aLLIaNZ sEcURIcash sRI

aLLIaNZ sEcURIcash

sRI

30.12.2020

MUTUaL FUNds - MUTUaL FUNds UNdER FRENch Law

aNNUaL REPORT

summary

3 Information about investments and management

7 Activity report

28 Auditor's report

31 Balance sheet assets

32 Balance sheet liabilities

33 Off-balance sheet

34 Income statement

35 Accounting rules and methods

38 Changes net assets

39 Additional information

53 Inventory

3Mutual Fund - Annual Report - Year ended: 30.12.2020

AllIANz SECURICASH SRI

Information about investments and managementinfo

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Bockenheimer landstrasse 42-44, D-60323 Francfort-sur-le-Main, Allemagne

custodian bank SOCIETE GENERAlE29, Boulevard Haussmann - 75009 Paris

statutory auditor Société Fiduciaire Paul Brunier – SFPB Audit & Comptabilité31, rue Henri Rochefort - 75017 Paris

distributor AllIANz GlOBAl INVESTORSet/ou les sociétés du groupe Allianz

classification : Short-term money market Fund, Variable Net Asset Value (VNAV).

allocation of distributable sums:Income from the R unit is capitalised every year along with net capital gains.Income from the I unit is capitalised every year along with net capital gains.Income from the W unit is capitalised every year along with net capital gains.Income from the U unit is capitalised every year along with net capital gains.Income from the U unit is distributed or carried forward every year. Net capital gains realized from the U unit aredistributed every year with the option of advances.

Management objective: The Fund’s I, W and U units aim to outperform the capitalized EONIA index net of managementfees, over the recommended investment period of one week using financial and extra-financial (socially responsible)criteria. If money-market interest rates are very low, the Fund will not generate enough returns to cover managementfees. This will lead to a structural decrease in the Fund’s net asset value.

The Fund’s R units aim to match the capitalized EONIA index inclusive of management fees, over the recommendedinvestment period of one week using financial and extra-financial (socially responsible) criteria. If money-market interestrates are very low, the Fund will not generate enough returns to cover management fees. This will lead to a structuraldecrease in the Fund’s net asset value.

Benchmark: The Fund’s performance must be compared with the market index: EONIA.

The portfolio will be invested on a discretionary basis, under the conditions defined in the regulatory documentation,without additional specific requirements in terms of investment universe in relation to a potential market index. It isstated that the volatility of the Fund and the EONIA is not likely to deviate significantly (for this type of asset).

The current methodology for calculating the Euro Overnight Index Average (EONIA) will be modified to become theESTR plus a spread. The ESTR reflects the wholesale euro unsecured overnight borrowing costs of eurozone banks,based entirely on individual transactions. The spread is based on data collected over a period of at least 12 months andcalculated as an adjusted average of 15% of the observations.

Investment strategy: We invest up to 100% of assets in bonds and money-market debt securities denominated in eurosfrom the European Economic Area, the G7 and Australia, based on financial and “Socially Responsible” criteria (humanrights, corporate governance, social, environment).

The securities have a residual maturity of less than or equal to 397 days. The weighted average term to maturity of theportfolio is less than or equal to 60 days and the weighted average term to maturity of the financial instruments is lessthan or equal to 120 days. We may use forward financial instruments traded on regulated or over-the-counter marketsfor hedging purposes and engage in temporary acquisitions and disposals of securities, up to a maximum of 100% ofassets.

1 - Credit strategy: Significant and recurringa) Stock-picking strategy

Our stock-picking strategy is based on the dual focus of financial and “Social Responsibility” criteria.

The investment process begins with a top-down analysis to anticipate money market trends and interest ratedevelopments, from regular reviews of the macroeconomic environment, forecasts of central bank policies and



assessments of market risk appetite. In a second step, the construction of the portfolio integrates active strategies derivedfrom top-down analysis and portfolio constraints, as well as a bottom-up selection supported by our credit and ESGresearch teams.

The Manager selects securities that have been rated ESG in a discretionary manner. The consideration of extra-financialcriteria covers at least 90% of the portfolio.

Our quantitative ESG analysis leads to proprietary ESG ratings ranging from 0 to 4. The manager may invest in securitieswith a rating of less than 2 up to a limit of 10% of the assets. The portfolio must have an average rating of at least 2.Securities considered by analysts as human rights violations are excluded from the investment universe. There is nosector exclusion.

The overall ESG rating is calculated for each company in the investment universe, and these ratings are then entered intoa proprietary database. This database reflects our critical assessment of ESG positioning of the and allows us to selectsecurities that can be included in the portfolio.

This extra-financial analysis covers the following 5 ESG criteria:

- Human Rights: il s’agit d’un critère d’exclusion pour toutes les stratégies ISR dédiées d’Allianz Global Investors. Pourles titres émis par des entreprises, l’évaluation de ce critère s’appuie sur leur engagement à respecter les Droits del’Homme comme par exemple l’intégration des principes de la Déclaration Universelle des Droits de l’Homme. Pour lesémetteurs souverains, la signature des 8 conventions principales de l’OIT est par exemple pris en compte.

- Environment : permet d’appréhender l’impact direct et indirect de l’activité de l’entreprise sur l’environnement et lesrisques qui en résultent. l’analyse des émetteurs souverains intègre la politique environnementale globale menée parle gouvernement.

- Social: taking into account the social responsibility of the issuer at the direct level. For companies, this assessment, forexample, is done on the importance given to the dialogue with the employees and for the States, the general socialpolicy is taken into account in particular.

- Governance : integration into the analysis of the issuer’s willingness and ability to organize its own structure so as tolimit the risk of malfunction.

- Market Conduct: an analysis of the issuer’s relationships with stakeholders (clients, suppliers, local authorities, etc.) Forcompanies, this criterion includes compliance with operating rules of the market (absence of anticompetitive practicesand corruption).

This strategy helps to identify the most attractive securities within the investment universe split into two homogeneouscategories:- Issuances from private companies;- Issuances of secured debts.

The selected stocks have a residual maturity of less than or equal to 397 days. The weighted average term to maturityof the portfolio is less than or equal to 60 days and the weighted average term to maturity of the financial instrumentsis less than or equal to 120 days.

The fund selects assets that receive a positive rating as part of the internal credit quality assessment procedure.

b) Sectoral strategy

This strategy helps to identify the economic sectors to prioritize or underweight, while attempting to limit the Fund’sexposure to fluctuations in private-sector borrowing. Investment decisions are based on a thorough financial analysisperformed by managers, the team of credit analysts and input from external sources (rating agencies, brokers,counterparties, etc.).

The economic sectors envisaged are those found in the major classifications:- Cyclical consumer goods- Non-cyclical consumer goods- Energy- Industries- Basic products- Healthcare- Utilities- Financial services- Technology- Telecommunication

The manager’s decisions will be based on:- intrinsic criteria Expectations regarding economic activity, structural advantages, etc.- relative criteria: Evaluation of these elements between the different sectors considered.

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c) Managing sensitivity to credit risk

Every investment made in private-sector securities exposes the Fund to the risk of changes in private-sector borrowing.Managing credit sensitivity consists in selecting the maturity of the investments on the credit curve with a view tominimizing the portfolio’s exposure to this risk.

2 - Directional strategy: Significant and recurringThis involves taking directional positions on actual and nominal rates depending on the trend observed on the bondmarket. This strategy is reflected in greater or lesser exposure to the actual rate market. The aim is thus to make themost of any rise in the market and to shelter profits in the event of a downturn.

The trend on the actual rates market is specifically assessed by using monetary and budgetary policies and viaexpectations in terms of growth and inflation.

Inflation is obviously an important factor when assessing inflation-linked bonds, since it influences prices through thecoupons paid and the capital paid at maturity. Inflation also influences porting, i.e. the difference between the actualrate plus inflation realized and the repo rate.

Risk profile: “Your money shall be invested primarily in financial instruments selected by the Management Company.These instruments will be subject to market trends and fluctuations.”

The Fund does not offer any guarantees, and the capital invested may not be fully recouped due to market fluctuations.

Short-term interest-rate risk: Fluctuations in the bond instruments held directly or indirectly in the portfolio correlate tovariations in interest rates. In the event that interest rates rise and the Fund’s sensitivity to changes in interest rates ispositive, then the value of the bond instruments in the portfolio will decrease, and the value of the Fund unit will fallaccordingly.

Sectoral rate risk: Fixed-income markets form a very broad universe of values. Within this universe, the portfolio mayfocus at its will on a given market segment, either in line with its universe/benchmark, where appropriate, or based onthe expectations of our management teams. These segments may be linked to countries/geographic regions, issuertype (Government, Agency, Secured, Private Company, etc.), or rate type (nominal, actual, variable), etc. Some segmentsare more volatile than others, and can thus generate more volatility in the portfolio’s performance, while others aremore defensive. The weighted average term to maturity is less than or equal to 60 days.

Credit risk: As the portfolio may be invested, directly or indirectly, in financial instruments issued by private establishments,it is exposed to the default risk of these issuers. For instance, if a company goes bankrupt after issuing bonds that wereincluded in the portfolio, these bonds may not be redeemed, or redeemed only in part. Their value falls, and the valueof the Fund unit falls accordingly. The weighted average term to maturity of the financial instruments is less than orequal to 120 days.

Risk on negative interest on cash accounts: The Company invests the liquid asset of the F[und at the Depositary or otherbanks for account of the Fund. Depending on the market development, in particular the development of the interestpolicy of the European Central Bank, short-, medium- and long-term bank deposits may have negative interest rateswhich will be charged to the Fund. Such interest charges may adversely impact the net asset value of the Fund.

On an ancillary basis, the fund is also exposed to the following risks:

Counterparty risk: This risk relates to agreements involving forward financial instruments in the event that one of thecontracted counterparties fails to fulfil its commitments (for example: payment, redemption), thus potentially entailinga fall in the net asset value. Default by a counterparty may result in losses for the relevant Fund. Nevertheless, in particularregarding OTC transactions, such a risk may be significantly reduced by pledging from the counterparty of financialguarantees in accordance with the Management Company’s financial guarantee management policy.

Impact of derivative products: The portfolio’s ability to invest in derivatives (e.g. futures, options, swaps, etc.) exposes itto sources of risk and added value that cannot be achieved from directly held securities. For example, the portfolio maybe exposed to changes in volatility of the market or of certain market segments. The portfolio may also be more investedin certain market segments or in the market as a whole than its assets allow.

Relative risk: Where appropriate, the portfolio can take a gamble on the various risk factors listed above in relation toits universe/ benchmark. This can result in outperformance, but also introduce a risk of underperformance relative to thisuniverse/ benchmark. Our management teams seek to manage their risk budget at all times by focusing on factors withstrong expectations to optimize the relationship between targeted outperformance and risk of underperformance.

Guarantee or protection: N/A.

souscripteurs concernés et profil de l'investisseur type :The Fund comprises four unit classes.The unit designated R is aimed at: All Subscribers,I units are aimed at: Unit intended for Companies and Institutional Investors,

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W units are aimed at: Unit intended for Companies and Institutional Investors, U units are aimed at: All Subscribers, more intended to Corporates and Institutional located in Germany and Austria.

The risk profile of the Fund makes it suitable for subscription by unitholders seeking exposure to:- The short-term risk of the Eurozone.

