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DPAM Equities L

DPAM Equities L

Investment Company with Variable Capital ("SICAV") with multiple sub-funds governed by Luxembourg law

Audited Annual Report as at 31 December 2019

R.C.S. Luxembourg B 24.189 The subscriptions can be made only on base of the current prospectus including the identification sheets of each of the Sub-Fund and on basis of the document key investor information ("Key Information"). The prospectus can be distributed accompanied by the latest annual and the most recent semi-annual report, if published thereafter. Only the French version of the present Annual Report has been reviewed by the auditors. Consequently, the auditor’s report only refers to the French version of the Annual Report; other versions result from a conscientious translation made under the responsibility of the Board of Directors. In case of differences between the French version and the translation, the French version should be retained.

ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY For the following Sub-Funds of DPAM Equities L no notification for distribution in the Federal Republic of Germany was submitted and shares in these Sub-Funds may NOT be offered to investors within the scope of the German investment law. As a consequence, the following Sub-Funds are NOT available to investors in Germany:

- Emerging MSCI Index - US SRI MSCI Index - World SRI MSCI Index

Marcard, Stein & Co AG, Ballindamm 36, D-20095 Hamburg is acting as the paying and information agent in Germany (the "German paying and information agent"). The following documents are available, free of charge, in paper format from the German paying and information agent; the Prospectus, the Key Investor Information Documents, the Articles of Association and the latest annual and semi-annual reports of the Company.

DPAM Equities L

Contents

Contents

Organisation ............................................................................................................................................................ 4

General information of the Fund ............................................................................................................................ 6

Manager's Report .................................................................................................................................................... 9

Report of the Réviseur d’Entreprises agréé .............................................................. Error! Bookmark not defined.

Combined Statement of Net Assets as at 31 December 2019 ............................................................................... 19

Combined Statement of Operations and Changes in Net Assets from 1 January 2019 to the 31 December 2019 20

Statement of net assets as at 31 December 2019 ................................................................................................. 21

Statement of Operations and Changes in Net Assets from 1 January 2019 to the 31 December 2019 ................. 27

Securities portfolio statement as at 31 December 2019 ....................................................................................... 33

Geographical allocation of the securities portfolio as at 31 December 2019 ........................................................ 76

Economic Allocation of the securities portfolio as at 31 December 2019 ............................................................. 80

Allocation by Currency of the securities portfolio as at 31 December 2019 ......................................................... 86

Changes occuring in the number of shares ........................................................................................................... 88

Changes in capital, total net assets and share value ............................................................................................. 93

Notes to the financial statements as at 31 December 2019 ................................................................................. 96

Additional information (unaudited) as at 31 December 2019 ............................................................................. 104

DPAM Equities L

Organisation

4

Organisation

Registered office :

12, rue Eugène Ruppert, L-2453 Luxembourg

Date of incorporation :

5 May 1986

Board of Directors of the fund :

Chairman :

- Jérôme CASTAGNE, Director Degroof Petercam Asset Services S.A.

Members :

- Philippe DENEF, Administrator Degroof Petercam Asset Management S.A.

- Hugo LASAT, Administrator Degroof Petercam Asset Management S.A.

- Yvon LAURET, Independent Director - Jean-Michel LOEHR, Administrator - Thomas PALMBLAD, Director

Degroof Petercam Asset Management S.A.

Management Company :

Degroof Petercam Asset Services S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg

Manager :

Degroof Petercam Asset Management S.A. 18, rue Guimard, B-1040 Brussels

Depositary Bank and Paying Agent :

Banque Degroof Petercam Luxembourg S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg

Domiciliary Agent, Administrative Agent, Transfer Agent and Register Agent :

Degroof Petercam Asset Services S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg

Réviseur d’Entreprises agréé :

PricewaterhouseCoopers, Société coopérative B.P. 1443, 2, rue Gerhard Mercator, L-1014 Luxembourg

Representative and payment service for Switzerland :

Banque Degroof Petercam (Suisse) S.A. Place de l’Université 8, CH-1205 Genève

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Organisation

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Representative and payment service for Belgium :

Banque Degroof Petercam S.A. 44, rue de l'Industrie, B-1040 Brussels

Representative and payment service for Spain :

Bank Degroof Petercam Spain S.A. 464, Diagonal, E-8006 Barcelona

Representative and payment service for France :

Caceis Bank France 1-3, place Valhubert, F-75013 Paris

Representative and payment service for Germany :

Marcard Stein & CO AG Hambourg 36, Ballindamm, D-20095 Hamburg

Representative and payment service for Netherlands :

Banque Degroof Petercam S.A. 44, rue de l'Industrie, B-1040 Brussels

Global Distributor :

Degroof Petercam Asset Management S.A. 18, rue Guimard, B-1040 Brussels

DPAM Equities L

General information of the Fund

6


DPAM EQUITIES L was formed as a Société d’Investissement à Capital Variable (SICAV) on 5 May 1986 with an unlimited term; it is subject to Section I of the amended Law dated 17 December 2010 for undertakings for investment companies. The articles of association of the SICAV have been modified several times, the last time on May 3rd, 2007; the last amendment was published in "Mémorial, Recueil des Sociétés et Associations" on June 1st, 2007. The last consolidated version of the articles of association is filed with the Tribunal d’Arrondissement de Luxembourg. The SICAV is registered in the Registre de Commerce et des Sociétés (commercial register) in Luxembourg with the number B-24189. As at 31 December 2019, the SICAV comprised six Sub-Funds : - DPAM Equities L Europe Behavioral Value, hereafter "Europe Behavioral Value": this Sub-Fund primarily invests in shares from European countries located in the European Union or outside the Union (EMU); - DPAM Equities L EMU Dividend, hereafter "EMU Dividend": the securities portfolio of the EMU High Dividend Yield Sub-Fund is composed of shares of companies domiciled in European Monetary Union (EMU) countries, and/or listed on official stock markets and regulated markets in EMU countries; - DPAM Equities L Emerging MSCI Index, hereafter "Emerging MSCI Index": the portfolio of the Emerging MSCI Index Sub-Fund is made up of equity holdings in companies located in emerging countries. The Sub-Fund is a tracker type fund, the objective of which is to replicate, physically or non-synthetically, the performance of the capitalisation-weighted MSCI Emerging Markets Index Net Dividends Reinvested in Euros; - DPAM Equities L World SRI MSCI Index, hereafter "World SRI MSCI Index": the portfolio of World SRI MSCI index is composed of shares and\or securities comparable to the shares, emitted by companies located in developed and emergent countries and answering criteria SRI ("Socially Responsible Investment"); - DPAM Equities L US SRI MSCI Index, hereafter "US SRI MSCI Index": the portfolio of the Sub-Fund consists mainly of shares and/or securities comparable to the shares emitted by companies having their registered office in United States of America. The shares of the other companies are likened to the shares of companies having their registered office in United States of America, which have in United States of America a significant part of their assets, activities, profit centers or centers of decision. The Sub-Fund can also invest in any securities giving access with a capital of the aforesaid companies. These values will answer criteria SRI ("Socially Responsible Investment"); - DPAM Equities L EMU SRI MSCI Index, hereafter "EMU SRI MSCI Index": the portfolio of EMU SRI MSCI index is mainly constituted by shares and/or securities comparable to the shares emitted by companies taken up residence in countries participating in the European Monetary Union ("EMU"), and/or quoted on the official stock exchanges and the markets regulated by the countries of the zone EMU. The shares of companies are likened having their registered office or exercising a dominating part of their activity in one of the member states of the European Union which use the Euro as national currency and any securities giving access with a capital of these companies. These values will answer criteria SRI ("Socially Responsible Investment").

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Its Articles of Incorporation are registered with the "Greffe du Tribunal d’Arrondissement" of Luxembourg where they are available for inspection. Copies may be obtained there. The semi-annual and annual reports, the net asset value, the issue price and the redemption price, and also all notices sent to holders of shares, are available at the registered office of the SICAV, the Management Company's registered office and at the Distributors. As at 31 December 2019, the following classes are offered to investors: - Class A : shares of distribution denominated in the reference currency of the Sub-Fund, which, in principle, confer to their holder the right to receive a dividend, such as described in the statutes of the SICAV; - Class A USD : shares of distribution offered to the public which distinguish themselves from shares of the class A by the fact that they are denominated in dollars of United States of America; - Class B : shares of capitalisation denominated in the reference currency of the Sub-Fund, which, as in principle, do not confer to their holder the right to receive a dividend, but among which the part returning to him on the amount to be distributed is capitalized in the Sub-Fund of which these shares of capitalisation recover; - Class B USD : shares of capitalisation which distinguish themselves from shares of the class B by the fact that they are denominated in US dollars; - Class E : shares presenting the same characteristics as the shares of the class A and reserved for institutional investors in the sense of the article 174 (2) of the Law of 2010; - Class E USD : shares presenting the same characteristics as the shares of the class A USD and reserved for institutional investors in the sense of the article 174 (2) of the Law of 2010; - Class F : shares presenting the same characteristics as the actions of the class B and reserved for institutional investors in the sense of the article 174 (2) of the Law of 2010; - Class F USD : shares of capitalisation which distinguish themselves from shares of the class B by the fact that they are denominated in US dollars and reserved for institutional investors in the sense of the article 174 (2) of the Law of 2010; - Class J : capitalisation shares that differ from class F shares in that (i) they are reserved (i) for institutional or professional investors having one or more current discretionary management mandates with one or more companies belonging to Degroof Petercam Group, (ii) for the account(s) to which these discretionary management mandates apply, and in that (iii) they have a different management fee; - Class M : distribution shares that differ from class A shares in that (i) they are reserved for investors having one or more current discretionary management mandates with one or more companies belonging to Degroof Petercam Group, and (ii) they are reserved for the account(s) to which these discretionary management mandates apply, and in that (iii) they are reserved for mandates with an "all in" type rate structure, and in that (iv) they have a different management fee. In this context, the "all in" type rate structure includes management fees and custody fees charged to the account(s) to which these "all in" type discretionary management mandates apply;

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- Class M USD : distribution shares which differ from class M shares in that they are denominated in United States dollars; - Class N : capitalisation shares that differ from class B shares in that (i) they are reserved for investors having one or more current discretionary management mandates with one or more companies belonging to Degroof Petercam Group, and (ii) they are reserved for the account(s) to which these discretionary management mandates apply, and in that (iii) they are reserved for mandates with an "all in" type rate structure, and in that (iv) they have a different management fee. In this context, the "all in" type rate structure includes management fees and custody fees charged to the account(s) to which these "all in" type discretionary management mandates apply; - Class N USD : capitalisation shares which differ from class N shares in that they are denominated in United States dollars; - Class P : shares of capitalisation which distinguish themselves from shares of the class F by an absence of management fee and distribution fee such as specified in the fact sheet of every Sub-Fund and reserved in UCITS and/or other UCI, or institutional or professional mandates portfolios of which are managed by the group Degroof Petercam. The access to this class is submitted to the approval of the Board of Directors of the SICAV. The shares of the class P can be subscribed by financial institutions, under the condition that financial institutions in question confirm to the SICAV, respectively to the Depositary or the Transfer Agent and Register Agent, that they act exclusively within the framework of the orders of subscription and/or conversion in question, for account of the UCITS and/or other UCI, or the institutional or professional mandates portfolios of which are managed by the group Degroof Petercam; - Class V : distribution shares which differ from class A shares in that (i) at the discretion of the Management Company they may be offered, under certain special circumstances, in the United Kingdom, Switzerland and European Union Member States, except in Belgium and to Belgian residents, (ii) for distribution by certain distributors and platforms which have separate remuneration agreements with their customers, and (iii) they have a different management fee, which is not subject to any rebates; - Class W : capitalisation shares which differ from class B shares in that (i) at the discretion of the Management Company they may be offered, under certain special circumstances, in the United Kingdom, Switzerland and European Union Member States, except in Belgium and to Belgian residents, (ii) for distribution by certain distributors and platforms which have separate remuneration agreements with their customers, and (iii) they have a different management fee, which is not subject to any rebates. The net asset value is determined every business day for all Sub-Funds. All of the Sub-Funds are denominated in Euro.

DPAM Equities L

Manager's Report

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Manag er's Report

Global equities (represented by the MSCI All Country World Index) returned 26.6% in dollar terms in 2019. US equities outperformed European, emerging market and Japanese equities over the year. Bond yields in developed countries declined significantly over the period, benefiting the price of gold, which ended with a gain of 18% in dollar terms. The main factor supporting the financial markets was the reversal of central banks' monetary policy projections. The more accommodating position adopted by the central banks, in the form of postponing or abandoning rate increases and then implementing rate cuts, had a favourable effect on the financial markets. Trade negotiations between China and the United States have developed in a piecemeal fashion. Although noticeable tensions remained throughout the year, the two countries announced a partial trade agreement at the end of the year. During the period under review, global economic growth continued to slow, mainly due to the industrial sector. The service sector, on the other hand, fared better. The Chinese authorities announced new stimulus measures throughout the year. Despite these measures, Chinese activity figures remained disappointing. Chinese economic indicators did not see slight improvement until October. United States of America US business confidence indicators fell in 2019. As the economic slowdown in the rest of the world has had a negative impact on the world's leading power. In the United States, the economy grew by 2% (annualised quarterly rate) in the second quarter and by 2.1% in the third quarter. While household consumption was negatively impacted in the first quarter by the partial closure of the government, it rebounded strongly (+4.6%) in the second quarter, before decelerating in the second half of the year. While consumers remain optimistic globally, US companies have significantly reduced their investment intentions. The context of uncertainty related to the US administration's trade policy has forecasts difficult for business leaders. The US labour market remained strong overall in 2019. Job creation slowed in the first part of the year before picking up again since September. The unemployment rate reached 3.5% during the period, a level not seen since the late 1960s. The more pronounced wage increases in previous quarters are struggling to raise core inflation, which has remained close to the Fed's target. The combination of an economic slowdown, contained inflation and risks related to protectionism led the Federal Reserve to cut rates by 0.25% on three occasions in 2019 (July, September and October). Eurozone Economic growth in the Eurozone stood at 1.1% year-on-year in the third quarter of 2019. Economic growth has weakened since late 2017 when the region recorded a growth rate of 3%. The slowdown in growth in the Eurozone in 2019 was most noticeable in the industrial sector, which is more sensitive to global trade, while the services sector has held up better thanks to the resilience of domestic demand. The industrial sector entered a recession in the year under review. Several factors weighed on the activity of the Eurozone as a whole: the slowdown in global trade, political uncertainties and temporary factors specific to the automotive sector. Despite the decline in the unemployment rate (which fell below 8% for the first time since 2008), the labour market has shown few signs of overheating. Wage growth has recently accelerated but remains moderate. Employment growth slowed from an annual rate of 1.4% in the last quarter of 2018 to 1% in the third quarter of 2019. Core inflation remained around 1% over the period, well below the central bank's target. However, it increased slightly at the end of the period, to 1.3%. In response to the slowdown in economic growth, threats from protectionism and low inflation, the European Central Bank unveiled a package of monetary easing measures in September. Among the most important measures it opted for a 10 basis point drop in the deposit rate, bringing it to -0.5%, a restart of its asset purchase programme and a strengthening of its guidance. The ECB kept its monetary policy unchanged in October and December. In addition, at her first press conference as President of the ECB, Christine Lagarde announced a strategic review of monetary policy for the year 2020.

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Manager's Report

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Japan Economic growth was positive in Japan in the second and third quarters. The recent moderation in wage increases and the appreciation of the yen are negative factors for the development of inflation, which remains well below the Bank of Japan's target. The BoJ did not change its monetary policy during the year. The increase in the VAT rate in October 2019 had the effect of increasing household consumption expenditure before its introduction, as was the case with previous VAT increases. But the latest figures show that private consumption and industrial production fell sharply in October. Emerging markets Within the emerging markets, the economic situation differs greatly from one country to another. India has experienced a notable deceleration in economic growth (from 6.5% at the end of 2018 to 4.5% in the third quarter of 2019), which led the central bank to lower rates. In addition, in September the authorities announced a tax break for Indian companies in order to support activity. In China, activity figures remained mixed despite the stimulus measures taken by the Chinese government at the end of 2018 and throughout 2019. With household and corporate debt having risen sharply in recent years, the Chinese government is reluctant to aggressively increase credit for fear of increasing longer-term risks to the Chinese economy. Since September, business confidence indicators have improved and activity indicators seem to have reached a turning point at the end of the year. Brazil's economic recovery continued in the third quarter. The worst seems therefore to have passed for the Brazilian economy, which went through a deep recession in 2015-2016. Mexico has now entered an economic recession (annual growth of -0.2% in Q3). The country's industry is strongly impacted by the global slowdown in this sector. In addition, growth in private consumption slowed sharply from 4.6% in mid-2017 to 0.6% two years later. The central banks of most emerging countries have begun a cycle of rate cuts to combat the slowdown in their economies and reduce the risks associated with US protectionism, at a time when inflation in most of these countries was under control. In contrast, the central banks of emerging European countries (Poland, Hungary, Czech Republic) did not reduce their reference rates in 2019. This region continues to face inflationary pressures. Currencies The US dollar appreciated by 2.3% against the euro in 2019, reflecting a healthier US economy compared to that of the eurozone. The British pound appreciated by 6.3% against the euro in 2019 as the risks of an exit without an agreement diminished in the short term following the Conservatives' victory in December's election. The yen and Swiss franc appreciated against the common currency in 2019. The rise in "safe-haven currencies" was mainly observed in the first part of the year when risks related to protectionism were in the news. Europe Behavioral Value Policy implemented during the period The fund’s net asset value was EUR 47.98 for B shares at the end of the year, and the annual performance amounted to 19.50%. Events in 2019 were essentially the reverse of those in 2018. The equity markets recovered their losses during the first six months of 2019, despite the ongoing macroeconomic and geopolitical uncertainties. The very conciliatory attitude of central banks on both sides of the Atlantic pushed interest rates to an all-time low until August and initially supported the rebound of defensive and interest-sensitive sectors and styles such

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Manager's Report

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as listed real estate, consumer goods, pharmaceuticals and utilities. The fall in long-term rates and the flattening of the yield curve are penalising the financial sector as well as the ‘value’ style, while the cyclical sectors in general are suffering from the slowdown in the global economy and fears of a prolonged trade war between China and the United States. From September onwards, long-term rates began to rise again in a stabilising macroeconomic climate. Trade tensions between China and the US are easing a bit as the first phase of an agreement is due to be signed in early 2020. Continued monetary easing and liquidity injection policies by central banks are also supporting rising markets despite weak corporate earnings growth. Rising interest rates and reduced political and monetary uncertainties around the world are initiating the beginning of a rotation in terms of style and sector. Cyclical regions and sectors are back on track, as are value styles. The value style that suffered from the rise in (geo)political and macroeconomic uncertainties and markets in "defensive" mode at the beginning of the year recovered from September onwards when long rates began to rise again in a calmer and more agreeable climate on the macroeconomic and geopolitical side. The Europe Behavioral Value sub-fund delivered a performance of around 19.50% for class B. During the last half of the year, the fund was hurt mainly by its equity selection in the pharmaceutical sector (Ipsen's 34% decline after the end of clinical trials on a key compound for the group and the resignation of its CEO, decline of Swedish Orphan Biovitrium, Qiagen, UCB, etc.). Conversely, stock selection in industrials is benefiting from the rebound in cyclical and value stocks such as Siemens, Meggitt, Melrose and Siemens Gamesa Renewable Energy. For the year as a whole, equity selection in pharmaceuticals (Ipsen, Swedish Orphan Biovitrium, UCB, Qiagen, HLundbeck) and in consumer staples (Glanbia, ABInbev, and underweight in Nestlé and tobacco) were the two main sources of underperformance. The fund benefited from its positions in industry (Siemens, Siemens Gamesa Renewable Energy, Meggitt, BAE Systems, Vinci) and technology (ASM Int. Ingenico, Atos). Future policy As in the past, the sub-fund will continue its investment policy based on seeking value equities with the most favourable valuation ratios and whose earnings momentum seems to be the best. In addition, the selected securities will receive particular attention in the analysis of their financial risk and debt level as well as the dynamics of their expected earnings, without constraints at country level and with broad sectoral diversification. In view of the latest events that have occurred due to the appearance of COVID-19, our position remains cautious because, on the one hand, we believe that the markets were overvalued, and on the other, because the crisis is still ongoing and therefore, it cannot yet be estimated which will be all its economic consequences and the scope they will have. Our approach (investment increase) will always be staggered, adapting it to the new scenarios that appear. EMU Dividend Policy implemented during the period The fund’s net asset value was EUR 110.84 for B shares at the end of the year, and the annual performance amounted to 17.98%. Again this year, the yield differential between investment grade corporate bonds and the dividend yield of the European equity market remained at a particularly high level. Increasingly accommodative monetary policies have resulted in a significant portion of the bond markets posting negative returns. In this context, it comes as no surprise that until the end of August, growth stocks drove the equity market upwards, with both absolute and relative valuations reaching particularly high levels.

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Manager's Report

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In this difficult environment for stocks, the financial services and technology sectors took the lead while the oil and telecom sectors brought up the rear, affected by issues related to the sustainability of the business model and uncertainties regarding revenue growth, respectively. The fund benefited from its exposure to public service stocks such as ENEL, which has accelerated its repositioning towards renewable energy. On the other hand, the fund was hurt by its exposure to the communications services and advertising agency sector. Among advertising agencies, Publicis disappointed both in terms of its revenue performance and in terms of transparency regarding its capital allocation, notably through its acquisition of the US agency Epsilon. During 2019, in accordance with its investment process, the fund sold stocks whose prospective dividend yield fell below the market average: Kemira, Kesko, Orion. The fund also closed positions in DNA and Volkerwessels following a takeover bid. Finally, the companies for which the investment case changed were also sold (Publicis, Renault, POST NL, Deutsche Telekom). Lastly, new positions were initiated in Allianz (diversified insurer with a "best in class" profile), IAG (airlines), Konecranes (leader in crane production) and Valmet (industrial value focused on the construction and maintenance of (pulp) paper mills). Future policy 2020 is expected to get off to a slow start on the macroeconomic front, following a year that saw growth expectations disappoint almost continuously. Added to this are the endless geopolitical uncertainties (US elections, Sino-American tensions over trade, the nature and timing of Brexit, etc.). Nevertheless, there have recently been tentative signs of economic stabilisation, while the Sino-American conflict seems to have subsided somewhat. If, moreover, Europe manages to agree on a smooth Brexit while better balancing fiscal and monetary policies, the macroeconomic outlook could improve relatively quickly. In this context, given the attractive valuations of the market's "high dividend/value" segments (expected dividend yield of close to 5%) and given the continued attractiveness of our fund's yield differential to fixed income products, we remain resolutely optimistic about the prospects for our "high dividend equities" strategy. In view of the latest events that have occurred due to the appearance of COVID-19, our position remains cautious because, on the one hand, we believe that the markets were overvalued, and on the other, because the crisis is still ongoing and therefore, it cannot yet be estimated which will be all its economic consequences and the scope they will have. Our approach (investment increase) will always be staggered, adapting it to the new scenarios that appear. Emerging MSCI Index Policy implemented during the period The fund’s net asset value was EUR 148.25 for B shares at the end of the year, and the annual performance amounted to 19.64%. Its benchmark is the MSCI EMERGING Net DTR index. As of 31 December 2019, the index included 1405 positions. The value of the index can be found on MSCI’s website, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires that its clients hold a licence to access the composition of its indices. The sub-fund is a tracker type fund, the objective of which is to replicate the performance of the capitalisation-weighted index MSCI Emerging Markets Net Dividends Reinvested in Euros. As at 31 December 2019, the investment universe consisted of 26 countries: Argentina, Brazil, Chile, China, Colombia, Czech

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Manager's Report

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Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates. More than 400 A-shares listed in Shanghai or Shenzhen joined the index in 2018. During the year, the sub-fund closely followed the movement of the index. Future policy The investment policy based on an indexation by geographical area and by sector will be maintained. In view of the latest events that have occurred due to the appearance of COVID-19, our position remains cautious because, on the one hand, we believe that the markets were overvalued, and on the other, because the crisis is still ongoing and therefore, it cannot yet be estimated which will be all its economic consequences and the scope they will have. Our approach (investment increase) will always be staggered, adapting it to the new scenarios that appear. World SRI MSCI Index Policy implemented during the period The fund’s net asset value was EUR 144.77 for B shares at the end of the year, and the annual performance amounted to 29.87%. The sub-fund was launched on 30 September 2016. Its benchmark is the MSCI WORLD AC SRI Net DTR index. As of 31 December 2019, the index included 575 positions. The value of the index can be found on MSCI’s website, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires that its clients hold a licence to access the composition of its indices. The sub-fund is a tracker type fund, the objective of which is to replicate the performance of the capitalisation-weighted MSCI WORLD AC SRI index, net dividends reinvested in euros. As at 31 December 2019, the index was composed of stocks from 43 developed and emerging countries. The SRI methodology developed by MSCI combines the exclusion of stocks on the basis of their belonging to a given sector, and the pursuit of a "best in class" selection process. During 2019, the sub-fund closely followed the movement of the index. Future policy The investment policy based on an indexation by geographical area and by sector will be maintained. In view of the latest events that have occurred due to the appearance of COVID-19, our position remains cautious because, on the one hand, we believe that the markets were overvalued, and on the other, because the crisis is still ongoing and therefore, it cannot yet be estimated which will be all its economic consequences and the scope they will have. Our approach (investment increase) will always be staggered, adapting it to the new scenarios that appear.

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Manager's Report

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US SRI MSCI Index Policy implemented during the period The fund’s net asset value was EUR 161.44 for B shares at the end of the year, and the annual performance amounted to 33.74%. The sub-fund was launched on 30 September 2016. Its benchmark is the MSCI US SRI Net DTR index. As of 31 December 2019, the index included 150 positions. The value of the index can be found on MSCI’s website, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires that its clients hold a licence to access the composition of its indices. The sub-fund is a tracker type fund, the objective of which is to replicate the performance of the capitalisation-weighted MSCI US SRI index, net dividends reinvested in euros. The SRI methodology developed by MSCI combines the exclusion of stocks on the basis of their belonging to a given sector, and the pursuit of a "best in class" selection process. During 2019, the sub-fund closely followed the movement of the index. Future policy The investment policy based on an indexation by geographical area and by sector will be maintained. In view of the latest events that have occurred due to the appearance of COVID-19, our position remains cautious because, on the one hand, we believe that the markets were overvalued, and on the other, because the crisis is still ongoing and therefore, it cannot yet be estimated which will be all its economic consequences and the scope they will have. Our approach (investment increase) will always be staggered, adapting it to the new scenarios that appear. EMU SRI MSCI Index Policy implemented during the period The fund’s net asset value was EUR 141.21 for B shares at the end of the year, and the annual performance amounted to 29.48%. The sub-fund was launched on 30 September 2016. Its benchmark is the MSCI EMU SRI Net DTR index. As of 31 December 2019, the index included 57 positions. The value of the index can be found on MSCI’s website, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires that its clients hold a licence to access the composition of its indices. The sub-fund is a tracker type fund, the objective of which is to replicate the performance of the capitalisation-weighted MSCI EMU SRI index, net dividends reinvested in euros. All countries in the EMU zone are included in this index, except Luxembourg, given its small market capitalisation. The SRI methodology developed by MSCI combines the exclusion of stocks on the basis of their belonging to a given sector, and the pursuit of a "best in class" selection process. During 2019, the sub-fund closely followed the movement of the index.

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Manager's Report

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Future policy The investment policy based on an indexation by geographical area and by sector will be maintained. In view of the latest events that have occurred due to the appearance of COVID-19, our position remains cautious because, on the one hand, we believe that the markets were overvalued, and on the other, because the crisis is still ongoing and therefore, it cannot yet be estimated which will be all its economic consequences and the scope they will have. Our approach (investment increase) will always be staggered, adapting it to the new scenarios that appear. Luxembourg, 19 March 2020 NB: Past performance is not a guarantee of future performance.

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Audit report To the Shareholders of DPAM Equities L

Our opinion In our opinion, the accompanying financial statements give a true and fair view of the financial position of DPAM Equities L and of each of its sub-funds (the “Fund”) as at 31 December 2019, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. What we have audited The Fund’s financial statements comprise:

the combined statement of net assets for the Fund and the statement of net assets for each of the sub-funds as at 31 December 2019;

the combined statement of operations and changes in net assets for the Fund and the statement of operations and changes in net assets for each of the sub-funds for the year then ended;

the schedule of investments as at 31 December 2019; and

the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

17

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists

18

related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund to cease to continue as a going concern;

evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. PricewaterhouseCoopers, Société coopérative Luxembourg, 27 March 2020 Represented by Antoine Geoffroy

DPAM Equities L

Combined Statement of Net Assets as at 31 December 2019

The accompanying notes form an integral part of these Financial Statements.

19

Combined Statement of Net Assets as at 31 December 2019

The accompanying notes form an integral part of these Financial St atements.

NOTES COMBINED (IN EUR)

Assets

Investments in securities 1a 1,243,514,036.40

Cash at banks 8,506,599.81

Interest receivable on cash account 1,702.12

Dividends receivable on shares 2,095,962.22

Amounts receivable on subscriptions 769,379.16

Amounts receivable on investment sold 200,811.25

Amounts receivable on spot exchange contracts 193,498.79

Amounts receivable from the broker on futures 11,046.78

Futures guaranty deposit 10 203,830.73

Total Assets 1,255,496,867.26

Liabilities

Taxes and Expenses payable 3 1,234,255.62

Overdraft at banks 46,024.17

Overdraft interest 1,491.06

Amounts payable on redemptions 3,081,521.00

Amounts payable on purchases of investments 532,358.41

Amounts payable on spot exchange contracts 194,000.00

Total Liabilities 5,089,650.26

Net assets at the end of the year 1,250,407,217.00

DPAM Equities L

Combined Statement of Operations and Changes in Net Assets

from 1 January 2019 to the 31 December 2019


20

Combined Statement of Operations and Changes in Net Assets from 1 January 2019 to the 31 December 2019

Combined Statement of Operations and Changes in Net Assets from 1 January 2019 to the 31 December 2019 The accompanying notes form an integral part of these Financial St atements.

NOTES COMBINED (IN EUR)

Income Dividends, net of taxes 1h 31,872,544.38 Interest on cash accounts 140,280.48 Commissions on security lending 9 171,732.00 Commission on subscriptions and redemptions 6 610,321.71 Tax claim 47,568.16 Total Income 32,842,446.73

Expenses Management Fee 4 2,308,720.77 Depositary fees 8 123,473.64 Subscription tax 5 288,948.48 Administration fees 7 2,237,180.50 Miscellaneous fees 233,222.18 Transaction fees 2,406,127.50 Overdraft interest 34,418.19 Taxes paid to foreign authorities 55,945.78 Amortization of Formation Expenses 1e 2,776.63 Total Expenses 7,690,813.67

Net Profit / (Loss) 25,151,633.06

Net Realised Profit / (Loss) - on investments 21,409,396.33 - on currencies 51,393.17 - on forward exchange contracts 34,087.41 - on futures 1i -1,125,363.43

Total Net Realised Profit / (Loss) 45,521,146.54 Change in Net Unrealised Appreciation or Depreciation

- on investments 1f 204,977,205.29 - on futures 1i 11,581.97

Result of operations 250,509,933.80

- Subscriptions 277,407,685.12

- Redemptions -430,510,217.03

Dividends paid -738,894.70 Net changes in Net Assets 96,668,507.19 Net assets at the beginning of the year 1,153,738,709.81 Net assets at the end of the year 1,250,407,217.00

DPAM Equities L

Statement of net assets as at 31 December 2019


21

Statement of net assets as at 31 December 2019 The accompanying notes form an integral part of these Financial St atements.

