011.50 0.35EURSwitzerland 152,011.50 0.35

CASINO GUICHARD-PERRACHON SA FL.R 14-24 07/03A100,000 85,441.50 0.19EURFrance 85,441.50 0.19

SICAV ODDO BHF CREDIT OPPORTUNITIES -I- EUR CAP780 797,278.56 1.82EUR



Other funds 2,328,765.06 5.31

SICAV ODDO BHF GLOBAL CREDIT SMALL SHORT DURATION -CI- CAP EUR1,500 1,531,486.50 3.49EUR

SICAV ODDO BHF EURO HIGH YD BOND FD -CI- EUR CAP50,000 1,528,650.00 3.48EURBond funds 1,528,650.00 3.48






269Page

LUX IM– Vontobel Global Active Bond

270Page


7,202,566.54Unrealised profit on the securities portfolio18,127,164.56Options / swaptions purchased at market value32,582,084.13Options / swaptions purchased at cost75,693,529.23Cash at banks2,628,291.68Interests receivable3,514,087.33Subscriptions receivable


31,049,038.96Liabilities16,398,978.92Options / swaptions sold at market value39,028,718.20Options / swaptions sold at cost9,707,449.27Bank overdrafts1,408,980.96Brokers payable

392,414.23Accrued performance fees450,394.88Redemptions payable

1,046,688.74Unrealised depreciation on financial futures748,439.04Unrealised depreciation on swaps699,323.35Accrued management fees11,849.56Accrued depositary fees




Expressed in EUR


LUX IM – Vontobel Global Active Bond





01/01/19






271Page

Key figures


Total Net Assets 272,375,380.22 172,609,298.35 192,499,490.17



112.0512.829 189.260

106.79263.740108.69



111.01605,145.849 363,404.324

105.69374,352.277



119.43914,941.127 845,867.811

113.52882,653.218



117.893,866.226 5,403.201

111.782,556.085



101.91936,797.202 387,542.826

96.91515,443.168


272Page

ASSICURAZIONI GENERALI SPA 7.75 12-42 12/12A800,000 960,960.00 0.35EUR


Bonds 128,733,633.24 47.26

Italy 25,711,788.00 9.45

ASSICURAZIONI GENERALI SPA 3.875 19-29 29/01A950,000 1,020,946.00 0.37EURINTESA SANPAOLO SPA 8.375 09-XX 14/10A4,500,000 4,607,820.00 1.70EURINTESA SANPAOLO SPA SUB 7.00 16-XX 19/01S1,200,000 1,260,036.00 0.46EURITALY 1.45 25 15/03S4,000,000 3,984,680.00 1.47EURITALY 1.45 17-24 15/10S3,000,000 3,005,250.00 1.10EURITALY BTP 0.70 15-20 01/05S3,000,000 3,018,420.00 1.11EURITALY BTP 1.35 15-22 15/04S3,000,000 3,050,985.00 1.12EURITALY BTP 2.15 14-21 15/12S3,700,000 3,841,821.00 1.42EURTELECOM ITALIA SPA 2.375 17-27 12/10A1,000,000 960,870.00 0.35EUR

COMBOIOS DE PORTUGAL 5.70 10-30 05/02A12,100,000 17,372,575.00 6.38EURPortugal 19,018,622.50 6.98

INFRAESTRUTURAS DE PORTUGAL SA 4.25 06-21 13/12A1,500,000 1,646,047.50 0.60EUR

MEXICO 7.50 06-27 03/06S1,260,000 5,759,336.02 2.12MXNMexico 9,905,045.02 3.64

MEXICO 1.625 19-26 08/04A800,000 821,324.00 0.30EURPEMEX 2.75 15-27 21/04A2,000,000 1,754,340.00 0.64EURPEMEX 3.75 17-24 21/02A1,000,000 995,920.00 0.37EURPEMEX 4.75 18-29 24/05A600,000 574,125.00 0.21EUR

CAIXABANK SA 2.25 18-30 17/04A1,500,000 1,511,850.00 0.56EURSpain 8,714,960.00 3.20

SANTANDER ISSUANCES SAU 2.50 15-25 18/03A1,000,000 1,081,880.00 0.40EURSPAIN 0.25 19-24 30/07A6,000,000 6,121,230.00 2.24EUR

ARAGVI FINANCE INTER 12.00 19-24 09/04S2,200,000 1,942,351.23 0.71USDIreland 8,065,476.25 2.96

BONITRON DES ACTIVITY CO 8.75 17-22 30/10S800,000 741,712.63 0.27USDCREDIT BANK OF MOSCOW 5.15 19-24 20/02A600,000 618,096.00 0.23EURGPB EUROBOND FIN PLC 4.00 14-19 01/07A440,000 441,293.60 0.16EUROILFLOW SPV 1 DAC 12.00 17-22 13/01M2,400,000 2,217,960.15 0.82USDRENAISSANCE CONSUMER 10 19-24 13/12S1,300,000 1,301,761.50 0.48EURSADEREA DESIGNATED ACT CO REG SHS 12.50 14-26 30/11S827,651 802,301.14 0.29USD

AKUO ENERGY SAS 4.25 17-23 08/12A1,500,000 1,549,288.50 0.57EURFrance 7,936,419.75 2.91

AXA SA SUB 5.50 13-XX 22/01S2,500,000 2,221,049.39 0.82USDBNP PARIBAS 6.25 05-XX 17/10A400,000 359,591.86 0.13USDCOMPAGNIE DE PHALSB 5.00 19-24 27.03A1,800,000 1,849,698.00 0.68EURCREDIT MUTUEL ARKEA 3.375 19-31 11/03A1,200,000 1,318,290.00 0.48EURGROUPAMA SA 3.375 18-28 24/09A600,000 638,502.00 0.23EUR

BANK OF SCOT.SUB EMTN 6.375 99-19 16/08A1,000,000 1,121,933.54 0.41GBPUnited Kingdom 5,395,200.61 1.98

BARCLAYS BANK PLC SUB 6.625 11-22 30/03A800,000 922,656.00 0.34EURHEATHROW FIN PLC REG SHS 5.75 14-25 03/03S1,000,000 1,213,325.15 0.45GBPHSBC HOLDINGS PLC 6.50 07-37 15/09S500,000 572,313.85 0.21USDNATWEST MARKETS PLC 1 19-24 28/05A1,100,000 1,099,488.50 0.40EURSTANDARD CHARTERED PLC 7.50 16-XX 02/04S500,000 465,483.57 0.17USD

EGYPT 6.375 19-31 11/04A3,600,000 3,657,114.00 1.34EUREgypt 5,123,221.50 1.88

EGYPT 5.625 18-30 16/04A1,500,000 1,466,107.50 0.54EUR

CREDIT BANK OF MOSCOW 7.121 19-24 25/06S2,000,000 1,798,223.16 0.66USDLuxembourg 4,910,025.37 1.80

FMC FINANCE VIII REG SHS 5.25 12-19 31/07S800,000 803,320.00 0.29EURNIELSEN 144A5.00 17-25 01/02S400,000 347,185.64 0.13USDSG ISSUER 0.00 18-23 14/122,200,000 1,961,296.57 0.72USD

CZECH REPUBLIC 0.75 18-21 23/02A100,000,000 3,883,929.27 1.43CZKCzech Republic 3,883,929.27 1.43

IVORY COAST 5.25 18-30 22/03A2,500,000 2,441,600.00 0.90EURIvory Coast 3,123,641.50 1.15

IVORY COAST 6.625 18-48 22/03A700,000 682,041.50 0.25EUR

TELEFONICA EUROPE BV 3.00 18-XX XX/XXA1,600,000 1,631,472.00 0.60EURThe Netherlands 2,688,902.00 0.99

TELEFONICA EUROPE BV SUB 3.75 16-XX 15/09A1,000,000 1,057,430.00 0.39EUR





273Page

EXPORT CREDIT B 8.2500 19-24 24/01S600,000 550,927.56 0.20USDTurkey 2,651,984.09 0.97

TURKEY 3.25 17-25 14/06A420,000 389,350.50 0.14EURTURKIYE HALK BANKASI AS 3.875 13-20 05/02S500,000 431,580.68 0.16USDTURKIYE HALK BANKASI AS 4.75 15-21 11/02S400,000 322,934.42 0.12USDTURKIYE IS BANKASI AS 6.125 17-24 25/04S300,000 242,225.89 0.09USDYAPI VE KREDI BANKASI 8.25 19-24 15/10S800,000 714,965.04 0.26USD

NATIONAL BANK GREECE SA 2.75 18-20 19/10S2,500,000 2,578,937.50 0.95EURGreece 2,578,937.50 0.95

UKRAINE REG SHS 7.75 15-19 27.10S2,660,000 2,350,327.66 0.86USDUkraine 2,350,327.66 0.86

FRONTERA ENERGY CORP 9.70 18-23 25/06S1,350,000 1,265,230.90 0.46USDCanada 2,019,453.10 0.74

SHAMARAN PETROLEUM 12.00 18-23 05/07S850,000 754,222.20 0.28USD

FIDEICOMISO PA PACIFICO TRES 8.25 16-35 15/01S2,100,000 2,016,450.72 0.74USDColombia 2,016,450.72 0.74

CENTRAL BANK OF TUNISIA 5.625 17-24 17/02A1,900,000 1,892,590.00 0.69EURTunisia 1,892,590.00 0.69

SAUDI ELECT GLOBAL SUKUK CPY 2 5.06 13-43 08/04A1,000,000 937,595.11 0.34USDCayman Islands 1,830,923.16 0.67

YUZHOU PROPERTIES CO 8.5 19-24 26/02S1,000,000 893,328.05 0.33USD

EP ENERGY LLC 9.375 12-20 01/05S500,000 51,677.88 0.02USDUnited States of America 1,606,107.62 0.59

MECCANICA HOLDINGS 7.375 09-39 15/07S500,000 487,181.69 0.18USDNETFLIX INC 3.625 17-27 05/02S300,000 326,715.00 0.12EURSEALED AIR CORP -144A- 6.875 03-33 15/07S750,000 740,533.05 0.27USD

ISRAEL CHEMICAL LTD 6.375 18-38 31/05S1,600,000 1,586,284.91 0.58USDIsrael 1,586,284.91 0.58

ICBCIL FINANCE CO LTD 3.00 17-20 07/04S1,600,000 1,409,846.51 0.52USDHong Kong 1,409,846.51 0.52

PROV DE LA RIOJA 9.75 17-25 24/02S500,000 337,656.68 0.12USDArgentina 1,175,808.01 0.43

PROVINCIA BUENOS AIRES 5.375 17-23 20/01A1,095,000 838,151.33 0.31EUR

EMIRAT AIRLINES 4.50 13-25 28/02S1,285,695 1,147,326.00 0.42USDUnited Arab Emirates 1,147,326.00 0.42

SENEGAL 4.75 18-28 13/03A900,000 900,459.00 0.33EURSenegal 900,459.00 0.33

HBOS CAP FUNDING NO.1 LP 6.85 03-XX 23/03Q1,000,000 897,932.88 0.33USDJersey Island 897,932.88 0.33

NTL CO KAZAKHSTAN TEMIR ZHOLY JSC 3.638 14-22 20/06A200,000 191,970.31 0.07CHFKazakhstan 191,970.31 0.07

AMERICA MOVIL SAB DE CV 0.00 15-20 28/053,000,000 2,988,405.00 1.10EUR


Mexico 2,988,405.00 1.10

AIR FRANCE - KLM SA FL.R 15-XX 01/10A3,100,000 3,293,378.00 1.20EUR


France 13,261,546.77 4.87

CNP ASSURANCES SA FL.R 14-XX 18/11A1,000,000 1,107,290.00 0.41EURCREDIT AGRICOLE SA FL.R 14-XX 23/01Q500,000 483,001.27 0.18USDEDF SA SUB FL.R 14-XX 22/01A1,000,000 1,117,540.00 0.41EURENGIE SA FL.R 14-XX 02/06A1,000,000 1,109,350.00 0.41EUREUROFINS SCIENTIFIC SE FL.R 13-XX 31/01A600,000 616,872.00 0.23EURGROUPAMA SA SUB FL.R 14-XX 28/05A500,000 581,450.00 0.21EURLA MONDIALE STE D'ASS VIE & CAPITALISATION SA FL.R 14-XX 17/12A2,450,000 2,753,187.50 1.01EURLA POSTE SA FL.R 18-XX XX/XXA800,000 814,872.00 0.30EURSOCIETE GENERALE SA FL.R 09-XX 04/09A500,000 508,830.00 0.19EURTOTAL SA FL.R 16-49 18/05A800,000 875,776.00 0.32EUR

BARCLAYS PLC SUB FL.R 17-XX 15/03Q3,450,000 4,003,854.26 1.47GBPUnited Kingdom 8,834,992.60 3.24

HSBC HOLDINGS PLC FL.R 14-XX 17/09S1,000,000 909,143.68 0.33USDLLOYDS BANK PLC FL.R 09-XX 16/12A1,000,000 1,068,469.90 0.39USDLLOYDS BANKING GROUP PLC FL.R 14-XX 27/06Q800,000 970,312.22 0.36GBPZURICH FINANCE (UK) PLC EMTN FL.R 03-XX 02/10A1,500,000 1,883,212.54 0.69GBP





274Page

ASSICURAZIONI GENERALI SPA FL.R 16-48 08/06A1,500,000 1,657,320.00 0.61EURItaly 8,063,931.71 2.96

BANCA MONTE DEI PASCHI SPA FL.R 18-28 18/01A1,100,000 675,345.00 0.25EURINTESA SANPAOLO SPA FL.R 17-XX 11/07S1,000,000 1,122,830.00 0.41EURUNICREDIT SPA FL.R 19-29 20/02A2,100,000 2,217,243.00 0.81EURUNICREDIT SPA EMTN FL.R 13-25 28/10A900,000 947,862.00 0.35EURUNICREDIT SPA SUB FL.R 10-XX 21/07A1,341,000 1,443,331.71 0.53EUR

BANCO BILBAO FL.R 19-XX XX/XXQ1,200,000 1,255,248.00 0.46EURSpain 6,174,586.00 2.27

BANCO BILBAO VIZCAYA ARGENTARIA SA FL.R 16-XX 14/04Q2,000,000 2,228,260.00 0.82EURBANCO SANTANDER SA FL.R 14-XX 12/03A700,000 702,142.00 0.26EURCAIXABANK SA FL.R 18-XX XX/XXQ1,200,000 1,126,056.00 0.41EURCAIXABANK SA SUB FL.R 17-XX 13/06A800,000 862,880.00 0.32EUR

ABN AMRO BANK NV FL.R 15-XX 22/03S800,000 842,672.00 0.31EURThe Netherlands 5,114,930.41 1.88

ABN AMRO BANK NV FL.R 17-28 27/03S1,200,000 1,088,650.22 0.40USDAVENIR II B.V. FL.R 18-23 11/12S2,430,000 2,042,431.19 0.75USDELM BV SUB FL.R 15-XX 01/09A500,000 533,035.00 0.20EURVOLKSWAGEN INTERNATIONAL FINANCE NV REG SHS FL.R 17-XX 14/12A600,000 608,142.00 0.22EUR

UBS GROUP AG FL.R 18-XX XX/XXA500,000 401,051.15 0.15USDSwitzerland 1,718,034.50 0.63

VONTOBEL FL.R 18-99 29/06A1,430,000 1,316,983.35 0.48CHF

NYKREDIT REALKREDIT AS FL.R 15-XX 26/10S1,500,000 1,588,935.00 0.58EURDenmark 1,588,935.00 0.58

TRAFIGURA GROUP PTE FL.R 17-XX XX/XXS1,800,000 1,447,409.95 0.53USDSingapore 1,447,409.95 0.53

AGEAS NV FL.R 19-49 02/07A500,000 522,385.00 0.19EURBelgium 1,398,555.00 0.51

BELFIUS BANK SA FL.R 18-XX XX/XXS1,000,000 876,170.00 0.32EUR

TCS FINANCE CO FL.R 17-XX 15/09Q1,000,000 919,188.99 0.34USDIreland 919,188.99 0.34

VONTOBEL FD EMERGING MKTS CORP BD -X- CAP USD165,000 23,123,367.20 8.49USD



Bond funds 23,123,367.20 8.49






275Page

LUX IM– BlackRock Global Opportunities Bond Fund

276Page


831,932.35Options / swaptions purchased at market value658,545.63Options / swaptions purchased at cost

3,432,356.87Cash at banks946,587.04Interests receivable

35,847,455.12Brokers receivable74,209.48Subscriptions receivable2,878.56Dividends receivable

982,938.77Unrealised appreciation on forward foreign exchange contracts21,923.73Receivable on swaps

7,736,775.92Forward agreements at market value - To Be Announced bondspurchased

679.45Other assets

44,399,615.02Liabilities1,323,124.15Options / swaptions sold at market value

815,428.79Options / swaptions sold at cost35,833,906.55Brokers payable

68,462.28Accrued performance fees172,530.94Redemptions payable78,657.43Unrealised depreciation on financial futures

246,128.75Unrealised depreciation on swaps227,197.03Accrued management fees

3,932.96Accrued depositary fees34,432.54Accrued administrative expenses3,352.17Payable on swaps

6,005,805.12Forward agreements at market value - To Be Announced bonds sold402,085.10Other liabilities



Expressed in EUR


LUX IM – BlackRock Global Opportunities Bond Fund





01/01/19





277Page





01/01/19



Key figures

Total Net Assets 75,161,831.67 88,126,823.45 153,166,649.72



96.5265.130 5,346.928

94.516,059.482



96.38168,462.620 164,276.350

94.28190,254.500



99.17448,984.642 513,929.201

96.87645,652.538



102.135,309.108 5,342.881

99.555,427.816



96.31143,845.045 231,844.678

94.11692,522.561


278Page

ABBVIE INC159 9,790.21 0.01USD


Shares 1,010,808.45 1.34


ADVANCED MICRO DEVICES INC282 7,625.17 0.01USDALTICE USA INC -A-1,817 38,470.50 0.05USDANALOG DEVICES INC77 7,642.77 0.01USDAPPLIED MATERIALS INC867 34,082.10 0.05USDAT & T INC44 1,276.44 0.00USDBIOGEN INC42 8,858.11 0.01USDBORGWARNER INC352 13,044.61 0.02USDBROADCOM - REG SHS30 7,539.52 0.01USDCAESARS ENTERTAINMENT CORP2,538 26,030.77 0.03USDCISCO SYSTEMS INC150 7,353.21 0.01USDCORNING INC258 7,541.31 0.01USDDELTA AIR LINES INC (DE)1,597 79,818.39 0.12USDDIAMONDBACK ENERGY257 24,299.54 0.03USDDR HORTON INC800 30,413.86 0.04USDFANNIE MAE 8.25 SERIE -S-1,500 16,361.00 0.02USDFEDEX CORP400 57,460.53 0.08USDFREDDIE MAC PERP 8.375 07-XX 31/12Q1,500 16,268.64 0.02USDHCA HEALTHCARE INC REG SHS148 17,457.71 0.02USDJP MORGAN CHASE & CO600 57,442.93 0.08USDLAM RESEARCH CORP188 30,780.17 0.04USDLENNAR CORP -A-800 34,080.13 0.05USDLIBERTY OILFIELD SERVICES INC -A-89 1,269.02 0.00USDMI HOMES INC349 8,620.24 0.01USDMICROCHIP TECHNOLOGY INC187 14,333.62 0.02USDMOHAWK INDUSTRIES INC100 12,762.46 0.02USDMORGAN STANLEY NON-CUM PFD SHS SERIES -E99 2,462.06 0.00USDNVIDIA CORP232 33,310.78 0.04USDPACCAR INC227 14,114.99 0.02USDPACKAGING CORP OF AMERICA153 12,645.36 0.02USDPULTEGROUP INC1,332 36,965.83 0.05USDTAYLOR MORRISON HOME CORP -A-516 9,218.42 0.01USDTEXAS INSTRUMENTS INC468 47,695.37 0.06USDTOLL BROTHERS INC800 25,699.08 0.03USDWESTROCK CO338 10,628.93 0.01USDXILINX INC75 7,796.54 0.01USD

DAIMLER AG REG SHS1,270 61,334.65 0.08EURGermany 61,334.65 0.08

KONINKLIJKE KPN NV3,796 10,340.30 0.01EURThe Netherlands 58,347.07 0.08

NXP SEMICONDUCTORS NV550 48,006.77 0.07USD


SNAM SPA2,380 10,619.56 0.01EURUNICREDIT SPA REG SHS1,600 17,200.00 0.03EUR

ENGIE SA1,000 13,150.00 0.02EURFrance 24,089.53 0.03

ORANGE SA791 10,939.53 0.01EUR

IBERDROLA SA1,234 10,829.58 0.01EURSpain 21,780.43 0.03

TELEFONICA SA1,518 10,950.85 0.02EUR

BAE SYSTEMS PLC2,026 11,114.99 0.02GBPUnited Kingdom 20,404.69 0.03

NATIONAL GRID PLC1,000 9,289.70 0.01GBP

TELIA COMPANY AB3,000 11,717.87 0.02SEKSweden 11,717.87 0.02

LARGO RESSOURCES LTD3,000 3,440.41 0.00CADCanada 3,440.41 0.00

ABBOTT LABORATORIES 3.75 16-26 30/03M39,000 37,024.53 0.05USD

Bonds 39,929,873.28 53.12






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ABBVIE INC 3.75 18-23 14/11S70,000 64,246.25 0.09USDABBVIE INC 4.50 15-35 14/05S15,000 13,519.20 0.02USDABBVIE INC 4.25 18-28 14/11S100,000 93,924.00 0.12USDAEP TEXAS INC 4.1500 19-49 01/05S2,000 1,879.66 0.00USDAETNA INC 4.125 12-42 15/11S25,000 20,811.74 0.03USDAGILENT TECHNOLOGIES 3.875 13-23 15/07S4,000 3,673.93 0.00USDALABAMA POWER 4.15 14-44 15/08S2,000 1,912.01 0.00USDALABAMA POWER C 3.5500 13-23 01/12S1,000 924.30 0.00USDALABAMA POWER CO 3.7 17-47 01/12S10,000 8,985.05 0.01USDALABAMA POWER CO 3.75 15-45 01/03S10,000 9,016.23 0.01USDALDINE INDPT SCH 5.00 18-43 15/02S10,000 10,593.35 0.01USDALTRIA GROUP INC 3.8000 19-24 14/02S40,000 36,664.30 0.05USDALTRIA GROUP INC 4.4000 19-26 14/02S32,000 30,120.14 0.04USDALTRIA GROUP INC 5.8 19-39 14/02S5,000 4,914.81 0.01USDALTRIA GROUP INC 5.375 13-44 31/01S20,000 18,704.14 0.02USDALTRIA GROUP INC 2.85 12-22 09/08S83,000 73,801.63 0.10USDALTRIA GROUP INC 4.00 13-24 31/01S40,000 36,998.72 0.05USDALTRIA GROUP INC 4.8 19-29 14/02S60,000 56,763.69 0.08USDALTRIA GROUP INC 6.2 19-59 14/02S43,000 43,313.56 0.06USDAMAZON COM INC 3.875 18-37 22/02S10,000 9,659.76 0.01USDAMBAC ASSURANCE CORP 5.10 10-20 07/06A2,991 3,735.83 0.00USDAMERICAN AIRLINES GROUP INC 4.625 15-20 01/03S53,000 47,089.98 0.06USDAMERICAN AIRLINES GROUP INC 5.0000 19-22 01/06S115,000 104,172.49 0.14USDAMERICAN AIRLINES GROUP INC 3.00 16-28 15/10S3,588 3,143.64 0.00USDAMERICAN AIRLINES GROUP INC 5.25 16-24 15/07S14,968 13,840.85 0.02USDAMERICAN AIRLINES GROUP INC 16-2 3.2 16-28 15/06S2,631 2,333.74 0.00USDAMERICAN AIRLINES GROUP INC 17-1 3.65 17-29 15/02S4,500 4,107.28 0.01USDAMERICAN EXPRESS CO 4.2000 18-25 06/11S20,000 19,188.73 0.03USDAMERICAN EXPRESS CO 3.125 19-26 20/05S10,000 9,032.90 0.01USDAMERICAN MUN POWER INC OHIO 6.449 09-44 15/02S15,000 18,512.99 0.02USDAMERICAN TOWER CORP 3.3750 19-24 15/05S145,000 131,133.27 0.17USDAMERICAN TOWER CORP 3.95 19-29 15/03S50,000 45,881.38 0.06USDAMERICAN TOWER CORP 5.00 13-24 15/02S30,000 29,000.00 0.04USDAMERICAN UNIVERSITY 3.6720 19-49 01/04S36,000 32,883.20 0.04USDAMERN ENRG LLC 144A 13.00 15-20 30/11S150,000 121,388.04 0.16USDAMGEN INC 4.40 15-45 01/05S15,000 13,972.56 0.02USDANDEAVOR LOGISTICS CORP 4.25 17-27 01/12S40,000 37,178.70 0.05USDANHEUSER BUSCH 4.00 18-28 13/04S25,000 23,639.12 0.03USDANHEUSER-BUSCH 4.7 19-36 02/01S50,000 48,156.53 0.06USDANHEUSER-BUSCH INBEV 3.65 18-26 01/02S50,000 46,185.75 0.06USDANHEUSER-BUSCH INBEV NV 4.15 19-25 23/01S50,000 47,482.95 0.06USDANHEUSER-BUSCH INBEV NV 4.75 19-29 23/01S67,000 66,658.47 0.09USDAON CORP 3.75 19-29 02/05S30,000 27,450.86 0.04USDAON CORP 4.5000 18-28 15/12S30,000 29,034.83 0.04USDAPPLE INC 3.85 13-43 04/05S42,000 39,127.22 0.05USDAPPLIED MATERIA 3.9000 15-25 01/10S9,000 8,504.86 0.01USDAPPLIED MATERIALS INC 5.85 11-41 15/06S10,000 11,362.62 0.02USDAPPLIED MATERIALS INC 3.3 17-27 01/2017S10,000 9,136.52 0.01USDAPPLIED MATERIALS INC 4.35 17-47 01/04S5,000 4,906.76 0.01USDARCONIC INC 5.125 14-24 01/10S10,000 9,299.29 0.01USDARROW BIDCO 9.5 19-24 15/03S30,000 26,718.57 0.04USDASHTON WOODS USA/F 9.875 19-27 01/04S26,000 24,242.43 0.03USDAT & T INC 4.35 19-29 01/03S236,000 222,936.29 0.31USDAT & T INC 4.80 14-44 15/06S15,000 13,923.21 0.02USDAT & T INC 5.15 18-46 15/11S24,000 23,274.20 0.03USDAT & T INC 5.25 17-37 01/03S10,000 9,839.25 0.01USDAT & T INC 4.3 18-30 15/02S10,000 9,389.63 0.01USDAT & T INC 4.75 15-46 15/05S2,000 1,853.08 0.00USDAT & T INC 3.40 15-25 15/05S87,000 78,627.53 0.10USDAT & T INC 4.125 16-26 17/02S45,000 42,006.73 0.06USDATLANTA GA WTR WASTE W 5.00 18-41 01/11S20,000 21,181.63 0.03USDAT&T INC 4.8500 19-39 01/03S8,000 7,552.59 0.01USDAT&T INC 4.90 18-37 15/08S19,000 18,051.30 0.02USDAUTODESK INC 3.5 17-27 15/06S20,000 17,797.77 0.02USDAVALONBAY COMMU 3.3000 19-29 01/06S80,000 73,212.83 0.10USDAVANTOR INC 6.00 17-24 01/10S12,000 11,281.18 0.02USDBAE SYSTEMS HOLDINGS 2.8500 15-20 15/12S30,000 26,487.14 0.04USD





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CHENIERE ENERGY 5.25 18-25 01/10S12,000 10,941.24 0.01USDCHESAPEAKE 8.00 18-25 15/01S73,000 59,848.96 0.08USDCHESAPEAKE BAY BRIDGE & TUNNEL DISTRICT 5.00 16-51 01/07S10,000 9,954.19 0.01USDCHESAPEAKE BAY BRIDGE & TUNNEL DISTRICT 5.00 16-41 07/01S10,000 10,238.91 0.01USDCHESAPEAKE ENERGY CORP 6.625 10-20 15/08S32,000 28,561.59 0.04USDCIGNA CORPORATION 3.7500 18-23 15/07S20,000 18,296.79 0.02USDCIGNA CORPORATION 4.1250 18-25 15/11S26,000 24,317.32 0.03USDCIGNA CORPORATION 4.3750 18-28 15/10S10,000 9,481.46 0.01USDCIMAREX ENERGY CO 4.375 14-24 01/06S75,000 69,715.33 0.09USDCIMAREX ENERGY CO 4.375 19-29 15/03S21,000 19,527.86 0.03USDCIMAREX ENERGY CO 3.90 17-27 15/05S2,000 1,802.52 0.00USDCITIGROUP INC 4.45 15-27 29/09S15,000 14,205.11 0.02USDCITY OF ATLANTA WATER 5.00 15-40 01/11S10,000 10,188.68 0.01USDCITY OF COLUMBIA 5.00 18-42 21/06S10,000 10,628.56 0.01USDCLARK CO ARPT S 5.0000 19-41 01/07S10,000 10,787.31 0.01USDCLARK CO ARPT S 5.0000 19-42 01/07S20,000 21,504.51 0.03USDCMWLTH FING AUT 3.8070 19-41 01/06S5,000 4,629.03 0.01USDCOLORADO HEALTH FACILITIES AUTH 5.25 11-31 01/02S20,000 18,500.61 0.02USDCOMCAST CORP 3.30 17-27 01/02S15,000 13,667.83 0.02USDCOMCAST CORP 4.50 13-43 15/01S15,000 14,781.78 0.02USDCOMCAST CORP 5.65 05-35 15/06S5,000 5,485.95 0.01USDCOMCAST CORP 3.20 16-36 15/07S30,000 25,666.97 0.03USDCOMCAST CORP 4.15 18-28 15/10S15,000 14,512.67 0.02USDCOMCAST CORP 3.999 17-49 01/11S35,000 32,348.95 0.04USDCOMCAST CORP 3.9500 18-25 15/10S30,000 28,436.21 0.04USDCOMCAST CORP 4.2500 18-30 15/10S5,000 4,896.60 0.01USDCOMCAST CORP 4.7000 18-48 15/10S50,000 51,602.01 0.07USDCOMCAST CORP 4.9500 18-58 15/10S66,000 70,707.70 0.09USDCOMMERCIAL METALS CO 4.875 13-23 15/05S47,000 42,061.86 0.06USDCOMMERCIAL METALS CO 5.375 17-27 15/07S172,000 151,320.21 0.21USDCOMMERCIAL METALS CO 5.75 18-26 15/04S22,000 19,424.29 0.03USDCOMMONWEALTH FINANCING AUTH PENNSYLVANIA 4.144 16-38 01/06S30,000 28,659.32 0.04USDCOMMONWEALTH FINANCING AUTH PENNSYLVANIA 3.864 18-38 01/06S35,000 31,848.82 0.04USDCONCHO RESOURCES 4.375 16-25 15/01S35,000 32,009.52 0.04USDCONNECTICUT ST HEALTH & EDUC FACILITIES AUTH REV 5.00 15-45 01/07S30,000 28,888.88 0.04USDCONTINENTAL RESOURCES INC 4.25 13-23 15/04S100,000 92,287.90 0.12USDCOUNTY OF MATAGORDA 2.6 19-29 01/11S20,000 17,874.46 0.02USDCOX COMM INC -144A- 4.50 13-43 30/06S5,000 4,230.87 0.01USDCOX COMMUNICATIONS INC 3.25 12-22 15/10S30,000 26,954.74 0.04USDCOX COMMUNICATIONS INC 3.50 17-27 15/08S12,000 10,707.98 0.01USDCROWN CASTLE INTL CORP 3.20 17-24 01/09S15,000 13,434.49 0.02USDCROWN CASTLE INTL CORP 4.3000 19-29 15/02S10,000 9,407.66 0.01USDCROWN CASTLE INTL CORP 3.65 17-27 01/09S100,000 90,570.00 0.12USDCROWN CASTLE INTL CORP 3.70 16-26 15/06S11,000 10,043.06 0.01USDCROWNROCK LP/CROWN 5.625 17-25 15/10S57,000 50,389.23 0.07USDCSX 6.15 07-37 01/05S35,000 39,398.68 0.05USDCT ST-SER A 5.8500 08-32 15/03S25,000 27,918.92 0.04USDCVS HEALTH CORP 5.125 15-45 20/07S25,000 23,415.46 0.03USDCVS HEALTH CORP 3.50 15-22 20/07S30,000 27,110.57 0.04USDCVS HEALTH CORP 3.70 18-23 09/03S40,000 36,322.82 0.05USDCVS HEALTH CORP 4.10 18-25 25/03S66,000 61,164.01 0.08USDDALLAS TEX AREA 5.00 16-41 01/12S30,000 30,782.84 0.04USDDANAHER CORP 3.3500 15-25 15/09S25,000 23,005.55 0.03USDDEUTSCHE BANK AG 2.70 17-20 13/07S106,000 92,823.77 0.12USDDIAMONBACK ENERGY INC 5.375 17-25 31/05S27,000 25,037.79 0.03USDDIAMOND 1 FIN CORP 144A 4.42 16-21 15/06S20,000 18,105.73 0.02USDDIAMONDBACK ENERGY INC 4.75 16-24 01/11S9,000 8,149.54 0.01USDDIAMONDBACK ENERGY INC 4.75 17-24 01/11S4,000 3,619.95 0.00USDDIGNITY HEALTH 2.637 14-19 01/11S35,000 30,809.54 0.04USDDIGNITY HEALTH -2014A- 3.812 14-24 01/11S10,000 9,279.83 0.01USDDISCOVER FINANCIAL SERVICES 4.10 17-27 09/02S20,000 18,328.19 0.02USDDISCOVERY COMM LLC 2.950 17-23 20/03S23,000 20,393.09 0.03USDDISCOVERY COMM LLC 3.9 18-24 15/11S15,000 13,779.55 0.02USDDOMINION ENERGY INC 2 19-21 15/08S9,000 7,925.54 0.01USDDOMINION GAS -C- 4.60 14-44 15/12S5,000 4,906.63 0.01USDDPL INC 4.3500 19-29 15/04S10,000 8,961.17 0.01USDDTE ENERGY COMPANY 2.6 19-22 15/06S10,000 8,835.68 0.01USD





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KFC HLDG CO/PIZZA HUT HLDGS LLC/TACO BELL AM LLC -144A- 5.00 16-2401/06S

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STANDARD INDUSTRIES INC 5.00 17-27 15/02S4,000 3,555.63 0.00USDSTANDARD INDUSTRIES INC 5.50 16-23 15/02S4,000 3,611.10 0.00USDSTATE OF ILLINOIS 5.00 17-22 08/11S10,000 9,619.39 0.01USDSTATE OF ILLINOIS 5.00 17-25 08/11S10,000 9,999.01 0.01USDSTATE OF OHIO TURNPIKE COMM 5.00 13-48 15/02S20,000 19,287.89 0.03USDSTATE OF OREGON 5.892 03-27 01/06S45,000 47,770.42 0.06USDSTATE OF TEXAS 5.00 16-43 01/04S20,000 20,759.62 0.03USDSTATE OF TEXAS 5.00 16-40 04/05S10,000 10,407.66 0.01USDSTATE OF WEST VIRGINIA 5.00 18-40 07/06S20,000 21,189.76 0.03USDSTEEL DYNAMICS INC 5.125 15-21 01/10S26,000 23,107.37 0.03USDSTEEL DYNAMICS INC 5.00 17-26 15/12S38,000 34,927.51 0.05USDSTEEL DYNAMICS INC 5.50 15-24 01/10S92,000 83,961.28 0.11USDSTEEL DYNAMICS INC 4.125 17-25 15/09S2,000 1,769.05 0.00USDST.WISCONSIN 5.0 19-25 31/01S10,000 10,558.68 0.01USDSUMMIT MATERIALS LLC 6.125 15-23 15/07S25,000 22,430.40 0.03USDSUNOCO LOGISTICS PARTNERS OP LP 4.25 14-24 01/04S14,000 12,924.19 0.02USDSUNOCO LP 5.875 18-28 15/03S57,000 52,333.10 0.07USDSUNOCO LP 4.8750 18-23 15/01S102,000 92,088.90 0.12USDSUNOCO LP 5.5000 18-26 15/02S8,000 7,327.12 0.01USDSUNOCO LP 6.0 19-27 15/04S4,000 3,703.22 0.00USDSYNCHRONY FINANCIAL 4.375 19-24 19/03S40,000 36,909.00 0.05USDTALEN ENERGY SUPPLY LLC 7.2500 19-27 15/05S92,000 84,062.84 0.11USDTALEN ENERGY SUPPLY LLC 6.50 16-25 01/06S103,000 76,784.53 0.10USDTAMPA ELECTRIC CO 2.6 12-22 15/09S10,000 8,844.17 0.01USDTARGA RESOURCES PTNR CORP 6.75 15-24 15/03S1,000 918.01 0.00USDTAYLOR MORRISON 5.8750 19-27 15/06S45,000 40,374.72 0.05USDTEMPUR SEALY INTL 5.50 16-26 15/06S4,000 3,650.76 0.00USDTENET HEALTHCARE CORP 6.00 13-20 01/10S90,000 81,737.83 0.11USDTENET HEALTHCARE CORP 4.625 17-24 15/07S16,000 14,292.82 0.02USDTESORO LOGISTICS LP 5.25 16-25 15/01S68,000 63,153.24 0.08USDTESORO LOGISTICS LP 6.25 16-22 15/10S74,000 66,817.09 0.09USDTEXAS EASTERN TRANS 3.50 18-28 15/01S14,000 12,462.26 0.02USDTEXAS MUNICIPAL CORP 6.25 08-26 15/12S10,000 10,286.19 0.01USDTEXAS PRIVATE ACT BD SURF TRANSP CORP REV 5.00 16-55 31/12S40,000 38,590.21 0.05USDTEXAS ST A & M UNI 2.836 17-27 15/05S40,000 36,144.36 0.05USDTHE GREAT LAKES WATER AUTH 5.25 16-33 01/07S15,000 15,815.47 0.02USDTN HSG FIN AGY- 3.7500 18-38 01/07S10,000 9,191.17 0.01USDTN HSG FIN AGY- 3.8500 18-43 01/07S5,000 4,565.66 0.01USDTN HSG FIN AGY- 3.9500 18-49 01/01S5,000 4,601.66 0.01USDTOLL BROS FINANCE CORP 4.875 15-25 15/11S38,000 35,123.56 0.05USDTOTAL SYSTEM SERVICES INC 4.80 16-26 01/04S5,000 4,814.51 0.01USDTOTAL SYSTEM SERVICES INC 3.80 16-21 01/04S36,000 32,268.43 0.04USDTRANSCONTINENTAL GAS PIPE CORP 7.90 17-26 01/02S20,000 22,492.41 0.03USDTRI POINTE GROUP I 4.875 16-21 01/07S11,000 9,869.38 0.01USDTSASC INC REV -A- 5.00 17-41 01/06S20,000 19,236.93 0.03USDTSY INFL IX N/B 0.625 18-23 15/04S511,000 467,983.00 0.63USDTYSON FOODS INC 4.0 19-26 19/02S20,000 18,710.74 0.02USDTYSON FOODS INC 4.35 19-29 01/03S90,000 86,533.31 0.12USDUNION PACIFIC CORP 2.75 16-26 01/03S11,000 9,748.19 0.01USDUNION PACIFIC CORP? 3.375 15-35 01/0235,000 30,371.66 0.04USDUNITED AIR 2016-2 2.875 16-28 07/10S921 803.52 0.00USDUNITED AIR 2018 3.5000 18-30 01/03S9,826 8,851.38 0.01USDUNITED PARCEL SERVICE INC 3.4000 19-29 15/03S5,000 4,640.30 0.01USDUNITED RENTALS NORTH AMERICA INC 5.875 16-26 15/09S8,000 7,508.82 0.01USDUNITED RENTALS NORTH AMERICA INC 4.625 15-23 15/07S8,000 7,201.83 0.01USDUNITED RENTALS NORTH AMERICA INC 4.625 17-25 15/10S6,000 5,360.57 0.01USDUNITED RENTALS NORTH AMERICA INC 5.5 16-27 15/05S8,000 7,402.00 0.01USDUNITED RENTALS NORTH AMERICA INC 6.5000 18-26 15/12S10,000 9,531.39 0.01USDUNITED RENTALS NORTH AMERICA INC 5.50 15-25 15/07S66,000 60,629.90 0.08USDUNITED RENTALS NORTH AMERICA INC 4.875 17-28 15/01S14,000 12,568.35 0.02USDUNITED STATES OF AME 2.125 19-22 15/05S18,000 16,007.63 0.02USDUNITED TECHNOLOGIES CORP 3.65 18-23 16/08S100,000 92,126.49 0.12USDUNITED TECHNOLOGIES CORP 3.95 18-25 16/08S45,000 42,636.31 0.06USDUNITED TECHNOLOGIES CORP 4.50 12-42 01/06S15,000 14,871.02 0.02USDUNITED TECHNOLOGIES CORP 4.1250 18-28 16/11S85,000 82,004.42 0.11USDUNITED TECHNOLOGIES CORP 2.65 16-26 01/11S10,000 8,822.53 0.01USDUNITED TECHNOLOGIES CORP 7.5000 99-29 15/09S15,000 18,196.94 0.02USD





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UNITED TECHNOLOGIES CORP 5.40 05-35 01/05S5,000 5,354.96 0.01USDUNITED TECHNOLOGIES CORP 6.125 08-38 15/07S5,000 5,849.03 0.01USDUNITEDHEALTH GROUP INC 4.25 18-48 19/06S25,000 24,478.82 0.03USDUNITEDHEALTH GROUP INC 3.7 18-25 15/12S25,000 23,387.54 0.03USDUNITEDHEALTH GROUP INC 3.75 15-25 15/07S65,000 61,070.32 0.08USDUNIVERSITY OF CALIFORNIA 4.601 13-31 15/05S35,000 35,597.59 0.05USDUNIVERSITY OF CALIFORNIA 3.16 17-25 01/07S30,000 27,368.91 0.04USDUNIVERSITY OF CALIFORNIA 3.349 19-29 01/07S10,000 9,357.66 0.01USDUNIVERSITY OF HOUSTON TX 5.00 17-36 15/02S40,000 41,618.68 0.06USDUNIVERSITY OF SOUTH CALIFORNIA 3.028 16-39 01/10S2,000 1,714.52 0.00USDUS CONCRETE INC 6.38 16-24 01/06S4,000 3,670.75 0.00USDUS TREASURY N/B 1.7500 19-22 15/06S162,000 142,660.43 0.19USDUSA 3.375 18-48 15/11S3,000 3,104.18 0.00USDUSA 2.125 19-21 31/05S80,000 70,838.56 0.09USDUSA 2.875 19-49 15/05S877,000 826,996.88 1.11USDUSA 3.0 19-49 15/02S48,000 46,341.86 0.06USDUSA 2.5 19-22 15/01S106,000 94,984.70 0.13USDUSA 0.875 19-29 15/01S232,000 214,779.37 0.30USDUSA 2.25 19-24 30/04S320,000 287,680.87 0.39USDUSA TREASURY BONDS 2.625 18-23 31/12S3,000 2,736.91 0.00USDUSA TREASURY INDEX 0.5 19-24 15/04S914,000 814,339.66 1.09USDUSA TREASURY NOTES 19-22 15/04S294,000 262,225.81 0.36USDUSA TREASURY NOTES 2.125 17-24 31/03S387,000 345,866.26 0.47USDUSA TREASURY NOTES 2.375 19-24 29/02S5,000 4,519.24 0.01USDUSA TREASURY NOTES 2.375 19-22 15/03S107,000 95,774.17 0.13USDUSA TREASURY NOTES 2.375 19-29 15/05S928,000 842,501.22 1.13USDUSA TREASURY NOTES 2.50 19-22 15/02S222,000 199,067.53 0.27USDUSA TREASURY NOTES 2.875 18-23 30/11S4,000 3,685.76 0.00USDUSA TREASURY NOTES 2.8750 18-28 15/08S1,000 943.94 0.00USDUSA TREASURY NOTES 3.00 18-48 15/08S13,000 12,531.27 0.02USDUSA TREASURY NOTES 2.00 17-24 31/05S257,000 228,588.79 0.31USDVALERO ENERGY CORP 3.40 16-26 15/09S5,000 4,472.49 0.01USDVALERO ENERGY CORP 4.35 18-28 01/06S5,000 4,696.13 0.01USDVENTAS REALTY L 2.6500 19-25 15/01S23,000 20,119.46 0.03USDVENTAS REALTY LP 3.5000 19-24 15/04S62,000 56,634.84 0.08USDVENTAS REALTY LP 4.4000 18-29 15/01S5,000 4,765.84 0.01USDVERISIGN INC 4.625 13-23 01/05S139,000 124,436.70 0.17USDVERIZON COMMUNICATIONS INC 4.4672 15-55 15/03S88,000 87,767.39 0.12USDVERIZON COMMUNICATIONS INC 3.376 17-25 15/02S100,000 91,835.78 0.12USDVERIZON COMMUNICATIONS INC 4.272 15-36 15/01S70,000 66,604.21 0.09USDVERIZON COMMUNICATIONS INC 4.329 18-28 21/09S110,000 107,042.57 0.14USDVERIZON COMMUNICATIONS INC 4.125 17-27 16/03S10,000 9,553.86 0.01USDVIACOM INC 4.25 13-23 01/09S5,000 4,659.05 0.01USDVIRGINIA ELEC & PO 3.5 17-27 15/03S13,000 12,030.07 0.02USDVIRGINIA ELEC & PO 3.80 17-47 15/09S30,000 27,080.61 0.04USDVIRGINIA SMALL BUSINESS FIN 5.00 17-56 31/12S30,000 29,561.53 0.04USDVIRGINIA SMALL DY 5.0 17-52 09/11S20,000 19,825.83 0.03USDVISTRA OPERATIONS CO 3.5500 19-24 15/07S76,000 67,232.44 0.09USDVISTRA OPERATIONS CO 5 19-27 31/07S43,000 39,191.70 0.05USDVISTRA OPERATIONS CO 5.5 18-26 22/08S8,000 7,445.13 0.01USDVISTRA OPERATIONS CO 5.625 19-27 15/02S10,000 9,307.30 0.01USDVISTRA OPERATIONS CO 4.3 19-29 15/07S5,000 4,450.33 0.01USDWALGREENS BOOTS ALLIANCE INC 3.45 16-26 01/06S30,000 26,626.86 0.04USDWALMART INC 3.95 18-38 27/06S10,000 9,781.81 0.01USDWALMART INC 3.2500 19-29 08/07S8,000 7,413.50 0.01USDWALT DISNEY COM 6.15 19-37 01/03S15,000 17,814.95 0.02USDWASHINGTON 5.00 17-40 01/08S20,000 21,036.56 0.03USDWASHINGTON 5.00 17-41 01/08S20,000 21,000.08 0.03USDWASHINGTON 5.00 17-41 01/02S30,000 31,376.04 0.04USDWASHINGTON M.BK 5.55 06-10 16/06S300,000 2,720.68 0.00USDWASHINGTON METROPOLITAN 5 17-36 01/07S10,000 10,575.20 0.01USDWASHINGTON STATE CONV 5.0 18-58 01/07S10,000 10,147.21 0.01USDWASTE MANAGEMENT 4.0 19-39 15/07S20,000 18,821.04 0.03USDWEEKLEY HOMES LLC 6.00 13-23 01/02S26,000 22,698.69 0.03USDWEEKLEY HOMES LLC 6.625 17-25 15/08S52,000 45,511.72 0.06USDWELLS FARGO & CO 3.00 16-26 22/04S40,000 35,571.27 0.05USDWELLS FARGO & CO 3.55 15-25 29/09S90,000 82,599.55 0.11USD





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WELLS FARGO & CO 4.15 19-29 24/01S107,000 102,370.25 0.14USDWELLS FARGO & CO 5.90 14-XX 15/12S10,000 9,211.24 0.01USDWELLS FARGO & CO 3.75 19-24 24/01S460,000 425,333.60 0.58USDWELLS FARGO & CO 163 4.75 16-46 07/12S20,000 20,022.96 0.03USDWELLS FARGO BANK 3.50 12-22 08/03S8,000 7,243.03 0.01USDWELLS FARGO COMPANY 4.60 11-21 01/04S1,000 913.24 0.00USDWELLTOWER INC 4.125 19-29 15/02S35,000 32,603.09 0.04USDWELLTOWER INC 3.625 19-24 15/03S20,000 18,298.81 0.02USDWESCO DISTRIBUTION INC 5.375 14-21 15/12S10,000 8,911.69 0.01USDWEST VIRGINIA HOSP FIN AUTH 5.00 16-20 01/06S25,000 22,695.08 0.03USDWEST VIRGINIA HOSP FIN AUTH 5.00 16-21 01/06S25,000 23,438.22 0.03USDWEST VIRGINIA HOSP FIN AUTH 5.00 16-22 01/06S25,000 24,145.71 0.03USDWEST VIRGINIA HOSP FIN AUTH 5.00 16-23 01/06S20,000 19,844.64 0.03USDWEST VIRGINIA HOSP FIN AUTH 5.00 16-24 01/06S20,000 20,325.74 0.03USDWI TREASURY SEC 2.5 19-24 31/01S5,000 4,539.86 0.01USDWI TREASURY SEC 2.625 19-29 15/02S1,479,000 1,369,975.22 1.83USDWI TREASURY SEC 2.75 18-23 30/06S6,000 5,456.48 0.01USDWILLIAM LYON HOME 6.625 19-27 15/07S5,000 4,398.12 0.01USDWILLIAMS PARTNERS 6.30 10-40 15/04S5,000 5,336.94 0.01USDWILLIAMS PARTNERS LP 4.00 15-25 15/09S10,000 9,287.03 0.01USDWILLIAMS PARTNERS LP 3.75 17-27 15/06S9,000 8,166.34 0.01USDWISCONSIN 5.00 17-36 01/05S20,000 20,641.81 0.03USDWISCONSIN 3.154 17-27 01/05S30,000 27,565.45 0.04USDWISCONSIN 5.00 17-38 01/05S20,000 20,569.82 0.03USDWPX ENERGY INC 5.25 14-24 15/09S6,000 5,405.46 0.01USDWPX ENERGY INC 8.25 15-23 01/08S4,000 4,010.91 0.01USDWPX ENERGY INC 5.75 18-26 01/06S4,000 3,663.44 0.00USDWYNDHAM HOTELS RESORT 5.375 18-26 15/04S4,000 3,690.02 0.00USDXPO LOGISTICS INC 6.125 16-23 01/09S2,000 1,825.22 0.00USDZAYO GROUP LLC 6.00 15-23 01/04S60,000 54,165.72 0.07USDZAYO GROUP LLC 6.375 15-25 15/05S20,000 17,989.27 0.02USD3M COMPANY 2.875 17-27 15/10S2,000 1,793.83 0.00USD3M COMPANY 1.625 16-21 19/09S30,000 26,128.25 0.03USD

JAPAN TREASURY BILL 0.00 010719350,000,000 2,861,160.78 3.82JPYJapan 4,067,596.29 5.41

JAPON INDEXED 0.10 19-29 10/03S61,900,000 528,228.85 0.70JPYJAPON INFL INDEXED 0.1 18-28 10/03Q65,600,000 565,214.89 0.75JPYMITSUBISHI UFJ 4.0500 18-28 11/09S25,000 24,042.31 0.03USDMITSUBISHI UFJ FIN 3.287 17-27 25/07S12,000 10,864.75 0.01USDMITSUBISHI UFJ FIN GROUP INC 3.761 18-23 26/07S85,000 78,084.71 0.10USD

INDONESIA 3.70 16-22 08/01S200,000 180,039.58 0.24USDIndonesia 1,288,403.08 1.71

INDONESIA 4.875 11-21 05/05S243,000 222,031.27 0.29USDINDONESIA 7.375 17-48 22/09S1,310,000,000 73,846.54 0.10IDRINDONESIA 8.25 18-29 27/09S1,902,000,000 125,501.37 0.17IDRINDONESIA 7.50 17-38 15/05S1,628,000,000 98,048.92 0.13IDRINDONESIA 8.375 13-34 15/03S1,494,000,000 98,358.60 0.13IDRINDONESIA -FR0064- 6.125 12-28 15/05S1,886,000,000 108,021.20 0.14IDRINDONESIA REG SHS 3.75 12-22 25/04S243,000 219,277.11 0.29USDINDONESIA 8.375 18-39 15/04S2,516,000,000 163,278.49 0.22IDR

IBERDROLA INTL -49 31/12A100,000 107,719.00 0.14EURThe Netherlands 1,043,194.20 1.39

MARFRIG HOLDINGS EUR 8 16-23 08/06S200,000 183,565.99 0.24USDNXP BV 3.875 19-26 18/06S10,000 9,001.54 0.01USDNXP BV -144A- 4.125 16-21 01/06S200,000 180,247.17 0.24USDNXP BV/NXP FDG/ 4.3000 19-29 18/06S10,000 9,017.95 0.01USDPETROBRAS GLOBAL FIN BV 5.999 18-28 27/07S417,000 388,286.66 0.53USDPETROBRAS GLOBAL FIN BV 7.25 14-44 17/03S118,000 115,526.03 0.15USDPETROBRAS GLOBAL FIN BV 8.75 16-26 23/05S28,000 30,367.75 0.04USDSHELL INTL FINANCE BV 4.125 15-35 11/05S20,000 19,462.11 0.03USD

ALLERGAN FUNDING SCS 3.80 15-25 15/03S149,000 135,727.16 0.19USDLuxembourg 1,038,779.32 1.38

ALLERGAN FUNDING SCS 4.55 15-35 15/03S20,000 17,811.58 0.02USDARIZONA BRD REGENTS A 5.00 17-43 01/07S10,000 10,531.51 0.01USDAUSTIN TX WTR 5.00 18-43 15/11S20,000 20,028.94 0.03USDBERKS CNTY PA 5.00 17-50 01/11S20,000 20,102.21 0.03USD





