BNP Paribas Sfrrrr.

BNP PARIBAS FUNDS
SICAV
SEMI-ANNUAL REPORT at 30/06/2023

R.C.S. Luxembourg B 33 363
The asset manager for a changing world
BNP PARIBAS FUNDS
Table of contents
Page
Organisation 3
Information 5
Financial statements at 30/06/2023 6
Key figures relating to the last 3 years 14
Securities portfolio at 30/06/2023
Aqua 30
Brazil Equity 31
China Equity 32
Climate Impact 33
Consumer Innovators 34
Disruptive Technology 35
Ecosystem Restoration 36
Emerging Bond Opportunities 37
Emerging Equity 42
Emerging Multi-Asset Income 43
Energy Transition 47
Euro Equity 48
Europe Emerging Equity (NAV suspended) 49
Europe Equity 50
Europe Growth 51
Europe Small Cap 52
Global Convertible 53
Global Environment 56
Global High Yield Bond 57
Global Inflation-Linked Bond 61
Green Tigers 63
Health Care Innovators 64
Latin America Equity 65
Local Emerging Bond 66
Russia Equity (NAV suspended) 69
SMaRT Food 70
Sustainable Asia ex-Japan Equity 71
Sustainable Asian Cities Bond 72
Sustainable Europe Dividend 73
Sustainable Global Corporate Bond 74
Sustainable Global Low Vol Equity 82
Sustainable Multi-Asset Balanced 84
Sustainable Multi-Asset Growth 89
Page 1
BNP PARIBAS FUNDS
Table of contents
Page
US Growth 90
US Mid Cap 91
USD Short Duration Bond 92
Notes to the financial statements 93
No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the
current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
Page 2
BNP PARIBAS FUNDS
Organisation
Registered office
10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg
Board of Directors
Chairman
Mr Pierre MOULIN, Global Head of Products and Strategic Marketing, BNP PARIBAS ASSET MANAGEMENT France, Paris
Members
Mr Marnix ARICKX, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Belgium, Brussels
Mrs Giorgia D’ANNA, Head of Business Development Group Networks International Markets, BNP PARIBAS ASSET
MANAGEMENT France, Paris
Mrs Cecile du MERLE, Global Head of Product Engineering, BNP PARIBAS ASSET MANAGEMENT France, Paris
Mr Emmanuel COLLINET DE LA SALLE, Global Head of Sales, Wealth Management and Retail Networks, BNP PARIBAS
ASSET MANAGEMENT France, Paris
Mrs Marianne HUVE-ALLARD, Head of Brand and Communication, BNP PARIBAS ASSET MANAGEMENT France, Paris
Mr Philippe DITISHEIM, Independent Director, Paris, France
Mrs Georgina WILTON, Head of Business Management Fundamental Active Equities, .BNP Paribas Asset Management UK,
London (since 24 March 2023)
Mr François ROUX, Head of Global Product Strategy, BNP PARIBAS ASSET MANAGEMENT France, Paris
Company Secretary (non-member of the Board)
Mr Stephane BRUNET, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg, Luxembourg
Management Company
BNP PARIBAS ASSET MANAGEMENT Luxembourg, 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg
BNP PARIBAS ASSET MANAGEMENT Luxembourg is a Management Company as defined in Chapter 15 of the Luxembourg Law
of 17 December 2010 concerning undertakings for collective investment, as amended.
The Management Company performs the functions of administration, portfolio management and marketing duties.
Portfolio management is delegated to:
Effective Investment Manager
BNP Paribas Group management entities (generally named BNP PARIBAS ASSET MANAGEMENT)
• Alfred Berg Kapitalförvaltning AS, Støperigata 2, Postboks 1294 Vika, 0250 Oslo, Norway, also acting through its Sweden
branch Holvslagargatan 3, PO box 70447, 107 25 Stockholm, Sweden
• BNP PARIBAS ASSET MANAGEMENT Asia Ltd., 17/F, Lincoln House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong
Kong
• BNP PARIBAS ASSET MANAGEMENT Brasil Ltda, Av. Juscelino Kubitchek 510-11 Andar, 04543-00 Sao Paulo - SP, Brazil
• BNP PARIBAS ASSET MANAGEMENT France, 1 boulevard Haussmann, F-75009 Paris, France, also acting through its
Dutch/Netherlands branch Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The Netherlands, also acting through its
Belgian branch Montagne du Parc 3, 1000 Brussels, Belgium
• BNP PARIBAS ASSET MANAGEMENT UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom
• BNP PARIBAS ASSET MANAGEMENT USA, Inc., 200 Park Avenue, 11th floor, New York, NY 10166, United States of
America
Page 3
BNP PARIBAS FUNDS
Organisation
Non-group management entities

• Impax Asset Management Limited, 7th Floor, 30 Panton Street, London, SW1Y 4AJ, United Kingdom, Manager for the “Aqua”,
“Climate Impact”, “Global Environment”, “Green Tigers” and “SMaRT Food” sub-funds
NAV Calculation, Registrar and Transfer Agent

BNP Paribas, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Depositary
BNP Paribas, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Auditor
PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of
Luxembourg
Page 4
BNP PARIBAS FUNDS
Information
Establishement
BNP Paribas Funds (the “Fund”, the “Company”) is an open-ended investment company (Société d’Investissement à Capital
Variable - abbreviated to “SICAV”), incorporated under Luxembourg law on 27 March 1990 for an indefinite period under the name
PARVEST. The current name BNP Paribas Funds is effective as from 30 August 2019.
The Company is currently governed by the provisions of Part I of the Law of 17 December 2010 governing undertakings for collective
investment as well as by Directive 2009/65 amended by Directive 2014/91 and the provisions of Regulation 2017/1131.
The Company’s capital is expressed in euros (EUR) and is at all times equal to the total net assets of the various sub-funds. It is
represented by fully paid-up shares issued without a designated par value, described below under “The Shares”. The capital varies
automatically without the notification and specific recording measures required for increases and decreases in the capital of limited
companies. Its minimum capital is defined by the Law.
The Company is registered in the Luxembourg Trade and Companies Register under the number B 33 363.
Information to the Shareholders
Net Asset Values and Dividends

Net Assets values are calculated every full bank business day in Luxembourg, excepted for some sub-funds. Additional information
can be found in the Prospectus.
The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the
shares are publicly offered.
This information is also available on the website: www.bnpparibas-am.com.
Financial Year
The Company’s financial year starts on 1 January and ends on 31 December.
Financial Reports
The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a
non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to
publish a simplified version of the financial report when required.
The financial reports of each sub-fund are published in the accounting currency of the sub-fund, although the combined accounts of
the Company are expressed in euro.
The annual report is made public within four months of the end of the financial year and the interim report within two months of the
end of the half-year.
Documents for Consultation

The Articles of Association, the Prospectus, the KIIDs, and periodic reports may be consulted at the Company’s registered office and
at the establishments responsible for the Company’s financial service. Copies of the Articles of Association and the annual and
interim reports are available on request.
Except for the newspaper publications required by Law, the official media to obtain any notice to shareholders will be our website
www.bnpparibas-am.com.
Documents and information are also available on the website: www.bnpparibas-am.com.
Page 5
BNP PARIBAS FUNDS
Financial statements at 30/06/2023
Aqua Brazil Equity China Equity Climate Impact
Expressed in EUR USD USD EUR

Notes
Statement of net assets
Assets 3 753 841 339 85 296 470 1 177 940 614 3 080 278 601
Securities portfolio at cost price 3 094 095 341 73 068 665 1 481 812 827 2 765 986 575
Unrealised gain/(loss) on securities portfolio 565 856 284 9 564 916 (338 374 504) 243 665 529
Securities portfolio at market value 2 3 659 951 625 82 633 581 1 143 438 323 3 009 652 104
Options at market value 2,15 0 0 0 0
Net Unrealised gain on financial instruments 2,11,12,13, 483 398 0 125 611 967 410
14
Cash at banks and time deposits 50 443 327 1 613 575 30 939 057 54 837 261
Other assets 42 962 989 1 049 314 3 437 623 14 821 826
Liabilities 24 943 607 473 057 3 906 603 9 501 246
Bank overdrafts 0 0 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 0 0 0 0
14
Other liabilities 24 943 607 473 057 3 906 603 9 501 246
Net asset value 3 728 897 732 84 823 413 1 174 034 011 3 070 777 355
Statement of operations and changes in net
assets
Income on investments and assets, net 40 377 158 1 801 187 8 997 624 23 629 374
Management fees 3 23 750 188 689 202 8 048 713 25 463 809
Bank interest 11 136 1 740 1 888 3 992
Interest on swaps 2 0 0 0 0
Other fees 6 5 727 789 170 102 1 889 550 4 786 420
Taxes 7 969 903 31 668 301 297 856 412
Transaction fees 21 1 088 541 251 079 1 191 913 1 650 801
Distribution fees 4 757 050 5 930 97 880 149 630
Total expenses 32 304 607 1 149 721 11 531 241 32 911 064
Net result from investments 8 072 551 651 466 (2 533 617) (9 281 690)
Net realised result on:
Investments securities 2 127 635 442 (2 676 209) (73 740 887) 22 638 755
Financial instruments 2 2 595 670 60 811 (252 845) 290 577
Net realised result 138 303 663 (1 963 932) (76 527 349) 13 647 642
Movement on net unrealised
gain/(loss) on:
Investments securities 212 728 814 12 983 738 (34 265 615) 225 803 954
Financial instruments 255 219 0 73 223 562 560
Change in net assets due to operations 351 287 696 11 019 806 (110 719 741) 240 014 156
Net subscriptions/(redemptions) (64 545 417) (6 239 160) 56 273 678 193 339 042
Dividends paid 8 (6 311 119) (172 649) (629 480) (2 809 803)
Increase/(Decrease) in net assets during 280 431 160 4 607 997 (55 075 543) 430 543 395
the year/period
Net assets at the beginning of the 3 448 466 572 80 215 416 1 229 109 554 2 640 233 960
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 3 728 897 732 84 823 413 1 174 034 011 3 070 777 355
year/period
The accompanying notes form an integral part of these financial statements

Page 6
BNP PARIBAS FUNDS
Disruptive Ecosystem Emerging Bond Emerging Multi-Asset

Consumer Innovators Emerging Equity
Technology Restoration Opportunities Income
EUR EUR EUR USD USD USD
982 764 553 3 596 152 536 13 795 415 347 814 362 198 436 339 14 254 349
855 645 963 2 586 195 545 28 056 478 381 301 835 184 370 221 18 981 993
110 495 801 968 772 353 (14 429 973) (70 212 591) 7 020 335 (5 246 300)
966 141 764 3 554 967 898 13 626 505 311 089 244 191 390 556 13 735 693
0 0 11 398 0 0 740
549 799 6 468 337 0 0 0 220 980
9 892 320 27 882 000 61 421 21 096 955 6 424 095 20 735
6 180 670 6 834 301 96 091 15 628 163 621 688 276 201
6 763 178 15 477 398 141 552 15 797 763 1 340 083 304 407
0 0 0 257 570 0 0
0 0 30 389 10 050 575 0 0
6 763 178 15 477 398 111 163 5 489 618 1 340 083 304 407
976 001 375 3 580 675 138 13 653 863 332 016 599 197 096 256 13 949 942
4 823 250 7 849 093 229 702 10 657 102 2 317 665 337 252
6 793 711 20 130 775 118 552 1 803 353 1 536 148 95 278
2 342 31 864 33 425 77 075 215 7 306
0 0 0 1 566 984 0 0
1 819 241 5 522 291 66 883 395 110 382 031 28 086
350 235 1 058 596 5 813 107 227 73 570 6 130
88 216 267 406 483 021 0 220 830 11 741
175 316 413 565 2 492 3 277 15 302 24
9 229 061 27 424 497 710 186 3 953 026 2 228 096 148 565
(4 405 811) (19 575 404) (480 484) 6 704 076 89 569 188 687
(14 166 399) 68 799 711 (54 099 092) (9 011 150) (7 307 319) (755 596)
164 706 (838 612) 7 274 473 437 858 114 789 186 073
(18 407 504) 48 385 695 (47 305 103) (1 869 216) (7 102 961) (380 836)
161 338 873 670 454 566 55 633 990 19 796 301 16 171 884 1 572 366
284 925 3 738 638 (7 221 837) (2 291 972) 0 (278 799)
143 216 294 722 578 899 1 107 050 15 635 113 9 068 923 912 731
(84 350 030) 41 309 183 (118 442 466) 16 464 263 (41 715 201) (9 578 706)
(830 086) (4 602 609) (60 890) (7 887 948) (625 715) (244 055)
58 036 178 759 285 473 (117 396 306) 24 211 428 (33 271 993) (8 910 030)
917 965 197 2 821 389 665 131 050 169 307 805 171 230 368 249 22 859 972
0 0 0 0 0 0
976 001 375 3 580 675 138 13 653 863 332 016 599 197 096 256 13 949 942

Page 7
BNP PARIBAS FUNDS

Europe Emerging
Energy Transition Euro Equity Equity (NAV Europe Equity
suspended)
Expressed in EUR EUR EUR EUR

Notes
Assets 2 089 400 567 1 574 280 740 22 698 984 973 518 555
Securities portfolio at cost price 2 764 074 172 1 253 230 252 22 412 809 763 427 482
Unrealised gain/(loss) on securities portfolio (748 372 273) 304 147 263 (22 412 792) 191 091 074
Securities portfolio at market value 2 2 015 701 899 1 557 377 515 17 954 518 556
Options at market value 2,15 1 433 108 0 0 0
Net Unrealised gain on financial instruments 2,11,12,13, 0 0 0 0
14
Cash at banks and time deposits 64 762 500 992 22 650 041 0
Other assets 7 503 060 16 902 233 48 926 18 999 999
Liabilities 17 767 169 18 766 803 108 661 16 307 313
Bank overdrafts 0 0 0 538 748
Net Unrealised loss on financial instruments 2,11,12,13, 548 213 614 0 0
14
Net asset value 2 071 633 398 1 555 513 937 22 590 323 957 211 242
assets
Income on investments and assets, net 4 476 453 32 090 812 422 376 19 072 821
Management fees 3 12 393 998 8 862 146 0 4 819 947
Bank interest 505 423 2 260 0 203
Other fees 6 3 572 303 2 538 786 36 439 1 780 979
Taxes 7 695 549 457 887 7 713 256 292
Transaction fees 21 2 653 628 587 962 21 440 227 734
Distribution fees 4 478 649 144 645 0 24 777
Total expenses 20 299 550 12 593 686 65 592 7 109 932
Net result from investments (15 823 097) 19 497 126 356 784 11 962 889
Investments securities 2 (47 755 638) 45 220 319 1 602 501 54 933 934
Financial instruments 2 146 011 888 199 500 (158 667) 4 523
Net realised result 82 433 153 64 916 945 1 800 618 66 901 346
gain/(loss) on:
Investments securities 149 084 546 115 036 105 901 569 42 130 979
Financial instruments (120 491 061) (40 483) 0 0
Change in net assets due to operations 111 026 638 179 912 567 2 702 187 109 032 325
Net subscriptions/(redemptions) 10 749 799 24 189 918 0 (207 215 088)
Dividends paid 8 (2 628 528) (2 325 343) 0 (3 378 586)
Increase/(Decrease) in net assets during 119 147 909 201 777 142 2 702 187 (101 561 349)
the year/period
Net assets at the beginning of the 1 952 485 489 1 353 736 795 19 888 136 1 058 772 591
Net assets at the end of the financial 2 071 633 398 1 555 513 937 22 590 323 957 211 242
year/period

Page 8
BNP PARIBAS FUNDS
Global High Yield Global Inflation-

Europe Growth Europe Small Cap Global Convertible Global Environment
Bond Linked Bond
EUR EUR USD EUR EUR EUR
125 188 287 501 502 887 761 596 409 2 785 186 245 82 690 584 526 434 293
98 667 883 480 011 758 822 452 025 2 342 701 805 82 889 042 535 948 972
24 417 886 13 689 185 (82 248 722) 377 255 224 (3 131 958) (33 929 151)
123 085 769 493 700 943 740 203 303 2 719 957 029 79 757 084 502 019 821
0 0 0 0 0 0
0 0 8 897 417 0 0 0
194 776 2 540 280 10 706 700 49 777 766 1 094 823 15 949 587
1 907 742 5 261 664 1 788 989 15 451 450 1 838 677 8 464 885
2 465 706 5 591 778 1 551 395 35 298 953 1 528 167 17 726 947
0 0 0 0 0 5 430 000
30 796 65 941 0 14 544 795 530 867 6 661 004
2 434 910 5 525 837 1 551 395 20 754 158 997 300 5 635 943
122 722 581 495 911 109 760 045 014 2 749 887 292 81 162 417 508 707 346
1 728 552 8 799 960 2 872 820 26 878 148 2 284 281 1 767 554
580 942 3 660 752 3 155 950 15 703 135 397 563 457 017
63 2 388 159 800 42 400 11 618 248 785
0 0 31 946 0 0 0
261 662 872 469 1 010 342 4 382 223 106 298 372 624
39 355 153 888 160 834 575 758 26 732 52 599
71 582 536 959 8 468 1 731 230 11 0
2 187 30 390 35 048 304 009 39 985 20 137
955 791 5 256 846 4 562 388 22 738 755 582 207 1 151 162
772 761 3 543 114 (1 689 568) 4 139 393 1 702 074 616 392
1 577 011 (1 972 741) (4 968 183) 121 848 824 (2 855 432) (25 637 245)
(19 689) (3 022) 8 443 561 (18 382 802) 5 206 262 8 532 553
2 330 083 1 567 351 1 785 810 107 605 415 4 052 904 (16 488 300)
9 478 709 27 251 330 42 641 098 124 852 552 3 811 227 25 291 583
3 147 22 702 (1 524 236) (28 654 138) (4 643 521) (21 128 964)
11 811 939 28 841 383 42 902 672 203 803 829 3 220 610 (12 325 681)
(3 932 457) (118 212 468) (41 710 051) (386 558 175) (3 676 803) 96 804 699
(2 084 480) (1 747 229) (3 698 780) (3 892 126) (1 578 312) (183 514)
5 795 002 (91 118 314) (2 506 159) (186 646 472) (2 034 505) 84 295 504
116 927 579 587 029 423 762 551 173 2 936 533 764 83 196 922 424 411 842
0 0 0 0 0 0
122 722 581 495 911 109 760 045 014 2 749 887 292 81 162 417 508 707 346

Page 9
BNP PARIBAS FUNDS
Health Care Latin America

Green Tigers Local Emerging Bond
Innovators Equity
Expressed in USD EUR USD USD

Notes
Assets 1 409 251 033 1 486 190 388 49 264 990 215 257 312
Unrealised gain/(loss) on securities portfolio (142 136 853) 159 570 760 6 787 104 (3 760 814)
Securities portfolio at market value 2 1 354 470 011 1 449 032 290 47 692 742 204 219 918
Net Unrealised gain on financial instruments 2,11,12,13, 684 633 1 172 251 0 981 822
14
Other assets 11 716 879 7 416 290 313 133 6 844 822
Liabilities 34 809 129 13 306 362 130 714 4 847 295
Bank overdrafts 283 660 0 0 95 593
Net Unrealised loss on financial instruments 2,11,12,13, 0 0 0 0
14
Net asset value 1 374 441 904 1 472 884 026 49 134 276 210 410 017
assets
Income on investments and assets, net 10 307 424 8 088 750 1 041 344 6 441 684
Management fees 3 7 311 430 10 599 162 360 337 934 411
Bank interest 0 7 666 1 043 73 609
Interest on swaps 2 0 0 0 447 356
Other fees 6 1 989 298 2 857 011 95 558 231 090
Taxes 7 1 282 409 546 960 18 065 34 079
Transaction fees 21 1 026 329 335 939 97 238 0
Total expenses 11 626 040 14 575 938 577 209 1 737 479
Net result from investments (1 318 616) (6 487 188) 464 135 4 704 205
Investments securities 2 (27 344 018) 48 837 011 (874 911) (2 823 392)
Financial instruments 2 (190 779) (43 495) 9 613 3 077 508
Net realised result (28 853 413) 42 306 328 (401 163) 4 958 321
gain/(loss) on:
Investments securities 101 132 112 (57 567 461) 7 458 622 13 526 065
Financial instruments 638 857 367 124 0 (2 111 357)
Change in net assets due to operations 72 917 556 (14 894 009) 7 057 459 16 373 029
Net subscriptions/(redemptions) 46 562 628 (63 560 363) (1 547 431) (31 075 736)
Dividends paid 8 (2 650 659) (1 972 797) (222 348) (3 042 137)
Increase/(Decrease) in net assets during 116 829 525 (80 427 169) 5 287 680 (17 744 844)
the year/period
Net assets at the beginning of the 1 257 612 379 1 553 311 195 43 846 596 228 154 861
year/period

Page 10
BNP PARIBAS FUNDS
Russia Equity (NAV Sustainable Asia ex- Sustainable Asian Sustainable Europe Sustainable Global
SMaRT Food
suspended) Japan Equity Cities Bond Dividend Corporate Bond
EUR EUR USD USD EUR USD
58 526 243 1 512 970 507 344 747 054 76 764 925 141 302 265 390 873 357
556 365 733 1 437 013 478 366 849 492 77 634 274 113 848 733 405 373 497
(499 891 672) 45 478 322 (29 748 834) (1 607 140) 23 742 048 (37 438 413)
56 474 061 1 482 491 800 337 100 658 76 027 134 137 590 781 367 935 084
0 0 0 0 0 0
32 376 0 20 815 4 390 0 4 974 624
2 019 806 26 941 419 6 868 134 0 185 939 3 828 535
0 3 537 288 757 447 733 401 3 525 545 14 135 114
1 027 383 4 788 726 2 099 011 1 262 891 3 620 595 12 153 602
0 0 0 1 165 780 0 1 087
0 711 733 0 0 19 741 0
1 027 383 4 076 993 2 099 011 97 111 3 600 854 12 152 515
57 498 860 1 508 181 781 342 648 043 75 502 034 137 681 670 378 719 755
155 163 20 953 031 4 300 532 1 201 986 3 690 843 7 872 032
0 10 245 814 2 699 720 143 214 520 712 798 956
25 941 14 131 6 351 1 427 949 0
0 0 0 0 0 934
94 968 2 486 161 775 239 72 798 210 983 476 903
0 464 656 142 991 15 204 31 361 62 355
39 285 366 591 838 0 72 723 11 855
0 136 131 3 990 391 9 902 147 696
120 948 13 632 259 4 220 129 233 034 846 630 1 498 699
34 215 7 320 772 80 403 968 952 2 844 213 6 373 333
(5 392 948) 14 539 878 (58 113 320) 171 233 2 561 195 (30 277 287)
(211 902) (45 364) 28 644 (31 890) 17 390 (16 807 900)
(5 570 635) 21 815 286 (58 004 273) 1 108 295 5 422 798 (40 711 854)
9 026 294 (16 752 261) 67 859 463 (37 815) 10 024 630 40 070 657
90 254 1 977 778 (8 794) (6 015) (30) 15 676 942
3 545 913 7 040 803 9 846 396 1 064 465 15 447 398 15 035 745
0 (150 639 221) (228 450 118) 27 751 639 (12 898 950) (85 185 530)
0 (1 238 373) (2 473 310) (638 194) (813 559) (7 078 920)
3 545 913 (144 836 791) (221 077 032) 28 177 910 1 734 889 (77 228 705)
53 952 947 1 653 018 572 563 725 075 47 324 124 135 946 781 455 948 460
0 0 0 0 0 0
57 498 860 1 508 181 781 342 648 043 75 502 034 137 681 670 378 719 755

Page 11
BNP PARIBAS FUNDS
Sustainable Global Sustainable Multi- Sustainable Multi-

US Growth
Low Vol Equity Asset Balanced Asset Growth
Expressed in EUR EUR EUR USD

Notes
Assets 802 715 478 1 133 443 806 589 344 015 1 373 593 394
Unrealised gain/(loss) on securities portfolio 13 954 636 7 925 537 27 433 270 236 781 478
Securities portfolio at market value 2 795 432 650 1 074 961 324 582 337 206 1 265 065 554
Net Unrealised gain on financial instruments 2,11,12,13, 396 240 0 0 2 959 138
14
Other assets 1 598 480 9 561 622 4 026 431 50 391 753
Liabilities 3 201 932 11 245 605 3 770 418 93 012 163
Bank overdrafts 0 0 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 0 488 252 116 227 0
14
Other liabilities 3 201 932 10 757 353 3 654 191 93 012 163
Net asset value 799 513 546 1 122 198 201 585 573 597 1 280 581 231
assets
Income on investments and assets, net 10 698 317 4 123 935 305 614 3 367 289
Management fees 3 4 420 263 7 176 204 4 003 635 6 262 638
Bank interest 63 330 16 111 6 216 30 278
Other fees 6 1 266 822 1 705 287 890 321 1 787 965
Taxes 7 199 808 418 197 225 312 336 057
Transaction fees 21 428 374 72 559 55 876 196 077
Total expenses 6 550 776 9 989 762 5 545 706 8 631 326
Net result from investments 4 147 541 (5 865 827) (5 240 092) (5 264 037)
Investments securities 2 10 318 197 (41 456 541) (16 777 220) 48 094 182
Financial instruments 2 (81 994) (4 831 586) (2 348 827) 2 582 973
Net realised result 14 383 744 (52 153 954) (24 366 139) 45 413 118
gain/(loss) on:
Investments securities 30 781 907 98 682 887 56 068 808 201 648 321
Financial instruments 263 182 1 173 452 699 558 (333 166)
Change in net assets due to operations 45 428 833 47 702 385 32 402 227 246 728 273
Net subscriptions/(redemptions) (52 670 777) (191 440 028) (72 367 537) 69 346 267
Dividends paid 8 (641 152) (7 881 161) (1 681 634) (227 234)
Increase/(Decrease) in net assets during (7 883 096) (151 618 804) (41 646 944) 315 847 306
the year/period
Net assets at the beginning of the 807 396 642 1 273 817 005 627 220 541 964 733 925
year/period

Page 12
BNP PARIBAS FUNDS
USD Short Duration

US Mid Cap Combined
Bond
USD USD EUR
77 413 075 198 147 820 31 992 310 158

64 232 894 192 471 859 29 745 061 638
10 719 616 (1 131 798) 1 351 081 230
74 952 510 191 340 061 31 096 142 868
0 0 1 445 184
147 297 944 053 28 365 668
2 169 095 4 349 754 589 184 691
144 173 1 513 952 277 171 747
1 079 312 1 341 311 372 935 874
0 550 646 8 126 710
0 0 32 960 831
1 079 312 790 665 331 848 333
76 333 763 196 806 509 31 619 374 284
431 489 2 458 305 281 478 858

618 487 355 562 192 007 948
228 9 980 1 370 243
0 0 1 876 462
142 901 239 645 50 236 620
28 092 65 526 9 836 201
10 938 0 13 975 911
4 056 6 074 4 401 049
804 702 676 787 273 704 434
(373 213) 1 781 518 7 774 424
2 664 987 (22 728) 157 343 062

130 775 300 690 141 580 785
2 422 549 2 059 480 306 698 271
3 754 149 1 213 369 2 408 256 740

(58 840) 359 261 (163 451 757)
6 117 858 3 632 110 2 551 503 254
(3 712 332) (10 184 809) (1 386 849 127)
(68 253) (834 658) (74 612 117)
2 337 273 (7 387 357) 1 090 042 010
73 996 490 204 193 866 30 647 509 228
0 0 (118 176 954)

76 333 763 196 806 509 31 619 374 284

Page 13
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Aqua EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 4 278 009 259 3 448 466 572 3 728 897 732
Net asset value per share

Share “B USD - Capitalisation” 0 82.53 92.24 10.000
Share “Classic - Capitalisation” 221.26 181.17 198.99 6 052 694.448
Share “Classic - Distribution” 170.41 137.17 147.72 1 528 349.737
Share “Classic HKD - Capitalisation” 0 89.75 100.96 10.000
Share “Classic RH CNH - Capitalisation” 1 063.04 894.80 981.38 4 144.369
Share “Classic RH CNH MD - Distribution” 0 995.80 1 076.32 100.000
Share “Classic RH CZK - Capitalisation” 2 000.53 1 733.06 1 941.64 1 148 209.350
Share “Classic RH HKD MD - Distribution” 0 90.63 97.74 100.000
Share “Classic RH SGD MD - Distribution” 165.61 132.19 143.26 52 749.442
Share “Classic RH USD - Capitalisation” 205.50 171.91 191.07 137 286.681
Share “Classic RH USD MD - Distribution” 173.47 139.15 150.99 210 944.356
Share “Classic SGD - Capitalisation” 173.22 132.43 150.04 21 459.309
Share “Classic USD - Capitalisation” 251.60 193.35 217.09 285 913.715
Share “Classic USD - Distribution” 164.33 124.04 136.61 12 909.555
Share “I - Capitalisation” 363.68 301.13 332.58 2 478 080.365
Share “I USD - Capitalisation” 136.43 106.01 119.69 237 513.019
Share “K - Capitalisation” 136.18 110.67 121.10 1 115 467.932
Share “Life - Capitalisation” 206.70 171.76 190.04 2 302 355.231
Share “N - Capitalisation” 214.26 174.14 190.55 414 156.545
Share “Privilege - Capitalisation” 349.07 288.88 318.97 646 673.823
Share “Privilege - Distribution” 171.91 139.86 151.40 292 564.812
Share “Privilege CHF - Capitalisation” 165.87 130.82 142.77 6 963.399
Share “Privilege GBP - Capitalisation” 179.39 156.89 167.53 27 510.136
Share “Privilege USD - Capitalisation” 182.30 141.59 159.81 126 362.599
Share “U11 H EUR - Capitalisation” 101.11 79.06 87.33 1 519 369.750
Share “UI15 JPY - Capitalisation” 0 0 11 323.00 278 869.441
Share “UI8 USD - Capitalisation 115.08 89.75 101.51 99 465.665
Share “UI9 - Capitalisation” 101.54 84.38 93.34 137 392.203
Share “X - Capitalisation” 249.60 207.89 230.25 578 851.432
Brazil Equity USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 109 936 095 80 215 416 84 823 413

Share “Classic - Capitalisation” 77.63 79.16 90.35 844 802.021
Share “Classic - Distribution” 47.13 46.92 49.39 45 224.477
Share “Classic EUR - Capitalisation” 68.27 74.19 82.84 47 710.065
Page 14
BNP PARIBAS FUNDS
China Equity USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 2 103 580 535 1 229 109 554 1 174 034 011

Share “Classic EUR - Capitalisation” 219.49 167.42 149.93 2 137 578.346
Share “Classic EUR - Distribution” 166.45 124.39 108.96 138 212.649
Share “Classic H EUR - Capitalisation” 80.74 57.28 53.02 85 209.250
Share “Classic RH EUR - Capitalisation” 72.41 50.26 45.28 21 664.380
Share “Classic RH SGD - Capitalisation” 82.37 58.48 52.98 278 982.655
Share “Classic RH SGD MD - Distribution” 81.05 56.09 50.66 210.444
Share “I - Capitalisation” 689.53 499.14 459.46 939 699.500
Share “I EUR - Capitalisation” 145.62 112.32 101.14 687 513.494
Share “K EUR - Capitalisation” 0 76.83 68.54 53 387.208
Share “Privilege EUR - Capitalisation” 116.31 89.62 80.65 127 863.999
Share “X AUD - Capitalisation” 92 741.44 72 661.94 68 464.69 1.895
Page 15
BNP PARIBAS FUNDS
Climate Impact EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 3 807 224 947 2 640 233 960 3 070 777 355

Share “Classic RH CNH - Capitalisation” 0 863.67 934.92 100.000
Share “Classic RH HKD - Capitalisation” 0 90.92 99.15 100.000
Share “Classic RH SGD - Capitalisation” 99.82 79.03 86.15 100.000
Share “Classic RH USD - Capitalisation” 0 91.12 99.98 100.000
Share “I - Distribution” 103.22 79.80 85.35 8 515.586
Share “I Plus - Capitalisation” 166.32 131.43 143.86 910 412.487
Share “I USD - Capitalisation” 0 90.07 100.59 10.000
Share “K - Capitalisation” 0 84.17 90.98 184 206.745
Share “Privilege - Capitalisation” 2 922.31 2 297.47 2 508.23 42 094.410
Share “Privilege RH CHF - Distribution” 0 96.24 102.96 100.000
Share “Privilege RH EUR - Capitalisation” 0 96.32 106.01 100.000
Share “Privilege RH EUR - Distribution” 106.22 74.41 80.22 4 088.126
Share “Privilege RH GBP - Distribution” 106.38 75.03 81.58 91 575.994
Share “Privilege USD - Distribution” 107.05 77.52 84.76 126 867.092
Share “U2 HKD - Capitalisation” 0 89.67 101.03 10.000
Share “U2 HKD - Distribution” 114.20 82.34 90.14 93 222.711
Share “U2 HKD MD - Distribution” 0 88.65 98.17 2 054.981
Share “U2 RH AUD - Distribution” 108.05 75.48 81.30 17 827.871
Share “U2 RH CHF - Distribution” 102.15 70.90 75.63 2 000.000
Share “U2 RH CNH - Capitalisation” 0 888.93 974.63 100.000
Share “U2 RH CNH - Distribution” 110.80 79.68 85.57 3 383.564
Share “U2 RH CNH MD - Distribution” 0 868.95 939.13 100.000
Share “U2 RH EUR - Capitalisation” 0 96.16 105.61 340.916
Share “U2 RH EUR - Distribution” 0 96.09 103.31 100.000
Share “U2 RH EUR MD - Distribution” 0 87.03 94.81 716.959
Share “U2 RH GBP - Distribution” 110.53 77.44 83.98 8 271.099
Share “U2 RH SGD - Capitalisation” 108.09 78.43 86.66 14 661.277
Share “U2 RH SGD - Distribution” 0 97.28 105.28 100.000
Share “U2 RH SGD MD - Distribution” 0 88.08 96.20 3 187.171
Share “U2 RH USD - Capitalisation” 0 87.77 96.69 100.000
Share “U2 USD - Capitalisation” 122.35 89.78 99.92 393 487.569
Share “U2 USD - Distribution 107.65 77.53 84.52 14 762.932
Share “U2 USD MD - Distribution” 0 88.82 97.26 30.460
Share “X - Distribution” 175.01 0 0 0
Consumer Innovators EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 573 523 079 917 965 197 976 001 375

Share “K - Capitalisation” 114.47 81.37 93.94 298 595.598
Share “X - Capitalisation” 145.51 0 0 0
Page 16
BNP PARIBAS FUNDS
Disruptive Technology EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 3 583 041 646 2 821 389 665 3 580 675 138

Share “B USD - Capitalisation” 119.00 81.63 103.87 7 828.099
Share “Classic - Capitalisation” 2 110.72 1 558.24 1 949.36 842 790.392
Share “Classic - Distribution” 1 644.87 1 193.29 1 465.37 98 535.889
Share “Classic CZK - Capitalisation” 2 337.20 1 677.07 2 063.65 560 675.335
Share “Classic H EUR - Capitalisation” 209.46 140.69 177.51 2 094 006.835
Share “Classic USD - Capitalisation” 2 409.63 1 669.50 2 135.01 46 703.131
Share “I - Capitalisation” 2 437.51 1 817.78 2 285.58 182 978.090
Share “I GBP - Capitalisation” 216.26 170.43 207.26 2 641.595
Share “I Plus - Capitalisation” 200.08 149.43 188.02 1 383 942.904
Share “Privilege H EUR - Capitalisation” 208.79 141.57 179.41 67 559.667
Share “Privilege RH USD - Capitalisation” 264.01 202.02 256.58 2 691.999
Share “UI6 H EUR - Capitalisation” 131.16 89.25 113.30 502 800.000
Share “UP4 - Distribution” 179.77 131.87 162.83 450 838.193
Share “X NOK - Capitalisation” 1 114 228.15 877 621.13 1 231.32 28 218.101
Ecosystem Restoration EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 210 473 302 131 050 169 13 653 863

Share “Classic H EUR - Capitalisation” 80.11 48.61 38.86 160.834
Share “Classic HKD - Capitalisation” 75.54 43.65 36.17 10.000
Share “Classic RH CNH - Capitalisation” 819.84 511.43 409.70 100.000
Share “Classic RH CZK - Capitalisation” 807.38 517.86 423.85 14 456.137
Share “I JPY - Capitalisation” 8 460.00 5 581.00 5 038.00 10.000
Share “I USD - Capitalisation” 74.90 43.11 35.54 10.000
Share “IH EUR - Capitalisation” 80.59 49.56 39.75 100.000
Share “IH JPY - Capitalisation” 8 478.00 5 188.00 4 095.00 300.000
Share “Privilege - Distribution” 80.52 48.50 38.09 10.000
Share “Privilege RH GBP - Capitalisation” 80.79 49.76 40.47 100.000
Share “Privilege USD - Capitalisation” 75.01 43.10 35.51 10.000
Share “X - Capitalisation” 80 881.91 49 912.55 0 0
Page 17
BNP PARIBAS FUNDS
Emerging Bond Opportunities USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 508 131 117 307 805 171 332 016 599

Share “B MD - Distribution” 89.04 63.85 63.15 945.638
Share “B RH AUD MD - Distribution” 88.81 62.28 61.01 100.000
Share “B RH ZAR MD - Distribution” 901.36 623.01 610.31 314.233
Share “Classic EUR MD - Distribution” 73.75 57.85 56.12 18 778.742
Share “Classic HKD MD - Distribution” 68.63 49.85 49.76 261 189.718
Share “Classic MD - Distribution” 15.28 11.11 11.05 11 215 031.547
Share “Classic MD2 - Distribution” 0 80.14 80.49 10.000
Share “Classic RH AUD MD - Distribution” 67.28 47.74 47.04 51 739.417
Share “Classic RH CNH MD - Distribution” 669.35 465.05 455.87 939.152
Share “Classic RH EUR - Distribution” 17.09 13.01 12.49 165 297.490
Share “Classic RH HKD MD - Distribution” 68.85 49.61 48.94 326 400.000
Share “Classic RH ZAR MD - Distribution” 657.69 460.26 453.39 34 098.559
Share “I RH EUR - Capitalisation” 77.61 63.76 66.36 73 891.364
Share “X - Capitalisation” 125.82 107.40 0 0
Emerging Equity USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 358 297 606 230 368 249 197 096 256

Share “B - Capitalisation” 82.67 63.32 65.36 10.000
Share “Classic CZK - Capitalisation” 961.93 771.11 769.98 41 081.869
Share “I EUR - Capitalisation” 101.46 84.62 86.37 315.646
Page 18
BNP PARIBAS FUNDS
Emerging Multi-Asset Income USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 68 565 134 22 859 972 13 949 942

Share “B MD - Distribution” 93.34 63.16 63.84 10.000
Share “B RH AUD MD - Distribution” 92.92 61.19 61.22 100.000
Share “Classic - Distribution” 82.59 57.11 56.83 558.591
Share “Classic HKD MD - Distribution” 76.58 52.47 53.53 22 580.000
Share “Classic MD - Distribution” 76.15 52.06 52.93 39 302.272
Share “Classic RH CNH MD - Distribution” 77.15 50.40 50.52 332 612.524
Share “Classic RH EUR - Distribution” 66.17 44.42 43.52 549.186
Share “I - Capitalisation” 119.81 0 0 0
Share “Privilege RH EUR - Capitalisation” 101.29 75.25 77.96 100.000
Energy Transition EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 3 001 296 860 1 952 485 489 2 071 633 398

Share “Classic - Capitalisation” 1 109.15 714.11 750.39 750 432.386
Share “Classic HKD - Capitalisation” 100.53 60.80 65.58 3 329.122
Share “Classic RH CNH - Capitalisation” 933.08 618.08 648.42 28 752.634
Share “Classic Solidarity H EUR - Capitalisation” 75.70 48.77 51.21 236 101.550
Share “Classic USD - Capitalisation” 159.87 96.60 103.77 6 687 420.389
Share “I - Capitalisation” 1 302.86 847.36 894.92 283 494.371
Share “I RH GBP - Capitalisation” 93.85 61.67 65.67 100.000
Share “Privilege - Capitalisation” 200.15 130.02 137.24 1 928 649.069
Share “Privilege H USD - Capitalisation” 72.71 49.02 52.40 105 951.774
Share “Privilege RH GBP - Capitalisation” 93.84 61.58 65.53 100.000
Share “X - Capitalisation” 2 676.36 1 753.62 1 858.96 26 943.500
Page 19
BNP PARIBAS FUNDS
Euro Equity EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 699 815 604 1 353 736 795 1 555 513 937

Share “Classic H CZK - Capitalisation” 6 119.01 5 669.49 6 536.77 17 716.254
Share “Classic H USD - Capitalisation” 189.08 170.96 195.74 2 603.559
Share “Classic SEK - Capitalisation” 0 6 796.84 8 144.78 805.243
Share “I - Distribution” 140.12 0 0 0
Europe Emerging Equity (NAV suspended) EUR EUR EUR Number of shares
31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 49 489 891 19 888 136 22 590 323

Europe Equity EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 469 359 756 1 058 772 591 957 211 242

Share “Classic CHF - Capitalisation” 170.37 143.25 155.73 49 158.273
Share “Classic CHF - Distribution” 132.66 108.71 114.68 1 240.425
Page 20
BNP PARIBAS FUNDS
Europe Growth EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 343 731 569 116 927 579 122 722 581

Share “X3 - Capitalisation” 0.01 0.01 0.01 1 000 000.000
Europe Small Cap EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 168 935 700 587 029 423 495 911 109

Share “I - Distribution” 116.14 89.25 91.09 145.000
Share “X2 - Capitalisation” 117 078.32 92 717.93 97 847.77 200.000
Global Convertible USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 215 154 444 762 551 173 760 045 014

Share “Classic RH CZK - Capitalisation” 4 139.87 3 620.81 3 822.42 59 923.022
Share “Classic RH PLN - Distribution” 599.90 521.99 530.69 323.678
Share “I RH NOK - Capitalisation” 196.91 165.62 172.58 12 674.776
Share “N RH EUR - Capitalisation” 131.42 108.03 111.42 47 247.204
Share “N RH EUR - Distribution” 123.87 100.38 99.24 12 149.835
Share “Privilege RH EUR - Capitalisation” 152.71 127.00 131.79 40 112.013
Page 21
BNP PARIBAS FUNDS
Global Environment EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 4 090 082 676 2 936 533 764 2 749 887 292

Share “Classic RH CNH MD - Distribution” 0 996.75 1 063.45 1 389.196
Share “I Plus H JPY - Capitalisation” 13 705.00 10 698.00 11 651.00 4 808 116.897
Share “I Plus JPY - Capitalisation” 14 916.00 13 206.00 16 169.00 5 523 447.162
Share “N - Distribution” 152.08 120.35 127.57 11 445.260
Share “Privilege GBP - Distribution” 149.15 126.94 131.27 295.000
Share “UI13 RH USD - Capitalisation” 0 96.41 106.51 13 981.734
Share “X - Distribution” 119 381.01 96 806.11 103 867.23 67.411
Global High Yield Bond EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 103 110 844 83 196 922 81 162 417

Share “BH AUD MD - Distribution” 95.90 74.84 74.23 1 061.478
Share “BH USD MD - Distribution” 95.92 75.86 75.73 5 808.645
Share “Classic H AUD MD - Distribution” 71.29 56.18 56.02 41 617.688
Share “Classic H USD - Capitalisation” 131.91 116.93 122.76 43 268.633
Share “Classic H USD - Distribution” 38.41 32.78 32.52 14 852.791
Share “Classic H USD MD - Distribution” 73.44 58.78 58.95 70 933.877
Share “Classic USD MD - Distribution” 59.13 43.18 44.21 224 570.105
Share “IH USD - Capitalisation” 215.87 193.02 203.50 300.000
Share “N - Capitalisation” 105.71 91.16 94.29 543.711
Share “X - Capitalisation” 0 0 100 848.40 34.000
Page 22
BNP PARIBAS FUNDS
Global Inflation-Linked Bond EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 580 181 494 424 411 842 508 707 346

Share “Privilege - Capitalisation” 142.35 116.22 115.73 19.424
Share “UI10 H SGD - Capitalisation” 189.67 158.43 159.16 3 646 078.904
Share “X - Capitalisation” 0 0 100 172.87 90.000
Green Tigers USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 974 811 613 1 257 612 379 1 374 441 904

Share “Classic - Distribution” 140.62 102.19 104.82 291.447
Share “Classic EUR - Capitalisation” 306.55 243.45 251.23 1 791 211.578
Share “Classic MD - Distribution” 0 100.31 104.87 10.000
Share “Classic RH CNH - Capitalisation” 989.58 735.84 764.26 2 770.458
Share “Privilege EUR - Distribution” 184.64 144.52 145.69 129 167.781
Share “U2 - Capitalisation” 104.19 77.85 82.23 60 495.187
Share “U2 - Distribution” 103.01 75.01 77.07 3 950.000
Share “U2 RH GBP - Distribution” 100.73 71.76 73.27 6 000.000
Share “U2 RH SGD - Capitalisation” 104.79 77.59 81.19 6 910.888
Share “U2 RH SGD - Distribution” 104.17 0 0 0
Share “X - Capitalisation” 16 484.82 12 494.50 13 290.09 38 695.193
Health Care Innovators EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 324 608 618 1 553 311 195 1 472 884 026

Share “Classic - Capitalisation” 1 515.25 1 531.73 1 516.45 687 163.227
Share “I - Capitalisation” 1 747.53 1 784.55 1 775.68 61 009.939
Page 23
BNP PARIBAS FUNDS
Latin America Equity USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 41 785 543 43 846 596 49 134 276

Local Emerging Bond USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 284 513 677 228 154 861 210 410 017

Share “B MD - Distribution” 88.21 67.01 67.87 1 177.990
Share “X - Capitalisation” 92 737.83 83 070.76 0 0
Russia Equity (NAV suspended) EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 713 679 959 53 952 947 57 498 860

Share “B USD MD - Distribution” 103.26 8.36 9.13 3 452.083
Share “Classic RH ZAR MD - Distribution” 1 056.65 104.90 114.75 210 130.469
Share “Classic USD - Capitalisation” 133.06 10.94 11.94 1 895 301.316
Share “I - Distribution” 158.27 14.07 15.04 7 910.205
Share “Privilege GBP - Distribution” 119.44 11.17 11.54 1 770.603
Share “X - Capitalisation” 123.97 11.04 11.80 45.125
Page 24
BNP PARIBAS FUNDS
SMaRT Food EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 724 156 722 1 653 018 572 1 508 181 781

Share “I MD - Distribution” 0 0 98.12 31 413.220
Share “I USD - Capitalisation” 0 0 97.78 23 895.000
Share “K - Capitalisation” 0 89.71 89.27 245 356.316
Share “Privilege GBP - Capitalisation” 100.07 95.00 92.28 20 724.178
Share “Privilege H USD - Capitalisation” 128.59 115.25 118.65 53 767.967
Share “U - Capitalisation” 122.97 109.83 109.97 296 620.266
Share “U - Distribution” 120.96 106.30 104.18 17 054.266
Share “U RH CHF - Capitalisation” 123.04 109.63 108.76 37 868.579
Share “U RH CHF - Distribution” 120.19 105.33 102.29 4 504.000
Share “U RH GBP - Capitalisation” 122.70 110.58 111.56 1 045.000
Share “U RH GBP - Distribution” 121.69 107.94 106.58 100.000
Share “U RH USD - Capitalisation” 125.34 114.21 115.62 264 985.953
Share “U RH USD - Distribution” 123.62 110.89 109.91 539.069
Share “U11 H EUR - Capitalisation” 99.55 85.75 86.58 972 384.394
Share “UP - Capitalisation” 125.02 112.61 113.24 617 854.588
Share “UP - Distribution” 122.96 108.99 107.27 41 400.359
Share “UP RH CHF - Capitalisation” 124.31 111.69 111.28 367 996.736
Share “UP RH CHF - Distribution” 122.82 108.55 105.86 46 518.913
Share “UP RH GBP - Capitalisation” 124.36 112.97 114.44 179 409.464
Share “UP RH GBP - Distribution” 123.42 110.36 109.43 36 428.084
Share “UP RH USD - Capitalisation” 127.12 116.63 118.66 390 438.493
Share “UP RH USD - Distribution” 124.83 112.87 112.40 21 801.182
Sustainable Asia ex-Japan Equity USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 713 269 702 563 725 075 342 648 043

Share “Classic RH AUD - Capitalisation” 169.27 127.71 128.00 300.000
Share “N - Capitalisation” 118.22 90.89 92.05 277.379
Share “N RH EUR - Distribution” 151.44 110.54 107.53 8 730.939
Share “Privilege EUR - Capitalisation” 122.18 101.76 101.65 535.818
Share “Privilege EUR - Distribution” 162.81 132.75 129.12 51 013.417
Share “Privilege Plus EUR - Distribution” 0 56.23 54.75 469 364.144
Page 25
BNP PARIBAS FUNDS
Sustainable Asian Cities Bond USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 41 127 048 47 324 124 75 502 034

Share “Classic RH CNH MD - Distribution” 0 998.86 979.54 2 100.000
Share “Classic RH HKD MD - Distribution” 0 99.92 98.08 13 100.000
Share “X - Capitalisation” 0 98 571.63 101 296.80 290.868
Sustainable Europe Dividend EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 195 960 870 135 946 781 137 681 670

Sustainable Global Corporate Bond USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 481 663 417 455 948 460 378 719 755

Share “B MD - Distribution” 97.05 77.65 76.85 1 201.079
Share “Classic H CNH MD - Distribution” 0 922.76 908.44 300.000
Share “Classic HKD MD - Distribution” 0 93.55 93.71 10.000
Share “IH EUR - Capitalisation” 120.64 101.11 102.98 1 328 887.197
Share “IH NOK - Capitalisation” 110.24 93.54 95.58 300.000
Share “K EUR - Capitalisation” 105.62 95.18 95.37 327 820.583
Share “NH EUR - Distribution” 95.27 77.42 73.56 7 962.226
Share “Privilege H CHF - Capitalisation” 99.18 82.39 83.09 300.000
Share “X - Capitalisation” 99 753.47 0 0 0
Share “X - Distribution” 105.85 89.21 86.47 14 925.843
Page 26
BNP PARIBAS FUNDS
Sustainable Global Low Vol Equity EUR EUR EUR Number of shares
31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 905 742 213 807 396 642 799 513 546

Share “B USD MD - Distribution” 109.61 89.55 94.75 10.000
Share “Classic CZK - Capitalisation” 18 288.61 15 892.18 16 489.60 27 042.402
Share “Classic H USD - Capitalisation” 0 95.95 104.43 1 117.073
Share “Classic RH CNH MD - Distribution” 0 995.26 1 031.51 100.000
Share “Classic RH USD MD - Distribution” 0 94.27 98.10 100.000
Share “IH USD - Capitalisation” 0 96.05 105.07 300.000
Share “X2 - Capitalisation” 128 195.72 116 630.53 124 113.37 446.000
Sustainable Multi-Asset Balanced EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 217 975 721 1 273 817 005 1 122 198 201

Share “Classic MD - Distribution” 0 88.39 90.55 81 113.372
Share “Classic RH AUD MD - Distribution” 109.04 88.31 89.94 600.000
Share “Classic RH CAD MD - Distribution” 107.05 87.75 90.14 600.000
Share “Classic RH HKD MD - Distribution” 105.46 86.20 87.77 600.000
Share “Classic RH USD - Distribution” 126.86 108.04 110.47 43 216.037
Share “Classic Solidarity BE - Capitalisation” 122.43 103.14 107.19 1 063 969.281
Share “Classic Solidarity BE - Distribution” 117.85 98.33 99.39 1 273 660.460
Share “K - Capitalisation” 108.25 90.52 93.72 1 347 345.255
Page 27
BNP PARIBAS FUNDS
Sustainable Multi-Asset Growth EUR EUR EUR Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 737 027 273 627 220 541 585 573 597

Share “Classic RH AUD MD - Distribution” 0 88.56 91.76 100.000
Share “Classic RH CAD MD - Distribution” 0 89.30 93.18 100.000
Share “Classic RH USD - Capitalisation” 101.51 87.09 92.77 100.000
Share “Classic RH USD MD - Distribution” 126.15 102.75 106.84 164.280
Share “Classic Solidarity BE - Capitalisation” 137.77 115.27 121.51 747 644.840
Share “Classic Solidarity BE - Distribution” 130.66 107.88 110.96 520 138.864
Share “Privilege - Distribution” 140.38 116.79 120.59 103.000
Share “Privilege USD - Capitalisation” 0 0 102.33 53 477.342
US Growth USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 1 283 628 261 964 733 925 1 280 581 231

Share “Classic H CZK - Capitalisation” 584.17 415.28 518.61 1 361 898.465
Share “Classic H EUR - Distribution” 320.25 214.31 259.82 5 098.187
Share “IH EUR - Capitalisation” 100.09 68.06 83.67 300.000
Share “Privilege H EUR - Distribution” 191.05 129.10 157.22 1 519.223
US Mid Cap USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 149 264 718 73 996 490 76 333 763

Share “Classic H SGD - Capitalisation” 159.04 132.35 142.48 371.286
Share “Privilege - Distribution” 130.16 0 0 0
Share “Privilege H EUR - Capitalisation” 170.28 139.74 150.34 307.687
Page 28
BNP PARIBAS FUNDS
USD Short Duration Bond USD USD USD Number of shares

31/12/2021 31/12/2022 30/06/2023 30/06/2023
Net assets 137 642 475 204 193 866 196 806 509

Share “IH EUR - Capitalisation” 100.41 94.47 94.88 21 283.039
Share “X - Capitalisation” 0 100 028.42 101 737.83 450.000
Page 29
BNP PARIBAS FUNDS Aqua

Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Denmark 68 365 482 1.83

official stock exchange listing and/or 3 659 951 625 98.15 1 601 277 NOVOZYMES A/S - B DKK 68 365 482 1.83
traded on another regulated market Brazil 59 001 205 1.58
Shares 3 659 951 625 98.15 5 436 682 CIA SANEAMENTO BASICO DE - ADR USD 59 001 205 1.58
United States of Australia 53 413 042 1.43

America 1 597 818 596 42.86 7 812 608 ALS LTD AUD 53 413 042 1.43
ADVANCED DRAINAGE
878 310
SYSTEMS INC
USD 91 598 636 2.46 Finland 46 237 636 1.24
758 598 AECOM USD 58 886 952 1.58 3 169 132 KEMIRA OYJ EUR 46 237 636 1.24
1 249 930 AMERICAN WATER WORKS CO INC USD 163 544 919 4.40 South Korea 25 616 209 0.69
625 648 CALIFORNIA WATER SERVICE GRP USD 29 607 888 0.79 837 878 COWAY CO LTD KRW 25 616 209 0.69
151 364 CHEMED CORP USD 75 150 631 2.02
Hong Kong 9 969 334 0.27
190 580 CINTAS CORP USD 86 831 812 2.33
45 748 526 BEIJING ENTERPRISES WATER GR HKD 9 969 334 0.27
468 096 ECOLAB INC USD 80 099 764 2.15
514 020 FRANKLIN ELECTRIC CO INC USD 48 480 896 1.30 Total securities portfolio 3 659 951 625 98.15
577 294 IDEX CORP USD 113 903 122 3.05
110 200 KLA TENCOR CORP USD 48 991 021 1.31
1 589 735 MASCO CORP USD 83 610 444 2.24
MUELLER WATER PRODUCTS INC -
7 139 736 USD 106 212 571 2.85
A
537 030 SITEONE LANDSCAPE SUPPLY INC USD 82 380 697 2.21
1 894 949 SMITH (A.O.) CORP USD 126 410 988 3.39
2 095 289 TRIMBLE INC USD 101 672 410 2.73
166 993 VALMONT INDUSTRIES USD 44 549 324 1.19
508 835 WATTS WATER TECHNOLOGIES - A USD 85 690 426 2.30
911 458 XYLEM INC USD 94 086 526 2.52
3 087 971 ZURN WATER SOLUTIONS CORP USD 76 109 569 2.04
United Kingdom 725 422 118 19.44

725 842 FERGUSON PLC GBP 104 966 489 2.81
674 709 HALMA PLC GBP 17 902 609 0.48
385 424 LINDE PLC USD 134 626 378 3.61
6 540 824 PENNON GROUP PLC GBP 54 192 459 1.45
1 902 763 PENTAIR PLC USD 112 665 893 3.02
8 885 418 POLYPIPE GROUP PLC GBP 30 389 445 0.81
3 743 412 SEVERN TRENT PLC GBP 111 933 755 3.00
583 968 SPIRAX-SARCO ENGINEERING PLC GBP 70 533 454 1.89
7 872 173 UNITED UTILITIES GROUP PLC GBP 88 211 636 2.37
Switzerland 272 760 972 7.32

1 613 239 FISCHER (GEORG)-REG CHF 110 987 141 2.98
178 187 GEBERIT AG - REG CHF 85 456 006 2.29
291 318 SIKA AG - REG CHF 76 317 825 2.05
France 162 968 611 4.37

5 629 313 VEOLIA ENVIRONNEMENT EUR 162 968 611 4.37
Japan 156 509 283 4.20

5 232 518 KUBOTA CORP JPY 70 082 164 1.88
1 055 200 KURITA WATER INDUSTRIES LTD JPY 37 014 713 0.99
3 743 099 SEKISUI CHEMICAL CO LTD JPY 49 412 406 1.33
The Netherlands 152 009 052 4.08

2 358 106 AALBERTS INDUSTRIES NV EUR 90 857 824 2.44
1 597 472 ARCADIS NV EUR 61 151 228 1.64
Sweden 98 057 423 2.63

2 940 288 ALFA LAVAL AB SEK 98 057 423 2.63
Germany 82 214 200 2.20

259 269 SARTORIUS AG - VORZUG EUR 82 214 200 2.20
Austria 79 417 496 2.13

2 832 293 WIENERBERGER AG EUR 79 417 496 2.13
Canada 70 170 966 1.88

1 171 301 STANTEC INC CAD 70 170 966 1.88

Page 30
BNP PARIBAS FUNDS Brazil Equity

Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an

official stock exchange listing and/or 82 633 581 97.42
traded on another regulated market
Shares 82 633 581 97.42
Brazil 78 431 179 92.47

63 597 3R PETROLEUM OLEO E GAS SA BRL 393 525 0.46
41 100 B3 SA-BRASIL BOLSA BALCAO BRL 124 475 0.15
349 200 BANCO DO BRASIL S.A. BRL 3 575 959 4.22
531 000 BB SEGURIDADE PARTICIPACOES BRL 3 386 986 3.99
1 489 200 CIA ENERGETICA MINAS GER-PRF BRL 3 969 953 4.68
73 379 CIA SANEAMENTO BASICO DE SP BRL 860 497 1.01
268 350 CURY CONSTRUTORA E INCORPORA BRL 892 828 1.05
418 130 DIRECIONAL ENGENHARIA SA BRL 1 703 198 2.01
183 400 ENGIE BRASIL ENERGIA SA BRL 1 737 048 2.05
10 704 EQUATORIAL ENERGIA SA BRL 70 960 0.08
897 649 EQUATORIAL ENERGIA SA - ORD BRL 5 982 449 7.06
470 651 GERDAU SA - PREF BRL 2 445 934 2.88
792 355 GRUPO DE MODA SOMA SA BRL 1 971 026 2.32
542 318 IGUATEMI SA - UNITS BRL 2 520 467 2.97
643 042 INTELBRAS SA INDUSTRIA DE TE BRL 3 451 142 4.07
652 318 ITAU UNIBANCO HOLDING S-PREF BRL 3 843 039 4.53
1 514 964 ITAUSA INVESTIMENTOS ITAU-PR BRL 3 027 406 3.57
275 204 LOCALIZA RENT A CAR BRL 3 907 839 4.61
129 292 MAHLE-METAL LEVE SA BRL 1 247 353 1.47
PETROLEO BRASILEIRO PETROBRAS
1 129 200 BRL 6 912 351 8.16
- PREF
427 200 RAIA DROGASIL SA BRL 2 621 286 3.09
179 800 RUMO SA BRL 827 435 0.98
1 148 700 SANTOS BRASIL PARTICIPACOES BRL 2 419 311 2.85
476 200 TELEFONICA BRASIL S.A. BRL 4 271 375 5.04
321 602 TRANSMISSORA ALIANCA DE-UNIT BRL 2 509 341 2.96
1 031 662 TRES TENTOS AGROINDUSTRIAL S BRL 2 748 096 3.24
109 300 TUPY SA BRL 594 079 0.70
17 900 VALE SA BRL 238 295 0.28
180 260 VALE SA - ADR USD 2 419 089 2.85
VAMOS LOCACAO DE
663 116 BRL 1 664 658 1.96
CAMINHOES M
616 300 VIVARA PARTICIPACOES SA BRL 3 638 510 4.29
313 755 WEG SA BRL 2 455 269 2.89
Cayman Islands 4 202 402 4.95

644 593 BANCO BTG PACTUAL SA-UNIT BRL 4 202 402 4.95
Other transferable securities 0 0.00
Bonds 0 0.00
Brazil 0 0.00
INEPAR SA INDUSTRIA E
13 290 BRL 0 0.00
CONSTRUCOES 0.000% 25/11/2049
Total securities portfolio 82 633 581 97.42

