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G FUND

Open-ended investment company with variable capital (Société d’Investissement à Capital Variable)

Unaudited semi-annual report

as at 31/08/18

R.C.S. (Trade and Companies Register) Luxembourg No. B 157527

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

G FUND

Contents

Page

General information

Organisation and Administration 3

Board of Directors 3

Financial Statements

Combined 4

G FUND – Avenir Europe 6

G FUND – Avenir Euro 12

G FUND – Total Return All Cap Europe 17

G FUND – European Convertible Bonds 24

G FUND – Euro High Yield Bonds 33

G FUND – Alpha Fixed Income 41

G FUND – Global Active Allocation 49

G FUND – Alpha Fixed Income II 54

G FUND – Absolute Return Bonds 60

G FUND – Global Bonds 67

G FUND – Avenir Small Cap Euro 77

G FUND – Global Breakeven Inflation 82

G FUND – Global Multi Asset Premia 86

G FUND – Euro Equity Opportunities 90

General Information 94

Subscriptions cannot be made solely on the basis of the financial statements. In order to be eligible, a subscription must be made

based on the current prospectus, accompanied by the latest annual or semi-annual financial report, whichever is most recent.

G FUND

Organisation and Administration

INVESTMENT MANAGER AND

GLOBAL DISTRIBUTOR

MANAGEMENT COMPANY

Groupama Asset Management

Groupama Asset Management 25, Rue de la Ville l’Evêque

25, Rue de la Ville l’Evêque 75008 Paris, France

75008 Paris, France

AUDITOR

COMPANY

PricewaterhouseCoopers, a cooperative company (Société

coopérative)

G FUND 2, Rue Gerhard Mercator

5, Allée Scheffer L-2182 Luxembourg

L-2520 Luxembourg

CUSTODIAN AND PAYING AGENT

DELEGATED ADMINISTRATIVE AGENT,

REGISTRAR AND TRANSFER AGENT

CACEIS Bank, Luxembourg Branch

5, Allée Scheffer

L-2520 Luxembourg

CACEIS Bank, Luxembourg Branch

5, Allée Scheffer

L-2520 Luxembourg

Board of Directors

Chairman

Mr J-M. Catala, Deputy Chief Executive Officer, Groupama Asset Management, Paris, France

Members

Mr T. Goudin, Head of Business Development, Groupama Asset Management, Paris, France

Ms G. Mallejac, Investment Director, Groupama Asset Management, Paris, France

Mr P. Setbon, Chief Executive Officer, Groupama Asset Management, Paris, France

Mr H. Le Lourd, Head of Support Activities (COO), Groupama Asset Management, Paris, France

Ms L. Mazzoleni-Robin, Groupama Asset Management, Paris, France (since 16 February 2018)

Mr P. Marnay, Groupama Asset Management, Paris, France (since 16 February 2018)

G FUND

Combined

G FUND Combined

Financial Statements as at 31/08/18

Statement of Assets as at 31/08/18

Expressed in EUR

Assets 3,259,768,696.42

Securities portfolio at assessed value 3,003,181,696.81

Purchase price 2,862,271,419.15

Unrealised gain on securities portfolio 140,910,277.66

Options purchased at market value 7,301,664.30

Options purchased at purchase price 8,305,862.65

Cash at bank and liquidities 187,955,891.52

Interest receivable on CDS 206,260.11

Interest receivable on bonds 9,161,466.19

Interest receivable on bank accounts 112.25

Receivables on sales of investments 37,483,254.83

Subscriptions receivable 9,377,786.63

Dividends receivable 451,700.62

Unrealised net gain on forward currency contracts 660,319.73

Unrealised net gain on futures contracts 200,585.79

Unrealised net gain on swap contracts 176,978.80

Other assets 3,610,978.84

Liabilities 95,602,144.47

Options sold at market value 1,086,623.87

Options sold at purchase price 862,487.48

Bank debts payable on demand 4,521,289.18

Payables on purchases of investments 52,986,301.39

Interest payable on CDS 1,158,444.70

Subscription tax payable 79,035.85

Performance fee payable 16,696,562.36

Redemptions payable 1,335,456.90

Unrealised net loss on forward currency contracts 886,107.53

Unrealised net loss on futures contracts 2,283,833.51

Unrealised net loss on swap contracts 7,747,463.61

Management and advisory fee payable 2,803,605.99

Administration and custodian fee payable 269,836.25

Other liabilities 3,747,583.33

Net asset value 3,164,166,551.95

G FUND

– Avenir Europe

G FUND – Avenir Europe


Statement of Assets as at 31/08/18 Expressed in EUR

Assets 698,986,121.17

Securities portfolio at assessed value 685,738,026.81

Purchase price 578,935,332.99

Unrealised gain on securities portfolio 106,802,693.82


Subscriptions receivable 5,793,570.94

Dividends receivable 122,369.78

Other assets 3,610,978.84




Performance fee payable 10,892,694.41

Redemptions payable 508,509.46

Unrealised net loss on forward currency contracts 925.63

Management and advisory fee payable 1,185,044.79


Other liabilities 3,610,720.49

Net asset value 674,251,875.25

Change in the number of shares outstanding from 01/03/18 to 31/08/18

Shares

outstanding

as at 01/03/18

Shares subscribed Shares redeemed

Shares

outstanding

as at 31/08/18

- Class NC EUR

Accumulation shares 978,418.247 794,118.598 113,150.740 1,659,386.105

- Class IC EUR

Accumulation shares 45,559.469 54,927.981 8,484.827 92,002.623

- Class RC EUR

Accumulation shares 2,847.000 32,693.839 200.000 35,340.839

- Class OD EUR

Distribution shares 2,060.000 525.127 0.000 2,585.127

- Class GD EUR

Distribution shares 10,622.987 11,024.051 5,558.101 16,088.937

- Class PC EUR

Accumulation shares 40,210.000 0.000 0.000 40,210.000

- Class VC EUR

Accumulation shares 0.000 46,214.227 0.000 46,214.227

- Class NC USD

Accumulation shares 0.000 500.000 0.000 500.000


Key Figures

Period/year ended: 31/08/18 28/02/18 28/02/17

Total Net Assets EUR 674,251,875.25 329,586,288.53 99,229,494.94

- Class NC USD

USD USD USD

Accumulation shares

Number of shares 500.000 0.000 0.000

Net asset value per share 102.48 0.00 0.00

- Class NC EUR

EUR EUR EUR

Accumulation shares

Number of shares 1,659,386.105 978,418.247 62,403.232


- Class VC EUR

EUR EUR EUR

Accumulation shares

Number of shares 46,214.227 0.000 0.000

Net asset value per share 1,101.08 0.00 0.00

- Class IC EUR

EUR EUR EUR

Accumulation shares

Number of shares 92,002.623 45,559.469 12,315.618

Net asset value per share 2,117.35 1,892.67 1,582.94

- Class RC EUR

EUR EUR EUR

Accumulation shares

Number of shares 35,340.839 2,847.000 0.000


- Class OD EUR

EUR EUR EUR

Distribution shares

Number of shares 2,585.127 2,060.000 0.000


- Class GD EUR

EUR EUR EUR

Distribution shares

Number of shares 16,088.937 10,622.987 45,157.242


Dividend per share 0.00 5.52 41.93

- Class PC EUR

EUR EUR EUR

Accumulation shares

Number of shares 40,210,000 40,210,000 0.000

Net asset value per share 1,141.19 1,000.27 0.00


Securities portfolio as at 31/08/18 Expressed in EUR

Quantity Name Listing

currency Assessed value

% net assets

Securities listed on an official stock exchange and/or traded on another regulated market 664,329,622.48 98.53

Shares

664,329,622.48 98.53

Germany

170,676,629.16 25.31 290,898 CARL ZEISS MEDITEC AG EUR 22,195,517.40 3.29 119,625 COMPUGROUP HOLDING AKT EUR 6,005,175.00 0.89

22,293 CTS EVENTIM AG & CO KGAA EUR 851,592.60 0.13 96,929 DUERR AG EUR 3,848,081.30 0.57

129,063 GRENKELEASING NAMENS-AKT. EUR 13,409,645.70 1.99 126,602 ISRA VISION SYSTEMS EUR 7,583,459.80 1.12 249,422 JUNGHEINRICH VORZ.STIMMRECHTSLOS EUR 7,747,047.32 1.15 100,837 KION GROUP EUR 5,931,232.34 0.88 228,061 NEMETSCHEK EUR 32,247,825.40 4.79

23,204 RATIONAL NAMEN EUR 15,941,148.00 2.36 74,305 SARTORIUS VORZ.OHNE STIMMRECHT. EUR 11,621,302.00 1.72

147,318 SIXT AKTIENGESELLSCHAFT EUR 16,308,102.60 2.42 141,069 WIRECARD AG EUR 26,986,499.70 4.00

Belgium

15,470,494.00 2.29 200,395 MELEXIS NV EUR 15,470,494.00 2.29

Denmark

35,391,305.35 5.25 497,402 AMBU AS - BEARER -B- DKK 16,052,435.69 2.38 221,129 CHRISTIAN HANSEN DKK 19,338,869.66 2.87

France

81,266,028.46 12.05 612,542 ALTRAN TECHNOLOGIES SA EUR 5,806,898.16 0.86

28,474 EUROFINS SCIENTIFIC EUR 13,849,753.60 2.05 199,390 SARTORIUS STEDIM BIOTECH EUR 21,773,388.00 3.23 137,098 TELEPERFORMANCE SA EUR 22,689,719.00 3.37 185,045 UBISOFT ENTERTAINMENT EUR 17,146,269.70 2.54

Jersey

5,995,279.56 0.89 872,630 SANNE GROUP REGISTERED SHS GBP 5,995,279.56 0.89

Ireland

7,790,278.19 1.16 947,482 UNITED DRUG PLC GBP 7,790,278.19 1.16

Italy

89,717,810.22 13.31 286,507 BIESSE EUR 8,772,844.34 1.30 939,715 BREMBO SPA EUR 10,825,516.80 1.61 370,975 DATALOGIC- AZ. POST FRAZIONAMENTO EUR 11,908,297.50 1.77 174,713 DE LONGHI SPA EUR 4,919,918.08 0.73

1,399,808 FINECOBANK EUR 14,369,029.12 2.12 151,376 IMA (INDUSTRIA MACCHINE AUTOMATICHE) EUR 10,641,732.80 1.58 251,483 REPLY SPA EUR 14,334,531.00 2.13

1,625,401 TECHNOGYM SPA (ITA) EUR 13,945,940.58 2.07

Luxembourg

14,969,447.90 2.22 197,747 STABILUS SA EUR 14,969,447.90 2.22

Netherlands

9,372,122.70 1.39 818,526 WESSANEN EUR 9,372,122.70 1.39

United Kingdom

76,665,563.08 11.37 4,021,217 ADVANCED MEDICAL SOLUTIONS GBP 15,273,571.80 2.27

394,288 ASHTEAD GROUP GBP 10,403,935.16 1.54 847,865 CVS GROUP PLC GBP 8,657,192.76 1.28 982,359 HALMA PLC GBP 15,715,110.18 2.33 604,841 KEYWORDS GBP 13,459,680.19 2.00 286,147 PORVAIR PLC GBP 1,550,369.16 0.23 145,167 RPC GROUP PLC GBP 1,158,222.32 0.17

2,186,083 SCAPA GROUP PLC GBP 10,447,481.51 1.55

Sweden

82,138,565.57 12.18 716,899 BIOTAGE SEK 8,726,674.41 1.29 451,959 CELLAVISION SEK 10,518,534.99 1.56 344,308 HEXAGON -B- SEK 17,593,951.75 2.61 624,818 INDUTRADE AB SEK 13,565,814.01 2.01

56,115 INTRUM AB SEK 1,228,377.55 0.18 326,829 NOLATO -B- FREE SEK 19,861,389.34 2.95 148,720 RAYSEARCH LABORATORIES AB -B- SEK 2,062,164.86 0.31 704,224 VITROLIFE – REGISTERED SHS SEK 8,581,658.66 1.27

Switzerland

74,876,098.29 11.11 23,263 AUTONEUM HOLDING AG CHF 4,763,203.91 0.71





% net

assets

13,838 INTERROLL-HOLDING NOM. CHF 24,656,911.80 3.66 83,339 KARDEX NAM.AKT CHF 12,857,276.52 1.91

35,172 STRAUMANN HOLDING REG CHF 24,146,074.21 3.58 40,694 U BLOX HOLDING AG NAMEN AKT CHF 5,280,003.55 0.78

11,900 VZ HOLDING AG CHF 3,172,628.30 0.47

Shares/Units of UCITS/UCIs

21,408,404.33 3.18 Shares/Units of investment funds

21,408,404.33 3.18

France

20,346,059.42 3.02 95 GROUPAMA EONIA FCP CAPITALISATION EUR 20,346,059.42 3.02

Luxembourg

1,062,344.91 0.16 1,021 G Fund Avenir Small Cap Euro IC EUR CAP EUR 1,062,344.91 0.16

Total securities portfolio

685,738,026.81 101.70


Change in the composition of the securities portfolio from 01/03/18 to 31/08/18

Name Purchases Sales Free shares

Shares ADVANCED MEDICAL SOLUTIONS 1,710,053 0 0

ALTRAN TECHNOLOGIES SA 299,803 0 0 AMBU AS - BEARER -B- 201,328 0 0

ASHTEAD GROUP 165,264 0 0

AUTONEUM HOLDING AG 8,437 0 0 BIESSE 120,088 0 0

BIOTAGE 716,899 0 0

BREMBO SPA 385,079 0 0 CARL ZEISS MEDITEC AG 122,237 0 0

CELLAVISION 342,640 0 0

CHRISTIAN HANSEN 99,849 0 0 COMPUGROUP HOLDING AKT 16,586 0 0

CTS EVENTIM AG & CO KGAA 241 0 0

CVS GROUP PLC 222,674 0 0 DATALOGIC- AZ. POST FRAZIONAMENTO 370,975 0 0

DE LONGHI SPA 84,850 0 0

DUERR AG 20,604 0 44,475 ECONOCOM GROUP – REGISTERED 0 98,047 0

EUROFINS SCIENTIFIC 11,018 0 0 FINECOBANK 586,717 0 0

GRENKELEASING NAMENS-AKT. 54,096 0 0

HALMA PLC 574,632 0 0 HEXAGON -B- 174,124 0 0

IMA (INDUSTRIA MACCHINE AUTOMATICHE) 87,692 0 0

INDUTRADE AB 309,284 0 0 INTERROLL-HOLDING NOM. 5,800 0 0

INTRUM AB 0 51,043 0

ISRA VISION SYSTEMS 52,879 17,702 88,510 JUNGHEINRICH VORZ.STIMMRECHTSLOS 99,596 0 0

KARDEX NAM.AKT 83,339 0 0

KEYWORDS 318,850 0 0 KION GROUP 32,416 0 0

MELEXIS NV 105,828 0 0

NEMETSCHEK 88,966 0 0 NOLATO -B- FREE 126,998 0 0

PORVAIR PLC 78,616 0 0

RATIONAL NAMEN 12,127 0 0

RAYSEARCH LABORATORIES AB -B- 4,820 0 0

REPLY SPA 105,405 0 0

RPC GROUP PLC 0 156,109 0 SANNE GROUP REGISTERED SHS 358,048 0 0

SARTORIUS STEDIM BIOTECH 83,571 0 0

SARTORIUS VORZ.OHNE STIMMRECHT. 31,145 0 0 SCAPA GROUP PLC 967,516 0 0

SIXT AKTIENGESELLSCHAFT 61,748 0 0

STABILUS SA 94,005 0 0 STRAUMANN HOLDING REG 14,743 0 0

TECHNOGYM SPA (ITA) 725,167 0 0

TELEPERFORMANCE SA 56,746 0 0 U BLOX HOLDING AG NAMEN AKT 16,340 0 0

UBISOFT ENTERTAINMENT 77,561 0 0

UNITED DRUG PLC 348,762 0 0 VITROLIFE AB 48,169 107,478 0

VITROLIFE – REGISTERED SHS 704,224 0 0

VZ HOLDING AG 5,268 2,408 0 WESSANEN 293,746 0 0

WIRECARD AG 53,606 0 0

1&1 DRILLISCH AKTIENGESELLSCHAFT 0 20,958 0

Shares/Units of investment funds GROUPAMA EONIA FCP CAPITALISATION 585 537 0

Warrants, Rights ALTRAN TECHNOLOGIES 09.04.18 RIGHT 2,433 322,531 320,098

G FUND

– Avenir Euro

G FUND – Avenir Euro



Assets 59,601,238.66

Securities portfolio at assessed value 59,339,488.54 Purchase price 49,628,549.14 Unrealised gain on securities portfolio 9,710,939.40

Receivables on sales of investments 109,552.36 Subscriptions receivable 152,197.76

Liabilities 398,532.09

Bank debts payable on demand 45,976.28 Payables on purchases of investments 157,185.55 Subscription tax payable 1,550.33 Redemptions payable 97,942.83 Management and advisory fee payable 88,314.58 Administration and custodian fee payable 4,954.80 Other liabilities 2,607.72



Shares

outstanding

as at 01/03/18 Shares subscribed Shares redeemed

Shares

outstanding

as at 31/08/18

- Class NC EUR Accumulation shares 68,087.900 5,035.791 36,424.215 36,699.476

- Class IC EUR Accumulation shares 14,072.855 8,891.779 1,573.562 21,391.072

- Class RC EUR Accumulation shares 1.000 0.000 0.000 1.000


Key Figures



- Class NC EUR EUR EUR EUR

Accumulation shares

Number of shares 36,699.476 68,087.900 98,112.241


- Class IC EUR EUR EUR EUR

Accumulation shares

Number of shares 21,391.072 14,072.855 473.000


- Class RC EUR EUR EUR EUR

Accumulation shares

Number of shares 1.000 1.000 0.000






% net

assets


59,339,488.54 100.23

Shares/Units of investment funds

59,339,488.54 100.23

France

59,339,488.54 100.23

1,538 GROUPAMA AVENIR EURO -O- CAP EUR 59,339,488.54 100.23


59,339,488.54 100.23





GROUPAMA AVENIR EURO -O- CAP 541 278 0

G FUND

– Total Return All Cap Europe

G FUND – Total Return All Cap Europe



Assets 225,694,282.06


Options purchased at market value 85.95 Options purchased at purchase price 37,391.23

Cash at bank and liquidities 7,193,221.64 Receivables on sales of investments 1,083,668.97 Subscriptions receivable 118,295.71 Dividends receivable 329,330.84 Unrealised net gain on futures contracts 167,400.00


Payables on purchases of investments 1,125,603.80 Subscription tax payable 3,697.07 Performance fee payable 1,710,997.09 Redemptions payable 30,606.72 Unrealised net loss on forward currency contracts 156,789.76 Management and advisory fee payable 175,748.98 Administration and custodian fee payable 19,613.26 Other liabilities 10,155.91



Shares

outstanding


Shares

outstanding

as at 31/08/18

- Class NC Accumulation shares 460.422 19.020 13.000 466.442

- Class IC Accumulation shares 97,923.679 1,805.134 14,784.188 84,944.625

- Class OD EUR Distribution shares 6,622.942 0.000 317.559 6,305.383

- Class GC Accumulation shares 12,336.912 0.000 1,548.000 10,788.912

- Class GD Distribution shares 40,848.396 945.000 688.000 41,105.396


Key Figures



- Class NC EUR EUR EUR

Accumulation shares

Number of shares 466.442 460.422 787.120


- Class IC EUR EUR EUR

Accumulation shares

Number of shares 84,944.625 97,923.679 109,118.052


- Class OD EUR EUR EUR EUR

Distribution shares

Number of shares 6,305.383 6,622.942 0.000



- Class GC EUR EUR EUR

Accumulation shares

Number of shares 10,788.912 12,336.912 42,513.724


- Class GD EUR EUR EUR

Distribution shares

Number of shares 41,105.396 40,848.396 34,501.646





Quantity Name Listing currency Assessed value % net

assets


Shares 214,205,993.19 96.29 Germany 42,548,958.00 19.13

20,000 BASF SE REG SHS EUR 1,593,800.00 0.72 22,000 BAYER AG REG SHS EUR 1,768,360.00 0.79 30,000 COVESTRO AG EUR 2,201,400.00 0.99 42,000 DEUTSCHE POST AG REG SHS EUR 1,319,220.00 0.59

300,000 DEUTSCHE TELEKOM AG REG SHS EUR 4,173,000.00 1.88 93,000 DEUTSCHE WOHNEN AG EUR 4,049,220.00 1.82 33,000 FRESENIUS SE & CO KGAA EUR 2,170,740.00 0.98 28,000 HENKEL AG & CO KGAA EUR 3,078,600.00 1.38 13,000 KION GROUP EUR 764,660.00 0.34 25,000 NEMETSCHEK EUR 3,535,000.00 1.59 4,000 PUMA AG EUR 1,888,000.00 0.85

59,400 SAP AG EUR 6,155,028.00 2.78 41,000 SIEMENS AG REG EUR 4,591,180.00 2.06 27,500 WIRECARD AG EUR 5,260,750.00 2.36

Austria 978,880.00 0.44 28,000 VERBUND AG EUR 978,880.00 0.44

Belgium 4,843,820.56 2.18 5,421 GALAPAGOS GENOMICS NV EUR 472,494.36 0.21

16,000 MELEXIS NV EUR 1,235,200.00 0.56 25,833 WAREHOUSING DISTRIBUTION DE PAUW SICAFI EUR 3,136,126.20 1.41

Denmark 3,298,078.53 1.48 4,000 GENMAB AS DKK 596,090.00 0.27

64,000 NOVO NORDISK DKK 2,701,988.53 1.21 Spain 9,170,837.49 4.12

45,000 AMADEUS IT -A- EUR 3,596,400.00 1.62 355,151 BANCO SANTANDER SA REG SHS EUR 1,522,887.49 0.68

95,000 INDITEX SHARE FROM SPLIT EUR 2,474,750.00 1.11 146,000 MELIA HOTELS EUR 1,576,800.00 0.71

Finland 4,687,055.00 2.11 17,000 NESTE EUR 1,271,600.00 0.57

213,000 STORA ENSO -R- EUR 3,415,455.00 1.54 France 38,617,931.18 17.36

108,436 ALTRAN TECHNOLOGIES SA EUR 1,027,973.28 0.46 137,000 AXA SA EUR 2,979,065.00 1.34

49,595 DANONE EUR 3,363,532.90 1.51 19,000 FAURECIA EUR 1,002,820.00 0.45 13,000 LVMH EUR 3,924,050.00 1.76

450,000 NATIXIS SA EUR 2,587,500.00 1.16 195,500 PEUGEOT SA EUR 4,633,350.00 2.08

23,000 SARTORIUS STEDIM BIOTECH EUR 2,511,600.00 1.13 21,000 TELEPERFORMANCE SA EUR 3,475,500.00 1.56

130,000 TOTAL SA EUR 7,003,100.00 3.16 74,000 VINCI SA EUR 6,109,440.00 2.75

Jersey 8,294,403.55 3.73 190,173 EXPERIAN GROUP GBP 4,079,005.31 1.84 565,474 GLENCORE PLC GBP 1,980,722.48 0.89

25,500 RANDGOLD RESSOURCES LTD GBP 1,430,609.40 0.64 16,000 SHIRE GBP 804,066.36 0.36

Ireland 1,376,915.00 0.62 97,000 RYANAIR HLDGS EUR 1,376,915.00 0.62

Italy 5,547,403.96 2.49 350,000 FINECOBANK EUR 3,592,750.00 1.61

64,788 RECORDATI SPA EUR 1,954,653.96 0.88 Luxembourg 2,346,700.00 1.05

31,000 STABILUS SA EUR 2,346,700.00 1.05 Norway 5,084,583.76 2.29

230,000 EQUINOR NOK 5,084,583.76 2.29 Netherlands 16,069,638.92 7.22

17,000 ASML HLDG EUR 2,985,880.00 1.34 40,000 HEINEKEN NV EUR 3,405,600.00 1.53




currency Assessed value % net

assets

158,000 KONINKLIJKE AHOLD NV EUR 3,311,680.00 1.49 60,000 STMICROELECTRONICS NV EUR 1,062,300.00 0.48 10,000 STMICROELECTRONICS NV EUR 176,950.00 0.08 80,376 UNILEVER NV EUR 3,982,228.92 1.79

