unaudited semi-annual report as at 30.06 · 2017-09-26 · 6 generali multi portfolio solutions...

GENERALI MULTI PORTFOLIO SOLUTIONS SICAV

Unaudited semi-annual report as at 30.06.2017RCS Luxembourg N B141004

GENERALI MULTI PORTFOLIO Unaudited semi-annual report as at 30.06.2017 SOLUTIONS SICAV

Contents

4 Management and Administration 4 Board of Directors

40 General Information

GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - Conservative Profile

("Conservative Profile")

5 Statement of Net Assets 8 Statement of Operations and Changes in Net Assets

11 Key Figures and Changes in number of shares 16-18 Portfolio

GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - Balanced Profile

("Balanced Profile ")

8 Statement of Operations and Changes in Net Assets 11 Key Figures and Changes in number of shares

GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - Opportunities Profile

("Opportunities Profile ")


10-11 Key Figures and Changes in number of shares 19-21 Portfolio

GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - Equity Profile

("Equity Profile ")



GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - Blackrock US Corporate Debt Fund AAA/A-

("Blackrock US Corporate Debt Fund AAA/A-")



GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - Blackrock US Corporate Debt Fund AAA/BBB-

("Blackrock US Corporate Debt Fund AAA/BBB-")



GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - BNPP IP Asian Debt Fund AAA/A-

("BNPP IP Asian Debt Fund AAA/A-")



GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - BNPP IP Asian Debt Fund BBB

("BNPP IP Asian Debt Fund BBB")



GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - MAM Global High Yield Corporate Bond Fund BB/B

(“MAM Global High Yield Corporate Bond Fund BB/B”)



GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - China Equity Fund

(“China Equity Fund”)

6 Statement of Net Assets 10 Statement of Operations and Changes in Net Assets 14 Key Figures and Changes in number of shares 36 Portfolio

2

Contents

GENERALI MULTI PORTFOLIO SOLUTIONS SICAV - SLI Global High Yield Bond Fund

(“SLI Global High Yield Bond Fund”)



Subscriptions can only be received on the basis of the latest prospectus and relevant Key Investor Information Document ("KIID") accompanied by the latest annual report as well as by the latest semi-annual report, if published after the latest annual report.

3

GENERALI MULTI PORTFOLIO Unaudited semi-annual report as at 30.06.2017 SOLUTIONS SICAV

Management and Administration Investment Managers Generali Investments Europe S.p.A. Società di Gestione del Risparmio Via Machiavelli, 4 I - 34132 Trieste Italy

Blackrock Investment Management (UK) Limited 12, Throgmorton Avenue London EC2N 2DL England

BNP Paribas Investment Partners Singapore Limited 20 Collyer Quay #01-01 Tung Centre Singapore 049319 Republic of Singapore

Marathon Asset Management LP 1 Bryant Park 38th floor New York, NY 100036 USA

Generali Investments Asia Limited 13/F Generali Tower 8 Queen’s Road East Hong Kong

Standard Life Investments Limited 1 George Street Edinburgh EH2 2LL Scotland

SUB-INVESTMENT MANAGERS

Blackrock Investment Management, LLC 100 Bellevue Parkway Wilmington Delaware 19809 USA

MCAP Global FINANCE (UK) LLP Gordon House 10 Greencoat Place London SW1P 1PH England

Standard Life Investments (USA) Limited One Beacon Street 34th Floor Boston MA 02108-3106 USA

Management Company Generali Investments Luxembourg S.A. 4, rue Jean Monnet L - 2180 Luxembourg

Registered Office 60, avenue J.F. Kennedy L - 1855 Luxembourg

Custodian, Paying Agent and Domiciliation Agent BNP Paribas Securities Services - Luxembourg Branch 60, avenue J.F. Kennedy L - 1855 Luxembourg

Central Administration, Registrar and Transfer Agent BNP Paribas Securities Services - Luxembourg Branch 60, avenue J.F. Kennedy L - 1855 Luxembourg

Legal Advisor Arendt & Medernach S.A. 41 A, avenue J.F.Kennedy L - 2082 Luxembourg

Réviseur d’entreprises agréé Ernst & Young S.A. 35 E, avenue J.F. Kennedy L - 1855 Luxembourg

Board of Directors Chairman Mr Filippo Casagrande Head of Group Asset Managers Management and Group Special Situations Assicurazioni Generali S.p.A. (Group Head Office) Corso Italia 6, 5th floor I - 20121 Milano

Directors Mr Michele Marinucci Head of Portfolio Officers - Italy Generali Investments Europe S.p.A. SGR Via Trento, 8 I - 34132 Trieste

Mr Pierre Bouchoms General Manager Generali Investments Luxembourg S.A. 4, rue Jean Monnet L - 2180 Luxembourg

4

5

Statement of Net Assets

Statement of Net Assets as at 30.06.2017

EUR

Combined

Assets 1 095 195 198.02

Securities portfolio at market value 973 412 615.88

Cost price 938 629 746.87

Unrealised profit/(loss) on the securitiesportfolio

34 782 869.01

Cash at bank 76 088 257.31

Receivable on withholding tax reclaim 161.92

Interest receivable 9 289 859.93

Brokers receivable 5 828 675.20

Dividends receivable 419 801.79

Net unrealised appreciation on forward foreignexchange contracts

30 132 823.88

Net unrealised appreciation on financial futures 23 002.11

Liabilities 51 362 775.64

Bank overdrafts 24 055 151.36

Interest payable 15 778.40

Brokers payable 19 106 536.97

Net unrealised depreciation on forward foreignexchange contracts

6 897 393.41

Net unrealised depreciation on swaps 21 267.21

Accrued management fees 1 061 199.63

Accrued custody and administrative fees 124 391.97

Other liabilities 81 056.69

Net asset value 1 043 832 422.38

EUR

Conservative Profile

6 426 347.29

6 003 326.01

5 848 380.87

154 945.14

333 664.94

161.92

21 724.29

67 229.25

240.88

0.00

0.00

4 377.56

0.00

0.00

0.00

0.00

0.00

2 878.72

685.94

812.90

6 421 969.73

EUR

OpportunitiesProfile

9 321 451.39

9 119 091.50

7 579 069.74

1 540 021.76

58 279.23

0.00

32 456.91

110 281.69

1 342.06

0.00

0.00

5 110.20

0.00

0.00

0.00

0.00

0.00

3 206.72

739.20

1 164.28

9 316 341.19

EUR

Equity Profile

10 199 635.52

10 032 830.90

7 850 809.39

2 182 021.51

98 394.99

0.00

5 887.17

60 834.17

1 688.29

0.00

0.00

6 078.98

0.00

0.00

0.00

0.00

0.00

4 033.74

810.94

1 234.30

10 193 556.54

USD

Blackrock USCorporate Debt

Fund AAA/A-

52 865 384.54

51 977 110.89

51 518 056.21

459 054.68

459 226.58

0.00

429 047.07

0.00

0.00

0.00

0.00

2 906 767.95

131.73

0.00

0.00

2 857 235.38

0.00

20 349.31

14 758.39

14 293.14

49 958 616.59


6

GENERALI MULTI PORTFOLIOSOLUTIONS SICAV

Unaudited semi-annual report as at 30.06.2017



USD

Blackrock USCorporate DebtFund AAA/BBB-

Assets 58 408 310.92


Cost price 56 109 454.74


744 762.45

Cash at bank 1 032 821.51


Interest receivable 521 272.22

Brokers receivable 0.00

Dividends receivable 0.00


0.00

Net unrealised appreciation on financial futures 0.00


Bank overdrafts 0.00

Interest payable 0.00

Brokers payable 0.00


5 024 071.40

Net unrealised depreciation on swaps 0.00

Accrued management fees 23 526.89



Net asset value 53 330 418.21

EUR

BNPP IP Asian DebtFund AAA/A-

167 100 908.69

141 667 644.68

145 609 379.26

(3 941 734.58)

14 812 398.87

0.00

809 674.37

5 257 623.55

0.00

4 533 303.46

20 263.76

16 352 294.71

1 880 000.00

8 210.18

14 342 129.49

0.00

21 267.21

80 639.80

11 207.64

8 840.39

150 748 613.98

EUR

BNPP IP Asian DebtFund BBB

122 370 410.10

112 601 638.25

116 403 113.01

(3 801 474.76)

4 916 997.69

0.00

898 357.97

0.00

0.00

3 950 677.84

2 738.35

1 768 337.90

1 670 000.00

7 425.40

0.00

0.00

0.00

73 031.50

10 183.00

7 698.00

120 602 072.20

USD

MAM Global HighYield Corporate

Bond Fund BB/B

412 104 778.79

336 949 694.69

326 338 181.08

10 611 513.61

49 474 682.89

0.00

5 331 920.93

0.00

0.00

20 348 480.28

0.00

25 021 586.19

19 400 080.09

163.19

5 070 000.00

0.00

0.00

485 768.85

39 893.56

25 680.50

387 083 192.60

CNH

China Equity Fund

1 289 244 988.65

1 256 026 287.86

1 058 313 945.63

197 712 342.23

27 420 882.19

0.00

3 631.22

2 572 969.26

3 221 218.12

0.00

0.00

5 194 053.72

0.00

0.00

2 531 570.90

0.00

0.00

2 464 554.92

144 814.53

53 113.37

1 284 050 934.93

7



USD

SLI Global HighYield Bond Fund

Assets 177 141 681.00


Cost price 158 487 049.22


3 134 214.75

Cash at bank 8 819 885.06


Interest receivable 2 311 961.64

Brokers receivable 0.00

Dividends receivable 0.00


4 388 570.33

Net unrealised appreciation on financial futures 0.00


Bank overdrafts 4 030 000.00

Interest payable 0.00

Brokers payable 0.00


0.00

Net unrealised depreciation on swaps 0.00

Accrued management fees 131 631.08



Net asset value 172 949 022.97


8



Statement of Operations and Changes in Net Assets

Statement of Operations and Changes in Net Assetsfor the period from 01.01.2017 to 30.06.2017

EUR

Combined

Income 23 032 228.66

Net dividends 1 987 872.68

Net interest on bonds 20 806 477.69

Bank interest on cash account 230 335.95

Securities lending income 6 068.95

Other income 1 473.39

Expenses 2 870 012.23

Management fees 2 330 453.03

Custodian and sub-custody fees 39 902.93

Taxe d'abonnement 55 773.15

Administrative fees 230 182.08

Professional and legal fees 119 474.17

Bank interest on overdrafts 39 620.58

Transaction costs 33 477.90

Interest on swaps 18 231.60

Other expenses 2 896.79

Net income/(loss) from investments 20 162 216.43

Net realised profit / loss on:- sales of securities 7 412 219.23

- forward foreign exchange contracts (15 107 539.49)

- financial futures (356 959.33)

- swaps (21 721.84)

- foreign exchange (7 650.18)

Net realised profit/(loss) 12 080 564.82

Movement in net unrealised appreciation /depreciation on:- securities 19 319 249.98

- forward foreign exchange contracts 70 205 411.12

- financial futures (109 505.24)

- swaps (58 473.45)

Increase/(decrease) in net assets as a result ofoperations 101 437 247.23

Dividends paid (16 679 305.21)

Subscriptions distribution shares 160 945 882.08

Redemption accumulation shares (6 954 355.89)

Redemption distribution shares (390 558 791.40)

Increase/(decrease) in net assets (151 809 323.19)

Reevaluation of opening combined NAV (72 156 588.63)

Net assets at the begining of the period 1 267 798 334.20

Net assets at the end of the period 1 043 832 422.38

EUR


75 397.79

26 124.01

48 786.21

44.12

443.45

0.00

14 967.67

8 508.97

0.00

395.11

1 530.96

2 750.22

1 336.75

425.91

0.00

19.75

60 430.12

117 144.13

0.00

1 084.00

0.00

(43.77)

178 614.48

(112 451.89)

0.00

0.00

0.00

66 162.59

0.00

0.00

(2 984 059.50)

0.00

(2 917 896.91)

0.00

9 339 866.64

6 421 969.73

EUR

Balanced Profile

56 945.13

35 287.75

21 615.33

1.04

41.01

0.00

15 623.01

3 213.89

0.00

96.94

580.84

5 501.99

235.70

5 477.26

0.00

516.39

41 322.12

576 971.02

0.00

(1 000.00)

0.00

(110.39)

617 182.75

(456 367.39)

0.00

0.00

0.00

160 815.36

0.00

0.00

(3 970 296.39)

0.00

(3 809 481.03)

0.00

3 809 481.03

0.00

EUR

OpportunitiesProfile

174 464.26

134 162.29

40 008.08

9.74

284.15

0.00

14 192.19

8 650.41

0.00

464.32

1 545.24

2 747.73

345.82

419.07

0.00

19.60

160 272.07

50 978.58

0.00

542.00

0.00

(274.76)

211 517.89

186 283.74

0.00

0.00

0.00

397 801.63

0.00

0.00

0.00

0.00

397 801.63

0.00

8 918 539.56

9 316 341.19

EUR

Equity Profile

205 749.40

197 442.21

7 808.90

97.04

248.14

153.11

16 257.41

10 412.88

0.00

507.62

1 679.41

2 783.14

396.84

469.36

0.00

8.16

189 491.99

29 437.57

0.00

0.00

0.00

(70.43)

218 859.13

422 637.50

0.00

0.00

0.00

641 496.63

0.00

0.00

0.00

0.00

641 496.63

0.00

9 552 059.91

10 193 556.54

9



USD

Blackrock USCorporate Debt

Fund AAA/A-

Income 2 977 352.02

Net dividends 0.00

Net interest on bonds 2 964 624.27


Securities lending income 1 091.10

Other income 0.00

Expenses 179 996.95

Management fees 125 075.70

Custodian and sub-custody fees 0.00




Bank interest on overdrafts 415.35

Transaction costs 12.67

Interest on swaps 0.00

Other expenses 194.28


Net realised profit / loss on:- sales of securities 1 053 485.53

- forward foreign exchange contracts (6 677 309.04)

- financial futures 0.00

- swaps 0.00

- foreign exchange 555 471.94

Net realised profit/(loss) (2 270 996.50)

Movement in net unrealised appreciation /depreciation on:- securities 525 863.73

- forward foreign exchange contracts 11 373 683.74


- swaps 0.00


Dividends paid 0.00

Subscriptions distribution shares 0.00

Redemption accumulation shares 0.00

Redemption distribution shares (218 302 409.01)

Increase/(decrease) in net assets (208 673 858.04)

Reevaluation of opening combined NAV 0.00

Net assets at the begining of the period 258 632 474.63

Net assets at the end of the period 49 958 616.59

USD

Blackrock USCorporate DebtFund AAA/BBB-

3 714 664.71

0.00

3 694 486.58

18 757.52

1 420.61

0.00

207 438.43

144 297.74

0.00

7 799.04

42 926.14

12 201.29

0.00

0.26

0.00

213.96

3 507 226.28

2 358 903.96

(4 288 048.62)

0.00

0.00

582 301.69

2 160 383.31

359 353.76

8 815 134.17

0.00

0.00

11 334 871.24

0.00

0.00

0.00

(204 783 000.48)

(193 448 129.24)

0.00

246 778 547.45

53 330 418.21

EUR

BNPP IP Asian DebtFund AAA/A-

1 958 408.06

0.00

1 942 719.69

15 129.15

559.20

0.02

273 872.30

191 706.37

0.00

7 332.31

24 121.12

9 884.00

20 618.50

1 685.22

18 231.60

293.18

1 684 535.76

1 004 027.60

2 810 663.96

(257 522.76)

(21 721.84)

(323 385.04)