Page 31
BNP PARIBAS FUNDS China Equity

Expressed in USD
Transferable securities admitted to an Taiwan 31 378 154 2.67

official stock exchange listing and/or 1 143 438 323 97.39 868 000
TAIWAN SEMICONDUCTOR
TWD 16 116 206 1.37
MANUFACTURING CO LTD
traded on another regulated market 962 062 YAGEO CORPORATION TWD 15 261 948 1.30
Shares 1 143 438 323 97.39
Macao 5 531 984 0.47
China 1 016 093 838 86.55 4 732 000 MGM CHINA HOLDINGS LTD HKD 5 531 984 0.47
7 543 288 ALIBABA GROUP HOLDING LTD HKD 78 863 756 6.72
Total securities portfolio 1 143 438 323 97.39
2 597 350 BAIDU INC-CLASS A HKD 44 249 088 3.77
65 914 BEIGENE LTD-ADR USD 11 752 466 1.00
BEIJING CAPITAL INTERNATIONAL
22 030 000 HKD 14 281 491 1.22
AIRPORT - H
6 134 751 BEIJING ORIENTAL YUHONG-A CNY 23 053 722 1.96
1 014 500 BYD CO LTD-H HKD 32 466 660 2.77
17 841 000 CATHAY MEDIA AND EDUCATION HKD 2 846 611 0.24
4 984 000 CHINA MENGNIU DAIRY CO HKD 18 816 614 1.60
7 098 500 CHINA MERCHANTS BANK -H- HKD 32 375 067 2.76
47 970 000 CHINA PETROLEUM & CHEMICAL - H HKD 28 192 720 2.40
6 840 365 CHINA YANGTZE POWER CO LTD-A CNY 20 777 676 1.77
20 940 000 CHINASOFT INTERNATIONAL LTD HKD 13 204 413 1.12
CONTEMPORARY AMPEREX TECHN-
936 959 CNY 29 619 247 2.52
A
3 197 620 GLODON CO LTD-A CNH 14 311 025 1.22
5 432 712 HONGFA TECHNOLOGY CO LTD-A CNY 23 873 549 2.03
3 489 311 INNOCARE PHARMA LTD-A CNY 5 558 135 0.47
1 055 264 JD.COM INC - CL A HKD 18 061 315 1.54
847 156 JIANGSU CNANO TECHNOLOGY C-A CNY 5 343 216 0.46
92 819 KWEICHOW MOUTAI CO LTD-A CNY 21 632 334 1.84
435 504 LEADER HARMONIOUS DRIVE SY-A CNY 9 759 146 0.83
4 578 500 LI NING CO LTD HKD 24 753 756 2.11
4 731 000 LONGFOR GROUP HOLDINGS LTD HKD 11 543 262 0.98
947 571 MAXSCEND MICROELECTRONICS -A CNY 12 645 014 1.08
2 597 170 MEITUAN-CLASS B HKD 40 658 840 3.46
7 126 000 MING YUAN CLOUD GROUP HOLDIN HKD 3 212 414 0.27
6 684 000 MINTH GROUP LTD HKD 18 386 446 1.57
4 754 689 NARI TECHNOLOGY CO LTD-A CNY 15 135 057 1.29
11 200 NETEASE INC HKD 219 175 0.02
3 492 245 NETEASE INC USD 68 860 087 5.87
6 050 000 PING AN INSURANCE GROUP CO - H HKD 38 696 816 3.30
588 951 QINGDAO HAIER BIOMEDICAL C-A CNY 4 173 503 0.36
5 341 095 QINGDAO HAIER CO LTD - A CNY 17 291 234 1.47
4 720 708 SANY HEAVY INDUSTRY CO LTD - A CNY 10 818 141 0.92
SHANDONG SINOCERA FUNCTION -
3 944 624 CNY 14 907 653 1.27
A
742 419 SHENZHEN MINDRAY BIO-MEDIC-A CNY 30 698 772 2.61
2 643 400 TENCENT HOLDINGS LTD HKD 112 353 399 9.57
1 925 036 TSINGTAO BREWERY CO LTD - A CNY 27 506 047 2.34
4 905 737 VENUSTECH GROUP INC-A CNY 20 139 252 1.72
894 869 WILL SEMICONDUCTOR LTD-A CNY 12 114 341 1.03
850 480 WUXI APPTEC CO LTD-H HKD 6 806 377 0.58
6 688 000 WUXI BIOLOGICS CAYMAN INC HKD 32 071 253 2.73
YONYOU NETWORK TECHNOLOGY-
4 219 519 CNY 11 922 742 1.02
A
5 219 967 ZHEJIANG SANHUA INTELLIGEN-A CNY 21 813 731 1.86
1 789 541 ZHUZHOU CRRC TIMES ELECTRI-A CNY 10 328 275 0.88
Hong Kong 50 538 171 4.30

2 321 000 AIA GROUP LTD HKD 23 565 897 2.01
1 539 000 GALAXY ENTERTAINMENT GROUP L HKD 9 797 842 0.83
453 800 HONG KONG EXCHANGES & CLEAR HKD 17 174 432 1.46
United States of
America 39 896 176 3.40
706 127 YUM CHINA HOLDINGS INC USD 39 896 176 3.40

Page 32
BNP PARIBAS FUNDS Climate Impact

Expressed in EUR
Transferable securities admitted to an China 57 026 184 1.86

official stock exchange listing and/or 3 009 652 104 98.01 53 622 934 XINYI SOLAR HOLDINGS LTD HKD 57 026 184 1.86
traded on another regulated market Ireland 56 789 067 1.85
Shares 3 009 652 104 98.01 932 497 KINGSPAN GROUP PLC EUR 56 789 067 1.85
United States of The Netherlands 54 565 692 1.78

America 1 349 684 265 43.94 2 125 660 SIGNIFY NV EUR 54 565 692 1.78
ADVANCED DRAINAGE
622 890
SYSTEMS INC
USD 64 960 975 2.12 Germany 44 806 613 1.46
811 761 ALTAIR ENGINEERING INC - A USD 56 428 922 1.84 652 777 NEMETSCHEK AG EUR 44 806 613 1.46
444 296 AMERICAN WATER WORKS CO INC USD 58 133 138 1.89 Brazil 40 275 317 1.31
398 191 BADGER METER INC USD 53 856 154 1.75 3 711 180 CIA SANEAMENTO BASICO DE - ADR USD 40 275 317 1.31
277 770 CADENCE DESIGN SYS INC USD 59 709 093 1.94
Sweden 40 181 102 1.31
188 849 CARLISLE COS INC USD 44 404 614 1.45
4 624 064 NIBE INDUSTRIER AB-B SEK 40 181 102 1.31
1 151 492 DARLING INGREDIENTS INC USD 67 326 925 2.19
472 734 GENERAC HOLDINGS INC USD 64 618 535 2.10 Luxembourg 37 937 025 1.24
1 083 915 BEFESA SA EUR 37 937 025 1.24
205 060 HUBBELL INC USD 62 318 693 2.03
184 537 LENNOX INTERNATIONAL INC USD 55 153 052 1.80 Italy 35 087 166 1.14
265 875 LITTELFUSE INC USD 70 991 793 2.31 367 790 DIASORIN SPA EUR 35 087 166 1.14
109 559 MONOLITHIC POWER SYSTEMS INC USD 54 250 283 1.77
Norway 25 398 653 0.83
799 396 ORMAT TECHNOLOGIES INC USD 58 954 539 1.92 1 720 998 TOMRA SYSTEMS ASA NOK 25 398 653 0.83
580 609 PTC INC USD 75 729 296 2.46
2 218 304 RAYONIER INC USD 63 844 863 2.08
Hong Kong 18 630 350 0.61
VITASOY INTERNATIONAL
381 097 REPLIGEN CORP USD 49 413 365 1.61 16 308 000 HKD 18 630 350 0.61
HOLDINGS
225 978 SOLAREDGE TECHNOLOGIES INC USD 55 728 122 1.81
South Korea 12 225 388 0.40
945 098 TREX COMPANY INC USD 56 792 507 1.85 399 879 COWAY CO LTD KRW 12 225 388 0.40
1 344 233 TRIMBLE INC USD 65 227 951 2.12
2 747 947 VERTIV HOLDINGS CO USD 62 389 227 2.03

355 165 WATTS WATER TECHNOLOGIES - A USD 59 811 609 1.95
1 716 270 ZURN WATER SOLUTIONS CORP USD 42 301 100 1.38

774 707 APTIV PLC USD 72 492 977 2.36
841 264 ASHTEAD GROUP PLC GBP 53 368 773 1.74
736 731 CRODA INTERNATIONAL PLC GBP 48 299 815 1.57
2 788 875 HALMA PLC GBP 73 999 515 2.41
1 219 392 PENTAIR PLC USD 72 202 313 2.35
Denmark 195 412 921 6.37

945 023 CHRISTIAN HANSEN HOLDING A/S DKK 60 108 232 1.96
837 248 ORSTED A/S DKK 72 503 510 2.36
2 576 956 VESTAS WIND SYSTEMS A/S DKK 62 801 179 2.05
France 145 138 660 4.73

791 678 LEGRAND SA EUR 71 884 362 2.34
Japan 111 871 868 3.64

1 720 400 AZBIL CORP JPY 49 731 436 1.62
406 700 SHIMANO INC JPY 62 140 432 2.02
Taiwan 108 786 133 3.54

DELTA ELECTRONICS
6 998 000 TWD 71 285 270 2.32
INDUSTRIAL CO
3 274 000 SILERGY CORP TWD 37 500 863 1.22
Australia 80 309 314 2.61

9 134 418 BRAMBLES LTD AUD 80 309 314 2.61
Switzerland 69 917 537 2.28

708 959 DSM-FIRMENICH AG EUR 69 917 537 2.28
Spain 66 134 925 2.15

3 614 918 EDP RENOVAVEIS SA EUR 66 134 925 2.15
Canada 64 037 204 2.09

2 563 086 BORALEX INC -A CAD 64 037 204 2.09

Page 33
BNP PARIBAS FUNDS Consumer Innovators

Expressed in EUR
Transferable securities admitted to an Ireland 10 721 869 1.10

official stock exchange listing and/or 966 141 764 98.99 58 234 FLUTTER ENTERTAINMENT PLC-DI GBP 10 721 869 1.10
traded on another regulated market The Netherlands 6 199 051 0.64
Shares 966 141 764 98.99 20 698 FERRARI NV EUR 6 199 051 0.64
United States of Total securities portfolio 966 141 764 98.99

America 636 644 943 65.22
105 719 ALPHABET INC-CL A USD 11 599 051 1.19
800 303 AMAZON.COM INC USD 95 625 573 9.80
458 781 AMERICAN EAGLE OUTFITTERS USD 4 962 068 0.51
61 752 APPLE INC USD 10 978 951 1.12
494 833 AZEK CO INC/THE USD 13 738 306 1.41
116 808 BLOCK INC - A USD 7 127 322 0.73
17 383 BOOKING HOLDINGS INC USD 43 024 598 4.41
133 057 COLUMBIA SPORTSWEAR CO USD 9 420 094 0.97
100 753 DARDEN RESTAURANTS INC USD 15 429 708 1.58
103 370 DICKS SPORTING GOODS INC USD 12 524 730 1.28
67 724 ELECTRONIC ARTS INC USD 8 051 148 0.82
53 192 ESTEE LAUDER COMPANIES - A USD 9 574 560 0.98
169 023 FRONTDOOR INC USD 4 942 102 0.51
38 512 HERSHEY CO/THE USD 8 814 341 0.90
HILTON WORLDWIDE
141 813 USD 18 919 232 1.94
HOLDINGS INC
214 509 HOLOGIC INC USD 15 920 068 1.63
271 832 HOME DEPOT INC USD 77 398 618 7.93
46 899 MASIMO CORP USD 7 073 538 0.72
41 243 MERITAGE HOMES CORP USD 5 378 223 0.55
30 012 MICROSOFT CORP USD 9 367 815 0.96
360 884 NIKE INC - B USD 36 508 494 3.74
152 355 PLANET FITNESS INC - A USD 9 417 801 0.96
238 254 SPROUTS FARMERS MARKET INC USD 8 021 145 0.82
411 273 STARBUCKS CORP USD 37 342 533 3.83
398 136 TESLA INC USD 95 527 095 9.79
50 424 ULTA BEAUTY INC USD 21 750 030 2.23
143 467 WALT DISNEY CO USD 11 740 361 1.20
200 206 WAYFAIR INC - A USD 11 929 782 1.22
214 971 YETI HOLDINGS INC USD 7 653 046 0.78
France 102 379 637 10.50

42 192 KERING EUR 21 332 275 2.19
46 776 LOREAL EUR 19 978 030 2.05
70 764 LVMH MOET HENNESSY LOUIS VUI EUR 61 069 332 6.26
Japan 75 372 158 7.72

110 400 FAST RETAILING CO LTD JPY 25 867 892 2.65
230 000 NINTENDO CO LTD JPY 9 573 369 0.98
481 300 SONY CORP JPY 39 930 897 4.09
Canada 55 002 180 5.64

69 214 LULULEMON ATHLETICA INC USD 24 012 373 2.46
297 398 MAGNA INTERNATIONAL INC CAD 15 406 522 1.58
263 179 SHOPIFY INC - CLASS A USD 15 583 285 1.60
Argentina 32 408 745 3.32

29 848 MERCADOLIBRE INC USD 32 408 745 3.32

213 817 APTIV PLC USD 20 007 862 2.05
China 13 906 128 1.42

1 737 000 LI NING CO LTD HKD 8 607 816 0.88
136 000 TENCENT HOLDINGS LTD HKD 5 298 312 0.54
Germany 13 499 191 1.38

75 932 ADIDAS AG EUR 13 499 191 1.38

Page 34
BNP PARIBAS FUNDS Disruptive Technology

Expressed in EUR
Transferable securities admitted to an United Kingdom 33 185 800 0.93

official stock exchange listing and/or 3 554 967 898 99.28 354 645 APTIV PLC USD 33 185 800 0.93
traded on another regulated market Sweden 18 888 315 0.53
Shares 3 554 967 898 99.28 1 178 944 HEMNET GROUP AB SEK 18 888 315 0.53
United States of China 16 522 161 0.46

America 2 802 225 399 78.26 424 100 TENCENT HOLDINGS LTD HKD 16 522 161 0.46
1 346 908 ADVANCED MICRO DEVICES USD 140 629 047 3.93 Total securities portfolio 3 554 967 898 99.28
1 538 363 ALPHABET INC-CL A USD 168 782 815 4.71
344 410 AMERICAN TOWER CORP - A USD 61 223 534 1.71
1 294 306 APPLE INC USD 230 115 981 6.44
479 718 ARISTA NETWORKS INC USD 71 258 569 1.99
823 186 BLOCK INC - A USD 50 228 682 1.40
2 066 039 CIENA CORP USD 80 463 792 2.25
1 384 387 COPART INC USD 115 737 799 3.23
1 104 002 COSTAR GROUP INC USD 90 060 658 2.52
1 178 108 ENTEGRIS INC USD 119 668 129 3.34
281 771 EPAM SYSTEMS INC USD 58 045 859 1.62
670 157 FIRST SOLAR INC USD 116 764 568 3.26
173 310 GARTNER INC USD 55 648 237 1.55
INTERCONTINENTAL
425 177 USD 44 068 758 1.23
EXCHANGE INC
149 951 INTUIT INC USD 62 975 297 1.76
217 568 IRHYTHM TECHNOLOGIES INC USD 20 803 569 0.58
186 874 MASIMO CORP USD 28 185 258 0.79
812 701 MICRON TECHNOLOGY INC USD 47 011 512 1.31
960 657 NEW RELIC INC USD 57 621 809 1.61
549 142 NIKE INC - B USD 55 553 440 1.55
164 621 NVIDIA CORP USD 63 829 492 1.78
516 670 PALO ALTO NETWORKS INC USD 121 003 072 3.38
188 903 PAYCOM SOFTWARE INC USD 55 621 631 1.55
572 675 PLEXUS CORP USD 51 566 995 1.44
3 015 431 PURE STORAGE INC - CLASS A USD 101 767 341 2.84
414 714 RAPID7 INC USD 17 211 961 0.48
262 752 SALESFORCE.COM INC USD 50 878 999 1.42
307 230 SNOWFLAKE INC-CLASS A USD 49 556 678 1.38
330 583 TRANE TECHNOLOGIES PLC USD 57 953 533 1.62
554 710 VISA INC-CLASS A SHARES USD 120 744 758 3.37
Israel 130 779 025 3.66

581 373 CYBERARK SOFTWARE LTD/ISRAEL USD 83 305 262 2.33
1 869 815 JFROG LTD USD 47 473 763 1.33

190 647 ASML HOLDING NV EUR 126 398 961 3.53
Taiwan 121 193 265 3.38

1 310 165 TAIWAN SEMICONDUCTOR-SP ADR USD 121 193 265 3.38
Denmark 74 185 720 2.07

214 102 GENMAB A/S DKK 74 185 720 2.07
Canada 67 386 504 1.88

1 138 060 SHOPIFY INC - CLASS A USD 67 386 504 1.88
Germany 59 821 917 1.67

392 172 SIEMENS AG - REG EUR 59 821 917 1.67

1 284 399 STMICROELECTRONICS NV-NY SHS USD 58 851 610 1.64
Japan 45 529 221 1.27

105 000 KEYENCE CORP JPY 45 529 221 1.27

Page 35
BNP PARIBAS FUNDS Ecosystem Restoration

Expressed in EUR
Quotation % of net
currency assets

Shares 13 626 505 99.80
United States of
America 7 082 313 51.87
ADVANCED DRAINAGE
1 451 USD 151 324 1.11
SYSTEMS INC
1 009 AMERICAN WATER WORKS CO INC USD 132 021 0.97
5 786 BALL CORP USD 308 710 2.26
14 058 DARLING INGREDIENTS INC USD 821 961 6.02
2 472 DEERE & CO USD 918 084 6.72
16 629 GREEN PLAINS INC USD 491 401 3.60
969 179 GREENLIGHT BIOSCIENCES HOLDI USD 264 814 1.94
87 742 ORIGIN MATERIALS INC USD 342 604 2.51
47 835 PURECYCLE TECHNOLOGIES INC USD 468 704 3.43
4 391 REPUBLIC SERVICES INC USD 616 471 4.51
SUNNOVA ENERGY
61 821 USD 1 037 528 7.60
INTERNATIONAL
16 828 SUNRUN INC USD 275 479 2.02
10 807 TRIMBLE INC USD 524 402 3.84
1 312 419 VIEW INC USD 145 677 1.07
2 749 WASTE MANAGEMENT INC USD 436 968 3.20
926 ZOETIS INC USD 146 165 1.07
Sweden 1 408 480 10.31

582 414 OATLY GROUP AB USD 1 094 363 8.01
46 155 RE:NEWCELL AB SEK 314 117 2.30

33 816 CNH INDUSTRIAL NV USD 446 334 3.27
95 466 TATE & LYLE PLC GBP 807 648 5.92
Denmark 644 002 4.72

15 084 NOVOZYMES A/S - B DKK 644 002 4.72
Canada 640 603 4.69

277 867 ANAERGIA INC CAD 240 586 1.76
78 634 LI-CYCLE HOLDINGS CORP USD 400 017 2.93
France 496 348 3.64

17 145 VEOLIA ENVIRONNEMENT EUR 496 348 3.64
Ireland 496 059 3.63

5 550 KERRY GROUP PLC - A EUR 496 059 3.63
Norway 458 400 3.35

29 498 AGILYX AS NOK 79 748 0.58
695 893 SALMON EVOLUTION ASA NOK 378 652 2.77
Mexico 416 065 3.05

211 092 ORBIA ADVANCE CORP SAB DE CV MXN 416 065 3.05
The Netherlands 411 721 3.02

3 610 KONINKLIJKE DSM NV EUR 411 721 3.02
Bahamas 318 532 2.33

127 764 LOCAL BOUNTI CORP USD 318 532 2.33

Page 36
BNP PARIBAS FUNDS Emerging Bond Opportunities

Expressed in USD
Transferable securities admitted to an United States of

official stock exchange listing and/or 275 604 535 83.03 America 12 913 500 3.89
INT BK RECON&DEV 0.000% 17-
traded on another regulated market 71 000 000
13/03/2027
MXN 2 935 346 0.88
927 0.00 INT BK RECON&DEV 0.000% 22-
Shares 2 700 000
26/05/2037
BRL 161 040 0.05
Kazakhstan 927 0.00 INT BK RECON&DEV 0.000% 23-

12 000 000 BRL 690 743 0.21
08/02/2038
308 936 FORTEBANK JSC -SPON GDR REGS USD 927 0.00 INT BK RECON&DEV 5.350% 22-
35 000 000 000 IDR 2 264 622 0.68
266 871 036 80.39 09/02/2029
Bonds INT BK RECON&DEV 6.000% 23-
14 000 000 000 IDR 944 866 0.28
17/07/2026
Brazil 31 030 883 9.34 INT BK RECON&DEV 6.250% 22-
BRAZIL NTN-F 10.000% 14- 810 000 000 CLP 1 015 340 0.31
42 360 000 BRL 8 674 195 2.60 27/04/2026
01/01/2025 FLAT INT BK RECON&DEV 6.500% 22-
BRAZIL NTN-F 10.000% 16- 8 200 000 000 IDR 559 028 0.17
35 480 000 BRL 7 299 437 2.20 08/12/2027
01/01/2027 FLAT INT BK RECON&DEV 6.650% 19-
BRAZIL NTN-F 10.000% 18- 17 800 000 MXN 981 777 0.30
26 020 000 BRL 5 267 570 1.59 30/07/2024
01/01/2029 FLAT
63 100 000 INTL FIN CORP 0.000% 17-21/11/2047 MXN 438 057 0.13
BRAZIL NTN-F 10.000% 20-
4 800 000 BRL 963 851 0.29
01/01/2031 FLAT 145 500 000 INTL FIN CORP 0.000% 22-07/11/2047 MXN 1 037 205 0.31
BRAZIL NTN-F 10.000% 22- 300 000 000 INTL FIN CORP 11.000% 22-25/07/2024 HUF 867 819 0.26
1 600 BRL 319 713 0.10
01/01/2033 FLAT
REPUBLIC OF BRAZIL 4.750% 19- 3 950 000 000 INTL FIN CORP 12.000% 22-03/11/2027 COP 1 017 657 0.31
9 759 000 USD 7 180 770 2.16
14/01/2050
REPUBLIC OF BRAZIL 5.625% 16- Colombia 12 126 223 3.63
1 190 000 USD 1 001 611 0.30
21/02/2047 7 335 200 000 COLOMBIA TES 6.000% 12-28/04/2028 COP 1 502 743 0.45
REPUBLIC OF BRAZIL 6.000% 23-
328 000 USD 323 736 0.10 8 871 700 000 COLOMBIA TES 7.000% 17-30/06/2032 COP 1 737 531 0.52
20/10/2033
7 110 000 000 COLOMBIA TES 7.250% 19-18/10/2034 COP 1 368 212 0.41
South Africa 15 114 772 4.57
REPUBLIC OF SOUTH AFRICA 1 340 000 000 COLOMBIA TES 7.250% 20-26/10/2050 COP 226 310 0.07
28 750 000 ZAR 1 580 673 0.48 REPUBLIC OF COLOMBIA 3.875% 21-
10.500% 98-21/12/2026 500 000 USD 279 435 0.08
REPUBLIC OF SOUTH AFRICA 4.850% 15/02/2061
300 000 USD 263 502 0.08 REPUBLIC OF COLOMBIA 4.125% 20-
19-30/09/2029 4 400 000 USD 2 628 252 0.79
2 000 000 USD 1 413 620 0.43 REPUBLIC OF COLOMBIA 5.200% 19-
19-30/09/2049 1 400 000 USD 970 550 0.29
1 000 000 USD 885 660 0.27 REPUBLIC OF COLOMBIA 6.125% 09-
22-20/04/2032 414 000 USD 336 487 0.10
10-26/02/2031 876 000 USD 834 048 0.25
13 250 000 ZAR 619 614 0.19 REPUBLIC OF COLOMBIA 7.500% 23-
13-31/01/2030 1 774 000 USD 1 734 280 0.52
13-31/03/2032 500 000 USD 508 375 0.15
74 974 000 ZAR 3 033 879 0.91
13-31/01/2037
REPUBLIC OF SOUTH AFRICA 8.750% Thailand 12 118 681 3.65
57 100 000 ZAR 2 215 308 0.67 THAILAND GOVT 1.000% 21-
14-31/01/2044 52 300 000 THB 1 398 271 0.42
41 730 000 ZAR 1 696 262 0.51 THAILAND GOVT 2.650% 22-
15-31/01/2040 81 000 000 THB 2 308 963 0.70
17/06/2028
Malaysia 14 651 576 4.41 7 300 000
THAILAND GOVT 2.875% 16-
THB 194 270 0.06
MALAYSIA GOVT 3.828% 19- 17/06/2046
6 000 000 MYR 1 267 666 0.38 THAILAND GOVT 2.875% 18-
05/07/2034 51 980 000 THB 1 496 666 0.45
MALAYSIA GOVT 3.882% 18- 17/12/2028
1 560 000 MYR 336 839 0.10 THAILAND GOVT 3.300% 18-
14/03/2025 15 900 000 THB 469 305 0.14
MALAYSIA GOVT 4.065% 20- 17/06/2038
15/06/2050 74 470 000 THB 2 219 418 0.67
MALAYSIA GOVT 4.392% 11- 17/06/2036
15/04/2026 12 325 000 THB 347 602 0.10
MALAYSIA GOVT 4.736% 16- 17/06/2067
15/03/2046 35 645 000 THB 1 086 964 0.33
MALAYSIA GOVT 4.762% 17- 20/06/2031
07/04/2037 49 805 000 THB 1 540 198 0.46
MALAYSIA INVEST 3.422% 20- 25/06/2032
30/09/2027 16 260 000 THB 498 529 0.15
MALAYSIA INVEST 3.465% 20- 17/06/2066
15/10/2030 17 500 000 THB 558 495 0.17
MALAYSIA INVEST 3.726% 19- 22/06/2029
10 420 000 MYR 2 246 988 0.68
31/03/2026
MALAYSIA INVEST 3.990% 15- Romania 11 766 347 3.55
7 820 000 MYR 1 695 819 0.51 5 560 000 ROMANIA 3.250% 20-24/06/2026 RON 1 117 951 0.34
15/10/2025
MALAYSIA INVEST 4.119% 19- 700 000 ROMANIA 3.375% 20-28/01/2050 EUR 476 808 0.14
1 655 000 MYR 359 469 0.11
30/11/2034
MALAYSIA INVEST 4.582% 13- 2 850 000 ROMANIA 3.650% 16-24/09/2031 RON 506 333 0.15
4 250 000 MYR 963 836 0.29
30/08/2033 2 400 000 ROMANIA 4.750% 19-11/10/2034 RON 444 459 0.13
MALAYSIA INVEST 4.638% 19-
2 830 000 MYR 640 280 0.19 5 340 000 ROMANIA 5.000% 18-12/02/2029 RON 1 081 592 0.33
15/11/2049
MALAYSIA INVEST 4.943% 13- 5 800 000 ROMANIA 5.800% 12-26/07/2027 RON 1 238 069 0.37
2 000 000 MYR 454 097 0.14
06/12/2028
800 000 ROMANIA 7.125% 23-17/01/2033 USD 848 048 0.26
MALAYSIAN GOVT 3.885% 19-
9 100 000 MYR 1 962 049 0.59 232 000 ROMANIA 7.625% 23-17/01/2053 USD 255 780 0.08
15/08/2029
24 000 000 ROMANIA 8.250% 22-29/09/2032 RON 5 797 307 1.75

Page 37

Expressed in USD
Mexico 11 435 156 3.46 Egypt 7 490 875 2.26

AMERICA MOVIL SA 9.500% 23- ARAB REP EGYPT 5.875% 21-
32 610 000 MXN 1 879 403 0.57 475 000 USD 260 576 0.08
27/01/2031 16/02/2031
MEXICAN BONOS 7.500% 07- ARAB REP EGYPT 7.300% 21-
32 700 000 MXN 1 810 797 0.55 1 200 000 USD 657 996 0.20
03/06/2027 30/09/2033
6 400 000 MXN 352 894 0.11 4 600 000 USD 2 292 962 0.69
29/05/2031 16/02/2061
21 500 000 MXN 1 124 492 0.34 1 200 000 USD 695 328 0.21
13/11/2042 29/05/2032
11 000 000 MXN 597 994 0.18 500 000 USD 255 965 0.08
23/11/2034 21/02/2048
23 660 000 MXN 1 364 914 0.41 300 000 USD 155 124 0.05
31/05/2029 20/11/2059
MEXICO CITY ARPT 5.500% 17- ARAB REP EGYPT 8.500% 17-
250 000 USD 215 400 0.06 500 000 USD 264 810 0.08
31/07/2047 31/01/2047
PETROLEOS MEXICA 10.000% 23- ARAB REP EGYPT 8.700% 19-
600 000 USD 546 750 0.16 2 500 000 USD 1 339 550 0.40
07/02/2033 01/03/2049
PETROLEOS MEXICA 6.500% 18- ARAB REP EGYPT 8.875% 20-
365 000 USD 323 938 0.10 1 000 000 USD 536 590 0.16
13/03/2027 29/05/2050
PETROLEOS MEXICA 6.700% 22- EGYPT GOVERNMENT BOND 14.483%
300 000 USD 227 685 0.07 19 850 000 EGP 521 694 0.16
16/02/2032 21-06/04/2026
1 320 000 USD 816 420 0.25 4 825 000 EGP 139 674 0.04
28/01/2060 21-14/09/2024
2 000 000 USD 1 347 960 0.41 3 250 000 EGP 70 724 0.02
23/01/2050 20-06/10/2030
UNITED MEXICAN 4.400% 22- EGYPT GOVERNMENT BOND 16.100%
200 000 USD 157 434 0.05 12 440 000 EGP 299 882 0.09
12/02/2052 19-07/05/2029
UNITED MEXICAN 5.625% 14-
160 000 GBP 144 565 0.04 Poland 7 451 854 2.26
19/03/2114
UNITED MEXICAN 6.350% 23- POLAND GOVERNMENT BOND
500 000 USD 524 510 0.16 4 270 000 PLN 881 373 0.27
09/02/2035 0.250% 21-25/10/2026
POLAND GOVERNMENT BOND
4 120 000 PLN 754 614 0.23
Indonesia 9 437 995 2.85 1.250% 20-25/10/2030
INDONESIA (REP) 3.700% 19- POLAND GOVERNMENT BOND
500 000 USD 395 145 0.12 3 910 000 PLN 701 186 0.21
30/10/2049 1.750% 21-25/04/2032
INDONESIA (REP) 8.500% 05- POLAND GOVERNMENT BOND
798 000 USD 1 036 139 0.31 5 020 000 PLN 1 128 650 0.34
12/10/2035 2.500% 15-25/07/2026
INDONESIA GOVT 6.625% 12- POLAND GOVERNMENT BOND
3 600 000 000 IDR 243 362 0.07 3 435 000 PLN 749 889 0.23
15/05/2033 2.500% 16-25/07/2027
7 885 000 000 IDR 565 900 0.17 2 100 000 PLN 455 796 0.14
15/08/2032 2.750% 13-25/04/2028
8 200 000 000 IDR 590 422 0.18 8 330 000 PLN 1 951 610 0.59
15/05/2038 3.250% 14-25/07/2025
INDONESIA GOVT 8.250% 11- REPUBLIC OF POLAND 5.500% 23-
16 225 000 000 IDR 1 214 237 0.37 617 000 USD 619 394 0.19
15/06/2032 04/04/2053
INDONESIA GOVT 8.250% 15- REPUBLIC OF POLAND 5.750% 22-
17 330 000 000 IDR 1 330 016 0.40 200 000 USD 209 342 0.06
15/05/2036 16/11/2032
INDONESIA GOVT 8.375% 13-
16 035 000 000 IDR 1 228 361 0.37 Czech Republic 7 112 659 2.13
15/03/2034
INDONESIA GOVT 8.375% 19- CZECH REPUBLIC 0.250% 17-
20 086 000 000 IDR 1 555 434 0.47 37 810 000 CZK 1 475 674 0.44
15/04/2039 10/02/2027
INDONESIA GOVT 9.500% 10- CZECH REPUBLIC 0.950% 15-
16 100 000 000 IDR 1 278 979 0.39 43 640 000 CZK 1 595 899 0.48
15/07/2031 15/05/2030
CZECH REPUBLIC 1.200% 20-
45 040 000 CZK 1 638 885 0.49
Saudi Arabia 9 434 694 2.84 13/03/2031
SAUDI INT BOND 3.450% 21- CZECH REPUBLIC 2.000% 17-
250 000 USD 175 430 0.05 16 200 000 CZK 598 290 0.18
02/02/2061 13/10/2033
500 000 USD 437 050 0.13 4 100 000 CZK 176 947 0.05
26/10/2046 17/09/2025
800 000 USD 691 136 0.21 16 200 000 CZK 673 883 0.20
22/04/2060 25/08/2028
200 000 USD 185 824 0.06 15 550 000 CZK 697 139 0.21
17/04/2049 04/12/2036
8 589 000 USD 7 945 254 2.39 5 620 000 CZK 255 942 0.08
18/01/2053 26/11/2057
Peru 7 569 586 2.27 Hungary 6 146 717 1.84

PERU B SOBERANO 7.300% 23- HUNGARY GOVERNMENT 9.500% 23-
11 250 000 PEN 3 196 904 0.96 1 080 000 000 HUF 3 223 117 0.97
12/08/2033 21/10/2026
REPUBLIC OF PERU 2.780% 20- REPUBLIC OF HUNGARY 0.500% 20-
550 000 USD 333 944 0.10 212 000 EUR 167 518 0.05
01/12/2060 18/11/2030
1 075 000 PEN 248 584 0.07 286 700 000 HUF 635 512 0.19
12/08/2040 23/05/2029
850 000 USD 871 250 0.26 498 900 000 HUF 1 210 913 0.36
18/11/2050 22/12/2026
1 290 000 PEN 349 058 0.11 152 000 000 HUF 345 948 0.10
12/02/2029 21/08/2030
1 920 000 PEN 536 278 0.16 88 190 000 HUF 157 022 0.05
12/08/2028 25/04/2041
2 900 000 PEN 791 866 0.24 180 000 000 HUF 406 687 0.12
12/08/2037 22/10/2031
REPUBLIC OF PERU 6.950% 08-
4 430 000 PEN 1 241 702 0.37
12/08/2031

Page 38

Expressed in USD
TESORERIA PESOS 2.300% 20-
Supranational 4 986 268 1.50 180 000 000 CLP 196 350 0.06
01/10/2028 FLAT
ASIAN INFRASTRUC 0.000% 23- TESORERIA PESOS 4.700% 18-
100 000 000 MXN 918 989 0.28 460 000 000 CLP 563 024 0.17
02/02/2043 01/09/2030 FLAT
ASIAN INFRASTRUC 0.000% 23- TESORERIA PESOS 5.000% 15-
45 000 000 MXN 664 354 0.20 450 000 000 CLP 564 199 0.17
08/02/2038 01/03/2035 FLAT
EURO BK RECON&DV 0.000% 19- TESORERIA PESOS 5.100% 19-
20 500 000 TRY 558 782 0.17 440 000 000 CLP 556 201 0.17
18/09/2024 15/07/2050 FLAT
EURO BK RECON&DV 0.000% 19- TESORERIA PESOS 6.000% 23-
28 125 000 TRY 572 910 0.17 140 000 000 CLP 186 855 0.06
26/01/2026 01/04/2033 FLAT
EURO BK RECON&DV 0.000% 22-
11 270 000 TRY 180 450 0.05
12/04/2027 Ghana 3 700 666 1.12
EURO BK RECON&DV 4.250% 21- REPUBLIC OF GHANA 8.125% 14-
17 000 000 000 IDR 1 055 888 0.32 2 200 000 USD 986 942 0.30
07/02/2028 18/01/2026
1 700 000 PEN 461 957 0.14 1 000 000 USD 422 560 0.13
22/02/2027 26/03/2032
8 600 000 000 IDR 572 938 0.17 1 600 000 USD 679 776 0.20
17/01/2030 07/04/2034
REPUBLIC OF GHANA 8.750% 20-
Philippines 4 628 562 1.40 3 952 000 USD 1 611 388 0.49
11/03/2061
ASIAN DEV BANK 10.750% 23-
6 180 000 000 COP 1 484 675 0.45
27/01/2026 China 3 677 282 1.11
PHILIPPINE GOVT 6.375% 09- CHINA EVERGRANDE 7.500% 17-
1 000 000 USD 1 113 730 0.34 7 450 000 USD 428 375 0.13
23/10/2034 31/01/2024
10 390 000 PHP 201 575 0.06 3 700 000 USD 212 750 0.06
19/07/2031 30/09/2023
800 000 USD 1 004 552 0.30 5 000 000 USD 293 000 0.09
02/02/2030 31/10/2023
PHILIPPINES(REP) 5.000% 23- 1 100 000 CHINA SCE GRP 7.000% 20-02/05/2025 USD 153 516 0.05
217 000 USD 219 515 0.07
17/07/2033
PHILIPPINES(REP) 5.500% 23- 2 000 000 CIFI HOLDINGS 6.550% 19-28/03/2024 USD 215 000 0.06
204 000 USD 209 700 0.06 COUNTRY GARDEN 3.125% 20-
17/01/2048 4 350 000 USD 1 349 153 0.41
PHILIPPINES(REP) 5.609% 22- 22/10/2025
375 000 USD 394 815 0.12
13/04/2033 1 900 000 KWG GROUP 6.300% 20-13/02/2026 USD 183 312 0.06
LOGAN PROPERTY H 6.900% 19-
Turkey 4 567 643 1.37 2 200 000
09/06/2024
USD 209 000 0.06
REPUBLIC OF TURKEY 5.750% 17-
750 000 USD 511 905 0.15 SUNAC CHINA HLDG 8.350% 18-
11/05/2047 2 400 000 USD 388 176 0.12
31/10/2023 DFLT
550 000 USD 456 940 0.14 TIMES CN HLDG 6.750% 20-08/07/2025
26/06/2031 3 500 000 USD 245 000 0.07
1 450 000 USD 1 108 583 0.33
17/02/2045 Dominican Republic 3 594 229 1.09
REPUBLIC OF TURKEY 9.125% 23- REPUBLIC OF DOMINICAN 5.875% 20-
1 000 000 USD 989 420 0.30 2 963 000 USD 2 285 184 0.69
13/07/2030 30/01/2060
800 000 USD 799 920 0.24 500 000 USD 424 590 0.13
14/03/2029 05/06/2049
700 000 USD 700 875 0.21 600 000 USD 585 558 0.18
19/01/2033 30/04/2044
REPUBLIC OF DOMINICAN CBN
Tunisia 4 529 562 1.36 16 460 000
11.000% 17-05/01/2024
DOP 298 897 0.09
BQ CENT TUNISIE 5.750% 15-
380 000 USD 251 666 0.08
30/01/2025 Kenya 3 262 491 0.99
TUNISIA INT BOND 6.375% 19- KENYA INFRASTRUC 11.750% 19-
4 552 000 EUR 2 870 681 0.86 385 900 000 KES 2 308 146 0.70
15/07/2026 08/10/2035
TUNISIA INT BOND 6.750% 18- REPUBLIC OF KENYA 8.000% 19-
1 402 000 EUR 1 407 215 0.42 500 000 USD 421 225 0.13
31/10/2023 22/05/2032
REPUBLIC OF KENYA 8.250% 18-
Luxembourg 4 373 305 1.32 700 000
28/02/2048
USD 533 120 0.16
9 200 000 EIB 2.750% 16-25/08/2026 PLN 2 060 361 0.62
8 300 000 EIB 3.000% 19-25/11/2029 PLN 1 731 694 0.52 Bahrain 3 199 255 0.96
267 000 BAHRAIN 5.250% 21-25/01/2033 USD 232 108 0.07
750 000 GAZPROM 5.150% 19-11/02/2026 USD 581 250 0.18
500 000 BAHRAIN 5.625% 21-18/05/2034 USD 434 320 0.13
Sri Lanka 4 167 032 1.27 1 025 000 BAHRAIN 7.500% 17-20/09/2047 USD 928 763 0.28
REPUBLIC OF SRI LANKA 6.200% 17-
600 000 USD 261 000 0.08 984 000 BAHRAIN 7.750% 23-18/04/2035 USD 996 300 0.30
11/05/2027
REPUBLIC OF SRI LANKA 6.750% 18- OIL & GAS HLDING 7.500% 17-
600 000 USD 261 000 0.08 600 000 USD 607 764 0.18
18/04/2028 25/10/2027
200 000
18/07/2026
USD 91 120 0.03 Cayman Islands 3 165 885 0.95
REPUBLIC OF SRI LANKA 6.850% 15- GACI FIRST INVST 4.875% 23-
1 000 000 USD 462 360 0.14 800 000 USD 763 952 0.23
03/11/2025 14/02/2035
300 000 USD 131 352 0.04 1 791 000 USD 1 604 861 0.48
14/03/2024 14/02/2053
6 000 000 USD 2 610 000 0.79 886 000 USD 797 072 0.24
28/03/2030 13/10/2122
800 000
14/03/2029
USD 350 200 0.11 Panama 3 113 098 0.94
800 000 PANAMA 3.298% 22-19/01/2033 USD 665 528 0.20
Chile 3 758 226 1.14 2 000 000 PANAMA 3.870% 19-23/07/2060 USD 1 317 460 0.40
400 000 CHILE 3.250% 21-21/09/2071 USD 258 376 0.08
450 000 PANAMA 4.300% 13-29/04/2053 USD 334 179 0.10
200 000 CHILE 3.500% 19-25/01/2050 USD 149 910 0.05
486 000 PANAMA 6.400% 22-14/02/2035 USD 505 484 0.15
850 000 CODELCO INC 4.375% 19-05/02/2049 USD 710 957 0.21
272 000 PANAMA 6.700% 06-26/01/2036 USD 290 447 0.09
353 000 CODELCO INC 5.125% 23-02/02/2033 USD 347 927 0.10
EMPRESA NACIONAL 4.500% 17-
300 000 USD 224 427 0.07
14/09/2047

Page 39

Expressed in USD
Ukraine 3 101 833 0.94 Angola 1 265 920 0.38

UKRAINE GOVERNMENT 6.750% 19- REPUBLIC OF ANGOLA 8.750% 22-
2 300 000 EUR 522 938 0.16 400 000 USD 336 376 0.10
20/06/2028 14/04/2032
2 900 000 USD 654 820 0.20 900 000 USD 692 568 0.21
21/05/2031 26/11/2049
5 875 000 USD 1 357 125 0.41 300 000 USD 236 976 0.07
25/09/2034 08/05/2048
UKRAINE GOVERNMENT 9.750% 18-
2 300 000 USD 566 950 0.17 Benin 884 227 0.26
01/11/2030
BENIN INTERNATIONAL BOND
486 000 EUR 373 878 0.11
Russia 2 971 944 0.89 4.950% 21-22/01/2035
RUSSIA - EUROBOND 5.100% 19- BENIN INTERNATIONAL BOND
600 000 USD 240 000 0.07 664 000 EUR 510 349 0.15
28/03/2035 6.875% 21-19/01/2052
RUSSIA - EUROBOND 5.250% 17-
2 400 000 USD 912 000 0.27 El Salvador 816 871 0.24
23/06/2047
440 230 000 RUSSIA-OFZ 7.650% 19-10/04/2030 RUB 1 819 944 0.55 EL SALVADOR REP 6.375% 14-
300 000 USD 206 598 0.06
18/01/2027
The Netherlands 2 328 750 0.70 EL SALVADOR REP 7.125% 19-
368 000 USD 203 353 0.06
20/01/2050
3 450 000 METINVEST BV 8.500% 18-23/04/2026 USD 2 328 750 0.70 EL SALVADOR REP 9.500% 20-
650 000 USD 406 920 0.12
15/07/2052
Morocco 2 258 946 0.68
2 858 000
MOROCCO KINGDOM 4.000% 20-
USD 1 916 575 0.58 Paraguay 662 948 0.20
15/12/2050 400 000 PARAGUAY 2.739% 21-29/01/2033 USD 320 312 0.10
MOROCCO KINGDOM 6.500% 23-
333 000 USD 342 371 0.10 400 000 PARAGUAY 5.400% 19-30/03/2050 USD 342 636 0.10
08/09/2033
Hong Kong 2 116 259 0.63 United Arab Emirates 547 742 0.16
2 700 000 LI & FUNG LTD 5.250% 16-29/12/2049 USD 1 325 052 0.40 650 000 DP WORLD PLC 4.700% 19-30/09/2049 USD 547 742 0.16
SHIMAO GROUP HOL 3.450% 21-
1 100 000 USD 82 761 0.02 Costa Rica 528 029 0.16
11/01/2031
SHIMAO GROUP HOL 5.600% 19- 333 000 COSTA RICA 6.550% 23-03/04/2034 USD 333 633 0.10
8 930 000 USD 708 446 0.21
15/07/2026
200 000 COSTA RICA 7.000% 14-04/04/2044 USD 194 396 0.06
Serbia 2 114 681 0.64
SERBIA REPUBLIC 6.500% 23- Uruguay 516 814 0.16
1 512 000 USD 1 478 524 0.45
26/09/2033 100 000 URUGUAY 4.975% 18-20/04/2055 USD 97 407 0.03
SERBIA T-BONDS 4.500% 19- 16 340 000 URUGUAY 8.500% 17-15/03/2028 UYU 419 407 0.13
24 900 000 RSD 226 930 0.07
11/01/2026
SERBIA T-BONDS 4.500% 20- Kazakhstan 511 824 0.15
25 300 000 RSD 207 354 0.06
20/08/2032
KAZMUNAYGAS NAT 6.375% 18-
SERBIA T-BONDS 5.875% 18- 600 000 USD 511 824 0.15
21 200 000 RSD 201 873 0.06 24/10/2048
08/02/2028
Oman 2 063 544 0.62

Gabon 477 294 0.14
REPUBLIC OF GABON 6.950% 15-
OMAN INTRNL BOND 6.250% 21- 509 000 USD 477 294 0.14
500 000 USD 506 220 0.15 16/06/2025
25/01/2031
OMAN INTRNL BOND 6.500% 17- Mongolia 388 570 0.12
500 000 USD 464 600 0.14
08/03/2047
500 000 MONGOLIA 4.450% 21-07/07/2031 USD 388 570 0.12
OMAN INTRNL BOND 6.750% 18-
1 140 000 USD 1 092 724 0.33
17/01/2048
Zambia 261 710 0.08
South Korea 2 023 049 0.61 500 000
REPUBLIC OF ZAMBIA 5.375% 12-
USD 261 710 0.08
EXP-IMP BK KOREA 7.250% 17- 31/12/2099
30 100 000 000 IDR 2 023 049 0.61
07/12/2024
Argentina 200 938 0.06
Bolivia 1 986 266 0.59 619 529 ARGENTINA 1.000% 20-09/07/2029 USD 200 938 0.06
BOLIVIA GOVERNMENT 4.500% 17-
2 644 000 USD 1 672 356 0.50
20/03/2028 Ethiopia 137 104 0.04
BOLIVIA GOVERNMENT 7.500% 22- 200 000 ETHIOPIA 6.625% 14-11/12/2024 USD 137 104 0.04
421 000 USD 313 910 0.09
02/03/2030
Cameroon 1 909 537 0.58

British Virgin Islands 136 500 0.04
SCENERY JOURNEY 13.750% 18-
REPUBLIC OF CAMEROON 5.950% 21- 2 100 000 USD 136 500 0.04
2 443 000 EUR 1 909 537 0.58 06/11/2023
07/07/2032
Nigeria 1 716 890 0.52

Lebanon 121 372 0.04
REPUBLIC OF LEBANON 6.600% 11-
REPUBLIC OF NIGERIA 7.875% 17- 1 900 000 USD 121 372 0.04
250 000 USD 208 978 0.06 27/11/2026
16/02/2032
REPUBLIC OF NIGERIA 8.250% 21- Ireland 0 0.00
750 000 USD 559 185 0.17
28/09/2051 GTLK EUROPE DAC 5.125% 17-
REPUBLIC OF NIGERIA 9.248% 18- 456 000 USD 0 0.00
1 150 000 USD 948 727 0.29 31/05/2024
21/01/2049
Floating rate bonds 8 732 572 2.64
Ivory Coast 1 478 197 0.44
IVORY COAST-PDI 4.875% 20- Argentina 4 096 271 1.23
1 218 000 EUR 1 032 972 0.31
30/01/2032
420 611 ARGENTINA 20-09/01/2038 SR FRN USD 147 626 0.04
IVORY COAST-PDI 6.125% 17-
510 000 USD 445 225 0.13
15/06/2033 1 418 796 ARGENTINA 20-09/07/2030 SR FRN USD 470 572 0.14
Germany 1 420 243 0.43 10 866 622 ARGENTINA 20-09/07/2035 SR FRN USD 3 254 227 0.98
500 000 000 KFW 9.000% 22-08/07/2024 HUF 1 420 243 0.43 700 000 ARGENTINA 20-09/07/2041 SR FRN USD 223 846 0.07
Surinam 1 398 012 0.42 Mexico 3 374 151 1.02

SURINAME INTERNATIONAL 9.875% 3 338 000 CEMEX SAB 23-14/06/2171 FRN USD 3 374 151 1.02
1 700 000 USD 1 398 012 0.42
19-30/12/2023

Page 40

Expressed in USD
Quotation % of net
currency assets
Ecuador 1 262 150 0.39

REPUBLIC OF ECUADOR 20-
191 600 USD 92 242 0.03
31/07/2030 SR FRN
358 407 USD 102 494 0.03
31/07/2030 SR FRN
2 073 680 USD 716 000 0.22
31/07/2035 SR FRN
1 138 000 USD 351 414 0.11
31/07/2040 SR FRN
Other transferable securities 269 600 0.08
Bonds 269 600 0.08
Venezuela 269 600 0.08

VENEZUELA 0.000% 07-
3 370 000 USD 269 600 0.08
31/03/2038 DFLT
Money Market Instruments 3 206 076 0.97
Egypt 3 206 076 0.97

108 375 000 EGYPT T-BILL 0.000% 22-28/11/2023 EGP 3 206 076 0.97
Shares/Units in investment funds 32 009 033 9.62
Luxembourg 32 009 033 9.62

BNP PARIBAS FUNDS RMB BOND -
12 605.00 USD 15 026 169 4.52
X CAP
BNP PARIBAS FUNDS SUSTAINABLE
28.00 USD 2 837 346 0.85
ASIAN CITIES BOND - X CAP
BNP PARIBAS INSTICASH USD 1D I
103 380.84 USD 14 145 518 4.25
VNAV - X CAP

Page 41
BNP PARIBAS FUNDS Emerging Equity

Expressed in USD
Transferable securities admitted to an Saudi Arabia 3 480 275 1.77

official stock exchange listing and/or 191 390 556 97.11 147 998 SAUDI BASIC INDUSTRIES CORP SAR 3 480 275 1.77
traded on another regulated market United States of
Shares 191 390 556 97.11 America 3 224 506 1.64
34 176 BUNGE LTD USD 3 224 506 1.64
China 51 967 569 26.36
33 777 ALIBABA GROUP HOLDING - ADR USD 2 815 313 1.43 Indonesia 2 521 788 1.28
497 100 ALIBABA GROUP HOLDING LTD HKD 5 197 093 2.64 6 969 200 BANK RAKYAT INDONESIA PERSER IDR 2 521 788 1.28
76 000 BYD CO LTD-H HKD 2 432 199 1.23 Thailand 1 984 805 1.01
BYD ELECTRONIC INTERNATIONAL 15 298 100 WHA CORP PCL-FOREIGN THB 1 984 805 1.01
705 500 HKD 2 141 983 1.09
CO LTD
8 033 000 CHINA CONSTRUCTION BANK - H HKD 5 205 454 2.64 Malaysia 1 766 832 0.90
694 000 CHINA MENGNIU DAIRY CO HKD 2 620 130 1.33 1 754 600 PRESS METAL ALUMINIUM HOLDIN MYR 1 766 832 0.90
14 022 000 CHINA TOWER CORP LTD-H HKD 1 560 684 0.79
The Netherlands 0 0.00
109 523 CNY 3 462 253 1.76 75 399 YANDEX NV - A USD 0 0.00
A
266 200 NETEASE INC HKD 5 209 314 2.64
105 600 TRIP.COM GROUP LTD HKD 3 685 090 1.87
320 000 WUXI BIOLOGICS CAYMAN INC HKD 1 534 510 0.78
279 532 ZHEJIANG HUAYOU COBALT CO -A CNY 1 771 210 0.90
South Korea 27 995 771 14.19

40 066 LG ELECTRONICS INC KRW 3 852 588 1.95
9 246 LG ENERGY SOLUTION KRW 3 880 422 1.97
231 378 SAMSUNG ELECTRONICS CO LTD KRW 12 678 246 6.42
5 401 SAMSUNG SDI CO LTD KRW 2 742 207 1.39
55 386 SK HYNIX INC KRW 4 842 308 2.46
India 25 086 334 12.73

318 125 BHARTI AIRTEL LTD INR 3 411 923 1.73
171 448 HDFC BANK LIMITED INR 3 559 428 1.81
162 734 HOUSING DEVELOPMENT FINANCE INR 5 607 724 2.85
400 721 JUBILANT FOODWORKS LTD INR 2 450 763 1.24
185 001 MAHINDRA & MAHINDRA LTD INR 3 282 135 1.67
217 624 RELIANCE INDUSTRIES LTD INR 6 774 361 3.43
Taiwan 21 745 003 11.03

365 169 CHAILEASE HOLDING CO LTD TWD 2 398 130 1.22
1 042 000 TWD 19 346 873 9.81
Brazil 14 184 077 7.21

342 261 HYPERA SA BRL 3 264 382 1.66
647 117 ITAU UNIBANCO H PREF - ADR USD 3 817 990 1.94
542 881 PETRO RIO SA BRL 4 172 879 2.12
477 321 RAIA DROGASIL SA BRL 2 928 826 1.49
Mexico 12 735 940 6.46

40 496 FOMENTO ECONOMICO MEX - ADR USD 4 488 577 2.28
694 899 GRUPO FINANCIERO BANORTE - O MXN 5 721 505 2.90
639 689 WALMART DE MEXICO SAB DE CV MXN 2 525 858 1.28
Singapore 10 358 157 5.26

245 800 DBS GROUP HOLDINGS LTD SGD 5 722 971 2.90
1 483 949 SATS LTD SGD 2 828 981 1.44
31 120 SEA LTD-ADR USD 1 806 205 0.92
Hong Kong 6 739 786 3.41

663 800 AIA GROUP LTD HKD 6 739 786 3.41
Argentina 3 853 504 1.96

South Africa 3 746 209 1.90

33 604 ANGLO AMERICAN PLATINUM LTD ZAR 1 514 215 0.77
161 373 CLICKS GROUP LTD ZAR 2 231 994 1.13

Page 42
BNP PARIBAS FUNDS Emerging Multi-Asset Income

Expressed in USD
Transferable securities admitted to an India 422 353 3.03

official stock exchange listing and/or 12 345 726 88.54 4 741 BHARTI AIRTEL LTD INR 50 848 0.36
traded on another regulated market 2 730 HDFC BANK LIMITED INR 56 677 0.41
4 366 801 31.31 1 523 HINDUSTAN UNILEVER LTD INR 49 812 0.36
Shares
2 308 HOUSING DEVELOPMENT FINANCE INR 79 532 0.57
China 809 938 5.80 5 821 JUBILANT FOODWORKS LTD INR 35 601 0.26
11 200 ALIBABA GROUP HOLDING LTD HKD 117 094 0.84 2 616 MAHINDRA & MAHINDRA LTD INR 46 411 0.33
1 000 BYD CO LTD-H HKD 32 003 0.23 3 324 RELIANCE INDUSTRIES LTD INR 103 472 0.74
BYD ELECTRONIC INTERNATIONAL
9 500 HKD 28 843 0.21
CO LTD Taiwan 317 897 2.28
105 721 CHINA CONSTRUCTION BANK - H HKD 68 508 0.49 8 000 CHAILEASE HOLDING CO LTD TWD 52 537 0.38
13 000 CHINA MENGNIU DAIRY CO HKD 49 080 0.35 TAIWAN SEMICONDUCTOR
14 292 TWD 265 360 1.90
316 000 CHINA TOWER CORP LTD-H HKD 35 172 0.25 MANUFACTURING CO LTD
1 520
CNY 48 050 0.34 Mexico 306 861 2.21
A
3 996 ALFA S.A.B.-A MXN 2 481 0.02
200 KWEICHOW MOUTAI CO LTD-A CNY 46 612 0.33
1 933 AMERICA MOVIL SAB DE CV MXN 2 096 0.02
3 600 NETEASE INC HKD 70 449 0.51
1 898 AMERICA MOVIL SAB DE CV USD 41 073 0.29
6 790 PING AN INSURANCE GROUP CO - H HKD 43 430 0.31
614 ARCA CONTINENTAL SAB DE CV MXN 6 299 0.05
3 759 TENCENT HOLDINGS LTD HKD 159 770 1.15
2 239 CEMEX SAB - ADR USD 15 852 0.11
1 650 TRIP.COM GROUP LTD HKD 57 580 0.41
3 084 CEMEX SAB - CPO MXN 2 176 0.02
6 500 WUXI BIOLOGICS CAYMAN INC HKD 31 170 0.22
287 COCA-COLA FEMSA SAB DE CV MXN 2 394 0.02
3 500 ZHEJIANG HUAYOU COBALT CO -A CNY 22 177 0.16
3 996 CONTROLADORA AXTEL SAB DE CV MXN 52 0.00
Brazil 654 454 4.70 8 594 CORP INMOBILIARIA VESTA SAB MXN 27 826 0.20
639 3R PETROLEUM OLEO E GAS SA BRL 3 954 0.03 3 807 FIBRA UNO ADMINISTRACION SA MXN 5 549 0.04
600 B3 SA-BRASIL BOLSA BALCAO BRL 1 817 0.01 243 FOMENTO ECONOMICO MEX - ADR USD 26 934 0.19
2 400 BANCO DO BRASIL S.A. BRL 24 577 0.18 336 GRUMA S.A.B. - B MXN 5 383 0.04
4 700 BB SEGURIDADE PARTICIPACOES BRL 29 979 0.21 158 GRUPO AEROPORTUARIO PAC - ADR USD 28 238 0.20
13 100 CIA ENERGETICA MINAS GER-PRF BRL 34 922 0.25 GRUPO AEROPORTUARIO SURESTE -
60 USD 16 661 0.12
984 CIA SANEAMENTO BASICO DE SP BRL 11 539 0.08 ADR - B
1 455 GRUPO BIMBO SAB - SERIES A MXN 7 775 0.06
6 002 GRUPO FINANCIERO BANORTE - O MXN 49 418 0.35
3 605 DIRECIONAL ENGENHARIA SA BRL 14 685 0.11
2 800 GRUPO FINANCIERO INBURSA - O MXN 6 638 0.05
1 500 ENGIE BRASIL ENERGIA SA BRL 14 207 0.10
13 749 GRUPO TELEVISA SAB-SER CPO MXN 14 117 0.10
122 EQUATORIAL ENERGIA SA BRL 809 0.01
185 INDUSTRIAS PENOLES SAB DE CV MXN 2 593 0.02
8 254 EQUATORIAL ENERGIA SA - ORD BRL 55 009 0.39
1 870 KIMBERLY-CLARK DE MEXICO - A MXN 4 151 0.03
2 213 GERDAU SA - PREF BRL 11 501 0.08
2 025 OPERADORA DE SITES MEX- A-1 MXN 1 923 0.01
7 165 GRUPO DE MODA SOMA SA BRL 17 823 0.13
1 360 ORBIA ADVANCE CORP SAB DE CV MXN 2 925 0.02
3 836 IGUATEMI SA - UNITS BRL 17 828 0.13
122 SITIOS LATINOAMERICA SAB DE MXN 49 0.00
5 499 INTELBRAS SA INDUSTRIA DE TE BRL 29 513 0.21
8 676 WALMART DE MEXICO SAB DE CV MXN 34 258 0.25
8 238 ITAU UNIBANCO HOLDING S-PREF BRL 48 533 0.35
2 368 LOCALIZA RENT A CAR BRL 33 625 0.24 Poland 247 274 1.77
700 MAHLE-METAL LEVE SA BRL 6 753 0.05 1 554 ALLEGRO.EU SA PLN 12 239 0.09
PETROLEO BRASILEIRO PETROBRAS 1 146 BANK PEKAO SA PLN 31 253 0.22
12 900 BRL 78 967 0.57
- PREF 273 CD PROJEKT SA PLN 10 405 0.07
3 000 RAIA DROGASIL SA BRL 18 408 0.13
318 DINO POLSKA SA PLN 37 162 0.27
2 500 RUMO SA BRL 11 505 0.08
3 496 ECHO INVESTMENT S.A. PLN 3 752 0.03
9 300 SANTOS BRASIL PARTICIPACOES BRL 19 587 0.14
271 KGHM POLSKA MIEDZ SA PLN 7 497 0.05
4 000 TELEFONICA BRASIL S.A. BRL 35 879 0.26
234 KRUK SA PLN 23 498 0.17
2 646 TRANSMISSORA ALIANCA DE-UNIT BRL 20 646 0.15
3 932 PKO BANK POLSKI SA PLN 34 985 0.25
7 475 TRES TENTOS AGROINDUSTRIAL S BRL 19 912 0.14
2 222 POLSKI KONCERN NAFTOWY ORLEN PLN 35 226 0.25
1 100 TUPY SA BRL 5 979 0.04
4 247 POWSZECHNY ZAKLAD UBEZPIECZE PLN 41 196 0.30
921 VALE SA BRL 12 261 0.09
1 074 WARSAW STOCK EXCHANGE PLN 10 061 0.07
410 VALE SA - ADR USD 5 502 0.04
6 304
VAMOS LOCACAO DE
BRL 15 825 0.11
Hong Kong 204 097 1.46
CAMINHOES M 15 800 AIA GROUP LTD HKD 160 423 1.15
5 100 VIVARA PARTICIPACOES SA BRL 30 109 0.22
4 000 TECHTRONIC INDUSTRIES CO LTD HKD 43 674 0.31
2 110 WEG SA BRL 16 512 0.12
Greece 171 460 1.23
South Korea 441 127 3.16 16 477 ALPHA BANK A.E. EUR 26 965 0.19
1 162 KT CORP KRW 26 280 0.19
14 882 EUROBANK ERGASIAS SERVICES A EUR 24 501 0.18
547 LG ELECTRONICS INC KRW 52 597 0.38
10 900 FF GROUP EUR 1 0.00
115 LG ENERGY SOLUTION KRW 48 264 0.35
995 JUMBO SA EUR 27 356 0.20
3 703 SAMSUNG ELECTRONICS CO LTD KRW 202 904 1.45
566 MOTOR OIL (HELLAS) SA EUR 14 326 0.10
75 SAMSUNG SDI CO LTD KRW 38 079 0.27
835 SK HYNIX INC KRW 73 003 0.52