100,000 WESSANEN EUR 1,145,000.00 0.51 United Kingdom 41,103,117.57 18.48

65,000 ASHTEAD GROUP GBP 1,715,131.54 0.77 26,000 ASTRAZENECA PLC GBP 1,683,181.59 0.76

417,000 BAE SYSTEMS PLC GBP 2,823,012.90 1.27 382,554 BEAZLEY PLC GBP 2,540,673.11 1.14

51,000 BRITISH AMERICAN TOBACCO PLC GBP 2,120,275.93 0.95 218,000 COMPASS GROUP GBP 4,039,021.39 1.82 130,000 DIAGEO PLC GBP 3,913,143.05 1.76 760,000 HAYS GBP 1,726,906.11 0.78 410,000 HSBC HOLDINGS PLC GBP 3,063,721.16 1.38

49,000 IMPERIAL BRANDS – REGISTERED GBP 1,502,049.94 0.68 36,500 RIO TINTO PLC GBP 1,491,967.83 0.67

230,000 ROYAL DUTCH SHELL PLC EUR 6,437,700.00 2.88 195,000 SMITH AND NEPHEW PLC GBP 2,957,185.95 1.33 170,000 ST JAMES’S PLACE CAPITAL GBP 2,148,857.73 0.97

1,600,000 VODAFONE GROUP GBP 2,940,289.34 1.32 Sweden 4,514,334.09 2.03

170,000 SWEDBANK -A- SEK 3,403,118.46 1.53 75,000 VOLVO AB -B- SEK 1,111,215.63 0.50

Switzerland 25,723,335.58 11.56 60,000 ABB LTD REG SHS CHF 1,218,395.91 0.55 25,000 BB BIOTECH NAM. AKT CHF 1,496,334.15 0.67

53 CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM. CHF 4,022,395.02 1.81 16,000 LONZA GROUP (CHF) CHF 4,434,925.57 1.99 70,401 NESTLE SA REG SHS CHF 5,091,520.44 2.29 21,000 ROCHE HOLDING AG GENUSSSCHEIN CHF 4,493,934.68 2.02

280,000 UBS GROUP NAMEN-AKT CHF 3,766,096.42 1.69 4,500 VZ HOLDING AG CHF 1,199,733.39 0.54

Shares/Units of UCITS/UCIs 2,596,285.76 1.17

Shares/Units of investment funds 2,596,285.76 1.17 France 1,554,065.48 0.70

7 GROUPAMA EONIA FCP CAPITALISATION EUR 1,554,065.48 0.70 Luxembourg 1,042,220.28 0.47

1,002 G Fund Avenir Small Cap Euro IC EUR CAP EUR 1,042,220.28 0.47

Total securities portfolio 216,802,278.95 97.46




Shares ABB LTD REG SHS 0 132,000 0

ALTRAN TECHNOLOGIES SA 53,640 69,204 0 AMADEUS IT -A- 0 3,667 0 ARCELORMITTAL – REGISTERED 0 50,001 0 ASHTEAD GROUP 0 15,000 0 ASML HLDG 0 6,000 0 ASTRAZENECA PLC 26,000 0 0 ATOS 0 21,500 0 BAE SYSTEMS PLC 0 18,000 0 BANCO SANTANDER SA REG SHS 0 59,849 0 BASF SE REG SHS 0 7,000 0 BAYER AG REG SHS 0 5,000 0 BB BIOTECH NAM.AKT 0 3,500 0 BEAZLEY PLC 0 147,446 0 BRITISH AMERICAN TOBACCO PLC 0 8,000 0 BRITVIC PLC 0 325,000 0 BRUNEL INTERNATIONAL N.V 0 86,000 0 COVESTRO AG 10,932 14,732 0 DANONE 1,595 2,500 0 DEUTSCHE POST AG REG SHS 0 26,500 0 DEUTSCHE TELEKOM AG REG SHS 46,000 0 0 DIAGEO PLC 0 14,000 0 EQUINOR 0 55,000 0 ERYTECH PHARMA 0 11,000 0 FAURECIA 6,300 12,500 0 FINECOBANK 80,000 0 0 FRESENIUS SE & CO KGAA 0 2,000 0 GALAPAGOS GENOMICS NV 0 5,579 0 GENMAB AS 0 2,000 0 GLENCORE PLC 115,000 234,526 0 HAYS 0 200,000 0 HENKEL AG & CO KGAA 0 7,000 0 ILIAD SA 0 12,000 0 IMPERIAL BRANDS – REGISTERED 0 10,707 0 KION GROUP 0 23,000 0 KONINKLIJKE AHOLD NV 0 12,000 0 LONZA GROUP (CHF) 1,000 0 0 MELEXIS NV 0 5,000 0 MELIA HOTELS 0 15,827 0 NATIXIS SA 100,000 0 0 NEMETSCHEK 0 15,000 0 NESTE 17,000 0 0 NOVO NORDISK 25,000 0 0 PEUGEOT SA 31,150 0 0 RANDGOLD RESSOURCES LTD 0 4,500 0 RECKITT BENCKISER GROUP PLC 0 46,500 0 RIO TINTO PLC 0 41,500 0 ROCHE HOLDING AG GENUSSSCHEIN 1,500 0 0 ROYAL DUTCH SHELL PLC 20,000 0 0 RYANAIR HLDGS 0 13,961 0 SAGE GROUP 0 370,000 0 SANOFI 0 31,000 0 SAP AG 11,400 0 0 SHIRE 0 49,000 0 SIEMENS AG REG 0 3,425 0 SMITH AND NEPHEW PLC 0 69,000 0 STABILUS SA 0 5,000 0 STMICROELECTRONICS NV 10,000 0 0 STMICROELECTRONICS NV 0 35,000 0 TELEPERFORMANCE SA 0 2,000 0 THOMAS COOK GRP 0 1,300,000 0 THYSSENKRUPP AG 0 75,000 0 TOTAL SA 8,191 0 0 UBS GROUP NAMEN-AKT 30,000 0 0 VERBUND AG 28,000 0 0 VINCI SA 6,000 0 0




VODAFONE GROUP 220,000 120,000 0 VOLVO AB -B- 0 73,000 0

WAREHOUSING DISTRIBUTION DE PAUW SICAFI 833 0 0

WESSANEN 100,000 0 0 WIRECARD AG 2,500 0 0

Shares/Units of investment funds GROUPAMA EONIA FCP CAPITALISATION 45 38 0

Options ESTX50 EUR P AUG 3600.0 20.08.18 CALL 200 200 0

SPXW US AUG 2600 31.08.18INDEX 20 0 0

Warrants, Rights ALTRAN TECHNOLOGIES 09.04.18 RIGHT 0 114,000 114,000

BAYER RIGHTS 19.06.18 0 22,000 22,000

G FUND

– European Convertible Bonds

G FUND – European Convertible Bonds



Assets 745,526,001.46


Options purchased at market value 7,301,578.35 Options purchased at purchase price 8,268,471.42

Cash at bank and liquidities 37,350,872.66 Interest receivable on bonds 1,439,237.62 Subscriptions receivable 3,078,228.40 Unrealised net gain on forward currency contracts 120,965.90


Options sold at market value 1,086,623.87 Options sold at purchase price 862,487.48

Interest payable on CDS 24,333.33 Subscription tax payable 13,029.10 Performance fee payable 2,782,038.26 Redemptions payable 175,118.78 Unrealised net loss on futures contracts 703,634.80 Unrealised net loss on swap contracts 172,552.00 Management and advisory fee payable 513,874.38 Administration and custodian fee payable 62,559.52 Other liabilities 12,910.89



Shares

outstanding

as at 01/03/18


Shares

outstanding

as at 31/08/18

- Class NC EUR Accumulation shares 87,606.541 16,890.615 26,009.841 78,487.315


Distribution shares 10,030.283 5,040.779 0.000 15,071.062

- Class RC EUR Accumulation shares 25,181.377 0.000 0.000 25,181.377

- Class GD EUR Distribution shares 112,287.064 1,459.129 0.000 113,746.193

- Class OD EUR Distribution shares 19,150.000 0.000 4,928.000 14,222.000


Key Figures



- Class NC EUR

EUR EUR EUR

Accumulation shares

Number of shares

78,487.315 87,606.541 104,195.229

Net asset value per share

144.70 145.13 139.92

- Class IC EUR

EUR EUR EUR

Accumulation shares

Number of shares

363,299.881 289,390.143 150,292.136


1,493.65 1,494.08 1,434.36

Distribution shares

Number of shares

15,071.062 10,030.283 0.000


990.51 990.79 0.00

- Class RC EUR

EUR EUR EUR

Accumulation shares

Number of shares

25,181.377 25,181.377 0.000


100.30 100.35 0.00

- Class GD EUR

EUR EUR EUR

Distribution shares

Number of shares

113,746.193 112,287.064 108,638.199


1,354.58 1,366.37 1,367.28

Dividend per share

13.84 61.52 21.93

- Class OD EUR

EUR EUR EUR

Distribution shares

Number of shares

14,222.000 19,150.000 0.000


1,015.56 1,016.79 0.00

Dividend per share

3.37 0.00 0.00





% net

assets

Securities listed on an official stock exchange and/or traded on another regulated market

601,693,692.21 81.32

Shares

2,970,000.00 0.40

Belgium

452,000.00 0.06

5,000 GROUPE BRUXELLES LAMBERT GBL EUR 452,000.00 0.06

Spain

2,518,000.00 0.34

400,000 NH HOTELES SA EUR 2,518,000.00 0.34

Bonds

27,329,320.57 3.69

Germany

5,704,050.00 0.77 5,500,000 SGL CARBON SE 3.50 15-20 30/09S EUR 5,704,050.00 0.77

Denmark

1,902,280.00 0.26 2,000,000 NORICAN GROUP APS 4.50 17-23 15/05S EUR 1,902,280.00 0.26

France

4,481,369.00 0.61

1,100,000 EUROPCAR 5.75 15-22 15/06S EUR 1,132,879.00 0.15

2,000,000 LA FINANCIE 5.125 18-25 31/12A EUR 1,975,000.00 0.27 30,000 MAISON DU MONDE-DY CV 0.125 17-23 06/12A EUR 1,373,490.00 0.19

Jersey

7,423,188.65 0.99 7,000,000 TULLOW OIL JERSEY CV 6.625 16-21 12/07S USD 7,423,188.65 0.99

Luxembourg

1,011,980.00 0.14 1,000,000 BMBG BOND FINANCE 3.00 16-21 15/06S EUR 1,011,980.00 0.14

Netherlands

6,806,452.92 0.92 1,000,000 DIGI COMM NV REG SHS 5.00 16-23 15/10S EUR 1,053,160.00 0.14

1,000,000 FERRARI 0.25 17-21 16/01A EUR 991,910.00 0.13

1,200,000 LGE HOLDCO VI BV 7.125 14-24 15/05S EUR 1,286,832.00 0.17 4,000,000 SCHAEFFLER FIN REGS 4.75 15-23 15/05S USD 3,474,550.92 0.48

Convertible bonds

549,113,770.66 74.22

Germany

119,230,720.61 16.11

235,000 ADLER REAL ESTATE CV 2.50 16-21 19/07S EUR 4,030,105.62 0.54 7,500,000 BASF CV 0.925 17-23 09/03S USD 6,012,311.99 0.81

22,900,000 BAYER AG CV 0.05 17-20 15/06A EUR 25,521,363.00 3.46

18,500,000 DEUSTCHE WOHNEN REGS CV 0.325 17-24 26/07A EUR 20,286,360.00 2.74

10,000,000 FRESENIS REGS CV 0.00 14-19 24/09U EUR 13,457,800.00 1.82

9,500,000 FRESENIUS REGS CV 0.00 17-24 31/01U EUR 9,690,475.00 1.31 7,100,000 HANIEL FIN DEUTSC CV 0.00 15-20 12/05U EUR 6,985,122.00 0.94

5,000,000 LEG IMMOBILIEN AG CV 0.875 17-25 01/09S EUR 5,533,500.00 0.75

2,200,000 LEG IMMOBILIEN CV 0.50 14-21 01/07S EUR 4,356,484.00 0.59 4,400,000 MTU AERO ENG. CV 0.125 16-23 17/05A EUR 6,859,204.00 0.93

7,000,000 SYMRISE CV 0.2375 17-24 20/06A EUR 8,249,290.00 1.11

6,700,000 TAG IMMOBILIEN AG CV 0.625 17-22 01/09U EUR 8,248,705.00 1.11

Austria

22,226,570.12 3.00

10,000,000 AMS AG 0.00 18-25 05/03U EUR 8,795,400.00 1.19 1,400,000 AMS CV 0.875 17-22 28/09S USD 1,257,834.12 0.17

4,000,000 CA IMMOBILIEN ANL CV 0.75 17-25 04/04S EUR 4,687,160.00 0.63

6,400,000 IMMOFINANZ AG CV 2.00 17-24 24/01S EUR 7,486,176.00 1.01

Belgium

7,223,180.00 0.98

2,000,000 FILEDLINK CV 3.75 16-21 22/12S EUR 1,774,400.00 0.24 6,000,000 NV BEKAERT SA CV REG 0.00 16-21 09/06U EUR 5,448,780.00 0.74

Bermuda

5,560,584.45 0.75 6,000,000 JAZZ INVESTMENT CV 1.875 14-21 15/08S USD 5,560,584.45 0.75

Denmark

7,669,823.00 1.04 5,900,000 GN STORE NORD CV 0.00 17-22 31/05U EUR 7,669,823.00 1.04

United Arab Emirates

11,457,374.06 1.55 10,400,000 AABAR INVEST CV 0.50 15-20 27/03S EUR 9,742,720.00 1.32

2,000,000 DP WORLD CV 1.75 14-24 19/06S USD 1,714,654.06 0.23

Spain

25,254,449.00 3.41 6,500,000 CELLINEX TELECOM SA 1.5 18-26 16/01A EUR 6,834,815.00 0.93

4,200,000 ENCE ENERGIA RCV 1.25 18-23 05/03S EUR 5,204,724.00 0.70 6,500,000 INTL CONSOLIDATED CV 0.25 15-20 17/11S EUR 6,381,440.00 0.86

7,000,000 INTL CONSOLIDATED CV 0.614 15-22 17/11S EUR 6,833,470.00 0.92

United States of America

6,569,227.33 0.89 3,700,000 BIOMARIN PHARM CV SUB 0.599 17-24 01/08S USD 3,392,742.59 0.46

4,000,000 JPMORGAN CHASE CV 0.00 18-21 11/01U USD 3,176,484.74 0.43





% net

assets

Finland

8,038,080.00 1.09 1,000,000 OUTOKUMPU CV 3.255 15-20 26/02S EUR 1,039,760.00 0.14

7,000,000 SOLIDIUM OY CV 0.00 14-18 04/09U EUR 6,998,320.00 0.95

France

157,237,960.63 21.26 8,000,000 ARCHER OBLIG CV 0.00 17-23 31/03U EUR 10,083,680.00 1.36

200,000 BIM CV 2.50 15-20 13/11A EUR 4,513,028.49 0.61

62,000 CREDIT AGRICOLE CV 0.00 16-19 03/10U EUR 4,656,944.00 0.63

191,000 ELIS SA CONV 0.00 17-23 06/10U EUR 6,172,547.00 0.83 142,572 GENFIT CV 3.50 17-22 16/10S EUR 4,216,620.76 0.57

110,000 KORIAN SA CV FL.R 17-22 06/12S EUR 4,429,617.57 0.60

18,000 LVMH MOET HENNESSY CV 0.00 16-21 16/02U USD 5,627,293.51 0.76 17,000,000 MICHELIN CV 0.00 10.11.23U USD 12,406,274.17 1.69

60,287 NEXITY CV 0.125 16-23 01/01S EUR 4,178,351.92 0.56

115,400 NEXITY SA CV 0.25 18-25 02/03S EUR 7,913,764.98 1.07 3,800,000 ORANGE SA CV 0.375 17-21 27/06S GBP 4,072,025.92 0.55

5,000,000 ORPAR CV 0.00 17-24 20/06U EUR 5,308,150.00 0.72

45,327 PIERRE ET VACANCES SA 2.00 17-23 01/04S EUR 2,527,433.52 0.34 65,000 RALLYE CV 1.00 13-20 02/10A EUR 6,787,050.13 0.92

68,000 REMY COINTREAU CV 0.125 16-26 07/09A EUR 9,128,814.96 1.23

100,000 SAFRAN SA 0.00 18-23 21/06U EUR 14,655,000.00 1.99 60,000 SAFRAN SA CV 0.00 16-20 31/12U EUR 6,805,230.00 0.92

44,276 SEB SA CV 0.00 16-21 17/11U EUR 8,936,800.67 1.21

175,000 SUEZ ENV CV (SHS) 0.00 14-20 27/02U EUR 3,212,300.00 0.43 77,008 UBISOFT CV 0.00 16-21 27/09U EUR 7,160,049.82 0.97

10,000 UNIBAIL RODAMCO CV 0.00 15-22 01/01U EUR 3,393,040.00 0.46

9,800,000 VALEO CV 0.00 16-21 16/06U USD 7,835,451.65 1.06 966,327 VALLOUREC SA CV -DY- 4.125 17-22 04/10S EUR 6,984,611.56 0.94

120,000 WENDEL CV 0.00 16-19 31/07U EUR 6,233,880.00 0.84

Hungary

11,146,231.00 1.51 10,900,000 MNV CV 3.375 13-19 02/04S EUR 11,146,231.00 1.51

Jersey

5,584,538.91 0.75 5,000,000 GREAT PORTLAND CV 1.00 13-18 10/09S GBP 5,584,538.91 0.75

Cayman Islands

7,622,285.00 1.03 5,500,000 SIEM INDUSTRIES CV 2.25 16-21 02/06S EUR 7,622,285.00 1.03

Italy

20,330,370.00 2.75

4,500,000 BUZZI UNICEM CV 1.375 13-19 17/07S EUR 5,128,695.00 0.69

8,000,000 PRYSMIAN SPA CV 0.00 17-22 17/01U EUR 7,944,320.00 1.08 4,000,000 SNAM CV 0.00 17-22 20/03U EUR 3,925,600.00 0.53

3,500,000 TELECOM ITALIA CV 1.125 15-22 26/03S EUR 3,331,755.00 0.45

Luxembourg

23,530,465.49 3.18 7,000,000 APERAM REGS CV 0.625 14-21 08/07S USD 7,116,235.49 0.96

5,700,000 CITIGROUP GM FDG CV 0.50 16-23 04/08A EUR 6,358,977.00 0.86 5,000,000 CORESTATE CAPITAL CV 1.375 17-22 22/11S EUR 4,983,800.00 0.67

3,500,000 GLANBIA CO OPER CV 1.375 16-21 09/06S EUR 3,536,855.00 0.48

1,300,000 SAF HOLLAND CV 1.00 14-20 12/09S EUR 1,534,598.00 0.21

Mexico

1,867,662.00 0.25

1,900,000 AMERICA MOVIL CV 0.00 15-20 28/05U EUR 1,867,662.00 0.25

Netherlands

72,550,755.17 9.80

15,000,000 AIRBUS GROUP SE CV 0.00 16-21 14/06U EUR 18,736,500.00 2.53 4,400,000 AMERICA MOVIL CV 5.50 15-18 17/09Q EUR 2,890,976.00 0.39

4,000,000 BAYER CAP CORP CV 5.625 16-19 22/11A EUR 3,800,000.00 0.51

7,300,000 BESI CV 0.50 17-24 06/12S EUR 6,267,342.00 0.85 2,500,000 CAPITAL STAGE FINANCE 5.25 17-99 30/08S EUR 2,609,400.00 0.35

2,000,000 QIAGEN FINANCE CV 0.375 14-19 19/03S USD 2,323,523.85 0.31

12,600,000 QIAGEN FINANCE CV 0.875 14-21 19/03S USD 14,855,329.61 2.01 21,000,000 STMICROELECTRONICS 0.00 17-22 03/07A USD 21,067,683.71 2.85

Switzerland

36,013,493.89 4.87 2,800,000 IMPLENIA CV 0.50 15-22 30/06A CHF 2,497,940.90 0.34

28,680,000 SIKA 0.15 18-25 05/06A CHF 27,231,026.00 3.68 4,000,000 SWISS PRIME SITA AG 0.25 16-23 16/06A CHF 3,494,121.30 0.47

