PARVEST SICAV. SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world

Transcription

1 PARVEST SICAV SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world

2 The asset manager for a changing world

3 Table of contents Organisation 3 Information 6 Financial statements at 30/06/ Key figures relating to the last 3 years 17 Securities portfolio at 30/06/2017 Bond Asia ex-japan 29 Bond Best Selection World Emerging 30 Bond USD 32 Bond USD Short Duration 35 Bond World 36 Bond World Emerging Local 39 Bond World High Yield 41 Bond World Inflation-Linked 45 Convertible Bond Asia 46 Convertible Bond World 47 Equity Best Selection Asia ex-japan 49 Equity Best Selection Euro 50 Equity Best Selection Europe 51 Equity Brazil 52 Equity China 53 Equity Europe Emerging 54 Equity Europe Growth 55 Equity Europe Mid Cap 56 Equity Europe Small Cap 57 Equity High Dividend Pacific 58 Equity High Dividend USA 59 Equity India 60 Equity Indonesia 61 Equity Japan 62 Equity Latin America 63 Equity Russia 64 Equity Russia Opportunities 65 Equity USA Growth 66 Equity USA Mid Cap 67 Equity World Consumer Durables 68 Equity World Emerging 69 Equity World Energy 70 Equity World Finance 71 Equity World Health Care 72 Equity World Low Volatility 73 Page 1 Page

4 Table of contents Page Equity World Materials 75 Equity World Technology 76 Equity World Utilities 77 Green Tigers 78 Multi-Asset Income Emerging 79 Real Estate Securities Pacific 82 Real Estate Securities World 83 Sustainable Equity High Dividend Europe 84 Notes to the financial statements 85 No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Page 2

5 Organisation Registered office 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT France, Paris Members Mr. Marnix ARICKX, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Belgium, Brussels Mrs. Marianne DEMARCHI, Head of Group Networks, BNP PARIBAS ASSET MANAGEMENT France, Paris (until 30 June 2017) Mr. Anthony FINAN, Chief Marketing Officer & CSR Delegate, BNP PARIBAS ASSET MANAGEMENT France, Paris Mr. François HULLO, Head of External Distribution, BNP PARIBAS ASSET MANAGEMENT France, Paris Mr. Christian VOLLE, independent Director, Paris Managing Director Mr. Anthony FINAN, Chief Marketing Officer & CSR Delegate, BNP PARIBAS ASSET MANAGEMENT France, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg, Luxembourg Management Company BNP PARIBAS ASSET MANAGEMENT Luxembourg*, 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg BNP PARIBAS ASSET MANAGEMENT Luxembourg is a Management Company as defined in chapter 15 of the Law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Net asset values calculation, transfer and registrar agent are delegated to: BNP Paribas Securities Services - Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE Stockholm, Sweden BNP PARIBAS ASSET MANAGEMENT France*, 1 Boulevard Haussmann, F Paris, France BNP PARIBAS ASSET MANAGEMENT Brasil Ltda*, Av. Juscelino Kubitchek Andar, Sao Paulo SP, Brazil BNP PARIBAS ASSET MANAGEMENT Asia Ltd.*, 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Japan Ltd.*, Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo , Japan *As of 1 June 2017, BNP PARIBAS INVESTMENT PARTNERS group has been rebranded BNP PARIBAS ASSET MANAGEMENT Page 3

6 Organisation BNP PARIBAS ASSET MANAGEMENT Nederland N.V.*, Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The Netherlands BNP PARIBAS ASSET MANAGEMENT Singapore Limited*, 20 Collyer Quay Tung Center #01-01, Singapore BNP PARIBAS ASSET MANAGEMENT UK Ltd. *, 5 Aldermanbury Square, London EC2V 7BP, United Kingdom BNP PARIBAS ASSET MANAGEMENT USA, Inc.*, 200 Park Avenue, 11 th floor, New York, NY 10166, USA TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France Management entities not part of the Group: Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the Equity USA Mid Cap sub-fund RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky , USA, Manager for the Equity High Dividend USA sub-fund The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1 Boulevard Haussmann, F Paris, France, Advisor on the selection of portfolio managers from outside the Group TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey, Advisor for the Equity Europe Emerging sub-fund and the Turkish equity in the Equity Emerging Europe pocket of the Multi-Asset Income Emerging sub-fund Depositary/Paying agent BNP Paribas Securities Services - Luxembourg Branch 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg. *As of 1 June 2017, BNP PARIBAS INVESTMENT PARTNERS group has been rebranded BNP PARIBAS ASSET MANAGEMENT Page 4

7 Organisation Rebranding of BNP PARIBAS INVESTMENT PARTNERS BNP PARIBAS INVESTMENT PARTNERS Luxembourg becomes BNP PARIBAS ASSET MANAGEMENT Luxembourg As of 1 st June 2017, the following entities of BNP PARIBAS INVESTMENT PARTNERS group (the Group ) will be rebranded BNP PARIBAS ASSET MANAGEMENT. This rebranding solely consists in a change of name of the entities of the group without any other consequence, nor resulting in the creation of new legal entities. As a consequence, BNP PARIBAS INVESTMENT PARTNERS Luxembourg (short-named BNPP IP Lux ) will become BNP PARIBAS ASSET MANAGEMENT Luxembourg (short-named BNPP AM Lux ). All references to the former name in any correspondence and documents will refer to the latter name after that said date. This change will also be reflected in the prospectuses or offering documents of all the investment funds managed by BNP PARIBAS INVESTMENT PARTNERS Luxembourg acting as Management Company or Alternative Investment Fund Manager. The website will also be changed to bnpparibas-am.com. Likewise, this change will also impact the name of the other entities of the Group as follows: COUNTRY CURRENT NAME FUTURE NAME AUSTRALIA BELGIUM HK BNP PARIBAS INVESTMENT PARTNERS (Australia) Ltd BNP PARIBAS INVESTMENT PARTNERS BELGIUM SA BNP PARIBAS INVESTMENT PARTNERS ASIA LIMITED BNP PARIBAS ASSET MANAGEMENT Australia Limited BNP PARIBAS ASSET MANAGEMENT Belgium BNP PARIBAS ASSET MANAGEMENT Asia Limited FRANCE BNP PARIBAS ASSET MANAGEMENT S.A.S. BNP PARIBAS ASSET MANAGEMENT France JAPAN NETHERLANDS SINGAPORE BNP PARIBAS INVESTMENT PARTNERS Japan Ltd BNP PARIBAS INVESTMENT PARTNERS Nederland NV BNP PARIBAS INVESTMENT PARTNERS SINGAPORE LIMITED BNP PARIBAS ASSET MANAGEMENT Japan Limited (as of 1 st December 2017) BNP PARIBAS ASSET MANAGEMENT Nederland NV BNP PARIBAS ASSET MANAGEMENT Singapore Limited UK BNP PARIBAS INVESTMENT PARTNERS UK Ltd BNP PARIBAS ASSET MANAGEMENT UK Ltd USA Fischer Francis Trees Watts Inc BNP PARIBAS ASSET MANAGEMENT USA, Inc. Luxembourg, on 10 May 2017 BNP PARIBAS INVESTMENT PARTNERS Luxembourg (becoming BNP PARIBAS ASSET MANAGEMENT Luxembourg) Page 5

8 Information Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65 amended by Directive 2014/91. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 25 April 2016, published in the Mémorial, Recueil Spécial des Sociétés et Associations on 17 June The latest version of the Articles of Association has been filed with the Trade and Companies Registar of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B The minimum capital amounts to EUR It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends Net Assets values are calculated every full bank business day in Luxembourg. The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: Financial Year The Company s financial year starts on 1 January and ends on 31 December. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Except for the newspaper publications required by Law, the official media to obtain any notice to shareholders from will be the website Documents and information are also available on the website: Page 6

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10 Financial statements at 30/06/2017 Bond Asia ex-japan Bond Best Selection World Emerging Bond USD Bond USD Short Duration Expressed in USD USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio (47 433) ( ) ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities ( ) ( ) Financial instruments Net realised result Movement on net unrealised gain/(loss) on: Investments securities Financial instruments ( ) Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) (9 671) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 8

11 Bond World Bond World Emerging Local Bond World High Yield Bond World Inflation- Linked Convertible Bond Asia Convertible Bond World EUR USD EUR EUR USD USD ( ) ( ) ( ) (95 159) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 (44 015) ( ) ( ) ( ) ( ) Page 9

12 Financial statements at 30/06/2017 Equity Best Selection Asia ex- Japan Equity Best Selection Euro Equity Best Selection Europe Equity Brazil Statement of net Expressed in USD EUR EUR USD Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities Financial instruments ( ) ( ) (55 685) Net realised result Movement on net unrealised gain/(loss) on: Investments securities ( ) Financial instruments (1 311) 0 Change in net due to operations Net subscriptions/(redemptions) ( ) Dividends paid 7 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 10

13 Equity China Equity Europe Emerging Equity Europe Growth Equity Europe Mid Cap Equity Europe Small Cap Equity High Dividend Pacific USD EUR EUR EUR EUR USD ( ) (6 496) (7 219) ( ) ( ) (50 123) ( ) (44 937) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 11

14 Financial statements at 30/06/2017 Equity High Dividend USA Equity India Equity Indonesia Equity Japan Statement of net Expressed in USD USD USD JPY Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments ( ) Net realised result on: Investments securities ( ) Financial instruments ( ) 547 ( ) Net realised result ( ) Movement on net unrealised gain/(loss) on: Investments securities ( ) ( ) Financial instruments Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 12

15 Equity Latin America Equity Russia Equity Russia Opportunities Equity USA Growth Equity USA Mid Cap Equity World Consumer Durables USD EUR USD USD USD EUR ( ) ( ) ( ) ( ) (29 091) ( ) (37 226) (20 125) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 13

16 Financial statements at 30/06/2017 Equity World Emerging Equity World Energy Equity World Finance Equity World Health Care Statement of net Expressed in USD EUR EUR EUR Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments ( ) Net realised result on: Investments securities ( ) Financial instruments (10 226) (21 947) Net realised result (51 349) Movement on net unrealised gain/(loss) on: Investments securities ( ) ( ) Financial instruments (3 410) (4 844) 0 (6 051) Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 14

17 Equity World Low Volatility Equity World Materials Equity World Technology Equity World Utilities Green Tigers Multi-Asset Income Emerging EUR EUR EUR EUR EUR USD ( ) ( ) (22 317) (66 668) (21 899) ( ) (57 916) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (17 041) ( ) ( ) ( ) Page 15

18 Financial statements at 30/06/2017 Real Estate Securities Pacific Real Estate Securities World Sustainable Equity High Dividend Europe Consolidated Statement of net Expressed in EUR EUR EUR EUR Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities Financial instruments (8 880) (35 706) Net realised result Movement on net unrealised gain/(loss) on: Investments securities ( ) ( ) Financial instruments 0 0 (5 430) Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV ( ) Net at the end of the financial year/period Page 16

19 Key figures relating to the last 3 years (Note 8) Bond Asia ex-japan USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic MD - Distribution Share Classic RH AUD MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH SGD MD - Distribution Share I - Capitalisation Share I RH EUR - Capitalisation Share N - Capitalisation Share N RH EUR - Distribution Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege MD - Distribution Share X - Capitalisation Bond Best Selection World Emerging USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share I - Capitalisation 96.66* Share I RH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege RH EUR - Distribution Share X - Capitalisation Bond USD USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation * This share class has been desactivated during the year and reactivated as at a level of NAV/share of 100. Page 17

20 Key figures relating to the last 3 years (Note 8) Bond USD Short Duration USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic H EUR - Capitalisation Share Classic MD - Distribution Share I - Capitalisation Share IH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Bond World EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Bond World Emerging Local USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic HUF - Capitalisation Share Classic MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share I - Capitalisation Share I RH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 18

21 Key figures relating to the last 3 years (Note 8) Bond World High Yield EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H AUD MD - Distribution Share Classic H CZK - Capitalisation Share Classic H USD - Capitalisation Share Classic H USD - Distribution Share Classic H USD MD - Distribution Share Classic USD - Capitalisation Share Classic USD MD - Distribution Share I - Capitalisation Share IH USD - Capitalisation Share N - Distribution Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Bond World Inflation-Linked EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Convertible Bond Asia USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Page 19

22 Key figures relating to the last 3 years (Note 8) Convertible Bond World USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH CHF - Capitalisation Share Classic RH CZK - Capitalisation Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share Classic RH PLN - Distribution Share I - Capitalisation Share I RH EUR - Capitalisation Share I RH EUR - Distribution Share I RH NOK - Capitalisation Share N - Capitalisation Share N RH EUR - Distribution Share Privilege - Capitalisation Share Privilege RH EUR - Capitalisation Share Privilege RH EUR - Distribution Share X - Capitalisation Equity Best Selection Asia ex-japan EUR EUR USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic RH AUD - Capitalisation Share Classic RH SGD - Capitalisation Share Classic RH USD - Capitalisation Share I - Capitalisation Share I EUR - Capitalisation Share N RH EUR - Distribution Share Privilege - Capitalisation Share Privilege EUR - Distribution Share X - Capitalisation Equity Best Selection Euro EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H CZK - Capitalisation Share Classic H HUF - Capitalisation Share Classic H SGD - Capitalisation Share Classic H USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share I - Distribution Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 20

23 Key figures relating to the last 3 years (Note 8) Equity Best Selection Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic CHF - Capitalisation Share Classic CHF - Distribution Share Classic RH HUF - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Brazil USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity China USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Europe Emerging EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 21

24 Key figures relating to the last 3 years (Note 8) Equity Europe Growth EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH SGD - Capitalisation Share Classic RH SGD MD - Distribution Share Classic RH USD - Capitalisation Share Classic RH USD MD - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Equity Europe Mid Cap EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity Europe Small Cap EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH SGD - Capitalisation Share Classic RH USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity High Dividend Pacific EUR EUR USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic MD - Distribution Share I - Capitalisation Share N RH EUR - Distribution Share Privilege EUR - Capitalisation Share Privilege EUR - Distribution Share X - Capitalisation Page 22

25 Key figures relating to the last 3 years (Note 8) Equity High Dividend USA USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic H EUR - Capitalisation Share Classic H EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share N - Distribution Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege H EUR - Distribution Share X - Capitalisation Equity India USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Equity Indonesia USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege EUR - Capitalisation Page 23

26 Key figures relating to the last 3 years (Note 8) Equity Japan JPY JPY JPY Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H EUR - Capitalisation Share Classic H USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share IH USD - Capitalisation Share N - Capitalisation Share N H EUR - Distribution Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege H EUR - Capitalisation Share X - Capitalisation Equity Latin America USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity Russia EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share I - Distribution Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege GBP - Distribution Share Privilege USD - Capitalisation Equity Russia Opportunities USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Page 24

27 Key figures relating to the last 3 years (Note 8) Equity USA Growth USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H CZK - Capitalisation Share Classic H EUR - Capitalisation Share Classic H EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity USA Mid Cap USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H EUR - Capitalisation Share Classic H SGD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege H EUR - Capitalisation Share X - Capitalisation Equity World Consumer Durables EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Equity World Emerging USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Page 25

28 Key figures relating to the last 3 years (Note 8) Equity World Energy EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Equity World Finance EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Equity World Health Care EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Equity World Low Volatility EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic CZK - Capitalisation Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Page 26

29 Key figures relating to the last 3 years (Note 8) Equity World Materials EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Equity World Technology EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Equity World Utilities EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Green Tigers EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Page 27

30 Key figures relating to the last 3 years (Note 8) Multi-Asset Income Emerging USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic HKD MD - Distribution Share Classic MD - Distribution Share Classic RH AUD MD - Distribution Share Classic RH CNH MD - Distribution Share Classic RH SGD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege EUR - Distribution Share X - Capitalisation Real Estate Securities Pacific EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Real Estate Securities World EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Sustainable Equity High Dividend Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share N - Distribution Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 28

31 Bond Asia ex-japan Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds Hong Kong CHINA TAIPING CA 4.125% 12-21/11/2022 USD CNOOC FIN % 13-09/05/2023 USD FRANSHION BRILLA 3.600% 17-03/03/2022 USD FWD LTD 5.000% 14-24/09/2024 USD ICBCIL FINANCE 2.375% 16-19/05/2019 USD ICBCIL FINANCE 2.500% 16-29/09/2021 USD ICBCIL FINANCE 2.600% 15-13/11/2018 USD ICBCIL FINANCE 3.625% 16-19/05/2026 USD NOBLE GROUP LTD 8.750% 17-09/03/2022 USD British Virgin Islands HUARONG FINANCE 4.000% 14-17/07/2019 USD HUARONG FINANCE II 2.750% 16-03/06/2019 USD HUARONG FINANCE II 3.250% 16-03/06/2021 USD PCCW CAP NO % 12-17/04/2022 USD SINOCHEM OFFSH 3.124% 17-24/05/2022 USD SINOPEC CAPITAL 3.125% 13-24/04/2023 USD China BANK OF CHINA 5.000% 14-13/11/2024 USD CHINA HONGQIAO 6.875% 14-03/05/2018 USD CHN SCE PROPERTY 5.875% 17-10/03/2022 USD HUACHEN ENERGY 6.625% 17-18/05/2020 USD ICBC LTD 4.875% 15-21/09/2025 USD KWG PROPERTY HOL 8.975% 14-14/01/2019 USD PROVEN GLORY CAP 3.250% 17-21/02/2022 USD PROVEN HONOUR 4.125% 16-06/05/2026 USD TIMES PROPERTY 6.250% 17-23/01/2020 USD Indonesia INDONESIA EXIMBK 3.875% 17-06/04/2024 USD PERTAMINA 4.875% 12-03/05/2022 USD REP OF INDONESIA 5.125% 15-15/01/2045 USD SBSN INDO III 4.325% 15-28/05/2025 USD Cayman Islands CCBL CAYMAN % 16-31/05/2021 USD CDBL FUNDING % 14-02/12/2024 USD CHINA OVERSEAS FIN 6.450% 14-11/06/2034 USD South Korea BUSAN BANK 3.625% 16-25/07/2026 USD GS CALTEX CORP 3.000% 14-18/06/2019 USD KOREA GAS CORP 2.250% 12-25/07/2017 USD Singapore OVERSEA-CHINESE 4.250% 14-19/06/2024 USD India ADANI TRANSMISSI 4.000% 16-03/08/2026 USD RELIANCE INDUSTRIES 4.875% /02/2045 USD Malaysia RHB BANK 2.503% 16-06/10/2021 USD United Arab Emirates ICICI BANK/DUBAI 4.000% 16-18/03/2026 USD The Netherlands JAIN INT TRADING 7.125% 17-01/02/2022 USD Floating rate bonds Hong Kong BANK EAST ASIA L 14-20/11/2024 FRN USD BANK OF COMMUNICATIONS/HK /05/2020 FRN USD CCCI TREASURE 15-29/12/2049 FRN USD DAH SING BANKING 14-29/01/2024 FRN USD ICBC ASIA 13-10/10/2023 FRN USD Malaysia CIMB BANK BHD 17-15/03/2020 FRN USD MALAYAN BANKING 12-20/09/2022 FRN USD MALAYAN BANKING 16-29/10/2026 FRN USD Singapore OVERSEA-CHINESE 10-15/11/2022 FRN USD OVERSEA-CHINESE 14-15/10/2024 FRN USD UNITED OVERSEAS 12-17/10/2022 FRN USD UNITED OVERSEAS 16-08/03/2027 FRN USD UNITED OVERSEAS 16-16/09/2026 FRN USD South Korea KOOKMIN BANK 17-09/06/2022 FRN USD KOREAN RE 14-21/10/2044 FRN USD SHINHAN BANK 16-07/12/2026 FRN USD United Kingdom ST BK INDIA/LON 17-06/04/2020 FRN USD China CHINA CONSTRUCTION BANK /05/2025 FRN USD Cayman Islands KRUNG THAI BANK/ 14-26/12/2024 FRN USD United Arab Emirates BK OF CHN /DUBAI 17-20/04/2020 FRN USD Total securities portfolio Page 29

32 Bond Best Selection World Emerging Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Kazakhstan FORTEBANK JSC -SPON GDR REGS USD Bonds Brazil BANCO NAC DESENV 4.750% 17-09/05/2024 USD BRAZIL NTN-B 6.000% 11-15/08/2022 FLAT BRL BRAZIL NTN-F % 10-01/01/2021 FLAT BRL REP OF BRAZIL 7.125% 06-20/01/2037 USD VALE OVERSEAS 8.250% 04-17/01/2034 USD Turkey REP OF TURKEY 6.000% 17-25/03/2027 USD REP OF TURKEY 6.625% 14-17/02/2045 USD TURKEY GOVT BOND % 10-15/01/2020 TRY TURKEY GOVT BOND % 16-11/02/2026 TRY TURKEY GOVT BOND 9.400% 15-08/07/2020 TRY Colombia COLOMBIA TES 3.500% 11-10/03/2021 COP COLOMBIA TES 4.750% 07-23/02/2023 COP COLOMBIA TES 6.000% 12-28/04/2028 COP ECOPETROL SA 5.375% 15-26/06/2026 USD REP OF COLOMBIA 7.375% 06-18/09/2037 USD South Africa REP OF SOUTH AFRICA % /12/2026 ZAR REP OF SOUTH AFRICA 7.000% /02/2031 ZAR REP OF SOUTH AFRICA 8.250% /03/2032 ZAR REP OF SOUTH AFRICA 8.875% /02/2035 ZAR Argentina ARGENTINA 6.875% 17-26/01/2027 USD BONCER 2.500% 16-22/07/2021 FLAT ARS CITY OF BUENOS 7.500% 16-01/06/2027 USD PETROBRAS ARGENT 7.375% 16-21/07/2023 USD PROV BUENOS AIRE 6.500% 17-15/02/2023 USD PROV BUENOS AIRE 7.875% 16-15/06/2027 USD PROV DEL NEUQUEN 8.625% 16-12/05/2028 USD PROV ENTRE RIOS 8.750% 17-08/02/2025 USD Malaysia MALAYSIAN GOVT 3.480% 13-15/03/2023 MYR MALAYSIAN GOVT 3.492% 12-31/03/2020 MYR MALAYSIAN GOVT 4.232% 11-30/06/2031 MYR MALAYSIAN GOVT 4.392% 11-15/04/2026 MYR MALAYSIAN GOVT 4.736% 16-15/03/2046 MYR MALAYSIAN GOVT 5.734% 04-30/07/2019 MYR Indonesia INDONESIA GOVT 7.000% 11-15/05/2027 IDR INDONESIA GOVT 8.375% 13-15/03/2034 IDR INDONESIA GOVT 8.750% 15-15/05/2031 IDR INDONESIA GOVT 9.000% 13-15/03/2029 IDR REP OF INDONESIA 8.500% 05-12/10/2035 USD The Netherlands PETROBRAS 8.375% 16-23/05/2021 USD PETROBRAS 8.750% 16-23/05/2026 USD PETROBRAS GLOB 7.375% 17-17/01/2027 USD Dominican Republic REP OF DOMINICAN 5.950% 17-25/01/2027 USD REP OF DOMINICAN 6.875% 16-29/01/2026 USD REP OF DOMINICAN CBN % /01/2024 DOP Russia RUSSIA-EUROBOND 5.250% 17-23/06/2047 USD RUSSIA-OFZ 7.000% 13-16/08/2023 RUB RUSSIA-OFZ 8.150% 12-03/02/2027 RUB RUSSIA-OFZ 8.500% 16-17/09/2031 RUB Ireland ALFA BANK 7.500% 12-26/09/2019 USD ALFA BOND 9.250% 17-16/02/2022 RUB Georgia BANK OF GEORGIA % 17-01/06/2020 GEL BGEO GROUP JSC 6.000% 16-26/07/2023 USD Ukraine UKRAINE GOVT 7.750% 15-01/09/2020 USD UKRAINE GOVT 7.750% 15-01/09/2022 USD Peru PETROLEOS DEL PE 5.625% 17-19/06/2047 USD REP OF PERU 6.850% 10-12/02/2042 PEN REP OF PERU 8.200% 06-12/08/2026 PEN REP OF PERU 8.750% 03-21/11/2033 USD Serbia SERBIA T-BONDS 5.750% 16-21/07/2023 RSD Egypt ARAB REP EGYPT 7.500% 17-31/01/2027 USD ARAB REP EGYPT 8.500% 17-31/01/2047 USD Kazakhstan KAZMUNAYGAS NAT 4.750% 17-19/04/2027 USD Hungary HUNGARY GOVT 5.375% 14-25/03/2024 USD HUNGARY GOVT 5.500% 14-24/06/2025 HUF Ivory Coast IVORY COAST-PDI 5.125% 17-15/06/2025 EUR IVORY COAST-PDI 6.125% 17-15/06/2033 USD Chile CHILE 3.860% 17-21/06/2047 USD EMPRESA METRO 5.000% 17-25/01/2047 USD TESORERIA PESOS 5.000% 15-01/03/2035 CLP Qatar QATAR STATE OF 4.625% 16-02/06/2046 USD Oman OMAN INTRNL BOND 3.875% 17-08/03/2022 USD OMAN INTRNL BOND 6.500% 17-08/03/2047 USD Thailand THAILAND GOVT 1.200% 11-14/07/2021 THB THAILAND GOVT 4.875% 09-22/06/2029 THB Mexico MEXICAN BONOS 7.750% 12-13/11/2042 MXN UNITED MEXICAN 4.000% 15-15/03/2115 EUR UNITED MEXICAN 5.625% 14-19/03/2114 GBP Page 30

33 Bond Best Selection World Emerging Securities portfolio at 30/06/2017 Expressed in USD Uruguay URUGUAY 5.100% 14-18/06/2050 USD URUGUAY 7.625% 06-21/03/2036 USD URUGUAY 9.875% 17-20/06/2022 UYU Romania ROMANIA GOVT 3.250% 15-22/03/2021 RON ROMANIA GOVT 3.500% 15-19/12/2022 RON United States of America INTL FIN CORP % 16-05/10/2021 UYU Zambia REP OF ZAMBIA 8.500% 14-14/04/2024 USD REP OF ZAMBIA 8.970% 15-30/07/2027 USD El Salvador EL SALVADOR REP 6.375% 14-18/01/2027 USD EL SALVADOR REP 8.250% 02-10/04/2032 USD EL SALVADOR REP 8.625% 17-28/02/2029 USD Lebanon REP OF LEBANESE 6.600% 11-27/11/2026 USD Kenya REP OF KENYA 5.875% 14-24/06/2019 USD Venezuela PETROLEOS DE VEN 8.500% 16-27/10/2020 USD VENEZUELA 7.000% 07-31/03/2038 USD Cayman Islands EZDAN SUKUK 4.875% 17-05/04/2022 USD Croatia CROATIA 6.375% 11-24/03/2021 USD Surinam REP OF SURINAME 9.250% 16-26/10/2026 USD Senegal REP OF SENEGAL 6.250% 14-30/07/2024 USD REP OF SENEGAL 6.250% 17-23/05/2033 USD Ecuador REP OF ECUADOR % 16-28/03/2022 USD REP OF ECUADOR 9.625% 17-02/06/2027 USD REP OF ECUADOR 9.650% 16-13/12/2026 USD Panama PANAMA 6.700% 06-26/01/2036 USD Sri Lanka REP OF SRI LANKA 6.200% 17-11/05/2027 USD REP OF SRI LANKA 6.825% 16-18/07/2026 USD Bolivia BOLIVIA GOVT 5.950% 13-22/08/2023 USD Tunisia BQ CENT TUNISIE 5.750% 15-30/01/2025 USD Poland REP OF POLAND 3.250% 16-06/04/2026 USD Pakistan REP OF PAKISTAN 7.875% 06-31/03/2036 USD REP OF PAKISTAN 8.250% 14-15/04/2024 USD Costa Rica COSTA RICA 7.000% 14-04/04/2044 USD COSTA RICA 7.158% 15-12/03/2045 USD Mongolia MONGOLIA % 16-06/04/2021 USD MONGOLIA 8.750% 17-09/03/2024 USD Paraguay PARAGUAY 5.000% 16-15/04/2026 USD Jamaica JAMAICA GOVT 8.000% 07-15/03/2039 USD Nigeria REP OF NIGERIA 7.875% 17-16/02/2032 USD Cameroon REP OF CAMEROON 9.500% 15-19/11/2025 USD Gabon GABONESE REPUBLIC 6.950% 15-16/06/2025 USD Philippines PHILIPPINE GOVT 3.500% 16-20/09/2026 PHP Ghana REP OF GHANA % 15-14/10/2030 USD Guatemala REP OF GUATEMALA 4.375% 17-05/06/2027 USD United Kingdom DTEK FINANCE % 16-31/12/2024 USD Floating rate bonds Argentina ARGENTINA POM 17-21/06/2020 FRN ARS ARGNT BONAR 17-03/04/2022 FRN FLAT ARS YPF SOCIEDAD ANO 16-07/07/2020 FRN USD Russia CREDIT BANK OF MOSCOW /10/2027 FRN USD Ivory Coast IVORY COAST 10-31/12/2032 SR FLAT USD Belize BELIZE 13-20/02/2038 SR USD Other transferable securities Bonds Austria OAS INVESTMENT G 8.250% /10/2019 DFLT USD Money Market Instruments Egypt EGYPT T-BILL 0.000% 16-28/11/2017 EGP EGYPT T-BILL 0.000% 17-21/11/2017 EGP Shares/Units in investment funds Luxembourg BNP PARIBAS INSTICASH USD - I - CAP USD Total securities portfolio Page 31

34 Bond USD Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ABBVIE INC 3.200% 16-14/05/2026 USD ACTIVISION BLIZZ 2.300% 17-15/09/2021 USD AIR LEASE CORP 3.875% 14-01/04/2021 USD ALLY FINANCIAL 4.250% 16-15/04/2021 USD AMER INTL GROUP 3.900% 16-01/04/2026 USD AMERICAN TOWER 3.375% 16-15/10/2026 USD AMERICAN TOWER 3.500% 13-31/01/2023 USD AMGEN INC 4.400% 15-01/05/2045 USD ANADARKO PETROLEUM 5.550% /03/2026 USD AT&T INC 4.125% 16-17/02/2026 USD AUTONATION INC 6.750% 10-15/04/2018 USD BANK OF AMERICA CORP 3.248% /10/2027 USD BANK OF AMERICA CORP 3.500% /04/2026 USD BANK OF AMERICA CORP 3.875% /08/2025 USD BANK OF AMERICA CORP 4.000% /01/2025 USD BANK OF AMERICA CORP 5.625% /07/2020 USD BANK ONE CORP 7.750% 95-15/07/2025 USD BECTON DICKINSON 3.700% 17-06/06/2027 USD BOARDWALK PIPELI 4.450% 17-15/07/2027 USD BORG-WARNER AUTO 3.375% 15-15/03/2025 USD BORG-WARNER AUTO 4.375% 15-15/03/2045 USD BRDCOM CRP / FIN 3.625% 17-15/01/2024 USD BRIGHTHOUSE FINA 3.700% 17-22/06/2027 USD BUNGE LTD FIN CP 3.250% 16-15/08/2026 USD BURLINGTON NORTH 4.450% 13-15/03/2043 USD CAPITAL ONE FINL 3.750% 16-28/07/2026 USD CAPITAL ONE FINL 4.200% 15-29/10/2025 USD CBOE HOLDINGS 3.650% 17-12/01/2027 USD CBS CORP 4.900% 14-15/08/2044 USD CELANESE US HLDS 4.625% 12-15/11/2022 USD CELGENE CORP 5.000% 15-15/08/2045 USD CF INDUSTRIES IN 3.400% 16-01/12/2021 USD CHARTER COMM OPT 4.908% 16-23/07/2025 USD CHARTER COMM OPT 6.484% 16-23/10/2045 USD CIMAREX ENERGY 4.375% 14-01/06/2024 USD CISCO SYSTEMS 2.950% 16-28/02/2026 USD CITIGROUP INC 4.600% 16-09/03/2026 USD COACH INC 4.125% 17-15/07/2027 USD COMERICA BANK 2.500% 15-02/06/2020 USD CONOCOPHILLIPS CO 2.400% 12-15/12/2022 USD CONOCOPHILLIPS CO 4.950% 16-15/03/2026 USD CROWN CASTLE INTL 3.400% 16-15/02/2021 USD CSX CORP 3.350% 15-01/11/2025 USD CSX CORP 6.150% 07-01/05/2037 USD CVS HEALTH CORP 5.125% 15-20/07/2045 USD DEVON ENERGY 3.250% 12-15/05/2022 USD DIAMOND 1 FIN/DI 4.420% 16-15/06/2021 USD DISCOVER BANK 7.000% 10-15/04/2020 USD DOMINION RESOURCES 4.700% /12/2044 USD DOW CHEMICAL CO 4.375% 12-15/11/2042 USD DUKE ENERGY CORP 6.450% 02-15/10/2032 USD EMERA US FINANCE 3.550% 17-15/06/2026 USD ENBRIDGE ENERGY 4.375% 15-15/10/2020 USD ENERGY TRAN PTNR 6.700% 08-01/07/2018 USD ENTERPRISE OP LLC 6.500% 08-31/01/2019 USD FG G % 16-01/05/2046 USD FG Q % 16-01/04/2046 USD FHS 303 C % 13-15/01/2043 USD FHS 303 C % 13-15/01/2043 USD FHS 324 C % 14-15/08/2033 USD FHS 324 C % 14-15/12/2033 USD FIVE COR FND TRS 4.419% 13-15/11/2023 USD FN AK % 12-01/04/2027 USD FN AL % 16-01/03/2040 USD FN AL % 16-01/09/2041 USD FN AO % 12-01/07/2027 USD FN AP % 12-01/07/2027 USD FN AS % 16-01/05/2046 USD FN AS % 17-01/05/2047 USD FN AY % 15-01/11/2045 USD FN BA % 16-01/04/2046 USD FN BC % 16-01/03/2046 USD FN BC % 16-01/06/2046 USD FN BE % 17-01/01/2047 USD FN MA % 17-01/07/2047 USD FORD MOTOR CO 5.291% 16-08/12/2046 USD FORD MOTOR CRED 3.664% 14-08/09/2024 USD G % 98-20/10/2028 USD G % 99-20/06/2029 USD G2 MA % 17-20/06/2047 USD G2 MA % 17-20/06/2047 USD G2 MA % 17-20/06/2047 USD GEN ELECTRIC CO 4.500% 14-11/03/2044 USD GENERAL MOTORS CO 5.200% /04/2045 USD GENERAL MOTORS FIN 3.200% /07/2020 USD GENERAL MOTORS FIN 4.375% /09/2021 USD GOLDMAN SACHS GP 2.350% 16-15/11/2021 USD GOLDMAN SACHS GP 2.875% 16-25/02/2021 USD GOLDMAN SACHS GP 3.750% 16-25/02/2026 USD GOLDMAN SACHS GP 4.000% 14-03/03/2024 USD GOLDMAN SACHS GP 4.800% 14-08/07/2044 USD HEWLETT - PACKARD CO 3.750% /12/2020 USD HOME DEPOT INC 2.000% 16-01/04/2021 USD HUNTINGTON BANCS 3.150% 16-14/03/2021 USD INGREDION INC 3.200% 16-01/10/2026 USD INTERNATIONAL FL 4.375% 17-01/06/2047 USD INTL LEASE FIN 7.125% 10-01/09/2018 USD INTL PAPER CO 3.000% 16-15/02/2027 USD JP MORGAN CHASE 4.250% 15-01/10/2027 USD JP MORGAN CHASE 6.400% 08-15/05/2038 USD KEYSIGHT TECHNOL 4.550% 15-30/10/2024 USD KIMCO REALTY 3.200% 14-01/05/2021 USD KRAFT HEINZ FOOD 4.375% 16-01/06/2046 USD LENNOX INTERNATIONAL INC 3.000% /11/2023 USD LIBERTY MUTUAL 4.250% 13-15/06/2023 USD MAGELLAN MID 4.200% 15-15/03/2045 USD MARATHON OIL CORP 3.850% 15-01/06/2025 USD MARRIOTT INTL 3.125% 16-15/06/2026 USD MCDONALDS CORP 3.500% 17-01/03/2027 USD MICROSOFT CORP 3.125% 15-03/11/2025 USD MORGAN STANLEY 3.700% 14-23/10/2024 USD MORGAN STANLEY 4.350% 14-08/09/2026 USD MORGAN STANLEY 5.000% 13-24/11/2025 USD Page 32

35 Bond USD Securities portfolio at 30/06/2017 Expressed in USD MORGAN STANLEY 7.300% 09-13/05/2019 USD NEWELL RUBBERMAID 4.200% /04/2026 USD NORTHROP GRUMMAN 7.750% /02/2031 USD PACKAGING CORP 4.500% 13-01/11/2023 USD PARKER-HANNIFIN 3.250% 17-01/03/2027 USD PNC BANK NA 3.250% 15-01/06/2025 USD PRINCIPAL FINANCIAL 3.100% 16-15/11/2026 USD PROLOGIS LP 3.750% 15-01/11/2025 USD REGIONS FINL 3.200% 16-08/02/2021 USD REPUBLIC SVCS 2.900% 16-01/07/2026 USD SABINE PASS LIQU 4.200% 17-15/03/2028 USD SHERWIN-WILLIAMS 3.125% 17-01/06/2024 USD SMITHFIELD FOODS 3.350% 17-01/02/2022 USD SUNOCO LOGISTICS 3.900% 16-15/07/2026 USD SYSCO CORP 6.500% 98-01/08/2028 USD TESORO CORP 5.125% 16-15/12/2026 USD TIME WARNER CABLE 5.000% 09-01/02/2020 USD TIME WARNER INC 3.800% 16-15/02/2027 USD UNION PACIFIC CORP 4.050% 15-15/11/2045 USD US TSY INFL IX N/B 0.125% 16-15/07/2026 USD US TSY INFL IX N/B 0.625% 11-15/07/2021 USD US TSY INFL IX N/B 1.000% 16-15/02/2046 USD VALERO ENERGY 3.400% 16-15/09/2026 USD VALERO ENERGY 4.375% 16-15/12/2026 USD VENTAS REALTY LP 3.500% 15-01/02/2025 USD VERIZON COMMUNICATIONS INC 4.522% /09/2048 USD VERIZON COMMUNICATIONS INC 5.150% /09/2023 USD WASTE MANAGEMENT 4.100% /03/2045 USD WESTLAKE CHEM 3.600% 17-15/08/2026 USD WHIRLPOOL CORP 4.000% 14-01/03/2024 USD WHIRLPOOL CORP 4.500% 16-01/06/2046 USD WILLIAMS PARTNER 3.750% 17-15/06/2027 USD XYLEM INC 3.250% 16-01/11/2026 USD Portugal PORTUGUESE OTS 2.875% 16-21/07/2026 EUR Spain SPANISH GOVT 1.500% 17-30/04/2027 EUR Canada CANADA GOVT 2.750% 14-01/12/2048 CAD ENBRIDGE INC 4.250% 16-01/12/2026 USD FORTIS INC 3.055% 16-04/10/2026 USD ROGERS COMMUNICATIONS INC 5.450% /10/2043 USD United Kingdom HSBC HOLDINGS 4.375% 16-23/11/2026 USD INVESCO FIN PLC 3.750% 15-15/01/2026 USD WPP FINANCE % 12-21/11/2021 USD Italy ITALY BTPS 2.700% 16-01/03/2047 EUR Luxembourg ACTAVIS FUNDING 3.800% 15-15/03/2025 USD ACTAVIS FUNDING 4.750% 15-15/03/2045 USD The Netherlands NXP BV/NXP FUNDI 3.875% 16-01/09/2022 USD Cayman Islands SEAGATE HDD CAYM 4.250% 17-01/03/2022 USD Floating rate bonds United States of America CAS 2015-C04 2M /04/2028 FRN USD CAS 2016-C03 2M /10/2028 FRN USD CAS 2016-C06 1M /04/2029 FRN USD CAS 2016-C07 2M /04/2029 FRN USD CHASE M /12/2045 FRN USD FH 2B /03/2047 FRN USD FH /10/2043 FRN USD FH /11/2042 FRN USD FHR 4092 HS 12-15/08/2042 FRN USD FHR 4259 SA 13-15/10/2043 FRN USD FHR 4480 WS 15-15/06/2045 FRN USD FHS 300 S /01/2043 FRN USD FN AL /09/2043 FRN USD FN BD /08/2046 FRN USD FN BD /11/2044 FRN USD FNR S 12-25/03/2042 FRN USD FNR HS 12-25/03/2042 FRN USD FNR SD 12-25/09/2042 FRN USD FNR SK 12-25/09/2042 FRN USD FNR SY 13-25/07/2043 FRN USD FNR LS 16-25/11/2046 FRN USD FREMF 2012-K23 C 12-25/10/2045 FRN USD FREMF 2013-K24 C 13-25/11/2045 FRN USD FREMF 2014-K37 C 14-25/01/2047 FRN USD FREMF 2015-K48 B 15-25/08/2048 FRN USD GNR 2010-H19 JI 10-20/08/2060 FRN USD GNR 2011-H03 HI 11-20/01/2061 FRN USD GNR 2011-H05 HI 11-20/01/2061 FRN USD GNR SC 12-20/08/2042 FRN USD GNR 2012-H02 AI 12-20/01/2062 FRN USD GNR 2013-H01 FI 13-20/01/2063 FRN USD GNR 2013-H04 BI 13-20/02/2063 FRN USD GNR SB 15-20/09/2045 FRN USD GNR KS 17-20/03/2047 FRN USD HP ENTERPRISE 16-15/10/2020 FRN USD HP ENTERPRISE 16-15/10/2025 FRN USD METLIFE INC 06-15/12/2036 FRN USD STACR 2015-DNA2 M /12/2027 FRN USD STACR 2016-HQA4 M /04/2029 FRN USD Cayman Islands AMMC A BR 16-30/10/2023 FRN USD AMMC A B 17-17/04/2029 FRN USD ANCHC A B 16-15/01/2029 FRN USD BLUEM A BR 16-20/11/2028 FRN USD CGMS A A /10/2027 FRN USD DRSLF A BR 16-15/10/2028 FRN USD LCM 17A BR 16-15/10/2026 FRN USD MAGNE A BR 16-15/04/2026 FRN USD OCT A A /03/2030 FRN USD RACEP A BR 17-20/02/2030 FRN USD Ireland DORPK A A 15-20/01/2027 FRN USD Page 33

36 Bond USD Securities portfolio at 30/06/2017 Expressed in USD Other transferable securities To be Announced ("TBA") Mortgage Backed Securities United States of America FGCI 2.5 7/ % 16-15/02/2031 USD FNCI 3 7/ % 13-25/08/2027 USD FNCL 3 7/ % 12-25/04/2043 USD FNCL 3.5 7/ % 12-25/10/2041 USD FNCL 4 7/ % 13-25/08/2041 USD FNCL 4.500% 10-25/09/2039 USD FNCL 5 7/ % 10-25/10/2039 USD G2SF 3 7/ % 13-20/04/2043 USD G2SF 3.5 7/ % 12-20/03/2042 USD G2SF 4 7/ % 11-20/01/2041 USD Shares/Units in investment funds Luxembourg BNP PARIBAS INSTICASH USD - X - CAP USD Total securities portfolio Page 34

37 Bond USD Short Duration Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America AMCAR C 2.720% 13-09/09/2019 USD AMERICAN EXPRESS 2.250% 16-05/05/2021 USD AMERICAN EXPRESS CR 2.125% /03/2019 USD AMXCA A 1.930% 17-15/09/2022 USD ANHEUSER - BUSCH 1.900% 16-01/02/2019 USD ANHEUSER - BUSCH 2.150% 14-01/02/2019 USD APPLE INC 1.550% 16-04/08/2021 USD APPLE INC 2.250% 16-23/02/2021 USD BACCT 2017-A1 A % 17-15/08/2022 USD BANK OF AMERICA CORP 2.151% /11/2020 USD BB&T CORPORATION 2.050% 16-10/05/2021 USD BMW US CAP LLC 2.150% 17-06/04/2020 USD BRANCH BKG & TR 1.450% 16-10/05/2019 USD BRISTOL-MYERS 1.600% 17-27/02/2019 USD CAPITAL ONE NA 2.350% 15-17/08/2018 USD CAPITAL ONE NA 2.350% 17-31/01/2020 USD CCCIT 2017-A3 A % 17-07/04/2022 USD CHEVRON CORP 1.961% 15-03/03/2020 USD CITIGROUP INC 2.050% 15-07/12/2018 USD CITIGROUP INC 2.700% 16-30/03/2021 USD CITIZENS BANK NA 2.200% 17-26/05/2020 USD CONOCOPHILLIPS CO 2.200% 15-15/05/2020 USD COOPER US INC 3.875% 10-15/12/2020 USD CVS HEALTH CORP 2.125% 16-01/06/2021 USD DAIMLER FINANCE 2.200% 17-05/05/2020 USD DOMINION RESOURCES 1.875% /01/2019 USD DUKE ENERGY CORP 5.050% 09-15/09/2019 USD EBAY INC 2.200% 14-01/08/2019 USD EXELON GENERATION 2.950% 15-15/01/2020 USD FORD MOTOR CRED 1.897% 16-12/08/2019 USD FORD MOTOR CRED 3.336% 16-18/03/2021 USD FORDR A 2.260% 14-15/11/2025 USD GENERAL MOTORS FIN 2.400% /05/2019 USD GN % 13-15/09/2039 USD GNR PC 5.500% 04-20/04/2034 USD GNR KB 6.000% 08-20/06/2038 USD GNR IO 4.500% 14-20/06/2044 USD GNR IB 4.000% 15-20/09/2043 USD GOLDMAN SACHS GP 2.750% 15-15/09/2020 USD GOLDMAN SACHS GP 3.000% 17-26/04/2022 USD HOME DEPOT INC 2.000% 16-01/04/2021 USD HSBC USA INC 2.625% 13-24/09/2018 USD HUNTINGTON NATL 2.375% 17-10/03/2020 USD JP MORGAN CHASE 2.250% 15-23/01/2020 USD JP MORGAN CHASE 2.550% 16-01/03/2021 USD KEY BANK NA 2.350% 16-08/03/2019 USD KEY BANK NA 2.500% 14-15/12/2019 USD MOODYS CORP 2.750% 17-15/12/2021 USD MORGAN STANLEY 2.500% 16-21/04/2021 USD MORGAN STANLEY 2.800% 15-16/06/2020 USD ORACLE CORP 1.900% 16-15/09/2021 USD PACCAR FINANCIAL CORP 1.950% /02/2020 USD PHILIP MORRIS IN 2.625% 17-18/02/2022 USD PNC BANK NA 2.400% 14-18/10/2019 USD SCHLUMBERGER HLD 3.000% 15-21/12/2020 USD SDART C 2.130% 14-17/08/2020 USD SOUTHERN POWER 1.500% 15-01/06/2018 USD STRYKER CORP 2.625% 16-15/03/2021 USD UBS AG STAMFORD 2.375% 14-14/08/2019 USD US TREASURY N/B 1.125% 16-30/06/2021 USD US TREASURY N/B 1.250% 12-30/04/2019 USD US TREASURY N/B 1.250% 17-31/05/2019 USD US TREASURY N/B 1.375% 13-31/05/2020 USD US TREASURY N/B 1.375% 16-31/05/2021 USD US TREASURY N/B 1.500% 17-15/05/2020 USD US TREASURY N/B 1.500% 17-15/06/2020 USD US TREASURY N/B 1.625% 15-30/11/2020 USD US TREASURY N/B 1.750% 17-31/05/2022 USD US TREASURY N/B 1.875% 17-30/04/2022 USD US TSY INFL IX N/B 0.125% 14-15/07/2024 USD VERIZON COMMUNICATIONS INC 3.125% /03/2022 USD VERIZON COMMUNICATIONS INC 4.500% /09/2020 USD WELLS FARGO & CO 2.100% 16-26/07/2021 USD WELLS FARGO & CO 2.550% 15-07/12/2020 USD XCEL ENERGY INC 2.400% 16-15/03/2021 USD Canada BANK NOVA SCOTIA 1.650% 16-14/06/2019 USD ROYAL BK CANADA 1.625% 16-15/04/2019 USD TORONTO DOMINION BANK 2.125% /07/2019 USD TORONTO DOMINION BANK 2.125% /04/2021 USD United Kingdom BARCLAYS BANK PLC 2.750% 14-08/11/2019 USD HSBC HOLDINGS PLC 3.400% 16-08/03/2021 USD Ireland AERCAP IRELAND C 3.750% 15-15/05/2019 USD GE CAPITAL INTL 2.342% 16-15/11/2020 USD Luxembourg COVIDIEN INTL FI 4.200% 10-15/06/2020 USD The Netherlands SHELL INTL FIN 4.300% 09-22/09/2019 USD British Virgin Islands FORDO 2015-B A % 15-15/11/2019 USD Mexico PETROLEOS MEXICA 5.500% 17-04/02/2019 USD Floating rate bonds United States of America CAH A A 15-17/07/2032 FRN USD CDGJ 2014-BXCH A 14-15/12/2027 FRN USD CSMC 2015-DEAL A 15-15/04/2029 FRN USD DCENT 2017-A3 A /10/2022 FRN USD PROG 2016-SFR1 A 16-17/09/2033 FRN USD Total securities portfolio Page 35

38 Bond World Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ABBVIE INC 3.200% 16-14/05/2026 USD ACTIVISION BLIZZ 2.300% 17-15/09/2021 USD AIR LEASE CORP 2.625% 15-04/09/2018 USD AIR LEASE CORP 3.875% 14-01/04/2021 USD ALEXANDRIA REAL 4.600% 12-01/04/2022 USD AMERICAN TOWER 3.375% 16-15/10/2026 USD AMERICAN TOWER 3.500% 13-31/01/2023 USD APACHE CORP 2.625% 12-15/01/2023 USD AT&T INC 2.350% 17-04/09/2029 EUR AT&T INC 2.800% 16-17/02/2021 USD AT&T INC 4.125% 16-17/02/2026 USD BANK OF AMERICA CORP 3.248% /10/2027 USD BANK OF AMERICA CORP 3.875% /08/2025 USD BANK OF AMERICA CORP 5.625% /07/2020 USD BANK ONE CORP 7.750% 95-15/07/2025 USD BECTON DICKINSON 3.700% 17-06/06/2027 USD BOARDWALK PIPELI 4.450% 17-15/07/2027 USD BORG-WARNER AUTO 4.375% 15-15/03/2045 USD BOSTON PROPERTIES LP 3.650% /02/2026 USD BRDCOM CRP / FIN 3.625% 17-15/01/2024 USD BRIGHTHOUSE FINA 3.700% 17-22/06/2027 USD BUNGE LTD FIN CP 3.250% 16-15/08/2026 USD BURLINGTON NORTH 6.200% 06-15/08/2036 USD CAPITAL ONE FINL 3.750% 16-28/07/2026 USD CAPITAL ONE FINL 4.200% 15-29/10/2025 USD CBOE HOLDINGS 3.650% 17-12/01/2027 USD CELANESE US HLDS 4.625% 12-15/11/2022 USD CF INDUSTRIES IN 3.400% 16-01/12/2021 USD CHARTER COMM OPT 4.908% 16-23/07/2025 USD CIMAREX ENERGY 4.375% 14-01/06/2024 USD CITIGROUP INC 1.750% 13-01/05/2018 USD CITIGROUP INC 4.600% 16-09/03/2026 USD COACH INC 4.125% 17-15/07/2027 USD CONOCOPHILLIPS CO 2.400% 12-15/12/2022 USD CROWN CASTLE INTL 3.400% 16-15/02/2021 USD CSX CORP 3.350% 15-01/11/2025 USD CVS HEALTH CORP 5.125% 15-20/07/2045 USD DEVON ENERGY 5.850% 15-15/12/2025 USD DIAMOND 1 FIN/DI 4.420% 16-15/06/2021 USD DISCOVER BANK 7.000% 10-15/04/2020 USD DISCOVER FINANCIAL SERVICES 3.750% /03/2025 USD DOMINION RESOURCES 5.250% /08/2033 USD DOW CHEMICAL CO 4.375% 12-15/11/2042 USD DUKE ENERGY CORP 6.450% 02-15/10/2032 USD EMERA US FINANCE 3.550% 17-15/06/2026 USD ENERGY TRAN PTNR 4.150% 13-01/10/2020 USD ENERGY TRAN PTNR 4.200% 17-15/04/2027 USD ENERGY TRAN PTNR 6.700% 08-01/07/2018 USD EXELON CORP 4.950% 16-15/06/2035 USD FEDEX CORP 3.200% 15-01/02/2025 USD FIVE COR FND TRS 4.419% 13-15/11/2023 USD FORD MOTOR CO 7.450% 99-16/07/2031 USD FORTUNE BRANDS 3.000% 15-15/06/2020 USD GEN ELECTRIC CO 0.875% 17-17/05/2025 EUR GEN ELECTRIC CO 4.500% 14-11/03/2044 USD GENERAL MOTORS CO 3.500% /10/2018 USD GENERAL MOTORS CO 5.200% /04/2045 USD GENERAL MOTORS FIN 3.200% /07/2021 USD GENERAL MOTORS FIN 4.375% /09/2021 USD GILEAD SCIENCES 5.650% 11-01/12/2041 USD GOLDMAN SACHS GP 2.350% 16-15/11/2021 USD GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD GOLDMAN SACHS GP 2.875% 16-25/02/2021 USD GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD GOLDMAN SACHS GP 4.000% 14-03/03/2024 USD GOLDMAN SACHS GP 4.250% 15-21/10/2025 USD GOLDMAN SACHS GP 5.950% 06-15/01/2027 USD HUNTINGTON BANCS 2.300% 16-14/01/2022 USD INGREDION INC 3.200% 16-01/10/2026 USD INTERNATIONAL FL 4.375% 17-01/06/2047 USD INTL LEASE FIN 7.125% 10-01/09/2018 USD INTL PAPER CO 3.000% 16-15/02/2027 USD JP MORGAN CHASE 2.950% 16-01/10/2026 USD JP MORGAN CHASE 4.250% 15-01/10/2027 USD JP MORGAN CHASE 6.400% 08-15/05/2038 USD KEMPER 4.350% 15-15/02/2025 USD KEYSIGHT TECHNOL 4.550% 15-30/10/2024 USD KRAFT HEINZ FOOD 3.000% 16-01/06/2026 USD LENNOX INTERNATIONAL INC 3.000% /11/2023 USD MAGELLAN MID 4.200% 15-15/03/2045 USD MARRIOTT INTL 3.125% 16-15/06/2026 USD MERRILL LYNCH 7.750% 08-14/05/2038 USD MORGAN STANLEY 3.125% 14-05/08/2021 CAD MORGAN STANLEY 4.350% 14-08/09/2026 USD MORGAN STANLEY 5.000% 13-24/11/2025 USD NEWELL RUBBERMAID 3.150% /04/2021 USD NEWELL RUBBERMAID 4.200% /04/2026 USD NORTHROP GRUMMAN 3.850% /04/2045 USD NORTHROP GRUMMAN 7.750% /02/2031 USD OHIO POWER CO 5.375% 09-01/10/2021 USD PACKAGING CORP 3.650% 14-15/09/2024 USD PACKAGING CORP 4.500% 13-01/11/2023 USD PARKER-HANNIFIN 3.250% 17-01/03/2027 USD PNC FINANCIAL 3.900% 14-29/04/2024 USD PRINCIPAL FINANCIAL 3.100% 16-15/11/2026 USD REGIONS BK ALAB 7.500% 08-15/05/2018 USD REGIONS FINL 3.200% 16-08/02/2021 USD REPUBLIC SVCS 2.900% 16-01/07/2026 USD ROPER TECHNOLOGIES 3.800% /12/2026 USD SABINE PASS LIQU 4.200% 17-15/03/2028 USD SHERWIN-WILLIAMS 3.125% 17-01/06/2024 USD SMITHFIELD FOODS 3.350% 17-01/02/2022 USD SUNOCO LOGISTICS 3.900% 16-15/07/2026 USD SUNTRUST BANKS 2.900% 16-03/03/2021 USD SYNCHRONY FINANCIAL 3.750% /08/2021 USD SYSCO CORP 6.500% 98-01/08/2028 USD TEACHERS INS&ANN 4.900% 14-15/09/2044 USD TESORO CORP 5.125% 16-15/12/2026 USD TIME WARNER CABLE 5.000% 09-01/02/2020 USD TIME WARNER INC 3.800% 16-15/02/2027 USD US TREASURY N/B 3.375% 14-15/05/2044 USD Page 36

39 Bond World Securities portfolio at 30/06/2017 Expressed in EUR US TSY INFL IX N/B 0.125% 16-15/07/2026 USD US TSY INFL IX N/B 0.625% 11-15/07/2021 USD US TSY INFL IX N/B 1.000% 16-15/02/2046 USD VALERO ENERGY 3.400% 16-15/09/2026 USD VALERO ENERGY 4.375% 16-15/12/2026 USD VERIZON COMMUNICATIONS INC 4.522% /09/2048 USD VERIZON COMMUNICATIONS INC 5.150% /09/2023 USD WALT DISNEY CO 4.125% 14-01/06/2044 USD WASTE MANAGEMENT 4.100% /03/2045 USD WELLS FARGO & CO 4.400% 16-14/06/2046 USD WESTLAKE CHEM 3.600% 17-15/08/2026 USD WHIRLPOOL CORP 4.000% 14-01/03/2024 USD WHIRLPOOL CORP 4.500% 16-01/06/2046 USD WILLIAMS PARTNER 3.750% 17-15/06/2027 USD XYLEM INC 3.250% 16-01/11/2026 USD ZIMMER HOLDINGS 3.550% 15-01/04/2025 USD Japan JAPAN GOVT 10-YR 0.100% 16-20/09/2026 JPY JAPAN GOVT 10-YR 0.800% 13-20/06/2023 JPY JAPAN GOVT 20-YR 1.700% 11-20/09/2031 JPY JAPAN GOVT 30-YR 0.800% 16-20/03/2046 JPY JAPAN GOVT 30-YR 2.000% 10-20/09/2040 JPY JAPAN GOVT 5-YR 0.100% 16-20/12/2021 JPY United Kingdom ABBEY NATIONAL TREASURY 1.125% /01/2022 EUR BARCLAYS BANK PLC 1.875% 16-08/12/2023 EUR BARCLAYS BANK PLC 6.000% 10-14/01/2021 EUR CREDIT AGRICOLE 1.375% 17-03/05/2027 EUR CREDIT AGRICOLE 1.875% 16-20/12/2026 EUR HAMMERSON PLC 3.500% 15-27/10/2025 GBP HEATHROW FUNDING 1.875% 14-23/05/2022 EUR HSBC HOLDINGS PLC 1.500% 16-15/03/2022 EUR HSBC HOLDINGS PLC 2.650% 16-05/01/2022 USD LLOYDS BANK PLC 1.000% 14-19/11/2021 EUR MOTABILITY OPS 3.625% 16-10/03/2036 GBP NATIONWIDE BLDG 0.625% 17-19/04/2023 EUR UK TREASURY 1.500% 15-22/01/2021 GBP UK TREASURY 4.250% 08-07/12/2049 GBP UK TREASURY 4.250% 09-07/09/2039 GBP UK TSY I/L GILT 0.125% 15-22/03/2026 GBP UNITED KINGDOM G 3.500% 14-22/01/2045 GBP VODAFONE GROUP 5.625% 03-04/12/2025 GBP WPP FINANCE % 12-21/11/2021 USD Italy INTESA SANPAOLO 3.875% 13-15/01/2019 USD INTESA SANPAOLO 6.625% 13-13/09/2023 EUR ITALY BTPS 2.500% 14-01/12/2024 EUR ITALY BTPS 2.700% 16-01/03/2047 EUR ITALY BTPS 5.250% 98-01/11/2029 EUR SNAM SPA 1.375% 15-19/11/2023 EUR TELECOM ITALIA 2.500% 17-19/07/2023 EUR UNICREDIT SPA 2.000% 16-04/03/2023 EUR UNICREDIT SPA 3.625% 13-24/01/2019 EUR Spain BANCO SANTANDER 1.375% 17-09/02/2022 EUR CAIXABANK 1.125% 17-17/05/2024 EUR CAIXABANK 2.625% 14-21/03/2024 EUR GAS NATURAL CAP 6.375% 09-09/07/2019 EUR MERLIN PROPERTIES 1.750% 17-26/05/2025 EUR SPANISH GOVT 1.500% 17-30/04/2027 EUR SPANISH GOVT 5.400% 13-31/01/2023 EUR TELEFONICA EMIS 1.528% 17-17/01/2025 EUR France BANQUE FED CREDIT MUTUEL 1.875% /11/2026 EUR BNP PARIBAS 1.125% 17-10/10/2023 EUR BNP PARIBAS 1.500% 17-17/11/2025 EUR ELEC DE FRANCE 6.250% 08-30/05/2028 GBP FRANCE O.A.T % 16-25/05/2036 EUR FRANCE O.A.T % 98-25/04/2029 EUR LVMH MOET HENNES 0.750% 17-26/05/2024 EUR PERNOD RICARD SA 3.250% 16-08/06/2026 USD SOCIETE GENERALE 2.625% 15-27/02/2025 EUR Portugal PORTUGUESE OTS 2.875% 16-21/07/2026 EUR Ireland AERCAP IRELAND C 3.950% 16-01/02/2022 USD FCA CAPITAL IRELAND 1.625% /09/2021 GBP IRISH GOVT 0.800% 15-15/03/2022 EUR The Netherlands BMW FINANCE NV 0.875% 16-16/08/2022 GBP EDP FINANCE BV 1.875% 17-29/09/2023 EUR HELLA FINANCE 1.000% 17-17/05/2024 EUR KONINKLIJKE KPN 0.625% 16-09/04/2025 EUR KPN NV 4.250% 12-01/03/2022 EUR MONDELEZ INTERNATIONAL INC 2.000% /10/2021 USD NXP BV/NXP FUNDI 3.875% 16-01/09/2022 USD PETROBRAS 8.750% 16-23/05/2026 USD REN FINANCE BV 1.750% 16-01/06/2023 EUR Canada BROOKFIELD FIN 4.250% 16-02/06/2026 USD CANADA GOVT 2.750% 14-01/12/2048 CAD CANADA GOVT 3.500% 11-01/12/2045 CAD ENBRIDGE INC 4.250% 16-01/12/2026 USD FORTIS INC 3.055% 16-04/10/2026 USD ROGERS COMMUNICATIONS INC 3.625% /12/2025 USD ROGERS COMMUNICATIONS INC 5.340% /03/2021 CAD ROGERS COMMUNICATIONS INC 5.450% /10/2043 USD Brazil BRAZIL NTN-B 6.000% 11-15/08/2022 FLAT BRL VALE OVERSEAS 8.250% 04-17/01/2034 USD Malaysia MALAYSIAN GOVT 3.900% 16-30/11/2026 MYR MALAYSIAN GOVT 3.955% 15-15/09/2025 MYR MALAYSIAN GOVT 4.232% 11-30/06/2031 MYR Mexico MEXICAN BONOS 6.500% 11-10/06/2021 MXN Switzerland SWISS GOVT 1.250% 12-11/06/2024 CHF Sweden SWEDEN GOVERNMENT 3.750% /08/2017 SEK Argentina CITY OF BUENOS 7.500% 16-01/06/2027 USD PROV BUENOS AIRE 7.875% 16-15/06/2027 USD Page 37

40 Bond World Securities portfolio at 30/06/2017 Expressed in EUR South Africa REP OF SOUTH AFRICA % /12/2026 REP OF SOUTH AFRICA 8.000% /01/2030 ZAR ZAR Russia RUSSIA-OFZ 7.000% 13-16/08/2023 RUB RUSSIA-OFZ 8.150% 12-03/02/2027 RUB Germany BUNDESREPUBLIK DEUTSCHLAND 2.500% /08/2046 EUR COMMERZBANK AG 1.125% 17-24/05/2024 EUR Georgia BGEO GROUP JSC 6.000% 16-26/07/2023 USD Colombia ECOPETROL SA 5.375% 15-26/06/2026 USD Luxembourg ACTAVIS FUNDING 4.550% 15-15/03/2035 USD ACTAVIS FUNDING 4.750% 15-15/03/2045 USD Oman OMAN INTRNL BOND 3.875% 17-08/03/2022 USD Finland ELISA OYJ 0.875% 17-17/03/2024 EUR Cayman Islands SEAGATE HDD CAYM 4.250% 17-01/03/2022 USD Floating rate bonds United States of America CAS 2015-C04 2M /04/2028 FRN USD CAS 2016-C03 2M /10/2028 FRN USD FHR 4092 HS 12-15/08/2042 FRN USD FHR 4480 WS 15-15/06/2045 FRN USD FNR S 12-25/03/2042 FRN USD FNR SD 12-25/09/2042 FRN USD FNR CS 13-25/10/2040 FRN USD FNR SY 13-25/07/2043 FRN USD FNR JS 13-25/12/2042 FRN USD FREMF 2013-K24 C 13-25/11/2045 FRN USD FREMF 2014-K37 C 14-25/01/2047 FRN USD FREMF 2015-K48 B 15-25/08/2048 FRN USD FREMF 2017-K726 C 17-25/04/2024 FRN USD GNR 2010-H19 JI 10-20/08/2060 FRN USD GNR SH 11-20/09/2041 FRN USD GNR 2011-H03 HI 11-20/01/2061 FRN USD GNR 2011-H05 HI 11-20/01/2061 FRN USD GNR 2012-H02 AI 12-20/01/2062 FRN USD GNR 2013-H01 FI 13-20/01/2063 FRN USD GNR 2013-H04 BI 13-20/02/2063 FRN USD GNR AS 14-20/09/2044 FRN USD HP ENTERPRISE 16-15/10/2020 FRN USD METLIFE INC 06-15/12/2036 FRN USD STACR 2015-DNA2 M /12/2027 FRN USD Cayman Islands AMMC A BR 16-30/10/2023 FRN USD AMMC A BR 17-14/04/2029 FRN USD AMMC A B 17-17/04/2029 FRN USD ANCHC A B 16-15/01/2029 FRN USD BLUEM A BR 16-20/11/2028 FRN USD CGMS A A /10/2027 FRN USD DRSLF A BR 16-15/10/2028 FRN USD FLAT A B 17-15/05/2030 FRN USD HLM 11A-17 B 17-06/05/2030 FRN USD LCM 17A BR 16-15/10/2026 FRN USD MAGNE A BR 16-15/04/2026 FRN USD MDPK A A /04/2029 FRN USD OCT A A /03/2030 FRN USD OZLMF A A1R 15-22/07/2027 FRN USD RACEP A BR 17-20/02/2030 FRN USD VENTR A B 17-20/07/2030 FRN USD Ireland ALLIED IRISH BANKS 15-26/11/2025 FRN EUR DORPK A A 15-20/01/2027 FRN USD France AXA SA 10-16/04/2040 FRN EUR AXA SA 16-06/07/2047 FRN EUR CREDIT AGRICOLE ASSR 15-29/01/2049 FRN EUR ENGIE OPEN 14-02/06/2049 FRN EUR TOTAL SA 15-29/12/2049 FRN EUR Italy ASSICURAZIONI GENERALI /12/2042 FRN EUR ASSICURAZIONI GENERALI /10/2047 FRN EUR UNICREDIT SPA 13-28/10/2025 FRN EUR Germany ALLIANZ SE 17-06/07/2047 FRN EUR BAYER AG 14-01/07/2075 FRN EUR The Netherlands NN GROUP NV 17-13/01/2048 FRN EUR VOLKSWAGEN INTFN 17-31/12/2049 FRN EUR Sweden SWEDBANK AB 17-22/11/2027 FRN EUR Austria OMV AG 15-29/12/2049 FRN EUR Other transferable securities To be Announced ("TBA") Mortgage Backed Securities United States of America FGCI 2.5 7/ % 16-15/02/2031 USD FGLMC 3 7/ % 14-15/10/2043 USD FGLMC 3.5 7/ % 11-15/01/2041 USD FNCI 3 7/ % 13-25/08/2027 USD FNCI 3.5 7/ % 12-25/04/2026 USD FNCL 3 7/ % 12-25/04/2043 USD FNCL 3.5 7/ % 12-25/10/2041 USD FNCL 4 7/ % 13-25/08/2041 USD FNCL 4.500% 10-25/09/2039 USD FNCL 5 7/ % 10-25/10/2039 USD G2SF 3 7/ % 13-20/04/2043 USD G2SF 3.5 7/ % 12-20/03/2042 USD G2SF 4 7/ % 11-20/01/2041 USD Shares/Units in investment funds Luxembourg BNPP FLEXI I US MORTGAGE - X - CAP USD Total securities portfolio Page 38

41 Bond World Emerging Local Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds Brazil BRAZIL NTN-B 6.000% 11-15/08/2022 FLAT BRL BRAZIL NTN-F % 10-01/01/2021 FLAT BRL BRAZIL NTN-F % 12-01/01/2023 FLAT BRL BRAZIL NTN-F % 14-01/01/2025 FLAT BRL South Africa REP OF SOUTH AFRICA % /12/2026 ZAR REP OF SOUTH AFRICA 6.250% /03/2036 ZAR REP OF SOUTH AFRICA 6.500% /02/2041 ZAR REP OF SOUTH AFRICA 7.000% /02/2031 ZAR REP OF SOUTH AFRICA 8.250% /03/2032 ZAR REP OF SOUTH AFRICA 8.500% /01/2037 ZAR REP OF SOUTH AFRICA 8.750% /02/2048 ZAR REP OF SOUTH AFRICA 8.875% /02/2035 ZAR REP OF SOUTH AFRICA 9.000% /01/2040 ZAR Turkey TURKEY GOVT BOND % 10-15/01/2020 TRY TURKEY GOVT BOND % 16-11/02/2026 TRY TURKEY GOVT BOND % 17-02/03/2022 TRY TURKEY GOVT BOND 8.000% 15-12/03/2025 TRY TURKEY GOVT BOND 9.400% 15-08/07/2020 TRY Indonesia INDONESIA GOVT % 07-15/02/2028 IDR INDONESIA GOVT % 06-15/09/2025 IDR INDONESIA GOVT 6.625% 12-15/05/2033 IDR INDONESIA GOVT 8.375% 10-15/09/2026 IDR INDONESIA GOVT 8.375% 13-15/03/2024 IDR INDONESIA GOVT 8.375% 13-15/03/2034 IDR INDONESIA GOVT 8.750% 15-15/05/2031 IDR INDONESIA GOVT 9.000% 13-15/03/2029 IDR Malaysia MALAYSIAN GOVT 3.480% 13-15/03/2023 MYR MALAYSIAN GOVT 3.795% 15-30/09/2022 MYR MALAYSIAN GOVT 3.892% 12-15/03/2027 MYR MALAYSIAN GOVT 4.232% 11-30/06/2031 MYR MALAYSIAN GOVT 4.498% 10-15/04/2030 MYR MALAYSIAN GOVT 4.736% 16-15/03/2046 MYR MALAYSIAN GOVT 5.734% 04-30/07/2019 MYR Thailand THAILAND GOVT 1.200% 11-14/07/2021 THB THAILAND GOVT 2.125% 16-17/12/2026 THB THAILAND GOVT 3.625% 10-16/06/2023 THB THAILAND GOVT 3.875% 09-13/06/2019 THB THAILAND GOVT 4.875% 09-22/06/2029 THB Colombia COLOMBIA TES % 09-24/07/2024 COP COLOMBIA TES 3.500% 11-10/03/2021 COP COLOMBIA TES 4.750% 07-23/02/2023 COP COLOMBIA TES 6.000% 12-28/04/2028 COP COLOMBIA TES 7.750% 15-18/09/2030 COP EE. PP. MEDELLIN 7.625% 14-10/09/2024 COP Russia RUSSIA-OFZ 7.000% 13-16/08/2023 RUB RUSSIA-OFZ 7.050% 13-19/01/2028 RUB RUSSIA-OFZ 8.150% 12-03/02/2027 RUB RUSSIA-OFZ 8.500% 16-17/09/2031 RUB Poland POLAND GOVT BOND 1.750% 16-25/07/2021 PLN POLAND GOVT BOND 2.250% 16-25/04/2022 PLN POLAND GOVT BOND 2.500% 16-25/07/2027 PLN POLAND GOVT BOND 3.250% 14-25/07/2025 PLN POLAND GOVT BOND 5.750% 02-23/09/2022 PLN Mexico MEXICAN BONOS % 06-20/11/2036 MXN MEXICAN BONOS 6.500% 11-10/06/2021 MXN MEXICAN BONOS 6.500% 12-09/06/2022 MXN Hungary HUNGARY GOVT 5.500% 14-24/06/2025 HUF HUNGARY GOVT 6.000% 07-24/11/2023 HUF HUNGARY GOVT 7.000% 11-24/06/2022 HUF Romania ROMANIA 4.750% 14-24/02/2025 RON ROMANIA 5.800% 12-26/07/2027 RON ROMANIA GOVT 3.250% 15-22/03/2021 RON ROMANIA GOVT 3.500% 15-19/12/2022 RON Serbia SERBIA T-BONDS 5.750% 16-21/07/2023 RSD Peru REP OF PERU 6.850% 10-12/02/2042 PEN REP OF PERU 6.900% 07-12/08/2037 PEN REP OF PERU 8.200% 06-12/08/2026 PEN Dominican Republic REP OF DOMINICAN CBN % 17-05/01/2024 DOP Argentina BONCER 2.500% 16-22/07/2021 FLAT ARS Chile TESORERIA PESOS 5.000% 15-01/03/2035 CLP United States of America INTL FIN CORP % 16-05/10/2021 UYU Czech Republic CZECH REPUBLIC 2.400% 14-17/09/2025 CZK Uruguay URUGUAY 9.875% 17-20/06/2022 UYU Ireland ALFA BOND 9.250% 17-16/02/2022 RUB Georgia BANK OF GEORGIA % 17-01/06/2020 GEL Philippines PHILIPPINE GOVT 3.500% 16-20/09/2026 PHP PHILIPPINE GOVT 8.000% 11-19/07/2031 PHP Floating rate bonds Argentina ARGNT BONAR 17-03/04/2022 FRN FLAT ARS YPF SOCIEDAD ANO 16-07/07/2020 FRN USD Page 39

42 Bond World Emerging Local Securities portfolio at 30/06/2017 Expressed in USD Money Market Instruments Egypt EGYPT T-BILL 0.000% 16-28/11/2017 EGP EGYPT T-BILL 0.000% 17-21/11/2017 EGP Shares/Units in investment funds Luxembourg BNP PARIBAS INSTICASH USD - I - CAP USD Total securities portfolio Page 40

43 Bond World High Yield Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ADIENT GLOBAL HO 3.500% 16-15/08/2024 EUR ADIENT GLOBAL HO 4.875% 16-15/08/2026 USD AES CORPORATION 5.500% 14-15/03/2024 USD AES CORPORATION 5.500% 15-15/04/2025 USD ALCOA INC 5.125% 14-01/10/2024 USD ALLIANCE DATA 4.500% 17-15/03/2022 EUR ALTICE US FIN I 5.500% 16-15/05/2026 USD AMC ENTMNT HOLDI 6.375% 16-15/11/2024 GBP AMER AXLE & MFG 6.250% 13-15/03/2021 USD AMER AXLE & MFG 6.625% 12-15/10/2022 USD AMERIGAS PARTNER 5.500% 16-20/05/2025 USD AMERIGAS PARTNER 5.625% 16-20/05/2024 USD AMERIGAS PARTNER 5.875% 16-20/08/2026 USD AMKOR TECHNOLOGY INC 6.625% /06/2021 USD AMSURG CORP 5.625% 15-15/07/2022 USD ANTERO MIDSTREAM 5.375% 16-15/09/2024 USD ANTERO RESOURCES 5.125% 15-01/12/2022 USD ARGOS MERGER SUB 7.125% 15-15/03/2023 USD AVIS BUDGET CAR 5.125% 14-01/06/2022 USD BELDEN INC 5.500% 13-15/04/2023 EUR BOYD GAMING CORP 6.875% 15-15/05/2023 USD CABLEVISION SYS 5.875% 12-15/09/2022 USD CABLEVISION SYS 8.000% 10-15/04/2020 USD CALPINE CORP 5.375% 14-15/01/2023 USD CALPINE CORP 5.750% 14-15/01/2025 USD CALPINE CORP 5.875% 13-15/01/2024 USD CARRIZO OIL & GAS 6.250% 15-15/04/2023 USD CCO HOLDINGS LLC 5.125% 17-01/05/2027 USD CCO HOLDINGS LLC 5.750% 13-15/01/2024 USD CCO HOLDINGS LLC 5.875% 15-01/05/2027 USD CCO HOLDINGS LLC 5.875% 16-01/04/2024 USD CDW LLC/CDW FIN 5.000% 15-01/09/2023 USD CDW LLC/CDW FIN 5.000% 17-01/09/2025 USD CEDAR FAIR LP/CA 5.375% 15-01/06/2024 USD CENTENE CORP 5.625% 16-15/02/2021 USD CENTENE CORP 6.125% 16-15/02/2024 USD CENTURYLINK INC 6.450% 11-15/06/2021 USD CENTURYLINK INC 6.750% 13-01/12/2023 USD CENTURYLINK INC 7.500% 16-01/04/2024 USD CENTURYTEL INC 7.600% 09-15/09/2039 USD CF INDUSTRIES IN 3.450% 13-01/06/2023 USD CF INDUSTRIES IN 5.375% 14-15/03/2044 USD CHEMOURS CO 6.625% 16-15/05/2023 USD CHENIERE CORP CH 5.125% 17-30/06/2027 USD CHENIERE CORP CH 5.875% 17-31/03/2025 USD CHENIERE CORP CH 7.000% 17-30/06/2024 USD CHESAPEAKE ENRGY 8.000% 15-15/12/2022 USD CHS/COMMUNITY 5.125% 14-01/08/2021 USD CHS/COMMUNITY 6.250% 17-31/03/2023 USD CLEAR CHNL WORLD 6.500% 13-15/11/2022 USD CLEAR CHNL WORLD 7.625% 12-15/03/2020 USD COMMSCOPE TECH 5.000% 17-15/03/2027 USD COMMSCOPE TECH F 6.000% 15-15/06/2025 USD CONCHO RES/MIDLA 5.500% 12-01/04/2023 USD CONSOL ENERGY 5.875% 15-15/04/2022 USD CONTINENTAL RES 4.500% 13-15/04/2023 USD CONTINENTAL RES 4.900% 14-01/06/2044 USD CONTINENTAL RES 5.000% 12-15/09/2022 USD COTT BEVERAGES 5.375% 15-01/07/2022 USD COVANTA HOLDING 5.875% 14-01/03/2024 USD COVANTA HOLDING 5.875% 17-01/07/2025 USD COVEY PARK ENERG 7.500% 17-15/05/2025 USD CRESTWOOD MIDSTREAM PARTNERS % 17-01/04/2025 USD CRESTWOOD MIDSTREAM PARTNERS % 16-01/04/2023 USD CSC HOLDINGS LLC 5.500% 16-15/04/2027 USD CSC HOLDINGS LLC 6.750% 11-15/11/2021 USD CVR REF/COFF FIN 6.500% 13-01/11/2022 USD CYRUSONE LP/CYRU 5.000% 17-15/03/2024 USD CYRUSONE LP/CYRU 5.375% 17-15/03/2027 USD DANA HOLDING 6.000% 13-15/09/2023 USD DAVITA HEALTHCARE 5.125% 14-15/07/2024 USD DAVITA INC 5.750% 12-15/08/2022 USD DEAN FOODS CO 6.500% 15-15/03/2023 USD DIAMOND 1 FIN/DI 7.125% 16-15/06/2024 USD DIAMOND OFFSHORE 4.875% 13-01/11/2043 USD DIAMOND OFFSHORE 5.700% 09-15/10/2039 USD DIAMONDBACK ENER 4.750% 16-01/11/2024 USD DISH DBS CORP 5.000% 13-15/03/2023 USD DISH DBS CORP 5.875% 12-15/07/2022 USD DISH DBS CORP 6.750% 11-01/06/2021 USD DISH DBS CORP 7.750% 16-01/07/2026 USD DOLLAR TREE 5.750% 16-01/03/2023 USD DONNELLEY & SONS 7.875% 13-15/03/2021 USD DPL INC 7.250% 12-15/10/2021 USD DYNEGY INC 7.375% 15-01/11/2022 USD ENDO FINANCE LLC 6.000% 15-15/07/2023 USD ENDO FINANCE LLC 7.750% 14-15/01/2022 USD ENERGIZER SPINCO 5.500% 15-15/06/2025 USD ENERGY TRANSFER 5.500% 15-01/06/2027 USD ENERGY TRANSFER 5.875% 13-15/01/2024 USD ENERGY TRANSFER 7.500% 10-15/10/2020 USD EQUINIX INC 5.375% 14-01/01/2022 USD EQUINIX INC 5.375% 17-15/05/2027 USD EQUINIX INC 5.750% 14-01/01/2025 USD EQUINIX INC 5.875% 15-15/01/2026 USD EVOLUTION ESCROW 7.500% 15-15/03/2022 USD FIRST DATA CORP 5.000% 15-15/01/2024 USD FIRST DATA CORP 5.375% 15-15/08/2023 USD FIRST DATA CORP 5.750% 15-15/01/2024 USD FIRST DATA CORP 7.000% 15-01/12/2023 USD FRESENIUS MEDICAL 4.750% 14-15/10/2024 USD FRONTIER COMM % 16-15/09/2022 USD FRONTIER COMM % 16-15/09/2025 USD FRONTIER COMM 6.875% 14-15/01/2025 USD FRONTIER COMM 8.500% 10-15/04/2020 USD FRONTIER COMM 8.750% 10-15/04/2022 USD GANNETT CO 6.375% 13-15/10/2023 USD GENESIS ENERGY 6.750% 15-01/08/2022 USD GOODYEAR TIRE 5.125% 15-15/11/2023 USD GRAY TELE INC 5.125% 16-15/10/2024 USD GRAY TELE INC 5.875% 16-15/07/2026 USD GULFPORT ENERGY 6.000% 16-15/10/2024 USD HCA HOLDINGS INC 6.250% 12-15/02/2021 USD HCA INC 4.500% 16-15/02/2027 USD HCA INC 5.000% 14-15/03/2024 USD HCA INC 5.250% 14-15/04/2025 USD HCA INC 5.375% 15-01/02/2025 USD Page 41

44 Bond World High Yield Securities portfolio at 30/06/2017 Expressed in EUR HCA INC 5.500% 17-15/06/2047 USD HCA INC 7.500% 11-15/02/2022 USD HEALTHSOUTH CORP 5.125% 15-15/03/2023 USD HERC RENTALS INC 7.500% 16-01/06/2022 USD HERC RENTALS INC 7.750% 16-01/06/2024 USD HERTZ CORP 5.875% 13-15/10/2020 USD HOWARD HUGHES CO 5.375% 17-15/03/2025 USD IMS HEALTH INC 3.500% 16-15/10/2024 EUR INCPTN/RCKSPCE 8.625% 16-15/11/2024 USD IRON MOUNTAIN 5.750% 12-15/08/2024 USD KB HOME 4.750% 14-15/05/2019 USD KB HOME 7.500% 12-15/09/2022 USD KFC HLD/PIZZA HU 4.750% 17-01/06/2027 USD KINDRED HEALTHCARE 8.000% /01/2020 USD KLX INC 5.875% 14-01/12/2022 USD L BRANDS INC 6.750% 16-01/07/2036 USD LAMAR MEDIA CORP 5.375% 14-15/01/2024 USD LEE ENTERPRISES 9.500% 14-15/03/2022 USD LEVEL 3 COMMUNICATIONS INC 5.750% /12/2022 USD LEVEL 3 FIN INC 5.250% 17-15/03/2026 USD LEVEL 3 FIN INC 5.625% 15-01/02/2023 USD LEVI STRAUSS 5.000% 15-01/05/2025 USD LIFEPOINT HEALTH 5.375% 17-01/05/2024 USD LIFEPOINT HEALTH 5.875% 15-01/12/2023 USD LIFEPOINT HOSPIT 5.500% 14-01/12/2021 USD LIMITED BRANDS 5.625% 12-15/02/2022 USD LIN TELEVISION 5.875% 15-15/11/2022 USD MEDIACOM BROADBAND 6.375% /04/2023 USD MERITOR INC 6.750% 13-15/06/2021 USD MGM GROWTH/MGM F 5.625% 17-01/05/2024 USD MGM RESORTS 6.000% 14-15/03/2023 USD MGM RESORTS 6.625% 12-15/12/2021 USD MGM RESORTS 7.750% 12-15/03/2022 USD MICRON TECH 5.500% 14-01/02/2025 USD MICRON TECH 5.625% 15-15/01/2026 USD MPT OP PTNR/FINL 5.250% 16-01/08/2026 USD MURPHY OIL CORP 4.700% 12-01/12/2022 USD MURPHY OIL CORP 6.875% 16-15/08/2024 USD NABORS INDS INC 4.625% 12-15/09/2021 USD NABORS INDS INC 5.000% 11-15/09/2020 USD NBTY INC 7.625% 16-15/05/2021 USD NCR CORP 5.875% 14-15/12/2021 USD NCR CORP 6.375% 14-15/12/2023 USD NEPTUNE FINCO % 15-15/01/2023 USD NEPTUNE FINCO % 15-15/10/2025 USD NETFLIX INC 5.750% 14-01/03/2024 USD NETFLIX INC 5.875% 15-15/02/2025 USD NEWFIELD EXPLOR 5.625% 12-01/07/2024 USD NEXSTAR BROADCASTING 6.125% /02/2022 USD NEXSTAR ESCROW 5.625% 16-01/08/2024 USD NGL ENRGY PART/F 6.875% 15-15/10/2021 USD NIELSEN FINANCE 5.000% 14-15/04/2022 USD NOVELIS CORP 5.875% 16-30/09/2026 USD NOVELIS CORP 6.250% 16-15/08/2024 USD NRG ENERGY INC 6.625% 13-15/03/2023 USD NRG ENERGY INC 7.250% 17-15/05/2026 USD OASIS PETROLEUM 6.500% 11-01/11/2021 USD OLIN CORP 5.125% 17-15/09/2027 USD OUTFRONT MEDIA C 5.625% 15-15/02/2024 USD OUTFRONT MEDIA C 5.875% 15-15/03/2025 USD PARSLEY ENERGY 5.250% 17-15/08/2025 USD PBF HOLDING CO 7.250% 17-15/06/2025 USD PENN NATL GAMING 5.625% 17-15/01/2027 USD POST HOLDINGS IN 5.000% 16-15/08/2026 USD POST HOLDINGS IN 5.500% 17-01/03/2025 USD POST HOLDINGS IN 5.750% 17-01/03/2027 USD PRIME SEC/FIN 9.250% 16-15/05/2023 USD PULTEGROUP INC 5.000% 16-15/01/2027 USD PULTEGROUP INC 5.500% 16-01/03/2026 USD QUINTILES IMS 3.250% 17-15/03/2025 EUR RANGE RESOURCES 4.875% 16-15/05/2025 USD RANGE RESOURCES 5.875% 16-01/07/2022 USD REGAL ENTERTAINMENT 5.750% /03/2022 USD REYNOLDS GROUP 5.125% 16-15/07/2023 USD RITE AID CORP 6.125% 15-01/04/2023 USD ROWAN COS INC 4.875% 12-01/06/2022 USD ROWAN COS INC 5.400% 12-01/12/2042 USD ROWAN COS INC 5.850% 14-15/01/2044 USD ROWAN COS INC 7.375% 16-15/06/2025 USD RR DONNELLEY 6.000% 14-01/04/2024 USD SBA COMMUNICATIONS 4.875% /07/2022 USD SBA COMMUNICATIONS 4.875% /09/2024 USD SCIENTIFIC GAMES % 15-01/12/2022 USD SCIENTIFIC GAMES 7.000% 14-01/01/2022 USD SERVICE CORP 4.500% 12-15/11/2020 USD SERVICE CORP 5.375% 14-15/05/2024 USD SILGAN HOLDINGS 3.250% 17-15/03/2025 EUR SINCLAIR TELE 5.625% 14-01/08/2024 USD SIRIUS XM RADIO 5.375% 16-15/07/2026 USD SIRIUS XM RADIO 6.000% 14-15/07/2024 USD SM ENERGY CO 6.750% 16-15/09/2026 USD SOLERA LLC / FIN % 16-01/03/2024 USD SOUTHERN STAR 5.125% 14-15/07/2022 USD SOUTHWESTERN ENERGY 4.050% /01/2020 USD SOUTHWESTERN ENERGY 4.950% /01/2025 USD SPEEDWAY MOTORSP 5.125% 15-01/02/2023 USD SPRINT CAP CORP 6.875% 98-15/11/2028 USD SPRINT CAP CORP 8.750% 02-15/03/2032 USD SPRINT CORP 7.250% 14-15/09/2021 USD SPRINT CORP 7.875% 14-15/09/2023 USD SPRINT NEXTEL % 12-15/11/2021 USD STEEL DYNAMICS 5.000% 17-15/12/2026 USD STEEL DYNAMICS 5.125% 15-01/10/2021 USD STEEL DYNAMICS 5.250% 13-15/04/2023 USD SUMMIT MID HLD / 5.500% 14-15/08/2022 USD SUNOCO LP/FIN 6.250% 16-15/04/2021 USD SUPERIOR IND INT 6.000% 17-15/06/2025 EUR TALEN ENERGY SUP 6.500% 16-01/06/2025 USD TALEN ENERGY SUP 9.500% 17-15/07/2022 USD TARGA RES PRTNRS 5.125% 16-01/02/2025 USD TARGA RES PRTNRS 6.750% 15-15/03/2024 USD TAYLOR MORRISON 5.250% 13-15/04/2021 USD TAYLOR MORRISON 5.875% 15-15/04/2023 USD TEMPO ACQ LLC/FI 6.750% 17-01/06/2025 USD TENET HEALTHCARE 6.000% 13-01/10/2020 USD TENET HEALTHCARE 7.500% 16-01/01/2022 USD TENNECO INC 5.000% 16-15/07/2026 USD TES LOG LP/CORP 6.125% 13-15/10/2021 USD TES LOG LP/CORP 6.250% 16-15/10/2022 USD Page 42

45 Bond World High Yield Securities portfolio at 30/06/2017 Expressed in EUR THC ESCROW CORP 5.125% 17-01/05/2025 USD TIME INC 5.750% 14-15/04/2022 USD T-MOBILE USA INC 6.000% 16-15/04/2024 USD T-MOBILE USA INC 6.500% 13-15/01/2024 USD T-MOBILE USA INC 6.500% 15-15/01/2026 USD T-MOBILE USA INC 6.625% 14-01/04/2023 USD TOLL BR FIN CORP 4.875% 15-15/11/2025 USD TRANSDIGM INC 6.500% 14-15/07/2024 USD TREEHOUSE FOODS 4.875% 14-15/03/2022 USD TRONOX FINANCE 6.375% 13-15/08/2020 USD UNITED RENTAL NA 4.625% 15-15/07/2023 USD UNITED RENTAL NA 5.500% 15-15/07/2025 USD UNITED RENTAL NA 5.500% 16-15/05/2027 USD UNIVISION COMM 5.125% 15-15/02/2025 USD UNIVISION COMM 6.750% 12-15/09/2022 USD US CONCRETE 6.375% 16-01/06/2024 USD WEST CORP 5.375% 14-15/07/2022 USD WESTERN DIGITAL % 17-01/04/2024 USD WHITING PETROLEUM 5.750% 13-15/03/2021 USD WILLIAM LYON INC 5.875% 17-31/01/2025 USD WILLIAMS COS INC 4.550% 14-24/06/2024 USD WILLIAMS COS INC 5.750% 14-24/06/2044 USD WINDSTREAM CORP 7.750% 11-01/10/2021 USD WPX ENERGY INC 6.000% 12-15/01/2022 USD WYNN LAS VEGAS 5.250% 17-15/05/2027 USD WYNN LAS VEGAS 5.500% 15-01/03/2025 USD XPO LOGISTICS 6.125% 16-01/09/2023 USD XPO LOGISTICS 6.500% 15-15/06/2022 USD ZF NA CAPITAL 2.750% 15-27/04/2023 EUR ZF NA CAPITAL 4.000% 15-29/04/2020 USD Luxembourg ALTICE 6.250% 15-15/02/2025 EUR ALTICE 7.250% 14-15/05/2022 EUR ALTICE 7.625% 15-15/02/2025 USD ALTICE 7.750% 14-15/05/2022 USD ALTICE FINANCING 5.250% 15-15/02/2023 EUR ALTICE FINANCING 6.500% 13-15/01/2022 USD ALTICE FINANCING 6.625% 15-15/02/2023 USD ALTICE FINANCING 7.500% 16-15/05/2026 USD ALTICE FINCO SA 8.125% 13-15/01/2024 USD ARCELORMITTAL 6.750% 12-25/02/2022 USD ARCELORMITTAL 7.750% 09-15/10/2039 USD CONTOURGLOB PWR 5.125% 16-15/06/2021 EUR DEA FINANCE SA 7.500% 16-15/10/2022 EUR INEOS GROUP HOLD 5.625% 16-01/08/2024 USD LECTA SA 6.500% 16-01/08/2023 EUR MALLINCKRODT FIN 5.750% 14-01/08/2022 USD MATTERHORN TELE 3.875% 15-01/05/2022 EUR MATTERHORN TELE 4.875% 15-01/05/2023 EUR MILLICOM INTL 6.000% 15-15/03/2025 USD MILLICOM INTL 6.625% 13-15/10/2021 USD MONITCHEM HOLD % 14-15/06/2022 EUR PLAY TOPCO 5.375% 17-15/09/2022 EUR SWISSPORT INVEST 9.750% 15-15/12/2022 EUR TELECOM IT CAP 6.000% 05-30/09/2034 USD TELECOM IT CAP 7.200% 06-18/07/2036 USD TR OP / TR FIN 6.375% 15-01/05/2022 EUR WIND ACQUISITION 4.000% 14-15/07/2020 EUR WIND ACQUISITION 7.000% 14-23/04/2021 EUR WIND ACQUISITION 7.375% 14-23/04/2021 USD ZINC CAPITAL 8.875% 11-15/05/2018 EUR United Kingdom ANGLO AMERICAN 4.875% 15-14/05/2025 USD CO-OP WHOLESALE 7.500% 11-08/07/2026 GBP DRAX FINCO PLC 4.250% 17-01/05/2022 GBP ENSCO PLC 5.200% 15-15/03/2025 USD ENSCO PLC 5.750% 14-01/10/2044 USD EPHIOS HOLDCO II 8.250% 15-01/07/2023 EUR FIAT CHRYSLER AU 4.500% 15-15/04/2020 USD FIAT CHRYSLER AU 5.250% 15-15/04/2023 USD HELLENIC TELECOM 3.500% 14-09/07/2020 EUR IHS MARKIT LTD 5.000% 16-01/11/2022 USD INEOS FINANCE PL 4.000% 15-01/05/2023 EUR INTL GAME TECH 6.250% 15-15/02/2022 USD INTL GAME TECH 6.500% 15-15/02/2025 USD OCADO GROUP PLC 4.000% 17-15/06/2024 GBP SENSATA TECH UK 6.250% 15-15/02/2026 USD STONEGATE PUB CO 4.875% 17-15/03/2022 GBP STRETFORD 6.250% 14-15/07/2021 GBP TESCO CORP TREAS 2.500% 14-01/07/2024 EUR TESCO PLC 5.125% 07-10/04/2047 EUR TESCO PLC 6.000% 99-14/12/2029 GBP VIRGIN MEDIA FIN 7.000% 13-15/04/2023 GBP VIRGIN MEDIA SEC 5.250% 15-15/01/2026 USD VIRGIN MEDIA SEC 5.500% 14-15/01/2025 USD VIRIDIAN GROUP 7.500% 15-01/03/2020 EUR The Netherlands ADRIA BIDCO BV 7.875% 13-15/11/2020 EUR AXALTA COATING 3.750% 16-15/01/2025 EUR HEMA BONDCO II 8.500% 14-15/12/2019 EUR OI EUROPEAN GRP 3.125% 16-15/11/2024 EUR SCHAEFFLER VERWA 3.750% 16-15/09/2026 EUR SENSATA TECH BV 4.875% 13-15/10/2023 USD UPC HOLDING BV 3.875% 17-15/06/2029 EUR UPC HOLDING BV 6.375% 12-15/09/2022 EUR VIMPELCOM HLDGS 4.950% 17-16/06/2024 USD ZIGGO BOND FIN 5.875% 15-15/01/2025 USD ZIGGO SECURED FI 4.250% 16-15/01/2027 EUR ZIGGO SECURED FI 5.500% 16-15/01/2027 USD Canada BC ULC / 6.000% 14-01/04/2022 USD BOMBARDIER INC 6.000% 14-15/10/2022 USD BOMBARDIER INC 7.500% 15-15/03/2025 USD BOMBARDIER INC 7.750% 10-15/03/2020 USD BOMBARDIER INC 8.750% 16-01/12/2021 USD CASCADES INC 5.500% 14-15/07/2022 USD FIRST QUANTUM 7.000% 14-15/02/2021 USD FIRST QUANTUM 7.250% 17-01/04/2023 USD FIRST QUANTUM 7.500% 17-01/04/2025 USD MEG ENERGY CORP 6.500% 17-15/01/2025 USD MEG ENERGY CORP 7.000% 13-31/03/2024 USD NOVA CHEMICALS 4.875% 17-01/06/2024 USD NOVA CHEMICALS 5.250% 17-01/06/2027 USD TECK RESOURCES 4.500% 10-15/01/2021 USD TECK RESOURCES 4.750% 11-15/01/2022 USD TECK RESOURCES 6.000% 10-15/08/2040 USD TECK RESOURCES 6.250% 11-15/07/2041 USD France CROWN EUROPEAN 2.625% 16-30/09/2024 EUR HOMEVI 6.875% 14-15/08/2021 EUR LA FIN ATALIAN 4.000% 17-15/05/2024 EUR Page 43

