BNP Paribas Flexi I - Euronext

Microsoft Word - 001 Document Cover.docxSemi-annual Report at 31/12/2015
BNP Paribas Flexi I
Page 1
Organisation 2 Information 3 Financial statements at 31/12/2015 4 Key figures relating to the last 3 years 6 Securities portfolio at 31/12/2015
Bond Asia Investment Grade 8 Bond Asia Local Currency 9 Bond Euro Focus Corporate 11 Bond Government Euro Restricted 15 CSI 300 Index 17 Equity World Multi-Alpha 23 Equity World Pure Low Volatility 27 US Mortgage 30
Notes to the financial statements 34
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.
BNP Paribas Flexi I
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Registered office 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg
Board of Directors Chairman
Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris
Members
Mr Samir CHERFAOUI, Head of Fund Development, Global Fund Solutions, BNP Paribas Investment Partners, Paris
Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris
Mr. Bruno PIFFETEAU, Chief Operating Officer, Global Fund Solutions, BNP Paribas Investment Partners, Paris
Mr. Marc RAYNAUD, Head of Global Fund Solutions, BNP Paribas Investment Partners, Paris (until 24 November 2015)
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 in the meaning of Section 15 of the Luxembourg Law of 17 December 2010 concerning undertakings for collective investment, as amended.
The management company performs the functions of administration, portfolio management and marketing duties.
Net asset values calculation, transfer agent and registrar are delegated to:
BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg
Portfolio management is delegated to:
Effective Investment Managers:
• BNP Paribas Asset Management S.A.S, 1 Boulevard Haussmann, F-75009 Paris, France • BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong-Kong • BNP Paribas Investment Partners Singapore Ltd., 20 Collyer Quay Tung Center #08-01 Singapore 049319 • BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom • Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11th floor, New York, NY 10166, USA • THEAM S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France
Depositary/Paying Agent BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg
Independent Auditor Ernst & Young S.A., 35 E Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
BNP Paribas Flexi I
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BNP Paribas Flexi I (the “Company”) is an open-ended investment company (société d’investissement à capital variable – abbreviated to SICAV), incorporated on 4 July 2006 under the name of “FORTIS SOLUTIONS” for an unlimited duration in conformity with the provisions of Part I of the Luxembourg Law of 20 December 2002, relating to Undertakings for Collective Investment. It was renamed BNP Paribas Flexi I on 13 September 2010.
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 (UCITS IV).
The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting held on 26 October 2011, with publication in the Mémorial on 15 November 2011.
The latest version of the Articles of Association has been filed 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 Register under the number B 117 580.
Net asset values are calculated daily on each full bank business day in Luxembourg except for the sub-funds Bond Asia Local Currency and CSI 300 Index.
Net asset values are calculated daily on each full bank business day in Luxembourg and in Hong-Kong for the sub-fund Bond Asia Local Currency, and on each full bank business day in Luxembourg, New York and Hong Kong for the sub- fund CSI 300 Index.
As to Net Asset Values and Dividends, 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: www.bnpparibas-ip.com.
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 in countries in which the Company publicly markets its shares.
Documents and information are also available on the website: www.bnpparibas-ip.com.
BNP Paribas Flexi I
Financial statements at 31/12/2015
The accompanying notes form an integral part of these financial statements Page 4
Bond Asia
Currency Bond Euro Focus
Expressed in EUR USD EUR EUR Notes
Statement of net assets Assets 36 383 143 18 843 603 37 429 579 773 519 217
Securities portfolio at cost price 30 218 491 19 846 654 36 336 498 738 992 933 Unrealised gain/(loss) on securities portfolio (767 448) (2 027 651) (225 523) 9 375 628
Securities portfolio at market value 2 29 451 043 17 819 003 36 110 975 748 368 561 Options at market value 2,11 0 0 0 0 Net Unrealised gain on financial instruments 2,8,9,10 514 358 0 3 420 152 760 Cash at banks and time deposits 2 5 810 146 829 072 849 528 14 100 604 Other assets 607 596 195 528 465 656 10 897 292
Liabilities 669 065 7 060 21 601 236 386 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 2,8,9,10 0 0 0 0 Other liabilities 669 065 7 060 21 601 236 386
Net asset value 35 714 078 18 836 543 37 407 978 773 282 831 Statement of operations and changes in net assets
Income on investments and assets 99 755 374 881 425 952 6 321 233 Management fees 3 8 902 7 65 696 150 813 Bank interest 0 21 18 20 Interest on swaps 0 0 0 0 Other fees 4 4 506 56 914 25 106 717 654 Taxes 5 1 340 1 879 5 855 76 905 Transaction fees 15 0 20 525 4 601
Total expenses 14 748 58 841 97 200 949 993
Net result from investments 85 007 316 040 328 752 5 371 240
Net realised result on: Investments securities 2 0 (247 368) (225 480) 40 529 Financial instruments 2 (117 840) (19 499) 7 950 442 650
Net realised result (32 833) 49 173 111 222 5 854 419 Movement on net unrealised gain/loss on:
Investments securities (767 448) (479 873) 367 745 4 296 149 Financial instruments 514 358 (542) (340) 152 760
Change in net assets due to operations (285 923) (431 242) 478 627 10 303 328
Net subscriptions/(redemptions) 36 000 001 (945) 8 905 914 (6 262 819) Increase/(Decrease) in net assets during the year/period
35 714 078 (432 187) 9 384 541 4 040 509
Net assets at the beginning of the financial year/period
0 19 268 730 28 023 437 769 242 322
Reevaluation of opening consolidated NAV
0 0 0 0
Net assets at the end of the financial year/period
35 714 078 18 836 543 37 407 978 773 282 831
BNP Paribas Flexi I
CSI 300 Index Equity World Multi-Alpha
Equity World Pure Low Volatility Tactical Strategy US Mortgage Consolidated
CNH USD EUR EUR USD EUR
31 330 753 10 645 518 8 797 687 0 373 430 881 1 231 430 670 42 262 945 10 417 523 8 687 103 0 325 248 721 1 147 427 184
(11 389 834) 1 542 76 498 0 (3 360 841) 1 904 023 30 873 111 10 419 065 8 763 601 0 321 887 880 1 149 331 207
0 0 0 0 9 375 8 630 0 4 578 0 0 0 674 752
457 642 216 397 20 063 0 2 194 877 23 827 394 0 5 478 14 023 0 49 338 749 57 588 687
146 856 8 174 7 310 0 195 422 814 180 866 612 38 964 0 0 0 0 5 460
0 0 0 0 50 459 46 450 107 892 8 174 7 310 0 195 372 355 180 814 702
31 183 897 10 637 344 8 790 377 0 178 008 067 1 050 564 058
254 654 92 129 90 632 60 3 514 398 10 638 428 77 014 27 828 24 221 0 65 529 346 371
629 36 1 745 0 2 667 4 379 0 0 0 0 13 12
48 291 19 632 14 253 136 94 312 925 707 1 508 1 083 817 1 21 218 107 388 4 957 3 079 4 473 0 5 864 18 545
132 399 51 658 45 509 137 189 603 1 402 402
122 255 40 471 45 123 (77) 3 324 795 9 236 026
(619 347) (397 452) (146 205) 0 (349 003) (1 332 819)
(500) (27 963) 31 025 0 89 877 402 760 (497 592) (384 944) (70 057) (77) 3 065 669 8 305 967
(5 408 040) 111 411 228 776 0 (3 360 841) (65 679) 0 6 618 0 0 (50 459) 625 921
(5 905 632) (266 915) 158 719 (77) (345 631) 8 866 209
(2) (960 333) 1 889 916 (2 802 628) 178 353 698 201 030 043
(5 905 634) (1 227 248) 2 048 635 (2 802 705) 178 008 067 209 896 252
37 089 531 11 864 592 6 741 742 2 802 705 0 840 109 798
0 0 0 0 0 558 008
31 183 897 10 637 344 8 790 377 0 178 008 067 1 050 564 058
BNP Paribas Flexi I
Key figures relating to the last 3 years (Note 6)
Bond Asia Investment Grade EUR EUR EUR Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 0 0 35 714 078
Net asset value per share Share “I - Capitalisation” 0 0 99.19 10 000.000 Share “I Plus - Capitalisation” 0 0 99.21 350 000.000
Bond Asia Local Currency USD USD USD Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 38 448 470 19 268 730 18 836 543
Net asset value per share Share “Classic - Capitalisation” 995.29 959.83 932.33 1.000 Share “Classic MD - Distribution” 995.29 959.83 0 0 Share “I - Capitalisation” 967.21 944.45 923.31 20 400.000
Bond Euro Focus Corporate EUR EUR EUR Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 39 245 106 28 023 437 37 407 978
Net asset value per share Share “Classic - Capitalisation” 113.88 116.05 117.38 99 784.014 Share “Classic - Distribution” 109.38 110.33 0 0 Share “I - Capitalisation” 11 561.28 11 854.80 12 029.83 2 136.000
Bond Government Euro Restricted EUR EUR EUR Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 642 346 604 769 242 322 773 282 831
Net asset value per share Share “Classic - Capitalisation” 110.29 114.04 115.50 6 957.243 Share “Classic - Distribution” 107.54 110.72 112.13 112 547.331 Share “I - Capitalisation” 11 639.99 12 073.26 12 246.93 8 013.692 Share “X - Capitalisation” 104.26 108.32 109.97 6 017 074.131
CSI 300 Index CNH CNH CNH Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 0 37 089 531 31 183 897