4 896 597.68

(8 583 995.14)

6 671 648.77

(93 890.94)

(58 473.45)

2 831 886.92

(1 761 767.33)

23 673 172.75

0.00

0.00

24 743 292.34

0.00

126 005 321.64

150 748 613.98

EUR

BNPP IP Asian DebtFund BBB

2 075 252.22

0.00

2 066 864.86

7 479.49

907.87

0.00

227 272.07

176 217.60

0.00

6 239.83

21 408.61

8 424.72

14 055.57

655.79

0.00

269.95

1 847 980.15

1 066 287.92

2 474 091.89

(100 062.57)

0.00

(210 759.67)

5 077 537.72

(7 736 093.11)

5 921 002.13

(15 614.30)

0.00

3 246 832.44

(3 161 527.88)

8 987 214.00

0.00

(9 187 110.00)

(114 591.44)

0.00

120 716 663.64

120 602 072.20

USD

MAM Global HighYield Corporate

Bond Fund BB/B

8 408 665.14

0.00

8 226 827.67

179 465.65

863.68

1 508.14

995 677.42

891 231.36

0.00

15 473.77

61 466.51

25 235.92

1 376.61

0.00

0.00

893.25

7 412 987.72

3 556 052.85

(10 830 074.94)

0.00

0.00

(483 233.81)

(344 268.18)

3 069 076.35

35 043 589.67

0.00

0.00

37 768 397.84

(11 102 560.40)

146 585 425.01

0.00

(12 688 953.48)

160 562 308.97

0.00

226 520 883.63

387 083 192.60

Statement of Operations and Changes in Net Assets for the period from 01.01.2017 to 30.06.2017

10





CNH

China Equity Fund

Income 12 378 067.19

Net dividends 12 333 741.85

Net interest on bonds 0.00


Securities lending income 0.00

Other income 0.00

Expenses 5 980 400.73

Management fees 5 052 549.42

Custodian and sub-custody fees 308 587.32




Bank interest on overdrafts 3 069.69

Transaction costs 188 185.55

Interest on swaps 0.00

Other expenses 2 492.19


Net realised profit / loss on:- sales of securities (8 397 409.38)

- forward foreign exchange contracts 0.00


- swaps 0.00

- foreign exchange 0.13

Net realised profit/(loss) (1 999 742.79)

Movement in net unrealised appreciation /depreciation on:- securities 212 150 582.76

- forward foreign exchange contracts 0.00


- swaps 0.00


Dividends paid 0.00

Subscriptions distribution shares 0.00

Redemption accumulation shares 0.00

Redemption distribution shares 0.00

Increase/(decrease) in net assets 210 150 839.97

Reevaluation of opening combined NAV 0.00

Net assets at the begining of the period 1 073 900 094.96

Net assets at the end of the period 1 284 050 934.93

USD

SLI Global HighYield Bond Fund

4 193 448.06

0.00

4 171 949.52

20 776.93

721.16

0.45

370 296.84

300 165.65

0.00

8 465.49

34 208.38

26 343.57

761.25

0.00

0.00

352.50

3 823 151.22

(508 781.22)

(1 505 824.27)

0.00

0.00

(52 370.27)

1 756 175.46

5 377 024.91

10 598 814.58

0.00

0.00

17 732 014.95

(2 330 444.77)

0.00

0.00

0.00

15 401 570.18

0.00

157 547 452.79

172 949 022.97

11

Key Figures and Changes in number of shares



Accumulation shares50 150.422

128.05

73 311.393

127.40

73 154.184

126.26

Number of shares

Net asset value per share

EUR EUR EURClass 3

Total Net Assets 6 421 969.73 9 339 866.64 9 236 374.91

30.06.2017Period ending as at:

EUR

31.12.2016 31.12.2015

Accumulation shares 73 311.393 0.000 23 160.971 50 150.422Class 3

Sharesissued

Sharesredeemed

Sharesoutstanding as at

30.06.2017


01.01.2017

Balanced Profile

Accumulation shares0.000

0.00

23 508.831

162.05

23 385.082

156.29

Number of shares


EUR EUR EURClass 3

Total Net Assets 0.00 3 809 481.03 3 654 845.71


EUR

31.12.2016 31.12.2015

Accumulation shares 23 508.831 0.000 23 508.831 0.000Class 3

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

Opportunities Profile


184.59

50 469.265

176.71

100 185.164

167.19

Number of shares


EUR EUR EURClass 3

Total Net Assets 9 316 341.19 8 918 539.56 16 749 561.09


EUR

31.12.2016 31.12.2015

12



Accumulation shares 50 469.265 0.000 0.000 50 469.265Class 3

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

Equity Profile


202.04

50 452.379

189.33

100 186.921

180.31

Number of shares


EUR EUR EURClass 3

Total Net Assets 10 193 556.54 9 552 059.91 18 065 002.56


EUR

31.12.2016 31.12.2015

Accumulation shares 50 452.379 0.000 0.000 50 452.379Class 3

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

Blackrock US Corporate Debt Fund AAA/A-

Distribution shares0.000

0.00

0.00

188 200.913

102.85

1.74

95 000.000

99.98

0.00

Number of shares


Dividend per share

USD USD USDClass 3


0.00

0.00

1 130 808.953

101.41

1.75

292 000.000

100.13

0.00

Number of shares


Dividend per share

EUR EUR EURClass 3H EUR

Distribution shares464 979.966

102.89

0.00

1 197 108.421

100.45

1.73

872 542.777

99.83

0.00

Number of shares


Dividend per share

CHF CHF CHFClass 3H CHF

Total Net Assets 49 958 616.59 258 632 474.63 129 375 214.76


USD

31.12.2016 31.12.2015

Distribution shares 188 200.913 0.000 188 200.913 0.000Class 3

Distribution shares 1 130 808.953 0.000 1 130 808.953 0.000Class 3H EUR

Distribution shares 1 197 108.421 0.000 732 128.455 464 979.966Class 3H CHF

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

13

Blackrock US Corporate Debt Fund AAA/BBB-


0.00

0.00

848 243.596

102.22

1.89

188 000.000

99.54

0.00

Number of shares


Dividend per share



104.81

0.00

1 560 361.838

101.17

1.86

660 764.965

99.26

0.00

Number of shares


Dividend per share

CHF CHF CHFClass 3H CHF

Total Net Assets 53 330 418.21 246 778 547.45 86 657 461.44


USD

31.12.2016 31.12.2015


Distribution shares 848 243.596 0.000 848 243.596 0.000Class 3H EUR

Distribution shares 1 560 361.838 0.000 1 073 091.429 487 270.409Class 3H CHF

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

BNPP IP Asian Debt Fund AAA/A-

Distribution shares1 482 201.221

101.71

1.27

1 249 821.242

100.82

1.41

1 034 000.030

99.31

0.00

Number of shares


Dividend per share

EUR EUR EURClass 3

Total Net Assets 150 748 613.98 126 005 321.64 102 688 409.57


EUR

31.12.2016 31.12.2015

Distribution shares 1 249 821.242 232 379.979 0.000 1 482 201.221Class 3

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

BNPP IP Asian Debt Fund BBB


101.91

2.48

1 186 371.951

101.75

1.90

545 000.000

99.17

0.00

Number of shares


Dividend per share

EUR EUR EURClass 3

Total Net Assets 120 602 072.20 120 716 663.64 54 044 656.91


EUR

31.12.2016 31.12.2015

14



Distribution shares 1 186 371.951 87 000.000 90 000.000 1 183 371.951Class 3

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

MAM Global High Yield Corporate Bond Fund BB/B


113.32

3.41

1 904 679.898

112.76

1.74

0.000

0.00

0.00

Number of shares


Dividend per share


Total Net Assets 387 083 192.60 226 520 883.63 0.00


USD

31.12.2016 31.12.2015

Distribution shares 1 904 679.898 1 190 291.698 100 000.000 2 994 971.596Class 3H EUR

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

China Equity Fund


114.63

1 443 072.884

101.28

0.000

0.00

Number of shares


EUR EUR EURClass 3 EUR

Total Net Assets 1 284 050 934.93 1 073 900 094.96 0.00


CNH

31.12.2016 31.12.2015

Distribution shares 1 443 072.884 0.000 0.000 1 443 072.884Class 3 EUR

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

SLI Global High Yield Bond Fund


101.80

1.38

20 437.484

99.34

0.00

0.000

0.00

0.00

Number of shares


Dividend per share

USD USD USDClass 3

Total Net Assets 172 949 022.97 157 547 452.79 0.00


USD

31.12.2016 31.12.2015

15



100.31

1.42

1 493 489.662

98.73

0.00

0.000

0.00

0.00

Number of shares


Dividend per share


Total Net Assets 172 949 022.97 157 547 452.79 0.00


USD

31.12.2016 31.12.2015


Distribution shares 20 437.484 0.000 0.000 20 437.484Class 3

Distribution shares 1 493 489.662 0.000 0.000 1 493 489.662Class 3H EUR

Sharesissued

Sharesredeemed


30.06.2017


01.01.2017

16



>>>

ITALY BTPS 0.35% 16-01/11/2021 EUR 303 000.000 299 242.80 4.67

Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market

Bonds

Italy

ITALY BTPS 0.25% 15-15/05/2018 EUR 287 000.000 288 538.32 4.49

ITALY BTPS 0.7% 15-01/05/2020 EUR 267 000.000 270 764.70 4.22

ITALY BTPS 0.35% 17-15/06/2020 EUR 260 000.000 260 806.00 4.06

ITALY BTPS 2.5% 14-01/05/2019 EUR 198 000.000 207 344.61 3.23

ITALY BTPS 0.65% 15-01/11/2020 EUR 160 000.000 161 856.00 2.52

ITALY BTPS 1.05% 14-01/12/2019 EUR 122 000.000 124 812.71 1.94

ITALY BTPS 1.2% 17-01/04/2022 EUR 110 000.000 111 705.00 1.74

1 725 070.14 26.87

FRANCE O.A.T. 1% 14-25/05/2019 EUR 515 000.000 529 703.77 8.24

France

FRANCE O.A.T. 0.25% 15-25/11/2020 EUR 211 000.000 215 044.24 3.35

FRANCE O.A.T. 0.5% 14-25/11/2019 EUR 127 000.000 129 888.62 2.02

FRANCE O.A.T. 0% 15-25/05/2020 EUR 111 000.000 112 193.03 1.75

FRANCE O.A.T. 0% 16-25/05/2021 EUR 107 000.000 107 964.61 1.68

FRANCE O.A.T. 1% 13-25/11/2018 EUR 99 000.000 101 155.43 1.58

FRANCE O.A.T. 1% 15-25/11/2025 EUR 28 000.000 29 031.97 0.45

1 224 981.67 19.07

SPANISH GOVT 4% 10-30/04/2020 EUR 348 000.000 388 812.05 6.06

Spain

SPANISH GOVT 0.25% 15-30/04/2018 EUR 232 000.000 233 182.97 3.63

SPANISH GOVT 0.25% 16-31/01/2019 EUR 160 000.000 161 322.72 2.51

COMUNIDAD MADRID 2.875% 14-06/04/2019 EUR 143 000.000 150 483.76 2.34

933 801.50 14.54

DEUTSCHLAND REP 3.25% 09-04/01/2020 EUR 212 000.000 232 436.38 3.61

Germany

BUNDESOBL-171 0% 15-17/04/2020 EUR 184 000.000 186 728.54 2.91


DEUTSCHLAND REP 3% 10-04/07/2020 EUR 112 000.000 123 881.86 1.93

BUNDESOBL-174 0% 16-08/10/2021 EUR 59 000.000 59 775.56 0.93

752 228.13 11.71

NETHERLANDS GOVT 1.25% 13-15/01/2019 EUR 144 000.000 148 126.75 2.31

The Netherlands



290 753.51 4.53

BELGIAN 0327 3% 12-28/09/2019 EUR 148 000.000 159 612.52 2.48

Belgium

BELGIAN 1% 16-22/06/2026 EUR 16 000.000 16 523.57 0.26

176 136.09 2.74

REP OF AUSTRIA 1.95% 12-18/06/2019 EUR 135 000.000 141 430.19 2.20

Austria

Total Bonds 5 244 401.23 81.66

141 430.19 2.20

SIEMENS AG-REG EUR 213.000 25 634.55 0.40

Shares

Germany

BAYER AG-REG EUR 223.000 25 243.60 0.39

SAP SE EUR 255.000 23 319.75 0.36

ALLIANZ SE-REG EUR 131.000 22 584.40 0.35

BASF SE EUR 245.000 19 867.05 0.31

DAIMLER AG-REGISTERED SHARES EUR 251.000 15 905.87 0.25

DEUTSCHE TELEKOM AG-REG EUR 878.000 13 802.16 0.21

ADIDAS AG EUR 56.000 9 394.00 0.15

MUENCHENER RUECKVER AG-REG EUR 53.000 9 357.15 0.15

DEUTSCHE POST AG-REG EUR 269.000 8 828.58 0.14

LINDE AG EUR 52.000 8 621.60 0.13

FRESENIUS SE & CO KGAA EUR 109.000 8 181.54 0.13

Description Currency Quantity Market value in EUR % of NAVStatement of Investments as at 30.06.2017

