NN (L) PATRIMONIAL. Société d'investissement à Capital Variable. Semi-annual report and unaudited financial statements. R.C.S. Luxembourg N B

Transcription

1 NN (L) PATRIMONIAL Société d'investissement à Capital Variable R.C.S. Luxembourg N B Semiannual report and unaudited financial statements LUXEMBOURG

2 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL For additional information please contact: NN Investment Partners P.O. Box Schenkkade LL The Hague The Netherlands Tel or

3 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements Warning 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 semiannual report, if published thereafter. The prospectus, the statutes, the annual and semiannual reports are made available to the shareholders at the depositary bank and at the Company's registered office as well as at the local sales offices or main client servicing contacts identified in this report. They will also be sent free of charge to anyone who so requests. The information given in this report is for reference purposes only. It is not a guide to future results.

4 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL Table of contents Page Organisation 2 Combined statement Combined statement of net assets as at 31/03/ NN (L) Patrimonial Aggressive Statistics 6 Financial statements 8 Statement of net assets as at 31/03/ Securities portfolio as at 31/03/ Financial derivative instruments as at 31/03/ Summary of net assets as at 31/03/ NN (L) Patrimonial Balanced Statistics 10 Financial statements 11 Statement of net assets as at 31/03/ Securities portfolio as at 31/03/ Financial derivative instruments as at 31/03/ Summary of net assets as at 31/03/ NN (L) Patrimonial Balanced European Sustainable Statistics 13 Financial statements 15 Statement of net assets as at 31/03/ Securities portfolio as at 31/03/ Financial derivative instruments as at 31/03/ Summary of net assets as at 31/03/ NN (L) Patrimonial Defensive Statistics 22 Financial statements 23 Statement of net assets as at 31/03/ Securities portfolio as at 31/03/ Financial derivative instruments as at 31/03/ Summary of net assets as at 31/03/ Notes to the financial statements 25 Other information to shareholders 31 1

5 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements Organisation Registered Office Board of Directors Chairman Directors 3, rue Jean Piret, L2350 Luxembourg Dirk Buggenhout, Chief Operating Officer, NN Investment Partners (the "Group") Benoît De Belder, Head of Investment Risk, NN Investment Partners (the "Group") Sophie Mosnier, Independent Director Management Company Investment Manager NN Investment Partners Luxembourg S.A., 3, rue Jean Piret, L2350 Luxembourg NN Investment Partners Luxembourg S.A., 3, rue Jean Piret, L2350 Luxembourg delegated to NN Investment Partners B.V., 65, Schenkkade, 2595 AS, The Hague, The Netherlands Administrative, Registrar, Transfer and Paying Agent NN Investment Partners Luxembourg S.A., 3, rue Jean Piret, L2350 Luxembourg delegated to Brown Brothers Harriman (Luxembourg) S.C.A., 80, route d Esch, L1470 Luxembourg Depositary Cabinet de révision agréé Brown Brothers Harriman (Luxembourg) S.C.A., 80, route d Esch, L1470 Luxembourg KPMG Luxembourg, Société coopérative, 39, Avenue John F. Kennedy, L1855 Luxembourg 2

6 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL Organisation (continued) Local Sales offices or Main Client servicing contacts All other countries NN Investment Partners B.V. (Global Distributor except for the Italian Branch), 65 Schenkkade, 2595 AS, The Hague, The Netherlands Belgium NN Investment Partners Belgium, 23, Marnixlaan, 1000 Brussels, Belgium Czech Republic/Slovakia NN Investment Partners C.R., a.s., Bozděchova 344/2, Prague 5, Czech Republic France Greece NN Investment Partners B.V. French Branch, 5256, rue de la Victoire, Paris, France 3K Investment Partners M.F.M.C. S.A. (Business Contributor), 2529 Karneadou Str. GR Athens, Greece Germany NN Investment Partners B.V. Germany Branch, Westhafenplatz 1, Frankfurt am Main, Germany Italy/Austria Luxembourg NN Investment Partners Luxembourg S.A. Italian Branch, Via Santa Maria Segreta, 7/ Milan, Italy NN Investment Partners Luxembourg S.A., 3, rue Jean Piret, L2350 Luxembourg Romania Spain/Portugal NN Investment Partners B.V. Romania Branch, Str. Costache Negri Nr. 15 Opera Center I, Bucuresti , Romania NN Investment Partners B.V. Spanish Branch, Pº de la Castellana 141, 19th floor Madrid, Spain United Kingdom NN Investment Partners UK Branch, 25, Old Broad Street, London EC2N 1HQ, United Kingdom 3

7 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements Organisation (continued) Counterparties to overthecounter financial derivative instruments Forward foreign exchange contracts counterparties HSBC Bank Plc, 8, Canada Square, London E14 5HQ, United Kingdom JPMorgan Chase Bank, 25, Bank Street, Canary Wharf, London E14 5JP, United Kingdom State Street Global Markets Currency, One Lincoln Street, Boston MA , United States 4

8 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL Combined statement Combined statement of net assets as at 31/03/2018 Notes Total securities portfolio 2,158,648, Shares 145,362, Undertakings for collective investment 1,880,541, Bonds and other debt instruments 132,744, Total financial derivative instruments 865, Futures 865, Cash at bank 34,348, Margin deposits 13,037, Other assets 4,13 9,135, Total assets 2,216,035, Current liabilities 4 (8,812,161.37) Total financial derivative instruments (3,377,494.84) Forward foreign exchange contracts (182,135.70) Futures (3,195,359.14) Total liabilities (12,189,656.21) Net assets at the end of the period 2,203,845, The accompanying notes form an integral part of these financial statements. 5

9 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements NN (L) Patrimonial Aggressive Statistics Net assets 31/03/2018 EUR 280,525, EUR 215,709, EUR 148,622, Net asset value per share** Capitalisation I (EUR) 31/03/2018 EUR 5, EUR 5, EUR 5, Capitalisation P (EUR) 31/03/2018 EUR EUR EUR Capitalisation R (EUR) 31/03/2018 EUR EUR EUR Capitalisation X (EUR) 31/03/2018 EUR EUR EUR Capitalisation X Hedged (i) (CZK) 31/03/2018 CZK 11, CZK 12, CZK 11, Capitalisation Z (EUR) 31/03/2018 EUR 4, EUR EUR Distribution P (EUR) 31/03/2018 EUR 2, EUR 2, EUR 2, Distribution R (EUR) 31/03/2018 EUR EUR EUR Distribution X (EUR) 31/03/2018 EUR EUR EUR Number of shares Capitalisation I (EUR) 31/03/2018 2,190 2,305 2,481 Capitalisation P (EUR) 31/03/ , , ,998 Capitalisation R (EUR) 31/03/ Number of shares Capitalisation X (EUR) 31/03/ ,789 14,726 13,998 Capitalisation X Hedged (i) (CZK) 31/03/ ,746 45,418 40,272 Capitalisation Z (EUR) 31/03/ ,838 Distribution P (EUR) 31/03/ ,017 11,583 7,188 Distribution R (EUR) 31/03/ Distribution X (EUR) 31/03/2018 2,385 2,370 1,931 Dividend Distribution P (EUR) 14/12/2017 EUR Distribution X (EUR) 14/12/2017 EUR 0.85 Ongoing charges in %* Capitalisation I (EUR) 31/03/ % Capitalisation P (EUR) 31/03/ % Capitalisation R (EUR) 31/03/ % Capitalisation X (EUR) 31/03/ % Capitalisation X Hedged (i) (CZK) 31/03/ % Capitalisation Z (EUR) 31/03/ % Distribution P (EUR) 31/03/ % Distribution R (EUR) 31/03/ % Distribution X (EUR) 31/03/ % * The portfolio turnover data has been calculated by the Administrative Agent, using the method described in the CSSF Circular 2003/122 issued on December 19, 2003 (see note 14). The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. Transaction costs are included in the purchase/sale price of the securities (if any). These costs, which are not treated as operating expenses, are not included in the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. ** Official net asset value per share including a swing pricing adjustment, if any. 6