46 Bond World High Yield Securities portfolio at 30/06/2017 Expressed in EUR NUMERICABLE 6.000% 14-15/05/2022 USD NUMERICABLE 6.250% 14-15/05/2024 USD NUMERICABLE-SFR 7.375% 16-01/05/2026 USD PAPREC HOLDING 5.250% 15-01/04/2022 EUR PAPREC HOLDING 7.375% 15-01/04/2023 EUR Italy TELECOM ITALIA 3.250% 15-16/01/2023 EUR TELECOM ITALIA 3.625% 16-19/01/2024 EUR TELECOM ITALIA 5.303% 14-30/05/2024 USD Ireland ARDAGH PKG FIN 2.750% 17-15/03/2024 EUR ARDAGH PKG FIN 4.125% 16-15/05/2023 EUR ARDAGH PKG FIN 4.750% 17-15/07/2027 GBP ARDAGH PKG FIN 6.000% 17-15/02/2025 USD ARDAGH PKG FIN 6.750% 16-15/05/2024 EUR EIRCOM FINANCE 4.500% 16-31/05/2022 EUR Germany HP PELZER 4.125% 17-01/04/2024 EUR SENVION HOLDING 3.875% 17-25/10/2022 EUR UNITYMEDIA 3.500% 15-15/01/2027 EUR UNITYMEDIA 4.000% 14-15/01/2025 EUR Cayman Islands NOBLE HLDG INTL 6.050% 11-01/03/2041 USD NOBLE HLDG INTL 6.200% 10-01/08/2040 USD NOBLE HLDG INTL 6.950% 15-01/04/2025 USD TRANSOCEAN INC 6.800% 07-15/03/2038 USD TRANSOCEAN INC 7.500% 01-15/04/2031 USD TRANSOCEAN INC 9.000% 16-15/07/2023 USD Spain GRIFOLS SA 3.200% 17-01/05/2025 EUR Jersey Island AA BOND CO LTD 5.500% 15-31/07/2022 GBP ASTON MARTIN 5.750% 17-15/04/2022 GBP Sweden UNILABS SUBHOLD 5.750% 17-15/05/2025 EUR Australia FMG RES AUG % 17-15/05/2024 USD Floating rate bonds The Netherlands ATF NETHERLANDS 16-29/12/2049 FRN EUR REPSOL INTL FIN 15-25/03/2075 FRN EUR TELEFONICA EUROP 16-31/12/2049 FRN EUR United States of America LENNAR CORP 13-15/11/2022 FRN USD France HOMEVI 16-15/11/2021 FRN EUR PICARD GROUPE 13-01/08/2019 FRN EUR Germany RWE AG 15-21/04/2075 FRN EUR Luxembourg SES 16-29/12/2049 FRN EUR Total securities portfolio Page 44

47 Bond World Inflation-Linked Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America US TSY I/L STOCK 2.500% 09-15/01/2029 USD US TSY INFL IX N/B 0.125% 12-15/01/2022 USD US TSY INFL IX N/B 0.125% 12-15/07/2022 USD US TSY INFL IX N/B 0.125% 13-15/01/2023 USD US TSY INFL IX N/B 0.125% 16-15/04/2021 USD US TSY INFL IX N/B 0.125% 16-15/07/2026 USD US TSY INFL IX N/B 0.125% 17-15/04/2022 USD US TSY INFL IX N/B 0.250% 15-15/01/2025 USD US TSY INFL IX N/B 0.375% 15-15/07/2025 USD US TSY INFL IX N/B 0.375% 17-15/01/2027 USD US TSY INFL IX N/B 0.625% 14-15/01/2024 USD US TSY INFL IX N/B 0.625% 16-15/01/2026 USD US TSY INFL IX N/B 0.750% 12-15/02/2042 USD US TSY INFL IX N/B 0.875% 17-15/02/2047 USD US TSY INFL IX N/B 1.000% 16-15/02/2046 USD US TSY INFL IX N/B 1.375% 14-15/02/2044 USD US TSY INFL IX N/B 1.750% 08-15/01/2028 USD US TSY INFL IX N/B 2.000% 06-15/01/2026 USD US TSY INFL IX N/B 2.125% 10-15/02/2040 USD US TSY INFL IX N/B 2.125% 11-15/02/2041 USD US TSY INFL IX N/B 2.375% 07-15/01/2027 USD US TSY INFL IX N/B 3.625%98-15/04/2028 USD US TSY INFL IX N/B 3.875% 99-15/04/2029 USD United Kingdom NETWRK RAIL INFR 1.375% 07-22/11/2037 GBP UK TSY I/L GILT 0.125% 11-22/03/2029 GBP UK TSY I/L GILT 0.125% 12-22/03/2044 GBP UK TSY I/L GILT 0.125% 13-22/03/2068 GBP UK TSY I/L GILT 0.125% 13-22/11/2019 GBP UK TSY I/L GILT 0.125% 15-22/03/2026 GBP UK TSY I/L GILT 0.125% 16-22/11/2036 GBP UK TSY I/L GILT 0.125% 16-22/11/2065 GBP UK TSY I/L GILT 0.250% 12-22/03/2052 GBP UK TSY I/L GILT 0.500% 09-22/03/2050 GBP UK TSY I/L GILT 0.625% 09-22/11/2042 GBP UK TSY I/L GILT 0.750% 07-22/11/2047 GBP UK TSY I/L GILT 0.750% 11-22/03/2034 GBP UK TSY I/L GILT 1.250% 05-22/11/2055 GBP UK TSY I/L GILT 1.250% 06-22/11/2027 GBP UK TSY I/L GILT 1.250% 08-22/11/2032 GBP UK TSY I/L STOCK 0.125% 15-22/03/2046 GBP UK TSY I/L STOCK 1.875% 07-22/11/2022 GBP UK TSY I/L STOCK 6.287% 86-17/07/2024 GBP France FRANCE O.A.T % 16-25/07/2047 EUR FRANCE O.A.T % 13-25/05/2045 EUR FRANCE O.A.T. I/L 0.100% 12-25/07/2021 EUR FRANCE O.A.T.I/L 0.100% 15-01/03/2025 EUR FRANCE O.A.T.I/L 0.700% 14-25/07/2030 EUR FRANCE O.A.T.I/L 1.850% 11-25/07/2027 EUR FRANCE O.A.T.I/L 2.250% 04-25/07/2020 EUR FRANCE O.A.T.I/L 3.150% 02-25/07/2032 EUR FRANCE O.A.T.I/L 3.400% 99-25/07/2029 EUR Spain SPAIN I/L BOND 0.550% 14-30/11/2019 EUR SPAIN I/L BOND 0.650% 17-30/11/2027 EUR Japan JAPAN I/L-10YR 0.100% 13-10/09/2023 JPY JAPAN I/L-10YR 0.100% 14-10/03/2024 JPY JAPAN I/L-10YR 0.100% 14-10/09/2024 JPY JAPAN I/L-10YR 0.100% 15-10/03/2025 JPY JAPAN I/L-10YR 0.100% 16-10/03/2026 JPY JAPAN I/L-10YR 1.400% 08-10/06/2018 JPY Italy ITALY BTPS I/L 1.250% 15-15/09/2032 EUR ITALY BTPS I/L 1.300% 17-15/05/2028 EUR Canada CANADA GOVT I/L 1.250% 13-01/12/2047 CAD CANADA GOVT I/L 1.500% 10-01/12/2044 CAD CANADA GOVT I/L 2.000% 07-01/12/2041 CAD CANADA GOVT I/L 3.000% 03-01/12/2036 CAD CANADA GOVT I/L 4.000% 99-01/12/2031 CAD CANADA GOVT I/L 4.250% 95-01/12/2026 CAD Australia AUSTRALIAN I/L 1.250% 12-21/02/2022 AUD AUSTRALIAN I/L 1.250% 15-21/08/2040 AUD AUSTRALIAN I/L 2.000% 13-21/08/2035 AUD AUSTRALIAN I/L 3.000% 09-20/09/2025 AUD Sweden SWEDEN I/L 0.125% 16-01/06/2026 SEK SWEDEN I/L 4.297% 99-01/12/2028 SEK Germany DEUTSCHLAND I/L 0.500% 14-15/04/2030 EUR New Zealand NEW ZEALAND I/L 2.000% /09/2025 FLAT NEW ZEALAND I/L 2.500% /09/2040 FLAT NEW ZEALAND I/L 3.000% /09/2030 FLAT NZD NZD NZD Denmark DENMARK I/L GOVT 0.100% 12-15/11/2023 DKK Floating rate bonds United Kingdom UK TSY I/L STOCK 2.829% 02-26/01/2035 GBP UK TSY I/L STOCK 7.322% 83-16/04/2020 GBP UK TSY I/L STOCK 7.633% 92-22/07/2030 GBP Total securities portfolio Page 45

48 Convertible Bond Asia Securities portfolio at 30/06/2017 Expressed in USD CHINA RAIL CONS 1.500% 16-21/12/2021 CV CNY CRRC CORP LTD 0.000% 16-05/02/2021 CV USD ENN ENERGY HOLDINGS 0.000% /02/2018 CV USD MENGNIU DAIRY 0.000% 17-05/06/2022 CV USD SEMICONDUCTOR MANUFACTORING % 16-07/07/2022 CV USD SHENZHOU INTERNATIONAL 0.500% /06/2019 CV HKD ZHEJIANG EXPRESS 0.000% /04/2022 CV EUR Hong Kong ASM PACIFIC TECHNOLOGY 2.000% /03/2019 CV HKD BAGAN CAPITAL 0.000% 16-23/09/2021 CV USD BAOSTEEL HONG KONG 0.000% /12/2018 CV USD CHINA YANGTZE PW 0.000% /11/2021 CV EUR CHINA YANGTZE PW 0.000% /11/2021 CV USD CNPC HONG KG LTD 1.625% /07/2019 CV CNY HAITONG INTL SEC 0.000% /10/2021 CV HKD JOHNSON ELECTRIC HOLDINGS 1.000% /04/2021 CV USD Taiwan ADVANCED SEMICONDUCTOR 0.000% /09/2018 CV USD NANYA TECHNOLOGY 0.000% /01/2022 CV USD TPK HOLDING CO 0.000% 15-08/04/2020 CV USD UNITED MICROELECTRONICS 0.000% /05/2020 CV USD ZHEN DING TECH 0.000% 14-26/06/2019 CV USD Malaysia CAHAYA CAPITAL 0.000% 14-18/09/2021 CV USD INDAH CAPITAL 0.000% 13-24/10/2018 CV SGD Cayman Islands CHINA OVERSEAS FIN 5.000% /01/2023 CV USD Japan AEON FINANCIAL 0.000% 16-13/09/2019 CV JPY MUSASHI SEIMITSU 0.000% /12/2018 CV JPY SONY CORP 0.000% 15-30/09/2022 CV JPY YAMAGUCHI FIN GP 15-26/03/2020 CV FRN USD British Virgin Islands CROTONA ASSETS 4.000% 14-14/04/2019 CV USD Singapore CAPITACOMMERCIAL 2.500% /09/2017 CV SGD CAPITALAND LTD 1.850% 13-19/06/2020 CV SGD CAPITALAND LTD 1.950% 13-17/10/2023 CV SGD CAPITALAND LTD 2.800% 15-08/06/2025 CV SGD Thailand BANGKOK DUSIT MED SERVICE 0.000% /09/2019 CV THB Philippines AYC FINANCE LTD 0.500% 14-02/05/2019 CV USD Transferable securities admitted to an official stock South Korea exchange listing and/or traded on another regulated KAKAO CORP 0.000% 16-11/05/2021 CV KRW market Total securities portfolio Convertible bonds China CHINA RAIL CONS 0.000% 16-29/01/2021 CV USD Page 46

49 Convertible Bond World Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Convertible bonds United States of America ADVANCED MICRO 2.125% 16-01/09/2026 CV USD AKAMAI TECH 0.000% 14-15/02/2019 CV USD CHESAPEAKE ENRGY 5.500% /09/2026 CV USD CITRIX SYSTEMS 0.500% 14-15/04/2019 CV USD DISH NETWORK 2.375% 17-15/03/2024 CV USD DYCOM INDS 0.750% 15-15/09/2021 CV USD EURONET WORLDWID 1.500% /10/2044 CV USD EXTRA SPACE STORAGE 3.125% /10/2035 CV USD FINISAR CORP 0.500% 13-15/12/2033 CV USD HOLOGIC INC 2.000% 12-01/03/2042 CV SR USD ILLUMINA INC 0.000% 14-15/06/2019 CV USD INTEL CORP 3.250% 09-01/08/2039 CV USD INTEL CORP 3.479% 06-15/12/2035 CV USD LIBERTY EXPEDIA 1.000% 17-30/06/2047 CV USD LIBERTY INTERACT 1.750% /09/2046 CV USD LIBERTY MEDIA 1.000% 17-30/01/2023 CV USD LIBERTY MEDIA 1.375% 13-15/10/2023 CV USD LUMENTUM HOLDING 0.250% /03/2024 CV USD MICROCHIP TECHNOLOGY 1.625% /02/2025 CV USD MICROCHIP TECHNOLOGY 1.625% /02/2027 CV USD MICRON TECH 3.000% 13-15/11/2043 CV USD NABORS INDS INC 0.750% 17-15/01/2024 CV USD NEUROCRINE BIO 2.250% 17-15/05/2024 CV USD NUANCE COMMUNIC 1.000% /12/2035 CV USD NUVASIVE INC 2.250% 16-15/03/2021 CV USD ON SEMICONDUCTOR 1.000% /12/2020 CV USD PRICELINE.COM 0.350% 13-15/06/2020 CV USD PRICELINE.COM 1.000% 12-15/03/2018 CV USD RED HAT INC 0.250% 14-01/10/2019 CV USD SERVICENOW INC 0.000% 13-01/11/2018 CV USD SILICON LABS 1.375% 17-01/03/2022 CV USD SUNPOWER CORP 0.875% 14-01/06/2021 CV USD TESLA MOTORS INC 1.250% /03/2021 CV USD YAHOO INC 0.000% 13-01/12/2018 CV USD Japan ASICS CORP 0.000% 14-01/03/2019 CV JPY CHUGOKU ELEC PWR 0.000% /03/2020 CV JPY JAPAN AIRPORT 0.000% 15-06/03/2020 CV JPY KAWASAKI KISEN 0.000% 13-26/09/2018 CV JPY LIXIL GROUP CORP 0.000% /03/2022 CV JPY SONY CORP 0.000% 15-30/09/2022 CV JPY SUZUKI MOTOR CORP 0.000% /03/2021 CV JPY SUZUKI MOTOR CORP 0.000% /03/2023 CV JPY TAKASHIMAYA CO 0.000% 13-11/12/2020 CV JPY TERUMO CORP 0.000% 14-06/12/2021 CV JPY TOHOKU ELECTRIC POWER CO 0.000% /12/2018 CV JPY TOHOKU ELECTRIC POWER CO 0.000% /12/2020 CV JPY TORAY INDUSTRIES 0.000% /08/2019 CV JPY YAMADA DENKI CO 0.000% /06/2019 CV JPY YAMAGUCHI FIN GP 0.000% /12/2018 CV USD France AIR FRANCE - KLM 0.000% 13-15/02/ CV FLAT EUR AIRBUS GROUP NV 0.000% /07/2022 CV EUR AIRBUS SE 0.000% 16-14/06/2021 CV EUR LVMH MOET HENNES 0.000% 16-16/02/ CV FLAT USD MICHELIN 0.000% 17-10/01/2022 CV USD TECHNIP 0.875% 16-25/01/2021 CV EUR TOTAL SA 0.500% 15-02/12/2022 CV USD UBISOFT ENTERTAINMENT 0.000% /09/2021 CV EUR VALEO SA 0.000% 16-16/06/2021 CV USD VINCI SA 0.375% 17-16/02/2022 CV USD WENDEL SA 0.000% 16-31/07/2019 CV EUR Germany BAYER AG 0.050% 17-15/06/2020 CV EUR DEUTSCHE WOHNEN 0.875% /09/2021 CV EUR FRESENIUS SE 0.000% 14-24/09/2019 CV EUR HANIEL FINANCE 0.000% 15-12/05/2020 CV EUR MTU AERO ENGINES 0.125% /05/2023 CV EUR RAG STIFTUNG 0.000% 14-31/12/2018 CV EUR RAG STIFTUNG 0.000% 15-18/02/2021 CV EUR SYMRISE AG 0.238% 17-20/06/2024 CV EUR The Netherlands BRENNTAG FINANCE 1.875% /12/2022 CV USD NXP SEMICONDUCTORS 1.000% /12/2019 CV USD QIAGEN NV 0.375% 14-19/03/2019 CV USD SIEMENS FINAN 1.050% 15-16/08/2017 CV USD SIEMENS FINAN 1.650% 15-16/08/2019 CV USD Switzerland STMICROELECTRONICS 0.000% /07/2022 CV USD STMICROELECTRONICS 1.000% /07/2021 CV USD SWISS LIFE HOLDING 0.000% /12/2020 CV CHF Mexico AMERICA MOVIL SA 0.000% /05/2020 CV EUR CEMEX SAB 3.720% 15-15/03/2020 CV USD CEMEX SAB 3.750% 11-15/03/2018 CV USD China CRRC CORP LTD 0.000% 16-05/02/2021 CV USD CTRIP.COM INT 1.250% 16-15/09/2022 CV USD VIPSHOP HOLDING 1.500% /03/2019 CV USD United Kingdom BP CAPITAL PLC 1.000% 16-28/04/2023 CV GBP INMARSAT 3.875% 16-09/09/2023 CV USD VODAFONE GROUP 0.000% /11/2020 CV GBP United Arab Emirates DP WORLD LTD 1.750% 14-19/06/2024 CV USD NATIONAL BANK OF ABU DHABI 1.000% /03/2018 CV USD Austria STEINHOFF FINANC 1.250% /10/2023 CV EUR Page 47

50 Convertible Bond World Securities portfolio at 30/06/2017 Expressed in USD Norway TELENOR EAST HOL 0.250% /09/2019 CV USD Taiwan NANYA TECHNOLOGY 0.000% /01/2022 CV USD ZHEN DING TECH 0.000% 14-26/06/2019 CV USD Hungary HUNGARIAN STATE 3.375% /04/2019 CV EUR Belgium BEKAERT SA 0.000% 16-09/06/2021 CV EUR Italy ENI SPA 0.000% 16-13/04/2022 CV EUR PRYSMIAN SPA 1.250% 13-08/03/2018 CV EUR Malaysia INDAH CAPITAL 0.000% 13-24/10/2018 CV SGD Spain ACS ACTIVIDADES 1.625% 14-27/03/2019 CV EUR Israel TEVA PHARMACEUTICAL 7.000% /12/2018 CV FLAT USD Ireland JAZZ INVT I LTD 1.875% 14-15/08/2021 CV USD Hong Kong ASM PACIFIC TECHNOLOGY 2.000% /03/2019 CV HKD Jersey Island SIRIUS MINERALS 8.500% 16-28/11/2023 CV USD India LARSEN & TOUBRO 0.675% /10/2019 CV USD Portugal PARPUBLICA 5.250% 10-28/09/2017 CV EUR Bermuda WEATHERFORD BERM 5.875% /07/2021 CV USD Other transferable securities Convertible bonds Jersey Island WRIGHT MEDICAL 2.000% NOTES /02/2020 CV USD United States of America ISIS PHARMACEUTICALS 1.000% /11/2021 CV USD Luxembourg ESPIRITO SANTO 5.050% 05-15/11/2025 CV SR DFLT EUR Shares/Units in investment funds Luxembourg PARWORLD FLEXIBLE CONVERTIBLE BOND FUND - X - CAP USD Total securities portfolio Page 48

51 Equity Best Selection Asia ex-japan Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China CHINA COMMUNICATIONS SERVI - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA TELECOM CORP LTD - H HKD GREAT WALL MOTOR COMPANY - H HKD HENGAN INTL GROUP CO LTD HKD HUANENG POWER INTL INC - H HKD IND & COMM BANK OF CHINA - H HKD PING AN INSURANCE GROUP CO - H HKD SHENZHOU INTERNATIONAL GROUP HKD TENCENT HOLDINGS LTD HKD Hong Kong CHINA STATE CONSTRUCTION INT HKD CHINA TAIPING INSURANCE HOLD HKD CK HUTCHISON HOLDINGS LTD HKD CK INFRASTRUCTURE HOLDINGS HKD HAIER ELECTRONICS GROUP CO HKD HANG LUNG PROPERTIES LTD HKD HONG KONG EXCHANGES & CLEAR HKD TECHTRONIC INDUSTRIES CO LTD HKD Taiwan ADVANTECH CO LTD TWD DELTA ELECTRONIC INDUSTRIAL CO TWD FUBON FINANCIAL HOLDING CO TWD HON HAI PRECISION INDUSTRY TWD PRESIDENT CHAIN STORE CORP TWD SPORTON INTERNATIONAL INC TWD TAIWAN SEMICONDUCTOR MANUFAC TWD South Korea LG ELECTRONICS INC KRW LG HOUSEHOLD & HEALTH CARE KRW SAMSUNG ELECTRONICS CO LTD KRW SK HYNIX INC KRW India ASIAN PAINTS LTD INR HINDUSTAN UNILEVER LTD INR KOTAK MAHINDRA BANK LTD INR LUPIN LTD INR MARUTI SUZUKI INDIA LTD INR TATA MOTORS LTD INR TECH MAHINDRA LTD INR Indonesia BANK CENTRAL ASIA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR UNILEVER INDONESIA TBK PT IDR Singapore SINGAPORE EXCHANGE LTD SGD SINGAPORE TELECOMMUNICATIONS SGD Malaysia PUBLIC BANK BERHAD MYR Philippines SM INVESTMENTS CORP PHP Total securities portfolio Page 49

52 Equity Best Selection Euro Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Germany BAYER AG - REG EUR BAYERISCHE MOTOREN WERKE AG EUR CONTINENTAL AG EUR DEUTSCHE BOERSE AG EUR DEUTSCHE TELEKOM AG - REG EUR FRESENIUS MEDICAL CARE AG EUR GERRESHEIMER AG EUR INFINEON TECHNOLOGIES AG EUR LINDE AG EUR SAP SE EUR France ADP EUR AIR LIQUIDE SA EUR COMPAGNIE DE SAINT GOBAIN EUR LEGRAND SA EUR LVMH MOET HENNESSY LOUIS VUITTON EUR PERNOD RICARD SA EUR REXEL SA EUR SCHNEIDER ELECTRIC SE EUR Spain AENA SA EUR AMADEUS IT GROUP SA EUR BANCO BILBAO VIZCAYA ARGENTA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV EUR KONINKLIJKE AHOLD DELHAIZE NV EUR ROYAL DUTCH SHELL PLC - A EUR Ireland ALLIED IRISH BANKS PLC EUR BANK OF IRELAND EUR CRH PLC EUR United Kingdom UNILEVER NV - CVA EUR Portugal GALP ENERGIA SGPS SA EUR JERONIMO MARTINS EUR Finland SAMPO OYJ - A EUR Sweden NORDEA BANK AB - FDR EUR Luxembourg TENARIS SA EUR Italy LUXOTTICA GROUP SPA EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - CLASSIC EUR Total securities portfolio Page 50

53 Equity Best Selection Europe Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BT GROUP PLC GBP DIAGEO PLC GBP INMARSAT PLC GBP KINGFISHER PLC GBP LONDON STOCK EXCHANGE GROUP GBP PRUDENTIAL PLC GBP RECKITT BENCKISER GROUP PLC GBP RIO TINTO PLC GBP SMITHS GROUP PLC GBP STANDARD CHARTERED PLC GBP UNILEVER NV - CVA EUR Germany BAYER AG - REG EUR DEUTSCHE BOERSE AG EUR FRESENIUS MEDICAL CARE AG EUR LINDE AG EUR SAP SE EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV EUR KONINKLIJKE AHOLD DELHAIZE NV EUR ROYAL DUTCH SHELL PLC - A GBP ROYAL DUTCH SHELL PLC - B GBP Spain AENA SA EUR AMADEUS IT GROUP SA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR Ireland ALLIED IRISH BANKS PLC EUR CRH PLC EUR EXPERIAN PLC GBP SHIRE PLC GBP Sweden ATLAS COPCO AB - A SEK HEXAGON AB - B SEK NORDEA BANK AB SEK France ADP EUR AIR LIQUIDE SA EUR COMPAGNIE DE SAINT GOBAIN EUR Switzerland ROCHE HOLDING AG GENUSSCHEIN CHF SCHINDLER HOLDING - PART CERT CHF SWATCH GROUP AG/THE - BR CHF Portugal JERONIMO MARTINS EUR Norway DNB ASA NOK Denmark CARLSBERG AS - B DKK Finland SAMPO OYJ - A EUR Luxembourg TENARIS SA EUR Italy LUXOTTICA GROUP SPA EUR Total securities portfolio Page 51

54 Equity Brazil Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL AMBEV SA - ADR USD BANCO BRADESCO SA BRL BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BANCO DO BRASIL S.A. BRL BANCO SANTANDER BRASIL-UNIT BRL BB SEGURIDADE PARTICIPACOES BRL BM&FBOVESPA SA BRL BR MALLS PARTICIPACOES SA BRL BRASKEM SA-PREF A BRL BRF SA BRL BRF SA-ADR USD CCR SA BRL CIA BRASILEIRA DE DIS-PREF BRL CIA ENERGETICA DE SP-PREF B BRL CIA ENERGETICA MINAS GER-PRF BRL CIA SANEAMENTO BASICO DE SP BRL CIA SANEAMENTO DO PARANA-PRF BRL CIELO SA BRL CONSTRUTORA TENDA SA BRL COSAN LOGISTICA SA BRL COSAN LTD - A SHARES USD COSAN LTD - BDR BRL COSAN SA INDUSTRIA COMERCIO BRL CPFL ENERGIA SA BRL EMBRAER SA BRL ENERGISA SA - UNITS BRL EQUATORIAL ENERGIA SA - ORD BRL EVEN CONSTRUTORA E INCORPORADORA BRL GERDAU SA - PREF BRL ITAU UNIBANCO HOLDING S-PREF BRL ITAU UNIBANCO H-SPON PRF ADR USD ITAUSA INVESTIMENTOS ITAU-PR BRL JBS SA BRL KLABIN SA - UNIT BRL KROTON EDUCACIONAL SA BRL LOJAS AMERICANAS SA-PREF BRL MINERVA SA BRL MULTIPLAN EMPREENDIMENTOS BRL PETROBRAS - PETROLEO BRAS BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASILEIRO - SPON ADR USD PETROLEO BRASIL-SP PREF ADR USD RUMO SA BRL SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL - ADR USD TELEFONICA BRASIL SA - PREF BRL VALE SA BRL VALE SA-PREF BRL VALE SA-SP ADR USD VALE SA-SP PREF ADR USD Other transferable securities Convertible bonds Brazil KLABIN SA % 13-08/01/2019 SUBR CV BRL Total securities portfolio Page 52

55 Equity China Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China ALIBABA GROUP HOLDING-SP ADR USD ANGANG STEEL CO LTD - H HKD ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD BANK OF CHINA LTD - H HKD BAOSHAN IRON + STEEL CO - A CNY CHINA COMMUNICATIONS CONST - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA LIFE INSURANCE CO - H HKD CHINA MENGNIU DAIRY CO HKD CHINA PETROLEUM & CHEMICAL - H HKD CHINA RAILWAY CONSTRUCTION - H HKD CHINA VANKE CO LTD - H HKD CNOOC LTD HKD CTRIP.COM INT-ADR USD ENN ENERGY HOLDINGS LTD HKD HAITONG SECURITIES CO LTD - H HKD IND & COMM BANK OF CHINA - H HKD JD.COM INC - ADR USD JIANGSU HENGRUI MEDICINE C - A CNY JIANGXI COPPER CO LTD - H HKD KWEICHOW MOUTAI CO LTD - A CNY LI NING CO LTD HKD NETEASE INC - ADR USD PETROCHINA CO LTD - H HKD PICC PROPERTY & CASUALTY - H HKD PING AN INSURANCE GROUP CO - H HKD QINGDAO HAIER CO LTD - A CNY SANY HEAVY INDUSTRY CO LTD - A CNY SINA CORP USD SUN ART RETAIL GROUP LTD HKD SUNNY OPTICAL TECH HKD TAL EDUCATION GROUP - ADR USD TENCENT HOLDINGS LTD HKD YANZHOU COAL MINING CO - H HKD Hong Kong AIA GROUP LTD HKD CHINA MOBILE LTD HKD CHINA OVERSEAS LAND & INVEST HKD CHINA UNICOM HONG KONG LTD HKD CSPC PHARMACEUTICAL GROUP LTD HKD GUOTAI JUNAN INTERNATIONAL HKD HONG KONG EXCHANGES & CLEAR HKD SINO BIOPHARMACEUTICAL HKD Taiwan TAIWAN SEMICONDUCTOR MANUFAC TWD United States of America SAMSONITE INTERNATIONAL SA HKD Macao WYNN MACAU LTD HKD Warrants, Rights UBS PN 09/05/2018 HANGZHOU HI USD UBS PN 25/12/2017 DONG USD Other transferable securities Shares Hong Kong EURO ASIA AGRICULTURAL HOLDINGS HKD RNA HOLDINGS LTD HKD Shares/Units in investment funds Luxembourg BNPP FLEXI I CSI 300 INDEX - I USD - CAP USD Total securities portfolio Page 53

56 Equity Europe Emerging Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ACRON PJSC RUB ALROSA PJSC RUB E.ON RUSSIA JSC USD GAZPROM NEFT - SPONSORED ADR USD GAZPROM PAO -SPON ADR USD INTER RAO UES PJSC RUB LUKOIL PJSC - SPON ADR USD MAGNIT PJSC RUB MAGNIT PJSC USD MAGNIT PJSC-SPON GDR REGS USD MMC NORILSK NICKEL PJSC - ADR USD MOBILE TELESYSTEMS OJSC USD MOBILE TELESYSTEMS PJSC RUB PHOSAGRO PJSC-GDR REG S USD ROSNEFT OIL CO PJSC-REG GDR USD SBERBANK OF RUSSIA PJSC RUB SBERBANK OF RUSSIA PJSC USD SBERBANK-PREFERENCE RUB SURGUTNEFTEGAS-PREFERENCE RUB SURGUTNEFTEGAS-PREFERENCE USD TATNEFT - PREF 3 SERIES RUB TRANSNEFT PJSC RUB UNIPRO PJSC RUB X 5 RETAIL GROUP NV-REGS GDR USD Turkey AKBANK T.A.S. TRY COCA-COLA ICECEK AS TRY ENKA INSAAT VE SANAYI AS TRY EREGLI DEMIR VE CELIK FABRIK TRY KOC HOLDING AS TRY LOGO YAZILIM SANAYI VE TICAR TRY MAVI GIYIM SANAYI VE TICA - B TRY SODA SANAYII TRY TOFAS TURK OTOMOBIL FABRIKASI TRY TUPRAS-TURKIYE PETROL RAFINE TRY TURK HAVA YOLLARI AO TRY TURK SISE VE CAM FABRIKALARI TRY TURKCELL ILETISIM HIZMET AS TRY TURKIYE GARANTI BANKASI TRY TURKIYE IS BANKASI - C TRY TURKIYE SINAI KALKINMA BANK TRY YAPI VE KREDI BANKASI TRY Poland ASSECO POLAND SA PLN BANK PEKAO SA PLN CCC SA PLN CYFROWY POLSAT SA PLN PKO BANK POLSKI SA PLN POLSKIE GORNICTWO NAFTOWE I PLN POWSZECHNY ZAKLAD UBEZPIECZE PLN WARSAW STOCK EXCHANGE PLN Greece ALPHA BANK A.E. EUR FF GROUP EUR NATIONAL BANK OF GREECE EUR Hungary MOL HUNGARIAN OIL AND GAS PL HUF RICHTER GEDEON NYRT HUF The Netherlands AMREST HOLDINGS SE PLN VEON LTD USD Czech Republic MONETA MONEY BANK AS CZK Switzerland LUXOFT HOLDING INC USD Cyprus GLOBALTRA-SPONS GDR REGS USD Georgia BGEO GROUP PLC GBP Guernsey Island ETALON GROUP-GDR REGS - W/I USD United Kingdom GLOBAL PORTS HOLDING PLC GBP Kazakhstan KCELL JSC - REGS - W/I USD Slovakia POVAZSKE STROJARNE EUR Other transferable securities Shares Russia MAGNITOGORSK IRON & STEEL WO RUB Total securities portfolio Page 54

57 Equity Europe Growth Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom DIAGEO PLC GBP INMARSAT PLC GBP KINGFISHER PLC GBP LONDON STOCK EXCHANGE GROUP GBP PRUDENTIAL PLC GBP RECKITT BENCKISER GROUP PLC GBP SMITHS GROUP PLC GBP STANDARD CHARTERED PLC GBP UNILEVER NV - CVA EUR Germany BAYER AG - REG EUR DEUTSCHE BOERSE AG EUR FRESENIUS MEDICAL CARE AG EUR GERRESHEIMER AG EUR INFINEON TECHNOLOGIES AG EUR LINDE AG EUR SAP SE EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV EUR KONINKLIJKE AHOLD DELHAIZE NV EUR ROYAL DUTCH SHELL PLC - B GBP Spain AENA SA EUR AMADEUS IT GROUP SA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR Ireland ALLIED IRISH BANKS PLC EUR CRH PLC EUR EXPERIAN PLC GBP SHIRE PLC GBP Sweden ATLAS COPCO AB - A SEK HEXAGON AB - B SEK LUNDIN PETROLEUM AB SEK NORDEA BANK AB SEK Switzerland ROCHE HOLDING AG GENUSSCHEIN CHF SCHINDLER HOLDING - PART CERT CHF SWATCH GROUP AG/THE - BR CHF TEMENOS GROUP AG - REG CHF France ADP EUR COMPAGNIE DE SAINT GOBAIN EUR CRITEO SA - SPON ADR USD Portugal JERONIMO MARTINS EUR Norway DNB ASA NOK Finland SAMPO OYJ - A EUR Luxembourg TENARIS SA EUR Denmark CARLSBERG AS - B DKK Italy LUXOTTICA GROUP SPA EUR Total securities portfolio Page 55

58 Equity Europe Mid Cap Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares France ALSTOM EUR ATOS SE EUR EUTELSAT COMMUNICATIONS EUR FAURECIA EUR FONCIERE DES REGIONS EUR KLEPIERRE EUR NATIXIS EUR SEB SA EUR SFR GROUP SA EUR TELEPERFORMANCE EUR THALES SA EUR VALEO SA EUR United Kingdom ASHTEAD GROUP PLC GBP BABCOCK INTL GROUP PLC GBP DERWENT LONDON PLC GBP DIXONS CARPHONE PLC GBP DS SMITH PLC GBP INCHCAPE PLC GBP INFORMA PLC GBP INTERTEK GROUP PLC GBP MICRO FOCUS INTERNATIONAL GBP PERSIMMON PLC GBP UBM PLC GBP Germany FREENET AG EUR LEG IMMOBILIEN AG EUR MTU AERO ENGINES AG EUR PROSIEBEN SAT.1 MEDIA SE EUR SYMRISE AG EUR Switzerland BANQUE CANTONALE VAUDOIS - REG CHF FLUGHAFEN ZUERICH AG - REG CHF LOGITECH INTERNATIONAL - REG CHF SCHINDLER HOLDING - PART CERT CHF SIKA AG - BR CHF The Netherlands ABN AMRO GROUP NV - CVA EUR NN GROUP NV - W/I EUR WOLTERS KLUWER EUR Ireland DCC PLC GBP KINGSPAN GROUP PLC EUR PADDY POWER BETFAIR PLC GBP SMURFIT KAPPA GROUP PLC EUR Sweden CASTELLUM AB SEK ELECTROLUX AB-SER B SEK HEXAGON AB - B SEK Spain DISTRIBUIDORA INTERNACIONAL EUR SIEMENS GAMESA REVEWABLE ENERGY SA EUR Italy FINECOBANK SPA EUR RECORDATI SPA EUR Finland HUHTAMAKI OYJ EUR Jersey Island PHOENIX GROUP HOLDINGS GBP Austria ANDRITZ AG EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - CLASSIC EUR Total securities portfolio Page 56

59 Equity Europe Small Cap Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BERENDSEN PLC GBP BRITVIC PLC GBP DERWENT LONDON PLC GBP DS SMITH PLC GBP ELEMENTIS PLC GBP GREGGS PLC GBP HANSTEEN HOLDINGS PLC GBP HOMESERVE SHS GBP IG GROUP HOLDINGS PLC GBP INCHCAPE PLC GBP INFORMA PLC GBP MICRO FOCUS INTERNATIONAL GBP MONEYSUPERMARKET.COM GBP NATIONAL EXPRESS GROUP PLC GBP UBM PLC GBP WH SMITH PLC GBP Sweden AXFOOD AB SEK CASTELLUM AB SEK CLOETTA AB - B SEK COM HEM HOLDING AB - W/I SEK DOMETIC GROUP AB SEK ELEKTA AB - B SEK FABEGE AB SEK HEXPOL AB SEK INTRUM JUSTITIA AB SEK LOOMIS AB - B SEK MODERN TIMES GROUP - B SEK PEAB AB SEK Germany ALSTRIA OFFICE REIT AG EUR BECHTLE AG EUR FREENET AG EUR GERRESHEIMER AG EUR JUNGHEINRICH - PRFD EUR LEG IMMOBILIEN AG EUR MTU AERO ENGINES AG EUR NORMA GROUP SE EUR STROEER SE & CO KGAA EUR France ALTRAN TECHNOLOGIES SA EUR FAURECIA EUR IPSEN EUR KORIAN EUR PLASTIC OMNIUM EUR TELEPERFORMANCE EUR WORLDLINE SA - W/I EUR Switzerland BANQUE CANTONALE VAUDOIS - REG CHF FLUGHAFEN ZUERICH AG - REG CHF IMPLENIA AG - REG CHF LOGITECH INTERNATIONAL - REG CHF SUNRISE COMMUNICATIONS GROUP CHF Italy A2A SPA EUR CERVED INFORMATION SOLUTIONS EUR EI TOWERS SPA EUR FINECOBANK SPA EUR RECORDATI SPA EUR Finland HUHTAMAKI OYJ EUR KESKO OYJ - B EUR METSA BOARD OYJ EUR Ireland GREENCORE GROUP PLC GBP KINGSPAN GROUP PLC EUR SMURFIT KAPPA GROUP PLC EUR Denmark ROYAL UNIBREW DKK Isle of Man PAYSAFE GROUP PLC GBP Malta GVC HOLDINGS PLC GBP Spain PROSEGUR COMPANIA DE SEGURIDAD EUR SIEMENS GAMESA REVEWABLE ENERGY SA EUR Jersey Island PHOENIX GROUP HOLDINGS GBP Portugal CTT-CORREIOS DE PORTUGAL EUR The Netherlands CORBION NV EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - I - CAP EUR Total securities portfolio Page 57

60 Equity High Dividend Pacific Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Australia AGL ENERGY LTD AUD AMCOR LTD AUD AMP LTD AUD APA GROUP AUD AUST AND NZ BANKING GROUP AUD BHP BILLITON LTD AUD BRAMBLES LTD AUD CARSALES.COM LTD AUD COMMONWEALTH BANK OF AUSTRALIA AUD COMPUTERSHARE LTD AUD DULUXGROUP LTD AUD FAIRFAX MEDIA LTD AUD G8 EDUCATION LTD AUD MACQUARIE GROUP LTD AUD NATIONAL AUSTRALIA BANK LTD AUD ORORA LTD AUD QUBE HOLDINGS LTD AUD SONIC HEALTHCARE LTD AUD SPARK INFRASTRUCTURE GROUP AUD SUNCORP GROUP LTD AUD SYDNEY AIRPORT AUD TELSTRA CORP LTD AUD TRANSURBAN GROUP AUD WESTPAC BANKING CORP AUD Japan ASAHI INTECC CO LTD JPY CANON INC JPY CHUGOKU ELECTRIC POWER CO JPY DAIWA SECURITIES GROUP INC JPY FANUC CORP JPY HOKURIKU ELECTRIC POWER CO JPY ITOCHU CORP JPY JXTG HOLDINGS INC JPY LAWSON INC JPY MANI INC JPY MARUBENI CORP JPY MIRACA HOLDINGS INC JPY MIZUHO FINANCIAL GROUP INC JPY MS&AD INSURANCE GROUP HOLDING JPY NIHON KOHDEN CORP JPY NIPPON TELEGRAPH & TELEPHONE JPY NISSAN MOTOR CO LTD JPY NITORI HOLDINGS CO LTD JPY RICOH CO LTD JPY SUMITOMO CORP JPY SUMITOMO MITSUI FINANCIAL GR JPY SUMITOMO MITSUI TRUST HOLDINGS JPY TOYOTA MOTOR CORP JPY Hong Kong BOC HONG KONG HOLDINGS LTD HKD CK HUTCHISON HOLDINGS LTD HKD CK INFRASTRUCTURE HOLDINGS HKD CLP HOLDINGS LTD HKD DAH SING BANKING GROUP LTD HKD DAH SING FINANCIAL HOLDINGS HKD HANG SENG BANK LTD HKD HK ELECTRIC INVESTMENTS -SS HKD MTR CORP HKD PCCW LTD HKD POWER ASSETS HOLDINGS LTD HKD WATER OASIS GROUP LTD HKD New Zealand AUCKLAND INTL AIRPORT LTD NZD FLETCHER BUILDING LTD NZD SPARK NEW ZEALAND LTD NZD India BAJAJ ELECTRICALS LTD INR COROMANDEL INTERNATIONAL LTD INR HINDUSTAN PETROLEUM CORP INR MCLEOD RUSSEL INDIA LTD INR OIL & NATURAL GAS CORP LTD INR PHILLIPS CARBON BLACK LTD INR TUBE INVESTMENTS OF INDIA INR Indonesia BANK RAKYAT INDONESIA PERSER IDR TELEKOMUNIKASI INDONESIA PER IDR Taiwan CHUNGHWA TELECOM CO LTD TWD CTCI CORP TWD PACIFIC HOSPITAL SUPPLY CO TWD TAIWAN SEMICONDUCTOR MANUFAC TWD South Korea HYUNDAI MOTOR CO KRW HYUNDAI MOTOR CO LTD PRF KRW KT CORP KRW SK INNOVATION CO LTD KRW SK TELECOM KRW Malaysia MAXIS BHD MYR PUBLIC BANK BERHAD MYR Philippines PLDT INC PHP SECURITY BANK CORP PHP United Kingdom CYBG PLC AUD Thailand ADVANCED INFORMATION TE-NVDR THB Total securities portfolio Page 58

61 Equity High Dividend USA Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AIRCASTLE LTD USD AMERIGAS PARTNERS - LP USD AMGEN INC USD BB&T CORPORATION USD CARDINAL HEALTH INC USD CEDAR FAIR LP USD CHEVRON CORP USD CINEMARK HOLDINGS INC USD CNA FINANCIAL CORP USD COGENT COMMUNICATIONS HOLDING USD COMPASS MINERALS INTERNATION USD CORNING INC USD COTY INC - A USD CVS HEALTH CORP USD EMERSON ELECTRIC CO USD EXXON MOBIL CORP USD FASTENAL CO USD INTEL CORP USD INTERPUBLIC GROUP OF COS INC USD IRON MOUNTAIN INC USD JOHNSON CONTROLS INTERNATIONAL USD KAR AUCTION SERVICES INC USD KIMBERLY-CLARK CORP USD LYONDELLBASELL INDU - A USD MAGELLAN MIDSTREAM PARTNERS USD MARATHON PETROLEUM CORP - W/I USD METLIFE INC USD MICROSOFT CORP USD MOTOROLA SOLUTIONS INC USD NATIONAL FUEL GAS CO USD OCCIDENTAL PETROLEUM CORP USD OMNICOM GROUP USD OWENS AND MINOR INC USD PEPSICO INC USD PNC FINANCIAL SERVICES GROUP USD POLARIS INDUSTRIES INC USD PRAXAIR INC USD QUALCOMM INC USD RYMAN HOSPITALITY PROPERTIES USD SABRA HEALTH CARE REIT INC USD SPECTRA ENERGY PARTNERS LP USD TARGET CORP USD THOMSON REUTERS CORP USD UNION PACIFIC CORP USD UNITED PARCEL SERVICE- CL B USD UNITI GROUP INC USD US BANCORP USD VALERO ENERGY CORP USD VENTAS INC USD VERIZON COMMUNICATIONS INC USD WELLS FARGO & CO USD WEYERHAEUSER CO USD WW GRAINGER INC USD United Kingdom NIELSEN HOLDINGS PLC USD UNILEVER PLC - SPONSORED ADR USD Switzerland TE CONNECTIVITY LTD USD Denmark NOVO-NORDISK A/S-SPONS ADR USD Bermuda AXIS CAPITAL HOLDINGS LTD USD Total securities portfolio Page 59

62 Equity India Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares India ADITYA BIRLA FASHION AND RET INR ALKEM LABORATORIES LTD INR AMBUJA CEMENTS LTD INR ASIAN PAINTS LTD INR AXIS BANK LTD INR BHARAT ELECTRONICS LTD INR BHARTI AIRTEL LTD INR BRITANNIA INDUSTRIES LTD INR CARE RATINGS LTD INR CHOLAMANDALAM INVESTMENT AND INR FAG BEARINGS INDIA LTD INR FEDERAL BANK LTD INR GODREJ CONSUMER PRODUCTS LTD INR GTPL HATHWAY LTD INR GUJARAT GAS LTD INR GUJARAT STATE PETRONET LTD INR HCL TECHNOLOGIES LTD INR HDFC BANK LTD INR HDFC BANK LTD - ADR USD HERO MOTOCORP LTD INR HINDUSTAN UNILEVER LTD INR HOUSING DEVELOPMENT FINANCE INR ICICI BANK LTD INR ICICI PRUDENTIAL LIFE INSURA INR IDEA CELLULAR LTD INR INDUSIND BANK LTD INR INFOSYS LTD INR INTERGLOBE AVIATION LTD INR JUST DIAL LTD INR JYOTHY LABORATORIES LTD INR KOTAK MAHINDRA BANK LTD INR LARSEN & TOUBRO LTD INR LIC HOUSING FINANCE LTD INR LUPIN LTD INR MAHINDRA HOLIDAYS & RESORTS INR MANPASAND BEVERAGES LTD INR MARICO LTD INR MARUTI SUZUKI INDIA LTD INR MAX INDIA LIMITED INR MOTHERSON SUMI SYSTEMS LTD INR PNB HOUSING FINANCE LTD INR POWER GRID CORP OF INDIA LTD INR PVR LTD INR REPCO HOME FINANCE LTD INR SHREE CEMENT LTD INR SHRIRAM CITY UNION FINANCE INR SHRIRAM TRANSPORT FINANCE INR STATE BANK OF INDIA INR SUN PHARMACEUTICAL INDUSTRIES INR TEXMACO RAIL & ENGINEERING INR TITAN CO LTD INR ULTRATECH CEMENT LTD INR VA TECH WABAG LTD INR VRL LOGISTICS LTD INR YES BANK LTD INR ZEE ENTERTAINMENT ENTERPRISE INR Total securities portfolio Page 60

63 Equity Indonesia Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Indonesia ADHI KARYA PERSERO TBK PT IDR ASTRA AGRO LESTARI TBK PT IDR ASTRA INTERNATIONAL TBK PT IDR BANK CENTRAL ASIA TBK PT IDR BANK MANDIRI PERSERO TBK PT IDR BANK NEGARA INDONESIA PERSER IDR BANK RAKYAT INDONESIA PERSER IDR BANK TABUNGAN NEGARA PERSERO IDR BLUE BIRD TBK PT IDR BUMI SERPONG DAMAI PT IDR CHAROEN POKPHAND INDONESI PT IDR CIPUTRA DEVELOPMENT TBK PT IDR GUDANG GARAM TBK PT IDR HM SAMPOERNA TBK PT IDR INDOFOOD CBP SUKSES MAKMUR T IDR INDOFOOD SUKSES MAKMUR TBK P IDR INDOSAT TBK PT IDR JASA MARGA (PERSERO) TBK PT IDR KALBE FARMA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR MITRA KELUARGA KARYASEHAT TB IDR PEMBANGUNAN PERUMAHAN PERSER IDR PRODIA WIDYAHUSADA TBK PT IDR PURADELTA LESTARI TBK PT IDR SARANA MENARA NUSANTARA PT IDR SILOAM INTERNATIONAL HOSPITA IDR SUMBER ALFARIA TRIJAYA TBK IDR SURYA CITRA MEDIA PT TBK IDR TAMBANG BATUBARA BUKIT ASAM IDR TELEKOMUNIKASI INDONESIA PER IDR UNILEVER INDONESIA TBK PT IDR UNITED TRACTORS TBK PT IDR WIJAYA KARYA PERSERO TBK PT IDR XL AXIATA TBK PT IDR Total securities portfolio Page 61

64 Equity Japan Securities portfolio at 30/06/2017 Expressed in JPY Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Japan AI HOLDINGS CORP JPY AJINOMOTO CO INC JPY ASKUL CORP JPY CENTRAL JAPAN RAILWAY CO JPY COCA-COLA BOTTLERS JAPAN INC JPY CREDIT SAISON CO LTD JPY DAICEL CORP JPY DAIFUKU CO LTD JPY EISAI CO LTD JPY EN-JAPAN INC JPY FUJI ELECTRIC HOLDINGS CO LTD JPY FUJIFILM HOLDINGS CORP JPY FUJITSU LTD JPY GENKY STORES INC JPY HITACHI KOKUSAI ELECTRIC INC JPY HITACHI METALS LTD JPY HONDA MOTOR CO LTD JPY IIDA GROUP HOLDINGS CO LTD JPY INVESTORS CLOUD CO LTD JPY ITOCHU CORP JPY JAFCO CO LTD JPY JAPAN AIRLINES CO LTD JPY JAPAN INVESTMENT ADVISER CO JPY JGC CORP JPY JXTG HOLDINGS INC JPY KANDENKO CO LTD JPY KONAMI HOLDINGS CORP JPY LIKE CO LTD JPY MAEDA CORP JPY MITSUBISHI CHEMICAL HOLDINGS JPY MITSUBISHI UFJ FINANCIAL GROUP JPY MIURA CO LTD JPY MORINAGA MILK INDUSTRY CO JPY NGK INSULATORS LTD JPY NGK SPARK PLUG CO LTD JPY NHK SPRING CO LTD JPY NICHIREI CORP JPY NIDEC CORP JPY NIKON CORP JPY NINTENDO CO LTD JPY NIPPON LIGHT METAL HOLDINGS JPY NIPRO CORP JPY NISSHA PRINTING CO LTD JPY NOMURA HOLDINGS INC JPY ORIX CORP JPY POLA ORBIS HOLDINGS INC JPY RAKUTEN INC JPY RESONA HOLDINGS INC JPY RICOH CO LTD JPY SANKYU INC JPY SEIBU HOLDINGS INC JPY SEVEN & I HOLDINGS CO LTD JPY SHIMADZU CORP JPY SHIONOGI & CO LTD JPY SMC CORP JPY SOFTBANK GROUP CORP JPY SOMPO HOLDINGS INC JPY SUMITOMO FORESTRY CO LTD JPY SUMITOMO METAL MINING CO LTD JPY SUMITOMO MITSUI FINANCIAL GR JPY SUSHIRO GLOBAL HOLDINGS LTD JPY SUZUKI MOTOR CORP JPY T&D HOLDINGS INC JPY TIS INC JPY TOKYO ELECTRON LTD JPY TOKYO TATEMONO CO LTD JPY TOMY COMPANY LTD JPY TORAY INDUSTRIES INC JPY TOYO TIRE AND RUBBER CO LTD JPY YAHOO JAPAN CORP JPY YAMAHA MOTOR CO LTD JPY Total securities portfolio Page 62

65 Equity Latin America Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil AES TIETE ENERGIA SA - UNIT BRL ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL AMBEV SA - ADR USD BANCO BRADESCO SA BRL BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BANCO DO BRASIL S.A. BRL BANCO SANTANDER BRASIL-UNIT BRL BB SEGURIDADE PARTICIPACOES BRL BM&FBOVESPA SA BRL BRF SA BRL BRF SA-ADR USD CCR SA BRL CIA BRASILEIRA DE DIS-PREF BRL CIA ENERGETICA DE SP-PREF B BRL CIA SANEAMENTO DO PARANA-PRF BRL CIELO SA BRL CONSTRUTORA TENDA SA BRL COSAN LOGISTICA SA BRL COSAN LTD - A SHARES USD COSAN SA INDUSTRIA COMERCIO BRL ENERGISA SA - UNITS BRL EQUATORIAL ENERGIA SA - ORD BRL EVEN CONSTRUTORA E INCORPORADORA BRL INSTITUTO HERMES PARDINI SA BRL ITAU UNIBANCO HOLDING S-PREF BRL ITAU UNIBANCO H-SPON PRF ADR USD ITAUSA INVESTIMENTOS ITAU-PR BRL JBS SA BRL KLABIN SA - UNIT BRL KROTON EDUCACIONAL SA BRL LOJAS AMERICANAS SA-PREF BRL MINERVA SA BRL MULTIPLAN EMPREENDIMENTOS BRL PETROBRAS - PETROLEO BRAS BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASILEIRO - SPON ADR USD PETROLEO BRASIL-SP PREF ADR USD RUMO SA BRL SUZANO PAPEL E CELULO - PREF A BRL VALE SA BRL VALE SA-PREF BRL VALE SA-SP ADR USD VALE SA-SP PREF ADR USD Mexico ALFA S.A.B.-A MXN ALPEK SA DE CV MXN ALSEA SAB DE CV MXN BANCO DEL BAJIO SA MXN CEMEX SAB - CPO MXN CEMEX SAB-SPONS ADR PART CER USD CORP INMOBILIARIA VESTA SAB MXN EL PUERTO DE LIVERPOOL-C1 MXN FIBRA UNO ADMINISTRACION SA MXN FOMENTO ECONOMICO MEX-SP ADR USD GRUPO AEROPORTUARIO DEL CENT MXN GRUPO CEMENTOS CHIHUAHUA MXN GRUPO FINANCIERO BANORTE - O MXN GRUPO FINANCIERO INBURSA - O MXN GRUPO LALA SAB DE CV MXN GRUPO MEXICO SAB DE CV-SER B MXN GRUPO TELEVISA SAB-SER CPO MXN GRUPO TELEVISA SA-SPON ADR USD INFRAESTRUCTURA ENERGETICA MXN KIMBERLY-CLARK DE MEXICO - A MXN MACQUARIE MEXICO REAL ESTATE MXN PROMOTORA Y OPERADORA DE INF MXN PROMOTORA Y OPERADORA DE INF-L MXN TELESITES SAB DE CV MXN WALMART DE MEXICO SAB DE CV MXN Chile BANCO SANTANDER CHILE CLP COLBUN SA CLP EMPRESAS COPEC SA CLP ENEL AMERICAS SA CLP ENEL AMERICAS SA - ADR USD ENEL CHILE SA USD ENEL GENERACION CHILE - SA ADR USD ENEL GENERACION CHILE SA CLP ITAU CORPBANCA CLP S.A.C.I. FALABELLA CLP Peru CREDICORP LTD USD Argentina BANCO MACRO SA-ADR USD Floating rate bonds Brazil VALE DO RIO DOCE 97-29/12/2049 FRN BRL Other transferable securities Convertible bonds Brazil KLABIN SA % 13-08/01/2019 SUBR CV BRL Total securities portfolio Page 63

66 Equity Russia Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ACRON PJSC RUB ALROSA PJSC RUB DIXY GROUP PJSC RUB ENEL RUSSIA PJSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM PJSC RUB INTER RAO UES PJSC RUB KUZBASSKAYA TOPLIVNAYA CO RUB LUGA ABRASIVE PLANT-BRD USD LUKOIL PJSC RUB MAGNIT PJSC RUB MAGNIT PJSC-SPON GDR REGS USD MMC NORILSK NICKEL PJSC RUB MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVATEK PJSC RUB NOVOLIPETSK STEEL PJSC-GDR USD PHOSAGRO PJSC-GDR REG S USD ROS AGRO PLC - GDR REG USD ROSNEFT OIL CO PJSC RUB SBERBANK OF RUSSIA PJSC RUB SEVERSTAL PJSC RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB TRANSNEFT PJSC RUB UNIPRO PJSC RUB Cyprus GLOBALTRA-SPONS GDR REGS USD The Netherlands VEON LTD USD Switzerland LUXOFT HOLDING INC USD Guernsey Island ETALON GROUP-GDR REGS - W/I USD Kazakhstan KCELL JSC - REGS - W/I USD Other transferable securities Shares Russia MAGNITOGORSK IRON & STEEL WO RUB RUSHYDRO PJSC RUB Shares/Units in investment funds Luxembourg PARVEST EQUITY RUSSIA OPPORTUNITIES X - CAP USD Total securities portfolio Page 64

67 Equity Russia Opportunities Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ACRON PJSC RUB ALROSA PJSC RUB DIXY GROUP PJSC RUB ENEL RUSSIA PJSC RUB GAZPROM NEFT - SPONSORED ADR USD INTER RAO UES PJSC RUB LUKOIL PJSC RUB MAGNIT PJSC RUB MAGNIT PJSC-SPON GDR REGS USD MMC NORILSK NICKEL PJSC RUB MOBILE TELESYSTEMS PJSC RUB MOBILE TELESYSTEMS-SP ADR USD NOVATEK PJSC RUB NOVOLIPETSK STEEL PJSC-GDR USD PHOSAGRO PJSC-GDR REG S USD ROS AGRO PLC - GDR REG USD ROSNEFT OIL CO PJSC RUB SBERBANK OF RUSSIA PJSC RUB SEVERSTAL PJSC RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB TRANSNEFT PJSC RUB UNIPRO PJSC RUB Cyprus GLOBALTRA-SPONS GDR REGS USD United Kingdom PETROPAVLOVSK PLC GBP VOLGA GAS PLC GBP Luxembourg NOVOROSSIYSK COMMERCIAL SEA RUB Switzerland LUXOFT HOLDING INC USD Guernsey Island ETALON GROUP-GDR REGS - W/I USD The Netherlands VEON LTD USD Other transferable securities Shares Russia MAGNITOGORSK IRON & STEEL WO RUB OGK-2 PJSC RUB RUSHYDRO PJSC RUB Total securities portfolio Page 65

68 Equity USA Growth Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ACUITY BRANDS INC-W/D USD ALBEMARLE CORP USD ALLERGAN PLC USD ALPHABET INC - A USD ALTRIA GROUP INC USD AMAZON.COM INC USD AMETEK INC USD ANALOG DEVICES INC USD APPLE INC USD BERRY GLOBAL GROUP INC USD BIOMARIN PHARMACEUTICAL INC USD BOSTON SCIENTIFIC CORP USD BRISTOL-MYERS SQUIBB CO USD CARDINAL HEALTH INC USD CBRE GROUP INC - A USD CELGENE CORP USD CENTENE CORP USD CISCO SYSTEMS INC USD COACH INC USD COMCAST CORP - A USD CONSTELLATION BRANDS INC - A USD CVS HEALTH CORP USD DEXCOM INC USD EDWARDS LIFESCIENCES CORP USD ELI LILLY & CO USD ESTEE LAUDER COMPANIES - A USD FACEBOOK INC - A USD FEDEX CORP USD FORTIVE CORP USD HALLIBURTON CO USD HESS CORP USD HILTON WORLDWIDE HOLDINGS INC USD HOME DEPOT INC USD HONEYWELL INTERNATIONAL INC USD INGERSOLL-RAND PLC USD INTERCONTINENTAL EXCHANGE INC USD JP MORGAN CHASE AND CO USD LAM RESEARCH CORP USD LOWES COS INC USD LYONDELLBASELL INDU - A USD MERCK & CO INC USD MICROSOFT CORP USD MONSTER BEVERAGE CORP USD NIKE INC - B USD NORTHROP GRUMMAN CORP USD NORWEGIAN CRUISE LINE HOLDING USD OREILLY AUTOMOTIVE INC USD OSHKOSH CORP USD PALO ALTO NETWORKS INC USD PAYPAL HOLDINGS INC - W/I USD PEPSICO INC USD PRICELINE GROUP INC/THE USD PTC INC USD QUALCOMM INC USD RANGE RESOURCES CORP USD RAYTHEON COMPANY USD RYDER SYSTEM INC USD SALESFORCE.COM INC USD SCHWAB (CHARLES) CORP USD SERVICENOW INC USD SIMON PROPERTY GROUP INC USD SPLUNK INC USD SPROUTS FARMERS MARKET INC USD SUMMIT MATERIALS INC - A USD TWENTY-FIRST CENTURY FOX - A USD UNION PACIFIC CORP USD UNITEDHEALTH GROUP INC USD VANTIV INC - A USD VERTEX PHARMACEUTICALS INC USD VISA INC - A SHARES USD WALT DISNEY CO/THE USD United Kingdom AON PLC USD DELPHI AUTOMOTIVE PLC USD Ireland ALKERMES PLC USD JAZZ PHARMACEUTICALS PLC USD Singapore BROADCOM SHS USD Switzerland TE CONNECTIVITY LTD USD Canada LULULEMON ATHLETICA INC USD Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY USA MID CAP GROWTH - I - CAP USD Total securities portfolio Page 66

69 Equity USA Mid Cap Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ADTALEM GLOBAL EDUCATION INC USD AGCO CORP USD AKAMAI TECHNOLOGIES INC USD ARCONIC INC USD BORGWARNER INC USD BUNGE LTD USD CARS.COM INC USD CINCINNATI FINANCIAL CORP USD COOPER TIRE & RUBBER USD CREE INC USD DONALDSON CO INC USD FMC CORP USD GENTEX CORP USD HORMEL FOODS CORP USD ITRON INC USD JABIL INC USD JUNIPER NETWORKS INC USD LEAR CORP USD LEGG MASON INC USD LIONS GATE ENTERTAINMENT - A USD LIONS GATE ENTERTAINMENT - B USD LKQ CORP USD MATTEL INC USD MCDERMOTT INTL INC USD NEW YORK TIMES CO - A USD NORTHERN TRUST CORP USD NUANCE COMMUNICATIONS INC USD OFFICE DEPOT INC USD PATTERSON COS INC USD QUEST DIAGNOSTICS INC USD RAYMOND JAMES FINANCIAL INC USD STAPLES INC USD STERICYCLE INC USD STIFEL FINANCIAL CORP USD TEGNA INC USD TERADATA CORP USD TIME INC-W/I USD UNISYS CORP USD VAREX IMAGING CORP USD VARIAN MEDICAL SYSTEMS INC USD WERNER ENTERPRISES INC USD WHIRLPOOL CORP USD Canada DOMTAR CORP USD SHAW COMMUNICATIONS INC - B USD Sweden AUTOLIV INC USD Panama COPA HOLDINGS SA - A USD United Kingdom TECHNIPFMC PLC USD The Netherlands CHICAGO BRIDGE & IRON CO NV USD Brazil GERDAU SA - SPON ADR USD Switzerland TRANSOCEAN LTD USD Total securities portfolio Page 67

70 Equity World Consumer Durables Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AMAZON.COM INC USD AMC NETWORKS INC - A USD BIG LOTS INC USD CBS CORP-CLASS B NON VOTING USD CLUBCORP HOLDINGS INC USD COACH INC USD COLUMBIA SPORTSWEAR CO USD COMCAST CORP - A USD DAVE & BUSTERS ENTERTAINMENT USD DISH NETWORK CORP - A USD DOLLAR GENERAL CORP USD DOLLAR TREE INC USD EXPEDIA INC USD FIVE BELOW USD FOOT LOCKER INC USD HASBRO INC USD HILTON GRAND VACATIONS INC USD HILTON WORLDWIDE HOLDINGS INC USD HOME DEPOT INC USD INTERPUBLIC GROUP OF COS INC USD LAS VEGAS SANDS CORP USD LIONS GATE ENTERTAINMENT - A USD LIONS GATE ENTERTAINMENT - B USD LOWES COS INC USD MGM RESORTS INTERNATIONAL USD NIKE INC - B USD NORWEGIAN CRUISE LINE HOLDING USD PRICELINE GROUP INC/THE USD PVH CORP USD SHAKE SHACK INC - A USD STARBUCKS CORP USD TENNECO INC USD TWENTY-FIRST CENTURY FOX - A USD UNDER ARMOUR INC - A USD UNDER ARMOUR INC - C - W/I USD WALT DISNEY CO/THE USD WAYFAIR INC - A USD Japan DENSO CORP JPY SEKISUI HOUSE LTD JPY SONY CORP JPY STANLEY ELECTRIC CO LTD JPY START TODAY CO LTD JPY TOYOTA MOTOR CORP JPY United Kingdom ASOS PLC GBP BURBERRY GROUP PLC GBP DELPHI AUTOMOTIVE PLC USD INTERCONTINENTAL HOTELS GROUP GBP INTERNATIONAL GAME TECHNOLOG USD China ALIBABA GROUP HOLDING-SP ADR USD CTRIP.COM INT-ADR USD TENCENT HOLDINGS LTD HKD France LVMH MOET HENNESSY LOUIS VUITTON EUR PUBLICIS GROUPE EUR VALEO SA EUR Germany CONTINENTAL AG EUR DAIMLER AG-REGISTERED SHARES EUR PROSIEBEN SAT.1 MEDIA SE EUR Canada LULULEMON ATHLETICA INC USD MAGNA INTERNATIONAL INC CAD Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY USA MID CAP GROWTH - I - CAP USD Total securities portfolio Page 68

71 Equity World Emerging Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China JOB INC - ADR USD ALIBABA GROUP HOLDING-SP ADR USD ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD BEST PACIFIC INTERNATIONAL H HKD CHINA BIOLOGIC PRODUCTS INC USD CHINA CONSTRUCTION BANK - H HKD DALI FOODS GROUP CO LTD HKD NEW ORIENTAL EDUCATIO - SP ADR USD PING AN INSURANCE GROUP CO - H HKD TENCENT HOLDINGS LTD HKD South Korea HANSOL CHEMICAL CO LTD KRW INTERPARK CORP KRW KOREA AEROSPACE INDUSTRIES KRW LG HOUSEHOLD & HEALTH CARE KRW LIG NEX1 CO LTD KRW LOEN ENTERTAINMENT INC KRW NAVER CORP KRW S-1 CORPORATION KRW SAMSUNG BIOLOGICS CO LTD KRW SAMSUNG ELECTRONICS CO LTD KRW India BHARAT ELECTRONICS LTD INR CENTURY PLYBOARDS INDIA LTD INR HDFC BANK LTD - ADR USD L&T TECHNOLOGY SERVICES LTD INR MARUTI SUZUKI INDIA LTD INR POWER GRID CORP OF INDIA LTD INR SH KELKAR & CO LTD INR SUPREME INDUSTRIES LTD INR TATA MOTORS LTD INR YES BANK LTD INR Taiwan E.SUN FINANCIAL HOLDING CO TWD ENNOCONN CORP TWD LARGAN PRECISION CO LTD TWD NIEN MADE ENTERPRISE CO LTD TWD STANDARD FOODS CORP TWD TAIWAN SEMICONDUCTOR - SP ADR USD UNI PRESIDENT ENTERPRISES CO TWD Brazil BANCO BRADESCO-ADR USD BRF SA BRL CVC BRASIL OPERADORA E AGENC BRL HYPERMARCAS SA BRL ITAU UNIBANCO HOLDING S-PREF BRL RAIA DROGASIL SA BRL Hong Kong AIA GROUP LTD HKD CHINA UNICOM HONG KONG LTD HKD KERRY LOGISTICS NETWORK LTD HKD WH GROUP LTD HKD South Africa CLICKS GROUP LTD ZAR MR PRICE GROUP LTD ZAR NASPERS LTD - N ZAR Mexico CONTROLADORA VUELA CIA DE - A MXN INFRAESTRUCTURA ENERGETICA MXN KIMBERLY-CLARK DE MEXICO - A MXN OHL MEXICO SAB DE CV MXN Indonesia BANK CENTRAL ASIA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR SARANA MENARA NUSANTARA PT IDR Thailand AIRPORTS OF THAILAND PCL-FOR THB KASIKORNBANK PCL-FOREIGN THB Malaysia IHH HEALTHCARE BHD MYR MY EG SERVICES BHD MYR Russia LUKOIL PJSC - SPON ADR USD MAGNIT PJSC-SPON GDR REGS USD NOVATEK PJSC-SPONS GDR REG S USD Germany INFINEON TECHNOLOGIES AG EUR Philippines AYALA CORPORATION PHP UNIVERSAL ROBINA CORP PHP Canada GRAN TIERRA ENERGY INC USD Turkey ASELSAN ELEKTRONIK SANAYI TRY Peru CREDICORP LTD USD Jersey Island RANDGOLD RESOURCES LTD - ADR USD Spain BANCO SANTANDER-CHILE - ADR USD United States of America SCHLUMBERGER LTD USD Austria LENZING AG EUR Australia OIL SEARCH LTD AUD Other transferable securities Shares Taiwan GOURMET MASTER CO LTD TWD Shares/Units in investment funds Luxembourg PARVEST EQUITY WORLD EMERGING SMALL CAP - X - CAP USD Total securities portfolio Page 69

72 Equity World Energy Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ANADARKO PETROLEUM CORP USD CALLON PETROLEUM CO USD CARRIZO OIL + GAS INC USD CHEVRON CORP USD CIMAREX ENERGY CO USD CONCHO RESOURCES INC USD CONOCOPHILLIPS USD CONTINENTAL RES INC/OK USD DEVON ENERGY CORP USD EOG RESOURCES INC USD EXXON MOBIL CORP USD HALLIBURTON CO USD HESS CORP USD KINDER MORGAN INC USD MARATHON OIL CORP USD PDC ENERGY INC USD PHILLIPS 66 USD PIONEER NATURAL RESOURCES CO USD RANGE RESOURCES CORP USD SCHLUMBERGER LTD USD US SILICA HOLDINGS INC USD VALERO ENERGY CORP USD WHITING PETROLEUM CORP USD WILLIAMS COS INC USD The Netherlands CORE LABORATORIES N.V. USD ROYAL DUTCH SHELL PLC - A GBP ROYAL DUTCH SHELL PLC - B GBP Canada CANADIAN NATURAL RESOURCES CAD SUNCOR ENERGY INC CAD TRANSCANADA CORP CAD United Kingdom BP PLC GBP France TOTAL SA EUR Italy ENI SPA EUR Portugal GALP ENERGIA SGPS SA EUR Bermuda NABORS INDUSTRIES LTD USD Luxembourg TENARIS SA EUR Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY USA MID CAP GROWTH - I - CAP USD Total securities portfolio Page 70

73 Equity World Finance Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America BANK OF AMERICA CORP USD BANK OF THE OZARKS USD BANKUNITED INC USD BERKSHIRE HATHAWAY INC - B USD BLACKROCK INC USD BOSTON PRIVATE FINL HOLDING USD CENTERSTATE BANKS INC USD CITIGROUP INC USD CME GROUP INC USD FIRST BANCORP/NC USD FIRST REPUBLIC BANK/SAN FRAN USD GOLDMAN SACHS GROUP INC USD INTERCONTINENTAL EXCHANGE INC USD JP MORGAN CHASE AND CO USD MARSH & MCLENNAN COS USD PACIFIC PREMIER BANCORP INC USD RENASANT CORP USD RIVERVIEW BANCORP INC USD S&P GLOBAL INC USD SCHWAB (CHARLES) CORP USD TRICO BANCSHARES USD UNUM GROUP USD WELLS FARGO & CO USD United Kingdom AON PLC USD CYBG PLC AUD HSBC HOLDINGS PLC GBP LLOYDS BANKING GROUP PLC GBP PRUDENTIAL PLC GBP STANDARD CHARTERED PLC GBP Japan MITSUBISHI ESTATE CO LTD JPY MITSUBISHI UFJ FINANCIAL GROUP JPY SONY FINANCIAL HOLDINGS INC JPY SUMITOMO MITSUI FINANCIAL GR JPY Australia COMMONWEALTH BANK OF AUSTRALIA AUD WESTPAC BANKING CORP AUD Canada BANK OF MONTREAL CAD ROYAL BANK OF CANADA CAD France AXA SA EUR BNP PARIBAS EUR Hong Kong AIA GROUP LTD HKD The Netherlands ING GROEP NV EUR Switzerland CHUBB LTD USD Spain BANCO SANTANDER SA EUR Sweden NORDEA BANK AB SEK Norway DNB ASA NOK Italy INTESA SANPAOLO EUR Germany DEUTSCHE BOERSE AG EUR Ireland BANK OF IRELAND EUR India HDFC BANK LTD - ADR USD Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY USA MID CAP GROWTH - I - CAP USD Total securities portfolio Page 71

74 Equity World Health Care Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ABIOMED INC USD AGIOS PHARMACEUTICALS INC USD ALIGN TECHNOLOGY INC USD ALLERGAN PLC USD BIOMARIN PHARMACEUTICAL INC USD BOSTON SCIENTIFIC CORP USD BRISTOL-MYERS SQUIBB CO USD BROOKDALE SENIOR LIVING INC USD CARDINAL HEALTH INC USD CELGENE CORP USD CENTENE CORP USD CHARLES RIVER LABORATORIES USD CLOVIS ONCOLOGY INC USD DEXCOM INC USD EDWARDS LIFESCIENCES CORP USD ELI LILLY & CO USD ENDOLOGIX INC USD INSULET CORP USD IRONWOOD PHARMACEUTICALS INC USD JOHNSON & JOHNSON USD K2M GROUP HOLDINGS INC USD MERCK & CO INC USD NEUROCRINE BIOSCIENCES INC USD REPLIGEN CORP USD SPECTRANETICS CORP USD TESARO INC USD UNITEDHEALTH GROUP INC USD VERTEX PHARMACEUTICALS INC USD WELLCARE HEALTH PLANS INC USD Ireland ALKERMES PLC USD ICON PLC USD JAZZ PHARMACEUTICALS PLC USD SHIRE PLC GBP Switzerland NOVARTIS AG - REG CHF NOVARTIS AG - SPONSORED ADR USD ROCHE HOLDING AG GENUSSCHEIN CHF United Kingdom ASTRAZENECA PLC GBP GLAXOSMITHKLINE PLC GBP SHIRE PLC - ADR USD Germany BAYER AG - REG EUR FRESENIUS MEDICAL CARE AG EUR GERRESHEIMER AG EUR Japan KYOWA HAKKO KIRIN CO LTD JPY OTSUKA HOLDINGS CO LTD JPY SHIONOGI & CO LTD JPY Cayman Islands THERAVANCE BIOPHARMA INC - W/I USD Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY USA MID CAP GROWTH - I - CAP USD Total securities portfolio Page 72

75 Equity World Low Volatility Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AGNC INVESTMENT CORP USD ALTRIA GROUP INC USD AMERICAN WATER WORKS CO INC USD AMPHENOL CORP - A USD ANSYS INC USD ARAMARK USD ARTHUR J GALLAGHER & CO USD AUTOZONE INC USD BALL CORP USD BAXTER INTERNATIONAL INC USD BERKSHIRE HATHAWAY INC - B USD CHURCH & DWIGHT CO INC USD CLOROX COMPANY USD COMCAST CORP - A USD DARDEN RESTAURANTS INC USD DAVITA INC USD ECOLAB INC USD EXPEDITORS INTL WASH INC USD INTERNATIONAL PAPER CO USD INTL BUSINESS MACHINES CORP USD INTL FLAVORS & FRAGRANCES USD JOHNSON & JOHNSON USD LOEWS CORP USD MASTERCARD INC - A USD MEDTRONIC PLC USD MERCK & CO INC USD METTLER - TOLEDO INTERNATIONAL USD MOHAWK INDUSTRIES INC USD MONSANTO CO USD MOTOROLA SOLUTIONS INC USD NEWELL BRANDS INC USD NIKE INC - B USD NORTHROP GRUMMAN CORP USD OCCIDENTAL PETROLEUM CORP USD PFIZER INC USD PRAXAIR INC USD PROCTER & GAMBLE CO/THE USD QUEST DIAGNOSTICS INC USD RAYTHEON COMPANY USD REPUBLIC SERVICES INC USD ROCKWELL COLLINS INC USD ROLLINS INC USD ROPER TECHNOLOGIES INC USD SCHLUMBERGER LTD USD SIRIUS XM HOLDINGS INC USD STANLEY BLACK & DECKER INC USD STARBUCKS CORP USD SYNOPSYS INC USD THERMO FISHER SCIENTIFIC INC USD THOMSON REUTERS CORP CAD TORCHMARK CORP USD TOTAL SYSTEM SERVICES INC USD UNITEDHEALTH GROUP INC USD US BANCORP USD VAIL RESORTS INC USD VARIAN MEDICAL SYSTEMS INC USD VERISK ANALYTICS INC USD VISA INC - A SHARES USD WALT DISNEY CO/THE USD WASTE MANAGEMENT INC USD Canada CAE INC CAD CAN IMPERIAL BANK OF COMMERCE CAD ENBRIDGE INC CAD GILDAN ACTIVEWEAR INC CAD GREAT-WEST LIFECO INC CAD INTACT FINANCIAL CORP CAD PEMBINA PIPELINE CORP CAD ROYAL BANK OF CANADA CAD TORONTO-DOMINION BANK CAD TRANSCANADA CORP CAD Hong Kong CLP HOLDINGS LTD HKD HANG SENG BANK LTD HKD HK ELECTRIC INVESTMENTS -SS HKD HONG KONG & CHINA GAS HKD JARDINE STRATEGIC HLDGS LTD USD MTR CORP HKD Singapore HUTCHISON PORT HOLDINGS TR-U USD OVERSEA-CHINESE BANKING CORP SGD SATS LTD SGD SINGAPORE AIRLINES LTD SGD SINGAPORE EXCHANGE LTD SGD SINGAPORE PRESS HOLDINGS LTD SGD France AIR LIQUIDE SA EUR DASSAULT SYSTEMES SA EUR IMERYS SA EUR SODEXO SA EUR VIVENDI EUR United Kingdom BP PLC GBP GLAXOSMITHKLINE PLC GBP MERLIN ENTERTAINMENT GBP RELX PLC GBP WPP PLC GBP Spain ENAGAS SA EUR INDUSTRIA DE DISENO TEXTIL EUR Switzerland KUEHNE & NAGEL INTL AG - REG CHF NESTLE SA - REG CHF TE CONNECTIVITY LTD USD Bermuda AXIS CAPITAL HOLDINGS LTD USD EVEREST RE GROUP LTD USD Japan CANON INC JPY Italy SNAM SPA EUR Israel BANK HAPOALIM BM ILS Page 73

76 Equity World Low Volatility Securities portfolio at 30/06/2017 Expressed in EUR Australia AMCOR LTD AUD TATTS GROUP LTD AUD WOODSIDE PETROLEUM LTD AUD Luxembourg RTL GROUP EUR Germany MAN SE EUR Sweden HENNES & MAURITZ AB - B SEK The Netherlands RELX N.V. EUR Belgium GROUPE BRUXELLES LAMBERT SA EUR Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY WORLD PURE LOW VOLATILITY - I - CAP EUR PARWORLD EQUITY WORLD DEFI - I - CAP USD Total securities portfolio Page 74

77 Equity World Materials Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AIR PRODUCTS AND CHEMICALS INC USD ALBEMARLE CORP USD AXALTA COATING SYSTEMS LTD USD BALL CORP USD BERRY GLOBAL GROUP INC USD CELANESE CORP SERIES A USD CROWN HOLDINGS INC USD DOW CHEMICAL CO/THE USD DU PONT (E.I.) DE NEMOURS USD EASTMAN CHEMICAL CO USD ECOLAB INC USD FERRO CORP USD GRANITE CONSTRUCTION INC USD INTERNATIONAL PAPER CO USD INTL FLAVORS & FRAGRANCES USD LYONDELLBASELL INDU - A USD MONSANTO CO USD NEWMONT MINING CORP USD NUCOR CORP USD PACKAGING CORP OF AMERICA USD PRAXAIR INC USD RELIANCE STEEL & ALUMINUM USD STEEL DYNAMICS INC USD UNITED STATES STEEL CORP USD VULCAN MATERIALS CO USD WESTLAKE CHEMICAL CORP USD United Kingdom ANTOFAGASTA PLC GBP JOHNSON MATTHEY PLC GBP RIO TINTO LTD AUD RIO TINTO PLC GBP Canada AGNICO EAGLE MINES LTD USD BARRICK GOLD CORP CAD CAMECO CORP CAD FIRST QUANTUM MINERALS LTD CAD GOLDCORP INC CAD METHANEX CORP USD POTASH CORP OF SASKATCHEWAN CAD Australia ALUMINA LTD AUD BHP BILLITON LTD AUD BHP BILLITON PLC GBP Germany BASF SE EUR LINDE AG EUR Japan KOBE STEEL LTD JPY MITSUBISHI MATERIALS CORP JPY MITSUI CHEMICALS INC JPY NITTO DENKO CORP JPY SUMITOMO CHEMICAL CO LTD JPY Switzerland GIVAUDAN - REG CHF SYNGENTA AG - REG CHF The Netherlands AKZO NOBEL EUR Ireland CRH PLC EUR France AIR LIQUIDE SA EUR Jersey Island RANDGOLD RESOURCES LTD GBP Luxembourg ARCELORMITTAL EUR Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY USA MID CAP GROWTH - I - CAP USD Total securities portfolio Page 75

78 Equity World Technology Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ABIOMED INC USD ACUITY BRANDS INC-W/D USD AKAMAI TECHNOLOGIES INC USD ALPHABET INC - A USD APPLE INC USD CAVIUM INC USD CIENA CORP USD CIMAREX ENERGY CO USD CISCO SYSTEMS INC USD DEXCOM INC USD EBAY INC USD ENTEGRIS INC USD FACEBOOK INC - A USD FIDELITY NATIONAL INFO SERV USD FIRST SOLAR INC USD FORTINET INC USD INSULET CORP USD INTERCONTINENTAL EXCHANGE INC USD JP MORGAN CHASE AND CO USD LAM RESEARCH CORP USD MASTERCARD INC - A USD MICROSEMI CORP USD MICROSOFT CORP USD NEW RELIC INC USD ON SEMICONDUCTOR CORPORATION USD PALO ALTO NETWORKS INC USD PROOFPOINT INC USD PTC INC USD QUALCOMM INC USD ROCKWELL AUTOMATION INC USD SALESFORCE.COM INC USD SERVICENOW INC USD SPLUNK INC USD SQUARE INC - A USD TABLEAU SOFTWARE INC - A USD VANTIV INC - A USD VERISIGN INC USD VISA INC - A SHARES USD WESTERN DIGITAL CORP USD XILINX INC USD Japan CANON INC JPY KEYENCE CORP JPY MURATA MANUFACTURING CO LTD JPY NINTENDO CO LTD JPY NOMURA RESEARCH INSTITUTE LTD JPY OMRON CORP JPY Germany INFINEON TECHNOLOGIES AG EUR KION GROUP AG EUR SAP SE EUR Singapore BROADCOM SHS USD Ireland ACCENTURE PLC - A USD China ALIBABA GROUP HOLDING-SP ADR USD TENCENT HOLDINGS LTD HKD The Netherlands ASML HOLDING NV EUR Switzerland TE CONNECTIVITY LTD USD Israel CYBERARK SOFTWARE LTD/ISRAEL USD Taiwan TAIWAN SEMICONDUCTOR - SP ADR USD Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY USA MID CAP GROWTH - I - CAP USD Total securities portfolio Page 76

79 Equity World Utilities Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ALLIANT ENERGY CORP USD AMEREN CORPORATION USD AMERICAN ELECTRIC POWER USD AMERICAN WATER WORKS CO INC USD BLACK HILLS CORP USD CALPINE CORP USD CMS ENERGY CORP USD DTE ENERGY COMPANY USD DUKE ENERGY CORP USD EDISON INTERNATIONAL USD EXELON CORP USD NEXTERA ENERGY INC USD NISOURCE INC USD P G & E CORP USD PINNACLE WEST CAPITAL USD PNM RESOURCES INC USD SEMPRA ENERGY USD SOUTHERN CO/THE USD UGI CORP USD WEC ENERGY GROUP INC USD United Kingdom CENTRICA PLC GBP DOMINION ENERGY INC USD NATIONAL GRID PLC GBP SEVERN TRENT PLC GBP UNITED UTILITIES GROUP PLC GBP Spain GAS NATURAL SDG SA EUR IBERDROLA SA EUR RED ELECTRICA CORPORACION SA EUR Italy ENEL SPA EUR SNAM SPA EUR TERNA SPA EUR Japan CHUBU ELECTRIC POWER CO INC JPY CHUGOKU ELECTRIC POWER CO JPY HOKURIKU ELECTRIC POWER CO JPY KANSAI ELECTRIC POWER CO INC JPY OSAKA GAS CO LTD JPY SHIKOKU ELECTRIC POWER CO JPY TOHOKU ELECTRIC POWER CO INC JPY TOKYO GAS CO LTD JPY Hong Kong CK INFRASTRUCTURE HOLDINGS HKD CLP HOLDINGS LTD HKD POWER ASSETS HOLDINGS LTD HKD France ENGIE EUR Germany E.ON SE EUR Australia AUSNET SERVICES AUD Canada FORTIS INC CAD India AZURE POWER GLOBAL LTD USD Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY USA MID CAP GROWTH - I - CAP USD Total securities portfolio Page 77

80 Green Tigers Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Hong Kong ASM PACIFIC TECHNOLOGY LTD HKD BEIJING ENTERPRISES HOLDINGS HKD BEIJING ENTERPRISES WATER GR HKD CANVEST ENVIRONMENTAL PROTEC HKD CHINA EVERBRIGHT INTERNATIONAL LTD HKD CHINA GAS HOLDINGS LTD HKD CHINA RESOURCES GAS GROUP LTD HKD GUANGDONG INVESTMENT LTD HKD HONG KONG & CHINA GAS HKD LEE & MAN PAPER MANUFACTURING HKD MTR CORP HKD XINYI GLASS HOLDINGS LTD HKD South Korea COWAY CO LTD KRW LG DISPLAY CO LTD KRW LG ELECTRONICS INC KRW SAMSUNG SDI CO LTD KRW SFA ENGINEERING CORP KRW Taiwan DELTA ELECTRONIC INDUSTRIAL CO TWD TAIWAN SEMICONDUCTOR MANUFAC TWD UNITED MICROELECTRONICS CORP TWD India COROMANDEL INTERNATIONAL LTD INR CROMPTON GREAVES CONSUMER EL INR HAVELLS INDIA LTD INR INDRAPRASTHA GAS LTD INR JAIN IRRIGATION SYSTEMS LTD INR NHPC LTD INR PETRONET LNG LTD INR VA TECH WABAG LTD INR China CHINA CONCH VENTURE HOLDINGS HKD CRRC CORP LTD - H HKD ENN ENERGY HOLDINGS LTD HKD HUANENG RENEWABLES CORP - H HKD XINYI SOLAR HOLDINGS LTD HKD ZHUZHOU CRRC TIMES ELECTRIC HKD Philippines ENERGY DEVELOPMENT CORP PHP Other transferable securities Shares Hong Kong CHINA METAL RECYCLING HKD Total securities portfolio Page 78

81 Multi-Asset Income Emerging Securities portfolio at 30/06/2017 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China AGRICULTURAL BANK OF CHINA - H HKD BANK OF CHINA LTD - H HKD CHINA LIFE INSURANCE CO - H HKD CHINA TELECOM CORP LTD - H HKD GREAT WALL MOTOR COMPANY - H HKD HUANENG POWER INTL INC - H HKD SHENZHEN EXPRESSWAY CO - H HKD SUNNY OPTICAL TECH HKD TENCENT HOLDINGS LTD HKD South Korea LG HOUSEHOLD & HEALTH CARE KRW POSCO KRW SAMSUNG ELECTRONICS - PREF KRW SHINHAN FINANCIAL GROUP LTD KRW SK INNOVATION CO LTD KRW SK TELECOM KRW Taiwan CTCI CORP TWD DELTA ELECTRONIC INDUSTRIAL CO TWD FORMOSA CHEMICALS & FIBRE TWD FUBON FINANCIAL HOLDING CO TWD HON HAI PRECISION INDUSTRY TWD PEGATRON CORP TWD PRESIDENT CHAIN STORE CORP TWD TAIWAN SEMICONDUCTOR MANUFAC TWD Russia ACRON PJSC RUB ALROSA PJSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM PAO -SPON ADR USD INTER RAO UES PJSC RUB LUKOIL PJSC - SPON ADR USD MAGNIT PJSC RUB MAGNIT PJSC-SPON GDR REGS USD MMC NORILSK NICKEL PJSC - ADR USD MOBILE TELESYSTEMS PJSC RUB PHOSAGRO PJSC-GDR REG S USD ROSNEFT OIL CO PJSC-REG GDR USD SBERBANK OF RUSSIA PJSC RUB SBERBANK-PREFERENCE RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB TRANSNEFT PJSC RUB UNIPRO PJSC RUB X 5 RETAIL GROUP NV-REGS GDR USD Brazil ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL BB SEGURIDADE PARTICIPACOES BRL BM&FBOVESPA SA BRL CIA DE TRANSMISSAO DE ENE-PF BRL CIA ENERGETICA DE SP-PREF B BRL CIA SANEAMENTO BASICO DE SP BRL CIA SANEAMENTO DO PARANA-PRF BRL ENERGISA SA - UNITS BRL ITAU UNIBANCO HOLDING S-PREF BRL MRV ENGENHARIA BRL TELEFONICA BRASIL SA - PREF BRL TRANSMISSORA ALIANCA DE-UNIT BRL India ICICI BANK LTD INR SUN PHARMACEUTICAL INDUSTRIES INR TATA CONSULTANCY SVCS LTD INR Thailand BANGKOK BANK PCL-FOREIGN REG THB BANGKOK BANK PUBLIC CO-NVDR THB PTT PCL/FOREIGN THB Mexico BOLSA MEXICANA DE VALORES SA MXN CONCENTRADORA FIBRA HOTELERA MXN FIBRA UNO ADMINISTRACION SA MXN GRUPO AEROPORTUARIO DEL CENT MXN GRUPO AEROPORTUARIO DEL PACIFIC - B MXN KIMBERLY-CLARK DE MEXICO - A MXN Indonesia BANK CENTRAL ASIA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR Turkey AKBANK T.A.S. TRY COCA-COLA ICECEK AS TRY EREGLI DEMIR VE CELIK FABRIK TRY KOC HOLDING AS TRY LOGO YAZILIM SANAYI VE TICAR TRY MAVI GIYIM SANAYI VE TICA - B TRY TOFAS TURK OTOMOBIL FABRIKASI TRY TRAKYA CAM SANAYII AS TRY TUPRAS-TURKIYE PETROL RAFINE TRY TURKCELL ILETISIM HIZMET AS TRY TURKIYE GARANTI BANKASI TRY TURKIYE SINAI KALKINMA BANK TRY YAPI VE KREDI BANKASI TRY Poland ASSECO POLAND SA PLN BANK PEKAO SA PLN CCC SA PLN CYFROWY POLSAT SA PLN PKO BANK POLSKI SA PLN POLSKIE GORNICTWO NAFTOWE I PLN POWSZECHNY ZAKLAD UBEZPIECZE PLN WARSAW STOCK EXCHANGE PLN Philippines ABOITIZ POWER CORP PHP PLDT INC PHP Malaysia AXIATA GROUP BERHAD MYR Hong Kong CHINA STATE CONSTRUCTION INT HKD Greece ALPHA BANK A.E. EUR FF GROUP EUR NATIONAL BANK OF GREECE EUR Page 79

82 Multi-Asset Income Emerging Securities portfolio at 30/06/2017 Expressed in USD Chile ENEL AMERICAS SA - ADR USD ENEL GENERACION CHILE SA CLP ITAU CORPBANCA CLP Hungary MOL HUNGARIAN OIL AND GAS PL HUF RICHTER GEDEON NYRT HUF The Netherlands AMREST HOLDINGS SE PLN VEON LTD USD Czech Republic MONETA MONEY BANK AS CZK Cyprus GLOBALTRA-SPONS GDR REGS USD Switzerland LUXOFT HOLDING INC USD Georgia BGEO GROUP PLC GBP United Kingdom GLOBAL PORTS HOLDING PLC GBP Kazakhstan KCELL JSC - REGS - W/I USD Guernsey Island ETALON GROUP-GDR REGS - W/I USD Bonds Brazil BRAZIL NTN-B 6.000% 16-15/05/2021 FLAT BRL BRAZIL NTN-F % 10-01/01/2021 FLAT BRL BRAZIL-LTN 0.000% 15-01/01/2019 FLAT BRL VALE OVERSEAS 8.250% 04-17/01/2034 USD Mexico MEXICAN BONOS % 05-05/12/2024 MXN MEXICAN BONOS 8.000% 10-11/06/2020 MXN MEXICAN BONOS 8.500% 09-31/05/2029 MXN MEXICAN UTD STS 6.750% 04-27/09/2034 USD PETROLEOS MEXICA 6.500% 11-02/06/2041 USD South Africa REP OF SOUTH AFRICA % /12/2026 REP OF SOUTH AFRICA 7.250% /01/2020 REP OF SOUTH AFRICA 8.250% /03/2032 REP OF SOUTH AFRICA 8.750% /02/2048 REP OF SOUTH AFRICA 8.875% /02/2035 ZAR ZAR ZAR ZAR ZAR Malaysia MALAYSIAN GOVT 3.659% 15-15/10/2020 MYR MALAYSIAN GOVT 3.759% 15-15/03/2019 MYR Colombia COLOMBIA TES % 09-24/07/2024 COP ECOPETROL SA 5.375% 15-26/06/2026 USD REP OF COLOMBIA % 03-28/01/2033 USD Poland POLAND GOVT BOND 2.500% 16-25/07/2027 PLN POLAND GOVT BOND 5.750% 11-25/10/2021 PLN REP OF POLAND 5.000% 11-23/03/2022 USD Turkey REP OF TURKEY 6.625% 14-17/02/2045 USD TURKEY GOVT BOND % 17-02/03/2022 TRY TURKEY GOVT BOND 8.800% 13-27/09/2023 TRY Indonesia INDONESIA EXIMBK 3.875% 17-06/04/2024 USD INDONESIA GOVT % 05-15/11/2020 IDR INDONESIA GOVT 8.250% 10-15/07/2021 IDR PERTAMINA 4.875% 12-03/05/2022 USD REP OF INDONESIA 7.750% 17/01/2038 USD REP OF INDONESIA 8.500% 05-12/10/2035 USD Russia RUSSIA % 98-24/06/2028 USD RUSSIA-OFZ 6.700% 13-15/05/2019 RUB RUSSIA-OFZ 7.000% 13-16/08/2023 RUB RUSSIA-OFZ 7.750% 16-16/09/2026 RUB RUSSIA-OFZ 8.150% 12-03/02/2027 RUB RUSSIA-OFZ 8.500% 16-17/09/2031 RUB Singapore DBS BANK LTD/SP 3.625% 12-21/09/2022 USD Hungary HUNGARY GOVT 5.500% 14-24/06/2025 HUF HUNGARY GOVT 7.000% 11-24/06/2022 HUF REP OF HUNGARY 6.375% 11-29/03/2021 USD Argentina BONTES % 16-17/10/2023 FLAT ARS PAMPA ENERGIA 7.500% 17-24/01/2027 USD PROV BUENOS AIRE 7.875% 16-15/06/2027 USD PROV DEL NEUQUEN 8.625% 16-12/05/2028 USD United States of America US TREASURY N/B 1.000% 15-15/05/2018 USD Cayman Islands EZDAN SUKUK 4.875% 17-05/04/2022 USD OCEAN WEALTH 5.250% 15-07/07/2017 CNY Egypt ARAB REP EGYPT 5.750% 10-29/04/2020 USD ARAB REP EGYPT 7.500% 17-31/01/2027 USD ARAB REP EGYPT 8.500% 17-31/01/2047 USD Romania ROMANIA 4.750% 14-24/02/2025 RON ROMANIA 5.950% 11-11/06/2021 RON India HOUSING DEV FIN 6.875% 17-30/04/2020 INR NTPC LTD 7.250% 17-03/05/2022 INR Panama PANAMA 9.375% 99-01/04/2029 USD Peru REP OF PERU 5.700% 14-12/08/2024 PEN REP OF PERU 8.750% 03-21/11/2033 USD Georgia BGEO GROUP JSC 6.000% 16-26/07/2023 USD Oman OMAN INTRNL BOND 3.875% 17-08/03/2022 USD OMAN INTRNL BOND 5.375% 17-08/03/2027 USD Page 80

83 Multi-Asset Income Emerging Securities portfolio at 30/06/2017 Expressed in USD Dominican Republic REP OF DOMINICAN 6.875% 16-29/01/2026 USD REP OF DOMINICAN 8.625% 06-20/04/2027 USD Costa Rica COSTA RICA 9.995% 00-01/08/2020 USD Croatia CROATIA 6.625% 10-14/07/2020 USD Philippines PHILIPPINE GOVT 3.625% 15-09/09/2025 PHP Ivory Coast IVORY COAST-PDI 5.125% 17-15/06/2025 EUR IVORY COAST-PDI 6.125% 17-15/06/2033 USD Uruguay URUGUAY 7.625% 06-21/03/2036 USD The Netherlands PETROBRAS 7.250% 14-17/03/2044 USD PETROBRAS 8.750% 16-23/05/2026 USD Czech Republic CZECH REPUBLIC 2.400% 14-17/09/2025 CZK Bolivia BOLIVIA GOVT 5.950% 13-22/08/2023 USD Chile EMPRESA METRO 5.000% 17-25/01/2047 USD Ecuador REP OF ECUADOR % 16-28/03/2022 USD Nigeria REP OF NIGERIA 6.750% 11-28/01/2021 USD Serbia SERBIA T-BONDS 5.750% 16-21/07/2023 RSD Zambia REP OF ZAMBIA 8.500% 14-14/04/2024 USD Surinam REP OF SURINAME 9.250% 16-26/10/2026 USD Qatar QATAR STATE OF 4.625% 16-02/06/2046 USD Senegal REP OF SENEGAL 6.250% 17-23/05/2033 USD Venezuela VENEZUELA 7.000% 07-31/03/2038 USD Luxembourg PETROBRAS INTL 5.375% 11-27/01/2021 USD Tunisia BQ CENT TUNISIE 5.750% 15-30/01/2025 USD El Salvador EL SALVADOR REP 8.250% 02-10/04/2032 USD Australia CHINA CONST BK/S 3.800% 14-29/09/2017 CNY Jamaica JAMAICA GOVT 8.000% 07-15/03/2039 USD Ukraine UKRAINE GOVT 7.750% 15-01/09/2026 USD Floating rate bonds Malaysia MALAYAN BANKING 16-29/10/2026 FRN USD Ivory Coast IVORY COAST 10-31/12/2032 SR FLAT USD Other transferable securities Shares Russia MAGNITOGORSK IRON & STEEL WO RUB Shares/Units in investment funds France LYXOR ETF BRAZIL IBOVESPA - A EUR Luxembourg BNP PARIBAS INSTICASH USD - X - CAP USD Total securities portfolio Page 81