Net asset value per share Share “Classic - Capitalisation” 0 84.82 71.43 1.000 Share “Classic EUR - Capitalisation” 0 85.70 69.40 1.000 Share “Classic EUR - Distribution” 0 85.70 69.40 1.000 Share “Classic USD - Capitalisation” 0 84.80 67.19 1.000 Share “I - Capitalisation” 0 84.85 71.67 1.000 Share “I EUR - Capitalisation” 0 85.73 69.58 24 495.607 Share “I EUR - Distribution” 0 85.73 69.56 1.000 Share “I USD - Capitalisation” 0 84.83 67.38 42 804.724 Share “I USD - Distribution” 0 84.84 67.34 1.000 Share “Privilege EUR - Capitalisation” 0 85.72 69.50 1.000 Share “Privilege EUR - Distribution” 0 85.72 69.50 1.000
BNP Paribas Flexi I
Key figures relating to the last 3 years (Note 6)
Equity World Multi-Alpha USD USD USD Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 0 11 864 592 10 637 344
Net asset value per share Share “Classic - Capitalisation” 0 102.39 99.47 10.000 Share “Classic - Distribution” 0 102.39 99.47 10.000 Share “Classic EUR - Capitalisation” 0 123.00 122.56 10.000 Share “I - Capitalisation” 0 103.34 100.91 105 340.000 Share “I EUR - Capitalisation” 0 124.22 124.43 10.000 Share “Privilege - Capitalisation” 0 103.07 100.53 10.000 Share “Privilege EUR - Capitalisation” 0 123.85 123.82 10.000
Equity World Pure Low Volatility EUR EUR EUR Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 2 261 961 6 741 742 8 790 377
Net asset value per share Share “Classic - Capitalisation” 111.35 135.44 138.17 5.000 Share “I - Capitalisation” 11 307.02 13 899.10 14 258.30 616.461
Tactical Strategy EUR EUR EUR Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 149 514 705 2 802 705 0
Net asset value per share Share “Classic - Capitalisation” 116.58 119.45 0 0 Share “Classic - Distribution” 97.60 99.22 0 0 Share “X - Capitalisation” 122.87 0 0 0
US Mortgage USD USD USD Number of shares 30/06/2014 30/06/2015 31/12/2015 31/12/2015
Net assets 0 0 178 008 067
Net asset value per share Share “Classic - Capitalisation” 0 0 1 672.77 1 479.047 Share “Classic H CHF - Capitalisation” 0 0 102.63 370.000 Share “Classic H EUR - Capitalisation” 0 0 1 252.25 352.599 Share “I - Capitalisation” 0 0 101.22 520 781.498 Share “IH EUR - Capitalisation” 0 0 99.53 119 831.056 Share “IH GBP - Capitalisation” 0 0 100.05 200.000 Share “Privilege - Capitalisation” 0 0 106.46 141 471.680 Share “Privilege H CHF - Capitalisation” 0 0 103.25 6 323.110 Share “Privilege H EUR - Capitalisation” 0 0 106.53 300.003 Share “X - Capitalisation” 0 0 3 011.32 31 072.555
BNP Paribas Flexi I Bond Asia Investment Grade
Securities portfolio at 31/12/2015 Expressed in EUR
Quantity Denomination Quotation currency Market value % of net assets
Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market
29 451 043 82.46
Bonds 29 451 043 82.46
British Virgin Islands 8 344 202 23.37 1 500 000 CHARMING LIGHT I 3.750% 14-03/09/2019 USD 1 391 517 3.90
250 000 GREENLAND GLB 4.375% 14-03/07/2019 USD 231 198 0.65 500 000 GREENLAND GLB 5.875% 14-03/07/2024 USD 457 264 1.28
1 400 000 HUARONG FIN II 5.000% 15-19/11/2025 USD 1 279 360 3.58 1 300 000 KING POWER CAP 5.625% 14-03/11/2024 USD 1 251 719 3.50 1 300 000 MINMETALS BOUNTE 3.500% 15-30/07/2020 USD 1 189 115 3.33 1 300 000 SINO OC TR FIN I 6.000% 14-30/07/2024 USD 1 237 585 3.47 1 300 000 WANDA PROPERTIES 7.250% 14-29/01/2024 USD 1 306 444 3.66
Indonesia 5 674 416 15.88 1 700 000 INDONESIA 4.750% 15-08/01/2026 USD 1 542 935 4.32 1 900 000 PELABUHAN IND II 4.250% 15-05/05/2025 USD 1 554 475 4.34 1 300 000 PELABUHAN INDONE 4.875% 14-01/10/2024 USD 1 138 177 3.19
500 000 PERTAMINA 5.250% 11-23/05/2021 USD 459 127 1.29 1 100 000 PERUSAHAAN GAS 5.125% 14-16/05/2024 USD 979 702 2.74
India 5 044 709 14.13 1 200 000 BHARAT PETROLEUM 4.000% 15-08/05/2025 USD 1 072 357 3.00 1 200 000 BHARTI AIRTEL 4.375% 15-10/06/2025 USD 1 080 475 3.03
900 000 INDIAN OIL CORP 5.750% 13-01/08/2023 USD 900 112 2.52 1 100 000 OIL INDIA LTD 5.375% 14-17/04/2024 USD 1 080 867 3.03
500 000 ONGC VIDESH LTD 3.250% 14-15/07/2019 USD 461 161 1.29 500 000 RELIANCE INDUSTRIES 4.125% 15-28/01/2025 USD 449 737 1.26
Hong Kong 4 926 137 13.79 200 000 CHINA CITIC BANK 6.000% 13-07/05/2024 USD 192 121 0.54
1 300 000 CHINA TAIPING CA 4.125% 12-21/11/2022 USD 1 191 762 3.34 1 300 000 FWD LTD 5.000% 14-24/09/2024 USD 1 244 278 3.48 1 300 000 LS FINANCE 2025 4.500% 15-26/06/2025 USD 1 165 692 3.26 1 200 000 NAN FUNG TREAS 4.875% 14-29/05/2024 USD 1 132 284 3.17
China 3 667 037 10.27 1 300 000 BANK OF CHINA 5.000% 14-13/11/2024 USD 1 234 275 3.46 1 400 000 CHINA CINDA 2015 4.250% 15-23/04/2025 USD 1 217 551 3.41 1 300 000 ICBC LTD 4.875% 15-21/09/2025 USD 1 215 211 3.40
South Korea 1 226 035 3.43 1 300 000 WOORI BANK 4.750% 14-30/04/2024 USD 1 226 035 3.43
Cayman Islands 299 149 0.84 300 000 CHINA OVERSEAS FIN 5.500% 10-10/11/2020 USD 299 149 0.84
Singapore 269 358 0.75 300 000 GLOBAL LOGISTIC PROPERTIES 3.875% 15-04/06/2025 USD 269 358 0.75
Total securities portfolio 29 451 043 82.46
BNP Paribas Flexi I Bond Asia Local Currency
Securities portfolio at 31/12/2015 Expressed in USD
17 466 581 92.73
Bonds 16 870 614 89.57
China 3 389 799 18.01 3 000 000 AGILE PROPERTY 6.500% 14-28/02/2017 CNY 451 602 2.40
500 000 AGILE PROPERTY 9.875% 12-20/03/2017 USD 523 035 2.78 1 000 000 CHINA GOVT BOND 3.380% 14-21/11/2024 CNY 150 287 0.80
700 000 CHINA HONGQIAO 6.875% 14-03/05/2018 USD 675 255 3.58 600 000 CHN SCE PROPERTY 10.000% 15-02/07/2020 USD 630 348 3.35 200 000 PROVEN HONOUR 4.125% 15-19/05/2025 USD 196 978 1.05
5 000 000 TIMES PROPERTY 10.375% 14-16/07/2017 CNY 762 294 4.05
South Korea 3 050 326 16.17 1 250 000 000 KOREA TRSY BD 2.750% 12-10/09/2017 FLAT KRW 1 091 424 5.78
500 000 000 KOREA TRSY BD 3.000% 14-10/09/2024 FLAT KRW 461 989 2.45 720 000 000 KOREA TRSY BD 4.000% 11-10/12/2031 FLAT KRW 765 581 4.06 400 000 000 KOREA TRSY BD 4.250% 11-10/06/2021 FLAT KRW 382 993 2.03 300 000 000 KOREA TRSY BD 5.500% 08-10/03/2028 FLAT KRW 348 339 1.85
Malaysia 1 606 582 8.53 1 500 000 MALAYSIAN GOVT 3.314% 12-31/10/2017 MYR 352 857 1.87 3 000 000 MALAYSIAN GOVT 3.492% 12-31/03/2020 MYR 694 535 3.69
700 000 MALAYSIAN GOVT 3.844% 13-15/04/2033 MYR 146 733 0.78 1 000 000 MALAYSIAN GOVT 3.955% 15-15/09/2025 MYR 228 135 1.21
780 000 MALAYSIAN GOVT 3.759% 15-15/03/2019 MYR 184 322 0.98
Thailand 1 394 192 7.41 24 500 000 THAILAND GOVT 3.250% 11-16/06/2017 THB 698 098 3.71 3 800 000 THAILAND GOVT 3.625% 10-16/06/2023 THB 114 163 0.61
10 000 000 THAILAND GOVT 3.775% 12-25/06/2032 THB 302 464 1.61 9 000 000 THAILAND GOVT 3.850% 10-12/12/2025 THB 279 467 1.48
Indonesia 1 273 266 6.76 4 000 000 000 INDONESIA GOVT 5.250% 12-15/05/2018 IDR 268 225 1.42 7 000 000 000 INDONESIA GOVT 5.625% 12-15/05/2023 IDR 417 283 2.22 4 000 000 000 INDONESIA GOVT 6.250% 11-15/04/2017 IDR 282 275 1.50 3 500 000 000 INDONESIA GOVT 6.625% 12-15/05/2033 IDR 199 486 1.06 1 500 000 000 INDONESIA GOVT 8.375% 10-15/09/2026 IDR 105 997 0.56
Hong Kong 1 239 019 6.57 3 000 000 FAR EAST HORIZON LTD 4.500% 13-22/03/2016 CNY 460 047 2.44
400 000 NWD MTN LTD 4.375% 15-30/11/2022 USD 399 492 2.12 2 500 000 YANLORD LAND HK 5.375% 13-23/05/2016 CNY 379 480 2.01
Singapore 1 211 373 6.44 120 000 SINGAPORE GOVT 2.750% 12-01/04/2042 SGD 80 619 0.43 450 000 SINGAPORE GOVT 2.875% 10-01/09/2030 SGD 316 247 1.68 220 000 SINGAPORE GOVT 2.375% 15-01/06/2025 SGD 152 206 0.81 250 000 SINGAPORE GOVT 3.000% 09-01/09/2024 SGD 182 319 0.97 400 000 SINGAPORE GOVT 3.500% 07-01/03/2027 SGD 303 496 1.61 250 000 YANLORD LAND GRP 6.200% 14-08/05/2017 SGD 176 486 0.94
India 1 192 545 6.33 5 000 000 INDIA GOVT BOND 7.160% 13-20/05/2023 INR 72 494 0.38
20 000 000 INDIA GOVT BOND 7.280% 13-03/06/2019 INR 299 246 1.59 18 000 000 INDIA GOVT BOND 8.120% 12-10/12/2020 INR 276 290 1.47 15 000 000 INDIA GOVT BOND 8.150% 12-11/06/2022 INR 233 180 1.24 20 250 000 INDIA GOVT BOND 8.320% 07-02/08/2032 INR 311 335 1.65
Philippines 1 150 227 6.11 3 000 000 PHILIPPINE GOVT 4.125% 14-20/08/2024 PHP 63 582 0.34
17 252 946 PHILIPPINE GOVT 4.625% 15-09/09/2040 PHP 352 707 1.87 32 000 000 PHILIPPINE GOVT 5.750% 11-24/11/2021 PHP 733 938 3.90
BNP Paribas Flexi I Bond Asia Local Currency
British Virgin Islands 1 010 666 5.37 250 000 GREENLAND GLB 4.375% 14-03/07/2019 USD 251 485 1.34 600 000 SINO OCEAN LAND 4.450% 15-04/02/2020 USD 605 952 3.22
1 000 000 VAST EXPAND LTD 5.200% 14-11/09/2017 CNY 153 229 0.81
Cayman Islands 352 619 1.87 500 000 SUN HUNG KAI PRO 3.250% 14-20/05/2021 SGD 352 619 1.87
Floating rate bonds 595 967 3.16
Singapore 343 567 1.82 500 000 EZION HOLDINGS 14-11/06/2021 FRN SGD 343 567 1.82
Hong Kong 252 400 1.34 250 000 FAR EAST HORIZON 14-23/06/2049 FRN USD 252 400 1.34
Money Market Instruments 352 422 1.87
Singapore 352 422 1.87 500 000 MAS BILLS 0.000% 15-08/01/2016 SGD 352 422 1.87
BNP Paribas Flexi I Bond Euro Focus Corporate
36 110 975 96.53
Bonds 34 355 001 91.84