10 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL NN (L) Patrimonial Aggressive Statistics (continued) Portfolio turnover in %* 31/03/ % * The portfolio turnover data has been calculated by the Administrative Agent, using the method described in the CSSF Circular 2003/122 issued on December 19, 2003 (see note 14). The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. Transaction costs are included in the purchase/sale price of the securities (if any). These costs, which are not treated as operating expenses, are not included in the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. ** Official net asset value per share including a swing pricing adjustment, if any. 7

11 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements NN (L) Patrimonial Aggressive Financial statements Statement of net assets as at 31/03/2018 Notes Total securities portfolio 274,901, Undertakings for collective investment 274,901, Total financial derivative instruments 856, Futures 856, Cash at bank 3,714, Margin deposits 1,642, Other assets 4,13 797, Total assets 281,912, Current liabilities 4 (1,253,973.08) Total financial derivative instruments (132,786.32) Forward foreign exchange contracts (132,786.32) Total liabilities (1,386,759.40) Net assets at the end of the period 280,525, The accompanying notes form an integral part of these financial statements. 8

12 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL NN (L) Patrimonial Aggressive Securities portfolio as at 31/03/2018 Quantity/ Nominal Currency Market value % NAV Quantity Currency Commitment Unrealised profit or (loss) Undertakings for collective investment Open ended funds Luxembourg 20,975 NN (L) BANKING & INSURANCE I CAP USD USD 15,209, ,943 NN (L) CONSUMER GOODS I CAP USD USD 8,491, ,591 NN (L) EURO CREDIT I CAP EUR EUR 11,456, ,131 NN (L) EURO FIXED INCOME I CAP EUR EUR 19,448, ,332 NN (L) EUROPEAN SUSTAINABLE EQUITY I CAP EUR 28,815, EUR 631 NN (L) FIRST CLASS YIELD OPPORTUNITIES I CAP EUR 3,262, EUR 3,094 NN (L) FOOD & BEVERAGES I CAP USD USD 6,137, NN (L) GLOBAL CONVERTIBLE OPPORTUNITIES Z EUR 2,799, CAP EUR (HEDGED I) 65,441 NN (L) GLOBAL HIGH DIVIDEND I CAP EUR EUR 31,147, NN (L) GLOBAL REAL ESTATE I CAP EUR EUR 5,755, ,394 NN (L) GLOBAL SUSTAINABLE EQUITY I CAP EUR EUR 54,142, ,031 NN (L) HEALTH CARE I CAP USD USD 5,185, ,223 NN (L) INDUSTRIALS I CAP EUR EUR 9,886, ,423 NN (L) INFORMATION TECHNOLOGY I CAP USD USD 10,748, NN (L) JAPAN EQUITY Z CAP EUR EUR 4,880, ,851 NN (L) US ENHANCED CORE CONCENTRATED EQUITY I CAP EUR EUR 54,412, ,100 NN (L) UTILITIES I CAP USD USD 3,120, ,901, ,901, Total securities portfolio 274,901, (62) MSCI HEALTH CARE 15/06/2018 USD 1,507, , MSCI INDUSTRIALS 15/06/2018 USD 4,016, (102,690.57) (650) MSCI WORLD TELECOM 15/06/2018 USD 6,303, , (442) MSCI WORLD UTILITIES 15/06/2018 USD 8,081, (139,696.22) (148) S&P500 EMINI FUTURE 15/06/2018 USD 15,902, , Futures on interest rates 71,825, , EUROBUND FUTURE 07/06/2018 EUR 11,638, , EUROSCHATZ FUTURE 07/06/2018 EUR 8,398, , (42) US 10YR NOTE (CBT) 20/06/2018 USD 4,137, (47,397.83) 24,173, , Total financial derivative instruments 723, Summary of net assets as at 31/03/2018 % NAV Total securities portfolio 274,901, Total financial derivative instruments 723, Cash at bank 3,714, Other assets and liabilities 1,186, Total net assets 280,525, Financial derivative instruments as at 31/03/2018 To receive To pay Maturity date Commitment Unrealised profit or (loss) Forward foreign exchange contracts 594,893, CZK 23,405, EUR 10/04/ ,405, , ,566, EUR 39,900, CZK 10/04/2018 1,566, (4,969.52) 18,084, EUR 22,500, USD 16/05/ ,084, (153,985.86) 43,056, (132,786.32) Quantity Currency Commitment Unrealised profit or (loss) Futures on stock indices (264) EURO STOXX 50 15/06/2018 EUR 8,661, , (123) FTSE 100 INDEX FUTURE 15/06/2018 GBP 9,811, , MSCI EMERGING MARKET NT EUR 8,369, (232,798.20) 15/06/ MSCI ENERGY INDEX 15/06/2018 USD 9,170, , The accompanying notes form an integral part of these financial statements. 9

13 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements NN (L) Patrimonial Balanced Statistics Net assets 31/03/2018 EUR 941,013, EUR 778,417, EUR 603,142, Net asset value per share** Capitalisation I (EUR) 31/03/2018 EUR 5, EUR 5, EUR 5, Capitalisation P (EUR) 31/03/2018 EUR 1, EUR 1, EUR 1, Capitalisation R (EUR) 31/03/2018 EUR 1, EUR EUR Capitalisation X (EUR) 31/03/2018 EUR 1, EUR 1, EUR 1, Capitalisation Z (EUR) 31/03/2018 EUR 4, EUR EUR Distribution P (EUR) 31/03/2018 EUR 1, EUR 1, EUR 1, Distribution R (EUR) 31/03/2018 EUR 1, EUR EUR Distribution X (EUR) 31/03/2018 EUR EUR EUR Number of shares Capitalisation I (EUR) 31/03/2018 1,719 2,129 1,770 Capitalisation P (EUR) 31/03/ , , ,074 Number of shares Capitalisation Z (EUR) 31/03/ ,057 Distribution P (EUR) 31/03/ , , ,325 Distribution R (EUR) 31/03/2018 1,405 Distribution X (EUR) 31/03/ ,811 11,892 17,120 Dividend Distribution P (EUR) 14/12/2017 EUR 6.80 Distribution X (EUR) 14/12/2017 EUR 1.43 Ongoing charges in %* Capitalisation I (EUR) 31/03/ % Capitalisation P (EUR) 31/03/ % Capitalisation R (EUR) 31/03/ % Capitalisation X (EUR) 31/03/ % Capitalisation Z (EUR) 31/03/ % Distribution P (EUR) 31/03/ % Distribution R (EUR) 31/03/ % Distribution X (EUR) 31/03/ % Portfolio turnover in %* 31/03/ % Capitalisation R (EUR) 31/03/ Capitalisation X (EUR) 31/03/ ,726 24,883 34,469 * The portfolio turnover data has been calculated by the Administrative Agent, using the method described in the CSSF Circular 2003/122 issued on December 19, 2003 (see note 14). The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. Transaction costs are included in the purchase/sale price of the securities (if any). These costs, which are not treated as operating expenses, are not included in the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. ** Official net asset value per share including a swing pricing adjustment, if any. 10