Page 43

Expressed in USD
556 MYTILINEOS S.A. EUR 19 617 0.14
Cyprus 1 365 0.01
4 371 NATIONAL BANK OF GREECE EUR 28 393 0.20 2 296 GALAXY COSMOS MEZZ PLC EUR 1 365 0.01
1 738 OPAP SA EUR 30 301 0.22 6 157 GLOBALTRA-SPONS GDR REGS USD 0 0.00
Singapore 152 168 1.10 3 812 OZON HOLDINGS PLC - ADR USD 0 0.00
3 100 DBS GROUP HOLDINGS LTD SGD 72 177 0.52 775 TCS GROUP HOLDING-GDR REG S RUB 0 0.00
23 814 SATS LTD SGD 45 399 0.33
Russia 1 0.00
596 SEA LTD-ADR USD 34 592 0.25 3 969 GAZPROM NEFT - ADR USD 0 0.00
Turkey 118 119 0.85 566 039 INTER RAO UES PJSC RUB 0 0.00
15 424 AKBANK T.A.S. TRY 11 951 0.09 824 MAGNIT PJSC RUB 0 0.00
2 702 BIM BIRLESIK MAGAZALAR AS TRY 17 671 0.13 6 130 MAIL.RU GROUP-GDR REGS USD 0 0.00
6 564 KOC HOLDING AS TRY 26 110 0.19 532 MMC NORILSK NICKEL PJSC RUB 0 0.00
4 221 TUPRAS-TURKIYE PETROL RAFINE TRY 12 839 0.09 752 NOVATEK PJSC-SPONS GDR REG S USD 0 0.00
2 047 TURK HAVA YOLLARI AO TRY 15 209 0.11 58 550 RENAISSANCE INSURANCE GROUP RUB 0 0.00
8 215 TURK SISE VE CAM FABRIKALARI TRY 14 010 0.10 92 682 SBERBANK OF RUSSIA PJSC RUB 0 0.00
8 291 TURKCELL ILETISIM HIZMET AS TRY 11 544 0.08 110 819 SISTEMA PJSFC RUB 0 0.00
16 290 TURKIYE IS BANKASI - C TRY 8 785 0.06 115 686 SURGUTNEFTEGAS-PREFERENCE RUB 0 0.00
1 TURKIYE SINAI KALKINMA BANK TRY 0 0.00 29 277 TATNEFT PJSC RUB 0 0.00
50 072 670 VTB BANK PJSC RUB 1 0.00
Hungary 79 285 0.56
2 131 MOL HUNGARIAN OIL AND GAS PL HUF 18 624 0.13 3 478 X 5 RETAIL GROUP NV-REGS GDR RUB 0 0.00
992 OTP BANK PLC HUF 35 196 0.25 The Netherlands 0 0.00
1 034 RICHTER GEDEON NYRT HUF 25 465 0.18 4 105 YANDEX NV - A USD 0 0.00
Argentina 71 076 0.51 Guernsey Island 0 0.00

60 MERCADOLIBRE INC USD 71 076 0.51 19 865 ETALON GROUP-GDR REGS - W/I USD 0 0.00
Chile 70 008 0.50 Bonds 7 978 925 57.23

569 004 BANCO SANTANDER CHILE CLP 26 913 0.19
United States of
2 709 CENCOSUD SA CLP 5 248 0.04
America 820 570 5.87
38 130 ENEL AMERICAS SA CLP 5 086 0.04 INT BK RECON&DEV 0.000% 17-
1 550 000 MXN 64 082 0.46
6 591 ENEL CHILE SA CLP 428 0.00 13/03/2027
1 350 ENEL CHILE SA USD 4 496 0.03 260 000 000 IDR 17 548 0.13
17/07/2026
332 QUIMICA Y MINERA CHIL - ADR USD 24 110 0.17 INT BK RECON&DEV 6.250% 22-
38 000 000 CLP 47 633 0.34
1 553 S.A.C.I. FALABELLA CLP 3 727 0.03 27/04/2026
1 700 000 MXN 93 765 0.67
30/07/2024
Thailand 57 805 0.41
15 400 AIRPORTS OF THAILAND PCL-FOR THB 31 273 0.22 1 000 000 MXN 54 767 0.39
21/01/2027
204 500 WHA CORP PCL-FOREIGN THB 26 532 0.19 3 000 000 INTL FIN CORP 0.000% 22-07/11/2047 MXN 21 386 0.15
US TREASURY INFL IX N/B 0.750% 12-
Malaysia 57 303 0.41 612 769
15/02/2042
USD 521 389 3.73
27 500 PETRONAS CHEMICALS GROUP BHD MYR 35 351 0.25
Mexico 658 112 4.70
21 800 PRESS METAL ALUMINIUM HOLDIN MYR 21 952 0.16 MEXICAN BONOS 10.000% 06-
325 000 MXN 20 951 0.15
20/11/2036
United States of MEXICAN BONOS 7.750% 11-
1 210 000 MXN 66 719 0.48
America 50 455 0.36 29/05/2031
893 YUM CHINA HOLDINGS INC USD 50 455 0.36 MEXICAN BONOS 7.750% 12-
1 104 000 MXN 57 741 0.41
13/11/2042
Indonesia 35 787 0.26 MEXICAN BONOS 8.500% 09-
608 000 MXN 35 075 0.25
31/05/2029
98 900 BANK RAKYAT INDONESIA PERSER IDR 35 787 0.26 PETROLEOS MEXICA 5.950% 20-
200 000 USD 145 726 1.04
28/01/2031
Cayman Islands 33 725 0.24 UNITED MEXICAN 2.659% 20-
5 173 BANCO BTG PACTUAL SA-UNIT BRL 33 725 0.24 400 000 USD 331 900 2.37
24/05/2031
Czech Republic 23 933 0.17 Brazil 655 212 4.70

557 KOMERCNI BANKA AS CZK 16 996 0.12 BRAZIL NTN-F 10.000% 14-
350 000 BRL 71 671 0.51
01/01/2025 FLAT
1 893 MONETA MONEY BANK AS CZK 6 937 0.05 BRAZIL NTN-F 10.000% 16-
970 000 BRL 199 562 1.43
01/01/2027 FLAT
Peru 19 697 0.14 BRAZIL NTN-F 10.000% 18-
150 000 BRL 30 366 0.22
410 CIA DE MINAS BUENAVENTUR - ADR USD 3 014 0.02 01/01/2029 FLAT
113 CREDICORP LTD USD 16 683 0.12 150 000 BRL 30 120 0.22
01/01/2031 FLAT
Slovenia 10 685 0.08 40
01/01/2033 FLAT
BRL 7 993 0.06
664 NOVA LJUBLJANSKA B-GDR REG S EUR 10 685 0.08 REPUBLIC OF BRAZIL 4.750% 19-
200 000 USD 147 162 1.05
14/01/2050
Colombia 9 928 0.07 REPUBLIC OF BRAZIL 5.625% 16-
200 000 USD 168 338 1.21
200 BANCOLOMBIA S.A.- ADR USD 5 336 0.04 21/02/2047
448 ECOPETROL SA - ADR USD 4 592 0.03

Page 44

Expressed in USD
South Africa 648 934 4.66 Thailand 376 710 2.71

REPUBLIC OF SOUTH AFRICA THAILAND GOVT 0.950% 20-
1 186 000 ZAR 65 206 0.47 2 850 000 THB 78 097 0.56
10.500% 98-21/12/2026 17/06/2025
REPUBLIC OF SOUTH AFRICA 4.300% THAILAND GOVT 1.000% 21-
300 000 USD 264 813 1.90 1 700 000 THB 45 450 0.33
16-12/10/2028 17/06/2027
612 000 ZAR 25 930 0.19 2 300 000 THB 61 345 0.44
10-26/02/2031 17/12/2029
1 110 000 ZAR 51 907 0.37 500 000 THB 13 969 0.10
13-31/01/2030 17/12/2026
940 000 ZAR 41 866 0.30 740 000 THB 19 693 0.14
13-31/03/2032 17/06/2046
1 940 000 ZAR 78 504 0.56 2 250 000 THB 67 056 0.48
13-31/01/2037 17/06/2036
140 000 ZAR 5 432 0.04 335 000 THB 9 448 0.07
14-31/01/2044 17/06/2067
165 000 ZAR 7 151 0.05 120 000 THB 3 659 0.03
15-28/02/2035 20/06/2031
2 660 000 ZAR 108 125 0.78 2 110 000 THB 65 251 0.47
15-31/01/2040 25/06/2032
Colombia 490 581 3.50 400 000 THB 12 742 0.09
12/12/2037
177 700 000 COLOMBIA TES 6.000% 12-28/04/2028 COP 36 405 0.26
Chile 356 811 2.56
167 300 000 COLOMBIA TES 7.000% 17-30/06/2032 COP 32 766 0.23
200 000 CHILE 2.550% 21-27/07/2033 USD 163 360 1.17
77 800 000 COLOMBIA TES 7.000% 21-26/03/2031 COP 15 673 0.11
200 000 CHILE 3.250% 21-21/09/2071 USD 129 188 0.93
130 000 000 COLOMBIA TES 7.250% 19-18/10/2034 COP 25 017 0.18 TESORERIA PESOS 4.700% 18-
15 000 000 CLP 18 359 0.13
58 500 000 COLOMBIA TES 7.250% 20-26/10/2050 COP 9 880 0.07 01/09/2030 FLAT
280 000 000 COLOMBIA TES 7.500% 11-26/08/2026 COP 62 830 0.45 15 000 000 CLP 18 807 0.13
01/03/2035 FLAT
92 600 000 COLOMBIA TES 9.250% 22-28/05/2042 COP 19 847 0.14 TESORERIA PESOS 6.000% 13-
10 000 000 CLP 13 750 0.10
REPUBLIC OF COLOMBIA 10.375% 03- 01/01/2043
254 000 USD 288 163 2.06 TESORERIA PESOS 6.000% 23-
28/01/2033 10 000 000 CLP 13 347 0.10
01/04/2033 FLAT
Malaysia 431 237 3.10
MALAYSIA GOVT 3.502% 07- Saudi Arabia 345 954 2.48
30 000 MYR 6 406 0.05 SAUDI INT BOND 2.250% 21-
31/05/2027 200 000 USD 160 944 1.15
MALAYSIA GOVT 3.899% 17- 02/02/2033
42 000 MYR 9 109 0.07 SAUDI INT BOND 5.000% 23-
16/11/2027 200 000 USD 185 010 1.33
MALAYSIA GOVT 3.900% 16- 18/01/2053
110 000 MYR 23 858 0.17
30/11/2026
MALAYSIA GOVT 3.955% 15- Bahrain 271 833 1.95
296 000 MYR 64 120 0.46 300 000 BAHRAIN 7.500% 17-20/09/2047 USD 271 833 1.95
15/09/2025
MALAYSIA GOVT 4.059% 17-
20 000 MYR 4 321 0.03
30/09/2024 Germany 262 772 1.89
MALAYSIA GOVT 4.065% 20- 500 000 KFW 3.900% 22-18/01/2024 PLN 120 748 0.87
57 000 MYR 12 015 0.09
15/06/2050
MALAYSIA GOVT 4.254% 15- 50 000 000 KFW 9.000% 22-08/07/2024 HUF 142 024 1.02
66 000 MYR 14 423 0.10
31/05/2035
MALAYSIA GOVT 4.736% 16- Czech Republic 243 346 1.74
225 000 MYR 52 179 0.37 CZECH REPUBLIC 0.250% 17-
15/03/2046 1 140 000 CZK 44 493 0.32
MALAYSIA GOVT 5.248% 08- 10/02/2027
15/09/2028 600 000 CZK 21 942 0.16
MALAYSIA INVEST 3.422% 20- 15/05/2030
30/09/2027 340 000 CZK 13 892 0.10
MALAYSIA INVEST 3.465% 20- 26/06/2026
15/10/2030 930 000 CZK 33 840 0.24
MALAYSIA INVEST 3.990% 15- 13/03/2031
15/10/2025 630 000 CZK 27 071 0.19
MALAYSIA INVEST 4.119% 19- 14/02/2025
30/11/2034 150 000 CZK 4 458 0.03
MALAYSIA INVEST 4.193% 22- 24/04/2040
07/10/2032 670 000 CZK 24 744 0.18
MALAYSIA INVEST 4.755% 17- 13/10/2033
04/08/2037 1 300 000 CZK 54 077 0.39
MALAYSIAN GOVT 3.885% 19- 25/08/2028
15/08/2029 420 000 CZK 18 829 0.13
04/12/2036
Indonesia 394 321 2.83
INDONESIA GOVT 6.625% 12- Poland 225 618 1.63
200 000 000 IDR 13 520 0.10 POLAND GOVERNMENT BOND
15/05/2033 44 000 PLN 7 891 0.06
INDONESIA GOVT 7.500% 19- 1.750% 21-25/04/2032
15/04/2040 335 000 PLN 75 318 0.54
INDONESIA GOVT 8.250% 11- 2.500% 15-25/07/2026
15/06/2032 115 000 PLN 24 960 0.18
INDONESIA GOVT 8.250% 15- 2.750% 13-25/04/2028
15/05/2036 356 000 PLN 83 406 0.60
INDONESIA GOVT 8.375% 13- 3.250% 14-25/07/2025
15/03/2034 72 000 PLN 16 549 0.12
INDONESIA GOVT 8.375% 19- 3.750% 22-25/05/2027
15/04/2039 70 000 PLN 17 494 0.13
INDONESIA GOVT 9.500% 10- 6.000% 22-25/10/2033
668 000 000 IDR 53 066 0.38
15/07/2031
200 000 PT PERTAMINA 2.300% 21-09/02/2031 USD 162 706 1.17

Page 45

Expressed in USD
REPUBLIC OF HUNGARY 3.000% 20-
Supranational 217 832 1.57 1 700 000 HUF 3 027 0.02
25/04/2041
EURO BK RECON&DV 0.000% 19- REPUBLIC OF HUNGARY 3.250% 15-
1 820 000 TRY 37 074 0.27 6 170 000 HUF 13 940 0.10
26/01/2026 22/10/2031
EURO BK RECON&DV 4.250% 21- REPUBLIC OF HUNGARY 6.750% 11-
200 000 000 IDR 12 422 0.09 1 800 000 HUF 5 039 0.04
07/02/2028 22/10/2028
1 670 000 000 IDR 108 377 0.78
09/12/2025 Ukraine 69 300 0.50
EURO BK RECON&DV 6.000% 23- UKRAINE GOVERNMENT 7.375% 17-
900 000 000 IDR 59 959 0.43 300 000 USD 69 300 0.50
17/01/2030 25/09/2034
Romania 192 983 1.39 Hong Kong 55 533 0.40

85 000 ROMANIA 3.250% 20-24/06/2026 RON 17 091 0.12 SHIMAO GROUP HOL 5.600% 19-
700 000 USD 55 533 0.40
15/07/2026
30 000 ROMANIA 4.250% 21-28/04/2036 RON 5 134 0.04
460 000 ROMANIA 4.750% 14-24/02/2025 RON 98 761 0.71 British Virgin Islands 13 000 0.09
SCENERY JOURNEY 13.750% 18-
45 000 ROMANIA 4.750% 19-11/10/2034 RON 8 334 0.06 200 000 USD 13 000 0.09
06/11/2023
185 000 ROMANIA 5.000% 18-12/02/2029 RON 37 471 0.27
Argentina 8 958 0.06
120 000 ROMANIA 6.700% 22-25/02/2032 RON 26 192 0.19
27 619 ARGENTINA 1.000% 20-09/07/2029 USD 8 958 0.06
Nigeria 179 616 1.29
200 000
REPUBLIC OF NIGERIA 8.375% 22-
USD 179 616 1.29
24/03/2029
China 159 060 1.14 Shares 0 0.00

COUNTRY GARDEN 3.125% 20-
400 000
22/10/2025
USD 124 060 0.89 Russia 0 0.00
TIMES CN HLDG 6.750% 20-08/07/2025 50 724 ALROSA PJSC RUB 0 0.00
500 000 USD 35 000 0.25
MAGNITOGORSK IRON & STEEL
106 988 RUB 0 0.00
WORKS PJSC
Dominican Republic 154 248 1.11
537 POLYUS PJSC RUB 0 0.00
REPUBLIC OF DOMINICAN 5.875% 20-
200 000 USD 154 248 1.11
30/01/2060
Egypt 149 541 1.07
ARAB REP EGYPT 7.500% 21-
300 000 USD 149 541 1.07 Luxembourg 841 267 6.01
16/02/2061
BNP PARIBAS FUNDS CHINA
6 372.33 USD 410 316 2.93
Sri Lanka 130 500 0.94 EQUITY- X CAP
REPUBLIC OF SRI LANKA 7.550% 19- BNP PARIBAS FUNDS RMB BOND -
300 000 USD 130 500 0.94 346.00 USD 412 461 2.95
28/03/2030 X CAP
BNP PARIBAS INSTICASH USD 1D I
Russia 112 324 0.81 135.13 USD 18 490 0.13
VNAV - X CAP
115 000 RUSSIA 12.750% 98-24/06/2028 USD 106 950 0.77
Ireland 548 700 3.91
1 300 000 RUSSIA-OFZ 7.250% 18-10/05/2034 RUB 5 374 0.04
6 250.00 ISHARES MSCI KOREA EUR 275 478 1.96
Peru 107 943 0.78 1 476.00 SOURCE PHYSICAL GOLD P - ETC USD 273 222 1.95
PERU B SOBERANO 5.940% 18-
20 000
12/02/2029
PEN 5 412 0.04
92 000 PEN 25 697 0.18
12/08/2028
36 000 PEN 10 521 0.08
12/08/2026
29 000 PEN 6 706 0.05
12/08/2040
15 000 PEN 3 956 0.03
12/08/2032
95 000 PEN 25 940 0.19
12/08/2037
106 000 PEN 29 711 0.21
12/08/2031
Ghana 84 600 0.61

REPUBLIC OF GHANA 7.750% 21-
200 000 USD 84 600 0.61
07/04/2029
Luxembourg 83 455 0.60

400 000 EIB 3.000% 19-25/11/2029 PLN 83 455 0.60
Hungary 78 021 0.55

HUNGARY GOVERNMENT 3.000% 18-
3 100 000 HUF 5 817 0.04
27/10/2038
10 340 000 HUF 22 920 0.16
23/05/2029
5 000 000 HUF 9 992 0.07
20/04/2033
2 970 000 HUF 5 705 0.04
22/06/2034
4 760 000 HUF 11 581 0.08
27/10/2027

Page 46
BNP PARIBAS FUNDS Energy Transition

Expressed in EUR
Transferable securities admitted to an Norway 49 131 726 2.37

official stock exchange listing and/or 2 015 701 899 97.30 2 182 571 AGILYX AS NOK 5 900 607 0.28
traded on another regulated market 10 193 998 AKER CARBON CAPTURE AS NOK 12 244 833 0.59
2 015 701 899 97.30 2 801 046 FREYR BATTERY SA USD 24 005 298 1.16
Shares
6 743 577 OTOVO AS - A SHARES NOK 6 980 988 0.34
United States of
America 1 276 225 757 61.62
68 961 860 MEYER BURGER TECHNOLOGY AG CHF 42 675 030 2.06
7 264 216 ADVENT TECHNOLOGIES HOLDINGS USD 3 918 415 0.19
254 239 ALBEMARLE CORP USD 51 987 331 2.51 United Kingdom 38 678 169 1.87
7 713 153 APPHARVEST INC USD 2 615 826 0.13 9 027 350 CERES POWER HOLDINGS PLC GBP 31 937 347 1.54
3 888 493 ARRAY TECHNOLOGIES INC USD 80 549 901 3.89 1 925 193 POLESTAR AUTOMOTIVE-CL A ADS USD 6 740 822 0.33
2 348 076 BLOOM ENERGY CORP- A USD 35 188 857 1.70 Italy 20 521 429 0.99
482 523 CHART INDUSTRIES INC USD 70 671 265 3.41 1 067 157 INDUSTRIE DE NORA SPA EUR 20 521 429 0.99
2 000 000 ELECTRIC LAST MILE SOLUTIONS USD 119 890 0.01
Israel 17 626 710 0.85
7 194 138 FISKER INC USD 37 190 594 1.80
1 083 422 ENLIGHT RENEWABLE ENERGY LTD USD 17 626 710 0.85
3 724 766 FLUENCE ENERGY INC USD 90 951 206 4.39
1 542 767 GREEN PLAINS INC USD 45 590 108 2.20 Brazil 16 402 575 0.79
HANNON ARMSTRONG 19 619 717 RAIZEN SA - PREFERENCE BRL 16 402 575 0.79
1 771 161 USD 40 585 724 1.96
SUSTAINABLE
1 032 983 LIVENT CORP USD 25 971 332 1.25 Indonesia 6 439 702 0.31
120 380 600 PERTAMINA GEOTHERMAL ENERGY IDR 6 439 702 0.31
676 411 NEXTRACKER INC-CL A USD 24 681 872 1.19
6 843 307 ORIGIN MATERIALS INC USD 26 720 887 1.29 Sweden 1 619 727 0.08
21 256 656 PLUG POWER INC USD 202 435 066 9.78 4 236 908 CELL IMPACT AB SEK 1 619 727 0.08
3 266 234 PURECYCLE TECHNOLOGIES INC USD 32 003 704 1.54
Bahamas 736 387 0.04
6 742 297 QUANTUMSCAPE CORP USD 49 377 592 2.38 295 367 LOCAL BOUNTI CORP USD 736 387 0.04
3 054 442 STEM INC USD 16 014 123 0.77
SUNNOVA ENERGY Total securities portfolio 2 015 701 899 97.30
11 339 612 USD 190 310 079 9.19
INTERNATIONAL
9 958 158 SUNRUN INC USD 163 018 059 7.87
343 402 TESLA INC USD 82 394 447 3.98
35 401 003 VIEW INC USD 3 929 479 0.19
China 233 404 174 11.27

2 522 977 BYD CO LTD-H HKD 74 007 222 3.57
1 703 224 CNY 49 351 511 2.38
A
1 315 141 GANFENG LITHIUM CO LTD-A CNH 10 143 285 0.49
743 264 GOODWE TECHNOLOGIES CO LTD-A CNY 15 717 282 0.76
10 831 416 LONGI GREEN ENERGY TECHNOL-A CNY 39 263 811 1.90
3 404 019 NARI TECHNOLOGY CO LTD-A CNH 9 917 187 0.48
5 468 000 TIANQI LITHIUM CORP-H HKD 35 003 876 1.69
Canada 85 337 484 4.11

3 764 654 ANAERGIA INC CAD 3 259 554 0.16
8 517 505 FORAN MINING CORPORATION CAD 20 767 208 1.00
7 390 161 LI-CYCLE HOLDINGS CORP USD 37 594 311 1.81
5 749 912 STANDARD LITHIUM LTD USD 23 716 411 1.14
Germany 67 641 140 3.26

1 348 112 NORDEX SE EUR 14 997 746 0.72
3 253 609 SIEMENS ENERGY AG EUR 52 643 394 2.54
Australia 57 705 081 2.79

2 040 766 ALLKEM LTD AUD 20 094 607 0.97
68 139 524 IONEER LTD AUD 14 258 622 0.69
26 520 346 QUEENSLAND PACIFIC METALS LT AUD 1 628 178 0.08
116 714 544 SAYONA MINING LTD AUD 12 580 674 0.61
3 553 706 VULCAN ENERGY RESOURCES LTD AUD 9 143 000 0.44
Denmark 51 327 660 2.47

2 128 733 CADELER A/S NOK 8 177 278 0.39
1 512 437 EVERFUEL A/S NOK 2 031 506 0.10
474 828 ORSTED A/S DKK 41 118 876 1.98
India 50 229 148 2.42

10 000 000 RENEW ENERGY GLOBAL PLC-A USD 50 229 148 2.42

Page 47
BNP PARIBAS FUNDS Euro Equity

Expressed in EUR
Quotation % of net
currency assets

official stock exchange listing and/or 1 546 792 774 99.44
Shares 1 546 792 774 99.44
France 585 760 563 37.68

309 546 AIR LIQUIDE SA EUR 50 827 453 3.27
1 005 495 ALSTOM EUR 27 470 123 1.77
3 271 630 CREDIT AGRICOLE SA EUR 35 569 161 2.29
282 051 ESSILORLUXOTTICA EUR 48 682 003 3.13
46 951 LOREAL EUR 20 052 772 1.29
1 383 212 MICHELIN (CGDE) EUR 37 429 717 2.41
201 427 PERNOD RICARD SA EUR 40 768 825 2.62
406 843 SANOFI AVENTIS EUR 39 951 983 2.57
454 356 SCHNEIDER ELECTRIC SE EUR 75 632 100 4.86
1 253 400 TOTAL SA EUR 65 866 170 4.23
468 810 WORLDLINE SA - W/I EUR 15 705 135 1.01
Germany 290 202 897 18.65

148 458 ADIDAS AG EUR 26 392 863 1.70
195 635 ALLIANZ SE - REG EUR 41 709 382 2.68
164 149 DEUTSCHE BOERSE AG EUR 27 757 596 1.78
2 773 287 DEUTSCHE TELEKOM AG - REG EUR 55 399 181 3.56
1 002 187 INFINEON TECHNOLOGIES AG EUR 37 867 636 2.43
201 254 SYMRISE AG EUR 19 324 409 1.24

768 284 PROSUS NV EUR 51 559 539 3.31
1 834 323 STELLANTIS NV EUR 29 514 257 1.90
1 516 932 UNIVERSAL MUSIC GROUP NV EUR 30 869 566 1.98
Spain 115 752 094 7.44

587 405 AMADEUS IT GROUP SA EUR 40 942 129 2.63
14 143 276 BANCO SANTANDER SA EUR 47 874 989 3.08
2 294 291 GRIFOLS SA EUR 26 934 976 1.73
Finland 96 632 026 6.21

1 131 479 NESTE OYJ EUR 39 895 950 2.56
1 998 592 NORDEA BANK ABP EUR 19 917 968 1.28
895 382 SAMPO OYJ - A EUR 36 818 108 2.37

1 106 999 STMICROELECTRONICS NV EUR 50 434 874 3.24
Italy 45 766 625 2.94

19 069 427 INTESA SANPAOLO EUR 45 766 625 2.94

95 358 LINDE PLC EUR 33 394 372 2.15
Belgium 28 823 285 1.85

556 112 ANHEUSER - BUSCH INBEV SA/NV EUR 28 823 285 1.85
Portugal 28 475 642 1.83

1 128 195 JERONIMO MARTINS EUR 28 475 642 1.83
Luxembourg 10 584 741 0.68

BNP PARIBAS INSTICASH EUR 1D -
87 556.72 EUR 10 584 741 0.68
X CAP

Page 48
BNP PARIBAS FUNDS Europe Emerging Equity (NAV suspended)

Expressed in EUR
Quotation % of net
currency assets

official stock exchange listing and/or 17 0.00
Shares 17 0.00
Greece 7 0.00
61 332 FF GROUP EUR 7 0.00
Turkey 5 0.00
1 ANADOLU HAYAT EMEKLILIK TRY 0 0.00
1 ENKA INSAAT VE SANAYI AS TRY 1 0.00
1 TURK HAVA YOLLARI AO TRY 3 0.00
1 TURK SISE VE CAM FABRIKALARI TRY 1 0.00
1 TURKIYE IS BANKASI - C TRY 0 0.00
1 TURKIYE SINAI KALKINMA BANK TRY 0 0.00
Russia 5 0.00
40 620 GAZPROM NEFT - ADR USD 0 0.00
279 789 GLOBALTRUCK MANAGEMENT PJSC RUB 0 0.00
2 023 461 INTER RAO UES PJSC RUB 0 0.00
7 896 MAGNIT PJSC RUB 0 0.00
75 254 MAIL.RU GROUP-GDR REGS USD 0 0.00
5 704 MMC NORILSK NICKEL PJSC RUB 0 0.00
7 502 NOVATEK PJSC-SPONS GDR REG S USD 0 0.00
592 000 RENAISSANCE INSURANCE GROUP RUB 0 0.00
922 527 SBERBANK OF RUSSIA PJSC RUB 0 0.00
945 041 SISTEMA PJSFC RUB 0 0.00
611 229 SURGUTNEFTEGAS-PREFERENCE RUB 0 0.00
328 909 TATNEFT PJSC RUB 0 0.00
497 445 318 VTB BANK PJSC RUB 5 0.00
39 189 X 5 RETAIL GROUP NV-REGS GDR RUB 0 0.00
The Netherlands 0 0.00

42 183 YANDEX NV - A USD 0 0.00
Guernsey Island 0 0.00

231 132 ETALON GROUP-GDR REGS - W/I USD 0 0.00
Cyprus 0 0.00
45 831 GLOBALTRA-SPONS GDR REGS USD 0 0.00
36 631 OZON HOLDINGS PLC - ADR USD 0 0.00
7 696 TCS GROUP HOLDING-GDR REG S RUB 0 0.00
Shares 0 0.00
Russia 0 0.00
504 011 ALROSA PJSC RUB 0 0.00
959 205 RUB 0 0.00
WORKS PJSC
5 207 POLYUS PJSC RUB 0 0.00
Slovakia 0 0.00
107 150 POVAZSKE STROJARNE EUR 0 0.00
Total securities portfolio 17 0.00

Page 49
BNP PARIBAS FUNDS Europe Equity

Expressed in EUR
Transferable securities admitted to an Belgium 16 596 277 1.73

official stock exchange listing and/or 953 668 597 99.63 320 206 ANHEUSER - BUSCH INBEV SA/NV EUR 16 596 277 1.73
traded on another regulated market Portugal 16 058 748 1.68
Shares 953 668 597 99.63 636 242 JERONIMO MARTINS EUR 16 058 748 1.68
France 232 076 116 24.24 Norway 12 828 809 1.33

160 375 AIR LIQUIDE SA EUR 26 333 575 2.75 99 949 AKER BP ASA NOK 2 153 156 0.22
595 784 ALSTOM EUR 16 276 819 1.70 465 974 SCHIBSTED ASA - A NOK 7 504 779 0.78
1 828 982 CREDIT AGRICOLE SA EUR 19 884 692 2.08 208 452 SCHIBSTED ASA - B NOK 3 170 874 0.33
17 958 LOREAL EUR 7 669 862 0.80
Shares/Units in investment funds 849 959 0.09
737 954 MICHELIN (CGDE) EUR 19 969 035 2.09 BNP PARIBAS INSTICASH EUR 1D -
7 030.84 EUR 849 959 0.09
155 817 SANOFI AVENTIS EUR 15 301 229 1.60 X CAP
119 114 SCHNEIDER ELECTRIC SE EUR 19 827 716 2.07 Total securities portfolio 954 518 556 99.72
562 878 TOTAL SA EUR 29 579 239 3.09
Germany 115 443 529 12.07

70 310 ADIDAS AG EUR 12 499 712 1.31
85 848 DEUTSCHE BOERSE AG EUR 14 516 897 1.52
1 030 893 DEUTSCHE TELEKOM AG - REG EUR 20 593 119 2.15
448 983 INFINEON TECHNOLOGIES AG EUR 16 964 823 1.77
134 178 SYMRISE AG EUR 12 883 772 1.35

251 242 ASTRAZENECA PLC GBP 33 012 932 3.45
64 826 LINDE PLC EUR 22 702 065 2.37
1 892 471 PRUDENTIAL PLC GBP 24 445 658 2.55
331 351 RECKITT BENCKISER GROUP PLC GBP 22 827 561 2.38
1 324 884 STANDARD CHARTERED PLC GBP 10 544 727 1.10

388 284 PROSUS NV EUR 26 057 739 2.72
997 348 STELLANTIS NV EUR 16 047 329 1.68
850 751 UNIVERSAL MUSIC GROUP NV EUR 17 312 783 1.81
Switzerland 106 639 349 11.15

152 391 ALCON INC CHF 11 569 257 1.21
28 997 LONZA GROUP AG - REG CHF 15 846 524 1.66
373 550 NESTLE SA-REG CHF 41 180 247 4.31
469 072 STMICROELECTRONICS NV EUR 21 370 920 2.23
Spain 60 640 593 6.33

8 207 700 BANCO SANTANDER SA EUR 27 783 065 2.90
1 327 278 GRIFOLS SA EUR 15 582 244 1.63
Denmark 50 114 054 5.24

275 900 NOVO NORDISK A/S - B DKK 40 736 838 4.26
219 636 NOVOZYMES A/S - B DKK 9 377 216 0.98
Finland 41 246 025 4.30

612 163 NESTE OYJ EUR 21 584 867 2.25
478 141 SAMPO OYJ - A EUR 19 661 158 2.05
Sweden 35 537 057 3.71

1 466 411 ATLAS COPCO AB-A SEK 19 337 698 2.02
936 230 EPIROC AB-A SEK 16 199 359 1.69
Italy 24 684 686 2.58

10 285 286 INTESA SANPAOLO EUR 24 684 686 2.58
Ireland 21 025 066 2.20

597 835 EXPERIAN PLC GBP 21 025 066 2.20

Page 50
BNP PARIBAS FUNDS Europe Growth

Expressed in EUR
Transferable securities admitted to an Italy 2 128 113 1.73

official stock exchange listing and/or 120 867 205 98.49 296 312 NEXI SPA EUR 2 128 113 1.73
traded on another regulated market Portugal 2 022 305 1.65
Shares 120 867 205 98.49 80 123 JERONIMO MARTINS EUR 2 022 305 1.65
France 24 214 943 19.73 Shares/Units in investment funds 2 218 564 1.81
76 930 ALSTOM EUR 2 101 728 1.71
23 260 ESSILORLUXOTTICA EUR 4 014 676 3.27 Luxembourg 2 218 564 1.81
3 838 KERING EUR 1 940 493 1.58 BNP PARIBAS INSTICASH EUR 1D -
18 351.91 EUR 2 218 564 1.81
X CAP
3 347 LOREAL EUR 1 429 504 1.16
6 898 LVMH MOET HENNESSY LOUIS VUI EUR 5 952 973 4.86 Total securities portfolio 123 085 769 100.30
10 824 SARTORIUS STEDIM BIOTECH EUR 2 475 449 2.02
Germany 20 110 094 16.39

12 491 ADIDAS AG EUR 2 220 650 1.81
26 572 CTS EVENTIM AG + CO KGAA EUR 1 537 190 1.25
170 732 DEUTSCHE TELEKOM AG - REG EUR 3 410 542 2.78
74 072 INFINEON TECHNOLOGIES AG EUR 2 798 811 2.28
28 524 SAP SE EUR 3 569 493 2.91
18 776 SYMRISE AG EUR 1 802 872 1.47

123 010 CTP NV EUR 1 463 819 1.19
66 936 PROSUS NV EUR 4 492 075 3.66
133 325 UNIVERSAL MUSIC GROUP NV EUR 2 713 164 2.21
Switzerland 15 843 764 12.91

33 467 ALCON INC CHF 2 540 756 2.07
51 951 NESTLE SA-REG CHF 5 727 090 4.67

12 759 LINDE PLC EUR 4 468 202 3.64
289 756 PRUDENTIAL PLC GBP 3 742 872 3.05
Denmark 7 678 762 6.25

39 004 NOVO NORDISK A/S - B DKK 5 758 968 4.69
44 966 NOVOZYMES A/S - B DKK 1 919 794 1.56
Spain 5 439 699 4.43

221 511 GRIFOLS SA EUR 2 600 539 2.12
Sweden 5 410 005 4.41

251 973 ATLAS COPCO AB-A SEK 3 322 791 2.71
120 629 EPIROC AB-A SEK 2 087 214 1.70
Ireland 3 181 534 2.59

90 465 EXPERIAN PLC GBP 3 181 534 2.59
Finland 3 142 689 2.56

89 129 NESTE OYJ EUR 3 142 689 2.56
Norway 2 546 641 2.08

367 848 ADEVINTA ASA NOK 2 215 554 1.81
15 369 AKER BP ASA NOK 331 087 0.27
Poland 2 420 302 1.97

335 261 ALLEGRO.EU SA PLN 2 420 302 1.97

Page 51
BNP PARIBAS FUNDS Europe Small Cap

Expressed in EUR
Transferable securities admitted to an Spain 25 405 861 5.13

official stock exchange listing and/or 485 474 532 97.89 1 000 386 BANKINTER SA EUR 5 632 173 1.14
traded on another regulated market 507 992 INDRA SISTEMAS SA EUR 5 882 547 1.19
485 474 532 97.89 1 045 772 INMOBILIARIA COL SOCIMI EUR 5 798 806 1.17
Shares
127 841 VISCOFAN SA EUR 8 092 335 1.63
175 604 BRITVIC PLC GBP 1 751 640 0.35
Austria 25 357 137 5.10
215 168 ANDRITZ AG EUR 10 984 326 2.21
181 933 COMPUTACENTER PLC GBP 4 854 939 0.98
241 216 BAWAG GROUP AG EUR 10 184 140 2.05
3 350 270 CONVATEC GROUP PLC GBP 8 011 133 1.62
149 382 WIENERBERGER AG EUR 4 188 671 0.84
269 204 CVS GROUP PLC GBP 6 208 177 1.25
628 568 DISCOVERIE GROUP PLC GBP 6 152 737 1.24 Ireland 21 799 615 4.40
2 617 150 GRAINGER PLC GBP 6 929 051 1.40 780 681 GLANBIA PLC EUR 10 695 330 2.16
341 258 GREGGS PLC GBP 10 156 417 2.05 640 356 GRAFTON GROUP PLC - UTS GBP 5 833 086 1.18
805 255 HOWDEN JOINERY GROUP PLC GBP 6 028 035 1.22 249 916 KEYWORDS STUDIOS PLC GBP 5 271 199 1.06
1 355 134 IG GROUP HOLDINGS PLC GBP 10 690 738 2.16 Finland 18 879 332 3.81
704 927 INCHCAPE PLC GBP 6 386 771 1.29 76 299 HUHTAMAKI OYJ EUR 2 293 548 0.46
833 739 INTERMEDIATE CAPITAL GROUP GBP 13 383 156 2.69 708 082 OUTOTEC OYJ EUR 7 820 766 1.58
146 021 MICHAEL PAGE INTERNATIONAL GBP 683 354 0.14 343 996 VALMET OYJ EUR 8 765 018 1.77
2 000 065 PETS AT HOME GROUP PLC GBP 8 777 306 1.77
Luxembourg 12 533 444 2.53
314 149 SAFESTORE HOLDINGS PLC GBP 3 107 994 0.63
1 930 983 B&M EUROPEAN VALUE RETAIL SA GBP 12 533 444 2.53
795 102 VIRGIN MONEY UK PLC GBP 1 385 626 0.28
648 942 WEIR GROUP PLC/THE GBP 13 279 056 2.67 Norway 10 546 318 2.13
694 970 WH SMITH PLC GBP 12 536 428 2.53 3 168 911 AKER SOLUTIONS ASA NOK 10 546 318 2.13
358 902 YOUGOV PLC GBP 4 182 276 0.84 Denmark 5 623 409 1.14
658 834 H LUNDBECK A/S DKK 2 870 362 0.58
Italy 53 699 429 10.83
387 162 BANCA GENERALI S.P.A. EUR 12 195 603 2.46 33 605 ROYAL UNIBREW DKK 2 753 047 0.56
155 022 BREMBO SPA EUR 2 105 199 0.42 The Netherlands 5 339 461 1.07
88 061 BRUNELLO CUCINELLI SPA EUR 7 097 717 1.43 64 814 AALBERTS INDUSTRIES NV EUR 2 497 283 0.50
253 529 INTERPUMP GROUP SPA EUR 12 899 556 2.60 68 918 ASR NEDERLAND NV EUR 2 842 178 0.57
791 755 IVECO GROUP NV EUR 6 533 562 1.32
Belgium 4 413 641 0.89
413 913 PIRELLI & C SPA EUR 1 872 542 0.38
49 095 MELEXIS NV EUR 4 413 641 0.89
105 622 REPLY SPA EUR 10 995 250 2.22
France 52 418 995 10.57

665 593 ELIS SA -W/I EUR 11 847 555 2.39
Shares 0 0.00
274 276 REXEL SA EUR 6 201 380 1.25
11 938 S.O.I.T.E.C. EUR 1 849 793 0.37 United Arab Emirates 0 0.00
72 122 SOPRA STERIA GROUP EUR 13 183 902 2.66 422 910 NMC HEALTH PLC GBP 0 0.00
393 632 SPIE SA - W/I EUR 11 651 507 2.35
223 527 VERALLIA EUR 7 684 858 1.55
Germany 48 231 016 9.71 Luxembourg 8 226 411 1.66

50 372 AIXTRON SE EUR 1 566 065 0.32 BNP PARIBAS INSTICASH EUR 1D -
68 048.68 EUR 8 226 411 1.66
X CAP
164 662 CTS EVENTIM AG + CO KGAA EUR 9 525 697 1.92
285 163 FREENET AG EUR 6 553 046 1.32 Total securities portfolio 493 700 943 99.55
128 663 GERRESHEIMER AG EUR 13 265 155 2.66
157 527 HUGO BOSS AG - ORD EUR 11 269 482 2.27
192 480 JENOPTIK AG EUR 6 051 571 1.22

206 709 FISCHER (GEORG)-REG CHF 14 221 106 2.86
3 914 SIEGFRIED HOLDING AG - REG CHF 2 963 420 0.60
486 994 SIG COMBIBLOC GROUP AG CHF 12 313 931 2.48
60 179 SWISSQUOTE GROUP HOLDING-REG CHF 11 449 455 2.31
5 608 TECAN GROUP AG-REG CHF 1 971 892 0.40
Sweden 33 802 236 6.82

352 307 AAK AB SEK 6 062 996 1.22
212 504 AXFOOD AB SEK 4 115 104 0.83
217 033 CASTELLUM AB SEK 1 896 052 0.38
396 183 FABEGE AB SEK 2 607 544 0.53
218 043 HEXATRONIC GROUP AB SEK 1 487 264 0.30
499 397 HEXPOL AB SEK 4 843 845 0.98
479 065 LOOMIS AB SEK 12 789 431 2.58

Page 52
BNP PARIBAS FUNDS Global Convertible

Expressed in USD
JETBLUE AIRWAYS 0.500% 21-
Transferable securities admitted to an 5 000 000
01/04/2026 CV
USD 4 100 980 0.54
3 000 000
JP MORGAN CHASE 0.000% 21-
EUR 3 753 411 0.49
10/06/2024 CV
traded on another regulated market JP MORGAN CHASE 0.000% 21-
4 300 000 EUR 4 951 761 0.65
740 018 924 97.37 18/02/2024 CV
Convertible bonds LIBERTY MEDIA 1.375% 13-
6 000 000 USD 6 886 260 0.91
15/10/2023 CV
United States of LUMENTUM HOLDING 0.250% 17-
3 000 000 USD 3 184 050 0.42
America 400 239 974 52.65 15/03/2024 CV
3D SYSTEMS CORP 0.000% 21- LUMENTUM HOLDING 0.500% 19-
4 000 000 USD 3 025 536 0.40 2 500 000 USD 2 213 928 0.29
15/11/2026 CV 15/12/2026 CV
12 000 000 AIRBNB INC 0.000% 21-15/03/2026 CV USD 10 520 688 1.38 LUMENTUM HOLDING 1.500% 23-
1 000 000 USD 1 031 950 0.14
15/12/2029 CV
AKAMAI TECH 0.125% 18-
14 700 000 USD 15 760 016 2.08 MARRIOTT VACATIO 0.000% 21-
01/05/2025 CV 4 000 000 USD 3 689 624 0.49
15/01/2026 CV
3 000 000 ALARM.COM 0.000% 21-15/01/2026 CV USD 2 562 873 0.34 MICROCHIP TECHNOLOGY 1.625%
2 500 000 USD 6 418 075 0.84
ALTERYX INC 1.000% 19- 17-15/02/2027 CV
3 000 000 USD 2 541 429 0.33
01/08/2026 CV MIDDLEBY CORP 1.000% 20-
4 000 000 USD 4 951 880 0.65
AMERICAN AIR 6.500% 20- 01/09/2025 CV
6 000 000 USD 7 689 180 1.01
01/07/2025 CV MONGODB INC 0.250% 20-
4 000 000 USD 7 920 000 1.04
AXON ENTERPRISE 0.500% 22- 15/01/2026 CV
2 400 000 USD 2 560 536 0.34
15/12/2027 CV NEUROCRINE BIO 2.250% 17-
1 500 000 USD 1 906 575 0.25
BENTLEY SYSTEMS 0.125% 21- 15/05/2024 CV
5 000 000 USD 5 124 300 0.67
15/01/2026 CV NEXTERA ENGY PTR 2.500% 22-
5 000 000 USD 4 490 695 0.59
BENTLEY SYSTEMS 0.375% 21- 15/06/2026 CV
2 500 000 USD 2 261 170 0.30
01/07/2027 CV 3 000 000 OKTA INC 0.125% 19-01/09/2025 CV USD 2 727 642 0.36
BEYOND MEAT INC 0.000% 21-
6 500 000 USD 1 663 565 0.22 2 143 000 OKTA INC 0.375% 20-15/06/2026 CV USD 1 829 948 0.24
15/03/2027 CV
6 000 000 BILL.COM 0.000% 20-01/12/2025 CV USD 6 283 440 0.83 ON SEMICONDUCTOR 0.000% 21-
5 000 000 USD 9 134 600 1.20
01/05/2027 CV
BIOMARIN PHARM 0.599% 17-
2 500 000 USD 2 455 885 0.32 ON SEMICONDUCTOR 0.500% 23-
01/08/2024 CV 1 136 000 USD 1 278 329 0.17
01/03/2029 CV
BIOMARIN PHARM 1.250% 20-
4 000 000 USD 4 053 560 0.53 ORMAT TECH 2.500% 22-
15/05/2027 CV 2 000 000 USD 2 167 360 0.29
15/07/2027 CV
BLOOM ENERGY 3.000% 23-
1 500 000 USD 1 693 515 0.22 PEGASYSTEMS INC 0.750% 20-
01/06/2028 CV 4 500 000 USD 4 098 123 0.54
01/03/2025 CV
BOOKING HLDS INC 0.750% 20-
4 000 000 USD 5 970 600 0.79 POST HOLDINGS IN 2.500% 22-
01/05/2025 CV 3 000 000 USD 3 028 950 0.40
15/08/2027 CV
2 000 000 BOX INC 0.000% 21-15/01/2026 CV USD 2 498 420 0.33 REALOGY GRP / CO 0.250% 21-
5 000 000 USD 3 694 650 0.49
BRIDGEBIO PHARMA 2.250% 21- 15/06/2026 CV
2 500 000 USD 1 542 618 0.20
01/02/2029 CV REDFIN CORP 0.000% 20-
4 000 000 USD 3 269 208 0.43
CALLAWAY GOLF CO 2.750% 20- 15/10/2025 CV
2 000 000 USD 2 597 500 0.34
01/05/2026 CV RINGCENTRAL INC 0.000% 20-
6 000 000 USD 5 512 554 0.73
6 300 000 CHEGG INC 0.125% 19-15/03/2025 CV USD 5 550 300 0.73 01/03/2025 CV
CLOUDFLARE 0.000% 21- RIVIAN AUTO INC 4.625% 23-
5 000 000 USD 4 245 805 0.56 3 000 000 USD 3 310 530 0.44
15/08/2026 CV 15/03/2029 CV
DATADOG INC 0.125% 20- 6 000 000 SNAP INC 0.000% 21-01/05/2027 CV USD 4 430 898 0.58
4 500 000 USD 5 607 090 0.74
15/06/2025 CV SOUTHWEST AIR 1.250% 20-
11 500 000 USD 13 218 905 1.74
4 000 000 DEXCOM INC 0.250% 20-15/11/2025 CV USD 4 258 920 0.56 01/05/2025 CV
DIGITALOCEAN HLD 0.000% 21- SPIRIT AIRLINES 1.000% 21-
6 000 000 USD 4 718 928 0.62 4 000 000 USD 3 225 528 0.42
01/12/2026 CV 15/05/2026 CV
8 500 000 DROPBOX 0.000% 21-01/03/2026 CV USD 8 075 043 1.06 5 900 000 SPLUNK INC 0.500% 18-15/09/2023 CV USD 5 787 711 0.76
1 500 000 DROPBOX 0.000% 21-01/03/2028 CV USD 1 439 136 0.19 3 000 000 SPLUNK INC 1.125% 18-15/09/2025 CV USD 3 003 642 0.40
DUKE ENERGY COR 4.125% 23- 3 333 000 SPLUNK INC 1.125% 20-15/06/2027 CV USD 2 880 655 0.38
15 000 000 USD 14 748 554 1.94
15/04/2026 CV 2 500 000 SQUARE INC 0.000% 20-01/05/2026 CV USD 2 061 135 0.27
ENPHASE ENERGY 0.000% 21-
8 000 000 USD 7 506 536 0.99 5 000 000 SQUARE INC 0.125% 20-01/03/2025 CV USD 4 698 755 0.62
01/03/2026 CV
ENVESTNET INC 0.750% 20- TYLER TECHNOLOG 0.250% 21-
3 500 000 USD 3 219 276 0.42 3 600 000 USD 3 737 988 0.49
15/08/2025 CV 15/03/2026 CV
2 500 000 ETSY INC 0.125% 19-01/10/2026 CV USD 2 975 000 0.39 UNDER ARMOUR INC 1.500% 20-
3 077 000 USD 2 985 967 0.39
01/06/2024 CV
10 000 000 ETSY INC 0.250% 21-15/06/2028 CV USD 7 643 670 1.01 UNITY SOFTWARE I 0.000% 21-
7 000 000 USD 5 564 167 0.73
EURONET WORLDWID 0.750% 19- 15/11/2026 CV
4 800 000 USD 4 683 322 0.62
15/03/2049 CV VAIL RESORTS 0.000% 20-
3 000 000 USD 2 671 071 0.35
EVERBRIDGE INC 0.125% 19- 01/01/2026 CV
2 000 000 USD 1 843 808 0.24
15/12/2024 CV WAYFAIR INC 0.625% 20-
11 825 000 USD 10 139 204 1.33
EXACT SCIENCES 0.375% 20- 01/10/2025 CV
5 000 000 USD 5 150 150 0.68
01/03/2028 CV WELLTOWER OP LLC 2.750% 23-
5 000 000 USD 4 975 255 0.65
EXACT SCIENCES 1.000% 18- 15/05/2028 CV
2 000 000 USD 2 727 580 0.36
15/01/2025 CV WESTERN DIGITAL 18-01/02/2024
6 000 000 USD 5 785 770 0.76
EXPEDIA GRP INC 0.000% 21- FRN CV
8 000 000 USD 7 134 280 0.94
15/02/2026 CV WOLFSPEED INC 0.250% 22-
6 000 000 USD 4 629 168 0.61
FORD MOTOR CO 0.000% 21- 15/02/2028 CV
12 000 000 USD 13 030 920 1.71
15/03/2026 CV WOLFSPEED INC 1.875% 22-
8 000 000 USD 6 248 808 0.82
HAEMONETICS CORP 0.000% 21- 01/12/2029 CV
5 000 000 USD 4 264 705 0.56
01/03/2026 CV ZSCALER INC 0.125% 20-
6 000 000 USD 7 005 120 0.92
IAC FINANCECO 2 0.875% 19- 01/07/2025 CV
3 500 000 USD 3 114 850 0.41
15/06/2026 CV
ILLUMINA INC 0.000% 18- France 53 645 628 7.05
7 500 000 USD 7 393 538 0.97 BNP PARIBAS 0.000% 22-
15/08/2023 CV 2 400 000 EUR 3 038 470 0.40
1 975 000 INSMED INC 1.750% 18-15/01/2025 CV USD 1 896 561 0.25 13/05/2025 CV
CARREFOUR SA 0.000% 18-
INSULET CORP 0.375% 19- 6 800 000 USD 6 620 616 0.87
4 000 000 USD 5 503 160 0.72 27/03/2024 CV
01/09/2026 CV
INTEGRA LIFESCIE 0.500% 20- 87 500 EDENRED 0.000% 19-06/09/2024 CV EUR 6 150 362 0.81
4 500 000 USD 4 103 181 0.54
15/08/2025 CV

Page 53

Expressed in USD
3 800 000 ELIS SA 2.250% 22-22/09/2029 CV EUR 5 118 488 0.67
South Korea 15 390 899 2.03
5 000 000 MICHELIN 0.000% 18-10/11/2023 CV USD 4 890 350 0.64 SK HYNIX INC 1.750% 23-
12 600 000 USD 15 390 899 2.03
19 760 SAFRAN SA 0.000% 21-01/04/2028 CV EUR 3 754 418 0.49 11/04/2030 CV
SAFRAN SA 0.875% 20-15/05/2027 India 13 750 000 1.81
51 758 EUR 8 429 766 1.11
CV FLAT BHARTI AIRTEL 1.500% 20-
SCHNEIDER 0.000% 20-15/06/2026 10 000 000 USD 13 750 000 1.81
29 869 EUR 6 186 364 0.81 17/02/2025 CV
CV FLAT
3 800 000 SELENA 0.000% 20-25/06/2025 CV EUR 3 846 100 0.51 Spain 13 441 879 1.76
2 200 000 SPIE SA 2.000% 23-17/01/2028 CV EUR 2 546 516 0.34 AMADEUS IT GROUP 1.500% 20-
700 000 EUR 990 496 0.13
09/04/2025 CV
UBISOFT ENTERTAI 2.375% 22- CELLNEX TELECOM 0.500% 19-
2 800 000 EUR 3 064 178 0.40 7 100 000 EUR 8 086 309 1.06
15/11/2028 CV 05/07/2028 CV
The Netherlands 34 832 227 4.59 CELLNEX TELECOM 1.500% 18-
3 100 000 EUR 4 365 074 0.57
16/01/2026 CV
AMERICA MOVIL BV 0.000% 21-
16 000 000 EUR 18 346 255 2.42
02/03/2024 CV Italy 13 237 536 1.74
JUST EAT TAKEA 0.000% 21-
2 800 000 EUR 2 635 590 0.35 10 000 000 NEXI 0.000% 21-24/02/2028 CV EUR 8 214 139 1.08
09/08/2025 CV
JUST EAT TAKEA 0.625% 21- PRYSMIAN SPA 0.000% 21-
4 700 000 EUR 3 341 414 0.44 4 300 000 EUR 5 023 397 0.66
09/02/2028 CV 02/02/2026 CV
3 400 000 QIAGEN NV 0.000% 20-17/12/2027 CV USD 3 008 286 0.40 United Kingdom 8 759 902 1.16
2 800 000 QIAGEN NV 0.500% 17-13/09/2023 CV USD 3 000 844 0.39 BARCLAYS BK PLC 0.000% 22-
2 100 000 EUR 2 405 884 0.32
4 200 000 QIAGEN NV 1.000% 18-13/11/2024 CV USD 4 499 838 0.59 24/01/2025 CV
FARFETCH LTD 3.750% 20-
5 000 000 USD 4 091 080 0.54
Germany 32 690 058 4.31 01/05/2027 CV
OCADO GROUP PLC 0.750% 20-
1 200 000 ADIDAS AG 0.050% 18-12/09/2023 CV EUR 1 296 645 0.17 800 000 GBP 701 078 0.09
18/01/2027 CV
DELIVERY HERO AG 3.250% 23- OCADO GROUP PLC 0.875% 19-
4 700 000 EUR 4 990 021 0.66 1 500 000 GBP 1 561 860 0.21
21/02/2030 CV 09/12/2025 CV
DEUTSCHE POST AG 0.050% 17-
8 400 000 EUR 8 883 603 1.17 United Arab Emirates 8 154 004 1.07
30/06/2025 CV
DT LUFTHANSA AG 2.000% 20- ABU DHABI NAT 0.700% 21-
3 500 000 EUR 4 397 003 0.58 8 600 000 USD 8 154 004 1.07
17/11/2025 CV 04/06/2024 CV
LEG IMMOBILIEN 0.875% 17-
1 800 000
01/09/2025 CV
EUR 1 746 093 0.23 Ireland 6 647 898 0.87
RAG STIFTUNG 0.000% 20- JAZZ INVT I LTD 1.500% 17-
5 200 000 EUR 5 146 273 0.68 7 000 000 USD 6 647 898 0.87
17/06/2026 CV 15/08/2024 CV
RHEINMETALL 1.875% 23-
2 700 000
07/02/2028 CV
EUR 3 085 473 0.41 Luxembourg 6 029 757 0.79
RHEINMETALL 2.250% 23- CITIGROUP GLOB L 0.000% 20-
2 700 000 EUR 3 144 947 0.41 24 000 000 HKD 2 884 935 0.38
07/02/2030 CV 25/07/2024 CV
CITIGROUP GLOB L 0.000% 21-
26 000 000 HKD 3 144 822 0.41
Singapore 25 697 569 3.38 28/05/2024 CV
5 000 000 SEA LTD 0.250% 21-15/09/2026 CV USD 3 978 915 0.52 Mexico 5 188 831 0.68
5 000 000 SEA LTD 2.375% 20-01/12/2025 CV USD 5 054 650 0.67 4 600 000 FEMSA 2.625% 23-24/02/2026 CV EUR 5 188 831 0.68
SGX TREASURY 0.000% 21-
4 000 000 EUR 4 249 532 0.56
01/03/2024 CV Sweden 4 386 083 0.58
SINGAPORE AIR 1.625% 20- GEELY SWEDEN FIN 0.000% 19-
13 000 000 SGD 12 414 472 1.63 2 900 000 EUR 4 386 083 0.58
03/12/2025 CV 19/06/2024 CV
Japan 22 655 619 2.98 Canada 3 620 620 0.48

DMG MORI CO LTD 0.000% 21- 4 000 000 SHOPIFY INC 0.125% 20-01/11/2025 CV USD 3 620 620 0.48
600 000 000 JPY 4 586 169 0.60
16/07/2024 CV
MITSUBISHI CHEMICAL 0.000% 17- Israel 3 417 570 0.45
880 000 000 JPY 6 096 222 0.80
29/03/2024 CV CYBERARK SFTWARE 0.000% 19-
240 000 000 NIPRO CORP 0.000% 21-25/09/2026 CV JPY 1 665 263 0.22 3 000 000 USD 3 417 570 0.45
15/11/2024 CV
PARK24 CO LTD 0.000% 23-
460 000 000
24/02/2028 CV
JPY 3 222 816 0.42 British Virgin Islands 2 967 540 0.39
ROHM COMPANY LTD 0.000% 19- ADM AG HOLDING 0.000% 20-
300 000 000 JPY 2 330 321 0.31 3 000 000 USD 2 967 540 0.39
05/12/2024 CV 26/08/2023 CV
670 000 000 TOKYU CORP 0.000% 23-29/09/2028 CV JPY 4 754 828 0.63 Jersey Island 2 572 446 0.34
NOVOCURE LTD 0.000% 20-
China 20 589 329 2.71 3 000 000
01/11/2025 CV
USD 2 572 446 0.34
4 565 000 LI AUTO INC 0.250% 21-01/05/2028 CV USD 6 316 454 0.83
11 500 000 MEITUAN 0.000% 21-27/04/2028 CV USD 9 444 375 1.24
Vietnam 2 192 242 0.29
VINGROUP JSC 3.000% 21-
PINDUODUO INC 0.000% 20- 2 600 000 USD 2 192 242 0.29
5 000 000 USD 4 828 500 0.64 20/04/2026 CV
01/12/2025 CV
Cayman Islands 2 121 622 0.28
Hong Kong 20 128 613 2.65 CATHAY PAC FIN 2.750% 21-
ANLLIAN CAPITAL 0.000% 20- 16 000 000 HKD 2 121 622 0.28
9 500 000 EUR 10 462 963 1.38 05/02/2026 CV
05/02/2025 CV
5 000 000
BOSIDENG INTERNA 1.000% 19-
USD 4 871 900 0.64 Macao 1 033 800 0.14
17/12/2024 CV WYNN MACAU LTD 4.500% 23-
HANSOH PHAR 0.000% 21- 1 000 000 USD 1 033 800 0.14
5 000 000 USD 4 793 750 0.63 07/03/2029 CV
22/01/2026 CV

1 880 000 SIKA AG 0.150% 18-05/06/2025 CV CHF 2 872 374 0.38
STMICROELECTRON 0.000% 20-
7 200 000 USD 8 675 424 1.14
04/08/2025 CV
STMICROELECTRON 0.000% 20-
4 200 000 USD 5 079 480 0.67
04/08/2027 CV

Page 54

Expressed in USD
Quotation % of net
currency assets
Other transferable securities 184 379 0.02
Convertible bonds 184 379 0.02

ESPIRITO SANTO 5.050% 05-31/12/2049
33 800 000 EUR 184 379 0.02
CV SR DFLT

Page 55
BNP PARIBAS FUNDS Global Environment

Expressed in EUR
Transferable securities admitted to an Luxembourg 57 922 126 2.11

official stock exchange listing and/or 2 719 957 029 98.91 995 910 EUROFINS SCIENTIFIC EUR 57 922 126 2.11
traded on another regulated market Ireland 52 992 240 1.93
Shares 2 719 957 029 98.91 592 887 KERRY GROUP PLC - A EUR 52 992 240 1.93
United States of The Netherlands 47 024 601 1.71

America 1 388 533 384 50.49 70 927 ASML HOLDING NV EUR 47 024 601 1.71
748 871 AGILENT TECHNOLOGIES INC USD 82 540 548 3.00 Total securities portfolio 2 719 957 029 98.91
523 839 AMERICAN WATER WORKS CO INC USD 68 540 804 2.49
229 472 ANSYS INC USD 69 466 285 2.53
378 390 APPLIED MATERIALS INC USD 50 130 606 1.82
324 081 AUTODESK INC USD 60 779 297 2.21
856 031 COGNEX CORP USD 43 954 956 1.60
592 104 CROWN HOLDINGS INC USD 47 145 806 1.71
72 057 DEERE & CO USD 26 761 481 0.97
62 728 EQUINIX INC USD 45 073 317 1.64
168 579 HUBBELL INC USD 51 231 946 1.86
331 633 IDEX CORP USD 65 432 924 2.38
INTERNATIONAL FLAVORS &
493 004 USD 35 965 342 1.31
FRAGRANCES
METTLER - TOLEDO
40 550 USD 48 750 689 1.77
INTERNATIONAL
768 482 REPUBLIC SERVICES INC USD 107 890 365 3.92
144 421 ROCKWELL AUTOMATION INC USD 43 610 906 1.59
419 541 TEXAS INSTRUMENTS INC USD 69 226 188 2.52
871 769 TRIMBLE INC USD 42 301 971 1.54
174 813 UNITED RENTALS INC USD 71 362 480 2.60
755 182 WASTE MANAGEMENT INC USD 120 040 021 4.38
285 252 WATERS CORP USD 69 689 338 2.53
1 016 553 WESTROCK CO USD 27 086 339 0.98

662 188 APTIV PLC USD 61 964 045 2.25
764 226 CRODA INTERNATIONAL PLC GBP 50 102 377 1.82
360 854 FERGUSON PLC GBP 52 184 328 1.90
973 132 HALMA PLC GBP 25 820 912 0.94
333 371 LINDE PLC USD 116 444 565 4.23
1 247 473 PENTAIR PLC USD 73 865 037 2.69
France 240 902 539 8.76

501 550 AIR LIQUIDE SA EUR 82 354 510 2.99
Germany 114 810 438 4.18

1 597 891 GEA GROUP AG EUR 61 215 204 2.23
Japan 114 336 703 4.16

58 900 KEYENCE CORP JPY 25 539 725 0.93
3 871 400 KUBOTA CORP JPY 51 851 917 1.89
241 800 SHIMANO INC JPY 36 945 061 1.34
Denmark 108 662 010 3.95

771 041 ORSTED A/S DKK 66 770 155 2.43
1 718 972 VESTAS WIND SYSTEMS A/S DKK 41 891 855 1.52
Switzerland 105 834 842 3.85