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CALIFORNIA HEALTH 5.00 17-47 15/08S20,000 20,340.13 0.03USDCANAVERAL 5.0 18-45 01/06S10,000 10,153.49 0.01USDCENTRAL TEXAS REGIONAL 5.00 15-45 01/01S20,000 19,753.78 0.03USDCENTRAL TEXAS REGIONAL MOB AUTH 5.00 16-46 01-01S20,000 19,842.29 0.03USDCITY OF RIVERSIDE CA 7.605 10-40 01/10S25,000 34,199.65 0.05USDCITY OF SAN ANTONIO 5.00 13-4815,000 14,440.58 0.02USDCONTRA COSTA CA 6.504 10-34 01/08S20,000 23,027.58 0.03USDCOUNTY OF CLARK DEPAR 5.00 19-32 01/07S10,000 11,084.22 0.01USDCOUNTY OF CLARK DEPART 5.00 19-33 01/07S10,000 11,036.42 0.01USDCOUNTY OF CLARK DEPART 5.00 19-35 01/07S10,000 10,955.58 0.01USDCOUNTY OF CLARK DEPART 5.00 19-40 01/07S10,000 10,817.48 0.01USDGOL FINANCE SA 7.00 17-25 31/01S43,000 37,106.30 0.05USDINTELSAT CONNECT FINANCE SA 9.5 18-23 15/02S15,000 11,775.96 0.02USDINTELSAT JACKSON HLDGS SA 5.50 13-23 01/08S13,000 10,491.71 0.01USDJBS USA LLC 5.75 15-25 15/06S8,000 7,329.41 0.01USDJBS USA LLC 144A 5.875 14-24 15/07S8,000 7,283.29 0.01USDJBS USA LLC -144A- 6.75 18-28 15/02S8,000 7,659.31 0.01USDJOBSOHIO BEV SYST 3.985 13-29 01/01S35,000 33,580.85 0.04USDKANSAS CITY ARP 5.0000 19-49 01/03S25,000 25,970.45 0.03USDKING COUNTY WASHINGTON 5.00 15-47 01/07S20,000 20,208.76 0.03USDMARYLAND 5.00 16-41 05/05S20,000 20,532.88 0.03USDMARYLAND 3.8500 18-33 01/09S10,000 9,495.19 0.01USDMASSACHUSETTS 4.50 14-39 01/12S10,000 9,114.57 0.01USDMASSACHUSETTS 5.00 18-53 26/06S30,000 30,427.74 0.04USDMASSACHUSETTS PORT 5.00 16-43 20/07S20,000 20,257.65 0.03USDMASSACHUSETTS ST DEV 5.00 18-43 01/07S20,000 20,400.25 0.03USDMASSACHUSETTS WATER 5.00 16-40 01/08S10,000 10,514.03 0.01USDNEW ORLEANS AVIATION BOARD 5.00 15-40 01/01S30,000 29,441.09 0.04USDNYC TRANSTNL FI 3.6500 13-24 01/11S25,000 23,179.18 0.03USDNYC TRANSTNL FI 3.7500 13-25 01/11S25,000 23,170.50 0.03USDOREGON SCHOOL BOARDS ASS 4.759 05-28 30/06S95,000 92,588.17 0.13USDSALT LAKE CITY UTAH 5.00 17-47 01/07S25,000 25,995.12 0.03USDSAN DIEGO PUBLIC FAC FIN AUTH 5.00 16-39 15/05S25,000 26,407.90 0.04USDTELECOM ITALIA CAPITAL SA 6.375 04-33 15/11S25,000 22,830.52 0.03USDUNIVERSITY OF CALIFORNIA 5.00 16-47 17/08S30,000 30,626.47 0.04USDUNIVERSITY OF OREGON 5.00 16-46 01/04S20,000 20,511.15 0.03USDUNIVERSITY OF TEXAS 5 19-39 15/08S10,000 10,959.36 0.01USDVENATOR FIN SARL 5.75 17-25 15/07S24,000 19,474.86 0.03USDWELLS COUNTY CO 5.00 16-41 01/12S30,000 31,878.53 0.04USDWISCONSIN HEALTH & EDUC FAC AUTH 5.00 15-44 15/12S10,000 9,715.52 0.01USD

FRANCE OAT 1.5 18-50 25/05A570,700 658,419.45 0.88EURFrance 793,107.12 1.06

FRANCE OAT INFL. INDEX 0.10 16-47 25/07A25,000 29,792.88 0.04EURFRANCE OAT INFL. INDEX 1.85 10-27 25/07A75,000 104,894.79 0.14EUR

MEXICAN BONOS 8.50 09-29 31/05S40,478 197,239.18 0.27MXNMexico 743,160.00 0.99

MEXICO 10.00 06-36 20/11S21,000 116,806.15 0.16MXNMEXICO 7.50 06-27 03/06S12,035 55,010.80 0.07MXNMEXICO 7.75 11-42 13/11S27,000 122,938.65 0.16MXNMEXICO 7.75 13-34 23/11S21,365 98,503.25 0.13MXNPEMEX 5.625 16-46 23/01S43,000 30,323.15 0.04USDPEMEX 6.375 17-21 04/02S58,000 52,291.33 0.07USDPEMEX 6.75 16-47 21/09S12,000 9,309.93 0.01USDPEMEX 6.875 17-26 04/02S31,000 27,404.67 0.04USDPEMEX 5.35 18-28 12/02S42,000 33,332.89 0.04USD

BANCO SANTANDER 2.706 19-24 27/06S200,000 176,256.32 0.23USDSpain 669,223.73 0.89

BON Y OBL DEL ESTADO 2.70 18-48 31/10A130,000 171,716.35 0.23EURSPAIN 1.40 18-28 30/07A293,000 321,251.06 0.43EUR

SOUTH AFRICA 6.25 06-36 31/03S2,246,000 101,895.97 0.14ZARSouth Africa 607,555.08 0.81

SOUTH AFRICA 8.75 12-48 28/02S2,475,000 138,411.26 0.18ZARSOUTH AFRICA 8.00 13-30 31/01S730,300 42,741.96 0.06ZARSOUTH AFRICA 8.75 14-44 31/01S1,720,000 96,287.87 0.13ZARSOUTH AFRICA 9.00 15-40 31/01S3,939,235 228,218.02 0.30ZAR





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CENOVUS ENERGY INC 3.80 13-23 15/09S9,000 8,148.46 0.01USDCanada 536,762.65 0.71

ENBRIDGE INC 4.00 13-23 01/10S31,000 28,650.14 0.04USDLARGO 9.25 18-19 07/07S6,000 5,529.01 0.01USDMASONITE INTL CORP -144A- 5.625 15-23 15/03S65,000 59,176.67 0.08USDMETRO ATLANTA T 5.00 15-45 01/07S10,000 10,455.02 0.01USDNOVA CHEMICALS CORP 5.25 13-23 01/08S55,000 49,225.93 0.07USDNOVA CHEMICALS CORP 4.875 17-24 01/06S56,000 51,290.85 0.07USDSEVEN GENERATIONS 5.375 17-25 30/09S6,000 5,086.42 0.01USDSTONEWAY CAPITAL CORP 10.00 17-27 01/03S138,826 115,832.22 0.15USDTRANSCANADA PIPELINES 4.875 16-26 15/01S15,000 14,648.38 0.02USDTRANSCANADA PIPELINES 6.10 10-40 01/06S10,000 10,969.61 0.01USDVALEANT PHARMACEUTICALS INTL INC 5.50 17-25 01/11S27,000 24,730.81 0.03USDVALEANT PHARMACEUTICALS INTL INC -144A- 6.00 17-22 15/03S10,000 9,126.63 0.01USDVALEANT PHARMACEUTICALS INTL INC -144A- 7.00 17-24 15/03S133,000 124,357.38 0.17USD1011778 BC UNLIMITED 4.625 15-22 15/01S10,000 8,857.24 0.01USD1011778 BC UNLIMITED LIAB CO/NEW RED FIN INC 4.25 17-24 15/5S12,000 10,677.88 0.01USD

BUONI POLIENNAL 3.8500 18-49 01/09S10,000 11,503.05 0.02EURItaly 524,676.03 0.70

ITALY 2.8 18-28 01/08S238,000 254,404.15 0.34EURITALY 2.70 16-47 01/03S110,000 106,833.10 0.14EURITALY BTP 3.45 17-48 01/03S55,000 60,270.38 0.08EURITALY BTP 4.75 13-44 01/09S70,000 91,665.35 0.12EUR

COLOMBIA 4.375 11-21 12/07S243,000 221,465.90 0.30USDColombia 398,731.87 0.53

COLOMBIA 10.00 08-24 24/07A144,700,000 48,116.99 0.06COPCOLUMBIA 7 17-32 30/06A367,900,000 106,778.68 0.14COPECOPETROL SA 5.875 14-45 28/05S23,000 22,370.30 0.03USD

BRAZIL 10.00 18-29 05/01S89 23,434.21 0.03BRLBrazil 229,195.77 0.30

BRAZIL 4.50 19-29 30/05S228,000 205,761.56 0.27USD

GERMANY INFL. INDEX 0.10 15-26 15/04A180,000 208,514.27 0.28EURGermany 208,514.27 0.28


ARGENTINA 6.875 18-48 11/01S63,000 40,419.24 0.05USDArgentina 144,302.28 0.19

GENNEIA SA -144A- 8.75 17-22 20/01S103,000 83,432.40 0.11USDYPF REG SHS 7.00 17-47 15/12S27,000 20,450.64 0.03USD

EGYPT REG SHS 5.75 10-20 29/04S131,000 117,303.68 0.16USDEgypt 117,303.68 0.16

AA BOND CO LTD 2.75 17-23 31/07S100,000 102,159.34 0.14GBPJersey Island 102,159.34 0.14

AON PLC 3.875 16-25 15/12S15,000 14,092.63 0.02USDUnited Kingdom 71,956.28 0.10

VODAFONE GROUP PLC 3.75 18-24 16/01S40,000 36,681.70 0.05USDVODAFONE GROUP PLC 6.15 07-27 27/02S20,000 21,181.95 0.03USD

PUERTO RICO 8.00 14-35 01/07S100,000 46,289.22 0.06USDPuerto Rico 46,289.22 0.06

ODBRECHT OFFSHORE DRILLING FIN LTD 6.72 17-22 01/12Q20,221 17,133.87 0.02USDCayman Islands 41,045.75 0.05

ODEBRECHT DRILL LTD 6.35 17-21 01/12Q27,560 23,911.88 0.03USD

GREECE 3.50 17-23 30/01A5,560 6,021.51 0.01EURGreece 37,325.48 0.05

GREECE 3.75 17-28 30/01A7,526 8,361.01 0.01EURGREECE 3.90 17-33 30/01A7,862 8,822.85 0.01EURGREECE 4.00 17-37 30/01A6,268 7,080.14 0.01EURGREECE 4.20 17-42 30/01A6,150 7,039.97 0.01EUR

SHIRE ACQ INV IRL DAC 3.20 16-26 23/09S39,000 34,502.06 0.05USDIreland 34,502.06 0.05

INTELSAT JACKSON HLDGS SA 8.5000 18-24 15/10S18,000 15,754.06 0.03USDBermuda 19,338.53 0.03

NCL CORP LTD 4.75 16-21 15/12A4,000 3,584.47 0.00USD





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SILVERSEA CRUISE FIN 7.25 17-25 01/02S3,000 2,836.79 0.00USDBahamas 2,836.79 0.00

PACIFIC DRILLING FIRS 8.375 18-23 01/10S3,000 2,625.42 0.00USDBritish Virgin Islands 2,625.42 0.00

NYKREDIT REALKREDIT AS 2.00 15-47 01/10Q1 0.10 0.00DKKDenmark 0.13 0.00

REALKREDIT DANMARK AS 2.00 15-47 01/10Q1 0.03 0.00DKK

CHENIERE ENERGY INC CV 4.875 14-21 28/05S43,022 39,720.75 0.05USD

Convertible bonds 54,028.27 0.07


SEACOR HOLDINGS INC CV 3.25 18-30 15/05S10,000 8,156.60 0.01USD

CEMEX SAB DE CV CV 3.72 15-20 15/03S7,000 6,150.92 0.01USDMexico 6,150.92 0.01

ARIZONA HEALTH FAC AUTH REV FL.R 07-37 01/01Q55,000 47,871.65 0.06USD



BANK OF AMERICA FL.R 17-21 21/07S10,000 8,791.40 0.01USDBANK OF AMERICA FL.R 18-22 17/05S11,000 9,868.32 0.01USDBANK OF AMERICA FL.R 19-27 23/04S20,000 18,310.42 0.02USDBANK OF AMERICA CORP FL.R 18-28 20/12S10,000 9,034.61 0.01USDBANK OF AMERICA CORP FL.R 18-24 23/07S120,000 110,770.29 0.15USDBANK OF AMERICA CORP FL.R 18-29 23/07S182,000 174,768.67 0.23USDBANK OF AMERICA CORP FL.R 19-25 15/03S127,000 115,770.69 0.15USDBANK OF AMERICA CORP FL.R 19-30 07/02S114,000 107,318.53 0.14USDBANK OF AMERICA CORP FL.R 16-XX 10/03S7,000 6,875.19 0.01USDBANK OF AMERICA CORP FL.R 17-28 20/01S40,000 37,175.35 0.05USDBANK OF AMERICA CORP FL.R 17-28 21/07S65,000 59,484.28 0.08USDBANK OF AMERICA CORP FL.R 17-23 21/07S10,000 8,879.71 0.01USDBANK OF AMERICA CORP FL.R 17-28 24/04S25,000 23,059.33 0.03USDBANK OF AMERICA CORP FL.R 18-24 05/03S30,000 27,309.41 0.04USDBANK OF AMERICA CORP FL.R 18-26 23/01S8,000 7,244.72 0.01USDBANK OF AMERICA CORP FL.R 18-XX XX/XXS10,000 9,186.52 0.01USDBANK OF AMERICA CORP MTN FL.R 18-29 05/03S70,000 65,723.09 0.09USDBANK OF AMERICA CORP -Z- FL.R 14-XX 23/10S36,000 35,091.49 0.05USDBANK OF NEW YORK MEL FL.R 17-28 07/02S10,000 9,152.31 0.01USDBANK OF NY MELLON CO FL.R 15-49 20/12S10,000 8,897.21 0.01USDCAPITAL ONE FINANCIAL CORP FL.R 15-XX 01/06S21,000 18,690.99 0.02USDCITIGROUP INC FL.R 19-30 20/03S70,000 65,698.47 0.09USDCITIGROUP INC FL.R 17-28 10/01S40,000 37,205.96 0.05USDCITIGROUP INC FL.R 18-29 23/04S130,000 122,600.34 0.16USDDTE ELECTRIC CO FL.R 15-45 15/03S15,000 13,743.17 0.02USDENLINK MIDSTREAM PART LP FL.R 17-49 15/12S90,000 64,089.72 0.09USDGENERAL MOTORS CO FL.R 18-21 10/09Q30,000 26,338.30 0.04USDGOLDMAN SACHS GROUP INC FL.R 18-29 01/05S50,000 47,153.09 0.06USDGOLDMAN SACHS GROUP INC FL.R 17-23 05/06S20,000 17,769.62 0.02USDGOLDMANN SACHS FL.R 17-23 24/07S20,000 17,761.71 0.02USDJP MORGAN CHASE & CO FL.R 18-29 23/04S140,000 132,520.04 0.18USDJP MORGAN CHASE & CO FL.R 18-29 23/07S110,000 105,662.31 0.14USDJP MORGAN CHASE & CO FL.R 14-49 29/08S50,000 48,589.08 0.06USDJP MORGAN CHASE & CO FL.R 18-24 23/04S330,000 300,966.62 0.41USDJPMORGAN CHASE & CO FL.R 19-30 06/05S50,000 46,401.47 0.06USDJPMORGAN CHASE & CO FL.R 19-23 01/04S36,000 32,308.33 0.04USDMORGAN STANLEY FL.R 17-28 22/07S30,000 27,414.97 0.04USDMORGAN STANLEY FL.R 18-29 24/01S219,000 202,411.98 0.27USDMORGAN STANLEY FL.R 18-24 24/04S140,000 128,363.81 0.17USDMORGAN STANLEY FL.R 19-30 23/01S283,000 275,352.77 0.38USDMORGAN STANLEY SUB FL.R 15-XX 15/07S20,000 17,817.66 0.02USDSACRAMENTO SAN FL.R 07-35 01/12Q60,000 50,152.52 0.07USDSTATE STREET CORP FL.R 15-XX 15/09S30,000 26,868.46 0.04USDSUNTRUST FL.R 18-24 26.07S35,000 32,137.44 0.04USDSUNTRUST BANKS INC -G- FL.R 17-XX 15/06S15,000 13,056.61 0.02USDVIACOM INC SUB FL.R 17-57 28/02S34,000 30,543.62 0.04USDWASHINGTON MUT BK FL.R 06-XX 01/01Q300,000 2,762.90 0.00USDWELLS FARGO & C FL.R 19-27 17/06S122,000 109,397.03 0.15USDWELLS FARGO & CO FL.R 15-XX 15/06S51,000 48,721.96 0.06USD





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WELLS FARGO & CO FL.R 17-28 22/05S50,000 45,905.79 0.06USD


CREDIT SUISSE GROUP AG FL.R 19-27 24/06A200,000 188,072.31 0.25USDUBS GR FUNDING FL.R 19-99 31/12200,000 186,520.65 0.25USD

COOPERATIVE RABOBANK FL.R 18-XX XX/XXS200,000 213,918.00 0.29EURThe Netherlands 423,462.00 0.56

TELEFONICA EUROPE BV FL.R 19-XX XX/XXA100,000 108,187.00 0.14EURVOLKSWAGEN INTERNATIONAL FINANCE NV REG SHS FL.R 17-XX 14/12A100,000 101,357.00 0.13EUR

BANCO BILBAO VIZCAYA ARGENTARIA SA FL.R 16-XX 14/04Q200,000 222,826.00 0.30EURSpain 328,869.00 0.44

BANKIA SA FL.R 19-29 15/02A100,000 106,043.00 0.14EUR

IKB DEUTSCHE INDUSTBK AG FL.R 18-28 31/01A200,000 197,512.00 0.26EURGermany 300,007.00 0.40

MERCK KGAA FL.R 19-79 25/06A100,000 102,495.00 0.14EUR

CHANNEL LINK ENT FIN PLC FL.R 17-50 30/06S100,000 104,235.00 0.15EURUnited Kingdom 214,401.21 0.29

CHANNEL LINK ENT FIN PLC FL.R 17-50 30/06S100,000 100,669.00 0.13EURVODAFONE GROUP PLC FL.R 19-79 04/04S10,000 9,497.21 0.01USD

BNP PARIBAS FL.R 19-99 31/12S200,000 182,273.83 0.24USDFrance 182,273.83 0.24

UNICREDIT SPA FL.R 17-49 03/12S125,000 123,937.50 0.16EURItaly 123,937.50 0.16

OI SA FL.R 18-25 27/07S35,000 31,956.73 0.04USDBrazil 31,956.73 0.04

AMBAC LSNI LLC FL.R 18-23 12/02A12,866 11,543.67 0.02USDCayman Islands 11,543.67 0.02

ACCRED MTG LOAN 06-1 FL.R 06-36 25/04M250,000 152,888.64 0.20USD

Mortgage and asset backed securities 21,913,513.70 29.16


ACE 2007-HE4 A2A 0.664 07-37 25/05M49,703 11,087.33 0.01USDAHMA 2006-3 2A11 FL.R 06-46 25/1033,699 27,310.30 0.04USDAHMA 2006-5 A1A FL.R 06-46 25/11M131,358 58,339.23 0.08USDAH4R 2014-SFR2 E 6.231 14-24 17/10M100,000 99,910.58 0.13USDALLEG 2013-1A C FL.R 14-26 30/01Q250,000 220,173.42 0.30USDAMERICOLD 2010 LLC TR 6.811 10-21 14/01M100,000 92,439.58 0.12USDAPS 2016-3 3A FL.R 16-46 30/09M110,552 99,350.98 0.13USDAPS 2016-3 4A FL.R 16-47 30/04M48,099 42,962.91 0.06USDARSI 2005-W1 A2 FL.R 05-35 25/05M133,071 102,501.40 0.14USDBACM 2016-UB10 C FL.R 17-49 15/07M40,000 38,359.73 0.05USDBACM 2017-BNK3 XB FL.R 17-50 15/02M1,000,000 37,588.60 0.05USDBAFC 2016-R2 1A1 4.70 16-33 02/05M82,109 73,839.06 0.10USDBALTA 2006-6 1A1 FL.R 06-36 25/11M17,549 17,261.16 0.02USDBAMLL 2016-ISQ E 3.7265 16-26 14/08M100,000 86,300.99 0.11USDBAYC 2005-2A A1 FL.R 05-35 25/08M37,491 31,949.90 0.04USDBAYC 2005-4A M1 FL.R 05-36 25/01M20,233 17,119.00 0.02USDBAYC 2006-3A A1 FL.R 06-36 25/10S37,601 31,941.91 0.04USDBAYC 2006-3A A2 FL.R 06-36 25/10S18,800 16,005.53 0.02USDBAYC 2007-2A A1 FL.R 07-37 25/07M34,832 29,686.08 0.04USDBAYC 2007-6A A4A FL.R 07-37 25/12M100,000 82,526.78 0.11USDBAYVIEW FL.R 06-36 25/04M12,538 10,694.10 0.01USDBCM 2000-A A2 7.575 00-30 15/06M36,484 11,313.79 0.02USDBCM 2000-A A3 7.83 00-30 15/06M34,115 10,308.34 0.01USDBCM 2000-A A4 8.29 00-30 15/06M24,549 8,331.43 0.01USDBSABS 2004-HE7 M2 FL.R 04-34 25/08M3,985 3,496.89 0.00USDBSABS 2005-4 M2 FL.R 05-36 25/01M5,312 4,667.42 0.01USDBSABS 2006-AC1 1A2 FL.R 06-36 25/02M120,524 101,859.17 0.14USDBSABS 2007-FS1 1A FL.R 07-35 25/05M81,929 83,289.82 0.11USDBSABS 2007-HE2 23A FL.R 07-37 25/03M244,757 224,123.05 0.31USDBSABS 2007-HE3 1A3 FL.R 07-37 25/04M85,722 83,807.30 0.11USDBSCMS 2007-T26 AM FL.R 07-45 12/01M7,213 6,404.95 0.01USDBSMF 2006-SL1 A1 FL.R 06-36 25/08M30,234 26,654.73 0.04USDBSMF 2007-AR3 1A1 FL.R 07-37 25/03M21,487 17,874.13 0.02USDBXP 2017-GM E FL.R 17-39 13/06M40,000 34,568.71 0.05USDB2R 2015-1 A1 2.524 15-48 15/05M10,130 8,886.57 0.01USD





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CARR 2006-FRE2 A5 FL.R 06-36 25/10M59,431 42,225.24 0.06USDCBASS 2006-CB2 AF-4 FL.R 06-36 25/12M7,379 6,671.37 0.01USDCBASS 2006-CB7 A4 FL.R 06-36 25/10M59,233 44,861.22 0.06USDCBASS 2006-MH1 B1 FL.R 06-36 25/10M100,000 91,891.77 0.12USDCBASS 2006-SL1 A2 FL.R 06-36 25/09M91,931 12,610.40 0.02USDCBASS 2007-CB1 A FL.R 07-37 25/01M70,695 31,333.73 0.04USDCBASS 2007-CB6 A4 FL.R 07-37 25/07A55,277 34,773.80 0.05USDCCRSG 2016-HEAT X FL.R 16-21 10/04M640,000 10,701.80 0.01USDCD 2006-CD3 AM 5.648 06-48 15/10M5,158 4,646.59 0.01USDCFCRE 2016-C3 A3 3.865 16-48 10/01M10,000 9,485.01 0.01USDCGBAM 2015-SMRT F 3.78588 15-20 10/04M100,000 88,926.32 0.12USDCGCMT 2015-GC27 C FL.R 15-25 10/01M20,000 18,016.19 0.02USDCGCMT 2016-C1 C 5.11916-26 10/05M30,000 28,834.42 0.04USDCGDBB 2017-BIOC E FL.R 17-28 15/07M110,000 96,716.92 0.13USDCMLTI 2007-AHL2 A3 FL.R 07-37 25/05M121,741 77,854.18 0.10USDCMLTI 2007-AHL2 A3 FL.R 07-37 25/05M54,783 35,398.41 0.05USDCNF 2000-1 A5 8.06 00-29 01/09M25,740 10,609.73 0.01USDCOMM 2005-C6 F FL.R 05-44 10/06M84,150 74,767.26 0.10USDCOMM 2014-LC15 A4 4.006 14-47 10/04M20,000 18,877.32 0.03USDCOMM 2015-CR23 CMD FL.R 15-48 10/05M200,000 176,389.96 0.23USDCOMM 2015-CR23 CME 3.807 15-20 10/04M200,000 176,000.63 0.23USDCOMM 2015-CR25 C FL.R 15-48 10/08M23,000 20,876.83 0.03USDCOMM 2015-CR25 XA 1.131 15-25 10/08Q178,754 7,005.65 0.01USDCOMM 2015-LC19 C FL.R 15-48 10/02M40,000 36,987.30 0.05USDCOUNTRYWIDE ALT 6.00 07-37 25/05M126,168 77,385.09 0.10USDCREDIT SUISSE FIRST BOSTON MTGE SEC CORP 2006-2 1A1 FL.R 06-3625/05M

51,439 13,876.73 0.02USD

CSAIL 2015-C2 A4 FL.R 15-57 16/06M10,000 9,220.14 0.01USDCSFB MTG 2005-C3 C FL.R 05-37 15/07M998 885.64 0.00USDCSFB 2005-C2 AMFX 4.877 05-37 15/04M342 299.78 0.00USDCSFB 2005-10 10A1 FL.R 05-35 25/11M22,619 6,495.32 0.01USDCSMC 2014-USA X2 0.039 14-25 15/09M3,190,000 13,172.77 0.02USDCSMC 2014-4R 16A3 FL.R 14-36 27/02M25,000 21,532.45 0.03USDCSMC 2015-A 1A4 0.483 15-36 27/10M40,000 22,880.64 0.03USDCSMC 2015-4A 1A2 FL.R 15-36 27/11M90,000 78,537.49 0.10USDCSMC 2015-6R 5A1 FL.R 15-36 27/03M3,837 3,361.94 0.00USDCSMC 2015-6R 5A2 FL.R 15-36 27/03M60,113 40,736.67 0.05USDCSMI 2008-2 1A1 6.50 08-38 25/06M51,172 45,483.71 0.06USDCSRT 2013-A B 2.50 13-25 25/04Q38,368 32,792.17 0.04USDCWALT 2005-72 A3 FL.R 05-36 25/01M80,097 59,729.49 0.08USDCWALT 2006-OA14 1A1 FL.R 06-46 25/11M86,006 70,560.32 0.09USDCWALT 2006-OA16 A4 FL.R 06-46 25/10M71,185 32,440.91 0.04USDCWALT 2006-OC10 2A3 FL.R 06-36 25/11M26,446 18,736.34 0.02USDCWALT 2006-OC7 2A3 FL.R 06-46 25/07M39,418 29,923.97 0.04USDCWALT 2006-11CB 3A1 6.50 06-36 25/05M30,903 22,132.35 0.03USDCWALT 2007-OA3 1A1 FL.R 07-47 25/04M29,559 24,627.25 0.03USDCWHEL 2004-U 2A FL.R 04-34 15/03A19,885 16,410.60 0.02USDCWHEL 2006-H 1A FL.R 06-36 15/11M36,874 28,092.60 0.04USDCWHL 2005-R3 AF FL.R 05-35 25/09M6,428 5,122.22 0.01USDCWHL 2006-OA5 3A1 FL.R 06-46 25/04M12,951 10,667.84 0.01USDCWL 2006-S2 A3 FL.R 06-27 25/07M1,550 2,835.71 0.00USDCWL 2006-S3 A4 FL.R 06-29 25/01M12,141 11,918.78 0.02USDCWL 2006-S5 A5 6.155 06-35 25/06M14,072 13,499.53 0.02USDCWL 2006-11 3AV2 FL.R 06-36 25/09M4,181 3,615.19 0.00USDDBALT 2007-OA4 A2A FL.R 07-47 25/08M172,757 105,750.31 0.14USDDBALT 2007-RS1 A2 FL.R 07-37 27/01M3,312 2,782.91 0.00USDDBUBS 2011-LC1A E 5.684662 11-46 10/01100,000 91,681.78 0.12USDDCP RIGHTS LLC 2014-1A A 5.463 14-21 25/10Q204,218 183,167.74 0.24USDFANNIE MAE 4.0 18-99 01/11M254,935 238,106.17 0.33USDFANNIE MAE 4.0 18-99 01/11M89,134 83,493.23 0.11USDFANNIE MAE 4.0 18-99 01/11M307,473 288,175.17 0.39USDFANNIE MAE 4.5 18-99 01/11M115,616 108,637.47 0.14USDFANNIE MAE 4.5 18-99 01/11M414,340 397,278.70 0.54USDFANNIE MAE 4.5 18-99 01/11M103,664 97,737.48 0.13USDFANNIE MAE 4.50 16-46 01/02S99,387 95,306.89 0.13USDFFML 2004-FFH3 M3 FL.R 04-34 25/10M18,598 15,393.57 0.02USDFG G 61213 4.50 17-47 01/11M29,496 28,175.00 0.04USD





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FG G07818 4.50 14-44 01/09M109,313 104,400.51 0.14USDFG G60691 4.00 16-46 01/06M59,613 55,189.37 0.07USDFG G60871 4.50 17-46 01/07M15,515 14,808.51 0.02USDFG G60938 4.50 17-47 01/04M215,461 205,643.86 0.27USDFG G60971 4.50 17-47 01/01M128,186 120,963.96 0.16USDFG G61119 4.50 17-47 01/08M133,427 125,998.06 0.17USDFG G67716 4.5 18-48 01/10M35,111 33,147.16 0.04USDFG QO4688 4.00 11-41 01/11M44,857 41,529.29 0.06USDFG Q29918 4.50 14-44 01/11M10,085 9,631.53 0.01USDFG Q38476 4.50 16-46 01/01M11,768 11,231.86 0.01USDFG Q39445 4.50 16-46 01/03M20,076 19,160.87 0.03USDFG Q40448 4.50 17-47 01/08M17,480 16,506.64 0.02USDFG Q47958 4.50 17-47 01/05M152,899 144,385.78 0.19USDFG Q50686 4.50 17-47 01/08M71,700 67,708.32 0.09USDFG Q52146 4.50 17-47 01/11M8,647 8,260.15 0.01USDFG Q52318 4.50 17-47 01/11M30,521 29,153.54 0.04USDFG V83460 4.50 17-47 01/09M114,199 107,840.80 0.14USDFGLMC FG Q57394 4 18-48 01/07M9,341 8,569.74 0.01USDFGLMC FG Q57403 4 18-48 01/07M14,913 13,662.11 0.02USDFHLMC KW01-X1 FL.R 16-26 25/01M513,152 22,871.63 0.03USDFHLMC KW03 X1 0.84 17-27 25/06M138,735 6,208.48 0.01USDFHMS KO72 A2 3.444 18-27 25/12M10,000 9,453.61 0.01USDFN AB8742 4.00 13-43 01/03M34,366 32,206.53 0.04USDFN AB9076 4.00 13-43 01/04M46,097 43,200.58 0.06USDFN AE0625 4.00 10-40 01/12M87,227 81,753.79 0.11USDFN AL9276 4 16-46 01/09M51,437 47,872.56 0.06USDFN AL9281 4.50 16-46 01/09M79,189 74,433.86 0.10USDFN AP6347 4.00 12-42 01/09M60,523 56,726.29 0.08USDFN AS4067 4.00 14-44 01/12M130,055 121,879.57 0.16USDFN AS5848 4.50 15-45 01/09M38,577 36,993.34 0.05USDFN AS9676 -47 01/05M96,900 89,396.11 0.12USDFN BC1222 4.00 16-46 01/07M90,742 84,752.07 0.11USDFN BD6043 4.00 16-46 01/08M5,981 5,586.08 0.01USDFN BE5047 4.00 16-46 01/11M19,522 18,232.39 0.02USDFN BK4213 -48 01/07M18,867 17,460.38 0.02USDFN BM1876 5.063 17-44 01/09M160,703 153,376.14 0.20USDFN BM4683 4.5000 18-48 01/10M66,545 63,410.31 0.08USDFN BM4888 4.5000 18-XX 01/11M59,137 56,652.47 0.08USDFN CA2958 4.5000 18-49 01/01M78,972 75,654.58 0.10USDFN CA3500 4.00 19-49 01/05M73,025 68,411.45 0.09USDFN CA3821 4.00 19-49 01/07M121,000 112,970.19 0.15USDFN 890694 4.00 15-45 01/09M26,504 24,753.06 0.03USDFNA 2017-M12 X FL.R 17-27 25/06M212,083 2,876.12 0.00USDFNMA FN BM5757 4.00 19-48 01/08M118,131 110,274.64 0.15USDFREDDIE MAC 3.347 17-26 25/11M10,000 9,400.79 0.01USDFREDDIE MAC GOLD 4.50 18-48 01/01M10,089 9,634.62 0.01USDFREDDIE MAC GOLD 4.50 18-48 01/01M8,273 7,879.75 0.01USDGCCFC 2006-GG2 AM 5.916 06-38 10/07M13,450 11,936.15 0.02USDGEWMC 2005-2 A2C FL.R 05-35 25/12M17,540 15,492.02 0.02USDGEWMC 2005-2 M1 FL.R 05-35 25/12M85,554 53,259.12 0.07USDGNMA FL.R 13-53 16/11M50,109 1,291.59 0.00USDGNR 2015-173 IO FL.R 15-55 16/09M104,603 5,799.15 0.01USDGNR 2015-22 IO FL.R 15-55 16/03M167,135 7,383.33 0.01USDGNR 2015-48 IO FL.R 15-50 16/02M85,713 3,501.47 0.00USDGPMF 2006-AR2 4A1 FL.R 06-36 01/03M52,706 46,192.96 0.06USDGS MS 2005-ROCK A 5.366 05-32 03/05M80,000 81,995.50 0.11USDGSAMP 2007-HS1 M6 FL.R 07-47 25/02M30,000 28,081.12 0.04USDGSAMP 2007-H1 A1B FL.R 07-37 25/01M34,430 20,211.23 0.03USDGSMPS 2005-RP1 1AF FL.R 05-35 25/01M27,533 22,574.04 0.03USDGSMPS 2005-RP2 1AF FL.R 05-35 25/03M32,372 26,904.96 0.04USDGSMPS 2006 RP1 1AF1 FL.R 06-36 25/01M24,997 18,932.15 0.03USDGSR MORTGAGE 5.5 07-37 25/01M32,502 31,511.55 0.04USDGT 1998-6 M1 6.63 98-30 01/06M12,954 11,132.15 0.01USDGT 1998-8 M1 6.98 98-30 01/09M58,906 47,049.54 0.06USDHEAT 2007-1 2A FL.R 07-37 25/05M50,000 36,882.36 0.05USDHVMLT 2007-4 2A2 FL.R 07-47 19/07M28,148 22,599.30 0.03USDINDX 2007-FLX5 2A2 FL.R 07-37 25/08M27,579 19,573.65 0.03USD





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JP MORGAN ALTERNATIVE LOAN TR 2007-A2 2A1 FL.R 07-37 25/05M20,349 17,022.28 0.02USDJPMBB 2015-C27 XD 0.50 15-25 15/02M1,000,000 20,471.04 0.03USDJPMCC 2014-C20 A5 FL.R 14-47 15/07M30,000 28,152.43 0.04USDJPMCC 2015-UES D FL.R 15-32 05/09M100,000 88,349.59 0.12USDJPMCC 2015-UES E 3.7417 15-32 05/09M110,000 96,864.78 0.13USDJPMCC 2016-JP3 XC 0.75 16-26 15/09M210,000 8,216.40 0.01USDJPMCC 2016-NINE A 2.8541 16-26 06/09M200,000 178,982.67 0.24USDJPMDB 2016-C4 XC 0.75 16-26 15/11M1,800,000 75,149.07 0.10USDLBMLT 2006-101 2A3 FL.R 06-36 25/11M84,910 38,980.74 0.05USDLBMLT 2006-101 2A4 FL.R 06-36 25/11M60,650 27,962.68 0.04USDLBMLT 2006-4 2A4 FL.R 06-36 25/05M53,537 20,857.75 0.03USDLBMLT 2006-5 2A3 FL.R 06-36 25/06M54,049 29,514.05 0.04USDLBMLT 2006-9 2A3 FL.R 06-36 25/10M98,070 43,416.87 0.06USDLCCM 2014-909 E 47 FL.R 14-21 15/05M300,000 267,809.68 0.37USDMAD 2013-650M D 4.168 13-20 12/10M101,000 90,084.55 0.12USDMAD 2017-330M D FL.R 17-34 15/08A150,000 135,859.36 0.18USDMAD 2017-330M E FL.R 17-34 15/08A220,000 197,162.35 0.26USDMANA 2007-OAR2 A2 FL.R 07-37 25/04M44,845 36,943.81 0.05USDMARS 2008-3 A1 FL.R 08-37 25/08M54,866 36,961.04 0.05USDMLMT 2005-CIP1 D FL.R 05-38 12/07M25,679 23,061.30 0.03USDMLMT 2006-OPT1 M1 FL.R 06-37 25/08M10,122 6,830.65 0.01USDMLRT 2009-RS1 A85 FL.R 09-36 16/04M390,686 312,338.10 0.43USDMORGAN STANLEY FL.R 15-25 15/06M100,000 85,854.57 0.11USDMOSAIC SOLAR LOANS 4.37 19-43 21/12M99,333 90,792.21 0.12USDMSAC 2005-HE5 M4 FL.R 05-35 25/09M74,945 56,393.16 0.08USDMSAC 2007-NC1 A1 FL.R 07-36 25/11M245,503 130,241.03 0.17USDMSBAM 2014-C19 XF 1.33911 14-24 15/12M100,000 4,548.39 0.01USDMSBAM 2017-C33 C SUB=4.558 17-27 15/05M10,000 9,343.92 0.01USDMSC 2016-UBS9 XD 1.6983 16-26 15/02M1,000,000 78,081.10 0.10USDMSC 2017-CLS F FL.R 17-34 15/11M93,000 81,521.09 0.11USDMSC 2017-H1 XD FL.R 17-50 15/06M200,000 25,182.67 0.03USDMSM 2007-9SL A FL.R 07-37 25/07M22,299 16,961.25 0.02USDNAVSL 2014-CT B FL.R 14-21 15/03M200,000 177,983.53 0.24USDOMFIT 2016-1A B 4.57 16-29 20/02M150,000 134,147.75 0.18USDOMPT-17-1 FL.R 17-32 10/02M1,000,000 3,381.62 0.00USDOOMLT 2007-CP1 2A3 FL.R 07-37 25/03M40,000 31,226.95 0.04USDOOMLT 2007-FXD2 1A1 FL.R 07-37 25/03M228,180 201,309.47 0.27USDOT 2017-OT E 4.076 17-27 10/05M100,000 89,118.12 0.12USDOT 2017-OT XA 0.51 17-27 10/05M1,000,000 25,141.92 0.03USDOWNIT 2006-2 A2C 6.00 06-37 25/01M30,000 27,601.86 0.04USDPROG 2015-SFR3 F 6.643 15-20 12/11M100,000 90,283.36 0.12USDPROG 2017-SFR1 A 2.768 17-22 17/08M99,680 88,268.81 0.12USDRALI 2007-QH9 A1 FL.R 07-37 25/11M39,882 34,007.87 0.05USDRMRK 2018-1A A1 FL.R 18-31 20/04Q250,000 217,543.23 0.29USDRPT 2017-ROSS E FL.R 17-33 15/06M100,000 87,674.87 0.12USDSABR 2006-WM4 A1 FL.R 06-36 25/11M125,934 67,319.89 0.09USDSACO I TRUST 2006-9 -A1- FL.R 06-36 25/08M9,735 10,940.43 0.01USDSCRT 2017-3 B FL.R 17-56 25/07M29,690 2,761.02 0.00USDSCRT 2018-1 M FL.R 18-57 25/05M10,000 8,702.68 0.01USDSGMS 2006-FRE2 A FL.R 06-36 25/07M90,313 24,483.10 0.03USDSLFT 2016-AA B 3.80 16-29 15/11M150,000 132,661.67 0.18USDSLMA 2004-A A3 FL.R 04-33 15/06Q50,504 43,590.33 0.06USDSLMA 2004-B A3 FL.R 04-24 15/03Q349,430 305,578.71 0.42USDSLMA 2013-A B FL.R 13-19 15/07M70,455 61,980.74 0.08USDSMB 2015-B B 3.50 15-26 15/01M100,000 90,508.67 0.12USDSNMLT 2007-1A 2A FL.R 07-37 25/04M13,041 11,307.09 0.02USDSOFI PROFESSIONAL 3.6 18-48 25/02M100,000 92,024.29 0.12USDTMST 2007-3 4A1 FL.R 07-47 25/6M10,894 8,616.64 0.01USDTOBACCO ABS SA 7.467 07-47 01/06S60,000 53,119.15 0.07USDWAMU 2005-AR2 B1 FL.R 05-45 25/01M50,042 24,577.60 0.03USDWFCM 2015-C27 C 3.894 15-25 15/03M31,000 26,604.72 0.04USDWFCM 2015-C31 A4 0.359 15-48 15/05M30,000 28,287.62 0.04USDWFCM 2015-NXS1 XB 0.359 15-48 15/05M1,000,000 25,524.57 0.03USDWFCM 2015-NXS4 A4 3.718 15-48 15/12M10,000 9,443.32 0.01USDWFCM 2015-NXS4 D 3.7565 15-48 01/12M20,000 17,310.53 0.02USDWFCM 2016-NXS5 C FL.R 16-59 15/01M40,000 38,057.87 0.05USDWFCM 2017-C39 C 4.118 17-50 15/09M40,000 36,410.72 0.05USD





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WFCM 2017-C39 D FL.R 17-50 15/09M40,000 35,291.09 0.05USDWMALT 2006-4 3A1 6.50 06-36 25/05M46,645 37,476.09 0.05USDWMALT 2007-HE2 2 FL.R 07-37 25/02M91,826 37,022.07 0.05USDYMLT 2007-1 A FL.R 07-37 25/06M81,523 32,460.84 0.04USD

ALLEGRO CLO I LTD FL.R 17-26 30/01Q250,000 220,296.59 0.29USDCayman Islands 3,905,098.00 5.20

ALM 2012-6A A2R3 FL.R 18-26 15/07Q250,000 218,447.20 0.29USDANCHC 2015-6A AR FL.R 17-30 15/07Q250,000 219,585.81 0.29USDANCHC 2016-9A C FL.R 16-29 15/01Q250,000 220,381.58 0.29USDANCHORAGE CAP CLO 7 LTD FL.R 17-27 15/10Q250,000 219,610.33 0.29USDAPID 2013-15A A1RR FL.R 18-31 20/04Q500,000 435,025.47 0.59USDARCLO 2017-FL3 A FL.R 17-27 15/12M100,000 88,011.46 0.12USDBLUEM 2013-2A A1R FL.R 17-30 22/10Q250,000 219,684.63 0.29USDCEDF 2013-1A A1R FL.R 17-30 09/06Q250,000 219,801.49 0.29USDCEDF 2017-8A A1 FL.R 17-30 17/10Q260,000 228,642.27 0.31USDCGMS 14-1A A1R2 FL.R 18-31 17/04Q250,000 216,959.62 0.29USDDRSLF 2013-28A A1 FL.R 17-30 15/08Q250,000 219,456.65 0.29USDHLM 7A-2015 DR FL.R 18-27 15/03Q250,000 213,916.13 0.28USDMADISON PARK FDG XVI LTD FL.R 15-26 20/04Q250,000 220,297.33 0.29USDMARNR 2016-3A DR FL.R 17-29 23/07Q250,000 220,894.69 0.30USDOFSBS 2014-6A CR 18-25 20/03Q100,000 87,948.42 0.12USDPLMRS 2013-1A A2R FL.R 17-25 15/05Q250,000 217,347.83 0.29USDSNDPT 2017-1A C FL.R 17-29 23/01Q250,000 218,790.50 0.29USD

B2R 2015-2 A 3.336 15-XX 01/01M44,342 39,106.17 0.05USDLuxembourg 1,841,515.80 2.45

B2R 2015-2 XA FL.R 15-49 01/11M504,963 8,506.43 0.01USDCGMS 2015-4A SBB1 FL.R 15-27 20/10Q104,398 89,095.22 0.12USDCORE 2015-CALW G 3.85 15-34 10/02M350,000 313,327.85 0.41USDCORE 2015-WEST E 4.226791 15-25 10/02M100,000 92,263.31 0.12USDCWALT 2005-22T1 A1 FL.R 05-35 25/06M72,378 56,372.96 0.08USDCWHEL 2006-RES 5B1A FL.R 06-35 15/05M161,672 139,052.58 0.19USDDBUBS 2017-BRBK F FL.R 17-24 10/10M40,000 33,864.98 0.05USDFANNIE MAE POOL 4.5 19-49 01/03Q39,290 37,646.61 0.05USDFFML 2006-FFH1 M2 FL.R 06-36 25/01M53,823 42,252.31 0.06USDGNR 2012-23 IO FL.R 12-53 16/06M123,071 2,086.58 0.00USDLBMLT 2006-06-2 1A FL.R 06-46 25/03M102,375 78,715.34 0.10USDLFT 2017-1A A 2.80 17-26 20/05M230,000 202,570.21 0.27USDLFT 2017-1A A 3.27 17-24 22/01A330,008 290,472.44 0.39USDMAMHC 2002-A B2 FL.R 02-32 25/03M39,209 35,465.63 0.05USDMCM 2018-NPL2 A 4.00 18-28 25/10M93,983 82,940.31 0.11USDMOTOR PLC 3.75 16-25 25/11M100,000 113,032.45 0.15GBPVOLTA ELECTRICITY RECEI 0.7 19-24 12/02M100,000 100,000.00 0.13EURWMALT 2006-4 1A1 6.00 06-36 25/04M93,967 84,744.42 0.11USD

CANWA II D2 PLC FL.R 07-37 22/10Q55,000 52,753.26 0.07GBPUnited Kingdom 1,616,867.87 2.15

ESAIL 2006-2X A2C FL.R 06-44 15/12Q55,479 61,189.87 0.08GBPESAIL 2006-4X REG SHS FL.R 06-44 10/12Q11,237 12,374.18 0.02GBPFINSBURY SQUARE 2017 FL.R 18-68 12/09Q100,000 112,115.30 0.15GBPGHM 2007-2X BA FL.R 07-39 18/06Q100,000 100,793.55 0.13GBPHWKSM 2016-1B FL.R 16-53 25/05Q100,000 111,670.18 0.15GBPPARAGON MTG -13X-B1B FL.R 06-39 15/01Q48,289 44,423.00 0.06EURPARAGON MTG -14X -BB FL.R 07-39 15/09Q50,000 43,127.01 0.06EURPARAGON MTG -23-A1- FL.R 15-43 15/01Q9,953 9,959.38 0.01EURPARAGON MTG -23-A2- FL.R 15-43 15/01Q9,953 11,111.47 0.01GBPRIPON 1X C1 FL.R 17-56 20/08Q405,000 449,790.80 0.60GBPRMS 29 B FL.R 17-46 20/12Q100,000 111,667.04 0.15GBPTURBO FINANCE 8 PLC FL.R 18-26 20/02M100,000 112,156.70 0.15GBPWARWICK FIN RES MTG NB ONE PLC FL.R 15-49 21/09Q100,000 111,710.24 0.15GBPWARWICK FIN RES MTG NB ONE PLC 1 A FL.R 15-49 21/09Q143,147 160,086.81 0.21GBPWARWICK FIN RES MTG NB 2 PLC C FL.R 15-49 21/09Q100,000 111,939.08 0.15GBP

TARGUS SA 4 SNR 2.423 16-21 12/02M126,704 128,902.11 0.17EURPortugal 329,526.03 0.44

VERSE 5 SA 0.85 17-22 12/02M199,104 200,623.92 0.27EUR

CGMS 2016-1A DR FL.R 18-27 20/04Q250,000 212,248.63 0.28USDIreland 309,629.80 0.41

TAURUS FL.R 18-30 16/05Q98,539 97,381.17 0.13EUR





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IMT 2017-APTS -DFX- 3.614 17-24 15/06M134,500 120,535.79 0.16USDAustralia 211,708.64 0.28

IMT 2017-IMTT -BFX- 3.614 17-24 15/06M100,000 91,172.85 0.12USD

SOFI 2018-C A2FX 3.59 18-27 25/06M100,000 91,760.07 0.12USDCanada 91,760.07 0.12

WELLS FARGO CIAL MTG FL.R 16-49 15/08M1,000,000 68,383.69 0.09USDGermany 68,383.69 0.09

SABRE INC 144A 5.375 15-23 15/04S55,000 50,012.09 0.07USD


Bonds 169,583.06 0.23


SPRINT NEXTEL CORP 7.00 12-20 01/03S47,000 42,479.22 0.06USD

AIR CANADA 2015-2 PASS THRU TRUSTS -144A- 5.00 15-23 15/12S86,400 77,091.75 0.10USDCanada 77,091.75 0.10

TARJETA NARANJA SA -144A- FL.R 17-22 11/04Q89,000 25,443.11 0.03USD


Argentina 25,443.11 0.03

APS 2016-1 1MZ FL.R 16-57 31/07M118,192 40,026.17 0.05USD



BAYC 2005-4A A1 FL.R 05-36 25/01M26,977 21,645.46 0.03USDCSMC 2014-11R 16A1 FL.R 14-47 27/09M91,540 80,956.39 0.12USDCWHEL 2006-RES 5B1B FL.R 06-35 15/05Q10,160 8,504.56 0.01USDOMPT 2017-1MKT XNC FL.R 17-32 10/02M200,000 1.76 0.00USDORGN 2007-B A1 FL.R 07-37 15/10M42,792 36,942.12 0.05USDSCRT 2018-1 BX 6.662 18-57 25/05M9,992 3,547.60 0.00USD

LFRF 15-1 A 3.50 15-27 01/10Q101,765 89,163.94 0.12USDLuxembourg 89,163.94 0.12

TRIAX 2006-1A A2 FL.R 06-39 03/03Q380,000 25,970.76 0.03USDCayman Islands 25,970.76 0.03

ISHARES PLC EURO HIGH YIELD CORP BD UCITS ETF DIS EUR10,301 1,080,265.87 1.44EUR



Bond funds 1,080,265.87 1.44






299Page

LUX IM– Invesco Financial Credit Bond

300Page


1,815,539.60Unrealised profit on the securities portfolio2,349,354.80Cash at banks7,999,584.46Time deposits3,285,103.91Interests receivable

710,124.97Subscriptions receivable1,581,057.99Unrealised appreciation on forward foreign exchange contracts


3,433,280.70Liabilities758,864.26Bank overdrafts486,598.16Accrued performance fees

1,099,937.51Redemptions payable879,985.68Accrued management fees14,804.15Accrued depositary fees




Expressed in EUR


LUX IM – Invesco Financial Credit Bond





01/01/19





H - EUR - Capitalisation 1,973,070.582 52,462.523 1,671,785.388 353,747.717

301Page

Key figures


Total Net Assets 256,929,415.85 419,115,775.15 468,710,265.61



126.7018.696 7,661.290

118.399,852.479



124.68665,601.257 650,189.694

116.39632,978.884



121.271,101,809.886 1,194,465.427

113.031,141,471.280



129.813,913.395 3,513.679

120.744,158.840



112.57353,747.717 1,973,070.582

104.962,214,144.730


302Page

CLERICAL MEDICAL FINANCE PLC 7.375 00-XX 05/11A60,000 68,022.52 0.03GBP


Bonds 57,031,040.82 22.20

United Kingdom 15,257,403.23 5.94

CO-OP BK FIN 9.5 19-29 25/04S1,330,000 1,478,052.97 0.58GBPESURE GROUP PLC 6.75 14-24 19/12S1,290,000 1,445,453.06 0.56GBPHSBC HOLDINGS PLC 6.25 18-23 23/03S3,000,000 2,718,458.90 1.05USDJRP GROUP PLC 9.00 16-26 26/10S427,000 547,022.34 0.21GBPLLOYDS BANKING GROUP PLC 7.50 18-XX XX.XXQ2,550,000 2,354,519.07 0.92USDONESAVINGS BANK PLC 9.125 17-XX 25/05S680,000 768,571.36 0.30GBPPHOENIX GROUP HOLDINGS SUB 5.375 17-27 06/07S1,250,000 1,099,886.75 0.43USDRL FIN BONDS N0. 3 PLC 6.125 15-28 13/11A1,120,000 1,433,819.81 0.56GBPROTHESAY LIFE PLC 8.00 15-25 30/10A2,020,000 2,556,230.26 0.99GBPSKIPTON BUILDING SOCIETY 8.50 00-XX 26/04S500,000 787,366.19 0.31GBP

DRESDNER FUNDING TRUST I 8.151 99-31 30/06S5,000,000 5,933,588.42 2.31USDUnited States of America 7,318,534.90 2.85

HVB FUNDING TRUST II REG SHS 7.76 99-36 13/10A1,000,000 1,384,946.48 0.54GBP

BEAZLEY GROUP 5.875 16-26 04/11S5,000,000 4,458,591.72 1.74USDJersey Island 4,907,558.16 1.91

HBOS CAP FUNDING NO.1 LP 6.85 03-XX 23/03Q500,000 448,966.44 0.17USD

BNP PARIBAS SA 6.50 07-XX 06/06Q950,000 855,568.23 0.33USDFrance 4,794,036.09 1.87

BNP PARIBAS SA 1.50 17-25 17/11A2,000,000 2,110,100.00 0.83EURSOCIETE GENERALE SA REG SHS 7.375 18-XX 31/12S2,000,000 1,828,367.86 0.71USD

DEUTSCHE BANK AG 1.875 19-22 12/02A1,000,000 1,013,695.00 0.39EURSwitzerland 4,751,479.23 1.85

UBS AG 5.125 14-24 15/05A4,000,000 3,737,784.23 1.46USD

BANK OF IRELAND GROUP 3.125 17-27 19/09A2,000,000 2,194,246.21 0.86GBPIreland 4,235,876.21 1.65

BK IRELAND 1.375 18-23 29/08A2,000,000 2,041,630.00 0.79EUR

ABN AMRO BANK NV SUB 2.875 16-28 18/01A1,000,000 1,078,960.00 0.42EURThe Netherlands 3,850,985.00 1.50

AEGON NV 5.625 19-49 29/12S2,500,000 2,772,025.00 1.08EUR


LIBERBANK SA 6.875 17-27 14/03A2,500,000 2,721,125.00 1.06EUR

INTESA SANPAOLO SPA 8.375 09-XX 14/10A500,000 511,980.00 0.20EURItaly 3,648,556.00 1.42

SOC CATTOLICA ASSI SC 4.25 17-47 14/12A3,200,000 3,136,576.00 1.22EUR

BANCO COMERCIAL PORT 9.25 19-XX XX/XXQ2,200,000 2,399,122.00 0.93EURPortugal 2,399,122.00 0.93

DEUTSCHE BANK AG 4.50 16-26 19/05A2,000,000 2,133,740.00 0.83EURGermany 2,133,740.00 0.83