84 Real Estate Securities Pacific Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Japan ACTIVIA PROPERTIES INC JPY DAIWA OFFICE INVESTMENT CORP JPY INDUSTRIAL & INFRASTRUCTURE JPY INVINCIBLE INVESTMENT CORP JPY JAPAN HOTEL REIT INVESTMENT JPY KENEDIX OFFICE INVESTMENT CO JPY KENEDIX RETAIL REIT CORP JPY LASALLE LOGIPORT REIT JPY MITSUBISHI ESTATE CO LTD JPY MITSUI FUDOSAN CO LTD JPY NTT URBAN DEVELOPMENT CORP JPY Hong Kong CHAMPION REIT HKD CHEUNG KONG PROPERTY HOLDING HKD LINK REIT HKD SUN HUNG KAI PROPERTIES HKD SWIRE PROPERTIES LTD HKD Australia AVENTUS RETAIL PROPERTY FUND AUD GOODMAN GROUP AUD MIRVAC GROUP AUD NATIONAL STORAGE REIT AUD PROPERTYLINK GROUP AUD SCENTRE GROUP AUD STOCKLAND AUD WESTFIELD CORP AUD Singapore ASCENDAS REAL ESTATE INV TRT SGD CACHE LOGISTICS TRUST SGD GLOBAL LOGISTIC PROPERTIES SGD KEPPEL DC REIT SGD UOL GROUP LTD SGD Total securities portfolio Page 82

85 Real Estate Securities World Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America APARTMENT INVT & MGMT CO - A USD BOSTON PROPERTIES INC USD FIRST INDUSTRIAL REALTY TR USD GGP INC USD HOST HOTELS & RESORTS INC USD HUDSON PACIFIC PROPERTIES IN USD KILROY REALTY CORP USD KIMCO REALTY CORP USD LIFE STORAGE INC USD MID-AMERICA APARTMENT COMM USD PARAMOUNT GROUP INC USD PENN REAL ESTATE INVEST TST USD PUBLIC STORAGE USD QTS REALTY TRUST INC - A USD REGENCY CENTERS CORP USD RLJ LODGING TRUST USD SABRA HEALTH CARE REIT INC USD SIMON PROPERTY GROUP INC USD SL GREEN REALTY CORP USD Japan DAIWA OFFICE INVESTMENT CORP JPY INDUSTRIAL & INFRASTRUCTURE JPY INVINCIBLE INVESTMENT CORP JPY JAPAN HOTEL REIT INVESTMENT JPY KENEDIX RETAIL REIT CORP JPY MITSUI FUDOSAN CO LTD JPY NTT URBAN DEVELOPMENT CORP JPY France ICADE EUR KLEPIERRE EUR Hong Kong CHEUNG KONG PROPERTY HOLDING HKD Spain MERLIN PROPERTIES SOCIMI SA EUR Australia AVENTUS RETAIL PROPERTY FUND AUD GOODMAN GROUP AUD MIRVAC GROUP AUD United Kingdom BRITISH LAND CO PLC GBP GREAT PORTLAND ESTATES PLC GBP Luxembourg GRAND CITY PROPERTIES EUR Switzerland PSP SWISS PROPERTY AG - REG CHF The Netherlands INTERXION HOLDING NV USD Finland TECHNOPOLIS OYJ EUR Singapore GLOBAL LOGISTIC PROPERTIES SGD Sweden KUNGSLEDEN AB SEK Total securities portfolio Page 83

86 Sustainable Equity High Dividend Europe Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom ASTRAZENECA PLC GBP AVIVA PLC GBP GLAXOSMITHKLINE PLC GBP LEGAL & GENERAL GROUP PLC GBP LLOYDS BANKING GROUP PLC GBP MARKS & SPENCER GROUP PLC GBP NATIONAL GRID PLC GBP RIO TINTO PLC GBP WPP PLC GBP France AXA SA EUR BNP PARIBAS EUR LAGARDERE SCA EUR ORANGE EUR SCHNEIDER ELECTRIC SE EUR SUEZ EUR TOTAL SA EUR UNIBAIL RODAMCO SE EUR Germany ALLIANZ SE - REG EUR BASF SE EUR DAIMLER AG-REGISTERED SHARES EUR DEUTSCHE TELEKOM AG - REG EUR METRO AG EUR SIEMENS AG - REG EUR Switzerland ADECCO GROUP AG - REG CHF NOVARTIS AG - REG CHF ZURICH INSURANCE GROUP AG CHF The Netherlands ING GROEP NV EUR KONINKLIJKE PHILIPS NV EUR Italy ENEL SPA EUR INTESA SANPAOLO EUR Sweden NORDEA BANK AB SEK SWEDBANK AB - A SEK Denmark DANSKE BANK A/S DKK Spain REPSOL SA EUR Belgium KBC GROEP NV EUR Warrants, Rights REPSOL SA RTS 30/06/2017 EUR Total securities portfolio Page 84

87 Notes to the financial statements Page 85

88 Notes to the financial statements at 30/06/2017 Note 1 - General information Since 1 January 2017, the Company has proceeded to the following changes: a) Merged, renamed, liquidated or launched sub-funds No sub-fund has been merged, renamed or liquidated during the period. b) Merged, liquidated, renamed or activated share classes Sub-fund Date Events Equity Best Selection Asia ex- Japan 1 January 2017 Equity High Dividend Pacific 1 January 2017 Equity Best Selection Asia ex- Japan 2 January 2017 The share class Classic - Capitalisation was renamed Classic EUR - Capitalisation The share class Classic - Distribution was renamed Classic EUR - Distribution The share class Classic USD - Capitalisation was renamed Classic - Capitalisation The share class Classic USD - Distribution was renamed Classic - Distribution The share class N - Capitalisation was renamed N RH EUR - Distribution The share class Privilege - Distribution was renamed Privilege EUR - Distribution The share class I - Capitalisation was renamed I EUR - Capitalisation The share class I USD - Capitalisation was renamed I - Capitalisation The share class Classic - Capitalisation was renamed Classic EUR - Capitalisation The share class Classic - Distribution was renamed Classic EUR - Distribution The share class Classic USD - Capitalisation was renamed Classic - Capitalisation The share class Classic USD - Distribution was renamed Classic - Distribution The share class Classic USD MD - Distribution was renamed Classic MD - Distribution The share class N - Distribution was renamed N RH EUR - Distribution The share class Privilege - Capitalisation was renamed Privilege EUR - Capitalisation The share class Privilege - Distribution was renamed Privilege EUR - Distribution The share class Classic - Capitalisation registered in SEK was merged in Classic - Capitalisation Registered in SEK The share class Classic RH USD- Capitalisation was merged in Classic - Capitalisation The share class N - Capitalisation registered in USD was merged in Classic - Capitalisation The share class I - Capitalisation registered in USD was merged in I - Capitalisation Bond Asia ex-japan 13 January 2017 Liquidation of share class Privilege MD - Distribution Bond World Emerging Local 13 January 2017 Liquidation of share class Classic HUF - Capitalisation Equity Best Selection Euro 13 January 2017 Liquidation of share class Classic H HUF - Capitalisation Equity Europe Emerging 13 January 2017 Liquidation of share class Privilege - Distribution Equity High Dividend USA 13 January 2017 Equity Indonesia 13 January 2017 Liquidation of share classes Classic EUR - Distribution and Privilege - Distribution Liquidation of share classes Classic EUR - Distribution and Privilege - Distribution Equity Russia 13 January 2017 Liquidation of share class Privilege USD - Capitalisation Bond Asia ex-japan 1 March 2017 Activation of share class N RH EUR - Distribution Equity Japan 1 March 2017 Activation of share class N H EUR - Distribution Page 86

89 Notes to the financial statements at 30/06/2017 Sub-fund Date Events Sustainable Equity High Dividend Europe 1 March 2017 Activation of share class N - Distribution Convertible Bond World 2 March 2017 Activation of share class N RH EUR - Distribution Equity High Dividend USA 2 March 2017 Activation of share class N - Distribution Equity Best Selection Europe 19 May 2017 The share class Classic RH HUF - Capitalisation was merged into Classic - Capitalisation valued in HUF Bond USD Short Duration 15 June 2017 Activation of share class IH EUR - Capitalisation c) Change of base Sub-fund Date Events Change of base from EUR to USD. Equity Best Selection Asia ex- Japan 1 January 2017 The exchange rate used for the conversion of the accounts of the sub-fund from EUR to USD was the exchange rate on 1 January 2017 and amounted to 1 EUR = USD. The amount disclosed under the caption Reevaluation of opening NAV in the Statement of Operations and changes in net represents the reevaluation difference from EUR to USD of the opening NAV of the sub-fund as at conversion date. Change of base from EUR to USD. Equity High Dividend Pacific 1 January 2017 The exchange rate used for the conversion of the accounts of the sub-fund from EUR to USD was the exchange rate on 1 January 2017 and amounted to 1 EUR = USD. The amount disclosed under the caption Reevaluation of opening NAV in the Statement of Operations and changes in net represents the reevaluation difference from EUR to USD of the opening NAV of the sub-fund as at conversion date. d) Eligibility for the Plan Epargne en Actions (PEA) Owing to their eligibility for French share savings schemes (PEA), the sub-funds of the PARVEST SICAV listed below permanently invest at least 75% of their net in shares and rights that are eligible for the PEA and are issued by companies established in France, another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime. Equity Best Selection Euro Equity Europe Growth Equity Europe Small Cap Equity Best Selection Europe Equity Europe Mid Cap Sustainable Equity High Dividend Europe Note 2 - Principal accounting methods a) Net asset value This report is prepared on the basis of the last net asset value as at 30 June b) Globalised statements for the various sub-funds PARVEST s (consolidated) financial statements are expressed in EUR by converting the financial statements of the sub-funds denominated in currencies other than EUR at the exchange rate prevailing at the end of the financial period. Page 87

90 Notes to the financial statements at 30/06/2017 c) Currency conversion The accounts of each sub-fund are kept in the in which its net asset value is expressed, and the financial statements are expressed in that. The purchase price of securities purchased in a other than that of the sub-fund is converted into the of the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities. The income and expenses denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on the transaction date. On the closing date, the market values of the securities (determined by the method described below), the claims, bank deposits and debt denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on that date, with any exchange differentials resulting from the conversion of the securities, claims, bank deposits and debt being included in the net result for the financial period. d) Presentation of the financial statements The financial statements are presented on the basis of the latest net asset value calculated during the financial period. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. The stock market prices and exchange rates are those of 30 June This principle has been applied uniformly and consistently for all the sub-funds. By way of information, a certain lead time is required before indicative prices become available for certain illiquid securities, so that for these securities it was impossible for material reasons to use prices as at 30 June 2017 in the last net asset value of the financial period. However, these net asset values would not have been significantly different from those shown in the annual accounts. The statement of operations and changes in net covers the financial period from 1 January 2017 to 30 June e) Valuation of the securities portfolio The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognised and accessible to the public, is based on the last known closing price on the Valuation Day, and, if the securities concerned are traded on several markets, on the basis of the last known closing price on the major market on which they are traded. If the last known closing price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner. The Board of Directors uses this possibility for the valuation of the securities listed on East Asia, South Asia, Southeast Asia and Oceania markets. In these cases, the aforesaid last known closing price is adjusted by using a method monitored by the Management Company to reflect a fair value price of the concerned. Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner, is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors. If permitted by market practice, liquid, money market instruments and all other instruments may be valued at their nominal value plus accrued interest or according to the linear amortisation method. Any decision to value the in the portfolio using the linear amortisation method must be approved by the Board of Directors, which will record the reasons for such a decision. The Board of Directors will put in place appropriate checks and controls concerning the valuation of the instruments. The value of shares or units in undertakings for collective investment shall be determined on the basis of the last net asset value available on the valuation Day. If this price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Any unrealised gains and losses are included when determining the result of the transactions. To calculate the net positions per, the positions are converted at the forward exchange rates corresponding to the remaining life of the contract. Page 88

91 Notes to the financial statements at 30/06/2017 g) Valuation of financial instruments Financial futures are valued at their last-known market price. The other financial instruments are valued at the prices at which the position would be able to be liquidated, depending on the conditions prevailing on the market at the valuation date. Realised and unrealised profits or losses resulting there from are included in the Statement of operations and changes in net. To calculate the net positions per on financial instruments, the positions are converted at the exchange rate effective on the closing date. h) Valuation of credit default swaps The value of a Credit Default Swap shall be determined by comparing the value of the protection swap leg and the value of the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted discount. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used to compute the expected loss are derived from the structure of par market swap rates. Par market swap rates will be obtained from a cross-section of market counterparties. i) Valuation of total return swaps and performance swaps A Total Return Swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the performance of an underlying instrument represented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include gains and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying. The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity. Total return swaps are marked to market at each NAV calculation date. The unrealised appreciation/depreciation is disclosed in the Statement of net under Net Unrealised gain/loss on financial instruments. Realised gains/(losses) and change in unrealised appreciation/depreciation as a result thereof are included in the Statement of operations and changes in net respectively under Net realised result on Financial instruments and Movement on net unrealised gain/loss on Financial instruments. j) Presentation of options Options contracts traded over-the-counter are valued at the prices at which the position could be liquidated under the market conditions prevailing at the valuation date. The liquidation value of forward contracts or options contracts traded on regulated markets will be based on the latest available settlement price of these contracts on the regulated markets on which these forward contracts or option contracts are traded by the SICAV; provided that if a forward contract or an options contract cannot be liquidated on the day on which the net are valued, the basis that will be used to determine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors. k) Valuation of securities lending, reverse repurchase and repurchase agreements Securities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the Statement of operations and changes in net under Income on investments and. Securities that have been lent are shown in the net of the sub-fund in question, at their market value. Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the underlying securities. They are transactions by which the transferor transfers ownership of securities to another person (the transferee) and by which the transferor irrevocably undertakes to repurchase them and the transferee irrevocably undertakes to retrocede them, at an agreed price and date. Securities reverse repurchase agreements are valued at their purchase price expressed in the original, irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading Other. Securities repurchase agreements are valued at their market value. Page 89

92 Notes to the financial statements at 30/06/2017 l) Valuation of interest rate swaps Interest rate swaps are valued on the basis of the difference between the value of all future interest payable by the Company to its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of all future interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments. m) Valuation of volatility swaps A volatility swap is a forward contract whose underlying is the volatility of a given product. The underlying is usually a foreign exchange rate, equity or index. At a given point in time, the valuation of the volatility swap will reflect the difference between the last known volatility of the underlying and the valuation on the basis of which the initial agreement was concluded. n) Comparisons Concerning the sub-funds that merged during the financial period and that were still open on 30 June 2017, mergers involving absorption of the net of the absorbed sub-funds or funds were recorded in the accounts by means of a subscription in the absorbing sub-funds at the merger dates. Consequently, the line Net subscriptions/(redemptions) in the Statement of operations and changes in net includes the net of the absorbed sub-funds or funds at the merger dates. o) Geographic distribution The geographic distribution of the securities portfolio is based on the issuing country. p) Indian Tax Each sub-fund may be subject to corporation taxes in certain countries in which it invests. Capital gains realised when disposing of certain Indian securities held by a sub-fund are subject to capital gains tax in India, which, if any, is disclosed in the Statement of operations and changes in net under the heading Taxes. The tax is computed on net realised gains, and realised losses in excess of gains may under certain conditions be carried forward 8 years to offset future gains. Indian tax law imposes a tax of 15% on net realised gains from Indian securities sold within one year from the date of purchase. Given the Company s intent to hold portfolio securities for more than one year, the Company does not accrue a deferred tax liability on net unrealised gains on Indian securities. In case the Company incurred a total realised loss on security sales as at fiscal year-end, the Company could recover the taxable amount paid during the year on net realised gains, provided that a claim to the Tax Administration is introduced within 2 years as from end of the financial years. q) To be announced The Mortgage Back Securities To be announced are subject to current commercial market practices in relation to securities guaranteed by mortgages, according to which a party will buy/sell a basket of mortgage loans for a fixed price at a later date. At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed at the time of purchase/sale, the final face value will not yet have been fixed. The To-be-announced ( TBA ) Mortgage Back Securities positions are shown in the securities portfolio as at 30 June At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating to payables/receivables on securities are included under Other liabilities / Other in the Statement of net. Page 90

93 Notes to the financial statements at 30/06/2017 r) Cross-investments The value of the cross-investments of the sub-funds has not been deducted for the calculation of the combined total net of the Company. The total value of those cross-investments as at 30 June 2017 amounted to: Sub-fund investing in other PARVEST subfundfunds EUR) Sub-funds held by other PARVEST sub- Market Value (in Currency Equity Russia Equity Russia Opportunities EUR Equity World Emerging Equity World Emerging Small Cap USD Total The net at the end of the financial period of combined figures would be EUR without taking into account the cross-investments values. Note 3 - Management and advisory fees (maximum per annum) The maximum annual fee payable monthly are calculated on the average net asset value of each share class for each sub-fund over the past month. For certain sub-funds a reduced management fee was charged during the financial year/period. The fee is paid to the Management Company and covers remuneration of the asset managers and also distributors in connection with the marketing of the Company's stock. The management fees applicable to the Classic category are applicable to all share sub-categories and classes with the word Classic in their denomination, and to N category. The management fees applicable to the I category are also applicable to all share sub-categories and classes with the word I in their denomination. The management fees applicable to the Privilege category are also applicable to all share sub-categories and classes with the word Privilege in their denomination. No management fee is charged for the X category. A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3.00% per annum. Sub-fund Classic Privilege I Bond Asia ex-japan 1.25% 0.75% 0.60% Bond Best Selection World Emerging 1.50% 0.75% 0.60% Bond USD 0.75% 0.40% 0.30% Bond USD Short Duration 0.50% 0.25% 0.20% Bond World 0.75% 0.40% 0.30% Bond World Emerging Local 1.50% 0.75% 0.60% Bond World High Yield 1.20% 0.60% 0.55% Bond World Inflation-Linked 0.75% 0.40% 0.30% Convertible Bond Asia 1.20% 0.65% 0.60% Convertible Bond World 1.20% 0.65% 0.60% Equity Best Selection Asia ex-japan 1.50% 0.75% 0.75% Equity Best Selection Euro 1.50% 0.75% 0.75% Equity Best Selection Europe 1.50% 0.75% 0.75% Equity Brazil 1.75% 0.90% 0.90% Equity China 1.75% 0.90% 0.90% Equity Europe Emerging 1.75% 0.90% 0.90% Equity Europe Growth 1.50% 0.75% 0.75% Equity Europe Mid Cap 1.50% 0.75% 0.75% Page 91

94 Notes to the financial statements at 30/06/2017 Sub-fund Classic Privilege I Equity Europe Small Cap 1.75% 0.90% 0.85% Equity High Dividend Pacific 1.50% 0.75% 0.75% Equity High Dividend USA 1.50% 0.75% 0.75% Equity India 1.75% 0.90% 0.90% Equity Indonesia 1.75% 0.90% 0.90% Equity Japan 1.50% 0.75% 0.75% Equity Latin America 1.75% 0.90% 0.90% Equity Russia 1.75% 0.90% 0.90% Equity Russia Opportunities 1.75% 0.90% 0.90% Equity USA Growth 1.50% 0.75% 0.75% Equity USA Mid Cap 1.75% 0.90% 0.85% Equity World Consumer Durables 1.50% 0.75% 0.75% Equity World Emerging 1.75% 0.90% 0.90% Equity World Energy 1.50% 0.75% 0.75% Equity World Finance 1.50% 0.75% 0.75% Equity World Health Care 1.50% 0.75% 0.75% Equity World Low Volatility 1.50% 0.75% 0.75% Equity World Materials 1.50% 0.75% 0.75% Equity World Technology 1.50% 0.75% 0.75% Equity World Utilities 1.50% 0.75% 0.75% Green Tigers 1.50% 0.75% 0.75% Multi-Asset Income Emerging 1.25% 0.65% 0.60% Real Estate Securities Pacific 1.50% 0.75% 0.75% Real Estate Securities World 1.50% 0.75% 0.75% Sustainable Equity High Dividend Europe 1.50% 0.75% 0.75% A maximum advisory fee of 0.15% is applied to all the share classes of the sub-funds Equity High Dividend USA and Equity USA Mid Cap, excepted to the X share class. The sub-funds of PARVEST are not invested more than 50 % in other BNP Paribas sub-funds. Note 4 - Distribution fees Distribution fees are calculated and deducted monthly from the average net of a sub-fund, share category, or share class, paid to the Management Company and serve to cover remuneration of the distributors, supplemental to the share of the management fee that they receive. Note 5 - Other fees Other fees are calculated and deducted monthly from the average net of a sub-fund, share category, or share class and serve to cover general custody expenses (remuneration of the Depositary) and daily administration expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, commissions for transactions not related to the depositary, director fees, interest and bank fees, extraordinary expenses, reporting cost in relation with regulation requirements including the European Market Infrastructure Regulation (EMIR), and the taxe d abonnement in force in Luxembourg, as well as any other specific foreign tax and other regulators levy. Page 92

95 Notes to the financial statements at 30/06/2017 Note 6 - Taxes At the date of the Prospectus, the Company is not liable to any Luxembourg income tax or capital gains tax. The Company is liable to an annual taxe d abonnement in Luxembourg representing 0.05% of the net asset value. This rate is reduced to 0.01% for: a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions; b) sub-funds with the exclusive objective of collective investments in deposits with credit institutions; c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs. The following are exempt from this taxe d abonnement : a) the value of represented by units or shares in other UCIs, provided that these units, or shares have already been subject to the taxe d abonnement ; b) sub-funds, share categories and/or classes: (i) whose securities are reserved to Institutional Investors, Managers or UCIs and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and (iii) whose weighted residual portfolio maturity does not exceed 90 days, and (iv) that have obtained the highest possible rating from a recognised rating agency; c) sub-funds, share categories and/or classes reserved to: (i) (ii) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers for the benefit of their employees, and companies having one or more employers investing funds to provide pension benefits to their employees; d) sub-funds whose main objective is investment in microfinance institutions; e) sub-funds, shares categories and/or classes: (i) (ii) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognised and open to the public, and whose exclusive object is to replicate the performance of one or several indices. When due, the taxe d abonnement is payable quarterly based on the relevant net and calculated at the end of the quarter for which it is applicable. In addition, the Company may be subject to foreign UCI s tax, and/or other regulators levy in the country where the sub-fund is registered for distribution. Note 7 - Dividends For the MD - Distribution share classes, which pay monthly dividends, the following dividends were paid: - Payment dates Month Record Date (1) NAV ex-dividend Date (2) Payment Date (3) January January 2017 February February 2017 March March 2017 April May 2017 May May 2017 June June 2017 (1) If this day is not a bank business day in Luxembourg, the record date will be the next following bank business day. (2) Dates are based on a valuation simulation. As a consequence, dates may change depending on the composition of the portfolio at this date. If for a particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards. (3) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the settlement is not possible (e.g. bank holiday on a specific or country), settlement will be made the 1st business day after or any other day communicated by the local agent. Page 93

96 Notes to the financial statements at 30/06/ Monthly amount since January 2017: Sub-fund Class Currency Dividend Bond Asia ex-japan Classic MD - Distribution USD 0.28 Bond Asia ex-japan Classic RH AUD MD - Distribution AUD 0.33 Bond Asia ex-japan Classic RH SGD MD - Distribution SGD 0.28 Bond Asia ex-japan Privilege MD - Distribution USD 0.30 Bond Best Selection World Emerging Classic MD - Distribution USD 0.12 Bond USD Classic MD - Distribution USD 0.21 Bond USD Short Duration Classic MD - Distribution USD 0.15 Bond World Emerging Local Classic MD - Distribution USD 0.32 Bond World High Yield Classic USD MD - Distribution USD 0.30 Bond World High Yield Classic H AUD MD - Distribution AUD 0.52 Bond World High Yield Classic H USD MD - Distribution USD 0.47 Convertible Bond Asia Classic MD - Distribution USD 0.07 Equity Europe Growth Classic RH SGD MD - Distribution SGD 0.35 Equity Europe Growth Classic RH USD MD - Distribution USD 0.34 Equity High Dividend Pacific Classic USD MD - Distribution USD 0.34 Equity Russia Classic USD MD - Distribution USD 0.37 Equity World Low Volatility Classic USD MD - Distribution USD 0.23 Equity World Utilities Classic USD MD - Distribution USD 0.29 Multi-Asset Income Emerging Classic MD - Distribution USD 0.52 Multi-Asset Income Emerging Classic HKD MD - Distribution HKD 0.52 Multi-Asset Income Emerging Classic RH AUD MD - Distribution AUD 0.58 Multi-Asset Income Emerging Classic RH CNH MD - Distribution CNH 0.75 Multi-Asset Income Emerging Classic RH SGD MD - Distribution SGD 0.51 Sustainable Equity High Dividend Europe Classic RH USD MD - Distribution USD 0.38 The following dividends were paid on 2 May 2017 for shares outstanding on 18 April 2017 with ex-date 19 April 2017: Sub-fund Class Currency Dividend Bond Asia ex-japan Classic - Distribution USD 5.55 Bond Asia ex-japan Classic EUR - Distribution EUR 5.21 Bond Asia ex-japan Privilege - Distribution USD 4.28 Bond Best Selection World Emerging Classic - Distribution USD 9.19 Bond Best Selection World Emerging Classic RH EUR - Distribution EUR 1.45 Bond Best Selection World Emerging Privilege RH EUR - Distribution EUR 4.65 Bond USD Classic - Distribution USD 8.41 Bond USD Privilege - Distribution USD 2.53 Bond World Classic - Distribution EUR 3.34 Bond World Emerging Local Classic - Distribution USD 4.32 Bond World Emerging Local Classic EUR - Distribution EUR 4.80 Bond World Emerging Local Classic RH EUR - Distribution EUR 3.69 Bond World Emerging Local Privilege - Distribution USD 3.97 Bond World High Yield Classic - Distribution EUR 1.61 Bond World High Yield Classic H USD - Distribution USD 2.06 Bond World High Yield N - Distribution EUR 5.00 Bond World High Yield Privilege - Distribution EUR 5.02 Convertible Bond Asia Classic - Distribution USD 0.49 Convertible Bond Asia Classic EUR - Distribution EUR 0.47 Convertible Bond Asia Privilege - Distribution USD 0.50 Convertible Bond World Classic - Distribution USD 0.87 Convertible Bond World Classic RH EUR - Distribution EUR 0.75 Convertible Bond World Classic RH PLN - Distribution PLN 3.88 Convertible Bond World I RH EUR - Distribution EUR 0.89 Convertible Bond World Privilege RH EUR - Distribution EUR 0.96 Equity Best Selection Asia ex-japan Classic - Distribution USD Equity Best Selection Asia ex-japan Classic EUR - Distribution EUR 9.78 Equity Best Selection Asia ex-japan N RH EUR - Distribution EUR 3.33 Page 94

97 Notes to the financial statements at 30/06/2017 Sub-fund Class Currency Dividend Equity Best Selection Asia ex-japan Privilege EUR - Distribution EUR 3.18 Equity Best Selection Euro Classic - Distribution EUR 9.20 Equity Best Selection Euro I - Distribution EUR 3.60 Equity Best Selection Euro Privilege - Distribution EUR 4.07 Equity Best Selection Europe Classic - Distribution EUR 4.58 Equity Best Selection Europe Classic CHF - Distribution CHF 3.83 Equity Best Selection Europe Privilege - Distribution EUR 3.48 Equity Brazil Classic - Distribution USD 2.00 Equity China Classic - Distribution USD 4.32 Equity China Classic EUR - Distribution EUR 2.29 Equity China Privilege - Distribution USD 1.96 Equity Europe Emerging Classic - Distribution EUR 8.76 Equity Europe Growth Classic - Distribution EUR 4.85 Equity Europe Growth Privilege - Distribution EUR 4.15 Equity Europe Mid Cap Classic - Distribution EUR Equity Europe Small Cap Classic - Distribution EUR 4.19 Equity Europe Small Cap Privilege - Distribution EUR 3.81 Equity High Dividend Pacific Classic - Distribution USD 3.33 Equity High Dividend Pacific Classic EUR - Distribution EUR 1.95 Equity High Dividend Pacific N RH EUR - Distribution EUR 5.13 Equity High Dividend Pacific Privilege EUR - Distribution EUR 4.70 Equity High Dividend USA Classic - Distribution USD 2.81 Equity High Dividend USA Classic H EUR - Distribution EUR 0.93 Equity High Dividend USA Privilege H EUR - Distribution EUR 2.36 Equity India Classic - Distribution USD 1.34 Equity India Classic EUR - Distribution EUR 1.27 Equity India Privilege - Distribution USD 1.61 Equity Indonesia Classic - Distribution USD 2.72 Equity Japan Classic - Distribution JPY Equity Japan Privilege - Distribution JPY Equity Latin America Classic - Distribution USD 8.95 Equity Russia Classic - Distribution EUR 4.11 Equity Russia Classic USD - Distribution USD 3.25 Equity Russia I - Distribution EUR 6.25 Equity Russia Privilege - Distribution EUR 4.81 Equity Russia Privilege GBP - Distribution GBP 6.42 Equity Russia Opportunities Classic - Distribution USD 2.75 Equity USA Growth Classic - Distribution USD 0.55 Equity USA Growth Classic H EUR - Distribution EUR 2.13 Equity USA Mid Cap Classic - Distribution USD 3.46 Equity World Consumer Durables Classic - Distribution EUR 2.46 Equity World Consumer Durables Privilege - Distribution EUR 2.91 Equity World Emerging Classic - Distribution USD 3.17 Equity World Emerging Classic EUR - Distribution EUR 2.38 Equity World Energy Classic - Distribution EUR Equity World Energy Classic USD - Distribution USD Equity World Energy Privilege - Distribution EUR 3.24 Equity World Finance Classic - Distribution EUR 6.96 Equity World Finance Privilege - Distribution EUR 4.37 Equity World Health Care Classic - Distribution EUR Equity World Health Care Privilege - Distribution EUR 3.09 Equity World Low Volatility Classic - Distribution EUR 7.44 Equity World Low Volatility Classic USD - Distribution USD 7.90 Equity World Materials Classic - Distribution EUR 1.11 Equity World Materials Privilege - Distribution EUR 2.46 Equity World Technology Classic - Distribution EUR 8.62 Equity World Technology Classic USD - Distribution USD 2.82 Equity World Technology Privilege - Distribution EUR 2.67 Equity World Utilities Classic - Distribution EUR 3.30 Page 95

98 Notes to the financial statements at 30/06/2017 Sub-fund Class Currency Dividend Equity World Utilities Classic USD - Distribution USD 3.47 Equity World Utilities Privilege - Distribution EUR 5.72 Green Tigers Classic - Distribution EUR 3.75 Green Tigers Classic USD - Distribution USD 2.13 Green Tigers Privilege - Distribution EUR 2.88 Multi-Asset Income Emerging Classic - Distribution USD 2.70 Multi-Asset Income Emerging Classic EUR - Distribution EUR 2.89 Multi-Asset Income Emerging Privilege EUR - Distribution EUR 2.90 Real Estate Securities Pacific Classic - Distribution EUR 2.52 Real Estate Securities Pacific Classic USD - Distribution USD 2.65 Real Estate Securities Pacific Privilege - Distribution EUR 3.24 Real Estate Securities World Classic - Distribution EUR 1.25 Real Estate Securities World Privilege - Distribution EUR 4.77 Sustainable Equity High Dividend Europe Classic - Distribution EUR 1.60 Sustainable Equity High Dividend Europe Privilege - Distribution EUR 3.91 It has been decided not to pay dividends for the following sub-funds this period: Sub-fund Bond USD Short Duration Bond World Inflation-Linked Bond World Inflation-Linked Class Privilege - Distribution Classic - Distribution Privilege - Distribution Note 8 - Share currencies The net asset value per share is priced in the of the share class and not in the of the sub-fund in the section Key figures relating to the last 3 years. Note 9 - Exchange rates The exchange rates used for consolidation and for the conversion of share classes denominated in a other than the reference of the relevant sub-fund as at 30 June 2017 were the following: EUR 1 = AUD EUR 1 = CHF EUR 1 = CNH EUR 1 = CZK EUR 1 = GBP EUR 1 = HUF EUR 1 = JPY EUR 1 = HKD EUR 1 = NOK EUR 1 = PLN EUR 1 = SGD EUR 1 = USD Page 96

99 Notes to the financial statements at 30/06/2017 Note 10 - Futures contracts As at 30 June 2017, the following positions were outstanding: Bond Asia ex-japan Currency Quantity Purchase/ Sale Description USD 52 S US 10YR NOTE FUTURE (CBT) Maturity Nominal (in USD) Net unrealised gain/(loss) (in USD) 20/09/ Total: As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to USD. Bond Best Selection World Emerging Currency Quantity Purchase/ Sale USD 98 S Description US 10YR NOTE FUTURE (CBT) Maturity Nominal (in USD) Net unrealised gain/(loss) (in USD) 20/09/ Total: As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to USD. Bond USD Currency Quantity Purchase/ Sale Description Maturity Nominal (in USD) Net unrealised gain/(loss) (in USD) EUR 5 P EURO-BOBL FUTURE 07/09/ (6 843) EUR 37 S EURO-BUND FUTURE 07/09/ USD 2 P US 5YR NOTE FUTURE (CBT) 29/09/ (219) EUR 2 P EURO-SCHATZ FUTURE 07/09/ (125) USD 2 S US 2YR NOTE FUTURE (CBT) 29/09/ USD 11 P ULTRA LONG TERM US TREASURY BOND FUTURE 20/09/ (14 844) EUR 10 P EURO OAT FUTURE FRENCH GOVT BD 10YR 6% 07/09/ (29 369) EUR 15 S EURO-BTP FUTURE 07/09/ (21 226) GBP 3 P LONG GILT FUTURE (LIFFE) 27/09/ (9 378) EUR 6 P EURO BUXL 30Y BONDS 07/09/ (31 365) EUR 2 S EURO-BONO 10YR 6% 07/09/ USD 9 P US 10YR NOTE FUTURE (CBT) 20/09/ (9 344) USD 19 P US LONG BOND FUTURE (CBT) 20/09/ (13 813) CAD 20 P CAN 10YR BOND FUTURE 20/09/ (46 469) USD 3 S ULTRA 10 YEAR US TREASURY NOTE FUTURE 20/09/ AUD 12 S AUST 10 YR BONDS FUTURE 15/09/ AUD 5 S AUST 3 YR BONDS 15/09/ Total: (48 334) As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to USD. Page 97

100 Notes to the financial statements at 30/06/2017 Bond USD Short Duration Currency Quantity Net unrealised Purchase/ Nominal Description Maturity gain/(loss) Sale (in USD) (in USD) USD 8 S US 5YR NOTE FUTURE (CBT) 29/09/ USD 5 S US 2YR NOTE FUTURE (CBT) 29/09/ USD 13 S US 10YR NOTE FUTURE (CBT) 20/09/ USD 4 P US LONG BOND FUTURE (CBT) 20/09/ Total: As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to USD. Bond World Currency Quantity Purchase/ Sale Description Maturity Nominal (in EUR) Net unrealised gain/(loss) (in EUR) EUR 58 P EURO-BOBL FUTURE 07/09/ (74 870) EUR 69 S EURO-BUND FUTURE 07/09/ USD 197 S US 5YR NOTE FUTURE (CBT) 29/09/ EUR 48 P EURO-SCHATZ FUTURE 07/09/ (10 520) USD 3 S US 2YR NOTE FUTURE (CBT) 29/09/ USD 7 P ULTRA LONG TERM US TREASURY BOND FUTURE 20/09/ (1 945) EUR 48 P EURO OAT FUTURE FRENCH GOVT BD 10YR 6% 07/09/ (67 040) EUR 29 S EURO-BTP FUTURE 07/09/ (36 360) GBP 13 P LONG GILT FUTURE (LIFFE) 27/09/ (35 647) EUR 24 P EURO BUXL 30Y BONDS 07/09/ (90 860) JPY 1 S JPN 10Y BOND (TSE) 12/09/ EUR 3 S EURO-BONO 10YR 6% 07/09/ USD 3 S US 10YR NOTE FUTURE (CBT) 20/09/ USD 12 P US LONG BOND FUTURE (CBT) 20/09/ (14 385) CAD 47 P CAN 10YR BOND FUTURE 20/09/ (99 241) USD 46 P ULTRA 10 YEAR US TREASURY NOTE FUTURE 20/09/ (10 782) AUD 7 S AUST 10 YR BONDS FUTURE 15/09/ AUD 20 P AUST 3 YR BONDS 15/09/ (5 904) Total: ( ) As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to EUR. Bond World Inflation-Linked Currency Quantity Purchase/ Sale Description Maturity Nominal (in EUR) Net unrealised gain/(loss) (in EUR) EUR 3 S EURO-BUND FUTURE 07/09/ USD 45 P US 5YR NOTE FUTURE (CBT) 29/09/ (13 069) USD 6 P US 2YR NOTE FUTURE (CBT) 29/09/ (740) USD 3 S ULTRA LONG TERM US TREASURY BOND FUTURE 20/09/ (8 939) EUR 1 S EURO-BTP FUTURE 07/09/ (1 270) EUR 3 S EURO-BTP FUTURE 07/09/ (3 840) EUR 6 P EURO BUXL 30Y BONDS 07/09/ (31 681) JPY 1 S JPN 10Y BOND (TSE) 12/09/ USD 14 S US 10YR NOTE FUTURE (CBT) 20/09/ Page 98

101 Notes to the financial statements at 30/06/2017 Bond World Inflation-Linked (continued) Currency Quantity Purchase/ Sale USD 2 S USD 3 S Description US LONG BOND FUTURE (CBT) ULTRA 10 YEAR US TREASURY NOTE FUTURE Maturity Nominal (in EUR) Net unrealised gain/(loss) (in EUR) 20/09/ /09/ As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to EUR. Convertible Bond World Currency Total: (38 676) Net unrealised Purchase/ Nominal Quantity Description Maturity gain/(loss) Sale (in USD) (in USD) USD 293 S JPY CURRENCY FUTURE 18/09/ USD 164 S EURO FX CURR FUTURE (CME) 18/09/ ( ) Total: (66 425) As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to USD. Brokers for Futures contracts: BNP Paribas Paris Newedge Note 11 - Forward foreign exchange contracts As at 30 June 2017, the total amount purchased per and the total amount sold per in the context of forward foreign exchange contracts were as follows: Bond Asia ex-japan Currency Purchase amount Currency Sale amount AUD EUR EUR SGD SGD USD USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Bond Best Selection World Emerging Currency Purchase amount Currency Sale amount ARS ARS BRL BRL CLP CNH CNH COP COP CZK CZK EUR EUR GBP GBP HUF HUF IDR IDR ILS ILS MXN KRW MYR MXN PEN MYR PHP PEN PLN PHP RON Page 99

102 Notes to the financial statements at 30/06/2017 Bond Best Selection World Emerging (continued) Currency Purchase amount Currency Sale amount PLN RUB RON THB RUB TRY THB USD TRY ZAR USD ZAR Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 11 May Bond USD Currency Purchase amount Currency Sale amount AUD AUD CAD CAD GBP EUR NOK GBP SGD JPY USD NOK SGD USD Net unrealised loss (in USD) ( ) As at 30 June 2017, the latest maturity of all outstanding contracts is 19 July Bond USD Short Duration Currency Purchase amount Currency Sale amount EUR USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Bond World Currency Purchase amount Currency Sale amount AUD AUD BRL BRL CAD CAD CHF CHF CZK CNH DKK CZK EUR EUR GBP GBP HUF HKD ILS JPY JPY KRW KRW MXN MXN MYR MYR NOK NOK NZD NZD PEN PEN RUB PLN SEK RUB TRY SEK USD SGD ZAR THB TRY Page 100

103 Notes to the financial statements at 30/06/2017 Bond World (continued) Currency Purchase amount Currency Sale amount USD ZAR Net unrealised gain (in EUR) As at 30 June 2017, the latest maturity of all outstanding contracts is 19 July Bond World Emerging Local Currency Purchase amount Currency Sale amount ARS ARS BRL BRL CLP CNH CNH COP COP CZK CZK EUR EUR GBP GBP HUF HUF IDR IDR ILS ILS MXN KRW MYR MXN PEN MYR PHP PEN PLN PHP RON PLN RUB RON THB RUB TRY THB USD TRY ZAR USD ZAR Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 11 May Bond World High Yield Currency Purchase amount Currency Sale amount AUD AUD CZK EUR EUR GBP USD USD Net unrealised gain (in EUR) As at 30 June 2017, the latest maturity of all outstanding contracts is 13 July Bond World Inflation-Linked Currency Purchase amount Currency Sale amount CAD AUD EUR CAD GBP DKK JPY EUR NZD GBP USD JPY NZD SEK USD Net unrealised gain (in EUR) As at 30 June 2017, the latest maturity of all outstanding contracts is 24 October Page 101

104 Notes to the financial statements at 30/06/2017 Convertible Bond Asia Currency Purchase amount Currency Sale amount SGD CNY USD JPY USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 13 July Convertible Bond World Currency Purchase amount Currency Sale amount CHF CHF CZK CZK EUR EUR NOK GBP PLN HKD USD JPY PLN SGD USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 13 July Equity Best Selection Asia ex-japan Currency Purchase amount Currency Sale amount AUD EUR EUR USD SGD USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Equity Best Selection Euro Currency Purchase amount Currency Sale amount CZK CZK EUR EUR SGD SGD USD USD Net unrealised loss (in EUR) (4 158) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Equity Europe Growth Currency Purchase amount Currency Sale amount EUR EUR SGD SGD USD USD Net unrealised loss (in EUR) (53 226) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Equity Europe Small Cap Currency Purchase amount Currency Sale amount EUR EUR SGD SGD USD USD Net unrealised loss (in EUR) ( ) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Page 102

105 Notes to the financial statements at 30/06/2017 Equity High Dividend Pacific Currency Purchase amount Currency Sale amount EUR USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Equity High Dividend USA Currency Purchase amount Currency Sale amount EUR EUR USD USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Equity Japan Currency Purchase amount Currency Sale amount EUR EUR JPY JPY USD USD Net unrealised gain (in JPY) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Equity USA Growth Currency Purchase amount Currency Sale amount CZK EUR EUR USD USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Equity USA Mid Cap Currency Purchase amount Currency Sale amount EUR EUR SGD SGD USD USD Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Multi-Asset Income Emerging Currency Purchase amount Currency Sale amount AUD CZK CLP EUR CNH HUF CZK PLN EUR RON HUF RUB PEN SGD PLN TRY RON TWD RUB USD SGD ZAR TRY USD ZAR Net unrealised gain (in USD) As at 30 June 2017, the latest maturity of all outstanding contracts is 8 September Page 103

106 Notes to the financial statements at 30/06/2017 Sustainable Equity High Dividend Europe Currency Purchase amount Currency Sale amount EUR EUR USD USD Net unrealised loss (in EUR) (16 183) As at 30 June 2017, the latest maturity of all outstanding contracts is 10 July Counterparties to Forward foreign exchange contracts: BNP Paribas Paris Citibank N.A London Citigroup Global Market Goldman Sachs International London HSBC Bank Plc JP Morgan Secs Ltd Merrill Lynch UK Morgan Stanley And Co. International Royal Bank of Canada Société Générale Standard Chartered Bank State Street Boston FX UBS Ltd London Note 12 - Swaps Credit Default Swaps The Company has entered into credit default swaps agreements whereby it exchanges fixed income for income linked to changes in credit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the amount of the unrealised capital gain is stated under Net Unrealised gain on financial instruments in the Statement of net, and the amount of net unrealised capital loss is given under Net Unrealised loss on financial instruments in the Statement of net. Bond Asia ex-japan Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/06/ % ITRX EXJP IG CDSI S27 5Y CORP 20/06/2022 Net unrealised loss (in USD) (24 402) Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/06/2021 ROMANIA 6.5% 08-18/06/ % USD 20/12/2021 PHILIPPINES (REP) % 00-16/03/ % USD 20/12/ % REP OF KOREA 7.125% 09-16/04/ USD 20/12/ % TURKEY REP OF % 00-15/01/ USD 20/12/ % TURKEY REP OF % 00-15/01/ USD 20/12/2021 PENERBANGAN MALA 5.625% 06-15/03/ % Page 104

107 Notes to the financial statements at 30/06/2017 Bond Best Selection World Emerging (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/12/2021 INDONESIA (REP) 5.875% 10-13/03/ % USD 20/06/ % TURKEY REP OF % 00-15/01/2030 Net unrealised gain (in USD) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/12/2017 METLIFE INC 4.75% 10-08/02/ % USD 20/06/2022 CDX HY CDSI GEN S28 5Y PRC CO 20/06/ % USD 20/06/2022 CDX HY CDSI GEN S28 5Y PRC CO 20/06/ % USD 20/06/ % REP OF KOREA 7.125% 09-16/04/2019 Net unrealised gain (in USD) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/12/2017 METLIFE INC 4.75% 10-08/02/ % USD 20/06/2022 CDX HY CDSI GEN S28 5Y PRC CO 20/06/ % USD 20/06/ % REP OF KOREA 7.125% 09-16/04/ USD 20/06/2022 CDX HY CDSI GEN S28 5Y PRC CO 20/06/ % USD 20/06/2022 INDONESIA (REP) 5.875% 10-13/03/ % USD 20/06/2022 SOUTH AFRICA 5.5% 10-09/03/ % USD 20/06/2022 REP OF POLAND 6.375% 09-15/07/ % USD 20/06/2022 UNITED MEXICAN 4.15% 17-28/03/ % Net unrealised gain (in EUR) Bond World High Yield Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/06/2022 CDX HY CDSI GEN S28 5Y PRC CO 20/06/ % Net unrealised gain (in EUR) Multi-Asset Income Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/06/2022 CDX EM CDSI S27 5Y PRC CORP 20/06/ % USD 20/06/ % TURKEY REP OF % 00-15/01/2030 Net unrealised gain (in USD) Page 105

108 Notes to the financial statements at 30/06/2017 Interest Rate Swaps The Company has entered into interest rate swaps agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received MXN 14/03/2018 MEXICO MXI TIIE 28D 7.175% PLN 20/09/2018 WARSAW INTERBK OFFER RATE 6 M 1.742% THB 18/04/2020 THAILAND 6M FIXING RATE 1.795% ZAR 30/05/2020 JIBA1M JIBAR 3 MONTH 7.180% MXN 05/05/2021 MEXICO MXI TIIE 28D 7.275% MXN 28/01/2022 MEXICO MXI TIIE 28D 7.510% PLN 07/04/2022 WARSAW INTERBK OFFER RATE 6M 2.360% HUF 11/04/2022 BUDAPEST INTERBK OFFER RATE 6 MONTH 1.330% PLN 13/04/2022 WARSAW INTERBK OFFER RATE 6M 2.368% THB 12/06/2022 THAILAND 6M FIXING RATE 1.915% THB 19/06/ % THAILAND 6M FIXING RATE MXN 22/06/2022 MEXICO MXI TIIE 28D 6.780% BRL 02/01/2025 BRAZIL INTERBANK 1D % PLN 07/04/2025 WARSAW INTERBK OFFER RATE 6M 2.645% MXN 20/04/2027 MEXICO MXI TIIE 28D 7.480% Net unrealised gain (in USD) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 26/01/ % LIBOR 3 M USD AUD 06/04/ % AUSTRALIAN BK BILL ST3M USD 09/04/2019 LIBOR 3M USD 1.806% CAD 04/05/2019 CANADA BANKERS ACCEPTANCES 3 MONTH 1.050% AUD 05/12/2019 AUSTRALIAN BK BILL ST 3 M 2.417% JPY 01/07/2021 LIBOR 6 M JPY (0.156%) CAD 04/05/ % CANADA BANKERS ACCEPTANCES 3 MONTH SGD 18/05/2022 SGD SWAP 6M 1.880% EUR 21/01/2024 EURIBOR 6 M 1.017% USD 07/02/2024 LIBOR 3M USD 2.440% GBP 16/03/2024 ICE LIBOR GBP 6 M 1.805% USD 19/05/2024 LIBOR 3M USD 2.212% EUR 26/02/2026 EURIBOR 6 M 1.061% EUR 05/08/2026 EURIBOR 6 M 0.774% USD 23/11/ % LIBOR 3 M USD USD 06/12/ % LIBOR 3 M USD AUD 06/04/2027 AUSTRALIAN BK BILL ST6M 3.360% Page 106

109 Notes to the financial statements at 30/06/2017 Bond USD (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received EUR 13/04/2027 EURIBOR 6M 0.720% SEK 13/04/ % STOCKHOLM INTERBK OFFER RATE 3M EUR 05/05/2027 EURIBOR 6M 0.785% SEK 05/05/ % STOCKHOLM INTERBK OFFER RATE 3M EUR 19/05/2032 EURIBOR 6M 1.740% EUR 19/05/ % EURIBOR 6M EUR 28/02/ % EURIBOR 6 M GBP 17/03/ % ICE LIBOR GBP 6 M JPY 01/07/ % LIBOR 6 M JPY USD 26/01/ % LIBOR 3 M USD USD 07/02/ % LIBOR 3M USD USD 19/05/ % LIBOR 3M USD Net unrealised gain (in USD) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received USD 26/01/ % LIBOR 3 M USD AUD 06/04/ % AUSTRALIAN BK BILL ST3M USD 09/04/2019 LIBOR 3M USD 1.806% CAD 04/05/2019 CANADA BANKERS ACCEPTANCES 3 MONTH 1.050% JPY 15/10/2019 LIBOR 6 M JPY 0.243% AUD 05/12/2019 AUSTRALIAN BK BILL ST 3 M 2.417% SGD 12/05/2020 SGD SWAP 6 M 2.100% ZAR 30/05/2020 JIBA1M JIBAR 3 MONTH 7.180% JPY 01/07/2021 LIBOR 6 M JPY (0.156%) SEK 06/02/ % STOCKHOLM INTERBK OFFER RATE 3M CAD 04/05/ % CANADA BANKERS ACCEPTANCES 3 MONTH THB 12/06/2022 THAILAND 6M FIXING RATE 1.915% EUR 21/01/2024 EURIBOR 6 M 1.017% USD 07/02/2024 LIBOR 3M USD 2.440% GBP 16/03/2024 ICE LIBOR GBP 6 M 1.805% MXN 12/05/2024 MEXICO MXI TIIE 28D 7.585% USD 19/05/2024 LIBOR 3M USD 2.212% THB 22/05/2024 THAILAND 6M FIXING RATE 2.235% EUR 26/02/2026 EURIBOR 6 M 1.061% EUR 05/08/2026 EURIBOR 6 M 0.774% USD 23/11/ % LIBOR 3 M USD USD 06/12/ % LIBOR 3 M USD SEK 06/02/2027 STOCKHOLM INTERBK OFFER RATE 3M 1.215% AUD 06/04/2027 AUSTRALIAN BK BILL ST6M 3.360% EUR 13/04/2027 EURIBOR 6M 0.720% SEK 13/04/ % STOCKHOLM INTERBK OFFER RATE 3M EUR 05/05/2027 EURIBOR 6M 0.785% Page 107

110 Notes to the financial statements at 30/06/2017 Bond World (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received SEK 05/05/ % STOCKHOLM INTERBK OFFER RATE 3M ZAR 11/05/2027 JIBA1M JIBAR 3 MONTH 8.015% ILS 15/05/2027 TELBOR 3 MONTH ILS 1.960% PLN 15/05/2027 WARSAW INTERBK OFFER RATE 6M 2.847% HUF 15/05/2027 BUDAPEST INTERBK OFFER RATE 6 MONTH 2.430% KRW 17/04/2032 KRW CD 3MONTH 1.890% EUR 05/07/2032 EURIBOR 6 M 360 DAYS 2.770% JPY 11/10/2032 LIBOR 6 M JPY 1.531% EUR 05/07/ % EURIBOR 6 M 360 DAYS EUR 28/02/ % EURIBOR 6 M GBP 17/03/ % ICE LIBOR GBP 6 M JPY 01/07/ % LIBOR 6 M JPY USD 26/01/ % LIBOR 3 M USD USD 07/02/ % LIBOR 3M USD USD 19/05/ % LIBOR 3M USD Net unrealised gain (in EUR) Bond World Emerging Local Nominal Currency Maturity Sub-fund paid Sub-fund received MXN 14/03/2018 MEXICO MXI TIIE 28D 7.175% PLN 20/09/2018 WARSAW INTERBK OFFER RATE 6 M 1.742% INR 08/12/2019 NSE INTERBANK OFFER RATE 6.970% ZAR 30/05/2020 JIBA1M JIBAR 3 MONTH 7.180% MXN 05/05/2021 MEXICO MXI TIIE 28D 7.275% MXN 28/01/2022 MEXICO MXI TIIE 28D 7.510% MXN 11/03/2022 MEXICO MXI TIIE 28D 7.350% PLN 13/04/2022 WARSAW INTERBK OFFER RATE 6M 2.368% THB 12/06/2022 THAILAND 6M FIXING RATE 1.915% THB 19/06/ % THAILAND 6M FIXING RATE MXN 20/04/2027 MEXICO MXI TIIE 28D 7.480% Net unrealised gain (in USD) Inflation Swaps The Company has entered into inflation swaps agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Page 108

111 Notes to the financial statements at 30/06/2017 Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 26/01/2018 US CPI URBAN CONSUMERS NSA 1.150% USD 01/04/ % US CPI URBAN CONSUMERS NSA EUR 20/06/ % EUROSTAT EUROZONE HICP EX TOBACCO GBP 05/01/2032 UK RPI NSA 3.693% GBP 06/02/2032 UK RPI NSA 3.705% EUR 20/06/2037 EUROSTAT EUROZONE HICP EX TOBACCO 1.653% GBP 02/12/2046 UK RPI NSA 3.492% USD 05/12/ % US CPI URBAN CONSUMERS NSA USD 09/01/ % US CPI URBAN CONSUMERS NSA USD 06/02/ % US CPI URBAN CONSUMERS NSA Net unrealised loss (in USD) ( ) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received USD 26/01/2018 US CPI URBAN CONSUMERS NSA 1.150% USD 01/04/ % US CPI URBAN CONSUMERS NSA GBP 20/04/2026 UK RPI NSA 2.960% EUR 20/06/ % EUROSTAT EUROZONE HICP EX TOBACCO GBP 05/01/2032 UK RPI NSA 3.693% GBP 06/02/2032 UK RPI NSA 3.705% EUR 20/06/2037 EUROSTAT EUROZONE HICP EX TOBACCO 1.653% GBP 02/12/2046 UK RPI NSA 3.492% USD 05/12/ % US CPI URBAN CONSUMERS NSA USD 09/01/ % US CPI URBAN CONSUMERS NSA USD 06/02/ % US CPI URBAN CONSUMERS NSA Net unrealised loss (in EUR) ( ) Total Return Swaps A Total Return Swap (TRS) is an agreement to exchange the total performance of a bond or other underlying asset (share, index, etc.) for a benchmark rate plus a spread. The total performance includes the interest coupons, dividends and profits and losses on the underlying asset over the life of the agreement, depending on the type of underlying concerned. The risk in this type of agreement is linked to the fact that the benefit for each counterparty will depend on how the underlying asset performs over time, which is unknown at the time at which the agreement is entered into. Page 109

112 Notes to the financial statements at 30/06/2017 Bond World High Yield Nominal % Of engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received GOLDMAN SACHS % INTERNATIONAL LONDON, UNITED KINGDOM USD 20/09/2017 LIBOR USD 3M % IBOXX USD LIQUID HIGH YIELD INDEX SERIES 1 VERSION 1 GOLDMAN SACHS % INTERNATIONAL LONDON, UNITED KINGDOM USD 20/09/2017 LIBOR USD 3M % IBOXX USD LIQUID HIGH YIELD INDEX SERIES 1 VERSION 1 Net unrealised gain (in EUR) Counterparties to Swaps contracts: Barclays Bank London, United Kingdom BNP Paribas London Branch, United Kingdom BNP Paribas Paris, France Citigroup Global Market, United Kingdom Deutsche Bank, Germany Deutsche Bank AG, Germany Goldman Sachs International London, United Kingdom HSBC Bank Plc, United Kingdom JP Morgan London, United Kingdom Merrill Lynch International, United Kingdom Nomura International Plc, United Kingdom Note all TRS are settled on a bilateral mode. Note 13 - Options positions For options contracts with the same Description, Currency, Maturity Date, Strike and Counterparty, the positions are consolidated. In this context, the options quantities can be 0. As at 30 June 2017, the following positions on options were outstanding: Page 110

113 Notes to the financial statements at 30/06/2017 Bond USD Currency Quantity Purchase/ Sale USD 6 P USD 6 P USD 6 P USD 6 P USD 143 P Description Maturity date Strike CALL US 10YR NOTE FUTURE (CBT) 21/07/ CALL US 10YR NOTE FUTURE (CBT) 21/07/ CALL US 10YR NOTE FUTURE (CBT) 25/08/ CALL US 10YR NOTE FUTURE (CBT) 25/08/ PUT EURO$ 1 YEAR MID CURVE 15/12/ Nominal (in USD) (in USD) 21/07/ /07/ /08/ /08/ /12/ As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to USD. Bond World Currency Quantity Purchase/ Sale USD 125 P Description Maturity date Strike PUT EURO$ 1 YEAR MID CURVE 15/12/ Nominal (in EUR) Total: (in EUR) 15/12/ As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to EUR. Bond World Emerging Local Currency Quantity Purchase/ Sale USD P USD P Description Maturity date Strike CALL JPY / USD 05/07/ PUT USD/ JPY 05/07/ Nominal (in USD) Total: (in USD) 05/07/ /07/ As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to 0 USD. Convertible Bond World Currency Quantity Purchase/ Sale EUR 700 P EUR 700 S USD S USD P Description Maturity date Strike CALL EURO STOXX 50 - OPTION 15/09/ CALL EURO STOXX 50 - OPTION 15/09/ PUT ISHARES IBOXX H/Y CORP B 20/10/ PUT ISHARES IBOXX H/Y CORP B 20/10/ Nominal (in USD) Total: (in USD) 15/09/ /09/ (16 766) 20/10/ ( ) 20/10/ As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to USD. Total: Page 111

114 Notes to the financial statements at 30/06/2017 Multi-Asset Income Emerging Purchase/ Currency Quantity Sale USD 175 P USD 175 S Description Maturity date Strike PUT MSCI EMERGING MARKETS T 21/07/ CALL MSCI EMERGING MARKETS 15/09/ Nominal (in USD) (in USD) 21/07/ /09/ ( ) As at 30 June 2017, the cash margin balance in relation to futures and/or options amounted to USD. Counterparties to Options: BNP Paribas Paris Merrill Lynch International Swaptions Total: (21 000) A type of option between two parties that can be exercised on a swap where the buyer of the swap has the right, but not obligation to, receive an agreed upon fixed interest rate. The buyer pays a premium for the right to swap at this fixed rate. Short for a call swap option, a call swaption can be used as a hedging tool to avoid risk if a bond issuer believes interest rates might decrease. Bond USD Nominal Currency Type Strike Maturity Cash Flow EUR Swaption Put on CDS 0.850% 16/08/2017 Bond World PUT ITRX EUR CDSI S27 5Y 16/08/ (in USD) 574 Nominal Currency Type Strike Maturity Cash Flow EUR Swaption Put on CDS 0.850% 16/08/2017 PUT ITRX EUR CDSI S27 5Y 16/08/ GBP Swaption Put on IRS 3.872% 02/06/2023 PUT 6-M GBP-LIBOR 02/06/ (in EUR) Counterparties to Swaptions: Goldman Sachs International London Royal Bank of Scotland Page 112

115 Notes to the financial statements at 30/06/2017 Note 14 - Securities lending As at 30 June 2017, the Company has not concluded securities lending agreement. Note 15 - Global overview of collateral In order to limit counterparty risk on swap agreements, the SICAV has put a collateralisation process in place. As at 30 June 2017, the SICAV pledged the following collateral in favour of swap agreement counterparties: Sub-fund Currency OTC collateral Type of collateral Bond Asia ex-japan USD Cash Bond Best Selection World Emerging USD Cash Bond USD USD Cash Bond World Emerging Local USD Cash Convertible Bond World USD Cash As at 30 June 2017, the counterparties to swap agreements pledged the following collateral in favour of the SICAV: Sub-fund Currency OTC collateral Type of collateral Bond Best Selection World Emerging USD Cash Bond USD USD Cash Bond World EUR Cash Bond World Emerging Local USD Cash Bond World High Yield EUR Cash Convertible Bond World USD Cash Equity USA Mid Cap USD Cash Note 16 - Soft dollar fees With the aim of optimising execution, broker fees on portfolio transactions for the Company may be granted by portfolio managers in compensation for brokers research and services in executing transactions. Research, information and other services allow portfolio managers to strengthen their own research and analyses by giving them access to information from their counterparts in other companies. These services do not incorporate travel expenses, accommodation, entertainment, general back-office, office and premises equipment, membership fees, wages and payments directly charged to the fund managers. During the financial year ending 31 December 2016, the following fund managers were able to conclude soft dollar agreements: BNPP AM Brazil Fairpointe Capital LLC FFTW US (equities) Note 17 - Related party transactions The related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies or other financial products for the account of each sub-fund for which the related parties act as broker or for their own account or as counterparty for their clients, including in the case in which the related parties or their clients have the option of conducting transactions for their own account at the same time as for the account of each sub-fund. When handling purchases and sales of securities for each sub-fund, the related parties may also have acted as counterparty at the best market conditions. Page 113

116 Notes to the financial statements at 30/06/2017 The Company considers that the commissions, increases and reductions invoiced by the related parties are competitive, although it is in the related parties interests to receive favorable commission rates, and increases and reductions for each sub-fund. Note 18 - Change in the composition of the securities portfolio The list of changes to the composition of the securities portfolio during the period is available free of charge at the Management Company s registered office and from local agents. Note 19 - List of Investment managers Alfred Berg Kapitalförvaltning AB, Stockholm, Sweden, abbreviated to Alfred Berg AB, Sweden BNP PARIBAS ASSET MANAGEMENT France, Paris, abbreviated to BNPP AM France BNP PARIBAS ASSET MANAGEMENT Brasil Ltda, Sao Paulo SP, Brazil, abbreviated to BNPP AM Brazil BNP PARIBAS ASSET MANAGEMENT Asia Limited, Hong Kong, abbreviated to BNPP AM Asia BNP Paribas Investment Partners Japan Ltd., Tokyo, Japan, abbreviated to BNPP IP Japan BNP PARIBAS ASSET MANAGEMENT Nederland N.V., Amsterdam, The Netherlands, abbreviated to BNPP AM Nederland BNP PARIBAS ASSET MANAGEMENT Singapore Limited, Singapore, abbreviated to BNPP AM Singapore BNP PARIBAS ASSET MANAGEMENT UK Limited, London, abbreviated to BNPP AM UK Fairpointe Capital LLC, Chicago, Illinois, USA, abbreviated to Fairpointe BNP PARIBAS ASSET MANAGEMENT USA Inc., New York, abbreviated to BNPP AM USA River Road Asset Management, LLC.Louisville, USA, abbreviated to River Road TEB Portföy Yönetimi A.Ş., Istanbul, Turkey, abbreviated to TEB THEAM S.A.S, Paris, France, abbreviated to THEAM Convertible Bond Asia Equity World Consumer Durables Equity World Emerging Equity World Energy Equity World Finance Equity World Health Care Equity World Materials Equity World Technology Equity World Utilities Equity USA Growth Green Tigers Equity Europe Mid Cap Equity Japan Sub-fund Convertible Bond World Sustainable Equity High Dividend Europe Equity Europe Small Cap Equity Brazil Equity Latin America Investment managers BNPP AM Asia sub delegating to BNPP AM UK for the management of FX BNPP AM USA BNPP AM USA BNPP AM UK for the management of FX BNPP AM France BNPP AM France sub delegating to BNPP AM UK for the management of FX and cash BNPP IP Japan BNPP AM UK for the management of FX BNPP AM France sub delegating to BNPP AM UK for the management of FX BNPP AM UK (FX management) BNPP AM France sub delegating to BNPP AM UK for the management of FX and cash BNPP AM UK (FX management) BNPP AM Brazil BNPP AM Brazil sub delegating to BNPP AM UK for the management of FX Page 114

117 Notes to the financial statements at 30/06/2017 Equity Russia Equity Russia Opportunities Bond World High Yield Equity World Low Volatility Real Estate Securities Pacific Real Estate Securities World Bond USD Short Duration Sub-fund Bond Best Selection World Emerging Bond World Emerging Local Equity USA Mid Cap Equity Europe Growth Bond Asia ex-japan Bond USD Bond World Bond World Inflation-Linked Equity India Equity Indonesia Equity China Equity Best Selection Euro Equity Best Selection Europe Equity High Dividend USA Equity Europe Emerging Equity Best Selection Asia ex-japan Equity High Dividend Pacific Multi-Asset Income Emerging Investment managers Alfred Berg AB, Sweden sub delegating to BNPP AM UK for the management of FX BNPP AM USA sub delegating to BNPP AM UK for the management of FX BNPP AM France BNPP AM UK (inclusive FX management) THEAM BNPP AM Nederland BNPP AM USA BNPP AM UK (inclusive FX management) BNPP AM UK (inclusive FX and cash management) Fairpointe BNPP AM UK for the FX management BNPP AM UK BNPP AM Singapore BNPP AM UK for the FX management BNPP AM UK BNPP AM USA BNPP AM Asia BNPP AM France Sub delegating to BNPP AM Asia BNPP AM UK BNPP AM France BNPP AM UK BNPP AM France sub delegating to BNPP AM UK for the FX and cash management River Road BNPP AM UK for the FX management Alfred Berg AB, Sweden advised by TEB sub delegating to BNPP AM UK for the FX Management BNPP AM Asia BNPP AM UK for the FX management BNPP AM UK sub delegating to Alfred Berg AB, Sweden (advised by TEB), BNPP AM Asia, BNPP AM Brazil and BNPP AM Singapore Note 20 - Transaction fees Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage fees, custody fees, VAT, stock exchange fees, RTO fees (Reception and Transmission of Orders) and dilution levy. In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker s remuneration. The bid-offer spread is not included in the caption transaction fees of the statement of operations and of changes in net. Page 115

118 Notes to the financial statements at 30/06/2017 Note 21 - Tax reclaims as part of the Aberdeen/Fokus Bank Project In several European Union member states, community law grants undertakings for collective investments (UCIs) the right to file claims with a view to recovering taxes they have been unjustly forced to pay. When one member state imposes a greater tax burden on a foreign UCI than on a resident UCI, this constitutes discrimination under community law. This principle was confirmed by the ruling of the Court of Justice of the European Union (CJEU) in the Aberdeen case (18 June 2009). This ruling acknowledges that a non-resident UCI can be subject to discriminatory taxation, which constitutes an obstacle to freedom of establishment and/or the free movement of capital. Other CJEU rulings have subsequently confirmed this jurisprudence. Key examples are the rulings in the Santander (10 May 2010) and Emerging Markets (10 April 2014) cases regarding French and Polish tax legislation, respectively. In light of this jurisprudence and in order to safeguard the right of UCIs to receive tax rebates, the management company has decided to file claims with the tax authorities in several member states whose discriminatory legislation fails to comply with community law. Preliminary studies will be carried out to determine whether or not the claims are viable, i.e. for which funds, in which member states and over what period of time it is necessary to request a rebate. To date, there is no European legislation establishing a uniform framework for this type of claim. As a result, the time taken to receive a rebate and the complexity of the procedure vary depending on the member state in question. This means that it is necessary to constantly monitor developments in this regard. Due to the uncertainty of the recoverability of the amounts, no accrual is recorded and it is booked under the caption Income on investments and when received. Note 22 - Consideration of environmental, social and governance (ESG) criteria BNP Paribas Asset Management applies a Responsible Investment Policy which sets out a certain number of ESG criteria applicable to our investment decisions. This policy is based on the criteria of the United Nations Global Compact, an international framework built on international conventions relating to human rights, labour, the environment and anti-corruption. This global initiative is supplemented by criteria aimed at controlling investment in certain business sectors, such as nuclear and coal-fired power stations, and prohibiting investment in controversial products, such as anti-personnel mines and cluster bombs. The investment criteria and implementation principles included in our Responsible Investment Policy can be consulted on our website at Furthermore, with regard to this UCITS, BNP Paribas Asset Management has applied a Sustainable Responsible Investment (SRI) policy, the principles of which are described in the AFG-FIR-Eurosif Transparency Code available on our website at for the following sub-funds: - Green Tigers - Sustainable Equity High Dividend Europe Note 23 - Regulation on transparency of Securities Financing Transactions and Reuse of collateral (SFTR) This collateral applies to all OTC activity of this fund. There is no way to distinguish it upon type of instrument it is related to. Bond World High Yield Counterparty name Type Sub-fund Currency Market Value (absolute value) CITIGROUP GLOBAL MARKETS LIMITED Cash EUR Total (absolute value) EUR Maturity Less than one day Issuers Safekeeping of collateral received Safekeeping of collateral granted Reinvestment None BP2S N/A No Data on cost and return There are no fee sharing arrangements on Total Return Swaps and 100% of the costs/returns generated are recognised in Fund's primary statements. Page 116

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120 The asset manager for a changing world

121 PARVEST SICAV SEMI-ANNUAL REPORT at 30/06/2016 R.C.S. Luxembourg B

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123 Table of contents Organisation 3 Information 5 Financial statements at 30/06/ Key figures relating to the last 3 years 16 Securities portfolio at 30/06/2016 Bond Asia ex-japan 29 Bond Best Selection World Emerging 30 Bond USD 32 Bond USD Short Duration 35 Bond World 36 Bond World Emerging Local 40 Bond World High Yield 41 Bond World Inflation-Linked 45 Convertible Bond Asia 46 Convertible Bond World 47 Equity Best Selection Asia ex-japan 49 Equity Best Selection Euro 50 Equity Best Selection Europe 51 Equity Brazil 52 Equity Bric 53 Equity China 55 Equity Europe Emerging 56 Equity Europe Growth 57 Equity Europe Mid Cap 58 Equity Europe Small Cap 59 Equity High Dividend Pacific 60 Equity High Dividend USA 61 Equity India 62 Equity Indonesia 63 Equity Japan 64 Equity Latin America 65 Equity Russia 66 Equity Russia Opportunities 67 Equity USA Growth 68 Equity USA Mid Cap 69 Equity World Consumer Durables 70 Equity World Emerging 71 Equity World Energy 73 Equity World Finance 74 Equity World Health Care 75 Page 1 Page

124 Table of contents Page Equity World Low Volatility 76 Equity World Materials 78 Equity World Technology 79 Equity World Telecom 80 Equity World Utilities 81 Green Tigers 82 Real Estate Securities Pacific 83 Real Estate Securities World 84 Sustainable Equity High Dividend Europe 85 Notes to the financial statements 86 No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Page 2

125 Organisation Registered office Until 24 April 2016: 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Since 25 April 2016: 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris Members Mr. Marnix ARICKX, Chief Executive Officer, BNP Paribas Investment Partners Belgium, Brussels Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris (until 25 April 2016) Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. François HULLO, Head of External Distribution, BNP Paribas Investment Partners, Paris Mr. Christian VOLLE, Chairman of the Fondation pour l Art et la Recherche, Paris Managing Director Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Luxembourg Management Company BNP Paribas Investment Partners Luxembourg Until 24 April 2016: 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Since 25 April 2016: 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the Law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Net asset values calculation, transfer agent, bearer shares depositary and registrar are delegated to: BNP Paribas Securities Services - Luxembourg Branch 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Page 3

126 Organisation Portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE Stockholm, Sweden BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F Paris, France BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek Andar, Sao Paulo SP, Brazil BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Japan Ltd., Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo , Japan BNP Paribas Investment Partners Nederland N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The Netherlands BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France Management entities not part of the Group: Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the Equity USA Mid Cap sub-fund RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky , USA, Manager for the Equity High Dividend USA sub-fund The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1 Boulevard Haussmann, F Paris, France, Advisor on the selection of portfolio managers from outside the Group TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey, Advisor for the Equity Europe Emerging sub-fund Depositary/Paying agent BNP Paribas Securities Services - Luxembourg Branch 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Page 4

127 Information Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 25 April 2016, to be published in the Mémorial, Recueil Spécial des Sociétés et Associations. The latest version of the Articles of Association has been filed with the Trade and Companies Registar of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B The minimum capital amounts to EUR It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends Net Assets values are calculated every full bank business day in Luxembourg. The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: Financial Year The Company s financial year starts on 1 January and ends on 31 December. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors of the SICAV in countries in which the Company publicly markets its shares. Documents and information are also available on the website: Page 5

128 Financial statements at 30/06/2016 Bond Asia ex-japan Bond Best Selection World Emerging Bond USD Bond USD Short Duration Expressed in USD USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities ( ) ( ) Financial instruments ( ) ( ) Net realised result ( ) ( ) Movement on net unrealised gain/loss on: Investments securities Financial instruments ( ) ( ) (32 390) Change in net due to operations Net subscriptions/(redemptions) ( ) Dividends paid 6 ( ) ( ) ( ) (9 906) Increase/(Decrease) in net during the year/period Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 6

129 Bond World Bond World Emerging Local Bond World High Yield Bond World Inflation- Linked Convertible Bond Asia Convertible Bond World EUR USD EUR EUR USD USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) (54 120) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (75 370) (66 590) ( ) ( ) ( ) ( ) ( ) ( ) Page 7

130 Financial statements at 30/06/2016 Equity Best Selection Asia ex- Japan Equity Best Selection Euro Equity Best Selection Europe Equity Brazil Expressed in EUR EUR EUR USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities ( ) ( ) Financial instruments ( ) ( ) Net realised result ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) Financial instruments (25 595) (751) 0 Change in net due to operations ( ) ( ) ( ) Net subscriptions/(redemptions) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 8

131 Equity Bric Equity China Equity Europe Emerging Equity Europe Growth Equity Europe Mid Cap Equity Europe Small Cap USD USD EUR EUR EUR EUR ( ) ( ) ( ) ( ) ( ) ( ) ( ) (51 218) (14 337) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (71 784) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 9

132 Financial statements at 30/06/2016 Equity High Dividend Pacific Equity High Dividend USA Equity India Equity Indonesia Expressed in EUR USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments ( ) Net realised result on: Investments securities 2 ( ) ( ) ( ) Financial instruments (5 856) Net realised result ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) Financial instruments Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 10

133 Equity Japan Equity Latin America Equity Russia Equity Russia Opportunities Equity USA Growth Equity USA Mid Cap JPY USD EUR USD USD USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (8 834) (23 645) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 11

134 Financial statements at 30/06/2016 Equity World Consumer Durables Equity World Emerging Equity World Energy Equity World Finance Expressed in EUR USD EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments (85 083) Net realised result on: Investments securities ( ) ( ) Financial instruments (42 821) (29 563) Net realised result ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) Financial instruments 0 (5 354) 0 0 Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 12

135 Equity World Health Care Equity World Low Volatility Equity World Materials Equity World Technology Equity World Telecom Equity World Utilities EUR EUR EUR EUR EUR EUR ( ) ( ) ( ) ( ) (4 930) (14 457) (40 377) ( ) ( ) ( ) ( ) (5 452) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 13

136 Financial statements at 30/06/2016 Green Tigers Real Estate Securities Pacific Real Estate Securities World Sustainable Equity High Dividend Europe Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities 2 ( ) ( ) ( ) Financial instruments (34 477) ( ) Net realised result ( ) ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) Financial instruments (8 287) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 14

137 Consolidated EUR ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 15

138 Key figures relating to the last 3 years (Note 7) Bond Asia ex-japan USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic MD - Distribution Share Classic RH AUD MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH SGD MD - Distribution Share I - Capitalisation Share I RH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege MD - Distribution Share X - Capitalisation Bond Best Selection World Emerging USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share I - Capitalisation * Share I RH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege RH EUR - Distribution Share X - Capitalisation Bond USD USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation * This share class has been desactivated during the year and reactivated as at a level of NAV/share of 100. Page 16

139 Key figures relating to the last 3 years (Note 7) Bond USD Short Duration USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic H EUR - Capitalisation Share Classic MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Bond World EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Bond World Emerging Local USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic GBP - Distribution Share Classic HUF - Capitalisation Share Classic MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share Classic RH SGD MD - Distribution Share I - Capitalisation Share I - Distribution Share I RH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 17

140 Key figures relating to the last 3 years (Note 7) Bond World High Yield EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H AUD MD - Distribution Share Classic H CZK - Capitalisation Share Classic H USD - Capitalisation Share Classic H USD - Distribution Share Classic H USD MD - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share IH USD - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Bond World Inflation-Linked EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Convertible Bond Asia USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 18

141 Key figures relating to the last 3 years (Note 7) Convertible Bond World EUR USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH CHF - Capitalisation Share Classic RH CZK - Capitalisation Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share Classic RH PLN - Distribution Share I - Capitalisation Share I RH EUR - Capitalisation Share I RH EUR - Distribution Share I RH NOK - Capitalisation Share N - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege RH EUR - Capitalisation Share Privilege RH EUR - Distribution Share X - Capitalisation Equity Best Selection Asia ex-japan EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH AUD - Capitalisation Share Classic RH SGD - Capitalisation Share Classic RH USD - Capitalisation Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share I USD - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Best Selection Euro EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H CZK - Capitalisation Share Classic H HUF - Capitalisation Share Classic H SGD - Capitalisation Share Classic H USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share I - Distribution Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 19

142 Key figures relating to the last 3 years (Note 7) Equity Best Selection Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic CHF - Capitalisation Share Classic CHF - Distribution Share Classic RH HUF - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Brazil USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity Bric USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity China USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 20

143 Key figures relating to the last 3 years (Note 7) Equity Europe Emerging EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Europe Growth EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH SGD - Capitalisation Share Classic RH SGD MD - Distribution Share Classic RH USD - Capitalisation Share Classic RH USD MD - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Europe Mid Cap EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity Europe Small Cap EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH SGD - Capitalisation Share Classic RH USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 21

144 Key figures relating to the last 3 years (Note 7) Equity High Dividend Pacific EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege USD - Capitalisation Share Privilege USD MD - Distribution Share X - Capitalisation Equity High Dividend USA USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic H EUR - Capitalisation Share Classic H EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege H EUR - Distribution Share X - Capitalisation Equity India USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 22

145 Key figures relating to the last 3 years (Note 7) Equity Indonesia USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege EUR - Capitalisation Share X - Capitalisation Equity Japan JPY JPY JPY Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H EUR - Capitalisation Share Classic H USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share IH USD - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege H EUR - Capitalisation Share X - Capitalisation Equity Latin America USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Page 23

146 Key figures relating to the last 3 years (Note 7) Equity Russia EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share I - Distribution Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege GBP - Distribution Share Privilege USD - Capitalisation Share X - Capitalisation Equity Russia Opportunities USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity USA Growth USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H CZK - Capitalisation Share Classic H EUR - Capitalisation Share Classic H EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity USA Mid Cap USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H EUR - Capitalisation Share Classic H SGD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege H EUR - Capitalisation Share X - Capitalisation Page 24

147 Key figures relating to the last 3 years (Note 7) Equity World Consumer Durables EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Emerging USD USD USD Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Energy EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Finance EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 25

148 Key figures relating to the last 3 years (Note 7) Equity World Health Care EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Low Volatility EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic CZK - Capitalisation Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Materials EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Technology EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 26

149 Key figures relating to the last 3 years (Note 7) Equity World Telecom EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Utilities EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Green Tigers EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Real Estate Securities Pacific EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 27

150 Key figures relating to the last 3 years (Note 7) Real Estate Securities World EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Sustainable Equity High Dividend Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2016 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 28

151 Bond Asia ex-japan Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds China AGILE PROPERTY 9.875% 12-20/03/2017 USD BANK OF CHINA 5.000% 14-13/11/2024 USD CENTRAL CHINA RE 6.500% 13-04/06/2018 USD CENTRAL CHINA RE 8.000% 13-28/01/2020 USD CHINA CINDA % 15-23/04/2025 USD CHINA HONGQIAO 6.875% 14-03/05/2018 USD CHN SCE PROPERTY % 15-02/07/2020 USD COUNTRY GARDEN 7.250% 13-04/04/2021 USD COUNTRY GARDEN 7.500% 15-09/03/2020 USD ICBC LTD 4.875% 15-21/09/2025 USD KWG PROPERTY HOL 8.250% 14-05/08/2019 USD PROVEN HONOUR 4.125% 15-19/05/2025 USD PROVEN HONOUR 4.125% 16-06/05/2026 USD SUNAC CHINA HLDG 8.750% 14-05/12/2019 USD SUNSHINE LIFE 3.150% 16-20/04/2021 USD TENCENT HOLDINGS 3.800% 15-11/02/2025 USD YUZHOU PROPERTIE 8.750% 13-04/10/2018 USD India BHARTI AIRTEL 4.375% 15-10/06/2025 USD ONGC VIDESH LTD 4.625% 14-15/07/2024 USD RELIANCE INDUSTRIES 4.125% /01/2025 USD RELIANCE INDUSTRIES 4.875% /02/2045 USD Hong Kong CHINA TAIPING CA 4.125% 12-21/11/2022 USD FWD LTD 5.000% 14-24/09/2024 USD ICBCIL FINANCE 2.750% 16-19/05/2021 USD ICBCIL FINANCE 3.625% 16-19/05/2026 USD NWD MTN LTD 4.375% 15-30/11/2022 USD Indonesia PELABUHAN IND II 4.250% 15-05/05/2025 USD PERTAMINA 4.875% 12-03/05/2022 USD PERTAMINA 6.450% 14-30/05/2044 USD REP OF INDONESIA 3.750% 12-25/04/2022 USD REP OF INDONESIA 4.125% 15-15/01/2025 USD REP OF INDONESIA 5.125% 15-15/01/2045 USD SBSN INDO III 4.325% 15-28/05/2025 USD Cayman Islands CCBL CAYMAN % 16-31/05/2021 USD CHINA OVERSEAS FIN 3.950% 12-15/11/2022 USD CHINA OVERSEAS FIN 6.450% 14-11/06/2034 USD KWG PROPERTY HOL % /03/2017 USD TMB BANK PCL/KY 3.108% 16-01/10/2021 USD South Korea SHINHAN BANK 3.875% 16-24/03/2026 USD WOORI BANK 4.750% 14-30/04/2024 USD British Virgin Islands HUARONG FINANCE 4.000% 14-17/07/2019 USD HUARONG FINANCE II 2.750% 16-03/06/2019 USD PCCW CAP NO % 12-17/04/2022 USD Malaysia AXIATA SPV % 16-24/03/2026 USD Singapore OVERSEA-CHINESE 4.250% 14-19/06/2024 USD United Arab Emirates ICICI BANK/DUBAI 4.000% 16-18/03/2026 USD Floating rate bonds Hong Kong BANK EAST ASIA L 14-20/11/2024 FRN USD CCCI TREASURE 15-29/12/2049 FRN USD DAH SING BANKING 14-29/01/2024 FRN USD FAR EAST HORIZON 14-23/06/2049 FRN USD WING HANG BK LTD 07-29/04/2049 SR USD Malaysia MALAYAN BANKING 16-29/10/2026 FRN USD PUBLIC BANK BERHAD 06-22/08/2036 SR USD Singapore OVERSEA-CHINESE 14-15/10/2024 FRN USD UNITED OVERSEAS 16-16/09/2026 FRN USD South Korea KOREAN RE 14-21/10/2044 FRN USD Thailand PTT EXPLOR & PROD 14-29/12/2049 FRN USD China CHINA CONSTRUCTION BANK 15-13/05/2025 FRN USD Cayman Islands KRUNG THAI BANK/ 14-26/12/2024 FRN USD Macao ICBC MACAU LTD 14-10/09/2024 FRN USD Total securities portfolio Page 29

152 Bond Best Selection World Emerging Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Kazakhstan FORTEBANK JSC -SPON GDR REGS USD Bonds Brazil BRAZIL NTN-F % 13-01/01/2019 FLAT BRL BRAZIL NTN-F % 14-01/01/2025 FLAT BRL BRAZIL-LTN 0.000% 13-01/01/2017 FLAT BRL REP OF BRAZIL 5.625% 09-07/01/2041 USD REP OF BRAZIL 8.250% 04-20/01/2034 USD Russia RUSSIA-OFZ 7.000% 13-16/08/2023 RUB RUSSIA-OFZ 7.050% 13-19/01/2028 RUB RUSSIA-OFZ 7.600% 11-14/04/2021 RUB RUSSIA-OFZ 8.150% 12-03/02/2027 RUB Turkey REP OF TURKEY 6.625% 14-17/02/2045 USD TURKEY GOVT BOND 2.000% 15-16/04/2025 TRY TURKEY GOVT BOND 4.000% 10-01/04/2020 TRY TURKEY GOVT BOND 8.000% 15-12/03/2025 TRY YASAR HOLDINGS 8.875% 14-06/05/2020 USD Indonesia INDONESIA GOVT 6.625% 12-15/05/2033 IDR INDONESIA GOVT 9.000% 13-15/03/2029 IDR PERTAMINA 5.625% 13-20/05/2043 USD South Africa ESKOM HOLDINGS 5.750% 11-26/01/2021 USD REPUBLIC OF SOUTH AFRICA % /12/2026 ZAR REPUBLIC OF SOUTH AFRICA 7.000% /02/2031 ZAR REPUBLIC OF SOUTH AFRICA 8.750% /02/2048 ZAR Colombia BANCO DE BOGOTA 6.250% 16-12/05/2026 USD COLOMBIA TES 6.000% 12-28/04/2028 COP ECOPETROL SA 5.875% 14-28/05/2045 USD ECOPETROL SA 7.375% 13-18/09/2043 USD Mexico PETROLEOS MEXICA 6.500% 11-02/06/2041 USD PETROLEOS MEXICA 7.190% 13-12/09/2024 MXN TRUST F/ % 16-30/01/2044 USD UNITED MEXICAN 4.000% 15-15/03/2115 EUR UNITED MEXICAN 5.625% 14-19/03/2114 GBP Qatar QATAR STATE OF 2.375% 16-02/06/2021 USD Croatia CROATIA 3.875% 14-30/05/2022 EUR The Netherlands KAZAKHSTAN TEMIR 6.950% 12-10/07/2042 USD PETROBRAS 3.000% 13-15/01/2019 USD Poland POLAND GOVT BOND 3.250% 14-25/07/2025 PLN Ireland ALFA BANK 7.500% 12-26/09/2019 USD Thailand THAILAND GOVT 1.250% 13-12/03/2028 THB THAILAND GOVT 4.875% 09-22/06/2029 THB Uruguay URUGUAY 5.000% 06-14/09/2018 UYU URUGUAY 7.625% 06-21/03/2036 USD Hungary HUNGARY GOVT 5.375% 14-25/03/2024 USD Argentina ARGENT-$DIS 8.280% 05-31/12/2033 USD CITY OF BUENOS 7.500% 16-01/06/2027 USD PROV DE CORDOBA 7.125% 16-10/06/2021 USD Malaysia MDB GLOBAL INV 4.400% 13-09/03/2023 USD MALAYSIAN GOVT 4.736% 16-15/03/2046 MYR Bahrain BAHRAIN 6.000% 14-19/09/2044 USD Georgia JSC GEORGIAN RAILWAY 7.750% 12-11/07/2022 USD United Arab Emirates DP WORLD LTD 6.850% 07-02/07/2037 USD United Kingdom UKREXIMBANK 9.750% 15-22/01/2025 USD Cayman Islands SAUDI ELECTRICITY GLO C 5.500% 14-08/04/2044 USD Kuwait KUWAIT ENERGY 9.500% 14-04/08/2019 USD Costa Rica COSTA RICA 7.158% 15-12/03/2045 USD Luxembourg PETROBRAS INTL 5.375% 11-27/01/2021 USD Romania ROMANIA 5.950% 11-11/06/2021 RON Lebanon REP OF LEBANESE 6.600% 11-27/11/2026 USD Kenya REP OF KENYA 5.875% 14-24/06/2019 USD Panama PANAMA 6.700% 06-26/01/2036 USD Trinidad & Tobago PETROTRIN 9.750% 09-14/08/2019 USD Dominican Republic REP OF DOMINICAN 6.875% 16-29/01/2026 USD Azerbaijan INTL BANK OF AZERB 5.625% 14-11/06/2019 USD Peru CAMPOSOL SA % 16-15/07/2021 USD Sri Lanka SRI LANKA GOVT % 14-01/01/2024 LKR Ecuador REP OF ECUADOR % 15-24/03/2020 USD Page 30

153 Bond Best Selection World Emerging Securities portfolio at 30/06/2016 Expressed in USD Paraguay PARAGUAY 5.000% 16-15/04/2026 USD Gabon GABONESE REPUB 6.375% 13-12/12/2024 USD Ghana REP OF GHANA % 15-14/10/2030 USD Egypt EGYPT 6.875% 10-30/04/2040 USD Senegal REP OF SENEGAL 6.250% 14-30/07/2024 USD Ethiopia ETHIOPIA 6.625% 14-11/12/2024 USD Floating rate bonds Argentina ARGNT BONAR 14-28/03/2017 FRN FLAT ARS Ivory Coast IVORY COAST 10-31/12/2032 SR FLAT USD Congo REP OF CONGO 07-30/06/2029 SR USD Belize BELIZE 13-20/02/2038 SR USD The Netherlands FBN FINANCE CO B 14-23/07/2021 FRN USD Other transferable securities Bonds Austria OAS INVESTMENT G 8.250% /10/2019 DFLT USD Total securities portfolio Page 31

154 Bond USD Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America AFLAC INC 3.625% 14-15/11/2024 USD AIR LEASE CORP 2.625% 15-04/09/2018 USD AIR LEASE CORP 3.875% 14-01/04/2021 USD ALABAMA POWER CO 2.800% 15-01/04/2025 USD ALEXANDRIA REAL 4.600% 12-01/04/2022 USD ALLY FINANCIAL 4.250% 16-15/04/2021 USD AMERICAN TOWER 3.375% 16-15/10/2026 USD AMERICAN TOWER 4.000% 15-01/06/2025 USD AMGEN INC 4.400% 15-01/05/2045 USD ANADARKO PETROLEUM 5.550% /03/2026 USD ANHEUSER - BUSCH 2.650% 16-01/02/2021 USD ANHEUSER - BUSCH 4.900% 16-01/02/2046 USD APACHE CORP 2.625% 12-15/01/2023 USD APPLE INC 3.050% 15-31/07/2029 GBP AT&T INC 4.125% 16-17/02/2026 USD AUTONATION INC 3.350% 15-15/01/2021 USD AUTONATION INC 6.750% 10-15/04/2018 USD BANK OF AMERICA CORP 2.600% /01/2019 USD BANK OF AMERICA CORP 2.625% /10/2020 USD BANK OF AMERICA CORP 3.875% /08/2025 USD BANK OF AMERICA CORP 4.000% /01/2025 USD BANK OF AMERICA CORP 5.420% /03/2017 USD BANK OF AMERICA CORP 5.625% /07/2020 USD BANK ONE CORP 7.750% 95-15/07/2025 USD BOEING CO 1.650% 15-30/10/2020 USD BORG-WARNER AUTO 3.375% 15-15/03/2025 USD BORG-WARNER AUTO 4.375% 15-15/03/2045 USD BURLINGTON NORTH 4.450% 13-15/03/2043 USD CAPITAL ONE FINL 3.750% 14-24/04/2024 USD CAPITAL ONE FINL 4.200% 15-29/10/2025 USD CARGILL INC 4.760% 15-23/11/2045 USD CARGILL INC 7.350% 09-06/03/2019 USD CARNIVAL CORP 3.950% 13-15/10/2020 USD CBS CORP 4.900% 14-15/08/2044 USD CGCMT 2014-GC25 B 4.345% 14-10/10/2047 USD CGCMT 2015-P1 A % 15-15/09/2048 USD CHEVRON CORP 2.419% 15-17/11/2020 USD CIMAREX ENERGY 4.375% 14-01/06/2024 USD CISCO SYSTEMS 2.950% 16-28/02/2026 USD CISCO SYSTEMS 5.900% 09-15/02/2039 USD CITIGROUP INC 1.750% 13-01/05/2018 USD CITIGROUP INC 2.550% 14-08/04/2019 USD CITIGROUP INC 4.050% 13-30/07/2022 USD CITIGROUP INC 4.600% 16-09/03/2026 USD COMCAST CORP 4.400% 15-15/08/2035 USD COMCAST CORP 6.950% 07-15/08/2037 USD CONOCOPHILLIPS CO 2.400% 12-15/12/2022 USD CONOCOPHILLIPS CO 4.950% 16-15/03/2026 USD CROWN CASTLE INTL 3.400% 16-15/02/2021 USD CSAIL 2015-C4 A % 15-15/11/2048 USD CSX CORP 3.350% 15-01/11/2025 USD CSX CORP 6.150% 07-01/05/2037 USD CVS HEALTH CORP 3.500% 15-20/07/2022 USD DEVON ENERGY 6.300% 09-15/01/2019 USD DIAMOND 1 FIN/DI 4.420% 16-15/06/2021 USD DISCOVER BANK 4.200% 13-08/08/2023 USD DISCOVER BANK 7.000% 10-15/04/2020 USD DOMINION RESOURCES 5.250% /08/2033 USD DOW CHEMICAL CO 3.000% 12-15/11/2022 USD DOW CHEMICAL CO 4.375% 12-15/11/2042 USD DUKE ENERGY CORP 6.450% 02-15/10/2032 USD ECOLAB INC 4.350% 11-08/12/2021 USD ELI LILLY & CO 1.950% 14-15/03/2019 USD EMERA US FINANCE 3.550% 16-15/06/2026 USD ENBRIDGE ENERGY 4.375% 15-15/10/2020 USD ENERGY TRAN PTNR 6.700% 08-01/07/2018 USD ENTERPRISE OP LLC 6.500% 08-31/01/2019 USD ENTERPRISE PRODU 4.450% 12-15/02/2043 USD EXPRESS SCRIPTS 3.900% 13-15/02/2022 USD FEDEX CORP 4.900% 14-15/01/2034 USD FHS 303 C % 13-15/01/2043 USD FIFTH THIRD BANK 2.875% 15-27/07/2020 USD FIFTH THIRD BANK 3.850% 16-15/03/2026 USD FIVE COR FND TRS 4.419% 13-15/11/2023 USD FORD MOTOR CO 6.625% 98-01/10/2028 USD FORD MOTOR CRED 3.157% 15-04/08/2020 USD FORD MOTOR CRED 3.664% 14-08/09/2024 USD FORD MOTOR CRED 5.000% 11-15/05/2018 USD FORTIVE CORP 3.150% 16-15/06/2026 USD GAHR 2015-NR CFX 3.495% 15-15/12/2034 USD GEN ELECTRIC CO 4.500% 14-11/03/2044 USD GEN MOTORS FIN 3.200% 15-13/07/2020 USD GEN MOTORS FIN 4.000% 15-15/01/2025 USD GEN MOTORS FIN 4.375% 14-25/09/2021 USD GENERAL MOTORS CO 3.500% /10/2018 USD GENERAL MOTORS CO 5.200% /04/2045 USD GEORGIA POWER 4.300% 12-15/03/2042 USD GEORGIA-PACIFIC 3.163% 14-15/11/2021 USD GEORGIA-PACIFIC 7.250% 98-01/06/2028 USD GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD GOLDMAN SACHS GP 2.875% 16-25/02/2021 USD GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD GOLDMAN SACHS GP 4.000% 14-03/03/2024 USD GOLDMAN SACHS GP 4.250% 15-21/10/2025 USD GOLDMAN SACHS GP 4.800% 14-08/07/2044 USD GOLDMAN SACHS GP 5.950% 06-15/01/2027 USD HEALTH CARE REIT 4.000% 15-01/06/2025 USD HEWLETT - PACKARD CO 3.750% /12/2020 USD HOME DEPOT INC 2.000% 16-01/04/2021 USD HOME DEPOT INC 4.250% 15-01/04/2046 USD HP ENTERPRISE 3.600% 15-15/10/2020 USD HUNTINGTON BANCS 3.150% 16-14/03/2021 USD IBM CORP 6.500% 98-15/01/2028 USD INTL LEASE FIN 7.125% 10-01/09/2018 USD JP MORGAN CHASE 1.700% 15-01/03/2018 USD JP MORGAN CHASE 2.250% 15-23/01/2020 USD JP MORGAN CHASE 4.250% 15-01/10/2027 USD JP MORGAN CHASE 6.400% 08-15/05/2038 USD KEMPER 4.350% 15-15/02/2025 USD KILROY REALTY LP 4.250% 14-15/08/2029 USD KIMBERLY-CLARK 6.625% 07-01/08/2037 USD KIMCO REALTY 3.200% 14-01/05/2021 USD KINDER MORGAN 4.300% 14-01/06/2025 USD KINDER MORGAN 5.300% 14-01/12/2034 USD Page 32