490 528 TE CONNECTIVITY LTD USD 63 017 786 2.29
Taiwan 80 656 957 2.93

DELTA ELECTRONICS
3 747 525 TWD 38 174 240 1.39
INDUSTRIAL CO
2 089 000 MEDIATEK INC TWD 42 482 717 1.54

Page 56
BNP PARIBAS FUNDS Global High Yield Bond

Expressed in EUR
HILCORP ENERGY I 5.750% 21-
Transferable securities admitted to an 200 000
01/02/2029
USD 167 507 0.21
1 000 000
HILCORP ENERGY I 6.000% 21-
USD 821 566 1.01
01/02/2031
traded on another regulated market HILCORP ENERGY I 6.000% 22-
400 000 USD 335 014 0.41
72 589 322 89.43 15/04/2030
Bonds HILLENBRAND INC 3.750% 21-
100 000 USD 77 461 0.10
01/03/2031
United States of
325 000 II-VI INC 5.000% 21-15/12/2029 USD 268 847 0.33
America 43 301 097 53.31 INGLES MKTS INC 4.000% 21-
ACCO BRANDS CORP 4.250% 21- 175 000 USD 134 531 0.17
450 000 USD 347 604 0.43 15/06/2031
15/03/2029 IRON MOUNTAIN 4.500% 20-
ADAPTHEALTH LLC 4.625% 21- 300 000 USD 236 274 0.29
750 000 USD 549 525 0.68 15/02/2031
01/08/2029 IRON MOUNTAIN 5.000% 20-
ADVANCED DRAINAG 6.375% 22- 400 000 USD 339 073 0.42
522 000 USD 473 326 0.58 15/07/2028
15/06/2030 IRON MOUNTAIN 7.000% 23-
ALBERTSONS COS 3.500% 20- 750 000 USD 688 955 0.85
950 000 USD 755 840 0.93 15/02/2029
15/03/2029 JACOBS ENTERTAIN 6.750% 22-
AMER AXLE & MFG 6.875% 20- 100 000 USD 81 791 0.10
250 000 USD 213 962 0.26 15/02/2029
01/07/2028 JB POINDEXTER & 7.125% 18-
AMERICAN AIRLINE 11.750% 20- 400 000 USD 358 387 0.44
1 075 000 USD 1 080 320 1.32 15/04/2026
15/07/2025
AMERICAN AIRLINE 5.500% 21- 400 000 L BRANDS INC 5.250% 18-01/02/2028 USD 349 150 0.43
150 000 USD 136 243 0.17
20/04/2026 200 000 L BRANDS INC 6.625% 20-01/10/2030 USD 177 131 0.22
200 000 ARCOSA INC 4.375% 21-15/04/2029 USD 164 939 0.20 350 000 L BRANDS INC 6.694% 18-15/01/2027 USD 321 869 0.40
ASHTEAD CAPITAL 4.375% 17- LAMAR MEDIA CORP 4.000% 20-
250 000 USD 215 917 0.27 350 000 USD 282 377 0.35
15/08/2027 15/02/2030
350 000 ATKORE INC 4.250% 21-01/06/2031 USD 278 300 0.34 150 000 MACYS RETAIL 5.875% 21-01/04/2029 USD 125 458 0.15
BLUE RACER MID/F 7.625% 20-
250 000 USD 230 820 0.28 600 000 MANITOWOC CO 9.000% 19-01/04/2026 USD 548 532 0.68
15/12/2025
BOYD GAMING CORP 4.750% 21- MATCH GROUP INC 5.625% 19-
500 000 USD 409 438 0.50 500 000 USD 431 428 0.53
15/06/2031 15/02/2029
250 000 BOYNE USA 4.750% 21-15/05/2029 USD 207 047 0.26 600 000 MATTEL INC 3.750% 21-01/04/2029 USD 481 005 0.59
MATTHEWS INTERNA 5.250% 17-
500 000 CABLE ONE INC 4.000% 20-15/11/2030 USD 358 043 0.44 900 000 USD 792 077 0.98
01/12/2025
400 000 CAESARS ENT 7.000% 23-15/02/2030 USD 368 469 0.45 MIDCONTINENT COM 5.375% 19-
150 000 USD 128 421 0.16
925 000 CALPINE CORP 4.500% 19-15/02/2028 USD 767 301 0.95 15/08/2027
MOLINA HEALTHCAR 3.875% 21-
75 000 CALPINE CORP 5.250% 16-01/06/2026 USD 66 332 0.08 175 000 USD 134 538 0.17
15/05/2032
CARRIAGE SERVICE 4.250% 21- MOSS CREEK RES 7.500% 18-
300 000 USD 237 569 0.29 500 000 USD 421 090 0.52
15/05/2029 15/01/2026
CCO HOLDINGS LLC 4.250% 20- MOZART DEBT ME 3.875% 21-
1 200 000 USD 889 551 1.10 500 000 USD 397 342 0.49
01/02/2031 01/04/2029
CCO HOLDINGS LLC 6.375% 22- MPH ACQUISITION 5.500% 21-
1 450 000 USD 1 253 674 1.53 300 000 USD 234 489 0.29
01/09/2029 01/09/2028
CF INDUSTRIES IN 4.950% 13- NEW ENTERPRISE 5.250% 21-
350 000 USD 277 820 0.34 350 000 USD 293 070 0.36
01/06/2043 15/07/2028
CHS/COMMUNITY 6.000% 20- NEXSTAR BROADC 4.750% 20-
350 000 USD 269 879 0.33 350 000 USD 278 300 0.34
15/01/2029 01/11/2028
CLEARWATER PAPER 5.375% 14- NORTONLIFELOCK 7.125% 22-
650 000 USD 581 527 0.72 300 000 USD 275 665 0.34
01/02/2025 30/09/2030
CLEARWAY ENERGY 3.750% 21- 350 000 NOVELIS CORP 3.875% 21-15/08/2031 USD 263 485 0.32
254 000 USD 189 120 0.23
15/01/2032
CLEARWAY ENERGY 3.750% 21- 300 000 NOVELIS CORP 4.750% 20-30/01/2030 USD 243 363 0.30
200 000 USD 151 941 0.19 OCCIDENTAL PETE 6.625% 20-
15/02/2031 1 000 000 USD 952 280 1.16
COGENT COMMUNICA 7.000% 22- 01/09/2030
1 000 000 USD 886 801 1.09 OCEANEERING INTL 4.650% 14-
15/06/2027 850 000 USD 760 481 0.94
130 000 COTY INC 3.875% 21-15/04/2026 EUR 125 846 0.16 15/11/2024
OPTION CARE HEAL 4.375% 21-
CRESTWOOD MID PA 5.625% 19- 300 000 USD 242 315 0.30
400 000 USD 346 471 0.43 31/10/2029
01/05/2027
CRESTWOOD MID PA 7.375% 23- 550 000 ORGANON FIN 1 5.125% 21-30/04/2031 USD 415 903 0.51
600 000 USD 544 037 0.67 OWENS-BROCKWAY 7.250% 23-
01/02/2031 200 000 USD 185 610 0.23
CSC HOLDINGS LLC 5.500% 16- 15/05/2031
200 000 USD 152 612 0.19 PATRICK INDS INC 4.750% 21-
15/04/2027 200 000 USD 157 185 0.19
CVR PARTNERS LP 6.125% 21- 01/05/2029
750 000 USD 597 538 0.74 PBF HOLDING CO 6.000% 20-
15/06/2028 350 000 USD 300 377 0.37
150 000 DISH DBS CORP 7.750% 16-01/07/2026 USD 84 126 0.10 15/02/2028
PENN NATIONAL GAMING 4.125% 21-
FORD MOTOR CO 9.625% 20- 200 000 USD 149 404 0.18
200 000 USD 212 777 0.26 01/07/2029
22/04/2030 PERFORMANCE FOOD 4.250% 21-
FORD MOTOR CREDIT 2.386% 19- 250 000 USD 204 198 0.25
250 000 EUR 234 001 0.29 01/08/2029
17/02/2026 PERFORMANCE FOOD 5.500% 19-
174 000 EUR 166 814 0.21 15/10/2027
15/09/2025 PETSMART INC/PE 4.750% 21-
950 000 USD 872 724 1.08 15/02/2028
12/05/2028 PETSMART INC/PE 7.750% 21-
200 000 USD 184 206 0.23 15/02/2029
06/03/2026
FRONTIER COMM 5.000% 20- 1 225 000 PILGRIMS PRIDE 4.250% 23-15/04/2031 USD 963 607 1.18
600 000 USD 474 363 0.58 PITNEY BOWES INC 6.875% 21-
01/05/2028 373 000 USD 252 997 0.31
FRONTIER COMM 6.750% 20- 15/03/2027
250 000 USD 177 589 0.22 POST HOLDINGS IN 4.500% 21-
01/05/2029 350 000 USD 273 901 0.34
GRAPHIC PACKAGIN 3.750% 21- 15/09/2031
400 000 USD 317 108 0.39 POST HOLDINGS IN 4.625% 20-
01/02/2030 200 000 USD 160 229 0.20
150 000 HCA 4.625% 22-15/03/2052 USD 112 975 0.14 15/04/2030
PRESTIGE BRANDS 3.750% 21-
650 000 HERC HOLDINGS 5.500% 19-15/07/2027 USD 570 303 0.70 600 000 USD 457 321 0.56
01/04/2031

Page 57

Expressed in EUR
PRIME SECURITY 4.875% 16- INEOS QUATTRO FI 3.375% 21-
600 000 USD 471 357 0.58 200 000 USD 167 908 0.21
15/07/2032 15/01/2026
PRIMO WATER HOLD 4.375% 21- INTERNATIONAL CONSOLIDAT
250 000 USD 196 345 0.24 100 000 EUR 85 729 0.11
30/04/2029 1.500% 19-04/07/2027
RESIDEO FUNDING 4.000% 21- INTERNATIONAL CONSOLIDAT
362 000 USD 275 399 0.34 200 000 EUR 174 088 0.21
01/09/2029 3.750% 21-25/03/2029
SCIENTIFIC GAMES 6.625% 22- INTERNATIONAL GAME TECH 2.375%
500 000 USD 403 300 0.50 200 000 EUR 178 617 0.22
01/03/2030 19-15/04/2028
SEALED AIR CORP 6.125% 23- INTERNATIONAL GAME TECH 5.250%
750 000 USD 682 363 0.84 200 000 USD 173 499 0.21
01/02/2028 20-15/01/2029
SIMMONS FOODS IN 4.625% 21- INTERNATIONAL GAME TECH 6.250%
700 000 USD 516 051 0.64 800 000 USD 731 439 0.90
01/03/2029 18-15/01/2027
100 000 SPRINT CORP 7.125% 14-15/06/2024 USD 92 539 0.11 JAGUAR LAND ROVER 4.500% 18-
155 000 EUR 146 349 0.18
15/01/2026
SRM ESCROW ISSUR 6.000% 20-
335 000 USD 289 881 0.36 JAGUAR LAND ROVER 5.875% 19-
01/11/2028 151 000 EUR 150 907 0.19
15/11/2024
384 000 STERICYCLE INC 3.875% 20-15/01/2029 USD 312 515 0.39 MAISON FINCO PLC 6.000% 21-
196 000 GBP 175 585 0.22
545 000 SYNAPTICS INC 4.000% 21-15/06/2029 USD 422 321 0.52 31/10/2027
SYNEOS HEALTH IN 3.625% 20- MARKS & SPENCER 3.750% 20-
150 000 USD 134 588 0.17 200 000 GBP 210 026 0.26
15/01/2029 19/05/2026
TALLGRASS NRG 6.000% 21- MARKS & SPENCER 6.000% 12-
250 000 USD 198 499 0.24 100 000 GBP 112 899 0.14
01/09/2031 12/06/2025
TAP ROCK RESOURC 7.000% 21- NEPTUNE ENERGY 6.625% 18-
350 000 USD 330 431 0.41 1 000 000 USD 912 676 1.11
01/10/2026 15/05/2025
350 000 TELEFLEX INC 4.250% 20-01/06/2028 USD 294 841 0.36 170 000 RAC BOND CO 5.250% 21-04/11/2027 GBP 156 960 0.19
TENET HEALTHCARE 4.375% 21- STONEGATE PUB 8.000% 20-
500 000 USD 413 243 0.51 100 000 GBP 105 418 0.13
15/01/2030 13/07/2025
TENET HEALTHCARE 6.125% 22- SYNTHOMER PLC 3.875% 20-
300 000 USD 271 045 0.33 300 000 EUR 276 912 0.34
15/06/2030 01/07/2025
TERRAFORM POWER 4.750% 19- 215 000 TI AUTOMOTIVE 3.750% 21-15/04/2029 EUR 170 782 0.21
600 000 USD 484 683 0.60
15/01/2030 200 000 TVL FINANCE 10.250% 23-28/04/2028 GBP 227 611 0.28
TERRAFORM POWER 5.000% 17-
200 000 USD 168 445 0.21 VIRGIN MEDIA SEC 4.125% 20-
31/01/2028 250 000 GBP 224 674 0.28
15/08/2030
300 000 TITAN INTL INC 7.000% 21-30/04/2028 USD 257 104 0.32 VIRGIN MEDIA SEC 4.250% 19-
150 000 GBP 136 828 0.17
750 000 TOPBUILD CORP 4.125% 21-15/02/2032 USD 586 618 0.72 15/01/2030
TREEHOUSE FOODS 4.000% 20- 100 000 VIRIDIAN GRP 4.750% 17-15/09/2024 GBP 113 673 0.14
75 000 USD 59 218 0.07
01/09/2028 100 000 VMED O2 UK FIN 4.500% 21-15/07/2031 GBP 88 100 0.11
TRIUMPH GROUP 7.750% 18-
100 000 USD 88 867 0.11
15/08/2025 France 4 327 101 5.35
150 000 TRONOX INC 4.625% 21-15/03/2029 USD 114 115 0.14 AIR FRANCE-KLM 7.250% 23-
200 000 EUR 205 186 0.25
UNITED AIRLINES 4.625% 21- 31/05/2026
650 000 USD 542 908 0.67
15/04/2029 AIR FRANCE-KLM 8.125% 23-
100 000 EUR 103 407 0.13
UNITED RENTAL NA 3.875% 19- 31/05/2028
550 000 USD 469 678 0.58
15/11/2027 100 000 ALTICE FRANCE 2.125% 20-15/02/2025 EUR 91 451 0.11
UNITED RENTAL NA 5.250% 19-
600 000 USD 525 047 0.65 200 000 ALTICE FRANCE 2.500% 19-15/01/2025 EUR 184 693 0.23
15/01/2030
250 000 VF CORP 2.950% 20-23/04/2030 USD 188 466 0.23 200 000 ALTICE FRANCE 5.500% 21-15/10/2029 USD 131 731 0.16
120 000 VIASAT INC 5.625% 17-15/09/2025 USD 106 279 0.13 200 000 ALTICE FRANCE 8.125% 18-01/02/2027 USD 158 790 0.20
350 000 VIASAT INC 5.625% 19-15/04/2027 USD 299 300 0.37 100 000 ATOS SE 1.000% 21-12/11/2029 EUR 64 265 0.08
VIAVI SOLUTIONS 3.750% 21- 200 000 ATOS SE 1.750% 18-07/05/2025 EUR 168 249 0.21
400 000 USD 312 450 0.38
01/10/2029
200 000 CGG SA 7.750% 21-01/04/2027 EUR 166 953 0.21
VICTORIAS SECRE 4.625% 21-
200 000 USD 133 859 0.16 CHROME BIDCO SAS 3.500% 21-
15/07/2029 100 000 EUR 83 955 0.10
VIK CRUISES LTD 13.000% 20- 31/05/2028
350 000 USD 337 049 0.42 ELIOR PARTICIPAT 3.750% 21-
15/05/2025 212 000 EUR 174 485 0.21
VM CONSOLIDATED 5.500% 21- 15/07/2026
300 000 USD 254 504 0.31
15/04/2029 100 000 ERAMET 7.000% 23-22/05/2028 EUR 102 534 0.13
WHITE CAP BUYER 6.875% 20- 196 000 FAURECIA 7.250% 22-15/06/2026 EUR 203 326 0.25
175 000 USD 145 365 0.18
15/10/2028
YUM! BRANDS INC 4.750% 19- 100 000 ILIAD 5.375% 22-14/06/2027 EUR 98 524 0.12
350 000 USD 300 023 0.37
15/01/2030 153 000 ILIAD HOLDING 5.125% 21-15/10/2026 EUR 145 780 0.18
United Kingdom 6 666 271 8.22 146 000 ILIAD HOLDING 5.625% 21-15/10/2028 EUR 134 857 0.17
ALLWYN ENTERTAIN 7.250% 23- 700 000 ILIAD HOLDING 7.000% 21-15/10/2028 USD 591 688 0.73
200 000 EUR 202 750 0.25
30/04/2030
ALLWYN ENTERTAIN 7.875% 23- 100 000 NEXANS SA 5.500% 23-05/04/2028 EUR 102 495 0.13
250 000 USD 232 674 0.29
30/04/2029 150 000 QUATRIM 5.875% 19-15/01/2024 EUR 102 193 0.13
CONSTELLATION 4.875% 21-
228 000 GBP 203 474 0.25 200 000 RENAULT 1.125% 19-04/10/2027 EUR 167 489 0.21
15/07/2027
CO-OPERATIVE GRO 11.000% 13- 200 000 RENAULT 2.500% 21-01/04/2028 EUR 176 708 0.22
98 864 GBP 120 884 0.15
22/12/2025
200 000 SPCM SA 3.125% 21-15/03/2027 USD 164 557 0.20
CO-OPERATIVE GRO 5.125% 19-
100 000 GBP 114 718 0.14 TEREOS FIN GROUP 7.250% 23-
17/05/2024 300 000 EUR 304 832 0.38
CO-OPERATIVE WHOLESALE 7.500% 15/04/2028
200 000 GBP 220 262 0.27 100 000 VALEO SA 5.375% 22-28/05/2027 EUR 99 844 0.12
11-08/07/2026
GATWICK AIRPORT 4.375% 21- 400 000 VALLOUREC SA 8.500% 21-30/06/2026 EUR 399 109 0.49
269 000 GBP 283 823 0.35
07/04/2026
HEATHROW FINANCE 4.750% 18- The Netherlands 4 103 049 5.07
125 000 GBP 142 268 0.18
01/03/2024 ASHLAND SERVICES 2.000% 20-
ICELAND BONDCO 4.625% 17- 250 000 EUR 210 957 0.26
300 000 GBP 331 292 0.41 30/01/2028
15/03/2025 CONSTELLIUM SE 3.125% 21-
INEOS FINANCE PL 2.125% 17- 269 000 EUR 226 057 0.28
100 000 EUR 93 446 0.12 15/07/2029
15/11/2025
190 000 DUFRY ONE BV 2.000% 19-15/02/2027 EUR 165 274 0.20

Page 58

Expressed in EUR
141 000 IPD 3 BV 8.000% 23-15/06/2028 EUR 143 687 0.18 100 000 SCHAEFFLER AG 3.375% 20-12/10/2028 EUR 91 061 0.11
NOBIAN FINANCE B 3.625% 21- TECHEM VERWALTUN 2.000% 20-
128 000 EUR 107 571 0.13 170 000 EUR 161 223 0.20
15/07/2026 15/07/2025
OI EUROPEAN GRP 2.875% 19- ZF FINANCE GMBH 5.750% 23-
207 000 EUR 201 328 0.25 300 000 EUR 300 387 0.37
15/02/2025 03/08/2026
OI EUROPEAN GRP 6.250% 23-
110 000 EUR 112 265 0.14 Canada 1 755 531 2.15
15/05/2028
Q-PARK HOLDING 2.000% 20- 550 000 1011778 BC ULC / 4.375% 19-15/01/2028 USD 464 948 0.57
311 000 EUR 264 931 0.33
01/03/2027 MERCER INTERNATIONAL INC
SENSATA TECH BV 4.375% 19- 400 000 USD 285 518 0.35
550 000 USD 452 956 0.56 5.125% 21-01/02/2029
15/02/2030
250 000 NEW GOLD INC 7.500% 20-15/07/2027 USD 213 412 0.26
300 000 SIGMA HOLDCO 5.750% 18-15/05/2026 EUR 259 587 0.32
NOVA CHEMICALS 4.875% 17-
TEVA PHARM FNC 7.375% 23- 250 000 USD 224 079 0.28
203 000 EUR 207 107 0.26 01/06/2024
15/09/2029 PANTHER BF AGG 2 4.375% 19-
TEVA PHARM FNC 7.875% 23- 200 000 EUR 190 507 0.23
100 000 EUR 103 326 0.13 15/05/2026
15/09/2031 TASEKO MINES LTD 7.000% 21-
TEVA PHARMACEUTI 3.750% 21- 450 000 USD 377 067 0.46
206 000 EUR 185 767 0.23 15/02/2026
09/05/2027
800 000
TEVA PHARMACEUTI 7.875% 23-
USD 752 403 0.93 Spain 1 043 017 1.28
15/09/2029 EDREAMS ODIGEO S 5.500% 22-
TRIVIUM PACK FIN 5.500% 19- 183 000 EUR 166 187 0.20
350 000 USD 307 774 0.38 15/07/2027
15/08/2026 GRIFOLS ESCROW 3.875% 21-
360 000 EUR 307 501 0.38
100 000 UNITED GROUP 4.875% 17-01/07/2024 EUR 98 908 0.12 15/10/2028
100 000 WIZZ AIR FIN CO 1.350% 21-19/01/2024 EUR 97 654 0.12 218 000 GRIFOLS SA 3.200% 17-01/05/2025 EUR 211 761 0.26
280 000 ZIGGO 3.375% 20-28/02/2030 EUR 205 497 0.25 100 000 NH HOTEL GRP 4.000% 21-02/07/2026 EUR 95 162 0.12
OHL OPERACIONES 6.600% 21-
295 435 EUR 262 406 0.32
Luxembourg 2 070 881 2.55 31/03/2026
AROUNDTOWN SA 1.500% 19-
100 000
28/05/2026
EUR 82 201 0.10 Poland 919 356 1.13
CIDRON AIDA FINC 5.000% 21- 950 000 CANPACK SA 3.875% 21-15/11/2029 USD 701 885 0.86
200 000 EUR 180 531 0.22
01/04/2028 252 000 INPOST SA 2.250% 21-15/07/2027 EUR 217 471 0.27
CIRSA FINANCE IN 4.500% 21-
180 000 EUR 164 397 0.20
15/03/2027 Macao 889 727 1.10
CONS ENERGY FIN 5.000% 21- WYNN MACAU LTD 4.875% 17-
422 000 EUR 354 897 0.44
15/10/2028 1 000 000 USD 889 727 1.10
01/10/2024
CPI PROPERTY GRO 2.750% 20-
197 000 EUR 159 487 0.20
12/05/2026 Ireland 848 923 1.05
DANA FIN LUX SAR 3.000% 21- AERCAP IRELAND 6.500% 20-
206 000 EUR 166 951 0.21 300 000 USD 276 283 0.34
15/07/2029 15/07/2025
INTRALOT CAPITAL 5.250% 17- JAZZ SECURITIES 4.375% 21-
281 000 EUR 270 944 0.33 700 000 USD 572 640 0.71
15/09/2024 15/01/2029
KLEOPATRA FINCO 4.250% 21-
250 000 EUR 208 346 0.26
01/03/2026 Bermuda 802 017 0.99
LUNE HOLDINGS SA 5.625% 21- CARNIVAL HLD BM 10.375% 22-
159 000 EUR 129 386 0.16 800 000 USD 802 017 0.99
15/11/2028 01/05/2028
OLIVETTI FINANCE 7.750% 03-
80 000 EUR 83 367 0.10
24/01/2033 Sweden 468 931 0.58
STENA INTERNATIO 7.250% 23- VERISURE HOLDING 7.125% 23-
265 000 EUR 270 374 0.33 362 000 EUR 362 746 0.45
15/02/2028 01/02/2028
VERISURE HOLDING 9.250% 22-
Italy 2 044 738 2.52 100 000 EUR 106 185 0.13
15/10/2027
209 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 201 314 0.25
FIBER BIDCO SPA 11.000% 22-
Austria 330 059 0.41
100 000 EUR 106 629 0.13 100 000 AMS AG 6.000% 20-31/07/2025 EUR 89 020 0.11
25/10/2027
GUALA CLOSURES 3.250% 21- BENTELER INTERNA 9.375% 23-
100 000 EUR 88 769 0.11 239 000 EUR 241 039 0.30
15/06/2028 15/05/2028
LOTTO SPA/ROMA 7.125% 23-
127 000 EUR 129 501 0.16 Isle of Man 198 865 0.25
01/06/2028
SHIBA BIDCO SPA 4.500% 21- 200 000 PLAYTECH PLC 5.875% 23-28/06/2028 EUR 198 865 0.25
200 000 EUR 175 181 0.22
31/10/2028
506 000
TELECOM ITALIA 1.625% 21-
EUR 386 924 0.48 Jersey Island 196 795 0.24
18/01/2029 AA BOND CO LTD 8.450% 23-
TELECOM ITALIA 2.375% 17- 175 000 GBP 196 795 0.24
250 000 EUR 212 306 0.26 31/01/2028
12/10/2027
575 000
TELECOM ITALIA 6.875% 23-
EUR 571 519 0.70
Portugal 196 198 0.24
15/02/2028 200 000 TAP SGPS SA 5.625% 19-02/12/2024 EUR 196 198 0.24
188 000 WEBUILD SPA 3.875% 22-28/07/2026 EUR 172 595 0.21
Romania 190 096 0.23
Germany 1 838 906 2.26 200 000 RCS & RDS SA 2.500% 20-05/02/2025 EUR 190 096 0.23
CHEPLAPHARM ARZN 3.500% 20-
200 000 EUR 181 292 0.22
11/02/2027 Belgium 175 795 0.22
200 000 DOUGLAS GMBH 6.000% 21-08/04/2026 EUR 182 894 0.23 200 000 ONTEX GROUP 3.500% 21-15/07/2026 EUR 175 795 0.22
KIRK BEAUTY SUN 8.250% 21-
100 000 EUR 82 707 0.10
01/10/2026 Gibraltar 126 155 0.16
400 000 MAHLE GMBH 2.375% 21-14/05/2028 EUR 300 632 0.37 888 ACQUISITIONS 7.558% 22-
134 000 EUR 126 155 0.16
15/07/2027
100 000 NIDDA BONDCO 7.250% 18-30/09/2025 EUR 67 308 0.08
300 000
NIDDA HEALTHCARE 7.500% 22-
EUR 298 054 0.37 Cayman Islands 95 814 0.12
21/08/2026 SEAGATE HDD CAYM 8.500% 23-
100 000 USD 95 814 0.12
177 000 SCHAEFFLER AG 1.875% 19-26/03/2024 EUR 173 348 0.21 15/07/2031

Page 59

Expressed in EUR
Quotation % of net
currency assets

300 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 248 599 0.31
200 000 KONINKLIJKE KPN 22-21/12/2170 FRN EUR 202 573 0.25
REPSOL INTERNATIONAL FINANCE
300 000 EUR 269 517 0.33
20-31/12/2060 FRN
TELEFONICA EUROP 19-
200 000 EUR 194 945 0.24
31/12/2049 FRN
200 000 EUR 156 866 0.19
31/12/2061 FRN
100 000 EUR 101 968 0.13
23/11/2171 FRN
213 000 UNITED GROUP 19-15/05/2025 FRN EUR 211 237 0.26
200 000 WINTERSHALL FIN 21-20/01/2170 FRN EUR 155 917 0.19
200 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 169 398 0.21
France 928 191 1.15

200 000 ELEC DE FRANCE 20-15/03/2169 FRN EUR 169 976 0.21
200 000 SOLVAY FIN 13-29/11/2049 FRN EUR 199 424 0.25
United Kingdom 926 654 1.15

BRITISH TELECOMM 20-
200 000 EUR 179 479 0.22
18/08/2080 FRN
300 000 CENTRICA PLC 15-10/04/2075 FRN GBP 329 031 0.41
200 000 VODAFONE GROUP 18-03/10/2078 FRN GBP 217 472 0.27
200 000 VODAFONE GROUP 23-30/08/2084 FRN EUR 200 672 0.25

CPI PROPERTY GRO 21-
100 000 EUR 30 000 0.04
31/12/2061 FRN
327 000 EUROFINS SCIEN 23-24/07/2171 FRN EUR 325 739 0.40
300 000 SES 21-31/12/2061 FRN EUR 253 886 0.31
Portugal 495 370 0.61

500 000 EDP SA 23/04/2083 FRN EUR 495 370 0.61
Italy 357 272 0.44

200 000 ENEL SPA 23-16/07/2171 FRN EUR 201 344 0.25
206 000 POSTE ITALIANE 21-31/12/2061 FRN EUR 155 928 0.19
Germany 184 857 0.23

200 000 BAYER AG 22-25/03/2082 FRN EUR 184 857 0.23
United States of
America 129 826 0.16
185 000 VIACOM INC 17-28/02/2057 FRN USD 129 826 0.16
Luxembourg 1 824 947 2.24

BNP PARIBAS INSTICASH EUR 1D -
13 130.74 EUR 1 824 947 2.24
I CAP

Page 60
BNP PARIBAS FUNDS Global Inflation-Linked Bond

Expressed in EUR
UK TREASURY I/L GILT 0.125% 16-
Transferable securities admitted to an 915 768
22/11/2056
GBP 841 763 0.17
1 309 127
GBP 1 213 390 0.24
22/11/2065
traded on another regulated market UK TREASURY I/L GILT 0.125% 17-
10 976 658 GBP 10 357 160 2.04
493 700 444 97.06 10/08/2048
Bonds UK TREASURY I/L GILT 0.125% 18-
3 249 313 GBP 3 642 034 0.72
10/08/2028
United States of UK TREASURY I/L GILT 0.375% 11-
3 374 901 GBP 3 410 540 0.67
America 256 013 928 50.31 22/03/2062
US TREASURY I/L STOCK 2.500% 09- UK TREASURY I/L GILT 0.625% 09-
2 099 317 USD 1 983 344 0.39 10 933 002 GBP 12 115 210 2.38
15/01/2029 22/11/2042
US TREASURY INFL IX N/B 0.125% 20- UK TREASURY I/L GILT 0.625% 10-
15 501 238 USD 12 752 933 2.51 5 568 832 GBP 6 248 663 1.23
15/01/2030 22/03/2040
7 569 985 USD 6 602 657 1.30 3 552 765 GBP 3 915 114 0.77
15/04/2025 22/11/2047
518 154 USD 426 051 0.08 2 450 087 GBP 2 885 918 0.57
15/07/2030 22/03/2034
22 775 510 USD 19 801 260 3.88 5 565 921 GBP 6 781 841 1.33
15/10/2025 22/11/2037
3 777 481 USD 3 079 009 0.61 4 528 733 GBP 5 811 409 1.14
15/01/2031 22/11/2055
10 665 667 USD 6 532 280 1.28 29 758 545 GBP 35 030 566 6.88
15/02/2051 22/11/2027
US TREASURY INFL IX N/B 0.125% 21- UK TREASURY I/L STOCK 0.125% 15-
8 239 405 USD 7 083 314 1.39 9 986 338 GBP 9 554 908 1.88
15/04/2026 22/03/2046
US TREASURY INFL IX N/B 0.125% 21- UK TREASURY I/L STOCK 6.287% 86-
13 422 172 USD 10 919 094 2.15 593 000 GBP 2 586 804 0.51
15/07/2031 17/07/2024
53 029 772
15/10/2026
USD 45 462 339 8.93 France 47 606 412 9.37
US TREASURY INFL IX N/B 0.125% 22- 1 218 267 FRANCE O.A.T. 0.100% 16-25/07/2047 EUR 1 092 886 0.21
3 718 058 USD 3 002 460 0.59
15/01/2032
7 705 625 FRANCE O.A.T. 0.100% 17-01/03/2028 EUR 7 565 313 1.49
10 373 782 USD 6 316 078 1.24 5 462 471 FRANCE O.A.T. 0.100% 19-01/03/2029 EUR 5 317 309 1.05
15/02/2052
US TREASURY INFL IX N/B 0.250% 20- 9 305 640 FRANCE O.A.T. 0.100% 20-01/03/2026 EUR 9 120 047 1.79
1 471 173 USD 944 455 0.19
15/02/2050
US TREASURY INFL IX N/B 0.375% 15- 514 863 FRANCE O.A.T. 0.100% 20-01/03/2036 EUR 487 902 0.10
8 579 666 USD 7 527 921 1.48
15/07/2025 757 862 FRANCE O.A.T. 0.100% 21-25/07/2031 EUR 736 862 0.14
US TREASURY INFL IX N/B 0.375% 17- FRANCE O.A.T. I/L 0.100% 15-
2 563 389 USD 2 205 136 0.43 1 257 236 EUR 1 234 619 0.24
15/01/2027 01/03/2025
4 684 967 USD 4 018 264 0.79 1 171 396 EUR 1 101 714 0.22
15/01/2028 25/07/2036
763 852 USD 575 138 0.11 3 202 771 EUR 2 983 564 0.59
15/02/2043 25/07/2038
928 023 USD 811 391 0.16 9 048 342 EUR 10 772 678 2.12
15/01/2026 25/07/2040
17 930 020 USD 15 117 118 2.97 3 520 581 EUR 4 352 785 0.86
15/07/2032 25/07/2032
3 395 300 USD 2 576 229 0.51 2 403 160 EUR 2 840 733 0.56
15/02/2045 25/07/2029
10 044 243 USD 8 730 315 1.72
15/07/2028 Italy 30 820 424 6.06
8 692 536 USD 6 694 631 1.32 8 925 126 ITALY BTPS 0.100% 22-15/05/2033 EUR 7 511 992 1.48
15/02/2047
US TREASURY INFL IX N/B 0.875% 19- 9 709 809 ITALY BTPS 0.650% 20-15/05/2026 EUR 9 399 318 1.85
6 003 577 USD 5 212 228 1.02
15/01/2029 7 951 133 ITALY BTPS 2.400% 23-15/05/2039 EUR 8 343 551 1.64
3 214 331 USD 2 560 550 0.50 5 309 348 ITALY BTPS I/L 3.100% 11-15/09/2026 EUR 5 565 563 1.09
15/02/2046
11 234 729 USD 8 870 970 1.74 Spain 13 143 066 2.59
15/02/2048
US TREASURY INFL IX N/B 1.000% 19- 1 572 674 SPAIN I/L BOND 0.150% 18-30/11/2023 EUR 1 562 389 0.31
3 309 919 USD 2 612 939 0.51
15/02/2049
2 852 723 SPAIN I/L BOND 0.650% 17-30/11/2027 EUR 2 801 887 0.55
11 977 803 USD 10 352 228 2.04 3 484 670 SPAIN I/L BOND 0.700% 18-30/11/2033 EUR 3 336 734 0.66
15/02/2044
12 477 367 USD 11 272 347 2.22
15/10/2027
562 731 USD 554 359 0.11
15/02/2040
US TREASURY INFL IX N/B 2.125% 11- Japan 9 513 302 1.87
2 825 482 USD 2 782 063 0.55
15/02/2041 581 860 864 JAPAN I/L-10YR 0.005% 21-10/03/2031 JPY 3 964 299 0.78
358 832 USD 325 601 0.06 59 231 100 JAPAN I/L-10YR 0.100% 13-10/09/2023 JPY 378 900 0.07
15/01/2025
US TREASURY INFL IX N/B 3.875% 99- 4 384 000 JAPAN I/L-10YR 0.100% 14-10/03/2024 JPY 28 355 0.01
4 750 978 USD 4 814 260 0.95
15/04/2029 125 906 000 JAPAN I/L-10YR 0.100% 14-10/09/2024 JPY 820 876 0.16
US TSY INFL IX N/B 0.250% 19-
13 105 130 USD 10 976 232 2.16 9 621 000 JAPAN I/L-10YR 0.100% 15-10/03/2025 JPY 62 991 0.01
15/07/2029
US TSY INFL IX N/B 1.125% 23- 316 181 502 JAPAN I/L-10YR 0.100% 16-10/03/2026 JPY 2 100 846 0.41
19 091 176 USD 16 785 302 3.30
15/01/2033
US TSY INFL IX N/B 1.250% 23- 40 013 272 JAPAN I/L-10YR 0.100% 18-10/03/2028 JPY 267 618 0.05
4 728 418 USD 4 195 066 0.82
15/04/2028 94 862 700 JAPAN I/L-10YR 0.100% 19-10/03/2029 JPY 639 582 0.13
US TSY INFL IX N/B 1.500% 23-
1 722 401 USD 1 538 366 0.30 178 096 334 JAPAN I/L-10YR 0.200% 20-10/03/2030 JPY 1 249 835 0.25
15/02/2053

3 260 062 GBP 3 192 402 0.63
22/03/2044
4 052 924 GBP 3 759 012 0.74
22/03/2068
2 523 525 GBP 2 314 570 0.45
22/03/2058

Page 61
BNP PARIBAS FUNDS Global Inflation-Linked Bond

Expressed in EUR
Quotation % of net
currency assets
Canada 8 345 088 1.64

CANADA GOVERNMENT I/L 1.250%
1 755 258 CAD 1 167 951 0.23
13-01/12/2047
1 880 142 CAD 1 311 709 0.26
10-01/12/2044
1 980 927 CAD 1 480 456 0.29
07-01/12/2041
2 489 864 CAD 2 039 851 0.40
03-01/12/2036
1 163 541 CAD 960 231 0.19
99-01/12/2031
436 193 CAD 325 617 0.06
95-01/12/2026
CANADA-GOVT RRB 0.500% 17-
1 916 538 CAD 1 059 273 0.21
01/12/2050
Australia 6 637 055 1.32

AUSTRALIAN GOVT. 0.250% 21-
222 000 AUD 133 249 0.03
21/11/2032
5 575 000 AUD 3 944 882 0.78
21/11/2027
1 966 000 AUSTRALIAN I/L 1.250% 15-21/08/2040 AUD 1 349 486 0.27
1 500 000 AUSTRALIAN I/L 2.000% 13-21/08/2035 AUD 1 209 438 0.24
Germany 3 466 798 0.68

BUNDESREPUBLIK DEUTSCHLAND
1 597 844 EUR 1 562 295 0.31
I/L 0.100% 15-15/04/2026
BUNDESREPUBLIK DEUTSCHLAND
1 832 545 EUR 1 904 503 0.37
I/L 0.100% 15-15/04/2046
Sweden 2 185 581 0.43

11 515 000 SWEDEN I/L 0.125% 15-01/06/2032 SEK 1 176 061 0.23
10 520 000 SWEDEN I/L 0.125% 20-01/06/2030 SEK 1 009 520 0.20
New Zealand 1 877 316 0.36

NEW ZEALAND I/L 2.500% 14-
1 120 000 NZD 782 534 0.15
20/09/2035 FLAT
1 607 000 NZD 1 091 012 0.21
20/09/2040 FLAT
5 000 NZD 3 770 0.00
20/09/2030 FLAT
Denmark 430 170 0.08

DENMARK I/L GOVERNMENT 0.100%
3 362 736 DKK 430 170 0.08
22-15/11/2034

UK TREASURY I/L STOCK 02-
1 663 000 GBP 4 654 036 0.91
26/01/2035 FRN
United States of
America 3 665 341 0.72
US TREASURY BILL 0.000% 23-
4 000 000 USD 3 665 341 0.72
05/07/2023

Page 62
BNP PARIBAS FUNDS Green Tigers

Expressed in USD
Transferable securities admitted to an Singapore 13 824 301 1.01

official stock exchange listing and/or 1 354 470 011 98.55 8 661 600 KEPPEL DC REIT SGD 13 824 301 1.01
traded on another regulated market Total securities portfolio 1 354 470 011 98.55
Shares 1 354 470 011 98.55
Taiwan 310 694 414 22.60

2 817 404 ADVANTECH CO LTD TWD 37 196 779 2.71
1 045 517 AIRTAC INTERNATIONAL GROUP TWD 34 573 656 2.52
5 296 000 CHROMA ATE INC TWD 42 836 671 3.12
DELTA ELECTRONICS
5 282 000 TWD 58 701 474 4.26
INDUSTRIAL CO
2 994 862 GIANT MANUFACTURING TWD 22 214 587 1.62
1 646 000 SILERGY CORP TWD 20 569 189 1.50
2 731 102 SINBON ELECTRONICS CO LTD TWD 32 458 117 2.36
3 347 000 TWD 62 143 941 4.51
Japan 293 008 980 21.32

1 558 200 DAIFUKU CO LTD JPY 31 979 926 2.33
643 300 DENSO CORP JPY 43 237 871 3.15
291 800 HOYA CORP JPY 34 748 147 2.53
74 000 KEYENCE CORP JPY 35 007 201 2.55
1 290 328 KUBOTA CORP JPY 18 854 788 1.37
1 179 800 MISUMI GROUP INC JPY 23 651 793 1.72
728 200 MURATA MANUFACTURING CO LTD JPY 41 660 942 3.03
1 223 900 SEKISUI CHEMICAL CO LTD JPY 17 626 877 1.28
277 400 SHIMANO INC JPY 46 241 435 3.36
China 244 525 774 17.79

978 000 BYD CO LTD-H HKD 31 298 564 2.28
CENTRE TESTING INTERNATIONAL
10 734 315 CNY 28 847 483 2.10
GROUP-A
CHINA LONGYUAN POWER GROUP -
18 000 000 HKD 18 586 393 1.35
H
6 491 160 GLODON SOFTWARE CO LTD - A CNY 29 094 232 2.12
8 580 771 JOYOUNG CO LTD -A CNY 17 699 709 1.29
20 800 000 KINGDEE INTERNATIONAL SFTWR HKD 27 929 420 2.03
6 247 875 SHENZHEN INOVANCE TECHNOLO-A CNY 55 360 052 4.02
30 778 000 XINYI SOLAR HOLDINGS LTD HKD 35 709 921 2.60
Australia 148 942 954 10.84

4 142 514 ALS LTD AUD 30 898 686 2.25
5 022 165 BRAMBLES LTD AUD 48 172 674 3.50
CLEANAWAY WASTE
22 336 115 AUD 38 600 618 2.81
MANAGEMENT L
583 990 WISETECH GLOBAL LTD AUD 31 270 976 2.28
India 140 336 622 10.21

CROMPTON GREAVES
11 469 625 INR 40 517 441 2.95
CONSUMER EL
7 701 927 DABUR INDIA LTD INR 53 800 651 3.91
3 462 460 KPIT TECHNOLOGIES LTD INR 46 018 530 3.35
Hong Kong 97 461 006 7.09

9 823 500 MTR CORP HKD 45 200 842 3.29
VITASOY INTERNATIONAL
11 628 069 HKD 14 492 812 1.05
HOLDINGS
24 168 000 XINYI GLASS HOLDINGS LTD HKD 37 767 352 2.75
South Korea 91 638 863 6.67

337 199 COWAY CO LTD KRW 11 247 217 0.82
54 854 LG CHEM LTD KRW 27 767 327 2.02
360 515 SAMSUNG ELECTRO-MECHANICS CO KRW 39 535 854 2.88
479 056 SFA ENGINEERING CORP KRW 13 088 465 0.95
Thailand 14 037 097 1.02

36 594 500 HOME PRODUCT CENTER PCL-FOR THB 14 037 097 1.02

Page 63
BNP PARIBAS FUNDS Health Care Innovators

Expressed in EUR
Transferable securities admitted to an Japan 29 309 198 1.99

official stock exchange listing and/or 1 449 032 290 98.38 1 011 700 DAIICHI SANKYO CO LTD JPY 29 309 198 1.99
traded on another regulated market Total securities portfolio 1 449 032 290 98.38
Shares 1 449 032 290 98.38
United States of
America 1 069 825 056 72.63
566 339 AGIOS PHARMACEUTICALS INC USD 14 700 935 1.00
89 581 ALNYLAM PHARMACEUTICALS INC USD 15 595 798 1.06
336 384 ARCUS BIOSCIENCES INC USD 6 262 107 0.43
288 916 ATRICURE INC USD 13 071 397 0.89
312 830 AXONICS INC USD 14 471 613 0.98
1 400 566 BIOCRYST PHARMACEUTICALS INC USD 9 037 566 0.61
129 095 BIOGEN INC USD 33 705 509 2.29
1 340 955 BOSTON SCIENTIFIC CORP USD 66 482 361 4.51
1 418 009 BRISTOL-MYERS SQUIBB CO USD 83 117 943 5.64
762 885 CENTENE CORP USD 47 164 613 3.20
206 992 CEREVEL THERAPEUTICS HOLDING USD 6 031 417 0.41
152 463 CHARLES RIVER LABORATORIES USD 29 381 618 1.99
146 782 CONMED CORP USD 18 282 499 1.24
88 157 COOPER COS INC/THE USD 30 982 620 2.10
436 593 CRINETICS PHARMACEUTICALS IN USD 7 211 188 0.49
398 805 CRYOPORT INC USD 6 305 579 0.43
190 416 CYTOKINETICS INC USD 5 693 281 0.39
378 155 EDWARDS LIFESCIENCES CORP USD 32 696 023 2.22
304 196 ELI LILLY & CO USD 130 762 456 8.88
674 519 HOLOGIC INC USD 50 060 315 3.40
476 979 INSMED INC USD 9 224 800 0.63
85 187 IRHYTHM TECHNOLOGIES INC USD 8 145 470 0.55
76 564 MASIMO CORP USD 11 547 760 0.78
462 643 NEUROCRINE BIOSCIENCES INC USD 39 988 300 2.71
163 135 PROCEPT BIOROBOTICS CORP USD 5 285 813 0.36
315 316 PTC THERAPEUTICS INC USD 11 754 264 0.80
644 387 PULMONX CORP USD 7 743 276 0.53
29 088 REGENERON PHARMACEUTICALS USD 19 157 554 1.30
138 286 REPLIGEN CORP USD 17 930 282 1.22
42 034 SEAGEN INC USD 7 415 090 0.50
25 230 SHOCKWAVE MEDICAL INC USD 6 600 270 0.45
377 941 SILK ROAD MEDICAL INC USD 11 255 090 0.76
726 482 SPRINGWORKS THERAPEUTICS INC USD 17 459 540 1.19
294 327 TANDEM DIABETES CARE INC USD 6 620 334 0.45
118 839 THERMO FISHER SCIENTIFIC INC USD 56 832 492 3.86
267 446 UNITEDHEALTH GROUP INC USD 117 823 322 8.00
623 060 VERICEL CORP USD 21 455 879 1.46
201 396 VERTEX PHARMACEUTICALS INC USD 64 961 747 4.41
1 103 051 VIEWRAY INC USD 356 090 0.02
915 587 ZYMEWORKS INC USD 7 250 845 0.49

345 713 BICYCLE THERAPEUTICS PLC-ADR USD 8 086 706 0.55
France 81 273 070 5.52


406 414 ALCON INC CHF 30 854 236 2.09
75 534 ROCHE HOLDING AG GENUSSCHEIN CHF 21 165 462 1.44
Ireland 50 923 603 3.46

448 154 JAZZ PHARMACEUTICALS PLC USD 50 923 603 3.46
Denmark 46 465 260 3.15

134 100 GENMAB A/S DKK 46 465 260 3.15

Page 64
BNP PARIBAS FUNDS Latin America Equity

Expressed in USD
Transferable securities admitted to an 63 836 ORBIA ADVANCE CORP SAB DE CV MXN 137 271 0.28
4 586 SITIOS LATINOAMERICA SAB DE MXN 1 845 0.00
422 825 WALMART DE MEXICO SAB DE CV MXN 1 669 555 3.40
47 621 100 96.92 Chile 3 037 800 6.19
Shares
24 712 700 BANCO SANTANDER CHILE CLP 1 168 858 2.38
Brazil 27 024 334 55.00 113 255 CENCOSUD SA CLP 219 394 0.45
21 451 3R PETROLEUM OLEO E GAS SA BRL 132 734 0.27 1 725 813 ENEL AMERICAS SA CLP 230 187 0.47
23 600 B3 SA-BRASIL BOLSA BALCAO BRL 71 475 0.15 265 675 ENEL CHILE SA CLP 17 256 0.04
101 400 BANCO DO BRASIL S.A. BRL 1 038 380 2.11 50 590 ENEL CHILE SA USD 168 465 0.34
192 200 BB SEGURIDADE PARTICIPACOES BRL 1 225 949 2.50 15 045 QUIMICA Y MINERA CHIL - ADR USD 1 092 568 2.22
519 100 CIA ENERGETICA MINAS GER-PRF BRL 1 383 832 2.82 58 785 S.A.C.I. FALABELLA CLP 141 072 0.29
8 028 CIA SANEAMENTO BASICO DE SP BRL 94 142 0.19
Argentina 1 539 980 3.13
159 968 DIRECIONAL ENGENHARIA SA BRL 651 609 1.33
63 900 ENGIE BRASIL ENERGIA SA BRL 605 220 1.23 Cayman Islands 1 459 689 2.97
3 281 EQUATORIAL ENERGIA SA BRL 21 751 0.04 223 897 BANCO BTG PACTUAL SA-UNIT BRL 1 459 689 2.97
313 163 EQUATORIAL ENERGIA SA - ORD BRL 2 087 098 4.25 Peru 975 168 1.98
91 711 GERDAU SA - PREF BRL 476 614 0.97 18 280 CIA DE MINAS BUENAVENTUR - ADR USD 134 358 0.27
288 392 GRUPO DE MODA SOMA SA BRL 717 391 1.46 5 695 CREDICORP LTD USD 840 810 1.71
191 024 IGUATEMI SA - UNITS BRL 887 800 1.81
Colombia 436 550 0.89
229 142 INTELBRAS SA INDUSTRIA DE TE BRL 1 229 782 2.50
8 640 BANCOLOMBIA S.A.- ADR USD 230 515 0.47
336 123 ITAU UNIBANCO HOLDING S-PREF BRL 1 980 221 4.03
20 101 ECOPETROL SA - ADR USD 206 035 0.42
97 770 LOCALIZA RENT A CAR BRL 1 388 314 2.83
27 400 MAHLE-METAL LEVE SA BRL 264 343 0.54 Floating rate bonds 71 642 0.15
PETROLEO BRASILEIRO PETROBRAS
515 900
- PREF
BRL 3 158 059 6.42 Brazil 71 642 0.15
VALE DO RIO DOCE 97-29/12/2049
124 100 RAIA DROGASIL SA BRL 761 474 1.55 10 800 BRL 71 642 0.15
FLAT FRN
102 900 RUMO SA BRL 473 543 0.96
407 800 SANTOS BRASIL PARTICIPACOES BRL 858 880 1.75
166 100 TELEFONICA BRASIL S.A. BRL 1 489 868 3.03

112 063 TRANSMISSORA ALIANCA DE-UNIT BRL 874 386 1.78
358 762 TRES TENTOS AGROINDUSTRIAL S BRL 955 655 1.94
45 400 TUPY SA BRL 246 763 0.50
36 136 VALE SA BRL 481 063 0.98
28 346 VALE SA - ADR USD 380 403 0.77
VAMOS LOCACAO DE
273 672 BRL 687 014 1.40
CAMINHOES M
219 600 VIVARA PARTICIPACOES SA BRL 1 296 474 2.64
109 055 WEG SA BRL 853 403 1.74
Mexico 13 147 579 26.76

197 378 ALFA S.A.B.-A MXN 122 566 0.25
96 918 AMERICA MOVIL SAB DE CV MXN 105 109 0.21
92 119 AMERICA MOVIL SAB DE CV USD 1 993 455 4.06
27 005 ARCA CONTINENTAL SAB DE CV MXN 277 033 0.56
109 959 CEMEX SAB - ADR USD 778 510 1.58
152 810 CEMEX SAB - CPO MXN 107 810 0.22
11 191 COCA-COLA FEMSA SAB DE CV MXN 93 362 0.19
197 378 CONTROLADORA AXTEL SAB DE CV MXN 2 555 0.01
401 870 CORP INMOBILIARIA VESTA SAB MXN 1 301 177 2.65
191 040 FIBRA UNO ADMINISTRACION SA MXN 278 476 0.57
14 826 FOMENTO ECONOMICO MEX - ADR USD 1 643 314 3.34
FOMENTO ECONOMICO MEXICA-
800 MXN 8 841 0.02
UBD
14 880 GRUMA S.A.B. - B MXN 238 403 0.49
2 945 GRUPO AEROPORTUARIO PAC - ADR USD 526 330 1.07
GRUPO AEROPORTUARIO SURESTE -
1 100 USD 305 459 0.62
ADR - B
73 978 GRUPO BIMBO SAB - SERIES A MXN 395 329 0.80
284 076 GRUPO FINANCIERO BANORTE - O MXN 2 338 962 4.76
134 745 GRUPO FINANCIERO INBURSA - O MXN 319 450 0.65
115 170 GRUPO TELEVISA SAB-SER CPO MXN 118 256 0.24
8 240 INDUSTRIAS PENOLES SAB DE CV MXN 115 515 0.24
90 203 KIMBERLY-CLARK DE MEXICO - A MXN 200 229 0.41
72 400 OPERADORA DE SITES MEX- A-1 MXN 68 767 0.14

Page 65
BNP PARIBAS FUNDS Local Emerging Bond

Expressed in USD
20/06/2031
THB 2 552 970 1.21
48 430 000
THB 1 497 676 0.71
25/06/2032
traded on another regulated market THAILAND GOVT 4.000% 15-
20 000 000 THB 613 197 0.29
181 481 235 86.25 17/06/2066
Bonds THAILAND GOVT 4.875% 09-
57 870 000 THB 1 846 862 0.88
22/06/2029
Brazil 21 904 124 10.42 THAILAND GOVT 5.670% 07-
BRAZIL NTN-F 10.000% 14- 16 900 000 THB 545 681 0.26
22 700 000 BRL 4 648 353 2.21 13/03/2028
01/01/2025 FLAT
54 190 000
BRL 11 148 717 5.30 United States of
01/01/2027 FLAT
BRAZIL NTN-F 10.000% 18- America 16 660 246 7.92
22 640 000 BRL 4 583 312 2.18 INT BK RECON&DEV 0.000% 17-
01/01/2029 FLAT 74 400 000 MXN 3 075 912 1.46
BRAZIL NTN-F 10.000% 20- 13/03/2027
5 200 000 BRL 1 044 172 0.50 INT BK RECON&DEV 0.000% 18-
01/01/2031 FLAT 10 000 000 MXN 245 532 0.12
BRAZIL NTN-F 10.000% 22- 25/05/2033
2 400 BRL 479 570 0.23 INT BK RECON&DEV 0.000% 22-
01/01/2033 FLAT 3 700 000 BRL 220 685 0.10
26/05/2037
Malaysia 19 682 249 9.35 60 700 000 000 INT BK RECON&DEV 5.350% 22-
IDR 3 927 501 1.87
MALAYSIA GOVT 3.828% 19- 09/02/2029
5 980 000 MYR 1 263 440 0.60 INT BK RECON&DEV 6.000% 23-
05/07/2034 10 400 000 000 IDR 701 900 0.33
MALAYSIA GOVT 3.900% 16- 17/07/2026
30/11/2026 910 000 000 CLP 1 140 691 0.54
MALAYSIA GOVT 4.065% 20- 27/04/2026
15/06/2050 8 300 000 000 IDR 565 845 0.27
MALAYSIA GOVT 4.392% 11- 08/12/2027
15/04/2026 33 000 000 MXN 1 820 149 0.87
MALAYSIA GOVT 4.736% 16- 30/07/2024
5 860 000 MYR 1 358 966 0.65
15/03/2046 43 100 000 INTL FIN CORP 0.000% 17-21/11/2047 MXN 299 212 0.14
MALAYSIA GOVT 4.762% 17- 171 350 000 INTL FIN CORP 0.000% 22-07/11/2047 MXN 1 221 478 0.58
2 210 000 MYR 508 292 0.24
07/04/2037
MALAYSIA INVEST 3.422% 20- 270 000 000 INTL FIN CORP 11.000% 22-25/07/2024 HUF 781 037 0.37
2 400 000 MYR 509 966 0.24
30/09/2027 4 300 000 000 INTL FIN CORP 12.000% 22-03/11/2027 COP 1 107 829 0.53
6 060 000 MYR 1 268 125 0.60 28 430 000 INTL FIN CORP 7.750% 18-18/01/2030 MXN 1 552 475 0.74
15/10/2030
9 070 000
15/10/2024
MYR 1 950 644 0.93 Poland 11 167 581 5.31
MALAYSIA INVEST 3.726% 19- POLAND GOVERNMENT BOND
9 040 000 MYR 1 949 402 0.93 7 400 000 PLN 1 527 437 0.73
31/03/2026 0.250% 21-25/10/2026
7 180 000 MYR 1 559 507 0.74 9 285 000 PLN 1 700 629 0.81
30/11/2034 1.250% 20-25/10/2030
900 000 MYR 196 665 0.09 6 040 000 PLN 1 083 162 0.51
09/07/2029 1.750% 21-25/04/2032
2 000 000 MYR 438 997 0.21 11 100 000 PLN 2 495 621 1.19
07/10/2032 2.500% 15-25/07/2026
2 620 000 MYR 594 177 0.28 11 992 000 PLN 2 617 953 1.24
30/08/2033 2.500% 16-25/07/2027
850 000 MYR 192 310 0.09 4 489 000 PLN 974 318 0.46
15/11/2049 2.750% 13-25/04/2028
2 990 000 MYR 678 875 0.32 3 280 000 PLN 768 461 0.37
06/12/2028 3.250% 14-25/07/2025
MALAYSIAN GOVT 3.885% 19-
9 772 000
15/08/2029
MYR 2 106 938 1.00 Czech Republic 9 990 900 4.74
CZECH REPUBLIC 0.250% 17-
38 200 000 CZK 1 490 895 0.71
South Africa 17 441 597 8.28 10/02/2027
REPUBLIC OF SOUTH AFRICA CZECH REPUBLIC 0.950% 15-
52 350 000 ZAR 2 878 200 1.37 37 460 000 CZK 1 369 899 0.65
10.500% 98-21/12/2026 15/05/2030
REPUBLIC OF SOUTH AFRICA 7.000% CZECH REPUBLIC 1.200% 20-
42 240 000 ZAR 1 789 691 0.85 37 760 000 CZK 1 373 986 0.65
10-26/02/2031 13/03/2031
35 150 000 ZAR 1 643 732 0.78 35 700 000 CZK 1 318 454 0.63
13-31/01/2030 13/10/2033
42 670 000 ZAR 1 900 468 0.90 43 500 000 CZK 1 877 366 0.89
13-31/03/2032 17/09/2025
64 500 000 ZAR 2 610 040 1.24 27 010 000 CZK 1 123 554 0.53
13-31/01/2037 25/08/2028
82 000 000 ZAR 3 181 352 1.51 10 400 000 CZK 434 295 0.21
14-31/01/2044 23/07/2029
31 685 000 ZAR 1 373 169 0.65 18 500 000 CZK 829 394 0.39
15-28/02/2035 04/12/2036
50 800 000 ZAR 2 064 945 0.98 3 800 000 CZK 173 057 0.08
15-31/01/2040 26/11/2057
Thailand 16 710 237 7.93 Indonesia 9 695 686 4.61

THAILAND GOVT 1.000% 21- INDONESIA GOVT 7.500% 16-
65 450 000 THB 1 749 844 0.83 21 212 000 000 IDR 1 522 369 0.72
17/06/2027 15/08/2032
76 780 000 THB 2 145 141 1.02 8 625 000 000 IDR 621 023 0.30
17/12/2026 15/05/2038
8 265 000 THB 219 951 0.10 9 200 000 000 IDR 660 890 0.31
17/06/2046 15/04/2040
62 650 000 THB 1 803 889 0.86 20 685 000 000 IDR 1 548 012 0.74
17/12/2028 15/06/2032
23 797 000 THB 702 392 0.33 26 800 000 000 IDR 2 056 805 0.98
17/06/2038 15/05/2036
91 224 000 THB 2 718 735 1.29
17/06/2036
11 130 000 THB 313 899 0.15
17/06/2067