AVIVA PLC SUB FL.R 03-XX 29/09A1,800,000 2,174,130.24 0.85GBP


United Kingdom 60,855,974.73 23.68

BARCLAYS BANK PLC SUB FL.R 86-XX 29/08S2,000,000 1,270,211.55 0.49USDBARCLAYS PLC FL.R 17-28 07/02A2,000,000 1,963,260.00 0.76EURBARCLAYS PLC SUB FL.R 15-XX 15/09Q2,000,000 2,364,183.76 0.92GBPBARCLAYS PLC SUB FL.R 17-XX 15/03Q1,500,000 1,740,806.20 0.68GBPBK OF SCOTLAND FL.R 85-XX 14/05S2,750,000 1,902,104.50 0.74USDCIS GENERAL INSURANCE LTD FL.R 15-25 08/05Q600,000 723,095.01 0.28GBPCYBG PLC FL.R 16-26 08/02S2,500,000 2,798,059.77 1.09GBPCYBG PLC FL.R 19-XX XX/XXS690,000 807,118.42 0.31GBPHSBC BANK PLC FL.R 86-XX 11/06S2,500,000 1,551,699.87 0.60USDHSBC BANK PLC SUB FL.R 85-XX 29/06S2,500,000 1,551,523.95 0.60USDHSBC BANK PLC SUB FL.R 85-49 29/09S3,000,000 1,863,332.89 0.73USDHSBC HOLDINGS PLC FL.R 17-49 22/05S5,000,000 4,490,280.16 1.75USDLLOYDS BANK PLC FL.R 85-49 21/12S3,500,000 2,417,627.66 0.94USDLLOYDS BANK PLC FL.R 86-XX 28/02S750,000 517,436.33 0.20USDLLOYDS BANKING GROUP PLC FL.R 14-XX 27/06Q3,000,000 2,778,730.71 1.08USDLLOYDS BANKING GROUP PLC SUB FL.R 14-XX 01/04Q2,800,000 3,536,685.99 1.38GBPNATIONWIDE BUILDING SOCIETY FL.R 00-XX 13/03S800,000 1,082,818.91 0.42GBP





303Page

NATIONWIDE BUILDING SOCIETY FL.R 17-29 25/07A2,000,000 2,004,960.00 0.78EURNATL WESTMINSTER BANK PLC FL.R 85-XX 23/03Q7,000,000 4,927,923.65 1.92USDNATL WESTMINSTER BANK PLC SUB FL.R 85-XX 25/09S1,520,000 1,067,081.85 0.42USDNATWEST MARKETS PLC FL.R 19-21 18/06Q370,000 370,536.50 0.14EURPHOENIX LIFE LTD FL.R 01-XX 25/03A2,000,000 2,318,309.55 0.90GBPPRINCIPALITY BUILDING SOC SUB FL.R 04-XX 01/06S764,000 856,313.82 0.33GBPROYAL BANK OF SCOTLAND GROUP PLC FL.R 15-49 30/09Q3,000,000 2,844,491.36 1.11USDROYAL BANK OF SCOTLAND GROUP PLC FL.R 85-XX 11/06S500,000 350,266.09 0.14USDROYAL BANK OF SCOTLAND GROUP PLC SUB FL.R 07-XX XX/XXQ2,500,000 2,091,063.03 0.81USDRSA INSURANCE GROUP PLC FL.R 14-45 10/10A2,250,000 2,769,472.01 1.08GBPSAINSBURYS BANK PLC FL.R 17-27 23/11S2,000,000 2,280,932.21 0.89GBPSANTANDER UK PLC SUB FL.R 01-XX 29/08A820,000 1,041,184.21 0.41GBPVIRGIN MONEY HOLDINGS (UK) PLC FL.R 16-XX 10/05S2,000,000 2,400,334.53 0.93GBP

BANCO SABADELL SA FL.R 17-XX 18/02Q4,400,000 4,384,820.00 1.71EURSpain 32,687,640.11 12.72

BANCO SANTANDER SA FL.R 18-XX XX/XXQ1,400,000 1,321,866.00 0.51EURBANCO SANTANDER SA FL.R 19-24 02/08Q2,000,000 1,878,260.11 0.73USDBANCO SANTANDER SA FL.R 14-XX 12/03A6,000,000 6,018,360.00 2.35EURBANKIA SUB SA FL.R 17-XX 18/07Q5,000,000 5,124,000.00 1.99EURCAIXABANK SA FL.R 17-27 15/02A3,000,000 3,190,590.00 1.24EURCAIXABANK SA FL.R 18-XX XX/XXQ4,000,000 3,753,520.00 1.46EURCAIXABANK SA SUB FL.R 17-XX 13/06A4,000,000 4,314,400.00 1.68EURMAPFRE SA SUB FL.R 17-47 31/03A2,400,000 2,701,824.00 1.05EUR

ASSICURAZIONI GENERALI SPA FL.R 07-XX 08/02A4,250,000 4,982,755.36 1.94GBPItaly 28,218,013.11 10.98

BANCO BPM SPA FL.R 19-99 18/04S4,000,000 3,959,920.00 1.54EURINTESA SANPAOLO SPA FL.R 17-XX 11/07S5,000,000 5,614,150.00 2.19EURINTESA SANPAOLO SPA FL.R 15-49 17/03S2,000,000 1,726,630.60 0.67USDUNICREDIT SPA FL.R 19-49 19/03S5,500,000 5,775,990.00 2.24EURUNICREDIT SPA FL.R 17-XX 03/06S4,000,000 3,627,600.00 1.41EURUNICREDIT SPA SUB FL.R 14-XX 03/06S3,000,000 2,530,967.15 0.99USD

BNP PARIBAS SA FL.R 15-XX 19/08S2,000,000 1,949,069.80 0.76USDFrance 18,245,827.92 7.10

BNP PARIBAS SA FL.R 07-XX 25/06S1,000,000 953,652.64 0.37USDBPCE SA FL.R 09-XX 30/09S450,000 464,134.50 0.18EURCREDIT AGRICOLE SA FL.R 14-XX 23/01Q3,000,000 2,898,007.66 1.13USDCREDIT AGRICOLE SA FL.R 14-XX 26/06Q2,400,000 3,036,476.36 1.18GBPSCOR SE FL.R 18-XX XX/XXS4,000,000 3,255,275.54 1.27USDSOCIETE GENERALE SA FL.R 15-XX 29/09S2,000,000 1,930,756.04 0.75USDSOCIETE GENERALE SA FL.R 13-XX 18/12S4,000,000 3,758,455.38 1.46USD

ASR NEDERLAND NV FL.R 15-45 29/09A1,000,000 1,169,990.00 0.46EURThe Netherlands 12,997,169.69 5.06

ATRADIUS FIN BV SUB FL.R 14-44 23/09A2,000,000 2,235,800.00 0.87EURING GROUP NV FL.R 16-XX 21/11S5,500,000 5,092,501.21 1.98USDROTHSCHILDS CONT FIN BV SUB FL.R 86-XX 29/09S1,000,000 505,739.55 0.20USDVIVAT NV FL.R 17-XX 16/05S4,500,000 3,993,138.93 1.55USD

CREDIT SUISSE GROUP AG FL.R 13-XX 11/12S5,000,000 4,835,026.61 1.88USDSwitzerland 11,146,823.78 4.34

UBS GROUP AG SUB FL.R 15-XX 19/02A2,000,000 1,924,194.05 0.75USDUBS GROUP AG SUB FL.R 16-XX 10/08A2,500,000 2,310,463.12 0.90USDUBS GROUP FUNDING AG FL.R 18-25 17/04A2,000,000 2,077,140.00 0.81EUR

BAWAG GROUP AG FL.R 18-XX XX/XXS4,000,000 3,977,240.00 1.55EURAustria 6,035,720.00 2.35

RAIFFEISEN BANK INTERNATIONAL AG FL.R 14-25 21/02A2,000,000 2,058,480.00 0.80EUR

DANSKE BANK AS SUB FL.R 17-XX 28/09S4,000,000 3,403,720.81 1.33USDDenmark 4,462,510.81 1.74

NYKREDIT REALKREDIT AS FL.R 15-27 17/11A1,000,000 1,058,790.00 0.41EUR

DEUTSCHE BANK AG FL.R 14-XX 30/04A2,500,000 2,383,446.70 0.92GBPGermany 3,864,786.70 1.50

IKB DEUTSCHE INDUSTBK AG FL.R 18-28 31/01A1,500,000 1,481,340.00 0.58EUR

HISCOX LTD FL.R 15-45 24/11A2,000,000 2,493,153.43 0.97GBPBermuda 2,493,153.43 0.97

BANK OF CYPRUS PUBLIC CO LTD FL.R 17-27 19/01A2,000,000 2,101,940.00 0.82EURCyprus 2,101,940.00 0.82





304Page

DEUTSCHE POSTBANK FD TRUST I SUB FL.R 04-XX 29/12S2,000,000 1,330,760.00 0.52EURUnited States of America 1,994,300.00 0.78

DEUTSCHE POSTBANK FD TRUST III FL.R 05-XX 07/06A1,000,000 663,540.00 0.26EUR

HONGKONG & SHANGHAI BANKING CORP HSBC FL.R 86-49 09/10Q2,500,000 1,556,801.69 0.61USDHong Kong 1,556,801.69 0.61

BANK OF SCOTLAND CAPITAL FUNDING LP FL.R 00-XX 30/11Q600,000 739,857.27 0.29GBPJersey Island 739,857.27 0.29






305Page

LUX IM– Invesco Global Multi-Credit

306Page



5,033,446.29Cash at banks1,831,399.28Interests receivable2,379,781.74Brokers receivable

826,137.77Subscriptions receivable1,324,365.94Unrealised appreciation on forward foreign exchange contracts

384,263.05Unrealised appreciation on financial futures4,000.61Other assets


5,711,005.61Brokers payable295,894.13Accrued performance fees756,635.36Redemptions payable

1,109,119.41Unrealised depreciation on swaps499,232.33Accrued management fees




Expressed in EUR


LUX IM – Invesco Global Multi-Credit





01/01/19





H - EUR - Capitalisation 1,027,051.098 270,720.132 398,836.773 898,934.457

307Page

Key figures


Total Net Assets 209,034,554.80 209,914,338.46 318,265,190.64



112.5249.481 7,746.405

105.809,225.546



110.79179,464.602 168,496.848

104.49191,331.997



112.07852,822.269 863,382.288

105.371,057,927.969



116.22987.698 996.574

109.131,106.363



103.96898,934.457 1,027,051.098

97.761,727,212.926


308Page

ALTRIA GROUP INC 1.0 19-23 15/02A150,000 153,465.75 0.07EUR


Bonds 106,728,200.04 51.05


ALTRIA GROUP INC 1.7 19-25 15/06A150,000 155,967.75 0.07EURALTRIA GROUP INC 3.125 19-31 15/06A200,000 217,562.00 0.10EURAMC ENTERT HLDG 6.125 17-27 15/05S130,000 102,074.90 0.05USDAMERIGAS PARTNERS 5.875 16-26 20/08S225,000 210,020.79 0.10USDANTERO RESOURCES CORP 5.00 17-25 01/03S130,000 106,093.77 0.05USDASCENT RESOURCES UTICA HLDGS LLC 10.00 17-22 01/04S55,000 51,161.10 0.02USDAT & T INC 3.50 13-25 17/12A200,000 237,717.00 0.11EURAT & T INC 4.3 18-30 15/02S750,000 704,222.20 0.34USDBANK OF AMERICA CORP 0.75 16-23 26/07A700,000 716,656.50 0.34EURBAYER US FINANCE II L 4.875 18-48 25/06S900,000 823,208.86 0.39USDBAYER US FINANCE II LLC 3.875 18-23 25/06S207,000 188,258.29 0.09USDBBA US HOLDINGS INC 5.375 18-26 01/05S105,000 96,285.79 0.05USDBEAZER HOMES USA INC 8.75 17-22 15/03S125,000 115,041.02 0.06USDBECTON DICKINSON CO 1.90 16-26 15/12A400,000 426,234.00 0.20EURBMC EAST LLC 5.50 16-24 01/10S160,000 143,202.71 0.07USDBOYD GAMING CORP 6.375 16-26 01/04S145,000 134,994.06 0.06USDBRIGHTHOUSE 4.7 17-47 22/12S276,000 203,504.64 0.10USDBRISTOL-MYERS S 2.9000 19-24 26/07S313,000 281,682.11 0.13USDBRISTOL-MYERS S 3.4000 19-29 26/07S304,000 279,406.71 0.13USDBUCKEYE PARTNER 5.6000 14-44 15/10S210,000 153,433.83 0.07USDCABLEVISION SYSTEMS CORP 8.00 10-20 15/04S80,000 72,743.46 0.03USDCABLEVISION SYSTEMS CORP 5.875 12-22 15/09S160,000 148,725.34 0.07USDCALIFORNIA RESOURCES CORP -144A- 8.00 15-22 15/12S65,000 43,310.46 0.02USDCALLON PETROLEUM CO 6.125 17-24 01/10S370,000 330,105.02 0.16USDCANTOR FITZGERA 4.8750 19-24 01/05S300,000 271,991.03 0.13USDCARDTRONICS INC 5.5000 17-25 01/05S1,120,000 982,715.40 0.47USDCARGILL INC 3.2500 19-29 23/05S151,000 136,825.77 0.07USDCARLYLE FINANCE 5.6500 18-48 15/09S150,000 140,715.73 0.07USDCCO HOLDINGS LLC -144A- 5.75 16-26 15/02S155,000 143,526.17 0.07USDCD&R WATERWORKS 6.125 17-25 15/08S165,000 147,677.79 0.07USDCENTENNIAL RESOURCE PRODUCTION 6.8750 19-27 01/04S159,000 141,258.74 0.07USDCENTURYLINK INC 7.50 16-24 01/04S245,000 238,255.68 0.11USDCFX ESCROW CROP 6.00 19-24 15/02S57,000 52,990.42 0.03USDCHARTER COMM OPERATING LLC 5.7500 18-48 01/04S535,000 519,084.35 0.25USDCHARTER COMM OPERATING LLC 4.20 17-28 15/03S500,000 455,970.44 0.22USDCHUBB INA HOLDINGS INC 2.50 18-38 15/03A350,000 400,972.25 0.19EURCITIGROUP INC 0.75 16-23 26/10A500,000 511,580.00 0.24EURCLEAR CHANNEL 9.25 19-24 12/02S125,000 119,848.70 0.06USDCLEAVER BROOKS INC 7.875 17-23 01/03S140,000 118,529.26 0.06USDCOLFAX CORP 3.25 17-25 15/05S160,000 165,648.80 0.08EURCOMCAST CORP 4.9500 18-58 15/10S160,000 171,412.58 0.08USDCOMMSCOPE FINANCE 5.5000 19-24 01/03S131,000 118,578.72 0.06USDCOMMSCOPE FINANCE 6 19-26 01/03S880,000 799,225.93 0.38USDCOMMSCOPE FINANCE 8.25 19-27 19/02S65,000 58,176.10 0.03USDCREDIT ACCEPTANCE 6.625 19-26 07/03S80,000 74,416.15 0.04USDCROWN CASTLE INTL CORP 3.20 17-24 01/09S300,000 268,689.80 0.13USDCUMULUS MEDIA NEW 6.75 19-26 01/07S17,000 15,028.37 0.01USDCVS HEALTH CORP 5.05 18-48 25/03S310,000 288,796.15 0.14USDDAVITA INC 5.125 14-24 15/07S225,000 198,502.12 0.09USDDELTA AIR LINES 3.80 18-23 19/04S125,000 113,003.58 0.05USDDENBURY RESOURCES INC 9.25 17-22 31/03S65,000 54,030.88 0.03USDDENBURY RESOURCES INC 9.00 16-21 15/05S50,000 43,211.50 0.02USDDIAMOND OFFSHORE INC 4.875 13-43 01/11S50,000 27,270.75 0.01USDDISCOVERY COMM LLC 1.90 15-27 19/03A600,000 632,748.00 0.30EURDISH DBS CORP 7.75 16-26 01/07S120,000 102,880.59 0.05USDDISH DBS CORPORATION 5.00 12-23 15/03S180,000 152,424.07 0.07USDDISH DBS CORPORATION 5.875 15-24 15/11S2,400,000 1,992,484.50 0.95USDDOLLAR TREE 4.20 18-28 15/05S800,000 728,423.27 0.35USDDOW CHEMICAL CO 3.15 19-24 15/05S315,000 282,667.37 0.14USDEAGLE HLDG CO II LLC 7.625 17-22 15/05S136,000 121,210.89 0.06USDENERGY TRANSFER OPERATING 4.20 18-23 15/09S394,000 363,491.30 0.17USD





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ENERGY TRANSFER OPERATING 5.875 19-24 15/01S105,000 102,756.11 0.05USDENPRO INDUSTRIES INC 5.75 19-26 15/10S110,000 99,177.55 0.05USDENTERPRISE MERGER 8.75 18-26 15/10S435,000 262,105.82 0.13USDEP ENERGY LLC -144A- 8.00 16-24 29/11S130,000 77,758.72 0.04USDEQUINIX INC 2.875 17-22 01/10S125,000 130,654.37 0.06EURFERRELLGAS LP 6.75 16-23 15/06S295,000 230,296.44 0.11USDFERRELLGAS LP 6.50 11-21 01/05S781,000 623,975.62 0.30USDFIDELITY NATIONAL INF SERVICES 0.75 19-23 21/05A100,000 102,001.50 0.05EURFIDELITY NATIONAL INF SERVICES 1.5 19-27 21/05A100,000 104,374.00 0.05EURFISERV INC 2.25 19-25 01/07A100,000 112,153.21 0.05GBPFORD MOTOR CREDIT CO LLC 1.5140 19-23 17/02A100,000 100,670.00 0.05EURFORD MOTOR CREDIT CO LLC 3.0210 19-24 06/03A100,000 106,021.00 0.05EURFORD MOTOR CREDIT CO LLC 2.681 17-20 09/01S500,000 439,631.44 0.21USDFREEPORT MCMORAN INC 5.40 14-34 14/11S85,000 71,475.96 0.03USDFRONTIER COMMUN 7.0500 96-46 01/10S680,000 315,520.96 0.15USDFRONTIER COMMUNICATIONS CORP 8.0000 19-27 01/04S132,000 120,899.86 0.06USDGCP APPLIED TEC 5.5 18-26 15/04S110,000 98,330.92 0.05USDGENERAL ELECTRIC CAP CORP 6.75 02-32 15/03S287,000 311,445.17 0.15USDGENERAL ELECTRIC CO 5.5500 06-26 05/01S373,000 364,377.54 0.17USDGOLDMAN SACHS GROUP INC 3.1250 18-29 25/07A100,000 118,031.89 0.06GBPGOLDMAN SACHS GROUP INC 1.375 17-24 15/05A900,000 932,472.00 0.45EURGRAN TIERRA ENERGY 7.7500 19-27 23/05S1,000,000 865,329.64 0.41USDGULFPORT ENERGY CORP 6.6250 15-23 01/05S185,000 141,982.23 0.07USDHCA INC 5.50 17-47 15/06S55,000 51,700.77 0.02USDHCA INC 7.50 11-22 15/02S215,000 209,055.99 0.10USDHCA INC 4.1250 19-29 15/06S84,000 75,887.80 0.04USDHEARTLAND DENTAL LLC 8.50 18-26 01/05S63,000 53,061.09 0.03USDHERTZ RENTALS INC 144A 7.75 16-24 01/06S64,000 59,603.29 0.03USDHLF FIN SARL LLC 7.2500 18-26 15/08S67,000 59,671.47 0.03USDHMAN FINANCE SUB CORP 144A 6.375 14-22 15/07S158,000 123,518.93 0.06USDHUGHES SAT SYS CORP 7.625 12-21 15/06S110,000 104,090.95 0.05USDHYUNDAI CAPITAL AMERICA 4.3 19-24 01/02S361,000 332,117.77 0.16USDILLINOIS TOOL WORKS 0.625 19-27 05/12A400,000 403,152.00 0.19EURINTL LEASE FINANCE CORP 4.625 13-21 15/04S339,000 308,458.84 0.15USDIRON MOUNTAIN INC 3.00 17-25 15/01S245,000 252,516.60 0.12EURKEURIG DR PEPPER INC 4.597 19-28 25/05S246,000 236,804.61 0.11USDKOSMOS ENERGY LTD 7.1250 19-26 04/04S200,000 177,636.45 0.08USDL BRANDS INC 7.5000 19-29 15/06S500,000 439,136.65 0.21USDLITHIA MOTORS 5.25 17-25 01/08S120,000 109,117.30 0.05USDLOWE'S COS INC 3.6500 19-29 05/04S114,000 104,523.81 0.05USDLPL HOLDINGS INC 5.75 17-25 15/09S160,000 145,665.66 0.07USDLSB INDUSTRIES 9.625 18-23 25/04S1,000,000 899,415.05 0.43USDMCDONALD'S CORP 1.50 17-29 28/11A300,000 322,399.50 0.15EURMEREDITH CORP 6.875 19-26 01/02S110,000 102,652.63 0.05USDMERITOR INC 6.25 14-24 15/02S115,000 104,697.19 0.05USDMGM RESORTS INTERNATIONAL 7.75 12-22 15/03S105,000 103,167.56 0.05USDMGM RESORTS INTERNATIONAL 6.00 14-23 15/03S110,000 105,042.09 0.05USDMICHAELS STORES 8.00 19-27 15/07S1,160,000 1,020,353.08 0.49USDMOODY'S CORPORATION 4.875 13-24 15/02S288,000 277,259.63 0.13USDMPH ACQUISITION HOLDINGS LLC -144A- 7.125 16-24 01/06S292,000 239,512.69 0.11USDMPLX LP 4.00 18-28 15/03S500,000 455,090.82 0.22USDMUELLER INDUSTRIES 6.00 17-27 01/03S24,000 21,023.46 0.01USDNBM US HOLDINGS INC 7.00 19-26 14/05S400,000 369,667.06 0.18USDNETFLIX INC 3.625 17-27 05/02S110,000 119,795.50 0.06EURNETFLIX INC 3.875 19-29 15/11S100,000 107,723.50 0.05EURNETFLIX INC 3.8750 19-29 15/11S1,000,000 1,078,950.00 0.52EURNEXSTAR ESCROW 5.6250 19-27 15/07S24,000 21,744.29 0.01USDNUSTAR LOGISTICS LP 6.0 19-26 01/06S100,000 91,260.94 0.04USDOASIS PETROLEUM INC 6.875 14-22 15/03S100,000 87,897.70 0.04USDOPE KAG FINANCE SUB 7.875 15-23 31/07S125,000 102,256.24 0.05USDPOINDEXTER 7.125 18-26 15/04S165,000 148,403.49 0.07USDPQ CORP 6.75 16-22 15/11S115,000 104,950.08 0.05USDPRICELINE GROUP INC 1.80 15-27 03/03A500,000 541,020.00 0.26EURQUINTILES IMS INC REG SHS 3.25 17-25 15/03S165,000 170,212.35 0.08EURRANGE RESOURCES CORP 4.875 16-25 15/05S255,000 197,948.28 0.09USDRANGE RESOURCES CORP 5.75 17-21 01/06S65,000 57,698.97 0.03USDREGIONALCARE HOSPITAL 8.25 16-23 01/05S90,000 84,509.83 0.04USD





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SASOL 5.875 18-24 27/09S200,000 189,674.97 0.09USDSASOL 6.5 18-28 27/09S438,000 431,327.04 0.21USDSCHWEITZER-MAUDUIT 6.875 18-26 01/10S135,000 122,014.78 0.06USDSCIENTIFIC GAMES INTL INC 10.00 14-22 01/12S65,000 60,068.61 0.03USDSIRIUS XM RADIO 4.6250 19-24 15/07S89,000 79,507.38 0.04USDSM ENERGY CO 6.6250 18-27 15/01S265,000 216,639.85 0.10USDSOUTHWESTERN ENERG 7.75 17-27 01/10S40,000 33,529.66 0.02USDSPECTRUM BRANDS INC 5.75 16-25 15/07S65,000 59,460.26 0.03USDSPECTRUM BRANDS INC 4.00 16-26 01/10S155,000 163,396.35 0.08EURSPRINT CORP 7.625 15-25 15/02S135,000 126,171.00 0.06USDSPRINT CORP 6.875 98-28 15/11S45,000 40,916.61 0.02USDSPRINT CORP 8.75 02-32 15/03S40,000 40,598.32 0.02USDSPRINT SPECTRUM CO LLC 4.738 18-25 20/03Q700,000 640,408.41 0.31USDSUNCOKE ENERGY PARTNERS LP 144A 7.50 17-25 15/06S180,000 154,769.76 0.07USDSURGERY CENTER HOLDINGS 3.15 17-25 01/07S590,000 459,295.42 0.22USDTEMPO ACQUISITION 6.75 17-25 01/06S130,000 118,353.34 0.06USDTENET HEALTHCARE CORP 6.00 13-20 01/10S160,000 145,311.69 0.07USDTHE BRINKS CO 4.625 17-27 15/10S130,000 114,636.93 0.05USDTHERMO FISHER SCIENTIFIC INC 1.375 16-28 12/09A500,000 523,257.50 0.25EURTITAN INTL 6.5 18-23 20/11S255,000 194,920.18 0.09USDTRANSDIGM INC 7.5 19-27 15/03S180,000 164,997.23 0.08USDTRANSDIGM INC SUB 6.00 14-22 15/07S40,000 35,691.60 0.02USDTRIUMPH GROUP INC 7.75 17-25 15/08S190,000 161,692.62 0.08USDUNITED RENTALS NORTH AMERICA INC 6.5000 18-26 15/12S216,000 205,877.82 0.10USDUNITED STATES STEEL CORP 6.875 17-25 15/08S145,000 120,303.38 0.06USDUSA 3.0 19-49 15/02S15,200 14,674.92 0.01USDUSA TREASURY NOTES 2.125 19-26 31/05S60,400 53,963.55 0.03USDUSA TREASURY NOTES 2.00 17-24 31/05S308,300 274,217.61 0.13USDVALEANT PHARMACEUTICALS INT 8.5 18-27 01/06S110,000 105,957.42 0.05USDVERIZON COMMUNICATIONS INC 4.522 15-48 15/09S380,000 373,592.29 0.18USDVERIZON COMMUNICATIONS INC 3.376 17-25 15/02S306,000 281,017.47 0.13USDWHITING PETROLEUM CORP 6.6250 18-26 15/01S155,000 131,933.05 0.06USDWILDHORSE RES DEV 6.875 17-25 01/02S60,000 50,666.32 0.02USDWILLIAM LYON HOME 6.625 19-27 15/07S1,345,000 1,183,093.64 0.57USDWMG ACQ. 3.625 18-26 09/10S100,000 105,783.00 0.05EURWMG ACQUISITION 4.125 16-24 01/11S139,500 145,915.60 0.07EURZF NORTH AMERICA CAPITAL INC 2.75 15-23 27/04A400,000 422,384.00 0.20EUR

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DRAX FINCO PLC 4.25 17-22 01/05S100,000 113,939.00 0.05GBPDS SMITH PLC 2.25 15-22 16/09A200,000 211,151.00 0.10EURDS SMITH PLC 2.875 17-29 26/07A150,000 169,303.63 0.08GBPEG GLOBAL FINANCE PLC 4.375 19-25 13/05S1,500,000 1,498,732.50 0.73EURENSCO ROWAN PLC 8.75 18-26 01/02S65,000 42,750.72 0.02USDGLAXOSMITHKLINE 2.8750 19-22 01/06S168,000 150,378.36 0.07USDHSBC HOLDINGS PLC 6.25 18-23 23/03S500,000 453,076.49 0.22USDIMPERIAL TOBACCO FIN PLC 5.50 11-26 28/09A300,000 397,311.00 0.19GBPINEOS FINANCE PLC 2.8750 19-26 01/05S100,000 101,243.00 0.05EURNATWEST MARKETS PLC 1 19-24 28/05A112,000 111,947.92 0.05EURNATWEST MARKETS PLC 1.125 18-23 14/06A250,000 254,091.25 0.12EURPHOENIX GROUP HOLDINGS 5.75 18-99 26/04S200,000 198,131.13 0.09GBPSKY PLC REG SHS 2.25 15-25 17/11A200,000 224,360.00 0.11EURSTANDARD CHARTERED PLC 7.50 16-XX 02/04S200,000 186,193.43 0.09USDTALKTALK TELECOM GROUP PLC 5.375 17-22 15/01S145,000 164,522.77 0.08GBPVEDANTA RES PLC 8.25 11-21 07/06S200,000 183,724.32 0.09USDVEDANTA RES REG SHS 7.125 13-23 31/05S200,000 173,336.85 0.08USDVODAFONE GROUP PLC 2.875 17-37 20/11A300,000 347,236.50 0.17EUR

ABBOTT LABORATORIES 1.500 18-26 27/09A100,000 107,341.50 0.05EURLuxembourg 5,415,141.52 2.59

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AIR CANADA 7.75 14-21 15/04S155,000 147,419.40 0.07USDCanada 5,061,616.30 2.42

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ABQ FINANCE 3.50 17-22 22/02S200,000 177,469.32 0.08USDCayman Islands 2,848,052.41 1.36

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CHINA EVERGRANDE GRP 8.75 17-25 28/06S300,000 235,666.97 0.11USDCIFI HOLDINGS GROUP 5.50 17-22 23/01S200,000 174,741.61 0.08USDDAR AL-ARKAN SUKUK COMP LTD 6.875 18-23 21/03S400,000 349,578.22 0.17USDITAU UNIBANCO HOLDINGS SA REG SHS 5.65 12-22 19/03S300,000 277,628.97 0.13USDLONGFOR PROPERTIES LTD 4.5 18-28 16/01S200,000 178,838.01 0.09USDMUMTALAKAT SUKU 5.6250 19-24 27/02S200,000 180,018.47 0.09USDNOBLE HOLDING INTL LTD 7.75 16-24 15/01S370,000 249,394.03 0.12USDSHIMAO PROPERTY 5.20 18-25 30/01S200,000 175,997.72 0.08USDSUNAC CHINA HOLDINGS LTD 7.95 17-22 08/08S200,000 179,429.13 0.09USDTRANSOCEAN INC 7.50 01-31 15/04S285,000 211,429.21 0.10USD

BANCO MERCANTILE DEL 7.5 19-99 31/12Q200,000 177,604.79 0.08USDMexico 2,386,477.08 1.14

CONTROLADORA MABE DE CV 5.6000 18-28 23/10S200,000 184,543.26 0.09USDGACM REG SHS 5.50 17-47 31/07S200,000 175,487.53 0.08USDMEXICO 4.5 19-29 22/04S300,000 282,706.16 0.15USDPEMEX 5.625 16-46 23/01S200,000 141,037.95 0.07USDPEMEX 4.75 18-29 24/05A275,000 263,140.62 0.13EURPEMEX 6.50 18-27 13/03S320,000 275,726.08 0.13USDPEMEX 4.875 17-28 21/02A200,000 195,295.00 0.09EURSIXSIGMA NETWORKS MEXICO SA 7.50 S 18-25 02/05S195,000 168,739.28 0.08USDTRUST F1401 4.869 19-30 15/01S200,000 177,259.09 0.08USDTV AZTECA SAB DE CV 8.25 17-24 09/08S200,000 173,993.93 0.08USDUNIFIN SAB DE CV 7.375 18-26 12/02S200,000 170,943.39 0.08USD


INDONESIA 1.75 18-25 24/04A300,000 311,896.50 0.15EURINDONESIA 5.25 16-47 08/01S200,000 202,627.44 0.10USDINDONESIA 8.25 18-29 27/09S2,287,000,000 150,905.17 0.07IDRINDONESIA ASAHAN 6.757 18-48 15/11S350,000 376,752.21 0.18USDPT PELABUHAN INDO II 5.375 15-45 05/05S200,000 183,562.47 0.09USDPT PERTAMINA (PERSERO) 6.00 12-42 03/05S250,000 252,193.56 0.12USD

ALTICE FRANCE SA 5.625 14-24 15/05S135,000 140,265.67 0.07EURFrance 1,645,542.17 0.79

BFCM SUB 1.875 16-26 04/11A600,000 631,338.00 0.30EURBNP PARIBAS SA 4.875 05-XX 17/10A300,000 306,514.50 0.15EUREDF 1.875 16-36 13/10A200,000 212,573.00 0.10EURPSA BANQUE FRANCE SA 0.625 17-22 10/10A350,000 354,851.00 0.17EUR

COCA COLA ICECEK AS 4.215 17-24 19/09S800,000 699,015.70 0.34USDTurkey 1,531,851.79 0.73

KOC HLDG 6.5 19-25 11/03S200,000 175,260.59 0.08USDTURK TELEKOM AS 6.8750 19-25 28/02S200,000 177,033.91 0.08USDTURKEY 6.125 18-28 24/10S200,000 166,486.34 0.08USDTURKEY 4.625 19-25 31/03A150,000 149,632.50 0.07EURYAPI KREDI BK AS 5.85 17-24 21/06S200,000 164,422.75 0.08USD

COMMERZBANK AG 4.00 17-27 30/03A400,000 461,694.00 0.22EURGermany 1,517,786.82 0.73

COMMERZBANK AG 0.625 19-24 28/08A200,000 203,538.00 0.10EURUNITYMEDIA HESSEN GMBH REG SHS 4.62515-18 05/06S135,000 146,541.82 0.07EURVOLKSWAGEN BANK GMBH 1.25 17-25 15/12A700,000 706,013.00 0.34EUR

ANHEUSER-BUSCH INBEV NV 1.50 16-25 17/03A350,000 375,308.50 0.18EURBelgium 1,382,601.50 0.66

ANHEUSER-BUSCH INBEV NV 2.75 16-36 17/03A250,000 290,815.00 0.14EURBELFIUS BANK SA 1.00 17-24 26/10A700,000 716,478.00 0.34EUR

ABU DHABI NAT ENERGY 4.3750 18-25 23/04S300,000 279,501.26 0.13USDUnited Arab Emirates 1,323,427.10 0.63

ABU DHABI OIL REG SHS 3.65 17-29 02/11S200,000 185,206.49 0.09USDDP WORLD LTD REG SHS 6.85 07-37 02/07S250,000 276,004.97 0.13USDEMIRATES SEMCORP 4.45 17-35 01/08S200,000 184,292.56 0.09USDOZTEL HOLDINGS SPC LTD 5.625 18-23 24/04S251,000 225,555.57 0.11USDOZTEL HOLDINGS SPC LTD 6.625 18-28 24/04S200,000 172,866.25 0.08USD

ATHENE HOLDING LTD 4.125 18-28 12/01S500,000 444,269.25 0.21USDBermuda 1,236,018.38 0.59

CBQ FINANCE LTD 3.25 16-21 13/06S400,000 353,529.49 0.17USDDIGICEL REG SHS 6.75 15-23 01/03S300,000 163,227.34 0.08USDFLY LEASING LTD 5.25 17-24 15/10S305,000 274,992.30 0.13USD





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SAUDI ARABIAN OIL COM 2.8750 19-24 16/04S342,000 302,315.85 0.15USDSaudi Arabia 1,217,383.02 0.58

SAUDI ARABIAN OIL COM 2.8750 19-24 16/04S200,000 176,804.32 0.08USDSAUDI ARABIAN OIL COM 3.5000 19-29 16/04S200,000 177,228.31 0.08USDSAUDI ARABIAN OIL COM 3.5000 19-29 16/04S200,000 177,237.11 0.08USDSAUDI ARABIAN OIL COM 4.2500 19-39 16/04S202,000 178,838.90 0.09USDSAUDI INTERNATIONAL 5.25 19-50 16/01S205,000 204,958.53 0.10USD

ARGENTINA 3.375 17-23 15/01S550,000 426,283.00 0.21EURArgentina 1,164,449.64 0.56

ARGENTINA 6.875 17-27 26/01S400,000 276,750.67 0.13USDARGENTINA 6.625 17-28 06/07S250,000 167,694.72 0.08USDARGENTINA 7.50 17-26 22/04S200,000 145,919.87 0.07USDGENERATION MEDIT REG SHS 9.625 16-23 27/07S200,000 147,801.38 0.07USD

CITIC LTD 3.125 17-22 28/02S350,000 308,838.02 0.15USDHong Kong 1,094,930.64 0.52

CNAC (HK) FINBRIDGE 1.75 18-22 14/03A350,000 359,089.50 0.17EURCOUNTRY GARDEN HLDGS CO LTD 5.125 18-25 17/01S200,000 169,139.29 0.08USDCOUNTRY GARDEN HOLDINGS CO LTD REG SHS 4.75 16-23 28/09S300,000 257,863.83 0.12USD

AFRICA FINANCE CORP 4.3750 19-26 17/04S200,000 182,026.65 0.09USDNigeria 1,056,281.81 0.51

AFRICA FINANCE CORP REG SHS 3.875 17-24 13/04S450,000 401,793.77 0.20USDAFRICA FINANCE CORP 4.375 19-26 17/04S305,000 277,579.92 0.13USDNIGERIA 8.7470 18-31 21/01S200,000 194,881.47 0.09USD

GAZPROM OAO 5.15 19-26 11/02S350,000 328,995.69 0.16USDRussia 1,055,998.36 0.51

RUSSIA 4.25 17-27 23/06S600,000 544,934.68 0.26USDRUSSIA 4.375 18-29 21/03S200,000 182,067.99 0.09USD

JBS INV GMBH REG SHS 7.25 14-24 03/04S200,000 182,571.14 0.09USDAustria 1,035,340.11 0.50

SUZANO AUSTRIA GMBH 5.0 19-30 15/01S960,000 852,768.97 0.41USD

BANCO SANTANDER SA 1.375 15-22 14/12A400,000 418,818.00 0.20EURSpain 1,031,232.00 0.49

CAIXABANK SA 1.125 17-23 12/01A600,000 612,414.00 0.29EUR

ENEL SPA 7.75 13-75 10/09A240,000 286,742.20 0.14GBPItaly 887,324.20 0.42

FABRIC BC SPA 4.125 18-24 30/11600,000 600,582.00 0.28EUR

AES GENER SA 7.125 19-79 26/03S200,000 188,275.50 0.09USDChile 872,842.51 0.42

CENCOSUD SA 4.375 17-27 17/07S300,000 263,689.14 0.13USDCHILE 3.86 17-47 21/06S200,000 189,915.12 0.09USDCOLBUN SA REG SHS 4.50 14-24 10/07S250,000 230,962.75 0.11USD

DEUTSCHE BANK AG 1.625 19-21 12/02A300,000 302,277.00 0.14EURSwitzerland 827,454.50 0.40

UBS GROUP FUNDING (SWITZERLAND) AG 1.50 16-24 30/11A500,000 525,177.50 0.26EUR

SEB AB 1.375 16-28 31/10 A500,000 510,075.00 0.24EURSweden 762,065.00 0.36

SWEDBANK AB 1.5 18-28 18/09A250,000 251,990.00 0.12EUR

UKRAINE 8.994 18-24 01/02S200,000 191,397.28 0.09USDUkraine 718,138.72 0.34

UKRAINE 7.375 17-32 25/09S400,000 345,618.16 0.16USDUKRAINE REG SHS 7.75 15-26 01/09S200,000 181,123.28 0.09USD

SD INTL SUKUK 6.30 19-22 09/05S800,000 710,538.77 0.34USDMalaysia 710,538.77 0.34

DEV BANK OF KAZAKHSTAN JSC 4.125 12-22 10/12S500,000 446,943.31 0.22USDKazakhstan 681,872.06 0.33

KAZAKHSTAN TEMIR ZHOLY 4.85 17-27 17/11S250,000 234,928.75 0.11USD

AFRICAN EXPORT-IMPORT BANK 4.125 17-24 20/06S300,000 269,712.36 0.13USDEgypt 667,130.23 0.32

EGYPT 7.6003 19-29 01/03S225,000 208,638.34 0.10USDEGYPT 8.7002 19-49 01/03S200,000 188,779.53 0.09USD

AVIANCA GR TACA REG SHS 8.375 13-20 10/05S550,000 469,685.53 0.22USDPanama 653,389.62 0.31

GLOBAL BANK CORP 5.25 19-29 16/04S200,000 183,704.09 0.09USD





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BRAZIL 4.625 17-28 13/01S200,000 184,578.44 0.09USDBrazil 617,634.57 0.30

BRAZIL 4.50 19-29 30/05S300,000 270,738.88 0.13USDVALE EMTN 3.75 12-23 10/01A150,000 162,317.25 0.08EUR

SUAM FINANCE BV REG SHS 4.875 14-24 17/04S250,000 233,297.05 0.11USDThe Netherlands Antilles 600,077.05 0.29

TEVA PHARMACEUTICAL FIN NED II BV 1.625 16-28 15/10A500,000 366,780.00 0.18EUR

BRIGHT FOOD SG HLDGS PTE LTD 1.125 17-20 18/07A400,000 403,186.00 0.20EURSingapore 575,293.14 0.28

INDIKA ENERGY III PTE LTD 5.875 17-24 09/11S200,000 172,107.14 0.08USD

ECUADOR 8.875 17-27 23/10S200,000 181,530.55 0.09USDEcuador 567,179.71 0.27

ECUADOR 9.65 16-26 13/12S225,000 212,776.75 0.10USDECUADOR 7.875 18-28 23/01S200,000 172,872.41 0.08USD

SRI LANKA 6.35 19-24 28/06S200,000 175,453.23 0.08USDSri Lanka 521,877.13 0.25

SRI LANKA 7.5500 19-30 28/03S200,000 175,919.43 0.09USDSRI LANKA 6.75 18-28 18/04S200,000 170,504.47 0.08USD

ARDAGH PACKAGING FIN PLC 2.75 17-24 15/03S160,000 165,025.60 0.08EURIreland 509,275.61 0.24

ARDAGH PACKAGING FIN PLC 6.00 17-25 15/06S200,000 182,444.48 0.08USDVIRGIN MEDIA RECEI DAC 5.75 18-23 15/04S140,000 161,805.53 0.08GBP

AURIZON NETWORK REG SHS 3.125 16-26 01/06A250,000 282,077.50 0.14EURAustralia 472,717.42 0.23

JBS INVESTMENTS 7.00 18-26 15/01S200,000 190,639.92 0.09USD

AVIS BUDGET FINANCE 4.50 17-25 15/05S165,000 174,081.60 0.08EURJersey Island 430,781.60 0.21

LHC THREE PLC 4.125 17-24 15/08S250,000 256,700.00 0.13EUR

POLAND 0.875 15-27 10/05A400,000 422,580.00 0.20EURPoland 422,580.00 0.20

PERU 2.8440 19-30 20/06S190,000 168,191.40 0.08USDPeru 403,068.40 0.19

PERU 6.15 17-32 12/08S800,000 234,877.00 0.11PEN


CREDIT SUISSE GROUP FUNDING (GUERNSEY) LTD 1.25 15-22 14/04A300,000 310,342.50 0.15EURGuernsey 310,342.50 0.15


STATE GRID OVERSEAS INV (2016) LTD 1.75 16-25 19/05A250,000 264,885.00 0.13EURBritish Virgin Islands 264,885.00 0.13

LITHUANIA 0.5000 19-29 19/06A150,000 152,193.00 0.07EURLithuania 256,655.00 0.12

LITHUANIA 1.6250 19-49 19/06A100,000 104,462.00 0.05EUR


ESKOM HOLDINGS SOC LTD 6.35 18-28 10/08S240,000 228,211.64 0.11USDSouth Africa 228,211.64 0.11

HUNGARY 1.75 17-27 10/10A200,000 219,285.00 0.10EURHungary 219,285.00 0.10

ROMANIA 2.375 17-27 19/04A200,000 217,325.00 0.10EURRomania 217,325.00 0.10


ANGOLA 9.375 18-48 09/05S200,000 193,468.79 0.09USDAngola 193,468.79 0.09

ICBC LTD REG SHS 4.875 15-25 21/09S200,000 189,860.58 0.09USDChina 189,860.58 0.09

QATAR 4.0000 19-29 14/03S200,000 189,550.07 0.09USDQatar 189,550.07 0.09






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MTN MAURITIUS INVEST LTD 5.373 16-22 13/02S200,000 182,165.64 0.09USDMauritius 182,165.64 0.09

BANCO DE BOGOTA SA 4.375 17-27 03/08S200,000 180,851.47 0.09USDColombia 180,851.47 0.09

OFFICE CHERIFIEN DES PHOSPHATES SA 4.50 15-25 22/10S200,000 180,353.61 0.09USDMorocco 180,353.61 0.09

ISRAEL 1.50 17-27 18/01A150,000 161,236.50 0.08EURIsrael 161,236.50 0.08

ISS GLOBAL AS 0.875 19-26 18/06A150,000 150,495.75 0.07EURDenmark 150,495.75 0.07

SENEGAL 4.75 18-28 13/03A150,000 150,076.50 0.07EURSenegal 150,076.50 0.07

ZAMBIA REG SHS 5.375 12-22 20/09S200,000 117,593.35 0.06USDZambia 117,593.35 0.06


LG CHEM 0.50 19-23 15/04A100,000 101,354.00 0.05EURSouth Korea 101,354.00 0.05

IVORY COAST 5.25 18-30 22/03A100,000 97,664.00 0.05EURIvory Coast 97,664.00 0.05

COLONY CAPITAL IN CV 5.00 13-23 15/04S52,000 42,942.34 0.02USD



COLONY FINL CV 3.875 14-21 15/01S13,000 11,122.26 0.01USD

ARKEMA FL.R 19-49 31/12A300,000 308,088.00 0.15EUR


France 9,115,572.89 4.37

BNP PARIBAS SA FL.R 14-26 20/03A800,000 836,832.00 0.40EURBPCE SA SUB FL.R 15-27 30/11A600,000 646,830.00 0.31EURBURGER KING France SAS FL.R 17-23 01/05Q1,400,000 1,435,266.00 0.70EUREDF SA FL.R 14-XX 22/01A300,000 321,618.00 0.15EURENGIE SA FL.R 14-XX 02/06A200,000 221,870.00 0.11EURORANGE SA FL.R 14-XX 07/02A400,000 489,072.25 0.23GBPORANGE SA EMTN FL.R 14-XX 01/10A115,000 124,303.50 0.06EURPROMONTORIA HOLDING FL.R 18-23 15/08Q550,000 536,629.50 0.26EURSOCIETE GENERALE SA FL.R 16-XX 13/09S200,000 184,358.54 0.09USDSOCIETE GENERALE SA FL.R 18-28 23/02A500,000 505,130.00 0.24EURSOCIETE GENERALE SA FL.R 09-XX 04/09A800,000 814,128.00 0.39EURSOLVAY FINANCE SA SUB FL.R 15-XX 03/06A150,000 176,302.50 0.08EURTOTAL SA FL.R 16-49 18/05A500,000 547,360.00 0.26EURTOTAL SA FL.R 16-49 05/05A350,000 374,370.50 0.18EURTOTAL SA FL.R 19-XX XX/XXA150,000 153,910.50 0.07EURUNIBAIL-RODAMCO SE FL.R 18-XX XX/XXA100,000 101,248.00 0.05EUR3AB OPTIQUE DEV FL.R 17-23 01/10Q1,320,000 1,338,255.60 0.64EUR

AERCAP GLOBAL AVIATION TRUST FL.R 15-45 15/06S205,000 189,338.96 0.09USDUnited States of America 5,581,941.26 2.68

AT & T INC FL.R 18-24 12/06Q147,000 130,844.68 0.06USDAVIATION CAP GROUP FL.R 18-21 30/07Q102,000 90,018.48 0.04USDBAYER US FINANCE II LLC FL.R 18-23 15/12Q315,000 274,144.35 0.13USDCENTERPOINT ENERGY INC FL.R 18-XX XX/XXS407,000 370,959.46 0.18USDCITIGROUP INC FL.R 12-XX 30/07S55,000 50,146.11 0.02USDCITIGROUP INC FL.R 18-29 23/04S190,000 179,185.12 0.09USDFORD MOTOR CREDIT CO LLC FL.R 18-21 12/10S1,098,000 949,639.37 0.46USDJP MORGAN CHASE & CO FL.R 08-XX 29/04S487,000 428,757.91 0.21USDJP MORGAN CHASE & CO FL.R 17-28 18/05A500,000 535,545.00 0.27EURJP MORGAN CHASE & CO FL.R 18-29 23/04S190,000 179,848.62 0.09USDJP MORGAN CHASE & CO FL.R 17-47 15/05Q350,000 240,152.62 0.11USDMORGAN STANLEY FL.R 18-29 24/01S300,000 277,276.69 0.13USDMORGAN STANLEY FL.R 19-24 26/07A250,000 252,582.50 0.12EURSTANDARD CHARTERED PLC FL.R 18-23 20/01Q200,000 175,662.57 0.08USDVOLKSWAGEN GROUP FL.R 18-20 13/11Q200,000 176,481.33 0.08USDVOLKSWAGEN GROUP FL.R 18-21 12/11Q202,000 178,595.47 0.09USDWELLS FARGO & CO FL.R 17-28 22/05S500,000 459,057.92 0.22USDWELLS FARGO & CO SUB -K- FL.R 08-XX 28/02S500,000 443,704.10 0.21USD





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ATF NETHERLANDS BV SA FL.R 16-XX 20/01A500,000 521,760.00 0.25EURThe Netherlands 4,582,627.33 2.20

COOP RABOBANK UA FL.R 17-29 10/04S400,000 360,786.39 0.17USDING GROUP NV FL.R 17-29 26/09A300,000 305,412.00 0.15EURING GROUP NV FL.R 16-XX 21/11S205,000 189,811.41 0.09USDING GROUP NV FL.R 18-28 22/03S200,000 183,141.13 0.09USDIPD 3 BV FL.R 17-22 15/07Q1,560,000 1,569,734.40 0.76EURREPSOL INTL FIN BV FL.R 15-49 29/12A800,000 843,152.00 0.40EURVOLKSWAGEN INTERNATIONAL FINANCE NV REG SHS FL.R 17-XX 14/12A200,000 202,714.00 0.10EURVOLKSWAGEN INTERNATIONAL FINANCE NV SUB FL.R 15-XX 20/03A400,000 406,116.00 0.19EUR

ALLERGAN FUNDING SCS FL.R 17-24 01/06A400,000 410,362.00 0.20EURLuxembourg 4,566,970.50 2.18

ARENA LUX FIN SARL FL.R 17-23 01/11Q1,400,000 1,419,362.00 0.67EURCABOT FINANCIAL LU FL.R 19-24 14/06Q350,000 354,700.50 0.17EURGRAND CITY PROPERTIES SA FL.R 18-XX XX/XXA100,000 100,019.00 0.05EURHOLCIM FINANCE FL.R 19-49 31/12A300,000 309,699.00 0.15EURLHMC FINCO SARL FL.R 18-23 20/12Q550,000 560,648.00 0.27EURLSF10 WOLVERINE INV SCA FL.R 18-24 15/03Q1,400,000 1,412,180.00 0.67EUR

BUPA FINANCE PLC FL.R 04-49 31/12A500,000 585,303.30 0.28GBPUnited Kingdom 3,039,672.38 1.45

COVENTRY BUILDING SO FL.R 19-99 31/12S200,000 227,437.56 0.11GBPLLOYDS BANK EMTN FL.R 04-25 09/07A600,000 696,891.17 0.33GBPLLOYDS BANK PLC FL.R 09-XX 16/12A350,000 373,964.47 0.18USDNATIONWIDE BUILDING SOCIETY FL.R 17-29 25/07A700,000 701,736.00 0.33EURTSB BKG GROUP PLC FL.R 14-26 06/05S400,000 454,339.88 0.22GBP

INTRUM JUSTITIA AB REG SHS FL.R 17-22 15/07Q1,400,000 1,406,650.00 0.68EURSweden 2,814,102.00 1.35

SEB AB FL.R 14-26 28/05A500,000 518,575.00 0.25EURSVENSKA HANDELSBK AB FL.R 18-28 02/03A700,000 712,516.00 0.34EURSWEDBANK AB SUB FL.R 15-XX 17/03S200,000 176,361.00 0.08USD

PEMEX FL.R 18-23 24/08Q2,990,000 2,810,211.30 1.34EURMexico 2,810,211.30 1.34

BANCO SANTANDER SA SUB FL.R 14-XX 11/09Q500,000 525,915.00 0.25EURSpain 2,729,202.20 1.31

BANKIA SA FL.R 19-29 15/02A400,000 424,172.00 0.20EURIBERCAJA BANCO SAU SUB FL.R 15-25 28/07A200,000 207,228.00 0.10EURMASARIA INVESTMENTS SAU REG SHS FL.R 17-24 15/09S1,560,000 1,571,887.20 0.76EUR

GAMENET GROUP SPA FL.R 18-23 27/04Q450,000 456,948.00 0.22EURItaly 2,450,415.00 1.17

GAMENET GROUP SPA FL.R 18-23 27/04Q575,000 588,455.00 0.28EURLIMACORPORATE SPA FL.R 17-23 15/08S1,400,000 1,405,012.00 0.67EUR

SOFTBANK GROUP CORP FL.R 17-XX 19/01S200,000 168,136.52 0.08USDJapan 1,515,339.76 0.72

SOFTBANK GROUP CORP SUB FL.R 17-XX 19/07S1,600,000 1,347,203.24 0.64USD

BAWAG GROUP AG FL.R 18-XX XX/XXS200,000 198,862.00 0.10EURAustria 1,284,692.00 0.61

ERSTE GROUP BANK AG FL.R 16-XX 15/10S200,000 229,750.00 0.11EURERSTE GROUP BANK AG SUB FL.R 17-XX 15/04S200,000 228,510.00 0.11EUROMV AG SUB FL.R 15-XX 09/12A500,000 627,570.00 0.29EUR

CREDIT SUISSE GROUP AG FL.R 13-25 18/09A600,000 639,288.00 0.31EURSwitzerland 959,877.00 0.46

UBS GROUP AG SUB FL.R 14-26 12/02A300,000 320,589.00 0.15EUR

DANSKE BANK AS FL.R 14-XX 06/04S400,000 409,248.00 0.20EURDenmark 646,220.00 0.31

ORSTED FL.R 13-XX 26/06A200,000 236,972.00 0.11EUR

TVL FINANCE PLC FL.R 17-23 15/05Q570,000 636,019.07 0.30GBPJersey Island 636,019.07 0.30

BANK OF EAST ASIA FL.R 15-XX 02/06S200,000 176,119.98 0.09USDHong Kong 350,913.49 0.17

ICBC ASIA LTD FL.R 16-49 21/07S200,000 174,793.51 0.08USD

CICC HONG KONG FL.R 18-21 25/04Q200,000 176,392.67 0.09USDBritish Virgin Islands 350,549.33 0.17

HUARONG FINANCE 2017 CO LTD FL.R 17-XX 07/11S200,000 174,156.66 0.08USD

CHINA CONSTRUCTION BANK CORP FL.R 15-XX XX/XXA200,000 177,796.54 0.09USDChina 349,166.56 0.17





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CHINA MERCHANT FL.R 17-99 25/10A200,000 171,370.02 0.08USD

BANCO BTG PACTUAL SA FL.R 19-29 15/02S275,000 253,841.32 0.12USDCayman Islands 253,841.32 0.12

BAYER AG SUB FL.R 15-75 02/04A150,000 149,449.50 0.07EURGermany 251,944.50 0.12

MERCK KGAA FL.R 19-79 25/06A100,000 102,495.00 0.05EUR

BOC AVIATION LT FL.R 18-23 26/09Q200,000 176,324.05 0.08USDSingapore 176,324.05 0.08