155 Bond USD Securities portfolio at 30/06/2016 Expressed in USD KRAFT HEINZ FOOD 3.000% 16-01/06/2026 USD LIBERTY MUTUAL 4.250% 13-15/06/2023 USD MAGELLAN MID 4.200% 15-15/03/2045 USD MARATHON PETROLEUM 6.500% /03/2041 USD MARRIOTT INTL 3.125% 16-15/06/2026 USD MICROSOFT CORP 2.000% 15-03/11/2020 USD MICROSOFT CORP 3.125% 15-03/11/2025 USD MIDAMERICAN ENER HOLDING 6.125% /04/2036 USD MORGAN STANLEY 3.700% 14-23/10/2024 USD MORGAN STANLEY 4.350% 14-08/09/2026 USD MORGAN STANLEY 5.000% 13-24/11/2025 USD MORGAN STANLEY 7.300% 09-13/05/2019 USD NEWELL RUBBERMAID 3.150% /04/2021 USD NORDSTROM INC 5.000% 14-15/01/2044 USD NORTHROP GRUMMAN 3.250% /08/2023 USD NORTHROP GRUMMAN 7.750% /02/2031 USD OCCIDENTAL PETE 3.400% 16-15/04/2026 USD OMEGA HEALTHCARE 4.375% 16-01/08/2023 USD OMEGA HEALTHCARE 4.950% 14-01/04/2024 USD ORACLE CORP 4.300% 14-08/07/2034 USD PACKAGING CORP 3.650% 14-15/09/2024 USD PNC BANK NA 3.250% 15-01/06/2025 USD PRICELINE GROUP 3.600% 16-01/06/2026 USD PROCTER & GAMBLE 5.500% 04-01/02/2034 USD PROG ENER CAR 4.100% 12-15/05/2042 USD PROG ENER CAR 5.300% 09-15/01/2019 USD PROLOGIS LP 3.750% 15-01/11/2025 USD REGIONS BK ALAB 7.500% 08-15/05/2018 USD REGIONS FINL 3.200% 16-08/02/2021 USD REPUBLIC SVCS 2.900% 16-01/07/2026 USD SOUTHERN POWER 4.150% 15-01/12/2025 USD SOUTHERN POWER 5.150% 11-15/09/2041 USD SYNCHRONY FINANCIAL 4.250% /08/2024 USD SYSCO CORP 6.500% 98-01/08/2028 USD TARGET CORP 2.500% 16-15/04/2026 USD TIME WARNER CABLE 5.000% 09-01/02/2020 USD TYSON FOODS INC 2.650% 14-15/08/2019 USD TYSON FOODS INC 3.950% 14-15/08/2024 USD UNDER ARMOUR INC 3.250% 16-15/06/2026 USD UNION PACIFIC CORP 4.050% 15-15/11/2045 USD US BANCORP 2.350% 16-29/01/2021 USD US TREASURY N/B 0.750% 13-31/03/2018 USD US TREASURY N/B 3.375% 14-15/05/2044 USD US TSY INFL IX N/B 0.625% 11-15/07/2021 USD VENTAS REALTY LP 3.500% 15-01/02/2025 USD VERIZON COMMUNICATIONS INC 4.522% /09/2048 USD VERIZON COMMUNICATIONS INC 4.600% /04/2021 USD VERIZON COMMUNICATIONS INC 5.150% /09/2023 USD VERIZON COMMUNICATIONS INC 6.550% /09/2043 USD WASTE MANAGEMENT 3.500% 14-15/05/2024 USD WASTE MANAGEMENT 4.100% 15-01/03/2045 USD WELLS FARGO & CO 2.500% 16-04/03/2021 USD WELLS FARGO & CO 4.400% 16-14/06/2046 USD WELLS FARGO & CO 4.600% 11-01/04/2021 USD WEYERHAEUSER CO 4.625% 13-15/09/2023 USD WHIRLPOOL CORP 4.000% 14-01/03/2024 USD WHIRLPOOL CORP 4.500% 16-01/06/2046 USD XCEL ENERGY INC 2.400% 16-15/03/2021 USD ZIMMER HOLDINGS 4.450% 15-15/08/2045 USD The Netherlands BMW FINANCE NV 1.875% 15-29/06/2020 GBP IBERDROLA INTL 1.875% 14-08/10/2024 EUR NETHERLANDS GOVERNMENT 2.250% /07/2022 EUR VOLKSWAGEN FIN 1.750% 15-17/04/2020 GBP Italy INTESA SANPAOLO 3.875% 13-15/01/2019 USD INTESA SANPAOLO 4.000% 12-09/11/2017 EUR ITALY BTPS 0.700% 15-01/05/2020 EUR ITALY BTPS 2.700% 16-01/03/2047 EUR Norway NORWEGIAN GOVT 1.500% 16-19/02/2026 NOK NORWEGIAN GOVT 1.750% 15-13/03/2025 NOK Spain BANKINTER SA 0.875% 15-03/08/2022 EUR CAIXABANK 1.000% 16-08/02/2023 EUR CAJAS RURALES UN 1.250% 15-26/01/2022 EUR GAS NATURAL CAP 6.375% 09-09/07/2019 EUR INSTIT CRDT OFCL 1.875% 14-15/12/2017 GBP TELEFONICA EMIS 5.597% 12-12/03/2020 GBP Singapore SINGAPORE GOVT 2.500% 09-01/06/2019 SGD Mexico MEXICAN BONOS % 05-05/12/2024 MXN Germany BUNDESREPUBLIK DEUTSCHLAND 3.000% /07/2020 EUR DAIMLER AG 2.125% 16-07/06/2022 GBP DAIMLER AG 2.375% 15-16/12/2021 GBP United Kingdom BP CAPITAL PLC 1.676% 16-03/05/2019 USD INVESCO FIN PLC 3.750% 15-15/01/2026 USD SANTANDER UK GRP 2.875% 15-16/10/2020 USD UK TSY I/L GILT 0.125% 15-22/03/2026 GBP Australia AUSTRALIAN GOVT % 12-21/04/2024 AUD France BANQUE FED CREDIT MUTUEL 2.750% /10/2020 USD FRANCE O.A.T % 13-25/05/2045 EUR ORANGE 8.000% 02-20/12/2017 GBP Canada BROOKFIELD FIN 4.250% 16-02/06/2026 USD ROGERS COMMUNICATIONS INC 3.625% /12/2025 ROGERS COMMUNICATIONS INC 5.450% /10/2043 USD USD Portugal PORTUGUESE OTS 2.875% 15-15/10/2025 EUR Ireland AERCAP IRELAND C 3.950% 16-01/02/2022 USD Luxembourg ACTAVIS FUNDING 3.800% 15-15/03/2025 USD ACTAVIS FUNDING 4.750% 15-15/03/2045 USD Page 33

156 Bond USD Securities portfolio at 30/06/2016 Expressed in USD Floating rate bonds United States of America CAS 2015-C04 2M /04/2028 FRN USD CAS 2016-C03 2M /10/2028 FRN USD FHR 4092 HS 12-15/08/2042 FRN USD FHR 4259 SA 13-15/10/2043 FRN USD FHR 4480 WS 15-15/06/2045 FRN USD FNR DC 05-25/06/2035 FRN USD FNR S 12-25/03/2042 FRN USD FNR HS 12-25/03/2042 FRN USD FNR SD 12-25/09/2042 FRN USD FNR SK 12-25/09/2042 FRN USD FNR SY 13-25/07/2043 FRN USD FREMF 2012-K23 C 12-25/10/2045 FRN USD FREMF 2013-K24 C 13-25/11/2045 FRN USD FREMF 2013-K29 C 13-25/05/2046 FRN USD FREMF 2014-K37 C 14-25/01/2047 FRN USD GNR 2010-H19 JI 10-20/08/2060 FRN USD GNR 2011-H03 HI 11-20/01/2061 FRN USD GNR 2011-H05 HI 11-20/01/2061 FRN USD GNR SB 12-20/07/2042 FRN USD GNR SC 12-20/08/2042 FRN USD GNR 2012-H02 AI 12-20/01/2062 FRN USD GNR SB 13-16/10/2043 FRN USD GNR 2013-H01 FI 13-20/01/2063 FRN USD GNR 2013-H04 BI 13-20/02/2063 FRN USD GNR SB 15-20/09/2045 FRN USD METLIFE INC 06-15/12/2036 FRN USD MLCFC AM 06-12/07/2046 FRN USD STACR 2015-DNA2 M /12/2027 FRN USD Other transferable securities To be Announced ("TBA") Mortgage Back Securities United States of America FGCI 2.5 7/ % 16-15/02/2031 USD FGLMC 3.5 7/ % 11-15/01/2041 USD FGLMC 4.5 7/ % 10-15/01/2040 USD FNCI 3 7/ % 13-25/08/2027 USD FNCI 3.5 7/ % 12-25/04/2026 USD FNCL 3 7/ % 12-25/04/2043 USD FNCL 3.5 7/ % 12-25/10/2041 USD FNCL 4 7/ % 13-25/08/2041 USD FNCL 4.500% 10-25/09/2039 USD FNCL 5 7/ % 10-25/10/2039 USD FNCL 5.5 7/ % 10-25/10/2037 USD G2SF 3 7/ % 13-20/04/2043 USD G2SF 3.5 7/ % 12-20/03/2042 USD G2SF 4 7/ % 11-20/01/2041 USD Shares/Units in investment funds Luxembourg BNPP FLEXI I US MORTGAGE - X - CAP USD Total securities portfolio Page 34

157 Bond USD Short Duration Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America AMERICAN EXPRESS 2.250% 16-05/05/2021 USD AMERICAN EXPRESS CO 6.150% /08/2017 USD AMGEN INC 6.150% 08-01/06/2018 USD ANHEUSER - BUSCH 1.375% 12-15/07/2017 USD ANHEUSER - BUSCH 1.900% 16-01/02/2019 USD APPLE INC 2.250% 16-23/02/2021 USD AT&T INC 1.600% 12-15/02/2017 USD BB&T CORPORATION 1.350% 14-01/10/2017 USD BB&T CORPORATION 2.050% 16-10/05/2021 USD BEAR STEARNS CO 6.400% 07-02/10/2017 USD BURLINGTON NORTH 5.650% 07-01/05/2017 USD CAPITAL ONE NA 1.500% 14-05/09/2017 USD CAPITAL ONE NA 2.350% 15-17/08/2018 USD CHEVRON CORP 1.718% 13-24/06/2018 USD CITIGROUP INC 2.050% 15-07/12/2018 USD CITIGROUP INC 2.700% 16-30/03/2021 USD CONOCOPHILLIPS CO 1.500% 15-15/05/2018 USD CREDIT SUISSE NY 1.700% 15-27/04/2018 USD CSX CORP 6.250% 07-15/03/2018 USD CVS HEALTH CORP 2.125% 16-01/06/2021 USD DAIMLER FINANCE 1.650% 15-18/05/2018 USD DOMINION RES 1.400% 12-15/09/2017 USD DUKE ENERGY CORP 2.100% 13-15/06/2018 USD EATON CORP 1.500% 13-02/11/2017 USD EBAY INC 2.500% 16-09/03/2018 USD FORD MOTOR CRED 1.724% 14-06/12/2017 USD FORD MOTOR CRED 3.336% 16-18/03/2021 USD GILEAD SCIENCES 1.850% 15-04/09/2018 USD GN % 13-15/09/2039 USD GNR PC 5.500% 04-20/04/2034 USD GNR KB 6.000% 08-20/06/2038 USD GNR IO 4.500% 14-20/06/2044 USD GNR IB 4.000% 15-20/09/2043 USD HOME DEPOT INC 2.000% 16-01/04/2021 USD HSBC USA INC 2.625% 13-24/09/2018 USD KEY BANK NA 1.700% 15-01/06/2018 USD KEY BANK NA 2.350% 16-08/03/2019 USD MEDTRONIC INC 1.500% 15-15/03/2018 USD MERRILL LYNCH 6.400% 07-28/08/2017 USD MORGAN STANLEY 2.500% 16-21/04/2021 USD MORGAN STANLEY 2.800% 15-16/06/2020 USD NEW YORK LIFE GL 1.300% 15-27/04/2018 USD ORACLE CORP 1.900% 16-15/09/2021 USD PNC BANK NA 1.600% 15-01/06/2018 USD QUALCOMM INC 1.400% 15-18/05/2018 USD SCHLUMBERGER HLD 3.000% 15-21/12/2020 USD SDART 2013-A B 1.890% 13-15/10/2019 USD SIMON PROPERTY GP LP 5.875% /03/2017 USD SOUTHERN POWER 1.500% 15-01/06/2018 USD STRYKER CORP 2.625% 16-15/03/2021 USD UBS AG STAMFORD 1.375% 14-14/08/2017 USD US TREASURY N/B 0.625% 16-30/06/2018 USD US TREASURY N/B 0.875% 16-15/05/2019 USD US TREASURY N/B 0.875% 16-15/06/2019 USD US TREASURY N/B 1.375% 13-31/05/2020 USD US TREASURY N/B 1.375% 16-31/05/2021 USD US TREASURY N/B 1.625% 14-31/12/2019 USD US TSY INFL IX N/B 0.125% 14-15/07/2024 USD VERIZON COMMUNICATIONS INC 4.500% /09/2020 USD WACHOVIA CORP 5.750% 07-15/06/2017 USD WACHOVIA CORP 5.750% 08-01/02/2018 USD XCEL ENERGY INC 1.200% 15-01/06/2017 USD United Kingdom BARCLAYS BANK PLC 2.750% 14-08/11/2019 USD BP CAPITAL PLC 2.248% 11-01/11/2016 USD DIAGEO CAP 5.750% 07-23/10/2017 USD HSBC HOLDINGS PLC 3.400% 16-08/03/2021 USD LLOYDS BANK PLC 2.300% 13-27/11/2018 USD Canada BANK NOVA SCOTIA 1.650% 16-14/06/2019 USD The Netherlands SHELL INTL FIN 4.300% 09-22/09/2019 USD British Virgin Islands FORDO 2015-B A % 15-15/11/2019 USD Ireland GE CAPITAL INTL 2.342% 15-15/11/2020 USD Floating rate bonds United States of America CAH A A 15-17/07/2032 FRN USD CDGJ 2014-BXCH A 14-15/12/2027 FRN USD CHAIT 2007-A12 A /08/2019 FRN USD CSMC 2015-DEAL A 15-15/04/2029 FRN USD GOLDMAN SACHS GP 15-15/09/2020 FRN USD JP MORGAN CHASE 14-28/01/2019 FRN USD PROG 2015-SFR1 A 15-17/02/2032 FRN USD Total securities portfolio Page 35

158 Bond World Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ST CENTURY FOX 6.650% 08-15/11/2037 USD AFLAC INC 3.625% 14-15/11/2024 USD AIR LEASE CORP 2.625% 15-04/09/2018 USD AIR LEASE CORP 3.875% 14-01/04/2021 USD AIR PROD & CHEM 0.375% 16-01/06/2021 EUR ALEXANDRIA REAL 4.600% 12-01/04/2022 USD AMERICAN TOWER 3.375% 16-15/10/2026 USD ANHEUSER - BUSCH 2.650% 16-01/02/2021 USD APACHE CORP 2.625% 12-15/01/2023 USD APPLE INC 3.050% 15-31/07/2029 GBP AT&T INC 2.800% 16-17/02/2021 USD AT&T INC 4.125% 16-17/02/2026 USD AUTONATION INC 5.500% 12-01/02/2020 USD BANK OF AMERICA CORP 2.600% /01/2019 USD BANK OF AMERICA CORP 2.625% /10/2020 USD BANK OF AMERICA CORP 3.875% /08/2025 USD BANK OF AMERICA CORP 5.420% /03/2017 USD BANK OF AMERICA CORP 5.625% /07/2020 USD BANK ONE CORP 7.750% 95-15/07/2025 USD BERKSHIRE HATHAWAY 5.150% /11/2043 USD BOEING CO 1.650% 15-30/10/2020 USD BORG-WARNER AUTO 4.375% 15-15/03/2045 USD BORG-WARNER AUTO 4.625% 10-15/09/2020 USD BOSTON PROPERTIES LP 3.650% /02/2026 USD BURLINGTON NORTH 6.200% 06-15/08/2036 USD CAPITAL ONE FINL 3.750% 14-24/04/2024 USD CAPITAL ONE FINL 4.200% 15-29/10/2025 USD CARGILL INC 4.307% 11-14/05/2021 USD CARNIVAL CORP 3.950% 13-15/10/2020 USD CGCMT 2015-P1 A % 15-15/09/2048 USD CIMAREX ENERGY 4.375% 14-01/06/2024 USD CISCO SYSTEMS 2.950% 16-28/02/2026 USD CITIGROUP INC 1.750% 13-01/05/2018 USD CITIGROUP INC 1.800% 15-05/02/2018 USD CITIGROUP INC 2.050% 15-07/12/2018 USD CITIGROUP INC 4.600% 16-09/03/2026 USD COMCAST CORP 2.750% 16-01/03/2023 USD COMCAST CORP 4.200% 14-15/08/2034 USD COMCAST CORP 4.400% 15-15/08/2035 USD CONOCOPHILLIPS CO 2.400% 12-15/12/2022 USD CROWN CASTLE INTL 3.400% 16-15/02/2021 USD CSX CORP 3.350% 15-01/11/2025 USD CVS HEALTH CORP 3.500% 15-20/07/2022 USD DEVON ENERGY 6.300% 09-15/01/2019 USD DIAMOND 1 FIN/DI 4.420% 16-15/06/2021 USD DISCOVER BANK 7.000% 10-15/04/2020 USD DISCOVER FINANCIAL SERVICES 3.750% /03/2025 USD DOMINION RESOURCES 5.250% /08/2033 USD DOW CHEMICAL CO 4.375% 12-15/11/2042 USD DUKE ENERGY CORP 6.450% 02-15/10/2032 USD EMERA US FINANCE 3.550% 16-15/06/2026 USD ENERGY TRAN PTNR 4.150% 13-01/10/2020 USD ENERGY TRAN PTNR 6.700% 08-01/07/2018 USD ENTERPRISE PRODU 4.450% 12-15/02/2043 USD EXELON CORP 3.950% 16-15/06/2025 USD EXELON CORP 4.950% 16-15/06/2035 USD EXELON GENERATION 4.000% 10-01/10/2020 USD FEDEX CORP 0.500% 16-09/04/2020 EUR FEDEX CORP 3.200% 15-01/02/2025 USD FIFTH THIRD BANK 2.875% 15-27/07/2020 USD FIVE COR FND TRS 4.419% 13-15/11/2023 USD FORD MOTOR CO 7.450% 99-16/07/2031 USD FORD MOTOR CRED 3.157% 15-04/08/2020 USD FORTIVE CORP 3.150% 16-15/06/2026 USD FORTUNE BRANDS 3.000% 15-15/06/2020 USD GAHR 2015-NR CFX 3.495% 15-15/12/2034 USD GEN ELECTRIC CO 4.500% 14-11/03/2044 USD GEN MOTORS FIN 3.200% 15-13/07/2020 USD GEN MOTORS FIN 4.000% 15-15/01/2025 USD GEN MOTORS FIN 4.375% 14-25/09/2021 USD GENERAL MOTORS CO 3.500% /10/2018 USD GENERAL MOTORS CO 5.200% /04/2045 USD GEORGIA-PACIFIC 7.250% 98-01/06/2028 USD GILEAD SCIENCES 5.650% 11-01/12/2041 USD GOLDMAN SACHS GP 2.600% 15-23/04/2020 USD GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD GOLDMAN SACHS GP 2.875% 16-25/02/2021 USD GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD GOLDMAN SACHS GP 4.000% 14-03/03/2024 USD GOLDMAN SACHS GP 4.250% 15-21/10/2025 USD GOLDMAN SACHS GP 5.950% 06-15/01/2027 USD HOME DEPOT INC 2.000% 16-01/04/2021 USD HP ENTERPRISE 3.600% 15-15/10/2020 USD IBM CORP 6.500% 98-15/01/2028 USD INGERSOLL-RAND GL 4.250% 14-15/06/2023 USD INTL LEASE FIN 7.125% 10-01/09/2018 USD JP MORGAN CHASE 4.250% 15-01/10/2027 USD JP MORGAN CHASE 6.400% 08-15/05/2038 USD JPMCC 2012-C6 A % 12-15/05/2045 USD KEMPER 4.350% 15-15/02/2025 USD KIMBERLY-CLARK 6.625% 07-01/08/2037 USD KIMCO REALTY 3.200% 14-01/05/2021 USD KINDER MORGAN 3.050% 14-01/12/2019 USD KRAFT HEINZ FOOD 3.000% 16-01/06/2026 USD MAGELLAN MID 4.200% 15-15/03/2045 USD MARATHON PETROLEUM 6.500% /03/2041 USD MARRIOTT INTL 3.125% 16-15/06/2026 USD MEDTRONIC INC 3.150% 15-15/03/2022 USD MERRILL LYNCH 7.750% 08-14/05/2038 USD MORGAN STANLEY 1.750% 16-11/03/2024 EUR MORGAN STANLEY 3.125% 14-05/08/2021 CAD MORGAN STANLEY 3.700% 14-23/10/2024 USD MORGAN STANLEY 4.350% 14-08/09/2026 USD MORGAN STANLEY 5.000% 13-24/11/2025 USD NEWELL RUBBERMAID 3.150% /04/2021 USD NORTHROP GRUMMAN 3.850% /04/2045 USD NORTHROP GRUMMAN 7.750% /02/2031 USD OHIO POWER CO 5.375% 09-01/10/2021 USD OMEGA HEALTHCARE 4.375% 16-01/08/2023 USD PACKAGING CORP 3.650% 14-15/09/2024 USD PNC FINANCIAL 3.900% 14-29/04/2024 USD PRICELINE GROUP 3.600% 16-01/06/2026 USD Page 36

159 Bond World Securities portfolio at 30/06/2016 Expressed in EUR PROG ENER CAR 4.100% 12-15/05/2042 USD REGIONS BK ALAB 7.500% 08-15/05/2018 USD REGIONS FINL 3.200% 16-08/02/2021 USD REPUBLIC SVCS 2.900% 16-01/07/2026 USD SOUTHERN POWER 4.150% 15-01/12/2025 USD SOUTHERN POWER 5.150% 11-15/09/2041 USD SUNTRUST BANKS 2.900% 16-03/03/2021 USD SYNCHRONY FINANCIAL 3.750% /08/2021 USD SYSCO CORP 6.500% 98-01/08/2028 USD TARGET CORP 2.500% 16-15/04/2026 USD TEACHERS INS&ANN 4.900% 14-15/09/2044 USD TIME WARNER CABLE 5.000% 09-01/02/2020 USD TYSON FOODS INC 2.650% 14-15/08/2019 USD UNDER ARMOUR INC 3.250% 16-15/06/2026 USD US BANCORP 2.350% 16-29/01/2021 USD US TREASURY N/B 3.375% 14-15/05/2044 USD US TSY INFL IX N/B 0.625% 11-15/07/2021 USD VERIZON COMMUNICATIONS INC 4.522% /09/2048 USD VERIZON COMMUNICATIONS INC 5.150% /09/2023 USD VERIZON COMMUNICATIONS INC 6.550% /09/2043 USD WALT DISNEY CO 4.125% 14-01/06/2044 USD WASTE MANAGEMENT 3.500% /05/2024 USD WASTE MANAGEMENT 4.100% /03/2045 USD WELLS FARGO & CO 2.500% 16-04/03/2021 USD WELLS FARGO & CO 4.400% 16-14/06/2046 USD WEYERHAEUSER CO 4.625% 13-15/09/2023 USD WHIRLPOOL CORP 4.000% 14-01/03/2024 USD WHIRLPOOL CORP 4.500% 16-01/06/2046 USD ZIMMER HOLDINGS 3.550% 15-01/04/2025 USD ZIMMER HOLDINGS 4.450% 15-15/08/2045 USD Italy I RETE GAS SPA 1.125% 14-02/01/2020 EUR ENI SPA 0.750% 16-17/05/2022 EUR INTESA SANPAOLO 3.875% 13-15/01/2019 USD INTESA SANPAOLO 4.000% 12-09/11/2017 EUR INTESA SANPAOLO 5.150% 10-16/07/2020 EUR ITALY BTPS 0.700% 15-01/05/2020 EUR ITALY BTPS 2.500% 14-01/12/2024 EUR ITALY BTPS 2.550% 12-22/10/2016 EUR ITALY BTPS 2.700% 16-01/03/2047 EUR ITALY BTPS 5.250% 98-01/11/2029 EUR ITALY BTPS 5.500% 12-01/09/2022 EUR SNAM SPA 3.500% 12-13/02/2020 EUR TERNA SPA 4.750% 11-15/03/2021 EUR UNICREDIT SPA 2.000% 16-04/03/2023 EUR UNICREDIT SPA 3.625% 13-24/01/2019 EUR United Kingdom ABBEY NATIONAL TREASURY 2.625% /07/2020 EUR ASTRAZENECA PLC 0.250% 16-12/05/2021 EUR BARCLAYS BANK PLC 6.000% 10-14/01/2021 EUR BP CAPITAL PLC 1.676% 16-03/05/2019 USD CREDIT SUISSE LD 1.000% 16-07/06/2023 EUR FCE BANK PLC 1.528% 15-09/11/2020 EUR FCE BANK PLC 1.615% 16-11/05/2023 EUR HAMMERSON PLC 3.500% 15-27/10/2025 GBP HSBC HOLDINGS PLC 1.500% 16-15/03/2022 EUR IMP BRANDS FIN 2.250% 14-26/02/2021 EUR MOTABILITY OPS 3.625% 16-10/03/2036 GBP ROYAL BANK SCOTLAND 2.500% /03/2023 EUR SSE PLC 2.375% 13-10/02/2022 EUR UK TREASURY 1.500% 15-22/01/2021 GBP UK TREASURY 4.250% 08-07/12/2049 GBP UK TREASURY 4.250% 09-07/09/2039 GBP UK TSY I/L GILT 0.125% 15-22/03/2026 GBP UNITED KINGDOM G 3.500% 14-22/01/2045 GBP VODAFONE GROUP 5.625% 03-04/12/2025 GBP Spain ABERTIS 1.375% 16-20/05/2026 EUR BANKINTER SA 0.875% 15-03/08/2022 EUR CAIXABANK 1.000% 16-08/02/2023 EUR CAIXABANK 2.625% 14-21/03/2024 EUR CAJAS RURALES UN 1.250% 15-26/01/2022 EUR ENAGAS FIN SA 1.375% 16-05/05/2028 EUR GAS NATURAL CAP 4.500% 10-27/01/2020 EUR GAS NATURAL CAP 6.375% 09-09/07/2019 EUR INSTIT CRDT OFCL 1.875% 14-15/12/2017 GBP MAPFRE 1.625% 16-19/05/2026 EUR RED ELECTRICA FI 1.000% 16-21/04/2026 EUR SPANISH GOVT 2.100% 13-30/04/2017 EUR SPANISH GOVT 5.400% 13-31/01/2023 EUR TELEFONICA EMIS 0.750% 16-13/04/2022 EUR TELEFONICA EMIS 4.710% 12-20/01/2020 EUR TELEFONICA EMIS 5.597% 12-12/03/2020 GBP France AIR LIQUIDE FIN 0.125% 16-13/06/2020 EUR AUTOROUTES DU SUD 1.000% /05/2026 EUR AUTOROUTES PARIS 1.125% 16-09/01/2026 EUR AUTOROUTES PARIS 1.500% 15-15/01/2024 EUR BANQUE FED CREDIT MUTUEL 1.625% /01/2026 EUR BNP PARIBAS 1.125% 16-15/01/2023 EUR BNP PARIBAS 2.875% 16-01/10/2026 EUR BPCE 2.875% 16-22/04/2026 EUR CARMILA 2.375% 15-18/09/2023 EUR CARREFOUR SA 0.750% 16-26/04/2024 EUR DANONE 1.250% 15-30/05/2024 EUR ELEC DE FRANCE 6.250% 08-30/05/2028 GBP FRANCE O.A.T % 13-25/05/2045 EUR FRANCE O.A.T % 98-25/04/2029 EUR GECINA 2.000% 15-17/06/2024 EUR HOLDING DINFRA 2.250% 14-24/03/2025 EUR JCDECAUX SA 1.000% 16-01/06/2023 EUR KERING 1.250% 16-10/05/2026 EUR ORANGE 1.000% 16-12/05/2025 EUR ORANGE 8.000% 02-20/12/2017 GBP PERNOD RICARD SA 1.500% 16-18/05/2026 EUR PERNOD RICARD SA 3.250% 16-08/06/2026 USD RCI BANQUE 1.000% 16-17/05/2023 EUR RCI BANQUE 1.375% 15-17/11/2020 EUR RTE RESEAU DE TR 1.000% 16-19/10/2026 EUR SOCIETE GENERALE 0.750% 16-26/05/2023 EUR THALES SA 0.750% 16-07/06/2023 EUR UNIBAIL-RODAMCO 1.125% 16-28/04/2027 EUR The Netherlands ABN AMRO BANK NV 2.250% 13-11/09/2017 GBP AIRBUS GROUP FINANCE BV 0.875% /05/2026 EUR ALLIANDER 0.875% 16-22/04/2026 EUR ALLIANZ FINANCE 0.000% 16-21/04/2020 EUR Page 37

160 Bond World Securities portfolio at 30/06/2016 Expressed in EUR BMW FINANCE NV 1.875% 15-29/06/2020 GBP DEUTSCHE BAHN FIN 0.875% 16-11/07/2031 EUR EDP FINANCE BV 2.375% 16-23/03/2023 EUR ENEL FINANCE INTL NV 5.000% /09/2022 EUR ENEXIS HOLDING 0.875% 16-28/04/2026 EUR GAS NAT FENOSA F 1.250% 16-19/04/2026 EUR HEINEKEN NV 1.000% 16-04/05/2026 EUR IBERDROLA INTL 1.125% 16-21/04/2026 EUR IBERDROLA INTL 1.875% 14-08/10/2024 EUR NETHERLANDS GOVERNMENT 2.250% /07/2022 EUR NN GROUP NV 1.000% 15-18/03/2022 EUR REN FINANCE BV 1.750% 16-01/06/2023 EUR REN FINANCE BV 2.500% 15-12/02/2025 EUR SHELL INTL FIN 0.750% 16-12/05/2024 EUR VOLKSWAGEN FIN 1.750% 15-17/04/2020 GBP VONOVIA BV 1.625% 15-15/12/2020 EUR Germany BASF SE 1.375% 14-15/12/2017 GBP BERTELSMANN SE 1.125% 16-27/04/2026 EUR BUNDESREPUBLIK DEUTSCHLAND 2.500% /08/2046 EUR BUNDESREPUBLIK DEUTSCHLAND 3.000% /07/2020 EUR DAIMLER AG 2.125% 16-07/06/2022 GBP DAIMLER AG 2.375% 15-16/12/2021 GBP DT PFANDBRIEFBAN 1.875% 12-20/12/2019 GBP Japan JAPAN GOVT 10-YR 0.800% 13-20/06/2023 JPY JAPAN GOVT 30-YR 0.800% 16-20/03/2046 JPY JAPAN GOVT 30-YR 2.000% 10-20/09/2040 JPY Norway NORWEGIAN GOVT 1.500% 16-19/02/2026 NOK NORWEGIAN GOVT 1.750% 15-13/03/2025 NOK Mexico AMERICA MOVIL SA 1.500% 16-10/03/2024 EUR MEXICAN BONOS % 05-05/12/2024 MXN MEXICAN BONOS 6.500% 11-10/06/2021 MXN Ireland AERCAP IRELAND C 3.950% 16-01/02/2022 USD DAA FINANCE PLC 1.554% 16-07/06/2028 EUR IRISH GOVT 0.800% 15-15/03/2022 EUR Poland POLAND GOVT BOND 3.000% I/L /08/2016 PLN Canada BROOKFIELD FIN 4.250% 16-02/06/2026 USD CANADA GOVT 3.500% 11-01/12/2045 CAD ROGERS COMMUNICATIONS INC 3.625% /12/2025 USD ROGERS COMMUNICATIONS INC 5.340% /03/2021 CAD ROGERS COMMUNICATIONS INC 5.450% /10/2043 USD Sweden SKANDINAVISKA ENSKILDA BANK 0.750% /08/2021 EUR SVENSKA CELLULOS 0.500% 16-26/05/2021 EUR SWEDEN GOVERNMENT 3.750% /08/2017 SEK Switzerland SWISS GOVT 1.250% 12-11/06/2024 CHF Portugal PORTUGUESE OTS 2.875% 15-15/10/2025 EUR Luxembourg ACTAVIS FUNDING 4.550% 15-15/03/2035 USD ACTAVIS FUNDING 4.750% 15-15/03/2045 USD HOLCIM FINANCE L 1.375% 16-26/05/2023 EUR HOLCIM FINANCE L 2.250% 16-26/05/2028 EUR SIMON INTL FIN S 1.250% 16-13/05/2025 EUR Australia TELSTRA CORPORATION LTD 1.125% /04/2026 EUR Floating rate bonds United States of America CAS 2015-C04 2M /04/2028 FRN USD CAS 2016-C03 2M /10/2028 FRN USD FHR 4092 HS 12-15/08/2042 FRN USD FHR 4480 WS 15-15/06/2045 FRN USD FNR S 12-25/03/2042 FRN USD FNR SD 12-25/09/2042 FRN USD FNR CS 13-25/10/2040 FRN USD FNR SY 13-25/07/2043 FRN USD FNR JS 13-25/12/2042 FRN USD FREMF 2013-K24 C 13-25/11/2045 FRN USD FREMF 2014-K37 C 14-25/01/2047 FRN USD GNR 2010-H19 JI 10-20/08/2060 FRN USD GNR SH 11-20/09/2041 FRN USD GNR 2011-H03 HI 11-20/01/2061 FRN USD GNR 2011-H05 HI 11-20/01/2061 FRN USD GNR 2012-H02 AI 12-20/01/2062 FRN USD GNR 2013-H01 FI 13-20/01/2063 FRN USD GNR 2013-H04 BI 13-20/02/2063 FRN USD GNR AS 14-20/09/2044 FRN USD METLIFE INC 06-15/12/2036 FRN USD MLCFC AM 06-12/07/2046 FRN USD STACR 2015-DNA2 M /12/2027 FRN USD France AXA SA 10-16/04/2040 FRN EUR BNP PARIBAS 14-31/12/2049 FRN EUR CNP ASSURANCES 15-10/06/2047 FRN EUR CREDIT AGRICOLE 09-29/10/2049 FRN EUR SUEZ 15-29/12/2049 FRN EUR TOTAL SA 15-29/12/2049 FRN EUR Italy ASSICURAZIONI 15-27/10/2047 FRN EUR The Netherlands ING BANK NV 16-11/04/2028 FRN EUR Germany MERCK 14-12/12/2074 FRN EUR Other transferable securities To be Announced ("TBA") Mortgage Back Securities United States of America FGCI 2.5 7/ % 16-15/02/2031 USD FGLMC 3.5 7/ % 11-15/01/2041 USD FGLMC 4.5 7/ % 10-15/01/2040 USD FNCI 3 7/ % 13-25/08/2027 USD FNCI 3.5 7/ % 12-25/04/2026 USD FNCL 3 7/ % 12-25/04/2043 USD Page 38

161 Bond World Securities portfolio at 30/06/2016 Expressed in EUR FNCL 3.5 7/ % 12-25/10/2041 USD FNCL 4 7/ % 13-25/08/2041 USD FNCL 4.500% 10-25/09/2039 USD FNCL 5 7/ % 10-25/10/2039 USD FNCL 5.5 7/ % 10-25/10/2037 USD G2SF 3 7/ % 13-20/04/2043 USD G2SF 3.5 7/ % 12-20/03/2042 USD G2SF 4 7/ % 11-20/01/2041 USD Shares/Units in investment funds Luxembourg BNPP FLEXI I US MORTGAGE - X - CAP USD Total securities portfolio Page 39

162 Bond World Emerging Local Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Russia RUSSIA-OFZ 7.000% 13-16/08/2023 RUB RUSSIA-OFZ 7.050% 13-19/01/2028 RUB RUSSIA-OFZ 7.600% 11-14/04/2021 RUB RUSSIA-OFZ 8.150% 12-03/02/2027 RUB Turkey TURKEY GOVT BOND % 10-15/01/2020 TRY TURKEY GOVT BOND 2.000% 14-18/09/2024 TRY TURKEY GOVT BOND 2.000% 15-16/04/2025 TRY TURKEY GOVT BOND 8.000% 15-12/03/2025 TRY Indonesia INDONESIA GOVT % 07-15/02/2028 IDR INDONESIA GOVT 5.250% 12-15/05/2018 IDR INDONESIA GOVT 6.625% 12-15/05/2033 IDR INDONESIA GOVT 9.000% 13-15/03/2029 IDR Brazil BRAZIL NTN-F % 12-01/01/2023 FLAT BRL BRAZIL NTN-F % 13-01/01/2019 FLAT BRL BRAZIL NTN-F % 14-01/01/2025 FLAT BRL South Africa REPUBLIC OF SOUTH AFRICA % /12/2026 REPUBLIC OF SOUTH AFRICA 7.000% /02/2031 REPUBLIC OF SOUTH AFRICA 8.750% /02/2048 ZAR ZAR ZAR Mexico MEXICAN BONOS 6.500% 12-09/06/2022 MXN MEXICAN BONOS 7.500% 07-03/06/2027 MXN PETROLEOS MEXICA 7.190% 13-12/09/2024 MXN Thailand THAILAND GOVT 1.200% 11-14/07/2021 THB THAILAND GOVT 1.250% 13-12/03/2028 THB Malaysia MALAYSIAN GOVT 3.795% 15-30/09/2022 MYR MALAYSIAN GOVT 3.955% 15-15/09/2025 MYR MALAYSIAN GOVT 4.736% 16-15/03/2046 MYR Colombia COLOMBIA TES % 09-24/07/2024 COP COLOMBIA TES 6.000% 12-28/04/2028 COP COLOMBIA TES 7.750% 15-18/09/2030 COP EE. PP. MEDELLIN 7.625% 14-10/09/2024 COP REP OF COLOMBIA 9.850% /06/2027 FLAT COP Poland POLAND GOVT BOND 3.250% 14-25/07/2025 PLN Hungary HUNGARY GOVT 3.000% 16-27/10/2027 HUF HUNGARY GOVT 6.000% 07-24/11/2023 HUF Romania ROMANIA 5.950% 11-11/06/2021 RON Uruguay URUGUAY 5.000% 06-14/09/2018 UYU Sri Lanka SRI LANKA GOVT % 14-01/01/2024 LKR Floating rate bonds Argentina ARGNT BONAR 14-28/03/2017 FRN FLAT ARS Bonds Total securities portfolio Page 40

163 Bond World High Yield Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ACI WORLDWIDE 6.375% 13-15/08/2020 USD ACTIVISION BLIZZ 6.125% 13-15/09/2023 USD ALCOA INC 5.125% 14-01/10/2024 USD ALCOA INC 5.400% 11-15/04/2021 USD AMC ENTERTAINMNT 5.875% 14-15/02/2022 USD AMER AXLE & MFG 6.250% 13-15/03/2021 USD AMER AXLE & MFG 6.625% 12-15/10/2022 USD AMER AXLE & MFG 7.750% 11-15/11/2019 USD AMERIGAS FINANCE 7.000% 12-20/05/2022 USD AMERIGAS PARTNER 5.625% 16-20/05/2024 USD AMERIGAS PARTNER 5.875% 16-20/08/2026 USD AMKOR TECHNOLOGY INC 6.625% /06/2021 USD AMSURG CORP 5.625% 15-15/07/2022 USD ANTERO RESOURCES 5.125% 15-01/12/2022 USD ANTERO RESOURCES 6.000% 13-01/12/2020 USD ARGOS MERGER SUB 7.125% 15-15/03/2023 USD AVIS BUDGET CAR 5.125% 14-01/06/2022 USD BELDEN INC 5.500% 13-15/04/2023 EUR BOISE CASCADE CO 6.375% 13-01/11/2020 USD BOYD GAMING CORP 6.875% 15-15/05/2023 USD CABLEVISION SYS 5.875% 12-15/09/2022 USD CABLEVISION SYS 8.000% 10-15/04/2020 USD CALIFORNIA RESOU 8.000% 15-15/12/2022 USD CALPINE CORP 5.375% 14-15/01/2023 USD CALPINE CORP 5.750% 14-15/01/2025 USD CALPINE CORP 5.875% 13-15/01/2024 USD CARRIZO OIL & GAS 6.250% 15-15/04/2023 USD CCO HOLDINGS LLC 5.250% 12-30/09/2022 USD CCO HOLDINGS LLC 5.500% 16-01/05/2026 USD CCO HOLDINGS LLC 5.750% 13-15/01/2024 USD CCO HOLDINGS LLC 5.750% 14-01/09/2023 USD CCO HOLDINGS LLC 5.875% 16-01/04/2024 USD CEDAR FAIR LP/CA 5.375% 15-01/06/2024 USD CENTENE ESCRW 5.625% 16-15/02/2021 USD CENTENE ESCRW 6.125% 16-15/02/2024 USD CENTURYLINK INC 6.450% 11-15/06/2021 USD CENTURYLINK INC 6.750% 13-01/12/2023 USD CENTURYLINK INC 7.500% 16-01/04/2024 USD CHARTER COMM OPT 6.484% 15-23/10/2045 USD CHEMOURS CO 6.625% 16-15/05/2023 USD CHENIERE CORP CH 7.000% 16-30/06/2024 USD CHESAPEAKE ENRGY 8.000% 15-15/12/2022 USD CHS/COMMUNITY 6.875% 14-01/02/2022 USD CHS/COMMUNITY 8.000% 12-15/11/2019 USD CINC BELL INC 8.375% 10-15/10/2020 USD CLEAR CHNL WORLD 6.500% 13-15/11/2022 USD CLEAR CHNL WORLD 7.625% 12-15/03/2020 USD COMMSCOPE TECH F 6.000% 15-15/06/2025 USD COMPASS MINERALS INTL 4.875% /07/2024 USD CONCHO RES/MIDLA 5.500% 12-01/04/2023 USD CONCHO RES/MIDLA 5.500% 12-01/10/2022 USD CONSTELLATION BR 6.000% 12-01/05/2022 USD CONTINENTAL RES 4.900% 14-01/06/2044 USD CONTINENTAL RES 5.000% 12-15/09/2022 USD COTT BEVERAGES 5.375% 15-01/07/2022 USD COVANTA HOLDING 5.875% 14-01/03/2024 USD CRSTWD PART/FIN 6.125% 14-01/03/2022 USD CSC HOLDINGS LLC 6.750% 11-15/11/2021 USD CVR REF/COFF FIN 6.500% 13-01/11/2022 USD CYRUSONE LP/CYRU 6.375% 13-15/11/2022 USD DANA HOLDING 5.375% 13-15/09/2021 USD DANA HOLDING 6.000% 13-15/09/2023 USD DAVITA HEALTHCARE 5.125% 14-15/07/2024 USD DAVITA INC 5.750% 12-15/08/2022 USD DEAN FOODS CO 6.500% 15-15/03/2023 USD DIAMOND 1 FIN/DI 7.125% 16-15/06/2024 USD DIAMONDBACK ENER 7.625% 14-01/10/2021 USD DISH DBS CORP 5.875% 12-15/07/2022 USD DISH DBS CORP 6.750% 11-01/06/2021 USD DONNELLEY & SONS 7.875% 13-15/03/2021 USD DPL INC 7.250% 12-15/10/2021 USD DYNEGY INC 7.375% 15-01/11/2022 USD ENDO FINANCE LLC 6.000% 15-15/07/2023 USD ENDO FINANCE LLC 7.750% 14-15/01/2022 USD ENERGIZER SPINCO 5.500% 15-15/06/2025 USD ENERGY TRANSFER 5.875% 13-15/01/2024 USD ENERGY TRANSFER 7.500% 10-15/10/2020 USD ENLINK MIDSTREAM 4.400% 14-01/04/2024 USD EQUINIX INC 5.375% 14-01/01/2022 USD EQUINIX INC 5.750% 14-01/01/2025 USD FAMILY TREE ESCR 5.250% 15-01/03/2020 USD FAMILY TREE ESCR 5.750% 15-01/03/2023 USD FIRST DATA CORP 5.000% 15-15/01/2024 USD FIRST DATA CORP 5.375% 15-15/08/2023 USD FIRST DATA CORP 7.000% 15-01/12/2023 USD FRESENIUS MEDICAL 4.125% 14-15/10/2020 USD FRESENIUS MEDICAL 4.750% 14-15/10/2024 USD FRESENIUS US FIN 4.500% 15-15/01/2023 USD FRONTIER COMM % 16-15/09/2022 USD FRONTIER COMM % 16-15/09/2025 USD FRONTIER COMM 6.875% 14-15/01/2025 USD FRONTIER COMM 8.500% 10-15/04/2020 USD FRONTIER COMM 8.750% 10-15/04/2022 USD GAMESTOP CORP 5.500% 14-01/10/2019 USD GANNETT CO 6.375% 13-15/10/2023 USD GEN MOTORS FIN 4.000% 15-15/01/2025 USD GENESIS ENERGY 6.750% 15-01/08/2022 USD GLP CAP/FIN II 4.375% 16-15/04/2021 USD GLP CAP/FIN II 5.375% 16-15/04/2026 USD GOODYEAR TIRE 5.125% 15-15/11/2023 USD GRAY TELE INC 7.500% 13-01/10/2020 USD GREEKTOWN HLDGS 8.875% 14-15/03/2019 USD HCA HOLDINGS INC 6.250% 12-15/02/2021 USD HCA INC 5.000% 14-15/03/2024 USD HCA INC 5.250% 14-15/04/2025 USD HCA INC 5.375% 15-01/02/2025 USD HCA INC 7.500% 11-15/02/2022 USD HDTFS INC 6.250% 13-15/10/2022 USD HEALTHSOUTH CORP 5.125% 15-15/03/2023 USD HERC SPINOFF ESC 7.500% 16-01/06/2022 USD IHS INC 5.000% 15-01/11/2022 USD IRON MOUNTAIN 5.750% 12-15/08/2024 USD KB HOME 4.750% 14-15/05/2019 USD KB HOME 7.500% 12-15/09/2022 USD KINDRED HEALTHCARE 8.000% /01/2020 USD KLX INC 5.875% 14-01/12/2022 USD L BRANDS INC 6.750% 16-01/07/2036 USD Page 41

164 Bond World High Yield Securities portfolio at 30/06/2016 Expressed in EUR LAMAR MEDIA CORP 5.375% 14-15/01/2024 USD LEAR CORP 5.250% 14-15/01/2025 USD LEAR CORP 5.375% 14-15/03/2024 USD LEE ENTERPRISES 9.500% 14-15/03/2022 USD LEVEL 3 COMMUNICATIONS INC 5.750% /12/2022 USD LEVEL 3 FIN INC 5.375% 15-15/08/2022 USD LEVEL 3 FIN INC 5.625% 15-01/02/2023 USD LEVEL 3 FIN INC 6.125% 14-15/01/2021 USD LEVI STRAUSS 5.000% 15-01/05/2025 USD LIFEPOINT HOSPIT 5.500% 14-01/12/2021 USD LIMITED BRANDS 5.625% 12-15/02/2022 USD LIN TELEVISION 5.875% 15-15/11/2022 USD MEDIACOM BROADBAND 6.375% /04/2023 USD MERITOR INC 6.750% 13-15/06/2021 USD METROPCS WIRELES 6.625% 10-15/11/2020 USD MGM RESORTS 6.625% 12-15/12/2021 USD MGM RESORTS 7.750% 12-15/03/2022 USD MGP ESCROW LLC/I 5.625% 16-01/05/2024 USD MICRON TECH 5.500% 14-01/02/2025 USD MICRON TECH 5.875% 15-15/02/2022 USD MICRON TECH 7.500% 16-15/09/2023 USD MURPHY OIL CORP 4.700% 12-01/12/2022 USD NABORS INDS INC 4.625% 12-15/09/2021 USD NABORS INDS INC 5.000% 11-15/09/2020 USD NBTY INC 7.625% 16-15/05/2021 USD NCR CORP 5.875% 14-15/12/2021 USD NCR CORP 6.375% 14-15/12/2023 USD NEPTUNE FINCO % 15-15/01/2023 USD NETFLIX INC 5.375% 13-01/02/2021 USD NETFLIX INC 5.875% 15-15/02/2025 USD NEWFIELD EXPLOR 5.625% 12-01/07/2024 USD NEWFIELD EXPLOR 5.750% 11-30/01/2022 USD NEXSTAR BROADCASTING 6.125% /02/2022 USD NIELSEN FINANCE 5.000% 14-15/04/2022 USD NOVELIS INC 8.750% 11-15/12/2020 USD NRG ENERGY INC 6.250% 14-15/07/2022 USD NRG ENERGY INC 6.250% 15-01/05/2024 USD NRG ENERGY INC 6.625% 13-15/03/2023 USD NRG ENERGY INC 7.625% 11-15/01/2018 USD OASIS PETROLEUM 6.500% 11-01/11/2021 USD OASIS PETROLEUM 7.250% 11-01/02/2019 USD ONEOK INC 4.250% 12-01/02/2022 USD OUTFRONT MEDIA C 5.250% 15-15/02/2022 USD OUTFRONT MEDIA C 5.625% 15-15/02/2024 USD OUTFRONT MEDIA C 5.875% 15-15/03/2025 USD PENN NATL GAMING 5.875% 14-01/11/2021 USD POST HOLDINGS IN 7.375% 13-15/02/2022 USD PRIME SEC/FIN 9.250% 16-15/05/2023 USD RACKSPACE HOSTING 6.500% 15-15/01/2024 USD REGAL ENTERTAINMENT 5.750% /03/2022 USD REYNOLDS GROUP 5.750% 13-15/10/2020 USD ROWAN COS INC 4.875% 12-01/06/2022 USD RR DONNELLEY 6.000% 14-01/04/2024 USD SABINE PASS LIQU 6.250% 14-15/03/2022 USD SANMINA CORP 4.375% 14-01/06/2019 USD SBA COMMUNICATIONS 4.875% /07/2022 USD SCIENTIFIC GAMES % 15-01/12/2022 USD SCIENTIFIC GAMES 7.000% 14-01/01/2022 USD SERVICE CORP 4.500% 12-15/11/2020 USD SERVICE CORP 5.375% 14-15/05/2024 USD SINCLAIR TELE 5.625% 14-01/08/2024 USD SIRIUS XM RADIO 5.375% 16-15/07/2026 USD SIRIUS XM RADIO 5.750% 13-01/08/2021 USD SIRIUS XM RADIO 5.875% 13-01/10/2020 USD SIRIUS XM RADIO 6.000% 14-15/07/2024 USD SM ENERGY CO 6.500% 12-15/11/2021 USD SOLERA LLC / FIN % 16-01/03/2024 USD SOUTHERN STAR 5.125% 14-15/07/2022 USD SOUTHWESTERN ENERGY 4.050% /01/2020 USD SPEEDWAY MOTORSP 5.125% 15-01/02/2023 USD SPRINT CAP CORP 6.875% 98-15/11/2028 USD SPRINT CAP CORP 8.750% 02-15/03/2032 USD SPRINT CORP 7.250% 14-15/09/2021 USD SPRINT CORP 7.875% 14-15/09/2023 USD SPRINT NEXTEL % 12-15/11/2021 USD SPRINT NEXTEL 9.000% 11-15/11/2018 USD STEEL DYNAMICS 5.125% 15-01/10/2021 USD STEEL DYNAMICS 5.250% 13-15/04/2023 USD SUMMIT MID HLD / 5.500% 14-15/08/2022 USD SUNOCO LP/FIN 6.250% 16-15/04/2021 USD TARGA RES PRTNRS 6.375% 12-01/08/2022 USD TARGA RES PRTNRS 6.750% 15-15/03/2024 USD TARGA RES PRTNRS 6.875% 11-01/02/2021 USD TAYLOR MORRISON 5.250% 13-15/04/2021 USD TENET HEALTHCARE 6.750% 15-15/06/2023 USD TES LOG LP/CORP 5.875% 13-01/10/2020 USD TES LOG LP/CORP 6.125% 13-15/10/2021 USD TIME INC 5.750% 14-15/04/2022 USD T-MOBILE USA INC 6.000% 16-15/04/2024 USD T-MOBILE USA INC 6.250% 14-01/04/2021 USD T-MOBILE USA INC 6.375% 14-01/03/2025 USD T-MOBILE USA INC 6.500% 13-15/01/2024 USD T-MOBILE USA INC 6.625% 14-01/04/2023 USD T-MOBILE USA INC 6.633% 13-28/04/2021 USD TOLL BR FIN CORP 4.875% 15-15/11/2025 USD TREEHOUSE FOODS 4.875% 14-15/03/2022 USD UNITED RENTAL NA 4.625% 15-15/07/2023 USD UNITED RENTAL NA 5.500% 15-15/07/2025 USD UNIVISION COMM 5.125% 15-15/02/2025 USD UNIVISION COMM 6.750% 12-15/09/2022 USD US CONCRETE 6.375% 16-01/06/2024 USD USG CORP 5.875% 13-01/11/2021 USD VALEANT PHARMA 5.500% 15-01/03/2023 USD VALEANT PHARMA 5.625% 13-01/12/2021 USD VPI ESCROW CORP 6.375% 12-15/10/2020 USD WEST CORP 5.375% 14-15/07/2022 USD WESTERN DIGITAL % 16-01/04/2024 USD WESTERN DIGITAL 7.375% 16-01/04/2023 USD WHITEWAVE FOODS 5.375% 14-01/10/2022 USD WILLIAMS COS INC 4.550% 14-24/06/2024 USD WILLIAMS COS INC 5.750% 14-24/06/2044 USD WINDSTREAM CORP 7.750% 11-01/10/2021 USD WMG ACQUISITION 6.000% 12-15/01/2021 USD WPX ENERGY INC 6.000% 12-15/01/2022 USD WYNN LAS VEGAS 5.500% 15-01/03/2025 USD XPO LOGISTICS 6.500% 15-15/06/2022 USD Page 42

165 Bond World High Yield Securities portfolio at 30/06/2016 Expressed in EUR Luxembourg ALTICE 6.250% 15-15/02/2025 EUR ALTICE 7.250% 14-15/05/2022 EUR ALTICE 7.625% 15-15/02/2025 USD ALTICE 7.750% 14-15/05/2022 USD ALTICE FINANCING 5.250% 15-15/02/2023 EUR ALTICE FINANCING 6.500% 13-15/01/2022 USD ALTICE FINANCING 6.625% 15-15/02/2023 USD ALTICE FINANCING 7.500% 16-15/05/2026 USD ARCELORMITTAL % 09-01/06/2019 USD ARCELORMITTAL 5.125% 15-01/06/2020 USD ARCELORMITTAL 6.125% 08-01/06/2018 USD ARCELORMITTAL 6.750% 12-25/02/2022 USD ARCELORMITTAL 7.750% 09-15/10/2039 USD BMBG BOND FINCE 3.000% 16-15/06/2021 EUR CONTOURGLOB PWR 5.125% 16-15/06/2021 EUR GALAPAGOS HOLDING 7.000% /06/2022 EUR GARFUNKELUX HOLD 8.500% 15-01/11/2022 GBP INEOS GROUP HOLD 5.875% 14-15/02/2019 USD MALLINCKRODT FIN 5.750% 14-01/08/2022 USD MATTERHORN TELE 3.875% 15-01/05/2022 EUR MATTERHORN TELE 4.875% 15-01/05/2023 EUR MILLICOM INTL 6.625% 13-15/10/2021 USD MONITCHEM HOLD % 14-15/06/2022 EUR NIELSEN CO LUXEM 5.500% 13-01/10/2021 USD TR OP / TR FIN 6.375% 15-01/05/2022 EUR WIND ACQUISITION 4.000% 14-15/07/2020 EUR WIND ACQUISITION 4.750% 14-15/07/2020 USD WIND ACQUISITION 7.000% 14-23/04/2021 EUR WIND ACQUISITION 7.375% 14-23/04/2021 USD ZINC CAPITAL 8.875% 11-15/05/2018 EUR United Kingdom ANGLO AMERICAN 3.625% 15-14/05/2020 USD ANGLO AMERICAN 4.875% 15-14/05/2025 USD ANGLO AMERICAN 9.375% 09-08/04/2019 USD CO-OP WHOLESALE 7.500% 11-08/07/2026 GBP ENSCO PLC 5.200% 15-15/03/2025 USD EPHIOS HOLDCO II 8.250% 15-01/07/2023 EUR FIAT CHRYSLER AU 4.500% 15-15/04/2020 USD FIAT CHRYSLER AU 5.250% 15-15/04/2023 USD IDH FINANCE PLC 6.000% 13-01/12/2018 GBP INTL GAME TECH 6.250% 15-15/02/2022 USD LYNX I CORP 6.000% 13-15/04/2021 GBP NEW LOOK SECURED 6.500% 15-01/07/2022 GBP NEW LOOK SENIOR 8.000% 15-01/07/2023 GBP SENSATA TECH UK 6.250% 15-15/02/2026 USD TA MANUFACTURING 3.625% 15-15/04/2023 EUR VIRGIN MEDIA SEC 4.875% 15-15/01/2027 GBP VIRIDIAN GROUP 7.500% 15-01/03/2020 EUR Canada BC ULC / 6.000% 14-01/04/2022 USD BOMBARDIER INC 7.500% 15-15/03/2025 USD CASCADES INC 5.500% 14-15/07/2022 USD CENOVUS ENERGY 5.700% 10-15/10/2019 USD CENOVUS ENERGY 6.750% 10-15/11/2039 USD FIRST QUANTUM 6.750% 14-15/02/2020 USD FIRST QUANTUM 7.000% 14-15/02/2021 USD LUNDIN MINING CORP 7.500% 14-01/11/2020 USD MEG ENERGY CORP 6.500% 11-15/03/2021 USD TECK RESOURCES 4.500% 10-15/01/2021 USD TECK RESOURCES 8.000% 16-01/06/2021 USD VRX ESCROW CORP 5.875% 15-15/05/2023 USD France AREVA SA 3.125% 14-20/03/2023 EUR AREVA SA 3.250% 13-04/09/2020 EUR AREVA SA 3.500% 10-22/03/2021 EUR AREVA SA 4.875% 09-23/09/2024 EUR HORIZON HOLDINGS 7.250% 15-01/08/2023 EUR NUMERICABLE 5.375% 14-15/05/2022 EUR NUMERICABLE 6.000% 14-15/05/2022 USD NUMERICABLE 6.250% 14-15/05/2024 USD NUMERICABLE-SFR 7.375% 16-01/05/2026 USD TEREOS FIN GROUP 4.250% 13-04/03/2020 EUR Germany RAPID HOLDING 6.625% 15-15/11/2020 EUR UNITYMEDIA 3.500% 15-15/01/2027 EUR UNITYMEDIA 4.000% 14-15/01/2025 EUR UNITYMEDIA 4.625% 15-15/02/2026 EUR WEPA HYGIENEPROD 3.750% 16-15/05/2024 EUR Italy TELECOM ITALIA 3.250% 15-16/01/2023 EUR TELECOM ITALIA 3.625% 16-19/01/2024 EUR TELECOM ITALIA 5.303% 14-30/05/2024 USD The Netherlands ADRIA BIDCO BV 7.875% 13-15/11/2020 EUR CONSTELLIUM NV 7.000% 14-15/01/2023 EUR NYRSTAR NETHERLAND 8.500% /09/2019 EUR SENSATA TECH BV 4.875% 13-15/10/2023 USD VIMPELCOM HLDGS 7.504% 11-01/03/2022 USD Ireland ARDAGH PKG FIN 4.125% 16-15/05/2023 EUR ARDAGH PKG FIN 6.750% 16-15/05/2024 EUR EIRCOM FINANCE 4.500% 16-31/05/2022 EUR Cayman Islands NOBLE HLDG INTL 4.625% 11-01/03/2021 USD NOBLE HLDG INTL 6.950% 15-01/04/2025 USD TRANSOCEAN INC 6.800% 07-15/03/2038 USD TRANSOCEAN INC 7.125% 11-15/12/2021 USD UPCB FINANCE VI 6.875% 12-15/01/2022 USD Australia FMG RES AUG % 12-01/04/2022 USD FMG RES AUG % 15-01/03/2022 USD Jersey Island AA BOND CO LTD 5.500% 15-31/07/2022 GBP ASTON MARTIN 9.250% 11-15/07/2018 GBP Bermuda WEATHERFORD BERM 7.000% /03/2038 USD WEATHERFORD BERM 7.750% /06/2021 USD WEATHERFORD BERM 8.250% /06/2023 USD WEATHERFORD INTL 4.500% 12-15/04/2022 USD WEATHERFORD INTL 9.625% 09-01/03/2019 USD Page 43

166 Bond World High Yield Securities portfolio at 30/06/2016 Expressed in EUR Floating rate bonds France ELEC DE FRANCE 13-PERP FRN EUR ELEC DE FRANCE 14-29/01/2049 FRN EUR ORANGE 14-29/10/2049 FRN EUR PICARD GROUPE 13-01/08/2019 FRN EUR SYNLAB BONDCO 15-01/07/2022 FRN EUR The Netherlands REPSOL INTL FIN 15-25/03/2075 FRN EUR TELEFONICA EUROP 13-29/09/2049 FRN EUR TELEFONICA EUROP 13-29/09/2049 FRN EUR TELEFONICA EUROP 14-29/12/2049 FRN EUR TELEFONICA EUROP 14-31/03/2049 FRN EUR United States of America GIBRALTAR INDSTR 13-01/02/2021 FRN USD LENNAR CORP 13-15/11/2022 FRN USD SABINE PASS LIQU 14-01/02/2021 FRN USD Germany RWE AG 15-21/04/2075 FRN EUR Austria WIENERBERGER AG 07-29/12/2049 FRN EUR United Kingdom NEW LOOK SECURED 15-01/07/2022 FRN EUR Other transferable securities Bonds United States of America CSC HOLDINGS INC 7.875% 98-15/02/2018 USD Shares/Units in investment funds Luxembourg PARVEST BOND WORLD HIGH YIELD SHORT DURATION - X - CAP USD Total securities portfolio Page 44

167 Bond World Inflation-Linked Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America US TSY I/L STOCK 2.500% 09-15/01/2029 USD US TSY INFL IX N/B 0.125% 12-15/07/2022 USD US TSY INFL IX N/B 0.125% 13-15/01/2023 USD US TSY INFL IX N/B 0.125% 14-15/07/2024 USD US TSY INFL IX N/B 0.250% 15-15/01/2025 USD US TSY INFL IX N/B 0.375% 13-15/07/2023 USD US TSY INFL IX N/B 0.375% 15-15/07/2025 USD US TSY INFL IX N/B 0.625% 14-15/01/2024 USD US TSY INFL IX N/B 0.625% 16-15/01/2026 USD US TSY INFL IX N/B 0.750% 12-15/02/2042 USD US TSY INFL IX N/B 0.750% 15-15/02/2045 USD US TSY INFL IX N/B 1.000% 16-15/02/2046 USD US TSY INFL IX N/B 1.375% 14-15/02/2044 USD US TSY INFL IX N/B 1.750% 08-15/01/2028 USD US TSY INFL IX N/B 2.125% 11-15/02/2041 USD US TSY INFL IX N/B 2.375% 07-15/01/2027 USD US TSY INFL IX N/B 3.625%98-15/04/2028 USD US TSY INFL IX N/B 3.875% 99-15/04/2029 USD United Kingdom NETWRK RAIL INFR 1.375% 07-22/11/2037 GBP UK TSY I/L GILT 0.125% 11-22/03/2029 GBP UK TSY I/L GILT 0.125% 12-22/03/2024 GBP UK TSY I/L GILT 0.125% 12-22/03/2044 GBP UK TSY I/L GILT 0.125% 13-22/03/2068 GBP UK TSY I/L GILT 0.125% 13-22/11/2019 GBP UK TSY I/L GILT 0.250% 12-22/03/2052 GBP UK TSY I/L GILT 0.750% 07-22/11/2047 GBP UK TSY I/L GILT 0.750% 11-22/03/2034 GBP UK TSY I/L GILT 1.250% 05-22/11/2055 GBP UK TSY I/L GILT 1.250% 06-22/11/2027 GBP UK TSY I/L GILT 1.250% 08-22/11/2032 GBP UK TSY I/L STOCK 0.125% 15-22/03/2046 GBP UK TSY I/L STOCK 6.287% 86-17/07/2024 GBP Italy ITALY BTPS I/L 1.700% 13-15/09/2018 EUR ITALY BTPS I/L 2.350% 08-15/09/2019 EUR ITALY BTPS I/L 2.350% 14-15/09/2024 EUR ITALY BTPS I/L 2.550% 09-15/09/2041 EUR ITALY BTPS I/L 3.100% 11-15/09/2026 EUR France FRANCE O.A.T. I/L 0.100% 12-25/07/2021 EUR FRANCE O.A.T.I/L 0.100% 15-01/03/2025 EUR FRANCE O.A.T.I/L 1.100% 10-25/07/2022 EUR FRANCE O.A.T.I/L 1.800% 07-25/07/2040 EUR FRANCE O.A.T.I/L 1.850% 11-25/07/2027 EUR FRANCE O.A.T.I/L 2.250% 04-25/07/2020 EUR FRANCE O.A.T.I/L 3.150% 02-25/07/2032 EUR Japan JAPAN I/L-10YR 0.100% 13-10/09/2023 JPY JAPAN I/L-10YR 0.100% 14-10/03/2024 JPY JAPAN I/L-10YR 0.100% 14-10/09/2024 JPY JAPAN I/L-10YR 0.100% 15-10/03/2025 JPY JAPAN I/L-10YR 1.400% 08-10/06/2018 JPY Canada CANADA GOVT I/L 1.250% 13-01/12/2047 CAD CANADA GOVT I/L 1.500% 10-01/12/2044 CAD CANADA GOVT I/L 2.000% 07-01/12/2041 CAD CANADA GOVT I/L 3.000% 03-01/12/2036 CAD CANADA GOVT I/L 4.000% 99-01/12/2031 CAD CANADA GOVT I/L 4.250% 91-01/12/2021 CAD CANADA GOVT I/L 4.250% 95-01/12/2026 CAD Australia AUSTRALIAN I/L 1.250% 12-21/02/2022 AUD AUSTRALIAN I/L 2.000% 13-21/08/2035 AUD AUSTRALIAN I/L 3.000% 09-20/09/2025 AUD Germany DEUTSCHLAND I/L 0.100% 15-15/04/2046 EUR DEUTSCHLAND I/L 0.500% 14-15/04/2030 EUR Spain SPAIN I/L BOND 0.550% 14-30/11/2019 EUR SPAIN I/L BOND 1.800% 14-30/11/2024 EUR Sweden SWEDEN I/L 4.000% 95-01/12/2020 SEK SWEDEN I/L 4.297% 99-01/12/2028 SEK New Zealand NEW ZEALAND I/L 2.000% /09/2025 FLAT NEW ZEALAND I/L 3.000% /09/2030 FLAT NZD NZD Denmark DENMARK I/L GOVT 0.100% 12-15/11/2023 DKK Floating rate bonds United Kingdom UK TSY I/L STOCK 2.829% 02-26/01/2035 GBP UK TSY I/L STOCK 7.322% 83-16/04/2020 GBP UK TSY I/L STOCK 7.633% 92-22/07/2030 GBP Total securities portfolio Page 45

168 Convertible Bond Asia Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Convertible bonds China JOB INC 3.250% 14-15/04/2019 CV USD CHINA RAIL CONS 0.000% 16-29/01/2021 CV USD CHINA YONGDA 1.500% 14-18/07/2019 CV CNY CRRC CORP LTD 0.000% 16-05/02/2021 CV USD ENN ENERGY HOLDINGS 0.000% /02/2018 CV USD FUFENG GROUP 3.000% 13-27/11/2018 CV CNY HAITIAN INTL HOL 2.000% 14-13/02/2019 CV USD KINGSOFT CORP LT 3.000% /07/2018 CV HKD KINGSOFT CORP LTD 1.250% /04/2019 CV HKD SEMICONDUCTOR MANUFACTORING % 13-07/11/2018 CV USD SEMICONDUCTOR MANUFACTORING % 16-07/07/2022 CV USD SHENZHOU INTERNA 0.500% /06/2019 CV HKD Taiwan ADVANCED SEMICONDUCTOR 0.000% /09/2018 CV USD ADVANCED SEMICONDUCTOR 0.000% /03/2018 CV USD UNITED MICROELECTRONICS 0.000% /05/2020 CV USD ZHEN DING TECH 0.000% 14-26/06/2019 CV USD Singapore CAPITACOMMERCIAL 2.500% /09/2017 CV SGD CAPITALAND LTD 1.850% 13-19/06/2020 CV SGD CAPITALAND LTD 1.950% 13-17/10/2023 CV SGD CAPITALAND LTD 2.800% 15-08/06/2025 CV SGD RUBY ASSETS PTE 1.600% 10-01/02/2017 CV SGD Hong Kong ASM PACIFIC TECHNOLOGY 2.000% /03/2019 CV HKD BAOSTEEL HONG KONG 0.000% /12/2018 CV USD COSMOS BOOM 0.500% 15-23/06/2020 CV USD JOHNSON ELECTRIC HOLDINGS 1.000% /04/2021 CV USD Malaysia CAHAYA CAPITAL 0.000% 14-18/09/2021 CV USD INDAH CAPITAL 0.000% 13-24/10/2018 CV SGD Cayman Islands CHINA OVERSEAS FIN 5.000% 16-05/01/2023 CV USD British Virgin Islands CROTONA ASSETS 4.000% 14-14/04/2019 CV USD SHINE POWER INTL 0.000% /07/2019 CV HKD Thailand BANGKOK DUSIT MED SERVICE 0.000% /09/2019 CV THB Philippines AYC FINANCE LTD 0.500% 14-02/05/2019 CV USD Total securities portfolio Page 46

169 Convertible Bond World Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds France INGENICO GROUP 0.000% 15-26/06/2022 CV EUR LVMH MOET HENNES 0.000% 16-16/02/ CV FLAT USD SUEZ ENVIRONNEMENT 0.000% /02/2020 CV FLAT EUR UNIBAIL-RODAMCO 0.000% /01/2022 CV EUR WENDEL SA 0.000% 16-31/07/2019 CV EUR Convertible bonds United States of America AKAMAI TECH 0.000% 14-15/02/2019 CV USD ALLERGAN PLC 5.500% 15-01/03/ CV FLAT USD ARES CAPITAL COR 4.750% /01/2018 CV USD BROCADE COM SYS 1.375% /01/2020 CV USD CITRIX SYSTEMS 0.500% 14-15/04/2019 CV USD DYCOM INDS 0.750% 15-15/09/2021 CV USD EXTRA SPACE STORAGE 3.125% /10/2035 CV USD HOLOGIC INC 2.000% 12-01/03/2042 CV SR USD ILLUMINA INC 0.000% 14-15/06/2019 CV USD ILLUMINA INC 0.500% 14-15/06/2021 CV USD IMPAX LABORATORIES INC 2.000% /06/2022 CV USD INTEL CORP 2.950% 06-15/12/2035 CV USD INTEL CORP 3.250% 09-01/08/2039 CV USD LIBERTY MEDIA 1.375% 13-15/10/2023 CV USD MICROCHIP TECHNOLOGY 1.625% /02/2025 CV USD MICRON TECH 3.000% 13-15/11/2043 CV USD NUANCE COMMUNIC 1.000% /12/2035 CV USD NUVASIVE INC 2.250% 16-15/03/2021 CV USD PRICELINE.COM 0.350% 13-15/06/2020 CV USD PRICELINE.COM 1.000% 12-15/03/2018 CV USD RED HAT INC 0.250% 14-01/10/2019 CV USD SALESFORCE.COM 0.250% /04/2018 CV USD SERVICENOW INC 0.000% 13-01/11/2018 CV USD STARWOOD PROP TR 4.000% /01/2019 CV USD STARWOOD PROP TR 4.550% /03/2018 CV USD SUNPOWER CORP 0.875% 14-01/06/2021 CV USD SUNPOWER CORP 4.000% 15-15/01/2023 CV USD TESLA MOTORS INC 0.250% /03/2019 CV USD TESLA MOTORS INC 1.250% /03/2021 CV USD T-MOBILE USA INC 5.500% 14-15/12/ CV FLAT USD TWITTER INC 0.250% 14-15/09/2019 CV USD YAHOO INC 0.000% 13-01/12/2018 CV USD Japan ASICS CORP 0.000% 14-01/03/2019 CV JPY JAPAN AIRPORT 0.000% 15-06/03/2020 CV JPY KAWASAKI KISEN 0.000% 13-26/09/2018 CV JPY LIXIL GROUP CORP 0.000% /03/2022 CV JPY SHIZUOKA BANK 0.000% 13-25/04/2018 CV USD SONY CORP 0.000% 15-30/09/2022 CV JPY SUZUKI MOTOR CO 0.000% /03/2021 CV JPY SUZUKI MOTOR CO 0.000% /03/2023 CV JPY TAKASHIMAYA CO 0.000% 13-11/12/2020 CV JPY TERUMO CORP 0.000% 14-06/12/2021 CV JPY TOHOKU ELECTRIC POWER CO 0.000% /12/2018 CV JPY TOHOKU ELECTRIC POWER CO 0.000% /12/2020 CV JPY TORAY INDUSTRIES 0.000% /08/2019 CV JPY YAMADA DENKI CO 0.000% /06/2019 CV JPY YAMAGUCHI FIN GP 0.000% /12/2018 CV USD China CHINA RAIL CONS 0.000% 16-29/01/2021 CV USD CRRC CORP LTD 0.000% 16-05/02/2021 CV USD CTRIP.COM INT 1.000% 15-01/07/2020 CV USD CTRIP.COM INT 1.990% 15-01/07/2025 CV USD ENN ENERGY HOLDINGS 0.000% /02/2018 CV USD KINGSOFT CORP LTD 1.250% /04/2019 CV HKD SEMICONDUCTOR MANUFACTORING % 13-07/11/2018 CV USD SHENZHOU INTERNA 0.500% /06/2019 CV HKD VIPSHOP HOLDING 1.500% /03/2019 CV USD Germany ADIDAS AG 0.250% 12-14/06/2019 CV EUR DEUTSCHE POST AG 0.600% /12/2019 CV EUR FRESENIUS SE 0.000% 14-24/09/2019 CV EUR HANIEL FINANCE 0.000% 15-12/05/2020 CV EUR LEG IMMOBILIEN 0.500% 14-01/07/2021 CV EUR RAG STIFTUNG 0.000% 14-31/12/2018 CV EUR France AIRBUS GROUP NV 0.000% /07/2022 CV EUR AIRBUS GROUP SE 0.000% /06/2021 CV EUR CAP GEMINI SOGET 0.000% 13-01/01/ CV FLAT EUR FONCIERE DES REGIONS 0.875% /04/2019 CV FLAT EUR FONCIERE DES REGIONS 3.340% /01/2017 CV FLAT EUR SAFRAN SA 0.000% 16-31/12/2020 CV FLAT EUR TOTAL SA 0.500% 15-02/12/2022 CV USD Mexico AMERICA MOVIL SA 0.000% /05/2020 CV EUR CEMEX SAB 3.720% 15-15/03/2020 CV USD CEMEX SAB 3.750% 11-15/03/2018 CV USD The Netherlands AMORIM ENERGIA B 3.375% /06/2018 CV EUR NXP SEMICONDUCTORS 1.000% /12/2019 CV USD SIEMENS FINAN 1.050% 15-16/08/2017 CV USD SIEMENS FINAN 1.650% 15-16/08/2019 CV USD United Kingdom BP CAPITAL PLC 1.000% 16-28/04/2023 CV GBP INTL CONSOLIDATED 0.250% /11/2020 CV EUR VODAFONE GROUP 0.000% /11/2020 CV GBP Cyprus ABIGROVE 0.500% 16-29/04/2021 CV USD AROUNDTOWN PROPERTY 3.000% 15-05/05/2020 CV EUR Page 47

170 Convertible Bond World Securities portfolio at 30/06/2016 Expressed in USD United Arab Emirates DP WORLD LTD 1.750% 14-19/06/2024 CV USD NATIONAL BANK OF ABU DHABI 1.000% /03/2018 CV USD Cayman Islands CHINA OVERSEAS FIN 5.000% /01/2023 CV USD Austria STEINHOFF FINANC 1.250% /08/2022 CV EUR STEINHOFF FINANC 1.250% /10/2023 CV EUR Norway MARINE HARVEST 0.125% 15-05/11/2020 CV EUR Spain ACS ACTIVIDADES 1.625% 14-27/03/2019 CV EUR Portugal PARPUBLICA 5.250% 10-28/09/2017 CV EUR Singapore CAPITALAND LTD 2.800% 15-08/06/2025 CV SGD Hong Kong ASM PACIFIC TECHNOLOGY 2.000% /03/2019 CV HKD BAOSTEEL HONG KONG 0.000% /12/2018 CV USD Israel TEVA PHARMACEUTICAL 7.000% /12/2018 CV FLAT USD Hungary HUNGARIAN STATE 3.375% /04/2019 CV EUR India LARSEN & TOUBRO 0.675% /10/2019 CV USD Ireland JAZZ INVT I LTD 1.875% 14-15/08/2021 CV USD Malaysia INDAH CAPITAL 0.000% 13-24/10/2018 CV SGD Jersey Island BRITISH LAND CO 1.500% 12-10/09/2017 CV GBP Taiwan ZHEN DING TECH 0.000% 14-26/06/2019 CV USD Luxembourg TELECOM IT FIN 6.125% 13-15/11/2016 CV EUR Switzerland SWISS LIFE HOLDING 0.000% /12/2020 CV CHF Belgium BEKAERT SA 0.000% 16-09/06/2021 CV EUR Sweden INDUSTRIVARDEN 0.000% 14-15/05/2019 CV SEK Other transferable securities Convertible bonds Jersey Island WRIGHT MEDICAL 2.000% NOTES /02/2020 CV USD United States of America ISIS PHARMACEUTICALS 1.000% 14-15/11/2021 CV USD Luxembourg ESPIRITO SANTO 5.050% 05-15/11/2025 CV SR DFLT EUR Shares/Units in investment funds Luxembourg PARWORLD FLEXIBLE CONVERTIBLE BOND FUND - X - CAP USD Total securities portfolio Page 48

171 Equity Best Selection Asia ex-japan Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China CHINA COMMUNICATIONS SERVI - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA TELECOM CORP LTD - H HKD COUNTRY GARDEN HOLDINGS CO HKD ENN ENERGY HOLDINGS LTD HKD GREAT WALL MOTOR COMPANY - H HKD HENGAN INTL GROUP CO LTD HKD HUANENG POWER INTL INC - H HKD IND & COMM BANK OF CHINA - H HKD LENOVO GROUP LTD HKD PING AN INSURANCE GROUP CO - H HKD SHENZHOU INTERNATIONAL GROUP HKD TENCENT HOLDINGS LTD HKD Hong Kong CHEUNG KONG INFRASTRUCTURE HKD CHINA GAS HOLDINGS LTD HKD CHINA STATE CONSTRUCTION INT HKD CHINA TAIPING INSURANCE HOLD HKD CK HUTCHISON HOLDINGS LTD HKD HAIER ELECTRONICS GROUP CO HKD HANG LUNG PROPERTIES LTD HKD HONG KONG EXCHANGES & CLEAR HKD MTR CORP HKD TECHTRONIC INDUSTRIES CO LTD HKD India ASIAN PAINTS LTD INR HDFC BANK LTD INR HINDUSTAN UNILEVER LTD INR KOTAK MAHINDRA BANK LTD INR LUPIN LTD INR TATA MOTORS LTD INR TECH MAHINDRA LTD INR Taiwan ADVANTECH CO LTD TWD DELTA ELECTRONIC INDUSTRIAL CO TWD ECLAT TEXTILE COMPANY LTD TWD FUBON FINANCIAL HOLDING CO TWD PRESIDENT CHAIN STORE CORP TWD SPORTON INTERNATIONAL INC TWD TAIWAN SEMICONDUCTOR MANUFAC TWD South Korea LG HOUSEHOLD & HEALTH CARE KRW SAMSUNG ELECTRONICS CO LTD KRW SK HYNIX INC KRW Singapore SINGAPORE EXCHANGE LTD SGD SINGAPORE TELECOMMUNICATIONS SGD Indonesia BANK CENTRAL ASIA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR UNILEVER INDONESIA TBK PT IDR Malaysia PUBLIC BANK BERHAD MYR Philippines SM INVESTMENTS CORP PHP Cayman Islands QINQIN FOODSTUFFS GRP (KY) CO LTD HKD Total securities portfolio Page 49

172 Equity Best Selection Euro Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Germany BAYER AG - REG EUR BAYERISCHE MOTOREN WERKE AG EUR CONTINENTAL AG EUR DEUTSCHE BOERSE AG EUR DEUTSCHE TELEKOM AG - REG EUR FRESENIUS MEDICAL CARE AG EUR GEA GROUP AG EUR INFINEON TECHNOLOGIES AG EUR LINDE AG EUR SAP SE EUR France ADP EUR AIR LIQUIDE SA EUR COMPAGNIE DE SAINT GOBAIN EUR LEGRAND SA EUR LVMH MOET HENNESSY LOUIS VUITTON EUR PERNOD RICARD SA EUR SCHNEIDER ELECTRIC SE EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV - CVA EUR KONINKLIJKE AHOLD NV EUR RELX N.V. EUR ROYAL DUTCH SHELL PLC - A EUR Spain AENA SA EUR AMADEUS IT HOLDING SA - A EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR RED ELECTRICA CORPORACION SA EUR Belgium ANHEUSER - BUSCH INBEV SA/NV EUR TELENET GROUP HOLDING NV EUR Italy ENI SPA EUR INTESA SANPAOLO EUR TELECOM ITALIA SPA EUR Ireland BANK OF IRELAND EUR CRH PLC EUR United Kingdom UNILEVER NV - CVA EUR Portugal GALP ENERGIA SGPS SA EUR JERONIMO MARTINS EUR Finland SAMPO OYJ - A EUR Sweden NORDEA BANK AB - FDR EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - P EUR Total securities portfolio Page 50

173 Equity Best Selection Europe Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BT GROUP PLC GBP DIAGEO PLC GBP INMARSAT PLC GBP KINGFISHER PLC GBP LIBERTY GLOBAL PLC - A USD LIBERTY GLOBAL PLC - C USD LIBERTY LILAC GROUP - A W/I USD LIBERTY LILAC GROUP - C W/I USD LLOYDS BANKING GROUP PLC GBP LONDON STOCK EXCHANGE GROUP GBP RECKITT BENCKISER GROUP PLC GBP RIO TINTO PLC GBP SABMILLER PLC GBP SKY PLC GBP SMITHS GROUP PLC GBP STANDARD CHARTERED PLC GBP UNILEVER NV - CVA EUR Germany BAYER AG - REG EUR DEUTSCHE BOERSE AG EUR FRESENIUS MEDICAL CARE AG EUR LINDE AG EUR SAP SE EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV - CVA EUR ROYAL DUTCH SHELL PLC - A GBP ROYAL DUTCH SHELL PLC - B GBP Spain AENA SA EUR AMADEUS IT HOLDING SA - A EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR Ireland CRH PLC EUR EXPERIAN PLC GBP SHIRE PLC GBP Switzerland ROCHE HOLDING AG GENUSSCHEIN CHF SCHINDLER HOLDING - PART CERT CHF SWATCH GROUP AG/THE - BR CHF France ADP EUR AIR LIQUIDE SA EUR COMPAGNIE DE SAINT GOBAIN EUR Sweden ATLAS COPCO AB - A SEK HEXAGON AB - B SEK NORDEA BANK AB SEK Portugal JERONIMO MARTINS EUR Belgium ANHEUSER - BUSCH INBEV SA/NV EUR Norway DNB ASA NOK Denmark CARLSBERG AS - B DKK Finland SAMPO OYJ - A EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - P EUR Total securities portfolio Page 51

174 Equity Brazil Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil AES TIETE ENERGIA SA - UNIT BRL ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL AMBEV SA - ADR USD BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BANCO DO BRASIL S.A. BRL BB SEGURIDADE PARTICIPACOES BRL BM&FBOVESPA SA BRL BRF SA BRL BRF SA-ADR USD CCR SA BRL CETIP SA-MERCADOS ORGANIZADO BRL CIA ENERGETICA DE SP-PREF B BRL CIA ENERGETICA MINAS GER-PRF BRL CIA PARANAENSE DE ENERGI-PFB BRL CIELO SA BRL COSAN LOGISTICA SA BRL COSAN LTD - A SHARES USD COSAN SA INDUSTRIA COMERCIO BRL CPFL ENERGIA SA BRL EMBRAER SA BRL EMBRAER SA-ADR USD EQUATORIAL ENERGIA SA - ORD BRL FIBRIA CELULOSE SA BRL HYPERMARCAS SA BRL ITAU UNIBANCO HOLDING S-PREF BRL ITAU UNIBANCO H-SPON PRF ADR USD ITAUSA INVESTIMENTOS ITAU-PR BRL JBS SA BRL KLABIN SA - UNIT BRL KROTON EDUCACIONAL SA BRL LOJAS AMERICANAS SA-PREF BRL MARFRIG GLOBAL FOODS SA BRL MINERVA SA BRL PETROBRAS - PETROLEO BRAS BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASILEIRO - SPON ADR USD PETROLEO BRASIL-SP PREF ADR USD QUALICORP SA BRL RUMO LOGISTICA OPERADORA MUL BRL SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL - ADR USD TELEFONICA BRASIL SA - PREF BRL TIM PARTICIPACOES SA BRL ULTRAPAR PARTICIPACOES SA BRL VALE SA BRL VALE SA-PREF BRL VALE SA-SP ADR USD VALE SA-SP PREF ADR USD WEG SA BRL Bonds Brazil PDG REALTY 0.000% 12-19/09/2016 CV BRL Warrants, Rights ALUPAR INVEST SA RTS 21/07/2016 BRL COSAN LOGISTICA SA RTS 26/07/2016 BRL Other transferable securities Shares Brazil TECNISA SA BRL Convertible bonds Brazil KLABIN SA % 13-08/01/ SUBR CV BRL Total securities portfolio Page 52

175 Equity Bric Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil AES TIETE ENERGIA SA - UNIT BRL ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL AMBEV SA - ADR USD BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BANCO DO BRASIL S.A. BRL BB SEGURIDADE PARTICIPACOES BRL BRADESPAR SA - PREF BRL BRF SA BRL BRF SA-ADR USD CCR SA BRL CETIP SA-MERCADOS ORGANIZADO BRL CIA BRASILEIRA DE DIS-PREF BRL CIA BRASILEIRA DE DIS-SP PRF USD CIA ENERGETICA DE SP-PREF B BRL CIA ENERGETICA MINAS GER-PRF BRL CIA PARANAENSE DE ENERGI-PFB BRL CIELO SA BRL COSAN LOGISTICA SA BRL COSAN LTD - A SHARES USD COSAN SA INDUSTRIA COMERCIO BRL CPFL ENERGIA SA BRL ECORODOVIAS INFRA E LOG SA BRL EMBRAER SA BRL EMBRAER SA-ADR USD ESTACIO PARTICIPACOES SA BRL FIBRIA CELULOSE SA BRL ITAU UNIBANCO HOLDING S-PREF BRL ITAU UNIBANCO H-SPON PRF ADR USD ITAUSA INVESTIMENTOS ITAU-PR BRL KLABIN SA - UNIT BRL KROTON EDUCACIONAL SA BRL MARFRIG GLOBAL FOODS SA BRL MINERVA SA BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASIL-SP PREF ADR USD QUALICORP SA BRL RUMO LOGISTICA OPERADORA MUL BRL SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL - ADR USD TELEFONICA BRASIL SA - PREF BRL ULTRAPAR PARTICIPACOES SA BRL VALE SA-PREF BRL VALE SA-SP PREF ADR USD WEG SA BRL India ASIAN PAINTS LTD INR AXIS BANK LTD INR BAJAJ FINANCE LTD INR BHARAT ELECTRONICS LTD INR BHARTI AIRTEL LTD INR BRITANNIA INDUSTRIES LTD INR CHOLAMANDALAM INVESTMENT AND INR COAL INDIA LTD INR DABUR INDIA LTD INR DIVIS LABORATORIES LTD INR GUJARAT STATE PETRONET LTD INR HDFC BANK LTD INR HDFC BANK LTD - ADR USD HERO MOTOCORP LTD INR HINDUSTAN UNILEVER LTD INR ICICI BANK LTD INR IDEA CELLULAR LTD INR INDUSIND BANK LTD INR INFOSYS LTD INR ITC LTD INR JET AIRWAYS INDIA LTD INR JUST DIAL LTD INR KOTAK MAHINDRA BANK LTD INR LUPIN LTD INR MANPASAND BEVERAGES LTD INR MARUTI SUZUKI INDIA LTD INR NESTLE INDIA LTD INR SUN PHARMACEUTICAL INDUSTRIES INR TATA CONSULTANCY SVCS LTD INR ULTRATECH CEMENT LTD INR YES BANK LTD INR ZEE ENTERTAINMENT ENTERPRISE INR Russia ACRON RUB AK TRANSNEFT OJSC - PREF RUB ALROSA PAO RUB BASHNEFT PJSC RUB E.ON RUSSIA JSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM NEFT PJSC RUB GAZPROM PAO RUB INTER RAO UES PJSC RUB LUKOIL PJSC RUB M VIDEO PAO RUB MAGNIT PJSC RUB MEGAFON - REG GDR USD MMC NORILSK NICKEL PJSC RUB MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVATEK OAO-SPONS GDR REG USD ROSNEFT PJSC RUB SBERBANK OF RUSSIA PJSC RUB SBERBANK-PREFERENCE RUB SEVERSTAL PAO RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB China ALIBABA GROUP HOLDING-SP ADR USD ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD BANK OF CHINA LTD - H HKD CHINA COMMUNICATIONS CONST - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA MENGNIU DAIRY CO HKD CHINA PETROLEUM & CHEMICAL - H HKD CHINA RAILWAY CONSTRUCTION - H HKD CHINA SHENHUA ENERGY CO - H HKD CNOOC LTD HKD DONGFENG MOTOR GRP CO LTD - H HKD FIH MOBILE LTD HKD Page 53

176 Equity Bric Securities portfolio at 30/06/2016 Expressed in USD GUANGZHOU AUTOMOBILE GROUP - H HKD HAITONG SECURITIES CO LTD - H HKD HENGAN INTL GROUP CO LTD HKD IND & COMM BANK OF CHINA - H HKD JD.COM INC - ADR USD NETEASE INC - ADR USD PHOENIX HEALTHCARE GROUP CO HKD PICC PROPERTY & CASUALTY - H HKD PING AN INSURANCE GROUP CO - H HKD SINOPEC SHANGHAI PETROCHEMICAL - H HKD SUNNY OPTICAL TECH HKD TAL EDUCATION GROUP - ADR USD TENCENT HOLDINGS LTD HKD ZHUZHOU CRRC TIMES ELECTRIC HKD Hong Kong AIA GROUP LTD HKD BRILLIANCE CHINA AUTOMOTIVE HKD CHINA MOBILE LTD HKD CHINA OVERSEAS LAND & INVEST HKD CHINA RESOURCES LAND LTD HKD CHINA TAIPING INSURANCE HOLD HKD CHINA UNICOM HONG KONG LTD HKD CSPC PHARMACEUTICAL GROUP LTD HKD GUANGDONG INVESTMENT LTD HKD TECHTRONIC INDUSTRIES CO LTD HKD United States of America COGNIZANT TECH SOLUTIONS - A USD NEXTEER AUTOMOTIVE GROUP LTD HKD Taiwan TAIWAN SEMICONDUCTOR MANUFAC TWD Switzerland LUXOFT HOLDING INC USD Cyprus GLOBALTRA-SPONS GDR REGS USD Macao WYNN MACAU LTD HKD Cayman Islands QINQIN FOODSTUFFS GRP (KY) CO LTD HKD Warrants, Rights ALUPAR INVEST SA RTS 21/07/2016 BRL COSAN LOGISTICA SA RTS 26/07/2016 BRL UBS PN 12/05/2017 HANGZHOU HIKV A SHS A USD UBS PN 12/05/2017 HENGRUI MEDIC A SHS A USD UBS PN 12/05/2017 KWEICHOW MOUTAI USD Other transferable securities Shares Brazil TECNISA SA BRL Shares/Units in investment funds Luxembourg BNPP FLEXI I CSI 300 INDEX - I USD - CAP USD Total securities portfolio Page 54

177 Equity China Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China ALIBABA GROUP HOLDING-SP ADR USD ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD BANK OF CHINA LTD - H HKD CHANGSHA ZOOMLION HEAVY IN - H HKD CHINA COMMUNICATIONS CONST - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA MENGNIU DAIRY CO HKD CHINA PETROLEUM & CHEMICAL - H HKD CHINA RAILWAY CONSTRUCTION - H HKD CHINA SHENHUA ENERGY CO - H HKD CNOOC LTD HKD DONGFENG MOTOR GRP CO LTD - H HKD FIH MOBILE LTD HKD GUANGZHOU AUTOMOBILE GROUP - H HKD HAITONG SECURITIES CO LTD - H HKD HENGAN INTL GROUP CO LTD HKD IND & COMM BANK OF CHINA - H HKD JD.COM INC - ADR USD NETEASE INC - ADR USD PHOENIX HEALTHCARE GROUP CO HKD PICC PROPERTY & CASUALTY - H HKD PING AN INSURANCE GROUP CO - H HKD SINOPEC SHANGHAI PETROCHEMICAL - H HKD SUNNY OPTICAL TECH HKD TAL EDUCATION GROUP - ADR USD TENCENT HOLDINGS LTD HKD ZHUZHOU CRRC TIMES ELECTRIC HKD Hong Kong AIA GROUP LTD HKD BRILLIANCE CHINA AUTOMOTIVE HKD CHINA MOBILE LTD HKD CHINA OVERSEAS LAND & INVEST HKD CHINA RESOURCES LAND LTD HKD CHINA TAIPING INSURANCE HOLD HKD CHINA UNICOM HONG KONG LTD HKD CSPC PHARMACEUTICAL GROUP LTD HKD GUANGDONG INVESTMENT LTD HKD TECHTRONIC INDUSTRIES CO LTD HKD Taiwan TAIWAN SEMICONDUCTOR MANUFAC TWD Macao SANDS CHINA LTD HKD WYNN MACAU LTD HKD United States of America NEXTEER AUTOMOTIVE GROUP LTD HKD Cayman Islands QINQIN FOODSTUFFS GRP (KY) CO LTD HKD Bonds Bahamas CREDIT SUISSE NAS CRT 22/10/ USD Warrants, Rights UBS PN 12/05/2017 HANGZHOU HIKV A SHS A USD UBS PN 12/05/2017 HENGRUI MEDIC A SHS A USD UBS PN 12/05/2017 KWEICHOW MOUTAI USD UBS PN 12/05/2017 ZZ YUTONG BUS USD Other transferable securities Shares Hong Kong EURO ASIA AGRICULTURAL HOLDINGS HKD RNA HOLDINGS LTD HKD Shares/Units in investment funds Luxembourg BNPP FLEXI I CSI 300 INDEX - I USD - CAP USD Total securities portfolio Page 55

178 Equity Europe Emerging Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ACRON RUB AK TRANSNEFT OJSC - PREF RUB ALROSA PAO RUB BASHNEFT PAO -PREF RUB E.ON RUSSIA JSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM PAO -SPON ADR USD INTER RAO UES PJSC RUB LUKOIL PJSC - SPON ADR USD M VIDEO PAO RUB MAGNIT PJSC RUB MAGNIT PJSC-SPON GDR REGS USD MEGAFON - REG GDR USD MMC NORILSK NICKEL PJSC - ADR USD MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVATEK OAO-SPONS GDR REG USD ROSNEFT OJSC - REG GDR USD SBERBANK OF RUSSIA PJSC RUB SBERBANK-PREFERENCE RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB Turkey AKBANK T.A.S. TRY ANADOLU HAYAT EMEKLILIK TRY ASELSAN ELEKTRONIK SANAYI TRY EMLAK KONUT GAYRIMENKUL YATI TRY ENKA INSAAT VE SANAYI AS TRY PETKIM PETROKIMYA HOLDING AS TRY SODA SANAYII TRY TAT KONSERVE TRY TOFAS TURK OTOMOBIL FABRIKASI TRY TRAKYA CAM SANAYII AS TRY TUPRAS-TURKIYE PETROL RAFINE TRY TURK HAVA YOLLARI AO TRY TURK SISE VE CAM FABRIKALARI TRY TURKIYE GARANTI BANKASI TRY TURKIYE IS BANKASI - C TRY TURKIYE SINAI KALKINMA BANK TRY Poland ASSECO POLAND SA PLN CCC SA PLN CYFROWY POLSAT SA PLN KGHM POLSKA MIEDZ SA PLN PGE SA PLN PKO BANK POLSKI SA PLN POWSZECHNY ZAKLAD UBEZPIECZE PLN WARSAW STOCK EXCHANGE PLN Czech Republic CEZ AS CZK KOMERCNI BANKA AS CZK MONETA MONEY BANK AS CZK Greece ALPHA BANK A.E. EUR FF GROUP EUR NATIONAL BANK OF GREECE EUR Hungary MOL HUNGARIAN OIL AND GAS PL HUF OTP BANK PLC HUF RICHTER GEDEON NYRT HUF Cyprus GLOBALTRA-SPONS GDR REGS USD Switzerland LUXOFT HOLDING INC USD Guernsey Island ETALON GROUP-GDR REGS - W/I USD Georgia GEORGIA HEALTHCARE GROUP PLC GBP Kazakhstan KCELL JSC - REGS - W/I USD Slovakia POVAZSKE STROJARNE EUR Total securities portfolio Page 56