Minimum recommended investment term: 1 week.

AllIANz SECURICASH SRI is aimed at investors who pursue the objective of general capital appreciation/assetoptimization and/or above-average participation in price changes. It may not be suitable for investors who wish towithdraw their capital from the fund within a short timeframe. AllIANz SECURICASH SRI is aimed at investors with basicknowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial lossand should not attach any importance to capital protection. In terms of risk assessment, the Fund is assigned to a certainrisk class on a scale of 1 (conservative; very low to low expectation of returns) to 7 (very tolerant of risk; highestexpectation of returns) which is published on the website https://regulatory.allianzgi.com and will be provided in theKey Investor Information Document issued in respect of the relevant Class of Shares.

Tax regime: The Fund has no particular tax provisions.The Fund is not subject to corporation tax. However, capital gains or losses are taxable when remitted to unitholders.Nevertheless, the tax authority considers switching from one share class to another as a sale followed by asubscription,which is therefore subject to the taxation of capital gains on securities.The tax regime applicable to these latent or realized capital gains or losses depends on the tax provisions applicableto the investor’s financial situation and/or the jurisdiction in which the Fund is invested; if investors are unsure of their taxsituation, they should contact an adviser or other professional.

For more information, the complete prospectus is available from the management company upon request.

• The net asset value as well as other information about the UCI is available from Allianz Global Investors GmbH, Bockenheimerlandstrasse 42-44, D-60323 Francfort am Main - Germany or Allianz Global Investors, Succursale Française, 3 Boulevard des Italiens75113 Paris Cedex 02 or on the website: www.allianzgi.fr https://fr.allianzgi.com.

• AMF approval date: 23 May 2003.• UCI creation date: 10 June 2003.

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Economic environment

Financial markets began 2020 in a relatively positive macroeconomic context before concerns about the coronavirusepidemic in China destabilised investors, who seemed to see the various political and macroeconomic issues thatweighed down throughout 2019 more clearly. On the one hand, the signing of an initial trade agreement (the so-called“Phase 1” agreement) between the Chinese and US authorities sent a reassuring signal to investors, marking a truce ina painful trade war that has weighed heavily on the global economy. The agreement, which was widely expected, didnot do much in terms of removing tariffs on both sides, but did help to de-escalate US-China tensions. On the other hand,in the United Kingdom, British MPs voted largely in favour of the Brexit withdrawal agreement. After three years of crisis,the United Kingdom began to lead the way towards leaving the EU. 31 January 2020, the official Brexit date, markedthe start of a transition period that would allow for a smooth break, via negotiations with Brussels. With regard to centralbanks, after their first annual meetings, the US Federal Reserve (Fed) and the European Central Bank (ECB) decided tomaintain their accommodative policy. In this favourable context, investors maintained a strong appetite for bonds,especially on new sovereign and corporate debt issues. After a record 2019, the European market issued nearly €240billion of additional debt in January alone. However, the tragic emergence of the coronavirus epidemic in China cast adramatic shadow over investor sentiment. Concern about the impact of the coronavirus on Chinese growth led to aresurgence of risk aversion. On the short-term credit market, interest rates and risk premiums remained at very lowlevels due to excess liquidity, which were still very high. The 3-month Euribor and Eonia were, on average, -0.413% and-0.464%, respectively.

Coronavirus, COVID-19, epidemic, pandemic, quarantine, economic slowdown, recession — these few words sum upthe month of February. According to experts, the spread of COVID-19 around the world led economic agents to adoptirrational behaviour. In just a few days, equity markets dropped by more than 15%. The intervention of central banks mayhave reduced market volatility, but it was not able to contain the spread of the virus and revive slowed economic activity.As such, dependence on China, the world’s factory, was problematic, because global activity depended largely on thecountry’s health situation. On the markets, in addition to the fall in equity indices, rates were also highly volatile. To thisend, the US 10-year rate dropped from 1.62% at the beginning of the month to 1.15% at the end of February, and inGermany, it fell from -0.40% to -0.61%. These two examples illustrate two phenomena: investors’ attraction to the mostsecure securities (flight to quality), and economic agents’ expectations of slower growth and/or lower rates.

On the short part of the curve, the situation was paradoxical but not surprising. Excess liquidity on the interbank marketwas €1.7 trillion, but in a highly volatile and “irrational” environment, it is understandable that market makers, whose roleis to ensure liquidity in markets, were rather quiet. The Eonia remained stable over the period at an average of -0.45%.With regard to one-year expectations, the 1-year OIS swap dropped from -0.48% to -0.55%, also reflecting expectationsof another rate cut.

The spread of the coronavirus epidemic around the world sent an unprecedented economic shockwave across financialmarkets. With roughly 40% of the world’s population under lockdown and trade and economic activity suddenly halted,the United Nations believed a global recession to be inevitable. In response to this shock, Western governments reactedvery quickly by increasing large-scale fiscal-support measures, including a $2 trillion plan announced by the USgovernment, representing about 10% of GDP, and the release of €1.1 trillion in Germany. The central banks also reactedstrongly, with successive reductions in the Fed’s key rates and the new Pandemic Emergency Purchase Programme(PEPP) put in place by the ECB, earmarking €1 trillion for purchasing securities on the bond market. These various fiscaland monetary interventions helped to bring about some calm, in particular by trying to ensure the necessary liquidity inthe highly affected interest and credit markets. Under these conditions, the iTraxx Main and Financials synthetic creditdefault swap indices reached 139 and 160 basis points (bp) respectively, an increase of 100 bp from their lowest levelsin February. After hitting a low of -0.49%, the 3-month Euribor then stood at -0.34% (on average -0.41%). The Eoniaremained fairly stable over the period with an average of -0.45%.

There was a long litany of disastrous figures for growth, unemployment, production and consumption, among others, inthe 2020 financial year. Many sectors were affected by the consequences of the pandemic. However, the COVID-19case curve appeared to have reached an inflection point. Markets stabilised after massive central-bank interventions andeconomic support plans worth hundreds of billions were rolled out by governments, with no major consequences. The

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latest picture by Powell and lagarde about the economies on both sides of the Atlantic at this stage did not bode well.The measures announced restored some serenity on equity markets, which had recovered 38% to 63% of the declinethat began in early March. As for credit, liquidity gradually returned and primary issues started off well with strongdemand. Credit retraced the rise in pre-shock risk premiums from 40% to 50%. The gap between the reality of economicstatistics and market optimism was worrying. They were based on a V-shaped recovery, whereas the best case scenariowas likely to be centred around U-shaped growth. Such a divergence called for caution. There was definitely no shortageof liquidity, and central banks did a lot to ensure that this remained so, but solvency problems in a damaged and sufferingecosystem needed to be monitored. It should be noted that Fitch degraded Italy to BBB- and S&P left its BBB ratingunchanged with a negative outlook. Interest rates showed some stability, or at least volatility remained low, with the 10-year Bund between -0.45% and -0.50%. The money market and credit markets saw risk premiums spread, driving upissuers’ rates. Of course, the ECB’s interventions within the PEPP/Corporate Sector Purchase Programme (CSPP)/PublicSector Purchase Programme (PSPP) framework helped to contain the trend.

In April, the Eonia remained very stable at -0.45% but Euribor rates were volatile. After a pre-crisis dip of -0.41%, we sawa peak of -0.16% for the 3-month Euribor. The increase in risk premiums paid on transactions included in its calculationwere the main explanation for this.

On both sides of the Atlantic, the cyclical data published during the month of May showed a slight rebound after Marchand April, which posted historic lows (industrial production in France at -16.2% in March, manufacturing orders inGermany at -15.6%, and the ISM manufacturing index in the USA at 41.8 in April), but the data published in Mayconfirmed the weakness of the recovery in economic activity. By way of example, the composite PMI in the eurozone inMay stood at 30.5 after having reached 13.6 in April, and the PMI services index stood at 28.7 in May compared to 12in April. This data painted the picture of a recession. Beyond these publications, the markets remained buoyant. Investorsrecovered their appetite across all risky asset classes. Indeed, the gradual lifting of lockdowns, central-bank measuresto stabilise the markets, and the plan for a Europe-wide fiscal stimulus package clearly had the upper hand over thereality of a still battered economy. In terms of monetary policy, the many programmes put in place provided a great dealof stability and confidence. With regard to the ECB, unlimited liquidity support measures and the easing of the targetedlonger-term refinancing operations (TlTRO) programme (refinancing can reach -1%), as well as the €750 billion PEPP,showed their effectiveness. As such, at its June meeting, the ECB was expected to announce an increase in the PEPPpackage in the face of soaring government deficits and the absence of a rise in inflation. The Fed reduced rates tohistoric lows (0% to 0.25%), and the various programmes announced total over $2 trillion. It also encouraged further fiscalspending and said that it was ready to provide more monetary stimuli if necessary. With regard to credit, we once againwitnessed credit flow drying up on the secondary market. The ECB’s intervention and the investors’ recovered appetiteagain made it difficult to invest in short-term securities (up to two years). Over the period, the Eonia remained stable,averaging 0.457 over the month, while the 3-month Euribor declined by -272 on average.

What could be said at this stage of the evolution of the coronavirus pandemic around the world, of the budgetarymeasures announced by countries, of the intervention of central banks, the current economic figures and the expectationsover the coming months? At the time, the market seemed to find some balance among this information, which sometimesseemed contradictory. Indeed, central-bank intervention provided considerable technical support through the mass ofliquidity present in the market, and the global pandemic unfortunately seemed to be recovering momentum, especiallyin the United States. Economic data showed a dynamic recovery, which was to be expected after three months of globaleconomic shutdown. But central bankers and economists continued to warn of the shock to demand that could occurin the following months and the deflationary risk that would accompany it. The markets thus showed excessive—andseemingly unfounded—optimism that could only be explained from a technical point of view, and not in terms offundamentals. The threat of a potential second wave added to the enormous impact that lockdowns had had on abattered economy. At this stage of uncertainty about future growth, movements were based more on market psychologyand the undeniable—and at the time unwavering—technical support of the monetary authorities, rather than on a clearprospect of economic recovery. That month, the ECB increased the PEPP by €600 billion, bringing it to €1.35 trillionthrough to 2021. Negotiations continued on the format of the European Commission’s €750 billion bailout plan beforebeing approved, and would bring the European funds deployed to €1.25 trillion. The short portion of issuers’ credit curvesappeared highly protected, and a shortage of securities seemed to be returning with issues still lacking in this area. TheEonia remained unchanged over the period with an average rate of -0.46%, while the Euribor rate, which reflects markettensions, dropped by 10 bp from one month-end to another, settling at -0.40% over three months. In this context, therewere bound to be fewer issues of marketable debt securities.