Portfolio


17

>>>

BAYERISCHE MOTOREN WERKE AG EUR 98.000 7 965.44 0.12

DEUTSCHE BOERSE AG EUR 64.000 5 914.88 0.09

DEUTSCHE BANK AG-REGISTERED EUR 379.000 5 883.98 0.09

CONTINENTAL AG EUR 30.000 5 668.50 0.09

HENKEL AG & CO KGAA VORZUG EUR 46.000 5 543.00 0.09

FRESENIUS MEDICAL CARE AG & EUR 62.000 5 218.54 0.08

MERCK KGAA EUR 44.000 4 653.00 0.07

E.ON SE EUR 540.000 4 453.92 0.07

HENKEL AG & CO KGAA EUR 37.000 3 918.30 0.06

BEIERSDORF AG EUR 35.000 3 221.40 0.05

HEIDELBERGCEMENT AG EUR 38.000 3 216.70 0.05

THYSSENKRUPP AG EUR 122.000 3 034.75 0.05

COMMERZBANK AG EUR 269.000 2 805.67 0.04

RWE AG EUR 135.000 2 355.08 0.04

PORSCHE AUTOMOBIL HLDG-PRF EUR 42.000 2 065.98 0.03

UNIPER SE EUR 59.000 969.67 0.02

257 629.06 4.01

SANOFI EUR 310.000 25 965.60 0.41

France

TOTAL SA EUR 556.000 24 066.46 0.38

BNP PARIBAS EUR 281.000 17 719.86 0.29

LVMH MOET HENNESSY LOUIS VUI EUR 74.000 16 154.20 0.25

AXA SA EUR 495.000 11 855.25 0.18

LOREAL EUR 64.000 11 673.60 0.18

DANONE EUR 152.000 10 003.12 0.16

AIR LIQUIDE SA EUR 90.000 9 738.00 0.15

VINCI SA EUR 123.000 9 191.79 0.14

SCHNEIDER ELECTRIC SE EUR 135.000 9 081.45 0.14

SOCIETE GENERALE SA EUR 192.000 9 045.12 0.14

ORANGE EUR 516.000 7 167.24 0.11

PERNOD RICARD SA EUR 60.000 7 035.00 0.11

ESSILOR INTERNATIONAL EUR 58.000 6 461.20 0.10

VIVENDI EUR 326.000 6 353.74 0.10

SAFRAN SA EUR 75.000 6 018.00 0.09

UNIBAIL-RODAMCO SE EUR 27.000 5 957.55 0.09

KERING EUR 18.000 5 367.60 0.08

MICHELIN (CGDE) EUR 46.000 5 354.40 0.08

COMPAGNIE DE SAINT GOBAIN EUR 111.000 5 192.58 0.08

ENGIE EUR 374.000 4 942.41 0.08

CHRISTIAN DIOR SE EUR 17.000 4 353.70 0.07

RENAULT SA EUR 50.000 3 962.50 0.06

CREDIT AGRICOLE SA EUR 270.000 3 802.95 0.06

CARREFOUR SA EUR 167.000 3 699.05 0.06

PUBLICIS GROUPE EUR 51.000 3 330.81 0.05

HERMES INTERNATIONAL EUR 3.000 1 297.95 0.02

234 791.13 3.66

UNILEVER NV-CVA EUR 422.000 20 391.04 0.32

The Netherlands

ING GROEP NV EUR 1 015.000 15 326.50 0.24

AIRBUS SE EUR 154.000 11 088.00 0.17

ASML HOLDING NV EUR 95.000 10 839.50 0.17

KONINKLIJKE PHILIPS NV EUR 252.000 7 835.94 0.12

HEINEKEN NV EUR 63.000 5 363.19 0.08

CNH INDUSTRIAL NV EUR 500.000 4 957.50 0.08

AKZO NOBEL EUR 62.000 4 717.58 0.07

KONINKLIJKE AHOLD DELHAIZE N EUR 233.000 3 900.42 0.06

AEGON NV EUR 518.000 2 315.98 0.04

86 735.65 1.35

BANCO SANTANDER SA EUR 3 158.000 18 291.14 0.29

Spain

BANCO BILBAO VIZCAYA ARGENTA EUR 1 606.000 11 667.59 0.18

IBERDROLA SA EUR 1 512.000 10 482.70 0.16

INDUSTRIA DE DISENO TEXTIL EUR 300.000 10 083.00 0.16

TELEFONICA SA EUR 1 105.000 9 986.99 0.16

AMADEUS IT GROUP SA EUR 103.000 5 392.05 0.08

REPSOL SA EUR 256.000 3 430.40 0.05

CAIXABANK EUR 553.000 2 311.54 0.04

71 645.41 1.12


Portfolio

18



>>|

INTESA SANPAOLO EUR 4 118.000 11 431.57 0.18

Italy

ENI SPA EUR 867.000 11 409.72 0.18

ENEL SPA EUR 2 239.000 10 509.87 0.16

UNICREDIT SPA EUR 555.000 9 074.25 0.14

SNAM SPA EUR 1 498.000 5 716.37 0.09

TELECOM ITALIA SPA EUR 2 438.000 1 969.90 0.03

ITALGAS SPA EUR 300.000 1 326.60 0.02

51 438.28 0.80

ANHEUSER-BUSCH INBEV SA/NV EUR 217.000 20 986.07 0.32

Belgium

KBC GROEP NV EUR 67.000 4 449.47 0.07

GROUPE BRUXELLES LAMBERT SA EUR 36.000 3 034.44 0.05

28 469.98 0.44

SAMPO OYJ-A SHS EUR 141.000 6 326.67 0.10

Finland

NOKIA OYJ EUR 1 001.000 5 360.36 0.08

KONE OYJ-B EUR 84.000 3 741.36 0.06

15 428.39 0.24

CRH PLC EUR 193.000 5 978.18 0.09

Ireland

5 978.18 0.09

TENARIS SA EUR 244.000 3 330.60 0.06

Luxembourg

ARCELORMITTAL EUR 79.000 1 568.94 0.02

4 899.54 0.08

EDP-ENERGIAS DE PORTUGAL SA EUR 628.000 1 797.96 0.03

Portugal

Total Shares 758 813.58 11.82

1 797.96 0.03

REPSOL SA RTS 14/07/2017 EUR 278.000 111.20 0.00

Rights

Spain

Total Rights 111.20 0.00

Total Transferable securities admitted to an official exchange listing and/or dealt in on another regulated