179 Equity Europe Growth Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BT GROUP PLC GBP DIAGEO PLC GBP INMARSAT PLC GBP KINGFISHER PLC GBP LIBERTY GLOBAL PLC - A USD LIBERTY GLOBAL PLC - C USD LIBERTY LILAC GROUP - A W/I USD LIBERTY LILAC GROUP - C W/I USD LLOYDS BANKING GROUP PLC GBP LONDON STOCK EXCHANGE GROUP GBP RECKITT BENCKISER GROUP PLC GBP SABMILLER PLC GBP SKY PLC GBP SMITHS GROUP PLC GBP STANDARD CHARTERED PLC GBP UNILEVER NV - CVA EUR Germany BAYER AG - REG EUR DEUTSCHE BOERSE AG EUR FRESENIUS MEDICAL CARE AG EUR INFINEON TECHNOLOGIES AG EUR LINDE AG EUR SAP SE EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV - CVA EUR ROYAL DUTCH SHELL PLC - A GBP ROYAL DUTCH SHELL PLC - B GBP Spain AENA SA EUR AMADEUS IT HOLDING SA - A EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR Ireland CRH PLC EUR EXPERIAN PLC GBP SHIRE PLC GBP Switzerland ROCHE HOLDING AG GENUSSCHEIN CHF SCHINDLER HOLDING - PART CERT CHF SWATCH GROUP AG/THE - BR CHF France ADP EUR AIR LIQUIDE SA EUR COMPAGNIE DE SAINT GOBAIN EUR Sweden ATLAS COPCO AB - A SEK HEXAGON AB - B SEK NORDEA BANK AB SEK Portugal JERONIMO MARTINS EUR Belgium ANHEUSER - BUSCH INBEV SA/NV EUR Denmark CARLSBERG AS - B DKK Norway DNB ASA NOK Finland SAMPO OYJ - A EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - P EUR Total securities portfolio Page 57

180 Equity Europe Mid Cap Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares France ATOS SE EUR FAURECIA EUR FONCIERE DES REGIONS EUR ILIAD SA EUR KLEPIERRE EUR NATIXIS EUR NUMERICABLE-SFR EUR SEB SA EUR SOCIETE BIC SA EUR TECHNICOLOR - REGR EUR TELEPERFORMANCE EUR THALES SA EUR VALEO SA EUR United Kingdom ASHTEAD GROUP PLC GBP BARRATT DEVELOPMENTS PLC GBP BRITVIC PLC GBP DERWENT LONDON PLC GBP DIXONS CARPHONE PLC GBP DS SMITH PLC GBP HIKMA PHARMACEUTICALS PLC GBP HOWDEN JOINERY GROUP PLC GBP IG GROUP HOLDINGS PLC GBP INCHCAPE PLC GBP INFORMA PLC GBP MICRO FOCUS INTERNATIONAL GBP PERSIMMON PLC GBP SPIRAX-SARCO ENGINEERING PLC GBP Germany FREENET AG EUR GEA GROUP AG EUR KION GROUP AG EUR LEG IMMOBILIEN AG EUR MTU AERO ENGINES AG EUR PROSIEBEN SAT.1 MEDIA SE EUR SYMRISE AG EUR Switzerland BANQUE CANTONALE VAUDOIS - REG CHF LOGITECH INTERNATIONAL - REG CHF SCHINDLER HOLDING - PART CERT CHF SIKA AG - BR CHF Ireland DCC PLC GBP KINGSPAN GROUP PLC EUR PADDY POWER BETFAIR PLC GBP SMURFIT KAPPA GROUP PLC EUR The Netherlands NN GROUP NV - W/I EUR WOLTERS KLUWER EUR Sweden CASTELLUM AB SEK HEXAGON AB - B SEK Italy BANCA MEDIOLANUM SPA EUR RECORDATI SPA EUR Finland HUHTAMAKI OYJ EUR Spain DISTRIBUIDORA INTERNACIONAL EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - P EUR Total securities portfolio Page 58

181 Equity Europe Small Cap Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BRITVIC PLC GBP DERWENT LONDON PLC GBP DS SMITH PLC GBP GREGGS PLC GBP HANSTEEN HOLDINGS PLC GBP HIKMA PHARMACEUTICALS PLC GBP HOWDEN JOINERY GROUP PLC GBP IG GROUP HOLDINGS PLC GBP INCHCAPE PLC GBP INFORMA PLC GBP MICRO FOCUS INTERNATIONAL GBP MONEYSUPERMARKET.COM GBP NATIONAL EXPRESS GROUP PLC GBP SENIOR PLC GBP SPIRAX-SARCO ENGINEERING PLC GBP WH SMITH PLC GBP Germany ALSTRIA OFFICE REIT AG EUR BECHTLE AG EUR FREENET AG EUR GERRESHEIMER AG EUR JUNGHEINRICH - PRFD EUR KION GROUP AG EUR KRONES AG EUR LEG IMMOBILIEN AG EUR MTU AERO ENGINES AG EUR NORMA GROUP SE EUR France ALTRAN TECHNOLOGIES SA EUR FAURECIA EUR IPSEN EUR PLASTIC OMNIUM EUR SEB SA EUR TECHNICOLOR - REGR EUR TELEPERFORMANCE EUR WORLDLINE SA - W/I EUR Italy A2A SPA EUR BANCA GENERALI SPA EUR BANCA MEDIOLANUM SPA EUR CERVED INFORMATION SOLUTIONS EUR EI TOWERS SPA EUR RECORDATI SPA EUR Sweden CASTELLUM AB SEK FABEGE AB SEK HEXPOL AB SEK LOOMIS AB - B SEK Switzerland BANQUE CANTONALE VAUDOIS - REG CHF HELVETIA HOLDING AG - REG CHF IMPLENIA AG - REG CHF LOGITECH INTERNATIONAL - REG CHF Ireland DCC PLC GBP GRAFTON GROUP PLC - UTS GBP KINGSPAN GROUP PLC EUR PADDY POWER BETFAIR PLC GBP SMURFIT KAPPA GROUP PLC EUR Finland HUHTAMAKI OYJ EUR METSA BOARD OYJ EUR Portugal CTT-CORREIOS DE PORTUGAL EUR NOS SGPS EUR Denmark ROYAL UNIBREW DKK The Netherlands CORBION NV EUR Austria WIENERBERGER AG EUR Isle of Man PAYSAFE GROUP PLC GBP Spain VISCOFAN SA EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - I - CAP EUR Total securities portfolio Page 59

182 Equity High Dividend Pacific Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Australia AGL ENERGY LTD AUD AMCOR LTD AUD AMP LTD AUD APA GROUP AUD AUST AND NZ BANKING GROUP AUD BHP BILLITON LTD AUD BRAMBLES LTD AUD CARSALES.COM LTD AUD COMMONWEALTH BANK OF AUSTRALIA AUD COMPUTERSHARE LTD AUD DULUXGROUP LTD AUD FAIRFAX MEDIA LTD AUD G8 EDUCATION LTD AUD MACQUARIE GROUP LTD AUD NATIONAL AUSTRALIA BANK LTD AUD ORORA LTD AUD QUBE HOLDINGS LTD AUD SONIC HEALTHCARE LTD AUD SPARK INFRASTRUCTURE GROUP AUD SUNCORP GROUP LTD AUD SYDNEY AIRPORT AUD TELSTRA CORP LTD AUD TRANSURBAN GROUP AUD WESTPAC BANKING CORP AUD Japan ASAHI INTECC CO LTD JPY CANON INC JPY CHUGOKU ELECTRIC POWER CO JPY DAIWA SECURITIES GROUP INC JPY FANUC CORP JPY HOKURIKU ELECTRIC POWER CO JPY ITOCHU CORP JPY JX HOLDINGS INC JPY LAWSON INC JPY MANI INC JPY MARUBENI CORP JPY MIRACA HOLDINGS INC JPY MIZUHO FINANCIAL GROUP INC JPY MS&AD INSURANCE GROUP HOLDING JPY NIHON KOHDEN CORP JPY NIPPON TELEGRAPH & TELEPHONE JPY NISSAN MOTOR CO LTD JPY NITORI HOLDINGS CO LTD JPY RICOH CO LTD JPY SUMITOMO CORP JPY SUMITOMO MITSUI FINANCIAL GR JPY SUMITOMO MITSUI TRUST HOLDINGS JPY Hong Kong BOC HONG KONG HOLDINGS LTD HKD CHEUNG KONG INFRASTRUCTURE HKD CK HUTCHISON HOLDINGS LTD HKD CLP HOLDINGS LTD HKD DAH SING BANKING GROUP LTD HKD DAH SING FINANCIAL HOLDINGS HKD HANG SENG BANK LTD HKD HK ELECTRIC INVESTMENTS -SS HKD HKT TRUST AND HKT LTD HKD MTR CORP HKD PCCW LTD HKD POWER ASSETS HOLDINGS LTD HKD WATER OASIS GROUP LTD HKD New Zealand AUCKLAND INTL AIRPORT LTD NZD FLETCHER BUILDING LTD NZD SPARK NEW ZEALAND LTD NZD Taiwan CHUNGHWA TELECOM CO LTD TWD CTCI CORP TWD PACIFIC HOSPITAL SUPPLY CO TWD TAIWAN SEMICONDUCTOR MANUFAC TWD India BAJAJ ELECTRICALS LTD INR COROMANDEL INTERNATIONAL LTD INR HINDUSTAN PETROLEUM CORP INR MCLEOD RUSSEL INDIA LTD INR OIL & NATURAL GAS CORP LTD INR PHILLIPS CARBON BLACK LTD INR TUBE INVESTMENTS OF INDIA INR South Korea HYUNDAI MOTOR CO KRW HYUNDAI MOTOR CO LTD PRF KRW KT CORP KRW SK INNOVATION CO LTD KRW SK TELECOM KRW Indonesia BANK RAKYAT INDONESIA PERSER IDR TELEKOMUNIKASI INDONESIA PER IDR Malaysia MAXIS BHD MYR PUBLIC BANK BERHAD MYR Philippines PHILIPPINE LONG DISTANCE TEL PHP SECURITY BANK CORP PHP United Kingdom CYBG PLC AUD Thailand ADVANCED INFORMATION TE-NVDR THB Total securities portfolio Page 60

183 Equity High Dividend USA Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AIRCASTLE LTD USD AMERIGAS PARTNERS - LP USD AMGEN INC USD BB&T CORP USD BEMIS COMPANY USD CARDINAL HEALTH INC USD CHEVRON CORP USD CINEMARK HOLDINGS INC USD CME GROUP INC USD CNA FINANCIAL CORP USD COMMUNICATIONS SALES + LE USD COMPASS MINERALS INTERNATION USD CORNING INC USD EMERSON ELECTRIC CO USD EXXON MOBIL CORP USD FASTENAL CO USD FORD MOTOR CO USD GEO GROUP INC/THE USD INTEL CORP USD IRON MOUNTAIN INC USD JOHNSON CONTROLS INC USD KIMBERLY-CLARK CORP USD MAGELLAN MIDSTREAM PARTNERS USD MICROSOFT CORP USD MOLSON COORS BREWING CO - B USD MOTOROLA SOLUTIONS INC USD MSC INDUSTRIAL DIRECT CO - A USD NATIONAL FUEL GAS CO USD OCCIDENTAL PETROLEUM CORP USD OMNICOM GROUP USD OWENS AND MINOR INC USD PARKER HANNIFIN CORP USD PEPSICO INC USD PNC FINANCIAL SERVICES GROUP USD PRAXAIR INC USD QUALCOMM INC USD QUEST DIAGNOSTICS INC USD SPECTRA ENERGY PARTNERS LP USD TARGET CORP USD THOMSON REUTERS CORP USD TIME WARNER INC USD UNION PACIFIC CORP USD UNITED PARCEL SERVICE- CL B USD US BANCORP USD VECTREN CORP USD VENTAS INC USD VERIZON COMMUNICATIONS INC USD WELLS FARGO & CO USD WESTERN UNION CO USD WEYERHAEUSER CO USD Switzerland ALLIED WORLD ASSURANCE CO USD TE CONNECTIVITY LTD USD United Kingdom UNILEVER PLC - SPONSORED ADR USD Total securities portfolio Page 61

184 Equity India Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares India ACC LTD INR ALKEM LABORATORIES LTD INR AMBUJA CEMENTS LTD INR ASIAN PAINTS LTD INR AXIS BANK LTD INR BAJAJ FINANCE LTD INR BHARAT ELECTRONICS LTD INR BHARTI AIRTEL LTD INR BRITANNIA INDUSTRIES LTD INR CHOLAMANDALAM INVESTMENT AND INR COAL INDIA LTD INR COX AND KINGS LTD INR CREDIT ANALYSIS & RESEARCH INR DIVIS LABORATORIES LTD INR FAG BEARINGS INDIA LTD INR FEDERAL BANK LTD INR GODREJ CONSUMER PRODUCTS LTD INR GUJARAT STATE PETRONET LTD INR HDFC BANK LTD INR HDFC BANK LTD - ADR USD HERO MOTOCORP LTD INR HINDUSTAN UNILEVER LTD INR ICICI BANK LTD INR IDEA CELLULAR LTD INR INDUSIND BANK LTD INR INFO EDGE INDIA LTD INR INFOSYS LTD INR INTERGLOBE AVIATION LTD INR JET AIRWAYS INDIA LTD INR JUST DIAL LTD INR JYOTHY LABORATORIES LTD INR KOTAK MAHINDRA BANK LTD INR LUPIN LTD INR MARUTI SUZUKI INDIA LTD INR MAX INDIA LIMITED INR MOTHERSON SUMI SYSTEMS LTD INR POWER GRID CORP OF INDIA LTD INR PVR LTD INR REPCO HOME FINANCE LTD INR SHRIRAM CITY UNION FINANCE INR SHRIRAM TRANSPORT FINANCE INR SUN PHARMACEUTICAL INDUSTRIES INR TATA CONSULTANCY SVCS LTD INR TATA MOTORS LTD INR TEXMACO RAIL & ENGINEERING INR ULTRATECH CEMENT LTD INR UNITED SPIRITS LTD INR VA TECH WABAG LTD INR VRL LOGISTICS LTD INR YES BANK LTD INR ZEE ENTERTAINMENT ENTERPRISE INR United States of America COGNIZANT TECH SOLUTIONS - A USD Total securities portfolio Page 62

185 Equity Indonesia Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Indonesia ADHI KARYA PERSERO TBK PT IDR ASTRA AGRO LESTARI TBK PT IDR ASTRA INTERNATIONAL TBK PT IDR BANK CENTRAL ASIA TBK PT IDR BANK MANDIRI PERSERO TBK PT IDR BANK NEGARA INDONESIA PERSER IDR BANK RAKYAT INDONESIA PERSER IDR BANK TABUNGAN NEGARA PERSERO IDR BLUE BIRD TBK PT IDR BUMI SERPONG DAMAI PT IDR CHAROEN POKPHAND INDONESI PT IDR CIPUTRA DEVELOPMENT TBK PT IDR GUDANG GARAM TBK PT IDR HM SAMPOERNA TBK PT IDR INDOCEMENT TUNGGAL PRAKARSA IDR INDOFOOD CBP SUKSES MAKMUR T IDR INDOFOOD SUKSES MAKMUR TBK P IDR INDOSAT TBK PT IDR JASA MARGA (PERSERO) TBK PT IDR KALBE FARMA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR MITRA KELUARGA KARYASEHAT TB IDR PEMBANGUNAN PERUMAHAN PERSER IDR PERUSAHAAN GAS NEGARA PERSER IDR PURADELTA LESTARI TBK PT IDR SEMEN INDONESIA PERSERO TBK IDR SUMBER ALFARIA TRIJAYA TBK IDR SUMMARECON AGUNG TBK PT IDR SURYA CITRA MEDIA PT TBK IDR TAMBANG BATUBARA BUKIT ASAM IDR TELEKOMUNIKASI INDONESIA PER IDR UNILEVER INDONESIA TBK PT IDR WIJAYA KARYA PERSERO TBK PT IDR XL AXIATA TBK PT IDR Total securities portfolio Page 63

186 Equity Japan Securities portfolio at 30/06/2016 Expressed in JPY Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Japan AI HOLDINGS CORP JPY AISIN SEIKI CO LTD JPY AOZORA BANK LTD JPY ASKUL CORP JPY CASIO COMPUTER CO LTD JPY CENTRAL JAPAN RAILWAY CO JPY CHIBA BANK LTD - THE JPY CREDIT SAISON CO LTD JPY DAIFUKU CO LTD JPY DAIKIN INDUSTRIES LTD JPY DENA CO LTD JPY DISCO CORP JPY EN-JAPAN INC JPY FAMILYMART CO LTD JPY FUJI ELECTRIC HOLDINGS CO LTD JPY FUJI HEAVY INDUSTRIES LTD JPY FUJITSU LTD JPY HITACHI KOKUSAI ELECTRIC INC JPY HITACHI METALS LTD JPY ISUZU MOTORS LTD JPY ITOCHU CORP JPY JAFCO CO LTD JPY JAPAN AIRLINES CO LTD JPY JAPAN TOBACCO INC JPY JSR CORP JPY JX HOLDINGS INC JPY KANDENKO CO LTD JPY KANSAI PAINT CO LTD JPY KAO CORP JPY KEWPIE CORP JPY KS HOLDINGS CORP JPY KYOWA HAKKO KIRIN CO LTD JPY MAKITA CORP JPY MAZDA MOTOR CORP JPY MITSUBISHI CHEMICAL HOLDINGS JPY MITSUBISHI ELECTRIC CORP JPY MITSUBISHI UFJ FINANCIAL GROUP JPY MITSUI & CO LTD JPY MS&AD INSURANCE GROUP HOLDING JPY MURATA MANUFACTURING CO LTD JPY NH FOODS LTD JPY NIKON CORP JPY NIPPON LIGHT METAL HOLDINGS JPY NIPPON TELEGRAPH & TELEPHONE JPY NIPPON YUSEN KK JPY NISSAN CHEMICAL INDUSTRIES JPY NISSAN MOTOR CO LTD JPY NTN CORP JPY NTT URBAN DEVELOPMENT CORP JPY ONO PHARMACEUTICAL CO LTD JPY ORIENTAL LAND CO LTD JPY ORIX CORP JPY OTSUKA HOLDINGS CO LTD JPY OUTSOURCING INC JPY RELO HOLDINGS INC JPY SANKYU INC JPY SEIKO EPSON CORP JPY SEKISUI HOUSE LTD JPY SENKO CO LTD JPY SMC CORP JPY SONY FINANCIAL HOLDINGS INC JPY SQUARE ENIX HOLDINGS CO LTD JPY STANLEY ELECTRIC CO LTD JPY SUMITOMO MITSUI FINANCIAL GR JPY TAISEI CORP JPY TAIYO YUDEN CO LTD JPY TIS SHS JPY TOHOKU ELECTRIC POWER CO INC JPY TOKIO MARINE HOLDINGS INC JPY TOKYO ELECTRON LTD JPY TOKYO TATEMONO CO LTD JPY TOMY COMPANY LTD JPY TORAY INDUSTRIES INC JPY TOYOTA BOSHOKU CORP JPY UNIZO HOLDINGS CO LTD JPY Total securities portfolio Page 64

187 Equity Latin America Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil AES TIETE ENERGIA SA - UNIT BRL ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL AMBEV SA - ADR USD BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BANCO DO BRASIL S.A. BRL BB SEGURIDADE PARTICIPACOES BRL BM&FBOVESPA SA BRL BRF SA BRL BRF SA-ADR USD CETIP SA-MERCADOS ORGANIZADO BRL CIA ENERGETICA DE SP-PREF B BRL CIA ENERGETICA MINAS GER-PRF BRL CIA PARANAENSE DE ENERGI-PFB BRL CIELO SA BRL COSAN LOGISTICA SA BRL COSAN LTD - A SHARES USD COSAN SA INDUSTRIA COMERCIO BRL EMBRAER SA-ADR USD FIBRIA CELULOSE SA BRL ITAU UNIBANCO HOLDING S-PREF BRL ITAU UNIBANCO H-SPON PRF ADR USD ITAUSA INVESTIMENTOS ITAU-PR BRL KLABIN SA - UNIT BRL KROTON EDUCACIONAL SA BRL LOJAS AMERICANAS SA-PREF BRL MARFRIG GLOBAL FOODS SA BRL MINERVA SA BRL PETROBRAS - PETROLEO BRAS BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASILEIRO - SPON ADR USD PETROLEO BRASIL-SP PREF ADR USD RUMO LOGISTICA OPERADORA MUL BRL SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL - ADR USD TELEFONICA BRASIL SA - PREF BRL VALE SA-PREF BRL VALE SA-SP PREF ADR USD Mexico ALFA S.A.B.-A MXN ALSEA SAB DE CV MXN AMERICA MOVIL SAB DE C-SER L MXN AMERICA MOVIL-SPN ADR CL L USD CEMEX SAB - CPO MXN CEMEX SAB-SPONS ADR PART CER USD CORP INMOBILIARIA VESTA SAB MXN EL PUERTO DE LIVERPOOL-C1 MXN FOMENTO ECONOMICO MEX-SP ADR USD GRUPO AEROPORTUARIO DEL CENT MXN GRUPO FIN SANTANDER - B MXN GRUPO FINANCIERO BANORTE - O MXN GRUPO FINANCIERO INBURSA - O MXN GRUPO LALA SAB DE CV MXN GRUPO TELEVISA SAB-SER CPO MXN GRUPO TELEVISA SA-SPON ADR USD HOTELES CITY EXPRESS SAB DE MXN INFRAESTRUCTURA ENERGETICA MXN KIMBERLY-CLARK DE MEXICO - A MXN MACQUARIE MEXICO REAL ESTATE MXN MEXICHEM SAB DE CV MXN OHL MEXICO SAB DE CV MXN PROLOGIS PROPERTY MEXICO SA MXN PROMOTORA Y OPERADORA DE INF MXN PROMOTORA Y OPERADORA DE INF-L MXN TELESITES SAB DE CV MXN Chile BANCO SANTANDER CHILE CLP CENCOSUD SA CLP COLBUN SA CLP EMPRESA NAC ELEC-CHIL-SP ADR USD EMPRESA NACIONAL DE ELECTRIC CLP ENDESA AMERICAS SA CLP ENDESA AMERICAS SA - ADR USD ENERSIS AMERICAS - SPONS ADR USD ENERSIS CHILE SA USD ITAU CORPBANCA CLP LATAM AIRLINES GROUP SA CLP S.A.C.I. FALABELLA CLP Peru CREDICORP LTD USD Colombia BANCOLOMBIA S.A.-SPONS ADR USD GRUPO DE INV SURAMERICANA COP Panama COPA HOLDINGS SA - A USD Bonds Brazil PDG REALTY 0.000% 12-19/09/2016 CV BRL Floating rate bonds Brazil VALE DO RIO DOCE 97-29/12/2049 FRN FLAT BRL Warrants, Rights ALUPAR INVEST SA RTS 21/07/2016 BRL COSAN LOGISTICA SA RTS 26/07/2016 BRL Other transferable securities Shares Brazil TECNISA SA BRL Convertible bonds Brazil KLABIN SA % 13-08/01/ SUBR CV BRL Total securities portfolio Page 65

188 Equity Russia Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ACRON RUB AK TRANSNEFT OJSC - PREF RUB ALROSA PAO RUB BASHNEFT PAO -PREF RUB BASHNEFT PJSC RUB E.ON RUSSIA JSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM PAO RUB INTER RAO UES PJSC RUB KUZBASSKAYA TOPLIVNAYA CO RUB LUGA ABRASIVE PLANT-BRD USD LUKOIL PJSC RUB LUKOIL PJSC - SPON ADR USD M VIDEO PAO RUB MAGNIT PJSC RUB MEGAFON - REG GDR USD MMC NORILSK NICKEL PJSC RUB MMC NORILSK NICKEL PJSC - ADR USD MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVATEK OJSC RUB ROSNEFT PJSC RUB SBERBANK OF RUSSIA PJSC RUB SBERBANK-PREFERENCE RUB SEVERSTAL PAO RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB UNITED CO RUSAL PLC HKD Switzerland LUXOFT HOLDING INC USD Cyprus GLOBALTRA-SPONS GDR REGS USD Guernsey Island ETALON GROUP-GDR REGS - W/I USD Kazakhstan KCELL JSC - REGS - W/I USD Shares/Units in investment funds Luxembourg PARVEST EQUITY RUSSIA OPPORTUNITIES X - CAP USD Total securities portfolio Page 66

189 Equity Russia Opportunities Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ACRON RUB AK TRANSNEFT OJSC - PREF RUB ALROSA PAO RUB BASHNEFT PAO -PREF RUB BASHNEFT PJSC USD E.ON RUSSIA JSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM PAO RUB INTER RAO UES PJSC RUB LUKOIL PJSC RUB M VIDEO PAO RUB MAGNIT PJSC RUB MEGAFON - REG GDR USD MMC NORILSK NICKEL PJSC RUB MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVATEK OJSC RUB SBERBANK-PREFERENCE RUB SEVERSTAL PAO RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB UNITED CO RUSAL PLC HKD Cyprus GLOBALTRA-SPONS GDR REGS USD United Kingdom VOLGA GAS PLC GBP Switzerland LUXOFT HOLDING INC USD Guernsey Island ETALON GROUP-GDR REGS - W/I USD Kazakhstan KCELL JSC - REGS - W/I USD Luxembourg NOVOROSSIYSK COMMERCIAL SEA RUB Total securities portfolio Page 67

190 Equity USA Growth Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America M CO USD ABBVIE INC USD AETNA INC USD ALEXION PHARMACEUTICALS INC USD ALIGN TECHNOLOGY INC USD ALLERGAN PLC USD ALPHABET INC - A USD ALTRIA GROUP INC USD AMAZON.COM INC USD AMETEK INC USD ANALOG DEVICES INC USD APPLE INC USD AT&T INC USD BERRY PLASTICS GROUP INC USD BOSTON SCIENTIFIC CORP USD BROWN-FORMAN CORP - CLASS B USD CARDINAL HEALTH INC USD CBRE GROUP INC - A USD CELGENE CORP USD CHARLES RIVER LABORATORIES USD CISCO SYSTEMS INC USD COACH INC USD COMCAST CORP - A USD CONSTELLATION BRANDS INC - A USD CVS HEALTH CORP USD DANAHER CORP USD DEXCOM INC USD EBAY INC USD EDWARDS LIFESCIENCES CORP USD ELI LILLY & CO USD ESTEE LAUDER COMPANIES - A USD FACEBOOK INC - A USD FEDEX CORP USD FORTINET INC USD GENERAL ELECTRIC CO USD GILEAD SCIENCES INC USD HALLIBURTON CO USD HILTON WORLDWIDE HOLDINGS INC USD HOME DEPOT INC USD HONEYWELL INTERNATIONAL INC USD HUMANA INC USD INTEL CORP USD JP MORGAN CHASE AND CO USD LINKEDIN CORP - A USD LOWES COS INC USD LYONDELLBASELL INDU - A USD MASTERCARD INC - A USD MAXIM INTEGRATED PRODUCTS USD MEDIVATION INC USD MEDNAX INC USD MICROSOFT CORP USD MONSTER BEVERAGE CORP USD NIKE INC - B USD NORTHROP GRUMMAN CORP USD NORWEGIAN CRUISE LINE HOLDING USD OREILLY AUTOMOTIVE INC USD PAYPAL HOLDINGS INC - W/I USD PEPSICO INC USD PRICELINE GROUP INC/THE USD PTC INC USD RANGE RESOURCES CORP USD RAYTHEON COMPANY USD RYDER SYSTEM INC USD SCHWAB (CHARLES) CORP USD SIMON PROPERTY GROUP INC USD SPROUTS FARMERS MARKET INC USD STARBUCKS CORP USD SYMANTEC CORP USD TABLEAU SOFTWARE INC - A USD TEXAS INSTRUMENTS INC USD TIME WARNER INC USD TWENTY-FIRST CENTURY FOX - A USD UNITED TECHNOLOGIES CORP USD UNITEDHEALTH GROUP INC USD VERIZON COMMUNICATIONS INC USD VERTEX PHARMACEUTICALS INC USD WALT DISNEY CO/THE USD WELLS FARGO & CO USD WHITEWAVE FOODS CO USD WHITING PETROLEUM CORP USD WHOLE FOODS MARKET INC USD Ireland ALKERMES PLC USD JAZZ PHARMACEUTICALS PLC USD United Kingdom AON PLC USD DELPHI AUTOMOTIVE PLC USD Canada LULULEMON ATHLETICA INC USD Israel MOBILEYE NV USD Total securities portfolio Page 68

191 Equity USA Mid Cap Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AGCO CORP USD AKAMAI TECHNOLOGIES INC USD ALCOA INC USD ATWOOD OCEANICS INC USD BORGWARNER INC USD BUNGE LTD USD COOPER TIRE & RUBBER USD CREE INC USD DEVRY EDUCATION GROUP INC USD DONALDSON CO INC USD FMC CORP USD FMC TECHNOLOGIES INC USD GENTEX CORP USD INTERPUBLIC GROUP OF COS INC USD ITRON INC USD JABIL CIRCUIT INC USD JUNIPER NETWORKS INC USD LEAR CORP USD LIONS GATE ENTERTAINMENT USD MATTEL INC USD MCDERMOTT INTL INC USD NEW YORK TIMES CO - A USD NORTHERN TRUST CORP USD NUANCE COMMUNICATIONS INC USD NVIDIA CORP USD OFFICE DEPOT INC USD QUEST DIAGNOSTICS INC USD RAYMOND JAMES FINANCIAL INC USD STERICYCLE INC USD STIFEL FINANCIAL CORP USD TEGNA INC USD TERADATA CORP USD TIME INC-W/I USD UNISYS CORP USD UNITED STATES STEEL CORP USD VARIAN MEDICAL SYSTEMS INC USD WERNER ENTERPRISES INC USD WHIRLPOOL CORP USD Canada DOMTAR CORP USD SHAW COMMUNICATIONS INC - B USD Panama COPA HOLDINGS SA - A USD The Netherlands CHICAGO BRIDGE & IRON CO NV USD Brazil GERDAU SA - SPON ADR USD Switzerland TRANSOCEAN LTD USD Total securities portfolio Page 69

192 Equity World Consumer Durables Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AMAZON.COM INC USD AMC NETWORKS INC - A USD BIG LOTS INC USD BURLINGTON STORES INC USD CABELAS INC USD CBS CORP-CLASS B NON VOTING USD CLUBCORP HOLDINGS INC USD COACH INC USD COLUMBIA SPORTSWEAR CO USD COMCAST CORP - A USD CST BRANDS INC USD DAVE & BUSTERS ENTERTAINMENT USD DOLLAR GENERAL CORP USD DOLLAR TREE INC USD FIVE BELOW USD GOODYEAR TIRE & RUBBER CO USD HASBRO INC USD HILTON WORLDWIDE HOLDINGS INC USD HOME DEPOT INC USD INTERPUBLIC GROUP OF COS INC USD LAS VEGAS SANDS CORP USD LIBBEY INC USD LIONS GATE ENTERTAINMENT USD LOWES COS INC USD MATTEL INC USD NIKE INC - B USD NORWEGIAN CRUISE LINE HOLDING USD OREILLY AUTOMOTIVE INC USD PANERA BREAD COMPANY - A USD PENSKE AUTOMOTIVE GROUP INC USD PRICELINE GROUP INC/THE USD PVH CORP USD ROYAL CARIBBEAN CRUISES LTD USD SHAKE SHACK INC - A USD STARBUCKS CORP USD STARZ - A USD TENNECO INC USD TIME WARNER INC USD TWENTY-FIRST CENTURY FOX - A USD UNDER ARMOUR INC - A USD UNDER ARMOUR INC - C - W/I USD VF CORP USD WALT DISNEY CO/THE USD WAYFAIR INC - A USD WCI COMMUNITIES INC USD WHOLE FOODS MARKET INC USD Japan DENSO CORP JPY FUJI HEAVY INDUSTRIES LTD JPY MAZDA MOTOR CORP JPY SEKISUI HOUSE LTD JPY SONY CORP JPY STANLEY ELECTRIC CO LTD JPY TOYOTA MOTOR CORP JPY France ACCOR SA EUR LVMH MOET HENNESSY LOUIS VUITTON EUR PUBLICIS GROUPE EUR RENAULT SA EUR VALEO SA EUR United Kingdom ASOS PLC GBP BURBERRY GROUP PLC GBP DELPHI AUTOMOTIVE PLC USD INTERCONTINENTAL HOTELS GROUP GBP LIBERTY GLOBAL PLC - C USD LIBERTY LILAC GROUP - C W/I USD Germany CONTINENTAL AG EUR DAIMLER AG-REGISTERED SHARES EUR PROSIEBEN SAT.1 MEDIA SE EUR Canada LULULEMON ATHLETICA INC USD MAGNA INTERNATIONAL INC CAD China CTRIP.COM INTERNATIONAL-ADR USD TENCENT HOLDINGS LTD HKD Israel MOBILEYE NV USD British Virgin Islands MICHAEL KORS HOLDINGS LTD USD Total securities portfolio Page 70

193 Equity World Emerging Securities portfolio at 30/06/2016 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China JOB INC - ADR USD ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD BEST PACIFIC INTERNATIONAL H HKD CHINA CONSTRUCTION BANK - H HKD CHINA MERCHANTS BANK - H HKD KINGSOFT CORP LTD HKD PING AN INSURANCE GROUP CO - H HKD TENCENT HOLDINGS LTD HKD ZHUZHOU CRRC TIMES ELECTRIC HKD South Korea BGF RETAIL CO LTD KRW HANSOL CHEMICAL CO LTD KRW HYUNDAI GLOVIS CO LTD KRW KCC CORP KRW KOREA AEROSPACE INDUSTRIES KRW LG HOUSEHOLD & HEALTH CARE KRW LIG NEX1 CO LTD KRW ORION CORP KRW S-1 CORPORATION KRW SAMSUNG ELECTRONICS CO LTD KRW SK TELECOM KRW Taiwan AEROSPACE INDUSTRIAL DEVELOP TWD E.SUN FINANCIAL HOLDING CO TWD ENNOCONN CORP TWD LARGAN PRECISION CO LTD TWD NIEN MADE ENTERPRISE CO LTD TWD TAIWAN SEMICONDUCTOR - SP ADR USD TUNG THIH ELECTRONIC CO LTD TWD UNI PRESIDENT ENTERPRISES CO TWD India GLENMARK PHARMACEUTICALS LTD INR HCL TECHNOLOGIES LTD INR HDFC BANK LTD - ADR USD POWER GRID CORP OF INDIA LTD INR TATA MOTORS LTD INR YES BANK LTD INR Hong Kong AIA GROUP LTD HKD CHINA OVERSEAS LAND & INVEST HKD CHINA UNICOM HONG KONG LTD HKD IMAX CHINA HOLDING INC HKD KERRY LOGISTICS NETWORK LTD HKD WH GROUP LTD HKD South Africa CLICKS GROUP LTD ZAR MTN GROUP LTD ZAR NASPERS LTD - N ZAR SASOL LTD ZAR Mexico BOLSA MEXICANA DE VALORES SA MXN CEMEX SAB-SPONS ADR PART CER USD CONTROLADORA VUELA CIA DE - A MXN KIMBERLY-CLARK DE MEXICO - A MXN OHL MEXICO SAB DE CV MXN UNIFIN FINANCIERA SAB DE CV MXN Brazil BM&FBOVESPA SA BRL BRF SA BRL HYPERMARCAS SA BRL LINX SA BRL LOCALIZA RENT A CAR BRL RAIA DROGASIL SA BRL United States of America MEAD JOHNSON NUTRITION CO USD PRICESMART INC USD SCHLUMBERGER LTD USD Indonesia BANK CENTRAL ASIA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR Malaysia IHH HEALTHCARE BHD MYR MY EG SERVICES BHD MYR Philippines AYALA CORPORATION PHP UNIVERSAL ROBINA CORP PHP Russia MAGNIT PJSC-SPON GDR REGS USD NOVATEK OAO-SPONS GDR REG USD Turkey ASELSAN ELEKTRONIK SANAYI TRY COCA-COLA ICECEK AS TRY Thailand AIRPORTS OF THAILAND PCL-FOR THB KASIKORNBANK PCL-FOREIGN THB Spain BANCO SANTANDER-CHILE-ADR USD Canada GRAN TIERRA ENERGY INC USD Peru CREDICORP LTD USD Australia OIL SEARCH LTD AUD United Arab Emirates MEDICLINIC INTERNATIONAL PLC GBP Qatar QATAR NATIONAL BANK QAR Macao SANDS CHINA LTD HKD Kenya KCB GROUP LTD KES Other transferable securities Shares Taiwan GOURMET MASTER CO LTD TWD Warrants, Rights ENNOCONN CORP RTS 07/07/2016 TWD Page 71

194 Equity World Emerging Securities portfolio at 30/06/2016 Expressed in USD Shares/Units in investment funds Luxembourg PARVEST EQUITY WORLD EMERGING SMALL CAP - X - CAP USD Total securities portfolio Page 72

195 Equity World Energy Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ANADARKO PETROLEUM CORP USD APACHE CORP USD CABOT OIL & GAS CORP USD CALLON PETROLEUM CO USD CARRIZO OIL + GAS INC USD CHENIERE ENERGY INC USD CHEVRON CORP USD CIMAREX ENERGY CO USD CONCHO RESOURCES INC USD CONOCOPHILLIPS USD CONTINENTAL RESOURCES INC/OK USD DEVON ENERGY CORP USD ENERGEN CORP USD EOG RESOURCES INC USD EXXON MOBIL CORP USD HALLIBURTON CO USD HESS CORP USD KINDER MORGAN INC USD MARATHON OIL CORP USD NATIONAL OILWELL VARCO INC USD NOBLE ENERGY INC USD ONEOK INC USD PHILLIPS 66 USD PIONEER NATURAL RESOURCES CO USD RANGE RESOURCES CORP USD SANCHEZ ENERGY CORP USD SCHLUMBERGER LTD USD SEMGROUP CORP - A USD VALERO ENERGY CORP USD WHITING PETROLEUM CORP USD The Netherlands CORE LABORATORIES N.V. USD ROYAL DUTCH SHELL PLC - A GBP ROYAL DUTCH SHELL PLC - B GBP Canada CANADIAN NATURAL RESOURCES CAD SUNCOR ENERGY INC CAD TRANSCANADA CORP CAD United Kingdom BP PLC GBP France TOTAL SA EUR Italy ENI SPA EUR Spain REPSOL SA EUR Warrants, Rights REPSOL SA RTS 01/07/2016 EUR Total securities portfolio Page 73

196 Equity World Finance Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AMERICAN INTERNATIONAL GROUP USD BANK OF AMERICA CORP USD BANKUNITED INC USD BLACKROCK INC USD BOSTON PRIVATE FINL HOLDING USD BOSTON PROPERTIES INC USD CAPITAL ONE FINANCIAL CORP USD CASCADE BANCORP USD CBRE GROUP INC - A USD CITIGROUP INC USD CME GROUP INC USD CNO FINANCIAL GROUP INC USD COLUMBIA BANKING SYSTEM INC USD FIRST REPUBLIC BANK/SAN FRAN USD GOLDMAN SACHS GROUP INC USD JONES LANG LASALLE INC USD JP MORGAN CHASE AND CO USD PACIFIC CONTINENTAL CORP USD PACIFIC PREMIER BANCORP INC USD PUBLIC STORAGE USD RENASANT CORP USD SCHWAB (CHARLES) CORP USD SIMON PROPERTY GROUP INC USD TRICO BANCSHARES USD UNUM GROUP USD WELLS FARGO & CO USD WISDOMTREE INVESTMENTS INC USD YADKIN FINANCIAL CORP USD Japan DAITO TRUST CONSTRUCTION CO LTD JPY MITSUBISHI ESTATE CO LTD JPY MITSUBISHI UFJ FINANCIAL GROUP JPY SONY FINANCIAL HOLDINGS INC JPY SUMITOMO MITSUI FINANCIAL GR JPY United Kingdom AON PLC USD CYBG PLC AUD HSBC HOLDINGS PLC GBP LEGAL & GENERAL GROUP PLC GBP PRUDENTIAL PLC GBP STANDARD CHARTERED PLC GBP Australia COMMONWEALTH BANK OF AUSTRALIA AUD NATIONAL AUSTRALIA BANK LTD AUD Hong Kong AIA GROUP LTD HKD WHARF HOLDINGS LTD HKD Canada BANK OF MONTREAL CAD ROYAL BANK OF CANADA CAD France AXA SA EUR BNP PARIBAS EUR Switzerland CHUBB LTD USD The Netherlands AEGON NV EUR ING GROEP NV - CVA EUR Spain BANCO SANTANDER SA EUR Sweden NORDEA BANK AB SEK Norway DNB ASA NOK Italy INTESA SANPAOLO EUR Austria ERSTE GROUP BANK AG EUR India HDFC BANK LTD - ADR USD Bermuda LAZARD LTD - A USD Total securities portfolio Page 74

197 Equity World Health Care Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ABBVIE INC USD ABIOMED INC USD AETNA INC USD ALEXION PHARMACEUTICALS INC USD ALIGN TECHNOLOGY INC USD ALLERGAN PLC USD AMGEN INC USD BOSTON SCIENTIFIC CORP USD BRISTOL-MYERS SQUIBB CO USD CARDINAL HEALTH INC USD CELGENE CORP USD CHARLES RIVER LABORATORIES USD CIGNA CORP USD CONMED CORP USD DEXCOM INC USD EDWARDS LIFESCIENCES CORP USD ELI LILLY & CO USD ENDOLOGIX INC USD GILEAD SCIENCES INC USD HUMANA INC USD INSULET CORP USD JOHNSON & JOHNSON USD LDR HOLDING CORP USD MASIMO CORP USD MEDICINES COMPANY USD MEDIVATION INC USD MEDNAX INC USD MEDTRONIC PLC USD MERCK & CO INC USD NEUROCRINE BIOSCIENCES INC USD OPHTHOTECH CORP USD PFIZER INC USD REPLIGEN CORP USD THERMO FISHER SCIENTIFIC INC USD UNITEDHEALTH GROUP INC USD VERTEX PHARMACEUTICALS INC USD WELLCARE HEALTH PLANS INC USD Switzerland ACTELION LTD-REG CHF NOVARTIS AG - REG CHF NOVARTIS AG - SPONSORED ADR USD ROCHE HOLDING AG GENUSSCHEIN CHF Ireland ALKERMES PLC USD JAZZ PHARMACEUTICALS PLC USD SHIRE PLC GBP United Kingdom ASTRAZENECA PLC GBP GLAXOSMITHKLINE PLC GBP HIKMA PHARMACEUTICALS PLC GBP SHIRE PLC - ADR USD STERIS PLC USD Germany BAYER AG - REG EUR FRESENIUS MEDICAL CARE AG EUR France SANOFI AVENTIS EUR Israel TEVA PHARMACEUTICAL-SP ADR USD Total securities portfolio Page 75

198 Equity World Low Volatility Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ALLEGHANY CORP USD AMERICAN WATER WORKS CO INC USD AMERISOURCE BERGEN CORP USD AMPHENOL CORP - A USD ARTHUR J GALLAGHER & CO USD AUTOMATIC DATA PROCESSING USD AUTOZONE INC USD BALL CORP USD BAXTER INTERNATIONAL INC USD BECTON DICKINSON AND CO USD BROADRIDGE FINANCIAL SOLUTIONS USD CHEVRON CORP USD CINTAS CORP USD CLOROX COMPANY USD COCA-COLA CO/THE USD COMCAST CORP - A USD CROWN HOLDINGS INC USD DARDEN RESTAURANTS INC USD DAVITA HEALTHCARE PARTNERS INC USD DEERE & CO USD ECOLAB INC USD EQUIFAX INC USD EXXON MOBIL CORP USD FEDERAL REALTY INVS TRUST USD FIDELITY NATIONAL INFO SERV USD FISERV INC USD HERSHEY CO/THE USD HOME DEPOT INC USD HONEYWELL INTERNATIONAL INC USD INTERNATIONAL PAPER CO USD INTL BUSINESS MACHINES CORP USD INTL FLAVORS & FRAGRANCES USD INTUIT INC USD JOHNSON & JOHNSON USD LABORATORY CORP AMERICA HOLDINGS USD LINEAR TECHNOLOGY CORP USD MARKEL CORP USD MASTERCARD INC - A USD MCDONALDS CORP USD MEDTRONIC PLC USD MERCK & CO INC USD MONSANTO CO USD MOTOROLA SOLUTIONS INC USD NEWELL BRANDS INC USD OCCIDENTAL PETROLEUM CORP USD PEOPLES UNITED FINANCIAL USD PFIZER INC USD PRAXAIR INC USD ROCKWELL COLLINS INC USD ROPER TECHNOLOGIES INC USD SIRIUS XM HOLDINGS INC USD SPECTRA ENERGY CORP USD STARBUCKS CORP USD STRYKER CORP USD SYNOPSYS INC USD SYSCO CORP USD TARGET CORP USD THERMO FISHER SCIENTIFIC INC USD TORCHMARK CORP USD TOTAL SYSTEM SERVICES INC USD TRANSDIGM GROUP INC USD TYCO INTERNATIONAL PLC USD US BANCORP USD VARIAN MEDICAL SYSTEMS INC USD VISA INC - A SHARES USD WALT DISNEY CO/THE USD WELLS FARGO & CO USD XCEL ENERGY INC USD United Kingdom BP PLC GBP CAPITA PLC GBP COMPASS GROUP PLC GBP GLAXOSMITHKLINE PLC GBP NATIONAL GRID PLC GBP NEXT PLC GBP NIELSEN HOLDINGS PLC USD SKY PLC GBP WILLIS TOWERS WATSON PLC USD WPP PLC GBP Singapore CAPITALAND MALL TRUST SGD HUTCHISON PORT HOLDINGS TR-U USD OVERSEA-CHINESE BANKING CORP SGD SINGAPORE AIRLINES LTD SGD SINGAPORE EXCHANGE LTD SGD SINGAPORE PRESS HOLDINGS LTD SGD STARHUB LTD SGD Canada CAE INC CAD CAN IMPERIAL BANK OF COMMERCE CAD CANADIAN TIRE CORP - A CAD ENBRIDGE INC CAD GILDAN ACTIVEWEAR INC CAD GREAT-WEST LIFECO INC CAD INTACT FINANCIAL CORP CAD TORONTO-DOMINION BANK CAD Australia AMCOR LTD AUD ASX LTD AUD BRAMBLES LTD AUD CSL LTD AUD DUET GROUP AUD WOODSIDE PETROLEUM LTD AUD Japan CANON INC JPY MCDONALDS HOLDINGS CO JAPAN JPY TONENGENERAL SEKIYU KK JPY Switzerland KUEHNE & NAGEL INTL AG - REG CHF NESTLE SA - REG CHF SWISS PRIME SITE - REG CHF SWISSCOM AG - REG CHF TE CONNECTIVITY LTD USD Page 76

199 Equity World Low Volatility Securities portfolio at 30/06/2016 Expressed in EUR France ADP EUR AIR LIQUIDE SA EUR DASSAULT SYSTEMES SA EUR SODEXO EUR TOTAL SA EUR VIVENDI EUR Hong Kong CLP HOLDINGS LTD HKD HANG SENG BANK LTD HKD MTR CORP HKD SWIRE PACIFIC LTD - A HKD Germany LINDE AG EUR MAN SE EUR SYMRISE AG EUR Italy TERNA SPA EUR The Netherlands RELX N.V. EUR WOLTERS KLUWER EUR Israel BANK HAPOALIM BM ILS CHECK POINT SOFTWARE TECHNOLOGIE USD Luxembourg SES EUR New Zealand FLETCHER BUILDING LTD NZD Sweden HENNES & MAURITZ AB - B SEK Ireland ACCENTURE PLC - A USD Belgium GROUPE BRUXELLES LAMBERT SA EUR Bermuda AXIS CAPITAL HOLDINGS LTD USD Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY WORLD PURE LOW VOLATILITY - I - CAP EUR PARWORLD EQUITY WORLD ERA - I - CAP USD The Netherlands BNPP SUSTAINABLE WORLD INDEX - D EUR Total securities portfolio Page 77

200 Equity World Materials Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AIR PRODUCTS AND CHEMICALS INC USD ALCOA INC USD AXALTA COATING SYSTEMS LTD USD BALL CORP USD CELANESE CORP SERIES A USD CHEMTURA CORP USD CROWN HOLDINGS INC USD DOW CHEMICAL CO/THE USD DU PONT (E.I.) DE NEMOURS USD EASTMAN CHEMICAL CO USD ECOLAB INC USD FERRO CORP USD GRANITE CONSTRUCTION INC USD INTERNATIONAL PAPER CO USD INTL FLAVORS & FRAGRANCES USD LYONDELLBASELL INDU - A USD MONSANTO CO USD NEENAH PAPER INC USD NEWMONT MINING CORP USD NUCOR CORP USD PACKAGING CORP OF AMERICA USD PRAXAIR INC USD RELIANCE STEEL & ALUMINUM USD STEEL DYNAMICS INC USD VULCAN MATERIALS CO USD WESTLAKE CHEMICAL CORP USD Canada AGNICO EAGLE MINES LTD USD BARRICK GOLD CORP CAD CAMECO CORP CAD FIRST QUANTUM MINERALS LTD CAD GOLDCORP INC CAD METHANEX CORP USD POTASH CORP OF SASKATCHEWAN CAD United Kingdom ANTOFAGASTA PLC GBP JOHNSON MATTHEY PLC GBP REXAM PLC GBP RIO TINTO LTD AUD RIO TINTO PLC GBP Australia ALUMINA LTD AUD BHP BILLITON LTD AUD BHP BILLITON PLC GBP Germany BASF SE EUR LINDE AG EUR Japan KOBE STEEL LTD JPY MITSUBISHI MATERIALS CORP JPY MITSUI CHEMICALS INC JPY NITTO DENKO CORP JPY SUMITOMO CHEMICAL CO LTD JPY Switzerland GIVAUDAN - REG CHF Jersey Island RANDGOLD RESOURCES LTD GBP France AIR LIQUIDE SA EUR Ireland CRH PLC EUR The Netherlands AKZO NOBEL EUR Luxembourg ARCELORMITTAL EUR Total securities portfolio Page 78

201 Equity World Technology Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ACTIVISION BLIZZARD INC USD ADOBE SYSTEMS INC USD ALLIANCE DATA SYSTEMS CORP USD ALPHABET INC - A USD AMPHENOL CORP - A USD ANALOG DEVICES INC USD APPLE INC USD AUTOMATIC DATA PROCESSING USD CISCO SYSTEMS INC USD CITRIX SYSTEMS INC USD COGNIZANT TECH SOLUTIONS - A USD CORNING INC USD EBAY INC USD ELECTRONIC ARTS INC USD EMC CORP/MASS USD FACEBOOK INC - A USD FIDELITY NATIONAL INFO SERV USD FISERV INC USD HEWLETT - PACKARD ENTERPRISE - W/I USD HP INC USD INTEL CORP USD INTL BUSINESS MACHINES CORP USD INTUIT INC USD LINEAR TECHNOLOGY CORP USD LINKEDIN CORP - A USD MASTERCARD INC - A USD MAXIM INTEGRATED PRODUCTS USD MICRON TECHNOLOGY INC USD MICROSOFT CORP USD NVIDIA CORP USD ORACLE CORP USD PALO ALTO NETWORKS INC USD PAYCHEX INC USD PAYPAL HOLDINGS INC - W/I USD QUALCOMM INC USD SALESFORCE.COM INC USD SERVICENOW INC USD SYMANTEC CORP USD TABLEAU SOFTWARE INC - A USD TEXAS INSTRUMENTS INC USD TWITTER INC USD VISA INC - A SHARES USD WESTERN DIGITAL CORP USD WORKDAY INC - A USD YAHOO INC USD Japan CANON INC JPY FUJIFILM HOLDINGS CORP JPY FUJITSU LTD JPY HITACHI LTD JPY KEYENCE CORP JPY KYOCERA CORP JPY MURATA MANUFACTURING CO LTD JPY NEC CORP JPY NINTENDO CO LTD JPY ORACLE CORP JAPAN JPY RICOH CO LTD JPY TDK CORP JPY TOKYO ELECTRON LTD JPY YAHOO JAPAN CORP JPY Germany INFINEON TECHNOLOGIES AG EUR SAP SE EUR Ireland ACCENTURE PLC - A USD SEAGATE TECHNOLOGY USD The Netherlands ASML HOLDING NV EUR Finland NOKIA OYJ EUR Singapore BROADCOM SHS USD Sweden ERICSSON LM - B SEK Switzerland TE CONNECTIVITY LTD USD Spain AMADEUS IT HOLDING SA - A EUR United Kingdom ARM HOLDINGS PLC GBP France CAP GEMINI EUR Total securities portfolio Page 79

202 Equity World Telecom Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AT&T INC USD CENTURYLINK INC USD FRONTIER COMMUNICATIONS CORP USD LEVEL 3 COMMUNICATIONS INC USD SBA COMMUNICATIONS CORP - A USD SPRINT CORP - W/I USD VERIZON COMMUNICATIONS INC USD Japan KDDI CORP JPY NIPPON TELEGRAPH & TELEPHONE JPY NTT DOCOMO INC JPY SOFTBANK GROUP CORP JPY United Kingdom BT GROUP PLC GBP INMARSAT PLC GBP VODAFONE GROUP PLC GBP Germany DEUTSCHE TELEKOM AG - REG EUR TELEFONICA DEUTSCHLAND HOLDING EUR France ILIAD SA EUR ORANGE EUR Canada BCE INC CAD ROGERS COMMUNICATIONS INC - B CAD TELUS CORP CAD Spain TELEFONICA SA EUR Singapore SINGAPORE TELECOMMUNICATIONS SGD Italy TELECOM ITALIA RSP EUR TELECOM ITALIA SPA EUR Switzerland SWISSCOM AG - REG CHF Australia TELSTRA CORP LTD AUD Norway TELENOR ASA NOK The Netherlands KONINKLIJKE KPN NV EUR Belgium PROXIMUS EUR Finland ELISA OYJ EUR Denmark TDC A/S DKK Luxembourg MILLICOM INTL CELLULAR-SDR SEK Total securities portfolio Page 80

203 Equity World Utilities Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ALLIANT ENERGY CORP USD AMEREN CORPORATION USD AMERICAN ELECTRIC POWER USD AMERICAN WATER WORKS CO INC USD CALPINE CORP USD CMS ENERGY CORP USD DOMINION RESOURCES INC/VA USD DTE ENERGY COMPANY USD DUKE ENERGY CORP USD EDISON INTERNATIONAL USD EXELON CORP USD ITC HOLDINGS CORP USD NEXTERA ENERGY INC USD NISOURCE INC USD P G & E CORP USD PINNACLE WEST CAPITAL USD PNM RESOURCES INC USD SEMPRA ENERGY USD SOUTHERN CO/THE USD UGI CORP USD WEC ENERGY GROUP INC USD United Kingdom CENTRICA PLC GBP NATIONAL GRID PLC GBP SEVERN TRENT PLC GBP UNITED UTILITIES GROUP PLC GBP Spain GAS NATURAL SDG SA EUR IBERDROLA SA EUR RED ELECTRICA CORPORACION SA EUR Italy ENEL SPA EUR SNAM SPA EUR TERNA SPA EUR Japan CHUBU ELECTRIC POWER CO INC JPY CHUGOKU ELECTRIC POWER CO JPY HOKURIKU ELECTRIC POWER CO JPY KANSAI ELECTRIC POWER CO INC JPY OSAKA GAS CO LTD JPY SHIKOKU ELECTRIC POWER CO JPY TOHOKU ELECTRIC POWER CO INC JPY TOKYO GAS CO LTD JPY Hong Kong CHEUNG KONG INFRASTRUCTURE HKD CLP HOLDINGS LTD HKD POWER ASSETS HOLDINGS LTD HKD France ENGIE EUR Germany E.ON SE EUR Australia AUSNET SERVICES AUD Total securities portfolio Page 81

204 Green Tigers Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock Other transferable securities exchange listing and/or traded on another regulated market Shares Shares Hong Kong Hong Kong CHINA METAL RECYCLING HKD ASM PACIFIC TECHNOLOGY LTD HKD Total securities portfolio BEIJING ENTERPRISES HOLDINGS HKD BEIJING ENTERPRISES WATER GR HKD CHINA EVERBRIGHT INTERNATIONAL LTD HKD CHINA GAS HOLDINGS LTD HKD CHINA HIGH SPEED TRANSMISSION HKD CHINA RESOURCES GAS GROUP LTD HKD GUANGDONG INVESTMENT LTD HKD HONG KONG & CHINA GAS HKD LEE & MAN PAPER MANUFACTURING HKD MTR CORP HKD XINYI AUTOMOBILE GLASS HONG HKD XINYI GLASS HOLDINGS LTD HKD South Korea COWAY CO LTD KRW LG DISPLAY CO LTD KRW LG ELECTRONICS INC KRW OCI CO LTD KRW SAMSUNG SDI CO LTD KRW SFA ENGINEERING CORP KRW Taiwan DELTA ELECTRONIC INDUSTRIAL CO TWD GIANT MANUFACTURING TWD TAIWAN SEMICONDUCTOR MANUFAC TWD UNITED MICROELECTRONICS CORP TWD YEONG GUAN ENERGY GROUP CO TWD China CHINA CONCH VENTURE HOLDINGS HKD CHINA RAILWAY GROUP LTD - H HKD CRRC CORP LTD - H HKD CT ENVIRONMENTAL GROUP LTD HKD ENN ENERGY HOLDINGS LTD HKD HUANENG RENEWABLES CORP - H HKD XINYI SOLAR HOLDINGS LTD HKD ZHUZHOU CRRC TIMES ELECTRIC HKD India COROMANDEL INTERNATIONAL LTD INR CROMPTON GREAVES CONSUMER EL INR CROMPTON GREAVES LTD INR HAVELLS INDIA LTD INR INDRAPRASTHA GAS LTD INR JAIN IRRIGATION SYSTEMS LTD INR NHPC LTD INR PETRONET LNG LTD INR VA TECH WABAG LTD INR Philippines ENERGY DEVELOPMENT CORP PHP Singapore SIIC ENVIRON SHS SGD Page 82

205 Real Estate Securities Pacific Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Japan GLP J - REIT JPY INVINCIBLE INVESTMENT CORP JPY JAPAN REAL ESTATE INVESTMENT JPY KENEDIX OFFICE INVESTMENT CO JPY KENEDIX RETAIL REIT CORP JPY LASALLE LOGIPORT REIT JPY MITSUBISHI ESTATE CO LTD JPY MITSUI FUDOSAN CO LTD JPY MORI HILLS REIT INVESTMENT C JPY NIPPON PROLOGIS REIT INC JPY NTT URBAN DEVELOPMENT CORP JPY SUMITOMO REALTY & DEVELOPMENT JPY TOKYU REIT INC JPY UNITED URBAN INVESTMENT CORP JPY Hong Kong CHEUNG KONG PROPERTY HOLDING HKD HENDERSON LAND DEVELOPMENT HKD HONGKONG LAND HOLDINGS LTD USD KERRY PROPERTIES LTD HKD LINK REIT HKD SINO LAND CO HKD SUN HUNG KAI PROPERTIES HKD SWIRE PROPERTIES LTD HKD WHARF HOLDINGS LTD HKD Australia AVENTUS RETAIL PROPERTY FUND AUD GDI PROPERTY GROUP AUD GOODMAN GROUP AUD MIRVAC GROUP AUD SCENTRE GROUP AUD STOCKLAND AUD WESTFIELD CORP AUD Singapore CACHE LOGISTICS TRUST SGD FRASERS LOGISTICS & INDUSTRI SGD GLOBAL LOGISTIC PROPERTIES SGD KEPPEL DC REIT SGD RELIGARE HEALTH TRUST SGD UOL GROUP LTD SGD Total securities portfolio Page 83

206 Real Estate Securities World Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America APARTMENT INVT & MGMT CO - A USD AVALONBAY COMMUNITIES INC USD BOSTON PROPERTIES INC USD CORESITE REALTY CORP USD CYRUSONE INC USD DCT INDUSTRIAL TRUST INC USD DIAMONDROCK HOSPITALITY CO USD EDUCATION REALTY TRUST INC USD EPR PROPERTIES USD EQUITY RESIDENTIAL USD ESSEX PROPERTY TRUST INC USD FEDERAL REALTY INVS TRUST USD FIRST INDUSTRIAL REALTY TR USD GENERAL GROWTH PROPERTIES USD HOST HOTELS & RESORTS INC USD KIMCO REALTY CORP USD LTC PROPERTIES INC USD MACERICH CO / THE USD PARAMOUNT GROUP INC USD PEBBLEBROOK HOTEL TRUST USD PENN REAL ESTATE INVEST TST USD PROLOGIS INC USD QTS REALTY TRUST INC - A USD RAMCO-GERSHENSON PROPERTIES USD RLJ LODGING TRUST USD SIMON PROPERTY GROUP INC USD TANGER FACTORY OUTLET CENTERS USD VENTAS INC USD WELLTOWER INC USD Japan GLP J - REIT JPY INVINCIBLE INVESTMENT CORP JPY KENEDIX OFFICE INVESTMENT CO JPY KENEDIX RETAIL REIT CORP JPY LASALLE LOGIPORT REIT JPY MITSUBISHI ESTATE CO LTD JPY MITSUI FUDOSAN CO LTD JPY MORI HILLS REIT INVESTMENT C JPY NIPPON PROLOGIS REIT INC JPY NTT URBAN DEVELOPMENT CORP JPY TOKYU REIT INC JPY UNITED URBAN INVESTMENT CORP JPY Australia AVENTUS RETAIL PROPERTY FUND AUD GOODMAN GROUP AUD MIRVAC GROUP AUD SCENTRE GROUP AUD STOCKLAND AUD Hong Kong CHEUNG KONG PROPERTY HOLDING HKD KERRY PROPERTIES LTD HKD LINK REIT HKD SUN HUNG KAI PROPERTIES HKD France ICADE EUR KLEPIERRE EUR UNIBAIL RODAMCO SE EUR United Kingdom BRITISH LAND CO PLC GBP DERWENT LONDON PLC GBP GRAINGER PLC GBP HANSTEEN HOLDINGS PLC GBP LAND SECURITIES GROUP PLC GBP The Netherlands EUROCOMMERCIAL PROPERTIE NV EUR NSI NV EUR WERELDHAVE NV EUR Singapore FRASERS LOGISTICS & INDUSTRI SGD GLOBAL LOGISTIC PROPERTIES SGD UOL GROUP LTD SGD Spain MERLIN PROPERTIES SOCIMI SA EUR Finland CITYCON OYJ EUR TECHNOPOLIS OYJ EUR Sweden CASTELLUM AB SEK Austria IMMOFINANZ AG EUR Total securities portfolio Page 84

207 Sustainable Equity High Dividend Europe Securities portfolio at 30/06/2016 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares France AXA SA EUR BNP PARIBAS EUR ENGIE EUR MICHELIN (CGDE) EUR ORANGE EUR SANOFI AVENTIS EUR SCHNEIDER ELECTRIC SE EUR SUEZ EUR TOTAL SA EUR UNIBAIL RODAMCO SE EUR VINCI SA EUR VIVENDI EUR United Kingdom ADMIRAL GROUP PLC GBP ASTRAZENECA PLC GBP AVIVA PLC GBP HSBC HOLDINGS PLC GBP LLOYDS BANKING GROUP PLC GBP MARKS & SPENCER GROUP PLC GBP NATIONAL GRID PLC GBP STANDARD CHARTERED PLC GBP VODAFONE GROUP PLC GBP Germany ALLIANZ SE - REG EUR BASF SE EUR BAYERISCHE MOTOREN WERKE AG EUR DAIMLER AG-REGISTERED SHARES EUR DEUTSCHE TELEKOM AG - REG EUR METRO AG EUR SIEMENS AG - REG EUR Switzerland ADECCO GROUP AG - REG CHF NOVARTIS AG - REG CHF ROCHE HOLDING AG GENUSSCHEIN CHF SYNGENTA AG - REG CHF ZURICH INSURANCE GROUP AG CHF Sweden ERICSSON LM - B SEK HENNES & MAURITZ AB - B SEK NORDEA BANK AB SEK SKF AB-B SHARES SEK SWEDBANK AB - A SEK The Netherlands ING GROEP NV - CVA EUR KONINKLIJKE PHILIPS NV EUR ROYAL DUTCH SHELL PLC - A EUR Italy ENEL SPA EUR INTESA SANPAOLO EUR Denmark DANSKE BANK A/S DKK Total securities portfolio Page 85

208 Notes to the financial statements Page 86

209 Notes to the financial statements at 30/06/2016 Note 1 - General information Since 1 January 2016, the Company has proceeded to the following changes: a) Merged or renamed sub-funds Sub-fund Date Events Equity High Dividend Europe 25 April 2016 Renamed Sustainable Equity High Dividend Europe Bond USD 1 July 2016* Absorbing the sub-fund Bond USD of BNP Paribas L1 Real Estate Securities World 1 July 2016* Absorbing the sub-fund Real Estate Securities World of BNP Paribas L1 * This merger with effective date 1 July 2016, was based on the valuation of the underlying set on 30 June b) Activated share classes Sub-fund Date Events Equity Best Selection Asia Ex-Japan 19 May 2016 Activation of share classes "Classic RH AUD - Capitalisation", "Classic RH SGD - Capitalisation" and Classic RH USD - Capitalisation Equity Best Selection Asia Ex-Japan 16 June 2016 Activation of share class "I USD - Capitalisation" c) Eligibility for the Plan Epargne en Actions (PEA) Owing to their eligibility for French share savings schemes (PEA), the sub-funds of the PARVEST SICAV listed below permanently invest at least 75% of their net in shares and rights that are eligible for the PEA and are issued by companies established in France, another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime. Equity Best Selection Euro Equity Best Selection Europe Equity Europe Growth Equity Europe Mid Cap Equity Europe Small Cap Sustainable Equity High Dividend Europe Note 2 - Principal accounting methods a) Net asset value This report is prepared on the basis of the last net asset value as at 30 June b) Globalized statements for the various sub-funds PARVEST s (consolidated) financial statements are expressed in EUR by converting the financial statements of the sub-funds denominated in currencies other than EUR at the exchange rate prevailing at the end of the financial period. c) Currency conversion The accounts of each sub-fund are kept in the in which its net asset value is expressed, and the financial statements are expressed in that. The purchase price of securities purchased in a other than that of the sub-fund is converted into the of the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities. The income and expenses denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on the transaction date. On the closing date, the market values of the securities (determined by the method described below), the claims, bank deposits and debt denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on that date, with any exchange differentials resulting from the conversion of the securities, claims, bank deposits and debt being included in the net result for the financial period. Page 87

210 Notes to the financial statements at 30/06/2016 d) Presentation of the financial statements The financial statements are presented on the basis of the latest net asset value calculated during the financial period. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. The stock market prices and exchange rates are those of 30 June This principle has been applied uniformly and consistently for all the sub-funds. By way of information, a certain lead time is required before indicative prices become available for certain illiquid securities, so that for these securities it was impossible for material reasons to use prices as at 30 June 2016 in the last net asset value of the financial period. However, these net asset values would not have been significantly different from those shown in the annual accounts. The statement of operations and changes in net covers the financial period from 1 January 2016 to 30 June e) Valuation of the securities portfolio The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognized and accessible to the public, is based on the last known closing price on the Valuation Day, and, if the securities concerned are traded on several markets, on the basis of the last known closing price on the major market on which they are traded. If the last known closing price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner. The Board of Directors uses this possibility for the valuation of the securities listed on East Asia, South Asia, Southeast Asia and Oceania markets. In these cases, the aforesaid last known closing price is adjusted by using a method monitored by the Management Company to reflect a fair value price of the concerned. Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner, is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Any unrealised gains and losses are included when determining the result of the transactions. To calculate the net positions per, the positions are converted at the forward exchange rates corresponding to the remaining life of the contract. g) Valuation of financial instruments Financial futures are valued at their last-known market price. The other financial instruments are valued at the prices at which the position would be able to be liquidated, depending on the conditions prevailing on the market at the valuation date. Realised and unrealised profits or losses resulting there from are included in the Statement of operations and changes in net. To calculate the net positions per on financial instruments, the positions are converted at the exchange rate effective on the closing date. h) Valuation of credit default swaps The value of a Credit Default Swap shall be determined by comparing the value of the protection swap leg and the value of the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted discount. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used to compute the expected loss are derived from the structure of par market swap rates. Par market swap rates will be obtained from a cross-section of market counterparties. Page 88

211 Notes to the financial statements at 30/06/2016 i) Valuation of total return swaps and performance swaps A Total Return Swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the performance of an underlying instrument represented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include gains and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying. The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity. Total return swaps are marked to market at each NAV calculation date. The unrealised appreciation/depreciation is disclosed in the Statement of net under Net Unrealised gain/loss on financial instruments. Realised gains/(losses) and change in unrealised appreciation/depreciation as a result thereof are included in the Statement of operations and changes in net respectively under Net realised result on Financial instruments and Movement on net unrealised gain/loss on Financial instruments. j) Presentation of options Options contracts traded over-the-counter are valued at the prices at which the position could be liquidated under the market conditions prevailing at the valuation date. The liquidation value of forward contracts or options contracts traded on regulated markets will be based on the latest available settlement price of these contracts on the regulated markets on which these forward contracts or option contracts are traded by the SICAV; provided that if a forward contract or an options contract cannot be liquidated on the day on which the net are valued, the basis that will be used to determine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors. k) Valuation of securities lending, reverse repurchase and repurchase agreements Securities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the Statement of operations and changes in net under Income on investments and. Securities that have been lent are shown in the net of the sub-fund in question, at their market value. Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the underlying securities. They are transactions by which the transferor transfers ownership of securities to another person (the transferee) and by which the transferor irrevocably undertakes to repurchase them and the transferee irrevocably undertakes to retrocede them, at an agreed price and date. Securities reverse repurchase agreements are valued at their purchase price expressed in the original, irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading Other. Securities repurchase agreements are valued at their market value. l) Valuation of interest rate swaps Interest rate swaps are valued on the basis of the difference between the value of all future interest payable by the Company to its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of all future interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments. m) Valuation of volatility swaps A volatility swap is a forward contract whose underlying is the volatility of a given product. The underlying is usually a foreign exchange rate, equity or index. At a given point in time, the valuation of the volatility swap will reflect the difference between the last known volatility of the underlying and the valuation on the basis of which the initial agreement was concluded. n) Comparisons Concerning the sub-funds that merged during the financial period and that were still open on 30 June 2016, mergers involving absorption of the net of the absorbed sub-funds or funds were recorded in the accounts by means of a subscription in the absorbing sub-funds at the merger dates. Consequently, the line Net subscriptions/(redemptions) in the Statement of operations and changes in net includes the net of the absorbed sub-funds or funds at the merger dates. Page 89

212 Notes to the financial statements at 30/06/2016 o) Geographic distribution The geographic distribution of the securities portfolio is based on the issuing country. p) Indian Tax Each sub-fund may be subject to corporation taxes in certain countries in which it invests. Capital gains realised when disposing of certain Indian securities held by a sub-fund are subject to capital gains tax in India, which, if any, is disclosed in the Statement of operations and changes in net under the heading Taxes. The tax is computed on net realised gains, and realised losses in excess of gains may under certain conditions be carried forward 8 years to offset future gains. Indian tax law imposes a tax of 15% on net realised gains from Indian securities sold within one year from the date of purchase. Given the Company s intent to hold portfolio securities for more than one year, the Company does not accrue a deferred tax liability on net unrealised gains on Indian securities. In case the Company incurred a total realised loss on security sales as at fiscal year-end, the Company could recover the taxable amount paid during the year on net realised gains, provided that a claim to the Tax Administration is introduced within 2 years as from end of the financial years. q) To be announced The Mortgage Back Securities To be announced are subject to current commercial market practices in relation to securities guaranteed by mortgages, according to which a party will buy/sell a basket of mortgage loans for a fixed price at a later date. At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed at the time of purchase/sale, the final face value will not yet have been fixed. The To-be-announced ( TBA ) Mortgage Back Securities positions are shown in the securities portfolio as at 30 June At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating to payables/receivables on securities are included under Other liabilities / Other in the Statement of net. r) Cross-investments The value of the cross-investments of the sub-funds has not been deducted for the calculation of the combined total net of the Company. The total value of those cross-investments as at 30 June 2016 amounted to: Sub-fund investing in other PARVEST Sub-funds held by other PARVEST sub-funds sub-funds Currency Market Value (in EUR) Bond World High Yield Bond World High Yield Short Duration EUR Equity Russia Equity Russia Opportunities EUR Equity World Emerging Equity World Emerging Small Cap USD Total: The net at the end of the financial period of combined figures would be EUR without taking into account the cross-investments values. Note 3 - Management and advisory fees (maximum per annum) The maximum annual fee payable monthly are calculated on the average net asset value of each share class for each sub-fund over the past month. For certain sub-funds a reduced management fee was charged during the financial year/period. The management fees applicable to the Classic category are applicable to all share sub-categories and classes with the word Classic in their denomination, and to N category. The management fees applicable to the I category are also applicable to all share sub-categories and classes with the word I in their denomination. The management fees applicable to the Privilege category are also applicable to all share sub-categories and classes with the word Privilege in their denomination. Page 90

213 Notes to the financial statements at 30/06/2016 No management fee is charged for the X category. A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3.00% per annum. Sub-fund Classic Privilege I Bond Asia ex-japan 1.25% 0.75% 0.60% Bond Best Selection World Emerging 1.50% 0.75% 0.60% Bond USD 0.75% 0.40% 0.30% Bond USD Short Duration 0.50% 0.25% 0.20% Bond World 0.75% 0.40% 0.30% Bond World Emerging Local 1.50% 0.75% 0.60% Bond World High Yield 1.20% 0.60% 0.55% Bond World Inflation-Linked 0.75% 0.40% 0.30% Convertible Bond Asia 1.20% 0.65% 0.60% Convertible Bond World 1.20% 0.65% 0.60% Equity Best Selection Asia ex-japan 1.50% 0.75% 0.75% Equity Best Selection Euro 1.50% 0.75% 0.75% Equity Best Selection Europe 1.50% 0.75% 0.75% Equity Brazil 1.75% 0.90% 0.90% Equity Bric 1.75% 0.90% 0.90% Equity China 1.75% 0.90% 0.90% Equity Europe Emerging 1.75% 0.90% 0.90% Equity Europe Growth 1.50% 0.75% 0.75% Equity Europe Mid Cap 1.50% 0.75% 0.75% Equity Europe Small Cap 1.75% 0.90% 0.85% Equity High Dividend Pacific 1.50% 0.75% 0.75% Equity High Dividend USA 1.50% 0.75% 0.75% Equity India 1.75% 0.90% 0.90% Equity Indonesia 1.75% 0.90% 0.90% Equity Japan 1.50% 0.75% 0.75% Equity Latin America 1.75% 0.90% 0.90% Equity Russia 1.75% 0.90% 0.90% Equity Russia Opportunities 1.75% 0.90% 0.90% Equity USA Growth 1.50% 0.75% 0.75% Equity USA Mid Cap 1.75% 0.90% 0.85% Equity World Consumer Durables 1.50% 0.75% 0.75% Equity World Emerging 1.75% 0.90% 0.90% Equity World Energy 1.50% 0.75% 0.75% Equity World Finance 1.50% 0.75% 0.75% Equity World Health Care 1.50% 0.75% 0.75% Equity World Low Volatility 1.50% 0.75% 0.75% Equity World Materials 1.50% 0.75% 0.75% Equity World Technology 1.50% 0.75% 0.75% Equity World Telecom 1.50% 0.75% 0.75% Equity World Utilities 1.50% 0.75% 0.75% Green Tigers 1.50% 0.75% 0.75% Real Estate Securities Pacific 1.50% 0.75% 0.75% Real Estate Securities World 1.50% 0.75% 0.75% Sustainable Equity High Dividend Europe (formerly Equity High Dividend Europe) 1.50% 0.75% 0.75% A maximum advisory fee of 0.15% is applied to all the share classes of the sub-funds Equity High Dividend USA and Equity USA Mid Cap, excepted to the X share class. The sub-funds of PARVEST are not invested more than 50 % in other BNP Paribas sub-funds. Page 91

214 Notes to the financial statements at 30/06/2016 Note 4 - Other fees Other fees are calculated and deducted monthly from the average net of a sub-fund, share category, or share class and serve to cover general custody expenses (remuneration of the Depositary) and daily administration expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, commissions for transactions not related to the depositary, director fees, interest and bank fees, extraordinary expenses, reporting cost in relation with regulation requirements including the European Market Infrastructure Regulation (EMIR), and the taxe d abonnement in force in Luxembourg, as well as any other specific foreign tax and other regulators levy. Note 5 - Taxes At the date of the Prospectus, the Company is not liable to any Luxembourg income tax or capital gains tax. The Company is liable to an annual taxe d abonnement in Luxembourg representing 0.05% of the net asset value. This rate is reduced to 0.01% for: a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions; b) sub-funds with the exclusive objective of collective investments in deposits with credit institutions; c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs. The following are exempt from this taxe d abonnement : a) the value of represented by units or shares in other UCIs, provided that these units, or shares have already been subject to the taxe d abonnement ; b) sub-funds, share categories and/or classes: (i) whose securities are reserved to Institutional Investors, Managers or UCIs and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and (iii) whose weighted residual portfolio maturity does not exceed 90 days, and (iv) that have obtained the highest possible rating from a recognised rating agency; c) sub-funds, share categories and/or classes reserved to: (i) (ii) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers for the benefit of their employees, and companies having one or more employers investing funds to provide pension benefits to their employees; d) sub-funds whose main objective is investment in microfinance institutions; e) sub-funds, shares categories and/or classes: (i) (ii) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognized and open to the public, and whose exclusive object is to replicate the performance of one or several indices. When due, the taxe d abonnement is payable quarterly based on the relevant net and calculated at the end of the quarter for which it is applicable. In addition, the Company may be subject to foreign UCI s tax, and/or other regulators levy in the country where the sub-fund is registered for distribution. Page 92

215 Notes to the financial statements at 30/06/2016 Note 6 - Dividends For the MD - Distribution share classes, which pay monthly dividends, the following dividends were paid: - Payment dates Month Record Date (1) NAV ex-dividend Date (2) Payment Date (3) January February 2016 February February 2016 March March 2016 April May 2016 May May 2016 June June 2016 (1) If this day is not a bank business day in Luxembourg, the record date will be the next following bank business day. (2) Dates are based on a valuation simulation in As a consequence, dates may change depending on the composition of the portfolio at this date. If for a particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards. (3) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the settlement is not possible (e.g. bank holiday on a specific or country), settlement will be made the 1st business day after or any other day communicated by the local agent. - Monthly amount since January 2016: Sub-fund Class Currency Dividend Bond Asia ex-japan Classic MD - Distribution USD 0.35 Bond Asia ex-japan Classic RH AUD MD - Distribution AUD 0.43 Bond Asia ex-japan Classic RH SGD MD - Distribution SGD 0.35 Bond Asia ex-japan Privilege MD - Distribution USD 0.37 Bond Best Selection World Emerging Classic MD - Distribution USD 0.12 Bond USD Classic MD - Distribution USD 0.23 Bond USD Short Duration Classic MD - Distribution USD 0.14 Bond World Emerging Local Classic MD - Distribution USD 0.27 Bond World High Yield Classic USD MD - Distribution USD 0.38 Bond World High Yield Classic H AUD MD - Distribution AUD 0.58 Bond World High Yield Classic H USD MD - Distribution USD 0.48 Convertible Bond Asia Classic MD - Distribution USD 0.10 Equity Europe Growth Classic RH SGD MD - Distribution SGD 0.25 Equity Europe Growth Classic RH USD MD - Distribution USD 0.25 Equity High Dividend Pacific Classic USD MD - Distribution USD 0.29 Equity Russia Classic USD MD - Distribution USD 0.43 Equity World Low Volatility Classic USD MD - Distribution USD 0.23 Equity World Utilities Classic USD MD - Distribution USD 0.32 Sustainable Equity High Dividend Europe Classic RH USD MD - Distribution USD 0.33 The following dividends were paid on 2 May 2016 for shares outstanding as at 22 April 2016: Sub-fund Class Currency Dividend Bond Asia ex-japan Classic - Distribution USD 4.45 Bond Asia ex-japan Classic EUR - Distribution EUR 4.06 Bond Asia ex-japan Privilege - Distribution USD 3.41 Bond Best Selection World Emerging Classic - Distribution USD 8.90 Bond Best Selection World Emerging Classic RH EUR - Distribution EUR 1.43 Bond Best Selection World Emerging Privilege RH EUR - Distribution EUR 4.55 Bond USD Classic - Distribution USD 8.66 Bond USD Privilege - Distribution USD 2.60 Bond World Classic - Distribution EUR 3.69 Bond World Emerging Local Classic - Distribution USD 4.13 Page 93

216 Notes to the financial statements at 30/06/2016 Sub-fund Class Currency Dividend Bond World Emerging Local Classic EUR - Distribution EUR 4.45 Bond World Emerging Local Classic RH EUR - Distribution EUR 3.60 Bond World Emerging Local Privilege - Distribution USD 3.76 Bond World High Yield Classic - Distribution EUR 2.22 Bond World High Yield Classic H USD - Distribution USD 2.81 Bond World High Yield Privilege - Distribution EUR 6.89 Bond World Inflation-Linked Classic - Distribution EUR 1.31 Bond World Inflation-Linked Privilege - Distribution EUR 1.03 Convertible Bond Asia Classic - Distribution USD 0.58 Convertible Bond Asia Classic EUR - Distribution EUR 0.53 Convertible Bond Asia Privilege - Distribution USD 0.58 Equity Best Selection Asia ex-japan Classic - Distribution EUR Equity Best Selection Asia ex-japan Classic USD - Distribution USD Equity Best Selection Asia ex-japan Privilege - Distribution EUR 3.28 Equity Best Selection Euro Classic - Distribution EUR 8.46 Equity Best Selection Euro I - Distribution EUR 3.28 Equity Best Selection Euro Privilege - Distribution EUR 3.71 Equity Best Selection Europe Classic - Distribution EUR 4.68 Equity Best Selection Europe Classic CHF - Distribution CHF 3.97 Equity Best Selection Europe Privilege - Distribution EUR 3.53 Equity Brazil Classic - Distribution USD 2.10 Equity Bric Classic - Distribution USD 4.01 Equity China Classic - Distribution USD 5.33 Equity China Classic EUR - Distribution EUR 2.74 Equity China Privilege - Distribution USD 2.40 Equity Europe Emerging Classic - Distribution EUR Equity Europe Emerging Privilege - Distribution EUR 2.85 Equity Europe Growth Classic - Distribution EUR 4.96 Equity Europe Growth Privilege - Distribution EUR 4.22 Equity Europe Mid Cap Classic - Distribution EUR Equity Europe Small Cap Classic - Distribution EUR 4.36 Equity Europe Small Cap Privilege - Distribution EUR 3.94 Equity High Dividend Pacific Classic - Distribution EUR 2.46 Equity High Dividend Pacific Classic USD - Distribution USD 4.31 Equity High Dividend Pacific Privilege - Distribution EUR 5.86 Equity High Dividend USA Classic - Distribution USD 2.59 Equity High Dividend USA Classic EUR - Distribution EUR 3.58 Equity High Dividend USA Classic H EUR - Distribution EUR 0.87 Equity High Dividend USA Privilege - Distribution USD 2.11 Equity High Dividend USA Privilege H EUR - Distribution EUR 2.19 Equity India Classic - Distribution USD 1.54 Equity India Classic EUR - Distribution EUR 1.42 Equity India Privilege - Distribution USD 1.82 Equity Indonesia Classic - Distribution USD 3.22 Equity Indonesia Classic EUR - Distribution EUR 2.02 Equity Indonesia Privilege - Distribution USD 1.56 Equity Japan Classic - Distribution JPY Equity Japan Privilege - Distribution JPY Equity Latin America Classic - Distribution USD 9.04 Equity Russia Classic - Distribution EUR 3.01 Equity Russia Classic USD - Distribution USD 2.44 Equity Russia I - Distribution EUR 4.52 Equity Russia Privilege - Distribution EUR 3.49 Equity Russia Privilege GBP - Distribution GBP 3.97 Equity Russia Opportunities Classic - Distribution USD 2.06 Equity USA Growth Classic - Distribution USD 1.65 Page 94

217 Notes to the financial statements at 30/06/2016 Sub-fund Class Currency Dividend Equity USA Growth Classic H EUR - Distribution EUR 2.16 Equity USA Mid Cap Classic - Distribution USD 2.84 Equity World Consumer Durables Classic - Distribution EUR 2.25 Equity World Consumer Durables Privilege - Distribution EUR 2.64 Equity World Emerging Classic - Distribution USD 3.25 Equity World Emerging Classic EUR - Distribution EUR 2.37 Equity World Energy Classic - Distribution EUR Equity World Energy Classic USD - Distribution USD Equity World Energy Privilege - Distribution EUR 3.50 Equity World Finance Classic - Distribution EUR 6.61 Equity World Finance Privilege - Distribution EUR 4.12 Equity World Health Care Classic - Distribution EUR Equity World Health Care Privilege - Distribution EUR 3.03 Equity World Low Volatility Classic - Distribution EUR 7.35 Equity World Low Volatility Classic USD - Distribution USD 8.03 Equity World Materials Classic - Distribution EUR 1.54 Equity World Materials Privilege - Distribution EUR 3.38 Equity World Technology Classic - Distribution EUR 7.86 Equity World Technology Classic USD - Distribution USD 2.65 Equity World Technology Privilege - Distribution EUR 2.42 Equity World Telecom Classic - Distribution EUR Equity World Telecom Privilege - Distribution EUR 4.63 Equity World Utilities Classic - Distribution EUR 3.24 Equity World Utilities Classic USD - Distribution USD 3.51 Equity World Utilities Privilege - Distribution EUR 5.58 Green Tigers Classic - Distribution EUR 4.14 Green Tigers Classic USD - Distribution USD 2.42 Green Tigers Privilege - Distribution EUR 3.15 Real Estate Securities Pacific Classic - Distribution EUR 2.63 Real Estate Securities Pacific Classic USD - Distribution USD 2.84 Real Estate Securities Pacific Privilege - Distribution EUR 3.35 Real Estate Securities World Classic - Distribution EUR 1.24 Real Estate Securities World Privilege - Distribution EUR 4.66 Sustainable Equity High Dividend Europe Classic - Distribution EUR 1.62 Sustainable Equity High Dividend Europe Privilege - Distribution EUR 3.94 The following dividends were paid on 30 June 2016 for shares outstanding as at 17 June 2016: Sub-fund Class Currency Dividend Convertible Bond World Classic - Distribution USD 1.01 Convertible Bond World Classic RH EUR - Distribution EUR 0.88 Convertible Bond World Classic RH PLN - Distribution PLN 4.46 Convertible Bond World I RH EUR - Distribution EUR 1.08 Convertible Bond World Privilege RH EUR - Distribution EUR 1.12 Note 7 - Share currencies The net asset value per share is priced in the of the share class and not in the of the sub-fund in the section Key figures relating to the last 3 years. Page 95

218 Notes to the financial statements at 30/06/2016 Note 8 - Exchange rates The exchange rates used for consolidation and for the conversion of share classes denominated in a other than the reference of the relevant sub-fund as at 30 June 2016 were the following: EUR 1 = AUD EUR 1 = CHF EUR 1 = CZK EUR 1 = GBP EUR 1 = HUF EUR 1 = JPY EUR 1 = NOK EUR 1 = PLN EUR 1 = SGD EUR 1 = USD Note 9 - Futures contracts As at 30 June 2016, the following positions were outstanding: Bond Asia ex-japan Currency Quantity Purchase/ Sale Description USD 337 S US 10YR NOTE FUTURE (CBT) USD 17 S US LONG BOND FUTURE (CBT) Maturity Commitment (in USD) Net unrealised gain/(loss) (in USD) 21/09/ ( ) 21/09/ ( ) Total: ( ) As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to USD. Bond USD Currency Quantity Purchase/ Sale Description Maturity Commitment (in USD) Net unrealised gain/(loss) (in USD) EUR 4 S EURO-BOBL FUTURE 08/09/ (4 177) EUR 29 S EURO-BUND FUTURE 08/09/ (84 021) USD 27 S US 5YR NOTE FUTURE (CBT) 30/09/ (17 672) USD 9 P US 2YR NOTE FUTURE (CBT) 30/09/ USD 75 S ULTRA LONG TERM US TREASURY BOND FUTURE 21/09/ ( ) EUR 31 S EURO-BTP FUTURE 08/09/ (61 569) GBP 16 S LONG GILT FUTURE (LIFFE) 28/09/ ( ) EUR 2 S EURO BUXL 30Y BONDS 08/09/ (31 595) USD 272 P US 10YR NOTE FUTURE (CBT) 21/09/ USD 124 P US LONG BOND FUTURE (CBT) 21/09/ CAD 14 P CAN 10YR BOND FUTURE 21/09/ USD 84 S ULTRA 10 YEAR US TREASURY NOTE FUTURE 21/09/ ( ) AUD 14 S AUST 10YR BONDS FUTURE 15/09/ (3 106) AUD 5 P AUST 3YR BONDS 15/09/ (411) Total: As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to USD. Page 96

219 Notes to the financial statements at 30/06/2016 Bond USD Short Duration Currency Quantity Purchase/ Sale Description Maturity Commitment (in USD) Net unrealised gain/(loss) (in USD) USD 10 P US 5YR NOTE FUTURE (CBT) 30/09/ USD 22 S US 10YR NOTE FUT (CBT) 21/09/ (58 750) USD 1 S US 2YR NOTE FUTURE (CBT) 30/09/ (1 531) USD 5 P US LONG BOND FUTURE (CBT) 21/09/ As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to USD. Bond World Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Total: Net unrealised gain/(loss) (in EUR) EUR 54 P EURO-BOBL FUTURE 08/09/ EUR 50 S EURO-BUND FUTURE 08/09/ ( ) USD 26 S US 5YR NOTE FUTURE (CBT) 30/09/ (39 803) EUR 78 P EURO-SCHATZ FUTURE 08/09/ USD 20 P US 2YR NOTE FUTURE (CBT) 30/09/ USD 10 S ULTRA LONG TERM US TREASURY BOND FUTURE 21/09/ ( ) EUR 16 P EURO OAT FUTURE FRENCH GOVT BD 10YR 6% 08/09/ EUR 40 S EURO-BTP FUTURE 08/09/ (72 850) GBP 9 S LONG GILT FUTURE (LIFFE) 28/09/ (59 455) EUR 19 P EURO BUXL 30Y BONDS 08/09/ JPY 4 P JPN 10Y BOND (TSE) 12/09/ KRW 22 P KOREA 3YR BND FUTURE 20/09/ USD 94 P US 10YR NOTE FUTURE (CBT) 21/09/ USD 32 P US LONG BOND FUTURE (CBT) 21/09/ EUR 29 S SHORT TERM EURO BTP FUTURE 08/09/ (2 900) CAD 20 P CAN 10YR BOND FUTURE 21/09/ USD 20 S ULTRA 10 YEAR US TREASURY NOTE FUTURE 21/09/ (91 110) AUD 7 P AUST 10YR BONDS FUTURE 15/09/ AUD 33 P AUST 3YR BONDS 15/09/ (2 441) GBP 9 P SHORT GILT FUTURE (LIFFE) 28/09/ Total: As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to EUR. Bond World Inflation-Linked Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Net unrealised gain/(loss) (in EUR) EUR 2 P EURO-BUND FUTURE 08/09/ USD 115 P US 5YR NOTE FUTURE (CBT) 30/09/ USD 20 P US 2YR NOTE FUTURE (CBT) 30/09/ USD 1 P ULTRA LONG TERM US TREASURY BOND FUTURE 21/09/ EUR 6 S EURO-BTP FUTURE 08/09/ (4 920) USD 10 P US 10YR NOTE FUTURE (CBT) 21/09/ Page 97

220 Notes to the financial statements at 30/06/2016 Bond World Inflation-Linked (continued) Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Net unrealised gain/(loss) (in EUR) USD 19 S US LONG BOND FUTURE (CBT) 21/09/ ( ) USD 36 S ULTRA 10 YEAR US TREASURY NOTE FUTURE 21/09/ ( ) AUD 9 S AUST 10YR BONDS FUTURE 15/09/ (9 263) Total: ( ) As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to EUR. Convertible Bond World Net unrealised Purchase/ Commitment Quantity Description Maturity gain/(loss) Sale (in USD) (in USD) USD 269 S JPY CURRENCY FUTURE 19/09/ ( ) Currency USD 29 S EURO FX CURR FUTURE (CME) 19/09/ Total: ( ) As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to USD. Brokers for Futures contracts: BNP Paribas Securities Services Newedge Note 10 - Forward foreign exchange contracts As at 30 June 2016, the total amount purchased per and the total amount sold per in the context of forward foreign exchange contracts were as follows: Bond Asia ex-japan Currency Purchase amount Currency Sale amount AUD AUD EUR EUR SGD USD USD Net unrealised loss (in USD) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Bond Best Selection World Emerging Currency Purchase amount Currency Sale amount AUD ARS BRL AUD CAD BRL CHF CAD CNH CHF COP CNH CZK COP EUR CZK GBP EUR HUF GBP IDR HUF JPY IDR KRW JPY MXN KES MYR KRW Page 98

221 Notes to the financial statements at 30/06/2016 Bond Best Selection World Emerging (continued) Currency Purchase amount Currency Sale amount NGN MXN NOK MYR NZD NGN PEN NOK PHP NZD PLN PHP RON PLN RUB RON SAR RUB THB SAR TRY THB UGX TRY USD USD ZAR UYU ZMW ZAR ZMW Net unrealised loss (in USD) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 15 May Bond USD Currency Purchase amount Currency Sale amount CAD AUD GBP CAD USD EUR GBP MXN NOK SGD USD Net unrealised gain (in USD) As at 30 June 2016, the latest maturity of all outstanding contracts is 22 July Bond USD Short Duration Currency Purchase amount Currency Sale amount EUR EUR USD USD Net unrealised loss (in USD) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Bond World Currency Purchase amount Currency Sale amount AUD AUD BRL BRL CAD CAD CHF CHF CLP CLP CNY CNY CZK EUR DKK GBP EUR HUF GBP INR HUF JPY ILS KRW INR MXN JPY MYR Page 99

222 Notes to the financial statements at 30/06/2016 Bond World (continued) Currency Purchase amount Currency Sale amount KRW NOK MXN NZD MYR PLN NOK RUB NZD SEK RUB TRY SEK USD SGD ZAR THB TRY USD ZAR Net unrealised gain (in EUR) As at 30 June 2016, the latest maturity of all outstanding contracts is 4 August Bond World Emerging Local Currency Purchase amount Currency Sale amount AUD ARS BRL AUD CAD BRL CHF CAD CLP CHF CNH CNH COP COP CZK CZK EUR EUR GBP GBP HUF HUF IDR IDR JPY JPY KRW KES MXN KRW MYR MXN NGN MYR NOK NGN NZD NOK PEN NZD PHP PEN PLN PHP RON PLN RUB RON SAR RUB THB SAR TRY THB TWD TRY UGX TWD USD USD ZAR UYU ZMW ZAR ZMW Net unrealised loss (in USD) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 15 May Page 100

223 Notes to the financial statements at 30/06/2016 Bond World High Yield Currency Purchase amount Currency Sale amount AUD AUD CZK EUR EUR GBP USD USD Net unrealised loss (in EUR) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 27 July Bond World Inflation-Linked Currency Purchase amount Currency Sale amount AUD AUD CAD CAD DKK DKK EUR EUR GBP GBP JPY JPY SEK NZD USD SEK USD Net unrealised gain (in EUR) As at 30 June 2016, the latest maturity of all outstanding contracts is 22 July Convertible Bond Asia Currency Purchase amount Currency Sale amount USD CNY Net unrealised gain (in USD) As at 30 June 2016, the latest maturity of all outstanding contracts is 27 July Convertible Bond World Currency Purchase amount Currency Sale amount CHF CHF CZK CZK EUR EUR GBP GBP HKD HKD HUF HUF JPY JPY NOK NOK PLN PLN SEK SEK USD SGD TWD USD Net unrealised loss (in USD) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 21 July Equity Best Selection Asia ex-japan Currency Purchase amount Currency Sale amount AUD EUR SGD USD Net unrealised gain (in EUR) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Page 101

224 Notes to the financial statements at 30/06/2016 Equity Best Selection Euro Currency Purchase amount Currency Sale amount CZK CZK EUR EUR HUF HUF SGD SGD USD USD Net unrealised gain (in EUR) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Equity Best Selection Europe Currency Purchase amount Currency Sale amount EUR EUR HUF HUF Net unrealised loss (in EUR) (553) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Equity Europe Growth Currency Purchase amount Currency Sale amount EUR EUR SGD SGD USD USD Net unrealised gain (in EUR) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Equity Europe Small Cap Currency Purchase amount Currency Sale amount EUR EUR SGD SGD USD USD Net unrealised gain (in EUR) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Equity High Dividend USA Currency Purchase amount Currency Sale amount EUR EUR USD USD Net unrealised loss (in USD) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Equity Japan Currency Purchase amount Currency Sale amount EUR EUR JPY JPY USD USD Net unrealised loss (in JPY) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Equity USA Growth Currency Purchase amount Currency Sale amount CZK CZK EUR EUR USD USD Net unrealised loss (in USD) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Page 102