Page 66

Expressed in USD
INDONESIA GOVT 8.375% 13-
19 330 000 000 IDR 1 480 774 0.70 Supranational 5 285 904 2.53
15/03/2034
INDONESIA GOVT 8.375% 19- ASIAN INFRASTRUC 0.000% 23-
16 600 000 000 IDR 1 285 483 0.61 75 000 000 MXN 689 242 0.33
15/04/2039 02/02/2043
INDONESIA GOVT 9.500% 10- ASIAN INFRASTRUC 0.000% 23-
6 550 000 000 IDR 520 330 0.25 25 000 000 MXN 369 085 0.18
15/07/2031 08/02/2038
ASIAN INFRASTRUC 30.000% 23-
11 000 000 TRY 376 122 0.18
Romania 9 688 138 4.61 19/07/2024
7 700 000 ROMANIA 3.250% 20-24/06/2026 RON 1 548 241 0.74 EURO BK RECON&DV 0.000% 19-
18 660 000 TRY 508 628 0.24
18/09/2024
3 500 000 ROMANIA 4.150% 20-24/10/2030 RON 658 737 0.31 EURO BK RECON&DV 0.000% 19-
19 300 000 TRY 393 144 0.19
2 550 000 ROMANIA 4.150% 20-26/01/2028 RON 505 986 0.24 26/01/2026
1 130 000 ROMANIA 4.250% 21-28/04/2036 RON 193 385 0.09 11 300 000 TRY 180 930 0.09
12/04/2027
2 450 000 ROMANIA 4.750% 19-11/10/2034 RON 453 718 0.22 EURO BK RECON&DV 4.250% 21-
21 000 000 000 IDR 1 304 332 0.62
4 580 000 ROMANIA 5.000% 18-12/02/2029 RON 927 657 0.44 07/02/2028
1 850 000 ROMANIA 5.800% 12-26/07/2027 RON 394 901 0.19 2 300 000 PEN 625 001 0.30
22/02/2027
5 890 000 ROMANIA 6.700% 22-25/02/2032 RON 1 285 574 0.61 EURO BK RECON&DV 6.000% 23-
12 600 000 000 IDR 839 420 0.40
17/01/2030
15 400 000 ROMANIA 8.250% 22-29/09/2032 RON 3 719 939 1.77
Mexico 8 611 962 4.09 8 000 000 EIB 3.000% 19-25/11/2029 PLN 1 669 103 0.79
AMERICA MOVIL SA 9.500% 23-
42 390 000 MXN 2 443 051 1.16 40 000 000 000 EIB 5.750% 18-24/01/2025 IDR 2 659 727 1.26
27/01/2031
MEXICAN BONOS 7.500% 07-
48 500 000 MXN 2 685 739 1.28 Chile 2 855 473 1.36
03/06/2027
MEXICAN BONOS 7.750% 11- TESORERIA PESOS 4.700% 18-
8 435 000 MXN 465 103 0.22 715 000 000 CLP 875 135 0.42
29/05/2031 01/09/2030 FLAT
31 000 000 MXN 1 621 361 0.77 595 000 000 CLP 745 996 0.35
13/11/2042 01/03/2035 FLAT
24 600 000 MXN 1 396 708 0.66 285 000 000 CLP 353 615 0.17
18/11/2038 01/10/2028 FLAT
475 000 000 CLP 600 444 0.29
Hungary 7 522 392 3.57 15/07/2050 FLAT
HUNGARY GOVERNMENT 3.000% 18- TESORERIA PESOS 6.000% 23-
115 200 000 HUF 216 162 0.10 210 000 000 CLP 280 283 0.13
27/10/2038 01/04/2033 FLAT
HUNGARY GOVERNMENT 9.500% 23-
776 000 000 HUF 2 315 869 1.10 Philippines 1 934 297 0.92
21/10/2026
REPUBLIC OF HUNGARY 1.000% 19- ASIAN DEV BANK 10.750% 23-
418 340 000 HUF 1 019 936 0.48 4 340 000 000 COP 1 042 636 0.50
26/11/2025 27/01/2026
REPUBLIC OF HUNGARY 1.500% 20- ASIAN DEV BANK 12.750% 23-
85 150 000 HUF 204 323 0.10 2 900 000 000 COP 703 604 0.33
22/04/2026 03/03/2025
REPUBLIC OF HUNGARY 2.000% 20- PHILIPPINE GOVT 4.875% 22-
97 800 000 HUF 216 788 0.10 11 950 000 PHP 188 057 0.09
23/05/2029 20/01/2032
109 770 000
22/06/2034
HUF 210 842 0.10 Kenya 1 723 185 0.82
REPUBLIC OF HUNGARY 2.750% 17- KENYA INFRASTRUC 11.750% 19-
362 350 000 HUF 879 484 0.42 288 100 000 KES 1 723 185 0.82
22/12/2026 08/10/2035
255 900 000
21/08/2030
HUF 582 422 0.28 Egypt 1 386 257 0.66
EGYPT GOVERNMENT BOND 14.483%
REPUBLIC OF HUNGARY 3.000% 20- 21 290 000 EGP 559 540 0.27
124 190 000 HUF 221 120 0.11 21-06/04/2026
25/04/2041
580 000 000 HUF 1 310 435 0.62 21-14/09/2024
22/10/2031
123 240 000 HUF 345 011 0.16 20-06/10/2030
22/10/2028
15 860 000 EGP 382 326 0.18
Peru 6 756 257 3.21 19-07/05/2029
1 940 000
12/02/2029
PEN 524 939 0.25 Serbia 677 249 0.32
SERBIA T-BONDS 4.500% 19-
PERU B SOBERANO 7.300% 23- 23 000 000 RSD 209 614 0.10
7 600 000 PEN 2 159 686 1.03 11/01/2026
12/08/2033
REPUBLIC OF PERU 5.350% 19- 28 360 000 RSD 232 433 0.11
1 300 000 PEN 300 613 0.14 20/08/2032
12/08/2040
REPUBLIC OF PERU 5.400% 19- 24 700 000 RSD 235 202 0.11
4 130 000 PEN 1 008 135 0.48 08/02/2028
12/08/2034
REPUBLIC OF PERU 6.150% 17- Uruguay 438 914 0.21
2 200 000 PEN 580 284 0.28
12/08/2032
REPUBLIC OF PERU 6.350% 16- 17 100 000 URUGUAY 8.500% 17-15/03/2028 UYU 438 914 0.21
3 350 000 PEN 935 693 0.44
12/08/2028
REPUBLIC OF PERU 6.900% 07- Dominican Republic 377 344 0.18
830 000 PEN 226 637 0.11 REPUBLIC OF DOMINICAN CBN
12/08/2037 20 780 000 DOP 377 344 0.18
REPUBLIC OF PERU 6.950% 08- 11.000% 17-05/01/2024
3 640 000 PEN 1 020 270 0.48
12/08/2031
Russia 225 721 0.11
Colombia 6 416 692 3.05 54 600 000 RUSSIA-OFZ 7.650% 19-10/04/2030 RUB 225 721 0.11
500 000 000 COLOMBIA TES 6.000% 12-28/04/2028 COP 102 434 0.05
7 900 000 000 COLOMBIA TES 7.000% 17-30/06/2032 COP 1 547 223 0.74 Money Market Instruments 2 369 612 1.13
8 479 700 000 COLOMBIA TES 7.000% 21-26/03/2031 COP 1 708 286 0.81
6 160 000 000 COLOMBIA TES 7.250% 19-18/10/2034 COP 1 185 399 0.56
Egypt 2 369 612 1.13
80 100 000 EGYPT T-BILL 0.000% 22-28/11/2023 EGP 2 369 612 1.13
1 865 000 000 COLOMBIA TES 7.250% 20-26/10/2050 COP 314 977 0.15
2 360 000 000 COLOMBIA TES 7.500% 11-26/08/2026 COP 529 565 0.25
4 800 000 000 COLOMBIA TES 9.250% 22-28/05/2042 COP 1 028 808 0.49

Page 67

Expressed in USD
Quotation % of net
currency assets
Luxembourg 20 369 071 9.68

BNP PARIBAS FUNDS RMB BOND -
17 087.00 USD 20 369 071 9.68
X CAP

Page 68
BNP PARIBAS FUNDS Russia Equity (NAV suspended)

Expressed in EUR

traded on another regulated market Germany 16 877 091 29.35
15 771 888 27.44 17 000 000 GERMAN T-BILL 0.000% 22-20/09/2023 EUR 16 877 091 29.35
Shares
The Netherlands 8 829 126 15.36 France 11 920 801 20.73
12 000 000 FRENCH BTF 0.000% 23-13/09/2023 EUR 11 920 801 20.73
471 261 VEON LTD USD 8 829 125 15.36
675 047 YANDEX NV - A USD 1 0.00 The Netherlands 11 904 281 20.70
92 153 YANDEX NV-A RUB 0 0.00 DUTCH TSY CERT 0.000% 23-
12 000 000 EUR 11 904 281 20.70
28/09/2023
Ukraine 4 994 701 8.69
1 453 125 MHP SA - GDR REGS USD 4 994 701 8.69
Kazakhstan 1 947 942 3.39

79 151 NAC KAZATOMPROM JSC-GDR USD 1 947 942 3.39
Russia 109 0.00

4 597 144 AEROFLOT RUSSIAN AIRLINES RUB 0 0.00
897 339 GAZPROM NEFT PJSC RUB 0 0.00
13 452 511 GAZPROM PJSC RUB 0 0.00
660 834 GLOBALTRUCK MANAGEMENT PJSC RUB 0 0.00
89 592 201 INTER RAO UES PJSC RUB 1 0.00
54 LUGA ABRASIVE PLANT-BRD USD 0 0.00
244 986 LUKOIL PJSC RUB 0 0.00
1 709 408 MAIL.RU GROUP-GDR REGS USD 2 0.00
1 764 580 MOSCOW EXCHANGE MICEX-RTS PJ RUB 0 0.00
160 199 NOVATEK PJSC RUB 0 0.00
23 676 NOVATEK PJSC-SPONS GDR REG S USD 0 0.00
5 800 653 NOVOLIPETSK STEEL OAO RUB 0 0.00
11 709 669 RENAISSANCE INSURANCE GROUP RUB 0 0.00
1 710 000 ROSNEFT OIL CO PJSC RUB 0 0.00
17 331 201 SBERBANK OF RUSSIA PJSC RUB 0 0.00
113 830 389 SEGEZHA GROUP PJSC RUB 1 0.00
40 768 756 SISTEMA PJSFC RUB 0 0.00
1 173 880 SPB EXCHANGE PJSC RUB 0 0.00
7 278 905 TATNEFT PJSC RUB 0 0.00
186 TRANSNEFT PJSC RUB 0 0.00
811 940 UNITED CO RUSAL INTERNATIONAL RUB 0 0.00
10 290 823 737 VTB BANK PJSC RUB 105 0.00
416 484 X 5 RETAIL GROUP NV-REGS GDR USD 0 0.00
140 048 X 5 RETAIL GROUP NV-REGS GDR RUB 0 0.00
Luxembourg 5 0.00
18 885 158 NOVOROSSIYSK COMMERCIAL SEA RUB 0 0.00
5 803 450 OKEY GROUP SA - GDR REG USD 5 0.00
Cyprus 5 0.00
351 590 CIAN PLC-ADR USD 0 0.00
2 657 727 GLOBAL PORTS INV-REGS W/I USD 2 0.00
1 250 939 GLOBALTRA-SPONS GDR REGS USD 1 0.00
1 210 869 OZON HOLDINGS PLC - ADR USD 1 0.00
557 502 TCS GROUP HOLDING -REG S USD 1 0.00
158 494 TCS GROUP HOLDING-GDR REG S RUB 0 0.00
Guernsey Island 0 0.00

510 880 ETALON GROUP-GDR REGS - W/I USD 0 0.00
Shares 0 0.00
Russia 0 0.00
14 892 463 ALROSA PJSC RUB 0 0.00
8 297 135 RUB 0 0.00
WORKS PJSC

Page 69
BNP PARIBAS FUNDS SMaRT Food

Expressed in EUR
Transferable securities admitted to an Japan 24 928 928 1.65

official stock exchange listing and/or 1 481 453 435 98.23 785 200 SAKATA SEED CORP JPY 20 806 500 1.38
traded on another regulated market 665 700 YUKIGUNI MAITAKE CO LTD JPY 4 122 428 0.27
Shares 1 481 453 435 98.23 Canada 24 495 047 1.62

330 500 CANADIAN PACIFIC KANSAS CITY CAD 24 495 047 1.62
United States of
America 552 830 735 36.66 Denmark 21 614 776 1.43
335 912 AGCO CORP USD 40 463 387 2.68 339 828 CHRISTIAN HANSEN HOLDING A/S DKK 21 614 776 1.43
574 466 BALL CORP USD 30 650 473 2.03 Philippines 19 556 662 1.30
997 839 DARLING INGREDIENTS INC USD 58 342 942 3.86 40 023 600 PUREGOLD PRICE CLUB INC PHP 19 556 662 1.30
62 694 DEERE & CO USD 23 284 126 1.54
Hong Kong 16 103 349 1.07
331 445 DEXCOM INC USD 39 041 244 2.59 VITASOY INTERNATIONAL
14 096 000 HKD 16 103 349 1.07
206 715 ECOLAB INC USD 35 372 707 2.35 HOLDINGS
2 131 678 GRAPHIC PACKAGING HOLDING CO USD 46 951 625 3.11 Austria 14 112 322 0.94
INTERNATIONAL FLAVORS & 314 656 LENZING AG EUR 14 112 322 0.94
487 938 USD 35 595 770 2.36
FRAGRANCES
501 528 MCCORMICK & CO-NON VTG SHRS USD 40 099 255 2.66 South Korea 7 825 638 0.52
253 236 MIDDLEBY CORP USD 34 313 362 2.28 255 968 COWAY CO LTD KRW 7 825 638 0.52
1 056 389 RAYONIER INC USD 30 403 863 2.02
770 095 SONOCO PRODUCTS CO USD 41 659 951 2.76 Other transferable securities 1 038 365 0.07
778 678 TRIMBLE INC USD 37 784 797 2.51
Shares 0 0.00
1 005 075 WESTROCK CO USD 26 780 504 1.78 United States of
America 0 0.00
Ireland 163 703 367 10.84
62 000 FRESH MARKET INC/THE USD 0 0.00
3 748 499 DOLE PLC USD 46 452 527 3.08
2 307 082 GLANBIA PLC EUR 31 607 023 2.10 Warrants, Rights 1 038 365 0.07
589 688 KERRY GROUP PLC - A EUR 52 706 313 3.48 314 656 LENZING AG RTS 05/07/2023 EUR 1 038 365 0.07
1 078 857 SMURFIT KAPPA GROUP PLC EUR 32 937 504 2.18
Switzerland 132 037 602 8.77
235 057 NESTLE SA-REG CHF 25 912 743 1.72
444 821 SGS SA-REG CHF 38 537 026 2.56
1 190 382 SIG COMBIBLOC GROUP AG CHF 30 099 511 2.00

3 224 514 CNH INDUSTRIAL NV USD 42 560 038 2.82
1 658 765 COMPASS GROUP PLC GBP 42 563 661 2.82
811 004 UNILEVER PLC EUR 38 542 965 2.56
Germany 81 380 856 5.39

1 154 506 GEA GROUP AG EUR 44 229 125 2.93
696 993 HELLOFRESH SE EUR 15 752 042 1.04
222 867 SYMRISE AG EUR 21 399 689 1.42

1 063 264 CORBION NV EUR 23 242 951 1.54
1 251 033 KONINKLIJKE AHOLD DELHAIZE N EUR 39 107 292 2.59
Norway 60 448 376 4.01

1 687 094 BORREGAARD ASA NOK 22 920 865 1.52
5 761 622 LEROY SEAFOOD GROUP ASA NOK 20 072 143 1.33
471 303 SALMAR ASA NOK 17 455 368 1.16
Australia 41 709 934 2.77

4 744 107 BRAMBLES LTD AUD 41 709 934 2.77
Portugal 36 897 372 2.45

1 461 861 JERONIMO MARTINS EUR 36 897 372 2.45
France 35 943 017 2.38

640 239 DANONE EUR 35 943 017 2.38
India 31 071 929 2.06

4 852 939 DABUR INDIA LTD INR 31 071 929 2.06
Faeroe Islands 30 776 618 2.04

560 331 BAKKAFROST P/F NOK 30 776 618 2.04

Page 70
BNP PARIBAS FUNDS Sustainable Asia ex-Japan Equity

Expressed in USD
Quotation % of net
currency assets

Shares 337 100 658 98.38
China 109 556 784 31.97

1 455 500 ALIBABA GROUP HOLDING LTD HKD 15 216 998 4.44
191 500 BYD CO LTD-H HKD 6 128 502 1.79
BYD ELECTRONIC INTERNATIONAL
1 232 500 HKD 3 742 019 1.09
CO LTD
13 767 846 CHINA CONSTRUCTION BANK - H HKD 8 921 684 2.60
1 257 000 CHINA MENGNIU DAIRY CO HKD 4 745 683 1.39
48 114 000 CHINA TOWER CORP LTD-H HKD 5 355 208 1.56
195 030 CNY 6 165 309 1.80
A
484 100 NETEASE INC HKD 9 473 438 2.76
903 000 PING AN INSURANCE GROUP CO - H HKD 5 775 740 1.69
236 900 TRIP.COM GROUP LTD HKD 8 267 024 2.41
1 195 500 WUXI BIOLOGICS CAYMAN INC HKD 5 732 832 1.67
527 298 ZHEJIANG HUAYOU COBALT CO -A CNY 3 341 139 0.98
South Korea 58 183 139 16.99

175 434 KT CORP KRW 3 967 619 1.16
79 070 LG ELECTRONICS INC KRW 7 603 058 2.22
15 180 LG ENERGY SOLUTION KRW 6 370 842 1.86
478 495 SAMSUNG ELECTRONICS CO LTD KRW 26 218 903 7.66
9 808 SAMSUNG SDI CO LTD KRW 4 979 738 1.45
103 433 SK HYNIX INC KRW 9 042 979 2.64
India 55 301 891 16.13

568 870 BHARTI AIRTEL LTD INR 6 101 188 1.78
359 404 HDFC BANK LIMITED INR 7 461 578 2.18
186 845 HINDUSTAN UNILEVER LTD INR 6 111 032 1.78
343 047 HOUSING DEVELOPMENT FINANCE INR 11 821 212 3.45
769 728 JUBILANT FOODWORKS LTD INR 4 707 567 1.37
320 687 MAHINDRA & MAHINDRA LTD INR 5 689 364 1.66
430 790 RELIANCE INDUSTRIES LTD INR 13 409 950 3.91
Taiwan 40 819 883 11.92

1 138 000 CHAILEASE HOLDING CO LTD TWD 7 473 449 2.18
1 796 000 TWD 33 346 434 9.74
Hong Kong 26 728 926 7.80

2 147 000 AIA GROUP LTD HKD 21 799 216 6.36
451 500 TECHTRONIC INDUSTRIES CO LTD HKD 4 929 710 1.44
Singapore 23 671 059 6.90

579 000 DBS GROUP HOLDINGS LTD SGD 13 480 881 3.93
3 001 717 SATS LTD SGD 5 722 433 1.67
76 977 SEA LTD-ADR USD 4 467 745 1.30
Thailand 8 138 817 2.38

2 287 900 AIRPORTS OF THAILAND PCL-FOR THB 4 646 138 1.36
26 920 200 WHA CORP PCL-FOREIGN THB 3 492 679 1.02
United States of
America 6 570 159 1.92
Indonesia 4 755 437 1.39

13 142 100 BANK RAKYAT INDONESIA PERSER IDR 4 755 437 1.39
Malaysia 3 374 563 0.98

3 351 200 PRESS METAL ALUMINIUM HOLDIN MYR 3 374 563 0.98

Page 71
BNP PARIBAS FUNDS Sustainable Asian Cities Bond

Expressed in USD
Transferable securities admitted to an Cayman Islands 4 523 268 5.99

official stock exchange listing and/or 72 265 755 95.72 1 000 000
CHINA OVERSEA FI 6.375% 13-
USD 1 040 310 1.38
29/10/2043
traded on another regulated market 2 300 000
HK LAND FINANCE 2.250% 21-
USD 1 905 019 2.52
15/07/2031
Bonds 67 461 640 89.35 LINK FIN CAYM 09 2.875% 16-
1 700 000 USD 1 577 939 2.09
21/07/2026
Hong Kong 11 596 235 15.36
1 500 000
CHINA WATER AFF 4.850% 21-
USD 1 291 305 1.71
British Virgin Islands 4 220 883 5.59
18/05/2026 MIDEA INVST DEV 2.880% 22-
1 800 000 USD 1 648 692 2.18
CHN MERCH BK/HK 1.200% 20- 24/02/2027
550 000 USD 500 764 0.66
10/09/2025 TSMC GLOBAL LTD 0.750% 20-
1 116 000 USD 1 003 451 1.33
2 000 000 HONG KONG 4.000% 23-07/06/2028 USD 1 960 898 2.60 28/09/2025
TSMC GLOBAL LTD 1.375% 20-
1 000 000 HONG KONG 4.250% 23-07/06/2026 USD 992 970 1.32 2 000 000 USD 1 568 740 2.08
28/09/2030
2 500 000 HONG KONG 4.625% 23-11/01/2033 USD 2 591 396 3.43
Philippines 2 231 432 2.95
800 000 HONG KONG 5.250% 23-11/01/2053 USD 905 020 1.20 BANK PHILIPP ISL 2.500% 19-
1 750 000 USD 1 677 585 2.22
1 950 000 MTR CORP LTD 1.625% 20-19/08/2030 USD 1 604 555 2.13 10/09/2024
SWIRE PRO MTN FI 3.500% 18- PHILIPPINES(REP) 5.950% 22-
1 150 000 USD 1 074 214 1.42 511 000 USD 553 847 0.73
10/01/2028 13/10/2047
VANKE REAL ESTAT 3.150% 19-
725 000
12/05/2025
USD 675 113 0.89 Malaysia 2 189 578 2.90
1 600 000 AXIATA SPV2 4.357% 16-24/03/2026 USD 1 544 608 2.05
South Korea 11 294 270 14.96 MY WAKALA SUKUK 2.070% 21-
EXP-IMP BK KOREA 5.125% 23- 750 000 USD 644 970 0.85
1 500 000 USD 1 538 055 2.04 28/04/2031
11/01/2033
2 200 000 KHFC 4.625% 23-24/02/2028 USD 2 159 476 2.86 United Arab Emirates 2 109 869 2.79
ALDAR INVESTMENT 4.875% 23-
700 000 KHFC 4.625% 23-24/02/2033 USD 679 049 0.90 2 143 000 USD 2 109 869 2.79
24/05/2033
KODIT GLB 2023-1 4.954% 23-
2 500 000 USD 2 456 075 3.25
25/05/2026 France 1 683 238 2.23
1 100 000 LG CHEM LTD 1.375% 21-07/07/2026 USD 966 702 1.28 BK OF CHN/PARIS 0.950% 20-
1 700 000 USD 1 683 238 2.23
21/09/2023
500 000 SHINHAN BANK 4.000% 19-23/04/2029 USD 452 710 0.60
1 000 000
SK BROADBAND CO 4.875% 23-
USD 985 700 1.31
Mauritius 1 585 114 2.10
28/06/2028 GREENKO SOLAR 5.950% 19-
1 700 000 USD 1 585 114 2.10
2 071 000 SK ON CO LTD 5.375% 23-11/05/2026 USD 2 056 503 2.72 29/07/2026
Indonesia 10 624 639 14.08 Australia 980 550 1.30

BANK MANDIRI PT 2.000% 21- CHN CONST BK/SYD 4.500% 23-
1 000 000 USD 980 550 1.30
2 000 000 USD 1 803 440 2.39 31/05/2026
19/04/2026
BANK RAKYAT INDO 3.950% 19- Singapore 962 370 1.27
1 800 000 USD 1 772 262 2.35
28/03/2024 BANK OF CHINA/SG 3.250% 22-
PERTAMINA GEOTHE 5.150% 23- 1 000 000 USD 962 370 1.27
2 100 000 USD 2 087 106 2.76 28/04/2025
27/04/2028
1 700 000 SBSN INDO III 2.300% 20-23/06/2025 USD 1 609 050 2.13 Floating rate bonds 4 804 115 6.37
1 700 000 SBSN INDO III 3.550% 21-09/06/2051 USD 1 287 529 1.71
Singapore 3 803 615 5.04
1 000 000 SBSN INDO III 4.700% 22-06/06/2032 USD 994 360 1.32 2 000 000 GLP PTE LTD 21-31/12/2061 FRN USD 738 300 0.98
TOWER BERSAMA IN 2.800% 21-
1 200 000 USD 1 070 892 1.42 3 500 000 UNITED OVERSEAS 21-14/10/2031 FRN USD 3 065 315 4.06
02/05/2027
China 7 494 982 9.93 United Kingdom 1 000 500 1.33

ALIBABA GROUP 2.700% 21- CHN MERCH BK/LN 23-
1 800 000 USD 1 207 962 1.60 1 000 000 USD 1 000 500 1.33
09/02/2041 13/06/2026 FRN
600 000 BAIDU INC 1.625% 21-23/02/2027 USD 526 572 0.70
CHN CONST BK/HK 1.250% 20- Shares/Units in investment funds 3 761 379 4.98
550 000 USD 504 064 0.67
04/08/2025
HEALTH & HAPPINE 5.625% 19- Luxembourg 3 761 379 4.98
1 300 000 USD 1 189 669 1.58
24/10/2024 BNP PARIBAS INSTICASH USD 1D I
LENOVO GROUP LTD 3.421% 20- 27 489.60 USD 3 761 379 4.98
800 000 USD 669 608 0.89 VNAV - X CAP
02/11/2030
700 000
LENOVO GROUP LTD 6.536% 22-
USD 705 712 0.93 Total securities portfolio 76 027 134 100.70
27/07/2032
LONGFOR HOLDINGS 3.950% 19-
500 000 USD 366 155 0.48
16/09/2029
LONGFOR PROPERTI 4.500% 18-
1 800 000 USD 1 426 320 1.89
16/01/2028
1 000 000 SF HLD INV 2021 2.375% 21-17/11/2026 USD 898 920 1.19
India 5 965 212 7.90

10 RENEW PW SUB 4.500% 21-
800 000 USD 675 864 0.90
14/07/2028
ADANI GREEN/PR 6.250% 19-
1 300 000 USD 1 243 723 1.65
10/12/2024
ADANI RENEW ENER 4.625% 19-
2 136 000 USD 1 563 381 2.07
15/10/2039
SHRIRAM TRANSPOR 4.400% 21-
1 700 000 USD 1 663 824 2.20
13/03/2024
ULTRATECH CEMENT 2.800% 21-
1 000 000 USD 818 420 1.08
16/02/2031

Page 72
BNP PARIBAS FUNDS Sustainable Europe Dividend

Expressed in EUR
Transferable securities admitted to an The Netherlands 13 771 424 10.01

official stock exchange listing and/or 136 750 935 99.32 2 196 ASM INTERNATIONAL NV EUR 852 817 0.62
traded on another regulated market 5 547 ASML HOLDING NV EUR 3 677 661 2.67
136 750 935 99.32 15 611 HEINEKEN NV EUR 1 470 244 1.07
Shares
128 370 ING GROEP NV EUR 1 583 829 1.15
France 50 397 358 36.60 45 664 KONINKLIJKE AHOLD DELHAIZE N EUR 1 427 457 1.04
46 561 ACCOR SA EUR 1 584 005 1.15 423 812 KONINKLIJKE KPN NV EUR 1 385 441 1.01
27 759 AIR LIQUIDE SA EUR 4 558 028 3.31 71 341 SHELL PLC EUR 1 968 655 1.43
15 665 AMUNDI SA EUR 846 693 0.61 40 814 STELLANTIS NV EUR 656 697 0.48
12 402 ARKEMA EUR 1 070 293 0.78 6 437 WOLTERS KLUWER EUR 748 623 0.54
108 827 AXA SA EUR 2 941 050 2.14
66 526 BNP PARIBAS EUR 3 839 881 2.79
Italy 8 820 597 6.40
246 115 ENEL SPA EUR 1 518 037 1.10
10 516 CAPGEMINI SE EUR 1 825 052 1.33
100 292 ENI S.P.A. EUR 1 322 049 0.96
13 943 COMPAGNIE DE SAINT GOBAIN EUR 777 043 0.56
867 998 INTESA SANPAOLO EUR 2 083 195 1.51
17 298 DANONE EUR 971 110 0.71
20 623 MONCLER SPA EUR 1 306 261 0.95
121 846 UNICREDIT S.P.A. EUR 2 591 055 1.88
31 734 FAURECIA EUR 684 502 0.50
10 018 LEGRAND SA EUR 909 634 0.66 Denmark 4 580 421 3.32
6 558 LOREAL EUR 2 800 922 2.03 31 022 NOVO NORDISK A/S - B DKK 4 580 421 3.32
8 064 LVMH MOET HENNESSY LOUIS VUI EUR 6 959 231 5.04 Belgium 2 682 362 1.95
35 709 MICHELIN (CGDE) EUR 966 286 0.70 22 898 KBC GROEP NV EUR 1 463 640 1.06
12 864 NEXANS SA EUR 1 020 758 0.74 48 516 WAREHOUSES DE PAUW SCA EUR 1 218 722 0.89
5 748 PERNOD RICARD SA EUR 1 163 395 0.84
Spain 2 652 052 1.93
64 707 EDP RENOVAVEIS SA EUR 1 183 815 0.86
122 865 IBERDROLA SA EUR 1 468 237 1.07
67 359 SPIE SA - W/I EUR 1 993 826 1.45
69 705 TECHNIP ENERGIES NV EUR 1 471 473 1.07 Norway 1 812 009 1.32
71 672 TOTAL SA EUR 3 766 364 2.74 105 529 DNB BANK ASA NOK 1 812 009 1.32
43 901 VEOLIA ENVIRONNEMENT EUR 1 270 934 0.92

Shares/Units in investment funds 839 846 0.61
15 241 VINCI SA EUR 1 621 338 1.18
72 981 VIVENDI EUR 613 478 0.45 Luxembourg 839 846 0.61
BNP PARIBAS INSTICASH EUR 3M -
Switzerland 19 694 321 14.30 8 246.90
X CAP
EUR 839 846 0.61
26 090 CIE FINANCIERE RICHEMONT - REG CHF 4 053 633 2.94
10 456 FISCHER (GEORG)-REG CHF 719 349 0.52

34 960 NESTLE SA-REG CHF 3 853 999 2.80
51 479 NOVARTIS AG - REG CHF 4 746 795 3.44
4 108 ROCHE HOLDING AG GENUSSCHEIN CHF 1 151 107 0.84
6 315 ZURICH INSURANCE GROUP AG CHF 2 749 084 2.00
Germany 17 435 886 12.67

9 283 ALLIANZ SE - REG EUR 1 979 136 1.44
14 480 BAYERISCHE MOTOREN WERKE AG EUR 1 629 290 1.18
3 673 DEUTSCHE BOERSE AG EUR 621 104 0.45
15 668 DEUTSCHE POST AG - REG EUR 700 830 0.51
183 715 DEUTSCHE TELEKOM AG - REG EUR 3 669 891 2.67
17 900 INFINEON TECHNOLOGIES AG EUR 676 352 0.49
9 908 MERCK KGAA EUR 1 501 557 1.09
18 663 SAP SE EUR 2 335 488 1.70
28 467 SIEMENS HEALTHINEERS AG EUR 1 476 299 1.07

26 302 ANGLO AMERICAN PLC GBP 684 407 0.50
152 002 BP PLC GBP 811 864 0.59
44 919 COMPASS GROUP PLC GBP 1 152 615 0.84
9 102 CRODA INTERNATIONAL PLC GBP 596 724 0.43
47 001 GSK PLC GBP 760 648 0.55
181 227 INFORMA PLC GBP 1 533 191 1.11
94 140 RELX PLC GBP 2 875 266 2.09

Page 73
BNP PARIBAS FUNDS Sustainable Global Corporate Bond

Expressed in USD
DOMINION ENERGY 4.250% 18-
01/06/2028
USD 1 191 695 0.31
500 000
DOMINION ENERGY 4.850% 22-
USD 445 305 0.12
15/08/2052
traded on another regulated market DOMINION RESOURCES 4.700% 14-
500 000 USD 432 435 0.11
264 626 224 69.90 01/12/2044
Bonds DOMINION RESOURCES 5.250% 03-
50 000 USD 49 273 0.01
01/08/2033
United States of DOW CHEMICAL CO 2.100% 20-
750 000 USD 619 068 0.16
America 137 808 770 36.34 15/11/2030
2 100 000 ABBVIE INC 3.200% 20-21/11/2029 USD 1 897 766 0.50 DUKE ENERGY OHIO 5.250% 23-
500 000 USD 504 732 0.13
01/04/2033
275 000 ABBVIE INC 4.550% 20-15/03/2035 USD 262 064 0.07 DUKE ENERGY OHIO 5.650% 23-
1 800 000 USD 1 857 649 0.49
806 000 ABBVIE INC 4.750% 20-15/03/2045 USD 736 689 0.19 01/04/2053
AGILENT TECH INC 2.100% 20- 750 000 EATON CORP 4.000% 13-02/11/2032 USD 706 827 0.19
500 000 USD 411 011 0.11
04/06/2030 500 000 EATON CORP 4.350% 23-18/05/2028 USD 491 048 0.13
AGILENT TECH INC 2.750% 19-
2 250 000 USD 1 960 144 0.52 1 350 000 ECOLAB INC 4.800% 20-24/03/2030 USD 1 352 652 0.36
15/09/2029
216 000 AIR LEASE CORP 3.125% 20-01/12/2030 USD 179 968 0.05 100 000 ELI LILLY & CO 1.375% 21-14/09/2061 EUR 57 605 0.02
AIR PROD & CHEM 4.800% 23- EMERSON ELECTRIC 2.750% 20-
500 000 USD 505 037 0.13 1 000 000 USD 666 938 0.18
03/03/2033 15/10/2050
ALBEMARLE CORP 4.650% 22- ENTERPRISE PRODU 4.150% 18-
858 000 USD 834 635 0.22 500 000 USD 477 313 0.13
01/06/2027 16/10/2028
ALEXANDRIA REAL 4.750% 23- ENTERPRISE PRODU 4.200% 19-
1 500 000 USD 1 391 091 0.37 1 000 000 USD 837 372 0.22
15/04/2035 31/01/2050
1 000 000 ALLSTATE CORP 1.450% 20-15/12/2030 USD 774 752 0.20 ENTERPRISE PRODU 5.350% 23-
1 000 000 USD 1 018 046 0.27
31/01/2033
AMERICAN EXPRESS 4.050% 13-
500 000 USD 435 053 0.11 100 000 EQUINIX INC 0.250% 21-15/03/2027 EUR 94 947 0.03
03/12/2042
AMERICAN WATER 4.200% 18- 858 000 EQUINIX INC 2.500% 21-15/05/2031 USD 698 236 0.18
508 000 USD 429 169 0.11
01/09/2048 ESTEE LAUDER CO 4.375% 23-
800 000 AMGEN INC 4.400% 15-01/05/2045 USD 693 823 0.18 714 000 USD 702 911 0.19
15/05/2028
1 000 000 AON CORP 2.800% 20-15/05/2030 USD 866 064 0.23 EVERSOURCE ENERG 5.125% 23-
1 000 000 USD 985 447 0.26
15/05/2033
1 435 000 AON CORP 3.750% 19-02/05/2029 USD 1 328 398 0.35
1 000 000 EXELON CO 3.350% 23-15/03/2032 USD 869 871 0.23
300 000 APPLE INC 0.500% 19-15/11/2031 EUR 263 590 0.07
200 000 EXELON CO 5.150% 23-15/03/2028 USD 198 880 0.05
AQUA AMERICA INC 3.566% 19-
500 000 USD 455 048 0.12 358 000 EXELON CORP 4.450% 16-15/04/2046 USD 306 239 0.08
01/05/2029
2 899 000 AT&T INC 2.750% 20-01/06/2031 USD 2 447 357 0.64 1 250 000 EXELON CORP 4.700% 20-15/04/2050 USD 1 105 130 0.29
1 350 000 AT&T INC 4.750% 15-15/05/2046 USD 1 187 712 0.31 200 000 FEDEX CORP 0.450% 21-04/05/2029 EUR 176 649 0.05
2 000 000 AT&T INC 5.400% 23-15/02/2034 USD 2 004 668 0.53 500 000 FEDEX CORP 4.050% 18-15/02/2048 USD 403 156 0.11
BECTON DICKINSON 1.957% 21- 500 000 FEDEX CORP 4.250% 20-15/05/2030 USD 478 082 0.13
1 600 000 USD 1 298 131 0.34
11/02/2031
BECTON DICKINSON 2.823% 20- 250 000 FEDEX CORP 4.400% 17-15/01/2047 USD 211 275 0.06
858 000 USD 751 168 0.20
20/05/2030 500 000 FISERV INC 5.450% 23-02/03/2028 USD 502 915 0.13
BECTON DICKINSON 3.700% 17-
1 214 000 USD 1 153 084 0.30 1 000 000 FISERV INC 5.600% 23-02/03/2033 USD 1 017 985 0.27
06/06/2027
FLORIDA POWER & 4.625% 23-
1 000 000 BIOGEN INC 2.250% 20-01/05/2030 USD 835 680 0.22 286 000 USD 281 379 0.07
15/05/2030
BOOKING HLDS INC 3.625% 23- FORD MOTOR CO 6.100% 22-
192 000 EUR 207 062 0.05 400 000 USD 387 500 0.10
12/11/2028 19/08/2032
BOOKING HLDS INC 4.125% 23- FORD MOTOR CREDIT 6.950% 23-
207 000 EUR 224 482 0.06 500 000 USD 502 649 0.13
12/05/2033 10/06/2026
BOOKING HLDS INC 4.625% 20- GEN MOTORS FIN 5.800% 23-
1 000 000 USD 975 901 0.26 1 000 000 USD 996 047 0.26
13/04/2030 23/06/2028
BORGWARNER AUTO 4.375% 15- GEN MOTORS FIN 5.850% 23-
90 000 USD 72 507 0.02 1 000 000 USD 990 280 0.26
15/03/2045 06/04/2030
BORGWARNER INC 1.000% 21- GEN MOTORS FIN 6.000% 23-
200 000 EUR 169 575 0.04 1 500 000 USD 1 512 582 0.40
19/05/2031 09/01/2028
1 750 000 BRISTOL-MYERS 2.350% 20-13/11/2040 USD 1 230 026 0.32 GENERAL MILLS IN 4.950% 23-
445 000 USD 440 924 0.12
800 000 BRISTOL-MYERS 3.700% 22-15/03/2052 USD 649 472 0.17 29/03/2033
GILEAD SCIENCES 1.650% 20-
1 000 000 BROADCOM INC 3.419% 21-15/04/2033 USD 836 021 0.22 1 000 000 USD 816 254 0.22
01/10/2030
CAMPBELL SOUP CO 2.375% 20- HALLIBURTON CO 2.920% 20-
500 000 USD 421 780 0.11 358 000 USD 315 808 0.08
24/04/2030 01/03/2030
350 000 CISCO SYSTEMS 5.900% 09-15/02/2039 USD 386 193 0.10 HALLIBURTON CO 4.850% 15-
358 000 USD 336 990 0.09
15/11/2035
COCA-COLA CO/THE 1.375% 20-
574 000 USD 460 428 0.12 HALLIBURTON CO 5.000% 15-
15/03/2031 1 000 000 USD 905 227 0.24
15/11/2045
CONSOLIDATED EDISON 3.850% 16-
358 000 USD 279 842 0.07 716 000 HARTFORD FINL 2.800% 19-19/08/2029 USD 617 605 0.16
15/06/2046
500 000 CSX CORP 4.100% 12-15/03/2044 USD 429 487 0.11 1 716 000 HCA INC 2.375% 21-15/07/2031 USD 1 372 451 0.36
CVS HEALTH CORP 2.125% 21- 1 000 000 HCA INC 3.500% 20-01/09/2030 USD 876 197 0.23
2 000 000 USD 1 607 012 0.42
15/09/2031 HERSHEY COMPANY 1.700% 20-
CVS HEALTH CORP 3.750% 20- 500 000 USD 415 055 0.11
1 500 000 USD 1 381 103 0.36 01/06/2030
01/04/2030 HIGH ST FDG TR I 4.111% 18-
500 000 USD 462 360 0.12 15/02/2028
25/03/2048 HOME DEPOT INC 3.350% 20-
500 000 USD 497 049 0.13 15/04/2050
21/02/2053 HOME DEPOT INC 4.250% 15-
450 000 DEERE & CO 3.750% 20-15/04/2050 USD 399 438 0.11 450 000 USD 398 459 0.11
01/04/2046
1 250 000 DELL INT / EMC 5.300% 21-01/10/2029 USD 1 235 797 0.33 1 500 000 IBM CORP 1.950% 20-15/05/2030 USD 1 245 329 0.33
DIGITAL REALTY 3.600% 19- 246 000 IBM CORP 3.625% 23-06/02/2031 EUR 265 244 0.07
504 000 USD 446 215 0.12
01/07/2029
DOMINION ENERGY 3.375% 20- 217 000 IBM CORP 3.750% 23-06/02/2035 EUR 231 413 0.06
608 000 USD 544 885 0.14
01/04/2030

Page 74

Expressed in USD
200 000 IBM CORP 4.000% 23-06/02/2043 EUR 212 353 0.06 300 000 PROLOGIS EURO 0.375% 20-06/02/2028 EUR 273 595 0.07
500 000 INTEL CORP 4.100% 17-11/05/2047 USD 419 650 0.11 497 000 PROLOGIS EURO 3.875% 23-31/01/2030 EUR 525 022 0.14
500 000 INTEL CORP 5.700% 23-10/02/2053 USD 509 126 0.13 100 000 PROLOGIS EURO 4.250% 23-31/01/2043 EUR 100 738 0.03
INTERNATIONAL FL 4.375% 17- 615 000 PROLOGIS LP 2.125% 20-15/10/2050 USD 346 654 0.09
250 000 USD 192 651 0.05
01/06/2047
400 000 PROLOGIS LP 2.250% 20-15/04/2030 USD 338 995 0.09
100 000 IQVIA INC 1.750% 21-15/03/2026 EUR 100 838 0.03
500 000 PROLOGIS LP 2.875% 22-15/11/2029 USD 438 936 0.12
108 000 KELLOGG CO 4.500% 16-01/04/2046 USD 95 716 0.03
KEURIG DR PEPPER 3.200% 20- 250 000 PROLOGIS LP 5.125% 23-15/01/2034 USD 248 272 0.07
850 000 USD 754 312 0.20 PRUDENTIAL FIN 3.700% 19-
01/05/2030 1 500 000 USD 1 156 615 0.31
KEURIG DR PEPPER 3.350% 21- 13/03/2051
500 000 USD 357 456 0.09 PRUDENTIAL FIN 3.935% 18-
15/03/2051 1 000 000 USD 797 379 0.21
KRAFT HEINZ FOOD 3.750% 21- 07/12/2049
358 000 USD 333 405 0.09 REALTY INCOME 4.700% 23-
01/04/2030 2 000 000 USD 1 938 001 0.51
KRAFT HEINZ FOOD 4.375% 16- 15/12/2028
1 000 000 USD 850 141 0.22
01/06/2046 1 816 000 REPUBLIC SVCS 1.450% 20-15/02/2031 USD 1 426 055 0.38
500 000 KROGER CO 2.200% 20-01/05/2030 USD 414 271 0.11 233 000 REPUBLIC SVCS 5.000% 23-01/04/2034 USD 232 626 0.06
608 000 LAM RESEARCH 2.875% 20-15/06/2050 USD 424 593 0.11 RYDER SYSTEM INC 5.250% 23-
600 000 USD 592 762 0.16
330 000 LEAR CORP 3.800% 17-15/09/2027 USD 306 023 0.08 01/06/2028
SALESFORCE.COM 1.950% 21-
750 000 LOWES COS INC 2.625% 21-01/04/2031 USD 635 272 0.17 1 466 000 USD 1 210 224 0.32
15/07/2031
500 000 LOWES COS INC 3.650% 19-05/04/2029 USD 465 153 0.12 SCHLUMBERGER HLD 3.900% 19-
1 889 000 USD 1 780 567 0.47
17/05/2028
500 000 LOWES COS INC 4.500% 20-15/04/2030 USD 486 331 0.13 SCHLUMBERGER HLD 4.300% 19-
250 000 USD 238 079 0.06
500 000 LOWES COS INC 5.150% 23-01/07/2033 USD 499 922 0.13 01/05/2029
SENSATA TECHNOLO 3.750% 20-
417 000 LOWES COS INC 5.750% 23-01/07/2053 USD 424 724 0.11 500 000 USD 427 080 0.11
15/02/2031
MARRIOTT INTERNATIONAL 2.850%
58 000 USD 48 807 0.01 991 000 SYSCO CORP 2.400% 20-15/02/2030 USD 845 501 0.22
21-15/04/2031
MARRIOTT INTERNATIONAL 4.900% 500 000 TARGET CORP 4.800% 23-15/01/2053 USD 479 799 0.13
278 000 USD 270 378 0.07
23-15/04/2029 TERRAFORM POWER 5.000% 17-
MARVELL TECH INC 2.950% 21- 1 000 000 USD 918 870 0.24
1 000 000 USD 838 005 0.22 31/01/2028
15/04/2031 TEXAS INSTRUMENT 4.600% 22-
MARVELL TECH INC 4.875% 21- 200 000 USD 200 332 0.05
500 000 USD 485 357 0.13 15/02/2028
22/06/2028 TEXAS INSTRUMENT 5.050% 23-
500 000 USD 500 876 0.13
1 200 000 MCCORMICK 1.850% 21-15/02/2031 USD 951 074 0.25 18/05/2063
MCDONALDS CORP 3.625% 19- 100 000 THERMO FISHER 3.200% 22-21/01/2026 EUR 107 128 0.03
200 000 USD 157 007 0.04
01/09/2049 100 000 THERMO FISHER 3.650% 22-21/11/2034 EUR 107 252 0.03
MCDONALDS CORP 4.450% 18-
500 000 USD 448 683 0.12 UNION PAC CORP 2.400% 20-
01/09/2048 1 000 000 USD 870 402 0.23
MCDONALDS CORP 4.600% 22- 05/02/2030
750 000 USD 743 967 0.20 UNION PAC CORP 3.250% 20-
09/09/2032 500 000 USD 374 480 0.10
MCKESSON CORP 5.100% 23- 05/02/2050
1 233 000 USD 1 235 938 0.33 UNION PAC CORP 3.799% 16-
15/07/2033 500 000 USD 409 799 0.11
MERCEDES-BNZ FIN 4.800% 23- 01/10/2051
1 500 000 USD 1 485 987 0.39 1 500 000 UNITED PARCEL 4.875% 23-03/03/2033 USD 1 515 336 0.40
30/03/2028
MERCK & CO INC 4.300% 23- UNITED RENTAL NA 3.875% 20-
1 000 000 USD 974 983 0.26 700 000 USD 606 156 0.16
17/05/2030 15/02/2031
MERCK & CO INC 5.150% 23- UNITEDHEALTH GRP 4.250% 23-
500 000 USD 508 827 0.13 900 000 USD 874 041 0.23
17/05/2063 15/01/2029
1 000 000 MICRON TECH 5.375% 23-15/04/2028 USD 989 915 0.26 UNITEDHEALTH GRP 5.050% 23-
1 278 000 USD 1 266 187 0.33
MORGAN STANLEY 3.950% 15- 15/04/2053
2 500 000 USD 2 368 574 0.62 VENTAS REALTY LP 3.000% 19-
23/04/2027 358 000 USD 306 572 0.08
MORGAN STANLEY 4.375% 17- 15/01/2030
679 000 USD 604 235 0.16 VERIZON COMM INC 5.050% 23-
22/01/2047 494 000 USD 488 348 0.13
09/05/2033
145 000 NASDAQ INC 4.500% 23-15/02/2032 EUR 159 541 0.04 VERIZON COMMUNICATIONS INC
2 000 000 USD 1 672 748 0.44
69 000 NASDAQ INC 5.350% 23-28/06/2028 USD 69 227 0.02 2.550% 21-21/03/2031
VERIZON COMMUNICATIONS INC
156 000 NASDAQ INC 5.950% 23-15/08/2053 USD 159 826 0.04 1 000 000 USD 747 013 0.20
3.550% 21-22/03/2051
2 500 000 NETFLIX INC 6.375% 18-15/05/2029 USD 2 640 676 0.69 VERIZON COMMUNICATIONS INC
1 000 000 USD 812 422 0.21
NEXTERA ENERGY 5.050% 23- 4.000% 20-22/03/2050
1 500 000 USD 1 479 596 0.39 VIRGINIA EL&PWR 2.450% 20-
28/02/2033 858 000 USD 516 591 0.14
NEXTERA ENERGY 5.250% 23- 15/12/2050
300 000 USD 289 471 0.08
28/02/2053 1 100 000 VMWARE INC 2.200% 21-15/08/2031 USD 865 052 0.23
820 000 NVIDIA CORP 2.850% 20-01/04/2030 USD 744 424 0.20 VOLKSWAGEN GRP 4.600% 22-
500 000 USD 478 852 0.13
450 000 NVIDIA CORP 3.500% 20-01/04/2050 USD 366 174 0.10 08/06/2029
WALGREENS BOOTS 3.200% 20-
OMNICOM GROUP 2.450% 20- 1 150 000 USD 976 025 0.26
2 716 000 USD 2 283 855 0.59 15/04/2030
30/04/2030 WALT DISNEY CO 3.000% 16-
1 100 000 ORACLE CORP 2.875% 21-25/03/2031 USD 938 011 0.25 2 100 000 USD 1 506 438 0.40
30/07/2046
1 900 000 ORACLE CORP 2.950% 20-01/04/2030 USD 1 658 700 0.44 WASTE MANAGEMENT 1.500% 20-
716 000 USD 570 278 0.15
15/03/2031
615 000 ORACLE CORP 5.550% 23-06/02/2053 USD 596 055 0.16 WASTE MANAGEMENT 2.500% 20-
700 000 USD 447 265 0.12
750 000 ORACLE CORP 6.250% 22-09/11/2032 USD 796 181 0.21 15/11/2050
PACKAGING CORP 3.000% 19- 1 500 000 WRKCO INC 4.900% 19-15/03/2029 USD 1 446 454 0.38
1 600 000 USD 1 395 844 0.37
15/12/2029 1 000 000 XYLEM INC 2.250% 20-30/01/2031 USD 829 395 0.22
PACKAGING CORP 3.400% 17-
900 000 USD 838 257 0.22
15/12/2027
PARKER-HANNIFIN 4.200% 14-
500 000 USD 458 102 0.12
21/11/2034
1 000 000 PEPSICO INC 4.650% 23-15/02/2053 USD 1 007 743 0.27
1 760 000 PRINCIPAL FINL 2.125% 20-15/06/2030 USD 1 427 923 0.38

Page 75

Expressed in USD
500 000 PHILIPS NV 0.500% 19-22/05/2026 EUR 492 239 0.13
ABB FINANCE BV 3.250% 23- 400 000 POSTNL 0.625% 19-23/09/2026 EUR 390 721 0.10
161 000 EUR 172 615 0.05
16/01/2027 131 000 RELX FINANCE 3.750% 23-12/06/2031 EUR 142 629 0.04
ABB FINANCE BV 3.375% 23-
218 000 EUR 233 065 0.06 ROCHE FINANCE EU 3.355% 23-
16/01/2031 100 000 EUR 109 852 0.03
27/02/2035
ABN AMRO BANK NV 0.500% 19-
400 000 EUR 396 901 0.10 ROYAL SCHIPHOL 1.500% 18-
15/04/2026 237 000 EUR 222 081 0.06
05/11/2030
500 000 EUR 434 312 0.11 500 000 SIEMENS FINAN 3.500% 23-24/02/2036 EUR 542 837 0.14
23/09/2029
ABN AMRO BANK NV 0.875% 18- 500 000 SIEMENS FINAN 3.625% 23-24/02/2043 EUR 535 492 0.14
1 000 000 EUR 1 030 757 0.27
22/04/2025
296 000 STELLANTIS NV 2.750% 22-01/04/2032 EUR 284 758 0.08
100 000 EUR 101 641 0.03
01/06/2027 324 000 STELLANTIS NV 4.250% 23-16/06/2031 EUR 347 457 0.09
ABN AMRO BANK NV 3.000% 22- 405 000 STELLANTIS NV 4.375% 23-14/03/2030 EUR 441 767 0.12
100 000 EUR 100 940 0.03
01/06/2032
ABN AMRO BANK NV 3.875% 23- 112 000 TENNET HLD BV 0.500% 20-30/11/2040 EUR 80 379 0.02
300 000 EUR 324 787 0.09
21/12/2026 238 000 TENNET HLD BV 0.875% 21-16/06/2035 EUR 201 424 0.05
1 400 000 EUR 1 496 034 0.40 582 000 TENNET HLD BV 4.750% 22-28/10/2042 EUR 706 046 0.19
16/01/2028
ABN AMRO BANK NV 4.250% 22- 100 000 THERMO FISHER 1.625% 21-18/10/2041 EUR 74 660 0.02
300 000 EUR 323 739 0.09
21/02/2030
ABN AMRO BANK NV 5.500% 23- 386 000 THERMO FISHER 2.000% 21-18/10/2051 EUR 275 621 0.07
100 000 EUR 108 331 0.03 UNILEVER FINANCE 3.250% 23-
21/09/2033 207 000 EUR 222 444 0.06
100 000 ACHMEA BV 3.625% 22-29/11/2025 EUR 107 604 0.03 23/02/2031
UNILEVER FINANCE 3.500% 23-
156 000 ALLIANDER 0.375% 20-10/06/2030 EUR 139 394 0.04 221 000 EUR 238 891 0.06
23/02/2035
200 000 ALLIANDER 0.875% 16-22/04/2026 EUR 201 542 0.05 1 200 000 UPJOHN INC 2.700% 21-22/06/2030 USD 971 291 0.26
234 000 ALLIANDER 3.250% 23-13/06/2028 EUR 251 978 0.07 200 000 VOLKSBANK NV 0.010% 19-16/09/2024 EUR 207 329 0.05
ASML HOLDING NV 2.250% 22- 100 000 VOLKSBANK NV 0.250% 21-22/06/2026 EUR 95 954 0.03
100 000 EUR 100 232 0.03
17/05/2032
COOPERATIEVE RAB 0.250% 19- 500 000 VOLKSBANK NV 4.875% 23-07/03/2030 EUR 545 504 0.14
900 000 EUR 878 171 0.23 WOLTERS KLUWER N 3.750% 23-
30/10/2026 225 000 EUR 244 759 0.06
DAIMLER TRUCK 3.875% 23- 03/04/2031
100 000 EUR 108 582 0.03
19/06/2026
DEUTSCHE BAHN FIN 3.625% 23- France 24 902 788 6.58
196 000 EUR 214 591 0.06 200 000 ACCOR 2.375% 21-29/11/2028 EUR 195 472 0.05
18/12/2037
200 000 DIGITAL DUTCH 0.625% 20-15/07/2025 EUR 198 270 0.05 300 000 AIR LIQUIDE SA 0.375% 21-27/05/2031 EUR 263 350 0.07
DIGITAL INTREPID 0.625% 21- AUTOROUTES DU SU 3.250% 23-
700 000 EUR 529 366 0.14 500 000 EUR 524 459 0.14
15/07/2031 19/01/2033
EDP FINANCE BV 0.375% 19- 100 000 AXA SA 3.625% 23-10/01/2033 EUR 109 404 0.03
600 000 EUR 586 300 0.15
16/09/2026
BANQUE FEDERATIVE DU CREDIT
EDP FINANCE BV 1.875% 18- 1 100 000 EUR 1 018 843 0.27
500 000 EUR 520 629 0.14 MUTUEL 0.100% 20-08/10/2027
13/10/2025
EDP FINANCE BV 1.875% 22- 100 000 EUR 91 074 0.02
200 000 EUR 194 398 0.05 MUTUEL 0.250% 21-29/06/2028
21/09/2029
200 000 ENBW 1.875% 18-31/10/2033 EUR 178 915 0.05 800 000 EUR 847 568 0.22
MUTUEL 3.875% 23-26/01/2028
ENEL FINANCE INTERNATIONAL BANQUE FEDERATIVE DU CREDIT
556 000 EUR 592 827 0.16 500 000 EUR 542 818 0.14
4.500% 23-20/02/2043 MUTUEL 4.000% 22-21/11/2029
ENEL FINANCE INTERNATIONAL NV BANQUE FEDERATIVE DU CREDIT
500 000 EUR 525 745 0.14 400 000 EUR 423 004 0.11
1.000% 17-16/09/2024 MUTUEL 4.000% 23-26/01/2033
ENEL FINANCE INTERNATIONAL NV BANQUE FEDERATIVE DU CREDIT
1 000 000 EUR 1 003 364 0.26 400 000 EUR 432 302 0.11
1.125% 18-16/09/2026 MUTUEL 4.375% 23-02/05/2030
ENEL FINANCE INTERNATIONAL NV 300 000 BNP PARIBAS 1.125% 19-28/08/2024 EUR 316 398 0.08
1 000 000 EUR 1 037 547 0.27
1.500% 19-21/07/2025
ENEXIS HOLDING 0.375% 21- 100 000 BNP PARIBAS 2.750% 15-27/01/2026 EUR 104 531 0.03
100 000 EUR 81 185 0.02
14/04/2033 500 000 BNP PARIBAS 4.125% 23-24/05/2033 EUR 544 350 0.14
ENEXIS HOLDING 0.625% 20-
256 000 EUR 217 682 0.06 400 000 BPCE 0.125% 19-04/12/2024 EUR 412 784 0.11
17/06/2032
ENEXIS HOLDING 3.625% 23- 200 000 BPCE 4.125% 23-10/07/2028 EUR 217 932 0.06
151 000 EUR 165 278 0.04
12/06/2034
200 000 BPCE 4.500% 23-13/01/2033 EUR 218 623 0.06
IBERDROLA INTERNATIONAL 0.375%
1 000 000 EUR 1 016 304 0.27 CAISSE NA REA MU 0.750% 21-
16-15/09/2025 300 000 EUR 268 363 0.07
IBERDROLA INTERNATIONAL 1.125% 07/07/2028
400 000 EUR 408 002 0.11 300 000 CARREFOUR SA 3.750% 23-10/10/2030 EUR 320 484 0.08
16-21/04/2026
300 000 ING GROEP NV 2.500% 18-15/11/2030 EUR 295 759 0.08 600 000 COVIVIO 1.125% 19-17/09/2031 EUR 522 286 0.14
KONINKLIJKE KPN 3.875% 23- CREDIT AGRICOLE SA 0.125% 20-
100 000 EUR 108 525 0.03 1 300 000 EUR 1 195 384 0.32
03/07/2031 09/12/2027
KONINKLIJKE PHIL 2.125% 22- CREDIT AGRICOLE SA 0.375% 19-
100 000 EUR 97 886 0.03 1 200 000 EUR 1 205 183 0.32
05/11/2029 21/10/2025
KONINKLIJKE PHIL 2.625% 22- CREDIT AGRICOLE SA 5.514% 23-
100 000 EUR 96 706 0.03 300 000 USD 302 051 0.08
05/05/2033 05/07/2033
LEASEPLAN CORP 0.250% 21- CREDIT MUTUEL ARKEA 0.875% 21-
604 000 EUR 578 760 0.15 100 000 EUR 80 207 0.02
07/09/2026 11/03/2033
LEASEPLAN CORP 0.250% 21- CREDIT MUTUEL ARKEA 3.875% 23-
970 000 EUR 947 386 0.25 200 000 EUR 216 352 0.06
23/02/2026 22/05/2028
LEASEPLAN CORP 1.375% 19- 300 000 DANONE 3.071% 22-07/09/2032 EUR 314 896 0.08
100 000 EUR 106 878 0.03
07/03/2024
MONDELEZ INTERNATIONAL 0.250% 400 000 DANONE 3.470% 23-22/05/2031 EUR 433 821 0.11
398 000 EUR 353 039 0.09
21-09/09/2029 200 000 EDENRED 3.625% 23-13/06/2031 EUR 215 367 0.06
MONDELEZ INTERNATIONAL 0.625%
100 000 EUR 82 912 0.02 ELEC DE FRANCE 1.000% 16-
21-09/09/2032 700 000 EUR 697 427 0.18
13/10/2026
1 300 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 1 195 625 0.32 ELEC DE FRANCE 1.000% 21-
100 000 EUR 78 707 0.02
300 000 NN BANK NV 0.500% 21-21/09/2028 EUR 270 640 0.07 29/11/2033

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Expressed in USD
ELEC DE FRANCE 4.750% 22- 1 300 000 CAIXABANK 3.750% 22-07/09/2029 EUR 1 399 085 0.37
300 000 EUR 330 712 0.09
12/10/2034 IBERDROLA FIN SA 1.000% 16-
100 000 FAURECIA 2.375% 19-15/06/2027 EUR 95 836 0.03 800 000 EUR 856 618 0.23
07/03/2024
100 000 FAURECIA 2.375% 21-15/06/2029 EUR 88 890 0.02 IBERDROLA FIN SA 1.000% 17-
500 000 EUR 520 819 0.14
07/03/2025
100 000 FAURECIA 2.750% 21-15/02/2027 EUR 98 473 0.03 INMOBILIARIA COL 1.350% 20-
200 000 EUR 185 724 0.05
100 000 FAURECIA 3.125% 19-15/06/2026 EUR 102 467 0.03 14/10/2028
INMOBILIARIA COL 2.000% 18-
100 000 FAURECIA 7.250% 22-15/06/2026 EUR 113 178 0.03 300 000 EUR 306 909 0.08
17/04/2026
FONCIERE DES REGIONS 1.875% 16- MERLIN PROPERTIES 1.375% 21-
100 000 EUR 102 033 0.03 300 000 EUR 252 553 0.07
20/05/2026 01/06/2030
200 000 GECINA 0.875% 22-25/01/2033 EUR 163 934 0.04 RED ELECTRICA FI 0.375% 20-
600 000 EUR 566 569 0.15
200 000 GECINA 1.000% 16-30/01/2029 EUR 184 270 0.05 24/07/2028
TELEFONICA EMIS 1.069% 19-
HOLDING DINFRA 1.625% 20- 2 900 000 EUR 3 110 209 0.81
300 000 EUR 279 081 0.07 05/02/2024
18/09/2029 TELEFONICA EMIS 2.592% 22-
100 000 ICADE 1.000% 22-19/01/2030 EUR 86 056 0.02 300 000 EUR 303 811 0.08
25/05/2031
1 500 000 ICADE 1.500% 17-13/09/2027 EUR 1 448 576 0.38
ICADE SANTE SAS 1.375% 20- ANGLO AMERICAN 2.625% 20-
200 000 EUR 166 472 0.04 887 000 USD 727 588 0.19
17/09/2030 10/09/2030
100 000 JCDECAUX SE 5.000% 23-11/01/2029 EUR 109 354 0.03 ASTRAZENECA PLC 3.625% 23-
182 000 EUR 197 858 0.05
100 000 KERING 1.875% 22-05/05/2030 EUR 100 062 0.03 03/03/2027
ASTRAZENECA PLC 3.750% 23-
300 000 KERING 3.250% 23-27/02/2029 EUR 324 463 0.09 185 000 EUR 203 279 0.05
03/03/2032
300 000 KERING 3.375% 23-27/02/2033 EUR 325 271 0.09 CNH INDUSTRIAL N 3.850% 17-
1 175 000 USD 1 103 568 0.29
LA BANQUE POSTALE 0.750% 21- 15/11/2027
200 000 EUR 166 396 0.04 CREDIT AGRICOLE 0.750% 18-
23/06/2031 1 200 000 EUR 1 291 185 0.34
300 000 EUR 279 223 0.07 GSK CAPITAL BV 3.000% 22-
24/04/2029 100 000 EUR 106 400 0.03
200 000 EUR 213 002 0.06 GSK CAPITAL BV 3.125% 22-
17/01/2030 100 000 EUR 104 934 0.03
28/11/2032
100 000 LA POSTE SA 1.450% 18-30/11/2028 EUR 97 268 0.03
100 000 LINDE PLC 1.625% 22-31/03/2035 EUR 87 787 0.02
400 000 LA POSTE SA 3.125% 22-14/09/2028 EUR 416 866 0.11
300 000 LINDE PLC 3.375% 23-12/06/2029 EUR 324 960 0.09
100 000 LOREAL SA 0.375% 22-29/03/2024 EUR 106 392 0.03 MOTABILITY OPS 3.500% 23-
541 000 EUR 577 198 0.15
800 000 LOREAL SA 2.875% 23-19/05/2028 EUR 849 965 0.22 17/07/2031
NATIONAL GRID PLC 0.250% 21-
100 000 MERCIALYS 1.800% 18-27/02/2026 EUR 97 494 0.03 731 000 EUR 660 752 0.17
01/09/2028
300 000 MERCIALYS 2.500% 22-28/02/2029 EUR 266 270 0.07 NATIONAL GRID PLC 3.875% 23-
517 000 EUR 559 132 0.15
100 000 NERVAL SAS 2.875% 22-14/04/2032 EUR 89 900 0.02 16/01/2029
NATWEST MARKETS 1.375% 22-
100 000 ORANGE 0.125% 20-16/09/2029 EUR 89 131 0.02 500 000 EUR 489 636 0.13
02/03/2027
100 000 ORANGE 2.375% 22-18/05/2032 EUR 99 481 0.03 NATWEST MARKETS 4.250% 23-
1 189 000 EUR 1 282 867 0.34
13/01/2028
400 000 PEUGEOT 1.125% 19-18/09/2029 EUR 363 185 0.10
500 000 SSE PLC 0.875% 17-06/09/2025 EUR 510 601 0.13
400 000 PEUGEOT 2.000% 17-23/03/2024 EUR 430 016 0.11
100 000 SSE PLC 1.375% 18-04/09/2027 EUR 99 918 0.03
1 000 000 PEUGEOT 2.000% 18-20/03/2025 EUR 1 052 791 0.28
245 000 SSE PLC 2.875% 22-01/08/2029 EUR 253 514 0.07
400 000 PEUGEOT 2.750% 20-15/05/2026 EUR 420 860 0.11 VODAFONE GROUP 0.900% 19-
700 000 EUR 696 731 0.18
100 000 RCI BANQUE 4.750% 22-06/07/2027 EUR 108 526 0.03 24/11/2026
VODAFONE GROUP 4.375% 13-
200 000 RCI BANQUE 4.875% 23-14/06/2028 EUR 217 784 0.06 500 000 USD 418 337 0.11
19/02/2043
RTE RESEAU DE TR 0.750% 22-
100 000 EUR 81 666 0.02
12/01/2034 Japan 9 370 550 2.47
SCHNEIDER ELEC 3.125% 23- MITSUBISHI UFJ FINANCE 0.848% 19-
300 000 EUR 321 148 0.08 400 000 EUR 368 420 0.10
13/10/2029 19/07/2029
SCHNEIDER ELEC 3.250% 23- MITSUBISHI UFJ FINANCE 2.048% 20-
200 000 EUR 215 478 0.06 1 500 000 USD 1 217 179 0.32
12/06/2028 17/07/2030
SOCIETE FONCIERE 0.500% 21- MIZUHO FINANCIAL 3.490% 22-
100 000 EUR 92 088 0.02 2 000 000 EUR 2 119 477 0.56
21/04/2028 05/09/2027
SOCIETE NATIONAL 3.125% 22- 200 000 NIDEC CORP 0.046% 21-30/03/2026 EUR 195 538 0.05
200 000 EUR 215 006 0.06
02/11/2027
100 000 SUEZ 1.875% 22-24/05/2027 EUR 100 418 0.03 582 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 578 299 0.15
SUMITOMO MITSUI 0.465% 19-
100 000 SUEZ 2.375% 22-24/05/2030 EUR 98 070 0.03 822 000 EUR 867 765 0.23
30/05/2024
700 000 SUEZ 4.625% 22-03/11/2028 EUR 779 297 0.21 SUMITOMO MITSUI 0.934% 17-
700 000 EUR 733 381 0.19
11/10/2024
500 000 SUEZ 5.000% 22-03/11/2032 EUR 578 742 0.15
100 000 TAKEDA PHARM 0.750% 20-09/07/2027 EUR 96 615 0.03
UNIBAIL-RODAMCO 1.000% 15-
800 000 EUR 823 757 0.22 400 000 TAKEDA PHARM 1.000% 20-09/07/2029 EUR 369 982 0.10
14/03/2025
3 400 000 TAKEDA PHARM 2.050% 20-31/03/2030 USD 2 823 894 0.74
Spain 10 621 093 2.81
BANCO BILBAO VIZCAYA
400 000
ARGENTARIA 1.000% 19-21/06/2026
EUR 398 307 0.11 Italy 9 004 960 2.37
BANCO BILBAO VIZCAYA 600 000 ACEA SPA 0.000% 21-28/09/2025 EUR 594 875 0.16
700 000 EUR 723 266 0.19
ARGENTARIA 1.375% 18-14/05/2025 100 000 ACEA SPA 0.250% 21-28/07/2030 EUR 84 295 0.02
100 000 EUR 102 804 0.03 241 000 ACEA SPA 3.875% 23-24/01/2031 EUR 256 307 0.07
ARGENTARIA 1.750% 22-26/11/2025
BANCO BILBAO VIZCAYA AEROPORTI ROMA 1.625% 20-
300 000 EUR 316 857 0.08 600 000 EUR 568 363 0.15
ARGENTARIA 3.375% 22-20/09/2027 02/02/2029
BANCO BILBAO VIZCAYA 100 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 83 011 0.02
400 000 EUR 442 336 0.12
ARGENTARIA 4.375% 22-14/10/2029
1 200 000 ASSICURAZIONI 2.124% 19-01/10/2030 EUR 1 076 565 0.28
BANCO SANTANDER 0.300% 19-
500 000 EUR 484 293 0.13
04/10/2026 100 000 ASSICURAZIONI 2.429% 20-14/07/2031 EUR 90 286 0.02
700 000 BANKINTER SA 0.625% 20-06/10/2027 EUR 650 933 0.17 220 000 ASSICURAZIONI 5.399% 23-20/04/2033 EUR 242 969 0.06