AKBANK REG SHS FL.R 17-27 16/03S225,000 175,596.39 0.08USDTurkey 175,596.39 0.08

SOLVAY SA FL.R 18-XX XX/XXA100,000 109,475.00 0.05EURBelgium 109,475.00 0.05

AVOCA 20X D1 FL.R 19-32 15/07Q660,000 661,940.20 0.32EUR


Ireland 4,969,776.56 2.38

CVC CORDATUS LOAN FL.R 19-32 22/05Q1,000,000 1,003,066.00 0.48EURELMP 1X CR FL.R 18-29 16/04Q1,870,000 1,834,546.11 0.88EURELMP 1X DR FL.R 18-29 16/04Q1,500,000 1,470,224.25 0.70EUR

CADOG 13X FL.R 19-32 15/01Q1,000,000 1,010,674.90 0.48EURLuxembourg 1,010,674.90 0.48

INTELSAT LUX 7.75 13-21 01/06S860,000 729,999.56 0.35USD


Bonds 729,999.56 0.35

Luxembourg 729,999.56 0.35

INVESCO FD ACTIVE MULTI SEC C F -I- CAP EUR9,749,181 35,086,325.95 16.79EUR



Other funds 47,697,525.34 22.82

SHORT TERM EURO LQD PTF ACCUM AGENCY SHS GBP CAP12,736,655 12,611,199.39 6.03EUR






318Page

LUX IM– Amundi Global Income Bond

319Page



4,866,905.69Cash at banks1,194,669.55Interests receivable

323,171.77Brokers receivable187,467.00Subscriptions receivable796,235.21Receivable on swaps

845.60Other assets

3,864,733.46Liabilities553,268.51Options / swaptions sold at market value484,969.47Options / swaptions sold at cost346,415.06Brokers payable

8,445.76Accrued performance fees494,865.83Redemptions payable77,339.87Unrealised depreciation on forward foreign exchange contracts

842,986.20Unrealised depreciation on financial futures1,038,039.19Unrealised depreciation on swaps


58,386.95Accrued administrative expenses9,921.00Payable on swaps

52,540.85Other liabilities



Expressed in EUR


LUX IM – Amundi Global Income Bond





01/01/19



E - EUR - Capitalisation 1,040,418.955 51,566.774 158,977.048 933,008.681



320Page

Key figures


Total Net Assets 130,648,964.72 149,619,631.80 177,045,117.18



0.000.000 6,533.744

97.627,485.704



100.00177,543.659 170,547.370

97.54170,801.258



103.41933,008.681 1,040,418.955

100.691,161,962.846



105.40349.092 273.350

102.40205.064106.50



97.07168,678.089 291,518.299

94.55367,514.356


321Page

AT & T INC 4.125 16-26 17/02S300,000 280,044.86 0.21USD


Bonds 101,654,589.16 77.81


BANK OF AMERICA CORP SUB 4.45 16-26 03/03S500,000 474,264.41 0.36USDBAYER US FINANCE II LLC 3.875 18-23 25/06S635,000 577,507.32 0.44USDBOEING CO 3.1000 19-26 01/05S410,000 371,888.77 0.28USDCONAGRA BRANDS INC 4.60 18-25 01/11S360,000 344,618.03 0.26USDCVS HEALTH CORP 3.70 18-23 09/03S325,000 295,122.93 0.23USDDIAMOND 1 FIN CORP 144A 5.45 16-23 15/06S1,000,000 946,839.95 0.72USDFORD MOTOR CREDIT CO LLC 5.1130 19-29 03/05S500,000 448,904.87 0.34USDFORD MOTOR CREDIT CO LLC 3.096 16-23 04/05S2,000,000 1,728,961.61 1.33USDGENERAL MOTORS FIN CO 4.15 18-23 19/06S950,000 860,064.00 0.66USDGENERAL MOTORS FIN CO 3.55 18-21 09/04S950,000 847,491.76 0.65USDGENERAL MOTORS FIN CO 5.65 19-29 17/01S300,000 288,912.78 0.22USDGOLDMAN SACHS GROUP INC 3.50 16-26 16/11S450,000 405,823.33 0.31USDGOLDMAN SACHS GROUP INC 4.00 14-24 03/03S600,000 559,736.12 0.43USDKINDER MORGAN INC -144A- 5.625 13-23 15/11S300,000 292,033.25 0.22USDMORGAN STANLEY 1.875 17-27 27/04A1,200,000 1,303,356.00 1.01EURMORGAN STANLEY 3.70 14-24 23/10S400,000 370,544.92 0.28USDPHILLIPS 66 PARTNERS LP 3.55 16-26 01/10S250,000 223,326.51 0.17USDTSY INFL IX (CPURNSA) 1 18-48 15/02S13,650,000 12,950,070.61 9.92USDUSA 1.00 19-49 15/02S2,400,000 2,238,586.89 1.72USDUSA TREASURY NOTES INFL. INDEX 0.875 17-47 15/02S3,100,000 2,950,220.00 2.27USDVERIZON COMMUNICATIONS INC 1.25 19-30 08/04A400,000 415,338.00 0.32EURWELLS FARGO & CO 3.069 17-23 24/01S1,250,000 1,116,621.58 0.85USDZOETIS INC 3.2500 18-21 20/08S210,000 187,936.93 0.14USD

ASSICURAZIONI GENERALI SPA 7.75 12-42 12/12A1,000,000 1,201,200.00 0.92EURItaly 19,120,501.56 14.65

ASSICURAZIONI GENERALI SPA SUB 4.125 14-26 04/05A400,000 446,458.00 0.34EURENEL SPA 7.75 13-75 10/09A250,000 298,689.78 0.23GBPINTESA SANPAOLO SPA 5.71 16-26 15/01Q250,000 221,614.55 0.17USDINTESA SANPAOLO SPA 3.375 18-23 12/01S200,000 174,844.52 0.13USDITALY 1.75 19-24 01/07S3,500,000 3,561,547.50 2.74EURITALY 2.45 18-23 01/08S8,800,000 9,261,560.00 7.10EURITALY 1.00 19-22 15/07S2,150,000 2,161,481.00 1.65EURUNICREDIT SPA 6.572 19-22 14/01S1,920,000 1,793,106.21 1.37USD

MEXICAN BONOS 8.50 09-29 31/05S700,000 3,410,925.09 2.62MXNMexico 10,859,951.56 8.32

MEXICHEM SAB DE CV 4.00 17-27 04/10S200,000 175,508.64 0.13USDMEXICO 8.50 09-38 18/11S300,000 1,472,808.86 1.13MXNPEMEX 2.75 15-27 21/04A1,800,000 1,578,906.00 1.21EURPEMEX 5.625 16-46 23/01S2,700,000 1,904,012.40 1.46USDPEMEX 6.75 16-47 21/09S1,000,000 775,827.95 0.59USDPEMEX 5.50 12-44 27/06S300,000 210,027.71 0.16USDPEMEX 6.50 18-27 13/03S270,000 232,643.89 0.18USDPEMEX 6.5 18-29 23/01S1,300,000 1,099,291.02 0.84USD

BON Y OBL DEL ESTADO 2.70 18-48 31/10A5,050,000 6,670,519.75 5.11EURSpain 8,513,312.75 6.52

CAIXABANK SA 1.125 19-26 27/03A400,000 410,440.00 0.31EURSPAIN 1.45 19-29 29/01A1,300,000 1,432,353.00 1.10EUR

BNP PARIBAS CARDIF SA 4.032 14-XX 25/11A200,000 219,640.00 0.17EURFrance 7,184,501.10 5.50

BPCE SA -144A- SUB 5.70 13-23 22/10S600,000 578,065.71 0.44USDCREDIT MUTUEL A 1.6250 19-26 15/04A500,000 523,045.00 0.40EURCROWN EURO HOLDINGS 2.625 16-24 30/09S550,000 595,391.50 0.46EUREUTELSAT SA 2.2500 19-27 13/07A700,000 714,427.00 0.55EURFRANCE OAT 1.5 18-50 25/05A2,500,000 2,884,262.50 2.20EURGROUPAMA SA SUB 6.00 17-27 23/01A400,000 498,542.00 0.38EURSOCIETE GENERALE SA 4.00 17-27 12/01S500,000 456,091.39 0.35USDSOCIETE GENERALE SA 1.125 18-25 23/01A700,000 715,036.00 0.55EUR

BRASKEM NETHERLANDS BV 3.50 17-23 10/01S400,000 353,930.60 0.27USDThe Netherlands 3,636,249.91 2.78

DAIMLER INTL FINANCE BV 0.8750 18-24 09/04A700,000 719,663.00 0.55EUR





322Page

GTH FINANCE BV 7.25 16-23 26/04S200,000 192,158.16 0.15USDING GROEP NV 1.0 10.23 20/09A300,000 309,561.00 0.24EURING GROEP NV/BANK NV 4.625 18-26 06/04S1,180,000 1,129,794.08 0.86USDPETROBRAS GLOBAL FIN BV 5.999 18-28 27/07S1,000,000 931,143.07 0.71USD

TURKEY 5.75 17-47 11/05S1,700,000 1,258,681.88 0.96USDTurkey 3,026,676.77 2.32

TURKEY 5.125 18-28 17/02S1,700,000 1,338,608.87 1.03USDTURKIYE VAKIFLAR 8.125 19-24 28/03S500,000 429,386.02 0.33USD

PORTUGAL 4.10 15-45 15/02A1,500,000 2,381,737.50 1.82EURPortugal 2,381,737.50 1.82

BANCO BRASIL SA 3.875 12-22 10/10S500,000 447,877.91 0.34USDCayman Islands 2,314,234.94 1.77

CDBL FUNDING 2 2.625 17-20 01/08S1,900,000 1,666,471.39 1.28USDVALE OVERSEAS LTD 6.25 16-26 10/08S200,000 199,885.64 0.15USD

BRITISH COLUMBIA 2.55 16-27 18/06S750,000 522,801.96 0.40CADCanada 1,430,293.71 1.09

ROYAL BANK OF CANADA 3.70 18-23 05/10S720,000 666,721.20 0.51USDST MARYS CEMENT INC 5.75 16-27 28/01S250,000 240,770.55 0.18USD

OMAN 4.75 16-26 15/06S1,000,000 814,364.25 0.62USDOman 1,291,074.46 0.99

OMAN 6.75 18-48 17/01S400,000 310,018.04 0.24USDOMAN 5.625 18-28 17/01S200,000 166,692.17 0.13USD

SAUDI ARABIA 4.625 17-47 04/10S300,000 273,260.33 0.21USDSaudi Arabia 1,223,939.83 0.94

SAUDI INTERNATIONAL 4.375 19-29 16/04S1,000,000 950,679.50 0.73USD

VOLKSWAGEN FIN SERVICES AG 0.375 18-21 12/04A750,000 753,982.50 0.57EURGermany 1,205,343.75 0.92

VOLKSWAGEN LEASING GMBH 0.2500 18-21 16/02A450,000 451,361.25 0.35EUR

ROSNEFT INTL LTD REG SHS 4.199 12-22 06/03S500,000 446,727.80 0.34USDIreland 1,039,720.59 0.80

RZD CAPITAL PLC 5.70 12-22 05/04S500,000 464,023.39 0.36USDSMURFIT KAPPA ACQUISITIONS UNLTD CO 2.375 17-24 01/02S120,000 128,969.40 0.10EUR

WESTERN AUSTRALIA TREAS CORP 3.00 16-27 21/10S1,400,000 950,965.39 0.73AUDAustralia 950,965.39 0.73

BAHRAIN 6.75 17-29 20/09S1,000,000 930,826.41 0.71USDBahrain 930,826.41 0.71

MITSUBISHI UFJ FIN GROUP INC 3.761 18-23 26/07S1,000,000 918,643.62 0.70USDJapan 918,643.62 0.70

BANCO BTG PACTUAL SA 5.50 17-23 31/01S200,000 183,042.62 0.14USDLuxembourg 710,965.45 0.54

FINMECCANICA FIN REG SHS 8.00 09-19 16/12S460,000 527,922.83 0.40GBP

TESCO CORP TREASURY 2.5 19-25 02/05A240,000 273,888.50 0.21GBPUnited Kingdom 644,449.38 0.49

THE SOCIETY OF LLOYD'S 4.75 14-24 30/10A300,000 370,560.88 0.28GBP

SINOPEC GROUP OVERSEAS (2017) LTD REG SHS 3.625 17-27 12/04S680,000 617,897.70 0.47USDBritish Virgin Islands 617,897.70 0.47

UBS GROUP FUNDING AG 4.253 17-28 23/03S600,000 567,011.48 0.43USDSwitzerland 567,011.48 0.43

KOREA 2.125 14-24 10/06A500,000 550,417.50 0.42EURSouth Korea 550,417.50 0.42

DANSKE BANK A/S 5.0000 19-22 12/01S460,000 422,954.39 0.32USDDenmark 422,954.39 0.32

ARGENTINA 5.00 16-27 15/01A250,000 181,257.50 0.14EURArgentina 410,888.00 0.31

PROVINCIA BUENOS AIRES 5.375 17-23 20/01A300,000 229,630.50 0.17EUR

BANQUE OUEST AFRICAINE DE DEV 5.00 17-27 27/07S400,000 364,362.94 0.28USDTogo 364,362.94 0.28

BANCO CREDITO 3.50 17-27 12/10S400,000 354,760.96 0.27USDChile 354,760.96 0.27


GHANA 7.8750 19-27 26/03S200,000 184,818.58 0.14USDGhana 184,818.58 0.14





323Page

BARCLAYS FL.R 19-99 27/03Q260,000 239,316.18 0.18USD



BARCLAYS PLC FL.R 17-28 07/02A400,000 392,652.00 0.30EURHSBC HOLDINGS PLC FL.R 17-23 05/10Q400,000 398,300.00 0.30EURROYAL BANK OF SCOTLAND GROUP PLC FL.R 18-25 04/03A1,000,000 1,037,940.00 0.80EURSANTANDER UK GP HOLDGS PLC FL.R 17-XX 10/04A400,000 466,333.63 0.36GBPSTANDARD CHARTERED PLC FL.R 18-23 20/01S820,000 744,257.20 0.57USDVODAFONE GROUP PLC FL.R 18-78 03/10A830,000 756,078.64 0.58USDWESTFIELD STRATFORD CITY FIN PLC FL.R 14-19 04/11Q610,000 679,284.79 0.52GBP

AT & T INC FL.R 18-24 12/06Q800,000 712,079.87 0.55USDUnited States of America 4,236,349.28 3.24

BANK OF AMERICA CORP FL.R 18-28 20/12S600,000 542,076.80 0.41USDBANK OF AMERICA CORP FL.R 17-27 04/05A1,200,000 1,289,928.00 0.99EURCITIGROUP INC FL.R 17-28 10/01S650,000 604,596.92 0.46USDCITIGROUP INC FL.R 18-23 24/01S500,000 446,817.97 0.34USDGENERAL MOTORS CO FL.R 17-20 07/08Q400,000 352,679.78 0.27USDJP MORGAN CHASE & CO FL.R 18-29 23/07S300,000 288,169.94 0.22USD

BNP PARIBAS SA FL.R 18-23 19/01Q900,000 891,720.00 0.68EURFrance 4,034,889.00 3.09

CREDIT AGRICOLE ASSURANCES SA FL.R 18-48 29/01300,000 296,019.00 0.23EURCREDIT AGRICOLE ASSURANCES SA SUB. FL.R 15-XX 13/01A700,000 762,027.00 0.58EURLA MONDIALE STE D'ASS VIE & CAPITALISATION SA FL.R 14-XX 17/12A1,560,000 1,753,050.00 1.35EURSOGECAP SA FL.R 14-49 29/12A100,000 109,423.00 0.08EURTOTAL SA FL.R 16-XX 06/10A200,000 222,650.00 0.17EUR

BANKIA SUB SA FL.R 17-XX 18/07Q1,200,000 1,229,760.00 0.94EURSpain 3,524,086.00 2.70

BANKINTER SA FL.R 17-27 06/04A1,000,000 1,039,690.00 0.80EURBBVA S5 REG SHS FL.R 17-XX 24/08Q200,000 206,624.00 0.16EURBCO BILBAO VIZCAYA FL.R 15-XX 18/05Q600,000 616,572.00 0.47EURCAIXABANK SA SUB FL.R 17-XX 13/06A400,000 431,440.00 0.33EUR

ENEL SPA FL.R 19-80 24/05A249,000 258,053.64 0.20EURItaly 2,650,350.64 2.03

INTESA SANPAOLO SPA FL.R 14-XX 17/12A400,000 413,340.00 0.32EURINTESA SANPAOLO SPA FL.R 17-XX 11/07S700,000 785,981.00 0.60EURUNICREDIT SPA FL.R 14-XX 10/09S400,000 399,776.00 0.31EURUNICREDIT SPA FL.R 17-49 03/12S800,000 793,200.00 0.60EUR

IND & COMM BK CHINA LTD FL.R 17-20 12/10Q1,000,000 880,907.77 0.67USDLuxembourg 880,907.77 0.67

ING GROUP NV FL.R 17-28 11/04A300,000 324,084.00 0.25EURThe Netherlands 828,629.00 0.63

TELEFONICA EUROPE BV FL.R 17-XX 07/06M500,000 504,545.00 0.38EUR

UBS GROUP AG SUB FL.R 16-XX 16/03A500,000 458,002.37 0.35USDSwitzerland 458,002.37 0.35

FSQ 2017-1 A FL.R 17-59 12/03Q95,404 106,632.90 0.08GBP



ICSL 1 A1 FL.R 17-56 24/07M930,562 1,033,554.45 0.78GBPTPMF 2016-AU10 A1 FL.R 16-45 20/04M142,936 159,856.45 0.12GBPTPMF 2017-A11X A1 FL.R 17-45 20/05Q160,366 179,191.82 0.14GBP

ARMBS 1 A SRL FL.R 12-22 27/09Q171,954 173,732.75 0.13EURItaly 478,068.97 0.37

QUADF 2011-1 A2 FL.R 11-60 25/07Q304,220 304,336.22 0.24EUR

VERSE 6 SEN 1.10 18/23 13/02M458,446 465,667.08 0.36EURPortugal 465,667.08 0.36

AM FD BD GLO EME LOC CCY OU USD CAP2,009 1,549,861.78 1.19USD



Bond funds 1,549,861.78 1.19






324Page

LUX IM– UBS Dynamic Credit High Yield

325Page



832,273.45Interests receivable2,946,964.29Brokers receivable

584,635.02Subscriptions receivable705,259.45Unrealised appreciation on forward foreign exchange contracts

806.01Other assets


16,536.06Accrued performance fees92,632.67Redemptions payable





Expressed in EUR


LUX IM – UBS Dynamic Credit High Yield





01/01/19





326Page

Key figures


Total Net Assets 64,762,176.25 72,589,413.74 95,311,099.01



0.000.000 0.000

0.0092.08096.91



98.04143,404.771 118,870.006

91.71128,661.669



101.36406,806.562 430,905.981

94.67519,032.511



102.591,580.811 1,488.010

95.611,572.724



104.0689,425.072 213,432.103

97.23295,886.310


327Page

AECOM 5.125 17-27 15/03S550,000 505,841.80 0.78USD


Bonds 50,284,865.86 77.65


ARCHROCK PARTNERS 6.8750 19-27 01/04S185,000 171,273.69 0.26USDASCENT RESOURCES UTICA HLDGS LLC 7.00 18-26 01/11S125,000 100,881.82 0.16USDASCENT RESOURCES UTICA HLDGS LLC 10.00 17-22 01/04S224,000 208,365.22 0.32USDAVON INTL 144A 7.875 16-22 15/08S100,000 91,700.75 0.14USDBEAZER HOMES USA INC 5.875 17-27 15/10S225,000 173,518.28 0.27USDBOOZ ALLEN HAMILTON INC 5.125 17-25 01/05S260,000 233,276.16 0.36USDBRAND ENERGY & INFRA SCES INC 8.50 17-25 15/07S165,000 132,075.48 0.20USDBUILDERS FIRSTSOURCE INC 5.625 16-24 01/09S525,000 474,979.87 0.73USDBWAY HOLDING CO 7.25 17-25 15/04S250,000 213,583.59 0.33USDCALFRAC HOLDINGS LP 8.50 18-26 15/06S300,000 185,380.66 0.29USDCALIFORNIA RESOURCES CORP -144A- 8.00 15-22 15/12S200,000 133,262.96 0.21USDCALLON PETROLEUM CO 6.125 17-24 01/10S135,000 120,443.73 0.19USDCALPINE CORP 5.375 14-23 15/01S275,000 244,943.15 0.38USDCARRIZO OIL & GAS INC 6.25 15-23 15/04S195,000 167,024.01 0.26USDCATALENT PHARMA 5.0000 19-27 15/07S70,000 62,383.96 0.10USDCATALENT PHARMA SOLUTIONS INC 4.75 16-24 15/12S500,000 523,152.50 0.81EURCCO HOLDINGS LLC -144A- 5.75 16-26 15/02S1,050,000 972,274.04 1.49USDCCO HOLDINGS LLC 144A 5.875 15-27 01/05S200,000 185,937.46 0.29USDCDK GLOBAL INC 5.2500 19-29 15/05S65,000 59,136.08 0.09USDCHANGE HEALTHCARE HLDGS LLC -144A- 5.75 17-25 01/03S150,000 134,087.61 0.21USDCHESAPEAKE ENERGY CORP 7.5 18-26 01/10S105,000 82,090.91 0.13USDCLOUD CRANE LLC 10.125 16-24 01/08270,000 256,498.22 0.40USDCOMMSCOPE TECH FIN LLC -144A- 6.00 15-25 15/06S255,000 211,406.52 0.33USDCOTY INC 4.00 18-23 05/04S310,000 307,859.45 0.48EURCOVANTA HOLDING CORP 5.875 17-25 01/07S160,000 146,424.95 0.23USDCRC EXCROW ISSUER LLC 5.25 17-25 15/10S275,000 242,198.83 0.37USDCRESTWOOD MIDSTR 5.625 19-27 01/05S135,000 118,155.43 0.18USDCSC HOLDINGS LLC 5.375 18-28 01/02S200,000 182,184.10 0.28USDCSC HOLDINGS LLC 5.5 18-26 15/05S200,000 184,194.92 0.28USDDELEK 6.75 18-25 15/05S290,000 254,453.10 0.39USDDIAMOND 1 FIN CORP 144A 6.02 16-26 15/06S325,000 313,117.50 0.48USDENERGIZER HOLDINGS 6.375 18-26 15/07S100,000 90,711.17 0.14USDENTERCOM MEDIA CORP 144A 7.25 16-24 01/11S170,000 157,760.48 0.24USDEQUINIX INC 2.875 17-22 01/10S200,000 209,047.00 0.32EURFLEX ACQUISITION 7.8750 18-26 15/07S485,000 395,687.64 0.61USDFREEPORT MCMORAN INC 5.45 13-43 15/03S250,000 201,881.30 0.31USDFRONTIER COMMUNICATIONS CORP 11.00 16-25 15/09S270,000 148,139.60 0.23USDGENESIS ENERGY LP 6.00 15-23 15/05S300,000 263,887.06 0.41USDGENESIS ENERGY LP 6.25 17-26 15/05S300,000 254,108.72 0.39USDGULFPORT ENERGY CORP 6.375 17-25 15/05S225,000 152,661.96 0.24USDHERC HOLDINGS I 5.5000 19-27 15/07S180,000 158,814.36 0.25USDHESS INFRASTRUCTURE LP 5.625 17-26 15/02S155,000 140,261.46 0.22USDHILCORP ENERGY I 6.2500 18-28 01/11S80,000 71,337.47 0.11USDHILCORP ENERGY I LP -144A- 5.75 15-25 01/10S150,000 132,933.10 0.21USDHUB INTERNATIONAL 7.00 18-26 05/01S400,000 358,446.59 0.55USDINFOR (US) INC 6.50 16-22 15/05S300,000 268,840.22 0.42USDIQVIA INC 5.0000 19-27 15/05S135,000 122,561.62 0.19USDIRON MOUNTAIN INC 4.875 17-27 15/09S360,000 315,476.98 0.49USDJACK OHIO FIN LLC 6.75 16-21 15/11S550,000 498,306.73 0.77USDJAGUAR HLDG CO II 6.375 15-23 01/08S225,000 205,337.12 0.32USDJEFFERIES FIN LLC 7.25 17-24 15/08S145,000 124,990.17 0.19USDJELD-WEN INC 4.875 17-27 15/12S150,000 128,315.08 0.20USDL BRANDS INC 5.625 13-23 15/10S150,000 136,988.39 0.21USDL BRANDS INC 7.5000 19-29 15/06S170,000 149,306.46 0.23USDLADDER CAP FIN HLDGS LLLP 5.25 17-25 01/10S515,000 454,704.89 0.70USDLEVEL 3 FINANCING INC 5.25 17-26 15/03S310,000 282,004.97 0.44USDLEVEL 3 FINANCING INC 5.375 16-25 01/05S150,000 136,172.97 0.21USDMATTEL INC 6.75 17-25 31/12S125,000 113,251.53 0.17USDMC DERMOTT ESCROW 10.625 18-24 18/04S100,000 82,363.55 0.13USDMERITOR INC 6.25 14-24 15/02S265,000 241,258.74 0.37USDM/I HOMES INC 5.625 17-25 01/08S200,000 177,683.95 0.27USD





328Page

MOLINA HEALTHCARE INC 4.875 17-25 15/06S285,000 254,453.10 0.39USDMUELLER WATER PRO 5.50 18-26 15/06S260,000 238,421.95 0.37USDNEPTUNE FINCO CORP 10.875 15-25 15/10S200,000 201,593.00 0.31USDNETFLIX INC 3.625 17-27 05/02S200,000 217,810.00 0.34EURNETFLIX INC 4.625 18-29 15/05S235,000 265,814.38 0.41EURNEW ENTERPRISE STONE & LIME CO INC 6.25 18-26 15/03S300,000 268,505.08 0.41USDNEW ENTERPRISE STONE & LIME CO INC 10.125 17-22 01/04S525,000 474,501.92 0.73USDNEXSTAR ESCROW 5.6250 19-27 15/07S65,000 58,890.79 0.09USDNEXSTAR ESCROW CORP 5.625 16-24 01/08S275,000 250,322.93 0.39USDNIELSEN FINANCE LLC -144A- 5.00 14-22 15/04S350,000 308,725.65 0.48USDNRG ENERGY INC 5.2500 19-29 15/06S65,000 60,907.10 0.09USDOASIS PETROLEUM INC 6.25 18-26 01/05S180,000 154,769.76 0.24USDPANTHER BF AGGREGATOR 4.375 19-26 15/05S310,000 320,801.95 0.50EURPAR PHARMACEUTICAL 7.5000 19-27 01/04S75,000 64,982.19 0.10USDPARSLEY ENERGY LLC 5.375 16-25 15/01S400,000 359,305.10 0.55USDPARSLEY ENERGY LLC 5.625 17-27 15/10S150,000 137,207.42 0.21USDPENN NATIONAL GAMING INC 5.625 17-27 15/01S245,000 214,968.99 0.33USDPOST HOLDINGS I 5.5000 19-29 15/12S15,000 13,248.45 0.02USDPRIME SECURITY SCES BORR LLC 9.25 16-23 15/05A219,000 202,580.53 0.31USDQEP RESOURCES INC 5.25 12-23 01/05S150,000 128,212.17 0.20USDQORVO INC 19-26 15/07S240,000 223,248.45 0.34USDQUICKEN LOANS INC 5.75 15-25 01/05S525,000 479,978.89 0.74USDSCIENTIFIC GAMES INTL INC 10.00 14-22 01/12S205,000 189,447.16 0.29USDSCIENTIFIC GAMES INTL INC 8.2500 19-26 15/03S270,000 249,489.64 0.39USDSERVICE CORPORATION 5.125 19-29 01/06S65,000 60,382.78 0.09USDSHEA HOMES LP 5.875 15-23 01/04S215,000 193,374.24 0.30USDSIRIUS XM RADIO INC 5.375 16-26 15/07S435,000 397,090.32 0.61USDSM ENERGY CO 6.125 15-22 15/11S150,000 131,943.53 0.20USDSM ENERGY CO 6.6250 18-27 15/01S120,000 98,101.06 0.15USDSOUTHWESTERN ENERGY 7.50 17-26 01/04S150,000 125,450.58 0.19USDSPRINGLEAF FINANCE CORP 5.625 17-23 15/03S300,000 280,538.33 0.43USDSPRINT CORP 7.625 15-25 15/02S175,000 163,555.00 0.25USDSPRINT CORP 7.875 14-23 15/09S925,000 882,767.41 1.36USDSPX FLOW INC 144A 5.625 16-24 15/08S225,000 206,821.48 0.32USDSUNOCO LP 5.875 18-28 15/03S145,000 133,128.07 0.21USDSUNOCO LP 5.5000 18-26 15/02S175,000 160,280.82 0.25USDTALEN ENERGY 6.625 19-28 15/01S65,000 57,130.36 0.09USDTALEN ENERGY SUPPLY LLC 7.2500 19-27 15/05S35,000 31,980.42 0.05USDTALEN ENERGY SUPPLY LLC 10.50 17-26 15/01S280,000 246,910.32 0.38USDTALLGRASS NGR PRTNR LP 5.50 17-28 15/01S290,000 260,192.64 0.40USDTARGA RESOURCES PTNR CORP 5.125 16-25 01/02S390,000 354,433.96 0.55USDTENET HEALTHCARE CORP 8.125 13-22 01/04S571,000 528,990.55 0.82USDTENET HEALTHCARE CORP 5.125 17-25 01/05S270,000 240,825.70 0.37USDTENNANT COMPANY 5.625 17-25 01/05S280,000 255,530.63 0.39USDTEREX CORP -144A- 5.625 17-25 01/02S185,000 165,781.55 0.26USDTMS INTERNATIONAL CORP 7.25 17-25 15/08S150,000 129,304.66 0.20USDTRANSDIGM INC 6.50 14-24 15/07S325,000 289,493.99 0.45USDTRIDENT MERGER SUB INC 6.625 17-25 01/11S225,000 185,050.80 0.29USDUNITED RENTALS NORTH AMERICA INC 5.875 16-26 15/09S260,000 244,036.59 0.38USDUNITED RENTALS NORTH AMERICA INC 6.5000 18-26 15/12S160,000 152,502.09 0.24USDUSA COMPRESSION PART 6.875 18-26 01/04S230,000 213,946.43 0.33USDVFH PARENT LLC 144A 6.75 17-22 15/06S345,000 312,574.22 0.48USDVIASAT INC 5.625 17-25 15/09S200,000 173,725.64 0.27USDVIASAT INC 5.6250 19-27 15/04S70,000 64,190.52 0.10USDVIKING CRUISES LTD 5.875 17-27 15/09S165,000 147,920.17 0.23USDWASTE PRO USA INC 5.50 18-26 15/02S200,000 180,322.83 0.28USDWEEKLEY HOMES LLC 6.625 17-25 15/08S345,000 301,952.76 0.47USDWELLCARE HEALTH PLANS INC 5.25 17-25 01/04S275,000 252,646.35 0.39USDWHITING PETROLEUM CORP 6.6250 18-26 15/01S125,000 106,397.61 0.16USDWHITING PETROLEUM CORP 6.25 15-23 01/04S275,000 242,216.97 0.37USD

ALTICE FINANCING SA 5.25 15-23 15/02S200,000 206,305.00 0.32EURLuxembourg 4,848,302.03 7.49

ALTICE FINANCING SA -144A- 6.625 15-23 15/02S400,000 359,933.15 0.56USDALTICE FINCO SA 9.00 13-23 15/06S200,000 208,096.00 0.32EURALTICE LUXEMBOURG SA 8.00 19-27 15/05S465,000 471,096.15 0.73EURALTICE NV REG SHS 7.25 14-22 15/05S150,120 154,082.91 0.24EURALTICE NV REG SHS 6.25 15-25 15/02S200,000 198,221.00 0.31EUR





329Page

AVON INTERNATIO 6.5000 19-22 15/08S340,000 302,436.56 0.47USDCODERE FIN 2 LUX SA 7.625 16-21 01/11S200,000 171,599.60 0.26USDCSN RESOURCES SA 7.6250 18-23 13/02S200,000 186,550.55 0.29USDDANA FINANCING LUX SARL 5.75 17-25 15/04S175,000 158,552.14 0.24USDFINANCIAL AND RISK US HOLDINGS INC 6.875 18-26 15/11S250,000 254,655.00 0.39EURGARFUNKELUX HOLDCO 3 SA REG SHS 7.50 15-22 01/08S130,000 119,046.20 0.18EURGESTAMP FUNDING LUXBG SA 3.50 16-23 31/12S200,000 204,258.00 0.32EURHERCULE DEBTCO PIK 6.75 18-24 30/06S250,000 235,730.00 0.36EURINTELSAT JACKSON HLDGS SA 5.50 13-23 01/08S450,000 363,174.56 0.56USDINTELSAT JACKSON HOLDGS SA 9.75 17-25 15/07S220,000 198,838.90 0.31USDJBS USA LLC -144A- 6.75 18-28 15/02S500,000 478,706.51 0.74USDLHMC FINCO SARL 6.25 18-23 20/12S145,000 157,781.75 0.24EURROSSINI SARL 6.75 18-25 30/10S385,000 419,238.05 0.65EUR

ALTICE FRANCE SA 5.8750 18-27 01/02S750,000 809,358.75 1.25EURThe Netherlands 3,772,176.85 5.82

HEMA BOND CO II BV 8.50 17-23 15/01S100,000 68,724.00 0.11EURLEASEPLAN CORPORATION NV 7.375 19-99 31/12S200,000 210,394.00 0.32EURPETROBRAS GLOBAL FIN BV 4.75 14-25 14/01A750,000 846,686.25 1.31EURSTARFRUIT FINCO 6.5 18-26 01/10S320,000 323,384.00 0.50EURSUNSHINE MID BV 6.50 18-26 15/05S330,000 343,138.95 0.53EURUNITED GROUP 4.875 19-24 01/07S200,000 207,821.00 0.32EURUPC HOLDING BV 3.875 17-29 15/06S550,000 579,342.50 0.89EURZIGGO BOND CO BV 4.625 15-25 15/01S370,000 383,327.40 0.59EUR


BRACKEN MIDCO ONE 8.75 18-23 15/10S360,000 389,161.68 0.60GBPENSCO ROWAN PLC 8.75 18-26 01/02S350,000 230,196.16 0.36USDICELAND BONDCO PLC 6.75 14-24 15/07S340,000 372,690.12 0.58GBPINTERNATIONAL G 3.5000 19-26 15/06S195,000 201,974.17 0.31EURINTL GAME TECH PLC -144A- 6.50 15-25 15/02S200,000 193,517.17 0.30USDJERROLD FINCO PLC 6.25 16-21 15/09S300,000 342,417.48 0.53GBPMILLER HOMES GROUP HLDS PLC 5.50 17-24 15/10S350,000 397,637.16 0.61GBPNEMEAN BONDCO REG SHS 7.375 17-24 01/02S150,000 162,436.72 0.25GBPSTANDARD CHARTERED PLC 7.014 07-49 31/12S100,000 96,410.26 0.15USDVIRGIN MEDIA FIN PLC 4.50 15-25 15/01S430,000 447,825.65 0.68EUR

COTT FINANCE CORP 5.50 16-24 01/07S200,000 208,997.00 0.32EURCanada 2,795,270.85 4.32

GFL ENVIRONMENT 8.5000 19-27 01/05S85,000 80,375.60 0.12USDHUDBAY MINERALS INC 7.625 16-25 15/01S447,000 406,483.56 0.63USDNOVA CHEMICALS CORP 5.25 17-27 01/06S330,000 309,506.53 0.48USDPRECISION DRILLING CORP 7.125 17-26 15/01S400,000 344,812.42 0.53USDVRX ESCROW CORP 4.50 15-23 15/05S1,100,000 1,116,522.00 1.73EUR1011778 BC UNLIMITED LIAB CO/NEW RED FIN INC 5.00 17-25 15/10S370,000 328,573.74 0.51USD

GERMANY 1.25 17-48 15/08A260,000 332,426.90 0.51EURGermany 2,400,416.48 3.71

KIRK BEAUTY ZERO GMBH REG SHS 6.25 15-22 15/07S110,000 103,882.35 0.16EURNIDDA BONDCO GMBH 7.25 18-25 30/09S345,000 363,681.75 0.56EURTHYSSENKRUPP AG 2.875 19-24 22/02A415,000 432,830.48 0.67EURUNITYMEDIA GMBH SUB 3.75 15-27 15/01S1,100,000 1,167,595.00 1.81EUR

LKQ ITALIA BONDCO SPA 3.875 16-24 01/04S500,000 554,242.50 0.86EURItaly 1,930,153.06 2.98

TIM SPA 4.0 19-24 11/04A450,000 484,771.50 0.75EURUNICREDIT SPA 9.25 16-XX 03/06S200,000 223,312.00 0.34EURWIND TRE SPA 5.00 17-26 20/01S200,000 170,427.06 0.26USDWIND TRE SPA 3.125 17-25 20/01S500,000 497,400.00 0.77EUR


CASINO GUICHARD PERRACHON SA 4.561 13-23 25/01A200,000 172,820.00 0.27EUREUROPCAR MOBILITY 4.00 19-26 30/04S160,000 163,850.40 0.25EURFRANCE OAT 1.5 18-50 25/05A430,000 496,093.15 0.78EURLA FINANCIERE ATALIAN SA 4.00 17-24 15/05S250,000 190,111.25 0.29EURORANO EMTN 4.875 09-24 23/09A150,000 171,004.50 0.26EURORANO SA 3.375 19-26 23/04A400,000 415,544.00 0.64EUR

NOBLE HOLDING INTL LTD 6.20 10-40 01/08S250,000 121,935.61 0.19USDCayman Islands 1,113,398.89 1.72

PARK AEROSPACE HLD LTD 4.50 17-23 15/03S225,000 204,414.83 0.32USD





330Page

PARK AEROSPACE HLD LTD 5.50 17-24 15/02S325,000 307,818.75 0.47USDTRANSOCEAN INC 6.80 07-38 15/03S70,000 46,404.98 0.07USDTRANSOCEAN INC 9.00 16-23 15/07S92,000 86,185.51 0.13USDTRANSOCEAN LTD 6.1250 18-25 01/08S75,600 68,888.20 0.11USDTRANSOCEAN PHOENIX 2 LTD 144A 7.75 16-24 15/10S93,750 87,824.91 0.14USDUPCB FINANCE IV LTD 4.00 15-27 15/01S180,000 189,926.10 0.29EUR

UNILABS SUBHOLDING AB 5.75 17-25 15/05S320,000 326,851.20 0.50EURSweden 751,715.75 1.16



ADIENT GLOBAL HOLDINGS LTD 3.50 16-24 15/08S350,000 291,630.50 0.45EURJersey Island 291,630.50 0.45


BANCO BILBAO VI FL.R 18-XX XX/XXQ400,000 413,400.00 0.64EUR


Spain 1,255,181.15 1.93

BANCO SANTANDER SA FL.R 18-XX XX/XXQ200,000 188,838.00 0.29EURCAIXABANK SA SUB FL.R 17-XX 13/06A200,000 215,720.00 0.33EURMULHACEN PTE LT FL.R 18-23 01/08S455,000 437,223.15 0.67EUR


CITIGROUP INC FL.R 12-XX 30/07S150,000 136,762.10 0.21USDUnited States of America 452,251.74 0.70

JP MORGAN CHASE & CO FL.R 14-XX 01/07S360,000 315,489.64 0.49USD

HSBC BANK PLC SUB FL.R 85-XX 29/06S220,000 136,534.11 0.21USDUnited Kingdom 408,893.52 0.63

HSBC BANK PLC SUB FL.R 85-49 29/09S80,000 49,688.88 0.08USDSTANDARD CHARTERED PLC FL.R 06-XX 30/07S300,000 222,670.53 0.34USD

ARD FINANCE SA FL.R 17-23 15/09S380,000 395,739.60 0.61EURLuxembourg 395,739.60 0.61

CASINO GUICHARD-PERRACHON SA FL.R 14-24 07/03A200,000 170,883.00 0.26EURFrance 373,456.78 0.58

CREDIT AGRICOLE SA FL.R 16-XX 23/12Q200,000 202,573.78 0.32USD

HEMA BOND CO I BV FL.R 17-22 15/07Q200,000 179,928.00 0.28EURThe Netherlands 323,326.00 0.50

ING GROUP NV PERPETUAL FL.R 03-XX 31/03Q200,000 143,398.00 0.22EUR

INTESA SANPAOLO SPA FL.R 15-49 17/03S200,000 172,663.06 0.27USDItaly 172,663.06 0.27

CHT 2017-CSMO E FL.R 17-19 15/11M300,000 264,846.82 0.41USD



GSMS 2017-SLP E FL.R 17-22 10/10M250,000 222,939.35 0.34USDJPMCC 2018-PHH E FL.R 18-23 15/06M275,000 243,880.81 0.38USDPCT 2016-PLSD D 4.736987 16-21 13/04M150,000 131,481.56 0.20USD

UBS LUX BOND EURO HIGH YIELD (EUR) -I-B-ACC- EUR CAP29 6,335.29 0.01EUR



Bond funds 5,819,079.47 8.99

UBS LUX BOND USD HY USD - I-X-ACC- EUR HEDGED CAP25,340 2,750,884.24 4.25EURUBS LUX SICAV SHORT DURATION HIGH YIELD (USD) -I-B-ACC- EUR HDG CAP27,508 3,061,859.94 4.73EUR

UBS LUX BOND L BD AS HY I B ACC USD CAP4,179 410,363.41 0.63USDOther funds 410,363.41 0.63






331Page

LUX IM– Schroder Convertible Bond Opportunities

332Page


804,175.45Unrealised profit on the securities portfolio739,066.11Cash at banks61,163.32Interests receivable52,367.08Brokers receivable


798.45Other assets

787,673.97Liabilities481,636.03Brokers payable163,111.41Redemptions payable112,495.02Accrued management fees




Expressed in EUR


LUX IM – Schroder Convertible Bond Opportunities





01/01/19





333Page

Key figures


Total Net Assets 38,710,195.42 47,750,794.27 114,743,069.90



104.2183,415.463 86,900.121

96.9450,948.406



107.66251,200.120 282,197.470

100.00226,640.734



109.85742.472 697.306

101.81684.277109.73



101.0428,618.540 117,554.329

93.89831,131.721


334Page

CYBERAGENT INC CV 0.00 18-25 19/0250,000,000 425,416.73 1.10JPY


Bonds 1,999,676.86 5.17

Japan 1,459,508.89 3.77

CYBERAGENT INC CV 0.00 18-23 17/0250,000,000 423,668.08 1.09JPYHIS CO LTD 0.00 17-24 15/1130,000,000 243,229.69 0.63JPYLINE 0.00 18-25 19/0950,000,000 367,194.39 0.95JPY

WIX.COM LTD 0.00 18-23 01/07222,000 237,416.10 0.61USDIsrael 237,416.10 0.61

QIAGEN NV 0.50 17-23 13/09S200,000 199,880.37 0.52USDThe Netherlands 199,880.37 0.52

GN GREAT NORDIC LTD CV 0.00 19-24 21/05100,000 102,871.50 0.27EURDenmark 102,871.50 0.27

ATLASSIAN INC CV 0.625 18-23 01/05S82,000 122,707.16 0.32USD



CHEGG INC CV 0.125 19-25 15/03500,000 438,549.50 1.13USDCOUPA SOFTWARE CV & 0.125 19-25 15/06S241,000 225,062.64 0.58USDDEXCOM INC CV 0.75 18-23 01/12S325,000 331,019.16 0.86USDDOCUSIGN CV 0.5 18-23 18/09S283,000 259,251.74 0.67USDEURONET WORLDWIDE CV 0.75 19-49 15/03S120,000 126,291.06 0.33USDEXACT SCIENCES CORP CV 1.00 18-25 15/01S100,000 148,948.85 0.38USDEXACT SCIENCES CV 0.375 19-27 15/03S200,000 218,214.37 0.56USDFIREEYE INC 0.875 18-24 01/06S400,000 344,736.77 0.89USDFORTIVE CORP CV 0.875 19-22 15/02S150,000 136,107.01 0.35USDGLENCORE FUNDING LLC CV 0.00 18-25 20/03200,000 154,848.05 0.40USDGUIDEWIRE SOFTWARE INC CV 1.25 18-25 15/03S100,000 97,559.48 0.25USDIAC FINANCECO CV & 2.00 19-30 15/01S250,000 225,815.85 0.58USDILLUMINA INC CV 0.00 18-23 15/08219,000 219,627.04 0.57USDJP MORGAN CHASE FIN COMPANY LLC CV 0.25 18-23 01/05S417,000 350,863.59 0.91USDJP MORGAN CV 0.00 18-20 17/07200,000 209,353.92 0.54USDJPMORGAN CHASE BANK CV 19-22 24/05800,000 861,628.00 2.23EURLIGAND PHARMACLTS CV 0.75 19-23 15/05S300,000 226,484.50 0.59USDLIVE NATION CV 2.5 19-23 20/03S200,000 209,656.50 0.54USDMERCADOLIBRE IN CV 2.00 18-28 15/08S100,000 135,702.59 0.35USDMICROCHIP TECHNOLOGY INC CV 1.625 15-25 15/02S123,000 190,788.21 0.49USDMICROCHIP TECHNOLOGY INC CV 1.625 17-27 15/02S307,000 320,152.51 0.83USDMICROCHIP TECHNOLOGY INC CV 2.25 17-37 15/02S200,000 206,902.41 0.53USDNUTANIX INC CV 0.0 18-23 15/01370,000 302,655.67 0.78USDNUVASIVE INC CV 2.25 16-21 15/03S300,000 297,146.06 0.77USDON SEMICONDUCTOR CV 1.625 17-23 15/10S389,000 418,553.53 1.08USDPALO ALTO NETWORKS CV 0.75 18-23 01/07S1,000,000 931,129.88 2.42USDPLURALSIGHT INC CV 0.375 19-24 01/03S369,000 343,247.74 0.89USDPRICELINE GROUP INC CV 0.90 15-21 15/09A400,000 399,910.28 1.03USDPURE STORAGE INC CV 0.125 19-23 15/04S455,000 384,215.55 0.99USDRINGCENTRAL INC CV 0.00 18-23 15/03100,000 131,531.86 0.34USDSILICON LABOR INC CV 1.375 17-22 01/03S211,000 228,761.97 0.59USDSPLUNK INC CV 1.125 18-25 21/09S550,000 538,130.14 1.39USDSPLUNK INC CV 0.5 18-23 15/09S300,000 288,379.73 0.74USDSQUARE INC CV 18-23 15/05S567,000 591,593.19 1.53USDTESLA INC CV 2.375 17-22 15/03S200,000 173,109.91 0.45USDTESLA INC CV 1.25 14-21 01/03S300,000 250,791.66 0.65USDTHE PRICELINE GROUP INC CV 0.35 13-20 15/06S80,000 99,772.88 0.26USDTWILIO INC CV 0.25 18-23 01/06S30,000 53,349.65 0.14USDVISHAY CV 2.25 18-25 12/06S300,000 240,598.76 0.62USDVONAGE HOLDINGS CV & 1.75 19-24 01/06S100,000 89,476.18 0.23USDWESTERN DIG CV CORP 1.50 18-24 01/02S355,000 276,596.16 0.71USDWRIGHT MEDICAL CV 1.625 18-23 15/06S300,000 285,938.78 0.74USDZENDESK INC CV 0.25 18-23 15/03S100,000 133,398.42 0.34USDZILLOW GROUP INC CV 2.00 16-21 01/12S100,000 98,372.70 0.25USDZYNGA INC 0.125 19-24 01/06S295,000 253,704.93 0.66USD

ANA HOLDINGS INC CV 0.00 17-24 19/0930,000,000 244,026.39 0.63JPYJapan 7,892,002.17 20.39

COSMO ENERGY HLD CV 0.00 18-22 05/1240,000,000 341,836.90 0.88JPY





335Page

DAIO PAPER CORP CV REG SHS 0.00 15-20 17/0950,000,000 410,316.23 1.06JPYGMO PMT CV 0.00 18-23 19/06S20,000,000 198,646.84 0.51JPYIWATANI CORP CV REG SHS 0.00 15-20 22/1020,000,000 169,696.85 0.44JPYKANDENKO CO LTD CV 0.00 16-21 31/0330,000,000 248,557.77 0.64JPYKYORITSU MAINTENANCE CO LTD CV 0.00 16-21 31/0311,000,000 93,858.19 0.24JPYKYUSHU ELECTRIC POWER CO INC CV 0.00 17-22 31/0330,000,000 245,043.72 0.63JPYMEDIPAL HOLDINGS CORP CV 0.00 17-22 07/1020,000,000 187,876.29 0.49JPYMITSUBISHI CHEM HOLDINGS CORP CV 0.00 17-24 29/0330,000,000 245,771.78 0.63JPYMITSUMI ELEC CO LTD REG SHS CV 0.00 15-22 03/0820,000,000 186,282.89 0.48JPYNAGOYA RAILROAD CO LTD CV 0.00 14-24 11/1210,000,000 92,985.78 0.24JPYNIPRO CORP CV 0.00 16-21 29/0130,000,000 255,254.94 0.66JPYPARK24 CO LTD CV 0.00 18-25 29/1030,000,000 245,951.95 0.64JPYRELO GROUP INC CV 0.00 18-21 22/0340,000,000 342,546.17 0.88JPYSANEI ARCHITECTURE CO LTD CV 0.00 17-22 30/1130,000,000 239,991.42 0.62JPYSBI HLD CV 0.00 18-23 13/09110,000,000 986,934.96 2.56JPYSENKO GROUP HLDGS CO LTD CV 0.00 17-22 28/0330,000,000 258,803.32 0.67JPYSHIP HEALTHCARE CV 0.00 18-23 13/1220,000,000 178,577.38 0.46JPYSONY CORP CV 0.00 15-22 30/0956,000,000 589,748.00 1.52JPYTEIJIN LTD CV 0.00 14-21 10/1280,000,000 712,103.28 1.85JPYTOHO HOLDINGS CO LTD CV 0.00 18-23 23/0640,000,000 330,269.65 0.85JPYTORAY INDUSTRIES INC CV 0.00 14-21 31/0890,000,000 841,611.78 2.18JPYYAMADA DENKI CO LTD CV 0.00 14-19 28/0630,000,000 245,309.69 0.63JPY

BAOZUN CV 1.625 19-24 01/05S171,000 174,865.68 0.45USDCayman Islands 3,862,426.80 9.98

BILIBILI INC CV 1.375 19-26 01/04S300,000 249,122.57 0.64USDCTRIP COM INTNL CV 1.99 15-25 01/07S250,000 239,800.77 0.62USDGDS HOLDINGS LTD 2 RCV 18-25 01/06S133,000 110,954.42 0.29USDHARVEST INTL CO CV 0.00 17-22 21/112,000,000 225,740.53 0.58HKDHUAZHU GROUP CV 0.375 17-22 01/11S82,000 77,712.28 0.20USDIQIYI INC CV 2.00 19-25 01/04S273,000 225,231.91 0.58USDIQIYI INC CV 3.75 18-23 01/12S188,000 174,699.35 0.45USDMOMO INC CV 1.25 18-25 01/07S837,000 700,680.58 1.82USDNIO INC CV 19-24 30/01S400,000 177,752.56 0.46USDPOSEIDON FINANCE 1 LTD CV 0.00 18-25 01/021,014,000 876,766.38 2.27USDSEMICONDUCTOR MANUFACTURING INTL CORP CV 0.00 16-22 07/07250,000 239,319.17 0.62USDWEIBO CORP CV 1.25 17-22 15/11S346,000 287,939.20 0.74USDYY INC CV & 0.75 19-25 15/06S114,000 101,841.40 0.26USD

AIR FRANCE CV 0.125 19-26 25/03A7,659 131,198.67 0.34EURFrance 1,833,346.46 4.74

ARCHER OBLIG CV 0.00 17-23 31/03100,000 136,246.50 0.35EURORPEA CV 0.375 19-27 17/05A1,991 300,521.54 0.78EURSAFRAN SA CV 0.00 18-23 21/061,750 278,947.38 0.72EURTOTAL SA CV 0.50 15-22 02/12S600,000 567,135.50 1.47USDUBISOFT ENTERTAINMENT CV 0.00 16-21 27/093,000 217,038.00 0.56EURVINCI SA CV 0.375 17-22 16/02S200,000 202,258.87 0.52USD

CHINA YANGTZE POWER INTL (BVI) 1 LTD CV 0.00 16-21 09/11200,000 186,712.41 0.48USDBritish Virgin Islands 1,193,362.15 3.08

SHANGHAI PORT GRP BVI CV 0.00 17-22 09/08500,000 446,822.36 1.15USDSMART INSIGHT CV 4.5 18-23 05/12S2,000,000 277,488.58 0.72HKD3SBIO CV 0.00 17-22 21/07230,000 282,338.80 0.73EUR

ADIDAS AG CV 0.05 18-23 12/09A200,000 233,314.00 0.60EURGermany 960,203.00 2.48

FRESENIUS MEDICAL CARE AG & CO KGAA CV 1.125 14-20 31/01S400,000 417,352.00 1.08EURFRESENIUS SE & CO KGAA CV 0.00 14-19 24/09300,000 309,537.00 0.80EUR

CHINA RAILWAY CONSTR CORP LTD CV 0.00 16-21 29/01500,000 490,539.65 1.27USDChina 929,742.27 2.40

CRRC CORP LTD CV 0.00 16-21 05/02500,000 439,202.62 1.13USD

AIRBUS GROUP SE CV 0.00 16-21 14/06300,000 329,356.50 0.85EURThe Netherlands 920,381.70 2.38

STMICROELECTRONICS NV CV 0.25 17-24 03/07S200,000 200,255.97 0.52USDSTMICROELECTRONICS NV CV 0.00 17-22 03/07A400,000 390,769.23 1.01USD

SIBANYE GOLD LTD CV 1.875 17-23 26/09S1,000,000 864,674.32 2.23USDSouth Africa 864,674.32 2.23

GOL EQUITY FINANCE CV 3.75 19-24 15/07S400,000 363,850.99 0.94USDLuxembourg 738,494.61 1.91

SHANGHAI PORT GRP BVI CV 0.00 17-21 09/08420,000 374,643.62 0.97USD





336Page

GEELY SWEDEN FIN CV & 0.00 19-24 19/06U700,000 707,882.00 1.83EURSweden 707,882.00 1.83

CHINA EDUCATION CV 2.00 19-24 28/03S2,000,000 245,195.19 0.63HKDHong Kong 582,121.57 1.50

LENOVO CV 3.375 19-24 24/01S350,000 336,926.38 0.87USD

JAZZ INVST I CV 1.5 PCT 2017-24 15/08S300,000 257,526.06 0.67USDBermuda 525,477.04 1.36