14 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL NN (L) Patrimonial Balanced Financial statements Statement of net assets as at 31/03/2018 Notes Total securities portfolio 919,330, Undertakings for collective investment 919,330, Cash at bank 15,506, Margin deposits 7,126, Other assets 4 3,678, Total assets 945,642, Current liabilities 4 (2,533,079.53) Total financial derivative instruments (2,095,754.90) Futures (2,095,754.90) Total liabilities (4,628,834.43) Net assets at the end of the period 941,013, The accompanying notes form an integral part of these financial statements. 11

15 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements NN (L) Patrimonial Balanced Securities portfolio as at 31/03/2018 Quantity/ Nominal Currency Market value % NAV Quantity Currency Commitment Unrealised profit or (loss) Undertakings for collective investment Open ended funds Luxembourg 30,193 NN (L) BANKING & INSURANCE I CAP USD USD 21,892, NN (L) CONSUMER GOODS I CAP USD USD 909, ,771 NN (L) EURO CREDIT I CAP EUR EUR 63,053, ,470 NN (L) EURO FIXED INCOME I CAP EUR EUR 185,183, ,583 NN (L) EURO LONG DURATION BOND I CAP EUR EUR 80,826, ,062 NN (L) EURO SHORT DURATION I CAP EUR EUR 59,670, ,039 NN (L) EUROMIX BOND I CAP EUR EUR 68,990, ,243 NN (L) EUROPEAN SUSTAINABLE EQUITY I CAP EUR EUR 54,830, ,060 NN (L) FIRST CLASS YIELD OPPORTUNITIES I CAP EUR EUR 15,821, ,767 NN (L) GLOBAL CONVERTIBLE OPPORTUNITIES Z CAP EUR (HEDGED I) EUR 9,795, ,047 NN (L) GLOBAL HIGH DIVIDEND I CAP EUR EUR 69,512, ,079 NN (L) GLOBAL REAL ESTATE I CAP EUR EUR 7,961, ,511 NN (L) GLOBAL SUSTAINABLE EQUITY I CAP EUR EUR 129,068, ,845 NN (L) INDUSTRIALS I CAP EUR EUR 5,453, ,553 NN (L) INFORMATION TECHNOLOGY I CAP USD USD 10,936, ,424 NN (L) JAPAN EQUITY Z CAP EUR EUR 20,646, ,145 NN (L) US ENHANCED CORE CONCENTRATED EQUITY I CAP EUR EUR 113,793, ,290 NN (L) UTILITIES I CAP USD USD 981, ,330, (149) US 10YR NOTE (CBT) 20/06/2018 USD 14,676, (168,149.43) 58,200, (946,199.43) Total financial derivative instruments (2,095,754.90) Summary of net assets as at 31/03/2018 % NAV Total securities portfolio 919,330, Total financial derivative instruments (2,095,754.90) (0.22) Cash at bank 15,506, Other assets and liabilities 8,272, Total net assets 941,013, ,330, Total securities portfolio 919,330, Financial derivative instruments as at 31/03/2018 Quantity Currency Commitment Unrealised profit or (loss) Futures on stock indices (180) FTSE 100 INDEX FUTURE 15/06/2018 GBP 14,358, , MSCI EMERGING MARKET NT EUR 24,868, (657,492.60) 15/06/ MSCI ENERGY INDEX 15/06/2018 USD 18,341, , (200) MSCI HEALTH CARE 15/06/2018 USD 4,864, , MSCI INDUSTRIALS 15/06/2018 USD 11,475, (293,401.63) (2,000) MSCI WORLD TELECOM 15/06/2018 USD 19,393, , (1,100) MSCI WORLD UTILITIES 15/06/2018 USD 20,111, (347,660.28) 292 S&P500 EMINI FUTURE 15/06/2018 USD 31,376, (898,071.46) Futures on interest rates 144,789, (1,149,555.47) (273) EUROBUND FUTURE 07/06/2018 EUR 43,524, (778,050.00) The accompanying notes form an integral part of these financial statements. 12

16 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL NN (L) Patrimonial Balanced European Sustainable Statistics Net assets 31/03/2018 EUR 287,605, EUR 193,221, EUR 100,176, Net asset value per share** Capitalisation N (EUR) 31/03/2018 EUR EUR EUR Capitalisation P (EUR) 31/03/2018 EUR EUR EUR Capitalisation P Hedged (ii) (EUR)*** 31/03/2018 EUR EUR EUR Capitalisation R Hedged (ii) (EUR) 31/03/2018 EUR EUR EUR Capitalisation X Hedged (i) (CZK) 31/03/2018 CZK 8, CZK 8, CZK 8, Capitalisation X Hedged (ii) (EUR)*** 31/03/2018 EUR EUR EUR Distribution P (EUR) 31/03/2018 EUR 2, EUR 2, EUR Distribution P Hedged (ii) (EUR)*** 31/03/2018 EUR 2, EUR 2, EUR 2, Distribution R Hedged (ii) (EUR) 31/03/2018 EUR 2, EUR EUR Number of shares Capitalisation N (EUR) 31/03/2018 3,221 1,392 Capitalisation P (EUR) 31/03/ Capitalisation P Hedged (ii) (EUR)*** 31/03/ , , ,257 Number of shares Capitalisation R Hedged (ii) (EUR) 31/03/2018 2,728 Capitalisation X Hedged (i) (CZK) 31/03/ ,718 9,752 6,564 Capitalisation X Hedged (ii) (EUR)*** 31/03/2018 5,895 5,213 5,384 Distribution P (EUR) 31/03/ Distribution P Hedged (ii) (EUR)*** 31/03/ ,050 36,115 10,983 Distribution R Hedged (ii) (EUR) 31/03/ Dividend Distribution P (EUR) 14/12/2017 EUR 5.52 Distribution P Hedged (ii) (EUR)*** Ongoing charges in %* 14/12/2017 EUR Capitalisation N (EUR) 31/03/ % Capitalisation P (EUR) 31/03/ % Capitalisation P Hedged (ii) (EUR)*** 31/03/ % Capitalisation R Hedged (ii) (EUR) 31/03/ % Capitalisation X Hedged (i) (CZK) 31/03/ % Capitalisation X Hedged (ii) (EUR)*** 31/03/ % Distribution P (EUR) 31/03/ % Distribution P Hedged (ii) (EUR)*** 31/03/ % Distribution R Hedged (ii) (EUR) 31/03/ % * The portfolio turnover data has been calculated by the Administrative Agent, using the method described in the CSSF Circular 2003/122 issued on December 19, 2003 (see note 14). The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. Transaction costs are included in the purchase/sale price of the securities (if any). These costs, which are not treated as operating expenses, are not included in the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. ** Official net asset value per share including a swing pricing adjustment, if any. *** Following the change of denomination of the sub fund and implementation of the "Investment objective and policy" effective as from December 15, 2016, existing share classes changed into hedged share classes as from the same date. 13