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Expressed in USD
200 000 ASSICURAZIONI 5.800% 22-06/07/2032 EUR 227 775 0.06 MERCK FIN SERVIC 2.375% 22-
100 000 EUR 101 640 0.03
AUTOSTRADA TORIN 1.000% 21- 15/06/2030
272 000 EUR 263 877 0.07 345 000 PORSCHE SE 4.500% 23-27/09/2028 EUR 383 159 0.10
25/11/2026
AUTOSTRADA TORIN 2.375% 21- VOLKSWAGEN BANK 4.250% 23-
100 000 EUR 85 076 0.02 300 000 EUR 324 283 0.09
25/11/2033 07/01/2026
181 000 ERG SPA 0.875% 21-15/09/2031 EUR 151 943 0.04 VOLKSWAGEN BANK 4.375% 23-
300 000 EUR 325 367 0.09
03/05/2028
INTESA SANPAOLO 0.750% 19-
1 200 000 EUR 1 244 857 0.33 VOLKSWAGEN BANK 4.625% 23-
04/12/2024 400 000 EUR 437 540 0.12
03/05/2031
400 000 EUR 371 602 0.10 200 000 VONOVIA SE 0.625% 21-24/03/2031 EUR 156 876 0.04
16/03/2028
INTESA SANPAOLO 1.000% 19- 100 000 VONOVIA SE 4.750% 22-23/05/2027 EUR 106 898 0.03
100 000 EUR 97 903 0.03
19/11/2026
INTESA SANPAOLO 2.925% 20- 300 000 VONOVIA SE 5.000% 22-23/11/2030 EUR 318 844 0.08
200 000 EUR 180 373 0.05
14/10/2030
INTESA SANPAOLO 4.875% 23- Canada 6 807 503 1.80
310 000 EUR 337 584 0.09 BANK NOVA SCOTIA 0.250% 21-
19/05/2030 100 000 EUR 88 889 0.02
INTESA SANPAOLO 5.250% 22- 01/11/2028
13/01/2030 500 000 EUR 538 821 0.14
INTESA SANPAOLO 5.625% 23- 31/10/2024
08/03/2033 1 000 000 USD 992 365 0.26
INTESA SANPAOLO 6.625% 23- 12/06/2028
500 000 USD 498 606 0.13 MAGNA INTL INC 4.375% 23-
20/06/2033 168 000 EUR 185 184 0.05
MEDIOBANCA SPA 1.000% 20- 17/03/2032
405 000 EUR 390 098 0.10 NATIONAL BANK CANADA 3.750%
08/09/2027 200 000 EUR 212 508 0.06
23-25/01/2028
104 000 PIRELLI & C SPA 4.250% 23-18/01/2028 EUR 111 551 0.03
192 000 NUTRIEN LTD 4.900% 23-27/03/2028 USD 188 405 0.05
100 000 TERNA SPA 0.375% 21-23/06/2029 EUR 89 335 0.02
ROYAL BANK OF CANADA 0.250% 19-
510 000 TERNA SPA 1.000% 18-23/07/2023 EUR 555 522 0.15 200 000 EUR 211 394 0.06
02/05/2024
400 000 TERNA SPA 1.000% 19-10/04/2026 EUR 405 265 0.11 ROYAL BANK OF CANADA 2.125% 22-
200 000 EUR 196 163 0.05
26/04/2029
UNIONE DI BANCHE 1.500% 19- ROYAL BANK OF CANADA 5.000% 23-
400 000 EUR 427 587 0.11 2 000 000 USD 1 951 875 0.52
10/04/2024 02/05/2033
Germany 8 729 673 2.34 TORONTO DOMINION BANK 3.250%
100 000 EUR 107 122 0.03
22-27/04/2026
600 000 ADIDAS AG 0.000% 20-05/10/2028 EUR 549 654 0.15 TORONTO DOMINION BANK 3.631%
367 000 EUR 386 015 0.10
200 000 ADIDAS AG 3.000% 22-21/11/2025 EUR 214 336 0.06 22-13/12/2029
WASTE CONNECTION 3.200% 22-
100 000 ADIDAS AG 3.125% 22-21/11/2029 EUR 106 773 0.03 2 000 000 USD 1 748 762 0.46
01/06/2032
100 000 BERLIN HYP AG 0.375% 21-21/04/2031 EUR 80 861 0.02
100 000 BERLIN HYP AG 0.375% 22-25/01/2027 EUR 95 781 0.03
Sweden 4 993 891 1.34
ELECTROLUX AB 2.500% 22-
100 000 EUR 97 460 0.03
300 000 BERLIN HYP AG 0.500% 16-26/09/2023 EUR 324 678 0.09 18/05/2030
600 000 BERLIN HYP AG 0.500% 19-05/11/2029 EUR 520 808 0.14 100 000 SBAB BANK AB 0.500% 20-13/05/2025 EUR 102 064 0.03
300 000 BERLIN HYP AG 1.125% 17-25/10/2027 EUR 286 914 0.08 100 000 SBAB BANK AB 1.875% 22-10/12/2025 EUR 103 527 0.03
300 000 BERLIN HYP AG 1.500% 18-18/04/2028 EUR 278 429 0.07 SKANDINAVISKA ENSKILDA BANK
381 000 EUR 360 081 0.10
0.750% 22-09/08/2027
CONTINENTAL AG 4.000% 23- SKANDINAVISKA ENSKILDA BANK
321 000 EUR 347 727 0.09 494 000 EUR 531 709 0.14
01/06/2028 4.000% 22-09/11/2026
100 000 COVESTRO AG 4.750% 22-15/11/2028 EUR 111 104 0.03 SKANDINAVISKA ENSKILDA BANK
273 000 EUR 297 359 0.08
DEUTSCHE WOHNEN 0.500% 21- 4.125% 23-29/06/2027
400 000 EUR 306 157 0.08
07/04/2031 200 000 SKF AB 0.250% 21-15/02/2031 EUR 163 676 0.04
300 000 E.ON SE 0.000% 19-28/08/2024 EUR 312 761 0.08 300 000 SKF AB 0.875% 19-15/11/2029 EUR 272 054 0.07
100 000 E.ON SE 0.350% 19-28/02/2030 EUR 87 938 0.02 250 000 SKF AB 3.125% 22-14/09/2028 EUR 262 629 0.07
320 000 E.ON SE 0.375% 20-29/09/2027 EUR 305 992 0.08 SVENSKA HANDELSBANKEN 0.010%
500 000 EUR 457 638 0.12
143 000 E.ON SE 0.875% 20-20/08/2031 EUR 125 670 0.03 20-02/12/2027
SVENSKA HANDELSBANKEN 2.625%
100 000 E.ON SE 0.875% 22-08/01/2025 EUR 104 113 0.03 1 442 000 EUR 1 465 117 0.39
22-05/09/2029
91 000 E.ON SE 0.875% 22-18/10/2034 EUR 73 820 0.02 195 000 TELIA CO AB 3.625% 23-22/02/2032 EUR 210 338 0.06
69 000 E.ON SE 1.000% 20-07/10/2025 EUR 70 896 0.02 VATTENFALL AB 0.125% 21-
262 000 EUR 236 975 0.06
12/02/2029
43 000 E.ON SE 1.625% 22-29/03/2031 EUR 40 623 0.01
100 000 VOLVO CAR AB 2.500% 20-07/10/2027 EUR 98 481 0.03
500 000 E.ON SE 3.875% 23-12/01/2035 EUR 541 372 0.14
142 000 VOLVO CAR AB 4.250% 22-31/05/2028 EUR 148 393 0.04
EUROGRID GMBH 1.113% 20-
100 000 EUR 87 793 0.02 VOLVO TREAS AB 2.625% 22-
15/05/2032 177 000 EUR 186 390 0.05
EUROGRID GMBH 3.279% 22- 20/02/2026
200 000 EUR 211 392 0.06
05/09/2031
EUROGRID GMBH 3.722% 23-
200 000 EUR 215 911 0.06 CNH INDUSTRIAL FIN 1.625% 19-
27/04/2030 300 000 EUR 286 572 0.08
03/07/2029
200 000 INFINEON TECH 0.625% 22-17/02/2025 EUR 206 483 0.05 CNH INDUSTRIAL FIN 1.750% 17-
100 000 EUR 103 911 0.03
100 000 INFINEON TECH 1.125% 20-24/06/2026 EUR 100 929 0.03 12/09/2025
CNH INDUSTRIAL FIN 1.750% 19-
100 000 INFINEON TECH 1.625% 20-24/06/2029 EUR 96 295 0.03 385 000 EUR 387 645 0.10
25/03/2027
100 000 LANXESS 1.750% 22-22/03/2028 EUR 96 378 0.03 CPI PROPERTY GRO 1.625% 19-
400 000 EUR 316 268 0.08
LB BADEN-WUERT 0.250% 21- 23/04/2027
100 000 EUR 89 454 0.02 INGERSOLL-RAND 3.800% 19-
21/07/2028 1 000 000 USD 942 152 0.25
LB BADEN-WUERT 0.375% 19- 21/03/2029
200 000 EUR 210 593 0.06
24/05/2024 100 000 LOGICOR FIN 2.000% 22-17/01/2034 EUR 72 175 0.02
LB BADEN-WUERT 0.375% 19- MEDTRONIC GLOBAL 1.625% 20-
200 000 EUR 191 354 0.05 300 000 EUR 198 466 0.05
29/07/2026 15/10/2050
LEG IMMOBILIEN SE 0.750% 21- MEDTRONIC GLOBAL 4.500% 23-
100 000 EUR 78 774 0.02 870 000 USD 853 195 0.23
30/06/2031 30/03/2033
MERCK FIN SERVIC 1.875% 22- PROLOGIS INTERNATIONAL II 0.750%
100 000 EUR 103 303 0.03 400 000 EUR 295 881 0.08
15/06/2026 21-23/03/2033

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Expressed in USD
PROLOGIS INTERNATIONAL II 0.875%
200 000 EUR 174 306 0.05 Singapore 1 019 015 0.27
19-09/07/2029
PROLOGIS INTERNATIONAL II 1.625% PFIZER INVSTMNT 4.750% 23-
146 000 EUR 121 209 0.03 500 000 USD 498 252 0.13
20-17/06/2032 19/05/2033
PROLOGIS INTERNATIONAL II 3.125% PFIZER INVSTMNT 5.300% 23-
100 000 EUR 96 454 0.03 500 000 USD 520 763 0.14
22-01/06/2031 19/05/2053
PROLOGIS INTERNATIONAL II 3.625%
660 000
22-07/03/2030
EUR 671 683 0.18 Belgium 865 757 0.23
PROLOGIS INTERNATIONAL II 4.625% BELFIUS BANK SA 0.375% 21-
404 000 EUR 423 723 0.11 200 000 EUR 189 397 0.05
23-21/02/2035 08/06/2027
100 000 COFINIMMO 1.000% 22-24/01/2028 EUR 90 311 0.02
Finland 2 390 386 0.62
100 000 ELIA TRANS BE 3.625% 23-18/01/2033 EUR 107 708 0.03
CASTELLUM HELSIN 2.000% 22-
100 000 EUR 99 980 0.03
24/03/2025 400 000 KBC GROUP NV 3.000% 22-25/08/2030 EUR 405 006 0.11
100 000 NESTE 0.750% 21-25/03/2028 EUR 94 235 0.02 100 000 PROXIMUS SADP 0.750% 21-17/11/2036 EUR 73 335 0.02
438 000 NOKIA OYJ 4.375% 23-21/08/2031 EUR 469 765 0.12
NORDEA BANK ABP 0.375% 19-
Liechtenstein 466 144 0.12
200 000 EUR 197 153 0.05 584 000 SWISS LIFE FIN I 0.500% 21-15/09/2031 EUR 466 144 0.12
28/05/2026
NORDEA BANK ABP 0.500% 21-
100 000 EUR 86 085 0.02 Portugal 104 176 0.03
19/03/2031
NORDEA BANK ABP 1.125% 22- CAIXA GERAL DEPO 1.250% 19-
366 000 EUR 359 774 0.09 100 000 EUR 104 176 0.03
16/02/2027 25/11/2024
OP CORPORATE BK 0.375% 19-
200 000
26/02/2024
EUR 213 025 0.06 Greece 102 441 0.03
OP CORPORATE BK 0.625% 22- 100 000 MYTILINEOS SA 2.250% 21-30/10/2026 EUR 102 441 0.03
128 000 EUR 120 203 0.03
27/07/2027
STORA ENSO OYJ 0.625% 20- Floating rate bonds 95 430 931 25.18
100 000 EUR 84 320 0.02
02/12/2030
143 000
STORA ENSO OYJ 4.000% 23-
EUR 155 182 0.04
United States of
01/06/2026 America 25 933 051 6.83
STORA ENSO OYJ 4.250% 23-
175 000 EUR 190 535 0.05 1 000 000 ALLSTATE CORP 13-15/08/2053 FRN USD 978 250 0.26
01/09/2029
UPM-KYMMENE OYJ 0.500% 21- AMERICAN EXPRESS 23-
263 000 EUR 220 942 0.06 515 000 USD 504 185 0.13
22/03/2031 01/05/2034 FRN
UPM-KYMMENE OYJ 2.250% 22- BANK OF AMERICA CORP 20-
100 000 EUR 99 187 0.03 1 230 000 USD 974 117 0.26
23/05/2029 24/10/2031 FRN
BANK OF AMERICA CORP 20-
2 450 000 USD 1 607 033 0.42
Norway 2 022 309 0.53 24/10/2051 FRN
SPAREBANK 1 OEST 0.125% 21- BANK OF AMERICA CORP 20-
600 000 EUR 542 297 0.14 1 216 000 USD 1 022 668 0.27
03/03/2028 29/04/2031 FRN
SPAREBANK 1 OEST 1.750% 22- BANK OF AMERICA CORP 21-
100 000 EUR 99 873 0.03 100 000 EUR 86 094 0.02
27/04/2027 22/03/2031 FRN
SPAREBANK 1 SR 0.250% 21- BANK OF AMERICA CORP 21-
600 000 EUR 571 585 0.15 316 000 USD 262 117 0.07
09/11/2026 22/04/2032 FRN
SPAREBANK 1 SR 2.875% 22- BANK OF AMERICA CORP 21-
765 000 EUR 808 554 0.21 200 000 EUR 171 329 0.05
20/09/2025 24/05/2032 FRN
BANK OF AMERICA CORP 23-
Ireland 1 544 883 0.40 556 000 USD 550 020 0.15
25/04/2029 FRN
800 000 APTIV PLC 3.250% 22-01/03/2032 USD 684 540 0.18 BANK OF NY MELLO 22-
1 500 000 USD 1 561 519 0.41
HAMMERSON IRLND 1.750% 21- 25/10/2033 FRN
100 000 EUR 89 286 0.02 BANK OF NY MELLO 23-
03/06/2027 266 000 USD 260 676 0.07
26/04/2034 FRN
400 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 352 945 0.09
1 000 000 CHARLES SCHWAB 23-19/05/2029 FRN USD 1 000 154 0.26
100 000 SMURFIT KAPPA 1.000% 21-22/09/2033 EUR 81 003 0.02
20 000 CITIGROUP INC 05-25/02/2030 SR FRN EUR 21 589 0.01
333 000 TRANE TECH 5.250% 23-03/03/2033 USD 337 109 0.09
3 600 000 CITIGROUP INC 20-03/06/2031 FRN USD 3 003 758 0.78
Australia 1 373 182 0.36 1 500 000 CITIGROUP INC 20-29/01/2031 FRN USD 1 271 065 0.34
NATIONAL AUSTRALIA BANK 0.625%
167 000 EUR 181 183 0.05 100 000 CITIGROUP INC 22-22/09/2028 FRN EUR 106 390 0.03
18-30/08/2023
NATIONAL AUSTRALIA BANK 2.125% 815 000 CITIGROUP INC 23-25/05/2034 FRN USD 822 596 0.22
168 000 EUR 170 087 0.04
22-24/05/2028 203 000 FIFTH THIRD BANC 22-28/07/2030 FRN USD 189 055 0.05
SYDNEY AIRPORT F 4.375% 23-
176 000 EUR 191 383 0.05 GOLDMAN SACHS GP 22-
03/05/2033 5 000 000 USD 4 693 173 1.23
WESTPAC BANKING 0.625% 17- 15/03/2028 FRN
800 000 EUR 830 529 0.22 1 000 000 JPMORGAN CHASE 22-25/07/2033 FRN USD 977 799 0.26
22/11/2024
727 000 JPMORGAN CHASE 23-01/06/2034 FRN USD 733 713 0.19
Denmark 1 217 673 0.34
COLOPLAST FINANC 2.250% 22- MORGAN STANLEY 19-
101 000 EUR 103 509 0.03 1 000 000 USD 952 134 0.25
19/05/2027 23/01/2030 FRN
MORGAN STANLEY 20-
100 000 JYSKE BANK A/S 5.500% 22-16/11/2027 EUR 109 945 0.03 340 000 EUR 302 233 0.08
26/10/2029 FRN
500 000 ORSTED A/S 1.500% 17-26/11/2029 EUR 474 191 0.13 MORGAN STANLEY 21-
500 000 USD 327 697 0.09
25/01/2052 FRN
100 000 ORSTED A/S 2.250% 22-14/06/2028 EUR 101 751 0.03
MORGAN STANLEY 21-
100 000 ORSTED A/S 2.875% 22-14/06/2033 EUR 100 228 0.03 2 000 000 USD 1 562 979 0.41
28/04/2032 FRN
355 000 EUR 293 077 0.08
29/04/2033 FRN
358 000 USD 297 616 0.08
100 000 ORSTED A/S 4.125% 23-01/03/2035 EUR 110 887 0.03 21/01/2033 FRN
MORGAN STANLEY 23-
570 000 EUR 624 644 0.16
Austria 1 151 866 0.30 02/03/2029 FRN
MORGAN STANLEY 23-
600 000 ERSTE GROUP 0.125% 21-17/05/2028 EUR 539 915 0.14 235 000 USD 232 200 0.06
20/04/2029 FRN
UNICREDIT BK AUS 3.125% 23-
500 000 EUR 537 226 0.14 543 000 TRUIST FINANCIAL 23-08/06/2027 FRN USD 543 171 0.14
21/09/2029
100 000 VERBUND AG 0.900% 21-01/04/2041 EUR 74 725 0.02

Page 79

Expressed in USD
202 000 NN GROUP NV 23-03/11/2043 FRN EUR 220 317 0.06
France 15 566 961 4.12
100 000 ACCOR 19-31/12/2049 FRN EUR 107 234 0.03 600 000 EUR 562 924 0.15
31/12/2060 FRN
1 159 000 AXA SA 21-07/10/2041 FRN EUR 959 843 0.25 TELEFONICA EUROP 21-
700 000 EUR 598 995 0.16
31/12/2061 FRN
100 000 AXA SA 22-10/03/2043 FRN EUR 100 250 0.03
300 000 EUR 274 759 0.07
133 000 AXA SA 23-11/07/2043 FRN EUR 144 893 0.04 31/12/2061 FRN
100 000 BNP PARIBAS 14-31/12/2049 FRN EUR 105 068 0.03 TELEFONICA EUROP 22-
100 000 EUR 111 247 0.03
23/11/2171 FRN
300 000 BNP PARIBAS 19-04/06/2026 FRN EUR 304 326 0.08 TELEFONICA EUROP 23-
1 200 000 EUR 1 260 961 0.33
1 000 000 BNP PARIBAS 20-14/10/2027 FRN EUR 957 457 0.25 03/05/2171 FRN
600 000 TENNET HLD BV 17-31/12/2049 FRN EUR 643 386 0.17
500 000 BNP PARIBAS 20-15/01/2032 FRN EUR 463 479 0.12
100 000 VOLKSBANK NV 20-22/10/2030 FRN EUR 98 903 0.03
200 000 VOLKSBANK NV 22-15/12/2170 FRN EUR 180 854 0.05
VOLKSWAGEN INTFN 17-
1 000 000 BNP PARIBAS 22-20/01/2028 FRN USD 894 002 0.24 100 000 EUR 97 396 0.03
31/12/2049 FRN
200 000 BNP PARIBAS 22-31/03/2032 FRN EUR 194 009 0.05 VOLKSWAGEN INTFN 20-
100 000 EUR 91 118 0.02
31/12/2060 FRN
VOLKSWAGEN INTFN 22-
100 000 EUR 94 659 0.02
400 000 BNP PARIBAS 23-11/06/2171 FRN EUR 422 681 0.11 28/12/2170 FRN
800 000 BNP PARIBAS 23-13/01/2029 FRN EUR 867 523 0.23 Spain 11 365 274 2.99
300 000 BNP PARIBAS 23-13/04/2031 FRN EUR 321 131 0.08 BANCO BILBAO VIZCAYA
200 000 EUR 204 464 0.05
400 000 BPCE 21-13/01/2042 FRN EUR 367 518 0.10 ARGENTARIA 20-31/12/2060 FRN
500 000 BPCE 21-20/01/2032 FRN USD 386 763 0.10 300 000 EUR 324 334 0.09
ARGENTARIA 23-10/05/2026 FRN
200 000 BPCE 22-14/01/2028 FRN EUR 187 881 0.05 BANCO BILBAO VIZCAYA
200 000 EUR 215 773 0.06
ARGENTARIA 23-15/09/2033 FRN
200 000 BPCE 23-02/03/2030 FRN EUR 218 589 0.06 BANCO BILBAO VIZCAYA
400 000 EUR 433 722 0.11
200 000 BPCE 23-14/06/2034 FRN EUR 218 770 0.06 ARGENTARIA 23-21/09/2171 FRN
100 000 BPCE 23-25/01/2035 FRN EUR 105 572 0.03 300 000 BANCO SABADELL 20-11/03/2027 FRN EUR 296 065 0.08
500 000 CNP ASSURANCES 19-27/07/2050 FRN EUR 433 662 0.11 300 000 BANCO SABADELL 21-16/06/2028 FRN EUR 273 883 0.07
500 000 CNP ASSURANCES 23-18/07/2053 FRN EUR 521 317 0.14 400 000 BANCO SABADELL 22-10/11/2028 FRN EUR 439 231 0.12
CREDIT AGRICOLE SA 20- 100 000 BANCO SABADELL 22-24/03/2026 FRN EUR 103 630 0.03
200 000 EUR 188 423 0.05
31/12/2060 FRN 400 000 BANCO SABADELL 23-07/02/2029 FRN EUR 427 062 0.11
CREDIT AGRICOLE SA 21-
100 000 EUR 89 816 0.02 100 000 BANCO SABADELL 23-07/06/2029 FRN EUR 108 710 0.03
21/09/2029 FRN
CREDIT AGRICOLE SA 22- 200 000 BANCO SABADELL 23-16/08/2033 FRN EUR 200 838 0.05
300 000 EUR 323 178 0.09
12/10/2026 FRN BANCO SANTANDER 21-
100 000 DANONE 21-31/12/2061 FRN EUR 94 729 0.03 600 000 EUR 542 155 0.14
24/06/2029 FRN
200 000 ELEC DE FRANCE 21-31/12/2061 FRN EUR 175 498 0.05 BANCO SANTANDER 21-
200 000 EUR 142 906 0.04
31/12/2061 FRN
200 000 ELEC DE FRANCE 23-15/12/2171 FRN USD 205 470 0.05 BANCO SANTANDER 22-
1 000 000 USD 937 594 0.25
FRANCE TELECOM 9.000% 02- 24/03/2028 FRN
2 300 000 USD 2 825 722 0.74
01/03/2031 SR 200 000 BANKINTER SA 23-15/05/2171 FRN EUR 205 972 0.05
LA BANQUE POSTALE 21-
200 000 EUR 143 522 0.04 500 000 CAIXABANK 20-10/07/2026 FRN EUR 507 181 0.13
31/12/2061 FRN
200 000 ORANGE 14-29/10/2049 FRN EUR 216 974 0.06 1 000 000 CAIXABANK 20-18/11/2026 FRN EUR 983 275 0.26
100 000 ORANGE 23-18/04/2172 FRN EUR 107 898 0.03 1 200 000 CAIXABANK 21-09/02/2029 FRN EUR 1 085 119 0.29
SOCIETE GENERALE 20- 800 000 CAIXABANK 21-18/06/2031 FRN EUR 761 611 0.20
1 800 000 EUR 1 677 123 0.44
22/09/2028 FRN
500 000 EUR 472 479 0.12
30/06/2031 FRN 600 000 CAIXABANK 22-14/11/2030 FRN EUR 671 711 0.18
100 000 EUR 104 167 0.03
18/07/2171 FRN
300 000 IBERDROLA FIN SA 21-31/12/2061 FRN EUR 274 544 0.07
The Netherlands 12 037 619 3.18 1 000 000 IBERDROLA FIN SA 23-25/07/2171 FRN EUR 1 056 185 0.28
1 000 000 ABERTIS FINANCE 20-31/12/2060 FRN EUR 978 572 0.26
600 000 RED ELECTRICA 23-07/08/2171 FRN EUR 643 548 0.17
400 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 361 628 0.10
ADECCO INTERNATIONAL Germany 6 580 686 1.74
100 000 FINANCIAL SERVICES 21- EUR 83 900 0.02 100 000 ALLIANZ SE 22-05/07/2052 FRN EUR 101 262 0.03
21/03/2082 FRN
COOPERATIEVE RAB 22- 400 000 ALLIANZ SE 22-07/09/2038 FRN EUR 424 411 0.11
1 600 000 EUR 1 753 543 0.46
27/01/2028 FRN 300 000 ALLIANZ SE 23-25/07/2053 FRN EUR 336 298 0.09
COOPERATIEVE RAB 22- COMMERZBANK AG 20-
100 000 EUR 103 222 0.03 100 000 EUR 101 144 0.03
30/11/2032 FRN 24/03/2026 FRN
200 000 EUR 215 439 0.06 200 000 EUR 198 256 0.05
25/04/2029 FRN 31/12/2060 FRN
1 000 000 USD 986 768 0.26 200 000 EUR 189 446 0.05
28/02/2029 FRN 31/12/2060 FRN
IBERDROLA INTERNATIONAL 18- COMMERZBANK AG 21-
600 000 EUR 643 701 0.17 600 000 EUR 539 208 0.14
31/12/2049 FRN 29/12/2031 FRN
800 000 EUR 845 328 0.22 200 000 EUR 215 958 0.06
31/12/2049 FRN 06/12/2032 FRN
500 000 EUR 469 786 0.12 400 000 EUR 409 198 0.11
31/12/2061 FRN 14/09/2027 FRN
100 000 ING GROEP NV 22-23/05/2026 FRN EUR 103 979 0.03 COMMERZBANK AG 22-
400 000 EUR 428 606 0.11
100 000 ING GROEP NV 22-24/08/2033 FRN EUR 102 802 0.03 21/03/2028 FRN
COMMERZBANK AG 23-
900 000 ING GROEP NV 23-20/02/2035 FRN EUR 955 630 0.25 500 000 EUR 541 409 0.14
05/10/2033 FRN
179 000 KONINKLIJKE KPN 22-21/12/2170 FRN EUR 197 802 0.05 ENERGIE BADEN-WU 20-
500 000 EUR 485 710 0.13
29/06/2080 FRN

Page 80

Expressed in USD
500 000 EVONIK 21-02/09/2081 FRN EUR 458 220 0.12
Denmark 1 194 877 0.31
200 000 INFINEON TECH 19-01/04/2168 FRN EUR 207 194 0.05 800 000 JYSKE BANK A/S 21-02/09/2026 FRN EUR 785 948 0.21
100 000 INFINEON TECH 19-01/04/2168 FRN EUR 99 311 0.03 200 000 ORSTED A/S 17-24/11/3017 FRN EUR 208 092 0.05
100 000 MERCK 14-12/12/2074 SR FRN EUR 107 023 0.03 100 000 ORSTED A/S 19-09/12/3019 FRN EUR 92 611 0.02
200 000 MERCK 19-25/06/2079 FRN EUR 206 961 0.05 100 000 ORSTED A/S 22-08/12/3022 FRN EUR 108 226 0.03
100 000 MERCK 20-09/09/2080 FRN EUR 97 203 0.03
400 000 MUNICH RE 20-26/05/2041 FRN EUR 332 766 0.09 Sweden 778 010 0.21
344 000 TELIA CO AB 20-11/05/2081 FRN EUR 333 786 0.09
1 400 000 MUNICH RE 21-26/05/2042 FRN EUR 1 101 102 0.29
330 000 TELIA CO AB 22-21/12/2082 FRN EUR 348 068 0.09
United Kingdom 4 693 542 1.24 100 000 TELIA CO AB 22-30/06/2083 FRN EUR 96 156 0.03
250 000 CREDIT AGRICOLE 20-16/06/2026 FRN USD 229 871 0.06
LLOYDS BANKING GROUP PLC 23- Austria 700 676 0.18
1 000 000 USD 995 079 0.26
06/03/2029 FRN 200 000 ERSTE GROUP 20-31/12/2060 FRN EUR 165 369 0.04
2 001 000 NATWEST GROUP 22-06/09/2028 FRN EUR 2 113 658 0.56 500 000 ERSTE GROUP 23-16/01/2031 FRN EUR 535 307 0.14
500 000 NATWEST GROUP 23-02/03/2027 FRN USD 494 724 0.13
500 000 NATWEST GROUP 23-13/09/2029 FRN USD 492 724 0.13
Belgium 681 602 0.18
700 000 KBC GROUP NV 20-16/06/2027 FRN EUR 681 602 0.18
342 000 NATWEST GROUP 23-16/02/2029 FRN EUR 367 486 0.10
Australia 283 409 0.07
Ireland 4 384 918 1.16 WESTPAC BANKING 21-
300 000 EUR 283 409 0.07
500 000 AIB GROUP PLC 20-30/05/2031 FRN EUR 494 261 0.13 13/05/2031 FRN
900 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 854 171 0.23
382 000 AIB GROUP PLC 22-16/02/2029 FRN EUR 428 944 0.11 BNP PARIBAS FUNDS EURO
70.00 EUR 7 877 929 2.07
422 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 405 228 0.11 CORPORATE GREEN BOND - X CAP
300 000 BANK OF IRELAND 21-11/08/2031 FRN EUR 283 967 0.07 Total securities portfolio 367 935 084 97.15
282 000 BANK OF IRELAND 23-04/07/2031 FRN EUR 306 416 0.08
524 000 BANK OF IRELAND 23-16/07/2028 FRN EUR 570 353 0.15
Italy 4 266 697 1.13

150 000 BANCO BPM SPA 23-14/06/2028 FRN EUR 162 488 0.04
200 000 INTESA SANPAOLO 17-31/12/2049 FRN EUR 211 438 0.06
500 000 INTESA SANPAOLO 23-20/06/2054 FRN USD 497 654 0.13
100 000 MEDIOBANCA SPA 22-07/02/2029 FRN EUR 108 659 0.03
100 000 POSTE ITALIANE 21-31/12/2061 FRN EUR 82 581 0.02
129 000 TERNA RETE 22-09/02/2171 FRN EUR 119 782 0.03
200 000 UNICREDIT SPA 19-31/12/2049 FRN EUR 213 847 0.06
Norway 3 705 904 0.98

200 000 DNB BANK ASA 22-18/01/2028 FRN EUR 191 445 0.05
1 570 000 DNB BANK ASA 23-16/02/2027 FRN EUR 1 675 190 0.44
500 000 SPAREBANK 1 SR 21-15/07/2027 FRN EUR 475 963 0.13
Portugal 3 257 705 0.86

CAIXA GERAL DEPO 21-
300 000 EUR 284 157 0.08
21/09/2027 FRN
CAIXA GERAL DEPO 22-
100 000 EUR 104 551 0.03
15/06/2026 FRN
200 000 EDP SA 20-20/07/2080 FRN EUR 198 801 0.05
1 600 000 EDP SA 21-14/03/2082 FRN EUR 1 481 209 0.39
1 100 000 EDP SA 23/04/2083 FRN EUR 1 188 987 0.31

Page 81
BNP PARIBAS FUNDS Sustainable Global Low Vol Equity

Expressed in EUR
Transferable securities admitted to an 10 700 OBIC CO LTD JPY 1 570 727 0.20
82 800 SECOM CO LTD JPY 5 123 461 0.64
327 300 SEKISUI HOUSE LTD JPY 6 048 304 0.76
1 076 000 TOYOTA MOTOR CORP JPY 15 840 480 1.98
Shares 786 054 541 98.32
122 400 TREND MICRO INC JPY 5 417 621 0.68
United States of United Kingdom 51 132 684 6.40
America 259 955 177 32.48 45 207 BERKELEY GROUP HOLDINGS/THE GBP 2 066 621 0.26
125 120 3M CO USD 11 478 699 1.44 164 090 BUNZL PLC GBP 5 734 498 0.72
115 675 ABBVIE INC USD 14 284 961 1.79 82 330 INTERTEK GROUP PLC GBP 4 091 796 0.51
52 185 AMGEN INC USD 10 619 719 1.33 44 564 LINDE PLC USD 15 565 948 1.95
15 527 BECTON DICKINSON AND CO USD 3 757 363 0.47 527 939 RELX PLC GBP 16 124 548 2.02
132 656 BRISTOL-MYERS SQUIBB CO USD 7 775 757 0.97 700 520 SAGE GROUP PLC/THE GBP 7 549 273 0.94
BROADRIDGE FINANCIAL
90 760 USD 13 778 716 1.72
SOLUTIONS Australia 47 850 597 5.99
329 154 CISCO SYSTEMS INC USD 15 609 925 1.95 72 033 ASX LTD AUD 2 776 994 0.35
38 900 COLGATE-PALMOLIVE CO USD 2 746 889 0.34 406 355 COLES GROUP LTD AUD 4 572 536 0.57
105 061 GENUINE PARTS CO USD 16 296 491 2.03 81 892 CSL LTD AUD 13 890 658 1.74
INTERNATIONAL BUSINESS
99 979 USD 12 262 319 1.53 692 887 DEXUS/AU AUD 3 310 327 0.41
MACHINES CORP
39 205 JOHNSON & JOHNSON USD 5 947 948 0.74 843 006 GPT GROUP AUD 2 139 716 0.27
136 011 KEURIG DR PEPPER INC USD 3 898 317 0.49 3 106 764 TELSTRA GROUP LTD AUD 8 159 160 1.02
57 975 MCDONALDS CORP USD 15 857 305 1.98 758 075 TRANSURBAN GROUP AUD 6 609 996 0.83
59 718 MOTOROLA SOLUTIONS INC USD 16 053 249 2.01 263 252 WOOLWORTHS GROUP LTD AUD 6 391 210 0.80
191 758 OTIS WORLDWIDE CORP USD 15 644 711 1.96 Singapore 32 828 813 4.11
95 515 REPUBLIC SERVICES INC USD 13 409 746 1.68 1 708 900 ASCENDAS REAL ESTATE INV TRT SGD 3 157 600 0.39
36 676 ROPER TECHNOLOGIES INC USD 16 162 988 2.01 665 700 DBS GROUP HOLDINGS LTD SGD 14 206 710 1.78
93 746 TEXAS INSTRUMENTS INC USD 15 468 520 1.93 533 400 KEPPEL CORP LTD SGD 2 424 053 0.30
58 992 THOMSON REUTERS CORP CAD 7 308 519 0.91 1 959 100 MAPLETREE LOGISTICS TRUST SGD 2 149 504 0.27
70 702 VERISIGN INC USD 14 643 933 1.83 657 500 OVERSEA-CHINESE BANKING CORP SGD 5 478 785 0.69
231 028 VERIZON COMMUNICATIONS INC USD 7 875 281 0.99 250 100 SINGAPORE EXCHANGE LTD SGD 1 627 810 0.20
23 896 WASTE CONNECTIONS INC USD 3 130 573 0.39 78 400 UNITED OVERSEAS BANK LTD SGD 1 486 759 0.19
2 073 WASTE MANAGEMENT INC USD 329 514 0.04 147 600 UOL GROUP LTD SGD 641 783 0.08
122 949 YUM BRANDS INC USD 15 613 734 1.95 166 200 VENTURE CORP LTD SGD 1 655 809 0.21
Canada 193 330 366 24.17 Switzerland 28 203 706 3.53

188 017 BANK OF MONTREAL CAD 15 581 044 1.95 BANQUE CANTONALE VAUDOIS-
13 528 CHF 1 309 765 0.16
REG
332 790 BANK OF NOVA SCOTIA CAD 15 278 327 1.91
115 209 GARMIN LTD USD 11 012 967 1.38
201 461 BCE INC CAD 8 428 513 1.05
3 307 GIVAUDAN - REG CHF 10 045 853 1.26
CAN APARTMENT PROP REAL
46 383 CAD 1 634 023 0.20 67 353 SGS SA-REG CHF 5 835 121 0.73
ESTATE
CAN IMPERIAL BANK OF
388 170 CAD 15 207 380 1.90 The Netherlands 25 318 554 3.17
COMMERCE
130 907 CANADIAN NATIONAL RAILWAY CO CAD 14 546 028 1.82 60 646 AKZO NOBEL N.V. EUR 4 531 469 0.57
179 632 CANADIAN PACIFIC KANSAS CITY CAD 13 313 447 1.67 48 670 FERRARI NV EUR 14 576 665 1.82
27 174 CANADIAN TIRE CORP - A CAD 3 409 126 0.43 53 400 WOLTERS KLUWER EUR 6 210 420 0.78
54 065 CGI INC CAD 5 231 614 0.65
France 23 771 724 2.98
101 772 DOLLARAMA INC CAD 6 324 710 0.79 117 682 BUREAU VERITAS SA EUR 2 956 172 0.37
363 191 GREAT-WEST LIFECO INC CAD 9 677 882 1.21 21 591 LA FRANCAISE DES JEUX SAEM EUR 778 140 0.10
41 334 INTACT FINANCIAL CORP CAD 5 856 103 0.73 17 127 LVMH MOET HENNESSY LOUIS VUI EUR 14 780 601 1.85
190 453 NATIONAL BANK OF CANADA CAD 13 020 511 1.63 194 265 MICHELIN (CGDE) EUR 5 256 811 0.66
100 026 OPEN TEXT CORP CAD 3 817 575 0.48
412 465 POWER CORP OF CANADA CAD 10 188 060 1.27
Sweden 9 981 652 1.25
436 808 INVESTOR AB-B SEK 7 993 521 1.00
178 084 ROYAL BANK OF CANADA CAD 15 606 558 1.95
170 452 SVENSKA CELLULOSA AB SCA - B SEK 1 988 131 0.25
328 007 SUN LIFE FINANCIAL INC CAD 15 690 354 1.96
91 327 TELUS CORP CAD 1 630 817 0.20 Israel 9 431 172 1.18
99 475 TMX GROUP LTD CAD 2 053 993 0.26 CHECK POINT SOFTWARE
81 909 USD 9 431 172 1.18
TECHNOLOGIE
19 081 TOROMONT INDUSTRIES LTD CAD 1 438 377 0.18
270 699 TORONTO DOMINION BANK CAD 15 395 924 1.93
Germany 8 860 929 1.11
152 619 EVONIK INDUSTRIES AG EUR 2 660 149 0.33
Japan 82 747 986 10.36 64 578 SYMRISE AG EUR 6 200 780 0.78
316 600 ASTELLAS PHARMA INC JPY 4 320 617 0.54
283 300 BRIDGESTONE CORP JPY 10 637 117 1.33
Finland 4 854 224 0.61
178 006 UPM-KYMMENE OYJ EUR 4 854 224 0.61
272 500 FUJIFILM HOLDINGS CORP JPY 14 838 529 1.86
182 100 KYOCERA CORP JPY 9 046 920 1.13
740 000 MITSUBISHI ELECTRIC CORP JPY 9 560 755 1.20
317 500 NIPPON TELEGRAPH & TELEPHONE JPY 343 455 0.04

Page 82
BNP PARIBAS FUNDS Sustainable Global Low Vol Equity

Expressed in EUR
Quotation % of net
currency assets
Belgium 2 012 398 0.25

27 888 GROUPE BRUXELLES LAMBERT SA EUR 2 012 398 0.25
New Zealand 1 987 457 0.25

54 946 EBOS GROUP LTD NZD 1 135 867 0.14
297 442 SPARK NEW ZEALAND LTD NZD 851 590 0.11
Norway 1 903 848 0.24

50 609 GJENSIDIGE FORSIKRING ASA NOK 743 862 0.09
175 856 ORKLA ASA NOK 1 159 986 0.15
Hong Kong 1 883 254 0.24

124 500 CK HUTCHISON HOLDINGS LTD HKD 697 138 0.09
740 000 HKT TRUST AND HKT LTD HKD 789 671 0.10
94 000 MTR CORP HKD 396 445 0.05

51 855.04 GLOBAL MULTI FACTOR EQUITY - USD 9 378 109 1.17
X CAP

Page 83
BNP PARIBAS FUNDS Sustainable Multi-Asset Balanced

Expressed in EUR
Transferable securities admitted to an 400 000 ICADE 1.000% 22-19/01/2030 EUR 315 514 0.03
800 000 JCDECAUX SA 2.625% 20-24/04/2028 EUR 736 305 0.07
400 000 KERING 3.375% 23-27/02/2033 EUR 397 520 0.04
1 800 000 LA POSTE SA 0.000% 21-18/07/2029 EUR 1 437 028 0.13
Bonds 331 766 598 29.60
200 000 LA POSTE SA 1.450% 18-30/11/2028 EUR 178 310 0.02
France 75 282 658 6.68 1 800 000 LA POSTE SA 3.125% 22-14/09/2028 EUR 1 719 427 0.15
ACTION LOGEMENT 1.375% 22- 1 700 000 LA POSTE SA 3.750% 23-12/06/2030 EUR 1 694 348 0.15
600 000 EUR 511 276 0.05
13/04/2032
500 000 LEGRAND SA 3.500% 23-29/05/2029 EUR 499 677 0.04
200 000 ALSTOM S 0.500% 21-27/07/2030 EUR 160 020 0.01
700 000 LOREAL SA 3.125% 23-19/05/2025 EUR 692 733 0.06
1 100 000 ARKEA HL 2.750% 22-22/12/2026 EUR 1 067 435 0.10
300 000 NERVAL SAS 2.875% 22-14/04/2032 EUR 247 205 0.02
2 200 000 ARKEA HL 3.000% 22-04/10/2028 EUR 2 158 453 0.19
200 000 ORANGE 0.000% 19-04/09/2026 EUR 178 266 0.02
353 000 AXA SA 3.625% 23-10/01/2033 EUR 353 983 0.03
BANQUE FEDERATIVE DU CREDIT 500 000 ORANGE 2.375% 22-18/05/2032 EUR 455 918 0.04
300 000 EUR 254 689 0.02
MUTUEL 0.100% 20-08/10/2027 1 362 000 RCI BANQUE 4.750% 22-06/07/2027 EUR 1 354 830 0.12
900 000 EUR 730 456 0.07 568 000 RCI BANQUE 4.875% 23-14/06/2028 EUR 566 916 0.05
MUTUEL 0.250% 21-19/07/2028
BANQUE FEDERATIVE DU CREDIT RTE RESEAU DE TR 0.750% 22-
1 500 000 EUR 1 492 626 0.13 200 000 EUR 149 708 0.01
MUTUEL 4.000% 22-21/11/2029 12/01/2034
RTE RESEAU DE TR 1.625% 15-
300 000 BOUYGUES SA 3.875% 23-17/07/2031 EUR 296 871 0.03 200 000 EUR 189 600 0.02
27/11/2025
900 000 BPCE 0.010% 21-14/01/2027 EUR 778 120 0.07 RTE RESEAU DE TR 3.750% 23-
900 000 EUR 897 688 0.08
900 000 BPCE 3.500% 23-25/01/2028 EUR 874 528 0.08 04/07/2035
SCHNEIDER ELEC 3.250% 23-
600 000 BPCE SFH 0.010% 20-23/03/2028 EUR 510 106 0.05 400 000 EUR 395 011 0.04
12/06/2028
1 200 000 BPCE SFH 0.010% 20-27/05/2030 EUR 955 518 0.09 1 500 000 SFIL SA 0.000% 20-23/11/2028 EUR 1 261 496 0.11
1 300 000 BPCE SFH 0.125% 21-03/12/2030 EUR 1 028 820 0.09 300 000 SFIL SA 0.750% 18-06/02/2026 EUR 279 430 0.02
400 000 BPCE SFH 1.750% 22-27/05/2032 EUR 352 313 0.03 300 000 SNCF RESEAU 1.000% 16-09/11/2031 EUR 250 847 0.02
900 000 BPIFRANCE 3.375% 22-25/11/2032 EUR 910 420 0.08 400 000 SNCF RESEAU 1.875% 17-30/03/2034 EUR 344 991 0.03
CAISSE AMORT DET 0.450% 22- 1 500 000 SOCIETE PARIS 0.000% 20-25/11/2030 EUR 1 181 446 0.11
600 000 EUR 480 612 0.04
19/01/2032
CAISSE AMORT DET 1.500% 22- 300 000 SOCIETE PARIS 1.125% 18-22/10/2028 EUR 269 138 0.02
1 400 000 EUR 1 228 765 0.11
25/05/2032 800 000 SOCIETE PARIS 1.625% 22-08/04/2042 EUR 579 278 0.05
CAISSE AMORT DET 1.750% 22-
1 300 000 EUR 1 222 828 0.11 600 000 UNEDIC 0.010% 21-25/05/2031 EUR 475 318 0.04
25/11/2027
CAISSE AMORT DET 3.000% 23- 600 000 UNEDIC 0.100% 20-25/11/2026 EUR 537 794 0.05
400 000 EUR 396 296 0.04
25/05/2028 300 000 UNEDIC 1.750% 22-25/11/2032 EUR 267 837 0.02
CAISSE FR DE FINANCEMENT 0.010%
1 500 000 EUR 1 278 852 0.11
20-22/02/2028 Germany 43 657 082 3.91
CAISSE FR DE FINANCEMENT 0.375% BAYERISCHE LNDBK 4.250% 23-
2 100 000 EUR 1 962 406 0.17 900 000 EUR 895 004 0.08
16-23/06/2025 21/06/2027
CAISSE FR DE FINANCEMENT 0.500%
1 100 000 EUR 985 337 0.09 760 000 BERLIN HYP AG 3.000% 23-10/01/2033 EUR 751 871 0.07
19-19/02/2027
620 000 CARREFOUR SA 0.750% 16-26/04/2024 EUR 603 982 0.05 10 700 000 BUNDESOBL-120 0.000% 20-10/10/2025 EUR 10 009 315 0.89
200 000 CARREFOUR SA 4.125% 22-12/10/2028 EUR 201 175 0.02 BUNDESREPUBLIK DEUTSCHLAND
3 363 150 EUR 2 529 997 0.23
0.000% 20-15/05/2035
CIE DE ST GOBAIN 1.625% 22- BUNDESREPUBLIK DEUTSCHLAND
500 000 EUR 476 481 0.04 5 290 000 EUR 4 477 244 0.40
10/08/2025 0.000% 20-15/08/2030
700 000 CIE FIN FONCIER 3.125% 22-18/05/2027 EUR 688 316 0.06 BUNDESREPUBLIK DEUTSCHLAND
3 100 000 EUR 2 269 696 0.20
CNP ASSURANCES 0.375% 20- 0.000% 21-15/05/2036
300 000 EUR 246 029 0.02
08/03/2028 BUNDESREPUBLIK DEUTSCHLAND
1 472 288 EUR 796 053 0.07
CRED MUTUEL HOME 3.250% 23- 0.000% 21-15/08/2050
1 300 000 EUR 1 287 200 0.11
1 750 000 EUR 1 642 778 0.15
CREDIT AG HOME L 0.875% 22- 0.500% 16-15/02/2026
1 400 000 EUR 1 257 335 0.11
1 358 291 EUR 1 328 071 0.12
CREDIT AG HOME L 1.625% 22- I/L 0.100% 15-15/04/2026
600 000 EUR 536 330 0.05
31/05/2030 DEUTSCHE KREDIT 1.625% 22-
260 000 EUR 230 543 0.02
CREDIT AGRICOLE HOME L 0.875% 05/05/2032
1 900 000 EUR 1 674 038 0.15
18-11/08/2028 DEUTSCHLAND REP 1.800% 23-
2 515 403 EUR 2 206 059 0.20
CREDIT MUTUEL ARKEA 3.375% 22- 15/08/2053
700 000 EUR 678 902 0.06
19/09/2027 850 000 DZ HYP AG 0.010% 21-29/03/2030 EUR 687 049 0.06
CREDIT MUTUEL ARKEA 4.250% 22-
100 000 EUR 99 973 0.01 330 000 E.ON SE 0.875% 22-08/01/2025 EUR 314 916 0.03
01/12/2032
CREDIT MUTUEL HOME 2.750% 22- 150 000 E.ON SE 1.625% 22-29/03/2031 EUR 129 889 0.01
1 100 000 EUR 1 065 218 0.09
08/12/2027
297 000 E.ON SE 3.875% 23-12/01/2035 EUR 294 752 0.03
DEXIA CREDIT LOCAL 0.000% 21-
300 000 EUR 257 691 0.02 FRESENIUS MEDICA 3.875% 22-
21/01/2028 910 000 EUR 897 274 0.08
DEXIA CREDIT LOCAL 0.010% 20- 20/09/2027
1 600 000 EUR 1 415 019 0.13
22/01/2027 1 800 000 KFW 0.000% 20-15/12/2027 EUR 1 568 501 0.14
DEXIA CREDIT LOCAL 0.625% 19- 3 780 000 KFW 0.000% 21-15/06/2029 EUR 3 165 818 0.28
2 300 000 EUR 2 130 449 0.19
17/01/2026
1 400 000 EDENRED 3.625% 23-13/12/2026 EUR 1 388 214 0.12 1 120 000 KFW 0.010% 19-05/05/2027 EUR 992 251 0.09
ELEC DE FRANCE 1.000% 21- 1 600 000 KFW 0.050% 19-29/09/2034 EUR 1 154 041 0.10
1 500 000 EUR 1 082 133 0.10
29/11/2033 410 000 KFW 0.625% 18-07/01/2028 EUR 367 460 0.03
11 369 691 FRANCE O.A.T. 0.500% 21-25/06/2044 EUR 6 743 819 0.60
300 000 KFW 1.375% 22-07/06/2032 EUR 263 696 0.02
2 600 000 FRANCE O.A.T. 0.750% 21-25/05/2053 EUR 1 385 930 0.12 NORDRHEIN-WEST 0.000% 20-
6 635 000 EUR 4 550 607 0.41
3 380 000 FRANCE O.A.T. 1.250% 16-25/05/2036 EUR 2 731 615 0.24 12/10/2035
VOLKSWAGEN FIN 0.125% 21-
5 120 000 FRANCE O.A.T. 1.500% 15-25/05/2031 EUR 4 652 544 0.41 360 000 EUR 310 687 0.03
12/02/2027
8 390 000 FRANCE O.A.T. 1.750% 17-25/06/2039 EUR 6 969 741 0.62 200 000 VONOVIA SE 1.375% 22-28/01/2026 EUR 182 433 0.02
HOLDING DINFRA 0.625% 21-
200 000 EUR 166 215 0.01
14/09/2028

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Expressed in EUR
700 000 VONOVIA SE 2.375% 22-25/03/2032 EUR 568 929 0.05
Spain 41 033 362 3.65
100 000 VONOVIA SE 4.750% 22-23/05/2027 EUR 97 982 0.01 ACCIONA FILIALES 3.750% 23-
600 000 EUR 587 958 0.05
1 000 000 VONOVIA SE 5.000% 22-23/11/2030 EUR 974 166 0.09 25/04/2030
ADIF ALTA VELOCI 0.550% 20-
700 000 EUR 568 910 0.05
The Netherlands 41 392 439 3.72 30/04/2030
ABN AMRO BANK NV 1.500% 15- ADIF ALTA VELOCI 0.550% 21-
320 000 EUR 284 561 0.03 1 200 000 EUR 928 614 0.08
30/09/2030 31/10/2031
ABN AMRO BANK NV 2.375% 22- ADIF ALTA VELOCI 3.500% 22-
1 300 000 EUR 1 211 123 0.11 800 000 EUR 789 012 0.07
01/06/2027 30/07/2029
ABN AMRO BANK NV 3.750% 23- 1 500 000 ARVAL SERVICE 0.000% 21-30/09/2024 EUR 1 420 243 0.13
4 700 000 EUR 4 657 357 0.42
20/04/2025 2 400 000 ARVAL SERVICE 3.375% 22-04/01/2026 EUR 2 335 112 0.21
2 500 000 EUR 2 480 807 0.22 AUTONOMOUS COMMU 0.160% 21-
21/12/2026 680 000 EUR 576 148 0.05
30/07/2028
203 000 ALLIANDER 2.625% 22-09/09/2027 EUR 195 610 0.02 AUTONOMOUS COMMU 1.723% 22-
2 070 000 EUR 1 780 442 0.16
328 000 ALLIANDER 3.250% 23-13/06/2028 EUR 323 739 0.03 30/04/2032
ASML HOLDING NV 2.250% 22- AUTONOMOUS COMMU 2.822% 22-
300 000 EUR 275 615 0.02 3 060 000 EUR 2 945 831 0.26
17/05/2032 31/10/2029
BMW FINANCE NV 0.625% 19- AUTONOMOUS COMMU 3.362% 23-
200 000 EUR 198 323 0.02 672 000 EUR 669 200 0.06
06/10/2023 31/10/2028
1 479 000 BNG BANK NV 3.000% 23-11/01/2033 EUR 1 462 835 0.13 1 000 000 BANKINTER SA 3.050% 22-29/05/2028 EUR 970 882 0.09
COCA-COLA HBC BV 2.750% 22- BASQUE GOVERNMENT 1.875% 22-
177 000 EUR 172 560 0.02 970 000 EUR 829 576 0.07
23/09/2025 30/07/2033
DAIMLER TRUCK 3.875% 23- 300 000 CAIXABANK 1.000% 18-17/01/2028 EUR 267 171 0.02
600 000 EUR 597 150 0.05
19/06/2026 CAJA RURAL NAV 0.625% 16-
EDP FINANCE BV 0.375% 19- 900 000 EUR 887 828 0.08
960 000 EUR 859 836 0.08 01/12/2023
16/09/2026 CAJA RURAL NAV 0.750% 22-
ENEL FINANCE INTERNATIONAL NV 200 000 EUR 171 635 0.02
1 900 000 EUR 1 497 712 0.13 16/02/2029
0.500% 21-17/06/2030 CAJA RURAL NAV 3.000% 23-
620 000 EUR 410 055 0.04 26/04/2027
0.875% 21-17/06/2036 COMUNIDAD MADRID 0.827% 20-
1 140 000 EUR 827 632 0.07 30/07/2027
1.125% 19-17/10/2034 IBERDROLA FIN SA 1.375% 22-
959 000 EUR 912 014 0.08 11/03/2032
1.500% 19-21/07/2025 SPANISH GOVERNMENT 0.000% 20-
HEIMSTADEN BOST 1.625% 21- 3 100 000 EUR 2 935 576 0.26
220 000 EUR 127 608 0.01 31/01/2025
13/10/2031 SPANISH GOVERNMENT 0.000% 21-
LEASEPLAN CORP 0.250% 21- 1 900 000 EUR 1 690 573 0.15
320 000 EUR 281 052 0.03 31/01/2027
MERCEDES-BENZ IN 3.500% 23- 3 180 000 EUR 2 745 135 0.24
1 877 000 EUR 1 864 166 0.17 31/01/2028
MONDELEZ INTERNATIONAL 0.625% 3 170 000 EUR 2 484 873 0.22
320 000 EUR 243 188 0.02 30/04/2031
21-09/09/2032 SPANISH GOVERNMENT 0.850% 21-
NED WATERSCHAPBK 0.000% 21- 5 942 000 EUR 4 139 554 0.37
220 000 EUR 171 447 0.02 30/07/2037
NETHERLANDS GOVERNMENT 6 920 000 EUR 4 352 403 0.39
11 300 471 EUR 7 975 194 0.71 30/07/2042
NETHERLANDS GOVERNMENT 1 190 000 EUR 998 827 0.09
350 000 EUR 289 254 0.03 30/07/2035
5 918 000 EUR 3 911 798 0.35
200 000 NN BANK NV 0.500% 21-21/09/2028 EUR 165 377 0.01 31/10/2052
SPANISH GOVERNMENT 3.450% 16-
200 000 NN BANK NV 1.875% 22-17/05/2032 EUR 178 720 0.02 500 000 EUR 453 353 0.04
30/07/2066
ROCHE FINANCE EU 3.204% 23- TELEFONICA EMIS 1.447% 18-
533 000 EUR 530 915 0.05 600 000 EUR 555 900 0.05
27/08/2029 22/01/2027
SIEMENS ENER FIN 4.000% 23-
200 000 EUR 195 113 0.02
05/04/2026 Belgium 38 570 192 3.44
500 000 SIEMENS FINAN 2.250% 22-10/03/2025 EUR 486 826 0.04 BELFIUS BANK SA 3.000% 23-
400 000 EUR 392 264 0.03
15/02/2027
1 900 000 SIEMENS FINAN 3.375% 23-24/08/2031 EUR 1 897 875 0.17
BELFIUS BANK SA 3.875% 23-
STEDIN HOLDING 0.000% 21- 1 500 000 EUR 1 486 032 0.13
400 000 EUR 352 468 0.03 12/06/2028
16/11/2026
1 440 000 BELGIAN 3.300% 23-22/06/2054 EUR 1 405 728 0.13
220 000 STELLANTIS NV 0.625% 21-30/03/2027 EUR 193 525 0.02
BELGIUM GOVERNMENT 0.000% 21-
3 350 000 EUR 2 631 191 0.23
850 000 STELLANTIS NV 2.750% 22-01/04/2032 EUR 749 513 0.07 22/10/2031
1 364 000 STELLANTIS NV 4.250% 23-16/06/2031 EUR 1 340 745 0.12 BELGIUM GOVERNMENT 0.350% 22-
2 400 000 EUR 1 906 080 0.17
22/06/2032
1 176 000 STELLANTIS NV 4.375% 23-14/03/2030 EUR 1 175 765 0.10 BELGIUM GOVERNMENT 0.400% 20-
260 000 EUR 162 721 0.01
100 000 TENNET HLD BV 0.500% 21-09/06/2031 EUR 82 503 0.01 22/06/2040
1 200 000 TENNET HLD BV 1.625% 22-17/11/2026 EUR 1 135 934 0.10 3 530 000 EUR 3 023 374 0.27
22/04/2033
1 060 000 TENNET HLD BV 2.750% 22-17/05/2042 EUR 937 827 0.08 BELGIUM GOVERNMENT 1.400% 22-
300 000 EUR 191 328 0.02
22/06/2053
924 000 TENNET HLD BV 4.250% 22-28/04/2032 EUR 967 348 0.09 BELGIUM GOVERNMENT 1.600% 16-
1 360 000 EUR 973 479 0.09
270 000 THERMO FISHER 1.625% 21-18/10/2041 EUR 184 767 0.02 22/06/2047
TOYOTA MOTOR FIN 0.000% 21- BELGIUM GOVERNMENT 1.700% 19-
1 200 000 EUR 1 095 924 0.10 2 562 315 EUR 1 821 537 0.16
27/10/2025 22/06/2050
TOYOTA MOTOR FIN 3.500% 23- BELGIUM GOVERNMENT 2.250% 17-
394 000 EUR 388 504 0.03 520 000 EUR 408 562 0.04
13/01/2028 22/06/2057
UNILEVER FINANCE 2.250% 22- BELGIUM GOVERNMENT 2.750% 22-
500 000 EUR 443 487 0.04 1 795 453 EUR 1 678 039 0.15
16/05/2034 22/04/2039
1 300 000 VOLKSBANK NV 4.625% 23-23/11/2027 EUR 1 277 517 0.11 1 370 000 EUR 1 544 380 0.14
28/03/2041
VOLKSWAGEN INTFN 3.750% 22- BNP PARIBAS FORTIS SA 0.625% 18-
300 000 EUR 292 948 0.03 100 000 EUR 93 133 0.01
28/09/2027 04/10/2025
COMM FRANC BELG 1.625% 22-
900 000 EUR 783 473 0.07
03/05/2032