The main points to remember for July are: the European agreement on the €750 billion recovery fund, which was splitroughly 50/50 between loans and grants. In the eyes of some, this stimulus lacked ambition. In the US, agreement on thestimulus package being debated by the Republicans and Democrats, who were in disagreement on the amount (from$500 billion to $3.5 trillion), had not yet been achieved. Second-quarter growth figures on both sides of the Atlanticconfirmed that a severe recession was underway, with historic lows. There was a rise in geopolitical tensions between the

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AllIANz SECURICASH SRIac

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rtUS and China, which was expected to put a temporary stop to trade negotiations. The pandemic had calmed slightly,but outbreaks resurged sporadically in some parts of the world while retreating in other regions, and there was littlevisibility insofar as the potential economic impacts. However, at this point, it was highly unlikely that countries would re-establish widespread lockdowns, given the profound impact this has on the economy. In the markets, wait-and-see policywas the predominant factor in this summer period which was, at the time, quite calm, with business results for the secondquarter considerably hit by the pandemic. The primary market for corporate bonds was at a standstill and the scarcityof papers and ECB purchases under the PEPP lent their support to the secondary market and credit performance. Evencommercial papers were scarce in the money market. The Ester averaged -0.55% over the month, tracked by Eonia at -0.475%, while the 3-month Euribor stood at -0.44%, with an end-of-month low of -0.46%.

Financial markets ended the summer period with a more optimistic stance than at the beginning of the season, despitethe announcement of the collapse of growth in the second quarter in the United States and the eurozone. Althoughthere had been more than 20 million cases of COVID-19, a wave of optimism appeared to be emerging in risky assetmarkets. Investors largely decided to focus on the hopes for upcoming COVID-19 vaccines, improvements in a fewstatistics in the US, in particular those concerning the labour market, and announcements of stimulus packages in Europeand the US. Moreover, in order to reassure investors, central banks stated that they would maintain their highlyaccommodating monetary policies. Indeed, the Fed decided to put employment at the heart of its policy, and pledgedto use its “full range of tools” to support US employment. It was thought that this new strategy could lead the Fed tomaintain near-zero rates longer than anticipated by the market. Beyond that positive note, however, risks remained,such as the resurgence of the health risk in Europe, uncertainty about the rebound in economic growth in the comingmonths, and the upcoming election in the United States — all factors that would continue to concern financial markets.In this rather favourable context, and with a market for primary issues just starting up at the end of the month, thesecondary market for short-term rates and credit continued to grow during the month of August. Risk-rate and premiumlevels continued to be on the downside, mainly due to excess liquidity, which remained high. They were at levels closeto those preceding the COVID-19 health crisis. Ester averaged -0.55% over the month, while its tracker, Eonia, stood at-0.47% and the 3-month Euribor was -0.48%.

September was more volatile than the previous month, but had almost no impact on our investment perimeter, owingto central-bank support and excess liquidity in the interbank market that exceeded €3 trillion at the end of September.During the month, a certain level of pessimism took hold of the markets, as the second wave of COVID-19, the potentialrisks of lockdown around the world, the US/China trade war, the US elections and the Europe/UK Brexit negotiationsmade for a truly explosive cocktail. Nonetheless, renewed optimism emerged at the end of the month as Democraticrepresentatives prepared to review and submit to a vote the $2.2 billion plan to support the economy, which had beenongoing for several months. It was clear that such an agreement would bring calm to markets for some time, but thelikelihood of reaching an agreement with the Republicans was very low. As a result, volatility was expected to remainhigh, because Trump had already refused to commit to a peaceful transfer of power in the event he was defeated byJoe Biden. The first debate that took place at the end of the month in Ohio provided an initial theme, suggesting therewould be a period of significant instability that would further affect risky assets. The short portion of the IG credit curvewas expected to remain protected by the significant volumes of cash, flight to quality, and central bank support. Overthe period, there was very little volatility in money market rates. The Eonia set an average of -0.469% over the month andthe 3-month Euribor average stood at -0.408%.

Volatility remained throughout the month, returning to familiar grounds. The second wave of the COVID-19 pandemicensconced itself in the world and particularly violently in Europe, where it pushed countries to adopt new public healthrestrictions, or even lockdowns of differing severity in France, the United Kingdom, Ireland and Germany. It then becameclear that economic growth would be W shaped. This news was expected to diminish the relative resilience of the marketsthat had moved decisively into risk-off mode.

Secondly, Brexit continued to drag on, with the parties once again engaged in talks to resolve the remaining issues.Finally, in the US, Democrats and Republicans had still not managed to agree on the economic aid package. Theoutcome of the presidential election was expected to take a while before being confirmed, given the conditions.Nonetheless, Congress and the constitution of the Senate in particular would remain important, as a combination of aDemocratic president and a Republican senate would continue to generate uncertainty in this regard, and would notplease financial markets. The central banks did not hide their pessimism but reiterated their support. The ECB, forexample, pledged to do everything it could to provide support, such as a potential increase of the PEPP, which stood at€1.35 trillion, the TlTRO that could be developed, as well as other tools yet to be specified at that time that may providebroader assistance to the entire economy. It reaffirmed the need for governments to provide budgetary support.

On the short-term credit market, interest rates and risk premiums remained at very low levels. Excess liquidity was stillon the upside at €3.227 trillion.

Ester averaged -0.55% over the month, with its tracker, Eonia, at 0.47% and the 3-month Euribor at -0.51%.



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rtTwo important events marked November: Democratic candidate Joe Biden’s victory in the US presidential election andthe announcement of the development of vaccines against COVID-19. The first event caused some light temporaryvolatility due to the tensions generated by the uncertainty of the election. The second event was a cause for euphoriaon the financial markets.

The announcement was important, but the hope and potential prospect of an exit from the tunnel depended on anumber of practical processes that were yet to be defined. Nevertheless, the vaccination campaign appeared poisedto start in 2021.

This major fact completely side-stepped the second wave that had hit many countries around the world and the resultinglockdowns, which called into question the rapid economic recovery. It was clear that this recovery would not come asquickly as experts predicted last summer. In this context, many countries expanded their fiscal measures to support theeconomy. The scenario of W-shaped economic growth was considered the most likely at this stage. The first half of 2021was still expected to be difficult, though financial markets remained optimistic and resilient. Uncertainties prevailed,such as the need for Joe Biden to have a parliamentary majority (Senate and House of Representatives) in order tosuccessfully roll out his programme (the second stimulus bill); the possibility (albeit unlikely) of unrest that Donald Trumpcould still cause; complications involving the Brexit negotiations; the €750 million “Next Generation EU” stimulus packageblocked by Poland and Hungary; and so on. Whatever happened, it was expected that these potential negative eventswould have only a short and limited impact on the credit market but a definitively more pronounced one on equitymarkets, as central bank support remained strong and there continued to be high hopes with regard to COVID vaccines.Given that the PEPP and TlTRO were its two preferred tools, at its meeting in early December, the ECB was expectedto recalibrate the former, which was justified by the longer-than-expected impact of the pandemic on the economy. Itwas expected that this would continue to support the market for some time.

Volatility dropped sharply, the short portion of the IG credit curve moved very little or not at all, and the mark-to-marketremained stable to positive with a carry-on that was significantly negative. The short end of the IG credit curve was onceagain to remain protected by the large volume of liquidity (€3.32 trillion)

Ester averaged -0.556% over the month, with its tracker Eonia at -0.471% and the 3-month Euribor at -0.521%.

The final days of the year saw the resolution of a major issue for Europe: Brexit. The new relationship between the UnitedKingdom and the European Union will allow goods to be traded duty-free and without customs barriers.

In the US, Donald Trump finally signed the $900 billion stimulus package.

With regard to central banks, the ECB held a meeting, which was eagerly awaited by the market.

It once again strengthened its support to ensure liquidity for banks and favourable financing conditions. In addition toincreasing the volume of support, the ECB extended the period during which it will be available. It also increased thePEPP package by €500 billion to €1.85 trillion, extending its horizon to the end of March 2022, and extending the timefor reinvestments of PEPP repayments to the end of 2023. The ECB also improved the terms of TlTRO III operations untilJune 2022, with a borrowing rate as low as -1% and three additional operations to be added during 2021. Finally, theeurozone would also be able to deploy its European recovery plan designed in response to the health crisis, with theHungarian and Polish veto lifted.

These points, and especially the vaccination programmes launched at the end of December, would allow the marketsto withstand the increase in COVID cases around the world and the emergence of a new, more contagious strain in theUK.

On the short-term credit market, interest rates and risk premiums remained at very low levels. Excess liquidity was stillvery high at €3.386 trillion. The 3-month Euribor and Ester stood at -0.538% and -0.558%, respectively. The Eonia stoodat -0.47% for the year (performance).

The final days of the year saw the resolution of a major issue for Europe: Brexit. The new relationship between the UnitedKingdom and the European Union will allow goods to be traded duty-free and without customs barriers.

In the US, Donald Trump finally signed the $900 billion stimulus package.

With regard to central banks, the ECB held a meeting, which was eagerly awaited by the market.

It once again strengthened its support to ensure liquidity for banks and favourable financing conditions. In addition toincreasing the volume of support, the ECB extended the period during which it will be available. It also increased thePEPP package by €500 billion to €1.85 trillion, extending its horizon to the end of March 2022, and extending the timefor reinvestments of PEPP repayments to the end of 2023. The ECB also improved the terms of TlTRO III operations untilJune 2022, with a borrowing rate as low as -1% and three additional operations to be added during 2021.



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rtFinally, the eurozone would also be able to deploy its European recovery plan designed in response to the health crisis,with the Hungarian and Polish veto lifted.

These points, and especially the vaccination programmes launched at the end of December, would allow the marketsto withstand the increase in COVID cases around the world and the emergence of a new, more contagious strain in theUK.

On the short-term credit market, interest rates and risk premiums remained at very low levels. Excess liquidity was stillvery high at €3.386 trillion. The 3-month Euribor and Ester stood at -0.538% and -0.558%, respectively. The Eonia stoodat -0.47% for the year (performance).

Investment Policy

Over the course of 2020, the performance recorded by Allianz Securicash SRI was 20 bp above its benchmark index, thecapitalised Eonia, i.e. -0.27% compared to -0.47% for the benchmark index.

With regard to outstanding volumes, average assets over the period amounted to €3.2 billion. Total assets reached theirhighest historical level at €3.9 billion at the end of July.

In terms of risk, in the first quarter of 2020 Allianz Securicash SRI maintained the same position as in the last quarter. Theweighted average life (WAl) and weighted average maturity (WAM) were approximately 110 days and 50 daysrespectively during this period. For information purposes, the maximum risk constraints authorised by the regulator are120 days for WAl and 60 days for WAM.

The end of the year is generally a very sensitive period with regard to redemptions, so in order to meet our commitment,the liquidity ratio was gradually increased and at the end of December it closed at nearly 30%. This was also a time withcertain opportunities as market makers reduced their book, leading to an expansion of the spread on the credit market.Thus, in early January, Allianz Securicash SRI invested in highly rated stocks with a maturity of one year to benefit fromthis expansion (for example, DnB NORD, Rabobank, etc.). Investments were mainly in the financial sector. This sectoraccounts for the majority of our investments, for the reason we have already mentioned (banks are the main players onthe part of the curve reflecting a period of less than one year).

During this period, the Fed decided to keep the fed funds rate unchanged and the ECB policy remained accommodating.In the credit market, the trend is the same as in the last half, with spreads tightening during the first two months of theyear.

In the second quarter, the COVID-19 crisis had a sharp and violent impact on all markets. In the credit market, liquiditycompletely disappeared regardless of the credit quality of the issuers, for example, Nordea Bank, maturing in February2021 and rated Aa3 by Moody’s, traded around -30 bp in early March and levels reached more than 1.5% in mid-March.Variations were greater for other issuers. Another example was that we saw high-rated short term securities with amaturity of three months trading at more than 3% at the end of March, compared to -0.30% before the crisis began. Themagnitude of the variations in these examples illustrates the panic that overtook the markets.