225 Notes to the financial statements at 30/06/2016 Equity USA Mid Cap Currency Purchase amount Currency Sale amount EUR EUR SGD SGD USD USD Net unrealised loss (in USD) ( ) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Sustainable Equity High Dividend Europe Currency Purchase amount Currency Sale amount EUR EUR USD USD Net unrealised gain (in EUR) As at 30 June 2016, the latest maturity of all outstanding contracts is 20 July Counterparties to Forward foreign exchange contracts: Barclays Bank Plc Wholesale London BNP Paribas Paris BNP Paribas Securities Services Citibank N.A London Citigroup Global Market Crédit Suisse First Boston Deutsche Bank AG Deutsche Bank London Goldman Sachs International London HSBC Bank Plc JP Morgan Secs Ltd Merrill Lynch UK Morgan Stanley And Co. International Nomura International Plc Royal Bank of Canada Société Générale Standard Chartered Bank Standard Chartered UK State Street Boston FX UBS Ltd London Note 11 - Swaps Credit Default Swaps The Company has entered into credit default swaps agreements whereby it exchanges fixed income for income linked to changes in credit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the amount of the unrealised capital gain is stated under Net Unrealised gain on financial instruments in the Statement of net, and the amount of net unrealised capital loss is given under Net Unrealised loss on financial instruments in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/06/2021 ROMANIA 6.5% 08-18/06/ % USD 20/06/ % INDONESIA (REP) 5.875% 10-13/03/ USD 20/06/2021 PHILIPPINES (REP) % 00-16/03/ % USD 20/06/2021 ROMANIA 6.5% 08-18/06/ % USD 20/06/2021 ROMANIA 6.5% 08-18/06/ % Page 103

226 Notes to the financial statements at 30/06/2016 Bond Best Selection World Emerging (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/06/2021 CHILE 3.875% 10-05/08/ % USD 20/06/2021 CHILE 3.875% 10-05/08/ % USD 20/06/ % BRAZIL REP OF 4.25% 13-07/01/ USD 20/06/2021 RUSSIAN FEDERATION 00-31/03/2030 STEP UP 1.000% Net unrealised loss (in USD) ( ) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/03/ % PRUDENTIAL FIN 4.5% 03-15/07/ USD 20/03/2017 METLIFE INC 5% 05-15/06/ % USD 20/06/2017 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/06/ % FORD MOTOR CRED 5% 11-15/05/ USD 20/12/2017 METLIFE INC 4.75% 10-08/02/ % EUR 20/06/ % ITRAXX SNR FIN S25 20/06/ EUR 20/06/2021 ITRX EUR CDSI S25 5Y V1 20/06/ % EUR 20/06/2021 ITRX EUR CDSI S25 5Y V1 20/06/ % USD 20/06/2021 UNITED MEXICAN 5.95% 08-19/03/ % USD 20/06/2021 CDX IG CDSI S26 5Y V1 20/06/ % USD 20/06/2021 ARGENT-USD DIS 8.28% 05-31/12/ % USD 20/06/2021 REPUBLIC OF PERU 8.75% 03-21/11/ % USD 20/06/2021 CHILE 3.875% 10-05/08/ % USD 20/06/2021 COLOMBIA REP OF % 03-28/01/ % USD 20/06/2021 BRAZIL REP OF 4.25% 13-07/01/ % USD 20/06/2021 BRAZIL REP OF 4.25% 13-07/01/ % Net unrealised loss (in USD) ( ) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/03/ % PRUDENTIAL FIN 4.5% 03-15/07/ USD 20/03/2017 METLIFE INC 5% 05-15/06/ % USD 20/06/ % FORD MOTOR CRED 5% 11-15/05/ USD 20/06/2017 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/12/2017 METLIFE INC 4.75% 10-08/02/ % EUR 20/06/2021 ITRX EUR CDSI S25 5Y V1 20/06/ % Page 104

227 Notes to the financial statements at 30/06/2016 Bond World (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received EUR 20/06/ % ITRAXX SNR FIN S25 20/06/ EUR 20/06/2021 ITRX EUR CDSI S25 5Y V1 20/06/ % USD 20/06/2021 CDX IG CDSI S26 5Y V1 20/06/ % USD 20/06/2021 COLOMBIA REP OF % 03-28/01/ % USD 20/06/2021 CHILE 3.875% 10-05/08/ % USD 20/06/2021 REPUBLIC OF PERU 8.75% 03-21/11/ % USD 20/06/2021 ARGENT-USD DIS 8.28% 05-31/12/ % USD 20/06/2021 UNITED MEXICAN 5.95% 08-19/03/ % USD 20/06/2021 BRAZIL REP OF 4.25% 13-07/01/ % USD 20/06/2021 BRAZIL REP OF 4.25% 13-07/01/ % Net unrealised loss (in EUR) (99 027) Interest Rate Swaps The Company has entered into interest rate swaps agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received MXN 23/10/2019 MXN SWAP TIIE 28 D 5.185% INR 21/06/2021 NSE INTERBANK OFFER RATE 6.760% INR 21/06/2021 NSE INTERBANK OFFER RATE 6.760% Net unrealised gain (in USD) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 26/01/ % LIBOR 3 M USD EUR 20/01/ % EURIBOR 6 M USD 28/11/2019 LIBOR 3 M USD 1.700% EUR 28/02/2020 EURIBOR 6 M 0.040% JPY 01/07/2021 LIBOR 6 M JPY % EUR 21/01/2024 EURIBOR 6 M 1.017% GBP 16/03/2024 ICE LIBOR GBP 6 M 1.805% MXN 06/05/2025 MXN SWAP TIIE 28 D 6.235% EUR 26/02/2026 EURIBOR 6 M 1.061% USD 28/11/ % LIBOR 3 M USD EUR 28/02/ % EURIBOR 6 M GBP 17/03/ % ICE LIBOR GBP 6 M USD 28/04/2046 LIBOR 3 M USD 2.216% JPY 30/04/ % LIBOR 6 M JPY Page 105

228 Notes to the financial statements at 30/06/2016 Bond USD (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received JPY 01/07/ % LIBOR 6 M JPY USD 26/01/ % LIBOR 3 M USD Net unrealised gain (in USD) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received USD 26/01/ % LIBOR 3 M USD EUR 20/01/ % EURIBOR 6 M JPY 15/10/2019 LIBOR 6 M JPY 0.243% USD 28/11/2019 LIBOR 3 M USD 1.700% EUR 28/02/2020 EURIBOR 6 M 0.040% SGD 12/05/2020 SGD SWAP 6 M 2.100% JPY 01/07/2021 LIBOR 6 M JPY % EUR 21/01/2024 EURIBOR 6 M 1.017% GBP 16/03/2024 ICE LIBOR GBP 6 M 1.805% EUR 26/02/2026 EURIBOR 6 M 1.061% USD 28/11/ % LIBOR 3 M USD EUR 05/07/2032 EURIBOR 6 M 360 DAYS 2.770% JPY 11/10/2032 LIBOR 6 M JPY 1.531% JPY 15/10/2034 LIBOR 6 M JPY 1.398% EUR 05/07/ % EURIBOR 6 M 360 DAYS EUR 28/02/ % EURIBOR 6 M GBP 17/03/ % ICE LIBOR GBP 6 M USD 28/04/2046 LIBOR 3 M USD 2.216% JPY 30/04/ % LIBOR 6 M JPY JPY 01/07/ % LIBOR 6 M JPY USD 26/01/ % LIBOR 3 M USD Net unrealised gain (in EUR) Bond World Emerging Local Nominal Currency Maturity Sub-fund paid Sub-fund received INR 08/12/2019 NSE INTERBANK OFFER RATE 6.970% INR 21/06/2021 NSE INTERBANK OFFER RATE 6.760% INR 21/06/2021 NSE INTERBANK OFFER RATE 6.760% PLN 15/03/ % WARSAW INTERBK OFFER RATE 6 M Net unrealised gain (in USD) Inflation Swaps The Company has entered into inflation swaps agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Page 106

229 Notes to the financial statements at 30/06/2016 Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 26/01/2018 US CPI URBAN CONSUMERS NSA 1.150% EUR 21/03/ % US CPI URBAN CONSUMERS NSA USD 01/04/ % US CPI URBAN CONSUMERS NSA GBP 20/04/2026 UK RPI NSA 2.960% Net unrealised loss (in USD) ( ) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received EUR 18/09/ % EUROSTAT EUROZONE HICP EX TOBACCO EUR 18/09/2016 FRANCE CPI EX TOBACCO 1.580% USD 26/01/2018 US CPI URBAN CONSUMERS NSA 1.150% EUR 21/03/ % EUROSTAT EUROZONE HICP EX TOBACCO USD 01/04/ % US CPI URBAN CONSUMERS NSA GBP 20/04/2026 UK RPI NSA 2.960% Net unrealised loss (in EUR) (56 479) Counterparties to Swaps contracts: Barclays Bank London Barclays Bank Plc BNP Paribas London Branch BNP Paribas Paris Citigroup Global Market Crédit Suisse International Deutsche Bank Deutsche Bank AG Goldman Sachs International London HSBC Bank Plc JP Morgan London Morgan Stanley And Co. International Morgan Stanley Secs Ltd Nomura International Plc Note 12 - Options positions For options contracts with the same Description, Currency, Maturity Date, Strike and Counterparty, the positions are consolidated. In this context, the options quantities can be 0. As at 30 June 2016, the following positions on options were outstanding: Bond Best Selection World Emerging Currency Quantity Purchase/ Sale USD S USD S USD S Description Maturity date Strike CALL USD / CLP 11/08/ PUT USD / CLP 11/08/ PUT USD/TWD 25/10/ Page 107 Exposure/ Commitment (in USD) (in USD) 11/08/ (10 095) 11/08/ (67 482) 25/10/ (91 403) As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to 0 USD. Total: ( )

230 Notes to the financial statements at 30/06/2016 Bond USD Currency Quantity Purchase/ Sale USD 452 P USD 61 P Description Maturity date Strike PUT US 5YR NOTE FUTURE (CBT) 26/08/ PUT US 10YR NOTE FUT (CBT) 22/07/ Exposure/ Commitment (in USD) (in USD) 26/08/ /07/ As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to USD. Bond World Currency Quantity Purchase/ Sale EUR S EUR P USD 230 P USD 31 P Description Maturity date Strike PUT EUR/GBP 26/10/ PUT EUR/GBP 26/10/ PUT US 5YR NOTE FUTURE (CBT) 26/08/ PUT US 10YR NOTE FUT (CBT) 22/07/ Exposure/ Commitment (in EUR) Total: (in EUR) 26/10/ (895) 26/10/ /08/ /07/ As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to EUR. Bond World Emerging Local Currency Quantity Purchase/ Sale USD S USD S USD S Description Maturity date Strike CALL USD / CLP 11/08/ PUT USD / CLP 11/08/ PUT USD/TWD 25/10/ Exposure/ Commitment (in USD) Total: (in USD) 11/08/ (23 725) 11/08/ ( ) 25/10/ ( ) Total: ( ) Page 108

231 Notes to the financial statements at 30/06/2016 As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to 0 USD. Convertible Bond World Currency Quantity Purchase/ Sale EUR P USD P USD S USD P Description Maturity date Strike CALL ENGIE 16/12/ CALL SPDR GOLD TRUST 16/09/ CALL SPDR GOLD TRUST 16/09/ CALL UNITED STATES OIL FUND 21/10/ Exposure/ Commitment (in USD) (in USD) 16/12/ /09/ /09/ ( ) 21/10/ As at 30 June 2016, the cash margin balance in relation to futures and/or options amounted to USD. Counterparties to Options: BNP Paribas Paris BNP Paribas Securities Services Citigroup Global Market Goldman Sachs International London UBS Limited Loc Swaptions Total: A type of option between two parties that can be exercised on a swap where the buyer of the swap has the right, but not obligation to, receive an agreed upon fixed interest rate. The buyer pays a premium for the right to swap at this fixed rate. Short for a call swap option, a call swaption can be used as a hedging tool to avoid risk if a bond issuer believes interest rates might decrease. Bond USD Nominal Currency Type Strike Maturity Cash Flow USD Swaption Put on CDS 1.015% 20/07/ USD Swaption Put on CDS 1.000% 20/07/ EUR Swaption Put on CDS 0.850% 20/07/ EUR Swaption Put on CDS 1.050% 20/07/ EUR Swaption Put on CDS 4.000% 17/08/2016 Bond World PUT CDX HY CDSI S26 5Y 20/07/ PUT CDX HY CDSI S26 5Y V1 P 20/07/ PUT ITRX EUR CDSI S25 5Y 20/07/ PUT ITRX EUR CDSI S25 5Y 20/07/ PUT ITRX XOVER CDSI S25 5Y 17/08/ (in USD) 83 Nominal Currency Type Strike Maturity Cash Flow USD Swaption Put on CDS 1.015% 20/07/ USD Swaption Put on CDS 1.000% 20/07/ EUR Swaption Put on CDS 0.850% 20/07/2016 PUT CDX HY CDSI S26 5Y 20/07/ PUT CDX HY CDSI S26 5Y V1 P 20/07/ PUT ITRX EUR CDSI S25 5Y 20/07/ Page 109

232 Notes to the financial statements at 30/06/2016 Bond World (continued) Nominal Currency Type Strike Maturity Cash Flow EUR Swaption Put on CDS 1.050% 20/07/ EUR Swaption Put on CDS 4.000% 17/08/2016 PUT ITRX EUR CDSI S25 5Y 20/07/ PUT ITRX XOVER CDSI S25 5Y 17/08/ GBP Swaption Put on IRS 3.872% 02/06/2023 PUT 6-M GBP-LIBOR 02/06/ (in EUR) Counterparties to Swaptions: Goldman Sachs International London JP Morgan London Royal Bank of Scotland Note 13 - Securities lending As at 30 June 2016, the Company has not concluded securities lending agreement. For the period ended 30 June 2016, the securities lending income generated by the Fund is as follows: Sub-fund Currency Net Income Cost And Fees Gross Income Equity Best Selection Asia ex-japan EUR Equity Brazil USD Equity China USD Equity High Dividend Pacific EUR Equity Latin America USD The only remaining fees attributable to lending securities income are the agency (BP2S) fees which will be 20%. Note 14 - Collateral In order to limit counterparty risk on swap agreements, the SICAV has put a collateralisation process in place. As at 30 June 2016, the SICAV pledged the following collateral in favour of swap agreement counterparties: Sub-fund Currency OTC collateral Type of collateral Bond Asia ex-japan USD Cash Bond Best Selection World Emerging USD Cash Bond World EUR Cash Bond World Emerging Local USD Cash Bond World High Yield EUR Cash Convertible Bond World USD Cash Equity High Dividend USA USD Cash Equity Japan JPY Cash Equity USA Growth USD Cash As at 30 June 2016, the counterparties to swap agreements pledged the following collateral in favour of the SICAV: Sub-fund Currency OTC collateral Type of collateral Bond Best Selection World Emerging USD Cash Bond USD USD Cash Bond World EUR Cash Page 110

233 Notes to the financial statements at 30/06/2016 Sub-fund Currency OTC collateral Type of collateral Bond World Emerging Local USD Cash Bond World High Yield EUR Cash Convertible Bond World USD Cash Equity Best Selection Euro EUR Cash Equity Europe Growth EUR Cash Equity Europe Small Cap EUR Cash Note 15 - Soft dollar fees With the aim of optimising execution, broker fees on portfolio transactions for the Company may be granted by portfolio managers in compensation for brokers research and services in executing transactions. Research, information and other services allow portfolio managers to strengthen their own research and analyses by giving them access to information from their counterparts in other companies. These services do not incorporate travel expenses, accommodation, entertainment, general back-office, office and premises equipment, membership fees, wages and payments directly charged to the fund managers. During the financial year ending 31 December 2015, the following fund managers were able to conclude soft dollar agreements: BNPP AM Brazil Fairpointe Capital LLC FFTW US (equities) Note 16 - Related party transactions The related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies or other financial products for the account of each sub-fund for which the related parties act as broker or for their own account or as counterparty for their clients, including in the case in which the related parties or their clients have the option of conducting transactions for their own account at the same time as for the account of each sub-fund. When handling purchases and sales of securities for each sub-fund, the related parties may also have acted as counterparty at the best market conditions. The Company considers that the commissions, increases and reductions invoiced by the related parties are competitive, although it is in the related parties interests to receive favorable commission rates, and increases and reductions for each sub-fund. Note 17 - Change in the composition of the securities portfolio The list of changes to the composition of the securities portfolio during the period is available free of charge at the Management Company s registered office and from local agents. Note 18 - List of Investment managers Alfred Berg Kapitalförvaltning AB, Stockholm, Sweden, abbreviated to Alfred Berg AB, Sweden BNP Paribas Asset Management S.A.S., Paris, abbreviated to BNPP AM France BNP Paribas Asset Management Brasil Ltda, Sao Paulo SP, Brazil, abbreviated to BNPP AM Brazil BNP Paribas Investment Partners Asia Limited, Hong Kong, abbreviated to BNPP IP Asia BNP Paribas Investment Partners Japan Ltd., Tokyo, Japan, abbreviated to BNPP IP Japan BNP Paribas Investment Partners Nederland N.V., Amsterdam, The Netherlands, abbreviated to BNPP IP Nederland BNP Paribas Investment Partners Singapore Limited, Singapore, abbreviated to BNPP IP Singapore BNP Paribas Investment Partners UK Limited, London, abbreviated to BNPP IP UK Fairpointe Capital LLC, Chicago, Illinois, USA, abbreviated to Fairpointe Fischer Francis Trees & Watts, Inc., New York, abbreviated to FFTW US Page 111

234 Notes to the financial statements at 30/06/2016 River Road Asset Management, LLC.Louisville, USA TEB Portföy Yönetimi A.Ş., Istanbul, Turkey, abbreviated to TEB THEAM S.A.S, Paris, France, abbreviated to THEAM Convertible Bond Asia Equity World Consumer Durables Equity World Emerging Equity World Energy Equity World Finance Equity World Health Care Equity World Materials Equity World Technology Equity World Telecom Equity World Utilities Equity USA Growth Green Tigers Equity Europe Mid Cap Equity Japan Sub-fund Convertible Bond World Equity Europe Small Cap Sustainable Equity High Dividend Europe (formerly Equity High Dividend Europe) Equity Brazil Equity Latin America Equity Russia Equity Russia Opportunities Bond World High Yield Equity World Low Volatility Real Estate Securities Pacific Real Estate Securities World Bond USD Short Duration Bond Best Selection World Emerging Bond World Emerging Local Equity USA Mid Cap Equity Bric Equity Europe Growth Bond Asia ex-japan Bond USD Bond World Bond World Inflation-Linked Equity India Equity Indonesia Equity China Investment managers BNPP IP Asia sub delegating to BNPP IP UK for the management of FX FFTW US FFTW US BNPP IP UK for the management of FX BNPP AM France BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP IP Japan BNPP IP UK for the management of FX BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP IP UK for the management of FX BNPP AM Brazil BNPP AM Brazil sub delegating to BNPP IP UK for the management of FX Alfred Berg AB, Sweden sub delegating to BNPP IP UK for the management of FX FFTW US sub delegating to BNPP IP UK for the management of FX BNPP AM France BNPP IP UK co-manager and for the management of FX THEAM BNPP IP Nederland FFTW US BNPP IP UK co-manager and for the FX management BNPP IP UK Fairpointe BNPP IP UK for the FX management FFTW US sub delegating to BNPP IP Asia, to BNPP AM Brazil and to BNPP IP UK for the FX Management BNPP IP UK BNPP IP Singapore BNPP IP UK for the FX management BNPP IP UK FFTW US BNPP IP Asia BNPP AM France Sub delegating to BNPP IP Asia Page 112

235 Notes to the financial statements at 30/06/2016 Equity Best Selection Euro Equity Best Selection Europe Equity High Dividend USA Equity Europe Emerging Sub-fund Equity Best Selection Asia ex-japan Equity High Dividend Pacific Investment managers BNPP IP UK BNPP AM France BNPP IP UK BNPP AM France sub delegating to BNPP IP UK for the FX Management River Road BNPP IP UK for the FX management Alfred Berg AB, Sweden advised by TEB sub delegating to BNPP IP UK for the FX Management BNPP IP Asia BNPP IP UK for the FX management Note 19 - Transaction fees Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage fees, custody fees, VAT, stock exchange fees, RTO fees (Reception and Transmission of Orders) and dilution levy. In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker s remuneration. Note 20 - Reclaiming withholding tax on dividends In several European Union countries, dividends paid out by companies are taxed differently depending on whether they are paid to domestic or foreign entities. In fact, when dividends are paid to a foreign entity, the foreign entity is sometimes subject to a withholding tax. This represents a difference in tax treatment, which is considered as a breach of European Union law and the principle of the free movement of capital. Since a number of decisions have been taken by the European Court of Justice and the Council of State in favour of foreign residents, the management company has applied for refunds of withholding tax paid on dividends received from foreign companies in respect of funds domiciled in Luxembourg where the prospect of obtaining such refunds is considered to be favourable to the funds concerned. As the tax reclaim procedures must be undertaken with the tax authorities concerned, the final result of these procedures and the time the tax authorities would take to respond cannot be predicted. Due to the uncertainty of the recoverability of the amounts, no accrual is recorded and it is booked under the caption Income on investments and when received. Note 21 - Consideration of environmental, social and governance (ESG) criteria BNP Paribas Asset Management applies a Responsible Investment Policy which sets out a certain number of ESG criteria applicable to our investment decisions. This policy is based on the criteria of the United Nations Global Compact, an international framework built on international conventions relating to human rights, labour, the environment and anti-corruption. This global initiative is supplemented by criteria aimed at controlling investment in certain business sectors, such as nuclear and coal-fired power stations, and prohibiting investment in controversial products, such as anti-personnel mines and cluster bombs. The investment criteria and implementation principles included in our Responsible Investment Policy can be consulted on our website at Furthermore, with regard to this UCITS, BNP Paribas Asset Management has applied a Socially Responsible Investment (SRI) policy, the principles of which are described in the AFG-FIR-Eurosif Transparency Code available on our website at for the following sub-funds: - Green Tigers - Sustainable Equity High Dividend Europe Page 113

236 A global presence Europe Austria Belgium France Germany Greece Italy Luxembourg Portugal Spain Switzerland The Netherlands UK North America Canada USA Latin America Argentina Brazil Chile Colombia Mexico Uruguay Asia Pacific Australia Brunei China Hong Kong India Indonesia Japan Malaysia Singapore South Korea Taiwan Nordics Denmark Finland Norway Sweden EEMEA Bahrain Czech Republic Kuwait Morocco Russia Turkey Office addresses can be found in the About Us section of 14, rue Bergère Paris - France

237 PARVEST SICAV ANNUAL REPORT at 31/12/2015 R.C.S. Luxembourg B

238

239 Table of contents Organisation 3 Information 5 Manager's report 6 Audit report 10 Financial statements at 31/12/ Key figures relating to the last 3 years 22 Securities portfolio at 31/12/2015 Bond Asia ex-japan 35 Bond Best Selection World Emerging 36 Bond USD 37 Bond USD Short Duration 40 Bond World 41 Bond World Emerging Local 45 Bond World High Yield 46 Bond World Inflation-Linked 50 Convertible Bond Asia 51 Convertible Bond World 52 Equity Best Selection Asia ex-japan 54 Equity Best Selection Euro 55 Equity Best Selection Europe 56 Equity Brazil 57 Equity Bric 58 Equity China 60 Equity Europe Emerging 61 Equity Europe Growth 62 Equity Europe Mid Cap 63 Equity Europe Small Cap 64 Equity High Dividend Europe 65 Equity High Dividend Pacific 66 Equity High Dividend USA 67 Equity India 68 Equity Indonesia 69 Equity Japan 70 Equity Latin America 71 Equity Russia 72 Equity Russia Opportunities 73 Equity USA Growth 74 Equity USA Mid Cap 75 Equity World Consumer Durables 76 Page 1 Page

240 Table of contents Page Equity World Emerging 77 Equity World Energy 79 Equity World Finance 80 Equity World Health Care 81 Equity World Low Volatility 82 Equity World Materials 84 Equity World Technology 85 Equity World Telecom 86 Equity World Utilities 87 Green Tigers 88 Real Estate Securities Pacific 89 Real Estate Securities World 90 Notes to the financial statements 91 Unaudited appendix 122 No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Page 2

241 Organisation Registered office 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris Members Mr. Marnix ARICKX, Chief Executive Officer, BNP Paribas Investment Partners Belgium, Brussels Mr. Vincent CAMERLYNCK, CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong (until 31 July 2015) Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. François HULLO, Head of External Distribution, BNP Paribas Investment Partners, Paris Mr. Marc RAYNAUD, Head of Global Fund Solutions, BNP Paribas Investment Partners, Paris (until 24 November 2015) Mr. Christian VOLLE, Chairman of the Fondation pour l Art et la Recherche, Paris Managing Director Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the Law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Net asset values calculation, transfer agent, bearer shares depositary and registrar are delegated to: BNP Paribas Securities Services - Luxembourg Branch Until 31 December Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Since 1 January Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Page 3

242 Organisation Portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE Stockholm, Sweden BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F Paris, France BNP Paribas Asset Management Inc., 75 State Street, 6 th Floor, Boston, Ma 02109, USA (until 31 July 2015) BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek Andar, Sao Paulo SP, Brazil BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Japan Ltd., Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo , Japan BNP Paribas Investment Partners Netherlands N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The Netherlands (until 14 December 2015) BNP Paribas Investment Partners Nederland N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The Netherlands (since 15 December 2015) BNP Paribas Investment Partners Singapore Limited, 10 Collyer Quay #15-01 Ocean Financial Centre Singapore BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France Management entities not part of the Group: Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the Equity USA Mid Cap sub-fund RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky , USA, Manager for the Equity High Dividend USA sub-fund The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1 Boulevard Haussmann, F Paris, France, Advisor on the selection of portfolio managers from outside the Group TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey, Advisor for the Equity Europe Emerging sub-fund Depositary/Paying agent BNP Paribas Securities Services - Luxembourg Branch Until 31 December Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Since 1 January Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Page 4

243 Information Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 21 July 2014, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 11 August The latest version of the Articles of Association has been filed on 1 August 2014 with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B The minimum capital amounts to EUR It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends Net Assets values are calculated every full bank business day in Luxembourg. The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: Financial Year The Company s financial year starts on 1 January and ends on 31 December. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors of the SICAV in countries in which the Company publicly markets its shares. Documents and information are also available on the website: Page 5

244 Manager's report Economic context The desynchronised growth of the world economy continued to be an ongoing trend and a source of concern, especially as major international organisations were forced to regularly downgrade their growth forecasts following disappointing results in the emerging economies. In view of this situation, and although the downgrading of indicators in most of the major emerging countries (with the exception of Brazil) ended at the close of the year, this was not welcome news to investors. On the contrary, renewed weakness in oil from November onwards reignited fears about global growth although the price was more a reflection of the imbalance between excess supply (due to OPEC s refusal to set production quotas) and limited demand, especially following a very mild early winter in Europe and North America. United States GDP fluctuated in a fairly volatile manner during the year: after modest growth in the first quarter due to weather conditions and the shut-down affecting ports on the west coast, GDP bounced back sharply in the second quarter (almost 4% year-onyear) then stabilised at around 2%. Inventory adjustments played a role in the fluctuation of GDP and business activities. In fact, widespread de-stocking since the summer has negatively affected the manufacturing sector, casting a shadow over the surveys of purchasing managers (as also seen in the ISM index which fell below 50 in November compared with 53.5 in June), along with industrial production and investments. This downturn has alarmed some observers who believed that these could be the first signs the economy was running out of steam. The facts did not support this assumption, as the service sector managed to withstand the industrial vacuum and the housing market rose sharply, with the outlook remaining very encouraging. Finally, in terms of private consumption the trends have been more regular and this sector has seen steadier growth, reflecting the undeniable improvement in the labour market. With 2.7 million jobs created in 2015 and the unemployment rate falling to 5% in October, full employment is on the horizon. Up to now wages have only risen moderately for several reasons: the use of part-time jobs by companies is still high and households continue to question the possibility of easily finding a new job. However, several surveys have revealed that businesses, especially smaller ones, are looking for qualified employees and are willing to increase wages significantly to take on and retain staff. A rise in wages is set to become a more widespread trend. Inflation remained low in 2015 (0.5% year-on-year in November) due to the effects of the lower oil price during the previous year. The Fed believes that this should be a temporary phenomenon. Inflation, excluding food and energy, rose from 1.6% in January to 2% in November year-on-year, a trend that validated this assumption. Europe GDP was up strongly in the euro zone from the start of the year onwards, with a quarterly rise from 0.3% to 0.5%, and the rate standing at 1.6% year-on-year in the third quarter (compared with 0.8% a year earlier), the highest rise since mid Growth was above expectations due to consumption that remained strong throughout the year and good performance by the exports sectors in the first six months. Investment in productive is still not picking up convincingly. The steady improvement in the distribution of credit to the private sector was a positive point. Low interest rates in line with the extremely accommodating monetary policy of the ECB further emphasised this trend. Moreover, banks are reporting that the demand for credit is rising. Finally, according to the survey of purchasing managers, the expansion rate for total business (manufacturing and service sectors combined) rallied in December to reach a four-month high. This rising trend at the end of the year appeared very encouraging. According to several official institutions, GDP growth in the 4th quarter should stand at 0.4%, close to the rate observed since the end of This performance is even more remarkable given the occurrence of number of events in 2015 likely to affect the confidence of economic operators: the first six months were marked by the Greek crisis and the second half of the year witnessed regional and general elections that resulted in a fairly confusing political landscape in several countries (Portugal and Spain) and the widespread rise of Euro-sceptic parties in response to the refugee crisis, not to mention the tragic events which cast a pall over Paris. Inflation, which stood at -0.6% year-on-year in January, remained very weak (+0.2% in November). Japan In Japan, GDP rose sharply in the first quarter of 2015 after a year that had witnessed a technical recession following the increase in VAT on 1 April After this, growth was much more faltering, even raising fears of a return to recession. The PMI index, which reflects the survey of purchasing managers in the manufacturing sector, dropped from 52 at the end of 2014 to around 50 in the spring before resuming an upward trend and closing the year at Through its exporting companies, the Japanese economy is suffering from the difficulties in China, while domestic demand appears to be picking up, linked to an improving job market (the unemployment rate stood at 3.3% at year-end). With inflation again standing at close to zero in the second half of the year (0.3% in November year-on-year compared with 2.4% in January), the Bank of Japan was forced to acknowledge that it would not meet its target of 2% within the expected deadline. Page 6

245 Manager's report Emerging markets Although the OECD forecast in June 2015 that the GDP of emerging economies would increase by 4.2% in 2015 and 4.9% in 2016, in November the organisation published a new report predicting figures of 3.7% and 4.2% respectively. Among the leading countries, only India reported faster growth in The staggering drop in the price of oil from mid-2014 and another drop in mid-2015 obviously affected commodity-producing countries. Logically, this situation should have a positive effect on Asia; however, the slowdown in activity in China and concerns about the nature of the slowdown had a negative effect on the more cyclical stocks from this region. Following changes to the Chinese business model, the official target was lowered to 6.5% for the coming years compared with 7% previously. In this context, the aggregated PMI index, which reflects the opinions of purchasing managers on emerging economies, fell below 50 in the spring, thus revealing a contraction in manufacturing activity. The trend over the last quarter was a little more encouraging; however, the index failed to rise above 50. Signs of improvement are currently very tenuous and mostly hidden by the difficulties of the major economies. Russia and Brazil are both in recession due to the tense foreign relations situation in the former country and a major power struggle in the latter. The difficulties in Russia are mainly due to declining oil prices, while in Brazil the crisis is more deep-rooted. In fact, President Dilma Rousseff is facing impeachment following a corruption scandal. Inflation has also reached its highest point since 2002, meaning that the central bank will continue to increase its rates after the 250 bp rise in Monetary policy In 2015, the monetary policy of the European Central Bank (ECB) reached another decisive turning point. On 22 January, a QE (Quantitative Easing) programme comparable to the policy rolled out in the United States and United Kingdom was announced. The key feature of the programme is 60 billion per month of asset purchases. In addition to the covered bonds and asset-backed securities (ABS) purchased since the autumn of 2014, the programme now includes securities (including inflation-indexed securities) issued by supranational agencies and governments. Purchases of government bonds, which began on 9 March, also include securities with a negative interest rate, with the deposit rate used as a limit. For several months after the roll-out of these operations, the comments made by the ECB mainly consisted of saying that the programme was operating without any difficulties and would continue until at least September The financial turbulence in the summer and inflation that remained very low in the euro zone led some observers to consider the announcement of additional measures. In October, Mario Draghi also hinted that far-reaching measures would be announced in December and other extremely accommodating statements further fuelled expectations in November such as: we will do what we need to do to increase inflation as soon as possible. This attitude may have been counter-productive as on 3 December the ECB failed to live up to expectations by only lowering the deposit facility rate by 10 bp (to stand at -0.30%), leaving the two other key interest rates unchanged (the interest rate on the main refinancing operations has stood at 0.05% and the marginal lending facility rate at 0.30% since September 2014) and extending purchases of securities under the scope of QE until March 2017 or beyond if necessary. A decision was also taken to reinvest the principal payments on the securities purchased under the public sector asset purchasing programme as they mature. The monetary policy was therefore more accommodating than in October in order to ensure that inflation (0.2% year-on-year in November) returned to levels below but close to 2%. While the ending of the monthly securities purchasing scheme in November 2014 for the purpose of normalising its monetary policy failed to trigger any specific reaction, the US Federal Reserve (the Fed) has found it trickier to control expectations on interest rates. The forward-looking statements in the official communiqué issued after each monetary policy committee have changed over the months. The Fed took a decisive step in March by refusing to fix a timetable stating that the economic situation would determine the decision to raise rates. Moreover, Janet Yellen indicated that once the increase starts, the rise will be gradual; she also restated that monetary policy should be forward-looking. Linking monetary policy decisions and economic data has unfortunately complicated the analysis, since the latter has been particularly volatile since the start of 2015 and expectations of higher rates only slowly gained ground and continued to fluctuate until the autumn. After raising concerns about growth by failing to increase the key rates in September (due to the difficult international financial situation), it was right at the end of the year (16 December) that Janet Yellen was finally able to announce the abandonment of the zero-rate policy that had been in force since the end of The ground for such an action had been well prepared during the previous meeting. The target federal funds rate in the US will now range between 0.25% and 0.50% and the Fed is considering further increases in the coming months (a total of 100 bp in 2016 according to the forecasts supplied by all the participants at the FOMC). Page 7

246 Manager's report Foreign exchange markets Volatility on the foreign exchange market remained high in 2015, attaining at the start of year the levels seen in 2012 and 2013 for currencies of the major developed countries, with emerging currencies even exceeding these levels. The reason for this feverish climate was the prospect of the Fed increasing interest rates, which would be likely to trigger capital flows within the emerging areas. In addition, the difficulties experienced by commodity-producing countries played a role and also affected the currencies of developed countries (CAD, AUD, NZD, NOK). Moreover, two adjustments of the exchange rate policy revived the spectre of a war, further highlighting the nervousness. This was due, firstly, to the totally unexpected decision of the SNB (Swiss National Bank) on 15 January to scrap the cap on its put in place in September 2011 and, secondly, the surprise devaluation of the Chinese yuan in August, clumsily implemented by the Central Bank. The extremely accommodating policy put in place by the ECB widening the difference between its monetary policy and that of the United States was responsible for changes in the EUR/USD rate. After this wave of extremely wide fluctuations ( ), the euro had dropped by 10.3% against the dollar in the space of twelve months to stand at A low was reached in March (the lowest point since January 2003), and concerns about Greece further penalised the euro. The exchange rate then moved up and down without any great direction, fluctuating several times above 1.14 on the basis of elements such as economic data, political developments and trends on other financial markets. In October, the theme of divergent actions from the central banks returned to the fore. The exchange rate returned virtually to its low point in early December in anticipation of another major easing programme until the actual announcements dashed hopes and saw it return to The USD/JPY exchange rate went over 120 in late December 2014 (the highest point since mid-2007) before fluctuating widely around this level until May. It did not manage to settle long term at 125 the level attained during the summer as the announcements from the Bank of Japan and the government about their willingness to retain the weak yen policy were fairly vague. In August, the announced devaluation of the Chinese yuan temporarily brought the exchange rate to 116 before it stabilised at around 120 until October. For the rest of the year, fluctuations moved within a slightly broader range ( ) without reflecting much conviction on the part of traders as the Bank of Japan continued to maintain a degree of uncertainty about its future securities purchasing operations and simply made a minor adjustment in December. The USD/JPY rate ended the year at , a 0.3% rise. Bond markets In twelve months, the yield of 10-year US T-notes fell by 10 bp: after fluctuating between 1.65% in January (the lowest point since May 2013) and 2.50% during the summer, it ended the year at 2.27%. The annual change seems modest when taking into account the fact that the Fed stopped QE at the end of 2014 and that a 25 bp rise in interest rates occurred in December. Furthermore, although volatile, the economic data has reflected a steady improvement in the job market, which is a key factor for solid growth. In a reversal of the customary relationship between American and European bonds, as a result of the ECB s asset purchasing programme from March onwards, the sharp easing in the euro zone up to April mechanically strengthened the yield offered by US securities. In May and June, the speed and the magnitude of the pressure on German rates weighed heavily on US markets. In terms of bonds, the year witnessed several peaks in volatility as a result of trends on other financial markets. While the level of US long-term interest rates in June and July (around 2.50%) seemed to correctly reflect the improvement in US domestic demand, concerns about global growth and the renewed weakness of commodity prices led to an easing of long-term interest rates, exacerbated by the difficulties experienced by shares. From August onwards, the 10- year rate fluctuated within a narrower range (2% 2.35%) in line with the Fed s monetary policy. The surprise decision to maintain the status quo in September saw a significant easing of long-term interest rates while the eagerly awaited rise in interest rates in December had an impact on the short section of the curve: the 2-year rate ended the year at 1.05% (compared with 0.66% at the end of 2014) the highest rate since the spring of 2010 in view of expectations of a continued normalisation of rates in In the euro zone, the trends observed for government bonds primarily reflected the ECB s monetary policy (expectations and decisions). It seems paradoxical that the German 10-year Bund s yield dropped by 9 bp in twelve months as the ECB announced in January a massive securities purchasing policy that was implemented from March onwards. This performance was due to the excessive easing implemented during the first four months of the year. Against a backdrop of a very accommodating monetary policy and a sharp slowdown in inflation, the German 10-year rate dropped from 0.54% at the end of 2014 to below 0.08% on 20 April 2015, in a virtually uninterrupted movement. The safe-haven investment status of German Government bonds played a role in the easing of rates in view of concerns arising in particular from the heated discussions between Greece and its creditors. The subsequent sharp correction was triggered by technical factors, special market conditions and adjustments of positions by hedge funds. After initially settling at around 0.60%, the yield of the German 10- year Bund was around 1% on 10 June. It then resumed a bearish trend, though a weaker and much more uneven one than in the spring. Page 8

247 Manager's report The end of the year was characterised by increased volatility triggered by the words of Mario Draghi, who raised hopes before dashing them by easing monetary policy a little more (but less than expected). During the second half of the year, investors, without taking economic fundamentals into consideration, were inclined to take profits each time the yield of German Bunds dipped below 0.50%. The Bund ended 2015 at 0.63%. Equity markets The MSCI AC World Index (in USD) posted an annual drop of 4.3% and the MSCI Emerging index (in USD) was down by 17%. From this perspective, 2015 was a bad year. At the same time, S&P 500 was down 0.7% a disappointing performance while the Eurostoxx 50 was up 3.9% and the Nikkei 225 up 9.1%, with all these indices expressed in the local currencies. The figures mentioned above are variations in the price of the indices excluding dividends reinvested. The first half of the year was generally positive, particularly in Europe and Japan, and the gains amassed then compensated for the second half of the year, which was more or less negative on all of the major markets. There were several peaks in volatility during the summer months when the markets experienced stress levels not seen since the European sovereign crisis. Several factors explained the jitteriness of investors. In Greece, after Alexis Tsipras won the elections on a platform of rejecting the reforms and measures associated with the European and international bailout packages, the Greek issue returned to centre stage. In July, while Greece seemed to be on the edge of bankruptcy and the euro zone about to split apart, the compromises reached in extremis were enough to reassure investors despite the enormity of the Greek debt placing an ongoing threat on the country s future. Fears then began to focus on China. The sharp correction of stock exchanges in mainland China from the middle of June induced the authorities to put in place various support and control measures, though without producing tangible results. Doubts about the health of the Chinese economy were then fuelled by disappointing economic data. The surprise devaluation of the yuan against the dollar in August increased nervousness. Finally, the further drop in the price of oil from late June (although the price of a barrel of WTI had returned to $60 compared with less than $45 in March) was interpreted as a clear sign of a global economic slowdown. At year-end, OPEC s decision not to set production quotas drove the price of a WTI barrel below $35. In one year, the price of oil, which had fallen 46% in 2014, dropped another 30%. International equities fell sharply in August. The role of central bankers was again decisive this year. Fluctuations in monetary policy expectations, especially in the United States and in the euro zone, triggered sharp variations on the stock markets, reflecting a certain continued addiction of investors to liquid stocks. European equities benefited in the first half of the year from the roll-out of the ECB s quantitative easing programme. The recovery of global equities in October (which did not last) was based on hopes of a widening of the easing programme from the ECB. It took a while for the message from the Chairman of the Fed to be clearly understood; however, the rise in American interest rates announced in December was ultimately fairly well accepted. The Board of Directors Luxembourg, 3 February 2016 Note: The information stated in this report is historical and not necessarily indicative of future performance. Page 9

248 Audit report To the Shareholders of PARVEST We have audited the accompanying financial statements of PARVEST and of each of its sub-funds, which comprise the statement of net and the securities portfolio as at 31 December 2015 and the statement of operations and changes in net for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU Page 10

249 Opinion In our opinion, the financial statements give a true and fair view of the financial position of PARVEST and of each of its sub-funds as of 31 December 2015, and of the results of their operations and changes in their net for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 7 April 2016 Represented by Thierry Blondeau Page 11

250 Financial statements at 31/12/2015 Bond Asia ex-japan Bond Best Selection World Emerging Bond USD Bond USD Short Duration Expressed in USD USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) ( ) ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities 2 ( ) ( ) ( ) ( ) Financial instruments ( ) ( ) (35 012) ( ) Net realised result ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) Financial instruments ( ) (70 487) Change in net due to operations ( ) ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) (14 900) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 12

251 Bond World Bond World Emerging Corporate Bond World Emerging Local Bond World High Yield Bond World Inflation- Linked Convertible Bond Asia EUR USD USD EUR EUR USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (24 578) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 ( ) ( ) ( ) ( ) ( ) ( ) Page 13

252 Financial statements at 31/12/2015 Convertible Bond World Equity Best Selection Asia ex- Japan Equity Best Selection Euro Equity Best Selection Europe Expressed in USD EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities Financial instruments ( ) Net realised result Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) Financial instruments ( ) Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV ( ) Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 14

253 Equity Brazil Equity Bric Equity China Equity Europe Emerging Equity Europe Growth Equity Europe Mid Cap USD USD USD EUR EUR EUR ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (75 472) ( ) ( ) ( ) (37 670) ( ) ( ) ( ) ( ) ( ) Page 15

254 Financial statements at 31/12/2015 Equity Europe Small Cap Equity High Dividend Europe Equity High Dividend Pacific Equity High Dividend USA Expressed in EUR EUR EUR USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities Financial instruments (8 834) ( ) Net realised result Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) Financial instruments Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 16

255 Equity India Equity Indonesia Equity Japan Equity Latin America Equity Russia Equity Russia Opportunities USD USD JPY USD EUR USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (7 061) ( ) (96 674) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 17

256 Financial statements at 31/12/2015 Equity USA Growth Equity USA Mid Cap Equity World Consumer Durables Equity World Emerging Expressed in USD USD EUR USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments ( ) ( ) ( ) Net realised result on: Investments securities ( ) Financial instruments ( ) ( ) (64 780) (48 348) Net realised result ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) ( ) Financial instruments ( ) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 18

257 Equity World Energy Equity World Finance Equity World Health Care Equity World Low Volatility Equity World Materials Equity World Technology EUR EUR EUR EUR EUR EUR ( ) ( ) ( ) ( ) (7 526) ( ) (20 503) ( ) ( ) ( ) ( ) ( ) (21 454) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 19

258 Financial statements at 31/12/2015 Equity World Telecom Equity World Utilities Green Tigers Real Estate Securities Pacific Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments ( ) Net realised result on: Investments securities Financial instruments (89 888) ( ) (85 207) Net realised result Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) ( ) Financial instruments Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 20

259 Real Estate Securities World EUR Consolidated EUR ( ) ( ) ( ) ( ) ( ) (75 995) ( ) ( ) ( ) Page 21

260 Key figures relating to the last 3 years (Note 7) Bond Asia ex-japan USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic MD - Distribution Share Classic RH AUD MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH SGD MD - Distribution Share I - Capitalisation Share I RH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege MD - Distribution Share X - Capitalisation Bond Best Selection World Emerging USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share I - Capitalisation * Share I RH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege RH EUR - Distribution Share X - Capitalisation Bond USD USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation * This share class has been desactivated during the year and reactivated as at a level of NAV/share of 100. Page 22

261 Key figures relating to the last 3 years (Note 7) Bond USD Short Duration USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic H EUR - Capitalisation Share Classic MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Bond World EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Bond World Emerging Corporate USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic H AUD MD - Distribution Share Classic H SGD MD - Distribution Share Classic MD - Distribution Share I - Capitalisation Share IH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 23

262 Key figures relating to the last 3 years (Note 7) Bond World Emerging Local USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic GBP - Distribution Share Classic HUF - Capitalisation Share Classic MD - Distribution Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share Classic RH SGD MD - Distribution Share I - Capitalisation Share I - Distribution Share I RH EUR - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Bond World High Yield EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H AUD MD - Distribution Share Classic H CZK - Capitalisation Share Classic H USD - Capitalisation Share Classic H USD - Distribution Share Classic H USD MD - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share IH USD - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Bond World Inflation-Linked EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 24

263 Key figures relating to the last 3 years (Note 7) Convertible Bond Asia USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Convertible Bond World EUR EUR USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH CHF - Capitalisation Share Classic RH CZK - Capitalisation Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share Classic RH PLN - Distribution Share I - Capitalisation Share I RH EUR - Capitalisation Share I RH EUR - Distribution Share I RH NOK - Capitalisation Share N - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege RH EUR - Capitalisation Share Privilege RH EUR - Distribution Share X - Capitalisation Equity Best Selection Asia ex-japan EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 25

264 Key figures relating to the last 3 years (Note 7) Equity Best Selection Euro EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H CZK - Capitalisation Share Classic H HUF - Capitalisation Share Classic H SGD - Capitalisation Share Classic H USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share I - Distribution Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Best Selection Europe EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic CHF - Capitalisation Share Classic CHF - Distribution Share Classic RH HUF - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Brazil USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity Bric USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Page 26

265 Key figures relating to the last 3 years (Note 7) Equity China USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Europe Emerging EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Europe Growth EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH SGD - Capitalisation Share Classic RH SGD MD - Distribution Share Classic RH USD - Capitalisation Share Classic RH USD MD - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Europe Mid Cap EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Page 27

266 Key figures relating to the last 3 years (Note 7) Equity Europe Small Cap EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH SGD - Capitalisation Share Classic RH USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity High Dividend Europe EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity High Dividend Pacific EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege USD - Capitalisation Share Privilege USD MD - Distribution Share X - Capitalisation Equity High Dividend USA USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic H EUR - Capitalisation Share Classic H EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege H EUR - Distribution Share X - Capitalisation Page 28

267 Key figures relating to the last 3 years (Note 7) Equity India USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Indonesia USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege EUR - Capitalisation Share X - Capitalisation Equity Japan JPY JPY JPY Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H EUR - Capitalisation Share Classic H USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share IH USD - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege H EUR - Capitalisation Share X - Capitalisation Equity Latin America USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Page 29

268 Key figures relating to the last 3 years (Note 7) Equity Russia EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share I - Distribution Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege GBP - Distribution Share Privilege USD - Capitalisation Share X - Capitalisation Equity Russia Opportunities USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity USA Growth USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H CZK - Capitalisation Share Classic H EUR - Capitalisation Share Classic H EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity USA Mid Cap USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H EUR - Capitalisation Share Classic H SGD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege H EUR - Capitalisation Share X - Capitalisation Page 30

269 Key figures relating to the last 3 years (Note 7) Equity World Consumer Durables EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Emerging USD USD USD Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Energy EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Finance EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 31

270 Key figures relating to the last 3 years (Note 7) Equity World Health Care EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Low Volatility EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic CZK - Capitalisation Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Materials EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Technology EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 32

271 Key figures relating to the last 3 years (Note 7) Equity World Telecom EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Utilities EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Green Tigers EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Real Estate Securities Pacific EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 33

272 Key figures relating to the last 3 years (Note 7) Real Estate Securities World EUR EUR EUR Number of shares 28/02/ /12/ /12/ /12/2015 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Page 34

273 Bond Asia ex-japan Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds China AGILE PROPERTY 9.875% 12-20/03/2017 USD CHINA CINDA % 15-23/04/2020 USD CHINA CINDA % 15-23/04/2025 USD CHINA HONGQIAO 6.875% 14-03/05/2018 USD CHINA SCE PROPER % 12-14/11/2017 USD CHN SCE PROPERTY % 15-02/07/2020 USD COUNTRY GARDEN 7.500% 15-09/03/2020 USD ICBC LTD 4.875% 15-21/09/2025 USD KWG PROPERTY HOL 8.250% 14-05/08/2019 USD PROVEN HONOUR 4.125% 15-19/05/2025 USD SUNAC CHINA HLDG 8.750% 14-05/12/2019 USD TENCENT HOLDINGS 3.800% 15-11/02/2025 USD YUZHOU PROPERTIE 8.750% 13-04/10/2018 USD YUZHOU PROPERTIE 9.000% 14-08/12/2019 USD British Virgin Islands CHARMING LIGHT I 3.750% 14-03/09/2019 USD GREENLAND GLB 4.375% 14-03/07/2019 USD HKT CAPITAL NO % 15-02/04/2025 USD HUARONG FIN II 3.750% 15-19/11/2020 USD HUARONG FINANCE 4.000% 14-17/07/2019 USD PCCW CAP NO % 12-17/04/2022 USD SINO OC TR FIN I 6.000% 14-30/07/2024 USD SINO OCEAN LAND 4.450% 15-04/02/2020 USD STATE GRID OSEAS 4.375% 13-22/05/2043 USD Hong Kong CHINA TAIPING CA 4.125% 12-21/11/2022 USD FWD LTD 5.000% 14-24/09/2024 USD ICBCIL FINANCE 3.200% 15-10/11/2020 USD NWD MTN LTD 4.375% 15-30/11/2022 USD Indonesia INDONESIA (REP) 4.125% 15-15/01/2025 USD INDONESIA (REP) 5.125% 15-15/01/2045 USD INDONESIA 5.950% 15-08/01/2046 USD PELABUHAN IND II 4.250% 15-05/05/2025 USD PERTAMINA 4.300% 13-20/05/2023 USD PERTAMINA 4.875% 12-03/05/2022 USD PERTAMINA 6.450% 14-30/05/2044 USD SBSN INDO III 4.325% 15-28/05/2025 USD Cayman Islands CHINA OVERSEAS FIN 3.950% 12-15/11/2022 USD CHINA OVERSEAS FIN 6.450% 14-11/06/2034 USD KWG PROPERTY HOL % /03/2017 USD SUNAC CHINA HLDG % 12-16/10/2017 USD India BHARTI AIRTEL 4.375% 15-10/06/2025 USD RELIANCE INDUSTRIES 4.125% /01/2025 RELIANCE INDUSTRIES 4.875% /02/2045 USD USD Singapore OVERSEA-CHINESE 4.250% 14-19/06/2024 USD YANLORD LAND GRP % 11-29/03/2018 USD Philippines PHILIPPINES (REP) 6.375% 09-23/10/2034 USD Floating rate bonds Hong Kong BANK EAST ASIA L 14-20/11/2024 FRN USD CCCI TREASURE 15-29/12/2049 FRN USD CRCC YUPENG 14-28/02/2049 FRN USD DAH SING BANKING 14-29/01/2024 FRN USD FAR EAST HORIZON 14-23/06/2049 FRN USD WING HANG BK LTD 07-29/04/2049 SR USD Malaysia AMBB CAPITAL 06-29/01/2049 FRN USD PUBLIC BANK BERHAD 06-22/08/2036 SR USD South Korea KOREAN RE 14-21/10/2044 FRN USD China DIANJIAN HAIXING 14-29/10/2049 FRN USD Cayman Islands KRUNG THAI BANK/ 14-26/12/2024 FRN USD Total securities portfolio Page 35

274 Bond Best Selection World Emerging Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Kazakhstan FORTEBANK JSC -SPON GDR REGS USD Bonds Brazil BRAZIL NTN-F % 14-01/01/2025 FLAT BRL BRAZIL-LTN 0.000% 13-01/01/2017 FLAT BRL REP OF BRAZIL 5.000% 14-27/01/2045 USD REP OF BRAZIL 5.625% 09-07/01/2041 USD REP OF BRAZIL 8.250% 04-20/01/2034 USD Indonesia INDONESIA (REP) 4.125% 15-15/01/2025 USD INDONESIA GOVT 9.000% 13-15/03/2029 IDR PERTAMINA 5.625% 13-20/05/2043 USD Mexico MEXICAN BONOS 8.000% 10-11/06/2020 MXN MEXICAN BONOS 8.500% 09-18/11/2038 MXN PETROLEOS MEXICA 5.500% 12-27/06/2044 USD South Africa ESKOM HOLDINGS 5.750% 11-26/01/2021 USD REPUBLIC OF SOUTH AFRICA 7.000% /02/2031 ZAR REPUBLIC OF SOUTH AFRICA 8.000% /12/2018 ZAR Argentina ARGENT-$DIS 8.280% 05-31/12/2033 USD PROV BUENOS AIRE % 11-26/01/2021 USD PROV BUENOS AIRE 9.950% 15-09/06/2021 USD Turkey TURKEY GOVT BOND 8.000% 15-12/03/2025 TRY TURKEY GOVT BOND 9.000% 12-08/03/2017 TRY TURKIYE VAKIFLAR 6.000% 12-01/11/2022 USD YASAR HOLDINGS 8.875% 14-06/05/2020 USD United States of America CITIGROUP INC 6.750% 14-04/03/2016 USD Poland POLAND GOVT BOND 1.500% 15-25/04/2020 PLN POLAND GOVT BOND 3.250% 14-25/07/2025 PLN Ireland ALFA BANK 5.000% 15-27/11/2018 USD ALFA BANK 7.500% 12-26/09/2019 USD Colombia COLOMBIA TES % 09-24/07/2024 COP COLOMBIA TES 6.000% 12-28/04/2028 COP The Netherlands KAZAKHSTAN TEMIR 6.950% 12-10/07/2042 USD Philippines PHILIPPINES (REP) 3.900% 12-26/11/2022 PHP Bahrain BAHRAIN 6.000% 14-19/09/2044 USD Georgia JSC GEORGIAN RAILWAY 7.750% /07/2022 USD Russia RUSSIA-OFZ 7.000% 13-16/08/2023 RUB Kuwait KUWAIT ENERGY 9.500% 14-04/08/2019 USD Venezuela VENZOD % 01-15/08/2018 USD Costa Rica COSTA RICA 7.158% 15-12/03/2045 USD Cameroon REPUBLIC OF CAMEROON 9.500% 15-19/11/2025 USD Senegal SENEGAL REP OF 6.250% 14-30/07/2024 USD Dominican Republic DOMINICAN REPUBLIC 7.500% 10-06/05/2021 USD Trinidad & Tobago PETROTRIN 9.750% 09-14/08/2019 USD Cayman Islands TAM CAPITAL % 11-03/06/2021 USD Azerbaijan INTL BANK OF AZERB 5.625% 14-11/06/2019 USD Peru CAMPOSOL SA 9.875% 12-02/02/2017 USD Tunisia BQ CENT TUNISIE 5.750% 15-30/01/2025 USD Other transferable securities Bonds Austria OAS INVESTMENT G 8.250% /10/2019 DFLT USD Luxembourg VIRGOLINO DE OLI % /01/2018 DFLT USD VIRGOLINO DE OLI % /01/2020 DFLT USD VIRGOLINO DE OLI % /02/2022 DFLT USD Total securities portfolio Page 36

275 Bond USD Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ST CENTURY FOX 5.650% 10-15/08/2020 USD ST CENTURY FOX 6.900% 09-01/03/2019 USD ABBVIE INC 2.500% 15-14/05/2020 USD AFLAC INC 3.625% 14-15/11/2024 USD AIR LEASE CORP 2.625% 15-04/09/2018 USD AIR LEASE CORP 3.875% 14-01/04/2021 USD ALEXANDRIA REAL 4.600% 12-01/04/2022 USD ALTRIA GROUP INC 4.750% 11-05/05/2021 USD AMER INTL GROUP 6.250% 06-01/05/2036 USD APPLE INC 2.850% 14-06/05/2021 USD APPLE INC 3.050% 15-31/07/2029 GBP APPLE INC 4.375% 15-13/05/2045 USD AT&T INC 2.450% 15-30/06/2020 USD AUTONATION INC 3.350% 15-15/01/2021 USD AUTONATION INC 5.500% 12-01/02/2020 USD AUTONATION INC 6.750% 10-15/04/2018 USD BANK OF AMERICA CORP 2.600% /01/2019 USD BANK OF AMERICA CORP 2.625% /10/2020 USD BANK OF AMERICA CORP 4.000% /01/2025 USD BANK OF AMERICA CORP 4.200% /08/2024 USD BANK OF AMERICA CORP 5.420% /03/2017 USD BANK OF AMERICA CORP 5.625% /07/2020 USD BANK ONE CORP 7.750% 95-15/07/2025 USD BERKLEY (WR) 5.375% 10-15/09/2020 USD BERKLEY (WR) 7.375% 09-15/09/2019 USD BOEING CO 1.650% 15-30/10/2020 USD BORG-WARNER AUTO 3.375% 15-15/03/2025 USD BORG-WARNER AUTO 4.375% 15-15/03/2045 USD BURLINGTON NORTH 4.450% 13-15/03/2043 USD CAPITAL ONE FINL 3.750% 14-24/04/2024 USD CAPITAL ONE FINL 4.200% 15-29/10/2025 USD CARGILL INC 7.350% 09-06/03/2019 USD CARNIVAL CORP 3.950% 13-15/10/2020 USD CELGENE CORP 3.550% 15-15/08/2022 USD CELGENE CORP 5.250% 13-15/08/2043 USD CGCMT 2014-GC25 B 4.345% 14-10/10/2047 USD CGCMT 2015-P1 A % 15-15/09/2048 USD CHEVRON CORP 2.419% 15-17/11/2020 USD CISCO SYSTEMS 5.500% 09-15/01/2040 USD CITIGROUP INC 1.750% 13-01/05/2018 USD CITIGROUP INC 1.800% 15-05/02/2018 USD CITIGROUP INC 2.050% 15-07/12/2018 USD CITIGROUP INC 2.550% 14-08/04/2019 USD CITIGROUP INC 2.650% 15-26/10/2020 USD CITIGROUP INC 3.875% 13-25/10/2023 USD CITIGROUP INC 4.050% 13-30/07/2022 USD CITIGROUP INC 4.450% 15-29/09/2027 USD COMCAST CORP 3.375% 15-15/08/2025 USD COMCAST CORP 4.400% 15-15/08/2035 USD COMCAST CORP 6.950% 07-15/08/2037 USD COMM 2014-CR21 B 4.339% 14-10/12/2047 USD CROSSTEX ENERGY 7.125% 13-01/06/2022 USD CSX CORP 3.350% 15-01/11/2025 USD CSX CORP 6.150% 07-01/05/2037 USD CVS CAREMARK 3.375% 14-12/08/2024 USD DEVON ENERGY 6.300% 09-15/01/2019 USD DIRECTV HOLDING/FIN 4.450% /04/2024 USD DIRECTV HOLDING/FIN 6.000% /08/2040 USD DISCOVER BANK 7.000% 10-15/04/2020 USD DOMINION RESOUR 5.250% 03-01/08/2033 USD DUKE ENERGY CORP 6.450% 02-15/10/2032 USD ENBRIDGE ENERGY 4.375% 15-15/10/2020 USD ENERGY TRAN PTNR 6.700% 08-01/07/2018 USD ENLINK MIDSTREAM 4.400% 14-01/04/2024 USD ENTERPRISE OP LLC 6.500% 08-31/01/2019 USD ENTERPRISE PRODU 4.450% 12-15/02/2043 USD EXELON GENERATION 2.950% 15-15/01/2020 USD EXELON GENERATION 4.000% 10-01/10/2020 USD EXPRESS SCRIPTS 3.900% 13-15/02/2022 USD FEDEX CORP 3.200% 15-01/02/2025 USD FEDEX CORP 4.900% 14-15/01/2034 USD FHS 303 C % 13-15/01/2043 USD FIFTH THIRD BANK 2.875% 15-27/07/2020 USD FIVE COR FND TRS 4.419% 13-15/11/2023 USD FORD MOTOR CO 6.625% 98-01/10/2028 USD FORD MOTOR CRED 3.157% 15-04/08/2020 USD FORD MOTOR CRED 3.664% 14-08/09/2024 USD FORD MOTOR CRED 5.000% 11-15/05/2018 USD GAHR 2015-NRF CFX 3.382% 15-15/12/2019 USD GEN ELEC CAP CRP 5.250% 07-06/12/2017 USD GEN ELECTRIC CO 4.500% 14-11/03/2044 USD GEN MOTORS FIN 2.625% 14-10/07/2017 USD GEN MOTORS FIN 3.200% 15-13/07/2020 USD GEN MOTORS FIN 4.000% 15-15/01/2025 USD GENERAL MOTORS 3.500% 14-02/10/2018 USD GENERAL MOTORS CO 5.200% /04/2045 USD GEORGIA-PACIFIC 3.163% 14-15/11/2021 USD GEORGIA-PACIFIC 7.250% 98-01/06/2028 USD GILEAD SCIENCES 2.050% 14-01/04/2019 USD GOLDMAN SACHS GP 2.600% 15-23/04/2020 USD GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD GOLDMAN SACHS GP 4.250% 15-21/10/2025 USD GOLDMAN SACHS GP 4.800% 14-08/07/2044 USD GOLDMAN SACHS GP 5.950% 06-15/01/2027 USD HCP INC 4.000% 15-01/12/2022 USD HEWLETT - PACKARD CO 3.750% /12/2020 USD HOME DEPOT INC 2.625% 15-01/06/2022 USD HOME DEPOT INC 4.200% 13-01/04/2043 USD HOME DEPOT INC 4.250% 15-01/04/2046 USD HP ENTERPRISE 3.600% 15-15/10/2020 USD IBM CORP 6.500% 98-15/01/2028 USD INGERSOLL-RAND GL 4.250% 14-15/06/2023 USD INTL LEASE FIN 7.125% 10-01/09/2018 USD JP MORGAN CHASE 1.700% 15-01/03/2018 USD JP MORGAN CHASE 2.250% 15-23/01/2020 USD JP MORGAN CHASE 4.250% 15-01/10/2027 USD JP MORGAN CHASE 6.400% 08-15/05/2038 USD KEMPER 4.350% 15-15/02/2025 USD KILROY REALTY LP 4.250% 14-15/08/2029 USD KIMBERLY-CLARK 6.625% 07-01/08/2037 USD KIMCO REALTY 3.200% 14-01/05/2021 USD KINDER MORGAN 4.300% 14-01/06/2025 USD Page 37

276 Bond USD Securities portfolio at 31/12/2015 Expressed in USD KINDER MORGAN 5.300% 14-01/12/2034 USD LAZARD GROUP 6.850% 07-15/06/2017 USD LYONDELLBASELL 5.000% 12-15/04/2019 USD MAGELLAN MID 4.200% 15-15/03/2045 USD MARATHON PETROLEUM 6.500% /03/2041 USD MARSH & MCLENNAN 3.750% 15-14/03/2026 USD MEDTRONIC INC 4.450% 10-15/03/2020 USD MEDTRONIC INC 4.625% 15-15/03/2045 USD MICROSOFT CORP 2.000% 15-03/11/2020 USD MICROSOFT CORP 3.125% 15-03/11/2025 USD MIDAMERICAN ENER HOLDING 6.125% /04/2036 USD MORGAN STANLEY 2.375% 14-23/07/2019 USD MORGAN STANLEY 3.700% 14-23/10/2024 USD MORGAN STANLEY 4.350% 14-08/09/2026 USD MORGAN STANLEY 7.300% 09-13/05/2019 USD MSBAM 2015-C20 AS 3.605% 15-15/02/2048 USD NORDSTROM INC 5.000% 14-15/01/2044 USD NORTHROP GRUMMAN 7.750% /02/2031 USD OHIO POWER CO 5.375% 09-01/10/2021 USD OMEGA HEALTHCARE 4.950% 14-01/04/2024 USD ORACLE CORP 4.300% 14-08/07/2034 USD ORACLE CORP 5.375% 11-15/07/2040 USD PACKAGING CORP 3.650% 14-15/09/2024 USD PEPSICO INC 2.150% 15-14/10/2020 USD PHILIP MORRIS INTERNATIONAL 2.900% /11/2021 USD PHILIP MORRIS INTERNATIONAL 4.500% /03/2020 USD PROCTER & GAMBLE 5.500% 04-01/02/2034 USD PROG ENER CAR 4.100% 12-15/05/2042 USD PROG ENER CAR 5.300% 09-15/01/2019 USD PROLOGIS LP 3.750% 15-01/11/2025 USD REGIONS BK ALAB 7.500% 08-15/05/2018 USD SOUTHERN POWER 4.150% 15-01/12/2025 USD SOUTHERN POWER 5.150% 11-15/09/2041 USD SYNCHRONY FINANCIAL 3.750% /08/2021 USD SYNCHRONY FINANCIAL 4.250% /08/2024 USD SYSCO CORP 6.500% 98-01/08/2028 USD TARGET CORP 7.000% 08-15/01/2038 USD TOLL BR FIN CORP 4.000% 13-31/12/2018 USD TORCHMARK CORP 9.250% 09-15/06/2019 USD TYSON FOODS INC 2.650% 14-15/08/2019 USD TYSON FOODS INC 3.950% 14-15/08/2024 USD UNION PACIFIC CORP 4.050% 15-15/11/2045 USD UNITED TECHNOLOGIES CORP 6.125% /02/2019 USD US TREASURY N/B 0.750% 13-31/03/2018 USD VENTAS REALTY LP 3.500% 15-01/02/2025 USD VENTAS REALTY LP 4.750% 11-01/06/2021 USD VERIZON COMMUNICATIONS INC 4.522% /09/2048 USD VERIZON COMMUNICATIONS INC 4.600% /04/2021 USD VERIZON COMMUNICATIONS INC 6.350% /04/2019 USD VERIZON COMMUNICATIONS INC 6.550% /09/2043 USD WALT DISNEY CO 4.125% 14-01/06/2044 USD WASTE MANAGEMENT 3.500% 14-15/05/2024 USD WASTE MANAGEMENT 4.100% 15-01/03/2045 USD WELLS FARGO & CO 4.600% 11-01/04/2021 USD WEYERHAEUSER CO 4.625% 13-15/09/2023 USD WFCM 2015-C26 D 3.586% 15-15/02/2048 USD WHIRLPOOL CORP 4.000% 14-01/03/2024 USD WILLIAMS PARTNER 3.600% 15-15/03/2022 USD WP CAREY INC 4.000% 15-01/02/2025 USD ZIMMER HOLDINGS 4.450% 15-15/08/2045 USD Spain BANCO POP ESPAN 1.000% 15-07/04/2025 EUR BANKINTER SA 0.875% 15-03/08/2022 EUR CAJAS RURALES UN 1.250% 15-26/01/2022 EUR GAS NATURAL CAP 6.375% 09-09/07/2019 EUR INSTIT CRDT OFCL 1.875% 14-15/12/2017 GBP SPANISH GOVT 1.150% 15-30/07/2020 EUR SPANISH GOVT 1.600% 15-30/04/2025 EUR TELEFONICA EMIS 5.597% 12-12/03/2020 GBP United Kingdom ABBEY NATIONAL TREASURY 1.125% /01/2022 EUR BP CAPITAL PLC 2.177% 14-28/09/2021 EUR INVESCO FIN PLC 3.750% 15-15/01/2026 USD LLOYDS BANK PLC 2.500% 15-01/06/2022 GBP PRUDENTIAL PLC 1.375% 15-19/01/2018 GBP ROYAL BANK SCOTLAND 1.875% /03/2017 USD SANTANDER UK GRP 2.875% 15-16/10/2020 USD UK TSY I/L GILT 0.125% 15-22/03/2026 GBP Singapore SINGAPORE GOVT 2.500% 09-01/06/2019 SGD Portugal PORTUGUESE OTS 2.875% 15-15/10/2025 EUR PORTUGUESE OTS 4.800% 10-15/06/2020 EUR New Zealand NEW ZEALAND GVT 5.500% 11-15/04/2023 NZD Australia AUSTRALIAN GOVT % 12-21/04/2024 AUD The Netherlands BMW FINANCE NV 1.875% 15-29/06/2020 GBP IBERDROLA INTL 1.875% 14-08/10/2024 EUR LYB INTL FIN 5.250% 13-15/07/2043 USD VOLKSWAGEN FIN 1.750% 15-17/04/2020 GBP Italy INTESA SANPAOLO 3.875% 13-15/01/2019 USD INTESA SANPAOLO 4.000% 12-09/11/2017 EUR UNICREDIT SPA 3.250% 14-14/01/2021 EUR France BANQUE FED CREDIT MUTUEL 2.750% /10/2020 USD ORANGE 5.375% 09-08/07/2019 USD ORANGE 8.000% 02-20/12/2017 GBP Luxembourg ACTAVIS FUNDING 3.000% 15-12/03/2020 USD ACTAVIS FUNDING 3.800% 15-15/03/2025 USD ACTAVIS FUNDING 3.850% 14-15/06/2024 USD ACTAVIS FUNDING 4.750% 15-15/03/2045 USD Canada ROGERS COMMUNICATIONS INC 3.625% /12/2025 USD ROGERS COMMUNICATIONS INC 5.450% /10/2043 USD Germany DAIMLER AG 2.375% 15-16/12/2021 GBP Page 38

277 Bond USD Securities portfolio at 31/12/2015 Expressed in USD Ireland AERCAP IRELAND C 4.625% 15-30/10/2020 USD Floating rate bonds United States of America CAS 2015-C04 2M /04/2028 FRN USD CGCMT 2014-GC19 D 14-10/03/2047 FRN USD COMM 2013-CR11 C 13-10/10/2046 FRN USD COMM 2013-CR9 C 13-10/07/2045 FRN USD COMM 2014-CR16 D 14-10/04/2047 FRN USD COMM 2015-LC19 D 15-10/02/2048 FRN USD FHR 4092 HS 12-15/08/2042 FRN USD FHR 4480 WS 15-15/06/2045 FRN USD FNR S 12-25/03/2042 FRN USD FNR HS 12-25/03/2042 FRN USD FNR SD 12-25/09/2042 FRN USD FNR SK 12-25/09/2042 FRN USD FREMF 2012-K22 C 12-25/08/2045 FRN USD FREMF 2012-K23 C 12-25/10/2045 FRN USD FREMF 2013-K24 C 13-25/11/2045 FRN USD FREMF 2013-K29 C 13-25/05/2046 FRN USD FREMF 2014-K37 C 14-25/01/2047 FRN USD GNR 2010-H19 JI 10-20/08/2060 FRN USD GNR CS 11-16/02/2041 FRN USD GNR 2011-H03 HI 11-20/01/2061 FRN USD GNR 2011-H05 HI 11-20/01/2061 FRN USD GNR SB 12-20/07/2042 FRN USD GNR SC 12-20/08/2042 FRN USD GNR 2012-H02 AI 12-20/01/2062 FRN USD GNR SB 13-16/10/2043 FRN USD GNR 2013-H01 FI 13-20/01/2063 FRN USD GNR 2013-H04 BI 13-20/02/2063 FRN USD GNR SB 15-20/09/2045 FRN USD GSMS 2014-GC18 D 14-10/01/2047 FRN USD JPMBB 2014-C18 D 14-15/02/2047 FRN USD JPMBB 2014-C22 B 14-15/09/2047 FRN USD JPMBB 2014-C22 D 14-15/09/2047 FRN USD JPMBB 2014-C24 AS 14-15/11/2047 FRN USD JPMBB 2014-C24 D 14-15/11/2047 FRN USD JPMBB 2014-C25 D 14-15/11/2047 FRN USD METLIFE INC 06-15/12/2036 FRN USD MLCFC AM 06-12/07/2046 FRN USD STACR 2015-DNA2 M /12/2027 FRN USD STACR 2015-HQ2 M /05/2025 FRN USD STACR 2015-HQA2 M /05/2028 FRN USD WFRBS 2014-C23 D 14-15/10/2057 FRN USD Cayman Islands APID X A /07/2027 FRN USD JTWN X A1A 14-15/07/2026 FRN USD OHALF X A 15-15/02/2027 FRN USD TRMPK X A 15-20/04/2027 FRN USD VENTR X A 14-15/07/2026 FRN USD VOYA X A /04/2027 FRN USD Other transferable securities To be Announced ("TBA") Mortgage Back Securities United States of America FGCI 2.5 1/ % 16-15/07/2030 USD FGLMC 3.5 1/ % 11-15/09/2040 USD FGLMC 4.5 1/ % 11-15/02/2040 USD FNCI 3 1/ % 15-25/06/2029 USD FNCI 3.5 1/ % 12-25/07/2026 USD FNCL 3 1/ % 13-25/10/2042 USD FNCL 3.5 1/ % 12-25/06/2041 USD FNCL 4.000% 10-25/09/2039 USD FNCL 4.5 1/ % 12-25/03/2040 USD FNCL 5 1/ % 11-25/08/2037 USD FNCL 5.5 1/ % 13-25/06/2038 USD G2SF 3 1/ % 13-20/05/2042 USD G2SF 3.5 1/ % 12-20/09/2041 USD GNSF 4 1/ % 12-15/07/2041 USD Shares/Units in investment funds Luxembourg BNPP FLEXI I US MORTGAGE - X - CAP USD Total securities portfolio Mortgage and asset backed securities United States of America COMM 2015-DC1 D 4.353% 15-10/02/2048 USD GSMS 2015-GC28 B 3.980% 15-10/02/2048 USD Page 39

278 Bond USD Short Duration Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America AMERICAN EXPRESS CO 6.150% /08/2017 USD AMGEN INC 6.150% 08-01/06/2018 USD ANHEUSER - BUSCH 1.375% 12-15/07/2017 USD AT&T INC 1.600% 12-15/02/2017 USD BB&T CORPORATION 1.350% 14-01/10/2017 USD BEAR STEARNS CO 6.400% 07-02/10/2017 USD BURLINGTON NORTH 5.650% 07-01/05/2017 USD CAPITAL ONE NA 1.500% 14-05/09/2017 USD CAPITAL ONE NA 2.350% 15-17/08/2018 USD CONOCOPHILLIPS CO 1.500% 15-15/05/2018 USD CRED SUIS NY 1.700% 15-27/04/2018 USD CSX CORP 6.250% 07-15/03/2018 USD CVS CAREMARK 6.125% 06-15/08/2016 USD DAIMLER FINANCE 1.650% 15-18/05/2018 USD DOMINION RES 1.400% 12-15/09/2017 USD DUKE ENERGY CORP 2.100% 13-15/06/2018 USD EATON CORP 1.500% 13-02/11/2017 USD FORD MOTOR CRED 1.724% 14-06/12/2017 USD GILEAD SCIENCES 1.850% 15-04/09/2018 USD GN % 13-15/09/2039 USD GNR PC 5.500% 04-20/04/2034 USD GNR KB 6.000% 08-20/06/2038 USD GNR IO 4.500% 14-20/06/2044 USD GNR IY 5.000% 14-16/07/2044 USD GOLDMAN SACHS GP 6.250% 07-01/09/2017 USD HSBC USA INC 2.625% 13-24/09/2018 USD KEY BANK NA 1.700% 15-01/06/2018 USD MEDTRONIC INC 1.500% 15-15/03/2018 USD MERRILL LYNCH 6.400% 07-28/08/2017 USD MORGAN STANLEY 2.800% 15-16/06/2020 USD NEW YORK LIFE GL 1.300% 15-27/04/2018 USD PNC BANK NA 1.600% 15-01/06/2018 USD QUALCOMM INC 1.400% 15-18/05/2018 USD SDART D 4.560% 12-15/11/2017 USD SDART 2013-A B 1.890% 13-15/10/2019 USD SIMON PROPERTY GP LP 5.875% /03/2017 USD SOUTHERN POWER 1.500% 15-01/06/2018 USD TIME WARNER CABLE 8.250% 09-01/04/2019 USD UBS AG STAMFORD 1.375% 14-14/08/2017 USD US TREASURY N/B 0.875% 15-15/10/2018 USD US TREASURY N/B 1.000% 15-31/12/2017 USD US TREASURY N/B 1.250% 15-15/11/2018 USD US TREASURY N/B 1.250% 15-15/12/2018 USD US TREASURY N/B 1.625% 14-31/07/2019 USD US TREASURY N/B 1.625% 15-30/11/2020 USD US TREASURY N/B 1.750% 15-31/12/2020 USD US TSY INFL IX N/B 0.125% 14-15/07/2024 USD VERIZON COMMUNICATIONS INC 6.350% /04/2019 USD WACHOVIA CORP 5.750% 07-15/06/2017 USD WACHOVIA CORP 5.750% 08-01/02/2018 USD XCEL ENERGY INC 1.200% 15-01/06/2017 USD United Kingdom BARCLAYS PLC 2.750% 14-08/11/2019 USD BP CAPITAL PLC 2.248% 11-01/11/2016 USD DIAGEO CAP 5.750% 07-23/10/2017 USD The Netherlands SHELL INTL FIN 4.300% 09-22/09/2019 USD British Virgin Islands FORDO 2015-B A % 15-15/11/2019 USD Floating rate bonds United States of America CAH A A 15-17/07/2032 FRN USD CDGJ 2014-BXCH A 14-15/12/2027 FRN USD CSMC 2015-DEAL A 15-15/04/2029 FRN USD GOLDMAN SACHS GP 15-15/09/2020 FRN USD PROG 2015-SFR1 A 15-17/02/2032 FRN USD Total securities portfolio Page 40

279 Bond World Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ST CENTURY FOX 5.650% 10-15/08/2020 USD ST CENTURY FOX 6.650% 08-15/11/2037 USD AFLAC INC 3.625% 14-15/11/2024 USD AIR LEASE CORP 2.625% 15-04/09/2018 USD AIR LEASE CORP 3.875% 14-01/04/2021 USD ALEXANDRIA REAL 4.600% 12-01/04/2022 USD ALTRIA GROUP INC 4.750% 11-05/05/2021 USD AMER INTL GROUP 5.000% 06-26/04/2023 GBP AMER INTL GROUP 6.250% 06-01/05/2036 USD AMERICAN HONDA F 2.625% 15-14/10/2022 GBP AMGEN INC 5.150% 11-15/11/2041 USD APPLE INC 2.850% 14-06/05/2021 USD APPLE INC 3.050% 15-31/07/2029 GBP AT&T INC 2.450% 15-30/06/2020 USD AUTONATION INC 5.500% 12-01/02/2020 USD BANK OF AMERICA CORP 2.600% /01/2019 USD BANK OF AMERICA CORP 2.625% /10/2020 USD BANK OF AMERICA CORP 4.200% /08/2024 USD BANK OF AMERICA CORP 5.420% /03/2017 USD BANK OF AMERICA CORP 5.625% /07/2020 USD BANK ONE CORP 7.750% 95-15/07/2025 USD BERKLEY (WR) 7.375% 09-15/09/2019 USD BERKSHIRE HATHAWAY 5.150% /11/2043 USD BOEING CO 1.650% 15-30/10/2020 USD BORG-WARNER AUTO 1.800% 15-07/11/2022 EUR BORG-WARNER AUTO 4.375% 15-15/03/2045 USD BORG-WARNER AUTO 4.625% 10-15/09/2020 USD BURLINGTON NORTH 6.200% 06-15/08/2036 USD CAPITAL ONE FINL 3.750% 14-24/04/2024 USD CAPITAL ONE FINL 4.200% 15-29/10/2025 USD CARGILL INC 4.307% 11-14/05/2021 USD CARNIVAL CORP 3.950% 13-15/10/2020 USD CGCMT 2015-P1 A % 15-15/09/2048 USD CITIGROUP INC 1.750% 13-01/05/2018 USD CITIGROUP INC 1.800% 15-05/02/2018 USD CITIGROUP INC 2.050% 15-07/12/2018 USD CITIGROUP INC 2.650% 15-26/10/2020 USD CITIGROUP INC 3.875% 13-25/10/2023 USD CITIGROUP INC 4.450% 15-29/09/2027 USD COMCAST CORP 3.375% 15-15/08/2025 USD COMCAST CORP 4.200% 14-15/08/2034 USD COMCAST CORP 4.400% 15-15/08/2035 USD COMM 2014-CR21 B 4.339% 14-10/12/2047 USD CSX CORP 3.350% 15-01/11/2025 USD CVS CAREMARK 3.375% 14-12/08/2024 USD CVS CAREMARK 6.125% 09-15/09/2039 USD CVS HEALTH CORP 3.500% 15-20/07/2022 USD DEVON ENERGY 6.300% 09-15/01/2019 USD DIRECTV HOLDING/FIN 4.450% /04/2024 USD DISCOVER BANK 7.000% 10-15/04/2020 USD DISCOVER FINANCIAL SERVICES 3.750% /03/2025 USD DOMINION RESOUR 5.250% 03-01/08/2033 USD DUKE ENERGY CORP 6.450% 02-15/10/2032 USD ENERGY TRAN PTNR 4.150% 13-01/10/2020 USD ENERGY TRAN PTNR 6.700% 08-01/07/2018 USD ENLINK MIDSTREAM 4.400% 14-01/04/2024 USD ENTERPRISE PRODU 4.450% 12-15/02/2043 USD EXELON CORP 3.950% 15-15/06/2025 USD EXELON CORP 4.950% 15-15/06/2035 USD EXELON GENERATION 4.000% 10-01/10/2020 USD FEDEX CORP 3.200% 15-01/02/2025 USD FIFTH THIRD BANK 2.875% 15-27/07/2020 USD FIVE COR FND TRS 4.419% 13-15/11/2023 USD FORD MOTOR CO 7.450% 99-16/07/2031 USD FORTUNE BRANDS 3.000% 15-15/06/2020 USD GAHR 2015-NRF CFX 3.382% 15-15/12/2019 USD GEN ELEC CAP CRP 5.250% 07-06/12/2017 USD GEN ELECTRIC CO 4.500% 14-11/03/2044 USD GEN MOTORS FIN 2.625% 14-10/07/2017 USD GEN MOTORS FIN 3.200% 15-13/07/2020 USD GEN MOTORS FIN 4.000% 15-15/01/2025 USD GENERAL MOTORS 3.500% 14-02/10/2018 USD GENERAL MOTORS CO 5.200% /04/2045 USD GEORGIA-PACIFIC 7.250% 98-01/06/2028 USD GILEAD SCIENCES 2.050% 14-01/04/2019 USD GILEAD SCIENCES 5.650% 11-01/12/2041 USD GOLDMAN SACHS GP 2.600% 15-23/04/2020 USD GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD GOLDMAN SACHS GP 4.250% 15-21/10/2025 USD GOLDMAN SACHS GP 5.950% 06-15/01/2027 USD HCP INC 3.400% 15-01/02/2025 USD HCP INC 4.000% 15-01/12/2022 USD HOME DEPOT INC 2.625% 15-01/06/2022 USD HOME DEPOT INC 4.200% 13-01/04/2043 USD HP ENTERPRISE 3.600% 15-15/10/2020 USD IBM CORP 6.500% 98-15/01/2028 USD INGERSOLL-RAND GL 4.250% 14-15/06/2023 USD INTL LEASE FIN 7.125% 10-01/09/2018 USD JP MORGAN CHASE 4.250% 15-01/10/2027 USD JP MORGAN CHASE 6.400% 08-15/05/2038 USD JPMCC 2012-C6 A % 12-15/05/2045 USD KEMPER 4.350% 15-15/02/2025 USD KERR-MCGEE CORP 6.950% 04-01/07/2024 USD KILROY REALTY LP 4.250% 14-15/08/2029 USD KIMBERLY-CLARK 6.625% 07-01/08/2037 USD KIMCO REALTY 3.200% 14-01/05/2021 USD KINDER MORGAN 3.050% 14-01/12/2019 USD LAZARD GROUP 6.850% 07-15/06/2017 USD MAGELLAN MID 4.200% 15-15/03/2045 USD MARATHON PETROLEUM 6.500% /03/2041 USD MARSH & MCLENNAN 3.750% 15-14/03/2026 USD MEDCO HEALTH SOLUTIONS 7.125% /03/2018 USD MEDTRONIC INC 3.150% 15-15/03/2022 USD MEDTRONIC INC 4.450% 10-15/03/2020 USD MEDTRONIC INC 4.625% 15-15/03/2045 USD MERRILL LYNCH 7.750% 08-14/05/2038 USD MICROSOFT CORP 2.000% 15-03/11/2020 USD MICROSOFT CORP 3.125% 15-03/11/2025 USD MORGAN STANLEY 3.125% 14-05/08/2021 CAD MORGAN STANLEY 3.700% 14-23/10/2024 USD MORGAN STANLEY 4.350% 14-08/09/2026 USD NESTLE HOLDINGS 1.750% 15-09/12/2020 GBP Page 41

280 Bond World Securities portfolio at 31/12/2015 Expressed in EUR NORTHROP GRUMMAN 3.850% /04/2045 USD NORTHROP GRUMMAN 7.750% /02/2031 USD OHIO POWER CO 5.375% 09-01/10/2021 USD OMEGA HEALTHCARE 4.950% 14-01/04/2024 USD ORACLE CORP 4.300% 14-08/07/2034 USD PACKAGING CORP 3.650% 14-15/09/2024 USD PEPSICO INC 2.150% 15-14/10/2020 USD PHILIP MORRIS INTERNATIONAL 4.500% /03/2020 USD PROG ENER CAR 4.100% 12-15/05/2042 USD REGIONS BK ALAB 7.500% 08-15/05/2018 USD SOUTHERN POWER 4.150% 15-01/12/2025 USD SOUTHERN POWER 5.150% 11-15/09/2041 USD SYNCHRONY FINANCIAL 3.750% /08/2021 USD SYSCO CORP 6.500% 98-01/08/2028 USD TARGET CORP 7.000% 08-15/01/2038 USD TEACHERS INS&ANN 4.900% 14-15/09/2044 USD TOLL BR FIN CORP 4.000% 13-31/12/2018 USD TYSON FOODS INC 2.650% 14-15/08/2019 USD US TSY I/L STOCK 2.500% 09-15/01/2029 USD VENTAS REALTY LP 3.500% 15-01/02/2025 USD VERIZON COMMUNICATIONS INC 4.522% /09/2048 USD VERIZON COMMUNICATIONS INC 6.400% /09/2033 USD VERIZON COMMUNICATIONS INC 6.550% /09/2043 USD WALT DISNEY CO 4.125% 14-01/06/2044 USD WASTE MANAGEMENT 3.500% /05/2024 USD WASTE MANAGEMENT 4.100% /03/2045 USD WEYERHAEUSER CO 4.625% 13-15/09/2023 USD WHIRLPOOL CORP 4.000% 14-01/03/2024 USD WILLIAMS PARTNER 3.600% 15-15/03/2022 USD ZIMMER HOLDINGS 3.550% 15-01/04/2025 USD ZIMMER HOLDINGS 4.450% 15-15/08/2045 USD Italy I RETE GAS SPA 1.125% 14-02/01/2020 EUR AEROPORTI ROMA 3.250% 13-20/02/2021 EUR INTESA SANPAOLO 1.125% 15-04/03/2022 EUR INTESA SANPAOLO 3.875% 13-15/01/2019 USD INTESA SANPAOLO 4.000% 10-08/11/2018 EUR INTESA SANPAOLO 4.000% 12-09/11/2017 EUR ITALY BTPS 0.700% 15-01/05/2020 EUR ITALY BTPS 2.150% 14-15/12/2021 EUR ITALY BTPS 2.500% 14-01/12/2024 EUR ITALY BTPS 2.550% 12-22/10/2016 EUR ITALY BTPS 5.250% 98-01/11/2029 EUR ITALY BTPS 5.500% 12-01/09/2022 EUR SNAM 3.500% 12-13/02/2020 EUR TERNA SPA 4.750% 11-15/03/2021 EUR UNICREDIT SPA 1.500% 14-19/06/2019 EUR UNICREDIT SPA 3.250% 14-14/01/2021 EUR UNICREDIT SPA 3.625% 13-24/01/2019 EUR Spain BANCO POP ESPAN 1.000% 15-07/04/2025 EUR BANKINTER SA 0.875% 15-03/08/2022 EUR CAIXABANK 2.625% 14-21/03/2024 EUR CAJAS RURALES UN 1.250% 15-26/01/2022 EUR GAS NATURAL CAP 6.375% 09-09/07/2019 EUR INSTIT CRDT OFCL 1.875% 14-15/12/2017 GBP SANTANDER CONS FIN 1.500% /11/2020 EUR SANTANDER INTL 1.375% 15-14/12/2022 EUR SPANISH GOVT 1.150% 15-30/07/2020 EUR SPANISH GOVT 1.600% 15-30/04/2025 EUR SPANISH GOVT 2.100% 13-30/04/2017 EUR SPANISH GOVT 5.400% 13-31/01/2023 EUR TELEFONICA EMIS 1.477% 15-14/09/2021 EUR TELEFONICA EMIS 3.987% 13-23/01/2023 EUR TELEFONICA EMIS 5.597% 12-12/03/2020 GBP United Kingdom ABBEY NATIONAL TREASURY 1.125% /03/2025 EUR ABBEY NATIONAL TREASURY 1.125% /01/2022 EUR BARCLAYS BANK PLC % /05/2021 GBP BP CAPITAL PLC 2.177% 14-28/09/2021 EUR FCE BANK PLC 1.528% 15-09/11/2020 EUR HAMMERSON PLC 3.500% 15-27/10/2025 GBP HSBC HOLDINGS PLC 6.500% 09-20/05/2024 GBP LLOYDS BANK PLC 2.500% 15-01/06/2022 GBP LLOYDS TSB BANK 6.500% 10-24/03/2020 EUR LLOYDS TSB BANK 7.500% 09-15/04/2024 GBP NATL GRID ELECT 4.000% 12-08/06/2027 GBP PRUDENTIAL PLC 1.375% 15-19/01/2018 GBP ROYAL BANK SCOTLAND 1.875% /03/2017 USD SANTANDER UK GRP 2.875% 15-16/10/2020 USD SKY PLC 2.250% 15-17/11/2025 EUR UK TREASURY 4.250% 08-07/12/2049 GBP UK TREASURY 4.250% 09-07/09/2039 GBP UK TSY I/L GILT 0.125% 15-22/03/2026 GBP The Netherlands ABN AMRO BANK NV 2.250% 13-11/09/2017 GBP BMW FINANCE NV 0.875% 15-17/11/2020 EUR BMW FINANCE NV 1.500% 12-05/06/2018 EUR BMW FINANCE NV 1.875% 15-29/06/2020 GBP CRH FUNDING 1.875% 15-09/01/2024 EUR ENEL FINANCE INTL 5.000% 09-14/09/2022 EUR GAS NAT FENOSA F 2.875% 14-11/03/2024 EUR GAS NAT FENOSA F 3.875% 13-11/04/2022 EUR IBERDROLA INTL 1.875% 14-08/10/2024 EUR IBERDROLA INTL 3.000% 13-31/01/2022 EUR LYB INTL FIN 5.250% 13-15/07/2043 USD NETHERLANDS GOVERNMENT 2.250% /07/2022 EUR NN GROUP NV 1.000% 15-18/03/2022 EUR RED ELE FIN BV 3.875% 13-25/01/2022 EUR REN FINANCE BV 2.500% 15-12/02/2025 EUR RWE FINANCE BV 6.625% 08-31/01/2019 EUR VOLKSWAGEN FIN 1.750% 15-17/04/2020 GBP VONOVIA BV 1.625% 15-15/12/2020 EUR Portugal PORTUGUESE OTS 2.875% 15-15/10/2025 EUR PORTUGUESE OTS 4.800% 10-15/06/2020 EUR France AUTOROUTES PARIS 1.500% 15-15/01/2024 EUR BNP PARIBAS 2.750% 15-27/01/2026 EUR CASINO GUICHARD 4.726% 11-26/05/2021 EUR CREDIT AGRICOLE 5.971% 08-01/02/2018 EUR ELEC DE FRANCE 6.250% 08-30/05/2028 GBP FRANCE O.A.T % 98-25/04/2029 EUR HOLDING DINFRA 2.250% 14-24/03/2025 EUR LAFARGE SA 5.875% 12-09/07/2019 EUR Page 42

281 Bond World Securities portfolio at 31/12/2015 Expressed in EUR ORANGE 7.250% 00-10/11/2020 GBP ORANGE 8.000% 02-20/12/2017 GBP RCI BANQUE 1.375% 15-17/11/2020 EUR SANEF 1.875% 15-16/03/2026 EUR SOCIETE FONCIERE 2.250% 15-16/11/2022 EUR WENDEL SA 1.875% 15-10/04/2020 EUR WPP FINANCE 6.375% 07-06/11/2020 GBP Germany BASF SE 1.375% 14-15/12/2017 GBP BUNDESREPUBLIK DEUTSCHLAND 4.750% /07/2028 EUR DAIMLER AG 2.375% 15-16/12/2021 GBP DT PFANDBRIEFBAN 1.875% 12-20/12/2019 GBP METRO AG 3.375% 12-01/03/2019 EUR New Zealand NEW ZEALAND GVT 5.500% 11-15/04/2023 NZD Poland AUTOSTRADE PER L 1.125% 15-04/11/2021 EUR POLAND GOVT BOND 3.000% I/L /08/2016 PLN Australia AUSTRALIAN GOVT % 12-21/04/2024 AUD Ireland AERCAP IRELAND C 4.625% 15-30/10/2020 USD FCA CAPITAL IRE 1.250% 15-13/06/2018 EUR IRISH GOVT 0.800% 15-15/03/2022 EUR Mexico AMERICA MOVIL SA 4.125% 11-25/10/2019 EUR MEXICAN BONOS % 05-05/12/2024 MXN MEXICAN BONOS 6.500% 11-10/06/2021 MXN Canada CANADA GOVT 3.500% 11-01/12/2045 CAD MAGNA INTERNATIONAL INC 1.900% /11/2023 EUR ROGERS COMMUNICATIONS INC 3.625% /12/2025 USD ROGERS COMMUNICATIONS INC 5.340% /03/2021 CAD ROGERS COMMUNICATIONS INC 5.450% /10/2043 USD Sweden SKF AB 1.625% 15-02/12/2022 EUR SWEDEN GOVERNMENT 3.750% /08/2017 SEK Switzerland SWISS (GOVT) 1.250% 12-11/06/2024 CHF Luxembourg ACTAVIS FUNDING 3.000% 15-12/03/2020 USD ACTAVIS FUNDING 3.800% 15-15/03/2025 USD ACTAVIS FUNDING 3.850% 14-15/06/2024 USD ACTAVIS FUNDING 4.550% 15-15/03/2035 USD ACTAVIS FUNDING 4.750% 15-15/03/2045 USD PROLOGIS INTL II 1.876% 15-17/04/2025 EUR Japan JAPAN GOVT 30-YR 2.000% 10-20/09/2040 JPY Floating rate bonds United States of America CAS 2015-C04 2M /04/2028 FRN USD CGCMT 2014-GC19 D 14-10/03/2047 FRN USD COMM 2013-CR11 C 13-10/10/2046 FRN USD COMM 2013-CR9 C 13-10/07/2045 FRN USD COMM 2015-LC19 D 15-10/02/2048 FRN USD FHR 4092 HS 12-15/08/2042 FRN USD FHR 4480 WS 15-15/06/2045 FRN USD FHS 311 S /08/2043 FRN USD FNR S 12-25/03/2042 FRN USD FNR SD 12-25/09/2042 FRN USD FNR CS 13-25/10/2040 FRN USD FNR JS 13-25/12/2042 FRN USD FREMF 2013-K24 C 13-25/11/2045 FRN USD FREMF 2014-K37 C 14-25/01/2047 FRN USD GNR 2010-H19 JI 10-20/08/2060 FRN USD GNR SH 11-20/09/2041 FRN USD GNR 2011-H03 HI 11-20/01/2061 FRN USD GNR 2011-H05 HI 11-20/01/2061 FRN USD GNR 2012-H02 AI 12-20/01/2062 FRN USD GNR 2013-H01 FI 13-20/01/2063 FRN USD GNR 2013-H04 BI 13-20/02/2063 FRN USD GNR AS 14-20/09/2044 FRN USD GSMS 2014-GC18 D 14-10/01/2047 FRN USD JPMBB 2014-C22 B 14-15/09/2047 FRN USD JPMBB 2014-C24 D 14-15/11/2047 FRN USD JPMBB 2014-C25 D 14-15/11/2047 FRN USD METLIFE INC 06-15/12/2036 FRN USD MLCFC AM 06-12/07/2046 FRN USD STACR 2015-DNA2 M /12/2027 FRN USD STACR 2015-HQ2 M /05/2025 FRN USD STACR 2015-HQA2 M /05/2028 FRN USD WFRBS 2014-C23 D 14-15/10/2057 FRN USD Cayman Islands APID X A /07/2027 FRN USD JTWN X A1A 14-15/07/2026 FRN USD OHALF X A 15-15/02/2027 FRN USD TRMPK X A 15-20/04/2027 FRN USD VENTR X A 14-15/07/2026 FRN USD VOYA X A /04/2027 FRN USD France AXA SA 10-16/04/2040 FRN EUR BNP PARIBAS 14-31/12/2049 FRN EUR BPCE 15-30/11/2027 FRN EUR CNP ASSURANCES 15-10/06/2047 FRN EUR SCOR SE 15-08/06/2046 FRN EUR United Kingdom BARCLAYS PLC 15-11/11/2025 FRN EUR Italy ASSICURAZIONI 15-27/10/2047 FRN EUR Ireland BANK OF IRELAND 14-11/06/2024 FRN EUR The Netherlands ASR NEDERLAND NV 15-29/09/2045 FRN EUR Germany MERCK 14-12/12/2074 FRN EUR Other transferable securities To be Announced ("TBA") Mortgage Back Securities United States of America FGCI 2.5 1/ % 16-15/07/2030 USD FGLMC 3.5 1/ % 11-15/09/2040 USD FGLMC 4.5 1/ % 11-15/02/2040 USD Page 43