Europe Behavioral Value

NOTES

VALUE (IN EUR)

Assets

Investments in securities 1a 118,920,351.54 Cash at banks 682,859.83 Interest receivable on cash account 40.72 Dividends receivable on shares 143,558.17 Amounts receivable on subscriptions 0.00 Amounts receivable on investment sold 120,888.96 Amounts receivable on spot exchange contracts 0.00 Amounts receivable from the broker on futures 0.00 Futures guaranty deposit 10 0.00 Total Assets 119,867,699.22

Liabilities

Taxes and Expenses payable 3 147,642.03 Overdraft at banks 0.00 Overdraft interest 201.01 Amounts payable on redemptions 0.00 Amounts payable on purchases of investments 0.00 Amounts payable on spot exchange contracts 0.00 Total Liabilities 147,843.04

Net assets at the end of the year 119,719,856.18

Number of Shares Outstanding (at the end of the exercice)

- B 553,158.747

- F 42,143.500

- N 137,338.867

- P 6,423.000

- W 4,660.567

Net Asset Value per Share (at the end of the exercice)

- B 47.98 - F 51.79 - N 48.45 - P 13,096.54 - W 48.23

DPAM Equities L



22

EMU Dividend

NOTES

VALUE (IN EUR)

Assets

Investments in securities 1a 87,160,599.73 Cash at banks 708,519.98 Interest receivable on cash account 0.00 Dividends receivable on shares 0.00 Amounts receivable on subscriptions 0.00 Amounts receivable on investment sold 79,922.29 Amounts receivable on spot exchange contracts 0.00 Amounts receivable from the broker on futures 0.00 Futures guaranty deposit 10 0.00 Total Assets 87,949,042.00

Liabilities

Taxes and Expenses payable 3 121,571.68 Overdraft at banks 0.00 Overdraft interest 298.10 Amounts payable on redemptions 0.00 Amounts payable on purchases of investments 253,156.94 Amounts payable on spot exchange contracts 0.00 Total Liabilities 375,026.72



- A 450.000

- B 145,732.026

- F 7,000.000

- N 90,656.324

- P 4,659.000


- A 101.88 - B 110.84 - F 111.37 - N 112.49 - P 12,963.85

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23

Emerging MSCI Index

NOTES

VALUE (IN EUR)

Assets

Investments in securities 1a 610,205,484.20 Cash at banks 6,675,881.94 Interest receivable on cash account 1,603.96 Dividends receivable on shares 1,574,413.99 Amounts receivable on subscriptions 151,183.25 Amounts receivable on investment sold 0.00 Amounts receivable on spot exchange contracts 0.00 Amounts receivable from the broker on futures 11,046.78 Futures guaranty deposit 10 203,830.73 Total Assets 618,823,444.85

Liabilities

Taxes and Expenses payable 3 563,176.39 Overdraft at banks 11,208.48 Overdraft interest 819.28 Amounts payable on redemptions 2,824,238.70 Amounts payable on purchases of investments 0.00 Amounts payable on spot exchange contracts 0.00 Total Liabilities 3,399,442.85



- A 59,588.167

- B 462,168.508

- B USD 14,207.453

- F 1,271,663.389

- J 17,137.000

- M 144,461.495

- N 363,670.796

- P 2,800.000


- A 109.51 - B 148.25 - B USD 106.92 - F 149.55 - J 13,987.80 - M 109.80 - N 148.65 - P 14,008.11

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24

World SRI MSCI Index

NOTES

VALUE (IN EUR)

Assets

Investments in securities 1a 151,067,871.19 Cash at banks 312,914.43 Interest receivable on cash account 45.85 Dividends receivable on shares 181,795.11 Amounts receivable on subscriptions 486,245.91 Amounts receivable on investment sold 0.00 Amounts receivable on spot exchange contracts 193,498.79 Amounts receivable from the broker on futures 0.00 Futures guaranty deposit 10 0.00 Total Assets 152,242,371.28

Liabilities

Taxes and Expenses payable 3 150,000.45 Overdraft at banks 34,815.69 Overdraft interest 32.13 Amounts payable on redemptions 173,544.00 Amounts payable on purchases of investments 279,201.47 Amounts payable on spot exchange contracts 194,000.00 Total Liabilities 831,593.74



- A 17,038.000

- B 50,315.457

- F 710,740.376

- J 1,110.977

- M 18,219.338

- N 170.000


- A 138.21 - B 144.77 - F 146.15 - J 31,814.16 - M 138.86 - N 148.09

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25

US SRI MSCI Index

NOTES

VALUE (IN EUR)

Assets

Investments in securities 1a 228,992,946.22 Cash at banks 63,807.07 Interest receivable on cash account 0.00 Dividends receivable on shares 196,194.95 Amounts receivable on subscriptions 0.00 Amounts receivable on investment sold 0.00 Amounts receivable on spot exchange contracts 0.00 Amounts receivable from the broker on futures 0.00 Futures guaranty deposit 10 0.00 Total Assets 229,252,948.24

Liabilities

Taxes and Expenses payable 3 201,043.14 Overdraft at banks 0.00 Overdraft interest 125.20 Amounts payable on redemptions 0.00 Amounts payable on purchases of investments 0.00 Amounts payable on spot exchange contracts 0.00 Total Liabilities 201,168.34



- A 4,711.000

- A USD 5,862.000

- B 45,198.618

- E 2,350.000

- F 738,234.675

- J 2,437.551

- M 40,811.164

- N 63,781.546

- P 80.000


- A 153.89 - A USD 157.26 - B 161.44 - E 160.30 - F 162.94 - J 33,155.44 - M 154.58 - N 162.19 - P 25,927.84

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26

EMU SRI MSCI Index

NOTES

VALUE (IN EUR)

Assets

Investments in securities 1a 47,166,783.52 Cash at banks 62,616.56 Interest receivable on cash account 11.59 Dividends receivable on shares 0.00 Amounts receivable on subscriptions 131,950.00 Amounts receivable on investment sold 0.00 Amounts receivable on spot exchange contracts 0.00 Amounts receivable from the broker on futures 0.00 Futures guaranty deposit 10 0.00 Total Assets 47,361,361.67

Liabilities

Taxes and Expenses payable 3 50,821.93 Overdraft at banks 0.00 Overdraft interest 15.34 Amounts payable on redemptions 83,738.30 Amounts payable on purchases of investments 0.00 Amounts payable on spot exchange contracts 0.00 Total Liabilities 134,575.57



- A 9,445.000

- B 29,813.911

- E 3,000.000

- F 87,131.944

- J 694.796

- M 16,120.437

- N 62,511.574


- A 131.09 - B 141.21 - E 110.27 - F 121.63 - J 28,580.96 - M 131.72 - N 141.87

DPAM Equities L

Statement of Operations and Changes in Net Assets



27

Statement of Operations and Changes in Net Assets from 1 January 2019 to the 31 December 2019

Statement of Operations and Changes in Net Assets from 1 January 2019 to the 31 December 2019 The accompanying notes form an integral part of these Financial St atements.


NOTES

VALUE (IN EUR)

Income Dividends, net of taxes 1h 6,784,005.08 Interest on cash accounts 1,893.57 Commissions on security lending 9 93,161.74 Commission on subscriptions and redemptions 6 0.00 Tax claim 0.00 Total Income 6,879,060.39

Expenses Management Fee 4 411,888.25 Depositary fees 8 20,220.44 Subscription tax 5 47,263.71 Administration fees 7 269,309.27 Miscellaneous fees 46,360.32 Transaction fees 1,478,191.58 Overdraft interest 6,628.16 Taxes paid to foreign authorities 9,526.26 Amortization of Formation Expenses 1e 0.00 Total Expenses 2,289,387.99

Net Profit / (Loss) 4,589,672.40

Net Realised Profit / (Loss) - on investments -965,794.90 - on currencies -111,621.10 - on forward exchange contracts -169.55 - on futures 1i 0.00


- on investments 1f 39,454,835.80 - on futures 1i 0.00



- Redemptions -278,535,116.10

Dividends paid 0.00 Net changes in Net Assets -190,619,638.60 Net assets at the beginning of the year 310,339,494.78 Net assets at the end of the year 119,719,856.18

DPAM Equities L




28

EMU Dividend

NOTES

VALUE (IN EUR)

Income Dividends, net of taxes 1h 4,389,284.69 Interest on cash accounts 114.64 Commissions on security lending 9 61,081.48 Commission on subscriptions and redemptions 6 0.00 Tax claim 39,036.11 Total Income 4,489,516.92

Expenses Management Fee 4 358,630.01 Depositary fees 8 9,089.91 Subscription tax 5 32,808.56 Administration fees 7 140,705.05 Miscellaneous fees 22,354.05 Transaction fees 153,059.89 Overdraft interest 7,934.31 Taxes paid to foreign authorities 6,573.03 Amortization of Formation Expenses 1e 2,776.63 Total Expenses 733,931.44


Net Realised Profit / (Loss) - on investments -4,466,986.51 - on currencies 8.31 - on forward exchange contracts 0.00 - on futures 1i 0.00

Total Net Realised Profit / (Loss) -711,392.72 Change in Net Unrealised Appreciation or Depreciation




- Redemptions -19,578,226.50

Dividends paid -1,822.50 Net changes in Net Assets -1,260,109.81 Net assets at the beginning of the year 88,834,125.09 Net assets at the end of the year 87,574,015.28

DPAM Equities L




29

Emerging MSCI Index

NOTES

VALUE (IN EUR)

Income Dividends, net of taxes 1h 14,164,012.13 Interest on cash accounts 134,997.74 Commissions on security lending 9 17,488.78 Commission on subscriptions and redemptions 6 334,423.54 Tax claim 3,488.67 Total Income 14,654,410.86

Expenses Management Fee 4 742,937.78 Depositary fees 8 58,138.96 Subscription tax 5 132,440.09 Administration fees 7 1,263,496.47 Miscellaneous fees 98,530.39 Transaction fees 403,803.10 Overdraft interest 12,765.58 Taxes paid to foreign authorities 18,839.33 Amortization of Formation Expenses 1e 0.00 Total Expenses 2,730,951.70

Net Profit / (Loss) 11,923,459.16

Net Realised Profit / (Loss) - on investments 19,246,246.27 - on currencies 243,067.11 - on forward exchange contracts 21,451.69 - on futures 1i -1,125,363.43


- on investments 1f 68,815,836.90 - on futures 1i 11,581.97



- Redemptions -51,623,623.07

Dividends paid -447,902.14 Net changes in Net Assets 129,238,062.92 Net assets at the beginning of the year 486,185,939.08 Net assets at the end of the year 615,424,002.00

DPAM Equities L




30


NOTES

VALUE (IN EUR)

Income Dividends, net of taxes 1h 2,691,091.38 Interest on cash accounts 2,202.14 Commissions on security lending 9 0.00 Commission on subscriptions and redemptions 6 129,181.08 Tax claim 4,168.46 Total Income 2,826,643.06

Expenses Management Fee 4 305,152.82 Depositary fees 8 13,536.04 Subscription tax 5 25,632.38 Administration fees 7 215,791.13 Miscellaneous fees 24,740.05 Transaction fees 164,914.59 Overdraft interest 6,012.61 Taxes paid to foreign authorities 7,229.36 Amortization of Formation Expenses 1e 0.00 Total Expenses 763,008.98


Net Realised Profit / (Loss) - on investments 3,715,370.88 - on currencies -83,107.73 - on forward exchange contracts 3,830.16 - on futures 1i 0.00





- Redemptions -35,436,778.37


DPAM Equities L




31

US SRI MSCI Index

NOTES

VALUE (IN EUR)

Income Dividends, net of taxes 1h 2,338,759.07 Interest on cash accounts 794.72 Commissions on security lending 9 0.00 Commission on subscriptions and redemptions 6 110,267.55 Tax claim 0.00 Total Income 2,449,821.34

Expenses Management Fee 4 377,604.04 Depositary fees 8 17,723.04 Subscription tax 5 32,982.47 Administration fees 7 251,093.00 Miscellaneous fees 30,683.20 Transaction fees 130,642.44 Overdraft interest 887.40 Taxes paid to foreign authorities 7,900.21 Amortization of Formation Expenses 1e 0.00 Total Expenses 849,515.80


Net Realised Profit / (Loss) - on investments 2,323,164.95 - on currencies 2,981.52 - on forward exchange contracts 8,975.11 - on futures 1i 0.00





- Redemptions -22,275,583.60


DPAM Equities L




32

EMU SRI MSCI Index

NOTES

VALUE (IN EUR)

Income Dividends, net of taxes 1h 1,505,392.03 Interest on cash accounts 277.67 Commissions on security lending 9 0.00 Commission on subscriptions and redemptions 6 36,449.54 Tax claim 874.92 Total Income 1,542,994.16

Expenses Management Fee 4 112,507.87 Depositary fees 8 4,765.25 Subscription tax 5 17,821.27 Administration fees 7 96,785.58 Miscellaneous fees 10,554.17 Transaction fees 75,515.90 Overdraft interest 190.13 Taxes paid to foreign authorities 5,877.59 Amortization of Formation Expenses 1e 0.00 Total Expenses 324,017.76


Net Realised Profit / (Loss) - on investments 1,557,395.64 - on currencies 65.06 - on forward exchange contracts 0.00 - on futures 1i 0.00





- Redemptions -23,060,889.39

Dividends paid -107,905.93 Net changes in Net Assets -1,812,286.02 Net assets at the beginning of the year 49,039,072.12 Net assets at the end of the year 47,226,786.10

DPAM Equities L

Securities portfolio statement as at 31 December 2019


33

Securities portfolio statement as at 31 December 2019 The accompanying notes form an integral part of these Financial St atements.


Investment Quantity CCY Cost

(in EUR) Evaluation value

(in EUR)

% Total Net

Assets

Transferable securities admitted to an official stock exchange or dealt in on another regulated market

Shares & Related Securities

ALCON S.A. 15,000 CHF 805,934.13 756,209.75 0.63%

AMS A.G. 14,000 CHF 547,569.23 505,777.37 0.42%

DUFRY A.G. 6,000 CHF 435,459.71 530,009.20 0.44%

SWISS LIFE HLDG -REG- 1,600 CHF 272,216.61 715,069.00 0.60%

THE SWATCH GROUP A.G. 3,500 CHF 900,419.34 869,365.23 0.73%

UBS GROUP A.G. 111,000 CHF 1,176,584.94 1,248,367.07 1.04%

Total SWISS FRANC

4,138,183.96

4,624,797.62

3.86%

AP MOELLER-MAERSK -A- 550 DKK 601,630.53 664,637.00 0.56%

PANDORA A/S 20,000 DKK 678,716.41 775,644.03 0.65%

Total DANISH KRONE

1,280,346.94

1,440,281.03

1.20%

AEGON N.V. 123,000 EUR 494,332.82 500,241.00 0.42%

AGEAS N.V. 12,000 EUR 481,317.26 632,160.00 0.53%

AIB GROUP PLC 100,000 EUR 319,713.20 310,600.00 0.26%

ALTEN S.A. 6,000 EUR 619,376.39 675,000.00 0.56%

AMUNDI S.A. 8,000 EUR 517,616.47 559,200.00 0.47%

ANHEUSER-BUSCH INBEV 20,000 EUR 1,526,208.66 1,454,200.00 1.21%

ARKEMA 6,000 EUR 513,349.01 568,200.00 0.47%

ASSICURAZIONI GENERALI 53,000 EUR 764,969.54 974,935.00 0.81%

ATOS SE 12,000 EUR 789,637.07 891,840.00 0.74%

AXA 58,000 EUR 1,154,657.65 1,456,380.00 1.22%

BANK OF IRELAND GROUP ORD EUR1 140,000 EUR 649,388.04 683,480.00 0.57%

BASF SE 10,000 EUR 676,504.48 673,500.00 0.56%

BMW-BAYERISCHE MOTOREN WERKE -PRIV- 12,000 EUR 675,396.10 660,600.00 0.55%

BNP PARIBAS S.A. 45,000 EUR 2,336,619.41 2,377,350.00 1.99%

BOUYGUES 22,000 EUR 667,650.89 833,360.00 0.70%

CAPGEMINI SE 9,000 EUR 815,283.18 980,100.00 0.82%

CARREFOUR S.A. 30,000 EUR 481,991.17 448,500.00 0.37%

CASINO GUICHARD-PERRACHON & CIE 7,000 EUR 247,439.99 291,900.00 0.24%

CNH INDUSTRIAL N.V. 82,000 EUR 798,369.33 802,780.00 0.67%

COMPAGNIE DE SAINT-GOBAIN 28,000 EUR 1,075,678.30 1,022,000.00 0.85%

CREDIT AGRICOLE S.A. 100,000 EUR 1,205,992.24 1,292,500.00 1.08%

CRH PLC. 30,000 EUR 919,646.82 1,070,100.00 0.89%

DANONE 23,000 EUR 1,605,704.52 1,699,700.00 1.42%

DIALOG SEMICONDUCTOR PLC 13,000 EUR 551,336.39 586,430.00 0.49%

EDP ENERGIAS -REG- 164,000 EUR 549,896.88 633,696.00 0.53%

EIFFAGE 9,000 EUR 700,451.48 918,000.00 0.77%

ELECTRICITE DE FRANCE 80,000 EUR 1,013,254.01 794,240.00 0.66%

ELIA GROUP 8,000 EUR 603,796.16 632,800.00 0.53%

ELIS S.A. 30,000 EUR 622,468.34 555,000.00 0.46%

ENGIE S.A. 50,000 EUR 731,712.42 720,000.00 0.60%

ESSILOR LUXOTTICA S.A. 8,000 EUR 996,824.04 1,086,400.00 0.91%

EVONIK INDUSTRIES A.G. 25,000 EUR 669,698.40 680,250.00 0.57%

EXOR HLDG N.V. -REG- 12,000 EUR 703,716.54 828,960.00 0.69%

DPAM Equities L



34




(in EUR)

% Total Net

Assets

FIAT CHRYSLER INVESTMENTS N.V. -REG- 66,000 EUR 820,930.51 870,804.00 0.73%

FORTUM OYJ 35,500 EUR 714,498.44 781,000.00 0.65%

FRAPORT A.G. 7,000 EUR 554,097.99 530,460.00 0.44%

FRESENIUS MEDICAL CARE A.G. 12,000 EUR 812,843.22 791,520.00 0.66%

GBL-GROUPE BRUXELLES LAMBERT 7,000 EUR 598,214.97 657,720.00 0.55%

GERRESHEIMER A.G. 18,000 EUR 1,271,030.89 1,242,000.00 1.04%

GLANBIA PLC 90,000 EUR 1,257,569.75 923,400.00 0.77%

HEIDELBERGCEMENT A.G. 6,000 EUR 393,808.70 389,760.00 0.33%

HENKEL 20,000 EUR 2,018,516.20 1,844,000.00 1.54%

IBERDROLA S.A. 160,000 EUR 1,122,474.02 1,468,800.00 1.23%

INGENICO GROUP 6,000 EUR 420,523.94 580,800.00 0.49%

IPSEN 8,000 EUR 849,736.07 632,000.00 0.53%

KION GROUP A.G. 10,000 EUR 594,762.05 615,600.00 0.51%

KLEPIERRE 11,000 EUR 366,856.14 372,350.00 0.31%

KONINKLIJKE PHILIPS N.V. 28,000 EUR 1,153,671.51 1,218,560.00 1.02%

LEONARDO SPA 45,000 EUR 456,302.03 470,250.00 0.39%

MERCK KGAA 13,000 EUR 1,298,229.47 1,369,550.00 1.14%

MERLIN PROPERTIES SOCIMI S.A 22,500 EUR 296,550.00 287,775.00 0.24%

NN GROUP N.V. 22,000 EUR 634,973.72 744,040.00 0.62%

OMV 30,000 EUR 1,407,920.14 1,502,400.00 1.25%

ORANGE 53,000 EUR 687,798.11 695,360.00 0.58%

PERNOD RICARD S.A. 8,000 EUR 1,306,976.58 1,275,200.00 1.07%

PEUGEOT 41,000 EUR 927,197.82 873,300.00 0.73%

PHILIPS LIGHTING N.V. 25,000 EUR 665,301.46 696,500.00 0.58%

PRYSMIAN SpA 41,000 EUR 826,600.79 881,090.00 0.74%

PUBLICIS GROUPE S.A. 10,000 EUR 440,139.11 403,600.00 0.34%

QIAGEN N.V. -REG- 35,000 EUR 1,292,800.77 1,066,100.00 0.89%

RAIFFEISEN BANK INTERNATIONAL A.G. 50,000 EUR 1,134,725.75 1,119,500.00 0.94%

REPSOL YPF S.A. 131,000 EUR 1,897,825.26 1,824,830.00 1.52%

REXEL S.A. 44,500 EUR 590,493.38 527,102.50 0.44%

SAIPEM SpA 250,000 EUR 1,069,951.50 1,089,000.00 0.91%

SANOFI S.A. 35,000 EUR 2,798,977.89 3,136,700.00 2.62%

SAP A.G. 10,000 EUR 1,239,815.53 1,203,200.00 1.01%

SEB SA 5,000 EUR 617,442.97 662,000.00 0.55%

SIEMENS GAMESA RENEWABLE ENERG 50,000 EUR 622,519.52 781,750.00 0.65%

SIEMENS NOM 12,000 EUR 1,167,368.85 1,398,480.00 1.17%

SMURFIT KAPPA GROUP PLC 13,000 EUR 365,364.26 445,380.00 0.37%

SOCIETE BIC 6,000 EUR 454,049.87 372,000.00 0.31%

SOLVAY & CIE 8,000 EUR 845,170.06 826,400.00 0.69%

SPIE S.A. 35,500 EUR 680,448.26 644,680.00 0.54%

TELECOM ITALIA SpA 902,000 EUR 425,872.14 501,872.80 0.42%

TELEFONICA S.A. 131,000 EUR 949,640.23 815,737.00 0.68%

TELEPERFORMANCE 4,000 EUR 848,258.20 869,600.00 0.73%

TOTAL S.A. 74,000 EUR 3,597,003.95 3,640,800.00 3.04%

TUI A.G. -REG- 70,000 EUR 818,038.12 798,000.00 0.67%

UCB 21,000 EUR 1,437,400.69 1,488,900.00 1.24%

UNIBAIL RODAMCO WESTFIELD 4,000 EUR 616,347.37 562,600.00 0.47%

UNICREDIT SpA 164,000 EUR 2,082,027.19 2,135,280.00 1.78%

VIVENDI 27,000 EUR 687,234.37 697,140.00 0.58%

WIENERBERGER A.G. 16,000 EUR 334,012.32 422,720.00 0.35%

DPAM Equities L



35




(in EUR)

% Total Net

Assets

Total EURO 74,950,309.28 77,442,013.30 64.69%

3I GROUP PLC 49,000 GBP 290,466.60 634,944.24 0.53%

ANGLO AMERICAN PLC 50,000 GBP 1,128,240.04 1,282,232.84 1.07%

ASHTEAD GROUP PLC 30,000 GBP 825,262.43 854,664.54 0.71%

ASSOCIATED BRITISH FOODS PLC 35,000 GBP 1,105,777.70 1,073,110.29 0.90%

AVIVA PLC 221,000 GBP 1,253,995.17 1,092,024.55 0.91%

BARCLAYS PLC (NEW) 400,000 GBP 842,874.20 848,008.50 0.71%

BARRATT DEVELOPMENT 135,000 GBP 934,147.47 1,189,484.86 0.99%

BRITISH LAND CO PLC 40,000 GBP 279,595.56 301,551.90 0.25%

CENTRICA PLC NEW 250,000 GBP 262,595.96 263,468.46 0.22%

CINEWORLD GROUP PLC 123,000 GBP 309,703.17 318,042.13 0.27%

EASYJET PLC 32,000 GBP 401,440.18 537,959.52 0.45%

GLAXOSMITHKLINE PLC 120,000 GBP 2,499,595.42 2,519,383.96 2.10%

GVC HLDG PLC 74,000 GBP 573,691.45 772,181.51 0.64%

HIKMA PHARMACEUTICALS PLC 30,000 GBP 703,886.52 704,903.52 0.59%

INCHCAPE PLC 74,000 GBP 622,342.51 616,557.50 0.52%

J.SAINSBURY PLC 197,000 GBP 578,430.09 534,493.42 0.45%

JOHNSON MATTHEY PLC 30,000 GBP 1,023,167.14 1,060,718.71 0.89%

JOHN WOOD GROUP PLC 100,000 GBP 463,756.23 470,289.73 0.39%

KINGFISHER PLC 271,000 GBP 682,306.08 694,010.74 0.58%

LLOYDS BANK PLC GROUP PLC 2,300,000 GBP 1,576,910.20 1,696,465.45 1.42%

MEGGITT PLC 139,000 GBP 891,719.82 1,077,420.19 0.90%

MELROSE INDUSTRIES PLC 385,000 GBP 891,180.75 1,090,912.85 0.91%

PHOENIX GROUP HLDG PLC 55,000 GBP 450,239.64 486,162.74 0.41%

RECKITT BENCKISER GROUP PLC 10,000 GBP 708,974.45 723,313.86 0.60%

STANDARD CHARTERED PLC 140,000 GBP 1,101,957.21 1,177,034.28 0.98%

STANDARD LIFE ABERDEEN PLC 180,000 GBP 562,656.31 696,972.92 0.58%

TATE & LYLE PLC 94,000 GBP 734,919.68 843,320.94 0.70%

TAYLOR WIMPEY PLC 530,000 GBP 1,082,623.21 1,209,677.23 1.01%

VODAFONE GROUP PLC 700,000 GBP 1,521,470.85 1,212,391.57 1.01%

WEIR GROUP PLC 30,000 GBP 493,467.49 534,430.87 0.45%

Total BRITISH POUND

24,797,393.53

26,516,133.82

22.15%

NORSK HYDRO 200,000 NOK 652,859.26 661,817.26 0.55%

ORKLA ASA 139,000 NOK 1,090,851.91 1,253,624.64 1.05%

YARA INTERNATIONAL 22,500 NOK 871,615.70 833,050.31 0.70%

Total NORWEGIAN KRONE

2,615,326.87

2,748,492.21

2.30%

BOLIDEN AB 24,000 SEK 554,388.09 567,581.07 0.47%

ESSITY -B- 50,000 SEK 1,340,226.41 1,436,082.89 1.20%

SWEDISH ORPHAN BIOVITRUM AB 60,000 SEK 1,104,292.16 882,205.99 0.74%

TELEFONAB ERICSSON -B- FRIA 100,000 SEK 824,973.81 776,189.00 0.65%

Total SWEDISH KRONA

3,823,880.47

3,662,058.95

3.06%

AERCAP HLDG N.V. 4,000 USD 178,161.10 219,046.77 0.18%

COCA-COLA EUROPEAN PARTNERS PLC 25,000 USD 1,059,940.63 1,133,184.86 0.95%

NXP SEMICONDUCTORS N.V. 10,000 USD 954,532.38 1,134,342.98 0.95%

DPAM Equities L



36




(in EUR)

% Total Net

Assets

Total U.S. DOLLAR 2,192,634.11 2,486,574.61 2.08%

Total Shares & Related Securities

113,798,075.16

118,920,351.54

99.33% Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market

113,798,075.16

118,920,351.54

99.33%

Total Portfolio

113,798,075.16

118,920,351.54

99.33%

DPAM Equities L



37

EMU Dividend



(in EUR)

% Total Net

Assets



AENA S.A. 7,995 EUR 1,335,865.20 1,363,147.50 1.56%

ALD S.A. 197,815 EUR 2,868,012.96 2,737,759.60 3.13%

ALLIANZ A.G. -REG- 10,170 EUR 2,223,285.15 2,221,128.00 2.54%

ALTAREA 6,508 EUR 1,366,144.44 1,317,870.00 1.50%

AMUNDI S.A. 35,293 EUR 1,757,841.97 2,466,980.70 2.82%

AROUNDTOWN SA 201,050 EUR 1,517,117.44 1,605,183.20 1.83%

ATLANTIA SpA 126,404 EUR 3,490,490.68 2,627,939.16 3.00%

ATRESMEDIA CORP. 164,813 EUR 1,268,332.95 573,878.87 0.66%

CARMILA SAS 77,776 EUR 1,959,825.94 1,555,520.00 1.78%

DEUTSCHE TELEKOM A.G. -REG- 14,999 EUR 204,182.08 218,535.43 0.25%

DOBANK SpA 245,148 EUR 2,504,699.85 3,015,320.40 3.44%

EDP ENERGIAS -REG- 694,228 EUR 2,368,828.27 2,682,496.99 3.06%

ENEL AZ 612,388 EUR 2,908,838.27 4,330,807.94 4.95%

IBERDROLA S.A. 95,177 EUR 878,737.34 873,724.86 1.00%

INTERNATIONAL CONSOLIDATED AIRLINES GROUP 309,078 EUR 1,990,478.52 2,231,543.16 2.55%

KBC GROEP N.V. 54,209 EUR 3,350,139.75 3,635,255.54 4.15%

KONINKLIJKE KPN 1,433,975 EUR 3,759,392.29 3,772,788.23 4.31%

MEDIOBANCA 414,622 EUR 3,980,502.28 4,069,100.31 4.65%

MERCIALYS 82,820 EUR 1,331,174.18 1,021,170.60 1.17%

NN GROUP N.V. 78,559 EUR 2,712,116.37 2,656,865.38 3.03%

NOKIAN TYRES PLC 88,094 EUR 2,645,600.53 2,257,849.22 2.58%

NOS SGPS 723,955 EUR 3,631,489.41 3,474,984.00 3.97%

OMV 65,543 EUR 3,063,060.84 3,282,393.44 3.75%

ROYAL DUTCH SHELL PLC -A- 101,565 EUR 3,004,728.21 2,657,448.23 3.03%

SACYR VALLEHERMOSO S.A. 455,734 EUR 1,188,307.24 1,184,908.40 1.35%

SAMPO OYJ 106,658 EUR 4,135,686.08 4,150,062.78 4.74%

SANOFI S.A. 46,623 EUR 3,022,033.01 4,178,353.26 4.77%

SOLVAY & CIE 17,123 EUR 1,646,778.23 1,768,805.90 2.02%

TERNA SpA 104,871 EUR 556,383.13 624,401.93 0.71%

THE NAVIGATOR CO S.A. 1,082,445 EUR 4,658,449.49 3,883,812.66 4.43%

TIETO EVRY 68,616 EUR 1,728,431.67 1,902,035.52 2.17%

TOTAL S.A. 80,657 EUR 3,376,289.33 3,968,324.40 4.53%

TUI A.G. -REG- 179,924 EUR 2,211,081.65 2,051,133.60 2.34%

UPM-KYMMENE CORP. 48,611 EUR 1,146,170.58 1,502,566.01 1.72%

VALMET OYJ 54,086 EUR 961,079.05 1,155,276.96 1.32%

VAN LANSCHOT KEMPEN N.V. 121,481 EUR 3,034,951.89 2,435,694.05 2.78%

Total EURO

83,786,526.27

85,455,066.23

97.58% Total Shares & Related Securities

83,786,526.27

85,455,066.23


83,786,526.27

85,455,066.23

97.58%

Investment funds

GLOBALWORTH REAL ESTATE INVESTMENT 182,410 EUR 1,630,899.35 1,705,533.50 1.95%

DPAM Equities L



38

EMU Dividend



(in EUR)

% Total Net

Assets

Total EURO 1,630,899.35 1,705,533.50 1.95%

Total Investment funds

1,630,899.35

1,705,533.50

1.95% Other Transferable Securities

PEACHTREE NETWORK -RESTRICTED- 154,487 CAD 2,876.40 0.00 0.00%

Total CANADIAN DOLLAR

2,876.40

0.00

0.00%

EQUADIS S.A. 32,000 CHF 0.00 0.00 0.00%

Total SWISS FRANC

0.00

0.00

0.00%

CASTLEWOOD SYSTEMS INC. 37,500 USD 0.00 0.00 0.00%

Total U.S. DOLLAR

0.00

0.00

0.00% Total Other Transferable Securities

2,876.40

0.00

0.00% Total Portfolio

85,420,302.02

87,160,599.73

99.53%

DPAM Equities L



39

Emerging MSCI Index



(in EUR)

% Total Net

Assets



ABU DHABI COMMERCIAL BANK 300,000 AED 548,350.82 576,258.44 0.09%

ALDAR PROPERTIES P.J.S.C. 270,000 AED 185,596.63 141,445.25 0.02%

DUBAI ISLAMIC BANK P.J.S.C. 180,902 AED 199,407.09 241,749.64 0.04%

EMAAR MALLS GROUP P.J.S.C. 350,000 AED 287,094.95 155,342.40 0.03%

EMAAR PROPERTIES 400,325 AED 824,457.14 390,309.96 0.06%

EMIRATES TELECOMMUNICATIONS CORP. 183,232 AED 733,268.20 727,035.28 0.12%

NATIONAL BANK OF ABU DHABI 320,827 AED 989,729.29 1,179,616.88 0.19%

Total ARAB EMIRATES DIRHAM

3,767,904.12

3,411,757.85

0.55%

AMBEV S.A. 555,000 BRL 3,053,887.71 2,294,729.27 0.37%

ATACADAO S.A. 53,000 BRL 218,038.41 274,067.10 0.04%

B2W COMPANHIA GLOBAL DO VAREJO 20,000 BRL 179,109.92 278,418.78 0.05%

B3 S.A. - BRASIL BOLSA BALCAO 231,513 BRL 1,107,892.01 2,203,103.45 0.36%

BANCO BRADESCO S.A. 133,534 BRL 820,091.07 1,007,530.37 0.16%

BANCO BRADESCO S.A. 434,600 BRL 2,356,484.22 3,481,227.33 0.57%

BANCO BTG PACTUAL S.A. 18,700 BRL 181,578.02 315,276.49 0.05%

BANCO DO BRASIL S.A. 99,900 BRL 751,909.49 1,168,578.90 0.19%

BANCO SANTANDER (BRASIL) S.A. UNITS 50,200 BRL 320,401.52 550,526.85 0.09%

BB SEGURIDADE PARTICIPACOES S.A. 86,400 BRL 757,298.98 721,355.33 0.12%

BRASKEM S.A. 19,000 BRL 210,219.55 125,600.71 0.02%

BRF BRASIL FOODS S.A. 68,300 BRL 1,181,296.46 532,423.87 0.09%

BR MALLS PARTICIPACOES S.A. 86,015 BRL 289,932.78 344,021.90 0.06%

CENTRAIS ELETRICAS BRASILEIRAS 26,000 BRL 207,396.09 220,183.81 0.04%

CIA ENERGETICA DE MINAS GERAIS CMIG 106,082 BRL 476,137.99 323,966.51 0.05%

CIA SIDERURGICA NACIONAL 59,500 BRL 135,412.84 185,925.15 0.03%

CIELO 160,536 BRL 953,680.89 297,571.99 0.05%

COGNA EDUCACAO 126,000 BRL 296,935.99 318,941.42 0.05%

COMPANHIA BRASILEIRA DE DISTRIBUICA 16,000 BRL 362,692.98 310,574.69 0.05%

COMPANHIA DE CONCESSOES RODOVIARIAS 123,500 BRL 655,262.63 519,107.52 0.08%

COMPANHIA DE SANEAMENTO BASICO 36,400 BRL 291,013.26 488,181.60 0.08%

COSAN S.A. 20,000 BRL 208,819.07 308,138.63 0.05%

ELECTROBRAS 25,000 BRL 212,543.44 209,279.15 0.03%

EMBRAER S.A. 67,800 BRL 434,120.74 296,244.93 0.05%

ENERGISA S.A. 19,000 BRL 184,068.58 225,239.73 0.04%

ENGIE BRASIL ENERGIA S.A. 20,375 BRL 205,339.50 229,221.57 0.04%

EQUATORIAL ENERGIA S.A. 90,000 BRL 248,023.05 454,235.41 0.07%

GERDAU S.A. 107,700 BRL 441,664.75 477,023.59 0.08%

HAPVIDA PARTICIPACOES -E- INVESTIMENT 14,000 BRL 172,060.63 198,117.59 0.03%

HYPERA S.A. 41,000 BRL 258,903.05 324,059.35 0.05%

IRB BRASIL RESSEGUROS S.A. 75,000 BRL 407,638.00 646,938.32 0.11%

ITAUSA INVESTIMENTOS I S.A. 470,507 BRL 1,023,860.32 1,468,152.73 0.24%

ITAU UNIBANCO HLDG SA. 545,210 BRL 3,132,079.69 4,479,524.08 0.73%

JBS S.A. 114,100 BRL 313,374.89 651,927.80 0.11%

KLABIN S.A. CTF DE DEPOSITO DE ACOES 68,300 BRL 264,913.38 278,463.74 0.05%

LOCALIZA RENT -A- CAR S.A. 73,574 BRL 335,897.59 772,476.94 0.13%

LOJAS AMERICANAS S.A. PFUND 83,300 BRL 350,187.56 477,976.53 0.08%

DPAM Equities L



40

Emerging MSCI Index



(in EUR)