KUNLUN ENERGY CO LTD CV 1.625 16-19 25/07S1,000,000 134,503.30 0.35CNHLIBERTY LATIN AMER CV 2.00 19-20 15/01S150,000 133,447.68 0.34USD

SEVEN GROUP CV 2.20 18-25 05/03S800,000 496,941.59 1.28AUDAustralia 496,941.59 1.28

LG CHEM LTD CV 0.00 18-21 16/04400,000 352,503.85 0.91USDSouth Korea 352,503.85 0.91

PRETIUM RESOURCES INC CV 2.25 17-22 15/03S400,000 345,470.73 0.89USDCanada 345,470.73 0.89

BP CAPITAL MARKETS PLC CV 1.00 16-23 28/04S200,000 287,677.30 0.74GBPUnited Kingdom 287,677.30 0.74

AMS CV 0.875 17-22 28/09S400,000 281,479.53 0.73USDAustria 281,479.53 0.73

XERO INVESTMENTS LTD CV 2.375 18-23 01/10214,000 215,769.45 0.56USDNew Zealand 215,769.45 0.56

SIRIUS MINERALS FINANCE CV 5 19-27 23/05Q200,000 170,998.81 0.44USDJersey Island 170,998.81 0.44

CELLINEX TELECOM SA CV 1.50 18-26 16/01A100,000 117,944.00 0.30EURSpain 117,944.00 0.30






337Page

LUX IM– Vontobel New Frontier Debt

338Page


3,319,615.19Unrealised profit on the securities portfolio22,776,277.25Cash at banks2,719,412.96Interests receivable2,982,838.51Brokers receivable



21,210,374.45Liabilities15,561,379.78Bank overdrafts3,405,586.16Brokers payable

360,919.19Accrued performance fees670,625.75Redemptions payable508,693.09Unrealised depreciation on financial futures546,017.39Accrued management fees




Expressed in EUR


LUX IM – Vontobel New Frontier Debt





01/01/19






339Page

Key figures


Total Net Assets 185,567,849.09 179,801,489.11 264,193,936.19



0.000.000 1,912.589

104.832,483.795



115.15447,887.015 388,219.570

108.44383,274.879



118.941,080,493.299 1,149,645.718

111.841,298,560.692



119.483,854.166 2,903.520

112.102,308.958



112.3244,636.573 81,479.341

105.65509,938.569


340Page

IVORY COAST 5.25 18-30 22/03A4,500,000 4,394,880.00 2.37EUR


Bonds 155,663,385.38 83.88

Ivory Coast 13,505,005.75 7.27

IVORY COAST 6.625 18-48 22/03A9,350,000 9,110,125.75 4.90EUR

MEXICO 4.00 15-2115 15/03A2,850,000 2,901,855.75 1.56EURMexico 13,050,673.50 7.03

MEXICO -A- 5.625 14-14 19/03A5,200,000 6,035,316.68 3.26GBPPEMEX 2.75 15-27 21/04A600,000 526,302.00 0.28EURPEMEX 3.75 14-26 16/04A2,300,000 2,198,328.50 1.18EURPEMEX 5.35 18-28 12/02S1,750,000 1,388,870.57 0.75USD

ARAGVI FINANCE INTER 12.00 19-24 09/04S2,000,000 1,765,773.85 0.95USDIreland 12,365,051.31 6.66

CREDIT BANK OF MOSCOW 5.15 19-24 20/02A500,000 515,080.00 0.28EUROILFLOW SPV 1 DAC 12.00 17-22 13/01M3,950,000 3,650,392.75 1.97USDRZD CAPITAL PLC 7.487 11-31 25/03S1,500,000 2,066,363.74 1.11GBPSADEREA DESIGNATED ACT CO REG SHS 12.50 14-26 30/11S4,505,436 4,367,440.97 2.35USD

ARGENTINA 2.26 09-38 31/12S3,900,000 2,171,793.00 1.17EURArgentina 11,145,919.94 6.01

ARGENTINA 5.25 17-28 15/01A400,000 288,652.00 0.16EURARGENTINA 7.82 03-33 31/12S6,195,506 5,109,712.97 2.75EURARGENTINA 3.31 05-45 31/12S3,750,000 293,512.79 0.16ARSARGENTINA 8.28 05-33 31/12S1,402,038 938,354.79 0.51USDCORDOBA 7.875 16-24 29/04S700,000 421,354.62 0.23USDPROV DE LA RIOJA 9.75 17-25 24/02S750,000 506,485.02 0.27USDPROVINCIA BUENOS AIRES 5.375 17-23 20/01A1,850,000 1,416,054.75 0.76EUR

COLOMBIA 10.375 03-33 28/01S900,000 1,247,563.01 0.67USDColombia 9,534,709.91 5.14

FEDEICOMISO RUTA AL 6.75 17-44 15/02S2,000,000,000 546,101.91 0.29COPFIDEICOMISO PA PACIFICO TRES 8.25 16-35 15/01S8,100,000 7,741,044.99 4.18USD

TURKEY 3.25 17-25 14/06A500,000 463,512.50 0.25EURTurkey 6,495,702.50 3.50

TURKEY 4.625 19-25 31/03A2,000,000 1,995,100.00 1.08EURTURKEY 4.125 14-23 11/04A1,000,000 1,009,940.00 0.54EURTURKEY 5.20 18-26 16/02A3,000,000 3,027,150.00 1.63EUR

SENEGAL 4.75 18-28 13/03A5,674,000 5,676,893.74 3.06EURSenegal 5,676,893.74 3.06

ROMANIA 3.875 15-35 29/10A4,000,000 4,595,100.00 2.48EURRomania 4,595,100.00 2.48

ECUADOR 9.625 17-27 02/06S600,000 566,135.37 0.31USDEcuador 4,492,744.42 2.42

ECUADOR 8.875 17-27 23/10S4,000,000 3,630,610.90 1.95USDECUADOR 10.75 19-29 31/01S300,000 295,998.15 0.16USD

TAJIKISTAN 7.125 17-27 14/09S5,300,000 4,427,995.34 2.39USDTadjikistan 4,427,995.34 2.39

SAUDI INTERNATIONAL 4.5 16-46 26/10S2,000,000 1,792,268.11 0.97USDLuxembourg 4,255,471.94 2.29

SWISS INSURED BRAZIL 9.85 18-32 16/07S9,900,000 2,463,203.83 1.32BRL

ABU DHABI NAT ENERGY 4.875 18-30 23/04S1,600,000 1,549,185.91 0.83USDUnited Arab Emirates 4,144,219.56 2.23

ACWA REG SHS 5.95 17-39 15/12S2,200,000 2,009,037.25 1.08USDRUWAIS POWER CO PJSC 6.00 13-36 31/08S560,000 585,996.40 0.32USD

BAHAMAS REG SHS 5.75 14-24 16/01S1,000,000 938,105.29 0.51USDBahamas 3,707,541.01 2.00

BAHAMAS REG SHS 6.00 17-28 21/11S2,000,000 1,879,948.98 1.01USDCOMMONWEALTH OF BAHAM 6.95 09-29 20/11S900,000 889,486.74 0.48USD

EQUISAR INTERNATIONAL INCORP 6.628 11-26 15/06S3,400,000 3,677,296.57 1.98USDMalaysia 3,677,296.57 1.98

SEYCHELLES 5.00 10-26 01/01S3,913,000 3,528,119.26 1.90USDSeychelles 3,528,119.26 1.90

LAMAR FUNDING REG SHS 3.958 15-25 07/05S1,000,000 776,021.46 0.42USDCayman Islands 3,420,019.79 1.84

ODEBRECHT FIN LTD REG SHS 4.375 13-25 25/04S400,000 24,729.73 0.01USD





341Page

QNB FINANCE LTD 3.5000 19-24 28/03S1,900,000 1,704,702.03 0.92USDSHARJAH 4.226 18-28 14/03S1,000,000 914,566.57 0.49USD

ZAMBIA 8.50 14-24 14/04S2,250,000 1,341,420.37 0.72USDZambia 3,252,312.31 1.75

ZAMBIA REG SHS 5.375 12-22 20/09S3,250,000 1,910,891.94 1.03USD

CENTRAL BANK OF TUNISIA 5.625 17-24 17/02A250,000 249,025.00 0.13EURTunisia 3,243,705.51 1.75

CENTRAL BANK OF TUNISIA 4.20 01-31 17/03S450,000,000 2,994,680.51 1.62JPY

PETROLEOS DE VENEZUELA SA 6.00 14-22 28/10S5,800,000 910,240.58 0.49USDVenezuela 3,023,870.43 1.63

PETROLEOS DE VENEZUELA SA 6.00 13-26 15/11S5,150,000 1,016,976.07 0.55USDPETROLEOS DE VENEZUELA SA 6.00 14-24 16/05S4,000,000 793,895.41 0.43USDVENEZUELA 8.25 09-24 13/10S550,000 135,786.65 0.07USDVENEZUELA 9.00 08-23 07/05S700,000 166,971.72 0.09USD

EL SALVADOR 7.625 04-34 21/09S3,121,000 2,874,713.20 1.55USDEl Salvador 2,874,713.20 1.55

AZERBAIJAN 5.125 17-29 01/09S3,000,000 2,773,189.07 1.49USDAzerbaidjan 2,773,189.07 1.49

DEV BANK OF KAZAKHSTAN JSC 9.50 17-20 14/06S250,000,000 576,211.61 0.31KZTKazakhstan 2,513,107.62 1.35

KAZAKHSTAN 2.375 18-28 09/11A900,000 977,044.50 0.52EURNTL CO KAZAKHSTAN TEMIR ZHOLY JSC 3.638 14-22 20/06A1,000,000 959,851.51 0.52CHF

EGYPT 6.375 19-31 11/04A1,950,000 1,980,936.75 1.07EUREgypt 2,469,639.25 1.33

EGYPT 5.625 18-30 16/04A500,000 488,702.50 0.26EUR

QATAR 4.817 19-49 14/03S1,250,000 1,257,537.28 0.68USDQatar 2,442,225.23 1.32

QATAR 4.0000 19-29 14/03S1,250,000 1,184,687.95 0.64USD

ANGOLA 9.375 18-48 09/05S2,450,000 2,369,992.75 1.28USDAngola 2,369,992.75 1.28

CONGO 6.00 07-29 30/06S2,900,350 2,225,017.59 1.20USDCongo 2,225,017.59 1.20

NTPC LTD 2.75 17-27 01/02A2,000,000 2,144,210.00 1.16EURIndia 2,144,210.00 1.16

CEZ EMTN 3.00 13-28 05/06A1,000,000 1,149,455.00 0.62EURCzech Republic 2,089,141.74 1.13

CZECH REPUBLIC 4.85 07-57 26/11A15,500,000 939,686.74 0.51CZK

GHANA 8.125 19-32 26/03S2,000,000 1,783,383.91 0.96USDGhana 1,783,383.91 0.96

BIZ FINANCE PLC 9.75 15-25 22/01S400,000 368,715.31 0.20USDUnited Kingdom 1,467,350.31 0.79

STATE GRID EUROPE DEV (2014) PLC 2.45 15-27 26/01A1,000,000 1,098,635.00 0.59EUR

SURINAME 9.25 16-26 26/10S1,625,000 1,336,720.98 0.72USDSuriname 1,336,720.98 0.72

OMAN 6.75 18-48 17/01S1,100,000 852,549.59 0.46USDOman 1,156,647.75 0.62

OMAN REG SHS 6.50 17-47 08/03S400,000 304,098.16 0.16USD

CNOOC PET NORTH 5.875 05-35 10/03S1,000,000 1,093,781.07 0.59USDCanada 1,093,781.07 0.59

PERU 8.75 03-33 21/11S750,000 1,068,178.52 0.58USDPeru 1,068,178.52 0.58

OFFICE CHERIFIEN DES PHOSPHATES SA 6.875 14-44 25/04S1,000,000 1,011,668.21 0.55USDMorocco 1,011,668.21 0.55

KAZAKHSTAN TEMIR ZHOLY 3.2500 18-23 05/12A1,000,000 964,458.94 0.52CHFThe Netherlands 964,458.94 0.52

ESKOM HOLDINGS SOC LTD 6.35 18-28 10/08S1,000,000 950,881.82 0.51USDSouth Africa 950,881.82 0.51

BANCO GENERAL SA 4.125 17-27 07/08S1,000,000 892,839.86 0.48USDPanama 892,839.86 0.48

INTER-AMERICAN DEV BK 7.875 16-23 14/03A13,500,000,000 879,849.16 0.47IDRUnited States of America 879,849.16 0.47






342Page

SILKNET JSC 11 19-24 02/04S800,000 745,234.64 0.40USDGeorgia 745,234.64 0.40

PARAGUAY 6.10 14-44 11/08S550,000 575,319.30 0.31USDParaguay 575,319.30 0.31

YUNNAN 4.25 17-22 14/11S650,000 550,917.67 0.30USDBritish Virgin Islands 550,917.67 0.30



AVENIR II B.V. FL.R 18-23 11/12S2,250,000 1,895,727.67 1.03USD



ARGENTINA FL.R 05-38 31/12S2,000,000 1,134,810.00 0.61EURArgentina 1,134,810.00 0.61

PEMEX FL.R 18-23 24/08Q500,000 469,935.00 0.25EURMexico 469,935.00 0.25

O1 PROP FIN REG SHS 8.25 16-21 27/09S2,300,000 1,428,838.46 0.77USD


Bonds 1,428,838.46 0.77

Cyprus 1,428,838.46 0.77

REPUBLIC OF BELIZE FL.R 13-38 20/02S1,750,000 940,922.28 0.51USD


Belize 940,922.28 0.51

VONTOBEL FD EASTERN EUROPEAN BD -I- CAP EUR9,500 1,297,130.00 0.70EUR



Bond funds 15,604,336.76 8.41

VONTOBEL FD EMERGING MKTS BLEND -X- CAP USD1,200 162,860.54 0.09USDVONTOBEL FD EMERGING MKTS LOCAL CURRENCY BD -I- CAP USD160,000 14,144,346.22 7.62USD






343Page

LUX IM– JPM Short Emerging Debt

344Page


6,083,824.13Unrealised profit on the securities portfolio3,643,403.76Cash at banks2,951,894.19Interests receivable

10,421,710.10Subscriptions receivable577,090.87Unrealised appreciation on forward foreign exchange contracts



173,927.71Accrued performance fees7,031,926.89Redemptions payable

617,772.42Accrued management fees10,252.07Accrued depositary fees89,755.14Accrued administrative expenses32,669.96Other liabilities



Expressed in EUR


LUX IM – JPM Short Emerging Debt





01/01/19


Dhl - EUR - Hedged - Capitalisation 105,156.314 180,705.141 16,080.898 269,780.557


Eh - EUR - Hedged - Capitalisation 113,642.900 145,749.734 21,689.504 237,703.130


Fh - EUR - Hedged - Capitalisation 1,158.022 1,931.471 0.000 3,089.493


Hh - EUR - Hedged - Capitalisation 0.000 339,569.690 19,273.603 320,296.087

345Page

Key figures


Total Net Assets 226,786,479.42 163,921,978.80 65,575,355.74



98.20539,492.710 288,688.529

93.9963,670.864


Dhl - EUR - Hedged - Capitalisation

99.14269,780.557 105,156.314

96.230.0000.00



106.31454,824.971 281,567.874

101.38116,987.088


Eh - EUR - Hedged - Capitalisation

101.66237,703.130 113,642.900

98.380.0000.00



101.982,485.568 1,200.678

97.10359.47493.73


Fh - EUR - Hedged - Capitalisation

102.113,089.493 1,158.022

98.680.0000.00



99.88414,284.503 910,280.470

95.26522,380.283


Hh - EUR - Hedged - Capitalisation

101.77320,296.087 0.000

0.000.0000.00


346Page

ABQ FINANCE 3.50 17-22 22/02S1,430,000 1,268,905.66 0.56USD


Bonds 214,466,174.47 94.57

Cayman Islands 26,045,506.59 11.49

ADCB FINANCE CAYMAN 4.00 18-23 29/03S400,000 367,385.32 0.16USDAGILE GRP HLDGS 6.70 19-22 07/03S845,000 764,045.46 0.34USDAMBER CIRCLE FUNDING LTD 3.25 12-22 04/12S200,000 178,879.36 0.08USDAZURE ORBIT 3.75 18-23 25/01S800,000 717,076.13 0.32USDBANCO BRASIL REG SHS 5.875 11-22 26/01S1,010,000 945,816.12 0.42USDBRASKEM SA REG SHS 5.375 12-22 02/05S300,000 277,563.00 0.12USDBRASKEM SA REG SHS 5.75 11-21 15/04S1,400,000 1,286,144.17 0.57USDCDBL FUNDING 1 4.25 14-24 02/12S400,000 368,847.26 0.16USDCHINA AOYUAN GROUP LTD 8.5 19-22 23/01S820,000 761,817.03 0.34USDCIFI HOLDINGS CO LTD 6.875 18-21 23/04S900,000 811,159.78 0.36USDCOMCEL TRUST REG SHS 6.875 14-24 06/02S600,000 547,570.92 0.24USDDAR AL-ARKAN SUKUK COMP LTD 6.875 17-22 10/04S750,000 663,088.80 0.29USDDIB SUKUK LTD 3.60 16-21 30/03S200,000 177,756.96 0.08USDEIB SUKUK CO LTD 3.542 16-21 31/05S1,420,000 1,256,228.79 0.55USDEMG SUKUK LTD 4.564 14-24 18/06S1,200,000 1,091,331.31 0.48USDEMIRATES REIT SUKUK 5.125 17-22 12/12S800,000 695,074.99 0.31USDFIBRIA OVERSEAS FIN LTD 5.25 14-24 12/05S230,000 215,213.92 0.09USDGOLDEN EAGLE RETAIL GROUP LTD 4.625 13-23 21/05S400,000 334,819.89 0.15USDIBQ FIN LTD 3.50 15-20 25/11S940,000 831,162.24 0.37USDICD SUKUK CO LTD 3.508 14-20 21/05S1,530,000 1,347,923.48 0.59USDINDUSTRIAL SR TR REG SHS 5.50 12-22 01/11S850,000 763,108.37 0.34USDINVERSIONES CMPC SA REG SHS 4.50 12-22 25/04S770,000 702,848.09 0.31USDITAU UNIBANCO REG SHS 6.20 11-21 21/12S1,230,000 1,149,601.27 0.51USDLONGFOR PROPERTIES LTD 3.875 17-22 13/07S200,000 178,886.40 0.08USDQNB FINANCE LTD 2.125 16-21 07/09S1,400,000 1,218,043.71 0.54USDQUATAR ISLAMIC BANK LTD REG SHS 2.754 15-20 27/10S1,630,000 1,431,370.41 0.62USDSAUDI ELEECT GLOBAL SUKUK CPY 4.211 12-22 03/04S700,000 639,288.38 0.28USDSPARC EM SPC PANAMA 0.00 17-22 05/121,281,245 1,070,324.07 0.47USDSUZANO TRADING REG SHS 5.875 10-21 23/01S1,520,000 1,398,571.14 0.62USDTHREE GORGES REG SHS 3.70 15-25 10/06S200,000 184,143.91 0.08USDTIMES CHINA HOLDINGS 7.625 19-22 21/02S464,000 421,591.66 0.19USDTIMES PROPERTY HLDG LTD 6.25 18-21 17/01S710,000 630,025.46 0.28USDWTT INVESTMENT LTD 5.50 17-22 21/11S1,100,000 1,002,883.41 0.44USDYUZHOU PROPERT 6.00 17-22 25/01S400,000 347,009.72 0.15USD

CDBI TREASURE I LTD 2.25 16-21 02/08S200,000 173,152.13 0.08USDBritish Virgin Islands 14,812,304.30 6.54

CENTRAL PLAZA DVT LTD 3.875 18-21 30/01S1,200,000 1,062,113.74 0.47USDCHINA CINDA FIN LTD REG SHS 3.125 15-20 23/04S800,000 705,461.59 0.31USDCHINALCO CAP HLDG LTD 4.00 16-21 25/08S200,000 175,071.47 0.08USDCHOUZHOU INTL INVEST 4.00 17-20 05/12S700,000 616,173.64 0.27USDDOUBLE ROSY LTD 3.625 14-19 18/11S800,000 705,855.65 0.31USDEASY TACTIC 8.125 19-23 27/02S1,590,000 1,418,118.88 0.62USDFORTUNE STAR BVI LTD 6.75 19-23 02/07S1,360,000 1,219,932.62 0.54USDGEMSTONE INTL LTD 8.50 17-20 15/08S700,000 606,272.60 0.27USDGERDAU TRADE INC 5.75 10-21 30/01S860,000 789,999.48 0.35USDGOLD FIELDS OROGEN HLDG 4.875 10-20 07/10S936,000 839,761.24 0.37USDGREENLAND GLB INV LTD 7.875 19-20 24/01S511,000 464,406.12 0.20USDGREENLAND GLB INV LTD 4.85 17-20 17/08S200,000 175,209.58 0.08USDMINMETALS BOUNT FIN LTD 3.50 15-20 30/07S200,000 177,116.60 0.08USDRKI OVERSEAS FIN 201 4.70 16-21 06/09200,000 174,606.14 0.08USDRKPF OVERSEAS 7.875 19-23 01/02S1,170,000 1,083,180.10 0.48USDRONGXINGDA DEVELOPMENT 8.0 19-22 24/04S996,000 856,340.10 0.38USDRPKF 7.75 19-21 18/01S200,000 183,909.05 0.08USDSINO OCEAN LAND LTD 6.00 14-24 30/07S400,000 379,501.25 0.17USDSINOCHEM OVERSEAS CAP COMPANY LTD REG S 4.50 10-20 12/11S600,000 541,322.08 0.24USDSINOPEC GROUP OVERSEAS LTD REG SHS 4.375 14-24 10/04S200,000 188,179.62 0.08USDSTATE GRID OVERSEAS INV REG SHS 4.125 14-24 07/05S200,000 187,103.84 0.08USDSTUDIO CITY CO LTD 7.25 16-21 30/11S1,300,000 1,181,938.25 0.52USDSUNNY EXPRESS ENTREPRISES 3.5 19-22 21/03S1,010,000 907,578.53 0.40USD

KOC HLDG REG SHS 5.25 16-23 15/03S570,000 493,117.56 0.22USDTurkey 7,603,028.15 3.36





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KT KIRA SERT VARLIK KIRALAMA AS 5.136 16-21 02/11S840,000 750,277.35 0.33USDTURK TELEKOM AS REG SHS 4.875 14-24 19/06S600,000 499,240.01 0.22USDTURKEY 5.625 10-21 30/03S1,700,000 1,519,315.65 0.68USDTURKEY 7.50 09-19 07/11S1,000,000 890,860.71 0.39USDTURKEY 7.00 05-20 05/06S2,100,000 1,891,450.06 0.84USDTURKIYE GARANTI BANKASI AS REG SHS 5.25 12-22 13/09S400,000 344,210.76 0.15USDTURKIYE IS BANKASI AS 6.00 12-22 24/10S430,000 345,023.14 0.15USDTURKIYE IS BANKASI AS 5.375 16-21 06/10S300,000 255,594.40 0.11USDTURKIYE IS BANKASI AS REG SHS 5.00 14-20 30/04S700,000 613,938.51 0.27USD

ABU DHABI GOVT 2.5000 17-22 11/10S600,000 532,619.08 0.23USDUnited Arab Emirates 6,586,923.79 2.91

ABU DHABI NAT ENERGY 3.625 16-21 22/06S1,520,000 1,360,953.87 0.61USDICICI BANK LTD DUBAI 3.25 17-22 09/09S1,370,000 1,209,446.63 0.53USDKUWAIT PROJECTS CO SPC LTD 5.00 16-23 15/03S820,000 754,452.65 0.33USDKUWAIT PROJECTS CO SPC LTD EMTN 9.375 10-20 15/07S1,100,000 1,033,967.10 0.46USDNBK SPC REG SHS 2.75 17-22 30/05S850,000 747,971.59 0.33USDUNION NATIONAL BANK 4.0 18-23 13/03S1,040,000 947,512.87 0.42USD

AGUA Y SANEAMIENTOS ARGENTINOS 6.625 8-23 01/02S600,000 392,112.42 0.17USDArgentina 6,471,754.14 2.85

ARGENTINA 4.625 18-23 11/01S600,000 419,298.06 0.18USDARGENTINA 5.625 17-22 26/01S2,000,000 1,467,097.68 0.65USDARGENTINA 6.875 16-21 22/04S2,250,000 1,727,533.31 0.76USDPETROBRAS ARG SA REG SHS 7.375 16-23 21/07S954,000 812,194.40 0.36USDYPF SA 8.50 16-21 23/03S1,000,000 896,428.73 0.40USDYPF SA 8.75 14-24 04/04S850,000 757,089.54 0.33USD

ALPEK REG SHS 4.50 12-22 20/11S250,000 225,743.28 0.10USDMexico 6,407,082.03 2.83

COMIS FEDER ELEC REG SHS 4.875 11-21 26/05S400,000 363,101.55 0.16USDMEXICO -25- 3.625 12-22 15/03S400,000 360,677.32 0.16USDNACIONAL FINANCIER 3.375 15-20 05/11S500,000 442,481.41 0.20USDPEMEX 4.875 12-22 24/01S1,260,000 1,100,650.48 0.49USDPEMEX 5.50 10-21 21/01S1,700,000 1,513,050.10 0.67USDPEMEX 6.00 10-20 05/03S1,500,000 1,338,171.27 0.59USDPEMEX 6.375 17-21 04/02S690,000 622,086.42 0.27USDPEMEX 5.375 18-22 13/03S500,000 441,120.20 0.19USD


INDONESIA 3.70 16-22 08/01S1,400,000 1,260,277.08 0.56USDINDONESIA ASAHAN 5.23 18-21 15/11S860,000 796,913.67 0.35USDINDONESIA ASAHAN 5.71 18-23 15/11S1,120,000 1,081,218.45 0.48USDPERTAMINA REG SHS 4.30 13-23 20/05S550,000 506,284.47 0.22USDPERUSAHAAN GAS REG SHS 5.125 14-24 16/05S830,000 786,588.99 0.35USDPERUSAHAAN PERSEROAN 5.50 11-21 22/11S600,000 560,219.02 0.25USDPT PERTAMINA REG SHS 5.25 11-21 23/05S200,000 184,223.07 0.08USD

IHS NL HOLDCO BV 9.50 16-21 27/10S1,000,000 916,998.73 0.40USDThe Netherlands 5,361,355.21 2.36

MDC GMTN BV 2.75 16-23 11/05S600,000 531,196.73 0.23USDMETINVEST BV 7.75 18-23 23/04S750,000 684,034.83 0.30USDNORTHERN LIGHTS 3 BV 7.00 12-19 16/08Q125,000 110,349.87 0.05USDNOSTRUM OIL AND GAS FIN BV 8.00 17-22 25/07S710,000 418,821.00 0.18USDPETROBRAS GLOBAL FIN BV 8.375 16-21 23/05S1,800,000 1,744,726.22 0.78USDTEVA PHARM FIN III BV 2.20 16-21 21/07S1,150,000 955,227.83 0.42USD

COFIDE SA 4.75 12-22 08/02S700,000 646,923.52 0.29USDPeru 5,323,933.45 2.35

FONDO MIVIVIENDA SA REG SHS 3.50 13-23 31/01S2,310,000 2,070,841.80 0.91USDMINSUR SA REG SHS 6.25 14-24 07/02A910,000 882,428.24 0.39USDSAN MIGUEL INDUSTRIAS 4.50 17-22 18/09S810,000 725,868.58 0.32USDUNACEM 5.875 14-21 30/10S1,100,000 997,871.31 0.44USD

BANK MUSCAT SAOG 4.875 18-23 14/03S1,550,000 1,357,247.00 0.60USDOman 5,243,324.14 2.31

NATIONAL BK OMAN 5.625 18-23 25/09S1,631,000 1,459,693.71 0.64USDOMAN 4.125 18-23 17/01S400,000 342,066.24 0.15USDOMAN GO9V INTL REG SHS 3.625 16-21 15/06S2,400,000 2,084,317.19 0.92USD

AFRICAN EXPORT-IMPORT BANK 4.00 16-21 24/05S1,100,000 984,165.46 0.43USDEgypt 5,219,741.83 2.30

AFRICAN EXPORT-IMPORT BANK 4.125 17-24 20/06S700,000 629,328.85 0.28USD





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EGYPT 6.125 17-22 31/01S1,900,000 1,725,960.77 0.76USDEGYPT 5.577 18-23 21/02S700,000 626,659.63 0.28USDEGYPT REG SHS 5.75 10-20 29/04S1,400,000 1,253,627.12 0.55USD

ECUADOR 8.75 17-23 02/06S1,200,000 1,153,619.21 0.51USDEcuador 5,133,271.19 2.26

ECUADOR REG SHS 7.95 16-22 28/03S2,400,000 2,371,964.64 1.04USDECUADOR REG SHS 7.95 14-24 20/06S1,500,000 1,373,400.19 0.61USDPETROAMAZONAS EP 4.625 17-20 16/02M266,667 234,287.15 0.10USD

BANCOLOMBIA SA 5.95 11-21 03/06S1,700,000 1,579,974.93 0.70USDColombia 4,760,202.49 2.10

COLOMBIA 2.625 13-23 15/03S1,700,000 1,489,924.35 0.66USDCOLOMBIA 4.375 11-21 12/07S400,000 364,552.93 0.16USDECOPETROL SA 5.875 13-23 18/09S1,360,000 1,325,750.28 0.58USD

SRI LANKA 6.35 19-24 28/06S590,000 517,587.02 0.23USDSri Lanka 4,756,012.54 2.10

SRI LANKA 6.25 10-20 04/10S300,000 267,337.38 0.12USDSRI LANKA 5.75 18-23 18/04S800,000 697,801.82 0.31USDSRI LANKA REG SHS 5.75 16-22 18/01S500,000 440,948.67 0.19USDSRI LANKA REG SHS 6.25 11-21 27/07S2,200,000 1,960,532.18 0.87USDSRI LANKA 6.85 18-24 14/03S970,000 871,805.47 0.38USD

EXPORT IMP BK KOREA 2.25 15-20 21/01S1,160,000 1,020,393.90 0.45USDSouth Korea 4,616,281.29 2.04

HYUNDAI CAPITAL SERV INC 2.875 16-21 16/03940,000 827,652.28 0.36USDKOREA DEVELOPMENT BANK 2.50 14-20 11/03S1,560,000 1,374,627.78 0.61USDWOORI BANK REG SHS 5.875 11-21 13/04S1,500,000 1,393,607.33 0.62USD

MIN FIN UKRAINE REG SHS 7.75 15-23 01/09S700,000 650,725.69 0.29USDUkraine 4,368,546.86 1.93

UKRAINE REG SHS 7.75 15-19 27.10S1,730,000 1,528,596.56 0.68USDUKRAINE REG SHS 7.75 15-20 01/09S1,600,000 1,453,841.75 0.64USDUKRAINE REG SHS 7.75 15-21 01/09S800,000 735,382.86 0.32USD

EXIMBANK REG SHS 4.00 14-20 30/01S600,000 532,027.97 0.23USDHungary 4,159,042.09 1.83

HUNGARIAN DEVELOPMENT BANK PLC 6.25 13-20 21/10S600,000 553,653.52 0.24USDHUNGARY 5.375 14-24 25/03S1,200,000 1,192,241.72 0.53USDHUNGARY 6.375 11-21 29/03A2,000,000 1,881,118.88 0.83USD

BANCO CREDITO REG SHS 4.00 13-23 11/02S520,000 478,945.69 0.21USDChile 4,043,539.43 1.78

BANCO DEL ESTADO DE CHILE 2.668 18-21 08/01S800,000 706,344.73 0.31USDBANCO DEL ESTADO DE CHILE 3.875 12-22 08/02S800,000 731,308.44 0.32USDENAP SA REG SHS 4.75 11-21 06/12S1,320,000 1,211,692.30 0.54USDINVERSIONES CMPC SA 4.375 13-23 15/05S1,000,000 915,248.27 0.40USD

BRAZIL 2.625 12-23 05/01S1,500,000 1,309,651.66 0.58USDBrazil 4,014,043.44 1.77

CEMIG GERACAO E TRANS SA 9.25 17-24 05/12S1,210,000 1,221,622.64 0.54USDELETROBRAS 5.75 11-21 27/10S1,610,000 1,482,769.14 0.65USD

AZURE POWER ENERGY 5.50 17-22 03/11S1,400,000 1,245,437.84 0.55USDMauritius 3,962,644.42 1.75

HTA GROUP LTD REG SHS 9.125 17-22 08/03S1,120,000 1,036,323.88 0.46USDMTN MAURITIUS INVEST LTD REG SHS 4.755 14-24 11/11S1,300,000 1,150,343.05 0.51USDNEERG ENERGY LTD 6 17-22 13/02S600,000 530,539.65 0.23USD

ROMANIA 6.75 12-22 07/02S3,000,000 2,904,736.77 1.28USDRomania 3,858,028.76 1.70

ROMANIA REG SHS 4.875 14-24 22/01S1,000,000 953,291.99 0.42USD

ESKOM HOLDINGS SOC LTD 5.75 11-21 26/01S1,200,000 1,061,184.86 0.47USDSouth Africa 3,465,490.62 1.53

SOUTH AFRICA 5.50 10-20 09/03S1,000,000 894,731.05 0.39USDSOUTH AFRICA 5.875 07-31 30/05S1,600,000 1,509,574.71 0.67USD

ADANI PORTS AND SPEC 3.50 15-20 29/07S1,300,000 1,149,834.19 0.51USDIndia 3,154,492.75 1.39

BHARAT PETROLEUM CORP LTD 4.375 19-22 24/01S642,000 583,825.55 0.26USDEXPORT-IMPORT BANK OF INDIA 2.75 15-20 01/04S600,000 528,019.53 0.23USDIDBI BANK REG SHS 4.25 15-20 30/11S600,000 532,088.67 0.23USDJSW STEEL 5.25 17-22 13/04S400,000 360,724.81 0.16USD

SERBIA 1.5 19-29 26/06A1,240,000 1,240,297.60 0.55EURSerbia 2,948,439.06 1.30





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SERBIA REG SHS 4.875 13-20 25/02S1,616,000 1,440,846.26 0.63USDSERBIA REG SHS 7.25 11-21 28/09S277,000 267,295.20 0.12USD

BBVA BANCOMER REG SHS SA 6.75 12-22 30/09S460,000 439,416.64 0.19USDUnited States of America 2,847,099.28 1.26

BBVA BANCOMER SA 6.50 11-21 10/03S1,100,000 1,015,955.50 0.45USDRELIANCE HLDGS REG SHS 5.40 12-22 14/02S1,250,000 1,166,633.68 0.52USDRELIANCE HLDGS REG SHS 4.50 10-20 19/10S250,000 225,093.46 0.10USD

LEBANON 6.65 16-24 22/04S1,600,000 1,150,948.67 0.51USDLebanon 2,788,271.61 1.23

LEBANON 6.00 12-23 27/01S117,000 85,983.71 0.04USDLEBANON S-1 6.375 10-20 09/03S1,800,000 1,551,339.23 0.68USD

CAGAMAS GBL 2.745 S4-19 10/12S900,000 792,385.54 0.35USDMalaysia 2,787,956.90 1.23

CIMB BANK BHD 3.263 17-22 15/01,100,000 982,273.82 0.43USDEXPT-IMPT BANK MALA 2.48 16-21 20/10S500,000 438,186.66 0.19USDIOI INVESTMENT (L) BHD 4.375 12-22 27/06S440,000 398,643.45 0.18USDPETRONAS CAP 5.25 09-19 12/08S200,000 176,467.43 0.08USD

BERMUDA REG SHS 4.138 12-23 06/01S1,100,000 1,009,216.26 0.45USDBermuda 2,445,697.77 1.08

GEOPARK LTD 6.50 17-24 21/09S800,000 724,401.64 0.32USDQTEL INTL REG SHS 3.25 12-23 21/02S800,000 712,079.87 0.31USD

AFRICA FINANCE CORP REG SHS 3.875 17-24 13/04S300,000 267,862.52 0.12USDNigeria 2,435,712.84 1.07

NIGERIA 6.375 13-23 12/07S200,000 185,915.46 0.08USDNIGERIA 7.6250 18-25 21/11S270,000 258,701.02 0.11USDNIGERIA REG SHS 6.75 11-21 28/01S800,000 734,830.45 0.33USDUNITED BK FOR AFRICA PLC 7.75 17-22 08/06S330,000 305,355.58 0.13USDZENITH BANK PLC EMTN 7.375 17-22 30/05S730,000 683,047.81 0.30USD

RUSSIA REG SHS 4.50 12-22 04/04S1,000,000 917,042.70 0.40USDRussia 2,422,465.58 1.07

RUSSIA REG SHS 4.875 13-23 16/09A1,600,000 1,505,422.88 0.67USD

CREDITO DEL PERU REG SHS 5.375 10-20 16/09S1,670,000 1,515,412.81 0.67USDPanama 2,358,857.90 1.04

ENA NORTE REG SHS 4.95 12-23 25/07Q930,707 843,445.09 0.37USD

CROATIA REG SHS 6.00 13-24 26/01S2,300,000 2,324,156.22 1.02USDCroatia 2,324,156.22 1.02

CNAC 4.125 18-21 14/03S400,000 358,033.16 0.16USDHong Kong 2,161,225.24 0.95

CNAC (HK) FINBRIDGE 3.00 17-20 19/07S200,000 176,181.56 0.08USDCOUNTRY GARDEN HLDGS CO LTD 7.50 15-20 09/03S500,000 448,381.50 0.20USDKASIKORNBANK PCL HK 2.375 16-22 06/0800,000 695,982.76 0.30USDYANGO JUSTICE INTL 10.25 19-22 18/03S560,000 482,646.26 0.21USD

ALTICE FINANCING SA REG SHS 6.625 15-23 15/02S1,400,000 1,260,277.08 0.55USDLuxembourg 2,052,379.03 0.90

BELARUS 6.75 19-2402/05S220,000 202,102.56 0.09USDRUMO LUXEMBOURG SARL 7.375 17-24 09/02S620,000 589,999.39 0.26USD

LITHUANIA 6.625 12-22 01/02S2,000,000 1,944,654.09 0.86USDLithuania 1,944,654.09 0.86

FRESNILLO PLC REG SHS 5.50 13-23 13/11S210,000 201,032.72 0.09USDUnited Kingdom 1,870,758.71 0.82

LIQUID TEL FIN PLC REG SHS 8.50 17-22 13/07S1,400,000 1,235,961.64 0.54USDVEDANTA RESOURCES PLC 6.375 17-22 30/07S500,000 433,764.35 0.19USD

EL SALVADOR REG SHS 7.375 09-19 01/12S1,350,000 1,201,219.15 0.53USDEl Salvador 1,822,489.00 0.80

EL SALVADOR REG SHS 7.75 02-23 24/01S658,000 621,269.85 0.27USD

ISRAEL ELECTRIC CORP LTD REG SHS 6.875 13-23 21/06S1,790,000 1,789,409.56 0.79USDIsrael 1,789,409.56 0.79

INDIKA ENERGY III PTE LTD 5.875 17-24 09/11S870,000 748,666.05 0.33USDSingapore 1,789,246.60 0.79

MEDCO STRAIT SERVICES PTE LTD REG SHS 8.50 17-22 17/08S1,100,000 1,040,580.55 0.46USD

SAUDI ARABIAN OIL COM 2.8750 19-24 16/04S2,000,000 1,767,928.93 0.78USDSaudi Arabia 1,767,928.93 0.78

SUAM FINANCE BV REG SHS 4.875 14-24 17/04S1,020,000 951,851.96 0.42USDThe Netherlands Antilles 1,677,846.81 0.74





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TEVA PHARMA FINANCE CO BV 2.95 12-22 18/02S910,000 725,994.85 0.32USD

UNION BK PHILIPPINES 3.369 17-22 29/11S1,800,000 1,603,755.12 0.71USDPhilippines 1,603,755.12 0.71

MONGOLIA REG SHS 10.875 16-21 06/04S1,300,000 1,274,699.83 0.56USDMongolia 1,573,807.89 0.69

MONGOLIA REG SHS 8.75 17-24 09/03S300,000 299,108.06 0.13USD

COSTA RICA REG SHS 4.25 12-23 26/01S600,000 520,886.66 0.23USDCosta Rica 1,570,275.75 0.69

COSTA RICA REG SHS 4.375 13-25 30/04S600,000 506,552.31 0.22USDICE REG SHS 6.95 11-21 10/11S600,000 542,836.78 0.24USD

DOMINICAN REPUBLIC 7.50 10-21 06/05S1,666,667 1,547,609.62 0.68USDDominican Republic 1,547,609.62 0.68

PAKISTAN 8.255 14-24 15/04S1,600,000 1,538,707.84 0.68USDPakistan 1,538,707.84 0.68

MOROCCO REG SHS 4.25 12-22 11/12S600,000 552,196.86 0.24USDMorocco 1,453,140.48 0.64

OCP SA 5.625 14-24 25/04S950,000 900,943.62 0.40USD

PARAGUAY 4.625 13-23 25/01S1,500,000 1,389,490.70 0.61USDParaguay 1,389,490.70 0.61

PKO FINANCE AB 4.63 12-22 26/09S1,430,000 1,327,949.69 0.59USDSweden 1,327,949.69 0.59

BAHRAIN 5.50 10-20 31/03S400,000 357,498.35 0.16USDBahrain 1,203,664.07 0.53

BAHRAIN REG SHS 6.125 13-23 01/08S500,000 464,562.16 0.20USDOIL & GAS HLDG 7.625 18-24 07/11S400,000 381,603.56 0.17USD

IVORY COAST REG SHS 5.375 14-24 23/07S1,200,000 1,065,148.43 0.47USDIvory Coast 1,065,148.43 0.47


HONDURAS REG SHS 8.75 13-20 15/12S200,000 189,018.78 0.08USD

VEB FINANCE REG SHS 5.942 13-23 21/11S1,000,000 933,117.83 0.41USDIreland 933,117.83 0.41

ANGOLA REG SHS 9.50 15-25 12/11S900,000 907,512.86 0.40USDAngola 907,512.86 0.40

URUGUAY 4.50 13-24 14/08S900,000 845,660.38 0.37USDUruguay 845,660.38 0.37

GHANA REG SHS 7.875 13-23 07/08S800,000 763,580.07 0.34USDGhana 763,580.07 0.34

GEORGIA 6.875 11-21 12/04S400,000 371,818.62 0.16USDGeorgia 755,142.72 0.33

GEORGIAN RAILWAY REG SHS 7.75 12-22 11/07S400,000 383,324.10 0.17USD

NAMIBIA 5.50 11-21 03/11S800,000 731,723.63 0.32USDNamibia 731,723.63 0.32

ARMENIA 6.00 13-20 30/09S800,000 725,784.41 0.32USDArmenia 725,784.41 0.32

KAZMUNAYGAS NATIONAL REG SHS 3.875 17-22 19/04S700,000 629,753.70 0.28USDMicronesian Islands 629,753.70 0.28

BELARUS 6.875 17-23 28/02S600,000 567,299.12 0.25USDBelarus 567,299.12 0.25

GUATEMALA 5.75 12-22 06/06S600,000 562,303.73 0.25USDGuatemala 562,303.73 0.25

ETHIOPIA 6.625 14-24 11/12S600,000 550,331.18 0.24USDEthiopia 550,331.18 0.24

IRAQ 6.75 17-23 03/09S600,000 540,878.75 0.24USDIraq 540,878.75 0.24

COMPETITION TEAM 3.75 19-24 12/03S540,000 488,006.86 0.22USDBahamas 488,006.86 0.22

UZBEKISTAN 4.75 19-24 20/02S500,000 460,359.76 0.20USDUzbekistan 460,359.76 0.20

VIETNAM REG SHS 6.75 10-20 29/01S500,000 449,731.72 0.20USDVietnam 449,731.72 0.20

EMIRATE OF KUWAIT 2.75 17-22 20/03S500,000 446,602.46 0.20USDKuwait 446,602.46 0.20





351Page

LATVIA 2.75 12-20 12/01S500,000 440,244.97 0.19USDLatvia 440,244.97 0.19

QATAR REG SHS 2.375 16-21 02/06S500,000 439,899.72 0.19USDQatar 439,899.72 0.19


JAMAICA 7.625 14-25 09/07S400,000 407,652.73 0.18USDJamaica 407,652.73 0.18

SENEGAL 8.75 11-21 13/06S400,000 384,182.61 0.17USDSenegal 384,182.61 0.17

AZERBAIJAN REG SHS 4.75 14-24 18/03S400,000 371,090.29 0.16USDAzerbaidjan 371,090.29 0.16

ANGLO ASHANTI HLDG 5.125 12-22 01/08S400,000 368,636.14 0.16USDIsle of Man 368,636.14 0.16

GABON 6.375 13-24 12/12S400,000 348,213.05 0.15USDGabon 348,213.05 0.15


BAOSTEEL FIN 2015 PTY 3.875 15-20 28/01S200,000 176,829.84 0.08USDAustralia 176,829.84 0.08

CAIXA ECO REG SHS SUB FL.R 14-24 23/07S1,000,000 881,892.95 0.39USD


Brazil 881,892.95 0.39

PEMEX FL.R 18-22 11/03Q500,000 439,877.73 0.19USDMexico 439,877.73 0.19

JP MORGAN INV FD LIQ USD LIQ SHS -X USD DIS5,366,764 4,720,731.67 2.08USD



Monetary funds 4,720,731.67 2.08






352Page

LUX IM– Twentyfour Global Strategic Bond

353Page


(859,478.40)Unrealised loss on the securities portfolio3,209,990.31Cash at banks1,070,285.08Interests receivable1,553,002.81Subscriptions receivable1,482,299.80Unrealised appreciation on forward foreign exchange contracts


1,271,031.54Liabilities382,574.66Brokers payable208,402.51Accrued performance fees263,760.80Redemptions payable340,652.73Accrued management fees




Expressed in EUR


LUX IM – Twentyfour Global Strategic Bond





01/01/19







354Page

Key figures


Total Net Assets 120,300,142.93 106,162,866.78 22,569,934.19



102.38216,368.321 131,177.408

97.9434,567.998



98.281.10

171,951.666 134,759.26195.080.00

0.0000.000.00


EUR


105.75400,445.726 336,798.189

100.8098,075.430



109.212,710.538 2,047.976

103.921,368.880



101.210.00

504.863 504.86396.310.00

0.0000.000.00


EUR


105.53365,305.521 460,066.968

100.6278,212.550


355Page

BERRY GLOBAL ESCROW 5.625 19-27 15/07S170,000 155,407.53 0.13USD


Bonds 57,335,657.48 47.65


BROOKFIELD PPTY 5.75 19-26 15/05S386,000 351,216.54 0.29USDCNX MIDSTREAM PARTNERS LP 6.50 18-26 15/03S291,000 245,731.62 0.20USDCOMMSCOPE FINANCE 5.5000 19-24 01/03S398,000 360,262.03 0.30USDDIAMOND 1 FIN CORP 144A 7.125 16-24 15/06S322,000 299,237.52 0.25USDDRESDNER FUNDING TRUST I 8.151 99-31 30/06S500,000 593,358.85 0.49USDHERC HOLDINGS I 5.5000 19-27 15/07S103,000 90,877.11 0.08USDMARB BONDCO PLC 6.875 18-25 19/01S200,000 182,973.13 0.15USDMGM GROWTH PPTYS OPER 5.75 19-27 01/02S189,000 178,968.54 0.15USDMGM GROWTH PROPERTIES OP PARTNERSHIP LP 4.50 17-26 01/09S94,000 85,239.57 0.07USDNEPTUNE FINCO CORP 10.875 15-25 15/10S200,000 201,593.00 0.17USDNEXSTAR ESCROW 5.6250 19-27 15/07S325,000 294,453.97 0.24USDPANTHER BF AGGREGATOR 6.2500 19-26 15/05S340,000 309,956.72 0.26USDPANTHER BF AGGREGATOR 4.375 19-26 15/05S344,000 355,986.68 0.30EURSPRINT CORP 7.875 14-23 15/09S382,000 364,559.08 0.30USDSTERICYCLE INC 5.3750 19-24 15/07S190,000 173,709.15 0.14USDTRANSDIGM INC 6.2500 19-26 15/03S294,000 270,798.87 0.23USDUSA 3.375 18-48 15/11S2,651,800 2,743,886.12 2.28USDUSA TREASURY NOTES 2.125 17-24 31/03S8,330,000 7,444,614.68 6.19USDUSA TREASURY NOTES 1.00 12-19 30/11S11,130,000 9,746,230.32 8.10USDWI TREASURY SEC 2.625 19-29 15/02S3,430,000 3,177,156.88 2.64USD

BRACKEN MIDCO ONE 8.75 18-23 15/10S980,000 1,059,384.58 0.88GBPUnited Kingdom 7,229,901.42 6.01

ESURE GROUP PLC 6.75 14-24 19/12S175,000 196,088.59 0.16GBPJERROLD FINCO PLC 6.125 17-24 15/01S730,000 829,308.66 0.69GBPNATIONWIDE BUILDING SOCIETY 10.25 13-XX 20/06S16,965 2,852,609.51 2.38GBPPENSION INSURANCE CORP PLC SUB 6.50 14-24 03/07A570,000 710,370.77 0.59GBPPHOENIX GROUP HOLDINGS 6.625 15-25 23/12A580,000 715,298.84 0.59GBPROTHESAY LIFE PLC 8.00 15-25 30/10A685,000 866,840.47 0.72GBP

SPAIN 1.85 19-35 05/03A4,130,000 4,728,189.20 3.93EURSpain 4,728,189.20 3.93

ALTICE LUXEMBOURG SA 10.5000 19-27 15/05400,000 359,261.12 0.30USDLuxembourg 3,913,145.89 3.25

ALTICE LUXEMBOURG SA 8.00 19-27 15/05S259,000 262,395.49 0.22EURALTICE NV REG SHS 7.25 14-22 15/05S171,566 176,094.76 0.15EURCABOT FINANCIAL LU SA 7.50 16-23 01/10S902,000 1,042,786.63 0.86GBPGARFUNKELUX HOLDCO 3 SA REG SHS 8.50 15-22 01/11S200,000 201,244.43 0.17GBPGAZ CAPITAL REG S 8.625 04-34 28/04S150,000 180,239.48 0.15USDGAZ CAPITAL SA 4.25 17-24 06/04S346,000 410,267.34 0.34GBPHIDROVIAS INT FIN SARL 5.95 18-25 24/01S500,000 450,026.39 0.37USDKERNEL HOLDING SA REG SHS 8.75 17-22 31/01S400,000 371,083.25 0.31USDLECTA SA 6.50 16-23 01/08S600,000 459,747.00 0.38EUR

ING GROUP NV SUB 6.00 15-XX 30/04S500,000 444,566.13 0.37USDThe Netherlands 1,901,056.46 1.58

PETROBRAS GLOBAL FIN BV 6.25 11-26 14/12A500,000 629,142.50 0.52GBPPROMONTORIA HLDG 6.75 18-23 15/08S300,000 289,557.00 0.24EURVTR FINANCE BV REG SHS 6.875 14-24 15/01S590,000 537,790.83 0.45USD

AA BOND CO LTD 2.875 16-43 31/07S100,000 106,538.80 0.09GBPJersey Island 1,731,797.32 1.44

HBOS CAP FUNDING NO.1 LP 6.85 03-XX 23/03Q1,810,000 1,625,258.52 1.35USD

PEMEX 3.75 17-25 16/11A1,000,000 1,024,347.68 0.85GBPMexico 1,720,323.40 1.43

TV AZTECA SAB DE CV 8.25 17-24 09/08S800,000 695,975.72 0.58USD

ENEL SPA 7.75 13-75 10/09A200,000 238,951.83 0.20GBPItaly 1,542,860.25 1.28

INTESA SANPAOLO SPA SUB 7.00 16-XX 19/01S614,000 644,718.42 0.53EURTELECOM ITALIA SPA 2.75 19-25 15/04A550,000 551,463.00 0.46EURTIM SPA 4.0 19-24 11/04A100,000 107,727.00 0.09EUR

SABLE INTERNATIONAL 5.75 19-27 07/09S385,000 340,797.05 0.28USDCayman Islands 1,054,591.54 0.88

TRANSOCEAN PHOENIX 2 LTD 144A 7.75 16-24 15/10S759,000 713,794.49 0.60USD





356Page

INTRUM JUSTITIA AB 2.75 17-22 15/07S550,000 556,250.75 0.46EURSweden 836,039.60 0.69


ALTICE FRANCE SA 144A 6.25 14-24 15/05S256,000 232,243.13 0.19USDFrance 820,439.18 0.68

ALTICE FRANCE SA 7.375 16-26 01/05S200,000 179,510.05 0.15USDBNP PARIBAS SA 4.875 05-XX 17/10A400,000 408,686.00 0.34EUR

TURKCELL ILETISIM HIZMETLERI AS 5.75 15-25 15/10S600,000 508,251.74 0.42USDTurkey 711,547.03 0.59

TURKCELL ILETISIM HIZMETLERI AS 5.80 18-28 11/04S250,000 203,295.29 0.17USD

ETHIAS SA 5.00 15-26 14/01A600,000 704,346.00 0.59EURBelgium 704,346.00 0.59

IHO VERWALTUNGS GMBH 3.625 19-25 15/05S290,000 296,674.35 0.25EURGermany 597,602.85 0.50

UNITYMEDIA NRW GMBH 6.25 13-29 15/01S270,000 300,928.50 0.25EUR

ALLIED IRISH BANKS PLC 7.375 15-XX 03/12S317,000 342,302.94 0.28EURIreland 594,641.25 0.49

BANK OF IRELAND GROUP 3.125 17-27 19/09A230,000 252,338.31 0.21GBP

MHP SA 7.75 17-24 10/05S600,000 560,575.27 0.47USDCyprus 560,575.27 0.47

AFRICAN EXPORT-IMPORT BANK 4.125 17-24 20/06S600,000 539,424.73 0.45USDEgypt 539,424.73 0.45

BAUSCH HEALTH CPANIES 9.00 17-25 15/12S331,000 324,844.97 0.27USDCanada 522,958.18 0.43

BROOKFIELD RESID PROP 6.125 13-22 01/07S220,000 198,113.21 0.16USD

AVIVA PLC SUB FL.R 03-XX 29/09A400,000 483,140.05 0.40GBP


United Kingdom 10,179,439.24 8.45

AVIVA REG SHS SUB FL.R 04-XX 27/07A310,000 357,229.37 0.30GBPBARCLAYS PLC FL.R 19-XX XX/XXQ1,000,000 1,160,124.89 0.95GBPBARCLAYS PLC SUB FL.R 14-XX 15/09Q700,000 787,390.72 0.65GBPBARCLAYS PLC SUB FL.R 14-XX 15/09Q600,000 606,744.00 0.50EURCENTRICA PLC SUB FL.R 15-76 10/04A310,000 314,023.80 0.26EURCOVENTRY BUILDING SO FL.R 19-99 31/12S2,010,000 2,285,747.43 1.89GBPCYBG PLC FL.R 16-26 08/02S350,000 391,728.36 0.33GBPLV FRIENDLY SOC LTD FL.R 13-43 22/05A550,000 684,936.44 0.57GBPOAKNORTH BANK PLC FL.R 18-28 01/06S350,000 392,594.78 0.33GBPPARAGON BANKING GROUP PLC REG SHS FL.R 16-26 09/09S400,000 479,005.36 0.40GBPPRINCIPALITY BUILDING SOC SUB FL.R 04-XX 01/06S845,000 947,101.03 0.79GBPSYNLAB BONDCO PLC REG SHS FL.R 16-22 01/07Q105,000 105,382.20 0.09EURVIRGIN MONEY HOLDINGS (UK) PLC FL.R 16-XX 10/05S800,000 960,133.81 0.80GBPVIRGIN MONEY HOLDINGS (UK) PLC FL.R 14-XX 31/07Q200,000 224,157.00 0.19GBP