17 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements NN (L) Patrimonial Balanced European Sustainable Statistics (continued) Portfolio turnover in %* 31/03/ % * The portfolio turnover data has been calculated by the Administrative Agent, using the method described in the CSSF Circular 2003/122 issued on December 19, 2003 (see note 14). The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. Transaction costs are included in the purchase/sale price of the securities (if any). These costs, which are not treated as operating expenses, are not included in the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year. ** Official net asset value per share including a swing pricing adjustment, if any. 14

18 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL NN (L) Patrimonial Balanced European Sustainable Financial statements Statement of net assets as at 31/03/2018 Notes Total securities portfolio 278,106, Shares 145,362, Bonds and other debt instruments 132,744, Total financial derivative instruments 9, Futures 9, Cash at bank 6,754, Margin deposits 448, Other assets 4 3,903, Total assets 289,222, Current liabilities 4 (1,566,890.93) Total financial derivative instruments (49,349.38) Forward foreign exchange contracts (49,349.38) Total liabilities (1,616,240.31) Net assets at the end of the period 287,605, The accompanying notes form an integral part of these financial statements. 15

19 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements NN (L) Patrimonial Balanced European Sustainable Securities portfolio as at 31/03/2018 Quantity/ Nominal Currency Market value % NAV Quantity/ Nominal Currency Market value % NAV Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market United Kingdom Shares 182,114 BUNZL PLC GBP 4,351, ,386 CLINIGEN GROUP PLC GBP 2,578, ,938 CVS GROUP PLC GBP 2,171, ,252 DECHRA PHARMACEUTICALS PLC GBP 3,125, ,655 INFORMA PLC GBP 2,161, ,569 JOHNSON MATTHEY PLC GBP 4,148, ,103 PRUDENTIAL PLC GBP 4,891, ,820 RECKITT BENCKISER GROUP PLC GBP 5,149, ,034 SSE PLC GBP 2,984, ,794 3I GROUP PLC GBP 3,936, ,497, Germany 14,098 CONTINENTAL AG EUR 3,162, ,935 DEUTSCHE TELEKOM AG REG EUR 4,066, ,651 FRESENIUS SE & CO KGAA EUR 2,646, ,551 GERRESHEIMER AG EUR 1,369, ,778 LINDE AG TENDER EUR 3,555, ,839 SIEMENS AG REG EUR 4,434, ,616 STRATEC BIOMEDICAL AG EUR 2,834, ,431 UNITED INTERNET AG REG EUR 2,934, ,515 WIRECARD AG EUR 3,790, ,555 ZALANDO SE EUR 3,257, ,051, Netherlands 117,051 ASR NEDERLAND NV EUR 4,064, ,357 KONINKLIJKE DSM NV EUR 2,367, ,665 UNILEVER NV CVA EUR 6,544, ,975, Spain 191,096 CELLNEX TELECOM SA EUR 4,144, ,805 GRUPO CATALANA OCCIDENTE SA EUR 1,940, ,483 REPSOL SA EUR 2,544, ,949 SIEMENS GAMESA RENEWABLE ENERGY SA EUR 2,630, ,259, France 47,929 AMUNDI SA EUR 3,127, ,760 CRITEO SA ADR USD 1,696, ,691 ESSILOR INTERNATIONAL CIE GENERALE D'OPTIQUE SA EUR 3,034, ,947 SARTORIUS STEDIM BIOTECH EUR 2,273, ,132, Norway 490,977 ORKLA ASA NOK 4,278, ,439 STATOIL ASA NOK 1,194, ,066 YARA INTERNATIONAL ASA NOK 2,539, ,012, Switzerland 4,436 DORMAKABA HOLDING AG REG CHF 2,815, ,344 LANDIS+GYR GROUP AG CHF 2,784, ,572 STRAUMANN HOLDING AG REG CHF 1,825, ,425, Denmark 71,475 NOVO NORDISK A/S B DKK 2,852, ,960 NOVOZYMES A/S B DKK 2,806, ,658, Italy 1,138,936 INTESA SANPAOLO SPA EUR 3,363, ,335 REPLY SPA EUR 1,718, ,082, Faroe Islands 96,614 BAKKAFROST P/F NOK 4,292, ,292, United States 2,433 BOOKING HOLDINGS INC USD 4,115, ,115, Sweden 176,201 INTRUM JUSTITIA AB SEK 4,049, ,049, Ireland 695,561 AIB GROUP PLC EUR 3,401, ,401, Israel 18,912 FRUTAROM INDUSTRIES LTD ILS 1,406, ,406, Bonds and other debt instruments 145,362, France 3,000,000 AGENCE FRANCAISE DE DEVELOPPEMENT 0.125% 15/11/2023 EUR 2,975, ,200,000 AGENCE FRANCAISE DE DEVELOPPEMENT 1.375% EUR 1,272, /09/ ,000 APRR SA 1.125% 15/01/2021 EUR 307, ,000 APRR SA 1.625% 13/01/2032 EUR 199, ,000 ARKEMA SA 1.500% 20/04/2027 EUR 203, ,000 ARKEMA SA 3.125% 06/12/2023 EUR 221, ,000 AXA SA FRN PERP EUR 107, ,000 AXA SA 28/05/2049 FRN EUR 174, ,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 402, % 14/06/ ,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 293, % 17/07/ ,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 110, % 18/03/ ,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 218, % 21/05/ ,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 112, % 28/11/ ,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 109, % 20/07/ ,000 BPCE SA 0.375% 05/10/2023 EUR 98, ,000 BPCE SA 08/07/2026 FRN EUR 105, ,000 BPCE SA 1.375% 23/03/2026 EUR 99, ,000 BPCE SA 30/11/2027 FRN EUR 213, ,000 CAISSE DES DEPOTS ET CONSIGNATIONS 0.200% EUR 202, /03/2022 The accompanying notes form an integral part of these financial statements. 16