France 7 972 858 21.33 100 000 ACCOR 2.375% 15-17/09/2023 EUR 100 921 0.27 300 000 ALSTOM 3.000% 13-08/07/2019 EUR 319 500 0.85 100 000 AUTOROUTES PARIS 1.125% 14-15/01/2021 EUR 100 396 0.27 200 000 AUTOROUTES PARIS 1.500% 15-15/01/2024 EUR 199 942 0.53 400 000 BOUYGUES 3.625% 12-16/01/2023 EUR 458 384 1.23 250 000 BOUYGUES 3.641% 10-29/10/2019 EUR 277 030 0.74 300 000 CAP GEMINI SA 1.750% 15-01/07/2020 EUR 307 197 0.82 200 000 CASINO GUICHARD 3.157% 12-06/08/2019 EUR 208 096 0.56 200 000 CASINO GUICHARD 3.994% 12-09/03/2020 EUR 212 036 0.57 400 000 CASINO GUICHARD 4.726% 11-26/05/2021 EUR 434 468 1.16 100 000 EDENRED 1.375% 15-10/03/2025 EUR 87 076 0.23 300 000 EUTELSAT SA 2.625% 13-13/01/2020 EUR 317 472 0.85 500 000 HOLDING DINFRA 2.250% 14-24/03/2025 EUR 499 030 1.33 300 000 KERING 0.875% 15-28/03/2022 EUR 290 103 0.78 200 000 LAFARGE SA 4.750% 13-30/09/2020 EUR 232 052 0.62 500 000 LAFARGE SA 5.500% 09-16/12/2019 EUR 586 334 1.58 200 000 ORANGE 3.125% 13-09/01/2024 EUR 223 502 0.60 100 000 ORANGE 3.875% 10-09/04/2020 EUR 113 022 0.30 450 000 RCI BANQUE 1.375% 15-17/11/2020 EUR 452 637 1.21 400 000 RENAULT 3.625% 13-19/09/2018 EUR 428 852 1.15 100 000 RENAULT 4.625% 12-18/09/2017 EUR 106 471 0.28 300 000 SANEF 1.875% 15-16/03/2026 EUR 298 929 0.80 200 000 ST GOBAIN 4.500% 11-30/09/2019 EUR 227 694 0.61 100 000 TRANSPORT ET INF 2.200% 15-05/08/2025 EUR 100 199 0.27 200 000 VALEO SA 3.250% 14-22/01/2024 EUR 223 730 0.60 100 000 VEOLIA ENVIRONNEMENT 4.247% 10-06/01/2021 EUR 116 160 0.31 400 000 VEOLIA ENVIRONNEMENT 5.125% 07-24/05/2022 EUR 496 556 1.33 100 000 VEOLIA ENVIRONNEMENT 6.750% 09-24/04/2019 EUR 120 141 0.32 200 000 WENDEL SA 2.750% 14-02/10/2024 EUR 201 892 0.54 200 000 WENDEL SA 5.875% 12-17/09/2019 EUR 233 036 0.62
The Netherlands 5 818 691 15.55 300 000 BAT HOLDINGS BV 2.375% 12-19/01/2023 EUR 316 800 0.85 720 000 BMW FINANCE NV 0.875% 15-17/11/2020 EUR 719 668 1.93 130 000 CRH FUNDING 1.875% 15-09/01/2024 EUR 130 686 0.35 300 000 DEUTSCHE TEL FIN 4.250% 10-13/07/2022 EUR 359 343 0.96 400 000 EDP FINANCE BV 4.875% 13-14/09/2020 EUR 446 676 1.19 500 000 ENEL FINANCE INTL NV 4.875% 12-11/03/2020 EUR 583 745 1.56 100 000 ENEL INVESTMENT 5.250% 03-29/09/2023 EUR 127 000 0.34 200 000 GAS NAT FENOSA F 3.875% 13-11/04/2022 EUR 228 690 0.61 200 000 IBERDROLA INTL 1.125% 15-27/01/2023 EUR 196 076 0.52 100 000 IBERDROLA INTL 2.500% 14-24/10/2022 EUR 107 449 0.29 100 000 IBERDROLA INTL 3.000% 13-31/01/2022 EUR 110 479 0.30 200 000 IBERDROLA INTL 3.500% 13-01/02/2021 EUR 225 030 0.60 300 000 KPN NV 4.500% 11-04/10/2021 EUR 351 831 0.94 300 000 LANXESS FINANCE 4.125% 11-23/05/2018 EUR 325 737 0.87 200 000 RED ELE FIN BV 3.875% 13-25/01/2022 EUR 232 548 0.62 200 000 REDEXIS GAS FIN 2.750% 14-08/04/2021 EUR 210 932 0.56 100 000 REN FINANCE BV 2.500% 15-12/02/2025 EUR 98 272 0.26 300 000 REN FINANCE BV 4.750% 13-16/10/2020 EUR 343 743 0.92 100 000 REPSOL INTL FIN 2.625% 13-28/05/2020 EUR 101 796 0.27 300 000 RWE FINANCE BV 6.500% 09-10/08/2021 EUR 376 524 1.01 100 000 RWE FINANCE BV 6.625% 08-31/01/2019 EUR 116 887 0.31 100 000 WOLTERS KLUWER 2.875% 13-21/03/2023 EUR 108 779 0.29
United Kingdom 4 924 758 13.15 100 000 ANGLO AMERICAN 2.500% 12-18/09/2018 EUR 82 824 0.22 100 000 ANGLO AMERICAN 2.875% 13-20/11/2020 EUR 72 742 0.19 400 000 BAT INTL FINANCE 1.000% 15-23/05/2022 EUR 391 252 1.05 100 000 BG ENERGY CAP 1.250% 14-21/11/2022 EUR 98 700 0.26 400 000 BP CAPITAL PLC 2.177% 14-28/09/2021 EUR 420 508 1.12 100 000 BP CAPITAL PLC 4.154% 11-01/06/2020 EUR 114 024 0.30 400 000 BRITISH SKY BROADCASTING 1.500% 14-15/09/2021 EUR 400 968 1.07 100 000 DS SMITH PLC 2.250% 15-16/09/2022 EUR 100 387 0.27 300 000 FCE BANK PLC 1.134% 15-10/02/2022 EUR 289 731 0.77 300 000 FCE BANK PLC 1.528% 15-09/11/2020 EUR 302 307 0.81 140 000 HEATHROW FUNDING 1.875% 14-23/05/2022 EUR 145 207 0.39 100 000 IMP TOBACCO FIN 5.000% 11-02/12/2019 EUR 116 038 0.31 300 000 ITV PLC 2.125% 15-21/09/2022 EUR 300 807 0.80 200 000 PEARSON FUND FIV 1.875% 14-19/05/2021 EUR 206 048 0.55 100 000 ROYAL MAIL 2.375% 14-29/07/2024 EUR 103 695 0.28 300 000 SKY PLC 2.250% 15-17/11/2025 EUR 299 106 0.80 190 000 SMITHS GROUP PLC 1.250% 15-28/04/2023 EUR 180 192 0.48 440 000 SSE PLC 1.750% 15-08/09/2023 EUR 444 572 1.19 100 000 SSE PLC 2.375% 13-10/02/2022 EUR 106 064 0.28 330 000 VODAFONE GROUP 0.875% 15-17/11/2020 EUR 329 188 0.88 200 000 WPP FINANCE 2013 0.750% 15-18/11/2019 EUR 200 220 0.54 200 000 WPP FINANCE 2013 3.000% 13-20/11/2023 EUR 220 178 0.59
United States of America 3 430 971 9.17 200 000 ALBEMARLE CORP 1.875% 14-08/12/2021 EUR 192 912 0.52 300 000 AT&T INC 1.450% 14-01/06/2022 EUR 299 364 0.80 200 000 AT&T INC 2.400% 14-15/03/2024 EUR 207 374 0.55 300 000 BMW US CAP LLC 0.625% 15-20/04/2022 EUR 289 833 0.77 100 000 BMW US CAP LLC 1.125% 15-18/09/2021 EUR 100 211 0.27 290 000 BORG-WARNER AUTO 1.800% 15-07/11/2022 EUR 292 578 0.78 180 000 CONTL RUBBER 0.500% 15-19/02/2019 EUR 180 308 0.48 290 000 ELI LILLY & CO 2.125% 15-03/06/2030 EUR 287 396 0.77 250 000 EXPEDIA INC 2.500% 15-03/06/2022 EUR 246 125 0.66 200 000 MERCK & CO INC 1.125% 14-15/10/2021 EUR 202 760 0.54 100 000 ORACLE CORP 2.250% 13-10/01/2021 EUR 107 181 0.29 300 000 PHILIP MORRIS INTERNATIONAL 1.875% 14-03/03/2021 EUR 314 763 0.84 370 000 PROCTER & GAMBLE 1.125% 15-02/11/2023 EUR 369 105 0.99 340 000 UNITED PARCEL SERVICE 1.625% 15-15/11/2025 EUR 341 061 0.91
Italy 3 219 571 8.61 400 000 2I RETE GAS SPA 1.125% 14-02/01/2020 EUR 400 584 1.07 300 000 A2A SPA 4.500% 12-28/11/2019 EUR 341 118 0.91 240 000 ACEA SPA 2.625% 14-15/07/2024 EUR 251 530 0.67 200 000 ACEA SPA 3.750% 13-12/09/2018 EUR 216 708 0.58 300 000 AEROPORTI ROMA 3.250% 13-20/02/2021 EUR 330 459 0.88 200 000 ATLANTIA 4.500% 12-08/02/2019 EUR 224 474 0.60 100 000 ATLANTIA SPA 2.875% 13-26/02/2021 EUR 109 220 0.29 300 000 ENI SPA 3.250% 13-10/07/2023 EUR 334 071 0.89 100 000 ENI SPA 4.000% 10-29/06/2020 EUR 113 399 0.30 100 000 HERA SPA 4.500% 09-03/12/2019 EUR 114 167 0.31 100 000 SNAM 1.375% 15-19/11/2023 EUR 99 444 0.27 250 000 SNAM 3.375% 13-29/01/2021 EUR 278 905 0.75 100 000 SNAM 3.500% 12-13/02/2020 EUR 111 039 0.30 300 000 TERNA SPA 0.875% 15-02/02/2022 EUR 294 453 0.79
Spain 2 435 959 6.51 200 000 ABERTIS 4.750% 12-25/10/2019 EUR 229 168 0.61 100 000 AMADEUS CAP MKT 1.625% 15-17/11/2021 EUR 100 194 0.27 200 000 FERROVIAL EMISIO 3.375% 13-30/01/2018 EUR 211 310 0.56 200 000 GAS NATURAL CAP 4.500% 10-27/01/2020 EUR 228 798 0.61 100 000 GAS NATURAL CAP 6.000% 12-27/01/2020 EUR 120 306 0.32
300 000 GAS NATURAL CAP 6.375% 09-09/07/2019 EUR 358 392 0.96 100 000 MADRILENA RED FI 3.779% 13-11/09/2018 EUR 107 966 0.29 400 000 TELEFONICA EMIS 1.477% 15-14/09/2021 EUR 399 448 1.07 300 000 TELEFONICA EMIS 3.961% 13-26/03/2021 EUR 337 788 0.90 200 000 TELEFONICA EMIS 4.693% 09-11/11/2019 EUR 228 122 0.61 100 000 TELEFONICA EMIS 4.710% 12-20/01/2020 EUR 114 467 0.31
Germany 2 235 520 5.98 200 000 BAYER AG 1.875% 14-25/01/2021 EUR 211 126 0.56 610 000 DAIMLER AG 0.625% 15-05/03/2020 EUR 607 181 1.63 200 000 EUROGRID GMBH 1.625% 15-03/11/2023 EUR 200 584 0.54 200 000 HELLA KGAA HUECK 2.375% 13-24/01/2020 EUR 210 096 0.56 300 000 MERCK FIN SERVIC 0.750% 15-02/09/2019 EUR 302 874 0.81 400 000 METRO AG 1.500% 15-19/03/2025 EUR 378 080 1.01 200 000 TELFONICA DEUTSC 2.375% 14-10/02/2021 EUR 210 222 0.56 120 000 VOLKSWAGEN LEAS 0.750% 15-11/08/2020 EUR 115 357 0.31
Ireland 1 173 551 3.14 250 000 FCA CAPITAL IRE 1.250% 15-13/06/2018 EUR 250 173 0.67 200 000 FCA CAPITAL IRE 1.375% 15-17/04/2020 EUR 197 618 0.53 200 000 FCA CAPITAL IRE 4.000% 13-17/10/2018 EUR 214 252 0.57 200 000 FGA CAPITAL IRE 2.000% 14-23/10/2019 EUR 202 976 0.54 100 000 FGA CAPITAL IRE 2.625% 14-17/04/2019 EUR 103 546 0.28 200 000 RYANAIR 1.875% 14-17/06/2021 EUR 204 986 0.55
Portugal 441 388 1.18 400 000 BRISA CONCESSAO 3.875% 14-01/04/2021 EUR 441 388 1.18
Australia 415 568 1.11 400 000 BHP BILLITON FIN 2.250% 12-25/09/2020 EUR 415 568 1.11
Belgium 400 930 1.07 200 000 SOLVAY SA 1.625% 15-02/12/2022 EUR 199 684 0.53 200 000 SOLVAY SA 2.750% 15-02/12/2027 EUR 201 246 0.54
Denmark 359 627 0.96 100 000 ISS GLOBAL A/S 1.125% 14-09/01/2020 EUR 100 166 0.27 300 000 TDC 1.750% 15-27/02/2027 EUR 259 461 0.69
Sweden 345 398 0.92 350 000 SKF AB 1.625% 15-02/12/2022 EUR 345 398 0.92
Austria 328 038 0.88 300 000 TELEKOM FINANZ 3.125% 13-03/12/2021 EUR 328 038 0.88
Luxembourg 320 958 0.86 300 000 MICHELIN LUX 2.750% 12-20/06/2019 EUR 320 958 0.86
Canada 221 395 0.59 220 000 MAGNA INTERNATIONAL INC 1.900% 15-24/11/2023 EUR 221 395 0.59
Poland 201 012 0.54 100 000 AUTOSTRADE PER L 1.125% 15-04/11/2021 EUR 100 130 0.27 100 000 AUTOSTRADE PER L 1.875% 15-04/11/2025 EUR 100 882 0.27
Mexico 108 808 0.29 100 000 AMERICA MOVIL SA 3.000% 12-12/07/2021 EUR 108 808 0.29
Floating rate bonds 1 755 974 4.69
France 790 474 2.11 300 000 ENGIE OPEN 14-02/06/2049 FRN EUR 299 145 0.80 100 000 ORANGE 14-28/02/2049 FRN EUR 101 120 0.27 100 000 ORANGE 14-29/12/2049 FRN EUR 102 372 0.27 200 000 TOTAL SA 15-29/12/2049 FRN EUR 184 234 0.49 100 000 VEOLIA ENVIRONNEMENT 13-29/01/2049 FRN EUR 103 603 0.28
Germany 362 888 0.97 100 000 BAYER AG 15-02/04/2075 FRN EUR 93 739 0.25 100 000 MERCK 14-12/12/2074 FRN EUR 98 105 0.26 200 000 RWE AG 15-21/04/2075 FRN EUR 171 044 0.46
Mexico 208 250 0.56 200 000 AMERICA MOVIL SA 13-06/09/2073 FRN EUR 208 250 0.56
United Kingdom 183 742 0.49 200 000 CENTRICA PLC 15-10/04/2076 FRN EUR 183 742 0.49
The Netherlands 106 125 0.28 100 000 KPN NV 13-29/03/2049 FRN EUR 106 125 0.28
Italy 104 495 0.28 100 000 ENEL SPA 14-15/01/2075 FRN EUR 104 495 0.28
BNP Paribas Flexi I Bond Government Euro Restricted
748 368 561 96.78
Bonds 748 368 561 96.78
Germany 455 369 308 58.90 17 000 000 BUNDESREPUBLIK DEUTSCHLAND 0.500% 15-15/02/2025 EUR 16 897 150 2.19 18 400 000 BUNDESREPUBLIK DEUTSCHLAND 1.000% 14-15/08/2024 EUR 19 229 380 2.49 14 599 000 BUNDESREPUBLIK DEUTSCHLAND 1.500% 13-15/02/2023 EUR 15 899 406 2.06