3,200,000 SWISS PRIME SITE AG 0.325 18-25 16/01A CHF 2,790,405.69 0.38

Floating-rate bonds

22,280,600.98 3.01


5,413,650.00 0.73 5,500,000 FORD MOTOR CREDIT CO FL.R 17-21 01/12Q EUR 5,413,650.00 0.73





% net

assets

France

5,214,135.98 0.70 800,000 BPCE FL.R 09-XX 30/09S EUR 904,400.00 0.12

1,600,000 BPCE REG S FL.R 09-XX 29/06S USD 1,499,571.98 0.20 2,800,000 SAFRAN SA FL.R 17-21 28/06Q EUR 2,810,164.00 0.38

Netherlands

1,108,320.00 0.15 1,000,000 ASR NEDERLAND FL.R 09-XX 26/10A EUR 1,108,320.00 0.15

United Kingdom

10,544,495.00 1.43 8,300,000 GLAXOSMITHKLINE FL.R 18-20 21/05Q EUR 8,330,129.00 1.13

2,200,000 SYNLAB BONDCO REGS FL.R 16-22 01/07Q EUR 2,214,366.00 0.30

Other securities

23,613,119.88 3.19

Bonds

10,787,745.92 1.46


6,922,370.00 0.94 7,000,000 MORGAN STANLEY FIN 0.00 18-21 17/12U EUR 6,922,370.00 0.94

Luxembourg

802,135.92 0.11 800,000 CONTOURGLOBAL 3.375 18-23 26/07S EUR 802,135.92 0.11

Netherlands

3,063,240.00 0.41 3,000,000 IPD 3 BV 4.50 17-22 15/07S EUR 3,063,240.00 0.41

Convertible bonds

11,819,363.96 1.59

Belgium

4,127,829.80 0.56 605,000 ECONOCOM GROUP CV 0.50 18-23 06/03A EUR 4,127,829.80 0.56


7,691,534.16 1.03 10,000,000 GLENCORE FDING 0.00 18-25 20/03U USD 7,691,534.16 1.03

Floating-rate bonds

1,006,010.00 0.14

Netherlands

1,006,010.00 0.14 1,000,000 PACCAR FL.R 18-21 18/05Q EUR 1,006,010.00 0.14


66,604,437.94 9.00


66,604,437.94 9.00

France

63,143,637.94 8.53

295 GROUPAMA EONIA FCP CAPITALISATION EUR 63,143,637.94 8.53

Luxembourg

3,460,800.00 0.47 3,500 G FUND ABS RETURN BDS IC EUR 3,460,800.00 0.47

Money market instruments

4,323,868.50 0.58

Bonds

4,323,868.50 0.58

France

4,323,868.50 0.58 43,075 SILICON ON INSUL CV 0.0 18-23 28/06U EUR 4,323,868.50 0.58


696,235,118.53 94.09




Shares AIRBUS GROUP 80,000 80,000 0

COVIVIO SA 3,030 3,030 0

GROUPE BRUXELLES LAMBERT GBL 65,360 60,360 0

NH HOTELES SA 569,221 169,221 0


G FUND ABS RETURN BDS IC 3,500 0 0

GROUPAMA EONIA FCP CAPITALISATION 523 490 0

Bonds

CMA CGM REGS 5.25 17-25 15/01S 0 1,700,000 0

CONTOURGLOBAL 3.375 18-23 26/07S 4,750,000 3,950,000 0

FERRARI 0.25 17-21 16/01A 1,400,000 400,000 0 IPD 3 BV 4.5 18-22 15/07S 0 3,000,000 0

IPD 3 BV 4.50 17-22 15/07S 3,000,000 0 0

LA FINANCIE 5.125 18-25 31/12A 2,000,000 0 0 LA FINANCIERE ATALIAN 5.125 18-25 15/05S 4,100,000 4,100,000 0

MAISON DU MONDE-DY CV 0.125 17-23 06/12A 0 15,000 0 MORGAN STANLEY FIN 0.00 18-21 17/12U 7,000,000 0 0

RADISSON HOTEL 6.8750 18-23 15/07S 2,900,000 2,900,000 0

SAFRAN SA 0.00 18-23 21/06U 64,858 64,858 0 SILICON ON INSUL CV 0.0 18-23 28/06U 43,075 0 0

SUNSHINE MID BV 6.5 18-26 15/05S 3,100,000 3,100,000 0

TULLOW OIL JERSEY CV 6.625 16-21 12/07S 0 2,000,000 0

Floating-rate bonds

CAPITAL STAGE FINANCE 5.25 17-23 30/08S 0 2,500,000 0

GLAXOSMITHKLINE FL.R 18-20 21/05Q 8,300,000 0 0

J SAINSBURY PLC FL.R 15-49 30/01S 0 3,500,000 0 MARCOLIN SPA FL.R 17-23 15/02Q 0 600,000 0

PACCAR FL.R 18-21 18/05Q 4,800,000 3,800,000 0 SCANIA CV AB FL.R 17-19 06/09Q 0 2,300,000 0

Convertible bonds

AB INDUSTRIVARDEN CV 0.00 14-19 15/05U 0 7,000,000 0

ACS ACTIVIDADES CV 2.625 13-18 22/10Q 0 3,600,000 0 ADLER REAL ESTATE CV 2.50 16-21 19/07S 0 25,000 0

AIRBUS GROUP SE CV 0.00 16-21 14/06U 1,500,000 0 0

AMERICA MOVIL CV 0.00 15-20 28/05U 0 1,500,000 0 AMERICA MOVIL CV 5.50 15-18 17/09Q 0 3,600,000 0

AMORIM ENERGY CV 3.375 13-18 03/06S 0 5,900,000 0

AMS AG 0.00 18-25 05/03U 1,600,000 0 0 AMS CV 0.875 17-22 28/09S 0 6,200,000 0

APERAM REGS CV 0.625 14-21 08/07S 2,000,000 1,600,000 0 ARCHER OBLIG CV 0.00 17-23 31/03U 3,100,000 1,300,000 0

AROUNDTOWN PROPERT CV 1.50 15-21 18/01Q 0 2,200,000 0

BASF CV 0.925 17-23 09/03S 7,500,000 0 0 BAYER AG CV 0.05 17-20 15/06A 6,400,000 0 0

BAYER CAP CORP CV 5.625 16-19 22/11A 1,500,000 2,300,000 0

BESI CV 0.50 17-24 06/12S 7,300,000 2,600,000 0 BIM CV 2.50 15-20 13/11A 0 86,709 0

BRENNTAG FINANCE CV 1.875 15-22 02/12S 0 6,000,000 0

CA IMMOBILIEN ANL CV 0.75 17-25 04/04S 0 1,000,000 0 CAPITAL STAGE FINANCE 5.25 17-99 30/08S 2,500,000 0 0

CELLINEX TELECOM SA 1.5 18-26 16/01A 1,500,000 2,700,000 0

CITIGROUP GM FDG CV 0.50 16-23 04/08A 2,000,000 0 0 CREDIT AGRICOLE CV 0.00 16-19 03/10U 10,000 0 0

DEUSTCHE WOHNEN REGS CV 0.325 17-24 26/07A 7,000,000 0 0

DEUTSHE WOHNEN SE CV 17-26 05/01A 0 7,000,000 0 DP WORLD CV 1.75 14-24 19/06S 0 2,000,000 0

ECONOCOM GROUP CV 0.50 18-23 06/03A 1,073,079 468,079 0

ELIS SA CONV 0.00 17-23 06/10U 71,000 0 0 ENCE ENERGIA RCV 1.25 18-23 05/03S 0 800,000 0

FILEDLINK CV 3.75 16-21 22/12S 0 1,300,000 0

FONCIERE DES REGIONS CV 0.875 13-19 01/04S 0 50,000 0 FRESENIS REGS CV 0.00 14-19 24/09U 1,100,000 0 0

FRESENIUS REGS CV 0.00 17-24 31/01U 3,500,000 0 0




GLANBIA CO OPER CV 1.375 16-21 09/06S 2,100,000 0 0

GLENCORE FDING 0.00 18-25 20/03U 11,200,000 1,200,000 0

GREAT PORTLAND CV 1.00 13-18 10/09S 3,000,000 0 0 IMPLENIA CV 0.50 15-22 30/06A 0 950,000 0

INDRA SISTEMAS REGS CV 1.25 16-21 07/10S 0 6,000,000 0

INGENICO CV 0.00 15-22 26/06U 0 19,200 0 INMARSAT PLC CV 3.875 16-23 09/09S 1,800,000 5,200,000 0

INTL CONSOLIDATED CV 0.25 15-20 17/11S 1,000,000 0 0

INTL CONSOLIDATED CV 0.614 15-22 17/11S 7,000,000 0 0 JPMORGAN CHASE CV 0.00 18-21 11/01U 4,000,000 0 0

KORIAN SA CV FL.R 17-22 06/12S 42,500 17,500 0

LEG IMMOBILIEN AG CV 0.875 17-25 01/09S 1,500,000 0 0 MARINE HARVEST CV 0.125 15-20 05/11S 0 3,500,000 0

MICHELIN CV 0.00 10.11.23U 17,000,000 0 0

MICRON TECHNOLOGY CV 3.00 13-43 15/11S 0 1,800,000 0 MNV CV 3.375 13-19 02/04S 3,900,000 0 0

NEOPOST SA (SHS) CV 1.00 15-22 26/12S 0 40,000 0

NEXITY SA CV 0.25 18-25 02/03S 12,004 0 0 NH HOTELES CV 4.00 13-18 08/11Q 0 2,800,000 0

NV BEKAERT SA CV REG 0.00 16-21 09/06U 1,700,000 700,000 0

OCI CV REGS 3.875 13-18 25/09S 0 4,000,000 0 PRYSMIAN SPA CV 0.00 17-22 17/01U 3,000,000 0 0

QIAGEN FINANCE CV 0.375 14-19 19/03S 0 8,200,000 0

QIAGEN FINANCE CV 0.875 14-21 19/03S 8,200,000 0 0 RALLYE CV 1.00 13-20 02/10A 10,000 20,400 0

RALLYE SA CV 5.25 16-22 01/02S 0 6,000,000 0

SAFRAN SA 0.00 18-23 21/06U 100,000 0 0 SAGERPAR REGS CV 0.375 13-18 09/10A 0 6,500,000 0

SALZGITTER REG S CV 0.00 15-22 05/06U 0 2,200,000 0

SEB SA CV 0.00 16-21 17/11U 11,300 0 0 SIEM INDUSTRIES CV 2.25 16-21 02/06S 600,000 0 0

SIKA 0.15 18-25 05/06A 28,680,000 0 0 STMICROELECTRONICS 0.00 17-22 03/07A 4,200,000 0 0

SYMRISE CV 0.2375 17-24 20/06A 0 900,000 0

TAG IMMOBILIEN AG CV 0.625 17-22 01/09U 1,400,000 0 0 TELECOM ITALIA CV 1.125 15-22 26/03S 3,500,000 0 0

UNIBAIL RODAMCO CV 0.00 15-22 01/01U 10,000 0 0

WENDEL CV 0.00 16-19 31/07U 43,300 0 0

Options

AIRBUS GROUP APR 102.00 20.04.18 CALL 0 800 0

AIRBUS GROUP APR 84.00 20.04.18 PUT 0 800 0 AIRBUS GROUP DEC 112.00 21.12.18 CALL 700 0 0

AIRBUS GROUP DEC 120.00 21.12.18 CALL 1,050 0 0

AIRBUS GROUP DEC 90.00 21.12.18 PUT 700 0 0 AIRBUS GROUP JUN 110.00 19.06.20 CALL 1,000 0 0

AIRBUS GROUP MAR 74.00 19.03.18 PUT 0 800 0

AIRBUS GROUP MAR 90.00 19.03.18 CALL 0 800 0 AIRBUS GROUP MAR 96.00 19.03.18 CALL 0 800 0

ASML HLD RG SEP 180.00 24.09.18 CALL 152 0 0

CARREFOUR DEC 20.00 20.12.19 CALL 0 4,267 0 DJ EUR STOXX 50 APR 2900 23.04.18 PUT 0 500 0

DJ EUR STOXX 50 APR 3150 23.04.18 PUT 0 1,000 0

DJ EUR STOXX 50 APR 3400 23.04.18 PUT 0 500 0 DJ EUR STOXX 50 MAR 3350.0 19.03.18 PUT 500 500 0

DJ EUR STOXX 50 MAR 3425.0 19.03.18 PUT 0 500 0

DJ EUR STOXX 50 SEP 3300.0 24.09.18 PUT 900 0 0 DJ EURO STOXX JUN 3200 18.06.18 PUT 250 250 0

DJ EURO STOXX 5 SEP 3100.0 24.09.18 PUT 450 0 0

DJ EURO STOXX 50 MAR 3200 19.03.18 PUT 500 1,000 0

DJ EURO STOXX 50 MAR 3400 19.03.18 PUT 0 500 0

DJ EURO STOXX 50 MAR 3600 19.03.18 PUT 0 500 0 DJ EUROSTOXX 50 MAR 3550 19.03.18 PUT 0 250 0

ESTX SEP 2850 24.09.18PUT 0 0 0

ESTX50 SEP 3275.0 24.09.18 PUT 740 0 0 ESTX50 SEP 3500.0 24.09.18 CALL 740 0 0

ESTX50 EUR APR 3500 23.04.18 CALL 700 700 0

ESTX50 EUR APR 3075.0 23.04.18 PUT 0 500 0




ESTX50 EUR MAR 3500.0 19.03.18 CALL 0 75 0 ESTX50 EUR SEP 2850.0 24.09.18 PUT 900 250 0

ESTX50 EUR P AUG 3600.0 20.08.18 CALL 800 800 0 ESTX50 EUR P JUL 3225.0 23.07.18 PUT 1,800 600 0

ESTX50 EUR P SEP 3450.0 24.09.18 PUT 450 0 0

ESTX50 EUR P AU SEP 3125.0 24.09.18 PUT 1,300 650 0 ESTX50 EUR P AU SEP 3375.0 24.09.18 PUT 650 0 0

EUR FX CURR FU SEP 1.2000 07.09.18 PUT 105 0 0

EUR FX CURR FU SEP 1.2700 07.09.18 CALL 210 0 0 EURO STOXX BANK APR 145.00 23.04.18 CALL 0 740 0

EURO STOXX BANK APR 152.50 23.04.18 CALL 0 1,480 0

EUR/USD JAN 1.1200 04.01.19 PUT 70 0 0 EUR/USD JAN 1.2100 04.01.19 CALL 70 0 0

EURX EURO BUND JUN 157.00 28.05.18 PUT 74 74 0

FRESENIUS APR 70.00 23.04.18 CALL 0 1,200 0 FRESENIUS APR 72.00 23.04.18 CALL 0 2,400 0

IBERDROLA DEC 7.00 21.12.20 CALL 10,000 0 0

PEUGEOT SA DEC 20.00 23.12.19 CALL 0 1,940 0 QIAGEN DEC 26.00 24.12.18 PUT 3,300 0 0

QIAGEN DEC 40.00 24.12.18 CALL 3,300 0 0 RENAULT SA SEP 60.00 21.09.18 PUT 715 0 0

RENAULT SA SEP 80.00 21.09.18 CALL 715 0 0

ROYAL DUTCH S DEC 30.00 18.12.20 CALL 5,400 1,500 0 SAP AG DEC 100 21.12.20 CALL 0 1,000 0

SIEMENS DEC 140 23.12.19 CALL 0 750 0

SP 500 AUG 2470 31.08.2018 PUT 75 0 0 SP 500 FEB 2590 28.02.18 PUT 0 96 0

SP 500 FEB 2710 28.02.18 PUT 0 96 0

SP 500 AUG 2730 31.08.18 PUT 75 0 0 SPXW US AUG 2600 31.08.18INDEX 225 75 0

TOTAL DEC 48.00 20.12.19 CALL 0 2,500 0

TOTAL DEC 52.00 20.12.19 CALL 2,500 0 0

Warrants, Rights

PRYSMIAN S.P.A. 19.07.18 RIGHT 0 233,200 233,200

G FUND

– Euro High Yield Bonds

G FUND – Euro High Yield Bonds



Assets 79,637,432.13

Securities portfolio at assessed value 75,630,803.93 Purchase price 75,567,088.11 Unrealised gain on securities portfolio 63,715.82

Cash at bank and liquidities 2,330,636.94 Interest receivable on bonds 997,512.46 Receivables on sales of investments 501,500.00 Unrealised net gain on swap contracts 176,978.80


Bank debts payable on demand 100,000.00 Payables on purchases of investments 1,299,857.00 Subscription tax payable 1,306.42 Performance fee payable 91,938.92 Unrealised net loss on futures contracts 24,870.00 Management and advisory fee payable 15,863.63 Administration and custodian fee payable 8,379.46 Other liabilities 19,334.28



Shares

outstanding

as at 01/03/18


Shares

outstanding

as at 31/08/18

- Class NC EUR Accumulation shares 500.000 40.000 0.000 540.000

- Class ID EUR Distribution shares 110.000 0.000 0.000 110.000

- Class GD EUR Distribution shares 42,488.293 5,859.000 0.000 48,347.293

- Class OD EUR Distribution shares 0.000 21,000.000 0.000 21,000.000


Key Figures



- Class NC EUR

EUR EUR EUR

Accumulation shares

Number of shares

540.000 500.000 500.000


141.40 141.85 135.27

- Class OD EUR

EUR EUR EUR

Distribution shares

Number of shares

21,000.000 0.000 0.000


1,003.88 0.00 0.00

- Class ID EUR

EUR EUR EUR

Distribution shares

Number of shares

110.000 110.000 110.000


1,191.48 1,236.26 1,231.55

Dividend per share

43.98 55.39 48.05

- Class GD EUR

EUR EUR EUR

Distribution shares

Number of shares

48,347.293 42,488.293 74,864.694


1,174.56 1,216.67 1,201.10

Dividend per share

43.30 43.37 71.75





% net

assets


Bonds

49,965,880.17 64.00

Germany

2,736,813.80 3.51 300,000 HAPAG-LLOYD AG 6.75 17-22 01/02S EUR 312,453.00 0.40

600,000 HP PELZER HOLDING 4.125 17-24 01/04S EUR 602,778.00 0.77 400,000 KIRK BEAUTY ONE REGS 8.75 15-23 15/07S EUR 302,680.00 0.39

500,000 THYSSENKRUPP AG 2.75 16-21 08/03A EUR 523,270.00 0.67

360,000 UNITYMEDIA HESSEN REGS 4.62515-18 05/06S EUR 391,096.80 0.50 300,000 WEPA HYGIENEPROD REGS 3.75 16-24 15/05A EUR 296,034.00 0.38

300,000 WITTUR INTL REGS 8.50 15-23 15/02S EUR 308,502.00 0.40

Austria

514,170.00 0.66 250,000 SAPPI PAPIER HOLDNG G 3.375 15-22 01/04S EUR 254,795.00 0.33

250,000 SAPPI PAPIER REGS 4.00 16-23 01/04S EUR 259,375.00 0.33

Canada

318,501.00 0.41

300,000 COTT FINANCE CORP 5.50 16-24 01/07S EUR 318,501.00 0.41

Denmark

639,048.00 0.82

600,000 DKT FINANCE APS 7.00 18-23 17/06S EUR 639,048.00 0.82

Spain

3,415,160.00 4.37

500,000 GESTAMP AUTOMOCION 3.25 18-26 30/04S EUR 491,345.00 0.63 500,000 GRUPO ANTOLIN IRAUSA 3.25 17-24 30/04S EUR 496,065.00 0.64

750,000 GRUPO ANTOLIN IRAUSA 3.375 18-26 30/04S EUR 712,020.00 0.91

800,000 INDRA SISTEMAS 3.0000 18-24 19/04A EUR 802,672.00 1.02 400,000 MASARIA INVEST REGS 5.00 17-24 15/09S EUR 389,048.00 0.50

500,000 NH HOTEL GROUP SA 3.75 16-23 01/10S EUR 524,010.00 0.67


3,037,538.50 3.89 700,000 ALLIANCE DATA SYSTEMS 4.50 17-22 15/03S EUR 720,797.00 0.93

250,000 ARDAGH PCK REGS 4.125 16-23 15/05S EUR 260,967.50 0.33 200,000 BURGERKING FRANCE 6.00 17-24 01/05S EUR 213,180.00 0.27

200,000 CEMEX FINANCE LLC 4.625 16-24 15/06S EUR 212,134.00 0.27

500,000 FEDERAL MOGUL REGS 5.00 17-24 15/07S EUR 530,435.00 0.68 400,000 KRONOS INTL 3.75 17-25 15/09S EUR 392,136.00 0.50

700,000 QUINTILES IMS INC 3.25 17-25 15/03S EUR 707,889.00 0.91

Finland

311,643.00 0.40

300,000 FINNAIR OYJ 2.25 17-22 29/03A EUR 311,643.00 0.40

France

14,305,138.00 18.32

300,000 AUTODIS REGS 4.375 16-22 01/05S EUR 304,689.00 0.39 500,000 BANIJAY GROUP 4.00 17-22 01/07S EUR 518,975.00 0.66

4,000,000 BFCM 2.00 13-19 19/09A EUR 4,091,600.00 5.24

800,000 CASINO GUICHARD PER. 5.976 11-21 26/05A EUR 773,944.00 0.99 500,000 CMA CGM REGS 5.25 17-25 15/01S EUR 438,930.00 0.56

600,000 EUROPCAR 5.75 15-22 15/06S EUR 617,934.00 0.79

400,000 EUROPCAR REGS 4.125 17-24 15/11S EUR 399,916.00 0.51 500,000 FAURECIA 2.625 18-25 15/06S EUR 512,500.00 0.66

500,000 FAURECIA 3.625 16-23 15/06S EUR 520,670.00 0.67

400,000 GROUPE FNAC SA 3.25 16-23 30/09S EUR 414,324.00 0.53 800,000 LA FINANCIE 5.125 18-25 31/12A EUR 790,000.00 1.01

700,000 LOXAM SAS 6.00 17-25 15/04S EUR 744,247.00 0.95

600,000 MOBILUX FINANCE SA 5.50 16-24 15/11S EUR 586,092.00 0.75 1,000,000 NOVAFIVES SAS 5.0000 18-25 15/06S EUR 959,900.00 1.23

600,000 ORANO SA 3.125 14-23 20/03A EUR 606,480.00 0.78

300,000 SPIE SA 3.125 17-24 22/03A EUR 301,836.00 0.39 500,000 TIKEHAU CAPITAL SCA 3.00 17-23 27/11A EUR 496,480.00 0.64

300,000 VALLOUREC 2.25 14-24 30/09A EUR 247,482.00 0.32

300,000 VALLOUREC SA 3.25 12-19 02/08A EUR 307,158.00 0.39 400,000 VALLOUREC SA 6.3750 18-23 15/10S EUR 408,636.00 0.52

250,000 WFS GLOBAL HLDGS 9.50 15-22 15/07S EUR 263,345.00 0.34

Ireland

1,131,910.00 1.45 700,000 EIRCOM FINANCE DAC 4.50 16-22 31/05S EUR 716,394.00 0.92

400,000 SMURFIT KAPPA ACQ 2.375 17-24 01/02S EUR 415,516.00 0.53

Italy

3,373,576.00 4.32

250,000 INTESA SAN PAOLO 6.625 13-23 13/09A EUR 283,637.50 0.36 300,000 LKQ 3.875 16-24 01/04S EUR 318,036.00 0.41

700,000 PIAGGIO & C. SPA 3.625 18-25 30/04S EUR 709,422.00 0.91

400,000 SALINI 3.75 16-21 24/06A EUR 406,712.00 0.52





% net

assets

500,000 SCHUMANN SPA 7.00 16-23 31/07S EUR 516,320.00 0.66 400,000 TELECOM ITALIA EMTN 5.25 10-22 10/02A EUR 450,164.00 0.58

400,000 UNICREDIT 4.375 16-27 03/01A EUR 405,092.00 0.52

250,000 UNICREDIT SPA REGS 6.95 12-22 31/10A EUR 284,192.50 0.36

Japan

420,200.00 0.54 400,000 SOFTBANK GROUP 4.0000 18-23 20/04S EUR 420,200.00 0.54

Luxembourg

6,960,355.27 8.91 200,000 AGUILA 3 SA REGS 6.755 17-21 15/12S EUR 208,590.00 0.27

400,000 BMBG BOND FINANCE 3.00 16-21 15/06S EUR 404,792.00 0.52

700,000 CRYSTAL ALMOND SAR 10.00 16-21 01/11S EUR 756,385.00 0.97 500,000 DUFRY FINANCE SCA REGS4.50 15-23 01/08S EUR 518,175.00 0.66

683,908 EDREAMS ODIGEO SAS 8.50 16-18 26/09S EUR 714,116.27 0.91

600,000 GAZ CAPITAL 3.60 14-21 26/02A EUR 631,536.00 0.81 700,000 HANESBRANDS 3.50 16-24 15/06S EUR 733,677.00 0.94

800,000 HORIZON PAR PIK 8.25 17-22 15/02S EUR 836,216.00 1.07

300,000 INEOS GROUP HOLDIN 5.375 16-24 01/08S EUR 315,744.00 0.40

500,000 LHMC FINCO SARL 6.2500 18-23 20/12S EUR 515,660.00 0.66

400,000 MATTERH TEL HOL REGS 4.875 15-18 14/06S EUR 406,648.00 0.52

600,000 PRESTIGEBIDCO GMBH 6.25 16-23 15/12S EUR 637,158.00 0.82 300,000 PRO-GEST REGS 3.25 17-24 15/12S EUR 281,658.00 0.36

Mexico

207,414.00 0.27 200,000 CEMEX SAB DE CV 4.375 15-23 05/03S EUR 207,414.00 0.27

Netherlands

7,712,609.00 9.88 1,000,000 CEVA LOGISTICS FIN 5.25 18-25 01/08S EUR 997,660.00 1.28

400,000 DARLING GLOBAL FIN 3.625 18-26 15/05S EUR 408,788.00 0.52

600,000 DIGI COMM NV REG SHS 5.00 16-23 15/10S EUR 631,896.00 0.81 500,000 HERTZ HLD NETHERLANDS 5.50 18-23 30/03S EUR 507,935.00 0.65

800,000 KONGSBERG ACTUATION 5 18-25 15/07 EUR 798,864.00 1.02

100,000 LGE HOLDCO VI BV 7.125 14-24 15/05S EUR 107,236.00 0.14 500,000 LKQ EURO HOLDINGS BV 3.625 18-26 01/04S EUR 507,820.00 0.65

300,000 LOUIS DREYFUS CO BV 4.00 17-22 07/02A EUR 315,864.00 0.40

300,000 OI EUROPEAN GROUP 3.125 16-24 15/11S EUR 308,250.00 0.39 200,000 SAIPEM FIN INTL BV 2.625 17-25 07/01A EUR 195,962.00 0.25