BANCO SABADELL SA FL.R 18-28 12/12A200,000 219,932.00 0.18EURBANCO SABADELL SA FL.R 17-XX 18/02Q1,200,000 1,195,860.00 1.00EURBANCO SANTANDER SA FL.R 17-XX 25/04Q300,000 326,997.00 0.27EURBCO BILBAO VIZCAYA FL.R 15-XX 18/05Q400,000 411,048.00 0.34EUR

ABN AMRO BANK NV FL.R 15-XX 22/03S700,000 737,338.00 0.61EURThe Netherlands 2,426,855.88 2.02

ACHMEA BV FL.R 13-43 04/04A400,000 465,332.00 0.39EURATF NETHERLANDS BV SA FL.R 16-XX 20/01A700,000 730,464.00 0.61EURRABOBANK NEDERLAND NV FL.R 08-XX 10/06S180,000 291,903.88 0.24GBPTELEFONICA EUROPE BV FL.R 17-XX 07/06M200,000 201,818.00 0.17EUR

ASSICURAZIONI GENERALI SPA FL.R 07-XX 08/02A750,000 879,309.77 0.73GBPItaly 2,055,563.53 1.71

ENEL SPA SUB FL.R 14-76 15/09A470,000 573,307.76 0.48GBPUNIPOLSAI SPA EMTN FL.R 14-XX 18/06A600,000 602,946.00 0.50EUR

CREDIT SUISSE GROUP AG FL.R 13-XX 11/12S1,075,000 1,039,530.72 0.86USDSwitzerland 1,796,136.61 1.49

UBS GROUP AG SUB FL.R 16-XX 16/03A480,000 439,682.28 0.37USDUBS GROUP FUNDING AG FL.R 19-99 31/07S340,000 316,923.61 0.26USD

AAREAL BANK AG FL.R 14-XX 30/04A1,000,000 1,044,570.00 0.87EURGermany 1,658,988.00 1.38





357Page

DEUTSCHE PFANDBRIEFBANK AG FL.R 18-XX XX/XXA600,000 614,418.00 0.51EUR

SKANDINAV ENSKIL BK FL.R 14-XX 13/05S1,310,000 1,163,392.00 0.97USDSweden 1,163,392.00 0.97

ORANGE SA FL.R 19-XX 15/04A100,000 103,324.00 0.09EURFrance 636,294.00 0.53

SOCIETE GENERALE SA FL.R 14-XX 07/04S500,000 532,970.00 0.44EUR

QBE INSURANCE GROUP LTD FL.R 16-42 24/05S500,000 608,363.06 0.51GBPAustralia 608,363.06 0.51

AMERICA MOVIL SAB DE CV SUB FL.R 13-73 06/09A500,000 588,353.04 0.49GBPMexico 588,353.04 0.49

NORDEA BK REG SHS SUB FL.R 14-XX 23/03S600,000 528,444.39 0.44USDFinland 528,444.39 0.44

BANK OF IRELAND GROUP FL.R 15-XX 18/06S400,000 422,716.00 0.35EURIreland 422,716.00 0.35


CARLYLE GL MARKET FL.R 18-31 17/05Q500,000 465,303.50 0.39EUR


Ireland 4,899,793.06 4.08

CVC CORDATUS LOAN FUND VI DAC FL.R 18-32 15/04Q500,000 464,677.95 0.39EURGOLDENTREE FL.R 18-30 22/03Q900,000 838,784.43 0.70EURHAYEM 1X E FL.R 18-31 06/09Q500,000 483,949.90 0.40EURMAN GLG EURO CLO FL.R 18-30 15/10Q500,000 470,760.55 0.39EURNEWH 2X ER FL.R 18-32 16/02Q500,000 456,292.85 0.38EUROHECP 2015-4X FL.R 18-32 20/01Q500,000 469,667.40 0.39EURPENTA CLO 4 FL.R 18-30 17/12Q1,000,000 947,413.30 0.79EURST PAULS CLO VI FL.R 18-30 20/08Q300,000 302,943.18 0.25EUR

DRYDEN 51 EURO CLO 17 FL.R 17-31 15/07Q400,000 380,291.24 0.32EURThe Netherlands 2,851,820.64 2.37

JUBIL 2013-10X ER FL.R 17-31 15/04Q1,500,000 1,518,865.20 1.26EURTIKEHAU CLO IV B.V FL.R 18-31 15/10Q1,000,000 952,664.20 0.79EUR

DURHAM MORT FL.R 18-53 31/03Q750,000 832,886.46 0.69GBPUnited Kingdom 1,165,165.72 0.97

RMS 26 M1 FL.R 12-41 14/02Q300,000 332,279.26 0.28GBP

DRYDEN FL.R 18-31 15/07Q1,000,000 931,302.30 0.77EURLuxembourg 931,302.30 0.77

SHAWBROOK GROUP PLC 8.50 15-25 28/10S200,000 233,775.65 0.19GBP


Bonds 233,775.65 0.19


ALDERMORE GROUP PLC FL.R 16-26 28/10S400,000 501,784.12 0.42GBP



MI TWENTYFOUR INVEST DYNAMIC BD I GROSS DIS GBP172,056 21,135,836.49 17.57GBP



Bond funds 21,135,836.49 17.57






358Page

LUX IM– Muzinich Credit Alternative Fund

359Page



620,277.78Brokers receivable383,546.53Subscriptions receivable293,497.30Unrealised appreciation on forward foreign exchange contracts







Expressed in EUR


LUX IM – Muzinich Credit Alternative Fund





01/01/19




H - EUR - Capitalisation 833,969.838 432,796.325 231,142.503 1,035,623.660

360Page

Key figures


Total Net Assets 158,011,926.62 135,689,976.47 179,560,413.97



98.70207,951.124 197,950.612

95.06182,182.998



100.90327,135.652 370,943.119

96.94367,334.137



102.511,921.485 2,024.652

98.241,732.700



100.701,035,623.660 833,969.838

96.781,229,717.833


361Page

AMSTED INDUSTRIES INC 5.625 19-27 01/07S225,000 206,821.49 0.13USD


Bonds 135,536,306.96 85.78


ANHEUSER BUSCH 5.55 19-49 23/01S1,000,000 1,071,297.89 0.68USDANHEUSER BUSCH 4.00 18-28 13/04S775,000 732,812.49 0.46USDANIXTER INC 5.125 14-21 01/10S400,000 365,923.39 0.23USDAT & T INC 1.30 15-23 05/09A875,000 915,026.87 0.58EURBALL CORP 3.50 15-20 15/12S775,000 815,668.12 0.52EURBANK OF AMERICA CORP 1.625 15-22 14/09A725,000 761,714.00 0.48EURBERRY GLOBAL INC 6.00 16-22 15/10S300,000 270,829.92 0.17USDBERRY PLASTICS CORP 5.50 14-22 15/05S875,000 780,950.11 0.49USDCBS OUTDOOR AMERICAS CAP LLC 5.625 15-24 15/02S600,000 545,259.27 0.35USDCCO HOLDINGS LLC 5.125 17-27 01/05S875,000 797,778.95 0.50USDCCO HOLDINGS LLC -144A- 5.25 12-22 30/09S685,000 612,188.81 0.39USDCELGENE CORP 3.55 15-22 15/08S725,000 660,602.32 0.42USDCENTENE CORP 6.125 16-24 15/02S500,000 460,966.71 0.29USDCF INDUSTRIES 144A 3.40 16-21 01/12S1,050,000 935,107.74 0.59USDCHARTER COMM OPERATING LLC 5.7500 18-48 01/04S475,000 460,869.29 0.29USDCHARTER COMM OPERATING LLC 5.05 19-29 30/03S1,025,000 992,316.49 0.63USDCIGNA CORPORATION 3.7500 18-23 15/07S1,025,000 937,710.23 0.59USDCLEAR CHANNEL WORLDWIDE HLDGS INC 6.50 13-22 15/11S400,000 359,764.26 0.23USDCOMCAST CORP 4.7000 18-48 15/10S1,050,000 1,083,642.30 0.69USDCRC EXCROW ISSUER LLC 5.25 17-25 15/10S875,000 770,632.67 0.49USDCROWN CASTLE INTL CORP 4.3000 19-29 15/02S800,000 752,612.92 0.48USDCROWN CASTLE INTL CORP 3.15 18-23 15/07S1,250,000 1,120,156.58 0.71USDDAE FUNDING LLC 5.00 17-24 01/08S875,000 798,313.88 0.51USDDIAMOND 1 FIN CORP 144A 4.42 16-21 15/06S800,000 724,229.23 0.46USDDISCOVERY COMM LLC 4.1250 19-29 15/05S173,000 157,911.86 0.10USDENERGY TRANSFER OPERATING 4.25 19-23 15/03S500,000 458,626.91 0.29USDEQUINIX INC 2.875 17-22 01/10S700,000 731,664.50 0.46EUREURONET WORLDWIDE INC 1.3750 19-26 22/05A900,000 894,051.00 0.57EURFIDELITY NATIONAL INF SERVICES 1.5 19-27 21/05A700,000 730,618.00 0.46EURFORD MOTOR CREDIT CO LLC 1.5140 19-23 17/02A190,000 191,273.00 0.12EURFORD MOTOR CREDIT CO LLC 3.0210 19-24 06/03A800,000 848,168.00 0.54EURGLOBAL SHIP LEASE INC 9.875 17-22 15/11S800,000 711,615.43 0.45USDGOLDMAN SACHS GROUP INC 2.00 15-23 27/07A750,000 800,718.75 0.51EURGRAY TELEVISION INC 5.125 16-24 15/10S500,000 448,608.00 0.28USDHCA HEALTHCARE INC 6.25 12-21 15/02S550,000 506,966.62 0.32USDHCA INC 7.50 11-22 15/02S1,000,000 972,353.43 0.62USDHCA INC 5.2500 19-49 15/06S1,150,000 1,049,060.78 0.66USDKENNEDY WILSON EUR 3.95 15-22 30/06A1,000,000 1,142,595.89 0.73GBPKKR GRP FIN CO V LLC 1.625 19-29 22/05A590,000 602,664.35 0.38EURLENNAR CORP 4.50 14-19 15/11S500,000 441,298.32 0.28USDLEVEL 3 COMMUNICATIONS INC 5.75 14-22 01/12S1,000,000 887,293.84 0.56USDLIN TELEVISION CORP 5.875 15-22 15/11S350,000 315,518.75 0.20USDMARSH & MCLENNAN COS 1.349 19-26 21/09A1,900,000 1,978,204.00 1.26EURMGM GROWTH PPTYS OPER 5.75 19-27 01/02S875,000 828,558.08 0.52USDMIDCONTINENT FIN CORP 144A 6.875 15-23 15/08S425,000 389,728.20 0.25USDMMS USA INVESTMENTS 0.625 19-25 13/06A1,000,000 994,840.00 0.63EURMORGAN STANLEY 1.875 14-23 30/03A725,000 770,881.62 0.49EURMPT OPER PARTNERSHIP LP 4.00 15-22 19/08A800,000 878,236.00 0.56EURNEPTUNE FINCO CORP 10.875 15-25 15/10S700,000 705,575.49 0.45USDNIELSEN FINANCE LLC 4.50 13-20 01/10S500,000 441,012.45 0.28USDREYNOLDS GROUP ISSUER INC 5.75 12-20 15/10S1,135,794 1,002,692.96 0.63USDSABINE PASS LIQUEFACTION LLC 5.75 14-24 15/05S799,000 781,759.85 0.49USDSBA COMMUNICATIONS CORP 4.875 15-22 15/07S1,100,000 979,990.33 0.62USDSINCLAIR TELE GROUP INC 6.125 13-22 01/10S500,000 449,459.03 0.28USDSIRIUS XM RADIO INC 3.875 17-22 01/08S925,000 818,122.76 0.52USDSPECTRUM BRANDS INC 6.625 14-22 15/11S299,000 269,364.33 0.17USDSPRINGLEAF FINA 6.1250 19-24 15/03S625,000 589,523.69 0.37USDTEGNA INC 6.375 14-23 15/10S500,000 455,627.39 0.29USDTRIBUNE MEDIA CO 5.875 16-22 15/07S500,000 447,886.71 0.28USDVALEANT PHARMACEUTICALS INT 8.5 18-27 01/06S375,000 361,218.49 0.23USDZF NORTH AMERICA CAPITAL INC 144A 4.00 15-20 29/04S1,225,000 1,082,253.04 0.68USD





362Page

ALLERGAN FUNDING SCS 1.5000 18-23 15/11A500,000 520,840.00 0.33EURLuxembourg 13,371,799.14 8.47

ARCELORMITTAL SA 2.25 19-24 17/01A1,300,000 1,369,563.00 0.87EURBECTON DICKINSO 1.2080 19-26 04/06A1,600,000 1,630,968.00 1.03EURBEVCO LUX SARL 1.75 18-23 09/02A1,600,000 1,659,584.00 1.06EURBLACKSTONE PPE 1.4000 18-22 06/07A900,000 921,672.00 0.58EURCNH INDUSTRIAL FIN 1.625 19-29 03/07A1,800,000 1,784,745.00 1.14EURCPI PROPERTY GROUP SA 4.375 18-23 09/05A800,000 790,984.00 0.50EURCPI PROPERTY GROUP SA 1.4500 18-22 14/04A1,500,000 1,522,492.50 0.96EURINTELSAT JACKSON HLDGS SA -144A- 8.00 16-24 15/02S425,000 391,597.39 0.25USDLINCOLN FINANCING SARL 3.625 19-24 01/04S725,000 750,266.25 0.47EURLOGICOR FINANCING SARL 1.5 18-22 13/11A800,000 827,800.00 0.52EURMEDTRONIC GLOBA 0.2500 19-25 02/07A600,000 598,626.00 0.38EURMEDTRONIC GLOBA 1.0000 19-31 02/07A600,000 602,661.00 0.38EUR

ALD SA 1.2500 18-22 11/10A1,200,000 1,233,486.00 0.78EURFrance 9,756,322.38 6.18

CASINO GUICHARD-PERRACHON SA 1.865 17-22 13/0700,000 590,387.00 0.37EURCASINO GUICHARD-PERRACHON SA 5.976 11-21 26/05A600,000 557,811.00 0.35EURNEXANS SA 2.75 17-24 05/04A1,200,000 1,257,402.00 0.80EURORANO EMTN 4.875 09-24 23/09A1,200,000 1,368,036.00 0.87EURREXEL SA 2.75 19-26 15/06S675,000 705,540.38 0.45EURVALLOUREC SA 6.3750 18-23 15/10S1,250,000 1,111,637.50 0.70EURVIVENDI SA 1.1250 19-28 11/12A2,000,000 2,014,000.00 1.28EURWENDEL SA 1.3750 19-26 26/04A900,000 918,022.50 0.58EUR

BUNGE FIN EUROPE BV 1.850 16-23 16/06A1,000,000 1,035,200.00 0.66EURThe Netherlands 9,322,633.74 5.90

EURONEXT NV 1.1250 19-29 12/06A425,000 435,778.00 0.28EURINTERXION HOLDING 4.75 18-27 15/06S800,000 871,376.00 0.55EURLEASEPLAN CORPORATION NV 1.00 18-23 02/05A1,000,000 1,017,765.00 0.64EURMDC GMTN BV 4.500 18-28 07/11S810,000 795,878.34 0.50USDNE PROPERTY COOP UA 3.75 15-21 26/02A750,000 781,875.00 0.49EUROI EUROPEAN GROUP BV 6.75 10-20 15/09S775,000 841,297.38 0.53EURSYNGENTA FINANCE NV EMTN 1.875 14-21 02/11A1,700,000 1,753,958.00 1.12EURVOLKSWAGEN FIN SERVICES AG 1.875 18-21 16/08A1,000,000 1,121,152.99 0.71GBPVOLKSWAGEN FIN SERVICES AG 2.25 17-25 12/04A600,000 668,353.03 0.42GBP

ALGECO SCOTSMAN 6.50 18-23 15/02S700,000 731,262.00 0.46EURUnited Kingdom 8,942,398.57 5.66

ANGLIAN WATER FIN 5.00 15-23 30/04S1,050,000 1,184,545.88 0.76GBPARQIVA 6.75 18-23 01/10S500,000 599,782.56 0.38GBPBRACKEN MIDCO ONE 8.75 18-23 15/10S700,000 756,703.28 0.48GBPFCE BANK EMTN 2.759 14-19 13/11A1,000,000 1,120,026.76 0.71GBPHAMMERSON PLC 2.00 14 22 01/07A500,000 518,155.00 0.33EURINTERN GAME TECH PLC 3.50 18-24 15/07S1,000,000 1,062,955.00 0.67EURITV PLC 2.00 16-23 01/12A1,000,000 1,046,335.00 0.66EURSTANDARD BANK PLC SUB 8.125 09-19 02/12S426,000 382,335.80 0.24USDTESCO CORP TREASURY 2.5 19-25 02/05A625,000 713,251.29 0.45GBPTRAVELEX FINANCING PLC 8.00 17-22 15/05S825,000 827,046.00 0.52EUR

DEMIRE REAL ESTATE AG 2.875 17-22 15/07S575,000 584,527.75 0.37EURGermany 6,995,447.30 4.43

DEUTSCHE BANK AG 5.00 10-20 24/06A1,500,000 1,551,232.50 0.98EURSYMRISE AG 1.2500 19-25 29/11A630,000 649,552.05 0.41EURTHYSSENKRUPP AG 2.875 19-24 22/02A1,200,000 1,251,558.00 0.79EURTLG IMMOBILEN A 1.5000 19-26 28/05A1,100,000 1,101,039.50 0.70EURUNITYMEDIA GMBH SUB 3.75 15-27 15/01S1,750,000 1,857,537.50 1.18EUR

AERCAP IRELAND CAP LTD 3.50 17-22 26/05S825,000 738,269.23 0.47USDIreland 6,867,199.60 4.35

ARDAGH PACKAGING FIN PLC 144 7.25 16-24 15/05S875,000 814,030.54 0.52USDARDAGH PACKAGING FIN PLC -144A- 4.25 17-22 15/09S500,000 445,005.94 0.28USDBANK OF IRELAND GROUP 4.125 17-27 19/09S2,100,000 1,799,717.64 1.14USDFCA BANK SPA IR 1.00 17-21 15/11A1,300,000 1,325,837.50 0.84EURSMURFIT KAPPA ACQUISITIONS 3.25 14-21 01/06S1,650,000 1,744,338.75 1.10EUR

ACEA SPA 2.625 14-24 15/07A1,000,000 1,091,925.00 0.69EURItaly 6,514,022.05 4.12

ACEA SPA 1.7500 19-28 23/05A290,000 299,148.05 0.19EURAZIMUT HOLDING SPA 2.00 17-22 28/03A1,000,000 1,018,325.00 0.64EURERG SPA 1.8750 19-25 11/04A475,000 487,782.25 0.31EUR





363Page

FERROVIE DELLO STA 3.36 17-25 27/06A1,000,000 1,026,445.00 0.65EURHERA SPA 0.8750 19-27 05/07A275,000 274,793.75 0.17EURIGD IMMOBILIARE 2.50 16-21 31/05A900,000 922,554.00 0.58EURPIRELLI AND C SPA 1.375 18-23 25/01A1,400,000 1,393,049.00 0.89EUR

BAUSCH HEALTH COS INC 5.75 19-27 15/08S1,100,000 1,014,755.68 0.64USDCanada 4,281,315.15 2.71

VALEANT PHARMACEUTICALS INTL INC -144A- 6.00 17-22 15/03S775,000 707,313.19 0.45USDVIDEOTRON LTD 5.00 12-22 15/07S1,350,000 1,252,803.80 0.79USD1011778 BC UNLIMITED 4.625 15-22 15/01S1,475,000 1,306,442.48 0.83USD

BAIDU INC 4.375 18-24 14/05S400,000 373,006.11 0.24USDCayman Islands 2,845,851.88 1.80

BAIDU INC 4.8750 18-28 14/11S400,000 385,206.49 0.24USDDP WORLD CRESCENT LTD 4.8480 18-28 26/09S755,000 707,811.25 0.44USDHPHT FINANCE 15 LTD 2.875 15-20 17/03S800,000 705,320.84 0.45USDSENAAT SUKUK LTD 4.76 18-25 05/12S250,000 237,101.42 0.15USDSPARC EM SPC PANAMA 0.00 17-22 05/12523,602 437,405.77 0.28USD

BAIC INALFA HK INV 1.90 15-20 02/11A1,100,000 1,116,313.00 0.71EURHong Kong 2,655,268.00 1.68

CNAC (HK) FINBRIDGE 1.75 18-22 14/03A1,500,000 1,538,955.00 0.97EUR

ANHEUSER-BUSCH 1.1250 19-27 01/07A1,080,000 1,114,776.00 0.71EURBelgium 2,376,552.00 1.50

ARGENTA SPAARBANK SUB 3.875 16-26 24/05A1,200,000 1,261,776.00 0.79EUR

JIC ZHIXIN LTD 0.5 17-20 24/11A1,000,000 999,055.00 0.63EURBritish Virgin Islands 2,223,349.00 1.41

TALENT YIELD LTD 1.30 17-22 21/04A1,200,000 1,224,294.00 0.78EUR

CESKE DRAHY 1.5000 19-26 23/05A520,000 535,610.40 0.34EURCzech Republic 2,116,804.15 1.34

EP ENERGY AS REG SHS 5.875 12-19 01/11S1,550,000 1,581,193.75 1.00EUR

ATRIUM EUROPEAN REAL 3.0 18-25 11/09A1,000,000 1,075,470.00 0.68EURJersey Island 2,102,270.00 1.33

LHC THREE PLC 4.125 17-24 15/08S1,000,000 1,026,800.00 0.65EUR

BRIGHT FOOD SIN 1.3750 19-24 19/06A1,590,000 1,603,371.90 1.01EURSingapore 1,603,371.90 1.01

NOS SGPS 1.125 18-23 02/05A1,400,000 1,433,698.00 0.91EURPortugal 1,433,698.00 0.91

PEMEX 2.50 17-21 21/08A1,200,000 1,203,678.00 0.76EURMexico 1,203,678.00 0.76

IMMOFINANZ AG 2.625 19-23 27/01A1,100,000 1,150,611.00 0.73EURAustria 1,150,611.00 0.73

GLOBALWORTH REAL ESTATE INV LTD 2.875 17-22 20/06A975,000 1,034,855.25 0.65EURRomania 1,034,855.25 0.65

QTEL INTL FIN LTD 4.75 10-21 16/02S832,000 756,195.32 0.48USDBermuda 756,195.32 0.48

ABERTIS INFRAES 1.5000 19-24 27/06A700,000 730,128.00 0.46EURSpain 730,128.00 0.46

DANSKE BANK A/S 5.0000 19-22 12/01S225,000 206,879.87 0.13USDDenmark 558,036.62 0.35

ISS GLOBAL AS 0.875 19-26 18/06A350,000 351,156.75 0.22EUR

HEIMSTADEN BOST 2.1250 19-23 05/09A490,000 510,888.70 0.32EURSweden 510,888.70 0.32

DELEK & AVNER YAM TETHYS LTD 4.435 14-20 30/12S520,000 464,045.74 0.29USDIsrael 464,045.74 0.29

TEVA PHARM FIN II BV 0.375 16-20 25/07A450,000 443,187.00 0.28EURThe Netherlands Antilles 443,187.00 0.28

OPTUS FINANCE P 1.0000 19-29 20/06A410,000 415,272.60 0.26EURAustralia 415,272.60 0.26

DP WORLD PLC 2.3750 18-26 25/09A320,000 335,304.00 0.21EURUnited Arab Emirates 335,304.00 0.21

NOKIA OYJ 1.00 17-21 15/03A250,000 254,781.25 0.16EURFinland 254,781.25 0.16

GLOBAL BANK CORP REG SHS 5.125 14-19 30/10S250,000 221,882.84 0.14USDPanama 221,882.84 0.14





364Page

BANKIA SA FL.R 17-27 15/03A1,000,000 1,051,510.00 0.67EUR


Spain 4,453,036.00 2.82

CAIXABANK SA FL.R 17-27 15/02A1,000,000 1,063,530.00 0.67EURIBERCAJA BANCO SAU SUB FL.R 15-25 28/07A1,700,000 1,761,438.00 1.12EURMULHACEN PTE LT FL.R 18-23 01/08S600,000 576,558.00 0.36EUR

CASINO GUICHARD PERRACHON SA FL.R 12-19 06/08A700,000 696,363.50 0.44EURFrance 3,449,607.50 2.18

RCI BANQUE FL.R 17-22 14/03Q1,500,000 1,500,360.00 0.95EURSOCIETE GENERALE SA SUB FL.R 14-26 16/09A1,200,000 1,252,884.00 0.79EUR

ABN AMRO BANK NV FL.R 17-28 27/03S2,600,000 2,358,742.14 1.49USDThe Netherlands 2,873,247.14 1.82

VOLKSWAGEN INTL FIN NV FL.R 18-XX XX/XXA500,000 514,505.00 0.33EUR

CAIXA GERAL DEPOSITOS SA FL.R 18-28 28/06A1,000,000 1,093,860.00 0.69EURPortugal 2,186,750.00 1.38

ENERGIAS DE POR FL.R 19-79 30/04A1,000,000 1,092,890.00 0.69EUR

BARCLAYS PLC FL.R 17-28 07/02A1,700,000 1,668,771.00 1.06EURUnited Kingdom 1,668,771.00 1.06

AKELIUS RESIDENTIAL FL.R 18-78 05/10A800,000 836,328.00 0.53EURSweden 1,641,360.00 1.04

FASTIGHETS BALDER FL.R 17-78 07/03A800,000 805,032.00 0.51EUR

GLOBAL SWITCH HOLD FL.R 17-24 31/01A1,100,000 1,134,204.50 0.72EURBritish Virgin Islands 1,134,204.50 0.72

ALLIED IRISH BANKS PLC SUB FL.R 15-25 26/11A1,000,000 1,048,970.00 0.66EURIreland 1,048,970.00 0.66

JP MORGAN CHASE & CO SUB. FL.R 18-29 23/01S575,000 524,942.61 0.33USDUnited States of America 524,942.61 0.33

ENEL SPA FL.R 19-80 24/05A400,000 414,544.00 0.26EURItaly 414,544.00 0.26

LINCOLN FINANCING SARL FL.R 19-24 01/04Q375,000 377,351.25 0.24EURLuxembourg 377,351.25 0.24

SOUTHERN STAR CENTRAL CORP 5.125 14-22 15/07S1,575,000 1,397,875.71 0.88USD


Bonds 1,397,875.71 0.88







365Page

LUX IM– Income Coupon

366Page




1,862,523.96Liabilities498,681.49Brokers payable294,856.92Redemptions payable886,058.92Accrued management fees12,630.34Accrued depositary fees




Expressed in EUR


LUX IM – Income Coupon





01/01/19



Dl - EUR - Capitalisation 25,766.039 17.055 2,268.921 23,514.173

Dl - EUR - Distribution 2,431,618.237 0.000 65,018.381 2,366,599.856

E - EUR - Capitalisation 95,350.871 0.000 6,787.884 88,562.987


F - EUR - Distribution 12,573.657 0.000 199.340 12,374.317


367Page

Key figures


Total Net Assets 240,914,628.68 261,850,435.57 313,827,914.33



106.66590.973 19,913.698

102.6122,754.087



105.432,385.208 2,578.934

101.565,173.336



105.4323,514.173 25,766.039

101.5635,114.237



95.332.02

2,366,599.856 2,431,618.23793.792.02

2,607,328.157101.320.00


EUR


100.7588,562.987 95,350.871

96.72128,576.725



104.55576.084 547.062

100.30489.357105.16



97.552.02

12,374.317 12,573.65795.542.02

18,041.228102.200.00


EUR


95.7924,212.152 200,007.712

91.98288,565.828


368Page

ALMAVIVA THE ITALIAN SPA 7.25 17-22 15/10S640,000 566,121.60 0.23EUR


Bonds 147,250,211.63 61.12

Italy 37,821,800.12 15.71

ITALY 0.45 16-21 01/06S12,500,000 12,539,375.00 5.21EURITALY BOT 0.00 19-20 13/038,500,000 8,502,100.32 3.53EURITALY BTP 3.75 06-21 01/08S10,000,000 10,690,950.00 4.45EURMANUTENCOOP CMF SPA REG SHS 9.00 17-22 15/06S860,000 728,751.10 0.30EURNEXI CAPITAL SPA 4.125 18-23 18/05S800,000 830,904.00 0.34EURN&W GLOBAL VENDING SPA 7.00 16-23 15/10S1,480,000 1,563,590.40 0.65EURSCHUMANN SPA 7.00 16-23 31/07S1,440,000 1,484,265.60 0.62EURWIND TRE SPA 2.625 17-23 20/01S910,000 915,742.10 0.38EUR

AMERICAN AXLE MFG INC 6.625 12-22 15/10S590,000 529,712.93 0.22USDUnited States of America 24,214,254.70 10.05

ANTERO RESOURCES CORP 5.625 15-23 01/06S1,230,000 1,041,131.68 0.43USDBURGERKING FRANCE SAS 6.00 17-24 01/05S1,270,000 1,360,944.70 0.56EURCEMEX FINANCE LLC 4.625 16-24 15/06S1,880,000 1,978,465.00 0.82EURCENTURYLINK INC 5.80 12-22 15/03S2,210,000 2,030,299.60 0.84USDCHARTER COMM OPERATING LLC 4.464 16-22 27/03S2,200,000 2,028,001.94 0.84USDCHS/COMMUNITY HEALTH 5.125 14-21 01/08S1,750,000 1,522,562.35 0.63USDCOTY INC 4.00 18-23 05/04S880,000 873,923.60 0.36EURENERGY TRANSFER PARTNERS LP 5.20 12-22 01/02S1,370,000 1,272,333.95 0.53USDEQUINIX INC 2.875 18-24 15/03S920,000 963,594.20 0.40EURHCA INC 5.875 12-22 15/03S1,580,000 1,518,535.87 0.63USDINCEPTION MRGR/RAC INC 8.625 16-24 15/11S1,500,000 1,220,477.62 0.51USDINTL LEASE FINANCE CORP 8.625 11-22 15/01S1,920,000 1,927,093.29 0.80USDMURPHY OIL CORP 6.875 16-24 15/08S450,000 415,853.68 0.17USDSL GREEN OPERATING 3.25 17-22 15/10S1,430,000 1,273,457.23 0.53USDSPRINT CORP 7.875 14-23 15/09S2,220,000 2,118,641.78 0.89USDTALLGRASS NGR PRTNR LP 5.5 16-24 15/09S900,000 822,338.04 0.34USDTENET HEALTHCARE CORP 6.00 13-20 01/10S1,450,000 1,316,887.24 0.55USD

CBR FASHION FINANCE BV 5.125 17-22 01/10S860,000 861,148.10 0.36EURThe Netherlands 23,572,816.20 9.78

COOP RABOBANK UA 6.625 16-49 26/04A2,400,000 2,655,192.00 1.10EURDIGI COMM NV REG SHS 5.00 16-23 15/10S1,390,000 1,440,519.55 0.60EUREAGLE INT GHBV 5.375 18-23 04/05S880,000 844,562.40 0.35EURFIAT CHRYSLER AUTOMOBILES NV 3.75 16-24 29/03A1,420,000 1,578,961.90 0.66EURIPD 3 BV 4.50 17-22 15/07S1,650,000 1,693,947.75 0.70EURLGE HOLDCO VI BV 7.125 14-19 20/05S418,415 436,911.21 0.18EURMAXEDA DIY HOLDING BV 6.125 17-22 15/07S1,600,000 1,590,368.00 0.66EUROCI NV 5.00 18-23 15/04S880,000 933,284.00 0.39EURPETROBRAS GLOBAL FIN BV 5.875 11-22 07/03A2,390,000 2,720,572.85 1.12EURPROMONTORIA HLDG 6.75 18-23 15/08S950,000 916,930.50 0.38EURSELECTA GROUP BV 5.875 18-24 01/02S680,000 709,933.60 0.29EURTELEFONICA EUROPE BV 3.00 18-XX XX/XXA2,000,000 2,039,340.00 0.85EURUNITED GROUP BV REG SHS 4.50 17-22 01/07S1,880,000 1,927,479.40 0.80EURVIMPELCOM HOLDS REG SHS 3.95 17-21 16/06S2,490,000 2,198,005.14 0.91USDZIGGO BOND CO BV 4.625 15-25 15/01S990,000 1,025,659.80 0.43EUR


ALTICE FINANCING SA 5.25 15-23 15/02S930,000 959,318.25 0.40EURALTICE FINCO SA 8.125 13-24 15/02,000,000 1,812,024.46 0.75USDALTICE NV REG SHS 7.625 15-25 15/02S2,290,000 1,893,477.59 0.79USDALTICE NV REG SHS 7.25 14-22 15/05S328,120 336,781.22 0.14EURBANFF MERGER SUB INC 8.3750 18-26 01/09S1,300,000 1,098,181.50 0.46EURCODERE FIN 2 LUX SA 6.75 16-21 01/11S860,000 859,767.80 0.36EURCODERE FIN 2 LUX SA 7.625 16-21 01/11S900,000 769,565.90 0.32USDCONTOURGLOBAL HOLDINGS 3.375 18-23 26/07S1,000,000 1,041,640.00 0.43EURCRYSTAL ALMOND SARL 10.00 16-21 01/11S725,000 769,815.87 0.32EUREDREAMS ODIGEO SA 5.5 18-23 01/09S770,000 805,670.25 0.33EURINTELSAT CONNECT FINANCE SA 9.5 16-22 30/06S1,030,000 1,056,636.76 0.44USDLHMC FINCO SARL 6.25 18-23 20/12S2,280,000 2,480,982.00 1.02EURMATTERHORN TELECOM HOLDINGS SA REG SHS 4.875 15-18 14/06S1,250,000 1,266,412.50 0.53EURMATTERHORN TELECOM SA REG SHS 3.875 15-18 14/06S1,870,000 1,892,318.45 0.79EURPRESTIGEBIDCO GMBH 6.25 16-23 15/12S2,760,000 2,914,491.00 1.20EUR





369Page

ALGECO SCOTSMAN 6.50 18-23 15/02S920,000 961,087.20 0.40EURUnited Kingdom 8,175,917.01 3.39

EG GLOBAL FINANCE PLC 3.625 19-24 07/02S850,000 850,144.50 0.35EURJAGUAR LAND ROVER AUTOMOTIVE PLC 2.20 17-24 15/01S400,000 342,508.00 0.14EURNMG FINCO PLC 5.00 17-22 01/08S600,000 647,104.15 0.27GBPPINEWOOD FINCO PLC 3.75 17-23 01/12S990,000 1,133,317.07 0.47GBPPREMIER FOODS FINANCE PLC 6.25 18-23 15/10S880,000 1,039,907.23 0.43GBPSTONEGATE PUB CO FIN PLC 4.875 17-22 15/03S1,090,000 1,248,990.75 0.52GBPSYNLAB BONDCO PLC 6.25 15-22 01/07S920,000 936,895.80 0.39EURWAGAMAMA FIN PLC 4.125 17-22 01/07S900,000 1,015,962.31 0.42GBP


BANIJAY GROUP SAS 4.00 17-22 01/07S1,170,000 1,199,495.70 0.50EURCMA CGM REG SHS 6.50 17-22 15/07S860,000 745,873.70 0.31EURLA FINANCIERE ATALIAN SA 4.00 17-24 15/05S880,000 669,191.60 0.28EURLOXAM SAS 6.00 17-25 15/04S600,000 632,964.00 0.26EURNUMERICABLE SFR REG SHS 7.375 16-26 01/05S2,100,000 1,872,017.42 0.77USD3AB OPTIQUE DEV 4.00 17-23 01/10S1,150,000 1,183,068.25 0.49EUR

ALLIED IRISH BANKS PLC 7.375 15-XX 03/12S1,420,000 1,533,344.40 0.64EURIreland 4,965,585.74 2.06

ARDAGH PACKAGING FIN PLC 144 4.625 16-23 15/05S2,240,000 2,004,837.93 0.83USDARDAGH PACKAGING REG SHS 6.75 16-24 15/05Q360,000 387,225.00 0.16EURVIRGIN MEDIA RECEI DAC 5.75 18-23 15/04S900,000 1,040,178.41 0.43GBP

HP PELZER HOLDING GMBH 4.125 17-24 01/04S1,870,000 1,724,841.25 0.72EURGermany 4,526,920.50 1.88

PLATIN 1426 GMBH 5.375 17-23 15/06S670,000 677,919.40 0.28EURSAFARI HOLDING GMBH 5.375 17-22 30/11S660,000 580,116.90 0.24EURWEPA HYGIENEPRODUKTE GMBH REG SHS 3.75 16-24 15/05A1,510,000 1,544,042.95 0.64EUR

DKT FINANCE APS 7.00 18-23 17/06S900,000 982,998.00 0.41EURDenmark 3,198,346.80 1.33

NORICAN AS 4.50 17-23 15/05S800,000 750,228.00 0.31EURTDC 3.75 12-22 02/03A1,320,000 1,465,120.80 0.61EUR

CORRAL PETROLEUM HOLDGS AB REG SHS 11.75 16-21 15/05S870,000 922,408.80 0.38EURSweden 2,990,001.30 1.24

RADISSON HOTEL HOLDINGS 6.8750 18-23 15/07S840,000 919,237.20 0.38EURTVL FINANCE PLC REG SHS 8.50 16-23 15/05S536,000 626,115.30 0.26GBPVERISURE HOLDING 3.5 18-23 16/11S500,000 522,240.00 0.22EUR

COTT FINANCE CORP 5.50 16-24 01/07S1,870,000 1,954,121.95 0.81EURCanada 2,612,784.04 1.08

VALEANT PHARMA REG SHS 6.50 17-22 15/03S720,000 658,662.09 0.27USD

TEVA PHARM FIN II BV 3.25 18-22 14/03S930,000 917,040.45 0.38EURThe Netherlands Antilles 2,349,578.20 0.98

THEVA PHARMAC 1.25 15-23 31/03A1,610,000 1,432,537.75 0.60EUR

TURKEY 7.00 05-20 05/06S1,470,000 1,324,015.05 0.55USDTurkey 1,324,015.05 0.55

ENERGO PRO AS 4.00 17-22 07/12A1,180,000 1,191,139.20 0.49EURCzech Republic 1,191,139.20 0.49

EL CORTE INGLES SA 3.00 18-24 15/03S700,000 735,987.00 0.30EURSpain 1,109,423.00 0.46

GRUPO ANTOLIN IRAUSA SA 3.25 17-24 30/04S400,000 373,436.00 0.16EUR


ASTON MARTIN CAP LTD 5.75 17-22 15/04S660,000 723,821.59 0.30GBPJersey Island 723,821.59 0.30

VALE OVERSEAS LTD 4.375 12-22 11/01S650,000 590,537.45 0.25USDCayman Islands 590,537.45 0.25

AUTODIS FL.R 16-22 01/05S576,330 578,796.79 0.24EUR


France 3,581,547.41 1.49

CASINO GUICHARD-PERRACHON SA FL.R 14-24 07/03A500,000 427,207.50 0.18EURCREDIT AGRICOLE SA SUB FL.R 14-XX 23/12Q1,470,000 1,300,688.48 0.54USDSOCIETE GENERALE SA SUB FL.R 14-XX 27/01S1,450,000 1,274,854.64 0.53USD

GAMENET GROUP SPA FL.R 18-23 27/04Q1,650,000 1,675,476.00 0.69EURItaly 2,458,473.60 1.02





370Page

GUALA CLOSURES FL.R 18-24 03/10Q770,000 782,997.60 0.33EUR

ORIGIN ENERGY FIN LTD SUB FL.R 14-74 16/09S1,960,000 1,975,758.40 0.82EURAustralia 1,975,758.40 0.82

UBS GROUP AG SUB FL.R 15-XX 19/02A1,750,000 1,928,482.50 0.80EURSwitzerland 1,928,482.50 0.80

BARCLAYS BANK PLC EMTN FL.R 05-XX 15/03A1,980,000 1,889,949.60 0.78EURUnited Kingdom 1,889,949.60 0.78

BAYER AG SUB FL.R 15-75 02/04A1,400,000 1,394,862.00 0.58EURGermany 1,804,658.80 0.75

NOVEM GROUP GMB FL.R 19-24 15/05Q400,000 409,796.80 0.17EUR


NAVIERA ARMAS SA FL.R 16-23 31/07A880,000 667,110.40 0.28EUR

ARD FINANCE SA FL.R 17-23 15/09S750,000 781,065.00 0.32EURLuxembourg 1,453,184.00 0.60

GRP ECORE HOLD FL.R 18-23 19/11Q700,000 672,119.00 0.28EUR

GAS NATURAL FENOSA FIN BV REG SHS FL.R 14-XX 30/11A1,300,000 1,408,459.00 0.58EURThe Netherlands 1,408,459.00 0.58

ERSTE GROUP BANK AG FL.R 16-XX 15/10S1,200,000 1,378,500.00 0.57EURAustria 1,378,500.00 0.57

BANK OF IRELAND GROUP FL.R 15-XX 18/06S1,250,000 1,320,987.50 0.55EURIreland 1,320,987.50 0.55

BANCO COMERCIAL PORT FL.R 17-27 07/12A1,300,000 1,316,081.00 0.55EURPortugal 1,316,081.00 0.55

CARLSON TRAVEL INC FL.R 16-23 15/06Q600,000 602,532.00 0.25EURUnited States of America 602,532.00 0.25

BGF EMERGING MARKETS BD FD -D2 EUR HDG- CAP150,000 2,637,000.00 1.09EUR



Bond funds 51,557,237.88 21.40

CANDRIAM BONDS EM MKTS -I HDG- CAP EUR4,500 6,796,440.00 2.81EURCANDRIAM BONDS EURO HIGH YIELD -I- CAP EUR4,150 5,233,233.00 2.17EURCAPITAL INTER GROUP EMERG MK DEBT LUX -Z- CAP EUR200,000 2,868,000.00 1.19EURDEUTSCHE INVEST I EURO HIGH YIELD CORP -FC- CAP EUR21,000 3,360,840.00 1.40EURDPAM L SICAV BONDS EMERGING MKTS SUST -B HDG- CAP EUR27,000 2,774,790.00 1.15EURINVESCO FD EMERGING MARKETS BD FD -C- HDG CAP EUR150,000 5,484,000.00 2.28EURJP MORGAN INV FD GLB HIGH YIELD BD -C- USD CAP23,000 3,947,943.88 1.64USDNN (L) EMERGING MKTS DB HARD CURR -I HEDGED- CAP EUR650 3,750,214.00 1.56EURNN (L) EUROPEAN HIGH YIELD -I- CAP EUR460 2,557,577.00 1.06EURNORDEA 1 SICAV EUROP HY BD FD -BI- EUR CAP90,000 3,369,600.00 1.40EURT.ROWE PRICE FD EUROPEAN HIGH YIELD BOND -I- CAP EUR170,000 3,077,000.00 1.28EURVONTOBEL FD EMERGING MKTS DEBT -HI- HDG CAP EUR45,000 5,700,600.00 2.37EUR

LIONTRUST GF HIGH YIELD BD FD -B8- CAP USD155,000 1,490,091.48 0.62USDOther funds 7,920,529.21 3.29

SWISSCANTO (LU) BOND FD SECURED HIGH YIELD DT USD CAP36,941 3,701,762.53 1.54USDTCW EM INCOME IEHE EUR CAP2,400 2,728,675.20 1.13EUR






371Page

LUX IM– Income Coupon II

372Page



753,883.02Interests receivable73,869.76Unrealised appreciation on forward foreign exchange contracts3,687.95Other assets

706,564.67Liabilities521.36Accrued performance fees






Expressed in EUR


LUX IM – Income Coupon II





01/01/19



Dl - EUR - Capitalisation 55,326.749 39.591 3,068.553 52,297.787

Dl - EUR - Distribution 770,850.706 0.000 22,991.953 747,858.753

E - EUR - Capitalisation 91,551.008 0.000 6,634.602 84,916.406

F - EUR - Distribution 2,964.504 0.000 1,103.578 1,860.926


373Page

Key figures


Total Net Assets 93,280,339.58 91,586,517.20 120,910,887.13



132.57557.817 11,418.735

126.7385,163.050



128.821,646.989 1,743.581

123.312,395.274



128.8252,297.787 55,326.749

123.3168,675.351



98.200.00

747,858.753 770,850.70694.001.50

862,407.349100.370.00


EUR


108.1884,916.406 91,551.008

103.20116,855.123



0.000.000 0.000

0.0089.851110.75



99.850.00

1,860.926 2,964.50495.201.51

2,964.504100.660.00


EUR


97.0635,534.331 9,876.328

92.649,721.976


374Page

ALTICE FRANCE SA 5.8750 18-27 01/02S520,000 561,155.40 0.60EUR


Bonds 53,678,846.56 57.55


DIGI COMM NV REG SHS 5.00 16-23 15/10S670,000 694,351.15 0.74EURIHS NL HOLDCO BV 9.50 16-21 27/10S900,000 825,298.85 0.89USDIPD 3 BV 4.50 17-22 15/07S680,000 698,111.80 0.75EURLGE HOLDCO VI BV 7.125 14-19 20/05S181,920 189,961.40 0.20EURMAXEDA DIY HOLDING BV 6.125 17-22 15/07S280,000 278,314.40 0.30EURMDC GMTN BV 2.75 16-23 11/05S600,000 531,196.73 0.57USDNE PROPERTY COOP UA 1.75 17-24 23/11A480,000 462,206.40 0.50EUROCI NV 5.00 18-23 15/04S270,000 286,348.50 0.31EURPETROBRAS GLOBAL FIN BV 5.875 11-22 07/03A700,000 796,820.50 0.86EURSELECTA GROUP BV 5.875 18-24 01/02S270,000 281,885.40 0.30EURSUNSHINE MID BV 6.50 18-26 15/05S400,000 415,926.00 0.45EURUPC HOLDING BV 3.875 17-29 15/06S540,000 568,809.00 0.61EURZIGGO SEC FIN REG SHS 4.25 16-27 15/01S530,000 563,196.55 0.60EUR

ITALY 0.45 16-21 01/06S3,000,000 3,009,450.00 3.23EURItaly 6,351,338.70 6.82

ITALY BTP 3.75 06-21 01/08S2,000,000 2,138,190.00 2.29EURNEXI CAPITAL SPA 4.125 18-23 18/05S670,000 695,882.10 0.75EURSALINI 3.75 16-21 24/06A240,000 229,516.80 0.25EURSCHUMANN SPA 7.00 16-23 31/07S270,000 278,299.80 0.30EUR


ALTICE NV REG SHS 7.25 14-22 15/05S96,506 99,053.29 0.11EURALTICE NV REG SHS 6.25 15-25 15/02S570,000 564,929.85 0.61EURBANFF MERGER SUB INC 8.3750 18-26 01/09S680,000 574,433.40 0.62EURCODERE FIN 2 LUX SA 6.75 16-21 01/11S470,000 469,873.10 0.50EUREDREAMS ODIGEO SA 5.5 18-23 01/09S460,000 481,309.50 0.52EURFINANCIAL AND RISK US HOLDINGS INC 6.875 18-26 15/11S540,000 550,054.80 0.59EURGARFUNKELUX HOLDCO 3 SA REG SHS 7.50 15-22 01/08S150,000 137,361.00 0.15EURHORIZON PARENT HLDGS SARL 8.25 17-22 15/02S440,000 454,817.00 0.49EURLHMC FINCO SARL 6.25 18-23 20/12S520,000 565,838.00 0.61EURMATTERHORN TELECOM HOLDINGS SA REG SHS 4.875 15-18 14/06S700,000 709,191.00 0.75EURPRESTIGEBIDCO GMBH 6.25 16-23 15/12S650,000 686,383.75 0.73EUR

BWAY HOLDING CO 4.7500 18-24 15/04S550,000 567,272.75 0.61EURUnited States of America 4,146,142.63 4.45

CEMEX FINANCE LLC 4.625 16-24 15/06S720,000 757,710.00 0.81EURFEDERAL-MOGUL HOLDINGS 4.875 17-22 15/04Q700,000 692,506.50 0.74EURMARB BONDCO PLC REG SHS 7.00 17-24 15/03S1,000,000 915,103.13 0.99USDSCIENTIFIC GAMES INTL INC 3.375 18-26 15/02S560,000 561,834.00 0.60EURSUPERIOR IND INTL INC 6.00 17-25 15/06S750,000 651,716.25 0.70EUR

BONITRON DES ACTIVITY CO 8.75 17-22 30/10S900,000 834,426.71 0.89USDIreland 2,690,557.31 2.88

CBOM FINANCE PLC 5.55 18-23 14/02S550,000 481,253.03 0.52USDEIRCOM FINA 3.5000 19-26 15/05230,000 237,662.45 0.25EUROILFLOW SPV 1 DAC 12.00 17-22 13/01M800,000 739,320.05 0.79USDSADEREA DESIGNATED ACT CO REG SHS 12.50 14-26 30/11S410,467 397,895.07 0.43USD

BLITZ F 6.00 18-26 30/07S530,000 563,024.30 0.60EURGermany 2,362,575.75 2.53

HP PELZER HOLDING GMBH 4.125 17-24 01/04S710,000 654,886.25 0.70EURWEPA HYGIENEPRODUKTE GMBH REG SHS 3.75 16-24 15/05A680,000 695,330.60 0.75EURWITTUR INTL HLDG GMBH REG SHS 8.50 15-23 15/02S440,000 449,334.60 0.48EUR

LIQUID TEL FIN PLC REG SHS 8.50 17-22 13/07S800,000 706,263.80 0.76USDUnited Kingdom 2,334,920.82 2.50

PETRA DIAMONDS PLC REG SHS 7.25 17-22 01/05S1,000,000 866,772.22 0.92USDTRAVELEX FINANCING PLC 8.00 17-22 15/05S760,000 761,884.80 0.82EUR

DOCUFORMAS SA DE CV 9.25 17-22 11/10S600,000 520,665.00 0.56USDMexico 2,024,667.50 2.17

GRUPO FAMSA SAB DE CV REG SHS 7.25 13-20 01/06S600,000 513,310.46 0.55USDPEMEX 3.75 17-24 21/02A450,000 448,164.00 0.48EURUNIFIN SAB DE CV 7.25 16-23 27/09S600,000 542,528.04 0.58USD





375Page

ACWA REG SHS 5.95 17-39 15/12S790,000 721,427.02 0.77USDUnited Arab Emirates 1,611,688.22 1.73

OZTEL HOLDINGS SPC LTD 6.625 18-28 24/04S1,030,000 890,261.20 0.96USD

COTT FINANCE CORP 5.50 16-24 01/07S500,000 522,492.50 0.56EURCanada 1,558,729.62 1.67

FRONTERA ENERGY CORP 9.70 18-23 25/06S510,000 477,976.12 0.51USDVRX ESCROW CORP 4.50 15-23 15/05S550,000 558,261.00 0.60EUR

ARGENTINA 7.82 03-33 31/12S1,788,935 1,475,415.04 1.58EURArgentina 1,475,415.04 1.58


BANIJAY GROUP SAS 4.00 17-22 01/07S680,000 697,142.80 0.75EURLOXAM SAS 6.00 17-25 15/04S260,000 274,284.40 0.29EUR

KAZKOMMERTSBANK JSC 5.50 12-22 21/12S732,625 648,435.92 0.69USDKazakhstan 1,224,346.83 1.31

NTL CO KAZAKHSTAN TEMIR ZHOLY JSC 3.638 14-22 20/06A600,000 575,910.91 0.62CHF

ADCB FINANCE CAYMAN 4.50 13-23 06/03S600,000 553,748.51 0.60USDCayman Islands 1,052,481.86 1.13

ALPHA STAR HLDG III 6.25 17-22 20/04S600,000 498,733.35 0.53USD

ACCESS BANK PLC 10.50 16-21 19/10S500,000 487,014.56 0.52USDNigeria 1,022,739.59 1.10

AFRICA FINANCE CORP REG SHS 3.875 17-24 13/04S600,000 535,725.03 0.58USD

1MDB ENERGY LTD 5.99 12-22 11/05S1,100,000 1,011,910.99 1.08USDMalaysia 1,011,910.99 1.08

CBQ FINANCE LTD 5.0 18-23 24/05S500,000 466,539.12 0.50USDBermuda 1,009,840.35 1.08

GEOPARK LTD 6.50 17-24 21/09S600,000 543,301.23 0.58USD

GEO COAL INTERNATI LTD 8.00 17-22 04/10S600,000 440,100.28 0.47USDSingapore 964,723.58 1.03

MEDCO PLATINUM ROAD 6.75 18-25 30/01S600,000 524,623.30 0.56USD

MTN MAURITIUS INVEST LTD 6.50 16-26 13/10S1,000,000 952,601.49 1.02USDMauritius 952,601.49 1.02

WANDA PROPERTIES CO LTD 7.25 14-24 29/01S1,000,000 879,641.11 0.94USDBritish Virgin Islands 879,641.11 0.94

TAJIKISTAN 7.125 17-27 14/09S1,050,000 877,244.36 0.94USDTadjikistan 877,244.36 0.94

IVORY COAST REG SHS 5.125 17-25 15/06A690,000 720,101.25 0.77EURIvory Coast 720,101.25 0.77

THEVA PHARMAC 1.25 15-23 31/03A790,000 702,922.25 0.75EURThe Netherlands Antilles 702,922.25 0.75

TURKIYE IS BANKASI AS 6.125 17-24 25/04S850,000 686,306.68 0.74USDTurkey 686,306.68 0.74

INTRUM JUSTITIA AB 3.125 17-24 15/07S280,000 283,705.80 0.31EURSweden 653,343.25 0.70

UNILABS SUBHOLDING AB 5.75 17-25 15/05S230,000 234,924.30 0.25EURVERISURE MIDHOLDING 5.75 17-23 01/12S130,000 134,713.15 0.14EUR