8 560 000 BUNDESREPUBLIK DEUTSCHLAND 1.500% 13-15/05/2023 EUR 9 326 120 1.21 7 400 000 BUNDESREPUBLIK DEUTSCHLAND 1.500% 14-15/05/2024 EUR 8 063 225 1.04
1 598 000 BUNDESREPUBLIK DEUTSCHLAND 2.250% 10-04/09/2020 EUR 1 772 222 0.23 22 470 000 BUNDESREPUBLIK DEUTSCHLAND 2.250% 11-04/09/2021 EUR 25 278 188 3.27 10 000 000 BUNDESREPUBLIK DEUTSCHLAND 2.500% 10-04/01/2021 EUR 11 263 200 1.46 11 770 000 BUNDESREPUBLIK DEUTSCHLAND 2.500% 12-04/07/2044 EUR 14 686 900 1.90
6 000 000 BUNDESREPUBLIK DEUTSCHLAND 4.250% 07-04/07/2039 EUR 9 442 950 1.22 11 073 000 BUNDESREPUBLIK DEUTSCHLAND 4.250% 08-04/07/2018 EUR 12 343 904 1.60 10 222 000 BUNDESREPUBLIK DEUTSCHLAND 4.750% 03-04/07/2034 EUR 16 171 000 2.09
6 320 000 BUNDESREPUBLIK DEUTSCHLAND 4.750% 08-04/07/2040 EUR 10 710 346 1.39 13 080 000 BUNDESREPUBLIK DEUTSCHLAND 4.750% 98-04/07/2028 EUR 19 080 777 2.47 10 400 000 BUNDESREPUBLIK DEUTSCHLAND 5.500% 00-04/01/2031 EUR 16 783 260 2.17
1 961 797 BUNDESREPUBLIK DEUTSCHLAND 6.500% 97-04/07/2027 EUR 3 199 985 0.41 17 587 000 BUNDESREPUBLIK DEUTSCHLAND-120 0.250% 13-13/04/2018 EUR 17 819 746 2.30 12 400 000 BUNDESREPUBLIK DEUTSCHLAND-120 1.000% 14-22/02/2019 EUR 12 896 310 1.67 10 000 000 BUNDESREPUBLIK DEUTSCHLAND-165 0.500% 13-23/02/2018 EUR 10 179 113 1.32 15 000 000 BUNDESREPUBLIK DEUTSCHLAND-169 0.500% 14-12/04/2019 EUR 15 373 875 1.99 30 000 000 BUNDESREPUBLIK DEUTSCHLAND-170 0.250% 14-11/10/2019 EUR 30 524 250 3.94 23 050 000 BUNDESREPUBLIK DEUTSCHLAND-172 0.250% 15-16/10/2020 EUR 23 377 310 3.02 3 800 000 KFW 0.125% 15-01/06/2020 EUR 3 811 058 0.49
10 000 000 KFW 1.875% 12-20/03/2019 EUR 10 635 700 1.38 4 556 000 RENTENBANK 0.250% 15-24/11/2022 EUR 4 505 383 0.58
The Netherlands 186 913 707 24.17 8 550 000 NEDER FINANCIER 0.125% 15-20/04/2022 EUR 8 388 747 1.08
21 740 000 NETHERLANDS GOVERNMENT 0.250% 14-15/01/2020 EUR 22 054 795 2.85 16 000 000 NETHERLANDS GOVERNMENT 1.250% 13-15/01/2019 EUR 16 714 780 2.16 17 752 000 NETHERLANDS GOVERNMENT 1.750% 13-15/07/2023 EUR 19 470 394 2.52 10 430 000 NETHERLANDS GOVERNMENT 2.250% 12-15/07/2022 EUR 11 764 936 1.52 10 000 000 NETHERLANDS GOVERNMENT 2.500% 12-15/01/2033 EUR 11 798 200 1.53 4 400 000 NETHERLANDS GOVERNMENT 2.750% 14-15/01/2047 EUR 5 657 916 0.73
23 530 000 NETHERLANDS GOVERNMENT 3.250% 11-15/07/2021 EUR 27 608 690 3.57 12 722 000 NETHERLANDS GOVERNMENT 3.500% 10-15/07/2020 EUR 14 763 181 1.91 10 000 000 NETHERLANDS GOVERNMENT 3.750% 06-15/01/2023 EUR 12 360 500 1.60 6 100 000 NETHERLANDS GOVERNMENT 3.750% 10-15/01/2042 EUR 9 100 712 1.18 4 371 048 NETHERLANDS GOVERNMENT 4.000% 05-15/01/2037 EUR 6 424 260 0.83 9 159 000 NETHERLANDS GOVERNMENT 4.000% 09-15/07/2019 EUR 10 513 364 1.36 2 478 000 NETHERLANDS GOVERNMENT 5.500% 98-15/01/2028 EUR 3 745 522 0.48 6 500 000 PROPERTIZE BV 0.500% 14-27/02/2017 EUR 6 547 710 0.85
Finland 62 041 235 8.02 16 010 000 FINNISH GOVT 0.375% 14-15/09/2020 EUR 16 281 209 2.11 3 000 000 FINNISH GOVT 0.750% 15-15/04/2031 EUR 2 742 120 0.35
13 500 000 FINNISH GOVT 1.125% 13-15/09/2018 EUR 14 004 360 1.81 10 031 000 FINNISH GOVT 1.500% 13-15/04/2023 EUR 10 768 078 1.39 4 639 000 FINNISH GOVT 1.625% 12-15/09/2022 EUR 5 044 263 0.65
BNP Paribas Flexi I Bond Government Euro Restricted
4 000 000 FINNISH GOVT 2.625% 12-04/07/2042 EUR 4 941 480 0.64 1 083 000 FINNISH GOVT 2.750% 12-04/07/2028 EUR 1 286 853 0.17 1 933 000 FINNISH GOVT 4.000% 09-04/07/2025 EUR 2 492 101 0.32 3 866 000 FINNISH GOVT 4.375% 08-04/07/2019 EUR 4 480 771 0.58
Supranational 32 798 509 4.24 30 000 000 ESM 0.050% 15-17/12/2018 EUR 30 125 400 3.89 2 654 000 EUROPEAN UNION 0.625% 15-04/11/2023 EUR 2 673 109 0.35
United States of America 8 982 700 1.16 10 000 000 INT BANK RECON&DEV 0.500% 15-16/04/2030 EUR 8 982 700 1.16
Luxembourg 2 263 102 0.29 1 966 000 DUCHY OF LUX 2.250% 13-19/03/2028 EUR 2 263 102 0.29
BNP Paribas Flexi I CSI 300 Index
Securities portfolio at 31/12/2015 Expressed in CNH
29 885 302 95.84
Shares 29 885 302 95.84
China 29 516 685 94.67 115 000 AGRICULTURAL BANK OF CHINA - A CNY 371 450 1.19
1 600 AIER EYE HOSPITAL GROUP CO - A CNY 50 528 0.16 7 800 AIR CHINA LTD - A CNY 66 924 0.21 1 700 AISINO CO LTD - A CNY 95 047 0.30
13 400 ALUMINUM CORP OF CHINA LTD - A CNY 66 598 0.21 7 400 ANGANG STEEL CO LTD - A CNY 35 298 0.11 6 100 ANHUI CONCH CEMENT CO LTD - A CNY 104 310 0.33 1 800 AVIC AERO-ENGINE CONTROLS - A CNY 56 916 0.18 4 100 AVIC AIRCRAFT CO LTD - A CNY 101 557 0.33 1 800 AVIC AVIATION ENGINE CORP - A CNY 81 054 0.26 6 900 AVIC CAPITAL CO LTD - A CNY 107 502 0.34
900 AVIC HELICOPTER CO LTD - A CNY 47 457 0.15 30 960 BANK OF BEIJING CO LTD - A CNY 326 009 1.05 70 800 BANK OF CHINA LTD - A CNY 283 908 0.91 71 100 BANK OF COMMUNICATIONS CO - A CNY 457 884 1.47 6 200 BANK OF NANJING CO LTD - A CNY 109 740 0.35 6 000 BANK OF NINGBO CO LTD - A CNY 93 060 0.30
15 100 BAOSHAN IRON + STEEL CO - A CNY 84 258 0.27 4 300 BBMG CORPORATION - A CNY 40 291 0.13 4 600 BEIJING DABEINONG TECHNOLOGY - A CNY 56 166 0.18 1 820 BEIJING ENLIGHT MEDIA CO - A CNY 55 128 0.18 5 600 BEIJING JINGNENG THERMAL - A CNY 33 992 0.11 1 700 BEIJING ORIGINWATER TECHNOLOGY - A CNY 88 009 0.28
500 BEIJING SHIJI INFORMATION - A CNY 75 500 0.24 1 200 BEIJING SL PHARMACEUTICAL - A CNY 40 200 0.13 2 100 BEIJING TONGRENTANG CO - A CNY 93 681 0.30 4 800 BEIJING ULTRAPOWER SOFTWARE - A CNY 62 880 0.20 3 200 BEIJING XINWEI TELECOM TEC - A CNY 85 600 0.27 5 600 BEIJING YANJING BREWERY CO - A CNY 46 088 0.15 6 700 BEIQI FOTON MOTOR CO LTD - A CNY 42 411 0.14 4 200 BLUEFOCUS COMMUNICATION GR - A CNY 61 866 0.20
70 300 BOE TECHNOLOGY GROUP CO LT - A CNY 208 791 0.67 4 500 BOHAI LEASING CO LTD - A CNY 40 590 0.13 1 400 BYD CO LTD - A CNY 90 160 0.29 1 200 BY-HEALTH CO LTD - A CNY 46 200 0.15
10 100 CHANGJIANG SECURITIES CO L - A CNY 125 442 0.40 5 500 CHENGDU XINGRONG INVESTMEN - A CNY 39 160 0.13 2 100 CHINA AVIONICS SYSTEMS CO - A CNY 51 723 0.17 3 900 CHINA BAOAN GROUP - A CNY 70 044 0.22 9 700 CHINA CITIC BANK CORP LTD - A CNY 70 034 0.22 5 600 CHINA COAL ENERGY CO - A CNY 33 880 0.11 4 700 CHINA COMMUNICATIONS CONST - A CNY 63 027 0.20
19 200 CHINA CONSTRUCTION BANK - A CNY 110 976 0.36 9 300 CHINA COSCO HOLDINGS - A CNY 83 886 0.27 2 100 CHINA CSSC HOLDINGS LTD - A CNY 73 143 0.23
10 400 CHINA EASTERN AIRLINES CO - A CNY 79 144 0.25 47 000 CHINA EVERBRIGHT BANK CO - A CNY 199 280 0.64 8 100 CHINA FIRST HEAVY INDUSTR - A CNY 64 557 0.21 3 200 CHINA FORTUNE LAND DEVELOP - A CNY 98 304 0.32 8 400 CHINA GEZHOUBA GROUP CO LT - A CNY 66 108 0.21 4 700 CHINA HAINAN RUBBER INDUST - A CNY 35 532 0.11 1 200 CHINA INTERNATIONAL TRAVEL - A CNY 71 172 0.23 2 600 CHINA INTL MARINE CONTAINE - A CNY 54 600 0.18
31 200 CHINA MERCHANTS BANK - A CNY 561 288 1.80 5 400 CHINA MERCHANTS ENERGY - A CNY 38 286 0.12 3 200 CHINA MERCHANTS PROPERTY - A CNY 129 600 0.42
7 100 CHINA MERCHANTS SECURITIES - A CNY 154 070 0.49 1 800 CHINA MINMETALS RARE EARTH - A CNY 37 260 0.12
92 300 CHINA MINSHENG BANKING - A CNY 889 772 2.84 3 600 CHINA MOLYBDENUM CO LTD - A CNY 16 056 0.05 6 000 CHINA NATIONAL CHEMICAL - A CNY 41 340 0.13
13 500 CHINA NATIONAL NUCLEAR POW - A CNY 128 790 0.41 6 700 CHINA NORTHERN RARE EARTH - A CNY 93 934 0.30 1 800 CHINA OILFIELD SERVICES - A CNY 27 936 0.09 9 600 CHINA PACIFIC INSURANCE GR - A CNY 277 056 0.89
32 100 CHINA PETROLEUM + CHEMICAL - A CNY 159 216 0.51 9 400 CHINA RAILWAY CONSTRUCTION - A CNY 126 712 0.41
16 500 CHINA RAILWAY GROUP LTD - A CNY 180 180 0.58 1 600 CHINA RESOURCES SANJIU MED - A CNY 43 680 0.14 6 000 CHINA SHENHUA ENERGY CO - A CNY 89 820 0.29
28 400 CHINA SHIPBUILDING INDUSTR - A CNY 266 960 0.86 9 700 CHINA SHIPPING CONTAINER - A CNY 68 288 0.22 2 200 CHINA SOUTH PUBLISHING - A CNY 52 580 0.17
10 700 CHINA SOUTHERN AIRLINES CO - A CNY 91 699 0.29 45 800 CHINA STATE CONSTRUCTION - A CNY 290 372 0.93 25 900 CHINA UNITED NETWORK - A CNY 160 062 0.51 23 400 CHINA VANKE CO LTD - A CNY 571 662 1.83 6 300 CHINA XD ELECTRIC CO LTD - A CNY 42 903 0.14
14 600 CHINA YANGTZE POWER CO LTD - A CNY 197 976 0.63 2 200 CHINESE UNIVERSE PUBLISHIN - A CNY 51 678 0.17 6 900 CHONGQING CHANGAN AUTOMOB - A CNY 117 093 0.38 2 300 CHONGQING WATER GROUP - A CNY 21 459 0.07
24 000 CITIC SECURITIES CO - A CNY 464 400 1.49 28 000 CRRC CORP LTD - A CNY 359 800 1.15 18 200 DAQIN RAILWAY CO LTD - A CNY 156 884 0.50 9 200 DATANG INTL POWER GEN CO - A CNY 47 288 0.15 2 400 DHC SOFTWARE CO LTD - A CNY 60 240 0.19 1 600 DONG-E-E-JIAOCO LTD - A CNY 83 680 0.27 3 700 DONGFANG ELECTRIC CORP LTD - A CNY 50 431 0.16 5 200 DONGXU OPTOELECTRONIC TECH - A CNY 47 216 0.15 3 400 DR PENG TELCOM & MEDIA GR - A CNY 80 648 0.26 3 700 EAST MONEY INFORMATION CO - A CNY 192 511 0.62 4 200 EVERBRIGHT SECURITIE CO - A CNY 96 348 0.31 2 500 FAW CAR COMPANY LIMITED - A CNY 40 925 0.13 7 300 FINANCIAL STREET HOLDINGS - A CNY 84 169 0.27 1 100 FOSHAN HAITIAN FLAVOURING - A CNY 38 885 0.12
12 600 FOUNDER SECURITIES CO LTD - A CNY 120 960 0.39 4 300 FUYAO GROUP GLASS INDUSTR - A CNY 65 317 0.21
30 000 GD POWER DEVELOPMENT CO - A CNY 117 900 0.38 6 900 GEMDALE CORP - A CNY 95 220 0.31 9 000 GF SECURITIES CO LTD - A CNY 175 050 0.56 2 700 GLODON SOFTWARE CO LTD - A CNY 49 086 0.16 2 300 GOERTEK INC - A CNY 79 580 0.26 4 800 GREAT WALL MOTOR CO LTD - A CNY 57 792 0.19
14 600 GREE ELECTRIC APPLIANCES I - A CNY 326 310 1.05 1 600 GUANGDONG ALPHA ANIMATION - A CNY 82 736 0.27 2 800 GUANGDONG ELEC POWER DEV - A CNY 20 580 0.07 1 400 GUANGDONG GOLDEN DRAGON DE - A CNY 40 768 0.13 9 600 GUANGHUI ENERGY CO LTD - A CNY 64 032 0.21