20 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL NN (L) Patrimonial Balanced European Sustainable Securities portfolio as at 31/03/2018 (continued) Quantity/ Nominal Currency Market value % NAV Quantity/ Nominal Currency Market value % NAV 300,000 CASINO GUICHARD PERRACHON SA 5.731% 12/11/2018 EUR 309, ,000 CREDIT AGRICOLE ASSURANCES SA 29/01/2048 FRN EUR 95, ,000 CREDIT AGRICOLE SA/LONDON 0.750% 01/12/2022 EUR 202, ,000 CREDIT AGRICOLE SA/LONDON 1.250% 14/04/2026 EUR 100, ,000 CREDIT AGRICOLE SA/LONDON 1.375% 13/03/2025 EUR 101, ,000 CREDIT AGRICOLE SA/LONDON 1.875% 20/12/2026 EUR 103, ,000 CREDIT AGRICOLE SA/LONDON 3.125% 17/07/2023 EUR 225, ,000 EUTELSAT SA 1.125% 23/06/2021 EUR 410, ,000 FRANCE GOVERNMENT BOND OAT 0.500% 25/05/2025 EUR 332, ,882 FRANCE GOVERNMENT BOND OAT 0.500% 25/05/2026 EUR 649, ,379,408 FRANCE GOVERNMENT BOND OAT 0.500% 25/11/2019 EUR 1,403, ,000 FRANCE GOVERNMENT BOND OAT 1.000% 25/11/2025 EUR 315, ,000 FRANCE GOVERNMENT BOND OAT 1.250% 25/05/2036 EUR 254, ,000 FRANCE GOVERNMENT BOND OAT 1.750% 25/05/2023 EUR 515, ,581 FRANCE GOVERNMENT BOND OAT 1.750% 25/11/2024 EUR 376, ,926 FRANCE GOVERNMENT BOND OAT 2.000% 25/05/2048 EUR 213, ,000 FRANCE GOVERNMENT BOND OAT 2.500% 25/05/2030 EUR 737, ,000 FRANCE GOVERNMENT BOND OAT 2.750% 25/10/2027 EUR 404, ,000 FRANCE GOVERNMENT BOND OAT 3.000% 25/04/2022 EUR 932, ,000 FRANCE GOVERNMENT BOND OAT 3.250% 25/05/2045 EUR 261, ,000 FRANCE GOVERNMENT BOND OAT 3.250% 25/10/2021 EUR 627, ,000 FRANCE GOVERNMENT BOND OAT 3.500% 25/04/2026 EUR 509, ,400 FRANCE GOVERNMENT BOND OAT 3.750% 25/04/2021 EUR 644, ,000 FRANCE GOVERNMENT BOND OAT 4.000% 25/04/2060 EUR 495, ,000 FRANCE GOVERNMENT BOND OAT 4.000% 25/10/2038 EUR 404, ,000 FRANCE GOVERNMENT BOND OAT 4.250% 25/10/2023 EUR 720, ,000 FRANCE GOVERNMENT BOND OAT 4.500% 25/04/2041 EUR 388, ,000 FRANCE GOVERNMENT BOND OAT 4.750% 25/04/2035 EUR 309, ,000 FRANCE GOVERNMENT BOND OAT 5.500% 25/04/2029 EUR 435, ,000 FRANCE GOVERNMENT BOND OAT 5.750% 25/10/2032 EUR 353, ,000 FRENCH REPUBLIC GOVERNMENT BOND OAT 0.250% 25/11/2020 EUR 813, ,000 IMERYS SA 1.500% 15/01/2027 EUR 100, ,000 ITALCEMENTI FINANCE SA 5.375% 19/03/2020 EUR 220, ,000 KERING SA 0.875% 28/03/2022 EUR 509, ,000 ORANGE SA 1.375% 16/01/2030 EUR 97, ,000 ORANGE SA 1.375% 20/03/2028 EUR 199, ,000 PERNOD RICARD SA 2.125% 27/09/2024 EUR 430, ,000 PSA BANQUE FRANCE SA 0.625% 10/10/2022 EUR 230, ,000 RCI BANQUE SA 0.250% 12/07/2021 EUR 199, ,000 RCI BANQUE SA 0.750% 26/09/2022 EUR 110, ,000 RCI BANQUE SA 1.000% 17/05/2023 EUR 303, ,000 RCI BANQUE SA 1.375% 08/03/2024 EUR 102, ,000 REGIE AUTONOME DES TRANSPORTS PARISIENS 0.875% 25/05/2027 EUR 805, ,000 REGION OF ILE DE FRANCE 0.625% 23/04/2027 EUR 98, ,000 REGION OF ILE DE FRANCE 1.375% 14/03/2029 EUR 419, ,000 REGION OF ILE DE FRANCE 2.375% 24/04/2026 EUR 114, ,000 REGION OF ILE DE FRANCE 3.625% 27/03/2024 EUR 239, ,400,000 SNCF RESEAU EPIC 1.000% 09/11/2031 EUR 1,368, ,000 SOCIETE GENERALE SA 1.000% 01/04/2022 EUR 101, ,000 SOCIETE GENERALE SA 1.125% 23/01/2025 EUR 99, ,000 TOTAL SA FRN PERP EUR 106, ,000 TOTAL SA FRN PERP EUR 219, ,000 UBISOFT ENTERTAINMENT SA 1.289% 30/01/2023 EUR 100, ,000 VALEO SA 1.625% 18/03/2026 EUR 309, ,000 WPP FINANCE SA 2.250% 22/09/2026 EUR 209, ,773, Netherlands 100,000 ALLIANDER NV FRN PERP EUR 99, ,000,000 ALLIANDER NV 0.875% 22/04/2026 EUR 1,996, ,000 ASML HOLDING NV 0.625% 07/07/2022 EUR 201, ,000 ATRADIUS FINANCE BV 23/09/2044 FRN EUR 114, ,000 BRENNTAG FINANCE BV 1.125% 27/09/2025 EUR 595, ,000 COOPERATIEVE RABOBANK UA 4.125% 12/01/2021 EUR 333, ,000 COOPERATIEVE RABOBANK UA 4.125% 14/01/2020 EUR 107, ,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 0.875% 30/01/2024 EUR 100, ,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 1.125% 22/05/2026 EUR 199, ,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 1.375% 30/01/2027 EUR 301, ,000 EDP FINANCE BV 2.625% 18/01/2022 EUR 432, ,000 EDP FINANCE BV 4.125% 29/06/2020 EUR 218, ,000 ELM BV FOR SWISS REINSURANCE CO LTD FRN PERP EUR 303, ,000 ENEXIS HOLDING NV 0.875% 28/04/2026 EUR 296, ,000 GAS NATURAL FENOSA FINANCE BV 0.875% 15/05/2025 EUR 195, ,000 GAS NATURAL FENOSA FINANCE BV 1.375% 19/01/2027 EUR 197, ,000 ING BANK NV 0.700% 16/04/2020 EUR 202, ,000 ING BANK NV 0.750% 24/11/2020 EUR 203, ,000 ING BANK NV 21/11/2023 FRN EUR 102, ,000 ING GROEP NV 1.125% 14/02/2025 EUR 198, ,000 ING GROEP NV 26/09/2029 FRN EUR 295, ,000 NEDERLANDSE WATERSCHAPSBANK NV 0.625% 03/07/2019 EUR 202, ,200,000 NEDERLANDSE WATERSCHAPSBANK NV 1.000% 03/09/2025 EUR 2,280, ,000 NETHERLANDS GOVERNMENT BOND 0.250% 15/07/2025 EUR 534, ,000 NETHERLANDS GOVERNMENT BOND 1.750% 15/07/2023 EUR 331, ,000 NETHERLANDS GOVERNMENT BOND 2.250% 15/07/2022 EUR 503, ,000 NETHERLANDS GOVERNMENT BOND 2.750% 15/01/2047 EUR 128, ,000 NETHERLANDS GOVERNMENT BOND 3.500% 15/07/2020 EUR 302, ,000 NETHERLANDS GOVERNMENT BOND 3.750% 15/01/2042 EUR 238, ,000 NETHERLANDS GOVERNMENT BOND 4.000% 15/01/2037 EUR 274, ,000 NIBC BANK NV 1.500% 31/01/2022 EUR 206, ,000 RELX FINANCE BV 1.500% 13/05/2027 EUR 499, ,000 REPSOL INTERNATIONAL FINANCE BV 2.125% 16/12/2020 EUR 210, ,000 REPSOL INTERNATIONAL FINANCE BV 2.250% 10/12/2026 EUR 109, ,190,000 TENNET HOLDING BV FRN PERP EUR 1,213, ,000 TENNET HOLDING BV 0.750% 26/06/2025 EUR 297, ,500,000 TENNET HOLDING BV 0.875% 04/06/2021 EUR 1,535, ,100,000 TENNET HOLDING BV 1.000% 13/06/2026 EUR 1,102, The accompanying notes form an integral part of these financial statements. 17