300,000 SAIPEM SPA 3.00 16-21 08/03A EUR 312,360.00 0.40

700,000 SAMVARDHANA MOTHER 1.80 17-24 06/07A EUR 638,050.00 0.82

300,000 SCHOELLER ALLIBERT 8.00 16-21 01/10S EUR 310,053.00 0.40

600,000 SELECTA GROUP BV 5.875 18-24 01/02S EUR 597,744.00 0.77

400,000 SUNSHINE MID BV 6.5 18-26 15/05S EUR 385,104.00 0.49 300,000 UPC HOLDING BV 3.875 17-29 15/06S EUR 289,869.00 0.37

200,000 ZIGGO BOND CO 4.625 15-25 15/01S EUR 199,260.00 0.26

200,000 ZIGGO FIN REGS 3.75 15-25 15/01S EUR 199,894.00 0.26

United Kingdom

2,762,584.00 3.54

700,000 MERLIN ENTERTAINMENTS 2.75 15-22 15/03S EUR 729,078.00 0.93

500,000 NOMAD FOODS REGS 3.25 17-24 15/05S EUR 505,490.00 0.65

450,000 SYNLAB BONDCO PLC 6.25 15-22 01/07S EUR 464,796.00 0.60

500,000 TITAN GLOBAL FIN 3.50 16-21 17/06S EUR 522,865.00 0.67

500,000 WORLDPAY FINANCE 3.75 15-22 15/11S EUR 540,355.00 0.69

Sweden

2,119,219.60 2.71

700,000 INTRUM JUSTITIA AB 2.75 17-22 15/07S EUR 683,319.00 0.88

240,000 PERSTORP HOLDING AB 7.625 16-21 30/06S EUR 252,465.60 0.32

800,000 RADISSON HOTEL 6.8750 18-23 15/07S EUR 861,976.00 1.10

300,000 VOLVO CAR AB 3.25 16-21 18/05A EUR 321,459.00 0.41

Floating-rate bonds

13,533,274.50 17.33

Denmark

1,038,570.00 1.33 1,000,000 ORSTED FL.R 15-15 06/11A EUR 1,038,570.00 1.33

Spain

2,760,816.00 3.54

400,000 BANCO SANTANDER FL.R 18-XX XX/XXQ EUR 356,496.00 0.46

800,000 BANCO SANTANDER SA FL.R 17-49 01/12Q EUR 784,336.00 1.01

400,000 BBVA S5 REGS FL.R 17-XX 24/08Q EUR 400,764.00 0.51

400,000 BCO BILBAO VIZCAYA FL.R 16-XX 14/04Q EUR 442,972.00 0.57

400,000 CAIXABANK SA FL.R 17-28 14/07A EUR 406,196.00 0.52 400,000 CAIXABANK SA FL.R 18-XX XX/XXQ EUR 370,052.00 0.47

France

5,121,663.00 6.55

1,000,000 AIR FRANCE KLM FL.R 15-XX 01/10A EUR 1,061,300.00 1.35

1,000,000 ARKEMA SA FL.R 14-XX 29/10A EUR 1,070,570.00 1.36





% net

assets

500,000 AUTODIS FL.R 16-22 01/05S EUR 506,010.00 0.65 400,000 BURGER KING FRANCE FL.R 17-23 01/05Q EUR 405,640.00 0.52

1,000,000 ELECT.DE FRANCE FL.R 13-XX 29/01A EUR 1,043,380.00 1.34

300,000 NOVAFIVES FL.R 18-25 15/06Q EUR 293,277.00 0.38 400,000 SOCIETE GENERALE REGS FL.R 14-XX 07/04S EUR 434,760.00 0.56

300,000 SOLVAY FIN SUB FL.R 13-XX 12/05A EUR 306,726.00 0.39

Ireland

529,710.00 0.68

500,000 ALLIED IRISH BK SUB FL.R 15-25 26/11A EUR 529,710.00 0.68

Italy

1,452,063.50 1.86

400,000 INTESA SAN PAOLO FL.R 17-XX 16/05S EUR 389,576.00 0.50 300,000 INTESA SANPAOLO SUB 7.00 16-XX 19/01S EUR 309,270.00 0.40

750,000 MARCOLIN SPA FL.R 17-23 15/02Q EUR 753,217.50 0.96

Luxembourg

1,617,414.00 2.07 500,000 ARD FINANCE PIK FL.R 17-23 15/09S EUR 515,490.00 0.66

300,000 AROUNDTOWN SA FL.R 18-XX XX.XXA EUR 275,517.00 0.35

500,000 GRANDE CITY PROPERT. FL.R 15-XX 18/02A EUR 515,310.00 0.66

300,000 SES FL.R 16-XX 02/01A EUR 311,097.00 0.40

Netherlands

811,732.00 1.04 400,000 ATF NETHERLANDS BV FL.R 16-XX 20/01A EUR 406,380.00 0.52

400,000 TELEFONICA EUROPA SUB 3.75 16-XX 15/09A EUR 405,352.00 0.52

United Kingdom

201,306.00 0.26

200,000 SYNLAB BONDCO REGS FL.R 16-22 01/07Q EUR 201,306.00 0.26

Other securities

5,112,785.40 6.55

Bonds

4,309,249.40 5.52

France

1,424,284.00 1.82

400,000 NEXANS SA 3.75 18-23 08/08A EUR 413,664.00 0.53 1,000,000 PAPREC 4.0 18-25 29/03S EUR 1,010,620.00 1.29

Luxembourg

1,496,674.90 1.92 500,000 BANFF MERGER SU 8.3750 18-26 01/09S EUR 494,005.00 0.63

1,000,000 CONTOURGLOBAL 3.375 18-23 26/07S EUR 1,002,669.90 1.29

Netherlands

781,192.50 1.00

750,000 INTERXION HOLDING 4.7500 18-27 15/06S EUR 781,192.50 1.00

United Kingdom

607,098.00 0.78

600,000 INTERN GAME TECH PLC 3.5 18-24 15/07S EUR 607,098.00 0.78

Floating-rate bonds

803,536.00 1.03

Belgium

803,536.00 1.03 800,000 ELIA SYSTEM OP FL.R 18-XX XX/XXA EUR 803,536.00 1.03


7,018,863.86 8.99


7,018,863.86 8.99

France

7,018,863.86 8.99 3,081 GROUPAMA ENTREPRISES FCP -I- CAP EUR 7,018,863.86 8.99


75,630,803.93 96.87





GROUPAMA ENTREPRISES FCP -I- CAP 1,490 439 0

Bonds

AGUILA 3 SA REGS 6.755 17-21 15/12S 200,000 0 0

ALLIANCE DATA SYSTEMS 4.50 17-22 15/03S 200,000 0 0 ARENA LUX FIN SARL 2.875 17-24 01/11S 0 200,000 0

ARYZTA-DY- 4.50 14-XX 21/11A 250,000 400,000 0

BANFF MERGER SU 8.3750 18-26 01/09S 500,000 0 0 BFCM 2.00 13-19 19/09A 4,000,000 0 0

CASINO GUICHARD PER 4.048 14-26 05/08A 400,000 400,000 0

CASINO GUICHARD PER. 5.976 11-21 26/05A 800,000 0 0 CEVA LOGISTICS FIN 5.25 18-25 01/08S 2,600,000 1,600,000 0

CMA CGM REGS 5.25 17-25 15/01S 250,000 0 0

CONTOURGLO POW REG 5.125 16-21 15/06S 0 500,000 0 CONTOURGLOBAL 3.375 18-23 26/07S 2,500,000 1,500,000 0

COTY 4.0 18-23 05/04S 1,000,000 1,000,000 0

CPI PROPERTY GROUP 2.125 17-24 04/10A 0 500,000 0 CRYSTAL ALMOND SAR 10.00 16-21 01/11S 200,000 0 0

DARLING GLOBAL FIN 3.625 18-26 15/05S 800,000 400,000 0

DIGI COMM NV REG SHS 5.00 16-23 15/10S 350,000 0 0 DKT FINANCE APS 7.00 18-23 17/06S 800,000 200,000 0

DUFRY FINANCE SCA REGS4.50 15-23 01/08S 300,000 0 0

EAGLE INT. 5.375 18-23 04/05S 200,000 200,000 0 EDREAMS ODIGEO SAS 8.50 16-18 26/09S 390,805 0 0

EIRCOM FINANCE DAC 4.50 16-22 31/05S 400,000 0 0

ENCE ENERGIA REGS 5.375 15-22 01/11S 600,000 600,000 0 EUROPCAR 5.75 15-22 15/06S 300,000 0 0

EUROPCAR REGS 4.125 17-24 15/11S 200,000 0 0

GAZ CAPITAL 3.60 14-21 26/02A 200,000 0 0 GESTAMP AUTOMOCION 3.25 18-26 30/04S 2,500,000 2,000,000 0

GRUPO ANTOLIN IRAUSA 3.25 17-24 30/04S 200,000 0 0

GRUPO ANTOLIN IRAUSA 3.375 18-26 30/04S 750,000 0 0 HANESBRANDS 3.50 16-24 15/06S 300,000 0 0

HERTZ HLD NETHERLANDS 5.50 18-23 30/03S 1,000,000 500,000 0

HORIZON H.I 7.25 15-18 01/08S 200,000 600,000 0 HORIZON PAR PIK 8.25 17-22 15/02S 800,000 0 0

HP PELZER HOLDING 4.125 17-24 01/04S 300,000 0 0

INDRA SISTEMAS 3.0000 18-24 19/04A 1,300,000 500,000 0 INEOS FINANCE 2.125 17-25 15/11S 0 500,000 0

INTERN GAME TECH PLC 3.5 18-24 15/07S 1,000,000 400,000 0

INTERXION HOLDING 4.7500 18-27 15/06S 750,000 0 0 INTRALOT CAP LU 6.75 16-21 15/09S 0 300,000 0

INTRALOT CAPITAL LUX 5.25 17-24 15/09S 0 200,000 0 INTRUM JUSTITIA AB 2.75 17-22 15/07S 300,000 0 0

KIRK BEAUTY ONE REGS 8.75 15-23 15/07S 400,000 300,000 0

KONGSBERG ACTUATION 5 18-25 15/07 1,500,000 700,000 0 KONINKLIJKE 1.125 18-26 19/03A 300,000 300,000 0

KRONOS INTL 3.75 17-25 15/09S 100,000 0 0

LA FINANCIE 5.125 18-25 31/12A 800,000 0 0 LA FINANCIERE ATALIAN 5.125 18-25 15/05S 800,000 800,000 0

LGE HOLDCO VI BV 7.125 14-24 15/05S 100,000 0 0

LHMC FINCO SARL 6.2500 18-23 20/12S 500,000 0 0 LKQ EURO HOLDINGS BV 3.625 18-26 01/04S 500,000 0 0

LOXAM SAS 6.00 17-25 15/04S 400,000 0 0

MASARIA INVEST REGS 5.00 17-24 15/09S 200,000 0 0 MATTERH TEL HOL REGS 4.875 15-18 14/06S 400,000 0 0

MERLIN ENTERTAINMENTS 2.75 15-22 15/03S 300,000 0 0

METSA BOARD CORP 2.75 17-27 29/09A 0 200,000 0

MOBILUX FINANCE SA 5.50 16-24 15/11S 300,000 0 0

NEXANS SA 3.75 18-23 08/08A 1,000,000 600,000 0

NOVAFIVES SAS 5.0000 18-25 15/06S 1,300,000 300,000 0 NOVAFIVES SAS REGS 4.50 14-18 02/07S 450,000 750,000 0

NYRSTAR NETHERLANDS 6.875 17-24 15/03S 500,000 700,000 0

OCI NV 5.0000 18-23 15/04S 600,000 600,000 0 ORANO SA 3.125 14-23 20/03A 200,000 0 0

OUTOKUMPU 7.25 16-21 16/06S 0 450,000 0




PAPREC 4.0 18-25 29/03S 2,000,000 1,000,000 0

PAPREC HOLDING REGS 5.25 15-22 01/04S 0 500,000 0 PIAGGIO & C. SPA 3.625 18-25 30/04S 700,000 0 0

PRESTIGEBIDCO GMBH 6.25 16-23 15/12S 200,000 0 0

PROGROUP AG REGS 5.125 15-22 01/05S 0 500,000 0 QUINTILES IMS INC 3.25 17-25 15/03S 300,000 0 0

RADISSON HOTEL 6.8750 18-23 15/07S 1,250,000 450,000 0

SAMSONITE FINCO SARL 3.5 18-26 15/05S 200,000 200,000 0 SAMVARDHANA MOTHER 1.80 17-24 06/07A 300,000 0 0

SCHUMANN SPA 7.00 16-23 31/07S 500,000 0 0

SELECTA GROUP BV 5.875 18-24 01/02S 100,000 0 0 SOFTBANK GROUP 4.0000 18-23 20/04S 1,400,000 1,000,000 0

SUNSHINE MID BV 6.5 18-26 15/05S 1,000,000 600,000 0

SUPERIOR IND INTL 6.00 17-25 15/06S 250,000 500,000 0 SYNLAB BONDCO PLC 6.25 15-22 01/07S 150,000 0 0

TELENET FIN V REGS 6.75 12-18 04/04S 0 300,000 0

TITAN GLOBAL FIN 3.50 16-21 17/06S 200,000 0 0 UNILABS SUBHOLDING AB 5.75 17-25 15/05S 200,000 700,000 0

UNITYMEDIA HESSEN REGS 4.62515-18 05/06S 0 40,000 0 VALLOUREC 2.25 14-24 30/09A 100,000 0 0

VALLOUREC SA 6.3750 18-23 15/10S 400,000 0 0

Floating-rate bonds

AIR FRANCE KLM FL.R 15-XX 01/10A 500,000 0 0

ALLIED IRISH BK SUB FL.R 15-25 26/11A 200,000 0 0

ARD FINANCE PIK FL.R 17-23 15/09S 250,000 0 0 ARKEMA SA FL.R 14-XX 29/10A 1,000,000 0 0

AUTODIS FL.R 16-22 01/05S 500,000 0 0

BANCO SANTANDER FL.R 18-XX XX/XXQ 800,000 400,000 0 BANCO SANTANDER SA FL.R 17-49 01/12Q 800,000 0 0

BBVA S5 REGS FL.R 17-XX 24/08Q 400,000 0 0

BCO BILBAO VIZCAYA FL.R 16-XX 14/04Q 400,000 0 0 BELFIUS BANK SA FL.R 18-XX XX/XXS 200,000 600,000 0

BURGER KING FRANCE FL.R 17-23 01/05Q 100,000 0 0

CAIXABANK SA FL.R 18-XX XX/XXQ 800,000 400,000 0 ELECT.DE FRANCE FL.R 13-XX 29/01A 1,000,000 0 0

ELIA SYSTEM OP FL.R 18-XX XX/XXA 1,300,000 500,000 0

GUALA CLOSURES REGS FL.R 16-21 15/11Q 0 300,000 0

INTESA SANPAOLO SPA FL.R 08-XX 20/06A 0 500,000 0

KBC GROUP NV FL.R 18-XX XX/XXS 1,200,000 1,200,000 0

MARCOLIN SPA FL.R 17-23 15/02Q 250,000 0 0 NOVAFIVES FL.R 18-25 15/06Q 750,000 450,000 0

ORSTED FL.R 15-15 06/11A 1,000,000 0 0

SOCIETE GENERALE REGS FL.R 14-XX 07/04S 400,000 0 0 TEAMSYSTEM SPA FL.R 18-23 15/04Q 500,000 500,000 0

UNICREDIT SPA FL.R 17-49 03/12S 250,000 500,000 0

G FUND

– Alpha Fixed Income

G FUND – Alpha Fixed Income



Assets 715,961,435.72

Securities portfolio at assessed value 578,430,600.45 Purchase price 581,687,956.86 Unrealised loss on securities portfolio -3,257,356.41

Cash at bank and liquidities 101,790,084.20 Interest receivable on CDS 183,716.66 Interest receivable on bonds 1,491,342.77 Receivables on sales of investments 33,351,853.17 Subscriptions receivable 207,756.79 Unrealised net gain on forward currency contracts 506,081.68


Bank debts payable on demand 2,670,000.00 Payables on purchases of investments 35,932,090.00 Interest payable on CDS 882,869.70 Subscription tax payable 13,611.13 Performance fee payable 4,621.58 Redemptions payable 375,753.77 Unrealised net loss on futures contracts 188,570.00 Unrealised net loss on swap contracts 5,483,673.29 Management and advisory fee payable 572,014.35 Administration and custodian fee payable 57,947.40 Other liabilities 29,402.71