10 400 GUANGSHEN RAILWAY CO LTD - A CNY 52 104 0.17 8 400 GUANGXI WUZHOU ZHONGHENG G - A CNY 61 656 0.20 1 600 GUANGZHOU BAIYUNSHAN PHAR - A CNY 48 432 0.16 5 000 GUANGZHOU HAIGE COMMUNICATIONS - A CNY 83 450 0.27 3 800 GUOSEN SECURITIES CO LTD - A CNY 75 050 0.24 4 300 GUOTAI JUNAN SECURITIES CO - A CNY 102 770 0.33 3 600 GUOYUAN SECURITIES CO LTD - A CNY 81 324 0.26
800 HAINAN MINING CO LTD - A CNY 11 272 0.04
24 700 HAITONG SECURITIES CO LTD - A CNY 390 754 1.25 3 700 HANGZHOU HIKVISION DIGITAL - A CNY 127 243 0.41 1 500 HANGZHOU SONGCHENG TOURISM - A CNY 42 450 0.14 2 600 HANS LASER TECHNOLOGY IN - A CNY 67 314 0.22
13 000 HEBEI IRON & STEEL CO LTD - A CNY 43 290 0.14 4 100 HEILAN HOME CO LTD - A CNY 57 236 0.18 3 000 HENAN SHUANGHUI INVESTMENT - A CNY 61 230 0.20 2 400 HISENSE ELECTRIC CO LTD - A CNY 47 208 0.15 6 500 HUADIAN POWER INTL CORP - A CNY 44 200 0.14
900 HUADONG MEDICINE CO LTD - A CNY 73 764 0.24 1 200 HUALAN BIOLOGICAL ENGINEER - A CNY 52 800 0.17
12 800 HUANENG POWER INTL INC - A CNY 111 744 0.36 10 000 HUATAI SECURITIES CO LTD - A CNY 197 200 0.63
4 400 HUAWEN MEDIA INVESTMENT - A CNY 66 132 0.21 16 320 HUAXIA BANK CO LTD - A CNY 198 125 0.64
2 700 HUAYI BROTHERS MEDIA CORP - A CNY 111 996 0.36 3 200 HUAYU AUTOMOTIVE SYSTEMS - A CNY 53 952 0.17 8 600 HUBEI ENERGY GROUP CO LTD - A CNY 52 804 0.17 3 500 HUNAN TV & BROADCAST INT - A CNY 92 960 0.30 1 500 HUNDSUN TECHNOLOGIES INC - A CNY 91 455 0.29 2 600 IFLYTEK CO LTD - A CNY 96 330 0.31
74 100 IND & COMM BANK OF CHINA - A CNY 339 378 1.09 40 500 INDUSTRIAL BANK CO LTD - A CNY 691 335 2.22 12 700 INDUSTRIAL SECURITIES CO - A CNY 139 700 0.45
4 500 INNER MONGOLIA JUNZHENG EN - A CNY 51 525 0.17 8 900 INNER MONGOLIA MENGDIAN HU - A CNY 39 783 0.13
18 700 INNER MONGOLIA YILI INDUS - A CNY 307 241 0.99 29 800 INNER MONGOLIAN BAOTOU STE - A CNY 107 578 0.34 3 600 JIANGSU HENGRUI MEDICINE C - A CNY 176 832 0.57 4 400 JIANGSU KANGDE XIN COMPOSI - A CNY 167 640 0.54 3 100 JIANGSU PHOENIX PUBLISH - A CNY 49 383 0.16 1 420 JIANGSU YANGHE BREWERY - A CNY 97 327 0.31 2 500 JIANGXI COPPER CO LTD - A CNY 39 350 0.13 4 000 JIHUA GROUP CORP LTD - A CNY 45 880 0.15 2 200 JILIN AODONG MEDICINE INDU - A CNY 68 090 0.22 3 900 JINDUICHENG MOLYBDENUM CO - A CNY 32 292 0.10 4 300 JIZHONG ENERGY RESOURCES - A CNY 21 672 0.07 1 300 JOINTOWN PHARMACEUTICAL - A CNY 25 480 0.08 9 400 KANGMEI PHARMACEUTICAL CO - A CNY 159 330 0.51 2 500 KINGENTA ECOLOGICAL ENGINE - A CNY 50 850 0.16 1 540 KWEICHOW MOUTAI CO LTD - A CNY 336 013 1.08 1 500 LEPU MEDICAL TECHNOLOGY - A CNY 57 900 0.19 2 800 LESHI INTERNET INFORMATION - A CNY 164 640 0.53 3 800 LIAONING CHENG DA CO LTD - A CNY 85 880 0.28 1 200 LUXIN VENTURE CAPITAL GRP - A CNY 46 884 0.15 1 950 LUXSHARE PRECISION INDUSTR - A CNY 62 303 0.20 5 700 MEIHUA HOLDINGS GROUP CO - A CNY 52 098 0.17
14 900 METALLURGICAL CORP OF CHIN - A CNY 89 698 0.29 6 400 MIDEA GROUP CO LTD - A CNY 210 048 0.67 4 400 NARI TECHNOLOGY CO LTD - A CNY 73 392 0.24 3 400 NEUSOFT CORP - A CNY 105 570 0.34 2 500 NEW CHINA LIFE INSURANCE C - A CNY 130 525 0.42 3 200 NEW HOPE LIUHE CO LTD - A CNY 60 768 0.19
11 900 NINGBO PORT CO LTD - A CNY 97 104 0.31 3 600 NORTHEAST SECURITIES CO LTD - A CNY 63 000 0.20 4 200 OCEANWIDE HOLDINGS CO LTD - A CNY 52 710 0.17 6 700 OFFSHORE OIL ENGINEERING - A CNY 59 965 0.19 3 200 ORIENT SECURITIES CO LTD - A CNY 74 528 0.24 4 000 OURPALM CO LTD - A CNY 56 000 0.18 7 500 PACIFIC SECURITIES CO/THE - A CNY 73 650 0.24 9 900 PANG DA AUTOMOBILE TRADE - A CNY 38 808 0.12
13 100 PANGANG GROUP VANADIUM TIT - A CNY 48 077 0.15 1 600 PEOPLE.CN CO LTD - A CNY 36 496 0.12
14 800 PETROCHINA CO LTD - A CNY 123 580 0.40 17 500 PING AN BANK CO LTD - A CNY 209 825 0.67 33 000 PING AN INSURANCE GROUP CO - A CNY 1 187 999 3.80 19 700 POLY REAL ESTATE GROUP CO - A CNY 209 608 0.67 12 600 POWER CONSTRUCTION CORPORATION OF CHINA - A CNY 101 178 0.32 9 200 QINGDAO HAIER CO LTD - A CNY 91 264 0.29 1 900 QINGHAI SALT LAKE INDUSTRY - A CNY 48 792 0.16 4 700 RISESUN REAL ESTATE DEVEL - A CNY 44 791 0.14
10 100 SAIC MOTOR CORPORATION LTD - A CNY 214 322 0.69 4 400 SANAN OPTOELECTRONICS CO L - A CNY 106 832 0.34
11 600 SANY HEAVY INDUSTRY CO LTD - A CNY 76 328 0.24 10 500 SDIC POWER HOLDINGS CO LTD - A CNY 87 675 0.28
4 200 SEALAND SECURITIES CO LTD - A CNY 53 970 0.17 2 200 SEARAINBOW HLDG CORP CO - A CNY 73 678 0.24 6 100 SHAANXI COAL INDUSTRY CO - A CNY 29 646 0.10 2 200 SHANDONG GOLD MINING CO LTD - A CNY 46 200 0.15 2 400 SHANGHAI BAILIAN GROUP CO - A CNY 42 888 0.14 5 400 SHANGHAI CONSTRUCTION GROU - A CNY 38 232 0.12 9 100 SHANGHAI ELECTRIC GRP CO L - A CNY 105 014 0.34 3 500 SHANGHAI FOSUN PHARMACEUTI - A CNY 82 215 0.26 2 900 SHANGHAI INTERNATIONAL AIR - A CNY 85 608 0.27 7 800 SHANGHAI INTERNATIONAL POR - A CNY 50 544 0.16 1 600 SHANGHAI JAHWA UNITED CO - A CNY 63 184 0.20 1 600 SHANGHAI LUJIAZUI FIN&TRAD - A CNY 80 224 0.26 5 400 SHANGHAI ORIENTAL PEARL ME - A CNY 204 606 0.66 2 900 SHANGHAI PHARMACEUTICALS - A CNY 57 739 0.19
28 300 SHANGHAI PUDONG DEVEL BANK - A CNY 517 041 1.66 1 600 SHANGHAI RAAS BLOOD PRODUC - A CNY 63 632 0.20 4 600 SHANGHAI SMI HOLDING CO LT - A CNY 106 536 0.34 4 100 SHANGHAI TUNNEL ENGINEERIN - A CNY 43 624 0.14 1 100 SHANGHAI WAIGAOQIAO FTZ - A CNY 28 897 0.09 2 100 SHANGHAI ZHANGJIANG HIGH - A CNY 60 543 0.19 4 800 SHANXI LUAN ENVIRONMENTAL - A CNY 30 816 0.10 3 800 SHANXI SECURITIES CO LTD - A CNY 57 912 0.19 7 000 SHANXI TAIGANG STAINLESS - A CNY 28 700 0.09 6 300 SHANXI XISHAN COAL & ELEC - A CNY 38 304 0.12 6 900 SHENERGY COMPANY LIMITED - A CNY 52 095 0.17
13 600 SHENWAN HONGYUAN GROUP CO - A CNY 145 656 0.47 2 600 SHENZHEN AGRICULTURAL PROD - A CNY 45 994 0.15 4 800 SHENZHEN ENERGY GROUP CO L - A CNY 47 088 0.15 1 000 SHENZHEN HEPALINK PHARMACE - A CNY 35 370 0.11 1 500 SHENZHEN INOVANCE TECHNOLO - A CNY 70 800 0.23 1 900 SHENZHEN O-FILM TECH CO - A CNY 58 938 0.19
11 100 SHENZHEN OVERSEAS CHINESE - A CNY 97 680 0.31 1 300 SHENZHEN SALUBRIS PHARM - A CNY 39 156 0.13 1 400 SIASUN ROBOT + AUTOMATION - A CNY 95 900 0.31
11 400 SICHUAN CHANGHONG ELECTRIC - A CNY 66 006 0.21 6 800 SICHUAN CHUANTOU ENERGY CO - A CNY 73 168 0.23 2 800 SICHUAN KELUN PHARMACEUTIC - A CNY 52 080 0.17 5 600 SINOLINK SECURITIES CO LTD - A CNY 90 272 0.29 6 700 SINOPEC SHANGHAI PETROCHE - A CNY 43 416 0.14 4 100 SOOCHOW SECURITIES CO LTD - A CNY 65 887 0.21 8 600 SOUTHWEST SECURITIES CO LT - A CNY 85 140 0.27 1 000 SPRING AIRLINES CO LTD - A CNY 61 000 0.20
13 700 SUNING COMMERCE GROUP CO - A CNY 184 265 0.59 2 700 SUZHOU GOLD MANTIS CONSTR - A CNY 50 436 0.16 2 000 TASLY PHARMACEUTICAL GROUP - A CNY 81 840 0.26 7 900 TBEA CO LTD - A CNY 92 983 0.30
26 100 TCL CORP - A CNY 111 186 0.36
3 400 TIANJIN PORT CO LTD - A CNY 38 318 0.12 2 800 TIANJIN ZHONGHUAN SEMICOND - A CNY 34 216 0.11 2 400 TONGHUA DONGBAO PHARMACEUT - A CNY 65 208 0.21 4 700 TONGLING NONFERROUS METALS - A CNY 16 826 0.05 5 500 TSINGHUA TONGFANG CO LTD - A CNY 99 440 0.32 1 400 TSINGTAO BREWERY CO LTD - A CNY 46 480 0.15 1 500 TUS - SOUND ENVIRONMENTAL RESOUR - A CNY 59 430 0.19
800 UNIVERSAL SCIENTIFIC INDUS - A CNY 11 568 0.04 300 WANDA CINEMA LINE CO LTD - A CNY 36 000 0.12
1 500 WANGSU SCIENCE + TECHNOLOG - A CNY 89 985 0.29 3 300 WANHUA CHEMICAL GROUP CO - A CNY 58 905 0.19 3 500 WANXIANG QIANCHAO CO LTD - A CNY 79 205 0.25
500 WASU MEDIA HOLDING CO LTD - A CNY 16 400 0.05 7 400 WEICHAI POWER CO LTD - A CNY 71 484 0.23 1 800 WEIFU HIGH-TECHNOLOGY GRP - A CNY 44 568 0.14 3 400 WESTERN SECURITIES CO LTD - A CNY 111 894 0.36
10 300 WINTIME ENERGY CO LTD - A CNY 49 131 0.16 12 300 WUHAN IRON & STEEL CO LTD - A CNY 42 681 0.14 5 800 WULIANGYE YIBIN CO LTD - A CNY 158 224 0.51
12 900 XCMG CONSTRUCTION MACHIN - A CNY 54 825 0.18 6 800 XIAMEN C + D INC - A CNY 119 068 0.38 1 700 XIAMEN TUNGSTEN CO LTD - A CNY 31 977 0.10 7 500 XINHU ZHONGBAO CO LTD - A CNY 35 775 0.11 4 700 XINJIANG GOLDWIND SCI+TECH - A CNY 107 113 0.34 6 800 XINXING DUCTILE IRON PIPES - A CNY 44 132 0.14 1 800 XJ ELECTRIC CO LTD - A CNY 34 974 0.11 1 500 YANTAI JEREH OILFIELD - A CNY 38 070 0.12 1 500 YANZHOU COAL MINING CO - A CNY 14 175 0.05 7 800 YINGKOU PORT LIABILITY CO - A CNY 37 050 0.12 6 200 YONGHUI SUPERSTORES CO LTD - A CNY 62 620 0.20 2 200 YONYOU NETWORK TECHNOLOGY - A CNY 69 982 0.22 4 800 YOUNGOR GROUP CO - A CNY 78 144 0.25 1 600 YUNNAN BAIYAO GROUP CO LTD - A CNY 116 192 0.37 2 400 ZHE JIANG DAILY MEDIA GRP - A CNY 45 192 0.14 8 300 ZHEJIANG CHINA COMMODITIES - A CNY 76 277 0.24 1 800 ZHEJIANG DAHUA TECHNOLOGY - A CNY 66 420 0.21 1 600 ZHEJIANG HUACE FILM + TV - A CNY 47 664 0.15 7 000 ZHEJIANG LONGSHENG GROUP C - A CNY 81 480 0.26 2 100 ZHEJIANG YASHA DECORATION - A CNY 33 117 0.11 8 300 ZHEJIANG ZHENENG ELECTRIC - A CNY 62 167 0.20 4 100 ZHENGZHOU YUTONG BUS CO - A CNY 92 209 0.30 4 500 ZHONGJIN GOLD CORP - A CNY 44 685 0.14 4 500 ZHONGTIAN URBAN DEVELOPMENT - A CNY 41 040 0.13
28 900 ZIJIN MINING GROUP CO LTD - A CNY 101 728 0.33 13 400 ZOOMLION HEAVY INDUSTRY S - A CNY 71 690 0.23
7 200 ZTE CORP - A CNY 134 136 0.43
Taiwan 144 381 0.46 5 100 CHINA LIFE INSURANCE CO - A CNY 144 381 0.46
Hong Kong 109 761 0.35 3 900 BEIJING CAPITAL CO LTD - A CNY 39 741 0.13
18 000 HAINAN AIRLINES CO - A CNY 70 020 0.22