EAST & SOUTH AFR TRADE & DEV BK (PTA BK) 5.375 17-22 14/03S600,000 547,718.70 0.59USDKenya 547,718.70 0.59

NOVA AUSTRAL SA 8.25 17-21 26/05S600,000 497,429.74 0.53USDChile 497,429.74 0.53

SOUTHERN GAS CORRIDOR CJSC 6.875 16-26 24/03S460,000 468,640.81 0.50USDAzerbaidjan 468,640.81 0.50

CENTRAL BANK OF TUNISIA 5.625 17-24 17/02A470,000 468,167.00 0.50EURTunisia 468,167.00 0.50

BRF SA REG SHS 2.75 15-22 03/06A450,000 462,228.75 0.50EURBrazil 462,228.75 0.50


GRUPO ANTOLIN IRAUSA SA 3.25 17-24 30/04S260,000 242,733.40 0.26EURSpain 242,733.40 0.26

AKBANK FL.R 18-28 27/02S1,000,000 740,827.72 0.78USD


Turkey 1,188,380.17 1.26





376Page

TURKIYE GARANTI BANKASI AS FL.R 17-27 25/04S600,000 447,552.45 0.48USD


LINCOLN FINANCING SARL FL.R 19-24 01/04Q280,000 281,755.60 0.30EUR

GAMENET GROUP SPA FL.R 18-23 27/04Q230,000 233,551.20 0.25EURItaly 473,985.60 0.51

MARCOLIN SPA FL.R 17-23 15/02Q240,000 240,434.40 0.26EUR

CARLSON TRAVEL INC FL.R 16-23 15/06Q290,000 291,223.80 0.31EURUnited States of America 291,223.80 0.31

ARROW GLOBAL FINANCE FL.R 18-26 01/03Q280,000 275,959.60 0.30EURUnited Kingdom 275,959.60 0.30

PICARD GROUPE FL.R 17-23 30/11Q280,000 266,168.00 0.29EURFrance 266,168.00 0.29

CANDRIAM BONDS EM MKTS -I HDG- CAP EUR900 1,359,288.00 1.46EUR



Bond funds 15,274,744.61 16.37

CANDRIAM BONDS EURO HIGH YIELD -I- CAP EUR1,900 2,395,938.00 2.57EURCAPITAL INTER GROUP EMERG MK DEBT LUX -Z- CAP EUR80,000 1,147,200.00 1.23EURINVESCO FD EMERGING MARKETS BD FD -C- HDG CAP EUR25,000 914,000.00 0.98EURJP MORGAN INV FD GLB HIGH YIELD BD -C- USD CAP9,000 1,544,847.61 1.66USDM&G LUX INVESTMENT FDS 1 GLOBAL FLOATING RATE HY -C-H EUR CAP95,000 953,087.50 1.02EURNN (L) EMERGING MKTS DB HARD CURR -I HEDGED- CAP EUR200 1,153,912.00 1.24EURNN (L) EUROPEAN HIGH YIELD -I- CAP EUR170 945,191.50 1.01EURNORDEA 1 SICAV EUROP HY BD FD -BI- EUR CAP67,000 2,508,480.00 2.68EURT.ROWE PRICE FD EUROPEAN HIGH YIELD BOND -I- CAP EUR60,000 1,086,000.00 1.16EURVONTOBEL FD EMERGING MKTS DEBT -HI- HDG CAP EUR10,000 1,266,800.00 1.36EUR

LIONTRUST GF HIGH YIELD BD FD -B8- CAP USD55,000 528,742.14 0.57USDOther funds 6,031,267.46 6.47

MUZINICH FDS EM MKT SH DUR -A- H EUR CAP18,000 1,965,060.00 2.10EURMUZINICH FDS EUROPYIRLD -UNIT. DISCRETIONARY EUR CAP4,000 947,520.00 1.02EURSWISSCANTO (LU) BOND FD SECURED HIGH YIELD DT USD CAP14,500 1,452,997.32 1.56USDTCW EM INCOME IEHE EUR CAP1,000 1,136,948.00 1.22EUR






377Page

LUX IM– Oddo Target 2022

378Page


(662,187.92)Unrealised loss on the securities portfolio26,270,120.80Cash at banks2,842,485.25Interests receivable9,301,377.46Subscriptions receivable







Expressed in EUR


LUX IM – Oddo Target 2022





01/01/19

Dl - EUR - Distribution 0.000 2,287,944.868 13,750.953 2,274,193.915

F - EUR - Distribution 0.000 13,551.712 349.842 13,201.870

H - EUR - Capitalisation 0.000 10,826.487 239.549 10,586.938

379Page

Key figures


Total Net Assets 229,324,886.12

30/06/19Period ending as at:

EURDl - EUR - Distribution

99.790.00

2,274,193.915Number of sharesNet asset value per shareDividend per share

EUR


100.120.00

13,201.870Number of sharesNet asset value per shareDividend per share

EUR


100.1510,586.938Number of shares

Net asset value per share EUR

380Page

ALGECO SCOTSMAN 6.50 18-23 15/02S3,500,000 3,656,310.00 1.59EUR


Bonds 200,519,328.98 87.44

United Kingdom 30,998,648.92 13.51

ANGLO AMERICAN CAP PLC 3.50 12-22 28/03A800,000 874,628.00 0.38EURINTER GAME TECH REG SHS 4.75 15-23 15/02S3,100,000 3,448,920.50 1.50EURJAGUAR LAND ROVER AUTOMOTIVE PLC REG SHS 5.625 13-23 01/02S2,900,000 2,516,483.70 1.10USDMERLIN ENTERTAINMENTS 2.75 15-22 15/03S2,400,000 2,537,352.00 1.11EURNMG FINCO PLC 5.00 17-22 01/08S2,550,000 2,750,192.63 1.20GBPOTE PLC 2.375 18-22 18/07A1,500,000 1,589,392.50 0.69EURPINEWOOD FINCO PLC 3.75 17-23 01/12S1,400,000 1,602,670.61 0.70GBPPREMIER FOODS FINANCE PLC 6.25 18-23 15/10S1,400,000 1,654,397.86 0.72GBPSTONEGATE PUB CO FIN PLC 4.875 17-22 15/03S800,000 916,690.45 0.40GBPTITAN GLOBAL FIN 3.50 16-21 17/06S3,800,000 4,021,236.00 1.76EURWAGAMAMA FIN PLC 4.125 17-22 01/07S2,000,000 2,257,694.03 0.98GBPWILLIAM HILL PLC 4.875 16-23 07/09S2,700,000 3,172,680.64 1.38GBP

ALTICE NV REG SHS 7.25 14-22 15/05S981,901 1,007,818.27 0.44EURLuxembourg 29,281,995.55 12.77

ARCELORMITTAL SA 0.95 17-23 17/01A1,700,000 1,716,260.50 0.75EURCODERE FIN 2 LUX SA 6.75 16-21 01/11S2,850,000 2,849,230.50 1.24EURCONTOURGLOBAL HOLDINGS 3.375 18-23 26/07S3,000,000 3,124,920.00 1.36EURDUFRY FINANCE SCA REG SHS 4.50 15-23 01/08S200,000 206,224.00 0.09EUREDREAMS ODIGEO SA 5.5 18-23 01/09S3,000,000 3,138,975.00 1.37EURFIAT CHRYSLER FIN EUR SA 4.75 14-22 15/07A1,900,000 2,145,803.00 0.94EURFINMECCANICA FIN REG SHS 8.00 09-19 16/12S3,900,000 4,475,867.53 1.94GBPGESTAMP FUNDING LUXBG SA 3.50 16-23 31/12S2,100,000 2,144,709.00 0.94EURLECTA SA 6.50 16-23 01/08S1,400,000 1,072,743.00 0.47EURLHMC FINCO SARL 6.25 18-23 20/12S2,700,000 2,938,005.00 1.28EURMATTERHORN TELECOM HOLDINGS SA REG SHS 4.875 15-18 14/06S1,900,000 1,924,947.00 0.84EURMATTERHORN TELECOM SA REG SHS 3.875 15-18 14/06S1,150,000 1,163,725.25 0.51EURPRESTIGEBIDCO GMBH 6.25 16-23 15/12S1,300,000 1,372,767.50 0.60EUR

CBR FASHION FINANCE BV 5.125 17-22 01/10S1,700,000 1,702,269.51 0.74EURThe Netherlands 27,364,367.51 11.93

DIGI COMM NV REG SHS 5.00 16-23 15/10S3,400,000 3,523,573.00 1.54EURIPD 3 BV 4.50 17-22 15/07S2,000,000 2,053,270.00 0.90EURMAXEDA DIY HOLDING BV 6.125 17-22 15/07S2,650,000 2,634,047.00 1.15EUROCI NV 5.00 18-23 15/04S2,600,000 2,757,430.00 1.20EURPETROBRAS INTL FIN 4.25 12-23 02/10A4,000,000 4,497,200.00 1.95EURPROMONTORIA HLDG 6.75 18-23 15/08S3,050,000 2,943,829.50 1.28EURSAIPEM FIN INTL BV 3.75 16-23 08/09A3,900,000 4,279,509.00 1.87EURUNITED GROUP BV REG SHS 4.50 17-22 01/07S2,900,000 2,973,239.50 1.30EUR

ALMAVIVA THE ITALIAN SPA 7.25 17-22 15/10S2,300,000 2,034,499.50 0.89EURItaly 25,797,188.25 11.25

BUZZI UNICEM 2.125 16-23 28/04A4,635,000 4,823,876.25 2.09EURMANUTENCOOP CMF SPA REG SHS 9.00 17-22 15/06S2,100,000 1,779,508.50 0.78EURNEXI CAPITAL SPA 4.125 18-23 18/05S1,100,000 1,142,493.00 0.50EURN&W GLOBAL VENDING SPA 7.00 16-23 15/10S2,300,000 2,429,904.00 1.06EURSALINI 3.75 16-21 24/06A3,050,000 2,916,776.00 1.27EURSCHUMANN SPA 7.00 16-23 31/07S2,650,000 2,731,461.00 1.19EURTELECOM ITALIA 2.50 17-23 19/07A3,800,000 3,913,430.00 1.71EURWIND TRE SPA 2.625 17-23 20/01S4,000,000 4,025,240.00 1.76EUR

BANIJAY GROUP SAS 4.00 17-22 01/07S700,000 717,647.00 0.31EURFrance 24,883,033.25 10.85

CASINO GUICHARD PERRACHON SA 4.561 13-23 25/01A1,900,000 1,641,790.00 0.72EURCASINO GUICHARD-PERRACHON SA 1.865 17-22 13/01,700,000 1,433,797.00 0.63EURCMA CGM REG SHS 6.50 17-22 15/07S2,200,000 1,908,049.00 0.83EURCROWN EURO HOLDINGS 2.25 18-23 01/02S1,900,000 2,009,278.50 0.88EURELIS SA 1.875 18-23 15/02A4,000,000 4,200,880.00 1.83EURFAURECIA SA 3.625 16-23 15/06S250,000 255,456.25 0.11EURGETLINK SE 3.6250 18-23 01/10S2,900,000 3,044,884.00 1.33EURNEXANS SA 3.75 18-23 08/08A3,700,000 4,039,530.50 1.76EURORANO SA 3.125 14-23 20/03A2,900,000 3,059,833.50 1.33EUR3AB OPTIQUE DEV 4.00 17-23 01/10S2,500,000 2,571,887.50 1.12EUR





381Page

ADLER REAL ESTATE 1.50 17-21 06/12A1,800,000 1,822,194.00 0.79EURGermany 18,475,221.12 8.06

ADLER REAL ESTATE 1.50 19-22 17/04A4,900,000 4,949,637.00 2.16EURKME AG 6.75 18-23 01/02S2,300,000 2,236,313.00 0.98EURNORDEX SE 6.50 18-23 01/02S1,100,000 1,111,880.00 0.48EURPLATIN 1426 GMBH 5.375 17-23 15/06S2,000,000 2,023,640.00 0.88EURSAFARI HOLDING GMBH 5.375 17-22 30/11S800,000 703,172.00 0.31EURSCHAEFFLER AG 1.1250 19-22 26/03A648,000 663,999.12 0.29EURTHYSSENKRUPP AG 1.375 17-22 03/03A4,900,000 4,964,386.00 2.17EUR

CORRAL PETROLEUM HOLDGS AB REG SHS 11.75 16-21 15/05S1,100,000 1,166,264.00 0.51EURSweden 8,019,282.00 3.50

DOMETIC GROUP AB 3.00 18-23 13/09A1,600,000 1,670,024.00 0.73EURRADISSON HOTEL HOLDINGS 6.8750 18-23 15/07S3,400,000 3,720,722.00 1.62EURVERISURE HOLDING 3.5 18-23 16/11S1,400,000 1,462,272.00 0.64EUR

DKT FINANCE APS 7.00 18-23 17/06S3,400,000 3,713,548.00 1.62EURDenmark 6,439,695.25 2.81

NORICAN AS 4.50 17-23 15/05S1,250,000 1,172,231.25 0.51EURTDC 3.75 12-22 02/03A1,400,000 1,553,916.00 0.68EUR

ARDAGH PCK FIN PLC REG SHS 4.125 16-23 15/05S1,850,000 1,916,267.00 0.84EURIreland 5,614,679.13 2.45

VIRGIN MEDIA RECEI DAC 5.75 18-23 15/04S3,200,000 3,698,412.13 1.61GBP

COTY INC 4.00 18-23 05/04S3,200,000 3,177,904.00 1.39EURUnited States of America 5,107,029.25 2.23

FEDERAL-MOGUL HOLDINGS 4.875 17-22 15/04Q1,950,000 1,929,125.25 0.84EUR

GLOBALWORTH REAL ESTATE INV LTD 2.875 17-22 20/06A3,900,000 4,139,421.00 1.81EURRomania 4,139,421.00 1.81

PLAYTECH PLC 3.75 18-23 12/10S2,850,000 3,003,558.00 1.31EURIsle of Man 3,003,558.00 1.31

THEVA PHARMAC 1.25 15-23 31/03A3,050,000 2,713,813.75 1.18EURThe Netherlands Antilles 2,713,813.75 1.18

CELLNEX TELECOM 3.125 15-22 27/07A2,500,000 2,687,862.50 1.17EURSpain 2,687,862.50 1.17

ENERGO PRO AS 4.00 17-22 07/12A2,300,000 2,321,712.00 1.01EURCzech Republic 2,321,712.00 1.01


SOFTBANK GROUP CORP 4.00 15-27 30/01S1,500,000 1,631,220.00 0.71EURJapan 1,631,220.00 0.71

AUTODIS FL.R 16-22 01/05S1,634,369 1,641,364.03 0.72EUR


France 3,922,804.03 1.71

PICARD GROUPE FL.R 17-23 30/11Q2,400,000 2,281,440.00 0.99EUR

GAMENET GROUP SPA FL.R 18-23 27/04Q2,036,000 2,067,435.84 0.90EURItaly 2,220,945.84 0.97

GAMENET GROUP SPA FL.R 18-23 27/04Q150,000 153,510.00 0.07EUR

GRP ECORE HOLD FL.R 18-23 19/11Q1,000,000 960,170.00 0.42EURLuxembourg 960,170.00 0.42

NAVIERA ARMAS SA FL.R 16-23 31/07A800,000 606,464.00 0.26EURSpain 606,464.00 0.26






382Page

LUX IM– Pimco Multi Alpha Credit

383Page


3,646,226.03Unrealised profit on the securities portfolio2,136,083.21Cash at banks2,900,000.00Reverse repurchase agreements1,272,982.21Interests receivable

79,876,882.19Brokers receivable1,142,238.31Subscriptions receivable1,325,722.86Unrealised appreciation on forward foreign exchange contracts

72,173.65Unrealised appreciation on financial futures134,583.73Unrealised appreciation on swaps

1,878.04Receivable on swaps43,335,306.61Forward agreements at market value - To Be Announced bonds

purchased1,183.87Other assets


796,739.99Bank overdrafts123,228,461.51Brokers payable


8,251.59Accrued depositary fees72,241.56Accrued administrative expenses99,961.88Payable on swaps25,182.26Other liabilities



Expressed in EUR


LUX IM – Pimco Multi Alpha Credit





01/01/19




H - EUR - Capitalisation 635,139.697 935,855.409 205,338.739 1,365,656.367

384Page

Key figures


Total Net Assets 169,847,515.89 78,903,979.97



101.99155,243.479 73,538.672



103.06129,768.313 95,883.825



103.62506.739 220.898



102.951,365,656.367 635,139.697


385Page

ABBVIE INC 2.90 13-22 06/11S2,500,000 2,225,436.51 1.32USD


Bonds 97,288,602.33 57.28


ACTIVISION BLIZZARD 2.60 17-22 15/06S900,000 796,787.18 0.47USDAIR LEASE CORP 4.25 19-24 01/02S350,000 324,216.03 0.19USDALLY FINANCIAL INC 4.25 16-21 15/04S100,000 89,980.21 0.05USDAMERICAN AIRLINES GROUP INC 4.00 14-25 15/07S180,488 165,500.26 0.10USDAMERICAN AIRLINES GROUP INC 15-1 A PTT 3.375 15-27 01/05S240,834 215,610.05 0.13USDAMERICAN TOWER CORP 5.90 11-21 01/11S400,000 378,690.24 0.22USDARROW ELECTRON 3.25 17-24 08/09S100,000 87,336.06 0.05USDAVIATION CAP GROUP 3.875 18-23 01/05S700,000 636,862.38 0.37USDBAYER US FINANCE 4.25 18-25 15/12S900,000 835,606.28 0.49USDBROADCOM CORP 2.65 18-23 15/01S100,000 86,688.65 0.05USDBROADCOM INC 3.1250 19-22 15/10S100,000 88,478.69 0.05USDCANTOR FITZGERA 4.8750 19-24 01/05S100,000 90,505.79 0.05USDCHARTER COMM OPERATING LLC 4.50 18-24 01/02S2,000,000 1,870,519.42 1.11USDCHARTER COMM OPERATING LLC 4.908 16-25 23/07S200,000 190,726.13 0.11USDCHARTER COMM OPERATING LLC 4.464 16-22 27/03S1,200,000 1,106,182.87 0.66USDCROWN CASTLE INTL CORP 4.875 14-22 15/04S100,000 93,390.07 0.05USDCROWN CASTLE INTL CORP 5.25 13-23 15/01S800,000 764,459.69 0.45USDDAE FUNDING LLC 5.00 17-24 01/08S200,000 182,471.75 0.11USDDAE FUNDING LLC 5.7500 18-23 15/11S700,000 649,601.97 0.38USDDAIMLER FIN 3.4000 19-22 22/02S1,100,000 987,648.77 0.59USDDELL INTERNATIONAL LLC 4.9000 19-26 01/10S300,000 274,169.42 0.16USDDEUTSCHE BANK AG 5.0 19-22 14/02S1,500,000 1,359,605.49 0.81USDDEUTSCHE BANK AG 3.15 18-21 22/01S100,000 87,248.23 0.05USDDEUTSCHE BANK AG 4.25 18-21 14/10S600,000 534,102.12 0.31USDDIAMOND 1 FIN CORP 144A 4.42 16-21 15/06S1,000,000 905,286.53 0.53USDDIAMOND 1 FIN CORP 144A 5.45 16-23 15/06S500,000 473,419.97 0.28USDDISH DBS CORPORATION 5.875 15-24 15/11S100,000 83,020.18 0.05USDDISH DBS CORPORATION 5.125 13-20 01/05S200,000 178,128.16 0.10USDDUKE ENERGY CORP 3.55 11-21 15/09S300,000 269,633.20 0.16USDEBAY INC 3.80 16-22 09/03S800,000 727,578.84 0.43USDEDISON INTERNAT 5.7500 19-27 15/06S100,000 93,910.81 0.06USDENABLE MIDSTREAM PTNR 4.40 17-27 15/03S200,000 177,151.78 0.10USDENERGY TRANSFER OPERATING 4.5000 19-24 15/04S100,000 93,522.89 0.06USDEQT CORP 2.50 17-20 01/10S100,000 87,712.54 0.05USDEQT CORP 3.00 17-22 01/10S100,000 87,353.65 0.05USDEQUIFAX INC 3.60 18-21 15/08S100,000 89,656.95 0.05USDEQUINIX INC 2.875 18-24 15/03S300,000 314,215.50 0.18EURFLORIDA GAS TRANSM 5.45 10-20 15/07S200,000 180,624.62 0.11USDFORD MOTOR CREDIT CO LLC 3.47 18-21 05/03S200,000 176,895.81 0.10USDFORD MOTOR CREDIT CO LLC 3.8130 18-21 12/10S200,000 178,303.21 0.10USDFORD MOTOR CREDIT CO LLC 3.2 15-21 15/01200,000 176,408.49 0.10USDFORTRESS TRANSPORTATI 6.75 17-22 15/03S100,000 91,700.76 0.05USDFREEDOM MORTGAGE 10.75 19-24 01/04S200,000 164,929.41 0.10USDFREEDOM MRTG 8.2500 18-25 15/04S300,000 226,942.87 0.13USDGATX CORP 4.7000 19-29 01/04S100,000 96,737.47 0.06USDGECC 849 4.65 11-21 17/10S100,000 91,790.04 0.05USDGENERAL MOTORS FIN CO 3.15 17-22 30/06S100,000 88,547.31 0.05USDGLENCORE FUNDING LLC 4.1250 19-24 12/03S200,000 182,432.86 0.11USDGLENCORE FUNDING LLC 3 17-22 27/10S100,000 88,732.90 0.05USDHCA INC 4.75 12-23 01/05S100,000 94,000.09 0.06USDHCA INC 5.875 12-22 15/03S200,000 192,219.73 0.11USDHCA INC 5.875 19-29 01/02S100,000 96,375.95 0.06USDHCP INC 3.2500 19-26 15/07S100,000 88,465.94 0.05USDHILTON DOMESTIC OPER COMP 4.8750 19-30 15/01S100,000 90,695.34 0.05USDHILTON WORLDWIDE 4.875 17-27 01/04S300,000 273,561.16 0.16USDHUNTSMAN INTL LLC 4.5000 19-29 01/05S200,000 181,331.75 0.11USDINTERPUBLIC GROUP OF COMPANIES 4.00 12-22 15/03S100,000 90,936.80 0.05USDINTL LEASE FINANCE CORP 5.875 12-22 15/08S500,000 479,390.42 0.28USDIPALCO ENTERPRI 3.7000 17-24 01/09S200,000 181,532.31 0.11USDKINDER MORGAN INC 3.15 17-23 15/01S300,000 268,117.16 0.16USDKRAFT FOODS GROUP INC 3.50 12-22 06/06S400,000 361,333.51 0.21USD





386Page

KRAFT HEINZ FOODS CO 2.80 16-20 02/07S200,000 176,341.64 0.10USDKRAFT HEINZ FOODS CO 4.6250 18-29 30/01S100,000 94,548.53 0.06USDMARATHON OIL 2.80 12-22 01/11S100,000 88,312.01 0.05USDMICROCHIP TECHNOLOGY 3.922 18-21 01/06S100,000 89,465.23 0.05USDMYLAN INC 4.20 13-23 29/11S700,000 620,453.00 0.37USDNAVIENT CORP 6.625 16-21 26/07S1,000,000 936,337.25 0.56USDNETFLIX INC 3.8750 19-29 15/11S600,000 647,370.00 0.38EURNETFLIX INC 5.3750 19-29 15/11S100,000 92,851.74 0.05USDNISSAN MOTOR AC 2.55 16-21 08/03S100,000 87,864.27 0.05USDNISSAN MOTOR AC 2.6500 17-22 13/07S100,000 87,814.14 0.05USDNISSAN MOTOR AC 3.8750 18-23 21/09S300,000 274,735.45 0.16USDOMEGA HEALTHCARE 4.75 17-28 15/01S200,000 186,414.22 0.11USDOWENS CORNING 3.40 16-26 15/08S200,000 173,216.34 0.10USDPENSKE TRUCK LEASING CO LP 3.6500 19-21 29/07S100,000 89,841.23 0.05USDPENSKE TRUCK LEASING CO LP 3.90 18-24 01/02S300,000 275,495.45 0.16USDPENSKE TRUCK LEASING CO LP 4.1250 18-23 01/08S400,000 369,749.75 0.22USDPITNEY BOWES INC 3.625 17-20 15/09S100,000 87,949.60 0.05USDPLAINS ALL AMERICAN FIN CORP 3.65 12-22 01/06S400,000 360,121.39 0.21USDPLAINS ALL AMERICAN PIPELINE 3.85 13-23 15/10S400,000 362,593.13 0.21USDQUICKEN LOANS INC 5.25 17-28 15/01S800,000 698,181.47 0.41USDQVC 4.45 14-25 15/02S500,000 441,155.38 0.26USDREGENCY ENERGY PARTNERS 5.75 13-20 01/09S100,000 90,445.97 0.05USDREGENCY ENERGY PARTNERS LP 5.00 14-22 01/10S300,000 280,319.30 0.17USDRIO OIL FINANCE 9.25 14-24 06/07Q153,876 150,853.84 0.09USDSABINE PASS LIQUEFACTION LLC 5.625 14-21 01/02S500,000 456,740.12 0.27USDSABINE PASS LIQUEFACTION LLC 5.875 17-26 30/06S900,000 903,657.47 0.53USDSABRA HEALTH CARE LP 4.8000 19-24 01/06S100,000 90,511.94 0.05USDSBA TOWER TRUST 3.1560 15-20 08/10M100,000 88,143.74 0.05USDSL GREEN OPERATING 3.25 17-22 15/10S200,000 178,105.90 0.10USDSPIRIT REALTY L 4.0000 19-29 15/07S100,000 88,633.95 0.05USDSPRINGLEAF FINA 6.1250 19-24 15/03S200,000 188,647.58 0.11USDSPRINGLEAF FINANCE CORP 7.1250 18-26 15/03S600,000 575,608.91 0.34USDSPRINT CORP 7.25 14-21 15/09S1,000,000 936,218.50 0.55USDSPRINT SPECTRUM CO LLC 3.36 16-21 20/09Q225,000 198,306.18 0.12USDSUNOCO LOGISTICS LP 4.40 15-21 01/04S200,000 181,090.73 0.11USDSYNCHRONY FINANCIAL 3.7000 16-26 04/08S200,000 174,829.57 0.10USDSYNCHRONY FINANCIAL 3.95 17-27 01/12S500,000 437,302.64 0.26USDTECH DATA 3.70 17-22 15/02S400,000 357,714.74 0.21USDTRANSOCEAN POSEIDON LTD 6.875 19-27 01/02S100,000 92,893.08 0.05USDUBS AG 7.625 12-22 17/08S1,000,000 989,070.68 0.59USDVEREIT OPERATING PARTNERS LP 4.6250 18-25 01/11S100,000 94,636.93 0.06USDVMWARE INC 2.950 17-22 21/08S600,000 532,312.97 0.31USDVMWARE INC 3.90 17-27 21/08S100,000 89,135.77 0.05USDVOLKSWAGEN GROUP AMERICA FIN LLC 4.00 18-21 12/11S200,000 181,614.99 0.11USDWASHINGTON PG LP 5.95 17-24 15/08S300,000 249,891.80 0.15USDWEA FINANCE 144A 3.75 14-24 17/09S400,000 366,635.88 0.22USDWELLS FARGO BANK NA 3.6250 18-21 22/10S1,600,000 1,447,438.09 0.86USDWELLS FARGO BANK NA 3.5500 18-23 14/08S300,000 275,260.59 0.16USDWYNN LAS VEGAS 5.50 15-25 01/03S200,000 181,168.14 0.11USDZIMMER HOLDINGS INC 3.55 15-25 01/04S800,000 726,892.73 0.43USD

BARCLAYS PLC 3.25 16-27 12/02A100,000 113,979.71 0.07GBPUnited Kingdom 11,216,159.51 6.60

BARCLAYS PLC 3.125 17-24 17/01A200,000 229,881.80 0.14GBPBAT INTL FINANCE PLC 3.95 15-25 15/06S800,000 727,958.83 0.43USDBRITISH TELECOM 4.5000 18-23 04/12S1,700,000 1,600,371.64 0.94USDBRITISH TELECOM 5.1250 18-28 04/12S800,000 783,776.23 0.46USDCREDIT AGRICOLE LONDON 3.25 17-24 04/10S700,000 625,837.62 0.37USDEI GROUP PLC 6.875 00-25 09/05S200,000 241,833.19 0.14GBPENSCO ROWAN PLC 5.75 14-44 01/10S200,000 102,812.16 0.06USDIMPERIAL TABACCO FIN PLC 2.95 15-20 21/07S600,000 529,199.11 0.31USDIMPERIAL TOBACCO FIN PLC 3.75 15-22 21/07S300,000 271,456.66 0.16USDINEOS FINANCE PLC 2.125 17-25 15/11S600,000 594,783.00 0.35EURINEOS FINANCE PLC 2.8750 19-26 01/05S500,000 506,215.00 0.30EURJOHN LEWIS PLC 6.125 10-25 21/01A300,000 377,455.39 0.22GBPLLOYDS BANKING GROUP 4.45 18-25 08/05S800,000 749,358.31 0.44USDMARKS AND SPENCER PLC 3.00 16-23 08/12A200,000 228,512.48 0.13GBPMITCHELLS & BUTLERS FIN 6.013 03-28 15/12Q429,505 544,759.67 0.32GBP





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MITCHELLS & BUTLERS FIN 6.469 03-32 15/09Q100,000 125,945.03 0.07GBPRAC BOND CO 4.565 16-23 06/05S100,000 111,170.27 0.07GBPROYAL BK OF SCOTLAND GROUP PLC 2.50 16-23 22/03A100,000 106,193.00 0.06EURSANTANDER UK PL 3.7500 18-21 15/11S400,000 362,617.75 0.21USDTHE UNIQUE PUB FIN CO PLC -A3- 6.542 99-21 30/03Q31,520 36,904.55 0.02GBPTHE UNIQUE PUB FIN CO PLC -A4- 5.659 02-27 30/06Q286,405 358,217.63 0.21GBPTP ICAP PLC 5.25 17-24 26/01S200,000 233,558.21 0.14GBPTRAVIS PERKINS REG SHS 4.50 16-23 07/09A200,000 230,392.51 0.14GBPVIRGIN MEDIA REG SHS SUB 4.875 15-27 15/01S200,000 230,023.41 0.14GBPVIRGIN MEDIA SEC FIN 5.25 19-29 15/05S300,000 346,557.21 0.20GBPVODAFONE GROUP PLC 4.375 18-28 30/05S700,000 661,790.47 0.39USDWPP FINANCE 4.75 12-21 21/11S200,000 184,598.67 0.11USD

COOP RABOBANK UA 3.875 18-23 26/09S250,000 230,725.24 0.14USDThe Netherlands 7,973,490.35 4.69

COOP RABOBANK UA 6.625 16-49 26/04A200,000 221,266.00 0.13EURDEUTSCHE TELEKOM 8.75 00-30 15/06S500,000 633,955.67 0.37USDING BANK REG SHS 5.80 13-23 25/09S300,000 291,509.43 0.17USDING GROEP NV 4.1 18-23 02/10S700,000 649,263.31 0.38USDMYLAN NV 3.15 17-21 15/06S200,000 175,983.64 0.10USDNE PROPERTY BV 2.625 19-23 22/05A100,000 102,376.00 0.06EURNXP BV 3.875 19-26 18/06S100,000 90,015.40 0.05USDNXP BV 5.35 18-26 01/03S450,000 436,919.78 0.26USDPETROBRAS GLOBAL FIN BV 4.75 14-25 14/01A700,000 790,240.50 0.47EURPETROBRAS GLOBAL FIN BV 6.25 11-26 14/12A1,500,000 1,887,427.52 1.11GBPSYNGENTA FINANCE 4.441 18-23 24/04S200,000 183,195.94 0.11USDSYNGENTA FINANCE NV 5.182 18-28 24/04S500,000 457,499.89 0.27USDSYNGENTA FINANCE NV 4.892 18-25 24/04S600,000 548,331.44 0.32USDTEVA PHARMACEUTICAL FIN NED III BV 2.80 16-23 21/07S400,000 301,767.16 0.18USDVOLKSWAGEN FIN SERVICES AG 1.875 18-21 16/08A100,000 112,115.30 0.07GBPXP BV / NXP FUNDING LLC 4.875 18-24 01/03S350,000 329,580.63 0.19USDZIGGO SEC FIN REG SHS 4.25 16-27 15/01S500,000 531,317.50 0.31EUR

ALTICE FRANCE SA 8.1250 18-27 01/02S200,000 184,079.70 0.11USDFrance 7,273,769.88 4.28

ALTICE FRANCE SA 7.375 16-26 01/05S1,200,000 1,077,060.30 0.63USDBNP PARIBAS 4.4000 18-28 14/08S400,000 380,051.90 0.22USDBNP PARIBAS SA 2.95 17-22 23/05S200,000 177,679.55 0.10USDBPCE SA 3.00 17-22 22/05S250,000 222,123.63 0.13USDBPCE SA 4.00 18-23 12/09S1,150,000 1,058,604.92 0.62USDEUROFINS SCIENTIFIC SE 3.375 15-23 30/01A200,000 208,005.00 0.12EURFRANCE BTF TREASURY BILL 0.00 19-20 26/023,110,000 3,128,043.93 1.85EURINGENICO 1.625 17-24 13/09A200,000 199,593.00 0.12EURSOCIETE GENERALE SA 4.00 17-27 12/01S700,000 638,527.95 0.38USD

ALTICE FINANCING SA 144A 7.50 16-26 15/05S700,000 618,765.89 0.36USDLuxembourg 5,330,768.19 3.14

ALTICE LUXEMBOURG SA 8.00 19-27 15/05S100,000 101,311.00 0.06EURALTICE NV REG SHS 7.25 14-22 15/05S107,229 110,059.22 0.06EURAROUNDTOWN SA 5.3750 19-29 21/03S1,600,000 1,528,750.49 0.91USDATF NETHERLANDS BV 2.125 16-23 13/03A100,000 106,493.00 0.06EURCORESTATE CAPITAL HLD 3.60 18-23 15/04S500,000 500,827.50 0.29EURCPI PROPERTY GROUP 4.75 19-23 08/03A200,000 182,085.59 0.11USDCPI PROPERTY GROUP SA 1.4500 18-22 14/04A300,000 304,498.50 0.18EURDREAM GLOBAL FUNDING 1.75 19-26 28/06A200,000 201,660.00 0.12EURGAZ CAPITAL SA 2.949 18-24 24/01A300,000 321,598.50 0.19EURLOGICOR FINANCING SARL 1.5 18-22 13/11A200,000 206,950.00 0.12EURLOGICOR FINANCING SARL 2.2500 18-25 13/05A400,000 426,590.00 0.25EURLOGICOR FINANCING SARL 3.25 18-28 13/11A100,000 110,915.50 0.07EURSELP FINANCE SA 1.5000 19-26 20/12A600,000 610,263.00 0.36EUR

AERCAP IRELAND CAP LTD 3.65 17-27 21/07S200,000 174,207.68 0.10USDIreland 3,626,561.15 2.14

AERCAP IRELAND CAP LTD 4.1250 18-23 03/07S300,000 274,998.02 0.16USDAERCAP IRELAND CAP LTD 4.45 19-26 03/04S450,000 415,938.78 0.25USDAERCAP IRELAND CAP LTD 4.4500 18-25 01/10S400,000 369,331.93 0.22USDAERCAP IRELAND CAP LTD 4.8750 19-24 16/01S200,000 188,794.47 0.11USDAERCAP IRELAND CAP LTD 4.625 15-20 30/10S150,000 135,324.59 0.08USDALFA HLDG ISSUANCE PLC 2.626 17-20 28/04A600,000 607,092.00 0.37EURGE CAPITAL INT 2.342 16-20 15/11S300,000 262,533.31 0.15USD





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GE CAPITAL UK FUNDING 5.875 09-20 11/04A200,000 235,875.34 0.14GBPGENERAL ELECTRIC CO 4.125 13-23 13/09A100,000 120,589.32 0.07GBPJAMES HARDIE INTL FIN 3.625 18-26 01/10S100,000 106,215.50 0.06EURMMK INTL CAPITAL DAC 4.375 19-24 13/06S200,000 177,647.01 0.10USDNOVATEK FINANCE DAC REG SHS 6.604 11-21 03/02S200,000 185,475.66 0.11USDSMBC AVIATION CAPITAL 2.65 16-21 15/07S300,000 263,445.04 0.16USDSMURFIT KAPPA ACQUISITIONS 2.875 18-26 15/01S100,000 109,092.50 0.06EUR

DEUTSCHE BANK AG 1.50 17-22 20/01A500,000 501,997.50 0.30EURGermany 3,491,580.50 2.06

IHO VERWALTUNGS GMBH 3.625 19-25 15/05S200,000 204,688.00 0.12EURIHO VERWALTUNGS GMBH 3.625 19-25 15/05S400,000 409,206.00 0.24EURPROSIEBEN MEDIA AG 2.625 14-21 15/04A100,000 103,642.50 0.06EURSCHAEFFLER VER ZWEI GMBH 3.75 16-26 15/09S400,000 405,786.00 0.24EURVOLKSWAGEN BANK GMBH 1.2500 18-24 10/06A100,000 102,106.00 0.06EURVOLKSWAGEN BANK GMBH 1.875 19-24 31/01A200,000 209,735.00 0.12EURVOLKSWAGEN BANK GMBH 2.50 19-26 31/07A200,000 216,782.00 0.13EURVOLKSWAGEN LEAS 0.5000 19-22 20/06A300,000 301,290.00 0.18EURVOLKSWAGEN LEAS 1.5000 19-26 19/06A700,000 711,074.00 0.42EURVOLKSWAGEN LEAS REG SHS 2.625 14-24 15/01A300,000 325,273.50 0.19EUR

AVOLON HOLDINGS FUNDING 5.1250 18-23 01/10S200,000 185,989.36 0.11USDCayman Islands 2,389,345.88 1.41

AVOLON HOLDINGS FUNDING 5.5000 18-23 15/01S100,000 93,692.66 0.06USDPARK AEROSPACE HLD LTD 4.50 17-23 15/03S500,000 454,255.18 0.27USDSUNAC CHINA HOLDINGS 7.25 19-22 14/06S200,000 176,075.12 0.10USDSUNAC CHINA HOLDINGS LTD 6.875 17-20 08/08S200,000 178,269.78 0.10USDSUNAC CHINA HOLDINGS LTD 7.9500 19-23 11/10S500,000 443,266.48 0.26USDSUNAC CHINA HOLDINGS LTD 8.625 18-20 27/07S200,000 181,706.47 0.11USDTRANSOCEAN GUARDIAN LTD 5.875 18-24 15/01S756,000 676,090.83 0.40USD

INTESA SANPAOLO SPA 5.017 14-24 26/06S300,000 263,433.17 0.16USDItaly 2,142,495.80 1.26

ITALY BOT 0.00 18-19 13/09400,000 398,015.75 0.23EURUNICREDIT SPA 6.572 19-22 14/01S350,000 326,868.32 0.19USDUNICREDIT SPA 7.8300 18-23 04/12S350,000 350,569.56 0.21USDWIND TRE SPA 2.6250 17-23 20/01S300,000 301,605.00 0.18EURWIND TRE SPA 2.625 17-23 20/01S400,000 402,524.00 0.23EURWIND TRE SPA 3.125 17-25 20/01S100,000 99,480.00 0.06EUR

FAIRFAX FINL HLDGS 2.75 18-28 29/03A1,800,000 1,929,060.00 1.14EURCanada 1,929,060.00 1.14

TEVA PHARM FIN II BV 3.25 18-22 14/03S200,000 197,213.00 0.12EURThe Netherlands Antilles 1,578,821.63 0.93

TEVA PHARM FIN IV BV 3.65 11-21 10/11S100,000 84,706.86 0.05USDTEVA PHARMA FINANCE CO BV 3.65 11-21 10/11S300,000 254,260.46 0.15USDTEVA PHARMA FINANCE CO BV 2.95 12-22 18/02S200,000 159,559.31 0.09USDTEVA PHARMACEUTICAL FIN NED II BV 1.125 16-24 15/10A100,000 82,284.50 0.05EURTHEVA PHARMAC 1.25 15-23 31/03A900,000 800,797.50 0.47EUR

BOC AVIATION LT 3.5000 19-24 10/10S1,400,000 1,251,502.84 0.74USDSingapore 1,339,968.77 0.79

FLEX LTD 4.875 19-29 15/06S100,000 88,465.93 0.05USD

G CATALUNYA 4.95 10-20 11/02A1,000,000 1,029,365.00 0.61EURSpain 1,137,639.50 0.67

GENERALITAT DE CATAL 4.90 09-21 15/09A100,000 108,274.50 0.06EUR

BACARDI LTD 4.50 11-21 15/01S200,000 179,970.09 0.11USDBermuda 1,103,504.41 0.65

BACARDI LTD 4.45 18-25 15/05S200,000 186,260.28 0.11USDIHS MARKIT LTD 4.75 18-28 01/08S100,000 95,504.24 0.06USDIHS MARKIT LTD 4.1250 18-23 01/08S700,000 641,769.80 0.37USD

UKRAINE REG SHS 7.75 15-20 01/09S1,200,000 1,090,381.32 0.64USDUkraine 1,090,381.32 0.64

AP MOELLER MAERSK 3.75 14-24 22/09S400,000 358,274.18 0.21USDDenmark 1,072,827.55 0.63

AP MOLLER-MAERS 4.5000 19-29 20/06S800,000 714,553.37 0.42USD

AA BOND CO LTD 2.75 17-23 31/07S100,000 102,159.34 0.06GBPJersey Island 1,067,988.96 0.63

AA BOND CO LTD 4.2487 13-20 31/07S100,000 113,519.18 0.07GBPAA BOND CO LTD 2.875 16-43 31/07S800,000 852,310.44 0.50GBP





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CS GROUP 144A SUB 6.50 13-23 08/08S700,000 679,452.87 0.40USDSwitzerland 679,452.87 0.40

ASCIANO FINANCE 4.75 18-28 22/03S200,000 179,170.51 0.11USDAustralia 658,614.77 0.39

TELSTRA CORP LTD 144A 4.80 11-21 12/10S100,000 92,416.76 0.05USDVIRGIN AUST 2013-1A 5.0 13-23 23/10Q21,519 19,520.13 0.01USDWOODSIDE FINANCE 4.5000 19-29 04/03S300,000 278,158.07 0.17USDWOODSIDE FINANCE 144A 3.70 16-26 15/09S100,000 89,349.30 0.05USD

GLOBALWORTH REAL ESTATE INV LTD 2.875 17-22 20/06A100,000 106,139.00 0.06EURRomania 530,883.00 0.31

GLOBALWORTH REAL ESTATE INV LTD 3.00 18-25 29/03A400,000 424,744.00 0.25EUR

MIZUHO FIN GROUP INC 2.601 17-22 11/09S200,000 176,265.12 0.10USDJapan 500,798.12 0.29

TAKEDA PHARMACEUTICAL CO LTD 1.1250 18-22 21/11A100,000 103,351.00 0.06EURTAKEDA PHARMACEUTICAL CO LTD 2.2500 18-26 21/11A200,000 221,182.00 0.13EUR

SOUTH AFRICA 5.875 13-25 16/09S500,000 482,132.64 0.28USDSouth Africa 482,132.64 0.28

CREDIT SUISSE GP FUN 3.75 15-25 26/03S500,000 458,411.40 0.27USDGuernsey 458,411.40 0.27

COUNTRY GARDEN HOLDINGS 6.5000 19-24 08/04S500,000 453,725.21 0.27USDHong Kong 453,725.21 0.27

TURKEY 5.125 11-22 25/03S200,000 173,842.64 0.10USDTurkey 373,352.64 0.22

TURKEY 4.625 19-25 31/03A200,000 199,510.00 0.12EUR


GREECE 0.00 18-19 06/12200,000 199,595.46 0.12EURGreece 199,595.46 0.12

AKER BP ASA 4.7500 19-24 15/06S200,000 181,441.70 0.11USDNorway 181,441.70 0.11

ARGENTINA 3.375 17-23 15/01S100,000 77,506.00 0.05EURArgentina 77,506.00 0.05

BARCLAYS BANK PLC FL.R 18-23 15/02S600,000 546,351.76 0.32USD



BARCLAYS PLC SUB FL.R 15-XX 15/09Q200,000 236,418.38 0.14GBPBARCLAYS PLC SUB FL.R 14-XX 15/09Q200,000 224,968.78 0.13GBPBARCLAYS PLC SUB FL.R 14-XX 15/09Q500,000 505,620.00 0.30EURBARCLAYS PLC SUB FL.R 17-XX 15/03Q200,000 232,107.49 0.14GBPHSBC HOLDINGS PLC FL.R 18-24 18/05S200,000 183,705.85 0.11USDHSBC HOLDINGS PLC FL.R 18-26 12/09S800,000 748,411.84 0.44USDLLOYDS BANKING GROUP PLC FL.R 18-21 21/06Q200,000 176,070.73 0.10USDRBS SCOTLAND FL.R 17-23 08/03A100,000 103,258.00 0.06EURRECKITT BENCKISER FL.R 17-22 24/06Q300,000 263,049.21 0.15USDROYAL BANK OF SCOTLAND GROUP PLC FL.R 18-26 02/03A500,000 512,085.00 0.30EURROYAL BK OF SCOTLAND GROUP PLC FL.R 15-XX 30/09Q700,000 632,232.04 0.37USDROYAL BK OF SCOTLAND GROUP PLC FL.R 19-25 22/03S1,300,000 1,182,138.37 0.71USDSANTANDER UK GP FL.R 18-24 27/03Q800,000 786,328.00 0.46EUR

AT & T INC FL.R 18-24 12/06Q900,000 801,089.85 0.48USDUnited States of America 5,529,052.86 3.26

CHARTER COMM OPERATING LLC FL.R 18-24 01/02Q100,000 88,067.07 0.05USDFORD MOTOR CREDIT CO LLC FL.R 17-22 28/03Q900,000 779,342.92 0.46USDFORD MOTOR CREDIT CO LLC FL.R 18-20 24/09Q100,000 88,056.47 0.05USDFORD MOTOR CREDIT CO LLC FL.R 18-21 12/10S500,000 432,440.52 0.25USDFORD MOTOR CREDIT CO LLC FL.R 17-22 03/08Q200,000 171,637.42 0.10USDFORD MOTOR CREDIT CO LLC FL.R 18-22 07/12Q100,000 96,134.00 0.06EURFORD MOTOR CREDIT CO LLC FL.R 18-21 05/04Q200,000 173,832.96 0.10USDGENERAL MOTORS FIN CO FL.R 17-22 14/01Q200,000 177,559.05 0.10USDGENERAL MOTORS FIN CO FL.R 18-21 11/06Q100,000 87,857.67 0.05USDGENERAL MOTORS FIN CO FL.R 18-23 05/01Q100,000 86,594.54 0.05USDGENERAL MOTORS FIN CO FL.R 17-22 30/06Q300,000 263,887.06 0.16USDGOLDMAN SACHS GROUP INC FL.R 17-23 26/09Q700,000 697,214.00 0.41EURHP ENTERPRISE CO FL.R 18-21 05/10Q300,000 264,166.78 0.16USDKRAFT HEINZ FOODS CO FL.R 17-21 10/02Q100,000 87,870.87 0.05USD





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MORGAN STANLEY FL.R 19-22 10/06Q1,200,000 1,057,160.58 0.63USDNISSAN MOTOR FL.R 17-22 13/01Q100,000 88,114.53 0.05USDWABTEC FL.R 18-21 15/09Q100,000 88,026.57 0.05USD

FIRST ABU DHABI FL.R 19-22 16/04Q2,400,000 2,124,755.25 1.25USDUnited Arab Emirates 2,124,755.25 1.25

QNB FINANCE LTD FL.R 18-21 31/05Q1,300,000 1,156,054.89 0.68USDCayman Islands 1,332,999.96 0.78

QNB FINANCE LTD FL.R 18-20 12/02Q200,000 176,945.07 0.10USD

BNP PARIBAS FL.R 19-25 10/01S1,300,000 1,225,980.56 0.72USDFrance 1,225,980.56 0.72

EMERALD BAY SA FL.R 17-20 08/10800,000 773,856.00 0.45EURLuxembourg 874,483.00 0.51

LINCOLN FINANCING SARL FL.R 19-24 01/04Q100,000 100,627.00 0.06EUR

BANCO BILBAO VI FL.R 18-XX XX/XXQ600,000 620,100.00 0.37EURSpain 620,100.00 0.37

TAKEDA PHARMACEUTICAL CO LTD FL.R 18-20 21/11Q200,000 200,796.00 0.12EURJapan 506,841.00 0.30

TAKEDA PHARMACEUTICAL CO LTD FL.R 18-22 21/11Q300,000 306,045.00 0.18EUR

ARGENTINA FL.R 05-38 31/12S500,000 283,702.50 0.17EURArgentina 283,702.50 0.17

DEUTSCHE BANK AG FL.R 17-20 07/02Q100,000 98,853.00 0.06EURGermany 98,853.00 0.06

TPMF 2019-GR4X A1 FL.R 19-51 20/10Q700,000 783,774.10 0.46GBP


Luxembourg 783,774.10 0.46

PIMCO FDS GLOBAL INVESTORS SERIES PLC MTGAGE OPP -INS- HDG CAP EUR1,718,367 17,544,526.05 10.33EUR



Other funds 36,723,573.69 21.62

PIMCO FIXED INCOME SOURCE ETFS PLC EURO SHORT TERM HIGH YIELDCORP BD UCITS ETF CAP EUR

1,890,120 19,179,047.64 11.29EUR

PIMCO FDS GLOBAL INVESTORS SERIES PLC EURO INCOME BOND -INS- CAPEUR

529,106 8,031,828.25 4.73EURBond funds 8,031,828.25 4.73

HELLENIC TREASURY BILL 0.00 18-19 04/10400,000 399,034.92 0.23EUR


Bonds 1,495,943.47 0.88

Greece 1,495,943.47 0.88

HELLENIC TREASURY BILL 0.00 18-19 30/081,100,000 1,096,908.55 0.65EUR






391Page

LUX IM– Fidelity Global Low Duration

392Page


4,808,501.14Unrealised profit on the securities portfolio19,928,645.69Cash at banks3,620,113.65Interests receivable7,690,496.28Brokers receivable

13,206,796.86Subscriptions receivable3,036,464.08Unrealised appreciation on forward foreign exchange contracts



530,142.59Accrued performance fees1,948,027.79Redemptions payable

209,469.86Unrealised depreciation on financial futures344,595.60Accrued management fees22,196.45Accrued depositary fees




Expressed in EUR


LUX IM – Fidelity Global Low Duration





01/01/19

Dl - EUR - Capitalisation 1,156,895.407 1,232,069.496 1,126,885.619 1,262,079.284

E - EUR - Capitalisation 495,256.645 1,417,261.340 103,337.178 1,809,180.807

F - EUR - Capitalisation 715.492 22,066.318 1,453.438 21,328.372

H - EUR - Capitalisation 433,718.105 2,100,445.131 305,194.845 2,228,968.391

393Page

Key figures


Total Net Assets 538,962,805.89 205,777,307.51



101.241,262,079.284 1,156,895.407



101.301,809,180.807 495,256.645



101.4121,328.372 715.492



101.292,228,968.391 433,718.105


394Page

ABBOTT LABORATORIES 2.55 15-22 15/03S1,000,000 889,717.20 0.17USD


Bonds 408,216,682.95 75.75


ALLY FINANCIAL INC 3.875 19-24 21/05S6,550,000 5,919,601.75 1.10USDAMC ENTERT HLDG 6.375 17-24 15/11S1,200,000 1,308,646.30 0.24GBPARROW BIDCO 9.5 19-24 15/03S1,025,000 912,884.29 0.17USDASHTEAD CAPITAL INC 5.625 14-24 01/10S1,939,000 1,768,483.65 0.33USDBLUE CUBE SPINCO INC 9.75 16-23 15/10S2,000,000 1,957,408.63 0.36USDBROADCOM CORP 3.00 18-22 15/01S5,500,000 4,852,515.73 0.90USDCAMPBELL SOUP CO 3.65 18-23 15/03S4,500,000 4,077,134.18 0.76USDCFX ESCROW CROP 6.00 19-24 15/02S1,900,000 1,766,347.37 0.33USDCHARTER COMM OPERATING LLC 4.464 16-22 27/03S3,000,000 2,765,457.19 0.51USDCHENIERE CORPUS CHRISTI HLDGS LLC 7.00 16-24 30/06S2,000,000 2,024,312.80 0.38USDCIT GROUP INC 4.125 18-21 09/03S3,000,000 2,688,850.78 0.50USDCOMMSCOPE FINANCE 5.5000 19-24 01/03S2,450,000 2,217,693.41 0.41USDCVS HEALTH CORP 3.50 15-22 20/07S3,000,000 2,711,056.87 0.50USDDENBURRY RESOURCES INC 9.00 16-21 15/05S2,000,000 1,728,460.21 0.32USDDIAMOND 1 FIN CORP 144A 4.42 16-21 15/06S2,000,000 1,810,573.08 0.34USDFEDERAL-MOGUL HOLDINGS REG SHS 5.00 17-24 15/07S2,500,000 2,474,837.50 0.46EURFIDELITY NATIONAL INF SERVICES 0.75 19-23 21/05A4,640,000 4,732,869.60 0.88EURFISERV INC 2.95 19-25 15/01S4,450,000 3,941,137.79 0.73USDFLOWSERVE 1.25 15-22 17/03A1,150,000 1,161,649.50 0.22EURFORD MOTOR CREDIT CO LLC 1.5140 19-23 17/02A2,000,000 2,013,400.00 0.37EURFORD MOTOR CREDIT CO LLC 5.5840 19-24 18/03S2,300,000 2,164,146.55 0.40USDGCI LLC 6.625 19-24 15/06S130,000 119,496.86 0.02USDGECC 3.15 12-22 07/09S6,600,000 5,874,571.84 1.09USDGENERAL MOTORS FIN CO 0.955 16-23 07/09A2,000,000 2,015,490.00 0.37EURGENERAL MOTORS FIN CO 3.55 19-22 08/07S4,000,000 3,578,572.37 0.66USDGLOBAL PARTNERS 7.0 15-23 04/06S1,519,000 1,359,530.72 0.25USDGLOBAL SHIP LEASE INC 9.875 17-22 15/11S1,600,000 1,420,296.43 0.26USDGOLDMAN SACHS GROUP INC 2.00 15-23 27/07A3,500,000 3,736,687.50 0.69EURGULFPORT ENERGY CORP 6.00 17-24 15/10S2,500,000 1,703,324.98 0.32USDKRAFT HEINZ FOODS CO 4.0 18-23 15/06S3,500,000 3,216,591.90 0.60USDLENNAR CORP 4.875 15-23 15/12S2,000,000 1,858,723.67 0.34USDLIMITED BRANDS INC 5.625 12-22 15/02S1,679,000 1,546,102.24 0.29USDL3 TECHNOLOGIES INC 3.8500 18-23 15/06S5,000,000 4,596,890.53 0.85USDMETROPOLITAN LIFE GL 0.375 19-24 09/04A1,500,000 1,518,105.00 0.28EURMGM GROWTH PROPERTIES OP PTNERSHIP LP 5.625 17-24 01/05S1,667,000 1,580,786.99 0.29USDMPLX 4.875 16-24 01/12S3,500,000 3,345,527.11 0.62USDMYLAN INC 4.20 13-23 29/11S2,500,000 2,215,903.59 0.41USDNEWELL BRANDS INC 3.85 16-23 01/04S2,000,000 1,786,717.69 0.33USDNRG ENERGY INC 3.7500 19-24 15/06S2,175,000 1,966,268.10 0.36USDPRICELINE GROUP INC 2.15 15-22 25/11A2,000,000 2,134,830.00 0.40EURSPRINT SPECTRUM CO LLC 3.36 16-21 20/09Q4,381,875 3,862,012.76 0.72USDSUNOCO LP 4.8750 18-23 15/01S2,000,000 1,805,664.78 0.34USDTARGA RESOURCES PTNR CORP 4.25 13-23 15/11S2,000,000 1,766,697.46 0.33USDTARGA RESOURCES PTNR CORP 6.75 15-24 15/03S1,000,000 918,014.69 0.17USDUNITEDHEALTH GROUP INC 3.5 18-24 15/02S5,350,000 4,934,790.87 0.92USDUSA TREASURY BONDS 2.75 18-20 30/11S5,000,000 4,453,437.70 0.83USDUSA TREASURY NOTES INFL. INDEX 0.125 16-21 15/04S13,850,000 13,013,209.64 2.41USDVISTRA OPERATIONS CO 3.5500 19-24 15/07S3,287,000 2,907,803.05 0.54USDWELLS FARGO & CO 0.50 19-24 26/04A3,075,000 3,103,090.12 0.58EURWELLTOWER INC 3.625 19-24 15/03S3,950,000 3,614,014.61 0.67USDWILLIAM LYON HOMES 6.00 18-23 01/09S1,000,000 899,415.05 0.17USDXPO LOGISTICS INC 6.75 19-24 15/08S950,000 891,245.99 0.17USDZF NORTH AMERICA CAPITAL INC 2.75 15-23 27/04A2,000,000 2,111,920.00 0.39EUR