21 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements NN (L) Patrimonial Balanced European Sustainable Securities portfolio as at 31/03/2018 (continued) Quantity/ Nominal Currency Market value % NAV Quantity/ Nominal Currency Market value % NAV 100,000 VONOVIA FINANCE BV 1.500% 14/01/2028 EUR 97, ,000 VONOVIA FINANCE BV 2.125% 22/03/2030 EUR 201, ,000 VONOVIA FINANCE BV 2.250% 15/12/2023 EUR 107, ,076, Italy 2,040,000 FERROVIE DELLO STATO ITALIANE SPA 0.875% 07/12/2023 EUR 2,036, ,300,000 HERA SPA 2.375% 04/07/2024 EUR 1,416, ,000 INTESA SANPAOLO SPA 1.125% 04/03/2022 EUR 203, ,000 INTESA SANPAOLO SPA 1.375% 18/01/2024 EUR 101, ,000 INTESA SANPAOLO SPA 1.750% 20/03/2028 EUR 249, ,000 INTESA SANPAOLO SPA 3.000% 28/01/2019 EUR 102, ,000 INTESA SANPAOLO SPA 4.000% 08/11/2018 EUR 204, ,297,000 ITALY BUONI POLIENNALI DEL TESORO 0.700% EUR 1,322, /05/2020 1,745,000 ITALY BUONI POLIENNALI DEL TESORO 0.950% EUR 1,771, /03/ ,000 ITALY BUONI POLIENNALI DEL TESORO 1.450% EUR 316, /11/2024 1,723,000 ITALY BUONI POLIENNALI DEL TESORO 1.600% EUR 1,738, /06/2026 1,213,000 ITALY BUONI POLIENNALI DEL TESORO 2.250% EUR 1,182, /09/ ,000 ITALY BUONI POLIENNALI DEL TESORO 2.700% EUR 59, /03/ ,000 ITALY BUONI POLIENNALI DEL TESORO 3.250% EUR 406, /09/ ,000 ITALY BUONI POLIENNALI DEL TESORO 3.750% EUR 931, /05/2021 1,180,000 ITALY BUONI POLIENNALI DEL TESORO 3.750% EUR 1,322, /08/2021 1,085,000 ITALY BUONI POLIENNALI DEL TESORO 4.250% EUR 1,156, /09/ ,000 ITALY BUONI POLIENNALI DEL TESORO 4.750% EUR 549, /09/ ,000 ITALY BUONI POLIENNALI DEL TESORO 4.750% EUR 366, /09/ ,000 ITALY BUONI POLIENNALI DEL TESORO 5.000% EUR 709, /08/ ,000 ITALY BUONI POLIENNALI DEL TESORO 5.000% EUR 236, /08/ ,000 TELECOM ITALIA SPA/MILANO 2.375% EUR 338, /10/ ,000 UNICREDIT SPA 1.500% 19/06/2019 EUR 101, ,822, Germany 65,000 BASF SE 0.875% 15/11/2027 EUR 63, ,000 BUNDESOBLIGATION 0.250% 16/10/2020 EUR 319, ,000 BUNDESOBLIGATION 0.500% 12/04/2019 EUR 445, ,000 BUNDESREPUBLIK DEUTSCHLAND EUR 184, BUNDESANLEIHE 1.250% 15/08/ ,000 BUNDESREPUBLIK DEUTSCHLAND EUR 937, BUNDESANLEIHE 1.500% 04/09/2022 1,221,000 BUNDESREPUBLIK DEUTSCHLAND EUR 1,330, BUNDESANLEIHE 1.500% 15/05/ ,000 BUNDESREPUBLIK DEUTSCHLAND EUR 740, BUNDESANLEIHE 2.500% 04/01/ ,000 BUNDESREPUBLIK DEUTSCHLAND EUR 306, BUNDESANLEIHE 2.500% 04/07/ ,000 BUNDESREPUBLIK DEUTSCHLAND EUR 260, BUNDESANLEIHE 2.500% 15/08/ ,025 BUNDESREPUBLIK DEUTSCHLAND EUR 814, BUNDESANLEIHE 3.250% 04/07/ ,000 BUNDESREPUBLIK DEUTSCHLAND EUR 279, BUNDESANLEIHE 4.000% 04/01/2037 1,000,000 BUNDESREPUBLIK DEUTSCHLAND EUR 1,427, BUNDESANLEIHE 4.750% 04/07/ ,000 BUNDESREPUBLIK DEUTSCHLAND EUR 479, BUNDESANLEIHE 4.750% 04/07/ ,000 BUNDESREPUBLIK DEUTSCHLAND EUR 354, BUNDESANLEIHE 4.750% 04/07/ ,199 BUNDESREPUBLIK DEUTSCHLAND EUR 681, BUNDESANLEIHE 5.500% 04/01/ ,000 COMMERZBANK AG 4.000% 23/03/2026 EUR 89, ,000 EUROGRID GMBH 1.500% 18/04/2028 EUR 403, ,000 EUROGRID GMBH 1.875% 10/06/2025 EUR 211, ,000 HEIDELBERGCEMENT AG 2.250% 03/06/2024 EUR 534, ,000 KREDITANSTALT FUER WIEDERAUFBAU 0.050% 30/05/2024 EUR 567, ,000,000 KREDITANSTALT FUER WIEDERAUFBAU 0.125% 27/10/2020 EUR 1,012, ,000 MERCK KGAA 12/12/2074 FRN EUR 109, ,000 MERCK KGAA 12/12/2074 FRN EUR 156, ,000 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG IN MUENCHEN 26/05/2042 FRN EUR 362, ,000 NRW BANK 0.250% 05/11/2018 EUR 150, ,350,000 NRW BANK 0.375% 17/11/2026 EUR 1,316, ,000,000 NRW BANK 0.875% 10/11/2025 EUR 1,024, ,000 SANTANDER CONSUMER BANK AG 0.750% 17/10/2022 EUR 100, ,000 SYMRISE AG 1.750% 10/07/2019 EUR 408, ,071, Supranational Multinational 2,000,000 EUROPEAN INVESTMENT BANK 0.500% 15/11/2023 EUR 2,037, ,700,000 EUROPEAN INVESTMENT BANK 1.250% 13/11/2026 EUR 2,852, ,150,000 EUROPEAN INVESTMENT BANK 1.375% 15/11/2019 EUR 2,214, ,500,000 NORDIC INVESTMENT BANK 0.125% 10/06/2024 EUR 3,470, ,577,000 NORDIC INVESTMENT BANK 0.375% 19/09/2022 EUR 1,603, ,179, Spain 1,800,000 ADIF ALTA VELOCIDAD 0.800% 05/07/2023 EUR 1,833, ,000 BANCO DE SABADELL SA 0.875% 05/03/2023 EUR 199, ,000 CAIXABANK SA 0.750% 18/04/2023 EUR 99, ,000 CAIXABANK SA 1.125% 12/01/2023 EUR 100, ,000 CAIXABANK SA 1.125% 17/05/2024 EUR 99, ,000 MERLIN PROPERTIES SOCIMI SA 2.375% EUR 106, /05/ ,000 SANTANDER ISSUANCES SAU 2.500% 18/03/2025 EUR 104, ,000 SANTANDER ISSUANCES SAU 3.250% 04/04/2026 EUR 108, ,000 SPAIN GOVERNMENT BOND 1.600% 30/04/2025 EUR 933, ,000 SPAIN GOVERNMENT BOND 1.950% 30/04/2026 EUR 710, ,000 SPAIN GOVERNMENT BOND 2.350% 30/07/2033 EUR 183, ,988,000 SPAIN GOVERNMENT BOND 2.750% 30/04/2019 EUR 2,055, ,000 SPAIN GOVERNMENT BOND 2.900% 31/10/2046 EUR 105, ,000 SPAIN GOVERNMENT BOND 4.200% 31/01/2037 EUR 403, ,000 SPAIN GOVERNMENT BOND 4.400% 31/10/2023 EUR 954, ,000 SPAIN GOVERNMENT BOND 5.150% 31/10/2044 EUR 799, ,149,000 SPAIN GOVERNMENT BOND 5.500% 30/04/2021 EUR 1,351, ,000 SPAIN GOVERNMENT BOND 5.750% 30/07/2032 EUR 557, ,000 TELEFONICA EMISIONES SAU 1.447% 22/01/2027 EUR 98, ,000 TELEFONICA EMISIONES SAU 1.460% 13/04/2026 EUR 300, ,106, Austria 368,000 AUSTRIA GOVERNMENT BOND 0.500% EUR 364, /04/ ,000 AUSTRIA GOVERNMENT BOND 1.650% EUR 202, /10/ ,000 AUSTRIA GOVERNMENT BOND 3.150% EUR 324, /06/ ,000 AUSTRIA GOVERNMENT BOND 3.500% EUR 410, /09/2021 The accompanying notes form an integral part of these financial statements. 18