Shares

Shares

outstanding as at Shares subscribed Shares redeemed outstanding as at

01/03/18

31/08/18

- Class NC EUR


- Class ID EUR Distribution shares 10.000 1,118.000 0.000 1,128.000


- Class OD EUR Distribution shares 14,429.000 0.000 0.000 14,429.000

- Class GD EUR Distribution shares 16,971.573 0.000 0.000 16,971.573

- Class PC EUR Accumulation shares 19,698.897 0.000 0.000 19,698.897



Shares

outstanding

as at 01/03/18


Shares

outstanding

as at 31/08/18

- Class RC EUR

Accumulation shares 0.000 8,000.000 0.000 8,000.000


Key Figures



- Class RC EUR

EUR EUR EUR

Accumulation shares

Number of shares 8,000.000 0.000 0.000


- Class NC EUR

EUR EUR EUR

Accumulation shares

Number of shares 350,205.962 345,662.537 289,567.237


- Class ID EUR

EUR EUR EUR

Distribution shares

Number of shares 1,128.000 10.000 409.848



- Class IC EUR

EUR EUR EUR

Accumulation shares

Number of shares 530,432.514 491,269.491 467,368.941


- Class OD EUR

EUR EUR EUR

Distribution shares

Number of shares 14,429.000 14,429.000 0.000

Net asset value per share 1,004.66 1,010.72 0.00

- Class GD EUR

EUR EUR EUR

Distribution shares

Number of shares 16,971.573 16,971.573 9,562.573



- Class PC EUR

EUR EUR EUR

Accumulation shares

Number of shares 19,698.897 19,698.897 19,875.272






% net assets


Bonds 252,056,411.65 37.63

Germany 84,937,106.84 12.69

54,000,000 GERM TREA BILL ZCP 10-10-18 EUR 54,087,322.88 8.08

13,400,000 SIXT LEASING SE 1.125 17-21 03/02A EUR 13,458,424.00 2.01

7,000,000 SIXT SE 1.5 18-24 21/02A EUR 7,074,760.00 1.06

10,303,000 VOLKSWAGEN LEASING 0.25 17-20 05/10A EUR 10,316,599.96 1.54

Australia 30,513,885.00 4.56

17,500,000 NATIONAL AUSTRA 0.6250 18-23 30/08A EUR 17,468,325.00 2.61

13,200,000 STOCKLAND TRUST 1.6250 18-26 27/04A EUR 13,045,560.00 1.95

China 4,616,928.00 0.69

4,600,000 SHOUGANG GROUP 1.35 17-20 07/08A EUR 4,616,928.00 0.69

Denmark 14,198,976.00 2.12

14,400,000 AP MOLLER MAERSK 1.75 18-26 16/03A EUR 14,198,976.00 2.12

France 18,704,088.74 2.79

15,000,000 ENGIE SA ZCP 22-11-18 EUR 15,051,062.87 2.24

3,571,000 PEUGEOT EMTN 2.00 17-24 23/03A EUR 3,653,025.87 0.55

Jersey 1,969,140.00 0.29

2,000,000 ATRIUM EUROPEAN REAL 3.0 18-25 11/09A EUR 1,969,140.00 0.29

British Virgin Islands 15,330,108.00 2.29

15,700,000 HUARONG UNIV REGS 1.625 17-22 05/12A EUR 15,330,108.00 2.29

Ireland 18,223,124.00 2.72

14,000,000 FCA BANK SPA IRL 0.25 17-20 12/10A EUR 13,916,140.00 2.08

4,400,000 ROADSTER FINANCE 2.375 17-27 08/12A EUR 4,306,984.00 0.64

Italy 10,878,153.00 1.62

1,500,000 AUTOSTRADE 1.875 15-25 04/11A EUR 1,366,575.00 0.20

9,400,000 BENI STABILI SPA 2.375 18-28 20/02A EUR 9,511,578.00 1.42

Luxembourg 9,495,159.00 1.42

6,000,000 ALDESA FINANCIAL SERV 7.25 14-21 01/04S EUR 5,608,380.00 0.84

3,900,000 HEIDELBERGCEMENT FIN 0.5 18-22 09/08A EUR 3,886,779.00 0.58

Mexico 2,762,586.00 0.41

2,700,000 PETROLEOS MEXICANO 2.50 17-21 21/08A EUR 2,762,586.00 0.41

Czech Republic 10,868,418.00 1.62

11,400,000 ENERGO PRO AS 4.50 18-24 04/05A EUR 10,868,418.00 1.62

United Kingdom 25,108,528.00 3.75

15,300,000 GLAXOSMITHKLINE 0.00 17-20 12/09A EUR 15,324,480.00 2.28

1,000,000 INEOS FINANCE 2.125 17-25 15/11S EUR 973,210.00 0.15

8,700,000 INFORMA PLC 1.5000 18-23 05/07A EUR 8,810,838.00 1.32

Switzerland 4,450,211.07 0.66

5,000,000 CLARIANT 2.50 12-18 26/09A CHF 4,450,211.07 0.66

Floating-rate bonds 168,235,803.54 25.12

Germany 17,322,513.00 2.59

9,300,000 SAP SE FL.R 18-21 13/03Q EUR 9,346,593.00 1.40

8,000,000 VOLKSWAGEN BANK GMBH FL.R 17-21 15/06Q EUR 7,975,920.00 1.19

Belgium 13,069,420.00 1.95

13,000,000 EUROCLEAR BANK FL.R 18-21 08/03Q EUR 13,069,420.00 1.95

United States of America 9,505,225.00 1.42

9,500,000 MOLSON COORS BREWI FL.R 17-19 15/03Q EUR 9,505,225.00 1.42

France 41,777,636.02 6.23

10,500,000 ALD SA FL.R 18-21 16/07Q EUR 10,522,470.00 1.57

8,800,000 ALD SA FL.R 18-21 26/02Q EUR 8,779,056.00 1.31

8,000,000 CARREFOUR BQUE FL.R 18-22 15/06Q EUR 7,994,640.00 1.19

6,500,000 RCI BANQUE FL.R 16-19 05/12Q EUR 6,524,017.50 0.97

10,400,000 SCOR SE FL.R 18-XX XX/XXS USD 7,957,452.52 1.19

Ireland 20,280,035.00 3.03

20,500,000 FCA BANK SPA FL.R 18-21 17/06Q EUR 20,280,035.00 3.03

Norway 16,367,482.00 2.44

16,300,000 SPAREBANKEN SOR FL.R 18-21 03/05Q EUR 16,367,482.00 2.44

Netherlands 10,222,054.00 1.53

4,200,000 FERROVIAL NL BV 2.124 17-XX 14/11A EUR 3,810,534.00 0.57

6,400,000 MYLAN NV FL.R 17-20 24/05Q EUR 6,411,520.00 0.96





% net

assets

United Kingdom 20,351,680.52 3.04

3,000,000 NEMEAN BONDCO PLC FL.R 17-23 01/02Q GBP 3,199,642.52 0.48

9,600,000 UBS LONDON FL.R 18-20 10/01Q EUR 9,643,488.00 1.44

7,500,000 WPP FINANCE 2013 FL.R 17-20 18/05Q EUR 7,508,550.00 1.12

Sweden 19,339,758.00 2.89

19,300,000 SCANIA CV AB EUR 19,339,758.00 2.89

Other securities 96,272,379.00 14.37

Bonds 28,722,700.00 4.29

Belgium 6,000,120.00 0.90

6,000,000 ELIA SYSTEM 1.5 18-28 05/09A EUR 6,000,120.00 0.90


6,500,000 PERKINELMER 0.6000 18-21 09/04A EUR 6,544,070.00 0.97

France 5,262,070.00 0.79

5,500,000 ILIAD SA 1.8750 18-25 25/04A EUR 5,262,070.00 0.79

Luxembourg 6,422,065.00 0.96

6,500,000 BANFF MERGER SU 8.3750 18-26 01/09S EUR 6,422,065.00 0.96

Netherlands 4,494,375.00 0.67

4,500,000 SIEMENS FINANCI 1.3750 18-30 06/09A EUR 4,494,375.00 0.67

Floating-rate bonds 67,549,679.00 10.08

Germany 26,844,704.00 4.01

5,000,000 VOLKSWAGEN BANK FL.R 18-21 08/12Q EUR 5,022,250.00 0.75

21,800,000 VW FIN SERV FL.R 18-19 11/10Q EUR 21,822,454.00 3.26

France 10,541,475.00 1.57

10,500,000 SANOFI FL.R 18-20 21/03Q EUR 10,541,475.00 1.57

Netherlands 30,163,500.00 4.50

15,000,000 DAIMLER INTL FIN BV FL.R 18-20 09/04Q EUR 15,073,350.00 2.25

15,000,000 PACCAR FL.R 18-21 18/05Q EUR 15,090,150.00 2.25


Shares/Units of investment funds 57,343,792.26 8.56

France 57,343,792.26 8.56

3,009 GROUPAMA CASH EQUIVALENT -IC- 3 DEC EUR 30,150,480.90 4.50

11,936 GROUPAMA ENTREPRISES FCP -I- CAP EUR 27,193,311.36 4.06

Error: Missing label 4,522,214.00 0.68

Bonds 4,522,214.00 0.68

Cayman Islands 4,522,214.00 0.68

4,600,000 CK HUTCHISON EU 2.0000 18-30 13/04A EUR 4,522,214.00 0.68





Shares/Units of investment funds GROUPAMA ENTREPRISES FCP -I- CAP 11,936 0 0

GROUPAMA TRESORERIE IC 0 675 0

Bonds ADOLF WURTH GMBH 1 18-25 26/05A 3,000,000 3,000,000 0

AIB GROUP PLC 1.50 18-23 29/03A 8,100,000 8,100,000 0

ALDESA FINANCIAL SERV 7.25 14-21 01/04S 6,000,000 0 0

AP MOLLER MAERSK 1.75 18-26 16/03A 14,400,000 0 0

ATRIUM EUROPEAN REAL 3.0 18-25 11/09A 2,000,000 0 0

AUTOLIV 0.75 18-23 26/06A 6,800,000 6,800,000 0

AUTOSTRADE 1.875 15-25 04/11A 1,500,000 0 0

BANFF MERGER SU 8.3750 18-26 01/09S 6,500,000 0 0

BAYER CAPITAL CORP 1.5 18-26 26/06A 9,200,000 9,200,000 0

BAYER CAPITAL CORP 2.1250 18-29 15/12A 9,200,000 9,200,000 0

BLACKSTONE PP E 1.4000 18-22 06/07A 4,000,000 4,000,000 0

CARREFOUR 0.875 18-23 12/06A 4,000,000 4,000,000 0

CEVA LOGISTICS FIN 5.25 18-25 01/08S 7,900,000 7,900,000 0

CGG HOLDING US 7.8750 18-23 01/05S 250,000 250,000 0

CK HUTCHISON EU 2.0000 18-30 13/04A 9,600,000 5,000,000 0

CONTOURGLOBAL 3.375 18-23 26/07S 3,500,000 3,500,000 0

CONTOURGLOBAL 4.125 18-25 26/07S 6,200,000 6,200,000 0

DAIMLER INTL 0.25 18-22 11/05A 7,000,000 7,000,000 0

DAIMLER INTL 1.00 18-25 11/05A 10,000,000 10,000,000 0

DARLING GLOBAL FIN 3.625 18-26 15/05S 2,400,000 2,400,000 0

ELIA SYSTEM 1.5 18-28 05/09A 6,000,000 0 0

ENERGO PRO AS 4.50 18-24 04/05A 11,400,000 0 0

ESSILOR ZCP 090518 0 20,000,000 0

FAIRFAX FINL HLDGS 2.75 18-28 29/03A 3,900,000 3,900,000 0

FAURECIA 2.625 18-25 15/06S 0 6,300,000 0

FRESENIUS MEDIC 1.5000 18-25 11/07A 1,900,000 1,900,000 0

GERM TREA BILL ZCP 10-10-18 54,000,000 0 0

GERMAN TREASURY BILL ZCP 140318 0 101,000,000 0

GERMAN TREASURY BILL ZCP 150818 105,000,000 105,000,000 0

GERMAN TREASURY BILL ZCP 160518 10,000,000 10,000,000 0

GLAXOSMITHKLINE 1.7500 18-30 21/05A 3,000,000 3,000,000 0

GRUPO ANTOLIN IRAUSA 3.375 18-26 30/04S 7,500,000 7,500,000 0

HEIDELBERGCEMENT FIN 0.5 18-22 09/08A 20,100,000 16,200,000 0

ILIAD SA 1.8750 18-25 25/04A 5,500,000 0 0

INEOS FINANCE 2.125 17-25 15/11S 0 2,000,000 0

INFORMA PLC 1.5000 18-23 05/07A 11,700,000 3,000,000 0

JAB HOLDINGS BV 1.7500 18-26 25/06A 5,900,000 5,900,000 0

LA FINANCIERE ATALIAN 5.125 18-25 15/05S 6,000,000 6,000,000 0

NATIONAL AUSTRA 0.6250 18-23 30/08A 17,500,000 0 0

NORDEX SE 6.50 18-23 01/02S 0 1,114,000 0

NOS SGPS 1.125 18-23 02/05A 8,500,000 8,500,000 0

OCI NV 5.0000 18-23 15/04S 1,700,000 1,700,000 0

ORANGE SA 1.375 18-28 20/03A 10,600,000 10,600,000 0

PERKINELMER 0.6000 18-21 09/04A 6,500,000 0 0

PEUGEOT EMTN 2.00 17-24 23/03A 3,571,000 0 0

PEUGEOT SA 2 18-25 20/03A 7,500,000 7,500,000 0

PIAGGIO & C. SPA 3.625 18-25 30/04S 2,600,000 2,600,000 0

RENAULT SA 1.0000 18-24 18/04A 13,200,000 13,200,000 0

SAMSONITE FINCO SARL 3.5 18-26 15/05S 800,000 800,000 0

SCHNEIDER ELECT 1.3750 18-27 21/06A 7,300,000 7,300,000 0

SIEMENS FINANCI 1.3750 18-30 06/09A 4,500,000 0 0

SOFTBANK GROUP 4.0000 18-23 20/04S 2,300,000 2,300,000 0

STOCKLAND TRUST 1.6250 18-26 27/04A 13,200,000 0 0

SUNSHINE MID BV 6.5 18-26 15/05S 8,700,000 8,700,000 0

TELE COLOMBUS 3.875 18/25 04/05S 6,500,000 6,500,000 0

TELEFONICA DEUTSCH FI 1.75% 18-25 05/07A 4,000,000 4,000,000 0

VALEO SA 1.5000 18-25 18/06A 4,300,000 4,300,000 0

VALLOUREC SA 6.3750 18-23 15/10S 2,400,000 2,400,000 0

VOLKSWAGEN LEASING 0.25 17-20 05/10A 0 10,000,000 0

VONOVIA 0.875 18-23 03/07A 5,000,000 5,000,000 0

ZAPADOSLOVENSKA ENRG 1.750 18-28 02/03A 0 3,500,000 0




Floating-rate bonds

ACEA SPA FL.R 18-23 08/02Q 0 2,600,000 0

ALD SA FL.R 18-21 16/07Q 10,500,000 0 0

ARGENTUM FL.R 18-48 01/06A 4,500,000 4,500,000 0

AUCHAN HOLDING SA FL.R 18-20 01/02Q 0 18,000,000 0

BANCO SANTANDER FL.R 18-XX XX/XXQ 4,400,000 4,400,000 0

BANK OF AMERICA CORP FL.R 17-21 21/09Q 0 1,500,000 0

CAIXABANK SA FL.R 18-XX XX/XXQ 7,600,000 7,600,000 0

CAIXABANK SA 2.25 18-30 17/04A 5,700,000 5,700,000 0

CARREFOUR BQUE FL.R 18-22 15/06Q 8,000,000 0 0

DAIMLER INTL FIN BV FL.R 18-20 09/04Q 15,000,000 0 0

EUROCLEAR BANK FL.R 18-21 08/03Q 13,000,000 0 0

EUROCLEAR BANK SA/NV FL.R 18-20 10/07Q 9,000,000 9,000,000 0

FERROVIAL NL BV 2.124 17-XX 14/11A 0 4,500,000 0

GAMENET GROUP SPA FL.R 18-23 27/04Q 1,000,000 1,000,000 0

GRAND CITY PROP FL.R 18-XX XX/XXA 5,700,000 5,700,000 0

KONINKLIJKE FL.R 18-21 19/03Q 5,500,000 5,500,000 0

MCKESSON CORP FL.R 18-20 12/02Q 0 9,100,000 0

MORGAN STANLEY FL.R 16-19 03/12Q 0 11,400,000 0

MULHACEN PTE LT FL.R 18-23 01/08S 3,800,000 3,800,000 0

PACCAR FL.R 18-21 18/05Q 15,000,000 0 0

SAFRAN SA FL.R 17-19 28/06Q 0 11,500,000 0

SANOFI FL.R 18-20 21/03Q 20,500,000 10,000,000 0

SAP SE FL.R 18-21 13/03Q 9,300,000 0 0

SCANIA CV AB 19,300,000 0 0

SCOR SE FL.R 18-XX XX/XXS 10,400,000 0 0

SELECTA GROUP BV FL.R 18-24 01/02Q 0 1,300,000 0

SPAREBANKEN SOR FL.R 18-21 03/05Q 16,300,000 0 0

TELEFONICA EUROPE BV 3.00 18-XX XX/XXA 5,800,000 5,800,000 0

THALES SA FL.R 18-20 19/04Q 33,900,000 33,900,000 0

THERMO FISHER SCIEN FL.R 17-19 24/07Q 0 3,800,000 0

UBS GROUP FUNDING FL.R 18-XX XX/XXA 0 10,200,000 0

UBS LONDON FL.R 18-20 10/01Q 0 20,000,000 0

UNIBAIL RODAMCO FL.R 18-XX XX/XXA 2,900,000 2,900,000 0

UNIBAIL-RODAMCO FL.R 18-XX XX/XXA 3,300,000 3,300,000 0

UNITED TECHNOLOGIE FL.R 17-19 13/14Q 0 8,100,000 0

VOLKSBANK WIEN FL.R 17-27 06/10A 0 7,000,000 0

VOLKSWAGEN BANK FL.R 18-21 08/12Q 5,000,000 0 0

VOLKSWAGEN BANK GMBH FL.R 17-21 15/06Q 0 5,000,000 0

VOLKSWAGEN INTL FL.R 18-XX XX/XXA 5,000,000 5,000,000 0

VW FIN SERV FL.R 18-19 11/10Q 31,800,000 10,000,000 0

G FUND

– Global Active Allocation

G FUND – Global Active Allocation



Assets 25,744,675.94

Securities portfolio at assessed value 21,994,858.22 Purchase price 22,312,204.15 Unrealised loss on securities portfolio -317,345.93

Cash at bank and liquidities 3,399,246.37 Interest receivable on CDS 2,265.67 Interest receivable on bonds 293,158.81 Unrealised net gain on forward currency contracts 25,578.74 Unrealised net gain on futures contracts 29,568.13


Bank debts payable on demand 28.95 Subscription tax payable 409.05 Performance fee payable 35,144.89 Unrealised net loss on swap contracts 35,900.56 Management and advisory fee payable 21,762.53 Administration and custodian fee payable 2,241.72 Other liabilities 12,279.39



Shares

outstanding

as at 01/03/18


Shares

outstanding

as at 31/08/18

- Class NC EUR Accumulation shares 10.000 0.000 0.000 10.000

- Class IC EUR Accumulation shares 1.000 0.000 0.000 1.000

- Class GD EUR Distribution shares 25,000.000 0.000 0.000 25,000.000


Key Figures



- Class NC EUR

EUR EUR EUR

Accumulation shares

Number of shares 10.000 10.000 10.000


- Class IC EUR

EUR EUR EUR

Accumulation shares

Number of shares 1.000 1.000 1.000


- Class GD EUR

EUR EUR EUR

Distribution shares

Number of shares 25,000.000 25,000.000 25,000.000






currency Assessed value % net

assets


Bonds 19,538,022.00 76.21 Australia 252,845.00 0.99

250,000 MACQUARIE 1.00 14-19 16/09A EUR 252,845.00 0.99 Spain 3,697,520.00 14.42

1,000,000 SPAIN 3.75 13-18 31/10A EUR 1,006,660.00 3.93

1,500,000 SPAIN 4.30 09-19 31/10A EUR 1,582,170.00 6.17

1,000,000 SPAIN 4.85 10-20 31/10A EUR 1,108,690.00 4.32 France 6,137,759.50 23.94

200,000 APRR 2.25 14-20 16/01A EUR 206,402.00 0.81

2,000,000 FRANCE OAT 0.00 16-20 25/02A EUR 2,016,540.00 7.87

1,000,000 FRANCE OAT 2.50 09-20 25/10A EUR 1,065,190.00 4.15

1,000,000 FRANCE OAT 3.75 08-19 25/10A EUR 1,049,680.00 4.09

1,500,000 FRANCE OAT 4.25 03-19 25/04A EUR 1,546,935.00 6.03

250,000 RCI BANQUE EMTN 1.125 14-19 30/09A EUR 253,012.50 0.99 Ireland 260,562.50 1.02

250,000 GE CAP EUR FD EMTN 2.25 13-20 20/07A EUR 260,562.50 1.02 Italy 8,392,355.00 32.73

1,000,000 ITALIE 0.05 16-19 15/10S EUR 990,430.00 3.86

1,300,000 ITALY BOT 1.05 14-19 01/12S EUR 1,299,350.00 5.07

1,000,000 ITALY BTP 0.70 15-20 01/05S EUR 987,900.00 3.85

2,600,000 ITALY BTP 3.50 13-18 01/12S EUR 2,622,074.00 10.22

1,100,000 ITALY BTP 4.00 10-20 01/09S EUR 1,149,896.00 4.49 1,300,000 ITALY BTP 4.25 09-19 01/09S EUR 1,342,705.00 5.24

Portugal 543,885.00 2.12 500,000 PORTUGUESE OTS 4.80 10-20 15/06A EUR 543,885.00 2.12

Sweden 253,095.00 0.99 250,000 PGE SA EMTN 1.625 14-19 09/06A EUR 253,095.00 0.99

Floating-rate bonds 201,996.00 0.79 Netherlands 201,996.00 0.79

200,000 ALLIANZ FINANCE FL.R 17-20 07/12Q EUR 201,996.00 0.79


Shares/Units of investment funds 2,254,840.22 8.80 France 86,274.74 0.34

38 GROUPAMA ENTREPRISES FCP -I- CAP EUR 86,274.74 0.34 Ireland 1,069,629.51 4.17

11,874 ISHS JPMORGA EM USD SHS USD ETF USD 1,069,629.51 4.17 Luxembourg 1,098,935.97 4.29

5,400 AXA WORLD FD SICAV US HY BD -I- CAP USD 1,098,935.97 4.29





Shares/Units of investment funds GROUPAMA ENTREPRISES FCP -I- CAP 647 796 0 ISHS JPM EM BD – USD 0 16,530 0

ISHS JPMORGA EM USD SHS USD ETF 11,874 0 0

Bonds FRANCE OAT 1.00 12-18 25/05A 0 1,400,000 0

FRANCE OAT 2.50 09-20 25/10A 1,000,000 0 0

FRANCE OAT 4.25 03-19 25/04A 1,500,000 0 0 ITALY BOT 1.05 14-19 01/12S 1,300,000 0 0

ITALY BOT 4.50 08-18 01/08S 0 2,600,000 0

ITALY BTP 0.70 15-20 01/05S 1,000,000 0 0 ITALY BTP 3.50 13-18 01/12S 2,600,000 0 0

ITALY BTP 4.25 09-19 01/09S 1,300,000 0 0

SPAIN 0.25 15-18 30/04A 0 6,800,000 0 SPAIN 4.30 09-19 31/10A 1,500,000 0 0

G FUND

– Alpha Fixed Income II

G FUND – Alpha Fixed Income II



Assets 81,677,125.21



Unrealised loss on securities portfolio -698,342.47


Interest receivable on CDS 20,277.78

Interest receivable on bonds 457,543.52

Receivables on sales of investments 1,525,966.12

Unrealised net gain on forward currency contracts 7,693.41


Payables on purchases of investments 984,570.00

Interest payable on CDS 251,241.67


Unrealised net loss on futures contracts 141,370.00

Unrealised net loss on swap contracts 1,791,732.40

Management and advisory fee payable 64,490.52


Other liabilities 12,762.43



Shares

outstanding

as at 01/03/18


Shares

outstanding

as at 31/08/18

- Class NC EUR Accumulation shares 5,532.000 67.000 989.000 4,610.000


- Class GD EUR Distribution shares 52,369.780 0.000 2,016.312 50,353.468


Key Figures



- Class NC EUR

EUR EUR EUR

Accumulation shares

Number of shares

4,610.000 5,532.000 10.000


102.54 104.40 103.31

- Class IC EUR

EUR EUR EUR

Accumulation shares

Number of shares

26,896.248 23,619.133 1.000


1,039.63 1,057.20 1,043.68

- Class GD EUR

EUR EUR EUR

Distribution shares

Number of shares

50,353.468 52,369.780 32,425.000


992.74 1,009.52 1,001.63

Dividend per share

0.00 5.03 20.30




currency Assessed value % net assets


Bonds

39,087,320.17 49.84

Germany

4,882,542.04 6.23 350,000 SIXT LEASING SE 1.125 17-21 03/02A EUR 351,526.00 0.45

3,000,000 SIXT SE 1.5 18-24 21/02A EUR 3,032,040.00 3.87 1,497,000 VOLKSWAGEN LEASING 0.25 17-20 05/10A EUR 1,498,976.04 1.91

Australia

3,261,390.00 4.16 3,300,000 STOCKLAND TRUST 1.6250 18-26 27/04A EUR 3,261,390.00 4.16

China

903,312.00 1.15 900,000 SHOUGANG GROUP 1.35 17-20 07/08A EUR 903,312.00 1.15

Denmark

1,577,664.00 2.01 1,600,000 AP MOLLER MAERSK 1.75 18-26 16/03A EUR 1,577,664.00 2.01

Spain

1,200,228.00 1.53 1,200,000 FCC AQUALIA 2.629 17-27 08/06A EUR 1,200,228.00 1.53

France

1,461,824.13 1.86 1,429,000 PEUGEOT EMTN 2.00 17-24 23/03A EUR 1,461,824.13 1.86

Jersey

984,570.00 1.26 1,000,000 ATRIUM EUROPEAN REAL 3.0 18-25 11/09A EUR 984,570.00 1.26

British Virgin Islands

2,245,812.00 2.86 2,300,000 HUARONG UNIV REGS 1.625 17-22 05/12A EUR 2,245,812.00 2.86

Ireland

2,470,411.00 3.15 800,000 AIB GROUP PLC 1.50 18-23 29/03A EUR 799,760.00 1.02 600,000 ROADSTER FINANCE 2.375 17-27 08/12A EUR 587,316.00 0.75

1,100,000 ROADSTER FINANCE DAC 1.625 17-24 09/12A EUR 1,083,335.00 1.38

Italy

2,074,517.00 2.65 500,000 AUTOSTRADE 1.875 15-25 04/11A EUR 455,525.00 0.58

1,600,000 BENI STABILI SPA 2.375 18-28 20/02A EUR 1,618,992.00 2.07

Luxembourg

2,529,306.00 3.23 1,000,000 ALDESA FINANCIAL SERV 7.25 14-21 01/04S EUR 934,730.00 1.19 1,600,000 HEIDELBERGCEMENT FIN 0.5 18-22 09/08A EUR 1,594,576.00 2.04

Mexico

1,023,180.00 1.30 1,000,000 PETROLEOS MEXICANO 2.50 17-21 21/08A EUR 1,023,180.00 1.30

Netherlands

5,019,240.00 6.40 900,000 ACHMEA BV 0.875 15-18 17/09A EUR 900,360.00 1.15 700,000 CBR FASHION FINANCE 5.125 17-22 01/10S EUR 622,300.00 0.79

2,000,000 CEVA LOGISTICS FIN 5.25 18-25 01/08S EUR 1,995,320.00 2.55 1,500,000 LEASEPLAN CORP 1.375 15-18 24/09A EUR 1,501,260.00 1.91

Czech Republic

2,478,762.00 3.16 2,600,000 ENERGO PRO AS 4.50 18-24 04/05A EUR 2,478,762.00 3.16

United Kingdom

6,974,562.00 8.89 2,700,000 GLAXOSMITHKLINE 0.00 17-20 12/09A EUR 2,704,320.00 3.45 1,000,000 INEOS FINANCE 2.125 17-25 15/11S EUR 973,210.00 1.24 2,300,000 INFORMA PLC 1.5000 18-23 05/07A EUR 2,329,302.00 2.97 1,000,000 JAGUAR LAND ROVER 2.20 17-24 15/01S EUR 967,730.00 1.23

Floating-rate bonds

21,123,468.21 26.94

Germany

1,993,980.00 2.54 2,000,000 VOLKSWAGEN BANK GMBH FL.R 17-21 15/06Q EUR 1,993,980.00 2.54

Austria

1,993,660.00 2.54 2,000,000 VOLKSBANK WIEN FL.R 17-27 06/10A EUR 1,993,660.00 2.54


3,154,434.50 4.02 1,400,000 JOHN DEERE CASH FL.R 17-20 15/09Q EUR 1,403,472.00 1.79 1,750,000 MOLSON COORS BREWI FL.R 17-19 15/03Q EUR 1,750,962.50 2.23

France

4,031,559.96 5.14 1,500,000 RCI BANQUE FL.R 16-19 05/12Q EUR 1,505,542.50 1.92 1,300,000 SAFRAN SA FL.R 17-19 28/06Q EUR 1,301,794.00 1.66 1,600,000 SCOR SE FL.R 18-XX XX/XXS USD 1,224,223.46 1.56

Italy

1,463,445.00 1.87 1,500,000 BANCA FARMAFACTORING FL.R 17-20 05/06Q EUR 1,463,445.00 1.87

Netherlands

5,173,375.00 6.61 1,300,000 ALLIANZ FINANCE FL.R 17-20 07/12Q EUR 1,312,974.00 1.68 1,300,000 FERROVIAL NL BV 2.124 17-XX 14/11A EUR 1,179,451.00 1.50 1,200,000 MYLAN NV FL.R 17-20 24/05Q EUR 1,202,160.00 1.53