The return to “normality” was long and required significant intervention by central banks to reduce volatility and restorea little more confidence in the financial markets. With regard to the ECB, monetary easing programmes were increased(PEPP, new TlTRO, etc.), and the amounts announced (more than $1.1 trillion for the ECB) were huge. In the US, the Fedalso massively boosted monetary easing programmes and the fed funds rate was lowered by 150 bp in 15 days.

During the COVID-19 crisis, despite the significant decline in performance, Allianz Securicash SRI was able to retain itsportfolio positions and did not need to sell in the midst of the crisis. This is due to the constitution of its liabilities. Thefund completely stopped investing in March, allowing us to increase our liquidity ratio to around 20%. This large portionof the cash flow was then gradually invested in very short-term (maximum maturity of six months) and highly ratedsecurities with a significant return compared to the Eonia index (NDASS, covered bonds rated at least AA, French, Spanishand Italian sovereign debt, Rabobank, SHBASS, BNP Paribas, etc.). In the recovery phase, we continued to invest in thesecondary bond market by extending maturities in order to always enjoy very attractive returns compared to thebenchmark index.

In the second half of the year, the abundance of liquidity in the interbank market caused spreads to tighten significantly.In terms of risk, WAl and WAM were maximised (115 days and 55 days, respectively). Investments focused mainly onItalian sovereign debt in order to maximise investments on the very short part of the curve. In terms of securities maturingin six months to one year, Allianz Securicash SRI favoured those that still offered some returns. This was mainly theautomotive sector (Daimler AG/BMW) and Italian banks (Intesa Sanpaolo and UniCredit S.p.A.)

At 30 December 2020, the net asset value of the Allianz Securicash SRI fund was €120,574. 52, i.e. a flat annualperformance of -0.27% over the year compared to -0.47% for the benchmark index, the capitalised Eonia.

The performance achieved over the period is no indicator of future results of the UCI.



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rt addITIONaL INFORMaTION

Exercise of voting rights:Allianz Global Investors GmbH (on behalf of the Fund or the investment company) exercises voting rights attached tothe securities of the main European companies held by the Fund in the exclusive interest of unitholders, in accordancewith article l 533-22 of the French Monetary and Financial Code.

To that end, it can get assistance from Allianz Global Investors GmbH, which uses the services of the specialised consultantISS for the analysis and exercise of voting rights at the shareholders’ meetings of companies. Allianz Global Investors’voting policy is formulated each year by the Corporate Governance Committee at Allianz Global Investors and its teamof ESG analysts. It enables ISS to examine resolution texts and to determine the position of the management company.These voting recommendations are then reviewed by the ESG teams of Allianz Global Investors GmbH before votes areactually cast.

The document entitled Principle on Voting Rights, as well as the Report on the Exercise of Voting Rights, which reportson the conditions under which it exercises the voting rights attached to the securities held by the UCITS that it manages,and the information about voting on each resolution can, in accordance with the General Regulations of the AMF, beconsulted either at https://fr.allianzgi.com or at its head office located at 3 boulevard des Italiens, in the 2nd arrondis -sement of Paris.

Transfer fee allocation criteria:For every transaction on shares, bonds, NDS and Funds, a flat fee, based on the type of transaction, is deducted by thedepositary. Where applicable, it covers intermediaries’ brokerage costs..

selection and evaluation of intermediaries and counterparties:In order to obtain the best possible results for its clients, Allianz Global Investors GmbH complies with applicableregulation on the selection of intermediaries (best-selection obligation) and the execution of orders (best-executionobligation).Allianz Global Investors GmbH implements an intermediary-selection policy that sets out the criteria adopted for selectingintermediaries. This policy is available on Allianz Global Investors GmbH’s website at www.allianzgi.fr or upon requestfrom the head office located at 3 boulevard des Italiens, in the 2nd arrondissement of Paris. Allianz Global InvestorsGmbH selects intermediaries that can deliver the best results in the execution of transactions, based on the price and costsof execution of the transaction; speed of the transaction; probability of execution and settlement; size and nature of theorder; or any suitable criterion. The Intermediary Selection Committee assesses each intermediary’s performance on ahalf-yearly basis and adapts the list of intermediaries accordingly.

shared fees:Pursuant to the General Regulations of the Financial Markets Authority and as part of the equity trading carried out in2020, Allianz Global Investors GmbH used the services of intermediaries to help it with investment decisions and theexecution of orders, in particular through financial analysis.Allianz Global Investors GmbH signed agreements in line with said regulations with the following intermediaries: Thereport on brokerage fees is available at https://fr.allianzgi.com.

Use of financial instruments managed by the Management company or a related company:A table listing the financial instruments managed by the Management Company or a related company can be foundin the “Other Information” table in the Fund’s annual financial statements.

statement of environmental, social and governance quality criteria (EsG):Allianz Global Investors is a signatory of the AFG-FIR Transparency Code for the Fund AllIANz SECURICASH SRI. Inaccordance with the AFG–FIR Transparency Code of Allianz Global Investors and with the statements made in thisprospectus,- Allianz Global Investors has no sector or thematic exclusion policy in the context of its open-ended fund management,

except for companies involved in cluster bombs and anti-personnel mines, as defined by the Oslo and Ottawaconventions.

- in the context of its investment policy, Allianz Global Investors simultaneously takes into account the followingenvironmental, social and governance quality (ESG) criteria: social policy, respect for human rights, market conduct,governance and environmental policy.Detailed information can be found in the Allianz Global Investors AFG - FIR Transparency Code (updated in November2019), which can be accessed: https://fr.allianzgi.com/fr-fr/notre-groupe/notre-approche-isr-et-esg



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rt calculation of the Fund’s commitment to forward financial instruments:The method of calculating commitment, as defined by the general regulations of the AMF, is used to calculate the overallrisk.

Rémuneration :At Allianz Global Investors, we consider that competitive salaries, a strong commitment to employees, and careeropportunities which are both stimulating and rewarding, are essential for attracting, motivating and retaining the mosttalented staff with a vested interest in the long term success of our clients and our company. We pay particular attentionto remunerating them properly in order to achieve our ambition of becoming a trusted investment partner for our clients.We recognise the importance of an attractive remuneration package, in terms both of salary and other benefits, and payour employees on the basis of clear guidelines which are regularly reviewed in light of market practices and localregulations.

Financial remuneration consists primarily of a basic salary, which generally takes into account the skills, responsibilitiesand experience associated with each post, and an annual variable remuneration component. The variable componentis generally a cash bonus paid at the end of the employee’s assessment year, as well as a deferred component for allstaff members whose variable remuneration exceeds a certain threshold. The remuneration is genuinely variable, in thesense that the amount of the remuneration may be more or less than the amount paid in the previous year dependingon the performance achieved by the employee, the team and the company.

The level of remuneration paid depends on quantitative and qualitative performance indicators. The quantitativeindicators are based on measurable objectives, while the qualitative indicators take into account actions which reflectour fundamental values, namely excellence, passion, integrity and respect. A comprehensive assessment forms part ofthese qualitative criteria for all employees.

For investment professions whose decisions are key in obtaining concrete results for our customers, quantitative indicatorstaking account of long-term investments for portfolio managers in particular, the quantitative element includes thereference index for customer portfolios that they generate or the declared target of customers in terms of yield measuredover periods of one year to three years.

For professionals who have contact with the clients, the objectives include client satisfaction, measured independently.

Another way of linking individual performance to the creation of long-term value for our clients and shareholders consistsof deferring for a period of three years a substantial portion of the annual variable remuneration of employees who meetthe necessary conditions.

The levels of deferral rise according to the amount of the variable remuneration. Half of the deferred amount is linkedto the company’s performance, while the other half is invested in the funds which we manage. Investment professionalsshould invest in funds which they manage and support, while continuing to align their interests with those of our clients.

Key elements of remuneration in 2020:

Employee compensation information does not include compensation paid by external managers to their employees. Theasset management company does not pay any direct remuneration from the fund to employees of outsourcingcompanies.

Fixation of remunerationAllianzGI is subject to the supervisory law requirements applicable to the management companies with regard to thestructure of the remuneration system. The general management of the company is regularly responsible for setting theremuneration of employees. The remuneration of the general management itself is fixed by the partner.The company has established a Compensation Committee that performs the duties prescribed by law. ThisCompensation Committee is composed of two members of the Supervisory Board of the company, who are appointedby the Supervisory Board and one of whom must be a staff representative.

Total numberof employees Of which

Number of employees:31/12/2020

1,675 risk-takers managers controlfunctions

other risk-takers receiving anidenticalincome

Fixed remuneration 164,233,442 7,695,609 1,758,427 449,851 1,435,262 4,052,069

Variable remuneration 103,587,135 17,405,428 3,452,759 206,037 5,203,209 8,543,423

Total 267,820,577 25,101,037 5,211,186 655,888 6,638,471 12,595,492



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rtThe personnel department has developed the company’s compensation policy in close collaboration with the riskmanagement and legal affairs and compliance departments as well as with external advisers and by involving seniormanagement in accordance with the requirements of the UCITS Directive and the AIFM Directive. This remunerationpolicy applies to both the company with headquarters in Germany and its branches.

compensation structureThe main components of monetary compensation are the base salary, which generally reflects the duties, responsibilitiesand experience required for a given position, and an annual variable component.The amount of variable compensation to be paid at the company level depends on the performance of the companyand the risk situation of the company and therefore fluctuates from one year to the next. In this context, the allocationof specific amounts to certain employees depends on their performance and that of their department during thereporting period.The variable remuneration includes the payment of an annual bonus in cash after the end of the financial year. Asignificant portion of the annual variable compensation of employees for which the latter exceeds a certain value isdeferred for three years.The deferred portion increases in parallel with the amount of the variable portion. Half of the deferred amount is linkedto the performance of the company, the other half is invested in funds managed by AllianzGI. The amounts finally paiddepend on the success of the business activity or the performance of the units of certain investment funds over a periodof several years.In addition, deferred compensation items may expire in accordance with the terms of the plan.

Performance evaluationThe level of remuneration to be paid to employees is linked to both quantitative and qualitative performance indicators.For fund managers whose decisions have a significant effect on the achievement of our clients’ investment objectives,the quantitative indicators seek to measure the sustainability of the investment performance. In the case of portfoliomanagers, the quantitative component is based on the client’s portfolio benchmark or client-specified expected return,measured over a one year and three-year period.Customer satisfaction, measured independently, is also one of the objectives of employees in direct contact withcustomers.The remuneration of employees exercising control functions is not directly related to the success of the activity of thevarious departments over which the control functions are exercised.

Risk takersThe following groups of employees have been identified as risk takers: management, risk takers and control staff (whohave been identified on the basis of the current organisational charts and job profiles and have been evaluated on thebasis of an estimation of their influence on the risk profile) as well as all employees who receive a total remunerationunder which they are at the same level of remuneration as the members of the management and the risk takers, whoseactivity has a significant effect on the risk profiles of the company and the investment funds it manages.

Risk preventionAllianzGI has comprehensive risk reporting that takes into account both current and future risks in our business. Risks thatexceed the risk appetite of the organisation are presented to our Compensation Committee, which decides, if necessary,on an adaptation of the global compensation pool.Individual variable remuneration may also be reduced or cancelled altogether in the event of violations of ourcompliance guidelines or if too high risks are taken for the company.

sFTR :During the financial year, the Fund has not been subject to operations relating to SFTR regulations.