% Total Net

Assets

LOJAS RENNER S.A. 97,284 BRL 369,753.07 1,210,583.09 0.20%

MAGAZINE LUIZA S.A. 72,000 BRL 226,514.70 760,580.22 0.12%

MULTIPLAN EMPREENDIMENTOS IMOBILIAR 45,546 BRL 275,527.30 333,866.15 0.05%

NATURA & CO HLDG S.A. 45,200 BRL 355,424.74 387,085.37 0.06%

NOTRE DAME INTERMEDICA PARTICIPACOE 45,000 BRL 478,429.24 680,157.24 0.11%

PETROBRAS DISTRIBUIDORA S.A. 144A 80,000 BRL 399,854.63 532,742.77 0.09%

PETROLEO BRASILEIRO S.A. 448,100 BRL 2,581,770.52 2,994,941.42 0.49%

PETROLEO BRASILEIRO S.A. -PREF-S.A. 330,000 BRL 1,717,804.61 2,338,611.45 0.38%

PORTO SEGURO S.A. 15,000 BRL 199,572.52 208,415.46 0.03%

RAIA DROGASIL S.A. 21,000 BRL 139,387.20 519,198.32 0.08%

RUMO S.A. 120,000 BRL 278,645.66 693,610.90 0.11%

SUL AMERICA SA 18,000 BRL 85,123.85 238,857.27 0.04%

SUZANO S.A. 71,947 BRL 184,270.22 632,234.96 0.10%

TELEFONICA BRASIL S.A. 48,000 BRL 750,085.38 616,330.42 0.10%

TIM PARTICIPACOES S.A. 75,300 BRL 288,245.19 261,311.26 0.04%

ULTRAPAR PARTICIPACOES S.A. 91,600 BRL 819,338.52 516,879.19 0.08%

VALE S.A. 358,206 BRL 3,950,391.38 4,228,187.31 0.69%

WEG S.A. 104,988 BRL 330,399.70 805,865.15 0.13%

Total BRAZILIAN REAL

36,430,705.48

45,417,791.08

7.38%

AGUAS ANDINAS S.A. -A- 344,282 CLP 173,301.29 130,115.69 0.02%

BANCO DE CHILE 5,000,000 CLP 555,703.01 472,120.64 0.08%

BANCO DE CREDITO E INVERSIONES S.A. -CAP- 5,531 CLP 220,907.68 223,451.21 0.04%

BANCO SANTANDER CHILE 8,318,256 CLP 390,523.84 423,765.31 0.07%

CENCOSUD S.A. 144,830 CLP 410,368.07 169,870.67 0.03%

CERVEZAS 15,313 CLP 144,198.08 133,706.47 0.02%

COLBUN S.A. 1,029,495 CLP 198,898.88 146,362.61 0.02%

EMBOTELLADORA ANDINA S.A. PREF -B- 40,000 CLP 130,978.39 103,262.32 0.02%

EMPRESA NACIONAL DE TELECOMUNICACIONES S.A.CIO 18,365 CLP 213,019.50 116,360.88 0.02%

EMPRESAS CMPC S.A. 170,000 CLP 368,180.68 370,588.05 0.06%

EMPRESAS COPEC S.A. 39,156 CLP 401,402.35 313,131.50 0.05%

ENEL AMERICAS S.A 4,859,208 CLP 503,855.86 961,405.55 0.16%

ENEL CHILE S.A. 2,049,695 CLP 193,653.72 171,199.71 0.03%

FALABELLA SOCIEDAD ANOMINA COMERCIA 92,865 CLP 663,841.82 356,579.00 0.06%

ITAU CORPBANCA 9,490,386 CLP 71,835.04 49,022.45 0.01%

LATAM AIRLINES GROUP S.A. 36,709 CLP 386,193.72 328,137.95 0.05%

SOCIEDAD QUIMICA Y MINERA DE CHILE 11,304 CLP 247,651.84 269,320.17 0.04%

Total CHILEAN PESO

5,274,513.77

4,738,400.18

0.77%

BANCOLOMBIA ORD 20,000 COP 186,877.76 238,904.25 0.04%

BANCOLOMBIA S.A. BANCOLOMBIA PFUND 48,000 COP 447,489.93 596,826.25 0.10%

ECOPETROL S.A. 611,419 COP 809,290.26 550,254.58 0.09%

GRUPO ARGOS S.A. 47,670 COP 399,465.38 230,359.62 0.04%

GRUPO AVAL ACCIONES Y VALORES GRUPO 630,000 COP 338,431.13 249,709.24 0.04%

INTERCONEXION ELECTRICA S.A. ESP 55,956 COP 206,970.28 297,744.63 0.05%

Total COLOMBIAN PESO

2,388,524.74

2,163,798.57

0.35%

CESKE ENERGETICKE ZAVODY A.S. (CEZ) 15,598 CZK 276,753.10 312,708.78 0.05%

KOMERCNI BANKA A.S. 11,040 CZK 392,173.59 360,339.97 0.06%

DPAM Equities L



41

Emerging MSCI Index



(in EUR)

% Total Net

Assets

MONETA MONEY BANK AS 60,000 CZK 196,182.58 200,676.79 0.03%

Total CZECH KORUNA

865,109.27

873,725.54

0.14%

ALPHA BANK AE 208,104 EUR 617,175.44 400,183.99 0.07%

EUROBANK HLDG S.A. 240,000 EUR 203,820.00 220,800.00 0.04%

GRUPO DE INVERSIONES SURAMERICANA 26,741 EUR 385,695.22 246,937.09 0.04%

HELLENIC TELECOMMUNICATIONS 27,000 EUR 253,543.85 385,020.00 0.06%

JUMBO S.A. 6,837 EUR 69,648.52 126,826.35 0.02%

MOTOR OIL HELLAS CORINTH REFINERIES 10,000 EUR 204,341.00 206,200.00 0.03%

NATIONAL BANK OF GREECE S.A. 55,000 EUR 162,003.99 166,100.00 0.03%

NEPI ROCKCASTLE PLC 50,000 EUR 577,002.46 402,500.00 0.07%

OPAP S.A. 33,000 EUR 333,880.00 382,470.00 0.06%

REINET INVESTMENTS SCA 14,000 EUR 225,604.30 243,600.00 0.04%

Total EURO

3,032,714.78

2,780,637.43

0.45%

POLYMETAL INTERNATIONAL PLC 25,000 GBP 233,537.43 352,569.78 0.06%

Total BRITISH POUND

233,537.43

352,569.78

0.06%

3SBIO INC. 110,000 HKD 196,493.26 127,025.14 0.02%

AAC TECHNOLOGIES HLDG INC. 90,000 HKD 305,965.69 699,724.45 0.11%

AGILE PROPERTY HLDG LTD 160,000 HKD 216,519.37 214,399.23 0.03%

AGRICULTURAL BANK OF CHINA -H- 3,320,000 HKD 1,215,335.91 1,301,990.56 0.21%

AIR CHINA LTD 196,000 HKD 134,199.85 177,258.96 0.03%

ALIBABA HEALTH INFO TECHNOLOGY 370,000 HKD 216,933.73 380,732.42 0.06%

ALIBABA PICTURES GROUP LTD 1,800,000 HKD 442,001.02 281,947.80 0.05%

ALUMINUM CORPORATION OF CHINA LTD 600,000 HKD 334,236.48 183,163.17 0.03%

ANHUI CONCH CEMENT CO LTD -H- 140,000 HKD 414,972.44 909,184.46 0.15%

ANTA SPORTS PRODUCTS LTD 117,000 HKD 175,972.56 933,051.69 0.15%

AVICHINA INDUSTRY & TECHNOLOGY -H- 399,000 HKD 283,816.16 160,123.71 0.03%

BAIC MOTOR CORP. LTD -H- 250,000 HKD 184,617.23 126,339.14 0.02%

BANK OF CHINA LTD -H- 8,746,000 HKD 3,086,493.52 3,329,885.78 0.54%

BANK OF COMMUNICATIONS CO LTD 968,000 HKD 546,381.84 613,141.56 0.10%

BBMG -H- CORP. 400,000 HKD 131,315.85 109,303.36 0.02%

BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD 238,000 HKD 123,488.86 205,446.87 0.03%

BEIJING ENTERPRISES HLDG LTD 48,500 HKD 281,124.78 198,240.97 0.03%

BEIJING ENTERPRISES WATER GROUP LTD 648,000 HKD 275,205.62 291,908.58 0.05%

BOC AVIATION LTD 15,000 HKD 80,163.73 135,914.62 0.02%

BRILLIANCE CHINA AUTOMOTIVE HLDG 372,000 HKD 443,044.39 343,660.75 0.06%

BYD CO -H- 84,000 HKD 334,498.50 373,117.78 0.06%

CGN POWER CO LTD -H- 1,300,000 HKD 492,122.53 309,159.30 0.05%

CHINA AGRI-INDUSTRIES HLDG LTD 400,000 HKD 135,892.58 188,879.87 0.03%

CHINA CINDA ASSET MANAGEMENT CO LTD 1,290,000 HKD 610,971.35 261,058.96 0.04%

CHINA CITIC BANK CORP. 993,000 HKD 480,382.72 530,202.49 0.09%

CHINA COMMUNICATION -H- 544,000 HKD 365,941.52 394,955.58 0.06%

CHINA COMMUNICATIONS SERVICES -H- 226,000 HKD 122,433.87 146,768.35 0.02%

CHINA CONCH VENTURE HLDG LTD 200,000 HKD 432,275.35 777,471.62 0.13%

CHINA CONSTRUCTION BANK CORP. 10,400,000 HKD 6,862,428.77 8,002,469.62 1.30%

CHINA COSCO -H- 400,000 HKD 193,578.12 144,518.25 0.02%

CHINA EASTERN AIRLINES CORP. 200,000 HKD 105,528.25 98,784.63 0.02%

DPAM Equities L



42

Emerging MSCI Index



(in EUR)

% Total Net

Assets

CHINA EVERBRIGHT BANK CO LTD -H- 169,000 HKD 72,138.95 69,947.29 0.01%

CHINA EVERBRIGHT INTERNATIONAL 446,000 HKD 381,500.49 318,706.20 0.05%

CHINA EVERBRIGHT LTD 142,000 HKD 141,938.86 236,387.96 0.04%

CHINA EVERGRANDE GROUP 253,000 HKD 237,472.29 624,812.78 0.10%

CHINA FIRST CAPITAL GROUP LTD 250,000 HKD 215,635.50 7,717.55 0.00%

CHINA GALAXY SECURITIES CO LTD 330,000 HKD 355,053.45 173,181.80 0.03%

CHINA GAS HLDG LTD 192,000 HKD 216,390.76 641,002.48 0.10%

CHINA HONGQIAO GROUP LTD 300,000 HKD 164,885.39 161,211.03 0.03%

CHINA HUARONG ASSET MANAGEMENT CO L 1,450,000 HKD 485,207.92 203,914.80 0.03%

CHINA INTERNATIONAL CAPITAL CORP. 100,000 HKD 181,506.92 171,729.76 0.03%

CHINA JINMAO HLDG GROUP LTD 698,000 HKD 177,505.63 484,417.41 0.08%

CHINA LIFE INSURANCE CO LTD 812,000 HKD 1,738,832.80 2,009,969.93 0.33%

CHINA LITERATURE LTD 23,000 HKD 188,259.79 85,464.71 0.01%

CHINA LONGYUAN POWER -H- GROUP CORP. 302,000 HKD 240,618.91 170,227.41 0.03%

CHINA MEDICAL SYSTEM HLDG LTD 210,000 HKD 282,857.15 269,393.92 0.04%

CHINA MENGNIU DAIRY 316,000 HKD 538,040.80 1,138,081.25 0.18%

CHINA MERCHANTS BANK CO LTD -H- 435,000 HKD 720,084.04 1,991,899.43 0.32%

CHINA MERCHANTS PORT HLDG CO LTD 187,000 HKD 488,429.17 281,794.59 0.05%

CHINA MINSHENG BANKING CORP. -H- 684,740 HKD 422,750.93 461,122.83 0.07%

CHINA MOBILE LTD 673,000 HKD 5,681,536.77 5,040,016.92 0.82%

CHINA MOLYBDENUM CO LTD 390,000 HKD 188,135.79 148,931.55 0.02%

CHINA NATIONAL BUILDING MATERIAL 496,000 HKD 361,987.26 493,374.34 0.08%

CHINA OILFIELD SERVICES -H- 200,000 HKD 244,597.00 279,432.45 0.05%

CHINA OVERSEAS LAND & INVESTMENT 450,000 HKD 989,906.13 1,561,517.44 0.25%

CHINA PACIFIC INSURANCE CO LTD 313,600 HKD 850,879.96 1,100,753.46 0.18%

CHINA PETROLEUM & CHEMICAL CORP. -H- 2,742,000 HKD 1,719,772.45 1,470,333.74 0.24%

CHINA POWER INTERNATIONAL DEVELOPMENT LTD 900,000 HKD 168,346.66 171,844.09 0.03%

CHINA RAILWAY CONSTRUCTION CORP. LTD 305,500 HKD 225,820.13 297,944.85 0.05%

CHINA RAILWAY GROUP LTD -H- 472,000 HKD 228,154.46 259,574.91 0.04%

CHINA RAILWAY SIGNAL & COMM -H- 300,000 HKD 182,067.93 149,205.95 0.02%

CHINA REINSURANCE CORP. CO-H 1,000,000 HKD 191,685.90 146,347.60 0.02%

CHINA RESOURCES BEER HLDG CO LTD 164,000 HKD 343,165.33 808,158.88 0.13%

CHINA RESOURCES CEMENT HLDG LTD 200,000 HKD 202,796.13 226,838.78 0.04%

CHINA RESOURCES GAS GROUP LTD 110,000 HKD 221,292.92 538,284.76 0.09%

CHINA RESOURCES LAND LTD 320,000 HKD 640,910.76 1,419,571.70 0.23%

CHINA RESOURCES PHARMACEUTICAL 185,000 HKD 190,693.80 152,927.52 0.02%

CHINA RESOURCES POWER HLDG CO 272,000 HKD 472,485.69 340,221.58 0.06%

CHINA SHENHUA ENERGY CO 436,900 HKD 934,220.79 813,227.54 0.13%

CHINA SOUTHERN AIRLINES CO LTD 234,000 HKD 199,266.95 140,191.85 0.02%

CHINA STATE CONSTRUCTION INTERNATIONAL HLDG 236,000 HKD 281,773.77 191,038.50 0.03%

CHINA TAIPING INSURANCE HLDG 167,600 HKD 372,681.21 370,217.35 0.06%

CHINA TELECOM CORP. LTD 1,700,000 HKD 716,417.39 623,920.97 0.10%

CHINA TOWER CORP. LTD -H- 4,800,000 HKD 675,540.46 943,942.01 0.15%

CHINA TRADITIONAL CHINESE MEDICINE 270,000 HKD 213,331.00 116,071.94 0.02%

CHINA UNICOM HONG KONG LTD 750,000 HKD 840,835.63 629,409.01 0.10%

CHINA VANKE CO LTD -H- 130,000 HKD 335,622.88 494,208.98 0.08%

CHINA ZHONGWANG HLDG LTD 300,000 HKD 138,807.03 106,673.68 0.02%

CHONGQING RURAL COMMERCIAL 220,000 HKD 126,047.62 100,110.90 0.02%

CIFI HLDG GROUP CO LTD 314,948 HKD 208,281.61 237,301.18 0.04%

CITIC PACIFIC LTD 724,000 HKD 988,169.12 862,545.30 0.14%

CITIC SECURITIES CO LTD -H- 240,000 HKD 565,913.71 487,886.31 0.08%

DPAM Equities L



43

Emerging MSCI Index



(in EUR)

% Total Net

Assets

CNOOC LTD 1,986,000 HKD 2,825,319.91 2,942,794.10 0.48%

COSCO SHIPPING PORTS LTD 121,181 HKD 117,991.28 88,395.64 0.01%

COUNTRY GARDEN HLDG CO LTD 892,133 HKD 761,990.86 1,272,974.84 0.21%

COUNTRY GARDEN SERVICES HLDG CO 120,000 HKD 176,916.70 360,152.29 0.06%

CRRC CORP. LTD 492,000 HKD 437,134.45 319,513.39 0.05%

CSPC PHARMACEUTICAL GROUP LTD 526,000 HKD 566,112.37 1,117,395.93 0.18%

DALI FOODS GROUP CO LTD 300,000 HKD 199,617.73 197,912.26 0.03%

DATANG INTERNATIONAL POWER GENERATION CO LTD 500,000 HKD 123,300.88 85,178.88 0.01%

DONGFENG MOTOR GP -H- 396,000 HKD 407,469.37 331,875.19 0.05%

ENN ENERGY HLDG LTD 88,000 HKD 394,129.00 856,727.99 0.14%

FAR EAST HORIZON LTD 280,000 HKD 212,786.79 233,698.82 0.04%

FOSUN INTERNATIONAL LTD 314,000 HKD 266,474.57 407,834.17 0.07%

FUYAO GLASS INDUSTRY GROUP CO LTD 56,000 HKD 201,561.69 152,704.57 0.02%

GEELY AUTOMOBILE HLDG LTD 545,000 HKD 202,505.19 949,635.85 0.15%

GENSCRIPT BIOTECH CORP. 80,000 HKD 257,226.25 161,897.03 0.03%

GF SECURITIES CO LTD UNITARY 14 173,200 HKD 444,823.97 187,927.24 0.03%

GOME RETAIL HLDG LTD 1,964,000 HKD 243,589.70 161,677.51 0.03%

GREAT WALL MOTOR CO 466,000 HKD 576,740.85 306,890.91 0.05%

GREENTOWN SERVICE GROUP CO LTD 150,000 HKD 149,221.68 145,947.43 0.02%

GUANGDONG INVESTMENT LTD 310,000 HKD 287,851.55 577,730.01 0.09%

GUANGZHOU AUTOMOBILE GROUP CO LTD 380,800 HKD 211,004.45 422,322.58 0.07%

GUANGZHOU -H- TEMPORARY 150,000 HKD 164,202.20 246,618.57 0.04%

GUOTAI JUNAN SECURITIES CO LTD -H- 120,000 HKD 217,457.01 189,337.21 0.03%

HAIER ELECTRONICS GROUP CO LTD 162,000 HKD 238,950.06 451,013.57 0.07%

HAITIAN INTERNATIONAL HLDG LTD 80,000 HKD 131,626.31 172,690.17 0.03%

HAITONG SECURITIES CO LTD 383,200 HKD 673,439.95 403,516.00 0.07%

HENGAN INTERNATIONAL GROUP CO LTD S 82,000 HKD 702,862.56 520,334.31 0.08%

HUA HONG SEMICONDUCTOR LTD 60,000 HKD 148,128.82 121,559.97 0.02%

HUANENG POWER INTERNATIONAL INC. 648,000 HKD 546,510.83 291,908.58 0.05%

HUANENG RENEWABLES CORP. LTD -H- 600,000 HKD 262,443.41 207,859.32 0.03%

HUATAI SECURITIES CO LTD UNITAR 230,000 HKD 548,478.44 362,370.37 0.06%

INDUST. & COMMERC. BANK OF CHINA LTD 7,250,000 HKD 3,845,078.70 4,973,531.66 0.81%

INNOVENT BIOLOGICS INC. 70,000 HKD 236,358.89 212,489.85 0.03%

JIANGSU EXPRESSWAY CO LTD -H- 106,000 HKD 101,372.57 129,435.30 0.02%

JIANGXI COPPER CO LTD -H- 193,000 HKD 213,267.80 236,552.60 0.04%

KINGBOARD HLDG LTD 88,000 HKD 388,098.35 248,516.52 0.04%

KINGBOARD LAMINATES HLDG LTD 160,000 HKD 182,604.30 176,714.73 0.03%

KINGDEE INTERNATIONAL SOFTWARE GROUP 200,000 HKD 176,483.23 178,132.47 0.03%

KINGSOFT CORP. LTD 73,000 HKD 167,183.53 168,597.01 0.03%

KUNLUN ENERGY CO LTD 420,000 HKD 362,256.22 330,379.70 0.05%

KWG GROUP HLDG LTD 160,000 HKD 189,978.71 199,764.47 0.03%

LEE & MAN PAPER MANUFACTURING LTD 200,000 HKD 185,186.93 134,914.19 0.02%

LEGEND HLDG LTD -H- 65,000 HKD 179,616.52 131,392.70 0.02%

LENOVO GROUP 751,000 HKD 662,104.60 449,073.32 0.07%

LI NING CO LTD 200,000 HKD 294,579.64 533,940.07 0.09%

LOGAN PROPERTY HLDG CO LTD 160,000 HKD 207,185.65 239,278.32 0.04%

LONGFOR GROUP HLDG LTD 200,000 HKD 225,940.74 834,638.65 0.14%

LUYE PHARMACEUTICAL GROUP LTD 200,000 HKD 185,737.02 133,542.18 0.02%

MEITUAN DIANPING B 114,000 HKD 831,038.28 1,328,173.06 0.22%

METALLURGICAL CORP. OF CHINA -H- 500,000 HKD 126,138.14 100,042.30 0.02%

NEW CHINA LIFE INSURANCE CO LTD 110,900 HKD 351,159.05 424,768.19 0.07%

DPAM Equities L



44

Emerging MSCI Index



(in EUR)

% Total Net

Assets

NEXTEER AUTOMOTIVE GROUP LTD 100,000 HKD 141,978.23 80,719.85 0.01%

NINE DRAGONS PAPER LTD 228,000 HKD 142,975.14 211,152.14 0.03%

PETROCHINA CO LTD 2,348,000 HKD 1,998,151.08 1,049,664.43 0.17%

PICC PROPERTY & CASUALTY CO 698,940 HKD 559,517.42 750,379.77 0.12%

PING AN HEALTHCARE & TECHNOLOGY 30,000 HKD 179,792.88 194,996.74 0.03%

PING AN INSURANCE -H- 617,000 HKD 2,447,005.62 6,497,113.06 1.06%

POSTAL SAVINGS BANK OF CHINA -H- 880,000 HKD 481,736.36 533,254.06 0.09%

SEAZEN GROUP LTD 290,000 HKD 195,718.01 314,327.20 0.05%

SEMICONDUCTOR MANUFTNG INTERNATIONAL CORP. 420,000 HKD 341,584.22 573,362.45 0.09%

SHANDONG WEIGAO GROUP MEDICAL -H- 236,000 HKD 187,666.38 252,019.71 0.04%

SHANGHAI ELECTRIC GROUP CO LTD 216,000 HKD 90,917.66 63,222.16 0.01%

SHANGHAI FOSUN PHARMACEUTICAL 68,000 HKD 285,410.52 182,705.83 0.03%

SHANGHAI INDUSTRIAL HLDG LTD 43,000 HKD 106,898.66 73,745.47 0.01%

SHANGHAI INDUSTRIAL URBAN DEVELOPMENT GROUP 43,000 HKD 0.00 4,818.04 0.00%

SHANGHAI PHARMACEUTICAL HLDG CO -H- 102,700 HKD 176,168.12 178,010.36 0.03%

SHENZHEN INTERNATIONAL HLDG LTD 140,337 HKD 260,390.02 274,695.52 0.04%

SHENZHOU INTERNATIONAL GROUP LTD 82,000 HKD 303,184.74 1,067,857.27 0.17%

SHIMAO PROPERTY HLDG LTD 116,500 HKD 200,362.58 402,261.53 0.07%

SHUI ON LAND LTD 600,000 HKD 120,528.30 117,306.75 0.02%

SINO BIOPHARM LTD 721,000 HKD 178,528.42 898,539.95 0.15%

SINO OCEAN GROUP HLDG LTD 488,000 HKD 221,052.47 174,638.42 0.03%

SINOPEC ENGINEERING CO LTD 230,000 HKD 212,771.33 122,543.25 0.02%

SINOPEC SHANGHAI PETROCHEMICAL CO 420,000 HKD 206,435.46 112,847.72 0.02%

SINOPHARMACEUTICAL GROUP CO LTD -H- 151,000 HKD 327,027.99 491,173.41 0.08%

SINOTRANS LTD 400,000 HKD 195,333.94 121,194.10 0.02%

SOHO CHINA LTD 380,000 HKD 239,910.89 127,734.01 0.02%

SSY GROUP LTD 210,000 HKD 193,347.67 151,504.06 0.02%

SUNAC CHINA HLDG LTD 290,000 HKD 618,878.76 1,543,452.66 0.25%

SUN ART RETAIL GROUP LTD 271,500 HKD 270,105.99 293,344.04 0.05%

SUNNY OPTICAL TECHNOLOGY CO LTD 77,000 HKD 503,821.30 1,187,622.19 0.19%

TENCENT HOLDINGS LTD 625,000 HKD 8,929,136.16 26,839,920.88 4.36%

THE PEOPLE'INSURANCE CO 1,002,000 HKD 355,263.96 371,183.24 0.06%

THE WHARF HLDG LTD 90,000 HKD 187,555.47 203,949.10 0.03%

TINGYI (CAYMAN ISLANDS) HLDG CORP. 268,000 HKD 527,765.09 407,532.33 0.07%

TRAVELSKY TECHNOLOGY LTD 136,000 HKD 265,795.61 295,750.20 0.05%

TSINGTAO BREWERY CO LTD -H- 40,000 HKD 223,809.24 239,415.52 0.04%

UNI-PRESIDENT CHINA HLDG LTD 190,000 HKD 192,776.52 177,698.00 0.03%

WANT WANT CHINA HLDG LTD 579,000 HKD 567,599.72 481,931.79 0.08%

WEICHAI POWER CO LTD 216,000 HKD 191,112.36 406,004.82 0.07%

WUXI APPTEC CO LTD -H- 15,000 HKD 161,517.71 165,755.81 0.03%

WUXI BIOLOGICS (CAYMAN) INC. 75,000 HKD 709,195.05 845,929.14 0.14%

XIAOMI CORP-B 900,000 HKD 1,025,331.00 1,109,269.06 0.18%

XINYI SOLAR HLDG LTD 433,357 HKD 132,109.92 273,997.49 0.04%

YANZHOU COAL MINING CO LTD -H- 128,000 HKD 88,776.15 102,443.32 0.02%

YIHAI INTERNATIONAL HOLDING 45,000 HKD 98,846.01 235,128.00 0.04%

YUEXIU PROPERTY CO LTD 1,100,000 HKD 213,660.21 226,381.44 0.04%

ZHAOJIN MINING INDUSTRY CO LTD 200,000 HKD 131,334.05 196,883.25 0.03%

ZHEJIANG EXPRESSWAY 235,000 HKD 160,917.04 190,766.38 0.03%

ZHONGAN ONLINE P&C INSURANCE CO 30,000 HKD 172,682.56 96,383.61 0.02%

ZHONGSHENG GROUP HLDG LTD 75,000 HKD 206,993.62 273,544.24 0.04%

ZHUZHOU CRRC TIMES ELECTRIC CO LTD 72,000 HKD 178,253.21 232,143.88 0.04%

DPAM Equities L



45

Emerging MSCI Index



(in EUR)

% Total Net

Assets

ZIJIN MINING GROUP -H- 478,000 HKD 83,700.11 212,048.52 0.03%

ZTE CORP. -H- 82,400 HKD 226,308.43 224,693.87 0.04%

Total HONG KONG DOLLAR

94,401,466.90

129,440,070.87

21.03%

GEDEON RICHTER 19,000 HUF 297,539.73 368,555.53 0.06%

MOL HUNGARIAN OIL & GAS PLC 40,008 HUF 259,460.42 355,669.68 0.06%

OTP BANK PLC 26,027 HUF 470,456.67 1,214,346.74 0.20%

Total HUNGARIAN FORINT

1,027,456.82

1,938,571.95

0.31%

ADARO ENERGY TBK 2,300,000 IDR 146,089.84 229,511.36 0.04%

ASTRA INTERNATIONAL TBK 2,210,000 IDR 945,984.50 982,105.20 0.16%

BANK CENTRAL ASIA TBK 1,090,000 IDR 806,434.89 2,337,996.60 0.38%

BANK MANDIRI PT TBK 2,196,000 IDR 657,568.38 1,081,575.10 0.18%

BANK RAKYAT INDONESIA -B- 6,100,000 IDR 780,782.18 1,722,378.01 0.28%

CHAROEN POKPHAND INDONESIA TBK 600,500 IDR 150,767.47 250,479.58 0.04%

GUDANG GARAM TBK 76,500 IDR 206,273.92 260,185.61 0.04%

INDAH KIAT PULP & PAPER CORP. 350,000 IDR 397,925.04 172,943.69 0.03%

INDOCEMENT TUNGGAL PRAKARSA 241,500 IDR 323,072.93 294,840.92 0.05%

INDOFOOD CBP SUKSES MAKMUR TBK 237,100 IDR 85,477.73 169,649.42 0.03%

INDOFOOD SUKSES MAKMUR 708,500 IDR 302,950.52 360,317.28 0.06%

JASA MARGA SERIES -B- 313,256 IDR 103,351.47 104,029.31 0.02%

KALBE FARMA TBK 2,228,300 IDR 204,903.04 231,651.24 0.04%

PT BANK NEGARA INDONESIA 911,100 IDR 290,345.63 458,967.22 0.07%

PT HANJAYA MANDALA SAMPOERNA TBK 875,000 IDR 244,351.04 117,916.15 0.02%

PT PABRIK KERTAS TJIWI KIMIA TBK 240,000 IDR 173,504.67 158,248.29 0.03%

PT PERUSAHAAN GAS NEGARA TBK 1,858,000 IDR 654,555.92 258,732.75 0.04%

PT SEMEN GRESIK TBK 276,600 IDR 266,968.01 212,999.89 0.03%

PT TELEKOMUNIKASI INDONESIA -B- 5,491,100 IDR 828,310.67 1,398,929.48 0.23%

PT UNILEVER INDONESIA TBK 184,800 IDR 366,153.72 498,077.84 0.08%

PT UNITED TRACTORS TBK 237,000 IDR 323,837.48 327,368.94 0.05%

Total INDONESIAN RUPIAH

8,259,609.05

11,628,903.88

1.89%

ADANI PORTS AND SPECIAL ECON 73,100 INR 399,520.16 333,923.27 0.05%

AMBUJA CEMENTS LTD 70,100 INR 199,414.66 171,702.22 0.03%

ASIAN PAINTS LTD 33,900 INR 601,329.56 755,220.85 0.12%

AUROBINDO PHARMACEUTICAL LTD 31,000 INR 248,425.85 176,759.82 0.03%

AVENUE SUPERMARTS LTD 14,700 INR 248,352.62 337,282.46 0.05%

AXIS BANK LTD 236,000 INR 2,349,679.75 2,221,207.66 0.36%

BAJAJ AUTO LTD 9,900 INR 379,687.42 393,605.38 0.06%

BAJAJ FINANCE LTD 20,400 INR 903,378.05 1,078,216.97 0.18%

BAJAJ FINSERV LTD 4,500 INR 468,962.15 527,571.39 0.09%

BANDHAN BANK LTD 50,000 INR 315,403.41 317,172.56 0.05%

BHARAT PETROLEUM CORP. LTD 76,600 INR 390,263.14 469,942.46 0.08%

BHARTI AIRTEL LTD 241,300 INR 1,091,629.59 1,372,713.36 0.22%

BOSCH LTD 800 INR 177,178.51 153,511.89 0.02%

BRITANNIA INDUSTRIES LTD 6,800 INR 252,959.20 256,971.12 0.04%

CIPLA LTD 40,800 INR 293,142.00 243,510.65 0.04%

COAL INDIA LTD 145,000 INR 498,561.40 382,488.58 0.06%

CONTAINER CORP. OF INDIA LTD 24,400 INR 164,017.70 174,163.90 0.03%

DPAM Equities L



46

Emerging MSCI Index



(in EUR)

% Total Net

Assets

DABUR INDIA -DIS- 62,300 INR 322,059.54 356,435.44 0.06%

DIVI S LABORATORIES LTD 9,400 INR 190,465.09 216,551.26 0.04%

DR REDDY'S LABORATORIES LTD 13,500 INR 460,261.27 484,341.69 0.08%

EICHER MOTORS LTD 1,600 INR 412,021.49 449,619.33 0.07%

GAIL (INDIA) LTD -DIS- 185,800 INR 377,057.22 280,710.54 0.05%

GODREJ CONSUMER PRODUCTS LTD 42,100 INR 371,926.57 359,695.90 0.06%

GRASIM INDUSTRIES LTD 34,800 INR 388,030.61 322,995.18 0.05%

HAVELLS INDIA LTD 29,400 INR 294,624.67 237,465.49 0.04%

HCL TECHNOLOGIES LTD DEMATERIAL 152,600 INR 1,054,819.23 1,082,000.70 0.18%

HDFC ASSET MANAGEMENT CO LTD -R- 4,000 INR 181,836.50 159,741.39 0.03%

HDFC LIFE INSURANCE CO LTD 60,000 INR 435,944.41 468,822.55 0.08%

HERO MOTOCORP LTD 10,000 INR 350,750.60 304,916.25 0.05%

HINDALCO INDUSTRIES LTD -DEMAT- 137,400 INR 343,543.72 370,672.35 0.06%

HINDUSTAN PETROLEUM CORP. LTD 71,700 INR 283,223.45 236,697.16 0.04%

HINDUSTAN UNILEVER LTD 71,400 INR 1,637,430.99 1,713,664.16 0.28%

HOUSING DEVELOPMENT FINANCE CORP. 185,400 INR 5,116,347.73 5,582,571.20 0.91%

ICICI BANK LTD 525,470 INR 3,053,199.84 3,534,307.47 0.57%

ICICI LOMBARD GENERAL INSURANCE COM 16,000 INR 240,579.55 276,937.67 0.04%

ICICI PRUDENTIAL LIFE INSURANCE COM 30,000 INR 188,611.25 180,643.27 0.03%

INDIAN OIL CORP. LTD 221,500 INR 464,471.14 347,087.25 0.06%

INFO EDGE -D- LTD 5,500 INR 180,525.39 173,676.08 0.03%

INFOSYS TECHNOLOGIES 366,200 INR 3,417,800.20 3,341,742.97 0.54%

INTERGLOBE AVIATION LTD 10,900 INR 233,572.15 181,419.52 0.03%

ITC LTD -DIS- 403,600 INR 1,431,008.21 1,197,370.51 0.19%

JSW STEEL LTD 99,500 INR 340,584.92 335,363.26 0.05%

LARSEN & TOUBRO LTD 54,000 INR 1,039,160.90 874,950.70 0.14%

LIC HOUSING FINANCE LTD 35,000 INR 250,609.13 189,651.41 0.03%

LUPIN LTD 26,100 INR 245,273.59 248,696.30 0.04%

MAHINDRA & MAHINDRA FINANCIAL SERV 35,600 INR 190,302.45 143,271.76 0.02%

MAHINDRA-MAHINDRA LTD 87,800 INR 740,675.47 582,487.83 0.09%

MARICO LTD DEMATERIALSED 53,200 INR 255,513.93 226,818.10 0.04%

MARUTI SUZUKI INDIA LTD 10,400 INR 928,173.95 956,459.40 0.16%

MOTHERSON SUMI SYSTEMS LTD 120,000 INR 180,624.94 219,490.28 0.04%

NESTLE INDIA LTD 2,700 INR 401,823.20 498,245.74 0.08%

NTPC DS LTD 279,400 INR 485,281.34 415,149.02 0.07%

OIL & NATURAL GAS CORP. LTD 296,000 INR 647,694.07 475,834.35 0.08%

PAGE INDUSTRIES LTD 600 INR 153,503.60 175,181.10 0.03%

PETRONET LNG LTD 70,600 INR 214,502.32 236,105.81 0.04%

PIDILITE INDUSTRIES LTD -DEMAT- 14,300 INR 232,959.23 247,530.89 0.04%

PIRAMAL ENTERPRISES LTD 9,700 INR 257,276.03 184,449.15 0.03%

POWER GRID CORP. OF INDIA LTD 215,400 INR 532,817.65 511,468.14 0.08%

RELIANCE INDUSTRIES 309,600 INR 5,218,454.96 5,850,451.56 0.95%

RURAL ELECTRIFICATION CORP. LTD 50,000 INR 85,511.71 89,301.32 0.01%

SBI LIFE INSURANCE CO LTD 30,000 INR 364,779.35 360,050.92 0.06%

SHREE CEMENT LTD -DIS- 1,000 INR 264,369.55 254,161.78 0.04%

SHRIRAM TRANSPORT FINANCE CO LTD 17,400 INR 237,759.50 254,326.40 0.04%

STATE BANK OF INDIA 210,000 INR 926,662.23 874,759.74 0.14%

SUN PHARMACEUTICAL INDUSTRIES LTD 98,800 INR 553,086.03 533,385.84 0.09%

TATA CONSULTANCY SERVICES LTD 101,000 INR 2,770,637.08 2,724,990.64 0.44%

TATA MOTORS LTD 186,800 INR 406,725.09 431,666.96 0.07%

TATA STEEL LTD -DIS- 41,100 INR 255,477.39 242,146.41 0.04%

DPAM Equities L



47

Emerging MSCI Index



(in EUR)