% net

assets

1,500,000 NIBC BANK NV FL.R 17-XX XX/XXS EUR 1,478,790.00 1.90

United Kingdom

3,313,013.75 4.22

1,535,000 FCE BANK FL.R 15-19 17/09Q EUR 1,545,668.25 1.97

1,000,000 NEMEAN BONDCO PLC FL.R 17-23 01/02Q GBP 1,066,547.50 1.36

700,000 WPP FINANCE 2013 FL.R 17-20 18/05Q EUR 700,798.00 0.89

Other securities

4,216,855.00 5.38

Bonds

3,216,405.00 4.10

France

1,913,480.00 2.44

2,000,000 ILIAD SA 1.8750 18-25 25/04A EUR 1,913,480.00 2.44

Luxembourg

1,302,925.00 1.66

1,300,000 CONTOURGLOBAL 4.125 18-25 26/07S EUR 1,302,925.00 1.66

Floating-rate bonds

1,000,450.00 1.28

Spain

1,000,450.00 1.28 1,000,000 MULHACEN PTE LT FL.R 18-23 01/08S EUR 1,000,450.00 1.28


4,695,493.86 5.99


4,695,493.86 5.99

France

4,695,493.86 5.99


Error: Missing label

2,359,416.00 3.01

Bonds

2,359,416.00 3.01

Cayman Islands

2,359,416.00 3.01 2,400,000 CK HUTCHISON EU 2.0000 18-30 13/04A EUR 2,359,416.00 3.01


71,482,553.24 91.15





GROUPAMA ENTREPRISES FCP -I- CAP 2,061 0 0

GROUPAMA TRESORERIE IC 0 122 0

Bonds AIB GROUP PLC 1.50 18-23 29/03A 1,900,000 1,100,000 0

ALDESA FINANCIAL SERV 7.25 14-21 01/04S 1,000,000 0 0 AP MOLLER MAERSK 1.75 18-26 16/03A 1,600,000 0 0

ATRIUM EUROPEAN REAL 3.0 18-25 11/09A 1,000,000 0 0

AUTOSTRADE 1.875 15-25 04/11A 500,000 0 0 BAYER CAPITAL CORP 2.1250 18-29 15/12A 1,800,000 1,800,000 0

CEVA LOGISTICS FIN 5.25 18-25 01/08S 2,000,000 0 0

CK HUTCHISON EU 2.0000 18-30 13/04A 2,400,000 0 0 CONTOURGLOBAL 3.375 18-23 26/07S 1,000,000 1,000,000 0

CONTOURGLOBAL 4.125 18-25 26/07S 1,800,000 500,000 0

CPI PROPERTY GROUP 2.125 17-24 04/10A 0 4,000,000 0 DARLING GLOBAL FIN 3.625 18-26 15/05S 600,000 600,000 0

ENERGO PRO AS 4.50 18-24 04/05A 2,600,000 0 0

FAIRFAX FINL HLDGS 2.75 18-28 29/03A 1,100,000 1,100,000 0 FAURECIA 2.625 18-25 15/06S 0 1,200,000 0

FCA CAPITAL IRELAND 1.25 15-18 13/06A 0 900,000 0

GERMAN TREASURY BILL ZCP 140318 0 8,000,000 0 GERMAN TREASURY BILL ZCP 150818 9,000,000 9,000,000 0

GRUPO ANTOLIN IRAUSA 3.375 18-26 30/04S 1,500,000 1,500,000 0

HEIDELBERGCEMENT FIN 0.5 18-22 09/08A 1,600,000 0 0 ILIAD SA 1.8750 18-25 25/04A 2,000,000 0 0

INFORMA PLC 1.5000 18-23 05/07A 2,300,000 0 0

LA FINANCIERE ATALIAN 5.125 18-25 15/05S 1,400,000 1,400,000 0 NORDEX SE 6.50 18-23 01/02S 0 536,000 0

NOS SGPS 1.125 18-23 02/05A 1,500,000 1,500,000 0

OCI NV 5.0000 18-23 15/04S 300,000 300,000 0 ORANGE SA 1.375 18-28 20/03A 1,300,000 1,300,000 0

PEUGEOT EMTN 2.00 17-24 23/03A 1,429,000 0 0

PEUGEOT SA 2 18-25 20/03A 1,000,000 1,000,000 0 PIAGGIO & C. SPA 3.625 18-25 30/04S 400,000 400,000 0

RENAULT SA 1.0000 18-24 18/04A 1,900,000 1,900,000 0

SAMSONITE FINCO SARL 3.5 18-26 15/05S 200,000 200,000 0 SOFTBANK GROUP 4.0000 18-23 20/04S 900,000 900,000 0

STOCKLAND TRUST 1.6250 18-26 27/04A 3,300,000 0 0

SUNSHINE MID BV 6.5 18-26 15/05S 2,000,000 2,000,000 0 TELE COLOMBUS 3.875 18/25 04/05S 1,500,000 1,500,000 0

VALLOUREC SA 6.3750 18-23 15/10S 800,000 800,000 0

ZAPADOSLOVENSKA ENRG 1.750 18-28 02/03A 0 500,000 0

Floating-rate bonds ACEA SPA FL.R 18-23 08/02Q 0 400,000 0

AUCHAN HOLDING SA FL.R 18-20 01/02Q 0 2,400,000 0 BANCO SANTANDER FL.R 18-XX XX/XXQ 1,200,000 1,200,000 0

BMW FINANCE NV FL.R 17-19 22/11Q 0 2,500,000 0

CAIXABANK SA FL.R 18-XX XX/XXQ 2,400,000 2,400,000 0 CAIXABANK SA 2.25 18-30 17/04A 1,800,000 1,800,000 0


MORGAN STANLEY FL.R 16-19 03/12Q 0 1,200,000 0 MULHACEN PTE LT FL.R 18-23 01/08S 1,200,000 200,000 0

SCOR SE FL.R 18-XX XX/XXS 1,600,000 0 0

SELECTA GROUP BV FL.R 18-24 01/02Q 0 500,000 0 TELEFONICA EUROPE BV 3.00 18-XX XX/XXA 700,000 700,000 0


UBS LONDON FL.R 18-20 10/01Q 0 4,000,000 0

VOLKSBANK WIEN FL.R 17-27 06/10A 0 1,000,000 0

G FUND

– Absolute Return Bonds

G FUND – Absolute Return Bonds



Assets 97,645,524.20



Unrealised loss on securities portfolio -1,053,576.36


Interest receivable on bonds 738,621.31

Receivables on sales of investments 407,773.85


Bank debts payable on demand 160,296.68



Unrealised net loss on forward currency contracts 35,221.46

Unrealised net loss on futures contracts 339,162.39

Unrealised net loss on swap contracts 55,343.48






Shares

outstanding


Shares

outstanding

as at 31/08/18 - Class NC EUR


- Class IC EUR Accumulation shares 10.000 6,500.000 0.000 6,510.000

- Class GD EUR Distribution shares 53,290.010 46,757.770 6,800.830 93,246.950


Key Figures



- Class NC EUR

EUR EUR EUR

Accumulation shares

Number of shares 100.000 100.000 100.000


- Class IC EUR

EUR EUR EUR

Accumulation shares

Number of shares 6,510.000 10.000 10.000

Net asset value per share 987.77 1,015.59 993.40

- Class GD EUR

EUR EUR EUR

Distribution shares

Number of shares 93,246.950 53,290.010 50,290.010







% net assets


Bonds

57,664,156.86 61.23

South Africa

428,096.26 0.45 500,000 ZAR SOV CAPITAL FD 3.903 14-20 24/06S USD 428,096.26 0.45

Germany

2,229,912.62 2.37 1,500,000 BRD INDEX 0.10 15-26 15/04A EUR 1,736,062.62 1.85

500,000 VOLKSWAGEN BANK GMBH 0.75 17-23 15/06A EUR 493,850.00 0.52

Australia

218,322.00 0.23 200,000 BHP BILLITON 4.75 15-76 22/04A EUR 218,322.00 0.23

Brazil

443,300.39 0.47 500,000 BANCO NAC DE DESEN 5.50 10-20 12/07S USD 443,300.39 0.47

Croatia

453,369.15 0.48 500,000 CROATIA 6.625 10-20 14/07S USD 453,369.15 0.48

Denmark

517,820.00 0.55 500,000 AP MOELLER-MAERSK 1.75 16-21 18/03A EUR 517,820.00 0.55

Spain

11,187,920.00 11.89 400,000 BANCO SANTANDER 1.375 17-22 09/02A EUR 408,008.00 0.43 500,000 INMOBILIARIA CO 2.0000 18-26 17/04A EUR 492,405.00 0.53 300,000 SANTAN CONSUMER FI 1.50 15-20 12/11A EUR 309,297.00 0.33

9,000,000 SPAIN 4.85 10-20 31/10A EUR 9,978,210.00 10.60


1,047,931.24 1.11 300,000 ALPHABET 1.998 16-26 15/08S USD 234,740.01 0.25 500,000 MACYS RETAIL HLDG 2.875 12-23 15/02S USD 406,072.20 0.43 200,000 MICROSOFT 2.40 16-26 08/08S USD 160,041.25 0.17 300,000 PACCAR FIN EUROPE 1.65 16-21 11/08S USD 247,077.78 0.26

France

11,123,361.95 11.82 300,000 BNP PARIBAS 2.75 15-26 27/01A EUR 314,493.00 0.33 100,000 EUTELSAT 1.125 16-21 23/06A EUR 101,813.00 0.11

1,000,000 FRANCE OAT INDEXEE 1.30 10-19 25/07A EUR 1,129,201.95 1.20 4,000,000 ILIAD SA 0.6250 18-21 25/11A EUR 3,945,920.00 4.20

400,000 PLASTIC OMNIUM 2.875 13-20 29/05A EUR 418,404.00 0.44 1,000,000 PSA BANQUE FRAN 0.7500 18-23 19/04A EUR 990,850.00 1.05

300,000 PSA BANQUE FRANCE 0.50 17-20 17/01A EUR 301,884.00 0.32 200,000 RCI BANQUE 1.375 15-20 17/11A EUR 205,826.00 0.22 400,000 RCI BANQUE SA 0.50 16-23 15/09A EUR 391,032.00 0.42

1,000,000 RENAULT SA 1.0000 18-24 18/04A EUR 988,540.00 1.05 1,000,000 THALES 0.875 18-24 19/04A EUR 1,006,650.00 1.07

300,000 VALLOUREC SA 3.25 12-19 02/08A EUR 307,158.00 0.33 1,000,000 VALLOUREC SA 6.3750 18-23 15/10S EUR 1,021,590.00 1.08

Hong Kong

602,040.00 0.64 600,000 CHINA CONSTRUCTION 0.625 17-20 17/02A EUR 602,040.00 0.64

Indonesia

445,242.80 0.47 500,000 PERTAMINA REG S 5.25 11-21 23/05S USD 445,242.80 0.47

Ireland

1,510,916.50 1.60 1,350,000 GE CAP EUR FD EMTN 2.25 13-20 20/07A EUR 1,407,037.50 1.49

100,000 SMURFIT KAPPA ACQ 2.375 17-24 01/02S EUR 103,879.00 0.11

Italy

11,303,542.02 12.01 5,000,000 ITALY BOT 0.10 16-19 15/04S EUR 4,985,700.00 5.30 5,000,000 ITALY BTP 0.70 15-20 01/05S EUR 4,939,500.00 5.25 1,000,000 ITALY INFL. INDEX 2.35 14-24 15/09S EUR 1,073,308.02 1.14

300,000 SALINI 3.75 16-21 24/06A EUR 305,034.00 0.32

Japan

799,696.00 0.85 800,000 ASAHI GROUP HD 0.321 17-21 19/09A EUR 799,696.00 0.85

Netherlands Antilles

491,515.00 0.52 500,000 TEVA PHARMA 0.375 16-20 25/07A EUR 491,515.00 0.52

Malaysia

425,251.40 0.45 500,000 PETRONAS GLOBAL SUKUK 2.707 15-20 18/03S USD 425,251.40 0.45

Mexico

441,138.81 0.47 500,000 PEMEX 5.50 10-21 21/01S USD 441,138.81 0.47

Norway

502,365.00 0.53 500,000 SANTANDER CONSUMER 0.375 17-20 17/02A EUR 502,365.00 0.53

Netherlands

555,292.41 0.59 500,000 VOLKSWAGEN FIN SER 1.50 17-21 12/04A GBP 555,292.41 0.59





% net assets

Poland

503,170.00 0.53 500,000 PKO BANK POLSKI S.A. 0.75 17-21 25/07A EUR 503,170.00 0.53

Portugal

9,789,930.00 10.40 9,000,000 PORTUGUESE OTS 4.80 10-20 15/06A EUR 9,789,930.00 10.40

United Kingdom

974,508.92 1.03 200,000 BARCLAYS PLC 1.875 16-21 23/03A EUR 207,506.00 0.22 500,000 FCE BANK PLC 0.869 17-21 13/09A EUR 499,455.00 0.53 300,000 STANDARD CHARTERED 7.50 16-XX 02/04S USD 267,547.92 0.28

Sweden

1,247,370.00 1.32 500,000 INTRUM JUSTITIA AB 2.75 17-22 15/07S EUR 488,085.00 0.52 750,000 PGE SA EMTN 1.625 14-19 09/06A EUR 759,285.00 0.80

Turkey

422,144.39 0.45 500,000 TURKEY 7.50 09-19 07/11S USD 422,144.39 0.45

Floating-rate bonds

22,446,631.32 23.83

Germany

740,480.00 0.79 500,000 DEUTSCHE BANK AG FL.R 17-22 16/05Q EUR 488,010.00 0.52 250,000 EVONIK INDUSTRIES F.LR 17-77 07/07A EUR 252,470.00 0.27

Belgium

1,353,247.50 1.44 250,000 KBC GROEP SA SUB FL. R 14-XX 19/03Q EUR 253,927.50 0.27

1,200,000 KBC GROUP NV FL.R 18-XX XX/XXS EUR 1,099,320.00 1.17

Spain

185,026.00 0.20 200,000 CAIXABANK SA FL.R 18-XX XX/XXQ EUR 185,026.00 0.20


3,682,584.66 3.91 700,000 DAIMLER FIN NTH AMER FL. R 17-20 05/05Q USD 603,528.14 0.64 800,000 GOLDMAN SACHS FL.R 14-19 20/10Q EUR 804,424.00 0.85 700,000 GOLDMAN SACHS GROUP FL.R 17-22 09/09Q EUR 701,694.00 0.75 200,000 HYUNDAI CAP REGS FL.R 17-20 03/04Q USD 172,137.52 0.18 900,000 MERRILL LYNCH EMTN FL.R 06-18 14/09Q EUR 900,081.00 0.96 500,000 PFIZER INC FL.R 17-19 06/03Q EUR 500,720.00 0.53

France

4,025,531.02 4.27 500,000 BNP PARIBAS FL.R 16-XX 30/09S USD 455,419.00 0.48 800,000 BNP PARIBAS REGS SUB FL.R 17-XX 15/11S USD 611,376.02 0.65 300,000 CREDIT LOGEMENT FL.R 17-29 28/11A EUR 290,250.00 0.31 400,000 DANONE SA EMTN FL.R 17-XX 23/06A EUR 389,648.00 0.41 500,000 SAFRAN SA FL.R 17-19 28/06Q EUR 500,690.00 0.53 500,000 SAFRAN SA FL.R 17-21 28/06Q EUR 501,815.00 0.53 500,000 UNIBAIL RODAMCO FL.R 18-XX XX/XXA EUR 491,085.00 0.52 800,000 UNIBAIL-RODAMCO FL.R 18-XX XX/XXA EUR 785,248.00 0.84

Italy

245,307.50 0.26 250,000 GENERALI FIN SUB FL.R 14-XX 21/11A EUR 245,307.50 0.26

Netherlands

2,553,926.12 2.71 800,000 ALLIANZ FINANCE FL.R 17-20 07/12Q EUR 807,984.00 0.86 400,000 EVONIK FINANCE BV FL.R 16-21 08/03A EUR 399,376.00 0.42 400,000 MONDELEZ INTL REGS FL.R 16-19 28/10Q USD 345,308.12 0.37 200,000 PHILIPS FL.R 17-19 06/09S EUR 200,442.00 0.21 800,000 VOLKSWAGEN INTL FIN FL.R 17-19 30/03Q EUR 800,816.00 0.85

United Kingdom

2,703,452.00 2.87 700,000 FCE BANK FL.R 17-20 26/08Q EUR 699,517.00 0.74 500,000 FCE BANK FL.R 15-19 17/09Q EUR 503,475.00 0.53

1,000,000 HSBC HOLDING FL.R 17-22 27/09Q EUR 1,006,140.00 1.08 500,000 HSBC HOLDING SUB FL.R 17-XX 04/07S EUR 494,320.00 0.52

Sweden

6,585,306.00 6.99 500,000 NORDEA BANK SUB FL.R 17-XX 12/03A EUR 469,280.00 0.50

3,000,000 SCANIA CV AB EUR 3,006,180.00 3.19 300,000 SCANIA CV AB FL.R 17-19 06/09Q EUR 300,606.00 0.32

2,800,000 SVENSKA HANDELS FL.R 18-29 05/03A EUR 2,809,240.00 2.98

Switzerland

371,770.52 0.39 500,000 UBS GROUP FUNDING FL.R 18-XX XX/XXA USD 371,770.52 0.39

Other securities

4,179,768.00 4.44

Bonds

401,028.00 0.43


401,028.00 0.43 400,000 AUTOLIV 0.75 18-23 26/06A EUR 401,028.00 0.43





% net assets

Floating-rate bonds

3,778,740.00 4.01

France

3,007,140.00 3.19

3,000,000 THALES SA FL.R 18-20 19/04Q EUR 3,007,140.00 3.19

Luxembourg

771,600.00 0.82

800,000 GRAND CITY PROP FL.R 18-XX XX/XXA EUR 771,600.00 0.82


7,494,004.56 7.96


7,494,004.56 7.96

France

7,494,004.56 7.96



91,784,560.74 97.46




Shares/Units of investment funds GROUPAMA ENTREPRISES FCP -I- CAP 6,088 4,624 0

ISHS JPMORGA EM USD SHS USD ETF 75,600 75,600 0

Bonds AUTOLIV 0.75 18-23 26/06A 400,000 0 0

BANCO NAC DE DESEN 5.50 10-20 12/07S 500,000 0 0

BANCO SANTANDER 1.375 17-22 09/02A 0 300,000 0

BNP PARIBAS 7.781 08-18 02/07A 0 250,000 0 BRAMBLES FINANCE 1.500 17-27 04/10A 0 199,000 0

BRD INDEX 0.10 15-26 15/04A 1,500,000 0 0

CASINO GUICHARD PER. 5.976 11-21 26/05A 0 300,000 0 CASINO GUICHARD PERR 1.865 17-22 13/0 0 500,000 0

CREDIT AGRICOLE LDN 1.875 16-26 20/12A 0 500,000 0

CROATIA 6.625 10-20 14/07S 500,000 0 0 ELIS SA 1.875 18-23 15/02A 0 800,000 0

F.VAN LANSCHOT EMTN 3.125 13-18 05/06A 0 500,000 0

GLENCORE FINANCE 1.875 16-23 13/09A 0 200,000 0 ILIAD SA 0.6250 18-21 25/11A 7,000,000 3,000,000 0

INMOBILIARIA CO 2.0000 18-26 17/04A 3,300,000 2,800,000 0

INTESA SANPAOLO 6.625 08-18 08/05A 0 500,000 0 ITALY BOT 0.10 16-19 15/04S 5,000,000 0 0

ITALY BTP 0.70 15-20 01/05S 14,100,000 10,000,000 0

JC DECAUX 1.00 16-23 01/06A 0 300,000 0 PEMEX 5.50 10-21 21/01S 500,000 0 0

PERTAMINA REG S 5.25 11-21 23/05S 500,000 0 0

PETRONAS GLOBAL SUKUK 2.707 15-20 18/03S 500,000 0 0 PORTUGUESE OTS 4.80 10-20 15/06A 8,000,000 1,000,000 0

PSA BANQUE FRAN 0.7500 18-23 19/04A 2,300,000 1,300,000 0

RALLYE 5.00 12-18 15/10A 0 600,000 0 RENAULT SA 1.0000 18-24 18/04A 1,900,000 900,000 0

SPAIN 4.85 10-20 31/10A 15,000,000 6,000,000 0 THALES 0.875 18-24 19/04A 5,300,000 4,300,000 0

THEVA PHARMAC 1.25 15-23 31/03A 0 250,000 0

TURKEY 7.50 09-19 07/11S 500,000 0 0 UBISOFT ENTERTAINMT 1.289 18-23 30/01A 0 700,000 0

VALLOUREC SA 6.3750 18-23 15/10S 2,400,000 1,400,000 0

VOLKSWAGEN BANK GMBH 0.75 17-23 15/06A 0 500,000 0 ZAR SOV CAPITAL FD 3.903 14-20 24/06S 500,000 0 0

Floating-rate bonds BANCO SANTANDER FL.R 18-XX XX/XXQ 800,000 800,000 0

BNP PARIBAS FL.R 14-26 20/03A 0 700,000 0

CAIXABANK SA FL.R 18-XX XX/XXQ 1,200,000 1,000,000 0

CASINO GUICHARD FL.R 12-19 06/08A 0 100,000 0 CREDIT LOGEMENT FL.R 17-29 28/11A 0 800,000 0


KBC GROUP NV FL.R 18-XX XX/XXS 2,600,000 1,400,000 0 NORDEA BANK SUB FL.R 17-XX 12/03A 0 400,000 0

SCANIA CV AB 4,400,000 1,400,000 0

SVENSKA HANDELS FL.R 18-29 05/03A 2,800,000 0 0 THALES SA FL.R 18-20 19/04Q 4,200,000 1,200,000 0

UNIBAIL RODAMCO FL.R 18-XX XX/XXA 1,200,000 700,000 0

UNIBAIL-RODAMCO FL.R 18-XX XX/XXA 1,300,000 500,000 0

Convertible bonds INTL CONSOLIDATED CV 0.25 15-20 17/11S 0 100,000 0

Options EURO BUND AUG 158.50 30.07.18 PUT 72 72 0

G FUND

– Global Bonds

G FUND – Global Bonds



Assets 381,225,301.31

Securities portfolio at assessed value 364,196,218.81 Purchase price 380,669,304.26 Unrealised loss on securities portfolio -16,473,085.45

Cash at bank and liquidities 13,193,906.72 Interest receivable on bonds 3,304,394.09 Interest receivable on bank accounts 104.30 Receivables on sales of investments 502,940.36 Subscriptions receivable 27,737.03


Bank debts payable on demand 1,469,654.78 Payables on purchases of investments 2,099,202.00 Subscription tax payable 6,074.81 Performance fee payable 578,857.94 Redemptions payable 147,525.34 Unrealised net loss on forward currency contracts 554,431.58 Unrealised net loss on futures contracts 383,114.30 Unrealised net loss on swap contracts 208,261.88 Management and advisory fee payable 36,398.28 Administration and custodian fee payable 32,747.66 Other liabilities 2,510.50



Shares

outstanding


Shares

outstanding

as at 31/08/18

- Class NC EUR Accumulation shares 10.000 12,497.792 222.921 12,284.871

- Class IC EUR Accumulation shares 14,259.656 7,804.889 422.404 21,642.141

- Class OD EUR Distribution shares 357,922.860 9,086.383 2,577.347 364,431.896


Key Figures



- Class NC EUR

EUR EUR EUR Accumulation shares

Number of shares

12,284.871 10.000 10.000 Net asset value per share

98.39 100.13 100.02

- Class IC EUR

EUR EUR EUR Accumulation shares

Number of shares

21,642.141 14,259.656 1.000 Net asset value per share

986.61 1,001.31 1,000.24

- Class OD EUR

EUR EUR EUR

Distribution shares Number of shares

364,431.896 357,922.860 358,510.615 Net asset value per share

969.03 996.92 1,000.25

Dividend per share

15.66 5.05 0.00





% net

assets

Securities listed on an official stock exchange and/or traded on another regulated market

326,135,944.98 86.81

Bonds

287,262,994.11 76.46 South Africa

856,192.52 0.23

1,000,000 ZAR SOV CAPITAL FD 3.903 14-20 24/06S USD 856,192.52 0.23

Germany

8,408,771.82 2.24 600,000 ALLIANZ SE 5.50 12-XX 26/09S USD 500,761.49 0.13

231,789 BRD 0.50 15-25 15/02A EUR 240,555.33 0.06 3,381,459 GERMANY SERIE 07 4.25 07-39 04/07A EUR 5,639,462.40 1.51

1,100,000 THYSSENKRUPP 1.375 17-22 03/03A EUR 1,111,407.00 0.30

928,000 VOLKSWAGEN BANK GMBH 0.75 17-23 15/06A EUR 916,585.60 0.24

Australia

7,558,052.80 2.01

2,700,000 AQUASURE FINANCE P 5.75 13-20 09/12S AUD 1,766,076.57 0.47 550,000 AUSTRALIAN GOVT 2.75 14-35 21/06S AUD 338,892.03 0.09