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Expressed in EUR
EUROPEAN UNION 0.000% 20- 784 000 EIB 2.250% 22-15/03/2030 EUR 746 871 0.07
700 000 EUR 483 689 0.04
04/07/2035
EUROPEAN UNION 0.000% 20- 5 600 000 ESM 0.000% 21-15/12/2026 EUR 5 006 345 0.45
2 130 000 EUR 1 471 795 0.13 MEDTRONIC GLOBAL 3.125% 22-
04/07/2035 224 000 EUR 214 379 0.02
EUROPEAN UNION 0.000% 20- 15/10/2031
600 000 EUR 555 673 0.05 NESTLE FINANCE INTERNATIONAL
04/11/2025 300 000 EUR 262 771 0.02
EUROPEAN UNION 0.000% 21- 0.125% 20-12/11/2027
3 300 000 EUR 2 840 917 0.25
02/06/2028
EUROPEAN UNION 0.000% 21- Portugal 9 511 804 0.85
1 000 000 EUR 915 129 0.08 BANCO SANTANDER TOTTA 1.250%
04/03/2026 300 000 EUR 272 499 0.02
EUROPEAN UNION 0.000% 21- 17-26/09/2027
1 400 000 EUR 1 192 302 0.11
04/10/2028 200 000 EDP SA 3.875% 23-26/06/2028 EUR 199 642 0.02
EUROPEAN UNION 0.000% 21- PORTUGUESE OTS 0.300% 21-
4 000 000 EUR 3 629 539 0.32 1 620 000 EUR 1 300 536 0.12
06/07/2026 17/10/2031
1 800 000 EUR 1 070 027 0.10 2 038 539 EUR 1 535 468 0.14
04/10/2040 12/10/2035
1 030 000 EUR 720 925 0.06 3 270 079 EUR 1 796 085 0.16
04/02/2037 12/04/2052
2 200 000 EUR 2 085 694 0.19 1 200 000 EUR 816 910 0.07
04/07/2025 11/04/2042
1 040 000 EUR 748 683 0.07 1 070 000 EUR 1 144 472 0.10
04/02/2043 15/04/2037
560 000 EUR 506 938 0.05 2 240 000 EUR 2 446 192 0.22
04/02/2048 15/02/2045
EUROPEAN UNION 2.750% 22-
474 676 EUR 461 910 0.04
04/02/2033 United Kingdom 7 384 498 0.65
EUROPEAN UNION 2.750% 22- ASB FINANCE LTD 0.750% 18-
1 102 000 EUR 1 048 160 0.09 500 000 EUR 464 755 0.04
04/12/2037 09/10/2025
ING BELGIUM SA 1.500% 22- HEATHROW FNDG 1.125% 21-
1 700 000 EUR 1 534 021 0.14 750 000 EUR 610 861 0.05
19/05/2029 08/10/2030
REGION WALLONNE 3.750% 23- 900 000 LINDE PLC 3.625% 23-12/06/2025 EUR 896 560 0.08
800 000 EUR 803 469 0.07
22/04/2039
481 000 SAGE GROUP 3.820% 23-15/02/2028 EUR 474 518 0.04
Italy 25 905 376 2.33
4 240 000
SANTANDER UK PLC 1.125% 22-
EUR 3 862 126 0.34
300 000 A2A SPA 2.500% 22-15/06/2026 EUR 286 629 0.03 12/03/2027
TESCO CORP TREAS 4.250% 23-
300 000 ACEA SPA 0.000% 21-28/09/2025 EUR 272 628 0.02 1 082 000 EUR 1 075 678 0.10
27/02/2031
800 000 ACEA SPA 0.250% 21-28/07/2030 EUR 618 115 0.06
AEROPORTI ROMA 1.750% 21-
Finland 6 824 731 0.61
260 000 EUR 210 391 0.02 FINNISH GOVERNMENT 0.000% 20-
30/07/2031 3 310 000 EUR 2 688 729 0.24
15/09/2030
500 000 ASSICURAZIONI 2.124% 19-01/10/2030 EUR 411 154 0.04 FINNISH GOVERNMENT 0.500% 16-
3 490 000 EUR 3 244 880 0.29
600 000 ASSICURAZIONI 5.800% 22-06/07/2032 EUR 626 330 0.06 15/04/2026
663 000 BANCO BPM SPA 3.750% 23-27/06/2028 EUR 659 554 0.06 266 000 NOKIA OYJ 4.375% 23-21/08/2031 EUR 261 495 0.02
CREDIT AGRICOLE 3.500% 23- STORA ENSO OYJ 4.000% 23-
1 000 000 EUR 986 985 0.09 633 000 EUR 629 627 0.06
15/01/2030 01/06/2026
1 060 000 FERROVIE DEL 0.375% 21-25/03/2028 EUR 895 564 0.08 Ireland 6 739 505 0.60
3 000 000 FERROVIE DEL 1.500% 17-27/06/2025 EUR 2 849 101 0.25 HAMMERSON IRLND 1.750% 21-
320 000 EUR 261 883 0.02
03/06/2027
1 722 000 FERROVIE DEL 3.750% 22-14/04/2027 EUR 1 691 411 0.15
IRISH GOVERNMENT 0.000% 21-
2 520 000 EUR 2 007 709 0.18
2 239 000 FERROVIE DEL 4.125% 23-23/05/2029 EUR 2 215 757 0.20 18/10/2031
1 590 000 HERA SPA 0.875% 19-05/07/2027 EUR 1 411 119 0.13 IRISH GOVERNMENT 1.700% 17-
820 798 EUR 693 500 0.06
15/05/2037
INTESA SANPAOLO 0.750% 21- IRISH GOVERNMENT 2.400% 14-
2 230 000 EUR 1 898 885 0.17 1 680 000 EUR 1 643 141 0.15
16/03/2028 15/05/2030
INTESA SANPAOLO 2.125% 20- IRISH GOVERNMENT 3.000% 23-
280 000 EUR 268 038 0.02 714 615 EUR 700 300 0.06
26/05/2025 18/10/2043
1 659 000 EUR 1 649 696 0.15 1 600 000 SMURFIT KAPPA 1.500% 19-15/09/2027 EUR 1 432 972 0.13
30/06/2028
870 000
19/05/2030
EUR 868 391 0.08 Slovakia 4 937 906 0.44
INTESA SANPAOLO 5.250% 22- SLOVAKIA GOVERNMENT 0.375% 21-
710 000 EUR 728 407 0.06 2 730 000 EUR 1 764 263 0.16
13/01/2030 21/04/2036
SLOVAKIA GOVERNMENT 3.625% 23-
980 000 ITALGAS SPA 0.250% 20-24/06/2025 EUR 906 101 0.08 1 136 564 EUR 1 126 486 0.10
08/06/2033
MEDIOBANCA SPA 2.375% 22- SLOVAKIA GOVERNMENT 4.000% 23-
500 000 EUR 472 118 0.04 2 060 000 EUR 2 047 157 0.18
30/06/2027 23/02/2043
660 000 POSTE ITALIANE 0.000% 20-10/12/2024 EUR 620 094 0.06
Canada 4 442 391 0.40
1 700 000 POSTE ITALIANE 0.500% 20-10/12/2028 EUR 1 392 361 0.12
NATIONAL BANK CANADA 0.125%
440 000 EUR 387 259 0.03
410 000 SNAM 0.000% 20-07/12/2028 EUR 331 324 0.03 22-27/01/2027
740 000 SNAM 0.625% 21-30/06/2031 EUR 566 454 0.05 NATIONAL BANK CANADA 3.500%
1 100 000 EUR 1 093 772 0.10
23-25/04/2028
750 000 TERNA RETE 3.625% 23-21/04/2029 EUR 737 742 0.07 ROYAL BANK OF CANADA 2.375% 22-
1 014 000 EUR 964 283 0.09
1 200 000 TERNA SPA 1.000% 19-10/04/2026 EUR 1 114 386 0.10 13/09/2027
TORONTO DOMINION BANK 1.707%
1 600 000 UNICREDIT SPA 0.850% 21-19/01/2031 EUR 1 216 641 0.11 2 090 000 EUR 1 997 077 0.18
22-28/07/2025
Luxembourg 12 205 333 1.09 South Korea 3 523 013 0.32

1 790 000 EFSF 0.000% 19-19/04/2024 EUR 1 740 337 0.16 1 650 000 KHFC 0.010% 20-05/02/2025 EUR 1 543 344 0.14
780 000 EFSF 0.875% 17-26/07/2027 EUR 710 878 0.06 1 590 000 KHFC 0.010% 20-07/07/2025 EUR 1 461 910 0.13
1 450 000 EFSF 3.000% 23-15/12/2028 EUR 1 440 040 0.13 550 000 KHFC 1.963% 22-19/07/2026 EUR 517 759 0.05
440 000 EIB 1.500% 17-15/11/2047 EUR 315 890 0.03
1 570 000 EIB 1.500% 22-15/06/2032 EUR 1 382 003 0.12
500 000 EIB 1.750% 14-15/09/2045 EUR 385 819 0.03

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Expressed in EUR
3 000 000 CAIXABANK 22-13/04/2026 FRN EUR 2 832 306 0.25
United States of
1 200 000 CAIXABANK 23-16/05/2027 FRN EUR 1 188 092 0.11
America 3 108 447 0.26
300 000 AT&T INC 3.150% 17-04/09/2036 EUR 263 795 0.02 1 500 000 MAPFRE 17-31/03/2047 FRN EUR 1 419 338 0.13
BOOKING HLDS INC 3.625% 23- The Netherlands 4 921 895 0.45
384 000 EUR 379 581 0.03
12/11/2028
IBERDROLA INTERNATIONAL 20-
BOOKING HLDS INC 4.000% 22- 600 000 EUR 538 627 0.05
250 000 EUR 250 287 0.02 31/12/2060 FRN
15/11/2026
IBERDROLA INTERNATIONAL 21-
620 000 ELI LILLY & CO 0.500% 21-14/09/2033 EUR 467 044 0.04 300 000 EUR 258 361 0.02
31/12/2061 FRN
615 000 IBM CORP 3.625% 23-06/02/2031 EUR 607 800 0.05 600 000 ING GROEP NV 22-23/05/2026 FRN EUR 571 836 0.05
600 000 KELLOGG CO 0.500% 21-20/05/2029 EUR 492 142 0.04 TELEFONICA EUROP 18-
600 000 EUR 553 421 0.05
31/12/2049 FRN
260 000 PEPSICO INC 0.400% 20-09/10/2032 EUR 197 709 0.02 TELEFONICA EUROP 23-
UNILEVER CAPITAL 3.400% 23- 300 000 EUR 288 946 0.03
458 000 EUR 450 089 0.04 03/05/2171 FRN
06/06/2033 1 500 000 TENNET HLD BV 20-22/10/2168 FRN EUR 1 407 113 0.13
Sweden 2 795 595 0.25 1 400 000 VOLKSBANK NV 22-04/05/2027 FRN EUR 1 303 591 0.12
600 000 SBAB BANK AB 1.875% 22-10/12/2025 EUR 569 353 0.05
SKANDINAVISKA ENSKILDA BANK
Ireland 3 540 978 0.32
400 000 EUR 346 506 0.03 2 320 000 AIB GROUP PLC 22-04/04/2028 FRN EUR 2 102 858 0.19
0.750% 22-09/08/2027
SKANDINAVISKA ENSKILDA BANK 414 000 AIB GROUP PLC 22-16/02/2029 FRN EUR 426 102 0.04
1 433 000 EUR 1 430 672 0.13
4.125% 23-29/06/2027
VOLVO TREAS AB 1.625% 22- 400 000 BANK OF IRELAND 22-05/06/2026 FRN EUR 376 602 0.03
300 000 EUR 284 322 0.03
18/09/2025 638 000 BANK OF IRELAND 23-04/07/2031 FRN EUR 635 416 0.06
VOLVO TREAS AB 2.000% 22-
177 000 EUR 164 742 0.01
19/08/2027 United States of
Australia 1 848 778 0.16 America 3 525 571 0.31
AUST & NZ BANK 0.250% 22- BANK OF AMERICA CORP 21-
360 000 EUR 338 189 0.03 1 900 000 EUR 1 894 436 0.17
17/03/2025 22/09/2026 FRN
AUST & NZ BANK 3.437% 23- BANK OF AMERICA CORP 22-
1 525 000 EUR 1 510 589 0.13 530 000 EUR 498 369 0.04
04/04/2025 27/10/2026 FRN
MORGAN STANLEY 21-
1 300 000 EUR 1 132 766 0.10
Norway 866 567 0.08 29/10/2027 FRN
SPAREBANK 1 OEST 1.750% 22-
490 000
27/04/2027
EUR 448 561 0.04 Italy 3 467 153 0.31
425 000 SPAREBANKEN 3.125% 22-14/11/2025 EUR 418 006 0.04 699 000 INTESA SANPAOLO 23-08/03/2028 FRN EUR 697 363 0.06
1 216 000 MEDIOBANCA SPA 22-07/02/2029 FRN EUR 1 211 083 0.11
Austria 820 634 0.07
929 000 MEDIOBANCA SPA 23-14/03/2028 FRN EUR 927 014 0.08
UNICREDIT BK AUS 1.500% 22-
900 000 EUR 820 634 0.07
24/05/2028 200 000 TERNA RETE 22-09/02/2171 FRN EUR 170 218 0.02
Japan 729 759 0.07 500 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 461 475 0.04
MIZUHO FINANCIAL 0.184% 21-
470 000
13/04/2026
EUR 420 100 0.04 Belgium 2 691 547 0.24
340 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 309 659 0.03 900 000 KBC GROUP NV 19-03/12/2029 FRN EUR 833 346 0.07
Denmark 186 528 0.02 1 200 000 KBC GROUP NV 23-06/06/2026 FRN EUR 1 192 194 0.11
200 000 ORSTED A/S 2.250% 22-14/06/2028 EUR 186 528 0.02
Japan 2 642 696 0.24
France 8 985 046 0.79 MITSUBISHI UFJ FINANCE 22-
2 700 000 EUR 2 642 696 0.24
14/06/2025 FRN
1 700 000 AXA SA 13-04/07/2043 FRN EUR 1 700 000 0.15
2 100 000 BNP PARIBAS 21-30/05/2028 FRN EUR 1 800 547 0.16 United Kingdom 1 065 847 0.09
NATIONWIDE BLDG 23-
900 000 BNP PARIBAS 21-31/08/2033 FRN EUR 709 901 0.06 1 065 000 EUR 1 065 847 0.09
07/06/2025 FRN
200 000 BPCE 23-01/06/2033 FRN EUR 199 476 0.02
CREDIT AGRICOLE SA 22-
Australia 1 056 398 0.09
600 000 EUR 592 444 0.05 WESTPAC BANKING 21-
12/10/2026 FRN 1 220 000 EUR 1 056 398 0.09
LA BANQUE POSTALE 22- 13/05/2031 FRN
400 000 EUR 386 876 0.03
05/03/2034 FRN Finland 828 386 0.07
1 600 000 LA POSTE 18-31/12/2049 FRN EUR 1 482 800 0.13
900 000 OP CORPORATE BK 20-09/06/2030 FRN EUR 828 386 0.07
600 000 ORANGE 19-31/12/2049 FRN EUR 568 276 0.05
1 100 000 ORANGE 21-31/12/2061 FRN EUR 873 976 0.08 Norway 493 704 0.04
SOCIETE GENERALE 21- 510 000 DNB BANK ASA 22-21/09/2027 FRN EUR 493 704 0.04
400 000 EUR 346 351 0.03
02/12/2027 FRN
SOCIETE GENERALE 21- Germany 148 946 0.01
400 000 EUR 324 399 0.03
12/06/2029 FRN 200 000 TALANX AG 21-01/12/2042 FRN EUR 148 946 0.01
Spain 8 641 393 0.76

500 000 BANCO SABADELL 22-10/11/2028 FRN EUR 503 243 0.04
100 000 BANCO SABADELL 23-07/06/2029 FRN EUR 99 642 0.01

France 2 155 670 0.19
BANCO SANTANDER 22-
1 300 000 EUR 1 275 692 0.11 2 200 000 FRENCH BTF 0.000% 23-24/01/2024 EUR 2 155 670 0.19
27/09/2026 FRN
800 000 CAIXABANK 20-18/11/2026 FRN EUR 721 009 0.06

Page 87

Expressed in EUR
Quotation % of net
currency assets
Luxembourg 699 029 496 62.28

BNP PARIBAS EASY ECPI CIRCULAR
534 000.00 ECONOMY LEADERS - UCITS EUR 8 975 045 0.80
ETF CAP
BNP PARIBAS EASY ECPI GLOBAL
654 500.00 ESG BLUE ECONOMY - UCITS EUR 9 153 641 0.82
ETF CAP
95.00 EUR 9 406 364 0.84
ESG HYDROGEN ECONOMY 9XC
137 685.00 ESG INFRASTRUCTURE - UCITS EUR 9 381 291 0.84
ETF CAP
107.00 EUR 8 962 109 0.80
ESG MED TECH - TRACK X CAP
BNP PARIBAS EASY JPM ESG GREEN
84.00 SOCIAL & SUSTAINABILITY IG EUR EUR 6 432 893 0.57
BOND - TRACK X CAP
2 956 000.00 SOCIAL & SUSTAINABILITY IG EUR EUR 22 596 255 2.01
BOND - UCITS ETF CAP
BNP PARIBAS EASY MSCI EMERGING
354 730.00 SRI S-SERIES PAB 5PC CAPPED - USD 43 051 380 3.84
UCITS ETF CAP
BNP PARIBAS EASY MSCI EUROPE
60.00 SRI S-SERIES PAB 5PC CAPPED - EUR 9 066 610 0.81
TRACK X CAP
BNP PARIBAS EASY MSCI JAPAN SRI
126.00 S-SERIES PAB 5PC CAPPED - TRACK EUR 15 447 237 1.38
X CAP
BNP PARIBAS EASY MSCI PACIFIC
556 215.00 EX JAPAN ESG FILTERED MIN TE - EUR 6 868 143 0.61
UCITS ETF CAP
BNP PARIBAS EASY MSCI USA SRI S-
486.00 SERIES PAB 5PC CAPPED - TRACK USD 113 070 587 10.07
X CAP
3 263 400.00 SERIES PAB 5PC CAPPED - UCITS USD 53 587 661 4.78
ETF CAP
BNP PARIBAS FUNDS EMERGING
201.00 MARKETS CLIMATE SOLUTION - USD 17 395 874 1.55
X CAP
BNP PARIBAS FUNDS EURO
170.00 EUR 17 555 560 1.56
CORPORATE GREEN BOND - X CAP
BNP PARIBAS FUNDS GLOBAL
125 175.00 EUR 27 040 304 2.41
ENVIRONMENT - X CAP
BNP PARIBAS FUNDS GREEN BOND -
193.00 EUR 16 930 111 1.51
X CAP
BNP PARIBAS FUNDS GREEN TIGERS
1 871.00 EUR 22 791 717 2.03
- X CAP
BNP PARIBAS FUNDS INCLUSIVE
167 179.00 EUR 27 046 219 2.41
GROWTH - X CAP
BNP PARIBAS FUNDS SMART FOOD -
62 150.00 EUR 9 086 952 0.81
X CAP
BNP PARIBAS FUNDS SOCIAL BOND -
186.00 EUR 16 933 237 1.51
X CAP
531 380.00 EUR 58 935 357 5.24
EURO BOND - X CAP
145 690.00 EUR 18 547 794 1.65
EURO CORPORATE BOND - X CAP
BNP PARIBAS INSTICASH USD 1D
0.51 USD 78 0.00
LVNAV - I CAP
1 266 825.00 JAN HN HOR GL SUST EQ -IU2EU EUR 21 472 684 1.91
3 373 400.00 LO FD-GOLDN AGE-XIAEURACC EUR 29 562 454 2.63
356 015.00 PICTET HUMAN-JEURACC EUR 27 719 328 2.47
SPARINVEST ETHICAL GLOBAL
89 325.00 EUR 23 799 753 2.12
VALUE - I EUR ACC
578 742.15 TEMP GLB CLI CHANGE-I ACC EUR 20 418 023 1.82
THEAM QUANT WORLD CLIMATE
2 064.00 EUR 27 794 835 2.48
CARBON OFFSET PLAN XEC

Page 88
BNP PARIBAS FUNDS Sustainable Multi-Asset Growth

Expressed in EUR
Quotation % of net
currency assets
Luxembourg 582 337 206 99.45

BNP PARIBAS EASY ECPI CIRCULAR
431 810.00 ECONOMY LEADERS - UCITS EUR 7 257 517 1.24
ETF CAP
502 900.00 ESG BLUE ECONOMY - UCITS EUR 7 033 409 1.20
ETF CAP
72.00 EUR 7 129 034 1.22
ESG HYDROGEN ECONOMY 9XC
105 100.00 ESG INFRASTRUCTURE - UCITS EUR 7 161 083 1.22
ETF CAP
81.50 EUR 6 826 279 1.17
ESG MED TECH - TRACK X CAP
124.00 SOCIAL & SUSTAINABILITY IG EUR EUR 9 496 175 1.62
BOND - TRACK X CAP
1 625 000.00 SOCIAL & SUSTAINABILITY IG EUR EUR 12 421 825 2.12
BOND - UCITS ETF CAP
BNP PARIBAS EASY LOW CARBON
18 900.00 EUR 4 361 041 0.74
100 EUROPE PAB - UCITS ETF CAP
BNP PARIBAS EASY MSCI EMERGING
216 600.00 SRI S-SERIES PAB 5PC CAPPED - USD 26 287 398 4.49
UCITS ETF CAP
64.85 SRI S-SERIES PAB 5PC CAPPED - EUR 9 799 494 1.67
TRACK X CAP
99 400.00 SRI S-SERIES PAB 5PC CAPPED - EUR 2 855 583 0.49
UCITS ETF CAP
23.97 S-SERIES PAB 5PC CAPPED - TRACK EUR 2 938 285 0.50
X CAP
382 400.00 S-SERIES PAB 5PC CAPPED - UCITS EUR 9 582 562 1.64
ETF CAP
BNP PARIBAS EASY MSCI NORTH
39.65 AMERICA ESG FILTERED MIN TE - EUR 16 845 216 2.88
X CAP
BNP PARIBAS EASY MSCI PACIFIC
470 000.00 EX JAPAN ESG FILTERED MIN TE - EUR 5 803 560 0.99
UCITS ETF CAP
301.00 SERIES PAB 5PC CAPPED - TRACK USD 70 029 313 11.96
X CAP
2 841 000.00 SERIES PAB 5PC CAPPED - UCITS USD 46 651 511 7.97
ETF CAP
BNP PARIBAS FUNDS EMERGING
137.30 MARKETS CLIMATE SOLUTION - USD 11 882 853 2.03
X CAP
BNP PARIBAS FUNDS EURO
89.50 EUR 9 242 486 1.58
CORPORATE GREEN BOND - X CAP
BNP PARIBAS FUNDS GLOBAL
99 665.00 EUR 21 529 633 3.68
ENVIRONMENT - X CAP
BNP PARIBAS FUNDS GREEN TIGERS
1 560.00 EUR 19 003 249 3.25
- X CAP
BNP PARIBAS FUNDS INCLUSIVE
132 740.00 EUR 21 474 677 3.67
GROWTH - X CAP
BNP PARIBAS FUNDS SMART FOOD -
47 750.00 EUR 6 981 528 1.19
X CAP
1 010 980.00 EUR 112 127 791 19.15
EURO BOND - X CAP
78 750.00 EUR 10 025 663 1.71
EURO CORPORATE BOND - X CAP
948 517.00 JAN HN HOR GL SUST EQ -IU2EU EUR 16 077 363 2.75
2 720 775.00 LO FD-GOLDN AGE-XIAEURACC EUR 23 843 240 4.07
290 510.00 PICTET HUMAN-JEURACC EUR 22 619 109 3.86
SPARINVEST ETHICAL GLOBAL
66 250.00 EUR 17 651 650 3.01
VALUE - I EUR ACC
452 000.00 TEMP GLB CLI CHANGE-I ACC EUR 15 946 560 2.72
THEAM QUANT WORLD CLIMATE
1 593.00 EUR 21 452 119 3.66
CARBON OFFSET PLAN XEC

Page 89
BNP PARIBAS FUNDS US Growth

Expressed in USD
Transferable securities admitted to an United Kingdom 22 943 802 1.80

official stock exchange listing and/or 1 265 065 554 98.79 83 661 ASTRAZENECA PLC GBP 11 993 327 0.94
traded on another regulated market 211 931 NVENT ELECTRIC PLC USD 10 950 475 0.86
Shares 1 265 065 554 98.79 Ireland 16 519 994 1.29

United States of
America 1 157 351 161 90.37 Denmark 15 662 092 1.22
282 035 ADVANCED MICRO DEVICES USD 32 126 607 2.51 41 431 GENMAB A/S DKK 15 662 092 1.22
77 111 ALBEMARLE CORP USD 17 202 693 1.34 Total securities portfolio 1 265 065 554 98.79
729 174 ALPHABET INC-CL A USD 87 282 128 6.82
64 644 AMERICAN TOWER CORP - A USD 12 537 057 0.98
648 477 APPLE INC USD 125 785 083 9.83
116 671 ARISTA NETWORKS INC USD 18 907 702 1.48
334 402 AZEK CO INC/THE USD 10 129 037 0.79
167 987 BLOCK INC - A USD 11 182 895 0.87
289 389 BOSTON SCIENTIFIC CORP USD 15 653 051 1.22
42 443 CHARLES RIVER LABORATORIES USD 8 923 641 0.70
382 256 CIENA CORP USD 16 242 057 1.27
181 638 COPART INC USD 16 567 202 1.29
84 694 CUMMINS INC USD 20 763 581 1.62
220 621 EDWARDS LIFESCIENCES CORP USD 20 811 179 1.63
193 099 ENTEGRIS INC USD 21 399 231 1.67
45 531 EPAM SYSTEMS INC USD 10 233 092 0.80
45 976 ESTEE LAUDER COMPANIES - A USD 9 028 767 0.71
36 280 GARTNER INC USD 12 709 247 0.99
88 377 HOME DEPOT INC USD 27 453 431 2.14
INTERCONTINENTAL
113 386 USD 12 821 689 1.00
EXCHANGE INC
37 489 INTUIT INC USD 17 177 085 1.34
248 098 MICRON TECHNOLOGY INC USD 15 657 465 1.22
163 154 NEW RELIC INC USD 10 676 798 0.83
127 136 NIKE INC - B USD 14 032 000 1.10
70 050 NVIDIA CORP USD 29 632 551 2.31
113 955 PALO ALTO NETWORKS INC USD 29 116 642 2.27
122 128 PEPSICO INC USD 22 620 548 1.77
77 121 REPLIGEN CORP USD 10 909 537 0.85
87 573 SALESFORCE.COM INC USD 18 500 672 1.44
90 416 SNOWFLAKE INC-CLASS A USD 15 911 408 1.24
187 595 STARBUCKS CORP USD 18 583 161 1.45
56 435 TESLA INC USD 14 772 990 1.15
25 577 ULTA BEAUTY INC USD 12 036 408 0.94
107 053 UNION PACIFIC CORP USD 21 905 185 1.71
30 994 UNITED RENTALS INC USD 13 803 798 1.08
36 595 UNITEDHEALTH GROUP INC USD 17 589 021 1.37
68 720 VERTEX PHARMACEUTICALS INC USD 24 183 255 1.89
219 671 VISA INC-CLASS A SHARES USD 52 167 469 4.07
136 633 YETI HOLDINGS INC USD 5 306 826 0.41
603 497 ZYMEWORKS INC USD 5 214 214 0.41
Canada 28 422 101 2.22

36 910 LULULEMON ATHLETICA INC USD 13 970 435 1.09
223 710 SHOPIFY INC - CLASS A USD 14 451 666 1.13
Taiwan 24 166 404 1.89

239 461 TAIWAN SEMICONDUCTOR-SP ADR USD 24 166 404 1.89

Page 90
BNP PARIBAS FUNDS US Mid Cap

Expressed in USD
Transferable securities admitted to an 9 675 REPUBLIC SERVICES INC USD 1 481 920 1.94
13 493 REXFORD INDUSTRIAL REALTY IN USD 704 604 0.92
5 978 ROYAL GOLD INC USD 686 155 0.90
9 920 SIMON PROPERTY GROUP INC USD 1 145 562 1.50
Shares 74 952 510 98.19
5 728 SOUTHSTATE CORP USD 376 902 0.49
United States of 13 956 SPRINGWORKS THERAPEUTICS INC USD 365 926 0.48
America 65 400 482 85.67 8 773 T ROWE PRICE GROUP INC USD 982 751 1.29
26 676 AES CORPORATION USD 552 993 0.72 9 027 TRANE TECHNOLOGIES PLC USD 1 726 503 2.26
2 919 ALBEMARLE CORP USD 651 200 0.85 2 954 ULTA BEAUTY INC USD 1 390 138 1.82
8 763 ARTHUR J GALLAGHER & CO USD 1 924 091 2.52 31 448 US FOODS HOLDING CORP USD 1 383 712 1.81
6 680 AXONICS INC USD 337 140 0.44 5 792 WATTS WATER TECHNOLOGIES - A USD 1 064 164 1.39
29 554 AZEK CO INC/THE USD 895 191 1.17 10 866 WAYFAIR INC - A USD 706 399 0.93
54 731 BAKER HUGHES CO USD 1 730 046 2.27 8 690 XCEL ENERGY INC USD 540 257 0.71
19 569 BALL CORP USD 1 139 111 1.49
Israel 2 029 654 2.66
9 661 BOK FINANCIAL CORPORATION USD 780 416 1.02 7 800 CYBERARK SOFTWARE LTD/ISRAEL USD 1 219 374 1.60
15 728 CBRE GROUP INC - A USD 1 269 407 1.66 29 252 JFROG LTD USD 810 280 1.06
3 233 CDW CORP/DE USD 593 256 0.78
11 996 CENTENE CORP USD 809 130 1.06
Bermuda 1 969 600 2.58
22 559 AXIS CAPITAL HOLDINGS LTD USD 1 214 351 1.59
3 803 CHARLES RIVER LABORATORIES USD 799 581 1.05
126 085 KOSMOS ENERGY LTD USD 755 249 0.99
3 925 CHART INDUSTRIES INC USD 627 176 0.82
26 512 CIENA CORP USD 1 126 495 1.48 Canada 1 900 301 2.49
20 559 COLUMBIA BANKING SYSTEM INC USD 416 937 0.55 3 149 LULULEMON ATHLETICA INC USD 1 191 897 1.56
10 157 COLUMBIA SPORTSWEAR CO USD 784 527 1.03 10 966 SHOPIFY INC - CLASS A USD 708 404 0.93
3 308 COOPER COS INC/THE USD 1 268 386 1.66 United Kingdom 1 547 363 2.03
17 324 COPART INC USD 1 580 122 2.07 8 390 APTIV PLC USD 856 535 1.12
8 635 COSTAR GROUP INC USD 768 515 1.01 13 370 NVENT ELECTRIC PLC USD 690 828 0.91
19 153 CRYOPORT INC USD 330 389 0.43
Ireland 1 204 121 1.58
6 563 CUMMINS INC USD 1 608 984 2.11
7 858 DARDEN RESTAURANTS INC USD 1 312 915 1.72
7 739 DICKS SPORTING GOODS INC USD 1 023 018 1.34 Denmark 900 989 1.18
9 399 DIGITAL REALTY TRUST INC USD 1 070 264 1.40 23 704 GENMAB A/S -SP ADR USD 900 989 1.18
13 233 EASTMAN CHEMICAL CO USD 1 107 867 1.45 Total securities portfolio 74 952 510 98.19
13 639 ENTEGRIS INC USD 1 511 474 1.98
3 782 EPAM SYSTEMS INC USD 850 005 1.11
23 882 ESSENTIAL UTILITIES INC USD 953 131 1.25
18 034 FOX CORP - CLASS A USD 613 156 0.80
3 625 GARTNER INC USD 1 269 874 1.66
43 843 HEALTHCARE REALTY TRUST INC USD 826 879 1.08
7 177 HERC HOLDINGS INC USD 982 172 1.29
5 222 HERSHEY CO/THE USD 1 303 933 1.71
16 025 HEXCEL CORP USD 1 218 221 1.60
HILTON WORLDWIDE
8 857 USD 1 289 136 1.69
HOLDINGS INC
16 804 HOLOGIC INC USD 1 360 620 1.78
86 308 HUNTINGTON BANCSHARES INC USD 930 400 1.22
10 005 IDACORP INC USD 1 026 513 1.34
INTERCONTINENTAL
14 123 USD 1 597 028 2.09
EXCHANGE INC
INTERNATIONAL FLAVORS &
7 944 USD 632 263 0.83
FRAGRANCES
20 295 MP MATERIALS CORP USD 464 350 0.61
3 403 MSA SAFETY INC USD 591 986 0.78
11 153 NEW RELIC INC USD 729 852 0.96
3 426 OLD DOMINION FREIGHT LINE USD 1 266 764 1.66
9 601 OSHKOSH CORP USD 831 351 1.09
19 779 PACIFIC PREMIER BANCORP INC USD 409 030 0.54
2 208 PAYCOM SOFTWARE INC USD 709 298 0.93
10 392 PLEXUS CORP USD 1 020 910 1.34
6 081 POWER INTEGRATIONS INC USD 575 688 0.75
36 774 PURE STORAGE INC - CLASS A USD 1 354 019 1.77
42 188 RADIAN GROUP INC USD 1 066 513 1.40
5 225 REPLIGEN CORP USD 739 129 0.97

Page 91
BNP PARIBAS FUNDS USD Short Duration Bond

Expressed in USD
US TREASURY N/B 4.125% 23-
31/01/2025
USD 1 919 684 0.98
1 770 000
USD 1 771 936 0.90
15/03/2026
traded on another regulated market US TSY INFL IX N/B 1.250% 23-
12 387 323 USD 11 990 163 6.09
178 323 219 90.61 15/04/2028
Bonds
United States of UK TREASURY I/L GILT 0.250% 12-
1 770 322 GBP 1 863 997 0.95
America 148 858 359 75.65 22/03/2052
BMW US CAP LLC 3.250% 22- 14 100 000 UK TSY GILT 3.500% 23-22/10/2025 GBP 17 114 383 8.69
1 783 000 USD 1 721 709 0.87
01/04/2025
21 535 FG Q59979 4.500% 18-01/11/2048 USD 21 156 0.01 Australia 3 424 708 1.74
56 252 FN 745398 6.000% 06-01/06/2035 USD 57 944 0.03 6 250 000 AUD 3 424 708 1.74
21/11/2032
54 350 FN AK6370 3.500% 12-01/04/2027 USD 52 597 0.03
Japan 3 146 058 1.60
56 841 FN AP0203 3.500% 12-01/07/2027 USD 54 907 0.03 TOYOTA MTR CORP 2.358% 19-
3 240 000 USD 3 146 058 1.60
3 268 631 FN MA4806 5.000% 22-01/11/2052 USD 3 203 149 1.63 02/07/2024
240 789 GN 783765 5.500% 13-15/09/2039 USD 248 224 0.13 Canada 2 199 108 1.12
29 215 GNR 2004-28 PC 5.500% 04-20/04/2034 USD 29 042 0.01 BANK OF MONTREAL 1.500% 22-
2 340 000 USD 2 199 108 1.12
10/01/2025
128 921 GNR 2008-50 KB 6.000% 08-20/06/2038 USD 130 090 0.07
4 000 000
HOME DEPOT INC 4.000% 22-
USD 3 922 203 1.99 Oman 383 412 0.19
15/09/2025 OMAN INTRNL BOND 6.750% 18-
REALTY INCOME 4.700% 23- 400 000 USD 383 412 0.19
230 000 USD 222 870 0.11 17/01/2048
15/12/2028
490 000
TOYOTA MTR CREDIT 2.000% 19-
USD 469 840 0.24
Serbia 381 365 0.19
07/10/2024 SERBIA REPUBLIC 6.500% 23-
390 000 USD 381 365 0.19
1 760 000 UNITED PARCEL 3.900% 20-01/04/2025 USD 1 723 046 0.88 26/09/2033
US TREASURY N/B 0.375% 20- Senegal 300 276 0.15
3 080 000 USD 2 776 331 1.41
31/12/2025
REPUBLIC OF SENEGAL 6.250% 17-
US TREASURY N/B 0.375% 21- 360 000 USD 300 276 0.15
4 130 000 USD 3 893 493 1.98 23/05/2033
15/09/2024
3 140 000
USD 2 819 622 1.43 Bolivia 234 029 0.12
31/01/2026 BOLIVIA GOVERNMENT 4.500% 17-
US TREASURY N/B 0.750% 21- 370 000 USD 234 029 0.12
3 210 000 USD 2 891 006 1.47 20/03/2028
30/04/2026
3 180 000
USD 2 874 919 1.46 Bahrain 226 023 0.11
31/03/2026 260 000 BAHRAIN 5.250% 21-25/01/2033 USD 226 023 0.11
11 540 000 USD 10 368 870 5.27
31/05/2026 Cameroon 191 501 0.10
8 330 000 USD 7 840 613 3.98 REPUBLIC OF CAMEROON 5.950% 21-
15/12/2024 245 000 EUR 191 501 0.10
07/07/2032
2 180 000 USD 2 043 920 1.04
28/02/2025 Floating rate bonds 12 960 307 6.58
11 430 000 USD 10 751 344 5.46
5 160 000
30/04/2028
USD 4 508 953 2.29 America 12 960 307 6.58
US TREASURY N/B 1.375% 20- BANK OF AMERICA CORP 23-
2 100 000 USD 1 981 055 1.01 895 000 USD 885 373 0.45
31/01/2025 25/04/2029 FRN
US TREASURY N/B 1.500% 19- BANK OF NY MELLO 23-
2 190 000 USD 2 089 739 1.06 671 000 USD 657 571 0.33
30/09/2024 26/04/2034 FRN
US TREASURY N/B 1.500% 22- 720 000 CITIGROUP INC 19-20/03/2030 FRN USD 666 171 0.34
6 410 000 USD 6 051 441 3.07
15/02/2025 550 000 GENERAL MILLS 18-17/10/2023 FRN USD 551 544 0.28
2 940 000 USD 2 724 783 1.38 GOLDMAN SACHS GP 22-
15/02/2026 690 000 USD 667 169 0.34
US TREASURY N/B 1.625% 16- 23/08/2028 FRN
3 070 000 USD 2 832 555 1.44 MORGAN STANLEY 21-
15/05/2026 9 900 000 USD 8 863 546 4.50
4 560 000 USD 4 314 544 2.19 MORGAN STANLEY 23-
15/03/2025 677 000 USD 668 933 0.34
5 320 000 USD 5 065 222 2.57
15/02/2025 56 535 0.03
Floating rate notes
3 080 000 USD 2 925 519 1.49
1 960 000 USD 1 882 672 0.96 America 56 535 0.03
15/11/2024
US TREASURY N/B 2.375% 14- 57 133 FH 840440 16-01/10/2043 FRN USD 56 535 0.03
820 000 USD 793 478 0.40
15/08/2024
1 430 000
USD 1 348 780 0.69 Total securities portfolio 191 340 061 97.22
30/04/2026
2 640 000 USD 2 532 750 1.29
15/04/2025
6 510 000 USD 6 253 669 3.18
15/05/2025
13 350 000 USD 12 846 246 6.53
15/06/2025
7 280 000 USD 7 018 375 3.57
15/07/2025
3 320 000 USD 3 207 172 1.63
15/08/2025
6 830 000 USD 6 682 728 3.40
31/05/2028

Page 92
Notes to the financial statements
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BNP PARIBAS FUNDS
Notes to the financial statements at 30/06/2023
Note 1 - General information

Since 1 January 2023, the Company has proceeded to the following changes:
Activated, liquidated and splitted share classes
Sub-fund Date Events

SMaRT Food 06 February 2023 Activation of the share class “I USD - Capitalisation”
Aqua 04 April 2023 Activation of the share class “UI15 JPY - Capitalisation”
SMaRT Food 02 May 2023 Activation of the share class “I MD - Distribution”
Disruptive Technology 19 May 2023 Split by 1000 of the share class “X NOK - Capitalisation”
Sustainable Multi-Asset Growth 7 June 2023 Activation of the share class “Privilege USD - Capitalisation”
Note 2 - Principal accounting methods
a) Net asset value
This semi-annual report is prepared on the basis of the last net asset value (hereafter “NAV”) calculated as at 30 June 2023.
For the Sub-Funds “Russia Equity” and “Europe Emerging Equity”, note that, since the last publication of both official NAVs
(respectively 25 February 2022 and 28 February 2022), the Board of Directors has decided to adjust the valuation of certain Russian
assets in order to preserve the fair valuation of the Sub-Funds. These include, amongst others, the valuation at zero of all ADR’s,
GDR’s and local Russian stocks held, respectively due to the absence of trading/suspensions of quotations and the Moscow Stock
Exchange’s closure to non-Russian residents. It has been decided as well to waive the management fees to be paid to the Management
Company by the Sub-Funds since 1 March 2022 and until further notice. The Board of Directors closely monitors the latest
development on local and international markets and takes all appropriate actions to protect investors.
b) Globalised statements for the various sub-funds
BNP Paribas Funds’ (combined) financial statements are expressed in EUR by converting the financial statements of the sub-funds
denominated in currencies other than EUR at the exchange rate prevailing at the end of the financial period.
c) Currency conversion
The accounts of each sub-fund are kept in the currency in which its net asset value is expressed, and the financial statements are
expressed in that currency.
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of the
sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities.
The income and expenses denominated in a currency other than that of the sub-fund are converted into the currency of the sub-fund
on the basis of the exchange rates prevailing on the transaction date.
On the closing date, the market values of the securities (determined by the method described below), the claims, bank deposits and
debt denominated in a currency other than that of the sub-fund are converted into the currency of the sub-fund on the basis of the
exchange rates prevailing on that date, with any exchange differentials resulting from the conversion of the securities, claims, bank
deposits and debt being included in the net result for the financial period.
d) Presentation of the financial statements
The financial statements are presented on the basis of the latest net asset value calculated during the financial period. In accordance
with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. The stock
market prices and exchange rates are the latest available as at 30 June 2023. This principle has been applied uniformly and
consistently for all the sub-funds. By way of information, a certain lead time is required before indicative prices become available for
certain illiquid securities, so that for these securities it was impossible for material reasons to use prices as at 30 June 2023 in the last
net asset value of the financial period.
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BNP PARIBAS FUNDS

However, these net asset values would not have been significantly different from those shown in the semi-annual accounts.
The statement of operations and changes in net assets covers the financial period from 1 January 2023 to 30 June 2023.
e) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, which is recognised
and accessible to the public, is based on the last known closing price on the Valuation Day, and, if the securities concerned are traded
on several markets, on the basis of the last known closing price on the major market on which they are traded. If the last known closing
price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent
and bona fide manner.
The Board of Directors uses this possibility for the valuation of the securities listed on East Asia, South Asia, Southeast Asia and
Oceania markets. In these cases, the aforesaid last known closing price is adjusted by using a method monitored by the Management
Company to reflect a fair value price of the concerned assets.
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner,
which is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and
bona fide manner by a qualified professional appointed for this purpose by the Board of Directors.
If permitted by market practice, liquid assets, money market instruments and all other instruments may be valued at their nominal value
plus accrued interest or according to the linear amortisation method. Any decision to value the assets in the portfolio using the linear
amortisation method must be approved by the Board of Directors, which will record the reasons for such a decision. The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments.
The value of shares or units in undertakings for collective investment shall be determined on the basis of the last net asset value
available on the Valuation Day. If this price is not a true reflection, the valuation shall be based on the probable sale price estimated
by the Board of Directors in a prudent and bona fide manner.
With regards to ETFs, the rule of thumb for valuation is based on the last known closing price, followed by the NAV as secondary
source. However, valuation of ETFs issued by BNP Paribas (internal ETF) shall follow the last NAV available as first priority. Some
exceptions may exist due to the mismatch between the investment zone and the quotation zone, as well as the low liquidity of some
instruments.
f) Valuation of forward foreign exchange contracts
Forward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate
corresponding to the remaining life of the contract. Any unrealised gains and losses are included when determining the result of the
transactions.
To calculate the net positions per currency, the positions are converted at the forward exchange rates corresponding to the remaining
life of the contract.
The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised gain on financial
instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
g) Valuation of financial instruments
Financial futures are valued at their last-known market price. The other financial instruments are valued at the prices at which the
position would be able to be liquidated, depending on the conditions prevailing on the market at the valuation date.
To calculate the net positions per currency on financial instruments, the positions are converted at the exchange rate effective on the
closing date.
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BNP PARIBAS FUNDS

h) Valuation of credit default swaps
The value of a Credit Default Swap (CDS) shall be determined by comparing the value of the protection swap leg and the value of the
premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted
discount. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used
to compute the expected loss are derived from the structure of par market swap rates. Par market swap rates will be obtained from a
cross-section of market counterparties.
i) Valuation of total return swaps and performance swaps
A Total Return Swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the performance of
an underlying instrument represented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out
the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include
gains and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying.
The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity.
Total return swaps are marked to market at each NAV calculation date.
j) Valuation of options
Options contracts traded over-the-counter are valued at the prices at which the position could be liquidated under the market conditions
prevailing at the valuation date. The liquidation value of options contracts traded on regulated markets will be based on the latest
available settlement price of these contracts on the regulated markets on which these option contracts are traded by the Company;
provided that if an options contract cannot be liquidated on the day on which the net assets are valued, the basis that will be used to
determine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors.
Options are disclosed at market value in the Statement of net assets. The unrealised appreciation/(depreciation) is disclosed in the
caption “Options at market value”. Realised gains/(losses) and change in unrealised appreciation/(depreciation) as a result thereof are
included in the Statement of operations and changes in net assets respectively under “Net realised result on Financial instruments”
and “Movement on net unrealised gain/(loss) on Financial instruments”.
k) Valuation of securities lending, reverse repurchase and repurchase agreements
Securities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the Statement of operations
and changes in net assets under “Income on investments and assets, net”.
Securities that have been lent are shown in the net assets of the sub-fund in question, at their market value.
Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the
underlying securities. They are transactions by which the transferor transfers ownership of securities to another person (the transferee)
and by which the transferor irrevocably undertakes to repurchase them and the transferee irrevocably undertakes to retrocede them,
at an agreed price and date.
Securities reverse repurchase agreements are valued at their purchase price expressed in the original currency, irrespective of the
market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading “Other
assets” in the Statement of net assets.
Securities repurchase agreements are valued at their market value.
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l) Valuation of inflation swaps
Inflation swaps (ILS) are bilateral agreements which allow investors looking to hedge an investment to secure an inflation-linked return
against an inflation index.
The inflation buyer (inflation receiver) pays a predetermined fixed or floating rate (minus a spread). In exchange, the inflation buyer
receives from the inflation seller (inflation payer) one or more inflation-linked payments.
The principal risk associated with an inflation swap lies in its sensitivity to interest rates and inflation: the inflation payer takes on the
risk of inflation or, in other words, of changes likely to affect the inflation curve. The payer also bears a risk relating to interest rates or,
in other words, to changes in the nominal yield curve. In order to value inflation swaps, a “forward zero coupon” swap curve (seasonally
adjusted for inflation) is constructed, facilitating the calculation of future inflation cash flows.
m) Valuation of interest rate swaps
Interest rate swaps (IRS) are valued on the basis of the difference between the value of all future interest payable by the Company to
its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of
all future interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to
the maturity of these payments.
n) Valuation of CMS (Constant Maturity Swap) Spread Options

The OTC Pricing team is responsible for the daily valuation of CMS Spread Options with the use of Bloomberg's BVAL tool - DLIB
(Bloomberg Derivatives Library) specific pricing template. The valuation model used, in line with market practice, is the Gaussian model
(taking into account correlation and broker quotes). The valuations produced are checked against those provided daily by the
counterparties.
o) Valuation of Contracts for Difference
Contracts for difference (CFD) are valued by reference to the market value of the underlying asset, taking into account the costs
inherent in the transaction. The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised
gain on financial instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
p) Average maturity for floating rate bonds
The maturities disclosed in the security description in the securities portfolio are not the maturities used to calculate the average
maturity, the call maturity date is used.
q) Interest
Interest is recognised on a prorata basis after deduction of any withholding taxes that may be applicable. Due to negative interest rates
during the financial period, income on bonds can be negative in the caption “Income on investments and assets, net”.
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r) Comparisons
Concerning the absorbing sub-funds that were involved in a merger during the period, note that the net assets of the absorbed sub-
funds or funds were recorded in the accounts by means of a subscription in the absorbing sub-funds at the merger dates. Consequently,
the line “Net subscriptions/(redemptions)” in the “Statement of operations and changes in net assets” includes the net assets of the
absorbed sub-funds or funds at the merger dates.
s) Geographic distribution
The geographic distribution of the securities portfolio is based on the issuing country.
t) “To be announced”
The Mortgage Back Securities “To-be-announced” are subject to current commercial market practices in relation to securities
guaranteed by mortgages, according to which a party will buy/sell a basket of mortgage loans for a fixed price at a later date.
At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed at the time of
purchase/sale, the final face value will not yet have been fixed.
The “To-be-announced (“TBA”) Mortgage Back Securities” positions are shown in the securities portfolio as at 30 June 2023.
At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating to
payables/receivables on securities are included under “Other liabilities”/“Other assets” in the “Statement of net assets”.
u) Cross-investments
The value of the cross-investments of the sub-funds has not been deducted for the calculation of the combined total net assets of the
Company.
The total value of those cross-investments as at 30 June 2023 amounted to:
Sub-funds investing in other BNP Sub-funds held by other BNP Currency of the Market value
PARIBAS FUNDS sub-funds PARIBAS FUNDS sub-funds sub-fund investing (in EUR)
Emerging Bond Opportunities RMB Bond USD 13 772 841
Emerging Bond Opportunities Sustainable Asian Cities Bond USD 2 600 684
Emerging Multi-Asset Income China Equity USD 376 092
Emerging Multi-Asset Income RMB Bond USD 378 058
Local Emerging Bond RMB Bond USD 18 670 093
Sustainable Global Corporate Bond Euro Corporate Green Bond USD 7 220 833
Sustainable Global Low Vol Equity Sustainable Global Multi-Factor Equity EUR 9 378 109
Sustainable Multi-Asset Balanced Emerging Markets Climate Solutions EUR 17 395 874
Sustainable Multi-Asset Balanced Euro Corporate Green Bond EUR 17 555 560
Sustainable Multi-Asset Balanced Global Environment EUR 27 040 304
Sustainable Multi-Asset Balanced Green Bond EUR 16 930 111
Sustainable Multi-Asset Balanced Green Tigers EUR 22 791 717
Sustainable Multi-Asset Balanced Inclusive Growth EUR 27 046 219
Sustainable Multi-Asset Balanced SMaRT Food EUR 9 086 952
Sustainable Multi-Asset Balanced Social Bond EUR 16 933 237
Sustainable Multi-Asset Balanced Sustainable Euro Bond EUR 58 935 357
Sustainable Multi-Asset Balanced Sustainable Euro Corporate Bond EUR 18 547 794
Sustainable Multi-Asset Growth Emerging Markets Climate Solutions EUR 11 882 853
Sustainable Multi-Asset Growth Euro Corporate Green Bond EUR 9 242 486
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BNP PARIBAS FUNDS
Sub-funds investing in other BNP Sub-funds held by other BNP Currency of the Market value
PARIBAS FUNDS sub-funds PARIBAS FUNDS sub-funds sub-fund investing (in EUR)
Sustainable Multi-Asset Growth Global Environment EUR 21 529 633
Sustainable Multi-Asset Growth Green Tigers EUR 19 003 249
Sustainable Multi-Asset Growth Inclusive Growth EUR 21 474 677
Sustainable Multi-Asset Growth SMaRT Food EUR 6 981 528
Sustainable Multi-Asset Growth Sustainable Euro Bond EUR 112 127 791
Sustainable Multi-Asset Growth Sustainable Euro Corporate Bond EUR 10 025 663
Total: 496 927 715
The net assets at the end of the financial period of combined figures would be EUR 31 122 446 569 without taking into account the
cross-investments values.
v) Swing Pricing
A sub-fund may suffer reduction of the net asset value due to investors purchasing, selling and/or switching in and out of the sub-fund
at a price that does not reflect the dealing costs associated with this sub-fund's portfolio trades undertaken by the Investment Manager
to accommodate such cash inflows or outflows. In order to mitigate this effect and enhance the protection of existing shareholders,
the mechanism known as “swing pricing” may be applied at the discretion of the Board of Directors of the Company.
Such Swing Pricing mechanism may be applied to a given sub-fund when its total capital activity (i.e. net amount of subscriptions and
redemptions) exceeds a pre-determined threshold determined as a percentage of the net assets value for a given Valuation Day. The
net asset value of the relevant sub-fund may then be adjusted by an amount (the “swing factor”) to compensate for the expected
transaction costs resulting from the capital activity. The level of thresholds, if and when applicable, will be decided on the basis of
certain parameters which may include the size of the sub-fund, the liquidity of the underlying market in which the respective sub-fund
invests, the cash management of the respective sub-fund or the type of instruments that are used to manage the capital activity. The
swing factor is, amongst others, based on the estimated transaction costs of the financial instruments in which the respective sub-fund
may invest. Typically, such adjustment will increase the net asset value when there are net subscriptions into the sub-fund and
decrease the net asset value when there are net redemptions. Swing pricing does not address the specific circumstances of each
individual investor transaction. An ad hoc internal committee is in charge of the implementation and periodic review of the operational
decisions associated with swing pricing. This committee is responsible for decisions relating to swing pricing and the ongoing approval
of swing factors which form the basis of pre-determined standing instructions.
In principle, the swing factor will not exceed 1% of the respective sub-fund’s net asset value. Such limit could however be raised
beyond this maximum level when necessary and on a temporary basis to protect the interests of shareholders, typically during
exceptional market conditions, situations such as a global pandemic, a financial crisis, a geopolitical crisis, or any other exceptional
event causing a severe deterioration of the liquidity.
The Swing Pricing mechanism may be applied across all sub-funds of the Company.
During the period ending 30 June 2023, the below sub-funds are under the scope of the Swing Pricing activity:
• Emerging Bond Opportunities

• Europe Emerging Equity
• Europe Small Cap
• Global Convertible
• Global High Yield Bond
• Local Emerging Bond
• Russia Equity
During the period ending 30 June 2023, no sub-fund has applied the Swing Pricing.
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BNP PARIBAS FUNDS

Note 3 - Management and advisory fees (maximum per annum)
The maximum annual fee payable monthly is calculated on the average net asset value of each share class for each sub-fund over
the past month. For certain sub-funds a reduced management fee was charged during the financial period. The fee is paid to the
Management Company and covers remuneration of the investment managers and also distributors in connection with the marketing
of the Company's stock.
The management fees applicable to the “Classic” category are applicable to all share sub-categories and classes with the word
“Classic” in their denomination, and to “N” category.
The management fees applicable to the “Privilege” category are also applicable to all share sub-categories and classes with the word
“Privilege” in their denomination.
The management fees applicable to the “I” category are also applicable to all share sub-categories and classes with the word “I” in
their denomination.
The management fees applicable to the “U” category are also applicable to all share sub-categories and classes with the word “U” in
their denomination.
The management fees applicable to the “UP” category are also applicable to all share sub-categories and classes with the word “UP”
in their denomination.
The management fees applicable to the “Life” category are also applicable to all share sub-categories and classes with the word “Life”
in their denomination.
The management fees applicable to the “UI” category are also applicable to all share sub-categories and classes with the word “UI” in
their denomination.
The management fees applicable to the “B” category are also applicable to all share sub-categories and classes with the word “B” in
their denomination.
The management fees applicable to the “K” category are also applicable to all share sub-categories and classes with the word “K” in
their denomination.
The management fees applicable to the “X” category are also applicable to all share sub-categories and classes with the word “X” in
their denomination.
A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3.00% per annum.
Sub-fund Classic Privilege I U UP Life UI B K X
Aqua 1.75% 0.90% 0.90% 1.75% N/A 1.615% 0.90% 1.75% 1.75% 0.60%(11)
Brazil Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A N/A N/A
China Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A 1.75% N/A
Climate Impact 2.20% 1.10% 1.10%(1) 2.20% N/A N/A N/A N/A 2.20% 0.60%(11)
Consumer Innovators 1.50% 0.75% 0.75% N/A N/A N/A N/A 1.50% 1.50% N/A
Disruptive Technology 1.50% 0.75% 0.75%(2) N/A 0.75% N/A 0.75%(3) 1.50% 1.50% N/A
Ecosystem Restoration 1.50% 0.75% 0.75% N/A N/A N/A 0.75% N/A N/A N/A
Emerging Bond Opportunities 1.50% 0.75% 0.60% N/A N/A N/A N/A 1.50% N/A N/A
Emerging Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A 1.75% N/A N/A
Emerging Multi-Asset Income 1.25% 0.65% 0.60% N/A N/A N/A N/A 1.25% N/A N/A
Energy Transition 1.50%(4) 0.75%(5) 0.75%(2) N/A N/A N/A N/A 1.50% 1.50% N/A
Euro Equity 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A 1.50% N/A
Europe Emerging Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A N/A N/A
Europe Equity 1.50% 0.75% 0.75%(2) N/A N/A N/A N/A N/A N/A N/A
Europe Growth 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A N/A
Europe Small Cap 1.75% 0.90% 0.85% N/A N/A N/A 0.85% N/A N/A N/A
Global Convertible 1.20% 0.65% 0.60% N/A N/A N/A N/A N/A N/A N/A
Global Environment 1.75% 0.90% 0.85%(6) N/A N/A N/A 0.85% 1.75% 1.75% 0.60%(11)
Global High Yield Bond 1.20% 0.60% 0.55% N/A N/A N/A N/A 1.20% 1.20% N/A
Global Inflation-Linked Bond 0.75% 0.40% 0.30% N/A N/A N/A 0.25% N/A N/A N/A
Green Tigers 1.75% 0.90% 0.90% 1.75% N/A N/A 0.90% N/A N/A 0.60%(11)
Health Care Innovators 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A 1.50% N/A
Latin America Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A N/A N/A
Local Emerging Bond 1.40% 0.70% 0.60% N/A N/A N/A N/A 1.40% N/A N/A
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BNP PARIBAS FUNDS

Sub-fund Classic Privilege I U UP Life UI B K X
Russia Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A 1.75% N/A N/A
SMaRT Food 1.75% 0.90% 0.85% 1.75% 0.90% N/A N/A N/A 1.75% 0.60%(11)
Sustainable Asia ex-Japan
1.50% 0.75%(12) 0.75% N/A N/A N/A N/A N/A N/A N/A
Equity
Sustainable Asian Cities Bond 0.90% 0.45% 0.40% N/A N/A N/A N/A N/A N/A N/A
Sustainable Europe Dividend 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A N/A
Sustainable Global Corporate
0.75% 0.40% 0.30% N/A N/A N/A N/A 0.75% 0.75% N/A
Bond
Sustainable Global Low Vol
1.50% 0.75% 0.75%(2) N/A N/A N/A N/A 1.50% 1.50% N/A
Equity
Sustainable Multi-Asset
1.30%(7) 0.65%(8) 0.50% N/A N/A N/A N/A N/A 1.30% N/A
Balanced
Sustainable Multi-Asset Growth 1.40%(9) 0.70%(10) 0.50% N/A N/A N/A N/A N/A 1.40% N/A
US Growth 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A N/A
US Mid Cap 1.75% 0.90% 0.85% N/A N/A N/A N/A N/A N/A N/A
USD Short Duration Bond 0.50% 0.25% 0.20% N/A N/A N/A N/A N/A N/A N/A
(1) 0.85% for “I Plus” Category.
(3) With specific Entry fee of maximum 3% payable by the authorised investor.
(4) 1.45% for “Classic Solidarity”.
(5) 0.70% for “Privilege Solidarity”.
(7) 1.25% for “Classic Solidarity BE”.
(8) 0.60% for “Privilege Solidarity BE”.
(9) 1.35% for “Classic Solidarity BE”.
(10) 0.65% for “Privilege Solidarity BE”.
(11) Paid in full to the non-group management entities only.
(12) 0.62 for Privilege Plus Category.
An indirect fee of maximum 1.00% is applied for the sub-funds Sustainable Multi-Asset Balanced and Sustainable Multi-Asset Growth.
A charity fee of 0.05% is applied for the share classes “Classic Solidarity”, “Classic Solidarity BE”, “Privilege Solidarity” and “Privilege
Solidarity BE” for the sub-funds Energy Transition, Sustainable Multi-Asset Balanced and Sustainable Multi-Asset Growth.
Note 4 - Distribution fees

Distribution fees are calculated each valuation day and deducted monthly from the average net assets of a sub-fund, share category,
or share class, paid to the Management Company and serve to cover remuneration of the distributors, supplemental to the share of
the management fee that they receive.
Note 5 - Performance fees: calculation method and summary table

The Company may apply 2 types of Performance Fee:
1. Relative Performance Fee:
The performance fee is determined over the performance period and corresponds to a percentage “performance fee rate” of the positive
difference “over performance” between the annual performance of the share class and the annual performance calculated with the
application of the “High Water Mark (HWM) with Hurdle Rate or Benchmark method”. Performance fee provision will be accrued at
each valuation day based on the unswung (see Swing Pricing part in the prospectus) share class’ Total Net Asset if the share class’
performance exceeds the performance determined as per “High Water Mark (HWM) with Hurdle Rate or Benchmark method”. The
performance fee provision will be then adjusted at each valuation day depending of the share class performance. In case of
underperformance at the end of the performance period, neither the High-Water Mark nor the Hurdle Rate or Benchmark will be reset.
Performance reference period will correspond in this case to the entire life of the share class.
Performance Period: period on which the share class’ performance is measured and corresponds to the financial year.
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BNP PARIBAS FUNDS