22 Semiannual report and unaudited financial statements NN (L) PATRIMONIAL NN (L) Patrimonial Balanced European Sustainable Securities portfolio as at 31/03/2018 (continued) Quantity/ Nominal Currency Market value % NAV Quantity/ Nominal Currency Market value % NAV 187,000 AUSTRIA GOVERNMENT BOND 4.150% 15/03/2037 EUR 284, ,000 ERSTE GROUP BANK AG 1.875% 13/05/2019 EUR 204, ,000 ERSTE GROUP BANK AG 7.125% 10/10/2022 EUR 126, ,000 RAIFFEISEN BANK INTERNATIONAL AG 6.000% 16/10/2023 EUR 120, ,000 TELEKOM FINANZMANAGEMENT GMBH 1.500% 07/12/2026 EUR 203, ,000 UNICREDIT BANK AUSTRIA AG 2.500% 27/05/2019 EUR 205, ,500,000 VERBUND AG 1.500% 20/11/2024 EUR 2,606, ,000 VOESTALPINE AG 1.375% 27/09/2024 EUR 174, ,000 VOESTALPINE AG 2.250% 14/10/2021 EUR 104, ,000 VOESTALPINE AG 4.000% 05/10/2018 EUR 81, ,416, United States 200,000 ABBVIE INC 1.375% 17/05/2024 EUR 202, ,000 AT&T INC 1.800% 05/09/2026 EUR 554, ,000 AT&T INC 2.350% 05/09/2029 EUR 306, ,000 AT&T INC 3.150% 04/09/2036 EUR 127, ,000 BANK OF AMERICA CORP 07/02/2025 FRN EUR 507, ,000 BERKSHIRE HATHAWAY INC 0.750% 16/03/2023 EUR 100, ,000 BERKSHIRE HATHAWAY INC 1.300% 15/03/2024 EUR 205, ,000 COCACOLA EUROPEAN PARTNERS US LLC 1.875% EUR 206, /03/ ,000 GOLDMAN SACHS GROUP INC/THE 1.375% EUR 405, /05/ ,000 INTERNATIONAL BUSINESS MACHINES CORP EUR 200, % 23/05/ ,000 METROPOLITAN LIFE GLOBAL FUNDING I 0.875% EUR 101, /01/ ,000 METROPOLITAN LIFE GLOBAL FUNDING I 2.375% EUR 108, /01/ ,000 MORGAN STANLEY 1.750% 11/03/2024 EUR 413, ,000 MORGAN STANLEY 1.750% 30/01/2025 EUR 308, ,000 MORGAN STANLEY 23/10/2026 FRN EUR 196, ,000 NATIONAL GRID NORTH AMERICA INC 0.750% EUR 101, /02/ ,000 PARKERHANNIFIN CORP 1.125% 01/03/2025 EUR 300, ,000 PROCTER & GAMBLE CO/THE 2.000% 16/08/2022 EUR 214, ,000 THERMO FISHER SCIENTIFIC INC 1.950% EUR 99, /07/2029 4,661, Belgium 300,000 ANHEUSERBUSCH INBEV SA/NV 2.250% EUR 316, /09/ ,000 ANHEUSERBUSCH INBEV SA/NV 2.750% EUR 212, /03/ ,000 BELFIUS BANK SA/NV 1.000% 26/10/2024 EUR 98, ,000 BELFIUS BANK SA/NV 3.125% 11/05/2026 EUR 108, ,000 BELGIUM GOVERNMENT BOND 1.000% EUR 423, /06/ ,000 BELGIUM GOVERNMENT BOND 2.250% EUR 370, /06/ ,000 BELGIUM GOVERNMENT BOND 3.750% EUR 272, /06/ ,000 BELGIUM GOVERNMENT BOND 3.750% EUR 435, /09/ ,000 BELGIUM GOVERNMENT BOND 4.000% EUR 239, /03/ ,000 BELGIUM GOVERNMENT BOND 4.250% EUR 351, /03/ ,000 BELGIUM GOVERNMENT BOND 4.250% EUR 263, /09/ ,000 BELGIUM GOVERNMENT BOND 5.000% EUR 732, /03/ ,000 KBC GROUP NV 11/03/2027 FRN EUR 206, ,000 KBC GROUP NV 25/11/2024 FRN EUR 103, ,000 SOLVAY SA 1.625% 02/12/2022 EUR 104, ,000 SOLVAY SA 2.750% 02/12/2027 EUR 111, ,349, United Kingdom 100,000 AVIVA PLC 05/07/2043 FRN EUR 121, ,000 BP CAPITAL MARKETS PLC 1.526% 26/09/2022 EUR 836, ,000 BRAMBLES FINANCE PLC 1.500% 04/10/2027 EUR 300, ,000 HBOS PLC 18/03/2030 FRN EUR 58, ,000 LLOYDS BANK PLC 1.000% 19/11/2021 EUR 102, ,000 NATIONWIDE BUILDING SOCIETY 0.625% EUR 100, /04/ ,000 NATIONWIDE BUILDING SOCIETY 08/03/2026 FRN EUR 201, ,000 NGG FINANCE PLC 18/06/2076 FRN EUR 107, ,000 SANTANDER UK PLC 0.875% 13/01/2020 EUR 101, ,000 SANTANDER UK PLC 0.875% 25/11/2020 EUR 101, ,000 SANTANDER UK PLC 1.125% 10/03/2025 EUR 100, ,000 SANTANDER UK PLC 2.625% 16/07/2020 EUR 105, ,000 VODAFONE GROUP PLC 0.500% 30/01/2024 EUR 195, ,000 VODAFONE GROUP PLC 1.125% 20/11/2025 EUR 186, ,000 VODAFONE GROUP PLC 1.250% 25/08/2021 EUR 103, ,721, Finland 147,000 FINLAND GOVERNMENT BOND 0.375% EUR 149, /09/ ,000 FINLAND GOVERNMENT BOND 2.625% EUR 69, /07/ ,000 FINLAND GOVERNMENT BOND 2.750% EUR 146, /07/ ,000 FINLAND GOVERNMENT BOND 4.000% EUR 261, /07/2025 1,400,000 MUNICIPALITY FINANCE PLC 0.750% 07/09/2027 EUR 1,405, ,000 SAMPO OYJ 1.000% 18/09/2023 EUR 100, ,134, Ireland 100,000 AQUARIUS & INVESTMENTS PLC FOR ZURICH EUR 113, INSURANCE CO LTD 02/10/2043 FRN 160,000 BANK OF IRELAND 3.250% 15/01/2019 EUR 164, ,000 CLOVERIE PLC FOR ZURICH INSURANCE CO LTD EUR 315, % 16/09/ ,000 CLOVERIE PLC FOR ZURICH INSURANCE CO LTD EUR 109, /07/2039 FRN 300,000 ESB FINANCE DAC 1.750% 07/02/2029 EUR 310, ,000 IRELAND GOVERNMENT BOND 1.000% EUR 272, /05/ ,000 IRELAND GOVERNMENT BOND 2.000% EUR 37, /02/ ,000 IRELAND GOVERNMENT BOND 2.400% EUR 200, /05/ ,000 IRELAND GOVERNMENT BOND 3.400% EUR 118, /03/ ,000 IRELAND GOVERNMENT BOND 3.900% EUR 67, /03/ ,000 IRELAND GOVERNMENT BOND 4.400% EUR 128, /06/ ,000 IRELAND GOVERNMENT BOND 5.000% EUR 112, /10/ ,000 JOHNSON CONTROLS INTERNATIONAL PLC ZCP EUR 99, /12/2020 2,052, Denmark 100,000 JYSKE BANK A/S 0.625% 14/04/2021 EUR 101, ,500,000 KOMMUNEKREDIT 0.750% 18/05/2027 EUR 1,491, ,000 TDC A/S 1.750% 27/02/2027 EUR 299, ,891, The accompanying notes form an integral part of these financial statements. 19