% Total Net

Assets

TECH MAHINDRA LTD 55,500 INR 522,662.50 528,040.36 0.09%

TITAN INDUSTRIES LTD 36,600 INR 591,490.33 542,659.57 0.09%

ULTRA TECH CEMENT LTD 11,300 INR 676,212.14 570,634.35 0.09%

UNITED SPIRITS LTD 34,200 INR 244,579.68 255,917.35 0.04%

UPL LTD 62,850 INR 546,559.99 458,498.60 0.07%

VEDANTA LTD 218,700 INR 457,322.61 416,125.60 0.07%

WIPRO LTD -DIS- 142,000 INR 524,025.69 435,630.66 0.07%

ZEE ENTERTAINMENT ENTERPRISES 62,200 INR 271,951.62 226,839.57 0.04%

Total INDIAN RUPEE

52,427,060.16

52,796,790.74

8.58%

AMOREPACIFIC CORP. 3,676 KRW 415,873.96 566,359.62 0.09%

AMOREPACIFIC CORP. 1,315 KRW 219,337.08 90,562.84 0.01%

AMOREPACIFIC GROUP 3,698 KRW 215,813.27 235,591.27 0.04%

BANK FINANCIAL GROUP INC. 39,657 KRW 406,826.35 234,010.53 0.04%

BGF RETAIL CO LTD 1,046 KRW 257,137.75 136,580.33 0.02%

CELLTRION HEALTHCARE CO LTD. 5,960 KRW 351,894.47 243,337.43 0.04%

CELLTRION INC. 9,690 KRW 661,062.58 1,351,105.10 0.22%

CHEIL WORLDWIDE INC. 10,355 KRW 165,156.35 191,845.65 0.03%

CJ CHEILJEDANG CORP. 1,164 KRW 216,940.21 226,412.89 0.04%

CJ CORP. 2,136 KRW 172,554.34 158,951.69 0.03%

CJ ENM CO LTD 1,067 KRW 190,991.67 131,184.97 0.02%

CJ LOGISTICS 1,000 KRW 174,166.28 119,403.89 0.02%

COWAY CO LTD 6,504 KRW 367,517.25 466,462.78 0.08%

DAELIM INDUSTRIAL CO LTD 3,810 KRW 230,884.00 265,619.73 0.04%

DAEWOO ENGINEERING & CONSTRUCTION -CAP- 26,867 KRW 159,279.28 98,103.45 0.02%

DAEWOO SHIPBUILDING & MARINE ENG 6,000 KRW 161,722.83 128,725.10 0.02%

DAUM KAKAO CORP. 5,900 KRW 539,639.73 697,665.38 0.11%

DEUTSCHE BANK INSURANCE CO LTD 6,930 KRW 241,947.83 279,204.04 0.05%

DOOSAN BOBCAT INC. 7,000 KRW 214,242.79 185,230.10 0.03%

E-MART CO LTD 2,158 KRW 357,211.36 211,957.31 0.03%

FILA HLDG 3,500 KRW 132,900.93 142,899.50 0.02%

GS ENGINEERING & CONSTRUCTION CORP. 4,500 KRW 124,643.48 107,636.83 0.02%

GS HLDG CORP. 6,885 KRW 266,045.85 273,678.34 0.04%

GS RETAIL CO LTD 1,000 KRW 38,197.74 30,236.15 0.00%

HANA FINANCIAL GROUP INC. 31,000 KRW 846,813.55 881,200.72 0.14%

HANKOOK TIRE N TECHNOLOGY CO LTD 8,390 KRW 339,023.08 216,840.93 0.04%

HANMI PHARMACEUTICAL CO LTD 907 KRW 260,409.74 207,166.14 0.03%

HANON SYSTEMS 14,715 KRW 105,057.21 126,392.68 0.02%

HANWHA LIFE INSURANCE CO LTD 36,140 KRW 178,609.23 64,311.24 0.01%

HANWHA SOLUTIONS CORP. 12,620 KRW 186,286.13 183,255.70 0.03%

HELIXMITH CO LTD 2,400 KRW 380,083.63 171,386.95 0.03%

HLB CO LTD 4,200 KRW 425,827.90 371,754.39 0.06%

HOTEL SHILLA CO LTD 3,500 KRW 234,972.45 244,816.49 0.04%

HYUNDAI DEPT STORE LTD 2,610 KRW 275,247.87 167,081.48 0.03%

HYUNDAI DEVELOPMENT CO 4,196 KRW 85,681.19 82,910.52 0.01%

HYUNDAI ENGINEERING & CONSTRUCTION 7,645 KRW 345,831.79 249,117.73 0.04%

HYUNDAI FIRE & MARINE INSURANCE CO 5,191 KRW 110,258.43 107,769.68 0.02%

HYUNDAI GLOVIS CO LTD 2,500 KRW 389,323.50 275,399.30 0.04%

HYUNDAI HEAVY INDUSTRIES HLDS 1,328 KRW 301,615.12 345,781.34 0.06%

HYUNDAI MOBIS 7,117 KRW 1,440,163.06 1,403,536.50 0.23%

DPAM Equities L



48

Emerging MSCI Index



(in EUR)

% Total Net

Assets

HYUNDAI MOTOR CO LTD 15,558 KRW 2,491,853.29 1,444,200.85 0.23%

HYUNDAI MOTOR CO LTD -ISSUED 1999- 5,011 KRW 428,275.66 306,500.85 0.05%

HYUNDAI MOTOR CO LTD PFDNON-VO 1,613 KRW 128,940.46 89,092.33 0.01%

HYUNDAI STEEL CO 8,633 KRW 443,575.22 209,155.44 0.03%

INDUSTRIAL BANK OF KOREA 27,133 KRW 280,407.85 246,641.76 0.04%

KANGWON LAND INC. 17,000 KRW 380,173.17 387,638.95 0.06%

KB FINANCIAL GROUP INC. 42,523 KRW 1,287,526.10 1,560,894.62 0.25%

KCC CORP. 830 KRW 276,446.94 149,297.23 0.02%

KIA MOTORS CORP. 28,554 KRW 1,217,994.79 974,445.29 0.16%

KOREA AEROSPACE INDUSTRIES LTD 8,000 KRW 243,759.44 209,842.71 0.03%

KOREA ELECTRIC POWER CORP. 25,378 KRW 668,444.61 543,486.76 0.09%

KOREA GAS CORP. 4,242 KRW 179,977.19 123,686.79 0.02%

KOREA INVESTMENT HLDG CO LTD 3,066 KRW 129,621.48 171,000.55 0.03%

KOREAN AIR 7,362 KRW 226,572.62 161,632.04 0.03%

KOREA SHIPBUILD N OFF ENGINEER CO L 4,151 KRW 595,965.68 404,510.72 0.07%

KOREA ZINC CO LTD 1,068 KRW 287,532.19 349,660.81 0.06%

KT&G CORP. 13,373 KRW 764,734.16 966,314.43 0.16%

KUMHO PETRO CHEMICAL CO LTD 1,137 KRW 71,646.04 67,881.11 0.01%

LG CHEM LTD 5,400 KRW 1,134,092.04 1,320,761.11 0.21%

LG CHEM LTD ISSUE 01 1,100 KRW 161,746.36 146,597.16 0.02%

LG CORP. 11,500 KRW 571,716.60 653,794.08 0.11%

LG DISPLAY CO LTD 31,791 KRW 652,823.32 397,964.50 0.06%

LG ELECTRONICS INC. 12,814 KRW 644,441.89 711,716.06 0.12%

LG HOUSEHOLD & HEALTHCARE LTD 200 KRW 122,729.75 118,787.61 0.02%

LG HOUSEHOLD & HEALTHCARE LTD 1,012 KRW 377,862.30 983,065.33 0.16%

LG INNOTEK CO LTD 1,420 KRW 150,279.79 153,145.12 0.02%

LG UPLUS CORP. 12,000 KRW 148,599.39 131,267.25 0.02%

LOTTE CHEMICAL CORP. 2,117 KRW 283,221.54 365,305.03 0.06%

LOTTE CORP. 4,016 KRW 216,023.42 120,500.25 0.02%

LOTTE SHOPPING CO LTD 1,394 KRW 364,725.10 145,508.66 0.02%

MEDY-TOX INC. 515 KRW 243,573.04 119,375.77 0.02%

MIRAE ASSET DAEWOO 33,583 KRW 265,318.08 195,322.93 0.03%

NAVER CORP. 15,075 KRW 1,383,373.83 2,165,822.89 0.35%

NCSOFT CORP. 1,779 KRW 280,727.31 741,412.66 0.12%

NETMARBLE CORP. 3,300 KRW 407,965.43 234,894.42 0.04%

NH INVESTMENT SECURITIES CO LTD 15,560 KRW 156,421.93 152,229.95 0.02%

OCI CO LTD 2,565 KRW 308,653.52 123,693.96 0.02%

ORANGE LIFE INSURANCE KOREA LTD 4,800 KRW 197,891.60 104,089.38 0.02%

ORION CORP. 1,899 KRW 122,909.66 154,334.92 0.03%

PEARL ABYSS CORP. 800 KRW 158,136.82 114,134.71 0.02%

POSCO 8,322 KRW 1,850,012.96 1,516,162.11 0.25%

POSCO INTERNATIONAL CORP. 5,218 KRW 130,465.67 74,966.92 0.01%

S1 CORP. 1,400 KRW 100,989.07 101,054.21 0.02%

SAMSUNG BIOLOGICS CO. LTD. REGISTER 1,700 KRW 258,611.61 567,052.93 0.09%

SAMSUNG CARD CO LTD 5,100 KRW 148,190.92 151,650.65 0.02%

SAMSUNG -C- NT CORP. 9,097 KRW 1,145,899.74 760,352.04 0.12%

SAMSUNG ELECTRO-MECHANICS CO LTD 6,990 KRW 384,873.64 673,091.29 0.11%

SAMSUNG ELECTRONICS CO LTD 520,000 KRW 11,021,052.17 22,352,408.41 3.63%

SAMSUNG ELECTRONICS CO LTD PFUND 91,000 KRW 1,434,323.01 3,182,614.42 0.52%

SAMSUNG ENGINEERING CO LTD 15,000 KRW 188,056.67 221,860.13 0.04%

SAMSUNG FIRE & MARINE INSURANCE 3,520 KRW 620,827.64 660,280.41 0.11%

DPAM Equities L



49

Emerging MSCI Index



(in EUR)

% Total Net

Assets

SAMSUNG HEAVY INDUSTRIES CO LTD 40,646 KRW 542,904.10 227,634.98 0.04%

SAMSUNG LIFE INSURANCE CO LTD 8,085 KRW 608,773.97 464,005.45 0.08%

SAMSUNG SDI CO LTD 5,773 KRW 601,172.68 1,049,543.26 0.17%

SAMSUNG SDS CO LTD 4,200 KRW 1,025,310.96 629,297.02 0.10%

SAMSUNG SECURITIES CO LTD 7,942 KRW 250,325.22 236,158.71 0.04%

SHINHAN FINANCIAL GROUP CO LTD 52,080 KRW 1,701,010.81 1,739,189.32 0.28%

SHINSEGAE CO LTD 526 KRW 77,442.89 117,103.63 0.02%

SK ENERGY CO LTD 5,400 KRW 534,636.48 623,981.62 0.10%

SK HLDG CO LTD 3,747 KRW 553,176.08 756,261.11 0.12%

SK HYNIX INC. 61,900 KRW 1,905,351.29 4,487,113.49 0.73%

SK TELECOM CO LTD 1,958 KRW 307,111.29 358,985.10 0.06%

S-OIL CORP. 4,843 KRW 215,291.66 355,544.65 0.06%

WOORI FINANCIAL GROUP INC. 48,563 KRW 517,343.84 433,960.58 0.07%

YUHAN CORP. 795 KRW 89,453.60 144,838.85 0.02%

Total SOUTH KOREAN WON

56,856,478.84

71,276,204.99

11.58%

ALFA S.A.B. DE CV -A- 360,000 MXN 757,754.89 266,298.07 0.04%

ALSEA S.A.B. DE CV 67,300 MXN 200,864.13 158,206.89 0.03%

AMERICA MOVIL S.A.B. DE CV -L- 3,603,900 MXN 2,656,653.21 2,567,255.74 0.42%

ARCA CONTINENTAL A.G.S.A.B. DE CV 57,300 MXN 289,767.47 270,263.38 0.04%

CEMEX SAB-CPO 1,845,447 MXN 1,359,625.42 616,388.16 0.10%

COCA-COLA FEMSA S.A.B. DE CV 66,800 MXN 544,348.73 362,026.48 0.06%

EL PUERTO DE LIVERPOOL S.A.B. DE CV 12,400 MXN 101,748.26 54,941.34 0.01%

FIBRA UNO ADMINISTRACION SAB 395,000 MXN 955,166.67 545,803.00 0.09%

FOMENTO ECONOMICO MEXICANO 215,000 MXN 1,649,450.78 1,812,214.29 0.29%

GRUMA S.A.B. DE CV -B- 20,000 MXN 172,340.36 183,164.84 0.03%

GRUPO AEROPORTUARIO DEL PACIFICO S.A.B. DE CV 38,500 MXN 178,030.27 408,061.17 0.07%

GRUPO AEROPORTUARIO DEL SURESTE S.A.B. DE CV 22,810 MXN 226,604.84 380,975.52 0.06%

GRUPO BIMBO S.A.B. DE CV 136,700 MXN 312,560.71 222,036.82 0.04%

GRUPO CARSO S.A.B. DE CV -A1- 70,000 MXN 304,341.62 230,567.10 0.04%

GRUPO FINANCIERO BANORTE S.A.B. DE CV 271,500 MXN 1,357,507.88 1,353,190.03 0.22%

GRUPO FINANCIERO INBURSA S.A.B. DE CV 300,200 MXN 533,567.53 328,420.98 0.05%

GRUPO MEXICO S.A.B. DE CV 360,000 MXN 909,746.15 880,753.68 0.14%

GRUPO TELEVISA S.A.B. DE CV 291,700 MXN 1,346,586.87 610,583.85 0.10%

INDUSTRIAS PENOLES S.A.B. DE CV 11,690 MXN 250,701.93 109,309.91 0.02%

INFRAESTRUCTURA ENERGETICA NOVA SAB 80,000 MXN 318,493.20 335,627.65 0.05%

KIMBERLY-CLARK DE MEXICO S.A.B. DE CV 160,000 MXN 362,893.61 283,054.92 0.05%

MEGACABLE HLDG DAB DE CV 34,000 MXN 141,962.83 124,212.05 0.02%

ORBIA ADVANCE CORP. 132,927 MXN 357,211.14 252,844.31 0.04%

PROMOTORA Y OPERADORA INFRAESTRUCTURA S.A.B. DE CV 17,000 MXN 153,213.54 155,216.94 0.03%

WAL-MART DE MEXICO SAB DE CV 582,000 MXN 1,191,407.43 1,486,760.11 0.24%

Total NEW MEXICAN PESO

16,632,549.47

13,998,177.23

2.27%

AIRASIA GROUP BERHAD 300,000 MYR 176,021.18 111,072.39 0.02%

AMMB HLDG BERHAD 144,300 MYR 180,999.40 122,879.39 0.02%

AXIATA GROUP 376,017 MYR 603,371.52 339,034.41 0.06%

BRITISH AMERICAN TOBACCO MALAYSIA 20,800 MYR 321,862.15 68,312.57 0.01%

CIMB GROUP HLDG BERHAD 492,732 MYR 808,692.56 552,654.80 0.09%

DIALOG GROUP BERHAD 444,480 MYR 166,668.54 333,969.86 0.05%

DIGI.COM BERHAD 398,800 MYR 473,541.32 387,369.98 0.06%

DPAM Equities L



50

Emerging MSCI Index



(in EUR)

% Total Net

Assets

FRASER & NEAVE HLDG BERHAD 20,000 MYR 155,318.25 151,755.38 0.02%

GAMUDA BERHAD 208,500 MYR 237,615.56 177,095.13 0.03%

GENTING BERHAD 209,400 MYR 487,727.50 275,910.36 0.04%

GENTING MALAYSIA BERHAD 384,300 MYR 374,862.87 275,360.88 0.04%

HAP SENG CONSOLIDATED 70,000 MYR 142,900.78 152,147.40 0.02%

HARTALEGA HLDG BERHAD 180,000 MYR 193,151.92 214,827.08 0.03%

HONG LEONG BANK BERHAD 89,700 MYR 292,003.80 337,967.16 0.05%

HONG LEONG FINANCIAL GROUP BERHAD 45,000 MYR 179,812.23 165,628.54 0.03%

IHH HEALTHCARE BERHAD 266,200 MYR 265,213.91 317,125.62 0.05%

IJM CORP. BERHAD 433,600 MYR 282,836.52 204,920.29 0.03%

IOI CORP. BERHAD 174,500 MYR 202,742.39 175,199.28 0.03%

KUALA LUMPUR KEPONG BERHAD 56,600 MYR 299,984.33 305,706.07 0.05%

MALAYAN BANKING BERHAD MAYBANK 385,319 MYR 850,709.74 725,053.61 0.12%

MALAYSIA AIRPORTS HLDG BERHAD 82,800 MYR 142,848.12 137,050.27 0.02%

MAXIS BERHAD 196,700 MYR 314,311.25 227,904.00 0.04%

MISC BERHAD 130,200 MYR 195,250.02 236,773.67 0.04%

NESTLE (MALAYSIA) BERHAD 7,500 MYR 212,278.03 240,112.38 0.04%

PETRONAS CHEMICALS GROUP BERHAD 251,000 MYR 385,492.22 401,788.05 0.07%

PETRONAS DAGANGAN BERHAD PDB 29,000 MYR 175,217.26 145,896.86 0.02%

PETRONAS GAS BERHAD 57,600 MYR 295,625.74 208,492.03 0.03%

PPB GROUP BERHAD 80,040 MYR 261,143.71 328,415.72 0.05%

PRESS METAL ALUMINIUM HLDG BERHAD 170,000 MYR 179,428.84 172,162.21 0.03%

PUBLIC BANK BERHAD 354,080 MYR 1,565,218.46 1,499,110.38 0.24%

RHB BANK BERHAD 160,000 MYR 177,271.65 201,411.27 0.03%

SIME DARBY BERHAD (MALAYSIA) 350,000 MYR 267,326.67 169,222.06 0.03%

SIME DARBY PLANTATION 200,000 MYR 226,990.03 237,390.02 0.04%

TELEKOM MALAYSIA BERHAD 89,500 MYR 114,920.03 74,459.88 0.01%

TENAGA NASIONAL BERHAD 333,400 MYR 783,473.15 962,819.93 0.16%

TOP GLOVE CORP. BERHAD 160,000 MYR 186,393.52 163,777.33 0.03%

YTL CORP. BERHAD 330,116 MYR 119,189.02 70,457.72 0.01%

Total MALAYSIAN RINGGIT

12,298,414.19

10,871,233.98

1.77%

ABOITIZ EQUITY VENTURES INC. 210,470 PHP 182,257.95 190,666.59 0.03%

ABOITIZ POWER CORP. 139,300 PHP 79,815.69 83,802.00 0.01%

AYALA CORP. 35,280 PHP 506,903.19 487,474.54 0.08%

AYALA LAND INC. 920,000 PHP 548,417.76 736,336.61 0.12%

BANK OF THE PHILIPPINE ISLANDS 51,114 PHP 79,486.98 79,032.54 0.01%

BDO UNIBANK INC. 235,744 PHP 371,697.48 655,201.53 0.11%

GLOBE TELECOM INC. 6,315 PHP 218,352.31 224,389.17 0.04%

GT CAPITAL HLDG INC. 9,225 PHP 187,833.74 137,444.37 0.02%

INTERNATIONAL CONTAINER TERMINAL SERVICES 72,650 PHP 122,164.88 164,343.96 0.03%

JG SUMMIT HLDG INC. 390,000 PHP 287,334.97 554,310.54 0.09%

JOLLIBEE FOODS CORP. 69,440 PHP 214,270.85 263,840.00 0.04%

MANILA ELECTRIC CO MER 30,000 PHP 162,649.90 167,285.26 0.03%

METRO PACIFIC INVESTMENTS CORP. 2,123,000 PHP 181,944.23 129,959.01 0.02%

METROPOLITAN BANK - TRUST CO MBTC 158,200 PHP 188,102.75 184,500.34 0.03%

PLDT INC. 9,160 PHP 510,409.74 159,195.06 0.03%

SECURITY BANK CORP. 20,000 PHP 61,415.49 68,602.79 0.01%

SM INVESTMENTS CORP. 26,900 PHP 251,906.92 493,530.23 0.08%

SM PRIME HLDG INC. 1,270,800 PHP 364,699.43 941,101.51 0.15%

DPAM Equities L



51

Emerging MSCI Index



(in EUR)

% Total Net

Assets

UNIVERSAL ROBINA CORP. 89,850 PHP 215,066.54 229,172.90 0.04%

Total PHILIPPINE PESO

4,734,730.80

5,950,188.95

0.97%

BANK MILLENNIUM S.A. 70,000 PLN 133,701.66 96,324.61 0.02%

BANK PEKAO S.A. 16,279 PLN 678,723.22 384,645.82 0.06%

CCC S.A. 3,000 PLN 209,334.42 77,624.23 0.01%

CD PROJEKT S.A. 8,700 PLN 202,624.69 571,984.71 0.09%

CYFROWY POLSAT S.A. 33,439 PLN 163,585.58 219,767.28 0.04%

DINO POLSKA SA 6,000 PLN 139,308.53 203,234.34 0.03%

GRUPA LOTOS S.A. 11,387 PLN 73,463.67 223,869.56 0.04%

KGHM POLSKA MIEDZ S.A. 19,000 PLN 559,545.34 427,173.18 0.07%

LPP S.A. 160 PLN 316,887.67 331,949.43 0.05%

MBANK SA. 2,486 PLN 274,613.48 227,709.12 0.04%

PGE POLSKA GRUPA ENERGETYCZNA S.A. 87,349 PLN 388,050.47 163,551.44 0.03%

PKO BANK POLSKI S.A. 100,000 PLN 878,314.86 810,585.12 0.13%

POLISH OIL & GAS CO 132,601 PLN 176,707.78 134,994.91 0.02%

POLSKI KONCERN NAFTOWY ORLEN S.A. 31,052 PLN 341,775.04 626,846.84 0.10%

POWSZECHNY ZAKLAD UBEZPIECZEN S.A. 74,000 PLN 777,882.15 696,788.00 0.11%

SANTANDER BANK POLSKA S.A. 4,109 PLN 339,619.53 297,114.17 0.05%

Total POLISH ZLOTY

5,654,138.09

5,494,162.76

0.89%

BARWA REAL ESTATE CO 220,000 QAR 208,610.76 190,555.42 0.03%

COMMERCIAL BANK OF QATAR 288,700 QAR 326,410.48 332,001.47 0.05%

INDUSTRIES QATAR Q.S.C. 190,000 QAR 658,611.81 477,905.55 0.08%

MASRAF AL RAYAN 465,290 QAR 537,574.27 450,831.51 0.07%

MESAIEED PETROCHEMICAL HLDG COMP 500,000 QAR 321,860.24 307,071.20 0.05%

OOREDOO Q.P.S.C 80,000 QAR 213,324.81 140,347.44 0.02%

QATAR ELECTRICITY & WATER 44,270 QAR 212,971.06 174,285.37 0.03%

QATAR FUEL Q.S.C. 50,000 QAR 253,819.25 280,156.59 0.05%

QATAR INSURANCE CO 213,180 QAR 331,151.99 164,827.21 0.03%

QATAR INTERNATIONAL ISLAMIC BANK 80,000 QAR 193,143.70 189,478.84 0.03%

QATAR ISLAMIC BANK 115,000 QAR 326,391.89 431,355.52 0.07%

QATAR NATIONAL BANK 515,000 QAR 1,879,956.75 2,594,531.44 0.42%

Total QATARI RIYAL

5,463,827.01

5,733,347.56

0.93%

ADVANCED INFO SERVICE -FOREIGN- 150,000 THB 890,001.91 950,239.57 0.15%

AIRPORTS OF THAILAND PUBLIC CO LTD 489,100 THB 239,104.62 1,080,081.10 0.18%

BANGKOK BANK PUBLIC CO LTD -FOREIGN- 47,000 THB 228,512.20 223,655.76 0.04%

BANGKOK DUSIT MEDICAL SVCS -FOREIGN- 1,177,700 THB 676,935.34 910,689.38 0.15%

BANGKOK EXPRESSWAY METRO-FOREIGN 750,000 THB 133,569.41 243,136.42 0.04%

BERLI JUCKER PUBLIC CO LTD FORGN 200,000 THB 254,526.92 249,828.24 0.04%

BTS GROUP HLDG PUBLIC CO -FOREIGN- 950,000 THB 227,493.93 372,957.88 0.06%

BUMRUNGRAD HOSPITAL PUBLIC -FOREIGN- 40,000 THB 219,040.87 174,879.77 0.03%

C.P.ALL PUBLIC CO LTD FOREIGN -R- 725,700 THB 900,074.95 1,559,398.90 0.25%

CENTRAL PATTANA PUBLIC CO LTD -FOREIGN 311,700 THB 446,004.84 577,083.17 0.09%

CHAROEN POKPHAND FOODS -FOREIGN- 439,300 THB 273,795.57 359,299.11 0.06%

ELECTRICITY GENERATING PUBLIC -FOREIGN- 30,000 THB 241,670.98 292,655.94 0.05%

ENERGY ABSOLUTE PUBLIC LTD -FOREIGN- 250,000 THB 370,155.18 325,297.19 0.05%

GULF ENERGY DEVELOPMENT PUBLIC -FOREIGN- 70,000 THB 203,357.29 345,595.74 0.06%

DPAM Equities L



52

Emerging MSCI Index



(in EUR)

% Total Net

Assets

HOME PRODUCT CENTER PUBLIC-FOREIGN- 805,758 THB 157,906.32 383,430.68 0.06%

INTOUCH HLDG PUBLIC CO LTD -FOREIGN- 250,000 THB 398,223.82 425,674.61 0.07%

IRPC PUBLIC CO LTD -FOREIGN- 1,300,000 THB 238,442.79 142,283.13 0.02%

KASIKORNBANK PCL -FOREIGN- 212,400 THB 1,006,756.32 950,721.38 0.15%

KRUNG THAI BANK PUBLIC CO LIMI 339,100 THB 162,571.19 165,399.38 0.03%

LAND & HOUSE PUBLIC -FOREIGN- 500,000 THB 160,651.41 145,733.14 0.02%

MINOR INTERNATIONAL PUBLIC -FOREIGN- 351,500 THB 313,130.92 376,348.40 0.06%

PTT EXPLORATION PROD PUB -FOREIGN- 153,600 THB 558,155.99 568,751.84 0.09%

PTT GLOBAL CHEMICAL PUBLIC PLC -FOREIGN- 360,900 THB 599,238.85 611,820.44 0.10%

PTT PUBLIC CO LTD FOREIGN 1,250,000 THB 1,092,890.80 1,635,780.16 0.27%

SIAM CEMENT PUBLIC CO LTD FOREIGN 93,600 THB 981,689.69 1,091,249.77 0.18%

SIAM COMMERCIAL BANK -F- FOREIGN -REG- 180,000 THB 682,838.91 653,122.41 0.11%

THAI OIL PUBLIC CO LTD -FOREIGN- 196,700 THB 187,771.93 408,047.59 0.07%

TRUE CORP. PCL -FOREIGN 2,000,011 THB 239,520.21 273,622.91 0.04%

Total THAI BAHT

12,084,033.16

15,496,784.01

2.52%

AKBANK T.A.S. 300,000 TRY 532,048.70 364,221.56 0.06%

ANADOLU EFES BIRACILIK VE MALT SANA 16,710 TRY 144,718.59 57,734.55 0.01%

ARCELIK A.S. 50,104 TRY 234,072.76 156,312.48 0.03%

ASELSAN ELEKTRONIK SANAYI 40,000 TRY 145,573.49 125,389.22 0.02%

BIM BIRLESIK MAGAZALAR AS 54,748 TRY 440,994.59 382,416.42 0.06%

EREGLI DEMIR VE CELIK FABRIKALARI 137,588 TRY 131,443.66 186,196.93 0.03%

FORD OTOMOTIV SANAYI AS 2,700 TRY 24,595.89 28,636.98 0.00%

HACI OMER SABANCI HLDG AS 121,348 TRY 433,291.19 173,302.38 0.03%

KOC HLDG AS 85,300 TRY 306,687.69 259,475.45 0.04%

TAV HAVALIMALARI HLDG AS 27,000 TRY 172,526.36 117,943.11 0.02%

TUPRAS TURKIYE PETROL RAFINELERI AS 15,272 TRY 237,965.77 289,893.65 0.05%

TURKCELL ILETISIM HIZMET 144,471 TRY 640,374.51 298,458.05 0.05%

TURK HAVA YOLLARI AO 91,000 TRY 258,951.00 196,985.03 0.03%

TURKIYE GARANTI BANKASI AS 282,400 TRY 826,387.39 470,948.50 0.08%

TURKIYE IS BANKASI AS 118,176 TRY 241,832.13 113,399.43 0.02%

Total TURKISH LIRA

4,771,463.72

3,221,313.74

0.52%

ACCTON TECHNOLOGY CORP. 40,000 TWD 202,468.33 199,707.87 0.03%

ACER INC. 375,756 TWD 194,860.52 199,328.80 0.03%

ADVANTECH CO LTD 39,561 TWD 151,971.56 355,058.66 0.06%

AIRTAC INTERNATIONAL GROUP 14,000 TWD 184,060.11 194,091.08 0.03%

ASE INDUSTRIAL HLDG CO LTD 357,837 TWD 612,508.94 884,778.32 0.14%

ASIA CEMENT CORP. 196,060 TWD 186,015.44 279,385.27 0.05%

ASUSTEK COMPUTER INC. 76,000 TWD 495,782.38 522,866.11 0.08%

AU OPTRONICS CORP. 925,000 TWD 265,284.61 276,269.98 0.04%

CATCHER TECHNOLOGY CO LTD 66,000 TWD 287,168.56 445,241.56 0.07%

CATHAY FINANCIAL HLDG LTD 958,102 TWD 1,011,915.11 1,211,538.48 0.20%

CHAILEASE HLDG CO LTD 120,646 TWD 245,645.99 494,786.58 0.08%

CHANG HWA COMMERCIAL BANK 515,023 TWD 204,249.71 347,438.85 0.06%

CHENG SHIN RUBBER INDUSTRY CO LTD 173,000 TWD 334,170.04 214,905.87 0.03%

CHICONY ELECTRONICS CO LTD 91,812 TWD 185,956.13 242,837.28 0.04%

CHIMEI INNOLUX CORP. 1,311,626 TWD 479,348.56 324,698.98 0.05%

CHINA AIRLINES 403,000 TWD 106,573.18 108,507.35 0.02%

CHINA DEVELOPMENT FINANCIAL 1,496,000 TWD 350,058.18 432,583.88 0.07%

DPAM Equities L



53

Emerging MSCI Index



(in EUR)