Australia 57 523 0.18 4 100 SHENZHEN ZHONGJIN LINGNAN - A CNY 57 523 0.18
The Netherlands 56 952 0.18 2 100 LUZHOU LAOJIAO CO LTD - A CNY 56 952 0.18
Shares/Units in investment funds 987 809 3.16
Hong Kong 987 809 3.16 26 000.00 CHINAAMC CSI 300 IDX ETF - HKD HKD 987 809 3.16
BNP Paribas Flexi I Equity World Multi-Alpha
10 419 065 97.95
Shares 10 419 065 97.95
United States of America 5 720 493 53.81 810 3M CO USD 122 018 1.15 733 AMERICAN AIRLINES GROUP INC USD 31 043 0.29 713 AMERICAN WATER WORKS CO INC USD 42 602 0.40 225 AMERISOURCE BERGEN CORP USD 23 335 0.22 303 AMGEN INC USD 49 186 0.46 299 ANTHEM INC USD 41 693 0.39 623 ARAMARK USD 20 092 0.19
1 302 ASSURANT INC USD 104 863 0.99 2 980 AVERY DENNISON CORP USD 186 727 1.76 2 584 AVNET INC USD 110 699 1.04
429 BALL CORP USD 31 201 0.29 1 569 BED BATH & BEYOND INC USD 75 704 0.71 1 346 CAMPBELL SOUP CO USD 70 732 0.66
463 CARDINAL HEALTH INC USD 41 332 0.39 497 CBS CORP-CLASS B NON VOTING USD 23 424 0.22 342 CLOROX COMPANY USD 43 376 0.41
1 276 COCA-COLA ENTERPRISES USD 62 830 0.59 558 COLGATE-PALMOLIVE CO USD 37 174 0.35
2 066 CONAGRA FOODS INC USD 87 103 0.82 1 128 CR BARD INC USD 213 687 2.01
303 CVS HEALTH CORP USD 29 624 0.28 929 DARDEN RESTAURANTS INC USD 59 122 0.56
1 793 DELTA AIR LINES INC USD 90 887 0.85 835 DENTSPLY INTERNATIONAL INC USD 50 810 0.48
3 050 DISCOVERY COMMUNICATIONS - C USD 76 921 0.72 348 DR PEPPER SNAPPLE GROUP INC USD 32 434 0.30 291 DUKE ENERGY CORP USD 20 774 0.20 280 EDGEWELL PERSONAL CARE CO - W/I USD 21 944 0.21 606 EDWARDS LIFESCIENCES CORP USD 47 862 0.45 724 ELECTRONIC ARTS INC USD 49 753 0.47
1 265 EXPEDITORS INTL WASH INC USD 57 052 0.54 137 FEDEX CORP USD 20 412 0.19
3 287 FNF GROUP - W/I USD 113 960 1.07 1 582 FOOT LOCKER INC USD 102 972 0.97
489 GENUINE PARTS CO USD 42 000 0.39 1 629 GOODYEAR TIRE & RUBBER CO USD 53 219 0.50
616 H&R BLOCK INC USD 20 519 0.19 1 387 HOLLYFRONTIER CORP USD 55 327 0.52 2 820 HOLOGIC INC USD 109 106 1.03
187 INTERCONTINENTAL EXCHANGE-W/I USD 47 921 0.45 1 241 INTERPUBLIC GROUP OF COS INC USD 28 890 0.27
968 IRON MOUNTAIN INC USD 26 146 0.25 2 191 KELLOGG CO USD 158 344 1.49
986 L BRANDS INC USD 94 479 0.89 648 LOWES COS INC USD 49 274 0.46
4 170 MASCO CORP USD 118 011 1.11 235 MCCORMICK & CO-NON VTG SHRS USD 20 107 0.19 287 MEAD JOHNSON NUTRITION CO USD 22 659 0.21 580 MOTOROLA SOLUTIONS INC USD 39 701 0.37 623 NORDSTROM INC USD 31 032 0.29 584 ORACLE CORP USD 21 334 0.20 795 OREILLY AUTOMOTIVE INC USD 201 469 1.89
2 887 PACKAGING CORP OF AMERICA USD 182 025 1.71 1 587 PARKER HANNIFIN CORP USD 153 907 1.45
880 PINNACLE WEST CAPITAL USD 56 742 0.53 1 046 QUEST DIAGNOSTICS INC USD 74 412 0.70
338 QUINTILES TRANSNATIONAL HOLD USD 23 207 0.22 288 RALPH LAUREN CORP USD 32 106 0.30
1 276 ROBERT HALF INTL INC USD 60 151 0.57 1 465 ROSS STORES INC USD 78 832 0.74
742 SCANA CORP USD 44 884 0.42 1 518 SEALED AIR CORP USD 67 703 0.64
76 SHERWIN-WILLIAMS CO/THE USD 19 730 0.19 752 SIMON PROPERTY GROUP INC USD 146 219 1.37 612 SOUTHWEST AIRLINES CO USD 26 353 0.25
2 129 STAPLES INC USD 20 162 0.19 435 TARGET CORP USD 31 585 0.30 815 TEGNA INC USD 20 799 0.20
1 339 TESORO CORP USD 141 090 1.33 587 TIME WARNER INC USD 37 961 0.36 571 TJX COMPANIES INC USD 40 490 0.38
3 835 TOTAL SYSTEM SERVICES INC USD 190 983 1.80 1 091 TRAVELERS COS INC/THE USD 123 130 1.16 1 105 TYSON FOODS INC - A USD 58 930 0.55 1 859 UNITED CONTINENTAL HOLDINGS USD 106 521 1.00 1 713 UNITED PARCEL SERVICE- CL B USD 164 842 1.55
416 UNIVERSAL HEALTH SERVICES - B USD 49 708 0.47 358 VALERO ENERGY CORP USD 25 314 0.24 410 VANTIV INC - A USD 19 442 0.18
2 162 VF CORP USD 134 585 1.27 234 WABCO HOLDINGS INC USD 23 929 0.22
1 347 WASTE MANAGEMENT INC USD 71 889 0.68 1 181 WESTERN UNION CO USD 21 152 0.20
701 WHIRLPOOL CORP USD 102 956 0.97 491 YUM BRANDS INC USD 35 868 0.34
United Kingdom 1 072 742 10.08 309 AON PLC USD 28 493 0.27
3 691 BUNZL PLC GBP 102 543 0.96 1 321 CRODA INTERNATIONAL PLC GBP 59 226 0.56
781 EASYJET PLC GBP 20 029 0.19 7 461 ICAP PLC GBP 56 027 0.53
382 IMPERIAL TOBACCO GROUP PLC GBP 20 192 0.19 23 657 INTL CONSOLIDATED AIRLINE-DI EUR 212 655 2.00 36 832 ITV PLC GBP 150 152 1.41 24 808 SAGE GROUP PLC/THE GBP 220 658 2.06
4 024 SCHRODERS PLC GBP 176 500 1.66 609 UNILEVER PLC GBP 26 267 0.25
Canada 618 392 5.81 2 118 ALIMENTATION COUCHE-TARD - B CAD 92 873 0.87 1 336 CANADIAN TIRE CORP - A CAD 113 645 1.07
702 CGI GROUP INC CLASS - A CAD 27 998 0.26 114 FAIRFAX FINANCIAL HOLDINGS LTD CAD 53 912 0.51 698 INDUSTRIAL ALLIANCE INSURANC CAD 22 175 0.21
1 247 INTACT FINANCIAL CORP CAD 79 610 0.75 3 611 METRO INC CAD 100 708 0.95
812 RESTAURANT BRANDS INTERN - W/I CAD 30 251 0.28 2 138 SHAW COMMUNICATIONS INC - B CAD 36 632 0.34
787 WESTON (GEORGE) LTD CAD 60 588 0.57
Australia 501 950 4.72 3 696 AMCOR LTD AUD 36 142 0.34
984 CALTEX AUSTRALIA LTD AUD 26 991 0.25 2 667 CSL LTD AUD 204 346 1.92 3 287 RAMSAY HEALTH CARE LTD AUD 162 480 1.53
21 008 TABCORP HOLDINGS LTD AUD 71 991 0.68
Singapore 346 131 3.26 1 405 AVAGO TECHNOLOGIES LTD USD 203 936 1.92
51 200 SINGAPORE PRESS HOLDINGS LTD SGD 142 195 1.34
Germany 341 038 3.20 255 BAYER AG - REG EUR 32 077 0.30 241 FRESENIUS MEDICAL CARE AG EUR 20 350 0.19 536 FRESENIUS SE & CO KGAA EUR 38 411 0.36
1 780 HANNOVER RUECK SE EUR 204 286 1.92 265 MERCK KGAA EUR 25 784 0.24 364 UNITED INTERNET AG-REG SHARE EUR 20 130 0.19
Denmark 337 577 3.16 2 340 DANSKE BANK A/S DKK 63 083 0.59
730 DSV A/S DKK 28 871 0.27 3 889 ISS A/S DKK 140 790 1.32
648 PANDORA A/S DKK 82 252 0.77 1 129 TRYG A/S DKK 22 581 0.21
France 306 973 2.88 1 281 BUREAU VERITAS SA EUR 25 591 0.24
484 CHRISTIAN DIOR EUR 82 414 0.77 951 LAGARDERE SCA EUR 28 420 0.27
3 009 NUMERICABLE-SFR EUR 109 501 1.03 372 SODEXO EUR 36 426 0.34 328 THALES SA EUR 24 621 0.23
Japan 228 871 2.15 1 900 JAPAN TOBACCO INC JPY 70 617 0.66 2 600 TOKYO ELECTRON LTD JPY 158 254 1.49
Sweden 218 635 2.05 6 140 SWEDISH MATCH AB SEK 218 635 2.05
Spain 181 247 1.70 1 583 AENA SA EUR 181 247 1.70
Italy 172 212 1.62 6 283 PRYSMIAN SPA EUR 138 279 1.30
13 236 UNIPOLSAI SPA EUR 33 933 0.32
Switzerland 129 570 1.23 634 ACE LTD USD 74 083 0.70 105 GEBERIT AG - REG CHF 35 685 0.34 364 WOLSELEY PLC GBP 19 802 0.19
The Netherlands 89 545 0.84 567 CHICAGO BRIDGE & IRON CO NV USD 22 107 0.21
1 668 FIAT CHRYSLER AUTOMOBILES NV EUR 23 410 0.22 551 VOPAK EUR 23 745 0.22 603 WOLTERS KLUWER EUR 20 283 0.19
Luxembourg 44 840 0.42 278 RTL GROUP EUR 23 253 0.22 777 SES EUR 21 587 0.20
Hong Kong 23 484 0.22 40 000 PCCW LTD HKD 23 484 0.22
Ireland 23 096 0.22 630 SEAGATE TECHNOLOGY USD 23 096 0.22
Portugal 21 371 0.20 5 924 EDP-ENERGIAS DE PORTUGAL SA EUR 21 371 0.20
Belgium 20 596 0.19 632 PROXIMUS EUR 20 596 0.19
Norway 20 302 0.19 637 SCHIBSTED ASA - B NOK 20 302 0.19
BNP Paribas Flexi I Equity World Pure Low Volatility
8 763 601 99.70
Shares 8 763 601 99.70
United States of America 4 652 232 52.92 238 3M CO USD 33 004 0.38
60 ALLEGHANY CORP USD 26 398 0.30 449 ALLSTATE CORP USD 25 664 0.29
2 819 AMERICAN WATER WORKS CO INC USD 155 054 1.76 768 AMERISOURCE BERGEN CORP USD 73 322 0.83 976 AMPHENOL CORP - A USD 46 927 0.53 673 ANSYS INC USD 57 307 0.65 652 ARTHUR J GALLAGHER & CO USD 24 572 0.28 652 AUTOMATIC DATA PROCESSING USD 50 849 0.58 50 AUTOZONE INC USD 34 148 0.39
1 098 AVERY DENNISON CORP USD 63 335 0.72 982 BALL CORP USD 65 747 0.75
2 116 BAXTER INTERNATIONAL INC USD 74 312 0.85 511 BECTON DICKINSON AND CO USD 72 485 0.82 212 BERKSHIRE HATHAWAY INC - CL B USD 25 769 0.29
1 912 CA INC USD 50 269 0.57 870 CHEVRON CORP USD 72 048 0.82
1 117 CHURCH & DWIGHT CO INC USD 87 279 0.99 476 CINCINNATI FINANCIAL CORP USD 25 927 0.29 436 CINTAS CORP USD 36 544 0.42 746 CLOROX COMPANY USD 87 099 0.99
1 439 COLGATE-PALMOLIVE CO USD 88 250 1.00 599 COMCAST CORP - A USD 31 116 0.35 583 COSTCO WHOLESALE CORP USD 86 674 0.99 484 DANAHER CORP USD 41 383 0.47
2 345 DUKE ENERGY CORP USD 154 110 1.75 608 ECOLAB INC USD 64 018 0.73 369 EQUIFAX INC USD 37 831 0.43
1 015 EXXON MOBIL CORP USD 72 834 0.83 889 FIDELITY NATIONAL INFO SERV USD 49 593 0.56 592 FISERV INC USD 49 843 0.57
1 649 GENERAL MILLS INC USD 87 528 1.00 436 GENUINE PARTS CO USD 34 473 0.39 511 HENRY SCHEIN INC USD 74 413 0.85 302 HOME DEPOT INC USD 36 767 0.42 454 HONEYWELL INTERNATIONAL INC USD 43 285 0.49 433 ILLINOIS TOOL WORKS USD 36 942 0.42 450 INTL BUSINESS MACHINES CORP USD 57 009 0.65 605 INTL FLAVORS & FRAGRANCES USD 66 632 0.76 767 JOHNSON & JOHNSON USD 72 527 0.83
1 343 KELLOGG CO USD 89 348 1.02 789 KIMBERLY-CLARK CORP USD 92 460 1.05 642 LABORATORY CORP AMERICA HOLDINGS USD 73 071 0.83 817 LEGGETT & PLATT INC USD 31 603 0.36 755 LOEWS CORP USD 26 689 0.30 524 MARSH & MCLENNAN COS USD 26 747 0.30 329 MCDONALDS CORP USD 35 780 0.41
1 477 MERCK & CO INC USD 71 817 0.82 799 MONSANTO CO USD 72 464 0.82 825 MOTOROLA SOLUTIONS INC USD 51 985 0.59 848 NEWELL RUBBERMAID INC USD 34 410 0.39
1 132 OCCIDENTAL PETROLEUM CORP USD 70 454 0.80 526 OMNICOM GROUP USD 36 636 0.42
1 923 PATTERSON COS INC USD 80 032 0.91 1 045 PAYCHEX INC USD 50 879 0.58 1 810 PEOPLES UNITED FINANCIAL USD 26 909 0.31
963 PEPSICO INC USD 88 579 1.01 2 513 PFIZER INC USD 74 675 0.85
701 PPG INDUSTRIES INC USD 63 770 0.73 662 PRAXAIR INC USD 62 403 0.71
1 256 PROCTER & GAMBLE CO/THE USD 91 815 1.04 886 PROGRESSIVE CORP USD 25 936 0.30 866 REPUBLIC SERVICES INC USD 35 069 0.40 202 ROPER TECHNOLOGIES INC USD 35 292 0.40 255 SHERWIN-WILLIAMS CO/THE USD 60 939 0.69 225 SNAP - ON INC USD 35 507 0.40