282 Bond World Securities portfolio at 31/12/2015 Expressed in EUR FNCI 3 1/ % 15-25/06/2029 USD FNCI 3.5 1/ % 12-25/07/2026 USD FNCL 3 1/ % 13-25/10/2042 USD FNCL 3.5 1/ % 12-25/06/2041 USD FNCL 4.000% 10-25/09/2039 USD FNCL 4.5 1/ % 12-25/03/2040 USD FNCL 5 1/ % 11-25/08/2037 USD FNCL 5.5 1/ % 13-25/06/2038 USD G2SF 3 1/ % 13-20/05/2042 USD G2SF 3.5 1/ % 12-20/09/2041 USD GNSF 4 1/ % 12-15/07/2041 USD Shares/Units in investment funds Luxembourg BNPP FLEXI I US MORTGAGE - X - CAP USD Total securities portfolio Page 44

283 Bond World Emerging Local Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds South Africa REPUBLIC OF SOUTH AFRICA % /12/2026 ZAR REPUBLIC OF SOUTH AFRICA 7.000% /02/2031 ZAR REPUBLIC OF SOUTH AFRICA 8.000% /12/2018 ZAR REPUBLIC OF SOUTH AFRICA 8.750% /02/2048 ZAR Mexico MEXICAN BONOS 6.500% 12-09/06/2022 MXN MEXICAN BONOS 7.500% 07-03/06/2027 MXN MEXICAN BONOS 7.750% 11-29/05/2031 MXN MEXICAN BONOS 8.500% 09-18/11/2038 MXN Indonesia INDONESIA GOVT % 05-15/07/2017 IDR INDONESIA GOVT % 07-15/02/2028 IDR INDONESIA GOVT 5.250% 12-15/05/2018 IDR INDONESIA GOVT 6.625% 12-15/05/2033 IDR INDONESIA GOVT 9.000% 13-15/03/2029 IDR Brazil BRAZIL NTN-F % 12-01/01/2018 FLAT BRL BRAZIL NTN-F % 12-01/01/2023 FLAT BRL BRAZIL NTN-F % 14-01/01/2025 FLAT BRL Poland POLAND GOVT BOND 0.000% 15-25/07/2017 PLN POLAND GOVT BOND 3.000% I/L /08/2016 PLN POLAND GOVT BOND 3.250% 14-25/07/2025 PLN POLAND GOVT BOND 5.750% 08-25/04/2029 PLN Colombia COLOMBIA TES % 09-24/07/2024 COP COLOMBIA TES % 05-24/07/2020 COP COLOMBIA TES 6.000% 12-28/04/2028 COP EE. PP. MEDELLIN 7.625% 14-10/09/2024 COP REP OF COLOMBIA 7.750% 10-14/04/2021 COP REP OF COLOMBIA 9.850% /06/2027 FLAT COP Turkey TURKEY GOVT BOND % 10-15/01/2020 TRY TURKEY GOVT BOND 8.000% 15-12/03/2025 TRY Thailand THAILAND GOVT 1.200% 11-14/07/2021 THB THAILAND GOVT 1.250% 13-12/03/2028 THB THAILAND GOVT 3.650% 10-17/12/2021 THB Russia RUSSIA-OFZ 7.000% 13-16/08/2023 RUB Hungary HUNGARY GOVT 6.000% 07-24/11/2023 HUF HUNGARY GOVT 6.500% 08-24/06/2019 HUF Peru REPUBLIC OF PERU 6.850% 10-12/02/2042 PEN REPUBLIC OF PERU 6.900% 07-12/08/2037 PEN REPUBLIC OF PERU 7.840% 05-12/08/2020 PEN REPUBLIC OF PERU 8.200% 06-12/08/2026 PEN Romania ROMANIA GOVT 5.950% 11-11/06/2021 RON Malaysia MALAYSIAN GOVT 3.659% 15-15/10/2020 MYR Shares/Units in investment funds Luxembourg BNPP FLEXI I BOND ASIA LOCAL CURRENCY - I - CAP USD Total securities portfolio Page 45

284 Bond World High Yield Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ACI WORLDWIDE 6.375% 13-15/08/2020 USD ACTIVISION BLIZZ 5.625% 13-15/09/2021 USD ACTIVISION BLIZZ 6.125% 13-15/09/2023 USD ALCOA INC 5.125% 14-01/10/2024 USD ALERIS INTL 7.875% 13-01/11/2020 USD AMC ENTERTAINMNT 5.875% 14-15/02/2022 USD AMER AXLE & MFG 6.250% 13-15/03/2021 USD AMER AXLE & MFG 6.625% 12-15/10/2022 USD AMER AXLE & MFG 7.750% 11-15/11/2019 USD AMERIGAS FINANCE 6.750% 12-20/05/2020 USD AMERIGAS FINANCE 7.000% 12-20/05/2022 USD AMSURG CORP 5.625% 15-15/07/2022 USD ANTERO RESOURCES 5.125% 15-01/12/2022 USD ARGOS MERGER SUB 7.125% 15-15/03/2023 USD AUDATEX NORTH AM 6.000% 13-15/06/2021 USD AUDATEX NORTH AM 6.125% 13-01/11/2023 USD AVAYA INC 7.000% 11-01/04/2019 USD AVIS BUDGET CAR 5.125% 14-01/06/2022 USD BALL CORP 4.375% 15-15/12/2023 EUR BELDEN INC 5.500% 13-15/04/2023 EUR BOISE CASCADE CO 6.375% 13-01/11/2020 USD BOYD GAMING CORP 6.875% 15-15/05/2023 USD CABLEVISION SYS 5.875% 12-15/09/2022 USD CALIFORNIA RESOU 5.000% 15-15/01/2020 USD CALIFORNIA RESOU 5.500% 15-15/09/2021 USD CALIFORNIA RESOU 6.000% 15-15/11/2024 USD CALIFORNIA RESOU 8.000% 15-15/12/2022 USD CALPINE CORP 5.375% 14-15/01/2023 USD CALPINE CORP 5.750% 14-15/01/2025 USD CALPINE CORP 5.875% 13-15/01/2024 USD CALPINE CORP 6.000% 13-15/01/2022 USD CALUMET SPECIAL 7.625% 14-15/01/2022 USD CASE NEW HOLLAND 7.875% 11-01/12/2017 USD CCO HOLDINGS LLC 5.250% 12-30/09/2022 USD CCO HOLDINGS LLC 5.750% 13-15/01/2024 USD CCO HOLDINGS LLC 5.750% 14-01/09/2023 USD CCO HOLDINGS LLC 6.500% 11-30/04/2021 USD CCO SAFARI II 3.579% 15-23/07/2020 USD CCO SAFARI II 4.908% 15-23/07/2025 USD CCO SAFARI II 6.484% 15-23/10/2045 USD CEDAR FAIR LP/CA 5.375% 15-01/06/2024 USD CENTURYLINK INC 6.450% 11-15/06/2021 USD CENTURYTEL INC 7.600% 09-15/09/2039 USD CHESAPEAKE ENRGY 5.750% 13-15/03/2023 USD CHESAPEAKE ENRGY 6.625% 10-15/08/2020 USD CHS/COMMUNITY 5.125% 14-01/08/2021 USD CHS/COMMUNITY 6.875% 14-01/02/2022 USD CHS/COMMUNITY 8.000% 12-15/11/2019 USD CINC BELL INC 8.375% 10-15/10/2020 USD CITIZENS COMM CO 9.000% 02-15/08/2031 USD CLEAR CHNL WORLD 6.500% 13-15/11/2022 USD CLEAR CHNL WORLD 7.625% 12-15/03/2020 USD COMMSCOPE TECH F 6.000% 15-15/06/2025 USD COMPASS MINERALS INTL 4.875% /07/2024 USD CONCHO RES/MIDLA 5.500% 12-01/04/2023 USD CONCHO RES/MIDLA 5.500% 12-01/10/2022 USD CONSTELLATION BR 6.000% 12-01/05/2022 USD CONTINENTAL RES 5.000% 12-15/09/2022 USD CORELOGIC INC 7.250% 12-01/06/2021 USD COTT BEVERAGES 5.375% 15-01/07/2022 USD COVANTA HOLDING 5.875% 14-01/03/2024 USD CROWN CASTLE INTL 4.875% 14-15/04/2022 USD CRSTWD PART/FIN 6.125% 14-01/03/2022 USD CSC HOLDINGS LLC 6.750% 11-15/11/2021 USD CVR REF/COFF FIN 6.500% 13-01/11/2022 USD CYRUSONE LP/CYRU 6.375% 13-15/11/2022 USD DANA HOLDING 5.375% 13-15/09/2021 USD DANA HOLDING 6.000% 13-15/09/2023 USD DAVITA HEALTHCARE 5.125% 14-15/07/2024 USD DAVITA INC 5.750% 12-15/08/2022 USD DEAN FOODS CO 6.500% 15-15/03/2023 USD DENALI BORROW LL 5.625% 13-15/10/2020 USD DENBURY RESOURCES 6.375% /08/2021 USD DIAMONDBACK ENER 7.625% 14-01/10/2021 USD DISH DBS CORP 4.625% 12-15/07/2017 USD DISH DBS CORP 5.875% 12-15/07/2022 USD DISH DBS CORP 6.750% 11-01/06/2021 USD DONNELLEY & SONS 6.125% 07-15/01/2017 USD DONNELLEY & SONS 7.875% 13-15/03/2021 USD DPL INC 7.250% 12-15/10/2021 USD DYNEGY INC 7.375% 15-01/11/2022 USD ENDO FINANCE LLC 6.000% 15-15/07/2023 USD ENDO FINANCE LLC 7.750% 14-15/01/2022 USD ENERGIZER SPINCO 5.500% 15-15/06/2025 USD ENERGY TRANS 5.875% 13-15/01/2024 USD ENERGY TRANSFER 7.500% 10-15/10/2020 USD EQUINIX INC 5.375% 14-01/01/2022 USD EQUINIX INC 5.750% 14-01/01/2025 USD EVEREST ACQ LLC 9.375% 12-01/05/2020 USD FAMILY TREE ESCR 5.250% 15-01/03/2020 USD FAMILY TREE ESCR 5.750% 15-01/03/2023 USD FIRST DATA CORP 5.000% 15-15/01/2024 USD FIRST DATA CORP 5.375% 15-15/08/2023 USD FIRST DATA CORP 6.750% 12-01/11/2020 USD FREESCALE SEMICO 6.000% 13-15/01/2022 USD FRESENIUS MEDICAL 4.125% 14-15/10/2020 USD FRESENIUS MEDICAL 4.750% 14-15/10/2024 USD FRESENIUS MEDICAL 5.625% 12-31/07/2019 USD FRESENIUS US FIN 4.500% 15-15/01/2023 USD FRONTIER COMM % 15-15/09/2022 USD FRONTIER COMM % 15-15/09/2025 USD FRONTIER COMM 6.875% 14-15/01/2025 USD FRONTIER COMM 8.750% 10-15/04/2022 USD FRONTIER COMM 8.875% 15-15/09/2020 USD GANNETT CO 6.375% 13-15/10/2023 USD GEN MOTORS FIN 4.000% 15-15/01/2025 USD GENON ENERGY 9.500% 11-15/10/2018 USD GOODYEAR TIRE 5.125% 15-15/11/2023 USD GRAY TELE INC 7.500% 13-01/10/2020 USD GREEKTOWN HLDGS 8.875% 14-15/03/2019 USD GRIFFON CORP 5.250% 14-01/03/2022 USD HCA HOLDINGS INC 6.250% 12-15/02/2021 USD HCA INC 5.000% 14-15/03/2024 USD HCA INC 5.250% 14-15/04/2025 USD HCA INC 5.375% 15-01/02/2025 USD HCA INC 7.500% 11-15/02/2022 USD HDTFS INC 6.250% 13-15/10/2022 USD Page 46

285 Bond World High Yield Securities portfolio at 31/12/2015 Expressed in EUR HEALTHSOUTH CORP 5.125% 15-15/03/2023 USD HJ HEINZ CO 4.875% 15-15/02/2025 USD IHS INC 5.000% 15-01/11/2022 USD IRON MOUNTAIN 5.750% 12-15/08/2024 USD IRON MOUNTAIN 6.000% 15-01/10/2020 USD ISLE OF CAPRI 5.875% 13-15/03/2021 USD JARDEN CORP 5.000% 15-15/11/2023 USD KB HOME 4.750% 14-15/05/2019 USD KB HOME 7.500% 12-15/09/2022 USD KB HOME 9.100% 09-15/09/2017 USD KINDRED HEALTHCARE 6.375% /04/2022 USD KLOECKNER PENTAP 7.125% 15-01/05/2020 EUR LAMAR MEDIA CORP 5.375% 14-15/01/2024 USD LEAR CORP 5.250% 14-15/01/2025 USD LEAR CORP 5.375% 14-15/03/2024 USD LEE ENTERPRISES 9.500% 14-15/03/2022 USD LEVEL 3 COMMUNICATIONS INC 5.750% /12/2022 USD LEVEL 3 FIN INC 5.375% 15-15/08/2022 USD LEVEL 3 FIN INC 5.625% 15-01/02/2023 USD LEVEL 3 FIN INC 6.125% 14-15/01/2021 USD LEVEL 3 FIN INC 7.000% 13-01/06/2020 USD LEVI STRAUSS 5.000% 15-01/05/2025 USD LIFEPOINT HOSPIT 5.500% 14-01/12/2021 USD LIMITED BRANDS 5.625% 12-15/02/2022 USD LIMITED BRANDS 6.625% 11-01/04/2021 USD LIN TELEVISION 5.875% 15-15/11/2022 USD LSB INDUSTRIES 7.750% 14-01/08/2019 USD MEDIACOM BROADBAND 6.375% /04/2023 USD MEM PROD PART LP 7.625% 13-01/05/2021 USD MERITOR INC 6.750% 13-15/06/2021 USD METROPCS WIRELES 6.625% 10-15/11/2020 USD MGM RESORTS % 10-01/11/2016 USD MGM RESORTS 6.625% 12-15/12/2021 USD MGM RESORTS 7.750% 12-15/03/2022 USD MGM RESORTS INTRNL 7.500% /06/2016 USD MICRON TECH 5.500% 14-01/02/2025 USD MICRON TECH 5.875% 15-15/02/2022 USD MPLX LP 4.500% 15-15/07/2023 USD MSCI INC 5.250% 14-15/11/2024 USD NCR CORP 5.875% 14-15/12/2021 USD NCR CORP 6.375% 14-15/12/2023 USD NEPTUNE FINCO % 15-15/01/2023 USD NETFLIX INC 5.375% 13-01/02/2021 USD NETFLIX INC 5.875% 15-15/02/2025 USD NEWFIELD EXPLOR 5.625% 12-01/07/2024 USD NEXSTAR BROADCASTING 6.125% /02/2022 USD NIELSEN FINANCE 5.000% 14-15/04/2022 USD NOBLE ENERGY INC 5.875% 15-01/06/2022 USD NOVELIS INC 8.750% 11-15/12/2020 USD NRG ENERGY INC 6.250% 15-01/05/2024 USD NRG ENERGY INC 6.625% 13-15/03/2023 USD NRG ENERGY INC 7.625% 11-15/01/2018 USD NRG ENERGY INC 7.875% 12-15/05/2021 USD OASIS PETROLEUM 6.500% 11-01/11/2021 USD OASIS PETROLEUM 7.250% 11-01/02/2019 USD OUTFRONT MEDIA C 5.250% 15-15/02/2022 USD OUTFRONT MEDIA C 5.625% 15-15/02/2024 USD OUTFRONT MEDIA C 5.875% 15-15/03/2025 USD PENN NATL GAMING 5.875% 14-01/11/2021 USD PINNACLE ENTERTAINMENT 6.375% /08/2021 USD POST HOLDINGS IN 7.375% 13-15/02/2022 USD RACKSPACE HOSTING 6.500% 15-15/01/2024 USD REGAL ENTERTAINMENT 5.750% /03/2022 USD REYNOLDS GROUP 5.750% 13-15/10/2020 USD RR DONNELLEY 6.000% 14-01/04/2024 USD SABINE PASS LIQU 6.250% 14-15/03/2022 USD SANMINA CORP 4.375% 14-01/06/2019 USD SBA COMMUNICATIONS 4.875% /07/2022 USD SCIENTIFIC GAMES % 15-01/12/2022 USD SCIENTIFIC GAMES 7.000% 14-01/01/2022 USD SERVICE CORP 4.500% 12-15/11/2020 USD SERVICE CORP 5.375% 14-15/05/2024 USD SINCLAIR TELE 5.625% 14-01/08/2024 USD SIRIUS XM RADIO 5.750% 13-01/08/2021 USD SIRIUS XM RADIO 5.875% 13-01/10/2020 USD SIRIUS XM RADIO 6.000% 14-15/07/2024 USD SM ENERGY CO 5.625% 15-01/06/2025 USD SM ENERGY CO 6.500% 12-15/11/2021 USD SOUTHERN STAR 5.125% 14-15/07/2022 USD SPEEDWAY MOTORSP 5.125% 15-01/02/2023 USD SPRINT CAP CORP 6.875% 98-15/11/2028 USD SPRINT CAP CORP 8.750% 02-15/03/2032 USD SPRINT CORP 7.250% 14-15/09/2021 USD SPRINT CORP 7.875% 14-15/09/2023 USD SPRINT NEXTEL % 12-15/11/2021 USD SPRINT NEXTEL 6.000% 12-15/11/2022 USD SPRINT NEXTEL 8.375% 09-15/08/2017 USD SPRINT NEXTEL 9.000% 11-15/11/2018 USD STARZ LLC/FIN CO 5.000% 13-15/09/2019 USD STEEL DYNAMICS 5.125% 15-01/10/2021 USD STEEL DYNAMICS 5.250% 13-15/04/2023 USD SUMMIT MID HLD / 5.500% 14-15/08/2022 USD TARGA RES PRTNRS 6.875% 11-01/02/2021 USD TAYLOR MORRISON 5.250% 13-15/04/2021 USD TENET HEALTHCARE 5.000% 15-01/03/2019 USD TENET HEALTHCARE 6.750% 15-15/06/2023 USD TENET HEALTHCARE 8.000% 11-01/08/2020 USD TENET HEALTHCARE 8.125% 13-01/04/2022 USD TENNECO INC 6.875% 11-15/12/2020 USD TES LOG LP/CORP 5.875% 13-01/10/2020 USD TES LOG LP/CORP 6.125% 13-15/10/2021 USD TIME INC 5.750% 14-15/04/2022 USD T-MOBILE USA INC 6.125% 13-15/01/2022 USD T-MOBILE USA INC 6.250% 14-01/04/2021 USD T-MOBILE USA INC 6.375% 14-01/03/2025 USD T-MOBILE USA INC 6.500% 13-15/01/2024 USD T-MOBILE USA INC 6.625% 14-01/04/2023 USD T-MOBILE USA INC 6.633% 13-28/04/2021 USD TOLL BR FIN CORP 4.875% 15-15/11/2025 USD TREEHOUSE FOODS 4.875% 14-15/03/2022 USD UNITED RENTAL NA 4.625% 15-15/07/2023 USD UNITED RENTAL NA 5.500% 15-15/07/2025 USD UNIVISION COMM 5.125% 15-15/02/2025 USD UNIVISION COMM 6.750% 12-15/09/2022 USD US STEEL CORP 6.875% 13-01/04/2021 USD USG CORP 5.875% 13-01/11/2021 USD USG CORP 9.750% 07-15/01/2018 USD VALEANT PHARMA 5.500% 15-01/03/2023 USD Page 47

286 Bond World High Yield Securities portfolio at 31/12/2015 Expressed in EUR VPI ESCROW CORP 6.375% 12-15/10/2020 USD VPII ESCROW CORP 6.750% 13-15/08/2018 USD WHITEWAVE FOODS 5.375% 14-01/10/2022 USD WHITING PETROLEUM 5.750% 13-15/03/2021 USD WILLIAMS COS INC 4.550% 14-24/06/2024 USD WINDSTREAM CORP 7.500% 11-01/04/2023 USD WINDSTREAM CORP 7.750% 11-01/10/2021 USD WMG ACQUISITION 6.000% 12-15/01/2021 USD WPX ENERGY INC 6.000% 12-15/01/2022 USD XPO LOGISTICS 6.500% 15-15/06/2022 USD ZACHRY HOLDINGS 7.500% 13-01/02/2020 USD Luxembourg ALTICE 6.250% 15-15/02/2025 EUR ALTICE 7.250% 14-15/05/2022 EUR ALTICE 7.625% 15-15/02/2025 USD ALTICE 7.750% 14-15/05/2022 USD ALTICE FINANCING 5.250% 15-15/02/2023 EUR ALTICE FINANCING 6.500% 13-15/01/2022 USD ALTICE FINANCING 6.625% 15-15/02/2023 USD ARCELORMITTAL % 09-01/06/2019 USD ARCELORMITTAL % 09-03/06/2016 EUR ARCELORMITTAL 3.125% 15-14/01/2022 EUR ARCELORMITTAL 5.125% 15-01/06/2020 USD ARCELORMITTAL 6.125% 08-01/06/2018 USD ARCELORMITTAL 6.750% 12-25/02/2022 USD ARCELORMITTAL 7.750% 09-15/10/2039 USD FIAT FIN & TRADE 4.750% 14-15/07/2022 EUR GALAPAGOS HOLDING 7.000% /06/2022 EUR GARFUNKELUX HOLD 8.500% 15-01/11/2022 GBP INTELSAT JACKSON 5.500% 13-01/08/2023 USD INTELSAT JACKSON 7.250% 10-15/10/2020 USD INTELSAT LUXEMB 7.750% 13-01/06/2021 USD MALLINCKRODT FIN 4.875% 15-15/04/2020 USD MALLINCKRODT FIN 5.750% 14-01/08/2022 USD MATTERHORN TELE 3.875% 15-01/05/2022 EUR MATTERHORN TELE 4.875% 15-01/05/2023 EUR MONITCHEM HOLD % 14-15/06/2022 EUR NIELSEN CO LUXEM 5.500% 13-01/10/2021 USD TR OP / TR FIN 6.375% 15-01/05/2022 EUR WIND ACQUISITION 4.000% 14-15/07/2020 EUR WIND ACQUISITION 4.750% 14-15/07/2020 USD WIND ACQUISITION 7.000% 14-23/04/2021 EUR United Kingdom ALGECO SCOTSMAN 9.000% 12-15/10/2018 EUR EPHIOS HOLDCO II 8.250% 15-01/07/2023 EUR FIAT CHRYSLER AU 4.500% 15-15/04/2020 USD FIAT CHRYSLER AU 5.250% 15-15/04/2023 USD INTL GAME TECH 4.125% 15-15/02/2020 EUR INTL GAME TECH 5.625% 15-15/02/2020 USD INTL GAME TECH 6.250% 15-15/02/2022 USD JAGUAR LAND ROVER 3.875% 15-01/03/2023 GBP LYNX I CORP 6.000% 13-15/04/2021 GBP NEW LOOK SECURED 6.500% 15-01/07/2022 GBP NEW LOOK SENIOR 8.000% 15-01/07/2023 GBP PRIORY GROUP 7.000% 11-15/02/2018 GBP SENSATA TECH UK 6.250% 15-15/02/2026 USD TA MANUFACTURING 3.625% 15-15/04/2023 EUR THOMAS COOK FINA 6.750% 15-15/06/2021 EUR VIRGIN MEDIA SEC 4.875% 15-15/01/2027 GBP VIRIDIAN GROUP 7.500% 15-01/03/2020 EUR The Netherlands ADRIA BIDCO BV 7.875% 13-15/11/2020 EUR CONSTELLIUM NV 7.000% 14-15/01/2023 EUR GRUPO ANTOLIN DU 5.125% 15-30/06/2022 EUR PORTUGAL TEL FIN 5.875% 12-17/04/2018 EUR SCHAEFFLER FIN 3.250% 14-15/05/2019 EUR SCHAEFFLER FIN 3.250% 15-15/05/2025 EUR SCHAEFFLER FIN 4.250% 14-15/05/2021 USD SCHAEFFLER FIN 4.750% 13-15/05/2021 USD SENSATA TECH BV 4.875% 13-15/10/2023 USD THYSSENKRUPP FIN 8.500% 09-25/02/2016 EUR Canada BC ULC / 6.000% 14-01/04/2022 USD BOMBARDIER INC 7.500% 15-15/03/2025 USD CASCADES INC 5.500% 14-15/07/2022 USD FIRST QUANTUM 6.750% 14-15/02/2020 USD MEG ENERGY CORP 6.500% 11-15/03/2021 USD MEG ENERGY CORP 7.000% 13-31/03/2024 USD VRX ESCROW CORP 5.875% 15-15/05/2023 USD France AREVA SA 3.125% 14-20/03/2023 EUR AREVA SA 3.250% 13-04/09/2020 EUR AREVA SA 3.500% 10-22/03/2021 EUR AREVA SA 4.875% 09-23/09/2024 EUR HORIZON HOLDINGS 7.250% 15-01/08/2023 EUR LOXAM SAS 7.000% 14-23/07/2022 EUR NUMERICABLE 5.375% 14-15/05/2022 EUR NUMERICABLE 6.000% 14-15/05/2022 USD NUMERICABLE 6.250% 14-15/05/2024 USD Italy TELECOM ITALIA 3.250% 15-16/01/2023 EUR TELECOM ITALIA 5.303% 14-30/05/2024 USD Germany RAPID HOLDING 6.625% 15-15/11/2020 EUR UNITYMEDIA 3.500% 15-15/01/2027 EUR UNITYMEDIA 4.000% 14-15/01/2025 EUR UNITYMEDIA 4.625% 15-15/02/2026 EUR Jersey Island AA BOND CO LTD 5.500% 15-31/07/2022 GBP ASTON MARTIN 9.250% 11-15/07/2018 GBP Australia FMG RES AUG % 15-01/03/2022 USD Cayman Islands TRANSOCEAN INC 6.800% 07-15/03/2038 USD UPCB FINANCE VI 6.875% 12-15/01/2022 USD Japan SOFTBANK GROUP COR 4.750% /07/2025 EUR Floating rate bonds The Netherlands TELEFONICA EUROP 13-29/09/2049 FRN EUR TELEFONICA EUROP 13-29/09/2049 FRN EUR TELEFONICA EUROP 14-29/12/2049 FRN EUR Austria WIENERBERGER AG 07-29/12/2049 FRN EUR WIENERBERGER AG 14-29/12/2049 FRN EUR Page 48

287 Bond World High Yield Securities portfolio at 31/12/2015 Expressed in EUR Italy RHINO BONDCO 13-15/12/2019 FRN EUR United States of America GIBRALTAR INDSTR 13-01/02/2021 FRN USD SABINE PASS LIQU 14-01/02/2021 FRN USD Germany RWE AG 15-21/04/2075 FRN EUR France EPHIOS BONDCO 15-01/07/2022 FRN EUR Other transferable securities Bonds United States of America CSC HOLDINGS INC 7.875% 98-15/02/2018 USD Shares/Units in investment funds Luxembourg PARVEST BOND WORLD HIGH YIELD SHORT DURATION - X - CAP USD Total securities portfolio Page 49

288 Bond World Inflation-Linked Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America US TSY I/L STOCK 2.500% 09-15/01/2029 USD US TSY INFL IX N/B 0.125% 12-15/04/2017 USD US TSY INFL IX N/B 0.125% 13-15/04/2018 USD US TSY INFL IX N/B 0.125% 14-15/07/2024 USD US TSY INFL IX N/B 0.375% 13-15/07/2023 USD US TSY INFL IX N/B 0.375% 15-15/07/2025 USD US TSY INFL IX N/B 0.625% 14-15/01/2024 USD US TSY INFL IX N/B 0.750% 12-15/02/2042 USD US TSY INFL IX N/B 0.750% 15-15/02/2045 USD US TSY INFL IX N/B 1.375% 14-15/02/2044 USD US TSY INFL IX N/B 1.750% 08-15/01/2028 USD US TSY INFL IX N/B 2.000% 06-15/01/2026 USD US TSY INFL IX N/B 2.125% 11-15/02/2041 USD US TSY INFL IX N/B 2.375% 04-15/01/2025 USD US TSY INFL IX N/B 2.375% 07-15/01/2027 USD US TSY INFL IX N/B 3.625%98-15/04/2028 USD US TSY INFL IX N/B 3.875% 99-15/04/2029 USD WI TSY INFL LIN 0.125% 14-15/04/2019 USD United Kingdom NETWRK RAIL INFR 1.375% 07-22/11/2037 GBP UK TSY I/L GILT 0.125% 12-22/03/2024 GBP UK TSY I/L GILT 0.125% 12-22/03/2044 GBP UK TSY I/L GILT 0.125% 13-22/03/2068 GBP UK TSY I/L GILT 0.125% 15-22/03/2026 GBP UK TSY I/L GILT 0.250% 12-22/03/2052 GBP UK TSY I/L GILT 0.625% 09-22/11/2042 GBP UK TSY I/L GILT 0.750% 07-22/11/2047 GBP UK TSY I/L GILT 0.750% 11-22/03/2034 GBP UK TSY I/L GILT 1.250% 05-22/11/2055 GBP UK TSY I/L GILT 1.250% 06-22/11/2027 GBP UK TSY I/L STOCK 6.287% 86-17/07/2024 GBP Italy ITALY BTPS I/L 1.700% 13-15/09/2018 EUR ITALY BTPS I/L 2.100% 11-15/09/2016 EUR ITALY BTPS I/L 2.350% 14-15/09/2024 EUR ITALY BTPS I/L 2.550% 09-15/09/2041 EUR France FRANCE O.A.T. I/L 0.100% 12-25/07/2021 EUR FRANCE O.A.T. I/L 0.250% 13-25/07/2024 EUR FRANCE O.A.T.I/L 1.850% 11-25/07/2027 EUR FRANCE O.A.T.I/L 3.150% 02-25/07/2032 EUR FRANCE O.A.T.I/L 3.400% 99-25/07/2029 EUR Spain SPAIN I/L BOND 0.550% 14-30/11/2019 EUR SPAIN I/L BOND 1.800% 14-30/11/2024 EUR Japan JAPAN I/L-10YR 0.100% 13-10/09/2023 JPY JAPAN I/L-10YR 0.100% 14-10/09/2024 JPY JAPAN I/L-10YR 0.100% 15-10/03/2025 JPY JAPAN I/L-10YR 1.400% 08-10/06/2018 JPY Canada CANADA GOVT I/L 1.500% 10-01/12/2044 CAD CANADA GOVT I/L 2.000% 07-01/12/2041 CAD CANADA GOVT I/L 3.000% 03-01/12/2036 CAD CANADA GOVT I/L 4.250% 95-01/12/2026 CAD Sweden SWEDEN I/L 4.000% 95-01/12/2020 SEK SWEDEN I/L 4.297% 99-01/12/2028 SEK Australia AUSTRALIAN I/L 1.250% 12-21/02/2022 AUD AUSTRALIAN I/L 2.000% 13-21/08/2035 AUD AUSTRALIAN I/L 3.000% 09-20/09/2025 AUD Denmark DENMARK I/L GOVT 0.100% 12-15/11/2023 DKK Germany DEUTSCHLAND I/L 0.100% 15-15/04/2046 EUR DEUTSCHLAND I/L 0.500% 14-15/04/2030 EUR New Zealand NEW ZEALAND I/L 2.000% /09/2025 FLAT NEW ZEALAND I/L 3.000% /09/2030 FLAT NZD NZD Mexico MEXICAN UDIBONOS 4.000% 10-15/11/2040 MXN Floating rate bonds United Kingdom UK TSY I/L STOCK 2.829% 02-26/01/2035 GBP UK TSY I/L STOCK 7.322% 83-16/04/2020 GBP UK TSY I/L STOCK 7.633% 92-22/07/2030 GBP Money Market Instruments United States of America US TREASURY BILL 0.000% 15-03/03/2016 USD Total securities portfolio Page 50

289 Convertible Bond Asia Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Convertible bonds China CHINA YONGDA 1.500% 14-18/07/2019 CV CNY E-HOUSE CHINA 2.750% 13-15/12/2018 CV USD ENN ENERGY HOLDINGS 0.000% /02/2018 CV USD HAITIAN INTL HOL 2.000% 14-13/02/2019 CV USD HENGAN INTL 0.000% 13-27/06/2018 CV HKD KINGSOFT CORPORATION LTD 1.250% /04/2019 CV HKD SEMICONDUCTOR MANUFACTORING % 13-07/11/2018 CV USD SHENZHOU INTERNA 0.500% /06/2019 CV HKD SOUFUN HOLDINGS 2.000% /12/2018 CV USD Cayman Islands CHINA OVERSEAS FIN 4.000% /02/2021 CV USD CHINA OVERSEAS FIN 5.000% /01/2023 CV USD Singapore CAPITALAND LTD 1.850% 13-19/06/2020 CV SGD CAPITALAND LTD 1.950% 13-17/10/2023 CV SGD CAPITALAND LTD 2.800% 15-08/06/2025 CV SGD OLAM INTL LTD 6.000% 09-15/10/2016 CV USD RUBY ASSETS PTE 1.600% 10-01/02/2017 CV SGD SUNTEC REIT 1.400% 13-18/03/2018 CV SGD Taiwan ADVANCED SEMICONDUCTOR 0.000% /09/2018 CV USD SILICONWARE PRE 0.000% /10/2019 CV USD UNITED MICROELECTRONICS 0.000% /05/2020 CV USD ZHEN DING TECH 0.000% 14-26/06/2019 CV USD British Virgin Islands CROTONA ASSETS 4.000% 14-14/04/2019 CV USD NEWFORD CAPITAL 0.000% /05/2016 CV USD SHINE POWER INTL 0.000% /07/2019 CV HKD TONG JIE LTD 0.000% 13-18/02/2018 CV HKD Hong Kong ASIA VIEW LTD 1.500% 14-08/08/2019 CV USD ASM PACIFIC TECHNOLOGY 2.000% /03/2019 CV HKD COSMOS BOOM 0.500% 15-23/06/2020 CV USD PB ISSUER NO % 15-03/07/2021 CV USD Malaysia CAHAYA CAPITAL 0.000% 14-18/09/2021 CV USD INDAH CAPITAL 0.000% 13-24/10/2018 CV SGD Philippines AYC FINANCE LTD 0.500% 14-02/05/2019 CV USD Thailand BANGKOK DUSIT MED SERVICE 0.000% /09/2019 CV THB South Korea LOTTE SHOPPING 0.000% 13-24/01/2018 CV KRW Australia DRILLSEARCH FINA 6.000% /09/2018 CV USD Total securities portfolio Page 51

290 Convertible Bond World Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds France ALCATEL-LUCENT 0.000% 14-30/01/ CV FLAT EUR CREDIT AGRICOLE SA 0.000% 13-06/12/ CV FLAT EUR INGENICO GROUP 0.000% 15-26/06/2022 CV EUR UNIBAIL-RODAMCO 0.000% /01/2022 CV EUR Cayman Islands WESSEX LTD 0.000% 14-28/08/2018 JPY Convertible bonds United States of America AKAMAI TECH 0.000% 14-15/02/2019 CV USD ALLERGAN PLC 5.500% 15-01/03/ CV FLAT USD ARES CAPITAL COR 5.125% /06/2016 CV USD BROCADE COM SYS 1.375% /01/2020 CV USD CHENIERE ENERGY 4.250% /03/2045 CV USD CITRIX SYSTEMS 0.500% 14-15/04/2019 CV USD DYCOM INDS 0.750% 15-15/09/2021 CV USD EMPIRE STATE REA 2.625% /08/2019 CV USD EXTRA SPACE STORAGE 3.125% /10/2035 CV USD FIREEYE INC 1.625% 15-01/06/2035 CV USD HOLOGIC INC 2.000% 12-01/03/2042 CV SR USD ILLUMINA INC 0.000% 14-15/06/2019 CV USD ILLUMINA INC 0.500% 14-15/06/2021 CV USD IMPAX LABORATORIES INC 2.000% /06/2022 CV USD INTEL CORP 2.950% 06-15/12/2035 CV USD INTEL CORP 3.250% 09-01/08/2039 CV USD JARDEN CORP 1.125% 14-15/03/2034 CV USD LIBERTY MEDIA 1.375% 13-15/10/2023 CV USD LINKEDIN CORP 0.500% 14-01/11/2019 CV USD MICROCHIP TECHNOLOGY 1.625% /02/2025 CV USD MICRON TECH 3.000% 13-15/11/2043 CV USD NETSUITE INC 0.250% 13-01/06/2018 CV USD NOVELLUS SYS 2.625% 11-15/05/2041 CV USD NUANCE COMMUNIC 1.000% /12/2035 CV USD NVIDIA CORP 1.000% 13-01/12/2018 CV USD PRICELINE GROUP 0.900% 14-15/09/2021 CV USD PRICELINE.COM 0.350% 13-15/06/2020 CV USD SALESFORCE.COM 0.250% /04/2018 CV USD SANDISK CORP 0.500% 13-15/10/2020 CV USD SANDISK CORP 1.500% 10-15/08/2017 CV USD SERVICENOW INC 0.000% 13-01/11/2018 CV USD STARWOOD PROP TR 4.000% /01/2019 CV USD STARWOOD PROP TR 4.550% /03/2018 CV USD SUNPOWER CORP 0.875% 14-01/06/2021 CV USD TESLA MOTORS INC 0.250% /03/2019 CV USD TESLA MOTORS INC 1.250% /03/2021 CV USD T-MOBILE USA INC 5.500% 14-15/12/ CV FLAT USD TWITTER INC 1.000% 14-15/09/2021 CV USD WRIGHT MEDICAL 2.000% 15-15/02/2020 CV USD YAHOO INC 0.000% 13-01/12/2018 CV USD Japan ASICS CORP 0.000% 14-01/03/2019 CV JPY BANK OF IWATE 0.000% 13-25/07/2018 CV USD JAPAN AIRPORT 0.000% 15-06/03/2020 CV JPY KAWASAKI KISEN 0.000% 13-26/09/2018 CV JPY LIXIL GROUP CORP 0.000% /03/2022 CV JPY MITSUI OSK LINES 0.000% 14-24/04/2018 CV USD SHIZUOKA BANK 0.000% 13-25/04/2018 CV USD SONY CORP 0.000% 15-30/09/2022 CV JPY TAKASHIMAYA CO 0.000% 13-11/12/2020 CV JPY TERUMO CORP 0.000% 14-06/12/2021 CV JPY TOHOKU ELECTRIC POWER CO 0.000% /12/2018 CV JPY TOHOKU ELECTRIC POWER CO 0.000% /12/2020 CV JPY TORAY INDUSTRIES 0.000% /08/2019 CV JPY YAMADA DENKI CO 0.000% /06/2019 CV JPY YAMAGUCHI FIN GP 0.000% /12/2018 CV USD Germany ADIDAS AG 0.250% 12-14/06/2019 CV EUR DEUTSCHE WOHNEN 0.875% /09/2021 CV EUR FRESENIUS SE 0.000% 14-24/09/2019 CV EUR HANIEL FINANCE 0.000% 15-12/05/2020 CV EUR LEG IMMOBILIEN 0.500% 14-01/07/2021 CV EUR RAG STIFTUNG 0.000% 14-31/12/2018 CV EUR ROCKET INTERNET 3.000% /07/2022 CV EUR China CTRIP.COM INT 1.000% 15-01/07/2020 CV USD CTRIP.COM INT 1.990% 15-01/07/2025 CV USD ENN ENERGY HOLDINGS 0.000% /02/2018 CV USD HAITIAN INTL HOL 2.000% 14-13/02/2019 CV USD HENGAN INTL 0.000% 13-27/06/2018 CV HKD KINGSOFT CORPORATION LTD 1.250% /04/2019 CV HKD QIHOO 360 TECH 0.500% 14-15/08/2020 CV USD QIHOO 360 TECH 1.750% 14-15/08/2021 CV USD SEMICONDUCTOR MANUFACTORING % 13-07/11/2018 CV USD SHENZHOU INTERNA 0.500% /06/2019 CV HKD VIPSHOP HOLDING 1.500% /03/2019 CV USD The Netherlands AMORIM ENERGIA B 3.375% /06/2018 CV EUR CEZ MH BV 0.000% 14-04/08/2017 CV EUR NXP SEMICONDUCTORS 1.000% /12/2019 CV USD SIEMENS FINAN 1.050% 15-16/08/2017 CV USD SIEMENS FINAN 1.650% 15-16/08/2019 CV USD Mexico AMERICA MOVIL SA 0.000% /05/2020 CV EUR CEMEX SAB 3.720% 15-15/03/2020 CV USD CEMEX SAB 3.750% 11-15/03/2018 CV USD United Arab Emirates AABAR INVESTMENT 0.500% /03/2020 CV EUR AABAR INVESTMENT 1.000% /03/2022 CV EUR DP WORLD LTD 1.750% 14-19/06/2024 CV USD NATIONAL BANK OF ABU DHABI 1.000% /03/2018 CV USD Page 52

291 Convertible Bond World Securities portfolio at 31/12/2015 Expressed in USD Cayman Islands Hungary CHINA OVERSEAS FIN 4.000% 14- HUNGARIAN STATE 3.375% USD /02/2021 CV 02/04/2019 CV EUR CHINA OVERSEAS FIN 5.000% /01/2023 CV USD Taiwan Spain ZHEN DING TECH 0.000% 14-26/06/2019 CV USD ACS ACTIVIDADES 1.625% 14-27/03/2019 CV EUR Finland LA CAIXA 1.000% 13-25/11/2017 CV EUR SOLIDIUM OY 0.000% 14-04/09/2018 CV EUR TELEFONICA PART 4.900% 14-25/09/2017 CV EUR Malaysia France INDAH CAPITAL 0.000% 13-24/10/2018 CV SGD AIRBUS GROUP NV 0.000% /07/2022 CV EUR Sweden CAP GEMINI SOGET 0.000% 13-01/01/ INDUSTRIVARDEN 0.000% 14-15/05/2019 CV SEK EUR CV FLAT FONCIERE DES REGIONS 0.875% EUR Other transferable securities /04/2019 CV FLAT United Kingdom Convertible bonds INTL CONSOLIDATED 0.250% /11/2020 CV EUR United States of America INTL CONSOLIDATED 0.625% /11/2022 CV EUR ISIS PHARMACEUTICALS 1.000% /11/2021 CV USD VODAFONE GROUP 0.000% /11/2020 CV GBP Luxembourg British Virgin Islands ESPIRITO SANTO 5.050% 05-15/11/2025 CV SR DFLT EUR SHINE POWER INTL 0.000% /07/2019 CV HKD Total securities portfolio TONG JIE LTD 0.000% 13-18/02/2018 CV HKD Italy BENI STABILI 2.625% 13-17/04/2019 CV EUR ENI SPA 0.625% 13-18/01/2016 CV EUR Austria STEINHOFF FINANC 1.250% /08/2022 CV EUR STEINHOFF FINANC 4.000% /01/2021 CV EUR Portugal PARPUBLICA 5.250% 10-28/09/2017 CV EUR Israel TEVA PHARMACEUTICAL 7.000% /12/2018 CV FLAT USD Switzerland STMICROELECTRONICS 0.000% /07/2019 CV USD SWISS LIFE HOLDING 0.000% /12/2020 CV CHF Jersey Island BRITISH LAND CO 1.500% 12-10/09/2017 CV GBP Hong Kong ASM PACIFIC TECHNOLOGY 2.000% /03/2019 CV HKD COSMOS BOOM 0.500% 15-23/06/2020 CV USD Ireland JAZZ INVT I LTD 1.875% 14-15/08/2021 CV USD Norway MARINE HARVEST 0.125% 15-05/11/2020 CV EUR MARINE HARVEST 0.875% 14-06/05/2019 CV EUR Luxembourg GBL VERWALTUN 1.250% 13-07/02/2017 CV EUR TELECOM IT FIN 6.125% 13-15/11/2016 CV EUR India LARSEN & TOUBRO 0.675% /10/2019 CV USD Singapore CAPITALAND LTD 2.800% 15-08/06/2025 CV SGD Page 53

292 Equity Best Selection Asia ex-japan Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China CHINA COMMUNICATIONS SERVI - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA TELECOM CORP LTD - H HKD COUNTRY GARDEN HOLDINGS CO HKD ENN ENERGY HOLDINGS LTD HKD GREAT WALL MOTOR COMPANY - H HKD HENGAN INTL GROUP CO LTD HKD HUANENG POWER INTL INC - H HKD IND & COMM BANK OF CHINA - H HKD LENOVO GROUP LTD HKD PING AN INSURANCE GROUP CO - H HKD SHENZHOU INTERNATIONAL GROUP HKD TENCENT HOLDINGS LTD HKD Hong Kong CHEUNG KONG INFRASTRUCTURE HKD CHINA GAS HOLDINGS LTD HKD CHINA STATE CONSTRUCTION INT HKD CHINA TAIPING INSURANCE HOLD HKD CK HUTCHISON HOLDINGS LTD HKD HAIER ELECTRONICS GROUP CO HKD HANG LUNG PROPERTIES LTD HKD HONG KONG EXCHANGES & CLEAR HKD MTR CORP HKD TECHTRONIC INDUSTRIES CO HKD India ASIAN PAINTS LTD INR HDFC BANK LTD INR HINDUSTAN UNILEVER LTD INR KOTAK MAHINDRA BANK LTD INR LUPIN LTD INR PAGE INDUSTRIES LTD INR TATA MOTORS LTD INR TECH MAHINDRA LTD INR Taiwan ADVANTECH CO LTD TWD DELTA ELECTRONIC INDUSTRIAL CO TWD ECLAT TEXTILE COMPANY LTD TWD FUBON FINANCIAL HOLDING CO TWD NOVATEK MICROELECTRONICS CORP TWD PRESIDENT CHAIN STORE CORP TWD SPORTON INTERNATIONAL INC TWD TAIWAN SEMICONDUCTOR MANUFAC TWD South Korea LG HOUSEHOLD & HEALTH CARE KRW SAMSUNG ELECTRONICS CO LTD KRW SK HYNIX INC KRW Indonesia BANK CENTRAL ASIA TBK PT IDR UNILEVER INDONESIA TBK PT IDR Singapore SINGAPORE EXCHANGE LTD SGD SINGAPORE TELECOMMUNICATIONS SGD Malaysia PUBLIC BANK BERHAD MYR Philippines SM INVESTMENTS CORP PHP SM PRIME HOLDINGS INC PHP Other transferable securities Warrants, Rights DELTA ELECTRONICS RTS 25/12/2015 TWD Total securities portfolio Page 54

293 Equity Best Selection Euro Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Germany BAYER AG - REG EUR BAYERISCHE MOTOREN WERKE AG EUR CONTINENTAL AG EUR DEUTSCHE TELEKOM AG - REG EUR FRESENIUS MEDICAL CARE AG EUR GEA GROUP AG EUR LINDE AG EUR SAP SE EUR Spain AENA SA EUR AMADEUS IT HOLDING SA - A EUR BANCO BILBAO VIZCAYA ARGENTA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR RED ELECTRICA CORPORACION SA EUR France ADP EUR AIR LIQUIDE SA EUR COMPAGNIE DE SAINT GOBAIN EUR LEGRAND SA EUR LVMH MOET HENNESSY LOUIS VUITTON EUR PERNOD RICARD SA EUR SCHNEIDER ELECTRIC SE EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV - CVA EUR KONINKLIJKE AHOLD NV EUR ROYAL DUTCH SHELL PLC - A EUR Italy ENI SPA EUR INTESA SANPAOLO EUR TELECOM ITALIA SPA EUR Belgium ANHEUSER - BUSCH INBEV SA/NV EUR TELENET GROUP HOLDING NV EUR Finland NOKIA OYJ EUR SAMPO OYJ - A EUR United Kingdom UNILEVER NV-CVA EUR Ireland BANK OF IRELAND EUR CRH PLC EUR Portugal GALP ENERGIA SGPS SA EUR JERONIMO MARTINS EUR Sweden NORDEA BANK AB - FDR EUR Austria VIENNA INSURANCE GROUP AG EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - P EUR Total securities portfolio Page 55

294 Equity Best Selection Europe Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BG GROUP PLC GBP BT GROUP PLC GBP DIAGEO PLC GBP INMARSAT PLC GBP JOHNSON MATTHEY PLC GBP KINGFISHER PLC GBP LIBERTY GLOBAL PLC - A USD LIBERTY GLOBAL PLC - C USD LLOYDS BANKING GROUP PLC GBP RECKITT BENCKISER GROUP PLC GBP RIO TINTO PLC GBP SABMILLER PLC GBP SKY PLC GBP SMITHS GROUP PLC GBP STANDARD CHARTERED PLC GBP UNILEVER NV-CVA EUR Spain AENA SA EUR AMADEUS IT HOLDING SA - A EUR BANCO BILBAO VIZCAYA ARGENTA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR Germany BAYER AG - REG EUR FRESENIUS MEDICAL CARE AG EUR LINDE AG EUR SAP SE EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV - CVA EUR ROYAL DUTCH SHELL PLC - B GBP Switzerland ROCHE HOLDING AG GENUSSCHEIN CHF SCHINDLER HOLDING - PART CERT CHF SWATCH GROUP AG/THE-BR CHF Ireland CRH PLC EUR EXPERIAN PLC GBP SHIRE PLC GBP France ADP EUR AIR LIQUIDE SA EUR COMPAGNIE DE SAINT GOBAIN EUR Sweden ATLAS COPCO AB - A SEK HEXAGON AB - B SEK NORDEA BANK AB SEK Finland SAMPO OYJ - A EUR Norway DNB ASA NOK Denmark CARLSBERG AS - B DKK Portugal JERONIMO MARTINS EUR Italy INTESA SANPAOLO EUR Austria VIENNA INSURANCE GROUP AG EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - P EUR Total securities portfolio Page 56

295 Equity Brazil Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil AES TIETE SA BRL ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL AMBEV SA - ADR USD BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BANCO DO BRASIL S.A. BRL BB SEGURIDADE PARTICIPACOES BRL BRADESPAR SA - PREF BRL BRF SA BRL BRF SA-ADR USD CCR SA BRL CETIP SA-MERCADOS ORGANIZADO BRL CIA BRASILEIRA DE DIS-PREF BRL CIA BRASILEIRA DE DIS-SP PRF USD CIA ENERGETICA DE SP-PREF B BRL CIA ENERGETICA MINAS GER-PRF BRL CIA PARANAENSE DE ENERGI-PFB BRL CIELO SA BRL COSAN LOGISTICA SA BRL COSAN LTD - A SHARES USD COSAN LTD - BDR BRL COSAN SA INDUSTRIA COMERCIO BRL CPFL ENERGIA SA BRL EMBRAER SA BRL EMBRAER SA-ADR USD EQUATORIAL ENERGIA SA - ORD BRL ESTACIO PARTICIPACOES SA BRL FIBRIA CELULOSE SA BRL GERDAU SA - PREF BRL GERDAU SA - SPON ADR USD ITAU UNIBANCO HOLDING S-PREF BRL ITAUSA INVESTIMENTOS ITAU-PR BRL JBS SA BRL KROTON EDUCACIONAL SA BRL LIGHT SA BRL LOCALIZA RENT A CAR BRL LOJAS RENNER SA BRL METALURGICA GERDAU SA-PREF BRL MINERVA SA BRL MULTIPLAN EMPREENDIMENTOS BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASIL-SP PREF ADR USD QUALICORP SA BRL RUMO LOGISTICA OPERADORA MUL BRL SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL - ADR USD TELEFONICA BRASIL SA - PREF BRL ULTRAPAR PARTICIPACOES SA BRL VALE SA-PREF BRL VALE SA-SP PREF ADR USD VIA VAREJO SA BRL WEG SA BRL Bonds Brazil PDG REALTY 0.000% 12-19/09/2016 CV BRL Warrants, Rights BANCO BRADESCO SA RTS 05/02/2016 BRL RUMO LOGISTICA OPE MUL SA RTS /02/2016 BRL Other transferable securities Shares Brazil TECNISA SA BRL Convertible bonds Brazil KLABIN SA % 13-08/01/ SUBR CV BRL Total securities portfolio Page 57

296 Equity Bric Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares India ALKEM LABORATORIES LTD INR AMBUJA CEMENTS LTD INR ASIAN PAINTS LTD INR AXIS BANK LTD INR BAJAJ FINANCE LTD INR BHARTI AIRTEL LTD INR BRITANNIA INDUSTRIES LTD INR CHOLAMANDALAM INVESTMENT AND INR COAL INDIA LTD INR CREDIT ANALYSIS & RESEARCH INR FAG BEARINGS INDIA LTD INR GUJARAT STATE PETRONET LTD INR HDFC BANK LTD INR IDEA CELLULAR LTD INR INDUSIND BANK LTD INR INFO EDGE INDIA LTD INR INFOSYS LTD INR JET AIRWAYS INDIA LTD INR JUBILANT FOODWORKS LTD INR JUST DIAL LTD INR JYOTHY LABORATORIES LTD INR KANSAI NEROLAC PAINTS LTD INR KOTAK MAHINDRA BANK LTD INR LUPIN LTD INR MANPASAND BEVERAGES LTD INR MARUTI SUZUKI INDIA LTD INR PVR LTD INR REPCO HOME FINANCE LTD INR SNOWMAN LOGISTICS LTD INR SUN PHARMACEUTICAL INDUSTRIES INR TATA CONSULTANCY SVCS LTD INR ULTRATECH CEMENT LTD INR UNITED SPIRITS LTD INR VA TECH WABAG LTD INR VRL LOGISTICS LTD INR WABCO INDIA LTD INR China AIR CHINA LTD - H HKD ALIBABA GROUP HOLDING-SP ADR USD ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD BANK OF CHINA LTD - H HKD CHINA CITIC BANK CORP LTD - H HKD CHINA COMMUNICATIONS CONST - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA LIFE INSURANCE CO - H HKD CHINA PETROLEUM & CHEMICAL - H HKD CHINA RAILWAY CONSTRUCTION - H HKD CHONGQING CHANGAN AUTOMOBI - B HKD CNOOC LTD HKD CTRIP.COM INTERNATIONAL-ADR USD DONGFENG MOTOR GRP CO LTD - H HKD FIH MOBILE LTD HKD HAITONG SECURITIES CO LTD - H HKD HENGAN INTL GROUP CO LTD HKD HUADIAN POWER INTL CORP - H HKD IND & COMM BANK OF CHINA - H HKD INTIME RETAIL GROUP CO LTD HKD NETEASE INC - ADR USD PICC PROPERTY & CASUALTY - H HKD PING AN INSURANCE GROUP CO - H HKD SHENZHOU INTERNATIONAL GROUP HKD SIHUAN PHARMACEUTICAL HLDGS HKD SINOTRANS LIMITED - H HKD SOUND GLOBAL LTD HKD SUNNY OPTICAL TECH HKD TAL EDUCATION GROUP - ADR USD TENCENT HOLDINGS LTD HKD TINGYI (CAYMAN ISLAND) HOLDING CO HKD VIPSHOP HOLDINGS LTD - ADR USD WEIFU HIGH TECHNOLOGY GROU - B HKD ZHENGZHOU YUTONG BUS CO - A CNY ZHUZHOU CSR TIMES ELECTRIC - H HKD ZTE CORP - H HKD Russia ALROSA PAO RUB BASHNEFT PAO RUB E.ON RUSSIA JSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM NEFT PAO RUB GAZPROM PAO RUB INTER RAO UES RUB LUKOIL PJSC RUB LUKOIL PJSC - SPON ADR USD M VIDEO PAO RUB MAGNIT PJSC RUB MAGNITOGORSK-SPON GDR REGS USD MEGAFON - REG GDR USD MMC NORILSK NICKEL PJSC RUB MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVATEK OAO-SPONS GDR REG USD NOVOLIPETSK STEEL - GDR REG USD NOVOLIPETSK STEEL (NLMK OAO) RUB PHOSAGRO OAO - GDR REG USD ROS AGRO PLC - GDR REG USD ROSNEFT OAO RUB SBERBANK OF RUSSIA PJSC RUB SBERBANK-PREFERENCE RUB SEVERSTAL PAO RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB UNITED CO RUSAL PLC HKD Brazil AES TIETE SA BRL ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL AMBEV SA - ADR USD BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BANCO DO BRASIL S.A. BRL BB SEGURIDADE PARTICIPACOES BRL BRADESPAR SA - PREF BRL BRF SA BRL CCR SA BRL CETIP SA-MERCADOS ORGANIZADO BRL CIA BRASILEIRA DE DIS-PREF BRL Page 58

297 Equity Bric Securities portfolio at 31/12/2015 Expressed in USD CIA BRASILEIRA DE DIS-SP PRF USD CIA ENERGETICA DE SP-PREF B BRL CIA ENERGETICA MINAS GER-PRF BRL CIA PARANAENSE DE ENERGI-PFB BRL CIELO SA BRL COSAN LOGISTICA SA BRL COSAN LTD - A SHARES USD COSAN SA INDUSTRIA COMERCIO BRL CPFL ENERGIA SA BRL EMBRAER SA BRL EMBRAER SA-ADR USD ESTACIO PARTICIPACOES SA BRL FIBRIA CELULOSE SA BRL GERDAU SA - SPON ADR USD ITAU UNIBANCO HOLDING S-PREF BRL ITAU UNIBANCO H-SPON PRF ADR USD ITAUSA INVESTIMENTOS ITAU-PR BRL JBS SA BRL KROTON EDUCACIONAL SA BRL LIGHT SA BRL LOJAS RENNER SA BRL MINERVA SA BRL MULTIPLAN EMPREENDIMENTOS BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASIL-SP PREF ADR USD QUALICORP SA BRL RUMO LOGISTICA OPERADORA MUL BRL SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL - ADR USD TELEFONICA BRASIL SA - PREF BRL ULTRAPAR PARTICIPACOES SA BRL VALE SA-PREF BRL VALE SA-SP PREF ADR USD VIA VAREJO SA BRL WEG SA BRL Hong Kong AIA GROUP LTD HKD CHINA GAS HOLDINGS LTD HKD CHINA MOBILE LTD HKD CHINA OVERSEAS LAND & INVEST HKD CHINA RESOURCES LAND LTD HKD CHINA TAIPING INSURANCE HOLD HKD CHINA UNICOM HONG KONG LTD HKD CSPC PHARMACEUTICAL GROUP LTD HKD HKBN LTD HKD SHIMAO PROPERTY HOLDINGS LTD HKD SINO BIOPHARMACEUTICAL HKD TECHTRONIC INDUSTRIES CO HKD United States of America COGNIZANT TECH SOLUTIONS - A USD NEXTEER AUTOMOTIVE GROUP LTD HKD The Netherlands NORD GOLD NV I - GDR REG USD Taiwan TAIWAN SEMICONDUCTOR MANUFAC TWD Cyprus GLOBALTRA-SPONS GDR REGS USD Macao SANDS CHINA LTD HKD Switzerland LUXOFT HOLDING INC USD Bonds Brazil PDG REALTY 0.000% 12-19/09/2016 CV BRL Warrants, Rights BANCO BRADESCO SA RTS 05/02/2016 BRL RUMO LOGISTICA OPE MUL SA RTS /02/2016 BRL UBS PN 01/07/2016 JIANGSU HEN USD UBS PN 10/11/2016 CHONGQING C USD UBS PN 23/01/2017 KWEICHOW MO USD Other transferable securities Shares Brazil TECNISA SA BRL Bonds Switzerland UBS AG CRT 15/07/ USD Convertible bonds Brazil KLABIN SA % 13-08/01/ SUBR CV BRL Warrants, Rights UBS LONDON LEPO WTS 17/10/2016 USD Shares/Units in investment funds Luxembourg BNPP FLEXI I CSI 300 INDEX - I USD - CAP USD Total securities portfolio Page 59

298 Equity China Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China AIR CHINA LTD - H HKD ALIBABA GROUP HOLDING-SP ADR USD ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD BANK OF CHINA LTD - H HKD CHINA CITIC BANK CORP LTD - H HKD CHINA COMMUNICATIONS CONST - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA LIFE INSURANCE CO - H HKD CHINA PETROLEUM & CHEMICAL - H HKD CHINA RAILWAY CONSTRUCTION - H HKD CHONGQING CHANGAN AUTOMOBI - B HKD CNOOC LTD HKD CTRIP.COM INTERNATIONAL-ADR USD DONGFENG MOTOR GRP CO LTD - H HKD FIH MOBILE LTD HKD HAITONG SECURITIES CO LTD - H HKD HENGAN INTL GROUP CO LTD HKD HUADIAN POWER INTL CORP - H HKD IND & COMM BANK OF CHINA - H HKD INTIME RETAIL GROUP CO LTD HKD NETEASE INC - ADR USD PICC PROPERTY & CASUALTY - H HKD PING AN INSURANCE GROUP CO - H HKD SHENZHOU INTERNATIONAL GROUP HKD SIHUAN PHARMACEUTICAL HLDGS HKD SINOTRANS LIMITED - H HKD SOUND GLOBAL LTD HKD SUNNY OPTICAL TECH HKD TAL EDUCATION GROUP - ADR USD TENCENT HOLDINGS LTD HKD TINGYI (CAYMAN ISLAND) HOLDING CO HKD VIPSHOP HOLDINGS LTD - ADR USD WEIFU HIGH TECHNOLOGY GROU - B HKD ZHUZHOU CSR TIMES ELECTRIC - H HKD ZTE CORP - H HKD Hong Kong AIA GROUP LTD HKD BEIJING ENTERPRISES WATER GR HKD CHINA MOBILE LTD HKD CHINA OVERSEAS LAND & INVEST HKD CHINA RESOURCES LAND LTD HKD CHINA TAIPING INSURANCE HOLD HKD CHINA UNICOM HONG KONG LTD HKD CSPC PHARMACEUTICAL GROUP LTD HKD SHIMAO PROPERTY HOLDINGS LTD HKD SINO BIOPHARMACEUTICAL HKD TECHTRONIC INDUSTRIES CO HKD Macao SANDS CHINA LTD HKD United States of America NEXTEER AUTOMOTIVE GROUP LTD HKD Taiwan TAIWAN SEMICONDUCTOR MANUFAC TWD Warrants, Rights UBS PN 01/07/2016 JIANGSU HEN USD UBS PN 10/11/2016 CHONGQING C USD UBS PN 23/01/2017 KWEICHOW MO USD Other transferable securities Shares Hong Kong EURO ASIA AGRICULTURAL HOLDINGS HKD RNA HOLDINGS LTD HKD Bonds Switzerland UBS AG CRT 15/07/ USD Warrants, Rights UBS LONDON LEPO WTS 17/10/2016 USD Shares/Units in investment funds Luxembourg BNPP FLEXI I CSI 300 INDEX - I USD - CAP USD Total securities portfolio Page 60

299 Equity Europe Emerging Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ALROSA PAO RUB BASHNEFT PAO -PREF RUB E.ON RUSSIA JSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM PAO -SPON ADR USD INTER RAO UES RUB LENTA LTD - REG USD LUKOIL PJSC - SPON ADR USD MAGNIT PJSC RUB MAGNIT PJSC-SPON GDR REGS USD MEGAFON - REG GDR USD MMC NORILSK NICKEL PJSC - ADR USD MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVATEK OAO-SPONS GDR REG USD NOVOLIPETSK STEEL - GDR REG USD PHOSAGRO OAO - GDR REG USD ROSNEFT OJSC - REG GDR USD SBERBANK OF RUSSIA PJSC RUB SEVERSTAL - GDR REGS USD SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB Turkey ANADOLU HAYAT EMEKLILIK TRY EMLAK KONUT GAYRIMENKUL YATI TRY ENKA INSAAT VE SANAYI AS TRY FORD OTOMOTIV SANAYI AS TRY MIGROS TICARET A.S TRY PETKIM PETROKIMYA HOLDING AS TRY TRAKYA CAM SANAYII AS TRY TUPRAS-TURKIYE PETROL RAFINE TRY TURK HAVA YOLLARI AO TRY TURK SISE VE CAM FABRIKALARI TRY TURK TRAKTOR VE ZIRAAT MAKIN TRY TURKIYE GARANTI BANKASI TRY TURKIYE HALK BANKASI TRY TURKIYE IS BANKASI - C TRY TURKIYE SINAI KALKINMA BANK TRY Poland ASSECO POLAND SA PLN BANK PEKAO SA PLN CYFROWY POLSAT SA PLN KGHM POLSKA MIEDZ SA PLN PGE SA PLN PKO BANK POLSKI SA PLN POWSZECHNY ZAKLAD UBEZPIECZE PLN WARSAW STOCK EXCHANGE PLN Hungary MOL HUNGARIAN OIL AND GAS PL HUF OTP BANK PLC HUF RICHTER GEDEON NYRT HUF Czech Republic CEZ AS CZK KOMERCNI BANKA AS CZK Greece ALPHA BANK A.E. EUR FF GROUP EUR Cyprus GLOBALTRA-SPONS GDR REGS USD Guernsey Island ETALON GROUP-GDR REGS - W/I USD Kazakhstan KCELL JSC - REGS - W/I USD Georgia GEORGIA HEALTHCARE GROUP PLC GBP Slovakia POVAZSKE STROJARNE EUR Total securities portfolio Page 61

300 Equity Europe Growth Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BETFAIR GROUP PLC GBP BG GROUP PLC GBP BT GROUP PLC GBP DIAGEO PLC GBP INMARSAT PLC GBP JOHNSON MATTHEY PLC GBP KINGFISHER PLC GBP LIBERTY GLOBAL PLC - A USD LIBERTY GLOBAL PLC - C USD LLOYDS BANKING GROUP PLC GBP RECKITT BENCKISER GROUP PLC GBP SABMILLER PLC GBP SKY PLC GBP SMITHS GROUP PLC GBP STANDARD CHARTERED PLC GBP UNILEVER NV-CVA EUR Spain AENA SA EUR AMADEUS IT HOLDING SA - A EUR BANCO BILBAO VIZCAYA ARGENTA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR Germany BAYER AG - REG EUR FRESENIUS MEDICAL CARE AG EUR LINDE AG EUR SAP SE EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV - CVA EUR ROYAL DUTCH SHELL PLC - B GBP Switzerland ROCHE HOLDING AG GENUSSCHEIN CHF SCHINDLER HOLDING - PART CERT CHF SWATCH GROUP AG/THE-BR CHF Ireland CRH PLC EUR EXPERIAN PLC GBP SHIRE PLC GBP Sweden ATLAS COPCO AB - A SEK HEXAGON AB - B SEK NORDEA BANK AB SEK France ADP EUR COMPAGNIE DE SAINT GOBAIN EUR INGENICO GROUP EUR Portugal JERONIMO MARTINS EUR Denmark CARLSBERG AS - B DKK Finland SAMPO OYJ - A EUR Norway DNB ASA NOK Austria VIENNA INSURANCE GROUP AG EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - P EUR Total securities portfolio Page 62

301 Equity Europe Mid Cap Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom ASHTEAD GROUP PLC GBP BARRATT DEVELOPMENTS PLC GBP BRITVIC PLC GBP DERWENT LONDON PLC GBP DIXONS CARPHONE PLC GBP DS SMITH PLC GBP ESSENTRA PLC GBP HIKMA PHARMACEUTICALS PLC GBP HOWDEN JOINERY GROUP PLC GBP IG GROUP HOLDINGS PLC GBP INCHCAPE PLC GBP INFORMA PLC GBP INTERNATIONAL PERSONAL FINANCE PLC GBP MICRO FOCUS INTERNATIONAL GBP PERSIMMON PLC GBP SPIRAX-SARCO ENGINEERING PLC GBP France FONCIERE DES REGIONS EUR ILIAD SA EUR INGENICO GROUP EUR KLEPIERRE EUR NATIXIS EUR NUMERICABLE-SFR EUR SCOR SE EUR SEB SA EUR SOCIETE BIC SA EUR TECHNICOLOR - REGR EUR TELEPERFORMANCE EUR THALES SA EUR VALEO SA EUR Ireland BANK OF IRELAND EUR DCC PLC GBP KINGSPAN GROUP PLC EUR SMURFIT KAPPA GROUP PLC EUR Germany FREENET AG EUR GEA GROUP AG EUR MTU AERO ENGINES AG EUR PROSIEBEN SAT.1 MEDIA SE EUR SYMRISE AG EUR Switzerland BANQUE CANTONALE VAUDOIS-REG CHF LOGITECH INTERNATIONAL - REG CHF SCHINDLER HOLDING - PART CERT CHF SIKA AG-BR CHF The Netherlands NN GROUP NV - W/I EUR WOLTERS KLUWER EUR Italy BANCA MEDIOLANUM SPA EUR RECORDATI SPA EUR Spain DISTRIBUIDORA INTERNACIONAL EUR Finland HUHTAMAKI OYJ EUR Sweden HEXAGON AB - B SEK South Africa MONDI PLC GBP Other transferable securities Warrants, Rights MEDIOLANUM DIRITTO RTS 26/11/2015 EUR Total securities portfolio Page 63

302 Equity Europe Small Cap Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom ASHTEAD GROUP PLC GBP BARRATT DEVELOPMENTS PLC GBP BETFAIR GROUP PLC GBP BRITVIC PLC GBP DERWENT LONDON PLC GBP DS SMITH PLC GBP ESSENTRA PLC GBP GREGGS PLC GBP HANSTEEN HOLDINGS PLC GBP HIKMA PHARMACEUTICALS PLC GBP HOWDEN JOINERY GROUP PLC GBP IG GROUP HOLDINGS PLC GBP INCHCAPE PLC GBP INFORMA PLC GBP INTERNATIONAL PERSONAL FINANCE PLC GBP MICRO FOCUS INTERNATIONAL GBP MONEYSUPERMARKET.COM GBP NATIONAL EXPRESS GROUP PLC GBP SENIOR PLC GBP SIG PLC GBP SPIRAX-SARCO ENGINEERING PLC GBP WH SMITH PLC GBP France ALTRAN TECHNOLOGIES SA EUR FAURECIA EUR INGENICO GROUP EUR PLASTIC OMNIUM EUR SEB SA EUR TECHNICOLOR - REGR EUR TELEPERFORMANCE EUR Germany ALSTRIA OFFICE REIT AG EUR BECHTLE AG EUR FREENET AG EUR KRONES AG EUR MTU AERO ENGINES AG EUR NORMA GROUP SE EUR Ireland DCC PLC GBP GRAFTON GROUP PLC - UTS GBP KINGSPAN GROUP PLC EUR SMURFIT KAPPA GROUP PLC EUR Italy A2A SPA EUR BANCA GENERALI SPA EUR BANCA MEDIOLANUM SPA EUR EI TOWERS SPA EUR RECORDATI SPA EUR Switzerland BANQUE CANTONALE VAUDOIS-REG CHF BUCHER INDUSTRIES AG - REG CHF HELVETIA HOLDING AG - REG CHF IMPLENIA AG - REG CHF LOGITECH INTERNATIONAL - REG CHF Sweden FABEGE AB SEK HEXPOL AB SEK LOOMIS AB - B SEK Portugal CTT-CORREIOS DE PORTUGAL EUR NOS SGPS EUR Finland HUHTAMAKI OYJ EUR METSA BOARD OYJ EUR Spain VISCOFAN SA EUR Denmark ROYAL UNIBREW DKK Austria WIENERBERGER AG EUR Isle of Man PAYSAFE GROUP PLC GBP The Netherlands CORBION NV EUR Other transferable securities Warrants, Rights MEDIOLANUM DIRITTO RTS 26/11/2015 EUR Total securities portfolio Page 64

303 Equity High Dividend Europe Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom ADMIRAL GROUP PLC GBP ASTRAZENECA PLC GBP AVIVA PLC GBP BG GROUP PLC GBP BRITISH AMERICAN TOBACCO PLC GBP DIAGEO PLC GBP DIRECT LINE INSURANCE GROUP PLC GBP GLAXOSMITHKLINE PLC GBP HSBC HOLDINGS PLC GBP LLOYDS BANKING GROUP PLC GBP NATIONAL GRID PLC GBP PRUDENTIAL PLC GBP RIO TINTO PLC GBP STANDARD CHARTERED PLC GBP TALKTALK TELECOM GROUP GBP UBM PLC GBP UNILEVER PLC GBP VODAFONE GROUP PLC GBP Germany ALLIANZ SE - REG EUR BASF SE EUR BAYERISCHE MOTOREN WERKE AG EUR DEUTSCHE POST AG - REG EUR DEUTSCHE TELEKOM AG - REG EUR HUGO BOSS AG - ORD EUR METRO AG EUR PROSIEBEN SAT.1 MEDIA SE EUR SIEMENS AG - REG EUR France AXA SA EUR BNP PARIBAS EUR ENGIE EUR EUTELSAT COMMUNICATIONS EUR MICHELIN (CGDE) EUR ORANGE EUR SCHNEIDER ELECTRIC SE EUR TOTAL SA EUR VINCI SA EUR Switzerland NESTLE SA - REG CHF ROCHE HOLDING AG GENUSSCHEIN CHF SYNGENTA AG - REG CHF Sweden ERICSSON LM - B SEK NORDEA BANK AB SEK RATOS AB - B SEK SKF AB-B SHARES SEK SVENSKA HANDELSBANKEN - A SEK Italy ENEL SPA EUR ENI SPA EUR The Netherlands KONINKLIJKE PHILIPS NV EUR ROYAL DUTCH SHELL PLC - A EUR Norway BW OFFSHORE LTD NOK STATOIL ASA NOK TELENOR ASA NOK Luxembourg RTL GROUP EUR SES EUR Spain REPSOL SA EUR Australia BHP BILLITON PLC GBP SOUTH32 LTD - W/I GBP Warrants, Rights REPSOL SA RTS 07/01/2016 EUR Total securities portfolio Page 65

304 Equity High Dividend Pacific Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Australia AGL ENERGY LTD AUD AMCOR LTD AUD AMP LTD AUD APA GROUP AUD AUST AND NZ BANKING GROUP AUD BHP BILLITON LTD AUD BRAMBLES LTD AUD COMMONWEALTH BANK OF AUSTRALIA AUD COMPUTERSHARE LTD AUD DULUXGROUP LTD AUD FAIRFAX MEDIA LTD AUD G8 EDUCATION LTD AUD MACQUARIE GROUP LTD AUD NATIONAL AUSTRALIA BANK LTD AUD ORORA LTD AUD QUBE HOLDINGS LTD AUD RECALL HOLDINGS LTD AUD SONIC HEALTHCARE LTD AUD SOUTH32 LTD AUD SPARK INFRASTRUCTURE GROUP AUD SUNCORP GROUP LTD AUD SYDNEY AIRPORT AUD TELSTRA CORP LTD AUD TRANSURBAN GROUP AUD TRANSURBAN GROUP AUD WESTPAC BANKING CORP AUD Japan ASAHI INTECC CO LTD JPY CANON INC JPY CHUGOKU ELECTRIC POWER CO JPY DAIWA SECURITIES GROUP INC JPY FANUC CORP JPY HOKURIKU ELECTRIC POWER CO JPY ITOCHU CORP JPY JX HOLDINGS INC JPY LAWSON INC JPY MANI INC JPY MARUBENI CORP JPY MIRACA HOLDINGS INC JPY MIZUHO FINANCIAL GROUP INC JPY MS&AD INSURANCE GROUP HOLDING JPY NIHON KOHDEN CORP JPY NIPPON TELEGRAPH & TELEPHONE JPY NISSAN MOTOR CO LTD JPY NITORI HOLDINGS CO LTD JPY RICOH CO LTD JPY SUMITOMO CORP JPY SUMITOMO MITSUI FINANCIAL GR JPY SUMITOMO MITSUI TRUST HOLDINGS JPY Hong Kong BOC HONG KONG HOLDINGS LTD HKD CHEUNG KONG INFRASTRUCTURE HKD CK HUTCHISON HOLDINGS LTD HKD CLP HOLDINGS LTD HKD DAH SING BANKING GROUP LTD HKD DAH SING FINANCIAL HOLDINGS HKD HANG SENG BANK LTD HKD HK ELECTRIC INVESTMENTS -SS HKD HKT TRUST AND HKT LTD HKD MTR CORP HKD PCCW LTD HKD POWER ASSETS HOLDINGS LTD HKD WATER OASIS GROUP LTD HKD New Zealand AUCKLAND INTL AIRPORT LTD NZD FLETCHER BUILDING LTD NZD SPARK NEW ZEALAND LTD NZD South Korea HYUNDAI MOTOR CO KRW HYUNDAI MOTOR CO LTD PRF KRW KT CORP KRW SK INNOVATION CO LTD KRW SK TELECOM KRW India BAJAJ ELECTRICALS LTD INR COROMANDEL INTERNATIONAL LTD INR HINDUSTAN PETROLEUM CORP INR MCLEOD RUSSEL INDIA LTD INR OIL & NATURAL GAS CORP LTD INR PHILLIPS CARBON BLACK LTD INR TUBE INVESTMENTS OF INDIA INR Taiwan CHUNGHWA TELECOM CO LTD TWD CTCI CORP TWD PACIFIC HOSPITAL SUPPLY CO TWD TAIWAN SEMICONDUCTOR MANUFAC TWD Indonesia BANK RAKYAT INDONESIA PERSER IDR TELEKOMUNIKASI INDONESIA PER IDR Malaysia MAXIS BHD MYR PUBLIC BANK BERHAD MYR Philippines PHILIPPINE LONG DISTANCE TEL PHP SECURITY BANK CORP PHP Thailand ADVANCED INFORMATION TE-NVDR THB Total securities portfolio Page 66

305 Equity High Dividend USA Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ADT CORP/THE USD AIRCASTLE LTD USD BEMIS COMPANY USD CHEVRON CORP USD CINEMARK HOLDINGS INC USD CME GROUP INC USD CNA FINANCIAL CORP USD COMPASS DIVERSIFIED HOLDINGS USD COMPASS MINERALS INTERNATION USD CORNING INC USD CSG SYSTEMS INTL INC USD EMERSON ELECTRIC CO USD EXXON MOBIL CORP USD FASTENAL CO USD FORD MOTOR CO USD GENERAL ELECTRIC CO USD INTEL CORP USD J2 GLOBAL INC USD KIMBERLY-CLARK CORP USD KOHLS CORP USD MICROSOFT CORP USD MOLSON COORS BREWING CO - B USD MOTOROLA SOLUTIONS INC USD MSC INDUSTRIAL DIRECT CO - A USD NATIONAL CINEMEDIA INC USD NATIONAL FUEL GAS CO USD NUCOR CORP USD OCCIDENTAL PETROLEUM CORP USD OMNICOM GROUP USD OWENS AND MINOR INC USD PARKER HANNIFIN CORP USD PEPSICO INC USD PNC FINANCIAL SERVICES GROUP USD PRAXAIR INC USD PROCTER & GAMBLE CO/THE USD QUALCOMM INC USD QUEST DIAGNOSTICS INC USD REPUBLIC SERVICES INC USD SYSCO CORP USD TARGET CORP USD THOMSON REUTERS CORP USD UNITED PARCEL SERVICE- CL B USD US BANCORP USD VECTREN CORP USD VERIZON COMMUNICATIONS INC USD WELLS FARGO & CO USD WESTERN UNION CO USD Canada ROGERS COMMUNICATIONS INC - B USD Total securities portfolio Page 67

306 Equity India Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares India ACC LTD INR ALKEM LABORATORIES LTD INR AMBUJA CEMENTS LTD INR ASIAN PAINTS LTD INR AXIS BANK LTD INR BAJAJ FINANCE LTD INR BHARAT ELECTRONICS LTD INR BHARTI AIRTEL LTD INR BRITANNIA INDUSTRIES LTD INR CHOLAMANDALAM INVESTMENT AND INR CIPLA LTD INR COAL INDIA LTD INR COLGATE PALMOLIVE (INDIA) INR COX AND KINGS LTD INR CREDIT ANALYSIS & RESEARCH INR DR. REDDYS LABORATORIES INR FAG BEARINGS INDIA LTD INR FEDERAL BANK LTD INR GODREJ CONSUMER PRODUCTS LTD INR GUJARAT STATE PETRONET LTD INR HDFC BANK LTD INR HDFC BANK LTD - ADR USD HERO MOTOCORP LTD INR HINDUSTAN UNILEVER LTD INR HOUSING DEVELOPMENT FINANCE INR ICICI BANK LTD INR IDEA CELLULAR LTD INR INDUSIND BANK LTD INR INFO EDGE INDIA LTD INR INFOSYS LTD INR JET AIRWAYS INDIA LTD INR JUBILANT FOODWORKS LTD INR JUST DIAL LTD INR JYOTHY LABORATORIES LTD INR KOTAK MAHINDRA BANK LTD INR LARSEN & TOUBRO LTD INR LUPIN LTD INR MARUTI SUZUKI INDIA LTD INR MOTHERSON SUMI SYSTEMS LTD INR POWER GRID CORP OF INDIA LTD INR PVR LTD INR REPCO HOME FINANCE LTD INR SHRIRAM CITY UNION FINANCE INR SUN PHARMACEUTICAL INDUSTRIES INR TATA CONSULTANCY SVCS LTD INR TATA MOTORS LTD INR TECH MAHINDRA LTD INR TEXMACO RAIL & ENGINEERING INR ULTRATECH CEMENT LTD INR UNITED SPIRITS LTD INR VA TECH WABAG LTD INR VRL LOGISTICS LTD INR United States of America COGNIZANT TECH SOLUTIONS - A USD Total securities portfolio Page 68

307 Equity Indonesia Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Indonesia ADARO ENERGY TBK PT IDR ASTRA AGRO LESTARI TBK PT IDR ASTRA INTERNATIONAL TBK PT IDR BANK CENTRAL ASIA TBK PT IDR BANK MANDIRI PERSERO TBK PT IDR BANK NEGARA INDONESIA PERSER IDR BANK RAKYAT INDONESIA PERSER IDR BLUE BIRD TBK PT IDR BUMI SERPONG DAMAI PT IDR CHAROEN POKPHAND INDONESI PT IDR CIPUTRA DEVELOPMENT TBK PT IDR ERAJAYA SWASEMBADA TBK PT IDR GUDANG GARAM TBK PT IDR HM SAMPOERNA TBK PT IDR INDOCEMENT TUNGGAL PRAKARSA IDR INDOFOOD CBP SUKSES MAKMUR T IDR INDOFOOD SUKSES MAKMUR TBK P IDR INDOSAT TBK PT IDR JASA MARGA (PERSERO) TBK PT IDR KALBE FARMA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR MITRA KELUARGA KARYASEHAT TB IDR PEMBANGUNAN PERUMAHAN PERSER IDR PERUSAHAAN GAS NEGARA PERSER IDR PURADELTA LESTARI TBK PT IDR SEMEN INDONESIA PERSERO TBK IDR SUMBER ALFARIA TRIJAYA TBK IDR SUMMARECON AGUNG TBK PT IDR SURYA CITRA MEDIA PT TBK IDR TAMBANG BATUBARA BUKIT ASAM IDR TELEKOMUNIKASI INDONESIA PER IDR UNILEVER INDONESIA TBK PT IDR UNITED TRACTORS TBK PT IDR VALE INDONESIA TBK IDR WIJAYA KARYA PERSERO TBK PT IDR WINTERMAR OFFSHORE MARINE IDR XL AXIATA TBK PT IDR Total securities portfolio Page 69

308 Equity Japan Securities portfolio at 31/12/2015 Expressed in JPY Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Japan AI HOLDINGS CORP JPY AOZORA BANK LTD JPY ASAHI GROUP HOLDINGS LTD JPY ASKUL CORP JPY ASTELLAS PHARMA INC JPY BELLSYSTEM24 HOLDINGS INC JPY DAICEL CORP JPY DAI-ICHI LIFE INSURANCE JPY DAIKIN INDUSTRIES LTD JPY DIC CORP JPY DISCO CORP JPY ELECTRIC POWER DEVELOPMENT C JPY EN-JAPAN INC JPY FAMILYMART CO LTD JPY FUJI HEAVY INDUSTRIES LTD JPY GMO INTERNET INC JPY HITACHI CAPITAL CORP JPY HITACHI KOKUSAI ELECTRIC INC JPY HITACHI LTD JPY HITACHI METALS LTD JPY HOYA CORP JPY IT HOLDINGS CORP JPY ITOCHU CORP JPY JAFCO CO LTD JPY JAPAN AIRLINES CO LTD JPY JAPAN POST BANK CO LTD JPY JAPAN POST HOLDINGS CO LTD JPY KAKEN PHARMACEUTICAL CO LTD JPY KANDENKO CO LTD JPY KAO CORP JPY KEWPIE CORP JPY KS HOLDINGS CORP JPY KUBOTA CORP JPY KYOWA HAKKO KIRIN CO LTD JPY MABUCHI MOTOR CO LTD JPY MAZDA MOTOR CORP JPY MITSUBISHI CHEMICAL HOLDINGS JPY MITSUBISHI UFJ FINANCIAL GROUP JPY MITSUI & CO LTD JPY MIZUHO FINANCIAL GROUP INC JPY MORINAGA & CO LTD JPY NGK INSULATORS LTD JPY NH FOODS LTD JPY NIDEC CORP JPY NINTENDO CO LTD JPY NIPPON LIGHT METAL HOLDINGS JPY NIPPON TELEGRAPH & TELEPHONE JPY NIPPON YUSEN KK JPY NITTO DENKO CORP JPY NOK CORP JPY NTN CORP JPY NTT URBAN DEVELOPMENT CORP JPY OBIC BUSINESS CONSULTANTS JPY OTSUKA HOLDINGS CO LTD JPY OUTSOURCING INC JPY SAWAI PHARMACEUTICAL CO LTD JPY SEIKO EPSON CORP JPY SEKISUI CHEMICAL CO LTD JPY SENKO CO LTD JPY SONY CORP JPY SONY FINANCIAL HOLDINGS INC JPY SQUARE ENIX HOLDINGS CO LTD JPY SUMITOMO METAL MINING CO LTD JPY TAISEI CORP JPY TOKIO MARINE HOLDINGS INC JPY TOKYO ELECTRON LTD JPY TOKYO TATEMONO CO LTD JPY TOYO TIRE AND RUBBER CO LTD JPY TOYOTA MOTOR CORP JPY UNIZO HOLDINGS CO LTD JPY Total securities portfolio Page 70

309 Equity Latin America Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil AES TIETE SA BRL AES TIETE SA - PREF BRL ALUPAR INVESTIMENTO SA - UNIT BRL AMBEV SA BRL AMBEV SA - ADR USD BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BANCO DO BRASIL S.A. BRL BB SEGURIDADE PARTICIPACOES BRL BRADESPAR SA - PREF BRL BRF SA BRL BRF SA-ADR USD CETIP SA-MERCADOS ORGANIZADO BRL CIA BRASILEIRA DE DIS-PREF BRL CIA ENERGETICA DE SP-PREF B BRL CIA ENERGETICA MINAS GER-PRF BRL CIELO SA BRL COSAN LOGISTICA SA BRL COSAN LTD - A SHARES USD COSAN SA INDUSTRIA COMERCIO BRL ITAU UNIBANCO HOLDING S-PREF BRL ITAU UNIBANCO H-SPON PRF ADR USD ITAUSA INVESTIMENTOS ITAU-PR BRL JBS SA BRL KROTON EDUCACIONAL SA BRL LOJAS RENNER SA BRL MINERVA SA BRL MULTIPLAN EMPREENDIMENTOS BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASIL-SP PREF ADR USD QUALICORP SA BRL RUMO LOGISTICA OPERADORA MUL BRL SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL - ADR USD TELEFONICA BRASIL SA - PREF BRL ULTRAPAR PARTICIPACOES SA BRL VALE SA-PREF BRL VALE SA-SP PREF ADR USD WEG SA BRL Mexico ALFA S.A.B.-A MXN ALSEA SAB DE CV MXN AMERICA MOVIL-SPN ADR CL L USD CEMEX SAB - CPO MXN CEMEX SAB-SPONS ADR PART CER USD COCA-COLA FEMSA SAB-SER L MXN CORP INMOBILIARIA VESTA SAB MXN EL PUERTO DE LIVERPOOL-C1 MXN FOMENTO ECONOMICO MEX-SP ADR USD GRUPO AEROPORTUARIO DEL CENT MXN GRUPO BIMBO SAB - SERIES A MXN GRUPO FIN SANTANDER - B MXN GRUPO FINANCIERO BANORTE - O MXN GRUPO FINANCIERO INBURSA - O MXN GRUPO LALA SAB DE CV MXN GRUPO MEXICO SAB DE CV-SER B MXN GRUPO TELEVISA SAB-SER CPO MXN GRUPO TELEVISA SA-SPON ADR USD HOTELES CITY EXPRESS SAB DE MXN MACQUARIE MEXICO REAL ESTATE MXN MEXICHEM SAB DE CV MXN OHL MEXICO SAB DE CV MXN ORGANIZACION SORIANA SA - B MXN PROLOGIS PROPERTY MEXICO SA MXN PROMOTORA Y OPERADORA DE INF-L MXN Chile BANCO SANTANDER CHILE CLP CENCOSUD SA CLP COLBUN SA CLP CORPBANCA CLP EMPRESA NAC ELEC-CHIL-SP ADR USD EMPRESA NACIONAL DE ELECTRIC CLP ENERSIS S.A. -SPONS ADR USD LATAM AIRLINES GROUP SA CLP S.A.C.I. FALABELLA CLP SONDA SA CLP Peru CREDICORP LTD USD Colombia BANCOLOMBIA S.A.-SPONS ADR USD CEMENTOS ARGOS SA COP GRUPO DE INV SURAMERICANA COP Panama COPA HOLDINGS SA - A USD Bonds Brazil PDG REALTY 0.000% 12-19/09/2016 CV BRL Floating rate bonds Brazil VALE DO RIO DOCE 97-29/09/2049 FRN FLAT BRL Warrants, Rights BANCO BRADESCO SA RTS 05/02/2016 BRL RUMO LOGISTICA OPE MUL SA RTS /02/2016 BRL Other transferable securities Shares Brazil TECNISA SA BRL Convertible bonds Brazil KLABIN SA % 13-08/01/ SUBR CV BRL Total securities portfolio Page 71

310 Equity Russia Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ACRON RUB ALROSA PAO RUB BASHNEFT PAO RUB BASHNEFT PAO -PREF RUB E.ON RUSSIA JSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM PAO RUB INTER RAO UES RUB KUZBASSKAYA TOPLIVNAYA CO RUB LUGA ABRASIVE PLANT-BRD USD LUKOIL PJSC RUB LUKOIL PJSC - SPON ADR USD M VIDEO PAO RUB MAGNIT PJSC RUB MAGNITOGORSK-SPON GDR REGS USD MEGAFON - REG GDR USD MMC NORILSK NICKEL PJSC RUB MMC NORILSK NICKEL PJSC - ADR USD MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVATEK OAO RUB NOVOLIPETSK STEEL - GDR REG USD NOVOLIPETSK STEEL (NLMK OAO) RUB PHOSAGRO OAO - GDR REG USD ROS AGRO PLC - GDR REG USD ROSNEFT OAO RUB SBERBANK OF RUSSIA PJSC RUB SBERBANK-PREFERENCE RUB SEVERSTAL PAO RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB UNITED CO RUSAL PLC HKD Switzerland LUXOFT HOLDING INC USD Guernsey Island ETALON GROUP-GDR REGS - W/I USD Cyprus GLOBALTRA-SPONS GDR REGS USD The Netherlands NORD GOLD NV I - GDR REG USD Kazakhstan KCELL JSC - REGS - W/I USD Shares/Units in investment funds Luxembourg PARVEST EQUITY RUSSIA OPPORTUNITIES X - CAP USD Total securities portfolio Page 72

311 Equity Russia Opportunities Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia ACRON RUB ALROSA PAO RUB BASHNEFT CLS USD BASHNEFT PAO -PREF RUB E.ON RUSSIA JSC RUB GAZPROM NEFT - SPONSORED ADR USD GAZPROM PAO RUB INTER RAO UES RUB LUKOIL PJSC RUB M VIDEO PAO RUB MAGNIT PJSC RUB MAGNITOGORSK-SPON GDR REGS USD MEGAFON - REG GDR USD MMC NORILSK NICKEL PJSC RUB MOBILE TELESYSTEMS PJSC RUB MOSCOW EXCHANGE MICEX - RTS RUB NOVOLIPETSK STEEL - GDR REG USD PHOSAGRO OAO - GDR REG USD ROSNEFT OAO RUB SBERBANK-PREFERENCE RUB SEVERSTAL PAO RUB SURGUTNEFTEGAS-PREFERENCE RUB TATNEFT - PREF 3 SERIES RUB UNITED CO RUSAL PLC HKD Cyprus GLOBALTRA-SPONS GDR REGS USD URALS ENERGY PUBLIC CO LTD GBP Switzerland LUXOFT HOLDING INC USD Kazakhstan KCELL JSC - REGS - W/I USD United Kingdom VOLGA GAS PLC GBP Guernsey Island ETALON GROUP-GDR REGS - W/I USD The Netherlands NORD GOLD NV I - GDR REG USD Luxembourg NOVOROSSIYSK COMMERCIAL SEA RUB Total securities portfolio Page 73

312 Equity USA Growth Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America M CO USD ABBVIE INC USD AETNA INC USD ALEXION PHARMACEUTICALS INC USD ALLERGAN PLC USD ALPHABET INC - A USD ALTRIA GROUP INC USD AMAZON.COM INC USD AMERIPRISE FINANCIAL INC USD AMETEK INC USD ANALOG DEVICES INC USD APPLE INC USD AT&T INC USD BIOGEN INC USD BIOMARIN PHARMACEUTICAL INC USD BROWN-FORMAN CORP - CLASS B USD CELGENE CORP USD CIGNA CORP USD CISCO SYSTEMS INC USD COMCAST CORP - A USD CVS HEALTH CORP USD DANAHER CORP USD EBAY INC USD ECOLAB INC USD ESTEE LAUDER COMPANIES - A USD FACEBOOK INC - A USD FEDEX CORP USD FIREEYE INC USD FORTINET INC USD GENERAL ELECTRIC CO USD GILEAD SCIENCES INC USD HALLIBURTON CO USD HILTON WORLDWIDE HOLDINGS INC USD HOME DEPOT INC USD HONEYWELL INTERNATIONAL INC USD HUMANA INC USD ILLUMINA INC USD INCYTE CORP USD JP MORGAN CHASE AND CO USD LOWES COS INC USD LYONDELLBASELL INDU - A USD MARRIOTT INTERNATIONAL - A USD MASTERCARD INC - A USD MCDONALDS CORP USD MCKESSON CORP USD MEDIVATION INC USD MICROSOFT CORP USD NIKE INC - B USD NORTHROP GRUMMAN CORP USD PAYPAL HOLDINGS INC - W/I USD PEPSICO INC USD PRICELINE GROUP INC/THE USD PTC INC USD RANGE RESOURCES CORP USD RAYTHEON COMPANY USD RYDER SYSTEM INC USD SCHWAB (CHARLES) CORP USD SIMON PROPERTY GROUP INC USD STARBUCKS CORP USD SYMANTEC CORP USD TIME WARNER INC USD TWENTY-FIRST CENTURY FOX - A USD UNITED TECHNOLOGIES CORP USD VERIZON COMMUNICATIONS INC USD VERTEX PHARMACEUTICALS INC USD WABCO HOLDINGS INC USD WALT DISNEY CO/THE USD WHITING PETROLEUM CORP USD WHOLE FOODS MARKET INC USD Ireland ENDO INTERNATIONAL PLC USD SHIRE PLC GBP Bermuda LAZARD LTD - A USD United Kingdom DELPHI AUTOMOTIVE PLC USD Canada LULULEMON ATHLETICA INC USD Israel MOBILEYE NV USD Total securities portfolio Page 74

313 Equity USA Mid Cap Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AGCO CORP USD AKAMAI TECHNOLOGIES INC USD ALCOA INC USD ATWOOD OCEANICS INC USD BORGWARNER INC USD BUNGE LTD USD CITRIX SYSTEMS INC USD COOPER TIRE & RUBBER USD CREE INC USD DEVRY EDUCATION GROUP INC USD DONALDSON CO INC USD EATON VANCE CORP USD FINISAR CORPORATION USD FMC CORP USD FMC TECHNOLOGIES INC USD GENTEX CORP USD INTERPUBLIC GROUP OF COS INC USD ITRON INC USD JABIL CIRCUIT INC USD JUNIPER NETWORKS INC USD LEAR CORP USD MATTEL INC USD MCDERMOTT INTL INC USD NEW YORK TIMES CO - A USD NORTHERN TRUST CORP USD NUANCE COMMUNICATIONS INC USD NVIDIA CORP USD OFFICE DEPOT INC USD OWENS CORNING USD QUEST DIAGNOSTICS INC USD RAYMOND JAMES FINANCIAL INC USD TEGNA INC USD TERADATA CORP USD TIME INC-W/I USD UNISYS CORP USD UNITED STATES STEEL CORP USD VARIAN MEDICAL SYSTEMS INC USD WERNER ENTERPRISES INC USD XYLEM INC USD Canada DOMTAR CORP USD SHAW COMMUNICATIONS INC - B USD Panama COPA HOLDINGS SA - A USD The Netherlands CHICAGO BRIDGE & IRON CO NV USD Switzerland TRANSOCEAN LTD USD Brazil GERDAU SA - SPON ADR USD Total securities portfolio Page 75