% Total Net

Assets

CHINA LIFE INSURANCE CO LTD 280,992 TWD 140,861.38 213,776.43 0.03%

CHINA STEEL CORP. 1,413,280 TWD 918,164.33 1,003,811.15 0.16%

CHUNGHWA TELECOM CO LTD 409,000 TWD 1,025,928.93 1,337,032.29 0.22%

COMPAL ELECTRONICS INC. 410,000 TWD 212,243.06 229,678.91 0.04%

CTBC FINANCIAL HLDG 2,124,217 TWD 926,119.59 1,414,076.16 0.23%

DELTA ELECTRONICS INC. 223,000 TWD 897,061.62 1,004,022.39 0.16%

E.SUN FINANCIAL HLDG CO LTD 1,155,115 TWD 366,665.17 957,756.99 0.16%

ECLAT TEXTILE CO LTD 30,702 TWD 209,802.83 367,703.37 0.06%

EVERGREEN MARINE CORP. TAIWAN LTD 551,303 TWD 226,625.99 203,159.88 0.03%

FAR EASTERN NEW CENTURY CORP. 402,159 TWD 305,033.94 356,753.33 0.06%

FAR EASTONE TELECOMMUNICATION 180,000 TWD 269,371.21 385,685.82 0.06%

FENG TAY ENTERPRISE CO LTD 31,600 TWD 110,096.54 183,124.98 0.03%

FIRST FINANCIAL HLDG CO 1,031,206 TWD 457,158.62 726,306.08 0.12%

FORMOSA CHEMICALS & FIBRE CORP. 412,000 TWD 883,276.88 1,071,349.50 0.17%

FORMOSA PETROCHEMICAL CORP. 159,000 TWD 399,652.57 460,710.00 0.07%

FORMOSA PLASTICS CORP. 500,000 TWD 1,003,443.53 1,482,949.79 0.24%

FOXCONN TECHNOLOGY CO LTD 133,887 TWD 238,472.49 263,403.96 0.04%

FUBON FINANCIAL HLDG CO LTD 778,000 TWD 921,623.54 1,072,811.65 0.17%

GIANT MANUFACTURE CO LTD 49,000 TWD 230,834.64 310,171.28 0.05%

GLOBALWAFERS CO LTD 20,000 TWD 240,651.61 227,346.01 0.04%

HIWIN TECHNOLOGIES CORP. 21,923 TWD 253,263.73 183,076.33 0.03%

HON HAI PRECISION INDUSTRY CO LTD 1,359,760 TWD 2,944,062.16 3,669,222.19 0.60%

HOTAI MOTOR CO LTD 34,500 TWD 315,675.62 700,270.29 0.11%

HUA NAN FINANCIAL HLDG CO LTD 797,722 TWD 328,232.45 521,555.05 0.08%

INVENTEC CORP. 262,000 TWD 177,453.85 177,915.34 0.03%

LARGAN PRECISION CO LTD 11,000 TWD 340,797.96 1,634,513.80 0.27%

LITE-ON TECHNOLOGY CORP. 172,106 TWD 218,827.76 252,411.46 0.04%

MEDIA TEK INCORPORATION 169,086 TWD 1,473,729.44 2,228,574.60 0.36%

MEGA FINANCIAL HLDG CO 1,160,625 TWD 785,590.76 1,055,453.85 0.17%

MICRO-STAR INTERNATIONAL CO LTD 70,000 TWD 171,841.21 180,361.17 0.03%

NAN YA PLASTICS CORP. 560,000 TWD 945,277.27 1,211,561.06 0.20%

NANYA TECHNOLOGY CORP. -REG- 94,000 TWD 211,711.72 232,980.63 0.04%

NIEN MADE ENTERPRISE CO LTD 24,000 TWD 177,141.25 197,568.14 0.03%

NOVATEK MICROELECTRONICS CORP. 59,000 TWD 216,170.83 383,991.87 0.06%

PEGATRON CORP. 189,000 TWD 325,122.76 384,188.01 0.06%

PHISON ELECTRONICS CORP. 16,000 TWD 182,492.80 161,906.02 0.03%

POU CHEN CORP. 172,000 TWD 169,819.70 200,373.56 0.03%

POWERTECH TECHNOLOGY INC. 60,000 TWD 122,997.12 177,953.98 0.03%

PRESIDENT CHAIN STORE CORP. 61,000 TWD 370,166.33 551,098.62 0.09%

QUANTA COMPUTER INC. 350,000 TWD 544,351.27 668,813.33 0.11%

REALTEK SEMICONDUCTOR CORP. 60,000 TWD 181,469.13 419,029.90 0.07%

RUENTEX DEVELOPMENT CO LTD 171,480 TWD 337,852.01 230,344.48 0.04%

RUENTEX INDUSTRIES LTD 7,800 TWD 23,909.88 17,037.58 0.00%

SHIN KONG FINANCIAL HLDG CO LTD 854,219 TWD 187,386.45 262,745.62 0.04%

SINOPAC FINANCIAL HLDG CO LTD 1,412,683 TWD 374,496.50 545,775.42 0.09%

SYNNEX TECHNOLOGY INTERNATIONAL 213,000 TWD 235,741.51 237,375.98 0.04%

TAISHIN FINANCIAL 966,757 TWD 295,445.54 416,592.29 0.07%

TAIWAN BUSINESS BANK 296,027 TWD 57,030.64 110,847.98 0.02%

TAIWAN CEMENT CORP. 502,541 TWD 476,572.21 652,647.74 0.11%

TAIWAN COOPERATIVE FINANCIAL HLDG 1,196,120 TWD 475,704.24 737,596.34 0.12%

TAIWAN HIGH SPEED RAIL CORP. 227,000 TWD 198,170.79 259,049.63 0.04%

DPAM Equities L



54

Emerging MSCI Index



(in EUR)

% Total Net

Assets

TAIWAN MOBILE CO LTD 181,000 TWD 485,013.95 602,452.07 0.10%

TAIWAN SEMICONDUCTOR MANUFACTURING 2,690,000 TWD 9,389,350.45 26,460,995.30 4.30%

TATUNG CO LTD 160,000 TWD 181,448.03 99,853.93 0.02%

THE SHANGHAI COMMERCIAL & SAVINGS 356,811 TWD 466,171.88 551,400.91 0.09%

UNI-PRESIDENT ENTERPRISES CORP. 593,427 TWD 795,597.23 1,308,570.45 0.21%

UNITED MICROELECTRONICS CORP. 1,452,000 TWD 489,105.59 709,836.65 0.12%

VANGUARD INTERNATIONAL SEMI 96,000 TWD 135,742.09 226,240.48 0.04%

WALSIN TECHNOLOGY CORP. LTD 30,000 TWD 333,086.92 213,081.16 0.03%

WINBOND ELECTRONICS CORP. 276,000 TWD 190,562.34 160,354.72 0.03%

WIN SEMICONDUCTORS CORP. 48,000 TWD 417,833.30 419,386.52 0.07%

WISTRON CORP. 431,689 TWD 301,512.16 363,705.57 0.06%

WPG HLDG CO LTD 218,040 TWD 207,905.18 253,360.46 0.04%

YAGEO CORP. 28,754 TWD 192,084.14 373,426.91 0.06%

YUANTA FINANCIAL HLDG 1,287,435 TWD 512,130.64 772,863.12 0.13%

ZHEN DING TECHNOLOGY HLDG LTD 70,000 TWD 183,831.97 297,481.51 0.05%

Total TAIWAN DOLLAR

42,881,006.58

71,481,496.91

11.61%

51 JOB INC. -ADR- 2,200 USD 201,575.89 166,396.44 0.03%

58.COM INC. -A- SP ADR - 11,200 USD 412,786.78 645,858.35 0.10%

ALIBABA GROUP HLDG LTD -ADR- 185,000 USD 19,452,457.40 34,956,347.44 5.68%

AUTOHOME INC. -ADR- 6,000 USD 246,339.18 427,670.38 0.07%

BAIDU INC. -ADR- 30,500 USD 5,445,796.93 3,434,476.61 0.56%

BANCO MACRO S.A. -B -ADR- 7,000 USD 305,280.56 226,057.91 0.04%

BAOZUN INC. -A -ADR- 5,000 USD 243,138.26 147,527.84 0.02%

BUENAVENTURA -SP ADR- -B- 20,000 USD 162,280.54 269,042.32 0.04%

CREDICORP LTD 8,200 USD 911,668.71 1,556,940.76 0.25%

DP WORLD PLC 22,000 USD 362,432.82 256,748.33 0.04%

FEDERAL HYDRO-GENERATING CO -SP ADR- 319,902 USD 437,382.41 240,247.12 0.04%

GAZPROM -SP ADR- 589,775 USD 3,656,738.12 4,318,886.86 0.70%

GDS HLDG LTD -A- 5,200 USD 195,292.28 239,176.84 0.04%

GLOBANT S.A. 3,500 USD 290,363.66 330,668.15 0.05%

GRUPO FINANCIERO GALICIA-ADR S.A. 14,000 USD 359,248.08 202,423.16 0.03%

HUAZHU GROUP LTD -ADR- 15,000 USD 582,883.57 535,456.57 0.09%

HUTCHISON CHINA MEDITECH LTD -ADR- 7,000 USD 155,679.46 156,338.53 0.03%

IQIYI INC. -SPONSORED ADR - 15,000 USD 310,437.13 282,093.54 0.05%

JD.COM INC. -ADR- 81,900 USD 1,946,099.26 2,570,456.12 0.42%

MAGNITOGORSK IRON & STEEL JSC DR 24,000 USD 200,201.15 185,158.13 0.03%

MAGNIT P.J.S.C. DR 40,049 USD 1,744,080.76 430,103.07 0.07%

MMC NORILSK NICKEL PSCR -ADR- 80,000 USD 1,006,116.71 2,177,282.85 0.35%

MOBILE TELESYSTEMS -SPONSORED ADR - 51,700 USD 762,723.48 467,487.75 0.08%

MOMO INC. -A-SPONSORED ADR - 15,000 USD 489,091.15 447,661.47 0.07%

NETEASE.COM INC -ADR- 7,700 USD 1,277,863.94 2,103,454.79 0.34%

NEW ORIENTAL EDUCATION 16,700 USD 581,247.75 1,803,897.55 0.29%

NIO INC. -ADR- 80,000 USD 285,918.51 286,503.34 0.05%

NOAH HLDG LTD -ADR- 3,600 USD 185,634.44 113,436.08 0.02%

NOVATEK OAO -GDR- 10,079 USD 1,030,968.89 1,822,750.11 0.30%

NOVOLIPETSK STEEL -GDR- 16,000 USD 332,798.32 328,409.80 0.05%

OIL CO LUKOIL P.J.S.C. -ADR- 44,000 USD 2,103,278.23 3,869,256.12 0.63%

PHOSAGRO P.J.S.C. -GDR- 15,000 USD 200,989.99 169,710.47 0.03%

PINDUODUO 22,000 USD 579,040.91 741,238.31 0.12%

DPAM Equities L



55

Emerging MSCI Index



(in EUR)

% Total Net

Assets

POLYUS P.J.S.C. GDR 6,000 USD 216,898.92 303,073.50 0.05%

ROSNEFT OIL CO OJSC REG-S DR 181,800 USD 1,015,405.16 1,167,407.04 0.19%

SBERBANK OF RUSSIA OJSC -ADR- 298,264 USD 2,744,848.91 4,368,338.67 0.71%

SEVERSTAL CHEREPOVETS METAL FACT DR 15,000 USD 187,642.89 202,316.26 0.03%

SINA CORP. 8,400 USD 547,356.39 298,808.02 0.05%

SOUTHERN COPPER CORP. 9,000 USD 192,896.78 340,596.88 0.06%

SURGUTNEFTEGAZ P.J.S.C. -ADR- 135,000 USD 595,012.92 969,955.46 0.16%

TAL EDUCATION GROUP -A -ADR- 44,500 USD 1,127,375.11 1,910,824.05 0.31%

TATNEFT P.J.S.C. -ADR- 27,000 USD 813,691.74 1,776,587.97 0.29%

TELECOM ARGENTINA -SPONSORED ADR - 10,000 USD 159,201.96 101,113.59 0.02%

TENCENT MUSIC ENTERTAINMENT A-ADR 10,000 USD 158,313.20 104,587.97 0.02%

TRIP COM GROUP LTD-ADR 50,400 USD 2,185,312.30 1,505,938.53 0.24%

VIPSHOP HOLDING LTD ADR 41,300 USD 560,520.09 521,355.01 0.08%

VNESHTORGBANK GDR REG -S- 235,000 USD 449,984.80 306,285.08 0.05%

WEIBO CORP. -ADR- 6,340 USD 380,819.42 261,789.76 0.04%

X5 RETAIL GROUP SP GDR-S 12,000 USD 293,476.86 368,819.60 0.06%

YPF SOCIEDAD ANONIMA -ADR- 27,000 USD 395,960.16 278,538.98 0.05%

YUM CHINA HLDG INC. 42,000 USD 988,548.41 1,796,365.26 0.29%

YY INC -A- SPD -ADR- 5,700 USD 342,004.56 268,065.03 0.04%

ZTO EXPRESS CAYMAN -ADR- 34,000 USD 602,695.94 707,260.58 0.11%

Total U.S. DOLLAR

60,415,801.79

83,467,190.35

13.56%

ABSA GROUP LTD 75,544 ZAR 788,552.15 718,549.94 0.12%

ANGLO AMERICAN PLATINUM LTD 5,510 ZAR 175,810.86 458,916.85 0.07%

ANGLOGOLD ASHANTI LTD -ADR- 44,000 ZAR 436,977.76 887,204.15 0.14%

ASPEN PHARMACARE HLDG PLC 48,732 ZAR 1,002,777.64 370,135.32 0.06%

BID CORP. LTD 34,701 ZAR 186,758.11 730,010.97 0.12%

BIDVEST GROUP LTD 34,832 ZAR 589,710.98 454,403.76 0.07%

CAPITEC BANK HLDG LTD 4,200 ZAR 249,323.60 386,962.44 0.06%

CLICKS GROUP LTD 24,000 ZAR 317,147.10 392,326.95 0.06%

DISCOVERY HLDG LTD 34,500 ZAR 283,744.73 265,137.77 0.04%

EXXARO RESOURCES LTD 33,898 ZAR 333,521.60 283,208.60 0.05%

FIRSTRAND LTD 400,005 ZAR 1,182,332.40 1,600,376.77 0.26%

FORTRESS REIT LTD -A 80,000 ZAR 82,721.01 98,162.01 0.02%

GOLD FIELDS LTD 99,000 ZAR 310,135.20 604,665.37 0.10%

GROWTHPOINT PROPERTIES LTD 345,547 ZAR 644,591.56 486,735.53 0.08%

IMPALA PLATINIUM HLDG LTD 80,000 ZAR 568,597.85 731,475.17 0.12%

INVESTEC LTD 26,589 ZAR 172,561.79 140,529.64 0.02%

KUMBA IRON ORE LTD 10,000 ZAR 186,823.49 265,696.17 0.04%

LIFE HEALTHCARE GROUP HLDG LTD 128,855 ZAR 310,270.68 202,355.67 0.03%

MOMENTUM METROPOLITAN HLDG 185,052 ZAR 323,138.46 257,480.05 0.04%

MR. PRICE GROUP LTD 24,281 ZAR 294,095.89 282,310.23 0.05%

MTN GROUP N.V. 185,500 ZAR 2,765,914.58 974,860.32 0.16%

MULTICHOICE GROUP LTD 51,740 ZAR 130,536.71 384,016.18 0.06%

NASPERS -N- 49,240 ZAR 4,738,436.05 7,186,219.83 1.17%

NEDBANK GROUP 41,706 ZAR 386,159.35 569,400.55 0.09%

NORTHAM PLATINUM LTD 20,000 ZAR 134,068.46 157,512.82 0.03%

OLD MUTUAL LTD 550,000 ZAR 993,203.61 688,879.69 0.11%

PICK'N PAY STORES LTD 43,000 ZAR 191,825.46 175,024.37 0.03%

PSG GROUP LTD 15,000 ZAR 206,504.32 223,769.63 0.04%

DPAM Equities L



56

Emerging MSCI Index



(in EUR)

% Total Net

Assets

RAND MERCHANT INVESTMENT HLDG 96,562 ZAR 199,054.69 189,722.05 0.03%

REDEFINE PROPERTIES LTD 571,100 ZAR 400,079.53 275,062.34 0.04%

REMGRO LTD 61,380 ZAR 924,421.67 762,533.05 0.12%

RMB HLDG LTD 96,942 ZAR 407,549.66 496,799.57 0.08%

SANLAM LTD 215,000 ZAR 883,038.40 1,083,458.10 0.18%

SASOL LTD 61,000 ZAR 2,219,384.18 1,179,389.04 0.19%

SHOPRITE HLDG LTD 53,274 ZAR 653,022.43 427,373.11 0.07%

SIBANYE GOLD LTD 200,000 ZAR 351,898.95 457,299.40 0.07%

SPAR GROUP LTD 26,732 ZAR 242,813.80 336,370.36 0.05%

STANDARD BANK GROUP 141,000 ZAR 1,349,639.73 1,512,000.76 0.25%

TELKOM S.A. LTD 35,000 ZAR 147,432.11 77,641.51 0.01%

THE FOSCHINI GROUP LTD 29,029 ZAR 237,953.24 276,465.79 0.04%

TIGER BRANDS LTD 17,983 ZAR 411,417.38 241,404.00 0.04%

VODACOM GROUP LTD 71,348 ZAR 712,258.68 524,092.91 0.09%

WOOLWORTHS HLDG LTD 111,670 ZAR 574,856.07 345,756.19 0.06%

Total SOUTH AFRICAN RAND

27,701,061.92

28,161,694.93


457,602,108.09

570,694,813.28

92.73% Bonds

BRITANNIA INDUSTRIES LTD 8,00 19-280822 6,800 INR 0.00 84.56 0.00%

Total INDIAN RUPEE

0.00

84.56

0.00% Total Bonds

0.00

84.56


457,602,108.09

570,694,897.84

92.73%

Investment funds

ISHARES MSCI SAUDI ARABIA CAP USD UCITS ETF 3,950,000 EUR 16,236,243.49 15,750,625.00 2.56%

Total EURO

16,236,243.49

15,750,625.00

2.56%

ISHARES MSCI CHINA -A- -CAP- UCITS ETF 6,000,000 USD 21,766,930.00 23,604,454.34 3.84%

Total U.S. DOLLAR

21,766,930.00

23,604,454.34

3.84% Total Investment funds

38,003,173.49

39,355,079.34

6.39% Other Transferable Securities

CHINA DING YIELD FENG HLDG 152,000 HKD 407,171.24 0.00 0.00%

CHINA HUISHAN DAIRY HLDG CO LTD 700,000 HKD 147,828.04 33,614.21 0.01%

LEGEND HLDG LTD -H-DSO-20190509 65,000 HKD 0.00 0.00 0.00%


554,999.28

33,614.21

0.01%

PIRAMAL ENTERPRISES L-DSO-20191230 1,285 INR 0.00 3,585.30 0.00%

Total INDIAN RUPEE

0.00

3,585.30

0.00%

DPAM Equities L



57

Emerging MSCI Index



(in EUR)

% Total Net

Assets

CELLTRION HEALTHCARE -DVSE-20191227 5,960 KRW 0.00 12,166.87 0.00%

CELLTRION INC-DVSE-20191227 9,690 KRW 0.00 67,555.26 0.01%

HANMI PHARMACEUTICAL CO LTD -BONUS- 20191227 907 KRW 0.00 4,143.32 0.00%

KCC CORP SOFF 830 KRW 0.00 23,618.85 0.00%

MEDY-TOX INC-DVSE-20191227 515 KRW 0.00 3,581.27 0.00%

YUHAN CORP. -BONUS- 20191227 795 KRW 0.00 7,241.94 0.00%


0.00

118,307.51

0.02%

BTS GROUP HLDG -BONUS 191216-38676 950,000 THB 0.00 0.00 0.00%

Total THAI BAHT

0.00

0.00

0.00% Total Other Transferable Securities

554,999.28

155,507.02

0.03% Total Portfolio

496,160,280.86

610,205,484.20

99.15%

DPAM Equities L



58




(in EUR)

% Total Net

Assets



ABU DHABI COMMERCIAL BANK 49,000 AED 97,003.39 94,122.21 0.06%

NATIONAL BANK OF ABU DHABI 41,276 AED 155,629.99 151,763.62 0.10%

Total ARAB EMIRATES DIRHAM

252,633.38

245,885.83

0.16%

APA GROUP 18,000 AUD 112,743.20 125,121.33 0.08%

ASX LTD 2,700 AUD 105,979.92 132,577.89 0.09%

AURIZON HLDG LTD 29,891 AUD 101,277.49 97,898.94 0.06%

AUSNET SERVICES STAPLED SEC 30,000 AUD 36,287.35 31,937.88 0.02%

BLUESCOPE STEEL LTD 6,049 AUD 69,831.59 57,048.53 0.04%

BORAL LTD BLD 19,047 AUD 62,575.91 53,436.80 0.04%

BRAMBLES LTD 19,000 AUD 132,172.07 139,449.54 0.09%

COCA-COLA AMATIL LTD 5,513 AUD 31,982.73 38,183.79 0.03%

COLES GROUP LTD 15,000 AUD 106,717.61 139,399.44 0.09%

CSL LTD 5,800 AUD 755,668.17 1,001,601.90 0.66%

DEXUS 16,557 AUD 116,332.90 121,311.90 0.08%

GOODMAN GROUP 25,278 AUD 173,645.80 211,645.97 0.14%

GPT GROUP 30,433 AUD 106,924.04 106,725.62 0.07%

INSURANCE AUSTRALIA GROUP LTD 31,871 AUD 156,188.99 152,883.40 0.10%

LEND LEASE CORP. LTD 5,248 AUD 54,436.16 57,841.88 0.04%

MACQUARIE GROUP LTD 4,200 AUD 270,372.96 362,570.06 0.24%

MIRVAC GROUP 56,831 AUD 95,078.32 113,174.42 0.07%

NEWCREST MINING LTD 10,600 AUD 151,302.38 200,801.58 0.13%

ORICA LTD 5,600 AUD 71,784.34 77,081.75 0.05%

SEEK LTD 3,500 AUD 40,202.27 49,425.43 0.03%

STOCKLAND STAPLED SECURITY 35,635 AUD 89,829.20 103,099.04 0.07%

SYDNEY AIRPORT 15,777 AUD 72,209.88 85,561.46 0.06%

TRANSURBAN GROUP-STAPLED SECURITY 35,421 AUD 276,107.98 330,730.57 0.22%

WESTPAC BANKING CORP. 45,825 AUD 903,689.20 695,331.28 0.46%

WOODSIDE PETROLEUM LTD 12,113 AUD 255,447.07 260,791.52 0.17%

Total AUSTRALIAN DOLLAR

4,348,787.53

4,745,631.92

3.13%

B3 S.A. - BRASIL BOLSA BALCAO 29,000 BRL 175,139.33 275,967.22 0.18%

BANCO BRADESCO S.A. 52,986 BRL 345,307.70 424,427.78 0.28%

BANCO BRADESCO S.A. 15,815 BRL 84,132.11 119,326.11 0.08%

CIA ENERGETICA DE MINAS GERAIS CMIG 12,000 BRL 39,359.80 36,647.10 0.02%

CIELO 16,000 BRL 98,066.75 29,657.85 0.02%

COMPANHIA BRASILEIRA DE DISTRIBUICA 2,600 BRL 51,716.78 50,468.39 0.03%

KLABIN S.A. CTF DE DEPOSITO DE ACOES 4,400 BRL 21,329.07 17,939.10 0.01%

LOCALIZA RENT -A- CAR S.A. 9,975 BRL 74,170.09 104,731.43 0.07%

LOJAS RENNER S.A. 12,107 BRL 88,836.95 150,657.14 0.10%

NATURA & CO HLDG S.A. 8,000 BRL 54,573.75 68,510.69 0.05%

TELEFONICA BRASIL S.A. 6,100 BRL 69,444.70 78,325.32 0.05%

ULTRAPAR PARTICIPACOES S.A. 7,000 BRL 64,841.02 39,499.50 0.03%

WEG S.A. 10,400 BRL 47,838.18 79,828.15 0.05%

DPAM Equities L



59




(in EUR)

% Total Net

Assets

Total BRAZILIAN REAL 1,214,756.23 1,475,985.78 0.97%

AGNICO EAGLE MINES LTD 3,300 CAD 119,874.19 181,323.17 0.12%

BANK OF MONTREAL 8,400 CAD 533,009.57 580,774.94 0.38%

BANK OF NOVA SCOTIA 17,000 CAD 844,199.13 856,657.05 0.57%

CANADIAN IMPERIAL BANK COMMERCE 6,000 CAD 443,572.00 445,424.57 0.29%

CANADIAN NATIONAL RAILWAY CO. 10,000 CAD 684,251.81 807,021.16 0.53%

CANADIAN TIRE CORP. LTD 700 CAD 66,859.38 67,205.96 0.04%

CENOVUS ENERGY INC. 15,800 CAD 151,177.07 143,281.12 0.09%

CGI INC. 3,400 CAD 162,346.83 253,832.10 0.17%

ENCANA CORP. 17,500 CAD 150,267.01 73,097.00 0.05%

FIRST CAPITAL REALTY INC. 2,000 CAD 27,634.21 28,400.66 0.02%

FORTIS INC. 6,000 CAD 206,410.16 222,093.98 0.15%

FRANCO-NEVADA CORP. 2,800 CAD 187,222.38 257,936.25 0.17%

GILDAN ACTIVEWEAR INC. 2,900 CAD 87,044.48 76,484.61 0.05%

MAGNA INTERNATIONAL INC. 4,000 CAD 174,305.15 195,658.15 0.13%

METRO INC. 3,600 CAD 109,107.28 132,539.16 0.09%

OPEN TEXT CORP. 3,500 CAD 122,353.96 137,585.88 0.09%

PRAIRIESKY ROYALTY LTD 2,300 CAD 41,107.95 24,064.99 0.02%

ROGERS COMMUNICATIONS INC. 5,000 CAD 218,963.26 221,489.42 0.15%

TECK RESOURCES -B- LTD 7,300 CAD 136,990.72 112,940.37 0.07%

WSP GLOBAL INC. 1,100 CAD 50,147.43 67,008.11 0.04%

Total CANADIAN DOLLAR

4,516,843.97

4,884,818.65

3.23%

ALCON S.A. 5,300 CHF 277,125.42 267,194.11 0.18%

GIVAUDAN A.G. 122 CHF 238,894.39 340,185.83 0.22%

KUEHNE + NAGEL INTERNATIONAL A.G. 860 CHF 122,184.33 129,118.68 0.09%

LONZA GROUP A.G. -REG- 1,002 CHF 235,309.78 325,580.86 0.22%

ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- 9,350 CHF 2,111,204.92 2,700,919.96 1.78%

SWISSCOM -REG- 350 CHF 151,073.83 165,050.60 0.11%

SWISS RE A.G. 3,970 CHF 321,854.35 397,000.00 0.26%

VIFOR PHARMACEUTICAL A.G. 600 CHF 80,141.98 97,506.90 0.06%

Total SWISS FRANC

3,537,789.00

4,422,556.94

2.92%

EMPRESAS COPEC S.A. 5,000 CLP 41,649.24 39,985.12 0.03%

ENEL AMERICAS S.A 602,279 CLP 96,590.53 119,162.29 0.08%

SOCIEDAD QUIMICA Y MINERA DE CHILE 1,713 CLP 73,015.41 40,812.58 0.03%

Total CHILEAN PESO

211,255.18

199,959.99

0.13%

COLOPLAST A/S -B- 1,699 DKK 151,696.92 187,896.10 0.12%

NOVO NORDISK -B- 22,987 DKK 902,762.49 1,189,417.67 0.79%

NOVOZYMES -B- 2,871 DKK 115,503.69 125,252.06 0.08%

ORSTED 2,472 DKK 123,014.99 227,930.14 0.15%

PANDORA A/S 1,193 DKK 124,622.64 46,267.17 0.03%

VESTAS WIND SYSTEMS 2,536 DKK 172,535.59 228,469.08 0.15%

Total DANISH KRONE

1,590,136.32

2,005,232.22

1.32%

ADIDAS AG 2,400 EUR 462,850.38 695,520.00 0.46%

DPAM Equities L



60




(in EUR)

% Total Net

Assets

AKZO NOBEL N.V. - ORDSHR 3,000 EUR 239,385.64 271,920.00 0.18%

ALLIANZ A.G. -REG- 5,700 EUR 995,608.39 1,244,880.00 0.82%

ASML HOLDING NV 5,600 EUR 968,735.32 1,476,720.00 0.98%

AXA 25,600 EUR 577,184.04 642,816.00 0.42%

BANCO BILBAO VIZCAYA ARGENTARIA 88,735 EUR 523,885.92 442,166.51 0.29%

BEIERSDORF A.G. 1,500 EUR 152,414.33 159,975.00 0.11%

CASINO GUICHARD-PERRACHON & CIE 780 EUR 40,692.60 32,526.00 0.02%


CNP ASSURANCES 1,500 EUR 29,962.50 26,595.00 0.02%

CRH PLC. 11,149 EUR 326,697.09 397,684.83 0.26%

DANONE 8,000 EUR 534,847.66 591,200.00 0.39%

DEUTSCHE BOERSE AG 2,400 EUR 261,070.86 336,360.00 0.22%


ENAGAS 3,000 EUR 76,957.50 68,220.00 0.05%

ESSILOR LUXOTTICA S.A. 3,700 EUR 410,619.11 502,460.00 0.33%

FERROVIAL S.A. 6,704 EUR 131,568.24 180,806.88 0.12%

GALP ENERGIA -B- 6,542 EUR 98,601.49 97,475.80 0.06%

GECINA 492 EUR 71,340.00 78,523.20 0.05%

HENKEL 2,400 EUR 263,244.06 221,280.00 0.15%

HENKEL 1,800 EUR 162,940.79 151,200.00 0.10%

INDUSTRIA DE DISENO TEXTIL S.A. 14,300 EUR 433,635.20 449,735.00 0.30%

INTESA SAN PAOLO SpA 215,661 EUR 514,217.67 506,479.86 0.33%

JC DECAUX S.A. 1,200 EUR 42,012.00 32,976.00 0.02%

JERONIMO MARTINS SGPS S.A. 5,000 EUR 76,554.65 73,325.00 0.05%

KBC GROEP N.V. 3,813 EUR 239,027.57 255,699.78 0.17%

KERRY GROUP PLC 2,125 EUR 195,722.50 236,087.50 0.16%

KONINKLIJKE DSM N.V. 2,500 EUR 254,974.51 290,250.00 0.19%

KONINKLIJKE VOPAK 1,000 EUR 42,210.00 48,330.00 0.03%

L'OREAL 3,400 EUR 664,885.11 897,600.00 0.59%

LINDE PLC 7,100 EUR 1,028,126.55 1,354,680.00 0.89%

MERCK KGAA 1,722 EUR 161,790.90 181,412.70 0.12%

METRO A.G. 1,618 EUR 27,573.68 23,218.30 0.02%

METSO OYJ 1,373 EUR 42,974.90 48,302.14 0.03%

MICHELIN -B- 2,300 EUR 253,114.50 250,930.00 0.17%

MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. 1,890 EUR 364,216.11 497,070.00 0.33%

NATIXIS 11,137 EUR 61,393.41 44,080.25 0.03%

NEPI ROCKCASTLE PLC 3,600 EUR 41,487.68 28,980.00 0.02%

NESTE CORP. 5,855 EUR 97,792.90 181,622.10 0.12%

OMV 1,854 EUR 80,816.55 92,848.32 0.06%

ORANGE 25,402 EUR 371,303.88 333,274.24 0.22%

ORION CORP. (NEW) -B- 1,133 EUR 29,129.43 46,758.91 0.03%

RED ELECTRICA CORPORACION S.A. 6,000 EUR 107,682.93 107,550.00 0.07%

REPSOL YPF S.A. 19,415 EUR 277,408.36 270,450.95 0.18%

SAP A.G. 13,240 EUR 1,284,996.84 1,593,036.80 1.05%

SARTORIUS VZ 387 EUR 47,214.00 73,839.60 0.05%

SCHNEIDER ELECTRIC SE 7,240 EUR 492,194.90 662,460.00 0.44%

SIEMENS NOM 10,000 EUR 1,090,300.13 1,165,400.00 0.77%

SNAM SpA 29,454 EUR 114,182.57 138,021.44 0.09%

SOLVAY & CIE 1,000 EUR 104,521.75 103,300.00 0.07%

TECHNIPFMC -REG- 5,090 EUR 137,550.01 96,251.90 0.06%

TELEPERFORMANCE 850 EUR 162,478.91 184,790.00 0.12%

DPAM Equities L



61




(in EUR)

% Total Net

Assets

TERNA SpA 17,000 EUR 97,410.00 101,218.00 0.07%

TOTAL S.A. 31,687 EUR 1,504,533.60 1,559,000.40 1.03%

UMICORE S.A. 2,500 EUR 86,020.63 108,400.00 0.07%


UPM-KYMMENE CORP. 6,975 EUR 173,292.63 215,597.25 0.14%

VALEO S.A. 3,400 EUR 90,751.91 106,794.00 0.07%

WARTSILA CORP. -B- 6,500 EUR 92,229.10 64,025.00 0.04%

Total EURO

17,804,034.54

20,554,587.77

13.58%

BARRATT DEVELOPMENT 14,489 GBP 94,030.80 127,662.56 0.08%

BERKELEY GROUP HLDG-UNITS- 1,200 GBP 49,563.19 68,812.18 0.05%

BURBERRY GROUP PLC 6,000 GBP 123,209.72 156,133.83 0.10%

COCA-COLA HBC A.G. 2,700 GBP 76,024.17 81,731.28 0.05%

CRODA INTERNATIONAL PLC 1,562 GBP 73,788.74 94,381.78 0.06%

DCC PLC 1,000 GBP 76,560.77 77,229.01 0.05%

EASYJET PLC 833 GBP 11,070.78 14,003.76 0.01%

FERGUSON NEWCO PLC 2,965 GBP 206,373.55 239,691.39 0.16%

INTERCONTINENTAL A.G.HOTELS GROUP PLC 2,539 GBP 144,560.96 156,052.54 0.10%

INTERTEK GROUP PLC 2,250 GBP 135,685.55 155,390.33 0.10%

ITV PLC 40,600 GBP 73,149.47 72,350.27 0.05%

J.SAINSBURY PLC 23,000 GBP 73,919.30 62,402.79 0.04%

JOHNSON MATTHEY PLC 2,601 GBP 96,361.02 91,964.31 0.06%

KINGFISHER PLC 26,104 GBP 106,625.41 66,850.39 0.04%

LONDON STOCK EXCHANGE GROUP PLC 4,200 GBP 248,929.15 384,138.79 0.25%

MARKS & SPENCER PLC 24,000 GBP 78,033.03 60,470.88 0.04%

MONDI PLC 5,900 GBP 130,256.17 123,417.12 0.08%

NATIONAL GRID PLC 44,830 GBP 505,515.94 499,592.48 0.33%

RELX PLC 25,708 GBP 465,239.76 578,115.23 0.38%

SCHRODERS PLC -NEW- 1,859 GBP 67,837.30 73,144.58 0.05%

SEGRO PLC -REIT- 12,758 GBP 89,810.41 135,085.60 0.09%

SSE PLC 14,400 GBP 224,299.68 244,460.97 0.16%

STANDARD CHARTERED PLC 37,870 GBP 297,423.16 318,387.77 0.21%

UNILEVER PLC 14,500 GBP 674,309.88 744,465.10 0.49%

WM MORRISON SUPERMARKETS PLC 35,000 GBP 84,745.39 82,527.88 0.05%

WPP PLC 17,562 GBP 296,047.17 221,040.57 0.15%

Total BRITISH POUND

4,503,370.47

4,929,503.39

3.26%

ASM PACIFIC TECHNOLOGY 4,000 HKD 35,347.55 49,438.05 0.03%

BOC HONG KONG LTD 55,000 HKD 213,466.85 170,100.50 0.11%

BYD CO -H- 10,500 HKD 80,122.05 46,639.72 0.03%

CHINA EVERBRIGHT INTERNATIONAL 50,000 HKD 45,240.92 35,729.39 0.02%

CHINA LONGYUAN POWER -H- GROUP CORP. 50,000 HKD 35,045.82 28,183.35 0.02%

CHINA MINSHENG BANKING CORP. -H- 131,000 HKD 99,004.42 88,219.02 0.06%

COUNTRY GARDEN SERVICES HLDG CO 22,000 HKD 39,303.39 66,027.92 0.04%

GEELY AUTOMOBILE HLDG LTD 80,000 HKD 120,027.96 139,396.09 0.09%

GENSCRIPT BIOTECH CORP. 20,000 HKD 36,939.49 40,474.26 0.03%

GUANGZHOU AUTOMOBILE GROUP CO LTD 28,000 HKD 37,874.53 31,053.13 0.02%

HANG SENG BANK LTD 11,000 HKD 209,373.79 202,485.62 0.13%

HONG KONG EXCHANGES & CLEARING 16,100 HKD 451,453.26 465,716.93 0.31%

MEITUAN DIANPING B 12,000 HKD 83,794.04 139,807.69 0.09%

DPAM Equities L



62




(in EUR)