3 755 SOUTHERN CO/THE USD 161 738 1.85 604 STARBUCKS CORP USD 33 378 0.38 343 STERICYCLE INC USD 38 080 0.43 850 STRYKER CORP USD 72 723 0.83
1 218 SYNOPSYS INC USD 51 140 0.58 508 TARGET CORP USD 33 956 0.39 585 THERMO FISHER SCIENTIFIC USD 76 390 0.87 931 THOMSON REUTERS CORP CAD 32 336 0.37 477 TORCHMARK CORP USD 25 099 0.29 965 TOTAL SYSTEM SERVICES INC USD 44 239 0.50 249 TRAVELERS COS INC/THE USD 25 870 0.29
1 207 TYCO INTERNATIONAL PLC USD 35 433 0.40 403 UNITED PARCEL SERVICE- CL B USD 35 700 0.41
1 008 VARIAN MEDICAL SYSTEMS INC USD 74 976 0.85 732 WASTE MANAGEMENT INC USD 35 963 0.41 548 WELLS FARGO & CO USD 27 423 0.31 580 WR BERKLEY CORP USD 29 232 0.33
Canada 936 226 10.65 512 BANK OF MONTREAL CAD 26 493 0.30 839 BANK OF NOVA SCOTIA CAD 31 120 0.35
6 325 BCE INC CAD 224 086 2.56 513 CAN IMPERIAL BANK OF COMMERCE CAD 31 002 0.35 427 CANADIAN TIRE CORP - A CAD 33 437 0.38
2 404 ENBRIDGE INC CAD 73 285 0.83 2 567 FIRST CAPITAL REALTY INC CAD 31 217 0.36 6 003 FORTIS INC CAD 148 827 1.69 1 266 GILDAN ACTIVEWEAR INC CAD 33 006 0.38 1 799 H&R REAL ESTATE INV-REIT UTS CAD 23 904 0.27 2 565 IMPERIAL OIL LTD CAD 76 630 0.87
443 INTACT FINANCIAL CORP CAD 26 035 0.30 522 ROYAL BANK OF CANADA CAD 25 651 0.29
1 836 SHAW COMMUNICATIONS INC - B CAD 28 958 0.33 1 295 SMART REAL ESTATE INVESTMENT CAD 25 909 0.29
743 TORONTO-DOMINION BANK CAD 26 708 0.30 2 336 TRANSCANADA CORP CAD 69 958 0.80
Switzerland 528 969 6.02 272 ACE LTD USD 29 258 0.33
15 CHOCOLADEFABRIKEN LINDT-PC CHF 86 284 0.98 1 271 NESTLE SA - REG CHF 87 137 0.99
393 SWISS PRIME SITE-REG CHF 28 371 0.32 521 SWISSCOM AG - REG CHF 240 999 2.75 957 TE CONNECTIVITY LTD USD 56 920 0.65
United Kingdom 496 859 5.64 14 606 BP PLC GBP 70 152 0.80 1 595 BUNZL PLC GBP 40 792 0.46 2 237 CAPITA PLC GBP 36 664 0.42 2 229 COMPASS GROUP PLC GBP 35 535 0.40
11 555 NATIONAL GRID PLC GBP 146 975 1.67 322 NEXT PLC GBP 31 848 0.36
2 221 RELX PLC GBP 36 070 0.41
2 275 SKY PLC GBP 34 323 0.39 651 WILLIS GROUP HOLDINGS PLC USD 29 107 0.33
1 669 WPP PLC GBP 35 393 0.40
Australia 465 629 5.31 7 345 AMCOR LTD AUD 66 118 0.75
961 ASX LTD AUD 27 329 0.31 5 129 BRAMBLES LTD AUD 39 746 0.45
13 013 TATTS GROUP LTD AUD 38 262 0.44 68 074 TELSTRA CORP LTD AUD 255 781 2.92 5 475 TRANSURBAN GROUP AUD 38 393 0.44
Singapore 446 093 5.08 74 100 HUTCHISON PORT HOLDINGS TRST USD 36 153 0.41 8 800 KEPPEL CORP LTD SGD 37 173 0.42 4 500 OVERSEA-CHINESE BANKING CORP SGD 25 696 0.29 5 400 SINGAPORE AIRLINES LTD SGD 39 245 0.45 6 400 SINGAPORE EXCHANGE LTD SGD 31 977 0.36
13 800 SINGAPORE PRESS HOLDINGS LTD SGD 35 281 0.40 100 200 STARHUB LTD SGD 240 568 2.75
Hong Kong 215 413 2.45 19 000 CLP HOLDINGS LTD HKD 148 611 1.69 1 600 HANG SENG BANK LTD HKD 28 032 0.32 8 500 MTR CORP HKD 38 770 0.44
France 149 634 1.70 329 ADP EUR 35 269 0.40 613 AIR LIQUIDE SA EUR 63 537 0.72 689 DASSAULT SYSTEMES SA EUR 50 828 0.58
Italy 147 660 1.68 31 047 TERNA SPA EUR 147 660 1.68
Germany 138 863 1.58 332 KABEL DTLD HOLDING AG EUR 37 898 0.43 370 MAN SE EUR 34 299 0.39
1 087 SYMRISE AG EUR 66 666 0.76
Bermuda 133 279 1.52 387 ARCH CAPITAL GROUP LTD USD 24 849 0.28 513 AXIS CAPITAL HOLDINGS LTD USD 26 550 0.30 161 EVEREST RE GROUP LTD USD 27 136 0.31 202 PARTNERRE LTD USD 25 985 0.30 276 RENAISSANCERE HOLDINGS LTD USD 28 759 0.33
New Zealand 112 042 1.27 11 714 AUCKLAND INTL AIRPORT LTD NZD 42 447 0.48 15 025 FLETCHER BUILDING LTD NZD 69 595 0.79
Japan 94 646 1.07 1 600 MCDONALDS HOLDINGS CO JAPAN JPY 32 079 0.36 8 000 TONENGENERAL SEKIYU KK JPY 62 567 0.71
The Netherlands 70 063 0.80 3 384 ROYAL DUTCH SHELL PLC - A GBP 70 063 0.80
Ireland 50 023 0.57 520 ACCENTURE PLC - A USD 50 023 0.57
Israel 48 844 0.56 652 CHECK POINT SOFTWARE TECHNOLOGIE USD 48 844 0.56
Luxembourg 41 764 0.48 1 633 SES EUR 41 764 0.48
Sweden 35 362 0.40 1 072 HENNES & MAURITZ AB - B SEK 35 362 0.40
BNP Paribas Flexi I US Mortgage
180 173 181 101.17
Bonds 107 945 649 60.61
United States of America 107 945 649 60.61 1 000 000 COMM 2014-CR18 B 4.456% 14-15/07/2047 USD 1 036 426 0.58
450 000 COMM 2015-CR24 AM 4.028% 15-10/08/2055 USD 462 155 0.26 1 000 000 DTAOT 2014-1A D 3.980% 14-15/01/2021 USD 999 284 0.56 1 250 000 DTAOT 2015-3A D 4.530% 15-17/10/2022 USD 1 241 125 0.70
569 069 FG A61558 6.500% 07-01/10/2036 USD 654 319 0.37 778 551 FG A95974 4.500% 10-01/12/2040 USD 840 095 0.47
1 556 502 FG C91463 4.000% 12-01/06/2032 USD 1 666 829 0.94 1 222 055 FG D99061 3.500% 12-01/04/2032 USD 1 281 361 0.72
179 187 FG G01548 7.500% 03-01/07/2032 USD 219 208 0.12 612 491 FG G04457 6.000% 08-01/05/2038 USD 703 347 0.40 72 942 FG G04985 6.500% 08-01/09/2038 USD 83 071 0.05
2 555 541 FG G05335 5.000% 09-01/03/2039 USD 2 859 317 1.61 291 093 FG G05903 5.500% 10-01/03/2040 USD 327 074 0.18 679 314 FG G06480 4.500% 11-01/05/2041 USD 741 849 0.42 523 642 FG G07166 7.500% 12-01/02/2035 USD 624 905 0.35 843 940 FG G08534 3.000% 13-01/06/2043 USD 844 292 0.47 746 542 FG G14450 3.500% 12-01/10/2026 USD 784 840 0.44
1 144 882 FG G14853 3.500% 13-01/08/2028 USD 1 202 158 0.68 1 698 514 FG G60104 5.500% 15-01/05/2041 USD 1 884 039 1.06 2 061 945 FG G60343 5.500% 15-01/06/2041 USD 2 294 507 1.29
204 763 FG J01217 6.000% 06-01/02/2021 USD 216 855 0.12 287 314 FG J11213 5.500% 09-01/11/2024 USD 308 291 0.17 607 624 FG Q00140 4.500% 11-01/04/2041 USD 659 349 0.37
1 791 430 FG Q03037 4.000% 11-01/09/2041 USD 1 904 163 1.07 383 486 FG Q07026 4.000% 12-01/03/2042 USD 407 265 0.23
1 462 376 FG Q19912 3.000% 13-01/07/2043 USD 1 462 703 0.82 1 448 108 FG Q32464 4.000% 15-01/04/2045 USD 1 531 259 0.86
267 210 FHR 3730 AI 4.000% 10-15/11/2028 USD 5 875 0.00 856 222 FHR 3763 AI 3.500% 10-15/06/2025 USD 56 099 0.03
4 791 300 FHR 3922 CI 4.500% 11-15/03/2041 USD 901 135 0.51 4 489 287 FHR 4135 BI 4.500% 12-15/11/2042 USD 1 071 555 0.60 2 970 908 FHS 303 C33 4.500% 13-15/01/2043 USD 660 175 0.37 2 927 844 FHS 303 C34 4.500% 13-15/12/2040 USD 621 596 0.35 7 009 804 FHS 304 C8 4.000% 13-15/12/2042 USD 1 617 254 0.91
687 565 FN 555880 5.500% 03-01/11/2033 USD 772 691 0.43 190 120 FN 747084 5.000% 03-01/09/2028 USD 199 304 0.11 177 172 FN 771060 6.500% 04-01/02/2033 USD 209 052 0.12 862 231 FN 881220 6.000% 06-01/03/2030 USD 953 137 0.54 51 156 FN 881221 6.500% 06-01/02/2030 USD 54 701 0.03
204 441 FN 881222 7.000% 06-01/11/2024 USD 219 462 0.12 20 546 FN 909207 6.500% 08-01/07/2023 USD 22 335 0.01 94 764 FN 919439 6.000% 08-01/05/2038 USD 107 872 0.06
548 338 FN 925887 6.000% 07-01/10/2024 USD 584 172 0.33 762 881 FN AB9546 3.500% 13-01/06/2028 USD 804 556 0.45 90 481 FN AD5541 5.000% 10-01/05/2030 USD 100 053 0.06
473 429 FN AH3910 4.500% 11-01/03/2041 USD 512 707 0.29 210 562 FN AH6010 4.500% 11-01/02/2041 USD 228 084 0.13
1 156 640 FN AH7516 5.500% 11-01/03/2041 USD 1 288 964 0.72 629 096 FN AI0521 5.500% 11-01/04/2041 USD 701 787 0.39
1 223 795 FN AI6071 5.000% 11-01/06/2041 USD 1 377 532 0.77 1 155 136 FN AJ5299 4.000% 11-01/11/2041 USD 1 232 705 0.69 1 529 169 FN AJ8124 4.000% 11-01/12/2041 USD 1 622 430 0.91
490 070 FN AK2411 4.000% 12-01/02/2042 USD 523 011 0.29 2 645 628 FN AL5435 4.000% 14-01/03/2033 USD 2 829 727 1.59 3 416 125 FN AL6471 4.500% 15-01/06/2043 USD 3 692 293 2.07 2 405 270 FN AS2917 5.000% 14-01/07/2044 USD 2 654 556 1.49
3 639 922 FN AS5722 3.500% 15-01/09/2045 USD 3 758 165 2.11 2 493 436 FN AS6229 4.000% 15-01/11/2045 USD 2 649 369 1.49 1 116 104 FN AT5908 4.000% 13-01/06/2043 USD 1 192 559 0.67 2 197 195 FN AU3749 4.000% 13-01/08/2043 USD 2 343 937 1.32 1 285 933 FN AU8855 4.500% 13-01/11/2043 USD 1 404 775 0.79 1 494 968 FN AX6435 3.000% 15-01/01/2030 USD 1 542 847 0.87 2 360 559 FN MA0776 4.500% 11-01/06/2031 USD 2 570 365 1.44 3 594 902 FNR 2012-44 EI 4.500% 12-25/06/2041 USD 583 767 0.33 4 337 053 FNR 2012-93 PI 4.500% 12-25/08/2042 USD 812 684 0.46 5 681 523 FNR 2013-3 BI 4.000% 13-25/01/2043 USD 1 075 819 0.60 4 939 788 FNR 2013-30 IA 4.000% 13-25/01/2043 USD 840 766 0.47 7 924 972 FNR 2013-40 NI 4.000% 13-25/07/2032 USD 1 196 001 0.67 7 232 503 FNR 2014-52 GI 4.000% 14-25/09/2034 USD 1 402 461 0.79 1 449 407 FNS 356 8 500% 04-25/02/2035 USD 275 141 0.15 3 015 525 FNS 401 C1 4.500% 09-25/10/2039 USD 596 757 0.34 2 951 206 FNS 409 C21 4.000% 12-25/04/2042 USD 586 972 0.33 3 494 861 FNS 409 C24 4.500% 12-25/04/2042 USD 674 932 0.38 2 590 766 FNS 409 C27 4.500% 12-25/04/2042 USD 510 273 0.29 8 255 087 FNS 413 C31 4.000% 12-25/11/2040 USD 1 675 742 0.94 2 933 789 FNS 418 C17 5.000% 13-25/08/2043 USD 663 704 0.37 1 700 803 G2 4579 5.500% 09-20/11/2039 USD 1 895 557 1.06
317 473 G2 724720 6.250% 10-20/04/2040 USD 354 474 0.20 678 266 G2 783256 6.500% 11-20/04/2024 USD 751 799 0.42 910 364 G2 783890 7.000% 14-20/11/2038 USD 1 103 126 0.62
1 451 334 G2 784029 5.000% 15-20/12/2044 USD 1 628 179 0.91 2 680 972 G2 MA3174 4.000% 15-20/10/2045 USD 2 851 239 1.60
68 991 GN 435063 7.500% 01-15/03/2031 USD 72 093 0.04 63 675 GN 485395 7.500% 01-15/04/2031 USD 69 877 0.04
147 718 GN 564378 7.500% 01-15/09/2031 USD 166 562 0.09 540 734 GN 595793 5.500% 05-15/07/2035 USD 628 030 0.35 648 016 GN 719222 4.500% 10-15/07/2040 USD 709 110 0.40 815 459 GN 752135 3.000% 13-15/02/2033 USD 828 919 0.47
2 127 650 GN 762305 4.500% 11-15/06/2041 USD 2 318 855 1.30 347 776 GN 781232 6.500% 01-15/12/2023 USD 397 902 0.22 417 702 GN 781636 5.500% 03-15/07/2033 USD 474 851 0.27