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rta) Exposure obtained through efficient portfolio management techniques and derivatives

• Exposure obtained through efficient management techniques: -

- Securities lending: -

- Securities borrowing: -

- Reverse repurchase agreements: -

- Repurchase agreements: -

• Underlying exposure achieved through derivative financial instruments: 510,000,000.00

- Currency futures: -

- Future : -

- Options : -

- Swap : 510,000,000.00

b) Identity of the counterparty or counterparties to efficient portfolio management techniques and derivatives

Efficient management techniques

-

-

-

-

-

-

-

-

-

-

(*) except for listed derivatives.

derivative financial instruments (*)

CREDIT SUISSE

-

-

-

-

-

-

-

-

-

Efficient portfolio management techniques and derivatives



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rtc) Financial collateral/guarantees received by the Fund to reduce counterparty risk

Instrument types amount in currency in portfolio

Effective management techniques

- Term deposits -

- Equities -

- Bonds -

- UCITS -

- Cash (**) -

Total -

(**) The Cash account also includes cash from repurchase agreements.

d) Operating income and expenses relating to efficient management techniques

Operating income and expenses amount in currency in portfolio

- Income (***) -

- Other Income -

Total income -

(***) Income received on loans and reverse repurchase agreements.

derivative financial instruments

- Term deposits -

- Equities -

- Bonds -

- UCITS -

- Cash (**) -

Total -

- Direct operational costs -

- Indirect operational costs -

- Other costs -

Total costs -



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auditor's report

To the unitholders of the ALLIANZ SECURICASH SRI mutual fund,

1.

Statutory Auditor’s report

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In accordance with the mandate conferred on us by the management company, we have audited the annual financial statements of the undertaking for collective investment (UCI) constituted in the form of a mutual fund, ALLIANZ SECURICASH SRI, for the financial year ended 31 December 2020, as contained in this report.

We certify that the annual financial statements are, in accordance with French accounting rules and principles, accurate and consistent, and give a true and fair view of the financial performance of the past financial year, and of the financial position and assets of the mutual fund at the end of said financial year.

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2.1. Audit reporting standards

We conducted our audit in accordance with the standards of professional practice applicable in France. We believe that the evidence we have gathered is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities pursuant to these standards are set out in the “Responsibilities of the statutory auditor regarding the audit of the annual financial statements” section of this report.

2.2. Independence

We conducted our audit in accordance with the rules of independence set out in the French Commercial Code and the French Code of Ethics for Statutory Auditors, for the period from 1 January 2020 to the date of issue of our report.

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The global crisis relating to the COVID-19 pandemic has led to unusual circumstances in regard to the preparation and audit of this year’s financial statements. The crisis and the extraordinary measures adopted amidst the public health state of emergency has affected funds, their investments and the valuation of the corresponding assets and liabilities in a number of ways. Some of these measures, such as travel restrictions and remote working, have also affected the operational management of funds and on the way audits are carried out.

It is against this complex and evolving backdrop that, in accordance with the provisions of Articles L.823-9 and R.823-7 of the French Commercial Code relating to the justification of our assessments, we would like to bring to your attention that the assessments–according to our professional judgement deemed the most important for the audit of the annual financial statements for the financial year–focused on the appropriateness of the accounting principles used, as well as the reasonableness of the significant estimates made and the overall presentation of the accounts.

The assessments therefore given fall within the scope of the audit of the annual financial statements taken as a whole and contributed to the formation of our opinion as expressed above. We have no



opinion on items in the annual financial statements taken individually.

4.44. Sp4. S4. Specifi4. Spe4. Spec4. Speci4. Specif4. Specific4. Specific che4. Specific 4. Specific c4. Specific ch4. Specific chec4. Specific checks 4. Specific check4. Specific checks4. Specific checks

In accordance with the standards of professional practice applicable in France, we also carried out specific checks required by law.

We have no observations to make regarding the fair presentation and consistency with the annual financial statements of the information provided in the management report prepared by the management company.

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The management company is responsible for drawing up annual financial statements that provide a true and fair view in accordance with French accounting rules and principles, and for setting up the internal control measures that it considers necessary for preparing the annual financial statements to ensure that they are free of material misstatement, whether from fraud or due to mistakes.

While preparing the annual financial statements, the management company is required to assess the capacity of the mutual fund to continue as a going concern, present in these financial statements, as appropriate, the necessary information on its going-concern status, and apply the accounting policy of the going concern principle, unless there are plans to liquidate the UCI or terminate its activity.

The annual financial statements were prepared by the management company.

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4. Specific checks



It is our responsibility to prepare a report on the annual financial statements. Our aim is to obtain reasonable assurance that the annual financial statements taken as a whole do not contain any material misstatement. Reasonable assurance corresponds to a high level of assurance, but does not guarantee that an audit conducted in accordance with professional standards is sufficient to systematically detect any material misstatements. Misstatements may stem from fraud or be the result of mistakes and are considered to be material when it can be reasonably assumed that the financial statements, in whole or in part, may influence the economic decisions taken by users of the said financial statements.

As set out in Article L.823-10-1 of the French Commercial Code, our auditing work in respect of the financial statements does not include guaranteeing the viability or the management quality of your mutual fund.

As part of an audit conducted in accordance with the standards of professional practice applicable in France, the statutory auditor exercises their professional judgement throughout this audit.

In addition:

they identify and assess the risks that the annual financial statements may contain material misstatement, whether due to fraud or error, set out and implement the audit procedures intended to counter these risks, and collate the evidence that they deem sufficient and appropriate to justify their opinion. The risk of non-detection of a material misstatement due to fraud is higher than that of a material misstatement due to an error, as fraud may involve collusion, forgery, voluntary omissions, misrepresentation or the circumvention of internal control processes;

they familiarise themselves with the internal control processes relevant to the audit so as to set out



audit procedures that are appropriate to the circumstances, and not to express an opinion on the effectiveness of the internal control processes;

they assess the appropriateness of the accounting methods used and the reasonable nature of the accounting estimates made by the management company, as well as the information relating to them provided in the annual financial statements;

they assess the appropriateness of the management company’s application of the going-concern accounting agreement and, depending on the information collected, whether or not there is material uncertainty relating to events or circumstances that may jeopardise the ability of the mutual fund to continue as a going concern. This assessment is based on the evidence gathered up to the date of their report, on the understanding that subsequent events or circumstances may affect its viability as a going concern. If the statutory auditor finds that material uncertainty exists, it draws readers’ attention to its report on the information provided in the annual financial statements pertaining to this uncertainty or, if this information is not provided or is not relevant, it issues a certification with reservations or a refusal to certify;

they assess the overall presentation of the annual financial statements and whether they reflect the transactions and underlying events so as to provide a true and fair view thereof.

Paris, 9 April 2021

Statutory Auditor

Société Fiduciaire Paul Brunier – Auditors & Accountants Represented by Stéphane Dankowski



Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 2,972,031,391.31 2,059,098,693.74

• Equities and similar securities

Traded on a regulated or similar market - -

Not traded on a regulated or similar market - -

• Bonds and similar securities

Traded on a regulated or similar market 221,780,441.17 1,115,879,625.31

Not traded on a regulated or similar market - -

• Debt securities

Traded on a regulated or similar market

Negotiable debt securities 859,920,631.83 710,174,685.16

Other debt securities 1,718,873,010.47 -

Not traded on a regulated or similar market 171,398,158.67 232,676,154.50

• Mutual funds

UCITS and general purpose AIF for non-professionals and equivalents in other countries

- -

Other funds for non-professionals and equivalents in otherEuropean Union Member States

- -

Professional general purpose funds and equivalents in other European Union Member States and listed securitization bodies

- -

Other Professional Investment Funds and equivalents in otherEuropean Union Member States and unlisted securitization bodies

- -

Other non-European organisations - -

• Temporary purchases and sales of securities

Receivables representing financial repurchase agreements - -

Receivables representing financial securities lendings - -

Borrowed financial securities - -

Repurchase financial agreements - -

Other temporary purchases and sales - -

• Financial contracts

Transactions on a regulated or similar market - -

Other transactions 59,149.17 368,228.77

• Other financial instruments - -

Receivables 828,776.00 154,793.00

Foreign exchange forward contracts - -

Other 828,776.00 154,793.00

Financial accounts 462,272,841.82 757,916,096.86

Cash and cash equivalents 462,272,841.82 757,916,096.86

Other assets - -

Total assets 3,435,133,009.13 2,817,169,583.60

30.12.2020 30.12.2019

Balance sheet assets

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Currency EUR EUR

Equity

• Capital 3,310,413,590.12 2,831,499,688.21

• Previous undistributed net capital gains and losses - -

• Retained earnings - -

• Net capital gains and losses for the financial year -64,358,993.24 -60,630,354.89

• Result 53,192,273.63 45,329,259.73

Total equity(amount representing net assets) 3,299,246,870.51 2,816,198,593.05

Financial instruments 59,149.17 70,372.86

• Disposals of financial instruments - -

• Temporary purchases and sales of financial securities

Debts representing financial repurchase agreements - -

Debts representing financial securities borrowings - -

Other temporary purchases and sales - -

• Financial contractsTransactions on a regulated or similar market 51,911.38 4,518.16

Other transactions 7,237.79 65,854.70

Debts 135,826,989.45 899,924.42

Foreign exchange forward contracts - -

Others 135,826,989.45 899,924.42

Financial accounts - 693.27

Cash credit - 693.27

Borrowings - -

Total liabilities 3,435,133,009.13 2,817,169,583.60

Balance sheet liabilities30.12.201930.12.2020

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Currency EUR EUR

Hedging• Commitments on regulated or similar markets

- Futures market (Futures) - -

- Options market (Options) - -

- Credit derivatives - -

- Swaps - -

- Contracts for Differences (CFD) - -

• OTC commitments




- Swaps 510,000,000.00 556,000,000.00


• Other commitments




- Swaps - -


Other transactions• Commitments on regulated or similar markets




- Swaps - -


• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


30.12.201930.12.2020

Off-balance sheet

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Currency EUR EUR

Income from financial transactions

• Income from financial transactions 1,276.62 44.14

• Income from equities and similar securities - -

• Income from bonds and similar securities 54,729,207.57 45,546,411.12

• Income from debt securities 268,277.45 -384,803.01

• Income from temporary purchases and disposals of financial securities - -

• Income from financial contracts 370,599.16 -

• Other financial income - -

Total (I) 57,401,285.80 45,161,652.25

Expenses on financial transactions

• Expenses on temporary purchases and disposals of financial securities - -

• Expenses on financial contracts - 64 979,67 -134,723.66

• Expenses on financial debt -1 799 520,92 -1,137,631.76

• Other financial expenses - -

Total (II) 1 864 500,59 -1,272,355.42

Profit/loss on financial transactions (I - II) 53 504 860,21 43,889,296.83

Other income (III) - -

Management fees and depreciation expense (IV) -3,743,546.68 -3,011,240.19

Net income for the period (L.214-9-17-1) (I - II + III - IV) 49,761,313.53 40,878,056.64

Income adjustments for the period (V) 3,430,960.10 4,451,203.09

Interim payments in terms of the period (VI) - -

Income (I - II + III - IV +/- V - VI): 53,192,273.63 45,329,259.73

Income statement30.12.2020 30.12.2019

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accounting rules and methods

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The annual financial statements are presented in the formats prescribed by the amended Regulation ANC 2014-01.The accounts were prepared by the management company based on the information available taking into considerationthe changeable situation as regards the COVID-19 crisis.

assET VaLUaTION RULEsValuation methodsNet asset value is calculated taking into account the valuation methods set out below.