% Total Net

Assets

MTR CORP. LTD 22,818 HKD 116,815.15 120,138.68 0.08%

SHANGHAI PHARMACEUTICAL HLDG CO -H- 16,000 HKD 36,021.47 27,732.87 0.02%

SHENZHOU INTERNATIONAL GROUP LTD 10,500 HKD 88,292.11 136,737.82 0.09%

SWIRE PACIFIC LTD 6,500 HKD 64,677.68 53,805.61 0.04%

SWIRE PROPERTIES LTD 10,000 HKD 29,047.06 29,555.35 0.02%

WUXI BIOLOGICS (CAYMAN) INC. 10,500 HKD 92,941.50 118,430.08 0.08%


1,914,789.04

1,989,672.08

1.31%

MOL HUNGARIAN OIL & GAS PLC 4,304 HUF 41,336.95 38,262.41 0.03%

Total HUNGARIAN FORINT

41,336.95

38,262.41

0.03%

ASTRA INTERNATIONAL TBK 248,100 IDR 132,507.30 110,253.53 0.07%

BANK CENTRAL ASIA TBK 130,000 IDR 263,445.96 278,843.63 0.18%

BANK MANDIRI PT TBK 300,000 IDR 117,837.92 147,756.16 0.10%

PT BANK NEGARA INDONESIA 87,100 IDR 39,628.72 43,876.68 0.03%

Total INDONESIAN RUPIAH

553,419.90

580,730.00

0.38%

BANK HAPOALIM B.M. 17,681 ILS 100,879.20 130,654.52 0.09%

Total ISRAELI SHEKEL

100,879.20

130,654.52

0.09%

AEON CO LTD 9,800 JPY 156,236.04 181,197.78 0.12%

AJINOMOTO 6,500 JPY 105,685.61 96,710.57 0.06%

ASAHI KASEI CORP. 17,600 JPY 169,523.38 178,037.62 0.12%

ASTELLAS PHARMA 25,000 JPY 316,505.89 383,235.36 0.25%

BENESSE HLDG INC. 600 JPY 17,916.79 14,135.85 0.01%

DAIFUKU 1,000 JPY 47,717.02 54,595.67 0.04%

DAIKIN INDUSTRIES 3,400 JPY 340,448.19 430,617.19 0.28%

DAIWA HOUSE INDUSTRY CO LTD 7,900 JPY 219,618.85 219,538.53 0.14%

DENSO CORP. 6,300 JPY 249,620.27 256,466.84 0.17%

EISAI CO LTD 3,700 JPY 216,844.34 248,834.92 0.16%

FUJITSU LTD 2,600 JPY 158,364.33 218,890.92 0.14%

HANKYU HANSHIN HLDG INC. 2,500 JPY 80,991.59 95,911.31 0.06%

HIROSE ELECTRIC CO 300 JPY 33,708.85 34,503.48 0.02%

HITACHI CHEMICAL CO LTD 1,500 JPY 31,046.03 56,255.67 0.04%

HITACHI METALS LTD 3,700 JPY 41,432.57 48,923.78 0.03%

HONDA MOTOR 22,900 JPY 587,920.63 581,756.19 0.38%

KANZAI PAINT CO LTD 2,700 JPY 56,124.69 59,251.06 0.04%

KAO CORP. 6,500 JPY 372,861.87 480,888.65 0.32%

KDDI CORP. 21,700 JPY 521,396.29 578,665.72 0.38%

KEIO CORP. 1,400 JPY 53,744.34 75,860.11 0.05%

KIKKOMAN CORP. 2,100 JPY 88,145.25 92,443.75 0.06%

KOMATSU 12,300 JPY 291,643.84 266,392.43 0.18%

KONICA MINOLTA INC. 5,000 JPY 37,382.02 29,224.26 0.02%

KUBOTA CORP. 14,600 JPY 212,360.48 206,574.93 0.14%

KYUSHU RAILWAY CO 1,500 JPY 39,249.53 44,881.57 0.03%

MURATA MANUFACTURING CO LTD 7,600 JPY 307,228.33 420,285.00 0.28%

NABTESCO CORP. 1,900 JPY 41,255.50 50,853.49 0.03%

NGK INSULATORS 4,700 JPY 62,546.13 73,358.22 0.05%

DPAM Equities L



63




(in EUR)

% Total Net

Assets

NIKON CORP. 3,000 JPY 37,512.85 33,052.51 0.02%

NINTENDO CO LTD 1,600 JPY 502,093.22 576,713.88 0.38%

NIPPON EXPRESS CO LTD 1,000 JPY 56,516.54 52,628.26 0.03%

NISSIN FOOD PRODUCTS 700 JPY 42,132.81 46,594.86 0.03%

NITTO DENKO CORP. 1,900 JPY 127,129.76 96,255.61 0.06%

NTT DOCOMO INC. 17,200 JPY 364,734.50 428,351.38 0.28%

OBAYASHI CORP. 6,900 JPY 65,057.15 68,837.27 0.05%

OMRON CORP. 2,400 JPY 92,310.28 126,307.82 0.08%

OSAKA GAS CO LTD 4,000 JPY 73,741.34 68,564.29 0.05%

PANASONIC CORP. 31,000 JPY 290,571.83 261,620.64 0.17%

RAKUTEN INC. 12,700 JPY 117,159.48 97,341.78 0.06%

SEKISUI CHEMICAL 3,500 JPY 48,730.22 54,628.46 0.04%

SEKISUI HOUSE LTD 9,000 JPY 140,023.88 172,160.80 0.11%

SHIMIZU CORP. 5,200 JPY 42,280.10 47,572.01 0.03%

SOHLDGO SECURITY SERVICES CO LTD 800 JPY 31,098.88 38,823.59 0.03%

SOMPO HLDG INC. 4,100 JPY 131,942.34 144,522.77 0.10%

SONY CORP. 17,000 JPY 657,905.40 1,031,390.87 0.68%

STANLEY ELECTRIC CO LTD 2,100 JPY 61,920.05 54,743.22 0.04%

SUMITOMO CHEMICAL 25,000 JPY 101,829.70 102,059.47 0.07%

SUMITOMO METAL MINING CO LTD 2,700 JPY 72,854.92 78,440.70 0.05%

SUMITOMO MITSUI TRUST HLDG 5,200 JPY 169,590.78 184,874.38 0.12%

SUNTORY BEVERAGE & FOOD LTD 2,300 JPY 91,982.71 85,693.07 0.06%

TEIJIN LTD 1,500 JPY 29,038.93 25,145.98 0.02%

TOHO GAS CO LTD 800 JPY 21,699.83 29,248.85 0.02%

TOKYO ELECTRON 2,200 JPY 275,855.67 431,477.93 0.28%

TOKYO GAS CO LTD 5,500 JPY 120,578.79 119,546.89 0.08%

TOKYU CORP. 6,000 JPY 76,837.80 99,305.09 0.07%

TORAY INDUSTRIES 20,100 JPY 153,771.00 122,111.57 0.08%

TOYO SUISAN KAISH 1,000 JPY 34,976.86 37,954.65 0.03%

YAMAHA CORP. 1,500 JPY 66,826.31 74,761.64 0.05%

YASKAWA ELECTRIC CORP. 3,500 JPY 96,594.87 119,643.21 0.08%

YOKOGAWA ELECTRIC 3,000 JPY 46,650.54 47,439.21 0.03%

Total JAPANESE YEN

9,099,467.99

10,436,103.53

6.89%

AMOREPACIFIC CORP. 400 KRW 79,417.80 61,627.81 0.04%

AMOREPACIFIC GROUP 400 KRW 48,166.89 25,483.10 0.02%

BANK FINANCIAL GROUP INC. 4,000 KRW 31,453.05 23,603.45 0.02%

CJ CHEILJEDANG CORP. 120 KRW 33,903.12 23,341.53 0.02%

COWAY CO LTD 500 KRW 38,654.47 35,859.68 0.02%

GS HLDG CORP. 1,200 KRW 46,487.83 47,699.93 0.03%

HANKOOK TIRE N TECHNOLOGY CO LTD 1,000 KRW 44,178.50 25,845.16 0.02%

HYUNDAI FIRE & MARINE INSURANCE CO 1,300 KRW 42,495.89 26,989.13 0.02%

KB FINANCIAL GROUP INC. 5,890 KRW 217,601.50 216,204.63 0.14%

LG CHEM LTD 701 KRW 180,248.17 171,454.36 0.11%

LG CORP. 1,000 KRW 56,496.69 56,851.66 0.04%

LG DISPLAY CO LTD 2,582 KRW 66,034.00 32,321.86 0.02%

LG ELECTRONICS INC. 1,600 KRW 80,873.59 88,867.31 0.06%

LG HOUSEHOLD & HEALTHCARE LTD 142 KRW 134,734.18 137,940.00 0.09%

NAVER CORP. 1,700 KRW 198,313.45 244,238.73 0.16%

SAMSUNG FIRE & MARINE INSURANCE 514 KRW 108,820.01 96,415.95 0.06%

DPAM Equities L



64




(in EUR)

% Total Net

Assets

SHINHAN FINANCIAL GROUP CO LTD 6,328 KRW 218,486.32 211,320.85 0.14%

SK ENERGY CO LTD 850 KRW 119,469.91 98,219.33 0.06%

SK HLDG CO LTD 407 KRW 81,284.08 82,145.25 0.05%

S-OIL CORP. 500 KRW 42,208.57 36,707.07 0.02%

WOORI FINANCIAL GROUP INC. 6,000 KRW 76,226.63 53,616.20 0.04%


1,945,554.65

1,796,752.99

1.19%

ARCA CONTINENTAL A.G.S.A.B. DE CV 6,000 MXN 34,726.83 28,299.83 0.02%

COCA-COLA FEMSA S.A.B. DE CV 6,000 MXN 30,756.34 32,517.35 0.02%

FOMENTO ECONOMICO MEXICANO 23,100 MXN 192,141.72 194,707.68 0.13%

GRUPO AEROPORTUARIO DEL SURESTE S.A.B. DE CV 3,400 MXN 51,294.13 56,787.23 0.04%

INDUSTRIAS PENOLES S.A.B. DE CV 2,400 MXN 35,742.61 22,441.73 0.01%

INFRAESTRUCTURA ENERGETICA NOVA SAB 9,000 MXN 37,961.31 37,758.11 0.02%

KIMBERLY-CLARK DE MEXICO S.A.B. DE CV 30,000 MXN 39,301.82 53,072.80 0.04%

Total NEW MEXICAN PESO

421,924.76

425,584.73

0.28%

AXIATA GROUP 55,000 MYR 61,179.87 49,590.56 0.03%

CIMB GROUP HLDG BERHAD 66,597 MYR 83,669.83 74,696.09 0.05%

DIGI.COM BERHAD 50,000 MYR 53,921.87 48,566.95 0.03%

MALAYAN BANKING BERHAD MAYBANK 59,894 MYR 112,795.76 112,702.36 0.07%

MAXIS BERHAD 35,000 MYR 42,563.86 40,552.31 0.03%

NESTLE (MALAYSIA) BERHAD 1,000 MYR 31,619.62 32,014.98 0.02%

PUBLIC BANK BERHAD 46,000 MYR 205,784.51 194,755.64 0.13%

Total MALAYSIAN RINGGIT

591,535.32

552,878.89

0.37%

EQUINOR ASA 14,200 NOK 235,160.39 252,652.39 0.17%

MOWI ASA 6,989 NOK 150,050.72 161,692.03 0.11%

ORKLA ASA 11,102 NOK 92,291.98 100,127.63 0.07%

SCHIBSTED ASA -B- 1,066 NOK 25,390.26 27,212.65 0.02%

TELENOR AS 10,366 NOK 185,248.78 165,467.16 0.11%

Total NORWEGIAN KRONE

688,142.13

707,151.86

0.47%

AUCKLAND INTERNATIONAL AIRPORT LTD 10,165 NZD 42,869.34 53,456.59 0.04%

FLETCHER BUILDING LTD 13,268 NZD 75,130.26 40,589.07 0.03%

MERIDIAN ENERGY LTD 20,000 NZD 37,128.01 60,101.57 0.04%

RYMAN HEALTHCARE LTD 5,000 NZD 37,034.91 49,072.93 0.03%

Total NEW ZEALAND DOLLAR

192,162.52

203,220.16

0.13%

BDO UNIBANK INC. 29,489 PHP 67,133.10 81,958.56 0.05%

SM PRIME HLDG INC. 140,000 PHP 87,441.91 103,678.16 0.07%

Total PHILIPPINE PESO

154,575.01

185,636.72

0.12%

BANK PEKAO S.A. 3,256 PLN 85,851.64 76,933.89 0.05%

POLSKI KONCERN NAFTOWY ORLEN S.A. 4,300 PLN 85,935.76 86,804.12 0.06%

SANTANDER BANK POLSKA S.A. 600 PLN 45,053.14 43,384.89 0.03%

Total POLISH ZLOTY

216,840.54

207,122.90

0.14%

DPAM Equities L



65




(in EUR)

% Total Net

Assets

QATAR FUEL Q.S.C. 6,500 QAR 37,344.66 36,420.36 0.02%

Total QATARI RIYAL

37,344.66

36,420.36

0.02%

BOLIDEN AB 3,216 SEK 81,190.72 76,055.86 0.05%

ELECTROLUX -B- 3,300 SEK 68,865.00 72,200.99 0.05%

ESSITY -B- 8,000 SEK 194,332.87 229,773.26 0.15%

ICA GRUPPEN AB 1,400 SEK 48,330.11 58,250.34 0.04%

SKANDINAVISKA ENSKILDA BANKEN -A- 22,000 SEK 201,392.24 184,412.46 0.12%

TELE2 AK 6,240 SEK 64,803.41 80,674.17 0.05%

TELIA CO AB 42,210 SEK 159,072.69 161,685.66 0.11%

Total SWEDISH KRONA

817,987.04

863,052.74

0.57%

ASCENDAS REAL ESTATE INVESTMENT TRUST 29,800 SGD 53,729.69 58,638.49 0.04%

CAPITALAND LTD 35,000 SGD 79,986.90 86,957.96 0.06%

CITY DEVELOPMENTS LTD 4,000 SGD 23,079.71 29,019.11 0.02%

DBS GROUP HLDG LTD 24,300 SGD 320,377.96 416,658.83 0.28%

KEPPEL CORP. LTD 18,000 SGD 77,156.30 80,736.74 0.05%

SINGAPORE AIRLINES LTD 6,000 SGD 40,091.77 35,936.00 0.02%

SINGAPORE EXCHANGE LTD 8,700 SGD 42,440.40 51,069.67 0.03%

Total SINGAPORE DOLLAR

636,862.73

759,016.80

0.50%

ADVANCED INFO SERVICE -FOREIGN- 16,000 THB 76,404.52 101,358.89 0.07%

BANGKOK DUSIT MEDICAL SVCS -FOREIGN- 140,000 THB 100,441.70 108,258.91 0.07%

CENTRAL PATTANA PUBLIC CO LTD -FOREIGN 35,000 THB 73,511.08 64,799.20 0.04%

INTOUCH HLDG PUBLIC CO LTD -FOREIGN- 40,000 THB 75,043.22 68,107.94 0.04%

KASIKORNBANK PCL -FOREIGN- 25,000 THB 124,851.15 111,902.23 0.07%

MINOR INTERNATIONAL PUBLIC -FOREIGN- 65,000 THB 68,827.74 69,595.01 0.05%

SIAM CEMENT PUBLIC CO LTD FOREIGN 10,000 THB 123,651.16 116,586.51 0.08%

SIAM COMMERCIAL BANK -F- FOREIGN -REG- 22,500 THB 91,691.82 81,640.30 0.05%

THAI OIL PUBLIC CO LTD -FOREIGN- 15,500 THB 40,136.22 32,154.23 0.02%

Total THAI BAHT

774,558.61

754,403.22

0.50%

KOC HLDG AS 8,000 TRY 31,095.66 24,335.33 0.02%

Total TURKISH LIRA

31,095.66

24,335.33

0.02%

ACER INC. 50,000 TWD 35,071.13 26,523.70 0.02%

CHAILEASE HLDG CO LTD 19,899 TWD 60,442.43 81,608.66 0.05%

CHINA STEEL CORP. 166,000 TWD 116,018.05 117,904.91 0.08%

CHUNGHWA TELECOM CO LTD 55,000 TWD 170,015.81 179,796.52 0.12%

E.SUN FINANCIAL HLDG CO LTD 172,582 TWD 101,279.39 143,095.38 0.09%

FAR EASTERN NEW CENTURY CORP. 50,000 TWD 38,960.85 44,354.76 0.03%

FAR EASTONE TELECOMMUNICATION 12,000 TWD 25,220.03 25,712.39 0.02%

HOTAI MOTOR CO LTD 4,000 TWD 39,477.72 81,190.76 0.05%

PRESIDENT CHAIN STORE CORP. 7,500 TWD 57,887.05 67,758.03 0.04%

SHIN KONG FINANCIAL HLDG CO LTD 103,556 TWD 34,563.82 31,852.35 0.02%

TAISHIN FINANCIAL 209,204 TWD 85,143.86 90,149.62 0.06%

TAIWAN BUSINESS BANK 163,800 TWD 34,923.65 61,335.28 0.04%

DPAM Equities L



66




(in EUR)

% Total Net

Assets

TAIWAN MOBILE CO LTD 24,000 TWD 73,143.02 79,883.15 0.05%

TAIWAN SEMICONDUCTOR MANUFACTURING 320,000 TWD 1,984,341.03 3,147,776.39 2.08%

UNI-PRESIDENT ENTERPRISES CORP. 68,000 TWD 134,191.42 149,947.32 0.10%

Total TAIWAN DOLLAR

2,990,679.26

4,328,889.22

2.86%

ACCENTURE PLC -A- 8,400 USD 1,129,244.48 1,575,757.68 1.04%

ACUITY BRANDS INC. 700 USD 92,297.09 86,057.91 0.06%

ADOBE SYSTEMS INC 6,500 USD 1,639,776.65 1,909,812.92 1.26%

AGILENT TECHNOLOGIES INC. 4,000 USD 216,748.57 304,000.00 0.20%

ALIGN TECHNOLOGY INC. 1,000 USD 168,289.32 248,587.97 0.16%

ALLEGION PLC 1,300 USD 94,723.67 144,233.41 0.10%

ALLY FINANCIAL INC. 5,600 USD 150,506.79 152,459.69 0.10%

AMERICAN EXPRESS COMPANY 9,050 USD 755,275.13 1,003,683.30 0.66%

AMERICAN TOWER CORP. 5,800 USD 771,189.45 1,187,488.64 0.78%

AMERISOURCEBERGEN CORP. 2,100 USD 160,531.15 159,057.46 0.11%

AMGEN INC. 7,750 USD 1,363,869.61 1,664,403.12 1.10%

AXALTA COATING SYSTEMS LTD 2,800 USD 66,626.20 75,830.73 0.05%

BAKER HUGHES-A GE CO 9,100 USD 228,286.83 207,779.96 0.14%

BALL CORP. 4,100 USD 224,708.05 236,211.14 0.16%

BANK OF NEW YORK MELLON CORP. 11,500 USD 469,750.38 515,630.29 0.34%

BECTON DICKINSON 3,500 USD 652,687.66 848,013.36 0.56%

BEST BUY CO INC. 3,200 USD 141,464.41 250,298.44 0.17%

BIOGEN INC. 2,500 USD 618,691.12 660,868.60 0.44%

BLACKROCK INC. 1,550 USD 617,132.54 694,151.45 0.46%

BOSTON PROPERTIES INC. 2,000 USD 224,841.54 245,630.29 0.16%

BUNGE LTD 2,300 USD 123,603.52 117,919.82 0.08%

C.H. ROBINSON WORLDWIDE INC. 2,000 USD 146,541.80 139,331.85 0.09%

CAMPBELL SOUP COMPANY 1,900 USD 89,125.37 83,650.78 0.06%

CARDINAL HEALTH INC. 3,500 USD 220,132.54 157,710.47 0.10%

CATERPILLAR INC. 7,400 USD 778,561.15 973,569.71 0.64%

CB RICHARD ELLIS GROUP INC. -A- 4,000 USD 140,861.53 218,405.35 0.14%

CENTENE CORP. 5,400 USD 255,651.91 302,448.11 0.20%

CENTERPOINT ENERGY INC. 6,600 USD 165,217.41 160,340.31 0.11%

CERNER CORP. 4,400 USD 242,204.06 287,675.72 0.19%

CHARLES SCHWAB CORP. 15,000 USD 530,051.47 635,545.66 0.42%

CHUBB LTD 6,000 USD 730,838.98 832,035.63 0.55%

CIGNA CORP. 4,900 USD 724,714.57 892,651.22 0.59%

CLOROX CY 1,700 USD 210,362.33 232,532.74 0.15%

CME GROUP INC. -A- 4,600 USD 578,731.44 822,549.67 0.54%

CMS ENERGY CORP. 3,800 USD 159,637.26 212,732.29 0.14%

COCA-COLA EUROPEAN PARTNERS PLC 3,600 USD 138,045.18 163,178.62 0.11%

COLGATE-PALMOLIVE CO 11,000 USD 627,445.16 674,601.34 0.45%

COMERICA INC. 1,900 USD 109,788.83 121,447.66 0.08%

CONOCOPHILLIPS 14,200 USD 714,177.05 822,651.22 0.54%

CONSOLIDATED EDISON INC. 4,200 USD 293,678.70 338,506.90 0.22%

COOPER COMPANIES INC. 650 USD 146,643.54 186,047.66 0.12%

CRONOS GROUP INC. 3,100 USD 44,712.43 21,209.52 0.01%

CSX CORP. 9,800 USD 421,999.58 631,870.82 0.42%

CUMMINS INC. 1,900 USD 251,015.90 302,916.70 0.20%

DEERE & CY 3,900 USD 432,696.46 601,972.38 0.40%

DPAM Equities L



67




(in EUR)

% Total Net

Assets

DENTSPLY INTERNATIONAL INC. 3,300 USD 163,288.23 166,367.04 0.11%

DEVON ENERGY CORP. 5,400 USD 178,505.22 124,933.63 0.08%

ECOLAB INC. 3,400 USD 450,996.74 584,557.68 0.39%

EDWARDS LIFESCIENCES CORP. 2,800 USD 348,591.13 581,926.06 0.38%

EQUINIX INC. 1,120 USD 447,272.61 582,400.00 0.38%

EVERSOURCE ENERGY 4,250 USD 231,801.68 322,091.31 0.21%

EXPEDITORS INTERNATIONAL OF WASHINGTON 2,400 USD 148,641.53 166,813.36 0.11%

FACTSET RESEARCH SYSTEMS INC. 600 USD 148,306.83 143,412.03 0.09%

FASTENAL CO 8,000 USD 218,220.59 263,340.76 0.17%

FLOWSERVE CORP. 2,200 USD 93,998.30 97,544.77 0.06%

FORTUNE BRANDS HOME SECURITY INC. 1,600 USD 73,843.35 93,134.97 0.06%

FRANKLIN RESOURCES INC. 4,200 USD 139,283.27 97,208.02 0.06%

GAP INC. 3,700 USD 73,861.20 58,277.06 0.04%

GENERAL MILLS INC. 7,900 USD 381,418.85 376,947.88 0.25%

GILEAD SCIENCES INC. 16,500 USD 1,071,397.22 955,162.58 0.63%

HANESBRANDS INC. 3,800 USD 65,594.85 50,271.71 0.03%

HASBRO INC. 2,100 USD 160,071.35 197,577.73 0.13%

HCA HEALTHCARE INC. 3,700 USD 313,651.48 487,213.36 0.32%

HENRY SCHEIN INC. 2,000 USD 137,036.97 118,877.51 0.08%

HESS CORP. 3,800 USD 184,806.00 226,171.94 0.15%

HEWLETT-PACKARD ENTERPRISE 17,600 USD 290,529.09 248,673.50 0.16%

HILTON INC. 3,600 USD 247,487.19 355,638.31 0.23%

HOME DEPOT 14,400 USD 2,396,636.36 2,801,489.53 1.85%

IDEX CORP. 1,000 USD 135,461.17 153,229.40 0.10%

IDEXX LABORATORIES INC. 1,200 USD 189,404.92 279,159.02 0.18%

IHS MARKIT LTD 5,550 USD 253,371.99 372,554.57 0.25%

ILLINOIS TOOL WORKS INC. 4,200 USD 535,961.53 672,112.25 0.44%

INFOSYS LTD SPONSOREDADR 68,000 USD 502,941.15 625,175.95 0.41%

INGERSOLL-RAND PLC 3,300 USD 270,956.47 390,767.04 0.26%

INTERNATIONAL FLAVORS & FRAGRANCES 1,400 USD 167,282.77 160,915.81 0.11%

INVESCO PLC 5,000 USD 91,569.51 80,089.09 0.05%

IQVIA HLDG INC. 2,200 USD 223,937.30 302,825.84 0.20%

IRON MOUNTAIN REIT INC. 3,700 USD 114,157.16 105,050.33 0.07%

JAZZ PHARMACEUTICALS PLC 800 USD 106,474.22 106,391.09 0.07%

JOHNSON CONTROLS INTERNATIONAL PLC 10,600 USD 387,857.60 384,432.96 0.25%

KANSAS CITY SOUTHERN 1,300 USD 115,642.38 177,379.06 0.12%

KELLOGG CO 3,200 USD 192,968.99 197,159.91 0.13%

KEYCORP 12,858 USD 218,488.75 231,844.92 0.15%

KIMBERLY-CLARK CORP. 4,750 USD 554,187.73 582,060.13 0.38%

LIBERTY GLOBAL PLC -A- 1,900 USD 54,842.17 38,507.80 0.03%

LIBERTY GLOBAL PLC -C- 6,000 USD 156,965.81 116,498.89 0.08%

LIBERTY PROPERTY TRUST 2,000 USD 69,715.38 106,993.32 0.07%

LKQ CORP. 4,300 USD 110,088.58 136,757.24 0.09%

M&T BANK CORP. 1,700 USD 235,304.20 257,082.41 0.17%

MANPOWER GROUP INC. 800 USD 64,845.16 69,202.67 0.05%

MARATHON OIL CORP. 10,400 USD 163,002.96 125,819.15 0.08%

MARSH & MC LENNAN 6,600 USD 479,169.98 655,061.02 0.43%

Mc CORMICK 1,750 USD 195,916.39 264,612.47 0.17%

MC DONALD'S CORP. 9,900 USD 1,371,015.57 1,742,840.98 1.15%

METTLER TOLEDO INTERNATIONAL INC. 320 USD 157,370.96 226,146.64 0.15%

MICROSOFT CORP. 95,000 USD 7,649,629.68 13,346,547.88 8.81%

DPAM Equities L



68




(in EUR)

% Total Net

Assets

MOHAWK INDUSTRIES INC. 900 USD 170,759.61 109,346.99 0.07%

MOODY'S CORP. 2,200 USD 346,687.12 465,302.45 0.31%

MOSAIC CO 4,700 USD 113,900.22 90,608.46 0.06%

NATIONAL - OILWELL VARCO 4,600 USD 149,961.86 102,654.79 0.07%

NEWELL BRANDS INC. 5,900 USD 232,627.89 101,022.72 0.07%

NEWMONT CORP. 11,000 USD 336,937.56 425,790.65 0.28%

NIKE INC. -B- 16,200 USD 982,603.29 1,462,113.14 0.97%

NISOURCE INC. 5,300 USD 131,807.81 131,449.44 0.09%

NOBLE ENERGY INC. 6,500 USD 191,275.46 143,839.64 0.09%

NORDSTROM INC. 1,300 USD 57,256.73 47,402.23 0.03%

NORFOLK SOUTHERN CORP. 3,500 USD 418,704.01 605,305.12 0.40%

NORTHERN TRUST CORP. 2,500 USD 185,677.43 236,614.70 0.16%

NOVATEK OAO -GDR- 1,200 USD 151,857.53 217,015.59 0.14%

NVIDIA CORP. 7,435 USD 1,192,608.41 1,558,534.97 1.03%

ONEOK NEW 5,500 USD 307,108.21 370,766.15 0.24%

OWENS CORNING INC. 1,200 USD 65,329.60 69,616.04 0.05%

PEOPLE'S UNITED FINANCIAL INC. 7,300 USD 110,771.49 109,906.46 0.07%

PEPSICO INC. 18,100 USD 1,725,727.76 2,203,765.70 1.46%

PHILLIPS 66 6,000 USD 497,820.86 595,510.02 0.39%

PIONEER NATURAL RESOURCES CO 2,100 USD 317,885.41 283,186.64 0.19%

PNC FINANCIAL SERVICES GROUP 5,850 USD 679,934.45 831,924.72 0.55%

PRINCIPAL FINANCIAL GROUP INC. 3,600 USD 175,197.05 176,391.98 0.12%

PROCTER & GAMBLE 32,900 USD 2,748,182.12 3,660,766.15 2.42%

PROLOGIS INC. 8,300 USD 459,234.67 659,119.82 0.44%

PRUDENTIAL FINANCIAL INC. 5,300 USD 448,790.58 442,603.12 0.29%

PVH CORP. 1,000 USD 97,042.25 93,674.83 0.06%

QUEST DIAGNOSTICS INC. 1,700 USD 146,138.06 161,730.96 0.11%

RESMED INC 1,900 USD 145,524.66 262,310.02 0.17%

ROBERT HALF INTERNATIONAL INC. 1,400 USD 62,356.75 78,761.69 0.05%

ROCKWELL AUTOMATION INC. 1,600 USD 216,382.57 288,883.74 0.19%

SALESFORCE.COM INC. 10,900 USD 1,172,747.36 1,579,019.15 1.04%

SEMPRA ENERGY 3,600 USD 369,773.26 485,815.59 0.32%

SIGNATURE BANK 750 USD 87,091.91 91,276.17 0.06%

SPRINT CORP. 16,500 USD 91,950.19 76,583.52 0.05%

STATE STREET CORP. 4,800 USD 326,536.89 338,244.99 0.22%

STERIS PLC 1,000 USD 120,718.65 135,786.19 0.09%

SUNCOR ENERGY INC. 21,000 USD 589,660.07 613,630.29 0.41%

SVB FINANCIAL GROUP 700 USD 139,384.84 156,550.56 0.10%

TESLA INC. -REG- 1,760 USD 448,282.76 655,911.63 0.43%

TIFFANY & CO 1,300 USD 108,544.51 154,783.96 0.10%

TRACTOR SUPPLY CO 1,400 USD 94,330.17 116,539.87 0.08%

TRAVELERS COMPANIES INC. 3,400 USD 384,481.11 414,815.14 0.27%

TRIMBLE 3,300 USD 120,002.06 122,563.03 0.08%

T ROWE PRICE GROUP INC. 3,000 USD 242,738.11 325,630.29 0.22%

UNITED PARCEL SERV -B- INC. 9,000 USD 863,983.70 938,565.70 0.62%

VAIL RESORTS INC. 500 USD 91,787.36 106,828.51 0.07%

VARIAN MEDICAL SYSTEMS INC. 1,050 USD 103,920.93 132,837.86 0.09%

VERTEX PHARMACEUTIC 3,350 USD 428,455.45 653,436.53 0.43%

VF CORP. 4,400 USD 275,506.89 390,649.44 0.26%

VMWARE INC. -A- 1,100 USD 194,069.38 148,747.44 0.10%

WALT DISNEY CO 23,500 USD 2,288,961.02 3,027,888.64 2.00%

DPAM Equities L



69




(in EUR)

% Total Net

Assets

WATERS CORP. 900 USD 140,859.17 187,336.30 0.12%

WEC ENERGY GROUP INC. 4,000 USD 219,499.54 328,659.24 0.22%

WW GRAINGER INC. 650 USD 130,368.21 196,024.94 0.13%

XYLEM INC. 2,200 USD 111,932.14 154,421.38 0.10%

ZIONS BANCORPORATION 2,500 USD 100,684.60 115,634.74 0.08%

ZOETIS INC 6,300 USD 421,759.60 742,810.69 0.49%

Total U.S. DOLLAR

63,330,970.63

81,487,617.81

53.82%

ABSA GROUP LTD 11,603 ZAR 118,270.53 110,363.96 0.07%

BIDVEST GROUP LTD 5,500 ZAR 66,466.12 71,750.71 0.05%

CLICKS GROUP LTD 2,762 ZAR 37,658.42 45,150.29 0.03%

FIRSTRAND LTD 48,360 ZAR 192,937.38 193,483.13 0.13%

GROWTHPOINT PROPERTIES LTD 32,900 ZAR 56,441.01 46,342.75 0.03%

LIFE HEALTHCARE GROUP HLDG LTD 14,536 ZAR 27,057.01 22,827.53 0.02%

MR. PRICE GROUP LTD 3,500 ZAR 42,682.62 40,693.79 0.03%

MTN GROUP N.V. 19,128 ZAR 151,297.95 100,523.60 0.07%

MULTICHOICE GROUP LTD 5,291 ZAR 42,772.44 39,270.00 0.03%

NASPERS -N- 6,100 ZAR 825,397.70 890,250.63 0.59%

NEDBANK GROUP 5,500 ZAR 77,919.45 75,089.99 0.05%

OLD MUTUAL LTD 59,920 ZAR 80,369.26 75,050.31 0.05%

RMB HLDG LTD 10,000 ZAR 40,465.96 51,247.09 0.03%

STANDARD BANK GROUP 17,342 ZAR 184,376.84 185,965.37 0.12%

THE FOSCHINI GROUP LTD 2,900 ZAR 42,306.71 27,618.96 0.02%

VODACOM GROUP LTD 10,000 ZAR 87,412.97 73,455.87 0.05%

WOOLWORTHS HLDG LTD 15,218 ZAR 59,406.91 47,118.45 0.03%

Total SOUTH AFRICAN RAND

2,133,239.28

2,096,202.43


124,652,972.50

151,067,871.19


124,652,972.50

151,067,871.19

99.77%

Total Portfolio

124,652,972.50

151,067,871.19

99.77%

DPAM Equities L



70

US SRI MSCI Index



(in EUR)