market

6 003 326.01 93.48

111.20 0.00


Total portfolio 6 003 326.01 93.48

19

>>>

SIEMENS AG-REG EUR 1 592.000 191 597.20 2.05


Shares

Germany

SAP SE EUR 1 902.000 173 937.90 1.86

BAYER AG-REG EUR 1 525.000 172 630.00 1.84

ALLIANZ SE-REG EUR 984.000 169 641.60 1.81

BASF SE EUR 1 840.000 149 205.60 1.59

DAIMLER AG-REGISTERED SHARES EUR 1 875.000 118 818.75 1.27

DEUTSCHE TELEKOM AG-REG EUR 6 535.000 102 730.20 1.10

ADIDAS AG EUR 421.000 70 622.75 0.76


LINDE AG EUR 383.000 63 501.40 0.68

DEUTSCHE POST AG-REG EUR 1 932.000 63 408.24 0.68

FRESENIUS SE & CO KGAA EUR 816.000 61 248.96 0.66

BAYERISCHE MOTOREN WERKE AG EUR 742.000 60 309.76 0.65

DEUTSCHE BANK AG-REGISTERED EUR 2 916.000 45 270.90 0.49





MERCK KGAA EUR 323.000 34 157.25 0.37

E.ON SE EUR 4 015.000 33 115.72 0.36




THYSSENKRUPP AG EUR 890.000 22 138.75 0.24

COMMERZBANK AG EUR 2 043.000 21 308.49 0.23

RWE AG EUR 988.000 17 235.66 0.19


UNIPER SE EUR 400.000 6 574.00 0.07

1 906 309.55 20.45

SANOFI EUR 2 327.000 194 909.52 2.09

France

AXA SA EUR 7 542.000 180 630.90 1.94

TOTAL SA EUR 4 116.000 178 161.06 1.91

BNP PARIBAS EUR 2 133.000 134 506.98 1.44


LOREAL EUR 489.000 89 193.60 0.96

DANONE EUR 1 150.000 75 681.50 0.81

AIR LIQUIDE SA EUR 674.000 72 926.80 0.78

SOCIETE GENERALE SA EUR 1 479.000 69 675.69 0.75

VINCI SA EUR 921.000 68 826.33 0.74

SCHNEIDER ELECTRIC SE EUR 1 013.000 68 144.51 0.73

ORANGE EUR 3 873.000 53 795.97 0.58



VIVENDI EUR 2 439.000 47 536.11 0.51

SAFRAN SA EUR 565.000 45 335.60 0.49


KERING EUR 150.000 44 730.00 0.48


COMPAGNIE DE SAINT GOBAIN EUR 847.000 39 622.66 0.43

ENGIE EUR 2 771.000 36 618.77 0.39


RENAULT SA EUR 376.000 29 798.00 0.32

CREDIT AGRICOLE SA EUR 2 034.000 28 648.89 0.31

CARREFOUR SA EUR 1 250.000 27 687.50 0.30



1 861 926.50 19.99

UNILEVER NV-CVA EUR 3 159.000 152 642.88 1.63

The Netherlands

ING GROEP NV EUR 7 673.000 115 862.30 1.24

AIRBUS SE EUR 1 185.000 85 320.00 0.92


Portfolio

Opportunities Profile

20



>>>

ASML HOLDING NV EUR 704.000 80 326.40 0.86

KONINKLIJKE PHILIPS NV EUR 2 023.000 62 905.19 0.68

HEINEKEN NV EUR 478.000 40 692.14 0.44

CNH INDUSTRIAL NV EUR 3 737.000 37 052.36 0.40

AKZO NOBEL EUR 467.000 35 534.03 0.38

KONINKLIJKE AHOLD DELHAIZE N EUR 1 765.000 29 546.10 0.32

AEGON NV EUR 3 971.000 17 754.34 0.19

657 635.74 7.06


Spain


IBERDROLA SA EUR 11 323.000 78 502.36 0.84

INDUSTRIA DE DISENO TEXTIL EUR 2 261.000 75 992.21 0.82


AMADEUS IT GROUP SA EUR 763.000 39 943.05 0.43

REPSOL SA EUR 1 869.000 25 044.60 0.27

CAIXABANK EUR 4 226.000 17 664.68 0.19

535 390.47 5.75


Italy

ENI SPA EUR 6 379.000 83 947.64 0.90

ENEL SPA EUR 17 280.000 81 112.32 0.87

UNICREDIT SPA EUR 3 194.000 52 221.90 0.56

SNAM SPA EUR 11 310.000 43 158.96 0.46


ITALGAS SPA EUR 2 262.000 10 002.56 0.11

392 668.18 4.21

ANHEUSER-BUSCH INBEV SA/NV EUR 1 629.000 157 540.59 1.70

Belgium

KBC GROEP NV EUR 525.000 34 865.25 0.37


214 911.27 2.31

SAMPO OYJ-A SHS EUR 1 041.000 46 709.67 0.50

Finland

NOKIA OYJ EUR 7 365.000 39 439.58 0.42

KONE OYJ-B EUR 624.000 27 792.96 0.30

113 942.21 1.22

CRH PLC EUR 1 476.000 45 719.10 0.49

Ireland

45 719.10 0.49

TENARIS SA EUR 1 793.000 24 474.45 0.27

Luxembourg


36 092.55 0.39

EDP-ENERGIAS DE PORTUGAL SA EUR 4 719.000 13 510.50 0.15

Portugal

Total Shares 5 778 106.07 62.02

13 510.50 0.15

ITALY BTPS 4.25% 09-01/03/2020 EUR 178 000.000 197 188.40 2.11

Bonds

Italy

ITALY BTPS 5% 11-01/03/2022 EUR 139 000.000 165 585.28 1.78

ITALY BTPS 3.75% 14-01/09/2024 EUR 116 000.000 132 604.01 1.42

ITALY BTPS 4.75% 13-01/09/2028 EUR 74 000.000 91 811.80 0.99

ITALY BTPS 3.5% 12-01/11/2017 EUR 79 000.000 80 001.72 0.86

ITALY BTPS 1.25% 16-01/12/2026 EUR 75 000.000 70 155.00 0.75

ITALY BTPS 3.5% 14-01/03/2030 EUR 44 000.000 48 989.60 0.53

ITALY BTPS 4% 05-01/02/2037 EUR 42 000.000 48 829.62 0.52

ITALY BTPS 5% 03-01/08/2034 EUR 19 000.000 24 804.50 0.27

ITALY BTPS 2.7% 16-01/03/2047 EUR 15 000.000 13 435.50 0.14

ITALY BTPS 3.25% 15-01/09/2046 EUR 11 000.000 10 966.27 0.12

884 371.70 9.49

FRANCE O.A.T. 1% 14-25/05/2019 EUR 177 000.000 182 053.53 1.96

France

FRANCE O.A.T. 2.5% 10-25/10/2020 EUR 121 000.000 132 450.47 1.42

FRANCE O.A.T. 3.25% 13-25/05/2045 EUR 59 000.000 78 503.93 0.84

FRANCE O.A.T. 1.75% 14-25/11/2024 EUR 66 000.000 72 676.16 0.78

FRANCE O.A.T. 0.5% 15-25/05/2025 EUR 64 000.000 64 184.83 0.69

FRANCE O.A.T. 1.75% 13-25/05/2023 EUR 52 000.000 57 065.27 0.61


21

>>|

FRANCE O.A.T. 2.5% 14-25/05/2030 EUR 45 000.000 52 647.89 0.57

FRANCE O.A.T. 3.5% 10-25/04/2026 EUR 41 000.000 51 221.87 0.55

FRANCE O.A.T. 5.75% 01-25/10/2032 EUR 23 000.000 37 617.03 0.40

FRANCE O.A.T. 3.25% 11-25/10/2021 EUR 30 000.000 34 451.73 0.37

FRANCE O.A.T. 4.75% 04-25/04/2035 EUR 21 000.000 32 342.23 0.35

FRANCE O.A.T. 2% 17-25/05/2048 EUR 20 000.000 20 716.30 0.22

FRANCE O.A.T. 0.5% 16-25/05/2026 EUR 17 000.000 16 781.31 0.18

832 712.55 8.94

BUNDESOBL-171 0% 15-17/04/2020 EUR 151 000.000 153 239.18 1.65

Germany







589 160.57 6.32

SPANISH GOVT 4% 10-30/04/2020 EUR 162 000.000 180 998.71 1.94

Spain

SPANISH GOVT 2.75% 14-31/10/2024 EUR 66 000.000 74 110.21 0.80

SPANISH GOVT 0.4% 17-30/04/2022 EUR 70 000.000 70 295.19 0.75

SPANISH GOVT 3.8% 14-30/04/2024 EUR 55 000.000 65 626.55 0.70

SPANISH GOVT 5.15% 13-31/10/2028 EUR 39 000.000 52 724.84 0.57

SPANISH GOVT 5.75% 01-30/07/2032 EUR 24 000.000 35 451.82 0.38

SPANISH GOVT 2.9% 16-31/10/2046 EUR 22 000.000 22 274.91 0.24

SPANISH GOVT 5.15% 13-31/10/2044 EUR 14 000.000 20 361.07 0.22

521 843.30 5.60

BELGIAN 0327 3% 12-28/09/2019 EUR 42 000.000 45 295.45 0.48

Belgium

BELGIAN 2.6% 14-22/06/2024 EUR 31 000.000 35 980.09 0.39

BELGIAN 4.25% 12-28/09/2022 EUR 27 000.000 33 107.45 0.36

BELGIAN 3.75% 13-22/06/2045 EUR 17 000.000 24 772.67 0.27

BELGIAN 0318 3.75% 10-28/09/2020 EUR 21 000.000 23 823.53 0.26

BELGIAN 0326 4% 12-28/03/2032 EUR 15 000.000 20 856.06 0.22

BELGIAN 3% 14-22/06/2034 EUR 15 000.000 18 993.42 0.20

202 828.67 2.18


The Netherlands

NETHERLANDS GOVT 2% 14-15/07/2024 EUR 33 000.000 37 199.48 0.40



174 190.03 1.87


Austria




105 738.06 1.13

IRISH GOVT 1% 16-15/05/2026 EUR 21 000.000 21 243.01 0.23

Ireland

IRISH GOVT 2% 15-18/02/2045 EUR 8 000.000 8 135.54 0.09

Total Bonds 3 340 223.43 35.85

29 378.55 0.32

REPSOL SA RTS 14/07/2017 EUR 1 905.000 762.00 0.01

Rights

Spain

Total Rights 762.00 0.01


market

9 119 091.50 97.88

762.00 0.01


Portfolio


22



>>>

SIEMENS AG-REG EUR 2 417.000 290 885.95 2.85


Shares

Germany

SAP SE EUR 2 893.000 264 564.85 2.60

BAYER AG-REG EUR 2 323.000 262 963.60 2.58

ALLIANZ SE-REG EUR 1 492.000 257 220.80 2.52

BASF SE EUR 2 792.000 226 403.28 2.22

DAIMLER AG-REGISTERED SHARES EUR 2 846.000 180 351.02 1.77

DEUTSCHE TELEKOM AG-REG EUR 9 918.000 155 910.96 1.53

ADIDAS AG EUR 638.000 107 024.50 1.05


DEUTSCHE POST AG-REG EUR 2 938.000 96 425.16 0.95

LINDE AG EUR 581.000 96 329.80 0.95

FRESENIUS SE & CO KGAA EUR 1 240.000 93 074.40 0.91

BAYERISCHE MOTOREN WERKE AG EUR 1 127.000 91 602.56 0.90

DEUTSCHE BANK AG-REGISTERED EUR 4 410.000 68 465.25 0.67





MERCK KGAA EUR 489.000 51 711.75 0.51

E.ON SE EUR 6 108.000 50 378.78 0.49




THYSSENKRUPP AG EUR 1 349.000 33 556.38 0.33

COMMERZBANK AG EUR 3 091.000 32 239.13 0.32

RWE AG EUR 1 500.000 26 167.50 0.26


UNIPER SE EUR 611.000 10 041.79 0.10

2 894 493.37 28.39

SANOFI EUR 3 536.000 296 175.36 2.90

France

TOTAL SA EUR 6 250.000 270 531.25 2.64

AXA SA EUR 11 262.000 269 724.90 2.65

BNP PARIBAS EUR 3 233.000 203 872.98 2.00


LOREAL EUR 740.000 134 976.00 1.32

DANONE EUR 1 746.000 114 904.26 1.13

AIR LIQUIDE SA EUR 1 025.000 110 905.00 1.09

SOCIETE GENERALE SA EUR 2 240.000 105 526.40 1.04

VINCI SA EUR 1 399.000 104 547.27 1.03

SCHNEIDER ELECTRIC SE EUR 1 538.000 103 461.26 1.01

ORANGE EUR 5 874.000 81 589.86 0.80


VIVENDI EUR 3 703.000 72 171.47 0.71



SAFRAN SA EUR 859.000 68 926.16 0.68

KERING EUR 229.000 68 287.80 0.67


COMPAGNIE DE SAINT GOBAIN EUR 1 286.000 60 159.08 0.59

ENGIE EUR 4 209.000 55 621.94 0.55


RENAULT SA EUR 570.000 45 172.50 0.44

CREDIT AGRICOLE SA EUR 3 084.000 43 438.14 0.43

CARREFOUR SA EUR 1 897.000 42 018.55 0.41



2 823 717.00 27.70

UNILEVER NV-CVA EUR 4 802.000 232 032.64 2.28

The Netherlands

ING GROEP NV EUR 11 631.000 175 628.10 1.72

AIRBUS SE EUR 1 796.000 129 312.00 1.27


Equity Profile

23

>>>

ASML HOLDING NV EUR 1 072.000 122 315.20 1.20

KONINKLIJKE PHILIPS NV EUR 2 873.000 89 335.94 0.88

HEINEKEN NV EUR 725.000 61 719.25 0.61

CNH INDUSTRIAL NV EUR 5 664.000 56 158.56 0.55

AKZO NOBEL EUR 712.000 54 176.08 0.53

KONINKLIJKE AHOLD DELHAIZE N EUR 2 676.000 44 796.24 0.44

AEGON NV EUR 6 017.000 26 902.01 0.26

992 376.02 9.74


Spain


IBERDROLA SA EUR 17 190.000 119 178.27 1.17

INDUSTRIA DE DISENO TEXTIL EUR 3 432.000 115 349.52 1.13


AMADEUS IT GROUP SA EUR 1 159.000 60 673.65 0.60

REPSOL SA EUR 2 832.000 37 948.80 0.37

CAIXABANK EUR 6 401.000 26 756.18 0.26

812 225.77 7.97


Italy

ENI SPA EUR 9 696.000 127 599.36 1.25

ENEL SPA EUR 26 409.000 123 963.85 1.22

UNICREDIT SPA EUR 4 852.000 79 330.20 0.78

SNAM SPA EUR 17 140.000 65 406.24 0.64


ITALGAS SPA EUR 3 428.000 15 158.62 0.15

594 544.70 5.83

ANHEUSER-BUSCH INBEV SA/NV EUR 2 474.000 239 260.54 2.34

Belgium

KBC GROEP NV EUR 797.000 52 928.77 0.52


326 411.05 3.20

SAMPO OYJ-A SHS EUR 1 583.000 71 029.21 0.69

Finland

NOKIA OYJ EUR 11 196.000 59 954.58 0.59

KONE OYJ-B EUR 950.000 42 313.00 0.42

173 296.79 1.70

CRH PLC EUR 2 238.000 69 322.05 0.68

Ireland

69 322.05 0.68

TENARIS SA EUR 2 719.000 37 114.35 0.37

Luxembourg


54 710.31 0.54

EDP-ENERGIAS DE PORTUGAL SA EUR 7 158.000 20 493.35 0.20

Portugal

Total Shares 8 761 590.41 85.95

20 493.35 0.20

ITALY BTPS 0.7% 15-01/05/2020 EUR 71 000.000 72 001.10 0.71

Bonds

Italy

ITALY BTPS 2.5% 14-01/05/2019 EUR 48 000.000 50 265.36 0.49

ITALY BTPS 0.1% 16-15/04/2019 EUR 41 000.000 41 168.10 0.40

ITALY BTPS 0.35% 17-15/06/2020 EUR 40 000.000 40 124.00 0.39

ITALY BTPS 0.25% 15-15/05/2018 EUR 33 000.000 33 176.88 0.33

ITALY BTPS 1.05% 14-01/12/2019 EUR 30 000.000 30 691.65 0.30

ITALY BTPS 0.35% 16-01/11/2021 EUR 30 000.000 29 628.00 0.29

ITALY BTPS 0.65% 15-01/11/2020 EUR 29 000.000 29 336.40 0.29

ITALY BTPS 4.25% 09-01/09/2019 EUR 17 000.000 18 548.70 0.18

ITALY BTPS 0.45% 16-01/06/2021 EUR 14 000.000 13 983.20 0.14

358 923.39 3.52

FRANCE O.A.T. 1% 14-25/05/2019 EUR 108 000.000 111 083.51 1.09

France

FRANCE O.A.T. 0.25% 15-25/11/2020 EUR 69 000.000 70 322.52 0.69

FRANCE O.A.T. 0.5% 14-25/11/2019 EUR 68 000.000 69 546.66 0.68

FRANCE O.A.T. 0% 16-25/05/2021 EUR 35 000.000 35 315.53 0.35

FRANCE O.A.T. 0% 15-25/05/2020 EUR 27 000.000 27 290.20 0.27

313 558.42 3.08


Germany


Portfolio

24



>>|

BUNDESSCHATZANW 0% 17-14/06/2019 EUR 46 000.000 46 518.88 0.46


BUNDESOBL-171 0% 15-17/04/2020 EUR 40 000.000 40 593.16 0.40


239 882.50 2.35

SPANISH GOVT 4% 10-30/04/2020 EUR 86 000.000 96 085.74 0.95

Spain

SPANISH GOVT 0.25% 15-30/04/2018 EUR 59 000.000 59 300.84 0.58

COMUNIDAD MADRID 2.875% 14-06/04/2019 EUR 35 000.000 36 831.69 0.36

SPANISH GOVT 0.75% 16-30/07/2021 EUR 14 000.000 14 394.11 0.14

206 612.38 2.03


The Netherlands



79 852.60 0.78

BELGIAN 0327 3% 12-28/09/2019 EUR 35 000.000 37 746.21 0.37

Belgium

37 746.21 0.37


Austria

Total Bonds 1 270 099.69 12.46

33 524.19 0.33

REPSOL SA RTS 14/07/2017 EUR 2 852.000 1 140.80 0.01

Rights

Spain

Total Rights 1 140.80 0.01


market

10 032 830.90 98.42

1 140.80 0.01



25

>>>

BLACKSTONE HLDGS 5% 14-15/06/2044 USD 1 225 000.000 1 335 521.95 2.68


Bonds

United States of America

PNC FINANCIAL 3.9% 14-29/04/2024 USD 1 250 000.000 1 309 401.25 2.63

NYC TRANS FIN AUTH-A3 3.45% 15-01/08/26 USD 1 250 000.000 1 281 638.75 2.57

TTX CO 3.6% 14-15/01/2025 USD 1 250 000.000 1 272 557.50 2.55

ENTERGY MISSISSI 2.85% 16-01/06/2028 USD 1 300 000.000 1 260 221.30 2.52

NYC SER G-1 5.698% 10-01/03/2027 USD 1 000 000.000 1 220 069.00 2.44

MARSH & MCLENNAN 3.75% 15-14/03/2026 USD 1 150 000.000 1 199 842.15 2.40

TARGET CORP 6.5% 07-15/10/2037 USD 900 000.000 1 197 005.40 2.40

SAN ANTONIO 5.502% 09-15/05/2029 USD 1 000 000.000 1 185 566.00 2.37

EATON VANCE CORP 3.625% 13-15/06/2023 USD 1 000 000.000 1 033 264.00 2.07

KIMBERLY-CLARK 3.05% 15-15/08/2025 USD 1 000 000.000 1 014 553.00 2.03

METLIFE INC 6.5% 02-15/12/2032 USD 700 000.000 910 847.00 1.82

LOWES COS INC 1.15% 16-15/04/2019 USD 900 000.000 890 964.90 1.78

JOHNSON&JOHNSON 1.125% 16-01/03/2019 USD 895 000.000 890 494.57 1.78

GILEAD SCIENCES 2.55% 15-01/09/2020 USD 875 000.000 887 767.13 1.78

COLONIAL PIPELIN 3.75% 15-01/10/2025 USD 850 000.000 886 453.95 1.77

APPLE INC 1.55% 15-07/02/2020 USD 890 000.000 885 822.34 1.77

JOHN DEERE CAP 2.8% 16-06/03/2023 USD 875 000.000 885 390.63 1.77

GEN ELECTRIC CO 2.7% 12-09/10/2022 USD 870 000.000 884 834.37 1.77

UNITEDHEALTH GRP 6.5% 08-15/06/2037 USD 650 000.000 884 414.70 1.77

CATERPILLAR FINL 2% 15-05/03/2020 USD 885 000.000 884 050.40 1.77

BRISTOL-MYERS 1.6% 17-27/02/2019 USD 885 000.000 883 960.13 1.77

3M CO 2% 12-26/06/2022 USD 890 000.000 883 951.56 1.77

PFIZER INC 2.75% 16-03/06/2026 USD 895 000.000 883 037.43 1.77

MERCK & CO INC 1.85% 15-10/02/2020 USD 880 000.000 882 275.68 1.77

PROCTER & GAMBLE 1.85% 16-02/02/2021 USD 885 000.000 882 212.25 1.77

CME GROUP INC 3% 12-15/09/2022 USD 860 000.000 882 139.84 1.77

COCA-COLA CO/THE 1.375% 16-30/05/2019 USD 885 000.000 881 880.38 1.77

ORACLE CORP 2.8% 14-08/07/2021 USD 855 000.000 877 365.95 1.76

INTEL CORP 2.7% 12-15/12/2022 USD 865 000.000 876 925.76 1.76

ADOBE SYS INC 4.75% 10-01/02/2020 USD 815 000.000 874 891.09 1.75

UNITED TECH CORP 3.1% 12-01/06/2022 USD 845 000.000 873 622.69 1.75

CISCO SYSTEMS 4.45% 09-15/01/2020 USD 820 000.000 873 427.92 1.75

AFLAC INC 3.625% 13-15/06/2023 USD 830 000.000 872 830.49 1.75

AMERICAN EXPRESS 3.625% 14-05/12/2024 USD 850 000.000 870 526.65 1.74

VIRGINIA EL&PWR 6.35% 07-30/11/2037 USD 650 000.000 869 619.40 1.74

HALLIBURTON CO 7.45% 09-15/09/2039 USD 625 000.000 860 839.38 1.72

COMERICA INC 3.8% 14-22/07/2026 USD 850 000.000 860 693.85 1.72

UNITED PARCEL 3.125% 10-15/01/2021 USD 830 000.000 860 539.85 1.72

CHARLES SCHWAB 3% 15-10/03/2025 USD 860 000.000 860 405.92 1.72

NORTHERN TRST CO 3.95% 13-30/10/2025 USD 810 000.000 860 030.46 1.72

KEY BANK NA 3.3% 15-01/06/2025 USD 845 000.000 859 027.00 1.72

PACIFIC GAS&ELEC 3.4% 14-15/08/2024 USD 830 000.000 856 447.95 1.71

NORTH SHORE LI 4.8% 12-01/11/2042 USD 800 000.000 843 532.80 1.69

EOG RESOURCES IN 3.15% 15-01/04/2025 USD 850 000.000 842 701.05 1.69

MORGAN STANLEY 3.875% 16-27/01/2026 USD 685 000.000 705 417.80 1.41

LOWES COMPANIES 5.5% 05-15/10/2035 USD 530 000.000 646 388.53 1.29

OCCIDENTAL PETE 3.5% 15-15/06/2025 USD 620 000.000 635 399.56 1.27

IBM CORP 1.875% 12-01/08/2022 USD 640 000.000 623 138.56 1.25

PROGRESSIVE CORP 2.45% 16-15/01/2027 USD 600 000.000 570 463.80 1.14

SYSCO CORP 3.75% 15-01/10/2025 USD 500 000.000 520 260.50 1.04

COLGATE-PALM CO 1.75% 14-15/03/2019 USD 485 000.000 486 596.62 0.97

CONOCOPHILLIPS 6.5% 09-01/02/2039 USD 345 000.000 452 098.70 0.90

UNION PACIFIC CO 6.625% 99-01/02/2029 USD 325 000.000 425 866.68 0.85

AMERICAN WATER 3% 16-01/12/2026 USD 380 000.000 376 732.38 0.75

PRAXAIR INC 2.25% 15-24/09/2020 USD 265 000.000 267 093.77 0.53

IBM CORP 3.45% 16-19/02/2026 USD 250 000.000 256 200.75 0.51

BURLINGTON NORTH 4.7% 09-01/10/2019 USD 140 000.000 148 816.78 0.30

HALLIBURTON CO 4.85% 15-15/11/2035 USD 115 000.000 122 918.21 0.25

49 310 958.41 98.70

Description Currency Quantity Market value in USD % of NAVStatement of Investments as at 30.06.2017

Portfolio

Blackrock US Corporate Debt Fund AAA/A-

26



>>|

RABOBANK 4.375% 15-04/08/2025 USD 850 000.000 891 588.80 1.78

The Netherlands

891 588.80 1.78

AMERICA MOVIL SA 3.125% 12-16/07/2022 USD 850 000.000 867 736.10 1.74

Mexico

867 736.10 1.74

TRANS-CANADA PL 4.875% 16-15/01/2026 USD 405 000.000 453 842.60 0.91

Canada

453 842.60 0.91

BHP FINANCE USA 3.85% 13-30/09/2023 USD 425 000.000 452 984.98 0.91

Australia

Total Bonds 51 977 110.89 104.04


market

51 977 110.89 104.04

452 984.98 0.91


Derivative instruments

95 623 668.260 29/09/1796 738 371.440 (3 620 913.88)CHFUSD 96 738 371.44 (7.25)

149 874 116.110 29/09/17143 502 286.890 763 678.50USDCHF 149 874 116.11 1.53

(2 857 235.38) (5.72)

Total Forward foreign exchange contracts (2 857 235.38) (5.72)

To payTo receive Unrealized profit or(loss) in USD

Maturity Commitment % of NAV

Forward foreign exchange contracts

Total financial derivative instruments (2 857 235.38) (5.72)