1,250,000 COMMONWEALTH BANK 3 12-26 04/09A GBP 1,519,689.44 0.40

1,450,000 HOLCIM FINANCE EMTN 3.75 15-20 19/03S AUD 913,397.25 0.24 1,800,000 SPI ELECTRICITY 5.25 13-20 14/02S AUD 1,159,919.19 0.31

1,000,000 TREASURY CORP VICT 4.25 13-32 20/12S AUD 705,227.50 0.19

1,800,000 WESFARMERS LTD 4.75 13-20 12/03S AUD 1,154,850.82 0.31

Belgium

4,991,142.00 1.33

1,400,000 BARRY CALLEBAUT SER 2.375 16-24 24/05A EUR 1,463,756.00 0.39 2,000,000 BELGIUM OLO 5.50 98-28 28/03A EUR 2,914,600.00 0.78

600,000 KBC GROEP 1.00 16-21 26/04A EUR 612,786.00 0.16

Brazil

886,600.77 0.24 1,000,000 BANCO NAC DE DESEN 5.50 10-20 12/07S USD 886,600.77 0.24

Canada

18,191,934.95 4.84 1,000,000 BANK OF MONTREAL REGS 0.375 15-20 05/08A EUR 1,010,990.00 0.27

700,000 CANADA 5.00 04-37 01/06S CAD 652,536.67 0.17 2,500,000 CANADA 5.75 01-33 01/06S CAD 2,366,196.49 0.63

4,346,000 CANADA 9.00 94-25 01/06S CAD 4,079,994.95 1.08

5,400,000 CANADA GOVT 1.50 12-23 01/06S CAD 3,454,590.51 0.92 2,000,000 CPD FINL REGS 3.15 14-24 24/07S USD 1,714,679.84 0.46

2,150,000 CPPIB CAPITAL REGS 2.25 17-22 25/01S USD 1,802,766.22 0.48

4,500,000 QUEBEC (PROV.OF) 4.50 10-20 01/12S CAD 3,110,180.27 0.83

Chile

4,207,840.00 1.12

4,000,000 CHILE (REPUBLIC OF) 1.625 14-25 30/01A EUR 4,207,840.00 1.12

Colombia

880,636.01 0.23

1,000,000 COLOMBIA 4.375 11-21 12/07S USD 880,636.01 0.23

South Korea

880,070.05 0.23

300,000 HYUNDAI CAPITAL SERV 2.625 15-20 29/09S USD 252,538.89 0.07 750,000 KIA MOTORS REGS 2.625 16-21 21/04S USD 627,531.16 0.16

Costa Rica

886,523.42 0.24 1,000,000 ICE REGS 6.95 11-21 10/11S USD 886,523.42 0.24

Croatia

906,738.29 0.24 1,000,000 CROATIA 6.625 10-20 14/07S USD 906,738.29 0.24

Spain

24,126,574.95 6.42 900,000 BANCO SANTANDER 1.375 17-22 09/02A EUR 918,018.00 0.24

1,000,000 BANKINTER SA 0.875 15-22 03/08A EUR 1,026,430.00 0.27

1,000,000 CAJAS RURAL CASTILLA 0.875 15-21 01/10A EUR 1,024,710.00 0.27 900,000 INMOBILIARIA CO 2.0000 18-26 17/04A EUR 886,329.00 0.24

500,000 SANTAN CONSUMER FI 1.50 15-20 12/11A EUR 515,495.00 0.14

2,655,000 SPAIN 2.15 15-25 31/10A EUR 2,873,373.75 0.76 3,500,000 SPAIN 3.75 13-18 31/10A EUR 3,523,310.00 0.94

3,668,000 SPAIN 4.80 08-24 31/01A EUR 4,489,632.00 1.20

836,000 SPAIN 5.15 13-44 31/10A EUR 1,269,516.16 0.34 3,300,000 SPAIN 5.85 11-22 31/01A EUR 3,951,849.00 1.05

3,546,000 SPAIN GOVT 1.95 15-30 30/07A EUR 3,647,912.04 0.97


51,411,297.69 13.69

435,000 ABB FINANCE USA 2 2.875 12/22 08/05S USD 369,378.00 0.10 1,800,000 ALPHABET 1.998 16-26 15/08S USD 1,408,440.06 0.37

700,000 ALTRIA GROUP INC 4.00 13-24 31/01S USD 614,700.47 0.16

1,100,000 AT T INC 1.05 17-23 05/09A EUR 1,104,917.00 0.29 1,100,000 CELGENE CORP 2.75 17-23 15/02S USD 910,886.98 0.24

3,000,000 COLGATE-PALMOLIVE 3.25 14-24 15/03S USD 2,581,340.78 0.69





% net

assets

1,300,000 ENEXIS HOLDING NV 0.875 16-26 28/04A EUR 1,298,219.00 0.35 600,000 GLENCORE FINANCE 3.00 17-22 27/10S USD 495,377.74 0.13

2,000,000 GOLDMAN SACHS GROUP 4.00 14-24 03/03S USD 1,735,109.59 0.46

2,700,000 GOLDMAN SACHS GROUP I 5.00 14-19 21/08S AUD 1,715,107.53 0.46 700,000 IBM 2.75 13-20 21/12A GBP 807,492.60 0.21

2,700,000 INTL BK RECON & DE 2.8 17-22 12/01S AUD 1,700,489.80 0.45 1,700,000 MACYS RETAIL HLDG 2.875 12-23 15/02S USD 1,380,645.46 0.37

600,000 MCKESSON CORP 0.625 17-21 17/08A EUR 606,048.00 0.16

1,300,000 MICROSOFT 2.40 16-26 08/08S USD 1,040,268.15 0.28 2,000,000 PACCAR FIN EUROPE 1.65 16-21 11/08S USD 1,647,185.22 0.44

900,000 PEPSICO 2.50 12-22 01/11S GBP 1,051,586.88 0.28

1,000,000 PRUDENTIAL FINANCIAL 3.50 14-24 15/05S USD 864,701.33 0.23 4,000,000 US TREASURY INDEXEE 2.375 07-27 15/01S USD 4,852,743.15 1.29

5,000,000 US TREASURY N/B 3.00 15-45 15/11S USD 4,292,651.48 1.14

4,500,000 USA STRIPS PPMT 6.50 0.00 96-26 15/11U USD 3,075,988.83 0.82 7,990,100 USA T NOTES 2.50 16-46 15/05S USD 6,209,821.94 1.65

4,000,000 USA TREASURY INF.INDX 3.625 98-28 15/04S USD 6,750,806.63 1.81

4,100,000 USA TREASURY NOTES 5.25 98-28 15/11S USD 4,264,986.68 1.14 750,000 XEROX CORPORATION 2.75 15-20 01/09S USD 632,404.39 0.17

France

23,941,817.78 6.37 1,800,000 AFL EMTN 0.375 15-22 20/03A EUR 1,828,260.00 0.49

1,100,000 AXA SUB 5.50 13-XX 22/01S USD 916,446.06 0.24

800,000 BNP PARIBAS CARDIF 1.00 17-24 29/11A EUR 763,608.00 0.20 1,750,000 BPCE REGS 3.50 17-27 23/10S USD 1,396,540.61 0.37

800,000 BPCE SUB REGS 5.70 13-23 22/10S USD 723,231.63 0.19

2,000,000 BPIFRANCE FINANCEMENT 0.50 15-25 25/05A EUR 2,008,900.00 0.53 600,000 CHRISTIAN DIOR SA 0.75 16-21 24/06A EUR 608,148.00 0.16

1,400,000 CRED MUTUEL- CIC H 0.375 16-22 12/09 EUR 1,418,606.00 0.38

3,400,000 ESSILOR INTL 2.50 17/22 30-06A USD 2,823,797.16 0.76 1,300,000 ILIAD SA 1.50 17-24 14/10A EUR 1,234,844.00 0.33

4,500,000 ORANGE 4.125 11-21 14/09S USD 3,961,276.32 1.06

1,600,000 PSA BANQUE FRANCE 0.625 17-22 10/10A EUR 1,587,392.00 0.42 1,200,000 SEB 1.50 17-24 31/05A EUR 1,207,824.00 0.32

1,300,000 UBISOFT ENTERTAINMT 1.289 18-23 30/01A EUR 1,303,510.00 0.35

1,300,000 VALLOUREC SA 3.25 12-19 02/08A EUR 1,331,018.00 0.35 800,000 WENDEL 2.50 15-27 09/02A EUR 828,416.00 0.22

Hungary

2,188,657.59 0.58 1,000,000 EXIMBANK REGS 4.00 14-20 30/01S USD 862,449.59 0.23

1,300,000 HUNGARY 1.75 17-27 10/10A EUR 1,326,208.00 0.35

India

862,595.70 0.23 1,000,000 EXPORT IMPORT BK REGS 3.875 14-19 02/10S USD 862,595.70 0.23

Indonesia

2,792,603.60 0.74 1,000,000 INDONESIA (REP OF) 2.875 14-21 08/07A EUR 1,061,870.00 0.28

800,000 INDONESIE REGS 2.625 16-23 14/06A EUR 840,248.00 0.22 1,000,000 PERTAMINA REG S 5.25 11-21 23/05S USD 890,485.60 0.24

Ireland

6,125,275.00 1.63 1,125,000 AIB MTGE BK 0.875 16-23 04/02A EUR 1,162,575.00 0.31

5,000,000 IRISH TSY 1.3% 1.3000 18-33 15/05A EUR 4,962,700.00 1.32

Italy

22,139,008.39 5.89 1,700,000 CASSA RISP PARMA PIAC 0.875 15-23 16/06A EUR 1,706,613.17 0.45

925,000 FINMEC FINANCE 4.50 13-21 19/01A EUR 1,004,605.50 0.27 1,000,000 INTESA SAN PAOLO 3.50 14-22 17/01A EUR 1,060,840.00 0.28

1,032,000 ITALIE 2.00 18-28 01/02S EUR 932,184.96 0.25

1,450,000 ITALY BTP 3.75 14-24 01/09S EUR 1,512,277.50 0.40 2,020,000 ITALY BTP 4.00 05-37 01/02S EUR 2,134,069.40 0.57

6,804,000 ITALY BTP 4.00 10-20 01/09S EUR 7,112,629.44 1.88 2,207,000 ITALY BTPS 5.00 11-22 01/03S EUR 2,402,451.92 0.64

950,000 ITALY GOV’T INT BO 5.25 04-34 07/12A GBP 1,223,469.25 0.33

771,000 LEONARDO 1.50 17-24 07/06A EUR 741,409.02 0.20 1,000,000 UBI BANCA 2.875 14-19 18/02A EUR 1,011,420.00 0.27

1,574,000 UNICREDIT REGS 3.75 17-22 12/04S USD 1,297,038.23 0.35

Japan

45,302,347.31 12.07 800,000 ASAHI GROUP HD 0.321 17-21 19/09A EUR 799,696.00 0.21

1,080,000,000 DBJ 1.05 03-23 20/06S JPY 8,763,745.53 2.34 500,000,000 JAPAN GOVT 2.1 09-29 20/12S JPY 4,709,540.85 1.25

315,000,000 JAPAN 010 JGB 1.10 03-33 20/03S JPY 2,702,782.70 0.72





% net

assets

893,100,000 JAPAN 019 JGB 2.30 05-35 20/06S JPY 8,973,109.37 2.40 907,200,000 JAPAN 067 JGB 1.90 04-24 20/03S JPY 7,792,452.30 2.07

160,000,000 JAPAN 07 1.70 14-54 20/03S JPY 1,537,437.21 0.41

720,000,000 JAPAN -38- JGB 1.80 13-43 20/03S JPY 6,909,984.67 1.84 400,000,000 PANASONIC CORP 0.387 15-20 19/03 JPY 3,113,598.68 0.83

Lithuania

1,105,180.00 0.29 1,000,000 REPUBLIC OF LITHUANIA 2.125 15-35 22/10A EUR 1,105,180.00 0.29

Luxembourg

10,108,869.65 2.69 1,100,000 ALLERGAN FUNDING 0.50 17-21 01/06A EUR 1,105,093.00 0.29

1,400,000 AROUNDTOWN SA 1.00 17-25 07/01A EUR 1,335,516.00 0.36

2,000,000 EFSF 0.20 15-25 28/04A EUR 1,981,660.00 0.53 800,000 EFSF 1.375 16-47 31/05A EUR 774,424.00 0.21

40,000 EUROP.INVEST.BK 1.00 16-32 14/04A EUR 39,892.80 0.01

1,500,000 HEIDELBERGCEMENT FIN 0.5 18-22 09/08A EUR 1,494,915.00 0.40 2,400,000 LUXEMBOURG GOVT 0.625 17-27 01/02A EUR 2,435,160.00 0.64

935,000 RICHEMONT INTL 1.00 18-26 26/03A EUR 942,208.85 0.25

Malaysia

850,502.80 0.23

1,000,000 PETRONAS GLOBAL SUKUK 2.707 15-20 18/03S USD 850,502.80 0.23

Mexico

4,692,643.35 1.25

180,000 MEXICAN BONOS 6.50 11-21 10/06S MXN 781,590.98 0.21 300,000 MEXICAN BONOS 6.50 11-22 09/06S MXN 1,289,368.76 0.34

1,000,000 PEMEX 5.50 10-21 21/01S USD 882,277.61 0.23

1,700,000 PETROLEOS MEXICANO 2.50 17-21 21/08A EUR 1,739,406.00 0.47

Netherlands

6,930,144.15 1.84

1,600,000 ALLIANZ FINANCE II 0.25 17-23 06/06A EUR 1,594,224.00 0.41 1,000,000 DAIMLER 1.50 17-22 13/01A GBP 1,110,227.34 0.30

650,000 DAIMLER 3.50 12-19 06/06S GBP 738,356.15 0.20

800,000 LEASEPLAN CORPORAT 1.00 16-20 08/04A EUR 811,832.00 0.22 1,300,000 VOLKSWAGEN FIN SER 1.50 17-21 12/04A GBP 1,443,760.26 0.38

1,100,000 VOLKSWAGEN FIN SERV 1.75 15-20 17/04A GBP 1,231,744.40 0.33

Peru

880,962.61 0.23 1,000,000 COFIDE 4.75 12-22 08/02S USD 880,962.61 0.23

Poland

924,213.88 0.25

1,000,000 POLAND 5.125 11-21 21/04S USD 901,504.08 0.24

20,000 POLOGNE (REP OF) 3.00 14-24 15/01S EUR 22,709.80 0.01

Portugal

8,191,249.80 2.18

3,348,943 PORTUGAL 2.20 15-22 17/10A EUR 3,601,988.81 0.96 4,076,775 PORTUGAL 2.875 15-25 15/10A EUR 4,485,267.49 1.19

87,494 PORTUGAL REGS 144A 4.125 17-27 14/04A EUR 103,993.50 0.03

Romania

940,799.31 0.25 1,000,000 ROMANIA 6.75 12-22 07/02S USD 940,799.31 0.25

United Kingdom

18,510,446.57 4.93 1,200,000 ANGLO AMER CAPITAL 4.75 17-27 10/04S USD 1,009,031.38 0.27

1,400,000 BARCLAYS BANK 7.625 12-22 21/11S USD 1,306,650.63 0.35 957,000 BARCLAYS PLC 0.625 17-23 14/11A EUR 926,605.68 0.25

400,000 EXPERIAN FINANCE 3.50 14-21 15/10A GBP 470,839.53 0.13

1,260,000 FCE BANK PLC 2.625 14-18 20/11A GBP 1,411,076.13 0.38 900,000 FCE BANK PLC 0.869 17-21 13/09A EUR 899,019.00 0.24

972,000 PRUDENTIAL PLC 4.875 17-XX XX/XXQ USD 759,580.20 0.20

2,000,000 STANDARD CHARTERED 7.50 16-XX 02/04S USD 1,783,652.77 0.47 1,224,040 UK TREASURY STOCK 3.75 11-52 22/07S GBP 2,080,547.06 0.55

520,000 UK TREASURY STOCK 4.00 09-60 22/01S GBP 990,727.36 0.26

1,000,000 UK TREASURY STOCK 4.50 07-42 07/12S GBP 1,716,662.01 0.46 1,516,884 UK TREASURY STOCK 6.00 98-28 07/12S GBP 2,444,383.85 0.65

250,000 UNITED KINGDOM 3.50 14-45 22/01S GBP 379,014.69 0.10

1,505,062 UNITED KINGDOM 4.25 03-36 07/03S GBP 2,332,656.28 0.62

Sweden

2,946,558.64 0.78

950,000 INTRUM JUSTITIA AB 2.75 17-22 15/07S EUR 927,361.50 0.25 900,000 NORDEA BANK 2.125 12-19 13/11A GBP 1,016,377.14 0.26

1,000,000 SHB 0.25 17-22 28/02A EUR 1,002,820.00 0.27

Turkey

2,741,667.50 0.73 2,750,000 TURQUIE (REPU OF) 5.875 07-19 02/04A EUR 2,741,667.50 0.73

Vietnam

895,075.21 0.24 1,000,000 VIETNAM (REP OF) REGS 6.75 10-20 29/01S USD 895,075.21 0.24





% net assets

Floating-rate bonds

38,872,950.87 10.35

Germany

1,037,330.00 0.28

1,000,000 MERCK KGAA SUB FL.R 14-74 12/12A EUR 1,037,330.00 0.28

Belgium

1,951,732.00 0.52 1,200,000 KBC GROEP SA SUB FL.R 14-XX 19/03Q EUR 1,218,852.00 0.32

800,000 KBC GROUP NV FL.R 18-XX XX/XXS EUR 732,880.00 0.20

Denmark

1,046,930.00 0.28 1,000,000 DANSKE BANK A/S FL.R 14-XX 06/04S EUR 1,046,930.00 0.28

Spain

1,917,515.00 0.51 900,000 BBVA FL.R 17-22 12/04Q EUR 902,025.00 0.24

1,000,000 CAIXABANK SA FL.R 17-28 14/07A EUR 1,015,490.00 0.27


6,616,471.99 1.76 1,000,000 AIG GLOBAL FDG FL.R 17-20 02/07Q USD 861,220.46 0.23

700,000 BANK OF AMERICA CORP FL.R 18-26 23/01S USD 581,556.51 0.15 2,400,000 DEUTSCHE BANK NY FL.R 17-22 16/11Q USD 2,009,935.54 0.54 1,000,000 GOLDMAN SACHS FL.R 14-19 20/10Q EUR 1,005,530.00 0.27 1,000,000 HYUNDAI CAP REGS FL.R 17-20 03/04Q USD 860,687.59 0.23

500,000 JOHN DEERE G FL.R 17-20 22/06Q USD 430,855.17 0.11 1,000,000 PRUDENTIAL FINANCIAL FL.R 15-45 15/05S USD 866,686.72 0.23

France

8,380,384.36 2.23 300,000 AXA SA FL.R 14-54 16/01A GBP 363,472.04 0.10

1,100,000 AXA SA FL.R 17-47 17/01S USD 940,639.45 0.25 1,800,000 BFCM REGS FL.R 17-20 20/07Q USD 1,552,996.99 0.41 1,600,000 BNP PARIBAS FL.R 16-XX 30/09S USD 1,457,340.79 0.39 1,000,000 BPCE FL.R 14-26 08/07A EUR 1,042,380.00 0.28 1,100,000 CREDIT AGRICOLE FL.R 13-18 19/09S USD 948,770.09 0.25

900,000 DANONE SA EMTN FL.R 17-XX 23/06A EUR 876,708.00 0.23 300,000 LA BANQUE POSTALE FL.R 15-27 19/11A EUR 314,673.00 0.08 900,000 UNIBAIL-RODAMCO FL.R 18-XX XX/XXA EUR 883,404.00 0.24

Italy

1,039,330.00 0.28 1,000,000 INTESA SAN PAOLO FL.R 17-XX 11/07S EUR 1,039,330.00 0.28

Norway

801,440.00 0.21 800,000 DNB BANK ASA FL.R 13-18 26/09A EUR 801,440.00 0.21

Netherlands

4,391,918.24 1.17 1,294,000 ARGENTUM NETHLD FL.R 17-XX 15/08A USD 1,075,471.37 0.28

800,000 COOP RABOBANK UA FL.R 16-49 26/04A EUR 902,320.00 0.24 1,200,000 COOPERATIEVE RABOBK FL.R 17-29 10/04S USD 1,000,532.87 0.27

700,000 VONOVIA FINANCE BV FL.R 14-XX 17/12A EUR 743,344.00 0.20 700,000 VW INTL FINANCE FL.R 17-XX 14/06A EUR 670,250.00 0.18

United Kingdom

5,171,672.54 1.38 1,500,000 HSBC HLDGS FL.R 15-XX 30/03S USD 1,294,550.92 0.34 2,500,000 LEGAL & GENERAL GROUP FL.R 17-47 21/03S USD 2,069,510.10 0.56 2,200,000 LLOYDS BANK PLC FL.R 17-23 07/11S USD 1,807,611.52 0.48

Sweden

5,465,372.62 1.45 2,700,000 NORDEA BK REGS SUB FL.R 14-XX 23/03S USD 2,325,318.43 0.62 2,100,000 SVENSKA HANDELS FL.R 18-29 05/03A EUR 2,106,930.00 0.56 1,200,000 SWEDBANK SUB FL.R 15-XX 17/03S USD 1,033,124.19 0.27