% Total Net

Assets



LINDE PLC 19,820 EUR 2,943,371.09 3,781,656.00 1.65%

TECHNIPFMC -REG- 14,340 EUR 357,564.22 271,169.40 0.12%

Total EURO

3,300,935.31

4,052,825.40

1.77%

ACCENTURE PLC -A- 23,580 USD 3,302,322.70 4,423,376.93 1.93%

ACUITY BRANDS INC. 1,630 USD 240,571.76 200,391.98 0.09%

ADOBE SYSTEMS INC 18,000 USD 4,541,454.49 5,288,712.69 2.31%

AGILENT TECHNOLOGIES INC. 11,260 USD 640,294.09 855,760.00 0.37%

ALIGN TECHNOLOGY INC. 2,860 USD 548,630.59 710,961.60 0.31%

ALLEGION PLC 3,690 USD 306,764.26 409,400.98 0.18%

ALLY FINANCIAL INC. 13,200 USD 346,993.68 359,369.27 0.16%

AMERICAN EXPRESS COMPANY 26,140 USD 2,322,360.02 2,899,036.61 1.27%

AMERICAN TOWER CORP. 16,440 USD 2,367,281.46 3,365,916.08 1.47%

AMERISOURCEBERGEN CORP. 5,910 USD 456,775.41 447,633.14 0.20%

AMGEN INC. 22,280 USD 3,957,051.97 4,784,890.51 2.09%

AXALTA COATING SYSTEMS LTD 7,530 USD 198,598.06 203,930.51 0.09%

BAKER HUGHES-A GE CO 21,930 USD 516,572.46 500,726.86 0.22%

BALL CORP. 11,940 USD 681,088.79 687,892.92 0.30%

BANK OF NEW YORK MELLON CORP. 32,110 USD 1,343,139.05 1,439,729.44 0.63%

BECTON DICKINSON 10,020 USD 2,007,342.49 2,427,741.11 1.06%

BEST BUY CO INC. 9,010 USD 508,570.14 704,746.55 0.31%

BIOGEN INC. 6,860 USD 1,768,300.53 1,813,423.43 0.79%

BLACKROCK INC. 4,390 USD 1,761,809.27 1,966,016.04 0.86%

BOSTON PROPERTIES INC. 5,530 USD 621,925.57 679,167.75 0.30%

BUNGE LTD 4,920 USD 275,944.43 252,245.88 0.11%

C.H. ROBINSON WORLDWIDE INC. 4,570 USD 330,009.28 318,373.27 0.14%

CAMPBELL SOUP COMPANY 6,910 USD 258,839.87 304,224.68 0.13%

CARDINAL HEALTH INC. 11,780 USD 612,065.43 530,808.37 0.23%

CATERPILLAR INC. 20,600 USD 2,332,424.62 2,710,207.57 1.18%

CB RICHARD ELLIS GROUP INC. -A- 12,260 USD 499,405.87 669,412.38 0.29%

CENTENE CORP. 15,990 USD 726,290.02 895,582.45 0.39%

CENTERPOINT ENERGY INC. 18,400 USD 461,057.33 447,009.35 0.20%

CERNER CORP. 11,570 USD 675,932.03 756,456.39 0.33%

CHARLES SCHWAB CORP. 44,590 USD 1,746,252.80 1,889,265.39 0.82%

CHUBB LTD 16,910 USD 2,098,120.18 2,344,953.76 1.02%

CIGNA CORP. 13,980 USD 1,313,158.35 2,546,788.60 1.11%

CLOROX CY 4,510 USD 570,607.99 616,895.68 0.27%

CME GROUP INC. -A- 13,220 USD 1,936,805.72 2,363,936.21 1.03%

CMS ENERGY CORP. 10,415 USD 468,354.33 583,054.43 0.25%

COLGATE-PALMOLIVE CO 30,280 USD 1,748,151.05 1,856,993.50 0.81%

COMERICA INC. 5,400 USD 364,040.54 345,167.04 0.15%

CONOCOPHILLIPS 42,110 USD 2,143,342.75 2,439,566.41 1.07%

CONSOLIDATED EDISON INC. 12,340 USD 901,622.55 994,565.52 0.43%

COOPER COMPANIES INC. 1,870 USD 430,545.01 535,244.81 0.23%

CSX CORP. 28,620 USD 1,516,143.45 1,845,320.71 0.81%

CUMMINS INC. 5,320 USD 727,115.45 848,166.77 0.37%

DPAM Equities L



71

US SRI MSCI Index



(in EUR)

% Total Net

Assets

DEERE & CY 11,160 USD 1,398,490.14 1,722,567.13 0.75%

DENTSPLY INTERNATIONAL INC. 8,000 USD 388,507.63 403,314.03 0.18%

DEVON ENERGY CORP. 14,320 USD 441,783.26 331,305.48 0.14%

ECOLAB INC. 9,610 USD 1,288,329.43 1,652,235.10 0.72%

EDWARDS LIFESCIENCES CORP. 7,720 USD 1,028,487.67 1,604,453.27 0.70%

EQUINIX INC. 3,115 USD 1,244,657.38 1,619,800.00 0.71%

EVERSOURCE ENERGY 12,090 USD 703,924.63 916,255.06 0.40%

EXPEDITORS INTERNATIONAL OF WASHINGTON 6,800 USD 396,271.37 472,637.86 0.21%

FACTSET RESEARCH SYSTEMS INC. 1,400 USD 348,704.68 334,628.06 0.15%

FASTENAL CO 21,100 USD 586,925.05 694,561.25 0.30%

FLOWSERVE CORP. 4,600 USD 187,363.67 203,957.24 0.09%

FORTUNE BRANDS HOME SECURITY INC. 5,110 USD 238,222.89 297,449.80 0.13%

FRANKLIN RESOURCES INC. 10,850 USD 342,529.14 251,120.71 0.11%

GAP INC. 6,400 USD 163,569.58 100,803.56 0.04%

GENERAL MILLS INC. 22,570 USD 1,061,695.56 1,076,925.79 0.47%

GILEAD SCIENCES INC. 46,170 USD 2,884,787.47 2,672,718.57 1.17%

HANESBRANDS INC. 12,580 USD 222,469.11 166,425.84 0.07%

HASBRO INC. 4,910 USD 414,007.27 461,955.55 0.20%

HCA HEALTHCARE INC. 9,970 USD 921,915.20 1,312,842.49 0.57%

HENRY SCHEIN INC. 4,990 USD 328,704.16 296,599.38 0.13%

HESS CORP. 9,960 USD 488,685.71 592,808.55 0.26%

HEWLETT-PACKARD ENTERPRISE 50,280 USD 685,623.54 710,414.97 0.31%

HILTON INC. 9,790 USD 684,787.01 967,138.62 0.42%

HOME DEPOT 40,710 USD 7,010,412.77 7,920,044.37 3.46%

IDEX CORP. 2,700 USD 373,840.60 413,719.38 0.18%

IDEXX LABORATORIES INC. 3,040 USD 548,977.31 707,202.85 0.31%

IHS MARKIT LTD 14,200 USD 669,088.68 953,202.67 0.42%

ILLINOIS TOOL WORKS INC. 12,100 USD 1,578,881.05 1,936,323.39 0.85%

INGERSOLL-RAND PLC 9,080 USD 802,617.93 1,075,201.43 0.47%

INTERNATIONAL FLAVORS & FRAGRANCES 3,830 USD 462,127.05 440,219.69 0.19%

INVESCO PLC 13,400 USD 241,508.39 214,638.75 0.09%

IQVIA HLDG INC. 6,460 USD 678,883.43 889,206.77 0.39%

IRON MOUNTAIN REIT INC. 11,590 USD 353,727.86 329,063.07 0.14%

JAZZ PHARMACEUTICALS PLC 1,960 USD 235,659.20 260,658.17 0.11%

JOHNSON CONTROLS INTERNATIONAL PLC 29,936 USD 1,052,822.09 1,085,696.71 0.47%

KANSAS CITY SOUTHERN 3,530 USD 328,802.42 481,652.38 0.21%

KELLOGG CO 9,000 USD 512,587.77 554,512.25 0.24%

KEYCORP 37,780 USD 604,647.07 681,218.00 0.30%

KIMBERLY-CLARK CORP. 12,740 USD 1,481,326.90 1,561,146.55 0.68%

LIBERTY GLOBAL PLC -A- 6,080 USD 156,274.67 123,224.94 0.05%

LIBERTY GLOBAL PLC -C- 14,950 USD 378,095.68 290,276.39 0.13%

LIBERTY PROPERTY TRUST 5,310 USD 203,081.97 284,067.26 0.12%

LKQ CORP. 10,870 USD 312,131.09 345,709.58 0.15%

M&T BANK CORP. 4,760 USD 673,720.56 719,830.73 0.31%

MANPOWER GROUP INC. 2,150 USD 185,942.71 185,982.18 0.08%

MARATHON OIL CORP. 28,250 USD 392,040.11 341,768.37 0.15%

MARSH & MC LENNAN 18,620 USD 1,382,201.00 1,848,066.10 0.81%

Mc CORMICK 4,360 USD 463,514.74 659,263.07 0.29%

MC DONALD'S CORP. 28,270 USD 4,282,215.94 4,976,779.24 2.17%

METTLER TOLEDO INTERNATIONAL INC. 920 USD 522,322.48 650,171.58 0.28%

MICROSOFT CORP. 268,600 USD 24,307,238.62 37,735,608.02 16.47%

DPAM Equities L



72

US SRI MSCI Index



(in EUR)

% Total Net

Assets

MOHAWK INDUSTRIES INC. 2,190 USD 368,652.67 266,077.68 0.12%

MOODY'S CORP. 6,300 USD 994,772.11 1,332,457.02 0.58%

MOSAIC CO 12,330 USD 262,693.05 237,702.63 0.10%

NATIONAL - OILWELL VARCO 14,130 USD 352,880.45 315,328.73 0.14%

NEWELL BRANDS INC. 13,000 USD 279,377.94 222,592.43 0.10%

NEWMONT CORP. 30,930 USD 960,063.43 1,197,245.88 0.52%

NIKE INC. -B- 46,670 USD 2,923,402.09 4,212,149.40 1.84%

NISOURCE INC. 12,550 USD 283,204.24 311,262.36 0.14%

NOBLE ENERGY INC. 16,450 USD 409,095.06 364,024.94 0.16%

NORDSTROM INC. 4,500 USD 164,872.71 164,084.63 0.07%

NORFOLK SOUTHERN CORP. 9,940 USD 1,317,618.72 1,719,066.55 0.75%

NORTHERN TRUST CORP. 7,570 USD 609,862.81 716,469.31 0.31%

NVIDIA CORP. 21,500 USD 3,471,574.32 4,506,859.69 1.97%

ONEOK NEW 16,160 USD 864,139.31 1,089,378.35 0.48%

OWENS CORNING INC. 4,050 USD 206,787.82 234,954.12 0.10%

PEOPLE'S UNITED FINANCIAL INC. 14,770 USD 214,006.21 222,372.38 0.10%

PEPSICO INC. 52,060 USD 5,153,768.43 6,338,565.88 2.77%

PHILLIPS 66 16,930 USD 1,417,319.38 1,680,330.78 0.73%

PIONEER NATURAL RESOURCES CO 6,080 USD 851,153.43 819,892.74 0.36%

PNC FINANCIAL SERVICES GROUP 16,100 USD 1,886,859.22 2,289,570.60 1.00%

PRINCIPAL FINANCIAL GROUP INC. 10,000 USD 518,536.14 489,977.73 0.21%

PROCTER & GAMBLE 92,870 USD 7,895,514.02 10,333,597.33 4.51%

PROLOGIS INC. 23,490 USD 1,409,779.62 1,865,388.51 0.81%

PRUDENTIAL FINANCIAL INC. 14,440 USD 1,215,640.26 1,205,884.72 0.53%

PVH CORP. 2,630 USD 266,512.30 246,364.81 0.11%

QUEST DIAGNOSTICS INC. 5,480 USD 473,188.78 521,344.50 0.23%

RESMED INC 5,160 USD 452,656.05 712,378.80 0.31%

ROBERT HALF INTERNATIONAL INC. 3,950 USD 217,104.15 222,220.49 0.10%

ROCKWELL AUTOMATION INC. 4,400 USD 639,505.27 794,430.29 0.35%

SALESFORCE.COM INC. 31,000 USD 3,508,535.19 4,490,788.42 1.96%

SEMPRA ENERGY 9,910 USD 1,071,826.79 1,337,342.36 0.58%

SIGNATURE BANK 2,100 USD 232,661.50 255,573.27 0.11%

SPRINT CORP. 35,860 USD 193,354.44 166,441.51 0.07%

STATE STREET CORP. 13,950 USD 936,724.19 983,024.50 0.43%

STERIS PLC 2,900 USD 353,189.79 393,779.96 0.17%

SVB FINANCIAL GROUP 2,000 USD 407,908.14 447,287.31 0.20%

TESLA INC. -REG- 5,060 USD 1,286,246.77 1,885,745.92 0.82%

TIFFANY & CO 4,480 USD 389,319.76 533,409.35 0.23%

TRACTOR SUPPLY CO 4,080 USD 290,783.25 339,630.47 0.15%

TRAVELERS COMPANIES INC. 9,940 USD 1,172,739.56 1,212,724.28 0.53%

TRIMBLE 8,300 USD 303,908.09 308,264.59 0.13%

T ROWE PRICE GROUP INC. 8,440 USD 738,593.89 916,106.55 0.40%

UNITED PARCEL SERV -B- INC. 25,700 USD 2,503,177.15 2,680,126.50 1.17%

VAIL RESORTS INC. 1,400 USD 299,966.97 299,119.82 0.13%

VARIAN MEDICAL SYSTEMS INC. 3,657 USD 386,711.36 462,655.30 0.20%

VERTEX PHARMACEUTIC 9,445 USD 1,320,125.21 1,842,300.89 0.80%

VF CORP. 12,609 USD 834,039.37 1,119,477.01 0.49%

VMWARE INC. -A- 2,850 USD 472,387.08 385,391.09 0.17%

WALT DISNEY CO 66,600 USD 6,905,664.86 8,581,165.26 3.75%

WATERS CORP. 2,530 USD 438,062.42 526,623.16 0.23%

WEC ENERGY GROUP INC. 12,190 USD 736,046.70 1,001,589.04 0.44%

DPAM Equities L



73

US SRI MSCI Index



(in EUR)

% Total Net

Assets

WW GRAINGER INC. 1,750 USD 397,532.20 527,759.47 0.23%

XYLEM INC. 6,100 USD 367,348.67 428,168.37 0.19%

ZIONS BANCORPORATION 6,800 USD 269,918.80 314,526.50 0.14%

ZOETIS INC 17,630 USD 1,325,491.34 2,078,690.87 0.91%

Total U.S. DOLLAR

180,442,010.96

224,940,120.82


183,742,946.27

228,992,946.22


183,742,946.27

228,992,946.22

99.97%

Total Portfolio

183,742,946.27

228,992,946.22

99.97%

DPAM Equities L



74

EMU SRI MSCI Index



(in EUR)

% Total Net

Assets



ADIDAS AG 5,916 EUR 1,090,031.71 1,714,456.80 3.63%

AKZO NOBEL N.V. - ORDSHR 7,564 EUR 599,971.46 685,600.96 1.45%

ALLIANZ A.G. -REG- 13,860 EUR 2,325,963.57 3,027,024.00 6.41%

ASML HOLDING NV 13,921 EUR 2,483,971.93 3,670,967.70 7.77%

AXA 63,410 EUR 1,354,597.60 1,592,225.10 3.37%

BANCO BILBAO VIZCAYA ARGENTARIA 217,716 EUR 1,248,971.02 1,084,878.83 2.30%

BEIERSDORF A.G. 3,354 EUR 330,122.37 357,704.10 0.76%

CASINO GUICHARD-PERRACHON & CIE 1,772 EUR 74,487.65 73,892.40 0.16%


CNP ASSURANCES 5,899 EUR 95,457.44 104,589.27 0.22%

CRH PLC. 25,931 EUR 773,775.74 924,958.77 1.96%

DANONE 20,221 EUR 1,342,838.75 1,494,331.90 3.16%

DEUTSCHE BOERSE AG 6,183 EUR 588,246.55 866,547.45 1.83%


ENAGAS 7,903 EUR 199,414.28 179,714.22 0.38%

ESSILOR LUXOTTICA S.A. 9,291 EUR 1,072,674.09 1,261,717.80 2.67%

FERROVIAL S.A. 16,381 EUR 320,311.13 441,795.57 0.94%

GALP ENERGIA -B- 16,605 EUR 231,434.69 247,414.50 0.52%

GECINA 1,524 EUR 225,502.74 243,230.40 0.52%

HENKEL 5,732 EUR 638,705.34 528,490.40 1.12%

HENKEL 3,459 EUR 341,937.26 290,556.00 0.62%

INDUSTRIA DE DISENO TEXTIL S.A. 35,637 EUR 1,070,819.69 1,120,783.65 2.37%

INTESA SAN PAOLO SpA 486,868 EUR 1,213,577.72 1,143,409.50 2.42%

JC DECAUX S.A. 2,400 EUR 69,220.00 65,952.00 0.14%

JERONIMO MARTINS SGPS S.A. 8,300 EUR 143,289.28 121,719.50 0.26%

KBC GROEP N.V. 8,312 EUR 498,007.17 557,402.72 1.18%

KERRY GROUP PLC 5,288 EUR 490,551.99 587,496.80 1.24%

KONINKLIJKE DSM N.V. 5,831 EUR 606,136.17 676,979.10 1.43%

KONINKLIJKE VOPAK 2,135 EUR 94,843.05 103,184.55 0.22%

L'OREAL 8,239 EUR 1,568,398.93 2,175,096.00 4.61%

MERCK KGAA 4,301 EUR 412,067.18 453,110.35 0.96%

METRO A.G. 5,940 EUR 87,582.70 85,239.00 0.18%

METSO OYJ 3,100 EUR 97,878.49 109,058.00 0.23%

MICHELIN -B- 5,485 EUR 593,320.55 598,413.50 1.27%

MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. 4,704 EUR 868,051.22 1,237,152.00 2.62%

NATIXIS 31,123 EUR 148,724.52 123,184.83 0.26%

NESTE CORP. 14,061 EUR 253,546.61 436,172.22 0.92%

OMV 4,904 EUR 178,874.92 245,592.32 0.52%

ORANGE 65,018 EUR 947,518.74 853,036.16 1.81%

ORION CORP. (NEW) -B- 3,420 EUR 98,253.40 141,143.40 0.30%

RED ELECTRICA CORPORACION S.A. 14,320 EUR 261,632.40 256,686.00 0.54%

REPSOL YPF S.A. 48,246 EUR 681,484.71 672,066.78 1.42%

SAP A.G. 32,118 EUR 2,946,447.26 3,864,437.76 8.18%

SARTORIUS VZ 1,180 EUR 153,313.42 225,144.00 0.48%

SCHNEIDER ELECTRIC SE 18,089 EUR 1,229,075.46 1,655,143.50 3.50%

SIEMENS NOM 25,010 EUR 2,751,680.41 2,914,665.40 6.17%

DPAM Equities L



75

EMU SRI MSCI Index



(in EUR)

% Total Net

Assets

SNAM SpA 67,461 EUR 273,398.61 316,122.25 0.67%

SOLVAY & CIE 2,454 EUR 281,060.22 253,498.20 0.54%

TELEPERFORMANCE 1,950 EUR 348,351.57 423,930.00 0.90%

TERNA SpA 44,500 EUR 254,985.00 264,953.00 0.56%

TOTAL S.A. 78,547 EUR 3,692,563.23 3,864,512.40 8.18%

UMICORE S.A. 6,082 EUR 210,306.54 263,715.52 0.56%


UPM-KYMMENE CORP. 17,764 EUR 441,268.22 549,085.24 1.16%

VALEO S.A. 8,021 EUR 211,541.30 251,939.61 0.53%

WARTSILA CORP. -B- 14,602 EUR 212,756.17 143,829.70 0.30%

Total EURO

40,166,701.39

46,820,074.28

99.14%

COCA-COLA EUROPEAN PARTNERS PLC 7,649 USD 281,948.34 346,709.24 0.73%

Total U.S. DOLLAR

281,948.34

346,709.24


40,448,649.73

47,166,783.52


40,448,649.73

47,166,783.52

99.87%

Total Portfolio

40,448,649.73

47,166,783.52

99.87%

DPAM Equities L

Geographical allocation of the securities portfolio as at 31 December 2019

These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the geographic analysis which directed the assets selection.

76

Geographical a llocation of the securities portfolio as at 31 December 2019 These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the geographic analysis which directed the assets selection.

(Content)

Europe Behavioral Value % TOTAL NET ASSETS

FRANCE 27.65 % UNITED KINGDOM 22.94 % GERMANY 10.19 % NETHERLANDS 6.75 % ITALY 5.06 % BELGIUM 4.75 % SPAIN 4.33 % SWITZERLAND 3.44 % SWEDEN 3.06 % AUSTRIA 2.97 % IRELAND 2.87 % NORWAY 2.30 % DENMARK 1.20 % FINLAND 0.65 % ISLE OF MAN 0.64 % PORTUGAL 0.53 %

Total Portfolio 99.33 %

(Content)

EMU Dividend % TOTAL NET ASSETS

FRANCE 19.70 % ITALY 16.75 % FINLAND 12.52 % PORTUGAL 11.47 % NETHERLANDS 10.12 % SPAIN 7.11 % BELGIUM 6.17 % GERMANY 5.13 % AUSTRIA 3.75 % UNITED KINGDOM 3.03 % GUERNSEY 1.95 % LUXEMBURG 1.83 %


(Content)

DPAM Equities L



77

Emerging MSCI Index % TOTAL NET ASSETS

CAYMAN ISLANDS 17.18 % SOUTH KOREA 11.60 % TAIWAN 11.45 % CHINA 9.20 % INDIA 8.58 % BRAZIL 7.38 % IRELAND 6.39 % SOUTH AFRICA 4.58 % RUSSIA 3.75 % HONG-KONG 3.02 % THAILAND 2.52 % MEXICO 2.27 % INDONESIA 1.89 % MALAYSIA 1.77 % PHILIPPINES 0.97 % QATAR 0.93 % BERMUDA 0.92 % POLAND 0.89 % CHILE 0.77 % UNITED ARAB EMIRATES 0.60 % TURKEY 0.52 % COLOMBIA 0.39 % UNITED STATES OF AMERICA 0.35 % HUNGARY 0.31 % GREECE 0.31 % CZECH REPUBLIC 0.14 % ARGENTINA 0.13 % LUXEMBURG 0.09 % ISLE OF MAN 0.07 % NETHERLANDS 0.06 % JERSEY 0.06 % PERU 0.04 % SINGAPORE 0.02 %


(Content)

DPAM Equities L



78

World SRI MSCI Index % TOTAL NET ASSETS

UNITED STATES OF AMERICA 49.86 % JAPAN 6.89 % GERMANY 4.19 % FRANCE 4.09 % UNITED KINGDOM 4.01 % CANADA 3.65 % SWITZERLAND 3.52 % AUSTRALIA 3.13 % TAIWAN 2.81 % IRELAND 2.28 % NETHERLANDS 1.46 % SOUTH AFRICA 1.38 % DENMARK 1.32 % SOUTH KOREA 1.19 % SPAIN 1.00 % BRAZIL 0.97 % HONG-KONG 0.71 % SWEDEN 0.57 % CAYMAN ISLANDS 0.51 % SINGAPORE 0.50 % THAILAND 0.50 % ITALY 0.49 % NORWAY 0.47 % BERMUDA 0.43 % INDIA 0.41 % INDONESIA 0.38 % FINLAND 0.37 % MALAYSIA 0.37 % BELGIUM 0.31 % JERSEY 0.30 % MEXICO 0.28 % PORTUGAL 0.21 % UNITED ARAB EMIRATES 0.16 % CHINA 0.15 % RUSSIA 0.14 % POLAND 0.14 % NEW ZEALAND 0.13 % CHILE 0.13 % PHILIPPINES 0.12 % ISRAEL 0.09 % AUSTRIA 0.06 % HUNGARY 0.03 % QATAR 0.02 % ISLE OF MAN 0.02 % TURKEY 0.02 %


(Content)

DPAM Equities L



79

US SRI MSCI Index % TOTAL NET ASSETS

UNITED STATES OF AMERICA 92.95 % IRELAND 3.34 % UNITED KINGDOM 1.95 % SWITZERLAND 1.02 % BERMUDA 0.71 %


(Content)

EMU SRI MSCI Index % TOTAL NET ASSETS

GERMANY 32.96 % FRANCE 32.63 % NETHERLANDS 11.55 % SPAIN 7.95 % ITALY 3.65 % IRELAND 3.20 % FINLAND 2.92 % BELGIUM 2.28 % PORTUGAL 1.48 % UNITED KINGDOM 0.73 % AUSTRIA 0.52 %


DPAM Equities L

Economic Allocation of the securities portfolio as at 31 December 2019

These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the economic analysis which directed the assets selection.

80

Economic Allocation of the securities portfolio as at 31 December 2019 These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the economic analysis which directed the assets se lection.


PHARMACOLOGY & PERSONAL CARE 10.51 % BANKS 9.46 % OIL & DERIVED 7.78 % BUILDING MATERIALS 5.89 % FOOD & CLEANING MATERIALS 5.79 % INSURANCE COMPANIES 5.51 % TELECOMMUNICATIONS 4.80 % FINANCIAL SERVICES - HOLDINGS 4.59 % ENERGY SOURCES 4.32 % IT & INTERNET 3.78 % MISCELLANEOUS CONSUMER GOODS 3.66 % ELECTRIC & ELECTRONIC COMPONENTS 3.36 % ELECTRIC & ELECTRONIC COMPONENTS 2.39 % CHEMICAL PRODUCTS 2.30 % TOBACCO & SPIRITS 2.28 % OTHER SERVICES 2.21 % DISTRIBUTION 2.09 % ROAD VEHICLES 2.01 % MECHANICAL CONSTRUCTION 1.87 % MISCELLANEOUS 1.58 % AEROSPACE INDUSTRY & DEFENCE 1.48 % OTHER SERVICES 1.44 % NONFERROUS METALS 1.07 % REAL ESTATE 1.03 % ROAD & RAILWAY TRANSPORTS 1.00 % LEISURES & TOURISM 0.93 % PUBLISHING & BROADCASTING 0.92 % BIOTECHNOLOGY 0.89 % PRECIOUS METALS & STONES 0.89 % JEWELLERY & WATCHMAKING 0.73 % AGRICULTURE & FISHING 0.70 % HEALTH CARE & SERVICES 0.63 % DIVERSIFIED COMPANIES 0.52 % INTERMEDIARY INDUSTRIAL PRODUCTIONS 0.47 % AIR TRANSPORT 0.45 %


DPAM Equities L



81


BANKS 15.03 % OIL & DERIVED 11.31 % INSURANCE COMPANIES 10.31 % ENERGY SOURCES 9.72 % TELECOMMUNICATIONS 9.18 % REAL ESTATE 8.23 % FOREST PRODUCTS & PAPER INDUSTRY 7.47 % FINANCIAL SERVICES - HOLDINGS 5.94 % PHARMACOLOGY & PERSONAL CARE 4.77 % ROAD & RAILWAY TRANSPORTS 3.00 % TYRES & RUBBER 2.58 % AEROSPACE INDUSTRY & DEFENCE 2.55 % LEISURES & TOURISM 2.34 % IT & INTERNET 2.17 % CHEMICAL PRODUCTS 2.02 % AIR TRANSPORT 1.56 % BUILDING MATERIALS 1.35 %


DPAM Equities L



82


BANKS 14.12 % IT & INTERNET 13.64 % TELECOMMUNICATIONS 8.34 % ELECTRIC & ELECTRONIC COMPONENTS 7.43 % FINANCIAL SERVICES - HOLDINGS 6.41 % UNIT TRUSTS, UCITS 6.39 % OIL & DERIVED 5.44 % INSURANCE COMPANIES 3.43 % CHEMICAL PRODUCTS 2.66 % PHARMACOLOGY & PERSONAL CARE 2.59 % ROAD VEHICLES 2.38 % REAL ESTATE 2.33 % INTERMEDIARY INDUSTRIAL PRODUCTIONS 2.17 % ENERGY SOURCES 2.04 % DISTRIBUTION 2.03 % BUILDING MATERIALS 1.80 % FOOD & CLEANING MATERIALS 1.67 % PUBLISHING & BROADCASTING 1.66 % TOBACCO & SPIRITS 1.20 % PHOTOGRAPHY & OPTICAL 1.08 % ELECTRIC & ELECTRONIC COMPONENTS 1.02 % INFORMATION, TECHNOLOGY & COPIERS 0.92 % LEISURES & TOURISM 0.89 % NONFERROUS METALS 0.88 % AIR TRANSPORT 0.68 % MECHANICAL CONSTRUCTION 0.67 % OTHER SERVICES 0.67 % TEXTILE & GARMENTS 0.57 % PRECIOUS METALS & STONES 0.57 % MISCELLANEOUS 0.47 % ROAD & RAILWAY TRANSPORTS 0.44 % FOREST PRODUCTS & PAPER INDUSTRY 0.39 % DIVERSIFIED COMPANIES 0.33 % AGRICULTURE & FISHING 0.33 % AEROSPACE INDUSTRY & DEFENCE 0.26 % HEALTH CARE & SERVICES 0.26 % COMMERCIAL SERVICES - PUBLIC 0.23 % MISCELLANEOUS CONSUMER GOODS 0.23 % BIOTECHNOLOGY 0.21 % SHIPPING 0.12 % TYRES & RUBBER 0.11 % PACKAGING INDUSTRY 0.06 % OTHER SERVICES 0.03 %


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83


IT & INTERNET 14.73 % FINANCIAL SERVICES - HOLDINGS 10.88 % BANKS 8.50 % PHARMACOLOGY & PERSONAL CARE 7.97 % ELECTRIC & ELECTRONIC COMPONENTS 5.54 % MISCELLANEOUS CONSUMER GOODS 4.96 % OIL & DERIVED 4.05 % FOOD & CLEANING MATERIALS 3.85 % BIOTECHNOLOGY 3.44 % DISTRIBUTION 3.23 % ENERGY SOURCES 3.14 % MECHANICAL CONSTRUCTION 3.05 % INSURANCE COMPANIES 2.94 % ROAD & RAILWAY TRANSPORTS 2.48 % CHEMICAL PRODUCTS 2.11 % TELECOMMUNICATIONS 2.09 % TEXTILE & GARMENTS 2.00 % REAL ESTATE 1.88 % ROAD VEHICLES 1.65 % LEISURES & TOURISM 1.37 % PUBLISHING & BROADCASTING 1.17 % BUILDING MATERIALS 1.17 % AIR TRANSPORT 1.12 % ELECTRIC & ELECTRONIC COMPONENTS 0.93 % OTHER SERVICES 0.84 % HEALTH CARE & SERVICES 0.61 % PRECIOUS METALS & STONES 0.61 % FOREST PRODUCTS & PAPER INDUSTRY 0.60 % INFORMATION, TECHNOLOGY & COPIERS 0.57 % INTERMEDIARY INDUSTRIAL PRODUCTIONS 0.48 % OTHER SERVICES 0.42 % MISCELLANEOUS 0.25 % DIVERSIFIED COMPANIES 0.19 % TYRES & RUBBER 0.18 % PACKAGING INDUSTRY 0.17 % UNIT TRUSTS, UCITS 0.14 % TOBACCO & SPIRITS 0.13 % NONFERROUS METALS 0.13 % AGRICULTURE & FISHING 0.11 % PHOTOGRAPHY & OPTICAL 0.09 %


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IT & INTERNET 23.73 % FINANCIAL SERVICES - HOLDINGS 15.03 % MISCELLANEOUS CONSUMER GOODS 8.38 % PHARMACOLOGY & PERSONAL CARE 5.55 % BANKS 5.27 % BIOTECHNOLOGY 5.16 % DISTRIBUTION 4.26 % FOOD & CLEANING MATERIALS 4.01 % MECHANICAL CONSTRUCTION 3.98 % ENERGY SOURCES 3.10 % TEXTILE & GARMENTS 2.51 % ROAD & RAILWAY TRANSPORTS 2.48 % OIL & DERIVED 2.39 % LEISURES & TOURISM 2.30 % REAL ESTATE 1.67 % INSURANCE COMPANIES 1.55 % AIR TRANSPORT 1.54 % ELECTRIC & ELECTRONIC COMPONENTS 1.02 % ROAD VEHICLES 0.97 % CHEMICAL PRODUCTS 0.83 % HEALTH CARE & SERVICES 0.72 % FOREST PRODUCTS & PAPER INDUSTRY 0.68 % ELECTRIC & ELECTRONIC COMPONENTS 0.58 % PRECIOUS METALS & STONES 0.52 % INFORMATION, TECHNOLOGY & COPIERS 0.41 % DIVERSIFIED COMPANIES 0.30 % PACKAGING INDUSTRY 0.30 % BUILDING MATERIALS 0.23 % TELECOMMUNICATIONS 0.20 % MISCELLANEOUS 0.18 % OTHER SERVICES 0.12 %


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INSURANCE COMPANIES 12.66 % OIL & DERIVED 11.57 % PHARMACOLOGY & PERSONAL CARE 9.29 % IT & INTERNET 8.18 % ELECTRIC & ELECTRONIC COMPONENTS 7.77 % OTHER SERVICES 6.17 % BANKS 6.16 % FOOD & CLEANING MATERIALS 5.32 % TEXTILE & GARMENTS 3.63 % ELECTRIC & ELECTRONIC COMPONENTS 3.50 % CHEMICAL PRODUCTS 3.42 % ENERGY SOURCES 2.85 % DISTRIBUTION 2.79 % TELECOMMUNICATIONS 2.70 % BUILDING MATERIALS 1.96 % REAL ESTATE 1.85 % FINANCIAL SERVICES - HOLDINGS 1.83 % MISCELLANEOUS CONSUMER GOODS 1.73 % TYRES & RUBBER 1.27 % FOREST PRODUCTS & PAPER INDUSTRY 1.16 % ROAD & RAILWAY TRANSPORTS 1.15 % MECHANICAL CONSTRUCTION 1.01 % MISCELLANEOUS 0.67 % NONFERROUS METALS 0.56 % ROAD VEHICLES 0.53 % PUBLISHING & BROADCASTING 0.14 %


DPAM Equities L

Allocation by Currency of the securities portfolio as at 31 December 2019

These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the analys is by currenncy which directed the assets selection.