Financial instruments and forward financial instruments traded on a regulated marketDebt securities and money market instruments

Bonds and assimilated securities traded on a French or foreign regulated market are valued on the basis of the day’sclosing price or the last known price, regardless of the listing place.Some bonds may be valued using the prices provided daily by active contributors on this market (listed on the Bloombergsite), providing a valuation closer to the market.Debt securities that are regularly listed as Treasury Bonds are valued at their current value from prices provided dailyon databases by contributors active in this market. For other debt securities, in the absence of significant transactions,an actuarial method is applied, using the issue rate for equivalent securities adjusted by the issuer’s risk margin. Thebenchmark rates are as follows:Securities are discounted from an interpolated rate based on a benchmark curve(determined by the characteristics of each instrument held).

Fund units or investment funds

Fund units or investments funds traded on a regulated market are valued on the basis of the day’s closing price or at thelast known price.

Forward financial instruments and derivative instruments

Firm forward contracts are valued at the day’s settlement price.Conditional forward contracts are valued at the day’s settlement price.

Financial instruments and derivatives whose price has not been determined

Financial instruments whose prices have not been determined on the valuation day or whose prices have been adjustedare valued at their probable trading price under the responsibility of the management company.

These valuations and their justification are notified to the statutory auditor for auditing purposes.

Financial instruments and forward financial instruments not traded on a regulated marketDebt securities and money market instruments

Debt securities are valued at their current value.

Fund units or shares or investment funds

Fund units or shares or investment funds are valued on the basis of the last known net asset value.

Forward financial instruments and derivatives

Interest rate and/or currency swapsSwaps are valued at their current value by discounting future flows unless, in the absence of any specific sensitivity tomarket risks, the swaps have a residual maturity of less than or equal to three months. In accordance with the principleof prudence, these valuations are adjusted according to the counterparty risk.

Secured swap contractsThe financial instrument and the associated interest rate and/or currency swap, comprising the secured swap, are subjectto an overall evaluation.

Dividend or performance swapsSwaps are valued at their current value, excluding any termination fees, using financial models: intrinsic mathematicalvalue or other models using calculations or parameters taking anticipation into account.



Currency futures

Receivables for the forward purchases of currencies and liabilities for the forward sales of currencies are valued at theforward rate on the valuation date.

Credit derivatives

Credit default swaps (CDS) are valued at their current value. In accordance with the principle of prudence, thesevaluations are adjusted according to the counterparty risk.

Temporary acquisitions and sales of securitiesSecurities lending

Securities lending is not allowed.

Borrowed securities

Securities borrowing is not allowed.

Reverse repurchase agreements delivered

Receivables representing securities received under repurchase agreements are valued at their contractual amount, plusany payment receivable calculated on a pro rata basis.

Fixed-rate reverse repurchase agreements, not able to be cancelled at any time without cost or penalties for the Fund,with a maturity of more than three months, are valued at the current value of the contract.

Repurchase agreements delivered

Securities transferred under repurchase agreements are valued at their market value, and the debt representing thesesecurities is valued based on their contractual amount, plus any fees payable calculated on a pro rata basis.

For fixed-rate repurchase agreements, not able to be cancelled at any time without cost or penalties for the Fund, witha maturity of more than three months, their representative debt is valued at the current value of the contract.

deposits and LoansTerm deposits

Term deposits are valued at their contractual value, calculated according to the conditions set out in the contract. Inaccordance with the principle of prudence, the valuation is adjusted for counterparty default risk.

Cash borrowings

Cash borrowings are not allowed.

Assets and liabilities in foreign currenciesThe reference currency for accounting purposes is the Euro.

Assets and liabilities denominated in a currency other than the accounting currency are valued at the exchange rate inParis on the day.

Off-balance sheet commitment valuation methodsOff-balance sheet transactions are valued at the commitment value.The commitment value for futures contracts is equal to the share price (in the UCI’s currency), multiplied by the numberof contracts, multiplied by the nominal value.The commitment value for options transactions is equal to the share price of the underlying asset (in the UCI’s currency)multiplied by the number of contracts, multiplied by the delta, multiplied by the underlying assets’ nominal value (in theUCI’s currency) multiplied by the number of contracts, multiplied by the delta, multiplied by the underlying assets’ nominalvalue.The commitment value for swaps is equal to the nominal amount of the contract (in the UCI’s currency).

accounting methodsAccounting method for recording income from deposits and fixed-income instruments: Recorded on the incomestatement as and when acquired.Recording of acquisition and disposal costs attached to financial instruments: Portfolio transactions are recorded at theacquisition or disposal price, excluding costs.

Fees invoiced to the Fund:With the exception of intermediary costs, the fees cover all costs invoiced to the Fund:

- the financial management fees specific to the management company;- the administrative costs external to the management company;- the maximum indirect costs (commissions and management fees).

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In addition to these fees, there may be:- performance fees. These reward the Management Company when the Fund exceeds its objectives;- transfer fees;- fees linked to temporary purchases and sales of securities.

For more details on ongoing charges, please refer to KIID (if need be) or annual report.

* Less than 20 % of the Fund’s assets are invested in other Funds.

Indication of accounting changes subject to specific reporting to unitholdersChanges that have occurred: None.Forthcoming changes: None.

Indication of other changes subject to specific reporting to unit holders (Not certified by the auditors)Changes that have occurred: None.Forthcoming changes: None.

Indication and reasons for the changes to forecasts and means of applicationNone.

Indication of the nature of errors corrected during the periodNone.

Indication of rights and conditions attached to each class of unitsIncome from the "R" unit is capitalised every year along with net capital gains.Income from the "I" unit is capitalised every year along with net capital gains.Income from the "W" unit is capitalised every year along with net capital gains.Income from the "U" unit is distributed every year and net capital gains are, on the management company’s decision,distributed or off-set against (fully or partially).

Fees charged to the Fund Basis Maximum rate/scale

Financial Management fees andexternal administrative fees

Net assets R unit: Maximum rate 0.60% including taxI unit: Maximum rate 0.12% including taxW/C unit: Maximum rate 0.20% including taxU unit: Maximum rate 0.12% including tax

Maximum indirect fees (fees andmanagement fees)

Net assets Not significant*

Service providers charging transfer fees :the depositary

Charge on eachtransaction

Maximum €300 including tax

Performance fee Net assets N/A

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Currency EUR EUR

Net assets at the beginning of the period 2,816,198,593.05 3,020,575,266.59

Subscriptions (including the subscription feeallocated to the UCIT)

12,426,467,358.45 9,563,402,275.80

Redemptions (with deduction of the redemption feeallocated to the UCIT)

-11,935,735,796.09 -9,760,002,847.43

Capital gains on deposits and financial instruments 302,232.37 34,884.44

Capital losses on deposits and financial instruments -59,468,784.69 -53,785,564.29

Capital gains on financial contracts - -

Capital losses on financial contracts - -138.20

Transaction fees -69,976.84 -5,420.07

Foreign exchange differences 0.64 -

Changes in the estimate difference in depositsand financial instruments:

2,042,467.00 4,717,435.23

- Estimate difference - period N -3,291,423.65 -5,333,890.65

- Estimate difference - period N-1 -5,333,890.65 -10,051,325.88

Changes in the estimate differencein financial contracts:

-250,462.69 384,799.96

- Estimate difference - period N 51,911.38 302,374.07

- Estimate difference - period N-1 302,374.07 -82,425.89

Distribution over the previous year net capital gains and losses - -

Prior period distribution -16.58 -37.27

Net income for the period before adjustment accounts 49,761,313.53 40,878,056.64

Deposit(s) paid(s) during the yearnet capital gains and losses

- -

Interim payment(s) during the period - -

Other items -57.64 -116.35

Net assets at the end of the period 3,299,246,870.51 2,816,198,593.05

30.12.2020 30.12.2019

changes net assets

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1. Financial instruments: breakdown by legal or economic type of instrument

1.1. Breakdown of the "Bonds and similar securities" item by type of instrument

Traded on a regulatedor similar market

Not traded on a regulatedor similar market

Indexed bonds - -

Convertible bonds - -

Fixed-rate bonds 82,591,580.41 -

Variable-rate bonds 139,188,860.76 -

Zero-coupon bonds - -

Investments - -

Other instruments - -

1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument

Traded on a regulatedor similar market

Not traded on a regulatedor similar market

Treasury Bonds 785,803,826.00 -

Short-term debt securities(NEU CP) issued by non-financialissuers

74,116,805.83 -

Short-term debt securities(NEU CP) issued by bank issuers

- -

Titres de créances à moyen termeNEU MTN

- -

Other instruments 1,718,873,010.47 171,398,158.67

1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument

Disposals of repurchase agreements

Disposals ofborrowed securities

Disposals of acquiredrepurchase agreements

repurchaseagreements

Equities - - - -

Bonds - - - -

Debt securities - - - -

Other instruments - - - -

additional information

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1.4. Breakdown of the off-balance sheet sections by market type (in particular rates, securities)

Rates Equities Foreign Exchange Other

hedgingCommitments on regulated or similar markets

510,000,000.00 - - -

OTC commitments - - - -

Other commitments - - - -

Other transactionsCommitments on regulatedor similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

2. Breakdown by rate type for asset, liability and off-balance sheets itemsFixed rate Variable rates Rollover rate Other

assetsDeposits

- - - -

Bonds and similar securities 82,591,580.41 - 139,188,860.76 -

Debt securities 2,231,933,147.20 - 518,258,653.77 -

Temporary purchases and salesof financial securities

- - - -

Financial accounts - 462,267,392.09 - 5,449.73

LiabilitiesTemporary purchases and salesof financial securitiess

- - - -

Financial accounts - - - -

Off-balance sheetHedging

510,000,000.00 - - -

Other transactions - - - -

3. Breakdown by residual maturity for asset, liability and off-balance sheets items0 - 3 months 3 months - 1 year 1 - 3 years 3 - 5 years > 5 years

assetsDeposits

- - - - -

Bonds and similar securities 97,096,219.69 112,488,525.41 12,195,696.07 - -

Debt securities 1,414,006,944.16 1,224,346,111.01 111,838,745.80 - -

Temporary purchases and salesof financial securities

- - - - -

Financial accounts 462,272,841.82 - - - -

LiabilitiesTemporary purchases and salesof financial securities

- - - - -

Financial accounts - - - - -


130,000,000.00 380,000,000.00 - - -

Other transactions - - - - -

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5. Receivables and debts: breakdown by typeDetails on elements comprising the “other receivables” and “other debts” items, particulary the breakdown of foreign exchange forwardcontracts by type of operation (purchase/sale).