23 NN (L) PATRIMONIAL Semiannual report and unaudited financial statements NN (L) Patrimonial Balanced European Sustainable Securities portfolio as at 31/03/2018 (continued) Quantity/ Nominal Currency Market value % NAV Quantity/ Nominal Currency Market value % NAV Poland 1,150,000 POLAND GOVERNMENT INTERNATIONAL BOND 0.500% 20/12/ ,000 POLAND GOVERNMENT INTERNATIONAL BOND 1.125% 07/08/2026 Norway EUR 1,166, EUR 201, ,368, ,000 DNB BANK ASA 01/03/2027 FRN EUR 504, ,000 DNB BANK ASA 26/09/2023 FRN EUR 202, ,000 DNB BANK ASA 4.375% 24/02/2021 EUR 337, ,000 SANTANDER CONSUMER BANK AS 0.750% EUR 100, /03/ ,000 STATKRAFT AS 1.125% 20/03/2025 EUR 202, ,346, Lithuania 1,200,000 LIETUVOS ENERGIJA UAB 2.000% 14/07/2027 EUR 1,238, ,238, Portugal 90,000 PORTUGAL OBRIGACOES DO TESOURO OT 2.125% EUR 94, /10/ ,000 PORTUGAL OBRIGACOES DO TESOURO OT 2.200% EUR 174, /10/ ,000 PORTUGAL OBRIGACOES DO TESOURO OT 4.100% EUR 40, /02/ ,000 PORTUGAL OBRIGACOES DO TESOURO OT 4.100% EUR 111, /04/ ,000 PORTUGAL OBRIGACOES DO TESOURO OT 4.125% EUR 307, /04/ ,000 PORTUGAL OBRIGACOES DO TESOURO OT 5.650% EUR 291, /02/2024 1,018, Australia 155,000 COMMONWEALTH BANK OF AUSTRALIA 1.125% EUR 152, /01/ ,000 NATIONAL AUSTRALIA BANK LTD 0.350% EUR 99, /09/ ,000 ORIGIN ENERGY FINANCE LTD 2.500% 23/10/2020 EUR 105, ,000 ORIGIN ENERGY FINANCE LTD 2.875% 11/10/2019 EUR 104, ,000 TRANSURBAN FINANCE CO PTY LTD 1.875% EUR 210, /09/ ,000 WESTPAC BANKING CORP 0.375% 05/03/2023 EUR 98, ,000 WESTPAC BANKING CORP 0.625% 22/11/2024 EUR 181, , Luxembourg 100,000 AROUNDTOWN SA 1.625% 31/01/2028 EUR 95, ,000 CNH INDUSTRIAL FINANCE EUROPE SA 1.750% EUR 206, /09/ ,000 GRAND CITY PROPERTIES SA 1.500% 22/02/2027 EUR 97, ,000 HANNOVER FINANCE LUXEMBOURG SA EUR 112, /09/2040 FRN 300,000 HANNOVER FINANCE LUXEMBOURG SA EUR 354, /06/2043 FRN 866, Iceland 100,000 ARION BANKI HF 1.625% 01/12/2021 EUR 103, ,000 ARION BANKI HF 2.500% 26/04/2019 EUR 102, ,000 ISLANDSBANKI HF 1.750% 07/09/2020 EUR 103, ,000 ISLANDSBANKI HF 19/01/2024 FRN EUR 200, ,000 LANDSBANKINN HF 1.000% 30/05/2023 EUR 99, ,000 LANDSBANKINN HF 1.625% 15/03/2021 EUR 206, , Sweden 100,000 FASTIGHETS AB BALDER 1.875% 23/01/2026 EUR 98, ,000 SKANDINAVISKA ENSKILDA BANKEN AB 2.000% EUR 105, /02/ ,000 SVENSKA HANDELSBANKEN AB 02/03/2028 FRN EUR 100, ,000 SVENSKA HANDELSBANKEN AB 15/01/2024 FRN EUR 305, ,000 SVENSKA HANDELSBANKEN AB 2.250% EUR 105, /08/ ,000 SWEDBANK AB 22/11/2027 FRN EUR 99, , New Zealand 200,000 ASB FINANCE LTD 0.500% 17/06/2020 EUR 201, ,000 BNZ INTERNATIONAL FUNDING LTD/LONDON EUR 98, % 13/05/ , Mexico 100,000 AMERICA MOVIL SAB DE CV 3.259% 22/07/2023 EUR 113, ,000 AMERICA MOVIL SAB DE CV 4.125% 25/10/2019 EUR 106, , Canada 100,000 FAIRFAX FINANCIAL HOLDINGS LTD 2.750% EUR 99, /03/ ,000 GREATWEST LIFECO INC 2.500% 18/04/2023 EUR 109, , Slovakia 130,000 SLOVAKIA GOVERNMENT BOND 1.625% EUR 136, /01/ , Cayman Islands 100,000 XLIT LTD 29/06/2047 FRN EUR 100, , Slovenia 100,000 SLOVENIA GOVERNMENT BOND 1.500% EUR 99, /03/ , ,744, Total securities portfolio 278,106, Financial derivative instruments as at 31/03/2018 To receive To pay Maturity date Commitment Forward foreign exchange contracts Unrealised profit or (loss) 7,366, EUR 8,486, CHF 10/04/2018 7,366, , ,164, EUR 42,072, SEK 10/04/2018 4,164, , ,251, EUR 7,630, USD 10/04/2018 6,251, , The accompanying notes form an integral part of these financial statements. 20