Switzerland

1,052,854.12 0.28 1,416,000 UBS GROUP FUNDING FL.R 18-XX XX/XXA USD 1,052,854.12 0.28

Other securities

6,908,137.29 1.84

Bonds

5,943,637.29 1.58

Chile

842,226.04 0.22 1,000,000 BANCO DEL ESTADO 2.668 18-21 08/01S USD 842,226.04 0.22


601,542.00 0.16 600,000 AUTOLIV 0.75 18-23 26/06A EUR 601,542.00 0.16

France

3,001,709.70 0.80 3,000,000 BK FED CRED MUTUEL 0.5 18-22 16/11A EUR 3,001,709.70 0.80

Luxembourg

1,498,159.55 0.40 1,415,000 EFSF 1.80 17-48 10/07A EUR 1,498,159.55 0.40

Floating-rate bonds

964,500.00 0.26

Luxembourg

964,500.00 0.26 1,000,000 GRAND CITY PROP FL.R 18-XX XX/XXA EUR 964,500.00 0.26





% net assets


31,152,136.54 8.29


31,152,136.54 8.29

France

19,933,634.11 5.30


7,400 GROUPAMA IDX INFLATION MONDE FCP IC/D 4D EUR 10,860,166.00 2.89

4,250 GROUPAMA OBLIG EUROPE FCP -I- 4 DEC CAP EUR 1,732,980.00 0.46

Luxembourg

11,218,502.43 2.99

11,258 G FUND GLB BREAK INF IC EUR CAP EUR 11,218,502.43 2.99


364,196,218.81 96.94





G FUND – EUROPEAN CONVERTIBLE BONDS -ID- EUR DIS 0 7,300 0 G FUND GLB BREAK INF IC EUR CAP 5,258 0 0

GROUPAMA ENTREPRISES FCP -I- CAP 10,467 7,245 0

GROUPAMA OBLIG EUROPE FCP -I- 4 DEC CAP 0 4,250 0 ISHS JPMORGA EM USD SHS USD ETF 149,219 149,219 0

Bonds

ALFA LAVAL 1.375 14-22 12/09A 0 1,500,000 0

ALSTRIA OFFICE REIT 2.125 16-23 12/04A 0 100,000 0

AUTOLIV 0.75 18-23 26/06A 600,000 0 0 BANCO DEL ESTADO 2.668 18-21 08/01S 1,000,000 0 0

BANCO NAC DE DESEN 5.50 10-20 12/07S 1,000,000 0 0

BARCLAYS PLC 0.625 17-23 14/11A 0 743,000 0 BK FED CRED MUTUEL 0.5 18-22 16/11A 3,000,000 0 0

BNP PARIBAS 2.75 15-26 27/01A 0 700,000 0

BNP PARIBAS CARDIF 1.00 17-24 29/11A 0 600,000 0

BPCE 2.875 16-26 22/04A 0 900,000 0

BPCE MED T SN REGS 5.15 14-24 21/07S 0 250,000 0

BRD 0.50 15-25 15/02A 0 1,268,211 0 CANADA 5.00 04-37 01/06S 700,000 0 0

CANADA 5.75 01-33 01/06S 2,500,000 0 0

CANADA 9.00 94-25 01/06S 4,346,000 0 0 CASINO GUICHARD PERR 1.865 17-22 13/0 0 1,100,000 0

COFIDE 4.75 12-22 08/02S 1,000,000 0 0

COLOMBIA 4.375 11-21 12/07S 1,000,000 0 0 COMPAGNIE PLASTIC- 1.25 17-24 26/06A 0 1,200,000 0

COOPERATIEVE RABOB 4.75 10-20 15/01S 0 1,000,000 0

CREDIT AGRICOLE ASSUR FL.R 18-48 29/01U 0 800,000 0 CREDIT AGRICOLE LDN 1.875 16-26 20/12A 0 1,100,000 0

CROATIA 6.625 10-20 14/07S 1,000,000 0 0

EDP FINANCE 1.875 17-23 29/09A 0 600,000 0 EFSF 1.80 17-48 10/07A 1,415,000 0 0

EUROP.INVEST.BK 1.00 16-32 14/04A 0 1,460,000 0

EXIMBANK REGS 4.00 14-20 30/01S 1,000,000 0 0 EXPORT IMPORT BK REGS 3.875 14-19 02/10S 1,000,000 0 0

FRANCE OAT 4.00 06-38 25/10A 0 3,000,000 0

F.VAN LANSCHOT EMTN 3.125 13-18 05/06A 0 1,000,000 0 GERMANY SERIE 07 4.25 07-39 04/07A 2,181,459 0 0

HARVEST OPERAT REGS 2.125 13-18 14/05S 0 1,300,000 0

HEIDELBERGCEMENT FIN 0.5 18-22 09/08A 1,500,000 0 0 HSBC HLDGS 0.875 16-24 06/09A 0 700,000 0

ICE REGS 6.95 11-21 10/11S 1,000,000 0 0

INMOBILIARIA CO 2.0000 18-26 17/04A 1,800,000 900,000 0 IRISH TSY 1.3% 1.3000 18-33 15/05A 5,000,000 0 0

IRLANDE 2.40 14-30 15/05A 0 1,000,000 0 ITALIE 2.00 18-28 01/02S 5,141,000 4,109,000 0

ITALY BOT 0.10 16-19 15/04S 3,700,000 3,700,000 0

ITALY BTP 3.75 14-24 01/09S 0 2,550,000 0 ITALY BTP 4.00 05-37 01/02S 1,020,000 0 0

ITALY BTP 4.00 10-20 01/09S 6,804,000 0 0

ITALY BTPS 5.00 11-22 01/03S 2,207,000 0 0 JAPAN 019 JGB 2.30 05-35 20/06S 263,100,000 0 0

JAPAN 067 JGB 1.90 04-24 20/03S 907,200,000 0 0

JAPAN 16(INDEXED)JGB 1.40 08-18 10/06S 0 450,000,000 0 JC DECAUX 1.00 16-23 01/06A 0 500,000 0

LA BANQUE POSTALE SUB 3.00 16-28 09/06A 0 1,100,000 0

LEONARDO 1.50 17-24 07/06A 0 829,000 0

NESTLE HOLDINGS IN 2.25 13-19 12/03A 0 3,100,000 0

OLD MUTUAL EMTN SUB 8.00 11-21 03/06S 0 403,000 0

PEMEX 5.50 10-21 21/01S 1,000,000 0 0 PERTAMINA REG S 5.25 11-21 23/05S 1,000,000 0 0

PETRONAS GLOBAL SUKUK 2.707 15-20 18/03S 1,000,000 0 0

POLAND 5.125 11-21 21/04S 1,000,000 0 0 POLOGNE (REP OF) 3.00 14-24 15/01S 0 1,880,000 0

PORTUGAL 2.20 15-22 17/10A 3,348,943 0 0

PORTUGAL 2.875 15-25 15/10A 2,076,775 0 0




PORTUGAL REGS 144A 4.125 17-27 14/04A 0 1,912,506 0 PRUDENTIAL PLC 4.875 17-XX XX/XXQ 0 1,228,000 0

RALLYE 5.00 12-18 15/10A 0 1,200,000 0

RALLYE EMTN 4.371 17-23 23/01A 0 1,000,000 0 RICHEMONT INTL 1.00 18-26 26/03A 2,100,000 1,165,000 0

ROMANIA 6.75 12-22 07/02S 1,000,000 0 0

SANOFI AVENTIS 4.00 11-21 29/03S 0 900,000 0 SANTANDER ISSUANCES 3.25 16-26 04/04A 0 800,000 0

SANTANDER UK 3.05 13-18 23/08S 0 1,500,000 0

SERBIA REGS 7.25 11-21 28/09S 1,000,000 1,000,000 0 SIEMENS FIN NV 1.50 13-18 12/03A 0 1,800,000 0

SPAIN 2.15 15-25 31/10A 1,855,000 0 0

SPAIN 4.80 08-24 31/01A 3,668,000 0 0 SPAIN 5.15 13-44 31/10A 800,000 364,000 0

SPAIN 5.85 11-22 31/01A 2,000,000 0 0

SPAIN GOVT 1.95 15-30 30/07A 2,346,000 0 0 THEVA PHARMAC 1.25 15-23 31/03A 0 1,900,000 0

TURQUIE (REPU OF) 5.875 07-19 02/04A 2,750,000 0 0

UK TREASURY STOCK 3.75 11-52 22/07S 824,040 0 0 UK TREASURY STOCK 6.00 98-28 07/12S 1,516,884 0 0

UNICREDIT REGS 3.75 17-22 12/04S 0 1,926,000 0

UNITED KINGDOM 4.25 03-36 07/03S 1,005,062 0 0 US TREASURY INDEXEE 2.375 07-27 15/01S 4,000,000 0 0

USA T NOTES 2.50 16-46 15/05S 1,990,100 0 0

USA TREASURY INF.INDX 3.625 98-28 15/04S 4,000,000 0 0 USA TREASURY NOTES 3.875 08-18 15/05S 0 3,100,000 0

VALEO SA 0.625 16-23 11/01A 0 400,000 0

VIETNAM (REP OF) REGS 6.75 10-20 29/01S 1,000,000 0 0 VOLKSWAGEN BANK GMBH 0.75 17-23 15/06A 0 1,272,000 0

ZAR SOV CAPITAL FD 3.903 14-20 24/06S 1,000,000 0 0

Floating-rate bonds ABN AMRO BANK NV FL.R 18-21 19/01Q 0 1,800,000 0

ALLIANDER NV FL.R 18-49 31/12A 0 500,000 0

ARGENTUM NETHLD FL.R 17-XX 15/08A 0 1,506,000 0 AVIVA PLC FL.R 08-38 22/05A 0 1,000,000 0

BANCO SANTANDER FL.R 18-XX XX/XXQ 1,800,000 1,800,000 0

BELFIUS BANK SA FL.R 18-XX XX/XXS 0 1,800,000 0 BNP PARIBAS REGS SUB FL.R 17-XX 15/11S 0 2,800,000 0

CAIXABANK SA FL.R 17-28 14/07A 0 800,000 0

CAIXABANK SA FL.R 18-XX XX/XXQ 3,000,000 3,000,000 0 CASINO GUICHARD FL.R 12-19 06/08A 0 500,000 0

CREDIT AGRICOLE FL.R 08-XX 31/03A 0 1,000,000 0

CREDIT LOGEMENT FL.R 17-29 28/11A 0 1,000,000 0 DEUTSCHE BANK AG FL.R 17-22 16/05Q 0 1,700,000 0

EUROPEAN INVESTMEN FL.R 13-18 25/ 0 2,600,000 0

FCE BANK PLC FL.R 16-18 11/08Q 0 2,000,000 0 GENERAL MOTORS FL.R 16-19 04/10Q 0 2,000,000 0

GRAND CITY PROP FL.R 18-XX XX/XXA 1,000,000 0 0

HSBC HOLDING SUB FL.R 17-XX 04/07S 0 1,700,000 0 KBC GROUP NV FL.R 18-XX XX/XXS 3,400,000 2,600,000 0

LA MONDIALE FL.R 18-48 18/01S 0 3,700,000 0

LEGAL & GENERAL GROUP FL.R 17-47 21/03S 0 1,300,000 0 MONDELEZ INTL REGS FL.R 16-19 28/10Q 0 2,600,000 0

NATIONWIDE BLDG SO FL.R 15-18 02/11Q 0 1,300,000 0

NORDEA BANK SUB FL.R 17-XX 12/03A 0 1,500,000 0 PEPSICO FL.R 16-19 04/10Q 0 3,000,000 0

SVENSKA HANDELS FL.R 18-29 05/03A 2,100,000 0 0

TOTAL CAP INTL FL.R 13-18 10/08Q 0 1,800,000 0


UNIBAIL-RODAMCO FL.R 18-XX XX/XXA 1,700,000 800,000 0 VW INTL FINANCE FL.R 17-XX 14/06A 0 1,300,000 0

Options EURO BUND AUG 158.50 30.07.18 PUT 270 270 0

EURX EURO BUND JUN 157.50 28.05.18 PUT 270 270 0

G FUND

– Avenir Small Cap Euro

G FUND – Avenir Small Cap Euro



Assets 39,348,466.99


Cash at bank and liquidities 636,345.35 Interest receivable on bank accounts 7.95


Payables on purchases of investments 139,656.97 Subscription tax payable 644.10 Performance fee payable 557,321.78 Management and advisory fee payable 28,729.76 Administration and custodian fee payable 3,394.70




Shares

outstanding

as at 01/03/18


Shares

outstanding

as at 31/08/18

- Class NC Accumulation shares 5,839.924 5,876.544 466.026 11,250.442

- Class IC Accumulation shares 4,652.288 12.047 69.421 4,594.914

- Class RC Accumulation shares 1,985.882 0.000 0.000 1,985.882

- Class GD Distribution shares 31,039.000 0.000 0.000 31,039.000

Key Figures

Period/year ended: 31/08/18 28/02/18

Total Net Assets EUR 38,607,214.30 37,997,076.02

- Class NC

EUR EUR

Accumulation shares

Number of shares 11,250.442 5,839.924

Net asset value per share 103.28 103.28


Key Figures



- Class IC

EUR EUR

Accumulation shares

Number of shares 4,594.914 4,652.288

Net asset value per share 1,041.66 1,036.75

- Class RC

EUR EUR

Accumulation shares

Number of shares 1,985.882 1,985.882


- Class GD

EUR EUR

Distribution shares

Number of shares 31,039.000 31,039.000

Net asset value per share 1,045.53 1,042.72

Dividend per share 7.29 0.00





% net assets


Shares 38,712,113.69 100.27

Germany 14,276,697.72 36.98

8,851 ADESSO EUR 570,889.50 1.48

8,144 BASLER EUR 1,506,640.00 3.91

24,032 CANCOM IT SYSTEME EUR 919,464.32 2.38

23,088 DATAGROUP AG EUR 835,785.60 2.16

15,689 DR.HOENLE AG EUR 1,201,777.40 3.11

21,363 ISRA VISION SYSTEMS EUR 1,279,643.70 3.31

13,202 KOENIG AND BAUER AK. EUR 788,819.50 2.04

63,913 KPS AG EUR 530,477.90 1.37

60,762 MENSCH UND MASCHINE SOFTWARE AG EUR 1,792,479.00 4.65

19,028 NANOGATE AG EUR 726,869.60 1.88

46,744 NEXUS AG EUR 1,234,041.60 3.20

15,016 SERVICEWARE EUR 396,422.40 1.03

9,166 SLM SOLUTIONS GROUP AG EUR 219,984.00 0.57

4,188 STEMMER IMAGING AG EUR 213,588.00 0.55

18,528 TECHNOTRANS EUR 651,259.20 1.69

12,295 USU SOFTWARE AG EUR 253,277.00 0.66

3,599 XING EUR 1,155,279.00 2.99

Austria 561,191.44 1.45

22,129 S T AG EUR 561,191.44 1.45

Belgium 419,535.25 1.09

16,105 SIOEN INDUSTRIES EUR 419,535.25 1.09

Finland 1,555,842.60 4.03

66,395 REVENIO GROUP CORP EUR 1,042,401.50 2.70

26,398 VAISALA OY -A- EUR 513,441.10 1.33

France 11,157,902.56 28.90

18,191 AKKA TECHNOLOGIES EUR 1,244,264.40 3.22

11,769 AUBAY EUR 487,236.60 1.26

8,101 AURES TECHNOLOGIES SA EUR 341,052.10 0.88

39,681 CHARGEURS EUR 986,469.66 2.56

7,336 DEVOTEAM EUR 765,878.40 1.98

47,366 ELECTRO POWER SYSTEMS S.A. EUR 528,130.90 1.37

13,076 ESKER SA EUR 771,484.00 2.00

5,145 ID LOGISTICS EUR 785,127.00 2.03

41,754 LECTRA SYSTEMES EUR 949,903.50 2.46

33,043 LUMIBIRD SA EUR 545,209.50 1.41

11,239 MGI FRANCE EUR 629,384.00 1.63

786 ROBERTET EUR 400,860.00 1.04

35,715 VISIATIV SA EUR 828,588.00 2.15

8,675 WAVESTONE EUR 1,398,410.00 3.63

10,899 XILAM ANIMATION EUR 495,904.50 1.28

Italy 5,217,227.16 13.51

30,425 BIESSE EUR 931,613.50 2.41

40,641 DATALOGIC- AZ. POST FRAZIONAMENTO EUR 1,304,576.10 3.38

17,629 EL.EN.SPA EUR 489,028.46 1.27

23,294 PRIMA INDUSTRIE SPA EUR 754,725.60 1.95

15,776 REPLY SPA EUR 899,232.00 2.33

97,675 TECHNOGYM SPA (ITA) EUR 838,051.50 2.17

Luxembourg 1,238,316.80 3.21

27,008 SOLUTIONS 30 SE EUR 1,238,316.80 3.21

Netherlands 807,465.45 2.09

70,521 WESSANEN EUR 807,465.45 2.09

Portugal 858,498.00 2.22

74,652 CORTICEIRA AMORIM SGPS SA EUR 858,498.00 2.22

United Kingdom 906,398.26 2.35

238,636 ADVANCED MEDICAL SOLUTIONS GBP 906,398.26 2.35

Sweden 1,713,038.45 4.44

17,025 BIOTAGE SEK 207,242.07 0.54

44,710 CELLAVISION SEK 1,040,545.05 2.69

18,593 IAR SYSTEMS GROUP AB SEK 465,251.33 1.21





Shares

ADVANCED MEDICAL SOLUTIONS 20,719 0 0 AKKA TECHNOLOGIES 3,605 0 0

AURES TECHNOLOGIES SA 8,101 0 0

BIOTAGE 17,025 0 0 CANCOM IT SYSTEME 1,791 0 12,016

CELLAVISION 3,359 0 0

CENIT SYSTEMHAUS 0 16,609 0 CEWE COLOR HOLDING 0 4,379 0

ELECTRO POWER SYSTEMS S.A. 11,841 0 0

EOS IMAGING 0 67,383 0 ESKER SA 2,464 0 0

GROUPE OPEN SA 0 22,171 0 ION BEAM APPLICATIONS 0 5,674 0

ISRA VISION SYSTEMS 491 8,661 25,020

LECTRA SYSTEMES 3,254 0 0 LEIFHEIT AG 0 22,558 0

LUMIBIRD SA 33,043 0 0

MAISON DU MONDE SAS 0 10,537 0 MBB SE 0 5,995 0

MGI FRANCE 1,540 0 0

NANOGATE AG 4,162 0 0 NATUREX SA 0 4,609 0

NEURONES 0 25,978 0

PARAGON AG 5,920 11,143 0 RAYSEARCH LABORATORIES AB -B- 0 28,785 0

REVENIO GROUP CORP 12,359 18,012 54,036

ROBERTET 786 0 0 S T AG 22,129 0 0

SERVICEWARE 15,016 0 0

SOLUTIONS 30 SE 5,554 0 0 STEMMER IMAGING AG 4,188 0 0

TECHNOTRANS 9,641 0 0

VAISALA OY -A- 9,400 0 8,499 WAVESTONE 1,238 0 0

XILAM ANIMATION 10,899 0 0

XING 630 0 0

G FUND

– Global Breakeven Inflation

G FUND – Global Breakeven Inflation



Assets 93,444,655.79


Cash at bank and liquidities 4,237,243.55 Interest receivable on bonds 439,655.61


Bank debts payable on demand 75,000.00 Subscription tax payable 1,544.19 Performance fee payable 33,605.09 Unrealised net loss on forward currency contracts 138,739.10 Unrealised net loss on futures contracts 503,112.02 Management and advisory fee payable 36,102.18 Administration and custodian fee payable 8,593.58 Other liabilities 5,570.11



Shares

outstanding

as at 01/03/18


Shares

outstanding

as at 31/08/18

- Class NC EUR


- Class IC EUR


- Class GD EUR

Distribution shares 42,980.000 19,965.368 19,004.882 43,940.486


Key Figures



- Class NC EUR

EUR EUR

Accumulation shares

Number of shares 20.000 20.000


- Class IC EUR

EUR EUR

Accumulation shares

Number of shares 49,096.045 37,323.876

Net asset value per share 995.86 1,004.70

- Class GD EUR

EUR EUR

Distribution shares

Number of shares 43,940.486 42,980.000

Net asset value per share 995.61 1,005.02

Dividend per share 1.30 0.00





% net

assets


Bonds 86,028,799.49 92.86

Germany 38,245,956.62 41.28

18,000,000 BRD 2.00 11-22 04/01A EUR 19,506,420.00 21.06

8,300,000 BRD INDEX 0.10 15-26 15/04A EUR 9,606,213.19 10.37

1,000,000 BRD INDEXEE 0.10 12-23 15/04A EUR 1,153,053.70 1.24

6,450,000 DEUTSCHLAND INDEXED 0.50 14-30 15/04A EUR 7,980,269.73 8.61

Spain 2,866,391.31 3.09

1,000,000 ESPAGNE INFL. INDEX 0.30 15-21 30/11A EUR 1,089,615.06 1.18

650,000 SPAIN 4.60 09-19 30/07A EUR 679,900.00 0.73

1,000,000 SPAIN INDEXED 0.65 17-27 30/11A EUR 1,096,876.25 1.18


5,850,000 TSY INFL IX N/B 0.625 18-23 15/04S USD 5,073,141.45 5.48

6,700,000 US T BILLS 2.00 18-21 15/01S USD 5,670,958.32 6.12

4,450,000 US TREASURY INDEXEE 0.125 13-23 15/01S USD 4,068,619.74 4.39



4,160,000 US TREASURY NOTE 2.25 17-27 15/11S USD 3,402,082.68 3.67

5,850,000 USA T NOTES 1.75 16-23 31/01S USD 4,824,150.84 5.21

2,080,000 USA TREASURY NTS INDX 1.75 08-28 15/01S USD 2,334,783.67 2.52

France 8,236,954.84 8.89

1,000,000 FRANCE BTAN INDEXE 0.10 16-28 01/03A EUR 1,118,899.10 1.21

100,000 FRANCE OAT INDEXE 0.70 17-36 25/07A EUR 111,518.67 0.12

5,400,000 FRANCE OAT (INDEXED) 0.10 12-21 25/07A EUR 5,893,354.30 6.36

1,000,000 FRANCE OAT INDEXEE 0.10 15-25 01/03A EUR 1,113,182.77 1.20

Italy 4,713,791.34 5.09

1,950,000 ITALY BTP 4.50 08-19 01/03S EUR 1,988,395.50 2.15

2,200,000 ITALY INFL. INDEX 2.60 07-23 15/09S EUR 2,725,395.84 2.94

Portugal 2,204,180.00 2.38

2,000,000 PORTUGAL 3.85 05-21 15/04A EUR 2,204,180.00 2.38

Floating-rate bonds 598,194.00 0.65

Germany 598,194.00 0.65

600,000 VOLKSWAGEN BANK GMBH FL.R 17-21 15/06Q EUR 598,194.00 0.65


Shares/Units of investment funds 2,140,763.14 2.31

France 2,140,763.14 2.31

940 GROUPAMA ENTREPRISES FCP -I- CAP EUR 2,140,763.14 2.31


G FUND

– Global Multi Asset Premia

G FUND – Global Multi Asset Premia



Assets 15,234,608.13



Unrealised gain on securities portfolio 457,387.76


Unrealised net gain on futures contracts 3,617.66


Bank debts payable on demand 332.49

Subscription tax payable 253.35

Performance fee payable 9,342.40






Shares

outstanding

as at 01/03/18


Shares

outstanding

as at 31/08/18

- Class IC EUR


- Class GD EUR

Distribution shares 15,000.000 0.000 0.000 15,000.000


Key Figures



- Class IC EUR

EUR EUR

Accumulation shares

Number of shares 1.000 1.000

Net asset value per share 1,013.42 997.90

- Class GD EUR

EUR EUR

Distribution shares Number of shares 15,000.000 15,000.000

Net asset value per share 1,013.81 998.07





% net

assets


14,027,748.09 92.24


14,027,748.09 92.24

Ireland

11,358,639.19 74.69

212,656 ISHARES EDGE MSCI EUR MOM FACT UCITS ETF EUR 1,401,190.38 9.21

223,551 ISHARES EDGE MSCI EURO SIZE FACTOR UCITS EUR 1,485,719.95 9.77 211,222 ISHS EDG MOM FACT ETF USD 1,434,394.35 9.43

25,000 ISHS HY CORP BD EUR EUR 2,633,125.00 17.32

235,910 ISHS IV EDGE MSCI USA VAL FCT USD 1,431,224.50 9.41 243,699 ISHS IV MSCI EURP VAL FACT EUR 1,406,021.38 9.25

272,602 ISHS IV USA SIZ USD ETF USD 1,566,963.63 10.30

Luxembourg

2,669,108.90 17.55 12,365 AM IS E COR UEC EUR 2,669,108.90 17.55


14,027,748.09 92.24

G FUND

– Euro Equity Opportunities (launched on 20/03/2018)

G FUND – Euro Equity Opportunities (launched on 20/03/2018)



Assets 41,827.65

Securities portfolio at assessed value 39,570.18

Purchase price 37,872.13

Unrealised gain on securities portfolio 1,698.05

Cash at bank and liquidities 2,257.47


Management and advisory fee payable 16.93

Administration and custodian fee payable 3.43


Net asset value 39,560.01


Shares

outstanding

as at 20/03/18


Shares

outstanding

as at 31/08/18

- Class IC EUR



Key Figures

Period/year ended: 31/08/18

Total Net Assets EUR 39,560.01

- Class IC EUR

EUR

Accumulation shares

Number of shares 40.000

Net asset value per share 989.00





% net

assets


39,570.18 100.03


39,570.18 100.03

France

39,570.18 100.03

4 GR EURO STOCK O 3 DEC EUR 39,570.18 100.03


39,570.18 100.03

G FUND

General Information

The sub-fund G FUND – Avenir Euro (the “Feeder Sub-Fund”) is a feeder sub-fund pursuant to Article 77 of the amended law of

2010. Feeder sub-funds must invest at least 85% of their assets in master funds.

The sub-fund G FUND – Avenir Euro is a feeder sub-fund of the GROUPAMA AVENIR EURO French mutual fund (the

“Master Fund”). It will only invest in the “O” accumulation unit of the Master Fund.

The prospectus, annual and semi-annual reports for the Master Fund, and information about these documents are available on the

website www.groupama-am.fr or by written request to the registered office: Groupama Asset Management, 25 Rue de la Ville

l’Evêque, 75008 Paris, France.

Regulation on transparency of securities financing transactions and of reuse (SFTR)

The Company does not use any instruments that would be subject to SFTR.

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