ReceivablesForeign exchange forward contracts:

828,776.00

Foreign exchange forward contracts: -

Total amount traded for forward currency sales -

Other Receivables:

Guarantee deposits (paid) 828,776.00

- -

- -

- -

- -

Other transactions -

debtsForeign exchange forward contracts:

135,826,989.45

Forward currency sales -

Total amount traded for forward currency purchases -

Other Debts:

Purchases with deferred payment 135,330,691.82

Provisioned expenses 377,529.33

Other receivables 105,829.70

Amount to pay 12,938.60

- -

Other transactions -

4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets itemsThis breakdown is provided for the main listing and evaluation currencies, except for the currency in which the books are kept.

By main currency - - - Other currencies

assetsDépôts

- - - -

Equities and similar securities - - - -

Bonds and similar securities - - - -

Debt securities - - - -

Collective investment undertakings - - - -

Collective investment undertakings

- - - -

Receivables - - - -


Other assets - - - -

LiabilitiesDisposal operations on financialinstruments

- - - -

Temporary purchases and sales offinancial securities

- - - -

Debts - - - -



- - - -

Other transactions - - - -

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6. Equitysubscriptions Redemptions

Number of units issued / redeemedduring the period

Number of units Amount Number of units Amount

R UNIT / FR0010785865R 8,666.45 8,709,372.91 3,978.602 3,998,754.19

I UNIT / FR0010017731 71,858.314 8,674,814,394.74 67,284.215 8,123,486,097.58

W/C UNIT / FR0013106713 25,242.909 3,742,943,590.80 25,685.704 3,808,250,944.32

U UNIT/FR0013287836 - - - -

Subscription/redemption fee by unitclass: Amount AmountR UNIT / FR0010785865R - -

I UNIT / FR0010017731 - -

W/C UNIT / FR0013106713 - -

U UNIT/FR0013287836 - -

Retrocessions by share class: Amount Amount

R UNIT / FR0010785865R - -

I UNIT / FR0010017731 - -

W/C UNIT / FR0013106713 - -

U UNIT/FR0013287836 - -

Commissions to the UCI by unitclass: Amount AmountR UNIT / FR0010785865R - -

I UNIT / FR0010017731 - -

W/C UNIT / FR0013106713 - -

U UNIT/FR0013287836 - -

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7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets %

Unit class:

R UNIT / FR0010785865R 0.15

I UNIT / FR0010017731 0.12

W/C UNIT / FR0013106713 0.12

U UNIT/FR0013287836 0.06

Outperformance fee (variable charges): amount of fees for the period Amount

Unit class:

R UNIT / FR0010785865R -

I UNIT / FR0010017731 -

W/C UNIT / FR0013106713 -

U UNIT/FR0013287836 -

Retrocession of management fees:

- Amount of fees retroceded to the UCIT -

- Breakdown by "target" UCIT:

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

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8. commitments received and granted8.1. Description of the guarantees received by the UCIT with mention of capital guarantees ..........................................................None

8.2. Description of other commitments received and/or granted..................................................................................................................None

9. Other information

9.1. Current value of financial instruments pertaining to a temporary acquisition:

- Financial instruments as repurchase agreements (delivered) -

- Other temporary purchases and sales -

9.2. Current value of financial instruments comprising guarantee deposits: Financial instruments received as a guarantee and not written to the balance sheet:

- equities -

- bonds -

- debt securities -

- other financial instruments -

Financial instruments granted as a guarantee and maintained in their original item:

- equities -

- bonds -

- debt securities -


9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) orfinancial managers (Mutual Funds) and UCITS managed by these entities:

- UCITS -


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10. Income allocation table (In the accounting currency of the UCIT)

Interim payments in terms of the period

DateUnit Class

Totalamount

Unit amount

Totaltax credit

Unit tax credit

- - - - - -

- - - - - -

- - - - - -

- - - - - -

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Income allocation EUR EUR

Amounts still to be allocated

Retained earnings - -

Income 53,192,273.63 45,329,259.73

Total 53,192,273.63 45,329,259.73

30.12.2020 30.12.2019

R UNIT / FR0010785865R 30.12.2020 30.12.2019

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 248,866.90 174,887.27

Total 248,866.90 174,887.27

Information concerning the units conferring distributionrights

Number of units - -

Distribution per unit - -

Tax credits - -

I UNIT / FR0010017731 30.12.2020 30.12.2019

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 41,943,326.96 33,072,281.74

Total 41,943,326.96 33,072,281.74


Number of units - -


Tax credits - -

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W/C UNIT / FR0013106713 30.12.2020 30.12.2019

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 11,000,063.63 12,082,074.14

Total 11,000,063.63 12,082,074.14


Number of units - -


Tax credits - -

U UNIT/FR0013287836 30.12.2020 30.12.2019

Currency EUR EUR

Allocation

Distribution 16.14 16.58


Capitalisation - -

Total 16.14 16.58


Number of units 0.01 0.01

Distribution per unit 1,614.00 1,65800

Tax credits - -

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11. allocation table of amounts available for distribution relating to net capital gains and losses((in the accounting currency of the UCITS)

Payments on net capital gains and losses for the financial year

Date Total amount

Unit amount

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

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Allocation of net capital gains and losses EUR EUR

Amounts remaining to be allocated

Previous undistributed net capital gains and losses - -

Net capital gains and losses for the financial year -64,358,993.24 -60,630,367.95

Payments on net capital gains and losses for the financial year - -

Total -64,358,993.24 -60,630,367.95

30.12.2020 30.12.2019

R UNIT / FR0010785865R 30.12.2020 30.12.2019

Currency EUR EUR

Allocation

Distribution - -

Undistributed net capital gains and losses - -

Capitalisation -306,967.39 -238,393.55

Total -306,967.39 -238,393.55

Information concerning units conferring distribution rights

Number of units - -

Unit distribution - -

I UNIT / FR0010017731 30.12.2020 30.12.2019

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -50,736,375.03 -44,229,906.71

Total -50,736,375.03 -44,229,906.71


Number of units - -


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W/C UNIT / FR0013106713 30.12.2020 30.12.2019

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -13,315,631.85 -16,162,039.42

Total -13,315,631.85 -16,162,039.42


Number of units - -


U UNIT/FR0013287836 30.12.2020 30.12.2019

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -18.97 -21.74

Total -18.97 -21.74


Number of units - -


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R UNIT / FR0010785865R UNIT currency: EUR

30.12.2020 30.12.2019 30.12.2018 28.12.2017 29.12.2016

Number of outstanding units

15,690.544 11,002.696 42,223.445 57,026.941 59,452.492

Valeur liquidative 1,003.3634 1,006.3493 1,009.7 1,013.72 1,017.08

Unit distribution net capital gains andlosses (including interim payments)

- - - - -

Unit distribution (including interim payments)

- - - - -

Unit tax credittransferred to unit

holders (individuals) (1)- - - - -

Unit capitalisation (2) -3.70 -5.77 -2.81 -1.86 0.75

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividendis clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

(2) The unit capitalization is the sum of earnings and higher net capital losses and the number of units outstanding. This calculation method hasbeen applied since 1 January 2013.

I UNIT / FR0010017731 UNIT currency: EUR

30.12.2020 30.12.2019 30.12.2018 28.12.2017 29.12.2016


21,567.495 16,993.396 17,045.007 13,361.117 9,845.256



- - - - -


- - - - -



Unit capitalisation (2) -407.69 -656.58 -42.27 -126.20 187.55



12. Table of results and other characteristic elements of the Fund over the last 5 periodsUCIT creation date: 10 juin 2003.

CurrencyEUR 30.12.2020 30.12.2019 30.12.2018 28.12.2017 29.12.2016

Net assets 3,299,246,870.51 2,816,198,593.05 3,020,575,266.59 2,360,816,025.55 1,580,456,896.19

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U UNIT/FR0013287836 UNIT currency: EUR

30.12.2020 30.12.2019 30.12.2018 28.12.2017 29.12.2016


0.01 0.01 0.01 0.01 -

Valeur liquidative 93,540.00 95,395.00 99,365.00 99,971.00 -


- - - - -


1,614.00 1,658.00 3,727.00 306.00 -



Unit capitalisation (2) -1,897.00 -2,174.00 -3,962.00 -577.00 -



w/c UNIT / FR0013106713 UNIT currency: EUR

30.12.2020 30.12.2019 30.12.2018 28.12.2017 29.12.2016


4,612.346 5,055.141 6,115.462 4,526.83 2,126



- - - - -


- - - - -



Unit capitalisation (2) -502.03 -807.09 -15.12 -154.89 -175.44



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at 30.12.2020Inventory

BE6324022100 AXA BANK CD 02/21 PROPRE 40,000,000.00 40,035,069.60 EUR 1.21 BE6324349461 AXA EUR CDN 09/2021 PROPRE 32,000,000.00 32,045,312.06 EUR 0.97 BE6324568714 AXA BK ER CDN 01/21 PROPRE 20,000,000.00 20,008,100.50 EUR 0.61 FR0126179474 UBS AG 0% 04/21 PROPRE 42,000,000.00 42,052,156.36 EUR 1.27 FR0126230194 PARIS RHIN 0% 6/21 PROPRE 32,000,000.00 32,064,649.47 EUR 0.97 IT0005412587 BOT 0% 31/12/2020 PROPRE 220,000,000.00 219,995,600.00 EUR 6.67 IT0005415945 BOT 0% 14/07/2021 PROPRE 15,000,000.00 15,045,600.00 EUR 0.46 IT0005415952 BOT 0% 01/21 PROPRE 145,000,000.00 145,063,800.00 EUR 4.40 IT0005419046 BOT 0% 26/02/2021 PROPRE 145,000,000.00 145,139,200.00 EUR 4.40 IT0005419863 BOT 0% 31/03/2021 PROPRE 73,000,000.00 73,123,370.00 EUR 2.22 IT0005423154 BOT 0% 30/04/2021 PROPRE 52,000,000.00 52,105,560.00 EUR 1.58 IT0005429359 BOT 0% 30/06/21 PROPRE 135,000,000.00 135,330,696.00 EUR 4.10 XS2099986965 UBS AG LD CDN 01/21 PROPRE 44,000,000.00 44,002,205.02 EUR 1.33 XS2276544819 ENEL FINANCE 0% 1/21 PROPRE 30,000,000.00 30,006,656.49 EUR 0.91 XS2279414994 ENEL FIN 0% 01/21 PROPRE 5,300,000.00 5,300,815.00 EUR 0.16