3 529 841 GN 784072 5.000% 15-15/11/2045 USD 3 882 354 2.18 1 732 372 GN AL1900 4.000% 15-15/01/2045 USD 1 850 763 1.04 1 690 535 GN AO3557 4.000% 15-15/08/2045 USD 1 796 186 1.01 1 491 707 GN AO3568 4.000% 15-15/08/2045 USD 1 584 866 0.89
227 824 GNR 2009-107 IQ 5.000% 09-20/10/2038 USD 15 797 0.01 1 298 906 GNR 2010-7 GI 5.000% 10-16/06/2036 USD 66 463 0.04 2 659 697 MSSTR 2004-1 30B1 6.500% 04-25/08/2032 USD 2 138 729 1.20 1 500 000 SPART 2015-T2 AT2 2.620% 15-15/01/2047 USD 1 499 879 0.84
875 929 TMTS 2005-16HE AF2 4.329828% 05-25/09/36 USD 900 920 0.51 740 000 WLAKE 2014-1A C 1.700% 14-15/11/2019 USD 737 177 0.41
Floating rate bonds 72 227 532 40.56
United States of America 72 227 532 40.56 307 147 AHM 2005-3 2A3 05-25/09/2035 FRN USD 304 489 0.17
1 708 341 BALTA 2004-10 2A1 04-25/09/2034 FRN USD 1 633 604 0.92 1 976 023 CFLAT 2004-AQ1 A2 04-25/05/2034 FRN USD 1 938 575 1.09 1 400 000 COMM 2015-LC23 D 15-10/10/2053 FRN USD 1 127 519 0.63
350 000 CSMC 2015-TOWN C 15-15/03/2017 FRN USD 346 881 0.19 824 115 FH 1H1353 06-01/11/2036 FRN USD 871 336 0.49
1 680 321 FH 1L0299 05-01/08/2034 CV FRN USD 1 790 976 1.01 710 397 FH 1Q1288 11-01/04/2038 FRN USD 752 234 0.42
1 233 799 FH 848360 10-01/12/2040 FRN USD 1 291 399 0.73 1 133 504 FH 848380 11-01/02/2041 FRN USD 1 189 737 0.67
978 583 FH 849211 13-01/11/2038 FRN USD 1 035 512 0.58 557 586 FHG 20 F 93-25/10/2023 FRN USD 564 077 0.32
2 055 315 FHR 2927 SI 05-15/02/2035 FRN USD 484 556 0.27
6 078 151 FHR 3532 SN 09-15/05/2039 FRN USD 1 091 273 0.61 7 919 843 FHS 268 S5 12-15/08/2042 FRN USD 1 741 749 0.98
914 684 FN 701383 03-01/06/2029 FRN USD 978 928 0.55 412 847 FN 888776 07-01/08/2037 FRN USD 437 142 0.25
1 672 321 FN 901494 06-01/11/2036 FRN USD 1 773 996 1.00 518 691 FN 914652 07-01/04/2037 FRN USD 550 887 0.31 707 109 FN AC8686 10-01/02/2040 FRN USD 750 807 0.42 682 560 FN AD0481 09-01/12/2039 FRN USD 723 950 0.41 759 758 FN AD6402 10-01/07/2040 FRN USD 808 118 0.45
1 316 029 FN AE0644 10-01/12/2040 FRN USD 1 383 716 0.78 1 017 127 FN AE0768 10-01/12/2040 FRN USD 1 067 945 0.60
810 224 FN AL0729 11-01/09/2041 FRN USD 845 759 0.48 1 930 187 FN AL1273 11-01/12/2041 FRN USD 2 009 080 1.13 2 060 682 FN AL4074 13-01/03/2042 FRN USD 2 139 819 1.20
968 765 FN AL4090 13-01/04/2041 FRN USD 1 023 043 0.57 2 332 241 FN AL4364 13-01/09/2042 FRN USD 2 430 822 1.37
838 335 FN AL4810 14-01/08/2040 FRN USD 887 971 0.50 1 541 250 FN AL6382 15-01/06/2043 FRN USD 1 609 540 0.90 1 183 339 FN AO7219 12-01/07/2042 FRN USD 1 221 842 0.69 2 049 140 FNR 2005-29 S 05-25/04/2035 FRN USD 344 203 0.19 4 141 998 FNR 2006-130 S 06-25/01/2037 FRN USD 838 173 0.47 5 309 994 FNR 2006-85 TS 06-25/09/2036 FRN USD 999 822 0.56 5 487 323 FNR 2007-44 SB 07-25/05/2037 FRN USD 1 065 433 0.60 5 338 648 FNR 2007-54 CI 07-25/06/2037 FRN USD 1 107 406 0.62 4 957 800 FNR 2007-54 ID 07-25/06/2037 FRN USD 930 832 0.52 4 838 451 FNR 2010-142 SC 10-25/12/2040 FRN USD 1 028 452 0.58 2 605 381 FNR 2011-126 SM 11-25/12/2041 FRN USD 452 719 0.25 5 250 018 FNR 2012-16 SD 12-25/03/2042 FRN USD 969 079 0.54 8 380 979 FNR 2012-35 SQ 12-25/04/2042 FRN USD 1 722 087 0.97 5 410 339 FNR 2012-99 SD 12-25/09/2042 FRN USD 1 289 169 0.72 3 527 906 FNS 401 8 09-25/10/2039 FRN USD 880 094 0.49 1 000 000 FREMF 2014-K41 B 14-25/11/2047 FRN USD 905 516 0.51
550 000 FREMF 2015-K44 B 15-25/01/2048 FRN USD 489 732 0.28 1 500 000 FREMF 2015-K45 B 15-25/04/2048 FRN USD 1 335 719 0.75
600 000 FREMF 2015-K47 B 15-25/06/2048 FRN USD 534 331 0.30 464 631 G2 82483 10-20/02/2040 FRN USD 477 600 0.27 812 569 GNR 2001-15 FJ 01-20/04/2031 FRN USD 818 203 0.46 942 012 GNR 2002-20 F 02-16/03/2032 FRN USD 955 792 0.54
2 915 606 GNR 2011-123 SH 11-20/09/2041 FRN USD 619 798 0.35 3 589 664 GNR 2011-141 HS 11-20/10/2041 FRN USD 713 748 0.40 2 261 241 GNR 2011-141 PS 11-16/06/2041 FRN USD 416 411 0.23 2 659 237 GNR 2011-141 SH 11-20/12/2040 FRN USD 463 042 0.26 2 099 748 GNR 2011-146 NS 11-16/04/2040 FRN USD 330 312 0.19 4 199 440 GNR 2012-66 SK 12-20/05/2042 FRN USD 872 078 0.49 3 566 001 GNR 2012-94 SB 12-20/07/2042 FRN USD 898 891 0.50 2 859 592 GNR 2013-172 SB 13-16/10/2043 FRN USD 627 788 0.35 1 193 854 GNR 2013-75 WA 13-20/06/2040 FRN USD 1 324 206 0.74 4 083 045 GNR 2014-118 HS 14-20/08/2044 FRN USD 954 370 0.54 1 250 000 GS MORT SEC TRUST 15-10/07/2048 FRN USD 1 285 628 0.72 1 045 627 GSAA 2004-11 2A1 04-25/12/2034 FRN USD 1 024 673 0.58 1 053 339 IMM 2003-11 1A1 03-25/10/2033 FRN USD 1 016 741 0.57 1 200 000 JPMBB 2014-C22 B 14-15/09/2047 FRN USD 1 219 485 0.69 1 200 000 JPMBB 2015-C30 AS 15-15/07/2048 FRN USD 1 234 301 0.69
950 000 JPMBB 2015-C32 B 15-15/11/2048 FRN USD 973 690 0.55 393 285 LXS 2005-1 2A1 05-25/07/2035 FRN USD 382 153 0.21 295 532 MLCC 2003-H A3A 03-25/01/2029 FRN USD 292 030 0.16
1 668 423 MLMI 2005-A1 2A1 05-25/12/2034 FRN USD 1 646 260 0.92 1 736 000 STACR 2015-HQ2 M2 15-25/05/2025 FRN USD 1 695 071 0.95
22 950 100 VENDE 2011 - 2 IO 11-15/10/2041 FRN USD 285 212 0.16
Other transferable securities 140 056 716 78.73
To be Announced ("TBA") Mortgage Back Securities 140 056 716 78.73
United States of America 140 056 716 78.73 1 800 000 FGCI 2.5 1/16 2.500% 16-15/07/2030 USD 1 815 973 1.02 4 100 000 FGCI 3 1/12 3.000% 12-15/10/2026 USD 4 224 942 2.37 3 800 000 FGCI 3.5 1/11 3.500% 11-15/10/2025 USD 3 971 831 2.23
10 000 000 FGLMC 3 1/13 3.000% 13-15/12/2042 USD 9 983 481 5.62 14 200 000 FGLMC 3.5 1/11 3.500% 11-15/09/2040 USD 14 617 262 8.22 4 500 000 FGLMC 4 1/11 4.000% 11-15/09/2040 USD 4 753 739 2.67 6 400 000 FNCI 2.5 1/13 2.500% 13-25/11/2027 USD 6 450 592 3.62 2 200 000 FNCI 3 1/15 3.000% 15-25/06/2029 USD 2 266 315 1.27
400 000 FNCI 3.5 1/12 3.500% 12-25/07/2026 USD 418 891 0.24 11 800 000 FNCL 3 1/13 3.000% 13-25/10/2042 USD 11 800 106 6.64 46 600 000 FNCL 3.5 1/12 3.500% 12-25/06/2041 USD 48 078 300 27.02 2 900 000 FNCL 4.000% 10-25/09/2039 USD 3 068 699 1.72 5 300 000 FNCL 4.5 1/12 4.500% 12-25/03/2040 USD 5 723 337 3.22 1 500 000 FNCL 5 1/11 5.000% 11-25/08/2037 USD 1 651 020 0.93
12 100 000 G2SF 3.5 1/12 3.500% 12-20/09/2041 USD 12 613 777 7.10 2 300 000 G2SF 4 1/11 4.000% 11-20/09/2040 USD 2 442 492 1.37 6 100 000 GNSF 3 1/14 3.000% 14-15/08/2043 USD 6 175 959 3.47
Money Market Instruments 1 657 983 0.93
United States of America 1 657 983 0.93 1 660 000 FHLB DISCOUNT NT 0.000% 15-15/04/2016 USD 1 657 983 0.93
Page 34
BNP Paribas Flexi I
Page 35
Note 1 - General Information
a) Event that occurred during the financial period ended 31 December 2015
Since 1 July 2015, the Company has carried out the following operations:
Sub-fund:
Sub-fund Date Event Tactical Strategy 3 July 2015 Liquidation of the sub-fund
US Mortgage 25 September 2015 Launch of the sub-fund by absorption of the sub-fund “Parselect US Mortgage Fund” of the Irish UCITS Parselect PLC
Bond Asia Investment Grade 16 November 2015 Launch of the sub-fund
b) Sub-funds open
All the sub-funds for which securities portfolios are detailed in the present document are opened to subscriptions as at 31 December 2015.
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the regulations in force in Luxembourg governing collective investment undertakings.
The statement of operations and changes in net assets covers the financial period from 1 July 2015 to 31 December 2015.
b) 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 closing price on the order acceptance date, and, if the securities concerned are traded on several markets, on the basis of the last known price on the major market on which they are traded; 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.
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner, is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors.
If permitted by market practice, liquid assets, money market instruments and all other instruments may be valued at their nominal value plus accrued interest or according to the linear amortisation method. Any decision to value the assets in the portfolio using the linear amortisation method must be approved by the Board of Directors, which will record the reasons for such a decision. The Board of Directors will put in place appropriate checks and controls concerning the valuation of the instruments.
The Board of Directors decided that in the sub-funds in which orders are accepted on the day preceding the Valuation Day, the valuation of the securities is based on the last known closing price on the Valuation Day.
c) Net income realised on securities portfolios
The net income realised on sales of securities is calculated on the basis of the average cost of the securities sold.
BNP Paribas Flexi I
Page 36
d) Conversion of foreign currencies
The value of all assets and liabilities denominated in a currency other than the reference currency of the relevant sub-fund is determined by taking into account the rate of exchange prevailing at the time of the determination of the Net Asset Value. The income and expenses denominated in a currency other than the reference currency of the relevant sub-fund are determined by taking into account the rate of exchange prevailing on the transaction date. Realised exchange gains/losses are included in the “Statement of operations and changes in net assets” under “Net realised result on financial instruments”.
e) Valuation of forward foreign exchange contracts
Une