ALTICE FINCO SA 8.125 13-24 15/01S1,000,000 906,012.22 0.17USDLuxembourg 29,684,379.12 5.51

BECTON DICKINSON EUR 0.632 19-23 04/06A4,200,000 4,232,235.00 0.79EURBEVCO LUX SARL 1.75 18-23 09/02A1,000,000 1,037,240.00 0.19EURBLACKSTONE PPE 1.4000 18-22 06/07A4,850,000 4,966,788.00 0.92EURCONTOURGLOBAL HOLDINGS 3.375 18-23 26/07S1,000,000 1,041,640.00 0.19EURDELAMARE FINANCE PLC 5.5457 04-29 19/02Q1,000,000 1,291,458.52 0.24GBPFIAT CHRYSLER FIN EUR SA REG SHS 4.75 14-21 22/03A2,500,000 2,697,437.50 0.50EUR





395Page

INTELSAT JACKSON HLDGS SA -144A- 8.00 16-24 15/02S1,000,000 921,405.63 0.17USDLINCOLN FINANCING SARL 3.625 19-24 01/04S1,500,000 1,552,275.00 0.29EURLOGICOR FINANCING SARL 1.5 18-22 13/11A6,000,000 6,208,500.00 1.15EURMEDTRONIC GLOBAL HOLDINGS SCA 0.375 19-23 07/03A4,775,000 4,829,387.25 0.90EUR

BFCM 0.7500 19-23 15/06A8,700,000 8,940,120.00 1.67EURFrance 25,582,605.87 4.75

BPCE SA 1.125 17-23 18/01A3,500,000 3,605,525.00 0.67EURCASINO GUICHARD-PERRACHON SA 1.865 17-22 13/01,100,000 927,751.00 0.17EURHSBC FRANCE0.25 19-24 17/05A4,200,000 4,228,917.00 0.78EURORANO SA 3.125 14-23 20/03A3,000,000 3,165,345.00 0.59EURRENAULT CREDIT INTER 0.75 19-23 10/04A4,675,000 4,714,947.87 0.87EUR

MITSUBISHI 2.50 19-24 09/07S6,800,000 5,949,678.50 1.10USDJapan 21,346,943.76 3.96

MITSUBISHI UFJ FIN GROUP INC 3.761 18-23 26/07S7,000,000 6,430,505.34 1.20USDSUMITOMO MITSUI BANK 2.44 19-24 18/06S5,350,000 4,743,445.49 0.88USDTAKEDA PHARMACEUTICAL CO LTD 4.4 18-23 26/11S4,500,000 4,223,314.43 0.78USD

ASTRAZENECA PLC 0.75 16-24 12/05A3,075,000 3,155,472.75 0.59EURUnited Kingdom 20,642,803.81 3.83

BARCLAYS 1.5 18-23 03/09A5,000,000 5,123,950.00 0.94EURDS SMITH PLC 2.25 15-22 16/09A1,000,000 1,055,755.00 0.20EUREG GLOBAL FINANCE PLC 3.625 19-24 07/02S1,500,000 1,500,255.00 0.28EURHSBC HOLDINGS PLC 2.175 18-23 27/06A4,000,000 4,507,850.13 0.84GBPNATWEST MARKETS PLC 1 19-24 28/05A1,422,000 1,421,338.77 0.26EURPETRA DIAMONDS PLC REG SHS 7.25 17-22 01/05S2,000,000 1,733,544.44 0.32USDRAC BOND CO 4.565 16-23 06/05S1,000,000 1,111,702.72 0.21GBPTESCO CORPORATE 1.375 18-23 24/10A1,000,000 1,032,935.00 0.19EUR

ALIBABA GROUP LTD 3.125 15-21 28/11S1,000,000 892,773.89 0.17USDCayman Islands 18,712,059.54 3.47

AVOLON HOLDINGS FUNDING 5.25 19-24 15/05S2,000,000 1,881,294.80 0.35USDBRASKEM SA REG SHS 5.375 12-22 02/05S2,000,000 1,850,420.02 0.34USDCHINA AOYUAN GROUP LTD 7.95 18-21 07/09S1,850,000 1,702,932.45 0.32USDCHINA AOYUAN GROUP LTD 8.5 19-22 23/01S1,000,000 929,045.16 0.17USDCIFI HOLDINGS GROUP 6.55 19-24 28/03S900,000 775,091.70 0.14USDESR CAYMAN LTD 7.875 19-22 04/04S425,000 382,236.45 0.07USDJD. COM INC 3.125 16-21 29/04S3,000,000 2,643,488.58 0.49USDMGM CHINA HOLDINGS 5.375 19-24 15/05S1,900,000 1,710,534.82 0.32USDMONGOLIAN MINING COR 9.25 19-24 25/04S750,000 658,480.67 0.12USDODEBRECHT DRILL LTD 6.35 17-21 01/12Q1,043,372 910,207.71 0.17USDRONSHINE CHINA HOLDINGS 10.5 19-22 01/03S900,000 824,036.15 0.15USDRONSHINE CHINA HOLDINGS 11.25 19-21 22/08S1,600,000 1,505,155.48 0.28USDTRANSOCEAN INC 9.00 16-23 15/07S1,000,000 936,799.05 0.17USDTRANSOCEAN PROTEUS LTD 6.2500 16-24 01/12S1,218,750 1,109,562.61 0.21USD

ADLER REAL ESTATE 2.125 17-24 06/02A3,000,000 3,047,745.00 0.57EURGermany 16,685,434.16 3.10

BASF SE 1.3750 18-22 21/06A2,500,000 2,822,925.96 0.52GBPCOMMERZBANK AG 8.125 13-23 19/09S3,350,000 3,409,907.20 0.64USDSCHAEFFLER AG 1.8750 19-24 26/03A2,700,000 2,821,716.00 0.52EURVOLKSWAGEN FIN SERVICES AG 1.375 18-23 16/10A2,000,000 2,060,440.00 0.38EURVOLKSWAGEN FIN SERVICES AG 0.625 19-22 01/04A2,500,000 2,522,700.00 0.47EUR

BHARTI AIRTEL BV 3.375 14-21 20/05A3,000,000 3,151,980.00 0.58EURThe Netherlands 15,979,961.37 2.96

IHS NL HOLDCO BV 9.50 16-21 27/10S1,500,000 1,375,498.09 0.26USDJAB HOLDINGS 1.25 17-24 22/05A5,500,000 5,715,517.50 1.05EURRABOBANK NEDERLAND 0.625 19-24 27/02A4,000,000 4,075,700.00 0.76EURTEVA PHARM FIN III BV 2.20 16-21 21/07S2,000,000 1,661,265.78 0.31USD


COMUNIDAD DE MADRID 4.125 14-24 21/05A5,000,000 6,005,150.00 1.11EUR

PSA INTL TPE EMTN 3.875 10-21 11/02S1,000,000 901,530.55 0.17USDSingapore 9,328,447.02 1.73

SP POWERASSETS REG SHS 2.70 12-22 14/09S5,500,000 4,893,662.31 0.90USDTEMASEK FIN EMTN REG SHS 2.375 12-23 23/01S4,000,000 3,533,254.16 0.66USD

FIRST QUANTUM MINERALS LTD 144A 7.25 14-22 15/05S900,000 786,028.50 0.15USDCanada 9,144,604.32 1.70

STONEWAY CAPITAL CORP 10.00 17-27 01/01,204,082 1,004,651.45 0.19USD





396Page

TORONTO-DOMINIO 0.3750 19-24 25/04A5,500,000 5,528,600.00 1.02EURVALEANT PHARMACEUTICALS INTL INC -144A- 6.00 17-22 15/03S2,000,000 1,825,324.37 0.34USD

ARGENTA SPAARBA 1.0000 19-24 06/02A7,000,000 7,185,080.00 1.33EURBelgium 7,185,080.00 1.33

EASY TACTIC 8.125 19-23 27/02S900,000 802,708.80 0.15USDBritish Virgin Islands 7,161,173.19 1.33

FORTUNE STAR BVI LTD 6.75 19-23 02/07S2,200,000 1,973,420.42 0.37USDSTATE GRID OVERSEAS INV 2.25 17-20 04/05S2,000,000 1,756,441.04 0.33USDSTUDIO CITY FIN 7.2500 19-24 11/02S1,500,000 1,371,955.40 0.25USDTUSPARK FORWARD LTD 6.95 19-22 18/06S1,450,000 1,256,647.53 0.23USD

INTRUM JUSTITIA AB 2.75 17-22 15/07S2,000,000 2,022,730.00 0.38EURSweden 7,133,479.00 1.32

TELE2 AB 1.1250 18-24 15/05A4,500,000 4,649,040.00 0.85EURVOLVO CAR AB 2.1250 19-24 02/04A450,000 461,709.00 0.09EUR

CGNPC INTER LTD 3.125 17-22 11/12S2,000,000 1,779,108.94 0.33USDHong Kong 6,470,769.67 1.20

CNAC 4.125 18-21 14/03S2,000,000 1,790,165.81 0.33USDLOTTE SHOP BUSS 2.375 17-20 05/09S3,300,000 2,901,494.92 0.54USD

KOREA HYDRO & NUCLEAR POWER CO LTD 4.75 11-21 13/07S1,000,000 919,778.34 0.17USDSouth Korea 6,251,150.11 1.16

KOREA HYDRO & NUCLEAR POWER CO LTD 3.00 12-22 19/09S2,000,000 1,785,063.99 0.33USDNONGHYUP BANK CO 2.875 17-22 17/07S4,000,000 3,546,307.78 0.66USD

FCA BANK SPA IR 1.0000 18-22 21/02A4,747,000 4,823,023.20 0.90EURIreland 5,657,274.21 1.05

SHIRE ACQ INV IRL DAC 2.40 16-21 23/09S950,000 834,251.01 0.15USD

AKER BP 4.75 19-24 15/06678,000 615,075.45 0.11USDNorway 4,447,695.88 0.83

DNB BANK ASA 1.6250 19-23 15/12A3,400,000 3,832,620.43 0.72GBP

QATAR 4.50 11-20 20/01S4,500,000 4,164,850.24 0.77USDQatar 4,164,850.24 0.77

ATLANTIA EMTN 2.875 13-21 26/02A1,300,000 1,358,578.00 0.25EURItaly 3,298,797.49 0.61

UNICREDIT SPA 6.572 19-22 14/01S1,000,000 933,909.49 0.17USDWIND TRE SPA 2.625 17-23 20/01S1,000,000 1,006,310.00 0.19EUR

GMR HYDERABAD INTERNATIONAL AIRPORT 5.375 19-24 10/04S1,623,000 1,448,500.91 0.27USDIndia 3,238,182.92 0.60

RENEW CLEAN 6.67 19-24 12/03S2,000,000 1,789,682.01 0.33USD

BERMUDA 4.138 12-23 03/01S400,000 366,291.59 0.07USDBermuda 3,229,373.79 0.60

BERMUDA 4.854 13-24 06/02S3,000,000 2,863,082.20 0.53USD


ECUADOR REG SHS 7.95 16-22 28/03S2,950,000 2,915,539.87 0.54USDEcuador 2,915,539.87 0.54

BANK OF CHINA 5.00 14-24 13/11S1,700,000 1,608,865.29 0.30USDChina 2,813,007.77 0.52

JINKE PROPERTY GROUP 8.375 19-21 20/06S1,375,000 1,204,142.48 0.22USD

FMG RESOURCES AUG 4.75 17-22 15/05S3,000,000 2,697,690.99 0.50USDAustralia 2,697,690.99 0.50

LANDSBANKI HF 1.00 17-23 30/05A2,600,000 2,588,482.00 0.48EURIceland 2,588,482.00 0.48

EXPORT CREDIT B 8.2500 19-24 24/01S1,000,000 918,212.61 0.17USDTurkey 2,526,883.93 0.47

YAPI VE KREDI BANKASI 8.25 19-24 15/10S1,800,000 1,608,671.32 0.30USD

ERSTE GROUP BANK AG 0.3750 19-24 16/04A2,400,000 2,429,760.00 0.45EURAustria 2,429,760.00 0.45

TRANSOCEAN SENTRY LTD 5.375 19-23 15/05S2,250,000 1,981,132.08 0.37USDSwitzerland 1,981,132.08 0.37

ZENITH BANK PLC EMTN 7.375 17-22 30/05S2,000,000 1,871,363.86 0.35USDNigeria 1,871,363.86 0.35

YPF SA 8.75 14-24 04/04S1,600,000 1,425,109.73 0.26USDArgentina 1,425,109.73 0.26

EL SALVADOR REG SHS 7.75 02-23 24/01S1,500,000 1,416,268.63 0.26USDEl Salvador 1,416,268.63 0.26





397Page

CAIXA GERAL DEPOSITOS SA 10.75 17-XX 30/03Q1,000,000 1,162,530.00 0.22EURPortugal 1,162,530.00 0.22

BANK OF AMERICA CORP FL.R 18-24 25/04Q5,500,000 5,525,135.00 1.02EUR



CIGNA CORPORATION FL.R 18-21 17/09Q3,000,000 2,639,187.22 0.49USDCITIBANK NA FL.R 19-22 19/022,975,000 2,649,119.94 0.49USDMORGAN STANLEY FL.R 19-24 26/07A2,000,000 2,020,660.00 0.37EUR

BAYER CAPITAL CORP FL.R 18-22 26/06Q5,000,000 4,981,400.00 0.92EURThe Netherlands 8,510,977.00 1.58

HEMA BOND CO I BV FL.R 17-22 15/07Q1,675,000 1,506,897.00 0.28EURING GROUP NV FL.R 18-23 20/09Q2,000,000 2,022,680.00 0.38EUR

VIRGIN MONEY HOLDINGS (UK) PLC FL.R 16-XX 10/05S1,000,000 1,200,167.26 0.22GBPUnited Kingdom 3,378,854.83 0.63

VIRGIN MONEY HOLDINGS (UK) PLC FL.R 14-XX 31/07Q1,000,000 1,120,785.02 0.21GBPWESTFIELD STRATFORD CITY FIN PLC FL.R 14-19 04/11Q950,000 1,057,902.55 0.20GBP

WIND TRE SPA FL.R 17-24 20/01Q2,500,000 2,463,775.00 0.46EURItaly 2,463,775.00 0.46

ASAHI MUTUAL LIFE INS FL.R 17-XX 24/01S1,500,000 1,405,607.60 0.26USDJapan 1,405,607.60 0.26

VOLKSWAGEN BANK GMBH FL.R 18-21 08/12Q1,000,000 1,003,860.00 0.19EURGermany 1,003,860.00 0.19

ICSL 1 A1 FL.R 17-56 24/07M2,697,854 2,986,062.83 0.56GBP



PERMANENT MASTER FL.R 18-58 15/07Q643,000 564,937.53 0.10USD

TAURUSFL.R 19-31 02/02Q2,125,000 2,124,043.75 0.39EURLuxembourg 2,124,043.75 0.39

CONSUMER LOAN 2.94 19-21 15/07M675,000 594,738.80 0.11USDUnited States of America 594,738.80 0.11

FIDELITY FD GLOB SHORT DUR INCOME-A CAP EUR6,749,688 68,171,850.62 12.65EUR



Bond funds 68,171,850.62 12.65

NIGERIA 0.00 18-19 10/10654,000,000 1,489,713.13 0.28NGN


Bonds 1,489,713.13 0.28

Nigeria 1,489,713.13 0.28






398Page

LUX IM– Schroder Asia Income

399Page




9,675.86Unrealised appreciation on financial futures550.62Other assets

455,957.68Liabilities179,280.47Brokers payable42,053.53Accrued performance fees28,467.68Redemptions payable47,256.83Unrealised depreciation on forward foreign exchange contracts





Expressed in EUR


LUX IM – Schroder Asia Income





01/01/19

Ah - EUR - Hedged - Capitalisation 0.000 15,000.000 15,000.000 0.000


Dl - EUR - Distribution 5,684.342 45,920.644 838.037 50,766.949

Dhl - EUR - Hedged - Capitalisation 6,682.324 34,638.795 1,338.292 39,982.827

Dhl - EUR - Hedged - Distribution 6,355.370 26,606.473 484.256 32,477.587


Eh - EUR - Hedged - Capitalisation 6,467.239 46,842.833 4,755.853 48,554.219



400Page





01/01/19


Fh - EUR - Hedged - Capitalisation 0.000 109.041 99.981 9.060


Key figures

Total Net Assets 52,449,488.07 6,685,828.85


EURAh - EUR - Hedged - Capitalisation

0.000.000 0.000



107.17139,446.954 17,562.280



106.311.50

50,766.949 5,684.342102.990.00


EUR

Dhl - EUR - Hedged - Capitalisation

105.1039,982.827 6,682.324


Dhl - EUR - Hedged - Distribution

104.331.50

32,477.587 6,355.370102.330.00


EUR


108.42105,144.832 15,470.510


Eh - EUR - Hedged - Capitalisation

106.1348,554.219 6,467.239



105.31459.837 129.740



104.130.00

151.221 0.0000.000.00


EUR

Fh - EUR - Hedged - Capitalisation

102.319.060 0.000



108.3572,917.686 6,821.660


401Page

KOREA 2.00 18-21 10/12S9,500,000,000 7,325,288.62 13.97KRW


Bonds 34,865,699.74 66.48

South Korea 7,596,279.51 14.49

SHINHAN BANK 3.875 16-26 24/03S300,000 270,990.89 0.52USD

CMT MTN PTE LTD 3.609 19-29 04/04S400,000 363,215.91 0.69USDSingapore 5,504,185.72 10.49

LLPL CAPITAL 6.875 19-39 04/02S200,000 200,517.22 0.38USDMEDCO STRAIT SERVICES PTE LTD REG SHS 8.50 17-22 17/08S200,000 189,196.46 0.36USDSINGAPORE 2.125 16-26 01/06S1,500,000 989,632.43 1.89SGDSINGAPORE 2.625 18-28 01/05S2,000,000 1,364,405.73 2.60SGDSINGAPORE GOVT 2.75 16-46 01/03S1,600,000 1,074,572.46 2.05SGDSINGAPORE REG SHS 2.875 10-30 01/09S1,900,000 1,322,645.51 2.52SGD

THAILAND 3.775 12-32 25/06S30,000,000 994,550.61 1.90THBThailand 4,044,663.78 7.71

THAILAND 2.8750 18-28 17/12S30,000,000 912,548.03 1.74THBTHAILAND 2.4 18-23 17/08S40,000,000 1,171,985.39 2.23THBTHAILAND 3.30 18-38 17/06S30,000,000 965,579.75 1.84THB

USA TREASURY NOTES 2.375 19-29 15/05S1,000,000 907,867.69 1.73USDUnited States of America 4,010,061.05 7.65


AZURE ORBIT 3.5 18-21 25/01S200,000 177,050.62 0.34USDCayman Islands 3,428,103.97 6.54

BAIDU INC 3.875 18-23 29/09S200,000 182,307.25 0.35USDCDBL FUNDING 1 REG SHS 3.50 17-27 24/10S300,000 260,440.69 0.50USDCHINA AOYUAN GROUP LTD 7.95 18-21 07/09S200,000 184,100.81 0.35USDCIFI HOLDINGS GROUP 5.50 17-22 23/01S200,000 174,741.61 0.33USDCK HUTCHISON 3.625 19-29 11/04S200,000 182,767.30 0.35USDCKE HUTCHISON INT 2.75 16-26 03/10S200,000 172,279.54 0.33USDEHI CAR SERVICES LTD 5.875 17-22 14/08S200,000 160,750.32 0.31USDLOGAN PROPERTY HOLD 7.5 19-22 25/08S200,000 182,622.16 0.35USDMGM CHINA HLDGS 5.875 19-26 15/05S200,000 180,774.07 0.34USDRONSHINE CHINA HOLDINGS 10.5 19-22 01/03S200,000 183,119.15 0.35USDSANDS CHINA LTD 5.125 19-25 08/08300,000 284,536.22 0.54USDSHK PROP.(CAP MRKT) 3.75 19-29 25/02S200,000 185,469.49 0.35USDSIAM COMMERCIAL 3.9000 19-24 11/02S200,000 183,632.85 0.35USDTENCENT HOLDING 3.9750 19-29 11/04S400,000 366,936.71 0.70USDWTT INVESTMENT LTD 5.50 17-22 21/11S200,000 182,342.43 0.35USDYUZHOU PROPERTIES CO 8.625 19-22 23/01S200,000 184,232.75 0.35USD


INDONESIA 8.375 13-34 15/03S20,000,000,000 1,316,714.80 2.51IDRINDONESIA ASAHAN 6.53 18-28 15/11S200,000 207,766.20 0.40USDINDONESIA -FR0064- 6.125 12-28 15/05S20,000,000,000 1,145,505.84 2.18IDRPERUSAHAAN PENERBIT SBSN 4.15 17-27 29/03S200,000 184,081.46 0.35USDPERUSAHAAN REG SHS 4.35 14-24 10/09S300,000 278,324.31 0.53USD

MALAYSIA 3.955000 15-25 15/09A4,000,000 868,072.90 1.66MYRMalaysia 1,525,627.70 2.91

MALAYSIA -14/0001- 4.181 14-24 15/07S3,000,000 657,554.80 1.25MYR

BANGKOK BANK PCL 4.0500 18-24 19/03S200,000 185,060.48 0.35USDHong Kong 1,280,292.91 2.44

CN CLEAN ENERGY 4.00 15-25 05/11S200,000 184,562.61 0.35USDCNAC (HK) FINBRIDGE 4.625 18-23 14/03S200,000 183,823.72 0.35USDCNAC HK FINBRIDGE CO 3.875 19-29 19/06S200,000 176,276.55 0.34USDCOUNTRY GARDEN HOLDINGS 8.00 18-24 27/01S200,000 190,830.81 0.37USDICBCIL FINANCE CO LTD 3.65 19-22 05/03S200,000 179,103.66 0.34USDVANKE REAL ESTATE HK 4.15 18-23 18/04S200,000 180,635.08 0.34USD

CHINA CINDA FINANCE 4.40 17-27 09/03S200,000 184,289.93 0.35USDBritish Virgin Islands 1,185,800.24 2.26

IFC DEVELOPMENT 3.625 19-29 17/04S300,000 275,442.67 0.52USDRONGSHI INTL 2.875 17-22 04/05S200,000 176,785.85 0.34USDSINOPEC GROUP OVER 4.25 18-28 12/09S200,000 190,339.10 0.36USDSINOPEC GROUP OVERSEAS LTD 3.25 17-27 13/09S200,000 177,109.55 0.34USDSTATE GRID OVERSEAS INV REG SHS 3.50 17-27 04/05S200,000 181,833.14 0.35USD





402Page


PHILIPPINES -2017- 8.00 11-31 19/07S25,000,000 538,674.91 1.03PHP

BHARAT PETROLEUM CORP LTD 4.00 15-25 08/05S200,000 180,944.71 0.34USDIndia 729,685.53 1.39

INDIAN OIL CORP LTD 4.75 19-24 16/01S200,000 185,066.63 0.36USDNTPC LTD 4.75 12-22 03/10S200,000 184,705.98 0.35USDRENEW CLEAN 6.67 19-24 12/03S200,000 178,968.21 0.34USD

COMPETITION TEAM 3.75 19-24 12/03S400,000 361,486.56 0.69USDBahamas 361,486.56 0.69

NEWCREST FIN PROP LTD 5.75 11-41 15/11S200,000 195,323.04 0.37USDAustralia 195,323.04 0.37

SPIC LUX LATAM 4.65 18-23 30/10S200,000 186,043.01 0.35USDLuxembourg 186,043.01 0.35


MINERA Y METALURGICA 3.25 19-24 17/04S200,000 178,608.44 0.34USDMexico 178,608.44 0.34

KUWAIT PROJECTS REG SHS 4.50 17-27 23/02S200,000 175,235.96 0.33USDUnited Arab Emirates 175,235.96 0.33

SHANGHAI PORT GRP BVI CV 0.00 17-22 09/08200,000 179,146.77 0.34USD


British Virgin Islands 179,146.77 0.34

CHINA LIFE INSURANCE FL.R 15-75 03/07S300,000 263,715.53 0.50USD


China 263,715.53 0.50

MAF GLOBAL SEC SUB FL.R 17-XX 07/09S200,000 176,311.74 0.34USDCayman Islands 176,311.74 0.34

SCHRODER INT SEL ASIAN CREDIT OPPORTUNITIES -I- HEDGE EUR CAP44,652 4,786,106.77 9.13EUR



Other funds 12,518,115.59 23.87

SCHRODER INT SEL ASIAN LOCAL CCY BOND -I- EUR CAP17,519 2,350,024.83 4.48EURSCHRODER INT SEL CHINA LOCAL CURRENCY BOND -C- USD CAP55,410 5,381,983.99 10.26USD






LUX IM

General Information

The SICAV LUX IM has been incorporated on April 4, 2006 under Luxembourg law as a “société d’investissement à capital variable” (SICAV). Changes in the composition of the portfolio The details of the changes in portfolio composition for the period ended June 30, 2019 are at the disposal of the shareholders at the registered office of the SICAV and are available upon request free of charge. Miscellaneous The Board of Directors of the SICAV has decided to amend the name of the sub-fund LUX IM – Generali Investments Europe - Equity Recovery Fund into LUX IM – Generali Investments Partners - Equity Recovery Fund, with effective date February 15, 2019. The Board of Directors of the SICAV has decided to launch the sub-fund LUX IM – Oddo Target 2022 as at February 27, 2019.

LUX IM

General information (continued)

ADDITIONAL DISCLOSURES RELATED TO SECURITIES FINANCING TRANSACTIONS AND OF REUSE REGULATION (“SFTR”)

SECURITIES LENDING TRANSACTIONS


LUX IM – Morgan Stanley

US Equities


LUX IM – BlackRock

Global Equity Dividend

Assets used In EUR In EUR In EUR In EUR In absolute terms 21,690,712.50 46,843,309.32 4,472,290.66 14,933,965.63

As a % of lendable assets 16.83% 11.46% 3.42% 5.53% As a % of total net asset value 15.11% 11.41% 3.38% 5.43%

Transactions classified according to residual maturities

In EUR In EUR In EUR In EUR

Less than 1 day - - - - From 1 day to 1 week - - - -

From 1 week to 1 month - - - - From 1 month to 3 months - - - -

From 3 months to 1 year - - - - Above 1 year - - - -

Open maturity 21,690,712.50 46,843,309.32 4,472,290.66 14,933,965.63

Collateral received In EUR In EUR In EUR In EUR Type: Cash 13,482,825.00 49,025,397.38 4,594,275.20 15,770,443.86 Bond 11,318,129.86 0.00 0.00 0.00

24,800,954.86 49,025,397.38 4,594,275.20 15,770,443.86

Quality (Bond collateral issuers rating) AA and A+ - - - Currency:

EUR 11,311,012.43 49,025,397.38 4,594,275.20 15,770,443.86 GBP - - - - CAD 7,117.43 - - - CNH - - - -

Classification according to residual maturities Less than 1 day - - - -

From 1 day to 1 week - - - - From 1 week to 1 month - - - -

From 1 month to 3 months - - - - From 3 months to 1 year 1,910,535.50 - - -

Above 1 year 9,407,594.36 - - - Open maturity 13,482,825.00 49,025,397.38 4,594,275.20 15,770,443.86

The 10 largest issuers of collateral received In EUR In EUR In EUR In EUR

First name French State N/A N/A N/A Amount 11,311,012.43 N/A N/A N/A

Second name Canadian State N/A N/A N/A Amount 7,117.43 N/A N/A N/A

Revenue and expenditure components In EUR In EUR In EUR In EUR

Revenue component of the fund: In absolute amount 71,070.11 60,909.53 8,543.77 19,313.84

In % of gross revenue 72% 72% 72% 72% Revenue component of the securities lending agent

In absolute amount 9,870.85 8,459.66 1,186.63 2,682.48 In % of gross revenue 10% 10% 10% 10%

Revenue component of the borrower In absolute amount 17,767.53 15,227.38 2,135.94 4,828.46

In % of gross revenue 18% 18% 18% 18%

LUX IM


ADDITIONAL DISCLOSURES RELATED TO SECURITIES FINANCING TRANSACTIONS AND OF REUSE REGULATION (“SFTR”) (continued)


LUX IM – Small-Mid Cap Euro

Equities

LUX IM – Morgan Stanley

Global Real Estate &

Infrastructure Equities Fund

LUX IM – Generali

Investments Partners - Equity Recovery Fund









Open maturity 20,143,361.43 11,854,418.55 30,012,040.28 60,954,810.64

Collateral received In EUR In EUR In EUR In EUR Type: Cash 9,300,796.00 12,467,028.28 14,900,631.00 57,341,968.00 Bond 11,777,204.42 0.00 16,629,114.37 6,291,249.66

21,078,000.42 12,467,028.28 31,529,745.37 63,633,217.66

Quality (Bond collateral issuers rating) A+ - AA AA Currency:

EUR 9,300,796.00 12,467,028.28 8,245,200.19 6,291,249.66 GBP - - 8,383,914.18 - CAD 11,777,204.42 - - - CNH - - - -



From 1 month to 3 months - - - - From 3 months to 1 year - - - -

Above 1 year 11,777,204.42 - 16,629,114.37 - Open maturity 9,300,796.00 12,467,028.28 14,900,631.00 57,341,968.00


First name Canadian State N/A United Kingdom French State Amount 11,777,204.42 N/A 8,383,914.18 6,291,249.66

Second name N/A N/A French State N/A Amount N/A N/A 8,245,200.19 N/A







LUX IM















Open maturity 1,967,604.18 3,350,655.66 3,687,617.50 1,483,615.39

Collateral received In EUR In EUR In EUR In EUR Type: Cash 2,134,919.23 839,535.00 3,898,482.40 1,567,755.75 Bond 0.00 2,755,953.89 0.00 0.00

2,134,919.23 3,595,488.89 3,898,482.40 1,567,755.75

Quality (Bond collateral issuers rating) - AA and A+ - - Currency:

EUR 2,134,919.23 2,540,295.89 3,898,482.40 1,567,755.75 GBP - - - - CAD - 215,658.00 - - CNH - - - -




Above 1 year - 2,755,953.89 - - Open maturity 2,134,919.23 839,535.00 3,898,482.40 1,567,755.75


First name N/A French State N/A N/A Amount N/A 2,540,295.89 N/A N/A

Second name N/A Canadian State N/A N/A Amount N/A 215,658.00 N/A N/A




In absolute amount 213.79 1,743.33 2,263.21 7,109.31 In % of gross revenue 10% 10% 10% 10%

Revenue component of the borrower In absolute amount 384.82 3,137.99 4,073.78 12,796.76


LUX IM





LUX IM – Global Emerging

Equities

LUX IM – Innovation

Strategy


Assets used In EUR In EUR In EUR In EUR In absolute terms 1,709,922.57 390,528.43 30,351,079.94 3,252,233.62







Open maturity 1,709,922.57 390,528.43 30,351,079.94 3,252,233.62

Collateral received In EUR In EUR In EUR In EUR Type: Cash 1,814,362.80 409,660.06 31,667,541.69 3,441,550.00 Bond 0.00 0.00 0.00 0.00

1,814,362.80 409,660.06 31,667,541.69 3,441,550.00

Quality (Bond collateral issuers rating) - - - - Currency:

EUR 1,814,362.80 409,660.06 31,667,541.69 3,441,550.00 GBP - - - - CAD - - - - CNH - - - -




Above 1 year - - - - Open maturity 1,814,362.80 409,660.06 31,667,541.69 3,441,550.00


First name N/A N/A N/A N/A Amount N/A N/A N/A N/A

Second name N/A N/A N/A N/A Amount N/A N/A N/A N/A




In absolute amount 2,793.73 1,517.41 8,092.50 949.28 In % of gross revenue 10% 10% 10% 10%



LUX IM




LUX IM – ESG Generali

Investments Diversified

Strategy


LUX IM – ESG Oddo BHF

Europe Long Short








From 3 months to 1 year - - - - Above 1 year 248,158.05 - - -

Open maturity 25,672,417.21 5,745,358.20 3,576,241.84 13,985,923.31

Collateral received In EUR In EUR In EUR In EUR Type: Cash 22,016,642.00 6,550,815.62 1,966,303.00 5,725,944.00 Bond 5,161,106.25 0.00 1,821,195.85 8,885,352.12

27,177,748.25 6,550,815.62 3,787,498.85 14,611,296.12

Quality (Bond collateral issuers rating) AA - AA A+ Currency:

EUR 5,161,106.25 6,550,815.62 1,821,195.85 8,885,352.12 GBP - - - - CAD - - - - CNH - - - -




Above 1 year 5,161,106.25 - 1,821,195.85 8,885,352.12 Open maturity 22,016,642.00 6,550,815.62 1,966,303.00 5,725,944.00


First name French State N/A Belgium State Canadian State Amount 5,161,106.25 N/A 1,821,195.85 8,885,352.12





In absolute amount 4,372.19 484.19 1,408.88 15,620.00 In % of gross revenue 10% 10% 10% 10%

Revenue component of the borrower In absolute amount 7,869.95 871.55 2,535.98 28,115.99


LUX IM





LUX IM – Flexible Global

Equities



Multiasset Factor Investing

Assets used In EUR In EUR In EUR In EUR In absolute terms 50,307.00 44,348,147.28 7,413,244.15 9,263,622.81





From 1 week to 1 month - - - - From 1 month to 3 months - - - 4,008,049.34

From 3 months to 1 year 50,307.00 - - 2,005,391.67 Above 1 year - 21,899,309.25 943,945.99 710,564.01

Open maturity - 22,448,838.03 6,469,298.16 2,539,617.79

Collateral received In EUR In EUR In EUR In EUR Type: Cash 53,380.76 16,792,419.00 3,253,540.00 9,725,604.69 Bond 0.00 29,852,024.33 4,514,158.70 0.00

53,380.76 46,644,443.33 7,767,698.70 9,725,604.69


EUR 53,380.76 9,385,735.23 4,514,158.70 9,725,604.69 GBP - - - - CAD - 14,419,459.91 - - CNH - 6,046,829.19 - -




Above 1 year - 29,852,024.33 4,514,158.70 - Open maturity 53,380.76 16,792,419.00 3,253,540.00 9,725,604.69


First name N/A French State French State N/A Amount N/A 15,432,564.42 4,514,158.70 N/A

Second name N/A Canadian State N/A N/A Amount N/A 14,419,459.91 N/A N/A


Revenue component of the fund: In absolute amount 74.51 103,615.54 5,322.89 5,582.50


In absolute amount 10.35 14,391.05 739.29 775.35 In % of gross revenue 10% 10% 10% 10%

Revenue component of the borrower In absolute amount 18.63 25,903.89 1,330.72 1,395.63


LUX IM




LUX IM – Algebris - Best

Ideas

LUX IM – Diversified

Trend Following

LUX IM – Invesco Global

Markets Strategy

LUX IM – BlackRock Multi-Asset

Stabilizer Fund Assets used In EUR In EUR In EUR In EUR

In absolute terms 869,358.56 26,160,048.15 3,004,020.00 296,384.00 As a % of lendable assets 3.30% 10.26% 8.35% 2.69%

As a % of total net asset value 3.11% 8.19% 5.53% 2.68%





From 3 months to 1 year - 26,160,048.15 3,004,020.00 - Above 1 year - - - -

Open maturity 869,358.56 - - 296,384.00

Collateral received In EUR In EUR In EUR In EUR Type: Cash 904,711.64 17,674,165.00 3,157,240.80 312,640.64 Bond 0.00 9,875,810.51 0.00 0.00

904,711.64 27,549,975.51 3,157,240.80 312,640.64

Quality (Bond collateral issuers rating) - AA and A+ - - Currency:

EUR 904,711.64 405,946.47 3,157,240.80 312,640.64 GBP - - - - CAD - 9,469,864.04 - - CNH - - - -




Above 1 year - 9,875,810.51 - - Open maturity 904,711.64 17,674,165.00 3,157,240.80 312,640.64


First name N/A Canadian State N/A N/A Amount N/A 9,469,864.04 N/A N/A

Second name N/A Belgium N/A N/A Amount N/A 405,946.47 N/A N/A




In absolute amount 532.63 11,475.14 287.00 675.63 In % of gross revenue 10% 10% 10% 10%

Revenue component of the borrower In absolute amount 958.74 20,655.25 516.59 1,216.14


LUX IM




LUX IM – Morgan Stanley Diversified

Risk Control


Income Opportunities

LUX IM – JPM Emerging

Market Income

LUX IM – ESG Morgan Stanley

Global Multiasset

Assets used In EUR In EUR In EUR In EUR In absolute terms 676,943.36 12,766,154.42 3,055,810.89 20,161,636.17






From 3 months to 1 year - 1,767,184.27 - - Above 1 year 351,948.49 7,264,883.75 193,308.85 15,048,952.11

Open maturity 324,994.87 3,734,086.40 2,862,502.04 5,112,684.06

Collateral received In EUR In EUR In EUR In EUR Type: Cash 718,915.30 7,046,602.00 3,223,029.19 20,517,792.00 Bond 0.00 6,462,829.10 0.00 680,733.64

718,915.30 13,509,431.10 3,223,029.19 21,198,525.64

Quality (Bond collateral issuers rating) - AA - AA Currency:

EUR 718,915.30 6,462,829.10 3,223,029.19 490,106.35 GBP - - - 190,627.29 CAD - - - - CNH - - - -




Above 1 year - 6,462,829.10 - 680,733.64 Open maturity 718,915.30 7,046,602.00 3,223,029.19 20,517,792.00


First name N/A French State N/A French State Amount N/A 6,462,829.10 N/A 490,106.35

Second name N/A N/A N/A United Kingdom Amount N/A N/A N/A 190,627.29


Revenue component of the fund: In absolute amount 848.32 8,773.24 1,526.00 14,000.58


In absolute amount 117.82 1,218.51 211.94 1,944.53 In % of gross revenue 10% 10% 10% 10%

Revenue component of the borrower In absolute amount 212.08 2,193.31 381.50 3,500.15


LUX IM





LUX IM – ESG Amundi

Sustainable Alpha

LUX IM – Active Global

Allocation








From 3 months to 1 year - - 9,389,853.53 - Above 1 year - 607,445.64 12,449,039.99 -

Open maturity 9,812,748.66 578,729.70 8,824,536.00 5,698,438.08

Collateral received In EUR In EUR In EUR In EUR Type: Cash 989,866.00 1,263,261.30 32,887,308.66 5,990,021.26 Bond 9,403,273.10 0.00 0.00 0.00

10,393,139.10 1,263,261.30 32,887,308.66 5,990,021.26

Quality (Bond collateral issuers rating) A+ - - - Currency:

EUR - 1,263,261.30 32,887,308.66 5,990,021.26 GBP - - - - CAD 9,403,273.10 - - - CNH - - - -




Above 1 year 9,403,273.10 - - - Open maturity 989,866.00 1,263,261.30 32,887,308.66 5,990,021.26


First name Canadian State N/A N/A N/A Amount 9,403,273.10 N/A N/A N/A





In absolute amount 1,748.41 328.41 7,538.70 10,312.94 In % of gross revenue 10% 10% 10% 10%

Revenue component of the borrower In absolute amount 3,147.13 591.14 13,569.66 18,563.29


LUX IM




LUX IM – Anima High Yield Short

Term Opportunities

LUX IM – Oddo Corporate High

Income

LUX IM – Vontobel Global

Active Bond


Global Opportunities

Bond Fund Assets used In EUR In EUR In EUR In EUR

In absolute terms 9,488,092.61 7,854,198.27 10,277,925.22 2,370,461.34 As a % of lendable assets 12.48% 18.49% 5.05% 3.32%






From 3 months to 1 year - - - - Above 1 year 9,488,092.61 7,854,198.27 10,277,925.22 1,495,773.55

Open maturity - - - 874,687.79

Collateral received In EUR In EUR In EUR In EUR Type: Cash 2,949,301.00 7,104,720.00 0.00 2,520,141.96 Bond 7,103,136.29 1,225,553.38 11,012,757.87 0.00

10,052,437.29 8,330,273.38 11,012,757.87 2,520,141.96

Quality (Bond collateral issuers rating) AA AA AA - Currency:

EUR 7,103,136.29 1,225,553.38 11,012,757.87 2,520,141.96 GBP - - - - CAD - - - - CNH - - - -




Above 1 year 7,103,136.29 1,225,553.38 11,012,757.87 - Open maturity 2,949,301.00 7,104,720.00 - 2,520,141.96


First name French State French State French State N/A Amount 7,103,136.29 1,225,553.38 11,012,757.87 N/A





In absolute amount 8,841.47 5,802.53 4,724.77 476.70 In % of gross revenue 10% 10% 10% 10%

Revenue component of the borrower In absolute amount 15,914.64 10,444.56 8,504.58 858.06


LUX IM




LUX IM – Invesco Financial Credit

Bond


Multi-Credit


LUX IM – UBS Dynamic Credit

High Yield Assets used In EUR In EUR In EUR In EUR

In absolute terms 11,287,005.11 5,433,663.83 15,863,434.74 1,410,422.15 As a % of lendable assets 4.62% 2.64% 12.50% 2.30%





From 1 week to 1 month - - - - From 1 month to 3 months 206,282.00 - - -

From 3 months to 1 year - - - - Above 1 year 11,080,723.11 5,433,663.83 15,863,434.74 1,410,422.15

Open maturity - - - -

Collateral received In EUR In EUR In EUR In EUR Type: Cash 11,973,551.01 5,730,952.56 16,964,571.14 1,502,382.10 Bond 0.00 0.00 0.00 0.00

11,973,551.01 5,730,952.56 16,964,571.14 1,502,382.10


EUR 11,973,551.01 5,730,952.56 16,964,571.14 1,502,382.10 GBP - - - - CAD - - - - CNH - - - -




Above 1 year - - - - Open maturity 11,973,551.01 5,730,952.56 16,964,571.14 1,502,382.10




Revenue and expenditure components In EUR In EUR In EUR In EUR Revenue component of the fund:


Revenue component of the securities lending agent In absolute amount 10,961.53 5,817.14 897.46 1,803.23

In % of gross revenue 10% 10% 10% 10% Revenue component of the borrower


LUX IM




LUX IM – Schroder

Convertible Bond Opportunities


LUX IM – JPM Short Emerging

Debt

LUX IM – Twentyfour

Global Strategic Bond






From 1 week to 1 month - - - - From 1 month to 3 months - - 163,314.66 -

From 3 months to 1 year 208,676.00 - - - Above 1 year 2,139,709.32 9,959,222.01 2,857,310.95 5,927,999.59


Collateral received In EUR In EUR In EUR In EUR Type: Cash 2,474,965.71 10,721,240.89 3,206,909.94 6,277,958.72 Bond 0.00 0.00 0.00 0.00

2,474,965.71 10,721,240.89 3,206,909.94 6,277,958.72


EUR 2,474,965.71 10,721,240.89 3,206,909.94 6,277,958.72 GBP - - - - CAD - - - - CNH - - - -




Above 1 year - - - - Open maturity 2,474,965.71 10,721,240.89 3,206,909.94 6,277,958.72










LUX IM






LUX IM – JPM Income Coupon

II








From 3 months to 1 year 1,694,679.29 - - - Above 1 year 10,435,547.71 15,841,345.26 5,509,328.24 31,210,364.15


Collateral received In EUR In EUR In EUR In EUR Type: Cash 12,827,785.12 16,785,538.40 5,197,644.00 20,787,278.00 Bond 0.00 0.00 655,349.65 12,626,378.01

12,827,785.12 16,785,538.40 5,852,993.65 33,413,656.01

Quality (Bond collateral issuers rating) - - AA A+ Currency:

EUR 12,827,785.12 16,785,538.40 - - GBP - - 655,349.65 - CAD - - - 12,626,378.01 CNH - - - -




Above 1 year - - 655,349.65 12,626,378.01 Open maturity 12,827,785.12 16,785,538.40 5,197,644.00 20,787,278.00


First name N/A N/A United Kingdom Canadian State Amount N/A N/A 655,349.65 12,626,378.01


Revenue and expenditure components In EUR In EUR In EUR In EUR Revenue component of the fund:


Revenue component of the securities lending agent In absolute amount 2,148.79 14,054.69 7,693.99 5,926.61

In % of gross revenue 10% 10% 10% 10% Revenue component of the borrower


LUX IM






LUX IM – Schroder Asia

Income Assets used In EUR In EUR In EUR

In absolute terms 2,924,593.37 20,816,556.86 2,215,852.40 As a % of lendable assets 1.40% 4.05% 4.62%

As a % of total net asset value 1.72% 3.86% 4.22%


In EUR In EUR In EUR

Less than 1 day - - - From 1 day to 1 week - - -

From 1 week to 1 month - - - From 1 month to 3 months - - -

From 3 months to 1 year 916,134.85 - - Above 1 year 2,008,458.52 20,816,556.86 2,215,852.40

Open maturity - - -

Collateral received In EUR In EUR In EUR Type: Cash 3,112,987.63 22,118,580.60 2,361,899.31 Bond 0.00 0.00 0.00

3,112,987.63 22,118,580.60 2,361,899.31

Quality (Bond collateral issuers rating) - - - Currency:

EUR 3,112,987.63 22,118,580.60 2,361,899.31 GBP - - - CAD - - - CNH - - -

Classification according to residual maturities Less than 1 day - - -

From 1 day to 1 week - - - From 1 week to 1 month - - -

From 1 month to 3 months - - - From 3 months to 1 year - - -

Above 1 year - - - Open maturity 3,112,987.63 22,118,580.60 2,361,899.31

The 10 largest issuers of collateral received In EUR In EUR In EUR

First name N/A N/A N/A Amount N/A N/A N/A

Second name N/A N/A N/A Amount N/A N/A N/A

Revenue and expenditure components In EUR In EUR In EUR

Revenue component of the fund: In absolute amount 4,998.42 8,294.26 352.56

In % of gross revenue 72% 72% 72% Revenue component of the securities lending agent

In absolute amount 694.23 1,151.98 48.97 In % of gross revenue 10% 10% 10%

Revenue component of the borrower In absolute amount 1,249.61 2,073.57 88.14

In % of gross revenue 18% 18% 18% Each sub-fund has CACEIS BANK LUXEMBOURG BRANCH as sole counterparty for securities lending positions and as depositary for collateral received. All transactions are bilateral transactions. There is no reuse of cash collateral.

LUX IM



CONTRACTS FOR DIFFERENCE




Ideas


Markets Strategy


Assets used In EUR In EUR In EUR In EUR In absolute terms 29,385.27 1,212,830.99 1,362,748.96 229,308.11





From 1 week to 1 month - - - - From 1 month to 3 months 14,875.21 - 274,883.82 -

From 3 months to 1 year 14,510.06 1,212,830.99 1,087,865.14 229,308.11 Above 1 year - - - -

Open maturity - - - -

The 10 largest counterparties In EUR In EUR In EUR In EUR

First name Merrill Lynch

International London

HSBC Bank London

Morgan Stanley And Co Intern

Plc

Morgan Stanley And Co Intern Plc

Gross volumes for open trades 29,385.27 1,212,830.99 1,190,084.99 229,308.11 First country of domicile United Kingdom United Kingdom United Kingdom United Kingdom

Second name - - Macquarie Bank Limited London

-

Gross volumes for open trades - - 172,663.97 - Second country of domicile - - United Kingdom -

Third name - - - - Gross volumes for open trades - - - -

Third country of domicile - - - -

Collateral received In EUR In EUR In EUR In EUR Type: Cash - - - 290,275.76*

Quality - - - -

Currency - - - EUR

Classification according to residual maturities: Less than 1 day - - - -



Above 1 year - - - - Open maturity - - - 290,275.76*


First name N/A N/A N/A Morgan Stanley

And Co Intern Plc Amount N/A N/A N/A 290,275.76


* Amount of cash collateral received reflects the global position of this sub-fund towards the counterparty.

LUX IM







Ideas


Markets Strategy



Revenue component of the fund: In absolute amount 46,830.83 1,158,032.03 1,832,420.20 260,334.00


Expenditure component of the fund 26,832.01 218,834.33 1,203.35 - Revenue component of the Management Company

In absolute amount - - - - In % of gross revenue - - - -

Revenue component of third parties In absolute amount - - - -

In % of gross revenue - - - -

LUX IM




LUX IM – BlackRock Global

Opportunities Bond Fund

LUX IM – Pimco Multi Alpha

Credit

Assets used In EUR In EUR In absolute terms 14,910.31 10,415.50

As a % of total net asset value 0.02% 0.01%


In EUR In EUR

Less than 1 day - - From 1 day to 1 week - -

From 1 week to 1 month - - From 1 month to 3 months - 3,790.23

From 3 months to 1 year 14,910.31 6,625.27 Above 1 year - -

Open maturity - -

The 10 largest counterparties In EUR In EUR

First name JP Morgan Chase

Bank US

Barclays Bank Plc Wholesale

London Gross volumes for open trades 14,910.31 3,790.23

First country of domicile United States United Kingdom

Second name - Citibank New

York Gross volumes for open trades - 6,625.27

Second country of domicile - United States Third name - -

Gross volumes for open trades - - Third country of domicile - -

Collateral received In EUR In EUR

Type: Cash - 1,293,100.23*

Quality - -

Currency - EUR

Classification according to residual maturities: Less than 1 day - -

From 1 day to 1 week - - From 1 week to 1 month - -

From 1 month to 3 months - - From 3 months to 1 year - -

Above 1 year - - Open maturity - 1,293,100.23*

The 10 largest issuers of collateral received In EUR In EUR

First name N/A Barclays Bank Plc

Wholesale London

Amount N/A 1,060,000.00

Second name N/A Citibank New

York Amount N/A 233,100.23

* Amount of cash collateral received reflects the global position of this sub-fund towards the counterparty.

LUX IM




LUX IM – BlackRock Global

Opportunities Bond Fund


Revenue and expenditure components In EUR In EUR

Revenue component of the fund: In absolute amount 54,635.11 99,355.05

In % of gross revenue 100% 100%

Expenditure component of the fund 6,130.65 25,928.87 Revenue component of the Management Company

In absolute amount - - In % of gross revenue - -

Revenue component of third parties In absolute amount - -

In % of gross revenue - - There is no reuse of cash collateral related to CFDs transactions. All trades open at the end of the period have been transacted through bilateral settlement. An amount of EUR 249,000.00 has been granted as collateral by the sub-fund LUX IM – BlackRock Multiasset Factor Investing to the counterparty Merrill Lynch International London (100% of total collateral pledged). An amount of EUR 1,455,780.81 has been granted as collateral by the sub-fund LUX IM – Algebris - Best Ideas to the counterparty HSBC Bank London (100% of total collateral pledged). An amount of EUR 420,000.00 has been granted as collateral by the sub-fund LUX IM – Invesco Global Markets Strategy to the counterparty Morgan Stanley And Co Intern Plc (100% of total collateral pledged). An amount of EUR 140,000.00 has been granted as collateral by the sub-fund LUX IM – BlackRock Global Opportunities Bond Fund to the counterparty LUX IM – BlackRock Global Opportunities Bond Fund (100% of total collateral pledged). An amount of EUR 2,100,000.00 has been granted as collateral by the sub-fund LUX IM – Pimco Multi Alpha Credit to the counterparty Citibank New York (100% of total collateral pledged).

LUX IM



REVERSE REPURCHASE AGREEMENTS LUX IM – Pimco

Global Risk Allocation


Assets used In EUR In EUR In absolute terms 7,600,000.00 2,900,000.00

As a % of total net asset value 16.15% 1.71%


In EUR In EUR

Less than 1 day - 2,900,000.00 From 1 day to 1 week 7,600,000.00 -

From 1 week to 1 month - - From 1 month to 3 months - -

From 3 months to 1 year - - Above 1 year - -

Open maturity - -

The 10 largest counterparties In EUR In EUR First name

Bnp Paribas Credit Agricole

Cib Gross volumes for open trades 7,600,000.00 2,900,000.00

First country of domicile France France

Collateral received* In EUR In EUR Type: Cash Bond 7,333,103.51 2,788,102.05

7,333,103.51 2,788,102.05

Quality (Bond collateral issuers rating) AA1 AAA Currency:

EUR 7,333,103.51 2,788,102.05

Classification according to residual maturities Less than 1 day - -

From 1 day to 1 week - - From 1 week to 1 month - -

From 1 month to 3 months - - From 3 months to 1 year - -

Above 1 year - - Open maturity 7,333,103.51 2,788,102.05

The 10 largest issuers of collateral received In EUR In EUR

First name European Union German State Amount 7,333,103.51 2,788,102.05

Expenditure components In EUR In EUR

Expenditure component of the fund: In absolute amount 2,946.13 34,222.87

*Collateral received corresponds to the market value of the underlying security of the reverse repurchase contract. CACEIS BANK LUXEMBOURG BRANCH is the depositary of reverse repurchase agreement transactions. All transactions are bilateral transactions. There is no reuse of collateral related to the reverse repurchase agreement transactions.

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