1,031,318,790.50 31.26

XS0250729109 ABBEY SVC 4.25 21 PROPRE 62,500,000.00 65,248,065.07 EUR 1.98 XS1935134095 ABN AMR BK VAR 01/21 PROPRE 10,140,000.00 10,141,622.40 EUR 0.31 XS1548802914 BANQ FED 0.375% 2022 PROPRE 74,100,000.00 75,002,374.01 EUR 2.27 FR0013398278 BANQ FED VAR 01/21 PROPRE 52,500,000.00 52,518,375.00 EUR 1.59 XS1385051112 BARCLAYS 1.875% 2021 PROPRE 76,410,000.00 77,956,779.14 EUR 2.36 XS0954928783 BFCM 2.625%02/2021 PROPRE 7,500,000.00 7,701,091.60 EUR 0.23 XS1873143561 BMW FIN 0.125% 21 PROPRE 10,860,000.00 10,912,489.50 EUR 0.33 DE000A1Z6M12 BMW US CAP 1.125% 21 PROPRE 16,000,000.00 16,225,740.27 EUR 0.49 XS1014704586 BNP PARIBAS 2.25% 21 PROPRE 80,794,000.00 82,639,070.06 EUR 2.50 FR0011781764 BPCE SA 2.125 03/21 PROPRE 19,100,000.00 19,524,940.99 EUR 0.59 XS0529414319 CARREFOUR 3.875%2021 PROPRE 14,900,000.00 15,509,197.73 EUR 0.47 FR0013155868 CARREFOUR FRN 2021 PROPRE 35,300,000.00 35,324,745.30 EUR 1.07 FR0010758599 CFF 4.875 05/21 PROPRE 4,038,000.00 4,243,606.11 EUR 0.13 XS1128148845 CITIGROUP 1.375% 21 PROPRE 6,034,000.00 6,140,133.93 EUR 0.19 FR0011033125 CM ARKEA 4.5% 04/21 PROPRE 19,000,000.00 19,885,865.89 EUR 0.60 FR0012004521 CREDIT AGR FRN 06/21 PROPRE 21,800,000.00 21,873,145.66 EUR 0.66 DE000A194DC1 DAIMLER 0.25% 08/21 PROPRE 80,747,000.00 81,134,076.78 EUR 2.46 DE000A169G07 DAIMLER AG 0.875% 21 PROPRE 10,000,000.00 10,100,587.43 EUR 0.31 DE000A1TNJ97 DAIMLER AG 2% 06/21 PROPRE 8,643,000.00 8,832,500.73 EUR 0.27 XS1616411036 E.ON SE 0.375% 2021 PROPRE 6,675,000.00 6,700,476.55 EUR 0.20 FR0011637586 EDF 2.25 27/04/2021 PROPRE 3,700,000.00 3,783,376.71 EUR 0.11 XS0647298883 ENEL FIN 5% 12/07/21 PROPRE 10,000,000.00 10,519,095.89 EUR 0.32 XS0996354956 ENI SPA 2.625% 11/21 PROPRE 10,000,000.00 10,291,524.66 EUR 0.31 XS1032978345 GOLDMAN SACH 2.5% 21 PROPRE 14,405,000.00 14,817,594.72 EUR 0.45 XS1458408306 GOLDMAN SACHS FRN 21 PROPRE 82,994,000.00 83,511,495.25 EUR 2.53 XS0260981658 HBOS TREAS 4.5 21 PROPRE 12,300,000.00 12,882,347.71 EUR 0.39 XS0526606537 HSBC 4% 15/01/21 PROPRE 15,000,000.00 15,607,467.21 EUR 0.47 XS1368576572 ING BANK NV 0.75% 21 PROPRE 20,700,000.00 20,870,483.16 EUR 0.63 XS0599993622 INSTITUT CREDI 6% 21 PROPRE 5,000,000.00 5,303,369.18 EUR 0.16 XS1077772538 INTESA 2% 18/06/21 PROPRE 126,286,000.00 129,032,582.10 EUR 3.91 XS1018032950 INTESA SAN 3.5% 2022 PROPRE 22,117,000.00 23,713,334.96 EUR 0.72 XS0984367077 JPM CHASE 2.625% 21 PROPRE 21,573,000.00 22,180,084.91 EUR 0.67

% TNAQuotation

CcyMarket

Value Asset Code Asset Description

HoldingStatus

Nominal



BE6286238561 KBC 1% 2021 PROPRE 19,100,000.00 19,314,139.78 EUR 0.59 XS1050547857 MORGAN STA 2.375 21 PROPRE 57,602,000.00 59,039,406.62 EUR 1.79 XS1824289901 MORGAN STAN VAR 21 PROPRE 86,181,000.00 86,346,467.52 EUR 2.62 XS2048471002 NATWE MARK FRN 03/21 PROPRE 76,470,000.00 76,533,317.16 EUR 2.32 XS1884702207 NATWEST FRN 09/2021 PROPRE 38,051,000.00 38,264,839.22 EUR 1.16 XS1032997568 NORDEA 2% 17/02/21 PROPRE 26,710,000.00 27,256,102.73 EUR 0.83 XS2013531228 NTWST MRKTS FRN 21 PROPRE 87,711,000.00 87,948,258.26 EUR 2.67 XS0576532054 RABOBANK 4.125% 0121 PROPRE 23,475,000.00 24,445,652.77 EUR 0.74 XS0256967869 RABOBANK 4.375% 21 PROPRE 24,000,000.00 25,104,026.30 EUR 0.76 XS0415624716 ROCHE HLD INC 6.5 21 PROPRE 5,000,000.00 5,328,615.75 EUR 0.16 XS0412842857 RWE FINAN 6.5% 21 PROPRE 18,078,000.00 19,285,033.39 EUR 0.58 XS1690133811 SANTAN CONS 0.5% 21 PROPRE 32,800,000.00 33,070,280.99 EUR 1.00 XS1413580579 SANTAN CONS 1% 2021 PROPRE 32,400,000.00 32,781,334.68 EUR 0.99 XS1370695477 SANTANDER 1.375% 21 PROPRE 45,200,000.00 45,865,121.10 EUR 1.39 XS2049616464 SIEMENS FI 0% 09/21 PROPRE 5,000,000.00 5,012,450.00 EUR 0.15 FR0013365491 SOC GN 0.25% 01/2022 PROPRE 13,000,000.00 13,123,036.83 EUR 0.40 XS1369614034 SOCIETE GEN 0.75% 21 PROPRE 10,000,000.00 10,081,073.77 EUR 0.31 FR0013394699 SOCIETE GEN VAR 21 PROPRE 25,800,000.00 25,796,388.00 EUR 0.78 XS0791007734 ST GOBAIN 3.625% 21 PROPRE 4,150,000.00 4,306,043.98 EUR 0.13 XS1105680703 UBS AG LNDN 1.25% 21 PROPRE 17,000,000.00 17,266,429.59 EUR 0.52 XS1014627571 UNICREDIT 3.25% 21 PROPRE 69,855,000.00 72,152,672.19 EUR 2.19 FR0010918490 VEOLIA 4.247% 01/21 PROPRE 10,000,000.00 10,424,679.23 EUR 0.32

1,718,873,010.47 52.08

SWAP03902940 LCH00071008275#S_202 PROPRE 50,000,000.00 14,327.28 EUR - SWAP03902944 LCH00071007980#S_202 PROPRE 30,000,000.00 6,181.53 EUR - SWAP03902947 LCH00071008617#S_202 PROPRE 50,000,000.00 4,461.12 EUR - SWAP03902948 LCH00071008423#S_202 PROPRE 50,000,000.00 12,854.03 EUR - SWAP03902951 LCH00071008325#S_202 PROPRE 30,000,000.00 423.80 EUR - SWAP03902953 LCH00071008175#S_202 PROPRE 40,000,000.00 10,779.04 EUR - SWAP03902954 LCH00071008372#S_202 PROPRE 30,000,000.00 3,475.80- EUR - SWAP03902958 LCH00071008748#S_202 PROPRE 50,000,000.00 202.51- EUR - SWAP03902960 LCH00071009439#S_202 PROPRE 70,000,000.00 3,559.48- EUR - SWAP03902962 LCH00071007887#S_202 PROPRE 50,000,000.00 9,606.52 EUR - SWAP03905067 LCH00072058968#S_202 PROPRE 60,000,000.00 515.85 EUR -

51,911.38 -

BDS065EUR Ach diff titres EUR PROPRE 135,330,691.82- 135,330,691.82- EUR 4.10- BK065EUR Banque EUR SGP PROPRE 462,267,392.09 462,267,392.09 EUR 14.01 BK901EUR Banque EUR CRS PROPRE 5,449.73 5,449.73 EUR - DFPCSFEUR Deposit OTC EUR PROPRE 828,776.00 828,776.00 EUR 0.03 F110EURC1 PrComGestFin PROPRE 1,575.55- 1,575.55- EUR - F110EURC2 PrComGestFin PROPRE 180,953.12- 180,953.12- EUR 0.01- F110EURC3 PrComGestFin PROPRE 59,369.48- 59,369.48- EUR - F110EURU PrComGestFin PROPRE 0.01- 0.01- EUR - F120EURC1 PrComGestAdm PROPRE 113.37- 113.37- EUR - F120EURC2 PrComGestAdm PROPRE 17,727.60- 17,727.60- EUR - F120EURC3 PrComGestAdm PROPRE 7,872.65- 7,872.65- EUR - F120EURU PrComGestAdm PROPRE 0.01- 0.01- EUR - F130EURC1 PrComGestDep PROPRE 436.25- 436.25- EUR - F130EURC2 PrComGestDep PROPRE 68,216.55- 68,216.55- EUR - F130EURC3 PrComGestDep PROPRE 30,294.33- 30,294.33- EUR -

% TNAQuotation

CcyMarket


HoldingStatus

Nominal



F130EURU PrComGestDep PROPRE 0.03- 0.03- EUR - F261EURC1 PrHonoCAC PROPRE 49.74- 49.74- EUR - F261EURC1- PrN-1HonoCAC PROPRE 146.18- 146.18- EUR - F261EURC2 PrHonoCAC PROPRE 7,793.40- 7,793.40- EUR - F261EURC2- PrN-1HonoCAC PROPRE 9,841.31- 9,841.31- EUR - F261EURC3 PrHonoCAC PROPRE 3,127.24- 3,127.24- EUR - F261EURC3- PrN-1HonoCAC PROPRE 2,951.11- 2,951.11- EUR - ITN065EUR Prov Int Neg CptCash PROPRE 105,829.70- 105,829.70- EUR - MGCSFEUR Appel de marge EUR PROPRE 51,911.38- 51,911.38- EUR -

327,222,716.99 9.93

XS1360443979 ABBEY NATL 0.25% 21 PROPRE 5,000,000.00 5,026,468.49 EUR 0.15 XS1548914800 BANCO BIL 0.625% 22 PROPRE 12,000,000.00 12,195,696.07 EUR 0.37 ES0413211865 BANCO BIL0.625% 21 PROPRE 5,000,000.00 5,039,313.01 EUR 0.15 XS1346315200 BANCO BILBAO V 1% 21 PROPRE 14,500,000.00 14,647,941.20 EUR 0.44 XS1502438820 COOPERATIE 0.125% 21 PROPRE 5,000,000.00 5,026,605.48 EUR 0.15 DE000A19NY87 DAIMLER 0.2% 2021 PROPRE 17,910,000.00 17,994,162.28 EUR 0.55 XS1976945995 ING BANK NV VAR 21 PROPRE 8,800,000.00 8,807,920.00 EUR 0.27 IT0004839046 INTESA 5% 27/01/2021 PROPRE 5,000,000.00 5,248,089.62 EUR 0.16 IT0005161325 INTESA SANPAO FRN 21 PROPRE 66,160,000.00 66,297,329.26 EUR 2.01 FR0011062595 LCL SA 4.4% 13/07/21 PROPRE 6,300,000.00 6,510,444.65 EUR 0.20 XS1346089359 LLOYDS BA 0.375% 21 PROPRE 10,860,000.00 10,902,859.61 EUR 0.33 XS1810806049 UBS AG VAR 04/2021 PROPRE 64,010,000.00 64,083,611.50 EUR 1.94

221,780,441.17 6.72

% TNAQuotation

CcyMarket


HoldingStatus

Nominal

Documents

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