27

>>>

CIGNA CORP 6.15% 06-15/11/2036 USD 800 000.000 1 016 288.00 1.92


Bonds


BRDCOM CRP / FIN 3.875% 17-15/01/2027 USD 915 000.000 940 200.93 1.76

PRUDENTIAL FIN 3.5% 14-15/05/2024 USD 900 000.000 937 772.10 1.76

APPLE INC 1.55% 15-07/02/2020 USD 940 000.000 935 587.64 1.75

LOWES COS INC 1.15% 16-15/04/2019 USD 945 000.000 935 513.15 1.75

JOHNSON&JOHNSON 1.125% 16-01/03/2019 USD 940 000.000 935 268.04 1.75

MICROSOFT CORP 1.1% 16-08/08/2019 USD 945 000.000 934 928.19 1.75

MASTERCARD INC 3.375% 14-01/04/2024 USD 895 000.000 934 228.75 1.75

BRISTOL-MYERS 1.6% 17-27/02/2019 USD 935 000.000 933 901.38 1.75

GILEAD SCIENCES 2.55% 15-01/09/2020 USD 920 000.000 933 423.72 1.75

MERCK & CO INC 1.85% 15-10/02/2020 USD 930 000.000 932 404.98 1.75

PFIZER INC 2.75% 16-03/06/2026 USD 945 000.000 932 369.13 1.75

PROCTER & GAMBLE 1.85% 16-02/02/2021 USD 935 000.000 932 054.75 1.75

COCA-COLA CO/THE 1.375% 16-30/05/2019 USD 935 000.000 931 704.13 1.75

JOHN DEERE CAP 2.8% 16-06/03/2023 USD 920 000.000 930 925.00 1.75

PEPSICO INC 3% 11-25/08/2021 USD 900 000.000 930 917.70 1.75

GEN ELECTRIC CO 2.7% 12-09/10/2022 USD 915 000.000 930 601.67 1.74

KEY BANK NA 3.3% 15-01/06/2025 USD 915 000.000 930 189.00 1.74

ORACLE CORP 2.8% 14-08/07/2021 USD 905 000.000 928 673.90 1.74

3M CO 2% 12-26/06/2022 USD 935 000.000 928 645.74 1.74

INTEL CORP 2.7% 12-15/12/2022 USD 915 000.000 927 615.11 1.74

UNITED TECH CORP 3.1% 12-01/06/2022 USD 895 000.000 925 316.34 1.74

AFLAC INC 3.625% 13-15/06/2023 USD 875 000.000 920 152.63 1.73

APACHE CORP 6% 07-15/01/2037 USD 790 000.000 916 317.05 1.72

CAPITAL ONE FINL 4.2% 15-29/10/2025 USD 905 000.000 914 054.53 1.71

UNITED PARCEL 3.125% 10-15/01/2021 USD 880 000.000 912 379.60 1.71

FIFTH THIRD BANK 4.3% 13-16/01/2024 USD 855 000.000 901 679.58 1.69

SPECTRA PARTNERS 5.95% 13-25/09/2043 USD 750 000.000 874 276.50 1.64

METLIFE INC 6.5% 02-15/12/2032 USD 650 000.000 845 786.50 1.59

ERAC USA FINANCE 7% 07-15/10/2037 USD 650 000.000 844 727.65 1.58

GEN MOTORS FIN 4.3% 15-13/07/2025 USD 775 000.000 792 459.98 1.49

EOG RESOURCES IN 4.15% 16-15/01/2026 USD 750 000.000 790 539.00 1.48

LIBERTY MUTUAL 6.5% 12-01/05/2042 USD 575 000.000 749 066.88 1.40

IBM CORP 1.875% 12-01/08/2022 USD 750 000.000 730 240.50 1.37

NEWELL RUBBERMAI 5.375% 16-01/04/2036 USD 625 000.000 728 692.50 1.37

AVIATION CAPITAL 4.875% 15-01/10/2025 USD 665 000.000 724 473.61 1.36

COX COMMUN INC 3.85% 14-01/02/2025 USD 700 000.000 706 632.50 1.33

ENTERPRISE PRODU 6.125% 09-15/10/2039 USD 575 000.000 699 066.03 1.31

DDR CORP 3.625% 15-01/02/2025 USD 715 000.000 681 951.27 1.28

CATERPILLAR INC 5.3% 05-15/09/2035 USD 550 000.000 658 524.35 1.23

BOSTON PROP LP 3.65% 16-01/02/2026 USD 640 000.000 650 272.64 1.22


INGREDION INC 3.2% 16-01/10/2026 USD 640 000.000 631 802.88 1.18

KANSAS CITY SOUT 3% 16-15/05/2023 USD 600 000.000 602 845.20 1.13

AMERIPRISE FINL 3.7% 14-15/10/2024 USD 570 000.000 595 993.14 1.12

NORFOLK SOUTHERN 5.64% 05-17/05/2029 USD 500 000.000 595 538.00 1.12

AUTODESK INC 4.375% 15-15/06/2025 USD 550 000.000 583 176.55 1.09

CITIZENS FIN GRP 4.3% 15-03/12/2025 USD 550 000.000 574 737.35 1.08

MORGAN STANLEY 4.35% 14-08/09/2026 USD 550 000.000 572 350.35 1.07

CMS ENERGY 3.6% 15-15/11/2025 USD 550 000.000 560 618.30 1.05

CF INDUSTRIES IN 3.45% 13-01/06/2023 USD 575 000.000 548 040.55 1.03

CHARTER COMM OPT 4.908% 16-23/07/2025 USD 500 000.000 540 098.50 1.01

COLGATE-PALM CO 1.75% 14-15/03/2019 USD 515 000.000 516 695.38 0.97

EMERA US FINANCE 3.55% 17-15/06/2026 USD 485 000.000 487 236.34 0.91

SANTANDER HOLD 4.5% 15-17/07/2025 USD 450 000.000 463 637.70 0.87

UDR INC 3.75% 14-01/07/2024 USD 450 000.000 461 554.65 0.87

LEGG MASON INC 3.95% 14-15/07/2024 USD 450 000.000 458 060.40 0.86

ADOBE SYS INC 4.75% 10-01/02/2020 USD 425 000.000 456 231.55 0.86

EMERA US FINANCE 4.75% 17-15/06/2046 USD 400 000.000 422 803.60 0.79

UNUM GROUP 3% 16-15/05/2021 USD 410 000.000 414 317.30 0.78

PUGET ENERGY 3.65% 15-15/05/2025 USD 375 000.000 378 094.88 0.71

FMR LLC 6.45% 09-15/11/2039 USD 250 000.000 329 941.00 0.62


Portfolio

Blackrock US Corporate Debt Fund AAA/BBB-

28



>>|

CME GROUP INC 3% 12-15/09/2022 USD 315 000.000 323 109.36 0.61

CHEVRON CORP 1.561% 16-16/05/2019 USD 315 000.000 314 211.56 0.59

AON CORP 6.25% 10-30/09/2040 USD 235 000.000 299 526.77 0.56

CONOCOPHILLIPS 6.5% 09-01/02/2039 USD 225 000.000 294 846.98 0.55

CATERPILLAR FINL 2% 15-05/03/2020 USD 295 000.000 294 683.47 0.55

EXELON CORP 3.4% 16-15/04/2026 USD 295 000.000 294 476.08 0.55

TTX CO 4.15% 13-15/01/2024 USD 275 000.000 289 378.65 0.54

PRAXAIR INC 2.25% 15-24/09/2020 USD 285 000.000 287 251.79 0.54

MARATHON PETRO 4.75% 14-15/09/2044 USD 300 000.000 286 329.00 0.54

ENTERGY CORP 2.95% 16-01/09/2026 USD 295 000.000 283 685.28 0.53


CMS ENERGY 2.95% 16-15/02/2027 USD 240 000.000 230 497.44 0.43

IBM CORP 3.45% 16-19/02/2026 USD 200 000.000 204 960.60 0.38

MOODYS CORP 5.25% 14-15/07/2044 USD 150 000.000 174 943.95 0.33

MPLX LP 4.125% 17-01/03/2027 USD 165 000.000 166 429.56 0.31

BURLINGTON NORTH 4.7% 09-01/10/2019 USD 144 000.000 153 068.69 0.29

SUNOCO LOGISTICS 3.9% 16-15/07/2026 USD 135 000.000 132 711.62 0.25

50 788 086.13 95.24

BARCLAYS PLC 3.65% 15-16/03/2025 USD 925 000.000 922 327.68 1.72

United Kingdom

AXIS SPECLTY FIN 5.15% 14-01/04/2045 USD 450 000.000 479 211.30 0.90

BARCLAYS PLC 4.375% 16-12/01/2026 USD 265 000.000 275 443.92 0.52

AON PLC 4.25% 13-12/12/2042 USD 200 000.000 197 156.20 0.37

1 874 139.10 3.51

ROGERS COMM INC 7.5% 08-15/08/2038 USD 350 000.000 489 451.20 0.92

Canada

ROGERS COMM INC 4.5% 13-15/03/2043 USD 300 000.000 319 912.50 0.60

CANADIAN PAC RR 2.9% 15-01/02/2025 USD 250 000.000 247 787.00 0.46

1 057 150.70 1.98

CRED SUIS NY 3.625% 14-09/09/2024 USD 905 000.000 933 985.34 1.75

Switzerland

933 985.34 1.75

ACTAVIS FUNDING 3.8% 15-15/03/2025 USD 750 000.000 776 781.75 1.46

Luxembourg

776 781.75 1.46

ABN AMRO BANK NV 4.75% 15-28/07/2025 USD 275 000.000 289 938.28 0.55

The Netherlands

LYB INTL FIN 5.25% 13-15/07/2043 USD 202 000.000 225 759.85 0.42

Total Bonds 55 945 841.15 104.91


market

55 945 841.15 104.91

515 698.13 0.97

AMER RE CORP 7.45% 97-15/12/2026 USD 708 000.000 908 376.04 1.70

Other transferable securities

Bonds


Total Bonds 908 376.04 1.70

Total Other transferable securities 908 376.04 1.70

908 376.04 1.70



137 557 595.370 29/09/17139 081 376.370 (5 288 132.17)CHFUSD 139 081 376.37 (9.92)

197 716 248.530 29/09/17188 602 250.970 264 060.77USDCHF 197 716 248.53 0.50

(5 024 071.40) (9.42)

Total Forward foreign exchange contracts (5 024 071.40) (9.42)




Total financial derivative instruments (5 024 071.40) (9.42)


29

>>>

SINOPEC CAPITAL 3.125% 13-24/04/2023 USD 5 400 000.000 4 714 353.31 3.12


Bonds

Virgin Islands

SINOCHEM OFFSH 3.124% 17-24/05/2022 USD 5 000 000.000 4 385 800.04 2.91

CNOOC FIN 2012 3.875% 12-02/05/2022 USD 3 000 000.000 2 733 333.33 1.81

CHINA RAILWAY 3.25% 16-28/07/2026 USD 3 150 000.000 2 691 204.65 1.79

CHINA CINDA 2015 4.25% 15-23/04/2025 USD 3 000 000.000 2 672 344.90 1.77

CNOOC FIN 2013 L 3% 13-09/05/2023 USD 2 600 000.000 2 256 078.69 1.50

SINOPEC OVERSEAS 1.75% 16-29/09/2019 USD 2 500 000.000 2 163 829.74 1.44

CHINA CINDA 2015 3.125% 15-23/04/2020 USD 2 250 000.000 1 985 666.40 1.32

SINOPEC GRP OVER 3.9% 12-17/05/2022 USD 1 500 000.000 1 372 890.38 0.91

PROVEN GLORY CAP 3.25% 17-21/02/2022 USD 1 500 000.000 1 321 424.82 0.88

SINOPEC OVERSEAS 3.5% 16-03/05/2026 USD 1 500 000.000 1 309 082.54 0.87

CHINA GREAT WALL 2.5% 14-17/09/2017 USD 1 200 000.000 1 051 976.87 0.70

PROVEN HONOUR 4.125% 16-06/05/2026 USD 1 000 000.000 894 667.89 0.59

29 552 653.56 19.61

KOOKMIN BANK 17-09/06/2022 USD 6 300 000.000 5 546 478.71 3.69

South Korea

WOORI BANK 2.625% 16-20/07/2021 USD 4 000 000.000 3 497 073.26 2.32

KHFC 1.625% 13-15/09/2018 USD 3 500 000.000 3 049 542.15 2.02

KEB HANA BANK 17-05/04/2020 USD 3 000 000.000 2 629 679.29 1.74

EXP-IMP BK KOREA 1.75% 16-26/05/2019 USD 3 000 000.000 2 613 130.91 1.73

KEB HANA BANK 1.75% 16-18/10/2019 USD 3 000 000.000 2 590 812.30 1.72

EXP-IMP BK KOREA 17-05/07/2022 USD 2 000 000.000 1 756 642.13 1.17

SHINHAN BANK 2.25% 15-15/04/2020 USD 1 500 000.000 1 301 912.46 0.86

NONGHYUP BANK 2.75% 14-29/09/2019 USD 800 000.000 707 315.11 0.47

KOREA GAS CORP 2.25% 12-25/07/2017 USD 800 000.000 701 188.22 0.47

EXP-IMP BK KOREA 17-25/01/2022 USD 750 000.000 661 372.90 0.44

25 055 147.44 16.63

DBS BANK LTD/SP 3.625% 12-21/09/2022 USD 6 200 000.000 5 450 235.72 3.62

Singapore

UNITED OVERSEAS 16-16/09/2026 FRN USD 5 900 000.000 5 272 129.78 3.50

OVERSEA-CHINESE 14-15/10/2024 FRN USD 3 300 000.000 2 967 209.52 1.97

OVERSEA-CHINESE 4.25% 14-19/06/2024 USD 2 350 000.000 2 154 557.92 1.43

CMT MTN PTE LTD 3.731% 12-21/03/2018 USD 1 430 000.000 1 268 955.84 0.84

17 113 088.78 11.36

CDBL FUNDING 1 4.25% 14-02/12/2024 USD 5 000 000.000 4 583 705.75 3.04

Cayman Islands

CCBL CAYMAN 1 2.75% 16-31/05/2021 USD 5 000 000.000 4 330 660.71 2.87

SUN HUNG KAI PRO 3.625% 13-16/01/2023 USD 3 700 000.000 3 371 435.33 2.24

AZURE ORBIT 3.75% 13-06/03/2023 USD 3 500 000.000 3 147 761.13 2.09

AZURE NOVA INTER 2.25% 16-01/11/2019 USD 1 500 000.000 1 300 584.91 0.86

16 734 147.83 11.10

CIMB BANK BHD 17-15/03/2020 USD 6 300 000.000 5 524 231.07 3.66

Malaysia

EXPORT-IMPORT 2.48% 16-20/10/2021 USD 5 500 000.000 4 776 980.37 3.17

CAGAMAS GLOBAL 2.53% 17-26/04/2020 USD 4 000 000.000 3 508 412.20 2.33

PETRONAS CAP LTD 3.125% 15-18/03/2022 USD 1 700 000.000 1 522 857.08 1.01

EXPORT-IMPORT 2.874% 14-19/02/2019 USD 800 000.000 705 110.41 0.47

16 037 591.13 10.64

AIA GROUP 3.2% 15-11/03/2025 USD 5 100 000.000 4 441 115.93 2.95

Hong Kong

CITIC LTD 3.7% 16-14/06/2026 USD 4 700 000.000 4 098 620.75 2.72

ICBCIL FINANCE 3.625% 16-19/05/2026 USD 4 000 000.000 3 487 206.45 2.31

ICBCIL FINANCE 2.5% 16-29/09/2021 USD 1 500 000.000 1 283 090.17 0.85

BJ STATE AST HK 3% 15-26/05/2020 USD 400 000.000 351 274.10 0.23

13 661 307.40 9.06

CHN CONST BK/HK 17-31/05/2020 USD 6 000 000.000 5 258 596.21 3.48

China

BANK OF CHINA/HK 17-14/02/2020 USD 3 800 000.000 3 330 344.37 2.21

AGR BK CHINA(HK) 2.875% 13-10/12/2018 USD 1 500 000.000 1 326 314.41 0.88

BANK OF COMM/HK 17-21/02/2020 USD 750 000.000 657 528.26 0.44

ICBC/HONG KONG 17-21/02/2022 USD 700 000.000 616 030.06 0.41

ICBC/DUBAI DIFC 17-23/05/2020 EUR 500 000.000 501 075.00 0.33

11 689 888.31 7.75


Portfolio

BNPP IP Asian Debt Fund AAA/A-

30



>>|

ICBC MACAU LTD 14-10/09/2024 FRN USD 5 000 000.000 4 454 171.05 2.95

Macau

4 454 171.05 2.95

CNPC HONG KG LTD 3.75% 15-13/05/2025 USD 4 300 000.000 3 834 449.26 2.54

Bermuda

3 834 449.26 2.54

HARVEST OPERATIO 2.125% 13-14/05/2018 USD 3 000 000.000 2 630 375.92 1.74

Canada

2 630 375.92 1.74

BOC LUXEM SA 17-20/04/2020 EUR 900 000.000 904 824.00 0.60

Luxembourg

Total Bonds 141 667 644.68 93.98


market

141 667 644.68 93.98

904 824.00 0.60



20 263.76 0.01

US 10YR NOTE FUT (CBT) 20/09/2017 USD (110.000) 20 263.76 0.0112 127 037.33

Name Commitmentin EUR

QuantityCurrency Unrealized profit or(loss) in EUR

% of NAV

Total Futures 20 263.76 0.01

Futures

5 263 157.890 05/07/176 000 000.000 (6 750.33)EURUSD 5 263 157.89 0.00

163 600 000.000 31/08/17147 480 629.550 4 540 053.79USDEUR 147 480 629.55 3.01

4 533 303.46 3.01

Total Forward foreign exchange contracts 4 533 303.46 3.01

To payTo receive Unrealized profit or(loss) in EUR



Total financial derivative instruments including the amount of Interest Rate swap 4 532 300.01 3.02