2. Absolute Performance Fee:
The positive difference between the NAV per share at the end of the financial year and the HWM of the share class or the initial offer
price per share. Performance fee provision will be accrued at each valuation day based on the unswung (see Swing Pricing part in the
prospectus) share class’ Total Net Asset if the NAV per share exceeds the HWM. The performance fee provision will be then adjusted
at each valuation day depending of the share class performance. In case of underperformance at the end of the performance period,
a loss is carried forward over a maximum period of 5 years. That means that after 5 consecutive years with no performance fees paid
to the Management Company, the HWM will be reset.
High Water Mark (HWM) means the highest NAV of the sub-fund/category/class as at the end of any previous financial year on which
performance fees becomes payable, after deducting any performance fee.
Performance Fees are payable to the Management Company and will be calculated daily on the basis of the unswung (see Note 2.w)
NAV and provision will be adjusted on each Valuation Day during the financial period.
If shares are redeemed during the financial period, the fraction of the provisioned performance fee that corresponds to the total amount
redeemed shall be granted definitively to the Management Company.
During the period ended 30 June 2023, no performance Fees have been applied.
Note 6 - Other fees

Fee serving to cover notably the following services:
• administration, domiciliary and fund accounting

• audit
• custody, depositary and safekeeping
• documentation, such as preparing, printing, translating and distributing the Prospectus, Key Investor Information Documents,
financial reports
• ESG certification and service fees
• financial index licensing (if applicable)
• legal expenses
• listing of shares on a stock exchange (if applicable)
• management company expenses (including among other AML/CFT, KYC, Risk and oversight of delegated activities)
• marketing operations
• publishing fund performance data
• registration expenses including translation
• services associated with the required collection, tax and regulatory reporting, and publication of data about the Company, its
investments and shareholders
• transfer, registrar and payment agency
These fee do not include fees paid to independent Directors and reasonable out-of-pocket expenses paid to all Directors, expenses
for operating hedged shares, duties, taxes and transaction costs associated with buying and selling assets, brokerage and other
transactions fees, interest and bank fees.
Note 7 - Taxes
At the date of the Prospectus, the Company is not liable to any Luxembourg income tax or capital gains tax.
The Company is liable to an annual “taxe d’abonnement” in Luxembourg representing 0.05% of the net asset value. This rate is reduced
to 0.01% for:
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions;
b) sub-funds with the exclusive objective of collective investments in deposits with credit institutions;
c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs.
The following are exempt from this “taxe d’abonnement”:
a) the value of assets represented by units or shares in other UCIs, provided that these units, or shares have already been subject
to the “taxe d’abonnement”;
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b) sub-funds, share categories and/or classes:
(i) whose securities are reserved to Institutional Investors, Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions,
and
(iii) whose weighted residual portfolio maturity does not exceed 90 days, and
(iv) that have obtained the highest possible rating from a recognised rating agency;
c) sub-funds, share categories and/or classes reserved to:
(i) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers
for the benefit of their employees, and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees;
d) sub-funds whose main objective is investment in microfinance institutions;
e) sub-funds, shares categories and/or classes:
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is
recognised and open to the public, and
(ii) whose exclusive object is to replicate the performance of one or several indices.
When due, the “taxe d’abonnement” is payable quarterly based on the relevant net assets and calculated at the end of the quarter for
which it is applicable.
In addition, the Company may be subject to foreign UCI’s tax, and/or other regulators levy in the country where the sub-fund is
registered for distribution.
Note 8 - Dividends
For the “MD - Distribution” share classes, which pay monthly dividends, the following dividends were paid:
- Payment dates
Month Record Date (1) NAV ex-Dividend Date(2) Payment Date(3)
January 31 1 February 6 February 2023
February 28 1 March 6 March 2023
March 31 3 April 6 April 2023
April 28 2 May 5 May 2023
May 31 1 June 6 June 2023
June 30 3 July 6 July 2023
(1) If for a particular reason the valuation was not possible on the day in question, the Record Date would be put off to the preceding valuation date.
(2) Dates are based on a valuation simulation. Consequently, dates may change depending on the composition of the portfolio at this date. If for a
particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards,
and the payment date will be put off 3 bank business days in Luxembourg after the new ex-dividend date. If for a particular reason, the settlement on
the new payment date is not possible (e.g. bank holiday on a specific currency or country), settlement will be made the 1st business day after or any
other day communicated by the local agent.
(3) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the
settlement is not possible (e.g. bank holiday on a specific currency or country), settlement will be made the 1st business day after or any other day
communicated by the local agent.
- Monthly amount:
Sub-fund Class Currency Dividend
Aqua Classic RH CNH MD - Distribution CNH 2.92
Aqua Classic RH HKD MD - Distribution HKD 0.39
Aqua Classic RH SGD MD - Distribution SGD 0.40
Aqua Classic RH USD MD - Distribution USD 0.60
Climate Impact U2 HKD MD - Distribution HKD 0.25
Climate Impact U2 RH CNH MD - Distribution CNH 1.42
Climate Impact U2 RH EUR MD - Distribution EUR 0.09
Climate Impact U2 RH SGD MD - Distribution SGD 0.14
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Climate Impact U2 USD MD - Distribution USD 0.25
Emerging Bond Opportunities B MD - Distribution USD 0.52
Emerging Bond Opportunities B RH AUD MD - Distribution AUD 0.48
Emerging Bond Opportunities B RH ZAR MD - Distribution ZAR 6.73
Emerging Bond Opportunities Classic EUR MD - Distribution EUR 0.51
Emerging Bond Opportunities Classic HKD MD - Distribution HKD 0.41
Emerging Bond Opportunities Classic MD - Distribution USD 0.09
Emerging Bond Opportunities Classic MD2 - Distribution USD 0.60
Emerging Bond Opportunities Classic RH AUD MD - Distribution AUD 0.37
Emerging Bond Opportunities Classic RH CNH MD - Distribution CNH 3.33
Emerging Bond Opportunities Classic RH HKD MD - Distribution HKD 0.41
Emerging Bond Opportunities Classic RH SGD MD - Distribution SGD 0.35
Emerging Bond Opportunities Classic RH ZAR MD - Distribution ZAR 4.95
Emerging Multi-Asset Income B MD - Distribution USD 0.25
Emerging Multi-Asset Income B RH AUD MD - Distribution AUD 0.21
Emerging Multi-Asset Income Classic HKD MD - Distribution HKD 0.21
Emerging Multi-Asset Income Classic MD - Distribution USD 0.20
Emerging Multi-Asset Income Classic RH AUD MD - Distribution AUD 0.17
Emerging Multi-Asset Income Classic RH CNH MD - Distribution CNH 0.14
Emerging Multi-Asset Income Classic RH SGD MD - Distribution SGD 0.15
Europe Growth Classic RH SGD MD - Distribution SGD 0.29
Europe Growth Classic RH USD MD - Distribution USD 0.42
Global Convertible Classic MD - Distribution USD 0.05
Global Environment Classic RH CNH MD - Distribution CNH 2.92
Global Environment Classic RH HKD MD - Distribution HKD 0.39
Global Environment Classic RH SGD MD - Distribution SGD 0.38
Global Environment Classic RH USD MD - Distribution USD 0.55
Global High Yield Bond BH AUD MD - Distribution AUD 0.50
Global High Yield Bond BH USD MD - Distribution USD 0.55
Global High Yield Bond Classic H AUD MD - Distribution AUD 0.37
Global High Yield Bond Classic H USD MD - Distribution USD 0.43
Global High Yield Bond Classic USD MD - Distribution USD 0.22
Green Tigers Classic MD - Distribution USD 0.20
Green Tigers Classic RH SGD MD - Distribution SGD 0.05
Local Emerging Bond B MD - Distribution USD 0.57
Local Emerging Bond Classic MD - Distribution USD 0.23
SmaRT Food Classic RH USD MD - Distribution USD 0.39
SmaRT Food I MD - Distribution EUR 0.33(1)
Sustainable Asia ex-Japan Equity Classic MD - Distribution USD 0.11
Sustainable Asian Cities Bond Classic MD - Distribution USD 0.39
Sustainable Asian Cities Bond Classic RH AUD MD - Distribution AUD 0.34
Sustainable Asian Cities Bond Classic RH CNH MD - Distribution CNH 5.42
Sustainable Asian Cities Bond Classic RH HKD MD - Distribution HKD 0.67
Sustainable Asian Cities Bond Classic RH SGD MD - Distribution SGD 0.31
Sustainable Europe Dividend Classic RH USD MD - Distribution USD 0.38
Sustainable Multi-Asset Balanced Classic MD EUR 0.20
Sustainable Multi-Asset Balanced Classic RH AUD MD AUD 0.31
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Sustainable Multi-Asset Balanced Classic RH CAD MD CAD 0.27
Sustainable Multi-Asset Balanced Classic RH HKD MD HKD 0.36
Sustainable Multi-Asset Balanced Classic RH SGD MD SGD 0.25
Sustainable Multi-Asset Balanced Classic RH USD MD USD 0.39
Sustainable Multi-Asset Growth Classic RH AUD MD AUD 0.30
Sustainable Multi-Asset Growth Classic RH CAD MD CAD 0.26
Sustainable Multi-Asset Growth Classic RH HKD MD HKD 0.35
Sustainable Multi-Asset Growth Classic RH SGD MD SGD 0.25
Sustainable Multi-Asset Growth Classic RH USD MD USD 0.41
Sustainable Global Corporate Bond B MD - Distribution USD 0.59(2)
Sustainable Global Corporate Bond Classic H CNH MD- Distribution CNH 5.79(3)
Sustainable Global Corporate Bond Classic HKD MD - Distribution HKD 0.71(4)
Sustainable Global Corporate Bond Classic MD - Distribution USD 0.61(5)
Sustainable Global Low Vol Equity B USD MD - Distribution USD 0.24
Sustainable Global Low Vol Equity Classic RH CNH MD Distribution CNH 3.33
Sustainable Global Low Vol Equity Classic RH HKD MD Distribution HKD 0.45
Sustainable Global Low Vol Equity Classic RH USD MD - Distribution USD 0.45
Sustainable Global Low Vol Equity Classic USD MD - Distribution USD 0.31
USD Short Duration Bond Classic MD - Distribution USD 0.54
(1) From May 2023
(2) 0.44 USD until May 2023
(3) 4.18 CNH until May 2023
(4) 0.54 HKD until May 2023
(5) 0.46 USD until May 2023
For the “XH AUD QD - Distribution” share class, which pay quarterly dividends, the following dividends were paid:
- Payment dates
Month Record Date (1) NAV ex-Dividend Date(2) Payment Date(3)
March 31 3 April 6 April 2023
June 30 3 July 6 July 2023
(1) If for a particular reason the valuation was not possible on the day in question, the Record Date would be put off to the preceding valuation date.
(2) Dates are based on a valuation simulation. Consequently, dates may change depending on the composition of the portfolio at this date. If for a
particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards,
and the payment date will be put off 3 bank business days in Luxembourg after the new ex-dividend date. If for a particular reason, the settlement on
the new payment date is not possible (e.g. bank holiday on a specific currency or country), settlement will be made the 1st business day after or any
other day communicated by the local agent.
(3) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the
settlement is not possible (e.g. bank holiday on a specific currency or country), settlement will be made the 1st business day after or any other day
communicated by the local agent.
The following dividends were paid on 2 May 2023 for shares outstanding on 18 April 2023 with ex-date 19 April 2023:
Aqua Classic - Distribution EUR 2.83
Aqua Classic USD - Distribution USD 2.56
Aqua Privilege - Distribution EUR 2.89
Brazil Equity Classic - Distribution USD 3.54
China Equity Classic - Distribution USD 5.08
China Equity Classic EUR - Distribution EUR 2.66
China Equity Privilege - Distribution USD 2.44
Climate Impact Classic - Distribution EUR 3.87
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Climate Impact I - Distribution EUR 1.73
Climate Impact Privilege - Distribution EUR 3.10
Climate Impact Privilege RH CHF - Distribution CHF 2.09
Climate Impact Privilege RH EUR - Distribution EUR 1.62
Climate Impact Privilege RH GBP - Distribution GBP 1.63
Climate Impact Privilege USD - Distribution USD 1.68
Climate Impact U2 HKD - Distribution HKD 1.79
Climate Impact U2 RH AUD - Distribution AUD 1.64
Climate Impact U2 RH CHF - Distribution CHF 1.54
Climate Impact U2 RH CNH - Distribution CNH 1.73
Climate Impact U2 RH EUR - Distribution EUR 2.09
Climate Impact U2 RH GBP - Distribution GBP 1.68
Climate Impact U2 RH SGD - Distribution SGD 2.11
Climate Impact U2 USD - Distribution USD 1.68
Consumer Innovators Classic - Distribution EUR 2.35
Consumer Innovators Privilege - Distribution EUR 2.93
Disruptive Technology Classic - Distribution EUR 24.63
Disruptive Technology Classic USD - Distribution USD 8.15
Disruptive Technology Privilege - Distribution EUR 8.04
Disruptive Technology UP4 - Distribution EUR 2.72
Ecosystem Restoration Classic - Distribution EUR 1.04
Ecosystem Restoration Privilege - Distribution EUR 1.05
Emerging Bond Opportunities Classic - Distribution USD 7.03
Emerging Bond Opportunities Classic EUR - Distribution EUR 6.06
Emerging Bond Opportunities Classic RH EUR - Distribution EUR 0.96
Emerging Bond Opportunities Privilege RH EUR - Distribution EUR 3.23
Emerging Equity Classic - Distribution USD 3.20
Emerging Equity Classic EUR - Distribution EUR 2.37
Emerging Multi-Asset Income Classic - Distribution USD 2.91
Emerging Multi-Asset Income Classic EUR - Distribution EUR 3.10
Emerging Multi-Asset Income Classic RH EUR - Distribution EUR 2.27
Energy Transition Classic - Distribution EUR 8.09
Energy Transition Classic USD - Distribution USD 8.61
Energy Transition Privilege - Distribution EUR 2.11
Euro Equity Classic - Distribution EUR 9.44
Euro Equity Privilege - Distribution EUR 4.40
Europe Equity Classic - Distribution EUR 4.62
Europe Equity Classic CHF - Distribution CHF 3.56
Europe Equity Privilege - Distribution EUR 3.70
Europe Growth Classic - Distribution EUR 4.74
Europe Growth Privilege - Distribution EUR 4.28
Europe Small Cap Classic - Distribution EUR 5.54
Europe Small Cap I - Distribution EUR 2.75
Europe Small Cap Privilege - Distribution EUR 5.35
Global Convertible Classic - Distribution USD 4.87
Global Convertible Classic RH EUR - Distribution EUR 3.71
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Global Convertible Classic RH PLN - Distribution PLN 21.97
Global Convertible N RH EUR - Distribution EUR 4.23
Global Convertible Privilege RH EUR - Distribution EUR 4.92
Global Environment Classic - Distribution EUR 3.86
Global Environment N - Distribution EUR 2.48
Global Environment Privilege - Distribution EUR 2.61
Global Environment Privilege GBP - Distribution GBP 2.62
Global Environment X - Distribution EUR 1 998.03
Global High Yield Bond Classic - Distribution EUR 1.28
Global High Yield Bond Classic H USD - Distribution USD 1.87
Global High Yield Bond N - Distribution EUR 3.87
Global High Yield Bond Privilege - Distribution EUR 4.18
Global Inflation-Linked Bond Classic - Distribution EUR 2.10
Global Inflation-Linked Bond Privilege - Distribution EUR 1.70
Green Tigers Classic - Distribution USD 2.92
Green Tigers Classic EUR - Distribution EUR 5.08
Green Tigers Privilege - Distribution USD 2.06
Green Tigers Privilege EUR - Distribution EUR 4.13
Green Tigers Privilege RH EUR - Distribution EUR 2.04
Green Tigers U2 - Distribution USD 2.14
Green Tigers U2 RH GBP - Distribution GBP 2.05
Health Care Innovators Classic - Distribution EUR 16.21
Health Care Innovators Privilege - Distribution EUR 3.88
Latin America Equity Classic - Distribution USD 18.68
Local Emerging Bond Classic - Distribution USD 2.93
Local Emerging Bond Classic EUR - Distribution EUR 3.22
Local Emerging Bond Classic RH EUR - Distribution EUR 2.16
Local Emerging Bond Privilege - Distribution USD 2.82
SMaRT Food Classic - Distribution EUR 2.37
SMaRT Food Privilege - Distribution EUR 2.60
SMaRT Food U - Distribution EUR 2.31
SMaRT Food U RH CHF - Distribution CHF 2.29
SMaRT Food U RH GBP - Distribution GBP 2.35
SMaRT Food U RH USD - Distribution USD 2.41
SMaRT Food UP - Distribution EUR 2.37
SMaRT Food UP RH CHF - Distribution CHF 2.36
SMaRT Food UP RH GBP - Distribution GBP 2.40
SMaRT Food UP RH USD - Distribution USD 2.45
Sustainable Asia ex-Japan Equity Classic - Distribution USD 10.79
Sustainable Asia ex-Japan Equity Classic EUR - Distribution EUR 10.14
Sustainable Asia ex-Japan Equity N RH EUR - Distribution EUR 2.89
Sustainable Asia ex-Japan Equity Privilege EUR - Distribution EUR 3.47
Sustainable Asia ex-Japan Equity Privilege Plus EUR - Distribution EUR 1.47
Sustainable Asian Cities Bond Classic - Distribution USD 6.36
Sustainable Asian Cities Bond Classic EUR - Distribution EUR 5.91
Sustainable Asian Cities Bond Privilege - Distribution USD 5.53
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Sustainable Europe Dividend Classic - Distribution EUR 1.37
Sustainable Europe Dividend N - Distribution EUR 2.86
Sustainable Europe Dividend Privilege - Distribution EUR 3.52
Sustainable Global Corporate Bond Classic - Distribution USD 6.17
Sustainable Global Corporate Bond NH EUR - Distribution EUR 4.90
Sustainable Global Corporate Bond Privilege - Distribution USD 5.78
Sustainable Global Corporate Bond X - Distribution USD 5.64
Sustainable Global Low Vol Equity Classic - Distribution EUR 1.88
Sustainable Global Low Vol Equity Classic USD - Distribution USD 8.06
Sustainable Multi-Asset Balanced Classic - Distribution EUR 3.28
Sustainable Multi-Asset Balanced Classic RH USD - Distribution USD 3.03
Sustainable Multi-Asset Balanced Classic Solidarity BE - Distribution EUR 2.76
Sustainable Multi-Asset Balanced Privilege - Distribution EUR 3.19
Sustainable Multi-Asset Growth Classic - Distribution EUR 3.45
Sustainable Multi-Asset Growth Classic Solidarity BE - Distribution EUR 2.69
Sustainable Multi-Asset Growth Privilege - Distribution EUR 2.91
US Growth Classic - Distribution USD 0.62
US Growth Classic H EUR - Distribution EUR 2.08
US Growth Privilege - Distribution USD 1.43
US Growth Privilege H EUR - Distribution EUR 1.25
US Mid Cap Classic - Distribution USD 3.23
USD Short Duration Bond Classic - Distribution USD 4.25
USD Short Duration Bond Privilege - Distribution USD 4.42
Note 9 - Share currencies
The net asset value per share is priced in the currency of the share class and not in the currency of the sub-fund in the section “Key
figures relating to the last 3 years”.
Note 10 - Exchange rates

The exchange rates used for consolidation and for the conversion of share classes denominated in a currency other than the reference
currency of the relevant sub-fund as at 30 June 2023 were the following:
EUR 1 = AUD 1.639
EUR 1 = CAD 1.4437
EUR 1 = CHF 0.97605
EUR 1 = CNH 7.9368
EUR 1 = CZK 23.7585
EUR 1 = GBP 0.85815
EUR 1 = HKD 8.5497
EUR 1 = JPY 157.6877
EUR 1 = NOK 11.6885
EUR 1 = PLN 4.43265
EUR 1 = SEK 11.78425
EUR 1 = SGD 1.4765
EUR 1 = USD 1.091
EUR 1 = ZAR 20.61035
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Note 11 - Futures contracts
As at 30 June 2023, the following positions were outstanding:
Emerging Bond Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
EUR 4 S EURO BUXL 30Y BONDS 07/09/2023 609 215 (8 793)
EUR 19 S EURO-BOBL FUTURE 07/09/2023 2 398 553 34 617
EUR 8 S EURO-BUND FUTURE 07/09/2023 1 167 283 349
ULTRA 10 YEAR US TREASURY
USD 34 S 20/09/2023 4 026 875 28 688
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 12 P 20/09/2023 1 634 625 18 750
BOND FUTURE
USD 223 P US 10YR NOTE FUTURE (CBT) 20/09/2023 25 035 234 (333 877)
Total: (484 563)
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to USD 1 345 104.
Global Convertible
Net unrealised
Purchase/ Nominal
Sale (in USD)
(in USD)
USD 147 P S&P 500 E-MINI FUTURE 15/09/2023 32 988 638 676 813
Total: 676 813
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to USD 1 520 103.
Global Inflation-Linked Bond

Net unrealised
Purchase/ Nominal
Sale (in EUR)
(in EUR)
EUR 22 P EURO BUXL 30Y BONDS 07/09/2023 3 071 200 28 160
USD 81 S 20/09/2023 8 793 252 96 486
NOTE FUTURES
USD 37 S 20/09/2023 4 619 701 (51 931)
BOND FUTURE
USD 10 S US 10YR NOTE FUTURE (CBT) 20/09/2023 1 029 016 7 773
GBP 44 P LONG GILT FUTURE (LIFFE) 27/09/2023 4 886 325 (12 084)
Total: (5 526)
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to EUR 1 168 011.
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Sustainable Global Corporate Bond
Net unrealised
Purchase/ Nominal
Sale (in USD)
(in USD)
EUR 1 P EURO BUXL 30Y BONDS 07/09/2023 152 304 2 160
EUR 19 S EURO-BTP FUTURE 07/09/2023 2 406 845 (196)
EUR 30 P EURO-BUND FUTURE 07/09/2023 4 377 312 37 312
EUR 4 P EURO-SCHATZ FUTURE 07/09/2023 457 566 (3 906)
USD 369 S 20/09/2023 43 703 438 573 472
NOTE FUTURES
USD 32 P 20/09/2023 4 359 000 21 250
BOND FUTURE
USD 131 P US LONG BOND FUTURE (CBT) 20/09/2023 16 624 719 (59 211)
Total: 279 220
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to USD 578 758.
Sustainable Multi-Asset Balanced

Net unrealised
Purchase/ Nominal
Sale (in EUR)
(in EUR)
EUR 3 P EURO BUXL 30Y BONDS 07/09/2023 418 800 12 000
EUR 163 S EURO-BUND FUTURE 07/09/2023 21 799 620 (49 720)
EUR 476 P EURO-SCHATZ FUTURE 07/09/2023 49 908 600 (155 860)
GBP 155 P LONG GILT FUTURE (LIFFE) 27/09/2023 17 213 191 96 242
Total: (61 128)
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to EUR 1 553 847.
Sustainable Multi-Asset Growth

Net unrealised
Purchase/ Nominal
Sale (in EUR)
(in EUR)
EUR 85 S EURO-BUND FUTURE 07/09/2023 11 367 900 (71 171)
GBP 81 P LONG GILT FUTURE (LIFFE) 27/09/2023 8 995 281 50 283
Total: (20 888)
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to EUR 906 061.
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USD Short Duration Bond
Net unrealised
Purchase/ Nominal
Sale (in USD)
(in USD)
EUR 8 S EURO BUXL 30Y BONDS 07/09/2023 1 218 429 (10 081)
JPY 16 S JPN 10Y BOND (TSE) 12/09/2023 16 444 458 (68 772)
CAD 41 S CAN 10YR BOND FUTURE 20/09/2023 3 796 420 (26 956)
Total: 39 988
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to USD 435 085.
Brokers for Futures contracts:

BNP Paribas, France
Goldman Sachs London Derivatives
Société Générale
Note 12 - Forward foreign exchange contracts

As at 30 June 2023, the total amount purchased per currency and the total amount sold per currency in the context of forward foreign
exchange contracts were as follows:
Aqua
Currency Purchase amount Currency Sale amount
CHF 1 445 000 AUD 3 609 000
CNH 8 837 450 CAD 3 892 300
CZK 4 427 640 370 CHF 10 220 200
EUR 284 432 824 CNH 4 711 770
GBP 3 281 400 CZK 2 224 582 110
HKD 19 430 DKK 21 783 100
SGD 15 134 830 EUR 322 190 235
USD 129 083 550 GBP 18 191 200
HKD 9 770
JPY 972 136 300
KRW 580 126 500
SEK 47 208 200
SGD 7 663 700
USD 145 361 930
Net unrealised gain (in EUR) 483 398
As at 30 June 2023, the latest maturity of all outstanding contracts is 8 August 2023.
China Equity
EUR 6 973 576 CNY 10 762 800
HKD 2 799 800 EUR 1 399 285
SGD 31 061 520 HKD 26 112 700
USD 13 126 172 SGD 16 215 660
TWD 3 153 200
USD 25 508 846
Net unrealised gain (in USD) 125 611
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Climate Impact
AUD 2 852 620 AUD 3 792 050
CHF 318 300 CAD 1 866 100
CNH 1 131 910 CHF 159 410
EUR 50 682 955 CNH 567 220
GBP 16 176 670 DKK 29 243 800
HKD 19 650 EUR 1 268 496
SGD 3 134 340 GBP 12 280 020
USD 13 989 701 HKD 12 617 000
JPY 333 850 000
KRW 377 656 300
NOK 5 684 400
SEK 9 531 400
SGD 1 564 470
TWD 77 983 500
USD 58 811 217
Consumer Innovators
EUR 31 582 584 CAD 757 600
SGD 16 870 EUR 687 976
USD 741 500 GBP 322 200
HKD 4 563 100
JPY 419 449 900
SGD 8 390
USD 29 411 500
Disruptive Technology
EUR 448 891 221 DKK 73 337 900
USD 40 189 930 EUR 36 954 645
JPY 928 144 900
USD 465 806 140
Net unrealised gain (in EUR) 6 468 337
Ecosystem Restoration
CAD 499 000 CAD 815 000
CNH 81 960 CNH 41 790
CZK 12 231 330 CZK 6 222 140
DKK 560 000 DKK 5 443 000
EUR 17 155 207 EUR 5 986 252
GBP 8 190 GBP 5 220
JPY 1 252 102 JPY 111 246
NOK 2 861 000 MXN 7 743 000
SGD 158 030 NOK 8 720 000
USD 5 101 000 SEK 4 074 000
SGD 80 530
USD 15 349 716
Net unrealised loss (in EUR) (30 389)
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AUD 4 845 300 AUD 2 406 490
BRL 26 677 465 BRL 60 255 000
CLP 535 948 000 CNH 420 880
CNH 848 900 EUR 24 984 759
COP 15 475 000 000 HKD 15 701 220
CZK 37 858 322 HUF 535 000 000
EUR 54 662 220 IDR 69 170 375 288
HKD 31 671 150 MXN 57 932 179
HUF 547 469 389 PEN 11 454 000
IDR 76 260 880 721 RON 22 723 770
INR 203 575 000 RUB 293 675 298
MXN 82 090 825 SGD 100 010
PEN 2 162 000 THB 31 586 000
PLN 5 572 000 TRY 6 942 000
RON 7 218 000 USD 107 003 104
RUB 162 461 250 ZAR 88 858 486
SGD 200 380
THB 156 704 000
USD 69 600 429
ZAR 116 215 688
Emerging Multi-Asset Income
AUD 1 244 190 AUD 623 440
BRL 664 440 BRL 72 000
CHF 751 230 CHF 751 845
CLP 15 367 000 CLP 18 462 000
CNH 33 508 700 CNH 16 736 570
COP 97 553 000 COP 86 717 000
CZK 235 470 EUR 1 997 782
EUR 2 417 388 HUF 29 497 000
IDR 597 640 000 IDR 497 469 000
JPY 113 005 884 JPY 113 048 773
MXN 1 793 000 MXN 1 060 000
PEN 42 000 PLN 423 000
PLN 45 000 RON 132 000
SGD 1 537 720 SGD 777 940
THB 1 585 165 THB 682 000
TRY 772 000 TRY 785 000
USD 4 202 500 USD 8 030 116
Net unrealised loss (in USD) (71 467)
Energy Transition
CAD 9 951 000 AUD 89 858 000
CNH 155 356 720 BRL 61 040 000
DKK 120 035 000 CAD 40 057 000
EUR 2 726 642 370 CHF 40 960 000
GBP 26 270 CNH 1 140 624 100
HKD 141 405 310 DKK 418 264 000
SGD 27 484 030 EUR 884 261 211
USD 880 168 631 GBP 300 500
HKD 1 120 135 380
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BNP PARIBAS FUNDS

NOK 444 663 000
SEK 32 416 000
SGD 14 258 310
USD 2 412 064 882
Euro Equity
CZK 232 025 440 CZK 117 410 080
EUR 5 415 090 EUR 10 683 433
USD 1 020 900 USD 516 510
Net unrealised loss (in EUR) (614)
Europe Growth
EUR 1 580 480 EUR 3 117 908
SGD 1 180 160 SGD 602 340
USD 2 489 310 USD 1 269 850
Europe Small Cap
EUR 3 340 988 EUR 6 635 195
SGD 181 450 SGD 91 700
USD 7 018 170 USD 3 555 850
Global Convertible
CHF 2 000 000 CHF 6 544 150
CZK 458 374 990 CZK 229 850 170
EUR 707 883 110 EUR 432 908 200
HKD 22 000 000 GBP 2 485 230
JPY 399 817 066 HKD 97 000 000
NOK 4 333 780 JPY 3 611 349 776
PLN 341 930 NOK 2 151 230
USD 539 217 066 PLN 170 580
SGD 13 609 847
USD 791 122 296
Net unrealised gain (in USD) 9 027 484
Global Environment
CNH 2 929 710 CNH 1 477 060
EUR 91 601 721 DKK 126 278 800
HKD 19 290 EUR 169 462 234
JPY 54 356 894 510 GBP 21 484 000
SGD 45 913 610 HKD 9 720
USD 75 848 180 JPY 3 433 060 992
SGD 23 075 210
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BNP PARIBAS FUNDS

TWD 522 780 800
USD 314 511 950
Net unrealised loss (in EUR) (14 544 795)
Global High Yield Bond
AUD 4 810 310 AUD 2 404 410
CZK 416 876 910 CZK 207 200 460
EUR 81 370 171 EUR 44 592 255
GBP 151 000 GBP 3 057 000
USD 25 915 710 USD 74 244 140
AUD 3 139 289 AUD 14 541 335
CAD 2 998 773 CAD 15 579 937
CHF 2 657 926 CHF 2 553 527
EUR 458 382 530 DKK 3 460 971
GBP 13 658 420 EUR 437 304 280
JPY 582 461 564 GBP 117 333 624
MXN 26 344 514 JPY 2 153 061 644
NZD 1 151 000 NZD 4 667 435
SEK 667 868 SEK 27 887 651
SGD 571 296 880 USD 502 397 026
USD 213 051 610
Net unrealised loss (in EUR) (6 085 183)
Green Tigers
CNH 4 515 540 AUD 3 848 100
EUR 27 135 948 CNH 2 411 570
GBP 893 030 CNY 16 687 200
HKD 2 271 100 EUR 3 722 324
INR 27 744 800 GBP 456 220
JPY 36 691 200 HKD 29 467 100
SGD 1 848 320 INR 226 521 600
TWD 18 017 200 JPY 748 759 800
USD 4 189 997 KRW 2 180 419 300
SGD 1 260 640
TWD 179 149 300
USD 7 816 535
Health Care Innovators
EUR 88 970 630 CHF 4 976 200
USD 1 012 000 DKK 22 289 100
EUR 925 327
GBP 5 325 400
Page 115
BNP PARIBAS FUNDS

JPY 335 046 400
USD 77 946 600
Net unrealised gain (in EUR) 1 172 251
As at 30 June 2023, the latest maturity of all outstanding contracts is 21 July 2023.
Local Emerging Bond
BRL 44 087 149 BRL 50 779 000
CLP 818 359 980 CZK 10 645 000
COP 10 500 000 000 EUR 7 381 250
CZK 43 325 000 HUF 755 377 000
EUR 45 328 620 IDR 71 760 001 046
HUF 943 449 645 MXN 74 749 127
IDR 77 387 955 000 PEN 9 647 000
INR 142 910 000 RON 15 346 117
MXN 119 692 386 RUB 133 631 926
PEN 1 758 000 THB 31 357 000
PLN 11 248 416 TRY 20 976 000
RON 6 593 000 USD 93 554 848
RUB 118 474 000 ZAR 72 199 108
THB 142 608 000
TRY 21 159 000
USD 42 637 252
ZAR 74 303 798
Russia Equity (NAV suspended)
EUR 1 140 148 EUR 2 240 601
ZAR 46 966 420 ZAR 23 483 210
SMaRT Food
CHF 102 380 130 AUD 6 213 800
EUR 268 096 696 CAD 3 141 900
GBP 49 313 500 CHF 60 405 490
NOK 13 104 700 DKK 15 708 600
USD 195 948 023 EUR 343 611 765
GBP 28 133 620
HKD 16 195 400
INR 186 670 500
JPY 371 855 500
KRW 1 515 375 500
NOK 110 455 500
PHP 83 205 300
USD 160 660 420
Page 116
BNP PARIBAS FUNDS

Sustainable Asia ex-Japan Equity
AUD 77 650 AUD 39 380
EUR 1 899 520 EUR 963 680
SGD 81 080 SGD 41 130
USD 1 102 108 USD 2 159 286
Sustainable Asian Cities Bond
AUD 3 597 780 AUD 1 796 830
CNH 4 122 270 CNH 2 057 560
EUR 457 680 EUR 228 910
HKD 2 574 730 HKD 1 285 060
SGD 1 241 640 SGD 620 660
USD 2 342 420 USD 4 697 081
Sustainable Europe Dividend
EUR 1 097 193 EUR 1 831 695
USD 1 971 460 USD 1 190 180
Sustainable Global Corporate Bond
CHF 49 670 CHF 24 700
CNH 544 090 CNH 271 030
EUR 235 882 006 EUR 248 571 565
NOK 57 070 NOK 28 350
USD 272 624 066 USD 254 080 359
Sustainable Global Low Vol Equity
AUD 857 500 AUD 3 476 900
CAD 10 200 CAD 9 744 100
CNH 203 550 CHF 551 600
CZK 20 648 752 CNH 101 800
EUR 25 147 902 CZK 638 332
HKD 38 890 EUR 1 269 017
JPY 50 627 500 GBP 1 030 100
USD 474 826 HKD 1 803 120
JPY 495 277 800
NOK 794 100
SEK 4 381 700
SGD 1 560 100
USD 11 076 905
Page 117
BNP PARIBAS FUNDS

AUD 106 610 AUD 53 040
CAD 107 890 CAD 54 200
CHF 9 635 395 CHF 9 826 246
EUR 12 161 212 EUR 35 555 681
HKD 104 070 HKD 51 780
JPY 1 550 000 000 JPY 1 550 000 000
NOK 132 497 000 SGD 63 790
SGD 126 970 USD 13 058 490
USD 25 860 310
AUD 18 240 AUD 9 180
CAD 18 530 CAD 9 320
CHF 4 795 288 CHF 4 890 269
EUR 90 165 EUR 6 093 048
HKD 18 330 HKD 9 220
JPY 771 395 000 JPY 771 395 000
NOK 69 169 000 SGD 77 090
SGD 153 460 USD 26 720
USD 53 230
US Growth
CZK 1 402 742 960 CZK 705 782 360
EUR 126 640 480 EUR 17 909 300
USD 51 676 701 USD 199 355 458
US Mid Cap
EUR 13 626 630 EUR 6 871 330
SGD 113 800 SGD 61 860
USD 7 502 450 USD 14 777 580
USD Short Duration Bond
AUD 7 219 000 AUD 12 781 000
EUR 85 700 110 EUR 57 370 800
USD 90 491 626 GBP 15 200 000
USD 97 523 346
Page 118
BNP PARIBAS FUNDS

Counterparties to Forward foreign exchange contracts:
Bank of America Securities Europe
Barclays Bank Ireland Plc
BNP Paribas Paris
Citigroup Global Market
Deutsche Bank
Goldman Sachs International
Goldman Sachs International London
HSBC France
JP Morgan
JP Morgan Chase Bank
Morgan Stanley Bank AG
Morgan Stanley Europe
Royal Bank of Canada
Société Générale
State Street Boston FX
Note 13 - Swaps
Credit Default Swaps

The Company has entered into credit default swaps agreements whereby it exchanges fixed income for income linked to changes in
credit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. These amounts are calculated
and recognised at each calculation of the Net Asset Value; the amount of the unrealised capital gain is stated under “Net Unrealised
gain on financial instruments” in the Statement of net assets, and the amount of net unrealised capital loss is given under “Net
Unrealised loss on financial instruments” in the Statement of net assets.
Nominal Currency Maturity Sub-fund paid Sub-fund received
REPSOU CDS USD SR 5Y D14
2 600 000 USD 20/12/2024 1.000%
20/12/2024
900 000 USD 20/12/2026 ARGENTINA 1% 20-20/12/2026 5.000%
1 400 000 USD 20/12/2026 ARGENTINA 1% 20-20/12/2026 5.000%
2 800 000 USD 20/12/2026 ARGENTINA 1% 20-20/12/2026 5.000%
4 000 000 USD 20/12/2026 ARGENTINA 1% 20-20/12/2026 5.000%
TURKEY REPUBLIC OF 11.875% 00-
10 000 000 USD 20/12/2026 1.000%
15/01/2030
15 000 000 USD 20/12/2026 1.000% CHINA (PEOPLES) 7.5% 97-20/06/2023
2 300 000 USD 20/12/2026 ARGENTINA 1% 20-20/12/2026 5.000%
11 500 000 USD 20/12/2026 1.000%
15/01/2030
1 400 000 USD 20/06/2027 1.000%
15/01/2030
1 400 000 USD 20/06/2027 1.000%
15/01/2030
2 900 000 USD 20/06/2027 1.000%
15/01/2030
ARAB REP EGYPT 4.55% 19-
3 000 000 USD 20/06/2027 1.000%
20/11/2023
Page 119
BNP PARIBAS FUNDS

ITRX XOVER CDSI GEN 5Y Corp
5 000 000 EUR 20/12/2027 5.000%
20/12/2027
ITRX XOVER CDSI S38 5Y CORP
5 000 000 EUR 20/12/2027 5.000%
20/12/2027
CDX EM CDSI S38 5Y PRC CORP
15 000 000 USD 20/12/2027 1.000%
20/12/2027
CDX EM CDSI S38 5Y PRC CORP
8 000 000 USD 20/12/2027 1.000%
20/12/2027
UNITED MEXICAN 4.15% 17-
15 600 000 USD 20/12/2027 1.000%
28/03/2027
Net unrealised loss (in USD) (10 307 205)
Global High Yield Bond

CDX HY CDSI S40 5Y PRC CORP
1 800 000 USD 20/06/2028 5.000%
20/06/2028
CDX HY CDSI S40 5Y PRC CORP
600 000 USD 20/06/2028 5.000%
20/06/2028
Interest Rate Swaps

The Company has entered into interest rate swaps agreements whereby it exchanges fixed income (sum of the notional amount and
the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated
and recognised at each calculation of the Net Asset Value; the receivable amount is stated under “Other assets” in the Statement of
net assets, while the payable amount is given under “Other liabilities” in the Statement of net assets.
165 830 000 CZK 21/09/2032 4.621% IBOR 6M
165 830 000 CZK 21/09/2032 IBOR 6M 6.285%
260 550 000 CZK 30/06/2025 5.620% IBOR 6M
1644 620 000 HUF 03/07/2028 7.571% HUNGARIAN BUBOR CURVES 6M
310 580 000 MXN 19/06/2025 9.780% MXN SWAP (TIIE) 28 DAY
81 410 000 MXN 09/06/2033 MXN SWAP (TIIE) 28 DAY 8.280%
17 270 000 PLN 15/05/2028 5.143% IBOR 6M
17 720 000 PLN 09/06/2028 5.136% IBOR 6M
178 240 000 ZAR 30/03/2025 IBOR 3M 7.753%
188 620 000 ZAR 04/04/2025 IBOR 3M 7.912%
184 060 000 ZAR 17/04/2025 IBOR 3M 8.126%
Page 120
BNP PARIBAS FUNDS

1 620 000 EUR 15/06/2053 0.000% 2.735%
Local Emerging Bond

131 850 000 CZK 21/09/2032 4.681% IBOR 6M
131 850 000 CZK 21/09/2032 IBOR 6M 4.621%
165 120 000 CZK 30/06/2025 5.620% IBOR 6M
1033 310 000 HUF 03/07/2028 7.571% HUNGARIAN BUBOR CURVES 6M
208 490 000 MXN 19/06/2025 9.780% MXN SWAP (TIIE) 28 DAY
54 650 000 MXN 09/06/2033 MXN SWAP (TIIE) 28 DAY 8.280%
12 280 000 PLN 15/05/2028 5.143% IBOR 6M
11 550 000 PLN 09/06/2028 5.136% IBOR 6M
119 180 000 ZAR 30/03/2025 IBOR 3M 7.753%
121 990 000 ZAR 04/04/2025 IBOR 3M 7.912%
130 780 000 ZAR 17/04/2025 IBOR 3M 8.126%
Inflation Swaps
The Fund has concluded “Inflation Swaps” which are contracts offering the difference between an inflation level, applied on a given
nominal amount agreed at the contract inception, and a fixed interest rate applied on the same nominal amount. These amounts are
calculated and booked for every time the NAV is calculated; the receivable amount is stated under “Other assets” in the Statement of
net assets, while the payable amount is given under “Other liabilities” in the Statement of net assets.
1 430 000 EUR 15/03/2052 HICPXT 0D 2.555%
1 440 000 EUR 15/03/2052 HICPXT 0D 2.540%
2 080 000 USD 17/03/2052 2.763% USCPI 0D
2 200 000 USD 29/03/2052 2.690% USCPI 0D
4 560 000 EUR 15/02/2033 2.310% 0.000%
4 560 000 EUR 15/02/2043 0.000% 2.445%
Total Return Swaps

A Total Return Swap (TRS) is an agreement to exchange the total performance of a bond or other underlying asset (share, index, etc.)
for a benchmark rate plus a spread. The total performance includes the interest coupons, dividends and profits and losses on the
underlying asset over the life of the agreement, depending on the type of underlying concerned. The risk in this type of agreement is
linked to the fact that the benefit for each counterparty will depend on how the underlying asset performs over time, which is unknown
at the time at which the agreement is entered into.
Page 121
BNP PARIBAS FUNDS

% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
GOLDMAN SACHS
GOLDMAN SACHS
DYNAMIC FX
1 557 283 11.16% INTERNATIONAL, USD 30/08/2023 0.100%
CARRY STRATEGY
UNITED KINGDOM
(GSFXCA19)
BNP PARIBAS
BNP PARIBAS
768 005 5.51% USD 28/03/2024 0.500% STRATEGY C52
PARIS, FRANCE
INDEX (BNPIC52P)
Net unrealised gain
292 447
(in USD)
Global Convertible
% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
MORGAN STANLEY USD SOFR MSCI EMERGING -
10 792 159 1.42% BANK AG, USD 20/11/2023 AVERAGE CHINA NET USD
GERMANY +SPREAD INDEX
MORGAN STANLEY USD SOFR
MSCI EMERGING
10 388 009 1.37% BANK AG, USD 20/11/2023 AVERAGE
MARKET INDEX
GERMANY +SPREAD
Net unrealised loss
(755 317)
(in USD)
Counterparties to Swaps contracts:

Barclays Bank London, United Kingdom
BNP Paribas Paris, France
Citigroup Global Market, Germany
Goldman Sachs International, United Kingdom
JP Morgan Securities Limited, United Kingdom
JP Morgan, Germany
Morgan Stanley Bank AG, Germany
Société Générale Paris, France
Note that all TRS are settled on a bilateral mode.
Page 122
BNP PARIBAS FUNDS

Note 14 - Contracts for Difference (CFD)
Contracts for Difference (CFDs) are over-the-counter financial contracts used to gain exposure to fluctuations (positive or negative
depending on the direction of the transaction) in financial instruments, baskets of financial instruments or indices without having to own
or borrow the underlying financial instruments.
Net unrealised gain/(loss) at 0 are due to CFD Resets which are taking place on a monthly basis. On each reset day, the outstanding
positions are closed and reopened at the new reset price (being the close price of the underlying on reset day).
As at 30 June 2023, the following positions were outstanding:

Global Convertible
Net unrealised
Purchase/ Nominal
Currency Quantity Description gain/(loss)
Sale (in USD)
(in USD)
DELIVERY HERO AG 3.25% 23-
EUR 6 000 000 P 637 024 187 340 478
21/02/2030 CV
EUR 66 483 S DELIVERY HERO SE 2 930 695 (392 041)
Total: (51 563)
Broker for Contracts for difference:

BNP Paribas Paris
Note 15 - Options positions

For options contracts with the same Description, Currency, Maturity Date, Strike and Counterparty, the positions are combined. In this
context, the options’ quantities can be 0.
As at 30 June 2023, the following positions on options were outstanding:
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 600
EUR 9 100 P 18/08/2023 440.000 9 100 12 048
MEDIA OPTIONS 18/08/2023
PUT EURO STOXX 600
EUR 9 100 S 18/08/2023 394.000 9 100 (650)
Total: 11 398
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to 0 EUR.
Sale date (in USD) USD)
PUT MSCI EM
USD 1 S 18/08/2023 890.000 89 000 (230)
18/08/2023 890
PUT MSCI EM
USD 2 P 18/08/2023 930.000 186 000 970
18/08/2023 930
Total: 740
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to 0 USD.
Page 123
BNP PARIBAS FUNDS

Energy Transition
Sale date (in EUR) EUR)
PUT EURO STOXX 600
EUR 1 144 218 P 18/08/2023 440.000 1 144 218 1 514 793
PUT EURO STOXX 600
EUR 1 144 218 S 18/08/2023 394.000 1 144 218 (81 685)
Total: 1 433 108
As at 30 June 2023, the cash margin balance in relation to futures and/or options amounted to 0 EUR.
Counterparties to Options:
BNP Paribas, France
Morgan Stanley Bank AG
Note 16 - Securities lending

For the period ended 30 June 2023, the securities lending income generated by the Fund is disclosed in the "Statement of Operations
and Changes in Net Asset" under "Income on Investments and assets, net" as follows:
Direct and Indirect

Sub-fund Currency Net Income Gross Income
Cost and Fees
Euro Equity EUR 9 696 4 156 13 852
Europe Equity EUR 8 303 3 558 11 861
Europe Growth EUR 931 399 1 330
Global Convertible USD 30 954 13 266 44 220
Sustainable Europe Dividend EUR 769 329 1 098
The only remaining fees attributable to securities lending are:

• The Agency (BNPP SA) fees which will be 15% for service rendered;
• The Management Company (BNP Paribas Asset Management) fees which will be 15% to cover their operational fees.
As at 30 June 2023, there is no securities lending in the sub-funds.
Note 17 - Global overview of collateral

In order to limit counterparty risk on forward exchange contracts traded and swap agreements, the Company has put a collateralisation
process in place.
As at 30 June 2023, the Company pledged the following collaterals in favour of forward exchange contracts traded and swap
agreements counterparties:
Sub-fund Currency OTC collateral Type of collateral

Aqua EUR 880 000 Cash
China Equity USD 54 994 Cash
Ecosystem Restoration EUR 50 000 Cash
Emerging Bond Opportunities USD 11 714 780 Cash
Energy Transition EUR 12 930 000 Cash
Global Convertible USD 791 637 Cash
Global Environment EUR 12 490 000 Cash
Global High Yield Bond EUR 280 000 Cash
Page 124
BNP PARIBAS FUNDS

Global Inflation-Linked Bond EUR 9 524 024 Cash
Local Emerging Bond USD 1 523 471 Cash
SMaRT Food EUR 1 760 000 Cash
Sustainable Multi-Asset Balanced EUR 430 000 Cash
Sustainable Multi-Asset Growth EUR 20 000 Cash
As at 30 June 2023, the counterparties to swap agreements pledged the following collaterals in favour of the Company:

Climate Impact EUR 870 000 Cash
Consumer Innovators EUR 440 000 Cash
Disruptive Technology EUR 7 170 000 Cash
Emerging Multi-Asset Income USD 283 660 Cash
Energy Transition EUR 12 870 000 Cash
Global Convertible USD 10 025 000 Cash
Global Environment EUR 500 000 Cash
Global Inflation-Linked Bond EUR 5 430 000 Cash
Health Care Innovators EUR 1 360 000 Cash
Local Emerging Bond USD 1 275 010 Cash
SMaRT Food EUR 1 240 000 Cash
Sustainable Global Corporate Bond USD 4 253 660 Cash
US Growth USD 3 502 160 Cash
USD Short Duration Bond USD 661 615 Cash
Note 18 - Related party transactions
The related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies or other financial
products for the account of each sub-fund for which the related parties act as broker or for their own account or as counterparty for
their clients, including in the case in which the related parties or their clients have the option of conducting transactions for their own
account at the same time as for the account of each sub-fund.
When handling purchases and sales of securities for each sub-fund, the related parties may also have acted as counterparty at the
best market conditions.
The Company considers that the commissions, increases and reductions invoiced by the related parties are competitive, although it is
in the related parties’ interests to receive favorable commission rates, for each sub-fund.
Note 19 - Change in the composition of the securities portfolio

The list of changes to the composition of the securities portfolio during the period is available free of charge at the Management
Company’s registered office and from local agents.
Page 125
BNP PARIBAS FUNDS

Note 20 - List of Investment managers
• Alfred Berg Kapitalförvaltning AS, Norway, abbreviated to Alfred Berg AS, Sweden
• Alfred Berg Kapitalforvaltning AS, Sweden branch, abbreviated to Alfred Berg AS, Sweden
• BNP PARIBAS ASSET MANAGEMENT Asia Limited, Hong Kong, abbreviated to BNPP AM Asia
• BNP PARIBAS ASSET MANAGEMENT Brasil Ltda, Sao Paulo - SP, Brazil, abbreviated to BNPP AM Brazil
• BNP PARIBAS ASSET MANAGEMENT France, Paris, abbreviated to BNPP AM France
• BNP PARIBAS ASSET MANAGEMENT France, Belgian Branch, Brussels abbreviated to BNPP AM BE
• BNP PARIBAS ASSET MANAGEMENT UK Limited, London, abbreviated to BNPP AM UK
• BNP PARIBAS ASSET MANAGEMENT USA Inc., New York, abbreviated to BNPP AM USA
• Impax Asset Management Limited Plc., London, abbreviated to Impax
Sub-fund Investment managers

Alfred Berg AS, Sweden
Europe Emerging Equity
sub delegating to BNPP AM UK for the FX management
Alfred Berg AS, Sweden
Russia Equity sub delegating to BNPP AM UK for the FX management
BNPP AM UK (FX management)
BNPP AM Asia
Sustainable Asia ex-Japan Equity
BNPP AM BE
Additional Manager(s) SRI pockets:
BNPP AM France
BNPP AM BE
Brazil Equity BNPP AM Brazil
BNPP AM Brazil
Latin America Equity
sub delegating to BNPP AM UK for the FX management
BNPP AM France
sub delegating to BNPP AM UK (inclusive FX and Futures
implementation), Alfred Berg AS, Sweden, BNPP AM Asia,
BNPP AM Brazil, BNPP AM UK (FX management)
BNPP AM France
Europe Small Cap
sub delegating to BNPP AM UK for the FX and Cash management
Sustainable Europe Dividend
BNPP AM France
Sustainable Global Low Vol Equity
BNPP AM France
China Equity sub delegating to BNPP AM Asia
BNPP AM France
Global Convertible sub delegating to BNPP AM UK for the Cash management
Energy Transition BNPP AM UK (inclusive FX and Cash management)
Europe Growth
BNPP AM UK (inclusive FX, Cash management and Futures
Local Emerging Bond
Implementation)
Sustainable Asian Cities Bond
BNPP AM UK (inclusive FX and Cash management)
Euro Equity
BNPP AM France
BNPP AM UK (inclusive FX management)
BNPP AM USA
BNPP AM UK
Europe Equity BNPP AM France
sub delegating to BNPP AM UK for the FX and Cash management
BNPP AM USA sub delegating to BNPP AM UK for the FX and Cash
Global High Yield Bond management
Sustainable Global Corporate Bond BNPP AM France
BNPP AM UK (inclusive FX management)
Page 126
BNP PARIBAS FUNDS

Sub-fund Investment managers
USD Short Duration Bond BNPP AM UK (inclusive FX and Cash management)
Emerging Equity BNPP AM Asia
Consumer Innovators
Disruptive Technology BNPP AM USA
Health Care Innovators sub delegating to BNPP AM UK for the Cash management
US Growth BNPP AM UK (FX management)
US Mid Cap
Impax
Green Tigers
Aqua
Climate Impact Impax
Global Environment BNPP AM UK (FX management)
SMaRT Food
Note 21 - Transaction fees

Transaction fees incurred by the Company relating to purchase or sale of transferable securities, money market instruments,
derivatives or other eligible assets are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage fees,
custody fees, VAT, stock exchange fees, RTO fees (Reception and Transmission of Orders).
In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments.
Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which
represents the broker’s remuneration.
The bid-offer spread is not included in the caption transaction fees of the statement of operations and of changes in net assets.
Note 22 - Tax reclaims as part of the Aberdeen/Fokus Bank Project

In several European Union member states, community law grants undertakings for collective investments (UCIs) the right to file claims
with a view to recovering taxes they have been unjustly forced to pay. When one member state imposes a greater tax burden on a
foreign UCI than on a resident UCI, this constitutes discrimination under community law.
This principle was confirmed by the ruling of the Court of Justice of the European Union (CJEU) in the “Aberdeen” case (18 June 2009).
This ruling acknowledges that a non-resident UCI can be subject to discriminatory taxation, which constitutes an obstacle to freedom
of establishment and/or the free movement of capital. Other CJEU rulings have subsequently confirmed this jurisprudence. Key
examples are the rulings in the Santander (10 May 2010) and Emerging Markets (10 April 2014) cases regarding French and Polish
tax legislation, respectively.
In light of this jurisprudence and in order to safeguard the right of UCIs to receive tax rebates, the Management Company has decided
to file claims with the tax authorities in several member states whose discriminatory legislation fails to comply with community law.
Preliminary studies will be carried out to determine whether or not the claims are viable, i.e. for which funds, in which member states
and over what period of time it is necessary to request a rebate.
To date, there is no European legislation establishing a uniform framework for this type of claim. As a result, the time taken to receive
a rebate and the complexity of the procedure vary depending on the member state in question. This means that it is necessary to
constantly monitor developments in this regard.
Due to the uncertainty of the recoverability of the amounts, no accrual is recorded and it is booked under the caption “Income on
investments and assets, net” when received.
Note 23 - Recovery of Belgian tax collected in Belgium

The Management Company has introduced recovery requests to Belgian tax authorities so as to safeguard SICAV rights, and so the
interest of the shareholders, to benefit from a refund of Belgian tax levied. A potential tax refund is contingent upon the end of court
and trial legal proceedings.
Due to the uncertainty of the recoverability of the amounts, no accrual is recorded and it is booked under the caption “Income on
investments and assets, net” when received.
Page 127
BNP PARIBAS FUNDS

Note 24 - Transparency of the promotion of environmental or social characteristics and of sustainable
investments
The table below disclose the classification SFDR of the sub-funds:
Sub-fund SFDR Category Sub-fund SFDR Category

Aqua Article 9 Global High Yield Bond Article 8
Brazil Equity Article 8 Global Inflation-Linked Bond Article 8
China Equity Article 8 Green Tigers Article 9
Climate Impact Article 9 Health Care Innovators Article 8
Consumer Innovators Article 8 Latin America Equity Article 8
Disruptive Technology Article 8 Local Emerging Bond Article 8
Ecosystem Restoration Article 9 Russia Equity Article 8
Emerging Bond Opportunities Article 8 SMaRT Food Article 9
Emerging Equity Article 8 Sustainable Asia ex-Japan Equity Article 8
Emerging Multi-Asset Income Article 8 Sustainable Asian Cities Bond Article 9
Energy Transition Article 9 Sustainable Europe Dividend Article 8
Euro Equity Article 8 Sustainable Global Corporate Bond Article 8
Europe Emerging Equity Article 8 Sustainable Global Low Vol Equity Article 8
Europe Equity Article 8 Sustainable Multi-Asset Balanced Article 8
Europe Growth Article 8 Sustainable Multi-Asset Growth Article 8
Europe Small Cap Article 8 US Growth Article 8
Global Convertible Article 8 US Mid Cap Article 8
Global Environment Article 9 USD Short Duration Bond Article 8
Note 25 - Regulation on transparency of Securities Financing Transactions and Reuse of collateral

(SFTR)
1. Total Return Swaps
This collateral applies to all OTC activity of the Company and attributed to Total Return Swaps agreements.
Safekeeping of Safekeeping of
Sub-fund Market Value
Counterparty Name Type Maturity collateral collateral Reinvestment
Currency (absolute value)
received granted
GOLDMAN SACHS Less than
Cash EUR 283 660 BNPP SA N/A No
INTERNATIONAL one day
Total (absolute value) EUR 283 660
Global Convertible
Safekeeping of Safekeeping of
Sub-fund Market Value
Counterparty Name Type Maturity collateral collateral Reinvestment
Currency (absolute value)
received granted
Less than
J.P. MORGAN AG Cash USD 1 000 BNP SA N/A No
one day
CITIGROUP GLOBAL Less than
Cash USD 9 740 000 BNP SA N/A No
MARKETS EUROPE AG one day
MORGAN STANLEY EUROPE Less than
Cash USD 791 637 N/A Pooled N/A
SE one day
BANK OF AMERICA Less than
Cash USD 284 000 BNP SA N/A No
SECURITIES EUROPE S.A. one day
Total (absolute value) USD 10 816 637
Page 128
BNP PARIBAS FUNDS

Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100% of the costs/returns generated are recognised in Company's
primary statements.
2. Securities lending
During the period ended 30 June 2023, the Company entered into securities lending transactions. Those transactions are in the scope
of the requirements of the Regulation (EU) 2015/2365 on transparency of Securities Financing Transactions and of Reuse.
As at 30 June 2023, there is no securities lending in the sub-funds.
The Company receives a remuneration on these lending transactions. This remuneration is presented in the statement of operations
and changes in net assets in the section entitled "Income on investment ans assets, net". A fee amounting to 15% of the interest
received is perceived by the Agency (BP2S) and a fee amounting to 15% of the interest is perceived by the Management Company,
(BNP Paribas Asset Management) for the services that it provides to the Company in the framework of securities lending contracts.
Guarantee on securities lending
In the framework of lending transactions, the sub-funds of the SICAV receive a guarantee (in the form of bonds issued or guaranteed
by a government or by a regional or local government in a member state of the OECD, or issued or guaranteed by local, regional or
international branches of supranational institutions or organisations that have a rating of at least AA and/or bonds issued or guaranteed
by leading issuers offering adequate liquidity), whose value at the time of concluding the securities lending contract is at least equal to
105% of the total market value of the securities lent.
Data on return and cost
The sub-funds receive a remuneration on these Securities lending contracts. This remuneration is presented in the statement of
operations and changes in net assets in the section entitled " Income on investment and assets, net ". A fee amounting to 15% of the
interest received is perceived by the Agency (BP2S) and a fee amounting to 15% of the interest is perceived by the Management
Company, (BNP Paribas Asset Management) for the services that it provides to the SICAV in the framework of securities lending
contracts.
Data on reuse of collateral
There were no collateral securities and cash collateral reused during the period ended 30 June 2023.
Note 26 - Eligibility for the “Plan Epargne en Actions” (PEA)

Owing to their eligibility for French share savings schemes (PEA), the sub-fund of the Company listed below permanently invests at
least 75% of its net assets in shares and rights that are eligible for the PEA and are issued by companies established in France, another
Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime.
• Euro Equity
Note 27 - Significant event

Since 24 February 2022, the Board of Directors has been very attentive to the consequences of the conflict between Russia and
Ukraine and its impact on the energy shortage and food supplies in Europe. The Board of Directors closely monitors developments in
terms of global outlook, market and financial risks in order to take all necessary measures in the interest of shareholders.
Note 28 - Subsequent event

Liquidation of the sub-fund Europe Emerging Equity as at 3 July 2023.
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BNP PARIBAS FUNDS

SEMI-ANNUAL REPORT at 30/06/2023

Company Secretary (non-member of the Board)

Effective Investment Manager

Non-group management entities

NAV Calculation, Registrar and Transfer Agent

Information to the Shareholders

Net Asset Values and Dividends

Documents for Consultation

Financial statements at 30/06/2023

Aqua Brazil Equity China Equity Climate Impact

Expressed in EUR USD USD EUR

The accompanying notes form an integral part of these financial statements

Disruptive Ecosystem Emerging Bond Emerging Multi-Asset

EUR EUR EUR USD USD USD

The accompanying notes form an integral part of these financial statements

Financial statements at 30/06/2023

Expressed in EUR EUR EUR EUR

The accompanying notes form an integral part of these financial statements

Global High Yield Global Inflation-

EUR EUR USD EUR EUR EUR

The accompanying notes form an integral part of these financial statements

Financial statements at 30/06/2023

Health Care Latin America

Expressed in USD EUR USD USD

The accompanying notes form an integral part of these financial statements

EUR EUR USD USD EUR USD

The accompanying notes form an integral part of these financial statements

Financial statements at 30/06/2023

Sustainable Global Sustainable Multi- Sustainable Multi-

Expressed in EUR EUR EUR USD

The accompanying notes form an integral part of these financial statements

USD Short Duration

USD USD EUR

77 413 075 198 147 820 31 992 310 158

431 489 2 458 305 281 478 858

2 664 987 (22 728) 157 343 062

3 754 149 1 213 369 2 408 256 740

73 996 490 204 193 866 30 647 509 228

0 0 (118 176 954)

The accompanying notes form an integral part of these financial statements

Key figures relating to the last 3 years (Note 9)

Aqua EUR EUR EUR Number of shares

Net asset value per share

Brazil Equity USD USD USD Number of shares

Net asset value per share

Key figures relating to the last 3 years (Note 9)

China Equity USD USD USD Number of shares

Net asset value per share

Key figures relating to the last 3 years (Note 9)

Climate Impact EUR EUR EUR Number of shares

Net asset value per share

Consumer Innovators EUR EUR EUR Number of shares

Net asset value per share

Key figures relating to the last 3 years (Note 9)

Disruptive Technology EUR EUR EUR Number of shares

Net asset value per share

Ecosystem Restoration EUR EUR EUR Number of shares

Net asset value per share