314 Equity World Consumer Durables Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ADVANCE AUTO PARTS INC USD AMAZON.COM INC USD AMC NETWORKS INC - A USD BIG LOTS INC USD BURLINGTON STORES INC USD CBS CORP-CLASS B NON VOTING USD CLUBCORP HOLDINGS INC USD COACH INC USD COLUMBIA SPORTSWEAR CO USD COMCAST CORP - A USD CST BRANDS INC USD DICKS SPORTING GOODS INC USD DOLLAR GENERAL CORP USD EBAY INC USD EXPEDIA INC USD FIVE BELOW USD GAMING AND LEISURE PROPE - W/I USD GOODYEAR TIRE & RUBBER CO USD HILTON WORLDWIDE HOLDINGS INC USD HOME DEPOT INC USD INTERPUBLIC GROUP OF COS INC USD KOHLS CORP USD LAS VEGAS SANDS CORP USD LIBBEY INC USD LIONS GATE ENTERTAINMENT USD LOWES COS INC USD MCDONALDS CORP USD NEW MEDIA INVESTMENT GRO - W/I USD NIKE INC - B USD PANERA BREAD COMPANY - A USD PAYPAL HOLDINGS INC - W/I USD PENSKE AUTOMOTIVE GROUP INC USD POPEYES LOUISIANA KITCHEN INC USD PRICELINE GROUP INC/THE USD PVH CORP USD ROYAL CARIBBEAN CRUISES LTD USD STARBUCKS CORP USD STARZ - A USD TENNECO INC USD TIME WARNER INC USD TRIPADVISOR INC - W/I USD TWENTY-FIRST CENTURY FOX - A USD ULTA SALON COSMETICS + FRAGR USD VAIL RESORTS INC USD VF CORP USD WALT DISNEY CO/THE USD WAYFAIR INC - A USD WCI COMMUNITIES INC USD WHOLE FOODS MARKET INC USD Japan DENSO CORP JPY FUJI HEAVY INDUSTRIES LTD JPY MAZDA MOTOR CORP JPY SEKISUI HOUSE LTD JPY SONY CORP JPY STANLEY ELECTRIC CO LTD JPY TOYOTA MOTOR CORP JPY United Kingdom ASOS PLC GBP BURBERRY GROUP PLC GBP DELPHI AUTOMOTIVE PLC USD INTERCONTINENTAL HOTELS GROUP PLC GBP LIBERTY GLOBAL PLC - C USD WHITBREAD PLC GBP France ACCOR SA EUR LVMH MOET HENNESSY LOUIS VUITTON EUR PUBLICIS GROUPE EUR RENAULT SA EUR VALEO SA EUR Germany CONTINENTAL AG EUR DAIMLER AG-REGISTERED SHARES EUR PROSIEBEN SAT.1 MEDIA SE EUR Canada LULULEMON ATHLETICA INC USD MAGNA INTERNATIONAL INC CAD China CTRIP.COM INTERNATIONAL-ADR USD Israel MOBILEYE NV USD Hong Kong GALAXY ENTERTAINMENT GROUP HKD MICHAEL KORS HOLDINGS LTD USD Total securities portfolio Page 76

315 Equity World Emerging Securities portfolio at 31/12/2015 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China JOB INC - ADR USD ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD CHINA CONSTRUCTION BANK - H HKD CHINA MERCHANTS BANK - H HKD KINGSOFT CORP LTD HKD PING AN INSURANCE GROUP CO - H HKD TENCENT HOLDINGS LTD HKD VIPSHOP HOLDINGS LTD - ADR USD ZHUZHOU CSR TIMES ELECTRIC - H HKD South Korea BGF RETAIL CO LTD KRW HANSOL CHEMICAL CO LTD KRW HYUNDAI GLOVIS CO LTD KRW KCC CORP KRW KOREA AEROSPACE INDUSTRIES KRW LG HOUSEHOLD & HEALTH CARE KRW LIG NEX1 CO LTD KRW ORION CORP KRW S-1 CORPORATION KRW SAMSUNG ELECTRONICS CO LTD KRW SK TELECOM KRW Taiwan AEROSPACE INDUSTRIAL DEVELOP TWD E.SUN FINANCIAL HOLDING CO TWD ENNOCONN CORP TWD HERMES MICROVISION INC TWD HON HAI PRECISION INDUSTRY TWD LARGAN PRECISION CO LTD TWD TAIWAN SEMICONDUCTOR - SP ADR USD TUNG THIH ELECTRONIC CO LTD TWD UNI PRESIDENT ENTERPRISES CO TWD India GLENMARK PHARMACEUTICALS LTD INR HCL TECHNOLOGIES LTD INR HDFC BANK LTD - ADR USD IDEA CELLULAR LTD INR POWER GRID CORP OF INDIA LTD INR TATA MOTORS LTD INR YES BANK LTD INR Hong Kong AIA GROUP LTD HKD CHINA OVERSEAS LAND & INVEST HKD CHINA OVERSEAS PROPERTY HOLDINGS HKD CHINA UNICOM HONG KONG LTD HKD KERRY LOGISTICS NETWORK LTD HKD WH GROUP LTD HKD South Africa ALEXANDER FORBES GROUP HOLDING ZAR CLICKS GROUP LTD ZAR MTN GROUP LTD ZAR NASPERS LTD - N ZAR SASOL LTD ZAR Mexico BOLSA MEXICANA DE VALORES SA MXN CEMEX SAB-SPONS ADR PART CER USD CONTROLADORA VUELA CIA DE - A MXN KIMBERLY-CLARK DE MEXICO - A MXN OHL MEXICO SAB DE CV MXN PLA ADMINISTRADORA INDUSTRIA MXN UNIFIN FINANCIERA SAPI DE CV MXN Brazil CCR SA BRL HYPERMARCAS SA BRL LINX SA BRL LOCALIZA RENT A CAR BRL RAIA DROGASIL SA BRL Russia MAGNIT PJSC-SPON GDR REGS USD NOVATEK OAO-SPONS GDR REG USD Philippines AYALA CORPORATION PHP UNIVERSAL ROBINA CORP PHP Indonesia BANK MANDIRI PERSERO TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR Turkey ASELSAN ELEKTRONIK SANAYI TRY COCA-COLA ICECEK AS TRY TURK HAVA YOLLARI AO TRY United States of America PRICESMART INC USD SCHLUMBERGER LTD USD Thailand AIRPORTS OF THAILAND PCL-FOR THB KASIKORNBANK PCL-FOREIGN THB Spain BANCO SANTANDER-CHILE-ADR USD Peru CREDICORP LTD USD United Arab Emirates AL NOOR HOSPITALS GROUP GBP Malaysia IHH HEALTHCARE BHD MYR Qatar QATAR NATIONAL BANK QAR Australia OIL SEARCH LTD AUD Kenya KENYA COMMERCIAL BANK LTD KES Canada GRAN TIERRA ENERGY INC USD Macao SANDS CHINA LTD HKD Page 77

316 Equity World Emerging Securities portfolio at 31/12/2015 Expressed in USD Other transferable securities Shares Taiwan GOURMET MASTER CO LTD TWD Shares/Units in investment funds Luxembourg PARVEST EQUITY WORLD EMERGING SMALL CAP - X - CAP USD Total securities portfolio Page 78

317 Equity World Energy Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ANADARKO PETROLEUM CORP USD APACHE CORP USD CABOT OIL & GAS CORP USD CALLON PETROLEUM CO USD CARRIZO OIL + GAS INC USD CHENIERE ENERGY INC USD CHEVRON CORP USD CIMAREX ENERGY CO USD CONCHO RESOURCES INC USD CONOCOPHILLIPS USD CONTINENTAL RESOURCES INC/OK USD DEVON ENERGY CORP USD ENERGEN CORP USD EOG RESOURCES INC USD EXXON MOBIL CORP USD HALLIBURTON CO USD HESS CORP USD MARATHON OIL CORP USD NATIONAL OILWELL VARCO INC USD NOBLE ENERGY INC USD ONEOK INC USD PDC ENERGY INC USD PHILLIPS 66 USD PIONEER NATURAL RESOURCES CO USD RANGE RESOURCES CORP USD SANCHEZ ENERGY CORP USD SCHLUMBERGER LTD USD SEMGROUP CORP - A USD SOUTHWESTERN ENERGY CO USD VALERO ENERGY CORP USD WHITING PETROLEUM CORP USD Canada CANADIAN NATURAL RESOURCES CAD SUNCOR ENERGY INC CAD TRANSCANADA CORP CAD United Kingdom BG GROUP PLC GBP BP PLC GBP The Netherlands CORE LABORATORIES N.V. USD ROYAL DUTCH SHELL PLC - A GBP France TOTAL SA EUR Italy ENI SPA EUR Spain REPSOL SA EUR Warrants, Rights REPSOL SA RTS 07/01/2016 EUR Total securities portfolio Page 79

318 Equity World Finance Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AMERICAN INTERNATIONAL GROUP USD AMERIPRISE FINANCIAL INC USD BANK OF AMERICA CORP USD BLACKROCK INC USD BOSTON PRIVATE FINL HOLDING USD CAPITAL ONE FINANCIAL CORP USD CASCADE BANCORP USD CITIGROUP INC USD CME GROUP INC USD CNO FINANCIAL GROUP INC USD COLUMBIA BANKING SYSTEM INC USD COMERICA INC USD DUKE REALTY CORP USD FIFTH THIRD BANCORP USD FIRST REPUBLIC BANK/SAN FRAN USD GOLDMAN SACHS GROUP INC USD JONES LANG LASALLE INC USD JP MORGAN CHASE AND CO USD PACIFIC CONTINENTAL CORP USD PACIFIC PREMIER BANCORP INC USD PRUDENTIAL FINANCIAL INC USD PUBLIC STORAGE USD RENASANT CORP USD SCHWAB (CHARLES) CORP USD SIMON PROPERTY GROUP INC USD TRICO BANCSHARES USD UNUM GROUP USD WELLS FARGO & CO USD WISDOMTREE INVESTMENTS INC USD YADKIN FINANCIAL CORP USD Japan DAITO TRUST CONSTRUCTION CO LTD JPY MITSUBISHI ESTATE CO LTD JPY MITSUBISHI UFJ FINANCIAL GROUP JPY SONY FINANCIAL HOLDINGS INC JPY SUMITOMO MITSUI FINANCIAL GR JPY United Kingdom BARCLAYS BANK PLC GBP HSBC HOLDINGS PLC GBP LEGAL & GENERAL GROUP PLC GBP PRUDENTIAL PLC GBP STANDARD CHARTERED PLC GBP Australia COMMONWEALTH BANK OF AUSTRALIA AUD NATIONAL AUSTRALIA BANK LTD AUD Hong Kong AIA GROUP LTD HKD WHARF HOLDINGS LTD HKD France AXA SA EUR BNP PARIBAS EUR Switzerland ACE LTD USD CREDIT SUISSE GROUP AG - REG CHF Canada BANK OF MONTREAL CAD ROYAL BANK OF CANADA CAD Sweden NORDEA BANK AB SEK SKANDINAVISKA ENSKILDA BANK - A SEK Italy INTESA SANPAOLO EUR Spain BANCO SANTANDER SA EUR Bermuda LAZARD LTD - A USD Austria ERSTE GROUP BANK AG EUR Norway DNB ASA NOK The Netherlands AEGON NV EUR India HDFC BANK LTD - ADR USD Total securities portfolio Page 80

319 Equity World Health Care Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ABBOTT LABORATORIES USD ABBVIE INC USD ABIOMED INC USD AETNA INC USD ALEXION PHARMACEUTICALS INC USD ALIGN TECHNOLOGY INC USD ALLERGAN PLC USD ALNYLAM PHARMACEUTICALS INC USD AMGEN INC USD ANTHEM INC USD ARIAD PHARMACEUTICALS INC USD BIOGEN INC USD BIOMARIN PHARMACEUTICAL INC USD BLUEBIRD BIO INC USD BOSTON SCIENTIFIC CORP USD BRISTOL-MYERS SQUIBB CO USD CELGENE CORP USD CIGNA CORP USD CONMED CORP USD GILEAD SCIENCES INC USD HUMANA INC USD ILLUMINA INC USD INCYTE CORP USD JOHNSON & JOHNSON USD LDR HOLDING CORP USD MALLINCKRODT PLC - W/I USD MASIMO CORP USD MCKESSON CORP USD MEDICINES COMPANY USD MEDIVATION INC USD MEDTRONIC PLC USD MERCK & CO INC USD MYLAN NV USD NOVAVAX INC USD PFIZER INC USD REPLIGEN CORP USD RETROPHIN INC USD SPARK THERAPEUTICS INC USD ST JUDE MEDICAL INC USD STAAR SURGICAL CO USD UNITEDHEALTH GROUP INC USD VERTEX PHARMACEUTICALS INC USD Ireland ALKERMES PLC USD ENDO INTERNATIONAL PLC USD JAZZ PHARMACEUTICALS PLC USD PROTHENA CORP PLC USD SHIRE PLC GBP Switzerland ACTELION LTD-REG CHF NOVARTIS AG - REG CHF ROCHE HOLDING AG GENUSSCHEIN CHF United Kingdom ASTRAZENECA PLC GBP GLAXOSMITHKLINE PLC GBP HIKMA PHARMACEUTICALS PLC GBP STERIS PLC USD Sweden SWEDISH ORPHAN BIOVITRUM AB SEK Israel TEVA PHARMACEUTICAL-SP ADR USD Germany BAYER AG - REG EUR France SANOFI AVENTIS EUR Denmark NOVO NORDISK A/S - B DKK Total securities portfolio Page 81

320 Equity World Low Volatility Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AIR PRODUCTS AND CHEMICALS INC USD AMERICAN WATER WORKS CO INC USD AMERISOURCE BERGEN CORP USD AMPHENOL CORP - A USD ANSYS INC USD ARTHUR J GALLAGHER & CO USD AUTOMATIC DATA PROCESSING USD AUTOZONE INC USD BAXTER INTERNATIONAL INC USD BECTON DICKINSON AND CO USD CINTAS CORP USD COMCAST CORP - A USD DANAHER CORP USD DEERE & CO USD DU PONT (E.I.) DE NEMOURS USD ECOLAB INC USD EQUIFAX INC USD FEDERAL REALTY INVS TRUST USD FIDELITY NATIONAL INFO SERV USD FISERV INC USD HENRY SCHEIN INC USD HOME DEPOT INC USD HONEYWELL INTERNATIONAL INC USD ILLINOIS TOOL WORKS USD INTERNATIONAL PAPER CO USD INTL BUSINESS MACHINES CORP USD INTL FLAVORS & FRAGRANCES USD INTUIT INC USD JOHNSON & JOHNSON USD LABORATORY CORP AMERICA HOLDINGS USD LINEAR TECHNOLOGY CORP USD LOEWS CORP USD MARSH & MCLENNAN COS USD MCDONALDS CORP USD MEDTRONIC PLC USD MERCK & CO INC USD MOTOROLA SOLUTIONS INC USD NEWELL RUBBERMAID INC USD OCCIDENTAL PETROLEUM CORP USD PEOPLES UNITED FINANCIAL USD PFIZER INC USD PPG INDUSTRIES INC USD PRAXAIR INC USD PROGRESSIVE CORP USD REPUBLIC SERVICES INC USD ROCKWELL COLLINS INC USD ROPER TECHNOLOGIES INC USD SHERWIN-WILLIAMS CO/THE USD STARBUCKS CORP USD STERICYCLE INC USD STRYKER CORP USD SYNOPSYS INC USD TARGET CORP USD THERMO FISHER SCIENTIFIC USD THOMSON REUTERS CORP CAD TORCHMARK CORP USD TOTAL SYSTEM SERVICES INC USD VARIAN MEDICAL SYSTEMS INC USD VISA INC - A SHARES USD WALT DISNEY CO/THE USD WELLS FARGO & CO USD Singapore DBS GROUP HOLDINGS LTD SGD HUTCHISON PORT HOLDINGS TRST USD KEPPEL CORP LTD SGD SEMBCORP INDUSTRIES LTD SGD SINGAPORE AIRLINES LTD SGD SINGAPORE EXCHANGE LTD SGD SINGAPORE PRESS HOLDINGS LTD SGD UNITED OVERSEAS BANK LTD SGD United Kingdom CAPITA PLC GBP COMPASS GROUP PLC GBP GLAXOSMITHKLINE PLC GBP NATIONAL GRID PLC GBP NEXT PLC GBP RELX PLC GBP SAGE GROUP PLC/THE GBP WILLIS GROUP HOLDINGS PLC USD WPP PLC GBP Canada CAN IMPERIAL BANK OF COMMERCE CAD CANADIAN TIRE CORP - A CAD FIRST CAPITAL REALTY INC CAD GILDAN ACTIVEWEAR INC CAD GREAT-WEST LIFECO INC CAD INTACT FINANCIAL CORP CAD ROYAL BANK OF CANADA CAD TORONTO-DOMINION BANK CAD TRANSCANADA CORP CAD Hong Kong CLP HOLDINGS LTD HKD HANG SENG BANK LTD HKD MTR CORP HKD SWIRE PACIFIC LTD - A HKD France ADP EUR AIR LIQUIDE SA EUR DASSAULT SYSTEMES SA EUR SODEXO EUR TOTAL SA EUR VIVENDI EUR Switzerland CHOCOLADEFABRIKEN LINDT-PC CHF SWISSCOM AG - REG CHF TE CONNECTIVITY LTD USD Italy LUXOTTICA GROUP SPA EUR TERNA SPA EUR Germany LINDE AG EUR MAN SE EUR SYMRISE AG EUR Page 82

321 Equity World Low Volatility Securities portfolio at 31/12/2015 Expressed in EUR Japan MCDONALDS HOLDINGS CO JAPAN JPY TONENGENERAL SEKIYU KK JPY Belgium GROUPE BRUXELLES LAMBERT SA EUR Australia AMCOR LTD AUD GPT GROUP AUD VICINITY CENTRES AUD The Netherlands RELX N.V. EUR WOLTERS KLUWER EUR Bermuda PARTNERRE LTD USD Israel CHECK POINT SOFTWARE TECHNOLOGIE USD New Zealand FLETCHER BUILDING LTD NZD Ireland ACCENTURE PLC - A USD Luxembourg SES EUR Shares/Units in investment funds Luxembourg BNPP FLEXI I EQUITY WORLD MULTI-ALPHA I - CAP USD BNPP FLEXI I EQUITY WORLD PURE LOW VOLATILITY - I - CAP EUR The Netherlands BNPP SUSTAINABLE WORLD INDEX - D EUR Total securities portfolio Page 83

322 Equity World Materials Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AIR PRODUCTS AND CHEMICALS INC USD AIRGAS INC USD ALCOA INC USD AXALTA COATING SYSTEMS LTD USD BALL CORP USD CELANESE CORP SERIES A USD CHEMOURS CO/THE - W/I USD CHEMTURA CORP USD CROWN HOLDINGS INC USD DOW CHEMICAL CO/THE USD DU PONT (E.I.) DE NEMOURS USD EASTMAN CHEMICAL CO USD ECOLAB INC USD FERRO CORP USD GRANITE CONSTRUCTION INC USD INTERNATIONAL PAPER CO USD INTL FLAVORS & FRAGRANCES USD LYONDELLBASELL INDU - A USD MONSANTO CO USD NEENAH PAPER INC USD NUCOR CORP USD PACKAGING CORP OF AMERICA USD PRAXAIR INC USD RELIANCE STEEL & ALUMINUM USD STEEL DYNAMICS INC USD VULCAN MATERIALS CO USD WESTLAKE CHEMICAL CORP USD Japan KOBE STEEL LTD JPY MITSUBISHI MATERIALS CORP JPY MITSUI CHEMICALS INC JPY NITTO DENKO CORP JPY SUMITOMO CHEMICAL CO LTD JPY United Kingdom ANTOFAGASTA PLC GBP JOHNSON MATTHEY PLC GBP REXAM PLC GBP RIO TINTO LTD AUD RIO TINTO PLC GBP Germany BASF SE EUR LINDE AG EUR Canada AGNICO EAGLE MINES LTD USD CAMECO CORP CAD FIRST QUANTUM MINERALS LTD CAD GOLDCORP INC USD METHANEX CORP USD POTASH CORP OF SASKATCHEWAN CAD Switzerland GIVAUDAN - REG CHF Australia ALUMINA LTD AUD BHP BILLITON LTD AUD BHP BILLITON PLC GBP SOUTH32 LTD AUD SOUTH32 LTD - W/I GBP France AIR LIQUIDE SA EUR The Netherlands AKZO NOBEL EUR Ireland CRH PLC EUR Jersey Island RANDGOLD RESOURCES LTD GBP Luxembourg ARCELORMITTAL EUR Total securities portfolio Page 84

323 Equity World Technology Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ALPHABET INC - A USD ANALOG DEVICES INC USD APPLE INC USD ATMEL CORP USD AUTOMATIC DATA PROCESSING USD BARRACUDA NETWORKS INC USD CA INC USD CISCO SYSTEMS INC USD CITRIX SYSTEMS INC USD COGNIZANT TECH SOLUTIONS - A USD EBAY INC USD EMC CORP/MASS USD FACEBOOK INC - A USD FIDELITY NATIONAL INFO SERV USD FIREEYE INC USD FORTINET INC USD HEWLETT - PACKARD ENTERPRISE - W/I USD HP INC USD INTEL CORP USD INTL BUSINESS MACHINES CORP USD LINEAR TECHNOLOGY CORP USD MARKETO INC USD MASTERCARD INC - A USD MAXIM INTEGRATED PRODUCTS USD MICROSOFT CORP USD ORACLE CORP USD PAYPAL HOLDINGS INC - W/I USD PTC INC USD QUALCOMM INC USD RAMBUS INC USD SOLARWINDS INC USD SYMANTEC CORP USD TEXAS INSTRUMENTS INC USD VISA INC - A SHARES USD VMWARE INC - A USD WESTERN DIGITAL CORP USD Ireland ACCENTURE PLC - A USD Germany SAP SE EUR Sweden ERICSSON LM - B SEK Finland NOKIA OYJ EUR Japan FUJITSU LTD JPY Bermuda MARVELL TECHNOLOGY GROUP LTD USD Total securities portfolio Page 85

324 Equity World Telecom Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AT&T INC USD CENTURYLINK INC USD COMCAST CORP - A USD DISH NETWORK CORP - A USD FRONTIER COMMUNICATIONS CORP USD SBA COMMUNICATIONS CORP - A USD SPRINT CORP - W/I USD TIME WARNER CABLE USD VERIZON COMMUNICATIONS INC USD United Kingdom BT GROUP PLC GBP INMARSAT PLC GBP VODAFONE GROUP PLC GBP Japan KDDI CORP JPY NIPPON TELEGRAPH & TELEPHONE JPY NTT DOCOMO INC JPY SOFTBANK GROUP CORP JPY Germany DEUTSCHE TELEKOM AG - REG EUR TELEFONICA DEUTSCHLAND HOLDING EUR France ILIAD SA EUR ORANGE EUR Canada BCE INC CAD ROGERS COMMUNICATIONS INC - B CAD TELUS CORP CAD TELUS CORP CAD Spain TELEFONICA SA EUR Singapore SINGAPORE TELECOMMUNICATIONS SGD Italy TELECOM ITALIA RSP EUR TELECOM ITALIA SPA EUR Australia TELSTRA CORP LTD AUD Switzerland SWISSCOM AG - REG CHF The Netherlands KONINKLIJKE KPN NV EUR Norway TELENOR ASA NOK Belgium PROXIMUS EUR Finland ELISA OYJ EUR Denmark TDC A/S DKK Luxembourg MILLICOM INTL CELLULAR-SDR SEK Total securities portfolio Page 86

325 Equity World Utilities Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ALLIANT ENERGY CORP USD AMEREN CORPORATION USD AMERICAN ELECTRIC POWER USD AMERICAN WATER WORKS CO INC USD CALPINE CORP USD CMS ENERGY CORP USD DOMINION RESOURCES INC/VA USD DTE ENERGY COMPANY USD DUKE ENERGY CORP USD EDISON INTERNATIONAL USD EXELON CORP USD ITC HOLDINGS CORP USD NEXTERA ENERGY INC USD NISOURCE INC USD P G & E CORP USD PINNACLE WEST CAPITAL USD PNM RESOURCES INC USD SEMPRA ENERGY USD SOUTHERN CO/THE USD UGI CORP USD WEC ENERGY GROUP INC USD United Kingdom CENTRICA PLC GBP NATIONAL GRID PLC GBP SEVERN TRENT PLC GBP UNITED UTILITIES GROUP PLC GBP Spain GAS NATURAL SDG SA EUR IBERDROLA SA EUR RED ELECTRICA CORPORACION SA EUR Italy ENEL SPA EUR SNAM SPA EUR TERNA SPA EUR Japan CHUBU ELECTRIC POWER CO INC JPY CHUGOKU ELECTRIC POWER CO JPY HOKURIKU ELECTRIC POWER CO JPY OSAKA GAS CO LTD JPY SHIKOKU ELECTRIC POWER CO JPY TOHOKU ELECTRIC POWER CO INC JPY TOKYO GAS CO LTD JPY Hong Kong CHEUNG KONG INFRASTRUCTURE HKD CLP HOLDINGS LTD HKD POWER ASSETS HOLDINGS LTD HKD France ENGIE EUR Germany E.ON SE EUR Australia AUSNET SERVICES AUD Total securities portfolio Page 87

326 Green Tigers Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Hong Kong ASM PACIFIC TECHNOLOGY LTD HKD BEIJING ENTERPRISES HOLDINGS HKD BEIJING ENTERPRISES WATER GR HKD CHINA EVERBRIGHT INTERNATIONAL LTD HKD CHINA GAS HOLDINGS LTD HKD CHINA HIGH SPEED TRANSMISSION HKD CHINA RESOURCES GAS GROUP LTD HKD CHINA SINGYES SOLAR TECH - H HKD CONCORD NEW ENERGY GROUP LTD HKD GCL-POLY ENERGY HOLDINGS LTD HKD GUANGDONG INVESTMENT LTD HKD HONG KONG & CHINA GAS HKD LEE & MAN PAPER MANUFACTURING HKD MTR CORP HKD WASION GROUP HOLDINGS LTD HKD XINYI GLASS HOLDINGS LTD HKD Taiwan DELTA ELECTRONIC INDUSTRIAL CO TWD EPISTAR CORP TWD EVERLIGHT ELECTRONICS CO LTD TWD GIANT MANUFACTURING TWD MERIDA INDUSTRY CO LTD TWD RADIANT OPTO-ELECTRONICS CORP TWD TAIWAN SEMICONDUCTOR MANUFAC TWD UNITED MICROELECTRONICS CORP TWD YEONG GUAN ENERGY GROUP CO TWD South Korea COWAY CO LTD KRW LG DISPLAY CO LTD KRW LG ELECTRONICS INC KRW OCI CO LTD KRW SAMSUNG SDI CO LTD KRW SFA ENGINEERING CORP KRW China CHINA RAILWAY GROUP LTD - H HKD CHINA SUNTIEN GREEN ENERGY - H HKD CRRC CORP LTD - H HKD CT ENVIRONMENTAL GROUP LTD HKD DYNAGREEN ENVIRONMENTAL PR - H HKD ENN ENERGY HOLDINGS LTD HKD HOLLYSYS AUTOMATION TECHNOLO USD HUANENG RENEWABLES CORP - H HKD SHANGHAI ELECTRIC GROUP CO LTD - H HKD TRINA SOLAR LIMITED - ADR USD XINYI SOLAR HOLDINGS LTD HKD ZHUZHOU CSR TIMES ELECTRIC - H HKD India BHARAT HEAVY ELECTRICALS INR COROMANDEL INTERNATIONAL LTD INR CROMPTON GREAVES LTD INR HAVELLS INDIA LTD INR INDRAPRASTHA GAS LTD INR JAIN IRRIGATION SYSTEMS LTD INR NHPC LTD INR VA TECH WABAG LTD INR Philippines ENERGY DEVELOPMENT CORP PHP Singapore SIIC ENVIRON SHS SGD Other transferable securities Shares Hong Kong CHINA METAL RECYCLING HKD Warrants, Rights DELTA ELECTRONICS RTS 25/12/2015 TWD GCL POLY ENERGY SHS RTS 20/01/2016 HKD Total securities portfolio Page 88

327 Real Estate Securities Pacific Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Japan DAIWA HOUSE REIT INVESTMENT JPY GLP J - REIT JPY HULIC CO LTD JPY HULIC REIT INC JPY JAPAN REAL ESTATE INVESTMENT JPY KENEDIX OFFICE INVESTMENT CO JPY KENEDIX RETAIL REIT CORP JPY MITSUBISHI ESTATE CO LTD JPY MITSUI FUDOSAN CO LTD JPY MORI HILLS REIT INVESTMENT C JPY NIPPON PROLOGIS REIT INC JPY NTT URBAN DEVELOPMENT CORP JPY SUMITOMO REALTY & DEVELOPMENT JPY TOKYO TATEMONO CO LTD JPY Hong Kong CHEUNG KONG PROPERTY HOLDING HKD HANG LUNG PROPERTIES LTD HKD HENDERSON LAND DEVELOPMENT HKD HONGKONG LAND HOLDINGS LTD USD KERRY PROPERTIES LTD HKD LINK REIT HKD SINO LAND CO HKD SUN HUNG KAI PROPERTIES HKD SWIRE PROPERTIES LTD HKD WHARF HOLDINGS LTD HKD Australia GDI PROPERTY GROUP AUD GOODMAN GROUP AUD MIRVAC GROUP AUD SCENTRE GROUP AUD STOCKLAND AUD VICINITY CENTRES AUD WESTFIELD CORP AUD Singapore CACHE LOGISTICS TRUST SGD CAPITALAND LTD SGD GLOBAL LOGISTIC PROPERTIES SGD KEPPEL DC REIT SGD LIPPO MALLS INDONESIA RETAIL SGD RELIGARE HEALTH TRUST SGD SUNTEC REIT SGD UOL GROUP LTD SGD China RED STAR MACALLINE GROUP - H HKD Total securities portfolio Page 89

328 Real Estate Securities World Securities portfolio at 31/12/2015 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America APARTMENT INVT & MGMT CO - A USD BOSTON PROPERTIES INC USD BRANDYWINE REALTY TRUST USD BRIXMOR PROPERTY GROUP INC USD CAMDEN PROPERTY TRUST USD DCT INDUSTRIAL TRUST INC USD DDR CORP USD DIAMONDROCK HOSPITALITY CO USD DIGITAL REALTY TRUST INC USD DOUGLAS EMMETT INC USD EQUITY RESIDENTIAL USD FIRST INDUSTRIAL REALTY TR USD GENERAL GROWTH PROPERTIES USD HOST HOTELS & RESORTS INC USD KILROY REALTY CORP USD KIMCO REALTY CORP USD LIBERTY PROPERTY TRUST USD PARAMOUNT GROUP INC USD PEBBLEBROOK HOTEL TRUST USD PROLOGIS INC USD RAMCO-GERSHENSON PROPERTIES USD RLJ LODGING TRUST USD SABRA HEALTH CARE REIT INC USD SIMON PROPERTY GROUP INC USD SL GREEN REALTY CORP USD TANGER FACTORY OUTLET CENTERS USD Japan DAIWA HOUSE REIT INVESTMENT JPY GLP J - REIT JPY HULIC CO LTD JPY HULIC REIT INC JPY KENEDIX OFFICE INVESTMENT CO JPY KENEDIX RETAIL REIT CORP JPY MITSUBISHI ESTATE CO LTD JPY MITSUI FUDOSAN CO LTD JPY MORI HILLS REIT INVESTMENT C JPY NIPPON PROLOGIS REIT INC JPY NTT URBAN DEVELOPMENT CORP JPY SUMITOMO REALTY & DEVELOPMENT JPY TOKYO TATEMONO CO LTD JPY Hong Kong CHEUNG KONG PROPERTY HOLDING HKD HONGKONG LAND HOLDINGS LTD USD KERRY PROPERTIES LTD HKD SINO LAND CO HKD SUN HUNG KAI PROPERTIES HKD WHARF HOLDINGS LTD HKD France ICADE EUR KLEPIERRE EUR UNIBAIL RODAMCO SE EUR United Kingdom DERWENT LONDON PLC GBP GRAINGER PLC GBP HANSTEEN HOLDINGS PLC GBP SEGRO PLC GBP Australia GOODMAN GROUP AUD MIRVAC GROUP AUD STOCKLAND AUD The Netherlands EUROCOMMERCIAL PROPERTIE - CV EUR NSI NV EUR WERELDHAVE NV EUR Singapore CACHE LOGISTICS TRUST SGD GLOBAL LOGISTIC PROPERTIES SGD UOL GROUP LTD SGD Finland CITYCON OYJ EUR TECHNOPOLIS OYJ EUR Spain MERLIN PROPERTIES SOCIMI SA EUR Canada ALLIED PROPERTIES REAL ESTAT CAD Austria IMMOFINANZ AG EUR Sweden KUNGSLEDEN AB SEK China RED STAR MACALLINE GROUP - H HKD Total securities portfolio Page 90

329 Notes to the financial statements Page 91

330 Notes to the financial statements at 31/12/2015 Note 1 - General information Since 1 January 2015, the Company has proceeded to the following changes: a) Merged, liquidated, renamed or launched sub-funds Sub-fund Date Events Bond USD Government 30 April 2015 Renamed Bond USD Short Duration Bond World Emerging Corporate 9 October 2015 Absorbed by the sub-fund Bond Best Selection World Emerging b) Merged, liquidated, renamed or activated share classes Sub-fund Date Events Bond World Emerging Corporate 22 January 2015 Activation of share class "Classic H AUD MD - Distribution" Bond World Emerging Corporate 22 January 2015 Activation of share class "Classic H SGD MD - Distribution" Equity World Consumer Durables 23 January 2015 Merger of the share class Classic - Capitalisation registered in USD in "Classic USD - Capitalisation" Equity World Finance 23 January 2015 Merger of the share class Classic - Capitalisation registered in USD in "Classic USD - Capitalisation" Convertible Bond World 30 March 2015 The share class Classic - Capitalisation was renamed Classic RH EUR - Capitalisation The share class Classic - Distribution valued in EUR was renamed Classic RH EUR - Distribution The share class Classic RH USD - Distribution was renamed Classic - Distribution The share class Classic USD - Capitalisation was renamed Classic - Capitalisation The share class I - Capitalisation was renamed I RH EUR - Capitalisation The share class I - Distribution was renamed I RH EUR - Distribution The share class I RH USD - Capitalisation was renamed I - Capitalisation The share Privilege - Capitalisation was renamed Privilege RH EUR - Capitalisation The share class Privilege - Distribution was renamed Privilege RH EUR - Distribution Convertible Bond World 30 March 2015 Merger of the share class Classic - Distribution valued in USD in Classic - Distribution Merger of the share N - Capitalisation in Classic RH EUR - Capitalisation Equity Europe Small Cap 16 April 2015 Activation of share class Classic RH USD - Capitalisation Equity Russia 16 April 2015 Activation of share class Classic USD MD - Distribution Equity World Low Volatility 16 April 2015 Activation of share class Classic USD MD - Distribution Equity World Utilities 16 April 2015 Activation of share class Classic USD MD - Distribution Bond World Emerging Local 13 May 2015 Merger of the share class Classic GBP - Distribution into the share class Classic - Distribution valued in GBP Convertible Bond Asia 13 May 2015 Merger of the share class Classic - Capitalisation valued in EUR in Classic EUR - Capitalisation Merger of the share classes Classic - Distribution valued in EUR and Classic MD - Distribution valued in EUR in Classic EUR - Distribution Equity Best Selection Europe 13 May 2015 Merger of the share class I - Capitalisation valued in CHF in I - Capitalisation Equity Brazil 13 May 2015 Merger of the share class Classic - Capitalisation valued in EUR in Classic EUR - Capitalisation Equity Bric 13 May 2015 Merger of the share class Classic - Capitalisation valued in EUR in Classic EUR - Capitalisation Equity Europe Growth 13 May 2015 Merger of the share class Classic - Capitalisation valued in USD in Classic USD - Capitalisation Page 92

331 Notes to the financial statements at 31/12/2015 Sub-fund Date Events Equity Europe Mid Cap 13 May 2015 Merger of the share class Classic - Capitalisation valued in USD in Classic USD - Capitalisation Equity Europe Small Cap 13 May 2015 Merger of the share class Classic - Capitalisation valued in USD in Classic USD - Capitalisation Equity Japan 13 May 2015 Merger of the share classes Classic - Capitalisation valued in EUR and Classic - Capitalisation valued in USD in Classic EUR - Capitalisation and Classic USD - Capitalisation Equity Latin America 13 May 2015 Merger of the share class Classic - Capitalisation valued in EUR in Classic EUR - Capitalisation Equity Russia Opportunities 13 May 2015 Merger of the share class Classic - Capitalisation valued in EUR in Classic EUR - Capitalisation Equity USA Mid Cap 13 May 2015 Merger of the share class Classic - Capitalisation valued in EUR in Classic EUR - Capitalisation Green Tigers 13 May 2015 Merger of the share class Classic - Capitalisation valued in USD in Classic USD - Capitalisation Convertible Bond World 22 May 2015 Activation of share classes "N - Capitalisation" and "Privilege - Capitalisation" Equity Russia 22 May 2015 Activation of share class Classic GBP - Distribution Bond World 31 July 2015 Liquidation of share class Privilege - Distribution Bond World Emerging Local 31 July 2015 Liquidation of share class Classic RH SGD MD - Distribution Bond World Emerging Local 31 July 2015 Liquidation of share class I - Distribution Bond World High Yield 31 July 2015 Liquidation of share class Classic USD - Distribution Equity Europe Emerging 31 July 2015 Liquidation of share class Classic USD - Distribution Equity High Dividend Pacific 31 July 2015 Liquidation of share class Privilege USD - Capitalisation Equity High Dividend Pacific 31 July 2015 Liquidation of share class Privilege USD MD - Distribution Equity World Emerging 31 July 2015 Liquidation of share class Privilege - Distribution Equity USA Growth 15 September 2015 Liquidation of share class Privilege - Distribution Equity World Low Volatility 15 September 2015 Liquidation of share class Privilege - Distribution Bond Best Selection World Emerging 9 October 2015 Bond Asia Ex-Japan 16 November 2015 Equity Russia 16 November 2015 c) Change of base Merger of the share class Classic EUR - Capitalisation in Classic RH EUR - Capitalisation Merger of the share class Privilege - Distribution in Privilege - Capitalisation The share class Classic H AUD MD - Distribution was renamed Classic RH AUD MD - Distribution The share class Classic H EUR - Capitalisation was renamed Classic RH EUR - Capitalisation The share class Classic H SGD MD - Distribution was renamed Classic RH SGD MD - Distribution The share class IH EUR - Capitalisation was renamed I RH EUR - Capitalisation The share class Classic GBP - Distribution was renamed Privilege GBP - Distribution Sub-fund Date Events Change of base from EUR to USD. Convertible Bond World 30 March 2015 The exchange rate used for the conversion of the accounts of the sub-fund from EUR to USD was the exchange rate on 26 March 2015 and amounted to 1 EUR = USD. The amount disclosed under the caption Reevaluation of opening NAV in the Statement of Operations and changes in net represents the reevaluation difference from EUR to USD of the opening NAV of the subfund as at conversion date. Page 93

332 Notes to the financial statements at 31/12/2015 d) Eligibility for the Plan Epargne en Actions (PEA) Owing to their eligibility for French share savings schemes (PEA), the sub-funds of the PARVEST SICAV listed below permanently invest at least 75% of their net in shares and rights that are eligible for the PEA and are issued by companies established in France, another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime. Equity Best Selection Euro Equity Best Selection Europe Equity Europe Growth Equity Europe Mid Cap Equity Europe Small Cap Equity High Dividend Europe Note 2 - Principal accounting methods a) Net asset value This report is prepared on the basis of the last net asset value as at 31 December b) Globalized statements for the various sub-funds PARVEST s (consolidated) financial statements are expressed in EUR by converting the financial statements of the sub-funds denominated in currencies other than EUR at the exchange rate prevailing at the end of the financial year. c) Currency conversion The accounts of each sub-fund are kept in the in which its net asset value is expressed, and the financial statements are expressed in that. The purchase price of securities purchased in a other than that of the sub-fund is converted into the of the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities. The income and expenses denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on the transaction date. On the closing date, the market values of the securities (determined by the method described below), the claims, bank deposits and debt denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on that date, with any exchange differentials resulting from the conversion of the securities, claims, bank deposits and debt being included in the net result for the financial year. d) Presentation of the financial statements The financial statements are presented on the basis of the latest net asset value calculated during the financial year. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. The stock market prices and exchange rates are those of 31 December This principle has been applied uniformly and consistently for all the sub-funds. By way of information, a certain lead time is required before indicative prices become available for certain illiquid securities, so that for these securities it was impossible for material reasons to use prices as at 31 December 2015 in the last net asset value of the financial year. However, these net asset values would not have been significantly different from those shown in the annual accounts. The statement of operations and changes in net covers the financial year from 1 January 2015 to 31 December e) Valuation of the securities portfolio The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognized and accessible to the public, is based on the last known closing price on the Valuation Day, and, if the securities concerned are traded on several markets, on the basis of the last known closing price on the major market on which they are traded. If the last known closing price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner. Page 94

333 Notes to the financial statements at 31/12/2015 The Board of Directors uses this possibility for the valuation of the securities listed on Asian and Pacific markets, except for the of the Equity Japan sub-fund. In these cases, the aforesaid last known closing price is adjusted by using a method monitored by the Management Company to reflect a fair value price of the concerned. Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner, is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Any unrealised gains and losses are included when determining the result of the transactions. To calculate the net positions per, the positions are converted at the forward exchange rates corresponding to the remaining life of the contract. g) Valuation of financial instruments Financial futures are valued at their last-known market price. The other financial instruments are valued at the prices at which the position would be able to be liquidated, depending on the conditions prevailing on the market at the valuation date. Realised and unrealised profits or losses resulting there from are included in the Statement of operations and changes in net. To calculate the net positions per on financial instruments, the positions are converted at the exchange rate effective on the closing date. h) Valuation of credit default swaps The value of a Credit Default Swap shall be determined by comparing the value of the protection swap leg and the value of the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted discount. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used to compute the expected loss are derived from the structure of par market swap rates. Par market swap rates will be obtained from a cross-section of market counterparties. i) Valuation of total return swaps and performance swaps A Total Return Swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the performance of an underlying instrument represented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include gains and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying. The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity. Total return swaps are marked to market at each NAV calculation date. The unrealised appreciation/depreciation is disclosed in the Statement of net under Net Unrealised gain/loss on financial instruments. Realised gains/(losses) and change in unrealised appreciation/depreciation as a result thereof are included in the Statement of operations and changes in net respectively under Net realised result on Financial instruments and Movement on net unrealised gain/loss on Financial instruments. j) Presentation of options Options contracts traded over-the-counter are valued at the prices at which the position could be liquidated under the market conditions prevailing at the valuation date. The liquidation value of forward contracts or options contracts traded on regulated markets will be based on the latest available settlement price of these contracts on the regulated markets on which these forward contracts or option contracts are traded by the SICAV; provided that if a forward contract or an options contract cannot be liquidated on the day on which the net are valued, the basis that will be used to determine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors. Page 95

334 Notes to the financial statements at 31/12/2015 k) Valuation of securities lending, reverse repurchase and repurchase agreements Securities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the Statement of operations and changes in net under Income on investments and. Securities that have been lent are shown in the net of the sub-fund in question, at their market value. Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the underlying securities. They are transactions by which the transferor transfers ownership of securities to another person (the transferee) and by which the transferor irrevocably undertakes to repurchase them and the transferee irrevocably undertakes to retrocede them, at an agreed price and date. Securities reverse repurchase agreements are valued at their purchase price expressed in the original, irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading Other. Securities repurchase agreements are valued at their market value. l) Valuation of interest rate swaps Interest rate swaps are valued on the basis of the difference between the value of all future interest payable by the Company to its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of all future interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments. m) Valuation of volatility swaps A volatility swap is a forward contract whose underlying is the volatility of a given product. The underlying is usually a foreign exchange rate, equity or index. At a given point in time, the valuation of the volatility swap will reflect the difference between the last known volatility of the underlying and the valuation on the basis of which the initial agreement was concluded. n) Comparisons Concerning the sub-funds that merged during the financial year and that were still open on 31 December 2015, mergers involving absorption of the net of the absorbed sub-funds or funds were recorded in the accounts by means of a subscription in the absorbing sub-funds at the merger dates. Consequently, the line Net subscriptions/(redemptions) in the Statement of operations and changes in net includes the net of the absorbed sub-funds or funds at the merger dates. o) Geographic distribution The geographic distribution of the securities portfolio is based on the issuing country. p) Indian Tax Each sub-fund may be subject to corporation taxes in certain countries in which it invests. Capital gains realised when disposing of certain Indian securities held by a sub-fund are subject to capital gains tax in India, which, if any, is disclosed in the Statement of operations and changes in net under the heading Taxes. The tax is computed on net realised gains, and realised losses in excess of gains may under certain conditions be carried forward 8 years to offset future gains. Indian tax law imposes a tax of 15% on net realised gains from Indian securities sold within one year from the date of purchase. Given the Company s intent to hold portfolio securities for more than one year, the Company does not accrue a deferred tax liability on net unrealised gains on Indian securities. In case the Company incurred a total realised loss on security sales as at fiscal year-end, the Company could recover the taxable amount paid during the year on net realised gains, provided that a claim to the Tax Administration is introduced within 2 years as from end of the financial years. q) To be announced The Mortgage Back Securities To be announced are subject to current commercial market practices in relation to securities guaranteed by mortgages, according to which a party will buy/sell a basket of mortgage loans for a fixed price at a later date. Page 96

335 Notes to the financial statements at 31/12/2015 At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed at the time of purchase/sale, the final face value will not yet have been fixed. The To-be-announced ( TBA ) Mortgage Back Securities positions are shown in the securities portfolio as at 31 December At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating to payables/receivables on securities are included under Other liabilities / Other in the Statement of net. r) Cross-investments The value of the cross-investments of the sub-funds has not been deducted for the calculation of the combined total net of the Company. The total value of those cross-investments as at 31 December 2015 amounted to: Sub-fund investing in other PARVEST Sub-funds held by other PARVEST sub-funds sub-funds Currency Market Value (in EUR) Bond World High Yield Bond World High Yield Short Duration EUR Equity Russia Equity Russia Opportunities EUR Equity World Emerging Equity World Emerging Small Cap USD Total: The net at the end of the financial year of combined figures would be EUR without taking into account the cross-investments values. Note 3 - Management and advisory fees (maximum per annum) The maximum annual fee payable monthly are calculated on the average net asset value of each share class for each sub-fund over the past month. For certain sub-funds a reduced management fee was charged during the financial year/period. The management fees applicable to the Classic category are applicable to all share sub-categories and classes with the word Classic in their denomination, and to N category. The management fees applicable to the I category are also applicable to all share sub-categories and classes with the word I in their denomination. The management fees applicable to the Privilege category are also applicable to all share sub-categories and classes with the word Privilege in their denomination. No management fee is charged for the X category. A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3.00% per annum. Sub-fund Classic Privilege I Bond Asia ex-japan 1.25% 0.75% 0.60% Bond Best Selection World Emerging 1.50% 0.75% 0.60% Bond USD 0.75% 0.40% 0.30% Bond USD Short Duration (formerly Bond USD Government) 0.75% until 29 April % as of 30 April % until 29 April % as of 30 April % until 29 April % as of 30 April 2015 Bond World 0.75% 0.40% 0.30% Bond World Emerging Corporate (Absorbed by the sub-fund Bond Best Selection World 1.50% 0.75% 0.60% Emerging on 9 October 2015) Bond World Emerging Local 1.50% 0.75% 0.60% Bond World High Yield 1.20% 0.60% 0.55% Bond World Inflation-Linked 0.75% 0.40% 0.30% Convertible Bond Asia 1.20% 0.65% 0.60% Convertible Bond World 1.20% 0.65% 0.60% Equity Best Selection Asia ex-japan 1.50% 0.75% 0.60% until 15 November % since 16 November 2015 Page 97

336 Notes to the financial statements at 31/12/2015 Sub-fund Classic Privilege I Equity Best Selection Euro 1.50% 0.75% Equity Best Selection Europe 1.50% 0.75% Equity Brazil 1.75% 0.90% Equity Bric 1.75% 0.90% Equity China 1.75% 0.90% Equity Europe Emerging 1.75% 0.90% Equity Europe Growth 1.50% 0.75% Equity Europe Mid Cap 1.50% 0.75% Equity Europe Small Cap 1.75% 0.90% Equity High Dividend Europe 1.50% 0.75% Equity High Dividend Pacific 1.50% 0.75% Equity High Dividend USA 1.50% 0.75% Equity India 1.75% 0.90% Equity Indonesia 1.75% 0.90% Equity Japan 1.50% 0.75% Equity Latin America 1.75% 0.90% Equity Russia 1.75% 0.90% Equity Russia Opportunities 1.75% 0.90% Equity USA Growth 1.50% 0.75% Equity USA Mid Cap 1.75% 0.90% Equity World Consumer Durables 1.50% 0.75% Equity World Emerging 1.75% 0.90% Equity World Energy 1.50% 0.75% Equity World Finance 1.50% 0.75% Equity World Health Care 1.50% 0.75% Equity World Low Volatility 1.50% 0.75% Equity World Materials 1.50% 0.75% Equity World Technology 1.50% 0.75% 0.60% until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November 2015 Page 98

337 Notes to the financial statements at 31/12/2015 Sub-fund Classic Privilege I Equity World Telecom 1.50% 0.75% Equity World Utilities 1.50% 0.75% Green Tigers 1.50% 0.75% Real Estate Securities Pacific 1.50% 0.75% Real Estate Securities World 1.50% 0.75% 0.60% until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November % until 15 November % since 16 November 2015 A maximum advisory fee of 0.15% is applied to all the share classes of the sub-funds Equity High Dividend USA and Equity USA Mid Cap, excepted to the X share class. The sub-funds of PARVEST are not invested more than 50 % in other BNP Paribas sub-funds. Note 4 - Other fees Other fees are calculated and deducted monthly from the average net of a sub-fund, share category, or share class and serve to cover general custody expenses (remuneration of the Depositary) and daily administration expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, commissions for transactions not related to the depositary, director fees, interest and bank fees, extraordinary expenses, reporting cost in relation with regulation requirements including the European Market Infrastructure Regulation (EMIR), and the taxe d abonnement in force in Luxembourg, as well as any other specific foreign tax and other regulators levy. Note 5 - Taxes At the date of the Prospectus, the Company is not liable to any Luxembourg income tax or capital gains tax. The Company is liable to an annual taxe d abonnement in Luxembourg representing 0.05% of the net asset value. This rate is reduced to 0.01% for: a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions; b) sub-funds with the exclusive objective of collective investments in deposits with credit institutions; c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs. The following are exempt from this taxe d abonnement : a) the value of represented by units or shares in other UCIs, provided that these units, or shares have already been subject to the taxe d abonnement ; b) sub-funds, share categories and/or classes: (i) whose securities are reserved to Institutional Investors, Managers or UCIs and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and (iii) whose weighted residual portfolio maturity does not exceed 90 days, and (iv) that have obtained the highest possible rating from a recognised rating agency; c) sub-funds, share categories and/or classes reserved to: (i) (ii) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers for the benefit of their employees, and companies having one or more employers investing funds to provide pension benefits to their employees; d) sub-funds whose main objective is investment in microfinance institutions; Page 99

338 Notes to the financial statements at 31/12/2015 e) sub-funds, shares categories and/or classes: (i) (ii) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognized and open to the public, and whose exclusive object is to replicate the performance of one or several indices. When due, the taxe d abonnement is payable quarterly based on the relevant net and calculated at the end of the quarter for which it is applicable. In addition, the Company may be subject to foreign UCI s tax, and/or other regulators levy in the country where the sub-fund is registered for distribution. Note 6 - Dividends For the Classic MD - Distribution share class, the following dividends were paid: - Payment dates Month Record Date (1) NAV ex-dividend Date (2) Payment Date (3) January February 2015 February March 2015 March March 2015 April May 2015 May June 2015 June June 2015 July July 2015 August August 2015 September September 2015 October November 2015 November November 2015 December January 2016 (1) If this day is not a bank business day in Luxembourg, the record date will be the next following bank business day. (2) Dates are based on a valuation simulation in As a consequence, dates may change depending on the composition of the portfolio at this date. If for a particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards. (3) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the settlement is not possible (e.g. bank holiday on a specific or country), settlement will be made the 1st business day after or any other day communicated by the local agent. - Monthly amount since January 2015: Sub-fund Class Currency Dividend Bond Asia ex-japan Classic MD - Distribution USD 0.36 Bond Asia ex-japan Classic H AUD MD - Distribution AUD 0.52 Bond Asia ex-japan Classic H SGD MD - Distribution SGD 0.35 Bond Asia ex-japan Privilege MD - Distribution USD 0.38 Bond Best Selection World Emerging Classic MD - Distribution USD 0.15 Bond USD Classic MD - Distribution USD 0.22 Bond USD Short Duration Classic MD - Distribution USD 0.11 Bond World Emerging Corporate Classic MD - Distribution USD 0.54 Bond World Emerging Local Classic MD - Distribution USD 0.41 Bond World Emerging Local Classic RH SGD MD - Distribution SGD 0.46 Bond World High Yield Classic USD MD - Distribution USD 0.52 Bond World High Yield Classic H AUD MD - Distribution AUD 0.73 Bond World High Yield Classic H USD MD - Distribution USD 0.57 Convertible Bond Asia Classic MD - Distribution USD 0.15 Equity Europe Growth Classic RH SGD MD - Distribution SGD 0.22 Equity Europe Growth Classic RH USD MD - Distribution USD 0.23 Equity High Dividend Europe Classic RH USD MD Distribution USD 0.32 Page 100

339 Notes to the financial statements at 31/12/2015 Sub-fund Class Currency Dividend Equity High Dividend Pacific Classic USD MD - Distribution USD 0.40 Equity High Dividend Pacific Privilege USD MD - Distribution USD Monthly amount since February 2015: Sub-fund Class Currency Dividend Bond World Emerging Corporate Classic H AUD MD - Distribution AUD 0.71 Bond World Emerging Corporate Classic H SGD MD - Distribution SGD Monthly amount since June 2015: Sub-fund Class Currency Dividend Equity Russia Classic USD MD - Distribution USD 0.34 Equity World Low Volatility Classic USD MD - Distribution USD 0.21 Equity World Utilities Classic USD MD - Distribution USD 0.29 The following dividends were paid on 30 April 2015 for shares outstanding as at 20 April 2015: Sub-fund Class Coupon n Currency Dividend Bond Asia ex-japan Classic - Distribution 15 USD 4.66 Bond Asia ex-japan Classic EUR - Distribution 15 EUR 3.80 Bond Asia ex-japan Privilege - Distribution 15 USD 3.55 Bond Best Selection World Emerging Classic - Distribution 15 USD Bond Best Selection World Emerging Classic RH EUR - Distribution 15 EUR 1.94 Bond Best Selection World Emerging Privilege - Distribution 15 USD 5.50 Bond Best Selection World Emerging Privilege RH EUR - Distribution 15 EUR 6.11 Bond USD Classic - Distribution 15 USD 7.78 Bond USD Privilege - Distribution 15 USD 2.33 Bond World Classic - Distribution 15 EUR 5.14 Bond World Privilege - Distribution 15 EUR 2.89 Bond World Emerging Corporate Classic - Distribution 15 USD 4.55 Bond World Emerging Corporate Classic EUR - Distribution 15 EUR 5.12 Bond World Emerging Corporate Privilege - Distribution 15 USD 4.82 Bond World Emerging Local Classic - Distribution 15 USD 5.43 Bond World Emerging Local Classic EUR - Distribution 15 EUR 5.21 Bond World Emerging Local Classic GBP - Distribution 15 GBP 4.91 Bond World Emerging Local Classic RH EUR - Distribution 15 EUR 4.79 Bond World Emerging Local I - Distribution 15 USD 5.53 Bond World Emerging Local Privilege - Distribution 15 USD 4.90 Bond World High Yield Classic - Distribution 15 EUR 1.34 Bond World High Yield Classic USD - Distribution 15 USD 3.87 Bond World High Yield Classic H USD - Distribution 15 USD 1.70 Bond World High Yield Privilege - Distribution 15 EUR 4.15 Convertible Bond Asia Classic - Distribution 15 USD 0.97 Convertible Bond Asia Privilege - Distribution 15 USD 0.96 Convertible Bond World Classic RH EUR - Distribution 15 EUR 1.15 Convertible Bond World Classic RH PLN - Distribution 15 PLN 5.87 Convertible Bond World I RH EUR - Distribution 15 EUR 1.40 Convertible Bond World Privilege RH EUR - Distribution 15 EUR 1.46 Equity Best Selection Asia ex-japan Classic - Distribution 15 EUR Equity Best Selection Asia ex-japan Classic USD - Distribution 15 USD Equity Best Selection Asia ex-japan Privilege - Distribution 15 EUR 3.41 Equity Best Selection Euro Classic - Distribution 15 EUR 8.17 Equity Best Selection Euro I - Distribution 15 EUR 3.13 Equity Best Selection Euro Privilege - Distribution 15 EUR 3.56 Equity Best Selection Europe Classic - Distribution 15 EUR 4.35 Equity Best Selection Europe Classic CHF - Distribution 15 CHF 4.10 Page 101

340 Notes to the financial statements at 31/12/2015 Sub-fund Class Coupon n Currency Dividend Equity Best Selection Europe Privilege - Distribution 15 EUR 3.26 Equity Brazil Classic - Distribution 15 USD 3.41 Equity Bric Classic - Distribution 15 USD 3.63 Equity China Classic - Distribution 15 USD 6.90 Equity China Classic EUR - Distribution 15 EUR 3.17 Equity China Privilege - Distribution 15 USD 3.07 Equity Europe Emerging Classic - Distribution 15 EUR Equity Europe Emerging Classic USD - Distribution 15 USD 2.97 Equity Europe Emerging Privilege - Distribution 15 EUR 2.96 Equity Europe Growth Classic - Distribution 15 EUR 4.58 Equity Europe Growth Privilege - Distribution 15 EUR 3.87 Equity Europe Mid Cap Classic - Distribution 19 EUR 9.52 Equity Europe Small Cap Classic - Distribution 15 EUR 3.77 Equity Europe Small Cap Privilege - Distribution 15 EUR 3.38 Equity High Dividend Europe Classic - Distribution 14 EUR 2.05 Equity High Dividend Europe Privilege - Distribution 15 EUR 4.94 Equity High Dividend Pacific Classic - Distribution 15 EUR 2.10 Equity High Dividend Pacific Classic USD - Distribution 15 USD 4.12 Equity High Dividend Pacific Privilege - Distribution 15 EUR 4.95 Equity High Dividend USA Classic - Distribution 15 USD 5.08 Equity High Dividend USA Classic EUR - Distribution 15 EUR 6.28 Equity High Dividend USA Classic H EUR - Distribution 15 EUR 1.71 Equity High Dividend USA Privilege - Distribution 15 USD 4.11 Equity High Dividend USA Privilege H EUR - Distribution 15 EUR 4.29 Equity India Classic - Distribution 15 USD 1.49 Equity India Classic EUR - Distribution 15 EUR 1.23 Equity India Privilege - Distribution 15 USD 1.75 Equity Indonesia Classic - Distribution 15 USD 3.60 Equity Indonesia Classic EUR - Distribution 15 EUR 2.02 Equity Indonesia Privilege - Distribution 15 USD 1.73 Equity Japan Classic - Distribution 21 JPY Equity Japan Privilege - Distribution 15 JPY Equity Latin America Classic - Distribution 14 USD Equity Russia Classic - Distribution 15 EUR 3.03 Equity Russia Classic USD - Distribution 15 USD 2.75 Equity Russia I - Distribution 15 EUR 4.49 Equity Russia Privilege - Distribution 15 EUR 3.48 Equity Russia Opportunities Classic - Distribution 15 USD 2.38 Equity USA Growth Classic - Distribution 15 USD 1.52 Equity USA Growth Classic H EUR - Distribution 15 EUR 1.99 Equity USA Growth Privilege - Distribution 15 USD 1.96 Equity USA Mid Cap Classic - Distribution 15 USD 2.86 Equity World Consumer Durables Classic - Distribution 15 EUR 1.83 Equity World Consumer Durables Privilege - Distribution 15 EUR 2.14 Equity World Emerging Classic - Distribution 15 USD 4.09 Equity World Emerging Classic EUR - Distribution 15 EUR 2.67 Equity World Emerging Privilege - Distribution 15 USD 2.97 Equity World Energy Classic - Distribution 15 EUR Equity World Energy Classic USD - Distribution 15 USD Equity World Energy Privilege - Distribution 15 EUR 3.39 Equity World Finance Classic - Distribution 15 EUR 5.75 Equity World Finance Privilege - Distribution 15 EUR 3.56 Equity World Health Care Classic - Distribution 15 EUR Equity World Health Care Privilege - Distribution 15 EUR 2.55 Equity World Low Volatility Classic - Distribution 15 EUR 6.49 Page 102

341 Notes to the financial statements at 31/12/2015 Sub-fund Class Coupon n Currency Dividend Equity World Low Volatility Classic USD - Distribution 15 USD 7.92 Equity World Low Volatility Privilege - Distribution 15 EUR 2.99 Equity World Materials Classic - Distribution 15 EUR 1.29 Equity World Materials Privilege - Distribution 15 EUR 2.81 Equity World Technology Classic - Distribution 15 EUR 6.27 Equity World Technology Classic USD - Distribution 15 USD 2.36 Equity World Technology Privilege - Distribution 15 EUR 1.91 Equity World Telecom Classic - Distribution 15 EUR Equity World Telecom Privilege - Distribution 15 EUR 4.22 Equity World Utilities Classic - Distribution 15 EUR 3.03 Equity World Utilities Classic USD - Distribution 15 USD 3.66 Equity World Utilities Privilege - Distribution 15 EUR 5.17 Green Tigers Classic - Distribution 15 EUR 4.66 Green Tigers Classic USD - Distribution 15 USD 3.04 Green Tigers Privilege - Distribution 15 EUR 3.52 Real Estate Securities Pacific Classic - Distribution 15 EUR 2.66 Real Estate Securities Pacific Classic USD - Distribution 15 USD 3.22 Real Estate Securities Pacific Privilege - Distribution 15 EUR 3.37 Real Estate Securities World Classic - Distribution 15 EUR 1.05 Real Estate Securities World Privilege - Distribution 15 EUR 3.91 It has been decided not to pay dividends for the following sub-funds this year: Sub-fund Class Coupon n Bond World Inflation-linked Classic - Distribution 15 Bond World Inflation-linked Privilege - Distribution 15 Note 7 - Share currencies The net asset value per share is priced in the of the share class and not in the of the sub-fund in the section Key figures relating to the last 3 years. Note 8 - Exchange rates The exchange rates used for consolidation and for the conversion of share classes denominated in a other than the reference of the relevant sub-fund as at 31 December 2015 were the following: EUR 1 = AUD EUR 1 = CHF EUR 1 = CZK EUR 1 = GBP EUR 1 = HUF EUR 1 = JPY EUR 1 = NOK EUR 1 = PLN EUR 1 = SGD EUR 1 = USD Page 103

342 Notes to the financial statements at 31/12/2015 Note 9 - Futures contracts As at 31 December 2015, the following positions were outstanding: Bond USD Purchase/ Currency Quantity Description Sale Maturity Commitment (in USD) Net unrealised gain/(loss) (in USD) EUR 1 P EURO-BOBL FUTURE 08/03/ (1 238) EUR 19 S EURO-BUND FUTURE 08/03/ USD 136 S US 5YR NOTE FUTURE (CBT) 31/03/ USD 90 P US 2YR NOTE FUTURE (CBT) 31/03/ (28 813) USD 1 P ULTRA LONG TERM US TREASURY BOND FUTURE 21/03/ (94) EUR 6 P EURO OAT FUTURE FRENCH GOVT BD 10YR 6% 08/03/ (16 620) EUR 17 S EURO-BTP FUTURE 08/03/ GBP 33 S LONG GILT FUTURE (LIFFE) 29/03/ AUD 22 S AUST 10 YR BOND 15/03/ AUD 5 P AUST 3 YR BOND FUTURE 15/03/ GBP 54 S LIFFE 3M STG INT FUTURE 16/03/ (2 985) USD 67 P US 10YR NOTE FUTURE (CBT) 21/03/ (64 671) USD 32 P US LONG BOND FUTURE (CBT) 21/03/ (3 383) EUR 16 S SHORT TERM EURO BTP FUTURE 08/03/ USD 25 S 90DAYS EURO USD FUTURE 19/09/ Total: As at 31 December 2015, the cash margin balance in relation to futures and/or options amounted to USD. Bond USD Short Duration Currency Quantity Net unrealised Purchase/ Commitment Description Maturity gain/(loss) Sale (in USD) (in USD) USD 30 P US 5YR NOTE FUTURE (CBT) 31/03/ (8 383) USD 6 P US 2YR NOTE FUTURE (CBT) 31/03/ (1 859) USD 11 S US 10YR NOTE FUTURE (CBT) 21/03/ USD 6 P US LONG BOND FUTURE (CBT) 21/03/ Total: (4 680) As at 31 December 2015, the cash margin balance in relation to futures and/or options amounted to USD. Bond World Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Net unrealised gain/(loss) (in EUR) EUR 28 P EURO-BOBL FUTURE 08/03/ (27 380) EUR 39 S EURO-BUND FUTURE 08/03/ USD 132 S US 5YR NOTE FUTURE (CBT) 31/03/ EUR 98 P EURO-SCHATZ FUTURE 08/03/ (23 520) USD 47 P US 2YR NOTE FUTURE (CBT) 31/03/ (14 873) USD 10 P ULTRA LONG TERM US TREASURY BOND FUTURE 21/03/ (2 625) EUR 35 P EURO OAT FUTURE FRENCH GOVT BD 10YR 6% 08/03/ (89 250) EUR 26 S EURO-BTP FUTURE 08/03/ Page 104

343 Notes to the financial statements at 31/12/2015 Bond World (continued) Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Net unrealised gain/(loss) (in EUR) GBP 39 S LONG GILT FUTURE (LIFFE) 29/03/ AUD 22 S AUST 10 YR BOND 15/03/ EUR 17 P EURO BUXL 30Y BONDS 08/03/ (50 100) AUD 33 P AUST 3 YR BOND FUTURE 15/03/ GBP 69 S LIFFE 3M STG INT FUTURE 16/03/ (3 511) JPY 7 P JPN 10Y BOND (TSE) 14/03/ KRW 22 P KOREA 3YR BND FUTURE 15/03/ USD 25 S US 10YR NOTE FUTURE (CBT) 21/03/ USD 9 P US LONG BOND FUTURE (CBT) 21/03/ (4 214) EUR 35 S SHORT TERM EURO BTP FUTURE 08/03/ USD 30 S 90DAYS EURO USD FUTURE 19/09/ CAD 13 P CAN 10YR BOND FUTURE 21/03/ Total: As at 31 December 2015, the cash margin balance in relation to futures and/or options amounted to EUR. Bond World Inflation-Linked Currency Quantity Net unrealised Purchase/ Commitment Description Maturity gain/(loss) Sale (in EUR) (in EUR) USD 4 P US 5YR NOTE FUTURE (CBT) 31/03/ (575) USD 90 P US 2YR NOTE FUTURE (CBT) 31/03/ (23 777) USD 3 S ULTRA LONG TERM US TREASURY BOND FUTURE 21/03/ EUR 9 P EURO OAT FUTURE FRENCH GOVT BD 10YR 6% 08/03/ EUR 12 S EURO-BTP FUTURE 08/03/ (13 200) GBP 27 S LONG GILT FUTURE (LIFFE) 29/03/ USD 11 S US 10YR NOTE FUTURE (CBT) 21/03/ USD 31 S US LONG BOND FUTURE (CBT) 21/03/ Total: As at 31 December 2015, the cash margin balance in relation to futures and/or options amounted to EUR. Convertible Bond World Currency Quantity Net unrealised Purchase/ Commitment Description Maturity gain/(loss) Sale (in USD) (in USD) USD 452 S JPY CURRENCY FUTURE 14/03/ ( ) EUR S SNAM SPA 17/03/ USD 750 S EURO FX CURR FUTURE (CME) 14/03/ Total: As at 31 December 2015, the cash margin balance in relation to futures and/or options amounted to USD. Brokers for Futures contracts: BNP Paribas Securities Services Newedge Page 105

344 Notes to the financial statements at 31/12/2015 Note 10 - Forward foreign exchange contracts As at 31 December 2015, the total amount purchased per and the total amount sold per in the context of forward foreign exchange contracts were as follows: Bond Asia ex-japan Currency Purchase amount Currency Sale amount AUD AUD CNY CNY EUR USD SGD USD Net unrealised loss (in USD) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 27 January Bond Best Selection World Emerging Currency Purchase amount Currency Sale amount BRL BRL CLP CLP CNH CNH COP COP CZK CZK EUR EUR HUF HUF IDR INR INR KRW MXN MXN NGN MYR PEN NGN PHP PEN PLN PHP RUB PLN TRY RUB USD SAR ZAR TWD ZMW USD ZAR ZMW Net unrealised loss (in USD) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 22 September Bond USD Currency Purchase amount Currency Sale amount CAD AUD EUR CAD MXN EUR USD GBP MXN NZD SGD USD Net unrealised gain (in USD) As at 31 December 2015, the latest maturity of all outstanding contracts is 20 January Page 106

345 Notes to the financial statements at 31/12/2015 Bond USD Short Duration Currency Purchase amount Currency Sale amount EUR USD Net unrealised loss (in USD) (81 791) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Bond World Currency Purchase amount Currency Sale amount AUD AUD BRL BRL CAD CAD CHF CHF CLP CLP CNY CNY CZK EUR DKK GBP EUR IDR GBP JPY IDR KRW ILS MXN JPY MYR KRW NOK MXN NZD MYR PLN NOK RUB NZD SEK PLN TRY RUB TWD SEK USD SGD THB TRY TWD USD ZAR Net unrealised loss (in EUR) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 4 February Bond World Emerging Local Currency Purchase amount Currency Sale amount BRL BRL CLP CLP CNH CNH COP COP CZK CZK EUR EUR HUF HUF IDR IDR KRW ILS MXN INR MYR KRW NGN MXN PEN MYR PHP NGN PLN PEN RUB PHP TRY PLN Page 107

346 Notes to the financial statements at 31/12/2015 Bond World Emerging Local (continued) Currency Purchase amount Currency Sale amount USD RON ZAR RUB ZMW SAR SGD THB TRY TWD USD ZAR ZMW Net unrealised loss (in USD) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 22 September Bond World High Yield Currency Purchase amount Currency Sale amount AUD AUD CZK EUR EUR GBP USD USD Net unrealised gain (in EUR) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Bond World Inflation-Linked Currency Purchase amount Currency Sale amount AUD AUD CAD CAD EUR DKK GBP EUR USD GBP JPY MXN NZD SEK USD Net unrealised gain (in EUR) As at 31 December 2015, the latest maturity of all outstanding contracts is 4 February Convertible Bond Asia Currency Purchase amount Currency Sale amount USD CNY Net unrealised gain (in USD) As at 31 December 2015, the latest maturity of all outstanding contracts is 8 January Convertible Bond World Currency Purchase amount Currency Sale amount CHF CHF CZK EUR EUR GBP NOK HKD PLN HUF TWD JPY USD NOK ZAR PLN SEK SGD Page 108

347 Notes to the financial statements at 31/12/2015 Convertible Bond World (continued) Currency Purchase amount Currency Sale amount TWD USD ZAR Net unrealised loss (in USD) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 19 January Equity Best Selection Euro Currency Purchase amount Currency Sale amount CZK CZK EUR EUR HUF HUF SGD SGD USD USD Net unrealised gain (in EUR) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Equity Best Selection Europe Currency Purchase amount Currency Sale amount EUR EUR HUF HUF Net unrealised gain (in EUR) 198 As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Equity Europe Growth Currency Purchase amount Currency Sale amount EUR EUR SGD USD USD Net unrealised gain (in EUR) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Equity Europe Small Cap Currency Purchase amount Currency Sale amount SGD EUR USD Net unrealised gain (in EUR) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Equity High Dividend Europe Currency Purchase amount Currency Sale amount EUR EUR USD USD Net unrealised gain (in EUR) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Equity High Dividend USA Currency Purchase amount Currency Sale amount EUR USD Net unrealised loss (in USD) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Page 109

348 Notes to the financial statements at 31/12/2015 Equity Japan Currency Purchase amount Currency Sale amount EUR EUR JPY JPY USD USD Net unrealised loss (in JPY) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Equity USA Growth Currency Purchase amount Currency Sale amount CZK USD EUR Net unrealised loss (in USD) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Equity USA Mid Cap Currency Purchase amount Currency Sale amount EUR EUR SGD SGD USD USD Net unrealised loss (in USD) ( ) As at 31 December 2015, the latest maturity of all outstanding contracts is 15 January Equity World Emerging Currency Purchase amount Currency Sale amount USD ZAR Net unrealised gain (in USD) As at 31 December 2015, the latest maturity of all outstanding contracts is 4 January Counterparties to Forward foreign exchange contracts: Barclays Bank Plc Barclays Bank Plc Wholesale London BNP Paribas Paris BNP Paribas Securities Services Citibank N.A London Citigroup Global Market Crédit Suisse First Boston Deutsche Bank AG Deutsche Bank London Goldman Sachs International London HSBC Bank Plc JP Morgan London Merrill Lynch UK Morgan Stanley And Co. International Nomura International Plc Royal Bank of Canada Société Générale Paris Standard Chartered Bank State Street Boston FX The Toronto-Dominion Bank UBS Ltd London Page 110

349 Notes to the financial statements at 31/12/2015 Note 11 - Swaps Credit Default Swaps The Company has entered into credit default swaps agreements whereby it exchanges fixed income for income linked to changes in credit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the amount of the unrealised capital gain is stated under Net Unrealised gain on financial instruments in the Statement of net, and the amount of net unrealised capital loss is given under Net Unrealised loss on financial instruments in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/12/ % RUSSIAN FEDERATION 00-31/03/2030 STEP UP USD 20/12/ % PENERBANGAN MALA 5.625% 06-15/03/ USD 20/12/ % RUSSIAN FEDERATION 00-31/03/2030 STEP UP USD 20/12/ % COLOMBIA REP OF % 03-28/01/ USD 20/12/ % SAUDIARAB CDS USD 5Y D14 20/12/ USD 20/12/ % SAUDIARAB CDS USD SR 5Y D14 20/12/2020 Net unrealised gain (in USD) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/03/2016 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/03/ % PRUDENTIAL FIN 4.5% 03-15/07/ USD 20/03/2017 METLIFE INC 5% 05-15/06/ % USD 20/06/2017 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/06/ % FORD MOTOR CRED 5% 11-15/05/ USD 20/12/2017 METLIFE INC 4.75% 10-08/02/ % USD 20/06/2020 SPANISH GOVT 5.5% 02-30/07/ % USD 20/09/2020 SPANISH GOVT 5.5% 02-30/07/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % Net unrealised loss (in USD) ( ) Page 111

350 Notes to the financial statements at 31/12/2015 Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/03/2016 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/03/ % PRUDENTIAL FIN 4.5% 03-15/07/ USD 20/03/2017 METLIFE INC 5% 05-15/06/ % USD 20/06/ % FORD MOTOR CRED 5% 11-15/05/ USD 20/06/2017 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/12/2017 METLIFE INC 4.75% 10-08/02/ % USD 20/09/2020 SPANISH GOVT 5.5% 02-30/07/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % Net unrealised loss (in EUR) ( ) Interest Rate Swaps The Company has entered into interest rate swaps agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received MXN 26/10/ % MXN SWAP TIIE 28 D BRL 02/01/2017 BRAZIL INTERBANK 1D 0.154% MXN 05/10/ % MXN SWAP TIIE 28 D ZAR 11/12/ % IBOR 3 M ZAR MXN 23/10/2019 MXN SWAP TIIE 28 D 5.185% MXN 01/10/2020 MXN SWAP TIIE 28 D 5.250% Net unrealised loss (in USD) ( ) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 28/11/2019 LIBOR 3 M USD 1.700% EUR 26/06/ % EURIBOR 6 M USD 26/06/2020 LIBOR 3 M USD 1.811% MXN 06/05/2025 MXN SWAP TIIE 28 D 6.235% EUR 26/06/2025 EURIBOR 6 M 1.185% USD 26/06/ % LIBOR 3 M USD EUR 16/10/2025 EURIBOR 6 M 1.562% USD 16/10/ % LIBOR 3 M USD Page 112

351 Notes to the financial statements at 31/12/2015 Bond USD (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received USD 28/11/ % LIBOR 3 M USD GBP 06/05/2045 ICE LIBOR GBP 6 M 2.315% Net unrealised loss (in USD) (19 350) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received PLN 26/04/ % WARSAW INTERBK OFFER RATE 6 M PLN 17/06/ % WARSAW INTERBK OFFER RATE 6 M JPY 15/10/2019 LIBOR 6 M JPY 0.243% USD 28/11/2019 LIBOR 3 M USD 1.700% SGD 12/05/2020 SGD SWAP 6 M 2.100% EUR 26/06/ % EURIBOR 6 M USD 26/06/2020 LIBOR 3 M USD 1.811% EUR 26/06/2025 EURIBOR 6 M 1.185% USD 26/06/ % LIBOR 3 M USD EUR 16/10/2025 EURIBOR 6 M 1.562% USD 16/10/ % LIBOR 3 M USD USD 28/11/ % LIBOR 3 M USD EUR 05/07/2032 EURIBOR 6 M 360 DAYS 2.770% JPY 11/10/2032 LIBOR JPY 6 M 1.531% GBP 13/12/2032 LIBOR GBP 6 M 2.708% JPY 15/10/2034 LIBOR 6 M JPY 1.398% EUR 05/07/ % EURIBOR 6 M 360 DAYS GBP 28/09/2042 LIBOR GBP 6 M 2.926% GBP 06/05/2045 ICE LIBOR GBP 6 M 2.315% Net unrealised gain (in EUR) Bond World Emerging Local Nominal Currency Maturity Sub-fund paid Sub-fund received MXN 26/10/ % MEXICO MXI TIIE 28 D BRL 02/01/2017 BRAZIL INTERBANK 1D 0.154% MXN 05/10/ % MXN SWAP TIIE 28 D ZAR 11/12/ % IBOR 3 M ZAR MXN 23/10/2019 MEXICO MXI TIIE 28 D 5.185% INR 08/12/2019 NSE INTERBANK OFFER RATE 6.970% MXN 01/10/2020 MXN SWAP TIIE 28 D 5.250% Net unrealised loss (in USD) ( ) Inflation Swaps The Company has entered into inflation swaps agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Page 113

352 Notes to the financial statements at 31/12/2015 Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received GBP 26/08/2025 UK RPI NSA 2.953% USD 01/09/ % US CPI URBAN CONSUMERS NSA USD 18/05/ % US CPI URBAN CONSUMERS NSA GBP 18/05/2045 UK RPI NSA 3.528% Net unrealised loss (in USD) (19 713) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received EUR 18/09/ % EUROSTAT EUROZONE HICP EX TOBACCO EUR 18/09/2016 FRANCE CPI EX TOBACCO 1.580% GBP 26/08/2025 UK RPI NSA 2.953% USD 18/05/ % US CPI URBAN CONSUMERS NSA GBP 18/05/2045 UK RPI NSA 3.528% Net unrealised gain (in EUR) Counterparties to Swaps contracts: Barclays Bank London BNP Paribas London Branch BNP Paribas Paris Citigroup Global Market Crédit Suisse International Deutsche Bank London Goldman Sachs International London JP Morgan London Morgan Stanley And Co. International Nomura International Plc UBS Ltd London Note 12 - Options positions For options contracts with the same Description, Currency, Maturity Date, Strike and Counterparty, the positions are consolidated. In this context, the options quantities can be 0. As at 31 December 2015, the following positions on options were outstanding: Bond USD Currency Quantity Purchase/ Sale EUR 39 S Description Maturity date Strike PUT EURO-BOBL 5YR 6% 19/02/ Exposure/ Commitment (in USD) (in USD) 19/02/ (9 532) As at 31 December 2015, the cash margin balance in relation to futures and/or options amounted to USD. Total: (9 532) Page 114

353 Notes to the financial statements at 31/12/2015 Bond World Currency Quantity Purchase/ Sale EUR P EUR P EUR P EUR P EUR 49 S EUR P EUR P USD P USD P Description Maturity date Strike PUT EUR/USD 21/03/ CALL EUR/USD 19/01/ PUT EUR/NOK 08/01/ CALL USD/EUR 21/03/ PUT EURO-BOBL 5YR 6% 19/02/ PUT EUR/USD 02/05/ PUT EUR/USD 02/03/ PUT USD / BRL 11/03/ PUT NZD / USD 15/01/ Page 115 Exposure/ Commitment (in EUR) (in EUR) 21/03/ /01/ /01/ /03/ /02/ (11 025) 02/05/ /03/ /03/ /01/ As at 31 December 2015, the cash margin balance in relation to futures and/or options amounted to EUR. Convertible Bond World Currency Quantity Purchase/ Sale USD P USD S JPY P JPY S Description Maturity date Strike CALL TWITTER INC 18/03/ CALL TWITTER INC 18/03/ CALL NIKKEI 225 (OSE) 11/03/ CALL NIKKEI 225 (OSE) 11/03/ Exposure/ Commitment (in USD) Total: (in USD) 18/03/ /03/ ( ) 11/03/ /03/ ( ) As at 31 December 2015, the cash margin balance in relation to futures and/or options amounted to USD. Counterparties to Options: BNP Paribas Securities Services Citigroup Global Market Deutsche Bank London JP Morgan London Merrill Lynch International UBS Ltd London Swaptions Total: A type of option between two parties that can be exercised on a swap where the buyer of the swap has the right, but not obligation to, receive an agreed upon fixed interest rate. The buyer pays a premium for the right to swap at this fixed rate. Short for a call swap option, a call swaption can be used as a hedging tool to avoid risk if a bond issuer believes interest rates might decrease.

354 Notes to the financial statements at 31/12/2015 Bond USD Nominal Currency Type Strike Maturity Cash Flow USD Swaption Call on CDS 1.050% 20/01/ USD Swaption Call on CDS 1.200% 20/01/2016 Bond World CALL CDX IG CDSI S25 5Y 20/01/ CALL CDX IG CDSI S25 5Y V 20/01/ (in USD) Nominal Currency Type Strike Maturity Cash Flow USD Swaption Call on CDS 1.050% 20/01/ USD Swaption Call on CDS 1.200% 20/01/2016 CALL CDX IG CDSI S25 5Y 20/01/ CALL CDX IG CDSI S25 5Y V 20/01/ GBP Swaption Put on IRS 3.872% 02/06/2023 PUT 6-M GBP-LIBOR 02/06/ (in EUR) Counterparties to Swaptions: Goldman Sachs International London Royal Bank of Scotland Note 13 - Securities lending As at 31 December 2015, the total value of securities lent by the Fund is as follows: Sub-fund Currency Securities lending Collateral - Market - value Equity Best Selection Asia ex-japan EUR Equity China USD Equity High Dividend Pacific EUR As at 31 December 2015, the guarantee delivered consists of pledged securities registered in a tripartite account held with JP Morgan Chase under the name BNP Paribas Investment Partners Luxembourg on behalf of the funds, pursuant to Circular 08/356. Counterparty to Securities lending: Morgan Stanley International & Co Plc For the year ended 31 December 2015, the securities lending income generated by the Fund is as follows: Sub-fund Currency Net Income Cost And Fees Gross Income Convertible Bond Asia USD Convertible Bond World USD Equity Best Selection Asia ex-japan EUR Equity Best Selection Euro EUR Equity Best Selection Europe EUR Equity Brazil USD Equity China USD Equity Europe Growth EUR Equity Europe Small Cap EUR Equity High Dividend Pacific EUR Equity Japan JPY Page 116

355 Notes to the financial statements at 31/12/2015 Sub-fund Currency Net Income Cost And Fees Gross Income Equity Latin America USD Equity USA Growth USD Equity World Consumer Durables EUR Equity World Energy EUR Equity World Finance EUR Equity World Health Care EUR Equity World Materials EUR Equity World Technology EUR Equity World Telecom EUR Equity World Utilities EUR Real Estate Securities Pacific EUR Real Estate Securities World EUR The only remaining fees attributable to lending securities income are the agency (BP2S) fees which will be 20%. Note 14 - Collateral In order to limit counterparty risk on swap agreements, the SICAV has put a collateralisation process in place. As at 31 December 2015, the SICAV pledged the following collateral in favour of swap agreement counterparties: Sub-fund Currency OTC collateral Type of collateral Bond Asia ex-japan USD Cash Bond Best Selection World Emerging USD Cash Bond USD USD Cash Bond USD Short Duration USD Cash Bond World EUR Cash Bond World Emerging Local USD Cash Convertible Bond World USD Cash Equity High Dividend USA USD Cash Equity Japan JPY Cash Equity USA Growth USD Cash As at 31 December 2015, the counterparties to swap agreements pledged the following collateral in favour of the SICAV: Sub-fund Currency OTC collateral Type of collateral Bond Asia ex-japan USD Cash Bond Best Selection World Emerging USD Cash Bond USD USD Cash Bond World EUR Cash Bond World Emerging Local USD Cash Bond World High Yield EUR Cash Convertible Bond World USD Cash Equity Best Selection Euro EUR Cash Equity Europe Growth EUR Cash Equity Japan JPY Cash Note 15 - Soft dollar fees With the aim of optimising execution, broker fees on portfolio transactions for the Company may be granted by portfolio managers in compensation for brokers research and services in executing transactions. Research, information and other services allow portfolio managers to strengthen their own research and analyses by giving them access to information from their counterparts in other companies. Page 117

356 Notes to the financial statements at 31/12/2015 These services do not incorporate travel expenses, accommodation, entertainment, general back-office, office and premises equipment, membership fees, wages and payments directly charged to the fund managers. During the financial year ending 31 December 2015, the following fund managers were able to conclude soft dollar agreements: BNPP AM Brazil Fairpointe Capital LLC FFTW US (equities) Note 16 - Related party transactions The related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies or other financial products for the account of each sub-fund for which the related parties act as broker or for their own account or as counterparty for their clients, including in the case in which the related parties or their clients have the option of conducting transactions for their own account at the same time as for the account of each sub-fund. When handling purchases and sales of securities for each sub-fund, the related parties may also have acted as counterparty at the best market conditions. The Company considers that the commissions, increases and reductions invoiced by the related parties are competitive, although it is in the related parties interests to receive favorable commission rates, and increases and reductions for each sub-fund. Note 17 - Change in the composition of the securities portfolio The list of changes to the composition of the securities portfolio during the year is available free of charge at the Management Company s registered office and from local agents. Note 18 - List of Investment managers Alfred Berg Kapitalförvaltning AB, Stockholm, Sweden, abbreviated to Alfred Berg AB, Sweden BNP Paribas Asset Management S.A.S., Paris, abbreviated to BNPP AM France BNP Paribas Asset Management Brasil Ltda, Sao Paulo SP, Brazil, abbreviated to BNPP AM Brazil BNP Paribas Investment Partners Asia Limited, Hong Kong, abbreviated to BNPP IP Asia BNP Paribas Investment Partners Japan Ltd., Tokyo, Japan, abbreviated to BNPP IP Japan BNP Paribas Investment Partners Nederland N.V., Amsterdam, The Netherlands, abbreviated to BNPP IP Nederland BNP Paribas Investment Partners Singapore Limited, Singapore, abbreviated to BNPP IP Singapore BNP Paribas Investment Partners UK Limited, London, abbreviated to BNPP IP UK Fairpointe Capital LLC, Chicago, Illinois, USA, abbreviated to Fairpointe Fischer Francis Trees & Watts, Inc., New York, abbreviated to FFTW US River Road Asset Management, LLC.Louisville, USA TEB Portföy Yönetimi A.Ş., Istanbul, Turkey, abbreviated to TEB THEAM S.A.S, Paris, France, abbreviated to THEAM Convertible Bond Asia Equity World Consumer Durables Equity World Emerging Equity World Energy Equity World Finance Equity World Health Care Equity World Materials Equity World Technology Equity World Telecom Equity World Utilities Equity USA Growth Sub-fund Investment managers BNPP IP Asia sub delegating to BNPP IP UK for the management of FX FFTW US FFTW US BNPP IP UK for the management of FX Page 118

357 Notes to the financial statements at 31/12/2015 Green Tigers Equity Europe Mid Cap Equity Japan Convertible Bond World Equity Europe Small Cap Equity Brazil Equity Latin America Equity Russia Equity Russia Opportunities Bond World High Yield Equity World Low Volatility Real Estate Securities Pacific Real Estate Securities World Equity High Dividend Europe Sub-fund Bond Best Selection World Emerging Bond USD Short Duration (formerly Bond USD Government) Bond World Emerging Corporate (Absorbed by the sub-fund Bond Best Selection World Emerging on 9 October 2015) Bond World Emerging Local Equity USA Mid Cap Equity Bric Equity Europe Growth Bond Asia ex-japan Bond USD Bond World Bond World Inflation-Linked Equity Best Selection Asia ex-japan Equity India Equity Indonesia Equity China Equity Best Selection Euro Investment managers BNPP AM France BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP AM France (until 17 August 2015) BNPP IP Japan (since 17 August 2015) BNPP IP UK for the management of FX BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP IP UK for the management of FX BNPP AM Brazil BNPP AM Brazil sub delegating to BNPP IP UK for the management of FX Alfred Berg AB, Sweden sub delegating to BNPP IP UK for the management of FX FFTW US sub delegating to BNPP IP UK for the management of FX BNPP AM France BNPP IP UK co-manager and for the management of FX THEAM BNPP IP Nederland BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP IP UK for the management of FX FFTW US BNPP IP UK co-manager and for the FX management Fairpointe BNPP IP UK for the FX management FFTW US sub delegating to BNPP IP Asia, to BNPP AM Brazil and to BNPP IP UK for the FX Management BNPP IP UK BNPP IP Singapore BNPP IP UK for the FX management BNPP IP UK FFTW US BNPP IP Asia BNPP AM France Sub delegating to BNPP IP Asia BNPP IP UK BNPP AM France Page 119

358 Notes to the financial statements at 31/12/2015 Sub-fund Equity Best Selection Europe Equity High Dividend USA Equity Europe Emerging Equity High Dividend Pacific Investment managers BNPP IP UK BNPP AM France sub delegating to BNPP IP UK for the FX Management River Road BNPP IP UK for the FX management Alfred Berg AB, Sweden advised by TEB sub delegating to BNPP IP UK for the FX Management BNPP IP Asia BNPP IP UK for the FX management Note 19 - Transaction fees Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage fees, custody fees, VAT, stock exchange fees, RTO fees (Reception and Transmission of Orders) and dilution levy. In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker s remuneration. Note 20 - Reclaiming withholding tax on dividends In several European Union countries, dividends paid out by companies are taxed differently depending on whether they are paid to domestic or foreign entities. In fact, when dividends are paid to a foreign entity, the foreign entity is sometimes subject to a withholding tax. This represents a difference in tax treatment, which is considered as a breach of European Union law and the principle of the free movement of capital. Since a number of decisions have been taken by the European Court of Justice and the Council of State in favour of foreign residents, the management company has applied for refunds of withholding tax paid on dividends received from foreign companies in respect of funds domiciled in Luxembourg where the prospect of obtaining such refunds is considered to be favourable to the funds concerned. As the tax reclaim procedures must be undertaken with the tax authorities concerned, the final result of these procedures and the time the tax authorities would take to respond cannot be predicted. Due to the uncertainty of the recoverability of the amounts, no accrual is recorded and it is booked under the caption Income on investments and when received. Note 21 - Post balance sheet event The accounting policy of the Company regarding the Indian Tax is described in note 2.p "Indian Tax". As from 23 March 2015, the Indian Revenue Authorities in Mumbai have issued some draft assessment orders to Foreign Institutional Investors ( FIIs )/Foreign Portfolio Investors ( FPIs ) modifying the interpretation of 'Minimum Alternative Tax ( MAT )' as contained in Section 115JB of the Income tax Act, 1961 ( the Act ). These draft assessment orders mentioned that, foreign investment funds investing in Indian securities may have to, depending on the request of the Indian Revenue Authorities and the results of potential future proceedings, pay MAT of % (including surcharge of 2% and education cess of 3%) on their net profits calculated in accordance with Indian rules like if there were Indian corporate entities. The taxes already paid on short term capital gains (15% base rate plus applicable surcharge and education cess) could be deducted from the MAT if this one has to be paid. The Tax Authorities could go backwards. It was clarified in the Budget 2015 that in case of FPIs, MAT provisions would not be applicable on capital gains earned by FPIs in India. However these provisions were proposed to be made effective from 1 April 2015 onwards. Therefore no MAT on capital gains had to be paid as from that date. However, FPIs are still be subject to a tax on net realised gains from Indian securities sold within one year from the date of purchase. Page 120

359 Notes to the financial statements at 31/12/2015 Following a contestation of the MAT by several asset managers, the Finance Minister of India constituted a high level Committee to examine this. Following the recommendations of the Committee, the Finance Minister and the Central Board of Direct Taxes issued a Circular to the Revenue officers instructing them not to apply MAT provisions against FPIs provided that (i) the FPI is a resident of a country with which India has a Double Taxation Avoidance Agreement (DTAA) and such FPI does not have a Permanent Establishment in accordance with such DTAA or (ii) where there is no DTAA in place, such FPI is not required to seek registration under the Companies Act in India. Pursuant to a decision of the Central Board of Direct Taxes Dispute Resolution Panel (DRP), issued on 29 December 2015, the DRP held that the Company is not in the application scope of MAT. The DRP s decision was reflected in a final assessment order issued to the Company by the Indian Tax Authorities on 28 January Technically, the Indian Tax Authorities can still appeal the decision of the DRP until 28 March However, the tax provisions also give powers to the DRP to condone delay in filing an appeal provided it is satisfied there was sufficient cause for the delay. Based on the above, no provision was made on this potential tax liability in these financial statements as the Indian Tax Authorities have already issued a final assessment order accepting the decision of the DRP, and accordingly the probability of an appeal against the DRP decision seems very low. Further, budget 2016 clarifies that MAT provisions would not be applicable on Capital Gains earned in India by FPIs with effect from 1 April 2001, subject to certain conditions. Page 121

360 Unaudited appendix Consideration of environmental, social and governance (ESG) criteria BNP Paribas Asset Management applies a Responsible Investment Policy which sets out a certain number of ESG criteria applicable to our investment decisions. This policy is based on the criteria of the United Nations Global Compact, an international framework built on international conventions relating to human rights, labour, the environment and anti-corruption. This global initiative is supplemented by criteria aimed at controlling investment in certain business sectors, such as nuclear and coal-fired power stations, and prohibiting investment in controversial products, such as anti-personnel mines and cluster bombs. The investment criteria and implementation principles included in our Responsible Investment Policy can be consulted on our website at Furthermore, with regard to this UCITS, BNP Paribas Asset Management has applied a Socially Responsible Investment (SRI) policy, the principles of which are described in the AFG-FIR-Eurosif Transparency Code available on our website at for the following sub-fund: - Green Tigers Global market risk exposure The Management Company of the Fund after a risk profile assessment, decides between the commitment approach and the VAR (99%, 1 Month) to determine the global market risk exposure. The VaR limit use (minimum, maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit (20% for absolute return VaR sub funds and 2 times benchmark VaR for relative VaR for relative VaR sub funds). The global market risk exposure information for the sub-funds using VaR for the year ending 31 December 2015, is as follows: Sub-fund Global Risk calculation Method VaR model Reference Portfolio VaR limit Lowest utilisation of VaR limit Highest utilisation of VaR limit Average utilisation of VaR limit Average level of leverage reached during the year Bond USD Relative VaR Historical VaR 100% Barclays US (Aggregate) 2 times Benchmark VaR 42.21% 73.46% 52.33% 135% Bond USD Short Duration (until 15 February 2015) Relative VaR Historical VaR JPM GBI United States / JPM USD (08/00-JPM 5/7 USD) 2 times Benchmark VaR 15.98% 88.29% 34.17% 16% Bond World Relative VaR Historical VaR Barclays Global Aggregate Gross Return 2 times Benchmark VaR 38.76% 59.19% 49.59% 170% Bond World Inflation- Linked Relative VaR Historical VaR Barclays WLD Government Inflation Linked All Mat (EUR HD) 2 times Benchmark VaR 47.37% 90.24% 65.38% 108% Convertible Bond Asia Relative VaR Historical VaR UBS Convertible Asia Ex-Japan until 20 November 2015; Thomson Reuters Asia ex-japan Convertible Bond (USD) since 23 November times Benchmark VaR 16.54% 38.89% 29.90% 37% Page 122

361 Unaudited appendix Sub-fund Convertible Bond World Global Risk calculation Method Relative VaR VaR model Historical VaR Reference Portfolio UBS Convertible Global Focus Vanilla (Hedged in EUR) (EUR) RI until 20 November 2015; Thomson Reuters Global Focus Hedged Convertible Bond (USD) since 23 November 2015 VaR limit 2 times Benchmark VaR Lowest utilisation of VaR limit Highest utilisation of VaR limit Average utilisation of VaR limit Average level of leverage reached during the year 27.24% 72.71% 41.80% 102% The sub-funds not disclosed in the table here above use the commitment approach in order to measure and monitor the global exposure. Page 123

362 A global presence Europe Austria Belgium France Germany Greece Italy Luxembourg Portugal Spain Switzerland The Netherlands UK North America Canada USA Latin America Argentina Brazil Chile Colombia Mexico Uruguay Asia Pacific Australia Brunei China Hong Kong India Indonesia Japan Malaysia Singapore South Korea Taiwan Nordics Denmark Finland Norway Sweden EEMEA Bahrain Czech Republic Kuwait Morocco Russia Turkey Office addresses can be found in the About Us section of 14, rue Bergère Paris - France