86

Allocation by Currency of the securities portfolio as at 31 December 2019 These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the anal ysis by currenncy which directed the assets selection.


EURO 64.68 % BRITISH POUND 22.15 % SWISS FRANC 3.86 % SWEDISH KRONA 3.06 % NORWEGIAN KRONE 2.30 % U.S. DOLLAR 2.08 % DANISH KRONE 1.20 %



EURO 99.53 %



HONG KONG DOLLAR 21.05 % U.S. DOLLAR 17.40 % TAIWAN DOLLAR 11.61 % SOUTH KOREAN WON 11.60 % INDIAN RUPEE 8.58 % BRAZILIAN REAL 7.38 % SOUTH AFRICAN RAND 4.58 % EURO 3.01 % THAI BAHT 2.52 % NEW MEXICAN PESO 2.27 % INDONESIAN RUPIAH 1.89 % MALAYSIAN RINGGIT 1.77 % PHILIPPINE PESO 0.97 % QATARI RIYAL 0.93 % POLISH ZLOTY 0.89 % CHILEAN PESO 0.77 % ARAB EMIRATES DIRHAM 0.55 % TURKISH LIRA 0.52 % COLOMBIAN PESO 0.35 % HUNGARIAN FORINT 0.31 % CZECH KORUNA 0.14 % BRITISH POUND 0.06 %


DPAM Equities L

Allocation by Currency of the securities portfolio as at 31 December 2019

These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the analysis by currenncy which directed the assets selection.

87


U.S. DOLLAR 53.82 % EURO 13.58 % JAPANESE YEN 6.89 % BRITISH POUND 3.26 % CANADIAN DOLLAR 3.23 % AUSTRALIAN DOLLAR 3.13 % SWISS FRANC 2.92 % TAIWAN DOLLAR 2.86 % SOUTH AFRICAN RAND 1.38 % DANISH KRONE 1.32 % HONG KONG DOLLAR 1.31 % SOUTH KOREAN WON 1.19 % BRAZILIAN REAL 0.97 % SWEDISH KRONA 0.57 % SINGAPORE DOLLAR 0.50 % THAI BAHT 0.50 % NORWEGIAN KRONE 0.47 % INDONESIAN RUPIAH 0.38 % MALAYSIAN RINGGIT 0.37 % NEW MEXICAN PESO 0.28 % ARAB EMIRATES DIRHAM 0.16 % POLISH ZLOTY 0.14 % NEW ZEALAND DOLLAR 0.13 % CHILEAN PESO 0.13 % PHILIPPINE PESO 0.12 % ISRAELI SHEKEL 0.09 % HUNGARIAN FORINT 0.03 % QATARI RIYAL 0.02 % TURKISH LIRA 0.02 %



U.S. DOLLAR 98.20 % EURO 1.77 %



EURO 99.14 % U.S. DOLLAR 0.73 %


DPAM Equities L

Changes occuring in the number of shares

88



Shares outstanding at the beginning of the exercise - B 658,731.944 - F 539,354.149 - J 10,167.000 - N 230,894.561 - P 12,984.000 - W 11,751.670

Shares issued during the exercise - B 4,210.994 - F 325,238.910 - J 0.000 - N 389.978 - P 2,232.000 - W 0.029

Shares redeemed during the exercise - B 109,784.191 - F 822,449.559 - J 10,167.000 - N 93,945.672 - P 8,793.000 - W 7,091.132

Shares outstanding at the end of the exercise - B 553,158.747 - F 42,143.500 - J - - N 137,338.867 - P 6,423.000 - W 4,660.567

EMU Dividend

Shares outstanding at the beginning of the exercise - A 450.000 - B 186,903.200 - F 48,290.000 - N 164,156.749 - P 4,729.000

Shares issued during the exercise - A 0.000 - B 22,862.770 - F 2,740.000 - N 117.372 - P 0.000

Shares redeemed during the exercise - A 0.000 - B 64,033.944 - F 44,030.000 - N 73,617.797 - P 70.000

Shares outstanding at the end of the exercise - A 450.000 - B 145,732.026 - F 7,000.000 - N 90,656.324 - P 4,659.000

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Emerging MSCI Index

Shares outstanding at the beginning of the exercise - A 50,772.316 - B 518,540.953 - B USD 14,207.453 - F 1,059,734.528 - J 17,087.000 - M 98,755.064 - N 398,750.582 - P 2,214.000

Shares issued during the exercise - A 14,419.831 - B 39,182.832 - B USD 0.000 - F 392,149.296 - J 50.000 - M 57,456.799 - N 30,962.429 - P 823.000

Shares redeemed during the exercise - A 5,603.980 - B 95,555.277 - B USD 0.000 - F 180,220.435 - J 0.000 - M 11,750.368 - N 66,042.215 - P 237.000

Shares outstanding at the end of the exercise - A 59,588.167 - B 462,168.508 - B USD 14,207.453 - F 1,271,663.389 - J 17,137.000 - M 144,461.495 - N 363,670.796 - P 2,800.000

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Shares outstanding at the beginning of the exercise - A 16,839.000 - B 55,160.246 - F 571,116.578 - J 873.977 - M 14,562.338 - N 7,418.545 - P 63,000.000

Shares issued during the exercise - A 2,494.000 - B 16,627.488 - F 306,098.798 - J 237.000 - M 4,103.000 - N 0.000 - P 9,000.000

Shares redeemed during the exercise - A 2,295.000 - B 21,472.277 - F 166,475.000 - J 0.000 - M 446.000 - N 7,248.545 - P 72,000.000

Shares outstanding at the end of the exercise - A 17,038.000 - B 50,315.457 - F 710,740.376 - J 1,110.977 - M 18,219.338 - N 170.000 - P -

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US SRI MSCI Index

Shares outstanding at the beginning of the exercise - A 6,621.000 - A USD 7,175.000 - B 43,576.296 - E 2,350.000 - F 463,740.013 - J 1,522.551 - M 26,973.370 - N 101,337.880 - P -

Shares issued during the exercise - A 50.000 - A USD 775.000 - B 25,026.623 - E 0.000 - F 356,404.768 - J 937.000 - M 18,627.000 - N 875.000 - P 80.000

Shares redeemed during the exercise - A 1,960.000 - A USD 2,088.000 - B 23,404.301 - E 0.000 - F 81,910.106 - J 22.000 - M 4,789.206 - N 38,431.334 - P 0.000

Shares outstanding at the end of the exercise - A 4,711.000 - A USD 5,862.000 - B 45,198.618 - E 2,350.000 - F 738,234.675 - J 2,437.551 - M 40,811.164 - N 63,781.546 - P 80.000

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EMU SRI MSCI Index

Shares outstanding at the beginning of the exercise - A 13,208.000 - B 66,353.186 - E 3,000.000 - F 108,789.944 - J 648.796 - M 15,028.492 - N 129,240.347

Shares issued during the exercise - A 0.000 - B 7,842.681 - E 0.000 - F 20,275.000 - J 197.000 - M 5,048.809 - N 0.000

Shares redeemed during the exercise - A 3,763.000 - B 44,381.956 - E 0.000 - F 41,933.000 - J 151.000 - M 3,956.864 - N 66,728.773

Shares outstanding at the end of the exercise - A 9,445.000 - B 29,813.911 - E 3,000.000 - F 87,131.944 - J 694.796 - M 16,120.437 - N 62,511.574

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Changes in capital, total net assets and share value

93


SUB-FUND VALUATION DATE TOTAL NET ASSETS SHARE CLASS SHARES

OUTSTANDING SHARE VALUE CCY

Europe Behavioral Value (EUR)

31.12.2017 482,985,855.62 - B 1,091,622.700 48.23 EUR

- F 1,900,278.749 51.50 EUR

- N 145,445.453 48.22 EUR

- P 25,241.000 12,894.17 EUR

31.12.2018 310,339,494.78 - B 658,731.944 40.15 EUR

- F 539,354.149 43.11 EUR

- N 230,894.561 40.34 EUR

- P 12,984.000 10,845.92 EUR

- W 11,751.670 40.16 EUR

31.12.2019 119,719,856.18 - B 553,158.747 47.98 EUR

- F 42,143.500 51.79 EUR

- N 137,338.867 48.45 EUR

- P 6,423.000 13,096.54 EUR

- W 4,660.567 48.23 EUR

EMU Dividend (EUR)

31.12.2017 189,183,000.50 - A 10,250.000 114.17 EUR

- B 553,548.382 114.19 EUR

- F 45,999.576 112.96 EUR

- N 105,578.631 114.17 EUR

- P 8,304.000 12,952.16 EUR

31.12.2018 88,834,125.09 - A 450.000 90.07 EUR

- B 186,903.200 93.95 EUR

- F 48,290.000 93.67 EUR

- N 164,156.749 94.64 EUR

- P 4,729.000 10,821.41 EUR

31.12.2019 87,574,015.28 - A 450.000 101.88 EUR

- B 145,732.026 110.84 EUR

- F 7,000.000 111.37 EUR

- N 90,656.324 112.49 EUR

- P 4,659.000 12,963.85 EUR

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Emerging MSCI Index (EUR)

31.12.2017 600,437,033.11 - A 36,885.000 108.07 EUR

- B 716,331.548 138.96 EUR

- B USD 2,075.000 107.23 USD

- F 1,106,712.838 139.65 EUR

- M 20,135.000 108.07 EUR

- N 103,214.678 138.95 EUR

- P 24,973.000 13,040.53 EUR

31.12.2018 486,185,939.08 - A 50,772.316 93.95 EUR

- B 518,540.953 123.91 EUR

- B USD 14,207.453 91.01 USD

- F 1,059,734.528 124.76 EUR

- J 17,087.000 11,660.03 EUR

- M 98,755.064 94.07 EUR

- N 398,750.582 124.06 EUR

- P 2,214.000 11,668.22 EUR

31.12.2019 615,424,002.00 - A 59,588.167 109.51 EUR

- B 462,168.508 148.25 EUR

- B USD 14,207.453 106.92 USD

- F 1,271,663.389 149.55 EUR

- J 17,137.000 13,987.80 EUR

- M 144,461.495 109.80 EUR

- N 363,670.796 148.65 EUR

- P 2,800.000 14,008.11 EUR

World SRI MSCI Index (EUR)

31.12.2017 85,143,863.51 - A 11,290.000 115.06 EUR

- B 86,078.397 115.05 EUR

- F 572,718.452 115.48 EUR

- M 606.000 115.04 EUR

- N 1,350.000 115.04 EUR

- J 65,400.000 115.85 EUR

31.12.2018 102,922,312.73 - A 16,839.000 108.79 EUR

- B 55,160.246 111.47 EUR

- F 571,116.578 112.20 EUR

- J 873.977 24,394.54 EUR

- M 14,562.338 109.03 EUR

- N 7,418.545 113.79 EUR

- J 63,000.000 112.84 EUR

31.12.2019 151,410,777.54 - A 17,038.000 138.21 EUR

- B 50,315.457 144.77 EUR

- F 710,740.376 146.15 EUR

- J 1,110.977 31,814.16 EUR

- M 18,219.338 138.86 EUR

- N 170.000 148.09 EUR

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US SRI MSCI Index (EUR)

31.12.2017 81,580,434.09 - A 18,847.000 116.44 EUR

- A USD 6,875.000 126.75 USD

- B 119,666.000 118.12 EUR

- F 492,994.766 110.09 EUR

- F USD 15,938.000 103.00 USD

- M 4,354.000 116.43 EUR

- N 35,629.000 118.11 EUR

31.12.2018 116,417,766.01 - A 6,621.000 116.94 EUR

- A USD 7,175.000 121.47 USD

- B 43,576.296 120.71 EUR

- E 2,350.000 121.47 EUR

- F 463,740.013 121.47 EUR

- J 1,522.551 24,686.43 EUR

- M 26,973.370 117.19 EUR

- N 101,337.880 120.96 EUR

31.12.2019 229,051,779.90 - A 4,711.000 153.89 EUR

- A USD 5,862.000 157.26 USD

- B 45,198.618 161.44 EUR

- E 2,350.000 160.30 EUR

- F 738,234.675 162.94 EUR

- J 2,437.551 33,155.44 EUR

- M 40,811.164 154.58 EUR

- N 63,781.546 162.19 EUR

- P 80.000 25,927.84 EUR

EMU SRI MSCI Index (EUR)

31.12.2017 59,566,811.30 - A 20,348.000 117.88 EUR

- B 238,321.000 119.13 EUR

- E 3,000.000 98.57 EUR

- F 185,143.453 102.03 EUR

- M 3,806.000 117.86 EUR

- N 76,752.000 119.11 EUR

31.12.2018 49,039,072.12 - A 13,208.000 104.64 EUR

- B 66,353.186 109.06 EUR

- E 3,000.000 87.76 EUR

- F 108,789.944 93.68 EUR

- J 648.796 21,984.51 EUR

- M 15,028.492 104.88 EUR

- N 129,240.347 109.30 EUR

31.12.2019 47,226,786.10 - A 9,445.000 131.09 EUR

- B 29,813.911 141.21 EUR

- E 3,000.000 110.27 EUR

- F 87,131.944 121.63 EUR

- J 694.796 28,580.96 EUR

- M 16,120.437 131.72 EUR

- N 62,511.574 141.87 EUR

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Notes to the financial statements as at 31 December 2019

96

Notes to the f inancial statements as at 31 December 2019

NOTE 1 - ACCOUNTING PRINCIPLES AND METHODS These financial statements have been prepared in line with the general accounting principles admitted in Luxembourg. a) Securities portfolio valuation and derivatives 1) The valuation of all of the securities negotiated or listed on a stock exchange will be determined using the last price known in Luxembourg on the valuation date in question. 2) The valuation of all of the securities that are negotiated on another regulated market which operates regularly, is recognized and which is open to the public, with comparable guarantees, is based on their last price published and available on the valuation date in question. 3) The valuation of all of the securities which are not listed or negotiated on a stock exchange or another regulated market which operates regularly, is recognized and open to the public, is based on their last price available in Luxembourg on the valuation date in question, unless the price is not representative of the real value of these securities; in this case, they are valued based on their probable realizable value which is prudently estimated in good faith by the Board of Directors. 4) The equities or the units of other mutual funds are valued based on the last net asset value available. 5) Valuation of currency forwards Unrealized foreign exchange profits or losses arising from unmatured foreign exchange forward contracts are determined on the valuation date based on forward exchange rates applicable on this date. 6) Valuation of financial forwards Financial forward contracts are valuated using the last published price which applies on the valuation date. The realized gains and losses and the non-realized changes in gains and losses are registered in the financial statements. The realized gains and losses are determined using the FIFO method, according to which the contracts acquired first are considered to be sold first. 7) Valuation of derivative products The value of the derivative instruments (options and futures) which are listed or negotiated on a stock exchange or an organized market is determined in line with their last liquidation price on the stock exchange or the organized market on which the aforementioned instruments are dealt with, it being understood that if one of the derivative instruments above cannot be liquidated on the day taken into account for determining the applicable values, the value of this derivative instrument or of these derivative instruments is determined in a prudent and reasonable manner by the Board of Directors. b) Realised profit and Realised loss on investments The net profit or loss realized on sales of securities is calculated based on the average cost of the securities sold. c) Conversion of foreign currencies The investment company with variable capital (SICAV) is accounted for in euros. The bank deposits, other net assets and the stock market value of securities in the portfolio in currencies other than the EURO are converted into EUROs at the exchange rate valid at the closing date (note 2).

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The income and expenses in currencies other than the EURO are converted into EUROs at the exchange rate valid at the date of payment. d) Acquisition cost of the securities in the portfolio The cost of the acquisition for these securities in currencies other than the Sub-Fund’s currency is converted to the Sub-Fund’s currency based on the exchange rate which applies on the date of the purchase. e) Start-up costs Start-up costs and costs of reorganization are amortized using the straight line method over a 5-year period. f) Change in the unrealised gain and loss Net unrealized appreciation or depreciation at the end of the year also appear in the operating result. g) Purchases and sales of the securities in the portfolio The details of the sales and purchases of securities in the portfolio can be obtained from the head office of the SICAV. h) Income, expenditure and related provisions Interest on bonds and placements are entered in the accounts on a daily basis. Dividends are entered in the accounts on the date on which the relevant securities are first listed as ‘ex dividend’. i) Realized and unrealized profit and loss on futures The information related to this type of instrument is available at note 10. The unrealized gain/loss on futures including the margin calls are disclosed in the Statement of Net Asset. The realized gain/loss on futures and the changes in gains/loss on futures are disclosed in the Statement of Operation and other variations in Net Assets. j) Change in the securities portfolio The table of variations in the securities portfolio is available free of charge from the registered office of the SICAV. NOTE 2 - EXCHANGE RATE

1 EUR = 1.12250 USD

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98

NOTE 3 - TAXES AND EXPENSES PAYABLE

Management fee 601,161.46 EUR

Depositary fees 30,766.71 EUR

Subscription tax 57,287.14 EUR

Administration fees 307,667.52 EUR

Audit fees 14,881.64 EUR

Custody fees 198,075.76 EUR

Miscellaneous fees 24,415.39 EUR

Total 1,234,255.62 EUR

NOTE 4 - MANAGEMENT FEE As remuneration of its services, the Management Company received from the Sub-Fund an annual fee of :

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Sub-Funds Share Classes Management fees

Europe Behavioral Value B Max 1.000% p.a.

F Max 0.500% p.a.

J Max 0.250% p.a.

N Max 0.500% p.a.

P Max 0% p.a.

W Max 2.000% p.a.

EMU Dividend A Max 1.500% p.a.

B Max 1.500% p.a.

F Max 0.750% p.a.

N Max 0.750% p.a.

P Max 0% p.a.

Emerging MSCI Index A Max 0.300 % p.a.

B Max 0.300 % p.a.

B USD Max 0.300 % p.a.

F Max 0.150 % p.a.

J Max 0.075% p.a.

M Max 0.150 % p.a.

N Max 0.150 % p.a.

P Max 0% p.a.

World SRI MSCI Index A Max 0.500% p.a.

B Max 0.500% p.a.

F Max 0.250% p.a.

J Max 0.125% p.a.

M Max 0.250% p.a.

N Max 0.250% p.a.

P Max 0% p.a.

US SRI MSCI Index A Max 0.500% p.a.

A USD Max 0.500% p.a.

B Max 0.500% p.a.

E Max 0.250% p.a.

F Max 0.250% p.a.

J Max 0.125% p.a.

M Max 0.250% p.a.

N Max 0.250% p.a.

P Max 0% p.a.

EMU SRI MSCI Index A Max 0.500% p.a.

B Max 0.500% p.a.

E Max 0.250% p.a.

F Max 0.250% p.a.

J Max 0.125% p.a.

M Max 0.250% p.a.

N Max 0.250% p.a.

This fee covers the remuneration for the management company as well as the remuneration for Degroof Petercam Asset Management S.A. (DPAM) for its diverse functions: management and distribution global. This fee is payable on a quarterly basis and is calculated based on average net assets of each of the share classes of the sub-fund during the quarter under review.

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NOTE 5 - SUBSCRIPTION TAX The SICAV is subject to Luxembourg to subscription tax at an annual rate of 0.05% calculated on the net assets of the SICAV, this has been lowered to 0.01% p.a. for net assets relating to Class of shares reserved for institutional investors such as defined by the Law of 2010.This tax is calculated and payable quarterly and calculated on the net assets of the SICAV at the end of each quarter. This tax is calculated and payable every quarter and its plate is constituted by the net assets of the SICAV in the close of concerned quarter. The tax of subscription is not due on the quotae of assets invested in UCI already submitted with care of this tax Tax is not payable on the round lot of net assets invested in UCIs already subject to this tax. In addition, the SICAV is registered in Belgium and since 1 January 1st, 2004 it has been subject to a tax at an annual rate of 0.0925%, paid in 2019 based on the value of the shares distributed in Belgium by 31 December 2018. NOTE 6 - SUBSCRIPTION AND REDEMPTION FEES BACK TO THE SUB-FUNDS The shares have been issued at a subscription price consisting of the net asset value of a share plus a subscription fee representing a certain percentage of the net asset value of a share as described below:

In addition, the subscription and redemption fees back to the Sub-Funds are:

Sub-Funds Subscription entry fees Redemption rights on redemption

Emerging MSCI Index 0.25% 0.25%

World SRI MSCI Index 0.15% 0.15%

US SRI MSCI Index 0.10% 0.10%

EMU SRI MSCI Index 0.15% 0.10%

NOTE 7 - ADMINISTRATION FEES Degroof Petercam Asset Services S.A. receives from the management company the following remuneration, which is charged to each Fund, for its roles as domiciliary agent, administrative agent, transfer agent and registrar of the SICAV: - an annual commission at the maximum rate of 0.100%, payable quarterly and calculated based on the average net assets of the Sub-Fund during the quarter under review; - an annual lump sum of EUR 2,000.00 per active share class.

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NOTE 8 - DEPOSITARY FEES As remuneration for its services, the custodian has received from each Sub-Fund an annual commission at a maximum rate of 0.010% p.a. This commission is payable quarterly and is calculated on the average net assets of the Fund during the quarter under review. NOTE 9 - SECURITIES LENDING The SICAV may lend securities included in its portfolio to a borrower directly or through a standardised lending system organised by a recognised securities clearing house or a lending system organised by a financial institution subject to prudential supervision considered by the CSSF to be equivalent to that foreseen by community legislation and specialising in this type of operation. As at 31 December 2019, there were no securities lending outstanding. As at 31 December 2019, earnings from securities lending are presented as follow :

SUB-FUND GROSS INCOME

(IN EUR) AGENT FEE (IN EUR)

CUSTODIAN BANK INCOME (IN EUR)

NET INCOME OF THE

SICAV (IN EUR)

Europe Behavioral Value 169,384.99 16,938.51 59,284.74 93,161.74

EMU Dividend 111,057.21 11,105.72 38,870.00 61,081.49

Emerging MSCI Index 31,797.75 3,179.78 11,129.23 17,488.74

Total 312,239.95 31,224.01 109,283.97 171,731.97

NOTE 10 - FUTURES The amount appearing in the statement of net assets, at the level of the line "Amount payable to broker on future" included the day margin call of the day of close and the unrealized gain/loss below. As at 31 December 2019, the following futures transactions are opened with the counterparty Banque Degroof Petercam Luxembourg S.A.:

Emerging MSCI Index :

CCY NUMBER OF

CONTRACTS DESCRIPTION

+/- UNREALISED VALUE (IN EUR)

COMMITMENTS (IN EUR)

USD 80 MSCI EMERGING MKT FUTURE MARS 2020 72,877.51 3,972,062.36

Total 72,877.51 3,972,062.36

As at 31 December 2019, the collateral held at Banque Degroof Petercam Luxembourg S.A. is composed by the initial margin account and amounts to EUR 203,830.73 NOTE 11 - INDEX TRACKING Emerging MSCI Index The performance of the Sub-Fund Emerging MSCI Index was 19.87% (class F) and 19.64% (class B) for the period from 1 January 2019 to 31 December 2019. The MSCI Emerging Index net total return in Euro decreased by 20.61% in the same period. This is due to the TER of the Fund.

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World SRI MSCI Index The performance of the Sub-Fund World SRI MSCI Index was 30.26% (class F) and 29.87% (class B) for the period from 1 January 2019 to 31 December 2019. The MSCI ACWI SRI Index net total return in Euro decreased by 30.82% in the same period. This is due to the TER of the Fund. US SRI MSCI Index The performance of the Sub-Fund US SRI MSCI Index was 34.14% (class F) and 33.74% (class B) for the period from 1 January 2019 to 31 December 2019. The MSCI USA SRI Index net total return in Euro increased by 34.90% in the same period. This is due to the TER of the Fund. EMU SRI MSCI Index The performance of the Sub-Fund EMU SRI MSCI Index was 29.48% (class B) and 25.28% (class A) for the period from 1 January 2019 to 31 December 2019. The MSCI EMU SRI Index net total return in Euro decreased by 29.91% in the same period. This is due to the TER of the Fund. NOTE 12 - DIVIDENDS The Board of Directors of the SICAV decided to pay dividends on distribution classes of the following Sub-Funds for the year 2018. The payment was effective on 17 June 2019.

NOTE 13 - "SWING PRICING" The Board of Directors of the SICAV is authorised to decide to apply swing pricing to the different Sub-Funds. As at 31 December 2019, this faculty has not been exercised. Swing pricing allows the various Sub-Funds of the SICAV to settle the transaction fees arising from the subscriptions and redemptions of entering and exiting investors. With swing pricing, existing investors should, in principle, no longer indirectly incur the transaction fees, which will now be directly integrated into calculation of the NAV and borne by the entering and exiting investors. The NAV will be adjusted only when a given threshold value is reached. The board of directors of the SICAV determines a threshold value as the trigger event for net subscriptions and redemptions. This threshold value is defined per Sub-Fund and expressed as a percentage of the total net assets of the Sub-Fund in question. In swing pricing, the NAV is adjusted to reflect the net transaction fees on each NAV calculation if this threshold value is exceeded.

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The direction of the swing depends on the net flow of capital applicable to a NAV. In the case of a net inflow of capital, the swing factor linked to subscriptions of shares in the sub-fund will be added to the NAV. For net redemptions, the swing factor linked to redemptions of shares in the sub-fund in question will be deducted from the NAV. In both cases, all entering/exiting investors on a given date will have the same NAV applied. The swing factors with which the NAV is adjusted are calculated on the basis of external brokerage charges, taxes and duties and estimated variances between the buy and sell prices of the transactions that the Sub-Fund carries out following share subscriptions and redemptions. If a performance fee is due, it will be calculated prior to application of the swing factor on the applicable NAV. When a threshold value defined by the board of directors is reached, the NAV may be adjusted for the net transaction fees. The swing factor is determined by the SICAV’s board of directors and will not exceed 3% of the unadjusted NAV. As of the date of the report, there has been no "Swing Pricing" applied to the NAV of the SICAV' Sub-Funds. NOTE 14 - EVENTS DURING THE YEAR On the decision of the Board of Directors, the Sub-Fund DEGROOF PETERCAM EQUITIES FRANCE (the "absorbed Sub-Fund") of the SICAV DEGROOF PETERCAM FRANCE SICAV has been merged into the Sub-Fund DPAM EQUITIES L EMU DIVIDEND (the "absorbing Sub-Fund") of the SICAV DPAM EQUITIES L, with effective date 11 July 2019. NOTE 15 - SUBSEQUENT EVENTS The Board of Directors noted a subsequent event relating to the outbreak of the Coronavirus (COVID-19) in Europe and other parts of the world. It has been concluded that this is not an adjusting event and the asset values of the fund are based on the fair values as at 31 December 2019. This event is expected to have a negative impact on the valuation of shares, bonds, funds and other investments in the 2020 financial year. The Board of Directors is currently not able to accurately estimate the consequences of this event, but is closely monitoring the situation.

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Additional information (unaudited) as at 31 December 2019

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OVERALL RISK ASSESSMENT The SICAV must ensure that its overall exposure to derivatives does not exceed the total net value of its portfolio. Overall exposure is a measurement designed to limit the leverage generated for each Sub-Fund by using derivatives. The method used to calculate overall exposure for each Sub-Fund within the SICAV is the «commitment method». The commitment method involves converting positions on derivatives into equivalent positions on underlying assets and then aggregating the market value of these equivalent positions. According to the commitment methodology, the maximum level of derivative leverage is 100%.

Remuneration 1) General information Degroof Petercam Asset Services S.A. (“DPAS”) has implemented a Remuneration Policy that is designed as not to encourage taking excessive risks. In that context, it integrates in its performance management system, risk criteria specific to the activities of the business units concerned. DPAS has implemented a series of safeguards that refrain staff from taking undue risk compared to the activity profile. The governance structure of the Remuneration Policy (“the Policy”) aims at preventing internal conflicts of interest. The Policy is formulated by the Remuneration Policy and approved by the Management Board. The Policy follows a defined process establishing the principles, the approval, the communication, the implementation, the review and the update of the Policy involving the Management Board, Human Resources, Internal Audit and other control functions. Performance is assessed at Group and DPAS level. Individual staff assessments are based on a weighting of financial and non-financial targets linked to the specific job scope and role. As such, the principle of individual performance assessment is based on an assessment of objectives reached as well as an appreciation of the employee’s long-term value creation. Furthermore, the performance reflects an assessment of business and interpersonal skills and is linked to the achievement of the individual. The criteria applied to establish fixed remuneration are job complexity, level of responsibility, performance and local market conditions. 2) Methodology DPAS is dual-licenced as a chapter 15 Management Company under law of 17 December 2010 relating to Undertakings for Collective Investment in Transferable Securities, and as an AIFM under law of 12 July 2013 on Alternative Investment Fund Manager. In line with those regulations, the responsibilities of DPAS in its two roles are very similar. DPAS considers a fair assumption to state that its staff is remunerated similarly for tasks related to Undertakings for Collective Investment in Transferable Securities (“UCITS”) and Alternative Investment Funds (“AIF”). As a consequence, the remuneration as stated above is the ratio between the Assets under Management (“AuM”) of all UCITS under the responsibility of DPAS and the total AuM. Based on the AuM as of 31 December 2019, this ratio equals 71.82%.

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As of 31 December 2019, DPAS is Management Company for a total AuM of 29,137 billion EUR for the UCITS. Would it be necessary to assess the proportion of the remuneration of the staff of the Management Company attributable to all the UCITS it manages, the above ratio is applied to the yearly remuneration of the concerned staff. Would it be necessary to assess the proportion of the remuneration of the staff of the Management Company attributable to this UCITS, the ratio between the AuM of this UCITS and the total AuM for all UCITS is applied to the yearly remuneration of the concerned staff. 3) Allocated remuneration by category of staff The table below represents the allocation of total remuneration of the employees of the management company based on the AuM of all UCITS, by category of staff:

Type of staff Number of

beneficiaries (*)

Total remuneration

(in EUR)

Fixed remuneration paid

(in EUR)

Variable remuneration paid

(in EUR)

Senior Management (**) 4 802,543 567,557 234,986

Identified staff (***) 4 175,395 124,778 50,617

Other staff 111 5,511,383 4,642,912 868,471

6,489,321 5,335,247 1,154,074

(*) No proportionality applied (**) Management Board (***) Identified staff not already reported in Senior Management

All figures refer to the 2019 calendar year. 4) Carried Interest paid by the UCITS No employee of the Management Company receives Carried Interest paid by any UCITS. 5) Review of the remuneration policy The remuneration policy of DPAS is subject to an annual review, as a minimum. It was reviewed and updated in 2019.

The remuneration policy of DPAS was approved by the Board of Management on 11 June 2019 and notified to the Supervisory Board on 26 August 2019.

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Regulation EU 2015/2365 of the European Parliament and the Council of November 25th, 2015: transparency of securities financing transactions and of reuse (hereinafter the Regulation) In accordance with Article 13 and Section A of the Annex to the Regulation, the SICAV must inform investors of the use it makes of securities financing transactions and total return swaps in its annual and half-yearly reports. Data on return and cost for each type of securities financing transaction and total return swaps, broken down between the collective investment undertaking, the manager of the collective investment undertaking and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of SFT and total return swap.

SUB-FUND GROSS INCOME

(IN EUR) AGENT FEE (IN EUR)

CUSTODIAN BANK INCOME (IN EUR)

NET INCOME OF THE

SICAV (IN EUR)

Europe Behavioral Value 169,384.99 16,938.51 59,284.74 93,161.74

EMU Dividend 111,057.21 11,105.72 38,870.00 61,081.49

Emerging MSCI Index 31,797.75 3,179.78 11,129.23 17,488.74

Total 312,239.95 31,224.01 109,283.97 171,731.97

During the financial year reviewed in this report, the Sub-Fund received EUR 312.239,95 in remuneration from the agent. Of this amount, 45% reverted to Banque Degroof Petercam Luxembourg S.A. as remuneration for its operational administration of securities lending including the Agent’s fee (10%).

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DEGROOF PETERCAM ASSET MANAGEMENT SA,

rue Guimard 18 B - 1040 - Brussels - Belgium

Belgium

Limerick, 24th January 2020

DPAM EQUITIES L

Glass Lewis Europe Limited: Report on the analysis and exercise of voting rights of the securities

contained in DPAM EQUITIES L.

As part of the mandate granted to Glass Lewis Europe Limited by the Board of Directors of DPAM Equities

L, Glass Lewis Europe Limited has implemented a voting and analysis service to assist the SICAV's

managers in fulfilling their fiduciary responsibilities to their shareholders.

An analysis of the resolutions demonstrating non-compliance with the Corporate Governance principles

adopted by DPAM Equities L reports anomalies and, thanks to our voting execution service, enabled the

managers to take the measures they deemed necessary.

This analysis, which is set out in a document available on our service, is based on the recognised

standards and principles of each financial center concerned and on the corporate governance structure

expected of each issuer.

Your SICAV approved the majority of the resolutions that were proposed at the various meetings. A

resolution is not voted for if it is considered to be against the long-term interests of the shareholders

and therefore of the SICAV. This is the case when the Board of Directors tries to set up capital defence

structures or when the interests of the issuing company do not seem to coincide with those of the

shareholder.

Glass Lewis Europe Limited has opened a file relating to each of the General Meetings at which your

SICAV exercised its voting rights during 2019.

The SICAV participated in 236 company meetings, including some sub-funds which held shares. It voted

in favour of 3410 resolutions, against 277 and abstained from 37.

Mike O’Sullivan

General Manager