Total portfolio including the amount of Interest Rate swap 146 199 944.69 97.00

31

>>>

AGEAS CAPITAL 4.125% 13-25/04/2023 USD 5 000 000.000 4 449 877.32 3.70


Bonds

Virgin Islands

CHINA TAIPING CA 4.125% 12-21/11/2022 USD 4 850 000.000 4 407 392.88 3.65

CICC HK FIN 2016 2.75% 16-18/05/2019 USD 4 200 000.000 3 684 532.07 3.06

HUARONG FIN II 2.875% 15-19/11/2018 USD 3 400 000.000 2 987 915.35 2.48

CHARMING LIGHT I 3.75% 14-03/09/2019 USD 3 000 000.000 2 679 837.01 2.22

BLUESTAR FIN LTD 3.125% 16-30/09/2019 USD 3 000 000.000 2 639 353.31 2.19

CHINA GREAT WALL 2.25% 16-27/10/2019 USD 2 800 000.000 2 424 728.36 2.01

FRANSHION BRILLA 3.6% 17-03/03/2022 USD 1 750 000.000 1 536 157.12 1.27

HUARONG FINANCE 17-27/04/2022 USD 1 000 000.000 896 258.32 0.74

HUARONG FINANCE 17-27/04/2020 USD 600 000.000 531 855.94 0.44

26 237 907.68 21.76

ST BK INDIA/LON 17-06/04/2020 USD 5 300 000.000 4 644 257.36 3.86

India

ADANI TRANSMISSI 4% 16-03/08/2026 USD 3 300 000.000 2 908 479.23 2.41

ONGC VIDESH LTD 3.25% 14-15/07/2019 USD 2 500 000.000 2 220 874.96 1.84

ICICI BANK/DUBAI 3.125% 15-12/08/2020 USD 2 500 000.000 2 208 037.59 1.83

AXIS BANK 5.125% 12-05/09/2017 USD 2 500 000.000 2 200 414.04 1.82

ONGC VIDESH LTD 4.625% 14-15/07/2024 USD 2 300 000.000 2 141 204.87 1.78

OIL INDIA LTD 3.875% 14-17/04/2019 USD 2 120 000.000 1 899 008.76 1.57

18 222 276.81 15.11

PERTAMINA 4.875% 12-03/05/2022 USD 4 800 000.000 4 496 361.72 3.72

Indonesia

PERUSAHAAN LISTR 5.5% 11-22/11/2021 USD 4 400 000.000 4 215 432.88 3.50

PELABUHAN INDONE 4.875% 14-01/10/2024 USD 2 150 000.000 2 013 251.18 1.67

PERUSAHAAN GAS 5.125% 14-16/05/2024 USD 1 550 000.000 1 462 605.37 1.21

INDONESIA EXIMBK 3.875% 17-06/04/2024 USD 500 000.000 444 950.49 0.37

12 632 601.64 10.47

KASIKORNBANK PCL 2.375% 16-06/04/2022 USD 5 200 000.000 4 464 928.15 3.71

Thailand

TMB BANK PCL/KY 3.108% 16-01/10/2021 USD 4 700 000.000 4 127 244.13 3.42

KRUNG THAI BANK/ 2.25% 13-11/09/2018 USD 2 480 000.000 2 173 846.48 1.80

10 766 018.76 8.93

CHINA CONST BANK 15-13/05/2025 FRN USD 4 850 000.000 4 330 426.96 3.60

China

BANK OF CHINA 5% 14-13/11/2024 USD 3 000 000.000 2 823 146.69 2.34

BANK COMMUNICATI 14-03/10/2026 FRN EUR 1 500 000.000 1 555 447.50 1.29

ICBC LTD 4.875% 15-21/09/2025 USD 1 500 000.000 1 403 470.03 1.16

10 112 491.18 8.39

SHINHAN BANK 16-07/12/2026 USD 5 000 000.000 4 482 386.96 3.72

South Korea

KOREAN RE 14-21/10/2044 FRN USD 3 400 000.000 3 027 361.55 2.51

BUSAN BANK 3.625% 16-25/07/2026 USD 2 000 000.000 1 697 134.60 1.41

GS CALTEX CORP 3.25% 13-01/10/2018 USD 605 000.000 535 575.04 0.44

9 742 458.15 8.08

RHB BANK 2.503% 16-06/10/2021 USD 4 900 000.000 4 224 596.92 3.50

Malaysia

MALAYAN BANKING 16-29/10/2026 USD 3 200 000.000 2 864 367.33 2.38

MALAYAN BANKING 12-20/09/2022 FRN USD 1 950 000.000 1 711 393.27 1.42

RHB BANK 3.088% 14-03/10/2019 USD 400 000.000 354 518.05 0.29

9 154 875.57 7.59

ANSTOCK II 2.125% 14-24/07/2017 USD 5 200 000.000 4 556 105.85 3.78

Cayman Islands

FWD LTD 5% 14-24/09/2024 USD 1 800 000.000 1 679 408.52 1.39

6 235 514.37 5.17

ICBC ASIA 13-10/10/2023 FRN USD 2 000 000.000 1 785 655.45 1.47

Hong Kong

CHINA CITIC BANK 6% 13-07/05/2024 USD 1 465 000.000 1 344 906.46 1.12

DAH SING BANK 16-30/11/2026 USD 1 000 000.000 896 004.21 0.74

CITIC BANK INTL 12-28/09/2022 FRN USD 200 000.000 175 580.97 0.15

4 202 147.09 3.48

UPL CORP LTD 3.25% 16-13/10/2021 USD 4 000 000.000 3 507 851.38 2.91

Mauritius

3 507 851.38 2.91


Portfolio

BNPP IP Asian Debt Fund BBB

32



>>|

BAOSTEEL FIN 201 3.875% 15-28/01/2020 USD 2 000 000.000 1 787 495.62 1.48

Australia

Total Bonds 112 601 638.25 93.37


market

112 601 638.25 93.37

1 787 495.62 1.48



2 738.35 0.00

US 10YR NOTE FUT (CBT) 20/09/2017 USD (25.000) 2 738.35 0.002 756 144.85

Name Commitmentin EUR

QuantityCurrency Unrealized profit or(loss) in EUR

% of NAV

Total Futures 2 738.35 0.00

Futures

3 570 472.190 31/08/174 000 000.000 (75 279.39)EURUSD 3 570 472.19 (0.06)

134 700 000.000 31/08/17121 715 215.530 4 025 957.23USDEUR 121 715 215.53 3.34

3 950 677.84 3.28


To payTo receive Unrealized profit or(loss) in EUR



Total financial derivative instruments 3 953 416.19 3.28

Total portfolio 116 555 054.44 96.64

33

>>>

CLEAR CHNL WORLD 7.625% 12-15/03/2020 USD 6 000 000.000 5 992 746.00 1.56


Bonds


SPRINT CORP 7.25% 14-15/09/2021 USD 5 000 000.000 5 557 645.00 1.44

QCP SNF REIT LLC 8.125% 16-01/11/2023 USD 5 000 000.000 5 158 670.00 1.33

AMER AXLE & MFG 6.25% 17-01/04/2025 USD 4 500 000.000 4 401 603.00 1.14

SUNOCO LP/FIN 6.25% 16-15/04/2021 USD 4 000 000.000 4 185 340.00 1.08

QUICKEN LOANS IN 5.75% 15-01/05/2025 USD 4 000 000.000 4 142 808.00 1.07

NEWSTAR FINANCIA 7.25% 15-01/05/2020 USD 3 990 000.000 4 086 242.79 1.06

RESOLUTE ENERGY 8.5% 17-01/05/2020 USD 4 000 000.000 3 990 772.00 1.03

OCH-ZIFF FINANCE 4.5% 14-20/11/2019 USD 4 205 000.000 3 967 043.26 1.02

SALLY HLD/SAL CA 5.625% 15-01/12/2025 USD 3 851 000.000 3 939 241.81 1.02

FRONTIER COMM 10.5% 15-15/09/2022 USD 4 000 000.000 3 819 612.00 0.99

OCWEN LOAN SERV 8.375% 16-15/11/2022 USD 4 000 000.000 3 799 120.00 0.98

CABLEVISION SYS 5.875% 12-15/09/2022 USD 3 440 000.000 3 580 496.48 0.92

AECOM TECHNOLOGY 5.125% 17-15/03/2027 USD 3 500 000.000 3 516 821.00 0.91

SUNCOKE EN PAR L 7.5% 17-15/06/2025 USD 3 500 000.000 3 486 840.00 0.90

SABRE GLBL INC 5.25% 15-15/11/2023 USD 3 250 000.000 3 386 766.50 0.87

JEFFERIES FIN LL 7.5% 14-15/04/2021 USD 3 250 000.000 3 380 360.75 0.87

WESTERN DIGITAL 7.375% 16-01/04/2023 USD 3 000 000.000 3 301 800.00 0.85

CORTES NP ACQ 9.25% 16-15/10/2024 USD 3 000 000.000 3 257 760.00 0.84

FRONTIER COMM 11% 16-15/09/2025 USD 3 500 000.000 3 247 317.50 0.84

SCIENTIFIC GAMES 7% 14-01/01/2022 USD 3 000 000.000 3 208 605.00 0.83

NAVIENT CORP 6.5% 17-15/06/2022 USD 3 000 000.000 3 188 766.00 0.82

LPL HOLDINGS INC 5.75% 17-15/09/2025 USD 3 000 000.000 3 138 432.00 0.81

CBS RADIO INC 7.25% 16-01/11/2024 USD 3 000 000.000 3 109 482.00 0.80

B&G FOODS INC 5.25% 17-01/04/2025 USD 3 000 000.000 3 069 180.00 0.79

JBS USA LLC/JBS 5.75% 15-15/06/2025 USD 3 250 000.000 3 060 570.50 0.79

DRAWBRIDGE SPEC 5% 14-01/08/2021 USD 3 000 000.000 3 031 323.00 0.78

CITGO PETROLEUM 6.25% 14-15/08/2022 USD 2 983 000.000 3 028 920.30 0.78


CENTURY COMMUNIT 5.875% 17-15/07/2025 USD 3 000 000.000 2 991 558.00 0.77

DYNEGY INC 7.375% 15-01/11/2022 USD 3 000 000.000 2 975 349.00 0.77

CITGO HOLDING 10.75% 15-15/02/2020 USD 2 685 000.000 2 926 419.09 0.76

SPRINGLEAF FIN 5.25% 14-15/12/2019 USD 2 750 000.000 2 859 978.00 0.74

PEABODY SEC FIN 6% 17-31/03/2022 USD 2 750 000.000 2 744 599.00 0.71

MATCH GROUP INC 6.375% 16-01/06/2024 USD 2 500 000.000 2 730 722.50 0.71

PILGRIMS PRIDE 5.75% 15-15/03/2025 USD 2 692 000.000 2 711 492.77 0.70

DONNELLEY FIN 8.25% 17-15/10/2024 USD 2 500 000.000 2 660 722.50 0.69

HARLAND CLARKE 8.375% 17-15/08/2022 USD 2 414 000.000 2 581 237.09 0.67

ORCHESTRA BOR/CO 6.75% 17-15/06/2022 USD 2 500 000.000 2 579 625.00 0.67

LADDER CAP FINAN 5.25% 17-15/03/2022 USD 2 500 000.000 2 575 350.00 0.67

iStar Inc 6% 17-01/04/2022 USD 2 500 000.000 2 573 900.00 0.66

FIFTH STREET FIN 4.875% 14-01/03/2019 USD 2 500 000.000 2 505 507.50 0.65

AK STEEL CORP 7.5% 16-15/07/2023 USD 2 250 000.000 2 447 939.25 0.63

ALLEGHENY TECH 9.375% 09-01/06/2019 USD 2 000 000.000 2 178 476.00 0.56

NAVIENT CORP 6.625% 16-26/07/2021 USD 2 000 000.000 2 151 738.00 0.56

CEDAR FAIR LP 5.375% 17-15/04/2027 USD 2 000 000.000 2 119 790.00 0.55

DEAN FOODS CO 6.5% 15-15/03/2023 USD 2 000 000.000 2 113 022.00 0.55

ALLIANCE RES OP 7.5% 17-01/05/2025 USD 2 000 000.000 2 099 636.00 0.54

LSC COMMUNICATIO 8.75% 16-15/10/2023 USD 2 000 000.000 2 094 764.00 0.54

ICAHN ENTER/FIN 6.25% 17-01/02/2022 USD 2 000 000.000 2 092 762.00 0.54

CREDIT ACCEPTANC 7.375% 15-15/03/2023 USD 2 000 000.000 2 089 768.00 0.54

OLIN CORP 5.125% 17-15/09/2027 USD 2 000 000.000 2 069 868.00 0.53

RITE AID CORP 6.75% 13-15/06/2021 USD 2 000 000.000 2 062 636.00 0.53

CREDIT ACCEPTANC 6.125% 14-15/02/2021 USD 2 000 000.000 2 057 348.00 0.53

CHENIERE CORP CH 5.125% 17-30/06/2027 USD 2 000 000.000 2 048 214.00 0.53

REYNOLDS GROUP 5.75% 13-15/10/2020 USD 2 000 000.000 2 047 756.00 0.53

BWAY HOLDING CO 5.5% 17-15/04/2024 USD 2 000 000.000 2 047 014.00 0.53

MASTEC INC 4.875% 13-15/03/2023 USD 2 033 000.000 2 034 390.57 0.53

VERISIGN INC 4.75% 17-15/07/2027 USD 2 000 000.000 2 024 408.00 0.52

WEST CORP 5.375% 14-15/07/2022 USD 2 000 000.000 2 020 316.00 0.52

COOPER-STANDARD 5.625% 16-15/11/2026 USD 2 000 000.000 2 012 622.00 0.52

JBS USA LLC/JBS 8.25% 12-01/02/2020 USD 2 000 000.000 2 009 042.00 0.52


Portfolio

MAM Global High Yield Corporate Bond Fund BB/B

34



>>>

NATIONSTAR MORT/ 6.5% 13-01/08/2018 USD 2 000 000.000 2 005 714.00 0.52

HERTZ CORP 7.625% 17-01/06/2022 USD 2 000 000.000 2 000 398.00 0.52

JC PENNEY CORP 5.875% 16-01/07/2023 USD 2 000 000.000 1 986 930.00 0.51


CONTINENTAL RES 5% 12-15/09/2022 USD 2 000 000.000 1 960 158.00 0.51

CALPINE CORP 5.375% 14-15/01/2023 USD 2 000 000.000 1 947 760.00 0.50

LIMITED BRANDS 6.95% 03-01/03/2033 USD 2 000 000.000 1 939 634.00 0.50

HERTZ CORP 5.875% 13-15/10/2020 USD 2 000 000.000 1 934 406.00 0.50

CLIFFS NATURAL R 5.75% 17-01/03/2025 USD 2 000 000.000 1 885 214.00 0.49

UNDER ARMOUR INC 3.25% 16-15/06/2026 USD 2 000 000.000 1 876 670.00 0.48

GRAY TELE INC 5.125% 16-15/10/2024 USD 1 850 000.000 1 874 939.85 0.48

ALBERTSONS COS 5.75% 16-15/03/2025 USD 2 000 000.000 1 866 374.00 0.48

MERITOR INC 6.75% 13-15/06/2021 USD 1 800 000.000 1 863 993.60 0.48


DANA HOLDING 5.5% 14-15/12/2024 USD 1 750 000.000 1 824 684.75 0.47

GROUP 1 AUTO 5% 15-01/06/2022 USD 1 750 000.000 1 782 784.50 0.46

TES LOG LP/CORP 5.25% 16-15/01/2025 USD 1 650 000.000 1 740 700.50 0.45

LOUISIANA-PACIFI 4.875% 16-15/09/2024 USD 1 700 000.000 1 736 951.20 0.45

VERSUM MATERIALS 5.5% 16-30/09/2024 USD 1 600 000.000 1 685 592.00 0.44

CUMBERLAND FARMS 6.75% 17-01/05/2025 USD 1 547 000.000 1 627 577.04 0.42

TEREX CORP 5.625% 17-01/02/2025 USD 1 550 000.000 1 594 657.05 0.41

MOOG INC 5.25% 14-01/12/2022 USD 1 526 000.000 1 590 352.95 0.41

AMERICAN AIR 5.5% 14-01/10/2019 USD 1 500 000.000 1 581 858.00 0.41

ISTAR INC 6.5% 16-01/07/2021 USD 1 500 000.000 1 571 458.50 0.41

ACMP/ACMP FIN 4.875% 14-15/03/2024 USD 1 500 000.000 1 570 320.00 0.41

CENTURYLINK INC 5.8% 12-15/03/2022 USD 1 500 000.000 1 568 599.50 0.41

AVON INTERNATION 7.875% 16-15/08/2022 USD 1 500 000.000 1 561 921.50 0.40

CDW LLC/CDW FIN 5% 17-01/09/2025 USD 1 500 000.000 1 557 621.00 0.40


SILGAN HOLDINGS 4.75% 17-15/03/2025 USD 1 500 000.000 1 540 534.50 0.40

AMERIGAS PARTNER 5.5% 16-20/05/2025 USD 1 500 000.000 1 527 537.00 0.39

ALBERTSONS COS 6.625% 16-15/06/2024 USD 1 500 000.000 1 489 375.50 0.38

TENNECO INC 5% 16-15/07/2026 USD 1 250 000.000 1 261 016.25 0.33

SUNOCO LP/FIN 6.375% 16-01/04/2023 USD 1 100 000.000 1 160 592.40 0.30

KAISER ALUMINUM 5.875% 16-15/05/2024 USD 1 000 000.000 1 058 327.00 0.27

PARK-OHIO INDUST 6.625% 17-15/04/2027 USD 1 000 000.000 1 053 468.00 0.27

SYMANTEC CORP 5% 17-15/04/2025 USD 1 000 000.000 1 047 497.00 0.27

TEMPUR SEALY INT 5.625% 15-15/10/2023 USD 1 000 000.000 1 042 206.00 0.27

TEMPUR SEALY INT 5.625% 16-15/10/2023 USD 1 000 000.000 1 042 206.00 0.27

EW SCRIPPS 5.125% 17-15/05/2025 USD 1 000 000.000 1 037 347.00 0.27

AK STEEL CORP 7% 17-15/03/2027 USD 1 000 000.000 1 033 500.00 0.27


LADDER CAP FINAN 5.875% 14-01/08/2021 USD 1 000 000.000 1 024 721.00 0.26

KAR AUCTION 5.125% 17-01/06/2025 USD 1 000 000.000 1 019 139.00 0.26

NEXSTAR ESCROW 5.625% 16-01/08/2024 USD 1 000 000.000 1 012 464.00 0.26

MERITAGE HOMES 5.125% 17-06/06/2027 USD 1 000 000.000 1 003 124.00 0.26

SAFEWAY INC 7.25% 01-01/02/2031 USD 1 000 000.000 947 258.00 0.24

USG CORP 4.875% 17-01/06/2027 USD 750 000.000 772 194.75 0.20

PEABODY SEC FIN 6.375% 17-31/03/2025 USD 750 000.000 742 547.25 0.19

HERTZ CORP 5.5% 16-15/10/2024 USD 750 000.000 611 952.75 0.16

REYNOLDS GROUP 16-15/07/2021 USD 76 000.000 77 631.80 0.02

259 318 697.31 66.98

CLEARWATER SEA 6.875% 17-01/05/2025 USD 3 000 000.000 3 161 232.00 0.81

Canada

TELESAT CANADA/L 8.875% 16-15/11/2024 USD 2 263 000.000 2 544 385.95 0.66

VALEANT PHARMA 6.5% 17-15/03/2022 USD 1 750 000.000 1 840 455.75 0.48

GFL ENVIRON INC 9.875% 16-01/02/2021 USD 1 250 000.000 1 363 093.75 0.35

HUDBAY MINERALS 7.25% 16-15/01/2023 USD 1 000 000.000 1 035 638.00 0.27

9 944 805.45 2.57

PUNCH TAVERNS 14-15/10/2027 FRN GBP 3 500 000.000 4 566 229.66 1.18

United Kingdom

INMARSAT FINANCE 4.875% 14-15/05/2022 USD 2 700 000.000 2 742 857.10 0.71

STONEGATE PUB CO 17-15/03/2022 GBP 2 000 000.000 2 625 256.47 0.68

9 934 343.23 2.57

SPCM SA 4.875% 17-15/09/2025 USD 5 000 000.000 5 110 900.00 1.32

France

NUMERICABLE-SFR 7.375% 16-01/05/2026 USD 4 000 000.000 4 328 488.00 1.12

9 439 388.00 2.44


35

>>|

INTELSAT JACKSON 8% 16-15/02/2024 USD 5 000 000.000 5 398 810.00 1.40

Luxembourg

DANA FIN LUX SAR 5.75% 17-15/04/2025 USD 2 500 000.000 2 604 667.50 0.67

VENATOR FIN SARL 5.75% 17-15/07/2025 USD 1 000 000.000 1 012 160.00 0.26

9 015 637.50 2.33

DIGICEL LIMITED 6% 13-15/04/2021 USD 5 500 000.000 5 288 365.50 1.37

Bermuda

FLY LEASING LTD 6.75% 13-15/12/2020 USD 3 000 000.000 3 148 914.00 0.81

8 437 279.50 2.18

FIAT CHRYSLER AU 4.5% 15-15/04/2020 USD 3 500 000.000 3 590 076.00 0.93

The Netherlands

ZIGGO SECURED FI 5.5% 16-15/01/2027 USD 3 000 000.000 3 087 531.00 0.80

6 677 607.00 1.73

VIRGIN AU HLD 8.5% 14-15/11/2019 USD 3 000 000.000 3 157 914.00 0.82

Australia

FMG RES AUG 2006 5.125% 17-15/05/2024 USD 2 000 000.000 2 007 828.00 0.52

FMG RES AUG 2006 4.75% 17-15/05/2022 USD 1 000 000.000 1 008 464.00 0.26

6 174 206.00 1.60

INDUSTRIAL SR TR 5.5% 12-01/11/2022 USD 2 000 000.000 2 047 034.00 0.53

Cayman Islands

TRANSOCEAN INC 9% 16-15/07/2023 USD 1 500 000.000 1 562 950.50 0.40

3 609 984.50 0.93

BANCO BRASL (CI) 3.875% 12-10/10/2022 USD 2 000 000.000 1 931 000.00 0.50

Brazil

VOTORANTIM CIMEN 7.25% 11-05/04/2041 USD 1 500 000.000 1 474 324.50 0.38

3 405 324.50 0.88

PERSHING SQUARE 5.5% 15-15/07/2022 USD 2 000 000.000 2 107 286.00 0.55

Guernsey

PERSHING SQUARE 5.5% 15-15/07/2022 USD 1 000 000.000 1 053 643.00 0.27

3 160 929.00 0.82

TURK EXIMBANK 5.375% 16-08/02/2021 USD 2 500 000.000 2 586 667.50 0.67

Turkey

2 586 667.50 0.67

BANCO REGIONAL 8.125% 14-24/01/2019 USD 2 000 000.000 2 135 872.00 0.55

Paraguay

2 135 872.00 0.55

SILVERSEA CRUISE 7.25% 17-01/02/2025 USD 1 964 000.000 2 098 043.00 0.54

Bahamas

Total Bonds 335 938 784.49 86.79

2 098 043.00 0.54

TRANSOCEAN PHNX2 7.75% 16-15/10/2024 USD 950 000.000 1 010 910.20 0.26

Mortgage backed securities

Cayman Islands

Total Mortgage backed securities 1 010 910.20 0.26


market

336 949 694.69 87.05

1 010 910.20 0.26


Portfolio


13 659 105.990 31/01/1815 012 476.730 (724 397.44)EURUSD 15 012 476.73 (0.19)

5 477 080.000 26/07/176 956 742.190 (162 555.38)GBPUSD 6 956 742.19 (0.04)

380 048 304.970 31/01/18348 131 084.140 21 235 433.10USDEUR 380 048 304.97 5.49

20 348 480.28 5.26






Total portfolio 357 298 174.97 92.31

36



>>|

PING AN INSURANCE GROUP CO-A CNY 1 625 757.000 80 653 804.77 6.28


Shares

China

ANHUI CONCH CEMENT CO LTD-A CNY 2 894 700.000 65 796 531.00 5.12

HANGZHOU HIKVISION DIGITAL-A CNY 1 867 650.000 60 325 095.00 4.70

CHINA COMMUNICATIONS CONST-A CNY 3 734 397.000 59 339 568.33 4.62

CHINA CONSTRUCTION BANK-A CNY 9 179 100.000 56 451 465.00 4.40

MIDEA GROUP CO LTD-A CNY 1 278 900.000 55 043 856.00 4.29

CHINA STATE CONSTRUCTION -A CNY 5 369 200.000 51 973 856.00 4.05

CHINA SHENHUA ENERGY CO-A CNY 2 213 628.000 49 341 768.12 3.84

HANS LASER TECHNOLOGY IN-A CNY 1 361 900.000 47 176 216.00 3.67

IND + COMM BK OF CHINA - A CNY 7 824 700.000 41 079 675.00 3.20

CHINA PETROLEUM + CHEMICAL-A CNY 6 815 679.000 40 416 976.47 3.15

HUATAI SECURITIES CO LTD-A CNY 1 976 800.000 35 384 720.00 2.76

SHENZHEN INOVANCE TECHNOLO-A CNY 1 293 700.000 33 041 098.00 2.57

POLY REAL ESTATE GROUP CO -A CNY 3 260 840.000 32 510 574.80 2.53

GF SECURITIES CO LTD-A CNY 1 765 500.000 30 454 875.00 2.37

SAIC MOTOR CORP LTD-A CNY 959 930.000 29 805 826.50 2.32

CHINA MINSHENG BANKING-A CNY 3 617 549.000 29 736 252.78 2.32

KWEICHOW MOUTAI CO LTD-A CNY 57 801.000 27 273 401.85 2.12

ANGANG STEEL CO LTD-A CNY 4 495 900.000 25 446 794.00 1.98

SHANGHAI MECHANICAL AND EL-A CNY 1 194 841.000 25 258 938.74 1.97

SHENZHEN O-FILM TECH CO-A CNY 1 248 500.000 22 685 245.00 1.77

NARI TECHNOLOGY CO LTD-A CNY 1 245 527.000 21 983 551.55 1.71

GOERTEK INC -A CNY 1 131 600.000 21 817 248.00 1.70

CHINA UNITED NETWORK-A CNY 2 711 300.000 20 253 411.00 1.58

JIANGSU HENGRUI MEDICINE C-A CNY 385 560.000 19 505 480.40 1.52

FOCUSED PHOTONICS HANGZHOU-A CNY 692 300.000 19 467 476.00 1.52

SHANGHAI CONSTRUCTION GROU-A CNY 5 060 356.000 19 330 559.92 1.51

CHINA PACIFIC INSURANCE GR-A CNY 543 000.000 18 391 410.00 1.43

AVIC CAPITAL CO LTD -A CNY 3 017 400.000 17 048 310.00 1.33

ZHEJIANG HUACE FILM + TV-A CNY 1 431 900.000 16 037 280.00 1.25

DONG-E-E-JIAOCO LTD-A CNY 216 300.000 15 549 807.00 1.21

HUADONG MEDICINE CO LTD-A CNY 263 200.000 13 081 040.00 1.02

WULIANGYE YIBIN CO LTD-A CNY 212 400.000 11 822 184.00 0.92

HANGZHOU SONGCHENG TOURISM-A CNY 549 600.000 11 470 152.00 0.89

CHINA RESOURCES SANJIU MED-A CNY 345 000.000 10 953 750.00 0.85

NINGBO JOYSON ELECTRONIC -A CNY 331 971.000 10 652 949.39 0.83

BYD CO LTD -A CNY 209 800.000 10 479 510.00 0.82

HUMANWELL HEALTHCARE GROUP-A CNY 489 905.000 9 611 936.10 0.75

STANLEY AGRICULTURAL GROU-A CNY 1 139 600.000 8 763 524.00 0.68

SHENERGY COMPANY LIMITED-A CNY 1 232 200.000 7 762 860.00 0.60

SHENZHEN GAS CORP LTD-A CNY 646 800.000 5 594 820.00 0.44

WANGSU SCIENCE + TECHNOLOG-A CNY 301 802.000 3 642 750.14 0.28

Total Shares 1 192 416 547.86 92.87


market

1 192 416 547.86 92.87

1 192 416 547.86 92.87

CHINA MERCHANTS SHEKOU IND-A CNY 1 758 500.000 37 561 560.00 2.92

Other transferable securities

Shares

China

JIANGXI COPPER CO LTD-A CNY 718 200.000 12 108 852.00 0.94

ZHEJIANG DAHUA TECHNOLOGY-A CNY 504 500.000 11 507 645.00 0.90

SANY HEAVY INDUSTRY CO LTD-A CNY 299 100.000 2 431 683.00 0.19

Total Shares 63 609 740.00 4.95

Total Other transferable securities 63 609 740.00 4.95

63 609 740.00 4.95

Description Currency Quantity Market value in CNH % of NAVStatement of Investments as at 30.06.2017

China Equity Fund

Total portfolio 1 256 026 287.86 97.82

37

>>>

SPRINT NEXTEL 6% 12-15/11/2022 USD 3 800 000.000 4 031 963.40 2.34


Bonds


CCO HOLDINGS LLC 5.375% 15-01/05/2025 USD 3 300 000.000 3 519 096.90 2.04

HCA INC 4.75% 12-01/05/2023 USD 2 400 000.000 2 542 334.40 1.47

T-MOBILE USA INC 6.125% 13-15/01/2022 USD 2 300 000.000 2 420 253.20 1.40

FRONTIER COMM 7.125% 12-15/01/2023 USD 2 691 000.000 2 251 317.51 1.30

GRAPHIC PACKAGE 4.875% 14-15/11/2022 USD 2 012 000.000 2 138 025.64 1.24

SYMANTEC CORP 5% 17-15/04/2025 USD 2 017 000.000 2 112 819.60 1.22

NETFLIX INC 5.5% 15-15/02/2022 USD 1 900 000.000 2 068 929.00 1.20

SERVICE CORP 5.375% 14-15/05/2024 USD 1 900 000.000 2 008 072.00 1.16

ANADARKO PETRO 5.55% 16-15/03/2026 USD 1 800 000.000 2 002 285.80 1.16

MGM RESORTS 6% 14-15/03/2023 USD 1 800 000.000 1 992 884.40 1.15

NEPTUNE FINCO 6.625% 15-15/10/2025 USD 1 750 000.000 1 928 867.50 1.12

PULTEGROUP INC 5.5% 16-01/03/2026 USD 1 800 000.000 1 924 813.80 1.11

DOLLAR TREE 5.75% 16-01/03/2023 USD 1 800 000.000 1 902 205.80 1.10

AMSURG CORP 5.625% 15-15/07/2022 USD 1 700 000.000 1 769 628.60 1.02

ENERGY TRANS 5.5% 15-01/06/2027 USD 1 700 000.000 1 764 127.40 1.02

GLP CAP/FIN II 5.375% 16-15/04/2026 USD 1 600 000.000 1 745 427.20 1.01

QUINTILES IMS 3.25% 17-15/03/2025 EUR 1 500 000.000 1 742 085.19 1.01

ALTICE US FIN I 5.5% 16-15/05/2026 USD 1 650 000.000 1 735 734.00 1.00

CONDU FIN / XER 10.5% 16-15/12/2024 USD 1 451 000.000 1 690 226.37 0.98

HUNTSMAN INT LLC 4.875% 13-15/11/2020 USD 1 600 000.000 1 688 873.60 0.98

HCA INC 5.375% 15-01/02/2025 USD 1 600 000.000 1 687 870.40 0.98

AMERICAN AIR 5.5% 14-01/10/2019 USD 1 600 000.000 1 687 467.20 0.98

DISH DBS CORP 5.125% 13-01/05/2020 USD 1 600 000.000 1 677 747.20 0.97

CONCHO RES/MIDLA 4.375% 16-15/01/2025 USD 1 634 000.000 1 675 585.30 0.97

CENTURYLINK INC 5.8% 12-15/03/2022 USD 1 600 000.000 1 673 172.80 0.97

CIT GROUP INC 5% 12-15/08/2022 USD 1 550 000.000 1 672 329.10 0.97

CDW LLC/CDW FIN 5% 15-01/09/2023 USD 1 600 000.000 1 669 395.20 0.97

KINDER MORGAN 5.625% 13-15/11/2023 USD 1 500 000.000 1 659 325.50 0.96

CHENIERE CORP CH 7% 17-30/06/2024 USD 1 480 000.000 1 653 148.16 0.96

WILLIAMS COS INC 4.55% 14-24/06/2024 USD 1 600 000.000 1 648 507.20 0.95

SABINE PASS LIQU 14-01/02/2021 FRN USD 1 500 000.000 1 635 144.00 0.95

COMMSCOPE TECH F 6% 15-15/06/2025 USD 1 500 000.000 1 612 611.00 0.93

CONTINENTAL RESO 3.8% 14-01/06/2024 USD 1 750 000.000 1 606 591.00 0.93

CALPINE CORP 6% 13-15/01/2022 USD 1 500 000.000 1 552 146.00 0.90

STEEL DYNAMICS 5% 17-15/12/2026 USD 1 500 000.000 1 543 995.00 0.89

HILTON DOMESTIC 4.25% 16-01/09/2024 USD 1 500 000.000 1 525 866.00 0.88

STANDARD INDS IN 5.5% 16-15/02/2023 USD 1 400 000.000 1 478 226.40 0.85

NOVELIS CORP 6.25% 16-15/08/2024 USD 1 380 000.000 1 450 545.60 0.84

SIRIUS XM RADIO 5.375% 15-15/04/2025 USD 1 350 000.000 1 399 743.45 0.81

MERITAGE HOMES 5.125% 17-06/06/2027 USD 1 349 000.000 1 352 596.43 0.78

ZF NA CAPITAL 4.75% 15-29/04/2025 USD 1 266 000.000 1 336 911.19 0.77

HARLAND CLARKE 6.875% 14-01/03/2020 USD 1 275 000.000 1 317 679.35 0.76

VERSUM MATERIALS 5.5% 16-30/09/2024 USD 1 246 000.000 1 312 530.17 0.76

SPECTRUM BRANDS 5.75% 16-15/07/2025 USD 1 200 000.000 1 288 461.60 0.74

CROWN AMER/CAP 4.5% 13-15/01/2023 USD 1 200 000.000 1 258 188.00 0.73

SLM CORP 4.875% 13-17/06/2019 USD 1 200 000.000 1 248 157.20 0.72

BALL CORP 5% 12-15/03/2022 USD 1 150 000.000 1 233 856.85 0.71

ASHLAND INC 4.75% 13-15/08/2022 USD 1 150 000.000 1 205 319.60 0.70

MPT OP PTNR/FINL 4% 15-19/08/2022 EUR 842 000.000 1 062 493.84 0.61

CYRUSONE LP/CYRU 5% 17-15/03/2024 USD 1 025 000.000 1 057 154.25 0.61


NRG ENERGY INC 6.25% 14-15/07/2022 USD 1 000 000.000 1 029 603.00 0.60

HEALTHSOUTH CORP 5.75% 12-01/11/2024 USD 1 000 000.000 1 026 601.00 0.59

NRG ENERGY INC 6.625% 17-15/01/2027 USD 1 000 000.000 1 003 791.00 0.58

AVIS BUDGET CAR 5.5% 13-01/04/2023 USD 1 000 000.000 995 634.00 0.58

BLOCK COMMUNICAT 6.875% 17-15/02/2025 USD 920 000.000 990 864.84 0.57

TENET HEALTHCARE 4.5% 13-01/04/2021 USD 968 000.000 988 861.37 0.57

WPX ENERGY INC 8.25% 15-01/08/2023 USD 900 000.000 977 106.60 0.56

CBS RADIO INC 7.25% 16-01/11/2024 USD 940 000.000 973 056.04 0.56

PARSLEY ENERGY 5.375% 16-15/01/2025 USD 950 000.000 957 792.85 0.55

SOUTHWESTERN ENE 4.05% 15-23/01/2020 USD 918 000.000 942 487.65 0.54


Portfolio


38



>>>

SABINE PASS LIQU 5.625% 16-01/03/2025 USD 800 000.000 883 537.60 0.51

EQUINIX INC 5.875% 15-15/01/2026 USD 800 000.000 873 516.80 0.51

CHENIERE CORP CH 5.125% 17-30/06/2027 USD 845 000.000 868 834.92 0.50

STEEL DYNAMICS 5.5% 15-01/10/2024 USD 800 000.000 852 036.00 0.49

SILGAN HOLDINGS 4.75% 17-15/03/2025 USD 820 000.000 842 144.92 0.49

LAMAR MEDIA CORP 5.375% 14-15/01/2024 USD 800 000.000 842 092.80 0.49

FIRST DATA CORP 5.375% 15-15/08/2023 USD 800 000.000 836 840.80 0.48

BERRY PLASTICS 5.5% 14-15/05/2022 USD 800 000.000 834 234.40 0.48

CINC BELL INC 7% 16-15/07/2024 USD 787 000.000 824 874.38 0.48

ALCOA INC 5.4% 11-15/04/2021 USD 775 000.000 816 770.95 0.47

AES CORP 5.5% 14-15/03/2024 USD 750 000.000 784 193.25 0.45

XPO LOGISTICS 6.5% 15-15/06/2022 USD 742 000.000 780 863.73 0.45

OASIS PETROLEUM 6.875% 12-15/01/2023 USD 800 000.000 776 513.60 0.45

OWENS-BROCKWAY 5.875% 15-15/08/2023 USD 700 000.000 775 743.50 0.45

MERCER INTL INC 6.5% 17-01/02/2024 USD 728 000.000 761 416.66 0.44

CDK GLOBAL INC 4.875% 17-01/06/2027 USD 738 000.000 759 176.17 0.44

CENTENE CORP 6.125% 16-15/02/2024 USD 616 000.000 666 250.82 0.39

NAVIENT CORP 6.625% 16-26/07/2021 USD 600 000.000 645 838.80 0.37

SINCLAIR TELE 5.875% 16-15/03/2026 USD 600 000.000 615 684.00 0.36

NEXSTAR ESCROW 5.625% 16-01/08/2024 USD 600 000.000 607 757.40 0.35

SUMMIT MATERIALS 5.125% 17-01/06/2025 USD 548 000.000 562 802.03 0.33

NOVELIS CORP 5.875% 16-30/09/2026 USD 319 000.000 329 424.60 0.19

MPT OP PTNR/FINL 3.325% 17-24/03/2025 EUR 270 000.000 318 980.45 0.18

EQUINIX INC 5.375% 17-15/05/2027 USD 280 000.000 299 800.20 0.17

SPECTRUM BRANDS 4% 16-01/10/2026 EUR 174 000.000 207 013.91 0.12

117 453 517.34 67.92

JAGUAR LAND ROVR 5% 14-15/02/2022 GBP 1 928 000.000 2 789 177.85 1.62

United Kingdom

BAA SH PLC 5.75% 14-03/03/2025 GBP 1 550 000.000 2 283 331.49 1.32

ANGLIAN WATER OS 5% 15-30/04/2023 GBP 1 412 000.000 1 974 160.76 1.14

MERLIN ENTERTA 2.75% 15-15/03/2022 EUR 1 500 000.000 1 790 044.75 1.04

VIRGIN MEDIA FIN 4.5% 15-15/01/2025 EUR 1 400 000.000 1 668 776.34 0.96

SENSATA TECH UK 6.25% 15-15/02/2026 USD 700 000.000 764 094.80 0.44

11 269 585.99 6.52

SCHAEFFLER FIN 3.25% 15-15/05/2025 EUR 2 000 000.000 2 447 355.69 1.42

The Netherlands

UPC HOLDING BV 6.75% 13-15/03/2023 EUR 1 360 000.000 1 659 779.55 0.96

LGE HOLDCO VI 7.125% 14-15/05/2024 EUR 1 000 000.000 1 282 482.32 0.74

NXP BV/NXP FUNDI 4.625% 16-01/06/2023 USD 1 000 000.000 1 080 802.00 0.62

ZIGGO BOND FIN 4.625% 15-15/01/2025 EUR 250 000.000 302 916.96 0.18

6 773 336.52 3.92

MATTAMY GROUP 6.875% 16-15/12/2023 USD 2 200 000.000 2 248 637.60 1.31

Canada

NOVA CHEMICALS 5.25% 13-01/08/2023 USD 1 900 000.000 1 956 259.00 1.13

VALEANT PHARMA 7% 17-15/03/2024 USD 1 214 000.000 1 282 529.09 0.74

FIRST QUANTUM 7.5% 17-01/04/2025 USD 358 000.000 351 399.55 0.20

FIRST QUANTUM 7.25% 17-01/04/2023 USD 200 000.000 196 488.80 0.11

6 035 314.04 3.49

PROGROUP 5.125% 15-01/05/2022 EUR 1 500 000.000 1 813 960.37 1.04

Germany

WEPA HYGIENEPROD 3.75% 16-15/05/2024 EUR 1 250 000.000 1 486 887.99 0.86

UNITYMEDIA 4% 14-15/01/2025 EUR 1 100 000.000 1 327 059.69 0.77

UNITYMEDIA 5.75% 12-15/01/2023 EUR 1 500 000.000 1 311 696.17 0.76

5 939 604.22 3.43

SPCM SA 2.875% 15-15/06/2023 EUR 2 600 000.000 3 027 801.89 1.75

France

NUMERICABLE 5.375% 14-15/05/2022 EUR 650 000.000 774 141.81 0.45

3 801 943.70 2.20

ALTICE 7.25% 14-15/05/2022 EUR 1 350 000.000 1 634 544.45 0.95

Luxembourg

DUFRY FINANCE 4.5% 14-15/07/2022 EUR 1 000 000.000 1 182 628.31 0.68

CABOT FINANCIAL 8.375% 13-01/08/2020 GBP 600 000.000 820 855.47 0.47

3 638 028.23 2.10

SILK BIDCO 7.5% 15-01/02/2022 EUR 1 025 000.000 1 251 316.74 0.72

Norway

NASSA TOPCO 2.875% 17-06/04/2024 EUR 765 000.000 900 215.44 0.52

2 151 532.18 1.24

ENDO DAC/ENDO FI 5.875% 17-15/10/2024 USD 1 612 000.000 1 666 103.56 0.96

Ireland

1 666 103.56 0.96


39

>>|

LKQ ITALIA BONDC 3.875% 16-01/04/2024 EUR 1 000 000.000 1 236 855.76 0.72

Italy

1 236 855.76 0.72

INTRUM JUSTITIA 2.75% 17-15/07/2022 EUR 970 000.000 1 113 953.93 0.64

Sweden

1 113 953.93 0.64

IHS MARKIT LTD 5% 16-01/11/2022 USD 500 000.000 541 488.50 0.31

Bermuda

Total Bonds 161 621 263.97 93.45


market

161 621 263.97 93.45

541 488.50 0.31


Portfolio


27 781 181.580 04/08/1731 678 436.860 (57 416.22)EURUSD 31 678 436.86 (0.03)

27 781 181.580 07/07/1731 215 455.660 (480 029.19)EURUSD 31 215 455.66 (0.28)

6 610 293.490 29/09/177 248 698.520 (322 177.92)EURUSD 7 248 698.52 (0.19)

6 104 301.530 04/08/177 838 149.020 (98 280.49)GBPUSD 7 838 149.02 (0.06)

6 104 301.530 07/07/177 849 926.720 (80 778.86)GBPUSD 7 849 926.72 (0.05)

31 632 431.220 07/07/1727 781 181.580 63 202.19USDEUR 31 632 431.22 0.04

173 588 767.610 29/09/17156 131 663.900 5 264 581.22USDEUR 173 588 767.61 3.05

7 831 251.160 07/07/176 104 301.530 99 469.60USDGBP 7 831 251.16 0.06

4 388 570.33 2.54






Total portfolio 166 009 834.30 95.99

GENERALI MULTI PORTFOLIO SOLUTIONS SICAV


General Information 1. Organisation

Liquidation One sub-fund was liquidated during the period ended June 30, 2017: Sub-funds name Currency Effective liquidation date Balanced Profile EUR 09.06.2017

2. Changes in portfolio composition The details of the changes in portfolio composition for the period ended June 30, 2017, are at the disposal of the unitholders at the registered office of the Management Company of the Fund and are available upon request free of charge.

40

unaudited semi-annual report as at 30.06 · 2017-09-26 · 6 generali multi portfolio solutions...

Documents